documentstart
1
topicstart
cocoa
topicend
bodystart
2;

BAHIA COCOA REVIEW


    SALVADOR, Feb 26 - 
Showers continued throughout the week in
the Bahia cocoa zone, alleviating the drought since early
January and improving prospects for the coming temporao,
although normal humidity levels have not been restored,
Comissaria Smith said in its weekly review.
    The dry period means the temporao will be late this year.
    Arrivals for the week ended February 22 were 155,221 bags
of 60 kilos making a cumulative total for the season of 5.93
mln against 5.81 at the same stage last year. Again it seems
that cocoa delivered earlier on consignment was included in the
arrivals figures.
    Comissaria Smith said there is still some doubt as to how
much old crop cocoa is still available as harvesting has
practically come to an end. With total Bahia crop estimates
around 6.4 mln bags and sales standing at almost 6.2 mln there
are a few hundred thousand bags still in the hands of farmers,
middlemen, exporters and processors.
    There are doubts as to how much of this cocoa would be fit
for export as shippers are now experiencing dificulties in
obtaining +Bahia superior+ certificates.
    In view of the lower quality over recent weeks farmers have
sold a good part of their cocoa held on consignment.
    Comissaria Smith said spot bean prices rose to 340 to 350
cruzados per arroba of 15 kilos.
    Bean shippers were reluctant to offer nearby shipment and
only limited sales were booked for March shipment at 1,750 to
1,780 dlrs per tonne to ports to be named.
    New crop sales were also light and all to open ports with
June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs
under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs
per tonne FOB.
    Routine sales of butter were made. March/April sold at
4,340, 4,345 and 4,350 dlrs.
    April/May butter went at 2.27 times New York May, June/July
at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at
2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and
2.27 times New York Dec, Comissaria Smith said.
    Destinations were the U.S., Covertible currency areas,
Uruguay and open ports.
    Cake sales were registered at 785 to 995 dlrs for
March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times
New York Dec for Oct/Dec.
    Buyers were the U.S., Argentina, Uruguay and convertible
currency areas.
    Liquor sales were limited with March/April selling at 2,325
and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New
York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York
Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith
said.
    Total Bahia sales are currently estimated at 6.13 mln bags
against the 1986/87 crop and 1.06 mln bags against the 1987/88
crop.
    Final figures for the period to February 28 are expected to
be published by the Brazilian Cocoa Trade Commission after
carnival which ends midday on February 27.
 Reuter
3;
bodyend
documentend
documentstart
5
topicstart
grain
wheat
corn
barley
oat
sorghum
topicend
bodystart
2;

NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE


    WASHINGTON, Feb 26 - 
The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -
         Natl   Loan           Release   Call
         Avge   Rate-X  Level    Price  Price
 Wheat   2.55   2.40       IV     4.65     --
                            V     4.65     --
                           VI     4.45     --
 Corn    1.35   1.92       IV     3.15   3.15
                            V     3.25     --
 X - 1986 Rates.

          Natl   Loan          Release   Call
          Avge   Rate-X  Level   Price  Price
 Oats     1.24   0.99        V    1.65    -- 
 Barley   n.a.   1.56       IV    2.55   2.55
                             V    2.65    -- 
 Sorghum  2.34   3.25-Y     IV    5.36   5.36
                             V    5.54    -- 
    Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984.  X-1986 rates. Y-dlrs per CWT (100 lbs).
n.a.-not available.
 Reuter
3;
bodyend
documentend
documentstart
6
topicstart
veg-oil
linseed
lin-oil
soy-oil
sun-oil
soybean
oilseed
corn
sunseed
grain
sorghum
wheat
topicend
bodystart
2;

ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS


    BUENOS AIRES, Feb 26 - 
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
3;
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documentstart
8
topicstart
topicend
bodystart
2;

USX 
<
X> DEBT DOWGRADED BY MOODY'S


    NEW YORK, Feb 26 - 
Moody's Investors Service Inc said it
lowered the debt and preferred stock ratings of USX Corp and
its units. About seven billion dlrs of securities is affected.
    Moody's said Marathon Oil Co's recent establishment of up
to one billion dlrs in production payment facilities on its
prolific Yates Field has significant negative implications for
USX's unsecured creditors.
    The company appears to have positioned its steel segment
for a return to profit by late 1987, Moody's added.
    Ratings lowered include those on USX's senior debt to BA-1
from BAA-3.
 Reuter
3;
bodyend
documentend
documentstart
9
topicstart
earn
topicend
bodystart
2;

CHAMPION PRODUCTS 
<
CH> APPROVES STOCK SPLIT


    ROCHESTER, N.Y., Feb 26 - 
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 1, 1987.
    The company also said its board voted to recommend to
shareholders at the annual meeting April 23 an increase in the
authorized capital stock from five mln to 25 mln shares.
 Reuter
3;
bodyend
documentend
documentstart
10
topicstart
acq
topicend
bodystart
2;

COMPUTER TERMINAL SYSTEMS 
<
CPML> COMPLETES SALE


     COMMACK, N.Y., Feb 26 - 
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.
 Reuter
3;
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documentstart
11
topicstart
earn
topicend
bodystart
2;

COBANCO INC 
<
CBCO> YEAR NET


    SANTA CRUZ, Calif., Feb 26 -
    
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.
 Reuter
3;
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documentstart
12
topicstart
earn
acq
topicend
bodystart
2;

OHIO MATTRESS 
<
OMT> MAY HAVE LOWER 1ST QTR NET


    CLEVELAND, Feb 26 - 
Ohio Mattress Co said its first
quarter, ending February 28, profits may be below the 2.4 mln
dlrs, or 15 cts a share, earned in the first quarter of fiscal
1986.
    The company said any decline would be due to expenses
related to the acquisitions in the middle of the current
quarter of seven licensees of Sealy Inc, as well as 82 pct of
the outstanding capital stock of Sealy.
    Because of these acquisitions, it said, first quarter sales
will be substantially higher than last year's 67.1 mln dlrs.
    Noting that it typically reports first quarter results in
late march, said the report is likely to be issued in early
April this year.
    It said the delay is due to administrative considerations,
including conducting appraisals, in connection with the
acquisitions.
 Reuter
3;
bodyend
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documentstart
13
topicstart
earn
topicend
bodystart
2;

AM INTERNATIONAL INC 
<
AM> 2ND QTR JAN 31


    CHICAGO, Feb 26 -
    
Oper shr loss two cts vs profit seven cts
    Oper shr profit 442,000 vs profit 2,986,000
    Revs 291.8 mln vs 151.1 mln
    Avg shrs 51.7 mln vs 43.4 mln
    Six mths
    Oper shr profit nil vs profit 12 cts
    Oper net profit 3,376,000 vs profit 5,086,000
    Revs 569.3 mln vs 298.5 mln
    Avg shrs 51.6 mln vs 41.1 mln
    NOTE: Per shr calculated after payment of preferred
dividends.
    Results exclude credits of 2,227,000 or four cts and
4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
six cts and 4,104,000 or 11 cts for prior periods from
operating loss carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
14
topicstart
earn
topicend
bodystart
2;

BROWN-FORMAN INC 
<
BFD> 4TH QTR NET


    LOUISVILLE, Ky., Feb 26 -
    
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
 Reuter
3;
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18
topicstart
earn
topicend
bodystart
2;

DEAN FOODS 
<
DF> SEES STRONG 4TH QTR EARNINGS


    CHICAGO, Feb 26 - 
Dean Foods Co expects earnings for the
fourth quarter ending May 30 to exceed those of the same
year-ago period, Chairman Kenneth Douglas told analysts.
    In the fiscal 1986 fourth quarter the food processor
reported earnings of 40 cts a share.
    Douglas also said the year's sales should exceed 1.4
billion dlrs, up from 1.27 billion dlrs the prior year.
    He repeated an earlier projection that third-quarter
earnings "will probably be off slightly" from last year's 40
cts a share, falling in the range of 34 cts to 36 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 1.53 dlrs a
share.
    In 1988, Douglas said Dean should experience "a 20 pct
improvement in our bottom line from effects of the tax reform
act alone."
    President Howard Dean said in fiscal 1988 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
3;
bodyend
documentend
documentstart
19
topicstart
wheat
grain
topicend
bodystart
2;

BONUS WHEAT FLOUR FOR NORTH YEMEN  -- USDA


    WASHINGTON, Feb 26 - 
The Commodity Credit Corporation, CCC,
has accepted an export bonus offer to cover the sale of 37,000
long tons of wheat flour to North Yemen, the U.S. Agriculture
Department said.
    The wheat four is for shipment March-May and the bonus
awarded was 119.05 dlrs per tonnes and will be paid in the form
of commodities from the CCC inventory.
    The bonus was awarded to the Pillsbury Company.
    The wheat flour purchases complete the Export Enhancement
Program initiative announced in April, 1986, it said.
 Reuter
3;
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21
topicstart
topicend
bodystart
2;

HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS


    FORT LAUDERDALE, Fla., Feb 26 - 
Hughes/Conserdyne Corp, a
unit of 
<
Hughes Capital Corp> said it made Bear Stearns and Co
Inc 
<
BSC> its exclusive investment banker to develop and market
financing for the design and installation of its micro-utility
systems for municipalities.
    The company said these systems are self-contained
electrical generating facilities using alternate power sources,
such as photovoltaic cells, to replace public utility power
sources.
 Reuter
3;
bodyend
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22
topicstart
copper
topicend
bodystart
2;

MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS


    NEW YORK, Feb 26 - 
Magma Copper Co, a subsidiary of Newmont
Mining Corp, said it is cutting its copper cathode price by
0.75 cent to 66 cents a lb, effective immediately.
 Reuter
3;
bodyend
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documentstart
23
topicstart
earn
topicend
bodystart
2;

BROWN-FORMAN 
<
BFDB> SETS STOCK SPLIT, UPS PAYOUT


    LOUISVILLE, Ky., Feb 26 - 
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."
 Reuter
3;
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24
topicstart
earn
topicend
bodystart
2;

ESQUIRE RADIO AND ELECTRONICS INC 
<
EE> 4TH QTR


    NEW YORK, Feb 26 -
    
Shr profit 15 cts vs profit four cts
    Annual div 72 cts vs 72 cts prior yr
    Net profit 72,000 vs profit 16,000
    Revs 7,075,000 vs 2,330,000
    12 mths
    Shr profit 42 cts vs loss 11 cts
    Net profit 203,000 vs loss 55,000
    Revs 16.1 mln vs 3,971,000
    NOTE: annual dividend payable April 10, 1987, to
stockholders of record on March 27, 1987.
 Reuter
3;
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26
topicstart
topicend
bodystart
2;

BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT


    NEW YORK, Feb 26 - 
Venezuela and its bank advisory
committee have agreed in principle on revisions to the terms of
a 21 billion dlr debt-rescheduling package signed last
February, bankers said.
    They declined to disclose details because two or three
representatives on the panel have still to obtain the approval
of their senior management for the new terms.
    The committee was meeting in New York this afternoon and
could put its final stamp of approval of the deal later today,
the bankers said.
    "A number of details have still to be finalized, but the
broad details of the new amortization schedules and interest
rates are in place," one senior banker said.
    The interest rate on the rescheduling was originally set at
1-1/8 pct over Eurodollar rates, but Venezuela requested easier
terms because of a 40 pct drop in oil income last year.
    It also asked for a reduction in the repayments it was due
to make in 1987, 1988 and 1989 - after an earlier request that
it make no amortizations at all in those years was rebuffed -
and sought a commitment from the banks to finance new
investment in Venezuela.
    The breakthrough in the Venezuelan talks, which have been
going on intermittently for several months, follows the
announcement earlier today of a 10.6 billion dlr debt
rescheduling pact between Chile and its bank advisory panel.
    And last night Citibank said Mexico's financing package,
including a 7.7 billion dlr loan, will be signed on March 20.
    While the sudden progress is to some extent coincidental,
bankers acknowledge a desire to chalk up some quick successes
after the shock of Brazil's unilateral interest suspension last
Friday. By striking swift deals, banks hope to reduce the
incentive for other debtors to emulate Brazil.
 Reuter
3;
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27
topicstart
earn
topicend
bodystart
2;

UNITED PRESIDENTIAL CORP 
<
UPCO> 4TH QTR NET


    KOKOMO, Ind., Feb 26 -
    
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.
 Reuter
3;
bodyend
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29
topicstart
housing
topicend
bodystart
2;

JANUARY HOUSING SALES DROP, REALTY GROUP SAYS


    WASHINGTON, Feb 26 - 
Sales of previously owned homes
dropped 14.5 pct in January to a seasonally adjusted annual
rate of 3.47 mln units, the National Association of Realtors
(NAR) said.
    But the December rate of 4.06 mln units had been the
highest since the record 4.15 mln unit sales rate set in
November 1978, the group said.
    "The drop in January is not surprising considering that a
significant portion of December's near-record pace was made up
of sellers seeking to get favorable capital gains treatment
under the old tax laws," said the NAR's John Tuccillo.
 Reuter
3;
bodyend
documentend
documentstart
30
topicstart
money-supply
topicend
bodystart
2;
******
ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK

Blah blah blah.
3;


bodyend
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documentstart
35
topicstart
topicend
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2;

FIRST UNION 
<
FUNC> FILES 100 MLN DLR NOTES ISSUE


    NEW YORK, Feb 26 - 
First Union Corp said it has filed with
the Securities and Exchange Commission for a proposed offering
of 100 mln dlrs of fixed rate subordinated notes due 1997.
    The notes will be sold nationwide through underwriters
managed by Shearson Lehman Brothers Inc.
 Reuter
3;
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documentend
documentstart
36
topicstart
earn
topicend
bodystart
2;

OWENS AND MINOR INC 
<
OBOD> RAISES QTLY DIVIDEND


    RICHMOND, Va. Feb 26 -
    
Qtly div eights cts vs 7.5 cts prior
    Pay March 31
    Record March 13
 Reuter
3;
bodyend
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37
topicstart
earn
topicend
bodystart
2;

COMPUTER LANGUAGE RESEARCH IN 
<
CLRI> 4TH QTR


    CARROLLTON, Texas, Feb 26 -
    
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.
 Reuter
3;
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38
topicstart
earn
topicend
bodystart
2;

<
CINRAM LTD> 4TH QTR NET


    Scarborough, Ontario, Feb 26 -
    
Shr 45 cts vs 58 cts
    Net 1.1 mln vs 829,000
    Sales 7.9 mln vs 9.4 mln
    Avg shrs 2,332,397 vs 1,428,000
    Year
    Shr 1.22 dlrs vs 1.06 dlrs
    Net 2.9 mln vs 1.5 mln
    Sales 25.7 mln vs 22.2 mln
    Avg shrs 2,332,397 vs 1,428,000
 Reuter
3;
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40
topicstart
earn
topicend
bodystart
2;

STANDARD TRUSTCO SEES BETTER YEAR


    Toronto, Feb 26 - 
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.
 Reuter
3;
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41
topicstart
earn
topicend
bodystart
2;

HANDY AND HARMAN 
<
HNH> 4TH QTR LOSS


    NEW YORK, Feb 26 -
    
Shr loss 51 cts vs loss three cts
    Net loss 7,041,000 vs loss 467,000
    Rev 138.9 mln vs 131.4 mln
    12 months
    Shr loss 64 cts vs profit 46 cts
    Net loss 8,843,000 vs profit 6,306,0000
    Rev 558.9 mln vs 556.7 mln
    NOTE: Net loss for 4th qtr 1986 includes charge for
restructuring of 2.6 mln dlrs after tax, or 19 cts a share.
    1986 net loss includes after tax special charge of 2.7 mln
dlrs, or 20 cts a share.
   
 Reuter
3;
bodyend
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documentstart
42
topicstart
coffee
topicend
bodystart
2;

ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL


    LONDON, Feb 26 - 
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.
 Reuter
3;
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documentstart
44
topicstart
acq
ship
topicend
bodystart
2;

MCLEAN'S 
<
MII> U.S. LINES SETS ASSET TRANSFER


    CRANFORD, N.J., Feb 26 - 
McLean Industries Inc's United
States Lines Inc subsidiary said it has agreed in principle to
transfer its South American service by arranging for the
transfer of certain charters and assets to 
<
Crowley Mariotime
Corp>'s American Transport Lines Inc subsidiary.
    U.S. Lines said negotiations on the contract are expected
to be completed within the next week. Terms and conditions of
the contract would be subject to approval of various regulatory
bodies, including the U.S. Bankruptcy Court.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM> RISES ON HOPES FOR HIGHER BIDS


    By Cal Mankowski, Reuters


    NEW YORK, Feb 26 - 
ChemLawn Corp 
<
CHEM> could attract a
higher bid than the 27 dlrs per share offered by Waste
Management Inc 
<
WNX>, Wall Street arbitrageurs said.
    Shares of ChemLawn shot up 11-5/8 to 29-3/8 in
over-the-counter- trading with 3.8 mln of the company's 10.1
mln shares changing hands by late afternoon.
    "This company could go for 10 times cash flow or 30 dlrs,
maybe 32 dollars depending on whether there is a competing
bidder," an arbitrageur said. Waste Management's tender offer,
announced before the opening today, expires March 25.
    "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-30's in 1983 but
the stock languished as the rate of growth slowed.
    Schlang said the company's profits are concentrated in the
fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for
the full year, and 2.58 dlrs in the fourth quarter.
    Morbelli noted ChemLawn competes with thousands of
individual entrepreuers who offer lawn and garden care sevice.
 Reuter
3;
bodyend
documentend
documentstart
46
topicstart
sugar
topicend
bodystart
2;

U.S. SUGAR IMPORTS DOWN IN WEEK - USDA


    WASHINGTON, Feb 26 - 
Sugar imports subject to the U.S.
sugar import quota during the week ended January 9, the initial
week of the 1987 sugar quota year, totaled 5,988 short tons
versus 46,254 tons the previous week, the Agriculture
Department said.
    The sugar import quota for the 1987 quota year
(January-December) has been set at 1,001,430 short tons
compared with 1,850,000 tons in the 1986 quota year, which was
extended three months to December 31.
    The department said the Customs Service has reported that
weekly and cumulative imports are reported on an actual weight
basis and when final polarizations are received, cumulative
import data are adjusted accordingly.
 Reuter
3;
bodyend
documentend
documentstart
47
topicstart
trade
topicend
bodystart
2;

BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY


    RIO DE JANEIRO, Feb 26 - Brazil's "Cruzado" anti- 
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 28 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 250
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 1984 and
1985 Brazil's annual trade surpluses had been sufficient to
cover the 12 billion dlrs needed to service its 109 billion dlr
foreign debt.
    For the first nine months of 1986 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 211 mln dlrs in October and since then has averaged
under 150 mln.
 Reuter
3;
bodyend
documentend
documentstart
48
topicstart
reserves
topicend
bodystart
2;

N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY


    WELLINGTON, Feb 27 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
49
topicstart
ship
topicend
bodystart
2;

AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL


    WASHINGTON, Feb 26 - 
The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 39 ships waiting to enter the canal
early today. Over the next two days it expects --              
             2/26  2/27
                       Due: 27    35
      Scheduled to Transit: 35    41
           End-Day Backlog: 31    25
    Average waiting time tomorrow --
         Super Tankers  Regular Vessels
 North End:  13 hrs      15 hrs
 South End:   4 hrs      26 hrs
 Reuter
3;
bodyend
documentend
documentstart
50
topicstart
earn
topicend
bodystart
2;

AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT


    OMAHA, Neb., Feb 26 - 
<
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.
 Reuter
3;
bodyend
documentend
documentstart
53
topicstart
earn
topicend
bodystart
2;

EMHART CORP 
<
EMH> QTLY DIVIDEND


    FARMINGTON, Conn., FEb 26 -
    
Qtly div 35 cts vs 35 cts prior
    Payable March 31
    Record March nine

 Reuter
3;
bodyend
documentend
documentstart
56
topicstart
earn
topicend
bodystart
2;

AM INTERNATIONAL 
<
AM> CITES STRONG PROSPECTS


    CHICAGO, Feb 26 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
57
topicstart
grain
corn
topicend
bodystart
2;

CCC CREDITS FOR HONDURAS SWITCHED TO WHITE CORN


    WASHINGTON, Feb 26 - 
The Commodity Credit Corporation (CCC)
announced 1.5 mln dlrs in credit guarantees previously
earmarked to cover sales of dry edible beans to Honduras have
been switched to cover sales of white corn, the U.S.
Agriculture Department said.
    The department said the action reduces coverage for sales
of dry edible beans to 500,000 dlrs and creates the new line of
1.5 mln dlrs for sales of white corn.
    All sales under the credit guarantee line must be
registered  and shipped by September 30, 1987, it said.
 Reuter
3;
bodyend
documentend
documentstart
58
topicstart
money-supply
topicend
bodystart
2;

ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
59
topicstart
ship
topicend
bodystart
2;

GULF BARGE FREIGHT RATES UP FURTHER ON CALL


    ST LOUIS, Feb 26 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
60
topicstart
topicend
bodystart
2;

ARGENTINA COULD SUSPEND DEBT PAYMENTS - DEPUTY


    BUENOS AIRES, Feb 26 - 
Argentina could suspend payments on
its foreign debt if creditor banks reject a 2.15 billion dlr
loan request to meet 1987 growth targets, ruling Radical Party
Deputy Raul Baglini told a local radio station.
    "Argentina does not discard the use of (a moratorium) if the
negotiations do not produce a result that guarantees the growth
of the country," he added.
    Baglini, an observer at Argentina's negotiations in New
York with the steering committee for its 320 creditors banks,
told the Radio del Plata in a telephone interview that the
banks were divided on the loan request.
    Baglini said that as a result, today's scheduled second day
of talks had been postponed.
    He said Argentina was prepared to follow the example of
Brazil, which last week declared a moratorium on interest
payments of a large portion of its 108 billion dlr foreign
debt.
    Argentina's prime objective in renegotiating the debt was
to maintain growth, which has been targeted at four pct in
1987, Baglini said.
    "Debtor nations should not have to take from their own
pockets, that is their commercial balance, to meet interest
payments," he added.
 Reuter
3;
bodyend
documentend
documentstart
63
topicstart
topicend
bodystart
2;

CANADA'S WILSON SEEKS TEMPORARY BORROWING


    OTTAWA, Feb 26 - 
Canadian Finance Minister Michael Wilson
said he will use temporary authority under the Financial
Administration act to borrow an additional 600 mln dlrs in next
Thursday's treasury bill auction.
    In a statement, Wilson said the action would permit the
government to proceed with its debt program during a period
when there was not sufficient borrowing authority, which is
granted by Parliament, to cover the government's needs.
    Ottawa announced previously it was seeking Parliamentary
approval for the additional authority to cover the financing of
an increase in the government's foreign reserves.
 Reuter
3;
bodyend
documentend
documentstart
64
topicstart
earn
topicend
bodystart
2;

GULF APPLIED 
<
GATS> SELLS UNITS, SEES GAIN


    HOUSTON, Feb 26 - 
Gulf Applied Technologies Inc said it
sold its pipeline and terminal operations units for 12.2 mln
dlrs and will record a gain of 2.9 mln dlrs in the first
quarter.
    It added that any federal taxes owed on the transaction
will be offset by operating loss carryovers.
 Reuter
3;
bodyend
documentend
documentstart
65
topicstart
earn
topicend
bodystart
2;

FARMERS GROUP INC 
<
FGRP> 4TH QTR NET


    LOS ANGELES, Feb 26 -
    
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
 Reuter
3;
bodyend
documentend
documentstart
66
topicstart
earn
topicend
bodystart
2;

POTOMAC ELECTRIC POWER CO 
<
POM> JAN NET


    WASHINGTON, Feb 26 -
    
Shr 27 cts vs 29 cts
    Net 13,555,000 vs 14,635,000
    Revs 104,606,000 vs 110,311,000
    Avg shrs 47.2 mln vs 47.1 mln
    12 mths
    Shr 4.10 dlrs vs 3.66 dlrs
    Net 226,653,000 vs 186,790,000
    Revs 1.4 billion vs 1.3 billion
    Avg shr 47.1 mln vs 47.1 mln
   
    NOTE: latest 12 mths net includes gain 46 cts per share for
sale of Virginia service territory to Dominion Resources Inc

<
D>.
 Reuter
3;
bodyend
documentend
documentstart
68
topicstart
acq
topicend
bodystart
2;

<
COFAB INC> BUYS GULFEX FOR UNDISCLOSED AMOUNT


    HOUSTON, Feb 26 - 
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
3;
bodyend
documentend
documentstart
69
topicstart
veg-oil
soybean
oilseed
meal-feed
soy-meal
topicend
bodystart
2;

U.S. WEEKLY SOYBEAN CRUSH 21,782,929 BUSHELS


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
71
topicstart
earn
topicend
bodystart
2;

TULTEX CORP 
<
TTX> SETS QUARTERLY DIVIDEND


    MARTINSVILLE, Va., Feb 26 - 
    
Qtly div eights cts vs eight cts prior
    Pay April one
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
74
topicstart
earn
topicend
bodystart
2;

ATICO FINANCIAL CORP 
<
ATFC> 4TH QTR NET


    MIAMI, Fla., Feb 26 -
    
Shr 30 cts vs 5.92 dlrs
    Net 1,142,000 vs 16.0 mln
    Revs 10.6 mln vs 24.2 mln
    Year
    Shr 90 cts vs 6.20 dlrs
    Net 3,320,000 vs 16.9 mln
    Revs 45.00 mln vs 26.2 mln
    NOTE: 1986 4th qtr and yr amounts include acquisition of
98.8 pct of common of Atico, formerly Peninsula Federal Savings
and Loan Association, on January 24, 1986.
    1985 4th qtr and yr net include net gain of 15.9 mln dlrs
or 5.86 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
3;
bodyend
documentend
documentstart
75
topicstart
coffee
topicend
bodystart
2;

ICO EXPORTERS TO MODIFY NEW PROPOSAL


    LONDON, Feb 26 - 
International Coffee Organization (ICO)
exporters will modify their new proposal on quota resumption
before presenting it to importers tomorrow, ICO delegates said.
    The change, which will be discussed tonight informally
among producers, follows talks after the formal producer
session with the eight-member producer splinter group and will
affect the proposed quota distribution for 12 months from April
one, they said.
    The proposed share-out would still include shortfall
declarations, they said.
 Reuter
3;
bodyend
documentend
documentstart
76
topicstart
money-supply
topicend
bodystart
2;
******
U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
77
topicstart
money-supply
topicend
bodystart
2;
******
N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
78
topicstart
money-supply
topicend
bodystart
2;
******
NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK

Blah blah blah.
3;


bodyend
documentend
documentstart
80
topicstart
money-supply
topicend
bodystart
2;

NEW YORK BUSINESS LOANS FALL 195 MLN DLRS


    NEW YORK, Feb 26 - 
Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 195 mln dlrs to 65.06 billion in the week ended February
18, the Federal Reserve Bank of New York said.
    Including acceptances, loans declined 114 mln dlrs to 65.89
billion.
    Commercial paper outstanding nationally dropped 375 mln
dlrs to 336.63 billion.
    National business loan data are scheduled to be released on
Friday.
 Reuter
3;
bodyend
documentend
documentstart
81
topicstart
money-supply
topicend
bodystart
2;

N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS


    NEW YORK, Feb 26 - 
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).

 Reuter
3;
bodyend
documentend
documentstart
82
topicstart
earn
topicend
bodystart
2;

PHILIPPINE LONG DISTANCE 
<
PHI> YEAR NET


    NEW YORK, Feb 26 -
    
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.
 Reuter
3;
bodyend
documentend
documentstart
83
topicstart
earn
topicend
bodystart
2;

LIBERTY ALL-STAR EQUITY FUND INITIAL DIV


    WESTPORT, Conn., FEb 26 -
    
Qtly div five cts vs N.A.
    Payable April two
    Record March 20
    NOTE:1986 dividend includes special two cts per share for
the period beginning with the fund's commencement of operations
on Novebmer three through December 31, 1986.
 Reuter
3;
bodyend
documentend
documentstart
84
topicstart
topicend
bodystart
2;

COLUMBIA GAS SYSTEM INC 
<
CG> REDEEMS DEBENTURES


    WILMINGTON, Del, Feb 26 - 
The Columbia Gas Systems Inc said
it will redeem 4.7 mln dlrs principal amount of its 9-1/8 pct
debentures, series due May 1, 1996, and five mln dlrs
principal amount of its 10-1/4 pct debentures, series due May
1, 1999.
    The company said it is redeeming the debentures to meet
mandatory sinking fund requirements.
    In addition, Columbia said it will call for the optional
sinking fund redemption on May 1, 1987, the 4.7 mln dlrs
principal amount of the 9-1/8 debentures and 7.5 mln dlrs of
the 10-1/4 pct debentures.
 Reuter
3;
bodyend
documentend
documentstart
85
topicstart
earn
topicend
bodystart
2;

COMBUSTION ENGINEERING INC 
<
CSP> REGULAR DIV


    STAMFORD, Conn., Feb 26 -
    
Qtly div 25 cts vs 25 cts prior
    Pay April 30
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
86
topicstart
earn
topicend
bodystart
2;

TONKA CORP 
<
TKA> RAISES DIVIDEND


    MINNETONKA, MINN., Feb 26 -
    
Qtly div two cts vs 1.7 cts
    Pay March 26
    Record March 12
 Reuter
3;
bodyend
documentend
documentstart
87
topicstart
earn
topicend
bodystart
2;

BDM INTERNATIONAL 
<
BDM> INCREASES QTRLY DIVS


    MCLEAN, Va., Feb 26 -
    
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.
 Reuter
3;
bodyend
documentend
documentstart
89
topicstart
earn
topicend
bodystart
2;

SYSTEMATICS INC 
<
SYST> REGULAR PAYOUT


    LITTLE ROCK, Ark., Feb 26 -
    
Qtly div three cts vs three cts prior
    Pay March 13
    Record February 27
 Reuter
3;
bodyend
documentend
documentstart
92
topicstart
money-supply
topicend
bodystart
2;
******
U.S. M-1 MONEY SUPPLY RISES 2.1 BILLION DLRS IN FEB 16 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
93
topicstart
earn
topicend
bodystart
2;

<
IVACO INC> YEAR NET


    MONTREAL, Feb 26-
    
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.
 Reuter
3;
bodyend
documentend
documentstart
94
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
95
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK NET FREE RESERVES 644 MLN DLRS IN TWO WEEKS TO FEB 25, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
96
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRMS CUT CYCLOPS 
<
CYL> STAKE


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
bodyend
documentend
documentstart
97
topicstart
grain
wheat
corn
oat
rye
sorghum
soybean
oilseed
topicend
bodystart
2;

ASCS TERMINAL MARKET VALUES FOR PIK GRAIN


    KANSAS CITY, Feb 26 - 
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
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

CORADIAN CORP 
<
CDIN> 4TH QTR NET


    ALBANY, N.Y., Feb 26 -
    
Shr profit three cts vs loss three cts
    Net profit 363,000 vs loss 197,000
    Revs 3,761,000 vs 2,666,000
    Year
    Shr profit one cent vs loss 37 cts
    Net profit 129,000 vs loss 1,715,000
    Revs 11.4 mln vs 10.9 mln
    Avg shrs 10,694,081 vs 4,673,253
 Reuter
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topicstart
money-supply
topicend
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2;
FEDERAL RESERVE WEEKLY REPORT 1 - FEB 26
    Two weeks ended Feb 25      daily avgs-mlns
 Net free reserves.............644 vs.....1,337
 Bank borrowings...............680 vs.......425
 Including seasonal loans.......81 vs........56
 Including extended loans......299 vs.......265
 Excess reserves.............1,025 vs.....1,497
 Required reserves (adj)....55,250 vs....55,366
 Required reserves............N.A. vs......N.A.
 Total reserves...............N.A. vs......N.A.
 Non-borrowed reserves........N.A. vs......N.A.
 Monetary base................N.A. vs......N.A.
                         
     Two weeks ended Feb 25                   
 Total vault cash.............N.A. vs......N.A.
 Inc cash equal to req res....N.A. vs......N.A.
     One week ended Feb 25      Daily avgs-Mlns
 Bank borrowings...............614 down.....131
 Including seasonal loans.......88 up........14
 Including extended loans......304 up........10
 Float.........................511 down.....320
 Balances/adjustments........2,101 down......67
 Currency..................206,490 down.....519
 Treasury deposits...........4,208 down......63

 Reuter
3;


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topicstart
money-supply
topicend
bodystart
2;

N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY


    WELLINGTON, Feb 27 - 
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.
 Reuter
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topicstart
money-supply
topicend
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2;
FEDERAL RESERVE MONEY SUPPLY REPORT - FEB 26
    One Week Ended Feb 16
 M-1.........................736.7 up.......2.1
 Previous week revised to....734.6 From...734.2
 Avge  4 Weeks (Vs Week Ago).735.0 Vs.....733.5
 Avge 13 Weeks (Vs week Ago).731.8 Vs.....729.8
 Monthly aggregates (Adjusted avgs in billions)
 M-1 (Jan vs Dec)............737.6 Vs.....730.5
 M-2 (Jan vs Dec)..........2,820.1 Vs...2,798.4
 M-3 (Jan vs Dec)..........3,513.6 Vs...3,488.1
 L...(Dec vs Nov)..........4,141.5 Vs...4,110.5
 Domestic Debt(Dec vs Nov).7,604.4 Vs...7,519.8

 Reuter
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topicstart
money-supply
topicend
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2;
FEDERAL RESERVE WEEKLY REPORT 3 - FEB 26
    One week ended Feb 25       daily avgs-mlns
 Govts bought outright....193,374 down....1,342
 Govts repurchases............nil unch.........
 Agencies bought outright...7,719 unch.........
 Agencies repurchases.........nil unch.........
 Acceptances repurchases......nil unch.........
 Matched sales..............4,920 vs......3,788
 Including sales with cust..4,369 vs......3,788
 Other Fed assets..........16,806 down....1,161
 Other Fed liabilities......6,421 up........178
 Other deposits with Fed......399 up.........26

 Reuter
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money-supply
topicend
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2;
FEDERAL RESERVE WEEKLY REPORT 4 - FEB 26
    One week ended Feb 25       Daily avgs-Mlns
 Foreign deposits.............219 down.......29
 Gold stock................11,059 unch.........
 Custody holdings.........168,348 down......366
 Federal funds rate avg......5.95 vs.......6.21
    Factors on Wednesday, Feb 25
 Bank borrowings............1,239 vs........446
 Including extended credits....92 vs........298
 Matched sales..............8,250 vs......2,998
 Including sales w/cust.....4,392 vs......2,998
 Float........................935 vs......2,125
                                               
 Reuter
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topicstart
cotton
topicend
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2;

WORLD MARKET PRICE FOR UPLAND COTTON - USDA


    WASHINGTON, Feb 26 - 
The U.S. Agriculture Department
announced the prevailing world market price, adjusted to U.S.
quality and location, for Strict Low Middling, 1-1/16 inch
upland cotton at 52.69 cts per lb, to be in effect through
midnight March 5.
    The adjusted world price is at average U.S. producing
locations (near Lubbock, Texas) and will be further adjusted
for other qualities and locations. The price will be used in
determining First Handler Cotton Certificate payment rates.
    Based on data for the week ended February 26, the adjusted
world price for upland cotton is determined as follows, in cts
per lb --
 Northern European Price               66.32
      Adjustments --
 Average U.S. spot mkt location 10.42 
 SLM 1-1/16 inch cotton          1.80 
 Average U.S. location           0.53
 Sum of adjustments              12.75
 Adjusted world price            53.57
 Reuter
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topicstart
sugar
topicend
bodystart
2;

SUGAR QUOTA IMPORTS DETAILED -- USDA


    WASHINGTON, Feb 26 - 
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

 Reuter
3;
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106
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS LOADING AT PORTLAND


    PORTLAND, Feb 26 - 
There were seven grain ships loading and
six ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

MERIDIAN BANCORP INC 
<
MRDN> SETS REGULAR PAYOUT


    READING, Penn., Feb 26 -
    
Qtly div 25 cts vs 25 cts prior
    Pay April one
    Record March 15
 Reuter
3;
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topicstart
money-supply
topicend
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2;

U.S. BANK DISCOUNT BORROWINGS 310 MLN DLRS


    NEW YORK, Feb 26 - 
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.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> SEEN IN POSSIBLE SPINNOFF


    By Patti Domm, Reuter


    New York, Feb 26 - 
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.
   
 Reuter
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topicstart
money-supply
topicend
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2;

U.S. M-1 MONEY SUPPLY ROSE 2.1 BILLION DLRS


    NEW YORK, Feb 26 - 
U.S. M-1 money supply rose 2.1 billion
dlrs to a seasonally adjusted 736.7 billion dlrs in the
February 16 week, the Federal Reserve said.
    The previous week's M-1 level was revised to 734.6 billion
dlrs from 734.2 billion dlrs, while the four-week moving
average of M-1 rose to 735.0 billion dlrs from 733.5 billion.
    Economists polled by Reuters said that M-1 should be
anywhere from down four billion dlrs to up 2.3 billion dlrs.
The average forecast called for a 300 mln dlr M-1 rise.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

LIBERTY ALL-STAR 
<
USA> SETS INITIAL PAYOUT


    WESTPORT, Conn., Feb 26 - 
Liberty All-Star Equity Fund said
it declared an initial dividend of five cts per share, payable
April two to shareholders of record March 20.
    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, 1986, when the fund
began operations, to December 31, 1986.
    The fund said its quarterly dividend rate may fluctuate in
the future.
 Reuter
3;
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topicstart
topicend
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2;

FORD MOTOR CREDIT 
<
F> TO REDEEM DEBENTURES


    DEARBORN, MICH., Feb 26 - 
Ford Motor Co said its Ford Motor
Credit Co on April One will redeem 4.0 mln dlrs of its 8.70 pct
debentures due April 1, 1999.
    It said the debentures are redeemable at a price of 100 pct
of the principal. Because April 1, 1987 is an interest payment
date on the debentures, no accrued interest will be payable on
the redemption date as part of the redemption proceeds.
    Debentures will be selected for redemption on a pro rata
basis, Ford said.

 Reuter
3;
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topicstart
topicend
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2;

STERLING SOFTWARE 
<
SSW> NOTE HOLDERS OK BUY


    DALLAS, Feb 26 - 
Sterling Software Inc said it received
consent of a majority of the holders of its eight pct
convertible sernior subordinated debentures required to
purchase shares of its common.
    The company said it may now buy its stock at its discretion
depending on market conditions.
 Reuter
3;
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120
topicstart
topicend
bodystart
2;

<
HIGH POINT FINANCIAL CORP> SETS OFFERING


    BRANCHVILLE, N.J., Feb 26 - 
<
High Point Financial Corp>
said it filed a registration statement with the Securities and
Exchange Commission covering six mln dlrs principal amount of
redeemable subordinated debentures due March one and
cancellable mandatory stock purchase contracts requiring the
purchase of 6.66 mln dlrs in common no later than March one.
    It said the offering will be underwritten by Ryan, Beck and
Co, West Orange, N.J.
 Reuter
3;
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121
topicstart
carcass
livestock
topicend
bodystart
2;

CHINESE PORK OUTPUT SEEN LOWER -- USDA


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

IVACO SEES MINIMAL FIRST QUARTER EARNINGS


    MONTREAL, Feb 26 - 
(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.       
 Reuter
3;
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124
topicstart
grain
topicend
bodystart
2;

U.S. GRAIN CARLOADINGS FALL IN WEEK


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

HONG KONG FIRM UPS WRATHER
<
WCO> STAKE TO 11 PCT


    WASHINGTON, Feb 26 - 
Industrial Equity (Pacific) Ltd, a
Hong Kong investment firm, said it raised its stake in Wrather
Corp to 816,000 shares, or 11.3 pct of the total outstanding
common stock, from 453,300 shares, or 6.3 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 362,700 Wrather common shares between Feb 13 and 24 for
6.6 mln dlrs.
    When it first disclosed its stake in Wrather earlier this
month, it said it bought the stock for investment purposes.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

COLECO INDUSTRIES INC 
<
CLO> 4TH QTR


    WEST HARTFORD, Conn., FEb 26 -
    
Shr loss 6.48 DLS VS PROFIT 23 CTS
    Net loss 110.6 mln vs profit 4.1 mln
    Revs 74.0 mln vs 152.0 mln
    Year
    Shr loss 6.52 dlrs vs profit 3.87 dlrs
    net loss 111.2 mln vs profit 64.2 mln
    Revs 501.0 mln vs 776.0 mln
 Reuter
3;
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127
topicstart
crude
topicend
bodystart
2;

DIAMOND SHAMROCK (DIA) CUTS CRUDE PRICES


    NEW YORK, FEB 26 - 
Diamond Shamrock Corp said that
effective today it had cut its contract prices for crude oil by
1.50 dlrs a barrel.
    The reduction brings its posted price for West Texas
Intermediate to 16.00 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
3;
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topicstart
acq
topicend
bodystart
2;

LIEBERT CORP 
<
LIEB> APPROVES MERGER


    COLUMBUS, Ohio, Feb 26 - 
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.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;
******
NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT

Blah blah blah.
3;


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documentstart
130
topicstart
earn
topicend
bodystart
2;

COLECO INDUSTRIES 
<
CLC> SEES PROFIT IN 1987


    WEST HARTFORD, Conn., FEb 26 - 
Coleco Industries Inc said
it expects to return to profitability in 1987.
    Earlier, Coleco reported a net loss of 111.2 mln dlrs for
the year ended December 31 compared to a profit of 64.2 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 600 mln
dlrs to 230 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' 1987 projected earnings of 90 cts
a share on sales of 600 mln dlrs are reasonable.
   
 Reuter
3;
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topicstart
money-supply
topicend
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2;
FEDERAL RESERVE WEEKLY REPORT 1 - FEB 26
    Two weeks ended Feb 25      daily avgs-mlns
 Net free reserves.............644 vs.....1,337
 Bank borrowings...............680 vs.......425
 Including seasonal loans.......81 vs........56
 Including extended loans......299 vs.......265
 Excess reserves.............1,025 vs.....1,497
 Required reserves (adj)....55,250 vs....55,366
 Required reserves..........55,513 vs....56,208
 Total reserves.............56,538 vs....57,705
 Non-borrowed reserves......55,859 vs....57,281
 Monetary base.............244,199 vs...244,925
                         
 Reuter
3;


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topicstart
money-supply
topicend
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2;
FEDERAL RESERVE WEEKLY REPORT 2 - FEB 26
     Two weeks ended Feb 25                    
 Total vault cash...........25,237 vs....27,327
 Inc cash equal to req res..22,834 vs....24,680
     One week ended Feb 25      Daily avgs-Mlns
 Bank borrowings...............614 down.....131
 Including seasonal loans.......88 up........14
 Including extended loans......304 up........10
 Float.........................511 down.....320
 Balances/adjustments........2,101 down......67
 Currency..................206,490 down.....519
 Treasury deposits...........4,208 down......63

 Reuter
3;


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topicstart
acq
topicend
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2;

GULF APPLIED TECHNOLOGIES 
<
GATS> SELLS UNITS


    HOUSTON, Feb 26 - 
Gulf Applied Technologies Inc said it
sold its subsidiaries engaged in pipeline and terminal
operations for 12.2 mln dlrs.
    The company said the sale is subject to certain post
closing adjustments, which it did not explain.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

INVESTMENT GROUP RAISES ROBESON 
<
RBSN> STAKE


    WASHINGTON, Feb 26 - 
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.
 Reuter
3;
bodyend
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136
topicstart
grain
topicend
bodystart
2;

GAO LIKELY TO SHOW CERTS MORE COSTLY THAN CASH


    WASHINGTON, Feb 26 - 
A study on grain certificates due out
shortly from the Government Accounting Office (GAO) could show
that certificates cost the government 10 to 15 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
3;
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137
topicstart
topicend
bodystart
2;

Venezuela seeks 'flexibility' from banks-azpurua


     Caracas, feb 26 - 
venezuela is seeking a 'constructive and
flexible' attitude from its creditor banks in current talks to
reschedule 21 billion dlrs in foreign debt, finance minister
manuel azpurua told a press conference.
    He declined to comment on meetings this week in new york
between public finances director jorge marcano and venezuela's
13-bank advisory committee except to say, "they are
progressing."
    Azpurua said venezuela has shown solidarity with brazil's
decision to suspend payments, but each country must negotiate
according to its own interest.
    Asked to comment on chile's agreement with its creditors
today, which includes an interest rate margin of one pct over
libor, azpurua said only, "that is good news."
    According to banking sources, the banks' latest offer to
venezuela is also a one pct margin as against the last
february's 1-1/8 pct rescheduling accord and the 7/8 pct
Venezuela wants.
    Azpurua said four basic elements are being negotiated with
the banks now: spread reduction, deferral of principal payments
due in 1987 and 1988, lenghtening the 12-1/2 year repayment
schedule, and debt capitalization schemes.
    Azpurua said the governent plans to pay 2.1 billion dlrs in
public and private debt principal this year. It was due to
amortize 1.05 billion dlrs under the rescheduling, and pay 420
mln dlrs in non-restructured principal, both public sector.
    He said venezuela's original proposal was to pay no
principal on restructured debt this year, but is now insisting
that if it makes payments they be compensated by new bank
loans.
    The banking sources said the committee has been prepared to
lower amortizations to around 400 mln dlrs this year, but that
no direct commitment was likely on new loans.
    "debtors and bank creditors have a joint responsibility and
there will be no lasting solution unless a positive flow of
financing is guaranteed," azpurua said.
    However, he appeared to discard earlier venezuelan
proposals for a direct link between oil income and debt
payments, "because circumstances change too quickly."
    At the same time, he said the government is presently
studying possible mechanisms for capitlizing public and private
sector foreign debt, based on experience in other countries.
The rules would be published by the finance ministry and the
central bank.
 Reuter
3;
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138
topicstart
earn
topicend
bodystart
2;

DAHLBERG INC 
<
DAHL> 4TH QTR NET


    GOLDEN VALLEY, MINN., Feb 26 -
    
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.
 Reuter
3;
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139
topicstart
earn
topicend
bodystart
2;

CITY NATIONAL CORP 
<
CTYN> RAISES DIVIDEND


    BEVERLY HILLS, Calif., Feb 26 -
    
Shr 16 cts vs 13 cts
    Pay April 15
    Record March 31
 Reuter
3;
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140
topicstart
earn
topicend
bodystart
2;

<
PAGE PETROLEUM LTD> YEAR LOSS


    CALGARY, Alberta, Feb 26 -
    
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.
 Reuter
3;
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141
topicstart
topicend
bodystart
2;

THOMSON MCKINNON UNIT'S CMO OFFERING PRICED


    NEW YORK, Feb 26 - 
Thomson McKinnon Mortgage Assets Corp, a
unit of Thomson McKinnon Inc, is offering 100 mln dlrs of
collateralized mortgage obligations in three tranches that
include floating rate and inverse floating rate CMOS.
    The floating rate class amounts to 60 mln dlrs. It has an
average life of 7.11 years and matures 2018. The CMOs have an
initial coupon of 7.0375 pct, which will be reset 60 basis
points above LIBOR, said sole manager Thomson McKinnon.
    The inverse floater totals 4.8 mln dlrs. It has an average
life of 13.49 years and matures 2018. These CMOs were given an
initial coupon of 11-1/2 pct and priced at 104.40.
    Subsequent rates on the inverse floater will equal 11-1/2
pct minus the product of three times (LIBOR minus 6-1/2 pct).
    A Thomson officer explained that the coupon of the inverse
floating rate tranche would increase if LIBOR declined. "The
yield floats opposite of LIBOR," he said.
    The fixed-rate tranche totals 35.2 mln dlrs. It has an
average life of 3.5 years and matures 2016. The CMOs were
assigned a 7.65 pct coupon and par pricing.
    The issue is rated AAA by Standard and Poor's and secured
by Federal Home Loan Mortgage Corp, Freddie Mac, certificates.
 Reuter
3;
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142
topicstart
earn
topicend
bodystart
2;

IDB COMMUNICATIONS GROUP INC 
<
IDBX> YEAR NET


    LOS ANGELES, Feb 26 - 
Period ended December 31.
    Shr 25 cts vs 20 cts
    Net 801,000 vs 703,000
    Revs 6,318,000 vs 3,926,000
 Reuter
3;
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143
topicstart
earn
topicend
bodystart
2;

ARMOR ALL PRODUCTS CORP 
<
ARMR> QUARTERLY DIV


    SAN FRANCISCO, Feb 26 -
    
Qtly div ten cts vs ten cts
    Pay April 1
    Record March 9
 Reuter
3;
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144
topicstart
crude
topicend
bodystart
2;

OPEC MAY HAVE TO MEET TO FIRM PRICES - ANALYSTS


    BY TED D'AFFLISIO, Reuters


    NEW YORK, Feb 26 - 
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.
 Reuter
3;
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145
topicstart
earn
topicend
bodystart
2;

CENERGY 
<
CRG> REPORTS 4TH QTR NET PROFIT


    DALLAS, Feb 26 - 
Cenergy Corp reported fourth quarter net
income of 790,000 dlrs or seven cts per share on revenues of
7.7 mln dlrs.
    For the year it reported a net loss of 6.5 mln dlrs or 70
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 37 mln dlrs.
    Following the company's fiscal year ended March 31, 1985,
it changed to a calender year end.
    For the nine months ended Dec 31, 1985, it reported a loss
of 63.4 mln dlrs or 6.54 dlrs per share on revenues of 47.6 mln
dlrs, which it said was a result of noncash writedowns of oil
and gas properties.
    For the year ended March 31, 1985, Cenergy reported net
income of 3,705,000 dlrs or 36 cts per share on revenues of 71
mln dlrs.
    The company said its reserves during the year fell to five
mln barrels from 6.4 mln barrels of oil and to 60.1 bilion
cubic feet of gas from 63.7 BCF. It said these reserves did not
disappear but are available to produce as prices recover.
 Reuter
3;
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146
topicstart
earn
topicend
bodystart
2;

NORTHERN TELECOM LTD 
<
NT> DECLARES STOCK SPLIT


    Toronto, Feb 26 -
    
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.
 Reuter
3;
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147
topicstart
earn
topicend
bodystart
2;

TORCHMARK 
<
TMK> AUTHORIZES STOCK REPURCHASE


    BIRMINGHAM, Ala., Feb 26 - 
Torchmark Corp said its board
authorized the purchase from time to time of a significant
portion of its 7-3/4 pct convertible subordinated debentures.
As of February 25, it said there were outstanding 150 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 25 cts per
share on its common payable May one to shareholders of record
April 10.
 Reuter
3;
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148
topicstart
topicend
bodystart
2;

PAINEWEBBER GROUP 
<
PWJ> TO REDEEM DEBENTURES


    NEW YORK, Feb 26 - 
Painewebber Group Inc said it will
redeem all its outstanding 8-1/4 pct convertible subordinated
debentures due 2008.
    It said it will redeem all the debentures for 1,060.50 dlrs
plus accrued interest to the redemption date of March 30. The
notes can be converted into common stock at a price of 42.35
dlrs per share.
 Reuter
3;
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151
topicstart
earn
topicend
bodystart
2;

TECHAMERICA GROUP INC 
<
TCH> 4TH QTR LOSS


    ELWOOD, KAN., Feb 26 -
    
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
   
 Reuter
3;
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152
topicstart
earn
topicend
bodystart
2;

WILFRED AMERICAN EDUCATIONAL 
<
WAE> REGULAR DIV


    NEW YORK, Feb 26 -
    
Qtly div three cts vs three cts prior
    Pay April three
    Record March 13
 Reuter
3;
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153
topicstart
acq
topicend
bodystart
2;

DREXEL OFFICIAL HAS STAKE IN EPSILON DATA 
<
EPSI>


    WASHINGTON, Feb 26 - 
A senior official of Drexel Burnham
Lambert Inc and his father told the Securities and Exchange
Commission they have acquired 258,591 shares of Epsilon Data
Management Inc, or 9.4 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 2.1 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
3;
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154
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, Feb 26 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Bio-Technology General Corp 
<
BTGC> - Offering of 25 mln
dlrs of convertible senior subordinated notes due March 1997
through Drexel Burnham Lambert Inc.
 Reuter
3;
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documentend
documentstart
157
topicstart
acq
topicend
bodystart
2;

<
NOVA> WINS GOVERNMENT OKAY FOR HUSKY 
<
HYO> DEAL


    CALGARY, Alberta, Feb 26 - 
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.
 Reuter
3;
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160
topicstart
earn
topicend
bodystart
2;

POTOMAC ELECTRIC POWER CO 
<
POM> JANUARY NET


    WASHINGTON, Feb 26 -
    
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.
 Reuter
3;
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161
topicstart
topicend
bodystart
2;

TORCHMARK 
<
TMK> SELLS SINKING FUND DEBENTURES


    NEW YORK, Feb 26 - 
Torchmark Corp is raising 200 mln dlrs
through an offering of sinking fund debentures due 2017
yielding 8.65 pct, said lead manager First Boston Corp.
    The debentures have an 8-5/8 pct coupon and were priced at
99.73 to yield 100 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated A-2 by
Moody's and AA by Standard and Poor's.
    A sinking fund starts in 1998 to retire 76 pct of the
debentures by maturity, giving them an estimated maximum life
of 22.4 years. Merrill Lynch co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
162
topicstart
acq
topicend
bodystart
2;

SUFFIELD FINANCIAL 
<
SSBK> GETS FED APPROVAL


    SUFFIELD, Conn., Feb 26 - 
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
3;
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documentend
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163
topicstart
earn
topicend
bodystart
2;

AFG INDUSTRIES INC 
<
AFG> QUARTERLY DIVIDEND


    IRVINE, Calif., Feb 26 -
    
Qtly div four cts vs four cts
    Pay April 3
    Record March 23
 Reuter
3;
bodyend
documentend
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164
topicstart
earn
topicend
bodystart
2;

<
GSW INC> YEAR NET


    TORONTO, Feb 26 -
    
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.
 Reuter
3;
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documentend
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165
topicstart
earn
topicend
bodystart
2;

SANTA ANITA REALTY 
<
SAR> QUARTERLY DIVIDEND


    LOS ANGELES, Feb 26 -
    
Qtly div 51 cts vs 51 cts
    Pay April 9
    Record March 25
    (Santa Anita Realty Enterprises Inc)
 Reuter
3;
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166
topicstart
earn
topicend
bodystart
2;

LIQUID AIR CORP 
<
LANA> QUARTERLY DIVIDEND


    SAN FRANCISCO, Feb 26 -
    
Qtly div 40 cts vs 40 cts
    Pay March 31
    Record March 16
 Reuter
3;
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documentstart
167
topicstart
earn
topicend
bodystart
2;

(MARSHALL STEEL LTD) YEAR NET


    MONTREAL, Feb 26 -
    
Oper shr five cts vs 36 cts
    Oper net 508,000 vs 3,450,000
    Revs 296.7 mln vs 298.0 mln
    Note: former name Marshall Drummond McCall Inc.
    Results include extraordinary gains of 952,000 dlrs or 11
cts per share in 1986 and 2,569,000 dlrs or 29 cts in 1985 from
income tax reduction.              
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

MARSHALL STEEL DETAILS GAIN FROM UNIT SALE


    MONTREAL, Feb 26 - 
(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.                
   
 Reuter
3;
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169
topicstart
earn
topicend
bodystart
2;

MAYFAIR INDUSTRIES INC 
<
MAYF> 4TH QTR NET


    NEW YORK, Feb 26 - 
    
Oper shr 21 cts vs 18 cts
    Oper net 659,000 vs 523,000
    Revs 7,866,000 vs 5,503,000
    Avg shrs 3,141,217 vs 2,925,294
    12 mths
    Oper shr 70 cts vs 46 cts
    Oper net 2,075,000 vs 1,358,000
    Revs 25.9 mln vs 19.3 mln
    Avg shrs 2,980,247 vs 2,925,294
    Note: Excludes tax gain of 295,000 dlrs for qtr and year.
 Reuter
3;
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topicstart
topicend
bodystart
2;

(CORRECTED) - BANPONCE 
<
BDEP> PLACES NOTES


    NEW YORK, Feb 26 - 
BanPonce Corp said it privately placed
30 mln dlrs of its 8.25 pct senior notes due 1992 through
Lincoln National Investment Management Co, New York Life
Insurance Co and Dillon Read and Co Inc.
    It said proceeds will be used to increase working capital,
for general corporate purposes, and for possible future
acquisitions.
    - Corrects dollar figure of notes placed in item appearing
Feb 25.
 Reuter
3;
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topicstart
topicend
bodystart
2;

BANKS EXPRESS GRAVE CONCERN ON BRAZIL DEBT MOVES


    NEW YORK, Feb 26 - 
Brazil's 14-bank advisory committee
expressed "grave concern" to chief debt negotiator Antonio
Padua de Seixas over the country's suspension of interest
payments, according to a telex from committee chairman Citibank
to creditor banks worldwide.
    Bankers said the diplomatic phrase belied the deep anger
and frustration on the committee over Brazil's unilateral move
last Friday and its subsequent freeze on some 15 billion dlrs
of short-term trade and interbank lines.
    Seixas, director of the Brazilian central bank's foreign
debt department, met the full panel on Tuesday and Wednesday.
    Seixas, who met again this morning with senior Citibank
executive William Rhodes and representatives from committee
vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc,
told the banks that the government was preparing a telex to
explain and clarify the freeze on short-term credits.
    The telex could be sent to creditors as early as today,
bankers said.
    Despite the rising tempers, bankers said there are no plans
for Brazilian finance minister Dilson Funaro to meet commercial
bankers during his trip to Washington on Friday and Saturday.
    Funaro will be explaining Brazil's actions to U.S. Treasury
Secretary James Baker, Federal Reserve Board chairman Paul
Volcker and International Monetary Fund managing director
Michel Camdessus before travelling to Europe at the weekend.
    Meanwhile, bankers were to hear in New York this afternoon
what impact Brazil's hard line would have on Argentina, with an
initial presentation from Argentine Treasury Secretary Mario
Brodersohn on his country's request for 2.15 billion dlrs in
new loans and a multi-year rescheduling agreement. Argentina
has threatened to emulate Brazil's payments moratorium if the
banks do not grant its request.
 Reuter
3;
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176
topicstart
nat-gas
topicend
bodystart
2;

LNG IMPORTS FROM ALGERIA UNLIKELY IN 1987


    BY NAILENE CHOU WIEST, Reuters


    NEW YORK, Feb 26 - 
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.
 Reuter
3;
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topicstart
cpi
gnp
topicend
bodystart
2;

SWISS ECONOMY IN EXCELLENT CONDITION, OECD SAYS


    PARIS, Feb 26 - 
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.
 REUTER
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topicstart
grain
wheat
topicend
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U.S. WHEAT BONUS TO SOVIET CALLED DORMANT


    WASHINGTON, Feb 26 - 
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.
 Reuter
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2;

U.S. TREASURY PART OF ARGENTINE BRIDGE LOAN


    WASHINGTON, Feb 26 - 
The U.S. Treasury said it was willing
to participate with several other industrial countries in
providing a 500 mln-dlr short-term bridge loan to Argentina.
    The Treasury announcecement did not name the other
countries nor the amount of financing the United States was
willing to supply.
    Argentina announced a wage and price freeze on Wednesday
night and is negotiating with New York bankers for about 2.15
billion dlrs in new loans and other financing.
    "Our willingness to participate in this multilateral
short-term financing indicates our support for Argentina's
economic program to achieve sustainable growth and a viable
balance of payments position," the Treassury statement said.
    In announcing a four-month wage and price freeze, Argentine
officials said the country needed "a more serene climate" to
carry out structural changes in the economy.
    But Argentina did not suspend interest payments on its
foreign debts, as neighboring Brazil did last week.
    The Treasury said the U.S. share of bridge financing for
Argentina would come from its Exchange Stabilization Fund.
    The one-page statement noted the International Monetary
Fund expressed confidence in Argentina's economic policies and
prospects by approving a new stand-by financing arrangement for
it on February 18.
    "Argentina is expected to qualify for IMF
balance-of-payments financing which would enable Argentina to
repay a multilateral bridge loan and support the implementation
of its economic program," the statement said.
    The latest Argentine action marked the second time in less
than two years its government has used a wage and price freeze
to restrain inflation.
    The debt talks in New York are being headed by Argentine
Finance Minister Mario Brodersohn and are expected to last for
several days.
    Along with new financing, Argentina reportedly wants lower
interest rates on an existing total 53 billion dlrs in foreign
debt and elimination of foreign banks' control over how some of
the money is loaned in Argentina.
 Reuter
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topicstart
earn
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ALATENN RESOURCES INC 
<
ATNG> 4TH QTR NET


    FLORENCE, Ala., Feb 26 - 
    
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
 Reuter
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topicstart
acq
topicend
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2;

VERSATILE TO SELL UNIT TO VICON


    VANCOUVER, British Columbia, Feb 26 - 
<
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
3;
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topicstart
acq
topicend
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2;

VIDEOTRON BUYS INTO EXHIBIT COMPANY


    MONTREAL, Feb 26 - 
(Groupe Videotron Ltd) said it agreed to
buy 50 pct of (Groupe Promexpo Inc), a company which
specializes in product exhibits, for three mln dlrs.           
  
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earn
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<
MEMOTEC DATA INC> YEAR NET


    MONTREAL, Feb 26 -
    
Shr 81 cts vs 66 cts
    Net 5,011,000 vs 2,314,000
    Revs 57.3 mln vs 17.6 mln
    Note: results include extraordinary gains of 1,593,000 dlrs
or 26 cts a share in 1986 and 451,000 dlrs or 13 cts a share in
1985.
 Reuter
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topicstart
crude
topicend
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2;
******
TEXACO CANADA CUTS CRUDE PRICES 64 CANADIAN CTS/BBL, PAR GRADE TO 22.26 CANADIAN DLRS

Blah blah blah.
3;


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BANKS EXPRESS GRAVE CONCERN ON BRAZIL DEBT MOVE


    NEW YORK, Feb 26 - 
Brazil's 14-bank advisory committee
expressed "grave concern" to chief debt negotiator Antonio
Padua de Seixas over the country's suspension of interest
payments, according to a telex from committee chairman Citibank
to creditor banks worldwide.
    Bankers said the diplomatic phrase belied the deep anger
and frustration on the committee over Brazil's unilateral move
last Friday and its subsequent freeze on some 15 billion dlrs
of short-term trade and interbank lines.
    Seixas, director of the Brazilian central bank's foreign
debt department, met the full panel on Tuesday and Wednesday.
    Seixas, who met again this morning with senior Citibank
executive William Rhodes and representatives from committee
vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc,
told the banks that the government was preparing a telex to
explain and clarify the freeze on short-term credits.
    The telex could be sent to creditors as early as today,
bankers said.
    Despite the rising tempers, bankers said there are no plans
for Brazilian finance minister Dilson Funaro to meet commercial
bankers during his trip to Washington on Friday and Saturday.
    Funaro will be explaining Brazil's actions to U.S. Treasury
Secretary James Baker, Federal Reserve Board chairman Paul
Volcker and International Monetary Fund managing director
Michel Camdessus before travelling to Europe at the weekend.
    Meanwhile, bankers were to hear in New York this afternoon
what impact Brazil's hard line would have on Argentina, with an
initial presentation from Argentine Treasury Secretary Mario
Brodersohn on his country's request for 2.15 billion dlrs in
new loans and a multi-year rescheduling agreement. Argentina
has threatened to follow Brazil in declaring a payments
moratorium if the banks do not grant its request.
 Reuter
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topicstart
crude
topicend
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2;

TEXACO CANADA 
<
TXC> LOWERS CRUDE POSTINGS


    NEW YORK, Feb 26 - 
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.
 Reuter
3;
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topicstart
grain
corn
topicend
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2;

USDA SAID UNLIKELY TO BROADEN CORN BONUS OFFER


    WASHINGTON, Feb 26 - 
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.
 Reuter
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crude
topicend
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MARATHON PETROLEUM REDUCES CRUDE POSTINGS


    NEW YORK, Feb 26 - 
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 16.50 dlrs a bbl. The
South Louisiana Sweet grade of crude was reduced to 16.85 dlrs
a bbl.
    The company last changed its crude postings on Jan 12.
 Reuter
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topicstart
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<
GEORGE WESTON LTD> YEAR NET


    TORONTO, Feb 26 -
    
Shr 2.31 dlrs vs 1.96 dlrs
    Net 119.0 mln vs 101.0 mln
    Revs 10.03 billion vs 8.88 billion
 Reuter
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topicstart
grain
corn
oat
topicend
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RELIEF TO U.S. CORN/OATS GROWERS SAID LIKELY


    WASHINGTON, Feb 26 - 
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.
 Reuter
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money-supply
topicend
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2;

N.Z. MONEY SUPPLY RISES 3.6 PCT IN DECEMBER


    WELLINGTON, Feb 27 - 
New Zealand's broadly defined,
seasonally adjusted M-3 money supply grew an estimated 3.6 pct
in December after rising a revised 2.4 pct in November and 4.04
pct in December last year, the Reserve Bank said in a
statement.
    It said unadjusted M-3 increased to an estimated 30.07
billion N.Z. Dlrs from a revised 28.30 billion in November and
25.53 billion in December 1985.
    Year-on-year M-3 rose 17.77 pct from a revised 15.34 pct in
November and 20.50 pct in December 1985.
    Narrowly defined year-on-year M-1 growth was 15.89 pct
against a revised 27.52 pct in November and 12.3 pct a year
earlier.
    M-1 grew to an estimated 5.03 billion dlrs against a
revised 4.77 billion in November and 4.34 billion in December
1985.
    Year-on-year private sector credit grew 30.68 pct in
December against a revised 22.30 pct in November and 23.2 pct
in December 1985. Private sector credit grew to 22.24 billion
dlrs from a revised 20.92 billion in November and 17.01 billion
in December 1985.
 Reuter
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acq
topicend
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2;

CIRCUIT SYSTEMS 
<
CSYI> BUYS BOARD MAKER


    ADDISON, Ill., Feb 26 - 
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.
 Reuter
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topicstart
veg-oil
oilseed
meal-feed
soybean
soy-oil
soy-meal
topicend
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2;

FALLING SOYBEAN CRUSH RATIOS CUT OUTPUT


    by John Morrison, Reuters


    CHICAGO, Feb 26 - 
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.
 Reuter
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MAIL BOXES ETC 
<
MAIL> 3RD QTR JAN 31 NET


    SAN DIEGO, Calif., Feb 26 -
    
Shr 23 cts vs 18 cts
    Net 509,144 vs 277,834
    Revs 2,258,341 vs 1,328,634
    Avg shrs 2,177,553 vs 1,564,605
    Nine mths
    Shr 55 cts vs 42 cts
    Net 1,150,633 vs 649,914
    Revs 6,169,168 vs 3,178,115
 Reuter
3;
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MUNSINGWEAR INC 
<
MUN> 4TH QTR JAN 3 LOSS


    MINNEAPOLIS, Feb 26 -
    
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.
 Reuter
3;
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topicstart
money-supply
topicend
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FED DATA SUGGEST STABLE U.S. MONETARY POLICY


    by Jeremy Solomons, Reuters


    NEW YORK, Feb 26 - 
Latest Federal Reserve data suggest that
the central bank voted to maintain the existing degree of
pressure on banking reserves at its regular policy-making
meeting two weeks ago, money market economists said.
    "The numbers were a little disappointing, but I think we
can take Mr Volcker at his word when he said that nothing had
changed," said Bob Bannon of Security Pacific National Bank.
    Fed Chairman Paul Volcker told a Congressional committee
last Thursday that the Fed's policy "has been unchanged up to
today."
    Although Volcker's statement last Thursday allayed most
fears that the Fed had marginally tightened its grip on
reserves to help an ailing dollar, many economists still wanted
confirmation of a steady policy in today's data, which covered
the two-week bank statement period ended yesterday.
    This need for additional reassurance was made all the more
acute by the Fed's decision yesterday to drain reserves from
the banking system by arranging overnight matched sale-purchase
agreements for the first time since April of last year,
economists added.
    Today's data showed that the draining action was for a
fairly large 3.9 billion dlrs, economists said.
    "The one thing that caught my eye were the relatively
sizeable matched sales on Wednesday," said Dana Johnson of
First National Bank of Chicago. "But there was a clearly
justified need for them. There was nothing ominous."
    "The Fed couldn't have waited until the start of the new
statement period today. If it had, it would have missed its
(reserve) projections," added Security Pacific's Bannon.
    A Fed spokesman told reporters that there were no large
single-day net miss in reserve projections in the latest week.
    Economists similarly shrugged off slightly higher-than-
expected adjusted bank borrowings from the Fed's discount
window, which averaged 310 mln dlrs a day in the latest week,
compared with many economists' forecasts of about 200 mln.
    For the two-week bank statement period as a whole, the
daily borrowing average more than doubled to 381 mln dlrs from
160 in the prior period.
    "There were wire problems at two large banks on Tuesday and
Wednesday, so I am not too bothered about the borrowings," said
Scott Winningham of J.S. Winningham and Co. The Wednesday
average rose to 946 mln dlrs from 148 mln a week earlier.
    Lending further support to the stable policy view was a
relatively steady federal funds rate of about six pct in the
latest week and persistently high levels of excess reserves in
the banking system, economists said.
    "For the time being, the Fed is following a neutral path,
with fed funds at about six to 6-1/8 pct," said Darwin Beck of
First Boston Corp. "I expect it to continue in that vein."
    "Excess reserves fell but they are still over a billion
dlrs," added First Chicago's Johnson. Banks' excess reserves
averaged 1.03 billion dlrs a day in the latest statement
period, down from 1.50 billion in the previous one.
    After the Fed declined to assign a 1987 target growth range
to the wayward M-1 money supply measure last week, little
attention was paid to a steeper-than-anticipated 2.1 billion
dlr jump in the week ended February 16.
    Looking ahead, economists said the Fed will have to tread a
fine line between the dollar's progress in the international
currency markets and the development of the domestic economy.
    "The market has perhaps exaggerated the dollar's effect on
Fed policy," said First Chicago's Johnson. "Of course, it will
take the dollar into account in future policy decisions but if
the economy is weak, it won't pull back from easing."
 Reuter
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FEDERAL INDUSTRIES LAUNCHES EUROBOND ISSUE


    Winnipeg, Manitoba, Feb 26 - 
<
Federal Industries Ltd> said
it launched a 40 mln Canadian dlr Eurobond issue for five
years, bearing a coupon of 9-1/4 pct.
    Issue price is 100-5/8. Lead manager is Union Bank of
Switzerland.
    Proceeds will be used to reduce short-term debt.
 Reuter
3;
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topicstart
cpi
gnp
topicend
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FRANCE FACES PRESSUE TO CHANGE POLICIES


    By Brian Childs, Reuters


    PARIS, Feb 26 - 
France's right wing government is facing
growing pressure to modify its economic policies after revising
down its 1987 growth targets and revising up its inflation
forecasts for this year.
    Moving reluctantly into line with most private sector
forecasts the government yesterday raised its 1987 inflation
estimate a half percentage point to 2.5 per cent and cut its
economic growth estimate to between two and 2.8 per cent from a
2.8 per cent target written into the annual budget last
september.
    Finance Minister Edouard Balladur said the revised figures
would not push the government off its chosen mix of price
deregulation, budget-cutting rigour and pay restraint.
    But Trade Union leaders served immediate notice they would
push to protect the purchasing power of their members, raising
the spectre of a vicious spiral of wage and price rises.
    And bank economists contacted by Reuters said they believed
Prime Minister Jacques Chirac could be forced by slow growth
and rising unemployment to reflate the economy later this year,
perhaps in the autumn, to boost his prospects in Presidential
elections due by April 1988.
    "The outlook is more worrying than it was a few weeks ago,"
said Societe Generale economist Alain Marais. "We have the
impression it may be difficult to get even two per cent growth
this year."
    "The big question is whether the government's policy of wage
moderation will be maintained," he added.
    The government has set public sector wage rises at aboout
1.7 per cent this year, with a three per cent ceiling for rises
justified by increased productivity.
    But the head of the socialist CFDT union federation, Edmond
Maire, meeting with Chirac today, renewed union demands already
rejected by the government for indexation clauses to be built
into future pay contracts to safeguard workers against higher
prices.
    Calling the government's policies "unbalanced and unjust," he
also demanded investment incentives to boost employment. He
announced after his meeting that Chirac had told him the
government would spend two billion francs on a series of
measures to boost employment and training
    Andre Bergeron, a widely respected leader of the moderate
Force Ouvriere labour group, put similar demands to Chirac
earlier in the week while the Communist-led CGT, the largest of
France's unions, declared the defence of its members earnings
its top priority.
    But with unemployment nearing 11 per cent last month, and
still rising, government supporters and some economic analysts
said they were confident Chirac could resist union pay demands.
    "Salary indexation was ended by the previous Socialist
government and I dont think this administration is going to
reverse that," commented Michel Develle, economist at
recently-privatised Banque Paribas.
    Damaging transport and electricity strikes over Christmas
and the New Year, partly blamed by the government for higher
inflation, had undermined the unions power and popularity, he
said.
    Develle said Paribas expected inflation to rise even more
than the governments revised forecast, perhaps to 2.6 or 2.7
per cent this year against last years 2.1 per cent.
    "But that would still be an exceptional achievement
considering that for the first time since the Second World War
all french prices have been freed," he commented.
    Finance Ministry officials said that the governments
abolition of price and rent controls last year was responsible
for nearly a quarter of a 0.9 per cent surge in January living
costs.
    But they claimed it was a once-off phenomenon that should
have no knock-on impact on the rest of the year.
    Both Marais and Develle said they agreed with that, so long
as the government kept wages under control.
    Prices could rise 1.5 per cent in the first three months of
1987 and two per cent in the first half year, fractionally more
than forecast this week by the National Statistics Institute,
INSEE,  Marais said. But the second half year should be better,
he added.
    Ironically, one side effect of higher inflation could be to
help the government achieve its aim of cutting the state budget
deficit, several analysts said.
    So long as public sector wages are held down, higher Value
Added Tax receipts resulting from rising prices should offset a
loss in revenues that otherwise would result from slower than
expected growth, they said.
   
 Reuter
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2;

GTI CORP 
<
GTI> 4TH QTR OPER NET


    SAN DIEGO, Feb 26 -
    
Oper shr profit six cts vs loss two cts
    Oper net profit 225,000 vs loss 91,000
    Revs 4,814,000 vs 3,339,000
    Year
    Oper shr profit 12 cts vs loss two cts
    Oper net profit 415,000 vs loss 73,000
    Revs 16.4 mln vs 16.9 mln
    Note: data does not include from discontinued operations,
4th qtr 1986 gain of 632,000 dlrs, or 19 cts per shr; 4th qtr
1985 loss of 250,000 dlrs, or seven cts per shr; 1986 year loss
of 4,054,000 dlrs, or 1.17 dlrs per shr; and 1985 year loss of
606,000 dlrs, or 17 cts per shr.
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crude
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2;

HOUSTON OIL 
<
HO> RESERVES STUDY COMPLETED


    HOUSTON, Feb 26 - 
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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earn
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2;

FAMOUS RESTAURANTS INC 
<
FAMS> 4TH QTR LOSS


    SCOTTSDALE, Ariz., Feb 26 -
    
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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topicstart
cpi
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2;

JAPAN CONSUMER PRICES FALL 0.4 PCT IN JANUARY


    TOKYO, Feb 27 - 
Japan's unadjusted consumer price index
(base 1985) fell 0.4 pct to 99.7 in January from the previous
month, the government's Management and Coodination Agency said.
    The fall compares with a decline of 0.2 pct in December.
    The January index compared with a year earlier was down 1.1
pct, the first drop larger than 1.0 pct since it fell 1.3 pct
in September 1958.
    Food costs rose in January from December but prices fell
for clothing, footwear and utilities, causing the overall
decline for the month.
    Housing, medical and educations costs increased in January
compared with a year earlier but the cost of utilities,
gasoline and vegetables fell.
    The unadjusted consumer price index for the Tokyo area
(base 1985) was down 0.1 pct in mid-February from a month
earlier at 100.2, reflecting lower prices for food, clothing
and footwear. Compared with a year earlier, the index was down
0.7 pct due to lower vegetable, fuel oil and utility costs.
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earn
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2;

AVERY 
<
AVY> SETS TWO FOR ONE STOCK SPLIT


    PASADENA, Calif., Feb 26 - 
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 16 with
a distribution of one additional share to each shareholder of
record March 9.
    It said the quarterly cash dividend of 10.5 cts per share
on the split shares, a 10.5 pct increase from the 19 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.
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money-supply
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2;
FEDERAL RESERVE WEEKLY M-2 COMPONENTS - FEB 26
    Week Feb 16 vs Feb 9 (DAILY AVG BILLIONS)
          Seasonally Adjusted      Unadjusted
 Currency......186.9 vs 186.8....185.6 vs 185.7
 Demand Depos..300.3 vs 300.0....291.5 vs 295.6
 Other Check...242.9 vs 241.2....240.0 vs 242.7
 Savings.......164.3 vs 163.2....162.8 vs 161.9
 Small Time....362.2 vs 362.9....361.9 vs 362.7
 MMDAs...(Commercial Bank Only)..378.2 vs 379.1
 O/N Repos........................58.9 vs  59.0
 O/N Euros........................18.6 vs  19.2
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2;

JAPAN MARCH BOND COUPON SEEN UNCHANGED AT FIVE PCT


     TOKYO, Feb 27 - 
The Finance Ministry has proposed
informally to its bond underwriting syndicate that the coupon
on the January 10-year government bond remain unchanged from
February at five pct, underwriting sources said.
    They said the ministry wants a 0.50 yen raise in issue
price from February to 99.50 to yield a record low 5.075 pct.
    The 5.151 pct February bond issue yield was itself a record
low. The proposed issue volume is 475 billion yen against the
600 billion in February.
    The underwriting syndicate is likely to accept the proposed
terms immediately, the sources said.
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money-supply
topicend
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2;

N.Z. CENTRAL BANK SEES SLOWER MONEY, CREDIT GROWTH


    WELLINGTON, Feb 27 - 
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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money-fx
interest
topicend
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2;

AVERAGE YEN CD RATES FALL IN LATEST WEEK


    TOKYO, Feb 27 - 
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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interest
topicend
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2;

JAPAN EXPECTED TO CUT BASE RATE FOR STATE BODIES


    TOKYO, Feb 27 - 
Japan is expected to cut the base lending
rate for state financial institutions to 5.5 pct from 6.2 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 3,
abolishing the 6.05 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 5.8 pct from 6.2 pct on January 28, because the Trust Fund
Bureau rate was legally set at 6.05 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 5.5 pct, effective February 28.
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 10-year government bonds, minus 0.1
percentage points, is the likeliest choice, they added.
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gnp
bop
topicend
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2;

AUSTRALIA'S KEATING CHANGES ECONOMIC FORECASTS


    CANBERRA, Feb 27 - 
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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grain
rice
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2;

THAI RICE EXPORTS RISE IN WEEK ENDED FEBRUARY 24


    BANGKOK, Feb 27 - 
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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soybean
red-bean
oilseed
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2;

TOKYO GRAIN EXCHANGE TO RAISE MARGIN REQUIREMENTS


    TOKYO, Feb 27 - 
The Tokyo Grain Exchange said it will raise
the margin requirement on the spot and nearby month for U.S.
And Chinese soybeans and red beans, effective March 2.
    Spot April U.S. Soybean contracts will increase to 90,000
yen per 15 tonne lot from 70,000 now. Other months will stay
unchanged at 70,000, except the new distant February
requirement, which will be set at 70,000 from March 2.
    Chinese spot March will be set at 110,000 yen per 15 tonne
lot from 90,000. The exchange said it raised spot March
requirement to 130,000 yen on contracts outstanding at March
13. Chinese nearby April rises to 90,000 yen from 70,000.
    Other months will remain unchanged at 70,000 yen except new
distant August, which will be set at 70,000 from March 2.
    The new margin for red bean spot March rises to 150,000 yen
per 2.4 tonne lot from 120,000 and to 190,000 for outstanding
contracts as of March 13.
    The nearby April requirement for red beans will rise to
100,000 yen from 60,000, effective March 2.
    The margin money for other red bean months will remain
unchanged at 60,000 yen, except new distant August, for which
the requirement will also be set at 60,000 from March 2.
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2;

MANILA SAID TO OFFER DEBT BONDS TO BANKS


    MANILA, March 1 - 
The Philippines will offer its commercial
bank creditors an innovative pricing plan that will make debt
payments through certificates of indebtedness as an alternative
to cash, the authoritative Business Day newspaper said.
    Finance Secretary Jaime Ongpin told reporters yesterday the
alternative proposal is designed to avoid an impasse when debt
rescheduling talks reopen in New York on Tuesday.
    He did not give details but said, "It is a very useful
alternative and in the end will permit the banks to say that
they achieved their pricing target and will likewise permit the
Philippines to say exactly the same thing."
    Quoting negotiation documents to be presented to the
country"s 12-bank advisory committee, Business Day said the debt
certificates will carry maturities of five or six years.
    It said the certificates will be classified as zero-coupon
bonds or promissory notes with no interest but priced at a
considerable discount from their redemption price.
    It said the debt bonds will entitle holder banks to a
guaranteed return on both interest and principal since no
payment of any kind is made until the bond matures.
    It said a bank can sell the bonds on the secondary bond
market for either dlrs or pesos depending on its requirement.
    The documents said peso proceeds can be invested in
selected industries under the Philippines" debt/equity program.
    Ongpin said Manila is sticking to its demand of a spread of
5/8 percentage points over London Interbank Offered Rates
(LIBOR) for restructuring 3.6 billion dlrs of debt repayments.
    "(The proposal) will give the banks a choice of 5/8ths or
the alternative," Ongpin said. "Our representatives have gone to
Washington to the (International Monetary) Fund, the (World)
Bank, the Fed (Federal Reserve Board) and the (U.S.) Treasury
to brief them in advance on this alternative and it has
generally been positively received."
    "We don"t believe that there is going to be a problem on the
accounting side," Ongpin said. "We have run this alternative
proposal to the accounting firms. Neither have the government
regulators indicated that there will be a problem."
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2;

POLL MAJORITY DISAPPROVE OF REAGAN PRESIDENCY


    NEW YORK, March 1 - 
A majority of Americans disapprove of
the way Ronald Reagan has handled the presidency and one-third
believe he should resign, a new poll said.
    The poll conducted by Newsweek magazine said 53 pct of the
respondents gave Reagan a negative performance rating, nearly
double his disapproval rating before the Iran/Contra scandal.
    The magazine said, however, that Reagan remained personally
popular. By better than a three-to-one ratio, a majority of
those polled said they liked Reagan on a personal level.
    And Newsweek said 52 per cent of those questioned believed
the administration"s accomplishments outweighed its failures.
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topicstart
coffee
topicend
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2;

PRODUCER SPLIT HEATS UP COFFEE QUOTA TALKS


    By Lisa Vaughan, Reuters


    LONDON, March 1 - 
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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interest
topicend
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2;

ITALIAN TREASURY CUTS INTEREST ON CERTIFICATES


    ROME, March 1 - 
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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grain
wheat
rice
veg-oil
soybean
sugar
rubber
copra-cake
corn
palm-oil
palmkernel
coffee
tea
plywood
soy-meal
cotton
topicend
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2;

INDONESIAN AGRICULTURE GROWTH EXPECTED TO SLOW


    JAKARTA, March 1 - 
Indonesia"s agriculture sector will grow
by just 1.0 pct in calendar 1987, against an estimated 2.4 pct
in 1986 as the production of some commodities stagnates or
declines, the U.S. Embassy said in a report.
    Production of Indonesia"s staple food, rice, is forecast to
fall to around 26.3 mln tonnes from an embassy estimate of
26.58 mln tonnes in 1986, according to the annual report on
Indonesia"s agricultural performance.
    The government officially estimates 1986 rice production at
26.7 mln tonnes, with a forecast 27.3 mln tonnes output in
1987.
    The report says wheat imports are likely to fall to 1.5 mln
tonnes in calendar 1987 from 1.69 mln tonnes in 1986 because of
a drawdown on stocks.
    "Growth prospects for agriculture in 1987 do not look
promising as rice production is forecast to decline and the
production of sugarcane, rubber and copra show little or no
gain," the report says.
    "The modest overall increase which is expected will be due
to significant gains in production of corn soybeans, palm oil
and palm kernels."
    Constraints to significant overall increases in
agricultural output include a shortage of disease resistant
seeds, limited fertile land, insect pests and a reluctance by
farmers to shift from rice production to other crops, the
report underlines.
    The fall in rice production is caused by an outbreak of
pests known as "wereng" or brown plant hoppers in 1986 which
largely offset gains in yields.
    The outbreak has forced the government to ban the use of 57
insecticides on rice because it was believed the wereng are now
resistant to these varieties, and to use lower-yielding, more
resistant rice types.
    The government is depending on increased production of
export commodities such as coffee, tea, rubber, plywood and
palm oil to offset revenue losses brought on by falling crude
oil prices.
    Palm oil production is expected to increase by over 7.0 pct
in 1987 to 1.45 mln tonnes from 1.35 mln, with exports rising
to an estimated 720,000 tonnes from 695,000 tonnes in 1986, the
report says.
    But while production of soybeans in 1987/88 (Oct-Sept) will
rise to 1.075 mln tonnes from 980,000 in 1986/87, imports will
also rise to supply a new soybean crushing plant.
    The report says that imports of wheat, soybeans, soybean
meal and cotton are not likely to decline as a result of last
September"s 31 pct devaluation of the rupiah because of a rise
in domestic demand.
    The report said that Indonesia"s overall economic
performance in calendar 1986 was about zero or even a slight
negative growth rate, the lowest rate of growth since the
mid-1960s. It compares with 1.9 pct growth in 1985 and 6.7 pct
in 1984.
    The dramatic fall in oil prices last year was responsible
for the slump.
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crude
topicend
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2;

KUWAIT SAYS NO PLANS FOR EMERGENCY OPEC TALKS


    KUWAIT, March 1 - 
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 948,000
barrels of crude daily (bpd) set under self-imposed production
limits of the 13-nation organisation.
    Traders and analysts in international oil markets estimate
OPEC is producing up to one mln bpd above a ceiling of 15.8 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 1.2 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 4.0 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 180,000 bpd
of its 285,000 bpd quota, because buyers were resisting
official prices restored by OPEC last month pegged to a marker
of 18 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
19 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 16.67 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 7 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.
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crude
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2;

INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE


    By Jeremy Clift, Reuters


    JAKARTA, March 1 - 
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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topicstart
topicend
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2;

CHINA TO BORROW 390 MLN DLRS


    PEKING, March 1 - 
China will receive loans totalling 390
mln dlrs from Japan and the World Bank for investment in new
highways and port facilities.
    The Japan Overseas Economic Co-operation Fund is to provide
260 mln dlrs towards China"s plans to improve its road network,
the official New China News Agency reported.
    A 130 mln dlr World Bank loan will be used to build 12 new
berths incorporating container handling systems at the
northeast China port of Tianjin, the agency said.
    It gave no details of the repayment terms of the loans.
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topicend
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2;

MANILA SAID TO OFFER DEBT BONDS TO BANKS


    MANILA, March 1 - 
The Philippines will offer its commercial
bank creditors an innovative pricing plan that will make debt
payments through certificates of indebtedness as an alternative
to cash, the authoritative Business Day newspaper said.
    Finance Secretary Jaime Ongpin told reporters yesterday the
alternative proposal is designed to avoid an impasse when debt
rescheduling talks reopen in New York on Tuesday.
    He did not give details but said, "It is a very useful
alternative and in the end will permit the banks to say that
they achieved their pricing target and will likewise permit the
Philippines to say exactly the same thing."
    Quoting negotiation documents to be presented to the
country's 12-bank advisory committee, Business Day said the
debt certificates will carry maturities of five or six years.
    It said the certificates will be classified as zero-coupon
bonds or promissory notes with no interest but priced at a
considerable discount from their redemption price.
    It said the debt bonds will entitle holder banks to a
guaranteed return on both interest and principal since no
payment of any kind is made until the bond matures.
    It said a bank can sell the bonds on the secondary bond
market for either dlrs or pesos depending on its requirement.
    The documents said peso proceeds can be invested in
selected industries under the Philippines' debt/equity program.
    Ongpin said Manila is sticking to its demand of a spread of
5/8 percentage points over London Interbank Offered Rates
(LIBOR) for restructuring 3.6 billion dlrs of debt repayments.
    "(The proposal) will give the banks a choice of 5/8ths or
the alternative," Ongpin said. "Our representatives have gone to
Washington to the (International Monetary) Fund, the (World)
Bank, the Fed (Federal Reserve Board) and the (U.S.) Treasury
to brief them in advance on this alternative and it has
generally been positively received."
    "We don't believe that there is going to be a problem on the
accounting side," Ongpin said. "We have run this alternative
proposal to the accounting firms. Neither have the government
regulators indicated that there will be a problem."
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241
topicstart
grain
wheat
topicend
bodystart
2;

CHINESE WHEAT CROP THREATENED BY PESTS, DISEASE


    PEKING, March 1 - 
China's wheat crop this year is seriously
threatened by plant pests and diseases, the New China News
Agency said.
    More than 5 mln hectares of wheat-producing land in North
China could be affected because relatively warm and dry weather
had allowed bacteria and insect eggs to survive the winter, the
agency added.
    China"s Ministry of Agriculture, Animal Husbandry and
Fisheries has called for measures including the timely supply
of pesticides to farmers to combat the threat, it said.
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topicstart
crude
topicend
bodystart
2;

SAUDI RIYAL DEPOSIT RATES REMAIN FIRM


    BAHRAIN, March 1 - 
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 13-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 6-1/4, 5-3/4 pct
after quotes ranging between seven, six yesterday.
    One, three, and six-month deposits were quoted unchanged at
6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
    The spot riyal was quietly firmer at 3.7495/98 to the
dollar after quotes of 3.7500/03 yesterday.
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topicend
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2;

BANGLADESH MOVES AGAINST LOAN DEFAULTERS


    DHAKA, March 1 - 
Bangladesh police mounted a cross-country
hunt for defaulters on bank loans, arresting four
industrialists and issuing arrest warrants against 50 others
for failure to repay overdue obligations. No names were given.
    Metropolitan police told reporters the four arrested, put
under six month pre-trial detention, owed nearly 50.7 mln taka
-- the equivalent of about 1.7 mln dlrs -- to Bangladesh Shilpa
(Industrial) Bank.
    President Hossain Mohammad Ershad has said non-payers are
crippling the industrial sector. But the Chamber of Commerce
and industry said the crackdown would scare away entrepreneurs.
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topicstart
crude
topicend
bodystart
2;

QATAR UNVEILS BUDGET FOR FISCAL 1987/88


    DOHA, March 1 - 
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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247
topicstart
money-fx
topicend
bodystart
2;

GULF BOND, STOCK MARKETS LAG BEHIND, GIB SAYS


    BAHRAIN, March 1 - 
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 1980s 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 25 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 1978.
    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.
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topicstart
crude
topicend
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2;

SAUDI ARABIA REITERATES COMMITMENT TO OPEC PACT


    BAHRAIN, March 1 - 
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
7.25 pct to 15.8 mln barrels per day (bpd) and return to fixed
prices of around 18 dlrs a barrel.
    The agreement followed a year of turmoil on oil markets,
which saw prices slump briefly to under 10 dlrs a barrel in
mid-1986 from about 30 dlrs in late 1985. Free market prices
are currently just over 16 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 15.8 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.
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249
topicstart
coffee
topicend
bodystart
2;

COFFEE QUOTA TALKS CONTINUE, NO ACCORD SEEN LIKELY


    LONDON, March 2 - 
The International Coffee Organization
(ICO ) council talks on reintroducing export quotas continued
with an extended session lasting late into Sunday night, but
delegates said prospects for an accord between producers and
consumers were diminishing by the minute.
    The special meeting, called to stop the prolonged slide in
coffee prices, was likely to adjourn sometime tonight without
agreement, delegates said.
    The council is expected to agree to reconvene either within
the next six weeks or in September, they said.
    The talks foundered on Sunday afternoon when it became
apparent consumers and producers could not compromise on the
formula for calculating any future quota system, delegates
said.
    Coffee export quotas were suspended a year ago when prices
soared in response to a drought which cut Brazil's crop by
nearly two-thirds. Brazil is the world's largest coffee
producer and exporter.
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topicend
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2;

NEW ZEALAND CANCELS WEEKLY T-BILL TENDER


    WELLINGTON, March 2 - 
The Reserve Bank said it cancelled
the regular weekly treasury bill tender scheduled for March 3.
    It said in a statement it forecasts a net cash withdrawal
from the system over the settlement week. Cash flows to the
government are expected to more than offset cash injections, it
added.
    The bank said it expects to conduct open market operations
during the week and after these, cash balances should fluctuate
around 30 mln N.Z. Dlrs.
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topicstart
grain
wheat
topicend
bodystart
2;

CANADA-EGYPT WHEAT NEGOTIATIONS TO CONTINUE


    CAIRO, March 2 - 
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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topicstart
grain
wheat
topicend
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2;

INDONESIAN WHEAT IMPORTS EXPECTED TO FALL IN 1987


    JAKARTA, March 2 - 
Indonesia's wheat imports are expected
to fall to 1.5 mln tonnes in calendar 1987 from 1.69 mln in
1986, the U.S. Embassy's annual agriculture report said.
    It said the drop was expected, because there will be a
drawdown on stocks built up near the end of 1986.
    It said wheat stocks at the end of 1986 were 390,000
tonnes, up from 223,000 at end-1985. It forecast end-1987
stocks at around 290,000 tonnes.
    The main suppliers in 1986 were Australia (44 pct), the
U.S. (29 pct), Canada (12 pct), Argentina (8 pct) and Saudi
Arabia (5 pct).
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topicstart
money-fx
topicend
bodystart
2;

ZAMBIA TO RETAIN CURRENCY AUCTION, SAYS KAUNDA


    LUSAKA, March 2 - 
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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topicstart
topicend
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2;

POLISH BANKER PLEASED WITH WORLD BANK, IMF TALKS


    WARSAW, March 2 - 
Poland's talks in Washington with the
World Bank and the International Monetary Fund (IMF) on the
country's 33.5 billion dlr foreign debt were concrete, open and
frank, a senior Polish banker was quoted as saying.
    Wladyslaw Baka, head of Poland's National Bank, told the
official news agency PAP yesterday the talks were a step
towards possible fresh credits or easier terms.
    "Much attention was given to the Polish delegation and the
talks at both institutions involved displayed a lot of
understanding for Poland's difficult economic position," PAP
quoted Baka as saying.
    Baka said he stressed Poland would meet its financial
obligations to the U.S., "but not in a short time, and not
without major changes in the Polish economy as well as a
cooperative stand on the part of its foreign economic partners."
    Since Poland rejoined the IMF last June, after a 36-year
absence, IMF and World Bank teams have visited Warsaw on
fact-finding missions on at least three occasions. A major
report is expected to be issued in Washington soon.
    Poland has said it will not be able to meet interest
repayments and debt principle falling due this year.
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259
topicstart
sugar
topicend
bodystart
2;

INDONESIAN SUGAR OUTPUT SEEN SHORT OF TARGET


    JAKARTA, March 2 - 
Indonesia's raw sugar output is likely
to be 1.8 mln tonnes in calendar 1987, unchanged from 1986 and
below the government's 1987 forecast of 2.5 mln, the U.S.
Embassy said in its agricultural outlook for 1987.
    Indonesia bought 162,500 tonnes of raw sugar on world
markets in late 1986, the report said.
    The embassy estimated Indonesia's calendar 1986 raw sugar
production at 1.8 mln tonnes, against a government estimate of
1.99 mln.
    It said that Indonesia's move into sugar self-sufficiency
in 1984 may have been short-lived.
    The report said, "The government continues to promote
sugarcane production through its smallholder intensification
program and a relatively high guaranteed price to sugarcane
producers.
    "However, there are considerable indications that farmers
are reluctant to plant cane because its economic return is not
as good as that of other crops."
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topicstart
acq
topicend
bodystart
2;

NIPPON KOKAN STEEL AFFILIATES CONSIDERING MERGER


    TOKYO, March 2 - 
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 41.9 pct by Nippon Kokan, and Azuma
Steel, owned 41.3 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 3.1 billion
yen in the year ending March 31 against a 6.99 billion loss a
year earlier, a spokesman said. The firm employs 1,100 workers
    Toshin Steel, with 1,700 workers, has given no forecast for
the year ending March 31.
    But industry sources said they expected the company to show
current losses of about five billion yen or more in 1986/87
compared with a 2.98 billion loss in 1985/86.
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topicstart
topicend
bodystart
2;

IEL SETS 100 MLN DLR NOTE/COMMERCIAL PAPER ISSUE


    SYDNEY, March 2 - 
Australian investment group 
<
Industrial
Equity Ltd> (IEL) said it will raise 100 mln U.S. Dlrs by the
issue of medium term notes and commercial paper in the U.S.
Domestic market.
    IEL has mandated 
<
Merrill Lynch Capital Markets> to arrange
a letter of credit (LOC) facility in support of the notes and
commercial paper, making this the first facility of its kind,
the company said in a statement.
    The notes will be issued by its 
<
IEL Finance Ltd> unit.
    Merrill Lynch will be the note and paper dealer and

<
Sumitomo Trust and Banking Co Ltd> will provide the LOC.
    The term of the LOC is five years with an evergreen feature
which provides for annual reinstatement of the five-year term
at the support banks' option, IEL said.
    The LOC will be underwritten by a group of banks which will
receive a facility fee of 20 basis points plus a utilisation
fee of 25 basis points, it added.
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topicstart
meal-feed
copra-cake
topicend
bodystart
2;

INDONESIA UNLIKELY TO IMPORT PHILIPPINES COPRA


    JAKARTA, March 2 - 
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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topicstart
topicend
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2;

SRI LANKAN BANK OFFERS 250 MLN RUPEES T-BILLS


    COLOMBO, March 2 - 
Sri Lanka's Central Bank offered 250 mln
rupees worth of three-month treasury bills at its weekly tender
closing on March 6, a Bank spokesman said.
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topicstart
topicend
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2;

PHILIPPINES HEADS CONFIDENTLY INTO DEBT TALKS


    By Chaitanya Kalbag, Reuters


    MANILA, March 2 - 
Philippine Finance Secretary Jaime Ongpin
starts negotiations with the country's 12-bank advisory
committee in New York tomorrow, buoyed by an economy on the
mend and political stability one year after President Corazon
Aquino took power, central bank officials said.
    The country now has foreign debt totalling 27.8 billion
dlrs and faces debt repayments of 3.6 billion dlrs due between
January 1987 and December 1992. Manila also hopes to tack on
another 5.8 billion dlrs, rescheduled in a 1985 accord, to any
new agreement, the officials said.
    Chile's 15-1/2 year rescheduling accord at one percentage
point over London Interbank Offered Rates (LIBOR) and
Venezuala's 21 billion dlr package at 7/8 point over LIBOR
portend well for the Philippines, despite Brazil's repayment
suspension last week, the officials said.
    Manila, which has not made any principal repayments since
1983, wants terms better than the 20-year repayments at 13/16
percentage point over LIBOR offered in October to Mexico in a
77 billion dlr rescue.
    Ongpin wants 5/8 point over the benchmark rate, which is
currently hovering around 6-1/2 pct.
    The banks are said to be firm on the 1-1/8 points offered
when the last round of negotiations collapsed on November 7.
    Ongpin said every 1/16 point over LIBOR meant an additional
5.1 mln dlrs in annual interest payments.
    One banker said banks were wary of repeating a Mexico-type
accord, which some 70 small creditor banks are still refusing
to endorse five months after it was signed.
    In Manila's case, about 40 pct of the 15 billion dlrs
outstanding to commercial banks is owed to the 12 large banks
on the advisory committee, while about 180 smaller banks have
average exposures of 20 mln dlrs each.
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topicstart
trade
topicend
bodystart
2;

JAPAN FEBRUARY INTERIM TRADE SURPLUS JUMPS


    TOKYO, March 2 - 
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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topicstart
alum
topicend
bodystart
2;

NIPPON LIGHT METAL CONTINUES ALUMINIUM OUTPUT CUT


    TOKYO, March 2 - 
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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topicstart
crude
topicend
bodystart
2;

SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD


    ABU DHABI, March 2 - 
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.
 REUTER
3;
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topicstart
veg-oil
palm-oil
topicend
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2;

INDONESIAN PALM OIL OUTPUT EXPECTED TO RISE


    JAKARTA, March 2 - 
Indonesia's palm oil output is expected
to rise and exports to increase, the U.S. Embassy said in its
annual report on Indonesia's agriculture sector.
    The Indonesian government said crude palm oil (CPO) output
is expected to rise to 1.56 mln tonnes in 1987 and 2.11 mln in
1988, up from a projected 1.45 mln tonnes in 1986 and 1.26 mln
in 1985.
    The 1986 projection of 1.45 mln tonnes is up from a
provisional figure of 1.3 mln tonnes.
    A U.S. Embassy assessment puts 1987 output at 1.45 mln
tonnes, against 1.35 mln in 1986 and 1.208 mln in 1985.
    "More realistic estimates indicate that 1988 production will
be between 1.5 and 1.6 mln tonnes," the report said.
    The report said the abolition of the five pct CPO export
tax, the devaluation of the rupiah in September 1986 and higher
international palm oil prices should lead to a modest increase
in exports this year.
    Exports are forecast to rise to 720,000 tonnes against
695,000 tonnes in 1986, the report added.
 REUTER
3;
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275
topicstart
tea
cocoa
coffee
topicend
bodystart
2;

INDONESIAN TEA, COCOA EXPORTS SEEN UP, COFFEE DOWN


    JAKARTA, March 2 - 
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.
 REUTER
3;
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topicstart
topicend
bodystart
2;

GERMAN EUROBOND MARKET EXPECTS BREATHING SPACE


    By Alice Ratcliffe, Reuters


    FRANKFURT, March 2 - 
After an onslaught of new paper, fewer
mark eurobonds issues are expected this week, bankers said.
    Most managers said they were planning a low issue volume
for the Bundesbank's two-week bond calendar beginning today.
    "We want to have a week's pause," one manager said.
    Last week borrowings totalled 1.775 billion marks,
including a 300 mln mark private placement for Deutsche Bank.
Issues for all of February rose to nearly five billion marks,
from 3.6 billion in January.
    The heavy volume also meant most borrowers except the very
best addresses were having to accept higher coupons.
    "I think the D-mark market is still good, but only if you
can give a good coupon," another manager said.
    But even some government borrowers were not getting the
best reception for bonds which would have been taken up more
readily under other conditions.
    Of the three mark eurobonds launched on Tuesday alone,
bonds for Den Danske Bank and Iceland were trading outside fees
on Friday, although prices had recovered from initial lows.
    Den Danske's 5-3/4 1992 bond was quoted at midday on Friday
at 97.35/65 compared with its par price, and Iceland's 6-1/2
pct 1997 bond traded at 97.25/75 against a 100-1/4 issue price.
    A 300 mln mark 6-1/8 pct 1997 issue for Nippon Telegraph
and Telephone was also depressed, but traded Friday within fees
at 98.15, 98.50 from its par price.
    Some shorter maturities did better. In contrast to the
10-year NTT and Iceland issues, a five-year six pct bond for
Hoogovens, traded at 98.40/75 from its 99-1/2 price, thanks
mainly to its shorter maturity, dealers said.
    The large amount of paper brought to the market in the last
two months has also led many syndicate managers to complain
about the Bundesbank's present fixed calendar system, which
they say is too inflexible.
    Currently all mark denominated eurobonds have to be
registered with the Bundesbank in the week preceding the
two-week issue period. A bank may decline to issue a bond on
the requested day in the calendar, but then has to wait for the
next calendar period to schedule the bond again.
    Some managers said they would prefer to abolish the system.
    The Bundesbank shortened the reporting period to two weeks
from four weeks last July. But few expect the calendar to be
completely abolished. "I don't think the Bundesbank would give
that up," one banking analyst said.
    "I wouldn't have anything against getting rid of the system,"
the analyst said, adding banks were capable of regulating the
volume of new issues themselves.
    The Bundesbank plays a passive role in setting the calendar
without trying to regulate the issues, but it needs the
registration to gauge the volume of mark bonds going through
the euromarket, he said.
    For this reason, few managers here foresee the Bundesbank
sacrificing its present calendar system.
    Bond activity in West German bond trading and syndication
departments is also expected to be quieter than normal owing to
the carnival holiday.
    Carnival will close banks in Duesseldorf all day on Monday.
In Frankfurt, banks will close on Tuesday in the afternoon.
 REUTER
3;
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documentend
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279
topicstart
earn
topicend
bodystart
2;

JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88


    TOKYO, March 2 - 
<
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.
 REUTER
3;
bodyend
documentend
documentstart
281
topicstart
ship
topicend
bodystart
2;

CHINA SIGNS WORLD BANK LOAN FOR TIANJIN PORT


    PEKING, March 2 - 
China has signed a 130 mln dlr loan
agreement with the World Bank to partly finance 12 new berths
with an annual capacity of 6.28 mln tonnes at the 20 mln tonne
a year capacity Tianjin port, the New China News Agency said.
    China will provide 370 mln yuan for the project and a
Chinese company won a bid against 12 other firms from seven
countries to do the foundation work, it said.
    It said 11 of the new berths will be able to handle ships
of more than 10,000 tonnes, three will handle containers and
the expansion will enable the port to handle coke, non-metal
mineral ores and mining equipment for the first time.
 REUTER
3;
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283
topicstart
reserves
topicend
bodystart
2;
******
Japan February external reserves record 51.73 billion dlrs (January 51.46 billion)

Blah blah blah.
3;


bodyend
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284
topicstart
reserves
topicend
bodystart
2;

JAPAN FEBRUARY RESERVES RECORD 51.73 BILLION DLRS


    TOKYO, March 2 - 
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.
 REUTER
3;
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288
topicstart
topicend
bodystart
2;

IRAQ DEFERS PAYMENTS ON 500 MLN DLR EUROLOAN


    BAHRAIN, March 2 - 
Iraq has secured agreement to defer
outstanding payments on a 500 mln dlr syndicated euroloan
following five months of negotiations with creditor banks.
    Banking sources said the rescheduling is part of Iraq's
continuing effort to defer payments of foreign debt as its
economy comes under strain from the  Gulf War and soft world
oil prices.
    Iraq informed the 37 banks in the loan syndicate last
September it could not meet the remaining four principal
repayments totalling 285 mln dlrs, and missed the first of
these for 71.25 mln due on September 29.
    The 500 mln dlr credit, under the lead management of
Paris-based Union de Banques Arabes et Francaises (UBAF), has a
five-year maturity and a margin of one percentage point over
London Interbank Offered Rates (LIBOR).
    Banking sources said the agreement now worked out goes some
way to meeting creditor bank demands that at least part of the
first missing instalment of 71.25 mln dlrs be paid and not
deferred.
    One quarter or 17.8 mln dlrs will be paid on signature of
the accord, expected in late March, with the remainder in three
more instalments to be made every six months.
    The remaining three principal instalments - originally due
in March 1987, September 1987 and March 1988 - will each be
deferred for two years from the due date, banking sources said.
    The margin for the loan remains unchanged and no penalty
interest is being imposed, the sources added.
    Bank reaction to Iraq's rescheduling request has been one
of resignation, with many bankers seeing little alternative for
Baghdad's economic planners. Iraq is estimated to have foreign
debt of about 50 billion dlrs, although about half is thought
to be in the form of loans from its Gulf Arab allies,
particularly Saudi Arabia and Kuwait.
    The 500 mln dlr credit is in the name of the state-owned
Rafidain Bank. The only other major eurocredit, a 500 mln dlr
deal under the agency of Gulf International Bank, was signed in
October, 1985 and is still in a two year grace period.
    The bulk of Iraq's commercial debt - excluding loans by its
allies in the Gulf War - is in the form of trade financing.
    But Rafidain bank stopped paying debt due on letters of
credit last March and a series of negotiations with banks and
western government export credit agencies has been underway.
Some banks have agreed to a three-year deferrment of
obligations due on letters of credit.
 REUTER
3;
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topicstart
topicend
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2;

TAIWAN CENTRAL BANK ISSUES CERTIFICATES OF DEPOSIT


    TAIPEI, March 2 - 
The Central Bank issued 2.14 billion
Taiwan dlrs of certificates of deposit (CD), bringing the total
so far this year to 86.21 billion, a bank official told
Reuters.
    The new CD have maturities of six months and one and two
years and bear interest rates ranging from 3.9 pct to 5.15 pct.
    The issues are aimed at curbing the growth of M-1B money
supply, which is the result of large foreign exchange reserves,
the official said.
 REUTER
3;
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290
topicstart
coffee
topicend
bodystart
2;

ICO TALKS ON COFFEE QUOTAS TO RESUME AT NOON


    LONDON, March 2 - 
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.
 REUTER
3;
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topicstart
topicend
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2;

CAECL ISSUES 12 BILLION YEN EUROBOND


    LONDON, March 2 - 
Caisse d'Aide a l'Equipement des
Collectives Locales (CAECL) is issuing a 12 billion yen
eurobond due March 31, 1994 paying 5-1/8 pct and priced at 102
pct, lead manager Mitsubishi Trust International Ltd said.
    The non-callable bond is available in denominations of one
mln yen and will be listed in Luxembourg. The selling
concession is 1-1/4 pct while management and underwriting
combined pays 5/8 pct.
    The payment date is March 31.
 REUTER
3;
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topicstart
topicend
bodystart
2;

CHINESE BANKS TO ISSUE MORE BONDS, OFFICIAL SAYS


    PEKING, March 2 - 
China's state and collective firms do not
have enough cash to operate imported equipment, so banks will
issue more bonds to raise funds, a Chinese bank official was
quoted by the China Daily as saying.
    Xie was quoted as saying the present cash shortage means
some state firms do not run at full capacity and are
inefficient. The central government does not have enough money
to meet their needs.
    The paper said, "Reliable sources disclosed that the country
is running a budget deficit." It gave no figure.
    Xie said her bank sooner or later will have to punish the
many firms that have failed to repay loans made to them over
the past two years at high interest rates. The bank financed
the loans by issuing two billion yuan of bonds, but she gave no
other details.
 REUTER
3;
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293
topicstart
sugar
topicend
bodystart
2;

INDIAN SUGAR OUTPUT RISES IN FIRST FOUR MONTHS


    NEW DELHI, March 2 - 
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.
 REUTER
3;
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topicstart
topicend
bodystart
2;

JAPAN PLANS MORE FLEXIBLE CORPORATE BOND ISSUES


    By Yoshiko Mori, Reuters


    TOKYO, March 2 - 
Japanese securities houses will issue new
corporate bonds more quickly, accept issue requests throughout
the month instead of at month-end and introduce a competitive
underwriting method from April 1, to bring Japanese firms back
to the Tokyo bond market, securities managers said.
    Domestic issues have slowed to a trickle as more and more
companies turn to more flexible overseas markets for cash, but
the proposed moves are expected to pave the way for a review of
public bond issues, they said.
    "Relaxation of issue rules would be better applied not only
to straight corporate bonds, but also convertible bonds and
warrant bonds, to call back issuers effectively from overseas
markets," a Nikko Securities house bond manager said.
    Securities houses will launch an issue about 10 days after
a corporate declaration of intent instead of 25 days as now,
the securities managers said.
    Underwriters are expected to abolish the lump-sum issuance
system, in which all corporate bonds are issued at month-end,
and accept issue requests during the month, they said.
    Securities houses also plan to introduce free competition
among underwriters when negotiating with issuers over terms in
order to better reflect the market, securities managers said.
    Market participants expect the new issue methods to be
applied beginning in April, with the projected issue by 
<
Nippon
Telegraph and Telephone Corp>.
    The so-called proposal method abolishes the practice of
taking lead-managership and enables more market-oriented
decisions on terms, securities sources said.
    The four major Japanese securities houses now take turns
underwriting corporate bonds.
    Setting issue terms using financial criteria prepared by
securities houses and in reference to coupon rates on latest
public bonds is now almost automatic, they said.
    The new moves are based on wide-ranging proposals made in
late December by advisers to Finance Minister Kiichi Miyazawa.
They were aimed at revitalising the domestic corporate bond
market, securities house managers said.
    The finance ministry, commissioned banks and securities
houses agreed in January to lower the eligibility ceiling for
companies wanting to issue non-collateral straight and
convertible bonds from March 1, securities managers said.
    The cut will more than double the number of corporations
able to make non-collateral issues from around 70 for straight
bonds and 180 for convertibles now, securities managers said.
    The Bond Market Committee of the Securities Exchange
Council also recommended introduction of a shelf registration
system, more use of corporate ratings systems and
simplification of disclosure rules to help speed up the issuing
process, securities sources said.
    It also called for a major review of the commissioned bank
system, which increases the cost of issuing domestic bonds, and
for deregulation of private placements, they said.
    Some of these proposals are likely to take some time to put
into effect, the sources said. A shelf registration system
would need a revision of Japanese commercial law, expected in
1988, the sources said.
 REUTER
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296
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH ADVANCES TOTAL 4.8 BILLION GUILDERS


    AMSTERDAM, 2 March - 
The Dutch Central Bank said it has
accepted bids totalling 4.8 billion guilders at tender for new
seven-day special advances at 5.3 pct covering the period March
2 to 9 aimed at relieving money market tightness.
    Subscriptions to 300 mln guilders were met in full, amounts
above 300 mln at 50 pct.
    The new facility replaces old five-day advances worth 8.0
billion guilders at the same rate.
    Dealers expect this week's money market shortage to be
around 12 billion guilders.
 Reuter
3;
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297
topicstart
oilseed
soybean
topicend
bodystart
2;

JAPAN BUYS SOME 95,000 TONNES SOYBEANS FROM CHINA


    TOKYO, March 2 - 
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.
 REUTER
3;
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298
topicstart
acq
topicend
bodystart
2;
******
SHV SAYS IT MAKING TENDER OFFER FOR UP TO 33 MLN SHARES IN IC GAS

Blah blah blah.
3;


bodyend
documentend
documentstart
299
topicstart
earn
topicend
bodystart
2;

CHEUNG KONG (HOLDINGS) LTD 
<
CKGH.HK> YEAR 1986


    HONG KONG, March 2 -
    
Shr 3.25 H.K. Dlrs vs 1.40
    Final div 52 cents vs 38, making 75 cents vs 57
    Net 1.28 billion dlrs vs 551.7 mln
    Note - Earnings excluded extraordinary gains of 983.6 mln
dlrs vs 81.3 mln. Bonus issue one-for-four vs nil. Share split
four-for-one. Dividend payable June 3, books close May 11-21.
 REUTER
3;
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topicstart
topicend
bodystart
2;

MERRILL LYNCH ISSUES 100 MLN ECU EUROBOND


     LONDON, March 2 - 
Merrill Lynch and Co is issuing a 100
mln Ecu eurobond due March 30, 1990, paying 7-3/8 pct and
priced at 101 pct, lead manager Banque Paribas Capital Markets
said.
    Merrill Lynch Capital Markets is co-lead manager.
    The issue is available in denominations of 1,000 and 10,00
Ecus and will be listed in Luxembourg. The payment date is
March 30, 1990.
    The selling concession is 1-3/8 pct while management and
underwriting combined pays 1/2 pct.
 REUTER
3;
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302
topicstart
acq
topicend
bodystart
2;

WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE


    STOCKHOLM, March 2 - 
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.
 REUTER
3;
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303
topicstart
oilseed
soybean
meal-feed
soy-meal
topicend
bodystart
2;

INDONESIAN SOYBEAN IMPORTS FORECAST TO RISE


    JAKARTA, March 2 - 
Soybean imports are forecast to rise to
425,000 tonnes in 1987/88 (October/September) from an estimated
300,000 in 1986/87 and 375,000 in 1985/86, the U.S. Embassy
said in its annual report on Indonesia's agriculture.
    It said Indonesia did not achieve its goal of
self-sufficiency in soybean output in calendar 1986 because it
did not meet a planned increase in area planted and because
yields have remained below target.
    Soybean meal imports are forecast to fall to around 190,000
tonnes in 1987/88 from 270,000 tonnes in 1986/87 and 295,000
tonnes in 1985/86.
    Domestic soybean production is forecast to rise steadily to
1.08 mln tonnes in 1987/88 from 980,000 in the current year and
890,000 in 1985/86, the report said.
    Imports are forecast to fall in the current year but to
rise in 1987/88 because of a new soybean crushing plant due to
come on stream in early 1988.
    China is the main supplier with a 79 pct share, while the
U.S. Provides the rest, it said.
    "This pattern will likely continue during 1986/87 since
domestic soyfood processors prefer Chinese beans and are
willing to pay a premium for them," it said.
    Area planted is expected to increase by 10 pct in both
1986/87 and 1987/88.
    "Yield increases continue to be hampered by an insufficient
supply of quality seeds, along with pest and disease problems,"
the report said.
 REUTER
3;
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topicstart
acq
topicend
bodystart
2;

SHV SAYS IT MAKING TENDER OFFER FOR IC GAS


    LONDON, March 2 - 
<
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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topicstart
topicend
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2;

NOBEL/FINANCIERE ROBUR ISSUE FRENCH FRANC BONDS


    PARIS, March 2 - 
Nobel and Financiere Robur are issuing
French franc domestic bonds with share warrants, according to
announcements in the Official Bulletin (BALO).
    Nobel is issuing a 200 mln franc 10-year bond with a 5.5
pct coupon in 1,000 franc denominations, to which existing
shareholders will have subscription rights in the ratio of one
bond for every 120 shares held with a nominal 10 franc value.
    The bonds will each carry eight warrants, each giving the
right to subscribe to one 100-franc Nobel share at 140 francs
between June 1 1987 and May 31 1994. Payment date is April 28.
    In a second stage of the operation, the company will issue
3.63 mln new 100-franc nominal shares at a price of 120 francs,
in the ratio of three new shares for 20 existing 10-franc
nominal shares.
    This will take the company's capital to 677.6 mln francs
from the present 242 mln.
    In a separate operation, Financiere Robur is issuing a
147.73 mln French franc eight-year bond with a six pct coupon,
denominated in 1,100 franc units and priced at par.
    Payment date will be April 13 and existing shareholders
will have a preferential right to subscribe to the issue in the
ratio of one bond for every 10 shares held, between March 9 and
March 30 1987.
    Each bond will carry two warrants, each giving the right to
subscribe between January 1 1988 and March 31 1992 to one
Financiere Robur share at a price of 210 francs.
 REUTER
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topicstart
topicend
bodystart
2;

JAPANESE BANKS COOL ON NIGERIAN DEBT TALKS


    By Kunio Inoue, Reuters


    TOKYO, March 2 - 
Japanese banks are expected to give
Nigerian debt negotiators a cool response when they arrive here
tomorrow for talks, banking sources said.
    "We're not very enthusiastic about Nigeria's debt
rescheduling," said a senior official at a leading Japanese
bank.
    A team of Nigerian officials will meet with Japanese
creditor banks here later this week to seek Japanese support
for a proposed refinancing of part of Nigeria's 19 billion dlr
foreign debt, bankers said.
    The senior bank official said a majority of Japanese bank
creditors are unwilling to provide any new credits to Nigeria
although about 80 pct have reluctantly agreed to accept
rescheduling of part of their existing loans.
    "The problem is Nigeria has so far neglected us Japanese
creditors and we have yet to receive a clear-cut picture of the
nation's debt situation," said another Japanese bank official.
    He said Japanese bankers were unaware of the exact extent
of Western commercial bank exposure to Nigeria and were
uncertain about the proposed refinancing package details.
    Some 21 Japanese banks have loans outstanding to Nigeria,
representing about four pct of the credit extended by Western
commercial institutions, banking sources said.
    They said Nigeria would probably request about 320 mln dlrs
in fresh private bank money and rescheduling of some 1.4 to 1.5
billion dlrs in existing loans due in 1986 and 1987. Japanese
banks want Nigeria to make clear its debt repayment scheme as
well as its economic reconstruction plans during the two-day
meeting here, the sources added.
    "Otherwise, our response will be very negative," the senior
official said.
    Banking sources said some 80 pct of international creditor
banks involved have responded positively to the Nigerian debt
proposal.
    Bank of Japan officials said they hope Japanese commercial
banks will help Nigeria overcome its debt problems.
    Barclays Bank plc 
<
BCS.L> has the most exposure to
Nigeria's debt and is chairing a bank steering committee
looking at the problem, the banking sources said. BankAmerica
Corp 
<
BAC.N> is coordinating private bank creditors in the Far
East and representing them on the committee, they added.
 REUTER
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307
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG


    LONDON, March 2 - 
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.
 REUTER
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bodyend
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309
topicstart
gold
platinum
strategic-metal
topicend
bodystart
2;

BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER


    SOWETO, South Africa, March 2 - 
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.
 REUTER
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310
topicstart
meal-feed
tapioca
topicend
bodystart
2;

THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC


    BANGKOK, March 2 - 
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.
 REUTER
3;
bodyend
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311
topicstart
tin
topicend
bodystart
2;

ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS


    By Rajan Moses, Reuters


    KUALA LUMPUR, March 2 - 
Mine and industry officials from
most member states of the Association of Tin Producing
Countries (ATPC) say they have found ways to limit group
exports to 96,000 tonnes in the year started March 1, according
to views polled by Reuter correspondents.
    The plan to curb exports, agreed in January, is aimed at
cutting the world surplus to 50,000 tonnes from 70,000 now and
boosting prices to about 19 ringgit a kilo from just over 16.
    Members of the seven-member Kuala Lumpur-based ATPC account
for some 65 pct of the world's tin output.
    Under the ATPC plan, Malaysia has been allocated an export
quota of 28,526 tonnes, Indonesia 24,516, Thailand 19,000,
Bolivia 13,761, Zaire 1,736 and Nigeria 1,461.
    Australia has said it is not setting any export quota.
However, the tonnage allocated to it, 7,000 tonnes, is roughly
equal to its expected output this year.
    Comment from officials in Zaire was unavailable.
    Mine officials in Malaysia, the world's leading producer,
said only 188 mines will be allowed to operate to ensure that
output is limited to around 31,500 tonnes in the year started
March 1.
    Chief Inspector of Mines Redzuan Sumun told Reuters that
excess output of some 3,000 tonnes after exports of 28,500 in
the one-year quota period would be kept in the national stock.
    Mine owners in Malaysia have welcomed the ATPC export curb
and asked the government not to issue new mining licences. More
than 100 applications for licences are pending.
    Redzuan said the Mines Department would approve new mining
licences only if a six-month review of production trends showed
that local mines were not overproducing.
    ATPC chairman and Indonesia's Mining and Energy Minister
Subroto has pledged his country's support for the export curb.
    A spokesman for the state-owned tin mining company PT
Tambang Timah told Reuters it would be easy for Indonesia to
stick to an export quota of 24,516 tonnes because this was
close to exports in calendar 1986 of 24,636.
    In Bangkok, Thai Industry Minister Pramual Sabhavasu said
Thailand would keep to its 19,000 tonne quota and added this
would not cause the local industry hardship at current prices.
    To insure adherence, the industry ministry and sole tin
exporter Thailand Smelting and Refining Co would encourage
bigger stockpiles, and income tax exemptions would be
permitted, he said.
    The Thai Mineral Resources Department is expected to
disallow new tin mines opening this year to prevent excessive
production, industry sources said.
    But Mining Industry Council President Dam Teutong told
Reuters that if the tin price rose above 18 ringgit a kilo,
Thai miners would press for the opening of more new mines.
    Thailand exported 18,367 tonnes in 1986, up from 17,359 in
1985, Pramual said.
    Bolivia said it expects to export less tin this year than
its allocated 13,761 tonne quota.
    Mining Minister Jaimie Villalobos told Reuters in La Paz
that Bolivia expected to export about 9,000 tonnes of tin in
calendar 1987.
    He said this was due to the sacking after the tin crisis of
October 1985 of about 20,000 of the 28,000 workers at the state
mining company Comibol, which produces more than 80 pct of
Bolivia's total exports.
    He said there were risks in the ATPC plan to cut exports
but added he was confident the goals set by the plan would be
achieved. He did not elaborate.
    Mines, Power and Steel Minister Bunu Sheriff Musa said in
Lagos that Nigeria would have no difficulty keeping within its
ATPC quota of 1,461 tonnes because its metals output had
declined due to poor demand and high production costs.
    Industry sources told Reuters that Nigeria's output was
less than 1,000 tonnes last year.
    ATPC officials said they would monitor member countries'
export figures every three months using customs documents and
make projections from such data to see if quotas were likely to
be breached within the year-long quota period.
    The ATPC officials said members that appeared likely to
breach their quotas would be told to take remedial measures.
    They added that if member countries were unable to fulfil
their quotas their extra tonnage would be reallocated to other
members at the ATPC's discretion.
    The ATPC would have produced and exported an estimated
106,000 tonnes of tin in 1987 without the plan.
    Non-members Brazil and China have pledged to cooperate with
the ATPC and limit their exports to 21,000 and 7,000 tonnes
respectively during the quota period.
 REUTER
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topicstart
trade
bop
topicend
bodystart
2;

SOUTH KOREA TO HOLD CURRENT ACCOUNT SURPLUS DOWN


    SEOUL, March 2 - 
South Korea plans to take steps to keep
its 1987 current account surplus below five billion dlrs,
Economic Planning Board Minister Kim Mahn-je said.
    Kim told reporters the government would repay loans ahead
of schedule and encourage firms to increase imports and
investment abroad to prevent the current account surplus from
rising too quickly.
    Last year South Korea's current account surplus was 4.65
billion dlrs. It widened to 622 mln dlrs in January from 484
mln in December and compared with a deficit of 334 mln in
January 1986, Bank of Korea figures show.
 REUTER
3;
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documentstart
313
topicstart
oilseed
sunseed
soybean
rapeseed
veg-oil
soy-oil
palm-oil
groundnut-oil
topicend
bodystart
2;

DUTCH OILSEEDS/FATS IMPORTS ROSE IN 1986


    THE HAGUE, March 2 - Dutch imports of fat- 
and oil-bearing
raw materials, fats and oils rose to 2.16 mln tonnes on a
fat/oil basis in 1986 from 2.12 mln tonnes in 1985, the
Commodity Board for Margarine, Fats and Oils said.
    Exports of the same commodities fell to 1.35 mln tonnes
from 1.38 mln on a fat-oil basis.
    Fat- and oil-bearing raw materials imports rose to 760,000
from 709,200 tonnes on a fat/oil basis and to 3.47 mln tonnes
actual weight from 3.32 mln.
    Soyabeans were the main component, with imports rising to
2.82 mln tonnes actual weight from 2.75 mln. Sunflowerseed
imports fell to 308,200 from 342,900 tonnes while rapeseed
imports rose to 292,000 from 201,400 tonnes.
    Exports of fat- and oil-bearing raw materials rose to
28,700 tonnes from 19,800 on a fat/oil basis and to 137,200
from 89,900 tonnes actual weight.
    Soyabean exports rose to 119,400 tonnes actual weight from
73,200 tonnes.
    Imports of vegetable fats, including palm oil, rose to
445,400 tonnes from 362,500 and exports to 151,500 from
139,800.
    Vegetable oil imports fell to 227,500 tonnes in 1986 from
286,300 in 1985, and exports to 661,400 from 683,400 tonnes.
    Soyabean oil imports were 32,000 (48,200), sunflower oil
61,600 (92,800), rape oil 82,900 (94,900) and groundnut oil
9,300 (12,200). Exports of soybean oil were 325,900 (338,800),
sun oil 172,100 (189,800), rape oil 114,300 (103,400) and
groundnut oil 7,000 (10,400).
    Animal fat imports rose to 371,700 from 345,800 tonnes and
exports to 124,100 tonnes from 113,000. Fishoil imports fell to
190,600 from 265,600 and exports to 56,500 from 85,500 tonnes.
 reuter...
3;
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314
topicstart
gold
topicend
bodystart
2;

CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT


    PEKING, March 2 - 
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.
 REUTER
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315
topicstart
acq
topicend
bodystart
2;

SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER


    LONDON, March 2 - 
<
Sale Tilney Plc> said it has purchased
80 pct of the ordinary share capital of 
<
B and R International
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
    Sale is paying 3.6 mln dlrs in cash on completion, with the
balance plus interest to be paid in equal instalments over the
next six years.
    B and R posted pretax profit of 855,000 dlrs in the year to
Dec 31, 1986 when it had net tangible assets of 563,000 dlrs.
 REUTER
3;
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317
topicstart
earn
topicend
bodystart
2;

ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED


    TOKYO, March 2 - 
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.
 REUTER
3;
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320
topicstart
veg-oil
rape-oil
palm-oil
topicend
bodystart
2;

INDIA BUYS 46,000 TONNES OF VEGETABLE OILS


    LONDON, March 2 - 
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.
 REUTER
3;
bodyend
documentend
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322
topicstart
interest
topicend
bodystart
2;

JAPAN TO PROMOTE INTEREST RATE LIBERALISATION


    TOKYO, March 2 - 
The Bank of Japan decided at a policy
board meeting to promote further interest rate liberalisation
by lowering the minimum denomination of regulation-free large
deposits and by raising the interest rate ceiling on money
market certificates (MMCs), a central bank official said.
    The new guideline will go into effect on April 6, the bank
said.
    Under the guideline, the minimum denomination of
regulation-free large deposits will be lowered to 100 mln yen
from 300 mln.
    The interest rate ceiling of MMCs with maturities of
between one year and two years will be set at 0.5 percentage
point below the prevailing certificate of deposit rate, the
bank said.
    But the ceiling on MMCs with maturities of one year or less
will remain the same, or 0.75 percentage point below the CD
rates.
    The minimum denomination of MMCs will be lowered to 10 mln
yen from 30 mln.
    The bank also said time deposit rates will be lowered by
0.37 point, effective March 16, in line with the half-point cut
in the official discount rate on February 23.
    New interest rates on two-year and one-year deposits at
banks, for example, will be 3.64 pct and 3.39 pct per annum,
respectively.
    Demand deposit rates, however, will remain the same.
 REUTER
3;
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323
topicstart
reserves
topicend
bodystart
2;

TAIWAN POWER FIRM PLANS MORE FOREIGN DEBT CUTS


    TAIPEI, March 2 - 
State-owned (Taiwan Power co) will boost
its domestic borrowings to further cut its foreign debt in line
with a government policy to trim the island's huge foreign
exchange reserves, a company official said.
    The company's foreign debt, mainly from the Japanese and
U.S. Banks, was cut nearly by half to 66.2 billion taiwan dlrs
equivalent in calendar 1986 from 124.6 billion in 1985, he
said.
    Its domestic borrowings however rose to 105.2 billion
taiwan dlrs from 80.6 billion in the same period, he added.
    Taiwan's foreign exchange reserves now stood at 50 billion
U.S. Dlrs, due to its 1986 record trade surplus of 15.6
billion.
 REUTER
3;
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325
topicstart
topicend
bodystart
2;

TESCO ISSUES 100 MLN STG CONVERTIBLE BOND


    LONDON, March 2 - 
Tesco Plc 
<
TSCO.L> is issuing a 100 mln
stg convertible eurobond due February 20, 2002 paying an
indicated coupon of four to 4-1/4 pct and priced at par, lead
manager Credit Suisse First Boston Ltd said.
    The issue is callable after 90 days at 106 pct declining by
one pct per annum to par thereafter. It is not callable until
1992 unless the share price exceeds 130 pct of the conversion
price. Final terms will be set on, or before, March 9.
    The deal has an investor put option after five years, which
will be priced to give the investor an annual yield to the put
of 8-3/4 to nine pct.
    The selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct. The payment date is March 25 and
there will be a short first coupon period.
    The issue is available in denominations of 1,000 and 5,000
stg and will be listed in London.
 REUTER
3;
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topicstart
topicend
bodystart
2;

SNCF ISSUING THREE BILLION FRANC DOMESTIC BOND


    PARIS, March 2 - 
The French state railway company, the Ste
Nationale des Chemins de Fer Francaise (SNCF), is issuing a
three billion French franc domestic bond in two tranches, the
bond issuing committee said.
    Details of the issue will be announced later and it will be
listed in the Official Bulletin (BALO) of March 9.
    The issue will be co-led by Banque Nationale de Paris,
Caisse Nationale de Credit Agricole and the Societe
Marseillaise de Credit.
 REUTER
3;
bodyend
documentend
documentstart
327
topicstart
meal-feed
soy-meal
tapioca
grain
corn
cornglutenfeed
citruspulp
oilseed
rapeseed
rape-meal
topicend
bodystart
2;

DUTCH ANIMAL FEED USAGE DOWN IN FIRST HALF SEASON


    ROTTERDAM, March 2 - 
Dutch animal feed usage in the first
half of the current season from July through December 1986 fell
7.6 pct to 6.5 mln tonnes from 7.1 mln in the same period of
1985, figures in the latest newsletter from the co-operative
Cebeco-Handelsraad show.
    Tapioca usage fell 9.1 pct to 1.4 mln tonnes from 1.6 mln
in the first half of the 1985/86 season.
    Grain usage fell 6.1 pct to 1.1 mln tonnes from 1.2 mln,
while soymeal usage fell 10 pct to 967,000 tonnes from 1.1 mln.
    Cornglutenfeed usage fell 17.8 pct to 729,000 tonnes from
887,000, but cornfeedmeal usage nearly doubled to 399,000
tonnes from 201,000.
    Citruspulp usage dropped 62.8 pct to 149,000 tonnes from
400,000 tonnes, while rapeseed and meal usage rose 9.6 pct to
217,000 tonnes from 198,000 and sunmeal rose 25.6 pct to
216,000 tonnes from 172,000 tonnes.
    During the whole of the season from July 1985 to June 1986,
Dutch soymeal usage fell 12 pct to 1.9 mln tonnes from 2.1 mln
the previous season, while sunmeal usage rose 25 pct to 408,000
tonnes from 325,000.
    Rapeseed and meal usage during the season also rose 14 pct
to 409,000 tonnes from 360,000, but citruspulp fell 37 pct to
516,000 tonnes from 826,000.
    Meanwhile, the value of exports of agricultural products
from the Netherlands in calendar 1986 fell 5.4 pct to 48.7
billion guilders from 51.5 billion in calendar 1985, figures
from the Ministry of Agriculture show.
    During the same period imports of agricultural products
dropped 13.1 pct to 31.2 billion guilders from 35.8 billion.
 REUTER
3;
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topicstart
topicend
bodystart
2;

FIAT UNIT ISSUES 100 MLN DLR BOND AND WARRANTS


    LONDON, March 2 - 
Fiat Finance and Trade Ltd is issuing a
100 mln dlr eurobond due April 2, 1991 at 7-1/4 pct and 101-1/8
pct, lead manager Morgan Stanley International said.
    The issue is guaranteed by Internazionale Fiat Holding SA
and is accompanied by a 200,000 currency warrant package.
    The bond is available in denominations of 5,000 dlrs and
will be listed in Luxembourg. Payment date for bond and
warrants is April 2, 1987. The selling concession is 1-1/8 pct
while management and underwriting combined pays 1/2 pct.
    The warrants indicated at 45 dlrs entitle the holder to buy
a minimum of 500 dlrs at a rate of 1.79 marks per dlr.
    The warrants are exercisable from the April 2 payment date
until March 2, 1989. A minimum of 200 warrants must be
exercised. They will also be listed in Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
330
topicstart
money-supply
topicend
bodystart
2;

U.K. CONFIRMS JANUARY STERLING M3 RISE


    LONDON, March 2 - 
The Bank of England said the broad
measure of U.K. Money supply, Sterling M3, rose a seasonally
adjusted 1.1 pct in January after a 0.2 pct rise in December.
    The unadjusted year-on-year rise was 17.6 pct after 18.1
pct in the year to December.
    The narrow measure of money supply, M0, fell by a
seasonally adjusted 0.6 pct in January, and rose by a
non-adjusted 4.1 pct year-on-year, the Bank said.
    The figures confirm provisional data issued by the Bank two
weks ago.
    In December, M0 grew by a seasonally adjusted 1.4 pct and
by a non-seasonally adjusted 5.2 pct year-on-year.
    The Bank said sterling bank lending grew by a
non-seasonally adjusted 1.75 billion stg in January. This also
confirmed provisional figures issued in February.
    The measure of private sector liquidity, PSL2, fell 0.2 pct
in January, but after seasonal adjustment rose 0.6 pct, the
Bank said.
    The Bank said the public sector contribution to the growth
in Sterling M3 was contractionary by about 2.3 billion stg.
    Within this, the Public Sector Borrowing Requirement (PSBR)
showed a repayment of 3.7 billion stg, while the non-bank
private sector's holdings of government debt fell by about 1.1
billion stg.
    There was a fall of 290 mln stg in notes and coin in
January, a fall of 1.5 billion stg in non-interest bearing
sight deposits, and a rise of 1.6 billion stg in interest
bearing sight deposits, the Bank said.
 REUTER
3;
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documentend
documentstart
331
topicstart
acq
topicend
bodystart
2;

EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER


    LONDON, Mar 2 - 
<
Exco International Plc>, a subsidiary of
British and Commonwealth Shipping Co Plc 
<
BCOM.L>, said it had
agreed in principle to buy an 80 pct stake in 
<
RMJ Holdings
Corp> for about 79 mln dlrs.
    Exco Chairman Richard Lacy told Reuters the acquisition was
being made from Bank of New York Co Inc 
<
BK.N>, which currently
holds a 50.1 pct, and from RMJ partners who hold the remainder.
    Bank of New York and the partners will retain about 10 pct
each and these stakes will be bought over the next six years.
    RMJ is the holding company of RMJ Securities, one of the
largest U.S. Government securities brokers.
    It is also involved in broking notes, obligations and other
instruments sponsored by U.S. Federal agencies.
    Lacy said Exco had been considering buying a U.S.
Government securities broker for the past four years and had
made an offer for RMJ when it was sold by Security Pacific Corp

<
SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs.
    B and C managing director Peter Goldie said RMJ would be
bought at about the same multiple as Exco, suggesting net
income of around 16 mln dlrs.
    The company's earnings had not been hit by the halving of
brokerage fees some 14 months ago as volumes had since doubled.
    Lacy said that RMJ employed some 300 people, with 200 in
the brokerage business and about 70 in its 
<
SMS> unit, which
provided computer software for the financial services
community.
    RMJ Securities had offices in New York, where total market
turnover of U.S. Government securities was 110 billion dlrs a
day, and in London where it has 15 billion.
    It was also given permission last week to open an office in
Tokyo where total market turnover had lifted rapidly to about
five billion dlrs a day.
    The acquisition would contribute between five and 10 pct of
B and C's share earnings in 1987 on a proforma basis.
 REUTER
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topicstart
veg-oil
palm-oil
topicend
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2;

PAKISTAN TO TENDER FOR RBD PALM OIL


    LONDON, March 2 - 
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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acq
topicend
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2;

COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY


    LONDON, March 2 - 
<
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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topicstart
money-fx
interest
topicend
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2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN


    LONDON, March 2 - 
The Bank of England said it revised its
forecast of the shortage in the money market down to around 700
mln stg from its original estimate of 800 mln.
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2;

ALASKA HOUSING HAS 150 MLN DLR SYNDICATED LOAN


    London, March 2 - 
Alaska Housing Finance Corp, a local U.S.
Government agency, has become the first municipal entity to tap
the syndicated loan market, receiving a 150 mln dlr, seven-year
revolving loan, said Merrill Lynch Capital Markets as arranger.
    Merrill said the loan is a back-up to a proposed
euro-commercial paper program.
    The syndicated loan, which is unsecured, carries a
commitment fee of 0.10 pct per year. Advances will be priced at
31-1/4 basis points over the London Interbank Offered Rate
while notes, which need only be purchased by banks if third
party investors agree to buy them as well, will be priced at
offering.
    Alaska Housing Finance was established by the legislature
of the state of Alaska in 1971, and has so far acquired 6.1
billion dlrs of mortgages originated in Alaska.
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trade
topicend
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2;

SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS


    STOCKHOLM, March 2 - 
Sweden's ruling Social Democratic
Party gave full power to the government to decree unilateral
trade sanctions against South Africa, Prime Minister Ingvar
Calrsson said.
    Carlsson told a news conference the party decided the fight
against apartheid took priority over Sweden's traditional
policy of only adopting sanctions with the backing of the U.N.
Security Council.
    The government will decide later what form the trade
boycott will take and when it will come into force.
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money-fx
interest
topicend
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2;

U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE


    LONDON, March 2 - 
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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topicend
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2;

JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS


    By Rich Miller, Reuters


    TOKYO, March 2 - 
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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sugar
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2;

INDIA TO HOLD WHITE SUGAR BUYING TENDER


    LONDON, March 2 - 
India will hold a buying tender on
Wednesday, March 4, for two to three cargoes of white sugar for
March/April shipment, traders said.
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2;

CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987


    LONDON, March 2 - 
<
Carlton Communications Plc> has started
the current financial year well, with accounts for the first
four months showing a healthy increase on the same period last
year, and Chairman M.P. Green told the annual meeting he looked
forward to 1987 with optimism.
    The issue of 4.6 mln shares in ADR form had now been
successfully completed, he added.
    Carlton intended to increase its presence in the U.S. Which
represented 50 pct of the world television market. Conditions
worldwide in the television industry continued to look buoyant,
the Chairman noted.
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strategic-metal
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2;

EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY


    BRUSSELS, March 2 - 
The European Community Commission said
it has opened an enquiry into allegations that the Soviet Union
is dumping mercury on the European market at below-cost prices.
    The Commission said its decision follows a complaint from
EC non-ferrous metals producers that the sales of Soviet
mercury were harming their business and threatening jobs in the
European industry.
    According to the complaint, Soviet mercury sales in the EC
had risen from zero in recent years to 100 tonnes between
August and October last year and threaten to capture 25 pct of
the EC market if they continue at the same pace.
    The industry said the mercury was being sold at more than
40 pct below prices charged by EC producers, forcing them to
cut their prices to levels that no longer covered costs. The
imports had caused producers heavy financial losses, it said.
    The Commission said the industry would probably be unable
to hold prices at current levels and that any increase would
result in loss of sales and jobs.
    The so-called anti-dumping procedure opened by the
Commission will allow all interested parties to state their
cases to the authority.
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2;

MANILA SAID TO OFFER DEBT BONDS TO BANKS


    MANILA, March 2 - 
The Philippines will offer commercial
bank creditors an innovative pricing plan that will make debt
payments through certificates of indebtedness instead of cash,
the authoritative Business Day newspaper said.
    Finance Secretary Jaime Ongpin told reporters Saturday that
the alternative proposal is designed to avoid an impasse when
debt rescheduling talks reopen in New York on Tuesday.
    He did not give details but said, "It is a very useful
alternative and in the end will permit the banks to say that
they achieved their pricing target and will likewise permit the
Philippines to say exactly the same thing."
    Quoting negotiation documents to be presented to the
country's 12-bank advisory committee, Business Day said the
debt certificates will carry maturities of five or six years.
    It said the certificates will be classified as zero-coupon
bonds or promissory notes with no interest but priced at a
considerable discount from their redemption price.
    It said the debt bonds will entitle holder banks to a
guaranteed return on both interest and principal since no
payment of any kind is made until the bond matures.
    It said a bank can sell the bonds on the secondary bond
market for either dlrs or pesos depending on its requirement.
    The peso proceeds can be invested in selected industries
under the Philippines' debt/equity program. Ongpin said Manila
is sticking to its demand of a spread of 5/8 percentage points
over London interbank offered Rates (LIBOR) for restructuring
3.6 billion dlrs of debt repayments.
    "(The proposal) will give the banks a choice of 5/8ths or
the alternative," Ongpin said. "Our representatives have gone
to Washington to the (International Monetary) Fund, the (World)
Bank, the Fed (Federal Reserve Board) and the (U.S.) Treasury
to brief them in advance on this alternative and it has
generally been positively received."
    "We don't believe that there is going to be a problem on
the accounting side," Ongpin said. "We have run this
alternative proposal to the accounting firms. Neither have the
government regulators indicated that there will be a problem."
 Reuter
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2;

ARGENTINE DEBT NEGOTIATOR CONFIDENT OF ACCORD


    BUENOS AIRES, March 2 - 
Argentina's chief debt negotiator
said he was confident of a prompt accord with international
creditor banks for rescheduling the country's foreign debt.
    "I'm quite optimistic about carrying out a serious and
quick negotiation," Treasury Secretary Mario Brodersohn said on
return from talks in New York with leading U.S. and world
financial officials.
    Argentina is currently negotiating terms with the steering
committee for its creditor banks that will allow it to meet
four pct economic growth targets in 1987. It has also asked for
a reduction in interest rates and fresh credit.
    Brodersohn said the growth targets were not negotiable, but
Argentina did not want to follow Brazil in suspending payments
on its foreign debt.
    He said Argentina was seeking 2.15 billion dlrs credit to
meet the targets, adding that the banks' attitude had improved
following Brazil's decision.
    The United States and a group of other industrial nations
on Thursday granted Argentina a 500 mln dlr bridge loan.
    Brodersohn held talks in New York with U.S. Treasury
Secretary James Baker, Federal Reserve chief Paul Volcker and
International Monetary Fund (IMF) head Michel Camdessus.
 Reuter
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crude
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2;

GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN


    ABU DHABI, March 2 - 
Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
    WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to help each other market their crude oil.
    Four of the GCC states - Saudi Arabia, the United Arab
Emirates (UAE), Kuwait and Qatar - are members of the
Organiaation of Petroleum Exporting Countries (OPEC) and some
face stiff buyer resistance to official OPEC prices.
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MANILA OFFICIALS SPLIT OVER DEBT STRATEGY


    MANILA, March 2 - 
A rift has occured among Philippine
officials over debt talks opening tomorrow in New York with
Economic Planning Secretary Solita Monsod accusing the chief
negotiator of softening his stand to gain a quick agreement.
    Monsod told Reuters Finance Secretary Jaime Ongpin had
decided not to insist on Manila's creditor banks pledging to
fund half of a projected 1988/92 financing gap of seven billion
dlrs.
    "He (Ongpin) wants to finish the negotiations as fast as
possible. I'm saying that's very short-sighted," Monsod said.
    Monsod said any pricing agreement on rescheduling 3.6
billion dlrs of the Philippines' total foreign debt of 27.8
billion dlrs would ignore a looming 14 billion dlr net resource
transfer in the same period.
    Manila is seeking a spread of 5/8 percentage points over
the London Interbank Offered Rates (LIBOR).
    Monsod said,  "Right now we are saying to the banks, let's
share the financing burden."
    Ongpin said last month the country's consultative group of
multilateral and bilateral aid donors had endorsed a growth
facility to bridge the funding gap.
     He said the government and the consultative group would
meet annually to gauge financing needs for each year. The aid
donors and commercial bank creditors would then be asked to
finance any gap on a shared basis.
    He told reporters on Saturday it would be unwise to try to
pin the banks down on Monsod's proposed growth facility.
    Ongpin acknowledged there was a dispute over tactics.
"Secretary Monsod and I get along famously," he said. "She talks
and I listen but I don't necessarily agree."
    Monsod said a firm commitment from the banks on bridging
the financing gap would have aided the government's
pump-priming program and 1987/92 medium-term development plan.
    She said if private sector investment continued to be held
back by the fear of a balance of payments crisis and rising
interest rates, the country would fail to achieve its gross
national product (GNP) growth target of an average 6.5 pct over
the next six years.
    "If you don't get those seven billion dlrs there is no plan.
How can there be a program if there is no finance?" she said,
adding Ongpin's stand was not good for the economy.
    "It (Ongpin's stand) is going to make it much more difficult
for the economy to attain its growth targets," Monsod said.
    "Considering what the Philippine negotiating team is going
to press for there is absolutely no reason why they should not
be able to come back (from New York) in a day," she said.
    Monsod, the government's chief economic planner, stressed
Manila's policy was growth before debt.
    She said if the banks refused to lend the new money, the
Philippines should copy Brazil's action last week in freezing
all debt repayments.
    "If the banks do not cooperate by lending you back some of
the money that you are sending abroad, then of course you have
an option," Monsod said. "You just don't send it abroad. You do a
Brazil."
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SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD


    BAHRAIN, March 2 - 
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.
 Reuter
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2;

KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET


    KUWAIT, March 2 - 
Kuwait's oil minister said in a newspaper
interview that there were no plans for an emergency OPEC
meeting after the recent weakness in world oil prices.
    Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying that "none of the OPEC members has
asked for such a meeting."
    He also denied that Kuwait was pumping above its OPEC quota
of 948,000 barrels of crude daily (bpd).
    Crude oil prices fell sharply last week as international
oil traders and analysts estimated the 13-nation OPEC was
pumping up to one million bpd over its self-imposed limits.
 Reuter
3;
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trade
topicend
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2;

TAIWAN PLANS NEW TARIFF CUTS


    By Andrew Browne, Reuters


    TAIPEI, March 2 - 
Taiwan plans another round of deep tariff
cuts this year to help narrow its trade surplus with the U.S.,
A senior economic planner said.
    Wang Chao-Ming, vice-chairman of the council for economic
planning and development, told Reuters Taiwan would further
reduce import tariffs on 1,700 products sometime in the second
half of this year.
    Cuts of up to 50 pct on those items were made last year and
Wang said further cuts would go much deeper.
    "We have to speed up liberalisation and cut import tariffs
faster and more substantially," he said.
    The United States, Taiwan's main trading partner, has said
the island's import tariffs, still ranging from a high of
almost 60 pct, were unacceptable. It has criticised the cuts as
too selective.
     Taiwan's trade surplus with the United States hit 13.6
billion dlrs last year. The surplus has boosted foreign
exchange reserves to 50 billion dlrs, which Wang said made
Taiwan a target for U.S. Protectionism.
    Wang said the trade surplus and the reserves weakened
Taiwan's position in talks with Washington over export quotas,
particularly for shoes, textiles and machine tools which are
among the island's main export-earners.
    A special Taiwanese trade delegation leaves for Washington
tomorrow to try to renegotiate an agreement signed last year
limiting exports of Taiwan textiles.
    Under the accord, Taiwan's textile export growth was
limited to 0.5 pct each year until 1988. Taipei has said it is
losing markets to South Korea and Hong Kong which were given
more generous terms.
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earn
topicend
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2;

HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS


    HONG KONG, March 2 - 
Hutchison Whampoa Ltd 
<
HWHH.HK>
expects satisfactory profits in 1987 and will pay a higher
dividend for the year, chairman Li Ka-shing said.
    He did not make any specific projections for the company's
earnings this year but he said the firm will pay a dividend of
not less than 32.5 cents per share after a proposed
four-for-one stock split and a one-for-four bonus issue.
    It paid total dividends of 1.30 dlrs per share last year,
equal to 26 cents per share, adjusting for the bonus and share
split.
    Hutchison, which has operations ranging from trading to
property and container terminals, earlier reported after-tax
profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985.
    The 1986 total excluded extraordinary gains of 563 mln
dlrs, partly from the sale of some of its stake in the South
China Morning Post, the leading English language newspaper,
compared with 369 mln dlrs the previous year. It said it
expects another 277 mln dlr gain in 1987 from the sale of the
remaining shares.
    Li said Hong Kong's property market remains strong while
its economy is performing better than forecast with its largely
export-led growth.
    Gross domestic product grew by nearly nine pct last year
against an initial government projection of 4.5 pct.
    But he said Hong Kong's large trade deficit with the U.S.
May result in protectionist measures that will adversely affect
the British colony.
    He said all of the company's major operations showed
improved results in 1986.
    Hutchison said earlier it will sell its entire 23.5 pct
interest in Hongkong Electric Holdings Ltd 
<
HKEH.HK> to

<
Cavendish International Holdings Ltd>, itself a spin-off from
Hongkong Electric.
    Under a reorganisation announced separately, Hongkong
Electric will spin off all its non-electricity related
activities into Cavendish, which will be listed on the local
stock exchange. Hongkong Electric shareholders will receive one
share in Cavendish for every Hongkong Electric share.
    Cavendish will buy the 348.2 mln Hongkong Electric shares
from Hutchison by issuing 975 mln new shares.
    The spin-off and the sale of Hongkong Electric shares will
give Hutchison a 53 pct stake in Cavendish.
    Li said the decision to spin-off Cavendish is to relieve
Hongkong Electric of public criticism of the power company for
making risky investments. But he denied there was pressure from
the government for the spin-off.
    He said Cavendish will have seven billion dlrs of assets
and will be almost debt free, with 340 mln dlrs of liabilites.
Its major assets are the Hong Kong Hilton Hotel, property
development, and interests in Husky Oil Ltd 
<
HYO.TO> of Canada
and Pearson Plc 
<
PSON.L> of Britain.
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2;

FUNARO SAYS BRAZIL NEEDS MORE, FASTER FINANCE


    WASHINGTON, March 2 - 
Brazil would not have suspended
payments on debt owed to foreign banks if it had received more
and faster financing from official lending agencies, Finance
Minister Dilson Funaro said.
    He said he would not seek more money from the International
Monetary Fund to which Brazil paid 922 mln dlrs last year and
said Brazil's problems could not be solved by IMF intervention.
    "It's a question of why the official lending agencies don't
finance a little bit more quickly and easily," Funaro told
reporters at the Brazilian Embassy.
    Asked if Brazil would have continued making payments of
monthly interest to its foreign commercial bank lenders if
official lending agencies had provided more funds, he replied,
"Yes, because our country did not receive financing from these
agencies."
    Asked how long the payment suspension would last, Funaro
said "It all depends on what kind of financing we are going to
receive from the other side."
    Brazil, with foreign debt totaling 108 billion dlrs,
stunned the banking community last week by suspending payments
on some 68 billion dlrs owed to private banks.
    Funaro said Brazil had paid 44 billion dollars to the World
Bank and other lending agencies and commercial banks in the
past four years and got only 11 billion dlrs in loans.
    He said the net transfer was hurting the country's
continued growth and capacity to import goods.
    "Something is wrong with the system. Some mechanism has to
be found to finance a country like Brazil," Funaro said.
    He did not specify what steps he had in mind but said he
would like to see "automatic" official lending when needed so
that Brazil would not have to dip into its dwindling reserves,
now reported to be below four billion dlrs.
    Funaro said Brazil had the world's third-largest trade
surplus and estimated the 1987 surplus would be at least eight
billion dlrs.
    But he said that without increased and faster lending from
official institutions, the nation could not rely on its export
earnings to finance development and imports and also service
its debt.
    "We must find an equilibrium between foreign adjustment and
internal adjustment," Funaro said.
    He complained that official lending agencies had imposed
tight control on credit over the past four years, leaving
commercial bank refinancing as the only credit available.
    Funaro said U.S officials understand his position "but they
don't like it." Later he left Washington for a tour of Europe
and debt discussions with officials in Britain, West Germany,
France, Switzerland and Italy.
    Brazil's central cank President Francisco Gros said he sent
a telex to creditor banks Friday to clarify confusion over
Brazil's request that banks expedite procedures for renewal of
short-term interbank credit and trade credit lines.
   
 Reuter
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2;

SCIENTIFIC MICRO SYSTEMS 
<
SMSI> ACUIRES SUPERMAC


    NEW YORK, March 2 - 
Scientific Micro Systems Inc said it
has acquired Supermac Technology, a rapidly growing supplier of
enhancement products and disc drive subsystems for the Apple
personal computer market.
    Scientific Micro said it acquired all the common stock of
Supermac in exchange for 1.05 mln shares of its own common
stock. The stock closed at 5.50 dlrs bid on Friday.
    Supermac, a privately held firm based in Mountain View,
California, as is Scientific Micro, reported a net profit of
300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It
expects its revenue to approximately double in 1987.

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2;

AMERICAN EXPRESS 
<
AXP> VIEWING SHEARSON OPTIONS


    By Patti Domm, Reuters


    NEW YORK, March 2 - 
American Express Co, rumored to be
considering a spinoff of part of Shearson Lehman Brothers Inc,
said it is studying a range of options for its brokerage unit
that could improve Shearon's access to capital and help it meet
broadening international competition.
    In a joint statement, American Express and Shearson said
the actions under consideration are an integral part of
American Express' worldwide financial services strategy and
that the two companies have been having both internal and
external discussions on the matters.
    American Express said no decision has been reached on the
strategic options and that it and Shearson could ultimately
decide to follow growth plans already in place.
    Last week, rumors circulated on Wall Street that the
financial services giant was considering a spinoff of part of
Shearson and there was speculation it may be considering
selling a stake to a Japanese firm. Analysts said the
speculation also focused on American Express selling 20 pct of
the profitable brokerage firm to the public.
    There was some speculation that American Express had also
considered a total spinoff of Shearson, but the plan was
considered highly unlikely, analysts said.
     American Express said in the statement on Sunday that it
will not comment on rumors and speculation and a spokesman
would not go beyond the statement. The company also remained
silent last Thursday and Friday, as rumors drove American
Express stock up a total of 5-1/2 dlrs in two days to bring it
to a Friday close at 74.
     It said it issued the statement on Sunday because a
similar statement was being circulated to employees.
    Analysts have been divided on whether it makes sense for
American Express to give up a stake in the wholly-owned
brokerage, which improved its after-tax earnings by about 50
pct in the last year.
    Some analysts said American Express may consider spinning
off part of Shearson because it is concerned that its stock
price does not fully reflect the value of the brokerage firm.
     Shearson contributed 316 mln dlrs of American Express'
1.25 billion dlr net in 1986.
    American Express' ambitious plans for international growth
may be also enhanced by the added cash that spinning out part
of Shearson would bring. Analysts speculated that all of
Shearson would have a market value of about 3.5 billion dlrs.
    To some however, the need for added capital is puzzling.
"(American) Express is in a position where they can raise
capital if they need to," said Larry Eckenfelder of
Prudential-Bache Securities.
    Analysts said rumors were fed by the reorganization of
Shearson management Wednesday. Chief operating officer Jeffrey
Lane got the added, previously vacant, post of president.
     The reorganization also created four new positions for
chairmen of Shearson's operating divisions, a move analysts
speculated would allow Shearson to be a stand alone company.
     Analysts, contacted on Sunday said the statement does
little to clarify last week's market speculation. It does
confirm, however, that the financial services firm, which
unsuccessfully attempted to expand Shearson with a major
acquisition last year, is looking beyond its own walls for
growth and positioning in the global market competition.
    Late last year, Shearson's takeover offer to the E.F.
Hutton Group Inc was rejected by Hutton, and analysts said
there had been speculation that Shearson also was rebuffed when
it approached another major Wall Street brokerage.        
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

ROPAK 
<
ROPK> HAS 34 PCT OF BUCKHORN 
<
BKN>


    FULLERTON, Calif., March 2 - 
Ropak Corp said it received
and accepted about 456,968 common shares and 527,035 Series A
convertible preferred shares of Buckhorn Inc at four dlrs and
5.75 dlrs each respectively in response to its tender offer
that expired Friday, and it now owns 34.4 pct of Buckhorn
voting power.
    The company had owned 63,000 common and 25,100 preferred
shares before starting the hostile tender.  Ropak said it is
borrowing the funds needed to buy the Buckhorn shares from its
bank lender and will not need to use any funds that another
bank had committed to provide under a margin loan.
    Ropak said it waived minimum acceptance requirements to buy
the shares and intends to evaluate a number of possible ways of
completing an acquisition of Buckhorn.  It said it hopes that
Buckhorn's board will reevaluate its position and enter into
meaningful negotiations.
 Reuter
3;
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topicstart
crude
ship
topicend
bodystart
2;

PHILADELPHIA PORT CLOSED BY TANKER CRASH


    PHILADELPHIA, March 2 - 
The port of Philadelphia was closed
when a Cypriot oil tanker, Seapride II, ran aground after
hitting a 200-foot tower supporting power lines across the
river, a Coast Guard spokesman said.
    He said there was no oil spill but the ship is lodged on
rocks opposite the Hope Creek nuclear power plant in New
Jersey.
    He said the port would be closed until today when they
hoped to refloat the ship on the high tide.
    After delivering oil to a refinery in Paulsboro, New
Jersey, the ship apparently lost its steering and hit the power
transmission line carrying power from the nuclear plant to the
state of Delaware.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

PENRIL 
<
PNL> SEEKS TO SELL TWO UNITS


    ROCKVILLE, Md., March 2 - 
Penril Corp said it is seeking to
sell its Triplett Electrical Instrument Corp subsidiary in
Bluffton, Ohio, and Triplett's Alltest division in Hoffman
Estates, Ill., as part of a plan to concentrate on its three
profitable division and reduce its debt load.
    The company also said it is evaluating a plan to satisfy
its obligations under its 10-7/8 pct subordinated notes but
gave no details.  Interest on the notes is due today.
    Penril further said director Clifford L. Alexander Jr. has
resigned from the board.  It gave no reason.
    Penril said shareholders at the annual meeting approved the
limitation of directors' liability.   
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

<
DALE BURDETT INC> FACES DAMAGE CLAIM


    WESTMINSTER, Calif., March 2 - 
Dale Burdett Inc said it
faces damages claims totalling about 420,000 dlrs from the
former owners of Burdett Publications Inc.
    The company said on February 20, 1986, its predecessor
Nolex Development Inc acquired Burdett Publications Inc in an
exchange of 17 mln common shares for all Burdett Publications
shares, but the transaction was not qualified with the
California Department of Corporations.
    As a result, it said, the former Burdett Publications
owners have a claim for damages against Dale Burdett as
successor to Nolex for one yuear starting January 21, 1987,
with the damages measured by the difference in values of shares
exchanged plus interest from February 20, 1986.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

PUROLATOR 
<
PCC> IN BUYOUT WITH HUTTON 
<
EFH>


    By Patti Domm


    NEW YORK, March 2 - 
New Jersey-based overnight messenger
Purolator Courier Corp said it has agreed to be acquired for
about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc
and certain managers of Purolator's U.S. courier business.
    Analysts have said that Purolator has been for sale for
some time. Purolator announced earlier it was mulling a
takeover bid, but analysts wrongly predicted the offer was from
another courier company.
    Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group
Inc, will be majority owner of the company.
    Hutton said the acquiring company, PC Acquisition Inc, is
paying 35 dlrs cash per share for 83 pct of Purolator's stock
in a tender offer to begin Thursday. The rest of the shares
will be purchased for securities and warrants to buy stock in a
subsidiary of PC Acquisition, containing Purolator's U.S.
courier operations.
    If all the shares of Purolator are tendered, shareholders
would receive for each share 29 dlrs cash, six dlrs in
debentures, and a warrant to buy shares in a subsidiary of PC
Acquisition containing the U.S. courier operations.
    Hutton said in the merger shareholders would get 46 mln
dlrs aggregate amount of guaranteed debentures due 2002 of PC
Acquisition and warrants to buy 15 pct of the common stock of
the PC courier subsidiary. Hutton said the company has valued
the warrants at two to three dlrs per share.
    Purolator's stock price closed at 35.125 dlrs on Friday.
While some analysts estimated the company was worth in the mid
30s, at least one said it would be worth 38 to 42 dlrs.
    This follows sales of two other Purolator units. It agreed
recently to sell its Canadian Courier unit to Onex Capital for
170 mln dlrs, and previously sold its auto filters business.
    Purolator retains its Stant division, which makes closure
caps for radiators and gas tanks. A Hutton spokesman said the
firm is reviewing its options on Stant.
    Purolator's courier business has been lagging that of its
U.S. rivals because of the high price it paid in the past
several years to add air delivery to its ground fleet.
    E.F. Hutton will provide 279 mln dlrs of its funds to
complete the transaction. This so-called "bridge" financing
will be replaced later with long-term debt most likely in the
form of bank loans, Hutton said. Hutton LBO is committed to
keeping the courier business, its president Warren Idsal said.
    "Purolator lost 120 mln dlrs over the last two years
largely due to U.S. courier operations, which we believe the
management is turning around. We belive it will be a very
serious competitor in the future," said Idsal.
    William Taggart, chief executive officer of U.S. Courier
division, will be chief executive officer of the new company.
    The tender offer will be conditioned on a minimum of two
thirds of the common stock being tendered and not withdrawn to
the expiration of the offer as well as certain other conditions.
    The offer will begin Thursday, subject to clearances from
the staff of the Interstate Commerce Commission and will expire
20 business days after commencement unless extended.
 Reuter
3;
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topicstart
cotton
topicend
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2;

PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES


    KARACHI, March 2 - 
Pakistan cotton production during the
current crop season (Sept/March) reached 7.7 mln bales of 375
pounds each, up 500,000 from last season, Shafi Niaz, Chairman
of the Agricultural Prices Commission, said.
    Official sources said Pakistan was likely to use 3.4 mln
bales of cotton during the current financial year ending June
after 2.96 mln in 1985/86 and 2.70 mln in 1984/85.
    They said consumption would increase due to a rise in
demand for cotton yarn in domestic markets and abroad. Pakistan
produced 540 mln kilos of yarn in fiscal year 1985/86 and
exported 157 mln.
    The State-owned cotton export corporation was likely to
export 3.8 mln bales of cotton during the current fiscal year
compared with 3.86 mln last year, cotton traders said.
    The traders said there would be 1.3 mln bales of cotton
carryover this fiscal year compared with just over a mln bales
last year.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;

FINANCIAL SANTA BARBARA 
<
FSB> TO MAKE PURCHASE


    SANTA BARBARA, Calif., March 2 - 
Financial Corp of Santa
Barbara said it has signed a definitive agreement to purchase
Stanwell Financial, the lending operations unit of mortgage
banking company 
<
Stanwell Mortgage>, for undisclosed terms.
 Reuter
3;
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377
topicstart
alum
topicend
bodystart
2;

ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER


    ESCHBORN, West Germany, March 2 - 
<
Alcan Aluminiumwerke
GmbH>, a subsidiary of Alcan Aluminium Ltd 
<
AL.N> of Canada,
said it plans to close its aluminium smelter in Ludwigshafen at
the end of June.
    A spokesman said Alcan was closing the smelter, with annual
capacity of 44,000 tonnes and 320 employees, because of high
electricity costs and the low world market price of aluminium.
    Alkan had said earlier this year it would close half the
plant's capacity but decided to shut down completely when talks
with potential cooperation partners failed, the spokesman said.
He declined to name the other companies involved in the talks.
 REUTER
3;
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topicstart
earn
topicend
bodystart
2;

BBC AG BROWN BOVERI UND CIE 
<
BBCZ.Z> 1986 YEAR


    BADEN, Switzerland, March 2 -
    
Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln.
    Orders received 2.21 billion francs vs 2.61 billion.
    Sales 2.25 billion francs vs 2.49 billion.
    Group sales 13.83 billion francs vs 13.88 billion.
    Group orders 11.03 billion francs vs 13.00 billion.
 REUTE
3;
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topicstart
acq
topicend
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2;

MARRIOTT 
<
MHS> TO SELL HOTEL


    TORONTO, March 2 - 
<
Four Seasons Hotels> said it and 
<
VMS
Realty Partners> of Chicago have agreed to purchase the Santa
Barbara Biltmore Hotel from Marriott Corp for an undisclosed
amount.
    It said the venture will rename the hotel the Four Seasons
Biltmore at Santa Barbara and invest over 13 mln dlrs in
improvements on the 228-room property.
 Reuter
3;
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381
topicstart
earn
topicend
bodystart
2;

BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND


    BADEN, Switzerland, March 2 - 
BBC AG Brown Boveri und Cie

<
BBCZ.Z> said it will omit dividend in 1986 for the second
consecutive year.
    It said it planned to invite shareholders and non-voting
stockholders to subscribe to a warrant bond issue of around 150
mln Swiss francs to be made after the June 2 annual meeting.
    The value of the stock subscription rights should
correspond roughly to the dividend of 30 francs per share paid
in 1984. The company also plans to issue participation
certificates with a par value of 70 mln Swiss francs, from
which existing shareholders are excluded.
 Reuter
3;
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topicstart
topicend
bodystart
2;

U.S. CORPORATE FINANCE - ASSET-BACK MARKET GROWS


    By John Picinich, Reuters


    NEW YORK, March 2 - 
The U.S. asset-backed debt securities
market, which grew explosively last year, is broadening and
investment bankers say 1987 could see a variety of issuers.
    "It is interesting to note that the first two asset-backed
deals of the year were done by commercial banks," said Anthony
Dub, who heads First Boston Corp's asset-backed group.
    BankAmerica Corp's 
<
BAC> Bank of America unit last week
issued 400 mln dlrs of securities backed by credit card
receivables via sole manager First Boston. Dub said the
offering sold out quickly, mostly to institutional investors.
    The Bank of America offering followed a January 16 issue of
200 mln dlrs of similar debt by RepublicBank Corp's 
<
RPT>
RepublicBank Delaware unit. Goldman, Sachs and Co ran the books
on that deal, with First Boston acting as co-manager.
    However, Dub said the Bank of America securities were more
closely related to the so-called "cars deals" that raced to
market last year than were the RepublicBank securities.
    "The RepublicBank issue was secured by credit card
receivables. In contrast, the Bank of America deal was the
first public offering of credit card receivables because we
used a grantor trust vehicle," he said.
    In a grantor trust, investors buy asset-backed certificates
that represent a specified percentage of an undivided interest
in the trust, analysts explained.
    The Bank of America certificates were issued by California
Credit Card Trust A, which the bank established for that single
purpose, investment bankers pointed out.
    The debt has an average life of 1.79 years and matures in
1992. First Boston gave the issue a 6.90 pct coupon and priced
it at 99.8125 to yield 6.95 pct, or 65 basis points over
comparable Treasury securities. Non-callable for life, the deal
was rated AAA by both Moody's and Standard and Poor's.
    Underwriters away from the syndicate said they believed the
Bank of America deal was priced too aggressively. "AAA-rated
auto paper was trading about 75 basis points over Treasuries
when First Boston priced the deal," one said.
    However, Dub said the offering sold out quickly anyway.
    The First Boston executive attributed this to the deal's
top-flight rating by both agencies, unlike many of last year's
cars deals, which were rated by S and P alone.
    "Investors receive interest only payments for the first 18
months and then interest and principal payments for the
remaining five to seven months," Dub detailed.
    Investment bankers pointed out that because the Bank of
America deal did not pay principal for a year and a half, the
issue had a longer average life than some of the cars deals
that were brought to market late last year.
    The collateral for the trust includes a pool of VISA credit
card receivables, backed by a letter of credit. Bank of America
has about four billion dlrs of credit card receivables, making
it one of the biggest in the U.S., analysts said.
    Last week's deal was Bank of America's second foray into
the young asset-backed securities market, analysts noted.
    In mid-December 1986 Bank of America sold, via California
Cars Grantor Trust 1986-A, 514 mln dlrs of certificates backed
by automobile receivables through Salomon Brothers Inc.
    Upcoming asset-backed issues include 200 mln dlrs of notes
backed by the car leases of Volvo 1986 Lease Finance Corp, a
unit of Volvo Finance North America Inc, via First Boston, and
450 mln dlrs of notes secured by sales contracts of Mack Trucks
Receivables Corp, a unit of Mack Trucks Inc 
<
MACK>, via
Shearson Lehmand Brothers Inc.
    The asset backed market, which began in March 1985, totals
an estimated 11.9 billion dlrs.
 Reuter
3;
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topicstart
acq
topicend
bodystart
2;
******
VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS

Blah blah blah.
3;


bodyend
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387
topicstart
acq
topicend
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2;

LAROCHE STARTS BID FOR NECO 
<
NPT> SHARES


    NEW YORK, March 2 - 
Investor David F. La Roche of North
Kingstown, R.I., said he is offering to purchase 170,000 common
shares of NECO Enterprises Inc at 26 dlrs each.
    He said the successful completion of the offer, plus shares
he already owns, would give him 50.5 pct of NECO's 962,016
common shares.
    La Roche said he may buy more, and possible all NECO
shares. He said the offer and withdrawal rights will expire at
1630 EST/2130 gmt, March 30, 1987.
 Reuter
3;
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documentstart
388
topicstart
earn
topicend
bodystart
2;

<
SDC SYDNEY DEVELOPMENT CORP> NINE MTHS LOSS


    VANCOUVER, British Columbia, March 2 -
    
Period ended December 31, 1986
    Oper shr loss 1.08 dlrs vs loss 84 cts
    Oper loss 7,700,000 vs loss 1,700,000
    Revs 11,800,000 vs 9,800,000
    Note: Current shr and net exclude extraordinary gain of
300,000 dlrs or five cts shr, versus extraordinary gain of
200,000 dlrs or four cts shr
 Reuter
3;
bodyend
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389
topicstart
acq
topicend
bodystart
2;

SENIOR ENGINEERING MAKES 12.5 MLN DLR US PURCHASE


    LONDON, March 2 - 
<
Senior Engineering Group Plc> said it
reached agreement with 
<
Cronus Industries Inc> to acquire the
whole share capital of 
<
South Western Engineering Co> for 12.5
mln dlrs cash. This sum is being financed by a term loan.
    South Western is one of the U.S.'s leading manufacturers of
heat transfer equipment, with a turnover of 54.86 mln dlrs and
pre-tax profits of 1.72 mln in 1986.
    Completion of the deal is conditional on approval under
U.S. Hart-Scott-Rodino regulations which is expected within 30
days. Some 350,000 dlrs is payable immediately, 12 mln dlrs
payable on completion with the balance due by June 30, 1987.
 Reuter
3;
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documentend
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390
topicstart
earn
topicend
bodystart
2;

CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987


    HONG KONG, March 2 - 
Cheung Kong (Holdings) Ltd 
<
CKGH.HK>
is expecting strong results this year after reporting better
than expected profits in 1986, chairman Li Ka-shing said.
    He did not give a specific earnings projection but he told
reporters the firm will pay total dividends of not less than 19
cents a share this year after a one-for-four bonus issue and a
four-for-one stock split.
    The company earlier declared total dividends equal to 15
cents a share for 1986, adjusting for the stock split and bonus
issue.
    Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in
1986, well above market expectations of 920 mln to one billion
dlrs. They compared with profits of 551.7 mln dlrs in 1985.
    Cheung Kong also reported extraordinary gains of 983.6 mln
dlrs mainly from the firm's sale of the Hong Kong Hilton Hotel
to Hongkong Electric Holdings Ltd 
<
HKEH.HK> for one billion
dlrs. It had gains of 81.3 mln dlrs in 1985.
    Li attributed the surge in 1986 earnings to a buoyant local
property market and substantial increases in contributions from
associated companies.
    "Looking ahead, 1987 should be another year of stability for
the property market," Li said. "The growth in (Hong Kong's)
exports is expected to stimulate the demand for industrial
buildings."
    Cheung Kong is cash rich and is looking for new projects in
the British colony, Li said, noting the firm is interested in a
land reclamation project along the Hong Kong harbour and is
exchanging views with the government on a proposal to build a
second airport.
 Reuter
3;
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topicstart
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> UNIT TO REDEEM DEBENTURES


    LOS ANGELES, March 2 - 
Occidental Petroleum Corp said its
MidCon Corp subsidiary will redeem on March 31 all 269,000 dlrs
of its outstanding 10-1/4 pct convertible subordinated
debentures due 2009 at 107.18 pct of par.
    It said interest payable March 31 will be paid in the usual
manner to holders of record on March 15.  The debentures
convert to common stock at 14.168319 dlrs per share, or 70.58
shares per 1,000 dlrs principal amount, through March 31.
Holders converting through March 17 will be entitled to receive
Occidental's regular quarterly dividend of 62-1/2 cts per share
on common stock that is payable April 15.
    The company said any holders surrendering debentures for
conversion after March 15, other than those surrendering for
conversion on March 31, will be required to pay to the
conversion agent an amount equal to the interest paytable on
the debentures on March 31.
 Reuter
3;
bodyend
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392
topicstart
earn
topicend
bodystart
2;
******
WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
393
topicstart
acq
topicend
bodystart
2;

VIACOM 
<
VIA> RECEIVES TWO REVISED OFFERS


    NEW YORK, March 2 - 
Viacom International Inc said it
received revised merger offers from 
<
National Amusements Inc>
and 
<
MCV Holdings Inc>.
    The company said the special committee plans to meet later
today to review both offers.
    Viacom said National Amusements' Arsenal Holdings Inc
raised the value of its offer for the Viacom shares not held by
National Amusements in three areas. National Amusements holds
19.6 pct of Viacom's stock.
    The cash value of the offer was raised to 42.00 dlrs from
the 40.50 dlrs a Viacom share offered February 23 while the
value of the fraction of a share of exchangeable preferred
being offered was increased to 7.50 dlrs a share from six dlrs.
The interest rate to be used to increase the cash value of the
merger, if delayed beyond April 30, was raised to nine pct from
eight pct and 12 pct after May 31.
    A Viacom spokesman said the Arsenal Holdings's offer
continues to include a 20 pct interest in Arsenal for present
Viacom shareholders.
    Viacom said MCV Holdings, a group which includes the
company's senior management and the Equitable Life Assurance
Society of the United States, raised the value of its offer by
increasing the value of the preferred being offered to 8.50
dlrs from 8.00 dlrs a share and raising the ownership in the
new company to be held by present Viacom shareholders to 45 pct
from 25 pct. MCV called its previous offer, made February 26,
the "final" proposed revision of its agreement with Viacom.
 Reuter
3;
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topicstart
topicend
bodystart
2;

DOW 
<
DOW> TO OFFER 130 MLN DLRS IN SWISS NOTES


    MIDLAND, MICH., Mar 2 - 
Dow Chemical Co said it will issue
200 mln Swiss franc-denominated bonds worth about 130 mln dlrs
U.S. at current exchange rates.
    The 12-year bonds will carry a coupon of 4-3/4 pct and will
be sold primarily to European investors for 100.25 pct of face
value, Dow said.
    Proceeds from the offering will be used to refinance
existing debt, it said.
    Underwriters are led by Union Bank of Switzerland.  The
bonds will be listed on stock exchanges in Basle, Berne,
Geneva, Lausanne and Zurich.
 Reuter
3;
bodyend
documentend
documentstart
395
topicstart
grain
wheat
corn
barley
topicend
bodystart
2;

FRENCH ESTIMATE 86/87 WHEAT DELIVERIES UNCHANGED


    PARIS, March 2 - 
The French Cereals Intervention Board,
ONIC, left its estimate of French 1986/87 (July/June) soft
wheat deliveries unchanged from its last forecast at 21.98 mln
tonnes.
    This compared with deliveries of 24.38 mln tonnes in
1985/86 (August/July).
    Estimated 1986/87 maize deliveries were also left unchanged
from ONIC's previous forecast at the beginning of February at
9.91 mln tonnes against 10.77 mln the previous season.
    Barley deliveries were also unchanged at 6.62 mln tonnes
against 7.7 mln in 1985/86.
 Reuter
3;
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396
topicstart
earn
topicend
bodystart
2;
******
WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
398
topicstart
acq
topicend
bodystart
2;
******
PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK

Blah blah blah.
3;


bodyend
documentend
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399
topicstart
earn
topicend
bodystart
2;

TUESDAY MORNING INC 
<
TUES> 4TH QTR NET


    DALLAS, March 2 -
    
Shr 1.19 dlrs vs 1.46 dlrs
    Net 3,150,185 vs 2,665,284
    Revs 27.9 mln vs 24.1 mln
    Avg shrs 2,653,646 vs 1,826,858
    Year
    Shr 1.45 dlrs vs 1.37 dlrs
    Net 3,611,802 vs 2,502,443
    Sales 62.2 mln vs 52.8 mln
    Avg shrs 2,489,978 vs 1,826,858
 Reuter
3;
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topicstart
acq
topicend
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2;
******
DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP

Blah blah blah.
3;


bodyend
documentend
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401
topicstart
acq
topicend
bodystart
2;

MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC 
<
PNF>


    NEW YORK, March 2 - 
<
Miller Tabak Hirsch and Co> said it
has received an accepted 3,424,729 common shares of Penn
Traffic Co in response to its 31.60 dlr per share tender offer
that expired Friday, and together with the 380,728 shares it
already owned, it now has about 91.8 pct of Penn Traffic.
    The company said Penn Traffic is expected to hold a special
shareholders' meeting later this month to approve a merger into
Miller Tabak at the tender price.
    It said two Miller Tabak representatives will be named to
the Penn Traffic board on March Four to serve as the only
directors with Penn Traffic president and chief executive
officer Guido Malacarne.
    The company said it received financing for the transaction
from First National Bank of Minneapolis and Salomon Inc 
<
SB>.
 Reuter
3;
bodyend
documentend
documentstart
402
topicstart
coffee
topicend
bodystart
2;

COFFEE QUOTA TALKS CONTINUE BUT NO AGREEMENT YET


    LONDON, March 2 - 
Coffee quota talks at the International
Coffee Organization council meeting here continued this
afternoon, but producers and consumers still had not reached
common ground on the key issue of how to estimate export
quotas, delegates said.
    The 54 member contact group was examining a Colombian
proposal to resume quotas April 1 under the ad hoc system used
historically, with a pledge to meet again in September to
discuss how quotas would be worked out in the future, they
said.
    Delegates would not speculate on the prospects for
agreement at this time.
    "Anything could happen," one delegate said.
 Reuter
3;
bodyend
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topicstart
topicend
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2;

FEDERAL INDUSTRIES SETS COMMERCIAL PAPER ISSUE


    WINNIPEG, Manitoba, March 2 - 
<
Federal Industries Ltd> said
it introduced a commercial paper program with an authorization
of 440 mln dlrs through agents 
<
Bank of Montreal>, 
<
Dominion
Securities Inc> and Wood Gundy Inc.
    Net proceeds from the sale of notes will be used for
general corporate purposes and will replace existing
outstanding debt, the company said.
    It did not elaborate on financial terms of the issue.
 Reuter
3;
bodyend
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topicstart
earn
topicend
bodystart
2;

WASTE MANAGEMENT 
<
WMX> VOTES SPLIT, UPS PAYOUT


    OAK BROOK, ILL., Mar 2 - 
Waste Management Corp said its
board voted a two-for-one stock split payable April 21, record
March 30.
    In other action, Waste Management directors approved an
increase in the quarterly dividend to 18 cts from 14 cts,
payable April three, record March 18.
 Reuter
3;
bodyend
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405
topicstart
earn
topicend
bodystart
2;

POREX TECHNOLOGIES 
<
PORX> SETS INITIAL DIVIDEND


    FAIR LAWN, N.J., March 2 - 
Porex Technologies Corp said its
board declared an initial annual dividend of 10 cts per share,
its first payout, payable March 26 to holders of record March
12.
 Reuter
3;
bodyend
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406
topicstart
earn
topicend
bodystart
2;

DAVIS WATER 
<
DWWS> DECLARES STOCK DIVIDEND


    THOMASVILLE, Ga., March 2 - 
Davis Water and Waste
Industries Inc said its board declared a 33-1/3 pct stock
dividend, payable March 23 to holders of record March 12.
 Reuter
3;
bodyend
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documentstart
407
topicstart
earn
topicend
bodystart
2;

MEDCO CONTAINMENT 
<
MCCS> SETS INITIAL PAYOUT


    ELMWOOD PARK, N.J., March 2 - 
Medco Containment Services
Inc said its board declared an initial annual dividend of 10
cts per share, its first payout, payable March 19 to holders of
record March 12.
 Reuter
3;
bodyend
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408
topicstart
acq
topicend
bodystart
2;

PITTSTON 
<
PCO> AGREES TO ACQUIRE WTC 
<
WAF>


    STAMFORD, Conn., March 2 - 
Pittston Co said it has
tentatively agreed to acquire WTC International N.V. in a
tax-free exchange of stock.
    Pittston said it agreed to exchange 0.523 common share for
each of the about 8,612,000 WTC common shares outstanding.
    Pittston said WTC's three principal shareholders, who own
62 pct of its stock, are parties to this agreement. They have
granted Pittston the right of first refusal to their shares.
    WTC has granted Pittston an option to buy WTC shares equal
to 18.5 poct of its outstanding stock. The agreement is subject
to approval of both boards and WTC shareholders.
    Pittston said described WTC as a fast growing air freight
forwarding company with operations throughout the world. Its
revenues totaled nearly 200 mln dlrs in the year ended November
30 and for the quarter ended on that date it earned 1.3 mln
dlrs on revenues of 55.8 mln dlrs.
    Pittston said its Burlington Air Express subsidiary
generates about two-thirds of its 450 mln dlrs in annual
revenes with its domestic air freight services.
 Reuter
3;
bodyend
documentend
documentstart
409
topicstart
earn
topicend
bodystart
2;

SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS


    VANCOUVER, British Columbia, March 2 - 
<
SDC Sydney
Development Corp>, earlier reporting an increased nine month
operating loss, said a cost control review now underway may
result in cost reduction and elimination of unprofitable and
non-strategic products and services.
    The company's operating loss for the nine months ended
December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7
mln dlrs in the prior year, it said earlier.
    Revenues increased by 20 pct to 11.8 mln dlrs from
year-earlier 9.8 mln dlrs.
 Reuter
3;
bodyend
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documentstart
410
topicstart
earn
topicend
bodystart
2;

<
MULTI-STEP PRODUCTS INC> SIX MTHS DEC 31 LOSS


    TORONTO, March 2 -
    
Shr loss 11 cts
    Loss 739,146
    Revs 11,754,251
    Note: initial public listing December, 1986
 Reuter
3;
bodyend
documentend
documentstart
411
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED BORROWING FACILTIES


    LONDON, March 2 - 
The Bank of England said it had offered
borrowing facilities to those discount houses wishing to use
them at 1430 GMT.
    The Bank also said it provided the money market 456 mln stg
assistance in the afternoon session bringing its total help so
far today to 493 mln stg. This compares with its forecast of a
shortage in the system today of around 700 mln stg.
    The central bank purchased bank bills outright comprising
41 mln stg in band one at 10-7/8 pct 361 mln stg in band two at
10-13/16 pct and 54 mln stg in band three at 10-3/4 pct.
    Money market dealers said the Bank of England has recently
used the offer of borrowing facilities to signal that it does
not want to see an early reduction in U.K. Base lending rates.
    The Bank does this by lending to the discount houses at
rates of interest higher than its prevailing money market
dealing rates.
 REUTER
3;
bodyend
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413
topicstart
topicend
bodystart
2;

NETHERLANDS GRANTS 47 MLN DLRS TO BANGLADESH


    DHAKA, March 2 - 
Bangladesh will receive a grant equivalent
to 47 mln U.S. Dlrs from the Netherlands during 1987 under an
agreement signed here Saturday, officials said.
    This raised the amount of Dutch grants to Bangladesh to 759
mln dlrs since 1972, used mainly for commodity imports and
implementing development projects, they said.
 Reuter
3;
bodyend
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414
topicstart
topicend
bodystart
2;

QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND


    LONDON, March 2 - 
Caisse Centrale Desjardins du Quebec is
issuing a 10 billion yen step-up eurobond maturing on March 25,
1992 and priced at 101-3/4 pct, joint-bookrunner Warburg
Securities said.
    The issues pays a coupon of one pct in years one and two
and then pays a coupon of 7-7/8 pct in years three, four and
five. The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct.
    The payment date is March 25 while the issue will be listed
in Luxembourg. The borrower is the wholesale financing arm of a
major group of credit unions in the Province of Quebec.
 REUTER
3;
bodyend
documentend
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415
topicstart
topicend
bodystart
2;

DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND


    ZURICH, March 2 - 
Dow Chemical Co has launched a 200 mln
Swiss franc, 12-year bond with a 4-3/4 pct coupon priced at
100-1/4 pct, lead manager Union Bank of Switzerland said.
    The issue carries a call option from 1993 at 102 pct,
declining thereafter by 1/2 percentage point per year.
    Subscriptions close March 18 and payment date is April 2.
 REUTER
3;
bodyend
documentend
documentstart
416
topicstart
reserves
topicend
bodystart
2;

SWISS SIGHT DEPOSITS RISE 3.10 BILLION FRANCS


    ZURICH, March 2 - 
Sight deposits by commercial banks at the
Swiss National Bank rose by 3.10 billion Swiss francs to 10.53
billion in the last 10 days of February, the National Bank
said.
    Foreign exchange reserves fell 3.06 billion francs to 30.64
billion.
    Sight deposits are an important measure of Swiss money
market liquidity.
    The decline in foreign exchange reserves reflected the
dismantling of swap arrangements, the National Bank said.
    Banknotes in circulation rose by 834 mln francs to 24.79
billion while other deposits on call - mainly government funds
- fell 1.60 billion francs to 1.04 billion.
 REUTER
3;
bodyend
documentend
documentstart
417
topicstart
grain
oat
topicend
bodystart
2;
USDA LIFTS CROSS-COMPLIANCE FOR 1987 CROP OATS
    REPEAT FROM LATE FRIDAY
    WASHINGTON, Feb 27 - The USDA said it is lifting the
limited cross-compliance requirement for 1987 crop oats.
    Deputy Secretary Peter Myers said the action was being
taken to help alleviate the short supply of oats.
    Under limited cross compliance, the plantings of other
program crops on the farm may not exceed the crop acreage bases
of those crops.
    The lifting of the cross-compliance on oats permits the
planting of oats in excess of the oat acreage base without
sacrificing eligibility for other crop program benefits.
    Myers said soybean plantings are expected to decrease as a
result of the action on oats, planting of which are expected to
increase by two to three mln acres.
 Reuter
3;


bodyend
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documentstart
418
topicstart
acq
topicend
bodystart
2;
******
CONSOLIDATED TVX SAYS IT WILL ISSUE SHARES TO BUY STAKES IN THREE BRAZIL MINING FIRMS

Blah blah blah.
3;


bodyend
documentend
documentstart
419
topicstart
topicend
bodystart
2;

BRAZIL CRITICISES ADVISORY COMMITTEE STRUCTURE


    By Sandy Critchley, Reuters


    LONDON, March 2 - 
Brazil is not happy with the existing
structure of the 14-bank advisory committee which coordinates
its commercial bank debt, Finance Minister Dilson Funaro said.
    U.S. Banks have 50 pct representation on the committee
while holding only 35 pct of Brazil's debt to banks, he said,
adding "This is not fair with the European and Japanese banks."
The committee had played a useful role in 1982 and 1983,
however.
    Noting the often different reactions of U.S., Japanese and
European banks, Funaro told journalists that Brazil might adopt
an approach involving separate discussions with the regions.
    Since debtor nations' problems were normally treated on a
case-by-case basis, "Perhaps the same principle should apply to
creditors," central bank president Francisco Gros said.
    Brazil on February 20 suspended indefinitely interest
payments on 68 billion dlrs owed to commercial banks, followed
last week by a freeze on bank and trade credit lines deposited
by foreign banks and institutions, worth some 15 billion dlrs.
    Funaro and Gros spent two days at the end of last week in
Washington talking to government officials and international
agencies and will this week visit Britain, France, West
Germany, Switzerland and Italy for discussions with
governments.
    Funaro and Gros are today meeting British Chancellor of the
Exchequer Nigel Lawson, Foreign Secretary Geoffrey Howe and
Governor of the Bank of England Robin Leigh-Pemberton.
    Bankers have estimated that Brazil owes U.K. Banks around
8.5 billion dlrs in long and medium term loans, giving the U.K.
The third largest exposure after the U.S. And Japan.
    The crisis began when Brazil's trade surplus, its chief
means of servicing its foreign debt, started to decline sharply
and the problem was compounded by a renewed surge in the
country's127;ate of inflation.  Reserves were reported to have
dropped below four billion dlrs.
    Funaro envisaged that any eventual solution to problems
with Brazil's 108 billion dlr foreign debt would involve only
partial servicing of the debt.
    "What we propose is to arrive at a mechanism of refinance
for part of the service, because we cannot service all that," he
said. "I really think we have to change the old rules."
    Asked why Brazil was first approaching governments, rather
than the commercial banks themselves in its search for a
solution to the crisis, Funaro said "We must first talk to the
governments and then we can talk to the banks, because the
banks have some limits."
    "It is a political discussion from our point of view," he
said.
    Funaro said he hoped next week to travel to talk to
Japanese and Canadian government officials. He would then talk
to the commercial banks "If I've got some solution from the
governments. I can't take the burden only to the banks." He was
not sure how long it would take to reach a solution.
 127;  In discussions with governments Brazil would review the
mechanisms whereby finance was made available to nations in
need. Finance from official lending agencies had been virtually
closed since 1982. "You must open these mechanisms," he said.
    He said that while the U.S. Officials had been disturbed by
Brazil's suspension of interest payments, they understood
Brazil had no other choice, as it had to protect its reserves.
    Also the financing mechanisms had to be discussed "because
we can't stay as we were the last few years."
    "I'm trying to put the problem on the table.... All of us
would like to have a kind of equilibrium." he said. Although
Brazil has rejected a substantive role for the International
Monetary Fund (IMF) in managing its economy, Funaro paid a call
in Washington to IMF Managing Director Michel Camdessus and to
World Bank President Barber Conable.
    Funaro noted that inflation in February had started to
decline again and he expected Brazil to achieve a minimum eight
billion dlr trade surplus in 1987.
    Banking sources noted that Brazil's monthly surplus had
declined to some 150 mln dlrs in the final three months of last
year, against a monthly one billion in the first nine months.
    Brazil had the third largest trade surplus in the world,
Funaro said, although its share of international trade was only
one pct.  "The solution is linked with growth, not recession," he
said, noting an IMF program would involve promoting exports and
inducing an internal recession in order to service debt.
    Banking sources said Brazil's debts to foreign governments,
as opposed to commercial banks, now benefit from a sounder
structure following last month's rescheduling by the Paris Club
of creditor nations of 4.12 billion dlrs of official debt.
 REUTER
3;
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420
topicstart
earn
topicend
bodystart
2;

WHITTAKER CORP 
<
WKR> 1ST QTR JAN 31 NET


    LOS ANGELES, March 2 -
    
Oper shr 17 cts vs 25 cts
    Qtly div 15 cts vs 15 cts prior
    Oper net 1,522,000 vs 3,501,000
    Sales 98.0 mln vs 86.3 mln
    NOTE: Prior year net excludes loss from discontinued
operations of 1,817,000 dlrs.
    Company said common shares outstanding down significantly
to 7,814,000, reflecting retirement of about 5,200,000 shares
since start of restructurining in August 1986.
    Dividend pay April 30, record April 16.
 Reuter
3;
bodyend
documentend
documentstart
421
topicstart
topicend
bodystart
2;

QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND


    LONDON, March 2 - 
Caisse Centrale Desjardins du Quebec is
issuing a 10 billion yen step-up eurobond maturing on March 25,
1992 and priced at 101-3/4 pct, joint-bookrunner Warburg
Securities said.
    The issues pays a coupon of one pct in years one and two
and then pays a coupon of 7-7/8 pct in years three, four and
five. The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct.
    The payment date is March 25 while the issue will be listed
in Luxembourg. The borrower is the wholesale financing arm of a
major group of credit unions in the Province of Quebec.
 Reuter
3;
bodyend
documentend
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422
topicstart
earn
topicend
bodystart
2;

STOP AND SHOP COS INC 
<
SHP> 4TH QTR JAN 31 NET


    BOSTON, March 2 -
    
Oper shr 1.80 dlrs vs 1.46 dlrs
    Oper net 25.0 mln vs 20.2 mln
    Sales 1.09 billion vs 996.4 mln
    Avg shrs 13.9 mln vs 13.8 mln
    Year
    Oper shr 3.20 dlrs vs 2.57 dlrs
    Oper net 44.4 mln vs 35.4 mln
    Sales 3.87 billion vs 3.43 billion
    Avg shrs 13.9 mln vs 13.8 mln
    NOTES: Operating net excludes losses of 12.1 mln dlrs, or
87 cts a share, vs 321,000 dlrs, or two cts a share, in quarter
and 6.0 mln dlrs, or 43 cts a share, vs 5.1 mln dlrs, or 37 cts
a share, from discontinued operations. This includes provision
in latest quarter of 12.2 mln dlrs for closing of Almys
Department Store Co.
    Operating net in latest quarter and year includes 750,000
dlrs charge for restructuring announced in early January
 Reuter
3;
bodyend
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423
topicstart
earn
topicend
bodystart
2;

JIM WALTER CORP 
<
JWC> REGULAR DIVIDEND


    TAMPA, Fla., March 2 -
    
Qtly div 35 cts vs 35 cts in prior qtr
    Payable April one
    Record March 14
 Reuter
3;
bodyend
documentend
documentstart
424
topicstart
acq
topicend
bodystart
2;

DIAGNOSTIC 
<
DRS> MAKES A BID FOR ROSPATCH 
<
RPCH>


    OAKLAND , N.J., March 2 - 
Diagnostic Retrieval Systems Inc
said it has made an offer to acquire, through a wholly owned
unit, all outstanding shares of Rospatch Corp's common stock
for 22 dlrs a share cash, or about 53 mln dlrs.
    DRS, a warfare systems producer, said it would make the
transaction through a cash tender offer for all, but not less
than 51 pct, of Rospatch's outstanding common stock followed by
a merger with Rospatch, a labels, high technology and wood
producer, at the same purchase price per share.
    DRS said the deal is subject to approval by the Rospatch
board, and the tender offer expires on March 6, 1986.
 Reuter
3;
bodyend
documentend
documentstart
425
topicstart
grain
wheat
wool
dlr
topicend
bodystart
2;

RECORD N.Z. FUTURES VOLUMES TRADED IN FEBRUARY


    WELLINGTON, March 2 - 
The volume of contracts traded on the
New Zealand Futures Exchange (NZFE) reached a record 25,559
contracts in February, the International Commodities Clearing
House (ICCH) said.
    The previous high was 22,583 contracts in December 1986.
    The ICCH said the value of the contracts traded in February
was 2.90 billion N.Z. Dlrs.
    The seven contracts currently traded on the NZFE are:
five-year government bonds, the share price index, 90-day bank
bills, 90-day prime commercial paper, the U.S. Dollar,
crossbred wool, and wheat.
 Reuter
3;
bodyend
documentend
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427
topicstart
topicend
bodystart
2;

DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND


    ZURICH, March 2 - 
Dow Chemical Co has launched a 200 mln
Swiss franc, 12-year bond with a 4-3/4 pct coupon priced at
100-1/4 pct, lead manager Union Bank of Switzerland said.
    The issue carries a call option from 1993 at 102 pct,
declining thereafter by 1/2 percentage point per year.
    Subscriptions close March 18 and payment date is April 2.
 Reuter
3;
bodyend
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documentstart
433
topicstart
topicend
bodystart
2;
******
 FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.69 PCT FROM 7.82 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
435
topicstart
earn
topicend
bodystart
2;

WHITTAKER 
<
WKR> TO HAVE GAINS FROM SALES


    LOS ANGELES, March 2 - 
Whittaker Corp said it will have a
gain on the sale of discontinued businesses after any operating
losses from the businesses up until the dates of disposition,
but it will defer reporting the gain until its restructuring
program hsa been substantially completed.
    The company said in the first quarter ended January 31,m it
completed the divestiture of its health maintenance
organization operations to Travelers Corp 
<
TIC> , sold its
Whittar Steel Strip operations to 
<
DofascoxInc> and sold its
equity investment in Bertram-Trojan Inc to an affiliate of

<
Investcorp>.
    The company said it has entered into definitive agreements
to sell Whittaker General Medical Corp, Bennes MArrel SA of
France and Juster Steel Corp as well.
    The company said to date it has received proceeds of about
90 mln dlrs from divestitures and has used the funds to reduce
debt incurred in the repurchase of its common shares.
    Whittaker today reported first quarter earnings from
continuing operations fell to 1,522,000 dlrs from 3,501,000
dlrs a year before. The year-earlier figure excluded a
1,817,000 dlr loss from discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
436
topicstart
acq
topicend
bodystart
2;

THE JAPAN FUND 
<
JPN> GETS BUYOUT OFFER


    NEW YORK, March 2 - 
The Japan Fund Inc said it has received
an unsolicited offer from 
<
Sterling Grace Capital Management
LP>, acting together with certain other persons and entities,
to purchase all the assets of the fund at five pct below its
aggregate net asset value.
    The Japan Find said tne deal is subject to obtaining
satisfactory financing and a due diligence review.
    It added that the proposal has been referred to its Board
of Directors for consideration.
 Reuter
3;
bodyend
documentend
documentstart
437
topicstart
topicend
bodystart
2;

STANSBURY MINING 
<
STBY> GETS FUNDING FOR MINE


    ALPINE, Utah, March 2 - 
Stansbury Mining Corp said it has
arranged the financing it needs to bring its vermiculite mine
into operation later this year.
    The company said New York investment banking firm Matthews
and Wright has arranged 7,300,000 dlrs in tax-free industrial
revenue bonds and 4,700,000 dlrs in conventional bonds.
    It said it expects to produce saleable ore from the mine
before year-end.
    The company said it has also signed an agreement for Wright
Engineers Ltd of British Columbia to recoup the cost of its
services to Stansbury by converting warrants.
    The company said Wright Engineers would convert the
warrants to Stansbury common on a monthly basis at the monthly
market value as the 1,700,000 dlrs of engineering work is
completed.  It said it does not expect more than 400,000
warrants to be converted over the next 12 months.
 Reuter
3;
bodyend
documentend
documentstart
438
topicstart
earn
topicend
bodystart
2;

<
SAMSUNG CO> CALENDAR 1986


    SEOUL, March 2 -
    
Div 50 won vs 50 won
    Net profit 6.91 billion won vs 6.10 billion
    Sales 4,275.4 billion vs 3,801,7 billion
    Note - Company has set 1987 sales target of 4,800 billion
won.
 Reuter
3;
bodyend
documentend
documentstart
439
topicstart
earn
topicend
bodystart
2;

<
DAEWOO CORP> CALENDAR 1986


    SEOUL, March 2 -
    
Div 50 won vs 50 won
    Net profit 35.4 billion won vs 34.2 billion
    Sales 4,214.9 billion won vs 3,779.2 bilion
    Note - company has set 1987 sales target of 5,200 billion.
 REUTER
3;
bodyend
documentend
documentstart
440
topicstart
acq
topicend
bodystart
2;
******
CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
441
topicstart
acq
topicend
bodystart
2;

BANK OF NEW YORK 
<
BK> TO HAVE GAIN ON UNIT SALE


    NEW YORK, March 2 - 
Bank of New York Co said it and the
management of RMJ Securities Corp have agreed to sell 80 pct of
their interests in RMJ Holding Corp to 
<
British and
Commonwealth Holdings PLC> and Bank of New York expects to
realize a substantial gain on the transaction.
    RMJ Holding is the holding company for RMJ Securities, a
large broker of U.S. government securities and agency
obligations  Bank of New York owns a majority interest in RMJ
Holding and management of RMJ Securities the remainder.
    Bank of New York said the sale is expected to be completed
during the second quarter.
    It said it and RMJ Securities management will continue to
own 20 pct of RMJ Holding for now, but the agreement provides
for the sale of that remaining interest to British and
Commonwealth over the next six years.
 Reuter
3;
bodyend
documentend
documentstart
442
topicstart
acq
topicend
bodystart
2;

CORNING 
<
GLW>, HAZLETON 
<
HLC> SET EXCAHNGE RATIO


    CORNING, N.Y., March 2 - 
Corning Glass Works said the
exchange ratio for its previously announced acquisition of
Hazleton Laboratories Corp has been established at 0.5165
Corning common share for each Hazleton common share.
    Corning said the prospectus regarding the merger is
expected to be mailed tomorrow to all Hazleton holders of
record February 18. Hazleton shareholders will vote on the
proposed merger at a special meeting on March 31.
 Reuter
3;
bodyend
documentend
documentstart
443
topicstart
livestock
l-cattle
topicend
bodystart
2;

HEALTH EXPERTS URGE ERADICATION OF RINDERPEST


    ROME, March 2 - 
World animal health experts called for a
campaign to eradicate the lethal cattle disease Rinderpest in
Bangladesh, Bhutan, India, Nepal and Pakistan, a statement from
a Food and Agriculture Organization (FAO) meeting here said.
    Some 230 mln dlrs is needed over two years to vaccinate the
entire susceptible cattle population in Bangladesh and Pakistan
and high-risk areas of the other three countries. In India some
240 mln cattle are estimated to be at risk from the disease.
    The experts recommended the campaign be funded mostly by
the governments of the five nations, with help from the FAO.
Similar campaigns are needed in Egypt, Yemen, Iraq and Iran.
 Reuter
3;
bodyend
documentend
documentstart
444
topicstart
retail
topicend
bodystart
2;

TURKISH RETAIL PRICES RISE 2.7 PCT IN FEBRUARY


    ANKARA, March 2 - 
Turkish retail prices rose 2.7 pct in
February after 2.9 pct in January and 1.7 pct in February 1986,
the State Statistics Institute said.
    Prices in the year to February rose 31.6 pct, compared with
30.3 pct in the year to January and 38.8 pct in the 12 months
to February 1986.
    The index (base 1978/79), covering 14 towns and five
regions, was 1,886.8 in February, 1,837.2 in January and
1,434.0 in February 1986.
 REUTER
3;
bodyend
documentend
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topicstart
acq
topicend
bodystart
2;

BALLY 
<
BLY> COMPLETES PURCHASE OF GOLDEN NUGGET


    CHICAGO, March  2 - 
Bally Manufacturing Corp said it
completed the acquisition of the Golden Nugget Casino Hotel in
Atlantic City, New Jersey from Golden Nugget Inc.
    Bally also acquired from Golden Nugget various parcels of
real estate in Atlantic City, it noted.
    The transaction included 140 mln dlrs in cash and stock and
the assumption of a 299 mln dlrs mortgage.
 Reuter
3;
bodyend
documentend
documentstart
448
topicstart
gold
acq
platinum
topicend
bodystart
2;

CONSOLIDATED TVX TO BUY BRAZIL GOLD MINE STAKES


    TORONTO, March 2 - 
<
Consolidated TVX Mining Corp> said it
agreed to issue 7.8 mln treasury shares to acquire interests in
three gold mining companies in Brazil and an option to increase
the company's interest in a platinum property.
    The company said the transactions will bring immediate
production and earnings to Consolidated TVX, enhance its
precious metal potential and is expected to improve cash flow
and earnings on a per share basis. The company did not give
specific figures.
    Consolidated TVX said it will acquire 29 pct of CMP, a
public gold mining company in which TVX already holds a 15 pct
interest, making TVX the largest single shareholder.
    The company also agreed to acquire a 19 pct stake in Novo
Astro, a private company, and a 16 pct interest in Teles Pires
Mining, increasing the TVX's ownership to 51 pct.
    In addition, Consolidated TVX said it will acquire the
right to add a 10 pct interest to a platinum property in which
it already owns a 29.4 pct stake.
    CMP earned 11 mln Canadian dlrs in 1986 and expects to
produce 42,000 ounces of gold in 1987 at a cost of 160 U.S.
dlrs an ounce, Consolidated TVX said.
    Novo Astro operates Brazil's richest gold mine located in
Amapa State, with an average grade of 0.8 ounces of gold a ton
in a hardrock quartz vein, Consolidated TVX said. Mining of
eluvial surface material produced 25,000 ounces in 1986 and is
expected to produce 60,000 ounces in 1987.
    It also said Teles Pires Mining controls rights to a 350
kilometer section of the Teles Pires River, where one dredge is
expected to produce 10,000 ounces of gold in 1987.
 Reuter
3;
bodyend
documentend
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topicstart
earn
topicend
bodystart
2;

WARWICK INSURANCE MANAGERS INC 
<
WIMI> 4TH QTR


    MORRISTOWN, N.J., March 2 -
    
Oper shr 17 cts vs 19 cts
    Oper net 636,000 vs 358,000
    Revs 10.6 mln vs 7,024,000
    Avg shrs 3,808,000 vs 1,924,000
    Year
    Oper shr 73 cts vs 65 cts
    Oper net 2,467,000 vs 1,199,000
    Revs 31.5 mln vs 22.9 mln
    Avg shrs 3,372,000 vs 1,785,000
    NOTE: Net excludes investment gains 20,000 dlrs vs 86,000
dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year.
    1985 year net excludes 304,000 dlr tax credit.
    Share adjusted for one-for-two reverse split in November
1985.
 Reuter
3;
bodyend
documentend
documentstart
450
topicstart
ipi
topicend
bodystart
2;

CANADA INDUSTRIAL PRICES UP 0.2 PCT IN MONTH


    OTTAWA, March 2 - 
Canada's industrial product price index
rose 0.2 pct in January after falling 0.2 pct in each of the
two previous months, Statistics Canada said.
    The rise was led by price gains for papers, pharmaceuticals
and petroleum and coal products. Price declines were recorded
for meat products, lumber and motor vehicles.
    On a year over year basis, the federal agency said the
index fell 0.9 pct in January, the largest yearly decline on
record.
 Reuter
3;
bodyend
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documentstart
453
topicstart
topicend
bodystart
2;

COMMERZBANK UNIT ISSUES STERLING EUROBOND


    LONDON, March 2 - 
Commerzbank Overseas Finance NV is
issuing a 50 mln stg eurobond due March 31, 1992 paying 9-5/8
pct and priced at 101-1/4 pct, joint-lead manager Samuel
Montagu and Co Ltd said. Commerzbank AG is the other
joint-lead.
    The non-callable bond is available in denominations of
1,000 and 10,000 stg and will be listed in London. The selling
concession is 1-1/4 pct while management and underwriting
combined pays 5/8 pct.
    The payment date is March 31.
 REUTER
3;
bodyend
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documentstart
454
topicstart
topicend
bodystart
2;

NUCLEAR DATA 
<
NDI> GETS EXTENSIONS ON LOANS


    CHICAGO, March 2 - 
Nuclear Data Inc said its bank lenders
agreed to extend its secured loan agreement through June 30,
1987.
    The agreement, which covers about 9.5 mln dlrs in short
term debt, had been scheduled to expire February 28.
    Terms of the extension require Nuclear Data to obtain
replacement financing from outside sources before June 30, it
said.
    If the company is unable to or fails to achieve certain
projected operating results in the meantime, it will be
required to divest enough assets to retire its debt, it said.
    For the first nine months of its fiscal 1987 year ended
November 30, 1986, Nuclear Data reported a loss of almost nine
mln dlrs or 4.98 dlrs a share on revenues of 32.6 mln dlrs.
    Nuclear Data cited improvement in printed circuit board
sales and said it is confident it will obtain replacement
financing.
    In other action, Nuclear Data said it set up a 1.25 mln
dlrs reserve to cover the revaluation of certain domestic
medical inventory and the redirection of its U.S. medical sales
efforts.
    The reserve was taken to offset a decline in the U.S.
dollar against the Danish Kroner and other factors adversely
affecting sales of its Danish manufactured medical products in
the U.S. market, Nuclear Data said.
 Reuter
3;
bodyend
documentend
documentstart
455
topicstart
earn
topicend
bodystart
2;
******
GELCO CORP 2ND QTR SHR 67 CTS VS 23 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
456
topicstart
earn
topicend
bodystart
2;

STROBER ORGANIZATION INC 
<
STRB> 4TH QTR NET


    NEW YORK, March 2 -
    
Shr 22 cts vs 17 cts
    Net 1,232,000 vs 834,000
    Sales 24.1 mln vs 20.9 mln
    Avg shrs 5,609,000 vs five mln
    Year
    Shr 97 cts vs 69 cts
    Net 4,985,000 vs 3,426,000
    Sales 92.4 mln vs 77.9 mln
    Avg shrs 5,153,000 vs five mln
 Reuter
3;
bodyend
documentend
documentstart
458
topicstart
topicend
bodystart
2;

U.K. SAYS HAS NO ROLE IN BRAZIL MORATORIUM TALKS


    LONDON, March 2 - 
U.K. Chancellor of the Exchequer Nigel
Lawson has told Brazil's Finance Minister Dilson Funaro that
negotiations on Brazil's debt to commercial banks are a matter
for the commercial banks themselves, a Treasury spokesman said.
    The spokesman said the Chancellor had emphasised in talks
this morning with Funaro the need for the Brazilian authorities
to be able to present a convincing economic program to the
country's creditors. He added an accord with the International
Monetary Fund (IMF) could be a very helpful support.
    Brazil on February 20 suspended interest payments on 68
billion dlrs of its debts to commercial banks.
    Lawson's attitude was interpreted by banking sources as a
clear rebuff to Brazilian hopes of obtaining official
cooperation in resolving its external debt crisis.
    Funaro, accompanied by central bank president Francisco
Gros, is on the first leg of a tour of European capitals in an
attempt to explain to governments Brazil's indefinite
suspension of interest payments earlier this month.
    Brazil has in the past rejected a substantial role for the
IMF in managing its economy, arguing that an IMF austerity
program by promoting exports and dampening domestic consumption
would lead to recession and threaten democracy.
    Funaro and Gros last week visited Washington as part of
their trip to enlist support from governments for its attempts
to change the means by which developing countries finance
growth.
    Funaro said on Saturday in Washington that Brazil would not
have suspended payment on its debt if it had received more and
faster financing from international agencies.
    He said earlier today that Brazil was first approaching
governments before talking to the commercial banks themselves
about the interest payment moratorium "because the banks have
some limits.... It's a political discussion from our point of
view."
    Funaro said on Friday that his talks with U.S. Officials
had resulted in no new financial arrangement to help resolve
Brazil's debt crisis, describing the meeting as an initial
contact.
    He had earlier met Federal Reserve Board Chairman Paul
Volcker and U.S. Treasury Secretary James Baker.
    The Treasury spokesman pointed out that today's talks had
been at Funaro's request.
    After travelling this week to France, Germany, Switzerland
and Italy, Funaro hopes to visit Canada and Japan next week
before starting negotiations with banks.
 REUTER
3;
bodyend
documentend
documentstart
459
topicstart
crude
topicend
bodystart
2;
******
SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

Blah blah blah.
3;


bodyend
documentend
documentstart
460
topicstart
topicend
bodystart
2;

BANK OF ENGLAND ANNOUNCES ONE BILLION STG TAP


    LONDON, March 2 - 
The Bank of Enlgand said it was creating
and taking onto its own books a one stg tranche of the nine pct
Exchequer stock due 2002.
    The issue is part paid with 20 stg pct payable on issue and
the 76 stg pct balance due on April 27. First dealings will
take place this Wednesday, March 4.
    The initial reaction among dealers was to mark prices
around 1/8 point easier. The market had been untapped prior to
this announcement.
 REUTER
3;
bodyend
documentend
documentstart
461
topicstart
earn
topicend
bodystart
2;

BRENCO INC 
<
BREN> DECLARES QTLY DIVIDEND


    PETERSBURG, Va., March 2 -
    
Qtly div three cts vs three cts prior
    Pay April six
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
464
topicstart
earn
topicend
bodystart
2;

MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT


    BOSTON, March 2 -
    
Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr
including capital gains of 2.978 dlrs
    Payable March 27
    Record February 27
 Reuter
3;
bodyend
documentend
documentstart
465
topicstart
topicend
bodystart
2;

FEDERAL INDUSTRIES PAPER ISSUE JUST IN CANADA


    WINNIPEG, Manitoba, March 2 - 
Federal Industries Ltd's
earlier announced commercial paper issue of up to 440 mln dlrs,
will be made only in Canada, a company spokesman said.
    The issue currently underway is expected to be completed
within the next few weeks.
    The final amount of the issue depends on market conditions,
but will likely be close to 400 mln dlrs, the spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
466
topicstart
earn
topicend
bodystart
2;

<
PREMDOR INC> 4TH QTR NET


    TORONTO, March 2 -
    
Shr 35 cts vs 25 cts
    Net 1,590,000 vs 1,140,000
    Revs 32.2 mln vs 23.0 mln
    YEAR
    Shr 1.16 dlrs vs 68 cts
    Net 5,300,000 vs 3,100,000
    Revs 110.0 mln vs 85.4 mln
 Reuter
3;
bodyend
documentend
documentstart
467
topicstart
acq
topicend
bodystart
2;

AMERICAN NURSERY 
<
ANSY> BUYS FLORIDA NURSERY


    TAHLEQUAH, OKLA., March 2 - 
American Nursery Products Inc
said it purchased Miami-based Heinl's Nursery Inc, for
undisclosed terms.
    Heinl's Nursery has sales of about 4.5 mln dlrs and owns
100 acres, of which 75 are in shade houses and about 58,300
square feet cover greenhouses, shipping and office facilities.
 Reuter
3;
bodyend
documentend
documentstart
468
topicstart
topicend
bodystart
2;

JUTLAND TELEPHONE SETS 75 MLN SWISS FRANC BOND


    ZURICH, March 2 - 
Jutland Telephone Co plans to issue a 75
mln Swiss franc, 4-3/4 pct bond with a par price and a maximum
10-year maturity, lead manager Union Bank of Switzerland said.
    The bond may be retired between 1991 and 1996 if the
secondary price does not exceed par.
    It may be called starting in 1992 at 101, with declining
premiums thereafter, or for tax reasons beginning in 1988 at
102 with declining premiums thereafter.
 REUTER
3;
bodyend
documentend
documentstart
470
topicstart
earn
topicend
bodystart
2;

MFS MANAGED SECTORS TRUST DIVIDEND INCREASED


    BOSTON, March 2 -
    
Semi-annual div from income of 7.3 cts vs 1.0 cent in prior
period
    Payable March 27
    Record February 27
 Reuter
3;
bodyend
documentend
documentstart
473
topicstart
earn
acq
topicend
bodystart
2;

MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES


    TORONTO, March 2 - 
<
Multi-Step Products Inc>, earlier
reporting an initial six month loss, said it agreed to sell
wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs
cash, subject to shareholder and regulatory approval.
    Multi-Step also said it will pay 900,000 dlrs to cancel
711,192 of its own shares, which will be acquired from Michael
Penhale and his benficiaries. Penhale will control and manage
Multi-Step Manufacturing, following the transactions.
    Multi-Step had a 739,146 dlr loss for the six months ended
December 31. The company received its initial public listing in
December.
    The company said its ladder-making unit has been losing
300,000 dlrs quarterly.
    The sale, expected to close in April, also calls for
retirement of the unit's 400,000 dlr bank debt, Multi-Step
said. The unit also has agreed to pay a debt of 400,000 dlrs to
Tarxien Company Ltd, which is 40 pct owned by Multi-Step.
    Multi-Step previously said it agreed to acquire the
remaining 60 pct of Tarxien it does not already own.
 Reuter
3;
bodyend
documentend
documentstart
474
topicstart
acq
topicend
bodystart
2;

ESSELTE BUSINESS 
<
ESB> UNIT BUYS ANTONSON UNIT


    GARDEN CITY, N.Y., March 2 - 
Esselte Business Systems Inc's
Esselte Meto division said it has acquired the Antonson America
Co, a subsidiary of 
<
Antonson Machines AB>, of Sweden.
    Esselte said the Antonson unit, based in LaPorte, Indiana,
manufactures scales and label printers. The company said the
purchase is part of a plan to increase the range of retail
electronic scales being offered by Esselte in the U.S.
    It said the acquisition will enble Esselte to increase its
distribution base in its effort to grow in the U.S.
 Reuter
3;
bodyend
documentend
documentstart
475
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO ADD TEMPORARY RESERVES


    NEW YORK, March 2 - 
The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
    They expect it to supply the reserves indirectly by
arranging a fairly large round, two billion dlrs or more, of
customer repurchase agreements. The Fed may add the reserves
directly instead via System repurchases.
    Federal funds, which averaged 6.02 pct on Friday, opened at
6-1/8 pct and traded between there and 6-1/16 pct. Funds are
under upward pressure from settlement of recently sold two-year
notes and from a Treasury tax and loan call on banks.
 Reuter
3;
bodyend
documentend
documentstart
478
topicstart
acq
topicend
bodystart
2;

FOUR SEASONS BUYING MARRIOTT 
<
MHS> HOTEL


    TORONTO, March 2 - 
<
Four Seasons Hotels Inc> and VMS Realty
Partners said they agreed to acquire the Santa Barbara Biltmore
Hotel in California from Marriott Corp, for undisclosed terms.
    Closing was expected by March 31, they added.
    The companies said they would jointly own the hotel and
rename it the Four Seasons Biltmore at Santa Barbara. They said
they would spend more than 13 mln U.S. dlrs "to enhance the
Biltmore's position as one of the finest resort hotels in North
America." Chicago-based VMS Realty is a real estate and
development firm.
 Reuter
3;
bodyend
documentend
documentstart
479
topicstart
topicend
bodystart
2;

QUAKER OATS 
<
OAT> FILES SHELF REGISTRATION


    CHICAGO, March 2 - 
Quaker Oats Co said it filed a shelf
registration with the Securities and Exchange Commission
covering up to 250 mln dlrs in debt securities.
    The company said it may offer the securites in one or more
issues, from time to time, over the next two years.
    Proceeds will be used to repay short term debt issued in
connection with Quaker Oats' recent acquisitions and for other
corporate purposes, it said.
    Underwriters may include Salomon Brothers Inc and Goldman,
Sachs and Co.
 Reuter
3;
bodyend
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480
topicstart
earn
topicend
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2;

STONE 
<
STO> SPLITS STOCK, RAISES PAYOUT


    CHICAGO, March 2 - 
Stone Container Corp said it is
splitting its common stock 2-for-1 and increasing its dividend
33-1/3 pct.
    The dividend of 20 cts a share, an increase of five cts
over the prior 15 cts a share on pre-split shares, is payable
June 12 to holders of record May 22.
    The stock split also is payable June 12 to holders of
record May 22.
 Reuter
3;
bodyend
documentend
documentstart
481
topicstart
topicend
bodystart
2;

TEMPLE INLAND/INT'L PAPER UP ON RAISED OPINION


    NEW YORK, MARCH 2 - 
Shares of Temple Inland Inc 
<
TIN> and
International Paper Co 
<
IP> rose sharply this morning following
a recommendation by Prudential Bache Securities, traders said.
    Temple Inland jumped 2-7/8 to 73 and International Paper 
1-1/4 to 91-1/4.
    Prudential Bache analyst Mark Rogers was not available for
comment. Traders said he raised his recommendation of Temple
Inland to a "buy" to support his earnings outlook of 5.85 dlrs
a share in 1987 and nine dlrs a share in 1988. The company
earned 3.30 dlrs a share in 1986.
    Traders also said that Rogers reiterated a recommendation
of International Paper, another forest products company that
scored large gains in January as the dollar floundered. Rogers
expects the company to earn 7.50 dlrs a share in 1987 and 10
dlrs a share in 1988. Last year the company earned 5.28 dlrs a
share.
 Reuter
3;
bodyend
documentend
documentstart
483
topicstart
earn
topicend
bodystart
2;

S-K-I LTD 
<
SKII> 2ND QTR JAN 25 NET


    KILLINGTON, Vt., March 2 -
    
Shr 81 cts vs 57 cts
    Net 3,660,273 vs 2,437,914
    Rev 28.5 mln vs 23.1 mln
    Six months
    Shr 29 cts vs 12 cts
    Net 1,325,755 vs 483,559
    Rev 31.7 mln vs 26.4 mln
 Reuter
3;
bodyend
documentend
documentstart
484
topicstart
earn
topicend
bodystart
2;

KAPOK CORP 
<
KPK> YEAR SEPT 30 LOSS


    CLEARWATER, Fla., March 2 -
    
Shr loss 20 cts vs profit 96 cts
    Net loss 499,000 vs profit 2,369,000
    Revs 11.5 mln vs 10.3 mln
    NOTE: Prior year net includes gain on sale of property of
4,557,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
485
topicstart
topicend
bodystart
2;

COUPON REDUCED ON BEST DENKI WARRANT BOND


    LONDON, March 2 - 
The coupon on the 70 mln dlr equity
warrant eurobond for Best Denki Co Ltd has been set at three
pct compared with the indicated 3-1/8 pct, lead manager Nikko
Securities Co (Europe) Ltd said.
    The exercise price was set 1,640 yen per share,
representing a premium of 2-1/2 pct over today's closing price
of 1,600 yen. The foreign exchange rate was set at 154.40 yen
to the U.S. Dollar.
    The five-year deal is priced at par.
 REUTER
3;
bodyend
documentend
documentstart
486
topicstart
oilseed
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS POSTPONED


    LONDON, March 2 - 
Talks due today between management and
unions to try to end the strike at Cargill U.K. Ltd's Seaforth
oilseed crushing plant have been rescheduled for Thursday, a
company spokesman said.
    Oilseed processing at the plant has been halted since
December 19 when mill workers walked out in protest at new
contract manning levels.
 Reuter
3;
bodyend
documentend
documentstart
488
topicstart
gold
silver
topicend
bodystart
2;

AMAX 
<
AMX> IN GOLD, SILVER FIND


    GREENWICH, March 2 - 
AMAX Incx said it has identified
additional gold and silver ore reserves at its AMAX Sleeper
Mine near Winnemucca, Nev..
    It said as a result of recent drilling, reserves at thhe
mine are now estimated at 2,470,000 short tons of ore grading
0.24 ounce of gold and 0.50 ounce of silver per ton that is
treatable by conventional milling techniques.
    AMAX said additional reserves amenable to heap leaching are
estimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24
ounce silver per ton.  Further drilling is being conducted, it
said.
 Reuter
3;
bodyend
documentend
documentstart
489
topicstart
crude
topicend
bodystart
2;

STUDY GROUP URGES INCREASED U.S. OIL RESERVES


    WASHINGTON, March 2 - 
A study group said the United States
should increase its strategic petroleum reserve to one mln
barrels as one way to deal with the present and future impact
of low oil prices on the domestic oil industry.
    U.S. policy now is to raise the strategic reserve to 750
mln barrels, from its present 500 mln, to help protect the
economy from an overseas embargo or a sharp price rise.
    The Aspen Institute for Humanistic Studies, a private
group, also called for new research for oil exploration and
development techniques.
    It predicted prices would remain at about 15-18 dlrs a
barrel for several years and then rise to the mid 20s, with
imports at about 30 pct of U.S. consumption.
    It said instead that such moves as increasing oil reserves
and more exploration and development research would help to
guard against or mitigate the risks of increased imports.
 Reuter
3;
bodyend
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documentstart
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topicstart
earn
topicend
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2;

K-TRON INTERNATIONAL INC 
<
KTII> 4TH QTR NET


    PITMAN, N.J., March 2 -
    
Oper shr profit 36 cts vs loss 1.48 dlrs
    Oper net profit 1,353,000 vs loss 5,551,000
    Revs 11.3 mln vs 8,142,000
    Year
    Oper shr profit 31 cts vs loss 1.58 dlrs
    Oper net profit 1,165,000 vs loss 5,919,000
    Revs 38.0 mln vs 31.6 mln
    NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss
4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs
4,744,000 dlrs in year.  1986 items include settlement of
patent suit and provision for investment writeoff and 1985 item
provision for loss on sale of scale business.
    1986 net both periods excludes 400,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
492
topicstart
topicend
bodystart
2;

FNMA 
<
FNM> ARRANGES MORTGAGE SECURITIES SWAP


    WASHINGTON, March 2 - 
The Federal National Mortgage
Association said it arranged a swap of 250-350 mln dlrs in
stripped mortgage-backed securities with Shearson Lehman
Brothers Inc.
    The exact amount of the swap will be determined later, it
said. Fannie Mae said the swap includes 15-year mortgages for
Fannie Mae stripped mortgage-back securities that bear a nine
pct coupon.
    The stripped securities consist of two classes. One
receives all the principal payments from the underlying pool of
mortgages and the other receives all the interest.
 Reuter
3;
bodyend
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topicstart
earn
topicend
bodystart
2;

PRESIDENTIAL REALTY CORP 
<
PDO> ANNUAL NET


    WHITE PLAINS, N.Y., March 2 -
    
Shr 1.65 dlrs vs 1.50 dlrs
    Net 5,370,000 vs 4,901,000
    Rev 8.4 mln vs 7.8 mln
    NOTE: 1986 net gain from property investments 717,000 dlrs,
or 22 cts per share, vs 721,000 dlrs, or 22 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
496
topicstart
acq
topicend
bodystart
2;

REDSTONE DETAILS SWEETENED VIACOM 
<
VIA> OFFER


    WASHINGTON, March 2 - 
Investor Sumner Redstone, who leads
one of the two groups vying for control of Viacom International
Inc, offered to sweeten his bid for the company by 1.50 dlrs a
share cash and 1.50 dlrs in securities.
    In a filing with the Securities and Exchange Commission,
Redstone, who controls Dedham, Mass.,-based National Amusements
Inc, a theater chain operator, offered to raise the cash
portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs.
    Redstone also raised the face value of the preferred stock
he is offering to 7.50 dlrs from six dlrs.
    The Redstone offer, which is being made through Arsenal
Holdings Inc, a National Amusements subsidiary set up for that
purpose, which also give Viacom shareholders one-fifth of a
share of Arsenal common stock after the takeover.
    Viacom said earlier today it received revised takeover bids
from Redstone and MCV Holdings Inc, a group led by Viacom
management which is competing with Redstone for control of the
company and already has a formal merger agreement with Viacom.
    The company did not disclose the details of the revised
offers, but said a special committee of its board would review
them later today.
    The Redstone group, which has a 19.5 pct stake in Viacom,
and the management group, which has a 5.4 pct stake, have both
agreed not to buy more shares of the company until a merger is
completed, unless the purchases are part of a tender offer for
at least half of the outstanding stock.
    The two rivals also signed confidentiality agreements,
which give them access to Viacom's financial records provided
they keep the information secret.
    In his SEC filing, Redstone, who estimated his cost of
completing the takeover at 2.95 billion dlrs, said Bank of
America is confident it can raise 2.275 billion dlrs.
    Besides the financing it would raise through a bank
syndicate, Bank of America has also agreed to provide a
separate 25 mln dlr for the limited purpose of partial
financing and has committed to provide another 592 mln dlrs,
Redstone said.
    Merrill Lynch, Pierce Fenner and Smith Inc has increased
its underwriting commitment to 175 mln dlrs of subordinated
financing debt for the Viacom takeover, from the 150 mln dlrs
it agreed to underwrite earlier, Redstone said.
    Redstone said his group would contribute more than 475 mln
dlrs in equity toward the takeover.
    The Redstone equity contribution to the takeover would
consist of all of his group's 6,881,800 Viacom common shares
and at least 118 mln dlrs cash, he said.
    The new offer, the second sweetened deal Redstone has
proposed in his month-long bidding war with management, also
contains newly drawn up proposed merger documents, he said.
    Last week, the management group submitted what it called
its last offer for the company, valued at 3.1 mln dlrs and
consisting of 38.50 dlrs a share cash, preferred stock valued
at eight dlrs a share and equity in the new company. Redstone's
previous offer had been valued at 3.2 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
497
topicstart
acq
topicend
bodystart
2;

MONTEDISON CONCLUDES TALKS WITH ANTIBIOTICOS


    MILAN, March 2 - 
Montedison Spa 
<
MONI.MI> said it has
concluded its negotiations with Spanish pharmaceuticals company

<
Antibioticos SA>.
    A company spokesman told Reuters "We have concluded the
talks and we are now awaiting authorization from Spanish
authorities." He declined to comment further.
    Earlier today the Italian company postponed a scheduled
press conference on its talks with Antibioticos. An Italian
press report today said Montedison has agreed to acquire
Antibioticos for 500 billion lire.
 REUTER
3;
bodyend
documentend
documentstart
498
topicstart
acq
topicend
bodystart
2;

UTILICORP 
<
UCU> COMPLETES ACQUISITION


    KANSAS CITY, March 2 - 
UtiliCorp United Inc said it
completed the acquisition of West Virginia Power from Dominion
Resources for about 21 mln dlrs.
    The sale was approved by the West Virginia Public Service
Commission in January and became effective March one. West
Virginia's management will continue to be responsible for
operating the utility, it said.
 Reuter
3;
bodyend
documentend
documentstart
501
topicstart
grain
corn
wheat
barley
topicend
bodystart
2;

TRADERS DETAIL FRENCH CEREAL EXPORT REQUESTS


    PARIS, March 2 - 
French operators last Friday requested
licences to export 10,500 tonnes of free market maize, 11,950
tonnes of free market barley and 13,000 of soft wheat flour to
non-EC countries, at prefixed daily (droit commun) rebates,
French trade sources said.
    The latest requests for the maize were for export to
Switzerland, Austria and Lichtenstein at a maximum daily rebate
prefixed last Friday at 141 Ecus a tonne against a previous 20
Ecu daily rebate.
    The special daily rebate for maize was set in the context
of a Commission commitment to grant this season rebates for the
export of 500,000 tonnes of French maize to non-EC countries,
in compensation for concessions to the U.S. in the recent
dispute over grain sales to Spain.
    If the latest French requests are accepted as expected,
this will bring the total of French maize exported in this
context to 25,500 tonnes.
    The Commission last Thursday granted weekly rebates for the
sale of 15,000 tonnes of free market maize to non-EC countries.
    Requests for barley were for export to Switzerland, Austria
and Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed
restitution of 125 Ecus a tonne, while requests for soft wheat
flour were for export to various non-EC countries at an
unchanged 178 Ecus a tonne.
 Reuter
3;
bodyend
documentend
documentstart
502
topicstart
crude
topicend
bodystart
2;

STUDY GROUP URGES INCREASED U.S. OIL RESERVES


    WASHINGTON, March 2 - 
A study group said the United States
should increase its strategic petroleum reserve to one mln
barrels as one way to deal with the present and future impact
of low oil prices on the domestic oil industry.
    U.S. policy now is to raise the strategic reserve to 750
mln barrels, from its present 500 mln, to help protect the
economy from an overseas embargo or a sharp price rise.
    The Aspen Institute for Humanistic Studies, a private
group, also called for new research for oil exploration and
development techniques.
    It predicted prices would remain at about 15-18 dlrs a
barrel for several years and then rise to the mid 20s, with
imports at about 30 pct of U.S. consumption.
    The study cited two basic policy paths for the nation: to
protect the U.S. industry through an import fee or other such
device or to accept the full economic benefits of cheap oil.
    But the group did not strongly back either option, saying
there were benefits and drawbacks to both.
    It said instead that such moves as increasing oil reserves
and more exploration and development research would help to
guard against or mitigate the risks of increased imports.
 Reuter
3;
bodyend
documentend
documentstart
504
topicstart
acq
topicend
bodystart
2;

CARBIDE 
<
UK> LOOKS TO ACQUISITIONS FOR GROWTH


    NEW YORK, March 2 - 
Union Carbide Corp is looking to
acquisitions and joint ventures to aid its chemicals and
plastics growth, according the H.W. Lichtenberger, president of
Chemicals and Plastics.
    Describing this as a major departure in the company's
approach to commercial development, he told the annual new
business forum of the Commercial Development Association "We
are looking to acquisitions and joint ventures when they look
like the fastest and most promising routes to the growth
markets we've identified."
    Not very long ago Union Carbide had the attitude "that if
we couldn't do it ourselves, it wasn't worth doing. Or, if it
was worth doing, we had to go it alone," Lichtenberger
explained.
    He said "there are times when exploiting a profitable
market is done best with a partner. Nor do we see any need to
plow resources into a technology we may not have if we can link
up profitably with someone who is already there."
    He said Carbide has extended its catalyst business that way
and is now extending its specialty chemicals business in the
same way.
 Reuter
3;
bodyend
documentend
documentstart
505
topicstart
acq
topicend
bodystart
2;

CORRECTED - BANKAMERICA NEGOTIATING SALE OF UNITS


    FRANKFURT, February 27 - 
Bank of America NT and SA's

<
BAC.N> West German branch said it is negotiating the sale of
Bankhaus Centrale Credit AG, a small local West German bank it
acquired in 1965, and of its West German Visa credit card
operation.
    Michael Seibel, Bank of America vice-president and regional
manager, said the negotiations were proceeding well. He
declined to give further details.
    Bank of America's West German branch lost some 32 mln marks
in 1985. The result includes profit and loss transfers from
Bankhaus Centrale Credit and the Visa organisation. The sale of
the units is part of the bank's worldwide restructuring plan.
 REUTER
3;
bodyend
documentend
documentstart
506
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN GOLD FUND> CUTS DIVIDEND


    SAN MATEO, Calif., March 2 -
    
Semi div 13 cts vs 18 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
508
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND>PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 4.5 cts vs 4.5 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
509
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN AGE HIGH INCOME FUND> SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 3.6 cts vs 3.6 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
511
topicstart
crude
topicend
bodystart
2;
******
PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

Blah blah blah.
3;


bodyend
documentend
documentstart
512
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN FEDERAL TAX-FREE INCOME FUND> PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 7.7 cts vs 7.7 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
513
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 7.3 cts vs 7.3 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
514
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN U.S. GOVERNMENT SECURITIES FUND>PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div six cts vs six cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
516
topicstart
grain
corn
topicend
bodystart
2;

CANADA RULING ON U.S. CORN INJURY DUE THIS WEEK


    WASHINGTON, March 2 - 
The Canadian government is expected
to announce later this week its final ruling whether U.S. corn
exports to Canada have injured Ontario corn growers, U.S.
government and farm group representatives said.
    The deadline for a final determination is March 7.
    U.S. officials said they are encouraged by the outcome in a
similar case covering European pasta imports. In that case,
Canada decided pasta imports, which take about ten pct of the
Canadian market, did not injure domestic producers. U.S. corn
exports represent only about five pct of the Canadian market.
    Canada slapped a 1.05 dlrs per bushel duty on U.S. corn
imports in November 1986, but reduced the duty to 85 cts last
month because the Canadian government said U.S. subsidies to 
corn producers were less than Canada earlier estimated.
 Reuter
3;
bodyend
documentend
documentstart
517
topicstart
earn
topicend
bodystart
2;

FIRST MISSISSIPPI CORP 
<
FRM> SETS PAYOUT


    TAMPA, Fla., March 2 -
    
Qtly div six cts vs six cts prior
    Pay April 28
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
518
topicstart
ship
topicend
bodystart
2;

ROTTERDAM PORT UNION AND EMPLOYERS TO MEET


    ROTTERDAM, March 2 - 
Dutch port and transport union, FNV,
agreed to an employers' request to reconvene abandoned peace
talks tonight to try to end strikes that have disrupted
Rotterdam's general cargo sector for the past six weeks, a
union spokesman said.
    Talks broke down Thursday when the union walked out after
employers tabled their final offer to end the strikes which
started January 19 in protest at planned redundancies of 800
from the sector's 4,000 workforce, starting with 350 this year.
    The employers' invitation to restart the talks comes on the
day a deadline set by Minister of Social Affairs Louw de Graaf
for a resolution of the dispute expires.
    De Graaf said if the dispute had not ended by today he
would withdraw the 10 mln guilder annual labour subsidy to the
sector.
    No comment was immediately available from the employers'
organization.
 Reuter
3;
bodyend
documentend
documentstart
519
topicstart
money-fx
interest
topicend
bodystart
2;
******
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
521
topicstart
earn
topicend
bodystart
2;

JIM WALTER CORP 
<
JWC> SETS PAYOUT


    TAMPA, Fla., March 2 -
    
Qtly div 35 cts vs 35 cts prior
    Pay April One
    Record March 14
 Reuter
3;
bodyend
documentend
documentstart
522
topicstart
money-fx
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 2 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
524
topicstart
earn
topicend
bodystart
2;

JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88


    TOKYO, March 2 - 
<
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.
 Reuter
3;
bodyend
documentend
documentstart
525
topicstart
iron-steel
topicend
bodystart
2;

EC COMMISSION GIVEN PLAN TO SAVE STEEL INDUSTRY


    By Gerrard Raven, Reuters


    BRUSSELS, March 2 - 
European Community steelmakers
presented the Executive Commission with a controversial plan
for the future of the industry which diplomats say it may be
forced reluctantly to accept.
    Under the plan steel output would remain subject to
restrictive quotas and imports would be firmly controlled for
years to come while steel firms undertook a massive
slimming-down operation to adjust capacity to lower demand.
    Industry Commissioner Karl-Heinz Narjes has proposed the
ending of the quota system by December 1988.
    He has proposed a return to the free market, which under EC
law is supposed to exist except in times of "manifest crisis."
    But diplomats said some ministers who meet to discuss this
idea on March 19 will argue that steel firms are in crisis in
their countries, with orders falling as customers switch to
alternative products and accounts firmly in the red.
    Ministers from the EC's major steel producing countries are
likely to shy away from Narjes' proposals and could back the
industry's own plan instead, in the hope of minimising the
political impact of plant closures, they said.
    Industry sources said the plan presented to Narjes by the
EC steelmakers' lobby group Eurofer would retain the quota
production system at least until the end of 1990.
    Eurofer said in a statement consultants working for it
identified scope for closing plants on a "voluntary" basis to
reduce capacity by 15.26 mln tonnes a year.
    Cuts were still insufficient in one production area, that
of hot rolled coils, and further talks were needed.
    Eurofer added the industry would need the support of the
Commission and governments in carrying out a closure program,
particularly with social costs such as redundancy payments.
    The EC steel industry has already shed 240,000 jobs this
decade while reducing annual capacity by 31 mln tonnes.
 Reuter
3;
bodyend
documentend
documentstart
528
topicstart
earn
topicend
bodystart
2;

DURO-TEST CORP 
<
DUR> 2ND QTR JAN 31 NET


    NORTH BERGEN, N.J., March 2 - 
    
Shr 10 cts vs 14 cts
    Net 531,896 vs 727,781
    Revs 16.0 mln 16.8 mln
    Six mths
    Shr 30 cts vs 39 cts
    Net 1,532,431 vs 2,000,732
    Revs 32.7 mln vs 34.5 mln
 Reuter
3;
bodyend
documentend
documentstart
529
topicstart
earn
topicend
bodystart
2;

<
FRANKLIN UTILITIES FUND> SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Qtly div 14 cts vs 14 cts prior
    Pay March 13
    Record March Two
 Reuter
3;
bodyend
documentend
documentstart
530
topicstart
earn
topicend
bodystart
2;

GELCO CORP 
<
GEL> 2ND QTR JAN 31 NET


    EDEN PRAIRIE, MINN., March 2 -
    
Shr 67 cts vs 23 cts
    Net 5,220,000 vs 3,143,000
    Revs 236.1 mln vs 256.2 mln
    Avg shrs 7.8 mln vs 13.7 mln
    Six Mths
    Shr 85 cts vs 59 cs
    Net 8,919,000 vs 8,158,000
    Revs 483.8 mln vs 515.5 mln
    Avg shrs 10.4 mln vs 13.7 mln
    NOTE: Fiscal 1987 second quarter and first half earnings
include a gain of 3.4 mln dlrs and exclude preferred dividend
requirements of five mln dlrs in the quarter and 5.6 mln dlrs
in the first half.
    Fiscal 1986 net reduced by currency losses equal to six cts
a share in the second quarter and equal to nine cts in the six
months.
   
 Reuter
3;
bodyend
documentend
documentstart
531
topicstart
earn
topicend
bodystart
2;

INTERNCHANGE FINANCIAL SERVICES 
<
ISBJ> PAYOUT UP


    SADDLE BROOK, N.J., March 2 -
    
Qtly div 10 cts vs 8-1/3 cts prior
    Pay April 21
    Record March 20
    NOTE: Interchange Financial Services Corp.
 Reuter
3;
bodyend
documentend
documentstart
532
topicstart
acq
topicend
bodystart
2;

KAPOK CORP 
<
KPK> IN TECHNICAL DEFAULT


    CLEARWATER, Fla., March 2 - 
Kapok Corp said it is in
techical default of its loans from Southeast Banking Corp 
<
STB>
and Murray Steinfeld but is negotiating with the lenders.
    It said neither has declared the loans due.
    The company said it has agreed to sell the Peter Pan
Restaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs
after the payment of expenses.
 Reuter
3;
bodyend
documentend
documentstart
533
topicstart
earn
topicend
bodystart
2;

NEWPORT CORP 
<
NESP> 2ND QTR JAN 31 NET


    FOUNTAIN VALLEY, Calif., March 2 -
    
Shr 11 cts vs 13 cts
    Net 1,037,690 vs 1,270,460
    Sales 10.1 mln vs 9,215,836
    Six Mths
    Shr 25 cts vs 31 cts
    Net 2,319,376 vs 2,930,507
    Sales 21.2 mln vs 18.9 mln
 Reuter
3;
bodyend
documentend
documentstart
534
topicstart
earn
topicend
bodystart
2;

KAPOK CORP 
<
KPK> 1ST QTR DEC 31 LOSS


    CLEARWATER, Fla., March 2 -
    
Shr loss 14 cts vs loss 21 cts
    Net loss 353,000 vs loss 541,000
    Revs 2,668,000 vs 2,525,000
    Avg shrs 2,452,3000 vs 2,552,300
 Reuter
3;
bodyend
documentend
documentstart
535
topicstart
earn
topicend
bodystart
2;

PREFERRED HEALTHCARE LTD 
<
PHCC> 4TH QTR NET


    WILTON, Conn, March 2 - 
    
Shr six cts vs four cts
    Net 383,189 vs 241,857
    Revs 1,506,756 vs 793,459
    12 mths
    Shr 24 cts vs 15 cts
    Net 1,520,797 vs 929,017
    Revs 5,268,486 vs 2,617,995
 Reuter
3;
bodyend
documentend
documentstart
536
topicstart
earn
topicend
bodystart
2;

TRANZONIC COS 
<
TNZ> SETS QUARTERLY


    CLEVELAND, March 2 -
    
Qtly div 11 cts vs 11 cts prior
    Pay April 17
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
538
topicstart
earn
topicend
bodystart
2;

CRONUS INDUSTRIES INC 
<
CRNS> 4TH QTR LOSS


    DALLAS, March 2 -
    
Oper Shr loss 40 cts vs loss 10 cts
    Oper net loss 2,136,000 vs loss 467,000
    Revs 21.9 mln vs 12.9 mln
    12 mths
    Oper shr loss 63 cts vs loss 30 cts
    Oper net loss 3,499,000 vs loss 1,756,000
    Revs 82.0 mln vs 54.5 mln
    NOTE: Excludes income from discontinued operations of
1,478,000 vs 952,000 for qtr, and 31.2 mln vs 6,500,000 for
year.
    Excludes extraordinary charge of 2,503,000 for current qtr,
and 4,744,000 for year.
 Reuter
3;
bodyend
documentend
documentstart
539
topicstart
earn
topicend
bodystart
2;

MERCURY ENTERTAINMENT CORP 
<
MCRY> YEAR NOV 30


    LOS ANGELES, March 2 -
    
Shr loss four cts vs loss one ct
    Net loss 413,021 vs loss 163,932
    Revs 600,971 vs 665,800
 Reuter
3;
bodyend
documentend
documentstart
541
topicstart
earn
topicend
bodystart
2;

BENGUET CORP 
<
BE> CALENDAR 1986


    MANILA, March 2 -
    
Net income 154.7 mln pesos vs 127.5 mln
    Operating revenues 4.42 billion vs 3.3 billion
    Operating profit 621.2 mln vs 203.4 mln
    Earnings per share 4.80 vs 3.95
    NOTE: Company statement said gold operations contributed 74
pct of consolidated earnings.
 Reuter
3;
bodyend
documentend
documentstart
543
topicstart
crude
topicend
bodystart
2;

UNOCAL 
<
UCL> UNIT CUTS CRUDE OIL POSTED PRICES


    LOS ANGELES, March 2 - 
Unocal Corp's Union Oil Co said it
lowered its posted prices for crude oil one to 1.50 dlrs a
barrel in the eastern region of the U.S., effective Feb 26.
    Union said a 1.50 dlrs cut brings its posted price for the
U.S. benchmark grade, West Texas Intermediate, to 16 dlrs.
Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the
company said.
    No changes were made in Union's posted prices for West
Coast grades of crude oil, the company said.
 Reuter
3;
bodyend
documentend
documentstart
544
topicstart
nat-gas
topicend
bodystart
2;

PANHANDLE'S 
<
PEL> TRUNKLINE REDUCES GAS RATES


    HOUSTON, March 2 - 
Panhandle Eastern Corp's Trunkline Gas
Co pipeline subsidiary said it is reducing the commodity
component of its wholesale natural gas rate four pct, effective
immediately.
    In a filing with the Federal Energy Regulatory Commission,
Trunkline said, it is reducing its commodity rate -- the
portion of the total rate based on the price of gas -- to 2.58
dlrs per mln Btu from 2.69 dlrs per mln Btu.
    The company said the lower rate results from a reduction in
the average price the pipeline is paying for gas, adding this
reflects contract reformation agreemats with producers.
 Reuter
3;
bodyend
documentend
documentstart
545
topicstart
acq
topicend
bodystart
2;

INVESTOR GROUP HAS TALKS WITH PESCH ON AMI 
<
AMI>


    WASHINGTON, March 2 - 
WEDGE Group Inc, a Houston investment
firm with a 5.5 pct stake in American Medical International
Inc, said it has had talks with Pesch and Co, which is seeking
control of the company.
    In a filing with the Securities and Exchange Commission,
WEDGE, which is owned by Issam Fares, a Lebanese citizen living
in Switzerland, also said it discussed the possibility of
joining with others in its own bid to seek control of AMI.
    WEDGE stressed that it has no current plans to seek control
of AMI, but refused to rule out a takeover try in the future.
    WEDGE said it has had discussions with AMI management,
Pesch, the closely held health care and investment concern
controlled by Chicago physician LeRoy Pesch, and other AMI
shareholders.
    It did not specify in its SEC filing which issues --
selling its AMI stake or joining with others in a takeover try
-- were discussed with which group. But it said the talks did
not produce any agreements or understandings.
    WEDGE said it believes that "some form of restructuring of
AMI and its business would be highly desirable and appropriate
at this time."
    WEDGE, which holds 4.8 mln shares of AMI common stock, said
it plans to hold further talks with company management, Pesch
and other shareholders.
    Pesch last week sweetened his bid for the company to 22
dlrs a share in cash and securties, or 1.91 billion dlrs based
on AMI's total outstanding, from an all-cash 20 dlr a share
bid, which the company rejected.
 Reuter
3;
bodyend
documentend
documentstart
546
topicstart
earn
topicend
bodystart
2;

I.M.S. INTERNATIONAL INC 
<
IMSI> SETS QUARTERLY


    NEW YORK, March 2 -
    
Qtly div four cts vs four cts prior
    Pay March 27
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
547
topicstart
acq
topicend
bodystart
2;

BANNER 
<
BNR> COMPLETES TENDER FOR REXNORD 
<
REX>


    NEW YORK, March 2 - 
Banner Industries Inc said 19.8 mln of
the outstanding 20 mln shares in Rexnord Inc were tendered
pursuant to its 26.25 dlr a share offer that closed at midnight
EST Feb 27.
    Together with the five mln Rexnard shares it already owns,
the company said it now holds a 97 pct stake in the company.
    It said the completion of the deal is subject to approval
by Rexnard holders and to other closing conditions. It expects
the deal to close in about 60 days.
 Reuter
3;
bodyend
documentend
documentstart
548
topicstart
earn
topicend
bodystart
2;

MUTUAL OF OMAHA INTEREST SHARES 
<
MUO> QTLY DIV


    OMAHA, Neb., March 2 - 
    
Qtly div 36 cts vs 36 cts prior
    Pay April one
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
550
topicstart
acq
topicend
bodystart
2;

CORRECTED - BANKAMERICA NEGOTIATING UNITS SALE


    FRANKFURT, March 2 - 
Bank of America NT and SA's 
<
BAC.N>
West German branch said it is negotiating the sale of Bankhaus
Centrale Credit AG, a small local West German bank it acquired
in 1965, and of its West German Visa credit card operation.
    Michael Seibel, Bank of America vice-president and regional
manager, said the negotiations were proceeding well. He
declined to give further details.
    Bank of America's West German branch lost some 32 mln marks
in 1985. The result includes profit and loss transfers from
Bankhaus Centrale Credit and the Visa organisation. The sale of
the units is part of the bank's worldwide restructuring plan.
-- corrects year of loss in third paragraph in item which
originally ran February 27.
 Reuter
3;
bodyend
documentend
documentstart
551
topicstart
acq
topicend
bodystart
2;

OSR 
<
OSRC> TO MAKE ACQUISITION


    OLD BETHPAGE, N.Y., March 2 - 
OSR Corp said it has agreed
to acquire the properties and assets of Telcom International
Group for 10.5 mln common shares, which would give former
Telcom owners an 84 pct interest in the combined company.
    Telcom is an international film and television distributor.
 The assets being acquired consist mostly of distribution
rights to films valued at over one mln dlrs, the company said.
    OSR said as part of the acquisition agreement is is
required to sell its 80 pct interest in Standard Knickerbocker
Ltd, which makes jeans in Canada.
    OSR said it expects to net about 150,000 dlrs on the sale
of Standard Knickerbocker.
    The company said both transactions are subject to approval
by shareholders at a meeting to be held in April or May, it
said.
 Reuter
3;
bodyend
documentend
documentstart
552
topicstart
earn
topicend
bodystart
2;

MERCURY ENTERTAINMENT 
<
MCRY> SEES BETTER RESULTS


    LOS ANGELES, March 2 - 
Mercury Entertainment Corp said it
expects improved results in 1987.
    The company today reported a loss for the year ended
November 30 of 413,021 dlrs on revenues of 600,971 dlrs,
compared with a loss of 163,932 dlrs on revenues of 665,800
dlrs a year before.
 Reuter
3;
bodyend
documentend
documentstart
553
topicstart
acq
topicend
bodystart
2;

CRONUS INDUSTRIES INC 
<
CRNS> SELLS UNIT


    DALLAS, March 2 - 
Cronus Industries Inc said it agreed to
sell its heat transfer equipment business, Southwestern
Engineering Co, for a slight premium over book value, plus a
release of Cronus from liability on approximately three mln
dlrs of subsidiary indebtedness.
    The company said the sale to a subsidiary of Senior
Engineering Group PLC, a British company, will take place this
month.
 Reuter
3;
bodyend
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documentstart
554
topicstart
earn
topicend
bodystart
2;

UNISYS CORP 
<
UIS> SETS QUARTERLY


    BLUE BELL, Pa., March 2 -
    
Qtly div 65 cts vs 65 cts prior
    Pay May Seven
    Record April Seven
 Reuter
3;
bodyend
documentend
documentstart
555
topicstart
earn
topicend
bodystart
2;

JACOBSON 
<
JCBS> VOTES SPLIT, INCREASES PAYOUT


    JACKSON, MICH., March 2 - 
Jacobson Stores Inc said its
board voted a three-for-two stock split, payble March 30,
record March 13.
    In other action, Jacobson's directors approved an increase
in its quarterly dividend to 11 cts on a post split basis
payable April 14, record March 30.
    The new dividend rate represents a 32 pct increase over the
12-1/2 cts paid quarterly on a pre-split basis.
 Reuter
3;
bodyend
documentend
documentstart
557
topicstart
earn
topicend
bodystart
2;

HARLEY-DAVIDSON INC 
<
HDI> 4TH QTR NET


    MILWAUKEE, Wis., March 2-
    
Oper shr 18 cts vs 51 cts
    Oper net 1,048,000 vs 1,870,000
    Revs 72.2 mln vs 73.5 mln
    Avg shrs 5,910,000 vs 3,680,000
    Year
    Oper shr 82 cts vs 72 cts
    Oper net 4,307,000 vs 2,637,000
    Revs 295.3 mln vs 287.5 mln
    Avg shrs 5,235,000 vs 3,680,000
    NOTE: Results exclude one-time gains of 223,000 or four cts
and 564,000 or 11 cts for 1986 qtr and year vs gains of
6,359,000 or 1.73 dlrs and 7,318,000 or 1.99 dlrs for prior
periods.
   
 Reuter
3;
bodyend
documentend
documentstart
558
topicstart
acq
topicend
bodystart
2;

<
HOECHST AG> COMPLETES CELANESE 
<
CZ> ACQUISITION


    SOMERVILLE, N.J., March 2 - 
Hoechst AG of West Germany said
it has completed the acquisition of Celanese Corp.
    Hoechst acquired a majority of Celanese shares in a recent
tender offer at 245 dlrs per common share.
 Reuter
3;
bodyend
documentend
documentstart
559
topicstart
acq
topicend
bodystart
2;

AMERICUS TRUST 
<
HPU> EXTENDS DEADLINE


    NEW YORK, March 2 - 
Americus Trust for American Home
Products Shares said it extended its deadline for accepting
tendered shares until November 26, an extension of nine months.
    The trust, which will accept up to 7.5 mln shares of
American Home Products 
<
AHP>, said it has already received
tenders for about four mln shares.
    The trust is managed by Alex. Brown and Sons Inc 
<
ABSB> and
was formed November 26, 1986.
 Reuter
3;
bodyend
documentend
documentstart
560
topicstart
earn
topicend
bodystart
2;

MORSE SHOE INC 
<
MRS> 4TH QTR NET


    CANTON, Mass., March 2 - 
    
Shr 59 cts vs 48 cts
    Net 3,244,000 vs 2,584,000
    Revs 169.3 mln vs 156.0 mln
    12 mths
    Shr 1.78 dlrs vs 1.32 dlrs
    Net 9,733,000 vs 7,164,000
    Revs 585.6 mln vs 541.0
 Reuter
3;
bodyend
documentend
documentstart
562
topicstart
coffee
topicend
bodystart
2;

ICO QUOTA TALKS CONTINUE, OUTCOME HARD TO GAUGE


    LONDON, March 2 - 
Talks at the extended special meeting of
the International Coffee Organization (ICO) on the
reintroduction of export quotas continued, but chances of
success were still almost impossible to gauge, delegates said.
    Producer delegates were meeting to examine a Colombian
proposal to resume historical quotas from April 1 to September,
with a promise to define specific new criteria by which a new
quota system would be calculated in September for the new crop
year, they said.
    Opinions among delegates over the potential for reaching a
quota agreement varied widely.
    Some consumers said the mood of the meeting seemed slightly
more optimistic. But Brazil's unwillingness to concede any of
its traditional 30.55 pct of its export market share looks
likely to preclude any accord, other delegates said.
    No fresh proposals other than the Colombian initiative had
been tabled formally today, delegates said.
    A full council meeting was set for 1900 hours for a
progress report, delegates said.
 Reuter
3;
bodyend
documentend
documentstart
563
topicstart
topicend
bodystart
2;

SEC STAFF ADVISES FRAUD CHARGES AGAINST WPPSS


    WASHINGTON, March 2 - 
The staff of the federal Securities
and Exchange Commission (SEC) plans to recommend that the
Washington Public Power Supply System (WPPSS) be charged with
securities fraud in connection with its July 1983 default on
2.25 billion dlrs of bonds, a WPPSS official told Reuters.
    WPPSS attorney Ron English said the system was advised by
SEC staff attorneys that the five SEC commissioners would be
asked to charge WPPSS in connection with its official
statements about its plans to build its No. 3 and No. 4 nuclear
power plants in the Pacific Northwest at the time it was
selling the bonds.
    English, in a telephone interview, said the SEC staff
planned to allege that WPPSS had overstated the demand for
power in the region and had understated the cost of the plants,
which were to built with the bonds' proceeds.
    English denied the allegations. He said WPPSS had made no
public forecasts of power demand in connection with the bond
sale and had never understated the cost of the plants.
    "We at all times told the public everything we knew about
the costs," he said.
    English said WPPSS had no indication when the SEC might
meet on the staff's recommendations.
    The SEC, as a matter of policy, never comments on its
enforcement activities.
    The SEC's WPPSS investigation began in late 1983 and the
agency's slow pace on the probe has been publicly criticized on
several occasions since then by Rep. John Dingell, the Michigan
Democrat who chairs the House panel responsible for the SEC's
budget and operations.
    Of the five nuclear plants originally envisioned by WPPSS,
one has been completed, two remain under construction, and two
others--those for which the defaulted bonds were sold-- have
been terminated.
 Reuter
3;
bodyend
documentend
documentstart
677
topicstart
ship
topicend
bodystart
2;

VERSATILE TO BUILD POLAR ICE BREAKER


    OTTAWA, March 2 - 
Versatile Corp's shipbuilding subsidiary
has a letter of intent to build a 320 mln dlr polar icebreaker
for the Canadian coast guard, Transport Minister John Crosbie
said.
    In a Vancouver address, Crosbie said Versatile Pacific
Shipyards Inc was the low bidder to build the Arctic Class 8
icebreaker, but the company must meet certain financial and
engineering conditions before the contract is awarded.
    The government also announced it will provide up to 13 mln
dlrs in loan insurance to help Versatile prepare for the
construction of the vessel.
said before the contract can be awarded Versatile "will be
required to offer assurances that the shipyard is technically
and financially capable of performing the work."
    Crosibie said Versatile's bid was 100 mln dlrs lower than
competing bidders and will generate 1,000 person years of
direct employment.
    Work on the vessel, which Crosbie said would be the most
powerful icebreaker in the world, would begin next year and
completed in 1992.
    The government announced plans to build the icebreaker last
year following the controversial passage of the U.S. Coast
Guard's vessel, the Polar Sea, through the disputed Northwest
Passage. The U.S. government did not seek permission for the
journey, claiming the area was an international water way.
    The government said the icebreaker was needed to back up
the country's claim of sovereignty in the Arctic.
 Reuter
3;
bodyend
documentend
documentstart
678
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> UNIT SELLS NOTES AT 7-5/8 PCT


    NEW YORK, March 2 - 
Chrysler Financial Corp, a unit of
Chrysler Corp, is raising 250 mln dlrs through an offering of
notes due 1992 with a 7-5/8 pct coupon and par pricing, said
lead manager Salomon Brothers Inc.
    That is 93.5 basis points above the yield of comparable
Treasury securities. Non-callable for life, the issue is rated
Baa-1 by Moody's and BBB by Standard and Poor's. Merrill Lynch
Capital Markets co-managed the deal.
    On February 10, Chrysler Financial sold 200 mln dlrs of
same-rated seven-year notes priced to yield 8.13 pct, or 100
basis points over Treasuries.
 Reuter
3;
bodyend
documentend
documentstart
679
topicstart
acq
topicend
bodystart
2;

<
PANTRY INC> INB TALKS ON BEING ACQUIRED


    SANFORD, N.C., March 2 - 
Privately-held Pantry Inc, which
operates 477 convenience stores in five Southeastern states,
said it has engaged Alex. Brown and Sons Inc 
<
ABSB> to explore
a possbile sale of the company.
    It said it expects to start talks with prospective
acquirers shortly. The company said it has been approached by a
number of parties in recent months.
 Reuter
3;
bodyend
documentend
documentstart
680
topicstart
earn
topicend
bodystart
2;

CONGRESS VIDEO GROUP INC 
<
CVGI> 3RD QTR NET


    NEW YORK, March 2 - 
Qtr ends Dec 31
    Shr profit three cts vs loss three cts
    Net profit 129,000 vs loss 85,000
    Revs 4,001,000 vs 4,347,000
    Avg shrs 3,994,347 vs 3,769,347
    Nine mths
    Shr loss 75 cts vs profit 39 cts
    Net loss 2,900,000 vs profit 1,753,000
    Revs 7,472,000 vs 15.3 mln
    Avg shrs 3,845,438 vs 4,470,275
    NOTE: net 1986 includes tax gain carryforward from
discontinued operations of Master's Merchandise Group in year
prior.
 Reuter
3;
bodyend
documentend
documentstart
682
topicstart
acq
topicend
bodystart
2;

<
RENOUF CORP> TO PROCEED WITH BENEQUITY 
<
BH> BID


    LOS ANGELES, March 2 - 
Renouf Corp of New Zealand said it
has decided to proceed with its offer for all outstanding units
of Benequity Holdings at 31 dlrs per unit.
    The company had been required to redice by March Two
whether to proceed with the offer or terminate it, based on its
ability to obtain financing and on its review of Benequity
operations.  The offer is to expire March 13.
 Reuter
3;
bodyend
documentend
documentstart
684
topicstart
sugar
topicend
bodystart
2;

CUBA TELLS TRADERS SUGAR EXPORTS MAY BE DELAYED


    LONDON, March 2 - 
Cuba has told international sugar
operators who have bought its sugar for shipment in March that
these contracts will take second place to Cuba's direct
shipments to its export markets, dealers here said.
    Some traders who have received telexes from Cuba said the
language of the message was not totally clear and some believed
shipments would be honoured if the traders declare the Soviet
Union as the destination of their contracts.
    The telexes have fueled rising world prices in the last
week and reflect a poor Cuban crop, worry over Brazil's export
availability, and increasing Soviet demand, analysts said.
    Traders said signs of Cuba's shortage of immediately
available raw sugar to supply its traditional martkets was
probably the factor behind Syria calling a snap buying tender
last month.
    Normally Syria calls white sugar buying tenders for forward
delivery, and last month's spot requirement resulted in the
sale of several cargoes.
    Cuba in its telex told operators they would not receive
March shipments as Cuba has to meet its contracts to export
markets, traders said.
 Reuter
3;
bodyend
documentend
documentstart
685
topicstart
rubber
topicend
bodystart
2;

GOODRICH 
<
GR> TO PHASE OUT SOME BUSINESSES


    AKRON, Ohio, March 2 - 
B.F. Goodrich Co said it will phase
out the production of aircraft tires, missile and marine
products and molded rubber products in Akron, Ohio, by the end
of 1987, laying off about 790 salaried, production, maintenance
and support services employees.
    The company said layoffs will start within the next few
weeks.
    Goodrich said it will continue to make chemicals and
adhesives in Akron, employing about 356.  Another 5000 salaried
employees in Akron work for Goodrich.
    The company said it has not been able to operate the
businesses being discontinued in Akron profitably enough to
justify the large investment that it has in them.
    Goodrich said it will continue to make aircraft tires at
Norwood, N.C., and sonar domes at Jacksonville, Fla., and will
relocate its molded rubber products business to a site not yet
chosen.  It said it will stop making insulators for missiles.
    Goodrich said it is prepared to discuss with officials of
the United Rubber Workers Union severance benefits for affected
employees and issues related to the continued operation in
Akron of the chemical and adhesives businesses and to the
phaseout of the Akron aircraft tire, missile and marine and
molded rubber products manufacturing.
    A company spokesman said it does not expect any adverse
impact on earnings from the move.
 Reuter
3;
bodyend
documentend
documentstart
686
topicstart
earn
topicend
bodystart
2;

THUNANDER CORP 
<
THDR> YEAR NET


    ELKHART, Ind., March 2 -
    
Shr 73 cts vs 58 cts
    Net 1,101,000 vs 901,000
    Sales 32.9 mln vs 29.1 mln
    Note: Results include operations of BMD of New England Inc,
acquired Sept. 1, 1986.
 Reuter
3;
bodyend
documentend
documentstart
687
topicstart
earn
topicend
bodystart
2;

FINAL TRUST FOR THRIFT INSTITUTIONS PAYOUT SET


    BOSTON, March 2 - 
<
Massachusetts Financial Services Co>
said it has set the final income and capital gain distributions
for 
<
Trust for Thrift Institutions High Yield Series> of 1.069
dlrs and 7.645 dlrs, respectively, payable today.
 Reuter
3;
bodyend
documentend
documentstart
688
topicstart
tin
topicend
bodystart
2;

(RPT) U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD


    WASHINGTON, March 2 - 
U.S. tin disposals should have little
effect on an agreement reached last weekend by tin producing
countries to limit group exports to 96,000 tonnes in the year
started March 1, a government official said.
    The agreement by the seven-member Association of Tin
Producing Countries (ATPC) aimed to cut the world surplus and
boost prices. Following the accord, ATPC Chairman Subroto
appealed to the United States to restrict its tin releases from
its strategic stockpile.
    "We don't think that (the U.S. government) has a large
influence in the (tin) market at this stage of the game," said
Thomas O'Donnell, Director of International Commodities at the
State Department. Last year the United States released about
4,900 tonnes of tin to two ferroalloy firms.
 Reuter
3;
bodyend
documentend
documentstart
689
topicstart
earn
topicend
bodystart
2;
******
ROSPATCH TO RESPOND TO DIAGNOSTIC BID

Blah blah blah.
3;


bodyend
documentend
documentstart
690
topicstart
earn
topicend
bodystart
2;

FRANKLIN INSURED TAX-FREE SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 7.1 cts vs 7.1 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
691
topicstart
earn
topicend
bodystart
2;

FRANKLIN MINNESOTA INSURED SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 6.6 cts vs 6.6 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Minneosta Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
692
topicstart
earn
topicend
bodystart
2;

FRANKLIN MICHIGAN INSURED SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 6.9 cts vs 6.9 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Michigan Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
693
topicstart
earn
topicend
bodystart
2;

FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 6.5 cts vs 6.8 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
694
topicstart
oilseed
grain
soybean
wheat
corn
topicend
bodystart
2;
******
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS  SOYBEANS 20,349 WHEAT 14,070 CORN 21,989

Blah blah blah.
3;


bodyend
documentend
documentstart
695
topicstart
earn
topicend
bodystart
2;

FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 6.5 cts vs 6.5 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin California Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
696
topicstart
earn
topicend
bodystart
2;

DIAGNOSTIC PRODUCTS 
<
DPCZ> SEES EARNINGS GROWTH


    NEW YORK, March 2 - 
Diagnostic Products Corp president and
chief executive officer Sigi Ziering said he expects to
maintain the same compound average annal net income growth in
1987 as the company has for the past five years.
    "We expect the same performance in net income over the next
five years as we have had in the past," Ziering said.
    Over the past five years Ziering said the company has had
average compound net income growth of 32 pct annually with a 27
pct per year growth in earnings per share. For 1986 the company
had net income of 6.3 mln dlrs, or 1.07 dlrs per share, vs 3.9
mln dlrs, or 73 cts per share in 1985.
    Diagnostic manufactures medical immunological diagnostic
test kits.
    Ziering said he expects the earnings growth to result from
positive effect of the weaker dollar on the company's exports
sales as well as accelerated market penetration. Ziering said
he expected the Food and Drug Administration to approve three
more of its drug abuse test kits by the end of the year, which,
depending on approval, should also help earnings growth.
    Ziering said as a result of the new tax laws he expected
the company's taxes to decrease by five pct to 31 pct of net
income in 1987.
   
 Reuter
3;
bodyend
documentend
documentstart
697
topicstart
gold
topicend
bodystart
2;

CURRENCIES COULD INFLUENCE BULLION AGAIN-MONTAGU


    LONDON, March 2 - 
Currency fluctuations may reassert their
influence on the bullion market in the near future, bullion
bankers Samuel Montagu and Co Ltd said in a market report.
    But the firm said silver may lag behind gold in any
reactions to movements on foreign exchanges.
    "OPEC's failure to address the recent decline in oil prices
remains a worrying factor however, and on balance it appears
that the market should be approached cautiously," Montagu said.
    The bank said the US economy has shown no noticeable
long-term improvement and that both Latin American debt and the
Iranian arms affair could undermine confidence in the dollar.
 Reuter
3;
bodyend
documentend
documentstart
698
topicstart
earn
topicend
bodystart
2;

DUNKIN' DONUTS INC 
<
DUNK> 1ST QTR JAN 24 NET


    RANDOLPH, Mass., March 2 -
    
Shr 46 cts vs 42 cts
    Net 3,418,000 vs 3,129,000
    Revs 24.7 mln vs 26.2 mln
 Reuter
3;
bodyend
documentend
documentstart
699
topicstart
earn
topicend
bodystart
2;

CCR VIDEO CORP 
<
CCCR> 1ST QTR NOV 30 NET


    LOS ANGELES, March 2 -
    
Shr profit two cts vs loss 12 cts
    Net profit 156,726 vs loss 776,000
    Revs 1,157,883 vs 890,138
 Reuter
3;
bodyend
documentend
documentstart
700
topicstart
earn
topicend
bodystart
2;

FRANKLIN PUERTO RICO TAX-FREE SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 7.1 cts vs 7.1 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Puerto Rico Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
701
topicstart
earn
topicend
bodystart
2;

FRANKLIN OHIO INSURED TAX-FREE SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 6.1 cts vs 6.1 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin Ohio Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
702
topicstart
earn
topicend
bodystart
2;

FRANKLIN HIGH-YIELD TAX-FREE SETS PAYOUT


    SAN MATEO, Calif., March 2 -
    
Mthly div 7.1 cts vs 7.1 cts prior
    Pay March 31
    Record March 16
    NOTE: Franklin High-Yield Insured Tax-Free Income Fund.
 Reuter
3;
bodyend
documentend
documentstart
703
topicstart
acq
topicend
bodystart
2;

CONVERGENT TECHNOLOGIES 
<
CVGT> TO BUY OAKLEAF


    SAN JOSE, Calif., March 2 - 
Convergent Technologies Inc
said it has reached an agreement in principle to buy Oakleaf
Corp, which supplies finance, insurance and leasing computers
to auto dealers.
    The transaction will involve an exchange of Oakleaf stock
for cash and debt and is subject to a definitive agreement, the
companys said. No other terms were disclosed.
    Oakleaf had 1986 sales of about 26 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
704
topicstart
crude
topicend
bodystart
2;

NYMEX WILL EXPAND OFF-HOUR TRADING APRIL ONE


     By BERNICE NAPACH, Reuters


     NEW YORK, March 2 - 
The New York Mercantile Exchange set
April one for the debut of a new procedure in the energy
complex that will increase the use of energy futures worldwide.
     On April one, NYMEX will allow oil traders that do not
hold a futures position to initiate, after the exchange closes,
a transaction that can subsequently be hedged in the futures
market, according to an exchange spokeswoman.
    "This will change the way oil is transacted in the real
world," said said Thomas McKiernan, McKiernan and Co chairman.
    Foreign traders will be able to hedge trades against NYMEX
prices before the exchange opens and negotiate prices at a
differential to NYMEX prices, McKiernan explained.
     The expanded program "will serve the industry because the
oil market does not close when NYMEX does," said Frank Capozza,
secretary of Century Resources Inc.
     The rule change, which has already taken effect for
platinum futures on NYMEX, is expected to increase the open
interest and liquidity in U.S. energy futures, according to
traders and analysts.
    Currently, at least one trader in this transaction, called
an exchange for physical or EFP, must hold a futures position
before entering into the transaction.
    Under the new arrangement, neither party has to hold a
futures position before entering into an EFP and one or both
parties can offset their cash transaction with a futures
contract the next day, according to exchange officials.
    When NYMEX announced its proposed rule change in December,
NYMEX President Rosemary McFadden, said, "Expansion of the EFP
provision will add to globalization of the energy markets by
providing for, in effect, 24-hour trading."
    The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
 Reuter
3;
bodyend
documentend
documentstart
706
topicstart
acq
topicend
bodystart
2;

ROSPATCH 
<
RPCH> TO RESPOND TO DIAGNOSTIC 
<
DRS>


     GRAND RAPIDS, Mich., March 2 - 
Rospatch Corp said it will
have a news release later in response to today's acquisition
bid by Diagnostic Retrieval Systems Inc for 22 dlrs a share.
    Rospatch earlier requested its stock be halted in over the
counter trading, last trade 24-1/8.
    Diagnostic said its bid was for a total 53 mln dlrs through
a cash tender offer for all, but not less than 51 pct of
Rosptach outstanding common.
    For its fourth-quarter ended December 31, 1986, Rospatch
reported net loss 2,649,000 or 1.10 dlrs a share compared a
loss of 627,500 or 35 cts profit for the 1985 period.
    In December the Brookehill Group in New York said it had
9.7 pct stake. J.A. Parini, Rospatch chief executive, responded
on January eight by saying the investment was a vote in
confidence in the company.
 Reuter
3;
bodyend
documentend
documentstart
707
topicstart
earn
topicend
bodystart
2;

GREEN TREE ACCEPTANCE INC 
<
GNT> SETS DIVIDEND


    ST. PAUL, Minn., March 2 -
    
Qtly dividend 12-1/2 cts vs 12-1/2 cts
    Pay March 31
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
708
topicstart
crude
nat-gas
topicend
bodystart
2;

ARGENTINE OIL PRODUCTION DOWN IN JANUARY 1987


    BUENOS AIRES, March 2 - 
Argentine crude oil production was
down 10.8 pct in January 1987 to 12.32 mln barrels, from 13.81
mln barrels in January 1986, Yacimientos Petroliferos Fiscales
said.
    January 1987 natural gas output totalled 1.15 billion cubic
metrers, 3.6 pct higher than 1.11 billion cubic metres produced
in January 1986, Yacimientos Petroliferos Fiscales added.
 Reuter
3;
bodyend
documentend
documentstart
709
topicstart
acq
topicend
bodystart
2;
******
ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC

Blah blah blah.
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2;

NORTH AMERICAN GROUP 
<
NAMG> BUYS GEORGIA FIRM


    CHICAGO, March 2 - 
North American Group Ltd's North
American Acquisition Corp said it has a definitive agreement to
buy 100 pct of Pioneer Business Group Inc of Atlanta.
    Terms of the acquisition were not disclosed. Closing of the
acquisition is scheduled for April.
    North American Acquisition said the agreement is subject to
due diligence and a satisfactory review of Pioneer's operation.
Pioneer makes business forms.
 Reuter
3;
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2;
******
CANADA PLANS 4-PART 1.2 BILLION DLR BOND ISSUE TUESDAY - OFFICIAL

Blah blah blah.
3;


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2;

TALKING POINT/VIACOM INTERNATIONAL 
<
VIA>


    By Cal Mankowski, Reuters


    NEW YORK, March 2 - 
A bidding war for Viacom International
Inc, one of the largest U.S. entertainment companies, pitted a
management group and other investors against National
Amusements Inc, a closely held theater operator.
    Both sides raised their bids over the weekend. A source
close to the management side insisted that timing was on his
side. He said if outside directors approve the management
proposal, a merger plan could be put to a vote of shareholders
with proxy material going out late this week. "It would take 20
days from the day we mail," said the source.
    The source predicted National Amusements, controlled by
investor Sumner Redstone, would need "half a year" to complete
a tender offer because of the regulatory approvals that must
accompany any change in control of Viacom's broadcast licenses
and cable television franchises.
    Redstone was not available for comment.
    Some of Wall Street's arbitrage players said it was a rare
situation that could only be enjoyed - a true bidding war. One
said Redstone could begin a tender offer whenever he wanted and
if enough people were convinced his proposal was superior to
the Viacom management plan, he would have a chance to win.
    The independent directors of Viacom were called into a
meeting today. Word on a decision was expected early tomorrow.
    Viacom shares climbed 2-1/2 to 50-3/8 by midafternoon. One
major Wall Street firm issued a sell recommendation. "We think
we're at the end now, in terms of bidding," said the firm's
arbitrageur, who spoke on condition he not be identified.
    Both Redstone's proposal and the management proposal would
create a restructured company heavily leveraged with debt. The
management plan would result in a balance sheet with about 2.5
billion dlrs in debt and nearly 500 mln dlrs in preferred
stock, convertible into 45 pct of the common stock.
    Redstone's newest proposal offers holders 42 dlrs in cash,
a fraction of a share of exchangeable preferred stock with a
value of 7.50 dlrs, and one-fifth of a share of common stock
stock of Arsenal Holdings, representing 20 pct of the equity
interest in the restructured Viacom. One arbitrageur calculated
the equity in the Redstone plan was worth 2.50 dlrs making the
total package worth 52 dlrs per share.
    Management offered 38.50 dlrs in cash, exchangeable
preferred stock worth 8.50 dlrs and a fractional share of
convertible preferred. The arbitrageur said the equity portion
was worth about 4.00 dlrs for a total of 51 dlrs.
    Redstone's newest plan raised the amount of interest he
would pay on the cash portion of his offer for every day beyond
April 30 that a merger with Arsenal is not consummated. The
plan calls for intest to be paid at an annual rate of nine pct
during May and 12 pct thereafter. Previously Redstone offered
eight pct interest.
    Other arbitrageurs said both Redstone and the management
group, led by president and chief executive Terrence Elkes,
were offering high prices. "Redstone really wants to own the
company," one said. Another said management seemed to have the
edge on the timing issue.
    Redstone's company owns 19.6 pct ov Viacom's 35 mln shares.
    A Wall Street analyst said it was hard to determine what
the equity in the newly leveraged company would be worth. He
noted as an example that new stock in FMC Corp 
<
FMC>, which
adopted a highly leveraged structure last year, inititally
traded at 12.50 dlrs per share, dipped to nine dlrs, and is now
just over 30 dlrs.
    Last week, Viacom reported fourth quarter earnings fell two
two cts per share from 23 cts. The company said interest costs
from several acquisitions affected results.
    Shares of Warner Communications Inc 
<
WCI> rose 7/8 to
31-1/8. Analysts noted Warner owns warrants to purchase 3.25
mln Viacom shares at 35 dlrs and another 1.25 mln shares at
37.50 dlrs.
    Chris Craft Industries 
<
CCN>, which owns a stake in Warner,
rose 1-1/4 to 22-3/4.
    Viacom was created in 1970 and spun off from CBS Inc 
<
CBS>.
The company has 940,000 cable television subscribers, operates
nine satellite television services and owns television and
radio stations. It is one of the largest distributors of films
and other programs for television.
 Reuter
3;
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2;

UP-RIGHT INC 
<
UPRI> 4TH QTR OPER NET


    BERKELEY, Calif., March 2 -
    
Oper shr five cts vs 29 cts
    Oper net 151,000 vs 867,000
    Revs 12.7 mln vs 14.1 mln
    Year
    Oper shr 87 cts vs 52 cts
    Oper net 2,650,000 vs 1,565,000
    Revs 54.7 mln vs 49.1 mln
    Note: oper data does not include 4th qtr 1986 extraordinary
credit of 14,000 dlrs or 4th qtr 1985 extraordinary loss of
139,000 dlrs, or five cts per shr. For year, does not include
extraordinary credit of 92,000 dlrs, or three cts per shr, in
1986 and 161,000 dlrs, or five cts per shr, in 1985.
 Reuter
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2;

CANADA LAUNCHES 1.2 BILLION DLR BOND ISSUE


    OTTAWA, March 2 - 
Canada will offer a 1.2 billion dlr,
four-part bond issue tomorrow, which will be dated March 15 and
delivered March 16, the finance department said.
    The issue will consist of four maturities:
    - 8 pct bonds due July 1, 1990,
    - 8-1/4 pct bonds due March 1, 1994,
    - 8-1/4 pct bonds due March 1, 1997,
    - 8-1/2 pct bonds due June 1, 2011.
    The 2011 maturity will be issued to a maximum of 374 mln
dlrs. The Bank of Canada will buy 100 mln dlrs of the new
issue, including 10 mln dlrs of the 2011 maturity.
 Reuter
3;
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topicstart
trade
topicend
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2;

TALKS SHOW NEW CANADIAN CONFIDENCE, GROUP SAYS


    WASHINGTON, March 2 - 
Canada's decision to raise the issue
of a free trade pact with the U.S. was a sign of what many see
as a new spirit of Canadian self-confidence, a public policy
study group said 
    "It suggests the Canada of the immediate post-war period,
when it was a major player in the process of building a postwar
world," the Washington-based Atlantic Council said.
    U.S. and Canadian negotiators opened talks last summer
aimed at dismantling trade barriers between the two countries,
the world's biggest trading partners with crossborder shipments
of about 150 billion dlrs annually.
    The council's study said the trade talks, with a deadline
of October for an agreement, are the biggest issue in
U.S.-Canadian relations.
   The study said liberalized trade between the two countries
would improve the competitiveness of their economies in world
markets and lessen trade irritants which now mar their ties.
    The council said "in the past most Canadians have shied away
from the notion of a free-trade arrangement, fearing to be
overwhelmed economically and politically by a closer
association with a country 10 times their size in population."
    But at the same time, it added, Canadians realized their
domestic market was too small to permit the mass production and
sales needed to raise productivity to the level demanded by an
increasingly competitive world.
    The council said that in the talks, Canada is chiefly
interested in minimizing the imposing of U.S. duties against 
allegedly subsidized exports.
    A recent example was the 15 per cent duty the U.S. imposed
on Canadian lumber exports on grounds the shipments were being
subsidized.
    The council said the chief U.S. concerns included ending
curbs against U.S. banking, insurance, telecommunications, and
the so-called "cultural industries" - publishing, broadcasting
and films.
    It said other major U.S.-Canadian issues were defense
cooperation, "acid rain" and the U.S. rejection of a Canadian
assertion of sovereignty over waters of the Northwest Passage.
 Reuter
3;
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topicstart
earn
topicend
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2;

ALBERTSON'S INC 
<
ABS> RAISES QTLY DIVIDEND


    BOISE, Idaho, March 2 -
    
Shr 24 cts vs 21 cts
    Pay May 25
    Record May eight
 Reuter
3;
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acq
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2;

WAVEHILL INTERNATIONAL TO MAKE ACQUISITION


    NEW YORK, March 2 - 
<
Wavehill International Ventures Inc>
said it has agreed to acquire Personal Computer Rental Corp of
Coral Gables, Fla., in a transaction in which shareholders of
Personal Computer will receive shares respresenting about a 25
pct interest in the combined company.
    The company said it will have about two mln shares
outstanding on a fully-diluted basis after the transaction. It
said after the acquisition it will infuse Perconal computer
with cash for expansion.  It said Personal Computer now has 26
franchised locations and plans to add over 30 in 1987, seeking
eventually to expand into 420 markets in the U.S. and abroad.
 Reuter
3;
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acq
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2;

SECURITY PACIFIC 
<
SPC> COMPLETES MERGER


    LOS ANGELES, March 2 - 
Security Pacific Corp said it
completed its planned merger with Diablo Bank following the
approval of the comptroller of the currency.
    Security Pacific announced its intention to merge with
Diablo Bank, headquartered in Danville, Calif., in September
1986 as part of its plan to expand its retail network in
Northern California.
    Diablo has a bank offices in Danville, San Ramon and Alamo,
Calif., Security Pacific also said.
 Reuter
3;
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728
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earn
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2;

U.S. INTEC INC 
<
INTK> 4TH QTR NET


    PORT ARTHUR, March 2 -
    
Shr six cts vs five cts
    Net 188,000 vs 130,000
    Revs 12.2 mln vs 10.1 mln
    Avg shrs 3,029,930 vs 2,764,544
    12 mths
    Shr 81 cts vs 1.45 dlrs
    Net 2,463,000 vs 3,718,000
    Revs 52.4 mln vs 47.5 mln
    Avg shrs 3,029,930 vs 2,566,680
    NOTE: net for 1985 includes 500,000, or 20 cts per share,
for proceeds of a life insurance policy.
    includes tax benefit for prior qtr of approximately 150,000
of which 140,000 relates to a lower effective tax rate based on
operating results for the year as a whole.
 Reuter
3;
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ICI 
<
ICI> SEEKS GAINS IN SPECIALTY BUSINESSES


    NEW YORK, March 2 - 
Imperial Chemical Industries PLC, the
largest chemical company in the United Kingdom, will expand its
specialty chemicals and drug businesses this year, and better
its 1986 results, said chairman-elect Denys Henderson.
    "We expect to shift our company toward higher value-added
businesses and continue to broaden our base," Henderson told
reporters at an informal meeting here.
    ICI today announced the formation of a new U.S.
drug company, ICI Pharma, which, with its Stuart
Pharmaceuticals unit, it said will double its current
pharmaceutical sales to 1.1 billion dlrs by 1990.
    Henderson said, "Our pharmaceutical business gets lost in
the way that Glaxo's (Glaxo Holdings PLC) does not."
    ICI's pharmaceutical division is the second largest drug
maker behind Glaxo in the U.K. Last year U.S. drug sales were
about 40 pct of its worldwide drug sales of 1.5 billion dlrs,
which in turn brought in 27 pct of its total profits.
    He estimated that by 1990, ICI's pharmaceutical division
would account for about 30 pct of total company profits.
    "The drug division far and away brings in the highest rate
of return," said A.W. Clements, finance director of ICI, who
was also at the meeting.
    Henderson said the new U.S. drug concern would basically
act as a second sales force to double the exposure of its drugs
to doctors. ICI will hire 145 new salespeople by October one.
    Henderson said the major new products in the company's
pipeline, expected to each bring in sales of over 200 mln dlrs
annually, were Statil, a treatment for diabetic complications,
Zoladex, a treatment for advanced prostate cancer, and Carwin,
a treatment for mild to moderate congestive heart failure.
    Henderson said U.S. Food and Drug Administration approval
to market Statil and Zoladex, both under joint licensing
agreements with Merck and Co Inc 
<
MRK>, is not expected until
about 1989. ICI expects to file for permission to market Carwin
in the U.S. later this year.
    Henderson said the company's 1987 results would top 1986
income of 888 mln dlrs or 5.45 dlrs per ADR on sales of 15
billion dlrs, but he declined to specify by how much.
    Henderson said 1987's results would be boosted by Glidden
Paints, which ICI bought last November for 580 mln dlrs from a
unit of Hanson Industries Inc.
    Henderson also said that ICI has about nine billion dlrs
available for acquisitions. Last year the company made 40
acquisitions, the largest being Glidden. He said that more
acquisitions may be made this year but he ruled out an
acquisition of a pharmaceutical concern as "too expensive."
    Henderson said that in his new role of chairman, effective
April one when he takes over from Sir John Harvey-Jones who
will retire, the biggest challenge ahead lay in continuing the
earnings momentum ICI has established over the past few years
after restructuring and selling off unprofitable businesses.
   
 Reuter
3;
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2;

INT'L HYDRON CORP 
<
HYD> 4TH QTR OPER NET


    WOODBURY, N.Y., March 2 -
    
Oper shr profit six cts vs loss 20 cts
    Oper net profit 734,000 vs loss 2,312,000
    Revs 16.8 mln vs 13.9 mln
    Year
    Oper shr profit 30 cts vs profit three cts
    Oper net profit 3,342,0000 vs profit 318,000
    Revs 67.5 mln vs 52.6 mln
    NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000
dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain
88,000 dlrs or one ct in year from net operating loss
carryforwards.
 Reuter
3;
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acq
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2;

ALBERTSON'S 
<
ABS> ADOPTS STOCKHOLDER RIGHTS PLAN


    BOISE, Idaho, March 2 - 
Albertson's Inc said its board has
adopted a stockholder rights plan intended to protect them in
the event of any proposed takeover of the company.
    Under the plan, stockholders will receive a dividend
distribution of one right for each share of common stock held
on March 23.
    The rights are exercisable ten days after a person or group
acquires 20 pct or more of Alberston's common stock or
announces a tender offer for 30 pct or more of the stock.
    Each right will entitle the shareholder to buy one newly
issued share of Alberston's common stock for 150.00 dlrs.
 Reuter
3;
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acq
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2;

ROSPATCH 
<
RPCH> REJECTS DIAGNOSTIC 
<
DRS> BID


    GRAND RAPIDS, MICH., March 2 - 
Rospatch Corp said it
rejected a proposal by Diagnostic Retrieval Systems Inc to
acquire its stock at 22 dlrs a share.
    Rospatch's board believes that the long term interests of
its shareholders will be best served by continuing as an
independent public company at this time, the company said in
response to an unsolicited offer from Diagnostic Retrieval.
    Rospatch said Diagnostic's offer of February 27 is a
variation of a previous offer in January, the nature of which
was not disclosed.
    Rospatch said it advised Diagnostic Retrieval that "it
would be contrary to the best interests of the corporation
to engage in any discussions concerning a business combination
with Diagnostic Retrieval."
 Reuter
3;
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earn
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2;

SYNTECH INTERENATIONAL INC 
<
SYNE> 4TH QTR NET


    RENO, Nev., March 2 -
    
Shr profit six cts vs loss 4.51 dlrs
    Net profit 815,167 vs loss 12,955,562
    Revs 7,981,022 vs 2,954,488
    Year
    Shr profit 16 cts vs loss 7.22 dlrs
    Net profit 2,446,100 vs loss 19,175,931
    Revs 23.6 mln vs 14.6 mln
 Reuter
3;
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acq
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2;

INT'L MINERALS 
<
IGL> BUYS ANIMAL PRODUCTS UNIT


    NORTHBROOK, Ill., March 2 - 
International Minerals and
Chemical Corp said it completed its acquisition of Johnson and
Johnson Co's Pitman-Moore unit, a producer of animal health
products.
    Terms of the acquisition were not disclosed. International
Minerals and Chemical said annual sales of the unit are about
45 mln dlrs.
    Pitman-Moore makes health products for pets and for farm
and feedstock animals.
 Reuter
3;
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736
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acq
topicend
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2;

JWT 
<
JWT> NOT APPROACHED BY GROUP SEEKING SHARES


    NEW YORK, March 2 - 
JWT Group Inc has not been approached
by former Ted Bates Worldwide Chairman Robert Jacoby about the
possibility of a syndicate buying a 35 pct stake in JWT Group
on a friendly basis, a company spokesman said.
    He said JWT would have no comment on an Advertising Age
report that Jacoby is considering heading up a venture capital
syndicate to purchase a 35 pct stake in JWT group.
    Jacoby was not immediately available for comment on the
report. Ted Bates is now owned by 
<
Saatchi and Saatchi>, the
world's largest advertising agency.
 Reuter
3;
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739
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earn
topicend
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2;

COEUR D'ALENE MINES CORP 
<
COUR> 4TH QTR LOSS


    COEUR D'ALENE, Idaho, March 2 -
    
Shr loss 18 cts vs loss one ct
    Net loss 1,343,000 vs loss 49,000
    Revs 6,778,000 vs 1,976,000
    Year
    Shr loss 67 cts vs loss ten cts
    Net loss 4,693,000 vs loss 672,000
    Revs 14.0 mln vs 7,034,000
    Note: 1986 loss included one-time loss of 3,624,000 dlrs on
write-off of certain silver, oil and gas interests.
 Reuter
3;
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740
topicstart
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2;

FUNARO REJECTS UK SUGGESTION OF IMF BRAZIL PLAN


    LONDON, March 2 - 
Brazilian Finance Minister Dilson Funaro
flatly rejected a U.K. Suggestion that his country seek
International Monetary Fund help in order to facilitate debt
negotiations with commercial creditor banks.
    Talking to reporters, Funaro said this attitude would not
help resolve the crisis started when Brazil suspended
indefenitely interest payments on 68 billion dlrs in external
debt on February 20.
    Funaro was in Britain on the first leg of a tour of
European capitals to explain the motives of the Brazilian debt
moratorium and to seek support for intiatives to improve
capital flows between developed countries and third world
debtor nations.
   Talking before his departure for Paris, he said there could
be no question of Brazil adopting another IMF austerity plan
after a similar package four years ago "put Brazil in a very big
recession."
    "We had an IMF program - it simply meant export more and
import less. We are not going to go the IMF," he said.
    Funaro was reactnng to a British statement following his
talks with Chancellor of the Exchequer Nigel Lawson, saying the
U.K. Government had no part to play in what it viewed as a
problem between Brazil and its commercial creditor banks.
    Britain also believed an IMF program would help along
negotiations between Brazil and the commercial banks, the
statement, which banking sources interpreted as an outright
rebuttal of all Brazilian demands, said.
    "That was not my impression of the meeting," Funaro said; "But
if the (British) answer is more or less like this, then
that means nothing is helping to find a solution."
    Funaro stressed that his talks in Washington last week and
in Europe this week were aimed at gaining official support to
unblock lending from official credit agencies, rather than to
deal with Brazils ties with commercial banks.
    "Since 1982, all official agencies have been closed to my
country," he said.
    He said Lawson had made no commitments to support Brazil's
efforts. Lawson would officially state his position when the
two meet again next month for the IMF and World Bank spring
meetings in Washington, Funaro said.
    Stressing there was no binding time schedule for Brazil's
debt problem to be resolved, Funaro said Brazil had not come to
Europe with specific proposals to overcome the present crisis.
    "We didn't come here to make a cash-flow programme," he said,
"We will have meetings at the IMF next month - let's see what
happens."
    Neither did Brazil plan a major overhaul of current
domestic economic policies, which Funaro said would likely lead
to a five pct economic growth this year.
    "Over the past five years we paid back 45 billion dlrs and
received 11 billion ... This is a very big effort," he said.
"What we have to offer is our cooperation."
 Reuter
3;
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acq
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2;

FOOTE MINERAL 
<
FTE> SELLS CAMBRIDGE PLANT


    EXTON, Pa., March 2 - 
Foote Mineral Co said it signed a
letter of intent with Shieldalloy Corp, a wholly-owned
subsidiary of 
<
Metallurg Inc>, for the sale of its Cambridge,
Ohio, business.
    The company said the sale, which will be explained in
greater detail after the definitive agreement has been signed,
is part of Foote's previously-announced plan to sell the entire
company.

 Reuter
3;
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742
topicstart
grain
wheat
topicend
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2;

U.S. WHEAT GROUPS CALL FOR GLOBAL ACTION


    WASHINGTON, March 2 - 
All major grain producing countries
must do their part to help reduce global surpluses and the
recent Australian farm policy proposals are flawed, two U.S.
wheat organizations said.
    The recent Australian proposals were a good starting point
for discussions, "but we do not want the Australians to feel
they are alone in developing an agenda for discussions" on world
grain trade, the president of the National Association of Wheat
Growers, NAWG, and the chairman of U.S. Wheat Associates said
in a letter to U.S. Agriculture Secretary Richard Lyng and U.S.
Trade Representative Clayton Yeutter.
    Future discussions on international wheat trade should
include three topics -- a commitment to privatization of
government-run export trading entities, a commitment to public
disclosure of sales and other terms if government entities are
involved, and a recognition that supply reductions by the U.S.
have kept world prices higher than they otherwise would be, the
two organizations said 
    While the Australian proposals are welcome the two
organizations said they are not in total agreement with their
assessments.
    Australia's proposals, which aim to reduce U.S. target
prices and "quarantine" U.S. wheat stocks, would continue to
place the burden of supply adjustment and reform on U.S.
farmers, they said.
      Other countries, including Australia, have benefitted
from the higher world prices that have resulted from past U.S.
acreage and crop reduction programs, the organizations said.
    "We will not continue to hurt ourselves economically -- and
subsidize foreign wheat production -- by unilaterally stocking
grain and changing programs which protect our growers," Jim
Miller, president of NAWG said.
    "We sincerely hope for some type of agreement among the
world's major grain producing nations to reduce stocks and
restore profitability to agriculture," Miller said.
 Reuter
3;
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GELCO 
<
GEL> SEES FLAT 1987 PRETAX OPERATING NET


    EDEN PRAIRIE, MINN., March 2 - 
Gelco Corp said that,
excluding the effects of a restructuring plan, it expects
pre-tax operating earnings for the year to end July 31, 1987,
to be about the same as those of last year.
    For the year ended July 31, 1986, Gelco reported pre-tax
operating earnings of 14.8 mln dlrs, or 1.08 dlrs a share.
    However, final results will be affected by certain charges
including legal and investment advisors fees, preferred stock
dividends and other costs of restructuring, it said.
    Expenses associated with restructuring are expected to be
offset by "significant" gains from the sale of some of Gelco's
business units, it said.
    The final outcome for the fiscal year will be determined by
the timing and proceeds from the sale, it added.
 Reuter
3;
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2;

UTILICORP 
<
UCU> ACQUIRES DOMINION 
<
D> SUBSIDIARY


    KANSAS CITY, Mo., March 2 - 
UtiliCorp United Inc said it
has closed the previously announced acquisition of West
Virginia Power from Dominion Resources Inc for about 21 mln
dlrs.
 Reuter
3;
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2;

PESCH SEES SHAREHOLDER SUPPORT IN AMI 
<
AMI> BID


    By Patti Domm, Reuters


    New york, March 2 - 
Chicago physician LeRoy Pesch said he
has had discussions with several American Medical International
Inc shareholders and sees support for a restructuring of the
company.
    Pesch said he has discussed his sweetened, 1.91 billion dlr
takeover bid for American Medical with several large
shareholders, including the biggest investor, the Bass family
of Texas. However, the Bass family has not indicated support
one way or the other for his offer, he said.
    Pesch, in an interview with Reuters, said based on the
conversations he held with shareholders, he could not guage
whether he had majority support. He said, however, there is
support for his offer.
    Pesch would not identify shareholders with whom he held
discussions other than the Bass family and the Wedge Group Inc,
the only other holder of more than five pct of American Medical
stock.
    Earlier today, Wedge Group, which has a 5.5 pct stake, 
said it held discussions with Pesch, American Medical
management and other American Medical shareholders.
    Wedge, in a filing with the Securities and Exchange
Commission, said it believes a restructuring of American
Medical and its business would be "highly desirable and
appropriate at this time."
    "That's the sort of position that I find a large segment of
shareholders of AMI really share," said Pesch.
    Pesch said he held discussions with Wedge about joining his
takeover effort, in which he is offering 17 dlrs cash, four
dlrs in preferred stock and one dlr in common stock for each
American Medical share. Wedge said it has no plans to join in
an effort to seek control of American Medical, but it would not
rule out a future takeover try.
    Pesch said he did not discuss a joint takeover proposal
with the Bass family.
    Some analysts saw the Wedge statement as a boost to Pesch's
takeover effort and a further sign that there could be some
shareholder dissatisfaction following American Medical's
previous rejection of a 20 dlr per share all cash offer from
Pesch.
    American Medical is expected to resist Pesch's latest bid.
Larry Feinberg, an analyst with Dean Witter Reynolds Inc said a
management-led leveraged buyout cannot be ruled out.
    An American Medical spokesman said the company will comment
on the new Pesch offer by March 10.
    Analysts continue to view the Bass family as a factor in
the outcome of the bid for control of American Medical.
    The Bass family holds an 11. 6 pct stake in American
Medical, and the company has previously said the investors
support management's internal plan to improve the company's
performance. The Bass family would not comment on American
Medical or Pesch.
    Pesch, who led the leveraged buyout of Republic Health Corp
last year, continues to face a credibilty problem on Wall
Street because of the long time it took to finish the Republic
acquisition.
    Republic also has substantial debt, and has left wall
street questioning whether financing can be completed for the
much larger American Medical takeover proposal.
    Pesch's first offer for American Medical was made without
an investment banking firm, another cause for concern to Wall
Street. However, Pesch entered his second offer with
representation from Donaldson, Lufkin, and Jenrette Securities
and Security Pacific Merchant Banking Group.
    "I don't have any doubt that the current transaction can be
worked out and completed, provided we get to the point where
Ami management will sit down and talk in a friendly
environment," Pesch said.
    Pesch would not elaborate on what type of financing
arrangements are being made. He did say if he succeeds in
acquiring American Medical he plans to keep much of American
Medical management in place.
    He said he plans to combine the company with Republic to
form an efficient network of hospitals.
    Analysts said they do not believe a much higher offer could
be made for American Medical.
    Byron Nimocks of E.F. Hutton Group said improved second
fiscal quarter earnings could make American Medical stock worth
about 20 dlrs per share.
    Nimocks estimates American Medical earnings for the second
quarter ended February 28 could be 35 cts, compared to a 95 ct
loss last year.
    Nimocks said Pesch's revised offer is not worth much more
than the 20 dlrs cash offered previously.
    But Feinberg said there is a better chance a transaction
could be completed because of the revised structure of the
offer. "I think it's much more doable," he said.
    Analysts have said American Medical has begun a turnaround
by replacing some members of management and reducing costs.
 Reuter
3;
bodyend
documentend
documentstart
754
topicstart
coffee
topicend
bodystart
2;

SENIOR DELEGATES PESSIMISTIC ON ICO TALKS


    LONDON, March 2 - 
Efforts to break an impasse between
coffee exporting and importing countries over regulating the
world coffee market in the face of falling prices appear to
have failed, senior delegates said after a contact group
meeting. The full ICO council is due to meet this evening.
    President of the Brazilian Coffee Institute (IBC) Jorio
Dauster told Reuters after the contact group meeting there had
been no agreement on quotas as consumers had tried to dictate
market shares rather than negotiate them.
    Dauster said there are no plans yet to renew negotiations
at a later date.
 Reuter
3;
bodyend
documentend
documentstart
756
topicstart
earn
topicend
bodystart
2;

GLAMIS GOLD LTD 
<
GLGVF> SIX MTHS DEC 31 NET


    VANCOUVER, British Columbia, March 2 -
    
Shr 16 cts vs 22 cts
    Net 1,226,597 vs 1,327,016
    Revs 6,598,580 vs 5,921,828
 Reuter
3;
bodyend
documentend
documentstart
757
topicstart
acq
topicend
bodystart
2;

U.S. APPROVES BUYOUT OF COASTAL BANCORP 
<
CSBK>


    PORTLAND, Maine, March 2 - 
Coastal Bancorp said the U.S.
Federal Reserve Board approved the acquisition of Coastal by
Suffield Financial Corp 
<
SSBK>.
    The acquisition still requires approval from the Banking
Department in Maine, the company noted.
 Reuter
3;
bodyend
documentend
documentstart
758
topicstart
earn
topicend
bodystart
2;

LITTLE PRINCE PRODUCTIONS LTD
<
LTLP>1ST QTR LOSS


    NEW YORK, March 2 - 
Qtr ended Dec 31
    Shr profit nil vs loss nil
    Net profit 858 vs loss 3,957
    Revs 7,372 vs 1,500
 Reuter
3;
bodyend
documentend
documentstart
759
topicstart
topicend
bodystart
2;

BRAZIL CRITICISES ADVISORY COMMITTEE STRUCTURE


    By Sandy Critchley, Reuters


    LONDON, March 2 - 
Brazil is not happy with the existing
structure of the 14-bank advisory committee which coordinates
its commercial bank debt, Finance Minister Dilson Funaro said.
    U.S. Banks have 50 pct representation on the committee
while holding only 35 pct of Brazil's debt to banks, he said,
adding "This is not fair with the European and Japanese banks."
The committee had played a useful role in 1982 and 1983,
however.
    Noting the often different reactions of U.S., Japanese and
European banks, Funaro told journalists that Brazil might adopt
an approach involving separate discussions with the regions.
    Since debtor nations' problems were normally treated on a
case-by-case basis, "Perhaps the same principle should apply to
creditors," central bank president Francisco Gros said.
    Brazil on February 20 suspended indefinitely interest
payments on 68 billion dlrs owed to commercial banks, followed
last week by a freeze on bank and trade credit lines deposited
by foreign banks and institutions, worth some 15 billion dlrs.
    Funaro and Gros spent two days at the end of last week in
Washington talking to government officials and international
agencies and will this week visit Britain, France, West
Germany, Switzerland and Italy for discussions with
governments.
    Funaro and Gros are today meeting British Chancellor of the
Exchequer Nigel Lawson, Foreign Secretary Geoffrey Howe and
Governor of the Bank of England Robin Leigh-Pemberton.
    Bankers have estimated that Brazil owes U.K. Banks around
8.5 billion dlrs in long and medium term loans, giving the U.K.
The third largest exposure after the U.S. And Japan.
    The crisis began when Brazil's trade surplus, its chief
means of servicing its foreign debt, started to decline sharply
and the problem was compounded by a renewed surge in the
country'rate of inflation.  Reserves were reported to have
dropped below four billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
762
topicstart
acq
topicend
bodystart
2;

AMCA 
<
AIL> TO SELL SOME DOMINION BRIDGE ASSETS


    TORONTO, March 2 - 
AMCA International Ltd said it finalized
agreement to sell certain assets and inventories of its
Dominion Bridge steel service center operations to 
<
Federal
Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed.
    It said the sale involved assets and operations of the
general line of steel service centers in Toronto and Edmonton,
Alberta and steel from inventories of closed AMCA branches.
    The company said the sale was part of a previously
announced restructuring program to allow it to focus on certain
core businesses and generate cash to cut debt.
 Reuter
3;
bodyend
documentend
documentstart
764
topicstart
acq
topicend
bodystart
2;

SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD


    TORONTO, March 2 - 
<
Scott's Hospitality Inc> said it
acquired Capital Food Services Ltd, Ottawa's largest catering
and food service company, for undisclosed terms.
    Scott's said it would operate Capital Food as a separate
unit under Capital's current name and management.
 Reuter
3;
bodyend
documentend
documentstart
765
topicstart
topicend
bodystart
2;

FUNARO REJECTS SUGGESTION OF IMF BRAZIL PLAN


    LONDON, March 2 - 
Brazilian Finance Minister Dilson Funaro
flatly rejected a U.K. Suggestion that his country seek
International Monetary Fund (IMF) help in order to facilitate
debt negotiations with commercial creditor banks.
    Talking to reporters, Funaro said this attitude would not
help resolve the crisis started when Brazil suspended
indefinitely interest payments on 68 billion dlrs in external
debt on February 20.
    Funaro was in Britain on the first leg of a tour of
European capitals to explain the motives of the Brazilian debt
moratorium and to seek support for intiatives to improve
capital flows between developed countries and third world
debtor nations.
 Reuter
3;
bodyend
documentend
documentstart
767
topicstart
acq
topicend
bodystart
2;

UNION NATIONAL 
<
UNBC> SIGNS DEFINITIVE PACT


    MASONTOWN, PA., March 2 - 
Union National Corp said it
signed a definitive agreement under which its First National
Bank and Trust Co of Washington unit will merge with 
<
Second
National Bank of Masontown>.
    Under a previously announced merger agreement, each share
of Second National's common stock will be converted into 25
shares of Union National common.
 Reuter
3;
bodyend
documentend
documentstart
768
topicstart
acq
topicend
bodystart
2;

ANALYSTS SEE NO OTHER BIDDER FOR PUROLATOR
<
PCC>


    New York, March 2 - 
Several analysts said they do not
believe another suitor will top the 265 mln dlr bid for
Purolator Courier Corp by E.F. Hutton LBO Inc and a management
group from Purolator's courier division.
    There had been speculation another offer might be
forthcoming, but analysts mostly believe the 35 dlrs per share
price being paid by Hutton and the managers' PC Acquisition Inc
is fully valued.
    Analysts and some Wall Street sources said they doubted
another bidder would emerge since Purolator had been for sale
for sometime before a deal was struck with Hutton Friday.
    Purolator's stock slipped 3/8 today to close at 34-3/4. It
had been trading slightly higher than the 35 dlr offer on
Friday. At least one analyst Friday speculated the company
might fetch 38 to 42 dlrs per share.
    analysts and wall street sources doubted a competitive
offer would emerge since the company has been for sale for
sometime before the deal with Hutton was struck Friday.
    Hutton had been in talks with Purolator's adviser, Dillon,
Read and Co since late December, a Hutton spokesman said.
    Hutton is offering 35 dlrs cash per share for 83 pct of the
shares. If all shares are tendered, shareholders would receive
29 dlrs cash, six dlrs in debentures, and warrants for stock in
a subsidiary of PC Acquisition containing the Purolator U.S.
courier operation. Hutton values the warrants at two to three
dlrs per share.
    Wall Street sources also said today that a rival bidder
might be discouraged by a breakup fee Purolator would have to
pay if it ends its agreement with Hutton. The sources would not
reveal the amount of the fee, which will be noted in documents
on the transaction to be made public later this week.
 Reuter
3;
bodyend
documentend
documentstart
773
topicstart
earn
topicend
bodystart
2;

WHITEHALL CORP 
<
WHT> 4TH QTR NET


    DALLAS, March 2 -
    
Shr 15 cts vs 55 cts
    Net 557,000 vs 2,020,000
    Revs 8,872,000 vs 13,908,000
    Year
    Shr 60 cts vs 2.52 dlrs
    Net 2,198,000 vs 9,313,000
    Revs 36.9 mln vs 55.7 mln
 Reuter
3;
bodyend
documentend
documentstart
774
topicstart
earn
topicend
bodystart
2;

SERVICE CORP INTERNATIONAL 
<
SRV> 3RD QTR NET


    HOUSTON, March 2 - 
Qtr ended Jan 31
    Shr 33 cts vs 29 cts
    Net 14.8 mln vs 11 mln
    Revs 108.6 mln vs 70.0 mln
    Avg shrs 45.2 mln vs 37.6 mln
    Nine mths
    Shr 88 cts vs 76 cts
    Net 36.7 mln vs 28.7 mln
    Revs 260.4 mln vs 193.0 mln
    Avg shrs 41.9 mln vs 37.8 mln
    Note: Net for nine mths includes gains from dispositions of
1,783,000 dlrs or four cts a share vs 900,000 dlrs or two cts a
share.
    Avg shrs and shr data restated to reflect three-for-two
stock split in January.
 Reuter
3;
bodyend
documentend
documentstart
776
topicstart
earn
topicend
bodystart
2;

PEOPLES BANCORPORATION 
<
PEOP> QUARTERLY DIVIDEND


    SEATTLE, March 2 -
    
Qtly div 25 cts vs 25 cts
    Pay April 24
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
778
topicstart
earn
topicend
bodystart
2;

CPL REIT 
<
CNTRS> 4TH QTR NET


    DAVENPORT, Iowa, March 2 -
    
Shr 24 cts
    Net 412,737
    Revs 605,321
    Year
    Shr 93 cts
    Net 1,577,892
    Revs 2,345,261
    NOTE: Full name CPL Real Estate Investment Trust.
    Company was formed Dec 30, 1985.
 Reuter
3;
bodyend
documentend
documentstart
780
topicstart
earn
topicend
bodystart
2;

REPUBLIC AUTOMOTIVE PARTS 
<
RAUT> 4TH QTR LOSS


    BRENTWOOD, Tenn., March 2 -
    
Shr loss 85 cts vs loss 88 cts
    Net loss 2,410,000 vs loss 2,466,0000
    Revs 24.0 mln vs 23.9 mln
    Year
    Shr loss 1.18 dlrs vs loss 81 cts
    Net loss 3,338,000 vs loss 2,275,000
    Revs 101.4 mln vs 112.3 mln
 Reuter
3;
bodyend
documentend
documentstart
781
topicstart
earn
topicend
bodystart
2;

REALMERICA CO 
<
RACO> YEAR NOV 30 NET


    LEXINGTON, Ky., March 2 - 
    
Shr profit four cts vs loss 16 cts
    Net profit 155,383 vs loss 577,336
    Note: Net includes tax credit of 51,226 dlrs or one ct per
share.
 Reuter
3;
bodyend
documentend
documentstart
783
topicstart
earn
topicend
bodystart
2;

S-K-I LTD 
<
SKII> 2ND QTR JAN 25 NET


    KILLINGTON, Vt., March 2 -
    
Shr 81 cts vs 57 cts
    Net 3,660,273 vs 2,437,914
    Revs 28.5 mln vs 23.1 mln
    Six mths
    Shr 29 cts vs 12 cts
    Net 1,325,755 vs 483,559
    Revs 31.7 mln vs 26.4 mln
 Reuter
3;
bodyend
documentend
documentstart
784
topicstart
topicend
bodystart
2;

HOLIDAY CORP 
<
HIA> TO REDEEM TWO BOND ISSUES


    NEW YORK, March 2 - 
Holiday Corp said it would redeem on
March 11 all outstanding 9-1/2 pct first mortgage bonds due
1995 of its Holiday Inns Inc unit and all 9-1/2 pct first
mortgage bonds, Series A, due 1996 of its Harrah's subsidiary.
    The Holiday bonds will be bought back at 101.6 pct of the
bonds' principal amount plus accrued interest, or 1,038.69 dlrs
per 1,000 dlr face amount. Holiday will redeem the Harrah's
bonds at 104.5 pct of the principal amount plus accrued
interest, or 1,079.31 dlrs per 1,000 dlr face amount.
 Reuter
3;
bodyend
documentend
documentstart
787
topicstart
acq
topicend
bodystart
2;

FERRO CORP 
<
FOE> SETS JOINT VENTURE


    LOS ANGELES, March 2 - 
Ferro Corp said it has formed a
joint venture with Paris-based Alsthom Inudstrial Group to
export U.S. epxertise in specialty composite materials to the
European market.
    Ferro said although the airframe and aerospace industries
are the prime users of composite materials today, it plans to
develop applications for the ground transportation and
industrial markets in the near future.
    Ferro also announced it has agreed to purchase CompositAir,
a developer of composit materials applications, for an
undisclosed sum.
 Reuter
3;
bodyend
documentend
documentstart
789
topicstart
topicend
bodystart
2;
******
U.S. SELLS 3-MO BILLS AT 5.47 PCT, STOP 5.48 PCT, 6-MO 5.51 PCT, STOP 5.51 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
791
topicstart
crude
topicend
bodystart
2;

NYMEX RULE CHANGE SEEN BOOSTING ENERGY TRADE


    NEW YORK, March 2 - 
The New York Mercantile Exchange said
it will introduce exchanges for physicals (EFPS) to its energy
futures markets April one.
    An exchange spokeswoman said the change will allow oil
traders that do not hold a futures position to initiate, after
the exchange closes, a transaction that can subsequently be
hedged in the futures market.
    EFPs, already in effect for platinum futures on NYMEX, are
expected to increase the open interest and liquidity in U.S.
energy futures, according to traders and analysts.
    The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
 Reuter
3;
bodyend
documentend
documentstart
793
topicstart
copper
topicend
bodystart
2;

U.S. REFINERY COPPER STOCKS FALL IN JANUARY


    NEW YORK, March 2 - 
Refined copper stocks held by U.S.
refineries fell to 109,200 short tons at the end of January
from 145,400 short tons at the end of December, the American
Bureau of Metal Statistics reported.
    Commodity Exchange (Comex) copper stocks climbed to 103,000
tons in January from 93,300 tons in December. Combined refinery
and Comex stocks eased to 212,200 tons in January
from 238,700 tons in December.
    U.S. refined production declined to 117,600 tons in January
from 137,400 tons in December. Crude output increased to 98,600
tons in January from 93,300 tons (revised lower) in December.
    Preliminary figures showed U.S. refined deliveries rose to
151,800 tons in January from 124,800 tons in December.
 Reuter
3;
bodyend
documentend
documentstart
797
topicstart
acq
topicend
bodystart
2;

CCL UNIT ACQUIRES NESTLE CANADA CAN OPERATIONS


    TORONTO, March 2 - 
<
CCL Industries Inc>'s Continental Can
Canada Inc unit said it acquired the Wallaceburg, Ontario,
metal can making operations of Nestle Enterprises Ltd, wholly
owned by 
<
Nestle SA>, of Switzerland. Terms were undisclosed.
    Continental Can said it would supply Nestle's equivalent
can requirements under a long-term agreement.
    Nestle said it decided to stop manufacturing cans "in order
to be in a better position to take full advantage of the
changes underway or on the horizon in food packaging
technology."
 Reuter
3;
bodyend
documentend
documentstart
798
topicstart
livestock
hog
topicend
bodystart
2;

AMERICAN PORK CONGRESS KICKS OFF TOMORROW


    CHICAGO, March 2 - 
The American Pork Congress kicks off
tomorrow, March 3, in Indianapolis with 160 of the nations pork
producers from 44 member states determining industry positions
on a number of issues, according to the National Pork Producers
Council, NPPC.
    Delegates to the three day Congress will be considering 26
resolutions concerning various issues, including the future
direction of farm policy and the tax law as it applies to the
agriculture sector. The delegates will also debate whether to
endorse concepts of a national PRV (pseudorabies virus) control
and eradication program, the NPPC said.
    A large trade show, in conjunction with the congress, will
feature the latest in technology in all areas of the industry,
the NPPC added.
 Reuter
3;
bodyend
documentend
documentstart
800
topicstart
copper
topicend
bodystart
2;

COPPER STOCKS OUTSIDE U.S. INCREASE IN DECEMBER


    NEW YORK, March 2 - 
Refined copper stocks held by
refineries outside the U.S. increased to a preliminary 277,500
short tons at the end of December from a preliminary 270,000
short tons (revised higher) at the end of November, the
American Bureau of Metal Statistics said.
    London Metal Exchange stocks fell to 193,100 tons in
December from 194,400 tons in November. Combined refinery and
LME stocks rose to a preliminary 470,600 tons from 464,400 tons
(revised higher). January LME stocks were 193,400 tons.
    Preliminary figures showed refined production outside U.S.
lower at 377,300 tons in December versus 384,000 tons in
November. Crude output decreased to 421,500 tons from 427,000
tons (revised higher). Refined copper deliveries decreased to
359,800 tons from 375,400 tons (revised lower).
 Reuter
3;
bodyend
documentend
documentstart
811
topicstart
earn
topicend
bodystart
2;

MFS MANAGED MUNCIPAL BOND TRUST SETS PAYOUT


    BOSTON, Mass., March 2 - 
<
MFS Managed Muncipal Trust Bond>
said it declared a monthly payout income distribution of 5.7
cts a share compared with 5.6 cts for the previous month.
    It said the distribution is payable March 20 to
shareholders of record March two.
 Reuter
3;
bodyend
documentend
documentstart
812
topicstart
topicend
bodystart
2;

COMMERCIAL CREDIT 
<
CCC> SELLS 10-YEAR NOTES


    NEW YORK, March 2 - 
Commercial Credit Co is raising 150 mln
dlrs through an offering of notes due 1997 yielding 8.217 pct,
said lead manager Morgan Stanley and Co Inc.
    The notes have an 8-1/8 pct coupon and were priced at
99.375 to yield 105 basis points more than comparable Treasury
securities.
    Non-callable for life, the issue is rated Baa-2 by Moody's
and BBB-plus by Standard and Poor's. First Boston Corp and
Shearson Lehman Brothers Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
816
topicstart
copper
topicend
bodystart
2;

U.S. BRASS MILL COPPER STOCKS LOWER IN JANUARY


    NEW YORK, March 2 - 
U.S. brass mill copper stocks fell to
185,400 short tons (copper content) at the end of January from
191,200 short tons at the end of December, according to the
American Bureau of Metal Statistics.
    Consumption by brass mills increased to 60,700 short tons
in January from 48,900 short tons in December.
    Mills consumed 29,600 tons of refinery shapes in January
versus 24,000 tons in December. Scrap consumption increased to
31,100 tons in January from 24,900 tons in December.
    Total brass mill shipments increased to 69,600 tons in
January from 54,400 tons in December, while receipts rose to
63,800 tons from 47,100 tons.
 Reuter
3;
bodyend
documentend
documentstart
817
topicstart
earn
topicend
bodystart
2;

MFS MUNICIPAL INCOME TRUST 
<
MFM> SETS PAYOUT


    BOSTON, March 2 - 
MFS Municipal Income Trust said it
declared a monthly income distribution of 5.7 cts a share
compared with 5.5 cts a share paid in the previous month.
    It said the distribution is payable March 27 to
shareholders of record March 13.
 Reuter
3;
bodyend
documentend
documentstart
818
topicstart
earn
topicend
bodystart
2;

PITTWAY CORP 
<
PRY> 4TH QTR NET


    NORTHBROOK, Ill., March 2 -
    
Shr 1.35 dlrs vs two dlrs
    Net 6,195,000 vs 9,202,000
    Sales 157.5 mln vs 151.6 mln
    Year
    Shr 6.02 dlrs vs 6.78 dlrs
    Net 27,608,000 vs 31,117,000
    Sales 585.7 mln vs 541.3 mln
 Reuter
3;
bodyend
documentend
documentstart
820
topicstart
acq
topicend
bodystart
2;

ARMTEK 
<
ARM> TO SELL INDUSTRIAL TIRE UNIT


    NEW HAVEN, CONN., March 2 - 
Armtek Corp, previously the
Armstrong Rubber Co, said it agreed to sell its industrial tire
and assembly division to a Dyneer Corp 
<
DYR> for an undisclosed
sum.
    It said the agreement covers the division's tire production
facility in Clinton, Tenn., and its plants serving original
equipment and replacement markets. Armstrong Tire Co, an Armtek
unit, will continue to sell replacement industrial tires, the
company said.
    Final closing is expected in the third fiscal quarter
ending June 30.

 Reuter
3;
bodyend
documentend
documentstart
824
topicstart
topicend
bodystart
2;

AMERICAN ELECTRIC 
<
AEP> UNIT REDEEMING BONDS


    NEW YORK, March 2 - 
Appalachian Power Co, a unit of
American Electric Power Co, said it will redeem on May one an
additional 1.38 mln dlrs of its 12-7/8 pct first mortgage bonds
due 2013.
    That increases to 2.88 mln dlrs the amount of bonds the
utility will buy back. Appalachian Power said it will redeem
the bonds at par plus accrued interest.
 Reuter
3;
bodyend
documentend
documentstart
825
topicstart
topicend
bodystart
2;

AVX CORP 
<
AVX> DEBT AFFIRMED BY S/P


    NEW YORK, March 2 - 
Standard and Poor's Corp said it
affirmed the B-plus rating on AVX Corp's 28 mln dlrs of
subordinated debt.
    The company's implied senior debt rating is BB.
    S and P said AVX's purchase offer for CTS Corp 
<
CTS> has
expired and the acquisition does not appear likely to occur.
AVX was listed on S and P's creditwatch with negative
implications on December 17, 1986, because of the proposed
acquisition.
 Reuter
3;
bodyend
documentend
documentstart
827
topicstart
topicend
bodystart
2;

KIDDER UNIT SELLS CMOS, INCLUDING FLOATERS


    NEW YORK, March 2 - 
Kidder, Peabody Mortgage Assets Trust
Five, a unit of Kidder, Peabody and Co Inc, is offering 500 mln
dlrs of collateralized mortgage obligations in seven classes,
including floating-rate and inverse-rate tranches.
    Sole manager Kidder Peabody said the first floating-rate
class has an initial rate of 6.755 pct that will be reset
quarterly at 40 basis points over three-month LIBOR, with an 11
pct cap.
    Totaling 53.3 mln dlrs, this floating-rate class contains a
so-called catchup provision that allows investors to recapture
possible lost interest, according to Kidder Peabody.
    For instance, if three-month LIBOR rises to 15 pct during
the life of the floating-rate tranche and falls back below the
11 pct cap, investors would be paid back, dollar for dollar,
the amount of interest they would have received if the CMOs did
not carry a maximum interest rate, a Kidder officer said.
    Kidder Peabody introduced this concept on February 12.
    The other floating-rate class totals 132.4 mln dlrs and has
an initial rate of 6.975 pct that will be reset quarterly at 60
basis points over three-month LIBOR, with a 13 pct cap. This
tranche does not have a catch-up provision, the Kidder officer
said.
    The inverse-rate tranche totals 71.3 mln dlrs and has an
initial rate of 10.903 pct. The rate will be reset quarterly
according to the formula of 22.44027 minus the product of
1.8097 times three-month LIBOR.
    Yields on the remaining fixed-rate CMOs, the balance of the
500 mln dlr issue, range from 7-1/4 to 9.27 pct, or 90 to 160
basis points over comparable Treasuries.
    The issue is rated a top-flight AAA by Standard and Poor's.

 Reuter
3;
bodyend
documentend
documentstart
828
topicstart
earn
topicend
bodystart
2;

PETROLITE CORP 
<
PLIT> SETS PAYOUT


    ST. LOUIS, March 2 -
    
Qtly dividend 28 cts vs 28 cts
    Pay April 24
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
829
topicstart
propane
heat
gas
topicend
bodystart
2;

NYMEX TO SUBMIT PROPANE PROPOSAL TO CFTC


    NEW YORK, March 2 -
The New York Mercantile Exchange expects
to submit a propane futures contract for federal regulatory
approval within a few days, according to an exchange
spokeswoman.
    As previously announced, the Board of Governors of the
exchange approved the contract last month. The exchange will
now submit the contract to the Commodity Futures Trading
Commission, according to the spokeswoman.
    Contract specifications will resemble those of heating oil
and gasoline futures. The contract size will be 1,000 barrels,
or 42,000 U.S. gallons.
    The minimum price fluctuation for the propane futures
contract will be  0.01 cent per gallon, or 4.20 dlrs a barrel,
according to the exchange.
    The maximum daily price limit will be two cts a gallon on
all contracts except spot. Trading will terminate on the last
business day of the month preceding the delivery month.
    The exchange said delivery will be F.O.B from the seller's
pipeline, storage, or fractionation facility in Mont Belvieu,
Texas, which has a direct pipeline access to the Texas Eastern
Transmission Pipeline (TET) in Mont Beliview.
    Delivery method will be by in-line or in-well transfer,
inter-facility transfer or pumpover, or book transfer and
cannot be done earlier than the tenth calendar day of the
delivery month, according to the exchange. Deliveries must be
completed no later than two business days prior to the end of
the delivery month.
    Buyers taking delivery of the propane must pay the seller
by certified check and the deadline for payment is 1200 EST
(noon) of the second business day following receipt of the
propane.
 Reuter
3;
bodyend
documentend
documentstart
830
topicstart
money-supply
topicend
bodystart
2;
******
australian annual broad money supply growth 10.3 pct in January

Blah blah blah.
3;


bodyend
documentend
documentstart
833
topicstart
veg-oil
soy-oil
oilseed
soybean
topicend
bodystart
2;

YEUTTER BLASTS PROPOSED EC OILS AND FATS TAX


    WASHINGTON, March 3 - 
U.S. trade representative Clayton
Yeutter today said that if the European Community's Council of
Ministers approves a tax on vegetable oils and fats, another
major transatlantic trade row will erupt over agriculture.
    In a statement issued by the trade representative's office
following a speech to the American Soybean Association's board
of directors, Yeutter said the proposed tax would have a severe
impact on American soybean farmers, who export some 2.4 billion
dlrs in soybeans and products annually to the EC.
    "This is an unacceptable situation for us and its
(vegetable oils tax) enactment would leave us no choice but to
vigorously protect our trade rights and defend our access to
the European market," Yeutter said.
    Yeutter said the proposed vegetable oils tax would violate
EC obligations under the GATT.
    He said the effect of the tax would be to double the price
of soyoil produced from imported soybeans, making margarine
made from soyoil more expensive than tallow-based margarine,
and closer in price to expensive European butter.
    "I am astonished that the EC commission would propose such
a provocative measure so soon after we successfully resolved
the agricultural dispute over the enlargement of the EC to
include Spain and Portugal," Yeutter said.
    "It serves no purpose to embark on another confrontational
course before the recent wounds have healed and as we are
beginning to make progress on the Uruaguay round (of global
trade talks)," he said.
 Reuter
3;
bodyend
documentend
documentstart
834
topicstart
heat
topicend
bodystart
2;

EXXON 
<
XON> CUTS HEATING OIL BARGE PRICE


    NEW YORK, March 2 - 
Oil traders in New York said Exxon
Corp's Exxon U.S.A. unit reduced the price it charges contract
barge customers for heating oil in New York harbor 0.75 cent a
gallon, effective today.
    They said the reduction brings Exxon's contract barge price
to 43.25 cts. The price decrease follows sharp declines in
heating oil prices on spot and futures markets, traders said.
 Reuter
3;
bodyend
documentend
documentstart
835
topicstart
crude
topicend
bodystart
2;

GREECE SAYS IT HAS RIGHT ON AEGEAN OIL DRILLING


    ATHENS, March 2 - 
Greece, responding to a warning by Turkey
against conducting oil activities in the Aegean Sea, said today
it had the right to decide where and how to do research or
drilling work in the area.
    A government spokesman said the Greek position was made
clear to Turkey's ambassador Nazmi Akiman when he met Greek
Foreign Affairs Undersecretary Yannis Kapsis last week.
    Acting Turkish Prime Minister Kaya Erdem said earlier today
Greek activities in the northern Aegean contravened the 1976
Berne Agreement which set the framework for talks on the Aegean
continental shelf disputed between Ankara and Athens.
    The Greek statement today said, "Greece is not prepared to
give up even a trace of its sovereignty rights to the seabed.
It has been stressed to...Mr Akiman that the decision where or
how to drill belongs exclusively to the Greek government."
    "The Greek government has repeatedly let the Turkish side
know that it considers the 1976 Berne protocol as inactive
through the fault of Turkey," it said.
    The Greek statement said Athens was ready to put the
continental shelf issue before international courts.
 Reuter
3;
bodyend
documentend
documentstart
836
topicstart
acq
topicend
bodystart
2;

LEUCADIA 
<
LUK> HAS 7.2 PCT OF MINSTAR 
<
MNST>


    WASHINGTON, March 2 - 
Leucadia National Corp said two of
its subsidiaries have acquired a 7.2 pct stake in Minstar Inc,
a corporation controlled by corporate raider Irwin Jacobs and
used by him in his forays to acquire stock in companies.
    In a filing with the Securities and Exchange Commission,
Leucadia said its LNC Investments Inc, a Newark, Del.,
investment firm, and Charter National Life Insurance Co, a St.
Louis joint stock life insurance company, bought their combined
1,261,000 Minstar common shares for investment purposes only.
    The Leucadia subsidiaries had held an 11.0 pct stake in
Minstar, but cut to 1.8 pct, or 313,200 shares, last July.
    Since July, Leucadia said its companies have bought 947,800
Minstar common shares for a total of 24.7 mln dlrs.
    Leucadia said it bought the Minstar stake to obtain an
equity position in the company and has no intention of seeking
control of it.
    Nearly half of Leucadia's common stock is owned by TLC
Associates, a Salt Lake City, Utah, general partnership, whose
partners include the chairman and president of Leucadia and
other investors.
 Reuter
3;
bodyend
documentend
documentstart
837
topicstart
earn
topicend
bodystart
2;

BASIX CORP 
<
BAS> 4TH QTR LOSS


    NEW YORK, March 2 - 
    
Oper shr loss eight cts vs profit 20 cts
    Oper net loss 768,000 vs profit 1,962,000
    Revs 49.0 mln vs 43.6 mln
    12 mths
    Oper shr loss 1.41 dlrs vs profit 96 cts
    Oper net loss 13.6 mln vs profit 9,305,000
    Revs 175.3 mln vs 140.7 mln
    Note: Oper excludes loss from discontinued operations of
4,676,000 dlrs or 48 cts a share for year-ago qtr and 7,571,000
dlrs or 78 cts a share for year-ago 12 mths.
    Oper includes charge of 1.1 mln dlrs for cumulative effect
of repeal of the investment tax credit for qtr and writedown of
21.6 mln dlrs on gas and oil facilities for 12 mths.
    Year-ago shr data restated to reflect two pct stock
dividend of December 1986.
 Reuter
3;
bodyend
documentend
documentstart
839
topicstart
money-supply
topicend
bodystart
2;

AUSTRALIAN JANUARY ANNUAL BROAD MONEY UP 10.3 PCT


    Sydney, March 3 - 
Australia's broad money supply rose 10.3
pct in the year ended January, up from a revised 9.6 pct in
December, the Reserve Bank said.
    This compares with the previous January's 13.9 pct.
    In January broad money growth slowed to 0.7 pct from
December's 1.5 pct and compared with nil growth in January
1986.
    Within the broad money total, non-bank financial
intermediaries rose by 0.2 pct from a revised decline of 0.2 
in December and a previous January's 0.8 pct increase.
    In the January year, NBFI's borrowings rose by 9.5 pct from
a revised 10.1 in December and compared with a previous
January's 12.8.
    At the end of January, broad money stood at 175,866 mln
dlrs dlrs from December's 174,668 mln dlrs and a January 1986
level of 159,453 mln.
    In the same period, borrowings from the private sector by
the NBFIs rose to 70,389 mln dlrs from December's 70,237 mln
and the previous January's 64,299 mln.
 Reuter
3;
bodyend
documentend
documentstart
840
topicstart
acq
topicend
bodystart
2;

MICROBIO 
<
MRC> PLANS ACQUISITION, FINANCING


    BOUNTIFUL, Utah, March 2 - 
Microbiological Research Corp
said it entered into a letter of intent for a proposed business
combination with privately owned 
<
DataGene Scientific
Laboratories Inc>, and 
<
Milex Corp> a newly formed company,
through a stock swap.
    It also said it received 100,000 dlrs from the sale of a
convertible note to Ventana Growth Fund as part of an overall
1,100,000 equity financing plan with Ventana. Under that plan,
a minimum of 400,000 dlrs and a maximum of one mln dlrs of
additional new capital is to be provided to fund the combined
operations of the three companies.
    Microbiological also said that if the maximum additional
capital is raised, it will own about 49 pct of 4,550,00 shares
of common outstanding in the new combined company, DataGene
holders will own 29 pct, and Ventana and others will own 13
pct.
    It said the remaining nine pct will be held by Milex
shareholder Norman Monson, who will become chief executive
officer of the combined companies.
 Reuter
3;
bodyend
documentend
documentstart
841
topicstart
topicend
bodystart
2;

NATIONAL BANK ISSUES MORTGAGE-BACKED SECURITIES


    MONTREAL, March 2 - 
<
National Bank of Canada> said it is
issuing 25 mln dlrs worth of mortgage-backed securities
recognized by the federal government's Canada Mortgage and
Housing Corp.
    The bank said the issue is divided into two pools--one
bearing annual interest of 8-3/4 pct and the other 8-5/8 pct,
with interest calculated semi-annually and paid monthly.
    It said the securities are available in denominations of
5,000 dlrs for a term of slightly less than five years.
    Underwriters are (Levesque, Beaubien Inc), and (McLeod
Young Weir Ltd).
    National Bank said the issue is part of a program by Canada
Mortgage and Housing, introduced late last year, which provides
investors with high quality securities similar to government
bonds but with a higher rate of return.
 Reuter
3;
bodyend
documentend
documentstart
842
topicstart
coffee
topicend
bodystart
2;

ICO COUNCIL ENDS IN FAILURE TO AGREE QUOTAS


    LONDON, March 2 - 
A special meeting of the International
Coffee Organization (ICO) council failed to agree on how to set
coffee export quotas, ICO delegates said.
    Producers and consumers could not find common ground on the
issue of quota distribution in eight days of arduous, often
heated talks, delegates said.
    Export quotas -- the major device of the International
Coffee Agreement to stabilise prices -- were suspended a year
ago after coffee prices soared in reaction to a drought in
Brazil which cut its output by two thirds.
    Delegates and industry representatives predicted coffee
prices could plummet more than 100 stg a tonne to new four year
lows tomorrow in response to the results of the meeting.
 Reuter
3;
bodyend
documentend
documentstart
843
topicstart
gnp
trade
topicend
bodystart
2;

FRANCE HAS LITTLE ROOM FOR MANOEUVRE, OECD SAYS


    PARIS, March 3 - 
French industry is failing to produce the
goods its markets need and its loss of competitiveness has left
the government little room for manoeuvre to reflate the
economy, the Organisation for Economic Cooperation and
Development said.
    With gross domestic product likely to grow only 2.1 pct
this year, the same rate as last year, unemployment could climb
to 11.5 pct of the workforce by mid-1988, from its present 10.9
pct, it said in an annual review of the French economy.
    The report said the French economy was "increasingly
ill-adapted to demand" selling goods at "uncompetitive relative
prices on both domestic and export markets."
    "France's poor export performance reflects a geographical
bias in favour of markets less dynamic than the average...
And...A substantial loss of market share...In the past 18
months," it said.
    Pointing to a likely widening of the French trade deficit
to around 2.9 billion dlrs this year from 2.4 billion in 1986,
it warned that a further depreciation of the dollar against the
franc could lead to "a (renewed) loss of competitiveness
relative not only to the United States but also to the newly
industrialised countries."
    This could result in further major losses of market share,
particularly in the non-OECD area, which accounts for almost a
quarter of French exports, it said.
    Until the competitive ability of industry improved, the
authorities would have "little scope for macroeconomic
manoeuvre, even if the unemployment situation or the need to
encourage a pickup in investment could require demand to grow
more briskly," it added.
    But rising unemployment could help to hold down wage
demands, contributing to a slowdown in inflation to around a
two pct annual rate this year and early next, the OECD said.
    Written mainly in December last year, the report took no
account of a rise in oil prices early in 1987, and a 0.9 pct
surge in January consumer prices, caused partly by the
government's deregulation of service sector tariffs.
    "We took a bet that the freeing of prices would not provoke
runaway rises, and it is not absolutely certain that bet has
been lost," one OECD official commented.
    OECD officials said the January data and a rise in oil
prices above the 15 dlrs a barrel average assumed in the
report, indicated an upward revision in the inflation forecast
to around 2.5 or three pct.
    The government last week revised its forecast up to between
2.4 and 2.5 pct from two pct, against last year's 2.1 pct.
    But the OECD backed the government's view that the
underlying trend for inflation remained downwards this year,
with a slowdown in domestic costs taking over from last year's
fall in oil and commodity prices as the chief cause of
disinflation.
    With French unit productivity costs now among the lowest in
the OECD area, the inflation differential between France and
its main trading rival, West Germany, could fall to just one
pct this year, it said.
    On the other hand, the report noted, consumer prices for
industrial goods and private services have been rising steeply
as companies built up their profits.
    "For the disinflationary process to continue , and price
competitiveness to become lastingly compatible with exchange
rate stability, it is essential that wage restraint continue,"
it said.
 REUTER
3;
bodyend
documentend
documentstart
844
topicstart
acq
topicend
bodystart
2;

PAINEWEBBER
<
PWJ> UNIT UPS SHAER SHOE 
<
SHS> STAKE


    WASHINGTON, March 2 - 
Mitchell Hutchins Asset Management
Inc, a New York investment firm and subsidiary of PaineWebber
Group Inc, said it raised its voting stake in Shaer Shoe Corp
to 76,000 shares, or 7.5 pct, from 52,100 shares, or 5.1 pct.
    In a filing with the Securities and Exchange Commission,
Mitchell Hutchins said it bought 11,900 shares between Jan 8
and Feb 24 at prices ranging from 12.125 to 12.75 dlrs a share
and obtained voting control over another 12,000 shares.
    The firm has said it bought the stake as an investment on
behalf of its clients, but said it has had discussions with
Shaer management. It did not disclose the topic of the talks.
 Reuter
3;
bodyend
documentend
documentstart
846
topicstart
earn
topicend
bodystart
2;

TELECREDIT INC 
<
TCRD> 3RD QTR JAN 31 NET


    LOS ANGELES, March 2 -
    
Shr 32 cts vs 22 cts
    Net 3,454,000 vs 2,224,000
    Revs 33.2 mln vs 28.1 mln
    Nine mths
    Shr 64 cts vs 38 cts
    Net 6,935,000 vs 3,877,000
    Revs 86.8 mln vs 70.9 mln
 Reuter
3;
bodyend
documentend
documentstart
848
topicstart
earn
topicend
bodystart
2;

LASER PRECISION CORP 
<
LASR> 4TH QTR NET


    IRVINE, Calif., March 2 -
    
Shr profit 14 cts vs profit two cts
    Net profit 452,723 vs profit 50,581
    Revs 5,065,543 vs 2,898,363
    Year
    Shr profit 45 cts vs loss 15 cts
    Net profit 1,276,472 vs loss 340,081
    Revs 16.0 mln vs 9,304,466
 Reuter
3;
bodyend
documentend
documentstart
849
topicstart
acq
topicend
bodystart
2;

REXNORD 
<
REX> TO REDEEM RIGHTS


    BROOKFIELD, Wis., March 2 - 
Rexnord Inc said it will redeem
all of its preferred stock purchase rights for 10 cts a right
effective today.
    Rexnord said the rights will be redeemed because it is
expected its shares will be tendered under a January 30
takeover offer from Banner Acquisition Corp. The rights trade
in tandem with Rexnord's common stock.
 Reuter
3;
bodyend
documentend
documentstart
850
topicstart
acq
topicend
bodystart
2;

CANTREX UNIT TO MERGE WITH ONTARIO GROUP


    MONTREAL, March 2 - 
(Groupe Cantrex Inc) said it plans to
merge a new wholly-owned subsidiary a merger agreement with
(CAP Appliance Purchasers Inc), of Woodstock, Ontario, a group
of about 400 appliance and electronics retailers.
    It said CAP shareholders will receive 140,700 first
preferred Groupe Cantrex shares entitling the holders to
receive 6.05 dlrs per share or the equivilant in class A
subordinate voting Cantrex shares.
    The merger is effective April one and is subject to
shareholder approval.         
 Reuter
3;
bodyend
documentend
documentstart
851
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRM BOOSTS LDBRINKMAN 
<
DBC> STAKE


    WASHINGTON, March 2 - 
Two affiliated investment firms and
the investment funds they control said they raised their
combined stake in LDBrinkman Corp to 653,600 shares, or 10.9
pct of the total outstanding from 585,600 shares, or 9.7 pct.
    In a filing with the Securities and Exchange Commission,
Fidelity International Ltd, a Bermuda-based firm, said its
funds bought 68,000 LDBrinkman common shares between Jan 5 and
Feb 19 at prices ranging from 5.30 to 5.445 dlrs a share.
    Funds controlled by FMR Corp, a Boston-based investment
firm affiliated with Fidelity, hold 251,100 shares, bringing
the combined total to 653,600 shares, Fidelity said.
 Reuter
3;
bodyend
documentend
documentstart
852
topicstart
earn
topicend
bodystart
2;

ITT'S 
<
ITT> HARTFORD UNIT POSTS 4TH QTR GAIN


    HARTFORD, Conn., March 2 - 
Hartford Insurance Group, a unit
of New York-based ITT Corp, said higher worldwide premiums help
boost net income for the 1986 fourth quarter to 88.6 mln dlrs,
from net income of 36.7 mln dlrs for the 1985 quarter.
   For the full year, Hartford said it earned 329 mln dlrs, up
from 151.4 mln dlrs in 1985.
    Hartford said results for the year were aided by a gain of
46.5 mln dlrs on the sale of its remaining 52 pct stake in
Abbey Life Group PLC. For 1985, the company posted a gain of
14.3 mln dlrs on the sale of 48 pct of Abbey Life.
    Hartford said total property-casualty and life-health
written premiums rose 25 pct in 1986, to eight billion dlrs,
from 6.4 billion dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
853
topicstart
acq
topicend
bodystart
2;

SEC PROBES 1986 TRE 
<
TRE> TAKEOVER ATTEMPT


    WASHINGTON, March 2 - 
The federal Securities and Exchange
Commission (SEC) is looking for possible securities laws
violations in connection with an unsuccessful 1986 bid by
Hollywood producer Burt Sugarman to take over TRE Corp,
attorneys contacted by SEC investigators said.
    During the takeeover attempt, a unit of Sugarman's Giant
Group Ltd at one point held a 9.9 pct stake in TRE.
    It had help in that effort from Jefferies Group Inc, a Los
Angeles investment banking firm which sold it an option on a
portion of the shares Sugarman eventually acquired.
    In addition, a company controlled by Sugarman raised 35 mln
dlrs in a debt offering underwritten by Drexel Burnham Lambert
Inc with help from Jefferies, and used a portion of the
proceeds to buy TRE stock.
    Finally, Reliance Group Holdings Inc acquired nearly six
pct of TRE, according to an SEEC filing.
    The attorneys, who asked not to be identified, said the SEC
was investigating whether Sugarman and other firms with TRE
holdings were working together without disclosing their
cooperation, as would be required by the federal securities
laws.
    One attorney said SEC probers also were examining whether
Sugarman and Drexel had made adequate disclosures of its
intended usage of the proceeds in the prospectus for the 35 mln
dlr bond offering.
    A TRE spokesman confirmed that TRE, since December a unit
of Aluminum Co of America, had been contacted by SEC
investigators and was cooperating with the probe.
    The spokesman added that TRE Chairman Leopold Wyler had
been interviewed by the SEC probers.
    A Jefferies spokesman said the SEC had asked for
information a few months ago as part of an informal probe.
    The spokesman said Jefferies had cooperated with the agency
and had heard nothing more since that time.
    "To the best of our knowledge, Jefferies is not the target
of a formal SEC investigation" in connection with the TRE bid,
he said.
    A Drexel spokesman acknowledged that his firm had
underwritten the debt offering for Sugarman but added:
    "We had nothing to do with TRE."
    As a matter of policy, the SEC routinely declines to
comment on its enforcement activities.
 Reuter
3;
bodyend
documentend
documentstart
855
topicstart
grain
oat
corn
oilseed
soybean
topicend
bodystart
2;

CBT FEBRUARY VOLUME DOWN 14 PCT FROM YEAR AGO


    CHICAGO, March 2 - 
February volume at the Chicago Board of
Trade, CBT, declined 14 pct from the year-ago month to
8,191,266 contracts, the exchange said.
    A relatively steady interest rate climate reduced volume in
the most active contract, Treasury bond futures, by 17.5 pct
from a year ago to 4,307,645 contracts.
    However, trading in most agricultural futures contracts
increased last month, led by oats and corn futures.
    Oats volume tripled to 27,662 contracts, and corn volume
increased 35 pct to 580,204 contracts. Wheat and soybean oil
futures activity also rose from a year ago, while soybean and
soybean oil volume slipped, the exchange said.
    Major Market Index futures increased activity 37 pct during
the month with 194,697 contracts changing hands.
 Reuter
3;
bodyend
documentend
documentstart
856
topicstart
grain
wheat
topicend
bodystart
2;

USSR WHEAT BONUS RUMORS PERSIST DESPITE DENIALS


    WASHINGTON, March 2 - 
Grain trade representatives continued
to speculate that the Reagan administration will offer
subsidized wheat to the Soviet Union, while U.S. Agriculture
Department officials said there was no substance to the
reports.
    "It's pure fiction," said one senior official at USDA's
Foreign Agricultural Service, referring to the rumor that the
administration would make an export enhancement offer to Moscow
in the next two to three weeks.
    An aide to Agriculture Secretary Richard Lyng who asked not
to be identified said there was nothing to substantiate the
speculation, which he said was started by "somebody fanning the
(wheat) market." Wheat futures strengthened today, partly on the
basis of the speculation.
    One lobbyist with close connections to the Reagan
administration said a Soviet trade team told private grain
trade officials in New York last week that Moscow would buy as
much as four mln tonnes of U.S. wheat, much of it before
mid-year, if it was "competitively priced."
    Alexander Ivlev, an official with Amtorg, a Soviet trading
organization, told Reuters he had no information to
substantiate the rumors of an imminent wheat subsidy offer, but
said that Moscow "would consider" buying U.S. wheat if it was
competitively priced.
    "We don't care if it is EEP, what we (the Soviets) are
looking for is competitive prices," Ivlev said. "If they (the
administration) are interested in selling it (wheat), they
should find ways to do it."
 Reuter
3;
bodyend
documentend
documentstart
857
topicstart
ship
topicend
bodystart
2;

CANADIAN SEAFARERS THREATEN STRIKE


    MONTREAL, March 2 - 
Canadian seafarers are almost certain
to go on strike this spring in a refusal to meet rollbacks in
wages and benefits asked for by their employers, Seafarers'
International Union official Roman Gralewicz said.
    "It's 99.9 percent--I guarantee you a strike," Gralewicz
said in an interview.
    The union represents about 2,300 workers on the Great Lakes
and Canada's East and West coasts. Contract talks broke off in
January and a conciliator has been appointed to try to help
settle the dispute. The current contract expires at the end of
March.
    The seafarers' employers are also asking for a reduction in
crew levels, a move which the union said would cost about 400
jobs.
 Reuter
3;
bodyend
documentend
documentstart
859
topicstart
earn
topicend
bodystart
2;

DALLAS CORP 
<
DLS> 4TH QTR LOSS


    DALLAS, March 2 - 
    
Oper shr loss 22 cts vs profit 10 cts
    Oper net loss 1,626,000 vs pofit 702,000
    Revs 98.3 mln vs 105.1 mln
    12 mths
    Oper shr profit 18 cts vs profit 82 cts
    Oper net profit 1,293,000 vs profit 5,940,000
    Revs 396.2 mln vs 396.7 mln
    Note: Oper net excludes loss from discontinued operations
of 2,112,000 dlrs or 39 cts a share for year-ago qtr and
2,036,000 dlrs or 1.10 dlrs a share for year-ago 12 mths.
 Reuter
3;
bodyend
documentend
documentstart
861
topicstart
earn
topicend
bodystart
2;

DILLARD DEPARTMENT STORES INC 
<
DDS> 4TH QTR NET


    LITTLE ROCK, Ark., March 2 - 
Qtr ended Jan 31
    Shr 1.16 dlrs vs 1.15 dlrs
    Net 32.4 mln vs 33.5 mln
    Revs 629.0 mln vs 538.6 mln
    Avg shrs 32.1 mln vs 29.2 mln
    12 mths
    Shr 2.35 dlrs vs 2.29 dlrs
    Net 74.5 mln vs 66.9 mln
    Revs 1.85 billion vs 1.60 billion
    Avg shrs 31.7 mln vs 29.2 mln
    Note: Shr/avg shrs data show 2-for-1 split in Nov. 1985.
 Reuter
3;
bodyend
documentend
documentstart
862
topicstart
topicend
bodystart
2;

EC MINISTERS BID TO SAVE DAIRY ACCORD


    By Jonathan Clayton, Reuters


    BRUSSELS, March 3 - 
European Community (EC) farm ministers
were fighting hard early today to prevent a deal on cutting
overflowing milk production from turning sour before trying to
agree widescale reforms in other surplus sectors.
    Meanwhile, protests from angry European farmers over
successive attempts to scale down unwanted Community food
production appeared to be gathering strength.
    In the northeastern Spanish city of Saragossa thousands of
Spanish farmers battled with police during a march to demand a
better deal from Brussels.
    The farmers traded stones for tear gas and rubber pellets
and occupied local government buildings while in the southern
city of Malaga, citrus growers dumped more 20 tonnes of lemons
on the streets in protest at EC duties.
    Towards the end of last week, about 10,000 angry West
German farmers marched through the streets of Hanover burning
effigies of Agriculture Minister Ignaz Kiechle while in France
pig-farmers barricaded roads in protest at falling prices.
    Europe's 12 mln farmers are furious over plans by the
European Commission to cut subsidised prices and severely limit
farmers' automatic right to sell unwanted food into public
stores at high guaranteed EC prices.
    In the toughest-ever proposals for the annual price review,
at which EC ministers set the levels of subsidies, Agriculture
Commissioner Frans Andriessen has included measures that could
result in price cuts for some products of up to 11 pct.
    The plans form part of an on-going campaign to reform
surplus-creating farm policies that have become a political
embarrassment at home and commercial flash-point abroad and
threatened to leave the Community with no cash for other areas.
    Andriessen's latest package comes only months after a
decision to cut dairy production by 9.5 pct over two years and
to slash beef prices by around 10 pct.
    That decision, agreed in outline last December after
virtually nine days of non-stop negotiations, was hailed as the
most significant step yet in the reform offensive, but has
since run into difficulties over the fine print.
    West Germany and Ireland are objecting to the new rules
governing the sales of surplus butter into cold stores, but the
Commission is loathe to abandon its position as the accord has
been used as the inspiration for Andriessen's latest package.
    Ministers failed yesterday to overcome the problem, and
resumed negotiations in a bid to finalise the details before
starting the price review which is confidently predicted to
last many months.
    EC farm spending currently swallows two thirds of an
overall annual budget of around 40 billion dlrs and is almost
entirely blamed for a projected budget shortfall later this
year of some 5.7 billion dlrs.
 Reuter
3;
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topicstart
earn
topicend
bodystart
2;

KENTUCKY CENTRAL LIFE 
<
KENCA> SETS PAYOUT


    LEXINGTON, Ky., March 2 - 
Kentucky Central Life Insurance
Co said it declared a semi-annual dividend of 55 cts per share,
payable March 31 to shareholders or record March 19.
    The dividend is equal to the company's previous semi-annual
payout.
 Reuter
3;
bodyend
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866
topicstart
earn
topicend
bodystart
2;

BANK OF NEW ENGLAND CORP 
<
BKNE> QTLY DIVIDEND


    BOSTON, March 2 - 
    
Qtly div 28 cts vs 28 cts prior
    Pay April 20
    Record March 31
 Reuter
3;
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867
topicstart
jobs
topicend
bodystart
2;

JAPAN UNEMPLOYMNENT RISES TO RECORD IN JANUARY


    TOKYO, March 3 - 
Japan's seasonally adjusted unemployment
rate rose to a record 3.0 pct in January, the worst since the
Government started compiling unemployment statistics under its
current system in 1953, up from the previous record 2.9 pct in
December, the government's Management and Coordination Agency
said.
    Unemployment was up from 2.8 pct a year earlier.
    Unadjusted January unemployment totalled 1.82 mln people,
up from 1.61 mln in December and 1.65 mln a year earlier.
    Male unemployment in January remained at 2.9 pct, equal to
the second-worst level set last December. Record male
unemployement of 3.1 pct was set in July 1986.
    Female unemployment in January remained at 3.0 pct, equal
to the record level marked in April, August, September and
December last year.
    January's record 3.0 pct unemployment rate mainly stemmed
from loss of jobs in manufacturing industries, particularly in
export-related firms, due to the yen's continuing appreciation
against the dollar, officials said.
    Employment in manufacturing industries fell 380,000 from a
year earlier to 14.30 mln including 1.83 mln employed in the
textile industry, down 190,000 from a year earlier, and 1.06
mln in transport industries such as carmakers and shipbuilders,
down 170,000.
 REUTER
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earn
topicend
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2;

FORD 
<
F> EUROPE EARNINGS UP 71 PCT LAST YEAR


    GENEVA, March 3 - 
Ford Europe's net earnings soared by 71
per cent last year to 559 mln dlrs, Kenneth Whipple, chairman
of Ford Europe, said.
    Whipple, here to attend the Geneva Auto Show which opens on
Thursday, said that the Ford Motor Co unit had sold a record
1.5 million vehicles in Europe in 1986.
    Net earnings were 326 mln dlrs in 1985.
    Sales in 1986 represented 11.8 per cent of the European
market share, Whipple said. Ford will invest 1.2 billion
dollars in Europe in 1987, and a total of seven billion over
the next seven years, he added.
 Reuter
3;
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870
topicstart
lei
topicend
bodystart
2;

SOUTH KOREA'S LEADING INDICATORS FALL IN DECEMBER


    SEOUL, March 3 - 
South Korea's index of leading indicators
fell 0.1 pct to 164.1 (base 1980) in December after a 0.1 pct
rise in November, representing a 16.1 pct year-on-year gain
from December 1985, Economic Planning Board provisional figures
show.
    The index is based on 10 indicators which include export
values, letters of credit received, warehouse stocks, M-1 and
M-3 money supply figures and the composite stock exchange
index.
 REUTER
3;
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872
topicstart
money-fx
yen
dlr
topicend
bodystart
2;

JAPANESE ECONOMIST SEES STABLE YEN/DOLLAR RATES


    KUALA LUMPUR, March 3 - 
The yen should stabilize at around
152 to 153 to the U.S. Dollar for about a year, the Bank of
Tokyo's economic adviser Koei Narusawa said.
    "Both sides are showing clear interest to secure stability
of the currencies. The major target of the Japanese government
is to maintain the yen at above 150, at least for the rest of
the year," he told reporters during a brief visit to Malaysia.
    Narusawa said the U.S. Is unlikely to push the yen up
further because this might spark off inflation and depress the
U.S. Economy before the 1988 presidential election.
    The yen is trading at around 153.70 to the dollar.
 REUTER
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873
topicstart
crude
topicend
bodystart
2;

OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS


    JAKARTA, March 3 - 
Opec remains within its agreed output
ceiling of 15.8 mln barrels a day, and had expected current
fluctuations in the spot market of one or two dlrs, Indonesian
Energy Minister Subroto said.
    He told reporters after meeting with President Suharto that
present weakness in the spot oil market was the result of
warmer weather in the U.S. And Europe which reduced demand for
oil.
    Prices had also been forced down because refineries were
using up old stock, he said.
    He denied that Opec was exceeding its agreed production
ceiling. Asked what Opec's output level was now, he replied:
"Below 15.8 (mln barrels per day)." He did not elaborate.
    He said there appeared to have been some attempts to
manipulate the market, but if all Opec members stick by the
cartel's December pricing agreement it would get through
present price difficulties.
    He predicted that prices would recover again in the third
and fourth quarters of 1987.
    He also reiterated that there was no need for an emergency
Opec meeting.
    He said Opec had expected to see some fluctuations in the
spot price. "We hope the weak price will be overcome, and
predict the price will be better in the third and fourth
quarters."
    Refiners, he said, appeared to have used up old stock
deliberately to cause slack demand in the market and the price
to fall. But Opec would get through this period if members
stuck together.
 REUTER
3;
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874
topicstart
grain
wheat
topicend
bodystart
2;

OFFICIAL INQUIRY SET FOR AUSTRALIAN WHEAT INDUSTRY


    CANBERRA, March 3 - 
The government's industry aid and
protection review body, the Industries Assistance Commission
(IAC), will hold a 12-month inquiry into the Australian wheat
industry, Primary Industry Minister John Kerin said.
    The IAC has been asked to report on the need for assistance
to the industry and the nature, duration and extent of any aid,
he said in a statement.
    He said the inquiry will be the first step in setting
marketing arrangements to apply after June 30, 1989, when the
underwriting and pricing provisions of the 1984 Wheat Marketing
Act expire.
    Kerin said the broad-ranging reference would allow a full
examination of all aspects of the wheat-marketing system.
    "The inquiry will be required to take into account changes
which have taken place in the industry as a result of the
agricultural policies of major wheat producing countries and
the industry's capacity to adjust to any recommended changes,"
he said.
    "The inquiry is at an important time for the wheat industry,
as the substantial fall in world prices is likely to trigger
underwriting support from the government for the first time," he
said.
    Kerin was referring to the government's underwriting of the
guaranteed minimum price paid to wheatgrowers by the Australian
Wheat Board near the start of the season.
    The IAC's report will be due at the same time as the
findings of the current Royal Commission into Grain Storage,
Handling and Transport, Kerin said.
    He said the timing of the IAC inquiry would allow its
findings and those of the Royal Commission to be considered in
later negotiations on wheat-marketing arrangements between the
federal and state governments and the industry.
 REUTER
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875
topicstart
coffee
topicend
bodystart
2;

COFFEE TRADERS EXPECT SELLOFF AFTER ICO TALKS FAIL


    By Lisa Vaughan, Reuters


    LONDON, March 3 - 
The failure of the International Coffee
Organization (ICO) to reach agreement on coffee export quotas
could trigger a massive selloff in London coffee futures of at
least 100 stg per tonne today, coffee trade sources said.
    Prices could easily drop to as low as 1.00 dlr or even 80
cents a lb this year from around 1.25 dlrs now, they said.
    A special meeting between importing and exporting countries
ended in a deadlock late yesterday after eight days of talks
over how to set the quotas. No further meeting to discuss
quotas was set, delegates said.
    Quotas, the major device used to stabilize prices under the
International Coffee Agreement, were suspended a year ago after
prices soared following a damaging drought in Brazil.
    With no propects for quotas in sight, heavy producer
selling initially and a price war among commercial coffee
roasting companies will ensue, the trade sources predicted.
    Lower prices are sure to trickle down to the supermarket
shelf this spring, coffee dealers said.
    The U.S. And Brazil, the largest coffee importer and
exporter respectively, each laid the blame on the other for the
breakdown of the talks.
    Jon Rosenbaum, U.S. Assistant trade representative and
delegate to the talks, said in a statement after the council
adjourned, "A majority of producers, led by Brazil, were not
prepared to negotiate a new distribution based on objective
criteria.
    "We want to insure that countries receive export quotas
based on their ability to supply the market, instead of their
political influence in the ICO."
    Brazilian Coffee Institute (IBC) President Jorio Dauster
countered, "Negotiations failed because consumers tried to
dictate quotas, not negotiate them."
    Previously, quotas were determined by historical amounts
exported, which gave Brazil a 30 pct share of a global market
of about 58 mln 60-kilo bags. A majority of producers wanted
quotas to continue under this basic scheme.
    But most consumers and a maverick group of eight producers
proposed carving up the export market on the basis of
exportable production and stocks, which would reduce Brazil's
share to 28.8 pct.
    Consumer delegates said this method would reflect changes
in many countries' export capabilities and make coffee more
readily available to consumers when they need it.
    A last-minute attempt by Colombia, the second largest
exporter, to rescue the talks with a compromise interim
proposal could not bring the two sides together.
    Delegates speculated Brazil's financial problems,
illustrated by its recent suspension of interest payments on
bank debt, have increased political pressure on the country to
protect its coffee export earnings.
    Developing coffee-producing countries that depend heavily
on coffee earnings, particularly some African nations and
Colombia, are likely to be hurt the most by the ICO's failure
to agree quotas, analysts said.
    The expected drop in prices could result in losses of as
much as three billion dlrs in a year, producer delegates
forecast.
    The ICO executive board will meet March 31, but the full
council is not due to meet again until September, delegates
said.
 REUTER
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topicstart
earn
topicend
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2;
******
CRA Ltd 1986 net profit 138.2 mln dlrs vs 87.8 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
880
topicstart
bop
topicend
bodystart
2;

N.Z. QUARTERLY CURRENT ACCOUNT DEFICIT NARROWS


    WELLINGTON, March 3 - 
New Zealand's current account deficit
for the quarter ended December 31, 1986 narrowed to 567 mln
dlrs from 738 mln, revised down from 742 mln, for the September
quarter and from 733 mln a year earlier, the statistics
department said.
    The deficit for the year ended December narrowed to 2.75
billion dlrs from 2.91 billion dlrs, revised down from 2.92
billion, for the year ended September. The deficit for calendar
1985 was 2.61 billion.
    The December quarter showed a 182 mln dlr surplus for
merchandise trade, unchanged from the September quarter surplus
which was revised down from 271 mln dlrs. The 1985 December
quarter showed a 13 mln dlr deficit.
    Imports for the December 1986 quarter were 2.655 billion
against 2.883 billion in the September quarter and 2.454 a year
earlier. Exports were 2.837 billion against 3.065 billion and
2.440 billion.
    Imports for the year ended December 1986 were 10.74 billion
dlrs compared with 11.14 billion in 1985. Exports were 11.20
billion against 11.36 billion.
    Government borrowing stood at 9.26 billion dlrs for
calendar 1986 against 3.15 billion for 1985. Borrowing in the
December quarter rose to 3.92 billion from 1.79 in the
September quarter and 611 mln a year earlier.
    Repayments stood at 5.5 billion for the year, up from 3.1
billion in 1985. Repayments in the December quarter accounted
for 1.4 billion dlrs against 260 mln in the September quarter
and 334 mln a year earlier.
    Official reserves totalled 7.205 billion dlrs at end
December compared with 4.723 billion at end September and 3.255
billion one year earlier.
 REUTER
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topicstart
topicend
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2;

AMERICAN AIRLINES TO ANNOUNCE BUYS, NEWSPAPER SAYS


    NEW YORK, March 3 - 
<
American Airlines Inc> is expected to
announce purchases from 
<
Airbus Industrie>, Boeing Co 
<
BA> and
General Electric Co 
<
GE> amounting to 2.5 billion dlrs, the New
York Times said.
    The paper quoted unnamed industry sources as saying
American will buy 25 wide-bodied planes from Airbus, 15
wide-bodies from Boeing and 80 engines from GE. It said
American split the order between Airbus and Boeing to get
better prices and conditions.
    It said the 80 CF6-80C2 engines are worth more than five
mln dlrs each.
 REUTER
3;
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882
topicstart
acq
topicend
bodystart
2;

TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA


    MELBOURNE, March 3 - 
Equity investment company 
<
Battery
Group Ltd> said it had agreed to buy 
<
Occidental Life Insurance
Co of Australia Ltd> from TransAmerica Corp 
<
TA> of the U.S.
For 105 mln Australian dlrs.
    The acquisition has been made possible by the efforts of
its major shareholder, 
<
Pratt and Co Financial Services Pty
Ltd>, Battery Group said in a statement.
    The purchase will be partly funded by the issue of eight
mln shares at 4.50 dlrs each and four mln free options to the
Pratt Group, controlled by entrepreneur Dick Pratt, plus four
mln shares to professional investors at 4.50 each, it said.
    The balance will be funded by debt, Battery Group said.
    The acquisition is subject to the approval of its
shareholders.
    On completion of the share placements, Pratt Group will
effectively have 51 pct of Battery's enlarged capital, assuming
exercise of all options, it said. Battery now has 22 mln shares
on issue.
    Battery said Occidental Life is a major underwriter of
individual term life insurance and a recent but fast-growing
entrant in the individual account superannuation market.
    It has some 200 mln dlrs in funds under management.
 REUTER
3;
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topicstart
earn
topicend
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2;

CRA LTD 
<
CRAA.S> 1986 NET


    MELBOURNE, March 3 -
    
Net 138.20 mln dlrs vs 87.80 mln.
    Shr 24.8 cents vs 17.8
    Final div to announced after July 1, vs final 10 cents
making 15.
    Sales revenue 4.81 billion vs 4.69 billion
    Investment income 116.93 mln vs 60.61 mln
    Shrs 494.35 mln vs 494.22 mln.
    NOTE - Net is after tax 171.03 mln dlrs vs 188.52 mln,
interest 337.39 mln vs 308.68 mln, depreciation 352.32 mln vs
333.05 mln but before net extraordinary loss 250.28 mln vs
profit 28.03 mln.
 REUTER



3;
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documentend
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884
topicstart
rubber
topicend
bodystart
2;

MALAYSIA RE-IMPOSES EXPORT DUTIES ON RUBBER


    KUALA LUMPUR, March 3 - 
The Malaysian government said it
has re-imposed export duties on rubber at 3/8 cent per kilo
after the gazetted price moved above the threshold price of 210
cents per kilo.
    The gazetted price, effective March 1, rose to 213-1/2
cents per kilo from February's 207.
    The duty for research remains at 3.85 cents per kilo and
the replanting duty is also unchanged at 9.92 cents.
 REUTER
3;
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documentend
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885
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

MALAYSIA RAISES DUTY ON PROCESSED PALM OIL


    KUALA LUMPUR, March 3 - 
The government said it raised the
export duty on processed palm oil (PPO) to 64.06 ringgit per
tonne from 40.96 ringgit, effective from March 1.
    Export duty on crude palm oil (CPO) was unchanged at 16.06
ringgit per tonne.
    The gazetted price of PPO rose to 796.8604 ringgit per
tonne from 719.8286. That of CPO remained at 617.8238 ringgit.
    The export duty and gazetted price of palm kernel were left
unchanged at 191.15 and 955.75 ringgit per tonne respectively.
 REUTER
3;
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topicstart
earn
topicend
bodystart
2;
******
comalco ltd 1986 net profit 57.1 mln dlrs vs loss 69.1 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
887
topicstart
earn
topicend
bodystart
2;

COMALCO LTD 
<
CMAC.S> 1986 NET


    MELBOURNE, March 3 -
    
Net profit 57.1 mln dlrs vs loss 69.1 mln.
    Net is equity accounted
    Pre-equity accounted net 39.90 mln dlrs vs loss 49.11 mln
    Pre-equity shr profit 7.1 cents vs loss 8.7
    Final div to be announced after July 1 vs first and final
1.0 cent.
    Sales 1.88 billion vs 1.78 billion
    Other income 52.75 mln vs 15.22 mln
    Shrs 560.61 mln vs same.
    NOTE - Net is after tax paid 46.85 mln dlrs vs credit 5.02
mln, interest 127.68 mln vs 117.19 mln, depreciation 109.29 mln
vs 100.73 mln and minorities 1.50 mln vs loss 331,000.
    But net is before net extraordinary loss 140.5 mln vs nil.
Extraordinaries comprise exchange losses 102.9 mln, provision
for Goldendale smelter closure costs 27.3 mln and increase in
future tax provision 10.3 mln.
 REUTER
3;
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topicstart
topicend
bodystart
2;

JAPANESE DEMAND FOR U.K. GILTS SEEN RISING


    TOKYO, March 3 - 
Japanese investor interest in British
gilt-edged securities is growing rapidly due to expectations
sterling will remain stable despite the drop in oil prices, and
on calculations gilt prices will firm, bond managers said.
    Japanese, British and U.S. Securities houses have been
expanding inventories of gilts to meet demand from investors
seeking capital gains, including city and trust banks, which
have been active on the U.S. Treasury market, they said.
    Dealing demand for gilts with coupons around 10 pct has
been getting stronger, the general manager of the local office
of a British securities firm said.
    On the other hand, major long-term investors such as
Japanese insurance companies are not very enthusiastic about
buying British securities ahead of the March 31 close of the
Japanese financial year, traders said.
    These investors, who must convert yen into sterling through
dollars for British securities purchases, appear to be buying
in London rather than in Tokyo, a bond manager for a British
securities house said.
    The sterling/yen rate was about 240.34/44 today, up from
234.50 at the start of the calendar year and a narrow range of
230 to 234 late last year.
    Many bond traders in Tokyo are doubtful that sterling will
further appreciate steeply. However, gilts may benefit from
further declines in U.K. Interest rates, they said.
    "The U.K. Government is in no hurry to issue more bonds,
suggesting further market improvement and continuing demand
from brokers here," said Laurie Milbank and Co assistant manager
Machiko Suzuki.
    She said she expected the yield on the actively traded
11-3/4 pct gilt due March 2007 to dip below 9.5 pct, against
9.581 pct at yesterday's close in London.
 REUTER
3;
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889
topicstart
jobs
topicend
bodystart
2;

JAPAN'S UNEMPLOYMENT RATE SEEN RISING TO 3.5 PCT


    By Jeff Stearns, Reuters


    TOKYO, March 3 - 
Japan's unemployment rate is expected to
continue to climb to about 3.5 pct within the next year from
January's three pct record, senior economists, including Susumu
Taketomi of Industrial Bank of Japan, said.
    December's 2.9 pct was the previous worst level since the
government's Management and Coordination Agency began compiling
statistics under its current system in 1953.
    "There is a general fear that we will become a country with
high unemployment," said Takashi Kiuchi, senior economist for
the Long-Term Credit Bank of Japan Ltd.
    The government, which published the January unemployment
figures today, did not make any predictions.
    "At present we do not have a forecast for the unemployment
rate this year, but it is difficult to foresee the situation
improving," a Labour Ministry official said.
    Finance Minister Kiichi Miyazawa said the government had
expected the increase and had set aside money to help 300,000
people find jobs in fiscal 1987 beginning in April.
    Prime Minister Yasuhiro Nakasone told a press conference
the record rate underlines the need to pass the 1987 budget
which has been held up by opposition to proposed tax reforms.
    The yen's surge has caused layoffs in the mainstay steel
and shipbuilding industries. Other export-dependent industries,
such as cars and textiles, have laid off part-time employees
and ceased hiring, economists said.
    Although the growing service industry sector has absorbed a
great number of workers the trend is starting to slow down,
said Koichi Tsukihara, Deputy General Manager of Sumitomo Bank
Ltd's economics department.
    However, other economists disagreed, saying the service
sector would be able to hire workers no longer needed by the
manufacturing sector over the next five years.
    The economists said the service sector should grow as the
government stimulates domestic demand under its program to
transform the economy away from exports.
    Although Japanese unemployment rates appear lower than
those of other industrialised nations, methods for calculating
statistics make them difficult to compare, economists warned.
    "The three pct figure  could translate into a relatively
high figure if European methods were used," one economist said.
More than half of January's 170,000 increase in jobless from a
year earlier were those aged between 15 and 24, Sumitomo's
Tsukihara said.
 REUTER
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890
topicstart
bop
topicend
bodystart
2;

SOUTH KOREAN TRADE SURPLUS NARROWS IN FEBRUARY


    SEOUL, March 3 - 
South Korea's customs-cleared trade
surplus narrowed to 110 mln dlrs in February from 525 mln in
January, provisional trade ministry figures show.
    In February 1986 there was a deficit of 264 mln dlrs.
    February exports rose to 2.87 billion dlrs, fob, from 2.83
billion in January and 2.30 billion in February 1986. CIF
imports were 2.76 billion against 2.31 billion in January and
2.57 billion in February last year.
 REUTER
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894
topicstart
trade
topicend
bodystart
2;

JAPAN MOVES TO TIGHTEN CHIP-EXPORT CURBS


    TOKYO, March 3 - 
The Ministry of International Trade and
Industry (MITI) acted to tighten restrictions on microchip
exports to countries other than the U.S. To preserve a
U.S.-Japan pact on semiconductor trade, but major Japanese
chipmakers doubt its usefulness.
    A MITI spokesman said his ministry had asked chipmakers to
issue certificates to specified trading houses stating they are
authorised exporters.
    Trading houses applying for a MITI export licence will be
required to show such a certificate, but those without it will
not automatically be denied licences, he said.
    But some industry officials predicted any government
measures were likely to have limited effect as long as the
world semiconductor market remained weak.
    U.S. Government and industry officials have complained
repeatedly that Japanese chipmakers continue to sell at below
cost to third countries despite the July agreement.
    Japanese firms and officials in turn argue the flow of
cheap chips to third countries is due to grey-market sales by
third-party brokers, who seek to profit from the gap between
low prices in Japan and higher prices based on production costs
and set for Japanese makers under the agreement.
    The MITI spokesman said, "If the percentage of grey market
is increasing for one specific company, it suggests they are
distributing their products through their sales network knowing
they will be exported by some means. In that case we will ask
them what they are doing to reduce the figure."
    MITI earlier asked makers to cut output of certain chips by
10 pct in first-quarter 1987, spokesmen for the firms said.
    But they doubt the usefulness of the latest move. "As long
as there is a gap between prices set under the pact and market
prices, there will be people who want to exploit the gap to
make money," a Hitachi Ltd 
<
HIT.T> spokesman said.
 REUTER
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895
topicstart
jobs
topicend
bodystart
2;

FINNISH UNEMPLOYMENT AT 6.7 PCT IN DECEMBER


    HELSINKI, March 3 - 
Finnish unemployment was 6.7 pct in
December last year compared with 6.8 pct in November and 6.1
pct in December 1985, the Central Statistical Office said.
    It said 173,000 people were unemployed in December 1986,
174,000 in November and 157,000 in December 1985.
 REUTER
3;
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896
topicstart
reserves
topicend
bodystart
2;

BANKERS SEE SHARP RISE IN THAI FOREIGN RESERVES


    BANGKOK, March 3 - 
Thailand's improving economy will likely
cause foreign reserves to increase to at least five billion
dlrs by end-1987 from a record of nearly 4.2 billion at
end-February, private bankers said.
    Bank of Thailand statistics show foreign reserves rose to
3.95 billion at end-January from 3.03 billion a year earlier.
    Nimit Nonthapanthawat, chief economist at the 
<
Bangkok Bank
Ltd>, said Thailand's strong export performance, its relatively
high interest rates, foreign participation in its stock market,
and growing foreign investment, especially from Japan,
contributed to the projected sharp rise.
    Thai exports rose 19.4 pct in 1986 and are expected to
expand another 15 pct this year, bankers said.
    A U.S. Embassy report said last month Thailand could
achieve five pct real gross domestic product growth in 1987, up
from a projection of 3.8 pct for 1986 and 3.7 pct in 1985.
    Nonthapanthawat said if economic growth continues at its
current pace and oil prices and major currencies remain stable
the five billion 1987 reserves target can easily be reached.
    Thailand calculates foreign reserves to include gold,
special drawing rights and convertible currencies. The target
is equivalent to five-and-a-half months' worth of imports.
 REUTER
3;
bodyend
documentend
documentstart
897
topicstart
bop
topicend
bodystart
2;

SWEDEN HAS CURRENT PAYMENTS SURPLUS IN 1986


    STOCKHOLM, March 3 - 
Sweden had a 1986 current balance of
payments surplus of 7.6 billion crowns compared with a deficit
of 10.1 billion the preceding year, according to preliminary
figures from the central bank.
    The December current account had a 100 mln crowns deficit
against a yearago 200 mln deficit.December trade balance was
2.3 billion surplus against yearago two billion.
    The trade balance showed a 1986 surplus of 33.2 billion
crowns compared with a 15.8 billion surplus in 1985, the bank
said .
 REUTER
3;
bodyend
documentend
documentstart
899
topicstart
earn
topicend
bodystart
2;

FISONS PLC 
<
FISN.L> YEAR TO END-1986


    LONDON, March 3 -
    
Shr 27.5p vs 24.3p
    Div 3.95p vs 3.34p making 6.5p vs 5.5p
    Pre-tax profit 85.1 mln stg vs 72.3 mln
    Turnover 702.6 mln vs 646.7 mln
    Tax 18.4 mln vs 15.2 mln
    Finance charges 4.1 mln vs 5.4 mln
    Minority interest 0.1 mln vs 0.5 mln
    Extraordinary debit, being closure and restructuring costs
4.9 mln vs 3.7 mln
    Operating profit includes -
    Pharmaceutical 49.8 mln vs 39.0 mln
    Scientific equipment 23.2 mln vs 19.2 mln
    Horticulture 8.0 mln vs 8.7 mln
    Note - company said it plans one-for-one capitalisation
 REUTER
3;
bodyend
documentend
documentstart
900
topicstart
interest
topicend
bodystart
2;
******
 MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO THREE PCT - CREDIT SUISSE

Blah blah blah.
3;


bodyend
documentend
documentstart
901
topicstart
interest
topicend
bodystart
2;
******
 CORRECTED - MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO 3-1/4 PCT - CREDIT SUISSE

Blah blah blah.
3;


bodyend
documentend
documentstart
903
topicstart
money-fx
topicend
bodystart
2;

PHILIPPINE PLANNING CHIEF URGES PESO DEVALUATION


    By Chaitanya Kalbag, Reuters


    MANILA, March 3 - 
The Philippines must devalue the peso if
it wants its exports to remain competitive, Economic Planning
Secretary Solita Monsod told Reuters.
    "The peso/dollar rate has to be undercut to make our exports
more competitive," Monsod said an interview. "No question about
it. I'm saying you cannot argue with success. Taiwan, South
Korea, West Germany, Japan, all those miracle economies
deliberately undervalued their currencies."
    The peso has been free-floating since June 1984. It is
currently at about 20.50 to the U.S. Dollar.
    Finance Secretary Jaime Ongpin has said the government does
not intend to devalue the peso and wants it to be flexible and
able to continue to respond to market conditions.
    Monsod said Ongpin was looking at the exchange rate from
the point of view of finance. "If the dollar rate goes higher,
our debt service in terms of pesos gets higher, so the
financing is very difficult," she said. "But I am looking at it
in terms of the economy."
    She said she was not trying to oppose official policy.
    "I'm just saying, keep it competitive. I do not want it to
become uncompetitive because then we are dead."
    Monsod said, "The ideal movement in the peso/dollar rate is
a movement that will reflect differences in inflation (rates)
of the Philippines versus the other country. It's an arithmetic
thing."
    Official figures show Philippine inflation averaged 0.8 pct
in calendar 1986. Ongpin told reporters on Saturday it was
expected to touch five pct this year.
    He said the government and the International Monetary Fund
had set the peso/dollar 1987 target rate at 20.80.
    The peso lost 22.2 pct in value to slump to 18.002 to the
dollar when it was floated in 1984.
 REUTER
3;
bodyend
documentend
documentstart
904
topicstart
acq
topicend
bodystart
2;

U.K. CLEARS CONS GOLD U.S. PURCHASE


    LONDON, March 3 - 
The U.K. Trade Department said it would
not refer Consolidated Goldfields Plc's 
<
CGLD.L> purchase of

<
American Aggregates Corp> to the Monopolies Commission.
    Cons Gold said last month that its 
<
ARC America Corp> unit
had agreed to buy the Ohio-based company for 30.625 dlrs a
share cash, or 242 mln dlrs, in a deal recommended by the
Aggregates board.
 REUTER
3;
bodyend
documentend
documentstart
905
topicstart
topicend
bodystart
2;

NEDERLANDSE GASUNIE ISSUES 100 MLN DLR EUROBOND


    LONDON, March 3 - 
NV Nederlandse Gasunie is issuing a 100
mln dlr eurobond due April 15, 1992 paying 7-1/4 pct and priced
at 101-1/8 pct, lead manager Citicorp Investment Bank Ltd said.
    The non-callable bond is available in denominations of
5,000 dlrs and will be listed in Luxembourg. The selling
concession is 1-1/4 pct, while management and underwriting
combined pays 5/8 pct.
    The payment date is April 15.
 REUTER
3;
bodyend
documentend
documentstart
906
topicstart
topicend
bodystart
2;

SAAB-SCANIA ISSUES 150 MLN DLR EUROBOND


    LONDON, March 3 - 
Saab-Scania AB is issuing a 150 mln dlr
eurobond due April 2, 1992 paying 7-3/4 pct and priced at
101-3/4 pct, lead manager Morgan Guaranty Ltd said.
    The bond is available in denominations of 5,000 and 50,000
dlrs and will be listed in London. Payment date is April 2,
1992.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined, and listing will be in
London.
 REUTER
3;
bodyend
documentend
documentstart
907
topicstart
topicend
bodystart
2;

MERRILL MANDATED FOR IEL U.S. NOTE.


    LONDON, March 3 - 
Merrill Lynch Capital Markets said it
received a mandate from Industrial Equity Ltd (IEL) of
Australia to arrange a letter of credit facility in support of
100 mln dlrs of medium term notes and U.S. Commercial paper to
be sold in the U.S. Domestic market.
    Merrill, which will be the dealer for the medium term notes
and commercial paper, said this was the first facility of its
kind.  Sumitomo Trust and Banking Co Ltd has agreed to provide
the letter of credit.
    The letter of credit has a five year term, with an
evergreen feature allowing for extension at the support banks'
option.
    The notes and paper will be issued by IEL's Sydney-based
subsidiary, IEL Finance Ltd.
    The letter of credit will be underwritten by a group of
banks who will be paid a 20 basis point facility fee and a 25
basis point utilisation fee.
    IEL itself is 51 pct owned by Brierley Investments Ltd of
New Zealand, Merrill Lynch said.
 REUTER
3;
bodyend
documentend
documentstart
908
topicstart
tin
topicend
bodystart
2;

ZAIRE ACCEPTS TIN-EXPORT QUOTA, ATPC SAYS


    KUALA LUMPUR, March 3 - 
Zaire agreed to limit its tin
exports to 1,736 tonnes for 12 months from March 1 in line with
an Association of Tin Producing Countries (ATPC) plan to curb
exports, the ATPC said.
    ATPC Executive Director Victor Siaahan told Reuters he
received a telex from Zaire indicating its willingess to take
part in the plan to limit total ATPC exports to 96,000 tonnes
for a year from March 1.
    Siaahan said Zaire is expected to produce 1,900 tonnes of
tin in calendar 1987, and that in 1986 its output and exports
were about 1,200 tonnes.
    The ATPC hopes to cut the 70,000-tonne world surplus by
20,000 tonnes and boost prices.
    All ATPC members except Zaire and Australia recently agreed
to adhere to the export quotas allocated them under the plan.
Australia said its quota of 7,000 tonnes was roughly equal to
its expected output this year.
    The ATPC consists of Malaysia, Indonesia, Thailand,
Bolivia, Australia, Nigeria and Zaire.
    China and Bolivia, important producers of tin, are not
members.
 REUTER
3;
bodyend
documentend
documentstart
909
topicstart
topicend
bodystart
2;

JAPANESE BANKS PLAN JOINT FIRM TO AVOID DEBT RISK


    TOKYO, March 3 - 
Japan's major commercial banks plan to set
up a joint company to which they will transfer assets acquired
by lending to developing countries to build up a reserve
against possible bad loans, a senior official of a major bank
told Reuters.
    He said about 10 banks are likely to finish details of the
project in a few weeks. The intent is to avoid risk arising
from unrecoverable debt owed by Third World countries, he said.
 REUTER
3;
bodyend
documentend
documentstart
910
topicstart
topicend
bodystart
2;

JAPANESE FINANCIAL FUTURES PLAN REVEALED


    TOKYO, March 3 - 
The Federation of Bankers' Associations of
Japan released its proposal for early creation of a
comprehensive financial futures market in Tokyo.
    The market should include a comprehensive range of futures
and options trading so Tokyo can develop into a real global
money centre where a variety of risk-hedging instruments is
available, the proposal said.
    It should provide currency and interest rate futures, and
incorporate the existing yen bond futures and planned stock
index futures contracts.
    The proposal said transactions in all these contracts must
be conducted on the same market so participants can readily
engage in arbitrage between various financial instruments.
    To make this possible, the proposal calls for new
legislation which would administer all related futures and
options transactions under the same legal framework.
    Banking sources said they expect that initially the
currency futures would be dollar-yen and interest futures would
include Japanese domestic yen certificates of deposit,
three-month Eurodollar deposits and 20-year U.S. Treasury
bonds.
    Banking sources quoted federation chairman Yoshiro Araki as
saying he hoped the market would be created as soon as possible
because it would help promote the liberalisation of Japan's
financial markets.
    Araki said he had no intention of limiting prospective
market participants to banks but was willing to accept those
from wider business circles, the sources said.
    Japan's only current financial futures market, in yen
bonds, began on the Tokyo Stock Exchange in October 1985.
    But the Osaka Stock Exchange plans to start futures trading
in a basket of leading stocks in April.
 REUTER
3;
bodyend
documentend
documentstart
911
topicstart
topicend
bodystart
2;

EC, EURATOM FRENCH FRANC EUROBONDS EXPECTED


    PARIS, March 3 - 
The European Community (EC) and Euratom,
the European atomic energy agency, are expected to issue French
franc eurobonds this month, a Treasury spokesman said.
    Other eurofranc bonds this month are likely to include
issues by a bank and a company, both unidentified, but no other
details were available. The spokesman said the March calendar
would be flexible, to take account of market conditions.
 REUTER
3;
bodyend
documentend
documentstart
913
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 350 MLN STG


    LONDON, March 3 - 
The Bank of England said it forecast a
shortage of around 350 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 525 mln stg while bankers' balnces below target will take
out around 175 mln stg.
    Partly offsetting these outflows, exchequer transactions
and a fall in note circulation will add some 300 mln stg and 40
mln stg to the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
915
topicstart
money-fx
saudriyal
topicend
bodystart
2;

SAUDI RIYAL DEPOSIT RATES EASE


    BAHRAIN, March 3 - 
Saudi riyal interbank deposit rates
eased across the board in a dull market which was long in
day-to-day funds, dealers said.
    Today's quiet market continued a lull of several days in
which traders were said to be waiting on the sidelines ahead of
further clues to the direction of oil prices and the Saudi
economy.
    Dealers cited some borrowing interest in two, three, and
six-month deposits but said activity focused on short dates and
one-month deposits as banks tried to lend surplus funds.
    Spot-next was put at 5-3/4, 5-1/4 pct, down from six, 5-1/2
yesterday while one-week rates were steady at six, 5-1/2 pct.
    One-month deposits declined to 6-1/4, 1/8 pct from 6-1/2,
1/4 on Monday, while three months was barely changed at seven,
6-15/16 pct.
    The spot riyal was little changed at 3.7501/03 to the
dollar after quotes of 3.7498/7501 yesterday.
 REUTER
3;
bodyend
documentend
documentstart
916
topicstart
topicend
bodystart
2;

CURRENCY SECTORS CONTINUE TO FEATURE EUROBOND TRADE


    LONDON, March 3 - 
Early dollar straight eurobond trade was
quiet with currency sectors, particularly eurosterling,
continuing to perform strongly, closely reflecting current
trading patterns on the foreign exchanges, dealers said.
    Eurosterling bonds continued to rise steadily, bolstered by
the extremely ebullient tone of the U.K. Government bond market
on a combination of positive U.K. Economic fundamentals.
    The dollar was initially stabler but most dollar straight
bonds were static in dull trade. A handful of issues showed
signs of weakness but dealers said investors were awaiting
today's release of U.S. Leading indicators for January.
    The U.S. Data due out this afternoon is expected to be
weak, placing the U.S. Unit under renewed pressure and robbing
the market in dollar-denominated eurobonds of fresh trading
impetus, one dollar straight trader said.
    "It's going to be another tedious day and I can't see how
anybody is going to make any money," he said.
    Eurosterling issues continued to rally on the back of
general sterling euphoria -- with the U.K. Currency trading at
six month highs on interest rate optimism and the strength of
the domestic equity markets.
    Eurosterling bonds saw early gains of up to half a point.
    However, some eurosterling dealers noted the bonds could
soon fall back marginally if -- as expected -- professionals
stepped in to take profits at current healthy levels.
    Trade in mark-denominated bonds was expected to be subdued
today due to pre-Lenten carnival festivities in West Germany.
    There were signs of reawakened investor nerves affecting
trade in the floating rate note market which yesterday started
the week extremely quietly after a hectic sell-off last week.
    FRN dealers said paper of U.S. -- and also of Canadian --
banks was seeing some pressure as a result of recent press
reports focussing on their exposure to Latin American debt.
    "(Brazilian Finance Minister Dilson) Funaro's visit to
Europe has also brought the spotlight back onto the debt crisis
after things had more or less quietened down following the
first shock statements last week," one FRN specialist said.
    Despite the dearth of activity in the dollar straight
secondary market, two new dollar issues were the only early
features on the primary market.
    These were a five year 150 mln dlr deal launched by Morgan
Guaranty Ltd for Saab Scania at 7-3/4 pct priced at 101-3/4
pct.
    The other issue was a 100 mln dlr deal -- also due 1992 --
for NV Nederlandse Gasunie paying 7-1/4 pct and priced at
101-1/8 pct, with Citicorp Investment Bank Ltd as lead manager.
    Dealers predicted reasonable demand for both issues due
mainly to a lack of fresh, good name paper in the market.
 REUTER
3;
bodyend
documentend
documentstart
917
topicstart
topicend
bodystart
2;

FRENCH TREASURY DETAILS PLANNED TAP ISSUE


    PARIS, March 3 - 
The French Treasury will issue between
eight and 12 billion francs worth of tap stock depending on
market conditions at its monthly tender on Thursday, the Bank
of France said.
    The planned issue will be of two fixed-rate tranches, of
the 8.50 pct June 1997 and the 8.50 pct December 2012 stock,
and one tranche of the variable-rate January 1999 stock.
    The minimum amount of each tranche to be sold will be one
billion francs.
 REUTER
3;
bodyend
documentend
documentstart
918
topicstart
crude
topicend
bodystart
2;

PEMEX SIGNS 500 MLN DLR JAPAN LOAN FOR PIPELINE


    TOKYO, March 3 - 
Mexican state oil firm Petroleos Mexicanos
(Pemex) signed for a 500 mln dlr127;untied loan from the
Export-Import Bank of Japan to finance its Pacific Petroleum
Project, Pemex Japan representative Tito Ayal said.
    No further details on the loan were immediately available.
    Ayala told an oil seminar the project, due for completion
in 1988, is aimed at improving distribution of oil products in
the domestic market, mainly along the Pacific coast.
    The project consists of a pipeline linking Nueva Teapa on
the Gulf of Mexico with Salina Cruz on the Pacific Coast, and
construction of the second phase of the Salina Cruz refinery.
    The project also includes construction of liquified
petroleum gas (LPG) storage tanks at Santa Cruz, additional
crude oil storage at both ends of the pipeline, an ammonia
complex at Lazaro Cardenas on the Pacific Coast and expansion
of the infrastructure of the port of Salina Cruz, Ayala said.
    Pemex will buy 80 mln dlrs worth of foreign equipment and
materials for the project, he said. The new pipeline will
enable Japan to load Mexico's Maya crude oil at Salina Cruz
rather than in the Gulf of Mexico. Pemex will also have some
LPG surplus available in Salina Cruz that may help Japan
diversify its supply sources of that product, he added.
 REUTER
3;
bodyend
documentend
documentstart
919
topicstart
topicend
bodystart
2;

SUPPLIES OF U.K. INDEX-LINKED BOND EXHAUSTED


    LONDON, March 3 - 
The Government broker's supplies of a 400
mln stg issue of two pct Treasury index-linked stock due 1992
were exhausted in early trading on the U.K. Government bond
market this morning, the Bank of England said.
    The Bank said that the issue was no longer operating as a
tap, having been supplied at a price of 94 stg pct this
morning.
    The issue was undersubscribed at a tender on February 18,
but the Government broker has supplied amounts of the stock on
a number of occasions since then. The relatively small quantity
remaining in the authorities' hands was quickly sold out on a
small upturn in demand early today.
 REUTER
3;
bodyend
documentend
documentstart
920
topicstart
earn
topicend
bodystart
2;

STC PLC 
<
STCL.L> YEAR TO END-1986


    LONDON, MARCH 3 -
    
Shr profit 15.9p vs 2.25p loss
    Div 3p making 4.5p vs nil
    Turnover 1.93 billion stg vs 1.99 billion
    Pretax profit 134.2 mln vs 11.4 mln loss
    Tax 47.2 mln vs nil
    Operating profit 163.0 mln vs 92.7 mln
    Interest less investment income 13.8 mln vs 37.2 mln
    Exceptional debit 15.0 mln vs 66.9 mln
    Minorities 0.3 mln vs 0.4 mln
    Extraordinary credit 16.4 mln vs 42.0 mln debit
    Operating profit includes -
    International computers 90.2 mln vs 61.7 mln
    Communications systems 56.1 mln vs 48.7 mln
    Components and distribution 20.0 mln vs 1.5 mln
    Defence 9.4 mln vs 13.1 mln
 REUTER
3;
bodyend
documentend
documentstart
921
topicstart
earn
alum
topicend
bodystart
2;

COMALCO SAYS LOWER COSTS HELPED RETURN TO PROFITS


    MELBOURNE, March 3 - 
Comalco Ltd 
<
CMAC.S> said its return
to profit reflected reduced costs, improved primary aluminium
prices and its withdrawal from a Japanese smelter venture.
    It said the earlier reported 57.1 mln dlr profit for the
year ended December 31 against a 69.13 mln dlr loss in 1985 was
also aided by lower interest rates on U.S. Dollar debt and
greater sales of bauxite and aluminium.
    Comalco said it expected to pay at least a four cents per
share final, dividend delayed until July 1 to take advantage of
proposed dividend imputation laws.
    This would make five cents for the year against a first and
final of one cent in 1985.
    Comalco said the aluminium industry continued to suffer
from low prices and excess capacity, though the weak Australian
dollar had helped earnings.
    Withdrawal from the 
<
Showa Aluminium Industries KK> joint
venture had been recapitalised in expansion by the 
<
New Zealand
Aluminium Smelters Ltd> project with Japan's 
<
Sumitomo
Aluminium Smelting Co Ltd>, permitting repayments and increases
in liquid funds totalling 165 mln dlrs, it said.
    As previously reported Comalco's 
<
Commonwealth Aluminium
Corp> unit has conditionally agreed to sell its smelter at
Goldendale, Washington, and port facilities at Portland, Oregon
to 
<
Columbia Aluminium Corp>.
    Comalco said it had made a 27.3 mln dlr extraordinary
provision for Goldendale losses and closure costs but that if
the sales agreement were completed it would reduce the
provision made in the 1986 accounts.
    The other items in the total extraordinary loss of 140.5
mln dlrs were a 102.9 mln write-off of unrealised exchange
losses and 10.3 mln for an increase in future tax provision.
 REUTER
3;
bodyend
documentend
documentstart
922
topicstart
earn
topicend
bodystart
2;

CRA EXPECTS TO PAY FINAL DIVIDEND OF 10 CENTS


    ME}LBOURNE, March 3 - 
CRA Ltd 
<
CRAA.S> said it expected to
pay a final 1986 dividend of not less than 10 cents a share
after July 1, making 13 cents for127;the year against 15 in 1985.
    The mining and smelting group earlier reported 1986 net
earnings rose to 138.2 mln dlrs from 87.8 mln in 1985, against
analysts' forecasts yesterday of 125 mln to127;160 mln.
    CRA said it was deferring consideration of a dividend until
later this year to provide the benefit of dividend imputation
to its shareholders. After July 1, dividends will be tax-free
to shareholders provided they come out of earnings on which the
full 49 pct company tax rate has been p127;id.
    The company operates on a substituted tax year, not the
fiscal year ending June 30, and as a result has incurred tax at
the 49 pct rate on 1986 earnings, CRA said in a statement.
    Consequently, it has funds available for distribution with
dividend imputed but is waiting to see the imputation
legislation before determining the final payout, it said.
    Despite the higher net earnings, CRA said 1986 was a poor
year for the minerals industry, with the notable exception of
gold producers.
    Prices for major metals expressed in real U.S. Dollars
declined to the lowest levels in about 50 years, it said.
    Fluctuating exchange and interest rates added volatility
and uncertainty, while the revaluation of the yen is leading to
substantial restructuring of Japanese industry, CRA said.
    World demand for metals is growing slowly. Inventories have
steadily declined, with supply and demand in better balance,
but overcapacity continues, CRA said.
    Turning to contributions to its earnings, CRA said
Bougainville Copper Ltd 
<
BUVA.S> contributed 31.3 mln dlrs
while its share of Comalco Ltd's 
<
CMAC.S> net was 37.8 mln.
    Net earnings from iron-ore operations were 111.8 mln dlrs
against 149.2 mln in 1985, it said.
    Lead, zinc and silver mining and smelting operations
incurred a net loss of 66.8 mln dlrs against a 38.1 mln loss in
1985, CRA said.
    Coal activities resulted in a net profit of 36.7 mln dlrs
against 34.1 mln, while salt raised its contribution to 4.7 mln
from 2.8 mln.
    CRA's share of earnings from the Argyle diamond project
amounted to 12.0 mln dlrs against nine mln in 1985.
    CRA said the main item in its 250.28 mln dlr extraordinary
loss was a 172.9 mln writeoff of unrealised foreign exchange
losses on borrowings as required by a new accounting standard.
    Other extraordinary items were 63.3 mln dlrs provided for
closures and writedown of assets and a 14.1 mln increase in
future tax provisions, CRA said.
    Cash flow continued at a high level, being 950.6 mln dlrs
before capital expenditure against 1.02 billion in 1985. The
strong cash flow, coupled with the proceeds of the 1986 rights
issue and the use of existing cash balances, enabled group debt
to be reduced by nearly 500 mln dlrs.
    CRA said it held forward contracts at year-end to buy 985
mln U.S. Dlrs to hedge part of its foreign debt. This cost 47.0
mln dlrs after tax, included in the net interest cost.
 REUTER
3;
bodyend
documentend
documentstart
923
topicstart
topicend
bodystart
2;

MONTEDISON UNIT ISSUES 50 MLN AUSTRALIAN DLR BOND


    LONDON, March 3 - 
Montedison Finance Overseas Ltd, a unit
of Montedison SpA, is issuing a 50 mln Australian dlr eurobond
due April 3, 1990 paying 15-1/2 pct and priced at 101-3/8 pct,
lead manager Orion Royal Bank Ltd said.
    The non-callable bond is guaranteed by the parent. The
selling concession is one pct while management and underwriting
combined pays 1/2 pct.
    The issue will be listed in Luxembourg and is available in
denominations of 1,000 and 10,000 Australian dlrs. The payment
date is April 3.
 REUTER
3;
bodyend
documentend
documentstart
924
topicstart
trade
topicend
bodystart
2;

SWISS CAPITAL EXPORTS RISE IN JANUARY


    ZURICH, March 3 - 
Swiss capital exports rose to 4.64
billion francs in January after 2.54 billion in December and a
year earlier 3.64 billion, the Swiss National Bank said.
    New bond issues accounted for 4.12 billion of the total
after December's 2.15 billion, and credits 525.1 mln after
389.9 mln.
    In January 1985, before the National Bank ended the
distinction between notes and bonds, bond issues totalled 1.66
billion francs, notes 1.39 billion and credits 597.5 mln.
 REUTER
3;
bodyend
documentend
documentstart
925
topicstart
trade
topicend
bodystart
2;

CHINA CALLS FOR BETTER TRADE DEAL WITH U.S.


    By Mark O'Neill, Reuters


    PEKING, March 3 - 
China called on the United States to
remove curbs on its exports, to give it favourable trading
status and ease restrictions on exports of high technology.
    But the U.S. Embassy replied that Chinese figures showing
13 years of trade deficits with the U.S. Out of the last 15 are
inaccurate and said Peking itself would have to persuade
Congress to change laws which limit its exports.
     The official International Business newspaper today
published China's demands in a  editorial to coincide with the
visit of U.S. Secretary of State George Shultz.
     "It is extremely important that the U.S. Market reduce its
restrictions on Chinese imports, provide the needed facilities
for them and businessmen from both sides help to expand Chinese
exports," the editorial said.
     "The U.S. Should quickly discard its prejudice against
favourable tariff treatment for Chinese goods and admit China
into the Generalised System of Preference (GSP).
     "Despite easing of curbs on U.S. Technology exports in
recent years, control of them is still extremely strict and
influences normal trade between the two countries," it added
     The paper also printed an article by China's commercial
counsellor in its Washington embassy, Chen Shibiao, who said
that "all kinds of difficulties and restrictions" were preventing
bilateral trade fulfilling its full potential.
     He named them as U.S. Protectionist behaviour, curbs on
technology transfer and out-of-date trade legislation.
     The paper also printed a table showing that, since
bilateral trade began in 1972, China has had a deficit every
year except 1972 and 1977. It shows the 1986 and 1985 deficits
at 2.09 billion and 1.722 billion dlrs.
     A U.S. Embassy official said the U.S. Did not accept
Peking's trade figures at all, mainly because they exclude
goods shipped to Hong Kong and then trans-shipped to U.S. While
U.S. Figures are based on country of origin.
     He said that, if China wants to obtain GSP status, it will
have to lobby Congress itself to persaude it to amend several
laws which currently prevent Peking getting such status.
     The U.S. Trade Act of 1974 says that to qualify for GSP,
China must be a member of the General Agreement of Tariffs and
Trade (GATT), for which it applied in July 1986, and "not be
dominated or controlled by international Communism."
     The official said China was well aware of the laws, some
of which date to the anti-Communist early 1950's, but that
there is not sufficient political will in the U.S. To change
them.
     China has been the subject of about a dozen cases
involving anti-dumping in the U.S. Within the last two years,
which the U.S. Side won, he said.
     But, for the first time, China signed last week an
agreement which it itself initiated to voluntarily restrain
exports of at least two categories of steel goods, which may
lead the U.S. Side to withdraw the anti-dumping case, he added.
     Another diplomat said willingness to provide such
voluntary export restraints would be an important issue in
bilateral trade issues and in Peking's application to GATT.
     "China has the potential to disrupt world markets,
especially in textiles. Other GATT countries will be nervous
about China in this respect. But there is a precedent for other
centralled planned economies in GATT," the diplomat said.
     Poland, Czechoslovakia, Hungary and Romania are members of
GATT but none has China's massive market potential for imports
or its vast labour pool to produce cheap exports.
     In a speech today in the northeast city of Dalian, U.S.
Secretary of State George Shultz said his country welcomed
China's interest in participating in GATT.
     "The process of Chinese accession will not be accomplished
overnight -- the GATT rules were not designed for a large
economy of the Chinese type," Shultz said.
     "China can play an important role by actively joining GATT
discussions seeking to expand general trading opportunities and
enhance market access for exports worldwide. China can further
develop its foreign trade system so as to gain the maximum
benefit from its GATT participation," he said.
     The problems facing U.S.-China trade and GATT membership
are similar -- a pricing system which many foreign businessmen
regard as arbitrary and not related to actual costs, especially
for exports, and a de facto dual currency system.
     In a memorandum backing its application presented to GATT
last month, China said it was gradually reforming its economic
system and replacing mandatory instruction with "guidance
planning" and economic levers.
     The diplomat said that, to join GATT, China had much to
do.
 REUTER
3;
bodyend
documentend
documentstart
926
topicstart
interest
money-fx
topicend
bodystart
2;

NO BUNDESBANK POLICY CHANGES EXPECTED THURSDAY


    FRANKFURT, March 3 - 
The Bundesbank is unlikely to change
its credit policies at its central bank council meeting on
Thursday, as exchange rates and short-term interest rates have
stabilized over the past few weeks, money market dealers said.
    Attention in the money market is focused on tomorrow's
tender for a securities repurchase pact, from which funds will
be credited on Thursday, when an earlier pact expires, draining
16 billion marks from the system.
    The tender was announced last Friday, because carnival
festivities closed banks in Duesseldorf yesterday, and will
close banks here this afternoon.
    Because of the disruption to business from carnival,
minimum reserve figures for the start of the month are
unrealistic, making it difficult for banks to assess their
needs at the tender.
    Dealers said the Bundesbank would want to inject enough
liquidity in this week's pact to keep short-term rates down.
    But because of uncertainty about banks' current holdings,
the Bundesbank may well allocate less than 16 billion marks
this week, and top it up if necessary at next week's tender.
    "I would not be surprised if the Bundesbank cuts the amount
a little, to say 14 or 15 billion marks," one dealer said.
    "They would then stock it up at the next tender when the
need is clearer," he added.
    An earlier pact expires next week, draining 8.5 billion
marks from the system. Banks also face a heavy but temporary
drain this month from a major tax deadline for customers.
    Banks held 52.0 billion marks on February 27 at the
Bundesbank, averaging 51.0 billion over the whole month, just
clear of the 50.5 billion February reserve requirement.
    Call money traded today at 3.85/95 pct, up from 3.80/90
yesterday.
 REUTER
3;
bodyend
documentend
documentstart
927
topicstart
topicend
bodystart
2;

TAIWAN BANKS ASKED TO TAKE PART IN INDONESIA LOAN


    TAIPEI, Mar 3 - 
Chase Manhattan Asia Ltd of Hong Kong has
approached Taiwan banks to take part in a syndicated loan of
300 mln U.S. Dlrs to finance a liquefied natural gas (LNG)
project in Indonesia, local banking sources said.
    The project calls for construction of a 400 mln U.S. Dlr
facility which could produce two mln tonnes of LNG for supply
by Taiwan's state-owned Chinese Petroleum Corp .
    This was the first time Taiwanese banks, including the Bank
of Taiwan and Bank of Communications, were invited to form a
syndicated loan, they added.
    Pertamina has initialled a 20-year contract with Chinese
Petroleum Corp 
<
CPC> for the supply of 1.5 mln tonnes of LNG
for Taiwan starting October 1989, a CPC official said.
    CPC is building an LNG receiving terminal in southern
Taiwan city of Kaohsiung at a cost of 820 mln U.S. Dlrs. The
terminal will be completed in mid-1989.
    A Taiwanese banker said"It will be a good idea for our banks
to take part in the loan if we want to start in the
international lending market."
 REUTER
3;
bodyend
documentend
documentstart
928
topicstart
topicend
bodystart
2;

COUNCIL OF EUROPE ISSUES LUXEMBOURG FRANC BOND


    LUXEMBOURG, March 3 - 
The Council of Europe is issuing a
125 mln luxembourg franc private placement bond carrying a
7-1/4 pct coupon and priced at par, lead manager Banque
Internationale a Luxembourg SA (BIL) said.
    The non-callable, bullet issue maturing in August 1992
follows an earlier private placement bond announced last month
for 250 mln francs but with the same conditions.
    The new issue is for payment on March 31 and coupon
payments annually on August 11, with the first coupon a long
coupon.
 REUTER
3;
bodyend
documentend
documentstart
929
topicstart
cpi
topicend
bodystart
2;

ITALY CONSUMER PRICES RISE 0.4 PCT IN FEBRUARY


    ROME, March 3 - 
Italy's consumer price index rose 0.4 pct
in February compared with January after rising 0.6 pct in
January over December, the national statistics institute
(Istat) said.
    The year-on-year rise in February was 4.2 pct down from 4.5
pct in January and compared with 7.6 pct in February 1986.
    Istat said its consumer prices index for the families of
workers and employees (base 1985) was 109.1 in February against
108.7 in January and 104.7 in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
930
topicstart
crude
topicend
bodystart
2;

MOBIL PLAN TO OPEN PEKING OFFICE, CHINA DAILY SAYS


    PEKING, March 3 - 
Mobil Corp 
<
MOB.N> of the U.S. Plans to
open an office in Peking to develop oil exploration
opportunities in China, the China Daily said.
    It quoted Mobil president Richard Tucker, currently in
Peking, as saying he is optimistic about investment prospects
in China and that Peking will continue to encourage foreign
private businesses to invest here.
    It said Mobil bought 73 mln dlrs of crude oil and oil
products from China in 1986 and sold it lubricant and
fertiliser, but gave no more details.
 REUTER
3;
bodyend
documentend
documentstart
932
topicstart
acq
topicend
bodystart
2;

KLM TO TAKE 15 PCT STAKE IN AIR UK


    AMSTERDAM, March 3 - 
KLM Royal Dutch Airlines 
<
KLM.A> said
it agreed to take a 15 pct stake in Air U.K. Ltd, a subsidiary
of British and Commonwealth Shipping Plc 
<
BCOM.L>, in a
transaction worth around two mln stg.
   A KLM spokesman said KLM already cooperated closely with Air
UK, which runs 111 flights a week to Amsterdam's Schipol
airport from nine UK cities.
   British and Commonwealth Shipping said last week it held
preliminary talks about a KLM minority stake in Air U.K. But
gave no further details. KLM said it hoped the move would
attract more British feeder traffic to Amsterdam Airport.
 REUTER
3;
bodyend
documentend
documentstart
934
topicstart
grain
corn
topicend
bodystart
2;
ZIMBABWE MAIZE HARVEST LOWER AFTER BUMPER CROPS HARARE, March 3
- Zimbabwe's maize crop in 1986/87 (April/ March) is likely to
be slightly over 1.6 mln tonnes, against 1.83 mln in 1985/86,
Grain Marketing Board figures show.
    Maize exports for 1986/87 to January 31, 1987 totalled
315,000 tonnes, with about a further 40,000 tonnes expected to
be exported in February and March, against 285,000 tonnes in
1985/86. Domestic usage is estimated at 650,000-900,000 tonnes,
depending on how other crops are affected by current poor
rains. Last year's consumption was around 700,000 tonnes.
    Zimbabwe has around two mln stonnes of surplus maize in
storage, accumulated after two years of bumper harvests.
 REUTER
3;


bodyend
documentend
documentstart
935
topicstart
topicend
bodystart
2;

FRENCH BOND COMMITTEE APPROVES THREE ISSUES


    PARIS, March 3 - 
The French domestic bond issuing committee
said it has approved three new issues totalling 1.8 billion
francs.
    Credit Lyonnais will lead manage a 1.2 billion franc issue
for the Caisse Centrale de Credit Cooperatif.  Banque Francaise
de l'Agriculture will lead, with Union de Garantie et de
Placement, a 300 mln franc issue for its own account.
    Caisse Centrale des Banques Populaires will lead a 300 mln
issue for the Groupement des Industries pour le Batiment et
Travaux Publics. No further details were immediately available.
 REUTER
3;
bodyend
documentend
documentstart
937
topicstart
reserves
topicend
bodystart
2;

U.K. RESERVES SHOW UNDERLYING RISE IN FEBRUARY


    LONDON, March 3 - 
Britain's gold and currency reserves
showed an underlying rise of 287 mln dlrs in February, after a
72 mln dlrs rise in January, the Treasury said.
    The underlying trend, which is a guide to Bank of England
operations to support the pound on foreign exchanges, is net of
borrowings and repayments.
    This was above market expectations for a 100 mln dlrs rise.
    The Treasury said the Bank of England used the opportunity
of strong demand to rebuild reserves after losses last autumn
and said the underlying rise was still relatively modest.
    Actual reserves rose by 305 mln dlrs in February to 22.26
billion dlrs, after rising 29 mln in January to 21.95 billion.
    Accruals of borrowings under the exchange cover scheme were
36 mln dlrs last month, after 163 mln in January, while
repayments were 16 mln dlrs after the previous 151 mln, a
Treasury spokesman said.
    Capital repayments totalled two mln dlrs. In January,
capital repayments totalled 14 mln dlrs, with a valuation
change that resulted in a fall of 41 mln dlrs due to the
quarterly rollover from the European Monetary Cooperation Fund
swap.
    The Treasury would not comment on the Bank of England's
market operations, but currency traders reported moderate Bank
of England intervention to curb upward pressure on the pound
today.
    A Treasury spokesman, commenting on the reserves figures,
said that the government does not want sterling either to rise
too far or to fall substantially from current levels.
    He noted that the Chancellor of the Exchequer Nigel Lawson
stressed this after the recent Paris currencies meeting.
    REUTER
3;
bodyend
documentend
documentstart
938
topicstart
earn
alum
topicend
bodystart
2;

COMALCO SAYS LOWER COSTS HELP RETURN TO PROFITS


    MELBOURNE, March 3 - 
Comalco Ltd said its return to profit
reflected reduced costs, improved primary aluminium prices and
its withdrawal from a Japanese smelter venture.
    It said the earlier reported 57.1 mln dlr profit for the
year ended December 31 against a 69.13 mln dlr loss in 1985 was
also aided by lower interest rates on U.S. Dollar debt and
greater sales of bauxite and aluminium.
    Comalco said it expected to pay at least a four cents per
share final dividend, delayed until July 1 to take advantage of
proposed dividend imputation laws.
    This would make five cents for the year against a first and
final of one cent in 1985.
    Comalco said the aluminium industry continues to suffer
from low prices and excess capacity, though the weak Australian
dollar had helped earnings.
    Comalco's Commonwealth Aluminium Corp unit said earlier it
has conditionally agreed to sell its Goldendale smelter in
Washington, and port facilities at Portland, Oregon to Columbia
Aluminium Corp. Comalco said its extraordinary provision of
27.3 mln dlrs costs for Goldendale losses and closure may be
reduced if the sales agreement were completed.
 REUTER
3;
bodyend
documentend
documentstart
939
topicstart
acq
topicend
bodystart
2;

ULTRAMAR SELLS U.K. MARKETING UNITS FOR 50 MLN STG


    LONDON, March 2 - 
Ultramar Plc 
<
UMAR.L> said it had reached
agreement in principle to sell its wholly owned U.K. Marketing
companies to Kuwait Petroleum Corp for around 50 mln stg.
    Ultramar's marketing units include 
<
Ultramar Golden Eagle
Ltd> which in 1985 made a profit of around 1.4 mln stg before
financing and group administration charges. A small loss was
recorded for the first nine months of 1986.
    The sale is due to take place on April 1 with the proceeds
intended to reduce group debt in the short term. But Ultramar
said the funds would ultimately be used for further development
of its core businesses in the U.K. And North America.
 REUTER
3;
bodyend
documentend
documentstart
940
topicstart
money-supply
topicend
bodystart
2;

HONG KONG M3 RISES 2.2 PCT IN JANUARY


    HONG KONG, March 3 - 
Hong Kong's broadly defined M3 money
supply rose 2.2 pct to 607.17 billion H.K. Dlrs in January,
after a 3.1 pct rise in December, for a year-on-year rise of
23.3 pct, the government said in a statement.
    Local currency M3 rose 3.6 pct to 280.36 billion dlrs from
December when it was up 3.4 pct from November, for a rise of
16.3 pct on the year.
    Total M2 rose 3.3 pct to 535.26 billion dlrs in January
from December when it rose 3.5 pct on the previous month. Local
M2 rose 4.7 pct to 249.03 billion dlrs in January from December
when it climbed 4.2 pct.
    Total M2 and local M2 rose 32.5 pct and 23.9 pct on the
year-ago month, respectively.
    Total M1 rose 12 pct to 62.84 billion dlrs in January after
a 5.0 pct rise the previous month. Local M1 rose 12.3 pct to
57.97 billion dlrs after a 6.2 pct rise. Total M1 and local M1
year-on-year growth was 32.5 and 32.6 pct, respectively.
    Total loans and advances rose 3.3 pct to 517.19 billion
dlrs from December when they rose 1.2 pct.
    Loans for financing Hong Kong's visible trade rose 3.4 pct
to 36.72 billion dlrs after a 1.8 pct rise in December.
 REUTER
3;
bodyend
documentend
documentstart
941
topicstart
acq
topicend
bodystart
2;

WOOLWORTH, UNDERWOODS FAIL TO AGREE ON BID


    LONDON, MARCH 3 - 
<
Underwoods Plc> said it had not been
possible to agree terms on a bid to be made by Woolworth
Holdings Plc 
<
WLUK.L> during talks.
    The two companies had been holding exploratory discussions.
No spokesman for either company was immediately available to
say why terms could not be agreed, nor whether the possibility
of a bid was now being abandoned.
    Last week, Underwoods shares rose 49p to 237p ahead of any
announcement of the talks. The announcement today brought them
back down to 214p from last night's close at 241p. Woolworth
was unchanged at 758p.
 REUTER
3;
bodyend
documentend
documentstart
942
topicstart
interest
money-fx
topicend
bodystart
2;

NO BUNDESBANK POLICY CHANGES EXPECTED THURSDAY


    FRANKFURT, March 3 - 
The Bundesbank is unlikely to change
its credit policies at its central bank council meeting on
Thursday, as exchange rates and short-term interest rates have
stabilized over the past few weeks, money market dealers said.
    Attention in the money market is focused on tomorrow's
tender for a securities repurchase pact, from which funds will
be credited on Thursday, when an earlier pact expires, draining
16 billion marks from the system.
    The tender was announced last Friday, because carnival
festivities closed banks in Duesseldorf yesterday, and will
close banks here this afternoon.
    Because of the disruption to business from carnival,
minimum reserve figures for the start of the month are
unrealistic, making it difficult for banks to assess their
needs at the tender.
    Dealers said the Bundesbank would want to inject enough
liquidity in this week's pact to keep short-term rates down.
    But because of uncertainty about banks' current holdings,
the Bundesbank may well allocate less than 16 billion marks
this week, and top it up if necessary at next week's tender.
    "I would not be surprised if the Bundesbank cuts the amount
a little, to say 14 or 15 billion marks," one dealer said.
    "They would then stock it up at the next tender when the
need is clearer," he added.
    An earlier pact expires next week, draining 8.5 billion
marks from the system. Banks also face a heavy but temporary
drain this month from a major tax deadline for customers.
    Banks held 52.0 billion marks on February 27 at the
Bundesbank, averaging 51.0 billion over the whole month, just
clear of the 50.5 billion February reserve requirement.
    Call money traded today at 3.85/95 pct, up from 3.80/90
yesterday.
 REUTER
3;
bodyend
documentend
documentstart
943
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP


    LONDON, March 3 - 
The Bank of England said it revised up
its forecast of the shortage in the money market today to
around 500 mln stg from its initial estimate of 350 mln.
 REUTER
3;
bodyend
documentend
documentstart
944
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

PAKISTAN TO RETENDER FOR RBD PALM OIL TOMORROW


    LONDON, March 3 - 
Pakistan will retender for 6,000 tonnes
of refined bleached deodorised palm oil for second half March
shipment tomorrow, after failing to take up offers today, palm
oil traders said.
 REUTER
3;
bodyend
documentend
documentstart
945
topicstart
crude
topicend
bodystart
2;

MOBIL PLANS TO OPEN OFFICE IN PEKING


     PEKING, March 3 - 
Mobil Oil Corp of U.S. Plans to open an
office in Peking to develop oil exploration opportunities in
China, the China Daily said.
     It quoted Mobil president Richard Tucker, currently in
Peking, as saying he is optimistic about investment prospects
in China and that Peking will continue to encourage foreign
private businesses to invest here.
     It said Mobil bought 73 mln dlrs of crude oil and oil
products from China in 1986 and sold it lubricant and
fertiliser, but gave no more details.
 Reuter
3;
bodyend
documentend
documentstart
946
topicstart
topicend
bodystart
2;

MERRILL MANDATED FOR IEL U.S. NOTE.


    LONDON, March 3 - 
Merrill Lynch Capital Markets said it
received a mandate from Industrial Equity Ltd (IEL) of
Australia to arrange a letter of credit facility in support of
100 mln dlrs of medium term notes and U.S. Commercial paper to
be sold in the U.S. Domestic market.
    Merrill, which will be the dealer for the medium term notes
and commercial paper, said this was the first facility of its
kind.  Sumitomo Trust and Banking Co Ltd has agreed to provide
the letter of credit.
    The letter of credit has a five year term, with an
evergreen feature allowing for extension at the support banks'
option.
    The notes and paper will be issued by IEL's Sydney-based
subsidiary, IEL Finance Ltd.
    The letter of credit will be underwritten by a group of
banks who will be paid a 20 basis point facility fee and a 25
basis point utilisation fee.
    IEL itself is 51 pct owned by Brierley Investments Ltd of
New Zealand, Merrill Lynch said.
 REUTER
3;
bodyend
documentend
documentstart
947
topicstart
topicend
bodystart
2;

EC, EURATOM FRENCH FRANC EUROBONDS EXPECTED


    PARIS, March 3 - 
The European Community (EC) and Euratom,
the European atomic energy agency, are expected to issue French
franc eurobonds this month, a Treasury spokesman said.
    Other eurofranc bonds this month are likely to include
issues by a bank and a company, both unidentified, but no other
details were available. The spokesman said the March calendar
would be flexible, to take account of market conditions.
 REUTER
3;
bodyend
documentend
documentstart
949
topicstart
earn
topicend
bodystart
2;
******
Unilever Plc and Nv combined 1986 pre-tax profit 1.14 billion stg vs 953 mln.

Blah blah blah.
3;


bodyend
documentend
documentstart
950
topicstart
topicend
bodystart
2;

GERMAN BANKS SEEK GREATER BRAZIL LINK WITH IMF


    By Anthony Williams, Reuters


    BONN, March 3 - 
West German banks would like Brazil to work
more closely with the International Monetary Fund (IMF) with a
view to seeking a solution to the country's debt problems,
senior West German banking sources said.
    The sources, speaking ahead of a meeting later today
between Brazilian Finance Minister Dilson Funaro and his West
german counterpart Gerhard Stoltenberg, also believed Brazil
should come up with a convincing economic recovery program.
    Their comments echoed those of British Chancellor of the
Exchequer Nigel Lawson, who met Funaro yesterday.
    Funaro is currently on a European trip seeking to involve
governments in negotiations with commercial banks on
rescheduling part of Brazil's foreign debt, which totals some
109 billion dlrs. But Lawson told Funaro Brazil had to solve
its problems with the banks rather than governments.
    Diplomatic sources in Bonn said Funaro would leave early
tomorrow morning for Zurich after meeting Stoltenberg this
evening.
    Funaro has rejected suggestions for negotiations with the
IMF and said there is no question of Brazil agreeing to an
austerity program with the Fund.
    However, the West German banking sources said institutions
here felt it was particularly important that Brazil presented a
credible recovery program and that there be a "rapprochement"
with the IMF.
    "Consultations are the least that can be expected," said one
banker.
    Funaro's trip follows the decision by Brazil 10 days ago to
suspend interest payments on 68 billion dlrs of commercial
debt. It has also frozen bank and credit lines deposited by
foreign banks and institutions worth about 15 billion dlrs.
    One senior banker closely involved in Brazilian debt
negotiation offered qualified support for a call from Funaro
for a change in the structure of the advisory committee of
banks which has coordinated Brazilian debt since 1982.
    Funaro said yesterday that U.S. Banks, holding 35 pct of
Brazilian debt, were over-represented on the 14-bank advisory
committee with 50 pct of the committee seats. He said Brazil
might adopt a different approach to its creditor banks,
involving separate discussions with the regions.
    Such a move would be in Brazil's interest, since European
banks have been more supportive than U.S. Banks of alternative
debt solutions, such as interest capitalisation.
    The senior banker was strongly opposed to a purely regional
approach, saying: "There must be one committee and one solution."
But he added: "There must be an understanding that special
requests from special regions be taken into account."
    German banks had objected to the fact that the idea of
interest capitalisation had been rejected in the committee. It
was imperative that alternative options be considered. "The menu
must become richer," the banker said.
    Banking sources said commercial banks would not be involved
in today's talks with Funaro. A spokesman for the Bundesbank in
Frankfurt said the central bank would also not be represented.
    West German banks have taken a more relaxed attitude to the
Brazilian suspension of interest payments than institutions in
the United States, because of their lower exposure.
    According to Bundesbank data from September last year, West
German bank exposure to Latin America of slightly under 16
billion marks represented less than five pct of all foreign
credit.
 REUTER
3;
bodyend
documentend
documentstart
952
topicstart
crude
topicend
bodystart
2;

OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS


    JAKARTA, March 3 - 
Opec remains within its agreed output
ceiling of 15.8 mln barrels a day, and had expected current
fluctuations in the spot market of one or two dlrs, Indonesian
Energy Minister Subroto said.
    He told reporters after meeting with President Suharto that
present weakness in the spot oil market was the result of
warmer weather in the U.S. And Europe which reduced demand for
oil.
    Prices had also been forced down because refineries were
using up old stock, he said.
    He denied that Opec was exceeding its agreed production
ceiling. Asked what Opec's output level was now, he replied:
"Below 15.8 (mln barrels per day)." He did not elaborate.
    He said there appeared to have been some attempts to
manipulate the market, but if all Opec members stick by the
cartel's December pricing agreement it would get through
present price difficulties.
    He predicted that prices would recover again in the third
and fourth quarters of 1987.
    He also reiterated that there was no need for an emergency
Opec meeting.
    He said Opec had expected to see some fluctuations in the
spot price. "We hope the weak price will be overcome, and
predict the price will be better in the third and fourth
quarters."
    Refiners, he said, appeared to have used up old stock
deliberately to cause slack demand in the market and the price
to fall. But Opec would get through this period if members
stuck together.
 REUTER
3;
bodyend
documentend
documentstart
953
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 24 MLN STG ASSISTANCE


    LONDON, March 3 - 
The Bank of England said it provided 24
mln stg help to the money market in the morning session.
    This compares with the bank's upward revised shortage
forecast of around 500 mln stg.
    The central bank purchased bank bills outright comprising
two mln stg in band one at 10-7/8 pct and 22 mln stg in band
two at 10-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
954
topicstart
topicend
bodystart
2;

COUPON ON MITSUBISHI WARRANT BOND CUT


    LONDON, March 3 - 
The coupon on the 300 mln dlr equity
warrant bond deal for Mitsubishi Estate Co Ltd has been cut to
three pct from the 3-1/4 pct initially indicated, Nikko
Securities Co (Europe) Ltd said as lead manager of the deal.
    Exercise price for the warrants has been fixed at yen 2,817
representing a 2.53 pct premium over the latest Tokyo close
adjusted for a free share issue this month.
    Foreign exchange fix is yen 154.65/dlr and payment date on
the deal is March 20.
 REUTER
3;
bodyend
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documentstart
955
topicstart
jobs
topicend
bodystart
2;

JAPAN'S UNEMPLOYMENT RATE SEEN RISING TO 3.5 PCT


    By Jeff Stearns, Reuters


    TOKYO, March 3 - 
Japan's unemployment rate is expected to
continue to climb to about 3.5 pct within the next year from
January's three pct record, senior economists, including Susumu
Taketomi of Industrial Bank of Japan, said.
    December's 2.9 pct was the previous worst level since the
government's Management and Coordination Agency began compiling
statistics under its current system in 1953.
    "There is a general fear that we will become a country with
high unemployment," said Takashi Kiuchi, senior economist for
the Long-Term Credit Bank of Japan Ltd.
    The government, which published the January unemployment
figures today, did not make any predictions.
    "At present we do not have a forecast for the unemployment
rate this year, but it is difficult to foresee the situation
improving," a Labour Ministry official said.
    Finance Minister Kiichi Miyazawa said the government had
expected the increase and had set aside money to help 300,000
people find jobs in fiscal 1987 beginning in April.
    Prime Minister Yasuhiro Nakasone told a press conference
the record rate underlines the need to pass the 1987 budget
which has been held up by opposition to proposed tax reforms.
    The yen's surge has caused layoffs in the mainstay steel
and shipbuilding industries. Other export-dependent industries,
such as cars and textiles, have laid off part-time employees
and ceased hiring, economists said.
    Although the growing service industry sector has absorbed a
great number of workers the trend is starting to slow down,
said Koichi Tsukihara, Deputy General Manager of Sumitomo Bank
Ltd's economics department.
    However, other economists disagreed, saying the service
sector would be able to hire workers no longer needed by the
manufacturing sector over the next five years.
 Reuter
3;
bodyend
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957
topicstart
topicend
bodystart
2;

JAPANESE DEMAND FOR U.K. GILTS SEEN RISING


    TOKYO, March 3 - 
Japanese investor interest in British
gilt-edged securities is growing rapidly due to expectations
sterling will remain stable despite the drop in oil prices, and
on calculations gilt prices will firm, bond managers said.
    Japanese, British and U.S. Securities houses have been
expanding inventories of gilts to meet demand from investors
seeking capital gains, including city and trust banks, which
have been active on the U.S. Treasury market, they said.
    Dealing demand for gilts with coupons around 10 pct has
been getting stronger, the general manager of the local office
of a British securities firm said.
    On the other hand, major long-term investors such as
Japanese insurance companies are not very enthusiastic about
buying British securities ahead of the March 31 close of the
Japanese financial year, traders said.
    These investors, who must convert yen into sterling through
dollars for British securities purchases, appear to be buying
in London rather than in Tokyo, a bond manager for a British
securities house said.
    The sterling/yen rate was about 240.34/44 today, up from
234.50 at the start of the calendar year and a narrow range of
230 to 234 late last year.
    Many bond traders in Tokyo are doubtful that sterling will
further appreciate steeply. However, gilts may benefit from
further declines in U.K. Interest rates, they said.
    "The U.K. Government is in no hurry to issue more bonds,
suggesting further market improvement and continuing demand
from brokers here," said Laurie Milbank and Co assistant manager
Machiko Suzuki.
    She said she expected the yield on the actively traded
11-3/4 pct gilt due March 2007 to dip below 9.5 pct, against
9.581 pct at yesterday's close in London.
 REUTER
3;
bodyend
documentend
documentstart
958
topicstart
earn
topicend
bodystart
2;
UNILEVER PLC AND NV 1986 4TH QTR TO DEC 31
    LONDON, March 3
    Unilever Plc share 49.57p vs 44.19p, making 177.55p vs
137.96p for full year.
    Unilever NV share 10.69 guilders vs 11.82 guilders, making
38.22 guilders vs 36.79 guilders.
    Unilever Plc final div 35.18p, making 50.17p vs 38.62p.
    Unilever NV final div 10.67 guilders, making 15.33 guilders
vs 14.82 guilders.
    Combined pre-tax profit 276 mln stg vs same, making 1.14
billion stg vs 953 mln.
    The two companies proposed a five for one share split.
    Combined fourth quarter pre-tax profit 1.10 billion
guilders vs 1.11 billion, making 3.69 billion guilders vs 3.81
billion.
    Operating profit 259 mln stg vs 265 mln, making 1.12
billion stg vs 949 mln.
    Tax 109 mln stg vs 105 mln, making 468 mln vs 394 mln. Tax
adjustments 19 mln stg credit vs nil, making 26 mln stg credit
vs three mln debit.
    Attributable profit 185 mln stg vs 165 mln, making 664 mln
vs 516 mln.
    Full year 1986 turnover 17.14 billion stg vs 16.69 billion.
 REUTER
3;


bodyend
documentend
documentstart
960
topicstart
acq
topicend
bodystart
2;

HK HOTELS SOARS ON TAKEOVER SPECULATION


    HONG KONG, March 3 - 
The price of Hongkong and Shanghai
Hotels Ltd 
<
SHLH.HK>'s stock soared on speculation of a
takeover battle between major shareholders the Kadoorie family
and the Evergo Industrial Enterprise Ltd 
<
EVGH.HK> group, stock
brokers said.
    They noted heavy buying in Hk Hotel shares after an
announcement by Evergo's 
<
China Entertainment and Land
Investment Co Ltd> unit that it bought about 20 pct of Hk
Hotels from the firm's deputy chairman David Liang for 1.06
billion dlrs. The stock rose 12 H.K. Dlrs to 62 dlrs today.
    Thomas Lau, Evergo's executive director, declined comment
on whether the group is seeking a further stake in Hk Hotels.
But he told Reuters the group will hold the 20 pct stake bought
from Liang as long term investment.
    He said Evergo "was attracted by the underlying strength of
Hk Hotels."
    Analysts said Evergo may be looking for a possible
redevelopment of the Peninsula Hotel, one of Asia's best known
hotels, and another site on Hong Kong island. Both are owned by
Hk Hotels.
    
<
Lai Sun Garment Co ltd> yesterday said it acquired a 10
pct stake in Hk Hotels from Liang for 530 mln dlrs.
    Lau denied any link between China Entertainment and Lai Sun
on their acquisitions of the Hk Hotels stake.
    "It is purely coincidence," he said.
    But analysts were not so certain, saying that the Evergo
group, which has a reputation as a corporate raider, may team
up with Lai Sun Garment for a takeover.
    Lau also denied any contact with the Kadoorie family, which
analysts estimate has more than 20 pct of Hk Hotels. Michael
Kadoorie is chairman of Hk Hotels.
    Lau said two representatives of Evergo will be nominated to
the Hk Hotels board.
    A source close to the Kadoorie family said the family has
not considered any countermoves so far.
    Analysts said it would be difficult for Evergo and the
Kadoorie family to cooperate because of different management
styles.
    "Evergo may want to split up the hotel management and
property developments of Hk Hotels but that strategy may not
fit the conservative Kadoorie family," said an analyst who asked
not to be named.
    Another analyst noted the price of Hk Hotels had been
distorted by the takeover talks because its net asset value is
only worth about 50 dlrs a share. The offers by Evergo and Lai
Sun were for 53 dlrs a share, though that is well below the
current trading price.
    Trading was suspended today in shares of Lai Sun, Evergo,
China Entertainment and the group's associate 
<
Chinese Estates
Ltd>.
    Chinese Estates lost 25 cents to 20.15 dlrs yesterday,
China Entertainment five to 8.60 dlrs and Evergo one to 74
cents. Lai Sun gained 50 cents to 70.50 dlrs.
 REUTER
3;
bodyend
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documentstart
962
topicstart
topicend
bodystart
2;

CASSA DI RISPARMIO DI ROMA LAUNCHING CD PROGRAM


    LONDON, March 3 - 
Italian savings bank Cassa di Risparmio
di Roma is launching a 100 mln dlr euro-certificate of deposit
issuance program, Chase Investment Bank Ltd said as arranger.
    Chase will also be a dealer for the program, along with
Swiss Bank Corporation International Ltd. Chase Manhattan Bank
NA, London Branch, will be issuing and paying agent.
    The paper will be issued in denominations of 500,000 and
one mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
963
topicstart
acq
topicend
bodystart
2;

BRYSON PAYS 5.4 MLN DLRS FOR CENERGY CORP STAKE


    LONDON, March 2 - 
<
Bryson Oil and Gas Plc> said it paid a
cash consideration of around 5.4 mln dlrs for about 8.6 pct of

<
Cenergy Corp>, a U.S. Oil and gas exploration and production
company.
    Bryson said its board has been considering a number of
possible investments to expand the company's interests and
believes the opportunity to acquire an investment in Cenergy
provides a suitable extension to its existing U.S. Interests.
    Cenergy reported a net loss of 7.27 mln dlrs in the nine
months to September 30, 1986 while total stockholders equity on
the same date was 40.72 mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
968
topicstart
earn
topicend
bodystart
2;

ASHTON-TATE 
<
TATE> 4TH QTR NET


    TORRANCE, Calif., March 3 -
    
Shr 43 cts vs 30 cts
    Net 10.6 mln vs 5,967,000
    Revs 62.9 mln vs 41.5 mln
    Avg shrs 200.7 mln vs 20.2 mln
    Year
    Shr 1.26 dlrs vs 85 cts
    Net 30.1 mln vs 16.6 mln
    Revs 210.8 mln vs 121.6 mln
    Avg shrs 23.9 mln vs 19.4 mln
    NOTE: Share adjusted for January 1987 two-for-one split.
 Reuter
3;
bodyend
documentend
documentstart
969
topicstart
ship
topicend
bodystart
2;

NEITHER SIDE OPTIMISTIC ON ROTTERDAM PORT ISSUES


    ROTTERDAM, March 3 - 
Employers and the port union, FNV, are
to meet again this afternoon to attempt a settlement of the
six-week-old dispute in Rotterdam's general cargo sector, but
neither side is optimistic, spokesmen for both sides told
Reuters.
    Little progress was made in last night's three hours of
talks, with both sides largely reiterating their positions.
    "There is still a very large gap between the employers and
the FNV, and I can't say that we expect to reach any agreement.
But at least we are still talking," a union spokesman said.
    Employers organization chairman, Jacques Schoufour, accused
the FNV of intransigence in refusing to alter its stance at all
over the past two months.
    "The FNV is not serious about our discussions and I am
really not optimistic about it changing its point of view at
all."
    "If we find this afternoon that the FNV still refuses to
accept the necessary redundancies in the general cargo sector,
then we will break off the talks and the redundancies may begin
later this month," Schoufour said.
    The series of strikes, which employers say has cost them
more than seven mln guilders in lost import business in the
past six weeks, began on January 19 in protest at plans for 800
redundancies from the sector's 4,000 workforce starting with
350 this year.
    Late last month Social Affairs minister Louw de Graaf said
unless the dispute was settled by yesterday he would withdraw
the sector's 10 mln guilder annual labour subsidy.
    Both sides wrote to the minister yesterday setting out
their cases, but Schoufour said he did not expect to hear from
him before Wednesday at the earliest.
 Reuter
3;
bodyend
documentend
documentstart
971
topicstart
earn
topicend
bodystart
2;

UNILEVER IMPROVES IN MOST SECTORS DURING 1986


    LONDON, March 3 - 
The Unilever Plc and NV 
<
UN.A> group saw
improved performance in almost all sectors during 1986, the
Anglo-Dutch group said in its results statement.
    Very good progress was made last year, while the recent
acquisition of Chesebrough-Pond's Inc 
<
CBM.N> was a significant
addition which will greatly benefit the group in the years to
come.
    Earlier, Unilever reported combined fourth quarter pre-tax
profit of 276 mln stg, level with the year earlier period,
making 1.14 billion stg compared with 953 mln for the 1986 full
year.
    Unilever said it plans to change its depreciation policy to
the more conventional practice of depreciating assets
individually rather than depreciating fixed assets at average
rates. The new method is expected to lead to a reduction in the
accumulated provision for depreciation and thereby increase the
net book value of tangible asssets by about 300 mln stg as at
January 1, 1987.
    Unilever Plc shares are up 25p since yesterday at 2,575p in
buoyant response to the results and share split proposal,
though 1986 profits were not ahead of market forecasts, dealers
added.
 REUTER
3;
bodyend
documentend
documentstart
972
topicstart
lei
topicend
bodystart
2;
******
U.S. LEADING INDICATORS FELL 1.0 PCT IN JAN AFTER REVISED 2.3 PCT DEC RISE

Blah blah blah.
3;


bodyend
documentend
documentstart
974
topicstart
lei
topicend
bodystart
2;

U.S. LEADING INDEX FELL 1.0 PCT IN JANUARY


    WASHINGTON, March 3 - 
The U.S. index of leading indicators
fell a seasonally adjusted 1.0 pct in January after a revised
2.3 pct December gain, the Commerce Department said.
    The department previously said the index rose 2.1 pct in
December.
    The decline in January was the biggest for any month since
July, 1984, when the index fell 1.7 pct.
    The January decrease left the index at 183.8 over its 1967
base of 100, and was led by a fall in contracts and orders for
plant and equipment.
    A total of six of 10 indicators available for January
contributed to the decline.
    Besides contracts and orders for plant and equipment, they
were building permits, manufacturers' new orders for consumer
goods, a change in sensitive materials prices, slower
deliveries from vendors and higher average weekly claims for
state unemployment insurance.
    Four of 10 indicators were positive, including stock
prices, new business formation, average work week and money
supply.
    The main factor for the December upward revision was new
business formation.
    There was no revision in the 0.9 pct increase in the
leading indicators index for November.
    The index of coincident indicators, which measures the
current economy, fell 0.1 pct in January after increases of 0.7
pct in December and 0.2 pct in November.
    The index of lagging indicators, which measures past
economic activity, rose 0.5 pct in January after a decrease of
0.5 pct in December and an increase of 0.2 pct in November.
 Reuter
3;
bodyend
documentend
documentstart
975
topicstart
topicend
bodystart
2;

BRAZIL FINANCE MINISTER MEETS FRENCH OFFICIALS


    PARIS, March 3 - 
Brazilian Finance Minister Dilson Funaro
held separate meetings with French Finance Minister Edouard
Balladur and Bank of France Governor Jacques de Larosiere on
the second stage of a European mission to explain his country's
latest debt crisis, French officials said.
    They declined to disclose details of the talks. Monetary
sources described them as a preliminary diplomatic effort to
see if France could help to negotiate financial concessions
sought by Brazil from Western banks, governments and official
lending agencies.
 REUTER
3;
bodyend
documentend
documentstart
976
topicstart
earn
topicend
bodystart
2;

BURLINGTON COAT FACTORY WAREHOUSE CORP 
<
BCF> NET


    BURLINGTON, N.J., March 3 - 
Jan 31 end
    Shr 1.40 dlrs vs 1.10 dlrs
    Net 16.4 mln vs 12.9 mln
    Revs 196.2 mln vs 157.5 mln
 Reuter
3;
bodyend
documentend
documentstart
977
topicstart
coffee
topicend
bodystart
2;

COFFEE PRICE FALL SHORT TERM - DUTCH ROASTERS


    ROTTERDAM, March 3 - 
This morning's sharp decline in coffee
prices, following the breakdown late last night of negotiations
in London to reintroduce International Coffee Organization,
ICO, quotas, will be short-lived, Dutch roasters said.
    "The fall is a technical and emotional reaction to the
failure to agree on reintroduction of ICO export quotas, but it
will not be long before reality reasserts itself and prices
rise again," a spokesman for one of the major Dutch roasters
said.
    "The fact is that while there are ample supplies of coffee
available at present, there is a shortage of quality," he said.
    "Average prices fell to around 110 cents a lb following the
news of the breakdown but we expect them to move back again to
around 120 cents within a few weeks," the roaster added.
    Dutch Coffee Roasters' Association secretary Jan de Vries
said although the roasters were disappointed at the failure of
consumer and producer ICO representatives to agree on quota
reintroduction, it was equally important that quotas be
reallocated on a more equitable basis.
    "There is no absolute need for quotas at this moment because
the market is well balanced and we must not lose this
opportunity to renegotiate the coffee agreement," he said.
    "There is still a lot of work to be done on a number of
clauses of the International Coffee Agreement and we would not
welcome quota reintroduction until we have a complete
renegotiation," de Vries added.
    With this in mind, and with Dutch roasters claiming to have
fairly good forward cover, the buying strategy for the
foreseeable future would probably be to buy coffee on a
hand-to-mouth basis and on a sliding scale when market prices
were below 120 cents a lb, roasters said.
 Reuter
3;
bodyend
documentend
documentstart
978
topicstart
acq
topicend
bodystart
2;

GREENWOOD RESOURCES 
<
GRRL> SELLS COMPANY STAKE


    DENVER, March 3 - 
Greenwood Resources Inc said it has sold
its 4,300,000 common share majority holding in 
<
New London Oil
Ltd> of London to an affiliate of 
<
Guinness Peat Group PLC> of
London and an affiliate of 
<
Sidro SA> of Belgium for a total of
1,700,0000 dlrs in cash.
    The company said it will apply the proceeds of the sale to
support its line of credit and as part of a proposed debt
restructuring with Colorado National Bancshares 
<
COLC> and
Greenwood shareholders.
    It said it will retain a seat on the New London board.
 Reuter
3;
bodyend
documentend
documentstart
981
topicstart
earn
topicend
bodystart
2;
******
F.W. WOOLWORTH CO 4TH QTR SHR 1.78 DLRS VS 1.64 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
982
topicstart
acq
topicend
bodystart
2;

HEINZ INTERESTED IN BUYING GUINNESS BREWING


    DUBLIN, March 3 - 
H.J. Heinz 
<
HNZ.N> chairman Tony O'Reilly
would be interested in buying Guinness PLC 
<
GUIN.L>'s brewery
division if it were for sale, a spokesman said.
    The spokesman, reacting to Irish and British press reports,
said "He continues to be interested were the group to offer the
brewery side of Guinness for sale. But he has not put together
a consortium, nor has he been buying shares."
    He was quoted by the Irish magazine Business and Finance as
saying he would be interested if it came on the market and that
he had the support of two international banks if he decided
such a purchase might be worthwhile.
    In the magazine article, he suggested that if brewing
profits were calculated to be in the region of 80 mln punts,
the asking price would not be higher than 800 mln punts.
    "A multiple of ten times earnings would be the top whack for
the brewing division in the current Guinness situation," he
said.
    "This would mean an expensive exercise, right on the edge,
but not impossible," he added.
    The deal would mean buying the Dublin, London, Nigerian and
Malaysian breweries because "It could only be sold as an
integral unit if it was going to be sold at all," O'Reilly said.
 Reuter
3;
bodyend
documentend
documentstart
983
topicstart
earn
topicend
bodystart
2;

EQUATORIAL COMMUNICATIONS 
<
EQUA> TO HAVE LOSSES


    MOUNTAIN VIEW, Calif., March 3 - 
Equatorial Communications
Co said it expects to report losses of about 57 mln dlrs for
the fourth quarter and 68 mln dlrs for the full year 1986 on
revenues of about 10 mln dlrs for the quarter and 52 mln dlrs
for the year.
    Equatorial said the losses will include a charge of about
45 mln dlrs from costs associated with the restructuring of its
business, including adjustments to reflect the market value of
transponders owned and leased by Equatorial and other reserves
for inventory, receivables and excess facilities.
    Equatorial said the fourth quarter operating results will
also include restructuring costs of about 5,500,000 dlrs, in
addition to the 45 mln dlr charge.
    Equitorial also said that as of March One it is operating
in technical default under its lease of transponders on the
Galaxy III satellite due to its inabiliuty to maintain
agreed-upon financial ratios.  It said it is in talks with the
lessors in an attempt to restructure lease obligations.
    Further, Equitorial said it is in default of two other
oblitations in connection with the purchase or lease of
transponders as a result of cross-default provisions.
    Equatorial said it has signed a memorandum of understanding
for Contel Corp 
<
CTC> to purchase 10 mln dlrs of Equatorial
master earth stations, micro earth stations and associated
equipment and loan Equatorial six mln dlrs over a six-month
period for repayment starting in December 1988.
    The company said Conteol, under the agreement, would assume
a portion of Equatorial's rights and obligations under the
Galaxy III transponder lease with 
<
Burnham Leasing> on the
occurrence of certain events.
    Equatorial said it would grant Contel an option to buy
about 3,600,000 common shares at 3.25 dlrs each.
    Equatorial said its understandings with Contel are subject
to Equatorial's ability to restructure a significant portion of
its obligations and to obtain concessions from lenders and
lessors, in particular under its Galaxy III transponder lease.
It said it hopes to finalize a Contel agreement by April 15.
    Equatorial in 1985 earned 1,807,000 dlrs after a 3,197,000
dlr gain from early debt retirement on revenues of 56.1 mln
dlrs. For the first nine months of 1986, the company lost
9,476,000 dlrs on revenues of 45.4 mln dlrs, compared with a
1,784,000 dlr profit after the early retirement gain on
revenues of 38.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
984
topicstart
earn
topicend
bodystart
2;

TRANSAMERICA 
<
TA> TO HAVE AUSTRALIAN SALE GAIN


    LOS ANGELES, March 3 - 
Transamerica Corp said it will have
an after-tax gain of about 10 mln U.S. dlrs on the sale of its
Occidental Life Insurance Co of Australia Ltd affiliate to

<
Pratt and Co Financial Services Pty Ltd> of Melbourne for 105
mln Australian dlrs.
    The sale was announced earlier today in Australia. Proceeds
will be used to enhance the growth of North American operations
of its Transamerica Occidental Life subsidiary, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
985
topicstart
acq
topicend
bodystart
2;
******
VIACOM INTERNATIONAL INC GETS ANOTHER NEW NATIONAL AMUSEMENTS BID

Blah blah blah.
3;


bodyend
documentend
documentstart
986
topicstart
earn
topicend
bodystart
2;

F.W. WOOLWORTH CO 
<
Z> 4TH QTR JAN 31 NET


    NEW YORK, March 3 -
    
Shr 1.78 dlrs vs 1.64 dlrs
    Net 117 mln vs 106 mln
    Sales 2.02 billion vs 1.85 billion
    Avg shrs 65.6 mln vs 63.9 mln
    Year
    Shr 3.25 dlrs vs 2.75 dlrs
    Net 214 mln vs 177 mln
    Sales 6.50 billion vs 5.96 billion
    Avg shrs 65.6 mln vs 63.9 mln
    NOTE: Share data restated to reflect two for one stock
split in May 1986
 Reuter
3;
bodyend
documentend
documentstart
988
topicstart
earn
crude
topicend
bodystart
2;

BP OIL RAISES OPERATING PROFIT


    LONDON, March 3 - 
<
BP Oil Ltd>, the U.K. Marketing and
refining arm of British Petroleum Co Plc 
<
BP.L>, raised its
pretax operating profit on a replacement cost basis to 182 mln
stg in calendar 1986, compared with 66 mln stg in 1985.
    Sales and operating revenue fell to 3.1 billion stg from
4.2 billion on a replacement cost basis. Historical cost
operating profit was 61 mln stg, up from 16 mln.
    BP Oil said 1985 profits had been depressed by exceptional
items. Its profit figures were stated before interest charges.
    Chief executive David Kendall said improved results
mirrored benefits of a restructuring program undertaken in
recent years.
    However, he warned future financial pressure on the
industry will be severe.
    "The U.K. Oil marketing and refining industry will need to
invest larger sums - probably around 500 mln stg a year - for a
good many years," he said in a statement.
 Reuter
3;
bodyend
documentend
documentstart
989
topicstart
topicend
bodystart
2;

CANADA PRICES 1.2 BILLION DLR BOND ISSUE


    OTTAWA, March 3 - 
The finance department announced the new
1.2 billion dlr, four-part bond issue, to be dated March 15 and
delivered March 16, will be priced as follows.
    - 8 pct bonds due July 1, 1990 at a price of 100.30 pct
todmpB]w about 7.89 pct to maturity
    - 8-1/4 pct bonds due March 1, 1994 at a price of 100.25
pct to yield about 8.20 pct to maturity.
    - 8-1/4 pct bonds due March 1, 1997 at a price of 99.50 pct
to yield about 8.32 pct to maturity.
    - 8-1/2 pct bonds due June 1, 2011 at a price of 98.625 pct
to yield about 8.63 pct to maturity.
    The 2011 maturity will be issued to a maximum of 375 mln
dlrs.
    The Bank of Canada will buy 100 mln dlrs of the new issue,
including a minimum of 10 mln dlrs of the 2011 maturity.
 Reuter
3;
bodyend
documentend
documentstart
991
topicstart
trade
topicend
bodystart
2;

U.S. ASKS JAPAN END AGRICULTURE IMPORT CONTROLS


    TOKYO, March 3 - 
The U.S. Wants Japan to eliminate import
controls on agricultural products within three years, visiting
U.S. Under-Secretary of State for Economic Affairs Allen Wallis
told Eishiro Saito, Chairman of the Federation of Economic
Organisations (Keidanren), a spokesman for Keidanren said.
    The spokesman quoted Wallis as saying drastic measures
would be needed to stave off protectionist legislation by
Congress.
    Wallis, who is attending a sub-cabinet-level bilateral
trade meeting, made the remark yesterday in talks with Saito.
    Wallis was quoted as saying the Reagan Administration wants
Japanese cooperation so the White House can ensure any U.S.
Trade bill is a moderate one, rather than containing
retaliatory measures or antagonising any particular country.
    He was also quoted as saying the U.S. Would be pleased were
Japan to halve restrictions on agricultural imports within five
years if the country cannot cope with abolition within three,
the spokesman said.
    Japan currently restricts imports of 22 agricultural
products. A ban on rice imports triggered recent U.S.
Complaints about Japan's agricultural policy.
 Reuter
3;
bodyend
documentend
documentstart
995
topicstart
earn
topicend
bodystart
2;

FIRSTCORP 
<
FCR> SEES GAIN ON CONDEMNATION


    RALEIGH, N.C., March 3 - 
Firstcorp Inc said it weill report
an after-tax gain of 1,827,000 dlrs or 56 cts per share primary
and 42 cts fully diluted from the proposed condemnation and
acquisition of a parking deck it operates by Wake County.
    The company said if it reinvested proceeds in a similar
property within 24 months, the gain on the sale would be
deferred for tax purposes.
 Reuter
3;
bodyend
documentend
documentstart
997
topicstart
topicend
bodystart
2;

KEYCORP 
<
KEY> REGISTERS SUBORDINATED NOTES


    ALBANY, N.Y., Marc 3 - 
KeyCorp said it has filed with the
Securities and Exchange Commission for the offering of 75 mln
dlrs of subordinated capital notes due March 1, 1999.
    The company said it is anticipated the notes will be
offered this week through underwriters led by First Boston
Corp.
    Proceeds will be used for general corporate purposes,
including the acquisition of 
<
Seattle Trust and Savings Bank>,
which is scheduled for July one, KeyCorp said.
 Reuter
3;
bodyend
documentend
documentstart
998
topicstart
earn
topicend
bodystart
2;

<
NATIONAL SEA PRODUCTS LTD> 4TH QTR NET


    HALIFAX, Nova Scotia, March 3 -
    
Oper shr 43 cts vs 21 cts
    Oper net 6,846,000 vs 3,386,000
    Revs 137.1 mln vs 107.6 mln
    Year
    Oper shr 1.36 dlrs vs 42 cts
    Oper net 21,764,000 vs 7,239,000
    Revs 516.4 mln vs 454.7 mln
    Note: 1986 qtr excludes extraordinary gain of 784,000 dlrs
or five cts share, versus extraordinary loss of 110,000 dlrs or
shr nil in 1985 qtr
    Note continued: 1986 year excludes extraordinary gain of
14,360,000 dlrs or 94 cts share, versus extraordinary gain of
2,883,000 dlrs or 19 cts share in prior year
 Reuter
3;
bodyend
documentend
documentstart
999
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN


    LONDON, March 3 - 
The Bank of England said it had revised
its forecast of the shortage in the money market down to 450
mln stg before taking account of its morning operations. At
noon the bank had estimated the shortfall at 500 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
1000
topicstart
acq
topicend
bodystart
2;

NATIONAL AMUSEMENTS AGAIN UPS VIACOM 
<
VIA> BID


    NEW YORK, March 3 - 
Viacom International Inc said 
<
National
Amusements Inc> has again raised the value of its offer for
Viacom's publicly held stock.
    The company said the special committee of its board plans
to meet later today to consider this offer and the one
submitted March one by 
<
MCV Holdings Inc>.
    A spokeswoman was unable to say if the committee met as
planned yesterday.
    Viacom said National Amusements' Arsenal Holdings Inc
subsidiary has raised the amount of cash it is offering for
each Viacom share by 75 cts to 42.75 dlrs while the value of
the fraction of a share of exchangeable Arsenal Holdings
preferred to be included was raised 25 cts to 7.75 dlrs.
    National Amusements already owns 19.6 pct of Viacom's stock.
 Reuter
3;
bodyend
documentend
documentstart
1003
topicstart
earn
topicend
bodystart
2;

NATIONAL FSI INC 
<
NFSI> 4TH QTR LOSS


    DALLAS, March 3 -
    
Shr loss six cts vs profit 19 cts
    Net loss 166,000 vs profit 580,000
    Revs 3,772,000 vs 5,545,000
    Year
    Shr loss 13 cts vs profit 52 cts
    Net loss 391,000 vs profit 1,425,000
    Revs 15.4 mln vs 16.6 mln
    NOTE: 1985 year figures pro forma for purchase accounting
adjustments resulting from March 1985 reeacquisition of company
by its original shareholders before August 1985 initial public
offering. 
 Reuter
3;
bodyend
documentend
documentstart
1005
topicstart
topicend
bodystart
2;

ITALY'S BNL TO ISSUE 120 MLN DLR CONVERTIBLE BOND


    ROME, March 3 - 
Italy's state-owned 
<
Banca Nazionale del
Lavoro - BNL> said it would issue 120 mln dlrs of five-year
convertible eurobonds, an operation to be lead-managed by

<
Credit Suisse-First Boston Ltd>.
    BNL president Nerio Nesi told a news conference that the
issue, to be placed on the main international markets and
listed in Luxembourg, would be the first equity linked issue by
an Italian bank on the Euromarket.
    BNL officials said the issue is scheduled for mid-March and
additional financial details were not immediately available.
    They said the operation would be through the issue of
depositary receipts by BNL's London branch. They said the bonds
would carry warrants issued by its 
<
Efibanca> subsidiary and
convertible into BNL saving shares within five years.
    The officials said a banking consortium led by Credit
Suisse-First Boston would at the same time arrange for the
private placing of an unspecified number of BNL savings shares
with foreign institutional investors.
    The operation was to further its aim of obtaining a listing
on foreign stock exchanges with a view to future capital
increases through ordinary share issues, they said.
 REUTER
3;
bodyend
documentend
documentstart
1007
topicstart
earn
topicend
bodystart
2;

<
PRECAMBRIAN SHIELD RESOURCES LTD> YEAR LOSS


    CALGARY, Alberta, March 3 -
    
Shr loss 1.93 dlrs vs profit 16 cts
    Net loss 53,412,000 vs profit 4,479,000
    Revs 24.8 mln vs 32.7 mln
    Note: 1986 shr and net include 51,187,000 dlr writedown on
U.S. operations, uneconomic coal operations and other mineral
properties
 Reuter
3;
bodyend
documentend
documentstart
1008
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 437 MLN STG HELP


 LONDON, March 3 - 
The Bank of England said it had provided the
money market with a further 437 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 461 mln stg and compares with its revised shortage
forecast of 450 mln stg.
    The central bank made purchases of bank bills outright
comprising 120 mln stg in band one at 10-7/8 pct and 315 mln
stg in band two at 10-13/16 pct.
    In addition, it also bought two mln stg of treasury bills
in band two at 10-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
1009
topicstart
earn
topicend
bodystart
2;

GREASE MONKEY HOLDING CORP 
<
GMHC> YEAR NOV 30


    DENVER, March 3 -
    
Shr nil vs nil
    Net 130,998 vs 30,732
    Revs 1,568,941 vs 1,0053,234
 Reuter
3;
bodyend
documentend
documentstart
1010
topicstart
earn
topicend
bodystart
2;

ACCEPTANCE INSURANCE HOLDINGS INC 
<
ACPT> YEAR


    OMAHA, March 3 -
    
Oper shr profit 1.80 dlrs vs loss 2.28 dlrs
    Oper net profit 2,048,0000 vs loss 1,318,000
    Revs 25.4 mln vs 12.3 mln
    Avg shrs 1,135,000 vs 576,000
    NOTE: Net excludes realized investment gains of 40,000 dlrs
vs 13,000 dlrs.
    1986 net excludes 729,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
1011
topicstart
earn
topicend
bodystart
2;

MINSTAR INC 
<
MNST> 4TH QTR NET


    MINNEAPOLIS, MINN., March 3 -
    
Oper shr loss 31 cts vs loss 30 cts
    Oper net loss 5,429,000 vs loss 5,216,000
    Revs 257.5 mln vs 243.6 mln
    Avg shrs 17.5 mln vs 13.5 mln
    Year
    Oper shr loss eight cts vs profit 28 cts
    Oper net loss 1,324,000 vs profit 4,067,000
    Revs 989.5 mln vs 747.9 mln
    Avg shrs 17.6 mln vs 15.7 mln
   
    NOTE: 1986 operating net loss excludes income from
discontinued operations equal to 11 cts in the quarter and 66
cts in the year compared with 1.07 dlrs in the quarter and 1.23
dlrs in the respective periods of 1985.
    1986 operating net loss also excludes extraordinary charges
of 14 cts in the quarter and 54 cts in the year.
    1985 operating net profit excludes an extraordinary gain of
47 cts.
 Reuter
3;
bodyend
documentend
documentstart
1012
topicstart
topicend
bodystart
2;

DAI-ICHI HOTEL SWISS FRANC NOTES COUPON CUT


    ZURICH, March 3 - 
The coupon on Dai-Ichi Hotel Ltd's 50 mln
Swiss franc issue of five-year notes with equity warrants has
been cut to 1-5/8 pct from the indicated 1-7/8 pct, lead
manager Swiss Volksbank said.
    The warrants have an exercise price of 1,507 yen per share,
compared with the last traded price of 1,470 yen, it said.
    The notes are guarantees by Long-Term Credit Bank of Japan
Ltd. Payment is due on March 25.
 REUTER
3;
bodyend
documentend
documentstart
1013
topicstart
earn
topicend
bodystart
2;

<
MARK RESOURCES INC> YEAR LOSS


    CALGARY, Alberta, March 3 -
    
Shr not given
    Loss 54.9 mln
    Revs 27.2 mln
    Note: Prior year results not given. 1986 results include
accounts of 89 pct owned 
<
Precambrian Shield Resources Ltd>,
acquired November 5, 1986
 Reuter
3;
bodyend
documentend
documentstart
1014
topicstart
topicend
bodystart
2;

SAAB-SCANIA ISSUES 150 MLN DLR EUROBOND


    LONDON, March 3 - 
Saab-Scania AB is issuing a 150 mln dlr
eurobond due April 2, 1992 paying 7-3/4 pct and priced at
101-3/4 pct, lead manager Morgan Guaranty Ltd said.
    The bond is available in denominations of 5,000 and 50,000
dlrs and will be listed in London. Payment date is April 2,
1992.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined, and listing will be in
London.
 REUTER
3;
bodyend
documentend
documentstart
1015
topicstart
earn
topicend
bodystart
2;

TRANSFORM LOGIC 
<
TOOG> REVISES RESULTS DOWNWARD


    SCOTTSDALE, Ariz., March 3 - 
Transform Logic Corp said it
has revised downward its previously reported fourth quarter and
year, ended October 31, results to reflect compensation expense
for employee stock options.
    The company said resolution of this disagreement with its
auditors came as a result of Securities and Exchange Commission
involvement. The company will amend its option-granting
procedure to conform to the SEC decision which will eliminate
future charges, it added.
    Transform said its fourth quarter profit was revised to
305,082 dlrs, or two cts a share, from the previously reported
580,955 dlrs, which left the company with a fiscal 1986 loss of
249,814 dlrs, or two cts a share, instead of the reported
26,195 dlrs profit.
 Reuter
3;
bodyend
documentend
documentstart
1016
topicstart
earn
topicend
bodystart
2;

AMERICAN STORES 
<
ASC> SEES LOWER YEAR NET


    SALT LAKE CITY, March 3 - 
American Stores Co said it
expects to report earnings per share of 3.70 to 3.85 dlrs per
share on sales of slightly over 14 billion dlrs for the year
ended January 31.
    The supermarket chain earned 4.11 dlrs per share on sales
of 13.89 billion dlrs last year.
    The company did not elaborate.
 Reuter
3;
bodyend
documentend
documentstart
1017
topicstart
earn
topicend
bodystart
2;

KASLER CORP 
<
KASL> 1ST QTR JAN 31 NET


    SAN BERNARDINO, Calif., March 3 -
    
Shr profit three cts vs loss seven cts
    Net profit 161,000 vs loss 367,000
    Revs 24.3 mln vs 26.5 mln
 Reuter
3;
bodyend
documentend
documentstart
1019
topicstart
earn
topicend
bodystart
2;

UNILEVER HAS IMPROVED MARGINS, VOLUMES IN 1986


    LONDON, MARCH 3 - 
Unilever Plc 
<
UN.A> and NV group reported
improvements in margins and underlying sales volume growth of
five pct in 1986 after stripping out the effects of falling
prices, disposals and currency movements, Unilever Plc chairman
Michael Angus said.
    He told reporters that volumes in North America increased
some 10.5 pct while European consumer goods rose about 2.5 pct
after being flat for some years.
    Much of the disposal strategy, aimed at concentrating
activities on core businesses, had now been completed, he
noted.
    But the process of acquisitions would go on, with strategic
acquisitions taking place "from time to time," he said.
    The company earlier reported a 20 pct rise in pre-tax
profits for 1986 to 1.14 billion stg from 953 mln previously.
In guilder terms, however, profits at the pre-tax level dropped
three pct to 3.69 billion from 3.81 billion.
    Angus said the recent purchase of Chesebrough-Pond's Inc

<
CBM.N> for 72.50 dlrs a share was unlikely to bring any
earnings dilution.
    However, it would not add much to profits, with much of the
company's operating profits paying for the acquisition costs.
    Finance director Niall Fitzgerald added that while gearing
- debt to equity plus debt - rose to about 60 pct at end 1986
from 35 pct last year, this was expected to drop back to about
40 pct by end-1987.
    The same divergence was made in full year dividend, with
Unilever NV's rising 3.4 pct to 15.33 guilders and Unilever
Plc's increasing 29.9 pct to 50.17p, approximately in line with
the change in attributable profit.
    Angus said the prospectus for the sale of parts of
Chesebrough was due to be published shortly. However, he said
that there was no target date for completing the process.
    He also declined to say what sort of sum Unilever hoped to
realise from the operation, beyond noting that Chesebrough had
paid around 1.25 billion dlrs for Stauffer Chemical Co, which
operates outside Unilever's core activities.
    In the U.S., Organic growth from the Lipton Foods business,
considerable expansion in the household products business and
in margarine had been behind the overall sales increase.
    However, he noted that the U.S. Household products business
had turned in a planned loss, with fourth quarter performance
better than expected despite the anticipated heavy launch costs
of its Surf detergents.
 Reuter
3;
bodyend
documentend
documentstart
1020
topicstart
acq
topicend
bodystart
2;

SARA LEE 
<
SLE> TO BUY 34 PCT OF DIM


    CHICAGO, March 3 - 
Sara Lee Corp said it agreed to buy a 34
pct interest in Paris-based DIM S.A., a subsidiary of BIC S.A.,
at a cost of about 84 mln dlrs.
    DIM S.A., a hosiery manufacturer, had 1985 sales of about
260 mln dlrs.
    The investment includes the purchase of 360,537 newly
issued DIM shares valued at about 51 mln dlrs and a loan of
about 33 mln dlrs, it said. The loan is convertible into an
additional 229,463 DIM shares, it noted.
    The proposed agreement is subject to approval by the French
government, it said.
 Reuter
3;
bodyend
documentend
documentstart
1022
topicstart
trade
topicend
bodystart
2;

CHINA CALLS FOR BETTER TRADE DEAL WITH U.S.


    PEKING, March 3 - 
China called on the United States to
remove curbs on its exports, to give it favourable trading
status and ease restrictions on exports of high technology.
    But the U.S. Embassy replied that Chinese figures showing
13 years of trade deficits with the U.S. Out of the last 15 are
inaccurate and said Peking itself would have to persuade
Congress to change laws which limit its exports.
    The official International Business newspaper today
published China's demands in a  editorial to coincide with the
visit of U.S. Secretary of State George Shultz.
    "It is extremely important that the U.S. Market reduce its
restrictions on Chinese imports, provide the needed facilities
for them and businessmen from both sides help to expand Chinese
exports," the editorial said.
    "The U.S. Should quickly discard its prejudice against
favourable tariff treatment for Chinese goods and admit China
into the Generalised System of Preference (GSP).
    "Despite easing of curbs on U.S. Technology exports in
recent years, control of them is still extremely strict and
influences normal trade between the two countries," it added.
    The paper also printed an article by China's commercial
counsellor in its Washington embassy, Chen Shibiao, who said
that "all kinds of difficulties and restrictions" were preventing
bilateral trade fulfilling its full potential.
    He named them as U.S. Protectionist behaviour, curbs on
technology transfer and out-of-date trade legislation.
 Reuter
3;
bodyend
documentend
documentstart
1023
topicstart
lei
topicend
bodystart
2;

U.S. COMMERCE SECRETARY SAYS EXPORT RISE NEEDED


    WASHINGTON, March 3 - 
Commerce Secretary Malcolm Baldrige
said after the release of a sharply lower January leading
indicator index that a pickup in exports is needed.
    "The best tonic for the economy now would be a pickup in net
exports," he said in a statement after the department reported
the index fell 1.0 pct in January from December, the sharpest
drop since a 1.7 pct fall in July, 1984.
    The main reasons for the January decline after a 2.3 pct
December rise were declines in building permits, new orders for
plant and equipment and for consumer and industrial goods.
 Reuter
3;
bodyend
documentend
documentstart
1024
topicstart
earn
topicend
bodystart
2;

PRECAMBRIAN SHIELD TAKES 51 MLN DLR WRITEDOWN


    CALGARY, Alberta, March 3 - 
<
Precambrian Shield Resources
Ltd>, earlier reporting a large loss against year-ago profit,
said the 1986 loss was mainly due to a 51,187,000 dlr writedown
on its U.S. operations, uneconomic coal and other mineral
properties.
    Precambrian, which is 89 pct owned by 
<
Mark Resources Inc>,
said it took the writedown in accordance with new Canadian
Insititute of Chartered Accountants guidelines for full cost
method accounting by oil and gas companies.
    Precambrian earlier reported a 1986 loss of 53.4 mln dlrs,
compared to profit of 4.5 mln dlrs in the prior year.
 Reuter
3;
bodyend
documentend
documentstart
1026
topicstart
coffee
crude
topicend
bodystart
2;

KENYAN ECONOMY FACES PROBLEMS, PRESIDENT SAYS


    NAIROBI, March 3 - 
The Kenyan economy is heading for
difficult times after a boom last year, and the country must
tighten its belt to prevent the balance of payments swinging
too far into deficit, President Daniel Arap Moi said.
    In a speech at the state opening of parliament, Moi said
high coffee prices and cheap oil in 1986 led to economic growth
of five pct, compared with 4.1 pct in 1985.
    The same factors produced a two billion shilling balance of
payments surplus and inflation fell to 5.6 pct from 10.7 pct in
1985, he added.
    "But both these factors are no longer in our favour ... As a
result, we cannot expect an increase in foreign exchange
reserves during the year," he said.
    The price of coffee, Kenya's main source of foreign
exchange, fell in London today to about 94 cents a pound from a
peak of 2.14 dlrs in January 1986.
    Crude oil, which early last year slipped below 10 dlrs a
barrel, has since crept back to over 18 dlrs.
    Moi said the price changes, coupled with a general decline
in the flow of capital from the rest of the world, made it more
difficult to finance the government's budget deficit.
    Kenya was already spending over 27 pct of its budget on
servicing its debts and last year it was a net exporter of
capital for the first time in its history, he added.
    "This is a clear indication that we are entering a difficult
phase as regards our external debts, and it is imperative that
we raise the rate of domestic savings and rely less on foreign
sources to finance our development," he said.
    "It will be necessary to maintain strict discipline on
expenditure ... And members of this house will have to take the
lead in encouraging wananchi (ordinary people) to be more
frugal in satisfying immediate needs," the president added.
 REUTER
3;
bodyend
documentend
documentstart
1029
topicstart
acq
topicend
bodystart
2;

SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD


    TORONTO, March 3 - 
<
Scott's Hospitality Inc> said it
acquired all issued shares of Capital Food Services Ltd, of
Ottawa. Terms were not disclosed.
    Scott's said Capital Food had 1986 sales of more than 20
mln dlrs and will continue to operate under its present name
with existing management.
    Capital Food provides food services to several Ottawa
institutions, the company said.
 Reuter
3;
bodyend
documentend
documentstart
1030
topicstart
coffee
topicend
bodystart
2;

ZIMBABWE COFFEE OUTPUT SET TO RISE


    HARARE, March 3 - 
Zimbabwean coffee output will reach
13,000 tonnes this year, up on just over 11,000 tonnes produced
in 1986, the Commercial Coffee Growers Association said.
    Administrative Executive Robin Taylor told the domestic
news agency ZIANA that Zimbabwe earned the equivalent of 33 mln
U.S. Dlrs from coffee exports last year. He would not say how
much the country would earn in 1987.
    Taylor said the 173 commercial coffee growers under his
association had increased production from 5,632 tonnes in 1980
to more than 11,000 tonnes in l986.
 Reuter
3;
bodyend
documentend
documentstart
1031
topicstart
topicend
bodystart
2;

YANKEE 
<
YNK> SWAPS STOCK FOR DEBENTURES


    COHASSET, Mass., March 3 - 
Yankee Cos Inc said it has
acquired 3,916,000 dlrs of 7-1/2 pct convertible subordinated
debentures due May 15, 1998 of its YFC International Finance NV
affiliate for 501,807 common shares from an institutional
investor.
 Reuter
3;
bodyend
documentend
documentstart
1032
topicstart
acq
topicend
bodystart
2;

VIDEO DISPLAY 
<
VIDE> TO SELL CABLE TV UNIT


    ATLANTA, March 3 - 
Video Display Corfp said it has reached
a tentiative agreement to sell its existing cable television
business for undisclosed terms and expects to report a gain on
the transaction.  The buyer was not named.
    The company said it will redeploy its service assets into
manufacturing and distribution.
    It said the operations being sold accounted for about five
pct of revenues for the year ended February 28 and lost money.
 Reuter
3;
bodyend
documentend
documentstart
1033
topicstart
earn
topicend
bodystart
2;

INTEK DIVERSIFIED CORP 
<
IDCC> 4TH QTR NET


    LOS ANGELES, March 3 -
    
Shr three cts vs three cts
    Net 98,20000 vs 91,898
    Revs 2,843,520 vs 2,372,457
    Year
    Shr 13 cts vs 21 cts
    Net 401,179 vs 681,374
    Revs 10.5 mln vs 9,699,535
 Reuter
3;
bodyend
documentend
documentstart
1035
topicstart
housing
topicend
bodystart
2;
******
U.S. SINGLE-FAMILY HOME SALES FELL 6.8 PCT IN JAN AFTER REVISED 12.1 PCT DEC GAIN

Blah blah blah.
3;


bodyend
documentend
documentstart
1036
topicstart
housing
topicend
bodystart
2;

U.S. HOME SALES FELL 6.8 PCT IN JANUARY


    WASHINGTON, March 3 - 
Sales of new single-family homes in
the United States fell 6.8 pct in January from December to a
seasonally adjusted annual rate of 716,000 units, the Commerce
Department said.
    The department revised downward December's sales to a 12.1
pct rise to 768,000 units from the previously reported 12.7 pct
increase.
    The January decline in sales was the largest since last
October when sales fell 9.3 pct.
    Before seasonal adjustment, the number of homes actually
sold in January was 53,000, up from 49,000 in December but down
from 59,000 in January, 1986.
    The January fall brought home sales to a level 1.6 pct
below January, 1986, when they were a seasonally adjusted
728,000 units.
    The average price was a record 127,100 dlrs, surpassing the
previous record 119,100 price set in December.
    The median price of a home in January reached 100,700 dlrs
-- the first time the price has exceeded 100,000 dlrs. That
compared with a median price of 94,600 dlrs in December and
94,000 dlrs in January a year ago.
    New homes available on the market in January totaled a
seasonally adjusted 362,000 units, unchanged from December and
equal to a 6.3 months' supply.
    The supply in December was 5.9 months.
 Reuter
3;
bodyend
documentend
documentstart
1038
topicstart
topicend
bodystart
2;

AMERICAN BARRICK 
<
ABX> UNIT COMPLETES ISSUE


    TORONTO, March 3 - 
<
American Barrick Resources Corp> said
wholly owned Barrick Resources (USA) Inc completed the
previously announced 50 mln U.S. dlr issue of two pct gold
indexed notes, which are guaranteed by American Barrick.
 Reuter
3;
bodyend
documentend
documentstart
1039
topicstart
acq
topicend
bodystart
2;

COMMUNITY BANK 
<
CBSI> TO MAKE ACQUISITION


    SYRACUSE, N.Y., March 3 - 
Community Bank System Inc said it
has entered into a definitive agreement to acquire Nichols
Community Bank for 2,800,000 dlrs in common stock.
    It said subject to approval by Nichols shareholders and
regulatory authorities, the transaction is expected to be
completed later this year.
 Reuter
3;
bodyend
documentend
documentstart
1040
topicstart
jobs
topicend
bodystart
2;

BELGIAN UNEMPLOYMENT FALLS IN FEBRUARY


    BRUSSELS, March 3 - 
Belgian unemployment, based on the
number of jobless drawing unemployment benefit, fell to 12.1
pct of the working population at the end of February from 12.6
pct at the end of January, the National Statistics Office said.
    The rate compares with 12.4 pct at the end of February
1986.
    The total number of jobless stood at 508,392, compared with
530,587 at the end of January and 521,219 at the end of
February 1986, the Statistics Office said.
 REUTER
3;
bodyend
documentend
documentstart
1044
topicstart
earn
topicend
bodystart
2;

PHARMACIA AB 
<
PHAB ST>  1986 YEAR


     STOCKHOLM, March 3 - 
Sales 3.65 billion crowns vs 3.40
billion.
     Profit  after financial items 821.2 mln crowns vs 740.2
mln.
    The 1986 results include a once-off writedown of 520 mln
crowns for intangible assets, mainly the know-how paid for in
the takeover of a number of high-tech companies by the group,
Pharmacia said.
    Earnings per share after real tax including the writedown:
1.94 crowns vs 12.05 crowns.
    Earnings per share after real tax (not including the
writedown): 12.38 crowns vs 12.05
    Earnings per American Depository Receipt (ADR) according to
U.S. Accounting principles after real tax including the
writedown): 1.96 crowns vs 9.49 crowns.
    Earnings per ADR according to U.S. Accounting principles
after real tax (without the writedown): 9.8 crowns vs 9.49.
    One ADR represents 0.75 pct of one B Free share in
Pharmacia.
    The board proposed a dividend of 1.55 crowns vs 1.25.
 REUTER
3;
bodyend
documentend
documentstart
1047
topicstart
earn
topicend
bodystart
2;

PHARMACIA FORECASTS HIGHER 1987 EARNINGS


    STOCKHOLM, March 3 - 
Pharmacia AB 
<
PHAB ST> forecast
earnings after financial items of one billion crowns in 1987 vs
821.2 mln last year on condition that exchange rates remained
at their present parities.
    Sales would in such circumstances go up to six billion
crowns from 3.65 billion in 1986, it said.
    A weakening Dollar was mainly responsible for a five pct
negative impact on sales during 1986 which the company blamed
on currency movements.
    Last year's results were also badly hit by a once-off
writedown of 520 mln crowns for intangible assets.
    The company said mainly this represented the premium the
group had paid for the know-how of various high-tech firms it
had taken over.
    The accounts also showed a financial deficit of 1.87
billion crowns vs a deficit of 133 mln which was covered partly
by drawing down company liquidity to 738 mln vs one billion and
partly by increasing borrowing to 2.23 billion vs 621 mln.
    Pharmacia said the financial deficit was caused by it
having used more funds than generated by group operations,
mainly because of the 1.36 billion it paid in cash for shares
in LKB-Produkter AB and the assets of Intermedics-Intraocular
Inc.
 REUTER
3;
bodyend
documentend
documentstart
1049
topicstart
gnp
topicend
bodystart
2;
******
CANADA REAL 4TH QTR GDP ROSE 1.1 PCT, AFTER 3RD QTR 1.1 PCT RISE - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
1050
topicstart
bop
topicend
bodystart
2;
******
CANADA 4TH QTR CURRENT ACCOUNT DEFICIT 2.3 BILLION DLRS VS 3RD QTR 1.9 BILLION DEFICIT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
1052
topicstart
ship
topicend
bodystart
2;

MCLEAN INDUSTRIES 
<
MII> UNIT TRANSERS SERVICE


    CRANFORD, N.J., March 3 - 
McLean Industries Inc said its
shipping subsidiary, United States Lines Inc, reached an
agreement in principle to transfer its South American service
to American Transport Lines Inc, a subsidiary of 
<
Crowley
Maritime Corp>.
    Under the terms of the agreement, United States Lines will
lease five vessels to American Transport for 15 months with an
option to extend the period up to 10 years, the company said.
    In return, U.S. Lines will receive a fixed payment and a
percentage of revenues for at least three years and possibly as
long as American Transport utilizes its vessels and conducts
trade in South America, the company said.
    The companies will consummate the transactions as soon as
the required approvals are obtained, McLean said.
 Reuter
3;
bodyend
documentend
documentstart
1055
topicstart
topicend
bodystart
2;

SOCIETE GENERALE DUTCH UNIT LAUNCHES CD PROGRAMME


    AMSTERDAM, March 3 - 
The Amsterdam unit of French bank
Societe Generale said it is launching a 50-mln guilder, five
month certificate of deposit programme starting March 6 and
ending September 7.
    Denominations will be in one mln guilders. The price is to
be set on March 4, issue date is March 6 and redemption at par
is on September 7.
    Subscriptions are to be placed with Societe Generale,
Oolders en de Jong C.V or Haighton en Ruth B.V. A global note
for the issue will be deposited with the Dutch central bank.
 REUTER
3;
bodyend
documentend
documentstart
1056
topicstart
topicend
bodystart
2;

MONY FUNDING ISSUES 125 MLN DLR EUROBOND


    LONDON, March 3 - 
Mony Funding Inc is issuing a 125 mln dlr
eurobond due April 7, 1997 paying 8-1/8 pct and priced at
101-1/2 pct, sole lead manager Citicorp Investment Bank Ltd
said.
    The non-callable bond is guaranteed by Mutual Life
Insurance Co of the U.S. And is available in denominations of
5,000 dlrs and will be listed in Luxembourg. The selling
concession is 1-3/8 pct while management and underwriting
combined pays 5/8 pct.
    The payment date is April 7.
 REUTER
3;
bodyend
documentend
documentstart
1057
topicstart
grain
wheat
topicend
bodystart
2;

SMALL QUANTITY OF UK WHEAT SOLD TO HOME MARKET


    LONDON, March 3 - 
A total of 2,435 tonnes of British
intervention feed wheat were sold at today's tender for the
home market out of requests for 3,435 tonnes, the Home Grown
Cereals Authority, HGCA, said.
    Price details were not reported.
    No bids were submitted for intervention barley.
 Reuter
3;
bodyend
documentend
documentstart
1058
topicstart
gnp
topicend
bodystart
2;
******
CANADA DECEMBER GDP UP 1.2 PCT AFTER NOVEMBER'S 0.2 PCT FALL - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
1059
topicstart
earn
topicend
bodystart
2;

FIRST FEDERAL SAVINGS 
<
FFKZ> YEAR NET


    KALAMAZOO, MICH., March 3 -
    
Shr 78 cts vs one dlr
    Net 1,413,000 vs 1,776,000
    Assets 705.3 mln vs 597.3 mln
    Deposits 495.6 mln vs 493.9 mln
    Loans 260.0 mln vs 379.7 mln
    Qtly div six cts vs six cts prior qtr
    Pay April 1 
    Record March 6
    NOTE: 1986 net includes charges from accounting changes,
from one-time expenses associated with a proxy contest and an
increase in loan reserves.
    First Federal Savings and Loan Association of Kalamazoo is
full name of company.
 Reuter
3;
bodyend
documentend
documentstart
1063
topicstart
earn
topicend
bodystart
2;

TOLL BROTHERS INC 
<
TOL> 1ST QTR JAN 31 NET


    HORSHAM, Penn., March 3 -
    
Shr 22 cts vs 12 cts
    Net 3,243,000 vs 1,656,000
    Revs 28.4 mln vs 21.5 mln
    NOTE: All amts reflect 3-for-2 stock split of company's
common in form of 50 pct stock dividend paid Feb 26, 1987.
 Reuter
3;
bodyend
documentend
documentstart
1065
topicstart
earn
topicend
bodystart
2;

PILLSBURY CO 
<
PSY> VOTES QUARTERLY DIVIDEND


    MINNEAPOLIS, MINN., March 3 - 
    
Qtly div 25 cts vs 25 cts prior qtr
    Pay 31 May
    Record 1 May
 Reuter
3;
bodyend
documentend
documentstart
1066
topicstart
earn
topicend
bodystart
2;

BERKSHIRE GAS CO 
<
BGAS> PAYS REGULAR QTLRY DIV


    PITTSFIELD, Mass., March 3 -
    
Qtrly div 28.5 cts vs 28.5 cts
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
1067
topicstart
grain
wheat
barley
topicend
bodystart
2;

U.K. WHEAT AND BARLEY EXPORTS ADJUSTED UPWARDS


    LONDON, March 3 - 
The U.K. Exported 535,460 tonnes of wheat
and 336,750 tonnes of barley in January, the Home Grown Cereals
Authority (HGCA) said, quoting adjusted Customs and Excise
figures.
    Based on the previous January figures issued on February 9,
wheat exports increased by nearly 64,000 tonnes and barley by
about 7,000 tonnes.
    The new figures bring cumulative wheat exports for the
period July 1/February 13 to 2.99 mln tonnes, and barley to
2.96 mln compared with 1.25 and 1.89 mln tonnes respectively a
year ago.
    January wheat exports comprised 251,000 tonnes to European
Community destinations and 284,000 tonnes to third countries.
    The Soviet Union was prominent in third country
destinations, taking 167,700 tonnes while Poland was credited
with 54,500 and South Korea 50,000 tonnes. Italy was the
largest EC recipient with 75,000 tonnes followed by West
Germany with 55,200 and France 52,000 tonnes.
    Barley exports for January comprised 103,700 tonnes to the
EC and 233,000 to third countries. The Soviet Union was the
largest single importer with 133,265 tonnes followed by Saudi
Arabia with 53,800 tonnes.
 Reuter
3;
bodyend
documentend
documentstart
1068
topicstart
gnp
topicend
bodystart
2;

CANADA GDP RISES 3.1 PCT IN 1986


    OTTAWA, March 3 - 
Canada's real gross domestic product,
seasonally adjusted, rose 1.1 pct in the fourth quarter of
1986, the same as the growth as in the previous quarter,
Statistics Canada said.
    That left growth for the full year at 3.1 pct, which is
down from 1985's four pct increase.
    The rise was also slightly below the 3.3 pct growth rate
Finance Minister Michael Wilson predicted for 1986 in
February's budget. He also forecast GDP would rise 2.8 pct in
1987.
    Statistics Canada said final domestic demand rose 0.6 pct
in the final three months of the year after a 1.0 pct gain in
the third quarter.
    Business investment in plant and equipment rose 0.8 pct in
the fourth quarter, partly reversing the cumulative drop of 5.8
pct in the two previous quarters.
 Reuter
3;
bodyend
documentend
documentstart
1069
topicstart
grain
wheat
topicend
bodystart
2;

EAST EUROPE WHEAT WINTERKILL POSSIBLE, ACCU SAYS


    STATE COLLEGE, Pa., March 3 - 
Winter wheat crops in the
western Soviet Union, Poland and eastern Czechoslovakia through
northern Romania may suffer some winterkill over the next two
nights, private forecaster Accu-Weather Inc said.
    Western USSR winter wheat areas have had only light and
spotty snow and winterkill is possible tonight and tomorrow
night as temperatures drop to minus 10 to 0 degrees F.
    Snow cover is scant in Poland, with only about 50 pct of
the winter wheat areas reporting one to two inches of snow as
of this morning.
    The remaining 50 pct of winter wheat crops do not have snow
cover, making winterkill possible on each of the next two
nights. Lowest temperatures will be minus 10 to 0 degrees F.
    Winter wheat areas from eastern Czechoslovakia through
northern Romania had light snow flurries yesterday and last
night, but amounts were an inch or less. With temperatures
expected to fall to near 0 degrees F over the next two nights,
some light winterkill is possible, Accu-Weather added.
 Reuter
3;
bodyend
documentend
documentstart
1070
topicstart
earn
topicend
bodystart
2;

CHARMING SHOPPES INC 
<
CHRS> 4TH QTR JAN 31 NET


    BENSALEM, Penn., March 3 -
    
Shr 28 cts vs 22 cts
    Net 14 mln vs 10.6 mln
    Revs 163.8 mln vs 127.3 mln
    Year
    Shr 81 cts vs 59 cts
    Net 40.5 mln vs 28.7 mln
    Revs 521.2 mln vs 391.6 mln
 Reuter
3;
bodyend
documentend
documentstart
1071
topicstart
earn
topicend
bodystart
2;

PANSOPHIC SYSTEMS 
<
PNS> SPLITS STOCK 2-FOR-1


    OAK BROOK, Ill., March 3 - 
Pansophic Systems Inc said it
will split its stock two-for-one effective April two to
shareholders of record March 13.
    It also said it will pay a six cts per share dividend on
the pre-split shares, a regular quarterly dividend, on April
two to shareholders of record March 13.
 Reuter
3;
bodyend
documentend
documentstart
1072
topicstart
gold
topicend
bodystart
2;

LAC 
<
LAC> INTERSECTS MORE GOLD AT DOYON MINE


    TORONTO, March 3 - 
Lac Minerals Ltd and 
<
Cambior Inc> said
they completed a second hole at their jointly owned Doyon mine
in Quebec, which showed two significant gold intersections.
    One intersection graded 0.33 ounce gold a short ton over 44
feet at depth of 1,411 feet, while the other graded 0.22 ounce
gold a ton over 23 feet at 2,064 feet, the companies said. The
hole is 460 feet east of the previously reported first hole.
    They said they were now drilling another hole 460 feet to
the west of the first drill hole and expected to report results
in late March or early April.
 Reuter
3;
bodyend
documentend
documentstart
1074
topicstart
acq
topicend
bodystart
2;

CALMAR 
<
CLMI> SEEKS TO BE ACQUIRED BY 
<
KEBO AB>


    WATCHUNG, N.J., March 3 - 
Calmar Inc said KEBOO Ab of
Sweden, which now owns about 64 pct of Calmark, has approved
the acquisition of remaining Calmar shares at 25.375 dlrs in
cash at the request of the Calmar board.
    Calmar said a special meeting of its board will be held
March Nine to form a special committee of directors not
affiliated with KEBO to evaluate the transaction.
    KEBO is in turn 60 pct owned by 
<
Investment AB Beijar> of
Sweden.
 Reuter
3;
bodyend
documentend
documentstart
1076
topicstart
acq
topicend
bodystart
2;

ITALY'S BNL NEGOTIATING PURCHASE OF GERMAN BANK


    ROME, March 3 - 
Italy's state-owned 
<
Banca Nazionale Del
Lavoro-BNL> said it is negotiating to buy a West German bank as
part of its foreign expansion policy.
    BNL president Nerio Nesi told a news conference the Italian
bank was currently involved in talks but declined to name the
German institution.
    He said the takeover move could be seen as BNL's reply to
Deutsche Bank AG 
<
DBKG.F>, which entered the Italian market in
December 1986, with the purchase of BankAmerica 
<
BACN>
subsidiary 
<
Banca D'America e D'Italia>.
    Nesi said BNL had also approved a 200 mln dlr credit line
to the Soviet Union aimed at enabling Soviet companies to pay
for Italian imports. He gave no further details.
    BNL officials said the group had also decided to increase
its activities in the Soviet Union by opening a representative
office in Moscow this month through its subsidiary 
<
Sogecred>,
which specialises in Italian-Soviet trade.
 REUTER
3;
bodyend
documentend
documentstart
1077
topicstart
zinc
topicend
bodystart
2;

THREE KILLED IN SOUTH AFRICA ZINC REFINERY CLASH


    JOHANNESBURG, March 3 - 
Three black workers were killed and
seven injured in fighting at a South African zinc refinery last
night, Gold Fields of South Africa Ltd said.
    The company said two groups of workers began attacking each
other at about 1000 local time with machetes, knives and sticks
at a hostel at the Zincor plant, some 40 kms east of
Johannesburg.
    It said the fighting was "quelled" after 25 minutes by its
own security staff. Police were called but the fighting had
ended by the time they arrived.
    A company spokesman said he had no idea of the cause of the
fighting. An investigation was underway, he said.
 Reuter
3;
bodyend
documentend
documentstart
1078
topicstart
interest
topicend
bodystart
2;

FED EXPECTED TO ADD TEMPORARY RESERVES


    NEW YORK, March 3 - 
The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
    They expect it to supply the reserves indirectly by
arranging 1.5 to two billion dlrs of customer repurchase
agreements. The Fed may add the reserves directly instead via
System repurchases.
    Federal funds, which averaged 6.18 pct yesterday, opened at
6-3/16 pct and stayed there in early trading. Analysts said the
rate is under upward pressure partly from settlement of 8.25
billion dlrs of five-year Treasury notes.
 Reuter
3;
bodyend
documentend
documentstart
1079
topicstart
ipi
topicend
bodystart
2;

EC INDUSTRY OUTPUT GROWTH SLOWS IN 1986


    LUXEMBOURG, March 3 - 
European Community industrial output
increased by an average of around two pct last year, compared
with 3.3 pct growth recorded in 1985 against a year earlier,
the EC statistics office Eurostat said.
    Growth was highest in Portugal at five pct, while in Greece
output contracted by 0.3 pct, Eurostat said in a statement.
    Eurostat noted output growth also fell in the U.S. And
Japan. U.S. Production increased 1.1 pct after 2.0 pct in 1985,
while in Japan output contracted by 0.5 pct after rising 4.5
pct a year earlier.
    Eurostat said EC industrial production in December rose 3.1
pct compared with 12 months earlier but added that after
adjustment for seasonal factors, output growth had been clearly
slowing down since the beginning of the summe
 REUTER
3;
bodyend
documentend
documentstart
1080
topicstart
earn
topicend
bodystart
2;

LSB INDUSTRIES INC 
<
LSB> 4TH QTR NET


    Oklahoma City, March 3 -
    
Shr profit five cts vs loss 2.11 dlrs
    Net profit 375,061 vs loss 10.4 mln
    Revs 39.9 mln vs 37.8 mln
    Avg shrs 6,536,008 vs 4,939,895
    12 mths
    Shr profit 47 cts vs loss 3.37 dlrs
    Net profit 2,837,288 vs loss 16.6 mln
    Revs 169.1 mln vs 149.4 mln
    Avg shrs 6,037,640 vs 4,937,378
    NOTE: primary earnings per share are based on the weighted
average number of common and dilutive common equivalent shares
outstanding during each period after accounting for preferred
stock dividends.
    The qtr and year 1985 includes a 6,000,000 provision for
restructuring costs related to the sale of its Energy business
and parts of its Bearing business.
    The qtr and year 1986 includes charges of 1,200,000 and
5,200,000, respectively, for restructuring costs and operating
losses which were charged against the previously provided
accruals for restructuring costs.
    The qtr and year 1986 includes deferred income taxes of
244,000 and 785,000, respectively.
    Year net 1986 includes operations of Friedrich Climate
Master Inc, which the company acquired in August 1985, for the
full period, while the comparable period for 1985 includes only
operations from August 16, 1985, to Dec 31, 1985.
    Third qtr 1986 Includes extraodinary tax gain of 270,000 
from early extinquishment of certain drafts payable.
 Reuter
3;
bodyend
documentend
documentstart
1082
topicstart
gold
topicend
bodystart
2;

MORE GOLD DETECTED AT DOYON MINE


    TORONTO, March 3 - 
Lac Minerals Ltd and Cambior Inc said
they completed a second hole at their jointly owned Doyon mine
in Quebec, which showed two significant gold intersections.
    One intersection graded 0.33 ounce gold per short ton over
44 feet at depth of 1,411 feet, while the other graded 0.22
ounce gold per ton over 23 feet at 2,064 feet, the companies
said. The hole is 460 feet east of the previously reported
first hole.
    Another hole is being drilled 460 feet to the west of the
first drill hole and results are expected in late March or
early April.
 Reuter
3;
bodyend
documentend
documentstart
1084
topicstart
earn
topicend
bodystart
2;

GULF RESOURCES AND CHEMICAL CORP 
<
GRE> 4TH QTR


    BOSTON, March 3 -
    
Oper shr profit 34 cts vs loss 53 cts
    Oper net profit 3,337,000 vs 4,881,000
    Revs 32.7 mln vs 49.6 mln
    Year
    Oper shr profit 20 cts vs loss 90 cts
    Oper net profit 2,374,000 vs loss 9,381,000
    Revs 126.9 mln vs 160.5 mln
    NOTES: Operating net excludes loss 6,050,000 dlrs, or 64
cts a share, vs loss 24,839,000 dlrs, or 2.61 dlrs a share, in
quarter and loss 6,050,000 dlrs, or 64 cts a share, vs profit
64,013,000 dlrs, or 6.27 dlrs a share, from discontinued
operations
    1986 loss from discontinued operations includes 6.0 mln
dlrs charge, equal to 64 cts a share, to provide for additional
liabilities resulting from the 1981 closure of lead, zinc and
silver mining, smelting and refining business
    1986 year operating net includes pre-tax gain of 5.3 mln
dlrs, equal to 56 cts a share, from pension plan termination
and gain of 5.2 mln dlrs, or 56 cts a share, from reduction in
deferred taxes
    Effective Jan 1, 1987, company changed oil and gas
accounting to successful efforts from full cost, increasing
1986 year net 9.2 mln dlrs, or 98 cts a share, and increasing
1985 loss 4.3 mln dlrs, or 43 cts a share. The cumulative
effect of the change was to decrease retained earnings at Dec
31, 1986, by 14.0 mln dlrs
 Reuter
3;
bodyend
documentend
documentstart
1085
topicstart
coffee
topicend
bodystart
2;

COFFEE TALKS COLLAPSE EASES NEED FOR U.S. BILL


    WASHINGTON, March 3 - 
The collapse of International Coffee
Organization, ICO, talks on export quotas yesterday removes the
immediate need to reinstate U.S. legislation allowing the
customs service to monitor coffee imports, analysts here said.
    The Reagan administration proposed in trade legislation
offered Congress last month that authority to monitor coffee
imports be resumed. That authority lapsed in September 1986. A
bill also was introduced by Rep. Frank Guarini (D-N.J.).
    However, the failure of the ICO talks in London to reach
agreement on export quotas means the U.S. legislation is not
immediately needed, one analyst said. Earlier supporters of the
coffee bill hoped it could be passed by Congress quickly.
    "You're going to have a hard time convincing Congress (now)
this is an urgent issue," the coffee analyst said.
 Reuter
3;
bodyend
documentend
documentstart
1086
topicstart
topicend
bodystart
2;

SCOTIA MORTGAGE ISSUES 100 MLN CANADIAN DLR BOND


    LONDON, March 3 - 
Scotia Mortgage Corp is issuing a 100 mln
Canadian dlr eurobond due April 9, 1992 paying 8-3/4 pct and
priced at 100-3/4 pct, lead manager Wood Gundy Ltd said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Canadian dlrs and will be listed in
Luxembourg. It is guaranteed by the Bank of Nova Scotia. The
selling concession is 1-1/4 pct, while management pays 1/4 pct
and underwriting pays 3/8 pct.
    The payment date is April 8 and there will be a long first
coupon period.
 REUTER
3;
bodyend
documentend
documentstart
1087
topicstart
earn
topicend
bodystart
2;

PANSOPHIC SYSTEMS INC 
<
PNS> 3RD QTR JAN 31 NET


    OAK BROOK, Ill., March 3 -
    
Shr 70 cts vs 56 cts
    Net 6,197,000 vs 4,880,000
    Revs 24.1 mln vs 17.1 mln
    Nine mths
    Shr 1.38 dlrs vs 1.20 dlrs
    Net 12.1 mln vs 10.4 mln
    Revs 52.5 mln vs 41.8 mln
 Reuter
3;
bodyend
documentend
documentstart
1088
topicstart
money-fx
topicend
bodystart
2;

FORMER TREASURY OFFICIAL URGES CURRENCY REFORMS


    WASHINGTON, March 3 - 
Former Treasury official C. Fred
Bergsten said a new exchange rate system is needed to replace
the fixed and flexible exchange rate systems which he said had
not worked.
    "I prefer a move to 'target zones' in which the major
countries would determine ranges of 15-20 pct within which they
would pledge to hold their exchange rates by direct
intervention and, as necessary, by changes in monetary and
other policies," Bergsten, now the director of the Institute
for International Economics, said in a statement to a House
Banking subcommittee.
    "The substantial correction of the exchange rate that has
occurred since early 1985 is enormously welcome, and should
produce a sizeable reduction in the U.S. trade deficit this
year and next, but the imbalance will not fall much below 100
billion dlrs on present policies, so much more is needed," he
said.
 Reuter
3;
bodyend
documentend
documentstart
1089
topicstart
topicend
bodystart
2;

SCOTIA MORTGAGE ISSUES 100 MLN CANADIAN DLR BOND


    LONDON, March 3 - 
Scotia Mortgage Corp is issuing a 100 mln
Canadian dlr eurobond due April 9, 1992 paying 8-3/4 pct and
priced at 100-3/4 pct, lead manager Wood Gundy Ltd said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Canadian dlrs and will be listed in
Luxembourg. It is guaranteed by the Bank of Nova Scotia. The
selling concession is 1-1/4 pct, while management pays 1/4 pct
and underwriting pays 3/8 pct.
    The payment date is April 8 and there will be a long first
coupon period.
 Reuter
3;
bodyend
documentend
documentstart
1090
topicstart
earn
topicend
bodystart
2;

KNUTSON MORTGAGE CORP 
<
KNMC> SETS QUARTERLY


    BLOOMINGTON, Minn., March 3 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 13
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
1091
topicstart
earn
topicend
bodystart
2;
******
FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
1094
topicstart
grain
wheat
topicend
bodystart
2;

YUGOSLAVIA WHEAT FREE OF WINTERKILL - USDA


    WASHINGTON, March 3 - 
There was no evidence of winterkill
in Yugoslavian winter wheat during field travel along a line
running northwest from Belgrade to near Maribor, the U.S.
Agriculture Department's counselor in Belgrade said in a field
report.
    The report, dated February 26, said there is evidence of
delayed germination in most areas due to late seeding last fall
because of dry conditions.
    However warm temperatures over the past three weeks have
promoted some early growth and will help the crop catch up on
last fall's late seeding, it said.
    Some Yugoslav agriculture officials are concerned about the
situation because warm temperatures have brought the grain out
of dormancy and taken away snow protection a little early, the
report said.
    Cold temperatures over the next month could cause damage
under these conditions, they said.
    The report said all wheat farmers contacted during the
field trip were optimistic about the crop and the way it
emerged from winter.
 Reuter
3;
bodyend
documentend
documentstart
1096
topicstart
earn
topicend
bodystart
2;

AUSIMONT COMPO NV 
<
AUS> 4TH QTR NET


    WALAHTAM, Mass., March 3 -
    
Shr 42 cts vs 39 cts
    Net 12.3 mln vs 9,382,000
    Sales 172.0 mln vs 146.00 mln
    Avg shrs 29.5 mln vs 24.3 mln
    Year
    Shr 1.63 dlrs vs 1.35 dlrs
    Net 45.7 mln vs 30.0 mln
    Sales 665.5 mln vs 446.2 mln
    Avg shrs 28.0 mln vs 22.3 mln
    NOTE: translated at 1,339 Italian lire to dollar.
 Reuter
3;
bodyend
documentend
documentstart
1099
topicstart
acq
topicend
bodystart
2;

NORTON 
<
NRT> TO SELL SOUTH AFRICAN OPERATIONS


    WORCESTER, Mass., March 3 - 
Norton co said it has agreed to
sell its remaining South African business, Norton co Pty Ltd,
to 
<
Global Mining and Industrial Corp> of South africa for
undisclosed terms.
    The company said the unit accounts for less than two pct of
Norton revenues and is being sold because "Growing societal
pressures in the United States and the unsettled situation in
south Africa had required a disproportionate amount of
management tiome to oversee."
    Norton said the unit is profitable. 
    Norton said it will provide the South Afrcian unit with
future technical support, and products makde under that
agreement will continue to be marketed under the Norton
trademark.
 Reuter
3;
bodyend
documentend
documentstart
1100
topicstart
bop
topicend
bodystart
2;

CANADA CURRENT ACCOUNT DEFICIT UP IN QUARTER


    OTTAWA, March 3 - 
Canada's current account deficit widened
to a seasonally adjusted 2.27 billion dlrs in the fourth
quarter from a deficit of 1.94 billion dlrs in the third,
Statistics Canada said.
    The shortfall for the full year rose to 8.81 billion dlrs
from 1985's 584 mln dlr deficit, the federal agency said.
    The agency said the rise in the merchandise surplus, to
2.77 billion dlrs from 2.20 billion dlrs in the third quarter,
was more than offset by high deficits in servicies and
investment. The total non-merchandise deficit grew to 5.04
billion dlrs from 4.14 billion dlrs.
    The current account deficit was 912 mln dlrs in the fourth
quarter of 1985.
    In the capital account, not seasonally adjusted, there was
a total net inflow of 4.76 billion dlrs in the fourth quarter,
up from a net inflow of 3.22 billion dlrs in the third quarter
quarter.
    The total net capital inflow rose to 13.74 billion dlrs in
1986 from 7.68 billion dlr in 1985.
 Reuter
3;
bodyend
documentend
documentstart
1101
topicstart
earn
topicend
bodystart
2;

HOME FEDERAL OF THE ROCKIES 
<
HROK> 4TH QTR LOSS


    FORT COLLINS, Colo., MArch 3 -
    
Shr loss 2.07 dlrs vs profit 36 cts
    Net loss 1,088,000 vs profit 187,000
    Year
    Shr loss 12.23 dlrs vs profit 17 cts
    Net loss 645,000 vs profit 89,000
    NOTE: Home Federal Savings and Loan Association of the
Rockies.
    1986 net includes tax credits of 165,000 dlrs in quarter
and 189,000 dlrs in year.
    Net includes pretax loan loss provisions of 1,439,000 dlrs
vs 127,000 dlrs in quarter and 1,701,000 dlrs vs 222,000 dlrs
in year.
 Reuter
3;
bodyend
documentend
documentstart
1102
topicstart
gnp
topicend
bodystart
2;

CANADA DECEMBER GDP GAINS 1.2 PCT


    OTTAWA, March 3 - 
Canada's gross domestic product, by
industry, rose a seasonally adjusted 1.2 pct in December, the
largest monthly gain since April, 1986, Statistics Canada said.
    GDP, which fell 0.2 pct in November, was 2.1 pct above the
December, 1985 level, the federal agency said.
    Output of goods producing industries rose 1.6 pct in the
month, with virtually all the growth occurring in manufacturing
and mining. Services producing industries expanded 1.0 pct.
 Reuter
3;
bodyend
documentend
documentstart
1103
topicstart
acq
topicend
bodystart
2;

SAATCHI AND SAATCHI BUYS CLEVELAND CONSULTING


    LONDON, March 3 - 
Advertising agents Saatchi and Saatchi Co
Plc 
<
SACHY> said it was buying 
<
Cleveland Consulting Associates
Inc> for an initial consideration of 2.0 mln dlrs.
    Additional payments may be made annually through the year
ending March 31, 1991 to bring the total consideration up to
9.5 pct of Cleveland's average post-tax profits in the last two
years of the period.
    The purchase of Cleveland is a further step in Saatchi and
Saatchi's fast growing consulting industry, the company said.
It said its consulting operations now provide a platform for
major future expansion.
    For the 12 months ended 31 March 1986, Cleveland had
479,000 dlrs in pretax profits and forecasts one mln for 1987.
    At the Saatchi and Saatchi annual meeting today, the
company reported a particularly strong start to the current
year, with profits sharply higher than the same period last
year.
    Saatchi and Saatchi shares rose one pence on the Cleveland
announcement to 885p after yesterday's 870p close.
 Reuter
3;
bodyend
documentend
documentstart
1104
topicstart
acq
topicend
bodystart
2;

UNILEVER'S 
<
UN> CHESEBROUGH OFFERS TO SELL BASS


    WESTPORT, Conn., March 3 - 
Chesebrough-Pond's Inc, recently
acquired by a unit of Unilever N.V., said it is offering to
sell its Bass shoe division, as a result of an
ongoing evaluation of the long-term direction of its
businesses.
    The diversified maker of health and beauty aids, said it
acquired Falmouth, Maine-based G.H. Bass and Co in 1978, when
the company reported annual sales of 59 mln dlrs. Bass is known
for its high-quality casual shoes.
    Chesebrough said Bass's 1986 sales exceeded 170 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1105
topicstart
earn
topicend
bodystart
2;

CONTINENTAL 
<
GIC> SEES 1987 NET UP FROM TAX LAW


    NEW YORK, March 3 - 
Continental Corp said the fresh start
provision of the Tax Reform Act of 1986 may add 1.30 to 1.60 to
1987 earnings per share.
    The insurance holding company had net earnings of 449.6 mln
dlrs, or, or 7.42 per share, in 1986.
    John Loynes, Continental chief financial officer, said the
fresh start provision allowed the company to discount opening
tax reserves to January 1, 1987, which released deferred taxes
into earnings.
    Loynes said the provision's potential benefit would decline
gradually over the next four years, during which time
Continental will pay 250 mln to 350 mln dlrs more in taxes.
    Loynes added, however, the higher taxes are not expecetd to
have a significant impact on earnings.
 Reuter
3;
bodyend
documentend
documentstart
1106
topicstart
topicend
bodystart
2;

ONTARIO TREASURY BILL YIELD EDGES UP


    TORONTO, March 3 - 
This week's Ontario government auction
of 50 mln dlrs worth of 91-day treasury bills yielded an
average of 7.28 pct, up slightly from 7.26 pct last week, a
treasury department spokesman said.
    Average price was 98.217.
 Reuter
3;
bodyend
documentend
documentstart
1108
topicstart
earn
topicend
bodystart
2;

FORD MOTOR CO OF CANADA LTD 
<
FC> 4TH QTR NET


    OAKVILLE, Ontario, March 3 -
    
Shr 8.17 dlrs vs 55 cts
    Net 67.7 mln vs 4.5 mln
    Revs 3.67 billion vs 3.54 billion
    Year
    Shr 12.19 dlrs vs 24.00 dlrs
    Net 101.1 mln vs 199.0 mln
    Revs 14.33 billion vs 13.35 billion
    Note: 90 pct owned by Ford Motor Co 
<
F>
 Reuter
3;
bodyend
documentend
documentstart
1109
topicstart
earn
topicend
bodystart
2;
******
ROYAL BANK OF CANADA 1ST QTR SHR 88 CTS VS 1.22 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
1110
topicstart
veg-oil
livestock
carcass
topicend
bodystart
2;

BELGIAN MINISTER SEES NEW ACCORD ON EC OILS/FATS


    WASHINGTON, March 3 - 
Belgian Foreign Trade Minister Herman
De Croo said he believed there would be a compromise within the
European Community, EC, on its proposed tax on vegetable fats
and oil, averting a pledged tough trade response by the United
States.
    De Croo, in Washington for talks with Administration
officials and Congressional leaders, said at a news conference
there is a battle within the community on the tax on fats and
oils used in the 12 EC countries.
    But he added, "I do not think it will be a big issue because
there will be a big debate inside Europe," adding "so there will
be a compromise."
    U.S. Trade Representative Clayton Yeutter said yesterday
that if the community went ahead with the tax, the United
States would respond "vigorously" to protect its trade rights and
access to community markets.
    De Croo also said he thought the community would postpone
its April 28 deadline for imposing new slaughterhouse rules to
cover all meats brought into EC nations if some progress was
made toward resolving differences with the United States.
    U.S. officials say its rules now meet health standards and
the EC should require equivalent but not identical standards.
    He also told reporters he hoped the community could deal
with another controversial health proposal that would forbid
the feeding of hormones to cattle, which is also opposed by the
United States.
    De Croo gave no deals on how he though the issue might be
resolved. That rule is go into effect on January 1, 1988.
    He said U.S. cattlemen say there is no reason to change
slaughterhouse practices in April if the meat is to be banned a
few months later by the hormone rule.
 Reuter
3;
bodyend
documentend
documentstart
1111
topicstart
earn
topicend
bodystart
2;

ANITEC IMAGE TECHNOLOGY CORP 
<
ANTC> 2ND QTR NET


    BINGHAMTON, N.Y., March 3 -
    
Shr 33 cts vs 28 cts
    Net 3,722,000 vs 3,103,000
    Sales 33.0 mln vs 31.8 mln
    Avg shrs 11.2 mln vs 11.1 mln
    1st half
    Shr 68 cts vs 58 cts
    Net 7,585,000 vs 6,346,000
    Sales 65.9 mln vs 61.3 mln
    Avg shrs 11.2 mln vs 11.0 mln
    NOTE: Share adjusted for three-for-two October 1986 stock
split.
 Reuter
3;
bodyend
documentend
documentstart
1112
topicstart
money-fx
interest
topicend
bodystart
2;

DUTCH MONEY MARKET DEBT BARELY CHANGED IN WEEK


    AMSTERDAM, March 3 - 
Loans and advances from the Dutch
central bank to the commercial banks were barely changed at
12.9 billion guilders in the week up to and including March 2,
the central bank weekly return showed.
    The Treasury's account with the bank dropped 1.3 billion
guilders. Dealers said a larger amount of funds in the form of
interest and repayments on state loans went out than came in
the form of tax payments to the state.
    Notes in circulation rose 360 mln to 27.7 billion as the
public withdrew cash to celebrate this week's Carnival festival
or take an end-of-winter holiday break, dealers said.
    Current money market rates are at 5-3/4 to 6-1/4 pct for
call money against 5-1/4 to 5-3/8 a week ago, and between
5-5/16 and 5-9/16 pct against 5-1/4 to 5-1/2 for one to 12
month periods, dealers said.
    The cause for the rise was a rather tight 4.8 billion
guilders of special advances set by the Bank yesterday compared
with 8.0 billion guilders for the previous set, dealers added.
    They expect the money market shortage to continue around 12
billion guilders this week.
    The weekly return showed total Dutch gold and currency
reserves rose 11.3 mln guilders to 56.0 billion guilders.
 REUTER
3;
bodyend
documentend
documentstart
1117
topicstart
earn
topicend
bodystart
2;

DASA CORP 
<
DASA> YEAR NET


    BOSTON, March 3 -
    
Shr profit three cts vs loss 11 cts
    Net profit 507,000 vs loss 1,823,000
    Revs 11.2 mln vs 204,000
 Reuter
3;
bodyend
documentend
documentstart
1118
topicstart
acq
topicend
bodystart
2;

GROUP TRIMS MATERIAL SCIENCES 
<
MSC> STAKE


    WASHINGTON, March 3 - 
An investor group led by Central
National-Gottesman Inc, a New York investment firm, and its
executive vice president, Edgar Wachenheim, said they cut their
stake in Material Sciences Corp to less than five pct.
    In a filing with the Securities and Exchange Commission,
the group said it sold 19,500 Material Sciences common shares
between Feb 11 and 19 at prices ranging from 24.00 to 27.648
dlrs a share, leaving it with 239,500 shares, or 4.7 pct.
    As long as the group's stake remains below five pct, it is
not required to disclose further dealings in Material Sciences
common stock.
 Reuter
3;
bodyend
documentend
documentstart
1119
topicstart
topicend
bodystart
2;

SAPPORO BREWERIES PLANS 100 MLN SWISS FRANC NOTES


    ZURICH, March 3 - 
Sapporo Breweries Ltd is launching a 100
mln Swiss franc, 4-5/8 pct, five-year guaranteed notes issue
priced at 100-1/4 pct, lead manager Swiss Bank Corp said.
    The issue is guaranteed by Fuji Bank and payment date is
March 17.
 REUTER
3;
bodyend
documentend
documentstart
1120
topicstart
interest
topicend
bodystart
2;
******
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
1122
topicstart
earn
topicend
bodystart
2;

ADC TELECOMMUNICATIONS INC 
<
ADCT> 1ST QTR NET


    MINNEAPOLIS, March 3 - 
Periods ended Jan 31
    Shr 28 cts vs 35 cts
    Net 2,374,000 vs 2,987,000
    Sales 35.2 mln vs 34 mln
    Backlog 36.8 mln vs 33.9 mln
 Reuter
3;
bodyend
documentend
documentstart
1123
topicstart
acq
topicend
bodystart
2;

TYLAN CORP 
<
TYLN> TO SELL FURNACE PRODUCT LINE


    CARSON, Calif., March 3 - 
Tylan Corp aid it has retained
the investment banking firm Kahn and Harris to sell its furnace
product line.
    The company said it has already been contacted by several
potential buyers.
    In 1986, Tylan's furnace product shipments in the U.S.
represented 10.3 mln dlrs of the company's total net sales of
28.4 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1124
topicstart
earn
topicend
bodystart
2;

<
ROYAL BANK OF CANADA> 1ST QTR JAN 31 NET


    MONTREAL, March 3 -
    
Shr basic 88 cts vs 1.22 dlrs
    Shr diluted 83 cts vs 1.10 dlrs
    Net 114,108,000 vs 140,389,000
    Avg shrs 107.5 mln vs 100.5 mln
    Loans 66.4 billion vs 65.9 billion
    Deposits 82.8 billion vs 84.4 billion
    Assets 98.7 billion vs 96.7 billion.
 Reuter
3;
bodyend
documentend
documentstart
1125
topicstart
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 3 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-1/4 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
1128
topicstart
earn
topicend
bodystart
2;

SUPRADUR COS INC 
<
SUPD> YEAR NET


    RYE, N.Y., March 3 -
    
Oper shr 1.58 dlrs vs 77 cts
    Oper net 1,648,000 vs 817,000
    Sales 25.7 mln vs 20.5 mln
    NOTE: Net excludes discontinued operations gain 451,000
dlrs vs loss 4,310,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1131
topicstart
grain
corn
sorghum
topicend
bodystart
2;

U.S. SETS CORN DEFICIENCY PAYMENT HALF PIK CERTS


    WASHINGTON, March 3 - 
The upcoming five-month deficiency
payments to corn and sorghum farmers will be made half in cash
and half in generic commodity certificates, a senior
Agriculture Department official told Reuters.
    Around 300 mln dlrs of the in-kind certificates, or
"certs," will be mailed out to farmers around March 15 or 16,
Tom von Garlem, Assistant Deputy Administrator for USDA's state
and county operations, said.
    The decision to make the payments in a 50/50 cash/certs
ratio was made Monday, but payments to producers will be
delayed until mid-month due to a problem with USDA's computer
program, von Garlem said.
get 11.5 cts per bushel in this next payment -- 5.75 cts in
certs and around 5.5 cts cash (5.75 cts minus Gramm-Rudman).
    Farmers who did not receive advance deficiency payments at
signup will receive 63 cts per bushel. Slightly more than half
of this payment will be in cash, von Garlem said, but he said
this will not markedly upset the 50/50 ratio, since most
farmers got advance payments.
    "The final certificate payments will be very close to 300
mln dlrs," he said.
    When asked if the Office of Management and Budget had
resisted the cash/certs ratio, the USDA official said that "we
proposed 50/50 and OMB accepted it."
 Reuter
3;
bodyend
documentend
documentstart
1134
topicstart
earn
topicend
bodystart
2;

WALLACE COMPUTER SERVICES INC 
<
WCS> 2ND QTR NET


    HILLSIDE, ILL., March 3 -
    
Shr 69 cts vs 64 cts
    Net 7,046,000 vs 6,492,000
    Sales 85.7 mln vs 79.6 mln
    Six Mths
    Shr 1.28 dlrs vs 1.19 dlrs
    Net 13,098,000 vs 12,006,000
    Sales 166.3 mln vs 153.3 mln
    NOTE: Periods end January 31, 1987 and 1986, respectively.
 Reuter
3;
bodyend
documentend
documentstart
1135
topicstart
earn
topicend
bodystart
2;

AMERICAN VANGUARD CORP 
<
AMGD> YEAR NET


    LOS ANGELES, March 3 -
    
Shr 57 cts vs 27 cts
    Net 1,002,000 vs 470,000
    Sales 15.9 mln vs 12.0 mln
    Note: 4th qtr data not available
 Reuter
3;
bodyend
documentend
documentstart
1136
topicstart
topicend
bodystart
2;

INTL FINANCE CORP IN 50 MLN DLR PRIVATE PLACEMENT


    LONDON, March 3 - 
The International Finance Corp is
privately placing a 50 mln dlr bond due April 7, 1997 carrying
a 7-5/8 pct coupon and priced at 99-3/4 pct, Bank of Tokyo
International Ltd said as sole lead manager for the issue.
    The bond is available in denominations of 25,000 dlrs and
will be listed in Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
1137
topicstart
earn
topicend
bodystart
2;

NORTH AMERICAN BIOLOGICALS INC 
<
NBIO> 4TH QTR


    MIAMI, March 3 -
    
Oper shr one ct vs three cts
    Oper net 99,000 vs 327,000
    Revs 12.1 mln vs 8,800,000
    Avg shrs 15.5 mln vs 11.3 mln
    Year
    Oper shr six cts vs 11 cts
    Oper net 841,000 vs 956,000
    Revs 44.1 mln vs 34.4 mln
    Avg shrs 15.3 mln vs 8,519,677
    NOTE: Net excludes tax credits of 299,000 dlrs vs 29,00000
dlrs in quarter and 809,000 dlrs vs 71,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
1138
topicstart
earn
topicend
bodystart
2;

OMNICOM GROUP INC 
<
OMCM> 4TH QTR NET


    NEW YORK, March 3 -
    
Shr profit 27 cts vs profit 51 cts
    Net profit 6,600,000 vs profit 12,231,000
    Revs 211.7 mln vs 193.4 mln
    12 mths
    Shr loss 17 cts vs profit 1.27 dlrs
    Net loss 4,077,000 vs profit 30,142,000
    Revs 753.5 mln vs 673.4 mln
    NOTE: in qtr ended 1986 the company recognized expenses of
5,948,000 for restructing the combined operations of BBDO,
Doyle Dane Bernbach and Needham Harper Worldwide in August 1986
before tax gains. These relate primarily to the conosolidation
and elimination of duplicate facilities and staff.
    for the year 1986, the provisions for mergers and
restructuring expenses brought non-recurring expenses to
40,292,000 before tax gains, of which 8,863,000 represented
merger costs and 31,429,000 related to restructuring of the
combine operations.

 Reuter
3;
bodyend
documentend
documentstart
1140
topicstart
topicend
bodystart
2;

VENEZUELA PLANS NEW BORROWING WITH LIMITS


    CARACAS, March 3 - 
Venezuela will limit new loans to 50 pct
of the interest and principal it repays on its 31 billion dlr
foreign debt, President Jaime Lusinchi told political leaders.
    Speaking last night at a new session of congress, he said
last week's agreement to reschedule 21 billion dlrs in public
sector foreign debt at lower interest rates reflected
Venezuela's improved credit image.
    "Our priority is development, but I insist that there cannot
be development if we don't fulfil our obligations," he said.
    Venezuela agreed last Friday with its 13-bank advisory
committee to lower the interest margin to 7/8 pct over libor
from 1-1/8 and reduce amortisations in the next three years to
1.35 billion dlrs from 3.35 billion.
    "The important thing is that this rate of 7/8 pct is a
marker for new negotiations and will save us 50 mln dlrs this
year," Lusinchi said.
    He said the country had been loyal to the principles of the
Cartagena group of Latin American debtors but had "decided to
reach an agreement convinced that Venezuela is a specal case,
because of the vulnerability of its economy."
    Venezuela signed a 12-1/2 year rescheduling accord in
February, 1986, but immediately sought new terms because of
falling oil income, which dropped 40 pct last year.
    Finance Minister Manuel Azpurua told reporters he hopes to
sign the new rescheduling accord early in the second quarter,
but that in any case it would become effective from April 1.
    Azpurua said Venezuela's 450 or so creditor banks have been
contacted with details of the new agreement, and that Public
Finances Director Jorge Marcano may visit financial centres to
round up support.
    Azpurua said that among the details still to be finalised
were the exact timetable for reprogrammed payments and the
outlines of a government plan to allow public and private
sector debt capitalisation.
    He said banks had shown willingness to consider new loans
to Venezuela, a fundamental achievement in the new accord.
    "Substantial progress has been made in talks and we will now
have to define more precisely what projects can be financed
from foreign borrowing," he said, adding that loans for steel
and aluminium and iron ore sectors could be the first to
materialise.
 REUTER
3;
bodyend
documentend
documentstart
1141
topicstart
topicend
bodystart
2;

DEUTSCHE BANK UNIT ISSUES 75 MLN STG EUROBOND


    LONDON, March 3 - 
Deutsche Bank Finance NV Curacao is
issuing a 75 mln stg eurobond due April 2, 1997 paying 9-7/8
pct and priced at 101-3/4 pct, joint-lead manager Kleinwort,
Benson Ltd said. Deutsche Bank Capital Markets is the other
joint-lead manager.
    The issue is guaranteed by Deutsche Bank AG and is callable
at 100-3/8 pct after seven years, declining by 1/8 point per
annum to par thereafter. The selling concession is 1-3/8 pct
while management and underwriting combined pays 5/8 pct. The
issue is available in denominations of 1,000 and 10,000 stg and
will be listed in Luxembourg. The payment date is April 2.
 REUTER
3;
bodyend
documentend
documentstart
1143
topicstart
earn
topicend
bodystart
2;
CORRECTION - ASHTON-TATE ITEM
    In Torrance, Calif., item ASHTON-TATE 
<
TATE> 4TH QTR NET,
please read 1986 quarter average shares as 24.7 mln, not 200.7
mln.     
 Reuter
3;


bodyend
documentend
documentstart
1144
topicstart
topicend
bodystart
2;

ANITEC IMAGE 
<
ANTC> FILES FOR DEBT OFFERING


    BINGHAMTON, N.Y., March 3 - 
Anitec Image Technology Inc
said it filed a registration statement with the Securities and
Exchange Commission for a proposed offering of 60 mln dlrs in
convertible subordinated debentures.
    Anitec said the proceeds will be used for acquisitions,
joint ventures and other investments.
    Anitec said the offering is being underwritten by Smith
Barney, Harris Upham and Co, Donaldson Lufkin and Jenrette
Securities, Salomon Inc 
<
SB>, and Mabon Nugent and Co.
 Reuter
3;
bodyend
documentend
documentstart
1147
topicstart
cpi
topicend
bodystart
2;

CHILEAN CONSUMER PRICES RISE 1.7 PCT IN FEBRUARY


    SANTIAGO, March 3 - 
Chile's consumer price index rose 1.7
pct in February to 562.01 (December, 1978 equals 100) after
increases of 2.0 pct in January and 0.9 pct in February 1986,
the government's National Statistics Institute said.
    Inflation as measured by the index rose to 17.5 pct over
the 12 months to the end of February, compared with 16.6 pct
last month and 24.5 pct to the end of February, 1986.
    In the first two months of the year, inflation was 3.8 pct,
against 3.6 pct in the same period of 1986.
 REUTER
3;
bodyend
documentend
documentstart
1148
topicstart
copper
topicend
bodystart
2;

COPPER STUDY GROUP CONSIDERED AT GENEVA MEETING


    GENEVA, March 3 - 
Major copper producing and consuming
countries are considering a U.S. proposal to set up a study
group to review the world copper market, delegates said.
    The U.S. initiative was introduced last December at a
meeting held here under the auspices of the United Nations
Conference on Trade and Development (UNCTAD).
    The U.S., the world's largest copper consumer and second
biggest producer after Chile, has proposed setting up a body to
improve statistics and market transparency of the copper
economy, and provide a forum for discussion.
    The new body would not aim at negotiating measures to
stabilise depressed world prices.
    This week's meeting, which began yesterday, is due to end
Friday.
 Reuter
3;
bodyend
documentend
documentstart
1151
topicstart
oilseed
rapeseed
topicend
bodystart
2;

JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED


    WINNIPEG, March 3 - 
Japan bought 5,000 tonnes of Canadian
rapeseed overnight at an undisclosed price for April shipment,
trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
1152
topicstart
earn
topicend
bodystart
2;

ROYAL BANK/CANADA SEES HIGHER 1987 LOAN LOSSES


    MONTREAL, March 3 - 
<
Royal Bank of Canada> said it
estimates 1987 loan losses at one billion dlrs, a 25 mln dlr
increase over last year.
    Royal Bank said it set its provisions "given the continued
debt-servicing problems ... in the North American energy
industry and the uncertain outlook for energy prices," and also
continued to add to its general provisions for loans to
troubled borrower countries.
    The bank's loan loss provision for the first quarter ended
January 31 rose to 223 mln dlrs from 187 mln dlrs in the
year-ago quarter.
    The bank said non-accrual loans, net of provisions for loan
losses, totalled 2.2 billion dlrs on January 31, up from 2.0
billion dlrs a year ago.
    In reporting lower first quarter earnings, chairman Allan
Taylor said problems with credit quality--particularly in loans
associated with the energy sector--continue to have a
substantial adverse effect on the bank's earnings.
    Taylor said profitability of the bank's international
operations remains weak, reflecting resource-related
difficulties of private and public sector borrowers and
unsatisfactory results from capital market activities.
    Taylor said it would be premature to speculate on the
outcome of debt resturcturing negotiations with Brazil or their
potential impact on the Royal Bank.
    The bank earlier reported first quarter profit fell to
114.1 mln dlrs from 140.4 mln dlrs a year ago.
 Reuter
3;
bodyend
documentend
documentstart
1153
topicstart
acq
topicend
bodystart
2;

PANTERA 
<
PANT> AND PIZZA 
<
PZA> AGREE TO MERGE


    ST. LOUIS, MO., March 3 - 
Pantera's Corp said it agreed in
principle to acquire Pizza Inn Inc in a cash and stock
transaction.
    Under terms of the proposed transaction, each Pizza Inn
share can be exchanged for either three dlrs in cash plus the
lesser of 1.4 shares of Pantera's common stock or 11.50 dlrs
market value of Pantera's stock, or four dlrs in cash plus a
unit consisting of one share of Pantera's stock and a
non-transferrable right to receive up to 0.55 share of
Pantera's stock under certain conditions, it said.
    Completion of the transaction is subject to arrangement of
financing, negotiation of a definitive agreement, and various
regulatory approvals, it said.
    Pantera's said Pizza Inn's largest shareholder, F.J.
Spillman, previously granted Pantera's an option to buy more
than one mln shares of Pizza Inn common stock owned by him.
    Pantera's also said it retained Drexel Burnham Lambert Inc
to act as its financial advisor in connection with the merger.
Pizza Inn has retained Dean Witter Reynolds Inc to act as its
financial advisor, Pantera's said.
    Yesterday, Pantera's stock closed at 9.50 dlrs on NASDAQ,
while Pizza Inn's stock was quoted at 12 dlrs when the Amex
halted trading pending the announcement of the proposed merger.
    From its Dallas headquarters, Pizza Inn said completion of
the transaction is subject to certain conditions including that
the price of Pantera's stock average not less than seven dlrs
during the 20 trading days before the merger.
    Under the agreement, Pizza Inn said it will still be
permitted to complete a leveraged buyout agreement with Pizza
Inn Acquiring Corp, which has been approved by its
shareholders, but is subject to otaining financing.
   
 More
3;
bodyend
documentend
documentstart
1154
topicstart
money-fx
interest
topicend
bodystart
2;

SWISS MONEY MARKET PAPER YIELDS 3.286 PCT


    ZURICH, March 3 - 
The Swiss Federal Government's new series
of six-month money market certificates raised 177.5 mln Swiss
francs at an issue price of 98.401 pct to give an average
annual yield of 3.286 pct, the National Bank said.
    Payment date is March 5.
    The last series of six-month paper issued in January raised
159.6 mln francs at 98.392 pct to give an average yield of
3.251 pct.
 REUTER
3;
bodyend
documentend
documentstart
1156
topicstart
iron-steel
topicend
bodystart
2;

NIGERIA, GUINEA SET UP IRON ORE FIRM WITH LIBERIA


    LAGOS, March 3 - 
Nigeria and Guinea agreed to set up a new
company with Liberia to carry out the 14-year-old
Mifergui-Nimba iron ore project, an official communique said.
    The communique was issued after two days of talks here
between Guinean natural resources minister Ousmane Sylla and
Nigerian minister of mines and power Bunu Sheriff Musa.
    Originally, Guinea held 50 pct in the project and Nigeria
16.2 pct with firms from several other countries also involved,
but the project ran into problems over funding and the slump in
world iron ore markets.
    Musa said Liberia was invited to join and its share will be
decided after a project feasibility study. This would be
completed in May after which finance will be sought. Officials
said the study will be undertaken with the help of the World
Bank, which is also expected to give financial support.
    Production, originally estimated at 15 mln tonnes a year,
will be 12 mln initially and is expected to begin in early
1990.
    On an agreement between the two countries to prospect for
uranium in Guinea, the communique said Musa and Sylla agreed
that because of poor market conditions, it would be extended to
cover exploration for gold, diamonds, cobalt, nickel and
silver.
 Reuter
3;
bodyend
documentend
documentstart
1157
topicstart
earn
topicend
bodystart
2;

DISTRIBUTED LOGIC CORP 
<
DLOG> 1ST QTR LOSS


    ANAHEIM, Calif., March 3 - 
Qtr ended Jan 31
    Shr loss nine cts vs profit 13 cts
    Net loss 231,256 vs profit 341,730
    Revs 2,793,677 vs 3,676,296
 Reuter
3;
bodyend
documentend
documentstart
1158
topicstart
ipi
topicend
bodystart
2;

CANADA INDUSTRIAL PRODUCTION UP 2.53 PCT


    OTTAWA, March 3 - 
Canadian industrial production rose 2.53
pct in December after falling 0.51 pct in November, Statistics
Canada said.
    The federal agency said year-over-year production was off
0.65 pct in December, compared with a decline of 1.65 pct in
November.
 Reuter
3;
bodyend
documentend
documentstart
1159
topicstart
acq
topicend
bodystart
2;

LIFETIME 
<
LFT> TO BUY SHARES OF NIPPON LACE


    NEW YORK, March 3 - 
Lifetime Corp said it agreed to buy
five mln shares, or 16 pct, of 
<
Nippon Lace Co Ltd> for 3.28
dlrs a share, or 16.5 mln dlrs.
    It said it plans to enter the health care business in
Japan.
    In addition, it said 
<
Koba Electronics Co Ltd>, an
affiliate of Lifetime, will buy four mln unissued shares, or a
12 pct stake, of Nippon for 20 mln dlrs or five dlrs a share.
    The company said Ohta Shoji, chief executive officer of

<
Toho Mutual Life Insurance Co>, owns the majority of Koba
Electronics' shares. Toho Mutual Life is also the largest
shareholder in Nippon Lace, the company said.
    Lifetime also said the 
<
Private Bank and Trust of Zurich>,
on behalf of Lifetime director and shareholder Terence Ramsden,
intends to subscribe for two mln shares of Nippon Lace at the
same price paid by Lifetime.
 Reuter
3;
bodyend
documentend
documentstart
1160
topicstart
earn
topicend
bodystart
2;

INTERMEDICS INC 
<
ITM> 1ST QTR NET


    ANGLETON, Tex. March 3 -
    
Oper shr 26 cts vs 18 cts
    Oper net 2,877,000 vs 1,363,000
    Revs 44.3 mln vs 40.8 mln
    Avg shrs 10.9 mln vs 10.5 mln
    NOTE: prior qtr excludes loss 475,000, or five cts per
share, for discontinued operations for the sale of subsidiaries
Intermedics Intraocular Inc, Electronics Inc, and Intermedics
Infusaid Inc.
    Excludes 1987 qtr 1,694,000 operating loss carryforwards vs
78,000 qtr prior.
 Reuter
3;
bodyend
documentend
documentstart
1163
topicstart
topicend
bodystart
2;

VICTORIA STATE BODY ISSUES CANADIAN DLR EUROBOND


    LONDON, March 3 - 
Victorian Public Authorities Finance
Agency is issuing a 100 mln Canadian dlr bond due April 15,
1992 paying 8-1/2 pct and priced at 100-5/8 pct, lead manager
Wood Gundy Ltd said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Canadaian dlrs and will be listed in
Luxembourg. It is guaranteed by the State of Victoria.
    The selling concession is 1-1/4 pct while management and
pays 1/4 pct and underwriting 3/8 pct. The payment date is
April 15.
 REUTER
3;
bodyend
documentend
documentstart
1164
topicstart
acq
topicend
bodystart
2;
******
BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS

Blah blah blah.
3;


bodyend
documentend
documentstart
1166
topicstart
topicend
bodystart
2;
******
LORAL CORP LOWERED BY STANDARD AND POOR'S, AFFECTS 640 MLN DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
1167
topicstart
earn
topicend
bodystart
2;
******
FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
1169
topicstart
earn
topicend
bodystart
2;

PAINE WEBBER RESIDENTIAL REALTY INC 
<
PWM> DIV


    COLUMBIA, Md. March 3 -
    
Qtrly 25 cts vs 16 cts
    Pay March 30
    Record March 13
    NOTE: Prior qtr is for two months operation, October and
November and represents a parital dividend.
 Reuter
3;
bodyend
documentend
documentstart
1170
topicstart
earn
topicend
bodystart
2;

OMNICOM GROUP 
<
OMCM> SETS REGULAR PAYOUT


    NEW YORK, March 3 -
    
Qtlry div 24.5 cts vs 24.5 cts
    Pay April 6
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1173
topicstart
earn
topicend
bodystart
2;

KNUTSON MORTGAGE 
<
KNMC> SEES STRONG SECOND QTR


    BLOOMINGTON, Minn., March 3 - 
Knutson Mortgage Corp said it
expects strong earnings performance for its initial fiscal
second quarter earnings ending March 31 since going public in
September 1986.
    Albert Holderson, Knutson chairman, said he expects
earnings of about 40 cts per share for the quarter as a result
of a strong mortgage business during the quarter.
    Knutson earlier declared a quarterly dividend of 10 cts a
share, versus 10 cts a share prior, payable April 13 to
shareholders of record March 13.
 Reuter
3;
bodyend
documentend
documentstart
1174
topicstart
reserves
topicend
bodystart
2;

DANISH RESERVES RISE IN FEBRUARY


    COPENHAGEN, March 3 - 
Denmark's net official reserves rose
to 36.34 billion crowns in February from 28.00 billion in
January, against a revised 45.85 billion in February 1986, the
central bank said in its monthly balance sheet report.
    Total net reserves, including reserves held by commercial
and major savings banks, rose to 38.26 billion crowns from
30.11 billion in January compared with a revised 35.99 billion
in February last year.
    The bank said provisional figures showed net registered
private and public capital imports of 10.3 billion crowns in
February.
 REUTER
3;
bodyend
documentend
documentstart
1175
topicstart
topicend
bodystart
2;

WORLD BANK TEAM ARRIVES IN UGANDA


    KAMPALA, March 3 - 
A World Bank team led by senior
economist Katrine Saito arrived in Uganda for talks on an
economic recovery program projected to cost one billion dlrs
over three years.
    The four-member mission is expected to stay two to three
weeks. An International Monetary Fund (IMF) team is due here
over the same period, a World Bank offical said.
    The World Bank last year criticised Uganda's policies on
deficit financing and exchange and interest rates, issues
likely to dominate talks on the government's proposed recovery
program.
    Finance Minister Chrispus Kiyonga said last month that most
of the one billion dlrs would go towards rehabilitating
industries, repairing and maintaining roads and buying tractors
and other agricultural needs.
    He did not say where the money would come from, but
diplomats expect the government to ask the World Bank and other
foreign donors to provide most of the foreign exchange portion.
 REUTER
3;
bodyend
documentend
documentstart
1176
topicstart
earn
topicend
bodystart
2;

INTERMEDICS INC 
<
ITM> 1ST QTR FEB ONE NET


    ANGLETON, Texas, March 3 -
    
Oper shr 26 cts vs 18 cts
    Oper net 2,877,000 vs 1,838,000
    Revs 44.3 mln vs 40.8 mln
    NOTE: Current 1st qtr oper net excludes operating loss
carryforward of 1,694,000 or 16 cts per share. 1986 1st qtr
oper net excludes loss carryforward of 78,000 dlrs or one ct
per share and loss from discontinued operations of 475,000
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1177
topicstart
earn
topicend
bodystart
2;

CARME INC 
<
CAME> 2ND QTR JAN 31 NET


    NOVATO, Calif., March 3 -
    
Shr nine cts vs one ct
    Net 247,489 vs 27,301
    Sales 1,933,107 vs 796,613
    Six mths
    Shr 21 cts vs five cts
    Net 565,106 vs 121,997
    Sales 3,781,970 vs 1,778,110
 Reuter
3;
bodyend
documentend
documentstart
1178
topicstart
earn
topicend
bodystart
2;

WILLCOX AND GIBBS INC 
<
WG> 4TH QTR NET


    NEW YORK, March 3 -
    
Shr 42 cts vs 76 cts
    Net 2.3 mln vs 3.3 mln
    Revs 72.3 mln vs 59.8 mln
    Year
    Shr 1.48 dlrs vs 2.59 dlrs
    Net 7.6 mln vs 11.1 mln
    Revs 261.7 mln vs 224.7 mln
    NOTE: 1985 net includes extraordinary gain of 1.5 mln dlrs
or 35 cts per share in 4th qtr and 5.1 mln or 1.19 dlrs for the
year.
   
 Reuter
3;
bodyend
documentend
documentstart
1181
topicstart
earn
topicend
bodystart
2;

OMNICOM GROUP INC 
<
OMCM> 4TH QTR NET


    NEW YORK, March 3 -
    
Shr profit 27 cts vs profit 51 cts
    Net profit 6,600,000 vs profit 12.2 mln
    Revs 211.7 mln vs 193.4 mln
    Qtly div 24.5 cts vs 24.5 cts
    Avg shrs 24.2 mln vs 23.8 mln
    Year
    Shr loss 17 cts vs profit 1.27 dlrs
    Net loss 4,077,000 vs profit 30.1 mln
    Revs 753.5 mln vs 673.4 mln
    Avg shrs 24.4 mln vs 23.7 mln
    NOTE: Qtly div payable April six to holders of record March
16.
    1986 4th qtr and year net includes a charge of 5.9 mln dlrs
and 31.4 mln dlrs, respectively, for corporate restructuring.

 Reuter
3;
bodyend
documentend
documentstart
1182
topicstart
earn
topicend
bodystart
2;

FORD MOTOR CO OF CANADA LTD
<
FC> CUTS ANNUAL DIV


    OAKVILLE, Ontario, March 3 -
    
Annual div six dlrs vs 12 dlrs prior
    Pay March 19
    Record March 13
    Note: 1986 payout includes two dlrs a share extra dividend
    1985 payout includes four dlrs a share extra dividend
 Reuter
3;
bodyend
documentend
documentstart
1184
topicstart
copper
topicend
bodystart
2;

TOTAL U.S. COPPER STOCKS LOWER IN JANUARY


    NEW YORK, March 3 - 
Total copper stocks held by U.S. rod
mills and refiners (including wirebars, cathodes, scrap, rod
and in-process material) dropped to 155,467,000 lbs at the end
of January from 203,513,000 lbs at the end of December, the
American Bureau of Metal Statistics said.
    Rod stocks held by refiners and rod mills decreased to
61,384,000 lbs in January from 69,986,000 lbs in December.
    Cathode inventories at rod mills fell to 86,456,000 lbs in
January from 124,409,000 lbs in December, while wirebar stocks
were lower at 3,508,000 lbs versus 4,913,000 lbs in December.
    December rod mill wirebar use nearly doubled to 3,148,000
lbs in January from 1,540,000 lbs in December. Cathode use by
mills and refiners increased to 255,266,000 lbs in January from
238,821,000 lbs in December.
 Reuter
3;
bodyend
documentend
documentstart
1185
topicstart
grain
wheat
topicend
bodystart
2;

ONE OFFER FOR SRW WHEAT ON CALL SESSION, NO MILO


    ST LOUIS, March 3 - 
One offer but no bid was posted for SRW
wheat on the call session at the St Louis Merchants Exchange
today. There were no bids or offers for milo.
    June 15-July 15 bill of lading for wheat was offered at 17
over July, no comparison, no bid.
 Reuter
3;
bodyend
documentend
documentstart
1186
topicstart
topicend
bodystart
2;

LORAL 
<
LOR> DEBT LOWERED BY S/P


    NEW YORK, March 3 - 
Standard and Poor's Corp said it
lowered the ratings on Loral Corp's subordinated debt to BBB
from A-minus.
    The issue is removed from creditwatch where it was placed
with negative implications in January after Loral said it
planned to acquire Goodyear Aerospace Corp for 640 mln dlrs.
    S/P said the acquisition enhances Loral's competitive
position in the defense electronics industry by broadening its
technology and program base. But most measures of financial
risk deteriorate, it said.
 Reuter
3;
bodyend
documentend
documentstart
1187
topicstart
topicend
bodystart
2;

GUARANTEE 
<
GFCC> UNIT'S DEBT ON S/P WATCH


    NEW YORK, March 3 - 
Standard and Poor's Corp said it placed
the subordinated debt of Guarantee Savings and Loan
Association, the principle unit of Guarantee Financial Corp, on
creditwatch with positive implications.
    About 57 mln dlrs of debt is affected.
    S/P said the move follows Gurantee's definitive agreement
to be acquired by Glendale Federal Savings and Loan, the fifth
largest S and L in the U.S.
    The combination with Glendale should enhance the
creditworthiness of Guarantee's debt, S/P said.
    Gurantee's subordinated debt is currently rated B.
 Reuter
3;
bodyend
documentend
documentstart
1188
topicstart
earn
topicend
bodystart
2;

UNITED HEALTHCARE CORP 
<
UNIH> 4TH QTR NET


    MINNEAPOLIS, March 3 - 
    
Shr 10 cts vs 13 cts
    Net 1,553,000 vs 1,541,000
    Revs 73.1 mln vs 32.1 mln
    Avg shrs 15,474,000 vs 12,316,000
    Year
    Shr 47 cts vs 24 cts
    Net 7,241,000 vs 2,835,000
    Revs 216.2 mln vs 101.2 mln
    Avg shrs 15,492,000 vs 11,921,000
    Note: Net income includes extraordinary profit from
recognition of tax loss carryforward of 920,000 dlrs, or six
cts a share, in 1986 year, and of 785,000 dlrs, or seven cts a
share, in both 1985 periods.
 Reuter
3;
bodyend
documentend
documentstart
1191
topicstart
earn
topicend
bodystart
2;

RAYTECH CORP 
<
RAY> 4TH QTR DEC 28 NET


    TRUMBULL, Conn., March 3 -
    
Shr profit 78 cts vs loss 1.05 dlrs
    Net profit 2,336,000 vs loss 3,002,000
    Revs 26.0 mln vs 26.7 mln
    Year
    Shr profit 1.59 dlrs vs loss 6.35 dlrs
    Net profit 4,688,000 vs loss 18.2 mln
    Revs 113.5 mln vs 112.4 mln
    NOTE: 1986 4th qtr and yr includes loss carryfoward of
534,000 dlrs and 1,662,000 dlrs, respectively.
 Reuter
3;
bodyend
documentend
documentstart
1192
topicstart
earn
topicend
bodystart
2;

DATAMAG INC 
<
DMAG> 1ST QTR DEC 31 LOSS


    SCOTTSDALE, Ariz., March 3 -
    
Net loss 92,623 vs profit 11,209
    Sales 93,483 vs 189,388
    Note: per share data not available, as company went public
in January, 1987.
 Reuter
3;
bodyend
documentend
documentstart
1193
topicstart
earn
topicend
bodystart
2;

ROYAL BANK SEES IMPROVED RESULTS


    MONTREAL, March 3 - 
<
Royal Bank of Canada>, in reporting a
19 pct drop in first quarter earnings, said it expects to
report improved results in future earnings periods.
    "Healthy consumer credit growth, record fee-based income,
highly profitable securities and foreign exchange trading, and
a solid capital position...combined with the restraint of
non-interest expenses, should lead to improved results in the
periods ahead," chairman Allan Taylor said in a statement.
    The bank earlier reported profit for the first quarter
ended January 31 fell to 114 mln dlrs from 140 mln dlrs a year
ago.
    Taylor said loans to the energy sector continue to
substantially hurt earnings while profitability of the bank's
international operations remains weak, reflecting
resource-related difficulties of private and public sector
borrowers and unsatisfactory results from capital market
activities.
    The bank said earnings from domestic operations rose to 103
mln dlrs in the first quarter from 98 mln dlrs a year ago while
earnings from international operations plunged to 11 mln dlrs
from 42 mln dlrs last year.
    Royal Bank said first quarter international net interest
income declined from last year, reflecting reduced revenues
from international investment banking as well as a significant
loss on disposal of its affiliate in Trinidad and Tobago.
    Other income rose to 251 mln dlrs from 220 mln dlrs last
year. The rise was due to higher commercial banking and retail
deposit service fees, and higher foreign exchange revenue but
lower securities commissions from international investment bank
operations partly offset the gains, Royal Bank said.
    The bank said a two billion dlr increase in total assets to
98.7 billion dlrs was due mainly to continued growth in
consumer lending, particularly residential mortgages.
 Reuter
3;
bodyend
documentend
documentstart
1194
topicstart
topicend
bodystart
2;

WORLD BANK LAUNCHES 300 MLN MARKKA BOND ISSUE


    HELSINKI, March 3 - 
The World Bank is launching a 300 mln
markka seven-year straight issue, due March 11, 1994 with a
coupon of 10 pct payable semi-annually and an issue price of
101-1/8, lead manager Postipankki said.
    It said fees totalled 1-3/4 pct, of which 1-3/8 pct for
selling and 3/8 pct for managment and underwriting combined
including a 1/8 pct praecipuum.
    Denominations are 10,000, 100,000 and one mln markka and
listing is in Helsinki, it said.
 REUTER
3;
bodyend
documentend
documentstart
1197
topicstart
trade
topicend
bodystart
2;

BELGIAN SAYS EC WOULD REACT TO TEXTILE BILL


    WASHINGTON, March 3 - 
Belgian Foreign Trade Minister Herman
De Croo said if Congress passed legislation curbing world
textile imports the only way the European Community (EC) could
react was to retaliate.
    De Croo said at a news conference "if you limit textile
imports, you will re-orient textiles to Europe."
    And that he said would trigger EC taxes on U.S. goods.
    Congress passed a textile bill two years ago, but it was
vetoed by President Reagan on grounds that curbing imports to
protect the domestic textile industry would trigger retaliation
U.S. trading partners.
    A similar bill has been introducted this year, in a
Congress with a bigger Democratic majority and with a President
weakened by the Iran scandal.
    De Croo, here for talks with Administration officials and
Congressmen, said if a textile bill passed, "the only way we
could react would be retaliation, and it would cause more
retaliation, which is not a good way to deal with problems."
    He said if a textile bill was enacted, "we will impose taxes
on a lot of American products."  He said "it would be stupid. We
have to avoid that."
    He said Congressmen seem upset mosty with Japan, because of
its massive trade suprlus with the United States, and not with
EC nations, but EC nations will be hurt by the diverted 
shipments of Asian textiles.
    De Croo also criticized the way U.S. officials try to solve
EC trade issues, saying "each time we come in contact, it a
conflict contact. The clouts are coming fom the West."
    He said it then is a crisis atmosphere with officials cross
the Atlantic and dramatized with headlines.
    "This is not the way to work in a serious way between two
big powers," De Croo said.
   
 reuter
3;
bodyend
documentend
documentstart
1198
topicstart
earn
topicend
bodystart
2;

KAY CORP 
<
KAY> 4TH QTR NET


    NEW YORK, March 3 -
    
Oper shr 25 cts vs 1.21 dlrs
    Oper net 1,366,000 vs 6,287,000
    Revs 251.3 mln vs 107.1 mln
    Year
    Oper shr 1.10 dlrs vs 1.06 dlrs
    Oper net 5,552,000 vs 4,982,000
    Revs 827.5 mln vs 434.4 mln
    NOTE: Oper net excludes results of Kay Jewelers Inc, a
former subsidiary. On Dec 31, 1986 company distributed
remaining 80.4 pct interest in subsidiary to Kay Corp holders.
    1985 amts restated in connection with company's
distribution of investment in Kay Jewelers Inc.
    1986 4th qtr and yr oper net excludes 8,308,000 dlrs or
1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share,
respectively, for equity in net income of spun-off unit. 1985
4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs
per share and 5,770,000 dlrs or 1.09 dlrs per share,
respectively, for equity in net earnings of spun-off unit.
    1985 oper net also excludes 2,778,000 or 52 cts per share
for adoption of new pension accounting rules and ine cts per
share for gain from assets sales.
 Reuter
3;
bodyend
documentend
documentstart
16519
topicstart
trade
topicend
bodystart
2;
******
ROSTENKOWSKI SAYS HE WILL OPPOSE PROTECTIONIST TRADE BILL IN U.S. HOUSE

Blah blah blah.
3;


bodyend
documentend
documentstart
1200
topicstart
earn
topicend
bodystart
2;

PANTASOTE INC 
<
PNT> 4TH QTR LOSS


    GREENWICH, Conn., March 3 -
    
Oper shr loss four cts vs loss 33 cts
    Oper net loss 154,000 vs loss 1,301,000
    Sales 30.0 mln vs 27.0 mln
    Year
    Oper shr profit 60 cts vs loss 16 cts
    Oper net profit 2,364,000 vs loss 608,000
    Sales 113.5 mln vs 132.8 mln
    NOTE: Net excludes extraordinary charges from provision for
roofing products warranties and costs from sale of
printing/laminate division of 320,000 dlrs vs 10.3 mln dlrs in
quarter and 4,3200,000 dlrs vs 12.7 mln dlrs in year.
    Net excludes tax credits of 62,000 dlrs vs 41,000 dlrs in
quarter and 127,000 dlrs vs 88,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
1201
topicstart
trade
topicend
bodystart
2;

ROSTENKOWSKI OPPOSES PROTECTIONIST TRADE BILL


    WASHINGTON, March 3 - 
House Ways and Means Committee
Chairman Dan Rostenkowski said Congress must avoid a temptation
to pass a protectionist trade bill this year.
    In remarks prepared for delivery before the National Press
Club, Rostenkowski, D-Ill., predicted major trade legislation
will be sent to President Reagan by the end of this year.
    But he warned that his "conciliatory message" on the trade
bill did not mean he would oppose a proposal that would warn
other countries their access to the American market would be
curtailed unless they opened their markets to U.S. goods.
    "Complaints about (foreign trade) restraints are not a
smoke screen for protectionism, they a plea for fairness,"
Rostenkowski said.
    "It is only reasonable to ask the nations that have denied
us access to open up in return for continued freedom in the
American market," he added.
    However, he said there would likely be changes in the
market access proposal from the plan which cleared the House
last year. That plan would have set a specific time table for
foreign countries to ease import restraints or they would face
a 25 pct cut in exports to the United States.
 Reuter
3;
bodyend
documentend
documentstart
1203
topicstart
acq
topicend
bodystart
2;

IMTEC 
<
IMTC> GETS MERGER OFFER


    BELLOWS FALLS, Vt., March 3 - 
Imtec Inc said some
shareholders of Computer Identics Inc 
<
CIDN> have proposed a
merger of the two companies.
    The company said the shareholders had previously expressed
dissatisfaction with Computer Identics' management and had
informed Computer Identics that the present board no longer had
the support of a majority of shares held.
    It said the shareholders had called for the resignation of
all but one of Computer Identics' directors and suggested that
a new board pursue merger talks with Imtec.  But Imtec said no
merger talks havew yet taken place.
 Reuter
3;
bodyend
documentend
documentstart
1205
topicstart
earn
topicend
bodystart
2;

KAY JEWELERS INC 
<
KJI> 4TH QTR NET


    ALEXANDRIA, Va., March 3 -
    
Shr 1.62 dlrs vs 1.33 dlrs
    Net 10.3 mln vs 8,459,000
    Revs 127.5 mln vs 95.7 mln
    Year
    Shr 1.52 dlrs vs 1.20 dlrs
    Net 9,669,000 vs 7,481,000
    Revs 278.1 mln vs 232.00 mln
          
 Reuter
3;
bodyend
documentend
documentstart
1207
topicstart
coffee
topicend
bodystart
2;

ICO PACT UNLIKELY BY AUTUMN - ITALIAN ADVISER


    TRIESTE, Italy, March 3 - 
The prospects of the
International Coffee Organization (ICO) reaching an agreement
on coffee export quotas before September appear dim, Alberto
Hesse, former president of the European Coffee Federation,
said.
    "There is no real goodwill in certain delegations to go to
quotas," Hesse, who advises the Italian Foreign Affairs Ministry
on coffee issues, told Reuters. He declined to name the
delegations.
    A special meeting between importing and exporting countries
ended in a deadlock late yesterday after eight days of talks
over how to set quotas.
    The ICO executive board will meet from March 30 to April 1
but the full council is not due to meet again until September.
"I am not optimistic about an agreement soon," Hesse said.
 Reuter
3;
bodyend
documentend
documentstart
1208
topicstart
earn
topicend
bodystart
2;

WALL STREET STOCKS/ANACOMP INC 
<
AAC>


    CHICAGO, March 3 - 
Anacomp Inc, one of the most actively
traded NYSE issues, rose today as at least one analyst expected
earnings to be boosted by its planned acquisition of a
micrographics company.
    Anacomp rose 1/2 to 6-3/4 on volume of 950,000 shares after
trading as high as seven earlier.
    Howard Harlow, analyst at Whale Securities Corp, said
Anacomp's earnings for fiscal 1987 ending September 31 could be
doubled to 80 cts a share from the 40 cts a share he had
forecast before Anacomp agreed to buy DatagraphiX, a
micrographics firm, from General Dynamics Corp 
<
GD>.
    "The company can earn 80 cts a share in fiscal 1987, maybe
as much as a dlr a share, because of DatagraphiX," Harlow said.
"Most of the benefit will be in the fourth qtr because it will
integrate the company in the second half."
    Anacomp's earnings will be less if it has problems
integrating DatagraphiX, Harlow said.
    A spokesman at Anacomp said the company expects to complete
its deal for DatagraphiX later this month. She would not say
how much it will pay for DatagraphiX, but noted that
DatagraphiX contributed 10 mln dlrs in earnings to General
Dynamics on revenues of 239 mln dlrs in 1986.
    Harlow said a fellow analyst at Whale Securities estimates
that Anacomp will pay between 100 mln dlrs to 150 mln dlrs for
DatagraphiX. "The estimates on the street narrow it down to
between 110 mln dlrs and 130 mln dlrs," Harlow added.
    Anacomp reported net of 2.8 mln dlrs or nine cts a share in
its first qtr ended December 31, up from 301,000 dlrs or one ct
a share.
    In Anacomp's fiscal 1986 it earned 4,073,000 dlrs or 13 cts
a share.
    Whale Securities recommends buying the stock, Harlow said.
 Reuter
3;
bodyend
documentend
documentstart
1209
topicstart
acq
topicend
bodystart
2;

CORRECTED - LIFETIME
<
LFT> TO BUY NIPPON LACE SAHRES


    NEW YORK, March 3 - 
Lifetime Corp said it agreed to buy
five mln shares or 16 pct of 
<
Nippon Lace Co Ltd> for 3.28 dlrs
a share, or 16.5 mln dlrs.
    It said it plans to enter the health care business in
Japan.
    In addition, it said 
<
Koba Electronics Co Ltd>, an
affiliate of Nippon, will buy four mln unissued shares, or a 12
pct stake, of Lifetime for 20 mln dlrs or five dlrs a share. -
Corrects to show Nippon's affiliate Koba buying stake in
Lifetime.
   
 Reuter
3;
bodyend
documentend
documentstart
1210
topicstart
trade
topicend
bodystart
2;

U.K. EXPORTS BODY GETS NEW EXECUTIVE DIRECTOR


    London, March 3 - 
Export Credits Guarantee Department has
named Malcolm Stephens, director of export finance at Barclay's
Bank Plc and a former career civil servant at ECGD for 17
years, to the post of executive director, a department
spokesman said.
    Stephens replaces Jack Gill, who is retiring early aged 57.
    A drop in the ECGD's business volume and a rise in its debt
to the Exchequer have led to criticism in Parliament in recent
years.
    Stephens said the fall in business volume was a top
convern, adding that the department may have to compete more
aggressively with private insurance firms providing similar
services.
    The department's annual report for the year ended March 31,
1986, showed exports insured by the department fell to 15.7
billion stg from 17.4 billion the year before, while its debt
to the Exchequer almost doubled to 756 mln stg.
    Stephens said he had no specific list of changes. But among
his chief concerns was the weakened condition of lesser
developed countries and their ability to pay for their imports.
    The agency will have to review its policies on insuring
export credits to lesser credits on a country by country basis,
he said. "Large lump political risk insurance is the sort of
thing we want to take a look at."
    "You have to try to look forward to see if you are simply in
a peak and trough situation or it is a more long term thing,"
Stephens said, in response to a qustion about whether ECGD will
strike more countries from its list of political risk insurance
recipients.
    He noted that certain countries have already been removed
from the list.
 REUTER
3;
bodyend
documentend
documentstart
1211
topicstart
veg-oil
topicend
bodystart
2;

OILS/FATS STOCKS SEEN FALLING SHARPLY IN 1986/87


    HAMBURG, March 3 - 
Visible stocks of 17 oils and fats are
probably peaking now and are likely to fall sharply by October
1 this year, the Oil World newsletter said.
    Oil World forecast that stocks of oils and fats may be cut
to only 9.8 mln tonnes at the end of this season, compared with
10.6 mln a year earlier.
    Its survey covered  13 oils -- soy, cotton, groundnut, sun,
rape, sesame, corn, olive, coconut, palmkernel, palm, lin and
castor  -- and four animal oils and fats -- butter, fish oil,
lard and tallow/greases.
    Oil World's analysis predicted only a slight production
increase of 0.5 mln tonnes in the year to end-September 1987,
compared with increases of 3.6 mln and 4.0 mln tonnes in the
previous two seasons.
    It said world consumption was continuing to rise. Unusually
low prices prevailing since early 1986 had stimulated demand
for both food and non-food purposes, it said.
    World consumption  could increase by a record 2.8 mln
tonnes to 71.8 mln tonnes this season and would be even higher
if the Indian government did not artificially curb domestic
demand.
    Oil World said it did not expect the European Community
(EC) to introduce a vegetable oils tax, but if such a tax were
introduced it would have a negative impact on EC consumption.
 Reuter
3;
bodyend
documentend
documentstart
1212
topicstart
coffee
topicend
bodystart
2;

COLOMBIA TRADERS SAY NEW COFFEE STRATEGY VITAL


    BOGOTA, March 3 - 
Coffee producing countries must quickly
map out a fresh common strategy following the failure of the
International Coffee Organization, ICO, to reach agreement on
export quotas, Gilberto Arango, president of Colombia's private
coffee exporters' association, said.
    Arango told Reuters that the most intelligent thing now
would be to seek a unifying stand from producers, including
Brazil, in order to map out a strategy to defend prices.
    An ICO special meeting ended last night in London with
exporting and consuming nations failing to agree on a
resumption of export quotas, suspended one year ago after
prices soared following a prolonged drought in Brazil.
    Arango said there would be no imminent catastrophe but
predicted that over the short term prices would undoubtedly
plummet.
    However, he said the market should also take into account
evident factors such as Brazil's low stocks and the sale of the
near totality of the Central American crop.
    Trade sources said Colombia's coffee was today quoted at
1.14 dlrs a lb in New York, its second lowest price in the past
10 years.
    Cardenas said these countries apparently fail to understand
the true impact of such a failure for coffee producing nations
as well as for industrialized countries.
    It is difficult to believe that while efforts are made to
solve the problem of the developing world's external debt,
decisions are being taken which cut earnings used for repaying
those debts, he said.
    "In Colombia's case, we watch with consternation that,
while we try to effectively combat drug trafficking, countries
which support us in this fight seek to cut our jugular vein,"
Cardenas said.
 Reuter
3;
bodyend
documentend
documentstart
1213
topicstart
acq
topicend
bodystart
2;

TENDER LOVING 
<
TLCI>, STAFF 
<
STAF> EXTEND PACT


    LAKE SUCCESS, N.Y. March 3 - 
Tender Loving Care Health Care
Services Inc said it and Staff Buildiers Inc have extended the
term of their merger agreement until May 31.
    Tender Loving Care also said 
<
Norrell Corp> agreed not to
acquire any additional Staff Builders shares until September
30, adding Norrell was paid 750,000 dlrs for the standstill
arrangement. 
    Tender Loving Care said it agreed to buy the 610,000 Staff
Builders common held by Norrell, about 19.1 pct of those
outstanding, for 6,950,000 dlrs immediately prior to the
consummation of the merger.
    Tender Loving Care said the extended merger agreement
continues to provide for the exchange of 1.6 of its shares for
each Staff Builders share outstanding.
    As announced February 26, the Staff Builders shareholders
meeting to vote on the merger, originally convened and
adjourned December 23, will be reconvened on April 22.
    Tender Loving Care said its payment to Norrell will include
1,950,000 dlrs in cash and five mln dlrs of a new series of
eight pct Tender Loving Care convertible preferred.
    Tender Loving Care said it and Staff Builders have filed a
revised registration and proxy statement with the Securities
and Exchange Commission. Upon clearance of the revised proxy
statement by the commission and its distribution to Staff
Builders' shareholders, that company's management will continue
to solicit proxies for approval of the merger.
    Tender Loving Care said it will have the power to vote
about 15.8 pct of Staff Builders' shares at the adjourned
meeting with a spokesman explaining that this represents the
proxies held by Norrell, which started buying the stock after
the record date for the meeting.
    In addition, Staff Builders officers and directors own
about 13.8 pct of its stock and have agreed to vote in favor of
the merger.
    Accordingly, the vote of an additional 37.1 pct of the
outstanding shares will be required to approve the merger,
Tender Loving Care said.
 Reuter
3;
bodyend
documentend
documentstart
1215
topicstart
meal-feed
soy-meal
grain
corn
topicend
bodystart
2;

SOVIET SOYMEAL IMPORTS SEEN RISING IN 1987


    HAMBURG, March 3 - 
Soviet imports of soymeal may reach or
exceed one mln tonnes between January and September this year,
the Oil World newsletter said.
    Oil World said it was likely the Soviet Union would reduce
soybean imports and step up significantly its imports of meal.
    At least 500,000 tonnes of soymeal may be shipped from the
European Community and South America in the January/March
quarter, with additional large quantities likely to be imported
in the April and July quarters from Argentina and Brazil, it
said. No figures were given for imports in the corresponding
periods of 1986.
    The change made sense in view of the recent purchases of
probably 250,000 tonnes of West European and Polish rapeseed
and large scale butter imports that were expected from March
onward, it said.
    Oil World said substantial losses of Soviet winter grain
area due to recent severe frosts were probably behind the
recent pick-up in Soviet purchases of U.S. Corn.
    It noted that an additional one mln tonnes of U.S. Corn had
been bought recently by the Soviet Union.
 Reuter
3;
bodyend
documentend
documentstart
1216
topicstart
sugar
topicend
bodystart
2;

COLOMBIA TO SELL SUGAR, LONDON TRADERS SAY


    LONDON, March 3 - 
Colombia is holding a snap selling tender
tonight for one cargo of world market raw sugar, traders said.
    The sugar is for March 15/April 15 shipment and bids are
being sought based on the New York May delivery futures
contract, they added.
 Reuter
3;
bodyend
documentend
documentstart
1217
topicstart
acq
topicend
bodystart
2;

VARIAN 
<
VAR> IN TALKS WITH PHILIPS ELECTRONICS


    PALO ALTO, Calif., March 3 - 
Varian Associates Inc said it
is holding discussions with Philips Electronics regarding the
purchase of Philips' broadcast transmission unit in the United
Kingdom, Pye TVT Limited.
    Pye TVT designs and manufactures broadcast transmission
equimpment, specializing in television frequencies.
 Reuter
3;
bodyend
documentend
documentstart
1219
topicstart
topicend
bodystart
2;

FRUIT OF THE LOOM OFFERS DEBENTURES, NOTES


    NEW YORK, March 3 - 
Fruit of the Loom Inc said it is
offering 60 mln dlrs of 6-3/4 pct convertible subordinated
debentures due March 2002 and 250 mln dlrs of 10-3/4 pct senior
subordinated notes due July 1995.
    Both issues are priced at par. The convertible debentures
may be exchanged for class A common stock at the holder's
option at 11.25 dlrs. Drexel Burnham Lambert Inc is lead
manager for both offerings.
    The convertible debentures are rated B-3 by Moody's
Investors Service Inc and CCC-plus by Standard and Poor's Corp.
The notes are rates B-2 by Moody's and CCC-plus by S/P.
 Reuter
3;
bodyend
documentend
documentstart
1220
topicstart
acq
topicend
bodystart
2;

BUTLER 
<
BTLR> TO SELL PART OF UNIT


    KANSAS CITY, Mo., March 3 - 
Butler Manufacturing Co said it
agreed in principal to sell part of its controls division to
Enercon Data Corp of Minneapolis.
    Terms of the sale were not disclosed.
    The transaction, expected to be closed in March, involves
the controls division's energy management and power line
carrier product lines.
    Butler said costs associated with the sale were included in
its restructuring charge taken in last year's fourth quarter,
and will have no effect on its 1987 earnings.
 Reuter
3;
bodyend
documentend
documentstart
1224
topicstart
topicend
bodystart
2;

WORLD BANK TEAM ARRIVES IN UGANDA


    KAMPALA, March 3 - 
A World Bank team led by senior
economist Katrine Saito arrived in Uganda for talks on an
economic recovery program projected to cost one billion dlrs
over three years.
    The four-member mission is expected to stay two to three
weeks. An International Monetary Fund (IMF) team is due here
over the same period, a World Bank offical said.
   Finance Minister Chrispus Kiyonga said last month that most
of the one billion dlrs would go towards rehabilitating
industries, repairing and maintaining roads and buying tractors
and other agricultural needs.
    He did not say where the money would come from. Diplomats
expect the government to ask the World Bank and other foreign
donors to provide most of the foreign exchange portion.
 Reuter
3;
bodyend
documentend
documentstart
1225
topicstart
earn
topicend
bodystart
2;

FERTILITY AND GENETICS RESEARCH 
<
BABY> 1ST QTR


    CHICAGO, March 3 - 
Periods ended December 31
    Shr loss 10 cts vs loss seven cts
    Net loss 316,289 vs loss 189,140
    Revs 61,762 vs 8,934
 Reuter
3;
bodyend
documentend
documentstart
1226
topicstart
trade
topicend
bodystart
2;

ROSTENKOWSKI RELUCTANT TO BACK TAX HIKE


    WASHINGTON, March 3 - 
House Ways and Means Committee
Chairman Dan Rostenkowski said he would be reluctant to back
the tax increase if it did not have President Reagan's support.
    He told a National Press Club luncheon there would be a
number of tax proposals that could be debated if Reagan sought
a tax increase to help balance the budget.
    However, he said he would prefer to leave the tax rates
enacted in last year's tax reform bill unchanged.
    There have been calls in Congress to hold the rates at the
1987 level rather than allow them to fall next year.
    Reagan proposed 22 billion dlrs in revenue as part of his
1988 budget proposal, but it did not include general tax
increases.
    On trade issues, Rostenkowski said he did not expect the
major trade bill this year would single out any U.S. industry
for special protection.
    "To go after individual items in a trade bill is suicide,"
he said.
    This apparently ruled out congressional approval of another
textile trade bill to limit quotas on textile imports, as was
proposed again this year.
 Reuter
3;
bodyend
documentend
documentstart
1228
topicstart
acq
topicend
bodystart
2;

<
MAGELLAN CORP> SETS MERGER WITH BALZAC


    DENVER, March 3 - 
Magellan Corp said it has entered into a
letter of intent to acquire Balzac Investments Inc in a
transaction that will result in former Balzac shareholders
owning about 83 pct of the combined company.
    The company said on completion of the merger, the combined
company wopuld be known as Power-Cell Inc and be engaged in the
development of Balzac technology related to its Quick Charge
product for charging auto batteries.
    The transaction is subject to approval by shareholders of
both companies.
 Reuter
3;
bodyend
documentend
documentstart
1229
topicstart
earn
topicend
bodystart
2;

UNITED COS FINANCIAL CORP 
<
UNCF> 4TH QTR NET


    BATON ROUGE, La., March 3 -
    
Shr 68 cts vs 78 cts
    Net 2,432,179 vs 2,236,471
    Revs 50.8 mln vs 35.1 mln
    Avg shrs 3,600,000 vs 2,850,000
    Year
    Shr 2.82 dlrs vs 3.35 dlrs
    Net 10.0 mln vs 9,554,658
    Revs 177.5 mln vs 138.1 mln
    Avg shrs 3,567,123 vs 2,850,000
 Reuter
3;
bodyend
documentend
documentstart
1230
topicstart
topicend
bodystart
2;

IMF APPROVES 125.9 MLN SDR'S FOR JAMAICA


    WASHINGTON, March 3 - 
The International Monetary Fund  said
it approved 125.9 mln SDR's to assist development in Jamaica.
    Of this total, 85 mln SDR's can be drawn over the next 15
months under a standby arrangement in support of the
government's economic and financial program.
    Another 40.9 mln is available immediately under the
compensatory financing facility, the IMF's pool of funds to
assist countries hit by export shortfalls. The IMF said that
Jamaica had a shortfall in the year ended September 1986 due to
reduced sales of Bauxite, alummina and travel expenditures.
    After some deterioration, the situation and prospects for
Jamaica improved substantially in 1986 and early 1987, mainly
as a result of a decline in energy prices and interest rates,
and a strong recovery in the tourist sector, the IMF said.
    The program that the new funding supports is designed to
continue the adjustment and restructuring effort so as to
achieve sustained growth, a lower rate of inflation and a
balance of payments viability in the medium term.
 Reuter
3;
bodyend
documentend
documentstart
1234
topicstart
earn
topicend
bodystart
2;

BRISTOL-MYERS CO 
<
BMY> SETS QUARTERLY


    NEW YORK, March 3 -
    
Qtly div 70 cts vs 70 cts prior
    Pay May One
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
1238
topicstart
acq
topicend
bodystart
2;

AMERICAN AIRCRAFT CORP BUYS PRIVATE FIRM


    SAN FRANCISCO, March 3 - 
<
American Aircraft Corp> said it
has acquired a 51 pct interest in privately-held 
<
Hunter
Helicopter of Nevada, Inc>.
    The purchase was made for an undisclosed amount of American
Aircraft stock, the company said.
    It said the acquisition will increase shareholder equity in
American Aircraft to 45 cts per share from 18 cts per share.
    Hunter Helicopter builds two-passenger helicopters that
retail for about 50,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1239
topicstart
earn
topicend
bodystart
2;

AID CORP 
<
AIDC> RAISES QUARTERLY DIVIDEND


    DES MOINES, Iowa, March 3 -
    
Qtly div nine cts vs eight cts in prior qtr
    Payable March 31
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
1243
topicstart
acq
topicend
bodystart
2;

INTERNATIONAL TECHNOLOGY 
<
ITX> MAKES ACQUISITION


    TORRANCE, Calif., March 3 - 
International Technology Corp
said it has purchased 
<
Western Emergency Services Inc> in a
pooling-of-interests transaction.
    International Technology, a hazardous materials management
company, said it purchased Western Emergency, an environmental
services firm, to offer a broader range of environmental
services to the Gulf Coast area.
 Reuter
3;
bodyend
documentend
documentstart
1244
topicstart
earn
topicend
bodystart
2;

<
D.H. HOWDEN AND CO LTD> INCREASES DIVIDEND


    LONDON, Ontario, March 3 -
    
Semi-annual 30 cts vs 25 cts prior
    Pay June 30
    Record June 15
 Reuter
3;
bodyend
documentend
documentstart
1245
topicstart
earn
topicend
bodystart
2;

<
CO-STEEL INC> 4TH QTR NET


    TORONTO, March 3 -
    
Oper shr 25 cts vs 25 cts
    Oper net 6,322,000 vs 4,660,000
    Revs 189.1 mln vs 174.7 mln
    Avg shrs 23.5 mn vs 17.1 mln
    Year
    Oper shr 1.04 dlrs vs 14 cts
    Oper net 21,929,000 vs 3,629,000
    Revs 760.2 mln vs 674.8 mln
    Avg shrs 20.5 mln vs 17.1 mln
    Note: Qtr shr and net exclude tax gain of 4,573,000 dlrs or
17 cts share, versus gain of 17,259,000 dlrs or 1.02 dlrs share
    Year shr and net exclude tax gain of 15,992,000 dlrs or 78
cts share, versus gain of 18,042,000 dlrs or 1.06 dlrs share
 Reuter
3;
bodyend
documentend
documentstart
1246
topicstart
coffee
topicend
bodystart
2;

PERU COFFEE CROP UNAFFECTED BY RAINS


    LIMA, March 3 - 
Recent heavy rains have not affected the
Peru coffee crop and producers are looking forward to a record
harvest, the president of one of Peru's four coffee cooperative
groups said.
    Justo Marin Ludena, president of the Cafe Peru group of
cooperatives which accounts for about 20 pct of Peru's exports,
told Reuters a harvest of up to 1,800,000 quintales (46 kilos)
was expected this year. He said Peru exported 1,616,101
quintales in the year to September 1986.
    A spokesman for the Villa Rica cooperative said flood
waters last month had not reached coffee plantations, and the
crop was unaffected.
    Floods in early February caused extensive damage in Villa
Rica, whose coffee cooperative exported 59,960 quintales last
year, according to the state-controlled coffee organisation.
    Marin said the rains would only affect the coffee crop if
they continued through to next month, when harvesting starts.
    He said Peruvian producers were hoping for an increase this
year in the 1.3 pct export quota, about 913,000 quintales,
assigned to them by the International Coffee Organisation, ICO.
    He said Peru exported 1,381,009 quintales to ICO members
last year with a value of around 230 mln dlrs, and another
235,092 quintales, valued at around 35 mln dlrs, to non-ICO
members.
 Reuter
3;
bodyend
documentend
documentstart
1248
topicstart
topicend
bodystart
2;

BRAZILIAN FINANCE MINISTER MEETS STOLTENBERG


    BONN, March 3 - 
Brazilian Finance Minister Dilson Funaro,
on the third leg of a trip to explain his country's stance on
debt to European governments, met West German Finance Minister
Gerhard Stoltenberg for talks this evening and the two men were
continuing their discussions over dinner, Brazilian delegation
sources said.
    They said the Funaro and Stoltenberg discussed Third World
debt in general and Brazil's debt position in particular but
declined to give further details.
    Funaro was scheduled to travel to Switzerland tomorrow,
they added.
 Reuter
3;
bodyend
documentend
documentstart
1251
topicstart
earn
topicend
bodystart
2;

WILLCOX AND GIBBS INC 
<
WG> 4TH QTR NET


    NEW YORK, March 3 -
    
Oper shr 42 cts vs 41 cts
    Oper net 2,322,000 vs 1,785,000
    Sales 72.3 mln vs 59.8 mln
    Avg shrs 5,527,000 vs 4,355,000
    Year
    Oper shr 1.48 dlrs vs 1.40 dlrs
    Oper net 7,637,000 vs 5,973,000
    Sales 261.7 mln vs 224.7 mln
    Avg shrs 5,165,000 vs 4,277,000
    NOTE: 1985 operating net excludes gains of 1,523,000 dlrs,
or 35 cts a share, in quarter and 5,090,000 dlrs, or 1.19 dlrs
a share, in year from tax carryforwards
 Reuter
3;
bodyend
documentend
documentstart
1252
topicstart
earn
topicend
bodystart
2;

GE 
<
GE> PROFIT OUTLOOK AIDED BY ENGINE ORDER


    By Cal Mankowski, Reuters


    NEW YORK, March 3 - 
One of General Electric Co's biggest
businesses, aircraft engines, will ride a wave of increasing
profits into 1991 because of a new contract worth 650 mln dlrs,
Wall Street analysts said.
    Previously, it was expected the business would peak and
decline at some point in the next five years. The improved
outlook results from AMR Corp's 
<
AMR> decision to order 40 new
planes powered by CF6-80C2 GE engines.
    "Creative financial footwork helped GE get the order," said
Nicholas Heymann, analyst at Drexel Burnham Lambert Inc.
    AMR declined to go into detail on financing arrangements
for its order of 15 Boeing Co 
<
BA> and 25 
<
Airbus Industrie>
twinjet long distance aircraft.
    But AMR said it was using "rent-a-plane leases" that allow
it to operate the aircraft without adding to its debt
structure. AMR also has the right to decline delivery of the
planes or return them on short notice. The arrangement protects
AMR in the case of an unexpected development such as a severe
downturn in the economy.
    From GE's point of view the package looks like a good deal
for several reasons, Heymann said.
    GE will be able to record revenue as a sale at the time of
delivery, Heymann noted.
    And if for some reason AMR decides not to take the planes
GE's financial arm, General Electric Financial Services Inc,
would have little trouble rounding up another airline that
wanted the fuel efficient planes. On the whole, the deal
appears to pose little risk for GE, Heymann said.
    GE's stock declined 1/4 to 103-1/2 on 625,000 shares by
midafternoon. H.P. Smith, analyst at Smith Barney, Harris Upham
and Co said for a 40 billion dlr (revenue) company "no one
order will have much of an effect on the stock."
    Russell Leavitt, analyst at Salomon Brothers Inc, said the
order "will help to maintain a good level of production and
profitability in the aircraft engine business" for GE.
    Heymann sees operating profits from GE's jet engine
business rising from 870 mln dlrs last year to 1.3 billion dlrs
by 1991.
    Revenue from jet engines was close to six billion dlrs last
year, with well over half of the business in the military
sector, according to analysts' estimates.
    The rosy outlook for GE's jet engine business coincides
with an upbeat performance in other segments.
    Heymann expects GE to earn 1.39 dlrs per share in the first
quarter of 1987. Saying many will be suprised by the results,
he believes GE has shown through its acquisition of RCA Corp
that it has a "unique ability" to buy a major business and
reshape it, pruning some parts and recombining parts with other
elements of its 14 business areas.
    Smith sees GE earning 1.35 dlrs per share in the current
quarter. He credits good results at RCA, in turn aided by the
NBC broadcasting operation, and lower interest rates.
    Leavitt sees 1.40 dlrs for the current quarter, in part
crediting "significant benefits from the RCA acquisition."
 Reuter
3;
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******
TREASURY'S MULFORD SEES MAJOR NEW LENDING FOR BRAZIL, OTHER DEBTORS, IN 1987

Blah blah blah.
3;


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2;

IMF APPROVES DEVELOPMENT AID FOR JAMAICA


    WASHINGTON, March 3 - 
The International Monetary Fund,
IMF, said it approved 125.9 mln sdr's to assist development in
Jamaica.
    Over the next 15 months 85 mln sdr's can be drawn under a
standby arrangement in support of the government's economic and
financial program.
    Another 40.9 mln is available immediately following an
export shortfall for Jamaica in the year ended September 1986
due to reduced income from bauxite, alumina and tourism, the
IMF said.
 Reuter
3;
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2;
******
MOBIL CORP FILES FOR OFFER OF ONE BILLION DLRS OF DEBT SECURITIES

Blah blah blah.
3;


bodyend
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1257
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grain
wheat
ship
topicend
bodystart
2;

FRENCH EXPORTERS SEE HIGHER WHEAT SALES TO CHINA


    PARIS, March 3 - 
French exporters estimated that around
600,000 tonnes of French soft wheat has been sold to China for
delivery in the 1986/87 (July/June) year.
    Around 300,000 tonnes were exported to China between July
1986 and February this year.
    Another 100,000 to 150,000 tonnes will be shipped during
this month and around the same amount in April, they said.
    France sold around 250,000 tonnes of soft wheat to China in
1985/86, according to customs figures.
    However, certain exporters fear China may renounce part of
its contract with France after being offered one mln tonnes of
U.S. soft wheat under the Export Enhancement Program in January
and making some purchases under the initiative.
 Reuter
3;
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2;

BUCKHORN INC 
<
BKN> 4TH QTR LOSS


    CINCINNATI, Ohio, March 3 -
    
Oper shr loss 1.24 dlrs vs profit 19 cts
    Oper net loss 1,965,000 vs profit 646,000
    Revs 10.5 mln vs 11.6 mln
    Avg shrs 1,741,000 vs 3,581,000
    12 mths
    Oper shr loss 1.55 dlrs vs profit 42 cts
    Oper net loss vs profit 2,051,000 vs 1,492,000
    Revs 42.9 mln vs 45.5 mln
    Avg shrs 1,816,000 vs 3,581,000
    NOTE: prior qtr excludes loss 229,000, or seven cts per
share, for discontinued operations.
    1986 qtr excludes 159,000 extraodinary loss.
    Excludes loss 293,000, or 16 cts per share, for 1986 and
gain 651,000, or 18 cts per share, for 1985 for discontinued
operations.
    Excludes loss 256,000 for 1986 net for extraordinary item.
 Reuter
3;
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2;

TREASURY'S MULFORD SEES BRAZIL LENDING PROGRESS


    WASHINGTON, March 3 - 
Assistant Treasury Secretary David
Mulford said rapid progress was being made in talks with
commercial banks for loans to Argentina, the Philippines and
Brazil.
    "This should result in substantial new lending for the
major debtors in 1987," he said in prepared testimony for the
Subcommittee on International Development Institutions of the
U.S. House of Representatives.
    Until recently, commercial banks were slow to conclude new
financing packages pending completion of a Mexican package,
Mulford said.
    "We are concerned about the backlog of other financial
packages and would like to see these move ahead soon," he said,
"There is some evidence that this is already happening.
    Chile signed an agreement with banks last week, and there
was also an agreement with Venezuela on rescheduling principal
payments on previously renegotiated debt.
    "We look for rapid progress in commercial bank discussions
with Argentina, the Philippines, and ultimately Brazil," he
said.
 Reuter
3;
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2;

BUCKHORN INC 
<
BKN> SEES HIGHER PROFITS IN 1987


    CINCINNATI, Ohio, March 3 - 
Buckhorn Inc said itd nine
million dlr backlog for orders and a less expensive operating
environment should yield significant levels of operating
profits for 1987.
    Buckhorn, a manufacturer of reusable plastic shipping and
storage containers, recorded 2,051,000, or 1.55 dlrs per share,
operating net loss for 1986.
    Buckhorn said the year's results included a 4,250,000
non-recurring expense incurred to complete major restructuring
efforts and to defend against the hostile tender offer from
Ropak Corporation.
   
 Reuter
3;
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2;

MOBIL 
<
MOB> FILES FOR ONE BILLION DLR DEBT OFFER


    WASHINGTON, March 3 - 
Mobil Corp filed with the Securities
and Exchange Commission for a shelf offering of up to one
billion dlrs of debt securities on terms to be determined at
the time of the sale.
    Proceeds from the sale will be used for general corporate
purposes, the company said.
    Mobil did not name any underwriters for the offering.
 Reuter
3;
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alum
topicend
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2;

ALCAN, BERTONE MAKE ALUMINUM STRUCTURE CAR


    MONTREAL, March 3 - 
Alcan Aluminium Ltd said it joined with
Carrozzeria Bertone S.P.A. to exhibit Alcan's technology in
aluminum structured vehicles at Geneva's international auto
salon.
    Alcan said it and Bertone have built several Bertone X1/9
sports cars with structures of adhesively bonded sheet
aluminum. It said the bodies were made on presses used for
Bertone's steel-structured sports cars.
    Alcan said two of the cars are currently being tested in
Britain by the Motor Industry Research Association.
     Alcan said it has developed and tested the aluminum
structure technology so that it is suitable for modern auto
making methods and plants.
    Alcan said the technology, which reduces the weight of a
car's basic structure by up to 50 pct, can improve handling and
performance and reduce fuel consumption for any size car. It
said the structures also provide long life without the need for
rust protection.
    The structure provides the same stiffness and safety as
present materials, while continuously bonded seams allow a 65
pct reduction in spot welds, Alcan said.
 Reuter
3;
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2;

CCR VIDEO 1ST QTR NOV 30 NET


    LOS ANGELES, March 3 -
    
Shr 2-1/5 cts vs nil
    Net 156,726 vs 11,989
    Sales 1,157,883 vs 890,138

 Reuter
3;
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2;

DEL E. WEBB INVESTMENT 
<
DWPA> 4TH QTR NET


    PHOENIX, Ariz., March 3 -
    
Shr eight cts vs 16 cts
    Net 188,000 vs 354,000
    Revs 538,000 vs 594,000
    Year
    Shr 31 cts vs 28 cts
    Net 692,000 vs 617,000
    Revs 2,640,000 vs 906,000
    (Del E. Webb Investment Properties Inc)
 Reuter
3;
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2;

MOODY'S DOWNGRADES LORAL 
<
LOR> DEBT


    NEW YORK, March 3 - 
Moody's Investors Service Inc said it
downgraded to Baa-2 from A-3 the rating on Loral Corp's 7-1/4
pct convertible subordinated debentures of 2010 and on 10-3/4
pct subordinated sinking fund debentures due 1997.
    Moody's said it took the action, which affects
approximately 117 mln dlrs of debt, after examining Loral's
acquisition of Goodyear Aerospace Corp.
    It said the downgrade reflects the substantial increase in
the company's debt in order to finance the acquisition and the
risks of assimilating such a relatively large acquisition.
 Reuter
3;
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corn
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2;
******
U.S. EXPORTERS REPORT 104,000 TONNES OF  CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87

Blah blah blah.
3;


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F.W. WOOLWORTH'S 
<
Z> 1986 PROFITS RISE 21 PCT


    By Gail Appleson, Reuter


    NEW YORK, March 3 - 
The specialty retailing area continues
to pay off for F.W. Woolworth Co, once known only as a five and
dime store chain, which said its 1986 income rose 21 pct.
    It was the fourth consecutive year of profit increases for
the New York-based retailer which was founded over 100 years
ago.
    Woolworth's 1986 income rose to 214 mln dlrs or 3.25 dlrs
per share compared with 1985's profit of 177 mln or 2.75 dlrs
per share. Revenues for the year rose to 6.50 billion compared
with the prior year's 5.96 billion.
    For the fourth quarter, the company reported profits rose
10 pct to 117 mln dlrs or 1.78 dlrs per share compared with
1985 fourth quarter results of 106 mln or 1.64 dlrs per share.
Revenues rose to 2.02 billion from 1.85 billion dlrs.
    Roy Garofalo, Woolworth vice president, told Reuters that
income generated by the company's specialty store operations
accounted for 52 pct of the parent company's 1986 profits.
    He said the company now has 4,700 specialty stores
operating under 30 different names. Woolworth plans to open 650
more specialty stores in 1987. At this time last year, it
operated 4,100 specialty stores, Garofalo said.
    Garofalo said the largest specialty chain operated by
Woolworth is Kinney Shoe Stores, followed by the Richman
apparel unit. Among other units are Little Folk Shop, a chain
of discount children's apparel stores; The Rx Place, a discount
drug, health and beauty aid operation; and Face Fantasies,
which sells cosmetics. There are currently about 1,700
Woolworth general merchandise stores operating worldwide, of
which 1,200 are in the United States.
    Harold Sells, chairman and chief executive of Woolworth,
said in a statement, "These results are especially gratifying as
they are an improvement over last year's record earnings."
    Sells that it was the fourth successive year earnings in
each quarter improved over the corresponding year-earlier
period.
    Woolworth's variety store operations were hard hit in the
1970's and early 1980's by the quickly growing discount store
industry. In an attempt to compete in the 1970's, Woolworth
opened a discount general store chain, Woolco, and J. Brannam,
a discount apparel chain. Both were failures in the United
States, although Woolco still operates in Canada.
    In 1985, however, Woolworth changed its strategy and
announced that it would operate specialty stores. At that time,
the company said it would create 14 new groups of such stores.
Specialty stores generally have higher sales per square foot
than general merchandise stores.
   
 Reuter
3;
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TREASURY'S MULFORD BACKS DEBT CONVERSIONS


    WASHINGTON, March 3 - 
Assistant Treasury Secretary David
Mulford said he prefers debt conversion plans to help heavily
indebted countries over quick-fix political plans to help ease
their debt burden.
    "In my view, debt conversions or swaps into either equity
or local debt claims provide a preferable route to 'debt
relief' for the debtor nations, particularly if combined with
measures to encourage new equity investment and the
repatriation of flight capital," he told the House Subcommittee
on International Development Institutions.
    Mulford criticized what he called large-scale solutions to
the debt problems effecting many developing countries, ranging
from debt forgiveness to creating new multilateral institutions
for lending.
    "While such approaches may have some political appeal, they
are impractical and ultimately counterproductive," he said.
    He said debt conversions, or swaps, are more effective
because they eliminate the interest service on converted debt,
create new jobs and open up investment opportunities that can
help indebted countries overcome their own problems.
 Reuter
3;
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ROYAL RESOURCES CORP 
<
RRCO> 2ND QTR DEC 31 LOSS


    DENVER, COLO., March 3 -
    
Shr loss 72 cts vs loss 1.48 dlrs
    Net loss 4,466,006 vs loss 9,091,688
    Revs 608,181 vs 1,280,727
    Six Mths
    Shr loss 77 cts vs loss 1.51 dlrs
    Net loss 4,752,455 vs loss 9,265,457
    Revs 1,444,149 vs 2,791,188
   
 Reuter
3;
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CANADA ECONOMY EXPECTED TO GROW MODERATELY


    By Russell Blinch, Reuters


    OTTAWA, March 3 - 
Canadian economic growth is expected to
slow further in 1987, but an improved the trade picture should
keep the country from recession, economists said.
    "The economy is ready for about a 2.0 pct rate of growth
over the course of 1987," said Carl Beigie, Chief Economist at
Dominion Securities Pitfield Ltd.
    Statistics Canada reported that gross domestic product,
grew 3.1 pct in 1986, the fourth year of continuous expansion,
but down from 1985's four pct.
    In the final quarter, GDP, in 1981 prices and at annualized
rates, rose a slight 0.2 pct after expanding 0.8 pct in the
third quarter.
    "Essentially it is a flat performance," said Warren Jestin,
deputy chief economist at the Bank of Nova Scotia.
    Economist Wendy Smith Cork of the brokerage Nesbitt Thomson
Bongard Inc said "it shows the economy is not moving along very
steadily, it's not a very promising number."
    "We weren't surprised, we expected to see one bad quarter
in Canada, but we don't think there will be a recession," she
added.
    The rise in GDP was below the 3.3 pct increase forecast by
Federal Finance Minister Michael Wilson in his budget last
month. He also projected the economy would expand  2.8 pct this
year.
    Many economists are less optimistic, predicting growth will
likely be in the 2.0 to 2.2 pct range.
    Statistics Canada also reported the country's trade
performance deteriorated sharply last year as the deficit in
the current account rose to a record 8.8 billion Canadian dlrs
from the previous year's shortfall of 584 mln dlrs.
    "The sharp increase in the deficit originated from
merchandise trade transactions where imports continued to
advance strongly whereas exports were virtually unchanged," the
federal agency said in a statement.
    The merchandise trade surplus was pared to 10.13 billion
dlrs in 1986 from 17.48 billion dlrs in 1985.
    But economist Cork said the expected upturn in the U.S.
economy will lead to increased demand for Canadian goods, and
help fuel the country's modest expansion. Nearly 80 pct of
Canada's exports are shipped to the U.S. each year.
 Reuter
3;
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grain
corn
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2;

USDA REPORTS CORN SOLD SOLD TO UNKNOWN


    WASHINGTON, March 3 - 
The U.S. Agriculture Department said
private U.S. exporters reported sales of 104,000 tonnes of corn
to unknown destinations for shipment in the 1986/87 marketing
year.
    The marketing year for corn began September 1, it said.
 Reuter
3;
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BANK OF ENGLAND PROPOSES LIMITS ON UNDERWRITERS


    By Norma Cohen and Geert Linnebank, Reuters


    LONDON, March 3 - 
The Bank of England proposed that banks
in Britain for the first time will have to seek authorization
to be lead underwriters of new issues in the euromarkets.
    In addition, the Bank has proposed limits on the amount of
credit risk that firms can take on with each new issue they
lead manage.
    The proposed rules were outlined today in a consultative
paper on large credit exposures taken by recognized banks and
deposit takers and may be modified, the Bank said.
    The rules could affect billions of dollars of eurobond
securities issued each year. In 1986, about 183 billion dlrs of
new eurobonds were offered, according to figures compiled by
Euromoney magazine.
    Up until now, there have been no restrictions on lead
managing eurobond issues.
    However, eurobond market participants believe the Bank of
England is concerned about intense competition for market share
which may have caused some firms to expose themselves to
imprudent credit risk.
    Competition for market share has been a boon to issuers as
banks compete to offer the best terms. But the new rules
suggest that some constraints may be placed on competition as
regulators attempt to ensure that no bank takes on more risk
than it can handle. Banking sources said that while the Bank of
England is reluctant to inhibit competition, it is willing to
accept some constraints in order to ensure that underwriters
act prudently.
    "The Bank's assessment of the appropriateness of a bank's
lead underwriting activity will depend primarily upon the skill
and experience of the lead underwriter in the particular market
concerned...," the Bank's proposal said.
    Once a firm has received permission to act as lead
underwriter, the exposure will be valued at one-sixth of the
face amount of the securities. Nominal exposure exceeding 60
pct of capital must be reported to the Bank of England and it
must be notified in advance for exposure of over 150 pct of
capital.
    The exposure will be determined to exist for a maximum of
28 days following a binding commitment to underwrite. After
that, any remaining exposure from unsold securities will be
assessed at their full face value.
    The rules would not apply to syndicated loan facilities,
revolving credits or commercial paper, the Bank said.
    The Bank also amended other aspects of plans to strengthen
its supervisory powers over banks in the paper, which called
for comments from professionals by March 31 to allow their
possible inclusion in the Banking Bill in time for its planned
final discussion in Parliament, scheduled before summer.
    The new Banking Bill, updating the 1979 Banking Act, is the
third leg of the Conservative government's legislation for the
supervision of financial institutions.
    It is to feature alongside the Financial Services Act,
aimed to bolster investor protection, and the Building
Societies Act, which put these institutions on an equal footing
with banks.
    The proposed legislation would abolish distinctions between
recognised banks and licensed deposit-takers and tighten legal
controls, making it a criminal offence to mislead supervisors.
    Proposals to require banks to inform the Bank of England in
advance of planned exposures in excess of 25 pct of their
capital, and to have the Bank supervise exposures between 10
and 25 pct of capital, were not under debate, the paper showed.
    However, preliminary consultations with bank
representatives had shown some of the initial proposals to be
flawed, it said.
    Most proposed changes involved evaluating exposures on a
case-by-case basis rather than along general lines.
    Amendments involved the Bank's proposed treatment of
exposures by financial institutions acting as banker to other
units of their own group of companies, the paper showed.
    They also regarded the treatment of credit exposure to
local governments and other public sector entities, and of
exposures undertaken by banks that are subsidiaries of banks.
    Proposals on how to value securities given by a debtor as
collateral to a credit were slightly changed, the paper showed.
    Exposures taken on by banks acting as creditor within their
own group of companies would usually be looked into on a
case-by-case basis under new proposals, it said.
    The paper said exposures to state-owned industries and
other public sector authorities in the U.K. and abroad should
be given the more lenient treatment of credits to governments
provided a government gives unconditional repayment guarantees.
    It cautioned that exposures to U.K. local authorities and
those guaranteed by the British Export Credit Guarantee
Department would probably not qualify for such treatment.
    On credits granted by banks which are a subsidiary of
another bank, an earlier-proposed 100 pct of capital ceiling
could be exceeded in individual cases.
    But the parent bank would have to give a formal undertaking
to take over the exposure if problems were to occur, and state
in writing that the exposure was retained in the subsidiary's
balance sheet to meet precise group objectives, the paper said.
    On collateral security, it said this "should normally only
be taken into account when considering the acceptability of a
bank's exposure up to 25 pct of its capital base."
    "The presence of security taken on its own will be
considered by the Bank as an acceptable reason for an exposure
in excess of 25 pct, but only in the most exceptional
circumstances and even then to a very limited extent," it said.
 Reuter
3;
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topicend
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2;

AMERICAN AIRCRAFT BUYS INTO HELICOPTER BUILDER


    SAN FRANCISCO, March 3 - 
<
American Aircraft Corp> said it
has acquired a 51 pct interest in privately-owned 
<
Hunter
Helicopter of Nevada Inc> for an undisclosed amount of stock.
    An American Aircraft official said the company has an
option to acquire the remaining 49 pct.
    Hunter Helicopter is in the business of building a two
passenger helicopter retailing for about 50,000 dlrs each which
is certified by the Federal Aviation Administration. The
helicopters will be manufactured in American Aircraft's Uvalde,
Texas, plant, it added.
 Reuter
3;
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PREMIER INDUSTRIAL CORP 
<
PRE> REGULAR DIVIDEND


    CLEVELAND, March 3 -
    
Qtly div 11 cts vs 11 cts in prior qtr
    Payable April 10
    Record March 23
 Reuter
3;
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2;

INTERNATIONAL TECHNOLOGY 
<
ITX> BUYS FIRM


    TORRANCE, Calif, March 3 - 
International Technology Corp
said it has purchased privately-held Western Emergency Service
Inc in a stock transaction.
    Western Emergency, an environmental services firm, has
annual sales of between one and two mln dlrs, compared to
International Technology's roughly 240-mln-dlr annual sales, a
spokesman for International Technology said.
 Reuter
3;
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CONTINENTAL GENERAL INSURANCE 
<
CGIC> 4TH QTR NET


    OMAHA, Neb., March 3 - 
    
Shr 20 cts vs 21 cts
    Net 783,564 vs 806,278
    Year
    Shr 89 cts vs 86 cts
    Net 3,443,392 vs 3,242,588
    Note:Full company name is Continental General Insurance Co
    Net includes profit from sale of securities of 155,410
dlrs, or four cts a share, and 192,896 dlrs, or five cts a
share, respectively, in 1986 qtr and year, and of 12,879 dlrs,
or nil per share, in 1985 qtr. Net for 1985 year includes loss
from sale of securities of 315,763 dlrs, or eight cts a share.
 Reuter
3;
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MARGAUX CONTROLS INC 
<
MARGX> 3RD QTR LOSS


    FREMONT, Calif., March 3 -
    
Shr loss 1.60 dlrs vs loss 45 cts
    Net loss 9,883,000 vs loss 2,744,000
    Revs 1,309,000 vs 3,289,000
    Nine mths
    Shr loss 2.29 dlrs vs loss 98 cts
    Net loss 14.1 mln vs loss 6,008,000
    Revs 4,577,000 vs 11.9 mln
    NOTE: Current periods include loss of 7.5 mln dlrs from
discontinued operations.
 Reuter
3;
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MERCHANTS GROUP INC 
<
MRCH> 4TH QTR OPER NET


    BUFFALO, N.Y., March 3 -
    
Oper shr profit 21 cts vs loss 2.13 dlrs
    Oper net profit 456,000 vs loss 2,454,000
    Revs 16.3 mln vs 13.1 mln
    Year
    Oper shr 1.39 dlrs vs loss 2.41 dlrs
    Oper net profit 1,815,000 vs loss 2,779,000
    Revs 58.0 mln vs 43.8 mln
    NOTE: 1986 4th qtr and yr oper net exclude realized
investment gains of 279,000 dlrs and 1,013,000 dlrs,
respectively, which includes provision for income taxes of
238,000 dlrs and 863,000 dlrs for the periods, respectively.
    1986 4th qtr and yr oper net exclude 606,000 dlrs or 38 cts
per share and 2,323,000 dlrs or 1.86 dlrs per share, for net
operating loss carryovers.
    1985 4th qtr and yr oper net exclude realized investment
gains of 439,000 dlrs and 666,000 dlrs respectively.
 Reuter
3;
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CONTINENTAL GENERAL 
<
CGIC> SETS STOCK DIVIDEND


    OMAHA, Neb., March 3 - 
Continental General Insurance Co
said its board of directors declared a 10 pct stock dividend on
common shares, payable April one to shareholders of record
March 16.
    The company yesterday paid a quarterly cash dividend of
2-1/2 cts a share, unchanged from the previous quarter, to
shareholders of record February 20.
 Reuter
3;
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documentstart
1288
topicstart
earn
topicend
bodystart
2;

MARGAUX CONTROLS INC 
<
MARGX> 3RD QTR DEC 28 LOSS


    FREMONT, Calif., March 3 -
    
Shr loss 1.60 dlrs vs loss 45 cts
    Net loss 9,883,000 vs loss 2,744,000
    Revs 1,309,000 vs 3,289,000
    Nine mths
    Shr loss 2.29 dlrs vs loss 98 cts
    Net loss 14.1 mln vs loss 6,008,000
    Revs 4,577,000 vs 11.9 mln
    Note: 1986 net losses inlcude 7,507,000-dlr charge from
discontinued operations of building management system sold to
Cetek System Inc on Jan 30, 1987.
 Reuter
3;
bodyend
documentend
documentstart
1291
topicstart
acq
topicend
bodystart
2;

HARRIS CUTS STAKE IN BELL INDUSTRIES 
<
BI>


    WASHINGTON, March 3 - 
Harris Associates L.P., a Chicago
investment advisory limited partnership, said it lowered its
stake in Bell Industries Inc to 1,015,800 shares, or 18.7 pct
of the total outstanding, from 1,083,800 shares, or 20.0 pct.
    In a filing with the Securities and Exchange Commission,
Harris said it sold 68,000 Bell common shares between Dec 18
and Feb 20 at prices ranging from 20.25 to 25.24 dlrs each.
    Harris said its dealings in Bell stock are on behalf of its
advisory clients.
 Reuter
3;
bodyend
documentend
documentstart
1292
topicstart
acq
topicend
bodystart
2;

GOODYEAR 
<
GT> CHAIRMAN CRITICIZES CORPORATE RAIDS


    MIAMI, March 3 - 
The chairman of Goodyear Tire and Rubber
Co, a concern that survived a recent hostile takeover bid,
charged that "terrorists in three-piece suits" are undermining
the nation's industrial base.
In a speech to a meeting of south Florida business executives,
Goodyear Chairman Robert Mercer lashed out at corporate raiders
and takeover specialists, accusing them of causing serious harm
to the companies they target.
  "Their interest is not in preserving and strengthening
America's industrial and providing jobs," he said. "Their
product is simply deals, and that is not a product which a
country ... can base a future on."
    Last year, Mercer fought off a takeover attempt by British
industrialist Sir James Goldsmith.
    But Goodyear's independence was preserved at a high price,
Mercer said.
    The company bought back Goldsmith's stock for 620 mln dlrs,
giving him a 93 mln dlr profit. Goodyear also paid him 37 mln
dlrs for expenses and bought about 41 mln other shares for over
two billion dlrs.
    In an effort to trim its new debt, Goodyear closed down
three plants Mercer believes otherwise could have been saved,
sold its motor wheel and aerospace units and reduced its
payroll by 10 pct, he said.
    Mercer, who plans to testify tomorrow at a Senate hearing
on a proposed bill to control corporate raiders, said hostile
takeovers have also hurt workers.
 Reuter
3;
bodyend
documentend
documentstart
1293
topicstart
earn
topicend
bodystart
2;

<
TIVERTON PETROLEUMS LTD> NINE MTHS DEC 31 NET


    CALGARY, Alberta, March 3 -
    
Shr six cts vs five cts
    Net 459,131 vs 289,433
    Revs 1,808,832 vs 1,680,240
 Reuter
3;
bodyend
documentend
documentstart
1295
topicstart
grain
wheat
topicend
bodystart
2;

MORE INTERMEDIATE U.S. WHEAT CREDITS FOR MOROCCO


    WASHINGTON, March 3 - 
The Commodity Credit Corporation has
approved an additional 45.0 mln dlrs under its interemdiate
export credit guarantee program, GSM-103, for sales of U.S.
wheat to Morocco, the U.S. Agriculture Department said.
    The action increases Morocco's cumulative fiscal year 1987
program for wheat under GSM-103 to 75.0 mln dlrs.
    The credit terms extended for exports under the program
must be in excess of three years but no more than seven years
to eligible for credit coverage. All sales under this line must
be registered and exported by September 30, 1987.
    The department also said the guarantee line for sales of
U.S. wheat under the Export Credit Guarantee Program, GSM-102,
has been decreased 45.0 mln dlrs to 60.0 mln.
 Reuter
3;
bodyend
documentend
documentstart
1298
topicstart
earn
topicend
bodystart
2;

MCA INC 
<
MCA> SETS REGULAR QTRLY PAYOUT


    UNIVERSAL CITY, Calif., March 3 -
    
Qtrly div 17 cts vs 17 cts prior
    Pay April 13
    Record March 25
 Reuter
3;
bodyend
documentend
documentstart
1299
topicstart
grain
topicend
bodystart
2;

SOVIET GRAINS SEEN ENTERING SPRING ON SHAKY NOTE


    by Maggie McNeil, Reuters


    WASHINGTON, March 3 - 
Soviet winter grains could be off to
a faulty start this spring after enduring an usually dry fall
and cold winter, weather and crop analysts said.
    Prospects for another near-record grain harvest in the
Soviet Union appear dim at this point, but it is premature to
forecast any major crop problems, analysts said.
    But the situation bears careful watching over the next six
weeks and will ultimately impact the Soviet grain supply and
future buying plans, analysts of the Soviet Union said.
    "From a weather standpoint, you can say with certainty that
the Soviets are not getting off to a good start and will have a
lower crop (than last year)," Gail Martell, chief meteorologist
for E.F. Hutton said.
    The next six weeks in the USSR's grain growing areas will
be the crucial period that will determine the final outcome of
the winter crops, Martell and other analysts said.
    "Where the crop is really made or broken is still ahead of
us," an Agriculture Department authority on the USSR said.
    The Soviet Union recently reported that nine mln hectares
of winter grain will have to be reseeded due to winterkill.
This would be equal to about 25 pct of the total winter crop
and would be the second highest winterkill in ten years, the
USDA analyst said.
    With a timely spring, Soviet farmers would probably be able
to reseed the damaged acreage with spring crops, but analysts
noted that spring crops normally yield lower than winter crops
-- sometimes as much as 30-35 pct lower.
    Normally winterkill is caused by inadequate snowcover
combined with cold temperatures. This winter, however,
snowcover in Soviet grain areas has generally been excellent,
so the bulk of winterkill, analysts speculate, likely has been
due to a very dry fall and subsequent poor crop germination.
    "Fall dryness may be a problem. There's a good correlation
between mediocre crops and fall dryness," Martell said.
    Precipitation last fall was as little as 25 pct of normal
in southern and northern Ukraine, and below normal over the
entire winter crop area, she said.
    Recent cold temperatures in grain areas in which the
snowcover has been gradually melting could also have caused 
problems of ice-crusting and winterkill, Jim Candor, senior
forecaster for Accu Weather, said.
    Livestock feed needs have probably increased because of the
fall and winter, analysts said. The dry fall damaged pastures,
the cold winter raised feed demands and a late spring would
require longer off-pasture feeding, they said.
    "The Soviets are not in a desperate situation ... they
don't have to buy (grains) now," a USDA official said.
    But if the Soviets are worried about their winter crops and
if they feel that last year's huge crop of 210 mln tonnes was a
one-time fluke brought on by perfect conditions, more Soviet
buying might occur to insure crop supplies, he said.
    Bad weather during the next six weeks could push the
Soviets back into the market, weather analysts said.
    "A lot of winterkill could occur during the next month and
a half," Martell said.
 Reuter
3;
bodyend
documentend
documentstart
1300
topicstart
alum
topicend
bodystart
2;

ALCAN (AL) TO CLOSE WEST GERMAN SMELTER


    MONTREAL, March 3 - 
(Alcan Aluminium Ltd) is closing its
aluminum smelter in Ludwigshafen, West Germany this June due to
high operating costs, an Alcan spokesman said.
    The smelter, near Frankfurt, had annual capacity of about
44,000 metric tons but was operating at about half that in
January, spokesman Fernand Leclerc said.
    Leclerc said Alcan decided it would cost too much to
modernize the plant.
    He said there is a possibility the company will sell the
smelter, which currently employs 320 people, before its
scheduled closing.             
 Reuter
3;
bodyend
documentend
documentstart
1301
topicstart
earn
topicend
bodystart
2;

ROYAL RESOURCES CORP 
<
RRCO> 2ND QTR DEC 31 LOSS


    DENVER, March 3 -
    
Shr loss 72 cts vs loss 1.48 dlrs
    Net loss 4,466,006 vs loss 9,091,688
    Revs 608,181 vs 1,280,727
    Avg shrs 6,194,000 vs 6,155,461
    First half
    Shr loss 77 cts vs loss 1.51 dlrs
    Net loss 4,752,455 vs loss 9,265,457
    Revs 1,444,149 vs 2,791,188
    Avg shrs 6,174,731 vs 6,155,461
    NOTE: Losses include charges of 4.0 mln dlrs in both 1986
periods vs 14.4 mln dlrs in both 1985 periods for write-down of
oil and gas properties
 Reuter
3;
bodyend
documentend
documentstart
1303
topicstart
acq
topicend
bodystart
2;

HANSON TRUST 
<
HAN> COMPLETES KAISER PURCHASE


    NEW YORK, March 3 - 
Hanson Trust PLC said Kaiser Cement
shareholders today approved the previously announced merger
agreement making Kaiser Cement an indirect wholly owned unit of
Hanson Trust.
    Hanson said that promptly following the filing of the
certificate of merger Kaiser Cement common shares will be
delisted from the New York Stock Exchange.
    Hanson also said, in accordance with the merger agreement
Kasier Cement also has redeemed all outstanding shares of its
1.375 dlr convertible preferance stocks and its outstanding 9
pct convertible debentures due 2005.
    The acquisitions total purchase price (including cost of
financing the above-mentioned redemptions) will be about 250
mln dlrs, Hanson said.
 Reuter
3;
bodyend
documentend
documentstart
1306
topicstart
crude
topicend
bodystart
2;

OIL PRICES RISE ON SAUDI EFFORT


    BY TED D'AFFLISIO, REUTERS


    NEW YORK, MARCH 3 - 
Crude oil prices rallied today, moving
over 17.00 dlrs a barrel because of Saudi Arabia's determined
effort to support prices, analysts said.
    "The Saudis and other OPEC nations are jawboning the market,
hoping to restore confidence and prices and to do this without
another meeting," said Sanford Margoshes, oil analyst with
Shearson Lehman Brothers Inc.
    "But OPEC is not out of the woods yet by a longshot due to
seasonal declines in demand and some cheating," he added.
    Oil industry analysts said Saudi Arabia has led the attempt
to get other OPEC members to resist pressures to discount from
the official prices agreed to last december.
    The analysts said that to get others to hold the line,
Saudi Arabia pushed hard at the meeting of deputy oil ministers
of the Gulf Cooperation Council last weekend and at the
Cooperation Council oil ministers' meeting the previous week.
    The Saudis have also offered to support members having
difficulty in selling their oil, analysts said.
    "They are trying to make sure that no one discounts, and to
prevent that, it appears that Saudi Arabia or some other OPEC
member will allocate some of their oil sales to help members
that lose sales," Margoshes said.
    He added that the allocations would probably be in the form
of loans to be repaid when these nations resume sales.
    Analysts said this would be useful in keeping in line
nations like Qatar, which has had trouble selling oil. But it
is also likely that such assistance would be provided to
Nigeria which is under pressure to extend discounts.
    Analysts said that Saudi Arabia, with assistance from OPEC
president Rilwanu Lukman, was trying to avoid an emergency OPEC
meeting for fear that it would give the appearance that the
December pact is falling apart.
    Daniel McKinley, oil analyst with Smith Barney, Upham
Harris and Co said, "both physical and futures markets have been
oversold and it only took a small spark to bring on a short
covering rally."
    He believes an Iranian trade mission to Tokyo, which
refused discounts to Japanese buyers, brought Japanese refiners
into the market to cover their short positions.
    Oil traders said one japanese refiner came into the market
to but 10 cargoes of May Dubai, which sent prices up on Mideast
sours, with Dubai trading up to 16.50 dlrs after trading
yeterray as low as 15.63 dlrs and then spilled over into the
North sea crude oil market.
    Traders said that there have been persistent rumors today
that Japanese buyers are looking to pick up cargoes of Brent
for Japan and European trade sources indidate rumors of vessels
being fixed to make such shipments.
    North sea brent today rose over 17.00 dlrs with trades
reported as high as 17.05 dlrs, up one dlr.
    OPEC members' denials that they are producing over their
quotas sparked moves to cover short postitions.
    Indonesian oil minister Subroto said today that OPEC
production was below the 15.8 mln bpd quota agreed to last
december but he gave no details on OPEC production against
claims it was more at least one mln bpd above that level.
    "The production probably is about their quota level and
largely because Saudi Arabia will not discount and canot sell
its oil as a result," Margoshes said.
    Analysts have mixed opinions about the extent of the
current rally. Some believe prices can continue to rise if
Saudi Arabia and OPEC hold steady in a refusal to discount.
    But others said that despite the rally today there were
still several fundamental factors, including demand, which
could cut the rally short.
    Marion Stewart, an indepedent petroleum economist, said
slow growth in the economies of the U.S. and OECD would keep
demand for oil slack and he now estimates that demand to rise
about 1.4 pct over 1986.
 Reuter
3;
bodyend
documentend
documentstart
1307
topicstart
topicend
bodystart
2;
******
U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 9 TO PAY DOWN 2.45 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
1308
topicstart
money-supply
topicend
bodystart
2;

TREASURY BALANCES AT FED ROSE ON FEB 27


    WASHINGTON, March 3 - 
Treasury balances at the Federal
Reserve rose on Feb 27 to 3.482 billion dlrs from 1.538 billion
dlrs the previous business day, the Treasury said in its latest
budget statement.
    Balances in tax and loan note accounts fell to 21.334
billion dlrs from 25.164 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 24.816
billion dlrs on Feb 27 compared with 26.702 billion dlrs on Feb
26.
 Reuter
3;
bodyend
documentend
documentstart
1309
topicstart
topicend
bodystart
2;

U.S. TO SELL 13.2 BILLION DLRS IN BILLS


    WASHINGTON, March 3 - 
The U.S. Treasury said it will sell
13.2 billion dlrs of three and six-month bills at its regular
auction next week.
    The March 9 sale, to be evenly divided between the three
and six month issues, will result in a paydown of 2.45 billion
dlrs as maturing bills total 15.65 billion dlrs.
    The bills will be issued March 12.
 Reuter
3;
bodyend
documentend
documentstart
1311
topicstart
earn
topicend
bodystart
2;

KASLER CORP 
<
KASL> 1ST QTR JAN 31 NET


    LOS ANGELES, March 3 -
    
Shr profit three cts vs loss seven cts
    Net profit 161,000 vs loss 367,000
    Revs 24.3 mln vs 26.5 mln
 Reuter
3;
bodyend
documentend
documentstart
1312
topicstart
coffee
topicend
bodystart
2;

COFFEE MAY FALL MORE BEFORE NEW QUOTA TALKS


    By Douglas Learmond, Reuters


    LONDON, March 3 - 
Coffee prices may have to fall even lower
to bring exporting and importing countries once more round the
negotiating table to discuss export quotas, ICO delegates and
traders said.
    The failure last night of International Coffee
Organization, ICO, producing and consuming countries to agree
export quotas brought a sharp fall on international coffee
futures markets today with the London May price reaching a
4-1/2 year low at one stage of 1,270 stg per tonne before
ending the day at 1,314 stg, down 184 stg from the previous
close.
    The New York May price was down 15.59 at 108.00 cents a lb.
    Pressure will now build up on producers returning from the
ICO talks to sell coffee which had been held back in the hope
the negotiations would establish quotas which would put a floor
under prices, some senior traders said.
    The ICO 15 day average price stood at 114.66 cents a lb for
March 2. This compares with a target range of 120 to 140 cents
a lb under the system operating before quotas were suspended in
February last year following a sharp rise in international
prices caused by drought damage to the Brazilian crop.
    In a Reuter interview, Brazilian Coffee Institute, IBC,
President Jorio Dauster urged producers not to panic and said
they need to make hard commercial decisions. "If we have failed
at the ICO, at least we have tried," Dauster said, adding "now it
is time to go and sell coffee."
    But Brazil is keeping its marketing options open. It plans
to make an official estimate of the forthcoming crop next
month, Dauster said. It is too difficult to forecast now. Trade
sources have put the crop at over 26 mln bags compared with a
previous crop of 11.2 mln. Brazil is defining details of public
selling tenders for coffee bought on London's futures market
last year.
    A basic condition will be that it does not go back to the
market "in one go" but is sold over a minimum of six months.
    The breakdown of the ICO negotiations reflected a split
between producers and consumers on how to set the yardstick for
future quotas. Consumers said "objective criteria" like average
exports and stocks should determine producer quota shares,
Dauster said.
    All elements of this proposal were open to negotiation but
consumers insisted they did not want a return to the "ad hoc" way
of settling export quotas by virtual horse trading amongst
producers whilst consumers waited in the corridors of the ICO.
    Dauster said stocks and exports to ICO members and
non-members all need to be considered when setting quotas and
that Brazil would like to apply the coffee pact with a set
ratio of overall quota reflecting stock holdings.
    It is a "simplistic misconception that Brazil can dictate"
policy to other producers. While consumer countries are welcome
to participate they cannot dictate quotas which are very
difficult to allocate as different "objective criteria" achieve
different share-outs of quota, Dauster said.
    Other delegates said there was more open talking at the ICO
and at least differences were not hidden by a bad compromise.
    Consumer delegates said they had not been prepared to
accept the producers' offer to abandon quotas if it proves
impossible to find an acceptable basis for them.
    "We want the basis of quotas to reflect availability and to
encourage stock holding as an alternative to a buffer stock if
supplies are needed at a later stage," one delegate said.
    Some consumers claimed producer support for the consumer
argument was gaining momentum towards the end of the ICO
session but said it is uncertain whether this will now collapse
and how much producers will sink their differences should
prices fall further and remain depressed.
    The ICO executive board meets here March 30 to April 1 but
both producer and consumer delegates said they doubt if real
negotiations will begin then. The board is due to meet in
Indonesia in June with a full council scheduled for September.
    More cynical traders said the pressure of market forces and
politics in debt heavy Latin American producer countries could
bring ICO members back around the negotiating table sooner than
many imagine. In that case quotas could come into force during
the summer. But most delegates and traders said quotas before
October are unlikely, while Brazil's Dauster noted the ICO has
continued although there were no quotas from 1972 to 1980.
    A clear difference between the pressures already being felt
by importers and exporters was that consumers would have been
happy to agree on a formula for future quotas even if it could
not be imposed now. At least in that way they said they could
show a direct relationship between quotas and availability.
    In contrast producers wanted stop-gap quotas to plug the
seemingly bottomless market and were prepared to allow these to
lapse should lasting agreement not be found.
    "Producers were offering us jam tomorrow but after their
failure to discuss them last year promises were insufficient
and we wanted a cast iron commitment now," one consumer said.
 Reuter
3;
bodyend
documentend
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1313
topicstart
earn
topicend
bodystart
2;

SEAMAN FURNITURE 
<
SEAM> IN STOCK SPLIT


    CARLE PLACE, N.Y., March 3 - 
Seaman Furniture Co Inc said
its board declared a two-for-one split of the company's
outstanding stock.
    It said holders of its common will receive one additional
share for each share held as of March 20. It said certificates
representing additional shares will be distributed as soon as
possible after April 10.
 Reuter
3;
bodyend
documentend
documentstart
1314
topicstart
earn
topicend
bodystart
2;

<
SCOTT'S HOSPITALITY INC> 3RD QTR JAN 31 NET


    TORONTO, March 3 -
    
Oper shr eight cts vs eight cts
    Oper net 5,219,000 vs 4,377,000
    Revs 214.9 mln vs 182.5 mln
    NINE MTHS
    Oper shr 51 cts vs 51 cts
    Oper net 29.6 mln vs 27.9 mln
    Revs 634.5 mln vs 569.3 mln
    1986 net excludes extraordinary gain of 8,031,000 dlrs or
15 cts shr.
    1987 net reflects three-for-one stock split in 2nd qtr and
issue of 1.5 mln subordinate voting shares in 1st qtr.
 Reuter
3;
bodyend
documentend
documentstart
1315
topicstart
earn
topicend
bodystart
2;

TELXON CORP 
<
TLXN> SEES HIGHER REVENUES


    AKRON, Ohio, March 3 - 
Telxon Corp reported it expects
revenues for the quarter ending March 31 to be between 26 to 28
mln dlrs.
    The company said earnings per share for the period should
be between 23 cts to 26 cts.
    "The company is making an announcement at this time in
response to analysts fourth quarter revenues and earnings per
share estimates of 29 mln to 32 mln and 24 cts to 30 cts,
respecivtely," said Raymond Meyo, president and chief executive
officer.
    Telxon recorded revenues of 24.2 mln dlrs for the quarter
last year, and earnings per share of 22 cts, adjusted for a
three-for-two stock split in May 1986.
 Reuter
3;
bodyend
documentend
documentstart
1316
topicstart
acq
topicend
bodystart
2;

ROYAL RESOURCES 
<
RRCO> SETS VOTE ON SALE


    DENVER, March 3 - 
Royal Resources Corp said its board set
an April 21 a shareholders' meeting to vote on the sale of its
oil and gas properties for 3,650,000 dlrs, an increase in
authorized common to 20 mln shares from 15 mln and the change
of the company's name to Royal Gold Inc.
    The company has agreed to sell its oil and gas properties
to 
<
Victoria Exploration N.L.> of Perth, Western Australia.
    Royal Resources also said the sale of its interest in two
gold properties -- the Colosseum Mine in San Bernardino County,
Calif., and the Camp Bird mine near Ouray, Colo. -- was closed
on February 27. The company said it received 4.4 mln dlrs and
cancellation of the remaining balance due on the acquisition of
the interest, adding this represents 2.5 mln dlrs more than it
paid for the interest.
 Reuter
3;
bodyend
documentend
documentstart
1317
topicstart
earn
topicend
bodystart
2;

AMERICAN VANGUARD CORP 
<
AMGD> YEAR NET


    LOS ANGELES, March 3 -
    
Shr 57 cts vs 27 cts
    Net 1,002,000 vs 470,000
    Sales 15.9 mln vs 12.0 mln
    Note: 4th qtr figures not given.
   
 Reuter
3;
bodyend
documentend
documentstart
1320
topicstart
earn
topicend
bodystart
2;

HARPER INTERNATIONAL INC 
<
HNT> 3RD QTR JAN 31


    SAN ANTONIO, Texas, March 3 -
    
Shr 12 cts vs 19 cts
    Net 369,000 vs 358,000
    Revs 7,076,000 vs 6,712,000
    Avg shrs 3,050,000 vs 1,850,000
    Nine mths
    Shr 53 cts vs 63 cts
    Net 1,523,000 vs 1,158,000
    Revs 22.6 mln vs 20.7 mln
    Avg shrs 2,852,198 vs 1,850,000
 Reuter
3;
bodyend
documentend
documentstart
1322
topicstart
earn
topicend
bodystart
2;

WITCO CORP 
<
WIT> SETS REGULAR QTLY PAYOUT


    NEW YORK, March 3 -
    
Qtly div 28 cts vs 28 cts prior
    Pay April one
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
1324
topicstart
crude
topicend
bodystart
2;
******
PANCANADIAN TO SELL NORTH SEA PROPERTIES, UNIT TO WHITEHALL FOR CASH

Blah blah blah.
3;


bodyend
documentend
documentstart
1326
topicstart
earn
topicend
bodystart
2;

<
MDS HEALTH GROUP LIMITED> IN QTLY PAYOUT


    TORONTO, March 3 - 
    
Qtly div six cts vs six cts prior
    Pay April one
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
1327
topicstart
earn
topicend
bodystart
2;

HARPER INTERNATIONAL INC 
<
HNT> 3RD QTR NET


    SAN ANTONIO, Texas, March 3 - 
Qtr ended Jan 31
    Shr 12 cts vs 19 cts
    Net 369,000 vs 358,000
    Revs 7,076,000 vs 6,712,000
    Avg shrs 3,050,000 vs 1,850,000
    Nine mths
    Shr 53 cts vs 63 cts
    Net 1,523,000 vs 1,158,000
    Revs 22.6 mln vs 20.7 mln
    Avg shrs 2,852,198 vs 1,850,000
 Reuter
3;
bodyend
documentend
documentstart
1328
topicstart
earn
topicend
bodystart
2;

BURST AGRITECH INC 
<
BRZT> YEAR NOV 30 LOSS


    OVERLAND, KAN., March 3 -
    
Net loss 705,496 vs loss 182,766
    Sales 642,590 vs 1,126,315
 Reuter
3;
bodyend
documentend
documentstart
1331
topicstart
crude
topicend
bodystart
2;
******
API SAYS DISTILLATE STOCKS OFF 4.4 MLN BBLS, GASOLINE OFF 30,000, CRUDE UP 700,000

Blah blah blah.
3;


bodyend
documentend
documentstart
1332
topicstart
alum
topicend
bodystart
2;

ALCAN TO CLOSE WEST GERMAN SMELTER


    MONTREAL, March 3 - 
Alcan Aluminium Ltd is closing its
aluminum smelter in Ludwigshafen, West Germany this June due to
high operating costs, an Alcan spokesman said.
    The smelter, near Frankfurt, had annual capacity of about
44,000 tonnes but was operating at about half that in January,
spokesman Fernand Leclerc said.
    Leclerc said Alcan decided it would cost too much to
modernize the plant.
    He said there is a possibility the company will sell the
smelter, which currently employs 320 people, before its
scheduled closing.
 Reuter
3;
bodyend
documentend
documentstart
1335
topicstart
crude
topicend
bodystart
2;

PANCANADIAN TO SELL BRITISH INTERESTS


    CALGARY, Alberta, March 3 - 
<
PanCanadian Petroleum Ltd>
said it agreed to sell its working interest in its North Sea
properties and its British unit, Canadian Pacific Oil and Gas
of Canada Ltd, to Whitehall Petroleum Ltd, a private British
company.
    PanCanadian, 87 pct-owned by Canadian Pacific Ltd 
<
CP>,
said it would receive 1.7 mln British pounds cash (3.5 mln
Canadian dlrs) at closing, expected in two to three months.
    It said the deal is subject to approval by regulators and
its partners in the properties, which consist of exploration
wells. It will also retain a royalty interest in the
properties.
 Reuter
3;
bodyend
documentend
documentstart
1339
topicstart
earn
topicend
bodystart
2;

TELXON 
<
TXLN> SEES SLIGHTLY HIGHER 4TH QTR NET


    AKRON, OHIO, March 3 - 
Telxon Corp said it expects
per-share earnings for its fourth quarter ending March 31 to be
about 23 cts to 26 cts on revenues of 26 mln dlrs to 28 mln
dlrs.
    For the year-ago quarter, the company earned 22 cts a
share, adjusted for a three-for-two stock split, on revenues of
24.2 mln dlrs.
    The company said it made the earnings estimate in response
to analysts' forecasts, which it said called for per-share
earnings of 24 cts to 30 cts and revenues of 29 mln dlrs to 32
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1340
topicstart
acq
topicend
bodystart
2;

REID-ASHMAN 
<
REAS> TO DIVEST TEST PRODUCT UNIT


    SANTA CLARA, Calif., March 3 - 
Reid-Ashman Inc said it has
decided to divest its test products division, located in Santa
Clara.
    The company said it will entertain offers through March 30.
It also said Steven Reid, a company founder and president of
the test division, has made an offer to purchase the unit.
    The company's test division accounted for about ten pct of
total revenues in the year ended Sept 30, 1986 and is currently
running a revenue rate of under two mln dlrs per year, it said.
 Reuter
3;
bodyend
documentend
documentstart
1341
topicstart
earn
topicend
bodystart
2;

PACIFIC LIGHTING COPR 
<
PLT> QUARTERLY DIVIDEND


    LOS ANGELES, March 3 -
    
Qtly div 87 cts vs 87 cts
    Pay Feb 17
    Record Jan 20
 Reuter
3;
bodyend
documentend
documentstart
1342
topicstart
earn
topicend
bodystart
2;

CETEC CORP 
<
CEC> QUARTERLY DIVIDEND


    KAHULUI, Hawaii, March 3 -
    
Qtly div five cts vs five cts
    Pay May 22
    Record May 8
 Reuter
3;
bodyend
documentend
documentstart
1343
topicstart
crude
topicend
bodystart
2;

API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK


    WASHINGTON, March 3 - 
Distillate fuel stocks held in
primary storage fell by 4.4 mln barrels in the week ended Feb
27 to 127.10 mln barrels from 131.50 mln the previous week, the
American Petroleum Institute (API) said.
    In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks fell 30,000 barrels to 252.92 mln
barrels from a revised 252.95 mln, while crude oil stocks rose
700,000 barrels to 329.38 mln from a revised 328.68 mln.
    It said residual fuel stocks fell 380,000 barrels to 38.04
mln from 38.42 mln barrels.
    API said refinery runs in the week fell to 12.17 mln
barrels per day from a revised 12.42 mln and refinery use of
operating capacity was 78.1 pct, off from a revised 79.7 pct.
    Crude oil imports in the week fell to 3.98 mln bpd from a
revised 4.22 mln, API added.
 Reuter
3;
bodyend
documentend
documentstart
1344
topicstart
earn
topicend
bodystart
2;

JONES MEDICAL INDUSTRIES INC 
<
JMED> 4TH QTR NET


    ST. LOUIS, MO., March 3 - 
    
Shr six cts vs five cts
    Net 199,037 vs 135,587
    Sales 1,594,895 vs 1,368,959
    Avg shrs 3.1 mln vs 2.5 mln
    Year
    Shr 25 cts vs 19 cts
    Net 695,398 vs 446,426
    Sales 5,785,365 vs 4,520,781
    Avg shrs 2.8 mln vs 2.4 mln
 Reuter
3;
bodyend
documentend
documentstart
1345
topicstart
earn
topicend
bodystart
2;

MAUI LAND AND PINAPPLE CO INC QUARTERLY DIVIDEND


    KAHULUI, Hawaii, March 3 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts
    Pay March 31
    Record Feb 27
 Reuter
3;
bodyend
documentend
documentstart
1346
topicstart
topicend
bodystart
2;
******
GM TO REPUCHASE UP TO 20 PCT OF 1.66 DLR PAR VALUE COMMON BY END OF 1990

Blah blah blah.
3;


bodyend
documentend
documentstart
1347
topicstart
trade
topicend
bodystart
2;

U.S. WINE EXPORTS ROSE 15 PER CENT LAST YEAR


    SAN FRANCISCO, March 3 - 
Exports of American wine rose 14.9
per cent last year to a total of 7.2 million gallons, the Wine
Institute said.
    The San Francisco-based promotional group said 95 per cent
of the exported wine was from California and the top three
markets were Canada, Japan and Britain.
    Japan, which edged out Britain as the leading importer of
American wines in 1985, continued in second place.
    Canadian imports rose 3.2 per cent to 2.6 million gallons;
Japan, 9.9 per cent to 1.2 million gallons, and Britain, 20.2
per cent to 962,360 gallons.
    A spokesman for the institute said the declining value of
the dollar and strong promotional efforts on the part of the
California wine industry contributed significantly to the
increased shipments.
    The 1986 wine exports were valued at 34.7 mln dlrs, up from
27.6 mln dlrs the previous year.              
 Reuter
3;
bodyend
documentend
documentstart
1348
topicstart
topicend
bodystart
2;

U.S. TREASURY OFFICIAL SEES LATIN DEBT PROGRESS


    WASHINGTON, March 3 - 
Assistant U.S. Treasury Secretary
David Mulford said rapid progress was being made in talks with
commercial banks for loans to Argentina, the Philippines and
Brazil.
    "This should result in substantial new lending for the
major debtors in 1987," he said in prepared testimony for the
Subcommittee on International Development Institutions of the
U.S. House of Representatives.
    Until recently, commercial banks were slow to conclude new
financing packages pending completion of a Mexican package,
Mulford said.
 Reuter
3;
bodyend
documentend
documentstart
1349
topicstart
topicend
bodystart
2;

NEW CANADA ISSUE ALMOST SOLD OUT AT CLOSE


    TORONTO, March 3 - 
Canada's 1.20 billion dlr bond offer was
virtually sold out as bond prices closed weaker in moderate
trading, dealers said.
    Sales of today's issue were slowed by the decline in
American credit markets and rising oil prices, which stirred
concerns about inflation, the traders said. The issue was
selling at or just below issue price.
    Overall prices fell as much as a point, with the benchmark
Canada 9-1/2 pct of 2001 at 106-3/8 5/8, the 8-1/4 pct of 1997
at 99 99-1/4 and the 8-1/2 pct of 2011 at 98-1/8 3/8.
 Reuter
3;
bodyend
documentend
documentstart
1350
topicstart
orange
topicend
bodystart
2;

USDA TO REDUCE CITRUS ESTIMATING PROGRAM


     WASHINGTON, March 3 - 
the U.S. Agriculture Department's
National Agricultural Statistics Services (NASS) said it will
change its citrus estimate program for California and Arizona,
starting in 1988.
    NASS said it will discontinue California forecasts for
lemons during December, February, March, May and June and for
grapefruit and tangerines for those months plus November.
    Forecasts for lemons will be issued in October, November,
January, April and July and for grapefruit in October, January,
April, and July and for tangerines in October,  January and
April. There will be no change in the estimating program for
California oranges.
    Arizona forecasts will be dropped for lemons, oranges,
grapefruit and tangerines in November, December February,
March, May and June, with forecasts retained in October,
January, April and July, it said.
    There will be no changes in the estimating program for
citrus in Texas or Florida.
 Reuter
3;
bodyend
documentend
documentstart
1351
topicstart
earn
topicend
bodystart
2;

<
TRIMAC LTD> YEAR NET


    CALGARY, Alberta, March 3 -
    
Shr nine cts vs six cts
    Net 3,500,000 vs 2,500,000
    Revs 294.0 mln vs 351.5 mln
    Note: 1986 year includes tax gain of 1,700,000 dlrs
 Reuter
3;
bodyend
documentend
documentstart
1352
topicstart
topicend
bodystart
2;

ARVIN INDUSTRIES 
<
ARV> OFFERS SECURITIES


    COLUMBUS, Ind., March 3 - 
Arvin Industries Inc said it will
offer 150 mln dlrs of debt securities.
    The company will offer 75 mln dlrs of 8-3/8 pct notes due
March 1, 1997 and 75 mln dlrs of 9-1/8 pct sinking fund
debentures due March 1, 2017, as part of an existing 200 mln
dlr shelf registration.
    The notes were priced at 99.63 pct to yield 8.43 pct. The
debentures were priced at 99.54 pct to yield 9.17 pct.
    Both issues will be offered through underwriting groups led
by Merrill Lynch Capital Markets and Salomon Brothers Inc. The
two issues are separate and independent.
 Reuter
3;
bodyend
documentend
documentstart
1354
topicstart
acq
topicend
bodystart
2;

OPPENHEIMER UPS VIACOM 
<
VIA> STAKE TO 7.7 PCT


    WASHINGTON, March 3 - 
Oppenheimer and Co, a New York
brokerage firm, said it raised its stake in Viacom
International Inc to the equivalent of 2,709,600 shares, or 7.7
pct of the total, from 2,232,400 shares, or 6.3 pct.
    In a filing with the Securities and Exchange Commission,
Oppenheimer said it bought a net 477,200 Viacom common shares
between Jan 19 and March 3 at prices ranging from 40.50 to an
average of 49.31 dlrs each. Part of its stake is in options.
    It said it bought the shares as part of its arbitrage and
investment business. Movie theater magnate Sumner Redstone and
a Viacom management group are in a bidding war for Viacom.
 Reuter
3;
bodyend
documentend
documentstart
1355
topicstart
earn
topicend
bodystart
2;

EMPI INC 
<
EMPI> 4TH QTR LOSS


    MINNEAPOLIS, March 3 -
    
Shr loss 25 cts vs profit 11 cts
    Net loss 446,005 vs profit 185,325
    Sales 2.4 mln vs 2.5 mln
    12 mths
    Shr loss 16 cts vs profit 41 cts
    Net loss 282,305 vs profit 709,787
    Sales 10.1 mln vs nine mln
 Reuter
3;
bodyend
documentend
documentstart
1356
topicstart
trade
topicend
bodystart
2;

U.S. SENATE PANEL COULD CONSIDER TRADE MEASURE


    WASHINGTON, March 3 - 
The U.S. Senate Agriculture Committee
may take up a bill tomorrow that would strengthen the
activities of U.S. agricultural trade teams in selected
developing countries, committee staff said.
    The measure, sponsored by committee Chairman Patrick Leahy
(D-Vt.) and Sen. John Melcher (D-Mont.), would establish trade
teams of between six and nine persons drawn from federal
agencies and private voluntary organizations, staff said.
    The trade missions would seek to generate interest in the
U.S. government's food donation and commercial programs --
PL480, Section 416, export credit and export enhancement -- and
upon return be required to advocate extension of concessional
or commercial benefits to interested countries.
    The trade teams would be made up of representatives of the
U.S. Agriculture Department, State Department, the Agency for
International Development and private voluntary organizations
such as U.S. Wheat Associates.
    The bill would require teams within six months to visit
seven countries: Mexico, Philippines, Indonesia, India,
Bangladesh, Senegal and Nigeria.
    Within one year after passage of the measure, another eight
countries would have to be visited: Peru, Kenya, the Dominican
Republic, Costa Rica, Malaysia, Venezuela, Tunisia and Morocco.
Other countries could be added to the list.
    Senate staff members said the bill, still in the drafting
stages, had broad support and was expected to be approved by
the committee tomorrow.
 Reuter
3;
bodyend
documentend
documentstart
1357
topicstart
topicend
bodystart
2;

U.S. OFFICIALS SAY BRAZIL SHOULD DEAL WITH BANKS


    By David Hume, Reuters


    WASHINGTON, March 3 - 
The U.S. is sticking for the moment
to its policy that Brazil, which two weeks ago suspended debt
payments to private banks, should deal with its creditors and
not with governments, U.S. officials said.
    "I don't see any desire here to scurry around and help
Brazil until we get a better sense of what they are trying to
do," a senior administration official stated.
    "Brazil has to do business through the banks at this point,"
said another official following an assessment of that country's
latest debt crisis.
    The official, who asked that his name not be used, said the
National Security Council, the Treasury and State departments
and other agencies held a meeting yesterday to discuss the
situation.
    In a related development, small regional banks that have
made loans to Brazil and other heavily-indebted Latin American
countries, will meet with Federal Reserve Chairman Paul Volcker
here tomorrow.
    Brazil, with about 108 billion dlrs in debt, shocked banks
late last month when it stopped interest payments on 68 billion
dlrs owed to them until it can work out its problems.
    Brazil's trade surplus, its main source of foreign exchange
has dwindled in recent months, making it difficult to service
its debt.
    The official said the interagency meeting was called to
discuss "the general debt situation and compare notes on
(Brazilian Finance Minister Dilson) Funaro."
    Funaro, who told reporters here that he wanted a political
discussion with industrialized nations on Brazil's debt
problems in an effort to obtain more and faster lending from
official sources, held discussions here on Friday with Volcker,
Treasury Secretary James Baker and other officials.
    Another senior administration official said he was
perplexed by Funaro's decision to discuss the latest crisis
with governments and not with creditor banks, at a time when
Brazil is in danger of losing short-term credit lines.
    "We are not clear at all on his tactics. To me it seems
bizarre, just bizarre," the official said.
    One official today described Funaro's argument as "nonsense,"
and said there had been a considerable flow of funds to Brazil,
for which that country was in arrears.
    Funaro has said Brazil acted to protect its reserves but
wanted to avoid a confrontation.
    The consensus among administration officials seems to be
that Brazil's latest debt crisis is the result of the domestic
economic problems.
    "Brazil is a special case, but there's no doubt they would
not be in the mess they're in if they had not screwed-up their
economic policy," a senior official added.
    Several of the regional banks that will meet with Volcker
tomorrow declined to comment because the talks will be held at
the Fed's suggestion.
    "Since they are the hosts, we feel it's up to them if they
want to say something," one regional bank official said.
    But other banking sources said that regional banks, many of
which are refusing to continue lending to Latin America, are
dissatisfied with decisions of major banks such as Citibank, in
the refinancing of foreign debts.
    The sources added that Volcker, for his part, is
dissatisfied with some major banks' refusal to make interest
rate concessions to Brazil and other Latin American debtors,
and would like to see smaller creditor banks take a more actve
role in the rescheduling process.
   
 Reuter
3;
bodyend
documentend
documentstart
1358
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE MEPC PLC'S EUROBONDS


    NEW YORK, March 3 - 
Standard and Poor's said it is
reviewing 
<
MEPC Plc's> two A-rated eurobond issues totalling
125 mln stg for a possible downgrade.
    The review follows the agreement by the British-based
real-estate firm to acquire a controlling interest in Oldham
Estate Plc and its offer to buy the remaining equity.
    The maximum cost of the acquisition would be 620.9 mln stg.
The purchase owuld be financed largely by equity, but
uncertainties exist as to the amount of debt to be assumed by
MEPC and the quality of the properties in Oldham's portfolio, S
and P said.
 Reuter
3;
bodyend
documentend
documentstart
1359
topicstart
earn
topicend
bodystart
2;

FLORIDA PUBLIC 
<
FPUT> SPLITS STOCK, UPS DIV


    WEST PALM BEACH, Fla, March 3 - 
Florida Public Utilities Co
said its board declared a three-for-two stock split on its
common stock.
    It said holders of record April 15 will receive one
additional share May one for each two shares held.
    The company also said it raised the dividend on its common
stock by two cts to 33 cts a share on a pre-split basis.
    The dividend is payable April one to holders of record
March 18.
 Reuter
3;
bodyend
documentend
documentstart
1360
topicstart
earn
topicend
bodystart
2;

CITY INVESTING TRUST 
<
CNVLZ> SETS CASH PAYOUT


    NEW YORK, March 3 - 
City Investing Co Liquidating Trust
said it declared a cash distribution of 25 cts a unit, payable
April 10 to unit-holders of record April one.
    The trust last paid a stock distribution of General
Development Corp 
<
GDB> shares in July.
 Reuter
3;
bodyend
documentend
documentstart
1361
topicstart
orange
topicend
bodystart
2;

FCOJ SUPPLIES SIGNIFICANTLY ABOVE YEAR AGO-USDA


    WASHINGTON, March 3 - 
Total supply of frozen concentrated
orange juice (FCOJ) in 1986/87 is expected to be significantly
above year-earlier levels, even with carry-in stocks well below
the previous season, the U.S. Agriculture Department said.
    In a summary of its Fruit Situation Report, the Department
said Florida's imports of FCOJ, mostly from Brazil, have shown
sharp gains to date.
    The Department noted the price of FCOJ will probably be
affected by the final decision, scheduled for April 22, on
whether the U.S. considers Brazilian FCOJ exports to the U.S.
have caused injury.
    Continuing strong demand for fresh and processing fruit
coupled with seasonal declines in supplies mean that grower
prices will remain higher this spring than a year earlier.
    The department said stocks of fresh apples in cold storage
at the beginning of February were moderately larger than a year
earlier, but strong demand has kept apple prices firm.
    In view of the strong demand and seasonally reduced
supplies, apple prices are projected to stay firm.
    During the remainder of 1986/87, supplies of most processed
noncitrus fruit will be smaller than a year ago, it said.
    Movement of canned fruit has improved, and remaining
suppies for some canned fruit items are tight and as a
consequence prices have strengthened, the department said.
 Reuter
3;
bodyend
documentend
documentstart
1363
topicstart
earn
topicend
bodystart
2;

FLORIDA COMMERCIAL BANKS INC 
<
FLBK> DIVIDEND


    MIAMI, March 3 - 
    
Qtly div 14 cts vs 19 cts prior
    Pay March 31
    Record March 16
    Note: Quarterly dividend for prior quarter included special
payout of five cts a share.
 Reuter
3;
bodyend
documentend
documentstart
1364
topicstart
earn
topicend
bodystart
2;

<
TIMMINCO LTD> YEAR NET


    TORONTO, March 3 -
    
Oper shr 33 cts vs 33 cts
    Oper net 3,330,000 vs 2,969,000
    Revs 95.9 mln vs 92.0 mln
    Avg shrs 8,610,068 vs 7,603,219
    Note: 1986 net excludes extraordinary gain of 577,000 dlrs
or seven cts shr vs yr-ago gain of 71,000 dlrs or one ct shr.
 Reuter
3;
bodyend
documentend
documentstart
1366
topicstart
earn
topicend
bodystart
2;

<
UNITED FIRE AND CASUALTY> 4TH QTR NET


    CEDAR RAPIDS, Iowa, March 3 -
    
Shr profit 31 cts vs loss 20 cts
    Net profit 1,044,424 vs loss 515,425
    Avg shrs 3,406,841 vs 2,544,531
    Year
    Shr profit 2.83 dlrs vs profit 42 cts
    Net profit 8,811,142 vs profit 1,058,503
    Avg shrs 3,111,464 vs 2,544,531
    Note: Full company name is United Fire and Casualty Co
    Net includes realized gains of 93,551 dlrs and 764,177
dlrs, respectively, in 1986 qtr and year, and of 92,075 dlrs
and 972,935 dlrs, respectively, in 1985 qtr and year.
    1985 results restated for three-for-two stock split. Net
income for 1985 has been restated due to a change in the method
used in computing deferred acquisition costs.
    1986 results include the effect of a stock offering
resulting in the issuance of an additional 862,500 shares of
common stock.
 Reuter
3;
bodyend
documentend
documentstart
1367
topicstart
earn
topicend
bodystart
2;

<
POWER CORP OF CANADA> 4TH QTR NET


    MONTREAL, March 3 -
    
Oper shr 30 cts vs 24 cts
    Oper net 38,686,000 vs 28,384,000
    Revs 42.3 mln vs 31.2 mln
    Year
    Oper shr 1.05 dlrs vs 94 cts
    Oper net 136,594,000 vs 110,831,000
    Revs 153.3 mln vs 125.1 mln
    Note: Fourth quarter results exclude extraordinary and
other items which raised final 1986 net to 62,485,000 dlrs or
49 cts a share and lowered final 1985 net to 18,941,000 dlrs or
16 cts a share in 1985.
    Full-year results exclude extraordinary and other items
which raised final 1986 net to 237,961,000 dlrs or 1.87 dlrs
per share and 1985 net to 152,049,000 or 1.29 dlrs per share.
    1985 results restated to reflect June, 1986 two-for-one
stock split.
 Reuter
3;
bodyend
documentend
documentstart
1369
topicstart
grain
corn
sorghum
topicend
bodystart
2;

U.S. CORN, SORGHUM PAYMENTS 50-50 CASH/CERTS


    WASHINGTON, March 3 - 
Eligible producers of 1986 crop U.S.
corn and sorghum will receive an estimated 600 mln dlrs in
deficiency payments -- 50 pct in generic commodity certificates
and 50 pct in cash, the U.S. Agriculture Department said.
    It said corn producers will receive about 515 mln dlrs and
sorghum producers about 85 mln dlrs.
    Only the cash portion of the payments will be subject to
the 4.3 pct reduction in compliance with the Gramm-Rudman
budget deficit control act of 1985, it said.
    Corn and sorghum producers who requested advance deficiency
payments have already received about 2.8 billion dlrs and 225
mln dlrs, respectively, USDA said.
    The Department said deficiency payment rates of 51.5 cents
per bushel for corn and 49 cents per bushel for sorghum were
received by producers requesting advance payments.
    Deficiency payments are calculated as the difference
between an established target price and the higher of the basic
loan rate, or the national average price received by farmers
during the first five months of the marketing year --
September-January.
    National weighted average market prices for the first five
months of the season were 1.46 dlrs per bushel for corn and
1.33 dlrs per bushel for sorghum. Eligible corn producers will
be paid 63 cts per bushel, based on the difference between the
3.03 target price and the 2.40 dlr per bushel basic loan rate.
    Sorghum producers' deficiency payment rate will be 60 cents
per bushel, based on the difference between the 2.88 dlrs per
bushel target price and the 2.28 dlrs per bushel basic loan
rate.
    The deficiency payment rates for both commodities are the
maximum permitted by law, the department said.
    Eligible corn and sorghum producers will receive another
1986 crop deficiency payment in October if the national average
market prices received by farmers during the entire marketing
year for both commodities are below the basic loan rates, the
department said.
    The payments will be issued through local Agricultural
Stabilization and Conservation Service offices, it said.
 Reuter
3;
bodyend
documentend
documentstart
1372
topicstart
livestock
carcass
topicend
bodystart
2;

USDA PROPOSES NAME CHANGES IN BEEF GRADE


    WASHINGTON, March 3 - 
The U.S. Agriculture Department
proposes to rename the "USDA Good" grade of beef to "USDA Select."
    The department said the proposed change is in response to a
petition from Public Voice for Food and Health Policy and would
present a more positive image of this grade of beef and help
calorie-conscious consumers select leaner cuts of meat.
    Under current rules, the "good" grade of meat has less
marbling and fat than the "prime" or "choice" grades, it said.
    Standards for all of the grades would remain unchanged
under the proposal.
 Reuter
3;
bodyend
documentend
documentstart
1375
topicstart
earn
topicend
bodystart
2;

VENDO CO 
<
VEN> 4TH QTR LOSS


    FRESNO, Calif., March 3 -
    
Shr loss 1.48 dlrs vs loss 36 cts
    Net loss 4,036,000 vs loss 983,000
    Sales 16.6 mln vs 17 mln
    12 mths
    Shr loss 1.88 dlrs vs profit 71 cts
    Net loss 5,113,000 vs profit 1,904,000
    Sales 85.4 mln vs 88.5 mln
    Note: Prior year net includes extraordinary loss of 298,000
dlrs in qtr and extraordinary profit of 718,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
1377
topicstart
grain
wheat
topicend
bodystart
2;

AUSTRALIAN GOVERNMENT TO PAY SUBSIDIES--USDA


    WASHINGTON, March 3 - 
The Australian Government will likely
reimburse the Australian Wheat Board, AWB, about 132 mln (U.S.)
dlrs to pay wheat farmers for their 1986/87 crop, the U.S.
Agriculture Department said.
    In its report on Export Markets for U.S. Grains, the
department said the sharp fall in world wheat prices has
reduced the export sales revenue of the AWB to levels
insufficient to cover its breakeven export price estimated at
around 98 dlrs per tonne.
     For example the recent large sales of wheat to China (1.5
mln tonnes) and Egypt (2.0 mln tonnes) were well below the
breakeven export price, it said.
    Australian wheat farmers normally receive an advance
payment known as the Guaranteed Minimum Price, GMP, calculated
at 90 pct of the average of estimated returns in the current
year and the two lowest of the previous three years, the
department said.
    In addition, deductions for taxes, freight, handling and
storage are deducted from the GMP the farmer receives.
    But the department said the Australian Bureau of
Agricultural Economics, BAE, predicts wheat production will
drop sharply from 17.8 mln tonnes in 1986/87 to 13.5 mln in
1989/90.
    The decline will result from low world grain prices leading
to shifts to livestock and other crops which could benefit U.S.
wheat exports, the department said.
 Reuter
3;
bodyend
documentend
documentstart
1378
topicstart
earn
topicend
bodystart
2;

LAWSON PRODUCTS INC 
<
LAWS> RAISES QTLY PAYOUT


    CHICAGO, March 3 -
    
Qtly div seven cts vs six cts prior
    Pay April 17
    Record April three
 Reuter
3;
bodyend
documentend
documentstart
1379
topicstart
earn
topicend
bodystart
2;

KANEB ENERGY 
<
KEP> MAY OMIT FUTURE PAYOUTS


    HOUSTON, March 3 - 
Kaneb Energy Partners Ltd said it may be
forced to omit or lower future quarterly cash distributions
because of a contract dispute with two major customers and the
continued slump in oil and gas prices.
    The partnership said, however, that it will pay a regular
quarterly distribution of 60 cts a unit on April 15 to holders
of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
1381
topicstart
earn
topicend
bodystart
2;

BRASCAN LTD 
<
BRS.A> 4TH QTR NET


    TORONTO, March 3 -
    
Shr 50 cts vs 46 cts
    Net 43.0 mln vs 34.8 mln
    YEAR
    Shr 1.55 dlrs vs 1.38 dlrs
    Net 136.8 mln vs 112.9 mln
    Note: Holding company.
 Reuter
3;
bodyend
documentend
documentstart
1382
topicstart
earn
topicend
bodystart
2;

FLORIDA COMMERCIAL BANKS INC 
<
FLBK> QTLY DIV


    MIAMI, Fla, March 3 -
    
Qtly div 14 cts vs 14 cts prior
    Payable March 31
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1383
topicstart
topicend
bodystart
2;

FIRST UNION 
<
FUNC> SELLS DEBT AT 8-1/8 PCT


    CHARLOTTE, N.C., March 3 - 
First Union Corp said it is
raising 100 mln dlrs through an offering of par-priced 8-1/8
pct subordinated notes due December 15, 1996.
    Managing underwriter for the issue is Shearson Lehman
Brothers Inc.
    The bonds, which are non-callable, are rated A-2 by Moody's
Investors Service and A-minus by Standard and Poor's.
    They were priced to yield 94.5 basis points over Treasury
securities of comparable maturity.
 Reuter
3;
bodyend
documentend
documentstart
1384
topicstart
earn
topicend
bodystart
2;

<
CHAUVCO RESOURCES LTD> YEAR NET


    CALGARY, Alberta, March 3 -
    
Shr 16 cts vs 35 cts
    Net 476,000 vs 929,000
    Revs 3,000,000 vs 3,600,000
 Reuter
3;
bodyend
documentend
documentstart
1385
topicstart
wheat
corn
topicend
bodystart
2;

JAPAN CUTTING CHINA CORN COMMITMENTS - USDA


    WASHINGTON, March 3 - 
Japanese traders have apparently
sharply reduced commitments to buy Chinese corn over the next
six months due to high prices, the U.S. Agriculture Department
said.
    In its World Production and Trade Report, the department
said traders indicated China may lack supplies or be unwilling
to sell at current low world prices.
    If the reports are confirmed, China's major export
destinations such as USSR, Japan, and South Korea, could
increase purchases of U.S. corn, it said.
    China is currently forecast to export 5.5 mln tonnes of
corn during 1986/87 (Oct-Sept), it said.
 Reuter
3;
bodyend
documentend
documentstart
1387
topicstart
crude
topicend
bodystart
2;

SAUDI SUCCESS SEEN IN CURBING OPEC PRODUCTION


    HOUSTON, March 3 - 
Saudi Arabia will succeed in pressuring
other members of the Organization of Petroleum Exporting
Countries to stay within their production quotas, said Morgan
Stanley Group managing director John Wellemeyer.
    Wellemeyer, speaking to reporters at an offshore oil
engineering conference, also said he expected OPEC nations to
attempt to hold prices under 20 dlrs a barrel for several years
to keep industrial demand for residual fuel oil strong.
    "Over the next few weeks I think you'll see a concerted
effort by the Saudis to get production down," Wellemeyer said.
    "The Saudis are committed to that price level (of 18 dlrs a
barrel) and are willing to make it happen again," he said.
    In recent weeks, oil prices fell to the 16 to 17 dlrs a
barrel level on market reports of some OPE members producing
above their quota, pushing total OPEC production to 15.8 mln
barrels per day. But prices rebounded today, with April U.S.
crude prices up about one dlr to over 17 dlrs a barrel on a
belief Saudi Arabia is attempting to curb OPEC output.
    Wellemeyer said that sharp declines in U.S. oil production
could push demand for OPEC oil above 20 mln barrels per day as
early as 1989 and up to 24 mln barrels per day by 1993.
    Although the projected increases in demand for OPEC oil
should strengthen world prices, Wellemeyer said he believed the
organization would hold its official price below 20 dlrs a
barrel for some time to prevent residual fuel users from
switching to natural gas supplies. The interfuel swing market
accounts for about eight mln barrels a day, or 18 pct of the
world demand for oil.
 Reuter
3;
bodyend
documentend
documentstart
1388
topicstart
grain
wheat
topicend
bodystart
2;

EC DRIVING TO CAPTURE BRAZIL WHEAT MARKET - USDA


    WASHINGTON, March 3 - 
The European Community, EC, sold
75,000 tonnes of soft wheat at a subsidized price of between 85
and 89 dlrs per tonne FOB for March delivery in a continuing
bid to establish itself in the Brazilian wheat market, the U.S.
Agriculture Department said.
    The sale sharply undercut the U.S. offer of 112 dlrs per
tonne FOB for 33,000 tonnes of wheat, it said in its latest
report on Export Markets for U.S grains.
    EC sales to Brazil total about 225,000 tonnes during
1986/87 (July-June) in stark contrast to only 50,000 tonnes in
the 1985/86 season, it said.
    The increasing presence of EC wheat in Brazil comes at a
time when the Brazilian Wheat Board, BWB, expects the wheat
import market will expand to 3.4 mln tonnes from the current
forecast of 3.0 mln in the 1986/87 year.
    The BWB cites record consumption and an eventual decline in
domestic production, and says government plans to lower the
guaranteed price of wheat from 242 dlrs per tonne to 180 dlrs
will contribute to greater import demand, the USDA said.
    It said the BWB expects the U.S. to be major supplier of
the additional 400,000 tonnes, but commitments for purchase of
U.S. wheat through two-thirds of 1986/87 year total only
600,000 tonnes versus 700,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
1390
topicstart
topicend
bodystart
2;

MARK RESOURCES TO SELL SECURITIES


    CALGARY, ALBERTA, March 3 - 
<
Mark Resources Inc> said it
agreed to sell 50.3 mln dlrs of securities to Canadian
investment dealers Nesbitt Thomson Deacon Inc, Gordon Capital
Corp and First Marathon Securities Ltd.
    Mark said the securities would consist of 2.3 mln series A
special warrants at 11 dlrs each, with each exchangeable for
one common share, and 25,000 series B special warrants at 1,000
dlrs each and each exchangeable for one 1,000 dlr seven pct
convertible subordinated debenture.
    Closing is expected March 17, it said.
 Reuter
3;
bodyend
documentend
documentstart
1391
topicstart
earn
topicend
bodystart
2;

ZENITH LABS 
<
ZEN> WILL REPORT 4TH QTR LOSS


    RAMSEY, N.J., March 3 - 
Zenith Laboratories Inc said the
company will report a fourth quarter loss, and the amount will
be determined on completion of its year end audit. The company
did not elaborate further.
    For the third quarter ended Sept 30, 1986, Zenith reported
a loss of 3,451,000 dlrs or 16 cts per share, adjusted for a
May 1986 2-for-1 stock split.
    The company also said it received Food and Drug
Administration approval to market Cefadroxil, a generic version
of an antibiotic with domestic sales exceeding 50 mln dlrs in
1986.
    Zenith said it will not market the drug until "questions
relating to the applicability of certain patents have been
resolved."
 Reuter
3;
bodyend
documentend
documentstart
1393
topicstart
livestock
carcass
topicend
bodystart
2;

MANDATORY PRODUCTION CONTROLS DEBATED AT APC


    Chicago, March 3 - 
Delegates to the American Pork Congress
will decide whether or not they want mandatory production
controls when they vote on the official pork producer policy
wednesday, the National Pork Producers Council said.
    The American Pork Congress, APC, delegates, listened to
both sides of the question when former Iowa Congressman Berkley
Bedell and Bill Lesher, USDA Assistant Secretary for Economics
for the years 1981 to 1985 debated at the convention in
Indianapolis.
 Reuter
3;
bodyend
documentend
documentstart
1394
topicstart
oilseed
soybean
topicend
bodystart
2;

TAIWAN BUYS 25,000 TONNES U.S. SOYBEANS


    CHICAGO, March 3 - 
Taiwan bought 25,000 tonnes U.S.
soybeans today at 203.40 dlrs a tonne, C and F, Gulf, for May
15-30 shipment, private export sources said.
 Reuter
3;
bodyend
documentend
documentstart
1395
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN PASSES ON U.S. CORN, WILL RETENDER


    CHICAGO, March 3 - 
Taiwan passed on its tender overnight
for 25,000 tonnes of U.S. corn and 49,000 tonnes U.S. sorghum,
private export sources said.
    Taiwan will retender for the corn, for May 15-30 shipment
if via the Gulf, or June 1-15 via Pacific northwest, on March
6, but has not rescheduled a tender for sorghum, they said.
 Reuter
3;
bodyend
documentend
documentstart
1396
topicstart
grain
wheat
topicend
bodystart
2;

BANGLADESH PASSES ON TENDER FOR SOFT WHEAT


    CHICAGO, March 3 - 
Bangladesh passed on its weekend tender
for 100,000 tonnes of optional origin soft wheat, private
export sources said.
 Reuter
3;
bodyend
documentend
documentstart
1398
topicstart
livestock
carcass
topicend
bodystart
2;

PORK CHECKOFF REFUNDS LESS THAN EXPECTED


    Chicago, March 3 - 
The National Pork Board announced at the
American Pork Congress convention in Indianapolis that refunds
under the legislative checkoff program are running less than
expected.
    The Board oversees collection and distribution of funds
from the checkoff program that was mandated by the 1985 farm
bill. Virgil Rosendale, a pork producer from Illinois and
chairman of the National Pork Board, said over 2.2 mln dlrs was
collected in January and refunds are running almost nine pct,
considerably less than expected.
    "We believe that this indicates good producer support for
the new checkoff. We're getting good compliance from markets,
from packers and from dealers," Rosendale said.
 Reuter
3;
bodyend
documentend
documentstart
1399
topicstart
grain
corn
topicend
bodystart
2;

SOUTH AFRICA CORN EXPORTS COULD BE REDUCED-USDA


     WASHINGTON, March 3 - 
Despite earlier optimistic
indications, the South African corn crop is at a critical stage
in its development and recent reports of heat stress could
reduce production and therefore exportable supplies, the U.S.
Agriculture Department said.
    In its report on Export Markets for U.S. Grains, the
department said South Africa's corn exports in the 1986/87
(Oct-Sept) season are estimated at 2.5 mln tonnes, up 40 pct
from the previous year.
    The re-emergence of South Africa as a competitor follows a
period of severe droughts, which at one point required South
Africa to import 2.7 mln tones of U.S. corn in 1983/84, it
said.
    Since those imports in 1983/84, the U.S. has been facing
increased competition from South Africa in Taiwan and Japan.
    But if South Africa is perceived as lacking available
supplies, purchases of U.S. corn may be further stimulated, the
department said.
 Reuter
3;
bodyend
documentend
documentstart
1400
topicstart
topicend
bodystart
2;

ARVIN INDUSTRIES 
<
ARV> TO SELL 150 MLN DLRS DEBT


    NEW YORK, March 3 - 
Arvin Industries Inc said it is raising
150 mln dlrs through an offering of 8-3/8 pct 10-year notes and
9-1/8 pct 30-year sinking fund debentures.
    Lead underwriter for the offerings, both of 75 mln dlrs, is
Merrill Lynch Capital Markets.
    The notes were priced at 99.63 pct to yield 8.43 pct, and
the debentures were priced at 99.54 pct to yield 9.17 pct.
    The notes are redeemable at par at Arvin's option after
March 1, 1994. The debentures are redeemable at any time but
non-refundable before March 1, 1997. Both are rated BAA-2 by
Moody's Investors Service and BBB by Standard and Poor's.
 Reuter
3;
bodyend
documentend
documentstart
1402
topicstart
topicend
bodystart
2;

BORDEN INC 
<
BN> TO REDEEM 8-1/2 PCT DEBENTURES


    NEW YORK, March 3 - 
Borden Inc called for redemption on
March 23 of all its outstanding 8-1/2 pct sinking fund
debentures, due 2004.
    The company said the redemption price is at 104.55 pct of
face value plus 40.61 dlrs accrued interest from October 1,
1986 to the redemption date, making for a total of 1,086.11
dlrs for each 1,000 dlrs face value.
    The trustee is Bank of America National Trust and Savings
Association in San Francisco and the paying agent is Bankers
Trust Co, New York.
 Reuter
3;
bodyend
documentend
documentstart
1404
topicstart
earn
topicend
bodystart
2;

<
DEXLEIGH CORP> SIX MTHS DEC 31 NET


    TORONTO, March 3 -
    
Shr four cts vs three cts
    Net 4,505,000 vs 4,493,000
    Revs 23.3 mln vs 21.4 mln
 Reuter
3;
bodyend
documentend
documentstart
1405
topicstart
grain
cotton
wheat
oat
oilseed
soybean
topicend
bodystart
2;

CBT TRADERS LOOK AHEAD TO SPRING PLANTINGS


    CHICAGO, March 3 - 
Chicago Board of trade grain traders and
analysts voiced a lot of interest in how farmers planned to
handle their upcoming spring plantings, prompting sales of new
crop months of corn and oats and purchases in new crop soybeans
in the futures markets.
    Professionals in the grains trade think that farmers will
be more willing to stick with corn acres than soybeans because
corn is protected by the acreage reduction program. That gives
deficiency payments to farmers if corn prices stay low.
    Farmers can place soybeans under the loan program if they
sign-up for reduced acreage, but they have no price guarantees.
    With the price outlook for both commodities so dismal,
traders believe farmers will want to stick with a sure thing
rather than gamble on soybeans, even though the new crop
soybean/corn ratio of 2.9/1 would make planting soybeans more
attractive under normal circumstances.
    An announcement late Friday that the USDA will lift the
limited cross-compliance requirement for the 1987 oats crop,
means farmers will be able plant an estimated two to three mln
more oat acres this year than last without being penalized,
traders said.
    Here too, acres some farmers may have been thinking of
shifting to soybeans will now be planted with oats, due to the
more attractive deal from the government, they added.
    Cotton prices are almost twice what they were just six
months ago, which should prompt many farmers in the South to
put soybean land back into cotton.
    One of the reasons for the steady increase in soybean
production in recent years has been a general shift of acres in
traditional cotton producing regions of the South to soybeans,
which are easier to grow, one commercial trader said.
 Reuter
3;
bodyend
documentend
documentstart
1406
topicstart
grain
topicend
bodystart
2;

U.S. CONGRESS TO LOOK AT SOIL PROGRAM EXEMPTIONS


     WASHINGTON, March 3 - 
The Senate Agriculture Committee is
expected to take up a bill tomorrow that would exempt from
government conservation regulations those farmers who have
rotated alfalfa and other multiyear grasses and legumes with
row crops, committee staff said.
    Under current so-called "sodbuster" law, farmers who planted
alfalfa and other multiyear grasses and legumes on highly
erodible land in the years 1981 through 1985 lose federal farm
program benefits if they produce a row crop on that land in
later years.
    Sen. Edward Zorinsky (D-Neb.), sponsor of the measure, said
recently that those crop rotating practices resulted in less
erosion than the practices of many farmers who produced
strictly row crops.
 Reuter
3;
bodyend
documentend
documentstart
1407
topicstart
carcass
topicend
bodystart
2;

NATIONAL PORK BOARD ALLOCATES 2.4 MLN DLRS


    Chicago, March 3 - 
The National Pork Board on Monday
allocated 2.4 mln dlrs in discretionary funds, collected from
the 100 pct national checkoff program, to three industry
organizations.
    The National Pork Producers Council, NPPC, will receive
almost 1.8 mln dlrs for use in the areas of food service,
consumer education and marketing. In addition the board
allocated 375,000 dlrs in use in "Pork - The Other White Meat"
campaign, according to a Pork Board spokesperson.
    The National Livestock and Meat Board will receive 644,000
dlrs to continue work in educating health care officials.
120,000 dlrs in matching funds will be provided to the meat
board for use in the development of a better market for
processed meats.
    The Meat Export Federation was awarded 50,000 dlrs to
increase the market for chilled and processed U.S. pork in
Japan and Singapore. Retail stores in these two countries will
be providing additional funding for the program.
    A total of 5,000 dlrs for work in encouraging McDonalds to
expand its McRib sandwich to Japan and Singapore was also
awarded to the Meat export Federation.
 Reuter
3;
bodyend
documentend
documentstart
1409
topicstart
acq
topicend
bodystart
2;

NIPPON STEEL INVESTS 8 MLN DLRS IN GTX CORP


    CHICAGO, March 3 - 
GTX Corp said Nippon Steel Co of Japan,
in a move to diversify into high technology, invested eight mln
dlrs in GTX.
    Nippon's move was the result of current exchange rates and
the revaluation of the yen, which "have made the U.S.
electronics industry an attractive investment opportunity for
Japanese corporations," according to a GTX statement.
    GTX noted that Nippon is expecting sales of 27 billion dlrs
by 1995. Of that amount, six billion dlrs is targeted for
electronics. GTX, located in Phoenix, makes computerized
systems that read drawings and transfer them into data bases.
 Reuter
3;
bodyend
documentend
documentstart
1412
topicstart
acq
topicend
bodystart
2;

C.T.C. DEALER EXTENDS BID FOR CANADIAN TIRE


    TORONTO, March 3 - 
C.T.C. Dealer Holdings Ltd said it
extended its previously announced offer for 49 pct of 
<
Canadian
Tire Corp Ltd> to midnight on March 26.
    CTC, a group of Canadian Tire dealers, which already owns
17 pct of Canadian Tire, is currently appealing in an Ontario
court against a previously announced Ontario Securities
Commission ruling blocking CTC's 272 mln dlr bid.
    The blocked bid did not include non-voting shareholders,
who hold 96 pct of Canadian Tire equity.
 Reuter
3;
bodyend
documentend
documentstart
1414
topicstart
earn
topicend
bodystart
2;

ROCKWELL 
<
ROK> SEES IMPROVEMENT IN 1987


    LOS ANGELES, March 3 - 
Rockwell International Corp
continues to expect significant improvement in 1987 results,
despite the somewhate disappointing performance of one of its
business segments, President Donald Beall told Reuters.
    Rockwell reported net earnings in its first quarter ended
December 31 of 149.4 mln dlrs, or 1.05 dlrs per share, compared
to 125.8 mln dlrs, or 84 cts per share a year ago.
    Operating earnings, however, were off about four pct, and
analysts have attributed the decline to Rockwell's
Allen-Bradley unit, which has suffered from weakness in the
industrial automation market.
    "It is in a soft market now, but we are not concerned. It
is moving forward with market development and is enhancing
market share," Beall said of Allen-Bradley unit.
    Beall, who was in Los Angeles to address a Technology
management conference, said first quarter sales for the
Allen-Bradley unit were flat as compared to a year earlier. He
said the company does not break out operating earnings by unit
on a quarterly basis.
    Beall said the recent trend toward cost sharing in the
research and development phase of government contracts should
not have a major impact on Rockwell's near-term performance.
    He noted, however, the increasing focus on cost sharing
could limit technological innovation.
    "I worry that we are heading into a period of misuse of
contracting approaches too early in the development stages of
important military contracts," Beall said, adding, "long-term,
we have a very serious problem."
    In addition, Beall told the conference the greatest
competitive threat to defense contractors is in defense
electronics, due to the government's attempt to take advantage
of competitively priced products made outside the U.S.
 Reuter
3;
bodyend
documentend
documentstart
1415
topicstart
topicend
bodystart
2;

INTERMARK 
<
IMI> PLANS REFINANCING


    LA JOLLA, Calif., March 3 - 
Intermark Inc said it plans to
offer 40 mln dlrs in new debt to finance the repurchase of
high-interest notes and that it agreed to sell two units.
    The company said it filed a registration statement with the
Securities and Exchange Commission to sell 40 mln dlrs of
convertible suborindated debentures due 2007.
    It said proceeds from the offering, to be managed by Drexel
Burnham Lambert Inc, will be used to redeem all 20 mln dlrs
face amount of its 11-7/8 pct senior subordinated debentures
and to buy back some of its 13.20 pct senior notes.
 More
3;
bodyend
documentend
documentstart
1417
topicstart
topicend
bodystart
2;

GENERAL ELECTRIC 
<
GE> SELLS NOTES AT SEVEN PCT


    NEW YORK, March 4 - 
General Electric Co is raising 250 mln
dlrs via an offering of notes due 1992 with a seven pct coupon
and par pricing, said lead manager Kidder, Peabody and Co Inc.
    That is 30 basis points more than the yield of comparable
Treasury securities. Non-callable for life, the issue is rated
a top-flight AAA by Moody's and Standard and Poor's.
  
 Reuter
3;
bodyend
documentend
documentstart
1420
topicstart
earn
topicend
bodystart
2;

MICKELBERRY CORP 
<
MBC> SETS QTLY PAYOUT


    NEW YORK, March 4 -
    
Qtly div 1-1/2 cts vs 1-1/2 cts prior
    Pay March 31
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
1421
topicstart
money-fx
interest
topicend
bodystart
2;

SWAP DEALERS UNVEIL STANDARD CONTRACT


    London, March 4 - 
The International Swap Dealers
Association has developed the first standard form contract for
use by arrangers of currency and interest rate swap
transactions, said Thomas Jasper, the Association's
co-chairman.
    The contract, unveiled at a press conference , is expected
to make the 300 billion dlr a year swap market more efficient,
he said. "The contracts wil accelerate the process and reduce
the expense of swap documentation," Japsper said.
    Privately, eurobond traders estimate that about 80 pct of
all new issues eventually become part of either an interest
rate or currency swap.
    An interest rate swap occurs when two issuers, usually
acting through a bank middleman, agree to accept each other's
interest payments on debt securities. Usually, the issuer of a
floating rate debt security swaps into fixed-rate debt and vice
versa. But the obligation for repayment of the debt remains
with the original borrower.
    Bank regulators have become concerned about the use of
swaps because the middleman, usually a bank, takes on some
portion of the risk but is not required to show it on the
balance sheet as a liability and may not have sufficient
capital to cushion it.
    Kenneth McCormick, a co-chairman of the ISDA and president
of Kleinwort Benson Cross Financing Inc, said the Bank of
England and the U.S. Federal Reserve Board were expected later
today to announce joint proposals for setting minimum capital
standards for counterparties in swaps.
    The standards are part of the recently announced
convergence agreement between the two countries in which
regulators have attempted to set similar capital requirements
for institutions.
    McCormick told reporters the ISDA was concerned that a
"level playing field" be maintained in the swaps market.
    He said if U.K. And U.S. Banks were required to hold more
primary capital against swap transactions than is the current
practice, the additional costs would have to be passed on to
issuers.
    The issuers might then choose to do business with
lower-cost banks which are not subject to U.S. Or U.K. Banking
rules.
    He said the ISDA had been working on a code of conduct for
swap dealers as part of its self-regulatory effort.
    That code should be completed within the next few weeks, he
said.
 REUTER
3;
bodyend
documentend
documentstart
1424
topicstart
topicend
bodystart
2;

HOKKAIDO BANK ISSUES 30 MLN DLR CONVERTIBLE BOND


    LONDON, March 4 - 
The Hokkaido Bank Ltd is issuing a 30 mln
dlr convertible eurobond due March 31, 2002 with an indicated
2-1/4 pct coupon and priced at par, lead manager Nomura
International Ltd said.
    Terms will be fixed on March 10, involving a premium of
about five pct above a six-day average. The conversion period
will run from April 20, 1987 to March 20, 2002.
    The bonds will be sold in denominations of 5,000 dlrs and
will be listed in Luxembourg. Total fees of 2-1/2 pct include
one pct for management and underwriting and 1-1/2 pct for
selling, including an 20 basis point praecipuum.
    Nomura said the bonds are callable from March 31, 1990 at
104, declining by 1/2 pct per annum.
    There will be no calls before March 31, 1992 unless the
share price reaches at least 150 pct of the conversion price.
 REUTER
3;
bodyend
documentend
documentstart
1425
topicstart
acq
topicend
bodystart
2;

METROPOLITAN FEDERAL 
<
MFTN> TO MAKE ACQUISITION


    NASHVILLE, Tenn., March 4 - 
Metropolitan Federal Savings
and Loan Association said it has signed a letter of intent to
acquire American Trust of Hendersonville, Tenn., for an
undisclosed amount of cash.
    American Trust had year-end assets of over 40 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1427
topicstart
interest
topicend
bodystart
2;

GM'S 
<
GM> PONTIAC HAS INTEREST RATE INCENTIVES


    PONTIAC, Mich., March 4 - 
General Motors Corp said its
Pontiac Division has established an interest rate support
incentive program, effective immediately, as an alternative to
its current option bonus program.
    The company said qualified buyers of Pontiacs may now
select special finance rates of 3.9 pct on 24-month contracts,
7.9 pct on 36-month contracts, 8.9 pct on 48-mopnth contracts
or 9.9 pct on 60-month contracts.  The program is scheduled to
expire April 30.
    Under the option bonus program, which is also scheduled to
expire April 30, buyers receive cash bonuses on the purchase of
Pontiacs equipped with option group packages, with the amount
depending on the option level on each vehicle.
    The company said the special interst rate program applies
to ann new 1986 and 1987 Pontiacs sold from dealer stock and
delivered to customers during the program period.  A customer
may choose only one program, it said.
 Reuter
3;
bodyend
documentend
documentstart
1428
topicstart
earn
topicend
bodystart
2;

<
WESTAR MINING LTD> 4TH QTR LOSS


    VANCOUVER, British Columbia, March 4 -
    
Shr not given
    Oper loss 5,900,000 vs profit 9,300,000
    Revs 105.3 mln vs 131.2 mln
    Year
    Shr not given
    Oper loss 21.7 mln vs profit 34.7 mln
    Revs 370.7 mln vs 515.1 mln
    Note: 67 pct owned by 
<
British Columbia Resources
Investment Corp>
    Note continued: 1986 qtr excludes extraordinary loss of 3.6
mln dlrs versus loss of 294.0 mln dlrs in prior year
    1986 year excludes extraordinary loss of 79.1 mln dlrs
versus loss 221.5 mln dlrs in prior year
 Reuter
3;
bodyend
documentend
documentstart
1429
topicstart
acq
topicend
bodystart
2;

DOW CHEMICAL 
<
DOW> TO SELL SOUTH AFRICAN UNIT


    MIDLAND, Mich., March 4 - 
Dow Chemical Co said it has
agreed in principle to sell its industrial chemicals and
plastics business interests in South Africa and related assets
to a group of South African investors for undisclosed terms,
completing the sale of the company's South African assets
    Dow said it will continue to support its educational and
health programs for South African blacks.
 Reuter
3;
bodyend
documentend
documentstart
1431
topicstart
topicend
bodystart
2;

PITNEY BOWES 
<
PBI> UNIT SELLS FIVE-YEAR NOTES


    NEW YORK, March 4 - 
Pitney Bowes Credit Corp, a unit of
Pitney Bowes Inc, is raising 100 mln dlrs through an offering
of notes due 1992 with a 7-1/4 pct coupon and par pricing, said
lead manager Goldman, Sachs and Co.
    That is 53 basis points more than the yield of comparable
Treasury securities.
    Non-callable to maturity, the issue is rated A-1 by Moody's
and AA-minus by Standard and Poor's. First Boston Corp
co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
1433
topicstart
earn
topicend
bodystart
2;

WILLIAMS COS 
<
WMB> YEAR LOSS


    TULSA, March 4 -
    
Shr loss 6.97 dlrs vs profit 92 cts
    Net loss 240 mln vs profit 31.6 mln
    Revs 1.9 billion vs 2.5 billion
    NOTE: 1986 includes loss of 250 mln dlrs or 7.27 dlrs a
share from discontinued operations and writedowns of holdings
in Texasgulf Inc. 1985 restated.
 Reuter
3;
bodyend
documentend
documentstart
1434
topicstart
earn
topicend
bodystart
2;

GEONEX SEES SALES HURT BY PRODUCTION SHIFT


    ST. PETERSBURG, Fla., March 4 - 
Geonex Corp 
<
GEOX> said
BellSouth Corp 
<
BLS> unit Southern Bell Telephone and Telegraph
Co's decision to postpone the start up of new conversion
assignments at Geonex's Chicago Aerial Survey unit could
negatively affect its fiscal 1987 revenues.
    The company said it had expected higher revenues from the
records conversion work, but it now foresees revenues from
Southern Bell work at about eight mln dlrs, the same level as
last fiscal year.
    Geonex said Southern Bell will let CAS continue work in
progress and it expects to perform mechanized posting and
records conversion for Southern Bell through 1989.
    But, it added that the Southern Bell decision has forced it
to pursue opportunities with other telephone companies and
municipalities to replace the Southern Bell work.
 Reuter
3;
bodyend
documentend
documentstart
1435
topicstart
earn
topicend
bodystart
2;
******
NWA INC 4TH QTR SHR PROFIT 45 CTS VS LOSS NINE CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
1436
topicstart
sugar
topicend
bodystart
2;
******
 UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 43.147 ECUS.

Blah blah blah.
3;


bodyend
documentend
documentstart
1438
topicstart
earn
topicend
bodystart
2;

(CRIME CONTROL INC) 4TH QTR NET LOSS


    INDIANAPOLIS, IND., March 4-
    
Shr loss 2.03 dlrs vs loss 85 cts
    Net loss 10,742,113 vs loss 3,700,712
    Revs 8,027,065 vs 8,689,008
    Avg shrs 5.3 mln vs 4.4 mln
    Year
    Shr loss 2.45 dlrs vs loss 1.73 dlrs
    Net loss 11,607,104 vs loss 7,442,825
    Revs 32.6 mln vs 33.2 mln
    Avg shrs 4.7 mln vs 4.3 mln
    NOTE: 1986 net loss includes a fourth quarter charge of
10.5 mln dlrs from writeoffs of certain assets.
    1985 net loss includes a charge of about 2.3 mln dlrs from
settlement of class action lawsuit.
 Reuter
3;
bodyend
documentend
documentstart
1440
topicstart
sugar
topicend
bodystart
2;

U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES


    LONDON, March 4 - 
A total 60,500 tonnes of current series
white sugar received export rebates of a maximum 43.147
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in the U.K. Received 43,500 tonnes, in
the Netherlands 12,000, in Denmark 4,000 and in West Germany
1,000 tonnes.
    Earlier today, London and Paris traders said they expected
the subsidy for the current season whites campaign for licences
to end-July to be between 43.00 and 43.45 Ecus per 100 kilos.
    They had also forecast today's total authorised sugar
tonnage export awards to be between 60,000 and 80,000 tonnes
versus 103,000 last week when the restitution was 43.699 Ecus.
 REUTER
3;
bodyend
documentend
documentstart
1443
topicstart
topicend
bodystart
2;

ITALIAN TREASURY TO ISSUE NEW CERTIFICATES


    ROME, March 4 - 
The Italian treasury said it will issue
3,000 billion lire of a new type of indexed government paper,
discount certificates (CTS), on March 18.
    Treasury Minister Giovanni Goria said at a news conference
the new certificates will be heavily discounted and aimed at
small investors rather than institutions.
    The Treasury said in a statement the annual yield of the
seven-year certificates will be indexed to 50 pct of the annual
yield of 12-month treasury bills.
    Effective annual yield after tax for the first CTS issue
will be 9.66 pct. "The launch of the new certificate has to be
viewed in the framework of the management of the public debt as
a step towards the return of a larger volume of fixed-rate
issues," the Treasury said.
    The Treasury said future CTS issues likely would be
certificates longer than seven years. CTS automatically offers
a portfolio diversification between fixed-rate and
variable-rate investments.
 REUTER
3;
bodyend
documentend
documentstart
1444
topicstart
rubber
topicend
bodystart
2;

JAPAN FIRM DEVELOPS ULTRA HEAT-RESISTING RUBBER


    TOKYO, March 4 - 
Shin-Etsu Chemical Co Ltd said it had
developed an ultra thermal resistance rubber which can be used
at 250 centigrade continuously without losing its properties.
    Shin-Etsu put potential demand for the product at two
tonnes a month mainly for microwave ovens and as a sealant.
    But increasing use of the product in parts attached to car
engines will raise demand and the company will boost output to
10 tonnes by March 1988 from two now, he said.
 Reuter
3;
bodyend
documentend
documentstart
1445
topicstart
earn
topicend
bodystart
2;

CASTLE AND COOKE INC 
<
CKE> 4TH QTR LOSS


    LOS ANGELES, March 4 -
    
Shr loss 76 cts vs loss 21 cts
    Net loss 31.9 mln vs loss 3,288,000
    Revs 380.2 mln vs 311.5 mln
    Avg shrs 47.1 mln vs 41.2 mln
    Year
    Shr profit 56 cts vs profit 56 cts
    Net profit 43,925,000 vs profit 46,433,000
    Rev 1.74 billion vs 1.60 billion
    Avg shares 43,602,000 vs 41,014,000
    NOTE: Fourth quarter includes after tax loss from
discontinued Flexi-Van operations of 33.9 mln dlrs. Primary
earnings per share data calculated after deducting preferred
dividend requirements.
 Reuter
3;
bodyend
documentend
documentstart
1446
topicstart
earn
topicend
bodystart
2;

VOICEMAIL INTERNATIONAL INC 4TH QTR LOSS


    CUPERTINO, Calif., March 4 -
    
Shr loss 21 cts vs loss 14 cts
    Net loss 838,069 vs loss 433,875
    Revs 1,080,068 vs 1,793,398
    Avg shrs 4,004,826 vs 3,172,537
    12 mths
    Shr loss 39 cts vs 11 cts
    Net loss 1,387,500 vs loss 334,463
    Revs 6,456,882 vs 5,605,680
    Avg shrs 3,542,217 vs 3,071,456
 Reuter
3;
bodyend
documentend
documentstart
1449
topicstart
earn
topicend
bodystart
2;

MOLECULAR GENETICS INC 
<
MOGN> 4TH QTR LOSS


    MINNETONKA, Minn., March 4 -
    
Oper shr loss 22 cts vs loss 13 cts
    Oper net loss 1,712,916 vs loss 769,539
    Revs 2,292,972 vs 2,157,895
    Avg shrs 7,961,602 vs 6,200,293
    Year
    Oper shr loss 53 cts vs loss 45 cts
    Oper net loss 3,562,151 vs 2,543,366
    Revs 9,117,311 vs 8,251,136
    Avg shrs 7,169,871 vs 6,186,51
    NOTE: Current year net both periods excludes charge 430,649
dlrs from cumulative effect of accounting change for patents.
    1986 net both periods includes charge of about 458,000 dlrs
from severance obligations.
    1986 year net includes charge 156,000 dlrs from writeoff of
seed commitments.
 Reuter
3;
bodyend
documentend
documentstart
1452
topicstart
earn
topicend
bodystart
2;

MERRIMAC INDUSTRIES INC 
<
MMAC> 4TH QTR NET


    WEST CALDWELL, N.J., March 4 -
    
Shr five cts vs 29 cts
    Net 92,641 vs 466,668
    Sales 4,448,011 vs 4,122,301
    Year
    Shr 34 cts vs 1.16 dlrs
    Net 553,310 vs 1,864,417
    Sales 16.3 mln vs 16.7 mln
 Reuter
3;
bodyend
documentend
documentstart
1453
topicstart
topicend
bodystart
2;

GREECE PLANS TO REDUCE 1987 FOREIGN BORROWING


    ATHENS, March 4 - 
Greece aims to reduce foreign borrowing
to 1.6 or 1.7 billion dlrs this year from 2.6 billion in 1986,
and will use some of the funds to make early debt servicing
payments, the Governor of the Bank of Greece, Dimitris
Halikias, said.
    He told reporters this year's borrowing forecast exceeded
immediate needs, but Greece wanted to take advantage of low
international interest rates in order to make servicing
payments at a lower cost.
    Greece's foreign debts totalled 16.8 billion dlrs at
end-1986, up from 15.2 billion at end-1985, Halikias said.
    He said the extra funds available to Greece this year will
go towards servicing debts falling due after 1990. He did not
give figures.
    He said Greece was able to cut borrowing because a two-year
austerity program it adopted in October, 1985 cut its current
account deficit to 1.75 billion dlrs last year from a record
3.3 billion in 1985.
    Halikias said he was "fairly optimistic" Greece would reach a
current account deficit target of 1.25 billion dlrs this year.
    He said domestic demand has fallen, reducing the need for
imports, while Greek exports are becoming more competitive.
    Economy Ministry figures show exports rose to 4.9 billion
dlrs in the first 11 months of 1986 from 4.1 billion in the
same. 1985 period, while imports dipped to 10.2 billio dlrs
from 11.4 billion.
 REUTER
3;
bodyend
documentend
documentstart
1456
topicstart
earn
topicend
bodystart
2;

B.C. RESOURCES HAS AGREEMENT ON CREDIT FACILITY


    VANCOUVER, British Columbia, March 4 - 
<
British Columbia
Resources Investment Corp>, earlier reporting higher full year
operating losses, said it reached agreement in principle with
five lenders providing for a 360 mln dlr credit facility over a
four year term.
    The company said the credit facility is extendable under
certain circumstances, with annual principal payments of five
mln dlrs. The agreement is subject to certain lender approvals
and completion of formal documentation.
    It earlier reported 1986 losses before extraordinary items
rose to 26.4 mln dlrs from year-ago 7.2 mln dlrs.
    B.C. Resources also said dividends on its series 2
preferred shares and exchangeable preferred shares will remain
suspended.
    However, payment will be made on account of the quarterly
dividend on the exchangeable preferred shares by the company's
trustee from a deposit account, B.C. Resources said.
    Sufficient funds should be available to pay full amount of
the March 31, 1987 dividend to exchangeable preferred
shareholders, with payment expected in early April to
shareholders of record March 31, the company said.
    If future dividends are not declared after the April
exchangeable preferred quarterly payout, future payment will
depend on the amount of dividends received from Westcoast
Transmission Co 
<
WTC>, B.C. Resources said.
    The company said its increased fourth quarter and full year
operating losses primarily resulted from lower oil prices and a
four month labor shutdown at its Balmer coal mine in British
Columbia.
    B.C. Resources also recorded a 99.9 mln dlr extraordinary
loss, which included losses on disposition of North Sea oil and
gas interests by 67 pct owned 
<
Westar Mining Ltd>.
    B.C. Resources' 1986 extraordinary charge also included a
writedown of its investment in Westar Petroleum. Gains on the
sales of Westar Timber's Skeena and Celgar pulp mills and
Terrace sawmill partially offset the extraordinary loss, the
company said.
    The company said the asset sales have eliminated B.C.
Resources' long term financing commitment in the North Sea and
exposure to the fluctuating pulp market.
    It also said it cut long term debt in 1986 to 900 mln dlrs
from 1.3 billion dlrs at year-end 1985, and management changes
and staff cuts have significantly reduced costs.
 Reuter
3;
bodyend
documentend
documentstart
1457
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 85 MLN STG LATE HELP


    LONDON, March 4 - 
The Bank of England said it had provided
the money market with late assistance of around 85 mln stg.
    This brings the bank total help so far today to some 87 mln
stg and compares with its latest forecast of a 250 mln stg
shortage in the system today.
 REUTER
3;
bodyend
documentend
documentstart
1460
topicstart
earn
topicend
bodystart
2;

CML GROUP INC 
<
CMLI> 2ND QTR JAN 31 NET


    ACTON, Mass., March 4 -
    
Shr 72 cts vs 58 cts
    Net 4,791,000 vs 3,803,000
    Sales 83.0 mln vs 72.0 mln
    Avg shrs 6,668,309 vs 6,545,722
    1st half
    Shr 88 cts vs 70 cts
    Net 5,872,000 vs 4,614,000
    Sales 141.6 mln vs 121.8 mln
    Avg shrs 6,669,488 vs 6,525,051
 Reuter
3;
bodyend
documentend
documentstart
1461
topicstart
earn
topicend
bodystart
2;

DRESS BARN INC 
<
DBRN> 2ND QTR JAN 24 NET


    STAMFORD, Conn., March 4 -
    
Shr 30 cts vs 21 cts
    Net 3,358,000 vs 2,276,000
    Sales 43.3 mln vs 33.5 mln
    1st half
    Shr 60 cts vs 42 cts
    Net 6,654,000 vs 4,638,000
    Sales 86.6 mln vs 66.4 mln
    NOTE: Share adjusted for three-for-two stock split in May
1986.
 Reuter
3;
bodyend
documentend
documentstart
1463
topicstart
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> SELLS 33 MLN COMMON SHARES


    NEW YORK, March 4 - 
Occidental Petroleum Corp said the size
of its underwritten offering of common stock was increased to
33 mln shares from the proposed 30 mln.
    The company said the offering is being made at 30.50 dlrs a
share. It was underwritten by Drexel Burnham Lambert Inc,
Kidder Peabody and Co, and Salomon Inc.
    Occidental will use the proceeds to reduce its debt. The
company had 165 mln shares outstanding prior to the offering.
 Reuter
3;
bodyend
documentend
documentstart
1466
topicstart
earn
topicend
bodystart
2;

WILLIAMS 
<
WMB> HAS 4TH QTR CHARGE


    TULSA, March 4 - 
Williams Cos said a fourth quarter charge
of 250 mln dlrs from discontinued operations and writedowns
contributed to a 1986 net loss of 240 mln dlrs or 6.97 dlrs a
share against earnings of 31.6 mln dlrs or 92 cts in 1985.
    The loss in the quarter was 232.3 mln dlrs or 6.75 dlrs
against income of 10.7 mln dlrs or 31 cts a year ago. Revenues
in the quarter fell to 521.1 mln dlrs from 716.9 mln and in the
year fell to 1.9 billion dlrs from 2.5 billion in 1985.
    Williams also said the previously announced sale of its
Agrico Chemical Co unit to Freeport-Mcmoran Resource Partners
Ltd has cleared antitrust review and should close next week.
    The 1987 first quarter will include proceeds from the
Agrico sale, for 250 mln dlrs cash at closing plus deferred
payments, and proceeds of 320 mln dlrs from the sale of a stake
in Peabody Holding Co, completed in January.
    In the 1986 first quarter, Williams reported net of 14.2
mln dlrs or 41 cts a share on sales of 796.4 mln dlrs.
    Williams said the charges in the current year were related
to an ongoing restructuring. The company said the restructuring
moves had improved its balance sheet and improved the outlook
for future stability and growth in earnings.
    Operating profit at the company's Northwest Pipeline Corp
unit fell 4.5 pct to 150 mln dlrs from lower sales. The
Williams Natural Gas unit had operating profit of 50.5 mln dlrs
compared to 90.9 mln dlrs on lower sales volumes.
    Profit at Williams Gas Marketing rose to 26 mln dlrs from
about 22 mln and the William Pipe Line Co had operating profit
of 49.4 mln dlrs versus 63.6 mln dlrs a year ago.
 Reuter
3;
bodyend
documentend
documentstart
1467
topicstart
earn
topicend
bodystart
2;

PERRY DRUG STORES INC 
<
PDS> 1ST QTR JAN 31 NET


    PONTIAC, Mich., March 4 -
    
Shr 13 cts vs 37 cts
    Net 1,300,000 vs 3,700,000
    Sales 189 mln vs 163 mln
 Reuter
3;
bodyend
documentend
documentstart
1468
topicstart
topicend
bodystart
2;

VNESHTORGBANK SEEKS 200 MLN DLR LOAN


    LONDON, March 4 - 
Vneshtorgbank, the Soviet foreign trade
bank, is seeking a 200 mln dlr, eight-year multi-currency
syndicated loan, First Chicago Ltd said as arranger and sole
mandated bank.
    The loan will pay 1/8 point over London Interbank Offered
Rates (LIBOR) throughout the whole of its life. It will be
repayable in semi-annual instalments starting after six years.
    No further details were immediately available.
    First Chicago later said that lead managers participating
in the syndicated loan would receive a flat fee of 35 basis
points.
 REUTER
3;
bodyend
documentend
documentstart
1469
topicstart
earn
topicend
bodystart
2;

NWA INC 
<
NWA> 4TH QTR NET


    MINNEAPOLIS, March 4 -
    
Shr profit 45 cts vs loss nine cts
    Net profit 9.8 mln vs loss two mln
    Revs 1.15 billion vs 631.2 mln
    Year
    Shr profit 3.26 dlrs vs profit 3.18 dlrs
    Net profit 76.9 mln vs profit 73.1 mln
    Revs 3.59 billion vs 2.66 billion
 Reuter
3;
bodyend
documentend
documentstart
1471
topicstart
earn
topicend
bodystart
2;

CAMCO INC 
<
CAM> SETS QUARTERLY


    HOUSTON, March 4 -
    
Qtly div 11 cts vs 11 cts prior
    Pay April 14
    Record March 17
 Reuter
3;
bodyend
documentend
documentstart
1472
topicstart
topicend
bodystart
2;

VENEZUELA SETS FOREIGN DEBT TARGETS


    CARACAS, March 4 - 
Venezuela plans to have a public sector
foreign debt of 26.5 billion dlrs by early 1989 when the
present government of President Jaime Lusinchi ends its term,
public finances director Jorge Marcano said.
    He said the target, which compares with around 24.5 billion
dlrs now and 29 billion at end 1983, is considered a manageable
amount which will assist in development plans.
    The government last week reached agreement with its 13-bank
advisory committee to reprogramme its 12-1/2 year rescheduling
accord over 14 years with the interest margin lowered to 7/8
pct over London Interbank Offered Rate (Libor) from 1-1/8 pct.
    In an interview with El Universal newspaper, Marcano said
he thought U.S. Government pressure on banks had more to do
with the unexpectedly speedy agreement than Brazil's decision
to suspend interest payments.
    "I think what speeded an agreement was the attitude of the
U.S. Government, which urged several major banks to soften
their position in various debt renegotiations. The Brazil
announcement came later," he said.
    Bankers noted Citibank had held up an agreement with Chile,
objecting to proposals for delayed interest payments. A pact
with Chile, with a one pct spread, came a day before
Venezuela's.
    Marcano said a telex sent to Venezuela's 450 creditors
seeks support for the government's foreign borrowing plans,
which are aimed at aluminium, steel and iron ore projects. "We
cannot rule out a trip to financial centres to explain the new
agreement and present the financing programmes we have," he
said, adding he hoped to restore credit ratings of the 1970s.
    Lusinchi said on Monday the government will limit foreign
borrowing, which would come from banks and multilateral
agencies, to 50 pct of interest and principal paid in the next
two years. According to the restructured accord, this would
work out at around 2.5 billion dlrs.
 REUTER
3;
bodyend
documentend
documentstart
1473
topicstart
topicend
bodystart
2;

POPE AND TALBOT 
<
POP> SELLS CONVERTIBLE DEBT


    NEW YORK, March 4 - 
Pope and Talbot Inc is raising 40 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a six pct coupon and par pricing, said sole manager
Bear, Stearns and Co.
    The debentures are convertible into the company's common
stock at 51.875 dlrs per share, representing a premium of 25
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debentures are rated Ba-3
by Moody's and BB-minus by S and P. The issue was increased
from an initial offering of 35 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1474
topicstart
topicend
bodystart
2;

DNC UNIT ISSUES 19 BILLION ZERO COUPON YEN BOND


    LONDON, March 4 - 
DNC International Finance A/S is issuing
a 19 billion yen, zero coupon eurobond due March 17, 1992 and
priced at 80.9 pct, lead manager Daiwa Europe Ltd said.
    The bond is guaranteed by Den norske Creditbank and is
available in denominations of one mln yen. It will be listed in
Luxembourg. Payment date is March 17.
    Fees comprise one pct selling concession with 55 basis
points for management and underwriting combined.
 REUTER
3;
bodyend
documentend
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1475
topicstart
topicend
bodystart
2;

HAMBURGISCHE L/B ISSUES AUSTRALIAN DLR EUROBOND


    LONDON, March 4 - 
Hamburgische Landesbank Girozentrale is
issuing a 50 mln Australian dlr eurobond due April 2, 1991
paying 15 pct and priced at 101-1/2 pct, lead manager Orion
Royal Bank Ltd said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Australian dlrs and will be listed in
Luxembourg. The selling concession is 1-1/8 pct while
management and underwriting combined pays 5/8 pct.
    The payment date is April 2.
 REUTER
3;
bodyend
documentend
documentstart
1477
topicstart
acq
topicend
bodystart
2;

SENATE'S PROXMIRE URGES CURBS ON TAKEOVERS


    WASHINGTON, March 4 - 
Senate Banking Committee chairman
William Proxmire called for curbs of hostile corporate
takeovers and new restrictions on risk arbitrageurs.
    "At the very least, it is high time that we require all risk
arbitrageurs to register seperately and specifically  with the
Securities and Exchange Commission and that we consider
precluding brokerage firms and their employers from investing
in, or owning any securities issued by, third party risk
arbitrage operations," Proxmire said at the start of a hearing
on corporate takeovers.
    "A burning issue must be whether there ought to be a
complete seperation in the future of risk arbitrage and
investment banking," Proxmire said.
    He said he was concerned that hostile takeover attempts
were hurting the economy, a view shared by corporate executives
who tesitified at the hearing. "I believe that takeovers have
become so abusive and so tilted in favor of the financial
buccaneers that remedial action is required," USX Corp chairman
David Roderick said. "For Congress to allow the takeover game to
continue unchecked, would be economic suicide," Champion
International Corp chairman Andrew Sigler added.
 Reuter
3;
bodyend
documentend
documentstart
1478
topicstart
trade
topicend
bodystart
2;

SPAIN TO LAUNCH EXPORT DRIVE


    MADRID, March 4 - 
Spain unveils a 105 billion peseta plan
this month aimed at boosting exports to reach European
Community levels, director-general of the INFE export
institute, Apolonio Ruiz Ligero, said.
    "The target is to raise exports to 20 pct of Gross Domestic
Product over the next four years compared to 15 pct now," he
said.
     "This is the minimum prevailing level in the EC and there
is no reason why we should lag behind countries like Italy,
which have a similar productive structure," he said.
    The plan calls for providing soft loans, tax cuts and other
fiscal benefits to exporters and raising Spain's presence in
international trade fairs.
    Consumer goods such as fashion and wine, as well as
traditional industrial exports will be promoted.
    Ruiz Ligero said INFE would double its annual budget to 20
billion pesetas to finance the four-year plan, while the
government's development aid fund (FAD) would provide a special
25 billion peseta grant.
    The plan calls for boosting exports by five to six pct in
real terms this year after a 7.4 pct decline last year.
    Ruiz Ligero attributed this drop to a lack of demand in
developing countries and a rally in domestic consumer demand,
which rose six pct last year after 1.9 pct in 1985.
    He added that 80 pct of Spain's exports went to
Organisation for Economic Cooperation and Development (OECD)
countries.
    The EC accounts for 60 pct of the market and exports to the
Community rose seven pct last year. The government plans to
concentrate efforts on Western Europe and the U.S.
    "The problem is convincing businessmen that exports are
vital to survival in the context of EC competition," he said.
    He said Spanish businessmen traditionally turned to the
domestic market to satisfy rises in consumer demand, while
turning their backs on foreign markets.
    "They have to realise their share of the home market is
going to shrink with growing deregulation," he said. "Foreign
companies are taking up positions in the domestic economy and
it is it vital to secure a market share abroad."
 REUTER
3;
bodyend
documentend
documentstart
1480
topicstart
acq
topicend
bodystart
2;

ROSSIGNOL UNIT BUYS CANADIAN SKI BOOT MAKER


    PARIS, March 4 - 
French ski and tennis equipment maker

<
Skis Rossignol> said its 97.7-pct owned subsidiary 
<
Skis
Dynastar SA> agreed to buy Canadian ski stick and boot
manufacturer 
<
CFAS> from 
<
Warrington Inc>.
    A Rossignol spokesman declined to give financial details
but said turnover of CFAS was about 100 mln French francs,
doubling the Rossignol group's activities in the boot and stick
sectors.
 Reuter
3;
bodyend
documentend
documentstart
1483
topicstart
earn
topicend
bodystart
2;

USF AND G CORP 
<
FG> RAISES QUARTERLY DIVIDEND


    BALTIMORE, Md., March 4 -
    
Qtly div 62 cts vs 58 cts in the prior quarter
    Payable April 30
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
1485
topicstart
topicend
bodystart
2;

OHIO MATTRESS 
<
OMT> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 4 - 
Ohio Mattress Co said it filed with the
Securities and Exchange Commission registration statements
covering a 75 mln dlr issue of convertible subordinated
debentures due 2012 and an offering of four mln shares of
common stock.
    Proceeds will be used to reduce floating-rate bank debt
incurred in connection with the acquisition of 82 pct of Sealy
Inc through the purchase of seven Sealy licensees in December
1986 for 262 mln dlrs in cash, Ohio Mattress said.
    The company named Lazard Freres and Co as lead underwriter
of the offerings.
 Reuter
3;
bodyend
documentend
documentstart
1486
topicstart
topicend
bodystart
2;

MOODY'S UPGRADES GE 
<
GE> MORTGAGE INSURANCE UNIT


    NEW YORK, March 4 - 
Moody's Investors Service Inc said it
upgraded to Aaa from Aa-1 the insurance rating of General
Electric Mortgage Insurance Co of Ohio, a unit of General
Electric Co.
    Moody's said this reflected the strengthening of terms in a
revised net worth agreement between GEMICO and its immediate
parent, General Electric Credit Corp, whose long-term unsecured
debt is also a top-flight Aaa.
    However, the rating agency said the agreement does not
benefit other GEMICO affiliates in California, Florida and
North Carolina.
 Reuter
3;
bodyend
documentend
documentstart
1488
topicstart
earn
topicend
bodystart
2;

<
BRNF LIQUIDATING TRUST> SETS DISTRIBUTIONS


    WILMINGTON, Del., March 4 - 
BRNF Liquidating Trust said
trustees declared a 13th liquidating dividend of 1.10 dlrs per
unit, payable April One to holders of record of its Series A, B
and C certificates on March 18.
    The trust had paid a 12th liquidating distribution on
January 15 amounting to 1.750 dlrs on Series A, 1.815 dlrs on
Series B and 1.765 dlrs on Series C certificates.
 Reuter
3;
bodyend
documentend
documentstart
1492
topicstart
earn
topicend
bodystart
2;

STANLINE INC 
<
STAN> 1ST QTR JAN 31 NET


    NORWALK, Conn., March 4 -
    
Shr 20 cts vs 15 cts
    Net 345,970 vs 257,252
    Revs 14.0 mln vs 13.4 mln
    NOTE: Share adjusted for five pct stock dividend in
December 1986.
 Reuter
3;
bodyend
documentend
documentstart
1493
topicstart
pet-chem
topicend
bodystart
2;

DOW CHEMICAL CO 
<
DOW> UNIT INCREASES PRICES


    MIDLAND, Mich., March 4 - 
The Dow Chemical Co said its
Engineering Thermoplastics Department will increase the selling
prices of standard grades of MAGNUM ABS resins by three cts per
pound.
    It also announced an increase of five cts per pound for
performance grades of the resins.
    Both increases are effective April 1, 1987.

 Reuter
3;
bodyend
documentend
documentstart
1494
topicstart
earn
topicend
bodystart
2;

SWIFT ENERGY CO 
<
SFY> 4TH QTR NET


    HOUSTON, March 4 -
    
Shr 12 cts vs eight cts
    Net 485,866 vs 316,193
    Revs 1,741,508 vs 1,440,154
    Year
    Shr 28 cts vs 20 cts
    Net 1,108,314 vs 778,197
    Revs 5,073,178 vs 3,687,160
 Reuter
3;
bodyend
documentend
documentstart
1496
topicstart
earn
topicend
bodystart
2;

BROWNING-FERRIS INDUSTRIES INC 
<
BFI> IN PAYOUT


    HOUSTON, March 4 -
    
Qtly div 20 cts vs 20 cts prior
    Pay April 10
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
1497
topicstart
acq
topicend
bodystart
2;

BUFFTON CORP 
<
BUFF> BUYS B AND D INSTRUMENTS


    FORT WORTH, Tex., March 4 - 
Buffton Corp said it completed
the purchase of B and D Industruments Inc for two mln dlrs cash
and 400,000 shares of common stock.
    It said B and D is a private company headquartered in
Kansas, and had sales of 4,700,000 dlrs in 1986.
    Buffton said the company designs and manufactures aviation
computer display systems and engine instrumentation.
 Reuter
3;
bodyend
documentend
documentstart
1498
topicstart
earn
topicend
bodystart
2;

VEREINS- UND WESTBANK TO REORGANIZE NETWORK


    HAMBURG, March 4 - Vereins- 
und Westbank AG 
<
VHBG.F> plans
to streamline its branch network to improve its distribution of
financial services, management board member Eberhard-Rainer
Luckey said.
    He told a news conference on 1986 results that branches in
Hamburg and Schleswig-Holstein would be merged or closed, a
branch in Frankfurt opened and that the bank was considering
opening a branch in London.
    Luckey said the bank's total operating profits rose nearly
29 pct in 1986. Parent bank net profit rose to 47.7 mln from
42.2 mln and the dividend remained unchanged at 12 marks.
    The group balance sheet, including for the first time
VereinWest Overseas Finance (Jersey), rose 9.2 pct to 17.9
billion marks, Luckey said.
    The parent bank balance sheet rose 89 mln marks to 13.2
billion, while business volume was almost unchanged at 14.8
billion. Credit volume eased to 9.1 billion from 9.2 billion
while loans to companies rose seven pct.
    Foreign business and securities trading turnover also
increased. Higher earnings from trading on the bank's own
account contributed to record operating profits.
    Net interest income rose on firmer interest margins by 16.1
mln marks to 381.6 mln. Net commission income rose 6.6 mln to
156.7 mln, Luckey said.
    Foreign commercial business was influenced by a fall in
West German foreign trade but earnings were still satisfactory.
    The bank's exposure in Latin America was less than two pct
of its total foreign credit and in Africa less than one pct.
    The bank continued to sell some of its exposure in 1986,
and will also continue to stock up risk provisions, he said.
 REUTER
3;
bodyend
documentend
documentstart
1499
topicstart
trade
topicend
bodystart
2;

BALDRIGE CONCERNED ABOUT KOREAN/TAIWAN DEFICITS


    WASHINGTON, March 4 - 
Secretary of Commerce Malcolm
Baldrige expressed concern about the continuing U.S. trade
deficits with South Korea and Taiwan and said that without an
adjustment in exchange rates there is little likelihood of
improvement.
    Speaking to the President's Export Council, an industry
advisory group, Baldrige said the trade deficit issue was under
discussion with those countries.
    "I feel that unless we see an exchange rate adjustment we
probably won't be able to see much of a change in the large
surplus that Taiwan in particular has with us," he said.
    In a wide-ranging discussion on U.S. trade matters,
Baldrige also repeated U.S. concern about an attempted takeover
by Japan's Fujitsu company of Fairchild Computer.
    He said that the Japanese were resisting allowing U.S.
companies into the giant computer business while at the same
time attempting to acquire control of a U.S. company that does
major computer business in the U.S. market.
    Lastly, Baldrige said that the United States was hopeful
that it could complete a free market agreement with Canada by
the autumn, but said major issues, including acid rain,
remained unresolved.
 Reuter
3;
bodyend
documentend
documentstart
1500
topicstart
acq
topicend
bodystart
2;

ALLWASTE 
<
ALWS> TO MAKE ACQUISITION


    HOUSTON, March 4 - 
Allwaste Inc said it has agreed in
principle to acquire an air-moving and related industrial
services company it did not identify for up to 1,400,000 dlrs
in common stock.
 Reuter
3;
bodyend
documentend
documentstart
1502
topicstart
earn
topicend
bodystart
2;

CASTLE AND COOKE 
<
CKE> TAKES FOURTH QTR LOSS


    LOS ANGELES, March 4 - 
Castle and Cooke Inc said it would
take a fourth quarter after-tax loss of 33.9 mln dlrs from the
previously reported sale of its Flexi-Van container leasing
business to Itel Corp 
<
ITEL> for about 215 mln dlrs.
    Earlier, the company reported a loss for the fourth quarter
ended January 3 of 31.9 mln dlrs, or 76 cts a share, compared
with a loss of 3.3 mln dlrs, or 21 cts per share, in 1985's
fourth quarter.
    For the year, however, the diversified holding company
reported a net profit of 43.9 mln dlrs, or 56 cts a share,
versus 46.4 mln dlrs, or 56 cts a share, in 1985.
    David Murdock, chairman and chief executive officer, said,
"Both our food business and our real estate operations
increased their earnings during the year (1986)."
    But, he added that Flexi-Van's 1986 results were hit by
depressed daily rental rates for leased equipment caused by
oversupplies.
    The company also reported that George Elkas, formerly
executive vice president,  has been named president and chief
operating officer of Flexi-Van Corp, while William Burns has
been named executive vice president of Flexi-Van.
 Reuter
3;
bodyend
documentend
documentstart
1503
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO ADD TEMPORARY RESERVES


    NEW YORK, March 4 - 
The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
    They expect it to supply the reserves indirectly by
arranging around 1.5 of customer repurchase agreements.
    Federal funds, which averaged 6.22 pct yesterday, opened at
six pct and remained there in early trading.
 Reuter
3;
bodyend
documentend
documentstart
1506
topicstart
acq
topicend
bodystart
2;

CONVENIENT FOOD MART 
<
CFMI> AGREES TO BUY CHAIN


    ROSEMONT, Ill, March 4 - 
Convenient Food Mart Inc said it
has tentatively agreed to buy all the outstanding stock of
Plaid Pantries Inc and two associated businesses in Oregon and
Washington for undisclosed terms.
    Plaid Pantries owns and operates 161 convenience stores in
the Portland and Seattle areas. The other business are two
companies involved in the wholesale distribution of groceries
and health and beauty aids, it said.
    Closing is expected by May 15.

 Reuter
3;
bodyend
documentend
documentstart
1507
topicstart
topicend
bodystart
2;

AFG INDUSTRIES 
<
AFG> DEBT AFFIRMED BY S/P


    NEW YORK, March 4 - 
Standard and Poor's Corp said it
affirmed the BB-plus rating on AFG Industries Inc's 185 mln
dlrs of subordinated debt.
    S and P said it believed AFG would make acquisitions of
moderate size in the next few years. AFG's healthy cash flow
and pro forma cash balances of 169 mln dlrs at September 30,
1986, should be adequate to fund internal expansion and
moderate acquisitions.
    While AFG's participation in a 1.4 billion dlr bid for Lear
Siegler Inc was aggressive, AFG was mainly interested in Lear's
profitable auto glass operations, S and P noted.
 Reuter
3;
bodyend
documentend
documentstart
1508
topicstart
earn
topicend
bodystart
2;
******
WAL-MART STORES INC 4TH QTR SHR 65 CTS VS 47 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
1512
topicstart
acq
topicend
bodystart
2;

MARINE MIDLAND 
<
MM> BUYS BROKERAGE ASSETS


    NEW YORK, March 4 - 
Marine Midland Banks Inc said it has
acquired the customer account base of New York discount
brokerage firm Ovest Financial Services Inc for undisclosed
terms to expand its discount brokerage operations in the
Northeastern U.S.
    It said it will combine Ovest's activities with those of
its Marine Midland Brokerage Service unit.
 Reuter
3;
bodyend
documentend
documentstart
1513
topicstart
topicend
bodystart
2;

U.K. ONE BILLION STG BOND ISSUE EXHAUSTED


    LONDON, March 4 - 
A one billion stg issue of nine pct
Exchequer stock due 2002 which became available for trading
only this morning was exhausted in mid-afternoon trading on the
U.K. Government bond market, dealers said.
    The Bank of England said the issue was no longer operating
as a tap. The issue was announced Monday at a price of 96 stg
pct and dealers said the Government broker's supplies were sold
out this afternoon at a partly-paid 20-20/32 stg pct. The bonds
started trading this morning at 20 stg pct.
    Dealers noted the market had seen vigorous demand
throughout the day, prompted mainly by sterling strength.
    Dealers said that demand had been seen for the tap from
both domestic and overseas sources, including from Japan and
the U.S.
    Although the issue had not been designated as free of tax
to residents abroad (FOTRA) widespread bullish sentiment for
the market in general had generated foreign buying.
    The stock had been regarded as slightly expensive when it
was announced and dealers said that even first thing this
morning it had seemed slightly dear in relation to comparable
existing stocks.
    However, sterling's continuing firm performance had
prompted interest in the tap right at the outset.
    The issue's value had been enhanced by its partly-paid
structure, which not only enabled investors to defer payment of
the major part of the price until April 27, but also conferred
a substantial gearing element.
    This meant, dealers explained, that investors who bought
the bonds benefitted fully from price gains registered by the
market in general, although only 20 stg pct of the total
purchase price was tied up initially.
 REUTER
3;
bodyend
documentend
documentstart
1514
topicstart
dlr
money-fx
topicend
bodystart
2;
******
U.S. TREASURY DEPUTY ASST SECRETARY BERGER SAYS FURTHER DOLLAR DROP COULD CAUSE INFLATION

Blah blah blah.
3;


bodyend
documentend
documentstart
1515
topicstart
topicend
bodystart
2;

WEST GERMANY, TANZANIA AGREE DEBT RESCHEDULING


    BONN, March 4 - 
West Germany and Tanzania have signed an
agreement on rescheduling 145 mln marks worth of commercial
credits, the Finance Ministry said.
    Tanzania will now have until April 1, 1997 to pay back the
credits, some of which had originally fallen due in 1979, a
ministry statement said.
    Interest on the credits will be paid at market rates.
 REUTER
3;
bodyend
documentend
documentstart
1518
topicstart
topicend
bodystart
2;

WAXMAN INDUSTRIES 
<
WAXM> TO SELL CONVERTIBLES


    NEW YORK, March 4 - 
Waxman Industries Inc said it filed
with the Securities and Exchange Commission a registration
statement covering a 25 mln dlr issue of convertible
subordinated debentures due 2007.
    Proceeds will be used to repay short-term indebtedness and
for general corporate purposes, which may include acquisitions,
Waxman said.
    The company named Drexel Burnham Lambert Inc as sole
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
1519
topicstart
sugar
topicend
bodystart
2;

DOM REPUBLIC SELLS CZARNIKOW 35,000 TONS SUGAR


    ****SANTO DOMINGO, March 4 - 
The Dominican Republic sold
35,000 long tons of sugar for immediate delivery, with an
option for 25,000 tons more, to Czarnikow Rionda of New York,
the state sugar council announced.
    It was not immediately clear when the sale was made or at
what price. A council communique said "the sale was made at the
best prevailing conditions in the world sugar market."
 Reuter
3;
bodyend
documentend
documentstart
1520
topicstart
gas
topicend
bodystart
2;

EC BACKS NEW MOVE TO ENCOURAGE UNLEADED GASOLINE


    BRUSSELS, March 4 - 
The EC Executive Commission has backed
a plan to allow member countries to ban regular leaded gasoline
in a move designed to encourage use of unleaded fuel.
    It said in a statement it backed a proposal to allow EC
states to ban sales of regular grade gasoline containing lead
at six months notice. The proposal, which needs approval by EC
ministers, would not force any member state to impose the ban.
"It's an option, not an obligation," a spokesman said.
    But the Commission said imposing the ban would encourage
the use of unleaded fuel, as well as making it easier for gas
stations by cutting the number of types of gasoline they had to
stock.
 Reuter
3;
bodyend
documentend
documentstart
1521
topicstart
crude
topicend
bodystart
2;
******
SUN RAISES CRUDE OIL POSTINGS ONE DLR ACROSS BOARD. WTI NOW 17.00 DLRS/BBL

Blah blah blah.
3;


bodyend
documentend
documentstart
1524
topicstart
earn
topicend
bodystart
2;

<
DEVTEK CORP> 2ND QTR JAN 31 NET


    TORONTO, March 4 -
    
Shr 14 cts vs nine cts
    Net 1,180,000 vs 640,000
    Revs 25.6 mln vs 20.1 mln
    Six mths
    Shr 26 cts vs 12 cts
    Net 2,103,000 vs 853,000
    Revs 44.8 mln vs 33.0 mln
 Reuter
3;
bodyend
documentend
documentstart
1525
topicstart
earn
topicend
bodystart
2;

SAXTON INDUSTRIES LTD 
<
SAXIF> YEAR NET


    TORONTO, March 4 -
    
Shr 13 cts vs 41 cts
    Net 1,079,100 vs 3,535,205
    Revs 13.6 mln vs 16.2 mln
    Note: Current results for 16 months after change in fiscal
year end to December 31 from August 31
 Reuter
3;
bodyend
documentend
documentstart
1526
topicstart
earn
topicend
bodystart
2;

TORONTO SUN PLANS TWO-FOR-ONE STOCK SPLIT


    TORONTO, March 4 - 
<
Toronto Sun Publishing Corp> said it
planned a two-for-one split of its common shares, subject to
regulatory approval and approval by shareholders at the April
21 annual meeting.
 Reuter
3;
bodyend
documentend
documentstart
1527
topicstart
earn
topicend
bodystart
2;

SERVO CORP OF AMERICA 
<
SCA> 1ST QTR JAN 31 NET


    HICKSVILLE, N.Y., March 4 -
    
Shr 43 cts vs 41 cts
    Net 316,000 vs 298,000
    Sales 4,857,000 vs 4,543,000
 Reuter
3;
bodyend
documentend
documentstart
1528
topicstart
earn
topicend
bodystart
2;

ELECTRO-NUCLEONICS INC 
<
ENUC> 2ND QTR DEC 31


    FAIRFIELD, N.J., March 4 -
    
Shr loss 1.77 dlrs vs profit 15 cts
    Net loss 8,036,000 vs profit 576,000
    Sales 16.2 mln vs 17.2 mln
    Avg shrs 4,539,437 vs 3,816,580
    1st half
    Shr loss 1.96 dlrs vs profit 26 cts
    Net loss 8,231,000 vs profit 996,000
    Sales 30.9 mln vs 32.2 mln
    Avg shrs 4,205,707 vs 3,814,141
    NOTE: Current half net includes 68,000 dlr tax credit.
    Current year net both periods includes 6,700,000 dlr
writedown of inventory of clinical chemistry products.
 Reuter
3;
bodyend
documentend
documentstart
1529
topicstart
earn
topicend
bodystart
2;

WAL-MART STORES INC 
<
WMT> 4TH QTR JAN 31 NET


    BENTONVILLE, Ark., March 4 -
    
Shr 65 cts vs 47 cts
    Net 184.3 mln vs 133.1 mln
    Sales 3.85 billion vs 2.77 billion
    Year
    Shr 1.59 dlrs vs 1.16 dlrs
    Net 450.1 mln vs 327.5 mln
    Sales 11.91 billion vs 8.45 billion
 Reuter
3;
bodyend
documentend
documentstart
1531
topicstart
topicend
bodystart
2;

MICROPOLIS 
<
MLIS> TO OFFER CONVERTIBLE DEBT


    NEW YORK, March 4 - 
Micropolis Corp said it filed with the
Securities and Exchange Commission a registration statement
covering a 75 mln dlr issue of convertible subordinated
debentures due 2012.
    Proceeds will be used for general corporate purposes and
possible acquisitions, Micropolis said.
    The company named Kidder, Peabody and Co Inc as lead
manager, and Robertson, Colman and Stephens as co-manager of
the offering.
 Reuter
3;
bodyend
documentend
documentstart
1532
topicstart
earn
topicend
bodystart
2;

<
MIRTONE INTERNATIONAL INC> 1ST QTR DEC 31 NET


    TORONTO, March 4 -
    
Shr two cts vs two cts
    Net 407,396 vs 376,243
    Revs 5,341,353 vs 4,292,819
 Reuter
3;
bodyend
documentend
documentstart
1533
topicstart
money-fx
dlr
topicend
bodystart
2;

U.S. TREASURY AIDE WARNS ON INFLATION


    WASHINGTON, March 4 - 
Thomas Berger, Deputy Assistant
Secretary of the Treasury, said that a further drop in the
exchange value of the dollar could cause prices to go up and
trigger inflation.
    He told a meeting of the President's Export Council that
the Japanese and the Germans have cut their profit margins to
reflect recent drops in the dollar, so prices have remained
much the same.
    But he added that if the dollar dropped further there could
be inflation in the United States.
    Berger also said that a further devalued dollar may cause
economic depressions in some U.S. trading partners, and that
would not be in America's interest because it would close those
markets to U.S. goods.
 Reuter
3;
bodyend
documentend
documentstart
1535
topicstart
rubber
topicend
bodystart
2;

LEAF DISEASE HITS SRI LANKA RUBBER


    By Feizal Samath, Reuters


    COLOMBO, March 4 - 
A leaf disease affecting seven pct of
Sri Lanka's rubber plantations may reduce output this year and
raise currently depressed prices, industry officials and
researchers told Reuters.
    About 2,900 hectares of rubber planted with the Rubber
Research Institute (RRI) clone 103 have been hit by the fungus
"corenes pora" which attacks the roots of the tree and kills the
leaves. The disease was first discovered about six months ago.
    Trade sources say prices might boom once again if the
crisis leads to output below the 1987 target of 143,000 tonnes.
Last year's output is estimated at between 133,000 and 135,000
tonnes.
    Researchers say the fungus could spread to other rubber
clones if no immediate action is taken.
    "The RRI is considering asking estates to remove the trees
seriously affected by the fungus because it was too late to use
chemicals to kill the disease," an Institute spokesman said.
    Senior industry and research officials met yesterday at
Padukka, east of here, to discuss ways of controlling the
fungus which is affecting estates mostly belonging to the State
Plantations Corp and Janatha Estates Development Board.
    The two state-owned groups account for 30 pct of rubber
land with the balance belonging to small private producers with
a total of 145,600 hectares.
    The RRIC 103 is a new clone propagated by the Research
Institute as high yielding and recommended two years ago for
planting. Only the two state groups seriously planted these
clones while smallholders preferred the low-yielding but older
PBX Malaysian clones.
    Officials at yesterday's crisis meeting said it was decided
to uproot only some of the affected trees while others would be
treated. They declined to comment on other decisions taken.
    Trade sources said supplies had improved in the past week
but prices had hit their lowest since last December. "If there
is a shortage of rubber, prices are bound to rise," a spokesman
for a company buying on behalf of the Soviet Union said.
    Rubber prices, particularly crepe, fell sharply by about
four rupees a kilo between December and March. The best crepe
one-X traded at 23.68 rupees a kilo, averaged 19.75 at this
week's auction. Sheet prices fell by a rupee in the same
period.
    Quantities offered at the auction also fell to an average
of 300 tonnes per auction last month from 800 tonnes in
December because of wintering in early February in producing
areas.
    Over 550 tonnes were offered at this Tuesday's auction with
the supply position showing improvements.
    Trade sources said the smaller availability of rubber last
month did not raise prices as on previous occasions.
    "Some factors, like less storage space from excess stocks,
meant we could not buy much at the auction until we disposed of
the rubber we already had," one buyer said.
    Other sources said there were few forward contracts and
speculative buying last month, while delays in steamer arrivals
aggravated the problem.
    European buyers delayed their purchases because of winter
closures of factories and also in the hope that prices would
ease further.
    They said another problem that could hit the industry is
the dry spell in producing areas. "If the inter-monsoonal rains
expected in late March/April are delayed, we would have further
shortages," one official said.
    "But this again could benefit prices," a buyer said.
 Reuter
3;
bodyend
documentend
documentstart
1536
topicstart
earn
topicend
bodystart
2;

PYRO ENERGY CORP 
<
BTU> YEAR NET


    EVANSVILLE, Ind., March 4 -
    
Shr 36 cts vs 66 cts
    Net 4,775,000 vs 9,342,000
    Revs 105.5 mln vs 130.0 mln
 Reuter
3;
bodyend
documentend
documentstart
1537
topicstart
sugar
topicend
bodystart
2;

EC COMMISSION DETAILS SUGAR TENDER


    BRUSSELS, March 4 - 
The European Commission confirmed it
authorised the export of 60,500 tonnes of current series white
sugar at a maximum rebate of 43.147 European Currency Units
(ECUs) per 100 kilos.
    Out of this, traders in the U.K. Received 43,500 tonnes, in
the Netherlands 12,000, in Denmark 4,000 and in West Germany
1,000 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
1541
topicstart
earn
topicend
bodystart
2;

UNITRODE CORP 
<
UTR> 4TH QTR JAN 31 LOSS


    LEXINGTON, Mass., March 4 -
    
Shr loss 13 cts vs profit 10 cts
    Net loss 1,804,062 vs profit 1,370,063
    Revs 33.5 mln vs 40.4 mln
    12 mths
    Shr loss 51 cts vs profit cts
    Net loss 7,030,235 vs profit 9,163,141
    Revs 149.4 mln vs 167.9 mln
    NOTE: income before taxes for the 12 mths ended Jan 1987
includes gains 895,000 for fire insurance settlement, and
unusual charges of 7,900,000 for provisions for estimated cost
of severance pay for terminated workers and a one-time
writedown of inventory and equipment.
 Reuter
3;
bodyend
documentend
documentstart
1543
topicstart
earn
topicend
bodystart
2;

BUEHLER INTERNATIONAL INC 
<
BULR> 4TH QTR NET


    CHICAGO, March 4 -
    
Shr five cts vs 20 cts
    Qtly div two cts vs two cts prior
    Net 223,000 vs 1,418,000
    Sales 15.3 mln vs 17.1 mln
    Year
    Shr 61 cts vs 81 cts
    Net 3,106,000 vs 5,940,000
    Sales 63.0 mln vs 59.5 mln
    NOTE: 1986 net includes tax credits of 63,000 dlrs in
quarter and 1,365,000 dlrs in year.
    1986 net both periods includes 500,000 dlr pretax inventory
writedown.
    Dividend pay March 27, record March 5.
 Reuter
3;
bodyend
documentend
documentstart
1545
topicstart
earn
topicend
bodystart
2;

STANHOME INC 
<
STH> RAISES QUARTERLY TWO CTS


    WESTFIELD, Mass., March 4 -
    
Qtly div 23 cts vs 21 cts prior
    Pay April 1
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1546
topicstart
earn
topicend
bodystart
2;

INSTRON CORP 
<
ISN> SETS QUARTERLY


    CANTON, Mass., March 4 -
    
Qtly div three cts vs three cts prior
    Pay April 2
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1547
topicstart
topicend
bodystart
2;

WEST GERMAN BANK ISSUES LUXEMBOURG FRANC BOND


    LUXEMBOURG, March 4 - 
Landesbank Rheinland-Pfalz
International SA is issuing a 300 mln Luxembourg franc private
placement bond with a 7-1/4 pct coupon at par, lead manager
Caisse d'Epargne de l'Etat du Grand-Duche de Luxembourg said.
    The five-year, non-callable bullet bond is for payment on
March 24 and coupon payments are annually on March 25.
 REUTER
3;
bodyend
documentend
documentstart
1550
topicstart
cpi
topicend
bodystart
2;

GERMAN INSTITUTE SEES INFLATION RISING IN 1987


    HAMBURG, March 4 - 
The cost of living in West Germany will
likely be about 0.5 pct higher on average in 1987 than in 1986,
when the cost of living actually fell by an average 0.2 pct in
the first recurrence of "negative inflation" since the 1950s, the
HWWA economic research institute said.
    The re-emergence of inflation will result mainly from the
fading of two factors which influenced the fall in the 1986
cost of living - the steep decline in both oil prices and the
value of the dollar, the institute said in a report.
    The institute said inflation will see a rising trend in the
course of 1987, but will average only 0.5 pct for the year as a
whole because year on year rates will remain negative in the
first part of 1987.
    Provisional inflation figures for February released last
week showed the cost of living last month was 0.5 pct lower
than in February 1986. In January prices had fallen 0.8 pct
against the same month a year earlier.
    The HWWA said its forecast assumed the dollar would remain
around 1.80 marks and oil prices would range between 15 and 17
dlrs per barrel.
 REUTER
3;
bodyend
documentend
documentstart
1552
topicstart
topicend
bodystart
2;

WORLD BANK SAYS S. AMERICAN DEBTORS STILL TALKING


    FRANKFURT, March 4 - 
Latin American debtor nations are
still willing to negotiate on their debts, World Bank director
for Latin America and the Caribbean Rainer Steckhan said.
    In an article published in today's Handelsblatt daily,
Steckhan said despite decisions by Peru, Costa Rica, Ecuador
and Brazil to suspend some interest payments, these nations
were still willing to talk constructively about their debts.
    "These countries are still prepared to negotiate, and the
instruments of cooperation developed thus far provide the means
to deal with the crisis over time," Steckhan said.
    Several highly indebted nations have made great efforts to
meet their debt payments, especially Latin American countries,
Steckhan said.
    Chile achieved gross national product growth of five to six
pct last year and quadrupled its trade surplus from 1984,
despite lower prices of key commodity exports like copper.
    Mexico, hit by a catastrophic earthquake and declines in
world oil prices also boosted its non-oil exports by one third
in 1986, the highest growth rate in its post-war history.
    The World Bank's annual lending to Latin America rose to
4.8 billion dlrs last year from three billion in 1984, he said.
 REUTER
3;
bodyend
documentend
documentstart
1553
topicstart
interest
money-fx
topicend
bodystart
2;

FED DRAFTS CURRENCY, RATE SWAP RISK GAUGE


    WASHINGTON, March 4 - 
The Federal Reserve Board voted
unanimously to propose a formula for calculating the risk of
interest rate and currency swaps as part of its ongoing effort
to come up with a new capital standard for U.S. banks that
takes into account the riskiness of a bank's loans and other
assets.
    Fed officials said an identical proposal was being issues
today by the Bank of England.
    The Fed set a 60-day period for public comment on the plan.
    The proposal adopted today addresses only the credit risks
associated with interest rate swaps, forward foreign exchange
contracts and similar financial instruments.
    Previously, the Fed Jan. 8 proposed a series of guidelines
for calculating the risk of other off-balance-sheet activities
that banks would be required to take into account in
calculating the minimum financial cushion they would need to
maintain.
    Both guidelines set five broad categories of risk for loans
and other bank assets and assigned to each a level of risk that
would establish a bank's minimum capital needs.
    The additional guidelines proposed today would determine
the amount of capital support required for a bank's current
exposure for a given asset and the potential future exposure.
    The current exposure would be measured by the
mark-to-market value of the asset, which would reflect the
replacement cost.
    Potential future increases in the replacement cost would be
calculated using credit conversion factors based on statistical
analyses by the staffs of the Bank of England and U.S. banking
regulators. Future exposure would rise over the life of the
asset.
    The Fed staff said the risk gauge attempted to balance
conflicting needs for precision and simplicity.
    They ignore, for example, the relative volatility of the
particular currencies involved in exchange rate contracts.
    Board officials said the new gauge could increase the
capital required of the largest money center banks, which are
the principal participants in these types of activities.
    They cautioned the Fed board to take account of the
potential impact of the plan on the ability of U.S. banks to
compete in world financial markets.
    However, the staff concluded, "The credit risks inherent in
such contracts now constitute a significant element of the risk
profiles of some banking organizations."
    The Fed proposal would exempt all but the 20-25 largest
participants in this market, on grounds the benefits of
including the smaller banks would be outweighed by costs.
    Also excluded would be interest rate and foreign exchange
contracts traded on organized exchanges.
    Governor Martha Seger said she was concerned that Japan was
not involved in the U.K.-U.S. effort to draft new capital
rules.
 Reuter
3;
bodyend
documentend
documentstart
1554
topicstart
earn
topicend
bodystart
2;

IDEAL SCHOOL SUPPLY CORP 
<
IDEL> 4TH QTR NET


    OAK LAWN, Il., March 4 -
    
Oper shr 10 cts vs eight cts
    Oper net 325,000 vs 228,000
    Sales 7,070,000 vs 6,483,000
    Avg shrs 3,313,000 vs three mln
    Year
    Oper shr 69 cts vs 51 cts
    Oper net 2,124,000 vs 1,536,000
    Sales 31.2 mln vs 22.7 mln
    Avg shrs 3,071,000 vs three mln
    NOTE: 1986 net both periods includes 72,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
1555
topicstart
earn
topicend
bodystart
2;

SALOMON INC 
<
SB> SETS REGULAR QUARTERLY


    NEW YORK, March 4 -
    
Qtly div 16 cts vs 16 cts prior
    Pay April One
    Rcord March 20
 Reuter
3;
bodyend
documentend
documentstart
1556
topicstart
crude
ship
topicend
bodystart
2;

JANUARY CRUDE OIL MOVEMENTS FALL SEVEN MLN TONS


    LONDON, March 4 - 
Worldwide spot crude oil movements fell
to 30.07 mln long dwt in February from 37.25 mln tons in
January and 41.44 mln in December, London shipbroker Howard
Houlder said.
    The decline mainly reflected a sharp drop in movements out
of the Mideast Gulf, which totalled 7.4 mln tons last month
against 11.65 mln in January. These included shipments to
western options at 2.05 mln tons against 3.59 mln previously.
    Liftings from the Gulf to eastern options fell to 4.15 mln
tons from 5.94 mln and those from the Gulf to other areas
dropped to 1.2 mln tons from 2.13 mln, Howard Houlder said.
    U.K./Continent coastal movements declined sharply to 2.91
mln tons from 4.77 mln but those from the U.K./Continent to the
U.S. rose to 1.99 mln from 1.69 mln.
 Reuter
3;
bodyend
documentend
documentstart
1557
topicstart
livestock
carcass
grain
topicend
bodystart
2;

EC SOURCES DETAIL NEW FARM SOCIAL PACKAGE


     BRUSSELS, March 4 - 
The 350 mln Ecu three-year package of
social and structural measures agreed early today by European
Community farm ministers features a plan to compensate farmers
for reducing output of certain surplus products, EC Commission
sources said.
    The ministers agreed that under this "extensification"
scheme, farmers would qualify for compensation if they cut
output of specific products by at least 20 pct.
    The plan would initially apply to cereals, beef, veal and
wine, they added.
    Cereals farmers would have to achieve their output cuts by
reducing acreage, while cattle farmers would reduce their
number of head and vinegrowers would cut yield. In each case,
farmers would have to undertake not to step up their capacity
for output of other products which are in surplus in the EC.
    The sources said payment levels have not yet been fixed but
will be designed to compensate farmers for loss of profit on
the production they forego.
    The sources said the package also contains provisions for
payments to farmers who embark on a program aimed at protecting
or improving the environment.
    It would also mean compensatory allowances in less favoured
farming areas would be extended to crops. At present such
allowances are available only for livestock.
    The package would provide 20 mln Ecus for research into
alternative farming techniques, the sources added.
    At a news conference EC Farm Commissioner Frans Andriessen
said the Commission is also working on proposals to enable the
EC and member states to provide direct income supports for
relatively poor farmers.
    Andriessen did not give full details, but said member state
aid would be subject to "strict criteria to avoid distortion of
competition."
    EC payments would aim to help farmers to survive a
difficult period while the EC tackles the problems of surplus
production.
    The Commission withdrew from the package agreed last night
proposals to pay "early retirement" pensions to farmers aged 55
or over who gave up production. Those who took their land
completely out of farm production, rather than passing it on to
their heirs, would have received more generous payments.
    Andriessen said the Commission plans to present revised
proposals along these lines in an effort to get a scheme
agreed.
 Reuter
3;
bodyend
documentend
documentstart
1559
topicstart
topicend
bodystart
2;

WEST GERMAN BANK ISSUES LUXEMBOURG FRANC BOND


    LUXEMBOURG, March 4 - 
Landesbank Rheinland-Pfalz
International SA is issuing a 300 mln Luxembourg franc private
placement bond with a 7-1/4 pct coupon at par, lead manager
Caisse d'Epargne de l'Etat du Grand-Duche de Luxembourg said.
    The five-year, non-callable bullet bond is for payment on
March 24 and coupon payments are annually on March 25.
 Reuter
3;
bodyend
documentend
documentstart
1560
topicstart
money-fx
interest
topicend
bodystart
2;

U.S., BRITAIN AGREE FURTHER BANK CAPITAL PROPOSALS


    LONDON, March 4 - 
The Bank of England and the U.S. Federal
Reserve Board have agreed new proposals for joint standards to
measure the risk of an array of credit exposures that do not
show up in bank balance sheets, the Bank of England said.
    The plan, covering swaps, forward contracts and options
involving interest or exchange rates, complements proposals
agreed in January between the two central banks to make
commercial banks in the U.S. And Britain subject to similar
standards for measuring capital adequacy, the proposal said.
    It said no final decisions had been reached yet and banks
have until April 16 to comment on the trunk proposals.
    The Bank of England and Fed said they had faced a dilemma.
    "On the one hand (we) are determined to require adequate
capital support for potential future exposure -- on the other
hand (we) are concerned that overly stringent capital
requirements might unnecessarily affect the ability of U.S. And
U.K. Banking organisations to price...Contracts competitively."
     At the basis of the new proposals lies the concept of the
so-called credit equivalent amount - the current value of a
currency or interest rate contract and an estimate of its
potential change in value due to currency or interest rate
fluctuations until the contract matures.
    In treatment similar to that agreed in January for balance
sheet assets, the credit equivalent will be assigned one of
five risk weights between zero and 100 pct, depending on the
quality of the counterparty, the remaining maturity of the
contract and on collaterals or guarantees to the contract, the
plans showed.
    The proposal showed that collaterals and guarantees would
not be recognised in calculating credit equivalent amounts.
    They would, however, be reflected in the assignment of risk
weights. The only guarantees recognised are those given by U.S.
And U.K. Governments or, in the U.S., By domestic national
government agencies, the proposals showed.
    The paper said the proposed rules would not cover spot
foreign exchange contracts and securities traded in futures and
options exchanges.
    It said U.S. Regulatory authorities and the Bank of England
were keen to encourage banks to "net" contracts -- consolidate
multiple contracts with the same counterparty into one single
agreement to create one single payments stream.
    It recognised that "such arrangements may in certain
circumstances reduce credit risk and wish to encourage their
further development and implementation," and said some of the
current proposals may be changed to take this into account.
    The paper said the proposed rules would not cover spot
foreign exchange contracts and securities traded in futures and
options exchanges.
    It said U.S. Regulatory authorities and the Bank of England
were keen to encourage banks to "net" contracts -- consolidate
multiple contracts with the same counterparty into one single
agreement to create one single payments stream.
    It recognised that "such arrangements may in certain
circumstances reduce credit risk and wish to encourage their
further development and implementation," and said some of the
current proposals may be changed to take this into account.
 Reuter
3;
bodyend
documentend
documentstart
1562
topicstart
acq
topicend
bodystart
2;

PIEDMONT AVIATION 
<
PIE> BOARD TO MEET TODAY


    NEW YORK, March 4 - 
Piedmont Avaition Inc's board of
directors will conduct a special meeting beginning at 1400 est
today, a Piedmont spokesman said.
    The spokesman would not say what was on the agenda.
    In mid-February, Piedmont said its board would meet to
discuss all proposals to acquire the company. Its board also
withdrew a recommendation to accept a 65 dlrs a share cash
offer from Norfolk Southern Corp 
<
NSC> in light of a competing
revised bid from U.S. Air Group Inc 
<
U>. U.S. Air offer to buy
50 pct of the company's stock for 71 dlrs a share cash, and the
remaining for 73 dlrs a share of its stock.

 Reuter
3;
bodyend
documentend
documentstart
1563
topicstart
earn
topicend
bodystart
2;

FIRST UNION 
<
FUR> LEAVES DIVIDEND UNCHANGED


    CLEVELAND, March 4 - 
First Union Real Estate Investments
said its board left the quarterly dividend unchanged at 37-1/2
cts per share, payable April 30, record March 31.
    The trust, which has raised its quarterly dividend
frequently in the past two years and in the first quarter in
both years, said the Tax Reform Act of 1986 has limited its
flexibility on dividends, and trustees will now consider the
appropriateness of any dividend increases only during the later
quarters of the year.

 Reuter
3;
bodyend
documentend
documentstart
1564
topicstart
earn
topicend
bodystart
2;

RYKOFF-SEXTON INC 
<
RYK> 3RD QTR JAN 31 NET


    LOS ANGELES, March 4 -
    
Shr 21 cts vs 28 cts
    Net 1,456,000 vs 1,925,000
    Sales 258.7 mln vs 290.2 mln
    Nine Mths
    Shr 77 cts vs 1.10 dlrs
    Net 5,384,000 vs 7,658,000
    Sales 804.3 mln vs 760.1 mln
 Reuter
3;
bodyend
documentend
documentstart
1565
topicstart
topicend
bodystart
2;

JAMAICA WILL MAKE NEW DRAWING UNDER IMF PROGRAM


    KINGSTON, March 4 - 
Jamaica will draw down 40.9 mln Special
Drawing Rights (SDRs) from the International Monetary Fund
following IMF approval yesterday of a new credit program for
the island, the government announced.
    Financing from the compensatory facility is meant to offset
losses in export earnings and does not carry the same
conditions attached to other IMF loans.
    The government will also receive 85 mln SDRs under a new
stand-by agreement. The new credit agreement signed in January
was originally to last 15 months, but the government now says
it will go for one year beginning this month.
 REUTER
3;
bodyend
documentend
documentstart
1566
topicstart
earn
topicend
bodystart
2;

SYSTEM SOFTWARE ASSOCIATES 
<
SSAX> 1ST QTR NET


    CHICAGO, March 4 - 
Periods end January 31, 1987 and 1986
    Shr 12 cts vs nine cts
    Net 507,000 vs 362,000
    Revs 5,010,000 vs 3,558,000
    NOTE: System Software Associates Inc is full name of
company.
 Reuter
3;
bodyend
documentend
documentstart
1567
topicstart
earn
topicend
bodystart
2;

GEICO CORP 
<
GEC> RAISES QTRLY DIVIDEND


    CHEVY CHASE, Md., March 4 -
    
Qtrly div 34 cts vs 27 cts prior
    Pay March 31
    Record March 16

 Reuter
3;
bodyend
documentend
documentstart
1568
topicstart
earn
topicend
bodystart
2;

STANLEY WORKS 
<
SWK> SETS QUARTERLY


    NEW BRITAIN, Conn., March 4 -
    
Qtly div 19 cts vs 19 cts prior
    Pay March 31
    Record March 12
 Reuter
3;
bodyend
documentend
documentstart
1569
topicstart
earn
topicend
bodystart
2;

NOVELL INC 
<
NOVL> 1ST QTR JAN 31 NET


    PROVO, Utah, March 4 -
    
Shr 31 cts vs 20 cts
    Net 3,541,000 vs 2,071,000
    Sales 29.9 mln vs 14.5 mln
    Avg shrs 11.6 mln vs 10.4 mln
    NOTE Fourteen vs 13-week periods.
 Reuter
3;
bodyend
documentend
documentstart
1570
topicstart
grain
wheat
topicend
bodystart
2;

FROST NOT EXPECTED TO DAMAGE POLAND'S WHEAT


    WARSAW, March 4 - 
Poland's winter wheat is likely to
survive recent frosts but the impact of the cold will not be
known until late April, the Polish meteorology institute said.
    Some varieties of winter wheat sown in Poland can survive
ground temperatures as low as minus 20 degrees C, Spokesman
Teresa Tomaszewska told Reuters.
    Even though an earlier thin protective layer of snow mainly
melted in February, air temperatures down to minus 30 C should
not be harmful, she said, but added that wheat can still be
damaged by cold spells in March and April, when young shoots
may be exposed to night frosts.
 Reuter
3;
bodyend
documentend
documentstart
1571
topicstart
earn
topicend
bodystart
2;

BROWN-FORMAN 
<
BFDB> TO CHANGE RECORD DATES


    LOUISVILE, Ky., March 4 - 
Brown-Forman Inc said at the
suggestion of the American Stock Exchange it has changed the
record date for the 28 ct per share quarterly dividend on its
Class A and Class B common stock that is payable April One to
March 20 from March 13, to coincide with the record date for a
three-for-two stock split declared February 26.
    It said the record date for the dividend on its four pct
cumulative preferred stock has also been changed to March 20
from March 13.
 Reuter
3;
bodyend
documentend
documentstart
1572
topicstart
earn
topicend
bodystart
2;

GOODYEAR TIRE 
<
GT> DETAILS 1986 TAX REFUND


    NEW YORK, March 4 - 
Goodyear Tire and Rubber Co said its
1986 results include a tax refund of 75.7 mln dlrs from the
costs of restructuring the company in a successful defense
against a takeover attempt by James Goldsmith.
    Chairman Robert Mercer said, "Heavy restructuring costs
related to the takeover attempt combined with government tax
incentives for investments ... resulted in this federal tax
refund."
    The refund was included but not broken out in its initial
1986 results, a spokesman said. It reported 1986 net income of
124.1 mln dlrs against 412.4 mln dlrs a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
1575
topicstart
earn
topicend
bodystart
2;

GREAT NORTHERN NEKOOSA 
<
GNN> ANNOUNCES SPLIT


    STAMFORD, Conn, March 4 - 
The Great Northern Nekoosa Corp
said it will recommend to shareholders a two-for-one common
stock split.
    The company said it will make the proposal to shareowners
at its annual mmeting May 6 in Dothan, Ala., near the company's
Great Southern Paper division operations.
    In conjunction with the stock split proposal, the
shareowners will be asked to approve an increase in the
authorized common stock from 60 mln to 150 mln shares, the
company said.
    The company said it will propose an increase in its
dividend rate if the split is approved effective with the June
payment.
    The company said the present rate on GNN common is 43 cts
per share. The company said it would recommend a quarterly rate
of 23 cts a share on the split stock. This would be equal to a
dividend of 46 cts a share on the present common, seven pct
higher than the current rate.
    The company said it had increased the dividend by 13 pct
last December. Great Northern Nekoosa's last common stock
split, a three-for-two, was in December 1983, it said.
    As of Dec 31, 1986, there were 26,661,770 shares of GNN
common stock outstanding, according to the company.
 Reuter
3;
bodyend
documentend
documentstart
1577
topicstart
acq
topicend
bodystart
2;

HARRIS LIFTS BUILDERS TRANSPORT 
<
TRUK> STAKE


    WASHINGTON, March 4 - 
Harris Associates L.P., a Chicago
investment advisor, said it raised its stake in Builders
Transport Inc to the equivalent of 466,754 shares, or 9.1 pct
of the total outstanding, from 335,800 shares, or 6.7 pct.
    In a filing with the Securities and Exchange Commission,
Harris said it bought 36,700 Builders Transport common shares
on Feb 10 at 17 dlrs a share. It also said it bought debentures
on Feb 23 that could be converted into 94,254 shares.
    Harris said its dealings in Builders Transport were on
behalf of its advisory clients. It has also said it has no
intention of seeking control of the company.
 Reuter
3;
bodyend
documentend
documentstart
1578
topicstart
topicend
bodystart
2;

PAINE WEBBER 
<
PWJ> IN FOUR MLN SHARE OFFERING


    NEW YORK, March 4 - 
PaineWebber Inc, The First Boston Corp

<
FBC> and Salomon Inc 
<
SB> said Paine Webber Group Inc has
made a public offering of four mln shares of 1.375 dlrs
convertible exchangeable preferred stock, with a liquidation
preferance of 25 dlrs per share.
    The firms, co-managers of the underwriting group, said
Paine Webber originally planned to offer 3.6 mln shares.
    They added the shares are covertible into Paine Webber
Group's common stock at a conversion price of 44.125 dlrs a
share.
    The underwriters also said the Paine Webber Group will use
the offering's proceeds to redeem about 60 mln dlrs of
debentures due 2008 and for general corporate purposes.
    They added that the preferred stock is redeemable, at the
company's option, at prices declining to 25 dlrs per share on
and after March 15, 1997.
    But, they said its is not redeemable before March 15, 1989,
unless Paine Webber Group's common stock price equal or
exceeding 140 pct of the conversion price at the time.
    The group added the preferred stock also can be exchanged
on any dividend payment date beginning June 15, 1989, for the
company's 5-1/2 pct convertible subordinated debentures due
June 15, 2017.
 Reuter
3;
bodyend
documentend
documentstart
1579
topicstart
coffee
topicend
bodystart
2;

COFFEE TALKS FAILURE SEEN PRESSURING U.S.


    By Greg McCune, Reuters


    WASHINGTON, March 4 - 
Failure of talks on re-establishing
International Coffee Organization, ICO, coffee quotas last week
may put political pressure on the United States, particularly
the State Department, to reassess its position, but the U.S. is
unlikely to back away from its basic demand quotas be set by
"objective criteria", U.S. officials said.
    Jon Rosenbaum, assistant U.S. trade representative and head
of Washington's delegation to the talks, told Reuters on his
return from London that the United States is willing to resume
the coffee negotiations as early as April if necessary.
    Rosenbaum said the United States will be "flexible" in
discussing the method of establishing objective criteria and
any transition to new quotas, but not on the basic aim of
establishing an objective method of setting quotas.
    At the ICO talks major consuming nations, led by the U.S.,
proposed that future coffee export quota shares be calculated
by a formula incorporating a producer's recent exportable
production and verified stocks, while large producers led by
Brazil proposed maintaining the traditional ad hoc division of
shares. The consumer position would have in effect reduced the
market share of Brazil, by far the world's largest producer.
    Rosenbaum said the administration would continue to support
legislation now before Congress which would allow the U.S.
customs service to monitor coffee imports, as a way to comply
with any future coffee quotas.
    He said the Reagan administration would be reviewing the
coffee policy situation following the collapse of the London
talks, but "nobody is proposing we change our position."
    However, other U.S. government officials involved in coffee
policy said they are bracing for a diplomatic and coffee market
offensive from producer countries, led by Brazil and Colombia,
to soften the consumer position.
    "Knowing that its next crop is fairly large, Brazil will
kind of want to test the resolve of other producers and
consumers," said one U.S. official.
    The U.S. official, who asked not to be identified, said
Brazil and Colombia may flood the coffee market in the next few
months in an effort to drive down prices and pressure other
countries, particularly the splinter group of small producers
who differed with the major producers in London.
    This in turn could lead to urgent appeals from Latin
American countries, faced with mounting debt problems, to the
U.S. State department, and to the National Security Council in
the White House, for an easing of the U.S. position, U.S.
officials said.
    The State department, a major player in setting U.S. coffee
policy, may then face conflicting pressures, particularly from
politically-sensitive U.S. allies in Central America, U.S.
officials said.
    El Salvador and Guatemala both backed Brazil and Colombia
at the London talks in resisting pressures for quotas based on
objective criteria. But the Dominican Republic and Costa Rica
joined the splinter group, which said it would agree to
objective criteria.
    There is a strong feeling among some in the State
Department that the United States should continue to support
the splinter group of producers who have taken the
politically-risky step of opposing Brazil on the objective
criteria question, U.S. officials said.
    Within the consuming countries there also is expected to be
some pressure to reassess positions.
    In London, the U.S. was supported by the U.K., the
Netherlands, West Germany, Japan, Australia and New Zealand on
the issue of objective criteria, U.S. officials said.
    This bloc represented enough votes among consuming nations
to successfully prevent adoption of the producer proposals.
    However, U.S. sources said West Germany's support was at
times qualified and there is some concern that the European
Community could come under pressure to be more accommodative to
producers in future talks. France backed the Ivory Coast and
other African producers during the talks.
    A softening of the EC stance would make it more difficult,
although not impossible, for the U.S. to block producer plans.
    While political manuevering by small producers and
consuming countries will be important, U.S. officials said the
key to any future outcome will be Brazil's position.
    U.S. officials blamed Brazil's intransigence for the
failure of the talks and said a more flexible position from
Brasilia would be the most important step toward agreement.
 Reuter
3;
bodyend
documentend
documentstart
1581
topicstart
acq
topicend
bodystart
2;

INVESTORS HAVE 12.9 PCT OF EXOVIR 
<
XOVR>


    WASHINGTON, March 4 - 
Mark Hammer, a private investor from
Melville, N.Y., and members of his family told the Securities
and Exchange Commission they have acquired a total of 375,200
shares of Exovir Inc, or 12.9 pct of the total outstanding.
    Hammer said his group has been accumulating Exovir stock
since Oct 28, 1985 for investment purposes and may buy more
shares or sell all or part of his current stake.
    While he said he has no intention of seeking control of the
company, Hammer said that because of his "extensive business
experience" and his interest in Exovir stock, he may be
"invited" to become a member of the company's board.
 Reuter
3;
bodyend
documentend
documentstart
1582
topicstart
grain
corn
sorghum
oilseed
sunseed
soybean
topicend
bodystart
2;

TORRENTIAL RAINS HALT ARGENTINE GRAIN HARVEST


    By Manuel Villanueva, Reuters


    BUENOS AIRES, March 4 - 
Torrential rains throughout
Argentina's grain-producing areas virtually paralysed coarse
grain harvesting in the week to yesterday, trade sources said.
    Sunflower, maize and sorghum harvests were particularly
affected, they said. But the rains proved to be a great aid to
soybean crops as their harvesting will not begin until April or
May.
    The rains did no damage to maize, sunflower and sorghum
crops though fresh rains in similar volume could reduce yields
and cut the total volume of this year's harvest.
    Rainfall measured between 15 and 270 mm in Buenos Aires,
with the heaviest rains in the province's western sectors,
between 15 and 100 mm in Cordoba, 15 and 120 mm in La Pampa, 10
and 75 mm in Santa Fe, 10 and 60 mm in Entre Rios, five and 40
mm in Misiones, and five and 50 mm in San Luis.
    No rain was recorded in Corrientes, Chaco and Formosa.
    Growers did not revise their estimates for total volume of
the coarse grain harvest over last week's estimates.
    Maize harvesting continued moving forward in central Santa
Fe, though slowly. Growers had harvested seven to nine pct of
total planted area, compared to five to seven pct last week.
    Total maize area planted for the 1986/87 harvest was
estimated at between 3.58 and 3.78 mln hectares, or two to
seven pct less than the 3.85 mln hectares planted in the
1985/86 harvest.
    Maize production is expected to total between 10.4 and 11
mln tonnes, or a drop of 17.5 to 19.4 pct over the 12.4 to 12.6
mln tonnes harvested last year according to private estimates,
or 18.9 to 21.9 pct lower than last year's volume, according to
official figures.
    The sunflower harvest advanced to between seven and nine
pct of total planted area.
    Two to 2.2 mln hectares have been planted with sunflowers
for this harvest, down 29.9 to 36.3 pct from last year's figure
of 3.14 mln hectares.
    Sunflower production is expected to total between 2.4 mln
and 2.7 mln tonnes, which would mean a drop of between 34.1 and
41.5 pct against the record 4.1 mln tonnes harvested in the
1985/86 harvest.
    Grain sorghum harvesting inched forward to between two and
four pct of total planted area, which this harvest is 1.23 to
1.30 mln hectares or 10.3 to 15.2 pct less than the 1.45 mln
hectares planted in the 1985/86 harvest.
    Sorghum production is expected to total between 3.2 mln and
3.5 mln tonnes, or 16.7 to 22 pct less than the 4.1 to 4.2
million tonnes harvested in 1985/86.
    Soybean production, by contrast, is expected to hit a
record 8.0 to 8.4 mln tonnes, which would mean an increase of
11.1 to 15.1 pct over last year's record figure of 7.2 to 7.3
mln tonnes, according to private estimates. Official figures
put last year's soybean harvest at 7.1 mln tonnes.
    Soybean crops were reported to be in generally very good
condition, helped by abundant rains and high temperatures.
    Total soybean-planted area for the 1986/87 harvest is
expected to be a record 3.7 to 3.8 mln hectares, up 10.8 to
13.8 pct from last year's harvest figure of 3.34 mln hectares.
 Reuter
3;
bodyend
documentend
documentstart
1584
topicstart
acq
topicend
bodystart
2;

LOTUS 
<
LOTS> TO ACQUIRE 
<
COMPUTER ACCESS CORP>


    CAMBRIDGE, Mass., March 4 - 
Lotus Development Corp said it
has signed a letter of intent to acquire substantially all of
the assets of Computer Access Corp for undisclosed terms.
    Computer Asscess makes BlueFish full-text search and
retrieval software for International Business Machines Corp

<
IBM> and compatible personal computers.
    The company said the acquisition is subject to approval by
both boards.
 Reuter
3;
bodyend
documentend
documentstart
1585
topicstart
earn
topicend
bodystart
2;

EQUITABLE OF IOWA COS 
<
EQICA> 4TH QTR NET


    DES MOINES, Iowa, March 4 -
    
Oper shr 78 cts vs 51 cts
    Oper net 7,030,000 vs 4,944,000
    Revs 126.6 mln vs 120.9 mln
    Year
    Oper shr 1.59 dlrs vs 89 cts
    Oper net 14.7 mln vs 9,864,000
    Revs 425.1 mln vs 416.9 mln
    NOTE: Net excludes realized gains on investment of 73,000
dlrs vs 4,224,000 dlrs in quarter and 6,253,000 vs 14.5 mln
dlrs in year.
    Net excludes discontinued Massachusetts Casualty operations
loss 5,180,000 dlrs vs gain 778,000 dlrs in quarter and gain
9,214,000 dlrs vs gain 3,504,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
1586
topicstart
earn
topicend
bodystart
2;

CORROON AND BLACK CORP 
<
CBL> RAISES QUARTERLY


    NEW YORK, March 4 -
    
Qtly div 21 cts vs 16-1/4 cts prior
    Pay April One
    Record March 17
 Reuter
3;
bodyend
documentend
documentstart
1588
topicstart
trade
topicend
bodystart
2;

EC APPOINTS NEW TRADE CHIEF


    BRUSSELS, March 4 - 
The European Community Commission today
appointed its chief spokesman, Hugo Paemen, as its top official
in charge of multilateral trade negotiations, a Commission
spokesman said.
    Paemen, a Belgian official who had previously been chief
aide to former External Affairs Commissioner Etienne Davignon,
has been in his post since January 1985.
    The spokesman said Paemen will continue as chief spokesman
until the retirement on May 1 of Paul Luyten, who is now in
charge of EC departments handling negotiations in the world
trade body GATT, the OECD and other forums.
 Reuter
3;
bodyend
documentend
documentstart
1589
topicstart
topicend
bodystart
2;
******
EASTMAN KODAK CO FILES 900 MLN DLR DEBT SHELF REGISTRATION

Blah blah blah.
3;


bodyend
documentend
documentstart
1590
topicstart
grain
wheat
cotton
rice
topicend
bodystart
2;

U.S. SENATOR TO PROPOSE 0/92 FOR 1987 CROPS


    WASHINGTON, March 4 - 
Sen. Rudy Boschwitz, R-Minn., said he
intended to offer legislation that would allow 1987 producers
of wheat, feedgrains, cotton and rice to receive at least 92
pct of their deficiency payments, regardless of how much they
planted.
    Boschwitz told the Senate Agriculture Committee that
applying the so-called 0/92 provision to 1987 crops was
supported by the Reagan administration and would save
approximately 500 mln dlrs, including 266 mln dlrs in corn
payments, 90 mln dlrs in wheat and 30 mln dlrs in cotton.
    The Minnesota senator said he might offer the bill on the
Senate floor or in a conference committee with the House of
Representatives in the event a similar bill before the House
Agriculture Committee is approved by that body.
    Boschwitz told Reuters that neither he nor the U.S.
Agriculture Department had decided whether or how deficiency
payments should be guaranteed to farmers who might choose not
to plant under the decoupling scheme.
    If payments are not set in advance under decoupling, market
prices conceivably could rise, thereby leading to diminished
deficiency payments.
    Senate Agriculture Committee Chairman Patrick Leahy, D-Vt.,
said he wanted to go to conference with the House as soon as
possible on the issue, but would have to study the matter
further before deciding how he would vote on it.
 Reuter
3;
bodyend
documentend
documentstart
1591
topicstart
topicend
bodystart
2;

BRAZILIAN FINANCE MINISTER MEETS SWISS OFFICIALS


    BERNE, March 4 - 
Brazilian Finance Minister Dilson Funaro
met his Swiss counterpart Otto Stich, Swiss Economics Minister
Jean-Pascal Delamuraz and National Bank President Pierre
Languetin on the fourth leg of a tour to discuss his country's
debt problems.
    Funaro told reporters his trip, which has already taken him
to London, Paris and Bonn, was aimed at explaining his
country's stance to governments. Talks with commercial banks
will take place at a later date.
    Funaro said a mechanism would have to be found to end
Brazil's debt crisis but it would not be easy.
    Brazil would not repeat the measures it took in response to
its debt crisis of 1982, which he said had provoked the biggest
recession in his country's history, he added.
    He said European and Japanese banks were showing a more
flexible attitude towards Brazil's problems than U.S. Banks and
it was difficult to discuss capitalisation with the latter.
    A Swiss official said the Brazilian delegation had made no
demands.
    Funaro, who travels to Italy this evening, said it was
unclear if he would go to Japan on Friday or return to Brazil
first.
 REUTER
3;
bodyend
documentend
documentstart
1596
topicstart
topicend
bodystart
2;

MCDONALD'S 
<
MCD> FILES 300 MLN DLRS SHELF OFFER


    OAK BROOK, ILL., March 4 - 
McDonald's Corp said it filed a
shelf registration with the Securities and Exchange Commission
covering 300 mln dlrs of debt securities.
    McDonald's said it intends to issue the securities from
time to time, denominated in U.S. dollars, and/or other
currencies including European Currency Units.
    Proceeds may be used for debt refinancings, capital
expenditures and other general corporate purposes, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
1598
topicstart
sugar
topicend
bodystart
2;

INDIA BUYS UP TO 10 CARGOES SUGAR - TRADERS


    LONDON, March 4 - 
India bought up to 10 cargoes of white
sugar at a buying tender today which originally called for just
two to three cargoes of March/April shipment, traders said.
    London trader E D and F Man said it sold two cargoes at 233
dlrs a tonne CIF for March/April shipment with an option to
sell an additional two cargoes at the same price.
    Traders said at least one other international trader made a
similar contract while a French house sold two cargoes at an
outright price of 233 dlrs CIF without the option. This brought
total Indian purchases to at least six cargoes with traders
having options to sell another four.
 Reuter
3;
bodyend
documentend
documentstart
1601
topicstart
acq
topicend
bodystart
2;

HAYES-ALBION 
<
HAY> DELAYS SPECIAL MEETING


    JACKSON, Mich., March 4 - 
Hayes-Albion Corp said it has
delayed the special meeting at which shareholders will vote on
its merger into Harvard Industries Inc 
<
HAVA> until March 24
from March 17 due to a delay in Securities and Exchange
Commission clearance of proxy materials.
 Reuter
3;
bodyend
documentend
documentstart
1602
topicstart
earn
topicend
bodystart
2;

GROSSMAN'S INC 
<
GROS> 4TH QTR LOSS


    BRAINTREE, Mass., March 4 -
    
Oper shr loss nine cts vs profit 12 cts
    Oper net loss 1,791,000 vs profit 2,336,000
    Sales 242.9 mln vs 225.8 mln
    Year
    Oper shr profit 15 cts vs loss 17 cts
    Oper net profit 2,925,000 vs loss 3,324,000
    Sales 1.01 billion vs 875.6 mln
    NOTE: Net includes discontinued operations gain 2,437,000
dlrs vs loss 190.0 mln dlrs in quarter and losses 75.6 mln dlrs
vs 227.7 mln dlrs in year.
    Net includes loss 294,000 dlrs vs nil in quarter and gain
224.8 mln dlrs vs loss 1,750,000 dlrs in year from settlement
of liabilities under plan of reorganization from Chapter 11
bankruptcy.
    1986 quarter net includes 2,300,000 dlr provision for loss
on future store closings offset by reduction in pension
liabilities.
 Reuter
3;
bodyend
documentend
documentstart
1603
topicstart
topicend
bodystart
2;

EASTMAN KODAK 
<
EK> FILES FOR DEBT OFFERING


    ROCHESTER, N.Y., March 4 - 
Eastman Kodak Co said it filed a
shelf registration with the Securities and Exchange commission
for debt securities totaling 900 mln dlrs.
    The company, which has 576,000 dlrs remaining from a shelf
registration of 450 mln dlrs last June, said the borrowing is
intended for general corporate purposes, including the
refinancing of existing indebtedness, additions to working
capital, capital expenditures and acquisitions.
    Kodak said there is no specific need at this time.
 Reuter
3;
bodyend
documentend
documentstart
1604
topicstart
topicend
bodystart
2;

CENTERIOR ENERGY CORP 
<
CX> REDEEMING BONDS


    CLEVELAND, March 4 - 
Centerior Energy Corp's Cleveland
Electric Illuminating Co subsidiary sdaid it will redeem on
April Three all 75 mln dlrs of its 16-5/8 pct first mortgage
bonds due 2012 at 1,120 dlrs per 1,000 dlrs principal amount
plus accrued interest of 14.78 dlrs.
    It said funds for the redemption came from the sale of 300
mln dlrs of 9-3/8 pct first mortgage bonds due 2017 in February.
 Reuter
3;
bodyend
documentend
documentstart
1606
topicstart
acq
topicend
bodystart
2;

COMDATA NETWORK 
<
CDN> IN NEW ACQUISITION TALKS


    NASHVILLE, Tenn., March 4 - 
Comdata Network Inc said it is
in active talks with other parties on a possible acquisition or
recapitalization of Comdata in an effort to maximize
shareholder values.
    Comdata said 
<
Rosewood Financial Inc> together with

<
Cypress Partners LP> and 
<
Driftwood Ltd> have acquired over
five pct of Comdata stock and Rosewood intends to acquire over
15 pct of Comdata.
    Comdata said it has not yet reached a definitive agreement
with 
<
Mason Best Co> for the previously-announced
recapitalization and self-tender offer.
 Reuter
3;
bodyend
documentend
documentstart
1607
topicstart
gold
copper
topicend
bodystart
2;

NORTHGATE 
<
NGX> QUEBEC ORE RESERVES DECLINE


    TORONTO, March 4 - 
Northgate Exploration Ltd said year-end
1986 ore reserves at its two Chibougamau mines in Quebec fell
to 8,141,150 short tons grading 0.077 ounce gold a ton and 1.63
pct copper from year-earlier 8,462,000 tons grading 0.077 ounce
gold ton and 1.67 pct copper.
    The company said it launched a 700,000 dlr exploration
program at the mines to increase production and ensure the
operations' continued long life.
    Ore production totaled 650,653 tons last year, it said,
estimating year-end reserves contained about 627,000 ounces of
gold and 265 mln pounds of copper.
 Reuter
3;
bodyend
documentend
documentstart
1608
topicstart
earn
topicend
bodystart
2;

WEBCOR ELECTRONICS INC 
<
WER> 3RD QTR DEC 31


    GARDEN CITY, N.Y., March 4 -
    
Shr loss 51 cts vs loss 44 cts
    Net loss 1.8 mln vs loss 1.5 mln
    Revs 3.1 vs 5.4 mln
    Nine months
    Shr loss 1.16 dlrs vs loss 1.33 dlrs
    Net loss 4.0 mln vs loss 4.6 mln
    Revs 9.9 mln vs 12.3 mln
 Reuter
3;
bodyend
documentend
documentstart
1610
topicstart
earn
topicend
bodystart
2;

COMMUNICATIONS SYSTEMS INC 
<
CSII> 4TH QTR NET


    HECTOR, MINN., March 4 - 
    
Shr 12 cts vs 10 cts
    Net 613,986 vs 534,093
    Revs 9,494,570 vs 7,591,564
    Year
    Shr 41 cts vs 59 cts
    Net 2,151,130 vs 3,111,317
    Revs 35.9 mln vs 33.7 mln
    NOTE: 1986 net includes gains from discontinued operations
equal to three cts compared with nine cts in 1985.
 Reuter
3;
bodyend
documentend
documentstart
1611
topicstart
bop
trade
gnp
topicend
bodystart
2;

TURKEY SEES 1.5 BILLION DLR DEFICIT IN 1986


    ANKARA, March 4 - 
Turkey expects a 1986 balance of payments
deficit of 1.5 billion dlrs, well over target, but is taking
steps to improve its performance in this and other fields, Ali
Tigrel, director of economic planning at the State Planning
Organisation said.
    He told Reuters the shortfall was a direct consequence of
economic growth of nearly eight pct, up from 5.1 pct in 1985,
which he said resulted mostly from a surge in domestic demand.
    Tigrel acknowledged a need to cut inflation further after a
drop of more than 12 points to 24.6 pct in the Treasury
wholesale index last year.
    This year's target of 20 pct "might be attainable but the
economic management will have to be careful," he said.
    Tigrel, whose department produces the annual programme
which is central to the government's economic planning, said
Turkey's creditworthiness was at risk over the current account
shortfall, originally targeted at 695 mln dlrs.
    "We must alleviate the current account substantially to
sustain the creditworthiness that we have managed to secure
over the last five years," he added.
    His comment echoed last October's Organisation for Economic
Cooperation and Development report on Turkey, which said
Ankara's case for more medium-term financing on better terms
would look better if inflation were lower and the current
account deficit cut or turned into a surplus.
    "In 1987 we must reduce the rate of growth in public sector
investments, we must reduce the public sector deficit as a
percentage of GNP and we must achieve a very visible
improvement in the current account deficit," he said.
    Tigrel said a surge in public sector spending last year was
also to blame for the high deficits.
    Appropriations to government departments had been cut by
eight pct since the budget was passed in December and foreign
borrowing by municipalities had been restrained.
    "We are trying make sure that public bodies stick to the
investment programme and do not exceed their appropriations," he
said. It was hoped to bring the public sector borrowing
requirement down to five pct of GNP in 1987 from an estimated
5.6 pct in 1986.
    More modest GNP growth of five pct for 1987 was also
targeted, Tigrel said. Measures were being taken to encourage
exports, and production incentives were being considered.
    "We must try to make sure that more capacity is injected
into the Turkish economy in the coming years. The promotion
policy is geared to make sure that both foreign investment and
local private capital come more into play as far as
manufacturing capacity is concerned," Tigrel said.
    He said the process of structural adjustment of the Turkish
economy to free market policies, begun in 1980, was still under
way. Trade had been liberalised and a freer exchange rate
policy applied, but he acknowledged there was more to be done
in a country where the state still dominates industry and the
currency is only partially convertible.
 REUTER
3;
bodyend
documentend
documentstart
1616
topicstart
crude
topicend
bodystart
2;

ENERGY/CALIFORNIA OIL PRODUCTION


    BY MICHAEL FITZPATRICK, Reuters


    LOS ANGELES, March 4 - 
Drilling for oil in California is
likely to continue at last year's sharply reduced levels
despite recent gains in crude oil prices, industry analysts
said.
    Because much of the crude oil in California fields is
thick, heavy and expensive to extract, oil prices would have to
increase to near 1985's levels before any significant recovery
is seen in drilling, they said.
    "Companies will probably only drill their best prospects,"
said John Curti, an analyst with Birr Wilson Securities Inc.
    Few new wells now are being drilled.
    Only 33 rigs, about one-quarter of the total available,
were drilling for oil onshore in California last week, compared
to about 70 last year, said Bill Bolster of Munger Oil
Information Services, which tracks California drilling
activity.
    "It's in the dregs right now," said Bolster of the state's
drilling activity.
    Current prices are not enough to justify increased
drilling, said Ed Malmgreen of the California Independent
Producers Association.
    While an Organization of Petroleum Exporting Countries pact
to curb production boosted oil prices early this year, prices
eventually fell.
    Prices for California's marker grade, Line 63 blend, have
slumped about 20 pct in the last month to 14 dlrs from a high
of about 17 dlrs.
    More than half of California's oil comes from stripper
wells, those producing less than 10 barrels a day, and that
much of that oil costs between 18 and 25 dlrs a barrel to
extract, Malmgreen said.
    "It's not unusual for a stripper well to cost 18 dlrs,"
Malmgreen said.
    Many stripper wells along the southern California coast
produce eight times as much water as crude oil, and inland
wells frequently require the use of steam injection to spur
extraction of the thick, heavy oil, he said.
    The outlook for future production in California is clouded
by a lack of exploratory drilling now, analysts said.
    In the heart of California's oil patch, Kern County, which
produces about two-thirds of the state's oil, exploratory
drilling has slowed to a crawl.
    Only 55 exploratory wells were drilled in Kern County in
1986, compared to 137 in 1985, according to David Mitchell of
the state energy commission. So far this year only five
exploratory wells have been drilled.
    "I don't think they'll even get to what they did last
year," Mitchell said.
    No pickup in exploratory drilling is likely for the rest of
the decade, Mitchell said.
    Along with the fall in drilling has come a decrease in the
number of producing wells and overall production.
    Between February and October of 1986, the number of
producing oil wells in California fell 14 pct to 43,521 from
more than 50,000, said Bill Guerard of the California Energy
Commission.
    In line with that decrease, California's crude oil output
fell about 10 pct last year due to low oil prices and is
expected to remain at that lower level, analysts said.
    Between February and October 1986, California's crude oil
production slipped from an all-time high of 1.185 mln barrels
per day to 1.066 mln bpd, Guerard said.
    Total estimated crude oil production in California for 1986
was 408 mln bbls, compared with 424 mln bbls in 1985 and 405
mln bbl in 1983, according to the California Department of
Conservation.
    "Production in 1987 will probably hold around 1986 levels,"
Guerard said.
 Reuter
3;
bodyend
documentend
documentstart
1619
topicstart
nat-gas
topicend
bodystart
2;

STANDARD OIL 
<
SRD> IN TEXAS NATURAL GAS FIND


    HOUSTON, March 4 - 
Standard Oil Co said the Friendswood
Development Number One well in the Fostoria or Deep Wilcox
Field of Montgomery County, Texas, flowed 4,500,000 cubic feet
of natural gas per day from depths of 14,252 to 14,486 feet
through a 14/64 inch choke.
    It said it has contracted for Perry Gas Cos Inc to purchase
natural gas from the well, and Perry will build a four-inch
gathering pipeline to connect to Natural Gas Pipeline Co's
transmission line.
 Reuter
3;
bodyend
documentend
documentstart
1620
topicstart
earn
topicend
bodystart
2;

WEBCOR ELECTRONICS 
<
WER> IN TECHNICAL DEFAULT


    GARDEN CITY, N.Y., March 4 - 
Webcor Electronics Inc said it
remains in technical and payment default under its revolving
credit agreement and in technical default under certain other
obligations to its lender.
    Although its lender has not enforced its right to demand
payment of the debt in full, it continues to reserve its right
to do so at any time, it said.
    Earlier, Webcor reported a third quarter net loss of 1.8
mln dlrs and nine months net loss of 4.0 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1622
topicstart
acq
topicend
bodystart
2;

FIRST SAVINGS BANK FLORIDA 
<
FSBF> SETS MEETING


    TARPON SPRINGS, Fla., March 4 - 
First Savings Bank of
Florida said it expects a special shareholder meeting to be
held around May 21 to consider the proposed merger into
Gibraltar Financial Corp 
<
GFC>.
    It said the annual meeting will be held April 30 to elect
two directors and ratify the appointment of auditors.
 Reuter
3;
bodyend
documentend
documentstart
1623
topicstart
grain
topicend
bodystart
2;

IZVESTIA SAYS SOVIET WINTER CROPS NEED RESEEDING


    MOSCOW, March 4 - 
The government daily Izvestia said a
considerable amount of Soviet winter crops need to be reseeded
and the state 1987 grain harvest target of 232 mln tonnes will
not be easy to fulfil.
    Without giving figures, the newspaper said: "A considerable
part of the winter crops must be reseeded, but that creates
extra effort in the fields in spring."
    The Soviet Union has previously said nine mln hectares of
winter grain will have to be reseeded because of winterkill.
    A U.S. Department of Agriculture analyst in Washington has
said the figure of nine mln hectares would equal about 25 pct
of the total winter crop and would be the second highest
winterkill in 10 years.
    "The planned task of bringing in no less than 232 mln tonnes
of grain is not simple," Izvestia said.
    This week's sudden fall in temperatures has affected large
parts of the country and has caused fieldwork to stop in the
Ukraine, it said, adding that temperatures fell to as low as
minus 30 centigrade in Byelorussia.
 Reuter
3;
bodyend
documentend
documentstart
1625
topicstart
topicend
bodystart
2;

ARGENTINA'S CREDITORS SAID DIVIDED OVER DEBT ISSUE


    BUENOS AIRES, March 4 - 
Central Bank director Daniel Marx
said Argentina's creditor banks were divided on the country's
request for rescheduling its foreign debt.
    "There are difficulties (among the banks) to reach an
agreement and find a unanimous decision," Marx told a local
radio station in a telephone interview from New York.
    Argentina's great efforts to comply with obligations on its
50 billion dlr foreign debt should be met by a reduction in
interest rates on the part of the creditor banks, he said.
    Marx is in New York with Argentina's debt negotiating team
holding talks with the creditor banks' steering committee.
    Marx said the talks should not drag on. "If Venezuela and
Mexico have concluded their negotiations, we want to end (ours)
in a reasonable manner and as soon as possible," he said.
    Economy ministry sources said the steering committee was
expected today to make a counter-proposal not unlike that made
by Treasury Secretary Mario Brodersohn at the start of the
talks between the two parties.
    Argentina is seeking a 2.15 billion dlr loan to meet four
pct growth targets in 1987. It also wants lower interest rates
on its foreign debt. The United States said last week it would
support a 500 mln dlr bridging loan for Argentina.
 REUTER
3;
bodyend
documentend
documentstart
1626
topicstart
acq
topicend
bodystart
2;

BORMAN'S 
<
BRF> TO BUY SAFEWAY'S UTAH DIVISION


    OAKLAND, Calif., March 4 - 
Safeway Stores Inc said it
agreed to sell the assets and operations of its Salt Lake City
Division to Borman's Inc under undisclosed terms.
    The division includes 60 operating supermarkets in five
states, most of which are in Utah, Idaho and Wyoming, together
with distribution and manufacturing facilities, Safeway said.
    It said sales for the division for the year ended January
three were about 350 mln dlrs.
    Safeway also said the transaction is subject to Borman's
ability to obtain financing and to successfully negotiate new
labor agreements with the various unions involved.
 Reuter
3;
bodyend
documentend
documentstart
1628
topicstart
acq
topicend
bodystart
2;

FISHER FOODS 
<
FHR> SAYS STAKE IN FIRM SOLD


    BEDFORD HEIGHTS, Ohio, March 4 - 
Fisher Foods Inc said

<
American Financial Corp> has sold its 1,500,000 Fishers
shares, a 44 pct interest, to a group consisting of 
<
American
Seaway Foods Inc>, 
<
Rini Supermarkets Inc> and 
<
Rego
Supermarkets Inc>.
    The company said in connection with the transaction, all
five American Financial representatives have resigned from its
board.
 Reuter
3;
bodyend
documentend
documentstart
1631
topicstart
grain
topicend
bodystart
2;

U.S. SENATE PANEL MAKES CONSERVATION EXEMPTION


    WASHINGTON, March 4 - 
The U.S. Senate Agriculture Committee
approved a measure that would exempt farmers who planted
alfalfa or other multiyear grasses and legumes between 1981 and
1985 from a federal conservation requirement.
    Sen. Edward Zorinsky, D-Neb., said his bill would restore
equity under federal sodbuster rules, which currently deny farm
program benefits to farmers who, between 1981 and 1985, planted
alfalfa and other multiyear grasses and legumes without
interrupting the plantings with a row crop.
    An official from a leading conservation group, who asked
not to be identified, said the panel's move was "an unfortunate
first action" because it could lead to the exemption of
potentially millions of acres from the sod buster regulations,
established under the 1985 farm bill.
 Reuter
3;
bodyend
documentend
documentstart
1633
topicstart
earn
topicend
bodystart
2;

PICO PRODUCTS INC 
<
PPI> 2ND QTR JAN 31


    LIVERPOOL, N.Y., March 4 -
    
Shr profit three cts vs loss nine cts
    Net profit 103,664 vs loss 326,675
    Revs 7.6 mln vs 6.9 mln
    Six months
    Shr loss two cts vs loss 15 cts
    Net loss 78,246 vs loss 522,868
    Revs 14.7 mln vs 12.9 mln
    NOTE:1986 net includes gain of 43,185 or one cts in 2nd qtr
and six months for discount on early long-term debt repayment.
 Reuter
3;
bodyend
documentend
documentstart
1634
topicstart
acq
topicend
bodystart
2;

OUTBOARD MARINE 
<
OM> RISING ON TAKEOVER RUMOR


    CHICAGO, March 4 - 
Wall Street traders said the stock of
Outboard Marine Corp was rising on a rumor over a cable
television program that Outboard is a likely takeover target of
Sun Chemical Corp 
<
SNL>.
    Outboard was up 3-1/8 to 34-5/8. On Tuesday it rose 1-3/8
to 31-1/2 Tuesday.
    A report on Cable News Network today said Sun Chemical has
4.9 pct of Outboard and is conducting a study on whether to go
for control of the whole company.
    An Outboard Marine spokesman would not comment on the
rumor.
    The cable program said a buyout of Outboard would be for up
to 40 dlrs a share, or for a total of 680 mln dlrs.
    A spokesman for Sun Chemical was not immediately available.
    Outboard Marine last June adopted a shareholder rights plan
that will be triggered when a person or group acquires
beneficial ownership of 20 pct or more of its common or begins
a tender offer that would result in 30 pct ownership.
    Wayne Jones, vice president at Outboard for strategic
planning, said management wants to stay independent. "We are
not trying to sell the company. We are proceeding with our
strategic plans," he said.
    That plan includes integrating five boat companies that
Outboard Marine has bought since the middle of December. Jones
said all five will cost between 100 mln dlrs to 120 mln dlrs.
    An analyst who wanted anonymity said 40 dlrs a share is a
"decent" price for outboard. "A bdding war to 50 or 60 dlrs a
share is stretching it. Maybe 45 dlrs a share tops," he said.
    Outboard, which has 17 mln shares outstanding, is in
registration for a two mln common share offering with Morgan
Stanley Inc. It makes sense, the analyst said, for Sun Chemical
to strike before the offering is underway.
 Reuter
3;
bodyend
documentend
documentstart
1636
topicstart
topicend
bodystart
2;

AUDIOTRONICS CORP 
<
ADO> TO OFFER DEBT


    LOS ANGELES, March 4 - 
Audiotronics Corp said it registered
with the Securities and Exchange Commission to offer five mln
dlrs of convertible subordinated debentures due 2002.
    H.J. Meyers and Co Inc will manage the underwriting of the
offer.
    The company said proceeds will be used to repay bank debt
and for working capital.
 Reuter
3;
bodyend
documentend
documentstart
1638
topicstart
earn
topicend
bodystart
2;

<
ALGOMA CENTRAL RAILWAY> 4TH QTR NET


    TORONTO, March 4 -
    
Oper shr 36 cts vs 39 cts
    Oper net 1,391,000 vs 1,485,000
    Revs 61.6 mln vs 58.5 mln
    YEAR
    Oper shr 70 cts vs 1.16 dlrs
    Oper net 2,677,000 vs 4,410,000
    Revs 207.6 mln vs 200.2 mln
    Note: 1986 net excludes extraordinary loss of 297,000 dlrs
or eight cts shr vs yr-ago gain of 514,000 dlrs or 13 cts shr.
 Reuter
3;
bodyend
documentend
documentstart
1639
topicstart
earn
topicend
bodystart
2;

GENOVA INC 
<
GNVA> 1ST QTR DEC 27 NET


    DAVISON, Mich., March 4 -
    
Oper shr profit four cts vs loss four cts
    Oper net profit 151,448 vs loss 170,709
    Sales 11.5 mln vs 9,581,406
    NOTE: Prior year net includes 123,650 dlr tax credit but
excludes 52,409 dlr gain on early debt retirement.
 Reuter
3;
bodyend
documentend
documentstart
1640
topicstart
grain
wheat
topicend
bodystart
2;

FRENCH WHEAT EXPORTS TO EC FALL


    PARIS, March 4 - 
French soft wheat exports to other
European Community countries fell 18 pct to 4.13 mln tonnes in
the first seven months of the 1986/87 season to January
compared with 5.04 mln in the same 1985/86 period, the French
Cereals Intervention Office (ONIC) said.
    According to latest ONIC statistics, the main buyers were
Italy with 1.89 mln against 1.63 mln in the same 1985/86
period, West Germany 480,450 tonnes against 717,689, the
Netherlands 462,048 (532,299) and Belgium 417,887 tonnes
(919,337).
    British and Greek imports of French soft wheat during this
period were below year-ago levels. Between July 1 last year and
January 31, Britain bought 274,665 tonnes against 642,800
tonnes, ONIC figures showed.
    But Spanish purchases were up sharply at 258,507 tonnes
against 2,751 tonnes in the same 1985/86 period and Portugal
bought 37,599 tonnes compared with zero.
    ONIC said the drop in French exports to other Community
countries was due to British competition.
 Reuter
3;
bodyend
documentend
documentstart
1642
topicstart
earn
topicend
bodystart
2;

SUPREME EQUIPMENT/SYSTEMS CORP 
<
SEQP> 2ND QTR


    BROOKLYN, N.Y., March 4 -
    
Shr 61 cts vs 18 cts
    Net 670,000 vs 194,000
    Revs 10.7 mln vs 10.4 mln
    Six months
    Shr 73 cts vs 35 cts
    Net 798,000 vs 377,000
    Revs 19.5 mln vs 19.8 mln
    NOTE:1987 net includes gain of 362,000 dlrs in 2nd qtr and
431,000 dlrs in six months from tax loss carryforward.
 Reuter
3;
bodyend
documentend
documentstart
1643
topicstart
earn
topicend
bodystart
2;

GULF APPLIED TECHNOLOGIES INC 
<
GATS> 4TH QTR


    HOUSTON, March 4 -
    
Oper shr loss five cts vs loss 24 cts
    Oper net loss 165,000 vs loss 802,000
    Revs 4,988,000 vs 3,101,000
    Year
    Oper shr loss 13 cts vs loss 1.33 dlrs
    Oper net loss 454,000 vs loss 4,407,000
    Revs 23.1 mln vs 8,937,000
    NOTE: Results restated for discontinued operations.
    1986 net both periods excludes 143,000 dlr tax credit.
    Net excludes gains from discontinued pipelines and
terminals operations of 216,000 dlrs vs 99,000 dlrs in quarter
and 527,000 dlrs vs 296,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
1644
topicstart
earn
topicend
bodystart
2;

VAN DORN CO 
<
VDC> 4TH QTR NET


    CLEVELAND, March 4 - 
    
Shr 55 cts vs 80 cts
    Net 2,517,443 vs 3,633,217
    Revs 79.1 mln vs 76.3 mln
    12 mths
    Shr 2.57 dlrs vs 3.41 dlrs
    Net 11.7 mln vs 15.4 mln
    Revs 305.1 mln vs 314.3 mln
 Reuter
3;
bodyend
documentend
documentstart
1648
topicstart
earn
topicend
bodystart
2;

FIELDCREST CANNON INC 
<
FLD> SETS QUARTERLY


    EDEN, N.C., March 4 -
    
Qtly div 17 cts vs 17 cts prior
    Pay March 31
    Record March 17
 Reuter
3;
bodyend
documentend
documentstart
1649
topicstart
acq
topicend
bodystart
2;

VARIAN 
<
VAR> BUYS ANALYTICHEM INTERNATIONAL


    PALO ALTO, Calif., March 4 - 
Varian Associates Inc said it
acquired all the outstanding stock of closely-held Analytichem
International Inc for an undisclosed amount of cash.
    Analytichem, based in Harbor City, Calif., is a supplier of
bonded phase preparation products used to prepare chemical
samples for analysis, Varian said.
 Reuter
3;
bodyend
documentend
documentstart
1650
topicstart
earn
topicend
bodystart
2;

KANEB SERVICES INC 
<
KAB> 4TH QTR LOSS


    HOUSTON, March 4 - 
    
Oper shr loss 1.05 dlrs vs profit nine cts
    Oper net loss 30.5 mln vs profit 3,930,000
    Revs 23.9 mln vs 45.6 mln
    12 mths
    Oper shr loss 5.30 dlrs vs profit 34 cts
    Oper net loss 155.8 mln vs profit 16.0 mln
    Revs 113.7 mln vs 178.8 mln
    Note: Oper excludes loss from discontinued operations of
9,127,000 dlrs vs 12.4 mln dlrs for qtr and 28.4 mln dlrs vs
960,000 dlrs for 12 mths.
    Note: Oper includes writedown of offshore drilling
equipment of 5,070,000 dlrs for qtr and 27.9 mln dlrs for 12
mths.
    Also includes writedowns of oil and gas assets and tubular
goods inventory of 82.2 mln dlrs and 4,246,000 dlrs,
respectively, for 12 mths.
 Reuter
3;
bodyend
documentend
documentstart
1651
topicstart
earn
topicend
bodystart
2;

SUSPENSIONS/PARTS INDUSTRIES LTD 
<
SPILF> YEAR


    NEW YORK, March 4 -
    
Shr 33 cts vs 60 cts
    Net 1.1 mln vs 1.7 mln
    Revs 11.7 mln vs 10.6 mln
    NOTE:Full name is Suspensions and Parts Industries Ltd.
 Reuter
3;
bodyend
documentend
documentstart
1652
topicstart
grain
barley
corn
topicend
bodystart
2;

ESTIMATED FRENCH BARLEY STOCKS WORRYING - ONIC


    PARIS, March 4 - 
The size of French 1986/87 carryover
barley stocks, estimated at 1.72 mln tonnes compared with
700,000 tonnes in 1985/86 is worrying, French Cereals
Intervention Office (ONIC) Director Bernard Vieux said.
    He told journalists these estimates were unchanged at the
end of February from the previous month while export forecasts
were lowered to 4.5 mln tonnes from 5.76 mln in 1985/86.
    Vieux called on the EC Commission to help by awarding a
larger volume of export certificates and said if no outlets are
opened for French barley a large amount could be put into
intervention.
    A small amount of French barley has already been put into
intervention, Vieux said without detailing the amount.
    The outlook for French maize is better with 1986/87 exports
to non-EC countries now put at 700,000 tonnes against 200,000
tonnes at the end of January and against 155,000 tonnes in
1985/86.
    The higher estimate is due to the EC Commission's decision
to hold special export tenders for French maize, he said.
 Reuter
3;
bodyend
documentend
documentstart
1653
topicstart
earn
topicend
bodystart
2;

MITCHELL ENERGY AND DEVELOPMENT CORP 
<
MND>PAYOUT


    WOODLANDS, Texas, March 4 -
    
Qtly div six cts vs six cts prior
    Pay April Two
    Record March 18
 Reuter
3;
bodyend
documentend
documentstart
1655
topicstart
earn
topicend
bodystart
2;

FROST AND SULLIVAN INC 
<
FRSL> 2ND QTR JAN 31


    NEW YORK, March 4 -
    
Shr profit 12 cts vs loss two cts
    Net profit 182,173 vs loss 28,977
    Revs 4,483,047 vs 3,994,808
    1st half
    Shr profit 14 cts vs loss eight cts
    Net profit 221,376 vs loss 120,435
    Revs 8,270,947 vs 7,150,265
 Reuter
3;
bodyend
documentend
documentstart
1656
topicstart
trade
topicend
bodystart
2;

S. KOREAN TRADE SURPLUS WITH U.S. SEEN FALLING


    CHICAGO, March 4, - 
South Korea's record 7.1 billion dlrs
trade surplus with the U.S. is bound to diminish as the
country switches purchases from Japan in favor of U.S.
companies, Trade Minister Woong-Bae Rha said.
     He rejected suggestions the Korean Won is undervalued, and
denied any plans for a "drastic and sudden" revaluation.
    Rha is heading a trade mission to 37 U.S. cities. Last year
South Korea ran a 4.3 billion dlr trade surplus, including a
record 7.1 billion surplus with the U.S. and a 5.5 billion dlr
deficit with Japan.
    Rha told Reuters in an interview the current trade mission
is looking for 2.0 billion dlrs in purchases from U.S.
companies, about a quarter of which represents "transferred
purchases from Japanese sources."
    Rha said the items being sought by the current mission are
"mainly chemicals, machinery and parts."
    He said South Korea is the fourth largest importer of U.S.
agricultural products. The current mission is not involved in
that area but there are plans to buy "substantial amounts of
cotton" from the U.S.
    He noted his country "is clearly not as open as the American
market. Nor is it reasonable to expect that it should be,"
considering South Korea has a 40 billion dlr foreign debt and
spends six pct of its gross national product on defense.
 Reuter
3;
bodyend
documentend
documentstart
1657
topicstart
earn
topicend
bodystart
2;

CRI INSURED 
<
CII> TO SET SPECIAL DISTRIBUTION


    ROCKVILLE, Md., March 4 - 
CRI Insured Mortgage Investments
Inc said its advisor will recommend a special distribution of
50 cts per share due to the sale of a federally insured first
mortgage on Park Meadows I in Madison, Wis., for 4,267,871
dlrs.
    It said it received a 3,695,465 dlr return of capital and
572,406 dlrs in income on the sale, and the 50 ct distribution
would represent a 43.294 ct return of principal and a 6.706 ct
capital gain and would be payable June 30 to holders of record
May 31.
 Reuter
3;
bodyend
documentend
documentstart
1658
topicstart
earn
topicend
bodystart
2;

KANEB ENERGY PARTNERS LTD 
<
KEP> 4TH QTR LOSS


    HOUSTON, March 4 - 
    
Unit loss one ct
    Net loss 186,000
    Revs 10.7 mln
    11 mths
    Unit loss 7.26 dlrs
    Net loss 121.4 mln
    Revs 46.9 mln
    Note: Partnership formed in February 1986.
    Net includes writedown of oil and gas assets of 124.8 mln
dlrs for 11 mths to comply with full-cost accounting methods.
 Reuter
3;
bodyend
documentend
documentstart
1659
topicstart
acq
topicend
bodystart
2;

DIGICON 
<
DGC> COMPLETES SALE OF UNIT


    HOUSTON, March 4 - 
Digicon Inc said it has completed the
previously-announced disposition of its computer systems
division to an investment group led by 
<
Rotan Mosle Inc's>
Rotan Mosle Technology Partners Ltd affiliate.
 Reuter
3;
bodyend
documentend
documentstart
1660
topicstart
gas
fuel
topicend
bodystart
2;

TEXAS EASTERN 
<
TET> BUYS PETROLEUM TERMINAL


    HOUSTON, March 4 - 
Texas Eastern Corp said it has completed
the purchase of an idle petroleum products terminal near Norris
City, Ill., from 
<
Growmark Inc> for undisclosed terms and will
reopen it in September after remodeling.
    The company said the terminal will handle leaded and
unleaded regular gasolines, number two fuel oil, ethanol and
natural gasoline.
 Reuter
3;
bodyend
documentend
documentstart
1661
topicstart
nat-gas
crude
topicend
bodystart
2;

STERLING IN TEXAS GAS AND OIL DISCOVERY


    FT. LAUDERDALE, Fla, March 4 - 
<
Sterling Investment Group>
said it successfully drilled and completed a significant
development well 65 miles southwest of Houston, Texas.
    The well has a choke of 11/64 of an inch and is 10,097 feet
deep.
    The well initially tested at a maximum daily flow rate of
two mln cubic feet of gas and 304 barrels of condensate.
    Participants in the new well, along with Sterling, are
Trafalgar House Ltd of the U.K. and 
<
Texstar NOrth America Inc.>
 Reuter
3;
bodyend
documentend
documentstart
1665
topicstart
acq
topicend
bodystart
2;

COMPUTER HORIZONS 
<
CHRZ> IN ACQUISITION


    NEW YORK, March 4 - 
Computer Horizons Corp said it
purchased ComputerKnowledge Inc, a software training education
company headquartered in Dallas.
    Terms were not disclosed.
                
 Reuter
3;
bodyend
documentend
documentstart
1666
topicstart
acq
topicend
bodystart
2;

POLICY MANAGEMENT 
<
PMSC> MAKES ACQUISITION


    COLUMBIA, S.C., March 4 - 
Policy Management Systems Corp
said it has acquired the majority of the assets and business of
Allied Research Inc of Salem, Ore., and Consolidated Insurance
Services Inc, of Springfield, Va., for undisclosed terms.
    It said the two companies, which had combined 1986 revenues
of about two mln dlrs, provide underwriting information
services to property and casualty insurers.
 Reuter
3;
bodyend
documentend
documentstart
1667
topicstart
acq
topicend
bodystart
2;

UNICORP CANADA
<
UNI.A> CUTS PUROLATOR
<
PCC> STAKE


    WASHINGTON, March 4 - 
Unicorp Canada Corp told the
Securities and Exchange Commission it cut its stake in
Purolator Courier Corp to 286,500 shares, or 3.7 pct of the
total outstanding, from 962,400 shares, or 12.4 pct.
    Unicorp, a management and investment holding company
controlled by its chairman, George Mann, said it sold 675,900
Purolator common shares on March 2 and 3 at 34.782 and 34.750
dlrs a share.
    Purolator agreed this past weekend to be acquired by
managers of its U.S. courier business and E.F. Hutton LBO Inc
in a leveraged buyout valued at 265 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1670
topicstart
topicend
bodystart
2;

NRM ENERGY 
<
NRM> SECURITIES RAISED BY MOODY'S


    NEW YORK, March 4 - 
Moody's Investors Service Inc said it
upgraded the ratings on NRM Energy Co's senior cumulative
preferred depository units to B-3 from CAA.
    The rating agency also assigned a B-3 rating to the
partnership's proposed issue of cumulative convertible
acquisition preferred units Series A. Moody's actions affect
188 mln dlrs of securities.
    The rating agency said these moves reflect the potential
benefits to be derived from the exchange of NRM common and
preferred units for certain properties of Mesa Limited
Partnership which make Mesa NRM's biggest unitholder.
 Reuter
3;
bodyend
documentend
documentstart
1673
topicstart
acq
topicend
bodystart
2;

FIRM ACQUIRES 
<
AMERICAN NUTRITION WORKS INC>


    PITTSBURGH, March 4 - 
<
Nusource Investments Inc>, a
publicly held shell company, said it acquired American
Nutrition Works Inc through a transaction in which American
Nutrition shareholders received 28 mln shares of Nusource stock
in exchange for their shares.
    American Nutrition operates a chain of stores sellings
vitamins and health products.
    Nusource said shareholders elected a new board consisting
of Richard A. Trydahl, Samuel Mineo and Charles E. Flink and
voted to change the name of the company to ANW Inc.
 Reuter
3;
bodyend
documentend
documentstart
1674
topicstart
grain
wheat
topicend
bodystart
2;

CANADA WHEAT BOARD ADVISES CUT IN GRAIN PRICES


    WINNIPEG, March 4 - 
The Canadian Wheat Board has advised
the federal government to sharply cut initial prices paid to
farmers for their wheat, oats, and barley in the crop year
beginning August 1, a board spokesman said.
    The spokesman declined to give the size of the recommended
price drops but said it would not be good news for western
Canadian grain growers.
    "They're all lower," he said. "This is really getting
pretty serious. We're talking nuts and bolts economic survival
and whether it's worthwhile for farmers to put in a crop."
    Farm leaders and economists have estimated the board will
recommend cuts of around 20 pct in the initial prices.
    Farmers receive the initial payment when the grain is
delivered to the elevators used by the wheat board.
    If the wheat board, which markets most of Canada's grain,
obtains higher than expected prices on world markets, the
farmers receive a final payment at the end of the crop year. If
prices are lower, the federal treasury makes up the difference.
    The final decision on the initial prices, usually made in
April, rests with Wheat Board Minister Charles Mayer and the
federal cabinet.
    Last year Mayer cut the initial prices between 19 and 27
pct but last fall the government announced a one billion
Canadian dlr aid program to compensate for the price cuts.
    But federal agricultural officials have already warned
farmers not to depend on additional government aid this year.
 Reuter
3;
bodyend
documentend
documentstart
1675
topicstart
trade
topicend
bodystart
2;

GATT COUNCIL DEFERS DECISION ON SEMICONDUCTORS


    GENEVA, March 4 - 
The ruling GATT Council deferred a
decision on whether to set up a dispute panel on the basis of a
European Community complaint against the U.S.- Japanese
agreement on exports of computer semiconductors.
    David Woods, spokesman of the General Agreement on Tariffs
and Trade (GATT), told a news briefing that the main parties
would continue bilateral talks. This was in the hope of
resolving the row before the next Council meeting on April 15.
    The five-year accord signed in July 1986 aims to protect
the U.S. Market from dumping of low-price Japanese microchips,
officially known as semiconductors.
    The E.C. Complained the accord breached GATT trade rules by
allowing Tokyo to monitor prices, allowing it to set minimum
prices for Japanese chips sold in third countries.
    The 12-nation Community also charged the agreement gave
U.S. Producers preferential access to the Japanese market.
    Woods said many nations -- Hong Kong, Canada, Switzerland,
Singapore, Sweden, Malaysia and Nigeria -- had supported the EC
complaint during the heated Council debate.
    Japan's delegate, Minoru Endo, and U.S. Ambassador Michael
Samuels replied in the debate that the E.C. Charges were
unfounded, but they were willing to continue bilateral talks.
 Reuter
3;
bodyend
documentend
documentstart
1676
topicstart
acq
topicend
bodystart
2;

FIRST SOUTHERN 
<
FSFA> TO MAKE ACQUISITION


    MOBILE, ALA., March 4 - 
First Southern Federal Savings and
Loan Association said it has agreed in principle to acquire
Horizon Financial Corp and Horizon Funding corp from 
<
Victor
Federal Savings and Loan Association> of Muskogee, Okla., for
undisclosed terms.
    The company said the purchase is subject to approval of the
boards of First Southern and Victor and regulatory agencies.
    Horizon Financial services mortgage loans and Horizon
Funding is a wholesale loan purchasing operation. Horizon
services 3.2 billion dlrs in mortgage loans.
 Reuter
3;
bodyend
documentend
documentstart
1677
topicstart
earn
topicend
bodystart
2;

DANAHER CORP 
<
DHR> 4TH QTR NET


    WASHINGTON, March 4 -
    
Shr 71 cts vs 43 cts
    Net 7,274,000 vs 4,447,000
    Rev 161.6 mln vs 77.6 mln
    Year
    Shr 1.51 dlrs vs 1.32 dlrs
    Net 15,401,000 vs 13,525,000
    Rev 454.0 mln vs 304.9 mln
   
 Reuter
3;
bodyend
documentend
documentstart
1678
topicstart
acq
topicend
bodystart
2;

FIRM AGREES TO MERGE WITH LOTOQUIK INT'L


    FORT LAUDERDALE, Fla., March 4 - 
<
Chatsworth Enterprises
Inc>, a publicly held shell corporation, said it signed a
letter of intent to merger with 
<
Lotoquik International Ltd>, a
Nassau, Bahamas-based maker of video lottery machines.
    Under terms of the merger agreement, Chatsworth said
Lotoquik shareholders would own a majority of the surviving
company.
 Reuter
3;
bodyend
documentend
documentstart
1679
topicstart
acq
topicend
bodystart
2;

ASBESTEC TO BUY CONTRACTOR, RECEIVES CONTRACT


    PENNSAUKEN, N.J., March 4 - 
<
Asbestec Industries Inc> said
it signed a letter of intent to buy asbestos abatement
contractor 
<
P.W. Stephens> for three mln dlrs in cash, stock
and notes.
    The transaction is expected to be completed early in the
third quarter of its fiscal year ending September 30, 1987.
    Asbestec also said it expects to sign March six a 900,000
dlr contract to remove asbestos from a major apartment complex
in Washington, D.C. The project is scheduled to begin on March
nine.
 Reuter
3;
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trade
topicend
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2;

GATT SETS UP DISPUTE PANEL ON CANADIAN HERRING


    GENEVA, March 4 - 
The ruling GATT Council set up a formal
dispute panel to examine a U.S. Complaint that a Canadian law
prohibiting export of unprocessed herring and salmon was
discriminatory.
    David Wood, official spokesman of the General Agreement on
Tariffs and Trade (GATT), told a news briefing the decision was
taken after bilateral consultations failed to resolve the row.
    U.S. Ambassador Michael Samuels charged during the Council
debate that Canada was trying to preserve domestic jobs by
insisting that herring and salmon be processed at home.
    Robert White, Canada's deputy chief of delegation, replied
the law was in line with GATT rules, and was for conservations
reasons. But he agreed to setting up the dispute panel.
 Reuter
3;
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topicstart
cpi
topicend
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2;

COLOMBIAN INFLATION RISES 2.03 PCT IN FEBRUARY


    Bogota, march 4 - 
colombia's cost of living index rose 2.03
pct in february after a 3.27 pct increase in january and a 3.15
pct rise in february 1986, the government statistics institute
said.
    The rise brought year-on-year inflation to 19.77 pct
compared with 23.72 pct at end-february 1986 and 21.66 pct for
the year ending january 1987.
    The government has predicted that inflation this year would
be lower than in 1986 when it reached 20.9 pct.
 Reuter
3;
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earn
topicend
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2;

TALKING POINT/GENERAL MOTORS 
<
GM>


    By Steven Radwell, Reuters


    NEW YORK, March 4 - 
General Motors Corp staged an explosive
rally on Wall Street after a share buyback program announced
yesterday, but analysts said GM's future remains clouded by
stiff competition and erosion of market share.
    GM shares rose 3-1/2 to 79-1/8 in active trading. Analysts
agreed that investors liked the repurchase program but they 
differed sharply over the carmaker's long term prospects.
    "I'm very positive on GM," said Jack Kirnan of Kidder
Peabody and Co. "They're clearly committed to enhancing
shareholder value."
    However, some analysts worry about how GM will pay for the
buyback and whether new models will enable the carmaker to
recapture lost market share.
    After the market had closed yesterday, GM said it would buy
back 20 pct of its common stock by the end of 1990. The
announcement sent investors today scrambling for GM shares,
with more than 3.2 mln shares changing hands by mid-day.
    The buyback plan caused several analysts bullish on the
stock to reiterate buy recommendations this morning, and at
least one increased his earnings estimates for GM based on a
good performance expected from new car models.
    But David Healy of Drexel Burnham Lambert Inc said the
repurchase program is not a positive.
    "The buyback doesn't really change the earnings outlook and
puts more stress on the balance sheet," he said, since GM will
have to borrow money to pay for the stock purchases. The stock
should settle back down to around 76, he added.
    Healy projects GM will earn five dlrs a share in 1987 and
5.50 dlrs in 1988, compared to 1986 earnings of 8.21 dlrs.
Healy's numbers are near the low end of Wall Street estimates,
which range from five dlrs to 7.80 dlrs in 1987 and from four
dlrs to 10.80 dlrs in 1988.
    Like other analysts, Healy sees GM's share of the domestic
car and truck market falling in 1987. "On balance, GM cars are
not selling as well as their competitors," he said.
    In late February, GM car sales fell 8.6 pct from the
year-ago period while competitors Ford Motor Co 
<
F> and
Chrysler Corp 
<
C> both posted increases. But GM said February
sales showed improvement over January, adding that it expects
improvement in coming months.
    Overall, GM's share of U.S. car and truck sales should fall
to around 38 or 39 pct in 1987 from 41 pct at the end of 1986,
analysts said. The numbers include imports.
    Kidder Peabody's Kirnan said cost reductions and product
improvements this year should lead to positive cash flow by the
fourth quarter, which will help GM finance the buyback.
    "GM (stock) has been a real laggard and now it's rolling up
its sleeves and getting serious. I think there's a major
earnings surprise in the winds," he said.
    Kirnan raised his earnings estimates slightly today, in
part in reaction to the announced buyback, and sees GM earning
5.65 dlrs this year and 9.75 dlrs in 1988. "The company is more
concerned than ever about improving their relative valuation
with respect to Ford and Chrysler," he said.
    Another positive for the stock is GM's dividend, currently
five dlrs a share annually, which gives it a higher yield than
its competitors, Kirnan said. And GM will raise the cash
dividend 25 to 50 cts a share next year, he predicted.
    But analyst Michael Lucky of Shearson Lehman Brothers Inc
said U.S. car sales will weaken, and GM's new products, if
successful, will only slow but not halt the erosion of its
market share.
    "I believe their new cars will be successful, but that will
only curtail losses in market share," which will fall to around
35 pct by 1990, Lucky said.
    Philip Fricke of Goldman Sachs and Co falls in the middle
of the bulls and bears. While he is recommending GM stock, he
said results will not improve until 1988.
    "I'm not looking for improvement this year. This is a
transition year for GM," he said.
    Fricke, who estimates 1987 earnings at 7.80 dlrs and 1988
at 10.80 dlrs, said cost cutting and new car models will not
affect 1987 results. "But the key thing isn't so much what they
earn this year. It's the momentum beyond this year that's
important."
 Reuter
3;
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1684
topicstart
acq
topicend
bodystart
2;

PARTNERSHIP CUTS STAKE IN ERC INTERNATIONAL
<
ERC>


    WASHINGTON, March 4 - 
Parsow Partnership Ltd, a Nevada
investment partnership, said it lowered its stake in ERC
International Inc to 343,500 shares or 8.3 pct of the total
outstanding common stock, from 386,300 shares, or 9.3 pct.
    In a filing with the Securities and Exchange Commission,
Parsow said it sold 42,800 ERC common shares between Jan 9 and
March 2 at prices ranging from 12.125 to 14.50 dlrs each.
    The partnership said its dealings in ERC stock are for
investment purposes and it has no intention of seeking control
of the company.
 Reuter
3;
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1686
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crude
topicend
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2;

IRANIAN OIL MINISTER DUE IN ALGERIA ON FRIDAY


    ALGIERS, March 4 - 
Iranian Oil Minister Gholamreza Aqazadeh
is expected here on Friday for talks with his Algerian
counterpart Belkacem Nabi, the official Algerian news agency
APS said today.
    Aqazadeh, who will be accompanied by a large delegation,
will have talks on bilateral relations in the field of energy
and exchange views with Algerian officials on the current world
energy situation, it said.
 Reuter
3;
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1688
topicstart
earn
topicend
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2;

<
GOLDOME FSB> YEAR NET


    BUFFALO, N.Y., March 4 -
    
Net 52.9 mln vs 21.9 mln
    NOTE: Company is mutual savings bank.
 Reuter
3;
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1689
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earn
topicend
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2;

BEAR AUTOMOTIVE SERVICE 
<
BEAR> 4TH QTR OPER NET


    MILWAUKEE, March 4 - 
    
Oper shr 18 cts vs 28 cts
    Oper net 1,076,000 vs 1,441,000
    Sales 22.6 mln vs 21.2 mln
    Avg shrs 5,970,000 vs 5,080,000
    Year
    Oper shr 55 cts vs 49 cts
    Oper net 3,007,000 vs 2,521,000
    Sales 82.9 mln vs 73.7 mln
    Avg shrs 5,429,000 vs 4,484,000
    Note: Full company name is Bear Automotive Service
Equipment Co
    Oper shr excludes extraordinary profit from utilization of
tax loss carryforward of 231,000 dlrs, or four cts a share and
1.2 mln dlrs, or 22 cts a share, respectively, in 1986 qtr and
year, and of 441,000 dlrs, or nine cts a share and 1.1 mln
dlrs, or 23 cts a share, respectively, in 1985 qtr and year.
    1985 year oper net excludes loss from cumulative effect of
change in accounting principle of 67,000 dlrs, or one ct a
share.

 Reuter
3;
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1692
topicstart
crude
topicend
bodystart
2;

U.K. OIL INDUSTRY SAID NOT PERMANENTLY DAMAGED


    LONDON, March 4 - 
The U.K. Offshore oil industry has
suffered from last year's collapse in oil prices but should not
sustain any permament damage, Minister of State for Energy
Alick Buchanan-Smith said.
    The drilling, diving and supply vessels sectors had been
most affected, Buchanan Snith told the House of Commons energy
committee. He noted, however, that oil companies were still
spending six mln stg a day to maintain North Sea production.
    He added that a report by the manpower services committee
which said 14,000 jobs were lost in the industry in 1986 should
be seen in the context of a total workforce of 300,000.
    Prices of North Sea Brent-grade crude dipped to a low of
8.50
dlrs a barrel last July from a peak of over 30 dlrs the
previous November.
    They recovered to around 18 dlrs a barrel after last
December's OPEC meeting and Brent traded today around 17.15
dlrs.
    Buchanan-Smith said the U.K. Has no intention of adopting
OPEC style quotas, noting that Britian is an oil-consuming as
well as an oil-producing nation.
 Reuter
3;
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1693
topicstart
acq
topicend
bodystart
2;

CHASE MANHATTAN STUDYING ITALIAN EXPANSION


    Milan, March 4 - 
<
Chase Manhattan Bank N.A.> is considering
expanding its operations in Italy, particularly in the consumer
banking sector, a Chase Manhattan official said.
    Robert D. Hunter, Chase Manhattan area executive for
Europe, Africa and the Middle East, said at a news conference
that plans to broaden the bank's activities on the Italian
market have not been finalised, however.
    Asked if Chase Manhattan would consider an acquisition in
Italy, Hunter said: "We will look at any opportunity, but the
prices of Italian banks have been quite high." Chase Manhattan
has branches in Milan and Rome.
 Reuter
3;
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1694
topicstart
acq
topicend
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2;

HRS 
<
IHIRF> REDUCING STAKE IN HAL ROACH 
<
HRSI>


    TORONTO, March 4 - 
International H.R.S. Industries Inc said
it would reduce its stake in Hal Roach Studios Inc to 22 pct
from 52 pct in return for 6.3 mln U.S. dlrs from Qintex Inc's
Qintex America (Media) Ltd unit.
    H.R.S. said that under the deal's first stage, closng March
22, it would sell Qintex 900,000 Hal Roach shares at seven U.S.
dlrs a share each for a total of 6.3 mln dlrs and Roach will
repay H.R.S. 3.3 mln U.S. dlrs of advances.
    Qintex will also complete the 16.8 mln U.S. dlr buy of 2.4
mln Roach treasury shares at seven dlrs each and provide Roach
with 50 mln U.S. dlrs of financing for expansion, H.R.S. said.
    H.R.S. said that the agreement also provided for a second
stage over one year in which it had a put option exercisable 
one year from closing to sell Qintex all or part of its two mln
Roach shares for 8.50 U.S. dlrs a share.
    It said Qintex had a 30-day call option, exerciseable nine
months from closing, to buy from H.R.S. all or part of one mln
Roach shares at the greater of 8.50 dlrs each or the average
Roach share price for three months before exercise date.
    Qintex will also acquire another 2.4 mln Roach treasury
shares at seven dlrs a share 12 months after closng for another
16.8 mln dlrs, H.R.S. said.
 Reuter
3;
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1696
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earn
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2;

TOTAL STILL EXPECTS 1.5 BILLION FRANC 1986 LOSS


    PARIS, March 4 - 
French oil group Total Cie Francaise des
Petroles 
<
TPN.PA> is still expecting a 1.5 billion franc
consolidated net loss, including minority interests, for 1986,
after taking account of stock losses of 7.5 billion francs, the
company said in a communique after a board meeting here.
    In late January group president Francois-Xavier Ortoli told
journalists that the slump in oil prices and the weak dollar
had caused the stock depreciation, turning a consolidated net
profit, before losses on stocks, of six billion francs into a
consolidated net loss of 1.5 billion francs.
    Earlier today Armand Guilbaud, president of Total's
refining and distribution subsidiary Cie de
Raffinage-Distribution (CRD) Total France 
<
RAFF.PA>, told
journalists that 1986 had marked a return to profit for the
subsidiary before stock depreciation.
    CRD made a net profit before stock depreciation and
currency factors of 1.95 billion francs last year after a 1.16
billion loss in 1985.
    But its net loss last year, taking account of that
depreciation as well as currency fluctuations, was 1.16 billion
francs after a 1.05 billion loss in 1985.
    In 1986 CRD's sales fell 5.7 pct to 19.7 mln tonnes from
20.9 mln "due to the growth in imports by independent
distributors following a relaxation of regulations," Guilbaud
said.
    The subsidiary is expecting to cut its workforce to 6,000
this year and 5,000 in 1988 from 6,800 last year, under a job
reduction scheme which will eventually save the group 600 mln
francs, he said.
    Concerning business in 1987, he said that "January was a
good month, but the situation deteriorated in February."
 Reuter
3;
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topicend
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2;

FRANCE SETS 7.5 BILLION FRANC T-BILL TENDER


    PARIS, March 4 - 
The Bank of France said it will offer 7.5
billion francs' worth of negotiable Treasury bills at its next
public weekly tender on March 9.
    The total includes two billion francs of 13-week bills, 2.5
billion francs of two-year bills and three billion francs'
worth of five year bills.
    No maximum or minimum price has been set.
 Reuter
3;
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1703
topicstart
topicend
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2;

S/P UPGRADES WILLIAMS COS 
<
WMB> DEBT SECURITIES


    NEW YORK, March 4 - 
Standard and Poor's Corp said it has
upgraded approximately two billion dlrs of securities for the
Williams Cos. and its related entities.
    S and P said recent sales of non-regulated oil and gas,
coal, fertilizer, and telecommunications assets significantly
reduce business risk. With 900 mln dlrs of proceeds available
to reduce debt, the financial profile should also improve.
    Among issues upgraded were Williams' debentures, raised to
BB-plus from BB-minus and Williams Natural Gas Co's debentures
and preferred stock to BBB-minus from BB-plus. Northwest
Pipeline Corp issues also were upgraded.
 Reuter
3;
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1706
topicstart
earn
topicend
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2;

STEEGO CORP 
<
STG> 3RD QTR JAN 31 LOSS


    WEST PALM BEACH, Fla., March 4 -
    
Oper shr loss 16 cts vs loss 10 cts
    Oper net loss 1,569,000 vs loss 990,000
    Sales 50.3 mln vs 50.1 mln
    Nine mths
    Oper shr loss nine cts vs loss two cts
    Oper net loss 849,000 vs loss 199,000
    Sales 159.9 mln vs 156.6 mln
    NOTE: Current nine mths net includes 1,036,000 dlr pretax
gain on sale of property.
    Prior year net both periods includes pretax gain 1,095,000
dlrs on pension plan termination.
    Current quarter net includes 580,000 dlr tax credit.
    Prior year net includes losses from discontinued operations
of 200,000 dlrs in quarter and 573,000 dlrs in nine mths.
    Results restated for discontinued operations.
 Reuter
3;
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1708
topicstart
earn
topicend
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2;

E-SYSTEMS INC 
<
ESY> SETS QUARTERLY


    DALLAS, March 4 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts prior
    Pay April One
    Record March 13
 Reuter
3;
bodyend
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1709
topicstart
crude
nat-gas
topicend
bodystart
2;

RESOURCE EXPLORATION 
<
REXI> IN DRILLING PACT


    AKRON, Ohio, March 4 - 
Resource Exploration Inc said it has
agreed to let 
<
Langasco Energy Corp> drill 50 oil and
natural gas wells on its Clinton Sandstone formation within its
Tuscarawas and Harrison County, Ohio area of operation.
    Resource said it would receive a cash payment and an
overriding royalty interest on oil and gas production from
wells drilled on the property.
    Resource said gas produced from the property will be
transported through its existing pipeline. Also, Resource said
it will provide service work to complete the wells and it will
operate the wells after they are completed.
 Reuter
3;
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1711
topicstart
crude
topicend
bodystart
2;

TEXAS OIL REGULATOR CALLS FOR STATE TAX BREAKS


    AUSTIN, Texas, March 4 - 
Texas Railroad Commissioner James
Nugent, saying that the ailing oilpatch cannot wait for
Congress to act, today urged Texas state lawmakers to adopt
incentives to find new oil reserves and to exempt severance
taxes on oil produced from stripper wells.
    Nugent said in a speech to the Texas house of
representatives that the state must take the initiative in
molding U.S. energy policy and finding new ways to assist
troubled oil producers.
    His proposal to revitalize Texas' oil industry would exempt
stripper wells that produce 10 barrels of oil or less each day
from the state's 4.6 pct severance tax. He said that the
majority of Texas' oil wells fall within the stripper well
category and a price swing of two to three dlrs a barrel can be
crucial in determining if the well remains in production.
    Nugent also called for state lawmakers to exempt new
wildcat wells from the state severance tax for up to five years
as a financial incentive to explore for new oil reserves.
    Secondary and tertiary oil production, expensive methods of
production that inject water or gas into the ground to recover
oil, should also be exempted from the severance tax, Nugent
said. His plan would exempt existing secondary and tertiary
wells that produce at a rate of less than three barrels a day
for three years, or until the price of oil reaches $25 a
barrel.
    "We've been sitting back and waiting on two federal
administrations to develop a coherent energy policy for the
nation to follow. I say we have waited long enough," Nugent
said. "In other words, let's tell Washington to either lead,
follow, or get out of the way."
    Nugent said that the financial losses to the state treasury
by exempting marginal oil production from state severance taxes
would be more than made up by stimulating new business for the
oil supply and service industry.
 Reuter
3;
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topicstart
earn
topicend
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2;

UNICORP AMERICAN CORP 
<
UAC> SETS QUARTERLY


    NEW YORK, March 4 -
    
Qtly div 15 cts vs 15 cts prior
    Pay March 31
    Record March 13
 Reuter
3;
bodyend
documentend
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1715
topicstart
coffee
topicend
bodystart
2;

COLOMBIA BLASTS U.S. FOR COFFEE TALKS FAILURE


    BOGOTA, March 4 - 
Colombian finance minister Cesar Gaviria
blamed an inflexible U.S. position for the failure of last
week's International Coffee Organisation, ICO, talks on export
quotas.
    "We understand that the U.S. Position was more inflexible
than the one of Brazil, where current economic and political
factors make it difficult to adopt certain positions," Gaviria
told Reuters in an interview.
    The U.S. and Brazil have each laid the blame on the other
for the breakdown in the negotiations to re-introduce export
quotas after being extended through the weekend in London.
    Gaviria stressed that Colombia tried to ensure a successful
outcome of the London talks but he deplored that intransigent
attitudes, both from producing and consuming nations, made it
impossible.
    In a conversation later with local journalists, Gaviria
said the U.S. attitude would have serious economic and
political consequences, not necessarily for a country like
Colombia but certainly for other Latin American nations and for
some African countries.
    He told Reuters that Colombia, because of the relatively
high level of its coffee stocks, would probably suffer less.
    According to Gaviria, Colombia can hope to earn about 1,500
mln dlrs this calendar year from coffee exports, which
traditionally account for 55 pct of the country's total export
revenue.
    That estimate would represent a drop in revenues of 1,400
mln dlrs from 1986.
    Colombia, which held stockpiles of 10.5 mln bags at the
start of the current coffee year, exported a record 11.5 mln
bags in the 1985/86 coffee year ending last September 30.
 Reuter
3;
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1716
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earn
topicend
bodystart
2;

LIBERTY FINANCIAL GROUP 
<
LFG> REGULAR DIVIDEND


    HORSHAM, Pa., March 4 -
    
Qtly div 12.5 cts vs 12.5 cts in prior qtr
    Payable March 13
    Record February 27
 Reuter
3;
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1718
topicstart
earn
topicend
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2;

PACTEL 
<
PAC> SEES EARNINGS GROWTH


    New York, march 4 - 
Pacific Telesis Group chairman Donald
Guinn told a meeting of security analysts that the company sees
continued earnings growth in 1987 above the 1.08 billion dlrs,
or 5.02 dlrs per share, earned in 1986.
    Guinn also said that capital spending stood at about 1.8
billion dlrs in 1986, and the company expected the figure to
remain flat each year through 1989. He noted that all captial
spending will be internally financed.
    Guinn also told analysts that the company faced some
regulatory uncertainties in ongoing rate cases at its Pacific
Bell operating company.
    In rates hearings before, the California Public Utility
Commission, Guinn said the company faced a potential 76 mln dlr
revenue reduction, and due to ongoing discussions with the
commission, he said the figure might even be greater.
    The company also faces some opposition to a 225 mln dlr
rate hike requested for 1986. Guinn said the commission found
180 mln dlrs of the hike was based on questionable calculations
and assumptions, while 45 mln dlrs might represented unneeded
modernization costs.
    Guinn also said that the company is still studying whether
to join an international consortium that plans to lay a
transpacific telephone cable between the U.S. and Japan.
    "We have not agreed to anything," Guinn said, but added he
would soon recieve a feasibility study on the venture and the
company would make a decision soon on participating.
    Asked by an analyst about the recent recommendation by the
U.S. Department of Justice which would allow the Bell operating
companies to offer limited long distance services, Guinn said
the company would likely shy away from that type of expansion.
    "(Long distance services) is a very competitive business.
It's a commodity business and becoming more so," he said. "I'm
not so sure we would be interested in getting back into that
business."
    However, Guinn generally applauded the U.S.
recommendations, saying they would give more latitude for the
Bell operating companies to expand into non-regulated
businesses and provide more flexibility to form strategic
alliances with other companies.
    He added that while the company welcomes the expansion into
new areas, it is not currently involved in any acqusition
talks. "We do not have anything actively under consideration,"
he said.
   
 Reuter
3;
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1719
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acq
topicend
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2;
******
TRANS WORLD AIRLINES MAKES 52 DLR/SHARE CASH MERGER PROPOSAL FOR USAIR

Blah blah blah.
3;


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1722
topicstart
earn
topicend
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2;

UNICORP AMERICAN CORP 
<
UAC> 4TH QTR NET


    NEW YORK, March 4 -
    
Shr 13 cts vs 70 cts
    Net 1,279,000 vs 7,979,000
    Revs 16.4 mln vs 19.6 mln
    Year
    Shr 89 cts vs 2.43 dlrs
    Net 10.3 mln vs 29.8 mln
    Revs 56.2 mln vs 83.8 mln
    Avg shrs 12.1 mln vs 13.1 mlnm
    NOTE: 1986 year net includes gain 12.9 mln dlrs from sale
of eight real estate properties.
 Reuter
3;
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1723
topicstart
ship
topicend
bodystart
2;

KENYA SIGNS PACT TO ESTABLISH OWN SHIPPING LINE


    NAIROBI, March 4 - 
Kenya has signed an agreement with
British and German interests to establish a shipping line that
will handle 40 pct of the country's external trade, sources
close to the deal said.
    The state-owned Kenya Ports Authority, KPA, signed an
agreement with the Hamburg-based shipping line Unimar
Seetransport to establish the Kenya National Shipping line,
with an initial capital of 100 mln shillings, sources said. KPA
will hold 70 pct of the shares in the new company.
    The line will initially charter vessels to operate services
between Mombasa and the main ports of industrial Europe, but
may eventually build or buy its own ships. The sources said it
would aim to carry a large part of Kenya's coffee and tea
exports and oil and fertiliser imports.
 Reuter
3;
bodyend
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1724
topicstart
interest
money-fx
topicend
bodystart
2;

NEW BANK RULES TOUGHER THAN NEEDED, DEALERS SAY


    By Norma Cohen, Reuters


    LONDON, March 4 - 
U.S. and U.K. bank regulators are asking
banks to set aside more reserves than is necessary to cushion
them against the risks posed by the interest rate and currency
swap transactions they carry, swap dealers said.
    After viewing proposed guidelines released jointly today by
the Bank of England and the Federal Reserve Board, dealers said
that in effect, regulators are asking them to set aside
reserves twice for the same risk.
    Market participants will have 60 days to respond to the
proposals.
    Adoption of stiffer capital requirements is especially
significant in the eurobond markets, which saw new issue volume
of about 183 billion dlrs in 1986 according to figures compiled
by Euromoney magazine. While no firm figures exist, dealers in
eurobonds estimate that 80 pct of all new issues are involved
in some swap arrangement. Separately, the ISDA estimates that
about 300 billion dlrs worth of swap transactions are
outstanding. Kenneth McCormick, co-chairman of the
International Swap Dealers Association (ISDA) and President of
Kleinwort Benson Cross Financing Inc, said that the Association
has no comment and will study the proposals.
    "What they are proposing is really double counting," Patrick
de Saint-Aignan, managing director of swaps for Morgan Stanley
and Co, said. Instead, he argues, banks should either be
required to hold a percentage of the face value -- say one pct
per year to maturity -- or to hold a percentage of the cost of
replacing the contract in the event of a counterparty default.
    "The potential risk factors are very large relative to what
we had expected," said a director at one U.K. merchant bank.
"What they are really doing is asking you to capitalize now --
to borrow money now -- to cushion you against risk you might
have 10 years from now," he added.(Adds title first paragraph).
    Dealers also said they believe that banks not covered by
the agreement, such as those based in Japan, will have a
competitive advantage because they will not have to pass the
costs on to customers.
    Indeed, regulators are apparently also concerned about the
exclusion of other countries from the new requirements. Federal
Reserve Board Governor Martha Seger, following approval of the
proposed guidelines by the Fed, said she is concerned that
Japan was not involved in the U.K.-U.S. effort to draft new
capital rules.
     Dealers said they were somewhat relieved to see that bank
regulators recognized the concept of netting, that is,
offsetting the amounts receiveable from and payable to a single
counterparty against each other.
    The paper said that regulatory authorities "recognize that
such arrangements (netting) may in certain circumstances reduce
credit risk." Furthermore, the paper said, if a netting
agreement could be reached that would withstand legal tests, it
might be willing to reduce capital requirements accordingly.
    But dealers said they fear regulators may insist on an
airtight netting agreement that is impossible to design.
     "One problem is that there has never been a major default
in the swaps market. So we don't know if any of the swap
arrangements will really stand up in court," said one bank
official.
 Reuter
3;
bodyend
documentend
documentstart
1726
topicstart
topicend
bodystart
2;

BANK OF CANADA MADE AGGRESSIVE USE OF T-BILLS


    OTTAWA, March 4 - 
The Canadian government's reduced
borrowing needs enabled the Bank of Canada to make "aggressive
use" of short term debt instruments and pare the cost of
financing in 1986, the central bank said in its annual report.
    The report, authored by retired governor Gerald Bouey, also
noted advances to Canadian banks fell to under one billion dlrs
at the end of the year from more than four billion dlrs in
January, 1986, and that the country's economy performed
unevenly while inflation remained a major concern.
    Bouey said the bank was able to reduce the number of new
bond issues with maturities of 10 years of more, lessen the
reliance on Canada Savings Bonds while raising substantailly
more through short term treasury bill financings.
    "The aggressive use of the treasury bill program has meant
that the government is now able to maintain lower cash balances
and lower financing costs," said Bouey who was replaced by
deputy governor John Crow last month.
    The amount of treasury bills outstanding at year end was
69.7 billion dlrs, an increase of 10.3 billion dlrs over the
year and 20 billion dlrs since 1984.
    The reduction in borrrowing needs was brought about by an
eight billion dlr decline in the government's financing
requirements, a run down in Ottawa's cash balances, and
generation of 2.3 billion dlrs from foreign exchange
transactions.
    Also in pursuit of shorter term financing, the bank made
greater use of bond auctions to market new issues with two to
five year maturities, Bouey said.
    Bouey said payments to chartered banks, which are made to
banks that are facing liquidity problems, dropped to an average
of 832.3 mln dlrs at end of December from a peak of 5.2 billion
dlrs in March, 1986.
    The advances were made largely to four banks, Canadian
Commercial Bank, Northland Bank, Continental Bank of Canada and
the Bank of British Columbia. The first two banks have been
liquidated, which enabled partial repayment of advances, and
the remaining two banks were sold and the new owners repaid the
advances.
 Reuter
3;
bodyend
documentend
documentstart
1727
topicstart
earn
topicend
bodystart
2;

SHAW'S SUPERMARKETS INC 
<
SHAW> YEAR JAN 3


    EAST BRIDGEWATER, Mass., March 4 -
    
Shr 1.23 dlrs vs 1.33 dlrs
    Semi-annual div six cts vs six cts prior payment
    Net 16.2 mln vs 14.8 mln
    Sales 1.09 billion vs 909.4 mln
    NOTE: Dividend is payable April one to holders of record
March nine
 Reuter
3;
bodyend
documentend
documentstart
1728
topicstart
topicend
bodystart
2;

ROBERT BRUCE 
<
BRUC> DOWNGRADED BY S/P


    NEW YORK, March 4 - 
Standard and Poor's said it lowered
Robert Bruce Industries Inc's 15 mln dlrs of subordinated
debentures to CCC from B-minus because of a deterioration in
earnings and cash flow.
    Debt leverage has risen to 87 pct and the company has
suspended dividend payments to conserve cash, S and P noted.
 Reuter
3;
bodyend
documentend
documentstart
1729
topicstart
acq
topicend
bodystart
2;

DYNAMICS CORP 
<
DYA> IN SETTLEMENT WITH CTS 
<
CTS>


    GREENWICH, Conn., March 4 - 
Dynamics Corp of America said
it has reached an agreement with CTS Corp resolving all
differences between the two companies.
    It said as a result of the settlement, CTS's special board
committee has stopped soliciting orders to purchase some or all
of CTS.
    Dynamics, which now owns 27.5 pct of CTS' outstanding
stock, said it agreed to limit its shareholdings to not more
than 35 pct of the outstanding shares for a year following the
company's 1987 annual meeting.
    Dynamics said the CTS board will recommend CTS shareholders
vote at the 1987 annual meeting in favor of the company paying
Dynamics 2,178,000 dlrs as a reimbursement for its CTS releated
costs and granting Dynamics an option to buy enough CTS common
at 29.625 dlrs a share to give it ownership of 35 pct of the
outstanding stock.
    Dynamics said the price of stock under the option,
exercisable for one year, is based on the average closing price
for the stock for the five days ending March two.
    Dynamics said CTS Chairman George F. Sommer will assume the
additional title of President. Former President Robert D.
Hostetler is resigning as a director, as is Chief Financial
Officer Gary B. Erekson, Ted Ross and Donald J. Kacek.
    Dynamics said the CTS board will be reduced to seven
members for eight with the remaining four members of the
current board and three representatives of Dynamics as new
directors.
 Reuter
3;
bodyend
documentend
documentstart
1731
topicstart
grain
topicend
bodystart
2;

RENEWAL OF U.S./USSR GRAIN PACT SAID UNCERTAIN


    WASHINGTON, March 4 - 
Prospects for renewal of the
five-year U.S./USSR grains agreement are uncertain at this
point, a Soviet trade official told Reuters.
    The current trade imbalance between the United States and
the Soviet Union, high U.S. commodity prices, and increased
world grain production make a renewal of the supply agreement
next year less certain, Albert Melnikov, deputy trade
representative of the Soviet Union, said in an interview.
    The current agreement expires on Sept 30, 1988.
    Melnikov said that world grain markets are different than
when the first agreement was signed in 1975.
    Statements from both U.S. and Soviet officials have
indicate that a long term grains agreement might not be as
attractive for both sides as it once was.
    "We have had one agreement. We have had a second agreement,
but with the second agreement we've had difficulties with
prices," Melnikov said.
    "I cannot give you any forecasts in response to the future
about the agreement.... I do not want to speculate on what will
happen after Sept 30, 1988," he said.
    Melnikov noted that he has seen no indications from Soviet
government officials that they would be pushing for a renewal
of the agreement.
    "The situation is different in comparison to three, five or
ten years ago ... We can produce more," he said.
 Reuter
3;
bodyend
documentend
documentstart
1732
topicstart
earn
topicend
bodystart
2;

DANAHER 
<
DHR> EXPECTS EARNINGS INCREASE IN 1987


    WASHINGTON, March 4 - 
Danaher Corp said it expects higher
earnings in 1987 versus 1986.
    "We expect significant increases in earnings and revenues
in 1987," Steven Rales, Danaher chairman and chief executive
officer, said.
    Earlier, the company reported 1986 net earnings of 15.4 mln
dlrs, or 1.51 dlrs a share, versus 13.5 mln dlrs, or 1.32 dlrs
a share, in 1985.
    It also reported fourth quarter net of 7.3 mln dlrs, or 71
cts a share, up from 4.4 mln dlrs, or 43 cts a share, in the
previous year's fourth quarter.
 Reuter
3;
bodyend
documentend
documentstart
1734
topicstart
earn
topicend
bodystart
2;

DANAHER CORP 
<
DHR> 4TH QTR NET


    WASHINGTON, March 4 -
    
Shr 71 cts vs 43 cts
    Net 7,274,000 vs 4,447,000
    Rev 161.6 mln vs 77.6 mln
    Year
    Shr 1.51 dlrs vs 1.32 dlrs
    Net 15,401,000 vs 13,525,000
    Rev 454.0 mln vs 304.9 mln
    NOTE: Fourth qtr net includes extraordinary gain of 3.8 mln
dlrs, or 37 cts per share, versus 2.9 mln dlrs, or 28 cts a
share, in 1985's fourth qtr, and an extraordinary charge of
642,000 dlrs, or six cts a share. 1986 net includes
extraordinary gain of 7.4 mln dlrs, or 72 cts a share, versus
8.0 mln dlrs, or 78 cts a share, in 1985.
 Reuter
3;
bodyend
documentend
documentstart
1735
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> MAKES MERGER OFFER FOR USAIR 
<
U>


    NEW YORK, March 3 - 
Trans World Airlines said it has
proposed a cash merger of USAir Group with TWA in which the
holders of USAir common would receive 52 dlrs in cash in
exchange for their stock.
    TWA said the offer was made in a letter to Edmin Colodny,
chairman and president of USAir.
    TWA said, however, that if the negotiated deal is not
acceptable it may make an offer directly to USAir's
shareholders for up to 51 pct of USAir's outstanding stock, to
be purchased in a voting trust at a price lower than today's
offer.
    TWA said it is filing an application with the Department of
Transportation seeking approval of the merger as well as an
application for approval, on an expedited basis, of its
purchase of up to 51 pct of USAir common and the deposit of the
stock in a voting trust, pending DOT approval.
    TWA said that in respect to USAir's recent offer for
Piedmont Aviation 
<
PIE> it believes that USAir's shareholders
would prefer a cash merger proposal for USAir over its proposed
acquisition of Piedmont.
    TWA said, however, it also would be interested in
discussing a three way deal among USAir, Piedmont and TWA.
    TWA said the merger is subject to the USAir board redeeming
the preferred stock purchase rights (the poison pill) issued to
shareholders last year and taking action so that the vote of a
majority of the outstanding common stock is required to approve
its proposed move.
    Additionally, TWA said it would need a satisfactory due
diligence review of USAir.
    TWA said it has not yet had an opportunity to obtain the
necessary financing for the deal, but added it is confident
that it will get it.
   
 Reuter
3;
bodyend
documentend
documentstart
1738
topicstart
topicend
bodystart
2;

GZB INCREASES BOND ISSUE TO 1.8 BILLION SCHILLINGS


    VIENNA, March 4 - 
Genossenschaftliche Zentralbank AG 
<
GZB>
said that it had increased its three-part bond issue to 1.8
billion schillings from the 1.5 billion orginally planned.
    GZB said in a statement that the amount being issued
between today and March 6 had been raised due to heavy demand.
    A 12-year tranche caries seven pct interest with an issue
price of 100.75 while an eight-year part, issued at 100.5,
carries a 6.75 pct. The third, 20-year tranche offers 6.5 pct
interest in the first year, but afterwards interest will be
fixed annually at the average of secondary market rates.
 Reuter
3;
bodyend
documentend
documentstart
1739
topicstart
acq
topicend
bodystart
2;

CTS 
<
CTS> AND DYNAMICS 
<
DYA> REACH ACCORD


    ELKHART, IND., March 4 - 
CTS Corp and Dynamics Corp of
America reached an agreement resolving all outstanding
differences between them, according to a joint statment.
    As a result of the settlement, a special committee of the
board of directors of CTS stopped soliciting offers to buy all
or part of the company, it said.
    CTS and DCA also agreed to dismiss all pending litigation
between the two companies except for one appeal pending before
the U.S. Supreme Court relating to the Indiana Control Share
Chapter, it said.
    Under the agreement, the CTS board will immediately be
reduced to seven from eight with four current directors and
three representatives of DCA being elected to the board, it
said. This board will be presented as the slate for CTS' 1987
annual shareholders meeting, it added.
    CTS' directors will recommend to shareholders that they
approve reimbursement to DCA of about 2.2 mln dlrs in expenses
relating to CTS, and grant DCA an option to buy up to 35 pct of
CTS' shares, it said.
    In addition, DCA said it agreed to limit its ownership in
CTS for the year following the 1987 annual meeting to not more
than 35 pct of the outstanding stock. DCA currently holds 27.5
pct of the outstanding shares of CTS.
    Both companies said they support the agreement and believe
it to be fair to both sides.
   
 Reuter
3;
bodyend
documentend
documentstart
1740
topicstart
acq
topicend
bodystart
2;

MEASUREX 
<
MX> SELLS SOUTH AFRICAN UNIT


    CUPERTINO, Calif., March 4 - 
Measurex Corp said it
completed the sale of its Measurex (South Africa Pty)
subsidiary to a group of employees who manage the operation.
    Measurex, a maker of computer integrated manufacturing
systems, said the subsidiary represented less than one pct of
worldwide revenues and the sale will have no impact on this
year's earnings.
 Reuter
3;
bodyend
documentend
documentstart
1741
topicstart
acq
topicend
bodystart
2;

JEFFERIES MAKING MARKET IN USAIR 
<
U>


    NEW YORK, March 4 - 
Jefferies and Co said it is making a
market in the stock of USAir Group Inc at 48-1/2 to 50.
    USAir received an offer from Trans world airlines to buy
the airline at 52 dlrs cash per share.
    USAir was halted on the New York Stock EXcahnge for
dissemination of the news. It was indicated at 47 to 54.
 Reuter
3;
bodyend
documentend
documentstart
1747
topicstart
earn
topicend
bodystart
2;

TRANS-LUX 
<
TLX> SETS FIVE PCT STOCK DIVIDEND


    NORWALK, Conn., March 4 - 
Trans-Lux Corp said its board
declared a five pct stock dividend payable April nine to
holders of record March 20.
    The company said directors also declared regular quarterly
dividends on presently outstanding shares of both classes of
common, payable April nine to holders of record March 16.
    It said an unchanged dividend of two cts will be paid on
the common and 1.8 cts on the Class B stock.
 Reuter
3;
bodyend
documentend
documentstart
1750
topicstart
topicend
bodystart
2;

XEROX CREDIT 
<
XRX> NOTES YIELD 8.061 PCT


    NEW YORK, March 4 - 
A 100 mln dlr offering of Xerox Credit
Corp 12-year notes was given an eight pct coupon and priced at
99.534 to yield 8.061 pct, Salomon Brothers Inc said as lead
manager.
    The securities of the Xerox Corp unit are not callable for
seven years. The yield reflected a premium of 91 basis points
over that of comparable U.S. Treasury issues.
    Moody's Investors Service Inc rates the notes at A-2,
compared with A-plus from Standard and Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
1751
topicstart
earn
topicend
bodystart
2;

KANEB ENERGY PARTNERS LTD 
<
KEP> 4TH QTR LOSS


    HOUSTON, March 4 -
    
Shr loss one cent
    Net loss 186,000
    Revs 10.7 mln
    11 mths
    Shr loss 7.26 dlrs
    Net loss 121.4 mln
    Revs 46.9 mln
    NOTE: In February 1986, Kaneb Services Inc contributed all
of its domestic oil and gas operations to Kaneb Partners, which
was newly formed, and exchanged approximately 3,200,000
depositary units respresenting limited partnership interests in
KEP for approximately 6,400,000 million shares of the
outstanding common stock of Kaneb Servies Inc. Kaneb now owns
approximately 82 pct of KEP.
    During the 11 mths of operation, the partnership wrote down
the carrying value of its oil and gas properties by 124.8 mln
dlrs. The write downs reduced income by 7.46 dlrs per limited
partnership unit.
   
 Reuter
3;
bodyend
documentend
documentstart
1752
topicstart
earn
topicend
bodystart
2;

DALTON COMMUNICATIONS INC 
<
DALT> 3RD QTR JAN 31


    NEW YORK, March 4 -
    
Shr profit three cts vs loss two cts
    net profit 157,500 vs loss 60,200
    Revs 1.1 mln vs 1.0 mln
    Nine months
    Shr profit five cts vs profit six cts
    Net profit 223,400 vs profit 260,800
    Revs 3.2 mln vs 3.1 mln
 Reuter
3;
bodyend
documentend
documentstart
1754
topicstart
topicend
bodystart
2;

FNMA CLARIFIES CURRENT DEBT OFFERING STATUS


    WASHINGTON, March 4 - 
The Federal National Mortgage
Association said it wanted to clarify the status of yesterday's
offering of one billion dlrs of debentures, due March 10, 1992.
    It said the offering was a new issue and not a reopening as
stated yesterday. FNMA had said the offering was a reopening of
a 1972 20-year issue.
    The debtentures will settle on March 10, 1987.
 Reuter
3;
bodyend
documentend
documentstart
1756
topicstart
topicend
bodystart
2;

DUFF/PHELPS LOWERS PUBLIC SERVICE ELECTRIC 
<
PEG>


    CHICAGO, March 4 - 
Duff and Phelps lowered the ratings
assigned to Public Service Electric and Gas Company's fixed
income securities valued at a total of 3.44 billion dlrs.
    The company's 2.61 billion dlrs in first mortgage bonds
were downgraded to DP-4 (low AA) from DP-3 (middle AA). The
ratings on its debentures and preferred stock valued at 213 mln
and 619 mln dlrs, respectively, were lowered to DP-5 (high A)
from DP-4.
    Duff and Phelps said the utility's debt ratings were
lowered because of the recent negative rate order for its Hope
Creel nuclear plants.
    "This order included highly stringent performance standards
for the company's five nuclear plants," the ratings agency
said.
 Reuter
3;
bodyend
documentend
documentstart
1758
topicstart
earn
topicend
bodystart
2;
(CORRECTION) - SHAW'S SUPERMARKETS EARNINGS
    In item headlined "SHAW'S SUPERMARKETS INC 
<
SHAW> YEAR JAN
3" please read per share earnings 1.33 drs vs 1.23 dlrs,
correcting order of results.
 Reuter
3;


bodyend
documentend
documentstart
1759
topicstart
earn
topicend
bodystart
2;

WTD INDUSTRIES INC 
<
WTDI> 3RD QTR JAN 31 NET


    PORTLAND, Ore., March 4 -
    
Shr profit 13 cts vs loss one ct
    Net profit 853,000 vs loss 22,000
    Sales 41.1 mln vs 20.3 mln
    Avg shrs 6,349,753 vs 4,403,852
    Nine Mths
    Shr profit 57 cts vs profit 28 cts
    Net profit 2,869,000 vs profit 1,252,000
    Sales 119.0 mln vs 67.6 mln
    Avg shrs 5,054,844 vs 4,403,852
 Reuter
3;
bodyend
documentend
documentstart
1760
topicstart
acq
topicend
bodystart
2;

HEALTHVEST 
<
HVT> SELLS SHARES


    AUSTIN, Texas, March 4 - 
Healthvest, a Maryland real estate
investment trust, said it began selling five mln shares of
common stock at 21 dlrs a share.
    The company said it is also selling 543,237 shares to
Healthcare International Inc 
<
HII>, giving the company a 9.8
pct stake in Healthvest.
 Reuter
3;
bodyend
documentend
documentstart
1761
topicstart
orange
topicend
bodystart
2;

CACEX DENIES BRAZIL FCOJ PRICE RISE RUMOURS


    RIO DE JANEIRO, March 4 - 
There has been no rise in the
price of Frozen Concentrated Orange Juice, FCOJ, a spokesman
for the Banco do Brasil's Foreign Trade Department, Cacex,
said.
    He was responding to rumours in the international market
that Brazil had raised its FCOJ prices in range of 1,075 to
1,150 dlrs per tonne.
 Reuter
3;
bodyend
documentend
documentstart
1763
topicstart
earn
topicend
bodystart
2;

E-SYSTEMS 
<
ESY> SETS QTRLY PAYOUT


    DALLAS, March 4 -
    
Qtrly div 12.5 cts vs 12.5 cts prior
    Pay April 1
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
1764
topicstart
earn
topicend
bodystart
2;

PIEDMONT MANAGEMENT CO INC 
<
PMAN> 4TH QTR


    NEW YORK, March 4 -
    
Shr 70 cts vs 4.91 dlrs
    Net 3.7 mln vs 26.3 mln
    Year
    Shr 1.99 dlrs vs 3.35 dlrs
    Net 10.7 mln vs 18.0 mln
    NOTE:1986 year, 4th qtr include capital gains of 3.5 mln
dlrs and 1.1 mln dlrs, respectively and extraordinary gain of
3.4 mln dlrs and 1.2 mln dlrs respectively. 1985 year and 4th
qtr include capital gains of 24.0 mln dlrs and 23.3 mln dlrs
respectively and extraordinary gain of 3.9 mln dlrs.
        
 Reuter
3;
bodyend
documentend
documentstart
1765
topicstart
earn
topicend
bodystart
2;

EASTPARK REALTY TRUST 
<
ERT> 4TH QTR NET


    JACKSON, Miss., March 4 -
    
Shr 1.52 dlrs vs 17 cts
    Net 1,306,000 vs 144,000
    Rev 758,000 vs 670,000
    Year
    Shr 2.68 dlrs vs 2.63 dlrs
    Net 2,313,000 vs 2,285,000
    Rev 2.8 mln vs 2.7 mln
    NOTE: Fourth qtr and 1986 had gains on real estate
investments of 933,000 dlrs, or 1.08 a share, and 970,000 dlrs,
or 1.12 a share, respectively.
    This compares with a loss of 137,000 dlrs, or 15 cts a
share, and again of 1.3 mln dlrs, or 1.45 a share, for the
fourth qtr and year respectively in 1985.
 Reuter
3;
bodyend
documentend
documentstart
1767
topicstart
earn
topicend
bodystart
2;

NL INDUSTRIES INC 
<
NL> SETS QTRLY PAYOUT


    NEW YORK, March 4 -
    
Qtrly div five cts vs five cts qtr
    Pay April One
    Record  March 16
 Reuter
3;
bodyend
documentend
documentstart
1768
topicstart
earn
topicend
bodystart
2;

WTD INDUSTRIES INC 
<
WTDI> 3RD QTR JAN 31 NET


    PORTLAND, Ore., March 4 - 
    
Shr profit 13 cts vs loss one ct
    Net profit 853,000 vs loss 22,000
    Revs 41.1 mln vs 20.3 mln
    Avg shrs 6,349,753 vs 4,403,852
    Nine mths
    Shr profit 57 cts vs profit 28 cts
    Net profit 2,869,000 vs profit 1,252,000
    Revs 119.0 mln vs 67.6 mln
    Avg shrs 5,054,844 vs 4,403,000
    Note: Company went public in October 1986.
 Reuter
3;
bodyend
documentend
documentstart
1769
topicstart
earn
topicend
bodystart
2;

ALASKA AIR GROUP INC 
<
ALK> QTLY DIVIDEND


    SEATTLE, March 4 -
    
Shr four cts vs four cts prior qtr
    Pay May five
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
1771
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> HAS NO COMMENT ON TWA 
<
TWA> OFFER


    New York, March 4 - 
USAir Group Inc said it had no comment
on an offer it received from Trans World Airlines to buy USAir
for 52 dlrs cash per share.
    USAir spokesman David Shipley also declined comment on
Piedmont Aviation Inc 
<
PIE>. USAir has offered 71 dlrs cash per
share for half of Piedmont's stock, and 73 dlrs in its own
stock for the balance.
    Piedmont also received an offer from Norfolk Southern Corp

<
NSC> of 65 dlrs cash per share. Piedmont's board was meeting
today, but the company declined to say what was on the agenda.
A spokesman said he could not comment on the twa action.
    A Norfolk Southern Corp 
<
NSC> spokesman said the company
had no comment on TWA's offer for USAir or on its proposal to
negotiate a three-way merger between TWA, USAir and Piedmont.
    "We don't have all the details," a Norfolk Southern
spokesman said. The company's 65 dlr-a-share cash offer for
Piedmont stands, he said.
    In its offer, TWA said as an alternative to a merger with
USAir, it would be interested in discussing a three-way
combination among USAir, Piedmont and TWA. It said the
three-way merger would serve the best interests of the
shareholders of all three companies, employees and consumers.
 Reuter
3;
bodyend
documentend
documentstart
1772
topicstart
livestock
carcass
trade
topicend
bodystart
2;

MORE PRESSURE URGED FOR ASIA TO TAKE U.S. BEEF


    WASHINGTON, March 4 - 
Congressmen from beef producing
states and representatives of the U.S. livestock industry 
urged the Reagan administration to press Japan and South Korea
to open up their markets to imports of beef.
    Testifying at a House subcommittee hearing on livestock
issues, Rep. Hal Daub (R-Nebr.), said the administration should
push hard for greater beef imports by Japan and South Korea.
Daub was joined by several other lawmakers.
    U.S. assistant trade representative Suzanne Earley, replied
"we're not going to let Japan off the hook, or Korea." She
noted trade representative Clayton Yeutter met with a senior
Korean official last week on the beef issue, and that Yeutter
and Agriculture Secretary Richard Lyng will visit Tokyo in
April for discussions on farm trade issues.
    Japan maintains a quota on beef imports, set at 58,400
tonnes high quality beef in fiscal 1987. South Korea has banned
beef imports but there are indications Seoul may bow to U.S.
pressure and allow some imports soon, industry officials said.
    In testimony today, Tom Cook, director of industry affairs
for the National Cattlemens Association said "the Congress,
administration and the industry must take a strong, tough and
united stand to impress the Japanese that we mean business and
that we expect them to open their markets."
 Reuter
3;
bodyend
documentend
documentstart
1773
topicstart
reserves
topicend
bodystart
2;

SOUTH AFRICAN FOREIGN RESERVES UP SHARPLY IN FEB


    JOHANNESBURG, March 4 - 
South Africa's total gold and
foreign assets rose by 700 mln rand in February to 6.2 billion
rand after rising by almost one billion rand in January,
Reserve Bank Governor Gerhard de Kock said.
    De Kock, interviewed on state-run television, gave no
breakdown of the reserves.
    He also said that to curb inflation, salary increases would
have to be below the inflation rate. The state must set an
example by keeping wage increases below the inflation rate, he
said.
    Consumer prices rose by 16.1 pct in the year to January.
 Reuter
3;
bodyend
documentend
documentstart
1777
topicstart
grain
corn
wheat
topicend
bodystart
2;

MORE SOVIET GRAIN BUYING FROM U.S. TIED TO PRICE


    WASHINGTON, March 4 - 
Whether the Soviet Union will fulfill
its buying obligations under the U.S./USSR grains agreement
depends entirely on the United States, a Soviet trade official
told Reuters.
    "How can I tell that we are ready to fulfill the agreement
if the United States does not want to offer us grain at
competitive prices?" said Albert Melnikov, deputy trade
representative of the Soviet Union to the United States.
    "We are in the market for grains, but it is up to the
United States to be the seller ... to offer Soviets competitive
prices," he said in an interview.
    Melnikov said that the United States has not lived up the
agreement by failing to make available to Moscow U.S. grain at
prevailing market prices.
    "We are being accused of not implementing this agreement.
We do not consider we are at fault," Melnikov said.
    Article I in the agreement states that "purchases/sales of
commodities under this Agreement will be made at the market
price prevailing for these products at the time of
purchase/sale and in accordance with normal commercial terms."
    "The United States should supply to the Soviet Union
definite quantities of grain at competitive prices ... Is the
United States ready to supply this?" he said.
    The Soviet official said that near-term corn demand has
been met by the recent Soviet purchases of U.S. corn, which he
confirmed at 1.5 mln tonnes, but said that if U.S. corn prices
remain competitive, the Soviets will buy more if they need it.
    Wheat buying, however, is a different story, Melnikov said.
    "If the United States is interested in selling its wheat,
then they must offer competitive prices, and it's up to the
United States to decide how these competitive prices will be
offered," he said.
    Last year's U.S. offer of subsidized wheat to the Soviets
was rejected because of an insufficient subsidy, Melnikov said.
He said that at the time of the 13 dlr per tonne subsidy offer,
U.S. wheat prices were 26 dlrs over world levels.
 Reuter
3;
bodyend
documentend
documentstart
1779
topicstart
topicend
bodystart
2;

VIRGINIA HOUSING AGENCY CMO BOND ISSUE PRICED


    NEW YORK, March 4 - 
A three-part, 160 mln dlr offering of
Virginia Housing Development Authority collateralized mortgage
obligations was priced, First Boston Corp said as a manager.
    The package includes 84 mln dlrs of CMOs with an average
life of 1.1 years priced to yield 6.88 pct and 23.5 mln dlrs of
bonds with a 5.5 year average life and eight pct return.
    Rounding out the financing is a 52.5 mln dlr tranche of
floating rate CMOs. These offer a return at the three-month
Libor rate plus 45 basis points.
    Standard and Poor's rates all of the securities AAA.
 Reuter
3;
bodyend
documentend
documentstart
1783
topicstart
earn
topicend
bodystart
2;

LEASEWAY TRANSPORTATION CORP 
<
LTC> QTLY DIV


    CLEVELAND, March 4 - 
    
Qtly div 37.5 cts vs 37.5 cts prior
    Pay April eight
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1785
topicstart
sugar
topicend
bodystart
2;

PERU SUGAR HARVEST SEEN LOWER -- USDA


    WASHINGTON, March 4 - 
Sugar production in Peru for the
1986/87 season has been revised to 593,000 tonnes (raw value),
down 10 pct from the previous forecast and 21 pct below the
1985/86 harvest, the U.S. Agriculture Department said in its
World Production and Trade Report.
    It said while rains in the northern mountain region are
improving the supply of irrigation water, the major benefits
will not occur until the 1987/88 season.
 Reuter
3;
bodyend
documentend
documentstart
1787
topicstart
acq
topicend
bodystart
2;

ITEL 
<
ITEL> GETS FINANCING FOR ANIXTER BUY


    NEW YORK, March 4 - 
Itel Corp said it obtained commitments
from a syndicate of banks for a six-year secured loan of about
325 mln dlrs and had separately filed registration statements
for two public offerings for a total of 150 mln dlrs to fund
its December 1986 acquisition of 
<
Anixter Bros Inc>.
    It said one of the offerings will be a new 75 mln dlrs
issue of convertible exchangeable series C preferred and the
other will be a 75 mln dlr issue of seven-year senior
subordinated notes. Both offerings will be through Merrill
Lynch Capital Markets.
    It said a portion of the proceeds from the offerings,
together with the proceeds form the new bank loan, wll be used
to repay the 395 mln dlr bridge loan Merrill Lynch and Co Inc

<
MER> provided for Itel to buy Anixter.
    Itel said the banks it obtained commitments from include
Manufacturers Hanover Trust Co 
<
MHC>, 
<
Chemical Bank of New

<
York>, and the 
<
First National Bank of Chicago>.
 Reuter
3;
bodyend
documentend
documentstart
1789
topicstart
acq
topicend
bodystart
2;

GREAT AMERICAN 
<
GTA> GAINS OVER 80 MLN IN LOANS


    NEW YORK, March 4 - 
Great American First Savings Bank said
the bank recorded gains exceeding 80 mln dlrs on sales of loans
and mortgage securities valued at 1.1 billion dlrs.
    The San Diego-based bank said in a prepared release of its
report to analysts here that the gains included 6.6 mln dlrs in
arbitrage profits from the premium paid for the separation of
interest and principal components of new Federal National
Mortgage Association strip securities.
    The bank said it reported a profit of more than 20 mln dlrs
on the transaction, involving 390 mln dlrs of FNMA securities,
including the arbitrage gain.
    Great American recently announced plans to acquire 
<
Capital
Savings Bank>, Olympia, Wash., and last year acquired 
<
Home
Federal Savings and Loan Association>, Tucson, Ariz., and 
<
Los
Angeles Federal Savings Bank>, which resulted in 66 new offices
and three billion dlrs in assets.
    The bank also said it plans to expand into other major
western banking markets and is considering an acquisition in
Colorado.
 Reuter
3;
bodyend
documentend
documentstart
1790
topicstart
acq
topicend
bodystart
2;

TANDY BRANDS 
<
TAB> SELLS UNIT


    FORT WORTH, Texas, March 4 - 
Tandy Brands Inc said it sold
its Grate Home and Fireplace division to an investor group that
includes some members of Grate's management for 1,600,000 dlrs
in cash and secured notes.
    The company said the sale will not materially offset the
9,848,000 dlr non-recurring charge it took against the sale of
the division.
 Reuter
3;
bodyend
documentend
documentstart
1791
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 4 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Intermark Inc 
<
IMI> - Offering of 40 mln dlrs of
convertible subordinated debentures due 2007 through Drexel
Burnham Lambert Inc.
    Avery International Corp 
<
AVY> - Offering of two mln shares
of common stock through Kidder, Peabody and Co Inc and Goldman,
Sachs and Co.
    Philadelphia Electric Co 
<
PE> - Shelf offering of up to 1.5
mln shares of common stock through Drexel Burnham Lambert Inc.
    Pennzoil Co 
<
PZ> - Offering of 100 mln dlrs of debentures
due April 1, 2017 through Merrill Lynch Capital Markets and
Lazard Freres and Co.
 Reuter
3;
bodyend
documentend
documentstart
1792
topicstart
grain
wheat
oilseed
soybean
topicend
bodystart
2;

AMERICAN FARM BUREAU OPPOSES FARM BILL CHANGES


    CHICAGO, March 4 - 
The directors of the American Farm
Bureau, the nation's largest farm organization, voted Tuesday
to urge Congress to leave the 1985 farm bill in place without
alterations.
    "We are solidly opposed to opening up the 1985 farm bill,"
said Dean Kleckner, president. "The current farm bill has been
in place for just a little over a year and in our judgment
there is more to be gained at the present time from maintaining
the legislation.
    "Several independent studies ... indicate the 1985 farm
bill is better on balance than any of the alternatives being
advanced," Kleckner said.
    The Farm Bureau also urged Agriculture Secretary Richard
Lyng to adjust the loan rate for 1987 crop soybeans as much as
he deems possible under the farm bill to keep soybeans
competitive in the world market.
    A Farm Bureau proposal suggests that producers should be
eligible for supplemental payments in the form of PIK
certificates for the difference between 5.02 dlrs a bushel and
the new loan rate.
    The organization also urged Lyng to authorize deficiency
payments to farmers who were unable to plant 1987 winter wheat
because of adverse weather.
 Reuter
3;
bodyend
documentend
documentstart
1794
topicstart
earn
topicend
bodystart
2;

BROWING-FERRIS 
<
BFI> DECLARES 2-FOR-1 SPLIT


    HOUSTON, March 4 - 
Browning-Ferris Industires Inc said its
board declared a two-for-one stock split payable April 24 to
holders of record March 31.
     
 Reuter
3;
bodyend
documentend
documentstart
1797
topicstart
earn
topicend
bodystart
2;

PENNWALT CORP 
<
PSM> QTLY DIVIDEND


    PHILADELPHIA, March 4 -
    
Qtly div 55 cts vs 55 cts prior
    Payable May one
    Record April three
 Reuter
3;
bodyend
documentend
documentstart
1798
topicstart
acq
topicend
bodystart
2;

BANNER INDUSTRIES INC 
<
BNR> COMPLETES PURCHASE


    NEW YORK, March 4 - 
Banner Industries Inc said it completed
the purchase of all Rexnord Inc 
<
REX> common shares for its
26.25 dlrs per share cash tender offer that ended Feb
27, 1987.
    The purchase follows Banner receiving earlier today 310 mln
dlrs under a credit agreement with Citicorp Industries Credit
Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs
from offerings made for Banner and its subsidiary through
Drexel Burnham and Lambert.
    As a result of the tender offer, Banner said it will own
approximately 96 pct of the outstanding shares of Rexnord. The
company said a merger of Rexnord and a subsidiary of Banner
will be completed before mid-May.
 Reuter
3;
bodyend
documentend
documentstart
1799
topicstart
crude
topicend
bodystart
2;
******
MURPHY RAISES CRUDE OIL POSTED PRICES ONE DLR/BBL. WTI TO 17.00 DLRS TODAY

Blah blah blah.
3;


bodyend
documentend
documentstart
1800
topicstart
topicend
bodystart
2;

AUSTRALIA SELLS BONDS IN TWO TRANCHES


    NEW YORK, March 4 - 
The Commonwealth of Australia is
offering in the Yankee bond market 400 mln dlrs of bonds in two
tranches, said lead manager Morgan Stanley and Co Inc.
    A 250 mln dlr issue of bonds due 1997 was given a 7-5/8 pct
coupon and was priced at 99.25 to yield 7.73 pct, or 60.5 basis
points more than comparable Treasury securities.
    A companion 150 mln dlr offering of 30-year bonds was given
an 8-3/8 pct coupon and was priced at 99.875 to yield 8.386
pct, or 82.5 basis points over Treasuries.
    Both tranches are non-callable for life. Moody's rates the
bonds Aa-1 and S and P rates them AA-plus.
 Reuter
3;
bodyend
documentend
documentstart
1801
topicstart
acq
topicend
bodystart
2;

PHOENIX STEEL RECEIVES OFFER FOR CLAYMONT MILL


    CLAYMONT, Del., March 4 - 
<
Phoenix Steel Corp> said a group
of investors offered to buy its Clayton steel plate mill for
eight mln dlrs and the assumption of a bond obligation.
   Phoenix did not disclose the indentity of the investors.
    Phoenix was forced to close the Clayton mill last month.
    The company said the offer represents a major step in
restructuring the company.
 Reuter
3;
bodyend
documentend
documentstart
1802
topicstart
topicend
bodystart
2;

NORTH AMERICAN PHILIPS 
<
NPH> SELLS DEBENTURES


    NEW YORK, March 4 - 
North American Philips Corp is raising
100 mln dlrs via an offering of debentures due 2017 yielding
8.809 pct, said sole manager Morgan Stanley and Co Inc.
    The debentures have an 8-3/4 pct coupon and were priced at
99.375 to yield 125 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    The issue is non-refundable for 10 years. A sinking fund
that starts in 1998 to retire five pct of the debentures
annually can be increased by 200 pct at the company's option.
Moody's rates the debentures A-2 and Standard and Poor's rates
them A-minus.
 Reuter
3;
bodyend
documentend
documentstart
1803
topicstart
earn
topicend
bodystart
2;

KEANE INC 
<
KEAN> 4TH QTR


    BOSTON, Mass., march 4 -
    
Shr 17 cts vs 15 cts
    Net 229,000 vs 201,000
    revs 10.5 mln vs 9.9 mln
    Year
    Shr 21 cts vs 55 cts
    Net 283,000 vs 766,000
    Revs 40.4 mn vs 39.7 mln
    NOTE:1985 shares adjusted to reflect the distribution of
one share of Class B common stock for every two shares of
common stock held of record as of July 1, 1986.
 Reuter
3;
bodyend
documentend
documentstart
1804
topicstart
topicend
bodystart
2;

SAVIN 
<
SVB> NOTE CONVERSION ENDS


    STAMFORD, Conn., March 4 - 
Savin Corp said the first period
for the exercise of the special conversion right for its zero
coupon convertible senior notes due February one, 1996, has
expired.
    Savin said about 1,767,000 shares of its common stock will
be issued as a result of the conversion.
    The share certificates issued through the conversion will
be distributed to noteholders beginning March six, Savin added.
 Reuter
3;
bodyend
documentend
documentstart
1808
topicstart
acq
topicend
bodystart
2;

VIACOM 
<
VIA> MERGER EXPECTED IN 60 TO 90 DAYS


    By Cal Mankowski, Reuters


    NEW YORK, March 4 - 
Sumner Redstone, president of National
Amusements, Inc, predicted he can win regulatory approvals to
wrap up the 3.4 billion dlr acquisition of Viacom International
Inc in 60 to 90 days.
    Redstone, 63, catapulted himself into the big leagues of
entertainment early today when a group of Viacom managers and
their financial backers decided not to top National's bid.
    "We've had counsel working for some time in every region
where Viacom has cable televison systems" Redstone told Reuters
in a telephone interview.
    Redstone also said "Viacom is committed to working very
closely with us to obtain approvals." Viacom has been seeking
approvals for transfer of its broadcast licenses and cable
systems since September when its management group first
advanced a buyout plan.
    But Redstone turned the situation into a spirited bidding
contest which was capped by the announcement this morning that
Viacom's independent directors on behalf of Viacom entered into
a defintive merger agreement with National.
    National is a family business which operates a chain of
movie theaters. It is dwarfed by Viacom.
    Redstone said he was weary after talks dragged on through
the night but also excited at the prospect of running a leading
electronic media company. He noted that the number of motion
picture admissions in the U.S. has shown no growth in 15 years.
    Of nine satellite television channels operated by Viacom,
four are motion-picture oriented pay channels. Redstone said
exclusive contracts with pay television networks are the
emerging trend. "Up until recently you could see any motion
picture on any pay channel," Redstone said.
    He noted Viacom has exclusive agreements with two studios
and plans to sign a deal with a third company next month.
    Redstone said the management group's investment bankers
will be paid what is due for termination of its merger
agreement. Such fees could total about 30 mln dlrs. "That will
be a company expense," Redstone said.
    He said BankAmerica 
<
BAC> Corp has had numerous inquiries
from lenders who want to participate in a 2.25 billion dlr
financing for the deal. BankAmerica will provide 592 mln dlrs.
    After the merger, Viacom will be a subsidiary of National
but 17 pct of the company will be in public hands.
 Reuter
3;
bodyend
documentend
documentstart
1809
topicstart
trade
topicend
bodystart
2;

BRITISH AIDE CRITICIZES U.S.PROTECTIONISM


    WASHINGTON, March 4 - 
A senior British official said that
protectionist bills being considered by Congress could trigger
retaliation by the European Community (EEC) and threaten the
global trading system.
    Paul Channon, secretary for trade and industry, said if
Congress passed legislation to curb textile imports, which
would hit EC shipments as well as shipments from major Asian
textile producers, "the community would have to retaliate."
    His comments echoed those made yesterday by Belgian Trade
Minister Herman De Croo, who said if the bill passed, the
community would retaliate by imposing taxes on U.S. exports.
    Channon made his remarks at a news conference after two
days of talks with Reagan Administration officials and members
of Congress.
    De Croo was also in Washington for trade talks.
    Channon said there was a greater protectionism sentiment in
Congress since his visit here last year as Congress and the
Administration tried to find ways to reduce the U.S. trade
deficit, which last year hit a record 169.8 billion dlrs.
    Channon also called for greater EC-U.S. cooperation to
force Japan to open its markets to foreign goods.
    Channon said Japan's trade surplus is causing everyone
problems - its surplus with the United States last year was
51.5 billion dlrs and with EC nations, 16.7 billion dlrs.
    "The more united pressure there could be, the better," he
said.
    Channon also called for increased U.S.-EC cooperation to
avoid trade disputes.
    He said the two sides narrowly avoided a confrontation
earlier this year over lost grains sales when Spain and
Portugal joined the community and its liberal imports
regulations were tightened to conform to EC standards.
    "But if both sides drew back from the brink that time," he
said, ""it does not mean that they would do so on another
occasion."
    Channon added that "There is increasing reesentment in
Europe over the U.S. tactic of negotiating under the pressure
of unilaterally imposed deadlines."
    He said other potential conflicts are already in sight -
alleged European government subsidies of Airbus aircraft and
taxes on fats and oils - and "the commuity and the United States
must therefore learn to manage their relations better."
    He said another bill to let the United States retaliate
against a nation if that nation's market was not open to U.S.
goods would bypass the trade pact GATT (General Agreeeement on
Tariffs and Trade) as an arbiter of trade practices.
    He said foreign trade law should be judged by GATT and not
by the United States, adding "if the (trade) law is to be
interpreted by the United States and not by the GATT, what is
to happen to the rest of us?"
   
 reuter
3;
bodyend
documentend
documentstart
1811
topicstart
money-fx
trade
topicend
bodystart
2;

YEUTTER SEEKS STRONGER TAIWAN, S.KOREA CURRENCIES


    WASHINGTON, March 4 - 
U.S. Trade Representative Clayton
Yeutter said he hoped the U.S. dollar would continue to decline
in relation to the currencies of Taiwan and South Korea as a
way to improve the U.S. trade picture.
    Testifying before the House Appropriations subcommittee
which must approve his agency's 1988 budget, he said, "In my
judgment economic factors justify a continued decline."
    Asked by a committee member if he expected a further
decline, and how much, Yeutter said the Taiwan and South Korean
currencies should be adjusted to reflect "positive factors" in
their economies.
 Reuter
3;
bodyend
documentend
documentstart
1814
topicstart
earn
topicend
bodystart
2;

NL INDUSTRIES INC 
<
NL> SET REGULAR PAYOUT


    NEW YORK, March 4 - 
    
Qtly div five cts vs five cts prior
    Pay March 31
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1815
topicstart
sugar
topicend
bodystart
2;

CHINA SUGAR OUTPUT SEEN LOWER -- USDA


    WASHINGTON, March 4 - 
China's 1986/87 sugar crop has been
revised to 5.26 mln tonnes (raw value), down four pct from the
previous forecast and five pct below the previous season, the
U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
attributed the decline to relatively poor profitability of
sugar, causing harvested area of cane and beets to decline
seven pct from 1985/86.
    Beet sugar production for 1986/87 is now estimated at
837,000 tonnes, five pct less than earlier forecast and down
five pct from the previous season, while cane output is
projected at 4.423 mln tonnes, down four pct from previously
forecast and five pct below the previous season, it said.
 Reuter
3;
bodyend
documentend
documentstart
1816
topicstart
earn
topicend
bodystart
2;

GENERAL HOST 
<
GH> SEES YEAR LOSS


    STAMFORD, Conn., March 4 - 
General Host Corp said it will
report a loss from continuing operations and a sharp decline in
net income for the year ended January 25, 1987, due to
substantial operating losses in its Frank's Nursery and Crafts
unit. For the year ended January 25, 1986, General reported net
income of 29.7 mln dlrs.
    The company said it discovered problems in its unit's
computerized accounts payable system. It said results of its
other nursery and craft unit, Flower Time Inc, are not
affected. It said its accountants are investigating the
problem, which will delay release of its full-year results.
 Reuter
3;
bodyend
documentend
documentstart
1818
topicstart
topicend
bodystart
2;

VICTORY MARKETS INC FILES TO OFFER DEBENTURES


    NORWICH, N.Y., March 4 - 
<
Victory Markets Inc> said it
filed a registration statement with the Securities and Exchange
Commission relating to the proposed public offering of 60 mln
dlrs principal amounbt of subordinated debentures due 1999.
    Proceeds will be used to repay outstanding indebtedness of
the company and to repay a portion of outstanding loans.
    Victory Markets Inc owns and operates a chain of 88 retail
supermarkets and conducts a wholesale grocery business in
central and northern New York State.
 Reuter
3;
bodyend
documentend
documentstart
1820
topicstart
earn
topicend
bodystart
2;

MEDTRONIC INC 
<
MDT> SETS PAYOUT


    MINNEAPOLIS, March 4 - 
    
Qtly dividend 22 cts vs 22 cts
    Pay April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
1824
topicstart
earn
topicend
bodystart
2;

LOUISVILLE GAS AND ELECTRIC CO 
<
LOU> DIVIDEND


    LOUISVILLE, Ky., March 4 -
    
Qtly dividend 65 cts vs 65 cts
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
1832
topicstart
alum
topicend
bodystart
2;

KAISER ALUMINUM 
<
KLU> RAISES PRODUCT PRICES


    OAKLAND, Calif., March 4 - 
Kaiser Aluminum and Chemical
Corp said it is increasing prices for a broad range of common
alloy coil, flat sheet and plate products.
    The company said prices to distributors and direct
customers on shipments of new orders placed March 4 and after
will be increased by four to eight cts per lb.
    Kaiser said the increases are due to increased demand and
the need to set prices relative to the cost of primary
aluminum.
 Reuter
3;
bodyend
documentend
documentstart
1835
topicstart
acq
topicend
bodystart
2;

ROBERTSON UPS CAPITAL WIRE
<
CWCC> STAKE TO 12 PCT


    WASHINGTON, March 4 - 
New York investor Julian Robertson
and several investment partnerships he controls said they
raised their stake in Capital Wire and Cable Corp to 481,800
shares, or 12.2 pct of the total, from 430,200, or 10.9 pct.
    In a filing with the Securities and Exchange Commission
Robertson and his Tiger, Jaguar, Puma and Tiger Management Co
entities said they bought 51,600 Capital Wire common shares
between Feb 3 and 17 at 13.25 dlrs a share.
    Robertson said his group has spent a total of 5.9 mln dlrs
on its investment in the company so far.
 Reuter
3;
bodyend
documentend
documentstart
1836
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> TANGLES PIEDMONT 
<
PIE> SITUATION


    By Patti Domm, Reuters


    New York, March 4 - 
Trans World Airlines Inc complicated
the bidding for Piedmont Aviation Inc by offering either to buy
Piedmont suitor USAir Group or, alternatively, to merge with
Piedmont and USAir.
    Piedmont's board was meeting today, and Wall Street
speculated the board was discussing opposing bids from Norfolk
Southern Corp and USAir. The TWA offer was announced shortly
after the Piedmont board meeting was scheduled to begin.
    TWA offered to buy USAir for 52 dlrs cash per share. It
also said it was the largest shareholder of USAir and
threatened to go directly to USAir shareholders with an offer
for 51 pct of the stock at a lower price.
    TWA also said it believed its offer was a better deal for
USAir shareholders than an acquisition of Piedmont, but it said
it alternatively would discuss a three-way combination of the
airlines.
    Market sources and analysts speculated that TWA chairman
Carl Icahn made the offer in order to put his own airline into
the takeover arena.
    "We're just wondering if he's not just trying to get TWA
into play. There's speculation on the street he just wants to
move onto somthing else," said one arbitrager. "We think TWA
might just be putting up a trial balloon."
    Analysts said the offer must be taken seriously by USAir,
but that the airline will probably reject it because the price
is relatively low compared to other airline deals.
    They also said Icahn must prove his offer credible by
revealing financing arrangements. "They need to show their
commitment and their ability to finance. I think it's a
credible offer," said Timothy Pettee, a Bear Stearns analyst.
    "I think it's certainly on the low end of relative values
of airline deals," said Pettee. Pettee estimated 58 dlrs would
be in a more reasonable range based on other airline mergers.
    USAir stock soared after TWA made public its offer. A
spokesman for USAir declined comment, and said USAir had not
changed its offer for Piedmont. USAir offered of buy 50 pct of
that airline's stock for 71 dlrs cash per share and the balance
for 73 dlrs per share in USAir stock.
    USAir closed up 5-3/8 at 49-1/8 on volume of 1.9 mln
shares.
    Piedmont, which slipped 1/2 to close at 69-5/8, also
remained silent on the TWA action. Piedmont has an outstanding
65 dlr cash per share offer from Norfolk Southern Corp.
    Norfolk Southern declined comment, but said it stuck with
its offer for Piedmont. Norfolk owns about 20 pct of Piedmont
and opened the bidding when it said it would propose a takeover
of Piedmont.
    Some analysts said Icahn may be trying to acquire USAir to
make his own airline a more attractive takeover target.
    "Icahn I think had wanted to sell his airline and there
were no takers. I think the strategy might have called for
making his investment more attractive. One way to accomplish
that specific objective is to go out and acquire other
airlines," said Andrew Kim of Eberstadt Fleming.
    "I don't know whose going to buy them, but at least this
way it becomes a much more viable package," said Kim.
    But Icahn's financing ability for such a transaction
remains in doubt, in part because of TWA's heavy debt load.
    Wall street sources said TWA has some cash with which to do
the offer.
    The sources said Icahn has not lined up outside financial
advisers and plans to make his own arrangements.
   Icahn earlier this year abandoned plans to buy USX Corp 
<
X>
and still retains 11 pct of that company's stock.
    Some Wall street sources said the financier's USX plan was
impacted by the cloud hanging over his adviser, Drexel Burnham
Lambert Inc, because of Wall Street's insider trading scandal.
    Industry sources also predicted USAir might reject the TWA
offer on price and financing concerns. "It's littered with
contingencies and it doesn't even have a financing
arrangement," said one executive at another major airline.
    But the executive conceded a merged TWA-USAir would be a
strong contender with USAir's east coast route system and
planned west coast presence from PSA. USAir could feed the
intenrational flights of TWA, which has a midwest presence in
its St. Louis hub. Adding Piedmont, dominant in the southeast,
to the mix would develop an even stronger force.
    The combined entity would also have TWA's pars reservation
system.
    Such a merger would be complex and analysts said it would
result in an airline iwth an 18 pct market share.
   
 Reuter
3;
bodyend
documentend
documentstart
1837
topicstart
earn
topicend
bodystart
2;

FOREST OIL CORP 
<
FOIL> 4TH QTR


    DENVER, March 4 -
    
Shr loss 29 cts vs profit eight cts
    Net loss 2.0 mln vs profit 568,000
    year
    Shr loss 1.37 dlrs vs profit 88 cts
    Net loss 9.3 mln vs profit 6.0 mln
 Reuter
3;
bodyend
documentend
documentstart
1839
topicstart
trade
topicend
bodystart
2;

YEUTTER PLANS TRADE TRIP TO CHINA THIS SUMMER


    WASHINGTON, March 4 - 
U.S. Trade Representative Clayton
Yeutter said he plans a July trip to China to discuss trade
issues including China's admission to the General Agreements on
Tariffs and Trade.
    Yeutter told a congressional hearing it was possible China
could be a member of GATT before the end of the year.
    "They are making major moves to becoming a full scale member
of the world economy," he told the House Appropriations
subcommittee which oversees his agency's budget.
    Depending on how the negotiations go on the terms of
China's GATT membership, Yeutter said he could put the final
touches on the U.S. part of the agreement during his trip.    
The admission of China to GATT, which is the multinational
group of nations which negotiates international rules on trade,
would offer both potential export markets and potential
competition for U.S. industries, he said.
    "That has a lot of potential as well as risks for U.S.
business," Yeutter said.
    "I think China will develop into a fine market for us," he
added.
 Reuter
3;
bodyend
documentend
documentstart
1842
topicstart
coffee
topicend
bodystart
2;

RIO COFFEE TRADE PREFERS NO PACT TO QUOTA CUT


    RIO DE JANEIRO, March 4 - 
The failure of talks to introduce
new coffee export quotas within the International Coffee
Agreement, ICA, was preferable to the alternative of Brazil
having a sharply reduced quota, as had been proposed, President
of the Rio de Janeiro Coffee Trade Association Carlos Calmon
said.
    He told Reuters proposals to reduce Brazil's quota to 25
pct of the world share from 30 pct at present were unacceptable
as the country has large stocks and a good harvest is expected.
    "Brazil has the capacity to export 20 mln bags this year,"
Calmon added.
    Calmon said, assuming a 58 mln bag global ICA quota,
Brazil's share under the proposals would have been 14.5 mln
bags, of which soluble would have accounted for 2.0 mln,
leaving just 12.5 mln bags of green coffee for export.
    "It's a pity the talks broke down, but for Brazil this was
better than such a quota reduction," he added.
    In 1985 Brazil exported 19.6 mln bags of soluble and green
coffee, including about two mln bags to non-members. A severe
drought and marketing problems cut exports last year to under
10 mln bags.
    Calmon estimated stocks as of January 1 at 18 mln bags, of
which 5.0 mln have already been sold for export. The harvest
this year should be around 30 mln bags, he added.
    The latest Brazilian Coffee Institute estimate for last
year's harvest is 11.2 mln bags, although many traders believe
it was higher than this.
 Reuter
3;
bodyend
documentend
documentstart
1843
topicstart
grain
corn
sorghum
topicend
bodystart
2;

ISRAEL TENDERS TONIGHT FOR CORN AND/OR SORGHUM


    KANSAS CITY, March 4 - 
Israel will tender overnight for
33,000 long tons of U.S. sorghum and/or 22,000 long tons of
U.S. corn for April shipment, private export sources said.
 Reuter
3;
bodyend
documentend
documentstart
1844
topicstart
topicend
bodystart
2;

HALLMARK STORES SELLS SECURED BONDS


    NEW YORK, March 4 - 
Hallmark Stores Inc is raising 137.13
mln dlrs through a three-tranche offering of secured bonds,
said lead underwriter Salomon Brothers Inc.
    A 31.63 mln dlr issue of bonds due 2001 was given an 8-1/4
pct coupon and priced at par to yield 112 basis points over
comparable Treasury securities and a 40 mln dlr offering of
bonds due 2006 was given an 8-3/4 pct coupon and par pricing to
yield 115 basis points over Treasuries.
    The final tranche totals 65.49 mln dlrs of bonds due 2011.
The securities were assigned an 8-7/8 pct coupon and par
pricing to yield 131 basis points over Treasuries.
    The entire Hallmark offering is non-refundable for 10
years. The three tranches have average lives of 12.1, 17.8 and
22.7 years respectively, Salomon Brothers said.
    Moody's Investors Service Inc rates the securities Aa-3 and
Standard and Poor's Corp rates them AA.
 Reuter
3;
bodyend
documentend
documentstart
1845
topicstart
grain
topicend
bodystart
2;

U.S. CABINET COUNCIL SET TO MULL FARM ISSUES


    WASHINGTON, March 4 - 
The Reagan administration's
cabinet-level Economic Policy Council is scheduled to meet
Friday to discuss, among other issues, the status of
agricultural legislation, administration officials said.
    The officials said discussion of a U.S. Agriculture
Department wheat export subsidy to the Soviet Union was not on
the agenda. Matters not on the agenda, however, can be brought
before the council, the officials said.
    Grain trade officials have speculated that USDA would make
a wheat export enhancement offer to Moscow, but USDA officials
have said the matter is not under active consideration.
    USDA today transmitted to Congress a package of legislative
proposals, including bills that would cut target prices and
speed up loan rate reductions.
 Reuter
3;
bodyend
documentend
documentstart
1846
topicstart
earn
topicend
bodystart
2;

UNICORP AMERICAN CORP 
<
UAC> 4TH QTR NET


    NEW YORK, March 4 - 
    
Shr 13 cts vs 70 cts
    Net 1,538,000 vs 8,614,000
    Revs 16.4 mln vs 19.6 mln
    12 mths
    Shr 89 cts vs 2.43 dlrs
    Net 10.3 mln vs 29.8 mln
    Revs 56.2 mln vs 83.8 mln
    Note: 1986 net is before preferred dividend payments and
includes after-tax gain from sale of real estate properties of
12.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1847
topicstart
acq
topicend
bodystart
2;

BANNER 
<
BNR> COMPLETES REXNORD SHARE PURCHASE


    NEW YORK, March 4 - 
Banner Industries Inc said it completed
the previously announced purchase of Rexnord Inc 
<
REX>. It said
it owns 96 pct of Rexnord's outstanding following the purchase
of all Rexnord's common validly tendered pursuant to its 26.25
dlr per share cash tender offer ended February 27.
    Banner also said it received 310 mln dlrs pursuant to a
credit agreement with 
<
Citicorp Industrial Credit Inc> and the

<
Bank of Nova Scotia> and 260 mln dlrs from an offering made
through Drexel Burnham Lambert Inc.
    The merger of Rexnord with a subsidiary of Banner will be
copmleted before mid-May, the company said.
 Reuter
3;
bodyend
documentend
documentstart
1848
topicstart
veg-oil
topicend
bodystart
2;

U.S. REAFFIRMS OPPOSITION TO EC OILS TAX PLAN


    WASHINGTON, March 4 - 
A meeting among government agencies
today reaffirmed the strong opposition of the United States to
a proposed new tax on vegetable oils and fats in the European
Community, U.S. trade officials said.
    Representatives of the major government agencies agreed at
a trade policy review group meeting, which includes officials
of the deputy secretary rank, to continue diplomatic pressure
on EC member states.
    "We (all agencies) are together on this," said one U.S.
trade official.
    One source said the U.S. would continue to make clear to
member states and to the EC commission that if Brussels
proceeds with the vegetable oils tax "there will be a great
cost."
    U.S. officials said no formal list of European products on
which the U.S. might retaliate, has yet been drawn up.
    "I don't think we're at that point yet," said one trade
official, adding that the EC has only begun deliberations on
its farm price package.
    Suzanne Early, assistant trade representative, told Reuters
the interagency meeting was to discuss U.S. strategy on the
vegetable oils issue. Asked about retaliation, she said
"sometimes its better not to be specific."
    U.S. trade representative Clayton Yeutter Monday warned
another major transatlantic trade row will develop if the EC
proceeds with the vegetable oils tax.
 Reuter
3;
bodyend
documentend
documentstart
1849
topicstart
earn
topicend
bodystart
2;

<
CCL INDUSTRIES INC> 4TH QTR NET


    TORONTO, March 4 -
    
Shr 15 cts vs 18 cts
    Net 4,500,000 vs 5,300,000
    Revs 156.7 mln vs 152.0 mln
    YEAR
    Shr 72 cts vs 1.11 dlrs
    Net 21.7 mln vs 33.0 mln
    Revs 695.4 mln vs 653.5 mln
    Note: Shr profit relates to class B non-voting shares.
 Reuter
3;
bodyend
documentend
documentstart
1851
topicstart
gas
crude
topicend
bodystart
2;
******
EIA SAYS DISTILLATE STOCKS OFF 3.4 MLN BBLS, GASOLINE OFF 100,000, CRUDE UP 3.2 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
1852
topicstart
topicend
bodystart
2;

CHRONAR 
<
CRNR> CLOSES 20 MLN DLR PLACEMENT


    PRINCETON, N.J., March 4 - 
Chronar Corp said it received a
total of 20 mln dlrs through the completion of a private
placement of its stock, long-term debt and associated warrants
with the Sheet Metal Workers' National Pension Fund and an
affiliate of 
<
Harbert Corp>.
    It also said the fund and Harbert Solar Inc, the affiliate,
now own about 16 pct of Chronar's common.
    Chronar also said it expects to report a loss for the year
of about 4.5 mln dlrs on sales of about 12 mln dlrs compared
with a loss of 513,153 dlrs on revenues of 10 mln dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
1853
topicstart
earn
topicend
bodystart
2;

(G.T.C. TRANSCONTINENTAL GROUP LTD) 1ST QTR NET


    MONTREAL, March 4 -
    
Shr 11 cts vs nine cts
    Net 2.1 mln vs 1.6 mln
    Revs 60.8 mln vs 32.9 mln
    Avg shrs 19.7 mln vs 17.2 mln
    Note: period ended January 31.
REUTER
 Reuter
3;
bodyend
documentend
documentstart
1855
topicstart
acq
topicend
bodystart
2;
******
PIEDMONT AVIATION RECESSES MEETING WITHOUT TAKING ACTION ON MERGER PROPOSALS

Blah blah blah.
3;


bodyend
documentend
documentstart
1856
topicstart
crude
gas
fuel
topicend
bodystart
2;

EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK


    WASHINGTON, March 4 - 
Distillate fuel stocks held in
primary storage fell by 3.4 mln barrels in the week ended Feb
27 to 128.4 mln barrels, the Energy Information Administration
(EIA) said.
    In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 100,000 barrels in
the week to 251.5 mln barrels and refinery crude oil stocks
were up 3.2 mln barrels to 333.0 mln.
    The EIA said residual fuel stocks fell 2.2 mln barrels to
37.9 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) were up 700,000 barrels to 516.5 mln.
    The total of all crude, refined product and SPR stocks were
unchanged at 1,575.1 mln barrels, it said.
 Reuter
3;
bodyend
documentend
documentstart
1858
topicstart
gnp
topicend
bodystart
2;

CANADA CENTRAL BANK HEAD SEES MODERATE GROWTH


    OTTAWA, March 4 - 
Bank of Canada Governor John Crow said he
expects the Canadian economy will grow moderately in the coming
year, despite the near flat growth in the final quarter of
1986.
    "We see moderate growth," Crow told a news conference
following presentation of the central bank's annual report in
the House of Commons today.
    He said there were positive signs of growth in the economy,
particularly the drawdown of business inventories in the fourth
quarter. Yesterday, Statistics Canada reported gross domestic
product expanded a slight 0.2 pct in the quarter.
    Crow reiterated the bank's previous statements that
inflation remains a major priority in setting monetary policy
and said only zero inflation would be acceptable. Canada's
inflation rate is currently hovering around the four pct mark.
    The governor said Canada's banking system remains sound
despite recent concern about exposure by the country's banks in
debt plagued countries such as Brazil.
    "It (the debt problem) is not a happy development but I
think it can be overplayed in terms of its impact," Crow told
reporters.
 Reuter
3;
bodyend
documentend
documentstart
1860
topicstart
acq
earn
topicend
bodystart
2;

ALLIS-CHALMERS 
<
AH> PROPOSES RESTRUCTURING


    MILWAUKEE, March 4 - 
Allis-Chalmers Corp said it asked
lenders and other groups to approve a restructuring plan that
would cause a dilution of the company's existing common stock.
    The company said it would sell all of its businesses other
than the American Air Filter business, make a public financing
of more than 100 mln dlrs and pay part of the currently
outstanding debt with the proceeds.
    Under the plan, which was presented to institutional
lenders, the company's unions and the Pension Benefit Guaranty
Corp, "substantial amounts" of institutional debt would be
converted to common stock of the restructured company.
    Allis-Chalmers said it will exchange existing preferred
stock for common. The exchange of the institutional debt and
preferred stock for common equity will cause a "resulting
dilution of the existing common stock," Allis-Chalmers said in
a statement.
    Under the plan, holders of existing common would hold about
15 pct of the restructured common stock. Holders of existing
preferred would hold about 35 pct of the new common.
    Allis-Chalmers said its only alternative to the plan is
bankruptcy. The restructuring must be approved by creditors,
common and preferred holders,and present and former employees.
    Allis-Chalmers said a bankruptcy filing "appears to
represent the company's only alternative if agreement upon the
terms of the plan cannot be reached."
    The spokesman said in response to an inquiry that he was
not aware of any extraordinary charge against earnings that
would result from the restructuring.
    "It is too early to talk about a charge" because the plan
must still be approved by the lenders and unions, he said.
    Also under the plan, payments to Allis-Chalmers' private
lenders would be deferred. Trade payables and obligations
incurred in the ordinary course of business will be met.
    Payment of health benefits for active and retired employees
would be made "at substantially reduced levels."
    Allis-Chalmers, once one of the leading farm equipment
companies, sold all of its farm equipment operations to Deutz
of West Germany for 107 mln dlrs, leaving the company with
businesses in lift trucks, air conditioning, fluids handling
and solid materials processing.
    Last year, Allis-Chalmers sold the lift truck business to
AC Material Handling Co of Columbus, Ohio.
    Under the restructuring plan, Allis-Chalmers will sell its
solid materials processing and fluids handling businesses.
Solid materials processing, which makes equipment to crush
stones for highway construction, accounted for 288 mln dlrs of
Allis-Chalmers's total 1985 revenues of 886 mln dlrs.
    The company will also sell its fluids handling operations,
which makes pumps and valves. That business accounted for 196
mln dlrs of the company's 1985 revenues.
    Allis-Chalmers in 1986 reported a net loss of 8.6 mln dlrs,
or 1.09 dlrs a share. In 1985, the company lost 168.4 mln dlrs,
or 12.27 dlrs a share.
    The company's last profit was in 1980, when it earned 52.4
mln dlrs on sales of 2.1 billion dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
1861
topicstart
earn
topicend
bodystart
2;

AMVESTORS FINANCIAL CORP 
<
AVFC> 4TH QTR NET


    TOPEKA, Kansas, March 4 -
    
Oper shr profit 11 cts vs loss 27 cts
    Oper net profit 662,625 vs loss 774,002
    Revs 43.9 mln vs 18.4 mln
    Year
    Oper shr profit 37 cts vs loss 37 cts
    Oper net profit 1,487,796 vs loss 1,119,626
    Revs 150.1 mln vs 51.7 mln
    NOTE: 1986 4th qtr and yr oper net excludes 6,134 dlrs and
720,500 dlrs or 20 cts per share, respectively, for realized
investment gains.
    1986 qtr and yr oper net also excludes 102,300 dlrs and
257,300 dlrs, respectively, for tax loss carryforwards.
    1985 4th qtr and yr oper net excludes realized investment
gains of 449,920 dlrs or 15 cts per share and 897,949 dlrs or
30 cts per share, respectively.
    1985 4th qtr oper net also excludes a loss of 42,820 dlrs
for carryforward.
 Reuter
3;
bodyend
documentend
documentstart
1862
topicstart
acq
topicend
bodystart
2;

PIEDMONT 
<
PIE> TAKES NO ACTION


    WINSTON-SALEM, N.C., March 4 - 
Piedmont Aviation Inc said
its board meeting recessed today without taking action on
proposals to combine Piedmont with other corporations.
    Piedmont has received opposing bids from Norfolk Southern
Corp and US Air Corp.
    Earlier today, Trans World Airlines Inc offered to either
buy Piedmont suitor US Air or, alternatively, to merge with
Piedmont and U.S. Air.
    IN a prepared statement, Piedmont said there would be no
further announcements concerning this situation today.
    The company declined to say when the board would meet
again.
   
 Reuter
3;
bodyend
documentend
documentstart
1863
topicstart
trade
topicend
bodystart
2;

YEUTTER CONCERNED ABOUT U.S. EXPORT PICTURE


    WASHINGTON, March 4 - 
U.S. Trade Representative Clayton
Yeutter said he expects imports to fall soon but he was
concerned about the lack of improvement in U.S. exports given
the dollar's decline in the last 18 months.
    "I'm convinced we're about to see an improvement on the
import side. I'm more concerned about the export side," he told
a House Appropriations subcommittee.
    Part of the blame goes on other countries which have not
generated the economic growth to increase demand for U.S. goods
and part to some U.S. companies which are not generating
competitive exports, he said.
 Reuter
3;
bodyend
documentend
documentstart
1870
topicstart
topicend
bodystart
2;

PHILIPPINE, ARGENTINE DEBT TALKS CONTINUE


    NEW YORK, March 4 - 
The Philippines and its bank advisory
committee completed a second day of talks on the country's
request to reschedule 9.4 billion dlrs of debts, bankers said.
    They declined to disclose details of the negotiations, but
said it would be unrealistic to expect an outcome until next
week at the earliest.
    Talks with Argentina over 2.15 billion dlrs of new loans
and a multi-year rescheduling also continued in New York, with
the Citibank-led advisory committee making a counter-proposal
to Argentina's original offer. Bankers remain hopeful that an
agreement can be reached by the middle of the month.
 Reuter
3;
bodyend
documentend
documentstart
1871
topicstart
trade
topicend
bodystart
2;

HOUSE TRADE BILL DRAFTING POSTPONED


    WASHINGTON, March 4 - 
The House Ways and Means trade
subcommittee postponed until next week its opening session to
start drafting major changes to U.S. trade laws, a committee
aide said.
    The subcommittee had not yet completed the preparatory work
to start writing the legislation, the aide said.
 Reuter
3;
bodyend
documentend
documentstart
1872
topicstart
earn
topicend
bodystart
2;

<
LUMONICS INC> YEAR LOSS


    KANATA, Ontario, March 4 -
    
Oper shr loss 20 cts vs profit 66 cts
    Oper net loss 1,995,000 vs profit 5,820,000
    Revs 65.2 mln vs 53.0 mln
    Avg shrs 9,891,000 vs 8,811,000
    Note: 1986 loss excludes extraordinary loss of 2,413,000
dlrs or 25 cts shr including corporate reorganization,
discontinuing of U.S. operations and inventory writedown of
U.S. subsidiaries vs yr-ago loss of 3,140,000 dlrs or 36 cts
shr.
 Reuter
3;
bodyend
documentend
documentstart
1873
topicstart
earn
topicend
bodystart
2;

HCC INDUSTRIES 
<
HCCI> QUARTERLY DIVIDEND


    ENCINO, Calif., March 4 -
    
Qtly div three cts vs three cts
    Pay March 27
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
1875
topicstart
crude
topicend
bodystart
2;

SOUTHLAND 
<
SLC> UNIT RAISES CRUDE PRICES


    NEW YORK, March 4 - 
Southland Corp's Citgo Petrleum Corp
said it raised the contract price it will pay for all grades of
crude oil by one dlr a barrel, effective today.
    The increase brings Citgo's posted price for West Texas
Intermediate to 17.00 dlrs a bbl. West Texas Sour is also now
priced at 17.00 dlrs/bbl, and Light Louisiana South is posted
at 17.35 dlrs/bbl.
    On February 25 Citgo lowered its crude postings 50 cts to
1.50 dlrs per bbl, and cut WTI one dlr to 16.00.
    
 Reuter
3;
bodyend
documentend
documentstart
1877
topicstart
earn
topicend
bodystart
2;

<
WESTERN SECURITY BANK> 4TH QTR NET


    TOLUCA LAKE, Calif., March 4 -
    
Shr profit ten cts vs loss six cts
    Net profit 43,000 vs loss 26,000
    Year
    Shr profit 46 cts vs profit 12 cts
    Net profit 193,294 vs profit 51,029
    Assets 44.4 mln vs 25.3 mln
    Deposits 40.0 mln vs 21.4 mln
    Loans 25.3 mln vs 15.2 mln
 Reuter
3;
bodyend
documentend
documentstart
1878
topicstart
crude
gas
topicend
bodystart
2;

RECENT U.S. OIL DEMAND UP 2.1 PCT FROM YEAR AGO


    WASHINGTON, March 3 - 
U.S. oil demand as measured by
products supplied rose 2.1 pct in the four weeks ended February
27 to 16.39 mln barrels per day (bpd) from 16.05 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was down 2.1 pct in
the period to 3.37 mln bpd from 3.44 mln a year earlier.
    Gasoline demand averaged 6.60 mln bpd, up 2.4 pct from 6.44
mln last year, while residual fuel demand was 1.47 mln bpd, up
1.9 pct from 1.44 mln, the EIA said.
    Domestic crude oil production was estimated at 8.38 mln
bpd, down 8.7 pct from 9.18 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 4.11 mln
bpd, up 36.9 pct from three mln, the EIA said.
    Refinery crude runs in the four weeks were 12.21 mln bpd,
up 2.2 pct from 12 mln a year earlier, it said.
    Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
 Reuter
3;
bodyend
documentend
documentstart
1880
topicstart
coffee
topicend
bodystart
2;

COFFEE PRICE DROP NOT AFFECTING COLOMBIA'S DEBT


    Bogota, march 4 - 
the sharp fall in international coffee
prices will not affect colombia's external credit situation,
finance minister cesar gaviria told reuters.
    "our foreign debt is high, but we can pay, and I hope the
foreign banking community will maintain its position toward us,"
he said.
    He said the current decline on world coffee markets was not
totally unexpected and would have no immediate bearing on
colombia's financial state, which he described as sound.
    Gaviria said the decline in coffee prices could mean a loss
of 1.5 billion dlrs in revenues for 1987.
    The conservative party and the country's largest trade
union called this week for the debt to be rescheduled following
the price drop.
    Colombia, the only major latin american country not to have
rescheduled its external public debt, has a total foreign debt
of 13.6 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
1882
topicstart
grain
cotton
rice
oilseed
soybean
topicend
bodystart
2;

USDA WOULD SCRAP COTTON, RICE, BEAN PRICE FLOORS


    WASHINGTON, March 4 - 
The package of proposed farm policy
changes that the Reagan administration sent to Congress today
includes a provision that would eliminate minimum price support
levels for upland cotton, rice and soybeans.
    The package, obtained by Reuters, also includes a
provision, outlined in advance by USDA officials, that would
increase the annual permissible cut in the basic price support
levels for all major crops to 10 pct from five pct.
    Under current law, the basic support prices for upland
cotton, rice and soybeans between 1987 and 1990 cannot be cut
below 50 cents per lb, 6.50 dlrs per hundredweight and 4.50
dlrs per bushel, respectively.
    USDA's intention to propose scrapping price floors for
cotton, rice and soybeans had not been disclosed previously.
 Reuter
3;
bodyend
documentend
documentstart
1885
topicstart
reserves
topicend
bodystart
2;

SOUTH AFRICAN FOREIGN RESERVES UP SHARPLY


    JOHANNESBURG, March 4 - 
South Africa's total gold and
foreign assets rose by 700 mln rand in February to 6.2 billion
rand after rising by almost one billion rand in January,
Reserve Bank Governor Gerhard de Kock said.
    De Kock, interviewed on state-run television, gave no
breakdown of the reserves.
    He also said that to curb inflation, salary increases would
have to be below the inflation rate. The state must set an
example by keeping wage increases below the inflation rate, he
said.
    Consumer prices rose by 16.1 pct in the year to January.
 Reuter
3;
bodyend
documentend
documentstart
1886
topicstart
acq
topicend
bodystart
2;

WTC INTERNATIONAL 
<
WAF> SETS SOUTH AFRICA TRUST


    TORRANCE, Calif., March 4 - 
WTC International N.V. said it
has sold its affiliates in South Africa to an independent
trust, created to continue the operations in that country.
    The purchase price was about 8.4 mln dlrs, represented by a
ten-year interest-bearing note, payable annually at 11 pct, to
be paid by the trust out of proceeds from the South African
operations, the company said.
    WTC said its board concluded in view of the social,
political and economic situatin in South Africa, it was best to
separate the company from its interests there.
 Reuter
3;
bodyend
documentend
documentstart
1889
topicstart
coffee
topicend
bodystart
2;

IVORY COAST SAYS COFFEE PRICE FALL SHORT-LIVED


    By Jean-Loup Fievet, Reuters


    ABIDJAN, March 4 - 
Ivory Coast today predicted that the
present coffee price crash recorded after the collapse of the
recent International Coffee Organisation (ICO) meeting in
London would not last long.
    Commenting on Monday's failure by producer and consumer
nations to agree on new export quotas needed to tighten an
oversupplied coffee market, Ivorian Agriculture Minister Denis
Bra Kanon told reporters that traders would eventually be
obliged to restore their positions.
    "I am convinced the market is going to reverse by April," he
told a news conference here at his return from the failed
London talks.
    Robusta coffee beans for May delivery ended the day in
London down about 50 sterling at 1,265 sterling a tonne, the
lowest since 1982.
    Bra Kanon estimated at at least 535 billion CFA francs
(1.76 billion dlrs) the overall loss in revenues earned by
Ivory Coast from all its commodities exports this year if the
slide on the world markets continues.
    He disclosed that his country - the world's biggest cocoa
producer and the third largest for coffee -- would spearhead an
African initiative to reach a compromise formula by the end of
next month.
    Ivory Coast has been chosen by the Abidjan-based
Inter-African Coffee Organisation (IACO) to speak on behalf of
the continent's 25 producer nations at the London talks.
    "An initiative from IACO is likely very soon," he said
without elaborating.
    "Following the London collapse, we have immediately embarked
on a concertation course to avoid breaking an already fragile
market," he said.
    Questioned by journalists, the minister said President
Felix Houphouet-Boigny estimated for the moment that his
government would not be forced to reduce the price guaranteed
by the state to Ivorian coffee-growers for the current season.
    Last year, the West African nation announced that the
coffee producer price would stay at 200 CFA francs (65 cents)
per kilo.
    Bra Kanon said that his country would strive to diversify
its agricultural production to avoid beeing too dependent from
world market fluctuation.
    A communique read over the state-run television tonight
said that during today's weekly cabinet meeting, the veteran
Ivorian leader reaffirmed "his faith in Ivory Coast's bright
(economic) future" despite the commodities price slide.
    The Agriculture Minister also announced the government
decided to earmark a sum of 7.5 billion CFA francs (24.71 mln
dlrs) to support the country's small farmers.
    Financially-strapped Ivory Coast, long regarded as one of
Africa's showpiece economies, is going through difficult times
following the sharp slump in the world price of cocoa and
coffee.
    Ivory Coast's real gross domestic product is expected to
grow only one pct this year compared to five pct in 1986,
according to a recent Finance Ministry estimate.
 Reuter
3;
bodyend
documentend
documentstart
1890
topicstart
bop
trade
topicend
bodystart
2;

N.Z. CURRENT ACCOUNT DEFICIT NARROWS IN JANUARY


    WELLINGTON, March 5 - 
New Zealand's current account deficit
narrowed to 180 mln N.Z. Dlrs in January from 203 mln, revised
from 207 mln, in December and 305 mln in January 1986, in a
smoothed measurement, the Statistics Department said.
    Unsmoothed figures show a deficit of 162 mln dlrs for
January against 107 mln, revised from 75 mln for December 1986
and 575 mln in January 1986.
    The smoothed series -- adjusted to iron out random
fluctuations -- shows a widening surplus on merchandise trade
to 46 mln from a surplus of 33 mln, revised from 43 mln dlrs in
December and a 71 mln deficit in the a year ago period.
    Exports were 905 mln dlrs against 929 mln, revised from 971
mln in December and 816 mln a year earlier, while imports fell
to 858 mln from 895 mln, revised from 928 mln in December and
888 mln in January 1986.
    Unadjusted merchandise figures show a surplus of 53 mln
dlrs vs 141 mln, revised from 203 mln surplus in December 1986
and a 323 mln deficit a year earlier.
    The deficit on invisibles on unsmoothed figures eased to
215 mln dlrs from 248 mln, revised from 277 mln in December and
252 mln in January 1986.
    The smoothed deficit on invisibles fell to 226 mln from 237
mln, revised from 250 mln in December and 234 mln in the year
ago period.
 REUTER
3;
bodyend
documentend
documentstart
1892
topicstart
topicend
bodystart
2;

CHARTS SIGNAL BULLISH BREAKOUT IN DEBT FUTURES


    By Brad Schade, Reuters


    CHICAGO, March 4 - 
The rally Wednesday in U.S. interest
rate futures left the Treasury bond contract above the top of a
three month trading range which signals a bullish chart
breakout, financial analysts said.
    In addition, sluggish U.S. economic data and little sign
that the economy will pick up its pace in the near future may
be enough to send bond futures to all-time highs, the analysts
said.
    "The market is paying more attention to the weakened state
of the economy right now," said Refco analyst Mike Connery.
    Connery said the four pct drop in January U.S. factory
orders reinforced sentiment that first quarter economic growth
will be slow.
    Connery and other analysts noted that talk of a cut in the
Lombard rate after sluggish West German industrial production
figures also provided some support.
    "The domestic economies of the major trading partners of
the U.S. may deteriorate to such an extent that they will be
forced to ease," thus paving the way for a more accomodative
U.S. credit policy, added John Michael, analyst at First
Options of Chicago.
    Michael pointed out, however, that trimming the U.S. trade
deficit -- the ultimate aim of the recent meeting of major
industrial countries -- may not necessarily aid bond prices.
    "The surplus (for exporters to the U.S.) is bullish for
bonds because they (exporters) have a lot of dollars. Rather
than translate those into their own currencies and suffer
exchange rate risk, they buy dollar-denominated instruments,"
Michael said.
    Indeed, futures traders with cash bond connections said
some of the late strength in the bond market resulted from
buying by Japanese interests.
    But the analysts said the heavy buying in futures occurred
after the June bond broke above stiff resistance at 101-2/32.
    "The breakout is pretty important," said chartist Leslie
Keefe of Technical Data Corp of Boston. "Not only did bonds
close above recent highs but they were also above the sideways
pattern we've been in for the last three months."
    Also positive on a technical basis was the fact that the
June bond contract held chart support early near 100-4/32, and
that the rally occurred on heavy volume, Keefe said.
    Keefe said the next level of significant chart resistance
will be at 101-24/32 to 101-28/32. Furthermore, "we still have
the April (1986) highs to contend with," which in the nearby
contract is 105-15/32.
    Michael said the breakout projects gains to 103 in June
T-bonds and "there is an outside chance to reach 106."
    Keefe warned, however, that confirmation also is needed
from other technical indicators such as relative strength
indexes and short-term momentum indicators.
    "Without them, sustained strength is in question," Keefe
said.
 Reuter
3;
bodyend
documentend
documentstart
1897
topicstart
gold
topicend
bodystart
2;

REAGAN'S REMARKS HELP GOLD TO RECOVER IN HONG KONG


    HONG KONG, March 5 - 
Gold rose by about 50 U.S. Cents an
ounce, following a statement by President Ronald Reagan that
the arms-for-hostages deal with Iran "was a mistake," dealers
said.
    Bullion rose to 409.40/90 dlrs from an initial low of
408.90/409.40. This compares with the opening of 409.00/50 and
New York's close of 410.00/50.
    Dealers noted mild short-covering in the metal after some
initial selling by local investors. Trading was fairly quiet
this morning partly owed to the slow U.S. Dollar activities,
they added.
    However, Reagan's remarks had only a short-lived bullish
impact on the gold price, which is now stabilising at 409.10/60
dlrs, dealers said.
    On the local market, the metal traded in a narrow range of
3,800 and 3,805 H.K. Dlrs a tael against yesterday's 3,778
close.
 REUTER
3;
bodyend
documentend
documentstart
1898
topicstart
money-supply
topicend
bodystart
2;

TAIWAN ISSUES MORE CDS TO CURB MONEY SUPPLY GROWTH


    TAIPEI, March 5 - 
The central bank has issued 7.08 billion
dlrs worth of certificates of deposit (CDs), bringing the value
of CD issues so far this year to 93.29 billion, a bank
spokesman told Reuters.
    The new CDs, with maturities of six months, one year and
two years, carry interest rates ranging from 3.9 to 5.15 pct.
    The issues are designed to help curb the growth of the M-1B
money supply which has expanded along with Taiwan's foreign
exchange reserves, the spokesman said. The reserves reached a
record high of more than 51 billion U.S. Dlrs Wednesday.
 REUTER
3;
bodyend
documentend
documentstart
1901
topicstart
grain
wheat
ship
topicend
bodystart
2;

UNUSUALLY DRY WEATHER AFFECTS CHINA'S AGRICULTURE


    PEKING, March 5 - 
Abnormally warm and dry weather over most
parts of China is seriously affecting crops, the New China News
Agency said.
    It said the drought has made rice planting difficult in
eight provinces, including Guangxi, Sichuan and Hunan. Plant
diseases and insect pests have increased in wheat-producing
areas, it said.
    The agency said some areas of Guangxi, Hubei, Shanxi and
other provinces have been suffering a drought for more than
seven months.
    The agency said the dry weather had reduced the amount of
water stored by more than 20 pct compared with last March,
lowered the water level of many rivers, reduced hydroelectric
power supplies and caused water shortages for industry and
consumers.
    The upper reaches of the Yangtze are at their lowest levels
in a century, causing many ships to run aground and making
harbour manoeuvres difficult, it said.
    The drought has also increased the number of forest fires.
More than 1,000 fires in southern China had destroyed 13,340
hectares of forest by mid-February, it said.
 REUTER
3;
bodyend
documentend
documentstart
1902
topicstart
ship
topicend
bodystart
2;

TAIWAN SHIPBUILDER LOOKS FOR JAPANESE VENTURES


    By Chen Chien-kuo, Reuters


    TAIPEI, March 5 - 
Taiwan's state-owned China Shipbuilding
Corp (CSBC) plans to seek joint production agreements with
Japan and further diversify into ship repairing to try to trim
its debts, chairman Louis Lo said.
    He told Reuters in an interview that CSBC's first joint
production venture, to build two hulls for 
<
Onomichi Dockyard
Co Ltd>, was a success. Talks on similar projects have been
held with other Japanese firms, including Mitsubishi Heavy
Industries Co Ltd 
<
MITH.T> and Ishikawajima-Harima Heavy
Industries Co Ltd 
<
JIMA.T>, he said.
    Lo said CSBC delivered the hulls of two 2,200-TEU (twenty
foot equivalent unit) container ships this year to Onomichi,
which would complete production.
    "We expect the successful cooperation between us and
Onomichi will pave the way for further cooperation with other
Japanese shipbuilders in the future," Lo said.
    He said Japanese firms would gain from the lower cost of
shipbuilding in Taiwan while CSBC would benefit from Japanese
technology and marketing. This would pose a challenge to
competitors in Europe and South Korea.
    Lo said CSBC has made losses of about 100 mln U.S. Dlrs
since beginning operations in 1975. Its total debt now stands
at about 500 mln dlrs, with annual interest payments of nearly
three mln dlrs.
    But he said the company, which is Taiwan's largest
shipbuilder, still has full government support and had begun
diversifying into ship repairing and manufacture of pipes and
other machinery.
    "We hope we can survive and prosper through diversification,"
he said.
    Lo said income from ship repairing almost doubled to 20 mln
U.S. Dlrs in the year ended June 1986 compared with the
previous financial year. He estimated income would rise to more
than 25 mln dlrs in 1986/87.
    CSBC has orders to build 10 ships totalling 460,000 dead
weight tons (dwt) this financial year, compared with 11 ships
of 462,000 dwt in 1985/86, he said.
    Lo said the prospects for shipbuilding were gloomy at least
until 1991 due to overtonnage, but the outlook for ship
repairing was bright.
 REUTER
3;
bodyend
documentend
documentstart
1904
topicstart
ship
crude
topicend
bodystart
2;

CREDITORS SEEK SWIFT RESCUE PACKAGE FOR JAPAN LINE


    TOKYO, March 5 - 
A group of creditor banks hopes to work
out a rescue package for Japan Line Ltd 
<
JLIT.T>, one of the
world's largest tanker operators, by the end of Japan's
business year on March 31, a spokesman for the Industrial Bank
of Japan Ltd 
<
IBJT.T> (IBJ) said.
    Japan Line's cumulative debt was 68.98 billion yen at the
end of September, which exceeded shareholders' equities and
reserves totalling 63.40 billion.
    In December, Japan Line asked banks to shelve repayment of
about 124 billion yen in outstanding loans and about 153
billion in loans to its subsidiaries.
    Japan Line said then that the yen's steep rise and the
world shipping recession had hit the company hard.
    The Japanese daily Asahi Shimbun said today that IBJ and
three other banks plan to abandon a total of 16 billion yen in
loans to Japan Line and a group of creditor banks plans to buy
seven billion yen of new Japan Line shares.
    The spokesman for IBJ, Japan Line's largest creditor, said
the package may write off part of the outstanding loans and
will be worked out before long.
    Commenting on the article, he said the details of the
package have not yet been settled.
 REUTER
3;
bodyend
documentend
documentstart
1905
topicstart
topicend
bodystart
2;

ARGENTINA SEEKS NEW DEBT DEADLINES, OFFICIAL SAYS


    BUENOS AIRES, March 4 - 
Argentina will tell its creditors
it needs an extension of deadlines for payment of capital and
interest on its 50 billion dlr foreign debt, Industry and
Foreign Trade Secretary Roberto Lavagna told reporters.
    "We, the developing countries, are going to insist on the
application of contingency clauses, to extend deadlines for the
payment of capital as well as interest," he said.
    He said this could bring about what he called a possible
automatic capitalisation of those parts of debt interest that
could not be paid and even the elimination of a portion of the
debt.
 REUTER
3;
bodyend
documentend
documentstart
1907
topicstart
grain
wheat
topicend
bodystart
2;

AUSTRALIAN WHEAT EXPORTS RISE IN FEBRUARY


    MELBOURNE, March 5 - 
Australian wheat shipments rose to
1.33 mln tonnes in February from 1.01 mln in January, an
Australian Wheat Board official said.
    February's shipments were down on the 1.54 mln tonnes
shipped in February 1986.
    Cumulative shipments for the first five months of the
October/September wheat year were 6.12 mln tonnes, as against
6.54 mln a year earlier, the official said.
    The major destinations in February were: China (419,196
tonnes), Egypt (301,909), Iraq (142,055), Japan (110,261),
South Korea (100,847) and the Soviet Union (100,056 tonnes).
 REUTER
3;
bodyend
documentend
documentstart
1909
topicstart
crude
topicend
bodystart
2;

OPEC STICKING FIRM ON OFFICIAL PRICES - SUBROTO


    TOKYO, March 5 - 
OPEC countries are all sticking firmly to
official crude oil prices but the volatility of spot prices is
likely to continue into the third quarter, Indonesian Minister
of Mines and Energy Subroto told Reuters.
    Subroto, attending a Pacific Energy Cooperation conference,
blamed recent rapid spot price changes on unbalanced supply and
demand. "If we stick to the production limitation, the third
quarter will be in better balance."
    He said the market is in a period of transition while the
impact of OPEC's December agreement to cut output and fix
prices at an average 18 dlrs a barrel is worked through.
    Asked whether OPEC members of the Gulf Cooperation Council
(GCC) had any concrete proposals to help Qatar sell its crude
oil in the face of strong resistance to its official prices,
Subroto said: "Apparently they have taken care of that."
    "They (the GCC) meet very often among themselves. I think
they'll help each other," he said.
    Subroto said that as he was not a member of OPEC's Price
Differentials Committee he did not know why the meeting had
been postponed from its scheduled April 2 date.
    "Maybe they find it is better not to have the meeting
because ... Everyone is sticking to official prices," he said.
 REUTER
3;
bodyend
documentend
documentstart
1910
topicstart
coffee
topicend
bodystart
2;

THAI COFFEE EXPORTS RISE IN 1986


    BANGKOK, March 5 - 
Thai coffee exports rose to 22,068
tonnes in 1986 from 20,430 a year earlier, the Customs
Department said.
 REUTER
3;
bodyend
documentend
documentstart
1911
topicstart
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - EUROYEN BOND ISSUES INCREASE


    By Jeff Stearns, Reuters


    TOKYO, March 5 - 
The easing of rules governing overseas use
of the yen has caused an explosion of Euroyen bond activity but
has failed to turn the yen into a truly international currency,
bond managers and traders said.
    Although yen bonds now rank second only to dollar issues in
the Eurobond market, few foreigners are interested in keeping
the yen they borrow and no one wants the yen bonds but the
Japanese, they said. This lack of real yen demand through the
freer Euroyen market is undermining the 1984 U.S. And Japanese
accord to internationalise the yen, they said.
    The borrowers want to take advantage of low Japanese
interest rates but have no need for yen. They arrange primarily
with Japanese banks to exchange yen funds into other
currencies, mainly dollars, bond managers said. More than 85
pct of Euroyen bond issues are swap driven, they added.
    "The borrowers don't care which currency they use. They are
only after attractive money," one bond trader said.
    Issues doubled to more than 150 in 1986 from the previous
year, boosting Euroyen offerings to more than nine pct of the
total Eurobond market, Koichi Kimura, managing director of
Daiwa Securities Co Ltd, said recently.
    Traders said some of the activity stems from battles among
Japanese and foreign securities companies and banks for the
prestige of placing a larger share of issues. Many even resort
to "harakiri" swaps, those with unprofitable pricing.
    But the fever continues and the number of offerings could
double again in 1987, said Naoki Yokoyama, manager of Nikko
Securities Co Ltd's international capital markets operation.
    The Euroyen bonds, once issued, are mostly picked up by
Japanese trust banks, one trader said. After a 90 day waiting
period the bonds flow back to Japan where investor appetite is
strong, he added.
    Foreign investors are reluctant to invest in yen when more
attractive yields are offered on dollar and other currency
investments, traders said.
    "Even aggressive foreign investors have stopped investing
(in yen)," said Masaki Shimazu, manager of Daiwa's bond
department.
    While few foreigners are interested in the secondary
market, Japanese commercial banks, regional banks, life
insurers and other financial institutions are eager to buy the
bonds and await their flow back to Japan since they offer
little currency risk, traders said.
    The Finance Ministry last April shortened the waiting
period before issues could flow back to Japan to 90 days from
180. A ministry official said it verified through sampling that
reflow was fairly small.
    "We believe the Euroyen bond should remain mainly in the
Euroyen market," he said.
    One trader said that although demand from Japanese
investors is heavy, it may prove to be only short-term. He said
many investors plan to sell their bonds if Japanese or U.S.
Interest rates decline further.
    To encourage further international use of the yen, the
ministry is considering allowing the issue of Euroyen
commercial paper, the official said, adding that it is studying
demand from potential borrowers.
    Securities company sources believe the ministry will permit
non-residents to issue Euroyen commercial paper within the next
few months. But they expect it to continue to ban domestic
participation in the market for some time to come. Japanese
banks object to the short-term paper market which they see
encroaching on their business territory.
    Traders said Euroyen commercial paper could spur more
demand overseas for the yen by allowing opportunities to shift
into shorter-term securities if need be.
    "Commercial paper might encourage fewer swaps," one bond
manager said. If more financial instruments were available,
there might be more trades in yen, he added.
    Euroyen bonds must now carry a five-year maturity, though
some recent issues which are callable in three years work as if
they had shorter maturities, traders said.
    The ministry is expected to allow four-year Euroyen bond
maturities within a few months.
    One yen bond manager said Japanese financial authorities
are giving up a lot of their control in liberalising the rules
governing international transactions of the yen. But freer use
of the yen could encourage more trade settlements in the
Japanese currency, he said. "If exporters or importers can raise
funds in yen, they will be more willing to agree to using the
Japanese yen as a settlement currency," he added.
    The Finance Ministry official said the government must
constantly consider ways to improve markets for the benefit of
borrowers and investors. "No major market can keep its status
without change," he said.
 REUTER
3;
bodyend
documentend
documentstart
1912
topicstart
money-supply
topicend
bodystart
2;

SOUTH KOREAN MONEY SUPPLY RISES IN FEBRUARY


    SEOUL, March 5 - 
South Korea's M-2 money supply rose 0.39
pct to 33,992.0 billion won in February from 33,858.4 billion
in January, when it fell a revised 0.04 pct from December,
provisional Bank of Korea figures show.
    The February figure was up 18.89 pct from a year earlier.
    M-1 money supply rose 4.13 pct to 8,492.1 billion won in
February from January, when it fell 7.82 pct from December. The
February figure marked a year-on-year rise of 18.45 pct.
    The bank previously said M-2 fell 0.06 pct in January.
 REUTER
3;
bodyend
documentend
documentstart
1913
topicstart
reserves
topicend
bodystart
2;

PAKISTAN'S FOREIGN EXCHANGE RESERVES FALL


    KARACHI, March 5 - 
Pakistan's foreign exchange reserves
fell to 8.43 billion rupees in February from 8.96 billion in
January, compared with 12.97 billion in February 1986, the
State Bank of Pakistan said.
    The bank gave no reason for the fall but local bankers said
big import bills had affected the reserves.
    The Federal Bureau of Statistics has not yet released last
month's import and export figures.
 REUTER
3;
bodyend
documentend
documentstart
1914
topicstart
topicend
bodystart
2;

AUSTRIA DECIDES EARLY REDEMPTION OF SAMURAI BOND


    TOKYO, March 5 - 
Austria has decided to redeem six years
early a 20 billion yen, 12-year, 8.5 pct samurai bond due on
August 18, 1993, Daiwa Securities Co Ltd said as lead manager.
    It will redeem 18.4 billion yen at 103.00 and the rest at
par this August 18 under an annual redemption obligation,
probably because of declining yen interest rates, Daiwa said.
 REUTER
3;
bodyend
documentend
documentstart
1915
topicstart
grain
rice
topicend
bodystart
2;

THAILAND REDUCES MAIN RICE CROP PROJECTION


    BANGKOK, March 5 - 
Thailand's main paddy crop is expected
to fall to 15.4 mln tonnes in the 1986/87 (Nov/Oct) season from
a previous 15.68 mln estimate in November and an actual 17.35
mln a year ago, the Thai Rice Mills Association said.
    It said a joint field survey late last month by the
association, the Commerce Ministry and the Bank of Thailand
indicated that paddy output in Thailand's northeast region is
lower than expected because of a drought in several provinces.
    The association said rice growing areas in Nakhon
Ratchasima, Chaiyaphum, Khon Kaen and Mahasarakam were
especially affected by low rainfalls in the second half of
1986.
    It said last November that the drought reduced total
national areas sown with paddy to some 8.25 mln hectares this
year, down from 8.84 mln a year ago.
    The main crop represents about 85 pct of Thailand's paddy
output.
 REUTER
3;
bodyend
documentend
documentstart
1917
topicstart
earn
topicend
bodystart
2;

HOECHST GROUP PRE-TAX PROFIT FALLS IN 1986


    FRANKFURT, March 5 - 
Hoechst AG 
<
HFAG.F> said its group
pre-tax profit in 1986 would be slightly lower than the 3.16
billion marks posted in 1985, while parent company pre-tax
profits rose slightly from the 1.62 billion in 1985.
    Group turnover fell slightly to 38 billion marks from 42.72
billion in 1985, and parent company turnover fell to around 14
billion marks from 15.35 billion, the company said in a
statement.
 REUTER
3;
bodyend
documentend
documentstart
1918
topicstart
gold
topicend
bodystart
2;

BHP TO FLOAT GOLD UNIT WITH ONE-FOR-THREE ISSUE


    MELBOURNE, March 5 - 
The Broken Hill Pty Co Ltd 
<
BRKN.S>
(BHP) said it plans a renounceable one-for-three issue of
rights to float a new company, 
<
BHP Gold Mines Ltd> (BHPGM),
which will hold most of BHP's gold interests.
    In a statement BHP said the 25-cent par rights would be
priced at 50 cents for 430 mln of the BHPGM shares on offer.
BHP will subscribe for the remaining 540 mln shares, or 56 pct
of issued capital, on the same terms.
    BHPGM will pay 440 mln dlrs for BHP's gold interests,
excluding its stake in Papua New Guinea's 
<
Ok Tedi Mining Ltd>
and those interests held by BHP's 
<
Utah International Inc>.
    The BHP statement said the issue will be made to
shareholders registered on March 27. It opens April 4 and
closes April 29, and is underwritten by 
<
J.B. Were and Son>.
Rights will be traded on Australian stock exchanges from March
23 to April 22, and the new shares will be quoted from June 4.
    BHP said the new company will be one of Australia's larger
gold producers, with annual output exceeding 170,000 ounces. It
said there are plans to boost production to 300,000 ounces by
the early 1990s. BHPGM's portfolio will include several
Australian mines -- 30 pct of Telfer, 100 pct of Ora Banda and
Browns Creek and 20 pct of the new Boddington development.
    The statement said BHPGM would also hold BHP's 45 pct stake
in the Coronation Hill Property in the Northern Territory, and
its 55 pct stake in a new venture near Gympie, Queensland.
    BHPGM chairman-designate John Gough said it was a quality
gold stock.
    "The diversity and depth of BHP Gold's portfolio ... Give
the company a sound foundation in current gold production and
an exciting potential for growth," he said.
 REUTER
3;
bodyend
documentend
documentstart
1919
topicstart
earn
topicend
bodystart
2;

HK BANK EXPECTED TO POST 10 TO 13 PCT PROFIT RISE


    By Allan Ng, Reuters


    HONG KONG, March 5 - 
The Hongkong and Shanghai Banking Corp

<
HKBH.HK> is likely to show a rise in profit of between 10 and
13 pct for 1986, reflecting stronger than expected loan growth,
share analysts polled by Reuters said.
    Their estimates of the bank's net earnings for last year
ranged from 2.99 to 3.1 billion H.K. Dlrs. Results will be
announced on Tuesday. The 1985 net profit was 2.72 billion.
    They forecast a final dividend of 29 cents for a total of
42 cents for the year against 38 cents in 1985, adjusted for a
one-for-five bonus issue.
    Analysts said they expected the bank to recommend a bonus
issue this year, probably one for three or one for five.
    The bank's 61.5 pct subsidiary Hang Seng Bank Ltd 
<
HSGH.HK>
is to report its 1986 results on Friday.
    Analysts expect Hang Seng to announce net profit of more
than one billion dlrs for the first time, an increase of 10 to
12 pct.
    They expect Hang Seng to pay a final dividend of 1.37 dlrs
for a total of 1.75 dlrs for the year against 1.60 in 1985.
    Analysts said that while the use of undisclosed inner
reserves by banks here makes forecasting very imprecise,
Hongkong Bank benefited from the unexpected strength of the
Hong Kong economy in 1986, when gross domestic product grew by
nearly nine pct against an initial forecast of 4.5 pct.
    "They benefited considerably from the pickup in loan demand,
as their loan portfolio is well balanced," an analyst at Mansion
House Securities (F.E.) Ltd said.
    Government figures show that total loans and advances rose
by 13.8 pct in 1986, compared with a 4.5 pct increase in 1985.
    Loans to finance Hong Kong's visible trade, the mainstay of
the local economy, rose by 15.1 pct against a decline of five
pct in 1985.
    Low interest rates also helped the bank. Interest received
on loans was low, with the prime rate at 6.5 pct at end-1986,
but interest paid on savings was two pct. Hongkong Bank and
Hang Seng Bank control half of all deposits in the banking
system, giving them access to a large base of low-cost funds.
    The strength of the real-estate market was another major
income source for the bank group. Loans to finance property
development and instalment mortgages rose sharply.
    "The Hongkong Bank group is still the leader in mortgage
business despite tough competition from the Bank of China group
and other foreign banks," one analyst said.
    The high level of activity on the capital and equities
markets in 1986 contributed to a sharp improvement in Hongkong
Bank subsidiaries Wardley Ltd 
<
WAIA.HK> and 
<
James Capel and
Co>, analysts said. "Wardley had a tremendous year acting as
financial adviser and underwriter," an analyst said.
    Wardley was underwriter for last year's billion-dlr
flotation of 
<
Cathay Pacific Airways Ltd>, of which Hongkong
Bank owned 30 pct at the time.
    The bank's stake has since been cut to 16.4 pct in return
for 1.57 billion dlrs. It also sold its entire 48.8 pct stake
in 
<
South China Morning Post Ltd>, the larger of two
English-language daily newspapers here, for 1.18 billion dlrs.
    The proceeds will go to reserves for acquisitions and will
not show up in the profit and loss accounts, analysts said.
    Analysts said the bank had also been helped by a reduced
need to write off bad debts. "The need for provisions was much
lower than the year before," said Tony Measor of Hong Leong
Securities Co Ltd. "Last year's profits should have been 2.8 to
2.9 billion dlrs if not for the huge provisions."
    Former Hongkong Bank chairman Michael Sandberg said the
bank wrote off hundreds of millions of dollars against its
shipping exposure in 1985. Lesley Nickolds of County Securities
Asia Ltd said she saw no major shipping writeoffs in 1986. She
forecast profit of 2.99 billion dlrs.
    The bank's Latin American exposure, mainly through its
51-pct owned Marine Midland Banks Inc 
<
MM>, appears to have
improved substantially, analysts said. Marine Midland's 1986
fourth-quarter loan-loss provisions fell to 44.1 mln U.S. Dlrs
from 89.2 mln a year before. Its 1986 net profit rose to 145
mln U.S. Dlrs from 125 mln in 1985.
 REUTER
3;
bodyend
documentend
documentstart
1920
topicstart
acq
topicend
bodystart
2;

HUGHES TOOL DIRECTORS REJECT MERGER WITH BAKER


    HOUSTON, Texas, March 5 - 
The directors of Hughes Tool Co

<
HT> said they would recommend to shareholders that they reject
a merger with Baker International Corp 
<
BKO> today.
    Hughes vice-president Ike Kerridge said the recommendation
would be put to shareholders at a meeting scheduled for 10 A.M.
Local time (1600 GMT) to discuss the proposed merger.
    Kerridge said the board met yesterday to discuss the merger
but decided against it.
    The Hughes board objected to a U.S. Department of Justice
requirement that Baker sell off several specialised
subsidiaries in businesses related to oil-drilling.
    The Hughes board last week indicated that it might cancel
the merger because of the Department of Justice requirement.
    The board of directors of the California-based Baker had
approved the merger. On February 17 Baker said it had signed an
agreement to sell one of the subsidiaries.
    The companies had been given until April 22 to comply with
the Justice Department requirement, Kerridge said.
 REUTER
3;
bodyend
documentend
documentstart
1921
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 500 BILLION IN BILLS


    TOKYO, March 5 - 
The Bank of Japan will sell tomorrow 500
billion yen of financing bills it holds to help absorb a
projected money market surplus, money market traders said.
    Of the total, 300 billion yen will yield 3.9989 pct on the
sales from money houses to banks and securities houses in
27-day repurchase agreement, due April 2.
    The remaining 200 billion yen will yield 3.9994 pct in a
39-day repurchase pact maturing on April 14, they said.
    The repurchase agreement yields compare with the 4.0625 pct
one-month commercial bill discount rate today and the 4.50/43
pct rate on one-month certificates of deposit.
    Tomorrow's surplus in the money market is estimated at 420
billion yen, mainly due to payment of national annuities, money
traders said. The operation will put the outstanding bill
supply at about 1,300 yen.
 REUTER
3;
bodyend
documentend
documentstart
1922
topicstart
topicend
bodystart
2;

MCDONALDS LAUNCHES 75 MLN AUS DLR EUROBOND


    FRANKFURT, March 5 - 
McDonalds Corp is raising 75 mln
Australian dollars through a 14-5/8 pct bullet eurobond priced
at 101-1/4 and maturing November 5, 1991, lead manager
Bayerische Vereinsbank AG said.
    Investors will pay for the bond on May 5, 1987 and the bond
pays annual interest on November 5, beginning in 1988. There
will be a 1-3/8 point fee for selling and 5/8 for management
and underwriting combined. Listing is in Luxembourg.
    Denominations are 1,000 and 5,000 dlrs.
 REUTER
3;
bodyend
documentend
documentstart
1923
topicstart
topicend
bodystart
2;

GUNZE SANGYO SETS 25 MLN SWISS FRANC NOTES ISSUE


    ZURICH, March 5 - 
Gunze Sangyo Inc of Tokyo is launching a
25 mln Swiss franc convertible notes issue due May 31, 1992
with a coupon indication of 1-5/8 pct, lead manager Swiss
Volksbank said.
    Conditions will be set on March 11 and payment date is
March 30.
 REUTER
3;
bodyend
documentend
documentstart
1924
topicstart
earn
topicend
bodystart
2;

CANON INC (CANN.T) YEAR ENDED DECMEBER 31


    TOKYO, March 5 -
    
Group shr 18.34 yen vs 58.72
    Net 10.73 billion yen vs 37.06 billion
    Pretax 27.76 billion yen vs 84.78 billion
    Operating 30.06 billion yen vs 88.81 billion
    Sales 889.22 billion vs 955.78 billion
    Note - The company attributed the profit fall largely to
the yen's appreciation during the period. Domestic sales rose
0.4 pct to 274.17 billion yen from a year earlier while exports
declined 9.9 pct to 615.04 billion.
 REUTER
3;
bodyend
documentend
documentstart
1925
topicstart
topicend
bodystart
2;

OESTERREICHISCHE DRAUKRAFTWERKE SETS SFR BOND


    ZURICH, March 5 - 
Oesterreichische Draukraftwerke AG of
Klagenfurt is launching a 100 mln Swiss franc 4-3/4 pct 10-year
bond priced at 100-1/4 pct, lead manager Swiss Bank Corp said.
    The issue is guaranteed by the Austrian state.
Subscriptions close March 20.
 REUTER
3;
bodyend
documentend
documentstart
1926
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

NEW CURRENCY PROBLEM SEEN AMONG U.S, EUROPE, JAPAN


    By Eric Hall, Reuters


    TOKYO, March 5 - 
The highly visible drama involving the
yen's sharp rise against the U.S. Dollar is obscuring the fact
that the Japanese currency has hardly budged against major
European currencies, thus creating a new set of exchange rate
distortions, Japanese and European research officials said.
    The officials, looking beneath the rhetoric of statements
by the Group of Five (G-5) industrial nations, told Reuters the
currency movements of the past two years are also creating a
fundamentally new world trade picture, which is throwing up new
trade tensions and imbalances.
    Trade figures show that the new currency alignments are
already changing the Japan-U.S. Trade axis into a Japan-
European Community (EC) axis, to the discomfort of Europe.
    In many ways, not least in terms of rare international
cooperation, the September, 1985 New York Plaza pact between
the U.S., Japan, West Germany, Britain and France to cut down
the value of the dollar was a historic one.
    But it is the underlying peaks and troughs of the major
currency movements which lay bare the real picture, in which
the Plaza pact appears as an event of prime importance, but not
necessarily central significance, the officials said.
    The officials said that when the Plaza agreement took
place, the dollar was already on its way down. The agreement
simply helped it on its way. Senior EC financial expert in
Tokyo Tomas de Hora has watched the movements closely.
    "You have to look at the dollar's peak compared with now,
and that was well before Plaza," he said.
    On February 25, 1985, the dollar peaked against the yen at
263.15 yen. On September 20, the Friday before Plaza, it was
242. Since then, despite massive Bank of Japan intervention and
periodic market frights about further G-5 concerted action, the
dollar trend has been down, down, down.
    Yet the ECU is now around 173.4 yen. The historical cross
rates for sterling and the mark tell much the same story. The
European currencies are moving back up against the yen.
    The close relationship between exchange rates and trade
flows makes it difficult to see which is driving which, but
undoubtedly the trade equation between the big three is
changing. In 1986, Japanese imports and exports with the EC
both grew by around 50 pct in dollar terms, five pct in yen.
This gave Japan a 16 billion dlr trade surplus.
    Last January, Japanese exports to the EC totalled half of
of sales to the U.S, against about a third in recent years.
    Trade with the U.S in 1986 rose 23 pct for exports and 12
pct for imports in dollar terms, but fell 13 pct for exports
and 21 pct for imports in yen terms.
    "The basic meaning for Europe is that Japanese firms have a
tremendous interest in exporting to Europe, where every unit
sold maximises profits in yen terms, which is what is important
to them. Suddenly, instead of the U.S., It is Europe that is
laying the golden egg," said de Hora.
    The EC is worried. EC business also had a remarkable year
in Japanese sales, but this can be explained partly due to its
start from a small base, compared with total Japan-U.S. Trade.
    The Japanese think EC firms are now more competitive than
U.S. Firms, a factor which is aggravating the exchange rate
imbalance, and which will cause problems.
    "This currency alignment between Japan and the EC is
reflecting the excellent performance of the EC countries. But
therefore, Japanese goods may keep their price competitive
edge," said Azusa Hayashi, Director of the First International
Economic Affairs Division of the Foreign Ministry. "If you want
my objective view, I don't expect a drastic improvement in our
trade imbalance. Last year, we asked for moderation in exports,
and this year we may have to do so again," he said.
 REUTER
3;
bodyend
documentend
documentstart
1928
topicstart
topicend
bodystart
2;

COMMONWEALTH BANK OF AUSTRALIA ISSUES NOVEL BOND


    LONDON, March 5 - 
The Commonwealth Bank of Australia is
issuing a novel 100 mln Australian dlr eurobond due April 6,
1992 paying an initial coupon of 16 pct and priced at 101 pct,
lead manager Swiss Bank Corporation International said.
    The coupon will then be re-fixed annually at the one-year
Australian Treasury rate. There will also be an investor put
option annually at par. The selling concession is 3/4 pct while
management and underwriting combined pays 3/8 pct.
    The non-callable bond is guaranteed by Australia and will
be listed in Luxembourg. It is available in denominations of
1,000 and 10,000 Australian dlrs and the payment date is April
6.
 REUTER
3;
bodyend
documentend
documentstart
1929
topicstart
tin
topicend
bodystart
2;

THAI TIN EXPORTS RISE IN JANUARY


    BANGKOK, March 5 - 
Thailand exported 1,816 tonnes of tin
metal in January, up from 1,731 in December and 1,330 a year
ago, the Mineral Resources Department said.
    It said major buyers last month were Singapore, Japan,
Britain, the Netherlands, Malaysia and the U.S.
 REUTER
3;
bodyend
documentend
documentstart
1930
topicstart
topicend
bodystart
2;

CENTRALE DE CREDIT COOPERATIF ISSUE DETAILED


    PARIS, March 5 - 
Caisse Centrale de Credit Cooperatif is
launching a privately-placed 1.2 billion franc bond issue in
three tranches of 400 mln francs and with maturities of seven,
eight, and ten years respectively, lead-managers Credit
Lyonnais and Banque Francaise de Credit Cooperatif said.
    Interest on the three variable-rate tranches issued at par
will be based on annualised money market rates (TAM) for the
February preceeding each payment. The settlement date is March
23 1987.
 REUTER
3;
bodyend
documentend
documentstart
1931
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, March 5 - 
The Bank of England said it had invited
an early round of bill offers from the discount houses. The
Bank forecast the shortage in the system today at around 1.15
billion stg.
    Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 732 mln stg and exchequer transactions some 245 mln. In
addition, bankers' balances below target and a rise in note
circulation will drain a further 135 mln stg and 30 mln stg
respectively.
 REUTER
3;
bodyend
documentend
documentstart
1932
topicstart
trade
topicend
bodystart
2;

BELGOLUX TRADE MOVES INTO SURPLUS IN 1986


    BRUSSELS, March 5 - 
The Belgo-Luxembourg Economic Union
(BLEU) moved into a narrow trade surplus of 4.7 billion francs
in 1986 after a 140.4 billion franc deficit in 1985, figures
given by a spokesman for the National Statistics Institute
show.
    He said imports fell last year to 3,061.8 billion francs
from 3,304.1 in 1985 while exports were also lower at 3,066.6
billion francs against 3,163.7 billion.
    In December, the BLEU had an 11.9 billion franc trade
surplus after a 10.9 billion franc surplus in November and a
2.3 billion franc surplus in December 1985.
 REUTER
3;
bodyend
documentend
documentstart
1933
topicstart
money-supply
topicend
bodystart
2;

SPAIN RAISES BANKS' RESERVE REQUIREMENT


    MADRID, March 5 - 
The Bank of Spain said it raised the
reserve requirement for banks and savings banks to 19 pct of
deposits from 18 pct to drain excess liquidity which threatened
money supply and inflation targets.
    In a statement issued late last night, the central bank
said the measure would take effect from March 13.
    "In recent weeks, there has been excess liquidity in the
Spanish economy which, if not controlled, would threaten the
monetary and inflation targets set by the government," the
statement said.
    Banking sources said the measure would drain about 200
billion pesetas from the system. The maximum reserve
requirement allowed by law is 20 pct.
    The move follows a half-point increase yesterday in the
Bank of Spain's key overnight call money rate, which now stands
at 13.5 pct. At today's auction, however, the bank left the
rate unchanged.
    Spain's principal measure of money supply, the broad-based
liquid assets in public hands (ALP), grew at annualised rate of
8.3 pct in January compared with 11.4 pct during the whole of
1986 and a target of eight pct for 1987.
    Banking sources said that although the January money supply
figures were good, compared with annualised rates of 13.9 pct
in December and 10.2 pct in January 1986, ALP growth appeared
to have accelerated in February, raising government concern.
    Regarding inflation, recent figures have suggested that
prices were under control.
    Secretary of State for Trade, Miguel Angel Fernandez
Ordonez, said this week that the annualised inflation rate for
February, not yet officially announced, fell to 5.5 pct from
six pct in January, compared with inflation of 8.3 pct during
1986 and a government target of five pct for this year.
 REUTER
3;
bodyend
documentend
documentstart
1934
topicstart
iron-steel
topicend
bodystart
2;

INDIA AND JAPAN TO DISCUSS IRON ORE PRICES


    NEW DELHI, March 5 - 
The state-owned Minerals and Metals
Trading Corp will send a team to Japan next week to negotiate
an iron ore export contract for 1987/88 beginning April 1,
trade sources said.
    Japan, the biggest buyer of Indian iron ore with imports of
around 23 mln tonnes a year, has asked India to reduce prices
from the current average of 18 dlrs a tonne, the sources said.
    "Japan has said it may be forced to reduce ore imports from
India next year if New Delhi fails to reduce the price," one
source said, but declined to give further details.
 REUTER
3;
bodyend
documentend
documentstart
1935
topicstart
topicend
bodystart
2;

JAPANESE BANKS SEEN AGREEING DEBT RISK SCHEME


    By Tsukasa Maekawa, Reuters


    TOKYO, March 5 - 
Japanese creditor banks are close to a
decision to jointly establish an offshore firm to which they
will transfer part of their title to possibly unrecoverable
debts owed by developing nations, international financial
sources told Reuters.
    Details of the deal are likely be decided next week and the
firm set up before the end of the month, they said.
    The scheme is intended to improve financial management at
the banks and reduce the risk of problems in the event of debts
turning bad, the sources said.
    Last week's announcement by Brazil that it would
indefinitely suspend interest payments on an estimated 68
billion dlrs owed to commercial banks prompted Japanese
creditors to finalise the project, the sources said.
    Major Japanese banks have been considering a plan to avoid
a debt crisis since the start of the year, they said.
    There are likely to be at least 10 participating banks, and
perhaps as many as 28, they said.
    About 30 Japanese commercial banks have outstanding loans
totalling over 10 billion dlrs to Brazil, accounting for about
15 pct of all commercial loans to that country.
    The most likely venue for the envisaged firm is the
Caribbean tax haven of the Cayman Islands, the sources said.
    The idea is to create a pool of funds in the firm with
participating creditor banks holding the firm's stock.
    The firm will then use the funds to buy from its
stock-holding banks title to repayments of specified foreign
loans which are potentially bad, the sources said.
    The stock-holding banks will draw up a list of such loans.
    Subject to the scheme would be loans extended to
debt-ridden countries such as Mexico and Argentina, they said.
    The financial sources said interest payments to the firm
would not be taxed because of its location. Japanese banks have
asked the finance ministry to increase tax breaks on loan loss
reserves, but the ministry has not yet complied.
    A senior ministry official welcomed the scheme and said it
may encourage new lending to developing countries.
    The ministry instructs banks to establish reserves for up
to five pct of their loans to 35 financially troubled
countries, but it only grants tax breaks on reserves accounting
for one pct of the loans.
 REUTER
3;
bodyend
documentend
documentstart
1939
topicstart
topicend
bodystart
2;
******
 Rank Organisation says it launching 100 mln stg commercial paper program

Blah blah blah.
3;


bodyend
documentend
documentstart
1940
topicstart
reserves
trade
topicend
bodystart
2;

TAIWAN FOREIGN EXCHANGE RESERVES HIT NEW HIGH


    TAIPEI, March 5 - 
Taiwan's foreign exchange reserves hit a
new high of more than 51 billion U.S. Dlrs on March 4, compared
with 50 billion in mid-February and 25.1 billion a year
earlier, the central bank said.
    Bank governor Chang Chi-Cheng told reporters the increase
came mainly from the bank's purchases of more than one billion
U.S. Dlrs on the local interbank market between February 18 and
March 4.
    He said the rise showed signs of slowing, however, because
Taiwan has liberalised import policy and expects its trade
surplus to decline over the next few months as a result.
    Chang declined to predict how high the reserves might rise,
but local economists have forecast they will hit 60 billion
U.S. Dlrs by the end of 1987.
    In January, Taiwan reduced import tariffs of up to 50 pct
on some 1,700 foreign products. It had been under growing U.S.
Pressure to cut its 1986 record 13.6 billion dlr trade surplus
with the U.S. Taiwan's 1985 surplus with the U.S. Was 10.2
billion, according to official statistics.
    Wang Chang-Ming, Vice Chairman of the Council for Economic
Planning and Development, told Reuters the government is
planning another round of deep tariff cuts in the second half
of this year.
    The reserves could support imports of more than two years
for Taiwan, compared with about three months for Japan and the
U.S.
 REUTER
3;
bodyend
documentend
documentstart
1941
topicstart
topicend
bodystart
2;

MITSUI AND CO TO ISSUE EURODOLLAR WARRANT BONDS


    TOKYO, March 5 - 
Mitsui and Co Ltd said it plans to issue
300 mln Eurodollar warrant bonds in two tranches with payment
on March 30 through a syndicate led by Nomura International
Ltd.
    One tranche is of five-year, 150 mln dlr bonds while the
rest is of seven-year, 150 mln dlr bonds, but other issue terms
have not yet been decided.
 REUTER
3;
bodyend
documentend
documentstart
1942
topicstart
silver
gold
topicend
bodystart
2;

BELGIAN ECU COIN ISSUE PRICED, SALE DATE SET


    BRUSSELS, March 5 - 
A limited Belgian issue of silver Ecu
coins with a face value of five Ecus will go on sale from March
23 at a price of 500 Belgian francs each, a Finance Ministry
spokesman said.
    Gold Ecu coins with a face value of 50 Ecus will be sold
from the same day. The spokesman told Reuters the price for
these would be fixed just before they go on sale but was likely
to be between 8,500 and 9,000 francs.
    At least two mln silver coins and several hundreds of
thousands of the gold coins will be minted, he said. They will
be sold both in Belgium and abroad.
    The coins will be the first ever denominated in the Ecu,
the "basket" comprised of the 12-nation European Community's
currencies except the Spanish peseta and the Portuguese escudo.
    The issue is being made to mark the 30th anniversary of the
EC's founding Treaty of Rome this month. Finance Minister Mark
Eyskens, who currently presides over the EC's council of
economic and finance ministers, has called the issue a
political act of symbolic value which aimed to make the
Community's goal of monetary integration more concrete.
    The coins will be legal tender in Belgium but most demand
is expected to come from coin collectors.
 REUTER
3;
bodyend
documentend
documentstart
1943
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 17 MLN STG EARLY HELP


    LONDON, March 5 - 
The Bank of England said it provided just
17 mln stg assistance to the money market in response to an
early round of bill offers.
    Earlier, the Bank had estimated the shortage in the system
today at around 1.15 billion stg.
    The central bank purchased bills for resale to the market
on April 2 at an interest rate of 10-15/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
1944
topicstart
topicend
bodystart
2;

BANK OF COMMUNICATIONS PLANS 200 MLN H.K. DLR CD


    HONG KONG, March 5 - 
The Chinese state-owned Bank of
Communications Ltd Hong Kong branch is planning a 200 mln H.K.
Dlr certificate of deposit issue, banking sources said.
    They said the five year issue, which matures March 23,
1992, carries a 7.05 pct coupon payable quarterly. Management
fee is 10 basis points. Payment date is March 23.
    China Development Finance Co (H.K.) Ltd, a Bank of China
unit, is lead manager of the issue. A group is now being
formed.
 REUTER
3;
bodyend
documentend
documentstart
1945
topicstart
topicend
bodystart
2;

RANK ORGANISATION HAS 100 MLN STG CP PROGRAM


    LONDON, March 5 - 
The Rank Organisation Plc said it has
appointed County Natwest Capital Markets Ltd, Samuel Montagu
and Co Ltd and Swiss Bank Corporation International as dealers
in a 100 mln stg commercial paper program.
    The notes will be issued in any maturity of between seven
and 364 days and the funds will be used for the company's
general financing requirements.
    Arranger for the facility is County Natwest Capital Markets
Ltd while National Westminster Bank Plc will act as issuing and
paying agent, Rank added.
 REUTER
3;
bodyend
documentend
documentstart
1946
topicstart
sugar
topicend
bodystart
2;

FIRS SLIGHTLY RAISES EC BEET SUGAR OUTPUT ESTIMATE


    PARIS, March 5 - 
The French sugar market intervention
board, FIRS, raised its estimate of 1986/87 beet sugar
production in the 12-member European Community to 13.76 mln
tonnes white equivalent in its end-February report from 13.74
mln a month earlier.
    Its forecast for total EC sugar production, including cane
and molasses, rose to 14.10 mln tonnes from 14.09 mln.
Portugal, which joined the Community in January 1986, was
estimated at 12.75 mln tonnes white equivalent, unchanged from
the previous forecast and compared with 12.41 mln tonnes for
1985/86.
    Production for the current campaign in Spain was higher
than reported last month at 1.03 mln tonnes compared with
997,000 tonnes.
    Beet sugar production, expressed as white equivalent, was
estimated at 3.44 mln tonnes in France, 3.17 mln tonnes in West
Germany, 1.72 mln in Italy, 1.30 mln in Britain, 1.22 mln in
the Netherlands, 936,000 tonnes in Belgium/Luxembourg, 499,000
in Denmark, 287,000 in Greece, 183,000 in Ireland and 4,000 in
Portugal.
 REUTER
3;
bodyend
documentend
documentstart
1948
topicstart
crude
topicend
bodystart
2;

PAPUA NEW GUINEA PLANS RESOURCES INVESTMENT AGENCY


    PORT MORESBY, March 5 - 
The Papua New Guinea Government
will establish a public corporation to invest in resources
projects, Minerals and Energy Minister John Kaputin said.
    "We intend to provide a means through which less privileged
individuals can become part owners and beneficiaries from the
development of mining and petroleum projects," he told
Parliament.
    Existing policy allowing the state up to 30 pct equity in
major mining projects and 22.5 pct in oil and gas projects
would be maintained, he said. The planned agency could take
over the state's equity in current developments.
    Kaputin said Papua New Guinea was experiencing a boom with
exploration companies spending about 60 mln kina annually on
about 150 mining and 23 petroleum projects.
    "The Government is determined to ensure that Papua New
Guinean ownership in minerals and petroleum projects increases
in an orderly way," he said.
    Kaputin did not say when the corporation would be
established or exactly what form it would take, but said the
government would study whether it should be directly involved
in exploration or development.
 REUTER
3;
bodyend
documentend
documentstart
1949
topicstart
money-fx
topicend
bodystart
2;

NIGERIAN CURRENCY FIRMS AT LATEST AUCTION


    LAGOS, March 5 - 
The Nigerian naira firmed 2.6 pct against
the dollar after 17 banks were disqualified from bidding at
today's weekly foreign exchange auction, the central bank said.
The naira finished at 3.8050 to the dollar, against 3.9050 last
week.
    Only 38.39 mln dlrs of the 50 mln dlrs on offer was sold,
with all 27 bidding banks successfully obtaining hard currency.
    The effective rate, including a central bank levy, for
transactions in the coming week, was 3.8241 against 3.9246 last
week.
    The failure to sell the whole allocation was due to the
central bank's unprecedented disqualification of 17 banks as
punishment for inadequate documentation in previous
transactions.
    Banks are required to submit proof that their bids are
based on valid commercial transactions and the central bank has
complained in the past that many are failing to produce the
right paperwork within the specified time.
 REUTER
3;
bodyend
documentend
documentstart
1950
topicstart
topicend
bodystart
2;

CANADA ZERO ISSUES CANADIAN DLR ZERO COUPON BOND


    LONDON, March 5 - 
Canada Zero, a sole purpose company
incorporated in the Cayman Islands, is issuing a zero coupon
eurobond with a total redemption amount of 150 mln Canadian
dlrs, lead manager CIBC Ltd said.
    The issue matures on May 1, 2001 and is priced at 30 pct.
It is secured with Canadian government bonds. The selling
concession is 3/4 while management and underwriting each pay
1/4 pct. The payment date is April 30. Listing is in
Luxembourg.
    A CIBC spokesmn said the issue yields 49 basis points over
equivalent Canadian Treasury bonds. It is available in
denominations of 5,000 and 100,000 Canadian dlrs.
 REUTER
3;
bodyend
documentend
documentstart
1951
topicstart
trade
topicend
bodystart
2;

U.S. TELLS JAPAN TO DO MORE TO CUT TRADE SURPLUS


    TOKYO, March 5 - 
U.S. Undersecretary of State for Economic
Affairs Allen Wallis said he had urged Japan to do much more to
reduce its large trade surplus with the United States.
    "Our central message to Japan this week was that while we
have made progress in some areas, much needs to be done," he
told a press conference after three days of talks.
    "What we need is a resolution of trade issues, we need
visible efforts to restructure the economy to encourage more
imports and we need greater domestic-led growth."
    Forecasting sluggish economic growth in Japan this year,
Wallis urged Tokyo to stimulate domestic demand to help reduce
its trade surplus, which hit a record 83 billion dlrs in 1986.
    He named several areas of particular concern to Washington
-- computer microchips, supercomputers, Kansai airport,
agricultural products and car telephones.
    He warned that the U.S./Japan agreement governing trade in
semiconductors was in jeopardy. Despite the pact, Japanese
producers are still dumping microchips in foreign markets other
than the United States while U.S. Penetration of the Japanese
market has not increased, he said.
 REUTER
3;
bodyend
documentend
documentstart
1952
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN BUYS 60,000 TONNES OF U.S. MAIZE


    TAIPEI, March 5 - 
The joint committee of Taiwan's maize
importers has awarded contracts to two U.S. Companies to supply
two shipments of maize, totalling 60,000 tonnes, a committee
spokesman told Reuters.
    Continental Grain Co of New York received the first 30,000
tonne cargo contract, priced at 93.86 U.S. Dlrs per tonne,
while Peavey Co of Minneapolis won the second shipment, also
30,000 tonnes, at 93.36 dlrs per tonne.
    Both shipments are c and f Taiwan and are set before March
16, the spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
1958
topicstart
topicend
bodystart
2;

BANK OF FRANCE SELLS TAP STOCK


    PARIS, March 4 - 
The Bank of France said it sold a total of
11.05 billion francs of Treasury tap stock in an issue of two
fixed-rate tranches and one variable rate tranche.
    It sold 8.25 billion francs of 8.50 pct June 1997 tap stock
at a top accepted price of 96.30 pct, giving an average yield
of 8.72 pct. Demand totalled 18.45 billion francs at prices
between 94.70 and 97.10 pct.
    The Bank also sold 1.8 billion francs worth of 8.50 pct
December 2012 tap stock at a top accepted price of 93.60 pct.
    Demand totalled 5.25 billion francs and the average yield
was 9.13 pct.
    In addition, it sold one billion francs worth of floating
rate 1999 tap stock at a top accepted price of 96.90 pct, on
total demand of five billion francs.
 REUTER
3;
bodyend
documentend
documentstart
1959
topicstart
gnp
topicend
bodystart
2;

GERMAN ECONOMIC OUTLOOK SEEN FAIRLY BRIGHT


    KIEL, West Germany, March 5 - 
The outlook for the West
German economy is relatively bright, with gross national
product expected to expand by three pct this year, Kiel
University's Institute for World Economy said.
    The GNP forecast by the institute, one of five leading
economic research bodies in West Germany, is more optimistic
than that of the other institutes, some of which have recently
reduced their GNP forecasts to between two and 2.5 pct.
    In a report the Kiel institute said West Germany's export
outlook has not deteriorated fundamentally despite the mark's
strength against the dollar and other major currencies.
    "The danger that exports will slump in 1987 appears, all in
all, limited," the report said. "On the contrary, a slight rise
in exports can be expected."
    The institute said past experience has shown West German
exporters will move to counterbalance currency factors by
cutting costs, trying to penetrate new markets and adjusting
their product ranges.
    They will be aided in 1987 by an expected slight rise in
economic growth in industrial countries. At the same time, the
decline in exports to oil producing countries looks set to slow
this year.
    West German GNP growth in 1987 will be led by renewed
advances in domestic consumption and investment spending, both
of which will in turn be buoyed by an expansionary monetary
policy, the institute said.
    However, it said the labour market would see only a slight
improvement because companies will be reluctant to hire
additional workers due to higher labour costs caused partly by
agreed reductions in working hours.
    The institute cautioned that the expansionary stance of
monetary policy in West Germany was likely to bring a marked
acceleration of inflation.
    It also warned that what it called the worldwide
synchronization of monetary policy heightened the risk of a new
global recession. It said central banks in industrialized
countries, including the Bundesbank, had followed the Federal
Reserve Board's expansionary course.
    The institute said this in turn was bound to lead
eventually to a rise in worldwide inflation and a shift in U.S.
Policy towards a more restrictive policy. Other central banks
were likely to follow suit, causing a recession that could
aggravate the debt crisis of developing countries as well as
increase protectionism around the world.
    Although Germany cannot entirely shield itself from the
negative effects of the global synchronization of monetary
policy, it should do all it can to strengthen the forces of
growth at home.
    The institute said this could be done by ensuring that
fiscal policy fosters a willingness to work and invest. Taxes
should be cut by a greater amount than currently planned, and
wage increases in 1987 and 1988 should be markedly lower than
in 1986. It also said the Bundesbank should reduce inflationary
pressures by cutting the current rate of growth in money supply
to about four pct.
 REUTER
3;
bodyend
documentend
documentstart
1960
topicstart
coffee
topicend
bodystart
2;

CREDITOR BANKS MAY BUY INTO SINGAPORE COFFEE FIRM


    SINGAPORE, March 5 - 
The nine creditor banks of the
Singapore coffee trader 
<
Teck Hock and Co (Pte) Ltd> are
thinking of buying a controlling stake in the company
themselves, a creditor bank official said.
    Since last December the banks have been allowing the
company to postpone loan repayments while they try to find an
overseas commodity company to make an offer for the firm.
    At least one company has expressed interest and
negotiations are not yet over, banking sources said.
    However, the banks are now prepared to consider taking the
stake if they find an investor willing to inject six to seven
mln dlrs in the company but not take control, the banking
sources said.
    Teck Hock's financial adviser, Singapore International
Merchant Bankers Ltd (SIMBL), will work on the new proposal
with the creditor banks, they said.
    Major holdings are likely to be held by the two largest
creditor banks, Standard Chartered Bank 
<
STCH.L> and
Oversea-Chinese Banking Corp Ltd 
<
OCBM.SI>, they added.
    Teck Hock owes over 100 mln Singapore dlrs and the creditor
banks earlier this week agreed to let Teck Hock fufill
profitable contracts to help balance earlier losses.
    The nine banks are Oversea-Chinese Banking Corp Ltd, United
Overseas Bank Ltd 
<
UOBM.SI>, 
<
Banque Paribas>, 
<
Bangkok Bank
Ltd,> 
<
Citibank NA>, Standard Chartered Bank Ltd, Algemene Bank
Nederland NV 
<
ABNN.AS>, Banque Nationale De Paris 
<
BNPP.PA> and

<
Chase Manhattan Bank NA.>
 REUTER
3;
bodyend
documentend
documentstart
1961
topicstart
trade
bop
topicend
bodystart
2;
******
U.K. 4TH QTR TRADE DEFICIT 2.6 BILLION STG, CURRENT ACCOUNT DEFICIT 760 MLN - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
1963
topicstart
trade
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - POLISH SANCTIONS


    By Irena Czekierska, Reuters


    WARSAW, March 5 - 
Poland says U.S. Sanctions have cost its
economy 15 billion dlrs and has made clear it wants Washington
to take a lead in repairing the damage after lifting remaining
restrictions two weeks ago.
    Polish officials are unable to provide a precise breakdown
of the figure, saying it takes into account a number of
hypothetical losses. Some of them are "too sophisticated to
convert into financial terms," one banking source said.
    But Western economic experts say the effect of sanctions is
impossible to calculate.
    They say it is blurred by the poor performance of Poland's
economy, and dismiss the 15 billion dlr figure as illusory.
    "Sanctions have provided a very useful excuse for under-
achieving. They did have a bad effect, yes, but they only
contributed to largely internal, economic problems," one said.
    The U.S. Imposed the measures and withdrew Most Favoured
Nation (MFN) trading status from Poland in 1982 in retaliation
for suppression of the Solidarity free trade union under
martial law. The estimated cost to the Polish economy was
originally devised several years ago by the Institute of
National Economy, an offshoot of the central planning
commission.
    According to one Western envoy, an expert on Polish
economic affairs, it extrapolated 1979 information on growth
trends in trade with the United States, as well as increases in
credits from Western commercial and government lenders.
    But the calculations were based on a time when trade was
booming and credits still flowed freely, he said, dismissing
the estimate as "a theoretical projection based on a high point,
which has no real scientific evaluation."
    A foreign trade ministry official said Polish exports to
the U.S. In the late 1970s averaged around 400 mln dlrs
annually and had fallen by half since the sanctions were
imposed.
    Imports have suffered, slumping from around 800 mln dlrs to
200 mln, as credits ran out. Poland has a dwindling trade
surplus with the West. Last year it was one billion dlrs
against a targeted 1.6 billion, official figures show.
    Acknowledging that sanctions have lost Poland important
U.S. Markets -- including agricultural equipment, textiles,
chemicals and some foodstuffs -- Western economists say credits
dried up for economic not political reasons.  "Poland is
accusing the West of letting economic relations deteriorate for
political reasons," said one expert. "It's an illusion based on a
misunderstanding of Western economy."
    "There's a limit to how much you can go on giving someone
who has no hope of repaying it," another said, adding that
Poland had benefited from a global phenomenon of easy credits
in the 1970s which were no longer today's reality.
    Describing the 15 billion dlr assessment as "nebulous," one
diplomat said it also included losses of hypothetical orders
and setbacks to Polish research through the curbing of
scientific links and exchanges.  Western officials say the
lifting of sanctions and new MFN status will have little impact
on Poland, which has a hard currency debt of 33.5 billion dlrs
and lacks the means to modernise its industry.
    "MFN doesn't really mean anything, only that Poland will not
be treated worse than other countries. It will be difficult to
regain access to the U.S. Market because different forces are
in play now," said one Western envoy.
    He said Polish products were not competitive, and their
quality was too low. Trade wars and possible protectionist
measures amongst the U.S., Japan and Europe would also hamper
Poland's efforts to regain entry.
    Deputy foreign trade minister Janusz Kaczurba recognised
this fact recently.
    Kaczurba told the official PAP news agency recently, "Making
up our lost position will take a long time and be uncommonly
difficult, and in certain cases impossible... In a period of
two to three years it will be possible to increase the level of
exports by only about 100 mln dlrs."
    While Poland is unlikely to seek compensation, it says it
has a "moral right" to assistance from the U.S. Which it says
imposed the sanctions illegally. But a Western economist said
"The argument that U.S. Sanctions were a unilateral torpedoing
of the Polish economy won't cut any ice. The Americans will
just reply that the Poles acted immorally in crushing
Solidarity."
    Nevertheless, Polish National Bank head Wladyslaw Baka, in
talks in Washington last week with the International Monetary
Fund (IMF) and World Bank, made it clear that Poland was
looking for a lead from the United States.
    He was quoted by PAP as saying that Poland would meet its
financial obligations to the United States, "but not in a short
time and not without a cooperative stand on the part of its
foreign economic partners."
    He stressed that the U.S. "had a particular opportunity to
play a part in the cooperative policy of Poland's partners
interested in the settlement of Polish debt."
    Putting it more sharply, one senior banking official blamed
Washington for obstructing talks with the World Bank, IMF and
Paris Club of Western creditor governments in recent years and
said it should now play a more positive role.
    "As a major superpower the United States can influence
international organisations," he said, citing recent meetings
aimed at stabilising currencies as an example of the extent to
which Western nations were prepared to cooperate.
 REUTER
3;
bodyend
documentend
documentstart
1964
topicstart
trade
bop
topicend
bodystart
2;

U.K. FOURTH QUARTER TRADE DEFICIT 2.6 BILLION STG


    LONDON, March 5 - 
Britain had a visible trade deficit of
2.6 billion stg in the fourth quarter of 1986 against a revised
deficit of 2.9 billion in the third quarter, official
statistics show.
    Seasonally-adjusted figures issued by the Central
Statistical Office (CSO) show the current account was in
deficit by 760 mln stg against an upwardly revised third
quarter shortfall of 930 mln.
    For 1986 as a whole, visible trade was in deficit by 8.3
billion stg, sharply up from 1985's 2.2. Billion shortfall and
a 4.4 billion deficit in 1984.
    Preliminary figures for invisible transactions in the
fourth quarter show a surplus 1.8 billion stg to give an
estimated surplus for 1986 of 7.2 billion. The fourth quarter
figure was in line with CSO projections released on Friday.
    The third quarter invisibles surplus was revised down to
1.9 billion stg from 2.25 billion.
    In 1985 the invisibles surplus was 5.1 billion stg.
    The reduced deficit on visible trade in the fourth quarter
was due to an increase in the surplus on oil of 200 mln stg and
a reduction in the non-oil trade deficit of 100 mln, the CSO
said.
    However, 1986's surplus on oil trade was 4.0 billion stg
lower than in 1985, while the deficit on non-oil trade
increased by 2.1 billion.
    The figures were broadly in line with market expectations.
    The CSO stressed that figures for invisible transactions,
particularly for the most recent quarters are liable to
substantial revisions as later information becomes available.
 REUTER
3;
bodyend
documentend
documentstart
1965
topicstart
wpi
topicend
bodystart
2;

BELGIAN WHOLESALE PRICES FALL IN JANUARY


    BRUSSELS, March 4 - 
Belgian wholesale prices fell by 5.9
pct in January from a year earlier after a 5.7 pct year on year
fall in December, figures from the economics ministry show.
    A ministry spokesman said the wholesale price index, base
1953 and excluding value added tax, stood at 250.9 in January.
This compared with 251.9 in December, 265.5 in Janua~y, 1986
and 267.2 in December, 1985.
    In January 1986, wholesale prices were 3.9 pct lower than a
year earlier.
 REUTER
3;
bodyend
documentend
documentstart
1966
topicstart
oilseed
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS POSTPONED TILL MONDAY


    LONDON, March 5 - 
Talks set for today between management
and unions to try to solve the labour dispute at Cargill U.K.
Ltd's Seaforth oilseed crushing plant have been rescheduled for
Monday, a company spokesman said.
    Oilseed processing at the mill has been at a standstill
since December 19.
 REUTER
3;
bodyend
documentend
documentstart
1967
topicstart
money-fx
interest
topicend
bodystart
2;

FRENCH INTERVENTION RATE CUT LIKELY, DEALERS SAY


    PARIS, March 5 - 
The Bank of France is likely to cut its
money market intervention rate by up to a quarter point at the
start of next week.  This follows a steady decline in the call
money rate over the past 10 days and signals from the Finance
Ministry that the time is ripe for a fall, dealers said.
    The call money rate peaked at just above nine pct ahead of
the meeting of finance ministers from the Group of Five
industrial countries and Canada on February 22, which restored
considerable stability to foreign exchanges after several weeks
of turbulence.
    The call money rate dropped to around 8-3/8 pct on February
23, the day after the Paris accord, and then edged steadily
down to eight pct on February 27 and 7-3/4 pct on March 3,
where it has now stabilised.
    Dealers said the Bank of France intervened to absorb
liquidity to hold the rate at 7-3/4 pct.
    While call money has dropped by well over a percentage
point, the Bank of France's money market intervention rate has
remained unchanged since January 2, when it was raised to eight
pct from 7-1/4 pct in a bid to stop a franc slide.
    The seven-day repurchase rate has also been unchanged at
8-3/4 since it was raised by a half-point on January 5.
    The Bank of France has begun using the seven-day repurchase
rate to set an upper indicator for money market rates, while
using the intervention rate to set the floor.
    Sources close to Finance Minister Edouard Balladur said
that he would be happy to see an interest rate cut, and dealers
said any fall in the intervention rate was most likely to come
when the Bank of France buys first category paper next Monday,
although an earlier cut could not be excluded.
   A cut in the seven-day repurchase rate could come as early
as tomorrow morning, banking sources said.
    They said recent high interest rates have encouraged an
acceleration in foreign funds returning to France, discouraging
the authorities from making a hasty rate cut. But they also
pointed out that money supply is broadly back on target, giving
scope for a small fall in rates.
    M-3 money supply, the government's key aggregate, finished
1986 within the government's three to five pct growth target,
rising 4.6 pct compared with seven pct in 1985.
 REUTER
3;
bodyend
documentend
documentstart
1968
topicstart
topicend
bodystart
2;

HONG KONG CD MARKET SHUTS DOWN AFTER NEW ISSUE


    By Allan Ng, Reuters


    HONG KONG, March 5 - 
The Hong Kong dollar fixed rate market
was shut down this afternoon after a 200 mln H.K. Dlr
certificate of deposit issue for the Chinese state-owned Bank
of Communications Ltd Hong Kong branch suddenly surfaced,
bankers said.
    Disgruntled dealers said the market was slowly on the road
to recovery after a bout of sell-off that began in early
February but it was still too fragile to absorb a new issue.
    Brokers said the new deal took them by surprise and all
major players stopped making markets in existing issues.
    The fixed rate market, which consists mainly of CDs tied to
swaps or asset repackaging, began to fall about a month ago due
to indigestion after 18 CD issues totalling 2.3 billion dlrs
flooded the market in January.
    Bankers said the shake-up was a result of participants
pushing the market up too fast in January amid intense
speculation that the Hong Kong dollar's 7.80 peg rate against
the U.S. Dollar would soon be changed.
    The speculation depressed local interest rates and
unleashed a flood of new issues.
    But the speculation faded in early February and interest
rates climbed as the government remained adamant in maintaining
the peg, thus triggering an adjustment on the fixed rate
capital market.
    By late February the market had recovered considerably but
Dai-Ichi Kangyo Bank and Morgan Guaranty Trust Co of New York
launched their issues and pushed the market down again. Since
then there has been no new issues for nearly two weeks until
China Development Finance Co (H.K.) Ltd (CDFC), a unit of the
Bank of China, launched the five-year deal at 7.05 pct with
quarterly interest payment in mid-afternoon today.
    Brokers said the market was steady early this morning but
began to slip marginally by late morning as rumours of a new
issue circulated.
    When the deal was launched the major players quickly
suspended trading and refused to quote prices for their own
issues, brokers said. "We just don't know where the market is
going," said a European banker.
    They said the Bank of Communications issue traded at a low
of 99.70 but was later pushed up to 99.90/95, within the 10
basis point fee, adding that buying came mainly from sister
banks in the Bank of China group.
    An official with one of the Chinese banks said the deal was
launched at an effective yield of 7.26 pct, in line with the
market at that time.
    But a European banker said pricing was not an issue IN the
present market conditionS, "the timing was just not right."
    "If banks had more patience they wouldn't launch any issues
now, and then the market would be all right," another dealer
said.
    "But there is no reason to be overly pessimistic," he said.
"The effect of this issue on the market should not be as bad as
what happened after the DKB and Morgan deals."
    Despite the criticism bankers said CDFC still managed to
recruit more than 10 underwriters though the composition of the
group has not yet been finalised.
    "Any trader should recommend his bank against joining the
deal," said a dealer. "But there are other considerations such as
relationship." He admitted his bank has joined as co-manager.
    A banker said he saw no reason why the market makers
decided to shut down if they were willing to join the new
issue.
    "Perhaps they were jealous that for the first time a Chinese
entity has taken the sole lead position for a Chinese issue," he
said.
    Previously Chinese entities have always acted as co-lead
managers, whether for Chinese or foreign issues.
 REUTER
3;
bodyend
documentend
documentstart
1970
topicstart
grain
potato
wheat
barley
meal-feed
soy-meal
hog
carcass
livestock
topicend
bodystart
2;

U.K. GRAIN/POTATO FUTURES VOLUME DOWN IN FEBRUARY


    LONDON, March 5 - 
Traded volumes for U.K. Grain and potato
futures in February were down on the previous month while
pigmeat and pig cash settlement futures were higher, official
figures show.
    Combined wheat and barley futures trade declined to 892,700
tonnes from 1.19 mln in January, and the value fell to 97 mln
stg from 129 mln, Grain and Feed Trade Association (GAFTA)
figures show.
    A total of 984,960 tonnes were registered for main crop
potato futures in February valued at 157 mln stg, versus
992,760 and 164 mln stg in January.
    Soymeal futures trade totalled 76,340 tonnes against 90,680
in January, and value declined to nine mln stg from 10 mln.
    Nine pigmeat contracts were traded in February, six more
than in the previous month, representing 450 carcases against
150, valued at 29,347 stg against 9,847 stg.
    Pig cash settlement futures saw 201 contracts traded,
against 19 in January, and the value rose to 659,864 stg from
119,610 stg.
 REUTER
3;
bodyend
documentend
documentstart
1971
topicstart
interest
topicend
bodystart
2;

BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED


    FRANKFURT, March 5 - 
The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
    The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
 REUTER
3;
bodyend
documentend
documentstart
1972
topicstart
topicend
bodystart
2;

MITSUI AND CO TO ISSUE EURODOLLAR WARRANT BONDS


    TOKYO, March 5 - 
Mitsui and Co Ltd said it plans to issue
300 mln Eurodollar warrant bonds in two tranches with payment
on March 30 through a syndicate led by Nomura International
Ltd.
    One tranche is of five-year, 150 mln dlr bonds while the
rest is of seven-year, 150 mln dlr bonds, but other issue terms
have not yet been decided.
 REUTER
3;
bodyend
documentend
documentstart
1973
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 500 BILLION IN BILLS


    TOKYO, March 5 - 
The Bank of Japan will sell tomorrow 500
billion yen of financing bills it holds to help absorb a
projected money market surplus, money market traders said.
    Of the total, 300 billion yen will yield 3.9989 pct on the
sales from money houses to banks and securities houses in
27-day repurchase agreement, due April 2.
    The remaining 200 billion yen will yield 3.9994 pct in a
39-day repurchase pact maturing on April 14, they said.
    The repurchase agreement yields compare with the 4.0625 pct
one-month commercial bill discount rate today and the 4.50/43
pct rate on one-month certificates of deposit.
    Tomorrow's surplus in the money market is estimated at 420
billion yen, mainly due to payment of national annuities, money
traders said. The operation will put the outstanding bill
supply at about 1,300 yen.
 REUTER
3;
bodyend
documentend
documentstart
1974
topicstart
topicend
bodystart
2;

ARGENTINA SEEKS NEW DEBT DEADLINES, OFFICIAL SAYS


    BUENOS AIRES, March 4 - 
Argentina will tell its creditors
it needs an extension of deadlines for payment of capital and
interest on its 50 billion dlr foreign debt, Industry and
Foreign Trade Secretary Roberto Lavagna told reporters.
    "We, the developing countries, are going to insist on the
application of contingency clauses, to extend deadlines for the
payment of capital as well as interest," he said.
    He said this could bring about what he called a possible
automatic capitalisation of those parts of debt interest that
could not be paid and even the elimination of a portion of the
debt.
 REUTER
3;
bodyend
documentend
documentstart
1975
topicstart
sugar
topicend
bodystart
2;

TURKEY TO IMPORT 100,000 TONNES OF CRYSTAL SUGAR


    ISTANBUL, March 5 - 
Turkey has announced a tender to import
100,000 tonnes of white crystal sugar with an advertisement in
local newspapers.
    Turkish Sugar Factories said in the advertisement there was
a 50 pct option to increase or decrease the amount and bids
should reach it before March 24.
    The semi-official Anatolian Agency recently quoted Turkish
Minister of Industry and Trade Cahit Aral as saying Turkey will
export 100,000 tonnes of sugar this year and import the same
amount.
 REUTER
3;
bodyend
documentend
documentstart
1976
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER SMALL ASSISTANCE


    LONDON, March 5 - 
The Bank of England said it provided the
money market with a further 20 mln stg of assistance during the
morning. It again bought bills for resale to the market on
April 2 at a rate of 10-15/16 pct. Earlier this morning, it
bought 17 mln stg of bills at the same rate and for resale on
the same date.
    The Bank has thus given a total of 37 mln stg so far today,
which leaves the bulk of a 1.15 billion stg shortage still in
the system. Dealers noted that money market rates again eased
this morning and the Bank may have refused bill offers from the
discount houses at rates below its established dealing levels.
 REUTER
3;
bodyend
documentend
documentstart
1977
topicstart
topicend
bodystart
2;

MATSUSHITA ELECTRIC TRADING ISSUES WARRANT BOND


    LONDON, March 5 - 
Matushita Electric Trading Co Ltd is
issuing a 100 mln dlr equity warrant eurobond due March 30,
1992 paying an indicated coupon of 2-3/4 pct and priced at par,
lead manager Nomura International Ltd said.
    Final terms on the non-callable bond will be fixed on March
12. The selling concession is 1-1/2 pct while management and
underwriting combined pays 3/4 pct. The payment date is March
30 while listing will be in Luxembourg.
    The issue is available in denominations of 5,000 dlrs. The
warrant exercise period is from April 15, 1987 until March 17,
1992.
 REUTER
3;
bodyend
documentend
documentstart
1978
topicstart
topicend
bodystart
2;

GUNMA BANK ISSUES 50 MLN DLR CONVERTIBLE EUROBOND


    LONDON, March 5 - 
The Gunma Bank Ltd is issuing a 50 mln
dlr convertible eurobond due March 31, 2002 paying an indicated
2-1/4 pct and priced at par, lead manager Nomura International
Ltd said.
    The issue is callable from March 31, 1990 at 104 pct
declining by 1/2 pct per annum to par thereafter but is not
callable until 1992 unless the share price exceeds 150 pct of
the conversion price.
    The selling concession is 1-1/2 pct while management and
underwriting combined pays one pct. Final terms will be fixed
on March 12.
    The issue is available in denominations of 5,000 dlrs and
will be listed in Luxembourg. The payment date is March 31.
    The conversion period is from April 13, 1987 until March
22, 2002.
 REUTER
3;
bodyend
documentend
documentstart
1980
topicstart
crude
ship
topicend
bodystart
2;

ICE UNCHANGED AT SOVIET OIL PORT OF VENTSPILS


    HELSINKI, March 5 - 
Ice conditions are unchanged at the
Soviet Baltic oil port of Ventspils, with continuous and
compacted drift ice 15 to 30 cms thick, the latest report of
the Finnish Board of Navigation said.
    Icebreaker assistance to reach Ventspils harbour is needed
for normal steel vessels without special reinforcement against
ice, the report said.
    It gave no details of ice conditions at the other major
Soviet Baltic export harbour of Klaipeda.
 Reuter
3;
bodyend
documentend
documentstart
1982
topicstart
money-fx
interest
topicend
bodystart
2;

SWISS OFFERS NEW SERIES OF MONEY MARKET PAPER


    ZURICH, March 5 - 
The Swiss Finance Ministry is inviting
tenders for a new series of three-month money market
certificates to raise about 150 mln Swiss francs, the Swiss
National Bank said.
    Bids would be due on March 10 and payment on March 12.
    The last issue of three-month paper conducted on February
12 yielded 2.969 pct.
 REUTER
3;
bodyend
documentend
documentstart
1983
topicstart
money-fx
topicend
bodystart
2;

EGYPTIAN CENTRAL BANK DOLLAR RATE UNCHANGED


    CAIRO, March 4 - 
Egypt's Central Bank today set the dollar
rate for commercial banks for March 6 at 1.373/87 dollars,
unchanged from the previous rate.
 REUTER
3;
bodyend
documentend
documentstart
1985
topicstart
topicend
bodystart
2;

TANZANIAN RAILWAYS SECURE 25.6 MLN DLRS AID


    DAR ES SALAAM, March 5 - 
State-run Tanzania Railway
Corporation (TRC) has secured 25.6 mln dlrs aid from banks and
European countries for a one-year emergency repair program,
Transport Minister Mustafa Nyang'anyi said.
    Nyang'anyi told Reuters on his return from a World Bank
sponsored donors' conference in New York that the aid would
enable TRC to buy spares for 32 locomotives, overhaul 800
wagons and replace 67,000 sleepers over the next 12 months.
    The World Bank, African Development Bank, European
Community, Canada, Belgium, West Germany, Britain, Sweden,
Italy and Denmark had contributed to the package, he said.
    TRC runs a rail network linking Dar es Salaam and the
northern port of Tanga with the coffee-growing area around
Mount Kilimanjaro and ports on Lake Victoria and Lake
Tanganyika.
    It is under separate administration from the
Tanzania-Zambia railway linking Dar es Salaam with the Zambian
copperbelt and the railway system of southern Africa, which has
already received substantial aid as part of international
efforts to ease the dependence of landlocked African states on
trade routes through South Africa.
    But this is the first international aid package for TRC,
which also carries cargo for Uganda, Zaire and Burundi.
 REUTER
3;
bodyend
documentend
documentstart
1986
topicstart
topicend
bodystart
2;

MITSUI AND CO EUROBONDS FORMALLY LAUNCHED


    LONDON, March 5 - 
The two 150 mln dlr equity warrant
eurobonds for Mitsui and Co Ltd, reported earlier today from
Tokyo, have now been formally launched, lead manager Nomura
International Ltd said.
    The first tranche matures on March 30, 1992 and has an
indicated coupon of 2-3/4 pct while the second tranche matures
on March 30, 1994 and has a fixed coupon of three pct. Both
deals have an indicated pricing of par.
    The selling concession for both deals is 1-1/2 pct while
management and underwriting combined pays 3/4 pct. Final terms
on the deals will be fixed on March 12.
 Reuter
3;
bodyend
documentend
documentstart
1987
topicstart
acq
topicend
bodystart
2;
******
BAKER INTERNATIONAL CORP SUES HUGHES TOOL SEEKING MERGER COMPLETION

Blah blah blah.
3;


bodyend
documentend
documentstart
1989
topicstart
acq
topicend
bodystart
2;
******
USAIR GROUP REJECTS TRANS WORLD AIRLINES TAKEOVER BID

Blah blah blah.
3;


bodyend
documentend
documentstart
1990
topicstart
crude
topicend
bodystart
2;

EARLY MARCH OPEC OUTPUT SEEN WELL BELOW CEILING


    By Andrew Hill, Reuters


    LONDON, March 5 - 
OPEC crude oil output in the first few
days of March was running at about 14.7 mln bpd, down from a 16
mln bpd average for February and well below the 15.8 mln bpd
ceiling the group adopted in December, a Reuter survey shows.
    The figures were polled by Reuters correspondents from oil
traders, industry executives and analysts in Europe, the Middle
East, Africa, Latin America and Asia.
    They back recent statements by OPEC ministers that the
group is producing within its ceiling to support the return to
a fixed price system, which came into effect last month.
    OPEC output for the whole of February was about 200,000 bpd
above the ceiling, largely because of overproduction by the
United Arab Emirates and Kuwait, the figures show.
    The UAE, together with the much smaller producer Ecuador,
was also producing above quota in the first days of March, the
survey reveals.
    But such overproduction was compensated for by a sharp fall
in Saudi Arabian output, together with Iran"s inability to
export as much as its quota allows.
    Iraq rejected its OPEC quota of 1.466 mln bpd and produced
1.75 mln bpd in February and early March, the figures showed.
    Saudi output -- excluding movements into stocks -- fell to
3.1 mln bpd in early March from 3.5 mln bpd in February,
against a 4.133 mln bpd quota. The Saudi figures include a
200,000 bpd share of Neutral Zone production.
    Kuwait, which has consistently denied quota violations, was
estimated to be pumping 1.4 mln bpd in February and 1.15 in
early March -- both figures including 200,000 bpd as its share
of Neutral Zone output -- against its 948,000 bpd quota.
    Reports of customer resistance to fixed prices set by some
OPEC states were reflected in output from Qatar and Nigeria,
both substantially under quota in February and early March.
    Qatar's February output was 230,000 bpd, and this fell to
180,000 bpd in early March compared with its 285,000 bpd quota.
    Industry sources say Japanese buyers are resisting Qatar"s
prices and Gulf Arab oil states have pledged to make up for any
shortfall in sales which a fellow Gulf state suffers.
    Nigeria's early March output was about one mln bpd, down
from 1.14 mln bpd in February and its quota of 1.238 mln bpd.
    Industry sources say Nigeria's customers believe its Bonny
grades are overpriced compared with compatible Brent crudes
from the U.K. North Sea.
    Country-by-country production figures are as follows, in
mln bpd -
 COUNTRY        CURRENT        FEBRUARY    QUOTA
 ALGERIA        0.64           0.64        0.635
 ECUADOR        0.26           0.26        0.210
 GABON          0.15           0.15        0.152
 INDONESIA      1.16           1.16        1.133
 IRAN           1.80           2.20        2.255
 IRAQ           1.75           1.75        1.466
 KUWAIT         1.15           1.40        0.948
 LIBYA          0.95           0.95        0.948
 NIGERIA        1.00           1.14        1.238
 QATAR          0.18           0.23        0.285
 SAUDI ARABIA   3.10           3.50        4.133
 UAE            1.10           1.15        0.902
 VENEZUELA      1.50           1.50        1.495
 TOTAL          14.7           16.0        15.8
 REUTER
 Reuter
3;
bodyend
documentend
documentstart
1992
topicstart
topicend
bodystart
2;

CITY OF QUEBEC ISSUES 40 MLN CANADIAN DLR EUROBOND


    PARIS, March 5 - 
The City of Quebec is issuing a 40 mln
Canadian dlr, nine pct bond due April 1, 1997 at 100-1/2 pct,
sole lead manager Societe Generale said.
    The non-callable issue is of direct unsecured,
unsubordinated debt.
    Fees are 1-1/4 pct for selling and 3/8 pct each for
management and underwriting. Payment date is April 1,
denominations are of 1,000 and 10,000 dlrs and listing is in
Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
1994
topicstart
acq
topicend
bodystart
2;

BAKER 
<
BKO> SUES TO FORCE HUGHES 
<
HT> MERGER


    HOUSTON, March 5 - 
Baker International corp said it has
filed suit in state court in Houston to compel Hughes Tool Co
to complete its proposed merger with Baker.
    Late yesterday, Hughes said it had terminated the merger
agreement because Baker would not agree to an alternative
divestiture plan devised by Hughes.  Hughes' board had
previously found unacceptable a U.S. Justice Department consent
decree that would have required broader divestitures.
    Baker said it has not obtained any satisfactory explanation
from Hughes of its objections to the provisions of the Justice
Department consent decree.
    Hughes yesterday adjourned the special meeting at which
shareholders were to vote on the merger without permitting the
counting of votes on the deal.  Baker said it believes the vote
was overwhelmingly in favor of the merger.
    Baker said the new terms that Hughes proposed for the
merger, as an alternative to the consent decree, were "more
burdensome" than those of the consent decree themselves.
    Baker said divestitures under the consent decree would
reduce revenues for the combined company by about 65 mln dlrs
or three pct.
    Baker said it will continue to pursue the divestitures of
the units named in the consent decree.
    It said its suit names as defendants Hughes and certain of
its directors and seeks either an injunction forcing Hughes to
live up to the merger agreement or "substantial" monetary
damages it did not name.
    Baker said it believes the merger to be in the best
interests of shareholders of both companies.
 Reuter
3;
bodyend
documentend
documentstart
1995
topicstart
interest
topicend
bodystart
2;

SPAIN DEREGULATES BANK DEPOSIT INTEREST RATES


    MADRID, March 5 - 
Spain's Finance Ministry deregulated bank
deposit rates in an effort to raise competition among banks and
bring legislation into line with the European Community (EC), a
ministry spokesman said.
    The measure was published today in the Official State
Gazette. It takes effect tomorrow and lifts restrictions on
rates, now limited to six pct on deposits of up to 180 days.
    The government also enacted a decree cutting to one pct
from 13 pct the proportion of total assets which banks must
lend at favourable rates to industries classified "of public
interest."
    Some bankers expect the deregulation of rates to result in
a 20 pct drop in profits this year.
    Secretary of State for the Economy Guillermo de la Dehesa
told Reuters in a recent interview the reduction in fixed asset
investments would offset losses from the rate liberalisation.
 REUTER
3;
bodyend
documentend
documentstart
1996
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> REJECTS TWA 
<
TWA> TAKEOVER BID


    WASHINGTON, March 5 - 
USAir Group Inc said its board has
rejected Trans World Airlines Inc's offer to acquire USAir for
52 dlrs per share in cash as grossly in adequate and not in the
best interests of USAir shareholders, employees or passengers.
    The company said the unsolicited bid by the Carl C.
Icahn-led TWA was "highly conditional."
    USAir said its board and that of Piedmont Aviation Inc

<
PIE> met separately yesterday to consider USAir's offer to
acquire 50.1 pct of Piedmont for 71 dlrs per share and
remaining shares for 1.5 to 1.9 common shares each, valued at
about 73 dlrs per share based on the average closing price of
USAir common during a period just before the merger.
    The company said it is continuing talks with Piedmont on
arriving at a definitive merger agreement and the two companies
hope to reach one very shortly.
    USAir said "In light of the highly conditional nature and
other terms of the TWA offer, the timing of the offer and the
circumstances under which it was made, USAir Group believes
that the purpose of the TWA offer is to interfere with USAir
Group's proposed acquisition of Piedmont.
    "TWA's proposal is nothing more than an attempt by Carl
Icahn to disrupt at the eleventh hour USAir Group's acquisition
of Piedmont, a transaction which the USAir Group board views as
most beneficial to USAir Group shareholders, employees and
passengers and which Mr. Icahn obviously regards as contrary to
his own personal interests."
    USAir said its board has authorized counsel to explore all
appropriate legal remedies against what it called TWA's
last-minute attempt to interfere with USAir Group's acquisition
of Piedmont.
    The company said conditions to the TWA offer include TWA
obtaining financing, the USAir board redeeming defensive rights
issued to shareholders last year and acting to render the "fair
price" provision contained in USAir's charter inapplicable to
the TWA offer and Transportation Department approval.
 Reuter...
3;
bodyend
documentend
documentstart
2000
topicstart
jobs
topicend
bodystart
2;

U.S. FIRST TIME JOBLESS CLAIMS FALL IN WEEK


    WASHINGTON, March 5 - 
New applications for unemployment
insurance benefits fell to a seasonally adjusted 332,900 in the
week ended Feb 21 from 368,400 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 3,014,400 in the week ended Feb
14, the latest period for which that figure was available.
    That was up from 2,997,800 the previous week.
     
 Reuter
3;
bodyend
documentend
documentstart
2001
topicstart
earn
topicend
bodystart
2;

JAGUAR SEES STRONG GROWTH IN NEW MODEL SALES


    LONDON, March 5 - 
Jaguar Plc 
<
JAGR.L> is about to sell its
new XJ-6 model on the U.S. And Japanese markets and expects a
strong reception based on its success in the U.K., Chairman Sir
John Egan told a news conference.
    Commenting on an 11 pct growth in 1986 group turnover to
830.4 mln stg and pre-tax profits at 120.8 mln stg, slightly
below 1985's 121.3 mln, Egan said Jaguar aimed at an average
profit growth of 15 pct per year. However, the introduction of
the new model had kept this year's pre-tax profit down.
    Jaguar starts selling XJ-6 in the U.S. In May and plans to
sell 25,000 of its total 47,000 production there in 1987.
    U.S. Sales now account for 65 pct of total turnover,
finance director John Edwards said.
    A U.S. Price for the car has not been set yet, but Edwards
said the relatively high car prices in dollars of West German
competitors offered an "umbrella" for Jaguar. He added the XJ-6
had also to compete with U.S. Luxury car producers which would
restrict the car's price.
    Jaguar hedges a majority of its dollar receipts on a
12-month rolling basis and plans to do so for a larger part of
its receipts for longer periods, John Egan said.
    In the longer term, capital expenditure will amount to 10
pct of net sales. Research and development will cost four pct
of net sales and training two pct.
    Jaguar builds half of its cars and buys components for the
other half. The firm is in early stages of considering the
building of an own press shop in Britain for about 80 mln stg,
but Egan said this would take at least another three years
    On the London Stock Exchange, Jaguar's shares were last
quoted at 591p, down from 611p at yesterday's close, after
reporting 1986 results which were in line with market
expectations, dealers said.
 REUTER...
3;
bodyend
documentend
documentstart
2003
topicstart
grain
wheat
topicend
bodystart
2;

CCC ACCEPTS BONUS BID ON WHEAT FLOUR TO IRAQ


    WASHINGTON, March 5 - 
The Commodity Credit Corporation,
CCC, has accepted bids for export bonuses to cover sales of
25,000 tonnes of wheat flour to Iraq, the U.S. Agriculture
Department said.
    The department said the bonuses awarded averaged 116.84
dlrs per tonne.
    The shipment periods are March 15-April 20 (12,500 tonnes)
and April 1-May 5 (12,500 tonnes).
    The bonus awards were made to Peavey Company and will be
paid in the form of commodities from CCC stocks, it said.
    An additional 175,000 tonnes of wheat flour are still
available to Iraq under the Export Enhancement Program
initative announced January 7, 1987, the department said.
 Reuter
3;
bodyend
documentend
documentstart
2004
topicstart
crude
topicend
bodystart
2;
******
DIAMOND SHAMROCK RAISES CRUDE POSTED PRICES ONE DLR, EFFECTIVE MARCH 4, WTI NOW 17.00 DLRS/BBL

Blah blah blah.
3;


bodyend
documentend
documentstart
2005
topicstart
earn
topicend
bodystart
2;

NORD RESOURCES CORP 
<
NRD> 4TH QTR NET


    DAYTON, Ohio, March 5 -
    
Shr 19 cts vs 13 cts
    Net 2,656,000 vs 1,712,000
    Revs 15.4 mln vs 9,443,000
    Avg shrs 14.1 mln vs 12.6 mln
    Year
    Shr 98 cts vs 77 cts
    Net 13.8 mln vs 8,928,000
    Revs 58.8 mln vs 48.5 mln
    Avg shrs 14.0 mln vs 11.6 mln
    NOTE: Shr figures adjusted for 3-for-2 split paid Feb 6,
1987.
 Reuter
3;
bodyend
documentend
documentstart
2006
topicstart
copper
topicend
bodystart
2;

NO QUAKE DAMAGE AT CHUQUICAMATA - MINE SPOKESMAN


    SANTIAGO, March 5 - 
The earthquake which hit northern Chile
today, registering 7.0 on the open-ended Richter scale, caused
no damage to the copper mine at Chuquicamata, a mine spokesman
said.
    Chuquicamata public relations director Guillermo Barcelo
told Reuters by telephone from the mine that the quake had
caused no problems and operations continued as usual.
    A spokesman for the state Chilean Copper Commission in
Santiago confirmed there had been no damage at Chuquicamata.
 Reuter
3;
bodyend
documentend
documentstart
2007
topicstart
crude
nat-gas
topicend
bodystart
2;

ORBIT INCREASES OIL AND GAS RESERVE VALUES


    CALGARY, Alberta, March 5 - 
<
Orbit Oil and Gas Ltd> said
the value of its oil and gas reserves increased by 19 pct to
52.6 mln dlrs from 44.2 mln dlrs reported at year-end 1985,
according to an independent appraisal.
    Orbit said it has reserves of 2.4 mln barrels of oil and
natural gas liquids and 67.2 billion cubic feet of natural gas.
    In addition, 75 pct owned 
<
Sienna Resources Ltd> has
Canadian reserves of 173,000 barrels of oil and 1.6 bcf of
natural gas with a current value of 2.2 mln dlrs, Orbit said.
 Reuter
3;
bodyend
documentend
documentstart
2008
topicstart
grain
wheat
topicend
bodystart
2;

CCC ACCEPTS BONUS BID ON SEMOLINA TO EGYPT


    WASHINGTON, March 5 - 
The Commodity Credit Corporation,
CCC, has accepted a bid for an export bonus to cover a sale of
2,000 tonnes of semolina to Egypt, the U.S. Agriculture
Department said.
    The department said the bonus was 233.91 dlrs per tonne and
was made to International Multifoods Corp. The bonus will be
paid in the form of commodities from CCC stocks.
    The semolina is for shipment during June 1987, it said.
    An additional 13,000 tonnes of semolina are still available
to Egypt under the Export Enhancement Program initiative
announced on August 6, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
2010
topicstart
acq
topicend
bodystart
2;

FIVE GROUPS APPLY TO BUY FRENCH TELEPHONE GROUP


    PARIS, March 5 - 
Five consortia have applied to buy the
French state-owned telephone equipment manufacturer 
<
Cie
Generale de Constructions Telephoniques (CGCT)>, which will
give the owners control of 16 pct of the French telephone
switching market, sources close to Finance Minister Edouard
Balladur said.
    The French government has given itself until the end of
April to decide which applicant will be accepted, they added.
    While several foreign groups have said they want to gain a
foothold in the French market, their potential stake in CGCT is
limited to 20 pct under privatisation laws passed last year,
with 80 pct to be left in French hands.
    The Finance Ministry sources gave no details of the groups
interested in CGCT, but several have publicly announced their
candidacies.
    U.S. Telecommunications giant American Telephone and
Telegraph Co 
<
T.N> which has been at the centre of the two-year
battle for CGCT, has teamed up with the Dutch-based 
<
Philips
Telecommunications Industrie B.V.>, a subsidiary of NV Philips
Gloeilampenfabriek 
<
PGLO.AS> and 
<
Societe Anonyme de
Telecommunications> (SAT) to present a joint bid, in
association with holding company Cie du Midi SA 
<
MCDP.P> and
five French investment funds.
    A second bid has come from the West German electronics
group Siemens AG 
<
SIEG.F>, which hopes to take a 20 pct stake
in CGCT, with the French telecommunications 
<
Jeumont-Schneider>
taking the remaining 80 pct.
    Sweden's 
<
AB LM Ericsson> has also submitted a bid for the
maximum 20 pct permitted, in association with French defence
electronics group 
<
Matra>, which would hold between 40 and 49
pct, and construction group 
<
Bouygues>.
    Matra has already acquired CGCT's private telephone
business.
REUTER...
3;
bodyend
documentend
documentstart
2012
topicstart
ship
topicend
bodystart
2;

BLIZZARD CLOSES BOSPHORUS


    ISTANBUL, March 5 - 
Blizzard conditions halted shipping
through the Bosphorus waterway and piled snow up to 70 cms deep
in central Istanbul, paralysing the city for the second day
running.
    Snow whipped by 48 kph winds continued to fall on Istanbul
and northwest Anatolia after 36 hours and weather reports
predicted no relief for another two days.
    Port officials said at least six large vessels in the Black
Sea and 13 in the Sea of Marmara were waiting for conditions to
improve.
    Istanbul's Ataturk international airport has been closed
since yesterday.
 Reuter
3;
bodyend
documentend
documentstart
2013
topicstart
acq
topicend
bodystart
2;

JAPAN FUND 
<
JPN> SEEKERS CONFIDENT OF FINANCING


    NEW YORK, March 5 - 
The 
<
Sterling Grace Capital Management
L.P.> group said it is confident financing can be arranged if
The Japan Fund's board recommend's the group's acquisition
proposal.
    The group, which also includes 
<
Anglo American Security
Fund L.P.> and T.B. Pickens III, Tuesday proposed an entity it
controls acquire for cash all the assets of Japan Fund for 95
pct of the fund's aggregate net asset value.
    The group said it has had a number of meetings over the
past few days with domestic and overseas financial institutions.
    The Sterling Grace Capital group said certain of these
institutions have expressed serious interest in providing
financing for the proposed acquisition of Japan Fund, "adding
we are reasonably confident that the financing can be quickly
arranged if the Japan Fund's board of directors is willing to
recommend the transaction to shareholders."
 Reuter
3;
bodyend
documentend
documentstart
2015
topicstart
topicend
bodystart
2;

TANZANIAN RAILWAYS SECURE 25.6 MLN DLRS AID


    DAR ES SALAAM, March 5 - 
State-run Tanzania Railway
Corporation (TRC) has secured 25.6 mln dlrs aid from banks and
European countries for a one-year emergency repair program,
Transport Minister Mustafa Nyang'anyi said.
    Nyang'anyi told Reuters on his return from a World Bank
sponsored donors' conference in New York that the aid would
enable TRC to buy spares for 32 locomotives, overhaul 800
wagons and replace 67,000 sleepers over the next 12 months.
    The World Bank, African Development Bank, European
Community, Canada, Belgium, West Germany, Britain, Sweden,
Italy and Denmark had contributed to the package, he said.
    TRC runs a rail network linking Dar es Salaam and the
northern port of Tanga with the coffee-growing area around
Mount Kilimanjaro and ports on Lake Victoria and Lake
Tanganyika.
    It is under separate administration from the
Tanzania-Zambia railway linking Dar es Salaam with the Zambian
copperbelt and the railway system of southern Africa, which has
already received substantial aid as part of international
efforts to ease the dependence of landlocked African states on
trade routes through South Africa.
    But this is the first international aid package for TRC,
which also carries cargo for Uganda, Zaire and Burundi.
 Reuter
3;
bodyend
documentend
documentstart
2016
topicstart
earn
topicend
bodystart
2;

PEGASUS GOLD INC 
<
PGULF> 3RD QTR DEC 31 NET


    VANCOUVER, British Columbia, March 5 -
    
Shr profit 20 cts vs loss two cts
    Net profit 2,665,000 vs loss 202,000
    Revs 12,141,000 vs 5,993,000
    Nine mths
    Shr profit 35 cts vs loss 11 cts
    Net profit 4,653,000 vs loss 1,167,000
    Revs 35.1 mln vs 18.0 mln
 Reuter
3;
bodyend
documentend
documentstart
2020
topicstart
earn
topicend
bodystart
2;

<
KELTIC INC> YEAR NET


    TORONTO, March 5 -
    
Shr 99 cts vs 1.25 dlrs
    Net 418,733 vs 235,572
    Revs 2,777,425 vs 2,024,116
    Note: 1986 shr after November, 1986 600,000 class A
subordinate floating share issue
 Reuter
3;
bodyend
documentend
documentstart
2022
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN HELP, OFFERED FACILITIES


    LONDON, March 5 - 
The Bank of England said it had given the
money market 206 mln stg of assistance this afternoon and
offered the discount houses borrowing facilities to take out
the rest of the 1.10 billion stg shortage, revised down from an
initial 1.15 billion estimate.
    It made no alteration to its established dealing rates,
buying 95 mln stg of band one bank bills at 10-7/8 pct and 111
mln of band two bank bills at 10-13/16 pct. This brings the
Bank's total assistance so far today to 243 mln stg.
 REUTER
3;
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documentend
documentstart
2024
topicstart
acq
topicend
bodystart
2;

E.F. HUTTON 
<
EFH> STARTS PUROLATOR 
<
PCC> BID


    NEW YORK, March 5 - 
E.F. Hutton Group Inc said it has
started its previously announced offer to purchase up to
6,332,471 common shares of Purolator Courier Corp at 35 dlrs
each.
    In a newspaper advertisement, the company said the offer,
proration period and withdrfawal rights will expire April One
unless extended.  The offer is conditioned on receipt of at
least 5,116,892 Purolator shares, or a 66.7 pct interest, and
is the first step in a merger agreement that has been approved
by the Purolator board.
    Hutton said it reserves the right to buy more than
6,332,471 shares but has no present intention of doing so.  It
said it may waive the condition that at least 5,116,892 shares
be tendered as long as it received at least a 50.1 pct
interest.  If it were to receive fewer shares than that, it
said it would only purchase sharesd with the consent of
Purolator.
 Reuter
3;
bodyend
documentend
documentstart
2025
topicstart
money-fx
topicend
bodystart
2;

YEUTTER PUTS CURRENCY BURDEN ON TAIWAN, KOREA


    NEW YORK , March 5 - 
Responsibility for the appreciation of
the Taiwan dollar and the South Korean Won lies soley with
those countries, said U.S. trade representative Clayton Yeutter
    Speaking to the Asia Society, Yeutter said that it is in
those countries' own long-term interest to raise the value of
their currencies against the dollar.
    Yeutter was responding to a question about what the U.S.
could do to encourage appreciation of those currencies against
the dollar in order to reduce the large U.S. trade deficits
with Taiwain and Korea.
    "An undervalued currency will help those countries' exports
in the short term, but in the long run they have to be
concerned about how they are perceived in the international
business community," Yeutter said.
    For Taiwan, Yeutter said that with its per capita trade
surplus with the U.S., much larger than that of Japan's, and
with huge foreign exchange reserves, it was difficult to defend
the high import tarrifs and other barriers that prevail in that
country.
    He also said that the south Korean Won should begin to move
to reflect underlying economic fundamentals, "otherwise in two
or three years' time, Korea will be in the same situation that
prevails in Taiwan."
    Turning to the U.S. deficit with Japan of more than 50
billion dlrs, Yeutter said that this situation was not
sustainable.
    "Something must give soon. If not, there is a great threat
of U.S. legislative action to counteract that trend," Yeutter
said.
 Reuter
3;
bodyend
documentend
documentstart
2026
topicstart
earn
topicend
bodystart
2;

PRINCEVILLE DEVELOPMENT CORP 
<
PVDC> YEAR LOSS


    PRINCEVILLE, Hawaii, March 5 -
    
Shr diluted loss 31 cts vs profit 17 cts
    Net loss 2,806,005 vs profit 1,513,395
    Revs 15.0 mln vs 10.4 mln
    Avg shrs diluted 8,982,754 vs 8,804,899
    NOTE: Current year includes loss of 3.4 mln dlrs from
takeover defense expenses. Also includes losses of 1.8 mln dlrs
vs 332,000 dlrs from equity in limited partnerships.
 Reuter
3;
bodyend
documentend
documentstart
2027
topicstart
acq
topicend
bodystart
2;

ORANGE-CO 
<
OJ> HOLDER RAISES STAKE


    LAKE HAMILTON, Fla., March 5 - 
Orange-Co Inc said its
largest shareholder, 
<
Summit Resoureces Inc>, has increased its
stake to 15 pct from 14 pct and now owns 644,727 shares.
 Reuter
3;
bodyend
documentend
documentstart
2028
topicstart
earn
topicend
bodystart
2;

HORIZON CORP 
<
HZN> 4TH QTR NET


    FOUNTAIN HILLS, Ariz., March 5 -
    
Oper shr profit 1.66 dlrs vs loss eight cts
    Oper net profit 12.0 mln vs loss 572,000
    Revs 27.4 mln vs 4,311,000
    Year
    Oper shr profit 1.36 dlrs vs loss 43 cts
    Oper net profit 9,817,000 vs loss 2,433,000
    Revs 35.0 mln vs 13.8 mln
    Avg shrs 7,224,000 vs 6,731,000
    NOTE: 1985 net includes tax credits of 492,000 dlrs in
quarter and 2,433,000 dlrs in year.
    1985 net both periods excludes 168,000 dlr loss from
discontinued operations.
    1986 net both periods includes pretax gain 21.8 mln dlrs
from sale of remaining interest in Paradise Hills, N.M.,
development.
 Reuter
3;
bodyend
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documentstart
2029
topicstart
earn
topicend
bodystart
2;

<
INTERNATIONAL THOMSON ORGANISATION LTD> YEAR


    TORONTO, Mar 5 -
    
Shr 33p vs 38p
    Net 97 mln vs 111 mln
    Revs 1.71 billion vs 1.76 billion
    NOTE: Figures in sterling.
    Share results after deducting preferred share dividends of
one mln pounds sterling in 1986.
 Reuter
3;
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2031
topicstart
topicend
bodystart
2;

IBJ ESTABLISHES 200 MLN STG CD PROGRAMME


    LONDON, March 5 - 
The Industrial Bank of Japan Ltd (IBJ),
London Branch, said it is establishing a sterling certificate
of deposit (CD) issuance programme for up to 200 mln stg.
    The arranger is LLoyds Merchant Bank Ltd and dealers are
LLoyds, Samuel Montagu and Co Ltd, Morgan Grenfell and Co Ltd
and S.G. Warburg and Co Ltd.
    The paper will have maturities between seven and 365 days.
 REUTER
3;
bodyend
documentend
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2033
topicstart
earn
topicend
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2;

EQUATORIAL COMMUNICATIONS CO 
<
EQUA> 4TH QTR LOSS


    MOUNTAIN VIEW, Calif., March 4 -
    
Shr loss 3.84 dlrs vs nil
    Net loss 56,879,000 vs profit 23,000
    Rev 10.3 mln vs 17.7 mln
    Year
    Shr loss 4.60 dlrs vs profit 14 cts
    Net loss 67,818,000 vs profit 1,807,000
    Rev 50.9 mln vs 56.1 mln
    Avg shares 14,734,000 vs 12,801,000
    NOTE: Fourth qtr net includes a one-time restructuring
charge of 45.2 mln dlrs. 1985 net income includes extraordinary
gain of 3.2 mln dlrs, or 25 cts.
 Reuter
3;
bodyend
documentend
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2035
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earn
topicend
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2;
******
INTERNATIONAL THOMSON ORGANISATION LTD YEAR SHR 33P VS 38P

Blah blah blah.
3;


bodyend
documentend
documentstart
2039
topicstart
acq
topicend
bodystart
2;

TRIMEDYNE 
<
TMED> TO SPIN OFF STAKE IN UNIT


    SANTA ANA, Calif., March 5 - 
Trimedyne Inc said it will
distribute one Class B common share of 
<
Automedix Sciences Inc>
for each four Trimedyne shares held of record on March Nine.
    The company said in the spinoff it is distributing its
entire 44 pct interesdt in Automedix.  The spun-off stock will
not be saleable for 13 months, the company said.
 Reuter
3;
bodyend
documentend
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2042
topicstart
earn
topicend
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2;

CASEY'S GENERAL STORES INC 
<
CASY> 3RD QTR JAN 31


    DES MOINES, Iowa, March 5 -
    
Shr 16 cts vs 13 cts
    Net 1,900,000 vs 1,600,000
    Sales 68.2 mln vs 69.6 mln
    Nine mths
    Shr 60 cts vs 43 cts
    Net 7,100,000 vs 4,700,000
    Sales 214.0 mln vs 219.5 mln
 Reuter
3;
bodyend
documentend
documentstart
2044
topicstart
grain
wheat
barley
corn
topicend
bodystart
2;

FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED


    PARIS, March 5 - 
French operators have requested licences
to export 40,000 tonnes of free market feed wheat, 32,500
tonnes of soft bread wheat, 375,000 tonnes of barley and
465,000 tonnes of maize at today's European Community tender,
trade sources here said.
    Rebates requested ranged between 134 and 136.50 European
currency units (Ecus) a tonne for the feed wheat, 137.39 and
141.50 Ecus a tonne for the bread wheat, 137.93 and 142.95 Ecus
for the barley and 133.75 and 140.25 Ecus for the maize.
 Reuter
3;
bodyend
documentend
documentstart
2045
topicstart
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> OFFERS OVER 37 MLN SHARES


    NEW YORK, March 5 - 
Occidental Petroleum Corp said its
common stock offering has been further increased to a total of
37,950,000 shares.
    The company explained that underwriters exercised in full
their option to increase tohe offering by buying an additional
4,950,000 shares over and above the 33 mln brought to market
yesterday. Originally, Occidental had planned to offer 30 mln
shares. It had 165 mln outstanding prior to the offering.
    The underwriters are Drexel Burnham Lambert Inc, Kidder
Peabody and Co Inc and Salomon Brothers Inc.
    At the public offering price of 30.50 dlrs a share,
Occidental said, the total value of the offering was nearly
1.16 billion dlrs, making it the largest underwritten common
equity offering by a U.S. natural resource company.
    The company said the significant financial improvements
from applying the net proceeds of the offering, principally to
the reduction of debt, along with its 1986 restructuring of oil
and gas operations and the acquisition of Midcon Corp have
positioned Occidental to benefit from an improving oil and gas
industry environment.
 Reuter
3;
bodyend
documentend
documentstart
2046
topicstart
crude
topicend
bodystart
2;

DIAMOND SHAMROCK 
<
DIA> RAISES CRUDE OIL POSTINGS


    NEW YORK, MAR 5 - 
Diamond Shamrock said it raised its
posted prices for all grades of crude oil one dlr a barrel,
effective yesterday.
    The one dlr increase brings West Texas Intermediate, WTI
the U.S. benchmark crude, to 17.00 dlrs a bbl, the company
said.
    Diamond Shamrock joined Sun Co, Coastal, Citgo and Murphy
Oil in raising crude oil posted prices one dlr a barrel
yesterday.
 Reuter
3;
bodyend
documentend
documentstart
2047
topicstart
earn
topicend
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2;

OAK HILL SPORTSWEAR CORP 
<
OHSC> 4TH QTR NET


    NEW YORK, March 5 -
    
Shr 27 cts vs 28 cts
    Net 1,026,000 vs 1,025,000
    Sales 27.8 mln vs 25.4 mln
    Year
    Shr 95 cts vs 16 cts
    Net 3,682,000 vs 598,000
    Sales 102.1 mln vs 100.4 mln
    Avg shrs 3,858,000 vs 3,700,000
 Reuter
3;
bodyend
documentend
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2048
topicstart
earn
topicend
bodystart
2;

OAK INDUSTRIES INC 
<
OAK> 4TH QTR LOSS


    SAN DIEGO, March 5 -
    
Oper shr loss five cts vs loss 50 cts
    Oper net loss 3,862,000 vs loss 15,900,000
    Sales 42.6 mln vs 38.8 mln
    Avg shr 72.1 mln vs 31.7 mln
    Year
    Oper shr loss 51 cts vs loss 2.10 dlrs
    Oper net loss 30.3 mln vs 51.3 mln
    Sales 151.7 mln vs 153.1 mln
    Avg shrs 59.4 mln vs 24.4 mln
    Backlog 57.1 mln vs 52.9 mln
    NOTES: Operating losses exclude profits from discontinued
operationgs of 1,000,000 dlrs, or one cent a share, vs
2,493,000 dlrs, or eight cts a share, in quarter and 65.0 mln
dlrs, or 1.09 dlrs a share, vs 13.7 mln dlrs, or 56 cts a
share, in year
    1986 year operating loss also excludes extraordinary gain
of of 25.6 mln dlrs, or 43 cts a share
    Backlog, which includes only orders to be shipped within 12
mths, was 63.0 mln dlrs on January 31. Orders to be shipped
beyond 12 mths were 27.6 mln dlrs vs 17.1 mln dlrs at December
31
 Reuter
3;
bodyend
documentend
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2049
topicstart
earn
topicend
bodystart
2;

REGIS CORP 
<
RGIS> REGULAR DIVIDEND SET


    MINNEAPOLIS, March 5 -
    
Qtly div 4-1/2 cts vs 4-1/2 cts prior
    Pay April 15
    Record March 24
 Reuter
3;
bodyend
documentend
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2052
topicstart
topicend
bodystart
2;

CONGRESS MAY CURB U.S. AID TO DEVELOPMENT BANKS


    WASHINGTON, March 5 - 
Congressional ire is rising against
the multinational development banks which make loans to help
other countries produce goods in direct competition with
beleagured U.S. farmers and miners.
    With a record U.S. trade deficit of 169 billion dlrs last
year and a farm economy in the doldrums, Congress is pressing
to hold back U.S. funds for the World Bank and other
development banks if the money is used to subsidize production
or to produce goods already in oversupply around the world.
     "American tax dollars are being used to subsidize foreign
agriculture and mineral production that is often in direct
competition with our producers," Senator Don Nickles, an
Oklahoma Republican, said in a letter to fellow senators
seeking support for his legislation to limit these loans.
    Nickles and Senator Steven Symms, a conservative Republican
from Idaho, have introduced legislation that would strictly
limit U.S. funding of multinational development banks if they
make any loans to help developing countries produce surplus
commodities or minerals.
    Current law requires that the United States vote against
such loans but carries no reprisals if they are ultimately
approved by the banks.
    Treasury Secretary James Baker's assurances that U.S.
policy is to oppose these loans did not satisfy concerns raised
at two Senate committee hearings last week.
    Baker told a Senate Appropriations subcommittee on Foreign
Operations, "As a policy matter, we oppose loans for production
of commodities in oversupply."
    The senators cited a 350-mln-dlr World Bank loan made to
Argentina last year to help it increase its agricultural
exports by one billion dlrs a year by 1989.
    Nickles, Symms and others also have cited other loans such
as a 1985 World Bank loan to Hungary to expand livestock
exports and 500 mln dlrs lent to Thailand from 1981 to 1985 at
low interest rates for agriculture.
    Last year the Republican-controlled Senate voted three
times over the objections of the administration to cut U.S.
funding of development banks by the amount of these loans.
    But even with a 65 to 15 vote in favour of the proposal,
the restrictions were weakened in the final version. Only a
provision directing U.S. officials to vote disapproval cleared
Congress.
    This year's version, called the Foreign Agricultural
Investment Reform (FAIR) Act would require the U.S. to vote
against loans designed to increase production of surplus
commodities and minerals. Also, the recipient countries would
have to prove that the production, marketing and export of the
commodities could be handled without government subsidy.
    If the loan is approved over U.S. objections, the United
States would not increase or replenish funds for that
institution until it agrees to stop making such loans.
    Objections to such loans have most often been raised by
conservative Republicans who have traditionally opposed U.S.
funding for these international development banks.
    But the loss of many jobs to foreign competition has raised
similar concerns among more moderate senators.
    The administration opposes any legislation that would tie
its hands in votes on the loans. It argues there might be
instances in which a country needed the money to continue its
moves toward U.S. policies in other areas.
    Baker said the United States would continue to use its
leverage in the banks to require foreign trade liberalization
measures, often in the form of elimination of subsidies.
    Two House Republicans, Representatives Larry Craig of Idaho
and Beau Bolter of Texas, have introduced the bill. But it
faces stiff opposition in the House Banking Committee which has
blocked its consideration by the House in the past.
    Symms intends to offer the bill as an amendment to any
related legislation this year, an aide said.
 Reuter
3;
bodyend
documentend
documentstart
2054
topicstart
acq
topicend
bodystart
2;

MANNESMANN SEEKS STAKE IN U.S. FIRM


    DUESSELDORF, March 5 - 
Mannesmann AG 
<
MMWG.F>, the
diversified engineering and pipe-making group, is interested in
taking a stake in a U.S. Company or companies but has not yet
found a suitable firm, a spokesman said in reply to questions.
    Mannesmann managing board chairman Werner Dieter told the
business weekly Wirtschaftswoche in an interview that
Mannesmann wanted to invest in a U.S. Company in order to
strengthen its presence on the U.S. Market.
    Dieter said Mannesmann would act quickly when and if it
found a firm in which it wanted to take a stake.
    The Mannesmann spokesman declined to say in which
industrial sector the group may make a U.S. Acquisition or how
big the acquisition might be.
    He also said the group had not yet completed taking over a
stake in car components firm 
<
Fichtel und Sachs AG>.
    Mannesmann had said in January it hoped to take a 37.5 pct
stake in Fichtel und Sachs's holding company, Sachs AG, in the
first quarter. The spokesman said Mannesmann had a letter of
intent on the takeover from the heirs of the company's late
owner but completion has been delayed by legal questions
concerning the inheritance.
 REUTER
3;
bodyend
documentend
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2055
topicstart
earn
topicend
bodystart
2;

AMERICAN INT'L GROUP INC 
<
AIG> 4TH QTR NET


    NEW YORK, March 5 -
    
Shr 1.83 dlrs vs 77 cts
    Net 296.6 mln vs 120.1 mln
    Year
    Shr 4.90 dlrs vs 2.76 dlrs
    Net 795.8 mln vs 420.5 mln
    NOTE: Includes gains of 139.2 mln vs 46.8 mln in year and
94.0 mln vs 11.6 mln from capital gains from investments.
 Reuter
3;
bodyend
documentend
documentstart
2056
topicstart
earn
topicend
bodystart
2;

SYSTEMS FOR HEALTH CARE IN ONE-FOR-50 SPLIT


    CHICAGO, March 5 - 
Systems for Health Care Inc said it
repositioned the company through a one-for-50 reverse stock
split.
    It said there are now 3,002,500 common shares outstanding
with a quoted price of about 7/8 bid, compared to 150,125,000
shares outstanding prior to the split.
    In another recent development, Systems for Health Care
formally changed its name to its present form from Orcas Corp.
 Reuter
3;
bodyend
documentend
documentstart
2059
topicstart
topicend
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2;

BELGIUM TO ISSUE 150 BILLION FRANC STATE LOAN


    BRUSSELS, March 5 - 
Belgium is to issue a 150 billion
franc, eight-year state loan carrying a coupon of eight pct, a
Finance Ministry spokesman said.
    Pricing will be fixed next week.
    The spokesman said the loan will feature a call option
after four years at a price also to be determined.
    Some 120 billion francs of the loan will be taken up by
members of the issuing consortium, comprising major Belgian
commercial banks, and the remaining 30 billion by semi-state
owned financial institutions.
    The most recent public authority loan stock issue, for the
state road building fund Fonds des Routes, was also for eight
years with an eight pct coupon. It was priced at par.
    The issue also featured a call option after four years at
102, falling to 101-1/2 after five and by a half point each
year thereafter.
 REUTER
3;
bodyend
documentend
documentstart
2061
topicstart
earn
crude
topicend
bodystart
2;

ROYAL DUTCH/SHELL U.S. EARNINGS SHARPLY LOWER


    LONDON, March 5 - 
Royal Dutch/Shell Group 
<
RD.AS> earnings
for 1986 from the U.S. Fell sharply because of difficult market
conditions, lower crude and gas prices and also due to
different accounting methods, Shell chairman Peter Holmes said.
    The Shell Oil dollar net income fell 47 pct in the year,
while the additional effect of currency movements reduced the
contribution to group net income by 57 pct to 472 mln stg.
    The group earlier reported a drop in net income for the
year to 2.54 billion stg from 3.03 billion previously, with
lower crude prices outweighing the effect of increased sales by
volume.
    Although the figures were lower, they were nonetheless at
the top end of market forecasts. Shell Transport and Trading
Plc 
<
SC.L> shares, the U.K. Arm of the group, rose to 11.39 stg
from a close last night of 11.06 stg. Analysts noted that a
general collapse in exploration and production volumes was
partially offset by earnings from chemicals rising to 462 mln
stg from 205 mln in 1985.
    Also, a windfall tax credit and lower than expected
currency losses had added about 100 mln stg onto fourth quarter
results, which was the main reason for the figures exceeding
forecasts, industry analyst Chris Rowland of Barclays de Zoete
Wedd noted.
    However, he added there could well be a sharp fall in
performance in the first quarter of 1987, due to the
improbability that the group would be able to repeat the high
refining and marketing margins of first quarter 1986.
    The impact of recovering oil prices would come through
faster on the downstream side than on the upstream as such a
high proportion of upstream activity centred on gas, which
typically reacted to oil price changes with about a half-year
lag, analysts said.
    Holmes said that in the upstream U.S. Sector the third
quarter of 1986 had been the worst of all.
    Only two of the oil majors had managed to make a profit in
the period, with Shell Oil being one of them. The decrease in
U.S. Earnings had been accentuated by tax rates but the group
had increased share to become volume market leader, Holmes
added.
    Continued low crude oil prices would continue to subdue
U.S. Exploration activity. "Exploration is currently pretty
flat. We are going to go on, but at 16-18 dlrs there will be no
massive upturn," he said.
    A renewal of exploration in high cost areas of the North
Sea and the U.S. Requires prices of around 25 dlrs a barrel.
    Ultimately this would lead to a rise in U.S. Imports. "If
you are not exploring you are not going to find anything," he
noted.
    U.S. Oil production had dropped some half mln barrels a day
(bbd) in 1986 and would continue to fall if the price stayed
below 20 dlrs a barrel.
    This favored OPEC's attempts to stabilise prices, as the
lower the price the more likelihood there was of non-OPEC
marginal production shutting down. "OPEC has done pretty
extraordinarily well...Everything is moving in (its) direction,"
he added.
 Reuter
3;
bodyend
documentend
documentstart
2064
topicstart
interest
topicend
bodystart
2;

BANKERS WELCOME SPANISH RESERVE REQUIREMENT HIKE


    MADRID, March 5 - 
Bankers welcomed the Bank of Spain's
decision to raise the reserve requirement for banks and savings
banks, saying it reflected the socialist government's
determination not to ease up in the fight against inflation
despite the painful social effects of four years of austerity.
    The central bank last night raised the requirement by one
percentage point to 19 pct from March 13, saying that excess
liquidity threatened money supply and inflation targets.
    Bankers said the move represented a change of tactic by the
Bank, which until now has relied on raising interest rates to
choke off money supply growth.
    "I think it's a good measure," a senior foreign banker said.
"It's a faster way to get the job done than using interest rates
and avoids unpleasant effects on other areas of the economy."
    "It shows that the political will is very strong. They know
that controlling inflation will make industry more competitive
and bring down unemployment in the long run," he added.
    The head of another foreign bank said that only a month
ago, the Bank of Spain had dismissed his suggestion of a rise
in reserve requirements, preferring to pursue its strategy of
raising interest rates.
    But bankers said the high real interest rates on offer now
-- around eight pct for overnight funds -- was attracting money
from abroad, strengthening the peseta and making Spanish
exports less competitive.
    The government says industry's competitiveness is also
being hit hard by inflation. At 8.3 pct last year, the rate was
way above that of Spain's major trading partners in the
European Community, which it joined a year ago.
    To help meet this year's target of five pct, it is
insisting pay rises stay at that level, setting the stage for
clashes with trade unions, who say they have made enough
sacrifices.
    Demonstrations by workers, students and farmers, whose
demands essentially involve more government spending, have
become an almost daily occurrence. But Prime Minister Felipe
Gonzalez insists that the state is doing as much as it can.
    Bankers said the reserve requirement increase could have
some impact on commercial lending rates but should not hit the
money market too hard.
    The Bank of Spain, which only yesterday raised its key
overnight call money rate to 13.5 pct, left it unchanged at
today's auction. The rate has been increased nine times since
the start of the year, when it was below 12 pct.
    Bankers said commercial lending rates were set to rise in
any case with the end of the six pct maximium interest rate
banks can offer for time deposits of up to six months.
    The measure will take effect tomorrow, following the
publication of the decree in today's official gazette. Bankers
say the liberalisation will increase the cost of funds and,
inevitably, push lending rates higher.
    A companion measure, reducing the proportion of funds which
banks must invest in specific areas, also takes effect
tomorrow. Officials said when the cut was approved last month
that it was aimed partly at compensating banks for higher
interest rates.
 REUTER
3;
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2065
topicstart
earn
topicend
bodystart
2;

GAMBRO AB 
<
GAMB ST> 1986 YEAR


    STOCKHOLM, Mar 5 - Group profit after net financial items -
133.5 mln crowns vs 101 mln.
    Sales 1.61 billion vs 1.51 billion.
    Proposed dividend 0.80 crowns vs 0.40 crowns.
 REUTER
3;
bodyend
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2067
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acq
topicend
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2;
******
TRANSPORTATION AGENCY GIVES FINAL OKAY FOR US AIR PACIFIC SOUTHWEST ACQUISITION

Blah blah blah.
3;


bodyend
documentend
documentstart
2073
topicstart
gold
topicend
bodystart
2;

S AFRICA MINE MANAGERS FACE CHARGES IN DISASTER


    JOHANNESBURG, March 5 - 
Seven managers and employees at
General Mining Union Corp Ltd's Kinross Mines Ltd will face
charges of culpable homicide following last year's disaster
when 177 gold miners died, the Attorney General's Office said.
    The mineworkers were killed last September at Kinross when
a fire set off toxic fumes which suffocated miners underground.
    Three of the accused face alternative charges of breaking
safety regulations set out in the Mines and Works Act.
    The spokesman said the case would probably be heard in
Witbank Regional Court, near Kinross, in mid-May.
 Reuter
3;
bodyend
documentend
documentstart
2074
topicstart
grain
wheat
copper
topicend
bodystart
2;

WESTERN CANADA HURT BY INTERNATIONAL FORCES


    OTTAWA, March 5 - 
Western Canada's resource-based economy
is being hurt by international market forces and there is
little Ottawa can do about it, Finance Minister Michael Wilson
said.
    "If you can tell me how we can get the international energy
price up and how we can get the price for copper up and how we
can get the price for wheat up, then we will listen," Wilson
told the House of Comnons Finance Committee.
    Although under pressure from oil companies and wheat
farmers for help in battling depressed commodity prices, Wilson
said it has to be recognized the area was a "prisoner of market
forces outside the boundaries of this country."
    Wilson, appearing before the committee to discuss the
government's spending estimates released earlier this week,
said the government is doing what it can in the region, citing
more than 3.5 billion dlrs in aid for western agriculture.
    "Those resources are a reflection of very real concerns on
our part in dealing with a very difficult problem," Wilson said
in response to questions about management of the economy from
opposition party members.
    He said the long term answer for depressed regions of the
country was reaching a free trade pact with the United States,
which he claimed would improve the outlook for Western Canada.
 Reuter
3;
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documentend
documentstart
2078
topicstart
topicend
bodystart
2;

CONGRESS EYES LOANS THAT AID U.S. COMPETITORS


    By Jacqueline Frank, Reuters


    WASHINGTON, March 5 - 
Congressional ire is rising against
the multinational development banks which make loans to help
other countries produce goods in direct competition with
beleagured American farmers and miners.
    With a record trade deficit of 169 billion dlrs last year
and a farm economy in the doldrums, Congress is pressing to
hold back U.S. funds for the World Bank and other development
banks if the money is used to subsidize production or to
produce goods already in oversupply around the world.
    "American tax dollars are being used to subsidize foreign
agriculture and mineral production that is often in direct
competition with our producers," Sen. Don Nickles, an Oklahoma
Republican, said in a letter to fellow senators seeking support
for his legislation to limit these loans.
    Nickles and Sen. Steven Symms, a conservative Republican
from Idaho, have introduced legislation that would strictly
limit U.S. funding of multinational development banks if they
make any loans to help developing countries produce surplus
commodities or minerals.
    Current law requires the United States to vote against such
loans but carries no reprisals if they pass anyway.
    Treasury Secretary James Baker's assurances that U.S.
policy is to oppose these loans did not satisfy concerns raised
at two Senate committee hearings last week.
    Baker told a Senate Appropriations subcommittee on Foreign
Operations, "as a policy matter, we oppose loans for production
of commodities in oversupply."
    The senators cited a 350 mln dlr World Bank loan made to
Argentina last year to help it increase its agricultural
exports by one billion dlrs a year by 1989.
    Nickles, Symms and others also have cited other loans such
as a 1985 World Bank loan to Hungary to expand livestock
exports and 500 mln dlrs lent to Thailand from 1981 to 1985 at
low interest rates for agriculture. Baker said the Argentine
loan was "really the only one you can point to and criticize."
    Last year the Republican-controlled Senate voted three
times over the objections of the administration to cut U.S.
funding of development banks by the amount of these loans.
    Even with a favorable vote of 65 to 15, the restrictions
were weakened in the final version. Only a provision directing
U.S. officials to vote disapproval was enacted into law.
    This year's proposal, called the Foreign Agricultural
Investment Reform (FAIR) Act would require the U.S. to vote
against loans designed to increase production of surplus
commodities and minerals.
    Also, the recipient countries would have to prove that the
production, marketing and export of the commodities could be
handled without government subsidy.
    If the loan is approved over U.S. objections, the United
States would not increase or replenish funds for that
institution until it agrees to stop making such loans.
    Objections to such loans have most often been raised by
conservative Republicans who have traditionally opposed U.S.
funding for these international development banks.
    But the loss of many jobs to foreign competition has raised
similar concerns among more moderate senators.
    Democratic senator Barbara Mikulski of Maryland told Baker
at the Senate Appropriations subcommittee hearing, "Many say the
banks are financing competition for American jobs."
    She recommended that the United States use its
participation in debt forgiveness for developing country loans
as a wedge to open markets to U.S. goods.
    The administration opposes any legislation that would tie
its hands in votes on the loans. It argues there might be
instances in which a country needed the money to continue its
moves toward U.S. policies in other areas.
    Baker said the United States would continue to use its
leverage in the banks to require foreign trade liberalization
measures, often in the form of elimination of subsidies.
 Reuter
3;
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documentend
documentstart
2079
topicstart
earn
topicend
bodystart
2;

AMERICAN SOFTWARE 
<
AMSWA> SETS STOCK SPLIT


    ATLANTA, March 5 - 
American Software Inc said its board
declared a three-for-two stock split on Class A and Class B
common shares, payable March 31, record March 16.
    The company said it expects to increase its semiannual
dividend 12.5 pct to six cts per share post-split from eight
cts pre-split.
 Reuter
3;
bodyend
documentend
documentstart
2080
topicstart
acq
topicend
bodystart
2;

COMDATA 
<
CDN> IN MERGER AGREEMENT


    NASHVILLE, Tenn., March 5 - 
Comdata Network Inc said
it has entered into a letter of intent with a limited
partnership managed by Welsh, Carson, Anderson and Stowe (WCAS)
to merge Comdata into a corproration to be formed by WCAS.
    Comdata said in the merger each share of the company's
stock would be converted at the holders election into either 15
dlrs in cash or a combination of 10 dlrs in cash and a unit of
securities including common stock.
    Comdata said the terms are subject to the condition that
WCAS' affiliate investors would own a minimum of 60 pct of the
fully diluted stock of the new entity.
    Comdata said WCAS and its affiliate investors would commit
50 mln dlrs to buy the securities comprising the new entities
units of securities resulting from the merger in the same
proportions and at the same price as the company shareholders.
    Comdata said the move is subject to execution of definitive
agreement and approval by Comdata shareholders as well as
obtaining up to 200 mln dlrs in debt financing.
    WCAS told Comdata it believes that it can get commitments
for this financing.
   
 Reuter
3;
bodyend
documentend
documentstart
2081
topicstart
topicend
bodystart
2;

NOEL INDUSTRIES 
<
NOL> BOARD APPROVES FINANCING


    NEW YORK, March 5 - 
Noel Industries Inc said its board
approved in principle a private placement of 900 units, each
unit consisting of 1,000 dlrs of nine pct senior subordinated
convertible debentures due Marcxh 31, 1991, and 95 warrants to
purchase Noel common.
    The company said chief executive officer Leon Ruchlamer has
supplemented the planned funding with 300,000 dlrs.
    It said the investment package is subject to shareholder
approval and will be presented to its adjourned shareholder
meeting on March 26.
    Noel said proceeds will be used for additional working
capital and expanding its factory in Kingston, Jamaica.
    It said the debentures, which will be priced at 100 pct,
will have interest payable semi-annually and be convertible
into common after April 30, 1987, at seven dlrs a share.
    Each warrant will be exercisable after April 30 at 7.50
dlrs a share, the company added.
    It said holders of 80 pct of the units may request one
registration by the company kof the underlying common shares
any time after Jan 15, 1988. Holders of the debentures and
warrants will also have piggyback registration rights.
 Reuter
3;
bodyend
documentend
documentstart
2087
topicstart
oilseed
soybean
topicend
bodystart
2;

SOYBEAN GROUP HEAD URGES USDA ACTION ON LOAN


    WASHINGTON, March 5 - 
The Agriculture Department must make
a decision soon on how to change the current U.S. soybean loan
or more soybeans will continue to be forfeited to the
government and foreign soybean production will increase, the
president of the American Soybean Association, ASA, said.
    "The USDA will have to bite the bullet one way or another
... USDA can dodge and dart around it (the soybean loan) as
much as they want, but they have to eventually address this
problem," David Haggard, ASA president, told Reuters.
    USDA is not offering any new soybean loan options, and
Agriculture Secretary Richard Lyng has not consulted ASA on the
soybean loan, Haggard said.
    "I don't know if USDA is really very serious about
addressing the soybean loan problem," he said.
    At ASA's annual winter board of directors meeting here, ASA
leaders refused to change their official position on the  loan
-- still calling for income support at 5.02 dlrs.
    The association backs current bills of Rep. Bill Emerson,
R-Mo. and Sen. Thad Cochran, R-Miss., which call for either a
5.02 marketing loan or a producer option payment.
    Haggard said he does not know what chances the ASA-backed
proposals have but said, "in all honesty, we do not want to see
the farm bill be torn apart."
    He said if USDA feels it cannot withdraw its opposition to
a market loan, there are still numerous ways the USDA could
change the loan without new legislation.
    Making the loan partially in certificates which would not
have to be paid back would be one option, he said.
 Reuter
3;
bodyend
documentend
documentstart
2088
topicstart
topicend
bodystart
2;

NISSAN MOTOR ISSUES 35 BILLION YEN EUROBOND


    LONDON, March 5 - 
Nissan Motor Co Ltd 
<
NSAN.T> is issuing a
35 billion yen eurobond due March 25 1992 paying 5-1/8 pct and
priced at 103-3/8, Nikko Securities Co (Europe) Ltd said.
    The non-callable issue is available in denominations of one
mln Yen and will be listed in Luxembourg.
    The payment date is March 25.
    The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct.
    Nikko said it was still completing the syndicate.
 REUTER
3;
bodyend
documentend
documentstart
2089
topicstart
earn
topicend
bodystart
2;

<
WAJAX LTD> YEAR NET


    TORONTO, March 5 -
    
Shr 78 cts vs 1.16 dlrs
    Net 6.7 mln vs 9.5 mln
    Revs 278 mln vs 290 mln
 Reuter
3;
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documentend
documentstart
2092
topicstart
earn
topicend
bodystart
2;

AMERICAN SOFTWARE INC 
<
AMSWA> 3RD QTR JAN 31 NET


    ATLANTA, March 5 -
    
Shr 42 cts vs 19 cts
    Net 2,903,000 vs 1,307,000
    Revs 13.1 mln vs 8,937,000
    Avg shrs 6,877,360 vs 6,874,970
    Nine mths
    Shr 98 cts vs 62 cts
    Net 6,740,000 vs 4,085,000
    Revs 33.9 mln vs 27.8 mln
    Avg shrs 6,875,706 vs 6,605,879
 Reuter
3;
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documentstart
2094
topicstart
topicend
bodystart
2;

ITALIAN TREASURY DETAILS NEW BILL OFFER


    ROME, March 5 - 
The Italian treasury said it would offer
3,500 billion lire of short-term treasury bills (BOTs) at rates
slightly lower than the preceding offer in mid-February.
    It said it would offer 1,500 billion lire of six-month
paper priced at 95.35 pct for a net annualised compound yield
of 9.30 pct. Net yield on the preceding issue was 9.46 pct.
    The treasury said it would also offer 2,000 billion lire of
12-month bills at a base price of 91.15 pct for a net annual
yield of 9.05 pct, down from 9.22 pct in mid-February.
    The bills replace maturing paper worth 3,196 billion lire
and subscriptions to the offer close March 10.
 REUTER
3;
bodyend
documentend
documentstart
2095
topicstart
grain
wheat
topicend
bodystart
2;

NO SOVIET WHEAT BONUS TALK PLANNED FOR MEETING


    WASHINGTON, March 5 - 
U.S. Agriculture Secretary Richard
Lyng does not intend to discuss a wheat export enhancement
initiative to the Soviet Union at a cabinet-level Economic
Policy Council meeting set for tomorrow, an aide to Lyng said.
    "He (Lyng) does not intend to bring it up," the aide said,
adding that the subsidy offer remains "dormant."
    Lyng plans to spend "about five minutes" reviewing the status
of farm legislation on Capitol Hill before the Economic Policy
Council, which is responsible for guiding the administration's
economic policy, the aide said.
    The USDA secretary met this morning with members of the
House Foreign Affairs Committee, but the handful of lawmakers
present did not ask whether the administration intended to
offer Moscow a wheat export bonus, the aide said.
 Reuter
3;
bodyend
documentend
documentstart
2097
topicstart
acq
topicend
bodystart
2;

BANKAMERICA 
<
BAC> TO SELL GERMAN BANKING UNIT


    SAN FRANCISCO, March 5 - 
BankAmerica Corp said it agreed to
sell 
<
Bankhaus Centrale Credit AG>, its German consumer banking
subsidiary, and German credit card operations to 
<
Banco de
Santander> of Spain.
    Terms were not disclosed. The deal is expected to close in
the second quarter, the bank holding company said.
    Bankhaus Centrale Credit, with 31 branches, had total
assets of 927 mln marks at year-end 1986. The credit card
operation services 115,000 Visa card holders and 35,000
merchants in Germany, it said.
    Reached later, a BankAmerica spokesman said the company
would record a pretax gain of 45 mln dlrs from the
transactions.
    The spokesman declined, however, to disclose the price paid
for the operations by Banco de Santander or other terms of the
deal.
 Reuter
3;
bodyend
documentend
documentstart
2098
topicstart
reserves
topicend
bodystart
2;
******
 French official reserves 375.95 billion francs end Jan (421.00 billion end Dec) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
2099
topicstart
earn
topicend
bodystart
2;

COPLEY PROPERTIES INC 
<
COP> 4TH QTR NET


    BOSTON, March 5 -
    
Shr 30 cts vs 36 cts
    Net 1,211,000 vs 1,428,000
    Revs 1,536,000 vs 1,743,000
    Year
    Shr 1.36 dlrs vs 62 cts
    Net 5,438,000 vs 2,498,000
    Revs 6,567,000 vs 2,971,000
    NOTE: Company began operations after its July 29, 1985
public offering, therefore annual data are not directly
comparable.
 Reuter
3;
bodyend
documentend
documentstart
2101
topicstart
earn
topicend
bodystart
2;

UNITIL CORP 
<
UTL> 4TH QTR NET


    BEDFORD, N.H., March 5 -
    
Shr 79 cts vs 72 cts
    Net 581,915 vs 536,040
    Revs 13.9 mln vs 13.3 mln
    Year
    Shr 3.28 dlrs vs 3.21 dlrs
    Net 2,413,407 vs 2,360,048
    Revs 54.9 mln vs 54.2 mln
 Reuter
3;
bodyend
documentend
documentstart
2102
topicstart
acq
topicend
bodystart
2;

RYDER 
<
RDR> BUYS BRITISH CALEDONIAN UNIT


    MIAMI, March 5 - 
Ryder System Inc said it has acquired
Caledonian Airmotive Ltd from 
<
British Caledonian Group PLC>
for undisclosed terms.
    Caledonian Airmotive repairs and rebuilds aircraft engines.
 Reuter
3;
bodyend
documentend
documentstart
2107
topicstart
acq
topicend
bodystart
2;

TRELLEBORG TAKE LARGER SLICE OF BOLIDEN


    STOCKHOLM, March 5 - 
Swedish tyres, process equipment and
components firm 
<
Trelleborg AB> said it was taking a larger
stake in mining and metals concern Boliden AB 
<
BLDS.ST> than it
had originally intended.
    Trelleborg had previously announced it was exercising an
option to acquire up to 65 pct of Boliden's voting rights.
    In a statement, the company said they had received offers
of up to 68 pct of the rights, and that they would accept all.
 Reuter
3;
bodyend
documentend
documentstart
2108
topicstart
earn
topicend
bodystart
2;

POLAROID 
<
PRD> UP ON REAFFIRMED OPINION


    NEW YORK, MARCH 5 - 
Shares of Polaroid Corp rose following
a reiterated recommendation by Merrill Lynch and Co that
focused on strong earnings momentum for the company, traders
said.
    "We have been recommending the stock since it was in the
50s, but we reiterated today because of expectations of strong
earnings momentum, its benefits from the lower dollar and
anticipation of nice gains in margins," Merrill Lynch
analyst Charles Ryan said. He said a negative opinion by
another brokerage house hurt the stock Wednesday, and it can be
bought at a relatively bargain price today.
    Ryan said "you always have to look at Polaroid at its
weakness. Its a volatile stock that has to be caught on
weakness." Polaroid's stock, which gained more than a point
early this morning, was trading at 76-1/8, up 5/8. It was down
over three points Wednesday morning before closing down 7/8.
    "Polaroid is working overtime on production of cameras and
film, so we expect first quarter earnings to be up about 40
pct," Ryan said, estimating earnings of 70 cts a share in the
first quarter compared to 52 cts a share earned a year earlier.
He expects the company to earn four dlrs a share in 1987 as
compared to 3.34 dlrs a share last year.

 Reuter
3;
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documentend
documentstart
2109
topicstart
earn
topicend
bodystart
2;

SWEDISH MATCH AB 
<
SMBS.ST> 1986 YEAR


    STOCKHOLM, March 5 - 
Profit after net financial items
    500 mln crowns vs 359 mln
    Sales 10.90 billion crowns vs 10.72 billion
    Proposed dividend 12.50 crowns vs 10.50 crowns
 REUTER
3;
bodyend
documentend
documentstart
2110
topicstart
reserves
topicend
bodystart
2;

FRENCH OFFICIAL RESERVES FALL SHARPLY IN JANUARY


    PARIS, March 5 - 
French official reserves fell 45.06
billion francs to 375.95 billion at the end of January from
421.00 billion at the end of December, the Finance Ministry
said in a statement.
    It said the fall was largely due to sales of foreign
currency that preceded the January 11 realignment of the
European Monetary System (EMS).
    Foreign currency reserves fell by 8.91 billion francs
during the month, the ministry said.
    This reflected outflows of 10.26 billion francs through
operations of the French exchange stabilisation fund,
counterbalanced by a gain of 1.35 billion francs resulting from
the quarterly adjustment in the value of dollar deposits held
with the European Monetary Cooperation Fund (FECOM).
    But most of the decline reflected a 33.90 billion franc
deficit that France built up during the month with FECOM as a
result of using very short-term financing instruments.
    The Bank of France, in conjunction with the Bundesbank and
other central banks, intervened heavily in foreign exchange
markets between late December and the January 11 EMS accord, in
an attempt to hold down the mark, which was attracting a flight
of funds from the dollar, and simultaneously shore up the
franc.
    On January 11, the mark was revalued by three pct against
the French franc, relieving pressure on the French currency.
    The fall in foreign exchange reserves took these reserves
to 98.83 billion francs at the end of January from 107.74
billion at end December.
    Gold reserves were unchanged at 218.45 billion francs.
    Reserves of European Currency Units fell to 73.25 billion
francs from 75.27 billion at end December.
    Claims on the International Monetary Fund fell 219 mln
francs to 19.31 billion francs.
 REUTER
3;
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documentend
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2112
topicstart
earn
topicend
bodystart
2;

SL INDUSTRIES INC 
<
SL> 2ND QTR JAN 31 NET


    MARLTON, N.J., March 5 -
    
Oper shr 22 cts vs 20 cts
    Oper net 1,153,000 vs 1,068,000
    Revs 15.7 mln vs 15.8 mln
    Six mths
    Oper shr 38 cts vs 38 cts
    Oper net 2,039,000 vs 2,051,000
    Revs 31.4 mln vs 31.6 mln
    NOTE: exlcudes 145,000 discontinued operations for 1986
oper net for six mths for sale of electronics division.
    Oper shr for qtr and six mths 1986 adjusted for stock split
and dividend distribution in November.
 Reuter
3;
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documentend
documentstart
2114
topicstart
acq
topicend
bodystart
2;

GENERAL REFRACTORIES 
<
GRX> TO SELL OPERATIONS


    BALA CYNWYD, Pa., March 5 - 
General Refractories Co said it
agreed to sell its European refractories and building products
operations for about 62 mln dlrs to an Austrian investor group.
    The European operations had sales of 186 mln dlrs in 1985,
the last year for which results have been released, the company
said.
    The sale, to a group headed by Girozentrale Bank of
Austria, is subject to shareholder approval by April 24, 1987,
it said. Its board has approved the deal, it said.
    General Refractories' mineral operations are not affected.
 Reuter
3;
bodyend
documentend
documentstart
2115
topicstart
coffee
topicend
bodystart
2;

BRAZIL HAS NO SET COFFEE EXPORT TARGETS - IBC


    ****RIO DE JANEIRO, March 5 - 
Brazil has no set target for
its coffee exports following this week's breakdown of
International Coffee Organization talks on export quotas,
President of the Brazilian Coffee Institute, IBC, Jorio Dauster
said.
    He told a press conference Brazil now had to reconsider its
export plans and that the 15.5 mln bag export figure which it
had proposed for itself earlier should no longer be taken as
the country's export target to ICO-member countries.
    The 15.5 mln bag offer had been made on the assumption an
agreement would bring stability to world markets, he added.
    It had been a gesture to ease negotiations, but the lack of
an agreement leaves it no longer valid and exports could be
above or below 15.5 mln bags, he said.
    Dauster said he would talk to producers, exporters and
market analysts before taking any decision on export policy,
but any future policy would be flexible and adjusted to market
conditions.
    "We will not take any short-term decisions which might cause
markets to panic," Dauster added.
    He said it would be a policy which shows Brazil has coffee
to sell and that it could do so without an ICO agreement.
    "Brazil has coffee (to sell) and wants to show that it does
not need an ICO agreement as a crutch," Dauster said.
    Commenting on the breakdown of the talks, Dauster said
consumer proposals would have implied a reduction of one to two
mln bags in Brazil's export quotas.
    "It was a proposal which would lead to a substantial loss
for Brazil and which would be difficult for the country to
recover," he said.
    The consumer proposal to base quotas on a six-year moving
average of exportable production surpluses would lead to
overproduction as countries boosted output to win higher
quotas, he said.
    Dauster rejected reports which said Brazil's inflexibility
had been the cause for the breakdown of talks, noting that its
stance had the backing of 85 pct of producing countries.
    Close links would continue with these producers,
particularly Colombia, Mexico and Francophone African
countries, but Dauster said no joint marketing action was
envisaged at present.
    He also said Brazil currently had no plans to return to a
system of roaster buying contracts, although "no hypothesis has
been abandoned."
    Dauster said he had not yet decided when registrations for
May shipment coffee will be opened.
    He declined comment on whether the IBC will adopt a policy
of opening registrations for up to six months in advance, as
some exporters had suggested.
    He noted export registrations for the first four months of
the year totalled around 5.5 mln bags, more than half the 9.9
mln exported in 1986 when drought reduced the crop to between
11.2 mln and 12 mln bags.
    He said that, although he had heard forecasts of 30 mln
bags for the coming crop, the IBC would not make any estimate
until late April.
 Reuter
3;
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documentend
documentstart
2116
topicstart
earn
topicend
bodystart
2;

PEPSICO 
<
PEP> UPGRADED BY KIDDER PEABODY


    NEW YORK, March 5 - 
Kidder Peabody and Co analyst Roy Burry
issued a strong buy recommendation on Pepsico Inc, citing an
improved profit outlook for both domestic soft drinks and
Frito-Lay snack foods.
    Pepsico climbed 7/8 to 34-3/4 on 615,000 shares by
midmorning.
    Burry forecast earnings of 2.00 dlrs per share in 1987 and
2.30 dlrs in 1988. In 1986 the company earned 1.75 dlrs per
share. Burry previously had a sell recommendation on Pepsico.
"We're looking at 10 to 15 pct earnings growth for Frito-lay in
1987, a trend that should continue through the decade."
 Reuter
3;
bodyend
documentend
documentstart
2118
topicstart
acq
topicend
bodystart
2;

SHAD SEES PROGRESS ON INSIDER TRADING


    WASHINGTON, March 5 - 
Securities and Exchange Commission
chairman John Shad said progress was being made in stopping
insider trading, but the chairman of a House subcommittee with
jurisdiction over securities laws said he was concerned about
conditions on Wall Street.
    "Greed has created a feeding frenzy on Wall Street and in
the process laws are broken and multi-billion dlr corporations
have become easy prey," Rep. Edward Markey, D-Mass, the
chairman of the Telecommunications and Finance said at the
start of a hearing on SEC activities.
    "Congress is understandably nervous. We perceive the
current scandals as a warning of even worse things to come,"
Markey said. "The frenzy and disruption created by merger mania
is particularly distressing."
    Shad said the recent cases involving Ivan Boesky, Dennis
Levine and others was a warning that those who engage in
insider trading were taking a heavy risk of imprisonment, high
fines and disbarment from the securities industry.
    "Insider trading has not been eradicated, but it has been
inhibited and multimillions of dollars of profits that Boesky
and others have been siphoning off the markets are now flowing
through to legitimate investors and traders," Shad said in his
statement.
    Shad said insider trading cases involved only 10 pct or
less of SEC enforcement actions in recent years but they have
increased significantly to 125 cases brought during the past
five years compared to 77 cases in the preceeding 47 years.
    Markey said he did not favor banning takeovers but thought
the tender offer process needed reform including earlier
disclosure of takeover attempts.
    N.J. Rep. Mathew Rinaldo, the senior subcommittee
Republican, said he was introducing legislation to create a
five member commission to study the securities industry for a
year and report its findings and recommendations to Congress.
Commission members would be appointed by the SEC.
    "Its primary mission would be to analyze the extent of
illegal trading on insider trading and to assess the adequacy
of existing surveillance systems and government oversight
operations. The commission would advise Congress as to what
additional resources or civil or criminal remedies are needed
to combat fraud and improve compliance with federal laws,"
Rinaldo said.
 Reuter
3;
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documentend
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2119
topicstart
topicend
bodystart
2;

WORLD BANK ISSUES 232 MLN U.S. DLR FINANCE PACKAGE


    FRANKFURT, March 5 - 
The World Bank is issuing a
multicurrency financing package totalling 232 mln U.S. Dlrs,
coordinator DG Bank Deutsche Genossenschaftsbank said.
    The package includes a 250 mln mark five year straight
eurobond with a 5-3/8 pct coupon priced at par, led by DG.
    The bond, which is a private placement, matures on March
17, 1992. It will be listed in Frankfurt beginning in May, with
no precise date yet specified. Denominations are 5,000 and
50,000 marks. Details of fees were not immediately available.
    The package also includes a five year 100 mln guilder
eurobond with a 5-3/4 pct coupon priced at par.
    The Dutch guilder issue will be led by Rabobank Nederland.
    The third bond in the package is a seven year, five billion
yen bond with a 4.95 pct coupon priced at par, led by The
Norinchukin Bank.
    The package also includes a 25 mln Swiss franc 10-year
credit agreement, with interest at 4-7/8 pct, underwritten by
Swiss Volksbank, DG said.
 REUTER
3;
bodyend
documentend
documentstart
2121
topicstart
crude
topicend
bodystart
2;

OPEC SAYS FEBRUARY OUTPUT UNDER CEILING


    VIENNA, March 5 - 
OPEC output in February was "well below"
the 15.8 mln bpd ceiling it set in December and all countries
are strictly adhering to their quotas, the OPEC news agency
Opecna quoted an OPEC secretariat official as saying.
    The official was quoted as saying that lower output was the
result "of member countries' firm determination to defend the
organisation's official price of 18 dlrs per barrel, and to
refrain from selling any quantity below that price."
    The unnamed official was further quoted as saying that no
OPEC meeting was foreseen before the next biannual OPEC session
planned to start on June 25.
    The official gave no figure for February output. The
statement said only that "the reduction in total supplies,
namely actual exports of crude oil and products, plus local
deliveries in member countries, is even more pronounced as
those supplies fell very noticeably during that month."
    "No matter what the pressure on member countries by lifters
to align the official selling price to the ongoing market
price, member countries are, without exception, strictly
adhering to the official selling price in spite of the
financial hardship this may entail," the statement said.
    "The very recent improvement in the price structure is an
indicator of such determination by the organization to stick to
the official selling price," the statement said.
    Free spot market prices rose from around 14.50 dlrs a
barrel in early December last year to near OPEC's official
levels towards the end of the year, after the OPEC pact.
    There has been oil industry speculation that OPEC might
have to hold an extraordinrary meeting prior to its scheduled
June session to discuss reports of overproduction by some
states and strains on the differential matrix, which prices
each OPEC crude according to its quality and distance from main
markets.
    The official said in the statement that no such emergency
session was scheduled "because of member countries' firm
determination to defend the price (system)" agreed in December.
    Opec"s differential committee was to have met in Vienna
starting April 2 but this session has been postponed, with no
new date set, according to an official of the United Arab
Emirates, which chairs the seven-state body.
    Other members are Algeria, Kuwait, Saudi Arabia, Libya,
Nigeria and Qatar.
 REUTER
3;
bodyend
documentend
documentstart
2122
topicstart
earn
topicend
bodystart
2;
******
CANADIAN IMPERIAL BANK OF COMMERCE 1ST QTR SHARE BASIC 61 CTS VS 64 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2126
topicstart
acq
topicend
bodystart
2;

PERKIN-ELMER 
<
PKN> ACQUIRES HIGH TECH FIRM


    NORWALK, Conn., March 5 - 
Perkin-Elmer Corp said it
acquired 
<
Atomika Technische Physik>, based in Munich, West
Germany, a high technology concern specializing in surface
science instruments.
    Terms of the acquisition were not disclosed.
    It said Atomika will became a part of its Physical
Electronics Division, based in Eden Prairie, Minn., The
division is part of its Materials Surface Technology Group.
 Reuter
3;
bodyend
documentend
documentstart
2128
topicstart
acq
topicend
bodystart
2;

U.S. OKAYS USAIR 
<
U> PACIFIC SOUTHWEST PURCHASE


    WASHINGTON, March 5 - 
The U.S. Department of Transportation
said it gave final approval to USAir Group's proposed 400 mln
dlr acquisition of Pacific Southwest Airlines.
    The department said the acquisition is not likely to
substantially lessen competition and would not harm the public
interest.
    The department had given its tentative approval of the
acquisition in January.
    The department said it decided to make final its tentative
decision after reviewing the public response to it.
    The agency said it rejected an assertion by Air North
America, which currently is not operating but plans to start
service to some of the cities served by USAIR and PSA, that the
acquisition would lessen chances of new entry into those
markets by other carriers.
    The agency said Air North America provided no support for
its claim that the transaction would give the two carriers
monopoly power in some markets.
    The transportation agency said Air North America also
failed to show that there are barriers that would prevent new
entrants into those markets or prevent other carriers from
increasing their service.
    The agency noted in its final order that PSA operates
exclusively in the West and Mexico while USAir serves the West
for the most part with some long-haul flights from the East and
Midwest.
    The two carriers serve five point in common; Los Angeles,
San Diego, San Francico, Phoenix and Tucsonm, the agency said.
     The transportation department also rejected a request by
the Teamsters Union, which represents some PSA workers, to
require protections for PSA workers.
    The agency noted that USAir has promised to give protective
benefits to PSA workers and that unions representing PSA
workers have collective bargaining agreements that provide such
protections.
 Reuter
3;
bodyend
documentend
documentstart
2130
topicstart
earn
topicend
bodystart
2;

MCI 
<
MCIC> PRESIDENT SEES PROFIT IMPROVEMENT


    WASHINGTON, March 5 - 
MCI Communications Corp President
Bert Roberts said he expects MCI's financial performance to
improve in the current quarter compared to the previous
quarter.
    He said American Telephone and Telegraph Co long-distance
rate cuts had cut into MCI's fourth quarter performance but
added: "There's going to be a continuing impact (on profits) but
we expect this quarter to be better than the fourth quarter."
    The current quarter ends March 31.
    For the fourth quarter, MCI reported a 448 mln dlr loss,
due mainly to write-offs and staff reductions.
    Roberts said the ATT long-distance rate reductions, which
had been ordered by the Federal Communications Commission have
had "A significantly negative impact on our profits."
    As reported earlier today, MCI said it plans to ask the FCC
to immediately deregulate ATT, apparently in hopes that an
unregulated ATT would pocket a greater proportion of its
revenues rather than cut rates further.
 Reuter
3;
bodyend
documentend
documentstart
2133
topicstart
earn
topicend
bodystart
2;

NATIONAL GYPSUM CO 4TH QTR NET


    DALLAS, March 5 -
    
Net 5,521,000 vs NA
    Revs 358.1 mln vs 359.0 mln
    Year
    Net 55.3 mln vs NA
    Revs 1.43 billion vs 1.34 billion
    NOTE: Current year includes earnings of 49.6 mln dlrs for
the four months ended April 30, 1986. Year-ago earnings not
comparable because of acquisition by Aancor Holdings Inc on
April 29, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2134
topicstart
topicend
bodystart
2;

SALOMON SELLS 200 MLN STG MORTGAGES-BACKED NOTES


    LONDON, March 5 - 
Salomon Inc's TMC Mortgage Securities I
Plc unit is issuing 200 mln stg floating rate mortgage-backed
notes priced at par, said Salomon Brothers International as
co-lead manager.
    S.G. Warburg Securities is the other co-lead manager.
    The securities are priced at 25 basis points over the three
month London Interbank Offered Rate (Libor), payable quarterly.
They are payable March 31.
    Salomon said it expects the securities to receive a AA
rating from Standard and Poor's Corp.
    The mortgages in the pool are endowment-linked residential
mortgage loans and the entire pool is insured by Sun Alliance
and London Insurance Plc.
    The notes will be listed on the London Stock Exchange.
    Combined management and underwriting fees are 50 basis
points.
 REUTER
3;
bodyend
documentend
documentstart
2136
topicstart
earn
topicend
bodystart
2;
******
ZAYRE CORP 4TH QTR SHR 73 CTS VS 60 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2137
topicstart
earn
topicend
bodystart
2;

<
DET OESTASIATISKE KOMPAGNI A/S> (EAST ASIATIC CO)


    COPENHAGEN, March 5 -
    
Results for year 1986 -
    Group pre-tax profit 385 mln crowns vs 380 mln
    Net turnover 14.17 billion crowns vs 16.69 billion
    Dividend eight pct vs nil
    Group profit after tax 16 mln crowns vs 244 mln
 Reuter
3;
bodyend
documentend
documentstart
2143
topicstart
topicend
bodystart
2;

PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND


    LONDON, March 5 - 
Pirelli UK International Finance BV is
issuing a 50 mln stg eurobond due April 9, 1992 paying 10 pct
and priced at 101-1/2 pct, lead manager Barclays De Zoete Wedd
Ltd.
    The non callable issue is available in denominations of
10,000 and 1,000 stg and will be listed in Luxembourg. The
payment date April 9, 1987.
    The selling concession is 1-1/4 pct while management pays
1/4 pct and underwriting  3/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
2148
topicstart
earn
topicend
bodystart
2;

<
SIGNTECH INC> NINE MTHS JAN 31 NET


    MISSISSAUGA, Ontario, March 5 -
    
Shr 55 cts vs 24 cts
    Net 1.9 mln vs 800,000
    Revs 17.6 mln vs 12.8 mln
 Reuter
3;
bodyend
documentend
documentstart
2149
topicstart
earn
topicend
bodystart
2;

<
CANADIAN IMPERIAL BANK OF COMMERCE> 1ST QTR


    TORONTO, March 5 -
    
Period ended January 31
    Shr 61 cts vs 64 cts
    Shr diluted 60 cts vs 60 cts
    Net 96.5 mln vs 87.0 mln
    Loans 44.87 billion vs 48.07 billion
    Deposits 69.86 billion vs 68.45 billion
    Assets 83.92 billion vs 78.93 billion
    Note: shr after preferred dividends
 Reuter
3;
bodyend
documentend
documentstart
2151
topicstart
acq
topicend
bodystart
2;

<
TRIUMPH CAPITAL INC> TO MAKE ACQUISITION


    MIAMI, March 5 - 
Triumph Capital Inc said it has signed a
letter of intent to acquire First Securities Transfer Systems
Inc of Pompano Beach, Fla., for undisclosed terms.
    The company said it is also entering the commercial finance
business through the formation of Triumph Financial corp.
    It said the new wholly-owned unit has extended a 350,000
dlr secured line of credit to Micro Designs Inc.
 Reuter
3;
bodyend
documentend
documentstart
2153
topicstart
earn
topicend
bodystart
2;

CONCHEMCO INC 
<
CKC> SETS QUARTERLY


    WICHITA, Kan., March 5 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April Six
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
2154
topicstart
earn
topicend
bodystart
2;

DST SYSTEMS INC 
<
DSTS> REGULAR PAYOUT SET


    KANSAS CITY, MO., March 5 -
    
Qtly div five cts vs five cts prior
    Pay April 17
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
2155
topicstart
interest
topicend
bodystart
2;

FED NOT EXPECTED TO TAKE MONEY MARKET ACTION


    NEW YORK, March 5 - 
The Federal Reserve is not expected to
intervene in the U.S. government securities market to add or
drain reserves, economists said.
    Most economists said they did not expect the Fed to add
reserves with Federal funds trading below six pct.
    They said the funds rate's softer tone may indicate that
the need to add reserves in the current bank reserve
maintenance period is smaller than previously estimated.
    Fed funds opened at 5-15/16 pct and remained at that level.
Yesterday funds averaged 6.01 pct.
 Reuter
3;
bodyend
documentend
documentstart
2157
topicstart
earn
topicend
bodystart
2;
******
BROWN GROUP INC 4TH QTR SHR 77 CTS VS 76 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2158
topicstart
topicend
bodystart
2;

PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND


    LONDON, March 5 - 
Pirelli UK International Finance BV is
issuing a 50 mln stg eurobond due April 9, 1992 paying 10 pct
and priced at 101-1/2 pct, lead manager Barclays De Zoete Wedd
Ltd.
    The non callable issue is available in denominations of
10,000 and 1,000 stg and will be listed in Luxembourg. The
payment date April 9, 1987.
    The selling concession is 1-1/4 pct while management pays
1/4 pct and underwriting  3/8 pct.
 Reuter
3;
bodyend
documentend
documentstart
2159
topicstart
acq
topicend
bodystart
2;

REGAL INTERNATIONAL 
<
RGL> UPS BELL 
<
BPSIQ> BID


    MIDLAND, Texas, March 5 - 
Bell Petroleum Services Inc said
Regal International Inc has doubled its offer for Bell stock to
one Regal share for each Bell share from half a share
previously.
    The company said it is seriously considering the new offer
but has also received an expression of interest for a possible
merger into a Fortune 500 company it did not identify that will
be investigated at meetings to be held later this week.
    It said it will explore all possibilities before
recommending a final course of action.
 Reuter
3;
bodyend
documentend
documentstart
2161
topicstart
topicend
bodystart
2;

DUKE POWER 
<
DUK> SELLS 10-YEAR MORTGAGE BONDS


    NEW YORK, March 5 - 
Duke Power Co is raising 100 mln dlrs
through an offering of first and refunding mortgage bonds due
1997 yielding 7.663 pct, said lead manager Morgan Stanley.
    Morgan led a syndicate that won the bonds at competitive
bidding. It bid them at 98.403 and set a 7-1/2 pct coupon and
reoffering price of 98.875 to yield 55 basis points more than
comparable Treasury paper.
    Non-refundable for five years, the issue is rated Aa-2 by
Moody's and AA-minus by S and P. On June 12, 1986, the utility
sold 125 mln dlrs of same-rated nine-year securities priced to
yield 8.54 pct, or 58 basis points over Treasuries.
 Reuter
3;
bodyend
documentend
documentstart
2163
topicstart
earn
topicend
bodystart
2;

EQK GREEN ACRES LP 
<
EGA> RAISES QUARTERLY


    BALA CYNWYD, Pa., March 5 -
    
Qtly div 26-1/4 cts vs 25 cts prior
    Pay Aug 14
    Record June 30
 Reuter
3;
bodyend
documentend
documentstart
2166
topicstart
earn
topicend
bodystart
2;
******
MERCANTILE STORES CO INC 4TH QTR SHR 3.26 DLRS VS 3.17 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
2167
topicstart
earn
topicend
bodystart
2;

WINLAND ELECTRONICS INC 4TH QTR LOSS


    MANKATO, MINN., March 5 -
    
Shr loss one ct vs profit 15 cts
    Net loss 10,863 vs profit 176,344
    Revs 672,073 vs 766,066
    Year
    Shr loss seven cts vs loss one ct
    Net loss 77,804 vs loss 16,627
    Revs 1,717,810 vs 1,317,402
 Reuter
3;
bodyend
documentend
documentstart
2168
topicstart
livestock
topicend
bodystart
2;

ANTIBIOTICS IN FEED AID DEADLY BACTERIA: STUDY


    BOSTON, March 5 - 
A study of salmonella poisoning has
uncovered new evidence that the common practice of feeding
antibiotics to cattle is helping to create deadly bacteria that
can infect humans and resist medicines.
    Researchers at the federal Centers for Disease Control
tracked the spread of an unusual strain of salmonella that is
resistant to the drug chloramphenicol and were able to link the
resulting food poisoning to farms that used the drug to promote
the growth of cattle.
    Cattlemen often give their animals a constant supply of
antibiotics in feed to help them grow faster. But critics have
been warning for years that the constant exposure to the drugs
is helping bacteria learn to resist the drugs.
    Industry officials have disputed this, saying the diseases
that develop a resistance in cattle probably do not affect
humans.
    But the new study, reported in Thursday's New England
Journal of Medicine, shows the diseases can spread to humans.
    The research team, led by Dr. John Spika, said the number
of people who have developed the chloramphenicol-resistant
infection in Los Angeles County alone jumped from 69 in 1984 to
298 the following year. Two of those victims died and half the
victims in their study of 45 patients had to be hospitalized
for their illness.
    They also discovered that cooking the meat didn't always
prevent the disease. Only 15 pct of the victims reported eating
raw, infected hamburger. Thus, the researchers concluded, "the
majority of cases appear to have been caused by eating
hamburger that was at least partially cooked."
    The researchers said the results show that "food animals are
a major source of antimicrobial-resistant salmonella infections
in humans, and that these infections are associated with
(antibiotic) use on farms."
 Reuter
3;
bodyend
documentend
documentstart
2169
topicstart
grain
wheat
topicend
bodystart
2;
******
EC REJECTS ALL FREE MARKET WHEAT EXPORT  OFFERS AT WEEKLY TENDER - TRADERS

Blah blah blah.
3;


bodyend
documentend
documentstart
2170
topicstart
topicend
bodystart
2;

GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND


    LONDON, March 5 - 
Great American First Savings Bank is
issuing a 15 billion yen eurobond due April 2, 1992 paying five
pct and priced at 101-3/4 pct, lead manager Nikko Securities Co
(Europe) Ltd said.
    The issue is collateralised for 140 to 150 pct by U.S.
Government and federal securities and cash, to aim for a AAA
listing, a Nikko official said.
    The issue is available in denominations of 20 and five mln
yen and will be listed in Luxembourg. The payment date is April
2,  1987. The selling concession is 1-1/4 pct while management
and underwriting combined pays 5/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
2171
topicstart
grain
barley
topicend
bodystart
2;
******
EC AWARDS 123,000 TONNES BARLEY EXPORT  LICENCES AT 138.75 ECUS PER TONNE - TRADERS

Blah blah blah.
3;


bodyend
documentend
documentstart
2172
topicstart
grain
barley
wheat
corn
oilseed
rapeseed
topicend
bodystart
2;

FRENCH CEREAL EXPORTS THROUGH ROUEN FALL


    PARIS, March 5 - 
French cereal exports through the port of
Rouen fell 6.4 pct to 725,023 tonnes during the period February
1 to 25, from 774,704 for the period February 1 to 26 last
year, trade sources said.
    Main destinations were Saudi Arabia with 158,109 tonnes of
barley, the Soviet Union 147,214 of wheat, Italy 104,704 of
wheat, Spain 91,381 of wheat and maize, China 52,500 of wheat
and Algeria 41,000 of wheat.
    Between February 26 and today, five ships have loaded
137,000 tonnes of cereals, the sources added.
    The 137,000 tonnes comprised 59,500 tonnes of wheat for
China, 53,000 of wheat for the Soviet Union and 24,500 of wheat
for Algeria.
    By this Friday, sources estimated a further 233,600 tonnes
of cereals will have been loaded, comprising 47,000 tonnes of
barley, 78,600 of wheat and 25,000 of rapeseed for the Soviet
Union, 30,000 of wheat for Sri Lanka, 28,000 of wheat for China
and 25,000 of wheat for Poland.
 Reuter
3;
bodyend
documentend
documentstart
2173
topicstart
earn
topicend
bodystart
2;

NATIONAL CONVENIENCE 
<
NCS> TO HAVE 3RD QTR LOSS


    HOUSTON, March 5 - 
National Convenience Stores Inc said it
expects to report a loss for the third quarter ending March 31
due to continued poor sales in Texas, especially in Houston.
    In last year's third quarter, National Convenience earned
1,788,000 dlrs or eight cts per share, including a gain of
2,883,000 dlrs from the sale of 186 stores to another operator.
 It said the results also included earnings from gasoline
operations of 2,500,000 dlrs or 11 cts per share caused by
unusually high gross margins on gasoline sales of 12.7 cts per
gallon that were caused by rapidly falling oil prices.
    National Convenience said its third quarter is usually weak
due to winter weather.
 Reuter
3;
bodyend
documentend
documentstart
2174
topicstart
crude
topicend
bodystart
2;
******
MARATHON RAISES CRUDE POSTED PRICES 50 CTS A BBL, EFFECTIVE TODAY, WTI AT 17 DLRS/BBL.

Blah blah blah.
3;


bodyend
documentend
documentstart
2175
topicstart
crude
topicend
bodystart
2;

REPORT DUE ON OIL IMPORTS AND NATIONAL SECURITY


    WASHINGTON, March 4 - 
A presidential commission that has
been studying oil imports, including their effect on national
security, is to to make its report soon, the White House said.
    Spokesman Marlin Fitzwater said the panel, set up last
October to examine U.S. oil import needs, would make its report
soon, probably within the next few weeks.
    He said National Security Adviser Frank Carlucci "will wait
until that report is in and then see if there is any special
action needed to be taken in the national security area to
implement it."
 Reuter
3;
bodyend
documentend
documentstart
2176
topicstart
earn
topicend
bodystart
2;
******
CHRYSLER SETS THREE-FOR-TWO STOCK SPLIT, RAISES DIVIDEND

Blah blah blah.
3;


bodyend
documentend
documentstart
2178
topicstart
money-fx
yen
topicend
bodystart
2;
******
U.S. COMMERCE DEPT'S ORTNER SAYS YEN IS 10 OR 15 PCT UNDERVALUED

Blah blah blah.
3;


bodyend
documentend
documentstart
2181
topicstart
money-fx
dlr
topicend
bodystart
2;
******
U.S. COMMERCE DEPT'S  ORTNER SAYS DOLLAR FAIRLY PRICED AGAINST EUROPEAN CURRENCIES

Blah blah blah.
3;


bodyend
documentend
documentstart
2182
topicstart
earn
topicend
bodystart
2;

BROWN GROUP INC 
<
BG> 4TH QTR JAN 31 NET


    ST. LOUIS, March 5 -
    
Shr 77 cts vs 76 cts
    Net 13,843,000 vs 14,478,000
    Sales 374.6 mln vs 368.3 mln
    Avg shrs 18,003,000 vs 19,025,000
    Year
    Shr 2.16 dlrs vs 2.65 dlrs
    Net 39,503,000 vs 51,573,000
    Revs 1.41 billion vs 1.41 billion
    Avg shrs 18,269,000 vs 19,497,000
    NOTE: 1986 period ended February One
    Company changed fiscal yearend to January 31 from October
31. 1986 results were restated to reflect the change.
 Reuter
3;
bodyend
documentend
documentstart
2183
topicstart
grain
corn
topicend
bodystart
2;
******
EC AWARDS EXPORT LICENCES FOR 25,000  TONNES MAIZE - PARIS TRADE.

Blah blah blah.
3;


bodyend
documentend
documentstart
2185
topicstart
topicend
bodystart
2;

SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES


    ZURICH, March 5 - 
Sapporo Breweries Ltd of Japan is issuing
100 mln Swiss francs of five year notes with a 4-5/8 pct coupon
and 100-1/4 issue price, lead manager Swiss Bank Corp said.
    The issue is guaranteed by Fuji Bank.
    Payment is due March 17.
 REUTER
3;
bodyend
documentend
documentstart
2186
topicstart
copper
lead
zinc
strategic-metal
topicend
bodystart
2;

ZAMBIAN LATE 1986 COPPER OUTPUT UP, SALES DOWN


    LUSAKA, March 5 - 
Zambian copper production rose 3.2 pct to
113,275 tonnes in fourth quarter 1986 from 109,767 in the same
1985 period but sales fell 18.7 pct to 119,967 tonnes from
147,537, Zambia Consolidated Copper Mines, ZCCM, said.
    A spokesman for the government-controlled mining company
said the country's cobalt production fell 24 pct to 879 tonnes
over the same period, while cobalt sales rose 92 pct to 1,734
tonnes. He did not give figures for the fourth quarter of 1985.
    Lead production fell 22.9 pct to 1,670 tonnes from 2,165
and zinc production dropped 14 pct to 4,830 tonnes, he added.
    ZCCM, which monopolises copper mining in Zambia and
accounts for about 90 pct of the country's foreign exchange
earnings, made a net loss of 718 mln kwacha in 1986 compared
with a net profit of 19 mln kwacha the previous year.
    The 1986 losses were after taking into account net interest
payments of 426 mln kwacha, an exchange loss of 412 mln kwacha
and taxes of 235 mln kwacha.
 Reuter
3;
bodyend
documentend
documentstart
2187
topicstart
crude
ship
topicend
bodystart
2;

BAD WEATHER CLOSES ALEXANDRIA PORT, OIL TERMINAL


    ALEXANDRIA, Egypt, March 5 - 
Strong winds and high seas
today closed Alexandria, Egypt's biggest port, and an oil
pipeline terminal nearby, officials said.
    Facilities of the Suez-Mediterranean Arab Petroleum
Pipelines Company at Sidi Kreir, 32 km southeast of Alexandria,
were closed this morning after one tanker loaded and sailed.
    Officials said that five other tankers were waiting outside
the terminal for conditions to improve.
 Reuter
3;
bodyend
documentend
documentstart
2188
topicstart
earn
topicend
bodystart
2;

PEGASUS GOLD INC 
<
PGULF> 4TH QTR NET


    SPOKANE, Wash., March 5 -
    
Shr profit 20 cts vs loss two cts
    Net profit 2,665,000 vs loss 202,000
    Revs 12.1 mln vs 5,993,000
    Year
    Shr profit 35 cts vs loss 11 cts
    Net profit 4,653,000 vs loss 1,167,000
    Revs 35.1 mln vs 18.0 mln
    NOTE: Current qtr includes gain of 1.1 mln dlrs from tax
benefit.
 Reuter
3;
bodyend
documentend
documentstart
2190
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

U.S. COMMERCE'S ORTNER SAYS YEN UNDERVALUED


    WASHINGTON, March 5 - 
Commerce Dept. undersecretary of
economic affairs Robert Ortner said that he believed the dollar
at  current levels was fairly priced against most European
currencies.
    In a wide ranging address sponsored by the Export-Import
Bank, Ortner, the bank's senior economist also said he believed
that the yen was undervalued and could go up by 10 or 15 pct.
    "I do not regard the dollar as undervalued at this point
against the yen," he said.
    On the other hand, Ortner said that he thought that "the yen
is still a little bit undervalued," and "could go up another 10
or 15 pct."
    In addition, Ortner, who said he was speaking personally,
said he thought that the dollar against most European
currencies was "fairly priced."
    Ortner said his analysis of the various exchange rate
values was based on such economic particulars as wage rate
differentiations.
    Ortner said there had been little impact on U.S. trade
deficit by the decline of the dollar because at the time of the
Plaza Accord, the dollar was extremely overvalued and that the
first 15 pct decline had little impact.
    He said there were indications now that the trade deficit
was beginning to level off.
    Turning to Brazil and Mexico, Ortner made it clear that it
would be almost impossible for those countries to earn enough
foreign exchange to pay the service on their debts.  He said
the best way to deal with this was to use the policies outlined
in Treasury Secretary James Baker's debt initiative.
 Reuter
3;
bodyend
documentend
documentstart
2191
topicstart
grain
wheat
barley
topicend
bodystart
2;

EC REJECTS WHEAT EXPORT BIDS, GRANTS BARLEY


    BRUSSELS, March 5 - 
The European Community's cereal
management committee rejected all bids to export free market
soft wheat at today's weekly tender, traders said.
    The committee awarded 123,000 tonnes of free market barley
export licences at a maximum export refund of 138.75 Ecus per
tonne.
3;
bodyend
documentend
documentstart
2193
topicstart
acq
earn
topicend
bodystart
2;

CORNING GLASS WORKS 
<
GLW> UNIT TRANSFERS STOCK


    CORNING, N.Y., March 5 - 
Corning Glass Works' subsidiary
Corning International Corp said it agreed to transfer 55 pct of
its capital stock of an Argentine glass manufacturer to a
European group.
    It said it will transfer the capital stock of Rigolleau,
S.A., to the group controlled by Camillo Gancia, an Argentine
industrialist.
    The company said the transaction would reduce Corning's
ownership in Rigolleau to approximately 20 pct. The company
said the change will not impact on its net income for th year.
 Reuter
3;
bodyend
documentend
documentstart
2194
topicstart
earn
topicend
bodystart
2;

ZAYRE CORP 
<
ZY> 4TH QTR JAN 31 NET


    FRAMINGHAM, Mass., March 5 -
    
Shr 73 cts vs 60 cts
    Net 43,792,000 vs 36,480,000
    Rev 1.78 billion vs 1.34 billion
    Year
    Shr 1.49 dlrs vs 1.61 dlrs
    Net 88,974,000 vs 94,647,000
    Rev 5.35 billion vs 4.04 billion
    NOTE: 4th qtr net includes pre-tax gain of 9.7 mln dlrs
from sale of real estate and real estate development company.
    Fiscal 1986 net includes extraordinary charge of 3.5 mln
dlrs, or six cts a share. All per share data reflects a
two-for-one stock split paid June 25, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2195
topicstart
sugar
acq
topicend
bodystart
2;

FARMERS CONCERNED ABOUT BRITISH SUGAR OWNERSHIP


    LONDON, March 5 - 
The National Farmers Union, NFU, remains
concerned about the future ownership of British Sugar despite
last week's decision by the government to block bids from
Italy's Gruppo Ferruzzi and Britain's Tate 
&
 Lyle Plc.
    The union's sugar beet committee met yesterday to consider
the implications of a government Monopolies and Merger
Commission, MMC, report issued last week. "We are still
concerned about S and W Berisford being long-term owners of
British Sugar," a spokesman said. "We do not view Berisford as
providing the long-term stability we want."
    The Trade and Industry Secretary accepted a recommendation
last week by the MMC that it block a bid by Tate and Lyle for S
and W Berisford Plc and stop Gruppo Ferruzzi buying a majority
of British Sugar, owned by Berisford.
    Union officials believe a new bid for the monopoly beet
processor is now likely. "We are looking again at the
undertakings that we have demanded of existing bidders and
which we would seek of any future bidders," the spokesman said.
The NFU, which represents Britain's 11,500 sugar beet growers,
is also taking legal advice on particular paragraphs in the MMC
report which it says need further explanation.
 Reuter
3;
bodyend
documentend
documentstart
2196
topicstart
earn
topicend
bodystart
2;

ZAYRE 
<
ZY> PLANS MORE STORE OPENINGS IN 1987


    FRAMINGHAM, Mass., March 5 - 
Zayre Corp said it plans to
open 25 additional Zayre Stores, 35 new T.J. Maxx stores and 50
Hit or Miss Shops in 1987.
    In addition, Zayre said it plans to add six new BJ's
Wholesale Clubs and eight new HomeClubs to its warehouse group.
    Earlier, the company reported 1986 earnings, ended January
31, of 89.0 mln dlrs, or 1.49 dlrs per share, versus 94.6 mln
dlrs, or 1.61 dlrs per share, in fiscal 1985. It also reported
fourth quarter net of 43.8 mln dlrs, or 73 cts a share, versus
36.5 mln dlrs, or 60 cts a share in 1985's fourth quarter.
 Reuter
3;
bodyend
documentend
documentstart
2197
topicstart
gnp
jobs
topicend
bodystart
2;

DUTCH GROWTH LIKELY TO SLOW, JOBLESS RISE IN 1987


    By Raymond Gijsen, Reuters


    AMSTERDAM, March 5 - 
Leaks of a major Dutch official
economic forecast due to be published on Monday indicate
reduced economic growth and a renewed rise in unemployment this
year, political and market sources say.
    Concern over an anticipated fall in Dutch competitiveness
this year against a background of an average 2-1/2 pct wage
increase, zero inflation and a firm guilder has triggered some
calls for a change in monetary policy to help boost growth.
    But whatever the government's response, the central bank
will stick to its policy of keeping the guilder firm, they say.
    The official forecasting agency Centraal Planbureau (CPB)
publishes its 1987 outlook at the start of a week which will
also see a key parliamentary debate on government finances and
the economy.
    Merchant bank Pierson, Heldring en Pierson - in an estimate
reflecting general sentiment - said last month that Dutch
economic growth was now seen around one pct.
    Domestic consumer spending is not expected to offset the
decline in export growth caused by slowing growth in West
Germany, the main Dutch trading partner, and the lower dollar,
Pierson said in its February economic outlook.
    The latest growth forecasts are well below a 1.5 to two pct
growth figure seen by the CPB early last month and forecasts of
2.5 pct economic growth in 1987 made last September.
    The fall in unemployment is bottoming out and the
government has already admitted it will not meet its goal of
reducing unemployment by an annual 50,000 from 1986 to 1990.
    Some analysts and industry leaders have questioned central
bank policy of pegging the guilder firmly to the mark and if
necessary keeping interest rates up to support the guilder.
    Employers federation NCW chairman Fred Lempers criticised
the guilder's revaluation in line with the West German mark in
last January's European Monetary System (EMS) realignment and
expressed concern over its effect on competitiveness.
    But the employers federation VNO noted the Dutch economy
had become more competitive since 1980 and the fall of the
dollar was affecting this gain more than the EMS realignment.
    Some analysts also question the central bank's decision not
to copy the latest Bundesbank discount rate cut and instead
lower money market rates and abolish a credit quota surcharge.
    Central bank president Wim Duisenberg has defended the move
saying the bank had adjusted the rates with the most impact on
the money market, noting "the (4.5 pct) discount rate is at the
moment not the most important Dutch rate because it is already
far below the market rates."
    Central bank officials say the heavy dependence on trade of
the Dutch economy requires a stable exchange rate, and interest
rate policies serve that goal.
    Analysts noted a large capital outflow from the Netherlands
recently as foreign investments in Dutch stock are being sold
to take profits.
    Loosening the tie between the guilder and the mark would
reduce international confidence in the guilder and make it more
dificult to attract foreign capital, they said, noting Dutch
interest rates rose sharply when the guilder was not revalued
completely in line with the mark in a 1983 EMS realignment.
    Many Dutch banks have reacted favourably to the decision
not to copy the last German discount rate cut, but Pierson
warned it could actually add to uncertainty over the guilder.
    Some analysts noted friction between the Finance Ministry
and the central bank, with Finance Minister Onno Ruding having
said before the Bundesbank discount rate cut he favoured lower
Dutch rates but that the Germans should move first.
    One analyst said Ruding wanted to bring interest rates down
to reduce the government debt burden.
    A Finance Ministry spokesman said lower interest rates were
needed but denied any suggestion of conflicting views between
the ministry and the central bank. "The cabinet's policy is
steady, the guilder has to stay with the mark," he said.
 REUTER
3;
bodyend
documentend
documentstart
2198
topicstart
earn
topicend
bodystart
2;

CHRYSLER 
<
C> SETS STOCK SPLIT, HIGHER DIVIDEND


    DETROIT, March 5 - 
Chrysler Corp said its board declared a
three-for-two stock split in the form of a 50 pct stock
dividend and raised the quarterly dividend by seven pct.
    The company said the dividend was raised to 37.5 cts a
share from 35 cts on a pre-split basis, equal to a 25 ct
dividend on a post-split basis.
    Chrysler said the stock dividend is payable April 13 to
holders of record March 23 while the cash dividend is payable
April 15 to holders of record March 23. It said cash will be
paid in lieu of fractional shares.
    With the split, Chrysler said 13.2 mln shares remain to be
purchased in its stock repurchase program that began in late
1984. That program now has a target of 56.3 mln shares with the
latest stock split.
    Chrysler said in a statement the actions "reflect not only
our outstanding performance over the past few years but also
our optimism about the company's future."
 reuter
3;
bodyend
documentend
documentstart
2200
topicstart
topicend
bodystart
2;

GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND


    LONDON, March 5 - 
Great American First Savings Bank is
issuing a 15 billion yen eurobond due April 2, 1992 paying five
pct and priced at 101-3/4 pct, lead manager Nikko Securities Co
(Europe) Ltd said.
    The issue is collateralised for 140 to 150 pct by U.S.
Government and federal securities and cash, to aim for a AAA
listing, a Nikko official said.
    The issue is available in denominations of 20 and five mln
yen and will be listed in Luxembourg. The payment date is April
2,  1987. The selling concession is 1-1/4 pct while management
and underwriting combined pays 5/8 pct.
 Reuter
3;
bodyend
documentend
documentstart
2202
topicstart
acq
topicend
bodystart
2;

BANCO SANTANDER TO BUY WEST GERMANY'S CC-BANK


    MADRID, March 5 - 
<
Banco Santander> signed a letter of
intent with Bank of America 
<
BAC> to purchase its West German
affiliate 
<
Bankhaus Centrale Credit AG>, CC-Bank, the bank said
in a statement amplifying an earlier report from Frankfurt.
    "The incorporation of CC-Bank in our group will provide a
major boost...For chanelling investment between Spain and the
European Community," the statement said.
    "This operation enables us to take up a solid position in
West Germany ahead of Spain's full integration into the EC's
financial system in five years' time."
    The deal included the license for Visa credit cards.
 REUTER
3;
bodyend
documentend
documentstart
2203
topicstart
earn
topicend
bodystart
2;

CANADIAN IMPERIAL SEES LOWER LOAN LOSSES


    TORONTO, March 5 - 
<
Canadian Imperial Bank of Commerce>,
earlier reporting higher net income for the first quarter ended
January 31, said it expects loan losses to be lower than last
year's 697.0 mln dlrs.
    However, the bank said it will maintain the high level of
provisioning for loan losses established last year because of
many market uncertainties. Commerce bank set loan loss
provisions of 636.0 mln dlrs in fiscal 1986, ended October 31.
    The bank earlier said first quarter net income rose to 96.5
mln dlrs from 87.0 mln dlrs in the prior year. Profit per basic
share after dividends fell to 61 cts from year-ago 64 cts.
    Commerce Bank said because of market uncertainties, it used
an estimate of 600.0 mln dlrs for fiscal 1987 loan losses in
calculating first quarter results.
    The bank's first quarter provision for loan losses rose to
172.0 mln dlrs, from 152.0 mln dlrs in the prior year.
    Commerce Bank also said it will continue to adopt an
agressive posture in adding to its general provisions against
loan exposure to 34 countries designated by the federal
government's Inspector General of Banks.
    First quarter net partly benefitted from net interest
income, up to 561.8 mln dlrs from year ago 540.9 mln dlrs.
    Commerce Bank said improved other income, which rose to
213.6 mln dlrs from year-earlier 170.1 mln dlrs, and net income
was partially offset by the increased loan loss provisions,
non-interest expenses and income taxes.
    The bank said first quarter total assets increased to 83.92
billion dlrs from 78.93 mln dlrs in the prior year, due mainly
to continued expansion in consumer loan and mortgage fields.
    Return on assets increased by two cts to 46 cts per 100
dlrs of average assets from the first quarter in fiscal 1986,
but declined two cts from fiscal 1986 fourth quarter.
    The bank also said total non-accrual loans increased to 2.4
billion dlrs in the first quarter from year-ago 1.8 billion
dlrs. However, non-accrual loans declined 130 mln dlrs from
fiscal 1986 year-end.
    "Despite the recent announcement of the suspension of
interest payments by Brazil, virtually all of the bank's loans
to this country were income producing up to January 31, 1987,
and there was little adverse impact on the bank's earnings
prior to the announcement," Commerce bank said.
    The bank did not disclose a forecast of the impact on
future earnings by Brazil's suspension of interest payments.
 Reuter
3;
bodyend
documentend
documentstart
2205
topicstart
earn
topicend
bodystart
2;

MERCANTILE STORES CO INC 
<
MST> 4TH QTR NET


    WILMINGTON, Dela., March 5 - 
Qtr ends Jan 31
    Shr 3.26 dlrs vs 3.17 dlrs
    Net 47.9 mln vs 46.7 mln
    Revs 673.1 mln vs 630.2 mln
    12 mths
    Shr 7.54 dlrs vs 6.95 dlrs
    Net 111.1 mln vs 102.4 mln
    Revs 2.03 billion vs 1.88 billion
.
3;
bodyend
documentend
documentstart
2206
topicstart
sugar
topicend
bodystart
2;

INDIA BOUGHT AT LEAST EIGHT CARGOES SUGAR--TRADE


    ****LONDON, March 5 - 
India bought eight cargoes of white
sugar at a buying tender this week but also gave sellers
options to sell an extra eight cargoes at the same prices,
traders said.
    Four international firms shared the business which gave
each of them sales of two cargoes of Mar/Apr shipment sugar at
233 dlrs CIF and options on two cargoes of Apr/May.
    This brings recent options India has given traders to some
200,000 tonnes at fixed prices and makes future Indian
purchases very dependent on price fluctuations, traders said.
    At 233 dlrs CIF the sugar sold this week was at a discount
of up to 10 dlrs to current prices, some traders said.
 Reuter
3;
bodyend
documentend
documentstart
2207
topicstart
acq
topicend
bodystart
2;
******
UNITEL VIDEO SHAREHOLDER PROPOSES POSSIBLE SALE OR LIQUIDATION OF COMPANY

Blah blah blah.
3;


bodyend
documentend
documentstart
2211
topicstart
earn
topicend
bodystart
2;

ALLEGHENY POWER SYSTEM INC 
<
AYP> SETS PAYOUT


    NEW YORK, March 5 -
    
Qtly div 73 cts vs 73 cts prior
    Pay March 31
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
2212
topicstart
earn
topicend
bodystart
2;

<
SELKIRK COMMUNICATIONS LTD> 4TH QTR NET


    TORONTO, March 5 -
    
Oper shr 57 cts vs 73 cts
    Oper net 6,051,000 vs 7,818,000
    Revs 50.0 mln vs 56.0 mln
    Year
    Oper shr 1.06 dlrs vs 1.24 dlrs
    Oper net 11,301,000 vs 13,203,000
    Revs 171.9 mln vs 207.4 mln
    NOTE: Current oper net excludes extraordinary income of
180,000 dlrs in qtr and 1,119,000 dlrs in year vs previous
losses of 2,345,000 dlrs and 515,000 dlrs, respectively.
                        
 Reuter
3;
bodyend
documentend
documentstart
2213
topicstart
earn
topicend
bodystart
2;

HOUSTON OIL ROYALTY TRUST 
<
RTH> PAYOUT LOWER


    HOUSTON, March 5 -
    
Mthly div 2.108 cts vs 2.158 cts prior
    Pay March 26
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
2214
topicstart
topicend
bodystart
2;

JUTLAND TELEPHONE ISSUES 75 MLN SFR 10 YEAR BOND


    ZURICH, March 5 - 
Jutland Telephone Co has launched a 75
mln 10 year bond with a 4-3/4 pct coupon and par issue price,
market sources said.
    They said the issue is led by Union Bank of Switzerland.
    The bond is on sale until March 19 with payment due April
10.
 REUTER
3;
bodyend
documentend
documentstart
2215
topicstart
topicend
bodystart
2;

SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES


    ZURICH, March 5 - 
Sapporo Breweries Ltd of Japan is issuing
100 mln Swiss francs of five year notes with a 4-5/8 pct coupon
and 100-1/4 issue price, lead manager Swiss Bank Corp said.
    The issue is guaranteed by Fuji Bank.
    Payment is due March 17.
 Reuter
3;
bodyend
documentend
documentstart
2216
topicstart
earn
topicend
bodystart
2;
******
ENGELHARD CORP SETS THREE FOR TWO STOCK SPLIT AND RAISES QUARTERLY

Blah blah blah.
3;


bodyend
documentend
documentstart
2217
topicstart
grain
wheat
barley
corn
topicend
bodystart
2;

PARIS TRADE DETAILS EC GRAIN TENDER RESULT


    PARIS, March 5 - 
The EC Commission rejected all bids for
free market bread-making and feed wheat and all bids for the
special West German tender at today's weekly EC cereals tender,
trade sources said here.
    It granted export licences for 123,000 tonnes of free
market barley at a maximum rebate of 138.75 Ecus per tonne and
25,000 tonnes of maize at a maximum rebate of 133.75 Ecus, they
said.
    Licences for 100,000 tonnes of the barley were awarded to
French trade houses, they added.
 Reuter
3;
bodyend
documentend
documentstart
2219
topicstart
acq
topicend
bodystart
2;

HOLDER PROPOSES UNITEL 
<
UNV> SALE OR LIQUIDATION


    WASHINGTON, March 5 - 
Michael Landes, a major stockholder
in Unitel Video Inc, said he has asked the company to consider
liquidating, or selling some or all of its assets.
    "Mr. Landes has requested the company to implement a
program to maximize shareholder values, which might include a
sale of all or part of the company or a liquidation," he said
in a filing with the Securities and Exchange Commission.
    Landes and another Unitel Video investor, Albert Schwatz,
have formed a shareholder group and together hold 329,225
common shares, or 15.2 pct of the total outstanding common
stock.
    Landes and Schwartz had reached an agreement in principle
with the New York video tape service company on a 12.50 dlr a
share takeover proposal last September, but subsequent merger
talks broke down in October.
    The investors told the SEC they are continuing to review
their positions company and may acquire more shares or sell
some or all of their current stake.
 Reuter
3;
bodyend
documentend
documentstart
2220
topicstart
acq
topicend
bodystart
2;
******
HUGES TOOL COMPANY SAYS BAKER INTERNATIONAL MERGER PLAN NOT TERMINATED

Blah blah blah.
3;


bodyend
documentend
documentstart
2221
topicstart
earn
topicend
bodystart
2;

ROYAL DUTCH/SHELL GROUP OF COS 4TH QTR NET


    NEW YORK, March 5 -
    
Shr Royal Dutch Petroleum Co 
<
RD> 2.30 dlrs vs 2.90 dlrs
    Final Royal Dutch dividend of 8.30 guilders for total 12.80
guilders vs 12.80 guilders for 1985
    Shr Shell Transport and Trading Co PLC 
<
SC> 1.38 dlrs vs
1.65 dlrs
    Final Shell Transport dividend 118.0 pence for total of
172.0 pence vs 140.0 pence for 1985
    Group Net 1.07 billion vs 1.24 billion
    Group Sales 20.42 billion vs 25.84 billion
    Year
    Shr Royal Dutch 8.65 dlrs vs 9.11 dlrs
    Net Shell Transport 4.78 dlrs vs 5.16 dlrs
    Group Net 3.71 billion vs 3.88 billion
    Group Sales 81.40 billion vs 94.57 billion
    NOTES: Group is 60 pct owned by Royal Dutch and 40 pct by
Shell Transport
    Dollar amount of Royal Dutch dividend will depend on
guilder/dollar exchange rate on May 14. Final dividend is
payable June 16 to holders of record May 26
    Shell Transport dividend and per share results based on New
York shares, which are equal to four ordinary shares. Dollar
final dividend will be determined by sterling/dollar exchange
rate May 18. At current rate, with tax credits, is equal to
2.59 dlrs. Final dividend is payable May 28 to holders of
record April 10
    Fourth quarter U.S. dollar figures for group translated
from sterling at average rate of exchange for the quarter which
was 1.43 dlrs per pound in 1986 and 1.44 dlrs in 1985. Full
year U.S. dollar figures are sum of sterling translations to
U.S. dollars for first, second, third and fourth quarters
    Net includes FIFO inventory gain 217 mln dlrs vs loss 80
mln dlrs in quarter and loss 1.23 billion dlrs vs loss 178 mln
dlrs in year. If LIFO accounting had been used, company said,
Royal Dutch per share net would have been 1.78 dlrs vs 3.17
dlrs in quarter and 11.60 dlrs vs 9.53 dlrs in year, Shell
Transport per share net would have been 1.10 dlrs vs 1.81 dlrs
in quarter and 6.36 dlrs vs 5.40 dlrs in year
    Net includes restructuring credit 114 mln dlrs vs charge 72
mln dlrs in quarter and credit 67 mln dlrs vs charge 467 mln
    Per share impact of restructuring on Royal Dutch was credit
27 cts vs charge 17 cts in quarter and credit 16 cts vs charge
1.10 dlrs in year, on Shell Transport was credit 15 cts vs
charge 10 cts in quarter and credit nine cts vs charge 62 cts
in year
    Net also includes currency exchange losses of 20 mln dlrs
vs 69 mln dlrs in quarter and 170 mln dlrs vs 401 mln dlrs in
year. Exchange losses had per share impact on Royal Dutch of 14
cts vs 31 cts in quarter and 96 cts vs 1.26 dlrs in year and on
Shell Transport of eight cts vs 17 cts in quarter and 51 cts vs
71 cts in year.
 Reuter
3;
bodyend
documentend
documentstart
2223
topicstart
grain
wheat
topicend
bodystart
2;

WORLD GRAIN TRADE RECOVERY MAY BE UNDERWAY


    MINNEAPOLIS, March 5 - 
World grain trade could be turning
the corner and heading toward recovery in the 1986-87 season, a
Cargill, Inc. analyst said.
    Writing in the March issue of the Cargill Bulletin, David
Rogers of Cargill's Commodity Marketing Division cited a
gradual rise in world wheat trade in recent months, with a slow
rise in wheat prices after recent historic lows.
    He said the wheat trade, because wheat can be produced in
many nations, is a good barometer of world grain trade and
could lead to more activity in other grain markets.
    Rogers said that with world grain prices at their lowest
level in over a quarter of a century in real terms, demand has
begun to rise while producing nations are re-examining their
expensive price-support policies and reducing planted acres.
 Reuter
3;
bodyend
documentend
documentstart
2224
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRM BOOSTS PUROLATOR 
<
PCC> STAKE


    WASHINGTON, March 5 - 
Halcyon Investments, a New York
investment partnership that deals mainly in risk arbitrage and
stock trading, said it raised its Purolator Courier Corp stake
to 726,700 shares, or 9.5 pct, from 474,900, or 6.2 pct.
    In a filing with the Securities and Exchange Commission,
Halcyon, whose managing partner is Alan B. Slifka and Co, said
it bought 201,800 Purolator common shares between Feb 3 and
March 2 at prices ranging from 28.689 to 34.811 dlrs each.
    Halcyon, which said it has spent 20.1 mln dlrs for its
Purolator common shares, said it also acquired options on Feb
27 giving it the right to buy 50,000 shares for 1.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2225
topicstart
acq
topicend
bodystart
2;

AETNA 
<
AET> TO SELL CANADIAN OPERATIONS


    HARTFORD, Conn., March 5 - 
Aetna Life and Casualty Co said
its Aetna Life and Casualty of Canada Ltd subsidiary has agreed
in prnciple to sell its casualty-property subsidiary, Aetna
Casualty Co of Canada to 
<
Laurentian Group> of Montreal for
undisclosed terms.
    The company said the agreement is subject to Canadian
government approval.
 Reuter
3;
bodyend
documentend
documentstart
2226
topicstart
livestock
hog
carcass
topicend
bodystart
2;

NPPC DELEGATES APPROVE DISEASE AND DRUG PROGRAMS


    Chicago, March 5 - 
Delegates from the National Pork
Producers Council, NPPC, yesterday approved programs for
control and eradication of pseudorabies and establishment of a
national safe drug use program.
    The delegate body, attending the American Pork Congress in
Indianapolis, approved a pseudorabies control and eradication
program at the state level after a recommendation from NPPC's
PRV (pseudorabies virus) oversight committee.
    The PRV committee received results of a three year, five
state pilot project which had a 97.5 pct success rate in
eradication of the disease within 116 hog herds. The project
was jointly funded by the USDA and NPPC.
    "Primarily it (the program) allows individual states to
deal with their own problems according to a timetable that
suits them best," Mike Wehler, member of the NPPC's PRV
oversight committee said.
    In regards to safe drug use, the delegates approved a plan
asking that NPPC be active in establishing a national safe drug
use program.
    The program would establish better relationships between
producers and veterinarians and eventually lead to a quality
assurance program in pork production, according to the plan.
    "This program basically communicates to the FDA that we are
concerned about safe drug use and will do our part to use drugs
safely, if FDA will allow the same policy to continue in
effect," Wehler said.
 Reuter
3;
bodyend
documentend
documentstart
2227
topicstart
earn
topicend
bodystart
2;

SOUTHERN MINERAL CORP 
<
SMIN> 4TH QTR LOSS


    CHICAGO, March 5 -
    
Shr loss two cts vs profit three cts
    Net loss 77,400 vs profit 134,000
    Revs 418,500 vs 435,900
    Year
    Shr profit eight cts vs profit 27 cts
    Net profit 315,100 vs profit 1,082,700
    Revs 1,761,900 vs 2,511,200
    NOTE: Per-share figures adjusted for four-for-three stock
distribution effective Dec 14, 1984
    1985 results include an extraordinary tax benefit of 55,000
dlrs, or one ct a share in each period
 Reuter
3;
bodyend
documentend
documentstart
2228
topicstart
interest
topicend
bodystart
2;

BANK OF ENGLAND RESISTS PRESSURE FOR RATE CUT


    By Rowena Whelan, Reuters


    LONDON, March 5 - 
The Bank of England again fought against
money and bond market pressure for a pre-Budget interest rate
cut, leaving the pound to take the strain with a further rise
in its trade-weighted index to a six-month high.
    It closed at its best level since September 12, at 71.4 pct
of its 1975 value on the index, as foreign investors continued
to buy into a currency which offers high relative returns and
the possibility of short-term capital gains, dealers said.
    Meanwhile, opinion is divided over whether the Bank can
stop a cut before Budget Day, March 17, and why it should want
to.
    The Bank's latest strong signal to the market that it wants
rates to stay steady for the moment came in midafternoon, when
it lent to the discount houses at a penal rate of 11-3/4 pct to
relieve a money market shortage.
    "They're really making the discount houses suffer," said
Stephen Lewis, economist at brokerage house Phillips and Drew.
"Eleven and three-quarters pct is way above money market rates."
    This money market signal was apparently not accompanied by
any sterling sales on the foreign exchanges, talk of which had
inhibited strong rises yesterday and Tuesday, so buyers came
strongly into the pound.
    The pound surged to a high of 1.5798/808 dlrs at the London
close, up from the previous finish at 1.5650/60, and 2.8900/60
marks, up from 2.8720/50.
    "If this pressure keeps up...There is a possibility that
rates could drop before the Budget," said Jeremy Hale, economist
at finance house Goldman Sachs International Corp.
    Some gilt traders are forecasting a half-point cut in the
base rate from the current 11 pct as early as tomorrow.
    However, analysts said the Bank of England will need to be
convinced that the present rise is a fundamental re-rating
rather than a result of short-term speculative gains.
    There are valid reasons for the Bank to be cautious, said
Peter Fellner, U.K. Economist at brokers James Capel and Co.
    Markets have become highly optimistic about the chances of
a Conservative Party victory in any early general election, and
disappointment if Prime Minister Margaret Thatcher decides to
hold back could lead to a decline in the pound and a setback
for bonds, Fellner said.
    An election could be delayed until mid-1988, but most
forecasts say it will be this year.
    Others note that the pound could yet prove vulnerable to
oil price losses or a change of fortune for the dollar.
    However, analysts agree the Bank is largely trying to set
the timing of a cut than holding out against one altogether.
    The authorities traditionally prefer a single sustainable
rate move, one way or the other, to half points here and there.
    Some add the Bank will be influenced by signs that at least
a proportion of the latest bout of sterling buying is long-term
capital coming into the London market, notably from Japan.
    They argue that the pound is being perceived as a safer bet
than the dollar, given the latters recent sharp falls and
current political upheavals in Washington.
    The Bank may want to see another few points on the
trade-weighted index before the Budget, argued Lewis. "But by
then sterling should be firm enough to satisfy even the Bank of
England," he added.
    The Bank declined to comment on its reasons for resisting
pressure for a rate move before the budget, but banking sources
said the authorities see the recent rise in sterling as more
than just marking up by foreign exchange traders.
    Meanwhile, analysts noted the market ignored potentially
harmful news on the trade front, today's figures showing that
the current account deficit in 1986 was 1.1 billion stg.
    This was above previous estimates of the current account
deficit and compares with a surplus of 2.9 billion stg in 1985.
    Fellner said that under more normal conditions this would
have given the bond and currency markets a pause, but that they
were too bullish to worry about such fundamentals.
    The guessing game over the timing of a cut has the clearing
banks divided as well as the markets. Privately, some bank
officials forecast the Bank will hold out at least for this
week, but at least one bank says a rise is possible tomorrow.
If a move comes before March 17, forecasts are for a half-point
cut, with another half or full point about Budget day.
 REUTER
3;
bodyend
documentend
documentstart
2230
topicstart
earn
topicend
bodystart
2;

ENGELHARD CORP 
<
EC> SETS STOCK SPLIT


    EDISON, N.J., March 5 - 
Engelhard Corp said its board
declared a three-for-two stock split and raised the quarterly
dividend to 19-1/2 cts per share presplit from 19 cts, both
payable March 31 to holders of record March 17.
 Reuter
3;
bodyend
documentend
documentstart
2231
topicstart
crude
topicend
bodystart
2;

EGYPTIAN 1986 CRUDE OIL OUTPUT DOWN ON 1985


    CAIRO, March 5 - 
Non-Opec Egypt produced 40.3 mln tonnes
(about 295 mln barrels) of crude in 1986 against 44.3 mln
tonnes (about 323 mln barrels) in 1985, according to official
figures released today by the Egyptian General Petroleum Corp.
(EGPC).
    Officials say Egypt can produce up to one mln bpd per day,
but production was cut when world prices plunged last year.
    In an attempt to help OPEC stabilize the world market,
Egypt cut its 1987 production target of 940,000 bpd to its
current output of 870,000 bpd.
    Egypt, which exports a third of its output, currently sells
its top Suez and Ras Bahar blends for 17.25 dlrs a barrel.
 REUTER
3;
bodyend
documentend
documentstart
2232
topicstart
grain
barley
topicend
bodystart
2;

TRADERS DETAIL IRISH INTERVENTION BARLEY TENDER


    LONDON, March 5 - 
The European Commission authorised the
export of 33,500 tonnes of Irish intervention barley at today's
tender for non-European Community destinations at 53.10 Ecus
per tonne, grain traders said.
 Reuter
3;
bodyend
documentend
documentstart
2234
topicstart
earn
topicend
bodystart
2;

H AND H OIL TOOL CO 
<
HHOT> 4TH QTR LOSS


    SANTA PAULA, Calif., March 5 -
    
Shr loss six cts vs profit two cts
    Net loss 196,000 vs profit 71,000
    Revs 2,512,000 vs 5,776,000
    Year
    Shr loss 1.09 dlrs vs loss 18 cts
    Net loss 3,509,000 vs loss 587,000
    Revs 12.0 mln vs 21.0 mln
    Note: 1986 year includes special charge of 1,600,000 dlrs,
or 50 cts per shr on write-down of rental equipment.
 Reuter
3;
bodyend
documentend
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2235
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> OVERSEAS UNIT REDEEMING DEBENTURES


    DETROIT, March 5 - 
Chrysler Overseas Capital Corp said it
authorized redemption on April 17 of its 4-3/4 pct and five pct
convertible debentures due 1988.
    The Chrysler Corp unit said the move is prompted by the
parent company's three-for-two stock split, which requires a
recalculation of the debentures' conversion prices that will
adversely affect those prices by at least five pct.
    Chrysler said holders converting debentures before the
stock split becomes effective March 23 will receive a greater
number of shares on a post-split basis than if they convert
afterwards.
 Reuter
3;
bodyend
documentend
documentstart
2236
topicstart
earn
topicend
bodystart
2;

CB AND T FINANCIAL CORP 
<
CBTF> YEAR NET


    FAIRMONT, W.Va., March 5 -
    
Shr 2.10 dlrs vs 1.72 dlrs
    Shr diluted 1.98 dlrs vs 1.72 dlrs
    Net 2,228,000 vs 1,730,000
 Reuter
3;
bodyend
documentend
documentstart
2237
topicstart
acq
topicend
bodystart
2;

AMOSKEAG BANK 
<
AMKG> TO ACQUIRE ENTREPO


    MANCHESTER, N.H., March 5 - 
Amoskeag Bank said it signed an
agreement to acquire 
<
Entrepo Financial Resources Inc>, a
Philadelphia-based company which leases and remarkets high
technology equipment.
    Terms of the acquisition were not disclosed.
    It said Entrepo has assets of 20 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2238
topicstart
earn
topicend
bodystart
2;

WASHINGTON NATIONAL CORP 
<
WNT> VOTES DIVIDEND


    EVANSTON, ILL., March 5-
    
Qtly div 27 cts vs 27 cts prior qtr
    Pay 1 April
    Record 16 March
 Reuter
3;
bodyend
documentend
documentstart
2239
topicstart
sugar
topicend
bodystart
2;

KAINES SELLS JORDAN TWO CARGOES OF WHITE SUGAR


    LONDON, March 5 - 
Trade house Kaines said it sold Jordan
two cargoes of white sugar at its buying tender today.
    The sale comprised two 12,000 to 14,000 tonne cargoes (plus
or minus 10 pct) for Mar/Apr shipment, a Kaines trader said.
    Traders said the business was done at 235.5 dlrs a tonne
cost and freight.
 Reuter
3;
bodyend
documentend
documentstart
2240
topicstart
acq
topicend
bodystart
2;

COMMUNITY BANK SYSTEM 
<
CBSI> BUYS NICHOLS BANK


    SYRACUSE, N.Y., March 5 - 
Community Bank Systems Inc and
the 
<
Nichols National Bank> said they have signed a definitive
agreement for Nichols to become a member of the CBSI Group of
banks for an exchange of stock worth 2.8 mln dlrs.
    CBSI said it expects to complete the deal, pending Nichols'
shareholder and regulatory approval, later this year.
 Reuter
3;
bodyend
documentend
documentstart
2243
topicstart
topicend
bodystart
2;

TAIHEI KOGYO ISSUES 40 MLN SFR FIVE YEAR NOTES


    ZURICH, March 5 - 
Taihei Kogyo Co Ltd is launching 40 mln
Swiss francs of five year notes with a 4-3/4 pct coupon and
100-1/4 issue price, lead manager Swiss Bank Corp said.
    Payment is due March 18.
 REUTER
3;
bodyend
documentend
documentstart
2244
topicstart
acq
topicend
bodystart
2;
******
EASTMAN KODAK ACQUIRES 18.7 PCT INTEREST IN ENZON INC

Blah blah blah.
3;


bodyend
documentend
documentstart
2245
topicstart
topicend
bodystart
2;

EURATOM ISSUES 50 MLN ECU BOND


    LUXEMBOURG, March 5 - 
Euratom, the European Atomic Energy
Community, is issuing a 50 mln Ecu, six-year bond with a coupon
of 7-1/2 pct and priced at 101-1/2, lead manager Banque
Generale du Luxembourg SA said.
    The bond features a sinking fund from 1989 which will
retire 10 mln Ecus worth each year thereafter, giving the issue
an average life of four years.
    Payment date is April 8 and the issue matures on the same
date in 1993. The bond will be denominated in lots of 1,000
Ecus and will be listed in Luxembourg.
    Fees total 1-7/8 pct, with 1-1/4 pct for selling and 5/8
for management and underwriting, including a praecipuum of 1/8
pct.
 REUTER
3;
bodyend
documentend
documentstart
2246
topicstart
sugar
topicend
bodystart
2;

TURKEY SEEKING 100,000 TONNES SUGAR - TRADE


    LONDON, March 5 - 
Turkey is holding a buying tender for
100,000 tonnes of white sugar on March 24, traders here said.
    The sugar is being sought for early arrival and will
probably be met with April/May shipment sugar, they added.
    Earlier today newspapers in Turkey carried an advertisement
from Turkish Sugar Factories inviting offers of 100,000 tonnes
of crystal sugar with a 50 pct option to increase or decrease
the amount.
    Over the 1983/85 period Turkey each year has exported
between 240,000 and 350,000 tonnes of whites to Iran and
between 62,000 and 230,000 tonnes to Iraq.
    Following lower sugar crops in the past two years analysts
said Turkey needs to import sugar now if it is to continue
filling these export contracts, and may need to buy more.
    Last month London broker C Czarnikow estimated Turkish
1986/87 production at 1.42 mln tonnes raw value against 1.4 mln
in 1985/86 and an average 1.76 mln in the previous three
seasons.
    The semi-official Anatolian Agency recently quoted Turkish
Minister of Industry and Trade Cahit Aral as saying Turkey
would export 100,000 tonnes of sugar this year and import the
same amount.
 REUTER
3;
bodyend
documentend
documentstart
2247
topicstart
acq
topicend
bodystart
2;

SHAD FAVORS SHORTENING DISCLOSURE PERIOD


    WASHINGTON, March 5 - 
Securities and Exchange Commission
Chairman John Shad said the SEC favors shortening the current
10-day period for disclosing takeover attempts but opposes
putting restrictions on the use of so-called junk bonds.
    "We favor shortening the disclosure period to two days,"
Shad told members of the House Telecommunications and Finance
subcommittee when asked for his recommendation.
    He said the SEC's responsibility was to provide full
disclosure for securities, including junk bonds, and not to
make decisions based on merit. He said junk bonds had some
value because of their liquidity.
    Shad said he opposes proposals to require those attempting
takeovers to file a statement on the impact the takeover would
have on the communities involved.
    "We've opposed it in the past. It goes far beyond investor
protection," Shad said.
    He said he had no comment on a proposal by House Speaker
Jim Wright, D- Texas, to tax securities transactions.
 Reuter
3;
bodyend
documentend
documentstart
2249
topicstart
earn
topicend
bodystart
2;

CORRECTED - PEGASUS GOLD INC
<
PGULF> 4TH QTR NET


    VANCOUVER, British Columbia, March 5 -
    
Shr profit 20 cts vs loss two cts
    Net profit 2,665,000 vs loss 202,000
    Revs 12,141,000 vs 5,993,000
    Year
    Shr profit 35 cts vs loss 11 cts
    Net profit 4,653,000 vs loss 1,167,000
    Revs 35.1 mln vs 18.0 mln
    NOTE: company corrects reporting period to 4th qtr and year
from 3rd qtr and nine mths
 Reuter
3;
bodyend
documentend
documentstart
2251
topicstart
acq
topicend
bodystart
2;

HUGHES TOOL 
<
HT> SAYS BAKER 
<
BKO> MERGER ALIVE


    HOUSTON, March 5 - 
Hughes Tool Co Chairman W.A. Kistler
said its counter proposal to merge with Baker International
Corp was still under consideration and that a merger was in the
best interests of both companies.
    "Our hope is that we can come to a mutual agreement that is
good for both companies," Kistler said of the proposed merger
that would result in a 1.2 billion dlr oil field service
company. "We're working very hard on this merger."
    Hughes' board today again adjourned a shareholders meeting
to vote on the proposed merger and rescheduled it for March 11
to give Baker more time to consider the counter proposal.
    The Hughes board, which had previously expressed concern
about a U.S. Department of Justice consent decree that would
require Baker to sell its drilling bit operations and
submersible pump business, met yesterday and threatened to
terminate the proposed merger.
    The Hughes board made a counter proposal that the two
companies first find acceptable buyers for the businesses
before signing the decree.
    The directors of Baker immediately after receiving the
counter proposal filed a law suit in Texas in a Texas state
court to force to Hughes to complete the merger.
    "The uncertainty as to the price and conditions that might
be imposed by the Department of Justice makes us very nervous
about what the outcome might be," Kistler said, in explaining
why Hughes had made the counter proposal.
    "We need additional time to understand why Baker did not
accept our proposal."
    Kistler also said that the law suit filed by Baker "was not
a factor" in the board's decision to keep its merger proposal
on the table.
    He declined to comment on the allegations in the lawsuit.
    Kistler said Hughes would be willing to consider a
compromise counter proposal, but declined to be more specific.
    The Justice Department in January said it would block the
Hughes and Baker merger on anti-trust grounds unless both
companies agreed to sign a consent decree that would provide
for the sale of the assets after the merger took place.
    The Hughes board said it would not sign the decree because
its was too "unreasonable." Hughes said that Baker should
instead complete the sale of the disputed assets before the
merger is finalized and given government approval.
    Under the decree, if Baker is unable to find acceptable
buyers within a specified period of time after the decree is
approved, a federal trustee would become responsible for
finding a buyer.
    Kistler said that under those terms, the trustee could take
up to 10 years to complete the sales.
    He also expressed concern that the combined companies might
be required by the government's conditions to license some of
its technology to any purchaser of the assets.
    Baker said last night in a statement that the required
assets to be sold would reduce revenues by about 65 mln dlrs,
representing about three pct of the revenues of the combined
companies.

 Reuter
3;
bodyend
documentend
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2252
topicstart
earn
topicend
bodystart
2;

AEQUITRON MEDICAL INC 
<
AQTN> 3RD QTR LOSS


    MINNEAPOLIS, March 5 - 
Period ended January 31
    Shr loss five cts vs profit eight cts
    Net loss 247,100 vs profit 345,300
    Sales 4,529,300 vs 3,482,800
    Nine mths
    Shr profit six cts vs profit 18 cts
    Net profit 261,300 vs profit 793,700
    Sales 12.3 mln vs 9,957,200
 Reuter
3;
bodyend
documentend
documentstart
2253
topicstart
earn
topicend
bodystart
2;

LOWE'S COS INC 
<
LOW> 4TH QTR JAN 31 NET


    NORTH WILKESBORO, N.C., March 5 -
    
Shr 18 cts vs 31 cts
    Net 7,168,000 vs 11.3 mln
    Sales 497.4 mln vs 475.6 mln
    Avg shrs 39.6 mln vs 37.1 mln
    Year
    Shr 1.34 dlrs vs 1.64 dlrs
    Net 52.2 mln vs 59.7 mln
    Sales 2.28 billion vs 2.07 billion
    Avg shrs 39.0 mln vs 36.5 mln
    NOTE: Current year net both periods includes charge
2,885,000 dlrs or seven cts shr from early note retirement and
charge seven cts shr from reversal of tax credits.
    Current year net both periods includes gain six cts shr
from plywood manufacturers litigation settlement.
 Reuter
3;
bodyend
documentend
documentstart
2257
topicstart
acq
topicend
bodystart
2;

FRANCE TO SELL STAKE IN SOCIETE GENERALE UNIT


    STRASBOURG, France, March 5 - 
The French government is to
sell to the public its 47.42 pct direct holding in Societe
Generale 
<
STGN.PA>'s regional bank subsidiary 
<
Societe Generale
Alsacienne de Banque>, SOGENAL, from next Monday, SOGENAL
officials said.
    SOGENAL, founded in 1881 and nationalised in 1982, is the
leading French regional bank and has branches in Austria,
Belgium, Luxembourg, East and West Germany and Switzerland.
    Chairman Rene Geronimus told a news conference the share
offer price, expected to be announced tomorrow by Finance
Minister Edouard Balladur, would be between 110 and 130 francs.
    Societe Generale, which will itself be privatised later
this year, will retain its 52.58 pct majority holding in the
bank, Chairman Marc Vienot said.
    SOGENAL officials said they forecast 1987 consolidated
group profit of around 170 mln francs after an estimated 160
mln this year and 159 mln in 1985.
    SOGENAL's privatisation will be preceded by a capital
increase to 320 mln francs from 263 mln, earning about 250 mln
francs in new funds. Its shares will be divided by eight,
giving a capital of 12.8 mln shares of 25 francs nominal.
    The bank will be listed on the Nancy stock exchange, in
line with the Finance Ministry and government's aim of a
regional operation, Geronimus said.
    He said he was hoping for shareholders to total around
30,000 to 35,000 against the 12,500 before nationalisation. Ten
pct of the capital to be floated will be reserved for employees
with the rest offered to the public. There will not be a share
reserved for foreign investors. "This is too small an operation
and anyway they will be able to buy shares in France," he said.
    Stockbroker sources said that a likely share offer price of
120 francs would value SOGENAL at 1.5 billion francs.
    Geronimus said the bank's future aim would be to reinforce
its existing strong points, with no major projects planned
apart from the opening soon of a Basle branch.
    SOGENAL is the only French bank in Austria, it set up the
first foreign exchange dealing room outside Paris at its
Strasbourg headquarters in 1985, and is the only foreign
banking subsidiary to be a broker on the Zurich Bourse.
    The government's banking adviser for the operation was

<
Banque Privee de Gestion Financiere>, BPGF, owned by French
financier Pierre Moussa's 
<
Pallas> group, assisted by Britain's

<
Hambros Bank Ltd>.
 REUTER
3;
bodyend
documentend
documentstart
2258
topicstart
topicend
bodystart
2;

TEXAS AIR CORP 
<
TEX> UNIT FILES FOR DEBT OFFER


    NEW YORK, March 5 - 
Continental Airlines Inc, a unit of
Texas Air Corp, said it filed a registration statement with the
Securities and Exchange Commission for an offering of 350 mln
dlrs of equipment certificates.
    Continental plans to raise 125 mln dlrs through an issue of
first priority secured equipment certificates due 1992, 125 mln
dlrs through second priority certificates due 1995 and 100 mln
dlrs via third priority certificates due 1999. Interest will be
payable March 15 and September 15, starting September 1987.
Lead manager will be Drexel Burnham Lambert Inc.
    It also plans a filing of 100 mln dlrs of 10-year notes.
 Reuter
3;
bodyend
documentend
documentstart
2259
topicstart
earn
topicend
bodystart
2;

MIDLAND 
<
MLA> SETS STOCK SPLIT


    CINCINNATI, March 5 - 
Midland Co said its board declared a
two-for-one stock split, subject to approval of a doubling of
authorized common shares at the annual meeting on April 9, and
an increase in the quarterly dividend to 12 cts pre-split from
10 cts.
    The dividend is payable April 8, record March 17, and the
split would be payable May 7, record April 23.
 Reuter
3;
bodyend
documentend
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2260
topicstart
earn
topicend
bodystart
2;

PRUDENTIAL INSURANCE YEAR EARNINGS


    NEWARK, N.J., MARCH 5 - 
The Prudential Insurance Company of
America, a privately held company, said today that net income
in 1986 rose to 2.8 billion dlrs from the 2.3 billion dlrs
reported the year earlier.
    Assets under management rose to 177.5 billion dlrs in 1986
from 150.1 billion dlrs in 1985, while consolidated assets
jumped to 134.5 billion dlrs from 115.7 billion dlrs.
    Discussing its major subsidiaries, the company said that
Prudential Capital and Investment Services Inc, the holding
company for brokerage house Prudential-Bache Securities and
certain other related subsidiaries, earned 142 million dlrs in
1986. Of that, the securities operations of Prudential-Bache
netted 81.7 mln dlrs after taxes and a charge of 25 mln dlrs.
 Reuter
3;
bodyend
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2262
topicstart
topicend
bodystart
2;

BP CAPITAL BV PLANS DUAL-CURRENCY BOND ISSUE


    AMSTERDAM, March 5 - 
Amro Bank NV announced a 150 mln
guilder seven-year dual-currency bond issue with a 6.5 pct
coupon on behalf of BP Capital BV, guaranteed by British
Petroleum Co Plc 
<
BP.L> subsidiary BP Maatschappij Nederland
BV.
    The par-priced public issue will be redeemed in full at
487.80 dlrs per 1,000 guilder bond on April 15, 1994.
    Amro said the bonds, the second dual-currency issue in the
Dutch market in two weeks, is aimed at investors who expect the
dollar to rise in the medium term.
    Interest payments during the life of the loan are, however,
not exposed to exchange rate fluctuations.
    Early redemption will not be allowed.
    Subscriptions on the loan close at 1400 gmt on March 13.
Payment date is April 15.
    The issue is underwritten by a management group led by
Amro, Algemene Bank Nederland NV and Pierson, Heldring and
Pierson NV.
 REUTER
3;
bodyend
documentend
documentstart
2264
topicstart
grain
corn
topicend
bodystart
2;

EC OPENS SPECIAL REBATE FOR MAIZE - PARIS TRADE


    PARIS, March 5 - 
The EC Commission decided to open a
special daily export rebate today for maize exports to Morocco,
Israel, Canary Islands and zone 5c (Sub-Saharan Africa), trade
sources said here.
    The rebate was set at 153 European currency units per tonne
for March and 133 for April through July.
 Reuter
3;
bodyend
documentend
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2265
topicstart
earn
topicend
bodystart
2;

AEQUITRON 
<
AQTN> SEES 4TH QTR CHARGE


    MINNEAPOLIS, March 5 - 
Aequitron Medical Inc said costs
related to its previously announced plan to consolidate Life
Products operations in Boulder, Colo, are expected to total
720,000 dlrs, or eight cts a share for the fourth quarter
ending April 30.
    It said the costs including moving expenses, severance pay
and future lease payments.
    The company said it will consolidate Life Products into the
company's headquarters and manufacturing operations in
Minneapolis.
 Reuter
3;
bodyend
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2266
topicstart
earn
topicend
bodystart
2;

BIG B INC 
<
BIGB> 4TH QTR JAN 31 NET


    BIRMINGHAM, Ala., March 5 -
    
Shr 23 cts vs 17 cts
    Net 1,742,000 vs 1,1512,000
    Sales 62.6 mln vs 53.6 mln
    Avg shrs 7,854,000 vs 6,617,000
    Year
    Shr 61 cts vs 61 cts
    Net 4,469,000 vs 4,039,000
    Sales 209.8 mln vs 175.4 mln
    Avg shrs 78,369,000 vs 6,610,000
 Reuter
3;
bodyend
documentend
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2268
topicstart
acq
topicend
bodystart
2;

WILSHIRE 
<
WOC> CHIEF NAMED TO JACOBS 
<
JEC> BOARD


    WASHINGTON, March 5 - 
Wilshire Oil Co of Texas, which has a
9.8 pct stake in Jacobs Engineering Group Inc, said its
chairman, Siggi Wilzig, was appointed to the Jabobs board.
    In a filing with the Securities and Exchange Commission,
Wilshire, which holds 417,100 Jacobs common shares, said Wilzig
was appointed to the Jacobs board of directors on March 3 after
the company's annual shareholder meeting.
    Wilshire also said that Jacobs Chairman Joseph Jacobs has
agreed to recommend a second Wilshire nominee for election to
the board if the person was found to be qualified.
 
 Reuter
3;
bodyend
documentend
documentstart
2269
topicstart
retail
topicend
bodystart
2;

FEBRUARY U.S. RETAIL SALES NOT SIGN OF UPTURN


     BY SUSAN ZEIDLER, Reuters


    NEW YORK, March 5 - 
U.S. retailers posted stronger than
expected sales in February, but not enough to prompt analysts
to change their expectations of sluggish sales growth for the
first half of 1987.
     "My feeling is that it (February) borrowed some of the
business we normally see later in the quarter and the real
strength of general merchandise sales will be in the second
half of 1987," said Bear Stearns and Co analyst Monroe
Greenstein.
    "I don't think March will be as strong because Easter falls
in April this year," said Morgan Stanley analyst Walter Loeb.
   Analysts generally average the sales results of March and
April to account for the variation of Easter's occurrence.
    Analyst Edward Johnson of Johnson Redbook Associates said
sales for February rose between six and 6.5 pct, compared to a
3.6 pct increase last year.
     Analysts noted that February is considered a small,
transitory month between winter and spring.
    In addition, sales comparisons were boosted by an
especially soft February last year which was adversely affected
by severe weather.
    Apparel sales outshone other product groups in sales,
according to retailers and analysts.
    "February's strong sales reflected a lot of fresh
merchandise on the shelves and higher consumer income due to
tax reductions," said Greenstein of Bear Stearns.
    Analysts expect apparel sales to remain good as sales of
durable and houseware items grow softer due to the continuing
high levels of consumer debt.
     May Department Stores Co 
<
MAY> and K Mart Corp 
<
KM> were
among the strong performers, posting comparable store sales
gains of 9.4 pct and 8.2 pct, respectively. May had an overall
sales gain of 15.0 pct and K Mart had a 13.1 pct sales gain 
last month.
    "Favorable consumer response to our merchandise programs
continued to positively impact our sales comparisons. IN
addition to the strong contribution by K Mart stores, all our
specialty retailing companies had excellent February sales,"
said K Mart chairman Bernard Fauber.
    Sears Roebuck and Co 
<
S> posted a 4.9 pct increase.
"Domestic sales were led by better than average increases in
apparel, home fashions and hardware and especially strong
catalog sales," said Sears chairman Edward Brennan.
    Analysts were a little disappointed by J.C. Penney Co Inc

<
JCP> which started out with especially strong sales early in
the month. Penney posted a 5.5 pct increase on a comparitive
store basis and a 5.3 pct gain in overall sales.
    Penney chairman William Howell said, "store sales were
strongest during the early part of the month, while catalog
demand was consistently strong throughout the period.
    Store sales activity varied throughout the country, ranging
from good in the East to weak in the depressed southwest.
    Analysts also said gross profit margins were high as
retailers were not overly promotional due to leaner inventories
than a year ago.
    "February is not a big month seasonally but these numbers
suggest a fairly good trend for consumer spending," said Drexel
Burnham Lambert analyst Jeff Edelman.
    FEBRUARY SALES FOR MAJOR U.S. RETAILERS
    STORE          PCT      1987       1986
 SEARS             4.9      1.8 BILL   1.8 BILL
 K MART            13.1     1.5 BILL   1.3 BILL
 WAL-MART          44.0     885 MLN    615 MLN
 JC PENNEY         5.3      780 MLN    741 MLN
 FEDERATED         9.6      720 MLN    657 MLN
 MAY               15.0     632 MLN    550 MLN
 DAYTON HUDSON     19.5     602 MLN    504 MLN
 ZAYRE             25.7     327 MLN    260 MLN
 MONTGOMERY WARD   11.1     277 MLN    249 MLN
 Reuter
3;
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2;

QUARTZ ENGINEERING AND MATERIALS 
<
QRTZ> 1ST QTR


    TEMPE, Ariz., March 5 - 
Qtr ended Dec 31
    Shr nil vs nil
    Net loss 59,922 vs loss 357,203
    Revs 714,263 vs 926,964
 Reuter
3;
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2271
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acq
topicend
bodystart
2;

KODAK 
<
EK> BUYS STAKE IN ENZON 
<
ENZN>


    ROCHESTER, N.Y., March 5 - 
Eastman Kodak Co said it has
acquired an 18.7 pct equity interest in Enzon Inc, a
pharmaceutical company specializing in protein therapy.
    Kodak said it secured worldwide marketing rights for three
of Enzon's PEG enzymes used in the treatment of oxygen toxicity
disorders, hyperuricemia and gout.
    The company said it acquired two mln Enzon shares for 15
mln dlrs, with loans to Enzon of two mln dlrs and interest of
30,000 dlrs credited against the purchase price.
    Kodak said the drugs covered by the marketing rights are in
initial stages of the U.S. Food and Drug Administration
approval process.  It said the investment should provide the
necessary capital to complete the FDA review process and
provide a marketing outlet for the drugs.
    The drugs are PEG-superoxide disdmutase and PEG-catalase,
for use against oxygen toxicity disorders that cause the
often-fatal tissue damage associated with severe burns, organ
transplants, heart attacks and trauma, and PEG-uricase, for
treatment of gout and other conditions caused by the buildup of
high levels of uric acid in the body.
 Reuter
3;
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2;

GECC ISSUES 75 MLN AUSTRALIAN DLR EUROBOND


    LONDON, March 5 - 
General Electric Credit Corp is issuing a
75 mln Australian dlr eurobond due April 16, 1990 paying 15 pct
and priced at 101-3/8 pct, lead manager Hambros Bank Ltd said.
    The non-callable bond is available in denominations of
1,000 Australian dlrs and will be listed in Luxembourg. The
selling concession is one pct while management and underwriting
combined pays 1/2 pct.
    The payment date is April 16.
 REUTER
3;
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2;

GEMCRAFT INC 
<
GEMH> YEAR NET


    HOUSTON, March 5 -
    
Shr 42 cts vs 1.21 dlrs
    Net 2,317,000 vs 5,847,000
    Sales 360.0 mln vs 282.4 mln
    Avg shrs 5,463,000 vs 4,829,000
    NOTE: 1986 net includes 4,700,000 dlr pretax charge from
writedown of land and abandonment of land and pretax charges of
5,800,00 dlrs from pending rescission offer, settlements with
U.S. agencies, adjustment of the prior booking of residuals
arising from collateralized mortgage obligation bond issues,
writedowns of land held by a joint venture, startup costs
associated with entering new markets, an increase in reserves
for customer service and writeoffs and reserves for
mortgage-related receivables to reflect current market values.
 Reuter
3;
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2274
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2;

BROWN-FORMAN 
<
BFD> FILES 200 MLN DLR DEBT OFFER


    LOUISVILLE, Ky., March 5 - 
Brown-Forman Corp said it filed
a shelf registration covering up to 200 mln dlrs of debt
securities guaranteed by its parent company, Brown-Forman Inc.
    Proceeds will be used to retire commercial paper, to repay
some long-term debt and for general corporate purposes.
 Reuter
3;
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2;

APPLIED SOLAR ENERGY CORP 
<
SOLR> 1ST QTR NET


    CITY OF INDUSTRY, Calif., March 5 - 
Qtr ended Jan 31
    Shr profit nine cts vs loss 30 cts
    Net profit 317,000 vs loss 997,000
    Sales 6,338,000 vs 3,119,000
    Note: 1986 net includes extraordinary gain of 90,000 dlrs,
or two cts per shr.
 Reuter
3;
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2;

PACIFIC NUCLEAR SYSTEMS IN 
<
PACN> 4TH QTR LOSS


    FEDERAL WAY, Wash., March 5 -
    
Shr loss 19 cts vs profit seven cts
    Net loss 851,000 vs profit 227,000
    Revs 2,600,000 vs 4,800,000
    Year
    Shr loss 46 cts vs profit 19 cts
    Net loss 2,100,000 vs profit 600,000
    Revs 9,900,000 vs 15.9 mln
 Reuter
3;
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2277
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2;

WITCO 
<
WIT> TO OFFER CONVERTIBLE DEBENTURES


    NEW YORK, March 5 - 
Witco Corp said it filed with the
Securities and Exchange Commission a registration statement
covering a 100 mln dlr issue of convertible subordinated
debentures due 2012.
    Proceeds will be used to finance acquisitions and for
general corporate purposes, the company said.
    Witco named Smith Barney, Harris Upham and Co Inc as lead
manager and Goldman, Sachs and Co as co-manager of the
offering.
 Reuter
3;
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2278
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gnp
trade
topicend
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2;

FED'S JOHNSON STRESSES PRICE STABILITY


    WASHINGTON, March 5 - 
Federal Reserve Board Vice Chairman
Manuel Johnson said that maintaining price stability was
critical to achieving non-inflationary economic growth in the
world and said that progress was being made.
    "It is worth reiterating that the Federal Reserve's
promotion of price stability is critical to the successful
implementation of virtually all of the important ingredients
for growth," he told the Eastern Economic Association.
    Johnson said initial progress has been made on a variety of
fronts. "Federal Reserve monetary policy, the
Gramm-Rudman-Hollings legislation, the G-6 agreement, and the
Baker debt initiative for example all have moved us in the
right direction," he said. G-6 is comprised of U.S., Britain,
France, Japan, West Germany and Canada.
    On the budget deficit, Johnson said meeting precise
numerical goals was less important than a continuing commitment
toward slowing the growth of federal spending.
    There was evidence deficits as a pct of Gross National
Product were declining and would continue to drop, he said.
    But Johnson warned against reliance on inflow of foreign
capital to finance investment and the budget deficit and keep
interest rates stable.
    "This situation, however, cannot continue indefinitely.
Sooner or later progress must be made in controlling excessive
federal spending," he said.
    A disinflationary monetary policy should continue to be the
main objective of the Fed, Johnson said.
    He also said a more stable and sustainable alignment of
exchange rates was needed for long-term growth.
    On the trade deficit, Johnson warned against "quick fix"
solutions, which he identified as excessive dollar depreciation
or protectionist trade legislation.
    "What is important is that we attempt to maintain healthy
returns to capital and adopt policies encouraging genuine
economic growth," he said.
    Such an approach would finance the trade deficit but allow
for its gradual resolution over time.
 Reuter
3;
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2;

ANGLO AMERICAN GOLD INVESTMENT CO LTD 
<
AAGIY>


    JOHANNESBURG, March 5 - 
Year to Feb 28
    Shr 1,700.3 cts vs 1,533.0
    Pre-tax 373.3 mln rand vs 341.0 mln
    Net 373.3 mln vs 336.5 mln
    Tax nil vs 4.5 mln
    Final div 900 cts making 1,600 cts vs 1,450
    Div payable April 24, register March 20
 Reuter
3;
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2;

SWISS GIVE ARGENTINA CREDIT FOR NUCLEAR PLANT


    ZURICH, March 5 - 
Switzerland's three major banks have
offered Argentina an extra 110.5 mln Swiss franc credit to help
finance the building of a heavy water plant there by Gebrueder
Sulzer AG 
<
SULZ.Z>, Union Bank of Switzerland, UBS said.
    The three -- UBS, Credit Suisse and Swiss Bank Corp --
provided an initial 409 mln franc credit after Argentina signed
a contract with Sulzer in 1980. The plant will supply its
nuclear power industry.
    The extra credit, provided at market rates, covers extra
costs incurred due to building delays, a UBS spokesman said.
 REUTER
3;
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2;

HARRIS CUTS TRIAD SYSTEMS 
<
TRSC> STAKE TO 18 PCT


    WASHINGTON, March 5 - 
Harris Associates L.P., a Chicago
investment advisory partnership, said it lowered its stake in
Triad Systems Corp to 1,355,296 shares, or 17.9 pct of the
total outstanding, from 1,463,962 shares, or 19.3 pct.
    In a filing with the Securities and Exchange Commission,
Harris said it sold a net 108,666 Triad common shares between
Dec 16 and Feb 23 at prices ranging from 10.00 to 14.25 dlrs a
share.
    It said its dealings in Triad common stock were done on
behalf of its advisory client.
 Reuter
3;
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2;

ALLIS-CHALMERS 
<
AH> ON S/P CREDITWATCH, DEVELOPING


    NEW YORK, March 5 - 
Standard and Poor's Corp said it placed
on creditwatch with developing implications Allis-Chalmers Corp
because of the company's recapitalization plans and intention
to sell most of its businesses.
    Allis-Chalmers' restructuring plan would include the sale
of its fluids handling and solid materials processing
businesses, S and P noted. That would leave the company with
its profitable American Air Filter Co unit.
    The company plans to drastically reduce debt with proceeds
from asset sales. In addition, it plans to exchange debt for
common stock shares, S and P said.
    Allis-Chalmers carries B-minus senior debt and C-rated
preferred stock. The firm has nearly 97 mln dlrs of debt and
preferred outstanding.
 Reuter
3;
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2286
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money-fx
yen
topicend
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2;

U.S. TREASURY SAYS NO COMMENT ON YEN VALUE


    WASHINGTON, March 5 - 
A Treasury Department spokesman
refused comment on statements by Robert Ortner, undersecretary
of economic affairs for the Commerce Department, that the
Japanese yen was undervalued.
    Ortner, senior economist at the Commerce Department, told
an Export-Import Bank conference "the yen is still a little bit
undervalued," and "could go up another 10 or 15 pct."
    Asked for reaction, a Treasury spokesman said officials
were aware of Ortner's comments but had no intention of making
any comment on them.
    Ortner, who stressed he was expressing personal views, said
he thought the U.S. dollar was "fairly priced"
against most European currencies and added "I do not regard the
dollar as undervalued at this point against the yen," he said.
    But the yen should go up 10 or 15 pct in value, Ortner
said, because it is undervalued against the dollar.
    The United States and major trade allies West Germany,
France, Britain, Japan and Canada met recently in Paris to
discuss maintaining stability in international currency values.

 Reuter
3;
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2;

FRENCH AGRICULTURAL BANK ISSUES 300 MLN FRANC BOND


    PARIS, March 5 - 
Banque Francaise de l'Agriculture said it
is issuing for its own account a 300 mln franc, variable-rate,
seven year and 13 day domestic bond which it will lead along
with l'Union de Garantie et de Placement.
    The bond, issued at 98.30 pct, will have interest based on
the annualised money market rate (TAM) with the first coupon
paid on April 6.
    Denominations are of 5,000 francs nominal and the issue
will be quoted on the Paris Bourse.
 REUTER
3;
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2;
LIBRA BANK EXPECTS BRAZIL TO REACH DEBT ACCORD LONDON, March 5
- London-based 
<
Libra Bank Plc> said when announcing its 1986
annual results that it expected Brazil to reach agreement with
its creditors over debt repayments.
    "In recent years Brazil has demonstrated its ability to
generate surpluses sufficient to service its debt, and I have
no doubt that, in due course, it will reach an agreement with
the banks and its other creditors," Libra managing director
Peter Belmont said in a statement.
    Earlier the bank, which specialises in providing finance to
Latin America and the Caribbean, announced pretax profits of
43.9 mln stg for calendar 1986, against 43 mln in 1985.
    Libra's net worth increased by 24 pct to 134 mln stg last
year, and Belmont said the improvement to the bank's balance
sheet was due to profits being mostly retained in the bank, and
to the issue of 10 mln stg of cumulative redeemable preference
shares during the year.
    Libra is a consortium bank --National Westminster Bank Plc

<
NWBL.L>, Chase Manhattan Bank N.A. 
<
CMB>, Royal Bank of Canada

<
RY.TO>, Swiss Bank Corp 
<
SBVZ.Z>, Westdeutsche Landesbank
Girozentrale 
<
WELG.F>, 
<
Mitsubishi Bank Ltd>, 
<
Bancomer SNC>,

<
Banco Itau SA>, 
<
Credito Italiano SpA> and 
<
Banco Espirito
Santo e Comercial de Lisboa> all have shareholdings.
 REUTER
3;


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2;

IDEA INC 
<
IDEA> TO BUY PRIVATE FIRM


    TORRANCE, Calif., March 5 - 
IDEA Inc said it signed a
letter of intent to buy privately-held Structural
Instrumentation Inc.
    The purchase, for an undisclosed sum, will be made mostly
with IDEA common stock, the company said.
    IDEA said the purchase will add about 32 cts per share to
its fiscal 1988 earnings.
    IDEA reported earnings of four cts per share for the
quarter ended October 31, 1986.
 Reuter
3;
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2293
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2;

FRANCE'S FSGT ISSUES 1.7 BILLION FRANC BOND


    PARIS, March 5 - 
The Fonds Special de Grands Travaux (FSGT)
is issuing a 1.7 billion franc, 9.10 pct, 12-year domestic bond
at 99.30 pct, lead manager Societe Generale said.
    The bond, guaranteed by the state, will carry warrants
exchangeable for variable-rate bonds with interest based on the
average monthly yield of long-term state bonds (TME).
    Denominations are of 5,000 francs nominal and the first
coupon of 455 francs will be paid on March 23, 1988. Both the
bonds and the warrants will be quoted on the Paris Bourse.
 Reuter
3;
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2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 5 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Audiotronics Corp 
<
ADO> - Shelf offering of up to five mln
dlrs of convertible subordinated debentures due 2002 through
H.J. Meyers and Co Inc.
    Georgia Gulf Corp 
<
GGLF> - Offering of four mln shares of
common stock through Goldman, Sachs and Co.
 Reuter
3;
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2;

BEVERLY ENTERPRISES 
<
BEV> DEBT LOWERED BY S/P


    NEW YORK, March 5 - 
Standard and Poor's Corp said it
downgraded 225 mln dlrs of debt of Beverly Enterprises.
    Cut were the company's senior debt to BB-minus from BB and
subordinated debt to B-plus from BB-minus. The implied senior
secured debt rating is BB.
    S and P said the action reflected Beverly's aggressive
plans to repurchase stock that would increase financial risk
while earnings prospects become more clouded.
    Despite the planned use of proceeds from asset sales for a
portion of the buy back's costs, decapitalization would raise
adjusted debt leverage above the 75 pct level of recent years.
 Reuter
3;
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acq
topicend
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2;

DUCOMMUN INC 
<
DCO> SELLS DIVISION


    CYPRESS, Calif., March 5 - 
Ducommun Inc said it sold its
Airdrome Parts Co division to a group of investors headed by
Airdrome's management for a cash price of 12 mln dlrs.
    Ducommun said the sale, coupled with its sale last month of
Metermaster, were steps taken to improve the company's balance
sheet and that no further sales are being contemplated.
 Reuter
3;
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2;

HOOPER HOLMES SHERLOCK INC 
<
HOOP> 4TH QTR NET


    BASKING RIDGE, N.J., March 5 -
    
Shr 22 cts vs 25 cts
    Net 472,000 vs 454,000
    Revs 16.2 mln vs 15.2 mln
    Avg shrs 2,135,315 vs 1,835,325
    12 mths
    Shr 71 cts vs 70 cts
    Net 1,393,000 vs 1,285,000
    Rwevs 61,805,000 vs 55,367,000
    Avg shares 1,960,319 vs 1,835,325
 Reuter
3;
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2;

TEXON ENERGY 
<
TXON> IN TALKS ON ACQUISITION


    DALLAS, March 5 - 
Texon Energy Corp said it has entered
into a preliminary agreement to purchase an 80 pct interest in
a privately-held specialty plastics manufacturing company it
did not name.
    Texon said completion of the acquisition is subject to the
consent of banks and third parties and the acquisition would be
made for promissory notes and common stock.
 Reuter
3;
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2;

ALLIED 
<
ALD> AFFILIATE RESTATES LOSS LARGER


    HOUSTON, March 5 - 
Allied-Signal Inc's 49.7 pct owned

<
Union Texas Petroleum Co> affiliate said it has restated its
fourth quarter and full-year losses and revenues to increase
the provision for the proposed settlement of a price dispute
involving Indonesian liquefied natural gas.
    It said the restated increases the provision against 1986
fourth quarter earnings to 23.5 mln dlrs from 15.5 mln dlrs
estimated earlier.
    Union Texas said its fourth quarter loss was increased to
29.5 mln dlrs from 21.5 mln dlrs reported previously and
revenues reduiced to 214 mln dlrs from 228 mln dlrs.
    Union Texas said for the full year it restated its loss to
57.5 mln dlrs from 49.5 mln dlrs and revenues to 1.26 billion
dlrs from 1.27 billion dlrs.
    the restatement results from a tentative agreement reached
in February with Pertamina, the Indonesian state-owned
petroleum enterprise, and Japanese purchasers of LNG.
    Kohlberg Kravis Roberts and Co also owns 49.7 pct of Union
Texas and the remainder is owned by management.
 Reuter
3;
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AMREP CORP 
<
AXR> 3RD QTR JAN 31 NET


    NEW YORK, March 5 -
    
Shr 12 cts vs 34 cts
    Net 787,000 vs 2,250,000
    Revs 23.6 mln vs 23.6 mln
    Nine mths
    Shr 70 cts vs 1.06 dlrs
    Net 4,598,000 vs 6,974,000
    Revs 73.1 mln vs 73.6 mln
    NOTE: Share adjusted for three-for-two stock split in
December 1986.
 Reuter
3;
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2;

ICI 
<
ICI> SEES GROWTH IN PHARMACEUTICALS


    LOS ANGELES, March 5 - 
Imperial Chemical Industries PLC
expects earnings from its pharmaceuticals operations to grow  
to about 35 pct of world profits within the next five years
compared with a current 30 pct, chairman elect Denys Henderson
told financial analysts.
    "Over the next five years we expect to launch one major new
product each year," Henderson said.
    He also said research and development spending in this
business segment will be increased to 14 pct of total sales
income in 1987 from 13 pct, or 130 mln sterling, in 1986.
    ICI, the world's fifth largest chemicals firm in terms of
sales, recently reported 1986 profits of about 888 mln dlrs on
15 billion dlrs in sales, compared with income of 817 mln dlrs
on 15.87 billion dlrs in sales a year earlier.
    Sales in the United States totaled about three billion
dlrs, ICI executives said.
    In addition, Henderson said overall corporate growth will
come from ICI's research and development activities, but the
company intends to continue to grow through an acquisition
program.
    ICI spent just under one billion dlrs for acquisitions
during 1986, the largest of which was the 580 mln dlr purchase
of Cleveland, Ohio-based Glidden Inc, a paints, resins and
coatings company, from 
<
Hanson Trust PLC>.
    ICI financial director Alan Clements said the company's
borrowing limits are at a level of about 6.3 billion sterling,
1.5 billion of which have already been used.
    While the company has no current plans for a major
acquisition, "we are ready to move quickly in the acquisition
field if the need arises," Clements said.
 Reuter
3;
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SAFECARD SERVICES 
<
SFCD> SETS SPLIT, UPS PAYOUT


    FORT LAUDERDALE, Fla., March 5 - 
SafeCard Services Inc said
its board declared a three-for-two stock split and is
maintaining the quarterly dividend on post-split shares at the
same six cts it now pays for an effective 50 pct increase.
    Both the split and the dividend are payable April 30 to
holders of record March 31.
 Reuter
3;
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WILTON ENTERPRISES INC 
<
WLTN> 2ND QTR JAN 31 NET


    WOODRIDGE, ILL., March 5 -
    
Oper shr profit two cts vs loss 31 cts
    Oper net 72,000 vs loss 1,130,000
    Sales 7,896,000 vs 9,333,000
    1st half
    Oper shr profit 32 cts vs profit eight cts
    Oper net profit 1,187,000 vs profit 299,000
    Sales 21.3 mln vs 26.0 mln
    NOTE: Current year net excludes tax credits of 54,000 dlrs
in quarter and 945,000 dlrs in year.
 Reuter
3;
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ship
topicend
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2;

ROTTERDAM PORT SUBSIDY TO END JULY 1 - MINISTER


    ROTTERDAM, March 5 - 
Dutch Social Affairs Minister Louw de
Graaf announced he is withdrawing the annual 10 mln guilder
labour subsidy for Rotterdam's strike-hit general cargo sector
as from July 1.
    Late last month de Graaf said that if the dispute was not
settled by Monday this week he would withdraw the subsidy.
    The chairman of the port employers' organization, SVZ,
Jacques Schoufour, said he was unhappy with the decision and
added there was now no alternative to proceeding with
redundancy plans.
    The series of strikes in the sector started on January 19
in protest at employers' plans to make 800 redundancies from
the 4,000-strong workforce by 1990 starting with 350 this year.
    Meanwhile, the port and transport union, FNV, attacked loss
figures given for the port for this year.
    The figures, issued by accountants on behalf of the SVZ,
put total losses for last year at 34 mln guilders and in 1985
at 37 mln. Earlier, the employers had put the figure at around
30 mln.
    The FNV said the actual losses were nearer 17 to 20 mln and
said the employers had inflated the figures as part of their
plan to restructure completely the port's general cargo sector.
 Reuter
3;
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2;

S.A.Y.
<
SAYI> TO TAKE 3RD QTR LOSS FROM SALE


    LEOMINSTER, MASS., March 5 - 
S.A.Y. Industries Inc said it
expects a loss of about two mln dlrs in its third quarter ended
February 28 from the proposed sale of its Omnilab Inc health
care unit.
    S.A.Y said its board of directors approved the unit's sale
because Omnilab was losing about 140,000 dlrs a quarter.
    "We no longer see a near-term prospect for a reasonable
return on our investment," Romilly Humphries, S.A.Y. president
and chief executive officer said.
    S.A.Y. said proceeds from the sale would be used to
increase the company's market share in automotive products
packaging and diversify its packaging capabilities.
 Reuter
3;
bodyend
documentend
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2316
topicstart
earn
topicend
bodystart
2;

SONESTA INTERNATIONAL HOTELS CORP 
<
SNST> 4TH QTR


    BOSTON, March 5 -
    
Shr profit 26 cts vs loss 86 cts
    Oper net profit 780,000 vs loss 2,609,000
    Revs 12.2 mln vs 17.1 mln
    Year
    Oper shr profit 5.28 dlrs vs loss 1.11 dlrs
    Oper net profit 16.1 mln vs loss 3,311,000
    Revs 64.9 mln vs 69.8 mln
    NOTE: 1986 year net excludes 598,000 dlr tax credit.
    1986 net includes pretax gains on sale of property of
2,330,000 dlrs in quarter and 24.5 mln dlrs in year.
 Reuter
3;
bodyend
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2320
topicstart
earn
topicend
bodystart
2;

<
DOMCO INDUSTRIES LTD> 1ST QTR JAN 31 NET


    MONTREAL, March 5 -
    
Shr four cts vs 12 cts
    Net 248,000 vs 647,000
    Revs 23.7 mln vs 21.9 mln
 Reuter
3;
bodyend
documentend
documentstart
2322
topicstart
acq
topicend
bodystart
2;

UNICORP AMERICAN 
<
UAC> ACQUISITION ADVANCES


    NEW YORK, March 5 - 
Unicorp American Corp said it has
signed a definitive agreement for the previously-announced
acquisition of Lincoln Savings Bank.
    The company said the transaction is still subject to
regulatory approvals.
 Reuter
3;
bodyend
documentend
documentstart
2323
topicstart
acq
topicend
bodystart
2;

FIRST EASTERN CORP 
<
FEBC> COMPLETES ACQUISITION


    WILKES-BARRE, Pa., March 5 - 
First Eastern Corp said it has
completed the acquisition of Peoples Bank of Nanticoke, Pa., in
an exchange of 11 First Eastern shares for each Peoples share.
    Peoples has assets of about 24 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2325
topicstart
acq
topicend
bodystart
2;

BISHOP GRAPHICS 
<
BGPH> COMPLETES STORE SALE


    WESTLAKE VILLAGE, Calif., March 5 - 
Bishop Graphics Inc
said it completed the sale of its Newport Beach Art Supply
Center to Standard Brands Paint Co's 
<
SBP> Art Store unit.
    Terms were not disclosed.
    Bishop also said it has opened a new sales and service
office in Irvine, Calif.
   
 Reuter
3;
bodyend
documentend
documentstart
2326
topicstart
ship
topicend
bodystart
2;

STRIKING BRAZILIAN SEAMEN HOLD PAY TALKS


    SAO PAULO, March 5 - 
Striking Brazilian seamen, who say
they have made idle 158 ships and halted Brazilian exports,
today held pay talks in Rio de Janeiro with Labour Minister
Almir Pazzianotto, union officials said.
    Jorge Luis Leao Franco, a senior official of the National
Merchant Marine Union, told Reuters he was optimistic the talks
would lead to an end of the stoppage, which began last Friday.
    Brazil's 40,000 seamen are seeking a pay rise of 275 pct.
    The union official said the strike had halted a total of
158 vessels, including 50 in Brazil's main port, Santos, and
about 50 more in Rio de Janeiro.
    Abroad, six ships lay idle, in the Netherlands, Spain,
Venezuela, France and South Africa, he said.
    Economic analysts said the strike was of serious concern to
the government, which has already had to suspend interest
payments on part of Brazil's foreign debt following a drastic
deterioration in the country's trade balance.
    The head of the National Merchant Marine Authority, Murilo
Rubens Habbema, was quoted in today's Gazeta Mercantil
newspaper as saying that if the strike continued foreign ships
could be authorized to transport Brazilian exports.
    "Brazil is living through a crisis at the moment, and it is
not conceivable that exports be hit," he said.
    "But even using foreign ships we must not forget that we are
going to lose foreign exchange paying freight charges abroad,
and all this through the fault of the seamen," Rubens Habbema
said.
    A spokesman for the port of Santos, which has been the
scene of labour unrest and congestion in recent months, said
movement of ships out of the port was running at about half its
normal level of 12 ships a day.
    He said a total of 76 ships were either waiting at anchor
on moored in the harbour.
 Reuter
3;
bodyend
documentend
documentstart
2327
topicstart
money-fx
dlr
topicend
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2;
******
FED'S JOHNSON SAYS DOLLAR IS VERY CLOSE TO APPROPRIATE EXCHANGE RATE LEVEL 

Blah blah blah.
3;


bodyend
documentend
documentstart
2328
topicstart
topicend
bodystart
2;
******
FED'S JOHNSON WARNS U.S. BANKS AGAINST EXCESS RIGIDITY IN LDC DEBT TALKS

Blah blah blah.
3;


bodyend
documentend
documentstart
2332
topicstart
earn
topicend
bodystart
2;

BROWN GROUP INC 
<
BG> VOTES REGULAR DIVIDEND


    ST. LOUIS, MO., March 5 -
    
Qtly div 37-1/2 cts vs 37-1/2 cts prior qtr
    Pay 1 April
    Record 16 March
 Reuter
3;
bodyend
documentend
documentstart
2333
topicstart
earn
topicend
bodystart
2;

BLOCKER ENERGY CORP 
<
BLK> YEAR NET


    HOUSTON, March 5 -
    
Oper shr profit 11 cts vs loss 2.45 dlrs
    Oper net profit 3,594,000 vs loss 81.9 mln
    Revs 38.5 mln vs 48.2 mln
    NOTE: 1986 net excludes 68.5 mln dlr gain from debt
extinguishment.
    1985 net includes 72.0 mln dlr writedown of drilling rigs.
 Reuter
3;
bodyend
documentend
documentstart
2335
topicstart
earn
topicend
bodystart
2;

LTX CORP 
<
LTXX> 2ND QTR JAN 31 LOSS


    WESTWOOD, Mass., March 5 -
    
Shr loss 28 cts vs loss 32 cts
    Net loss 2,585,000 vs loss 2,885,000
    Sales 27.6 mln vs 23.5 mln
    Avg shrs 9,352,000 vs 9,049,000
    1st half
    Shr loss 63 cts vs loss 94 cts
    Net loss 5,867,000 vs loss 8,405,000
    Sales 51.9 mln vs 43.7 mln
    Avg shrs 9,349,000 vs 8,966,000
    NOTE: Prior year net includes tax credits of 1,827,000 dlrs
in quarter and 5,347,000 dlrs in half.
 Reuter
3;
bodyend
documentend
documentstart
2336
topicstart
trade
topicend
bodystart
2;
******
YEUTTER SAYS U.S. BUDGET DEFICIT REDUCTION KEY TO TRADE DEFICIT SOLUTION

Blah blah blah.
3;


bodyend
documentend
documentstart
2337
topicstart
earn
topicend
bodystart
2;

CALPROP CORP 
<
CPP> 4TH QTR NET


    LOS ANGELES, March 5 -
    
Shr 40 cts vs 25 cts
    Net 1,369,602 vs 628,193
    Revs 12.5 mln vs 4,909,369
    Avg shrs 3,460,217 vs 2,610,913
    Year
    Shr 97 cts vs 54 cts
    Net 2,952,830 vs 1,414,369
    Revs 37.0 mln vs 13.5 mln
    Avg shr 3,031,494 vs 2,609,313
    Note: Prior qtr and year per share figures restated for 10
pct stock dividend of December 1986.
 Reuter
3;
bodyend
documentend
documentstart
2338
topicstart
earn
topicend
bodystart
2;

SIS CORP 
<
SISB> YEAR NET


    WESTLAKE, Ohio, March 5 -
    
Shr one ct vs nil
    Net 9,949,000 vs 3,799,000
    Revs 15.5 mln vs 13.5 mln
 Reuter
3;
bodyend
documentend
documentstart
2339
topicstart
earn
topicend
bodystart
2;

AMOSKEAG CO 
<
AMOS> SETS QUARTERLY


    NEW YORK, March 5 -
    
Qtly div 30 cts vs 30 cts prior
    Pay March 31
    Record March Five
 Reuter
3;
bodyend
documentend
documentstart
2340
topicstart
earn
topicend
bodystart
2;

MEDTRONIC INC 
<
MDT> SETS QUARTERLY


    MINNEAPOLIS, March 5 -
    
Qtly div 22 cts vs 22 cts prior
    Pay April 30
    Record April 10 
 Reuter
3;
bodyend
documentend
documentstart
2341
topicstart
topicend
bodystart
2;
****
CANADA 91-DAY T-BILLS AVERAGE 7.29 PCT, MAKING BANK RATE 7.54 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
2342
topicstart
earn
topicend
bodystart
2;

SCITEX CORP 
<
SCIXF> 4TH QTR LOSS


    NEW YORK, March 5 -
    
Shr loss 46 cts vs loss 1.17 dlrs
    Net loss 4,990,000 vs loss 12.8 mln
    Revs 47.0 mln vs 42.3 mln
    Year
    Shr loss 3.08 dlrs vs loss 1.28 dlrs
    Net loss 33.7 mln vs loss 13.3 mln
    Revs 132.8 mln vs 132.5 mln
    Avg shrs 10.9 mln vs 10.4 mln
    NOTE: Includes losses of 501,000 vs 83,000 in qtr and 2.2
mln vs 83,000 in year from equity of 50 pct-owned companies.
 Reuter
3;
bodyend
documentend
documentstart
2344
topicstart
acq
topicend
bodystart
2;

STANLEY WORKS 
<
SWK> MAKES ACQUISITIONS


    NEW YORK, March 5 - 
Stanley Works said it has acquired Acme
Holding corp, a maker of sliding and folding door hardware, and
the designs, patents and other righs of Plan-A-Flex Designer
Co, which provides kits for home design and remodeling
projects.
    It said Acme had 1986 sales of over 50 mln dlrs.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
2346
topicstart
earn
topicend
bodystart
2;

ANITEC IMAGE TECHNOLOGY CORP 
<
ANTC> SETS PAYOUT


    BINGHAMTON, N.Y., March 5 -
    
Qtly div 7-1/2 cts vs 7-1/2 cts prior
    Pay April 10
    Record March 27 
 Reuter
3;
bodyend
documentend
documentstart
2347
topicstart
earn
topicend
bodystart
2;

GREEN MOUNTAIN POWER CORP 
<
GMP> SETS QUARTERLY


    SOUTH BURLINGTON, Vt., March 5 -
    
Qtly div 45 cts vs 45 cts prior
    Pay March 31
    Record March 20 
 Reuter
3;
bodyend
documentend
documentstart
2348
topicstart
earn
topicend
bodystart
2;

DUAL-LITE INC 
<
MDT> SETS QUARTERLY


    NEWTOWN, Conn., March 5 -
    
Qtly div eight cts vs eight cts prior
    Pay May 11
    Record April 24 
 Reuter
3;
bodyend
documentend
documentstart
2349
topicstart
topicend
bodystart
2;

FED'S JOHNSON WARNS U.S. BANKS ON LDC RIGIDITY


    WASHINGTON, March 5 - 
Federal Reserve Board Vice Chairman
Manuel Johnson said that some U.S. banks have been too rigid in
talks with lesser developed countries on debt refinancings and
warned that a breakdown of the renegotiation process could be
harmful.
    "There have been some difficulties in those negotiations ...
banks have sometimes been too rigid," Johnson said in response
to a question during an address before the Eastern Economic
Association, an academic group.
    "I think there have been potential breakdowns in that
process," he said, adding that an actual breakdown "would be very
unfortunate."
    He declined to comment on the situation of specific nations
and said it was not the Fed's role to become involved in such
talks.
    However, he said it was "always a little bit risky" for a
heavily indebted nation to seek refinancing without first
negotiating with the International Monetary Fund on economic
reforms. He added that he remains optimistic that current talks
would be resolved successfully.
 Reuter
3;
bodyend
documentend
documentstart
2350
topicstart
earn
topicend
bodystart
2;

SCIENCE MANAGEMENT CORP 
<
SMG> 4TH QTR OPER NET


    BASKING RIDGE, N.J., March 5 -
    
Oper shr profit 14 cts vs loss 31 cts
    Oper net profit 374,000 vs loss 707,000
    Revs 19.1 mln vs 15.5 mln
    Avg shrs 2,610,000 vs 2,560,000
    Year
    Oper shr profit 20 cts vs loss 69 cts
    Oper net profit 530,000 vs loss 1,376,000
    Revs 69.1 mln vs 64.3 mln
    Avg shrs 2,603,000 vs 2,565,000
    NOTE: Excludes gain of 309,000 dlrs vs loss 72,000 dlrs in
qtr and gains of 458,000 dlrs vs 23,000 dlrs in year from tax
loss carryforwards. Includes gains of 76,000 dlrs and 378,000
dlrs in 1985 qtr and year, respectively.
 Reuter
3;
bodyend
documentend
documentstart
2352
topicstart
trade
money-fx
topicend
bodystart
2;

YEUTTER SAYS BUDGET CUT KEY TO BETTER U.S. TRADE


    NEW YORK, March 5 - 
A reduction of the U.S. federal budget
deficit will be needed to help eliminate the nation's huge
trade deficit, U.S. trade representative Clayton Yeutter said.
    Speaking to the New York Chamber of Commerce and Industry,
Yeutter said "Capital and trade flows are clearly
inter-releated now.
    "Unless we get the budget deficit down, we will not get the
trade deficit down."
    He did not elaborate on his views of the linkages between
the two deficits.
    Private analysts have said that the financing of large U.S.
budget deficits requires heavy capital inflows from overseas
investors through purchases of U.S. Treasury and, to a lesser
extent, other U.S. securities as well.
    "We'll make some progress in reducing the 170 billion dlr
trade deficit in 1987, but there's still a long way to go,"
Yeutter said.
    He said the problem must be approached on many fronts and
focus most strongly on U.S. and overseas fiscal and monetary
policies to foster economic growth, U.S. competitiveness and
the establishment of a "level playing field" for trade.
    The U.S. trade representative said the Federal Reserve
under Chairman Paul Volcker has done its part to improve the
trade situation by getting interest rates down.
    On the fiscal side, Yeutter said "the budget deficit is
still our biggest problem" and there has not been enough
progress toward reducing that deficit.
    In the international area, he said that "our major trading
partners could still do more to stimulate domestic growth."
Commenting on Japan, which is running around a 80 billion dlr
trade surplus with the United States, Yeutter said "Japan is
just not doing the job on the import side."
    Yeutter declined to comment on statements relating to the
dollar made earlier today by Commerce Dept undersecretary of
Economic Affairs Robert Ortner.
    In a Washington address to an Export-Import Bank sponsored
meeting, Ortner said he believed the dollar at current levels
was fairly priced against most European currencies, but that
the yen is 10 or 15 pct undervalued.
    "The market will determine the dollar's proper value in the
end," Yeutter said. However, he added that, if the U.S. and
other nations do not take the necessary steps to cut the U.S.
trade deficit, "the dollar will be the equalizer."
    Yeutter said there is no quick fix to the trade problem and
any resort to such tactics as protectionist trade legislation
or trade restrictions poses real dangers.
    He said "there's relatively little that Congress can do to
legislate a solution to the trade problem."
    Protectionist legislation will only provoke retaliation by
U.S. trading partners, Yeutter said.
    "There is no doubt in my mind about the willingness of our
trading partners to retaliate against unfair trade
legislation," Yeutter said, adding that policy flexibility is
essential in solving international trade problems.
 Reuter
3;
bodyend
documentend
documentstart
2353
topicstart
earn
topicend
bodystart
2;

CARMEL CONTAINER SYSTEMS LTD
<
KML> YEAR OPER NET


    NEW YORK, March 5 -
    
Oper shr 1.18 dlrs vs 58 cts
    Oper net 2,266,000 vs 1,037,000
    Revs 45.8 mln vs 41.4 mln
    Avg shrs 1,924,000 vs 1,800,000
    NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
benefit of tax loss carryforward.
    Results for Tel Aviv, Israel-based company translated at
rate of one dlr to 1.485 new Israeli shekels.
 Reuter
3;
bodyend
documentend
documentstart
2354
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

NEW CURRENCY PROBLEM SEEN AMONG U.S, EUROPE, JAPAN


    By Eric Hall, Reuters


    TOKYO, March 5 - 
The highly visible drama involving the
yen's sharp rise against the U.S. Dollar is obscuring the fact
that the Japanese currency has hardly budged against major
European currencies, thus creating a new set of exchange rate
distortions, Japanese and European research officials said.
    The officials, looking beneath the rhetoric of statements
by the Group of Five (G-5) industrial nations, told Reuters the
currency movements of the past two years are also creating a
fundamentally new world trade picture, which is throwing up new
trade tensions and imbalances.
    Trade figures show that the new currency alignments are
already changing the Japan-U.S. Trade axis into a Japan-
European Community (EC) axis, to the discomfort of Europe.
    In many ways, not least in terms of rare international
cooperation, the September, 1985 New York Plaza pact between
the U.S., Japan, West Germany, Britain and France to cut down
the value of the dollar was a historic one.
    But it is the underlying peaks and troughs of the major
currency movements which lay bare the real picture, in which
the Plaza pact appears as an event of prime importance, but not
necessarily central significance, the officials said.
    The officials said that when the Plaza agreement took
place, the dollar was already on its way down. The agreement
simply helped it on its way. Senior EC financial expert in
Tokyo Tomas de Hora has watched the movements closely.
    "You have to look at the dollar's peak compared with now,
and that was well before Plaza," he said.
    On February 25, 1985, the dollar peaked against the yen at
263.15 yen. On September 20, the Friday before Plaza, it was
242. Since then, despite massive Bank of Japan intervention and
periodic market frights about further G-5 concerted action, the
dollar trend has been down, down, down.
    Yet the ECU is now around 173.4 yen. The historical cross
rates for sterling and the mark tell much the same story. The
European currencies are moving back up against the yen.
    The close relationship between exchange rates and trade
flows makes it difficult to see which is driving which, but
undoubtedly the trade equation between the big three is
changing. In 1986, Japanese imports and exports with the EC
both grew by around 50 pct in dollar terms, five pct in yen.
This gave Japan a 16 billion dlr trade surplus.
    Last January, Japanese exports to the EC totalled half of
of sales to the U.S, against about a third in recent years.
    Trade with the U.S in 1986 rose 23 pct for exports and 12
pct for imports in dollar terms, but fell 13 pct for exports
and 21 pct for imports in yen terms.
    "The basic meaning for Europe is that Japanese firms have a
tremendous interest in exporting to Europe, where every unit
sold maximises profits in yen terms, which is what is important
to them. Suddenly, instead of the U.S., It is Europe that is
laying the golden egg," said de Hora.
    The EC is worried. EC business also had a remarkable year
in Japanese sales, but this can be explained partly due to its
start from a small base, compared with total Japan-U.S. Trade.
    The Japanese think EC firms are now more competitive than
U.S. Firms, a factor which is aggravating the exchange rate
imbalance, and which will cause problems.
    "This currency alignment between Japan and the EC is
reflecting the excellent performance of the EC countries. But
therefore, Japanese goods may keep their price competitive
edge," said Azusa Hayashi, Director of the First International
Economic Affairs Division of the Foreign Ministry. "If you want
my objective view, I don't expect a drastic improvement in our
trade imbalance. Last year, we asked for moderation in exports,
and this year we may have to do so again," he said.
 REUTER...
3;
bodyend
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2355
topicstart
topicend
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2;

WORLD BANK HEAD SAYS BRAZIL MORATORIUM TEMPORARY


    WASHINGTON, March 5 - 
World Bank president Barber Conable
said he believed that Brazil would come up with a medium term
economic plan and that the current debt moritorium would be
temporary.
    Speaking briefly to reporters following an address before
the Export-Import Bank, Conable said that the bank had been
urging the Brazilian government to come up with a specific plan
designed to work the country out of its present economic
difficulty.
    "Brazil would like to come up with such a plan," he said,
adding: "the moritorium is likely to be a temporary affair."
    During his formal remarks, Conable made it clear that he
believed Brazil must take some specific internal action.
    He said "they have everyone's attention but it must be
followed by a construtive plan."
    He said that he expected Brazilian Finance Minister Dilson
Funaro, who he met with last week to discuss the Brazilian debt
suspension action, to return for further discussion but did not
currently have a specific meeting arranged.
    Conable also told the gathering of mostly commericial
bankers that in order for the Baker debt initiative to work all
parties to the program must be on board.
 Reuter
3;
bodyend
documentend
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2357
topicstart
earn
topicend
bodystart
2;

TANDEM COMPUTERS 
<
TNDM> SEES HIGHER NET


    NEW YORK, March 5 - 
Tandem Computers Inc said it expects
higher earnings and revenues in its second fiscal quarter
ending March 31 against a year ago.
    "We feel we will continue to see higher growth in the
quarter," James Treybig, president and and chief executive
officer, told a meeting of securities analysts.
    In the second fiscal quarter last year, Tandem earned
9,950,000 dlrs or 29 cts per share on revenues of 176.3 mln
dlrs.
    Treybig declined to offer specific projections for the
quarter but he said the results might be lower than those for
the first quarter of fiscal 1987, when Tandem earned 27.1 mln
dlrs or 58 cts a share. He said Tandem's second quarter is
traditionally slower than the first.
    L.F. Rothschild Unterberg Towbin analyst Frederic Cohen
estimated Tandem's second quarter net at 40 to 45 cts per
share. For the full year, he said he expects the computer maker
to earn about 2.40 dlrs a share. In fiscal 1986, Tandem earned
1.44 dlrs a share.
    Treybig, who founded the Cupertino, Calif.-based company,
said he has seen a rebound in computer orders in the United
States. "The U.S. economy is picking up, and buying decisions
are being made. We didn't see that a year ago," he said.
    The executive said Tandem will increase its research and
development spending to about 100 mln dlrs this year from 87
mln dlrs in fiscal 1986.
    He said the company plans to introduce several products,
including two low-end systems and a data base that uses the SQL
programming language, an industry standard. Tandem also won a
major order from the 
<
Bank of Tokyo>.

 Reuter
3;
bodyend
documentend
documentstart
2358
topicstart
interest
topicend
bodystart
2;
******
FED'S JOHNSON SAYS HE DOES NOT SEE INCREASING PRESSURE ON INTEREST RATES

Blah blah blah.
3;


bodyend
documentend
documentstart
2359
topicstart
trade
sugar
cotton
groundnut
oilseed
topicend
bodystart
2;

AUSTRALIA ATTACKS U.S. GATT FARM RULES EXEMPTION


    GENEVA, March 5 - 
Australia accused the U.S. of increasing
protectionism on agricultural products and called for an end to
Washington's special 32-year exemption from certain GATT rules
on agricultural trade.
    Robert Arnott, Australia's delegate to the General
Agreement on Tariffs and Trade (GATT), made the appeal at a
special annual meeting which reviews the 1955 U.S. waiver.
    "Australia today said the United States' goals of reducing
U.S. barriers to agricultural trade were being contradicted by
actions which in fact increased protection in trade in
agriculture," the Australian delegation said in a statement.
    "The United States section 22 waiver is one of the basic
flaws in the GATT coverage of agriculture," Arnott told the
meeting.
    Arnott said the waiver had continually been used as a
justification for "dubious protective measures" by the U.S. He
listed a recent Dairy Export Incentive Program and steps to
close the U.S. sugar market to imports.
    He also told Reuters the waiver allowed Washington to
impose quotas on imports of farm products where it had domestic
support programs. This covered imports of dairy products,
peanuts, cotton and sugar.
    Asked to comment, Michael Samuels, U.S. ambassador to the
GATT, told Reuters: "These charges have been made since the very
beginning. The waiver is part of domestic U.S. agricultural
policy, part of our law when we joined the GATT".
    "We have agreed to put the waiver on the table during the
Uruguay Round and invite other countries to do the same with
their programs. We can negotiate them all," Samuels added.
    Ninety-two nations are taking part in the four-year Uruguay
round of talks launched in Punta del Este last September.
Bargaining in agricultural goods and services (banking,
tourism, insurance) is included for the first time as well as
manufactured goods.
 Reuter
3;
bodyend
documentend
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2364
topicstart
topicend
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2;

HAUGHEY TO SEEK EC ADVICE ON IRISH DEBT


    BRUSSELS, March 5 - 
Charles Haughey, leader of the Irish
party Fianna Fail, said if he becomes prime minister following
last month's Irish general election, he will seek the advice of
the EC Commission on management of the country's 24 billion
punt foreign debt.
    Haughey told a news conference he is confident of being
asked to form a government when the Irish parliament meets next
Tuesday. Fianna Fail won 81 of the 166 seats in the February 17
poll. Haughey said an offer of Commission help on debt
management was made to him today by Commission president
Jacques Delors.
    Haughey said:" Delors assured me we could have full recourse
to the Commission for advice, guidance and expert skills in
dealing with our overall financial problems, particularily in
the matter of debt management."
    Noting current debt servicing charges are about two billion
punts a year, he added :"If we could achieve any significant
improvement in the management and reduction in the cost of
servicing, it could have significant budgetary benefits."
    He added that he would seek advice, not a Community loan.
    However, Haughey said Ireland had in the past used its
position within the EMS to make borrowings in Europe at
favorable interest rates, notably for onlending to its farming
sector.
    "It is a mechanism which we have availed ourselves of before
and we would look at it again," he said.
     Haughey said he regarded as "almost paramount" the
maintenance of the punt's current position within the European
Monetary System.
    He criticized the attitude of the outgoing Irish government
in recent EMS realignments -- the punt was devalued by eight
pct last August.
    "Until 1983, the policy of the Irish government was to was
to adopt a neutral stance in any realignments within the EMS. I
believe that policy was right," Haughey said.
                     
 Reuter
3;
bodyend
documentend
documentstart
2365
topicstart
acq
topicend
bodystart
2;

FIRST UNION 
<
FUNC> TO BUY FLORIDA BANK


    JACKSONVILLE, Fla., March 5 - 
First Union Corp said it has
agreed to acquire First State Bancshares Inc of Pensacola,
Fla.,  and its First State Bank of Pensacola subsidiary for
about 457,000 common shares.
    First State has assets of about 110 mln dlrs.  The
acquisition, expected to be treated as a pooling of interests,
is expected to be completed in the third quarter of 1987
subject to approval by regulatory agencies and First State
shareholders.
 Reuter
3;
bodyend
documentend
documentstart
2366
topicstart
earn
topicend
bodystart
2;

OPPENHEIMER RAISES NWA 
<
NWA> EARNINGS ESTIMATE


    NEW YORK, March 5 - 
Oppenheimer and Co analyst Robert
McAdoo raised his 1987 earnings estimate for NWA Inc, parent of
Northwest Airlines, following a strong quarterly report by the
company yesterday, according to Oppenheimer market strategist
Michael Metz.
    NWA shares rose 1-5/8 to 74-3/8 in active trading.
    McAdoo raised his 1987 estimate to 7.50 dlrs a share from
five dlrs and maintained a buy recommendation on the stock,
Metz said.
    McAdoo was traveling and could not be reached for comment.
    Yesterday, Minneapolis-based NWA reported fourth quarter
net of about 9.8 mln dlrs or 45 cts a share against a loss of
two mln dlrs or nine cts in the 1985 quarter.
    For the year, earnings rose to 76.9 mln dlrs or 3.26 dlrs
from 73.1 mln or 3.18 dlrs. The 1986 results include Republic
Airlines since NWA acquired it Aug 12, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2367
topicstart
grain
wheat
topicend
bodystart
2;

HOUSE 0/92 FARM PROPOSAL SEEN SPARKING DEBATE


    WASHINGTON, March 5 - 
A House Agriculture Committee meeting
later today to draft a disaster aid bill is expected to spark a
debate between lawmakers who want to expand the 0/92, or
"de-coupling," provision to cover feedgrains, and those who
oppose 0/92 or want it severely limited, Congressional sources
said.
    The disaster aid bill as it now stands calls for a one-year
0/92 pilot program for 1987 crop wheat and the 1988 winter
wheat crop. The bill would allow farmers to forego planting and
still receive 92 pct of deficiency payments.
    The administration has strongly urged that the bill be
expanded to feedgrains and to more than one year.
    It is difficult to tell in what form the 0/92 provision
will emerge from the committee, the sources said.
    Proponents of an expansion of 0/92 maintain there are large
estimated cost savings of such a bill -- ranging from estimates
by the administration of 200 to 500 mln dlrs.
    Opposition to a reopening of the 1985 farm bill at this
time is the major reason cited by those against an expansion of
the bill, committee staffers said.
    The 0/92 plan is scheduled to be discussed at 1530 EST. A
conflicting floor vote delayed the start of the meeting, and
staffers said it may have to be delayed even until next week.
    Such a delay would not bode well for proponents of an
expanded 0/92 program, since spring planting in many areas of
the country will be underway in the next few weeks and signup
for the 1987 wheat and feedgrains program ends March 30.
    Farmers are now making their planting decisions, so
something has to be done quickly if a 0/92 program is to be
implemented, an Agriculture Department source said.
    An expansion of 0/92 to feedgrains was opposed in last
week's subcommittee hearing on the bill, with subcommittee
chairman Dan Glickman, D-Kan., saying that more study of the
consequences of decoupling on feedgrains plantings was
necessary.
    Major commodity groups, including the National Corn
Growers, the American Farm Bureau and the National Cattlemen's
Association, have voiced strong opposition to 0/92.
    But proponents of an expanded 0/92 argue that the bill
currently is not equitable for all grains producers, so it
should be extended to other crops.
    There will be difficulty in limiting 0/92 to wheat, said
Gene Moos, aide to house majority leader Tom Foley, D-Wash.
    Projected cost savings, in the current atmosphere of try to
decrease farm expenditures, would also be hard to ignore in the
debate to expand the 0/92 application, Moos said.
    Rep. Charles Stenholm, D-Tex., may be planning to introduce
a bill to restrict 0/92 to only 1987 crop wheat, with the
argument that now is not the time to vote in favor of any major
changes in the farm bill.
    "Stenholm's bill is not a rejection of 0/92, only of the
timing," a congressional staff member said.
    Rep. Arland Stangeland (R-Minn.) is reported to have an
amendment to expand the 0/92 provision to 1987 and 1988
feedgrains.
 Reuter
3;
bodyend
documentend
documentstart
2369
topicstart
topicend
bodystart
2;

ZEHNTEL 
<
ZNTL> FILES FOR DEBT OFFERING


    WALNUT CREEK, Calif., March 5 - 
Zehntel Inc said it filed a
registration statement with the Securities and Exchange
Commission covering a proposed public offering of 13.5 mln dlrs
principal amount of convertible subordinated debentures.
    The offering will be managed by Sutro and Co Inc, Zehntel
said.
    It said proceeds from the proposed sale will be used to
repay bank debt, fund a deposit of the first three interest
payments on the debenture, repurchase 350,000 common shares at
4.46 dlrs per share from former parent company Plantronics Inc

<
PLX> and to fund future product development and marketing.
 Reuter
3;
bodyend
documentend
documentstart
2370
topicstart
earn
topicend
bodystart
2;

YELLOW FREIGHT 
<
YELL> SEES LOWER 1ST QTR NET


    ST. LOUIS, MO., March 5 - 
Yellow Freight System Inc said
its expects 1987 first quarter profits to be substantially
below the 14.2 mln dlrs or 50 cts a share earned in the same
period a year ago.
    Revenues have been depressed by recent price discounting,
added costs from expansion programs, lower shipping volumes and
increased costs associated with severe weather conditions
on the East coast, company officials told analysts here.
    An industry-wide rate hike of 2.9 pct, set for April one,
will cover Yellow Freight's upcoming labor and other costs but
will not make a contribution to operating margins, it said.
 Reuter
3;
bodyend
documentend
documentstart
2371
topicstart
pet-chem
topicend
bodystart
2;

NOVA SUBSIDIARY RAISES U.S. POLYETHYLENE PRICES


    CALGARY, Alberta, March 5 - 
Novacor Inc, a unit of 
<
Nova,
an Alberta Corp>, said it would raise prices for U.S. customers
by five cts a pound on linear low-density and low-density
polyethylene, effective April 1.
    The company did not immediately disclose the actual new
prices.
    A Novacor official later said in reply to an inquiry that
the new prices, effective April 1, would range from 31 U.S. cts
a pound to about 38 cts.
    The official said the increase reflected improved market
conditions, although he noted the new prices would still be
lower than those of three years ago.
 Reuter
3;
bodyend
documentend
documentstart
2373
topicstart
topicend
bodystart
2;

BANKERS TRUST 
<
BT> SELLS EQUITY CONTRACT NOTES


    NEW YORK, March 5 - 
Bankers Trust Co is raising 200 mln
dlrs through an offering of subordinated equity contract notes
due 1997 with an eight pct coupon and par pricing, said lead
manager Shearson Lehman Brothers Inc.
    That is 87 basis points more than the yield of comparable
Treasury securities.
    Non-callable to maturity, the issue is rated Aa-3 by
Moody's Investors Service Inc and AA by Standard and Poor's
Corp. Salomon Brothers Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
2374
topicstart
acq
topicend
bodystart
2;

MOULINEX STAKE SOLD TO SOME 50 INSTITUTIONS


    LONDON, March 5 - 
The 20 pct stake in Moulinex SA 
<
MOUP.PA>
sold by 
<
Scovill Inc> of the U.S. Was spread among at least 50
institutional investors worldwide, a spokesman for brokers
James Capel said. Capel handled the deal.
    The buyers were based in centers ranging from Europe to
North America and Japan, he added.
    Moulinex's capital is split among Jean Mantelet, president
of the company, with 42 pct, along with private investors
holding 38 pct and the 20 pct which has just been sold, company
sources said earlier in Paris.
 REUTER
3;
bodyend
documentend
documentstart
2375
topicstart
acq
topicend
bodystart
2;

TALKING POINT/PIEDMONT 
<
PIE>


    By Patti Domm, Reuters


    NEW YORK, March 5 - 
Carl Icahn's bold takeover bid for
USAir Group 
<
U> has clouded the fate of Piedmont Aviation Inc,
which was being courted by USAir.
    Yesterday, Icahn's Transworld Airlines Inc 
<
TWA> made a 1.4
billion dlr offer for USAir Group. The move complicated a USAir
takeover offer for Piedmont, which was believed to be close to
accepting the bid.
    Today, USAir rejected Icahn's 52 dlr per share offer and
said the bid was a last-minute effort to interfere in its
takeover of Piedmont. Icahn was unavailable for comment.
    Piedmont fell one to 68-5/8 on volume of 963,000. TWA was
off 3/8 to 31-1/2. USAir fell 1-3/8 to 47-3/4 as doubt spread
it would be taken over.
    Analysts and market sources view the TWA bid as an attempt
to either trigger a counter offer from USAir or to attract a
suitor who might want both airlines once they merged.
   "The next move is either Icahn starts a tender offer or
Piedmont and USAir announce a deal," speculated one arbitrager.
    Some arbitragers said there is now some risk in the current
price of Piedmont since it is not clear that USAir's bid will
succeed.
    Piedmont's largest shareholder and other suitor, Norfolk
Southern Corp 
<
NSC> has offered 65 dlrs per share for the
company. USAir offered 71 dlrs cash per share for half of
Piedmont stock, and 73 dlrs per share in stock for the balance.
    Some arbitragers, however, believe the depressed price of
Piedmont offers a buying opportunity since the airline is
destined to be acquired by someone. USAir, they said, is the
least likely to be bought.
    Icahn, who has long talked about further consolidation in
the airline industry, also offered USAir the alternative of a
three-way airline combination, including TWA and Piedmont.
    But Wall Street has given little credibility to Icahn's
offer, which lacked financing and was riddled with
contingencies.
    Still, he has succeeded in holding up a merger of two
airlines - both of which analysts said would fit well with TWA.
    "You can't discount him," said one arbitrager.
    Analysts, however, said Icahn would have to prove he is
serious by following through with his threats or making a new
offer. In making the offer for USAir, Icahn threatened to go
directly to shareholders for 51 pct of the stock at a lower
price if USAir rejected his offer.
    "It's clear Icahn wants to sell and he's bluffing," said
one arbitrager.
    Analysts said the 52 dlr per share offer was underpriced by
about six dlrs per share.
    Some analysts believe Icahn's proposed three-way airline
combination might face insurmountable regulatory hurdles, but
others believe it could be cleared if the companies are
acquired separately.
    "TWA would have to be the surviving company for the deal to
work," said one analyst.
    Analysts said such a merger would be costly and
complicated. TWA has the best cost structure, since Icahn
succeeded in winning concessions from its unions.
    In order for the other carriers to come down to TWA's wage
scale in a merger, TWA would have to be the surviving entity,
analysts said.
    Such a move does not necessarily free Icahn of TWA, they
said. They said he showed skill in reducing Ozark Airlines'
costs when he merged it into TWA last year, and he might be a
necessary ingredient for a merger to work.
    However, other analysts speculated the managements of
Piedmont and USAir would not tolerate Icahn as head of a new
company. They said a USAir acquisition of TWA might be a way
for him to exit the company if USAir's airline is then merged
into TWA.
 Reuter
3;
bodyend
documentend
documentstart
2376
topicstart
acq
topicend
bodystart
2;

BAKER INT'L 
<
BKO> HOPES TO COMPLETE MERGER


    HOUSTON, March 5 - 
Baker International Corp treasurer Eric
Mattson said the company hoped to iron out snags in a proposed
merger with Hughes Tool Co 
<
HT> but declined to say if or what
compromises might be acceptable to it.
    The proposed merger that would create a 1.2 billion dlr
oilfield services company was thrown into limbo yesterday when
Hughes management, balking at the terms of a government consent
decree, offered a counter-proposal to Baker.
    Earlier today, Hughes adjourned a shareholders meeting
called to vote on the proposed merger until March 11 and said
it hoped to resume negotitations with Baker.
    Hughes chairman W.A. Kistler told reporters that Hughes did
not want to sign the Department of Justice consent decree until
after Baker's submersible pump and drilling bit operations were
sold.
    Mattson told Reuters that Baker still believed a merger was
possible between the two giant oilfield service companies.
    "The company's position is we would like to see the merger
be completed, which is in the best interests of our
shareholders and their shareholders," Mattson said.
    "Our goal is for a merger to occur. Because of the
litigation, I can't go any further than that," he said.
    Baker filed a lawsuit in Texas state court late yesterday
to force Hughes to abide by terms of the proposed consent
decree.
    Mattson also declined to comment on whether the directors
of Baker and Hughes have scheduled any meetings to discuss the
merger.
 Reuter
3;
bodyend
documentend
documentstart
2377
topicstart
earn
topicend
bodystart
2;
******
LUCKY STORES INC REINSTATES QUARTERLY DIVIDEND AT 12.5 CTS PER SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
2379
topicstart
earn
topicend
bodystart
2;

HOMESTEAD FINANCIAL 
<
HFL> UPS CASH DIVIDEND


    BURLINGHAME, Calif., March 5 - 
Homestead Financial Corp
said it has increased the dividend on its Class A common shares
to 6-1/4 cts a share, from five cts prior, while declaring an
initial dividend on its Class B common stock of 3-3/4 cts a
share.
    Homestead said the two classes of stock emerged as part of
its recapitalization plan which also doubled the number of
authorized common, comprising both classes, to 11 mln shares.
    Homestead said the dividends are payable on April 6, to
shareholders of record March 20.
    Homestead also said that class b shareholders who want to
increase their dividends may exchange their shares for an equal
number of class A shares on or before March 20.
 Reuter
3;
bodyend
documentend
documentstart
2380
topicstart
earn
topicend
bodystart
2;

ELECTRO-SENSORS INC 
<
ELSE> YEAR OPER NET


    MINNEAPOLIS, March 5 -
    
Oper shr 52 cts vs 51 cts
    Oper net 626,013 vs 613,127
    Sales 4,544,929 vs 4,402,572
    NOTE: Earnings exclude extraordinary securities loss of
29,532 dlrs, or two cts a share vs a gain of 81,358 dlrs, or
seven cts a share

 Reuter
3;
bodyend
documentend
documentstart
2382
topicstart
grain
wheat
corn
soybean
oilseed
topicend
bodystart
2;

CHINA ADDS, CANCELS WHEAT COMMITMENTS - USDA


    WASHINGTON, March 5 - 
China has added 90,000 tonnes of U.S.
wheat to its purchases for delivery in the 1987/88 season and
cancelled 30,000 tonnes of wheat purchases for delivery in the
1986/87 season, the U.S. Agriculture Department said.
    According to the department's Export Sales Report covering
transactions in the week ended February 26, China has
outstanding wheat commitments for the 1986/87 season of 30,000
tonnes and 420,000 tonnes for delivery in the 1987/88 season.
    The wheat season begins June 1.
    China has total corn commitments for 1986/87 of 1,011,200
tonnes and soybeans commitments of 157,500 tonnes.
    The season for corn and soybeans began September 1.
 Reuter
3;
bodyend
documentend
documentstart
2383
topicstart
crude
topicend
bodystart
2;

OPEC PRESIDENT SAYS OUTPUT WELL BELOW CEILING


    By Judith Matloff, Reuters


    LONDON, March 5 - 
Opec Conference President Rilwanu Lukman
said the group was producing well below the 15.8 mln bpd
ceiling it set in December, partly because liftings had been
delayed or postponed by customers unwilling to pay fixed Opec
prices.
    Lukman, during a brief visit to London on his way home from
Jamaica, told Reuters in a telephone interview that in
February, Opec had underproduced partly because members were
strictly abiding by production quotas and partly because they
were resisting the temptation to sell at discounts to official
prices of around 18 dlrs a barrel.
    "We are determined to stand firm by the (December) accord,"
he said. "I have spoken to every other Opec minister and they
are committed to making the accord work," he said.
    Lukman gave no specific figures for February output. He
said the Opec secretariat in Vienna was finalizing these
figures.
    Told of a Reuters survey published today which estimated
that Opec output so far this week was below 15 mln bpd, he
said; "That could well be correct."
    Opec"s news agency Opecna today issued a statement saying
group output was "well below" its ceiling in February. But it
gave no figures.
    But one source close to Opec indicated that February output
may have been between 15.3 and 15.5 mln bpd.
    The Reuter survey estimated Opec February output at around
16 mln bpd.
    Opec agreed in December to cut output by 7.25 pct to 15.8
mln bpd and to return to fixed prices starting February 1.
    Lukman said Qatar, Nigeria, Saudi Arabia and Iran had all
produced in February below their Opec quotas. Iraq, which said
it would not honour its 1.466 mln bpd quota under the December
pact, had produced less than had been anticipated, he said.
    Lukman said that some industry reports "may be correct" that
in February, Nigeria propuced 75-100,000 bpd below its 1.238
mln bpd quota, Saudi Arabia 500,000 bpd less than its 4.133 mln
allocation and Qatar 20 to 30 pct under its 285,000 bpd quota.
    He said that sweet crudes such as those produced by his
country were coming under price pressure because they were
currently officially priced above sweet North Sea grades and
the United States" West Texas Intermediate (WTI) crude.
    However, he said Opec in December had anticipated that
demand would be slack at this time of year for seasonal reasons
and expected the market to firm in two to three weeks.
    "We have to be patient for two or three weeks. The market is
now firming on actual fundamentals," he said, adding that he
expected it to go "up and up" even beyond official prices after
early April. This is when, traditionally, there is more demand
for gasoline-rich crudes such as Nigeria"s.
    The Opec President said producers such as Kuwait, Venezuela
and Indonesia were having less problems with output than
producers like his own country because they exported oil
products.
    Also, some of Venezuela"s heavy grades were outside the Opec
pricing system, he said.
    Lukman said that if refiner-buyers, now refusing to lift
some Opec oil at official prices, instead used their own stocks
and ran them down to "dangerous levels," they would eventually
have to buy Opec oil.
    "When they realise it is not a free-for-all (in the market)
they will realise they should buy now instead of paying more
later on," he said.
    Lukman, asked about industry reports that Nigeria was being
pressured by equity producers for better terms, said it was
important to know that terms with them were negotiable,
flexible and under constant review, not only when the market
seemed weak.
    He said that so far, no meeting of the seven-nation
ministerial differentials committee had been scheduled and that
such a meeting, now twice-postponed, was not a high priority
for Opec at the moment.
    "At this time, we have to get our priorities right," he said.
"The most important thing now is ensuring that the accord is
working, not dealing with a differential of cents between
grades."
    But if any Opec member raised concerns or objections over
the differential system, a meeting would be called, he said.
 Reuter
3;
bodyend
documentend
documentstart
2385
topicstart
earn
topicend
bodystart
2;

LUCKY STORES INC 
<
LKS> REINSTATES QUARTERLY DIV


    DUBLIN, Calif., March 5 -
    
Qtly div 12.5 cts vs nil
    Pay April 3
    Record March 16
    Note: in quarters preceeding 4th qtr, dividend was 29 cts.
 Reuter
3;
bodyend
documentend
documentstart
2386
topicstart
earn
topicend
bodystart
2;

CARMEL CONTAINER SYSTEMS LTD
<
KML> YEAR OPER NET


    NEW YORK, March 5 -
    
Oper shr 1.18 dlrs vs 58 cts
    Oper net 2,266,000 vs 1,037,000
    Revs 45.8 mln vs 41.4 mln
    Avg shrs 1,924,000 vs 1,800,000
    NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
benefit of tax loss carryforward.
    Results for Tel Aviv, Israel-based company translated at
rate of one dlr to 1.485 new Israeli shekels.
 Reuter
3;
bodyend
documentend
documentstart
2388
topicstart
topicend
bodystart
2;

BILL PROPOSED ON INTERNATIONAL DEBT FACILITY


    WASHINGTON, March 5 - 
Rep. John LaFalce, D-N.Y., has
introduced a bill to create an international debt adjustment
facility to deal with third world debt.
    He said in a statement the facility would purchase debt of
a debtor nation at a discount and then sell the loans to
private investors. LaFalce said the facility could use funds of
the World Bank and International Monetary Fund as collateral to
for the necessary financial banking to issue debt instruments.
    LaFalce, a member of the House Banking Committee, said the
facility was needed because most American banks were refusing
to fund more foreign debt and debtor countries were having
trouble paying the loans on schedule.
 Reuter
3;
bodyend
documentend
documentstart
2389
topicstart
livestock
l-cattle
carcass
sugar
topicend
bodystart
2;

CUBAN CATTLE THREATENED BY DROUGHT


    HAVANA, March 5 - 
Over 750,000 head of cattle are suffering
the effects of a severe shortage of feed as a result of a
prolonged drought in the normally rich sugar and cattle
producing province of Camaguey, the newspaper Granma reported.
    The province produces 23 pct of Cuba's beef and is the
island's number two province in milk production. Granma said
20,000 head of cattle are now in imminent danger.
    The newspaper said a "cattle emergency" had been decreed and
the cattle are being rounded up.
    Some 110,000 head have been transferred to the sugar cane
conditioning centers where newly harvested cane is cleaned
before being sent to the mills. The cattle are being fed the
residue left after cleaning the cane stalks. 32,000 head have
been sent to nearby provinces of Las Tunas and Ciego de Avila.
    Despite Cuba's ambitous cattle development plans, beef
rationing has been in effect over the past 25 years. In Havana,
each Cuban receives approximately 3/4 lb of rationed beef every
18 days.
    In a major area hit by drought, San Miguel, practically no
rain has fallen in the past 14 months. Grazing lands are
parched and the region was unable to produce 117,000 tonnes of
silage projected in its annual plan.
    Granma said rainfall over the past year has been less than
50 pct of normal precipitation.
 Reuter
3;
bodyend
documentend
documentstart
2390
topicstart
orange
topicend
bodystart
2;

U.S. TO SET ORANGE JUICE DUTIES MONDAY


    WASHINGTON, March 5 - 
The Commerce Department on Monday
will set final dumping duties on frozen orange juice from
Brazil, department officials said.
    A preliminary duty of 8.54 pct was set last Oct 17 on the
imports, which run at about 700 mln dlrs a year. Commerce's
ruling on Monday will reset the duties on the basis of more
detailed cost information, industry officials said.
    The duties now are being assessed on a temporary basis,
pending a final ruling by the U.S. International Trade
Commission (ITC) on whether the imports are injuring the
domestic orange industry.
    The ITC ruled provisionally last June 18 that the domestic
industry was being injured by Brazilian orange juice imports.
    A complaint that the Brazilian imports were being dumped at
below costs on the U.S. market was filed on behalf of U.S.
growers by the Florida Citrus Mutual, a Lakeland, Fla., group,
Alcoma Packing Co, Inc, and Barry Citrus Products.
    U.S. officials say about half of the orange juice consumed
in the United States comes from Brazil.
 reuter
3;
bodyend
documentend
documentstart
2391
topicstart
earn
topicend
bodystart
2;

LONGVIEW FIBRE CO 
<
LFBR> QUARTERLY DIVIDEND


    LONVIEW, Calif., March 5 -
    
Qtly div 40 cts vs 40 cts
    Pay April 10
    Record March 25
 Reuter
3;
bodyend
documentend
documentstart
2393
topicstart
earn
topicend
bodystart
2;

BEI HOLDINGS LTD 
<
BEIH> 1ST QTR JAN 31 NET


    ATLANTA, March 5 -
    
Shr 13 cts vs eight cts
    Net 1,364,712 vs 881,082
    Rev 11.6 mln vs 11.5 mln
    NOTE: Qtr includes extraordinary gain of 586,826 dlrs, or
six cts a share, versus 183,850 dlrs or two cts a share in
fiscal 1986's first qtr.
 Reuter
3;
bodyend
documentend
documentstart
2394
topicstart
nat-gas
topicend
bodystart
2;

ENDEVCO 
<
EI> AGREES TO BUY MISSISSIPPI PIPELINE


    DALLAS, March 5 - 
Endevco Inc said it has agreed to acquire
a 17.5-mile, 16-inch pipeline in Marion and Pearl River
Counties, Mississippi, for undisclosed terms.
    The company said the pipeline was recently constructed from
the Poplarville gas field in Pearl River County to a proposed
interconnect with a pipeline operated by Occidental Petroleum
Corp's 
<
OXY> United Gas Pipe Line Co subsidiary in Marion
County but has nmot been placed in service.
    Endevco said it plans to extend its existing Mississippi
Fuel Co System in southern Mississippi 18 miles to the new
pipeline.
 Reuter
3;
bodyend
documentend
documentstart
2396
topicstart
earn
topicend
bodystart
2;

ATLANTIC CITY ELECTRIC CO 
<
ATE> SETS PAYOUT


    PLEASANTVILLE, N.J., March 5 -
    
Qtly div 65-1/2 cts vs 65-1/2 cts prior
    Pay April 15
    Record March 19
 Reuter
3;
bodyend
documentend
documentstart
2397
topicstart
earn
topicend
bodystart
2;

KEMPER CORP 
<
KEMC> REGULAR PAYOUT SET


    LONG GROVE, ILL., March 5 -
    
Qtly div 15 cts vs 15 cts previously
    Pay May 29
    Record May Eight
 Reuter
3;
bodyend
documentend
documentstart
2398
topicstart
earn
topicend
bodystart
2;

FFB 
<
FFCT> SETS INITIAL QUARTERLY DIVIDEND


    NEW HAVEN, Conn., March 5 - 
FFB Corp, parent of the First
Federal Bank of Connecticut FSB, said it declared an initial
quarterly dividend of five cts per share.
    The company said the dividend is payable March 31 to
holders of record March 17.
 Reuter
3;
bodyend
documentend
documentstart
2401
topicstart
topicend
bodystart
2;
******
UNION CARBIDE SAYS 1986 LONG-TERM DEBT WAS 3.06 BILLION DLRS VS 1.71 BILLION in 1985

Blah blah blah.
3;


bodyend
documentend
documentstart
2402
topicstart
earn
topicend
bodystart
2;
*******
UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
2403
topicstart
money-supply
topicend
bodystart
2;
******
MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION

Blah blah blah.
3;


bodyend
documentend
documentstart
2405
topicstart
earn
topicend
bodystart
2;

COMBINED INTERNMATIONAL 
<
PMA> SEES STRONG 1987


    CHICAGO, March 5 - 
Combined International Corp should have
another strong year, President Patrick G. Ryan told analysts,
although he declined to forecast earnings specifically.
    In 1986, the company reported operating income of 5.51 dlrs
a share, up from 4.84 dlrs a share a year earlier. Revenues
increased to 1.81 billion dlrs from 1.36 billion dlrs.
    Ryan said Combined is testing a direct response long-term
care product through its Union Fidelity Life Insurance Co and
has plans to offer it through Ryan Insurance Group.
    In answer to a question on Combined's possible exposure to
AIDS-related health claims, Ryan said it was "minimal" although
he conceded that every carrier who provides coverage is
vulnerable.
 Reuter
3;
bodyend
documentend
documentstart
2406
topicstart
money-fx
can
topicend
bodystart
2;

CANADA DLR DRIVEN BY FOREIGN BUYERS - WILSON


    OTTAWA, March 5 - 
Finance Minister Michael Wilson said
large inflows of capital into Canada, principally into the
country's bond market, is a major reason behind the sharp
recovery in the Canadian dollar.
    He said the inflow of funds, mainly from Japan, Europe and
the United States, is the result of "confidence in the
direction this country is going in."
    "That is the reason why the (Canadian) dollar today is
higher than 75 cts (U.S.) compared to this time last year (when
it was) a little over 69 cts," Wilson told the House of Commons
daily question period.
    Figures released this week show foreigners purchased a
record 23.1 billion dlrs of Canadian bonds in 1986, more than
double the previous year, with Japan investing a record 9.5
billion dlrs in the market.
    Wilson was responding to opposition party questions about a
possible loss of jobs from the rise in Canadian investment
abroad. Canadian investment, including the buying of foreign
companies, stocks and bonds, rose to 12.53 billion dlrs from
6.19 billion dlrs in 1985.
    The minister said the flow of funds from abroad would
generate many new jobs in Canada.
 Reuter
3;
bodyend
documentend
documentstart
2407
topicstart
topicend
bodystart
2;

FORD 
<
F> CREDIT UNIT SELLS NOTES AT 6.95 PCT


    NEW YORK, March 5 - 
Ford Motor Credit Co, a unit of Ford
Motor Co, is raising 250 mln dlrs via an offering of notes due
1990 yielding 6.95 pct, said lead underwriter Goldman Sachs.
    The notes have a 6-7/8 pct coupon and were priced at 99.80
to yield 47 basis points more than comparable Treasury
securities.
    Non-callable for life, the issue is rated A-1 by Moody's
and AA by Standard and Poor's.
    On October 7, 1986, the credit unit sold 200 mln dlrs of
same-maturity notes, rated A-1/A, that were priced to yield
7.172 pct or 77 basis points over Treasuries.
 Reuter
3;
bodyend
documentend
documentstart
2408
topicstart
topicend
bodystart
2;

SUMITOMO TRUST SELLS CD NOTES AT 7.28 PCT


    NEW YORK, March 5 - 
Sumitomo Trust and Banking Co Ltd is
offering 100 mln dlrs of certificate of deposit notes due 1992
yielding 7.28 pct, said sole manager Shearson Lehman Brothers
Inc.
    The notes have a 7-1/4 pct coupon and were priced at 99.875
to yield 61 basis points more than comparable Treasury
securities.
    Non-callable to maturity, the issue is rated a top-flight
Aaa by Moody's Investors Service Inc but AA by Standard and
Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
2409
topicstart
earn
topicend
bodystart
2;

CHARTWELL GROUP LTD 
<
CTWL> 4th qtr net


    CARLSTADT, N.J., March 5 -
    
Shr nine cts vs three cts
    Net 549,000 vs 72,000
    Rev 7.0 mln vs 2.8 mln
    Year
    Shr 49 cts vs 32 cts
    Net 2,441,000 vs 801,000
    Rev 19.6 mln vs 9.7 mln
   
 Reuter
3;
bodyend
documentend
documentstart
2410
topicstart
acq
topicend
bodystart
2;

PITT-DES MOINES INC 
<
PDM> TO ACQUIRE STEEL UNIT


    PITTSBURGH, March 5 - 
Pitt-Des Moines Inc said it will
acquire 
<
Chicago Steel Corp> in exchange for a portion of its
stock.
 Reuter
3;
bodyend
documentend
documentstart
2411
topicstart
gold
topicend
bodystart
2;

GIANT BAY 
<
GBYLF> DETAILS GORDON LAKE DEPOSIT


    VANCOUVER, British Columbia, March 5 - 
Giant Bay Resources
Ltd said a metallurgical study of its Gordon Lake gold deposit
indicated an overall recovery of 95 pct to 96 pct of the gold
can be achieved by either direct cyanidation of ore or
flotation followed by cyanidation of concentrate.
    Continuation of an underground program on the property will
begin in June, extending an existing drift along the
200-foot-level where the main ore zone was encountered, Giant
Bay said.
    The company did not elaborate on production figures for the
property.
 Reuter
3;
bodyend
documentend
documentstart
2412
topicstart
topicend
bodystart
2;

ALLTEL 
<
AT> DEBENTURES YIELD 8.90 PCT


    NEW YORK, March 5 - 
Alltel Corp is raising 50 mln dlrs
through an offering of debentures due 2022 yielding 8.90 pct,
said lead manager Merrill Lynch Capital Markets.
    The debentures have an 8-7/8 pct coupon and were priced at
99.726 to yield 135 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-callable for five years, the issue is rated A-3 by
Moody's Investors Service Inc and A by Standard and Poor's
Corp. Stephens Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
2413
topicstart
topicend
bodystart
2;

EVANS/SUTHERLAND 
<
ESCC> FILES FOR DEBT OFFERING


    NEW YORK, March 5 - 
Evans and Sutherland Computer Corp said
it filed with the Securities and Exchange Commission a
registration statement covering a 50 mln dlr issue of
convertible subordinated debentures due 2012.
    Proceeds will be used for working capital, Evans and
Sutherland said.
    The company named Hambrecht and Quist Inc as lead
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
2416
topicstart
topicend
bodystart
2;

ATLANTIC CITY ELECTRIC 
<
ATE> TO REDEEM STOCK


    PLEASANTVILLE, N.J., March 5 - 
Atlantic City Electric Co
said it will redeem all of its outstanding 5-7/8 pct cumulative
convertible preferred stock.
    The stock will be redeemed April 30 at the scheduled
redemption price of 101.50 dlrs a share plus accrued and unpaid
dividends.
    The shares are also convertible until the redemption date
into common stock at the rate of 3.5 common shares for each
preferred share. The company has 10,855 of the 5-7/8 pct
preferred shares outstanding, it said.
 Reuter
3;
bodyend
documentend
documentstart
2417
topicstart
trade
topicend
bodystart
2;

CONSENSUS BUILDS FOR WORLD AGRICULTURAL REFORM


    PARIS, March 5 - 
Top U.S. and European farm trade and
government representatives called for a sweeping reform of
world agriculture to redress a critical demand and supply
imbalance.
    Speakers at a conference on world agricultural markets here
demonstrated a growing U.S.-European consensus on the need for
an urgent and collective overhaul of world farm trade and
production.
    "It is vital that we work together to bring more freedom and
harmony into the world agricultural trade...(if not) the
disruptions in markets may grow even more severe, the walls of
protection climb higher and the level of possible retaliation
become more harmful," U.S. Department of Agriculture Deputy
Administrator William Bailey said.
    Bailey said his attendance at the two-day meeting, which
ends tomorrow, demonstrated the U.S. recognises the need to
adjust its policies to the changing market environment.
    The need for urgent reforms is justified by the "imbalance
and tensions of the world economy," the secretary general of the
Organisation for Economic Cooperation and Development
Jean-Claude Paye said.
    And the forum for such a reform is the General Agreement on
Tariffs and Trade, he noted.
    Paye stressed the need for a progressive and joint
reduction of agricultural subsidies as well as social measures
to help farmers in unprofitable areas.
    Another possible solution would be to stop supporting farm
prices, allowing them to be fixed by supply and demand, and
instead help farmers through income support and adjustment
aids, proposed James Howard, Executive Vice-president of
Cargill (USA), one of the world's largest cereal houses.
    Franz-Josef Feiter, agricultural adviser to West German
Chancellor Helmut Kohl, agreed the European Community must take
greater heed of market constraints in fixing farm prices.
    However, "differentiated policy treatment is required" to
take account of large disparities in the situation around the
EC, he said.
    "Agriculture is an efficient sector of the European economy
and will remain so if the right policy is pursued within the
Community," he said.
 Reuter
3;
bodyend
documentend
documentstart
2419
topicstart
acq
topicend
bodystart
2;

REXCOM 
<
RXSC> TO ACQUIRE MARKETING FIRM


    HOUSTON, March 5 - 
Rexcom Systems Corp said it agreed to
buy all the assets of Postech Inc from Comtech Group
International Ltd, a Canadian computer service company, for 70
pct of Rexcom's voting shares.
    The purchase will be for Rexcom common and preferred stock.
    Postech, the Canadian firm's U.S. marketing arm, sells
computerized restaurant management systems and security systems
in the U.S.
    The deal is subject to approval by the boards of Postech
and Rexcom.
 Reuter
3;
bodyend
documentend
documentstart
2420
topicstart
veg-oil
groundnut
topicend
bodystart
2;

ASCS BUYS PEANUT PRODUCTS, VEG OIL/SHORTENING


    KANSAS CITY, March 5 - 
The Agricultural Stabilization and
Conservation Service (ASCS) bought 2.3 mln pounds of peanut
products at a cost of 2.1 mln dlrs and 7.4 mln pounds of
vegetable oil/shortening for 2.0 mln dlrs, for domestic
distribution April 1-15 and April 16-30, an ASCS spokesman
said.
 Reuter
3;
bodyend
documentend
documentstart
2421
topicstart
earn
topicend
bodystart
2;

GENERAL REFRACTORIES CO 
<
GRX> 4TH QTR NET


    BALA CYNWYD, Pa., March 5 -
    
Shr 17 cts vs 84 cts
    Net 709,000 vs 3,605,000
    Rev 86.4 mln vs 87.0 mln
    Year
    Shr 1.79 dlrs vs 1.10 dlrs
    Net 7,452,000 vs 4,695,000
    Rev 362.8 mln vs 316.0 mln
    NOTE: 1986 net includes gains from sale of non-operating
assets of 800,000 dlrsm versus 1.2 mln dlrs in 1985.
    1985 net includes nonrecurring cost of 2.6 mln dlrs and
provision for separation pay of 1.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2423
topicstart
topicend
bodystart
2;

VENEZUELA WILL REPROGRAM SIX BILLION DLRS IN DEBT


    CARACAS, March 5 - 
Venezuela's recent agreement with its
creditor banks reprograms six billion dlrs of its 21 billion
dlr public sector foreign debt rescheduling and reduces
repayments due between 1987 and 1992, Finance Minister Manuel
Azpurua said.
    Azpurua was commenting in a television interview on
Friday's agreement to lower the interest margin to 7/8 pct over
Libor from 1-1/8 pct and extend the period to 14 years from
12-1/2.
    He said in addition to the reduction in amortizations over
the next three years sought by the government, agreed at 1.35
billion dlrs instead of 3.335 billion, Venezuela will also pay
less in the subsequent three years. The accord runs till 1999.
    Azpurua said that in 1990, payments of restructured debt
are lowered to 1.05 billion dlrs from 1.339 mln, to 1.25
billion from 1.994 mln in 1991 and to 1.45 billion from 2.403
billion in 1992.
    He said the contingency clause implemented by Venezuela
soon after the original rescheduling was signed in February
1986 stays in effect and that the new payment schedule is based
on an assumption of oil prices varying between 15 and 18 dlrs a
barrel.
    Venezuela, hit by a 40 pct drop in oil income last year,
had sought a direct link between repayments and the level of
oil income, but banks resisted on the grounds this could create
a dangerous precedent for other Latin American debtors.
    Azpurua said the new terms have been telexed to Venezuela's
450 creditor banks for acceptance with information on
government plans to draw up debt capitalization rules and
return to the capital markets.
    Public finances director Jorge Marcano said the government
plans to issue dollar, mark and yen denominated bonds this year
for amounts varying between 100 and 150 mln dlrs.
    He noted that some existing Republic of Venezuela bond
issues are maturing, and that the government intends to replace
them with new issues to maintain its presence in the capital
markets and encourage new investments through an enhanced
credit image.
 Reuter
3;
bodyend
documentend
documentstart
2424
topicstart
topicend
bodystart
2;
******
MOODY'S MAY DOWNGRADE DUQUESNE LIGHT CO'S TWO BILLION DLRS OF DEBT SECURITIES

Blah blah blah.
3;


bodyend
documentend
documentstart
2425
topicstart
grain
wheat
topicend
bodystart
2;

HOUSE 0/92 FARM PLAN MARKUP DELAYED TILL TUESDAY


    WASHINGTON, March 5 - 
A House Agriculture Committee meeting
to draft a disaster aid bill containing a controversial 0/92
provision has been postponed until next Tuesday, committee
staff members announced.
    The bill contains a provision implementing a 0/92 acreage
reduction plan for 1986 wheat and 1987 winter wheat, thereby
making payments available to farmers who were not able to plant
last year's winter wheat crop because of flooding.
    Controversy exists over whether the 0/92 provisions of the
bill should be expanded, cut back or left as is.
 Reuter
3;
bodyend
documentend
documentstart
2428
topicstart
earn
topicend
bodystart
2;

UNION CARBIDE 
<
UK> SAYS LONG TERM DEBT RISES


    DANBURY, Conn., March 5 - 
Union Carbide Corp said its 1986
long term debt was 3.06 billion dlrs compared to 1.71 billion
dlrs in 1985.
    The company released its audited 1986 results.
    The company also said its long term debt was reduced by
about 1.5 billion dlrs from the third quarter to the end of the
year by asset sales and equity offerings. Union Carbide sold
its battery products, home and automobile products and
agricultural products businesses in 1986. In the fourth
quarter, it offered 30 mln shares of stock, raising about 650
mln dlrs.
    The asset sales and equity offering were part of a
recapitalization plan undertaken by the chemicals company last
year.
    Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a
share compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were
unchanged from the company's preliminary earnings report made
on Jan 28. The earnings results for the fourth quarter were
also unchanged.
    Included in the 1986 numbers are a 564 mln dlr gain from
sale of the different businesses, a 270 mln dlr pension credit
and a charge of 473 mln dlrs from the purchase of long term
debt at a premium under the recapitalization.
    In the audited results released today, the company broke
down results by business segment.
    Operating profit in the fourth quarter for all of the
company's operations on a consolidated basis, before corporate
and interest expense and taxes, was 181 mln dlrs against a loss
of three mln dlrs in the 1985 quarter.
    In the year, operating profit was 791 mln dlrs compared to
a loss of 253 mln dlrs in 1985.
    In a statement, the company said it defeated a hostile
takeover attempt, by GAF Corp 
<
GAF>, and recapitalized the
company, adding, "While all this was going on, our continuing
businesses performed very soundly, with substantial operating
profit improvement over 1985."
    Carbon products posted operating profit of eight mln dlrs
in the quarter, down from 29 mln dlrs, and 49 mln dlrs in the
year against a loss of 146 mln dlrs.
    Chemicals and plastics had fourth quarter operating profit
of 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In
the year, chemicals and plastics earned 472 mln dlrs against
losses of 142 mln dlrs in 1985.
    Operating income at industrial gases rose to 64 mln dlrs
from 55 mln in the quarter and to 276 mln dlrs from 222 mln in
the year.
    The company's specialties and services segment cut its
losses in the quarter to 13 mln dlrs from 40 mln dlrs and in
the year to three mln dlrs from 181 mln dlrs.
    Eliminations of business conducted between the company's
industry segments contributed two mln dlrs to fourth quarter
1985 profits but did not affect the 1986 quarter. The
eliminations caused losses of three mln dlrs compared to six
mln dlrs in the year.
    The 1985 operating results include a host of unusual
writeoffs and depreciation charges totaling 134 mln dlrs in the
quarter and 906 mln dlrs in the year.
    Capital expenditures rose to 524 mln dlrs in 1986 from 501
mln dlrs.
    By segment, spending at carbon products fell to 42 mln dlrs
from 57 mln dlrs and spending fell at specialties and services
to 126 mln dlrs from 143 mln dlrs.
    At chemicals and plastics, expenditures rose to 147 mln
dlrs from 133 mln and at industrial gases they rose to 209 mln
dlrs from 168 mln dlrs.
    The company's cash and equivalents fell to 299 mln dlrs at
year end from 430 mln dlrs at year end 1985, after a net
decrease of 131 mln dlrs during 1986.
    Current assets at year-end fell to 2.41 billion dlrs from
4.43 billion dlrs and current liabilities fell to 1.88 billion
dlrs from 2.38 billion.
 Reuter
3;
bodyend
documentend
documentstart
2429
topicstart
earn
topicend
bodystart
2;

FIRST COMMERCIAL BANCORP 
<
FCOB> 4TH QTR LOSS


    SACRAMENTO, Calif., March 5 -
    
Shr loss 49 cts vs loss 1.36 dlrs
    Net loss 928,835 vs loss 1,648,665
    Year
    Shr loss 33 cts vs loss 4.21 dlrs
    Net loss 593,533 vs loss 4,970,951
    Assets 203.9 mln
    Loans 151.5 mln
    Deposits 192.0 mln
    Note: 1986 loss included non-recurring expenses of
1,275,000 dlrs comprised of asset write-downs, legal proceeding
and a 930,000-dlr provision for loan losses.
 Reuter
3;
bodyend
documentend
documentstart
2430
topicstart
topicend
bodystart
2;

EUROTUNNEL TO OFFER CHOICE OF INVESTMENTS


    PARIS, March 5 - 
Eurotunnel, the Anglo-French channel
tunnel consortium, will offer potential backers a wide choice
of ways to invest in a planned 750 mln stg capital issue later
this year, co-Chairman Alastair Morton said.
    Speaking to reporters after a shareholders meeting, he said
Eurotunnel would offer "a menu of securities" designed to
overcome investor reluctance.
    Details are still to be worked out but investors could be
offered a choice of paying immediately for shares or buying
them on a part-paid basis, or buying convertible bonds, or
bonds with warrants giving a right to buy shares at a later
date, he said.
 Reuter
3;
bodyend
documentend
documentstart
2433
topicstart
earn
topicend
bodystart
2;

HARCOURT BRACE JOVANOVICH INC 
<
HBJ> 4TH QTR NET


    ORLANDO, Fla., March 5 -
    
Shr 23 cts vs 28 cts
    Net 8,877,000 vs 9,530,000
    Revs 342 mln vs 278.9 mln
    Avg shrs 39.4 mln vs 34 mln
    Year
    Shr 1.91 dlrs vs 1.62 dlrs
    Net 70.5 mln vs 50.5 mln
    Revs 1.3 billion vs 990.5 mln
    Avg shrs 37 mln vs 31.3 mln
    NOTE: On Dec one, 1986, company acquired Holt, Rinehart and
Winston and W.B. Saunders and The Dryden Press and their
foreign subsidiaries. By including these companies for the
single month of December 1986, 4th qtr earnings were raised by
seven cts per shr and for the year by eight cts per shr.
 Reuter
3;
bodyend
documentend
documentstart
2434
topicstart
acq
topicend
bodystart
2;

LONE STAR
<
LCE> AGREES TO BUY CONCRETE OPERATIONS


    GREENWICH, Conn., March 5 - 
Lone Star Industries Inc said
it has agreed to acquire ready-mixed concrete and aggregates
businesses from 
<
Riedel International Inc> of Portland, Ore.,
for an undisclosed amount of cash.
    Lone Star's one sentence statement gave no further details
and company spokesmen were not available.
 Reuter
3;
bodyend
documentend
documentstart
2435
topicstart
earn
topicend
bodystart
2;

SHELL FRANCAISE RETURNS TO PROFIT IN 1986


    PARIS, March 5 - 
Shell Francaise 
<
SFMF.PA>, a subsidiary of

<
Shell Petroleum NV>, returned to the black last year for the
first time since 1982, with parent company net profit of 43 mln
francs against losses of 968 mln in 1985 and 1.07 billion in
1984. In 1982 it posted a profit of 329 mln.
    The company said in a statement that cash flow had improved
strongly although it remained negative at 182 mln francs
against 1.34 billion in 1985, due largely to improved
performances by its main profit centres.
    It said the results could have been even better had it not
been for the collapse of refining and sales profit margins in
the last quarter of the year.
    In 1986 Shell sold 14.74 mln tonnes of oil products against
14.52 mln tonnes in 1985.
    The company said the results were in line with its targets
for the second year of its three-year recovery programme.
    Meanwhile, 
<
Societe Shell Chimie) said it also returned to
profit in 1986, for the first time since 1976, posting net
profit of 160 mln francs against a 1985 loss of 57 mln. No
other details were available.
 Reuter
3;
bodyend
documentend
documentstart
2436
topicstart
grain
corn
topicend
bodystart
2;

BRAZIL SUSPENDS IMPORT OF 500,000 TONNES MAIZE


    SAO PAULO, March 5 - 
Brazil has suspended the importation
of 500,000 tonnes of maize ordered last year because of the
excellent domestic maize harvest expected this year,
Agriculture Minister Iris Resende said.
    The Agriculture Ministry expects a record maize crop of
27.7 mln tonnes, a 36 pct increase on last year's crop of 20.3
mln tonnes.
    Brazil's total grain crop is expected to be 65.3 mln
tonnes. "This is a record in the history of Brazilian
agriculture," a ministry spokesman said.
    Resende announced suspension of the maize imports at a news
conference in Brasilia yesterday.
    The ministry spokesman said he had no other details on the
maize transaction.
 Reuter
3;
bodyend
documentend
documentstart
2437
topicstart
earn
topicend
bodystart
2;

FAIRMOUNT CHEMICAL CO INC 
<
FMTC> 4TH QTR LOSS


    NEWARK, N.J., March 5 -
    
Shr loss 28 cts vs loss 29 cts
    Net loss 584,100 vs loss 459,500
    Sales 1,339,800 vs 1,6390,800
    Year
    Shr loss 64 cts vs loss 79 cts
    Net loss 1,314,700 vs loss 1,237,100
    Sales 7,249,600 vs 6,311,500
 Reuter
3;
bodyend
documentend
documentstart
2440
topicstart
earn
topicend
bodystart
2;

HUMANA INC 
<
HUM> REGULAR DIVIDEND


    LOUISVILLE, Ky., March 5 -
    
Qtly div 19 cts vs 19 cts in prior qtr
    Payable May one
    Record April two
 Reuter
3;
bodyend
documentend
documentstart
2441
topicstart
money-supply
topicend
bodystart
2;
******
U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2442
topicstart
money-supply
topicend
bodystart
2;
******
N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2447
topicstart
acq
topicend
bodystart
2;

FINANCIAL CORP 
<
FIN> UNIT BUYS BRANCHES


    IRVINE, Calif., March 5 - 
Financial Corporation of
America's American Savings and Loan Association unit said it
signed a definitive agreement to buy three retail savings
branches from Gibraltar Financial Corp's 
<
GFC> Gibraltar
Savings unit.
    The purchase, which must be approved by the Federal Home
Loan Bank and the California Department of Savings and Loans,
would increase American Savings' deposits by about 40 mln dlrs.
    The branches are in La Jolla, La Mesa and San Juan
Capistrano, Calif.
 Reuter
3;
bodyend
documentend
documentstart
2448
topicstart
livestock
carcass
topicend
bodystart
2;

PORK DELEGATES VOTE ON FARM BILL, FARM CREDIT


    CHICAGO, March 5 - 
Delegates from the National Pork
Producers Council, NPPC, attending the American Pork Congress
in Indianapolis, voted overwhelmingly to recommend the U.S.
congress not to change the farm bill. While there are no
specific pork items in that legislation, feed grain prices
directly affect pork producer profits, the NPPC said.
    Don Gingerich, a delegate from Iowa, said "to have
unpredictable changes come along periodically makes it very
difficult to plan and causes a lot of disruption."
    Other members said the farm bill has some imperfections but
that's a price pork producers are willing to pay for
legislative stability, an NPPC spokesman said.
    Delegates also passed unanimously a resolution that
Congress and the administration should act swiftly to identify
problems in the farm credit system.
    Farm Credit Task Force chairman and newly elected Vice
President of the NPPC Ray Hankes, said delegates wanted a
program that all commodity groups can work with and bring a 
resolution to this problem with legislators in Washington.
    Hankes added that the National Pork Producers Council will
work to save farmers and keep credit available, but not to save
or create any one credit system.

 Reuter
3;
bodyend
documentend
documentstart
2449
topicstart
crude
topicend
bodystart
2;

CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES


    NEW YORK, March 5 - 
Renewed confidence in OPEC's ability to
limit production helped U.S. energy futures settle above
yesterday's closing prices, according to analysts.
    They also said the heating oil contract found additional
support from a short-covering rally on the close.
    April crude closed 24 cts higher to 17.75 dlrs. April
heating oil was 1.47 cts higher to 47.91 cts a gallon.
    "Most traders expected follow through profit-taking from
yesterday but the market found suport from bullish reports that
OPEC is producing within its quota," said Simon Greenshields, a
vice president with Morgan Stanley and Co Inc.
    News today, including OPEC President Rilwanu Lukman
statement that OPEC February production did not exceed its
official quota of 15.8 mln barrels per day, helped bouy prices,
traders said. A Reuter survey found OPEC production in early
March was 14.7 mln bpd.
    In addition to short-covering, heating oil found support
from traders buying it against sales of gasoline and crude, as
well as from expectations for continued drawdowns in stocks as
refiners shut down for maintenance, traders said.
    Unleaded gasoline for April finished 0.55 cent higher to
51.24 cts a gallon.
 Reuter
3;
bodyend
documentend
documentstart
2452
topicstart
money-fx
dlr
topicend
bodystart
2;

TREASURY SAYS ONLY REAGAN, BAKER SPEAK ON DLR


    WASHINGTON, March 5 - 
The U.S. Treasury repeated a White
House statement that only President Reagan and Treasury
Secretary James Baker are authorized to speak on the dollar.
    A Department spokesman was commenting on remarks by
Commerce Department Under-Secretary Robert Ortner that the yen
was undervalued 10 or 15 pct against the dollar but European
currencies were fairly priced against the U.S. currency.
    "As Larry Speakes said on January 14 this year, only two
people in this administration are authorized to speak on the
dollar and that is the president and the secretary of the
treasury," the spokesman told Reuters.
 reuter
3;
bodyend
documentend
documentstart
2453
topicstart
topicend
bodystart
2;

GREAT AMERICAN FIRST SAVINGS 
<
GTA> OFFERS NOTES


    SAN DIEGO, March 5 - 
Great American First Savings Bank said
it is offering collateralized Euroyen notes worth about 100 mln
dlrs, or 15 billion yen, only to investors outside the U.S.
    The bank said the notes will be offered through a syndicate
with Nikko Securities Co, in conjnction with Goldman Sachs
International Corp.
    The issue price will be 101.75 pct of the principal. The
notes will mature April 2, 1992 at par.
 Reuter
3;
bodyend
documentend
documentstart
2456
topicstart
grain
corn
oilseed
soybean
veg-oil
soy-oil
meal-feed
soy-meal
cotton
topicend
bodystart
2;

USDA COMMENTS ON EXPORT SALES 


    WASHINGTON, March 5 - 
Corn sales gained 2,494,900 tonnes in
the week ended February 26, the highest weekly total since
August 1984 and two and three-quarter times the prior week's
level, the U.S. Agriculture Department said.
    In comments on its Export Sales Report, the department said
sales of 1.0 mln tonnes to the USSR -- previously reported
under the daily reporting system -- were the first sales for
delivery to the USSR under the fourth year of the U.S.-USSR
Grains Supply Agreement, which began October 1.
    Japan added 689,700 tonnes to previous purchases and sales
to unknown destinations rose by 429,800 tonnes.
    Wheat sales of 362,400 tonnes for the current season and
151,000 for the 1987/88 season were down by more than half from
the previous week's combined sales, it said.
    Egypt, Japan and Iraq were the major wheat buyers for
delivery in the current year, while sales to China decreased by
30,000 tonnes for the current season, but increased by 90,000
tonnes for the 1987/88 season, which begins June 1.
    Net sales of soybeans totalling 274,200 tonnes equaled the
preceding week, but were nearly a third below the four week
average. Major increases were for Belgium, South Korea, Mexico
and Italy, it said.
    Soybean cake and meal sales of 103,700 tonnes were 2-3/4
times the previous week's marketing year low, but six pct less
than the four week average.
    Major increases for West Germany, Belgium, Spain, Italy and
Australia were partially offset by declines to unknown
destinations.
    Soybean oil sales of 5,400 tonnes were the result of
increases for Venezuela and reductions of 500 tonnes for
unknown destinations.
    Combined sales activity in cotton of 75,200 running bales
-- 44,700 bales for the current year and 30,500 bales for the
1987/88  bales -- were 56 pct below the prior week's good
showing, the department said.
    Major purchasers for the current season were South Korea,
Japan, Taiwan and Thailand, while South Korea and Indonesia
were the major buyers for the 1987/88 season, which begins
August 1.
   
 Reuter
3;
bodyend
documentend
documentstart
2458
topicstart
earn
topicend
bodystart
2;

FAIRFIELD COMMUNITIES INC 
<
FCI> 10 MOS DEC 31


    LITTLE ROCK, Ark, March 5 -
    
Shr loss 1.62 dlrs vs profit 83 cts
    Net loss 17.2 mln vs profit 8.3 mln
    Revs 264.0 mln vs 338.0 mln
    NOTE:Year ago figures based on 12 months ended February 28,
1986 because company changed reporting period to end December
31.
   1986 10 months loss includes 10.3 mln dlrs writedown of
certain assets.
                        
 Reuter
3;
bodyend
documentend
documentstart
2459
topicstart
earn
topicend
bodystart
2;

CARVER CORP 
<
CAVR> 4TH QTR NET


    LYNNWOOD, Wash., March 5 -
    
Shr 20 cts vs 17 cts
    Net 680,000 vs 533,000
    Sales 6,473,000 vs 5,996,000
    Year
    Shr 57 cts vs 84 cts
    Net 1,967,000 vs 2,099,000
    Sales 20.8 mln vs 19.0 mln
 Reuter
3;
bodyend
documentend
documentstart
2460
topicstart
earn
topicend
bodystart
2;
******
INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2462
topicstart
acq
topicend
bodystart
2;

UNICORP 
<
UAC>, LINCOLN IN DEFINITVE PACT


    NEW YORK, March 5 - 
Unicorp American Corp said it signed a
definitive agreement to acquire Lincoln Savings Bank FSB.
    Under terms of the agreement announced in January, Lincoln
would be acquired by a unit of Unicorp which is minority-owned
by Lincoln president Alton Marshall.
    The acquisition will take place through a voluntary 
conversion of Lincoln to a federally chartered stock savings
bank from a mutual federal savings bank.
    In connection with the conversion, Unicorp will contribute
150 mln dlrs in cash to Lincoln.
 Reuter
3;
bodyend
documentend
documentstart
2463
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE DUQUESNE LIGHT 
<
DQU> DEBT


    NEW YORK, March 5 - 
Moody's Investors Service Inc said it
may downgrade Duquesne Light Co's two billion dlrs of debt.
    Moody's said it would assess the likely financial
consequences of the 19 mln dlr rate reduction ordered today by
the Pennsylvania Public Utility Commission.
    The unexpected order raises significant doubts about the
quality of Duquesne's regulatory support and financial
prospects. The Commission's determination that Perry Unit 1's
power is not needed could depress Duquesne's earnings and cash
flow well into the future. Duqusne has Baa-1 senior debt and
preferred stock and Baa-2 debentures and preference stock.
 Reuter
3;
bodyend
documentend
documentstart
2465
topicstart
money-supply
topicend
bodystart
2;
******
U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2466
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2467
topicstart
coffee
topicend
bodystart
2;

COFFEE FALL NOT SEEN AFFECTING COLOMBIA'S DEBT


    BOGOTA, March 5 - 
The sharp fall in international coffee
prices will not affect Colombia's external credit situation,
finance minister Cesar Gaviria told reuters.
    He said the current depression on world coffee markets was
not totally unexpected and would have no immediate bearing on
Colombia's financial state which he described as sound.
    "Our foreign debt is high, but we can pay and I hope the
foreign banking community will maintain its position toward us,"
he said.
    Colombia, the only major latin american country not to have
rescheduled its external public debt, has a total foreign debt
of 13.6 billion dlrs.
    Calls for a rescheduling of the debt have come this week
from the opposition conservative party and the biggest trade
union following the coffee price drop. Gaviria said lower
coffee prices this year could mean a loss of 1.5 billion dlrs
in revenues for 1987.
    Gaviria submitted to the world bank and the inter-american
bank last week in new york a borrowing plan, for a total of
3.054 billion dlrs to be disbursed over the next four years,
which he said was approved.
 Reuter
3;
bodyend
documentend
documentstart
2468
topicstart
money-supply
topicend
bodystart
2;

U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS


    NEW YORK, March 5 - 
U.S. M-1 money supply rose 1.9 billion
dlrs to a seasonally adjusted 738.5 billion dlrs in the
February 23 week, the Federal Reserve said.
    The previous week's M-1 level was revised to 736.6 billion
dlrs from 736.7 billion dlrs, while the four-week moving
average of M-1 rose to 736.7 billion dlrs from 735.0 billion.
    Economists polled by Reuters had forecast M-1 in a range
from down 500 mln dlrs to up 4.5 billion dlrs.
    The average forecast called for a 2.2 billion dlr M-1 rise.
 Reuter
3;
bodyend
documentend
documentstart
2470
topicstart
acq
topicend
bodystart
2;

HUMANA 
<
HUM> DECLARES SHAREHOLDERS RIGHTS PLAN


    LOUISVILLE, Ky., March 5 - 
Humana Inc said its board
approved a shareholder rights plan, or so-called poison pill
plan, to ensure its shareholders receive fair treatment in the
event of a proposed takeover.
    Humana said it is now aware of any effort to gain control
of the company.
    Under the plan its board declared a dividend distribution
of one right for each outstanding common share held as of March
16. It said each right entitles holders to purchase a unit of
1/100 of a share of newly authorizes series A participating
preferred at 75 dlrs per unit.
    Humana said the rights become effective after an entity
acquires 20 pct or more of its outstanding common or tenders
for 30 pct of its stock. After such an acquisition, then each
right entitles holders to purchase securities of the company or
an acquiring entity having a market value of twice the right's
exercise price.
    Humana said the rights expire March 4, 1997, unless
redeemed earlier. It said the rights may be redeemed by the
company for one ct per right at any time prior to 10 days
following a public announcement that a 20 pct position has been
acquired.
 Reuter
3;
bodyend
documentend
documentstart
2471
topicstart
earn
topicend
bodystart
2;

FREMONT GENERAL CORP 
<
FRMI> 4TH QTR OPER NET


    LOS ANGELES, March 5 -
    
Oper shr profit 63 cts vs loss 1.15 dlrs
    Oper net profit 6,629,000 vs loss 12.4 mln
    Revs 23.6 mln vs 22.4 mln
    Year
    Oper shr profit 1.65 dlrs vs loss 1.28 dlrs
    Oper net profit 17.5 mln vs loss 13.8 mln
    Revs 93.1 mln vs 86.8 mln
    Note: Oper data does not include loss from discontinued
operations of 7,932,000 dlrs, or 73 cts per shr in 4th qtr
1985, loss of 40.5 mln dlrs, or 3.83 dlrs per shr in the 1986
year or gain of 104.3 mln dlrs, or 9.68 dlrs per shr in 1985.
Also does not include 4th qtr 1985 extraordinary loss of
1,028,000 dlrs, or ten cts per shr.
 Reuter
3;
bodyend
documentend
documentstart
2474
topicstart
acq
topicend
bodystart
2;

GREAT WESTERN FINANCIAL 
<
GWF> UNIT BUYS BANKS


    BEVERLY HILLS, CALIF., March 5 - 
Great Western Financial
Corp's subsidiary Great Western Bank said it will purchase
three retail banking branches in south Florida with total
deposits of 90 mln dlrs.
    Great Western said it will purchase branches in Deerfield
Beach and Hollywood with approximately 80 mln dlrs in deposits
from Guardian Savings and Loan Association, and one in Palm
Beach with approximately 10 mln in deposits from Goldome
Savings Bank.
 Reuter
3;
bodyend
documentend
documentstart
2475
topicstart
acq
topicend
bodystart
2;

HUGHES 
<
HT> CHANGES STANCE ON MERGER AFTER SUIT


    by Cal Mankowski, Reuters


    NEW YORK, March 5 - 
A one billion dlr lawsuit pushed
Hughes Tool Co into an about-face on its rejection of a
proposed merger with Baker International Corp 
<
BKO>, Wall
Street analysts said.
    Last night, Hughes said the planned merger with Baker was
off. Baker then filed a suit seeking punitive damages from
Hughes for calling off the merger. At midday today Hughes said
it was still interested in the merger.
    The analysts also said Hughes may be worried that its
troubles could make it a takeover candidate.
    There was speculation today that Harold Simmons, the Dallas
investor, might try to acquire Hughes, but Simmons told Reuters
he is not interested.
    Simmons said he intends to file a 13-D with the Securities
and Exchange Monday reporting a stake of five pct or more in
some publicly traded company. He declined to identify the
target other than to rule out Hughes.
    One analyst said another factor in the latest Hughes
turnabout was Borg-Warner Corp 
<
BOR>, which owns 18.5 pct of
Hughes. Borg-Warner ex-chairman J.F. Bere, who serves on the
Hughes board, is believed to favor the merger with Baker.
    Despite the Hughes statement that it is interested in a
merger, and Baker's response that a merger is still possibile,
analysts said no one could be certain where the situation was
going.
    "I think the merger is not going through," said Phil Pace,
analyst at Kidder, Peabody and Co. He said the merger "lost a
lot of its appeal" when the U.S. Department of Justice required
that Baker sell off its Reed Tool Co operation.
    Although the Reed operation is relatively small in view of
the total size of a combined Baker-Hughes, Pace said "30 to 40
pct of the cost savings are tied up in that."
    "They (Hughes) are obviously concerned about the lawsuit,"
said James Crandell, analyst at Salomon Brothers Inc.
"Apparently they are willing to continue discussions but
whether they will alter their position, I don't know.
    "It's getting a little confusing," said James Carroll,
analyst at PaineWebber Group Inc. He said the arguments cited
by Hughes yesterday for not doing the merger "tend to be weak."
Hughes said yesterday that as a condition of the merger it
wanted Reed Tool and other businesses sold prior to April 22,
the projected merger date. A government decree allowed a longer
period of time.
    Hughes contended it was better to formally combine the
companies with the status of Reed already settled. Baker
apparently sees no reason to speed up the sale.
    Carroll said Baker had previously estimated 110 to 130 mln
dlrs in savings if the companies were combined without selling
Reed. But he said Baker now thinks 75 to 85 mln dlrs will be
saved while Hughes sees a saving of only 50 to 60 mln dlrs.
    Carroll also noted that since the merger accord was first
signed "the outlook for the industry has improved materially."
Hughes may simply feel the pressure on the oil service industry
is lifting.
 Reuter
3;
bodyend
documentend
documentstart
2476
topicstart
acq
topicend
bodystart
2;

ARMTEK 
<
ARM> SELLS TIRE, TRUCK TIRE BUSINESS


    NEW HAVEN, March 5 - 
Armtek Corp, formerly known as
Armstrong Rubber Co, said it signed agreements with 
<
Condere
Corp> for the sale of its Natchez, Miss. tire plant and its S
and A Truck Tire Sales and Services Corp.
    Terms were not disclosed. Armtek spokesman John Sievers
said S and A is a 50 mln dlr business.
    Earlier this week, Armtek announced the sale of its
industrial tire and assembly business division to Dyneer Corp
of Scotsdale, Ariz.
    Cash proceeds from both sales will be used to reduce
outstanding debt.
     Under a long term supply agreement with Condere, it is
anticipated that truck tires produced at the Natchez plant will
be supplied to the Armstrong Tire Co, an Armtek operating
company, the company said.
    The closing is scheduled to be concluded by March 31, it
said.
 Reuter
3;
bodyend
documentend
documentstart
2477
topicstart
topicend
bodystart
2;

BAY STATE GAS 
<
BGC> PREFERRED UPGRADED BY S/P


    NEW YORK, March 5 - 
Standard and Poor's Corp said it raised
to A from A-minus Bay State Gas Co's preferred stock.
    S and P affirmed the company's A-rated senior debt and A-1
commercial paper. Bay State has 75 mln dlrs of long-term debt
and preferred outstanding.
    The rating agency said its action mainly reflected debt
redemptions. S and P also said the outlook for firm sales
growth is positive because of a vibrant regional economy.
 Reuter
3;
bodyend
documentend
documentstart
2478
topicstart
earn
topicend
bodystart
2;

ELXSI LTD 
<
ELXSF> 4TH QTR LOSS


    SAN JOSE, Calif., March 5 -
    
Shr loss four cts vs loss 34 cts
    Net loss 2,922,000 vs loss 19.9 mln
    Revs 4,071,000 vs 8,012,000
    Year
    Shr loss 23 cts vs loss 79 cts
    Net loss 17.3 mln vs loss 46.2 mln
    Revs 22.4 mln vs 28.6 mln
 Reuter
3;
bodyend
documentend
documentstart
2479
topicstart
earn
topicend
bodystart
2;

<
NEWSCOPE RESOURCES LTD> YEAR LOSS


    CALGARY, ALBERTA, March 5 -
    
Shr loss 94 cts vs profit 28 cts
    Net loss 6,319,337 vs profit 1,702,016
    Revs 2,899,513 vs 5,239,106
    Note: 1986 net includes 5,250,000 dlr writedown of oil and
gas properties.
 Reuter
3;
bodyend
documentend
documentstart
2480
topicstart
nat-gas
topicend
bodystart
2;

FERC ISSUES TAKE-OR-PAY GAS POLICY PLAN


    WASHINGTON, March 5 - 
The Federal Energy Regulatory
Commission (FERC) issued a proposed policy statement for the 
recovery of take-or-pay costs imposed by existing natural gas
contracts between producers and pipelines.
    It put out the statement, by 5-0 vote, for a 30-day comment
period. It also put out an alternative policy statement by
Commissioner Charles Stalon.
    FERC said in a press release that "the proposed policy
statement estblishes an exception to the commission's general
policy that take-or-pay buy-out and buy-down costs must be
recovered through pipeline' commodity sales rates."
    FERC added that "specifically, in cases where pipelines
assume an equitable share of buy-out or buy-down costs, the
commission proposes to permit the pipelines to recover the
remaining costs through their demand rates."
    It said it wanted guidelines for buying out and reforming
existing contracts to help spread the impact of these
take-or-pay costs in a responsible, fair and equitable way.
    Commission chairwoman Martha Hesse said "this proposal
represents the commission's sincere attempt to help the
industry through this difficult period of transition to a more
competitive market."
    Hesse said "it is my hope that our proposed policy will
encourage and guide the timely resolution of take-or-pay
contractual disputes that have impeded the industry's
transition to a more competitive environment.  It is vital to
the industry that we get this problem behind us."
 reuter
3;
bodyend
documentend
documentstart
2482
topicstart
earn
topicend
bodystart
2;

TIMES MIRROR CO 
<
TMC> QUARTERLY DIVIDEND


    LOS ANGELES, March 5 -
    
Qtly div 41 cts vs 41 cts
    Pay June 10
    Record May 29
 Reuter
3;
bodyend
documentend
documentstart
2483
topicstart
earn
topicend
bodystart
2;

INTER-CITY GAS CORP 
<
ICG> 4TH QTR NET


    TORONTO, March 5 -
    
Shr 36 cts vs 68 cts
    Net 10.0 mln vs 16.1 mln
    Revs 441.6 mln vs 470.8 mln
    YEAR
    Shr 86 cts vs 1.77 dlrs
    Net 29.1 mln vs 44.1 mln
    Revs 1.43 billion vs 1.54 billion
    Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S.
oil and gas properties partly offset by 1.1 mln dlr
extraordinary gain from tax gains and proceeds from sale of
Minnesota utility operations. 1985 net includes extraordinary
gain of 892,000 dlrs.
    Shr after preferred divs.
 Reuter
3;
bodyend
documentend
documentstart
2484
topicstart
earn
topicend
bodystart
2;

BROWN TRANSPORT CO INC 
<
BTCI> 4TH QTR NET


    ATLANTA, March 5 -
    
Shr profit 26 cts vs profit 10 cts
    Net profit 1,371,000 vs profit 482,000
    Revs 48 mln vs 45.7 mln
    Avg shrs 5.20 mln vs 5.15 mln
    12 mths
    Shr profit 1.05 dlrs vs loss 34 cts
    Net profit 5,454,000 vs loss 1,766,000
    Revs 191.7 mln vs 185.2 mln
    Avg shrs 5.20 mln vs 5.15 mln
 Reuter
3;
bodyend
documentend
documentstart
2486
topicstart
topicend
bodystart
2;

FIRST FEDERAL 
<
FARK> BUYS BACK CAPITAL NOTES


    NEW YORK, March 5 - 
First Federal Savings of Arkansas FA
said it bought back 4.75 mln dlrs of its 15-3/8 pct
subordinated capital notes.
    There are now 14.25 mln dlrs of these notes outstanding,
compared to an original issue of 25 mln dlrs sold in September
1985, First Federal said.
         
 Reuter
3;
bodyend
documentend
documentstart
2487
topicstart
topicend
bodystart
2;

GM 
<
GM> STOCK BUYBACK WON'T AFFECT S/P RATINGS


    NEW YORK, March 5 - 
Standard and Poor's Corp said that
General Motors Corp's planned five billion dlr stock repurchase
would not affect the carmaker's debt ratings.
    S and P said the parent company would generate sufficient
cash flow over the next several years to fund the stock buyback
program without weakening its financial position.
    S and P affirmed the AA ratings on the senior debt of GM, 
General Motors Acceptance Corp, GMAC Grantor Trust and various
overseas units.
    Also affirmed were GM's AA preferred stock, and GMAC's
AA-minus subordinated debt and A-1-plus commercial paper.
 Reuter
3;
bodyend
documentend
documentstart
2488
topicstart
earn
topicend
bodystart
2;

METRO MOBILE CTS INC 
<
MMCT> FIRST QTR LOSS


    NEW YORK, March 5 - 
Qtr ends Dec 31
    Shr loss 33 cts vs loss 16 cts
    Net loss 5,632,426 vs loss 2,373,358
    Revs 3,277,976 vs 1,535,550
    Avg shrs 16.9 mln vs 14.4 mln
 Reuter
3;
bodyend
documentend
documentstart
2490
topicstart
earn
topicend
bodystart
2;

<
SPAR AEROSPACE LTD> YEAR NET


    TORONTO, March 5 -
    
Shr basic 42 cts vs 1.41 dlrs
    Shr diluted 42 cts vs 1.33 dlrs
    Net 4,394,000 vs 13,070,000
    Revs 191.0 mln vs 223.3 mln
 Reuter
3;
bodyend
documentend
documentstart
2491
topicstart
acq
topicend
bodystart
2;

PESCH UNIT SEEKS BALANCE OF REPUBLIC HEALTH


    CHICAGO, March 5 - 
Alpha Health Systems Corp, a
wholly-owned subsidiary of Pesch and Co, said it submitted a
merger proposal to the board of REPH Acquisition Co, the parent
company of Republic Health Corp, which is 64 pct owned by Pesch
interests.
    The balance of REPH's common stock is owned by members of
Republic management, McDonnell Douglas Corp 
<
MD>, Donaldson,
Lufkin and Jenrette and Pacific Asset Holdings L.P.
    Republic currently owns 44 hospitals and manages 46 other
facilities, in 25 states.
    Details of the proposal were not disclosed.  Company
representatives were not immediately available.
    The proposal provides that REPH would become a wholly-owned
subsidiary of Alpha and that the existing REPH common
stockholders would become stockholders of Alpha, it said.
    REPH's board has appointed a special committee to negotiate
terms of the proposed merger, Pesch said.
    Last year, Republic was acquired by REPH in a leveraged
buyout transaction led by Dr. LeRoy Pesch, the principal
shareholder of Pesch and Co.
    Alpha recently submitted a second offer to acquire the
stock of American Medical International Inc (AMI) at 22 dlrs a
share in cash and securities, which is still being considered
by American Medical's board, Pesch said.
 Reuter
3;
bodyend
documentend
documentstart
2492
topicstart
earn
topicend
bodystart
2;

SPAR SEES SEES STRONG FIVE-YEAR GROWTH


    TORONTO, March 5 - 
<
Spar Aerospace Ltd>, reporting a
sharply lower 1986 profit, said it anticipated solid profit and
revenue growth during the next five years.
    "Looking to the longer term, Spar is confident that its
continuing concentration on advanced robotics, satellite-based
communications and electro-optical defense systems will lead to
significant growth in revenues and earnings over the next five
years," the company said.
    It also forecast higher 1987 sales due to an increased
order backlog. Revenues last year fell to 191 mln dlrs from
223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln.
    Spar added that lower development costs in the
communications group and a return to normal operations in gears
and transmissions and aviation services "will remove a serious
drain on profits" this year.
    It attributed its reduced 1986 earnings to communications
group losses resulting from continued heavy investment in new
products and market development, a four-month strike at its
Toronto plants and delays in receipt of authorization from
customers to start work on new programs.
 Reuter
3;
bodyend
documentend
documentstart
2494
topicstart
earn
topicend
bodystart
2;

CHESAPEAKE UTILITIES CORP 
<
CHPK> REGULAR DIV


    DOVER, DEL., March 5 -
    
Qtly div 28-3/4 cts vs 28-3/4 cts prior
    Pay April three
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
2495
topicstart
livestock
carcass
topicend
bodystart
2;

MEATPACKERS REJECT OCCIDENTAL 
<
OXY> UNIT OFFER


    CHICAGO, March 5 - 
United Food and Commercial Workers Union
Local 222 rejected a new contract proposal from Iowa Beef
Processors Inc and remain out of work, union spokesman Allen
Zack said.
    In mid-December, Iowa Beef, a subsidiary of Occidental
Petroleum Corp, closed its beef processing plant at Dakota
City, Nebraska, because it said "it had no alternative to
threats by meatpackers to disrupt operations."
    About 2,800 UFCWU members are affected by what the union
terms as a lockout.  A 3-1/2 year labor contract at the plant
expired December 13.
    Zack said IBP's proposal included elimination of a two-tier
wage structure, a 60 cent an hour wage cut for slaughterers and
a 45 cent an hour wage reduction for processors.
    The new proposal also included a bonus system of 1,000 dlrs
for workers who had been at the plant for two years, Zack said.
The annual turnover rate at the facility is 100 pct, he said.
 Reuter
3;
bodyend
documentend
documentstart
2496
topicstart
earn
topicend
bodystart
2;

SWIFT INDEPENDENT PACKING CO 
<
SFTPr> 1ST QTR NET


    DALLAS, March 5 - 
Periods ended January 31
    Net 1,443,000 vs 3,539,000
    Revs 765.2 mln vs 685.8 mln
 Reuter
3;
bodyend
documentend
documentstart
2497
topicstart
acq
topicend
bodystart
2;
******
CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
2498
topicstart
topicend
bodystart
2;

USG 
<
USG> DEBENTURES YIELD 8.77 PCT


    NEW YORK, March 5 - 
USG Corp is raising 200 mln dlrs
through an offering of debentures due 2017 yielding 8.77 pct,
said lead manager Salomon Brothers Inc.
    The debentures have an 8-3/4 pct coupon and were priced at
99.784 to yield 120 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated A-1 by
Moody's and A by Standard and Poor's. A sinking fund starting
in 1998 to retire five pct of the debentures annually can be
increased by 150 pct at the company's option, giving them
estimated average lives of 20.5 or 14.5 years, Salomon said.
 Reuter
3;
bodyend
documentend
documentstart
2499
topicstart
trade
topicend
bodystart
2;

FRANCE, YUGOSLAVIA COMMISSION TO BOOST TRADE


    PARIS, March 5 - 
France and Yugoslavia agreed to set up a
joint economic commission as part of efforts to promote
commercial links and industrial cooperation between the two
countries.
    The French Finance Ministry said the commission, to be
composed of businessmen, was agreed during talks between
Foreign Trade Minister Michel Noir and Yugoslavian minister
without portfolio Egon Padovan.
    A ministry statement said both sides had agreed on the need
to boost trade links in keeping with an accord signed last year
calling for a 50 pct rise in commercial exchanges between the
two countries over the next six years.
    French trade with Yugoslavia has grown little over the past
two years.
 Reuter
3;
bodyend
documentend
documentstart
2500
topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM> REJECTS WASTE'S 
<
WMX> OFFER


    COLUMBUS, Ohio, March 5 -  
ChemLawn Corp said its board
rejected Waste Management Inc's 27 dlr-per-share tender offer
and urged its shareholders not to tender their shares.
    ChemLawn said its board asked management and its financial
advisor, Smith Barney, Harris Upham And Co Inc, to seek other
purchasers of the company to maximize shareholder value.
    ChemLawn also said it adopted a shareholder rights plan, or
"poison pill," during a 120-intermin safeguard period its board
adopted to deter attempts to acquire the company through any
means other than an all-cash tender offer while it seeks other
purchasers.
    ChemLawn also said it began litigation against Waste
Management in federal court in Columbus, seeking injunctive and
other relief.
    The suit alleges, among other things, that certain Waste
Management officers and directors purchased ChemLawn's stock
before making the tender offer. ChemLawn claimed such purchases
possibly violated the officers' fiduciary duties and the
Securities and Exchange Commission's insider trading rules.
    Last week, Waste Management made a tender offer to acquire
ChemLawn for 27 dlrs per share or 270 mln dlrs.
    ChemLawn said its board was determined that Waste's offer
was inadequate and not in the best interest of shareholders,
and could "adversely affect" the interests of its employees,
suppliers, creditors, and customers.
    "Our board carefully reviewed Waste Management offer and
concluded that it does not fully reflect the value of the
company. We strongly urge our shareholders not to tender their
shares to Waste Management," said Chairman L. Jack Van Fossen.
    ChemLawn said its rights plan is designed to protect
shareholders against abusive tactics, such as "market
accumulations by Waste Management or others."
    Under the plan, one comon stock purchase right will be
distributed as a dividend on each outstanding share of ChemLawn
common.
    ChemLawn said its rights holders can buy a share of its
common for one dlr if any entity acquires 25 pct or more of its
commmon, other than by an all cash tender offer for all its
shares or an approved acquisition agreement by its board.
    It said the rights expire July three 1987, or 60 days after
they become exercisable if later than that date. It said its
board may redeem the rights for five cts per right any time
prior to their exercise date.
    ChemLawn said the plan will not be triggered by purchases
purusant to Waste Management's present tender offer.
    It said the dividend will be paid to shareholders of record
March 20.
 Reuter
3;
bodyend
documentend
documentstart
2501
topicstart
topicend
bodystart
2;

FIRST TORONTO ISSUING DEBENTURE TO DUTCH PARENT


    TORONTO, March 5 - 
<
First Toronto Capital Corp> said it
planned to issue a five mln dlr convertible debenture to its
Dutch parent, Arcalex B.V., which if fully converted would
raise Arcalex's stake in First Toronto to 62 pct from 54 pct.
    It said the debenture would have a five-year term, bear 10
pct yearly interest and be redeemable by First Toronto after
one year at issue price.
    First Toronto, an investment bank, also said it planned to
grant directors an option expiring March 1, 1992 to acquire up
to 500,000 First Toronto common shares at five dlrs each.
 Reuter
3;
bodyend
documentend
documentstart
2503
topicstart
topicend
bodystart
2;

BRAZILIAN FINANCE MINISTER EXTENDS TRIP TO JAPAN


    BRASILIA, MARCH 5 - 
Brazilian Finance Minister Dilson
Funaro will extend his international tour, flying to Japan for
talks with government officials and representatives of banks to
explain Brazil's decision to halt payment of part of its
109-billion dlrs foreign debt, Finance Ministry sources said.
    Funaro, who is in Rome today, will fly to Tokyo on Sunday,
after having completed a week-long trip to the United States,
France, England, Italy, West Germany and Switzerland.
    Brazil halted payment of interest rates on 68 billion dlrs
owed to 700 private commercial foreign banks as part of an
strategy to alleviate the burden of its commitments.
    Funaro, who is accompanied by Central Bank governor
Francisco Gros, met only with government officials of the
countries visited over the week.
    In Tokyo, however, he is due to meet private bankers, to
whom Brazil owes some 6.8 billion dlrs, the sources said.
    He is due back in Brasilia next Wednesday, March 11, the
sources added.
 Reuter
3;
bodyend
documentend
documentstart
2504
topicstart
earn
topicend
bodystart
2;

(CAMBIOR INC) FIVE MTHS DEC 31 NET


    MONTREAL, March 5 -
    
Shr 39 cts vs not given
    Net 8,801,000 vs not given
    Revs 33.2 mln vs not given
 Reuter
3;
bodyend
documentend
documentstart
2505
topicstart
acq
topicend
bodystart
2;

CONAGRA 
<
CAG> TO ACQUIRE MONFORT 
<
MMFT>


    GREELEY, Colo., March 5 - 
ConAgra Inc agreed to acquire
Monfort of Colorado Inc in a stock transaction, both companies
said.
    According to the letter of intent signed by the companies,
ConAgra will acquire all of Monfort's 4.3 mln outstanding
shares for 10.75 mln of its own shares.
    Based on ConAgra's closing price of 34 dlrs today, the
transaction is worth about 356.5 mln dlrs. The merger is
expected to be completed in June, they said.
    The companies said the acquisition will result in a
restatement of ConAgra's earnings for the fiscal year ending
May 31, but the restatement is not expected to materially
change the previously reported, or upcoming, fiscal year-end
earnings. In fiscal 1986, ConAgra had net income of 105.3 mln
dlrs on sales of 5.9 billion dlrs.
    For its fiscal year ending August 1986, Monfort reported
25.1 mln dlrs in earnings on sales of 1.6 billion dlrs. The
company is one of the largest lamb and beef producers in the
U.S., producing, transporting and selling the products
domestically and internationally.
 Reuter
3;
bodyend
documentend
documentstart
2506
topicstart
topicend
bodystart
2;

GOULD 
<
GLD> REGISTERS TO OFFER PREFERRED


    ROLLING MEADOWS, Ill., March 5 - 
Gould Inc said it
registered to offer two mln shares of convertible exchangeable
preferred stock.
    Gould said the proposed new issue will be underwritten by
First Boston Corp and Kidder, Peabody and Co Inc.
    In a registration statement filed with the Securities and
Exchange Commission, Gould said the shares will be convertible
at any time into Gould common.
    The shares also will be exchangeable into Gould convertible
subordinated debentures at a rate of 50 dlrs principal amount
per debenture.
 Reuter
3;
bodyend
documentend
documentstart
2508
topicstart
grain
wheat
topicend
bodystart
2;

HOUSE 0/92 PLAN SEEN SCALED-BACK TO 1987 WHEAT


    WASHINGTON, March 5 - 
Key members of the House Agriculture
committee have agreed to scale-back the 0/92 provision of a
pending disaster aid bill to cover only 1987 crop wheat, but a
broader 0/92 proposal is likely to be resurrected later,
Congressional sources said.
    The sources said key lawmakers including Reps. Glenn
English (D-Okla.), and Dan Glickman (D-Kan.) agreed to support
an amendment to be offered next week by Rep. Charles Stenholm
(D-Tex.) which would limit 0/92 only to producers of 1987 crop
winter and spring wheat.
    This would scale-back the 0/92 provision to the original
proposal by English allowing a pilot 0/92 program for 1987
wheat only. That provision was later broadened by the
subcommittee to include 1988 crop winter wheat.
    Under 0/92, a farmer can forego planting a crop but still
collect 92 pct of deficiency payments.
    Earlier today, the House Agriculture committee postponed
until next Tuesday a meeting to consider the disaster aid bill
and 0/92.
    The agreement to limit 0/92 to a wheat pilot program
follows vocal criticism of the proposal by some influential
farm groups who are concerned about the major impact of 0/92,
and by members of Congress wary of reopening the farm bill.
    Congressional sources said there has not been enough time
to study the implications of a broad 0/92.
    "The timing (of the proposal) is off," said one aide to a
House Agriculture committee member.
    However, several Congressional sources said they expect a
broader 0/92 provision to emerge again when the House
Agriculture committee is faced next month with the need to make
spending cuts in the agriculture budget for fiscal 1988 as part
of an overall deficit reduction package.
    Gene Moos, aide to House Majority leader Tom Foley
(D-Wash.), predicted agriculture's share of budget cuts may
exceed one billion dlrs.
    A broader 0/92 might be resurrected later because both the
Congressional Budget Office and the Reagan administration
estimate it would result in significant budget savings.
    A U.S. Agriculture Department official said 0/92 for all
1987 crops would save 300 to 400 mln dlrs and more than 1.5
billion dlrs over five years.
    Another factor which could affect the 0/92 debate is the
approach of planting season, Congressional sources said.
    Some officials said it already is late for implementation
of a 0/92 in 1987 because farm program signup ends March 31 for
wheat and feedgrains.
    If Congress approved 0/92 later in the year sign-up either
would have to be extended or reopened, sources said.
 Reuter
3;
bodyend
documentend
documentstart
2511
topicstart
trade
crude
nat-gas
topicend
bodystart
2;

FAVORED TRADE STATUS FOR MOSCOW STILL OPPOSED


    WASHINGTON, March 5 - 
The Reagan administration wants to
encourage expanded trade with the Soviet Union but does not
believe Moscow yet warrants most-favored-nation treatment,
Deputy Secretary of State John Whitehead said.
    "It seems to me that more trade between us is better than
less trade," he told a forum on U.S.-Soviet trade relations.
    To that end, the administration in January allowed foreign
policy controls on the export of oil and gas equipment to the
Soviet Union to lapse, he said.
    Also, Washington and its allies are reviewing remaining
export controls in hopes of simplifying the list of prohibited
items and speeding up the licensing process, he said.
    Whitehead said, however, the prefential treatment that
comes with most-favored-nation status is out for the moment.
    U.S. law prohibits most-favored-nation status for countries
that restrict emigration and other rights.
    "What we have seen so far (in improved rights under Soviet
Leader Mikhail Gorbachev) are promising trends," he said.
    But, he added: "We don't know if they will continue, we
don't know how significant they will be."
 Reuter
3;
bodyend
documentend
documentstart
2512
topicstart
acq
topicend
bodystart
2;

MCDONNELL DOUGLAS 
<
MD> NOT APPROACHED BY PESCH


    CHICAGO, March 5 - 
McDonnell Douglas Corp, which has a five
mln dlr investment in Republic Health Corp 
<
REPH>, said it has
not been approached to sell its shares in Republic Health.
    Earlier, Alpha Health Systems Corp, a unit of Pesch and Co,
said it submitted a merger proposal to the board of REPH
Acquisition Co, the parent of Republic Health. LeRoy A. Pesch
is the principal stockholder of Pesch.
    "We have not been approached by Mr. Pesch or anybody else
with respect to our holdings" in Republic Health, a McDonnell
Douglas spokesman told Reuters.
 Reuter
3;
bodyend
documentend
documentstart
2513
topicstart
earn
topicend
bodystart
2;

PARADYNE 
<
PDN> PLEADS GUILTY TO CRIMINAL CHARGE


    LARGO, Fla, March 5 - 
Paradyne Corp said it pleaded guilty
to criminal charges of conspiracy to defraud the Social
Security Administration and agreed to pay 1.2 mln dlrs in fines
and costs to the U.S. Government.
    The company also reached agreements in principle for an 8.1
mln dlr settlement of class action law suits.
    About 2.9 mln dlrs of the class action settlement will be
provided by Paradyne's insurance carrier. The settlement is
contingent on court approval after notice to class members, it
said.
     The criminal case settlement dismisses all charges
including bribery and false statement, except for conspiracy to
which Paradyne pleaded guilty.
    The criminal settlement includes the lifting of the
government's suspension, the dismissal of the federal civil
false claims suit and all charges against the individuals.
    Of the 2.9 mln dlrs the insurance carrier will provide for
the civil settlement, 750,000 dlrs will go to settle a
derivative lawsuit.
    For the year ended December 31, Paradyne reported a net
loss of 38.5 mln dlrs. The year-end results include an 8.0 mln
dlrs provision for future legal and or settlement costs to
cover the civil and criminal settlements announced today.
    Paradyne also said it named Jerry Kendall as president and
chief executive officer, succeeding Robert Wiggins who resigned
as chairman and chief executive officer as part of the
settlement of the indictment.
    Kendall formerly served as executive vice president and
chief operating officer.
    The company also said that due to the sluggish marketplace,
it does not expect to be profitable in the first quarter but is
optimistic about the outlook for the year.
    For the first quarter of 1986, the company reported net
income of 875,000 dlrs on sales of 66.0 mln dlrs.
    Wiggins was among five Paradyine executives who were
charged along with three former officers in a 1985 federal
indictment stemming from a 115 mln contract awarded to Paradyne
in 1981 to build a computer network for the Social Security
Administration.
    The men were accused of conspiring to bribe government
officials and defaud the Social Security Administration.
Wiggins and other defendants were also charged with providing
false testimony and obstructing justice during a Securities and
Exchange Commission investigation.
 
   Under the settlement announced today, federal prosecutors
agreed to defer all charges against Wiggins and three other
defendants under a one-year pretrial agreement.
    The charges would then be dropped if the defendants
successfully complete the probation period. Details of the
requirements in the agreement were not immediately available.
          
 Reuter
3;
bodyend
documentend
documentstart
2515
topicstart
crude
nat-gas
topicend
bodystart
2;

SOUTH AFRICAN FIRM TO CONTINUE TESTS


    JOHANNESBURG, March 5 - 
South Africa's state-owned energy
firm Soekor said it would continue tests after striking oil
some 120 kms (75 miles) south-southwest of Mossel Bay.
    During production tests, about 5,000 barrels of oil and
five mln cubic feet of gas per day were produced, it said.
    "This oil discovery will be followed-up as soon as possible
by further seismic surveys and drilling. Should further
drilling and tests in the area yield positive results oil
production from a floating platform could be considered."
    Director General of Mineral and Energy Affairs Louw Alberts
announced the strike earlier but said it was uneconomic.
 Reuter
3;
bodyend
documentend
documentstart
2517
topicstart
crude
topicend
bodystart
2;

GREECE REPEATS IT CAN DECIDE ON AEGEAN DRILLING


    ATHENS, March 5 - 
Greece, replying to a warning from Turkey
that it will stop Athens from seeking oil in the Aegean Sea,
repeated today that it has an exclusive right to decide where
or when to drill in the area.
    A government spokesman said in a statement that if Ankara
believed Greece was contravening international law, it could
bring the issue before the courts.
    The spokesman was responding to a statement by Turkish
Foreign Ministry spokesman Yalim Eralp that Ankara would take
action to stop Greece's oil activities beyond its territorial
waters as they were a violation of the 1976 Berne accord.
 Reuter
3;
bodyend
documentend
documentstart
2518
topicstart
earn
topicend
bodystart
2;

NCA CORP 
<
NCAC> 4TH QTR LOSS


    SANTA CLARA, Calif., March 5 -
    
Shr loss 45 cts vs loss 1.34 dlrs
    Net loss 1,240,000 vs loss 3,621,000
    Revs 6,264,000 vs 4,626,000
    Year
    Shr loss 90 cts vs loss 2.01 dlrs
    Net loss 2,487,000 vs loss 5,406,000
    Revs 20.8 mln vs 21.7 mln
 Reuter
3;
bodyend
documentend
documentstart
2519
topicstart
earn
topicend
bodystart
2;

BIOMEDICAL DYNAMICS CORP 
<
BMDC> 4TH QTR NET


    MINNEAPOLIS, March 5 -
    
Shr profit one ct vs loss two cts
    Net profit 52,405 vs loss 67,967
    Sales 289,572 vs 188,713
    Year
    Shr loss one cts vs loss five cts
    Net loss 51,019 vs loss 201,680
    Sales 1.1 mln vs 490,935
 Reuter
3;
bodyend
documentend
documentstart
2520
topicstart
acq
topicend
bodystart
2;

SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING


    WASHINGTON, March 5 - 
Santa Fe Southern Pacific Corp will
later today formally ask the U.S. Interstate Commerce
Commission (ICC) to reconsider its earlier rejection of the
merger of the holding company's railroad assets, a company
spokesman said.
    "We expect to file papers late tonight" asking the ICC to
reopen the rail merger case, spokesman Rich Hall said in a
telephone interview from the company's Chicago headquarters.
    The ICC had rejected in July, on grounds it would reduce
competition, the merger of the Santa Fe and Southern Pacific
Railroads.
    The deadline for seeking ICC reconsideration of the merger
plan is midnight tonight.
    Santa Fe Southern Pacific owns the Santa Fe railroad and
holds the Southern Pacific railroad assets in trust while
awaiting federal approval of the merger plan.
    The ICC had ordered the holding company to divest one or
the other railroad but stayed its ruling pending a decision on
the request for reconsideration.
    If the ICC ultimately decides not to reopen the case, it is
expected to reinstate the divestiture order.
 Reuter
3;
bodyend
documentend
documentstart
2521
topicstart
coffee
oilseed
soybean
trade
sugar
cocoa
topicend
bodystart
2;

BRAZIL DEBT SEEN PARTNER TO HARD SELL TACTICS


    By Brian Killen, Reuters


    CHICAGO, March 5 - 
Brazil's recent announcement of a
suspension in interest payments on 68 billion dlrs of foreign
debt gave the banking system the jitters and confirmed views
among many international economists and commodities analysts
that Brazil will continue to flex its trading muscles in 1987.
    The developing world's most indebted nation is also its
most prolific exporter of agricultural commodities such as
coffee and soybeans, and might maximize foreign exchange
revenue by selling hard on world markets, economists said.
    "That sounds like a reasonable strategy. But there is no
way they can trade their way out of this situation," Aldo
Roldan, Vice President for International Services at Chase
Econometrics, said.
    Roldan told Reuters that Brazil not only had to tackle the
problems of satisfying domestic demand and competing on glutted
world markets, but also had to work to make its position on
foreign exchange markets more profitable.
    "Domestic costs have increased (due to inflation) and
exporters have not had the same offsetting movement in exchange
rates," Roldan said.
    The Chase economist also said commodities markets were
depressed and generally did not appear very promising for a
country like Brazil, where pure commodities account for some 50
pct of exports and in 1986 had a total value of around 23
billion dlrs.
    But he added: "They are always pretty aggressive and they
have good foreign marketing channels."
    Analysts said a key factor in Brazilian trade will be
coffee, and even without background pressure from foreign
creditors the world's largest producer was expected to hit the
market this year with a vengeance.
    Negotiations between International Coffee Organization
(ICO) members to re-establish producer export quotas broke up
earlier this week with major producers and consumers accusing
each other of intransigence.
    "Brazil would not tolerate a change in ICO regulations,
which others wanted changed," one senior coffee dealer said.
    The dealer, who declined to be named, said Brazil wanted to
preserve its market share. At the end of the talks, he said
Brazil hinted it could sell more than anyone else and others
would suffer.
    Brazil will be an aggressive seller under any scenario but
as yet there is no sign of unusually heavy Brazilian sales, the
dealer said.
    "If they do come into the market at this level it will go
lower and you could breach a dollar, ninety or eighty cents,"
he said.
    New York coffee futures for May delivery settled 2.29 cents
lower Thursday at 104.68 cents a lb, while more distant
deliveries fell the six-cent maximum trading limit.
    President of the Brazilian Coffee Institute, Jorio Dauster
told a press conference in Rio de Janeiro today that Brazil has
no set target for its coffee exports following the breakdown of
the ICO talks on export quotas.
    Many economists and analysts believe soybeans could be the
focus of possible stepped-up Brazilian marketing efforts. "They
will be more aggressive this year than they have ever been,"
according to Richard Loewy, analyst for Prudential-Bache
Securities Inc.
    Loewy believes the foreign debt problem, a good crop, plus
difficulties with storage would help motivate selling of the
Brazil soybean crop. "Brazilian farmers also need cash flow and
they can't afford to store the crops," he said.
    The Chicago soybean complex has been nervous for some time
about large South American crops developing under near ideal
conditions towards record yields.
    "We are going to see a very rapid decline, earlier than
usual, this year in our (U.S.) exports," Loewy said.
    Tommy Eshleman, economist for the American Soybean
Association (ASA), said this year's Brazilian soybean harvest
could total 18 mln tonnes, versus 13.7 mln last year.
    Marketings will be very aggressive this summer when prices
are usually high relative to the rest of the year due to the
vulnerability of the U.S. crop to bad growing weather.
    Another incentive to sell might be trade anticipation of a
reduction in the U.S. government soybean loan rate, offered to
farmers who give crops as collateral, Eshleman said.
    He said there has been some uncertainty this year about the
soybean loan rate, which acts as an effective floor for prices
by keeping supplies away from the free market. Farmers can
forfeit their beans to the government rather than repay the
loan.
    "We're getting into a period when they (Brazil) are
starting to harvest and starting to export," Eshleman said. But
he added it will be a while before U.S. exports fall to below
10 mln bushels a week from around 20 mln bushels currently.
    Jose Melicias from the research department of Drexel
Burnham Lambert said Brazil would be trying to export as much
as it can this year because of its economic situation.
    He said the debt situation was a major consideration. "The
Brazilian government also does not have enough money to pay for
storage," he added.
    Asked if a return to an inflationary environment in Brazil
would make farmers inclined to hold onto crops, Melicias said
it would not make a big difference.
    On other commodity markets, Brazil's selling impact may be
muted no matter its need to generate capital.
    Brazil is faced with a poor 1986/87 sugar harvest, which
could limit exports to the world market, analysts said. The
country may have oversold and be unable to honor export
commitments, and this plus higher domestic demand caused by
consumer price subsidies on ethanol and refined sugar, will
give it little room to stretch exports, they said.
    Brazil's other major crop, cocoa, is in its third year of
surplus. "Cocoa consumption is basically flat and last year it
fell, so I don't think they can start throwing out cocoa and
find many more markets for it," one analyst said.
    "If they come out as aggressive sellers, the market would
collapse and they can't afford to do that," she added.
 Reuter
3;
bodyend
documentend
documentstart
2522
topicstart
crude
topicend
bodystart
2;

IEA SAYS OPEC FEBRUARY CRUDE OUTPUT 16.1 MLN BPD


    PARIS, March 6 - 
OPEC produced an average 16.1 mln barrels
per day (bpd) of crude oil in February, down from 16.5 mln the
previous month and an overall 17.3 mln bpd in fourth quarter
1986, the International Energy Agency said.
    A few OPEC countries last month exceeded the production
quotas set at their last conference in December, but liftings
were reduced from several countries, it said in its latest
monthly oil market report.
    These cutbacks were due in part to buyer resistance to
fixed prices, introduced from February 1, particularly for
fixed volumes over an extended period.
    It gave this breakdown for OPEC crude output, in mln bpd
                    FOURTH QTR 1986  JANUARY 1987  FEBRUARY
1987
    SAUDI ARABIA    4.9              3.7           3.8
    IRAN            1.6              2.2           1.9
    IRAQ            1.6              1.6           1.7
    UAE             1.3              1.2           1.2
    KUWAIT          1.0              1.0           1.0
    NEUTRAL ZONE    0.5              0.4           0.4
    QATAR           0.3              0.3           0.2
    NIGERIA         1.3              1.2           1.2
    LIBYA           1.0              1.0           1.0
                    FOURTH QTR 1986  JANUARY 1987  FEBRUARY
1987
    ALGERIA         0.6              0.6           0.6
    GABON           0.1              0.2           0.2
    VENEZUELA       1.6              1.6           1.6
    ECUADOR         0.2              0.2           0.2
    INDONESIA       1.3              1.2           1.2
    TOTAL           17.3             16.5          16.1
    The IEA said while Saudi production stayed below its quota
of 4.133 mln bpd, actual sales might exceed output due to
Norbec stock disposals. Contracts for Saudi crude have been
signed, but it is understood they have much leeway in required
liftings.
    The report said the reduction in Iraqi air attacks on
Iranian export facilities allowed Iran's output to reach 2.2
mln bpd in January, but buyer resistance to fixed prices
apparently cut February production.
    It said Iraqi exports are about 1.0 mln bpd through the
Turkish pipeline, 0.1-0.2 mln by truck through Jordan and
0.2-0.3 mln via the Saudi pipeline to Yanbu. Internal
consumption is some 0.3 mln bpd.
    The IEA estimated total non-communist world oil supply in
February at 45.0 mln bpd, down from 45.4 mln in January and
47.0 mln in the fourth quarter.
    The February world supply figure is made up of 16.1 mln bpd
OPEC crude production, 1.4 mln bpd OPEC natural gas liquids
(ngls), 16.6 mln bpd OECD crude and ngls, 8.3 mln bpd other
developing countries' crude and ngls, net trade of 1.1 mln bpd
with centrally planned economies, 0.5 mln bpd of
non-conventional crudes (such as tar sands and oil from coal)
and 1.0 mln bpd from processiing gains.
    Within the OECD, preliminary Norwegian data show record
1.06 mln bpd output in January, with lower production expected
in February in accordance with government curtailments of
approximately 80,000 bpd, announced in support of OPEC.
 REUTER
3;
bodyend
documentend
documentstart
2524
topicstart
grain
wheat
topicend
bodystart
2;

U.S. SENATE GROUP URGES SUBSIDIES FOR USSR


    WASHINGTON, March 5 - 
A majority of the Senate Agriculture
Committee urged President Reagan to reverse his opposition to
export subsidies to the Soviet Union as a way to get its
negotiators to purchase some 500 mln dlrs in American wheat.
    The group, led by committee chairman Patrick Leahy, a
Vermont Democrat, urged Reagan to step up negotiations with the
Soviet Union by providing export subsidies to help U.S.
farmers.
 Reuter
3;
bodyend
documentend
documentstart
2526
topicstart
acq
topicend
bodystart
2;

ENFIELD CORP PLANS NOTES, PREFERRED ISSUE


    TORONTO, March 5 - 
<
Enfield Corp Ltd> said it planned to
issue 60 mln dlrs principal amount of notes and 1.6 mln class E
preferred shares at 25 dlrs a share.
    The notes would bear 8 pct yearly interest, mature March
31, 2002 and be convertible to common shares on either March
31, 1997 or the business day before a fixed redemption date at
13.50 dlrs a share, Enfield said.
    It said each preferred share would be convertible to 1.85
common shares on either March 31, 1997 or the business day
before a fixed redemption date. Gordon Capital Corp and
Dominion Securities Inc agreed to acquire the issues, it said.
    Enfield said it would use proceeds to retire short-term
bank debt and boost its 22 pct stake in 
<
Consumers Packaging
Inc> and its interest in 
<
Federal Pioneer Ltd> through open
market purchases.
 Reuter
3;
bodyend
documentend
documentstart
2527
topicstart
topicend
bodystart
2;

HOLIDAY 
<
HIA> UNIT SELLS NOTES AND DEBENTURES


    NEW YORK, March 5 - 
Holiday Inns Inc, a unit of Holiday
Corp, is raising 1.4 billion dlrs through offerings of notes
and debentures, said bookrunner Drexel Burnham Lambert Inc.
    Junk bond traders said they thought this to be the
second-largest junk bond deal ever brought to market. They said
the biggest was BCI Holdings' 2.35 billion dlr offering on
April 10, 1986.
    Via sole manager Drexel, Holiday Inns is selling 900 mln
dlrs of senior notes due 1994 with a 10-1/2 pct coupon and par
pricing. Non-callable for five years, the notes are rated B-1
by Moody's and B-plus by Standard and Poor's.
    Holiday Inns is also offering 500 mln dlrs of subordinated
debentures due 1999 with an 11 pct coupon and par pricing. The
debentures are non-callable for three years and non-refundable
for five years, Drexel said as lead manager.
    A sinking fund starts in 1997 to retire 60 pct of the
debentures by maturity. This issue is rated B-2 by Moody's and
B-minus by Standard and Poor's. Goldman Sachs co-managed the
debenture deal.
 Reuter
3;
bodyend
documentend
documentstart
2528
topicstart
acq
topicend
bodystart
2;

WICHITA 
<
WRO> TO BUY FOUNTAIN OIL 
<
FGAS>


    DENVER, Colo., March 5 - 
Wichita Industries Inc said it
agreed to buy Fountain Oil and Gas Inc.
    Wichita said it it will acquire all of the outstanding
shares of Fountain in an exchange for about 11 mln newly issued
Wichita common shares. Wichita presently has about 3.6 mln
shares outstanding.
    The transaction calls for the issuance of 1-1/2 shares of
Wichita common for each outstanding Fountain share.
    Wichita also said it made a number of refinancing
agreements in connection with the acquisition.
 Reuter
3;
bodyend
documentend
documentstart
2529
topicstart
cpi
topicend
bodystart
2;

ARGENTINE INFLATION ROSE 6.5 PCT IN FEBRUARY


    BUENOS AIRES, March 5 - 
Argentina's cost of living index
grew 6.5 pct in January, down from last month's 7.6 pct, the
National Statistics Institute said.
    It said consumer prices rose 98.9 pct over the last 12
months, against 81.9 pct inflation in the calendar year 1986.
 Reuter
3;
bodyend
documentend
documentstart
2530
topicstart
crude
topicend
bodystart
2;

PEMEX LOWERS FEBRUARY FAR EAST CRUDE OIL PRICES


    MEXICO CITY, March 5 - 
The Mexican state oil company
Petroleos Mexicanos (PEMEX) said its Far East customers would
be charged 17.25 dlrs per barrel for Isthmus crude in February
and 14.45 dlrs for the heavier Maya.
    Pemex said this was 32 cts less than January Isthmus and 15
cts less than January Maya.
    Far East customers, primarily Japan which buys an average
180,000 barrels per day of which 150,000 is Isthmus, pay
retroactively while European and U.S. clients are charged per
delivery.
 Reuter
3;
bodyend
documentend
documentstart
2531
topicstart
retail
topicend
bodystart
2;

N.Z. DECEMBER QUARTER RETAIL SALES FALL 13.2 PCT


    WELLINGTON, March 6 - 
Retail sales in the quarter ended
December 31 fell a seasonally adjusted 13.2 pct compared with a
7.8 pct rise in the September quarter and a 1.3 pct fall a year
ago period, the Statistics Department said.
    Actual retail sales in the December quarter totalled 6.17
billion N.Z. Dlrs compared with 6.70 billion in the previous
quarter and 6.10 billion a year ago period.
    The largest decreases in the December quarter were recorded
by the same stores which recorded the highest increase in sales
in the September 1986 quarter before the introduction of a 10
pct value added goods and services tax on October 1, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2532
topicstart
acq
topicend
bodystart
2;

REPH ACQUISITION TO NEGOTIATE PESCH MERGER BID


    DALLAS, March 5 - 
REPH Acquisition Co said its board
appointed a special committee to negotiate the terms of an
offer made earlier today by 
<
Pesch and Co> to merge with its
Republic Health Corp 
<
REPH> unit.
    Pesch, through its Alpha Health Systems Corp unit, offered
to acquire the 36 pct of Republic Health stock that it does not
already own.
    Terms of Pesch's offer have not been disclosed.
   
 Reuter
3;
bodyend
documentend
documentstart
2534
topicstart
acq
topicend
bodystart
2;

HUNT GROUP HAS COMDATA STAKE, SEEKS INFLUENCE


    WASHINGTON, March 5 - 
An investor group led by members of
the Hunt family of Dallas, Texas, told the Securities and
Exchange Commission it has acquired a 6.2 pct stake in Comdata
Network Inc 
<
CDN> and may try to influence company policy.
    The investor group, led by Rosewood Financial Inc, said it
opposes a company recapitalization plan worked out between
Comdata and Mason Best Co, a Texas investment firm, which last
reported holding about 9.5 pct of the company's stock.
    The Hunt group said it offered on March 3 to buy the entire
5.3 pct stake held by dissident shareholder Donald Carter at 14
dlrs each, but has received no reply as of yesterday.
    Rosewood, which is owned by the Caroline Hunt Trust Estate,
whose trustees include Margaret Hunt Hill, also said it has
notified the Federal Trade Commission of its intent to buy
between 15 and 25 pct of Comdata's common stock.
    Under federal law, it cannot buy more than 15 pct of
Comdata's stock until a 15 to 30 day waiting period is over,
unless the FTC gives it early approval.
    Under the proposed Comdata recapitalization plan, the
company would buy up to 10 mln of its common shares at 13.25
dlrs each.
    Mason Best, which belongs to CNI Parnters, a Texas
partnership, would not tender any of its stake under the plan,
but would instead buy another one mln Comdata common shares and
would get representation on the company's board.
    The Hunt group said it has told Comdata that it considers
required payments under the plan, such as a 1.5 mln dlr fee and
the issuance of a warrant to buy 500,000 common shares to be a
waste of the company's assets.
    The Hunt group, which also includes securities Texas firms
Cypress Partners L.P and Driftwood Ltd, said it spent 15.2 mln
dlrs on its 1,197,700 Comdata common shares.
 Reuter
3;
bodyend
documentend
documentstart
2535
topicstart
trade
grain
wheat
topicend
bodystart
2;

ARGENTINA-BRAZIL TRADE JUMPED 90 PCT IN 1986


    BUENOS AIRES, March 5 - 
Trade between Argentina and Brazil
jumped 90 pct in 1986 versus 1985, Foreign Minister Dante
Caputo said.
    Speaking to reporters, Caputo said the near doubling in
trade showed the "tangible and immediate results" of a wide-
ranging economic integration accord signed by the presidents of
both countries last July.
    He said trade last year totalled 1.3 billion dlrs versus
700 mln dlrs in 1985.
    The accord provided for capital goods trade between the two
countries to rise to 2.0 billion dlrs over four years.
    Argentine wheat exports to Brazil will increase from
1,375,000 tonnes in 1987 to 2.0 mln tonnes in 1991, the accord
said.
 Reuter
3;
bodyend
documentend
documentstart
2537
topicstart
topicend
bodystart
2;

SIA TO APPEAL FED RULING ON COMMERCIAL PAPER


    NEW YORK, March 5 - 
The Securities Industry Association,
SIA, has asked the U.S. supreme court to overturn a lower-court
ruling that would allow banks to sell commercial paper, SIA
general counsel William Fitzpatrick said.
    In a petition, the SIA said the court of appeals erred in
upholding the decision of the Federal Reserve board of
governors to permit Bankers Trust New York Corp 
<
BT> to
underwrite and distribute commercial paper.
    The SIA charged that the Fed's ruling violates the 1933
Glass-Steagall Act barring banks from underwriting most types
of securities.
    The court of appeals decision, issued last December,
reversed an earlier district court ruling that selling
commercial paper is an improper bank activity and that private
placements by banks is also improper.
    In an earlier round of the case, decided in 1984, the
Supreme Court upheld the SIA's contention that commercial paper
is a security for the purposes of th Glass-Steagall Act.
    The SIA is a trade association representing the interests
of more than 500 U.S. investment banks and securities firms.
 Reuter
3;
bodyend
documentend
documentstart
2538
topicstart
acq
topicend
bodystart
2;

SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING


    WASHINGTON, March 5 - 
Santa Fe Southern Pacific Corp will
later today formally ask the U.S. Interstate Commerce
Commission (ICC) to reconsider its earlier rejection of the
merger of the holding company's railroad assets, a company
spokesman said.
    "We expect to file papers late tonight" asking the ICC to
reopen the rail merger case, spokesman Rich Hall said in a
telephone interview from the company's Chicago headquarters.
    The ICC had rejected in July, on grounds it would reduce
competition, the merger of the Santa Fe and Southern Pacific
Railroads.
    The deadline for seeking ICC reconsideration of the merger
plan is midnight tonight.
 Reuter
3;
bodyend
documentend
documentstart
2539
topicstart
earn
topicend
bodystart
2;

E.A. VINER HOLDINGS LTD 
<
EAVKF> 4TH QTR LOSS


    TORONTO, March 5 -
    
Shr loss 10 cts vs profit seven cts
    Net loss 918,000 vs profit 585,000
    Revs 5,475,000 vs 4,430,000
    YEAR
    Shr profit 32 cts vs loss 24 cts
    Net profit 2,909,000 vs loss 1,501,000
    Revs 23.7 mln vs 15.0 mln
    Note: 1986 4th qtr net includes 1.5 mln U.S. dlr, or 17 ct
shr, writedown of stake in Heck's Inc 
<
HEX> and 300,000 U.S.
dlr, or three ct shr, writedown of arbitrage positions. 1986
fl-yr net includes 900,000 dlr net writedown of stake in
Heck's.
    U.S. dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2540
topicstart
acq
topicend
bodystart
2;

CARPET FIRM UNIT CUTS ALLIED PRODUCTS
<
ADP> STAKE


    WASHINGTON, March 5 - 
A group led by GFI Nevada Inc, a
subsidiary of General Felt Industries, a Saddlebrook, N.J.
carpet maker, said it cut its stake in Allied Products Corp to
169,888 shares, or 3.4 pct, from 288,652 shares, or 5.8 pct.
    In a filing with the Securities and Exchange Commission,
GFI said it sold 114,000 Allied Products common shares on March
3 at 42 dlrs each and donated another 4,746 shares to two
universities.
    It said its dealings in the company's common stock were for
investment purposes only.

 Reuter
3;
bodyend
documentend
documentstart
2541
topicstart
topicend
bodystart
2;

WORLD BANK PRESIDENT EXPECTS BRAZILIAN DEBT PLAN


    WASHINGTON, March 5 - 
World Bank President Barber Conable
said he was confident Brazil would come up with a debt plan and
that the current suspension on commercial bank debt payments
would be temporary.
    He said Brazil's decision to stop payments on its debt had
captured the attention of the international community but the
country should now produce a plan to reform its overheated
economy.
    "They have everyone's attention but it must be followed by a
constructive plan," he said.
    Conable made his remarks before a group of commercial
bankers at a meeting sponsored by the Export-Import Bank and
later informally to reporters.
 Reuter
3;
bodyend
documentend
documentstart
2542
topicstart
ship
topicend
bodystart
2;

TALKS FAIL TO END BRAZILIAN SEAMEN'S STRIKE


    SAO PAULO, Brazil, March 5 - 
Pay talks aimed at ending a
week-old national seamen's strike collapsed today and the
strike will continue, a union official said.
    The walkout by Brazil's 40,000 seamen has idled 160 ships
in various ports, Jorge Luis Leao Franco, a senior official of
the National Merchant Marine Union, told Reuters.
    The strikers, who are seeking a 275 pct pay increase, have
rejected offers of a 100 pct raise from the state oil company
Petrobras and an 80 pct increase from the National Union of
Maritime Navigation Companies (Syndarma).
    Leao Franco said eight hours of talks in Rio de Janeiro
with Labor Minister Almir Pazzianotto ended today without
resolving the dispute.
    He said six ships were idle abroad -- in the Netherlands,
Spain, Venezuela, France and South Africa.
    Economic analysts said the strike was of major concern to
the government, which has suspended interest payments on part
of Brazil's foreign debt following a drastic deterioration in
the country's trade balance.
    The head of the National Merchant Marine Authority, Murilo
Rubens Habbema, was quoted today as saying that if the strike
continued foreign ships could be authorized to transport
Brazilian exports.
    "Brazil is living through a crisis at the moment and it is
not conceivable that exports be hit," he told the Gazeta
Mercantil newspaper.
 Reuter
3;
bodyend
documentend
documentstart
2543
topicstart
acq
topicend
bodystart
2;

SHEARSON HAS 5.4 PCT OF CHICAGO MILWAUKEE 
<
CHG>


    WASHINGTON, March 5 - 
Shearson Lehman Brothers Inc, the
brokerage subsidiary of American Express Co 
<
AXP>, said it has
acquired 131,300 shares of Chicago Milwaukee Corp, or 5.4 pct
of its total outstanding common stock.
    In a filing with the Securities and Exchange Commission,
Shearson said it bought the stake for 18.8 mln dlrs for
investment purposes and has no intention of seeking control of
the company.
 Reuter
3;
bodyend
documentend
documentstart
2544
topicstart
earn
topicend
bodystart
2;

VINER 
<
EAVKF> VIABLE AFTER HECK'S 
<
HEX> MOVE


    TORONTO, March 5 - 
E.A. Viner Holdings Ltd said the earlier
reported Chapter 11 bankruptcy filing of Heck's Inc 
<
HEX>, in
which Viner holds 408,000 shares, would not materially affect
Viner's capital position or its ability to carry on its
profitable brokerage business.
    Viner said its brokerage subsidiary, Edward A. Viner and Co
had regulatory capital of 24.5 mln U.S. dlrs at year-end 1986.
    The company said Heck's Chapter 11 filing could, however,
affect Viner's previously reported legal action to recover
costs from an aborted merger agreement with Heck's.
     It said it and the Toussie-Viner group, with which it made
the merger offer, were assessing their options regarding the
Heck's investment.
    Viner earlier reported a fourth quarter loss of 918,000
U.S. dlrs after a 1.5 mln dlr writedown of its stake in Heck's.
It earned 585,000 dlrs in the previous fourth quarter.
    Full-year earnings totaled 2.9 mln dlrs against a
year-earlier loss of 1.5 mln dlrs. The full-year earnings
included a 900,000 dlr net writedown of the Heck's stake, it
said.
 Reuter
3;
bodyend
documentend
documentstart
2545
topicstart
topicend
bodystart
2;

ITALY EXPRESSES WILLINGNESS TO SUPPORT BRAZIL


    ROME, March 5 - 
Italian Treasury Minister Giovanni Goria
met Brazilian Finance Minister Dilson Funaro today and
expressed Italy's willingness to support his efforts in trying
to resolve Brazil's pressing debt problems.
    Goria told reporters after meeting Funaro, who is in Rome
on the fifth leg of a tour to seek governmental support for his
efforts to solve Brazil's debt crisis, that Italy's expression
of support was based on reason as much as sympathy.
    "The problems of one country are also those of the rest so
we should all work together to help solve them," Goria said. "It
is in the interest of all to work for the future."
 Reuter
3;
bodyend
documentend
documentstart
2546
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> SUES USAIR 
<
U> OVER POISON PILL


    NEW YORK, March 5 - 
Trans World Airlines Inc said it filed
suit in Delaware Chancery Court against USAir Group Inc and its
board of directors seeking to invalidate its "poison pill"
anti-takeover plan.
    TWA vice president and general counsel Mark Buckstein said
TWA also sought a declaratory judgement from the court that its
52 dlr per share takeover offer for USAir would in no way
interfer with USAir's possible buyout of Peidmont Aviation Inc

<
PIE>.
    Buckstein said TWA asked the court to enjoin the
enforcement of USAir's shareholder rights plan, or "poison
pill." Such provisions, which typically allow for the issue of
securities to shareholders in the event of a hostile takeover
bid, are aimed at deterring takeovers by making them more
expensive.
    USAir earlier today rejected TWA's offer, saying TWA's bid
was an attempt to interfer with its buyout of Piedmont.
    USAir also had said its counsel would investigate the
matter. Tonight, a spokesman for USAir said the airline had no
comment on TWA's lawsuit.
    USAir did respond, however, to a TWA request to the
Department of Transportation for permission to buy up to 51 pct
of USAir stock and place the stock in a voting trust pending
approval of a takeover.
    USAir said the request was "hastily pasted together in
order to take advantage of a regulatory anamoly that would
allow TWA to accomplish in a regulated environment actions that
would be impermissable in the non-regulated economy at large."
    USAir called on the transportation department to reject
TWA's request.
 Reuter
3;
bodyend
documentend
documentstart
2547
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 5 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Columbus and Southern Ohio Electric Co, subsidiary of
American Electric Power Co Inc 
<
AEP> - Offering of 100 mln dlrs
of first mortgage bonds due 2017.
    Blocker Energy Corp 
<
BLK> - Offering of 12 mln shares of
common stock through Drexel Burnham Lambert Inc and Alex. Brown
and Sons Inc.
    Freymiller Trucking Inc - Initial public offering of one
mln shares of common stock, including 250,000 being sold by
current holders, at an estimated 12 to 14 dlrs each through
Alex. Brown and Sons Inc and Bateman Eichler, Hill Richards
Inc.
    Ohio Mattress Co 
<
OMT> - Offeing of 75 mln dlrs of
convertible subordinated debentures due 2012 through Lazard
Freres and Co.
    Zehntel Inc 
<
ZNTL> - Offering of 13.5 mln dlrs of
convertible subordinated debentured due 2012 through Sutro and
Co Inc.
    Intel Corp 
<
INTC> - Offering of 75 mln dlrs of senior
subordinated notes due 1994 and offering of 1.5 mln shares of
convertible cumulative exchangeable Class B preferred stock,
Series C, both through Merrill Lynch Capital Markets.
 Reuter
3;
bodyend
documentend
documentstart
2548
topicstart
earn
topicend
bodystart
2;

<
FOUR SEASONS HOTELS INC> YEAR NET


    TORONTO, March 5 -
    
Oper shr 99 cts vs 54 cts
    Oper net 9,515,000 vs 3,449,000
    Revs 509.3 mln vs 440.5 mln
    Note: 1985 net excludes extraordinary gain of 1.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2549
topicstart
earn
topicend
bodystart
2;

<
IVEY PROPERTIES INC> RAISES QUARTERLY DIVIDEND


    CHARLOTTE, N.C., March 5 - 
Ivey Properties Inc said it
raised its quarterly dividend to 18 cts a share from 14 cts and
declared both an extra dividend of 27 cts a share and a 50 pct
stock dividend.
    It said the dividends will be paid April one to
shareholders of record March  16.
    For the stock dividend, Ivey said it will pay for
fractional shares at 25 dlrs per share.
   
 Reuter
3;
bodyend
documentend
documentstart
2550
topicstart
coffee
topicend
bodystart
2;

MEXICO SUSPENDS OVERSEAS COFFEE SALES


    MEXICO CITY, March 5 - 
Mexico has temporarily suspended
overseas coffee sales due to falling prices triggered by the
failure of the International Coffee Organisation (ICO) meeting
to agree a quota system at its latest meeting, the official
Notimex news agency said.
    "We're just waiting a while for prices to improve," an
unidentified Mexican trader told the agency.
    Mexico has already sold 80 pct of its export coffee
produced in the year to last September, the source said. The
country exports about 3.3 mln 60-kilo bags a year.
 Reuter
3;
bodyend
documentend
documentstart
2551
topicstart
acq
topicend
bodystart
2;

GROUP BOOSTS SCANDINAVIA FUND 
<
SCF> STAKE


    WASHINGTON, March 5 - 
A shareholder group led by a Swedish
investment firm and a Norwegian investor said it raised its
stake in the Scandinavia Fund Inc to 2,165,300 shares, or 33.3
pct of the total, from 1,978,900 shares, or 30.5 pct.
    In a filing with the Securities and Exchange Commission,
the group, which includes Ingemar Rydin Industritillbehor AB,
the firm, and investor Erik Martin Vik, said it bought the
additional shares between Feb 24 and March 9.
 Reuter
3;
bodyend
documentend
documentstart
2552
topicstart
acq
topicend
bodystart
2;

OFFSHORE INVESTMENT FIRM UPS FRANCE FUND STAKE


    WASHINGTON, March 5 - 
VBI Corp, an offshore-based
investment firm, told the Securities and Exchange Commission it
raised its stake in the France Fund Inc 
<
FRN> to 681,800
shares, or 9.1 pct of the total, from 551,000, or 7.4 pct.
    VBI, which is based in Turks and Caicos Islands, the
British West Indies, said it bought the additional shares
between Feb 24 and March 4.
    It has said it bought its France Fund stake for investment
purposes only.
 Reuter
3;
bodyend
documentend
documentstart
2553
topicstart
coffee
topicend
bodystart
2;

COSTA RICA OPTIMISTIC ABOUT REFORMING ICO


    SAN JOSE, March 5 - 
Costa Rica's economy minister said he
sees new hope for winning changes in the International Coffee
Organisation system of export quotas.
    Minister Luis Diego Escalante, who serves as president of
the Costa Rican Coffee Institute, said he was hopeful because
of the support offered Costa Rica and other smaller producing-
nations by such major consumers as the United States, Britain
and the Netherlands at last week's ICO meeting in london.
    Escalante told a news conference here he "carried the weight
of the negotiations" at the meeting by calling for larger export
quotas for the smaller coffee-growing nations.
    Costa rica is insisting, Escalante said, on a new quota
system based on a producing nation's real export capacity, once
it has satisfied internal demand.
    "There are countries such as our own whose sales
possibilities are close to or above 100 pct of their current
quotas," Escalante said.
    At the same time, there are countries favoured by the
current system that have been assigned quotas far above their
export potential, he said.
    The current ICO quota system is "unfair and autocratic,"
Escalante said.
    Escalante attributed the nosedive in international coffee
prices over the last week to speculation rather than real
matters of supply and demand.
    "Be careful," he warned, "there's not as much coffee in the
world as they say. What there is are bags of sawdust."
 Reuter
3;
bodyend
documentend
documentstart
2554
topicstart
money-supply
topicend
bodystart
2;

U.S. MONEY GROWTH SLOWS SHARPLY, ECONOMISTS SAY


    By Alan Wheatley, Reuters


    NEW YORK, March 5 - 
U.S. money supply growth is slowing
down rapidly, and some economists believe that all three of the
Federal Reserve's main monetary aggregates may even have
contracted in February.
    A contraction is unlikely to be a major concern for the
Fed, especially as it would follow a long period of torrid
growth, but it could give the central bank extra leeway in the
weeks ahead if it decided that a relaxation of monetary policy
was justified on account of weakness in the economy.    
    M-1 money supply for the week ended February 23, reported
today, rose 1.9 billion dlrs to 738.5 billion, but preliminary
forecasts call for a drop next week of around two billion dlrs.
The monthly average in January was 737.1 billion dlrs.
    M-1 makes up about a quarter of M-2 and a fifth of M-3.
With other components of M-2, such as money-market deposit
accounts and small time deposits, also falling, the stage is
set for falls in the broader aggregates too, economists say.
    M-1 has been largely discredited because its traditional
link to economic growth has disintegrated under the impact of
falling interest rates and banking deregulation.
    But the consistent behavior of all three aggregates is
likely to impress the Fed, said Ward McCarthy of Merrill Lynch
Economics Inc.
    "The Fed has confidence in the aggregates when they're all
sending the same signal. This is going to raise some eyebrows
at the Fed," McCarthy said.
    Stephen Slifer of Shearson Lehman Brothers Inc added, "We
have some very good-looking monetary aggregate data. It's
coming in a lot weaker than I thought."    
    The economists were quick to caution that one month's data
prove nothing, especially because money growth previously had
been so rapid. M-1 in the last 52 weeks has grown at a 16.7 pct
rate and at a 19.1 pct rate in the past 13 weeks.
    Moreover, some of the contraction in M-2 can probably be
explained by a shift of funds from savings vehicles into the
booming stock market and is thus not an indication of a
slowdown in the business expansion.
    But the data raise the tantalizing possibility for the bond
markets that the slowdown in money growth is partly a
reflection of a weaker economy that needs more Fed stimulus.
    McCarthy noted that the slower money growth coincides with
signs that the economy is losing momentum as the quarter
progresses. "Some of the economic indicators are not as rosy as
they were a month ago," he noted.
    He expects only five to six pct M-1 growth in March and
rises in M-2 and M-3 of about four pct.
    Slifer sees stronger growth of 10 pct in M-1 and five pct
or less for M-2 and M-3, but the rates would still be moderate
enough to encourage the Fed to ease policy if gross national
product for the first quarter proved to be weak. "You'd
certainly be more inclined to ease than you would in the past."
    There was certainly nothing in the Fed's latest balance
sheet, however, to suggest a change of policy is already under
way, economists said. Discount window borrowings were in line
with expectations at 233 mln dlrs a day.
    Robert Brusca of Nikko Securities Co International Inc
argued that an easier Fed policy is unlikely to do much to
solve America's most urgent economic problem, its massive trade
deficit. Because of the possibility that further dollar
depreciation - and thus rising inflation - may be needed to
close the trade gap, Brusca said "I'm not prepared to be all
that optimistic about the bond market."
 Reuter
3;
bodyend
documentend
documentstart
2555
topicstart
cpi
topicend
bodystart
2;

ECUADOR'S CONSUMER PRICES RISE 2.5 PCT IN FEBRUARY


    QUITO, March 5 - 
Ecuador's consumer price index rose 2.5
pct in February to 562.4 (base 1978), the National Statistics
and Census Institute said.
    The rise compared to a 1.8 pct rise in January and a 2.5
pct rise in February 1986.
    The Institute said accumulated overall inflation for the
first two months of this year was 4.0 pct compared to 5.0 pct
for the same period last year.
    Inflation for the 12 months ending February 1987 was 25.5
pct compared to 13.0 pct for the 12 months ending February
1986.
 REUTER
3;
bodyend
documentend
documentstart
2557
topicstart
fishmeal
meal-feed
topicend
bodystart
2;

WEST GERMAN FISHMEAL IMPORTS HIGHEST IN 15 YEARS


    HAMBURG, March 6 - 
West German gross fishmeal imports rose
60,260 tonnes, or 14.6 pct, last year to 471,891 tonnes, the
highest level since 1972, trade sources said.
    Re-exports fell by 6.6 pct, resulting in a surge in net
imports from 175,901 to 251,708 tonnes, an increase of 43 pct.
    Total West German consumption was estimated at around a
high 287,000 tonnes, largely reflecting attractive prices. The
sources, however, could not give comparative figures for 1985.
    South American producer countries supplied 97 pct of West
German requirements, with Chile shipping 229,176 tonnes (1985 -
182,959) and Peru 210,513 (147,014) tonnes.
    The two South American countries' share of the West German
market rose to 93.2 pct from 80.2 pct because imports from
Ecuador fell to 21,110 tonnes in 1986 from 51,722 in 1985.
    West Germany imported 56,823 tonnes of fishmeal in
December, up from 46,236 tonnes in the same 1985 month, with
re-exports at 22,262 tonnes after 25,062 a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
2558
topicstart
earn
topicend
bodystart
2;

TPA OF AMERICA INC 
<
TPS> 4TH QTR LOSS


    LOS ANGELES, March 6 -
    
Shr loss five cts
    Net loss 753,000
    Revs 8,932,000
    Avg shrs 16.0 mln
    Year
    Shr loss seven cts
    Net loss 995,000
    Revs 27.9 mln
    Avg shrs 14.8 mln
    NOTE: Company started operating in August 1985.
    Results reflect change in fiscal year from November 30 end.
 Reuter
3;
bodyend
documentend
documentstart
2559
topicstart
gold
topicend
bodystart
2;

SILVER STATE MINING 
<
SSMC> SEES PRODUCTION RISE


    DENVER, March 6 - 
Silver State Mining Corp said it expects
gold production this year to be more than double 1986's 17,458
ounces.
    The company's 1985 production was 2,050 ounces.
 Reuter
3;
bodyend
documentend
documentstart
2560
topicstart
earn
topicend
bodystart
2;

MCGRATH RENTCORP 
<
MGRC> SEES NET RISING


    SAN LEANDRO, Calif., March 6 - 
McGrath RentCorp said as a
result of its December acquisition of Space Co, it expects
earnings per share in 1987 of 1.15 to 1.30 dlrs per share, up
from 70 cts in 1986.
    The company said pretax net should rise to nine to 10 mln
dlrs from six mln dlrs in 1986 and rental operation revenues to
19 to 22 mln dlrs from 12.5 mln dlrs.
    It said cash flow per share this year should be 2.50 to
three dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2561
topicstart
earn
topicend
bodystart
2;

SILVER STATE MINING CORP 
<
SSMC> 4TH QTR NET


    DENVER, March 6 -
    
Shr one ct vs one ct
    Net 528,790 vs 286,969
    Revs 2,537,803 vs 773,729
    Year
    Shr seven cts vs one ct
    Net 2,429,576 vs 404,394
    Revs 6,726,327 vs 1,150,961
 Reuter
3;
bodyend
documentend
documentstart
2562
topicstart
earn
topicend
bodystart
2;

SIZZLER RESTAURANTS INTERNATIONAL INC 
<
SIZZ> NET


    LOS ANGELES, March 6 -
    
Shr 15 cts vs 14 cts
    Net 2,547,000 vs 2,242,000
    Revs 56.7 mln vs 44.0 mln
    Avg shrs 17.6 mln vs 15.6 mln
    Nine mths
    Shr 54 cts vs 54 cts
    Net 9,249,000 vs 8,334,000
    Revs 173.3 mln vs 134.3 mln
    Avg shrs 17.1 mln vs 15.5 mln
 Reuter
3;
bodyend
documentend
documentstart
2564
topicstart
acq
topicend
bodystart
2;
******
MCANDREWS AND FORBES ARE OFFERING 18.50 DLRS PER SHARE FOR REVLON STOCK

Blah blah blah.
3;


bodyend
documentend
documentstart
2565
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT REVISED TO 550 MLN STG


    LONDON, March 6 - 
The Bank of England said it had revised
its estimate of the shortage in the money market back to its
initial forecast of 550 mln stg.
    At midsession the central bank changed the shortfall to 500
mln and provided assistance worth 96 mln stg through bank bill
purchases in bands one and two at established dealing rates.
 REUTER
3;
bodyend
documentend
documentstart
2566
topicstart
earn
topicend
bodystart
2;

DONEGAL GROUP INC 
<
DGIC> YEAR NET


    MARIETTA, Pa., March 6 -
    
Shr six cts
    Net 155,764
    Revs 6,506,792
    NOTE: Company formed in August 1986.
 Reuter
3;
bodyend
documentend
documentstart
2567
topicstart
earn
topicend
bodystart
2;

PETER MILLER APPAREL GROUP 3RD QTR JAN 31 LOSS


    TORONTO, March 6 -
    
Shr loss 28 cts vs profit seven cts
    Net loss 931,000 vs profit 7,000
    Revs 2.3 mln vs 2.0 mln
    Nine mths
    Shr loss 55 cts vs profit seven cts
    Net loss 1,619,000 vs profit 185,000
    Revs 7.7 mln vs 7.1 mln
    NOTE: Shr figures adjusted for issue of 600,000 shares in
October, 1986. Avg shrs not given.
    Full name is 
<
Peter Miller Apparel Group Inc>.
 Reuter
3;
bodyend
documentend
documentstart
2568
topicstart
earn
topicend
bodystart
2;

KRELITZ INDUSTRIES INC 
<
KRLZ> 3RD QTR NET


    MINNEAPOLIS, March 6 - 
Period ended Jan 31
    Shr seven cts vs 14 cts
    Net 136,000 vs 274,000
    Sales 48.4 mln vs 38.2 mln
    Nine mths
    
    Shr 30 cts vs 17 cts
    Net 573,000 vs 328,000
    Sales 140.0 mln vs 102.4 mln
    NOTE: Prior year period ended Sept 30
    Comparable periods reflect change in fiscal yearend to
April from December
 Reuter
3;
bodyend
documentend
documentstart
2569
topicstart
earn
topicend
bodystart
2;

DONEGAL 
<
DGIC> PROJECTS FULL YEAR RESULTS


    MARIETTA, Pa., March 6 - 
Donegal Group Inc, which today
reported earnings of 155,764 dlrs on revenues of 6,506,792 dlrs
for the period from August 26 startup through the end of 1986,
said it expects "much improved" profits for the full year 1987
on revenues of about 32 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2570
topicstart
acq
topicend
bodystart
2;

MACANDREWS AND FORBES HOLDINGS BIDS FOR REVLON


    NEW YORK, March 6 - 
McAndrews and Forbes Holdings Inc said
it will offer 18.50 dlrs per share for all of Revlon Group
Inc's 
<
REV> outstanding common stock.
    McAndrews said terms of the acquisition have not been
determined and are subject to the acquisition of financing.
    Revlon closed yesterday on the New York Stock Exchange at
14-3/4.
    The company said it would bid for all stock it or its
affiliates do not already own.
    McAndrews and Forbes said it informed the board of
directors of Revlon that it expects to make a formal proposal
in the near future. It also said there can be no assurance as
to the terms of the proposals or that the deal can be
concluded.
 Reuter
3;
bodyend
documentend
documentstart
2572
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 6 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 300,000 to 305,000 head versus
292,000 week ago and 316,000 a year ago.
    Saturday's hog slaughter is guesstimated at about 30,000 to
55,000 head.
    Cattle slaughter is guesstimated at about 128,000 to
130,000 head versus 129,000 week ago and 119,000 a year ago.
    Saturday's cattle slaughter is guesstimated at about 20,000
to 40,000 head.
 Reuter
3;
bodyend
documentend
documentstart
2574
topicstart
acq
topicend
bodystart
2;

BOREALIS IN GOLD EXPLORATION PACT WITH FARAWAY


    CALGARY, Alberta, March 6 - 
<
Borealis Exploration Ltd> said
it entered into an agreement with 
<
Faraway Gold Mines Ltd> of
Vancouver, British Columbia, under which Faraway will acquire
an interest in Borealis's Whale Cove Gold Property in the
Keewatin district of the Northwest Territories.
    Faraway will spend 1.5 mln dlrs on exploration over three
years and will hold 50 pct of the property until all expenses
are paid out, when the interest will drop to 40 pct.
    Also, Borealis and Faraway will issue treasury shares to
each other and Faraway will buy 575,000 Borealis shares from
Borealis president Lorne Spence.
 Reuter
3;
bodyend
documentend
documentstart
2576
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GETS 350 MLN STG AFTERNOON HELP


    LONDON, March 6 - 
The Bank of England said it provided
assistance worth 350 mln stg during the afternoon session which
takes total help so far today to 446 mln stg against a shortage
estimated at around 550 mln stg.
    The central bank purchased outright bank bills comprising
120 mln stg in band one at 10-7/8 pct and 227 mln stg in band
two at 10-13/16 pct. It also bought treasury bills worth one
mln stg in band one and two mln stg in band two at the same
rates of interest as bank bills.
 REUTER
3;
bodyend
documentend
documentstart
2577
topicstart
acq
topicend
bodystart
2;

IMRE 
<
IMRE> SELLS STOCK TO EUROPEAN INSTITUTIONS


    SEATTLE, March 6 - 
IMRE Corp said it has received
commitments for a group of European institutions to buy about
400,000 IMRE shares for 2,500,000 dlrs, with closing expected
on March 16.
                                                   
 Reuter
3;
bodyend
documentend
documentstart
2578
topicstart
acq
topicend
bodystart
2;

INSTRUMENTARIUM ACQUIRES NOKIA SUBSIDIARY


    HELSINKI, March 6 - 
Finland's medical group Instrumentarium
Oy 
<
INMR.HE> said it has acquired electronics components
importers and marketers 
<
Ferrado Oy> and 
<
Insele Oy>,
subsidiaries of Finland's electronics group Nokia Oy 
<
NOKS.HE>.
    It said in a statement Ferrado and Insele will be merged
into Instrumentarium's Professional Electronics and Information
Systems Division.
    It did not disclose a price for the acquisitions but said
it had issued 30,000 restricted B shares as partial payment to
Nokia.
 REUTER
3;
bodyend
documentend
documentstart
2579
topicstart
earn
topicend
bodystart
2;

FUQUA INDUSTRIES INC 
<
FQA> SETS QUARTERLY


    ATLANTA, March 6 -
    
Qtly div six cts vs six cts prior
    Pay April One
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
2580
topicstart
earn
topicend
bodystart
2;

<
M-CORP INC> YEAR DEC 28 NET


    MONTREAL, March 6 -
    
Shr 73 cts vs 55 cts
    Net 1,691,878 vs 1,117,747
    Revs 7.1 mln vs 4.9 mln
    Avg shrs 2.3 mln vs 2.0 mln
    NOTE: Share results reflect two-for-one stock split in
June, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2582
topicstart
acq
topicend
bodystart
2;
******
DOME PETROLEUM REAFFIRMS DOME MINES STAKE FOR SALE AT RIGHT PRICE, SPOKESMAN SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2583
topicstart
acq
topicend
bodystart
2;

COMMONWEALTH MORTGAGE 
<
CCMC> BUYS ARMONK FIRM


    WELLESLEY, Mass., March 6 - 
Commonwealth Mortgage Co said
it purchased Westfiar Funding Corp of Armonk, N.Y., for an
undisclosed amount of cash.
    Commonwealth said Westfair originated 60 mln dlrs of
residential mortgage loans during 1986.
 Reuter
3;
bodyend
documentend
documentstart
2584
topicstart
earn
topicend
bodystart
2;

<
M-CORP INC> RAISES DIVIDEND


    MONTREAL, March 6 -
    
Semi-annual div 7-1/2 cts vs five cts
    Pay April nine
    Record March 26
 Reuter
3;
bodyend
documentend
documentstart
2585
topicstart
crude
topicend
bodystart
2;

PERMIAN 
<
PBT> RAISES CRUDE PRICES


    NEW YORK, MAR 6 - 
Permian Corp said that effective march 5
it raised its posted prices for crude oil 50 cts a barrel.
    The raise brought its posted prices for West texas
Intermediate up by 50 cts to 17.00 dlrs a barrel.
    West Texas Sour was also raised by 50 cts to 17.00 dlrs a
barrel.
    A Permian spokesman said that the South Louisiana sweet
posted prices was also raised 50 cts a barrel to 17.35 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2587
topicstart
earn
topicend
bodystart
2;
******
AMERICAN STORES CO 4TH QTR SHR 1.57 DLRS VS 1.60 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
2590
topicstart
earn
topicend
bodystart
2;

CENTRAL SPRINKLER CORP 
<
CNSP> 1ST QTR JAN 31 NET


    LANSDALE, Pa., March 6 -
    
Shr 19 cts vs 20 cts
    Shr diluted 18 cts vs 18 cts
    Net 578,000 vs 554,000
    Sales 10.7 mln vs 10.4 mln
    Avg shrs 3,006,s302 vs 2,795,820
    Avg shrs diluted 4,271,488 vs 4,081,534
 Reuter
3;
bodyend
documentend
documentstart
2591
topicstart
earn
topicend
bodystart
2;

<
FAR WEST INDUSTRIES INC> RAISES DIVIDEND


    VERNON, British Columbia, March 6 -
    
Annual div four cts vs 1.76 cts
    Pay March 20
    Record March 15
 Reuter
3;
bodyend
documentend
documentstart
2592
topicstart
topicend
bodystart
2;

PACE MEMBERSHIP 
<
PMWI> BUYS BACK NOTES


    DENVER, March 6 - 
Pace Membership Warehouse Inc said it
made a series of recent purchases of its 13 pct subordinated
notes totaling about 13.6 mln dlrs.
    It said the amount of notes originally issued totaled 60
mln dlrs.
    Pace also said it may purchase additional outstanding notes
in the future.
 Reuter
3;
bodyend
documentend
documentstart
2593
topicstart
earn
topicend
bodystart
2;

<
FAR WEST INDUSTRIES INC> YEAR NET


    VERNON, British Columbia, March 6 -
    
Shr 23 cts vs 17 cts
    Net 761,000 vs 490,000
    Revs 7.3 mln vs 4.5 mln

 Reuter
3;
bodyend
documentend
documentstart
2594
topicstart
livestock
topicend
bodystart
2;

U.K. OFFICIALS STUDY SALMONELLA/CALF FEED LINK


    LONDON, March 6 - 
U.K. Officials are studying the possible
link between the use of antibiotics in calf feeds and the
spread of drug-resistant strains of salmonella in humans, a
Ministry of Agriculture official said.
    A study published in the New England Journal of Medicine
yesterday stated that the spread of an unusual strain of
salmonella that is resistant to the drug chloramphenicol had
been shown to be linked to farms that used the drug to promote
the growth of cattle.
   The U.K. Ministry of Agriculture is working with the
Department of Health and the Public Health Laboratory to
investigate the whole subject of resistant strains of
salmonella.
    "The Ministry of Agriculture is concerned about the possible
effects on human and animal health," the official said. The
government is also studying a recommendation from the Farm
Animal Welfare Council (FAWC) to restrict the trade of calves
under 56 days old through markets. The FAWC says this would
help reduce the spread of salmonella.
 Reuter
3;
bodyend
documentend
documentstart
2595
topicstart
grain
corn
topicend
bodystart
2;
******
CANADA RULES U.S. CORN INJURING CANADIAN FARMERS, UPHOLDS DUTY 

Blah blah blah.
3;


bodyend
documentend
documentstart
2596
topicstart
acq
topicend
bodystart
2;

DOME
<
DMP> REPEATS DOME MINES
<
DM> STAKE FOR SALE


    TORONTO, March 6 - 
Dome Petroleum Ltd's 23.2 pct stake of
gold producer Dome Mines Ltd continues to be for sale "at the
right price," spokesman David Annesley said in response to an
inquiry.
    Reaffirming remarks made last year by chairman Howard
Macdonald, Annesley said the company is considering selling its
stake in Dome Mines.
    Concerning Dome Petroleum's 42 pct stake in 
<
Encor Energy
Corp Ltd>, Annesley said "Encor is a strategic investment for
Dome, and we have no intention of selling it."
    Dome spokesman Annesley said in answer to a question that
he was not aware of any negotiations now under way toward the
sale of Dome Petroleum's 20.9 mln Dome Mines shares.
    He also declined to specify at what price the company would
consider selling it shares.
    "Clearly today's prices of more than 15 dlrs a share (of
Dome Mines stock) are very attractive," Annesley commented.
    "We were considering the sale 'at the right price' at a time
when the shares were priced around nine to 10 dlrs," he added. A
price of around 15 dlrs a share would be considered "fairly
attractive," Annesley said.
    Annesley also Dome Petroleum may be able to sell its Dome
Mines' shares at a premium to market prices. "There might be an
opportunity to pick up a premium on that because it would be
virtually a control block in Dome Mines," he said.
    Dome Mines shares traded earlier at 15-1/4 dlrs, off 1/4 on
the Toronto Stock Exchange.
    Dome Petroleum is now negotiating a plan to restructure
debt of more than 6.1 billion Canadian dlrs with a group of 56
major creditors, which includes Dome Mines and Encor Energy.
    The company previously said it expects to detail the plan
to lenders early next week.
 Reuter
3;
bodyend
documentend
documentstart
2598
topicstart
topicend
bodystart
2;

CBA NOVEL AUSTRALIAN DLR ISSUES UPPED TO 125 MLN


    LONDON, March 5 - 
The Commonwealth Bank of Australia's 16
pct Australian dlr 101 pct bond issue of yesterday has been
raised to a total of 125 mln Australian dlrs from 100 mln, lead
manager Swiss Bank Corp International said.
    The coupon is valid for one year and will then be re-fixed
annually at the one-year Australian Treasury rate. There will
also be an investor put option annually at par
 REUTER
3;
bodyend
documentend
documentstart
2599
topicstart
grain
corn
topicend
bodystart
2;
******
CANADA RULES U.S. CORN INJURING CANADIAN  FARMERS, UPHOLDS DUTY

Blah blah blah.
3;


bodyend
documentend
documentstart
2601
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH SPECIAL ADVANCES ANNOUNCED AT 5.3 PCT


    AMSTERDAM, March 6 - 
The Dutch central bank announced new
eleven-day special advances at an unchanged 5.3 pct to aid
money market liquidity, covering the period March 9 to 20.
    The amount will be set at tender on Monday March 9 between
0800 and 0830 GMT. The new facility will replace the current
4.8 billion guilders of seven-day advances expiring Monday.
    Money dealers estimated today's money market shortage at 11
to 11.25 billion guilders, barely changed from yesterday.
    They said call money was still relatively high at 6-1/8 to
6-1/4 pct as a result of the tight set of bids accepted by the
Bank for the previous seven-day facility.
 REUTER
3;
bodyend
documentend
documentstart
2602
topicstart
earn
topicend
bodystart
2;

SELECTERM INC 
<
SLTM> 4TH QTR LOSS


    DANVERS, Mass., March 6 -
    
Shr loss not given vs profit 16 cts
    Net loss 309,000 vs profit 426,000
    Revs 6,358,000 vs 6,747,000
    Year
    Shr profit 27 cts vs profit 76 cts
    Net profit 713,000 vs profit 2,021,000
    Revs 24.9 mln vs 27.1 mln
    NOTE: Pretax net profits 113,000 dlrs vs 824,000 dlrs in
quarter and 1,863,000 dlrs vs 3,606,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
2604
topicstart
acq
topicend
bodystart
2;

STONE CONTAINER 
<
STO> COMPLETES WAITING PERIOD


    CHICAGO, March 6 - 
Stone Container Corp said it and
Southwest Forest Industries Inc 
<
SWF> completed all waiting
period requirements under the Hart-Scott-Rodino Anti-Trust
Improvements Act of 1976.
    Stone said it will proceed with its previously proposed
acquisition of Southwest.
 Reuter
3;
bodyend
documentend
documentstart
2606
topicstart
coffee
topicend
bodystart
2;

ICO QUOTA TALKS FAILURE PARALYSE HAMBURG MARKET


    HAMBURG, March 6 - 
The failure of International Coffee
Organization talks on the reintroduction of quotas has
paralysed business on the Hamburg green coffee market in the
past week, trade sources said.
    There was only sporadic activity for spot material, which
was mainly requirement buying, they said, adding that
pre-registered coffees were no longer available.
    They said they expected Brazil and Colombia to open export
registrations for May shipment next week. However, the
president of the Brazilian Coffee Institute, Jorio Dauster,
said yesterday he had not yet decided when its registrations
would reopen.
 REUTER
3;
bodyend
documentend
documentstart
2608
topicstart
earn
topicend
bodystart
2;

RESIDENTIAL MORTGAGE INVESTMENTS INC 
<
RMI>PAYOUT


    FORT WORTH, Texas, March 6 -
    
Qtly div 24 cts vs 24 cts prior
    Pay April 10
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
2609
topicstart
acq
topicend
bodystart
2;

SOUTHWEST 
<
SWF>, STONE 
<
STO> COMPLY FOR MERGER


    PHOENIX, Ariz., March 6 - 
Southwest Forest Industries said
it and Stone Container Corp have complied with all federal
waiting period requirements for Stone's proposed 32.25 dlr per
share cash acquisition of Southwest.
    Southwest currently has 12.3 mln shares outstanding. The
companies entered into a merger agreement on January 27, and
made their initial findings with the Department of Justice and
the Federal Trade Commission on February three.
    Southwest said the waiting period expired on March 5,
without receiving a formal second request for information.
   
REUTER...^M
3;
bodyend
documentend
documentstart
2610
topicstart
topicend
bodystart
2;

STATE BANK OF SOUTH AUSTRALIA ISSUES NOVEL BOND


    LONDON, March 6 - 
The State Bank of South Australia is
issuing a novel 50 mln Australian dlr eurobond due April 8,
1992 paying an initial coupon of 16-1/4 pct and priced at 101
pct, lead manager Swiss Bank Corp International said.
    The coupon will then be re-fixed annually at the one-year
Australian Treasury rate. There will also be an investor put
option annually at par. The selling concession is 3/4 pct while
management and underwriting combined pays 3/8 pct.
    The non-callable bond is guaranteed by the state of South
Australia and will be listed in Luxembourg. Denominations are
1,000 and 10,000 Australian dlrs. Payment date is April 8.
 REUTER
3;
bodyend
documentend
documentstart
2611
topicstart
earn
topicend
bodystart
2;

OKC LIMITED PARTNERSHIP 
<
OKC> SETS LOWER PAYOUT


    DALLAS, March 6 - 
OKC Limited Partnership said it will make
a five ct per share distribution to unitholders, down from 15
cts in December and payable March 30 to holders of record March
18.
    The partnership said the payout is the largest quarterly
cash distribution allowable under terms of its letter of credit.
 Reuter
3;
bodyend
documentend
documentstart
2613
topicstart
earn
topicend
bodystart
2;

BIOTECH RESEARCH LABORATORIES INC 
<
BTRL> 4TH QTR


    ROCKVILLE, Md, - March 6 -
    
Shr profit one ct vs loss seven cts
    Net profit 63,761 vs loss 43,006
    Revs 1,961,219 vs 1,413,859
    Year
    Shr loss seven cts vs loss 20 cts
    Net loss 380,273 vs loss 1,108,151
    Revs 6,245,012 vs 5,368,522
    Shr out 5,950,000 vs 5,462,547
 Reuter
3;
bodyend
documentend
documentstart
2614
topicstart
topicend
bodystart
2;

SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS


    JOHANNESBURG, March 6 - 
South Africa's director-general of
finance Chris Stals said he was optimistic about reaching a
mutually acceptable agreement with foreign bank creditors in
debt renegotiation talks scheduled to begin next month.
    Stals, the country's chief foreign debt negotiator, said "we
are busy finding out how they (banks) feel. They all have
different opinions. There is no consensus."
    But asked if he was optimistic on agreement for a new debt
repayment plan, Stals replied "yes" in a telephone interview from
his Pretoria office.
    He declined to comment further before the major review of
the interim debt agreement regarding the moratorium on
principal repayments on 13 billion dlrs of South Africa's 24
billion dlr external debt.
    The agreement on the moratorium with some 330 creditor
banks expires on June 30. "We have had a series of discussions
with a great number of banks both bilaterally and individually
on the foreign debt situation in preparation for April," Stals
said.
    He said no date has been set for the meeting and declined
to comment on published reports in the past few months that
banks may demand accelerated repayments.
    Banking sources here said only an escalation of South
African political unrest would increase foreign pressure on
repayments.
    Finance Minister Barend du Plessis said last month that in
the forthcoming talks South Africa would give a fair deal to
all creditors but not agree to "unrealistic demands."
 REUTER
3;
bodyend
documentend
documentstart
2615
topicstart
topicend
bodystart
2;

MORGAN STANELY 
<
MS> UNIT SELLS FLOATER CMOS


    NEW YORK, March 6 - 
Morgan Stanley Mortgage Trust I, a unit
of Morgan Stanley Group, is offering 317.8 mln dlrs of
AAA-rated collateralized mortgage obligations that include two
floating-rate tranches, said sole manager Morgan Stanley.
    The floaters have average lives of 7.85 and 15.6 years for
maturities of 2012 and 2015. The rate on the shorter term
floater will be reset quarterly at 55 basis points over
three-month LIBOR while the rate on the longer tranche will be
reset at three-month LIBOR plus 65 basis points.
    Fixed-rate CMO yields are 7.153 to 8.97 pct for maturities
of 2004 to 2017 and average lives of 2.5 to 23.99 years.
 Reuter
3;
bodyend
documentend
documentstart
2616
topicstart
topicend
bodystart
2;

MTECH 
<
MTCH> TO OFFER CONVERTIBLE DEBENTURES


    DALLAS, March 6 - 
MTech Corp said it expects to file
shortly for an offering of subordinated debentures convertibe
into common stock.
    It gave no details on the size of the offering.
 Reuter
3;
bodyend
documentend
documentstart
2617
topicstart
grain
corn
topicend
bodystart
2;

CANADA UPHOLDS COUNTERVAIL DUTY ON U.S. CORN


    OTTAWA, March 6 - 
The Canadian Import Tribunal ruled today
subsidized U.S. corn imports were injurious to Canadian growers
and upheld a countervailing duty of 84.9 U.S. cts a bushel set
earlier this year.
    The ruling is the result of trade action launched in 1985
by the Ontario Corn Producers Association that contended U.S.
subsidies were driving American corn prices below Canadian
production costs.
    A spokesman for the Department of Revenue said a study of
the level of the duty will be undertaken in the next six months
to determine if it should be adjusted.
 Reuter
3;
bodyend
documentend
documentstart
2618
topicstart
jobs
ipi
gnp
income
trade
retail
topicend
bodystart
2;

FEBRUARY U.S. JOBS GAINS SHOW STRONGER ECONOMY


    by Kathleen Hays


    NEW YORK, March 6 - 
Momentum in th U.S. economy may be
picking up given solid across-the board increases in the
February U.S. employment report, economists said.
    U.S. non-farm payroll employment rose 337,000 in February,
twice what the financial markets expected. This follows a
319,000 gain in January, revised down from a previously
reported 448,000 increase.
    "Even if you look at January and February together, this is
still a much stronger report than the consensus expectation in
the market," said Allan Leslie of Discount Corporation.
    Economists stressed that gains in hours worked signal much
larger gains in February U.S. production and income than
previously forecast.
    The average work week rose 0.2 hours to 35.0 hours from
34.8 hours in January. The average manufacturing work week rose
0.3 hours to 41.2 hours, the longest factory work week since
November 1966, the Commerce Department said.
    "The gains in manufacturing employment point to a very
large increase in industrial production of between 0.5 and 0.7
pct," said Joe Carson of Chemical Bank. This compares to a 0.4
pct  gain in January U.S. industrial production.
    Peter Greenbaum of Smith Barney Harris Upham and Co Inc
noted that the average wage rate increased to 8.87 dlrs an hour
in February from 8.83 dlrs in January.
    "Combined with the increase in hours worked, this means
we'll get a pretty healthy gain in personal income vis-a-vis
the wage and salary disbursement," he said.
    Greenbaum said that February U.S. personal income should
rise at least 0.5 pct after being flat in January.
    He said the February employment gains are consistent with
his firm's first quarter U.S. real gross national product
growth forecast of 3.7 pct.
    Economists agreed that the employment data were negative
for the credit markets in that they signal a healthier economy
and no easing in the Federal Reserve's monetary policy. But
most said that the market need not fear tighter policy either.
    "This report is another reason for the Fed to not consider
easing," said Ray Stone of Merrill Lynch Capital Markets Inc.  
  "It gives them more room to address the dollar situation," he
said. "If they had to nudge policy tighter, they could do so,
but it's most likely they'll sit and wait."
    "The data have not been uniform," Stone added. "Durable
goods were weak in January and now employment is strong."
    In January, U.S. durable goods orders dropped 7.5 pct,
followed by a 4.0 pct drop in U.S. factory goods orders. U.S.
retail sales fell 5.8 pct, and the U.S. merchandise trade gap
widened to 14.8 billion dlrs.
    "Things just aren't adding up," said Steve Slifer of Lehman
Goverment Securities Inc. "Consumer spending, capital spending,
goverment spending, and net exports data show very weak first
quarter GNP growth of one pct," he said.
    "The employment and production data point to a big
inventory build-up, but that's what we thought in the fourth
quarter and we only got 1.3 pct GNP growth."
    Manufacturing employment gained 50,000 after falling 15,000
in January. Economists estimated that 30,000 of the gain was
accounted for by striking workers in the steel and machinery
industries returning to work.
    Even so, some economists said that the manufacturing gains
have resulted from an improving trade outlook.
    Jason Benderly of Goldman, Sachs and Co noted that the U.S.
trade picture improved in the fourth quarter as net exports
grew at a 20 pct annual rate while the rate of increase in
imports fell to only six pct, and that it continues to improve
in the first quarter.
    "Not only the official statistics for the fourth quarter,
but evidence of a pick up in orders from overseas for paper
products, chemicals, high-tech goods, and capital goods show
that trade is improving," Benderley said.
    "The economy is moving between extremes," he said. "Some
reports are going to look bad and some good, but first quarter
GNP is going to grow in the middle at about three pct."
    A 287,000 gain in services employment comprised the greater
part of February's employment gain. Retail services employment
rose 129,000 in February, compared to a gain of 117,000 in
January, previously reported at 166,000.
    Construction employment rose a slim 2,000 in February. But
this follows a robust 113,000 gain in January, revised down
from a previously reported 142,000 gain.
    The U.S. civilian unemployment rate was unchanged in
February at 6.7 pct. This means the jobless rate has stayed at
6.7 pct for three consecutive months, the lowest reading since
March 1980, the Commerce Department noted.
    "The Federal Reserve has to be pleased with this report,"
Carson said. "This takes away the Fed's flexibility to ease,
but there's no reason to tighten. It's way too early for that."
      
 Reuter
3;
bodyend
documentend
documentstart
2619
topicstart
earn
topicend
bodystart
2;

AMERICAN STORES CO 
<
ASC> 4TH QTR NET


    SALT LAKE CITY, March 6 -
    
Shr 1.57 dlrs vs 1.60 dlrs
    Net 55.7 mln vs 56.5 mln
    Revs 3.7 billion vs 3.6 billion
    Year
    Shr 3.79 dlrs vs 4.11 dlrs
    Net 144.5 vs 154.5 mln
    Revs 14.0 billion vs 13.9 billion
    NOTE: 1986 4th qtr and yr per shr amts includes reduction
of 15 cts per shr for establishment of reorganization reserves.
Tax increase reduced 1986 yr per shr by 26 cts.
 Reuter
3;
bodyend
documentend
documentstart
2620
topicstart
trade
topicend
bodystart
2;

BAKER SAYS G-6 PACT JUST A START


    WASHINGTON, March 6 - 
Treasury Secretary James Baker said
the agreement among industrial nations in Paris last month is
only a start in Washington's drive to intensify economic
cooperation among leading countries.
    In a speech to the National Newspaper Association, Baker
said "the six steps beginning with the Plaza Agreement and
culminating in the Paris Accord, are only a start."
    He added "we see our role as a steward of a process in which
we sit down with our industrial allies to find ways to promote
more balanced international growth."
    The Paris agreements called trade surplus countries to
strengthen their growth and on the U.S. to reduce its budget
deficit. Under such circumstances, the countries agreed their
currencies were within ranges broadly consistent with economic
fundamentals.
    Baker also said he still sees "ominous" signs of pressure for
protectionist trade legislation "and this pressure for
protectionism is coming from new areas of society."
    But he also said he believed a coalition was forming that
supported free trade.
 Reuter
3;
bodyend
documentend
documentstart
2621
topicstart
topicend
bodystart
2;
******
TREASURY'S BAKER FULLY EXPECTS BRAZIL TO STRIKE DEAL WITH PRIVATE CREDITORS

Blah blah blah.
3;


bodyend
documentend
documentstart
2622
topicstart
trade
topicend
bodystart
2;
******
TREASURY'S BAKER FORECASTS REDUCTION IN JAPANESE TRADE SURPLUS THIS YEAR

Blah blah blah.
3;


bodyend
documentend
documentstart
2623
topicstart
dlr
money-fx
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS THERE HAS BEEN NO CHANGE IN U.S. POLICY ON DOLLAR

Blah blah blah.
3;


bodyend
documentend
documentstart
2625
topicstart
topicend
bodystart
2;

USG 
<
USG> SELLS 10-YEAR NOTES AT EIGHT PCT


    NEW YORK, March 6 - 
USG Corp is raising 100 mln dlrs
through an offering of notes due 1997 with an eight pct coupon
and par pricing, said lead manager Salomon Brothers Inc.
    That is 80 basis points more than the yield of comparable
Treasury paper. Non-callable to maturity, the notes are rated
A-1 by Moody's and A by Standard and Poor's. Goldman Sachs and
Shearson Lehman Brothers co-managed the deal.
    Yesterday, USG sold 200 mln dlrs of same-rated debentures
due 2017 that were priced to yield 8.77 pct, or 120 basis
points over Treasuries, through a syndicate headed by Salomon
Brothers.
 Reuter
3;
bodyend
documentend
documentstart
2626
topicstart
money-fx
interest
topicend
bodystart
2;

FED NOT EXPECTED TO ACT IN MONEY MARKETS


    NEW YORK, March 6 - 
The Federal Reserve is unlikely to
operate in the U.S. government securities market during its
usual intervention period this morning, economists said.
    Fed funds opened comfortably at 5-15/16 pct and remained at
that level. Yesterday Fed funds averaged 5.99 pct.
 Reuter
3;
bodyend
documentend
documentstart
2630
topicstart
earn
topicend
bodystart
2;

BOSTON BANCORP 
<
SBOS> SETS TWO FOR ONE SPLIT


    BOSTON, March 6 - 
Boston Bancorp said its board declared a
two-for-one stock split, payable March 31, record March 17.
 Reuter
3;
bodyend
documentend
documentstart
2631
topicstart
topicend
bodystart
2;

SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS


    JOHANNESBURG, March 6 - 
South Africa's director-general of
finance Chris Stals said he was optimistic about reaching a
mutually acceptable agreement with foreign bank creditors in
debt renegotiation talks scheduled to begin next month.
    Stals, the country's chief foreign debt negotiator, said "we
are busy finding out how they (banks) feel. They all have
different opinions. There is no consensus."
    But asked if he was optimistic on agreement for a new debt
repayment plan, Stals replied "yes" in a telephone interview from
his Pretoria office.
    The agreement on the moratorium with some 330 creditor
banks expires on June 30. "We have had a series of discussions
with a great number of banks both bilaterally and individually
on the foreign debt situation in preparation for April," Stals
said.
    He said no date has been set for the meeting and declined
to comment on published reports in the past few months that
banks may demand accelerated repayments.
    Banking sources here said only an escalation of South
African political unrest would increase foreign pressure on
repayments.
    Finance Minister Barend du Plessis said last month that in
the forthcoming talks, South Africa would give a fair deal to
all creditors but not agree to "unrealistic demands."
 Reuter
3;
bodyend
documentend
documentstart
2632
topicstart
topicend
bodystart
2;

BAKER SEES BRAZIL/BANKS REACHING AGREEMENT


    WASHINGTON, March 6 - 
U.S. Treasury Secretary James Baker
said he believes Brazil will strike an agreement with its
private creditors.
    Answering questions from the National Newspaper
Association, Baker said "Brazil is not defaulting on its debt,"
and pointed out its interest payments moratorium was called
because of dwindling foreign reserves.
    He said that based on discussions with Brazilian officials
here last week, he believed Brazil's approach to its problems
was "nonconfrontational," adding, "We fully expect Brazil will
work this out with its private creditors."
    Baker pointed out Brazil was paying in full and on time its
debts to multilateral institutions, the U.S. government and
other western creditor governments.
    The country has declared an interest payments moratorium on
68 billion dlrs of its 108 billion dlr foreign debt and frozen
some 15 billion dlrs in trade and interbank deposits by
commercial bank creditors at Brazilian institutions.
 Reuter
3;
bodyend
documentend
documentstart
2633
topicstart
dlr
money-fx
topicend
bodystart
2;

BAKER DENIES CHANGE IN U.S. POLICY ON DOLLAR


    WASHINGTON, March 6 - 
Treasury Secretary James Baker said
there has been no change in U.S. policy on the value of the
dollar.
    Baker, when asked if the policy was changed in view of
comments yesterday by a senior Commerce Department official who
said he thought the Japanese yen was undervalued against the
dollar by 10 to 15 pct, replied, "No."
    Yesterday Robert Ortner, Undersecretary of Commerce for
Economic Affairs, said he thought the yen was undervalued but
said that was his personal view.
    This remark caused the dollar to drop as it appeared to
conflict with a recent agreement in Paris by the United States
and five other industrial nations that currency rates were at
about the right level to reflect underlying economic
conditions.
    Baker, who spoke earlier to the National Newspaper
Association, declined to elaborate on his statement about U.S.
policy.
 Reuter
3;
bodyend
documentend
documentstart
2634
topicstart
acq
topicend
bodystart
2;
CORRECTION - MACANDREWS AND FORBES HOLDINGS
    In New York story headlined "MacAndrews and Forbes Holdings
bids for Revlon," pls read in headline and first paragraph,
"MacAndrews and Forbes considers bid for Revlon," and in first
paragraph, "MacAndrews and Forbes holdings Inc said it is
considering making a proposal." (Corrects from "bids for
Revlon," in headline and "will offer"in first paragraph)
3;


bodyend
documentend
documentstart
2635
topicstart
ship
topicend
bodystart
2;

SOME SHIPPING RESTRICTIONS REMAIN ON RHINE


    BONN, March 6 - 
Limited shipping restrictions due to high
water remain in force on parts of the West German stretch of
the Rhine river between the Dutch border and the city of Mainz
but most are expected to be lifted this weekend.
    water authority officials said The restrictions, caused by
high water levels, include speed limits and directives to keep
to the middle of the river to prevent damage to the river
banks. The high water was expected to recede within two days to
below levels at which the restrictions come into force.
    Traffic was halted briefly late Tuesday night, Wednesday
and parts of Thursday on stretches of the Rhine between Bonn
and Koblenz but the shipping bans were lifted, the officials
said. Shipping is now permitted on all parts of the West German
section of the Rhine, with restrictions in some areas.
 Reuter
3;
bodyend
documentend
documentstart
2637
topicstart
acq
topicend
bodystart
2;

HAWKER SIDDELEY OFFER FOR CLAROSTAT 
<
CLR> ENDS


    NEW YORK, March 6 - 
<
Hawker Siddeley Group PLC>'s offer of
74 dlrs a share for all of Clarostat Mfg Co Inc's stock was
scheduled to expire at 2400 EST yesterday.
    Company officials were unavailable for comment as to why
the American Stock Exchange had stopped trading in Clarostat's
stock for a pending news announcement.
 Reuter
3;
bodyend
documentend
documentstart
2638
topicstart
acq
topicend
bodystart
2;

TAFT 
<
TFB> GIVEN DEADLINE ON BUYOUT PROPOSAL


    PROVIDENCE, R.I., March 6 - 
Narragansett Capital Inc 
<
NARR>
said it and Dudley S. Taft have requested a response from Taft
Broadcasting Co by March 12.
    Earlier today, Taft Broadcasting said Taft, the company's
vice chairman, and Narragansett had offered 145 dlrs for each
of Taft's 9.2 mln outstanding shares.
    The company said the offer is conditioned on approval of
its board, but a spokesman declined comment on whether or not
the board has scheduled a meeting.
     The Narragansett/Taft group will provide the equity portion
of the offer by contributing at least 125 mln dlrs in cash and
Taft Broadcasting common, Narragansett said.
    It said the group has been advised by First Boston Inc's

<
FBC> First Boston Corp that the investment banker is "highly
confident that financing for the acquisition can be
consummated."
    Narragansett said the offer is subject to negotiation of a
definitive merger agreement and definitive financing agreements
as well as approval by regulators, Taft's board and Taft's
stockholders.
    The Narragansett/Taft group said its letter to Taft's board
states the group intends to return control over a significant
portion of the company's equity to the Taft family while
providing other stockholders with a means of realizing a very
attractive value for their shares.
 Reuter
3;
bodyend
documentend
documentstart
2644
topicstart
topicend
bodystart
2;

SOUTHDOWN 
<
SDW> DOWNGRADED BY S/P


    NEW YORK, March 6 - 
Standard and Poor's said it lowered its
rating of Southdown Inc's 50 mln dlrs of sinking fund
debentures to BB-plus from BBB and removed the issue from
Creditwatch.
    The downgrading reflects higher debt levels from the
debt-financed repurchase of 89 mln dlrs worth of common shares,
combined with a bleaker earnings outlook due to weakness in key
energy and Southwest cement markets.
 Reuter
3;
bodyend
documentend
documentstart
2645
topicstart
earn
topicend
bodystart
2;

<
PETER MILLER APPAREL GROUP INC> 3RD QTR LOSS


    Toronto, March 6 - 
period ended January 31
    Shr loss 28 cts vs profit seven cts
    Net loss 931,000 vs profit 7,000
    Sales 2,303,000 vs 2,006,000
    Nine mths
    Shr loss 55 cts vs profit seven cts
    Net loss 1,619,000 vs profit 185,000
    Sales 7,684,000 vs 7,059,000
    Note: per share reflects issue of 600,000 shares in October
1986.
 Reuter
3;
bodyend
documentend
documentstart
2646
topicstart
topicend
bodystart
2;

QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND


    LONDON, March 6 - 
La Caisse Centrale Desjardins Du Quebec
is issuing a 10 billion yen eurobond due April 7, 1994 paying
five pct and priced at 102-3/8 pct, Yamaichi International
(Europe) Ltd said as joint book runner for the deal.
    Tokai International Ltd is other joint book runner.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
2647
topicstart
acq
topicend
bodystart
2;

SANTA FE SOUTHERN 
<
SFX> APPEALS MERGER RULING


    CHICAGO, March 6 - 
Santa Fe Southern Pacific Corp said it
filed a petition asking the U.S. Interstate Commerce Commission
to reconsider its earlier rejection of the merger of the
holding company's railroad assets.
    The ICC had rejected in July the merger of the Santa Fe and
Southern Pacific Railroads on the grounds that it would reduce
competition.
    Santa Fe in its petition outlines an array of
pro-competitive agreements with other railroads which would
preserve the economic benefits of the merger for the merged
railroad and the public.
    If the commission agrees that public benefits and
competitive enhancements will result, it can vote to reopen the
merger case. Interested parties have until March 25 to file
statements in response to the supplemental petition.
 Reuter
3;
bodyend
documentend
documentstart
2648
topicstart
trade
topicend
bodystart
2;

BAKER SEES LOWER JAPANESE TRADE SURPLUS


    WASHINGTON, March 6 - 
U.S. Treasury Secretary James Baker
said the Japanese trade surplus would begin to decline this
year.
    He told the National Newspaper Association "You're going to
see a reduction in the Japanese trade surplus -- some of it
this year".
    But he said the reduction would be due principally to the
exchange rate shifts since the Plaza Agreement, and these
shifts would take a long time to work their way through the
system.
 Reuter
3;
bodyend
documentend
documentstart
2649
topicstart
earn
topicend
bodystart
2;
******
CINEPLEX ODEON CORP YEAR OPER SHR BASIC 1.04 DLRS VS 77 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2650
topicstart
acq
topicend
bodystart
2;

MONFORT 
<
MNFT> SOARS ON ACQUISITION AGREEMENT


    NEW YORK, March 6 - 
Monfort of Colorado Inc soared 21-1/2
to 75 in over-the-counter trading, responding to an
announcement late yesterday that the firm will be acquired by
Conagra Inc 
<
CAG>.
    According to a letter of intent signed by both companies,
Conagra will offer 2.5 of its own shares for each of Monfort's
4.3 mln outstanding shares.
    Conagra fell one to 33 on the New York Stock Exchange.
Monfort is an integrated beef and lamb producer.
 Reuter
3;
bodyend
documentend
documentstart
2652
topicstart
acq
topicend
bodystart
2;

NORDBANKEN TO AUCTION ITS FERMENTA SHARES


    STOCKHOLM, March 6 - 
Sweden's 
<
Nordbanken> banking group
said it would sell the 4.2 mln B free shares deposited as loan
collateral by Fermenta AB's 
<
FRMS.ST> founder and former chief
executive Refaat el-Sayed and it planned to buy them up itself.
    The bank said the sale - by public auction on March 16 --
was because of a debtor's inability to repay an overdue loan.
    The B free shares closed at 16.50 crowns on the bourse's
unofficial list -- down from a peak of 300 in January 1986.
Nordbanken said it did not exclude accepting a suitable bid for
the shares although it expected to buy them back itself.
    The statement said the sale did not represent any
withdrawal from Nordbanken's undertakings towards the Fermenta
group and that it had been sanctioned by the other main
shareholders.
    Nordbanken is Fermenta's third largest creditor with loans
of 155 mln crowns. It was one of the four Swedish banks which
last month agreed to advance the group 110 mln crowns to solve
its immediate liquidity problems. Together with two other main
shareholders, it also advanced Fermenta an additional 65 mln
crowns until a new equity issue could be made.
    Fermenta is due to hold an extraordinary shareholders'
meeting on Tuesday to approve the planned equity issue.
    Nordbanken had to make a provision against a 200 mln crown
loan to el-Sayed in its 1986 results.
    Fermenta's new management originally hoped to raise 160 mln
crowns through the new one for four rights issue and an extra
170 mln from an issue to Nordbanken, another major creditor and
shareholder 
<
Gotabanken> and the group's new majority owner

<
Industrivarden AB>.
    The share price was to be 20 crowns. But there has been
doubt over the plans since the stock fell below this level this
week after Fermenta's former chairman Kjell Brandstrom said the
company was in a much worse state than he thought.
 REUTER
3;
bodyend
documentend
documentstart
2655
topicstart
topicend
bodystart
2;

QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND


    LONDON, March 6 - 
La Caisse Centrale Desjardins Du Quebec
is issuing a 10 billion yen eurobond due April 7, 1994 paying
five pct and priced at 102-3/8 pct, Yamaichi International
(Europe) Ltd said as joint book runner for the deal.
    Tokai International Ltd is other joint book runner.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 Reuter
3;
bodyend
documentend
documentstart
2658
topicstart
earn
topicend
bodystart
2;

UNITED INDUSTRIAL CORP 
<
UIC> 4TH QTR LOSS


    NEW YORK, March 6 -
    
Shr loss 1.27 dlrs vs profit 43 cts
    Net loss 17.0 mln vs profit 5,667,000
    Sales 67.8 mln vs 70.1 mln
    Year
    Shr loss 69 cts vs profit 2.18 dlrs
    Net loss 9,174,000 vs profit 29.1 mln
    Sales 272.5 mln vs 269.4 mln
    Avg shrs 13.3 mln vs 13.4 mln
    NOTE: 1986 net includes tax credits of 14.5 mln dlrs in
quarter and 8,408,000 dlrs in year.
    1985 year net includes 616,000 dlr loss from discontinued
operations and 10.6 mln dlr gain on their disposal.
    1986 net both periods includes 19.1 mln dlr provision for
future losses from several major projects in defense contractor
subsidiary.
    Backlog 310 mln dlrs, up six pct from a year before.
    Share adjusted for 10 pct stock dividend in February 1987.
 Reuter
3;
bodyend
documentend
documentstart
2659
topicstart
earn
topicend
bodystart
2;

<
CINEPLEX ODEON CORP> YEAR NET


    TORONTO, March 6 -
    
Oper shr basic 1.04 dlrs vs 77 cts
    Oper shr diluted 89 cts vs 60 cts
    Oper net 31.6 mln vs 12.5 mln
    Revs 500.6 mln vs 170.9 mln
    Avg shrs 29.1 mln vs 14.3 mln
    Note: 1985 net excludes extraordinary gain of 1,756,000
dlrs or 12 cts shr basic and eight cts shr diluted.
    1986 net involves 53-week reporting period to reflect
change in yr-end to coincide with calendar yr.
 Reuter
3;
bodyend
documentend
documentstart
2660
topicstart
acq
topicend
bodystart
2;

MINE SAFETY APPLIANCES 
<
MNES> TO SELL UNIT


    PITTSBURGH, March 6 - 
Mine Safety Appliances Co said it
agreed to sell its filter products division to Donaldson Co Inc

<
DCI> for undisclosed terms.
    It said the filter products unit will be relocated from its
plant in Pennsylvania to a Donaldson facility in Illinois. It
said it expects a number of the unit's 100 employees will be
offered positions with Donaldson.
 Reuter
3;
bodyend
documentend
documentstart
2663
topicstart
earn
topicend
bodystart
2;

PROSPECT GROUP INC 
<
PROSZ> 4TH QTR LOSS


    NEW YORK, March 6 -
    
Shr loss 10 cts vs loss 50 cts
    Net loss 1,830,000 vs loss 3,584,000
    Revs 40.7 mln vs 26.8 mln
    Avg shrs 19.2 mln vs 7,115,847
    12 mths 
    Shr profit 10 cts vs loss 91 cts
    Net profit 1,422,000 vs loss 6,195,000
    Revs 185.7 mln vs 126.9 mln
    Avg shrs 14.8 mln vs 6,811,280
    NOTES: In May 1986 Prospect raised 101,810,0000 dlrs from
an initial public offering of common stock.
    The company purchased in March 1986 MidSouth Corp, a
regional railroad company in Mississippi and Louisiana, which
contributed sales of 39.5 mln dlrs and operating income of 16.3
mln dlrs during first nine months of operation.
 Reuter
3;
bodyend
documentend
documentstart
2664
topicstart
earn
topicend
bodystart
2;

FRANCE FUND INC 
<
FRN> SETS INITIAL DIVIDEND


    NEW YORK, March 6 - 
France Fund Inc said its board declared
an initial dividend of 1.12 dlrs per share, payable April six,
to holders of record March 20.
    The fund said the dividend represents two cts per share for
net investment income realized during 1986 and 1.10 dlrs from
net taxable gains realized during the year.
 Reuter
3;
bodyend
documentend
documentstart
2666
topicstart
earn
topicend
bodystart
2;

HEINEKEN N.V. 
<
HEIN.AS> 1986 YEAR


    AMSTERDAM, March 6 -
    
Pre-tax profit 513.2 mln guilders vs 545.5 mln
    Net profit 285.3 mln guilders vs 265.4 mln
    Consolidated net turnover 6.68 billion guilders vs 6.40
billion
    Net profit per 25.00 guilder nominal share 11.11 guilders
vs 10.33, taking into account one-for-three scrip issue last
year
    Final dividend two guilders vs same, making total 3.50
guilders vs same
 REUTER
3;
bodyend
documentend
documentstart
2667
topicstart
earn
topicend
bodystart
2;

NATIONAL SECURITY INSURANCE CO 
<
NSIC> 4TH QTR


    ELBA, Ala., March 6 -
    
Oper shr loss 15 cts vs profit 57 cts
    Oper net loss 151,000 vs profit 570,000
    Year
    Oper shr profit 2.08 dlrs vs loss 12 cts
    Oper net profit 2,122,000 vs loss 127,000
    NOTE: Net excludes realized capital loss 19,000 dlrs vs
gain 896,000 dlrs in quarter and gains 1,646,000 dlrs vs
1,331,000 dlrs in year.
    1986 net both periods excludes tax credit 1,288,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2668
topicstart
topicend
bodystart
2;

BAKER 
<
BKO>, HUGHES 
<
HT> STILL ON S/P WATCH


    NEW YORK, March 6 - 
Standard and Poor's Corp said debt
ratings on 840 mln dlrs of debt of Baker International Corp and
Hughes Tool Co remain on creditwatch.
    S and P cited the adjournment of a special shareholder
meeting in which Hughes objected to certain conditions for the
merger of the companies set by the U.S. Justice Department.
    If the merger is consumated, S and P would rate the newly
formed Baker Hughes Inc senior debt at A-minus, subordinated
debt at BBB-plus and commercial paper at A-2. But if the merger
does not occur, Baker's senior debt would be cut to A-minus
from A and commercial paper to A-2 from A-1.
    Without the merger, Hughes Tool's current ratings of B-plus
for senior debt, B-minus for subordinated debt and C for
commercial paper would be affirmed, S and P said.
    That would reflect the continuation of dismal industry
conditions and the company's substantially weaker credit
profile, S and P explained.
 Reuter
3;
bodyend
documentend
documentstart
2671
topicstart
earn
topicend
bodystart
2;

CYPRUS MINERALS 
<
CYPM> NAMED IN SUITS


    DENVER, March 6 - 
Cyprus Minerals Co said along with about
40 other companies, it has been named a defendant in 23 product
liability lawsuits filed in California by individual
tireworkers aleging injury as a result of exposure to talc and
other products.
    It said other suits are expected to be brought.
    Cyprus, which produces talc, said it has significant
factual and legal defenses and substantial insurance coverage
and does not expect the suits to have a material adverse impact
on its financial condition.
 Reuter
3;
bodyend
documentend
documentstart
2672
topicstart
acq
topicend
bodystart
2;

DONALDSON 
<
DCI> TO BUY MINE SAFETY 
<
MNES> UNIT


    MINNEAPOLIS, March 6 - 
Donaldson Co Inc said it reached an
agreement to buy the assets of the Filter Products Division of
Mine safety Appliances Co for undisclosed terms.
    It said Filter Products will operate as part of Donaldson's
Industrial Group and its manufacturing operations will be
relocated to Dixon, Ill., from Evans City, Pa.
    Donaldson said the acquisition complements its
microfiltration business and internal research and development
efforts.
 Reuter
3;
bodyend
documentend
documentstart
2674
topicstart
earn
topicend
bodystart
2;

ARUNDEL CORP 
<
ARL> 4TH QTR NET


    BALTIMORE, March 6 -
    
Shr 1.73 dlrs vs 1.66 dlrs
    Net 3,637,000 vs 3,789,000
    Revs 27.6 mln vs 26.6 mln
    Year
    Shr 3.47 dlrs vs 2.34 dlrs
    Net 7,815,000 vs 5,340,000
    Revs 94.3 mln vs 81.9 mln
 Reuter
3;
bodyend
documentend
documentstart
2675
topicstart
topicend
bodystart
2;
******
R.J. REYNOLDS TO REDEEM 1.2 BILLION DLRS OF 11.20 PCT NOTES

Blah blah blah.
3;


bodyend
documentend
documentstart
2677
topicstart
earn
topicend
bodystart
2;

GULF STATES UTILITIES 
<
GSU> GETS QUALIFIED AUDIT


    BEAUMONT, Texas, March 6 - 
Gulf States Utilities Co said
auditor Coopers and Lybrand has issued a qualified opinion on
1986 financial statements.
    Gulf States said the audit opinion satated that without
sufficient rate increases or funds from other sources, Gulf
states may be unable to maintain its financial viability,
which is necessary to permit the realization of its assets and
the liquidation of its liabilities in the ordinary course of
business.
    IT said it received a similar qualified opinion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
2678
topicstart
money-fx
interest
topicend
bodystart
2;
******
FED SETS ONE BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2681
topicstart
ship
topicend
bodystart
2;

MIDMISSISSIPPI RIVER OPENS TODAY FOR SEASON


    CHICAGO, March 6 - 
The Mississippi River is now open for
barge traffic up to the Twin Cities in Minnesota after repairs
were completed and the first barges moved upstream through Lock
and Dam 20 near Quincy, Ill at 0600 CST today, an Army Corps of
Engineers spokesman said.
    About 14 to 15 inches of ice were reported between locks
three and four on the upper Mississippi River, but other
sections were generally free of ice, the spokesman said.
    Midwestern weather has been so mild that barges probably
could have kept loading at Mid-Mississippi River terminals
through the winter, if Lock and Dam 20 had not been scheduled
for repairs, he said.
    The Peoria and La Grange locks on the Illinois River are
still scheduled to close July 13, for two months of repairs.
 Reuter
3;
bodyend
documentend
documentstart
2682
topicstart
topicend
bodystart
2;

FIELDCREST CANNON 
<
FLD> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 6 - 
Fieldcrest Cannon Inc said it filed
with the Securities and Exchange Commission a registration
statement covering a 100 mln dlr issue of convertible
subordinated debentures.
    Proceeds will be used to reduce outstanding bank debt under
the company's revolving credit agreement, Fieldcrest Cannon
said.
    The company named Kidder, Peabody and Co Inc as lead
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
2683
topicstart
money-fx
interest
topicend
bodystart
2;

FED SETS ONE BILLION DLR CUSTOMER REPO


    NEW YORK, March 6 - 
The Federal Reserve entered the
government securities market to arrange one billion dlrs of
customer repurchase agreements, a spokesman for the New York
Fed said.
    Fed funds were trading at 5-15/16 pct at the time of the
indirect injection of temporary reserves, dealers said.
 Reuter
3;
bodyend
documentend
documentstart
2684
topicstart
topicend
bodystart
2;

RESIDENTIAL MORTGAGE 
<
RMI> SELLS CMOS


    NEW YORK, March 6 - 
Residential Mortgage Acceptance Inc, a
unit of Residential Mortgage Investments Inc, is offering 100
mln dlrs of collateralized mortgage obligations, said sole
manager Merrill Lynch Capital Markets.
    Average lives for two floating-rate classes are 2.36 and
11.27 years for maturities of 2011 and 2016. Rates will be
reset at three-month LIBOR plus 35 basis points for the shorter
class and plus 60 basis points for the longer one.
    An inverse floater tranche has an average life of 11.27
years and matures 2016. Its rate will be reset by subtracting
the product of 1.8 times LIBOR from 21.975.
    The Residential CMO package also has three fixed-rate
tranches, Merrill Lynch said.
    Yields on these securities, to be fully paid by dates from
2011 to 2017, range from 7.21 to 8.70 pct. Spreads over
comparable Treasury securities run from 90 to 115 basis points.
Average lives are 2.36 to 23.28 years.
    The issue is rated a top-flight AAA by Standard and Poor's
Corp.
REUTER...^M
3;
bodyend
documentend
documentstart
2686
topicstart
money-supply
reserves
topicend
bodystart
2;

GERMAN CASH IN CIRCULATION UP AT FEBRUARY'S CLOSE


    FRANKFURT, March 6 - 
Cash in circulation in West Germany
rose by 2.8 billion marks in the last week of February to 121.5
billion, a gain of 8.3 pct over the same month last year, the
Bundesbank said.
    Cash in circulation is one of two components of the West
German money supply which the German central bank is targeting
to grow between three and six pct this year.
    Gross currency reserves in the week rose by 200 mln marks
to 109.5 billion. Foreign liabilities fell 100 mln to 22.9
billion, giving a net currency reserves increase of 300 mln to
86.6 billion.
    Commercial bank minimum reserve holdings at the Bundesbank
fell 300 mln marks to 51.9 billion marks at the end of
February, averaging 51.2 billion over the month.
    The rediscount debt of the banking system fell 800 mln
marks to 55.2 billion marks, the Bundesbank said.
    Banks made heavy use of the Lombard emergency funding
facility to meet month-end payments and borrowed 3.1 billion
marks, a rise of 2.9 billion over the week before.
    The net position of public authorities at the Bundesbank
declined 6.7 billion marks in the last week of February.
    The federal government drew down 3.8 billion marks of its
Bundesbank cash deposits, which had stood at 4.1 billion in the
third week of February, and also borrowed a 1.8 billion in
credit from the central bank.
    Federal states' deposits fell 1.5 billion marks to 1.3
billion and their cash credits dropped 400 mln to 300 mln.
    The Bundesbank balance sheet total rose around 5.44 billion
to 222.22 billion marks.
 REUTER
3;
bodyend
documentend
documentstart
2687
topicstart
earn
topicend
bodystart
2;

SUN ELECTRIC CORP 
<
SE> 1ST QTR JAN 31 NET


    CRYSTAL LAKE, ILL., March 6 - 
    
Shr profit 15 cts vs loss six cts
    Net profit 1,051,000 vs loss 381,000
    Revs 50.8 mln vs 41.8 mln
    Avg shrs 7,033,00 vs 6,557,000
    NOTE: 1987 net includes tax credits equal to six cts vs one
cent in 1986.
 Reuter
3;
bodyend
documentend
documentstart
2688
topicstart
crude
topicend
bodystart
2;

ECUADOR SAYS SUSPENDS OIL EXPORTS DUE EARTHQUAKE


    QUITO, March 6 - 
Ecuador today suspended its crude oil
exports indefinitely due to an earthquake last night that
damaged pumping and crude transport installations, an Energy
and Mines MInistry statement said.
    It said the state oil firm Corporacion Estatal Petrolera
Ecuatoriana (CEPE) notified foreign customers that it was
declaring force majeure on its crude exports due to the tremor.
    Ecuador"s OPEC oil output quota is 210,000 barrels per day
(bpd).
    A senior energy ministry official said that one pumping
station at El Salado on Ecuador's main pipeline was damaged.
    He also said an 180 metre section of the pipeline attached
to the bridge over the Aguarico river collapsed.
    The pumping station was about 20 km from the Reventador
volcano, near the epicentre of the quake, which Ecuadorean
seismologists said registered six on the 12-point international
Mercalli scale. The Aguarico bridge was also close to the
volcano, he said.
    The quake struck northern Ecaudor and southern Colombia,
according to Ecuadorean officials. No injuries were reported.
 REUTER
3;
bodyend
documentend
documentstart
2689
topicstart
topicend
bodystart
2;

RJR NABISCO
<
RJR>TO REDEEM 1.2 BILLION DLRS NOTES


    WINSTON-SALEM, N.C., March 6 - 
RJR Nabisco Inc said it will
redeem all 1.2 billion dlrs of its 11.20 pct notes due August
1, 1997 on April Six, using the proceeds from the sale of its
Heublein Inc subsidiary to Grand Metropolitan PLC.
    The company said it completed the previously-announced sale
of Heublein, for 1.2 billion dlrs in cash, today.
    It said the redemption price will be 1,095.22 dlrs,
including accrued interest, for each 1,000 dlrs of the notes.
 Reuter
3;
bodyend
documentend
documentstart
2690
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 6 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Evans and Sutherland Computer Corp (ESCC) - Offering of 50
mln dlrs of 25-year convertible subordinated debentures through
Hambrecht and Quist Inc.
    Gould Inc (GLD) - Offering of two mln shares of convertible
exchangeable preferred stock through First Boston Corp and
Kidder, Peabody and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
2691
topicstart
earn
topicend
bodystart
2;

LEASEWAY TRANSPORTATION CORP 
<
LTC> 4TH QTR LOSS


    CLEVELAND, March 6 -
    
Oper shr loss 39 cts vs profit 62 cts
    Oper net loss 4,628,000 vs profit 7,256,000
    Revs 338.1 mln vs 327.9 mln
    Year
    Oper shr profit 1.12 dlrs vs profit 1.88 dlrs
    Oper net profit 13.2 mln vs 22.2 mln
    Revs 1.32 billion vs 1.29 billion
    NOTE: Net excludes gains from discontinued leasing
operations of 37.6 mln dlrs vs 40.3 mln dlrs in year and 32.6
mln dlrs vs 34.3 mln dlrs in quarter.  Results restated for
discontinued operations.
    1986 net both periods includes charge 6,300,000 dlrs from
elimination of investment tax credits.
 Reuter
3;
bodyend
documentend
documentstart
2692
topicstart
topicend
bodystart
2;

UAL (UAL) HERTZ UNIT FILES 500 MLN DLR OFFERING


    WASHINGTON, March 6 - 
Hertz Corp, a unit of UAL Inc, filed
with the Securities and Exchange Commission for a shelf
offering of up to 500 mln dlrs of senior debt securities on
terms to be set at the time of sale.
    Underwriters were not named in the draft prospectus.
    Hertz said offering proceeds would be used for general
corporate purposes and to reduce short-term borrowings.
 Reuter
3;
bodyend
documentend
documentstart
2693
topicstart
earn
topicend
bodystart
2;

NCH CORP 
<
NCH> 3RD QTR JAN 31 NET


    IRVING, Texas, March 6 -
    
Shr 51 cts vs 44 cts
    Net 4,710,000 vs 4,086,000
    Sales 109.2 mln vs 98.2 mln
    Nine mths
    Shr 1.62 dlrs vs 1.39 dlrs
    Net 15.0 mln vs 13.6 mln
    Sales 314.6 mln vs 279.7 mln
 Reuter
3;
bodyend
documentend
documentstart
2694
topicstart
topicend
bodystart
2;

ALLIED BANCSHARES 
<
ALBN> DOWNGRADED BY MOODY'S


    NEW YORK, March 6 - 
Moody's Investors Service Inc said it
downgraded 50 mln dlrs of debt of Allied Bancshares Inc and the
lead bank, Allied Bank of Texas.
    Cut were the parent's senior debt to Ba-3 from Baa-2 and
commercial paper to Not Prime from Prime-2. The lead bank's
long-term deposits were reduced to Ba-1 from Baa-2 and
short-term deposits were cut to Not Prime from Prime-2.
    Moody's cited the effects of a weak operating environment
on Allied's asset quality and profitability. The rating agency
expects nonperforming loans to remain high by industry
standards because of exposure to energy and real estate.
 Reuter
3;
bodyend
documentend
documentstart
2695
topicstart
earn
topicend
bodystart
2;

NATIONWIDE HAD 1986 PROPERTY-CASUALTY LOSS


    COLUMBUS, Ohio, March 6 - 
<
Nationwide Mutual Insurance Co>
said its property-casualty companies had a net loss of 56 mln
dlrs last year while its life insurance operations earned 66.8
mln dlrs.
    Nationwide said its property-casualty group, the
fourth-largest U.S. property-casualty insurer had a 106 mln dlr
loss in 1986. Nationwide Life Insurance Co earned 62.8 mln dlrs
in 1985, with last year's profit including record capital gains
of 14.4 mln dlrs, up from gains of 2.6 mln dlrs the previous
year.
    The company said its property-casualty group had a record
loss from insurance operations last year of 859 mln dlrs after
policyholders' dividends, up 25 pct from 1985's 710 mln dlrs.
    Nationwide said a surge in claims from personal auto
insurance and the volatile commercial liability coverages
during a period of unprecedented sales growth generated the
loss.
    The company said over 576 mln dlrs of last year's group
losses came from commercial insurance lines and 282 mln dlrs
from its personal auto insurance business.
    Partially offsetting 1986's record insurance losses,
Nationwide said, were record investment gains of 775 mln dlrs
and a 28 mln dlr federal tax credit. The investment gains were
up 39 pct from 1985's gains of 559 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2696
topicstart
heat
topicend
bodystart
2;

SUN 
<
SUN> RAISES HEATING OIL BARGE PRICE


    NEW YORK, March 6 - 
Sun Co's Sun Refining and Marketing
subsidiary said it increased the price it charges contract
barge customers for heating oil in New York harbor 0.50 cent a
gallon, effective today.
    They said the 0.50 cent increase brings Sun's contract
barge price to 49 cts. The recent price hike represents the
fifth this week, totalling 4.75 cts. The increases are
following sharp spot and futures price rises, the company said.
 Reuter
3;
bodyend
documentend
documentstart
2697
topicstart
interest
money-fx
topicend
bodystart
2;

FRENCH PRIMARY BOND MARKET SHOWS NEW SPARKLE


    By Pierre Suchet, Reuters


    PARIS, March 6 - 
The French primary bond market is showing
signs of renewed effervescence after several weeks of lethargy
and the trend is expected to continue if hopes of imminent
interest rate cuts are fulfilled, market operators said.
    The Bank of France is generally expected to give a signal
to the market, possibly at the beginning of next week, by
announcing a quarter point cut in its intervention rate, which
has stood at eight pct since January 2, or in its seven-day
repurchase rate, set at 8-3/4 pct since January 5.
    The central bank's averaged-out day to day call money rate,
the reference rate for interbank money market operators, which
reached 8-3/4 pct on February 18 has fallen to 7-3/4 pct this
week, dealers noted.
    The Bank of France's "open market" policy to regulate the
money markets since December has been based on a floor and
ceiling of rates within the limits of its intervention and
seven day repurchase rates.
    For the moment the sentiment is of "wait and see" on rate
cuts, but there are now more optimists than pessimists among
market operators, a dealer for a major French bank said.
    Dealers said there is abundant liquidity on the bond
market, noting that this week's monthly Treasury tap issue of
11.87 billion francs had a good reception and was fairly easily
absorbed.
    The Treasury had set an upper limit on the issue of 12
billion francs and was likely to continue to try and sell as
much paper as it could over coming months to meet its borrowing
needs for this year of around 150 billion, one banker said.
    Dealers said there was no difficulty in placing liquidity
in the primary market at the moment despite competition from
the surge in investments on the Paris stock exchange.
    There has been a flood of large bond issues, but with
formulas well adapted to market conditions and investor demand
- with warrants or a mix of fixed and floating-rates - which
have been snapped up, and with generally broadly negative fees.
    Dealers pointed to the recent Caisse d'Aide a l'Equipement
des Collectivites Locales (CAECL) 8.90 pct two billion franc
bond with warrants exchangeable for floating-rate bonds issued
over 13 years and 80 days at 97.04 pct with payment date March
9, which was today quoted at -0.90 to -1.10 pct.
    Even classic fixed-rate issues, after being neglected since
the end of last year, are finding buyers, one banker said.
    Dealers said that now the question was to see how the terms
of imminent operations would be set, with great market interest
focussed on the likely three next issues.
    These will include an expected four to five billion franc
issue for Electricite de France, to be followed by a bond of
around one billion francs for Auxiliaire du Credit Foncier, a
subsidiary of the banking group Credit Foncier de France, and a
new issue by tender from the mortgage agency Caisse de
Refinancement Hypothecaire.
 REUTER
3;
bodyend
documentend
documentstart
2698
topicstart
topicend
bodystart
2;
******
U.S. TREASURY SELLING 9.5 BILLION DLRS OF ONE-YEAR BILLS MARCH 12 TO RAISE 275 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
2699
topicstart
acq
topicend
bodystart
2;

FIRST WOMEN'S BANK INVESTOR GROUP OFFER EXPIRES


    NEW YORK, March 6 - 
The investor group owning about 42 pct
of the outstanding capital stock of 
<
The First Women's Bank>
said a cash tender offer for the bank's remaining outstanding
shares at 11 dlrs per share expired on March three.
    The investors said about 132,000 shares, or about 20 pct of
the outstanding, had been tendered.
 Reuter
3;
bodyend
documentend
documentstart
2700
topicstart
earn
topicend
bodystart
2;

COMPUTER MEMORIES INC 
<
CMIN> 3RD QTR LOSS


    CHATSWORTH, Calif., March 6 - 
Period ended December 31.
    Shr loss nine cts vs loss 1.92 dlrs
    Net loss 950,000 vs loss 21,334,000
    Revs 580,000 vs 22.2 mln
    Nine Mths
    Shr loss six cts vs loss 1.23 dlrs
    Net loss 694,000 vs loss 13,710,000
    Revs 5,129,000 vs 111.9 mln
    Note: Current qtr includes tax loss of 118,000 vs loss of
476,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2703
topicstart
topicend
bodystart
2;
******
SALLIE MAE SAYS IT WILL PRICE 300 MLN DLR FLOATING RATE NOTE OFFER MONDAY

Blah blah blah.
3;


bodyend
documentend
documentstart
2705
topicstart
topicend
bodystart
2;

U.S. SETS 9.5 BILLION DLR YEAR-BILL AUCTION


    WASHINGTON, March 6 - 
The U.S. Treasury said it will sell
9.5 billion dlrs of one-year bills at auction.
    The March 12 sale will raise 275 mln dlrs of new cash by
refunding about 9.23 billion dlrs of maturing bills.
    The bills will be issued March 19 in minimum amounts of
10,000 dlrs and mature March 17, 1988.
 Reuter
3;
bodyend
documentend
documentstart
2706
topicstart
topicend
bodystart
2;

NEW JERSEY RESOURCES 
<
NJR> TO OFFER SHARES


    WALL, N.J., March 6 - 
New Jersey Resources corp said it has
filed for an offering of 1,300,000 common shares through
underwriters led by Merrill Lynch and Co Inc 
<
MER> and E.F.
Hutton Group Inc 
<
EFH>.
    It said the offering is expected to be completed in late
March or early April and proceeds will be used to reduce
short-term debt.
 Reuter
3;
bodyend
documentend
documentstart
2707
topicstart
topicend
bodystart
2;

DEN DANSKE LAUNCHES 200 MLN DLR EURO-CD PROGRAMME


    FRANKFURT, March 6 - 
Den Danske Bank of Denmark is raising
200 mln dlrs through a programme of short and medium term
euro-certificates of deposit, arranger London-based Salomon
Brothers International Ltd said in a statement received here.
    Signing takes place today and the first issuance, of
maturities from seven days to five years, should take place
later this month. Denominations would be 500,000 and one mln
dlrs, and similar amounts in sterling and other currencies.
    Aside from the London branch of Den Danske and the
arranger, other dealers in the programme would be the Swiss
Bank Corp International and S.G. Warburg and Co Ltd.
    Salomon said the principal paying agent for the CDs would
be Bankers Trust Co.
    Den Danske's U.S. Domestic commercial paper program is
rated A1 by Standard and Poor's, and P-1 by Moody's rating
agency, Salomon said.
 REUTER
3;
bodyend
documentend
documentstart
2708
topicstart
earn
topicend
bodystart
2;

TRENWICK GROUP INC 
<
TREN> 4TH QTR NET


    WESTPORT, Conn., March 6 -
    
Oper shr profit 18 cts vs loss four cts
    Oper net profit 1,847,000 vs loss 282,000
    Revs 25.9 mln dlrs vs 8,626,000 drs
    12 mths
    Oper shr profit 39 cts vs loss 24 cts
    Oper net profit 3,262,000 vs loss 1,555,000
    revs 67.5 mln vs 27.9 mln dlrs.
    NOTE: 1986 qtr and year excludes investment gains of
1,541,000 and 1,865,000, respectively, and 1985 qtr and year
includes investment gains of 301,000 dlrs and 1,424,000.
 Reuter
3;
bodyend
documentend
documentstart
2709
topicstart
interest
gnp
topicend
bodystart
2;

IMF URGES BELGIUM TO MAKE FURTHER SPENDING CUTS


    BRUSSELS, March 6 - 
The Belgian government, which
introduced large-scale public spending reductions last year,
has been told by an International Monetary Fund team there is
scope for further cuts in 1988.
    The suggestion is contained in the preliminary conclusions
of the annual IMF consultations with Belgium on its economic
policy, a copy of which was distributed to journalists at the
weekly press conference following meetings of the cabinet.
    The IMF team also urges Belgium to adopt a firm interest
rate policy, with a particular emphasis on long-term rates.
    The team's report to the government praises last year's
spending cuts, which are due to reduce 1987 government spending
by 195 billion francs, and says 1986 saw the Belgian economy
perform "better, on a broader basis, than at any time so far in
the 1980s."
    However, it adds that with lower inflation, stabilisation
of the debt to gross national product ratio requires a much
lower budget deficit than the seven pct of GNP target the
government has set itself for 1989.
    The government's net financing requirement was 11.0 pct of
GNP in 1986.
    The report says "The most that can be afforded over the next
few years is a zero growth of real non-interest expenditure of
general Government."
    It says there is a need for a revision of the Belgian tax
system to iron out distortions and meet hopes of a reduced tax
burden but substantial progress is needed in stabilising the
debt to GNP ratio before this is possible.
    "Because of the difficulty of sustaining zero expenditure
growth and of likely growing impatience (for) tax reductions,
we feel that your position would be stronger if you could
decide on rather sharp expenditure reductions in 1988," the
report adds.
    The IMF urges a strong interest rate policy to signal the
government's determination to keep its currency strong and to
curb inflation.
    It says firmer long-term rates would slow private net
long-term capital outflows, which increased strongly in 1986.
    It also urges net repayments of foreign currency debt and
an overhaul of domestic capital markets to facilitate the
subscriptions by non-residents of government bond issues in
Belgian francs.
 REUTER
3;
bodyend
documentend
documentstart
2711
topicstart
earn
topicend
bodystart
2;

BUSH 
<
BSH> REVISES 4TH QTR, YEAR RESULTS UP


    JAMESTOWN, N.Y., March 6 - 
Bush Industries Inc said that
after an audit it has revised upwards its 1986 fourth quarter
and year end results. On February 12 it reported unaudited
results.
    Under the audited amounts, 1986 fourth quarter income was
1,098,978 mln dlrs, or 55 cts a share. The unaudited income for
the period was 1,014,000, or 51 cts per share.
    For the year, the audited amounts showed earnings of
2,505,978, or 1.25 dlrs per share. The prior results reported
income of 2,421,000, or 1.21 dlrs per share. Sales figures for
both periods did not differ significantly from prior amounts.
 Reuter
3;
bodyend
documentend
documentstart
2714
topicstart
acq
topicend
bodystart
2;

FURNITURE (UFURF) UPS BENCH CRAFT (SOFA) STAKE


    WASHINGTON, March 6 - 
Universal Furniture Ltd said in a
filing with the Securities and Exchange Commission that it had
increased its stake in Bench Craft Inc common stock to
2,548,975 shares or 45.3 pct of the total outstanding.
    Universal said its Universal Furniture Industries N.V. unit
bought 235,750 Bench Craft shares March 4 in the
over-the-counter market.
 Reuter
3;
bodyend
documentend
documentstart
2717
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE SERVICE MERCHANDISE 
<
SMCH>


    NEW YORK, March 6 - 
Moody's Investors Service Inc said it
may downgrade Service Merchandise Co's 300 mln dlrs of Ba-2
senior subordinated notes.
    The rating agency said it had anticipated that Service
Merchandise would be able to achieve better operating results
than it actually did in fiscal 1986.
    Moody's said it would assess future prospects for the
company, as well as for the whole catalogue showroom industry.
The agency will also examine the effects of recent acquisitions
on Service Merchandise's operating results, financial structure
and cash flow.
 Reuter
3;
bodyend
documentend
documentstart
2718
topicstart
earn
topicend
bodystart
2;

CLEVITE INDUSTRIES INC 
<
CLEV> 4TH QTR OPER LOSS


    GLENVIEW, Ill., March 6 -
    
Oper net loss 411,000 vs profit 875,000
    Sales 69.7 mln vs 70.5 mln
    Year
    Oper net profit 6,258,000 vs profit 4,785,000
    Sales 299.5 mln vs 297.2 mln
    Note: Company made initial public offering in June, 1986.
Assuming the offering had occurred on Jan. 1, 1986, operating
net income per share would have been 85 cts a share for 1986.
    1986 oper net excludes one-time charge of 16.8 mln dlrs, or
2.46 dlrs a share, in qtr and year due to the February 1987
sale of the company's engine parts division. Oper net for 1986
year also includes profit from discontinued operations of
360,000 dlrs, or five cts a share.
    Oper net for 1986 excludes extraordinary loss of 1.1 mln
dlrs, or 17 cts a share, due to the June 1986 write-off of
unamortized debt issue costs from the public offering. 1985
oper net excludes extraordinary profit of 1.1 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2720
topicstart
earn
topicend
bodystart
2;

CMS ADVERTISING SETS 3-FOR-2 STOCK SPLIT


    OKLAHOMA CITY, March 6 - 
<
CMS Advertising Inc> said its
board has approved a three-for-two stock split in the form of a
dividend payable March 30 to holders of record March 16.
    The company said a similar split was paid December eight,
leaving it with 2,344,200 shares outstanding.
    CMS Advertising said the next split will result in a
proportionate reduction in the exercise price of its stock
purchase warrants to 1.67 dlrs a share from 2.50 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2722
topicstart
earn
topicend
bodystart
2;

CIE FINANCIERE DE PARIBAS 
<
PARI.PA> 1986 YEAR


    PARIS, March 6 -
    
Parent company net profit 385 mln francs vs 226.9 mln
    Dividend five francs vs no comparison
    Note - The financial and banking group was privatised by
the government in January this year.
 Reuter
3;
bodyend
documentend
documentstart
2723
topicstart
earn
topicend
bodystart
2;
CORRECTION - HEINEKEN 1986 YEAR
    In item headlined "HEINEKEN N.V. 
<
HEIN.AS> 1986 YEAR" please
read in first line pre-tax profit 513.2 mln guilders vs 454.5
mln.
    Corrects year ago comparison to 454.5 mln from 545.5 mln.
 Reuter
3;


bodyend
documentend
documentstart
2725
topicstart
interest
topicend
bodystart
2;

BANK OF ENGLAND PRESSURE HOLDS BASE RATES


    By Rowena Whelan, Reuters


    LONDON, March 6 - 
This week's Bank of England resistance to
strong market pressure for lower interest rates succeeded in
holding bank base rates at 11 pct.
    But at a cost of threatening the Chancellor of the
Exchequer Nigel Lawson's policy, stated at the end of the Paris
Group of Six meeting last month, that he wanted to see sterling
broadly stable about then prevailing levels, market sources
said.
    Since then, the pound has risen to 71.8 pct on its closing
trade-weighted index, up from 69.7 pct imediately after the
Paris meeting and up 0.4 on the day.
    Today's peak at 72.0 pct was its highest since August 19.
    A Treasury spokesman said Lawson had said he neither wanted
a substantial rise or fall in sterling. The question is
therefore how large a rise he is ready to see before acting.
    Paul Temperton, chief economist at Merrill Lynch Europe
Ltd, estimated that the government wanted to see the
trade-weighted index about 72-73 pct. "Even after this action
over the last few weeks, sterling's only just within striking
distance of that range," he said.
    Other analysts agree that the government probably has some
broad target range around this area.
    However, they said Lawson would be prepared to see the
pound go higher at least in the short term, despite the risk of
a loss of export competitiveness and cheaper prices on imports.
    "If the Bank of England keeps the interest rates as they
are, what's to stop it (going higher)," said John Cox, executive
director of EBC Amro Bank Ltd, a major operator on the London
foreign exchange market.
    Cox estimates that the Bank of England has been active
selling sterling over the past few days, despite the lack of
general market talk of such intervention, and this has helped
keep it below 1.60 dlrs.
    The pound rose to 1.5870 dlrs from 1.5764 yesterday and
1.5400 February 23, the day after the Paris meeting.
    But Cox says the government must be worried with sterling
heading toward 2.95 marks and would be very concerned if it
holds around these levels.
    He warned the Bank may run the risk of missing the interest
rate boat. "If rates don't come down, the market will say they
ought to have come down and will sell sterling," he said.
    Most dealers agree there is a good deal of "hot money" being
invested in sterling, money simply attracted by high overnight
or one-week rates, which could flow out at equally short
notice.
    However, the authorities will hope that at least a
proportion of the buying reflects long-term investment.
    "The last thing they want to do is reduce them (rates) and
have to jack them back up again," said Richard Jeffrey,
economist at brokerage house Hoare Govett Ltd.
    He said a half point cut would ensure continued support for
sterling, at least in the near term.
    However, most analysts are still looking for a full point
about March 17, Budget Day.
    The Bank must hold out until it sees the reaction to the
Budget, said Temperton.
    The Budget is widely forecast to be a vote winner in the
run-up to a general election, the major factor behind current
bullishness in the government bond and currency markets.
    "Lawson wants to delay a cut in base rates until the budget.
He wants it to be crowned with the glory of an interest rate
cut," said Ian Harwood, economist at Warburg Securities, the
equities arm of Mercury International Group.
    Speculation a clearing bank might break ranks and lead the
way lower were confounded today. There was excitement a fall in
the weekly Treasury Bill rate to 9.7 pct from 10.2 pct last
Friday might mean the Bank had changed its mind.
    This followed the imposition of penal lending rates of 11
3/4 pct on the discount houses yesterday, and was the lowest
since base rates were at 10 pct, early last October.
    However, with this Bill rate pertaining to three-months
money, banking sources said the market could not take the cut
as a guide to the Bank's intentions on short term rates.
 REUTER
3;
bodyend
documentend
documentstart
2727
topicstart
grain
corn
topicend
bodystart
2;

LYNG DISAPPOINTED BY CANADA CORN INJURY DECISION


    WASHINGTON, March 6 - 
U.S. Agriculture Secretary Richard
Lyng said he is "very disappointed" by a Canadian government
finding that U.S. corn has injured Ontario Corn growers.
    "This action is not helpful in the context of the ongoing
U.S.-Canada free trade talks or in the new round of
multilateral trade negotiations," Lyng said in a statement.
    The Canadian government today said Ottawa would continue to
apply a duty of 84.9 cents per bushel on U.S. corn imports.
    Lyng said the U.S. made a case that U.S. corn imports are
not the cause of any problem of Canadian corn producers, adding
that U.S. corn exports to Canada are declining.
    "Apparently they (Canada) have ignored the fact that
Canadian corn and other coarse grain production is rising
faster than consumption," Lyng said.
 Reuter
3;
bodyend
documentend
documentstart
2728
topicstart
acq
topicend
bodystart
2;

BANCROFT 
<
BCV> SHAREHOLDERS REBUKE ZICO OFFER


    NEW YORK, March 6 - 
Bancroft Convertible Fund Inc, the
target of an unfriendly cash offer by 
<
Zico Investment Holdings
Inc>, said its shareholders approved proposals requiring a
66-2/3 pct affirmative vote of all outstanding shares before
fundamental changes in its status could be made.
    Previously, only a simple majority of outstanding shares
was needed to change Bancroft's investment status from a
diversified to a non-diversified fund, among other things.
    Bancroft said its board continues to recommend that
stockholders not tender their shares to Zico, a British Virgin
Islands company which it said had ties to South Africa.
 Reuter
3;
bodyend
documentend
documentstart
2729
topicstart
earn
topicend
bodystart
2;

INT'L TOTALIZATOR 
<
ITSI> SEES BETTER 1ST QTR


    NEW YORK, March 6 - 
International Totalizator Systems Inc
Vice President of Finance Joel Graff said he expects to report
an improved first quarter compared to the 377,000 dlr loss
reported in the year ago quarter.
    "A profit looks quite favorable," Graff said.
    Last week, the automated ticket systems supplier reported a
loss of 1.2 mln dlrs for the 1986.
    Graff said "we invested heavily in 1986, which we believe
will result in higher future growth and earnings for the
company."
 Reuter
3;
bodyend
documentend
documentstart
2735
topicstart
topicend
bodystart
2;

OUTBOARD MARINE 
<
OM> OFFICIALS HAWKING STOCK


    CHICAGO, March 6 - 
Outboard Marine Corp's top executives
are making sales presentations to portfolio managers and
analysts ahead of a planned two mln share offering expected
soon, company officials said.
    Chairman Charles Strang and Wayne Jones, vice president for
strategic planning, are meeting with portfolio managers in New
York and Boston to line up interest for the offering
underwritten solely by Morgan Stanley, the officials said.
    Outboard Marine has been the subject of recurring takeover
rumors, with one rumor this week naming Sun Chemical as the
potential suitor for 40 dlrs a share.
    Sun Chemical is said to have 4.9 pct of Outboard and is
conducting a study on whether to bid for control of the marine
engine and boatbuilding company. A Sun Chemical spokesman
declined to comment.
    Stanley Fishman, analyst at Fahnestock and Co, said it is
better for a suitor to bid for Outboard before the two mln
shares are sold. Outboard now has 17 mln shares outstanding.
    "Even though Outboard would use proceeds from the share
offering to pay down debt, and there would be less debt the
acquiring company would assume, it still means more shares the
suitor must buy to acquire the company," he said.
    Fishman, who has heard the Sun Chemical rumor, said a 40
dlrs a share would just open the bidding.
    Outboard Marine today was trading at 33-5/8, down 5/8.
    "There are only two companies that count in the marine
leisure business, Brunswick Corp 
<
BC> being the first. But you
can't play down number two," He said. "It's a growing field.
There's a lot of leisure money out there. I think 40 would be a
minimum price. It will be higher."
    A Morgan Stanley spokesman said the offering has been
approved by the Securities and Exchange Commission but a
kick-off date and price have not been set.
 Reuter
3;
bodyend
documentend
documentstart
2737
topicstart
acq
topicend
bodystart
2;

BOC GROUP COMPLETES SALE OF UNIT TO CONTROLS


    MURRAY HILL, N.J., March 6 - 
<
BOC Group Inc>'s Airco
Distributor Gases finalized the sale of its Virginia-based gas
appaturs business to 
<
Controls Corp of America>, a newly formed
investment group organized by former Airco employees.
    Under the terms of the sale, Airco said Controls will
continue to make the gas apparaturs product line under the
Airco brand name, marketing the products exclusively through
the Airco's distributor network.
 Reuter
3;
bodyend
documentend
documentstart
2738
topicstart
topicend
bodystart
2;

NEW JERSEY RESOURCES 
<
NJR> FILES TO OFFER STOCK


    WALL, N.J., March 6 - 
New Jersey Resources Corp said it
filed with the Securities and Exchange Commission to offer 1.3
mln common shares through managing underwriters Merrill Lynch
Capital Markets and E.F. Hutton and Co.
    The utility holding company said the offering should be
completed in late March or early April.
    Net proceeds will be used to reduce debt at the company's
main subsidiary, New Jersey Natural Gas Co.

 Reuter
3;
bodyend
documentend
documentstart
2741
topicstart
grain
wheat
corn
topicend
bodystart
2;

U.S. WHEAT GROWERS WANT EEP TO SOVIET UNION


    WASHINGTON, March 6 - 
The U.S. National Association of
Wheat Growers (NAWG) urged the Reagan administration offer the
Soviet Union wheat under the export enhancement program (eep).
    In a letter to Agriculture Secretary Richard Lyng, NAWG
stated its "strong support" for an eep offer to Moscow.
    "We believe that a solid case continues to exist for Soviet
EEP eligibility, and the recently announced and reported Soviet
purchases of U.S. corn indicate a Soviet willingness to
purchase U.S. grain if it is competitively priced," NAWG said.
    "Consequently, we believe it is important to renew the U.S.
eep offer and do all that is reasonably possible to ensure
mutual adherence to the terms of the U.S.-Soviet grain
agreement," the letter said.
 Reuter
3;
bodyend
documentend
documentstart
2742
topicstart
earn
topicend
bodystart
2;

ABN SAYS PROFIT RISE ENCOURAGING IN VIEW DOLLAR


    AMSTERDAM, March 6 - 
Algemene Bank Nederland N.V. 
<
ABNN.AS>
chairman Robertus Hazelhoff said the bank's 10.3 pct increase
in net 1986 profit to 527 mln guilders from 478 mln in 1985 was
encouraging in view of the sharply lower dollar.
    Hazelhoff, speaking at a press conference after the release
of ABN's 1986 results, said a sharp decrease in foreign
earnings had been compensated by a strong domestic performance,
notably in the securities business.
    He said the bank was also proposing a one for 10
share-split which should facilitate trade in the bank's stock.
    News of the split sparked a 14 guilder rise in ABN's share
price on the Amsterdam bourse to a close of 517 guilders.
    Prospects for 1987 hung on three uncertainties, namely the
future trend of the dollar, the level of interest rates and
ABN's share of equities trade, Hazelhoff said.
    Provisions for general contingencies were reduced in 1986
by 4.1 pct to 575 mln guilders, while taxes increased by 2.1
pct to 242 mln guilders, he added.
    Lower global interest rates in 1986 had nipped earnings
margins via traditional lending activities, he said.
    Hazelhoff said ABN was unlikely to continue reducing risk
provisions in the future but he noted the bank was not overly
concerned about default by Latin American debtors, a factor
which brokers say has distanced Dutch insititutions from bank
stocks recently.
    He said that of the bank's estimated 25 financially
troubled sovereign debtors, about one quarter were Latin
American countries. These would ultimately pay up, he said.
    He added that losses incurred through loans to tin
producers in the wake of the tin council crisis at end-1985 had
been written off.
 REUTER
3;
bodyend
documentend
documentstart
2743
topicstart
money-supply
topicend
bodystart
2;
******
CANADIAN MONEY SUPPLY M-1 RISES 217 MLN DLRS IN WEEK, BANK OF CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
2744
topicstart
money-supply
topicend
bodystart
2;

CANADIAN MONEY SUPPLY RISES IN WEEK


    OTTAWA, March 6 - 
Canadian narrowly-defined money supply
M-1 rose 217 mln dlrs to 32.80 billion dlrs in week ended
February 25, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, rose 556 mln dlrs to 75.19 billion dlrs
and M-2, which is M-1-A plus other notice and personal
fixed-term deposit rose 651 mln dlrs to 176.87 billion dlrs.s
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, rose 992 mln dlrs to 216.03 billion dlrs.
    Chartered bank general loans outstanding rose 481 mln dlrs
to 124.99 billion dlrs.
    Canadian liquid plus short term assets fell 854 mln dlrs to
35.40 billion dlrs and total Canadian dollar major assets of
the chartered banks fell 118 mln dlrs to 221.20 billion dlrs.
    Chartered bank net foreign currency assets fell 23 mln dlrs
to minus 1.92 billion dlrs.
    Notes in circulation totalled 16.24 billion dlrs, up 76 mln
dlrs from the week before.
    Government cash balances fell 565 mln dlrs to 4.31 billion
dlrs in week ended March 4.
    Government securities outstanding rose 1.25 billion dlrs to
224.09 billion dlrs in week ended March 4, treasury bills rose
950 mln dlrs to 74.55 billion dlrs and Canada Savings Bonds
fell 57 mln dlrs to 44.34 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2746
topicstart
jobs
topicend
bodystart
2;

FRENCH GOVERNMENT TO STEP UP AID TO JOBLESS


    PARIS, March 6 - 
The government plans to go ahead with a
three billion franc package to help the long-term unemployed,
with the aim of guaranteeing social security payments to
everyone becoming redundant, government officials said.
    At present only about one-third of the country's 2.6 mln
jobless, corresponding to 10.9 pct of the workforce, receive
unemployment benefit.
    Prime Minister Jacques Chirac told a television
interviewer, "As soon as the law is approved, and it will be in
a matter of weeks, all workers made redundant will have the
right to social benefits."
    The money, which will be used to alleviate unemployment
through retraining or project finance, will come from a 7.5
billion franc government fund set up last month to finance
spending on special areas of concern.
    Apart from unemployment, these include relief to farmers
hit by European Community cost-cutting measures.
    French unemployment has risen by more than 40 pct from 1.8
mln when socialist President Francois Mitterrand took office in
1981.
 REUTER
3;
bodyend
documentend
documentstart
2747
topicstart
grain
wheat
topicend
bodystart
2;

USSR WHEAT BONUS OFFER SAID STILL UNDER DEBATE


    WASHINGTON, March 6 - 
The Reagan administration continues
to debate whether to offer subsidized wheat to the Soviet
Union, but would need assurances from the Soviets that they
would buy the wheat before the subsidy offer would be made, a
senior U.S. Agriculture Department official said.
    "I think it still is under active debate whether or not it
would be advisable" to make an the export enhancement offer to
the Soviets, Thomas Kay, administrator of the department's
Foreign Agriculture Service, told Reuters.
    "We'd need some assurances from them (the Soviets) that they
would buy if offered" the wheat under the subsidy plan, he said.
Kay called reports that such an offer was imminent "premature."
    The Reagan administration's cabinet-level Economic Policy
Council is set to meet today to discuss, among other matters,
agricultural policy but is not expected to address a wheat
subsidy offer to the Soviet Union, administration officials
said earlier.
 Reuter
3;
bodyend
documentend
documentstart
2748
topicstart
earn
topicend
bodystart
2;

SUN ELECTRIC CORP 
<
SE> 1ST QTR JAN 31 OPER NET


    CRYSTAL LAKE, Ill., March 6 -
    
Oper shr profit nine cts vs loss seven cts
    Oper net profit 628,000 vs loss 491,000
    Sales 50.7 mln vs 41.8 mln
    Avg shrs 7,033,000 vs 6,557,000
    Note: Oper net excludes extraordinary profit of 423,000
dlrs, or six cts a shr, and 110,000 dlrs, or one ct a share,
respectively, in 1987 and 1986 quarters, from utilization of
tax loss carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
2749
topicstart
grain
corn
topicend
bodystart
2;

CANADA CORN DECISION UNJUSTIFIED - YEUTTER


    WASHINGTON, March 6 - 
U.S. trade representative Clayton
Yeutter said Canada's finding announced today that U.S. corn
imports injure Canadian farmers is "totally unjustified."
    "U.S. corn exports to Canada are so small that it is
inconceivable that they injure Canadian corn farmers by any
reasonable measure," Yeutter said in a statement.
    He said if other countries follow Canada's lead it could
result in "a rash of protectionist actions throughout the
world." French corn growers have recently indicated they will
challenge U.S. corn gluten feed shipments to Europe.
    Yeutter said the U.S. will examine the Canadian decision
closely and if the U.S. believes the decision was not based on
facts, "will carefully evaluate appropriate responses." Yeutter
did not say what steps the U.S. may take in response.
 Reuter
3;
bodyend
documentend
documentstart
2750
topicstart
earn
topicend
bodystart
2;

CETEC CORP 
<
CEC> 4TH QTR NET


    EL MONTE, Calif., March 6 -
    
Oper shr two cts vs eight cts
    Oper net 41,000 vs 153,000
    Sales 7,456,000 vs 7,965,000
    Year
    Oper shr 22 cts vs 50 cts
    Oper net 434,000 vs 1,103,000
    Sales 31 mln vs 33.6 mln
    Note: Current qtr and year figures exclude loss from
discontinued operations of 384,000 dlrs, or 20 cts per share.
    Prior qtr and year figures exclude losses from discontinued
operations of 1.9 mln dlrs, or 88 cts per share and 2.3 mln
dlrs, or 1.07 dlrs per share, respectively.
 Reuter
3;
bodyend
documentend
documentstart
2751
topicstart
earn
topicend
bodystart
2;

RICHTON INTERNATIONAL CORP 
<
RIHL> 3RD QTR JAN 31


    NEW YORK, March 6 -
    
Shr 18 cts vs 39 cts
    Net 507,000 vs 762,000
    Sales 11.3 mln vs 11.7 mln
    Avg shrs 2,789,000 vs 1,961,000
    Nine mths
    Shr 39 cts vs 90 cts
    Net 1,076,000 vs 1,752,000
    Sales 32.9 mln vs 33.3 mln
    Avg shrs 2,771,000 vs 1,955,000
 Reuter
3;
bodyend
documentend
documentstart
2752
topicstart
earn
topicend
bodystart
2;

VALTEK INC 
<
VALT> 3RD QTR JAN 31 NET


    SPRINGVILLE, Utah, March 6 -
    
Shr 18 cts vs 19 cts
    Net 400,413 vs 421,451
    Revs 9,343,228 vs 8,213,449
    Nine mths
    Shr 39 cts vs 46 cts
    Net 853,891 vs 1,011,999
    Revs 24.6 mln vs 22.3 mln
 Reuter
3;
bodyend
documentend
documentstart
2753
topicstart
topicend
bodystart
2;

MOET-HENNESSY ISSUING CONVERTIBLE EUROBOND


    PARIS, March 6 - 
Moet-Hennessy 
<
MHSP.PA> is issuing an 800
mln French franc 10-year eurobond with share warrants,
lead-manager Lazard Freres et Cie said.
    The issue will be priced at par with a one pct coupon, and
each 10,000 franc bond will carry 18 warrants, each giving the
right to subscribe to Moet-Hennessy shares over a three-year
period at 2,720 francs each. The high equity content of the
issue accounts for the low coupon.
    Moet-Hennessy shares closed on the Paris Bourse today at
2,678 francs, up 38 from yesterday's close.
    The issue is being co-lead managed by Credit Lyonnais,
Banque Nationale de Paris (BNP) and Credit Suisse First Boston.
    Payment date will be April 8.
 REUTER
3;
bodyend
documentend
documentstart
2754
topicstart
earn
topicend
bodystart
2;

THE WRITER CORP 
<
WRTC> 4TH QTR LOSS


    DENVER, March 6 -
    
Shr loss 30 cts vs profit 11 cts
    Net loss 1,247,000 vs profit 454,000
    Revs 12.3 mln vs 17.5 mln
    Year
    Shr loss 24 cts vs profit 32 cts
    Net loss 979,000 vs profit 1,303,000
    Revs 60.6 mln vs 61.7 mln
 Reuter
3;
bodyend
documentend
documentstart
2756
topicstart
earn
topicend
bodystart
2;

ROCKY MOUNTAIN MEDICAL CORP 
<
RMEDU> 1ST QTR LOSS


    GREENWOOD VILLAGE, Colo., March 6 - 
Dec 31
    Shr loss one ct
    Net loss 176,639
    Revs 150,300
    NOTE: Company went public in April 1986.
 Reuter
3;
bodyend
documentend
documentstart
2757
topicstart
earn
topicend
bodystart
2;

FIRST AMERICAN BANK AND TRUST 
<
FIAMA> YEAR NET


    NORTH PALM BEACH, Fla., March 6 -
    
Shr 91 cts vs 1.25 dlrs
    Net 8,710,000 vs 11.7 mln
    Avg shrs 9,526,287 vs 9,362,379
    NOTE: Share adjusted for 10 pct stock dividend in May 1986.
    Net includes loan loss provisions of 12.7 mln dlrs vs
2,400,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2758
topicstart
topicend
bodystart
2;

S/P SAYS CORPORATE DOWNGRADES MAY EASE THIS YEAR


    NEW YORK, March 6 - 
Standard and Poor's Corp said it
expects downgrades of corporate debt ratings to ease this year
from the lofty levels of 1986 and 1985.
    However, the rating agency said upgrades will probably stay
at about the same level as in the past few years.
    The narrowing of the gap between downgrades and upgrades
would reflect a calming in takeover frenzy, less volatile
energy markets and slow but steady economic growth, S and P
said.
    In particular, S and P expects that the industrial and
banking sectors would have a less turbulent year than in 1986.
    S and P noted that 60 pct of 1986's downgrades were
concentrated in the industrial sector, where the most negative
factor was takeover fever that led to debt-financed mergers and
acquisitions and costly defenses to fend off takeovers.
    It said takeovers appear to be on the decline this year.
    While S and P noted that the energy markets have stabilized
after last year's collapse, it stressed that 1987 would not
mark a turnaround for this industry.
    In addition, S and P does not expect any big shocks to hit
the junk bond market this year, especially of the magnitude of
1986's unexpected LTV Corp 
<
LTV> bankruptcy filing.
    Utilities, which were a positive influence in the overall
1986 trend, should be a pocket of strength again this year. But
like last year, gas utilities could buck this trend, S and P
said.
    The rating agency said that downgrades would continue to
outpace upgrades among financial institutions. But 1987's
rating changes will not be as skewed as 1986's 2.1 to one ratio
of downgrades to upgrades, S and P predicted.
    S and P said debt ratings for the transportation industry
would remain stable, aside from changes because of mergers. A
detailed report will appear in the March 9 S/P Creditweek.
 Reuter
3;
bodyend
documentend
documentstart
2760
topicstart
sugar
topicend
bodystart
2;

INDIA AGAIN IN MARKET FOR SUGAR - TRADE


    LONDON, March 6 - 
India has called a fresh buying tender
for up to four 13,000 tonne cargoes of white sugar on March 11,
traders here said.
    The tender calls for one cargo of prompt sugar and two to
three with March/April shipment sugar, or the same as the eight
cargoes bought at a tender two days ago. That tender originally
only sought two to three cargoes but resulted in the sale of
eight. India also granted the sellers options to sell twice
that amount at the same price but for April/May shipment.
    Depending on prices, traders said it would be likely for
India again to buy more than the tonnage formally sought.
 Reuter
3;
bodyend
documentend
documentstart
2761
topicstart
earn
topicend
bodystart
2;

<
WARRANTECH CORP> 3RD QTR DEC 31 NET


    NEW YORK, March 6 -
    
Shr profit nil vs loss nil
    Net profit 28,565 vs loss 204,553
    Revs 507,529 vs 6,563
    Nine mths
    Shr loss nil vs loss nil
    Net loss 404,011 vs loss 649,495
    Revs 938,345 vs 32,535
 Reuter
3;
bodyend
documentend
documentstart
2762
topicstart
gold
topicend
bodystart
2;

PIONEER GROUP 
<
PIOG> UNIT GETS MORE LAND


    BOSTON, March 6 - 
The Pioneer Group Inc said its 70
pct-owned Teberebie Goldfields Ltd venture has been granted an
additional concession of land in Ghana to look for and mine
gold.
    The State Gold Mining Corp of Ghana granted the venture an
additional 14.5 square kilometers in Teberebie, Ghana,
contiguous to 11.5 square kilometers granted earlier, the
company said.
    The original concession appears to have a substantial
amount of gold bearing material containing about 2 grams, or
6/100 ounces, of gold per metric ton.
    But the venture has no firm estimates on the costs of
extracting the gold and no assurances can be given that the
reserves can be mined profitably, the company said.
    It said Teberebie Goldfields has not conducted tests on the
newly granted land but added the land seems to be similar in
geological characteristics to the original land.
 Reuter
3;
bodyend
documentend
documentstart
2763
topicstart
acq
topicend
bodystart
2;

INSITUFORM 
<
IGLSF> RAISES STAKE IN UNIT


    NEW YORK, March 6 - 
Insituform Group Ltd of Guernsey,
Channel Islands, said it has exercised an option to convert a
250,000 stg loan to affiliate Insituform Permaline Ltd to
common shares, raising its stake in the unit to 75 pct from 50
pct.
    The remainder is held by Permaline's management and an
investment group.
    Insituform also said James Colclough has resigned from its
board for health reasons and secretary Scott Saltpeter has
resigned, effective June Five.
 Reuter
3;
bodyend
documentend
documentstart
2764
topicstart
copper
topicend
bodystart
2;

COPPER MEETING AGREES GOALS OF STUDY GROUP


    GENEVA, March 6 - 
The world's major copper producing and
consuming countries have reached "a degree of consensus" on
objectives and functions of a future study group aimed at
reviewing the world copper market, officials said.
    Governments represented at a meeting to consider a proposed
forum for copper have recommended that another session be held
in September to consider further the nature of such a group, a
spokesman for the United Nations Conference on Trade and
Development (UNCTAD) said.
    The one-week meeting, which ended today, was held to
examine a U.S. Initiative to set up a copper study group.
    The new body would not aim at negotiating measures to
stabilise depressed world prices.
    Its objectives would include increasing market
transparency, through improved statistics, and undertaking
activities aimed at developing the copper market and
contributing to improvement of demand.
    UNCTAD's spokesman said, "Once they have agreed on detailed
functions and objectives, then the way will be cleared to
setting up the body."
 Reuter
3;
bodyend
documentend
documentstart
2765
topicstart
money-fx
topicend
bodystart
2;

LIFFE FEBRUARY VOLUMES DOWN, BUT EURODOLLARS UP


    LONDON, March 6 - 
Total futures and options turnover on the
London International Financial Futures Exchange (LIFFE) fell
slightly during February, although daily average Eurodollar
volume set a new record, LIFFE said today.
    Total futures and options turnover last month was 822,378
contracts, down from January's 881,778, but sharply above the
comparative February 1986 figure of 463,146 lots, it said.
    Eurodollar turnover during February was 140,417 lots,
against January's 100,941 and the year ago figure of 81,648.
The daily average was a record 7,020 lots, up four pct from the
previous record, set in March 1985.
    February trading encompassed a new daily record of 66,087
contracts on the 19th of the month, exceeding the previous
record of 61,398, which had been set on February 6, LIFFE said.
    FT-SE 100 index futures volume was sharply higher during
February, with 22,109 contracts trading, against January's
15,279 and the year-ago level of 8,181.
    Open interest also set new records last month in
Eurodollars at 29,372 contracts, in FT-SE 100 at 4,898 and in
short sterling interest rate futures at 19,846 lots.
    Key futures volumes as detailed by LIFFE were:
                 Feb'87   Jan'87    Feb'86
 Long gilt      424,865  525,354   134,420
 Eurodollar     140,417  100,941    81,648
 Short sterling  94,720   87,619    67,640
 T-bond          84,694   87,980   133,766
 FT-SE           22,109   15,279     8,181
 Currencies       2,799    2,112     7,737
 Short gilt          74       85     6,516
    Key options volumes as detailed by LIFFE were:
              Feb'87    Jan'87     Feb'86
 Long gilt     44,640    54,329     ----
 Eurodollar     3,580     1,720     2,844
 T-bond         1,737     3,479     ----
 Sterling       1,466     2,223    18,191
 FT-SE          1,277       657     ----
 Total options 52,700    62,408    23,238
    (Long gilt, T-bond and FT-SE index options were not trading
in February 1986).
 Reuter
3;
bodyend
documentend
documentstart
2767
topicstart
crude
topicend
bodystart
2;

COLOMBIAN OIL EXPORTS NOT AFFECTED BY QUAKE


    BOGOTA, March 6 - 
Colombian oil installations were not
damaged by an earthquake which shook Ecuador and southern
Colombia last night and there are no plans to suspend exports,
a spokesman for the state-run oil company Ecopetrol said.
    He said no damage was reported, unlike in Ecuador where
indefinite force majeure was declared on crude exports.
    Colombia currently produces about 360,000 barrels per day
(bpd) of crude. Exports in january totalled 123,000 bpd.
    The quake, which in Colombia measured between 6.5 and seven
on the 12-point international Mercalli scale, caused panic
among residents but no injuries were reported.
 Reuter
3;
bodyend
documentend
documentstart
2768
topicstart
acq
topicend
bodystart
2;

CHICAGO MILWAUKEE 
<
CHG> GREETS SHEARSON STAKE


    CHICAGO, March 6 - 
Chicago Milwaukee Corp said it welcomed
an investment by Shearson Lehman Brothers Inc in its company.
    Yesterday, Shearson Lehman, a subsidiary of American
Express Co (AXP), disclosed in a Securities and Exchange
Commission filing that it holds a 5.35 pct interest in Chicago
Milwaukee.
    Chicago Milwaukee's stock edged up 2-1/8 to 138 on turnover
of 8,100 shares, as one of the biggest gainers on the NYSE. The
stock has been trading in a 154 to 128 range for the last 52
weeks.
    Edwin Jacobson, Chicago Milwaukee president, declined to
comment on movement of the company's stock but said,"From an
investment point of view, we are pleased to have Shearson,
Lehman as a substantial investor."
    Shearson, Lehman purchased the shares for investment
purposes and may continue buying shares depending on market
conditions, according to the filing.
    Chicago Milwaukee, which sold its railroad interests to Soo
Line Railroad Co (SOO) in February 1985, currently manages and
sells its real estate which consists of 28,000 parcels in 11
states.
 Reuter
3;
bodyend
documentend
documentstart
2769
topicstart
acq
topicend
bodystart
2;

DAUPHIN DEPOSIT 
<
DAPN> TO MAKE ACQUISITION


    HARRISBURG, Pa., March 6 - 
Dauphin Deposit Corp said it has
signed a letter of intent to acquire Colonial Bancorp Inc of
New Holland, Pa., in an exchange of 3.6 to 4.4 Dauphin shares
for each colonial share, depending on the market value of
Dauphin shares just before the merger takes place.
    The company said the acquisition is subject to approval by
Colonial shareholders and regulatory authorities.  Colonial had
assets at year-end of about 150 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2771
topicstart
earn
topicend
bodystart
2;

VAN DORN CO 
<
VDC> SETS QUARTERLY


    CLEVELAND, March 6 -
    
Qtly div 27-1/2 cts vs 27-1/2 cts prior
    Pay May One
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
2772
topicstart
earn
topicend
bodystart
2;

M.D.C. HOLDINGS INC 
<
MDC> SETS QUARTERLY


    DENVER, March 6 -
    
Qtly div 10 cts vs 10 cts prior
    Pay March 31
    Record March 16
 Reuter
3;
bodyend
documentend
documentstart
2773
topicstart
earn
topicend
bodystart
2;

CHUBB CORP 
<
CB> SETS QUARTERLY


    NEW YORK, March 6 -
    
Qtly div 42 cts vs 42 cts prior
    Pay April Seven
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
2774
topicstart
topicend
bodystart
2;

MELLON BANK 
<
MEL> SELLS FIVE-YEAR DEPOSIT NOTES


    NEW YORK, March 6 - 
Mellon Bank Corp is raising 150 mln
dlrs via an offering of deposit notes due 1992 with a 7.45 pct
coupon and par pricing, said sole manager First Boston Corp.
    That is 73 basis points more than the yield of comparable
Treasury securities.
    The issue has a one-time call after three years, First
Boston detailed. If Mellon does not redeem the notes at that
time, they will be non-callable to maturity.
    Moody's Investors Service Inc rates the debt Aa-2 and
Standard and Poor's Corp rates it AA.
 Reuter
3;
bodyend
documentend
documentstart
2775
topicstart
crude
topicend
bodystart
2;

CRUDE OIL PRICES UP AS STOCKS, OUTPUT FALL


    BY TED D'AFFLISIO, Reuters


    NEW YORK, March 6 - 
U.S. crude oil prices rose above 18 
dlrs a barrel this week and industry analysts said the price
could rise another dollar as inventories fall.
    "OPEC is keeping its production down, and in the cash market
there is tight supply of crude with short transportation time
to major refining centers," said Daniel McKinley, oil analyst
with Smith Barney, Harris Upham and Co. "That could send prices
50 cts to a dollar higher," he added.
    The U.S. benchmark crude West Texas Intermediate rose to
18.15 dlrs a barrel today, a rise of 1.50 dlrs this week.
    The rally in oil prices this week came after prices fell in
February more than two dlrs from its high of 18.25 dlrs a
barrel.
    "Oil traders were pulling prices down on the assumption that
oil stocks were building and OPEC was producing well above its
15.8 mln bpd quota, but now both of those assumptions have come
under question," McKinley said.
    Yesterday the International Energy Agency in its monthly
report said that oil stocks in the OECD area, or in
industrialized nations, were drawn down by 1.3 mln bpd during
the first quarter of this year.
    IEA estimates that the draw in oil stocks during the first
quarter of this year will come largely from oil companies whose
inventory levels by April one will be an estimated 326 mln
tonnes, or about 74 days consumption.
    Industry analysts also said the estimate of a 3.5 mln bpd
draw in stocks made by Shell Chairman Peter Holmes yesterday
fed speculation that other major companies were destocking.
    Traders said the destocking has come about as a result of a
so-called buyers strike, which kept refiners from buying
officially priced OPEC oil in an effort to get the organization
to offer discounts to the official price.
    "This struggle between the companies and OPEC is the
ultimate game of chicken but it will be resolved relatively
soon. I would imagine by about the middle of the month (March),"
the general trading manager of an international oil company
told Reuters in a telephone interview.
    For its part OPEC has moved to win this game by cutting
excess supplies from the market by a reduction of its own
output, traders said. A Reuter survey estimates OPEC output to
be 14.7 mln bpd this week.
    Also, an earthquake in Ecuador yesterday led it to suspend
oil exports indefintiely and force majeure its shipments.
    "This will reduce short-haul availabilities by about 250,000
bpd almost immediately and the longer the suspension continues,
the larger the draw in stocks will be for companies expecting
it to be there," McKinley said.
    International oil traders said that other short-haul
crudes, such as North Sea Brent, were also scarce because Asian
refiners bought the oil after absorbing a lot of the readily
available Mideast crudes earlier this week.
    If this pattern continues then oil companies will bid up
the price of oil as they purchase for their refineries, trading
managers at several companies told Reuters.
    But there were skeptics who said they wondered how long
OPEC can retain its unity if buyer resistance continues.
    Stephen Hanke, chief economist at Friedburg Commodity
Management, said OPEC production was lower "because of the
Saudi cut (to 3.1 mln bpd) and this could spell trouble if it
gives other members an incentive to exceed their quotas."
     He added, "The Saudis will be picking up the tab for other
members who produce over their quota, and the drain on the
Saudis will continue, forcing them to cut output maybe as low
as 2.5 mln bpd to support the 18 dlrs average price," he added.
    There are also signs of some OPEC crudes being sold in the
spot market at below OPEC official prices, traders said.
    Oil traders said Nigerian Brass River sold for delivery
into the U.S. Gulf at a price related to North Sea brent, which
traded this week at 17.60 dlrs, far below the official price of
18.92 dlrs for the similar quality Bonny Light.
    Iranian oil is also surfacing in the U.S. Gulf and the Far
East at reported discounts to its 17.50 dlrs official price.
    "There is a lot of oil priced on government-to-government
deals, which are below official prices and this is probably
being resold," one international trader said.
 Reuter
3;
bodyend
documentend
documentstart
2777
topicstart
sugar
corn
grain
topicend
bodystart
2;

MGE PLANNING APRIL 6 START UP OF HFCS CONTRACT


    MINNEAPOLIS, March 6 - 
The Minneapolis Grain Exchange (MGE)
will start trading futures contracts in high fructose corn
syrup on April 6 if the Commodity Futures Trading Commission
(CFTC) approves the contract as expected next week.
    Pat Henderson, spokesperson for the MGE, said the exchange
expects contract approval at CFTC's Tuesday meeting. It has
been under review since the exchange submitted the proposal in
December, 1985.
    The proposed contract is based on 48,000 pound lots of
55-pct high fructose corn syrup, the equivalent of one tank
truck of the sweetening agent derived from corn in the wet
milling process. The syrup, commonly called HFCS-55, is most
commonly used as a sweetener in soft drinks and other
beverages.
    Delivery would be by shipping certificate from production
facilities designated by the exchange. The contract, designated
by the symbol "HF," would trade from 0900 to 1315 CST. Months
traded would correspond with the Chicago corn futures months of
March, May, July, September and December.
    Contract price will be quoted per hundred weight, with a
minimum price fluctuation of one cent and maximum fluctuation
of one dlr per CWT.
    "We hope the producers and users of fructose will be
actively involved, those producers being the large processors,
the corn wet millers, and the users being the beverage
bottlers," Henderson said. "But there are potentials for all
types of people to use it. There is quite a list of industries
that utilize fructose."
 Reuter
3;
bodyend
documentend
documentstart
2779
topicstart
earn
topicend
bodystart
2;

FIRST FEDERAL BROOKSVILLE 
<
FFBV> SETS QUARTERLY


    BROOKSVILLE, Fla., March 6 -
    
Qtly div four cts vs four cts prior
    Pay March 31
    Record March 20
    NOTE: First Federal Savings and Loan Association of
Brooksville.
 Reuter
3;
bodyend
documentend
documentstart
2781
topicstart
earn
topicend
bodystart
2;

ALUMINUM CO OF AMERICA 
<
AA> REGULAR DIVIDEND


    PITTSBURGH, March 6 -
    
Qtly div 30 cts vs 30 cts in prior qtr
    Payable May 25
    Record May one
 Reuter
3;
bodyend
documentend
documentstart
2782
topicstart
gold
platinum
palladium
nickel
copper
topicend
bodystart
2;

<
TECHNIGEN PLATINUM CORP> IN METALS FIND


    VANCOUVER, March 6 - 
Technigen Platinum corp said it
initial results of a 13-hole drilling program on its R.M. Nicel
platinum property in Rouyn-Noranda, Quebec, indicate
"extensive" near-surface zones "highly" enriched in gold,
platinum and palladium were found in rocks on the periphery of
a sulphide deposit.
    It said values of up to 0.073 ounce of platinum, 0.206
ounce palladium, three pct copper and 4.5 pct nickel were found
over a drill section of 13 feet.
                  
 More
3;
bodyend
documentend
documentstart
2783
topicstart
acq
topicend
bodystart
2;

SIEMENS WANTS TO AMEND TELECOM PLUS 
<
TELE> PACT


    BOCA RATON, Fla., March 6 - 
Telecom Plus International Inc
said 
<
Siemens AG>'s Siemens Information Systems wants to amend
its agreement to purchase Telecom's 65 pct interest in Tel Plus
Communications to delay payment of 25 mln dlrs for 11 months.
    Telecom's shareholders are scheduled to vote on the 165 mln
dlr transaction Monday.
    Telecom said it advised Siemens it intends to close the
transaction on March 16, as scheduled, if it is approved by
shareholders. A spokesman said this means Telecom will decide
before the 16th whether or not to accept the proposed change.
    Explaining its request for the amendment, Siemens informed
Telecom it had recently become aware of information causing
concern with respect to certain accounting and other matters.
    Siemens said it will therefore need to continue its review
beyond March 16 to determine whether certain representations
and warranties are true.
    Telecom said it advised Siemens it knows of no information
which would make its representations and warranties untrue.
    Siemens already owns the remaining 35 pct of Tel Plus. The
65 pct represenmts Telecom's principal operating asset.
    A Telecom spokesman said the agreement calls for payment of
all but 29 mln dlrs of the price at closing. Of this, 21 mln
dlrs was to be paid 11 months later and two mln dlrs per year
on the anniversary date of the transaction.
    He said Siemens is now proposing that 25 mln dlrs be added
to the 21 mln dlrs to be paid in 11 months.
    Telecom said the proposed amendment would also permit
Siemens to defer repayment of up to an additional 50 pct of
certain intercompany debt until completion of the review.
Telecom said it estimates this to ba about 15 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2784
topicstart
acq
topicend
bodystart
2;
******
LUCKY STORES SAYS IT AND INVESTOR EDELMAN REACHED STANDSTILL AGREEMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
2785
topicstart
gold
topicend
bodystart
2;

PIONEER GROUP UNIT GETS MORE GHANA GOLD LAND


    BOSTON, March 6 - 
The Pioneer Group Inc said its 70
pct-owned Teberebie Goldfields Ltd venture was granted an
additional concession of land in Ghana to seek and mine gold.
    The State Gold Mining Corp of Ghana granted the venture an
additional 14.5 square kilometers in Teberebie, Ghana,
contiguous to 11.5 square kilometers granted earlier.
    The original concession appears to have a substantial
amount of gold bearing material containing about 2 grams, or
6/100 ounces, of gold per tonne. But the venture has no firm
estimate on the costs of extracting the gold and no assurances
can be given that the reserves can be mined profitably, the
company said. It said Teberebie Goldfields has not conducted
tests on the newly granted land but added the land seems to be
similar in geological characteristics to the original land.
 Reuter
3;
bodyend
documentend
documentstart
2786
topicstart
topicend
bodystart
2;

DEBT PROPOSAL FAULTED BY ARGENTINE OBSERVER


    BUENOS AIRES, March 6 - 
A counter-proposal from creditor
banks to Argentina's request for rescheduling its 50 billion
dlr foreign debt was faulty, an Argentine observer at
negotiations said.
    "The negotiations are not going to prosper if (the creditor
banks) do not change the counter-proposal put to Argentina, as
it is a Swiss cheese full of holes," ruling Radical Party Deputy
Raul Baglini said.
    Baglini, who was recently observing negotiations with the
steering committee for Argentina's creditor banks in New York,
spoke to reporters in Mendoza, 600 miles west of Buenos Aires.
    Baglini said the counter-proposal did not take into account
Argentina's request for a 2.15 billion dlr loan to meet four
pct growth targets in 1987.
    He said the steering committee wanted only to discuss some
aspects of the request, while Argentina's negotiators were
laying emphasis on a global pacakge.
    The United States said last week it would back a 500 mln
dlr bridge loan to Argentina.
 Reuter
3;
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2787
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earn
topicend
bodystart
2;

INTERNATIONAL MULTIFOODS CORP 
<
IMC> DIVIDEND


    MINNEAPOLIS, March 6 -
    
Qtly div 29-1/2 cts vs 29-1/2 cts prior
    Pay April 15
    Record March 27
 Reuter
3;
bodyend
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2789
topicstart
earn
topicend
bodystart
2;

HADSON CORP 
<
HADS> 4TH QTR NET


    OKLAHOMA CITY, March 6 -
    
Shr profit four cts vs loss 99 cts
    Net profit 545,000 vs loss 13.1 mln
    Revs 75.3 mln vs 37.9 mln
    Avg shrs 14.8 mln vs 13.1 mln
    Year
    Shr profit 34 cts vs profit 34 cts
    Net profit 4,908,000 vs profit 4,487,000
    Revs 216.8 mln vs 117.7 mln
    Avg shrs 14.6 mln vs 13.1 mln
    NOTE: 1985 net included gain on sale of foreign properties
of 15.5 mln dlrs or 1.19 dlrs per share and a writedown of oil
and gas properties of 12.5 mln dlrs or 96 cts per share. 1985
4th qtr net included writedowns of oil and gas properties.
 Reuter
3;
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2790
topicstart
topicend
bodystart
2;

FUNARO SAYS CREDITORS WILLING TO HELP BRAZIL


    BRASILIA, March 6 - 
Finance Minister Dilson Funaro,
currently on a global tour to seek governmental support for his
efforts to solve Brazil's 108 billion dlrs foreign debt crisis,
said creditors have expressed willingness to help.
    In an interview with the Globo television network,
transmitted from Rome, Funaro said he had proposed a "four-year
plan" to the creditors, which would include a rescaling of the
commitments derived from its debt.
    After visiting the U.S., England, France, West Germany,
Italy and Switzerland, Funaro is now on his way to Tokyo, where
he is to arrive on Sunday for talks with Japanese government
officials as well as private bankers.
 Reuter
3;
bodyend
documentend
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2791
topicstart
acq
topicend
bodystart
2;

LUCKY STORES 
<
LKS>, EDELMAN IN STANDSTILL PACT


    DUBLIN, Calif., March 6 - 
Lucky Stores Inc said it and
investor Asher Edelman agreed on a settlement that prohibits
Edelman and his group from taking specified actions to obtain
control of the company and that limits the Edelman group's
ownership of Lucky's stock to less than five pct of any voting
securities.
    The arrangement also provides for the dismissal of pending
litigation between the parties, Lucky Stores said.
    The settlement also calls for the withdrawal of Edelman's
motion to intervene in pending shareholder actions against
Lucky Stores and its directors, the company said.
    In addition, the standstill provisions also apply to
Hancock Fabrics after it is spun off to Lucky stockholders, the
company said.
    Lucky Stores said the arrangement also calls for the
company to submit to stockholders at a special meeting set for
December 31 a proposal from Edelman seeking their views
concerning repeal of a charter provision that limits the voting
power of substantial Lucky stockholders.
    Edelman, who owns about five pct of Lucky Stores' stock,
last year was rebuffed in his effort to acquire the company.
    Last October Lucky Stores implimented a restructuring
program that included the repurchase of 28 pct of its own
common shares and reincorporation in Delaware.
    The spinoff of Hancock Textile Co, a chain of 324 retail
stores, was one of the key parts of the restructuring program.
    Edelman and his Plaza Securities Co partnership
subsequently sued in an attempt to block the proposed
reincorporation, which was a condition of the repurchase and
restructuring plan.
    Under this latest arrangement, Lucky Stores said it agreed
to reimburse the Edelman group for 2.8 mln dlrs of
out-of-pocket expenses, which include litigation and other
costs.
    "This agreement serves the interests of Lucky stockholders
by avoiding the significant cost of continued litigation and
the accompanying demands on management time," Lucky Stores
chairman John Lillie said in a statement.
 Reuter
3;
bodyend
documentend
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2792
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earn
topicend
bodystart
2;

ATT 
<
T> PHONE PROPOSAL TO HELP PROFITS


    By Samuel Fromartz, Reuters


    NEW YORK, March 6 - 
American Telephone and Telegraph Co's
proposal to deregulate its long distance phone service is
unlikely to produce a radical change in phone rates, but it
should help the company's profits, analysts said.
    "Deregulation will mean more pricing discounts for large
volume users, but status quo for residential users," said
PaineWebber Group analyst Jack Grubman.
    But the proposals will scrap the pricing formula that has
constrained the company's profits in the long distance
business, leading to higher profit margins, analysts said.
    ATT has long pushed for deregulation of its long-distance
business, the profits of which have been limited by a regulated
rate-of-return on the company's investments. The rate was cut
last year to 12.20 from 12.75 pct.
    Earlier today the company proposed to the Federal
Communications Commission to scrap the formula, cut the amount
of time needed to approve rate proposals, and leave it up to
its competitors to oppose it filings.
    MCI Communications Corp 
<
MCIC> made a similar filing
yesterday, saying greater the moves would increase competition
in the telephone business.
    Analysts said the proposals will allow ATT to cut costs in
the long-distance unit, and increase its profit margins
previously constrained by the rate of return. But many said
they did not expect the proposals to lead to higher prices in
the industry, simply because of the competition the phone
industry giant faces.
    "You probably wouldn't see as much of a price decline,"
said Gartner Group analyst Fritz Ringling. "But you wouldn't
see a rise." Grubman said the proposals will allow ATT to
selectively raise or lower prices, depending on the market. "It
will give ATT a lot more flexibility," he said.
    ATT now faces a period of comment in which a number of
companies will be able to respond to the proposals in FCC
hearings.
    It may face at least one strong opponent, U.S. Sprint, the
long distance joint venture between GTE Corp 
<
GTE> and United
Telecommunications Inc 
<
UT>.
    "We think the Congress of the FCC should establish a
reasonable rate of return. Someone should establish it," a U.S.
Sprint spokesman said. But he added the company was not opposed
to greater competition.
    It may also take some time for the proposals to go through,
and in the process they may be altered by the various
constituencies affected by the move.
    "There's so much complexity, so much inertia, so much
bureacracy, that stricly speaking about the mechanisms, it
won't happen that fast," said analyst Victor Krueger of the
Gartner Group.
 Reuter
3;
bodyend
documentend
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2793
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lumber
topicend
bodystart
2;

CME SETS MAY 29 START FOR LUMBER FUTURES OPTIONS


    CHICAGO, March 6 - 
The Chicago Mercantile Exchange (CME)
board of governors announced today the options on Random Length
lumber futures will begin trading on May 29.
    The contract received Commodity Futures Trading Commission
(CFTC) approval on January 21 after being submitted for review
last October 13.
    Initially, only January, March and May delivery months will
be listed for trading. The size of the underlying futures
contract is 130,000 board feet. Regular trading hours for the
contract will be from 0900 to 1305 Central Time. However, on
the first day of trading the market will open at 1000.
    On March 4 the CME board amended the contract to eliminate
Christmas Eve expirations for the January option. This
amendment has been submited to the CFTC, the CME said.
 reuter
3;
bodyend
documentend
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2794
topicstart
acq
topicend
bodystart
2;
******
TWA CONFIRMS OWNERSHIP OF 15 PCT OF USAIR GROUP

Blah blah blah.
3;


bodyend
documentend
documentstart
2797
topicstart
earn
topicend
bodystart
2;

STRUTHERS WELLS 
<
SUW> SEES 1986 NOV 30 LOSS


    WARREN, Pa., March 6 - 
Struthers Wells Corp said it expects
to report a loss, without tax benefit, of about 16 mln dlrs for
the fiscal year ended November 30, 1986, versus a profit of
295,000 dlrs in fiscal 1985.
    The company added, however, that about 13.6 mln dlrs of the
loss relates to discontinued operations and disposal of
subsidiaries.
    The company said the loss is part of its previously
announced restructuring that includes the sale of its foreign
and domestic units.
    Struthers added that it has filed with the Securities and
Exchange Commission for an extension to file its annual report
on form 10-K as a result of delays caused by the restructuring.
 Reuter
3;
bodyend
documentend
documentstart
2798
topicstart
acq
topicend
bodystart
2;
******
SOROS GROUP TELLS SEC IT MAY BUY UP TO 49.9 PCT OF FAIRCHILD INDUSTRIES

Blah blah blah.
3;


bodyend
documentend
documentstart
2799
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> CONFIRMS OWNERSHIP OF USAIR 
<
U> STOCK


    NEW YORK, March 6 - 
Trans World Airlines Inc said it owns
more than four mln USAir Group shares or about 15 pct of the
total outstanding.
    TWA said it may acquire additional shares in the open
market, in private transactions, through a tender offer or
otherwise, subject to Department of Transportation approval.
    TWA has offered 52 dlrs per share for USAir Group. USAir
rejected the offer yesterday, calling it a last-minute attempt
to interfere with its takeover of Piedmont Aviation Inc.
    A TWA spokesman said the company has filed an application
for approval on its offer to buy USAir with the Department of
Transportation, and later today it will file a response to
USAir's motion with the DOT to dismiss the TWA application.
    TWA said it made the statement today on its stock position
in USAir in response to inquiries.
    Traders said they believed TWA Chairman Carl Icahn was the
buyer of an 855,000 share block crossed today by Salomon
Brothers.
    USAir stock was trading at 50-3/4, up 2-1/4 on heavy volume
of 3.1 mln shares. TWA stock fell 3/8 to 30-5/8.
    While analysts and arbitragers have speculated that Icahn
may have made the offer for USAir in order to trigger the
acquisition of his own airline, Wall Street today began to take
Icahn's effort more seriously.
    "I think he's going to be the next Frank Lorenzo of Wall
Street," said one market source. Lorenzo, chairman of Texas
Air, has added to his airline with the acquisitions of Eastern
Airlines and People Express Airlines.
    There was also speculation that Icahn would like to buy
USAir and then sell TWA as a merged company.
 Reuter
3;
bodyend
documentend
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2800
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earn
topicend
bodystart
2;

SILVER STATE MINING 
<
SSMC> CORRECTS NET


    DENVER, March 6 - 
Silver State Mining Corp said it has
corrected its 1986 fourth quarter net income to 485,380 dlrs
from 528,790 dlrs reported earlier today.
    The company earned 286,969 dlrs in last year's fourth
quarter.
 Reuter
3;
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2801
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earn
topicend
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2;
******
STEWART-WARNER CORP 4TH QTR SHR LOSS 3.86 DLRS VS PROFIT 37 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
2802
topicstart
acq
topicend
bodystart
2;

GROUP TO BOOST FAIRCHILD INDUSTRIES (FEN) STAKE


    WASHINGTON, March 6 - 
An investor group led by New York
investor George Soros said it was dissatisfied with Fairchild
Industries Inc management and was considering boosting its
holdings to as much as 49.9 pct of the aerospace and aviation
company's outstanding stock.
    The group already controls 1,647,481 Fairchild Industries
shares or 11.5 pct of the total outstanding.
    The group said it filed on Wednesday with federal antitrust
regulators for advance clearance to buy enough additional
shares to increase its total stake to up to 49.9 pct of the
total outstanding stock.
    The group said its representatives had met with Fairchild
Industries officials to inform them "that they do not believe
management has been successful in enhancing or protecting
shareholder values."
    It said it was considering the additional share purchases
to enable it to "assert a greater degree of influence over the
future management and policies of the issuer."
    It said a decision on the specific level of share ownership
it would seek depended on market prices, future changes in
management policies, available financial resources and other
factors.
    The group said it also reserved the right to pursue other
measures intended to influence Fairchild management and
policies, either alone or in concert with other investors.
    The group includes Soros and Quantum Fund, an offshore
investment firm headquartered in Curacao, Netherlands Antilles
that is advised by Soros.
    The group said that since its last SEC filing, made Jan. 2,
it had purchased no additional Fairchild shares and had sold
6,700 shares on the New York Stock Exchange Jan. 19.
    A Fairchild Industries official later said Soros had told
the company he was not dissatisfied with its management.
    "Contrary to the filing, Mr. Soros has told the company
today that he is not dissatisfied with management," Fairchild's
Bill Fulwider told Reuters.
    However, Fulwider said the company would have nothing to
say at this time about Soros' disclosure that he may buy up
enough additional Fairchild shares to hold as much as 49.9 pct
of the company's outstanding stock.
 Reuter
3;
bodyend
documentend
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2803
topicstart
earn
topicend
bodystart
2;

PAYLESS CASHWAYS 
<
PCI> SEES BETTER FIRST QTR


    NEW YORK, March 6 - 
Payless Cashways Inc chairman David
Stanley told analysts the company's first quarter results to be
reported March 17 will be better than the seven cts per share
reported in the year ago quarter.
    "It was not a wonderful sales quarter, but it only
represents 14 pct of the year's total results," Stanley said.
    Stanley also said that 1987 full year sales will be in
excess of 1.8 billion dlrs as compared to the 1.5 billion dlrs
reported in 1986. He also said that analysts' estimates of 1.55
dlr per shr for 1987 "are not crazy."
    Payless reported net income of 1.22 dlr per share in 1986.
    "The economy may not get a lot better, but we expect our
advantages in the lumber industry and cost cutting measures to
keep us competitive," Larry Kunz, chief financial officer,
said.
     The company acquired Knox Lumber Co for about 24.3 mln
dlrs in October 1986.
    Stanley said the company's stronger-than-optimal balance
sheet will enable it to make further acquisitions but no
negotiations are going on at the current time.
    He said some benefits of a new management information
system will be felt in 1987 and more substantially in 1988.
   
REUTER...^M
3;
bodyend
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2806
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earn
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2;

STEWART-WARNER CORP 
<
STX> 4TH QTR LOSS


    CHICAGO, March 6 -
    
Shr loss 3.86 dlrs vs profit 37 cts
    Net loss 24,973,000 vs profit 2,389,000
    Sales 62.5 mln vs 65.3 mln
    Year
    Shr loss 3.22 dlrs vs profit 1.32 dlrs
    Net loss 20,861,000 vs profit 8,515,000
    Sales 268.0 mln vs 272.7 mln
    NOTE: 1986 earnings include a provision for restructuring
costs of 23,675,000 dlrs, or 3.66 dlrs a share (pre-tax) and
the effect of adoption of FASB 87 which reduced pension expense
by 617,000 dlrs for the quarter and 1,817,000 dlrs for the year
before taxes
    Earnings include nonoperating income from the effect of
nonrecurring gains of 1,811,000 dlrs in the 1st Qtr of 1986
from the sale of its minority interest in Plexus Corp and
1,480,000 dlrs in the 3rd Qtr of 1985 related to the sale of
excess property
 Reuter
3;
bodyend
documentend
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2807
topicstart
earn
topicend
bodystart
2;

MONITERM CORP 
<
MTRM> 4TH QTR LOSS


    MINNETONKA, Minn., March 6 -
    
Shr loss 15 cts vs loss 11 cts
    Net loss 632,000 vs loss 437,000
    Revs 3,206,000 vs 2,650,000
    Year
    Shr loss 19 cts vs loss 24 cts
    Net loss 793,000 vs loss 1,004,000
    Revs 11.5 mln vs 14.4 mln
    NOTE: Prior year figures restated to reflect merger in
March 1986 with Amtron Corp.
 Reuter
3;
bodyend
documentend
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2809
topicstart
earn
topicend
bodystart
2;

THE CHUBB CORP 
<
CB> SETS QTRLY PAYOUT


    WARREN, N.J., March 6 -
    
Qtrly 42 cts vs 42 cts prior
    Pay April 7
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
2810
topicstart
acq
topicend
bodystart
2;

SOUTHTRUST 
<
SOTR> TO ACQUIRE FOUR BANKS


    BIRMINGHAM, Ala., March 6 - 
SouthTrust Corp, a 5.1 billion
dlr multibank holding company, said it entered into agreements
to acquire four Florida banks with assets totalling more than
233.2 mln dlrs.
    Terms of the agreements were not disclosed.
    The four banks are: Central Bank of Volusia County, with
assets of 59.3 mln dlrs, Bank of Pensacola with assets of 63.8
mln dlrs, and Vista Bank, which operates Vista Bank of Volusia
County with assets of 37.8 mln dlrs and Vista Bank of Marion
County with assets of 72.3 mln dlrs.
    It said the agreements are subject to regulatory approval.
 Reuter
3;
bodyend
documentend
documentstart
2811
topicstart
acq
topicend
bodystart
2;
******
CARLING O'KEEFE SELLS STAR OIL UNIT TO UNITED COAL CANADA FOR 57 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
2812
topicstart
topicend
bodystart
2;

ADVANCED TELECOMMUNICATIONS REDEEMS DEBENTURES


    ATLANTA, March 6 - 
Advanced Telecommunications Corp 
<
ITEL>
said it called for the redemption on April 10, 1987, of all its
eight pct convertible subordinated debentures due 2006.
    The company said the redemption price is 1,080 dlrs per
1,000 dlrs of principal amount of debentures plus accrued
interest from Feb One, 1987 to April 10, 1987.
    The company said the debentures are convertible into ATC's
common stock at 8.25 dlrs per share.
 Reuter
3;
bodyend
documentend
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2813
topicstart
acq
topicend
bodystart
2;

HUGHES TOOL 
<
HT> UP ON MERGER SPECULATION


    NEW YORK, March 6 - 
Hughes Tool Co rose one to 12-1/4 on
1,658,000 shares, apparently reflecting a belief that Baker
International Corp 
<
BKO> will be able to persaude Hughes to go
along with a previously announced merger, analysts said.
    This week Hughes seemed to back out of the merger but then
said it was still interested in talking.
    "It sounds like Baker wants it and if people are convinced
a deal is going to go through the stock goes up," said analyst
Phil Pace of Kidder, Peabody and Co. Holders of Hughes would
get 0.8 share of Baker for each Hughes share. 
 Reuter
3;
bodyend
documentend
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2814
topicstart
topicend
bodystart
2;

ADVANCED TELECOMMUNICATIONS 
<
ATEL> IN REDEMPTION


    ATLANTA, March 6 - 
Advanced Telecommunications Corp said it
has called for redemption on April 10 all of its eight pct
convertible subordinated debentures due 2006 at 1,080 dlrs per
1,000 dlrs principal amount plus accrued interest.
    The debentures are convertible into common stock at 8.25
dlrs per share.
 Reuter
3;
bodyend
documentend
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2815
topicstart
acq
topicend
bodystart
2;

AETNA 
<
AET> REACHES AGREEMENT TO BUY COMPANY


    HARTFORD, Conn., March 6 - 
Aetna Life and Casualty Co said
it reached an agreement to acquire a 49 pct interest in
Universal Life and General Insurance Sdn Bhd 
<
ULG>, a Malaysian
composite insurance company.
    The company said the 51 pct balance will continue to be
owned by Malaysia Apera Group of private investors.
    The transaction is valued at approximately 37.8 mln dlrs
and is expected to be completed by March 31, 1987.
 Reuter
3;
bodyend
documentend
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2817
topicstart
topicend
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2;

JAMAICA CORRECTS SIZE OF PARIS CLUB RESCHEDULING


    NEW YORK, March 6 - 
The Jamaican Information Service said
the rescheduling agreement reached with the Paris Club of
western government creditors covers 125.5 mln dlrs of debt and
not 25.5 mln dlrs as it announced yesterday.
    Under the accord, clinched on Thursday in Paris, 100 pct of
the principal and 85 pct of the interest owed between April 1,
1986, and March 31, 1988, is being rescheduled.
    The debts due in 1986 are being treated as arrears and will
be rescheduled over six years with 2-1/2 years' grace, while
the rest of the debt will be rescheduled over 10 years with a
5-1/2 year grace period.
 Reuter
3;
bodyend
documentend
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2818
topicstart
acq
topicend
bodystart
2;

CARLING O'KEEFE
<
CKB> SELLS OIL UNIT, TAKES GAIN


    TORONTO, March 6 - 
Carling O'Keefe Ltd said it sold its
Star Oil and Gas Ltd unit to United Coal (Canada) Ltd for about
57 mln dlrs cash.
    Carling said it will record an extraordinary gain of about
two mln dlrs after tax, or nine cts a common share resulting
from the sale.
    The company did not elaborate further on financial terms.
    A Carling official later said in reply to an inquiry that
Carling would record the extraordinary gain in its fourth
quarter ending March 31.
    The move came after Carling's 50 pct-owner 
<
Rothmans Inc>
agreed last week to sell its Carling stake to 
<
Elders IXL Ltd>,
of Australia, for 196.2 mln Canadian dlrs.
 Reuter
3;
bodyend
documentend
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2819
topicstart
ship
topicend
bodystart
2;

CHANNEL FERRY REPORTED SINKING OFF BELGIUM


    VLISSINGEN, Netherlands, March 6 - 
The channel ferry Herald
of Free Enterprise from the British Townsend Thorensen company
was sinking off the Belgian coast tonight with 463 people on
board, the Dutch newsagency ANP reported today.
    An unspecified number of people had fallen into the water,
it said, quoting the pilot organisation in this south-western
Dutch port city near the Belgian border.
    It said the vessel had capsized after a collision but gave
no more details.
    Dan Kaakebeen a spokesman for the Dutch salvage firm Smit
International told Reuters by telephone from Rotterdam that the
vessel was just off the Belgian port of Zeebrugge with 463
passengers and crew when the accident occurred at 1850 GMT.
    Kaakebeen said the firm had one vessel at the scene and
another on its way with divers on board.
    A spokesman at the port authority of nearby Vlissingen said
attempts were being made to pull the vessel into shallow
waters.
    Weather conditions were good with no fog or wind, and there
were many other vessels in the area.
 Reuter
3;
bodyend
documentend
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2820
topicstart
earn
topicend
bodystart
2;

PATRICK PETROLEUM CO 
<
PPC> YEAR LOSS


    JACKSON, Mich., March 6 -
    
Shr loss 1.22 dlrs vs profit 27 cts
    Net loss 8,812,432 vs profit 1,847,560
    Revs 7,981,198 vs 10.3 mln
    Avg shrs 7,187,941 vs 6,828,368
    NOTE: Current year includes tax credit of 800,000 dlrs.
 Reuter
3;
bodyend
documentend
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2823
topicstart
topicend
bodystart
2;

ARGENTINE OBSERVER CRITICAL OF DEBT STANCE


    BUENOS AIRES, March 6 - 
A counter-proposal from creditor
banks to Argentina's request for rescheduling its 50 billion
dlr foreign debt was full of holes, an Argentine observer at
negotiations said.
    "The negotiations are not going to prosper if (the creditor
banks) do not change the counter-proposal put to Argentina, as
it is a Swiss cheese full of holes," ruling Radical Party Deputy
Raul Baglini said.
    Baglini, who was recently observing negotiations with the
steering committee for Argentina's creditor banks in New York,
spoke to reporters in Mendoza, 600 miles west of Buenos Aires.
    Baglini said the counter-proposal did not take into account
Argentina's request for a 2.15 billion dlr loan to meet four
pct growth targets in 1987.
 Reuter
3;
bodyend
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2824
topicstart
topicend
bodystart
2;

CANADA'S MOVE TO SHORTEN DEBT TERMS AIDS MARKET


    By Russell Blinch, Reuters


    OTTAWA, March 6 - 
The government's move to pare its huge
financing costs by shortening debt maturities has left more
room for other borrowers and sparked a lively market for
treasury bills, senior market analysts said.
    The Bank of Canada, Ottawa's fiscal agent in the
marketplace, revealed this week that sharply reduced borrowing
needs has allowed the shift toward shorter bond terms and
heavier emphasis on the weekly treasury bill auction, issued in
terms of up to one year.
    "The aggressive use of the treasury bill program has meant
that the government is now able to maintain lower cash balances
and lower financing costs," the Bank of Canada said in its 1986
annual report released this week.
    The government has said its budget deficit financing
requirements will fall to 24 billion dlrs in the fiscal year
ending March 31, 1987, from 30 billion dlrs the prior year.
Projected fiscal 1988 requirements are 21.3 billion dlrs.
    The bank said that of last year's 19 new government bond
issues, nearly two-thirds were for maturities of less than 10
years. Greater use was also made of bond auctions to market new
issues with terms in the two- to five-year range.
    Meanwhile, treasury bills outstanding at year end totalled
nearly 70 billion dlrs, an increase of 10.3 billion dlrs over
the year and 20 billion dlrs since 1984.
    Although the amount of money saved from moving away from
the long bonds was not disclosed, bond experts believe it was
considerable because of the much lower interest premiums paid
on short term debt.
    But market watchers were unsure what affect the move will
have on Japanese investors--who have been snapping up Canadian
bonds at a record clip--because of their traditional preference
for long term financings.
    Bond traders said the Japanese, who purchased a record 9.5
billion dlrs of Canadian bonds last year, have adapted to the
changes by buying longer term provincial issues and shifting to
the medium term issues offered by Ottawa.
    "Their (Japanese) buying over the course of the last six
months has been very much concentrated in the medium term
maturities," noted one Canadian bond trader who asked not to be
identified.
    Yet there was some concern a shortage could eventually
develop for bonds that mature in 10 or more years.
    Said David Gluskin, vice-president of Nesbitt Thomson
Bongard Inc, "When interest rates finally seem to have stopped
going down, there is going to be a flood of people trying to
lock in the long end and not everyone will be able to get in
the door."
    But bonds analysts said at the moment with interest rates
trending down, investors appear to welcome the change,
especially the greater treasury bill financing.
    "The wholesale market in treasury bills is very active,"
said Michael Berry, vice-president of the securities firm,
Walwyn Stodgell Cohran Murray Ltd.
    The change also improves receptivity in the market for
other borrowers, including provincial governments, the big
utilities and corporations.
    "There doesn't seem to any lack of bonds in the longer end
now, that also may be the result that any percieved shortage
has probably been taken up by provincial funding activities,"
commented Berry.
 Reuter
3;
bodyend
documentend
documentstart
2825
topicstart
earn
topicend
bodystart
2;

EPITOPE INC 
<
EPTO> 1ST QTR DEC 31 LOSS


    BEAVERTON, Ore., March 6 -
    
Shr loss 24 cts vs loss nine cts
    Net loss 216,697 vs loss 47,344
    Sales 144,403 vs 118,391

 Reuter
3;
bodyend
documentend
documentstart
2826
topicstart
earn
topicend
bodystart
2;

<
CLARY CORP> 4TH QTR DEC 31 LOSS


    SAN GABRIEL, Calif., March 6 -
    
Shr loss 12 cts vs loss 16 cts
    Net loss 214,000 vs 309,000
    Revs 3,056,000 vs 2,545,000
    Year
    Shr loss 43 cts vs loss nine cts
    Net loss 754,000 vs loss 159,000
    Revs 11.4 mln vs 11.4 mln
 Reuter
3;
bodyend
documentend
documentstart
2827
topicstart
earn
topicend
bodystart
2;

LLOYDS BANK CANADA 1ST QTR PROFIT RISES SHARPLY


    TORONTO, March 6 - 
Lloyds Bank Canada, a unit of 
<
Lloyds
Bank International PLC>, said net profit soared to 3,053,000
dlrs for the first quarter ended January 31 from 9,000 dlrs a
year earlier.
    Loan loss provisions, a mandatory five-year averaging of
actual loan losses, also rose in the first quarter to 6,375,000
dlrs from year-ago 113,000 dlrs, the bank said.
    Lloyds Bank Canada became Canada's largest foreign bank
last autumn with its 200 mln Canadian dlr acquisition of
Continental Bank of Canada.

 Reuter
3;
bodyend
documentend
documentstart
2828
topicstart
ship
gas
topicend
bodystart
2;

BRAZIL STRIKES CAUSE GOVERNMENT MAJOR PROBLEMS


    By Stephen Powell, Reuters


    SAO PAULO, Brazil, March 6 - 
Strikes by Brazil's 40,000
seamen and by petrol station owners in four states are causing
major headaches to a government already wrestling with a debt
crisis.
    A week ago seamen began their first national strike for 25
years and union leaders say they have seriously affected
Brazilian exports by making idle 160 ships.
    On February 20 the Brazilian government suspended interest
payments on part of its huge foreign debt following a sharp
deterioration in its trade balance.
    Today the government faced a fresh problem, when most
petrol station owners in Sao Paulo, the country's industrial
heartland, and in three other states closed down to press for
higher fuel prices.
    There were fears that the combination of the two stoppages
could lead to a serious fuel shortage.
    The seamen's leaders say their strike has halted 48 of the
72 ships belonging to the state oil company Petrobras.
    The Jornal do Brasil newspaper, in an editorial today
entitled "Dangerous Confrontation," said: "From the economic
point of view the seamen's strike carries an alarming cost,
with grave consequences for the supply situation and for the
country's external trade."
    The seamen are seeking a 275 pct pay rise and have rejected
offers of up to 100 pct.
    Later today the Higher Labour Tribunal in Brasilia is due
to rule on whether the seamen's strike is legal. But a senior
official of the National Merchant Marine Union, Jorge Luis Leao
Franco, told Reuters that the strike would continue regardless
of the tribunal's ruling.
    Labour unrest has worsened in Brazil following the collapse
over the last few months of the government's Cruzado Plan price
freeze. Prices have been rising at about 15 pct a month. Not
only workers but also businessmen are restive. Petrol station
owners said many garages had closed indefinitely today in Sao
Paulo, Parana, Mato Grosso and Mato Grosso do Sul.
    Television reports said that in the Parana state capital of
Curitiba petrol stations were only supplying fuel for
exceptional cases such as ambulances and funeral processions.
    Brazilian garage owners want to be allowed to raise their
profits on alcohol fuel and petrol sales to 1.26 cruzados (six
U.S. Cents) a litre from 0.56 cruzados (about 2.5 cents).
    Queues formed at petrol stations in Sao Paulo late last
night as motorists filled up their tanks while they still
could.
    Political sources said the government of President Jose
Sarney was closely following the strikes and the overall fuel
supply situation.
 Reuter
3;
bodyend
documentend
documentstart
2830
topicstart
topicend
bodystart
2;

LYPHOMED
<
LMED> TO SELL 100 MLN DLRS DEBENTURES


    ROSEMONT, ILL., March 6 - 
LyphoMed Inc said it intends to
file a registration statement with the Securities and Exchange
Commission covering the sale of 70 mln dlrs principal amount of
convertible subordinated debentures.
    Concurrent with the debenture offering, LyphoMed said it
plans to sell an additional 30 mln dlrs of debentures in
Fujisawa Pharmaceutical Co Ltd, which currently owns about 30
pct of the company's common stock.
    It said the offering will be made only by prospectus.
 Reuter
3;
bodyend
documentend
documentstart
2833
topicstart
acq
topicend
bodystart
2;

DOME PETE
<
DMP> SAID TO BE PRESSED TO SELL ENCOR


    By Larry Welsh, Reuters


    TORONTO, March 6 - 
Dome Petroleum Ltd is under pressure
from one of its largest creditors, 
<
Canadian Imperial Bank of
Commerce>, to sell its 42 pct stake in 
<
Encor Energy Corp Ltd>,
energy industry analysts said.
    Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to Commerce Bank, estimated last year at 947
mln Canadian dlrs, and the bank wants Dome to sell the stock to
pay down debt, analysts said.
    "The Commerce has been slowly but surely moving Encor in the
direction that might make it a saleable asset," said one analyst
who asked not to be named.
    Dome earlier said it was not considering selling Encor
Energy, but reaffirmed the company's 23.3 pct interest in
Canadian gold producer Dome Mines Ltd 
<
DM> is up for sale "at
the right price."
    Dome, now negotiating a plan to restructure more than 6.10
billion dlrs in debt, sees Encor as a strategic investment that
it does not intend to sell, spokesman David Annesley said. The
Encor shares do not pay dividends.
    A Commerce Bank spokesman also declined comment when asked
whether it is pressing Dome to sell its Encor stake.
    At current market prices, Dome's stake in Encor would be
valued at about 308 mln dlrs, while its 20.9 mln Dome Mines
shares would be worth about 319 mln dlrs.
    Recent strength in the price of Encor shares may also
prompt Commerce Bank to press Dome to divest its holding in the
Canadian oil and gas producer, analysts said.
    "Encor's stock price has improved quite substantially in
recent weeks with a runup in crude prices," Peters and Co Ltd
oil analyst Wilf Gobert commented.
    "The possibility is that Commerce Bank would like to see it
sold at these levels because they can get more for it now than
they have been able to in recent years," he added.
    Encor traded earlier on the Toronto Stock Exchange at
7-1/8, near its 52-week high of 7-1/2 and up from around six
dlrs in early February.
    The company also recently set up its own operating
management, which was previously carried out by Dome Petroleum,
Maison Placements Canada Inc analyst Denis Mote commented.
    Dome and Encor "are actually going to get farther apart. So
(the sale) does make a lot of sense," Mote said.
    However, analysts said Dome will resist any moves to divest
Encor in favor of retaining the operating assets since sale
proceeds would likely go directly to pay down Dome's debt to
Commerce Bank.
    "I think they'll probably try to hang onto Encor as long as
they can," said Bache Securities Inc analyst Doug Weber.
    Some of Dome's group of 56 major creditors might move to
block such a sale, arguing they have a claim on company assets.
    "Other creditors generally all want to make sure that
something they might be able to get a piece of is not being
sold out from under them," said analyst Gobert.
    Another stumbling block would be Encor's 225 mln dlr joint
liability in loans to Dome Petroleum advanced by Arctic
Petroleum Corp of Japan for Beaufort Sea exploration.
    Analysts said a similar hurdle could also hinder the
possible sale of Dome Petroleum's interest in Dome Mines.
    Dome Mines has guaranteed 225 mln dlrs of Dome Petroleum's
debt and has a "right of consent" to the sale of Dome Petroleum's
holding.
    Presumably, a potential buyer of the Dome Mines shares
would seek some type of relief on the company's debt
obligations connected with Dome Petroleum, Gobert said.
    Dome spokesman Annesley earlier declined to specify at what
price the company would consider selling its Dome Mines shares,
but said current prices of more than 15 dlrs a share "are very
attractive."
 Reuter
3;
bodyend
documentend
documentstart
2834
topicstart
earn
topicend
bodystart
2;

PATRICK PETROLEUM CO 
<
PPC> 4TH QTR NET


    JACKSON, Mich., March 6 -
    
Shr nil vs one ct
    Net 59,608 vs 95,909
    Revs 2,921,629 vs 2,918,682
    Avg shrs 7,062,172 vs 7,273,020
    Year
    Shr loss 1.22 dlrs vs profit 27 cts
    Net loss 8,812,432 vs profit 1,847,560
    Revs 3,070,327 vs 3,195,710
    Avg shrs 7,187,941 vs 6,828,368
 Reuter
3;
bodyend
documentend
documentstart
2836
topicstart
earn
topicend
bodystart
2;

INLAND VACUUM INDUSTRIES INC 
<
IVAC> 1ST QTR NET


    UPPER SADDLE RIVER, N.J., March 6 - 
Qtr ends Jan 31
    Shr six cts vs eight cts
    Net 103,436 dlrs vs 134,360 dlrs
    Revs 1,762,270 vs 1,282,463
 Reuter
3;
bodyend
documentend
documentstart
2838
topicstart
crude
topicend
bodystart
2;

IRANIAN OIL MINISTER ARRIVES IN ALGERIA


    ALGIERS, March 6 - 
Iranian Oil Minister Gholamreza Aqazadeh
arrived in Algiers at the head of a large delegation for talks
on stabilizing oil prices, the official news agency APS said.
    In a brief arrival statement, he said Iran and Algeria were
engaged in "continuous and stronger cooperation" on the world
petroleum market and had "deployed considerable efforts to
stablise petroleum prices."
    He was greeted on arrival by Belkacem Nabi, the Algerian
Minister of Energy, Chemical and Petro-Chemical Industries.
 Reuter
3;
bodyend
documentend
documentstart
2839
topicstart
earn
topicend
bodystart
2;

DEL LABORATORIES INC 
<
DLI> 4TH QTR NET


    FARMINGDALE, N.Y., March 6 -
    
Shr 16 cts vs 55 cts
    Net 232,000 vs 814,000
    Revs 22.4 mln vs 22 mln
    Year
    Shr 2.07 dlrs vs 2.43 dlrs
    Net 3,108,000 vs 3,670,000
    Revs 106.7 mln vs 101.1 mln
    NOTE: Per share figures adjusted to reflect four-for-three
stock split paid March 26, 1986.
 Reuter
3;
bodyend
documentend
documentstart
2843
topicstart
gnp
topicend
bodystart
2;

CHILEAN GDP UP 5.7 PCT IN 1986, CENTRAL BANK SAYS


    Santiago, march 6 - 
chile's gross domestic product rose 5.7
pct last year to 18.8 billion dollars, compared to a 2.4 pct
rise in the previous year, the central bank said.
    It said initial projections were for a 4.6 pct increase in
gdp this year.
    The sectors which registered the greatest growth in 1986
were fisheries with 10 pct, agriculture at 8.7 pct, transport
and communications with 8.1 pct and industry at 8.0 pct, the
bank added.
 Reuter
3;
bodyend
documentend
documentstart
2844
topicstart
topicend
bodystart
2;

FUNARO SAYS CREDITORS WILLING TO HELP BRAZIL


    BRASILIA, MARCH 6 - 
Finance Minister Dilson Funaro,
currently on an international tour to seek governmental support
for his efforts to solve Brazil's 108-billion-dlr foreign debt
crisis, said creditors have expressed willingness to help.
    In an interview with the Globo television network,
transmitted from Rome, Funaro said the reception by
representatives of creditor countries with whom he met along
the week was always to seek new ways.
    "Brazil made several adjustments in its economy in the past
which affected the goodwill of its people. We now wish to keep
the country's growth in order to be able to face the problems
of the future," Funaro said.
    The minister said that he had proposed a "four-year plan" to
the creditors, which would include a rescaling of the
commitments derived from its debt.
    "We cannot continue negotiating every year with our
creditors, having to face difficulties in the meantime, not
knowing whether a new package will or will not be approved, as
it is happening to other debtor countries," the minister said.
   
 Reuter
3;
bodyend
documentend
documentstart
2845
topicstart
topicend
bodystart
2;
******
S/P UPGRADES GEORGIA-PACIFIC CORP'S 1.1 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
2847
topicstart
acq
topicend
bodystart
2;

LANDMARK SAVINGS 
<
LSA> COMPLETES OFFICE SALE


    PITTSBURGH, March 6 - 
Landmark Savings Association said it
completed the sale of its Whitehall, Pa., office, including
deposits of about 31 mln dlrs, to Parkvale Savings Association.
    Landmark said it realized a gain of about 1.1 mln dlrs on
the sale. The price was not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
2848
topicstart
grain
corn
topicend
bodystart
2;

U.S. FEEDGRAINS GROUP ATTACKS CANADA CORN RULING


    WASHINGTON, March 6 - 
The U.S. Feedgrains Council is
surprised and disappointed by the Canadian Import Tribunal's
decision that imports of corn from the U.S. are materially
injuring Canadian corn producers, a council spokesman said.
    "At a time when the world is attempting to liberalize trade
in the new rounnd of multilateral negotiations, it is
incomprehensible that a country that stands to gain so much
from the reduction in agricultural trade barriers would
threaten that process by caving in to pressures for
protectionism," council president Darwin E. Stolte said.
    Canada's finding will strain the U.S./Canadian trading
relationship, could damage the future of U.S. feedgrains 
support for the free trade negotiations, and also negatively
impact farm trade reform with other nations, the council said.
 Reuter
3;
bodyend
documentend
documentstart
2849
topicstart
earn
topicend
bodystart
2;

HOLLY SUGAR CORP 
<
HLY> SETS REGULAR DIVIDEND


    COLORADO SPRINGS, Colo., March 6 - 
    
Qtly div 25 cts vs 25 cts prior
    Pay March 31
    Record March 18
 Reuter
3;
bodyend
documentend
documentstart
2850
topicstart
earn
topicend
bodystart
2;

CORADIAN CORP 
<
CDIN> YEAR NET


    LATHAM, N.Y., March 6 -
    
Shr profit one cent vs loss 37 cts
    Net profit 148,000 dlrs vs loss 1,686,000
    Revs 11.4 mln vs 10.9 mln
    NOTE: Company said net is before extraordinary items and
taxes and declined to provide data on those items
 Reuter
3;
bodyend
documentend
documentstart
2851
topicstart
livestock
topicend
bodystart
2;

USDA TO CONDUCT SURVEY FOR AVIAN INFLUENZA


    WASHINGTON, March 6 - 
U.S. Agriculture Department animal
health officials are conducting a national survey of live-bird
markets and auctions to check for signs of avian influenza, an
infectious viral disease of poultry, the department said.
    The survey will locate poultry dealers and live-bird
markets that sell live birds directly to the consumer and once
the dealers and markets are identified, there will be tests to
determine any past or present exposure to avian influenza
viruses, it said.
    In 1983-84, an outbreak of avian influenza in Pennsylvania,
Maryland, Virginia and New Jersey cost taxpayers 65 mln dlrs to
control and required the destruction of more than 17 mln birds,
it said.
    The survey is expected to be completed by April 15.
 Reuter
3;
bodyend
documentend
documentstart
2852
topicstart
topicend
bodystart
2;

RJR NABISCO 
<
RJR> FILES 500 MLN DLR DEBT OFFER


    WASHINGTON, March 6 - 
RJR Nabisco Inc filed with the
Securities and Exchange Commission for a shelf offering of up
to 500 mln dlrs of debt securities on terms to be set at the
time of sale.
    The company said proceeds will be used for general
corporate purposes including repurchases of RJR securities.
    Proceeds also may be used for working capital, reduction of
short-term debt and capital expenditures, it said.
    Underwriters for the offering were not named in the draft
prospectus.
 Reuter
3;
bodyend
documentend
documentstart
2853
topicstart
ship
topicend
bodystart
2;

TWO HUNDRED PEOPLE RESCUED FROM SINKING FERRY


    BRUSSELS, March 6 - 
About 200 people were rescued, some
badly hurt, from a sinking cross Channel ferry carrying
approximately 540 people off the Belgian port of Zeebrugge, a
port control spokesman said.
    The spokesman, contacted by telephone, said only one third
of car ferry, the Herald of Free Enterprise owned by the
British company Townsend Thoresen, remained above water.
    Divers have been sent down to try to rescue passengers
believed trapped in the ferry, which was on its way from
Zeebrugge to the English port of Dover and capsized just off
the pier, he added
 Reuter
3;
bodyend
documentend
documentstart
2855
topicstart
topicend
bodystart
2;

GEORGIA-PACIFIC 
<
GP> DEBT UPGRADED BY S/P


    NEW YORK, March 6 - 
Standard and Poor's Corp said it
upgraded Georgia-Pacific Corp's 1.1 billion dlrs of debt.
    Raised were the company's senior debt to A-minus from
BBB-plus, preferred stock to BBB-plus from BBB and preliminary
rating on shelf securities to A-minus from BBB-plus.
    S and P said the action reflected prospects for continued
healthy markets over the next few years. The rating agency also
said Georgia-Pacific benefitted from cost cutting and has
reduced debt by 700 mln dlrs in the past five years.
    The company now has flexibility to pursue a strategy of
increasing its presence in the paper products market.
 Reuter
3;
bodyend
documentend
documentstart
2856
topicstart
earn
topicend
bodystart
2;

FOXBORO CO 
<
FOX> 4TH QTR LOSS


    FOXBORO, Mass., March 6 - 
    
Oper shr loss one ct vs loss 2.65 dlrs
    Oper net loss 100,000 vs loss 32.7 mln
    Revs 142.3 mln vs 168.8 mln
    12 mths
    Oper shr profit 57 cts vs loss 2.76 dlrs
    Oper net profit 7,072,000 vs loss 34.2 mln
    Revs 544.0 mln vs 572.2 mln
    Note: 1986 oper net excludes tax credits of 2,149,000 dlrs
for qtr and 2,200,000 dlrs for 12 mths. Includes restructuring
charges of 120 mln dlrs for qtr, 527 mln dlrs for 12 mths.
 Reuter
3;
bodyend
documentend
documentstart
2857
topicstart
grain
wheat
topicend
bodystart
2;

LYNG SAYS NO DECISIONS TAKEN AT CABINET COUNCIL


    WASHINGTON, March 6 - 
U.S. Agriculture Secretary Richard
Lyng said no decisions were taken today at a White House
Economic Policy Council meeting.
    Speaking to reporters on his return from the meeting, Lyng
said only about five minutes of the session dealt with
agriculture issues.
    "It was not a decision making meeting," Lyng said.
    Aides to Lyng earlier said the administration's agriculture
legislative proposals would be the farm-related topic on the
agenda. Lyng would not comment on what farm issues were
discussed.
    Asked how he would respond to farm groups and Congressmen
urging the U.S. to offer a wheat bonus to the Soviet Union,
Lyng said he would be listen but be "non-committal."
 Reuter
3;
bodyend
documentend
documentstart
2858
topicstart
money-supply
topicend
bodystart
2;

TREASURY BALANCES AT FED FELL ON MARCH 5


    WASHINGTON, March 6 - 
Treasury balances at the Federal
Reserve fell on March 5 to 3.467 billion dlrs from 3.939
billion dlrs the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 14.350
billion dlrs from 14.391 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 17.817
billion dlrs on March 5 compared with 18.330 billion dlrs on
March 4.
 Reuter
3;
bodyend
documentend
documentstart
2860
topicstart
topicend
bodystart
2;

HOLIDAY 
<
HIA> UNIT'S NOTES DOWNGRADED BY S/P


    NEW YORK, March 6 - 
Standard and Poor's Corp said it cut to
B from B-plus 900 mln dlrs of notes due 1994 of Holiday Inns
Inc, a unit of Holiday Corp.
    S and P said the action reflected a change in the issue's
terms to unsecured from secured. That change was made after S
and P's initial rating release on February 20, it noted.
    After the firm's recapitalization, substantially all of its
assets will be pledged to secure bank and other debt totaling
1.4 billion dlrs. S and P said it is making a rating
distinction between secured and unsecured debt because of the
significant amount of secured in Holiday's capital structure.
    However, S and P said that if the amount of secured debt
decreases meaningfully, then the secured and unsecured debt
could be rated equally.
    The 900 mln dlrs of seven-year notes were priced late
yesterday by sole manager Drexel Burnham Lambert Inc. The notes
were given a 10-1/2 pct coupon and par pricing.
    Holiday Inns also sold yesterday via Drexel 500 mln dlrs of
subordinated debentures due 1999 with an 11 pct coupon and par
pricing. This issue was rated B-minus by S and P.
    Meanwhile, Moody's Investors Service Inc said its initial
rating of B-1 for the notes remained appropriate.
 Reuter
3;
bodyend
documentend
documentstart
2862
topicstart
trade
topicend
bodystart
2;

NICARAGUA, ROMANIA, PARAGUAY LOSE TRADE RIGHTS


    WASHINGTON, March 6 - 
President Reagan formally ended
preferential duty-free trade treatment for exports from
Nicaragua, Romania and Paraguay under the Generalized System of
Preferences (GSP).
    He took the action after determining that the three
countries are not taking steps to give their workers
internationally recognized rights.
    U.S. Trade Representative Clayton Yeutter had announced the
intended action on January 2. The United States conducts no
trade with Nicaragua and very little trade with Romania and
Paraguay.
 Reuter
3;
bodyend
documentend
documentstart
2864
topicstart
grain
wheat
topicend
bodystart
2;

U.S. FEEDGRAIN 0/92 SUPPORTERS EVALUATE POSITION


    WASHINGTON, March 6 - 
Advocates of a 0/92 plan for
feedgrains will likely delay offering their proposals if a
disaster aid bill before the House Agriculture Committee is
scaled back to include only 1987 winter wheat, congressional
sources said.
    The disaster aid bill, introduced by Rep. Glenn English
(D-Okla.), sparked sharp controversy with its proposals to
implement a 0/92 program for 1987 wheat and 1988 winter wheat.
    An agreement has been reached to trim the bill back to 1987
wheat, but supporters of a 0/92 feedgrains plan said even that
scaled-down version would not be equitable for farmers.
    Unless the English bill pertains only to 1987 winter wheat,
it is more than a simple disaster payment and feedgrains should
be treated equally, they said.
   If the bill is narrowed to just winter wheat, then
supporters of a 0/92 feedgrains amendment will probably not
offer their proposals next week, sources said.
   English has agreed to support an amendment by Rep. Charles
Stenholm (R-Tex) to narrow the bill to 1987 wheat only, but
whether he would also back a further reduction is unclear.
    Agricultural aides to English said the congressman's first
choice is to make the option available to all 1987 wheat
farmers. However, if the political reality is that disaster aid
for winter wheat farmers would be unavailable because of
controversy over spring wheat, then English might consider an
even greater cutback in the bill, they said.
    Under a 0/92 plan, farmers could forego planting and still
receive 92 pct of deficiency payments.
    Rep. Arlan Stangeland (R-Minn.) and Harold Volkmer (D-Mo.)
have both expressed interest in expanding the English bill to
include a 0/92 program for feedgrains.
    An aide said Stangeland does not want to reopen the farm
bill, but to be fair to all crops.
    Only a small percentage of spring wheat farmers would
likely sign up for 0/92 since the incentives to plant are
greater than to idle the land, economists said.
    Opponents to a 0/92 feedgrains program argue it is
premature to make major changes in the farm bill and that the
House Agriculture Committee needs to study more closely the
impacts of such a program.
 Reuter
3;
bodyend
documentend
documentstart
2866
topicstart
earn
topicend
bodystart
2;

ALFIN INC 
<
AFN> 2ND QTR JAN 31 LOSS


    NEW YORK, March 6 -
    
Shr loss 20 cts vs profit 14 cts
    Net loss 1,417,000 vs profit 933,000
    Revs 5,623,000 vs 5,403,000
    Avg shrs 6,957,300 vs 7,115,248
    Six mths
    Shr loss 18 cts vs profit 43 cts
    Net loss 1,269,000 vs profit 3,079,000
    Revs 15.7 mln vs 14.2 mln
    Avg shrs 7,195,720 vs 7,115,248
 Reuter
3;
bodyend
documentend
documentstart
2867
topicstart
acq
topicend
bodystart
2;

BELL AND HOWELL 
<
BHW> COMPLETES SALE OF UNIT


    SKOKIE, Ill., March 6 - 
Bell and Howell Co said it
completed the sale of its computer output microfilm business to
COM Products Inc, a unit of privately-held 
<
LeBow Industries
Inc>.
    The sum of the deal was not disclosed.
    The unit makes a device that prints data directly from a
computer onto microfilm.
 Reuter
3;
bodyend
documentend
documentstart
2870
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BUSINESS LOANS FALL 618 MLN DLRS IN FEB 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
2872
topicstart
money-supply
topicend
bodystart
2;

U.S. BUSINESS LOANS FALL 618 MLN DLRS


    WASHINGTON, March 6 - 
Business loans on the books of major
U.S. banks, excluding acceptances, fell 618 mln dlrs to 278.88
billion dlrs in the week ended February 25, the Federal Reserve
Board said.
    The Fed said that business loans including acceptances fell
897 mln dlrs to 281.23 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
2873
topicstart
earn
topicend
bodystart
2;

HYPONEX CORP 
<
HYPX> YEAR NET


    FORT WAYNE, Ind., March 6 -
    
Shr 85 cts vs 1.20 dlrs
    Net 5,130,000 vs 7,236,000
    Revs 93.6 mln vs 91.9 mln
 Reuter
3;
bodyend
documentend
documentstart
2874
topicstart
topicend
bodystart
2;

HYPONEX 
<
HYPX> FILES FOR DEBT OFFER


    FORT WAYNE, Ind., March 6 - 
Hyponex Corp said it filed with
the Securities and Exchange Commission for a public offering of
100 mln dlrs of senior subordinated debentures due 1999, with
an over-allotment option of 15 mln dlrs.
    Drexel Burnham Lambert Inc is sole manager of the offering,
the lawn products company said.
 Reuter
3;
bodyend
documentend
documentstart
2876
topicstart
topicend
bodystart
2;
******
BENEFICIAL CORP RATING LOWERED BY STANDARD AND POOR'S, AFFECTS 3.7 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
2877
topicstart
earn
topicend
bodystart
2;

HMO AMERICA INC 
<
HMOA> YEAR LOSS


    CHICAGO, March 6 -
    
Shr loss 33 cts vs profit 38 cts
    Net loss 2,359,978 vs profit 2,805,389
    Revs 76.2 mln vs 61.8 mln
    Avg shrs 7,096,886 vs 7,392,586
 Reuter
3;
bodyend
documentend
documentstart
2878
topicstart
topicend
bodystart
2;

BRAZIL CRISIS SPURS RETHINK OF DEBT STRATEGY


    By Alan Wheatley, Reuters


    NEW YORK, March 6 - 
Brazil's economic crisis is forcing a
wholesale re-examination of the established strategy for
dealing with developing-country debt, leading bankers say.
    While finance minister Dilson Funaro is unlikely to succeed
in his attempt at seeking an outright political solution to the
debt problem, Brazil's suspension of interest payments on 68
billion dlrs of commercial bank debt has convinced at least
some bankers that new ideas are needed.
    "The time has come to look at the alternatives," one
seasoned debt rescheduler said.
    Even before Brazil's move, the difficulty in syndicating
the 77 billion dlr financing package for Mexico agreed to in
principle last October was prompting top bankers to examine 
the way they are managing the debt crisis.
    Federal Reserve Chairman Paul Volcker, too, spoke recently
of "debt fatigue" and the need to breathe new life into debt
rescheduling procedures.
    There are already signs of change. Japanese banks are
setting up a jointly owned firm to which they will transfer
some LDC loans in a bid to strengthen their balance sheets,
improve financial management and get tax breaks.    
    But bankers said a move toward a greater governmental role
will be gradual. "The process is such that you cannot expect
tangible progress in a short period of time," one banker said.
    Certainly, Funaro got a frosty reception in Washington and
several European capitals in the past week when he called on
government officials to explain Brazil's crusade for a
political dialogue on debt.
    Assistant U.S. Treasury Secretary David Mulford, for
instance, criticized what he called large-scale solutions such
as debt forgiveness or the creation of new multilateral lending
agencies.
    "While such approaches may have some political appeal, they
are impractical and ultimately counterproductive," Mulford told
a House subcommittee this week. He could have added that any
proposal that might be construed as a bail-out of U.S. banks
would be a non-starter in Congress.
    But bankers said the Reagan Administration could promote
accounting and regulatory changes to foster debt-equity swaps
and debt securitization and to enable banks to consider
interest capitalization as an alternative to new loans.
    Experts say the government must also make it easier for
banks gradually to write down their third-world loan books.
    Mulford, in his Congressional testsimony, urged the banks
to explore different options. "The banks should be encouraged
to look at the so-called menu approach," he said.
    Bankers said the aim would be to keep the loan syndicates
intact or, conversely, to allow small banks to write off their
exposure in a way that is not detrimental to major lenders.
    Big banks say it is unfair that small creditors continue to
receive interest on old debt even if they do not contribute to
new loans. In effect, large banks say they are making new loans
that fund the interest payments on the old debt.
    To solve this problem - and to streamline the cumbersome
negotiating process - Argentina has revived the idea of "exit
bonds", which would be issued at a discount to small creditors
in exchange for their existing debt, bankers said. The banks
would be rid of the loans but would have to recognize a loss.
    Amid the swirl of new ideas, even the role of the
commercial bank advisory committees has come under scrutiny.
    The principle of consensus on which the panels operate was
challenged recently when Citibank - ironically, the original
architect of the committee system - stubbornly refused for a
time to endorse financing offers to the Philippines and Chile.
    The strains have not gone unnoticed in Washington. "There
does seem to be a lot of speculation about the frailty of the
bank advisory committees," a U.S. official said.
    Brazil's Funaro heavily criticized the panels in London on
Monday, charging that they are unresponsive to new ideas and
that U.S. banks are over-represented on them.
    Hannes Androsch, chairman of Austria's
Creditanstalt-Bankverein, said there was some truth to the
charge. "Sentiment is growing in Europe that we're no longer
prepared to bail out the U.S. banks," he told reporters in New
York this week.
    While U.S. bankers obviously see things differently, some
have started to wonder whether the advisory committee is still
the right tool for the job.
    "The debt crisis has probably evolved beyond the capacity
of commercial banks alone, at least in some cases," one top New
York rescheduler said.
    But, with governments unable or unwilling to play a larger
role, bankers see no alternative to the advisory committee.
    "It's the worst form of government there is apart from all
the others," one banker said, paraphrasing former British prime
minister Winston Churchill's opinion about democracy.
 Reuter
3;
bodyend
documentend
documentstart
2880
topicstart
gold
platinum
palladium
copper
nickel
topicend
bodystart
2;

TECHNIGEN PLATINUM CORP IN METALS FIND


    VANCOUVER, March 6 - 
Technigen Platinum corp said initial
results of a 13-hole drilling program on its R.M. Nicel
platinum property in Rouyn-Noranda, Quebec, indicate extensive
near-surface zones highly enriched in gold, platinum and
palladium.
    The metals were found in rocks on the periphery of a
sulphide deposit.
    It said values of up to 0.073 ounce of platinum, 0.206
ounce palladium, three pct copper and 4.5 pct nickel were found
over a drill section of 13 feet.
 Reuter
3;
bodyend
documentend
documentstart
2881
topicstart
livestock
topicend
bodystart
2;

AMERICAN PORK CONGRESS TO BE OVERHAULED IN 1988


    Chicago, March 6 - 
The National Pork Producers Council,
NPPC, announced at this year's American Pork Congress, APC,
that the Congress and trade show will be divided into two parts
in 1988.
    Next years APC, held in Atlanta, will be a business session
only and will continue to be the first week of March.
    The trade show is being changed into a new international
event called the World Pork Expo. The first expo will be held
in June 1988 in Des Moines with an expanded format, they said.
    Executive vice-president Orville Sweet said the decision to
spilt the show and Congress came about because there are
producers who never get to see the trade show floor.
    "It makes sense that we divide the business session from
the trade show," Sweet said.
 Reuter
3;
bodyend
documentend
documentstart
2884
topicstart
acq
topicend
bodystart
2;

<
DTD ENTERPRISES INC> IN REORGANIZATION


    CINCINNATI, March 6 - 
DTD Enterprises Inc said it filed an
8-K report indicating that 
<
EaglesLair Development Corp> had
assumed control of the company under a reorganization plan
signed last month.
    The company said D. Gerald Lach, president of EaglesLair,
was named president and a director of DTD.
    In addition, DTS's board resigned and EaglesLair appointed
new directors, the company said.
 Reuter
3;
bodyend
documentend
documentstart
2886
topicstart
earn
topicend
bodystart
2;

SCHWAB SAFE CO 
<
SS> UPS PAYOUT


    LAFAYETTE, Ind., March 6 -
    
Qtly div 13 cts vs 12 cts prior
    Pay April 17
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
2887
topicstart
earn
topicend
bodystart
2;

PHYSICIANS INSURANCE CO 
<
PICO> 4TH QTR NET


    PICKERINGTON, Ohio, March 6 -
    
Shr 31 cts vs 53 cts
    Net 960,143 dlrs vs 1,631,011 dlrs
    Revs 27.4 mln dlrs vs 18.9 mln dlrs
    Avg shrs 3,079,533 vs 3,096,095
    12 mths
    Shr 1.01 dlrs vs 92 cts
    Net 3,113,337 dlrs vs 2,855,755 dlrs
    Revs 106.5 mln dlrs vs 78.3 mln dlrs
    Avg shrs 3,079,516 vs 3,089,140
    NOTE: per share amounts for qtr and year prior have been
restated to reflect a six-for-five stock split in August 1986.
    Revs for qtr include capital gains of 3,049,564 vs
2,010,972, and for year of 9,841,204 vs 5,798,995.
    Revs for qtr include non-insurance revenues of 1,627,518 vs
1,550,329, and for year of 7,289,973 vs 4,639,162.
    Revs for qtr include life subsidiary account deposits of
548,538 vs 241,465, and for year of 2,104,840 vs 300,404.
 Reuter
3;
bodyend
documentend
documentstart
2889
topicstart
topicend
bodystart
2;

BENEFICIAL CORP 
<
BNL> DEBT RATINGS CUT BY S/P


    NEW YORK, March 6 - 
Standard and Poor's Corp said it
lowered the ratings on about 3.7 billion dlrs of Beneficial
Corp's long-term debt.
    S/P said that its action follows the firm's sizeable 186.6
mln dlr loss at year-end 1986. It also reflects S/P's
expectation that Beneficial's profitability will not return to
pre-1986 levels soon after the firm's recent corporate
restructuring efforts have been completed.
    Ratings lowered include the company's senior debt to
A-minus from A and commercial paper to A-2 from A-1. The issues
had been on creditwatch since January 2.
 Reuter
3;
bodyend
documentend
documentstart
2890
topicstart
earn
topicend
bodystart
2;

BRADLEY 
<
BRLY> ANNOUNCES LONG-TERM LEASE


    BOSTON, March 6 - 
Bradley Real Estate Trust said it signed
a 99-year lease for property in downtown Minneapolis to BCED
Minnesota Inc.
    The lease will increase net income by about 24 cts a share
on a post-February 1987 three-for-two stock split basis. For
1986, the Trust reported net income of 1.3 mln dlrs or 38 cts a
share on a post-split basis.
    Bradley will also be entitled to a one-time additional
rental payment of 30 cts a share upon BCED entering into a
space lease with a prime national tenant and a share in a
portion of net cash flow from operations on the property.
 Reuter
3;
bodyend
documentend
documentstart
2895
topicstart
topicend
bodystart
2;

GINNIE MAE DROPS FEE INCREASE ON SECURITIES


    WASHINGTON, March 6 - 
The Government National Mortgage
Association has decided not to raise its guarantee fee on
mortgage securities, Louis Gasper, Ginnie Mae executive vice
president said.
    Ginnie Mae, which guarantees securities backed by Federal
Housing Administration and Veterans Administration mortgages,
had planned to raise the fee March one from six basis points to
10 basis points. Mortgage bankers strongly opposed the proposed
fee increase.
    Gasper said it became apparent Congress was ready to pass
legislation that would have rescinded the fee increase.
 Reuter
3;
bodyend
documentend
documentstart
2896
topicstart
acq
topicend
bodystart
2;

DUMEZ UNIT HAS 94 PCT OF WESTBURNE (WBI)


    MONTREAL, March 6 - 
(Dumez Investments I Inc) said 94.7 pct
of Westburne International Industries Ltd's outstanding common
shares have been deposited under its takeover bid.
    It said it has received about 11,070,000 shares under its
22.50 dlrs per share offer which expired yesterday.
    Dumez said it will proceed to acquire the remaining common
shares to give it 100 pct ownership of Westburne.
    Dumez is a private company owned jointly by (Dumez S.A.)
and (Unicorp Canada Corp).            
 Reuter
3;
bodyend
documentend
documentstart
2897
topicstart
acq
topicend
bodystart
2;

CANADIAN NATURAL RESOURCES TO SELL STAKE


    Calgary, Alberta, March 6 - 
<
Canadian Natural Resources
Ltd> said it agreed in principle to sell 80 pct of its working
interest in certain producing and non-producing natural gas
properties located in southwestern Saskatchewan.
    The transaction is expected to close on April 1, 1987, the
company said. It did not identify the buyer nor give the
selling price.
    Proceeds will be used to satisfy a February 1987 repayment
demand by one of the company's lenders. Any excess proceeds
will be added to working capital, the company said.
 Reuter
3;
bodyend
documentend
documentstart
2898
topicstart
acq
topicend
bodystart
2;

MALRITE BUYS COX'S RADIO STATION UNIT


    CLEVELAND, March 6 - 
<
Malrite Guaranteed Broadcast Partners
L.P.> said it bought WTRK Inc from 
<
Cox Enterprises Inc> for
13.8 mln dlrs in cash.
    It said WTRK owns and operates WTRK-FM, a Philadelphia
radio station. Transfer of the license for the sation has been
approved by the Federal Communications Commission.
    Malrite Guaranteed said it is a limited partnerhip formed
to acquire and operate radio and tv stations. It said Malrite
Communications Group Inc 
<
MALR> is the general partner.
 Reuter
3;
bodyend
documentend
documentstart
2900
topicstart
topicend
bodystart
2;

FORGED EXXON 
<
XON> ZERO-COUPON EURONOTES FOUND


    NEW YORK, March 6 - 
Exxon Corp said that forgeries of a
20-year zero-coupon Euronote issued by its Exxon Capital Corp
subsidiary have been discovered in the European market.
    The issue involved was launched in 1984 and matures on
November 15, 2004. About 1,900 notes with a total face value of
19 mln dlrs and a market value of about four mln dlrs have been
identified so far, the company said.
    Exxon said that Morgan Guaranty Trust Co, the fiscal and
paying agent for the issue, Euro-clear and Cedel (the two major
European securities clearing systems), and police in London and
Brussels are investigating the case.
    Indications of forgeries came to light on Wednesday at
Morgan Guaranty Trust Co in London, which acts as Euro-clear's
depositary, and Exxon said they were confirmed today.
    Euro-clear told Exxon that it has examined to its
satisfaction all the notes at the depositary and is checking
the authenticity of new deposits of the notes as they enter the
Euro-clear System.
    Cedel is also reviewing all notes within its system, Exxon
added. At Exxon's direction, Morgan Guaranty Trust Co stands
ready to validate any notes in order to establish their
authenticity, Exxon said.
    A spokeswoman for Exxon was unable to say whether
secondary-market trading in the notes had been affected or who
would have legal responsibility for reimbursing defrauded
investors.
    Zero-coupon forgeries have turned up in the Euromarket
before. Because there are no interest coupons attached to the
bond certificates, they are easier to forge than coupon issues,
market sources said.
 Reuter
3;
bodyend
documentend
documentstart
2902
topicstart
acq
topicend
bodystart
2;

CYACQ EXTENDS TENDER FOR CYCLOPS 
<
CYL>


    DAYTON, Ohio, March 6 - 
Cyacq Corp said it extended its 80
dlr a share tender offer for Cyclops Corp to March 20 from
today.
    Cyacq was formed by Citicorp Capital Investors Ltd and
Audio Video Affiliates INc 
<
AVA> to acquire Cyclops. THe tender
offer began on February six.
    The offer is conditioned upon at least 80 pct of the
outstanding shares and at least 80 pct of the voting securities
being tendered before expiration of the offer.
    As of March six, only 353 shares of Cyclops' 4.1 mln
outstanding shares had been tendered.
 Reuter
3;
bodyend
documentend
documentstart
2903
topicstart
topicend
bodystart
2;

INT'L RECTIFIER 
<
IRF> DEBT DOWNGRADED BY S/P


    NEW YORK, March 6 - 
Standard and Poor's Corp said it cut to
CCC from B-minus International Rectifier Corp's 58 mln dlrs of
convertible subordinated debentures due 2010.
    The company's implied senior debt rating is B-minus.
    S and P said the downgrade reflected expectations of
restricted financial flexibility through at least the
intermediate term. It also cited a highly leveraged balance
sheet and reduced access to capital.
    The rating agency said International Rectifier's ability to
reduce high debt levels and interest expense through cash from
operations is very limited.
 Reuter
3;
bodyend
documentend
documentstart
2904
topicstart
topicend
bodystart
2;

CONTINENTAL AIRLINES FILES FOR NOTE OFFERING


    HOUSTON, Texas, March 6 - 
Continental Airlines Inc, a unit
of Texas Air Corp, said it filed a registration statement with
the Securities and Exchange Commission relating to 100 mln dlrs
principal amount of Senior Notes due 1997 guaranteed by Texas
Air Corp.
    Interest will be payable March 15 and September 15
beginning September 15, 1987.
    Proceeds will be added to Continental's corporate funds to
provide additional liquidity.
 Reuter
3;
bodyend
documentend
documentstart
2905
topicstart
topicend
bodystart
2;

NEWFOUNDLAND CAPITAL TO ISSUE DEBENTURES


    TORONTO, March 6 - 
<
Newfoundland Capital Corp Ltd> said it
will issue 25 mln dlrs principal amount of eight pct
convertible subordinated debentures.
    Underwriter is Loewen, Ondaatje, McCutcheon and Co Ltd. Net
proceeds will be used for working capital, the company said.
 Reuter
3;
bodyend
documentend
documentstart
2907
topicstart
acq
topicend
bodystart
2;

MONO GOLD SAYS PARTNERSHIP AGREES TO BUY SHARES


    VANCOUVER, British Columbia, March 6 - 
<
Mono Gold Mines
Inc> said 
<
NIM and Co Ltd> Partnership agreed to buy
flow-through shares with an aggregate purchase price of up to
300,000 dlrs.
    It said, subject to fulfillment of certain conditions, the
price of the shares to NIM will be 79.6 cts per share, and said
it will issue 376,955 shares to the partnership.
    Mono also said options to buy up to 300,000 dlrs of its
capital stock at 65 cts per share expire March three. It said
39,000 options have been exercised to net the company 25,530
dlrs to be added to working capital.
 Reuter
3;
bodyend
documentend
documentstart
2908
topicstart
earn
topicend
bodystart
2;

USLICO CORP 
<
USVC> INCREASES DIVIDEND


    ARLINGTON, Va, March 6 -
    
Qtly div 22 cts vs 20 cts prior
    payable March 27
    Record March 18
 Reuter
3;
bodyend
documentend
documentstart
2909
topicstart
acq
topicend
bodystart
2;
******
USAIR GROUP REQUESTS TRANSPORTATION DEPARTMENT ORDER TWA TO DIVEST STAKE

Blah blah blah.
3;


bodyend
documentend
documentstart
2912
topicstart
earn
topicend
bodystart
2;

DIPLOMAT ELECTRONICS 
<
DPEC> TO CUT COSTS


    MELVILLE, N.Y., March 6 - 
Diplomat Electronics Corp said it
will reduce expenses by four mln dlrs a year in an effort to
stem losses and return to a positive net worth.
    The company also said certain lenders agreed to take a 24
pct stake in the company by converting seven mln dlrs of debt
into preferred stock.
    Diplomat said it will cut costs by several means, including
dismissal of 100 workers at its corporate headquarters,
consolidation of its warehousing and shipping operations and
reduction of management salaries. Moreover, it said it will
relocate its headquarters to Glendale, Calif.
   
 Reuter
3;
bodyend
documentend
documentstart
2913
topicstart
grain
corn
cornglutenfeed
meal-feed
topicend
bodystart
2;

U.S. CORN GROWERS BLAST CANADA CORN RULING


    WASHINGTON, March 6 - 
Canada's ruling in favor of a duty on
U.S. corn was a keen disappointment to the National Corn
Growers Association and has set a dangerous precedent for other
nations to follow, said Mike Hall, lobbyist for the
association.
    "The French corn growers will clearly charge ahead now and
just change corn to corn gluten feed" in their complaint, Hall
told Reuters.
    A Canadian government agency ruled today that U.S. farm
policies are causing injury to Canadian corn farrmers and
supported an earlier imposed countervailing duty of about 85
cts per bushel.
    "This was cleary a political decision," Hall said. "The
amount of corn we export to Canada is insignificant."
    The unexpected ruling appeared to be based on the agrument
that Canada bases its corn prices on U.S. futures prices and
that American farm policy has driven down these prices, thus
causing lower prices to Canadian farmers and larger government
payments through its farm stabilization program, Hall said.
    Hall said this is a new definition for injury, but that
other nations might also now apply this same argument to attack
U.S. farm programs.
    The French corn growers could now charge that U.S. farm
programs create an unfair subsidy for corn gluten feed, Hall
said. The French have long wanted to control the imports of
U.S. corn gluten feed into the community, saying that the
imported feed was unfairly displacing European grain.
 Reuter
3;
bodyend
documentend
documentstart
2915
topicstart
earn
topicend
bodystart
2;

DOLLAR GENERAL CORP 
<
DOLR> QTLY DIVIDEND


    SCOTTSVILLE, Ky, March 6 -
    
Qtly div five cts vs five cts prior
    Payable April three
    Reocrd March 20
 Reuter
3;
bodyend
documentend
documentstart
2916
topicstart
earn
topicend
bodystart
2;

HEALTHCARE SERVICES 
<
HSAI> SEES WRITE-OFFS


    BIRMINGHAM, Ala, March 6 - 
Healthcare Services Of America
Inc said it will write off about 16 mln dlrs in non-recurring
expenses in 1986.
    It also said it expects income from operations to be about
breakeven for 1986 and the estimated loss for the year to be
about the same as the writeoffs.
    Results will be released by March 31, 1987.
    Included in the writeoffs were six mln dlrs in
developmental costs, six mln dlrs in unamortized loan costs and
debt discounts and four mln dlrs in other non-recurring costs.
    The company said it continues to be in default of certain
financial and non-financial covenants set forth in its major
loan documents.
    It said negotiations continue with the banks, but has no
assurance that such funding will continue.
    It said it authorized Smith barney, Harris Upham and Co to
seek a business combination with third parties.
    Healthcare also said the board has authorized the sale or
lease of certain assets to reduce the cash required from the
revolving credit line for completion of current construction
projects.
    For the year ended December 31, 1985 Healthcare reported
net income of 3.5 mln dlrs on sales of 54.4 mln dlrs
 Reuter
3;
bodyend
documentend
documentstart
2917
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> SEEKS ORDER AGAINST TWA 
<
TWA>


    WASHINGTON, March 6 - 
USAir Group said it sought the help
of the U.S. Department of Transportation in its takeover fight
with Trans World Airlines Inc, asking the Department to order
TWA to sell its USAir shares.
    "What they have done is in direct violation of the Federal
Aviation Act," USAir said.
    It said TWA week filed a cursory application with the
Department of Transportation for approval of its proposed 1.65
billion dlr takeover of USAir.
    USAir rejected the offer and said it asked the Department
of Transportation to dismiss the application.
    USAir said it requested the dismissal because TWA avoided
pre-merger notification requirements, and also did not provide
a competitive and public interest analysis required under
regulations.
    USAir said if the application is dismissed, TWA would be
limited to buying only 1.5 pct of its 31.7 mln outstanding
shares. If the application is approved, TWA could buy up to 10
pct, it said. TWA has said it owns less than 10 pct of USAir's
stock.
    TWA today revealed that it has increased its holdings to
more than four mln USAir shares, 15 pct of the outstanding.
    TWA vice president general counsel Mark Buckstein said the
company had made appropriate filings with the DOT and was in
compliance with the law.
 Reuter
3;
bodyend
documentend
documentstart
2918
topicstart
earn
topicend
bodystart
2;

PARK-OHIO INDUSTRIES INC 
<
PKOH> 4TH QTR NET


    CLEVELAND, March 6 -
    
Shr loss 52 cts vs profit 1.07 dlr
    Net loss 2,917,000 vs profit 5,963,000
    Revs 34.1 mln vs 40.3 mln
    Year
    Shr loss 1.39 dlr vs profit 1.24 dlr
    Net loss 7,749,000 vs profit 6,946,000
    Revs 138.6 mln vs 186.2 mln
    NOTE: 1986 net includes certain non-recurring charges of
about 5,506,000 dlrs for a number of items.
    1985 4th qtr and yr net includes extraordinary credit of
4,974,000 dlrs or 89 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
2919
topicstart
earn
topicend
bodystart
2;

BMC INDUSTRIES INC 
<
BMC> 4TH QTR LOSS


    ST. PAUL, Minn., March 6 -
    
Shr loss 1.20 dlrs vs loss 1.97 dlrs
    Net loss 6,248,000 vs loss 10.2 mln
    Revs 33.1 mln vs not given
    Year
    Shr loss 1.25 dlrs vs loss 13.44 dlrs
    Net loss 6,508,000 vs loss 69.6 mln
    Revs 123.4 mln vs not given
    NOTE: Results include charges of five mln dlrs or 96 cts
shr for 1986 qtr and year, compared with charge of 72.2 mln
dlrs or 13.94 dlrs shr in prior year from discontinued
operations and disposal of discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
2920
topicstart
earn
topicend
bodystart
2;

UNITED COMPANIES 
<
UNCF> DECLARES STOCK DIVIDEND


    BATON ROUGE, La, March 6 - 
United Companies Financial Corp
said its board declared a two pct stock dividend payable APril
eight to holders of record March 17.
    The board also declared a regular quarterly cash dividend
of 12.5 cts payable April one to holders of record March 16.
                                                   
 Reuter
3;
bodyend
documentend
documentstart
2922
topicstart
grain
corn
topicend
bodystart
2;

U.S. FARM PROGRAMS HELP CANADIAN CORN PRODUCERS


    PARK RIDGE, ILL., March 6 - 
An American Farm Bureau
Federation (AFBF) official said that far from hurting Canadian
corn producers, U.S. farm programs benefit all foreign
producers.
    AFBF president Dean Kleckner made the comments in response
to the ruling earlier today by the Canadian Import Tribunal
that subsidized U.S. corn imports were injurious to Canadian
growers. The tribunal upheld a countervailing duty of 84.9 U.S.
cents a bushel.
    "Farm Bureau specialists went to Ottawa and testified
previous U.S. farm programs have actually benefited all foreign
producers by reducing the amount of corn grown in the U.S. (and
losing market share), while exerting an upward influence on the
price of corn Worldwide," he said.
 Reuter
3;
bodyend
documentend
documentstart
2923
topicstart
nat-gas
topicend
bodystart
2;

U.N. ISSUES REPORT ON NATURAL GAS CLAUSES


    UNITED NATIONS, March 6 - 
The U.N. Centre on Transnational
Corporations has issued a report containing guidelines and
recommendations for negotiating natural gas clauses in
agreements between transnational petroleum corporations and
host countries.
    The U.N. said the report was aimed at promoting petroleum
exploration in areas perceived as being gas prone. The 49-page
report contains an in-depth examination of the problems of gas
developoment and looks at different ways in which contractual
terms might deal with the risks in gas development associated
with pricing, marketing and volume.
 Reuter
3;
bodyend
documentend
documentstart
2924
topicstart
acq
topicend
bodystart
2;

TAFT
<
TFB> BIDDERS WOULD SELL ENTERTAINMENT UNIT


    By Cal Mankowski, Reuters


    NEW YORK, March 6 - 
A proposed buyout of Taft Broadcasting
Co by Dudley Taft and other investors includes a plan to sell
the company's Entertainment Group, according to one of the
investors.
    Jonathan Nelson, managing director of Narragansett Capital
Corp 
<
NARR>, which is participating in the buyout plan,
declined to say if buyers have already been lined up for the
Entertainment Group. "We are considering selling the group,"
Nelson said. Wall Street analysts said any of the Hollywood
film studios which might be interested.
    Taft Broadcasting Co did not comment on the 145 dlr per
share offer. Taft has 9.2 mln shares outstanding, of which 12
pct are owned by the Taft and Ingalls families.
    Dudley Taft relinquished the title of president in July but
continues as vice chairman of the company.
    Taft-Narragansett requsted a response to its proposal by
March 12.
    If the plan is accepted, Taft would be a private company
financed by high yield bonds and bank debt, Nelson said.
Narragansett is an investment management company specializing
in leveraged buyout transactions.
    Taft shares climbed 19 to 151-1/2, causing arbitrageurs to
say investors believe the bidders may raise their price.
    Robert M. Bass, who controls 25 pct of the stock, and
American Financial Corp, holder of 15 pct, did not return
telephohe calls seeking comment.
    But Dennis McAlpine, analyst at Oppenheimer and Co, said "I
don't think it's worth 150 dlrs." He noted Taft recently agreed
to sell a group of independent television stations at a loss.
He said the entertainment group, which includes the
Hanna-Barbara animation studios, is currently hampered by a
glut of animated product.
    Taft Broadcasting has never commented on reports that its
major stockholders met recently to discuss a break-up of the
company.
    MacAlpine said there are lots of options for reshaping the
company with a distribution of various pieces to the major
shareholders among the possibilities.
    Analyst Alan Gottesman of L.F. Rothschild, Unterberg Towbin
Inc said the Bass group has been increasing its stake in the
belief the company would be worth more with a change in its
strategy. He said Bass pushed for sale of the independent
television stations because the company paid too much.
 Reuter
3;
bodyend
documentend
documentstart
2925
topicstart
interest
crude
topicend
bodystart
2;

POSITIVE OUTLOOK TEMPERED IN U.S. DEBT FUTURES


    By Brad Schade, Reuters


    CHICAGO, March 6 - 
Higher oil prices and stronger than
expected U.S. employment growth led to sharp losses in U.S.
interest rate futures and diminished what had been a positive
chart outlook, financial analysts said.
    The increase of 319,000 in non-farm payroll employment
during February was above market expectations for a rise of
170,000 to 200,000 jobs and sparked selling in Treasury bond
futures that drove the June contract through key technical
support at 101-2/32 at the opening Friday, they noted.
    "I don't like that fact that we had a close below 101,"
said Prudential Bache analyst Fred Leiner. The 101-2/32 level
in the June bond contract had been the top of a three-month
trading range, which when penetrated during the rally Wednesday
led to bullish forecasts by chartists.
    But analysts called it a false breakout on the weekly
charts when the June bond closed at 100-10/32 Friday.
    Some also forecast that the high of the week at 101-19/32
may signal a bearish double top formation portending steep
losses.
    "I tend to go along with the double top scenario," said
Northern Futures analyst Eileen Rico.
    Rico noted that the possible formation, along with the fact
that the rally of the last two weeks in bond futures has
occurred on relatively low volume, were negative signals.
    Despite what could be a negative chart outlook, Leiner
remains cautiously optimistic, and June bonds should find
support between 100 and 99-16/32 next week.
    The optimistic outlook, as well as Leiner's expectation
that the yield curve will flatten in the near term, is based on
an improving inflation outlook.
    With the dollar stable and economic data giving the Federal
Reserve little room to ease monetary policy, "the inflation
outlook is improving," Leiner said, and that should lead to
relatively stronger bond prices than bill and Eurodollar
prices.
    Still, Leiner noted that the recent rise in oil prices
remains a concern for the inflation outlook.
    Oil rose during the week on reports that OPEC nations were
maintaining production quotas and official prices, and got an
extra boost Friday due to the suspension of oil exports from
Ecuador after an earthquake Thursday.
    "The runup in crude oil will be a short-lived phenomenon,"
said Carroll McEntee and McGinley analyst Brian Singer.
    The rise in oil prices over the past week has been largely
"media induced," Singer said. He noted that even though OPEC
production may be within quotas, "oil stocks are at
tremendously high levels."
    Although the Ecuador situation could cause a delay, oil
prices will eventually decline to the lows of late February, he
said, and that will be a supportive influence for bond prices.
 Reuter
3;
bodyend
documentend
documentstart
2926
topicstart
acq
topicend
bodystart
2;

SANDOX BUYS STAUFFER SEEDS


    MINNEAPOLIS, March 6 - 
Sandoz Corp's Northrup King Co said
it bought Stauffer Seeds, a unit of Stauffer Chemical Co.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
2927
topicstart
acq
topicend
bodystart
2;

ENERGEN 
<
EGN> BUYS MUNICIPAL GAS SYSTEM


    BIRMINGHAM, Ala, March 6 - 
Energen Corp said it has
acquired the distribution system of the City of Clanton, Ala.
for about 1.2 mln dlrs.
    The 1,800 customer system is the fourth municipal system
acquired by Energen's Alabama Gas subsidiary since October
1986, adding a total of 9,600 customers.
 Reuter
3;
bodyend
documentend
documentstart
2928
topicstart
earn
topicend
bodystart
2;

SIERRA PACIFIC RESOURCES INC 
<
SRP> DIVIDEND


    RENO, Nev., March 6 -
    
Qtly div 43 cts vs 43 cts prior
    Payable May one
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
2929
topicstart
earn
topicend
bodystart
2;

METEX CORP 
<
MTX> 4TH QTR DEC 28


    EDISON, N.J., March 6 -
    
Shr 22 cts vs 49 cts
    Net 296,994 vs 657,416
    Revs 6.5 mln vs 9.5 mln
    Year
    Shr 78 cts vs 1.51 dlrs
    Net 1.0 mln vs 2.0 mln
    Revs 27.6 mln vs 29.4 mln
 Reuter
3;
bodyend
documentend
documentstart
2930
topicstart
earn
topicend
bodystart
2;

HOUSTON OIL TRUST 
<
HO> OMITS MARCH DISTRIBUTION


    HOUSTON, March 6 - 
Houston Oil Trust said there will be no
cash distribution to the unit holders in March.
    The most significant factor for the lack of a distribution
this month is the establishment of additional special cost
escrow accounts, the company said, adding, that there may be no
cash distribution in other months or during the remainder of
the year.
    For March, the working interest owner will place 1.9 mln
dlrs in special cost escrow accounts.
 Reuter
3;
bodyend
documentend
documentstart
2931
topicstart
topicend
bodystart
2;

CORRECTED - MELLON 
<
MEL> UNIT'S NOTES


    NEW YORK, March 6 - 
First Boston Corp said it is selling
150 mln dlrs of deposit notes due 1992 that it bought from
Mellon Bank NA, a unit of Mellon Bank Corp.
    First Boston is offering the notes to the public with a
7.45 pct coupon and par pricing. That is 73 basis points more
than the yield of comparable Treasury securities.
    The issue has a one-time call after three years, First
Boston detailed. If the notes are not redeemed at that time,
they will be non-callable to maturity.
    -- First Boston corrects that it, not Mellon, is selling
the notes to the public.
 Reuter
3;
bodyend
documentend
documentstart
2932
topicstart
topicend
bodystart
2;

PUGET SOUND POWER 
<
PSD> REDEEMS MORTGAGE BONDS


    NEW YORK, March 6 - 
Puget Sound Power and Light Co said its
board authorized the redemption on April 20 of the outstanding
principal amount of 94.7 mln dlrs of first mortgage bonds.
    The issues included are 29.7 mln dlrs of 9-1/2 pct series
due 2000 at the regular redemption price of 104.4 pct, 51.74
mln dlrs of the 9-7/8 pct series due 2008 at the redemption
price of 100 pct and 13.26 mln dlrs of the 9-7/8 pct series due
2008 at 106.63 pct.
    Accrued interest will be added in each case.
 Reuter
3;
bodyend
documentend
documentstart
2933
topicstart
acq
topicend
bodystart
2;

MONOCLONAL ANTIBODIES 
<
MABS> BUYS COMPANY


    MOUNTAIN VIEW, CALIF, March 6 - 
Monoclonal Antibodies Inc
said it signed an agreement in principle to buy 
<
Genesis Labs
Inc> for about 10 mln dlrs of common stock.
    The agreement is subject to shareholders approval and other
conditions.
 Reuter
3;
bodyend
documentend
documentstart
2935
topicstart
topicend
bodystart
2;

ATLANTIC CITY ELECTRIC 
<
ATE> DEBT LOWERED BY S/P


    NEW YORK, March 6 - 
Standard and Poor's Corp said it cut
the ratings of Atlantic City Electric Co.  About 500 mln dlrs
of long-term debt and 66 mln dlrs of preferred is outstanding.
    S/P said prior ratings reflected anticipation of a
significant improvement in financial condition following the
completion of the Hope Creek nuclear unit and receipt of
subsequent rate relief. But the New Jersey Board of Public
Utilities' recent rate action will not permit enhancement of
key financial indicators.
    Ratings lowered include the senior debt to A-plus from
AA-minus and preferred stock to A from AA-minus.
 Reuter
3;
bodyend
documentend
documentstart
2936
topicstart
strategic-metal
topicend
bodystart
2;

U.S. TREASURY PROPOSES SOME S. AFRICAN IMPORTS


    WASHINGTON, March 6 - 
The Treasury proposed allowing 
temporary imports of South African uranium ore and uranium
oxide until July 1 under certain conditions pending
clarification of anti-apartheid laws passed by Congress last
fall.
    The proposal to be published in the Federal Register next
week requests written congressional and public comment within
60 days and deals with uranium ore and oxide that is imported
for U.S. processing and exporting to third countries.
    The Treasury said it proposed allowing the temporary
imports because it felt Congress had not intended when it
passed the comprehensive South African sanctions bill last fall
-- overriding President Reagan's veto -- to hurt U.S. industry.
    "The domestic uranium conversion industry and the federal
government's enrichment industry could be seriously injured in
a manner not intended by Congress if the . . . import ban on
uranium ore and oxide were implemented to bar imports for
processing and export through a mistaken interpretation of the
act," the Treasury brief said.
    The Treasury said an outright U.S. ban of uranium ore and
oxide might cause foreign electric utilities to divert their
South African origin ore and oxide to other countries including
the Soviet Union for processing.
    Treasury said it would allow imports of the South African
ore and oxide until July 1 for processing and re-export
"provided that the imported ore or oxide is accompanies by a
license for importation issued by the Nuclear Regulatory
Commission."
    The Treasury brief also proposed allowing U.S.-origin goods
to be imported temporarily from South African state-controlled
organizations for repair or servicing in the United States.
    "The U.S. Customs will allow such importation to be made
under bond," the brief said.
    The South African sanctions law, enacted by the United
States to protest the apartheid laws of racial segregation
practiced by South Africa's white minority government,
prohibited imports of uranium ore and oxide, iron and steel,
coal and textiles at the end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
2938
topicstart
earn
topicend
bodystart
2;

BRANIFF INC 
<
BAIR> 4TH QTR LOSS JAN 31


    DALLAS, March 6 -
    
Shr loss 37 cts vs loss 13 cts
    Net loss 4.5 mln vs loss 1.5 mln
    Revs 63.3 mln vs 53.8 mln
    Year
    Shr loss 74 cts vs profit 1.87 dlr
    Net loss 9.0 mln vs profit 23.0 mln
    Revs 239.5 mln vs 244.3 mln
    NOTE:1986 net includes extraordinary gain of 10.6 mln dlrs
from tax loss carryforward in year and loss of 198,000 dlrs in
4th qtr.
 Reuter
3;
bodyend
documentend
documentstart
2939
topicstart
acq
topicend
bodystart
2;
******
JUSTICE DEPT. SUPPORTS DISMISSAL OF TWA APPLICATION FOR USAIR CONTROL

Blah blah blah.
3;


bodyend
documentend
documentstart
2940
topicstart
acq
topicend
bodystart
2;
******
TRANSPORTATION DEPARTMENT DISMISSES TWA APPLICATION FOR USAIR CONTROL

Blah blah blah.
3;


bodyend
documentend
documentstart
2942
topicstart
strategic-metal
topicend
bodystart
2;

U.S. TREASURY PROPOSES S.AFRICAN URANIUM IMPORTS


    WASHINGTON, March 6 - 
The U.S. Treasury proposed allowing 
temporary imports of South African uranium ore and uranium
oxide until July 1 under certain conditions pending
clarification of anti-apartheid laws passed by Congress last
fall.
    The Treasury said it proposed allowing the temporary
imports because it felt Congress had not intended when it
passed the comprehensive South African sanctions bill last fall
-- overriding President Reagan's veto -- to hurt U.S. industry.
    The Treasury said an outright U.S. ban of uranium ore and
oxide might cause foreign electric utilities to divert their
South African origin ore and oxide to other countries including
the Soviet Union for processing.
    The Treasury also proposed allowing U.S.-origin goods to be
imported temporarily from South African state-controlled
organizations for repair or servicing in the U.S.
    The South African sanctions law, enacted by the U.S. to
protest the apartheid laws of racial segregation practiced by
South Africa's white minority government, prohibited imports of
uranium ore and oxide, iron and steel, coal and textiles at the
end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
2944
topicstart
ship
topicend
bodystart
2;

26 REPORTED DEAD IN FERRY DISASTER


    ZEEBRUGGE, Belgium, March 6 - 
At least 26 people died when
a car ferry struck a pier as it left Belgium for Britain, a
nurse who took part in the rescue operation said.
    Jan Van Moerbeke, a male nurse, said on coming off the
Herald of Free Enterprise that he had found six people on top
of the vessel who were dead. There were at least another 20
dead inside the boat, he added.
    The governor of West Flanders province said 240 people were
still unaccounted for.
 Reuter
3;
bodyend
documentend
documentstart
2945
topicstart
acq
topicend
bodystart
2;

CONTINENTAL FEDERAL 
<
CONF> HOLDER TO SELL STAKE


    OKLAHOMA CITY, March 6 - 
Continental Federal Savings and
Loan Association said it was told that an estate holding 38 pct
of its stock plans to sell its stake at a premium over the
current stock price.
   Continental said the estate of Harold Vernon and certain
parties have signed a letter of intent to sell the stock for
12.25 dlrs a share, for a total of about 6,538,000 dlrs.
Continental's stock closed at seven in over-the-counter
trading.
    The thrift said the buyer is 
<
BAC Inc>, a corporation
acting for certain unindentified parties.
 Reuter
3;
bodyend
documentend
documentstart
2946
topicstart
acq
topicend
bodystart
2;

BROKER'S CHOICE TO BUY RUBBERTECH


    EXCELSIOR, Minn, March 6 - 
Broker's Choice Capital Inc said
it signed a letter of intent to buy Rubbertech Inc.
    If approved by shareholders, Broker's Choice will issue
about 71 mln shares of authorized, but unissued shares of
restricted common stock to Rubbertech Inc.
 Reuter
3;
bodyend
documentend
documentstart
2947
topicstart
grain
corn
topicend
bodystart
2;

ARGENTINA UNAFFECTED BY BRAZIL'S MAIZE DECISION


    BUENOS AIRES, March 6 - 
A government official said that a
decision by Brazil not to import maize because it forecast a
record harvest would not affect Argentina's exports.
    "We have heard nothing about this, but if Brazil has decided
not to import maize that is no problem for us as it is not one
of our main customers," Agriculture, Livestock and Fisheries
Under-Secretary Miguel Braceras said.
    Private sources also said Argentina's exports would not be
affected by Brazil's decision, which Agriculture Minister Iris
Resende announced yesterday in Sao Paulo.
    Brazil had not asked for any Argentine maize, they said.
    They also said a smaller crop and adverse weather this
summer in Argentina had reduced production.
    Braceras said that last year Brazil bought 800,000 tonnes
of Argentine maize but in some years it had not imported any
from Argentina.
    The Soviet Union was Argentina's main customer and Japan
was also becoming a bigger importer of the country's maize, he
said.
 Reuter
3;
bodyend
documentend
documentstart
2948
topicstart
acq
topicend
bodystart
2;

DOT DISMISSES TWA 
<
TWA>, USAIR 
<
U> APPLICATION


    WASHINGTON, March 6 - 
The U.S. Department of Transportation
(DOT) said it dismissed on technical grounds an application by
Trans World Airlines Inc for DOT approval for it to take
control of USAir Group.
    The DOT added, however, that TWA was free to refile when it
could put together an application for control that met the
agency's procedural requirements.
    The DOT acted shortly after the U.S. Department of Justice
disclosed that it supported dismissal of the TWA application.
    It was not immediately clear what impact the denial would
have on TWA's bid to take over USAir.
    In its control application, TWA had acknowledged that
additional documentation was required to meet DOT rules and
said it would file more material on the morning of March 9.
    But the DOT said it would not wait.
    "We have determined to dismiss TWA's application for
approval of the acquisition of USAir," it said in an order
issued late Friday.
    "TWA's application clearly fails to comply with the filing
requirements of our regulations...and TWA has provided no
reason why we should accept such a deficient filing," it added.
    "Accordingly, we will dismiss the application. TWA, of
course, may refile it when it is able to comply with our
procedural rules," the DOT said.
    The agency added that it would continue to consider a
separate TWA request for federal clearance to purchase USAir
stock through a voting trust.
    USAir had said earlier today that it asked the DOT to
dismiss the TWA control application, on grounds the TWA filing
did not meet DOT requirements.
 Reuter
3;
bodyend
documentend
documentstart
2950
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> TO REFILE WITH U.S. AGENCY


    NEW YORK, MARCH 6 - 
Transworld Airlines Inc plans to refile
an application Monday with the Department of Transportation for
approval to acquire USAir Group 
<
U>.
    The DOT late today dismissed TWA's application to acquire
USAir.
    "When the DOT opens for business on Monday morning, we will
be refiling a perfected and completed section 408 application,"
said TWA general counsel Mark Buckstein.
    Buckstein said the DOT ruled the application, which was
filed Wednesday, was incomplete. He said he did not yet know
why the agency objected.
 Reuter
3;
bodyend
documentend
documentstart
2951
topicstart
acq
topicend
bodystart
2;

JUSTICE ASKS U.S. DISMISSAL OF TWA (TWA) FILING


    WASHINGTON, March 6 - 
The Justice Department told the
Transportation Department it supported a request by USAir 
Group that the DOT dismiss an application by Trans World
Airlines Inc for approval to take control of USAir.
    "Our rationale is that we reviewed the application for
control filed by TWA with the DOT and ascertained that it did
not contain sufficient information upon which to base a
competitive review," James Weiss, an official in Justice's
Antitrust Division, told Reuters.
 Reuter
3;
bodyend
documentend
documentstart
2952
topicstart
interest
topicend
bodystart
2;

HONG KONG BANKS LEAVE INTEREST RATES UNCHANGED


    HONG KONG, March 7 - 
The Hong Kong Association of Banks
said it decided to leave interest rates unchanged at today's
regular weekly meeting.
    Current rates are 1-3/4 pct for savings accounts, 24-hours,
seven-day call, one-week and two-weeks. One-month is 2-1/4 pct,
two-months 2-1/2 pct, three- and six-months are both three pct,
nine-months 3-1/4 pct and 12-months 3-3/4 pct.
    Prime rate is six pct.
 REUTER
3;
bodyend
documentend
documentstart
2953
topicstart
acq
topicend
bodystart
2;

SAVINGS ACUISITION IN CALIFORNIA ANNOUNCED


    WASHINGTON, March 7 - 
The Federal Home Loan Bank Board
(FHLBB) announced the acquisiton of South Bay Savings 
&
 Loan
Association in Gardena, Calif., By Standard Pacific Savings of
Costa Mesa, Calif.
    The FHLBB said South Bay had assets of 62.5 mln dlrs and
Standard Pacific had 312.8 mln dlrs in assets.
    It was the fourth federally-assisted merger or acquisition
of a troubled savings institution this year, the FHLBB said.
 REUTER
3;
bodyend
documentend
documentstart
2954
topicstart
coffee
topicend
bodystart
2;

COLOMBIA DENIES SELLING COFFEE BELOW MARKET


    BOGOTA, March 7 - 
Colombia denied having sold 440,000 60-kg
bags of old crop coffee below current market prices to clients
in Europe and Asia.
    A spokesman for the National Coffee Growers Federation,
commenting on rumours which had circulated in market circles,
said these were false.
 REUTER
3;
bodyend
documentend
documentstart
2955
topicstart
ship
topicend
bodystart
2;

TWO HUNDRED FEARED DEAD IN FERRY DISASTER


    ZEEBRUGGE, Belgium, March 7 - 
About 200 people are feared
dead after a British cross-channel ferry rolled on its side off
the Belgian coast last night -- but almost 350 passengers were
plucked to safety from the ice-cold sea.
    Belgian Transport Minister Herman de Croo told reporters: "I
fear the dead could be in hundreds, perhaps 200. Given the
state of the water, I fear there is no hope."
    Townsend Thorensen, owners of the 7,951 tonne Herald of
Free Enterprise, said the ferry was carrying 543 people and
that 345 had been rescued. All but one were British.
 REUTER
3;
bodyend
documentend
documentstart
2956
topicstart
acq
topicend
bodystart
2;

MALAYSIA BAILS OUT ANOTHER COMMERCIAL BANK


    KUALA LUMPUR, March 7 - 
Malaysia's central bank said it
acquired a 59.2 pct stake in ailing 
<
United Asian Bank Bhd>
(UAB), the sixth largest commercial bank in the country, to
rebuild public confidence in it.
    UAB called for a rights issue last November to raise 152.49
mln ringgit to rectify its capital deficiency following an
accumulated loss of 107.61 mln ringgit at end-1985, the central
bank, Bank Negara, said in a statement.
    But only 16.99 mln ringgit in shares was taken up by
shareholders, mainly local Indian and Malay businessmen and the
Indian Government.
    Bank Negara said it subsequently took up the unsubscribed
shares, totalling 135.5 mln of UAB's new paid-up capital of
228.74 mln ringgit.
    It said the shares, held in trust, will be eventually sold.
    The central bank early this week also announced that it had
bought 49.4 pct stake in another troubled commercial bank,

<
Perwira Habib Bank Malaysia Bhd>, after the latter raised its
capital to 405 mln ringgit from 105 in mid-January this year.
    Bank Negara said it does not intend to hold on to the
shares of the two banks.
    "The injection of capital in PHB and in UAB including the
recamp of management in these banks are some of the measures
taken by the bank to strengthen public confidence in the
stability of the these banks," it added.
    The central bank said it is invoking Section 39A of the
Banking (Amendemnt) Act 1986 empowering it to grant loans to an
ailing bank or to buy a stake in it.
 REUTER
3;
bodyend
documentend
documentstart
2957
topicstart
crude
fuel
jet
topicend
bodystart
2;

ECUADOR ADOPTS AUSTERITY MEASURES AFTER QUAKE


    QUITO, March 7 - 
OPEC member Ecuador adopted austerity
measures to conserve fuel after oil production was paralyzed by
a strong earthquake.
    Energy and Mines Minister Javier Espinosa announced on
television the country would cut domestic fuel sales by 30 pct.
A ministry statement had earlier announced indefinite
suspension of crude oil exports, declaring force majeure.
    Deputy Energy Minister Fernando Santos Alvite told a
television interviewer that it could possibly take more than a
month to repair Ecuador's main pipeline linking Amazon basin
oil fields to the Pacific Ocean coast.
    The quake on Thursday, which registered six on the 12-point
Mercalli scale, killed at least six people and was centred near
the Reventador volcano about 90 km (50 miles) east of Quito.
    Ecuador had recently been pumping 260,000 barrels per day.
    The government's austerity measures ban the sale of
aviation fuel to foreign airliners on international routes and
no fuel will be available for ships owned by foreign lines.
    Ecuador also banned the sale of petrol on weekends and
holidays and limited sales on weekdays, an Energy and Mines
Ministry communique said.
 REUTER
3;
bodyend
documentend
documentstart
2958
topicstart
ship
topicend
bodystart
2;

FERRY DISASTER MAY RANK AMONG WORST TRAGEDIES


    LONDON, March 7 - 
Fading hope for passengers trapped aboard
a partially-sunk Channel ferry raised fears the accident could
rank among this centuries' worst peacetime shipping tragedies.
    Belgian Transport Minister Herman de Croo said there was no
hope of rescuing any of about 220 passengers trapped in the
Herald of Free Enterprise after it capsized off the Belgian
coast last night.
    If confirmed, the toll would make the incident the world's
worst since a Soviet liner, the Admiral Nakhimov, collided with
a freighter in the Black Sea last September and sank with the
loss of nearly 400 lives. A further 856 people were rescued.
    The world's deadliest single peacetime incident at sea was
the sinking in 1912 of the Titanic with a loss of 1,500 lives.
    The second biggest loss of life in peacetime was in 1914
when 1,014 people drowned when the liner Empress of Ireland
collided with a freighter on the St Lawrence river in Canada.
    The world's worst maritime disaster was in wartime that
took 7,700 lives when the German liner Wilhelm Gustloff was
torpedoed by a Soviet submarine in January 30, 1945.
    In 1985, more than 200 were feared dead after two ferries
sank near Dhaka, 174 drowned when a ferry capsized in China and
147 died when a launch sank off the Malaysian state of Sabah.
 REUTER
3;
bodyend
documentend
documentstart
2959
topicstart
ship
topicend
bodystart
2;

ALMOST 200 DEAD IN FERRY DISASTER


    ZEEBRUGGE, March 7 - 
There are no more survivors from a
British cross-Channel ferry disaster off the Belgian coast and
almost 200 people seem certain to have perished, a senior
Belgian official said.
    Jacques Thas, in charge of rescue for the Herald of Free
Enterprise, said his men had searched all of the ship except
some inaccessible cabins and the control room.
    "I am afraid there are no more survivors," he said. Thas said
32 of the 543 passsengers and crew were confirmed dead and 160
were missing, bringing the total of dead or presumed dead to
192.
 REUTER
3;
bodyend
documentend
documentstart
2960
topicstart
earn
topicend
bodystart
2;

<
SIME DARBY BHD> SIX MONTHS TO DECEMBER 31


    KUALA LUMPUR, March 7 -
    
Shr 3.9 cents vs 4.2 cents
    Interim dividend three cents vs same
    Group net 35.8 mln ringgit vs 39.1 mln
    Pre-tax 77.3 mln vs 99.8 mln
    Turnover 1.16 billion vs 1.05 billion
    Note - dividend pay May 22, register April 24.
 REUTER
3;
bodyend
documentend
documentstart
2961
topicstart
earn
topicend
bodystart
2;

<
CONSOLIDATED PLANTATIONS BHD>


    KUALA LUMPUR, March 7 - 
Six months to December 31
    SHR 2.6 cents vs 5.2 cents
    Interim dividend four cents vs same
    Group net 12.4 mln ringgit vs 24.3 mln
    Pre-tax 26.6 mln vs 53.5 mln
    Turnover 235.3 mln vs 333.9 mln
    Note - dividend pay April 30, register April 3.
 REUTER
3;
bodyend
documentend
documentstart
2962
topicstart
earn
topicend
bodystart
2;

<
TRACTORS MALAYSIA HOLDINGS BHD>


    KUALA LUMPUR, March 7 - 
Six months to December 31
    SHR 8.8 cts vs 0.5 ct
    Interim dividend 12.5 cts vs nil
    Group net 9.5 mln ringgit vs 0.6 mln
    Pre-tax 11 mln vs 1.1 mln
    Turnover 88.9 mln vs 70.8 mln
    Note - dividend pay May 15, register April 17.
 REUTER
3;
bodyend
documentend
documentstart
2963
topicstart
earn
topicend
bodystart
2;

<
DUNLOP MALAYSIAN INDUSTRIES BHD>


    KUALA LUMPUR, March 7 - 
Six months to December 31
    SHR 1.4 cts vs 1.6 cts
    Interim dividend one cent vs same
    Group net 4.1 mln ringgit vs 4.7 mln
    Pre-tax 6.7 mln vs nine mln
    Turnover 100.8 mln vs 112.1 mln
    Note - dividend pay April 28, register April 3.
 REUTER
3;
bodyend
documentend
documentstart
2964
topicstart
sugar
topicend
bodystart
2;

BANGLADESH SUGAR PRODUCTION ALMOST DOUBLES


    DHAKA, March 7 - 
Bangladesh's sugar production increased by
nearly 60,000 tonnes over last year's season to total 140,000
tonnes at the end of this year's season, the Sugar and Food
Industries Corp said.
    The increased output will enable Bangladesh to cut imports.
Corporation officials told Reuters the country has already
imported 37,000 tonnes of sugar and will buy 113,000 tonnes
more to make up shortfall in the 1986/87 year ending June 30.
    Imports in 1985/86 totalled 224,000 tonnes, of which nearly
100,000 tonnes are still in stock, they said without giving
further details.
 REUTER
3;
bodyend
documentend
documentstart
2965
topicstart
gnp
topicend
bodystart
2;

GERMAN 1988 TAX CUTS RAISED BY 5.2 BILLION MARKS


    BONN, March 7 - 
Senior officials in the West German
coalition government said tax cuts planned for next year would
be increased by 5.2 billion marks, in line with a pledge made
by Finance Minister Gerhard Stoltenberg at last month's
international monetary conference in Paris.
    Gerold Tandler, General Secretary of the Christian Social
Union Party, detailing the cuts at a news conference also
attended by officials from the Christian Democratic Union and
Free Democratic Party, said all of the additional 5.2 billion
mark reduction would represent net tax relief.
    An increase in revenue from other sources was not planned.
    The reductions will be added on to a package of tax cuts
already planned for 1988 amounting to some nine billion marks.
    Tandler said three billion marks of the extra tax relief
would be accounted for by reducing the rate of marginal
increase in income tax.
    An increase in personal tax allowances would save taxpayers
1.4 billion marks. Extra tax allowances for people whose
children are being educated would cut 300 mln marks from the
tax bill. A further 500 mln marks would be accounted for by
increasing the level of special depreciations for small- and
medium-sized companies.
    The extra fiscal measures planned for next year are part of
a general reform of the tax system which will come into effect
in 1990. Stoltenberg had said in Paris that part of this
reform, which will cut taxes by a gross 44 billion marks, would
be introduced next year, ahead of schedule.
    The West German government had come under pressure from the
United States to stimulate its economy with tax cuts. But
Stoltenberg said in a speech last night in Hamburg that, while
the economy would continue to expand this year, the rate of
growth was uncertain.
    The government said in January it was aiming for real
growth in Gross National Product this year of 2.5 pct, but some
economists have revised their predictions down to two or below.
    Stoltenberg said: "We remain on a course of expansion.
Whether (this will be) under two pct, as some people believe,
or around 2.5 pct as some others expect, or even closer to
three pct, as the Kiel World Economic Institute forecast a few
days ago, remains open at the moment."
 REUTER
3;
bodyend
documentend
documentstart
2966
topicstart
interest
money-fx
topicend
bodystart
2;

YIELD FALLS ON 30-DAY SAMA DEPOSITS


    BAHRAIN, March 7 - 
The yield on 30-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) fell to 5.84073 pct from 6.21950 last Saturday,
bankers said.
    SAMA increased the offer price on the 900 mln riyal issue
to 99.51563 from 99.48438. One-month interbank riyal deposits
were quoted today at 6-1/4, six pct.
    SAMA offers a total of 1.9 billion riyals each week in 30,
91 and 180-day paper to banks in the Kingdom.
 REUTER
3;
bodyend
documentend
documentstart
2968
topicstart
ship
topicend
bodystart
2;

EXPERTS HAD EXPRESSED FEARS OVER RO-RO SAFETY


    LONDON, March 7 - 
As a British government investigation got
under way into the sinking of the car ferry Herald of Free
Enterprise with heavy loss of life, experts said doubts had
already been expressed about the roll-on roll-off type of ship.
    Shipping minister Lord Brabazon said a preliminary
investigation had started into why the 7,951 tonne ferry
capsized and sank in little over a minute as it manoeuvred to
leave Zeebrugge on a routine four hour crossing to Dover.
    Initial reports spoke of water flooding the car decks
through the bow doors. But a spokesman for the owners, Townsend
Thoresen, said it was also possible the ferry had been holed.
    Townsend Thoresen operate two other ships identical to the
Herald of Free Enterprise, but Brabazon said it was not planned
to pull them out of service at present.
    "Our investigator is there already. We shall have to wait
and see. But it is too early to say what happened," he told BBC
radio.
    As the work of retrieving bodies from the half-submerged
hulk continued, maritime safety experts in London said doubts
had already been expressed about the design of so-called "RoRo"
ferries such as the Herald of Free Enterprise.
    In 1980 the Inter-Governmental International Maritime
Consultative Committee issued a report saying more roll-on
roll-off vessels were lost in accidents than ships with deck
areas divided by bulkheads.
    Townsend Thoresen say the ship, built at the West German
yard of Bremerhaven in 1980, was built to the highest safety
standards.
    But salvage expert William Cooper said passengers would
have had problems getting off this type of ship because of its
design.
    Former Townsend Thoresen navigating officer Clive Langley
said the RoRo type of vessels were similar in some respects to
a barge.
    "As any sailor knows it only takes two or three inches out
of line and you can turn a barge over. An ordinary ship is
compartmentalised and you have more stability," he said.
    Cooper said cross-Channel ferries were normally perfectly
stable but had huge wide deck areas above the water level.
    "If you do get water into that area then you can get very
severe effects on the stability of the ship," he added.
 REUTER
3;
bodyend
documentend
documentstart
2969
topicstart
topicend
bodystart
2;

WORLD BANK LENDS TO CHINA'S MACHINE TOOL INDUSTRY


    PEKING, March 7 - 
The World Bank approved a 100-mln-dlr
20-year loan to help modernise the machine tool industry in
Shanghai, the New China News Agency said.
    It quoted a World Bank press release in Shanghai as saying
that the loan would help modernise 18 plants and research
institutes owned by the Shanghai Machine Tool Works and the
Shanghai Machine Tool Corp to import manufacturing technology
and to develop training programmes for managers and engineers.
    With a five-year grace period, its interest rate is
currently estimated at 7.92 pct but would be variable, it said,
without indicating with what it would vary.
 REUTER
3;
bodyend
documentend
documentstart
2970
topicstart
crude
topicend
bodystart
2;

IRAQ-TURKEY OIL PIPELINE CUT BY LANDSLIDE


    ANKARA, March 8 - Engineers are working to repair the Iraq-
Turkey oil pipeline near the southern town of Adana after it
was cut by a landslide, the Hurriyet and Anatolian news
agencies said.
    Little oil was lost in the landslide Friday night because
taps on the one mln bpd line were switched off after the
accident, they said.
    The pipeline, which carries oil for Turkey and other
customers from Iraq's Kirkuk field to the Yumurtalik terminal
on the Turkish Mediterranean coast, is Iraq's main oil outlet.
 REUTER
3;
bodyend
documentend
documentstart
2971
topicstart
ship
topicend
bodystart
2;

BRAZIL SEAMEN CONTINUE STRIKE AFTER COURT DECISION


    RIO DE JANEIRO, March 8 - 
Hundreds of marines were on alert
at 11 key Brazilian ports after 40,000 seamen decided to remain
on indefinite strike, even after the Higher Labour Court
yesterday ruled it illegal, union leaders said.
    The halt, the first national strike by seamen in 25 years,
started on February 27, and union leaders said they would not
return to work unless they got a 275 pct pay rise. Shipowners
have offered a 100 per cent raise, which the seamen rejected.
    "We have nothing to lose. If they want to lay off the
workers, fine, but we are determined to carry on with our
protest until the end," a union leader said.
    He said they had decided in a meeting that if the marines
take over the ships, the seamen would abandon the vessels and
let the marines handle the situation by themselves.
    A spokesman for the Rio de Janeiro Port said the order to
send marines to take over the ports was given by Navy Minister
Henrique Saboya on grounds that ports are areas of national
security. But he said there were no incidents. The strike has
cut exports and imports and made an estimated 160 ships idle.
    Petrol station owners in four states also continued their
shutdown and there were fears that the combination of the two
stoppages could lead to a serious fuel shortage.
 REUTER
3;
bodyend
documentend
documentstart
2973
topicstart
crude
topicend
bodystart
2;

ECUADOR TO EXPORT NO OIL FOR FOUR MONTHS, OFFICIAL


    By WALKER SIMON, REUTERS


    QUITO, March 9 - 
The suspension of Ecuador's crude oil
shipments after an earthquake cut an oil pipeline will last at
least four months, a senior Energy Ministry official said.
    The official said Ecuador could resume exports after
repairing a 40 km section of the 510 km pipeline, which links
jungle oil fields at Lago Agrio to Balao on the Pacific coast.
It would take about 100 mln U.S. Dlrs to repair the pipeline,
the official, who did not want to be named, told Reuters.
Ecuador had enough oil to meet domestic demand for about 35
days and would have to import crude to supplement stocks.
    The earthquake last Thursday night registered six on the
12-point international Mercalli scale. The damage to the
pipeline was a severe economic blow to Ecuador, where oil
accounts for up to two-thirds of total exports and as much as
60 pct of government revenues.
    Financially pressed Ecuador, a member of the Organisation
of Petroleum Exporting Countries (OPEC), was recently pumping
about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
above the output quota assigned by the cartel, another Energy
Ministry spokesman said. Last year, it exported an average of
173,500 bpd, according to the central bank.
    However, Ecuador might build an emergency 25 km pipeline,
costing 15 to 20 mln dlrs, to hook up with a Colombian
pipeline, the first official said. He estimated it could take
about 60 days to build.
    Ecuador, squeezed by the slide in world oil prices in 1986,
had only 138 mln dlrs in net international reserves at the end
of January, about equal to one month's imports.
    It suspended interest payments in January on 5.4 billion
dlrs owed to about 400 private foreign banks. The country's
total foreign debt is 8.16 billion dlrs, the eighth largest in
Latin America.
    In Caracas, President Jaime Lusinchi said Venezuela would
loan five mln barrels of crude to Ecuador over the next three
months to make up for losses from damage to the pipeline.
    Ecuador asked for the loan to guarantee domestic supplies
and would ship an equivalent volume back to Venezuela in
repayment in May, Lusinchi said.
    A commission headed by Venezuelan Investment Fund Minister
Hector Hurtado and including representatives from the interior
and defence ministries and the state oil company Petroleos de
Venezuela will travel to Ecuador Tuesday to evaluate and
co-ordinate an emergency relief program, he said.
 REUTER
3;
bodyend
documentend
documentstart
2974
topicstart
tapioca
meal-feed
topicend
bodystart
2;

EC FARM LIBERALISATION SEEN HURTING THAI TAPIOCA


    BANGKOK, March 9 - 
Any European Community decision to
liberalise farm trade policy would hurt Thailand's tapioca
industry, said Ammar Siamwalla, an agro-economist at the
Thailand Development Research Institute (TDRI).
    He told a weekend trade seminar here that any EC move to
cut tariff protection for EC grains would make many crops more
competitive than tapioca in the European market.
    The EC is the largest buyer of Thai tapioca, absorbing more
than two thirds of the 5.8 mln tonnes of pellets exported by
Thailand last year. Thailand has an EC quota of an average 5.25
mln tonnes a year until 1990.
    Ammar said Thailand had benefited from an EC tariff
loophole that subjects Thai tapioca to a preferential six pct
import duty.
    Ammar, head of the agricultural research group of the TDRI,
suggested tapioca farmers diversify to other crops.
    He said: "If cereal prices in Europe fall so that they are
close to world prices, the tapioca market there will disappear
completely."
    He said the issue may put Thailand in a dilemma because it
had recently joined other major commodity producers in calling
on the EC to cut its farm product export subsidies.
 REUTER
3;
bodyend
documentend
documentstart
2975
topicstart
cotton
sugar
veg-oil
grain
topicend
bodystart
2;

CHINA RAISES CROP PRICES TO INCREASE OUTPUT


    PEKING, March 9 - 
China has raised the prices it pays
farmers for cotton, edible oil, sugar cane and beets to reverse
a decline in output in 1986, He Kang, Minister of Agriculture,
Animal Husbandry and Fisheries said.
    The China Daily quoted He as saying China should adopt
intensive farming to increase per hectare output and improve
crop quality and maintain arable land at 111 mln hectares. He
gave no details of the price increases.
    On grain, He said the state will cut the quota it purchases
from farmers by 50 mln tonnes and abolish the practice of
purchasing through agents.
    He said the state will increase investment in agriculture
and supplies of fertiliser, diesel oil and other production
materials and stabilise fertiliser and diesel oil prices.
    The state offers cheap fertiliser and diesel oil and
payment in advance to farmers who contract to supply grain at a
low state-fixed price.
    He said China aims to produce between 425 and 450 mln
tonnes of grain by 1990, up from a target of 405 mln this year
and an actual 391 mln last year.
    He gave no more details.
 REUTER
3;
bodyend
documentend
documentstart
2976
topicstart
sugar
topicend
bodystart
2;

AUSTRALIA SELLS 180,000 TONNES OF SUGAR TO USSR


    BRISBANE, March 9 - 
Australia sold 180,000 tonnes of raw
sugar to the Soviet Union for shipment in the next few weeks,
Queensland Primary Industries Minister Neville Harper said.
    Loading of a 50,000-tonne cargo on the Soviet freighter
Nikolay Kuznetsov for shipment to Odessa was completed today at
the Lucinda terminal, he said in a statement.
    The balance will be shipped from Mackay by end-March,
Harper said.
    Australia exported 159,000 tonnes of sugar to the Soviet
Union in 1986.
 REUTER
3;
bodyend
documentend
documentstart
2977
topicstart
rubber
topicend
bodystart
2;

THAI NATURAL RUBBER EXPORTS RISE IN 1986


    BANGKOK, March 9 - 
Thai natural rubber exports rose to
763,331 tonnes in 1986 from 689,964 a year earlier, the private
Board of Trade said.
    Japan, the biggest buyer, imported 384,622 tonnes of Thai
rubber in 1986, up from 348,855 the previous year, it said.
    Other major buyers were the U.S. At 86,383 tonnes, up from
81,629 in 1985, China 69,952 (60,296) and West Germany 32,172
(25,909).
    Exports to France rose to 20,479 tonnes from 12,143 in
1985, Austria 6,048 (4,104), and Italy 4,014 tonnes (1,340).
 REUTER
3;
bodyend
documentend
documentstart
2978
topicstart
carcass
livestock
topicend
bodystart
2;

AUSTRALIAN BEEF OUTPUT DECLINES IN JANUARY


    CANBERRA, March 9 - 
Australian beef output declined to
104,353 tonnes carcass weight in January from 112,262 in
December and 105,715 a year earlier, the Statistics Bureau
said.
    This followed a decline in the cattle slaughter to 472,900
head from 509,500 in December and 478,800 in January 1986, the
bureau said.
    But cumulative beef output for the first seven months of
fiscal 1986/87 ending June 30 rose to 838,416 tonnes from
746,837 a year earlier following a rise in cattle slaughter to
3.84 mln head from 3.40 mln.
 REUTER
3;
bodyend
documentend
documentstart
2979
topicstart
interest
topicend
bodystart
2;

GERMAN GOVERNMENT NEEDS SEEN RAISING BOND YIELDS


    By Alice Ratcliffe, Reuters


    FRANKFURT, March 9 - 
Increased federal government borrowing
needs and a growing unwillingness by foreign investors to buy
mark assets could push yields in German public authority bonds
higher this year, bond market sources say.
    "At the moment we have a sideways movement in the short-term
rates. But how rates move in the long end will depend strongly
on foreigners," one portfolio manager for a large securities
investment house in Frankfurt said.
    The sources also said the government had already stepped up
its borrowing programme in anticipation on increased needs.
    Friday's loan stock was the third this year already, the
sources noted. It carried a 10-year maturity, a coupon of six
pct and price of 100-1/4 to yield 5.97 pct at issue.
    This compared with the last issue which had a 5-3/4 pct
coupon priced at 99-3/4 pct for a yield of 5.75 pct.
    But dealers said the terms were not enough to attract
foreign investors, and the federal government would have to
push yields higher in future if it wanted to borrow again soon.
    Sources noted federal government issues had also increased
in size, with the introduction of a four billion mark volume
only starting last May.
    One finance ministry economist said "It isn't more. It's
just the size (of each bond) which has increased." He added
conditions in the capital market currently remained fairly
favourable for raising new debt.
    Until recently, federal issues sold very strongly abroad,
with up to 90 pct of some being placed with foreign investors.
    With the recent stabilisation of the U.S. Dollar, however,
foreign investors have begun to back away from the market, as
hopes of further currency gains in marks diminish.
    Sources said the government has may have already stepped up
its borrowing, having raised more than 18 billion marks.
    The government made net borrowings of 23 billion marks in
1986. But Bundesbank statistics showed that net borrowing
through bonds was 26.6 billion.
    The sources said this indicated a move by the government
out of other types of debt to gain access to foreign funds
through the more acceptable loan stock form.
    Although new credit needs were partly inflated by a large
amount of issues maturing recently, other factors, including
the government's tax reduction program, would also reduce
income next year. "The problem here will be the tax reform," the
portfolio manager said.
    He added that the government's cut in its top income tax
rate to 53 pct from 56 pct in 1988 would make it difficult for
the government to reduce borrowings.
    The sources said the government would fall far short of
covering all of its 40 billion marks in lost revenue from the
tax reform by making expenditure cuts and would be forced to
fall back on debt markets in one form or the other.
    The portfolio manager noted that besides the three federal
government loan stocks so far this year, it has also fallen
back twice to raise a total 6.43 billion marks through the
issue of fixed-rate medium-term "Kassenobligation" notes.
    A finance ministry economist said the government did not
expect to have any trouble keeping to its plan to borrow only a
net 22.3 billion marks this year.
    Though many sources agreed, they added that the trend would
probably not continue next year as the further tax cuts come
into effect.
    "I would expect the efforts for a further tax reform would
mean government borrowing will increase," the manager said.
    Bond prices last week were slightly firmer on balance, with
the Bundesbank's public authority bond yield calculation
falling to 5.64 pct on Friday from 5.66 a week earlier.
    But sources said foreign demand for the new federal
government loan stock was slack, as sentiment grows that the
dollar may now rise against the mark.
    "The demand wasn't so good," a dealer for a German bank in
London said.
    The dollar's recent slight appreciation against the mark
even meant that foreign investors have sold mark bonds
recently, some dealers said.
 REUTER
3;
bodyend
documentend
documentstart
2982
topicstart
iron-steel
topicend
bodystart
2;

USSR TO CUT COAL PRICE FOR JAPANESE STEELMILLS


    TOKYO, March 9 - 
The Soviet Union has agreed to cut its
coking coal export prices to Japanese steel mills by about five
dlrs a tonne in 1987/88 starting April 1 in exchange for an
increase in export volume, industry sources said.
    The prices were set at 44 dlrs a tonne for Neryungrinsky
coal and at 43.80 dlrs for Kuznetsky coal, fob.
    Japan will import a total of 4.9 mln tonnes from both
areas, up from 4.2 mln a year earlier, they said.
    The steelmakers had asked Moscow to agree to a cutback to
3.7 mln tonnes in 1987/88, but the Soviet Union urged Japan to
increase the amount to 6.5 mln, they said.
 REUTER
3;
bodyend
documentend
documentstart
2983
topicstart
gold
topicend
bodystart
2;

PLACER PACIFIC HOPES FOR MISIMA GOLD APPROVAL SOON


    SYDNEY, March 9 - 
<
Placer Pacific Ltd> said it hopes the
Papua New Guinea government will approve development of the
Misima gold project next month, following the submission of its
final environmental plan in Port Moresby today.
    This completes the major documentation required to gain
official approval to proceed, Placer said in a statement.
    Placer has estimated the epithermal deposit, located on the
eastern half of Misima Island off the southeastern coast of
Papua New Guinea, contains proven and probable reserves of 62.1
mln tonnes grading 1.35 grams/tonne gold and 20 grams/tonne
silver, and exploration is continuing.
 REUTER
3;
bodyend
documentend
documentstart
2985
topicstart
trade
topicend
bodystart
2;

BANGLADESH TRADE DEFICIT NARROWS IN OCTOBER 1986


    DHAKA, March 9 - 
The Bangladesh trade deficit narrowed to
1.91 billion Taka in October from 5.64 billion in September and
2.43 billion in October 1985, the Central Bank said.
    Imports dropped to 4.31 billion Taka in October from 8.22
billion in September and 4.72 billion in October 1985.
    Exports totalled 2.4 billion Taka in October, as against
2.58 billion in September and 2.29 billion in October 1985.
 REUTER
3;
bodyend
documentend
documentstart
2987
topicstart
topicend
bodystart
2;

TAIWAN ISSUES 12 BILLION DLRS OF BONDS


    TAIPEI, March 9 - 
The central bank has issued 12 billion
Taiwan dlrs worth of one and two year savings bonds to help
curb the growth of M-1b money supply, a bank spokesman said.
    The new bonds bear interest rates ranging from five to 5.25
pct and will be sold to the public, he said.
    The bank issued eight billion Taiwan dlrs worth of similar
bonds last month.
 REUTER
3;
bodyend
documentend
documentstart
2988
topicstart
topicend
bodystart
2;

JAPAN RATING AGENCIES IN BATTLE WITH U.S. GIANTS


    By Yoshiko Mori, Reuters


    TOKYO, March 9 - 
Three Japanese credit rating agencies are
entering into fierce competition with 
<
Moody's Japan K.K.> and

<
Standard and Poor's Asia Inc>, the local branches of the two
U.S. Giants, as the Japanese credit market opens up to
foreigners, Japanese rating agency managers said.
    Standard and Poor's recent triple-A rating of 
<
Chiyoda Fire
and Marine Insurance Co Ltd's> claims-paying ability caused the
Japanese agencies, which had rated Chiyoda's convertible bond
only A-plus, to come under some criticism for being too
conservative, they said.
    Chiyoda is Japan's eighth largest non-life insurer.
    Standard and Poor's Corp has been in the business for more
than a century while 
<
Moody's Investors Service Inc> was
founded more than 80 years ago. Each has rated some 20,000 to
30,000 U.S. And about 100 Japanese issues.
    With Japanese insurers eager to issue more bonds through
overseas financing companies, Chiyoda's rating will stimulate
their interest in using the U.S. Agencies, the analysts said.
    Standard and Poor's said Chiyoda's rating was based on its
strong capitalisation, stable performance and high levels of
unrealised appreciation, particularly in its stock portfolio.
    The U.S. Agency also emphasised the favourable regulatory
environment in which Japan's non-life insurers operate.
    Japanese agencies were shocked by the earlier AAA ratings
on the claims-paying ability of 
<
Sumitomo Life Insurance Co>
and 
<
Dai-Ichi Mutual Life Insurance Co> by Standard and Poor's,
the first ratings given to Japanese life insurers.
    Strong Japanese insurers can accumulate cash to ward off
shocks from any foreign investment, Standard and Poor's said.
    A month ago 
<
Nippon Investors Service Inc> (NIS) assigned
an AAA rating to 
<
Financial Securities Assurance Inc>, a U.S.
Firm that gives financial guarantees on corporate securities.
     "NIS has assigned rates on a U.S. Firm for the first time in
Japan, which was the first step into the U.S. Rating market,"
Kazuya Kumura, general manager of NIS, said.
    Kyosuke Yoshida, managing director of Japan Bond Research
Institute (JBRI), said, "Agencies should be more actively used
to respond better to growing overseas investor interest."
    Takeshi Watanabe, president of Japan Credit Rating Agency
Ltd (JCRA), said, "(Our) advantages are that we have a deeper
understanding of business practices in Japan, other Asian
nations and Japanese investor behaviour and are also more alert
and quick to react to domestic news."
     JBRI, with 12 years' experience, is Japan's largest agency.
The other two have been in business for two years.
    Finance Ministry approval of yen commercial paper issues by
Japanese residents, which is expected soon, will stimulate
local agencies to grow quickly, securities analysts said.
    The Finance Ministry is encouraging more use of agencies by
gradually abolishing limits on corporate debt creation.
    In December it allowed non-residents holding at least an
A-rating from one of the agencies to issue samurai, shogun and
euroyen bonds without first meeting the normal stringent
financial criteria.
     But local companies, regardless of the rating obtained for
a planned bond, must meet the tough financial criteria set by
commissioned banks and underwriters, which includes minimum net
asset requirements and capitalisation, local agency managers
said.
    Commissioned banks are responsible for protecting
bondholders and conducting principal and coupon payments.
    Investors' risk in corporate default has been checked by
the very system that is slowing the smooth growth of Japanese
credit rating agencies, the managers said.
     "The idea of rating in Japan has been woven into
prerequisites for an issuer company to satisfy financial
criteria," JCRA's Watanabe said.
    The Finance Ministry, commissioned banks and securities
houses agreed in January to lower the eligibility ceiling for
companies wanting to issue non-collateral straight bonds.
    "An internationally comprehensive market system is needed to
lure more overseas investors into the Japanese market," JBRI's
Yoshida said.
 REUTER
3;
bodyend
documentend
documentstart
2989
topicstart
topicend
bodystart
2;

GROUP-77 OFFICIALS SET AGENDA FOR DHAKA MEETING


    DHAKA, March 9 - 
Most commodity agreements are close to
collapse and the debt problem continues to weigh heavily on
developing countries, Bangladesh Commerce Minister M.A. Munim
told officials from 30 Asian countries in the Group of 77.
    The officials are meeting to finalise the agenda for the
group's regional ministerial conference here Saturday.
Delegates from all 43 Asian member countries of the G-77 are
expected to attend the later meeting.
    Commerce Ministry officials said the countries will try to
adopt a common strategy to counter protectionist measures by
developed countries and forge developing country cooperation
    Commerce Secretary A.B.M. Ghulam Mostafa said the officials
would discuss issues relating to financial resources,
commodities, international trade and least developed countries,
and formulate "concrete measures towards concerted action."
    Recommendations of the Dhaka meeting will be placed before
the July United Nations Conference on Trade and Development
meeting at Geneva, officials said.
    The Dhaka meeting would also discuss the possibility of
setting up a "South Bank," along the lines of the Asian
Development Bank, to boost financial exchanges and economic
coperation between developing countries. It has not been
proposed formally and no details were given.
 REUTER
3;
bodyend
documentend
documentstart
2990
topicstart
ipi
topicend
bodystart
2;

SWISS INDUSTRIAL OUTPUT RISES IN FOURTH QQUARTER


    BERNE, March 9 - 
Swiss industrial output rose nine pct in
the fourth quarter last year after a four pct third quarter
decline, and was up three pct from the final three months of
1985, the Federal Office of Industry, Trade and Labour said.
    For the full year 1986 the index, base 1963, stood at 166
after up four pct from the 159 recorded the previous year.
    Incoming orders gained four pct in the quarter after a five
pct third quarter fall and were up one pct from the year
earlier level. In the full year they gained one pct. The order
backlog fell eight pct, the third straight quarterly decline
and ended three pct under the year earlier level.
 REUTER
3;
bodyend
documentend
documentstart
2991
topicstart
topicend
bodystart
2;

FOREIGN BROKERS MAY GET MORE ACCESS TO JAPAN BONDS


    TOKYO, March 9 - 
Japanese securities houses are thinking of
allowing foreign brokerages to underwrite more Japanese
government bonds from April, securities managers said.
    The average foreign brokerage now underwrites only around
0.07 pct of each such issue's volume, they told Reuters.
    The proposal is a response to overseas calls for Japan to
liberalise its markets in the trend towards global trading.
    Japanese brokerages are consistently heavy buyers of U.S.
Treasury issues. 
<
Nomura Securities International Inc> and

<
Daiwa Securities America Inc> were named primary dealers in
U.S. Government securities in December, they noted.
    Brokerages within the government bond-writing syndicate are
now negotiating by how much foreign house subscriptions to
government bonds should be raised, the managers said.
    The syndicate members agreed in April, 1982 that 26 pct of
10-year government bonds should be underwritten by 93
securities firms, 17 of them foreign, and 74 pct by banks.
    The Finance Ministry later approved the arrangement.
    Foreign brokers want to underwrite more government bonds
due to their end-investor appeal. 
<
Salomon Brothers Asia Ltd>
caught market attention by buying 45 billion yen of the 100
billion of government two-year notes auctioned on February 3.
    Salomon's operation was an attempt to demonstrate its
commitment to the Japanese market in the hope of expanding its
underwriting share of 10-year bonds, securities sources said.
    They said that to expand participation by foreigners, the
syndicate must either expand the securities industry's 26 pct
share, cut local brokerages' share, or introduce auctions to
the government bond primary market, the sources said.
    Bankers are likely to oppose losing any share and the
Finance Ministry is unwilling to introduce auctions on the
ground that it would slow smooth absorption of bonds in the
secondary market, securities manager said.
 REUTER
3;
bodyend
documentend
documentstart
2993
topicstart
money-fx
topicend
bodystart
2;

ASIAN DOLLAR ASSETS EXCEED 200 BILLION DLRS


    SINGAPORE, March 9 - 
The Asian dollar market continued to
expand in December with total assets and liabilities rising to
200.60 billion U.S. Dlrs from 188.54 billion in November and
155.37 billion in December 1985, the Monetary Authority of
Singapore said.
    It said the increase came mainly from interbank activity,
with interbank lending rising to 146.61 billion dlrs in
December from 134.76 billion in November and 104.93 billion in
December 1985.
    Interbank deposits increased to 158.52 billion dlrs against
147.95 billion and 120.03 billion, respectively.
    Loans to non-bank customers increased in December to 38.74
billion dlrs from 38.64 billion in November and 37.44 billion
in December 1985.
    Deposits by non-bank customers rose to 33.81 billion dlrs
against 33.60 billion and 28.02 billion.
 REUTER
3;
bodyend
documentend
documentstart
2994
topicstart
money-supply
topicend
bodystart
2;

SINGAPORE M-1 MONEY SUPPLY UP 3.7 PCT IN DECEMBER


    SINGAPORE, March 9 - 
Singapore's M-1 money supply rose 3.7
pct during December to 9.82 billion dlrs, after a 2.0 pct
increase in November, the Monetary authority of Singapore (MAS)
said.
    M-1 growth for calendar 1986 was 11.8 pct compared with 4.0
pct growth over the year ending in November.
    MAS said in its latest monthly statistical bulletin the
December increase was largely due to seasonal year-end demand.
    The demand deposit component of M-1 increased to 4.79
billion dlrs in December from 4.62 billion in November and 4.05
billion in December 1985.
    Currency in active circulation rose to 5.03 billion dlrs in
December from 4.85 billion in November and 4.74 billion a year
earlier.
    Broadly-based M-2 money supply rose 1.6 pct to 30.95
billion dlrs during December after a 1.7 pct rise in November,
bringing year-on-year growth to 10.0 pct for the year ending in
December against 10.2 pct for the year ending in November.
 REUTER
3;
bodyend
documentend
documentstart
2995
topicstart
ipi
topicend
bodystart
2;

CHINESE INDUSTRIAL GROWTH RATE UP AFTER WEAK 1986


    PEKING, March 9 - 
The value of China's industrial output in
January and February this year was 14.1 pct higher than in the
same 1986 period, the New China News Agency said.
    Output increased by 5.6 pct from January 1985 to January
1986 and 0.9 pct from February 1985 to 1986.
    The agency said the most recent increase was largely due to
last year's poor performance. "No significant improvement was
made in economic results," it said, adding that some successes
were reported in readjusting the industrial product mix in the
last quarter of 1986.
    The agency said the amount of tied up working capital rose
and sizeable funds were occupied by unsaleable goods in 1986.
    It quoted unnamed economists as saying they expect 1987
industrial production to increase at a proper rate and with
better results, due to a cost-efficiency drive underway
throughout the country. It gave no more details.
    The official industrial growth target this year is seven
pct, down from an actual 9.2 pct last year.
 REUTER
3;
bodyend
documentend
documentstart
2996
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH ADVANCES TOTAL 6.5 BILLION GUILDERS


    AMSTERDAM, March 9 - 
The Dutch central bank said it has
accepted bids totalling 6.5 billion guilders at tender for new
eleven-day special advances at 5.3 pct covering the period
March 9 to 20 aimed at relieving money market tightness.
    Subscriptions to 500 mln guilders were met in full, amounts
above 500 mln at 35 pct.
    The new facility replaces old seven-day advances worth 4.8
billion guilders at the same rate.
 REUTER
3;
bodyend
documentend
documentstart
2997
topicstart
topicend
bodystart
2;

UNION BANK OF FINLAND ISSUES EUROYEN BOND


    LONDON, March 9 - 
Union Bank of Finland is issuing a 10
billion yen eurobond due March 30, 1992 paying five pct and
priced at 102-3/8 pct, lead manager LTCB International Ltd
said.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg. Payment date is March 30.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
2998
topicstart
crude
topicend
bodystart
2;

IRAN SELLING DISCOUNTED CRUDE, JAPAN TRADERS SAY


    TOKYO, March 9 - 
Japanese customers have bought nearly six
mln barrels of crude oil from the National Iranian Oil Company
(NIOC) at a substantial discount to the official price, and
Western traders have received even larger discounts, Japanese
traders involved in the transactions told Reuters.
    NIOC has sold its crude for March shipment to Japanese
customers with different formulas. One company has bought
800,000 barrels of Iranian Heavy at a straight discount of
30-35 cents below the official price, the sources said.
    Other deals have been fixed with prices linked to Oman and
Dubai spot prices less a discount, they said.

    Iran's discounted sales have not, however, managed to
reverse the bullish tone in the crude oil and products spot
markets, oil traders said.
    Market sentiment is being influenced more by the colder
weather in Europe, and reports that OPEC's February output was
below its self-imposed quota of 15.8 mln barrels per day.
    Firmer gas oil on the London futures, and more bullish
sentiment on the New York Mercantile Exchange futures market
are supporting spot price levels, they said.

    Another Japanese trading house has paid the official price
but through a processing arrangement will effectively receive a
discount, the sources said. "It's just disguised cheating," one
Japanese trader said.
    The sources said only one Japanese company had paid the
official price for Iranian oil. It has purchased 1.5 mln
barrels of Iranian Heavy for April shipment for refining in
Singapore. They said about nine VLCCs of Iranian crude have
been sold to Western traders with pricing based 60 pct on the
official price and 40 pct on spot prices, or with part of the
price related to processing arrangements.

3;
bodyend
documentend
documentstart
2999
topicstart
acq
topicend
bodystart
2;

ICI SELLS STAKE IN LISTER AND CO


    LONDON, March 9 - 
Imperial Chemical Industries Plc 
<
ICI.L>
said it had today placed its 19.4 pct stake in Lister and Co
Plc with L Messel and Co and that it had now been placed widely
among institutions.
    Lister is a manufacturer, dyer and finisher of cotton, silk
wool and man-made fibres.
 REUTER
3;
bodyend
documentend
documentstart
3000
topicstart
topicend
bodystart
2;

UNILEVER UNIT ISSUES 40 MLN AUSTRALIAN DLR BOND


    London, March 9 - 
Unilever Australia Ltd is issuing 40 mln
Australian dlrs of bonds due April 14, 1990 carrying a coupon
of 14-3/4 pct and priced at 101-1/2, said County NatWest
Capital Markets as lead manager.
    The bonds are guaranteed by Unilever PLc whose outstanding
debt securities are rated AAA. The bonds are non-callable and
will be available in denominations of 1,000 and 10,000 dlrs.
The securities will be listed on the Luxembourg Stock Exchange.
    Fees are a one pct selling concession and 1/2 pct combined
management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
3001
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG


    LONDON, March 9 - 
The Bank of England said it forecast a
shortage of around 250 mln stg in the money market today.
    Among the factors affecting liquidity, it said bills
maturing in official hands and the treasury bill take-up would
drain around 1.02 billion stg while below target bankers'
balances would take out a further 140 mln.
    Against this, a fall in the note circulation would add 345
mln stg and the net effect of exchequer transactions would be
an inflow of some 545 mln stg, the Bank added.
 REUTER
3;
bodyend
documentend
documentstart
3002
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE SETS MONEY MARKET TENDER


    PARIS, March 9 - 
The Bank of France said it invited offers
of first category paper today for a money market intervention
tender.
    Money market dealers said conditions seemed right for the
Bank to cut its intervention rate at the tender by a quarter
percentage point to 7-3/4 pct from eight, reflecting an easing
in call money rate last week, and the French franc's steadiness
on foreign exchange markets since the February 22 currency
stabilisation accord here by the Group of Five and Canada.
    Intervention rate was last raised to eight pct from 7-1/4
on January 2. Call money today was quoted at 7-11/16 7-3/4 pct.
 REUTER
3;
bodyend
documentend
documentstart
3003
topicstart
crude
topicend
bodystart
2;

AMOCO REPORTS SOUTH CHINA SEA OIL FIND


    PEKING, March 9 - 
The U.S. 
<
Amoco Petroleum Corp> has
reported an offshore oil find at its Pearl River basin
concession in the South China Sea, the New China News Agency
said.
    It said the Liu Hua 11-1-1 A well produced at around 2,240
barrels per day at a depth of 305 metres.
    The news agency said Amoco plans to drill a second well in
the area this year, but gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
3005
topicstart
topicend
bodystart
2;

KEIAISHA ISSUING 12 MLN SWISS FRANC NOTES


    ZURICH, March 9 - 
Keiaisha Co Ltd of Tokyo is issuing 12
mln Swiss francs of straight notes due March 26, 1992 with a
4-5/8 pct coupon, lead manager Gotthard Bank said.
    The notes can be called from September 26, 1989 at 101-1/4,
declining semi-annually.
    The issue is guaranteed by the Kyowa Bank Ltd.
 REUTER
3;
bodyend
documentend
documentstart
3006
topicstart
interest
topicend
bodystart
2;
******
NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.

Blah blah blah.
3;


bodyend
documentend
documentstart
3007
topicstart
interest
topicend
bodystart
2;

NATIONAL WESTMINSTER BANK CUTS BASE RATE


    LONDON, March 9 - 
National Westminster Bank Plc said it has
cut its base lending rate  0.5 percentage points to 10.5 pct
today.
    National Westminster said that it was responding to general
easing in money market rates.
    Its move followed a signal from the Bank of England earlier
this afternoon that it would endorse a half point cut in the
base rate, a surprise move following its strong signals last
week that such a move would be premature.
    However, since then the pound has continued to gain
strongly.
 REUTER
3;
bodyend
documentend
documentstart
3008
topicstart
earn
topicend
bodystart
2;

U.S. FACILITIES 
<
USRE> SEMI-ANNUAL DIVIDEND


    COSTA MESA, Calif., March 9 -
    
Semi-annual dividend 4 cts
    Pay May 29
    Record April 14
Note: full name is U.S. Facilities Corp. This is first dividend
declared since company completed its initial public offering on
November 7.
 Reuter
3;
bodyend
documentend
documentstart
3009
topicstart
acq
topicend
bodystart
2;

STANDARD PACIFIC 
<
SPF> ACQUIRES SOUTH BAY S/L


    COSTA MESA, Calif, March 9 - 
Standard Pacific LP said it
has acquired substantially all of the assets and liabilities of
South Bay Savings and Loan Association of Newport Beach.
    The firm said over the weekend that it will conduct its
savings and loan activities through Standard Pacific Savings
FA, a Federal stock association.
    On Friday, the Federal Home Loan Bank Board in Washington
said it approved the acquisition of South Bay S and L, a 62.5
mln dlr state-chartered stock association, by Standard Pacific,
which has 312.8 mln dlrs in assets.
    The Bank Board said that the Federal Savings and Loan
Insurance Corp will make a cash contribution, provide capital
loss coverage and indemnify Standard Pacific against
undisclosed liabilities.
 Reuter
3;
bodyend
documentend
documentstart
3010
topicstart
strategic-metal
topicend
bodystart
2;

U.S. TO ALLOW TEMPORARY IMPORTS OF S.A. URANIUM


    WASHINGTON, March 9 - 
The Treasury Department said it would
temporarily permit imports of South African uranium ore and
oxide pending clarification of anti-apartheid sanctions laws
passed by Congress last fall.
    The decision was announced late Friday. It applies, until
July 1, to uranium ore and oxide imported into the U.S. for
processing and re-export to third countries.
    The Treasury said it took the action because it felt that
when Congress passed the comprehensive South African sanctions
bill last fall over President Reagan's veto it had not intended
to hurt U.S. industry.
    In addition, the Treasury said it would permit U.S.-made
goods to be imported temporarily from South African
state-controlled organizations for repair or servicing.
   
 Reuter
3;
bodyend
documentend
documentstart
3013
topicstart
acq
topicend
bodystart
2;

PIEDMONT 
<
PIE> AGREES TO USAIR 
<
U> BUYOUT


    NEW YORK, March 9 - 
USAir Group Inc said Piedmont Aviation
Inc has agreed to be acquired for 69 dlrs per share.
    The company, in a newspaper advertisement, said it has
started a tender offer for all Piedmont shares at that price,
and the Piedmont board, with two directors absent, has
unanimously approved the bid.  The offer and withdrawal rights
are to expire April Three unless extended, and the bid is to be
followed by a merger at the same price.
    USAir said Piedmont has granted it an irrevocable option to
buy up to 3,491,030 new shares under certain circumstances.
Piedmont now has about 18.6 mln shares outstanding.
    USAir said the tender is conditioned on receipt of enough
shares to give USAir at least a 50.1 pct interest in Piedmont
on a fully diluted basis and approval by the U.S. Department of
Transportation of a voting trust agreement permitting USAir to
buy and hold shares pending review of its application to gain
control of Piedmont.
    The company said its merger agreement with Piedmont
provides that the offer is not to be amended without Piedmont's
prior written consent in any way that would be adverse to
Piedmont shareholders, but it said it could cut the number of
shares to be bought without Piedmont's consent.
    USAir said it could reduce the number of Piedmont shares to
be purchased in the offer to no less than the minimum number
needed to cause the voting trust condition of the bid to be
satisfied.
    In that case, it said if more than that minimum number of
shares were tendered, it would buy shares on a pro rata basis.
    In February USAir had offered to pay 71 dlrs per share in
cash for 50 pct of Piedmont's stock and 1.55 to 1.90 USAir
shares for each remaining Piedmont share.
    Last week, Carl C. Icahn-controlled Trans World Airlines
Inc 
<
TWA> made a conditional offer to acquire USAir for 52 dlrs
per share, a bid that was rejected by the USAir board.
    The Transportation Department on Friday rejected TWA's
application to acquire USAir on the grounds that the
application failed to comply with department regulations by
omitting necessary information.  TWA said it would refile
today, providing the information needed.
    On Friday TWA said it had already acquired four mln shares
or 15 pct of USAir.
 Reuter
3;
bodyend
documentend
documentstart
3015
topicstart
crude
nat-gas
topicend
bodystart
2;

API REPORTS SHARP FALL IN DRILLINGS


    WASHINGTON, March 9 - 
Estimated oil and gas drilling
completions in the United States dropped by almost 41 per cent
in 1986 from 1985, the American Petroleum Institute said.
    API, an industry group, said that of the 42,387 wells
completed last year, a total of 19,741 were oil wells, 8,645
were natural gas wells and 14,001 were dry holes.
    In 1985, a total of 71,539 wells were drilled - 36,834 oil
wells, 13,036 gas wells and 21,669 dry holes.
 reuter
3;
bodyend
documentend
documentstart
3016
topicstart
instal-debt
topicend
bodystart
2;

U.K. CREDIT BUSINESS FALLS IN JANUARY


    LONDON, March 9 - 
New credit advanced by finance houses,
retailers, bank credit cards and other specialist providers of
credit slipped to 2.66 billion stg in January from 2.78 billion
in December - but remained close to the average level for
1986's fourth quarter, the Department of Trade and Industry
said.
    Of the January total, 1.15 billion stg was advanced on bank
credit cards.
    On a three-month basis, total advances in November to
January were 3.0 pct lower than in the previous three months.
Within this total, lending to consumers fell by 6.0 pct and
lending to businesses declined by 5.0 pct.
    At end-January 1987, the total amount outstanding was 24.07
billion stg, up from December's 23.77 billion stg and 3.0 pct
above the total three months earlier, the department said.
    January saw a rise of 300 mln stg in amounts outstanding to
finance houses, other specialist credit grantors and retailers.
    The department said advances on credit cards rose by 1.0
pct between the latest two three-month periods. Retailers
advanced 3.0 pct less in the latest three months than in the
previous three months, it said.
 REUTER
3;
bodyend
documentend
documentstart
3017
topicstart
crude
ship
topicend
bodystart
2;

BRAZILIAN SEAFARERS' STRIKE DAMAGES OIL EXPORTS


    SAO PAULO, March 9 - 
A strike by Brazil's 40,000 seafarers
who want pay rises of up to 180 pct may have cost the
state-owned oil company Petrobras 20 mln dlrs in lost export
orders, the company's commercial director Arthur de Carvalho
was quoted as saying in press reports.
    More than 170 ships in Brazil, and about nine more in
foreign ports, have been halted by the strike, which began on
February 27.
    Marines began blockading the ships on Friday after the
strike was ruled illegal, and some strikers are running short
of food, National Merchants Marine Union president Edson Areias
said.
 Reuter
3;
bodyend
documentend
documentstart
3019
topicstart
trade
gnp
bop
dlr
topicend
bodystart
2;

OECD TRADE, GROWTH SEEN SLOWING IN 1987


    LONDON, March 9 - 
The 24 nations of the Organisation for
Economic Cooperation and Development (OECD), hampered by
sluggish industrial output and trade, face slower economic
growth, and their joint balance of payments will swing into
deficit in 1987, the Economist Intelligence Unit (EIU ) said.
    The EIU said in its World Trade Forecast it revised OECD
economic growth downwards to 2.5 pct this year, compared with a
2.8 pct growth forecast in December.
    It said the new areas of weakness are West Germany and the
smaller European countries it influences, and Japan, hardest
hit by currency appreciation this year.
    The independent research organisation cut its 1987 growth
rate forecasts for West Germany to 2.2 pct from 3.2 pct in
December and to 2.3 pct from three pct for Japan.
    It said it expected the OECD to post a current account
deficit of some 13 billion dlrs in both 1987 and 1988, due in
large part to a 1.50 dlrs a barrel rise in 1987 oil prices.
    It said the U.S. Current account deficit looked likely to
fall even more slowly than forecast, to 125 billion dlrs in
1987 and 115 billion in 1988 from 130 billion in 1986.
    It said it expected West Germany to post a 31 billion dlr
payments surplus and Japan a 76 billion dlr surplus this year.
    The EIU said it saw oil prices dropping to around 16.50
dlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18
dlrs last year, as adherence to OPEC output policy becomes
increasingly ragged.
    It said the dollar is poised to resume its decline in
foreign exchange markets, and will lose a further 13 pct on its
trade-weighted index this year and five pct in 1988 after last
year's 18.4 pct drop. The average mark/dollar rate is put at
1.80 marks this year and 1.70 in 1988 while the yen/dollar rate
is expected to break through the 150 yen barrier with an
average value of 150 yen in 1987 and 146 yen in 1988, it said.
    "This is not a crash scenario but the dollar's steeper
angle of descent increases the risk of ending with a fireball
rather than a three-point landing," the EIU said.
    "Talking will not stop the dollar's slide for long and the
February meeting (of finance ministers of the Group of Five and
Canada) produced scant promise of either a decisive shift to
more expansive policies in West Germany and Japan, or a tighter
U.S. Fsical policy," it said.
    It said the key to the dollar's fortunes was the
willingness of Japanese institutions to buy U.S. Government
assets despite prospects of sustaining a currency loss.
    "Thus far they have been willing," the EIC said, adding
that if Japan was deterred from buying U.S. bonds the dollar
would collapse.
    To contain such a currency crisis, dollar interest rates
would have to soar, bringing recession and a Third World debt
crisis, it said.
    On trade, the EIU said prospects for 1987 look
"increasingly sick."
    Import growth, forecast in December at 4.5 pct, is now seen
slowing down to around 3.8 pct in 1987 with a recovery only to
4.2 pct in 1988, it said.
    The weakness of the West German economy is the biggest
single factor, with import growth there expected to feature a
sluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in
December, the EIU said.
    On the export side, it said it saw weak demand in West
Germany affecting export prospects elsewhere in Europe, while
Japan's exports in 1987 would remain flat and sales by U.S.
Exporters would respond only marginally to a lower, more
competitively-priced dollar.
    It said in most of Europe and in Japan, raw materials and
oil will cost less in domestic currency in 1987 than in 1986.
 Reuter
3;
bodyend
documentend
documentstart
3020
topicstart
interest
money-fx
dlr
topicend
bodystart
2;

POEHL SAYS FURTHER RATE CUT POSSIBLE - SOURCES


    By Allan Saunderson and Antonia Sharpe, Reuters


    FRANKFURT, March 9 - 
Bundesbank president Karl Otto Poehl
told a closed investment symposium that West Germany could cut
leading interest rates again if the United States makes a
similar move, banking sources said.
    The sources were reporting Poehl's remarks at a symposium
in Duesseldorf last week organised by Deutsche Bank Ag. Press
representatives were not invited.
    The sources, speaking separately, said Poehl told about 200
bankers in reply to questions that a cut in U.S. Interest rates
would give room for a matching measure in Germany.
    "It was a definite hint at lower German interest rates," said
one banker who attended the symposium.
    A Bundesbank spokesman said the central bank would have no
comment on the reported remarks, made at the private meeting.
    But, according to a second source, who also declined to be
identified, Poehl's comments were seen by bankers present as a
direct pointer to further moves by the central bank to defend
German industry from an additional revaluation of the mark.
    "He said if the Americans drop their interest rates then the
Bundesbank would also drop them. He said that quite clearly,"
the second source said.
    In reply to questions, Poehl also said the half-point cut
in the discount and Lombard rates on January 22 came after the
U.S. Had signalled it would be prepared to attend a meeting to
discuss the level of the dollar on condition Germany made such
a move in advance, the sources said.
    Asked if American authorities could have been persuaded, by
cuts in German rates, to come to the bargaining table as early
as last September, one of the sources quoted Poehl as saying,
"No, they wouldn't have been. We checked that."
    The Paris meeting of the Group of Six industrial nations
took place exactly one month after the German cut in rates.
    Poehl emphasised in his comments the very close talks
between central banks before and after the G-6 meeting, saying
that financial markets had not fully realised the significance
of the Paris session and the U.S. Agreement to stem further
falls in the value of the dollar, the sources said.
    For the first time all participants at the summit agreed
that a further fall in the dollar would be harmful for all
world economies, including the U.S., Poehl had said.
    The sources said the tone of Poehl's comments boosted
growing sentiment that the dollar would be stabilised around
current levels by international central bank cooperation.
    One source said Poehl's remarks also underlined the fact
that the Bundesbank was now more prepared to be accommodative
in monetary policy in order to prevent a further slowdown in
West Germany's economic growth.
    Poehl and other Bundesbank officials have in the past
stressed that the German central bank had no direct
responsibility for growth and was solely concerned with
combatting inflation.
    This led, for instance, to the introduction of a tighter
monetary stance from the beginning of December until the
half-point cut in rates in late January.
    The sources quoted Poehl as saying that the current
overshooting of the German monetary target would not directly
respark inflation. The Bundesbank was not obliged to react
immediately whenever such overshooting occurs.
    Latest data for central bank money stock, the Bundesbank's
main measure of money supply, showed the measure was growing at
7-1/2 pct in January, outside its three to six pct 1987 target.
    Share prices rose in very active trading today, with
dealers reporting that Poehl's remarks, coupled with a bullish
outlook on stock prices from Deutsche at the same symposium,
brought in strong bargain hunting at current low levels.
 REUTER
3;
bodyend
documentend
documentstart
3022
topicstart
topicend
bodystart
2;

VENEZUELA REVEALS DEBT PAYMENT SCHEDULE DETAILS


    CARACAS, March 8 - 
The 20.3 billion dlr debt rescheduling
accord Venezuela signed a week ago will reduce its payments
over the next three years by 64 pct, according to Finance
Ministry figures released this weekend.
    A ministry statistical analysis said while the original
accord called for payments of 3.82 billion dlrs between 1987
and 1989, the new agreement requires debt servicing of 1.35
billion over the same period. In 1987, Venezuela will be
required to pay 250 mln dlrs instead of the 1.55 billion
originally agreed. Payments in 1988 were cut to 400 mln from
1.20 billion, and in 1989 to 700 mln from 1.11 billion.
    The ministry's analysis said the reduction in debt
servicing during 1987-1989 amounts to an effective grace
period, something the Venezuelan negotiators sought from
creditor banks but were not granted.
    Most of the rescheduling falls during 1994-1998, when 53.3
pct, or some 11.25 billion dlrs, must be paid. Under the
February 27 accord, Venezuela will repay 20.3 billion dlrs of
public sector debt over 14 years at 7/8 of a percentage point
over London interbank offered rates (Libor).
    This compares with the February 1986 accord which called
for a 12-year term and interest of 1-1/8 point over Libor.
 REUTER
3;
bodyend
documentend
documentstart
3023
topicstart
acq
topicend
bodystart
2;

SOSNOFF STARTS BID FOR CAESARS WORLD 
<
CAW>


    NEW YORK, March 9 - 
<
MTS Acquisition Corp>, a company
formed by Martin T. Sosnoff, said it has started a tender offer
for all shares of Caesars World Inc at 28 dlrs each.
    In a newspaper advertisement, MTS said the offer and
withdrawal rights expire April Three unless extended.
    Sosnoff, a New York investor, already owns about four mln
of Caesars' 30.3 mln shares outstanding, or about 13.3 pct, and
is Caesars' largest shareholder.  Caesars owns casino hotels in
Nevada and honeymoon resorts in Pennsylvania's Pocono
Mountains.  It also controls Caesars New Jersey Inc 
<
CJN>,
which owns an Atlantic City, N.J., casino hotel.
    For the second quarter ended January 31, Caesars World
earned 12.6 mln dlrs on revenues of 190.4 mln dlrs, up from
earnings of 7,500,000 dlrs and revenues of 163.8 mln dlrs a
year before.  For all of fiscal 1986, the company earned 41.0
mln dlrs on revenues of 694.4 mln dlrs.
    MTS said the offer is conditioned on receipt of at least
enough shares to give Sosnoff a majority interest on a fully
diluted basis, the arrangement of sufficient financing to buy
all Caesars shares not already owned and pay related costs and
approval by the New Jersey Casino control Commission and the
NEvada Gaming Commission and State Gaming Control Board.
    MTS said Marine Midland Banks Inc 
<
MM> has committed to
lend it 100 mln dlrs for the acquisition and use its best
efforts to syndicate another 400 mln dlrs in senior financing
for the transaction.
    It said its financial adviser, PaineWebber Group Inc 
<
PWJ>,
has stated in writing that subject to market conditions, it is
highly confident that it can arrange commitments for up to 475
mln dlrs in "mezzanine" financing.
    MTS said it does not expect problems in obtaining New
Jersey and Nevada regulatory approval for the acquisition,
since ownership in a Caesars stake has already been cleared.
    In June 1986, Sosnoff requested a seat on the Caesars World
board, a request that has not yet been granted.  In September
1986, Sosnoff, who is chairman of 
<
Atalanta/Sosnoff Capital
Corp>, filed for clearance under U.S. antitrust laws to raise
his interest in Caesars World to 25 pct.
    Sosnoff said, in a letter to Caesars World chairman and
chief executive officer Henry Gluck, that "The decision to go
directly to the shareholders was made at the urging of may
financial and legal advisors, who repeatedly stressed to me the
lack of responsiveness of the management in the past."
    Sosnoff, who said he has made numerous efforts to express
his views to management on ways of maximizing shareholder
values, said Caesars twicce refused his request for a board
seat.  "My advisers felt that, had I given you advance notice,
you would have used the time to throw up obstacles to my offer
rather than giving it serious consideration," he said.
    Sosnoff said he hopes that Caesars World management will be
willing to negotiate an acquisition agreement with him.
    "As I have indicated publicly in the past, I believe
operating management of the company has performed well and that
appropriate consideration should be given to a significant
equity interest for them in the company following the
acquisition," Sosnoff said in the letter to Gluck.
    MTS said Sosnoff has asked the company to fix March 27 as
the record date for the determination of shareholders entitled
to authorize action without a meeting -- including the election
or removal of directors.
 Reuter
3;
bodyend
documentend
documentstart
3024
topicstart
gnp
jobs
cpi
bop
dfl
topicend
bodystart
2;

DUTCH PLANNING AGENCY FORECASTS LOWER GROWTH


    THE HAGUE, March 9 - 
Dutch economic growth is slowing as a
firming guilder cuts competitiveness abroad and industries
reduce the pace of investment, the Dutch official planning
agency CPB said.
    The Centraal Planbureau, publishing its 1987 economic
outlook, said Dutch Net National Income (NNI) was expected to
grow by one pct this year, down from two pct growth recorded in
1986 and 2.5 pct in 1985 and 1984.
    Dutch Gross National Product is expected to rise to 432.20
billion guilders in 1987 in constant prices, a two pct increase
from last year's 423.95 billion.
    The CPB, forecasting an 8.5 pct increase in the value of
the guilder on a trade-weighted basis compared with 10.0 pct
last year, said the dollar was expected to trade at an average
of 2.0 guilders in 1987 compared with 2.45 guilders in 1986.
    "The higher guilder is causing a substantial fall in unit
labour costs abroad, when measured in guilder terms, while
these are rising slightly in the Netherlands," the CPB said.
    More of economic growth now depended on domestic
consumption, the CPB said, but noting that higher margins set
by domestic producers and importers mitigated the effect on
purchasing power of lower import costs and deflation.
    Consumer prices were set to fall by 1.5 pct this year, the
CPB said. Inflation was zero last year.
    Gross investment in industry was expected to grow by five
pct this year, a slowdown compared with 11.5 pct growth last
year, the CPB said.
    Exchange rate and oil price fluctuations will continue to
condition the Dutch economy in the future as it has in recent
years, the CPB said, noting a continued depressing impact of
these factors on Dutch competitiveness.
    In addition, it noted a slight rise in taxation and social
security costs to employers.
    The CPB, forecasting a rise in the budget deficit to 7.2
pct of Net National Income in 1987 from 6.3 pct last year,
urged the government to cut expenditure further to bring down
the deficit and reduce tax and social security payments in
future.
    Dutch government revenue is being depressed further by
falling income from natural gas sales in 1987, the CPB said.
    It said unemployment was expected to fall to 675,000 this
year from 710,000 last year.
    While the two pct GDP growth forecast set by the CPB is
within its latest forecast, issued last month, of 1.5 to two
pct growth, the figure is well above recent market estimates.
    Dutch merchant bank Pierson, Heldring en Pierson said in
its February economic outlook that GDP growth at constant
prices was expected to be 1.1 pct this year and market analysts
had expected the CPB's final forecast to be below its own
latest estimate.
    "It is too early to comment because I haven't seen the whole
document yet, but it would seem we are more pessimistic in some
of our estimates," a Pierson economist said.
    The CPB forecast 2.5 pct export growth in volume terms in
1987, after four pct growth last year. Excluding energy
exports, the 1987 figure would be two pct, it said.
    Imports were set to rise by 4.5 pct this year compared with
four pct in 1986 in volume terms, the CPB said.
    The balance of payments would see a sharp decline in the
surplus, to six billion guilders in 1987 compared with 12.1
billion last year, the CPB forecast.
 REUTER
3;
bodyend
documentend
documentstart
3025
topicstart
acq
topicend
bodystart
2;

TRUMP MAKES BID FOR CONTROL OF RESORTS 
<
RTB>


    NEW YORK, March 9 - 
Casino owner and real estate developer
Donald Trump has offered to acquire all Class B common shares
of Resorts International Inc, a spokesman for Trump said.
    The estate of late Resorts chairman James M. Crosby owns
340,783 of the 752,297 Class B shares.
    Resorts also has about 6,432,000 Class A common shares
outstanding. Each Class B share has 100 times the voting power
of a Class A share, giving the Class B stock about 93 pct of
Resorts' voting power.
 More
3;
bodyend
documentend
documentstart
3026
topicstart
earn
topicend
bodystart
2;

IOMEGA 
<
IOMG> SETS MANAGEMENT, LABOR LAYOFFS


    ROY, Utah, March 9 - 
Iomega Corp said it has laid off over
a quarter of its professional and management staff and nearly
half of its direct labor force as part of a restructuring and
downsizing of its business.
    The company also said it will receive a qualified opinion
from the auditors of it 1986 financial statement subject to the
outcome of two suits. The company is a defendant in a
consolidated class action law suit which seeks damages in an
unspecified amount and is also a defendant in a related
shareholder action.
    Iomega said the auditors state in their opinion letter that
both actions are in the early stages of discovery and the
likely outcome can not be determined at this time.
    The company said a corporate wide reduction of its
professional, management and indirect labor will result in the
permanent elimination of 183 positions in all functional areas
of the company's business. This represents over 25 pct of
professional, management and indirect employees, it added.
    In addition, Iomega announced layoff of about 182
employees, principally from its manufacturing direct labor
force. Those affected represent about 46 pct of direct labor.
    Commenting on the layoffs, Iomega said those from among the
direct labor force affects personnel building the Alpha Eight
Inch Disk Drive and Bernoulli Boxes.
    "This action is required as we bring our finished goods
inventory and inventory in our distribution channels down to
acceptable levels," it explained.
    The company stated this layoff does not affect the
production of its new 5-1/4 inch Beta 20 product which is
currently being built to a backlog of orders.
 Reuter
3;
bodyend
documentend
documentstart
3028
topicstart
ship
topicend
bodystart
2;

BRAZIL SEAMEN CONTINUE STRIKE DESPITE COURT


    RIO DE JANEIRO, March 9 - 
Hundreds of marines were on alert
at 11 key Brazilian ports after 40,000 seamen decided to remain
on indefinite strike, even after the Higher Labour Court
Saturday ruled it illegal, union leaders said.
    The halt, the first national strike by seamen in 25 years,
started on February 27, and union leaders said they would not
return to work unless they got a 275 pct pay rise. Shipowners
have offered a 100 per cent raise, which the seamen rejected.
    "We have nothing to lose. If they want to lay off the
workers, fine, but we are determined to carry on with our
protest until the end," a union leader said.
 more
    He said they had decided in a meeting that if the marines
take over the ships, the seamen would abandon the vessels and
let the marines handle the situation by themselves.
    A spokesman for the Rio de Janeiro Port said the order to
send marines to take over the ports was given by Navy Minister
Henrique Saboya on grounds that ports are areas of national
security. But he said there were no incidents. The strike has
cut exports and imports and made an estimated 160 ships idle.
    Petrol station owners in four states also continued their
shutdown and there were fears that the combination of the two
stoppages could lead to a serious fuel shortage.
 Reuter
3;
bodyend
documentend
documentstart
3031
topicstart
money-fx
gnp
topicend
bodystart
2;

BONN SERIOUS ABOUT CURRENCY PACT, SAYS TIETMEYER


    BRUSSELS, March 9 - 
West Germany takes "very seriously" the
recent undertaking by major industrial countries to promote
exchange rate stability around current levels, Finance Ministry
State Secretary Hans Tietmeyer said.
    Talking to journalists before a meeting of European
Community Economy and Finance Ministers here, Tietmeyer
declined to say whether the February 22 Paris accord by the
Group of Five countries plus Canada included secret agreements
for stabilising currencies.
    But he noted the official communique said the participants
agreed to cooperate closely to foster stability of exchange
rates around current levels. "We're taking this sentence very
seriously," he said.
    Tietmeyer remarked that the dollar had hardly moved against
the mark since the meeting.
    He said a slowdown in West German economic growth had been
caused by sharp exchange rate swings and that the Paris
agreement should help in this respect.
    Economics Ministry State Secretary Otto Schlecht said the
Bonn government saw no current need for measures to bolster the
economy but was paying close attention to the slower growth and
had not ruled out "appropriate and timely" action if necessary.
    Schlecht and Tietmeyer were speaking ahead of a discussion
by the EC ministers of the latest EC Commission report on the
economic situation in the 12-nation bloc.
    The Commission has sharply revised down expected German
gross national product growth this year to two pct from 3.2 pct
predicted last autumn and says Bonn has the most room of any EC
country to stimulate economic activity.
    Schlecht said the upturn in West Germany's economy slowed
in the fourth quarter of last year and the first quarter of
1987. But he said there was no cumulative downwards trend in
view that would make quick remedial action necessary.
    He said a number of favourable indicators such as high
level of investment and a good climate for consumption meant a
recovery could be expected, while exports would pick up
slightly during the course of the year.
 REUTER
3;
bodyend
documentend
documentstart
3034
topicstart
coffee
topicend
bodystart
2;

UGANDA DISAPPOINTED BY COFFEE TALKS FAILURE


    KAMPALA, March 9 - 
Uganda, Africa's second largest coffee
producer, was disappointed by the stalemate in recent coffee
talks in London, the chairman of the state-run Coffee Marketing
Board, CMB, said.
    "This has not been good for coffee producers, more so in a
situation where the prices dropped by 200 pounds per tonne of
robusta coffee," J. Makumbi said when he returned from London on
Friday.
    Producers and consumers failed to agree on a quota formula
to share the world's coffee production during International
Coffee Organisation, ICO, talks that ended last week.
    Makumbi blamed the failure to set quotas, which were
suspended in Feburary last year, on Indonesian demands that its
quota be increased dramatically.
    Uganda -- which earns about 400 mln dlrs annually from
coffee exports, over 95 pct of its foreign exchange earnings --
had sought to raise its ICO quota to 3.0 mln from 2.45 mln
60-kilo bags, according to sources close to the CMB.
    The CMB has estimated that production will rise 20 to 25
pct in the current 1986/87 October-September season to over
three mln bags.
    For several years Uganda had been unable to meet its ICO
export quota as rebel activity disrupted the coffee industry.
    The Ugandan government depends on coffee export duties for
about 60 pct of its sales tax revenue and the industry employs
over half of salaried manpower.
    In Dar es Salaam, Tanzania's Agriculture and Livestock
Development Minister Paul Bomani said today Third World
countries would suffer from the failure of the London coffee
talks.
    "It is only the middlemen who will benefit, he said.
    Bomani called on the ICO to convene another meeting within
two months, saying, "Once tempers have cooled and delegations
have had time to report back to their headquarters, common
sense will prevail."
 Reuter
3;
bodyend
documentend
documentstart
3035
topicstart
acq
topicend
bodystart
2;
******
 Chrysler to take over Renault stake in American Motors, says Renault

Blah blah blah.
3;


bodyend
documentend
documentstart
3036
topicstart
meal-feed
topicend
bodystart
2;

ADDITIONAL CCC CREDIT GUARANTEES FOR HUNGARY


    WASHINGTON, March 9 - 
The Commodity Credit Corporation,
CCC, has authorized an additional 8.0 mln dlrs in credit
guarantees for sales of vegetable protein meals to Hungary for
fiscal year 1987, the U.S. Agriculture Department said.
    The additional guarantees increase the vegetable protein
meal credit line to 16.0 mln dlrs and increases the cumulative
fiscal year 1987 program for agricultural products to 23.0 mln
dlrs from 15.0 mln, it said.
    The department also announced an extension of the export
period from September 30, 1987, to December 31 for sales of
vegetable protein meals.
    To be eligible for the credit guarantees all sales must be
registered before export but not later than September 30.
 Reuter
3;
bodyend
documentend
documentstart
3037
topicstart
earn
topicend
bodystart
2;
******
SOUTHERN CO TO TAKE 226 MLN DLR CHARGE ON PROJECTED VOGTLE COST RISE

Blah blah blah.
3;


bodyend
documentend
documentstart
3038
topicstart
acq
topicend
bodystart
2;

APPLIED CIRCUIT
<
ACRT> SELLS ELECTRONICS BUSINESS


    ANAHEIM, Calif., March 9 - 
Applied Circuit Technology Inc
(ACT) said it has agreed in principal to sell its primary
computer electronics business to the 
<
Sanpao Group> of San
Francisco.
    ACT said it has not disclosed the deal's terms, but added
that 50 pct of the sale price is in cash, with the remainder to
be paid over a two year period.
    The deal is expected to close on March 31, ACT said.
    ACT said it made the move to concentrate resources on its
pharmaceuticals subsidiaries.
 Reuter
3;
bodyend
documentend
documentstart
3039
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> ACQUIRES 9.9 PCT OF PIEDMONT 
<
PIE>


    WASHINGTON, D.C., March 9 - 
USAir Group Inc said it has
acquired 2,292,599 Piedmont Aviation Inc shares, about 9.9 pct
on a fully diluted basis, from Norfolk Southern Corp 
<
NSC>.
    The acquisition of Piedmont by USAir has been approved by
the directors of both companies.
    USAir said it has been advised by Norfolk Southern that the
company supports the proposed merger and intends to tender all
of its remaining 1,477,829 Piedmont common shares in response
to USAir's tender offer which began today. This total includes
shares issuable upon conversion of Piedmont preferred, USAir
noted.
    USAir said Piedmont has about 23.1 mln common shares on a
fully diluted basis, adding its offer is conditioned on the
tender of at least 9,309,394 shares, representing 40.2 pct of
the oustanding shares on a diluted basis.
    USAir said the 3,491,030 new shares it has an option to buy
represent 18.5 pct of Piedmont's currently outstanding shares.
 Reuter
3;
bodyend
documentend
documentstart
3040
topicstart
coffee
topicend
bodystart
2;

BRAZILIAN COFFEE RAINFALL


    SAO PAULO, MARCH 9 - 
THE FOLLOWING RAINFALL WAS RECORDED IN
THE AREAS OVER PAST 72 HOURS
    PARANA STATE: UMUARAMA NIL, PARANAVAI 1.5 MILLIMETRES,
LONDRINA NIL, MARINGA NIL.
    SAO PAULO STATE: PRESIDENTE PRUDENTE O.6 MM, VOTUPORANGA
12.0 MM, FRANCA 28.0 MM, CATANDUVA 10.0 MM, SAO CARLOS NIL, SAO
SIMAO NIL. REUTER11:43/VB
3;
bodyend
documentend
documentstart
3041
topicstart
acq
topicend
bodystart
2;
******
GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO

Blah blah blah.
3;


bodyend
documentend
documentstart
3042
topicstart
acq
topicend
bodystart
2;

NATIONWIDE CELLULAR 
<
NCEL> COMPLETES PURCHASE


    VALLEY STREAM, N.Y., March 9 - 
Nationwide Cellular Service
Inc said it has completed the previously-announced acquisition
of privately-held Nova Cellular Co, a Chicago reseller of
mobile telephone service with 1,800 subscribers, for about
65,000 common shares.
    Nova Cellular has an accumulated deficit of about 650,000
dlrs and had revenues of about 2,600,000 dlrs for 1986, it
said.
 Reuter
3;
bodyend
documentend
documentstart
3043
topicstart
interest
topicend
bodystart
2;

NATIONAL WESTMINSTER BANK CUTS BASE RATE


    LONDON, March 9 - 
National Westminster Bank Plc said it has
cut its base lending rate  0.5 percentage points to 10.5 pct
today.
    National Westminster said it was responding to general
easing in money market rates.
    Its move followed a signal from the Bank of England earlier
this afternoon that it would endorse a half point cut in the
base rate, a surprise move following its strong signals last
week that such a move would be premature.
    However, since then the pound has continued to gain
strongly.
 Reuter
3;
bodyend
documentend
documentstart
3044
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER HELP AT NEW RATES


    LONDON, March 9 - 
The Bank of England said it provided the
market with further assistance during the afternoon, buying
bills worth 166 mln stg at the lower rates introduced this
morning.
    It bought 45 mln stg of local authority bills plus 27 mln
stg of bank bills in band one at 10-3/8 pct together with 94
mln stg of band two bank bills at 10-5/16 pct.
    The bank also revised its estimate of the market shortage
up to 300 mln stg from 250 mln this morning. It has given total
assistance of 213 mln stg today.
 REUTER
3;
bodyend
documentend
documentstart
3046
topicstart
ship
topicend
bodystart
2;

HUTCHISON UNIT BUYS CONTAINER CRANES FROM JAPAN


    HONG KONG, March 9 - 
Container port operator, 
<
Hong Kong
International Terminals Ltd>, a 89 pct held unit of Hutchison
Whampoa Ltd 
<
HWHH.HK>, said it has placed a 164 mln H.K. Dlr
order for seven quayside container cranes of 800 tons each with
Japan's Mitsui Engineering and Shipbuilding Co Ltd 
<
MSET.T> for
May 1988 to August 1989 delivery.
    Hong Kong International Terminals operates 32 cranes.
 REUTER
3;
bodyend
documentend
documentstart
3047
topicstart
ship
topicend
bodystart
2;

BOSPHORUS SHIPPING MOVES, ISTANBUL OFFICES CLOSE


    ISTANBUL, March 9 - 
Istanbul remained at a virtual
standstill today under snow up to a meter deep but shipping was
moving through the narrow Bosphorus waterway linking the Sea of
Marmara and the Black Sea, officials said.
    The authorities ordered government offices closed until
Wednesday. Many banks, businesses and schools stayed shut as
workers struggled to keep main roads and supply lines open in
this city of 6.5 mln people.
    The second blizzard to hit Istanbul in a week stopped
yesterday afternoon and the international airport reopened
today after a two-day closure. It was also shut earlier last
week.
 Reuter
3;
bodyend
documentend
documentstart
3048
topicstart
crude
topicend
bodystart
2;

ECUADOR TO EXPORT NO OIL FOR 4 MONTHS, OFFICIAL


    By WALKER SIMON, Reuters


    QUITO, March 9 - 
The suspension of Ecuador's crude oil
shipments after an earthquake cut an oil pipeline will last at
least four months, a senior Energy Ministry official said.
    The official said Ecuador could resume exports after
repairing a 40 km section of the 510 km pipeline, which links
jungle oil fields at Lago Agrio to Balao on the Pacific coast.
It would take about 100 mln U.S. Dlrs to repair the pipeline,
the official, who did not want to be named, told Reuters.
Ecuador had enough oil to meet domestic demand for about 35
days and would have to import crude to supplement stocks.
    The earthquake last Thursday night registered six on the
12-point international Mercalli scale. The damage to the
pipeline was a severe economic blow to Ecuador, where oil
accounts for up to two-thirds of total exports and as much as
60 pct of government revenues.
    Financially pressed Ecuador, a member of the Organisation
of Petroleum Exporting Countries (OPEC), was recently pumping
about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
above the output quota assigned by the cartel, another Energy
Ministry spokesman said. Last year, it exported an average of
173,500 bpd, according to the central bank.
    However, Ecuador might build an emergency 25 km pipeline,
costing 15 to 20 mln dlrs, to hook up with a Colombian
pipeline, the first official said. He estimated it could take
about 60 days to build.
    Ecuador, squeezed by the slide in world oil prices in 1986,
had only 138 mln dlrs in net international reserves at the end
of January, about equal to one month's imports.
    It suspended interest payments in January on 5.4 billion
dlrs owed to about 400 private foreign banks. The country's
total foreign debt is 8.16 billion dlrs, the eighth largest in
Latin America.
    In Caracas, President Jaime Lusinchi said Venezuela would
loan five mln barrels of crude to Ecuador over the next three
months to make up for losses from damage to the pipeline.
    Ecuador asked for the loan to guarantee domestic supplies
and would ship an equivalent volume back to Venezuela in
repayment in May, Lusinchi said.
    A commission headed by Venezuelan Investment Fund Minister
Hector Hurtado and including representatives from the interior
and defence ministries and the state oil company Petroleos de
Venezuela will travel to Ecuador Tuesday to evaluate and
co-ordinate an emergency relief program, he said.
 REUTER
3;
bodyend
documentend
documentstart
3049
topicstart
money-supply
topicend
bodystart
2;
******
FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.

Blah blah blah.
3;


bodyend
documentend
documentstart
3051
topicstart
rubber
topicend
bodystart
2;

MALAYSIA SAYS RUBBER PACT DEPENDS ON CONSUMERS


    KUALA LUMPUR, March 9 - 
Malaysia said the success of talks
opening today on a new International Natural Rubber Agreement
(INRA) depends on how flexible consumer countries are.
    Rubber producer and consumer countries meet for 12 days in
Geneva from tomorrow to try to hammer out a rubber pact after
they failed to reach agreement last November to replace the
current accord, which expires next October.
    Primary Industries Minister Lim Keng Yaik said in a
statement that Malaysia wants to continue with a second INRA
and is prepared to accept modifications that would strengthen
the present agreement.
    He said the second INRA would allow for an orderly disposal
of the accumulated buffer stock of 375,000 tonnes, since the
market is now capable of absorbing such releases.
 Reuter
3;
bodyend
documentend
documentstart
3052
topicstart
topicend
bodystart
2;

PHARMACIA AB LAUNCHES EUROCOMMERCIAL PAPER PROGRAMME


    STOCKHOLM, March 9 - 
Pharmacia AB said it was launching a
200 mln dlr Eurocommercial paper programme as part of a move to
internationalise the company's financing.
    Market makers will be Credit Suisse First Boston, Morgan
Stanley International and Svenska Handelsbanken PLC.
    Pharmacia treasurer Bertil Tiusanen said gaining direct
access to the short term international capital market would
improve its ability to meet its dollar borrowing requirement.
    He said it was a natural step for an internationally known
company whose shares are noted in Tokyo and Stockholm and are
traded over the counter in the United States.
 REUTER
3;
bodyend
documentend
documentstart
3053
topicstart
acq
topicend
bodystart
2;

MCDOWELL 
<
ME> TO MERGER WITH 
<
INTERPHARM INC>


    NASHVILLE, Tenn., March 9 - 
McDowell Enterprises Inc said
it has signed a definitive agreement to acquire an 80 pct
interest in privately held Interpharm Inc for a 19.9 pct
interest in McDowell.
    The company said subject to contigencies, including future
sales and profit levels, McDowell could over a four-year period
acquire 100 pct of Interpharm in exchange for up to 51 pct of
McDowell's voting stock.
    It said the transaction is expected to be completed within
60 days, at which time the McDowell board would be restructured
to include Interpharm management. 
 Reuter
3;
bodyend
documentend
documentstart
3054
topicstart
topicend
bodystart
2;

FEDERAL HOME MORTAGE BUYS FUNDS FROM LENDER


    CHARLOTTE, N.C., March 9 - 
The Federal Home Mortgage Corp
announced the sale of 400 mln dlrs for residential mortgages to
First Union Corp's mortgage subsidiary.
    Freddie Mac said that First Union Mortgage Corp already
swapped 70 mln dlrs of new residential mortgages to Freddie Mac
in the first phase of the contract.
    Freddie Mac said buy selling 400 mln dlrs worth of
mortages, it makes more mortgage money available. It said
through its guarantor program, First Union will be allowed to
convert its investment-quality mortgages into mortgage-backed
securities accepted in capital markets.
    Freddie Mac explained that the securities can be used as
collateral for borrowings, sold to other investors, or employed
in a variety of cash management techniques.
 Reuter
3;
bodyend
documentend
documentstart
3056
topicstart
acq
topicend
bodystart
2;

RENAULT, CHRYSLER IN ACCORD FOR CHRYSLER TO BUY AMC


    PARIS, March 9 - 
Regie Nationale des Usines Renault

<
RENA.PA> said it and Chrysler Corp 
<
C> have signed a letter of
intent in which Chrysler plans to buy American Motors Corp

<
AMO.N>, 46 pct owned by Renault.
    Renault President Raymond Levy said in a statement issued
by the French state car group the agreement was an important
stage in Renault's redeployment. "It will allow Renault to
continue its export programme to the U.S. And also opens a
perspective of cooperation with a major American constructor,"
the statement said. Under the terms of the letter of intent,
Chrysler will purchase Renault's stake held in the form of
bonds and shares.
    The Renault statement quoted Chrysler Chairman Lee Iacocca
as saying, "We welcome AMC shareholders into the Chrysler
family."
    He added that the accord would allow Renault and Chrysler
to study the development of future products destined to be
distributed by Renault and Chrysler in the North American and
world markets.
    "Renault is a leader in our industry and I am happy to be
working with them," Iacocca was quoted as saying.
    Chrysler will pay for Renault's AMC interests held in bonds
by a 200 mln dlr bond and will pay up to 350 mln dlrs for
Renault share interests, depending on AMC sales and future
profits, the Renault statement said.
    The statement said the agreement in principle gave each
side 30 days to put together a definitive accord. Approval
would also be necessary from the Renault, Chrysler and AMC
boards, from AMC shareholders and the relevant government
authorities.
    If the deal goes ahead, the statement said, AMC
shareholders other than Renault will receive Chrysler shares
for each of their shares valued at four dlrs.
    AMC shareholders with convertible preferential shares will
have the possibility to exchange them for Chrysler shares on
the same conditions as those they would have had in exchanging
them for AMC shares.
 Reuter
3;
bodyend
documentend
documentstart
3057
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 9 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 285,000 to 300,000 head versus
292,000 week ago and 309,000 a year ago.
    Cattle slaughter is guesstimated at about 125,000 to
131,000 head versus 129,000 week ago and 119,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
3060
topicstart
money-fx
interest
topicend
bodystart
2;
******
 Bank of France said it cut money market intervention rate to 7-3/4 pct from eight pct

Blah blah blah.
3;


bodyend
documentend
documentstart
3061
topicstart
acq
topicend
bodystart
2;
******
FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR

Blah blah blah.
3;


bodyend
documentend
documentstart
3062
topicstart
earn
topicend
bodystart
2;

SOUTHERN 
<
SO> TO TAKE CHARGE ON VOGTLE COST


    ATLANTA, March 9 - 
Southern Co said it will take an
after-tax charge of 226 mln dlrs against earnings no later than
January 1988 because the projected cost of the Vogtle nuclear
power plant has risen abover the amount which retail customers
in Georgia will be asked to pay.
    The company's largest subsidiary, Georgia Power Co, said
the budget for the plant has increased by 6.3 pct, or 522 mln
dlrs, to 8.87 billion. However, because of a pledge the made
last year to Georgia's Public Service Commission, the increased
cost will not be included in the utility's retail electric
rates.
    Geogia Power also said its board has delayed the scheduled
completion of Vogtle's Unit Two to June 1989 from September
1988. Unit Two is about 60 pct complete, it added.
    The utility said fuel loading has been completed at Unit
One and the unit is being put through a series of low-power
tests before the Nuclear Regulatory Commission is asked for a
full-power license.
    The nuclear power plant, located near Waynesboro, Ga., is
co-owned by 
<
Oglethorpe Power Corp>, the Municipal Electric
Authority of Georgia and the city of Dalton.
    Georgia Power said the revised Vogtle budget estimate was
due to several factors, including additional labor costs
incurred to keep the plant's first unit on schedule for
commercial operation by June. The new figure represents the
first change in the plant's budget since August 1985, when it
was estimated at 8.35 billion dlrs.
    In March 1986, the utility told Georgia regulators it would
"cap" the price of Vogtle its customers would be asked to pay
at 3.56 billion dlrs, the company's share of the then projected
8.35 billion dlr total. Under the new budget, Georgia Power
said, its share amounts to 3.87 billion dlrs.
    Noting that Georgia Power's share of the Vogtle increase is
313 mln dlrs, Southern said this will result in a charge
against earnings of 177 mln dlrs after taxes.
    In addition, the company said, Georgia Power's contracts
with the joint owners require the utility to buy back
significant amounts of Vogtle capacity during the plant's
initial years of operation. Under terms of the cap on costs, it
will not attempt to recover the portion of the budget increase
that applies to the buybacks.
    This bings the total amount that must be charged against
earnings to 2326 mln dlrs after taxes, Southern said.
    Southern said new rules of the Financial Accounting
Standards Board, which are effective in January 1988, require
any costs that are determined nonrecoverable to be charged
against earnings once that determination is made.
    The company also said its board has approved a capital
budget of 2.1 billion dlrs in 1987, including work on the
Vogtle project.
    It said a 5.9 billion dlr capita budget for the three-year
period 1987-1989 was also outlined at the board meeting, noting
this is 700 mln dlrs below the comparable figure for the years
1986-1988.
 Reuter
3;
bodyend
documentend
documentstart
3063
topicstart
acq
topicend
bodystart
2;

STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER


    STOCKHOLM, March 9 - 
Sweden's Stora Kopparbergs Bergslags
AB 
<
SKPS ST> said it had now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
    Remaining shareholders would have until later this month to
sell their shares to Stora, the company said in a statement.
    Stora announced last September it would acquire Papyrus at
a price of 5.8 billion crowns, thus forming Europe's second
largest forest group after London-based Reed International Plc

<
REED L>.
 REUTER
3;
bodyend
documentend
documentstart
3064
topicstart
topicend
bodystart
2;

JAPAN EX-IM BANK SAYS NO NEW COMMITMENTS TO BRAZIL


    TOKYO, March 9 - 
Export-Import Bank of Japan president
Takashi Tanaka told Brazil the bank will continue to cooperate
with it, but he refrained from making any commitment to a new
credit, Ex-Im officials said.
    In a 30-minute meeting, Tanaka told Brazilian Finance
Minister Dilson Funaro the bank would consider his country's
request for a 300 mln dlr credit in the context of
international cooperation, the officials said.
    They said this meant the Ex-Im Bank would grant the credit
as part of a package with money from the International Monetary
Fund and private banks.
    Brazil has resisted going to the IMF for help because it
fears that the Fund will ask for changes in its economic
policies that will throw it into recession.
    Brazil first requested the 300 mln dlr credit last
November, to help it develop the sale and generation of
electric power. Funaro renewed the request today.
 REUTER
3;
bodyend
documentend
documentstart
3065
topicstart
trade
bop
money-fx
crude
gnp
dlr
topicend
bodystart
2;

OECD TRADE, GROWTH SEEN SLOWING IN 1987


    LONDON, March 9 - 
The 24 nations of the Organisation for
Economic Cooperation and Development (OECD), hampered by
sluggish industrial output and trade, face slower economic
growth, and their joint balance of payments will swing into
deficit in 1987, the Economist Intelligence Unit (EIU ) said.
    The EIU said in its World Trade Forecast it revised OECD
economic growth downwards to 2.5 pct this year, compared with a
2.8 pct growth forecast in December.
    It said the new areas of weakness are West Germany and the
smaller European countries it influences, and Japan, hardest
hit by currency appreciation this year.
    The independent research organisation cut its 1987 growth
rate forecasts for West Germany to 2.2 pct from 3.2 pct in
December and to 2.3 pct from three pct for Japan.
    It said it expected the OECD to post a current account
deficit of some 13 billion dlrs in both 1987 and 1988, due in
large part to a 1.50 dlrs a barrel rise in 1987 oil prices.
    It said the U.S. Current account deficit looked likely to
fall even more slowly than forecast, to 125 billion dlrs in
1987 and 115 billion in 1988 from 130 billion in 1986.
    It said it expected West Germany to post a 31 billion dlr
payments surplus and Japan a 76 billion dlr surplus this year.
    The EIU said it saw oil prices dropping to around 16.50
dlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18
dlrs last year, as adherence to OPEC output policy becomes
increasingly ragged.
    It said the dollar is poised to resume its decline in
foreign exchange markets, and will lose a further 13 pct on its
trade-weighted index this year and five pct in 1988 after last
year's 18.4 pct drop.
    The average mark/dollar rate is put at 1.80 marks this year
and 1.70 in 1988 while the yen/dollar rate is expected to break
through the 150 yen barrier with an average value of 150 yen in
1987 and 146 yen in 1988, it said.
    "This is not a crash scenario but the dollar's steeper angle
of descent increases the risk of ending with a fireball rather
than a three-point landing," the EIU said.
    "Talking will not stop the dollar's slide for long and the
February meeting (of finance ministers of the Group of Five and
Canada) produced scant promise of either a decisive shift to
more expansive policies in West Germany and Japan, or a tighter
U.S. Fiscal policy," it said.
    It said the key to the dollar's fortunes was the
willingness of Japanese institutions to buy U.S. Government
assets despite prospects of sustaining a currency loss.
    "Thus far they have been willing," the EIC said, adding that
if Japan was deterred from buying U.S. Bonds the dollar would
collapse.
    To contain such a currency crisis, dollar interest rates
would have to soar, bringing recession and a Third World debt
crisis, it said.
    On trade, the EIU said prospects for 1987 look "increasingly
sick."
    Import growth, forecast in December at 4.5 pct, is now seen
slowing down to around 3.8 pct in 1987 with a recovery only to
4.2 pct in 1988, it said.
    The weakness of the West German economy is the biggest
single factor, with import growth there expected to feature a
sluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in
December, the EIU said.
    On the export side, it said it saw weak demand in West
Germany affecting export prospects elsewhere in Europe, while
Japan's exports in 1987 would remain flat and sales by U.S.
Exporters would respond only marginally to a lower, more
competitively-priced dollar.
    It said in most of Europe and in Japan, raw materials and
oil will cost less in domestic currency in 1987 than in 1986.
    However, rates of inflation will edge up in 1988 to over
the current OECD average of three pct. Non-oil commodity prices
will show a modest dollar price increase in 1988 for the first
time since 1984, the EIU said.
    After a rise of 18 pct in 1986, the dollar price of
internationally traded manufactures will go up by 8.5 pct in
1987 and by five pct in 1988, it said.
    It said OECD industrial production would rise by only 1.6
pct in 1987 after a weak 1.5 pct increase in 1986.
 Reuter
3;
bodyend
documentend
documentstart
3066
topicstart
topicend
bodystart
2;

PHARMACIA AB LAUNCHES EUROCOMMERCIAL PAPER PROGRAMME


    STOCKHOLM, March 9 - 
Pharmacia AB said it was launching a
200 mln dlr Eurocommercial paper programme as part of a move to
internationalise the company's financing.
    Market makers will be Credit Suisse First Boston, Morgan
Stanley International and Svenska Handelsbanken PLC.
    Pharmacia treasurer Bertil Tiusanen said gaining direct
access to the short term international capital market would
improve its ability to meet its dollar borrowing requirement.
    He said it was a natural step for an internationally known
company whose shares are noted in Tokyo and Stockholm and are
traded over the counter in the United States.
 REUTER
3;
bodyend
documentend
documentstart
3067
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN LATE HELP WORTH 15 MLN STG


    LONDON, March 9 - 
The Bank of England said it provided the
market with unspecified late assistance worth 15 mln stg.
    It has given the market total assistance of 228 mln stg
today compared with a liquidity shortage it estimated at a
revised 300 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
3068
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE CUTS INTERVENTION RATE


    PARIS, March 9 - 
The Bank of France said it cut its money
market intervention rate to 7-3/4 pct from eight pct when it
injected money against first category paper.
    The bank also cut its seven-day repossession rate to 8-1/2
pct from 8-3/4 pct.
    The intervention rate has stood at eight pct since it was
raised from 7-1/4 pct on January 2 as the French franc came
under pressure ahead of the EMS realignment on January 11.
    The bank said the purchase, effective tomorrow, is for five
pct of private paper and fixed rate Treasury bills maturing
between March 25 and June 25 and of other Treasury bills
maturing between March 25, 1987 and March 25, 1989.
    The rate cut had been expected since the bank announced a
money market intervention tender earlier today.
    Money market dealers said conditions seemed right for a
quarter percentage point cut, reflecting an easing in the call
money rate last week, and the French franc's steadiness on
foreign exchange markets since the February 22 currency
stabilisation accord here by the Group of Five and Canada.
 REUTER
3;
bodyend
documentend
documentstart
3069
topicstart
acq
topicend
bodystart
2;

WHITE ENGINE BOUGHT BY PRIVATE INVESTOR


    CANTON, Ohio, March 9 - 
White Engine, a manufacturer of
industrial and automotive diesel and gasoline engines with more
than 100 mln dlrs in sales, said it has been sold to a group of
group investors.
    White Engine said the purchase is led by Donald Stewart, a
private investment banker, along with White senior executives.
    A source close to the transaction said the purchase prices
is being set at more than 55 mln dlrs.
    The company said it will change its name to Hercules
Engines Inc, and Stewart will be the majority interest owner,
as well as the president and chief executive officer.
    In addition, John Lennon, current chairman and chief
executive officer, will remain as chairman, he company said.
And Joseph G. Scheetz, currently president, will be vice
chairman, according to the company.
 Reuter
3;
bodyend
documentend
documentstart
3071
topicstart
acq
topicend
bodystart
2;

STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER


    STOCKHOLM, March 9 - 
Sweden's Stora Kopparbergs Bergslags
AB 
<
SKPS.ST> said it has now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
    Remaining shareholders would have until later this month to
sell their shares to Stora, the company said in a statement.
    Stora announced last September it would acquire Papyrus at
a price of 5.8 billion crowns, thus forming Europe's second
largest forest group after London-based Reed International Plc

<
REED L>.
 REUTER
3;
bodyend
documentend
documentstart
3072
topicstart
acq
topicend
bodystart
2;

ALLEGHENY INT'L 
<
AG>, FIRST BOSTON SET MERGER


    PITTSBURGH, March 9 - 
Allegheny International Inc said it
has entered into an agreement to merge with an affiliate of
First Boston Inc's 
<
FPC> First Boston Corp in a transaction
valued at about 500 mln dlrs.
    Allegheny said the agreement calls for holders of its
common to receive 24.60 dlrs a share. Holders of the company's
2.19 dlrs cumulative preference shares will receive 20 dlrs a
share and those owning its 11.25 dlrs convertible preferred
will receive 87.50 dlrs a share.
    Allegheny International said the agreement calls for the
First Boston affiliate to start a cash tender offer for all
outstanding shares of Allegheny's common, cumulative preferred
and convertible preferred.
    The company said First Boston has committed to provide all
financing necessary to acquire such securities in the tender
offer which is estimated to be about 500 mln dlrs.
    It said the agreement is also subject to the waiver by
March 13 of certain conditions under the company's existing
bank credit agreement.
    Allegheny International's statement did not name or
describe the First Boston affiliate involved in the agreement.
    It did say the offer for the company's stock will be
conditioned also on the valid tender of securities representing
at least a majority of the voting power for the election of
directors of the company and the valid tender of at least two
third's of the outstanding cumulative preferred and convertible
preferred shares.
   
 Reuter
3;
bodyend
documentend
documentstart
3073
topicstart
money-supply
topicend
bodystart
2;

FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT


    PARIS, March 9 - 
French money supply, measured in terms of
M-3, rose a provisional one pct in January after falling 0.7
pct in December, the Bank of France said.
    M-3 is the main money supply aggregate used by the French
monetary authorities. It has been joined as a second main money
supply aggregate for 1987 by M-2, which rose a provisional 1.2
pct in January after falling a confirmed 0.9 pct in December.
    Calculated on a three-month moving average basis, M-3 rose
4.4 pct year-on-year in the quarter based on December after
rising 5.4 pct in the quarter centred on September.
    The M-2 aggregate, centred on a three-month moving average,
rose year-on-year by four pct, within a 1987 target range of
four to six pct.
    M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1
measures notes and coins in circulation plus sight deposits.
    M-2 adds in short-term bank deposits and M-3 adds in other
short-term deposits.
    The central bank's widest measure of liquidity, L, rose 1.5
pct in January after one pct fall in December. The bank said
the money supply growth reflected a net increase of sight
deposits and renewed interest in money market instruments.
 REUTER
3;
bodyend
documentend
documentstart
3074
topicstart
acq
topicend
bodystart
2;
*****
CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN

Blah blah blah.
3;


bodyend
documentend
documentstart
3075
topicstart
topicend
bodystart
2;

GENEX CORP 
<
GNEX> GETS FINANCING


    GAITHERSBURG, Md., March 9 - 
Genex Corp said it has
completed an agreement for Eberstadt Fleming Venture Capital's
Plant Resources Venture Fund II and Morgenthaler Venture
Partners II and accounts managed by Citicorp 
<
CCI> to provide
it with a four mln dlr interim credit line.
    It said the Eberstadt venture capital funds and the
Citicorp accounts will receive warrants to buy 1,666,667 common
shares at 60 cts each and two representatives of the funds will
be named to the Genex board.
    Genex said as part of the transaction, it has signed an
emplopyment agreement for a senior executive it did not name to
become president and chief executive officer of Genex at the
end of March, on completion of his obligations to his current
employer.
    The company said over the next six months, it will use its
best efforts to increase its authorized capital and make a six
to eight mln dlr rights offering to holders of its convertible
preferred stock at 60 cts per equivalent common share, with
proceeds to be used to repay sums drawn from the interim line
of credit and for working capital.
    Genex said the rights would not be transferable separately
from the common stock.
    It said its three largest shareholders, Robert F. Johnston,
Koppers Co 
<
KOP> and J. Leslie Glick, who together own about 34
pct of Genex stock, will provide irrevocable proxies to the
venture firms on completion of the rights offering and have
agreed not to exercise their rights to acquire stock in the
rights offering.
    Genex said the venture firms will have the right to buy any
unsubscribed shares of convertible preferred and may buy
additional shares at the time of the rights offer.
 Reuter
3;
bodyend
documentend
documentstart
3076
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES


    ANKARA, March 9 - 
The Turkish Central Bank set a
Lira/Dollar rate for March 10 of 773.05/776.92 to the Dollar,
down from the previous 769.60/773.45.
    The Bank also set a Lira/Mark rate of 417.20/419.29 to the
Mark, up from the previous 419.15/421.25.
3;
bodyend
documentend
documentstart
3077
topicstart
earn
topicend
bodystart
2;

CONTINENTAL BANK/CANADA SETS DISTRIBUTION


    TORONTO, March 9 - 
Continental Bank of Canada, a subsidiary
of Lloyds Bank PLC 
<
LLOY.L>, said it intends to redeem all
existing preferred shares and distribute a stock dividend to
common shareholders.
    The initial distribution will be in cumulative redeemable
retractable floating rate class A preferred shares series II,
which will carry a retraction right enabling holders to receive
12.75 dlrs for each share.
    Continental said the 58.6 mln dlrs of existing outstanding
preferred shares will be paid off at par plus accrued dividends.
     Continental said the notes will carry a dividend rate of
72 pct of prime and it expects that the shares will trade at
12.75 dlrs or more, enabling shareholders who wish to receive
cash to do so.
    The bank said it expects the distribution will be made in
early May, subject to various approvals.
    Continental also said that, as of March 2, it had cash of
more than 250 mln dlrs and equity of about 284.6 mln dlrs,
allowing for a final total distribution of 16.60 dlrs per
common share.
    Continental Bank said it continues to expect that the final
distribution to shareholders will be in the range of 16.50 dlrs
to 17.25 dlrs per share and will take place in late 1988 or
early 1989.
    Until the initial stock distribution takes place, regular
dividend payments will be maintained on the existing preferred
shares, the bank said.
    The distribution is part of the terms of Continental Bank
of Canada's sale of its banking assets to Lloyds Bank Canada, a
subsidiary of Lloyds Bank PLC.
    Continental Bank said Lloyds Bank Canada paid the balance
of the purchase price but that it was lower than originally
anticipated since Continental was unable to transfer certain
income tax deductions to Lloyds Bank. Continental did not give
further details.
 More
3;
bodyend
documentend
documentstart
3078
topicstart
trade
topicend
bodystart
2;

STUDY SAYS U.S., CANADA PACT WOULD SPUR ECONOMIES


    WASHINGTON, March 9  - 
A free trade pact between the United
States and Canada could spur the economies of both sides
substantially, according to a study released by the Institute
for International Economics.
    The study, by Paul Wonnacott, said a successful conclusion
to the free trade talks now under way could raise Canada's
gross national product by more than five pct and expand U.S.
export's by about seven pct.
    He said the pact could resolve the knotty issue of
government subsidies, end curbs on trade in services and
investments and pave the way for new global talks under the 
General Agreement on Tariffs and Trade.
    The United States and Canada - the world's two biggest
trading partners with cross border shipments of about 150
billion dlrs a year - opened free trade talks last June. They
are aiming for a pact by next October.
    Wonnacott, an economics professor at the Univerity of
Maryland, said an agreement should include:
    - Elimination of tariffs between the two countries, phased
in over a five to 10-year period;
    - Equal access to federal government procurement in the two
countries, replacing current "Buy America" and "Buy Canada"
provisions with a "Buy North America" provision;
    - Fewer restrictions in trade in services, chiefly finance
and transportation;
    - A commitment not to screen foreign investments in favor
domestic producers;
    - A commission to resolve bilateral trade disputes.
     Wonnacott said that to resolve the subsidy problem, the
two sides should permit export subsidies of exports of up to
2.0 or 2.5 pct without imposing coutervailing duties.
    The limit on subsidies is now 0.5 pct.
    He proposed that any attempt to impose new duties to offset
subsidies should go first a special disputes commission for
resolution at an early stage.
    Wonnacott said "bilateral free trade would contribute to the
efficiency of the North American economies and to their
competitiveness in facing overseas producers.
    He said it would it would open U.S. markets to Canadian
goods and enable them to benefit from the economies of mass
production.
    Benefits to the United States would be fewer than those to
Canada proportionately, he said, because of the already large
U.S. gross national product.
    Wonnacott said also that a U.S.-Canada pact in such areas
as export subsidies and the creation of a dispute commission
could set an example for the current attempt by GATT to write
new and more liberal global trading regulations.
 Reuter
3;
bodyend
documentend
documentstart
3080
topicstart
earn
topicend
bodystart
2;

GULF RESOURCES 
<
GRE> TO HAVE GAIN ON STOCK SALE


    BOSTON, March 9 - 
Gulf Resources and Chemical Corp said it
has sold 9,534,633 shares of 
<
Imperial Continental Gas
Association> for 720 pence a share, or 68.6 mln stg, in a
private transaction for a pretax gain of about 19.6 mln dlrs.
    Gulf Resources said it still owns 6.7 mln shares of
Imperial Continental, or a 4.6 pct interest, and continues to
study various alternatives.
 Reuter
3;
bodyend
documentend
documentstart
3082
topicstart
grain
oilseed
topicend
bodystart
2;

ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE


    ROTTERDAM, March 9 - 
Graan Elevator Mij said its balance in
port of grains, oilseeds and derivatives rose to 136,000 tonnes
on March 7 from 31,000 a week earlier, after arrivals of
523,000 tonnes and discharges of 418,000 tonnes last week.
    The balance comprised 38,000 tonnes of grains and oilseeds
and 98,000 tonnes of derivatives.
    This week's estimated arrivals total 194,000 tonnes, of
which 45,000 are grains/oilseeds and 149,000 derivatives.
    The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
 Reuter
3;
bodyend
documentend
documentstart
3083
topicstart
acq
topicend
bodystart
2;
******
DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES

Blah blah blah.
3;


bodyend
documentend
documentstart
3084
topicstart
grain
meal-feed
carcass
soy-meal
livestock
topicend
bodystart
2;

U.K. AGRICULTURAL FUTURES MARKETS TO MERGE


    LONDON, March 9 - 
Three London markets which trade potato,
soymeal and meat futures said they will merge to form a new
Agricultural Futures Exchange.
    Legal advisers have been instructed to implement the
amalgamation of the London Potato Futures Association, LPFA,
the London Meat Futures Exchange, LMFE, and the Grain and Feed
Trade Association's, GAFTA, Soya Bean Meal Futures Association,
SOMFA. No timetable was given.
    Members of the three exchanges have been consulted,
Agricultural Futures Exchange secretary Bill Englebright told
Reuters, and no objections have been raised to the merger.
    Three markets are involved at present but the new exchange
could ultimately combine five markets.
    Discussions are taking place with the Baltic International
Freight Futures Exchange, BIFFEX, and the GAFTA London Grain
Futures Market is considering the possibility of joining the
other markets, market officials said.
    The BIFFEX board is expected to reach a decision on the
merger at its meeting at the end of this month, after members
are consulted at a meeting on March 16.
    The grain futures market also intends to consult its
members soon, GAFTA director general James Mackie said.
    The aim of the amalgamation is to limit regulatory and
administrative costs and achieve the recognition required under
the 1986 Financial Services Act. This legislation requires a
futures market to become a Recognised Investment Exchange, RIE,
for trading to continue.
    Representatives of all the futures markets on the Baltic
Exchange have been discussing the possibility of a single RIE
structure since the beginning of the year.
    The new exchange now planned will apply to the Securities
and Investments Board for recognition as an RIE "at the
appropriate time," the Agricultural Futures Exchange said.
    "This commitment by the markets will enable progress to be
made to develop a stronger and more effective exchange to the
benefit of all those involved in the industry," the chairman of
the formation committee, Pat Elmer, said.
    The merged markets will remain at the Baltic Exchange.
 Reuter
3;
bodyend
documentend
documentstart
3085
topicstart
acq
topicend
bodystart
2;

BSN 
<
BSN> SHARE SALE ADVANCES


    DALLAS, March 9 - 
BSN Corp said its agreement to sell
1,750,000 new common shares, or a 25 pct interest, to 31
unaffiliated European institutional investors for 30.4 mln dlrs
has become definitive.
    The company said closing is expected shortly after the
filing of a registration statement with the Securities and
Exchange Commission, which is expected to be made this month.
 Reuter
3;
bodyend
documentend
documentstart
3086
topicstart
acq
topicend
bodystart
2;

GENCORP
<
GY> UNIT TO SELL LOS ANGELES TV STATION


    AKRON, Ohio, March 9 - 
Gencorp said its RKO General
subsidiary agreed to sell KHJ-TV in Los Angeles to Walt Disney
Co 
<
DIS> for 217 mln dlrs cash plus working capital and other
adjustments at closing.
    The company said under the agreement in principle, RKO's
application to renew the station's broadcast license would be
dismissed and the competing application of Fidelity Television
would be granted. Disney would then acquire privately held
Fidelity for about 103 mln dlrs and other adjustments.
    Renewal of the KHJ-TV license has been challenged in
regulatory proceedings for more than 20 years.
    The deal is subject to prior approval by the Federal
Communications Commission, the company said.
    Late in 1985, Gencorp cut a deal with Fidelity, a Los
Angeles investor group, and Westinghouse Electric Corp 
<
WX> to
settle the license proceedings and sell KHJ-TV for 313 mln
dlrs, 70 pct of which would go to Westinghouse and the
remainder to Fidelity. But on Jan 28, 1987, Westinghouse
withdrew from the deal because the FCC would not approve it.
    In early 1986, Gencorp and RKO agreed to sell WOR-TV in
Secaucus, N.J., to MCA Inc 
<
MCA> for 387 mln dlrs. The FCC has
approved the transaction, but several parties have appealed.
    The FCC has not said when it would rule on the appeals,
according to a spokemsan for Akron, Ohio-based Gencorp.
    Fidelity Television originally filed a competing
application for the RKO license for KHJ, an independent
station, in 1965.
    In 1980, the FCC disqualified RKO as licensee of WNAC-TV in
Boston, citing anti-competitive trade practices and inaccurate
financial reporting to the agency, causing renewals previously
granted to RKO in New York, for WOR, and Los Angeles, for KHJ,
to be denied.
 Reuter
3;
bodyend
documentend
documentstart
3087
topicstart
interest
topicend
bodystart
2;
******
BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.

Blah blah blah.
3;


bodyend
documentend
documentstart
3088
topicstart
interest
topicend
bodystart
2;
*******
MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.

Blah blah blah.
3;


bodyend
documentend
documentstart
3089
topicstart
acq
topicend
bodystart
2;

IMATRON 
<
IMAT> SELLS STAKE TO MITSUI 
<
MITSY>


    SOUTH SAN FRANCISCO, Calif., March 9 - 
Imatron Inc said
Mitsui and Co Ltd of Japan has purchased a two mln dlr equity
interest in Imatron at market price and was granted a 120-day
option to make another two mln dlr investment at the same price.
    Imatron said Mitsui, the exclusive importer of Imatron's
Ultrafast computed tomography scanners into Japan, is scheduled
to take delivery of its first scanner next month for
installation in a large cardiology center.
    It said it has entered into preliminary discussions with
Mitsui on the formation of a joint venture to finance the
accelerated development of Imatron's technology and its
commercialization in Japan.
 Reuter
3;
bodyend
documentend
documentstart
3090
topicstart
topicend
bodystart
2;

MOROCCO LIKELY TO GET OVER 100 MLN DLRS IN AID


    PARIS, March 9 - 
Morocco, buoyed by an economic turnaround
and last week's Paris Club debt rescheduling, is likely to
obtain over 100 mln dlrs worth of development aid at a meeting
with donors beginning here tomorrow, John Shilling, director of
the World Bank's Moroccan division, said.
    "A certain optimism has appeared in the economy to the
effect that things are no longer impossible and Morocco can get
out of its problems ... We are aiming for 100 mln Special
Drawing Rights and if we can get more it will be put to good
use," he told a news conference.
    The agreement last week with the Paris Club of western
creditors rescheduling over 10 years 900 mln dlrs worth of
official debt due by mid-1988, together with an accord late
last year to reschedule 1.8 billion dlrs of commercial bank
debt, had already encouraged donors to increase aid, he added.
    Debt sources said a World Bank concessional loan of around
200 mln dlrs to help rationalise Morocco's public sector was
likely to be agreed in Washington soon.
 REUTER
3;
bodyend
documentend
documentstart
3091
topicstart
earn
topicend
bodystart
2;

A.H. ROBINS'S 
<
QRAH> JANUARY EARNINGS UP


    RICHMOND, Va., March 9 - 
A. H. Robins Co, the drug company
in bankruptcy proceedings due to litigation over its Dalkon
Shield contraceptive device, reported consolidated net earnings
for the month ended January 31 of 17.3 mln dlrs.
    In the corresponding year-ago period it reported net
earnings of 13.8 mln dlrs.
    Robins said the filings were made with the U.S. trustee
overseeing its chapter 11 bankruptcy case.
 Reuter
3;
bodyend
documentend
documentstart
3092
topicstart
interest
topicend
bodystart
2;

BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT


    LONDON, March 9 - 
Barclays Bank Plc 
<
BCS.L> and Midland
Bank Plc 
<
MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc 
<
NWBL.L>
    The rate changes take effect tomorrow.
 REUTER
3;
bodyend
documentend
documentstart
3093
topicstart
acq
topicend
bodystart
2;

CONTROL DATA 
<
CDA> TO BUY PERIPHERALS STAKE


    MINNEAPOLIS, Minn., March 9 - 
Control Data Corp said it
agreed to acquire Unisys Inc's 
<
UIS> 13 pct stake in 
<
Magnetic
Peripherals Inc>.
    The letter of intent provides that Unisys converts from an
owner in Magnetic Peripherals to a customer of Control Data's
data storage products group over a two year period.
    Under the agreement, Control Data will continue to furnish
disk drives to Unisys, it said.
    No other details of the proposed agreement were available.
    Magnetic Controls, managed by the data storage products
group of Control Data, was founded in 1975 as a joint venture
to maintain a technological base in data storage, and supply
peripheral equipment for the computer systems of its owners.
    The venture has become a developer and manufacturer of high
performance, high-capacity data storage products sold by
Control Data to computer systems manafacturers worldwide, it
said.
    After conversion of the Unisys interest, Control Data will
own 80 pct, Honeywell Inc 
<
HON>, 14 pct and Bull S.A. of
France, six pct, it said.
 Reuter
3;
bodyend
documentend
documentstart
3094
topicstart
acq
topicend
bodystart
2;

DONALD TRUMP TO BUY CROSBY RESORTS 
<
RTB> STOCK


    NEW YORK, March 9 - 
Casino hotel operator and real estate
developer Donald Trump said he has agreed to purchase the Class
B common stock of Resorts International Inc held by the family
and estate of late Resorts chairman James Crosby for 135 dlrs
per share.
    Trump said he is also considering a tender offer for
remaining Class B shares at the same price but has no interest
in Resorts' Class A shares.
    Trump said the shares he has agreed already to buy
represent a 78 pct interest in the Class B stock. The estate
itself owns 340,783 of the 752,297 Class B shares. There are
also about 6,432,000 Class A shares outstanding, but Trump said
"I have no interest in the Class A shares."
    Each Class B share has 100 times the voting power of a
Class A share.
    In Atlantic City, Resorts said in a statement that the
Class B shares being sold to Trump represents 73 pct of the
combined voting power in Resorts.
    It said closing is dependent on receipt of necessary
regulatory approvals and other matters, and after closing,
Trump will tender for remaining Class B shares at the same
price.
 Reuter
3;
bodyend
documentend
documentstart
3095
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> WINS COURT ORDER AGAINST TWA 
<
TWA>


    PITTSBURGH, March 9 - 
USAir Group Inc said a U.S. District
Court in Pittsburgh issued a temporary restraining order to
prevent Trans World Airlines Inc from buying additional USAir
shares.
    USAir said the order was issued in response to its suit,
charging TWA chairman Carl Icahn and TWA violated federal laws
and made misleading statements.
    TWA last week said it owned 15 pct of USAir's shares. It
also offered to buy the company for 52 dlrs a share cash or 1.4
billion dlrs.
 More
3;
bodyend
documentend
documentstart
3096
topicstart
acq
topicend
bodystart
2;

GREASE MONKEY 
<
GMHC> GETS, REJECTS MERGER OFFER


    DENVER, March 9 - 
Grease Monkey Holding Corp said it has
received and rejected an unsolicited merger offer from Jiffy
Lube International Inc 
<
LUBE>.
    The company said the proposal involved an exchange of
Grease Monkey common stock for a combination of Jiffy Lube
securities with an estimated current value substantially below
Grease Monkey's current market
 price.
    It said it will not disclosed details.
 Reuter
3;
bodyend
documentend
documentstart
3098
topicstart
orange
topicend
bodystart
2;

U.S. RULING ON BRAZIL FCOJ MAY COME TOMORROW


    WASHINGTON, March 9 - 
A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
    They said the department has until midnight tonight to set
the duty but may not make the finding public until tomorrow.
    A preliminary duty of 8.54 pct was set October 17, 1986.
    The final ruling will be based on more detailed
information, the officials said.
 Reuter
3;
bodyend
documentend
documentstart
3099
topicstart
topicend
bodystart
2;
******
 Bank of England says issuing further one billion stg 8-3/4 pct bonds due 1997

Blah blah blah.
3;


bodyend
documentend
documentstart
3100
topicstart
acq
topicend
bodystart
2;

CHRYSLER 
<
C> IN DEAL TO BUY AMC 
<
AMO>


    DETROIT, March 9 - 
Chrysler Corp said it agreed in
principle with French state-owned Renault to acquire American
Motors Corp., in which Renault is controlling shareholder,
under a deal in which AMC stockholders other than Renault would
receive Chrysler common stock with a market value of four dlrs
for each AMC common share they hold.
    Chrysler said the letter of intent for the deal, which
needs government and AMC shareholder and board approval,
provides that AMC holders will receive not more than .0840 or
less than .0687 of a share of Chrysler common for each share of
AMC common they hold.
 more
3;
bodyend
documentend
documentstart
3103
topicstart
interest
topicend
bodystart
2;

BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT


    LONDON, March 9 - 
Barclays Bank Plc 
<
BCS.L> and Midland
Bank Plc 
<
MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc 
<
NWBL.L>
    The rate changes take effect tomorrow.
    The base rate reductions came after the Bank of England cut
its dealing rates this morning in a signal to the money markets
that it would not resist a half percentage point drop in bank
base lending rates, market sources said.
    Until the end of last week, the central was holding out
staunchly against market pressures for lower rates in an
apparent effort to preserve the expected rate cuts for around
the time of the government's annual Budget on March 17.
    Sterling remained firm around 1.59 dlrs compared with its
close here on Friday at 1.5865 dlrs.
 REUTER
3;
bodyend
documentend
documentstart
3104
topicstart
zinc
topicend
bodystart
2;

U.S. MINT SEEKING 4,784,000 LBS ZINC


    WASHINGTON, March 9 - 
The U.S. Mint said it is seeking
offers on 4,784,000 lbs of special high-grade zinc that it
intends to purchase.
    It said selling offers will be due at 1100 hrs EST, March
24.
    The Mint said two increments of 1,300,000 lbs each are for
delivery the weeks of April 13 and april 20 to Ball Corp,
Greeneville, Tenn., and two increments of 1,092,000 lbs each
are to be delivered the weeks of April 20 and April 27 to
LaSalle Rolling Mills, LaSalle, Ill.
    Firms, in submitting offers, may elect to receive payment
from the Mint by standard check or by wire transfer. Awards
will be based on whichever method is most cost advantageous to
the goverment at the time the awards are determined.
    The offers will have a minimum acceptance period of 10
calendar days, the Mint said.
 Reuter
3;
bodyend
documentend
documentstart
3105
topicstart
housing
topicend
bodystart
2;

CANADA BUILDING PERMITS RISE IN NOVEMBER


    OTTAWA, March 9 - 
Led by the non-residential sector,
Canadian building permits issued in November rose 0.7 pct to
2.18 billion dlrs, seasonally adjusted, from 2.16 billion dlrs
in October, Statistics Canada said.
    Residential permits fell 3.9 pct to 1.25 billion dlrs from
1.30 billion dlrs in October while the number of units approved
fell to 17,552 from 19,079 units.
    The value of non-residential projects rose 7.6 pct to 927.6
mln dlrs in the month.
 Reuter
3;
bodyend
documentend
documentstart
3107
topicstart
acq
topicend
bodystart
2;

DIXIE YARNS 
<
DXYN> TO ACQUIRE TI-CARO INC


    CHATTANOOGA, Tenn., March 9 - 
Dixie Yarns Inc and 
<
TI-CARO
Inc> jointly said they signed a merger agreement calling for
Dixie to acquire all TI-CARO's stock in exchange for three mln
of Dixie's common.
    The companies said the previously announced merger has been
approved by TI-CARO's board and is expected to close by early
April.
    They said the revenues of the combined companies will be
over 600 mln dlrs, and Dixie said the merger will not dilute
its 1987 results. TI-CARO was taken private in 1984 in a
management led leveraged buy-out.
 Reuter
3;
bodyend
documentend
documentstart
3109
topicstart
orange
topicend
bodystart
2;

U.S. HAS TO MIDNIGHT TO SET ORANGE JUICE DUTIES


    WASHINGTON, March 9 - 
A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
    They said the department has until midnight tonight to set
the duty, but may not make the finding public until tomorrow.
    A preliminary duty of 8.54 pct was set last Oct. 17.
    The final duty will be based on more detailed information,
the officials said.
 reuter
3;
bodyend
documentend
documentstart
3110
topicstart
ship
topicend
bodystart
2;

GALE FORCE WINDS BUFFET GREAT LAKES


    Kansas City, March 9 - 
The National Weather Service said
warnings of gale force winds remained in effect over lakes
Erie, Huron and Michigan.
    Also, warnings have been posted for large waves and beach
erosion along the shores of the Lakes. Winds gusting to 45 mph
caused four to six foot waves along the western and southern
shores of Lake Michigan during the morning.
    Advisories for low wind chill temperatures have also been
posted across portions of upper Michigan and northern lower
Michigan. Early morning gusty winds brought the wind chill to
15 and 25 degrees below zero.
    Freezing rain was scattered over central Colorado by mid
morning, also over central Kansas and northeast Illinois.
    Snow reached from south central Montana across Wyoming,
western Nebraska and western Kansas. Snow also extended across
northern Wisconsin, upper Michigan and northern lower Michigan.
    Rain reached along the northern Pacific Coast, across
northwest Utah, Maryland, Deleware, Virginia, the Carolinas,
Georgia and northern Alabama.
 Reuter
3;
bodyend
documentend
documentstart
3111
topicstart
interest
topicend
bodystart
2;

U.K. ISSUES ONE BILLION STG BOND TRANCHE


    LONDON, March 9 - 
The Bank of England said it was taking
onto its books a further one billion stg tranche of 8-3/4 pct
Treasury Loan stock due 1997, payable 40 stg pct on
application. The stock was issued to the Bank at 96.50 stg pct
and will be available for dealings from March 11, with the
remainder of the amount payable on May 5. The Bank said the
bonds would yield 9.28 pct at the issue price and would be free
of tax to residents overseas. The issue would be designated
8-3/4 pct Treasury Loan 1997 "B."  A further 100 mln stg was
reserved for the National Debt Commissioners.
    The market dropped by up to 1/2 point following the Bank's
announcement, with the Treasury 13-1/2 pct stock due 2004/08
quoted one full point lower at 134-12/32 stg pct around 20
minutes after the news.
    Dealers said the announcement had to be viewed against the
backdrop of intense pressure for lower U.K. Interest rates
which had built up over the past two weeks as a result of
sterling's strength.
    The Bank this morning finally signalled it was prepared to
see lower rates and U.K. Clearing banks this afternoon
announced cuts in their base lending rates to 10.5 pct from 11
pct.
    The Bank had initially been reluctant to countenance a rate
cut because, dealers said, the authorities had wished to delay
a reduction until around the time of the U.K. Budget on March
17, thereby preserving the full impact of Chancellor of the
Exchequer Nigel Lawson's package of measures.
    However, in the face of sterling's apparently inexorable
climb, the authorities today decided to cede to pressure and
allow a half-point cut.
    Today's one billion stg tap issue was viewed by the market
as a move by the Bank to eradicate hopes for a further early
rate cut which might arise as a result of strong sterling.
    Most market participants believe that Lawson will now
foster a further half point interest rate reduction at the time
of the budget, although one or two said they would not be
surprised to see a full point decline at this stage.
    Dealers noted that as part of the authorities' attempts
last week to ease pressure for lower rates, the Bank had issued
a one billion stg tap stock with a view to subduing the
Government bond market.
    To the surprise of most participants, the issue was sold
out within hours of becoming available for trading and the
market pushed on to register further sharp gains.
    Dealers said that at this stage it seemed unlikely that the
issue announced today would be absorbed by the market as
rapidly as last week's.
    However, they noted that although sterling had edged down
from its highs following the base rate cut, it had still closed
on a trade-weighted basis at 72.4, well ahead of Friday's final
71.8 and only just beneath the peak of 72.5 touched at 1300
GMT.
 REUTER
3;
bodyend
documentend
documentstart
3114
topicstart
acq
topicend
bodystart
2;
******
AMC SAYS IT IS "STUDYING" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN "APPROPRIATE"

Blah blah blah.
3;


bodyend
documentend
documentstart
3115
topicstart
crude
topicend
bodystart
2;

PETRO-CANADA TO DRILL TWO TERRA NOVA TEST WELLS


    ST. JOHN'S, Newfoundland, March 9 - 
Petro-Canada, Canada's
state-owned oil company, said it will drill two delineation
wells this summer at the Terra Nova oil field offshore
Newfoundland.
    Evaluation of test results and preliminary engineering work
should put Petro-Canada in a position to propose a development
plan for the Terra Nova field in 1988, the company said.
    Depending on time required for regulatory approvals,
construction could begin in 1989, with first oil production as
early as 1991, Petro-Canada said.
    "We have a high degree of confidence that the western
portion of the (Terra Nova) field contains at least 11 mln
cubic meters of recoverable oil, or more than 70 mln barrels,
and that we could produce it economicly using a floating
production system," Petro-Canada said.
    The Terra-Nova field, lying 350 kilometers east of St.
John's and 35 kilometers southeast of Hibernia field, was
discovered by Petro-Canada in 1984.
    "We've had encouraging results from the eastern portion of
the field, and we hope this summer's drilling will prove up
additional reserves there," the company said.
    Petro-Canada believes Terra Nova field is a good commercial
prospect and the company wants to move some of those resources
towards development so it can start generating a return on
investments, Petro-Canada said.
    Petro-Canada, which will act as operator of the two wells,
has a 75 pct interest in the western portion of Graven block of
the Terra Nova field and a 26 pct interest in the field's East
Flank block, a company spokesman said later. Other field
participants include Canterra Energy Ltd, Mobil Oil Canada Ltd,
Gulf Canada Resources Inc, ICG Resources Ltd, Trillium
Exploration Corp and general partnership PAREX.
    Petro-Canada estimates reserves in the Terra Nova field's
Graven block of between 68 mln and 70 mln barrels of oil,
company spokesman Bob Foulkes said from Petro-Canada's Calgary
office.
    Combined reserves for Graven Block and the field's East
Flank block are estimated between 70 mln and 130 mln barrels,
he added.
    Petro-Canada expects to spend about 500 mln Canadian dlrs
to bring the field to production by about 1991, and the
development budget could double if the company builds a
production system combining both blocks in the field, he said.
    Petro-Canada estimates the Terra Nova field Graven block
would produce between 25,000 and 26,000 barrels average daily
production, with a production system that would have maximum
capacity of 40,000 bpd, company spokesman Foulkes said in
answer to a query.
    The company estimates a production system combining both
Graven and East Flank blocks in the Terra Nova field could
produce about 45,000 bpd average daily production, he said.
 Reuter
3;
bodyend
documentend
documentstart
3116
topicstart
topicend
bodystart
2;

KINGDOM OF SWEDEN ISSUES 100 MLN STG BOND


    LONDON, March 9 - 
Kingdom of Sweden is issuing a 100 mln
stg bond due April 15, 1997 carrying a coupon of 9-1/2 pct and
priced at 101-1/4, said Baring Brothers and Co Ltd as lead
manager.
    The issue is payable on April 15, 1987.
    The bond is callable after seven years at 100-1/8 pct and
it will be listed on the London Stock Exchange. Fees are a
1-3/8 pct selling concession and 5/8 pct combined management
and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
3117
topicstart
earn
topicend
bodystart
2;

CHARAN SEES AT LEAST 50 PCT RISE IN 1987 PROFIT


    MONTREAL, March 9 - 
(Charan Industries Inc), a distributor
of toys and other consumer products, expects 1987 net profit to
rise at least 50 pct over last year's 6.1 mln dlrs, president
Earl Takefman told reporters before the annual meeting.
    "We grew basically 100 pct last year, I'm not sure we're
going to be able to grow 100 pct again this year but we
certainly will grow at least 50 pct over last year," Takefman
said.
    Charan reported profit of 3.0 mln dlrs in 1985.
    Takefman said he expects sales to rise to about 100 mln
dlrs this year from 57.3 mln dlrs in 1986.
    Fiscal 1985 ended September 30, while fiscal 1986 ended
November 30.
    Takefman said the company is actively looking for
acquisitions in the consumer products industry, likely in
Canada.
    The company said it expects to resolve delivery problems
this year which last year hindered the growth of its toy
distribution business, which accounts for about one-third of
revenues.
    Charan is the exclusive distributor in Canada for 
<
Worlds
of Wonder> toys, which include the Teddy Ruxpin voice-activated
talking plush bear.
    Takefman said new products this year, which will be on the
shelves for Christmas, include a smaller version of Teddy
Ruxpin, a talking Mickey Mouse toy, dancing plush toys, a doll
with a voice activated by sound, touch, light and heat, and
talking books.
    The company is also marketing an extended line of "laser
tag" kits, which shoot rays of light and tell you when you've
hit someone.
    Other products include a recorder device which allows
students to leave taped messages in each others' school
lockers, retailing for about 60 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3118
topicstart
earn
topicend
bodystart
2;

MAYFAIR SUPER MARKETS 
<
MYFRA> SALES INCREASED


    ELIZABETH, N.J., March 9 - 
Mayfair Super Markets said its
sales for the second qtr ended Feb 28 were 122.0 mln dlrs, an
increase of more than 15 pct compared to sales of 105.9 mln
dlrs in the comparable quarter last year.
    The company said sales for the first six months of the year
were 242.0 mln dlrs, more than 15 pct above the 210.1 mln dlrs
reported in the same period last year.
    This was the 12th consecutive quarterly gain, the company
said.  The company said it expects to release earnings in
April.
 Reuter
3;
bodyend
documentend
documentstart
3119
topicstart
topicend
bodystart
2;

TIMEPLEX INC 
<
TIX> COMPLETES REDEMPTION


    WOODCLIFF LAKE, N.J., March 9 - 
Timeplex Inc said it
completed its previously-announced redemption of its 7-3/4 pct
convertible subordinated debentures due 2008.
    The company said there had been 35 mln dlrs total principal
amount of debentures outstanding.
    Debenture holders were entitled to convert their debentures
into shares of the company's common stock at a 22.50 dlrs per
share, or 44-4/9 shares of common stock per  1,000 dlrs
principal amount of debentures.
 Reuter
3;
bodyend
documentend
documentstart
3120
topicstart
pet-chem
acq
topicend
bodystart
2;

PPG INDUSTRIES 
<
PPG> SELLS ETHYLENE INTERESTS


    PITTSBURGH, March 9 - 
PPG Industries Inc said a group of
investors led by 
<
Sterling Group> of Houston said it has agreed
to acquire PPG's ethylene products business, including its
inteest in an ethylene glycols joint venture with du Pont Co

<
DD> in Beaumont, Texas, for undisclosed terms.
    The company said completion is expected in the second
quarter.
    It said the business had sales of over 50 mln dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
3121
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO ADD TEMPORARY RESERVES


    NEW YORK, March 9 - 
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves via customer repurchase agreements, economists said.
    Most economists said the Fed will add 1.5 to two billion
dlrs of temporary reserves via customer repurchase agreements,
but some said there is a slim chance the Fed will inject
permanent reserves via three-day system repurchase agreements.
    Federal funds opened at 6-1/16 pct and firmed to 6-1/8 pct
in early trading. Funds averaged six pct on Friday.
 Reuter
3;
bodyend
documentend
documentstart
3122
topicstart
interest
topicend
bodystart
2;

BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT


    LONDON, March 9 - 
Barclays Bank Plc 
<
BCS.L> and Midland
Bank Plc 
<
MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc 
<
NWBL.L>
    The rate changes take effect tomorrow.
    The base rate reductions came after the Bank of England cut
its dealing rates this morning in a signal to the money markets
that it would not resist a half percentage point drop in bank
base lending rates, market sources said.
    Until the end of last week, the central was holding out
staunchly against market pressures for lower rates in an
apparent effort to preserve the expected rate cuts for around
the time of the government's annual Budget on March 17.
    Sterling remained firm around 1.59 dlrs compared with its
close here on Friday at 1.5865 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3125
topicstart
acq
topicend
bodystart
2;
******
UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER

Blah blah blah.
3;


bodyend
documentend
documentstart
3128
topicstart
interest
topicend
bodystart
2;

LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT


    LONDON, March 9 - 
Lloyds Bank Plc 
<
LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
    The reduction follows similar moves from the three other
British clearing banks.
    National Westminster Bank Plc 
<
NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
    The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
 REUTER
3;
bodyend
documentend
documentstart
3129
topicstart
acq
topicend
bodystart
2;

NORCROS BREAKS OFF MERGER TALKS WITH WILLIAMS


    LONDON, March 9 - 
Norcros 
<
NCRO.L> Plc said it has no
intention of proceeding any further with talks on Williams
Holdings Plc's suggestion that there would be benefits arising
from a merger between the two groups.
    Norcros said any such benefits could be achieved through
normal trading and did not warrant a closer formal association.
    Norcros shares firmed 30p to 342p after the news on
investor speculation of a possible hostile bid from Williams,
dealers said. Williams rose 2p to 742.
    Williams earlier informed Norcros that it holds some
2,890,000 of its ordinary shares or 2.2 pct of those issued.
 Reuter
3;
bodyend
documentend
documentstart
3131
topicstart
interest
topicend
bodystart
2;

LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT


    LONDON, March 9 - 
Lloyds Bank Plc 
<
LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
    The reduction follows similar moves from the three other
British clearing banks.
    National Westminster Bank Plc 
<
NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
    The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
 Reuter
3;
bodyend
documentend
documentstart
3132
topicstart
grain
wheat
barley
topicend
bodystart
2;

LESS GRAIN FLOWS INTO WEST GERMAN INTERVENTION


    HAMBURG, March 9 - 
The West German Intervention Board said
it accepted 962,192 tonnes of grain from the start of the
current agricultural year to the end of last month, compared
with 1.8 mln tonnes during the July/February period in 1985/86.
    It said it accepted 336,097 tonnes of bread wheat (nil in
the year-earlier period), 16,818 (nil) tonnes of high quality
wheat, 33,623 (523,625) tonnes of feed wheat, 3,426 (168,682)
tonnes of rye, 88,494 (32,766) tonnes of high quality rye,
2,313 (105,005) tonnes of summer barley and 481,421 (972,794)
tonnes of winter barley.
 Reuter
3;
bodyend
documentend
documentstart
3133
topicstart
interest
topicend
bodystart
2;

LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT


    LONDON, March 9 - 
Lloyds Bank Plc said it is cutting its
base lending rate to 10.5 pct from 11 pct, effective tomorrow.
    The reduction follows similar moves from the three other
British clearing banks.
    National Westminster Bank Plc led the way this morning
after the Bank of England lowered its dealing rates in a signal
that it would tolerate a half percentage point reduction.
    The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
 Reuter
3;
bodyend
documentend
documentstart
3134
topicstart
interest
topicend
bodystart
2;
******
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3135
topicstart
meal-feed
fishmeal
topicend
bodystart
2;

LITTLE MOVEMENT ON HAMBURG FISHMEAL MARKET


    HAMBURG, March 9 - 
The Hamburg fishmeal market saw little
movement in the past week with demand slack as in other protein
feed sectors, trade sources said.
    Prices edged up on firmer origin offering levels and the
stronger dollar. Sellers quoted 64 pct fishmeal at between 640
and 650 marks per tonne free on truck for spot and between 630
and 640 marks for April/Dec.
    International demand was also slow but some inquiries from
Far Eastern buyers were noted in South American producer
countries, the sources said.
    Chile is said to have good catches in northern and southern
fishing grounds, with offers unchanged at 330 dlrs per tonne c
and f North German ports.
    Peru's catches differ regionally and stocks are low.
Sellers quoted a nominal offering level of 320 dlrs per tonne c
and f north German ports. Ecuador was not in the market and
catches are said to be poor.
    Denmark has seasonally low catches, with 72 pct meal
offered at 315 crowns per 100 kilos cif North European ports
for April/Oct deliveries. Iceland has good catches and sellers
quoted a price of 5.45 dlrs per percentage point protein cif
North European ports. Norway was not in the market.
 Reuter
3;
bodyend
documentend
documentstart
3136
topicstart
topicend
bodystart
2;

FRANCE'S BFCE ISSUES 150 MLN DLR EUROBOND


    PARIS, March 9 - 
Banque Francaise du Commerce Exterieur
(BFCE) is issuing a 150 mln dlr, seven pct bond due April 1,
1992 at par, lead manager Societe Generale said.
    The issue of unsecured, unsubordinated debt, is guaranteed
by France. Fees are 1-1/4 pct for selling, 1/4 pct for
management and 3/8 pct for underwriting.
    Payment date is April 1, listing is in Luxembourg and
denominations are of 1,000 and 10,000 dlrs. The launch spread
is 53 basis points over equivalent five-year treasuries.
 REUTER
3;
bodyend
documentend
documentstart
3137
topicstart
money-fx
interest
topicend
bodystart
2;

UK MONEY RATES FALL AS BANK APPROVES BASE RATE CUT


    LONDON, March 9 - 
A half point cut in base lending rates
was announced by the big four clearing banks today after the
Bank of England finally endorsed such a move following weeks of
downward pressure, dealers said.
    During its routine intervention in the market, the bank
trimmed the rates at which it deals with the discount houses by
half a point and National Westminster led the other clearing
banks in reducing its base rate to 10-1/2 pct from 11 pct.
    The timing of the Bank of England move took operators by
surprise after its recent action seemingly designed to dampen
hopes of a base rate cut ahead of the U.K. Budget on March 17.
       For some time, fundamentals have
led the market to push for a one point cut in base lending
rates to 10 pct but the central bank has declined to follow
wholesale money market rates down.
    Although political considerations -- the government's wish
to see a fall in base rates coincide with the Budget -- had
been suggested by operators last week as reasons for the Bank's
delaying action, worries about the real strength of sterling
and perhaps about the market's reaction to the content of the
Budget may have been behind the central bank's caution, dealers
said.
    In the event, sterling continued firm after the rate cut,
leaving the market still looking for another half point fall.
    Consequently, rates in the money market eased during the
day, one-month interbank sterling shedding 5/16 point to
10-9/16 7/16 and three-months trading 1/16 point down at
10-5/16 3/16 pct. Sterling cd's were similarly down between
5/16 point in one month and 1/8 point in one year.
    Overnight interbank money for tomorrow was indicated at
around 11 pct, almost a point below the levels ruling at the
end of last week. Today, overnight touched a high of some
11-3/4 pct after the Bank took out 228 mln stg of an estimated
300 mln stg shortage.
 REUTER
3;
bodyend
documentend
documentstart
3138
topicstart
grain
wheat
corn
topicend
bodystart
2;

GRAIN CERTIFICATE REDEMPTIONS PUT AT 240 MLN BU


    KANSAS CITY, March 9 - 
Over 240 mln bushels of government
grain have been allocated in redemptions for commodity
certificates since the program began April 30, according to the
Commodity Credit Corporation.
    Redemptions included 11.4 mln bushels of corn valued at
17.0 mln dlrs, or an average per-bushel price of 1.492 dlrs,
since the current grain catalogs were issued December 1 by CCC.
    Wheat redemptions totaled 9.6 mln bushels, valued at 23.7
mln dlrs, since December 1.
 More
3;
bodyend
documentend
documentstart
3139
topicstart
acq
topicend
bodystart
2;

AMC 
<
AMO> STUDYING CHRYSLER 
<
C> PROPOSAL


    SOUTHFIELD, Mich., March 9 - 
American Motors Corp said it
is studying a proposed merger with Chrysler Corp.
    American Motors said it received a letter from Chrysler
Corp "advising us of their proposal to enter into a merger
transaction with American Motors Corp."
    In a brief statement, the company said, "We are studying
the proposal. We will have further comment when it is
appropriate."
 Reuter
3;
bodyend
documentend
documentstart
3140
topicstart
topicend
bodystart
2;

DANSKE BANK IS FIRST DANISH BANK TO ISSUE CDS


    COPENHAGEN, March 9 - 
Den Danske Bank af 1871 A/S said it
was issuing the first certificates of deposit from a Danish
bank and that the CDs will be for six, nine and 12 months or a
negotiable period.
    They will come in denominations of 10 mln crowns without
commission to the bank. Interest will be linked to money and
capital market rates and paid on a discount basis, with
certificates sold below par and maturing at par, a bank
statement said.
    The certificates are not liable to stamp duty. "They will be
a flexible supplement to negotiated deposits and will give
companies and institutional investors better chances to
organise liquidity," the statement said.
    Bank spokesman Arne Lund said "We could not do it earlier
because it was not possible for the tax authorities to say if
the certificates were liable to stamp duty or not."
    He said the issue should be assisted by high short-term
interest rates.
 REUTER
3;
bodyend
documentend
documentstart
3142
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/AMERICAN EXPRESS 
<
AXP>


    NEW YORK, March 9 - 
American Express Co's stock fell
sharply, reflecting, in part, investors' disappointment that
the company did not make an announcement about its plans for
brokerage unit Shearson Lehman Brothers, traders said.
    The company has said it is studying options for its
Shearson unit. Traders said many investors anticipated an
announcement this weekend that it would spin off Shearson
Lehman. Also, they said, a flurry of arbitrage related sell
programs that pounded the general market today accelerated the
selloff of American Express, a component of the Dow Industrial
Average. American Express fell 3-1/8 to 77-3/8.
    "It was part programs and part that there was anticipation
of an announcement of a spinoff or something with Shearson this
weekend, and that announcement never happened," one trader
said.
    In the last few minutes of trading on Friday, another
trader said, the stock jumped to close up 3-3/8, largely on
anticipation that the company would make a weekend
announcement.
 Reuter
3;
bodyend
documentend
documentstart
3145
topicstart
crude
nat-gas
topicend
bodystart
2;

RANGER 
<
RGO> COMPLETES U.S. PROPERTY SALE


    CALGARY, Alberta, March 9 - 
Ranger Oil Ltd said it
completed on March 2 the previously announced sale of its U.S.
oil and gas properties held by subsidiaries Ranger Oil Co and
Ranger Inc to Ampol Exploration Ltd, of Australia, for 18.5 mln
U.S. dlrs.
    Ranger said that under the deal, it would retain a five pct
gross overriding royalty on its stake from blocks east cameron
65 and 82 in the Gulf of Mexico offshore Lousiana.
    It said the sale did not include U.S. properties acquired
from 
<
Berkeley Exploration and Production PLC> last December.
 Reuter
3;
bodyend
documentend
documentstart
3146
topicstart
crude
topicend
bodystart
2;
******
AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY

Blah blah blah.
3;


bodyend
documentend
documentstart
3147
topicstart
topicend
bodystart
2;

KINGDOM OF SWEDEN ISSUES 100 MLN STG BOND


    LONDON, March 9 - 
Kingdom of Sweden is issuing a 100 mln
stg bond due April 15, 1997 carrying a coupon of 9-1/2 pct and
priced at 101-1/4, Baring Brothers and Co Ltd said as lead
manager.
    The issue is payable on April 15, 1987.
    The bonds are callable after seven years at 100-1/8 pct and
it will be listed on the London Stock Exchange. Fees are a
1-3/8 pct selling concession and 5/8 pct combined management
and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
3148
topicstart
topicend
bodystart
2;

U.S. CORPORATE FINANCE - S/P CUT HAS NO EFFECT


    By John Picinich, Reuters


    NEW YORK, March 9 - 
In an unusual move, Standard and Poor's
Corp downgraded a U.S. corporate debt issue soon after it was
priced for offering late last week.
    But, unlike a similar action in September 1986, which
investment bankers said disrupted the financing, the agency's
rate reduction had no effect this time, traders said.
    S and P announced Friday afternoon that it cut to B from
B-plus a 900 mln dlr issue of senior notes due 1994 of Holiday
Inns Inc, a unit of Holiday Corp 
<
HIA>. The notes were priced
late Thursday by sole manager Drexel Burnham Lambert Inc.
    In a release, Standard and Poor's said the action reflected
a change in the note issue's terms to an unsecured form of debt
from secured. That change was made after the agency rated the
notes on February 20, S and P stated.
    "We took action as we became aware that the issue's
structure had changed," said Robert Nelson of S and P. "We
generally make a distinction between secured and unsecured
debt, and this was the key factor in our downgrade."
    A spokesman for Drexel said the action did not affect the
Holiday Inns deal, which had already sold out to investors by
late Friday afternoon.
    "The Holiday notes are trading at 100.50 on a when-issued
basis," the Drexel spokesman said soon after S and P's
announcement. The 10-1/2 pct notes had been priced at par.
    That is a far cry from late September, when S and P
downgraded a 215 mln dlr issue of subordinated sinking fund
debentures due 1998 of New World Pictures Ltd 
<
NWP> just hours
after the pricing. Because of the rating cut to CCC-plus from
B-minus, the underwriter halted sales and repriced the issue.
    Sole manager L.F. Rothschild, Unterberg, Towbin initially
gave the debentures a 12-1/4 pct coupon and par pricing. It
then repriced the issue at 97 to yield 12.74 pct.
    New World Pictures had increased the issue to 215 mln dlrs
from an original offering of 150 mln dlrs, and that brought in
S and P. The agency cited the larger financing in its action
and said it believed the issuer's cash from existing operations
would not be enough to adequately service debt.
    An officer with S and P said at the time the rating agency
was not told beforehand that the issue had been increased in
size. Usually, issuers and underwriters alert the rating
agencies to any changes in debt offerings, he said.
    In both cases, Moody's Investors Service Inc declined to
follow suit, bond traders noted.
    Indeed, Moody's announced Friday that its original rating
of B-1 for the Holiday Inns notes remained appropriate.
    Moody's pointed out that while the seven-year notes would
be unsecured obligations of Holiday Inns, the issue would
benefit from a negative pledge provision and a call for
specified collateral under certain circumstances.
    The agency also said the B-1 rating continued to recognize
a highly leveraged debt structure that would result from
Holiday's recapitalization program, as well as the company's
dependence on property sales to produce adequate cash flow for
near-term debt service.
    "Aside from Holiday Inns and New World Pictures, I cannot
remember the last time an issue was downgraded so soon after
the pricing," remarked one corporate bond trader.
    Holiday Inns also sold Thursday via Drexel 500 mln dlrs of
subordinated debentures due 1999 with an 11 pct coupon and par
pricing. The debentures' ratings of B-2 by Moody's and B-minus
by S and P were left unchanged on Friday.
    The combined offering of 1.4 billion dlrs was the
second-largest junk bond deal ever brought to market,
underwriters and traders said. They said the biggest was BCI
Holdings' 2.35 billion dlr offering on April 10, 1986.
    That the Holiday Inns deal sold out quickly underscored the
appetite of many investors for high-yield securities.
    "People are hungry for yield. They are not worried about
downside risk at all, especially for junk bonds issued by
well-known companies," said one portfolio manager.
    As a result, investors are expected to snap up this week's
planned offerings by Allied Stores Corp of 200 mln dlrs of
senior notes due 1992, rated B-2/B, and 600 mln dlrs of senior
subordinated debentures due 1997, rated B-3/CCC-plus.
    Lead underwriter First Boston Corp said Friday it has
tentatively scheduled the securities for pricing today.
 Reuter
3;
bodyend
documentend
documentstart
3149
topicstart
orange
topicend
bodystart
2;

TRADERS SAY USDA MAY LOWER ORANGE CROP ESTIMATE


    New York, March 9 - 
The U.S. Department of Agriculture will
probably decrease its estimate of the 1986/87 Florida orange
crop today to as low as 123 mln boxes from 129 mln boxes,
analysts and industry sources said.
    The Department is scheduled to release the new estimate at
1500 hrs EST (2100 gmt) today.
    Analysts said the market is anticipating a downward
revision and much of the bullish impact has been discounted.
    The estimate, which the USDA has left unchanged since
October, should be affected this time by recent evidence of a
shortfall in the early and midseason crop now that those
harvests are complete. Analysts said based on earlier USDA
projections, the harvests should have been five to seven mln
boxes larger than they were.
    "They are going to cut their estimate," said Bob Tate, an
FCOJ broker with Dean Witter Reynolds in Miami. "The only
question is whether they will admit the whole thing in this
estimate."
    Tate said it is possible the USDA will lower its estimate
by a lesser amount, perhaps three mln boxes, and continue to
drop the estimate in subsequent reports as the crop picture
clarifies. The late season harvest, consisting mostly of
Valencia oranges, has not yet started, he noted.
    "They'll temper it," said Judy Weissman, FCOJ analyst with
Shearson Lehman Bros. "The main drop will probably come in
July."
    She expects today's estimate will be 126 mln boxes.
 Reuter
3;
bodyend
documentend
documentstart
3150
topicstart
topicend
bodystart
2;

FLORIDA NATIONAL 
<
FNBF> DOWNGRADED BY MOODY'S


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
downgraded 50 mln dlrs of debt of Florida National Banks of
Florida Inc and its lead bank, Florida National Bank.
    Moody's cut the parent's subordinated debt to Baa-1 from
A-3 and the lead bank's long-term deposit obligations to A-1
from Aa-3. Affirmed were Florida National's commercial paper at
Prime-2 and the unit's short-term deposits at Prime-1.
    The rating agency cited elevated levels of non-performing
assets that are concentrated in real estate lending. Moody's
pointed out that losses escalated throughout 1986 and said it
expects only a partial improvement this year.
 Reuter
3;
bodyend
documentend
documentstart
3152
topicstart
acq
topicend
bodystart
2;

UAW SAYS IT BACK CHRYSLER 
<
C>, AMC 
<
AMO> MERGER


    DETROIT, March 9 - 
The United Auto Workers 
<
UAW> union said
it supports Chrysler Corp's proposal to buy American Motors
Corp as creating "a good match that potentially points the way
to a more secure future for workers at both companies."
    "We believe our members' interests can be well served
within the Chrysler family, and we are committed to making that
happen," UAW president Owen Bieber and vice president Marc
Stepp said in a statement.
    "We believe Chrysler's purchase is a logical and sound step
for all concerned," the union said.
    The UAW is negotiating with AMC over the carmaker's demand
for economic concessions covering workers at its Wisconsin
operations, without which AMC has said it would cease vehicle
production at its Kenosha, Wisconsin, assembly plant by 1989.
 Reuter
3;
bodyend
documentend
documentstart
3153
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> DECLINES COMMENT ON USAIR 
<
U>


    NEW YORK, March 9 - 
A Transworld Airlines Inc official said
the airline has no comment on USAir Group Inc's planned buyout
of Piedmont Aviation Inc.
    TWA, however, has pursued its application with the
Department of Transportation for a takeover of USAir, according
to Mark Buckstein, TWA general counsel and vice president. TWA
filed a revised application today, following the DOT's
rejection Friday of an incomplete application filed last week.
    Earlier USAir said it agreed to buy Piedmont for 69 dlrs
cash per share.
3;
bodyend
documentend
documentstart
3154
topicstart
acq
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE PIEDMONT AVIATION 
<
PIE> 


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
may downgrade 120 mln dlrs of debt of Piedmont Aviation Inc
because of the airline's agreement to be acquired by USAir
Group Inc 
<
U>.
    The rating agency said its review would focus on the effect
of the acquisition on Piedmont's financial leverage and its
debt-service requirements. Moody's said it is also examining
the potential use of the airline's borrowing capacity to
finance the merger.
    Piedmont currently carries Baa-2 preferred stock and
Prime-2 commercial paper.
 Reuter
3;
bodyend
documentend
documentstart
3155
topicstart
rubber
topicend
bodystart
2;

RUBBER PRODUCERS, CONSUMERS START NEW PACT TALKS


    GENEVA, March 9 - 
The chairman of the conference on a new
International Natural Rubber Agreement (INRA), Manaspas Xuto of
Thailand, said it was imperative to try to settle the main
outstanding issues this week.
    The INRA renegotiation conference, which resumed today
under the auspices of the United Nations Conference on Trade
and Development (UNCTAD), is scheduled to last until March 20.
    Xuto told delegates this session of the conference
presented a promising opportunity to conclude a new pact but it
had to be the last before the current accord expires in
October.
    Xuto said in his consultations with representatives of
major exporting and importing countries over the last few
months, "I have found a constructive attitude and willingness to
be flexible on the part of all concerned."
    "It is imperative that we try to settle the major
outstanding issues in the course of this week, since a
considerable amount of technical drafting work will remain to
be completed." He said he will immediately start consultations
with producers and consumers.
    The last October negotiations collapsed in disagreement
over buffer stock operations.
    Consumer demands for tighter buffer stock controls, aimed
at preventing INRA from following the collapse of the
International Tin Agreement (ITA), were rejected by producers
who argued for unchanged INRA terms.
    The tin pact failed when its buffer stock manager ran out
of funds to support prices.
    Three previous rounds of talks between rubber producers and
consumers for a new five-year pact ended without agreement. The
INRA, originally due to expire in October 1985, was extended to
October 1987 to facilitate renegotiation.
    Wong Kum Choon, head of the Malaysian delegation, said he
was cautiously optimistic "that together we should be able to
save INRA and prevent it from being scuttled."
    Without INRA, he added, prices of natural rubber would
become more volatile.
    Calling on delegates to show a sense of purpose and
reality, he said, "There is no reason why we could not put aside
differences and come up with a successor agreement."
 Reuter
3;
bodyend
documentend
documentstart
3157
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> AND UNIT REMAIN UNDER MOODY'S REVIEW


    NEW YORK, March 9 - 
Moody's Investors Service Inc said the
212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc
unit remain under review for possible downgrade.
    The rating agency cited USAir Group's proposed acquisition
of Piedmont Aviation Inc 
<
PIE>, as well as Trans World Airlines
Inc's 
<
TWA> proposed cash merger with USAir.
    However, the status of TWA's bid for USAir Group is
currently uncertain. The U.S. Transportation Department has
rejected TWA's application to acquire USAir on deficiency
grounds, but TWA has said it will file a revised application,
Moody's noted.
    Under Moody's review for possible downgrade are USAir
Group's Baa-1 senior debt and Baa-2 subordinated debentures,
along with the USAir unit's A-3 senior debt and Baa-1
subordinated debentures.
    Moody's said it would examine the effects of the proposed
mergers on USAir Group's financial measurements, as well as
potential damage to the company's financial flexibility because
of the probability of increased debt-service requirements.
 Reuter
3;
bodyend
documentend
documentstart
3158
topicstart
topicend
bodystart
2;

ENTERRA 
<
EN> CREDIT LINE CUT


    HOUSTON, Tex., March 9 - 
Enterra Corp said its bank group
has reduced its revolving credit agreement to 40 mln dlrs from
60 mln dlrs.
    Also, the company said it and its units granted the group a
security interest in their assets.
    Enterra said the change resulted from Enterra's previously
announced agreement to sell its Hale Fire Pump Co and Macomson
Machine Co for about 27 mln dlrs as part of its restructuring.
 Reuter
3;
bodyend
documentend
documentstart
3159
topicstart
money-fx
topicend
bodystart
2;
******
FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
3161
topicstart
earn
topicend
bodystart
2;

BALLY 
<
BLY> TO TAKE 17.3 MLN DLR 1ST QTR CHARGE


    WASHINGTON, March 9 - 
Bally Manufacturing Corp said it
expects a charge to earnings in the first quarter of this year
of 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of
its common shares from real estate developer Donald Trump.
    In a filing with the Securities and Exchange Commission,
the Chicago-based hotel, casino, gambling and amusement concern
also said the anticipated charge against first quarter earnings
will not be deductible for federal income tax purposes.
    Under a February 21 deal, Bally agreed to buy 2.6 mln of
the 3.06 mln shares held by Trump at 24 dlrs a share, or 62.4
mln dlrs, while Trump agreed not to try to seek control of
Bally.
    The agreement also calls for Bally to pay Trump another 6.2
mln dlrs for certain agreements, claims and expenses related to
his purchase of the Bally common stock, Bally said.
    Trump agreed not to buy any more Bally stock or to try to
seek control of the company for 10 years, it said.
    Bear, Stearns and Co Inc signed a similar standstill
agreement with Bally for three years, Bally said. But it can
still deal in Bally stock as a broker, it said.
    The deal also obligates Bally to buy Trump's remaining
stake in the company for 33 dlrs a share if the stock price
does not reach that level by February 21, 1988, it said.
 Reuter
3;
bodyend
documentend
documentstart
3162
topicstart
crude
topicend
bodystart
2;
******
SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY

Blah blah blah.
3;


bodyend
documentend
documentstart
3163
topicstart
zinc
topicend
bodystart
2;

HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES


    TORONTO, March 9 - 
Hudson Bay Mining and Smelting Co Ltd
said it cut prices for all grades of zinc sold in North America
by one U.S. cent a pound and by one Canadian cent a pound,
effective immediately.
    The new price for high grade zinc is 37 U.S. cents and
49-1/2 Canadian cents a pound, the company said.
    Special high grade, prime western and continuous
galvanizing grade with controlled lead now costs 37-1/2 U.S.
cents and 50 Canadian cents a pound. The new price for
continuous galvanizing grade alloyed with controlled lead and
aluminum additions is 37-3/4 U.S. cents and 50-1/4 Canadian
cents a pound.
 Reuter
3;
bodyend
documentend
documentstart
3164
topicstart
interest
money-fx
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 9 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 2.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
3166
topicstart
acq
topicend
bodystart
2;

COURT REJECTS BUITONI APPEAL OVER IRI FOOD UNIT


    ROME, March 9 - 
An appeal by Buitoni SpA against a court
ruling that an accord under which it was to acquire Italian
state food firm SME - Societa Meridionale Finanziaria was not
contractually binding has been rejected, court officials said.
    An appeal court rejected Buitoni's claim that the 497
billion lire accord with the state industrial company IRI -
Istituto per la Ricostruzione Industriale was a binding
contract. The decision upholds a court ruling of last July.
    Buitoni is controlled by CIR - Compagnie Industriali
Riunite, an investment company itself controlled by Ing C
Olivetti EC SpA (OLIV.MI> chairman Carlo De Benedetti.
 Reuter
3;
bodyend
documentend
documentstart
3168
topicstart
acq
topicend
bodystart
2;

ALLEGHENY 
<
AG> AIMS TO DIVEST MORE BUSINESSES


   PITTSBURGH, Penn., March 9 - 
Allegheny International Inc,
the consumer products concern that today announced a merger
agreement with a First Boston Corp 
<
FBC> affiliate in a deal
worth about 500 mln dlrs, said it intends to divest more units
as a way to increase profits.
    "We're going to reduce AI to a size consistent with our
financial resources," said Chairman Oliver S. Travers.
    "We have made a conscious, strategic choice to become a
smaller, financially sound, consumer products company which
operates predominantly in the stable political and economic
environment of North America," he said.

3;
bodyend
documentend
documentstart
3169
topicstart
crude
nat-gas
topicend
bodystart
2;

HAMILTON OIL 
<
HAML> SAYS RESERVES RISE


    DENVER, March 9 - 
Hamilton Oil Corp said reserves at the
end of 1986 were 59.8 mln barrels of oil and 905.5 billion
cubic feet of natural gas, or 211 mln barrels equivalent, up 10
mln equivalent barrels from a year before.
 Reuter
3;
bodyend
documentend
documentstart
3171
topicstart
topicend
bodystart
2;

ROHR 
<
RHR> SELLS DEBENTURES AT 9-1/4 PCT


    NEW YORK, March 9 - 
Rohr Industries Inc is raising 150 mln
dlrs through an offering of subordinated debentures due 2017
with a 9-1/4 pct coupon and par pricing, said lead manager
Dillon, Read and Co Inc.
    That is 160 basis points over the yield of the off-the-run
9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years,
the issue is rated Baa-2 by Moody's and BBB by S and P.
    A sinking fund beginning in 1998 to retire five pct of the
debt annually can be increased by 200 pct at the company's
option, giving the debentures an estimated minimum life of 13.9
years and estimated maximum life of 20.5 years.
 Reuter
3;
bodyend
documentend
documentstart
3174
topicstart
acq
crude
nat-gas
topicend
bodystart
2;

GRAHAM-MCCORMICK 
<
GOP> SELLS OIL AND GAS STAKE


    COVINGTON, La., March 9 - 
Graham-McCormick Oil and Gas
Partnership said it completed the sale of interests in two
major oil and gas fields to 
<
Energy Assets International Corp>
for 21 mln dlrs.
    The company said it sold about one-half of its 50 pct
interest in the Oak Hill and North Rucias fields, its two
largest producing properties.
    It said it used about 20 mln dlrs of the proceeds to prepay
principal on its senior secured notes. Semi-annual principal
payments on the remaining 40 mln dlrs of notes have been
satisfied until December 1988 as a result, it said.
    The company said the note agreements were amended to
reflect an easing of some financial covenants, and an increase
of interest to 13.5 pct from 13.0 pct until December 1990.
    It said the noteholders exercise price for 1,125,000
warrants was also reduced to 50 cts from 1.50 dlrs.
    The company said Energy Assets agreed to share the costs of
increasing production at the Oak Hill field.

 Reuter
3;
bodyend
documentend
documentstart
3176
topicstart
acq
topicend
bodystart
2;

ADVANCED TOBACCO 
<
ATPI> MERGER TALKS END


    SAN ANTONIO, Texas, March 9 - 
Advanced Tobacco Products Inc
said it has ended talks on being acquired by Sterling Drug Inc

<
STY> but has resumed acquisition talks with other parties.
    The company had previously announced that a "major U.S.
based company" that it did not identify was evaluating its
nicotine technology.
    Advanced said Sterling's board has decided not to enter the
nicotine product market.
    It said it received a 200,000 dlr payment to deal
exclusively with Sterling through March Six.
    Advanced said it had suspended merger talks with other
parties as a result of the exclusivity agreement.
 Reuter
3;
bodyend
documentend
documentstart
3178
topicstart
topicend
bodystart
2;

MTECH 
<
MTCH> FILES CONVERTIBLE DEBT OFFERING


    NEW YORK, March 9 - 
MTech Corp said it filed with the
Securities and Exchange Commission a registration statement
covering a 75 mln dlr issue of convertible subordinated
debentures due 2012.
    The company named Alex Brown and Sons Inc as lead manager,
with First Boston Corp and Shearson Lehman Brothers Inc as
co-managers, of the offering.
    MTech said it granted the underwriters an option to buy an
additional 11.25 mln dlrs in principal amount of the debentures
to cover over-allotments.
 Reuter
3;
bodyend
documentend
documentstart
3180
topicstart
acq
topicend
bodystart
2;

T.H.E. FITNESS 
<
RFIT> BUYS LIVINGWELL UNIT


    FORT LAUDERDALE, FLa, March 9 - 
T.H.E. Fitness INc said it
agreed to buy Livingwell Inc's manufacturing unit, Powercise
INternational Inc, for 11.0 mln T.H.E. Fitness shares valued at
about 30 mln dlrs.
    This acquisition includes all of Livingwell's rights to its
recently announced Powercise fitness equipment.
    IN a separate transaction, Livingwell INc, an operator of
300 health clubs, placed a six mln dlrs order with Powercise
INternational to install the Powercise equipment in all of its
clubs.
 Reuter
3;
bodyend
documentend
documentstart
3181
topicstart
heat
topicend
bodystart
2;

EXXON 
<
XON> RAISES HEATING OIL PRICE, TRADERS


    NEW YORK, March 9 -- 
Oil traders in the New York area said
Exxon Corp's Exxon U.S.A. increased the price it charges
contract barge customers for heating oil in New York harbor by
1.5 cts a gallon, effective Saturday, March 7.
    They said the increase brought Exxon's contract barge price
to 50 cts a gallon.
    Traders said the price hike followed higher spot and
futures market prices for heating oil.
 Reuter
3;
bodyend
documentend
documentstart
3183
topicstart
zinc
topicend
bodystart
2;

HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES


    TORONTO, March 9 - 
<
Hudson Bay Mining and Smelting Co Ltd>
said it cut prices for all grades of zinc sold in North America
by one U.S. ct a pound and by one Canadian ct a pound,
effective immediately.
    The new price for high grade zinc is 37 U.S. cts and 49-1/2
Canadian cts a pound, the company said.
    Special high grade, prime western and continuous
galvanizing grade with controlled lead now costs 37-1/2 U.S.
cts and 50 Canadian cts a pound. The new price for continuous
galvanizing grade alloyed with controlled lead and aluminum
additions is 37-3/4 U.S. cts and 50-1/4 Canadian cts a pound.
 Reuter
3;
bodyend
documentend
documentstart
3184
topicstart
acq
topicend
bodystart
2;

BANKAMERICA 
<
BAC> COMPLETES MORTGAGE UNIT SALE


    SAN FRANCISCO, March 9 - 
BankAmerica Corp's Bank of America
unit said it completed the previously announced sale of
BankAmerica Finance Ltd to 
<
Bank of Ireland> for an expected
pre-tax gain of 23 mln dlrs.
    BankAmerica Finance provides residential mortgages in south
east England.
    Its total assets at the end of 1986 were about 1.2 mln
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3185
topicstart
topicend
bodystart
2;

ROLLS ROYCE SEEKS 250 MLN STG CREDIT FACILITY


    LONDON, March 9 - 
Rolls Royce, the U.K.'s state-owned car
and aircraft engine maker, is seeking a 250 mln stg multiple
option facility to provide it with additional sources of
financing, banking sources said.
    They said the facility, which will be syndicated among a
small group of the borrower's relationship banks, is being put
in place ahead of the privatisation of Rolls Royce in April or
May. At the borrower's request, terms will not be disclosed
until later this week, when bankers expect the syndication to
close. But while the terms are in line with the market, they
are somewhat tight, bankers said.
    The bankers noted that although Rolls Royce's debt will be
negligible after privatisation it wants to have a range of
financing arrangements available to allow it to take advantage
of market opportunities when they become available.
    The financing will involve a 150 mln stg five-year
committed tranche and will be backed by an uncommitted tender
panel through which Rolls Royce will be able to issue bills or
multi-currency advances.
    S.G. Warburg and Co Ltd is arranger for the financing, the
bankers said.
 REUTER
3;
bodyend
documentend
documentstart
3186
topicstart
acq
topicend
bodystart
2;
******
SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH

Blah blah blah.
3;


bodyend
documentend
documentstart
3187
topicstart
coffee
topicend
bodystart
2;

BRAZIL TREASURY TO RELEASE COFFEE BUYING FUNDS


    RIO DE JANEIRO, March 9 - 
The Treasury Department is due to
release funds for the Brazilian Coffee Institute, IBC, to pay
for the coffee purchased from local producers, the IBC said in
a statement.
    IBC production director Oripes Gomes said in the statement
that payment would be made within the official guarantee
prices.
    The statement said the IBC is sending a document to the
National Monetary Council asking the government to set a budget
for the purchase by the Institute of up to five mln bags of
coffee until June 30.
    Gomes said in the statement there have been no problems in
the concession of funds by the Treasury for payment of the
coffee delivered to the IBC warehouses by the producers.
    He said producers have already delivered 2.2 mln bags, of
which 1.5 mln bags have been paid for.
    In the future, according to an agreement to be signed with
the Treasury, the Institute will no longer need to seek
approval by the Treasury to seek the release of additional
funds to buy coffee, the statement said.
 Reuter
3;
bodyend
documentend
documentstart
3189
topicstart
crude
topicend
bodystart
2;

SHELL CANADA 
<
SHC> RAISED CRUDE OIL POSTINGS


    NEW YORK, MARCH 9 - 
Shell Canada, a wholly owned subsidiary
of the Royal Dutch/Shell Group 
<
RD> said that it raised crude
oil prices by about 47 Canadian cts a barrel today.
    The increase riased its posted price for Light sweet crude
oil to 21.95 dlrs a barrel from its march one level.
    Light sour crudes were raised to 19.95 dlrs a barrel, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
3190
topicstart
cocoa
topicend
bodystart
2;
******
GHANA COCOA PURCHASES 1,323 TONNES IN  LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3191
topicstart
grain
corn
sugar
topicend
bodystart
2;

MGE CORN SYRUP FUTURES CONTRACT CLEARS HURDLE


    WASHINGTON, March 9 - 
The staff of the Commodity Futures
Trading Commission, CFTC, recommended that the regulatory
agency approve the Minneapolis Grain Exchange's application to
trade high fructose corn syrup-55, HFCS-55, futures contracts.
    The commission is expected to approve the application at a
meeting tomorrow.
    The proposed contract would provide for the delivery of
48,000 lbs, plus or minus two pct, of bulk HFCS-55, a liquid
food and beverage sweetener produced through processed corn
starch by corn refiners.
    Under proposed rules, a shipping certificate has a limited
life, as it expires 30 days following the last day of trading
of the expiring contract month. A premium charge of 14.40 dlrs
per contract per day would be assessed under the proposal.
 Reuter
3;
bodyend
documentend
documentstart
3192
topicstart
interest
topicend
bodystart
2;

WORLD BANK TO BRING BORROWING FORWARD THIS YEAR


    FRANKFURT, March 9 - 
The World Bank intends to bring
borrowing forward into the first half of 1987 because it
expects global interest rates to rise by year end, World Bank
vice president and treasurer Eugene Rotberg said.
    He told a news conference that rates in the U.S., Japan,
West Germany and Switzerland were near their lows. "The weight
of opinion is (that in a year from now) there is a higher
probability there will be one pct higher than one pct lower
interest rates," he said.
    The World Bank had not issued floating rate notes so far
this year because of the expectation of higher interest rates.
    The policy of the World Bank was to maintain liquidity at a
level that gave the bank flexibility to decide when, where and
how much to borrow, Rotberg said.
    Cash in hand was now about 50 pct of the next three years'
anticipated net requirement and comprised 25 pct of outstanding
debt and 66 pct of its debt maturing within five years.
    Although the World Bank had pioneered the swap market, it
did not intend to launch new financial instruments just for the
sake of innovation, Rotberg said.
    Of a total of 74.5 billion dlrs debt outstanding, only some
eight billion had been swapped into another currency.
    Many recent innovations were either unfair to investors or
unfair to borrowers. Until the World Bank was confident that
this was not the case, it would not adopt new instruments.
    The World Bank would raise 90 pct of the funds needed over
the next year with methods used before, Rotberg said. However,
for some 10 pct of new requirements the bank would try out new
instruments such as bonds with warrants.
    The World Bank had publicly offered 60 bonds in Germany
since the first issue was launched in 1959, he said.

3;
bodyend
documentend
documentstart
3194
topicstart
earn
topicend
bodystart
2;

SERVICEMASTER 
<
SVM> SETS QUARTER DISTRIBUTION


    DOWNERS GROVE, ILL., March 9 - 
ServiceMaster L.P. approved
a second quarter cash distribution of 58 cts, payable April 10,
record March 23.
    Previously, ServiceMaster said it would pay in 1987 an
indicated cash distribution of 1.50 dlrs a share, including  95
cts a share which would be paid before April 15, 1987.
    In other action, the company set May eight as the date of
its annual shareholders' meeting.
 Reuter
3;
bodyend
documentend
documentstart
3198
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/CHRYSLER 
<
C>, AMC 
<
AMO>


    DETROIT, March 9 - 
The proposed 757 mln dlr deal under
which Chrysler Corp would acquire American Motors Corp was
described by analysts as a reasonable deal for both companies.
    Ronald Glantz of Montgomery Securities said AMC common
stock could be fairly valued at "just under five dlrs a share"
given changes brought by tax reform and that Chrysler's offer
to pay four dlrs a share of Chrysler stock to AMC holders other
than Renault as a "a good price for Chrysler.
    AMC common shares opened at four dlrs this morning after
the Renault-Chrysler announcement, up 3/8, while Chrysler
shares lost 1/4 to 52-1/4.
    Though AMC issued a statement saying that it was studying
the proposed buyout and had no other comment, Glantz said he
regarded the proposal as a "done deal" because "I can't believe
anybody else would make a bid."
    "It's a reasonable deal for both sides," the analyst told
Reuters.
    "Chrysler gets the jeep franchise and the (new AMC)
Bramalea, Ontario, plant and the (new Renault) Premier
(mid-sized car) and AMC's sales will go up because buyers will
have more confidence that the manufacturer will still be around
to service the products," Glantz said.
    Analyst Thomas O'Grady said Chrysler would be getting more
manufacturing capacity, including a brand-new plant in Canada,
for a bargain price and Renault would be getting some return
after its prolonged loss-making investment in AMC.
 Reuter
3;
bodyend
documentend
documentstart
3199
topicstart
trade
topicend
bodystart
2;

KOREANS TO BUY 1.8 BILLION DLRS IN U.S. GOODS


    WASHINGTON, March 9 - 
South Korean Foreign Trade Minister
Rah Woon Bae said his country's firms have agreed to buy 1.8
billion dlrs worth of U.S. goods during his two-week buying
trip to the United States.
    Rah said most of the purchases represented shifts from
Japanese firms to U.S. firms as part of South Korea's effort to
reduce its seven billion dlr trade surplus with the United
States.
    South Korea has a five billion dlr trade deficit with
Japan.
 Reuter
3;
bodyend
documentend
documentstart
3200
topicstart
topicend
bodystart
2;

TRUST AMERICA 
<
TRUS> SETS CREDIT LINE


    ST. PETERSBURG, Fla., March 9 - 
Trust America Service Corp
said it signed an agreement with the First Union Bank of
Florida for a 35 mln dlr mortgage warehouse credit line.
    It said the new agreement more than doubles its previous 14
mln dlrs line of credit.
 Reuter
3;
bodyend
documentend
documentstart
3202
topicstart
topicend
bodystart
2;

ROLLS ROYCE SEEKS 250 MLN STG CREDIT FACILITY


    LONDON, March 9 - 
Rolls Royce, the U.K.'s state-owned car
and aircraft engine maker, is seeking a 250 mln stg multiple
option facility to provide it with additional sources of
financing, banking sources said.
    They said the facility, which will be syndicated among a
small group of the borrower's relationship banks, is being put
in place ahead of the privatisation of Rolls Royce in April or
May. At the borrower's request, terms will not be disclosed
until later this week, when bankers expect the syndication to
close. But while the terms are in line with the market, they
are somewhat tight, bankers said.
 Reuter
3;
bodyend
documentend
documentstart
3204
topicstart
crude
topicend
bodystart
2;

FITZWATER SAYS REAGAN STRONGLY AGAINST TAX HIKE


    WASHINGTON, March 9 - 
White House spokesman Marlin
Fitzwater said President Reagan's record in opposing tax hikes
is "long and strong" and not about to change.
    "We're opposed to tax increases.... We will fight tax
increases.... We will deal with it politically in every forum
possible," said Fitzwater when questioned about whether there
was any change in the administration's position.
    Fitzwater said Reagan's strong feelings against a tax hike
included opposition to an oil import fee.
    "The President's position is that he is opposed to it," he
said.
 REUTER
3;
bodyend
documentend
documentstart
3205
topicstart
acq
topicend
bodystart
2;

SUPERMARKETS GENERAL 
<
SGL> GETS UNSOLICITED BID


    WOODBRIDGE, N.J., March 9 - 
Supermarkets General Corp said
it received an unsolicited proposal from a third party to
acquire the company at 41.75 dlrs per share in cash.
    Supermarkets also said it retained Shearson Lehman Brothers
Inc to advise its board of directors on the proposal.
    Supermarkets General currently has about 38.5 mln shares
outstanding.
    Its stock is currently trading at 34-1/4 on the New York
Stock Exchange.
    The Woodbridge, N.J., supermarket operator of over 180
supermarkets and other specialty retail stores, convenience
food stores and drug stores.
    For the nine months ended November 30, Supermarkets
reported net income of 41.7 mln dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
3206
topicstart
oilseed
rapeseed
topicend
bodystart
2;

JAPANESE CRUSHERS BUY CANADIAN RAPESEED


    CHICAGO, March 9 - 
Japanese crushers bought 5,000 to 7,000
tonnes of Canadian rapeseed in export business over the weekend
for April shipment, trade sources said.
    Japanese crushers continue to concentrate on rapeseed
purchases since it converts to a higher percentage of oil than
other oilseeds, they said. A glut of feed meals makes other
oilseeds, such as soybeans, less desirable because they would
add to already large meal stocks.
 Reuter
3;
bodyend
documentend
documentstart
3207
topicstart
zinc
topicend
bodystart
2;

ABMS SAYS U.S. ZINC STOCKS HIGHER IN FEBRUARY


    NEW YORK, March 9 - 
Total U.S. slab zinc stocks held by
smelters rose to 24,735 short tons at the end of February  from
22,120 short tons at the end of January, the American Bureau of
Metal Statistics reported.
    Zinc production increased to 26,732 short tons in February
from 25,786 short tons in January.
    Shipments from smelters' plants declined to 23,560 short
tons in February from 24,564 short tons in January.
 Reuter
3;
bodyend
documentend
documentstart
3210
topicstart
nat-gas
topicend
bodystart
2;

DIAMOND SHAMROCK OFFSHORE 
<
DSP> IN FIND


    DALLAS, March 9 - 
Diamond Shamrock Offshore Partners said
it has started development drilling on West Cameron 178 block
off Louisiana in the Gulf of Mexico after a significant natural
gas find on the block.
    It said the discovery well there encountered 46 feet of net
natural gas pay. No flow tests have been conducted, it said.
    Diamond Shamrock Offshore said it has a 46.15 pct interest
in the block, Phillips Petroleum Co 28.85 pct and Santa Fe
Energy Partners LP 
<
SFP> 25.00 pct. Diamond Shamrock Corp 
<
DIA>
owns 80.3 pct of Diamond Shamrock Offshore.
 Reuter
3;
bodyend
documentend
documentstart
3211
topicstart
lead
topicend
bodystart
2;

U.S. LEAD INVENTORIES RISE IN FEBRUARY - ABMS


    NEW YORK, March 9 - 
Lead stocks held by U.S. refiners rose
to 37,295 short tons at the end of February from 34,224 short
tons (revised higher) at the end of January, the American
Bureau of Metal Statistics reported.
    Production of lead decreased to 33,619 short tons in
February from 38,759 short tons in January.
    Shipments from plants increased to 30,467 short tons in
February from 27,041 short tons (revised lower) in January, the
ABMS said.
 Reuter
3;
bodyend
documentend
documentstart
3216
topicstart
acq
topicend
bodystart
2;

<
SHARON STEEL CORP> EXTENDS EXCHANGE OFFER


    MIAMI, Fla., March 9 - 
Sharon Steel Corp said it extended
from March six to March 31 the expiration date for its debt
exchange offer to allow time to complete the sale of its
Mueller Brass Co unit and to meet other conditions of the
offer.
    The exchange offer covers Sharon's outstanding 13.5 pct
subordinated sinking fund debentures due 2000 and its 14.25 pct
subordinated sinking fund debentures due 1990.
    Sharon said that as of March six, 31.6 pct of the 13.5 pct
notes and 20.9 pct of the 14.25 pct notes were tendered. The
Mueller sale is conditioned on receipt of 80 pct of the notes.
 Reuter
3;
bodyend
documentend
documentstart
3217
topicstart
ship
topicend
bodystart
2;

FERRY DISASTER CLAIMS COULD TOP 30 MLN STG


    LONDON, March 9 - 
U.K. Insurers could face more than 30 mln
stg of insurance claims following the Zeebrugge ferry disaster,
a spokesman for Lloyds of London said.
    It could take weeks before the extent of the compensation
claims for passengers, crew and cargo was known and also before
it was known how much, if any, of the ship could be salvaged,
said David Larner of Lloyds.
    The hull and machinery of the Herald of Free Enterprise
were valued at 25 mln stg and were insured by Townsend
Thoresen's parent company Peninsular and Oriental Steam
Navigation Co Plc 
<
PORL.L>.
    The vessel was in turn reinsured in the London market with
Lloyds and various other companies, Larner said.
    Passengers, crew and cargo were insured by the Standard
Steamship Protection and Indemnity Association, one of several
shipowners' mutual insurance funds worldwide. These were also
underwritten by Lloyds and other companies.
    Larner said claims from passengers could be expected to
total at least five mln stg, given the number of deaths and the
normal level of liability set by the Athens Convention of 1974
of between 30,000 stg and 50,000 in case of death.
    Shipping sources said, however, that these claims could
soar if a court found there was negligence or design faults
involved.
    Larner said estimates of compensation claims "were pure
guess work" at this time. But if the ship could not be salvaged,
the claims would total at least 30 mln stg.
    Shares of insurances on the London stock exchange fell
across the board in a generally weak market.
    General Accident fell 21p to 936, Royal Insurance dropped
18p to 966 and Prudential fell 9p to 888.
    P and O shares stood at a late 616, 27p lower on the day.
 REUTER
3;
bodyend
documentend
documentstart
3219
topicstart
interest
topicend
bodystart
2;

CITIBANK FOLLOWS U.K. BASE RATE CUT TO 10.5 PCT


    LONDON, March 9 - 
<
Citibank NA> said it has cut its British
base lending rate to 10.5 pct from 11 pct, with effect from
tomorrow.
    This move follows similar cuts by four major British
clearing banks, led by National Westminster Bank Plc 
<
NWBL.L>.
    Lower rates were signalled by the Bank of England this
morning in an attempt to curb recent upward pressure on the
pound, market sources said.
 REUTER
3;
bodyend
documentend
documentstart
3220
topicstart
topicend
bodystart
2;

CRANE 
<
CR> TO REDEEM CONVERTIBLE DEBENTURES


    NEW YORK, March 9 - 
Crane Co said it will redeem on March
31 all 75 mln dlrs of its outstanding 8-3/4 pct convertible
senior debentures due October 1, 2005 at 107.875 pct.
    It said accrued interest to March 31 will be paid on that
date to holders of record as of March 15.  The debentures may
be converted into common stock at 28.80 dlrs per share through
March 24.
 Reuter
3;
bodyend
documentend
documentstart
3222
topicstart
money-fx
topicend
bodystart
2;

BANK OF ZAMBIA PAYS OUT FOREIGN CURRENCY ARREARS


    LUSAKA, March 9 - 
The Bank of Zambia has paid out foreign
exchange arrears from three auctions conducted last year, a
bank spokesman said.
    "We have now cleared three auctions and are left with only
four, worth eight mln dlrs," the spokesman said without
specifying the amount paid out.
    The bank had not paid foreign exchange to private firms
since it suspended the weekly auctions on January 28.
    It has said the auctions were suspended because it planned
to introduce a modified system after talks with the World Bank
and the International Monetary Fund.
    President Kenneth Kaunda announced last month that the
auction would be retained for allocating foreign exchange to
approved private sector bidders, but would not be used to
determine the kwacha's exchange rate.
    Last week, he said the auction had run into trouble because
of a shortage of foreign exchange.
    The government has fixed the exchange rate at nine kwacha
per dollar, effectively revaluing the kwacha by 67.7 pct.
 REUTER
3;
bodyend
documentend
documentstart
3223
topicstart
acq
topicend
bodystart
2;

INVESTORS HAVE 5.5 PCT OF DATAREX SYSTEMS 
<
DRX>


    WASHINGTON, March 9 - 
A small investor group led by Melvyn
Gelch, a Providence, R.I., surgeon, told the Securities and
Exchange Commission it has acquired 60,840 shares of Datarex
Systems Inc, or 5.5 pct of the total outstanding common stock.
    The Gelch group said it bought the stake for about 935,000
dlrs for investment purposes only.
 Reuter
3;
bodyend
documentend
documentstart
3225
topicstart
cocoa
topicend
bodystart
2;

GHANA COCOA PURCHASES FALL, CUMULATIVE STILL UP


    LONDON, March 9 - 
The Ghana Cocoa Board said it purchased
1,323 tonnes of cocoa in the 21st week, ended February 26, of
the 1986/87 main crop season, compared with 1,961 tonnes the
previous week and 1,344 tonnes in the 21st week ended March six
of the 1985/86 season, the board said.
    Cumulative purchases so far this season stand at 216,095
tonnes, still up on the 201,966 tonnes purchased by the 21st
week of last season, the Board said.
 Reuter
3;
bodyend
documentend
documentstart
3228
topicstart
sugar
topicend
bodystart
2;

EC SUGAR IMPORT LEVIES


    BRUSSELS, MARch 9 - 
The following import levies for white
and raw sugar are effective tomorrow, in European currency
units (ecu) per 100 kilos.
    White sugar, denatured and non-denatured 49.70 versus 50.05
previously.
    Raw sugar, denatured and non-denatured 41.35 versus 41.35
previously.
    The rate for raws is based on 92 pct yield.
 Reuter
3;
bodyend
documentend
documentstart
3229
topicstart
acq
topicend
bodystart
2;

INVESTOR HAS TECHNOLOGY DEVELOPMENT 
<
TDCX> STAKE


    WASHINGTON, March 9 - 
Leon Greenblatt, a Chicago investor,
told the Securities and Exchange Commission he has acquired
89,450 shares of Technology Development Corp, or 5.3 pct of the
total outstanding common stock.
    Greenblatt said he bought the stock for 350,000 dlrs soley
as an investment and has no intention of seeking control of the
company.
 Reuter
3;
bodyend
documentend
documentstart
3231
topicstart
topicend
bodystart
2;

VNESHTORGBANK SEEKS INCREASE FOR FACILITY


    LONDON, March 9 - 
Vneshtorgbank, the Soviet Foreign Trade
bank, is seeking an increase to 250 mln stg from the original
150 mln for a five year, sterling bankers' acceptance facility
arranged last autumn, Lloyds Merchant Bank Ltd said as
arranger.
    The facility has a 10 basis point facility fee and there is
a 15 basis point maximum cap on the margin.
    Banking sources said syndication for the increase was
proceeding very well so far, although the syndication would not
necessarily be confined to banks participating in the original
group.
    Banking sources said that one reason for the increase was
that Vneshtorgbank had been very impressed by the relatively
low cost of financing by means of eligible bills, rather than
through more traditional instruments priced in relation to
London Interbank Offered Rates (LIBOR).
    The facility is Vneshtorgbank's first ever
sterling-denominated bankers' acceptance facility.
    Banking sources noted that Vneshtorgbank now has two
facilities in the market, since First Chicago Ltd was awarded a
mandate last week to arrange a 200 mln dlr, eight year loan at
1/8 point over LIBOR.
 Reuter
3;
bodyend
documentend
documentstart
3235
topicstart
acq
topicend
bodystart
2;
******
ANALYST SAYS DART GROUP LIKELY BIDDER FOR SUPERMARKETS GENERAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3239
topicstart
acq
topicend
bodystart
2;

HARRIS CUTS CYCLOPS 
<
CYL> STAKE TO 11.1 PCT


    WASHINGTON, March 9 - 
Harris Associates L.P., a Chicago
investment advisory firm, said it cut its stake in Cyclops Corp
to 437,425 shares, or 11.1 pct of the total outstanding common
stock, from 524,775 shares, or 13.3 pct.
    In a filing with the Securities and Exchange Commission,
Harris said it sold 87,350 Cyclops common shares between Jan 6
and March 2 at prices ranging from 65.75 to 91.00 dlrs a share.
    Harris said its dealings in Cyclops common stock were made
on behalf of its advisory clients.
 Reuter
3;
bodyend
documentend
documentstart
3241
topicstart
acq
topicend
bodystart
2;

CHRYSLER 
<
C> VALUES AMC 
<
AMO> AT 757 MLN DLRS


    DETROIT, March 9 - 
Chrysler Corp said it valued its
proposed buyout of American Motors Corp at 757 mln dlrs, not
counting the effect of a contingent payment that could reach
350 mln dlrs based on AMC's future profits.
    A Chrysler spokesman told Reuters that the letter of intent
signed with Renault, AMC's controlling shareholder with a 46.2
pct direct stake, includes a provision for Renault to be paid
35 mln dlrs in cash for AMC's finance subsidiary and 200 mln
dlrs in the form of an eight pct note. He said he did not know
the maturity of the note.
 Reuter
3;
bodyend
documentend
documentstart
3242
topicstart
acq
earn
topicend
bodystart
2;

DART SAID LIKELY SUPERMARKETS GENERAL SUITOR


    NEW YORK, March 9 - 
Dart Group 
<
DARTA> is likely seeking to
buy Supermarkets General 
<
SGL>, analysts said.
    "There's been rumors that they've taken a position in the
company, said Wood Gundie analyst Edward Comeau.
    Last year, Dart Group, owner of Auto Trak INc and Crown
Books, competed against Kohlberg, Kravis to acquire Safeway
Stores INc.
    The company later reached an accord under which it would
buy 20 pct of the company after Kohlberg Kravis completed its
leveraged buyout of the company.
    The company later sold its 20 pct stock for about 180 mln
to 200 mln dlrs, according to analysts.
     Dart Group Corp was not immediately available for comment.
    Jerry Ballan, analyst with Conner Ballan division of Edward
Viner and Co, said, "They 
<
Dart> has been rumored to be buying
some other supermarkets as well, such as Stop and Shop."
    "My guess is that Supermarkets General does not want to be
bought out," said Ballan.
    Analysts, however, said Supermarkets General is facing
problems due to its Purity Supreme and Rickels operations,
which might make it difficult to thwart a bid.
    Supermarkets General is expected to report about 1.70 dlrs
a share compared to a 1.73 dlrs a share reported for 1985 on a
post stock split basis.
    For the first quarter, Comeau predicts the company will
earn 39 cts a share from 35 cts a share a year ago, and should
earn about 2.05 dlrs for 1987.
    "But that estimation could go to a 1.80 dlrs easily, due to
Purity Supreme in New England," Comeau said.
    He said competition among supermarkets is getting heated in
that area and that the company has had difficulty with
integrating Purity Supreme with its Pathmark store operations.
    Rickels, a home center business, has faced problems due to
the state of that industry, and has reported lower returns as
an operating unit, according to analysts.
    Analysts said that if Dart buys Supermarkets General it
would probably divest the company's operations.
    Analyst Comeau said "supermarkets general may seek a
combination with another supermarket company."
3;
bodyend
documentend
documentstart
3243
topicstart
earn
topicend
bodystart
2;

ADVO-SYSTEM INC 
<
ADVO> SEES BREAK-EVEN 2ND QTR


    HARTFORD, Conn., March 9 - 
ADVO-System Inc said it could
report a break even second quarter ending March 28, 1987
compared with a loss of 1.8 mln dlrs, or 16 cts a share, in
fiscal 1986's second quarter ended March 29, 1986.
    ADVO said it previously announced it would report a net
loss for the quarter.
 Reuter
3;
bodyend
documentend
documentstart
3245
topicstart
topicend
bodystart
2;

BRITISH AIRPORTS AUTHORITY SEEKS CREDIT FACILITY


    LONDON, March 9 - 
<
British Airports Authority Plc>, which
will be privatised later this year, is seeking a 200 mln stg
multiple option facility, banking sources said.
    The facility will incorporate a 100 mln stg revolving
standby credit and a 50 mln stg swingline credit, both of which
will be available for seven years. There also will be an
uncommitted tender panel for the issue of sterling and
multi-currency advances and sterling acceptances.
    A minimum of 65 pct of the revolving credit will be
immediately available, with a facility fee of six basis points.
    Up to 35 pct of the revolving credit will be available
subject to two months notification. There will be a facility
fee of three basis points while this is not utilised, after
which the fee rises to six basis points.
    Drawings will be at 10 basis points over the London
Interbank Offered Rate, plus mandatory liquid asset
requirements, or a 10 basis point sterling acceptance
commission. The swingline will be available for a maximum of
seven days. There will also be a participation fee of five
basis points for 12.5 mln stg.
    The financing is being arranged by Samuel Montagu and Co
Ltd and is being syndicated on a restricted basis among a group
of the borrower's relationship banks.
 REUTER
3;
bodyend
documentend
documentstart
3246
topicstart
gnp
money-supply
topicend
bodystart
2;

FED WATCHERS SEE U.S. ECONOMIC, INFLATION UPTURN


    NEW YORK, March 9 - 
This year will see a pickup in U.S.
economic growth and inflation, the Shadow Open Market Committee
said in its semi-annual policy statement.
    The SOMC, a group of basically "monetarist" private
economists, said that "economic growth will accelerate in 1987
in response to powerful stimulative actions by the Federal
Reserve."
    The group said the Fed's actions have been excessive. As a
result, it said that "inflation and ultimately another
recession now loom on the horizon."
    The SOMC said that central bank policies that rely on
progressively larger swings in monetary expansion will not lead
to sustainable economic growth and stable prices.
    The group made no specific nominal forecasts of economic or
inflation growth in its policy statement. However, the
Committee at its Sunday policy-making meeting said it was
basically in accord with projections by Jerry Jordan, who is a
member of the SOMC and economist at First Interestate Bancorp.
    Jordan expects real GNP growth to be about one percentage
point higher than in the past two years. He expects consumer
prices to rise about 4-1/2 pct this year.
    The SOMC said in recent months rapid money growth has been
a principal cause of the devaluation. To avoid another costly
inflation and disinflation, the SOMC urged the Fed to "abandon
its inflationary policy and set the growth rate of the monetary
base on the path toward sustained lower inflation."
    The Fed in February said it would no longer target the
narrow M-1 money supply because the link between M-1 and
economic growth has been largely severed.

3;
bodyend
documentend
documentstart
3247
topicstart
earn
topicend
bodystart
2;
******
CANADIAN PACIFIC LTD 4TH QTR OPER NET 30 CTS VS 20 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
3249
topicstart
bop
topicend
bodystart
2;

DUTCH CURRENT ACCOUNT SURPLUS FALLS IN 1986


    THE HAGUE, March 9 - 
The Dutch current account surplus fell
5.4 billion guilders last year to a provisional 12.1 billion
guilders, the Finance Ministry said in a statement.
    The surplus is expected to fall further in 1987, the
statement said, but gave no details. Earlier today, the
official planning agency CPB said it expected the surplus to
fall to six billion guilders during 1987.
    The visible goods surplus excluding energy fell by 5.6
billion guilders in 1986 to 11.4 billion due to declining terms
of exchange, while more goods were imported as consumer
spending and investment increased.
    While the energy trade balance surplus rose by 5.4 billion
guilders, 4.7 billion of this gain was caused by temporary
improvements of terms of exchange and was aided by the delay
between the fall in oil and gas prices.
    The current account showed a 5.2 billion guilder deficit on
invisibles, compared with a balance in 1985, the Finance
Ministry said, noting the surplus on transport services was
reduced substantially due to the lower dollar and oil price
falls.
    The fourth quarter current account showed a deficit, for
the first time since 1980, of 700 mln guilders, it said.
 REUTER
3;
bodyend
documentend
documentstart
3251
topicstart
acq
topicend
bodystart
2;

GRANDVIEW ACQUIRES CONTROL OF U.K. TICKET GROUP


    TORONTO, March 9 - 
Consolidated Grandview Inc said it
acquired a 60 pct stake in 
<
All Ticket Group PLC>, of London,
for undisclosed terms. The seller was also undisclosed.
    All Ticket is a special events travel company with
exclusive European rights to UAL Inc 
<
UAL>'s United Airlines
Apollo system, booking all United Airlines flights in Britain
and Europe. All Ticket and its subsidiaries will also
co-sponsor various events this year including the British Open
golf tournament and rowing's Henley Regatta.
    Its 1986 revenues totaled 12 mln Canadian dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
3252
topicstart
acq
topicend
bodystart
2;

UNITED CITIES 
<
UCIT> MAKES ACQUISITION


    BRENTWOOD, Tenn., March 9 - 
United Cities Gas Co said it
has acquired Lyle Propane Gas Co, a Cairo, Ga., propane gas
distributor, for undisclosed terms.
    It said Lyle has sales of about four mln gallons annually
and serves about 4,000 customers in seven counties in southwest
Georgia and north Florida.
 Reuter
3;
bodyend
documentend
documentstart
3253
topicstart
interest
topicend
bodystart
2;

U.S. BILL AUCTIONS SEEN AT 5.63-65, 5.59-61 PCT


    NEW YORK, March 9 - 
The U.S. Treasury's weekly auction is
expected to produce an average rate of 5.63-65 pct for
three-month bills and one of 5.59-61 pct for six-month bills,
dealers said.
    Shortly before auction time on the new bills, the rate on
the outstanding three-month bills was unchanged at 5.64 pct
bid, while the rate on the six-month bills was one basis point
higher at 5.68 pct bid.
 Reuter
3;
bodyend
documentend
documentstart
3254
topicstart
earn
topicend
bodystart
2;

MEDICAL PROPERTIES 
<
MPP> SETS MONTHLY DIVIDEND


    ENCINO, Calif., March 9 - 
The board of Medical Properties
Inc said it has declared an initial monthly cash dividend of
11-1/2 cts a share and has adopted a monthly dividend policy.
    The initial dividend will be payable April 10 to
shareholders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
3256
topicstart
ship
topicend
bodystart
2;

LONDON GRAIN FREIGHTS


    LONDON, March 9 - FIXTURE - 
wheat Ria Luna 20,000 mt
Norrkoping and Djuron/EC Mexico 12.50 dlrs option loading
Uddevalla at 50 cents less 4,000/1,500 16-23/3 Continental.
    Reference New York Grain Freights 2 of March 6, brokers say
the charterer of the Saturn from US Gulf to Japan is reported
to be Nordstrom and Thulin, while the Antigone is reported to
have been arranged from Tilbury to the Black Sea by Soviet
charterers.
 Reuter
3;
bodyend
documentend
documentstart
3258
topicstart
earn
topicend
bodystart
2;

IMMUCOR 
<
BLUD> SPLITS STOCK


    NORCROSS, Ga., March 9 - 
Immucor Inc said its board of
directors has declared a five-for-four stock split in the form
of a 25 pct stock dividend payable April 15 to shareholders of
record March 27.
   
 Reuter
3;
bodyend
documentend
documentstart
3259
topicstart
ship
topicend
bodystart
2;

BERMUDA STAR LINE 
<
BSL> TO MAKE ACQUISITION


    TEANECK, N.J., March 9 - 
Bermuda Star Line Inc said it has
agreed in principle to acquire 815-passenger SS Liberte from
Barnstead Shipping Ltd for use in its New York/Montreal
"Northeast Passages" cruises, starting this summer.
    The company said it is working to conclude a lease
financing or other financing for the purchase of the 23,500 ton
vessel, which is to be delivered in early April and renamed
Canada Star.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
3260
topicstart
topicend
bodystart
2;

MUNICIPAL ASSISTANCE CORP OF NY TO SELL BONDS


    NEW YORK, March 9 - 
Municipal Assistance Corp of New York
said its planned offering later this week of 670 mln dlrs of
Series 62 bonds would probably be the last time it taps the
market until the third quarter.
    The bonds will be sold by a syndicate led by Salomon
Brothers Inc. Their maturity will be set at the pricing.
    Proceeds will be used to redeem all outstanding Series 50,
53 and 54 bonds, each with final maturities of 2008 and bearing
interest at 10 pct, 9-7/8 pct and 9-3/8 pct. Municipal
Assistance said it will buy back at 102 the Series 50 bonds in
July 1994 and the Series 53 and 54 bonds in July 1995.
 Reuter
3;
bodyend
documentend
documentstart
3261
topicstart
acq
topicend
bodystart
2;

TALKING POINT/CAESARS WORLD 
<
CAW>


    By Greg Calhoun, Reuters


    LOS ANGELES, March 9 - 
<
MTS Acquisition Corp's>
28-dlr-per-share offering price for Caesars World Inc is
thought to be much too low and is likely to attract other
suitors for the hotel/casino company, industry analysts said.
    "I think someone else will probably come in, or they (MTS)
will have to raise their bid," said Marvin Roffman, an analyst
at Janney Montgomery Scott Inc.
    MTS, a company formed by Martin Sosnoff, Caesars World's
largest shareholder, today began a tender offer, valued at
725.2 mln dlrs, for all shares Sosnoff doesn't already own.
    "I think the offer is too low by at least five points,"
said Roffman, who described Caesars World as the operator of
"one of the finest casinos in the world."
    Sosnoff, a New York investor, already owns 13.3 pct of
Caesars World's 30.3 mln shares.
    Following news of the tender offer Caesars World's shares
were trading at 27-7/8, up 3-3/8.
    A Caesars World spokesman said the company was declining
comment on the Sosnoff move for the moment, but Caesars may
issue a public statement after it has studied the offer.
    Roffman said Caesars World has considerable growth
potential and he is forecasting fiscal 1988 earnings of two
dlrs per share.
    Caesars World owns casino hotels in Nevada and honeymoon
resorts in Pennsylvania's Pocono Mountains. It also controls
Caesars New Jersey Inc 
<
CJN>, which owns an Atlantic City,
N.J., casino hotel.
    For its fiscal year ended July 31 Caesars World reported
net income of 41 mln dlrs, or 1.36 dlrs per primary share.
    The company reported second quarter net income of 12.6 mln
dlrs, or 41 cts per share, compared with income of 7.5 mln
dlrs, or 25 cts per share a year earlier.
    Daniel Lee, an analyst at Drexel Burnham Lambert Inc, said
that although Sosnoff's relatively low bid may attract other
suitors willing to pay a higher price for Caesars, there is
little likelihood that a competing bid would start a battle for
the company.



3;
bodyend
documentend
documentstart
3263
topicstart
acq
topicend
bodystart
2;

ALLEGHENY 
<
AG> OFFICERS TO RUN COMPANY


    New York, March 9 - 
Allegheny International Inc said its
chairman and chief operating officer will remain in their
positions following the merger of the company with an affiliate
of First Boston Corp.
   "It is expected that Oliver S. Travers will continue as
chairman, president and Chief executive officer, and Thomas J.
Albani will continue as chief operating officer," said an
Allegheny spokesman.
    Allegheny today said it agreed to a buyout from First
Boston at 24.60 dlrs per share. The transaction was valued at
500 mln dlrs. Its stock rose 8-5/8 to 24 in active trading.
 Reuter
3;
bodyend
documentend
documentstart
3264
topicstart
acq
topicend
bodystart
2;

IC GAS MAKES NO RECOMMENDATION ON TRACTEBEL OFFER


    LONDON, March 9 - 
Imperial Continental Gas Association

<
ICGS.L>, IC Gas, said its board is not making a recommendation
on the partial tender offfer at 710p per share announced by

<
Tractebel SA> and 
<
Groupe Bruxelles Lambert SA>.
    At the same time, however, the board would not recommend a
general offer for all the shares at a price of 710p, the
statement added.
    Shareholders wondering whether to tender either to the
Tractebel consortium or to the rival 700p per share partial
offer from 
<
SHV Holdings NV> should consult professional
advisers.
 Reuter
3;
bodyend
documentend
documentstart
3266
topicstart
acq
topicend
bodystart
2;

NAT'L HEALTHCARE 
<
NHCI> TO SELL FIVE HOSPITALS


    BOTHAN, Ala., March 9 - 
National Heathcare Inc said it
signed an agreement to sell five rural hospitals to a private
corporation for about 18 mln dlrs, including the assumption of
six mln dlrs of debt.
    The company said it plans to complete the sales, which are
subject to various regulatory approvals, by the end of July.
    National Healthcare said it expects no material gain on
loss on the sales and that substantially all proceeds will be
used to reduce debt.
 Reuter
3;
bodyend
documentend
documentstart
3267
topicstart
money-fx
dlr
trade
acq
topicend
bodystart
2;

USX 
<
X> CHAIRMAN CALLS FOR LOWER DOLLAR


    NEW YORK, March 9 - 
USX Corp chairman David Roderick called
for a lower value for the U.S. dollar against other currencies
to help speed a correction in the U.S. trade deficit, which
last year reached 170 billion dlrs.
    In remarks prepared for a speech before the Economic Club
of Detroit, Roderick said, "There should be total resolve that
the dollar versus other major currencies, as well as the
currencies of other nations having a substantial trade surplus
with us, must continue to decline so that the correction in our
trade deficit starts on the road to recovery."
    Roderick said the U.S. should be understanding of the
"economic pain" our trading partners experience as a result of
a falling dollar.
    But, he added, "As painful as the correction may be to our
trading partners, it is less painful than leaving the problem
uncorrected because that would lead us into an inevitable,
lengthy and steep world recession."
    Roderick said between February 1985 and December 1986 the
dollar fell by more than 40 pct in real terms against major
industrial currencies and by 30 to 35 pct against a broader
group of currencies of nearly all developing nations.
    At the end of 1986, he said, the value of foreign assets in
the U.S. exceeded the value of U.S. assets abroad by 240
billion dlrs, compared to five years ago when the U.S. had a
surplus in assets of 141 billion. A company spokesman said the
data were provided by economic consultants to USX.
    The primary reason for the trade imbalance was the 70 pct
rise of the dollar between 1980 and 1985, although other
factors were involved, Roderick said. But it is wrong, he said,
"to attribute the massive trade deficit to a fundmental
deterioration of U.S. productivity or of American product
quality."
    These areas need to be improved but they are not the root
cause of the trade gap problem, Roderick said. He urged
American manufacturers to become more competitive so they can
compete in global markets.
    In the speech, the USX chairman also called for changes in
securities laws to curb what he called abuses by corporate
raiders and speculators.
    Among his proposals, which he presented to the Senate
Banking Committee in testimony last week, were a requirement
that raiders give 24-hour notice for every one pct of stock
they acquire in a company.
    Roderick proposed that tender offers must be made for all
cash to all stockholders on equal terms and that raiders be
required to have financing in place before a tender is made.
    Further, raiders should be required to make an all-cash
tender offer once they acquire 10 pct of a target company's
stock, he said. And payment of greenmail, or a preferential
price by a target company to buy back a raider's stake, should
be prohibited under the revised laws.
    Roderick said changes were necessary to curb abuses but
that he did not want laws that would hurt the financial markets
or discourage "fair price to all" takeovers.
 Reuter
3;
bodyend
documentend
documentstart
3269
topicstart
earn
topicend
bodystart
2;

CANADIAN PACIFIC (CP) CONFIRMS EARNINGS


    MONTREAL, March 9 - 
Canadian Pacific Ltd said fourth
quarter 1986 operating profit rose to 91.6 mln dlrs, or 30 cts
a share, from 50.7 mln dlrs, or 20 cts a share, a year ago.
    The statement confirmed released preliminary earnings
figures the company released in February.
    A 102.6 mln dlr gain on the sale of CP's Cominco Ltd
interest helped raise final 1986 fourth quarter profit to 193.8
mln dlrs or 65 cts a share.
    The company said a drop in 1986 full-year operating profit
to 150.1 mln dlrs from a restated 252.7 mln dlrs in 1985 was
due mainly to lower world oil prices.
    The company said its CP Rail division reported 1986 net
income of 119.4 mln dlrs, compared with 133.4 mln dlrs in 1985.
It said grain traffic recovered from drought-affected levels of
a year ago but was offset by weakness in other traffic areas
and increased expenses.
    It said the net loss from its Soo Line increased to 33.5
mln dlrs loss from 8.7 mln dlrs loss in 1985, mainly due to
restructuring charges.
    Canadian Pacific said favorable developments during the
year included reduced bulk shipping losses as a result of a
recovery in tanker markets and a turnaround in the forest
products sector.
 Reuter
3;
bodyend
documentend
documentstart
3271
topicstart
earn
topicend
bodystart
2;

FORD 
<
F> SHARES RISE ON HIGHER EARNING ESTIMATE


    NEW YORK, MARCH 9 - 
Ford Motor Co's stock rose 1-1/4 to
82-1/4 after analyst Maryann Keller of Furman Selz Mager Dietz
and Birney raised earnings estimates on the company, traders
said.
    Keller said that she expects the company's 1987 earnings to
rise to between 13.50-to-14 dlrs a share as compared to 12.32
dlrs a share earned last year.
    She said Ford's already good market share is expected to
remain favorable and earnings from overseas are expected to
improve.
    In addition, Keller said, the company is selling more of
its expensive model cars, which are more profitable.
    The non-automotive operations, including Ford Motor Credit,
are also expected to post improved earnings this year.
    Keller said she expects the company to split its stock and
raise its dividend to at least three dlrs a share this year.
    She noted that Chrysler Corp's 
<
C> announcement of a merger
proposal for American Motors Corp 
<
AMO> should have no short
term effect on Ford but could cut into Ford's share of the
truck market in the long term.
 Reuter
3;
bodyend
documentend
documentstart
3272
topicstart
grain
wheat
topicend
bodystart
2;

ITALY SHOWS INTEREST IN U.K. NEW CROP WHEAT


    LONDON, March 9 - 
Italy has shown interest in British new
crop wheat recently but the actual volume booked so far by
Italian buyers has not been large, traders said.
    They put purchases at around 50,000 tonnes for Sept/Dec
shipments but said some of the business was transacted at the
start of the year.
    Italian interior home markets have been active in recent
weeks and traders said around 200,000 tonnes have traded
between dealers and home consumers. Some of this has been
covered in the market here and more possibly will be, traders
said.
 Reuter
3;
bodyend
documentend
documentstart
3273
topicstart
earn
topicend
bodystart
2;

DUTCH RETAILER AHOLD SEES UNCHANGED 1987 PROFIT


    ZAANDAM, Netherlands, March 9 - 
Dutch food retailer Ahold
NV 
<
AHLN.AS> expects unchanged profits in 1987 but said it will
take advantage of the lower dollar to expand further in the
U.S.
    Turnover will grow but net profits are expected to remain
around the 1986 level of 132.4 mln guilders due to higher Dutch
taxes and a three-year expansion plan, Ahold Chairman Albert
Heijn told a news conference.
    The profit forecast allows for a dollar rate around current
levels of just over three guilders.
    Turnover and net profit in 1986 were hit by the dollar,
which fell to an average 2.46 guilders from 3.35 in 1985.
 Reuter
3;
bodyend
documentend
documentstart
3275
topicstart
earn
topicend
bodystart
2;

PITT-DES MOINES 
<
PDM> GETS QUALIFIED AUDIT


    PITTSBURGH, March 9 - 
Pitt-Des Moines Inc said it will
receive a qualified opinion from auditors on its 1986 and 1985
financial statements.
    It said the qualification related to its inability to
determine the effects, if any, of the final resolution of a
suit filed against it by 
<
Washington Public Power Supply
System>.  The 1985 suit was dismissed in a 1986 lower court
action, but the ultimate outcome of the matter is still
uncertain since Washington Public Power has appealed to the
U.S. Court of Appeals.
 Reuter
3;
bodyend
documentend
documentstart
3276
topicstart
acq
topicend
bodystart
2;

READING 
<
RDGC> TO SELL PHILADELPHIA PROPERTIES


    PHILADELPHIA, March 9 - 
Reading Co said it has agreed in
principle to convey properties it owns in and around the
Philadelphia Convention Center site to the city of Philadelphia
and the Philadelphia Convention Center Authority.
    It said in exchange it will receive about 23 mln dlrs in
cash, rights to acquire 22 acres adjacent to the Philadelphia
International Airport and an option to acquire the development
rights over the Gallery II shopping mall on Market Street in
downtown Philadelphia.
    Reading said it will be responsible for the demolition and
cleanup of certain of the properties, for which a portion of
the cash proceeds will be escrowed.
    The company said it will continue to own and operate the
Reading Terminal Market in Philadelphia.
    The land it is giving up amounts to about seven acrease and
includes part of the Reading Terminal Train Shed, it said.
 Reuter
3;
bodyend
documentend
documentstart
3277
topicstart
acq
topicend
bodystart
2;

MONTEDISON ACQUIRES ARCO RESEARCH UNIT


    MILAN, March 9 - 
Montedison SpA 
<
MONI.MI> has acquired a 70
pct stake in 
<
Plant Cell Research Institute - PCRI> of
California from Atlantic Richfield Co 
<
ARC.N> for "several tens
of millions of dollars," a senior Montedison executive said.
    Renato Ugo, a member of Montedison's management committee,
told reporters that 
<
Stanford Research Institute International>
of Menlo Park, California, had acted as a partner in the
purchase, itself acquiring a stake in PCRI of under 10 pct.
    PCRI, based in Dublin, California has a biotechnology
research laboratory.
    Ugo said the price paid included outlays for the laboratory
technology and staff.
    He said other negotiations were under way with
biotechnology companies in the health care and diagnostics
sectors through Montedison's health care subsidiary 
<
Erbamont
NV>, but gave no details.
    "We hope they will be concluded by the year end," he said.
    Montedison currently invests around 30 billion lire a year
in biotechnology research and expects to increase this figure
to around 50 billion lire in the next few years.
 Reuter
3;
bodyend
documentend
documentstart
3278
topicstart
hog
l-cattle
livestock
topicend
bodystart
2;

LMFE TO CONCENTRATE ON CASH SETTLED CONTRACTS


    LONDON, March 9 - 
The London Meat Futures Exchange, LMFE,
will cease trading in its deliverable pigmeat contract from
April 3, the LMFE said.
    The move will enable the exchange to concentrate on the
cash settled contracts introduced last year.
    "This allows the exchange and its members to concentrate our
marketing on the pig and live cattle contracts," LMFE official
Peter Freeman said. "These two have already shown their
effectiveness for hedging, and the trade in both contracts is
increasing," he added.
    "Using the futures market allows better planning and forward
price fixing that our industry needs," chairman Pat Elmer said.
    Some 131 pig contracts were settled against the Meat and
Livestock Commission's Average All Pigs Price in February,
which represents hedging for over 13,000 pigs, more than twice
the number cash-settled in January, the LMFE said.
    Cash settlement on the new cattle and pig contracts was
introduced last June in the expectation that the appeal of the
futures market to farmers, abattoirs and users of meat would
increase because of the absence of a delivery requirement.
 Reuter
3;
bodyend
documentend
documentstart
3282
topicstart
oilseed
soybean
grain
corn
wheat
topicend
bodystart
2;

CBT TRADERS SEE LOWER SOYBEAN EXPORT INSPECTIONS


    CHICAGO, March 9 - 
The USDA's weekly export inspection
report is expected to show a decline in soybean exports and
steady to slightly lower corn and wheat exports, according to
CBT floor traders' forecasts.
    Traders projected soybean exports at 15 mln to 16 mln
bushels, down from 20.3 mln bushels a week ago and 25.5 mln
bushels a year ago.
    Corn guesses ranged from 20 mln to 25 mln bushels, compared
with 21.9 mln bushels a week ago and 28.2 mln a year ago.
    Wheat guesses ranged from 13 mln to 18 mln bushels,
compared with 14.1 mln bushels a week ago and 17.9 mln a year
ago.
 Reuter
3;
bodyend
documentend
documentstart
3283
topicstart
interest
stg
topicend
bodystart
2;

PRIMARY EUROSTERLING MARKET BOOMS DESPITE RATE CUT


    By Dominique Jackson, Reuters


    LONDON, March 9 - 
Two new eurosterling bonds were launched
today, making a total of 10 new deals in the sector so far this
month, as borrowers rush to cash in on a bull sterling market
fueled by the strength of the pound and pre-budget euphoria.
    The Bank of England finally gave way to a 1/2 point cut in
banks' base lending rates earlier today, but dealers said this
had been largely discounted and was not likely to detract from
the current popularity of sterling-denominated investments.
    "Sterling, in any shape or form, is flavor of the month and
we're set to see many more eurosterling deals," one dealer said.
    Today's new eurosterling bonds were a 10-year, 100 mln stg
deal for Sweden at 9-1/2 pct and priced at 101-1/4 pct, lead by
Baring Brothers and Co Ltd and a 14 year 60 mln stg convertible
deal for Storehouse Plc launched by SBCI International Ltd. "We
thought we saw a proverbial flood of new deals with the 14 we
had last month but it seems March will beat February hands down
with 10 already," one eurosterling specialist said.
    "Optically, psychologically, these single figures are much
more attractive for the borrower. Eurosterling looks like a
cheap and attractive way to raise your money," he added.
    This accounts for the wide variety of borrowers who have
tapped the sector recently, ranging from sovereigns such as the
Kingdom of Sweden today, continental banks including
Commerzbank and Deutsche Bank and British corporations.
    Another U.K. Merchant bank analyst noted that the current
vogue for eurosterling enabled several corporate borrowers last
month to offer paper priced below comparative gilt yields.
    A Storehouse official confirmed that the issue was aimed at
Swiss and German investors who were showing good interest.
    This is the first entry into the long term international
capital markets by Storehouse, British designer Terence
Conran's retail conglomerate which incorporates U.K. Chain
stores Mothercare, British Home Stores and Habitat.
    "We have been considering the move for quite some time now
and the current strength of the eurosterling sector provided
the perfect opportunity and spur for us to finally tap the
market," Lance Moir, corporate treasurer at Storehouse Plc told
Reuters.

3;
bodyend
documentend
documentstart
3285
topicstart
ship
topicend
bodystart
2;

EUROPE SHIPPING EXPORTS TO S AFRICA OFF 40 PCT


    JOHANNESBURG, March 9 - 
The volume of European exports to
South Africa carried by container line vessels has declined 40
pct in the last two years, British shipping executive Antony
Butterwick said.
    Butterwick told reporters that despite the drop and low
freight rates, the shipping conference he heads will increase
the frequency of sailings to South Africa as a "very strong act
of faith and confidence" in the country's future.
    He is chairman of the Europe South and South-East African
Conference Lines and joint managing director of P and O
Containers Ltd.
    A statement issued by the conference here said frequency of
Southern Africa/Europe container service sailings is being
increased from nine to seven days.
    "This is the most positive development on the shipping front
between South Africa and its main trading partners in Europe
for more than four years, when the service last operated
weekly," it said.
 Reuter
3;
bodyend
documentend
documentstart
3287
topicstart
acq
topicend
bodystart
2;

MATHEMATICAL APPLICATIONS SETS OPERATIONS SALE


    ELMSFORD, N.Y., March 9 - 
Mathematical Applications Group
Inc said it has signed a letter of intent to sell all of its
operating business and will propose a plan of liquidation
following the sale.
    If the company is unsuccessful in obtaining the approvals
needed for the sale and liquidation, it said, the company may
be required to initiate reorganization proceedings under
federal bankruptcy law to facilitie the distribution of its
assets.
    Mathematical Applications said it tentatively agreed to
sell its direct marketing business to Pagex Inc for 400,000
dlrs plus an amount equal to the working capital of the
business at closing as well as a 1.7 mln dlr note payable in
installments over six years.
    Mathematical Applications said the business' working
capital is estimated to be about 600,000 dlrs.
    Pagex has been formed by Paul A. Goldner the owner of Pagex
Systems Inc, which is also engaged in the direct marketing
computer service business.
    Mathematical Applications said the tentative agreement
calls for Pagex to buy substantially all of the assets and
liabilities related to the direct marketing business and
continue to use the Mathematical Applications name.
    It said the sale is also subject to renegotiation of a real
estate lease and approval of a definitive agreement by the
company's board, stock holders and debenture holders.
    The company said it has obtained waivers from holders of
its six mln dlrs principal amount of debentures due March 31,
1993, to defer interest payments aggregating 270,000 dlrs
through March 31, 1987. The company said it will seek waivers
to defer these interest payments, and those due March 31, for
enough time to enable the company to accomplish the proposed
sale of its operations.
    Mathematical Applications said it is talking to debenture
holders, its landlord, a lessor of equipment to the marketing
operation and holders of other liabilities not being assumed by
Pagex to arrange distribution of assets after the proposed
sale, adding that these assets will be significantly less than
its liabilities.
    The company said it has obtained waivers from holders of
its six mln dlrs principal amount of debentures due March 31,
1993, to defer interest payments aggregating 270,000 dlrs
through March 31, 1987. The company said it will seek waivers
to defer these payments, and those due March 31, for enough
time to accomplish the proposed sale of its operations.
    Mathematical Applications said it is talking to debenture
holders, its landlord, a lessor of equipment to the marketing
operation and holders of liabilities Pages is not assuming to
arrange distribution of assets after the proposed sale, adding
these assets will be significantly less than its liabilities.
    As part of the distribution of assets, the company said, it
expects shareholders to receive an amount based on the bid
price of the company's stock, which was 1/16 on March five.
 Reuter
3;
bodyend
documentend
documentstart
3288
topicstart
topicend
bodystart
2;
******
UNION CARBIDE FILES TO OFFER 500 MLN DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
3290
topicstart
acq
topicend
bodystart
2;

FINANCIAL CORP 
<
FIN> UNIT COMPLETES PURCHASE


    IRVINE, Calif., March 9 - 
Financial Corp of America's
American Savings and Loan Association said it completed the
previously announced purchase of 16 retail savings branches
from Great Western Financial Corp's 
<
GWF> Great Western
Savings.
    American Savings said the purchases boost its deposits by
about 550 mln dlrs, but do not affect its asset base.
 Reuter
3;
bodyend
documentend
documentstart
3292
topicstart
money-fx
interest
topicend
bodystart
2;

CENTRAL BANKERS SATISFIED WITH PARIS ACCORD


    BASLE, Switzerland, March 9 - 
Central bankers said they
were generally satisfied with the response to the Paris accord
two weeks ago to stabilize currencies at around current levels.
    Speaking after a meeting at the Bank for International
Settlements (BIS), which reviewed the agreement, they also
welcomed interest rates cuts in France and today's drop in
British rates.  One top official said the rate cuts would help
to stimulate growth generally in Europe and welcomed that
countries other than West Germany were seen to be helping
sustain the economy. 
    The central bankers, who spoke on the condition they not be
named, said the meeting of governors from the Group of 10
countries also heard a report from Michel Camdessus, the new
managing director of the International Monetary Fund, on the
IMF's latest assessment of the debt crisis. In particular, they
discussed Brazil's debt moratorium.
    But there was no sense of urgency, they said, and Brazil
had made no appeal for bridging loans from the BIS or central
banks.
 Reuter
3;
bodyend
documentend
documentstart
3293
topicstart
topicend
bodystart
2;

UNION CARBIDE 
<
UK> FILES 500 MLN DLR DEBT OFFER


    DANBURY, CONN., March 9 - 
Union Carbide Corp said it filed
a registration statement with the Securities and Exchange
Commission covering 250 mln dlrs of senior subordinated notes
due 1994 and 250 mln dlrs of convertible subordinated
debentures due 2012.
    The notes, which will be callable after 1992, will be
underwritten by First Boston Corp.
    First Boston is co-lead underwriter with Morgan Stanley and
Co of the debentures, which will be convertible into Union
Carbide common at any time prior to maturity, unless previously
redeemed.
    Union Carbide said it will use the proceeds of the issues
to repay debt incurred in connection with a recapitalization
plan unveiled in November 1986.
    The plan was aimed at reducing debt levels and interest
expense, strengthening the chemical company's finances and
increasing its operating flexibility.
 Reuter
3;
bodyend
documentend
documentstart
3294
topicstart
topicend
bodystart
2;

SALLIE MAE PRICES SHORT-TERM FLOATING RATE NOTES


    WASHINGTON, March 9 - 
The Student Loan Marketing
Association said it priced its 300 mln dlr short-term floating
rate note offer at par to yield 25 basis points above the
bond-equivalent yield of the 91-day Treasury bill.
    Sallie Mae said previously interest on the notes, which are
for settlement March 12 and are due Sept 10, 1987, will be
reset the day following each weekly T-bill auction.
    When-issued trading is expected to begin at 0930 hrs EST
tomorrow, it said.
    Sallie Mae said it generally offers short-term floating
rate notes each month.
 Reuter
3;
bodyend
documentend
documentstart
3295
topicstart
acq
topicend
bodystart
2;

JOHNSON PRODUCTS 
<
JPC> SELLS TWO SUBSIDIARIES


c    CHICAGO, March 9 - 
Johnson Products Co Inc said it
completed the sale of Debbie's School of Beauty Culture Inc and
the assets of Ultra Precise Beauty Boutique Inc to management.
    It said the sale price of 2,533,000 dlrs consisted of
700,000 dlrs cash, a secured promissory note for 1,506,000 dlrs
and the forgiveness of a debt of 327,000 dlrs owed by Johnson
Products to Debbie's School.
 Reuter
3;
bodyend
documentend
documentstart
3296
topicstart
topicend
bodystart
2;

NEW AGENCY TO GIVE CREDIT RATINGS ON EUROBONDS


    London, March 9 - 
A newly formed credit rating agency based
in London, EuroRatings Ltd, said it will begin providing
evaluations of the quality of eurobond offerings including the
first-ever ratings of some of the U.K. And Irish clearing
banks.
    The agency said that already, it has published ratings on
90 issues of 45 euromarket issuers.
    Among the bank issues never rated publicly are long-term
debt securities of LLoyd's Bank PLC Allied Irish Banks, Bank of
Ireland and Bank of Scotland.
    Shareholders in the new firm are Fitch Investors Service
inc, a U.S.-based rating agency and Compagnie Belge
D'Assurance- Credit S.A., A credit insurance firm, which is a
subsidiary of Societe Generale de Belgique.
           
 Reuter
3;
bodyend
documentend
documentstart
3298
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> SEEKS TWO BILLION LOAN FOR TAKEOVERS


    WASHINGTON, March 9 - 
USAir Group Inc said it seeking two
billion dlrs in bank debt to complete its takeover of Piedmont
Aviation Inc 
<
PIE> and its pending acquisition of PS Group
Inc's Pacific Southwest Airlines.
    In a filing with the Securities and Exchange Commission
that details its proposed 69 dlr a share cash tender offer for
Piedmont, USAir said Manufacturers Hanover Trust Co 
<
MHC>
"indicates its willingness" in a March 6 letter to provide up
to 500 mln dlrs of the financing.
    Manufacturers Hanover would also to act as agent for a bank
group to raise the rest of the financing, USAir said.
    USAir said a Manufacturers Hanover affiliate is currently
agent for its 400 mln dlrs revelving credit facility, which
would be replaced by the proposed two billion dlr financing.
    USAir put its total cost of completing the tender offer at
1.7 billion dlrs. Its Pacific Southwest takeover, which has
received federal approval and is due to come up for shareholder
approval later this month, is for 17 dlrs a share, or 400 mln
dlrs total.
    USAir said it has already bought 2.3 mln Piedmont common
shares, or 9.9 pct of the total outstanding from Norfolk
Southern Corp 
<
NSC> for 161.9 mln dlrs.
    The tender offer, which is being made through a USAir
subsidiary, USAG Acquisition Corp, would not be valid unless
USAir is left with more than half of Piedmont's total
outstanding common stock after the April 3 expiration.
    While negotiations on terms and interest rates of its bank
loans are not yet complete, USAir said it expects them to be in
the form of a one billion dlr two-year term loan and a one
billion dlr seven-year revolving credit facility.
    The company said it expects to repay the two-year loan
through equity, preferred and debt offerings and possibly
internal funds and the sale and/or leaseback of aircraft.
 Reuter
3;
bodyend
documentend
documentstart
3299
topicstart
grain
corn
wheat
oilseed
topicend
bodystart
2;
******
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS  SOYBEANS 18,616 WHEAT 16,760 CORN 25,193

Blah blah blah.
3;


bodyend
documentend
documentstart
3302
topicstart
acq
topicend
bodystart
2;

JANNOCK ACQUIRES 50 PCT OF INTERCON SECURITY


    TORONTO, March 9 - 
<
Jannock Ltd> said it acquired a 50 pct
interest in Intercon Security Ltd for five mln dlrs and
Intercon founders Brian Legge and Richard Grange will hold the
remaining 50 pct and will continue to manage the company.
    Intercon Security, employing 850 people, provides a full
range of security equipment and services, Jannock said.
 Reuter
3;
bodyend
documentend
documentstart
3303
topicstart
crude
topicend
bodystart
2;

 CANADIAN OIL COMPANIES RAISE CRUDE PRICES


    NEW YORK, March 9 - 
Petro-Canada, the state-owned oil
company, said it raised the contract price it will pay for
crude oil 64 Canadian cts a barrel, effective March six.
    Petro-Canada's posted price for the benchmark light sweet
grade, Edmonton/Swann Hills at 40 api gravity, now stands at
21.95 Canadian dlrs/bbl. Their light sour grade is posted at
19.88 Canadian dlrs/bbl.
    Earlier today, Shell Canada 
<
SHC> said it raised its crude
postings about 47 Canadian cts/bbl, bringing Edmonton light
sweet to 21.95 Canadian dlrs/bbl, and the light sour crude to
19.95 Canadian dlrs/bbl.
    Imperial oil 
<
IMO.A>, a 70 pct owned subsidiary of Exxon
Corp, said that effective March five it also raised its light
sweet crude posting to 21.95 Canadian dlrs/bbl.
 Reuter
3;
bodyend
documentend
documentstart
3304
topicstart
topicend
bodystart
2;
******
FORD MOTOR CO, FORD MOTOR CREDIT MAY BE RAISED BY MOODY'S, AFFECTS 23 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
3305
topicstart
acq
topicend
bodystart
2;
******
DART GROUP SAID IT OFFERS TO BUY SUPERMARKETS GENERAL AT 41.75 DLRS/SHR

Blah blah blah.
3;


bodyend
documentend
documentstart
3306
topicstart
grain
corn
topicend
bodystart
2;

FINAL 50/50 CORN CERTS SEEN AT 1.6 BILLION DLRS


    WASHINGTON, March 9 - 
The Agriculture Department will have
to release an estimated 1.6 billion dlrs worth of in-kind
certificates, or certs, to corn farmers this fall if USDA
decides to maintain an equal split of total 1986 feedgrain
deficiency payments in cash and certs, USDA officials said.
    Final 1986 crop deficiency payments will be available to
feed grain producers in October. Wheat deficiency payments for
the 1986 crop, now complete, were made in a 50/50
cash-certificate split, and USDA officials have indicated they
want to do the same for feedgrains.
    Over 3.2 billion dlrs of an estimated 6.0 billion in corn
deficiency payments have already been announced, with 1.42
billion dlrs (43 pct) set in certificates. The final payment
must be 1.6 billion dlrs in certs (57 pct) for a 50/50 split.
    However, the release this month of almost 600 mln dlrs of
deficiency payments was equally divided in cash and certs,
doing nothing to bring up the percentage of certs.
    Some USDA analysts said the payments reflected hesitation
from the Office of Managament and Budget to allow another huge
release of certs onto the market.
    Bills are pending in Congress to move up the final
feedgrain deficiency payment to "as soon as five months after
harvest as possible," rather than the current year lag time.
    Neither Rep. Edward Madigan (R-Ill.) nor Sen. Bob Dole
(R-Kans.), sponsors of the bills, have brought the legislation
forward. Aides said timing will depend on budget discussions.
 Reuter
3;
bodyend
documentend
documentstart
3309
topicstart
acq
topicend
bodystart
2;

BCI HOLDINGS TO SELL BOTTLED WATER DIVISION


    CHICAGO, March 9 - 
<
BCI Holdings Corp>  said its 
<
Beatrice
U.S. Food Corp> retained Shearson Lehman Brothers Inc to assist
in the sale of its national bottled water business.
    It said products of the subsidiary, based in Monterey Park,
Calif., are sold under the Arrowhead brand name in California
and Arizona, the Ozarka name in Texas and the Great Bear name
in 11 northeastern states.
 Reuter
3;
bodyend
documentend
documentstart
3310
topicstart
cocoa
coffee
sugar
heat
topicend
bodystart
2;

LCE AND IPE ELECT FIRST TRADED OPTIONS MEMBERS


    LONDON, March 9 - 
The first 23 members have been elected to
the joint traded options facility of the London Commodity
Exchange (LCE) and the International Petroleum exchange (IPE),
the exchanges said in a statement.
    More firms have applied and the final tranche will be
admitted on April one and trading is planned to start in early
June on the new trading floor on Commodity Quay.
    Traded options need a volatile and liquid futures base to
succeed and chairman of the joint formation committee Jack
Patterson said the existing LCE cocoa, coffee, sugar and IPE
gas oil contracts should have no difficulty in providing this.
 Reuter
3;
bodyend
documentend
documentstart
3311
topicstart
grain
topicend
bodystart
2;
******
USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  26.0 MLN TONNES VS 23.0 IN FEB, 29.9 IN 1985/86

Blah blah blah.
3;


bodyend
documentend
documentstart
3312
topicstart
grain
topicend
bodystart
2;
******
USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN FEB, 192 YEAR-AGO

Blah blah blah.
3;


bodyend
documentend
documentstart
3313
topicstart
acq
topicend
bodystart
2;

DART 
<
DARTA> MAKES OFFER FOR SUPERMARKETS 
<
SGL>


    LANDOVER, Md., March 9 - 
Dart Group Corp said it offered to
buy Supermarkets General Corp for 41.75 dlrs per share in cash.
    Earlier Supermarkets General said an "unsolicited third
party" had made the offer. Analysts estimated the value at
about 1.6 billion dlrs, based on 38.5 mln shares outstanding.
    Kidder, Peabody and Co Inc told Dart that Kidder's
affiliate will be prepared to advance up to 750 mln dlrs on a
subordinated basis.


3;
bodyend
documentend
documentstart
3314
topicstart
grain
wheat
topicend
bodystart
2;

USDA ESTIMATES SOVIET WHEAT, COARSE GRAINS


    WASHINGTON, March 9 - 
The U.S. Agriculture Department
forecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes, vs
92.30 mln tonnes last month. It put the 1985/86 crop at 78.10
mln tonnes, vs 78.10 mln tonnes last month.
    Soviet 1986/87 coarse grain production is estimated at
103.30 mln tonnes, vs 103.30 mln tonnes last month. Production
in 1985/86 is projected at 100.00 mln tonnes, vs 99.99 mln
tonnes last month.
    USSR wheat imports are forecast at 15.00 mln tonnes in
1986/87, vs 14.00 mln tonnes last month. Imports in 1985/86 are
put at 15.70 mln tonnes, vs 15.70 mln tonnes last month. USDA
estimated Soviet 1986/87 coarse grain imports at 10.00 mln
tonnes, vs 8.00 mln tonnes last month, and 1985/86 imports at
13.70 mln tonnes, vs 13.70 mln tonnes last month.

3;
bodyend
documentend
documentstart
3315
topicstart
orange
topicend
bodystart
2;

USDA ORANGE JUICE YIELD ESTIMATE


    WASHINGTON, March 9 - 
The U.S. Agriculture Department
projected an average yield of 1.47 gallons of frozen
concentrated orange juice per box (42.0 degree brix equivalent)
from Florida's 1986/87 crop.
    That compares with 1.46 gallons per box previously and 1.38
gallons per box from the 1985/86 crop.
    The crop reporting board said the estimates for the 1986/87
season are based on maturity and yields tests as of March 1.
 Reuter
3;
bodyend
documentend
documentstart
3316
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE CAESARS WORLD 
<
CAW> DEBT


    NEW YORK, March 9 - 
Standard and Poor's Corp said it is
reviewing debt of Caesars World Inc with negative implications
following New York investor Martin Sosnoff's 725.2 mln dlr bid
to buy the Caesars World common shares he does not yet own.
    The issues include Caesars World's BB-rated senior debt and
single-B-plus subordinated debt, and Caesars World Finance
Corp's B-plus subordinated debt, guaranteed by the parent.
About 230.8 mln dlrs of debt is affected.
    S and P said that, if successful, the debt financed
acquisition would greatly increase the firm's financial risk
and cause a marked drop in earnings and cash flow.
 Reuter
3;
bodyend
documentend
documentstart
3317
topicstart
potato
topicend
bodystart
2;

USDA WINTER/SPRING POTATO ESTIMATES


    WASHINGTON, March 9 - 
The U.S. Agriculture Department
estimated 1987 winter potato production, based on March 1
conditions, at 2,788,000 cwts (100 lbs), vs 2,764,000 cwts
indicated last month and 2,991,000 cwts last year.
    The department estimated winter potato area for harvest at
11,900 acres, vs 11,900 acres last month and 12,300 acres in
1986.
    The yield per harvested acre for winter potatoes is
estimated at 234 cwts per acre, vs 243 cwts last year.
    The department also projected 1987 spring potato crop area
planted at 79,300 cwts, vs 77,400 cwts last year, and area for
harvest at 76,700 acres, vs 75,900 acres harvested last year.
 Reuter
3;
bodyend
documentend
documentstart
3318
topicstart
carcass
livestock
hog
topicend
bodystart
2;

MEATPACKERS STRIKE MORRELL SIOUX CITY PLANT


    CHICAGO, March 9 - 
About 800 members of the United Food and
Commercial Workers Union, UFCWU, struck John Morrell's Sioux
City, Iowa, pork processing plant at midnight Sunday, a
spokesman for the UFCWU national said.
    Meatpackers at the plant have been working without a
contract since the old pact expired January 31, UFCWU spokesman
John Mancuso said. The plant can slaughter and process about
13,000 to 14,000 hogs a day, he estimated.
    The UFCWU bargaining committee and full membership rejected
in late January a contract proposal by John Morrell, a
subsidiary of United Brands Inc, he said.

3;
bodyend
documentend
documentstart
3320
topicstart
acq
topicend
bodystart
2;

CAESARS WORLD 
<
CAW> BID VALUED AT 907 MLN DLRS


    NEW YORK, March 9 - 
MTS Acquisition Corp said it will need
about 907 mln dlrs to acquire the 31,781,461 Caesars World Inc
shares not owned by its owner, Martin T. Sosnoff.
    The estimate came in MTS Acquisition's proxy statement to
Caesars World shareholders describing its offer of 28 dlrs a
share for their stock which was announced this morning.
    In that announcement, MTS Acquisition said its bank and
investor bankers felt they could provide financing totaling 975
mln dlrs for the offer.
    Sosnoff is Caesars World's largest shareholders with
4,217,675 of the company's shares. That is about 11.7 pct of
the outstanding stock on a fully diluted basis, the proxy said.
    Besides being the sole owner of MTS Acquisition, Sosnoff
owns 61 pct of Atalanta/Sosnoff Capital Corp's 
<
ATL> stock and
is chairman of that investment management and brokerage firm.
 Reuter
3;
bodyend
documentend
documentstart
3321
topicstart
topicend
bodystart
2;

FORD 
<
F> DEBT RATINGS MAY BE RAISED BY MOODY'S


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
is reviewing the long-term debt ratings of Ford Motor Co and
Ford Motor Credit Co for possible upgrade. About 23 billion
dlrs of debt is affected.
    Moody's said it recognizes Ford's recent superior operating
results and is assessing whether this performance can be
expected to continue. The rating agency will focus on Ford's
long-term competitive business and financial condition.
    Ratings under review include Ford Motor's A-1 rated senior
long-term debt, the Credit unit's A-1 rated senior debt and its
A-2 rated subordinated debt.
 Reuter
3;
bodyend
documentend
documentstart
3322
topicstart
gold
topicend
bodystart
2;

CAROLIN MINES HAS NEW GOLD ASSAY RESULTS


    VANCOUVER, British Columbia, March 9 - 
Carolin Mines Ltd
said recent assays of tailings at its Hope, British Columbia
mine ranged from 0.50 to 0.64 ounces of gold per ton. 
    There were only trace amounts of platinum and palladium,
the company said.
    Carolin said the results sharply disagreed with an earlier
assay performed by Intergold U.S.A. Inc which showed 1.0 ounce
of gold per ton and 0.50 ounce of platinum per ton.
    Carolin also said it expects to receive results of further
tests and assays of the tailings within two to three weeks.
 Reuter
3;
bodyend
documentend
documentstart
3323
topicstart
grain
wheat
topicend
bodystart
2;

CCC WHEAT CREDIT GUARANTEES FOR NORTH YEMEN


    WASHINGTON, March 9 - 
The Commodity Credit Corporation,
CCC, has authorized 25.0 mln dlrs in credit guarantees to North
Yemen to cover purchases of U.S. wheat under the Intermediate
Export Credit Guarantee Program (GSM-103), the U.S. Agriculture
Department said.
    Under the program credit terms extended must be in excess
of three yeras, but not more than seven years.
    All sales under the line must be registered and exports
completed by September 30, 1987, the department said.
 Reuter
3;
bodyend
documentend
documentstart
3324
topicstart
grain
barley
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS BARLEY MALT TO NIGERIA


    WASHINGTON, March 9 - 
The Commodity Credit Corporation,
CCC, has accepted one bonus offer from an exporter on the sale
of 4,400 tonnes of barley malt to Nigeria, the U.S. Agriculture
Department said.
    The department said the bonus awarded was 100.00 dlrs per
tonne and was made to Rahr Malting Co and will be paid in the
form of commodities from the inventory stocks of the CCC.
    The barley malt is scheduled for shipment during April,
1987.
    An additional 76,300 tonnes of barley malt are still
available to Nigeria under the Export Enhancement Program
initiative announced December 10, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
3326
topicstart
topicend
bodystart
2;

BANK OF IRELAND SEEKS 300 MLN STG CD FACILITY


    LONDON, March 9 - 
Bank of Ireland said it has mandated
Barclays de Zoete Wedd Ltd (BZW) to arrange a 300 mln stg
committed certificate of deposit issuance facility.
    The facility will be used to fund Bank of Ireland's new
U.K. Home mortgage subsidiary, BankAmerica Finance Ltd, which
will be renamed shortly.
    The certificates will be sold through an uncommitted tender
panel but the facility will be fully underwritten for five
years by a syndicate of banks formed by BZW.
    Four banks-- Barclays Bank Plc, Canadian Imperial Bank of
Commerce, Lloyds Bank Plc and Standard Chartered Bank-- have
agreed to underwrite the credit in a pre-syndication agreement
and will act as lead managers in syndication, due to begin
soon.
    Bank of Ireland also said it has appointed BZW as sole
dealer on a separate 100 mln stg certificate of deposit
program.
 Reuter
3;
bodyend
documentend
documentstart
3327
topicstart
gold
topicend
bodystart
2;

CAROLIN MINES 
<
CRLNF> HAS NEW ASSAY RESULTS


    Vancouver, British Columbia, March 9 - 
Carolin Mines Ltd
said recent assays of tailings at its Hope, British Columbia
mine indicated that ounces of gold per ton ranged from 0.64 to
0.50.
    There were only trace amounts of platinum and palladium,
the company said.
    Carolin said the results sharply disagreed with an earlier
assay performed by Intergold U.S.A. Inc which showed one ounce
of gold per ton and 1/2 ounce of platinum per ton.
    Carolin also said it expects to receive results of further
tests and assays of the tailings within two to three weeks.
 Reuter
3;
bodyend
documentend
documentstart
3329
topicstart
ship
topicend
bodystart
2;

SEAMAN'S STRIKE CONTINUES, MARINES UNLOAD SHIPS


    RIO DE JANEIRO, March 9 - 
Brazilian marines were today
working on the unloading of ships at the local port as a
national strike by 40,000 seamen entered its 10th day without
signs of an agreement.
    The halt, the first national strike by seamen in 25 years,
started on February 27, and union leaders said they would not
return to work unless they received a 275 pct pay rise.
    Shipowners have offered a 100 pct raise, which the seamen
rejected.
    "Television reported that the port was operating at full
speed, but that's not true," a striking seaman told Reuters.
    "The marines are doing their best, but they don't have the
manpower nor the experience to control the situation in such a
quick period," he said.
    Port officials said the national halt had already caused
losses estimated at 1.5 mln dlrs.
    Despite the presence of marines, there were no reports of
incidents.
 Reuter
3;
bodyend
documentend
documentstart
3330
topicstart
grain
wheat
corn
topicend
bodystart
2;

USDA RAISES SOVIET GRAIN IMPORT ESTIMATE


    WASHINGTON, March 9 - 
The U.S. Agriculture Department
increased its estimate of Soviet 1986/87 grain imports to 26
mln tonnes from last month's projection of 23 mln tonnes.
    In its monthly USSR Grain Situation and Outlook, USDA said
the increase reflected the return of the Soviet Union to the
U.S. corn market and continued purchases of both wheat and
coarse grain from other major suppliers.
    USSR wheat imports were projected at 15 mln tonnes, up one
mln from last month's estimate and 700,000 tonnes below the
preliminary 1985/86 figure.
    Soviet grain for feed use was estimated at a record 129 mln
tonnes. Record or near-record livestock inventories, along with
a dry fall which likely reduced late season pasturage, and a
cold winter have increased feed demand, USDA said.
    USSR meat and egg production in January rose only slightly
from the previous January's level, while milk production
increased by nearly six pct.
    Unusually cold weather in January and smaller increases in
roughage supplies during 1986 than in 1985 kept livestock
production from expanding as much as it did a year earlier,
USDA said.
 Reuter
3;
bodyend
documentend
documentstart
3332
topicstart
crude
topicend
bodystart
2;

ECUADOR QUAKE TO CUT OIL REVENUES 800 MLN DLRS


    Quito, march 9 - 
up to 300 people were feared dead and more
than 15,000 people left homeless by thursday's earthquake,
which will cost Ecuador close to 800 mln dlrs in lost petroleum
revenues, authorities said.
    They estimated the cost of repairing a damaged oil pipeline
at 150 mln dlrs.
    "the magnitude of the damages caused by the earthquake is
gigantic," president leon febres cordero said after inspecting
the damages in napo, the hardest-hit jungle province, 100 miles
from here.
    The quake damaged 40 km of an oil pipeline, forcing this
opec nation to suspend crude exports for four months, president
febres cordero said in a statement issued today by the
presidential press office.
    The country would lose an estimated 800 mln dlrs in crude
exports until the pipeline was repaired, the president said. It
would cost 150 mln dlrs to repair the pipelline which carries
oil from jungle oil fields over the andes to Balao, a pacific
ocean port.
    Crude traditionally accounts for up to two-thirds of
ecuador's exports.
    the quake triggered landslides, swelling the aguarico river
which burst it banks carrying away homes and huts in napo
province, health minister jorge brancho told reuters.
    "we fear that up to 300 people died in napo though there is
no way of now knowing the exact figure because many people have
disappeared," he said.
    Other estimates ranged as high as 500 dead.
    So far 20 corpses have been recovered, bracho said.
    Information Minister Marco Lara told reporters: "the number
of dead and injured is not known ... because we do not know how
many people lived in the homes hit by the landslides."
    Bracho said at least 15,000 were left homeless in the
cayambe district.
 Reuter
3;
bodyend
documentend
documentstart
3333
topicstart
acq
topicend
bodystart
2;
******
BUSINESS EDITOR THEODORE CROSS OFFERS 34 DLRS SHARE FOR HARPER AND ROW

Blah blah blah.
3;


bodyend
documentend
documentstart
3334
topicstart
grain
wheat
topicend
bodystart
2;

USDA ESTIMATES CANADIAN CROPS


    WASHINGTON, March 9 - 
The U.S. Agriculture Department
estimated Canada's 1986/87 wheat crop at 31.85 mln tonnes, vs
31.85 mln tonnes last month. It estimated 1985/86 output at
24.25 mln tonnes, vs 24.25 mln last month.
    Canadian 1986/87 coarse grain production is projected at
27.62 mln tonnes, vs 27.62 mln tonnes last month. Production in
1985/86 is estimated at 24.95 mln tonnes, vs 24.95 mln last
month.
    Canadian wheat exports in 1986/87 are forecast at 19.00 mln
tonnes, vs 18.00 mln tonnes last month. Exports in 1985/86 are
estimated at 17.71 mln tonnes, vs 17.72 mln last month.
 Reuter
3;
bodyend
documentend
documentstart
3335
topicstart
grain
wheat
topicend
bodystart
2;

USDA ESTIMATES AUSTRALIA WHEAT CROP


    WASHINGTON, March 9  - 
The U.S. Agriculture Department
forecast Australia's 1986/87 wheat crop at 17.30 mln tonnes, vs
17.50 mln tonnes last month. It estimated 1985/86 output at
16.13 mln tonnes, vs 16.13 mln last month.
    Australian wheat exports in 1986/87 are forecast at 14.50
mln tonnes, vs 15.00 mln tonnes last month, while exports in
1985/86 are estimated at 15.96 mln tonnes, vs 15.96 mln last
month.
 Reuter
3;
bodyend
documentend
documentstart
3336
topicstart
acq
topicend
bodystart
2;

BUSINESS EDITOR OFFERS 34 DLRS FOR HARPER 
<
HPR>


    WASHINGTON, March 9 - 
Theodore Cross, editor of Business
and Society Review, a business publication, said an investor
group he heads has offered to buy Harper and Row Publishers Inc
for 34 dlrs a share cash.
    In a filing with the Securities and Exchange Commission,
Cross said he proposed the takeover to the board of the New
York publishing house today.
    Cross, whose investor group includes his wife, Mary, said
they already hold 261,650 Harper and Row common shares, or 6.0
pct of the total outstanding common stock. They said they have
spent 3.5 mln dlrs on their stake so far.
    Cross said he proposed in a letter to Harper and Row that
the company be merged into a company Cross is forming.
    Suggesting that the total cost of completing the merger
would be 190 mln dlrs, Cross said he would use 20 mln dlrs of
his own money for the deal and up to 170 mln dlrs which would
be borrowed from the First National Bank of Boston under a
revolving credit facility the bank has agreed to provide.

3;
bodyend
documentend
documentstart
3337
topicstart
grain
corn
topicend
bodystart
2;

FRANCE TO REQUEST PERMANENT MAIZE REBATES


    PARIS, March 9 - 
French maize producers will ask the EC
Commission to grant permanent maize export rebates following
the recent EC/U.S. Accord guaranteeing the U.S. An annual
export quota of two mln tonnes of maize for Spain over four
years, the French maize producers association, AGPM, said.
    The Commission has already decided to accord rebates for
the export of 500,000 tonnes of French maize, of which rebates
for around 100,000 tonnes have been granted.
    The request will be made when export certificates have been
granted for all the 500,000 tonnes, the AGPM said.
    The association said that the request would cover exports
to all destinations, adding that the Soviet Union, which has
important maize needs, is currently excluded from the list of
destination countries for the 500,000 tonnes of French maize.
    The U.S. Agriculture Department has forecast Soviet maize
imports for the 1986/87 campaign at 4.90 mln tonnes against
10.40 mln in 1985/86.
 Reuter
3;
bodyend
documentend
documentstart
3338
topicstart
trade
bop
money-fx
dlr
topicend
bodystart
2;

U.S. PAYMENTS GAP TO PERSIST, EX-FED CHIEF SAYS


    NEW YORK, March 9 - 
The dollar will decline over the next
two to three years, but this is unlikely to result in a
complete reduction of the U.S. current account deficit, said
Anthony Solomon, chairman of S.G. Warburg (USA) Inc and former
president of the Federal Reserve Bank of New York.
    In a presentation to the Japan Society, Solomon said
without elaboration that he expects a "significant decline in
the dollar," within the next three years.
    "The dollar will fall more, but the current account deficit
will stop being reduced when it reaches its structural core,"
he said.
    Solomon described the structural core as about one-half of
the current 150 billion dlr annual deficit. He cited several
factors which will prevent an elimination of the deficit.
    For one thing, it is unlikely that there will be any new
investment in those manufacturing industries that shrank when
the dollar was at uncompetitive levels, he said.
    In addition, he said that the U.S. has an increased
propensity to import in order to satisify consumer tastes.
    Solomon forecast inflation at 4.5 pct by year-end, but said
it could be kept below five pct in the medium-term if oil
prices are stable and commodity values remain low.
 Reuter
3;
bodyend
documentend
documentstart
3339
topicstart
livestock
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS DAIRY CATTLE TO MOROCCO


    WASHINGTON, March 9 - 
The Commodity Credit Corporation,
CCC, has accepted a bonus offer from an exporter on the sale of
13 head of dairy cattle to Morocco, the U.S. Agriculture
Department said.
    The department said the bonus awarded was 1,505.00 dlrs per
head and was made to Brown Swiss Enterprises Inc. It will be
paid in the form of commodities from CCC inventories.
    The cattle are for delivery during March 9-September 30,
1987.
    The department said the purchase completes the Export
Enhancement Program initiative for dairy cattle to Morocco
announced on April 16, 1986.
 Reuter
3;
bodyend
documentend
documentstart
3340
topicstart
livestock
topicend
bodystart
2;

CCC EXPORT BONUS DAIRY CATTLE FOR CANARY ISLANDS


    WASHINGTON, March 9 - 
The Commodity Credit Corporation,
CCC, has accepted a bonus offer from an exporter on the sale of
75 head of dairy cattle to the Canary Islands, the U.S.
Agriculture Department said.
    The department said the bonus awarded was 1,459.00 dlrs per
head and was made to T.K. International Inc. It will be paid in
the form of commodities from the inventory of CCC stocks.
    The cattle are for delivery during March-June, 1987, it
said.
    An additional 3,925 head of dairy cattle are still
available to the Canary Islands under the Export Enahcnement
Program initiative announced July 28, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
3341
topicstart
instal-debt
topicend
bodystart
2;
******
U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN

Blah blah blah.
3;


bodyend
documentend
documentstart
3342
topicstart
crude
topicend
bodystart
2;

USX 
<
X> UNIT RAISES SOME CRUDE POSTINGS


    NEW YORK, March 9 - 
Marathon Petroleum Company, a
subsidiary of USX Corp 
<
X>, said it raised the contract price
it pays for three grades of crude oil, effective March 6.
    Illinois Sweet and Indiana Sweet are both being raised 50
cts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade
is being raised 25 cts/bbl, also to 16.75 dlrs a bbl.
    The West Texas Intermediate grade was unchanged.
 Reuter
3;
bodyend
documentend
documentstart
3343
topicstart
earn
topicend
bodystart
2;
******
UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
3344
topicstart
earn
topicend
bodystart
2;

NATIONAL FUEL GAS 
<
NFG> SETS SPLIT, HIGHER PAYOUT


    NEW YORK, March 9 - 
National Fuel Gas Co said its board has
approved a two-for-one stock split and will consider an
increased cash dividend at its June meeting.
    The company also said management will recommend, at the
June board meeting, an increase of 12 cts per share in the
current annual dividend rate of 2.28 dlrs a share, raising it
to 2.40 dlrs per share, or 1.20 dlrs a share after the split.
    National Fuel Gas said the split will be paid to holders of
record May 29.  A spokeswoman said the distribution date for
the split has not been determined.
    The company said the split is subject to approval of the
Securities and Exchange Commission under the Public Utility
Holding Act. The company now has 11,928,871 shares outstanding.
            
 Reuter
3;
bodyend
documentend
documentstart
3345
topicstart
acq
topicend
bodystart
2;

SENSORMATIC 
<
SNSR> UPS CHECKROBOT 
<
CKRB> STAKE


    DEERFIELD BEACH, Fla., March 9 - 
Sensormatic Electronics
Corp said it upped its investment in CheckRobot Inc in the form
of 2.5 mln dlrs of convertible preferred stock, raising its
stake in CheckRobot to 42 pct from 37 pct on a fully diluted
basis.
 Reuter
3;
bodyend
documentend
documentstart
3347
topicstart
ship
topicend
bodystart
2;

UNION, SHIPPERS AGREE TO CUT N.Y. PORT COSTS


    NEW YORK, March 9 - 
The New York Shipping Association and
International Longshoremen's Association said they agreed to
cut cargo assessments at the Port of New York and New Jersey by
more than 50 pct on some labor intensive cargos.
    The charges on cargo handled by union workers will be
reduced to 2.85 dlrs a ton from 5.85 dlrs a ton, effective
April one, according to the agreement between the union and
shippers. The assessments are used to fund workers' benefits.
    "What were doing is lowering the price to get more bulk
cargo flowing through here," a spokesman for the New York
Shipping Association said.


3;
bodyend
documentend
documentstart
3348
topicstart
money-supply
topicend
bodystart
2;

TREASURY BALANCES AT FED ROSE ON MARCH 6


    WASHINGTON, March 9 - 
Treasury balances at the Federal
Reserve rose on March 6 to 3.879 billion dlrs from 3.467
billion dlrs the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 12.453
billion drls from 14.350 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 16.332
billion dlrs on March 6 compared with 17.817 billion dlrs on
March 5.
 Reuter
3;
bodyend
documentend
documentstart
3349
topicstart
ship
topicend
bodystart
2;

CSX 
<
CSX> UNIT SETS IMPROVED SHIPPING SERVICE


    MENLO PARK, N.J., March 9 - 
CSX Corp's Sea-Land Corp unit
said it will offer improved containership services between
Puerto Rico and the East Coast and Gulf Coast of the United
States, beginning March 16.
    The carrier said it will provide shorter door-to-door
transit times, more convenient cargo availability and better
rail connections for traffic moving between Puerto Rico and
North America.
 Reuter
3;
bodyend
documentend
documentstart
3351
topicstart
gnp
topicend
bodystart
2;

WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN


    Lima, march 9 - 
a confidential world bank report on the
peruvian economy said the government's strategy does not offer
good prospects for medium and long-term growth and is likely to
quickly lead to inflation.
    The report, published today by an economic monthly, the
peru report, said the success of president alan garcia's
government in stimulating output last year to achieve eight pct
gross domestic product growth "represents gains in the short
term at the expense of the long."
    Government officials had no immediate comment on the
report, which advised a reduction in the overall size of the
public investment programme and greater emphasis on the
preservation of peru's export potential.
    The report said that although the government had succeeded
in cutting inflation 50 pct a year in the first half of 1985 to
under 70 pct, its stabilisation and reactivation programme was
encountering increasing difficulties.
    "an early renewal of inflationary pressures, linked to
monetary expansion, exchange rate devaluation and an easing of
price controls, appears not improbable," it added.

3;
bodyend
documentend
documentstart
3352
topicstart
gnp
topicend
bodystart
2;

MINISTERS FEEL EC FORECASTS TOO PESSIMISTIC


    BRUSSELS, March 9 - 
European Community finance ministers
discussed the economic outlook for the 12-nation bloc and many
said a recent gloomy forecast by the EC Commission was too
pessimistic.
    The Commission, the EC's executive authority, two weeks ago
cut its forecast for economic growth in the Community to 2.3
per cent for this year from 2.8 per cent predicted last autumn.
    It said economic prospects had been less promising over the
past few months because of a sharp fall in the value of the
dollar and a slowing of world trade -- factors which would
restrain Community exports.
    But diplomats said several member states, led by West
Germany, Britain and France, felt the forecast was too gloomy,
especially since it was drafted before a recent agreement
between the leading Western economic powers to stabilise
currencies around current levels.
    "Many delegations feel the (Commission's) report is rather
too pessimistic," said Belgian Finance Minister Mark Eyskens,
who chaired the meeting.
    The Commission, which slashed its growth forecast for West
Germany to two per cent from 3.2 per cent, has made clear it
feels Bonn has room to introduce additional measures to
stimulate its economy that would benefit the rest of Europe.
    But two top German officials, State Secretaries Otto
Schlecht and Hans Tietmeyer, told reporters Bonn saw no need at
the moment for action to bolster the EC's biggest economy.
    The diplomats said they were backed by Britain and France,
while Italy, Greece and Denmark supported the Commission's view
that Bonn should bring in new measures to aid EC growth.
3;
bodyend
documentend
documentstart
3353
topicstart
instal-debt
topicend
bodystart
2;

U.S. CONSUMER CREDIT ROSE 536 MLN DLRS IN JAN


    WASHINGTON, March 9 - 
U.S. consumer instalment credit rose
a seasonally adjusted 536 mln dlrs in January after a revised
rise of 144 mln dlrs in December, the Federal Reserve Board
said.
    The annual rate of growth in January was 1.1 pct, up from
0.3 pct in December. Previously the Fed said consumer credit
rose 105 mln dlrs in December.
    Among the credit categories, auto credit fell in January to
1.02 billion dlrs from 2.06 billion dlrs in December, the Fed
said.
    Revolving credit in January fell by 366 mln dlrs after
rising by 552 mln dlrs in December.
    Mobile home credit was up by 130 mln dlrs after falling by
21 mln dlrs in December.
    The category referred to as "other," covering bank and credit
union loans, fell by 250 mln dlrs in January after declining by
2.44 billion dlrs in December, the Fed said.
    Before seasonal adjustment, consumer credit outstanding
totaled 580.37 billion dlrs at the end of January, compared
with 531.29 billion dlrs at the end of January, 1986.
 Reuter
3;
bodyend
documentend
documentstart
3354
topicstart
crude
topicend
bodystart
2;
******
CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
3356
topicstart
acq
topicend
bodystart
2;

VIACOM 
<
VIA>, NAT'L AMUSEMENTS SEEK FAST MERGER


    NEW YORK, March 9 - 
The chiefs of Viacom International Inc
and 
<
National Amusements Inc> said they met and agreed to work
together to complete the previously announced merger of the two
companies "as expeditiously as possible."
    A spokeswoman for Viacom declined to say if the executives
had set a timetable for closing the deal.
    Viacom last week agreed to be acquired by National
Amusements for a combination of cash and stock with an
estimated value of 53 dlrs a share, or a total of about 3.4
billion dlrs.
3;
bodyend
documentend
documentstart
3358
topicstart
grain
corn
wheat
rice
topicend
bodystart
2;

ASCS BUYS PROCESSED PRODUCTS FOR DOMESTIC USE


    KANSAS CITY, March 9 - 
The Agricultural Stabilization and
Conservation Service (ASCS) bought 25.7 mln pounds of wheat
flour at a cost of 2.8 mln dlrs for domestic shipment April
1-15 and April 16-30, an ASCS spokesman said.
    ASCS also bought 11.1 mln pounds of bakers flour for 1.1
mln dlrs, 1.9 mln pounds of pasta for 408,258 dlrs, 1.4 mln
pounds of processed cereal products for 304,043 dlrs, 4.8 mln
pounds of corn products for 474,944 dlrs, and 16.3 mln pounds
of milled rice for 2.0 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3359
topicstart
earn
topicend
bodystart
2;
******
GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
3360
topicstart
interest
topicend
bodystart
2;

BANK BOARD SAYS MORTGAGE RATES DOWN IN FEBRUARY


    WASHINGTON, March 9 - 
The Federal Home Loan Bank Board said
interest rates on both fixed rate and adjustable rate home
mortgage loans were down substantially in early February.
    The bank board said the average effective commitment rate
for fixed mortgages with a maturity of at least 15 years for
new home purchases dropped to 9.54 pct in early February, a 30
basis point decline from early January.
    The commitment rate on adjustable rate mortgages declined
by 16 basis points in the same period bringing the average rate
to 8.5 pct, the bank board said.
    The average effective interest rate on all loans closed by
major lenders declined 27 basis points from early January to
9.26 pct in early February, the lowest rate since March 1978,
the bank board said.
    The average effective rate for fixed mortgages was was 9.51
pct, down 30 basis points from the early January level. The
average effective rate for adjustable rate mortgages declined
22 basis points to 8.61 pct, the bank board said.
 Reuter
3;
bodyend
documentend
documentstart
3362
topicstart
topicend
bodystart
2;
******
S/P MAY DOWNGRADE 6.6 BILLION DLRS OF CHRYSLER DEBT DUE TO PLANNED AMC PURCHASE

Blah blah blah.
3;


bodyend
documentend
documentstart
3363
topicstart
acq
topicend
bodystart
2;
******
NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY

Blah blah blah.
3;


bodyend
documentend
documentstart
3364
topicstart
crude
topicend
bodystart
2;

API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS


    NEW YORK, March 9 - 
American Petroleum Institute President
Charles DiBona said no options should be rejected to combat 
growing U.S. dependence on foreign oil.
    "No action should be ruled out--import fees or quotas,
floor prices, tax incentives or other alternatives--while a
national dialogue on the issue continues," DiBona said at a 
paper institute conference in New York today.
    DiBona said there is no unanimity within the industry on
how to stimulate energy production but there is consensus on
removing several government policies that hinder investments in
new prospects.
    DiBona said the windfall profit tax should be abolished
immediately and current proposals for increased environmental
regulations on acid rain and waste disposal should be not
adopted. He also suggested that the Arctic National Wildlife
Refuge in Alaska should be opened up for leasing to oil
companies, DiBona said.
    "This is a battle the industry cannot afford to lose if the
nation is to continue to benefit from Alaskan oil," DiBona
said. Since 1986 U.S. oil production has fallen while
consumption rose and that has raised dependence on imported
oil, particularly from OPEC, DiBona said.
   
 Reuter
3;
bodyend
documentend
documentstart
3365
topicstart
interest
topicend
bodystart
2;
******
U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
3367
topicstart
acq
topicend
bodystart
2;

NATIONAL DISTILLERS 
<
DR> CLOSES ALMADEN SALE


    FARMINGTON Conn., March 9 - 
National Distillers and
Chemical Corp said it completed the sale of Almaden Vineyards
Inc to Heublein Inc for about 128 mln dlrs.
    Heublein, a former subsidiary of RJR Nabisco Inc 
<
RJR>, was
recently acquired by 
<
Grand Metropolitan PLC>.
    Almaden, based in San Jose, Calif., makes and sells table
wines, champagnes and brandies as well as some premium wines
under the Charles Lefranc Cellars label.
 
 Reuter
3;
bodyend
documentend
documentstart
3369
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE CHRYSLER 
<
C>


    NEW YORK, March 9 - 
Standard and Poor's said it placed 6.6
billion dlrs of Chrysler Corp securities on CreditWatch with
negative implications because of its plan to acquire the
outstanding common shares of American Motors Corp 
<
AMO> from
Renault Acceptance BV for about two billion dlrs.
    Among the ratings under review is Chrysler's BBB grading
for senior debt. The AMC purchase is larger and riskier than
current ratings anticipate, but any downgrade would be small
and Chrysler would remain investment grade, S and P said.
    American Motors's CCC preferred stock rating was also added
to CreditWatch, but with positive implications.
    Standard and Poor's said that, in return for its two
billion dlr investment, Chrysler would be receiving a business
with questionable prospects.
    "The Jeep line is a worthwhile extension for Chrysler's
product line, but the presumed price seems hard to justify. The
additional production facilities inlcude both modern and
antiquated plant, all of which will add to Chrysler's fixed
overhead and increase its breakeven point at a time that the
industry faces a glut of automaking capacity.
    "Chrysler will be challenged to integrate these facilities
and the distribution network it is acquiring," S and P said.
 Reuter
3;
bodyend
documentend
documentstart
3370
topicstart
acq
topicend
bodystart
2;
******
CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF

Blah blah blah.
3;


bodyend
documentend
documentstart
3371
topicstart
interest
topicend
bodystart
2;

U.S. BILL AUCTION RATES AVERAGE 5.63, 5.59 PCT


    WASHINGTON, March 9 - 
The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.63
pct, with a 5.59 pct rate on six-month bills.
    These rates compared with averages of 5.47 pct for the
three- and 5.51 pct for the six-month bills sold last week.
    The bond-equivalent yield on three-month bills was 5.81
pct. Accepted bids ranges from 5.61 pct to 5.64 pct and 29 pct
of the bids at the high, or stopout rate, were taken. For six
months, the yield was 5.85 pct and the bids ranges from 5.56
pct to 5.60 pct with 30 pct of the bids accepted.
    The Treasury said it received 30.9 billion dlrs of bids for
the three-month bills, including 1.0 billion dlrs in
non-competitive bids from the public. It accepted 6.6 billion
dlrs of bids, including 2.2 billion dlrs from the Federal
Reserve and 9.1 mln dlrs from foreign and international
monetary authorities.
    Some 25.7 billion dlrs in bids for six-month bills were
received, including 785 mln dlrs in non-competitives. The
Treasury accepted 6.6 billion dlrs, including 1.9 billion dlrs
from the Fed and 942 mln dlrs from foreign and international
authorities.
    The average price for the three-month bills was 98.577 and
prices ranged from 98.574 to 98.582.  The average price for the
six-months bills was 97.174, and prices ranged from 97.169 to
97.189.
    The average yield on the three-month bills was the highest
since 5.66 pct on Feb 17. The average yield on the six-month
bills was the highest since 5.70 pct on Feb 17.
 Reuter
3;
bodyend
documentend
documentstart
3372
topicstart
acq
topicend
bodystart
2;

CANADA MULLING SELLING PETRO-CANADA - MULRONEY


    OTTAWA, March 9 - 
Prime Minister Brian Mulroney said the
government was considering selling Petro-Canada and the sale
would proceed if it were in the national interest to do so.
    Mulroney told the House of Commons assets of the huge oil
company would be examined before a decision was made, just as
other state-run companies were studied before being sold under
Ottawa's privatization program.
    "The government is going to examine assets of this nature
to ascertain if they continue to play an appropriate role in
public policy and we will make a determination as we have in
other cases," Mulroney told the daily question period.         
    Asked by opposition members to clairify Finance Minister
Michael Wilson's statement on Friday that Petro-Canada no
longer has any pubilic policy role, Mulroney said his
government has long promised to sell off companies that could
be better run by the private sector.
    Outside the House, Energy Minister Marcel Masse said
Petro-Canada would be worth between three and four billion dlrs
and, because of the size, could be difficult to sell.
    He also said he would prefer to see Canadians participating
in any privatization, but would not give any details on timing
of a sale.          
 Reuter
3;
bodyend
documentend
documentstart
3373
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE CHRYSLER 
<
C> AND UNITS


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
may downgrade 12 billion dlrs of debt of Chrysler Corp and its
units, including Chrysler Financial Corp.
    It cited Chrysler's proposed acquisition of American Motors
Corp 
<
AMO>. Moody's said it would also review American's B-1
preferred stock for possible upgrade.
    Moody's will assess the effect of the proposed transaction
on Chrysler's capital structure. Under review are the parent's
Baa-1 senior long-term debt, the finance unit's Baa-1 senior
debt, Baa-2 senior subordinated debt and Baa-3 junior
subordinated debt and Chrysler Canada's Baa-1 Eurobonds.
 Reuter
3;
bodyend
documentend
documentstart
3374
topicstart
topicend
bodystart
2;

U.S. COURT LETS CHINESE BOND SUIT DISMISSAL STAND


    WASHINGTON, March 9 - 
The Supreme Court left intact a
ruling that vacated a judgment ordering China to pay 41.3 mln
dlrs for allegedly defaulting on a 1911 loan to finance
construction of a railroad from Peking to Canton.
    The Imperial Government of China issued bonds in 1911 to
help construct a section of the so-called Hukuang railroad in
an agreement with British, German, French and American banks.
    According to court documents, payments on the loan were
made until the mid-1930s, when China was torn by civil war. The
present government, which came to power in 1949, has never
acknowledged the debt.
     Nine U.S. bondholders sued China for repayment of the loan
in 1979, less than a year after the normalization of relations
between Washington and Peking.
    A U.S. District Court in Alabama in 1982 issued a judgment
that the bondholders were entitled to all unpaid interest and
principal on the bonds, totaling 41.3 mln dlrs.
    But a U.S. Court of Appeals last July vacated the award,
ruling that the Chinese government was entitled to sovereign
immunity, and dismissed the lawsuit.
    Supported by the Reagan administration, China argued that
it could not be held liable for a debts involving bonds issued
in 1911 and that it enjoyed absolute immunity.
    The Supreme Court, without comment, declined to hear an
appeal by the bondholders seeking to reinstate their lawsuit.
 Reuter
3;
bodyend
documentend
documentstart
3377
topicstart
acq
topicend
bodystart
2;

NEWS CORP 
<
NWS> COMPLETES PURCHASE OF NEWSPAPER


    NEW YORK, March 9 - 
The News Corp said the South China
Morning Post Ltd of Hong Kong become a wholly-owned subsidiary
March 7 as previously announced.
 Reuter
3;
bodyend
documentend
documentstart
3378
topicstart
acq
topicend
bodystart
2;

RICHMOND HILL
<
RICH>, RIVERHEAD END MERGER TALKS


    FLORAL PARK, N.Y., March 9 - 
Richmond Hill Savings Bank and

<
Riverhead Savings Bank FSB> said they terminated their
previously announced merger negotiations.
    The banks gave no reason for ending the talks, which began
on January 14.
 Reuter
3;
bodyend
documentend
documentstart
3380
topicstart
earn
topicend
bodystart
2;

GENERAL CINEMA 
<
GCN> POOR SEASON LOWERS NET


    CHESNUT HILL, Mass., March 9 - 
General Cinema Corp said
lower attendence at its theatres against last year's record
Christmas season lowered its first fiscal quarter operating
earnings nine pct to 15.9 mln dlrs.
    "While we are not off to as good a start in fiscal 1987 as
we would like, business has picked up in the last few weeks,"
chairman Richard Smith said.
    He said that the company expected net pricing to be higher
and unit volume to improve in the remaining quarters of the
fiscal year.
    The company added that operating earnings in its theatre
unit will be higher in fiscal 1987 if the important summer
season film releases perform well.
    In addition, its other key business, General Cinema
Beverages, is expected to achieve record operating results for
the full year, Smith said.
    The company's superstar video business which rents video
cassettes in supermarkets continues to operate at an expected
loss, the company added.
    General Cinema said the financing costs associated with its
purchase of 3.5 mln Carter Hawley Hale Stores Inc 
<
CHH> shares
for 177.9 mln dlrs, and its 89.7 mln sterling investment in

<
Cadbury Schweppes PLC>, lowered first quarter net.
    But it said the loss was offset by a 2.5 mln dlr gain on
the sale of common shares of Sea-Land Corp, a unit of CSX Corp

<
CSX>.
 Reuter
3;
bodyend
documentend
documentstart
3381
topicstart
acq
topicend
bodystart
2;

CEASARS WORLD 
<
CAW> STUDYING SOSNOFF OFFER


    LOS ANGELES, March 9 - 
Ceasars Wold Inc said its board is
studying the unsolicited and conditional tender offer for all
its common shares at 28 dlrs per share from Martin T. Sosnoff.
    A company spokesman said the board expects to make a
recommendation "shortly", but could not specify a time period.
    Ceasars World Chairman Henry Gluck in a statement urged
shareholders not to take any action with respect to the offer
prior to the board's recommendation.
    Sosnoff made the offer directly to shareholders in a
newspaper advertisement through a company he formed, called MTS
Acquisition Corp. It expires April 3.
 Reuter
3;
bodyend
documentend
documentstart
3382
topicstart
earn
topicend
bodystart
2;

AMERICUS TRUST 
<
BYU> 
<
BYP> INITIAL QTRLY DIV


    NEW YORK, March 9 - 
Americus Trust For Bristol Myers shares
announced an initial dividend of 68.75 cts payable May 12 for
shareholders of record April 3.
 Reuter
3;
bodyend
documentend
documentstart
3383
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE RESORTS INTERNATIONAL 
<
RT>


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
is reviewing the B-2 debt ratings of Resorts International Inc
and of Resorts International Financing Inc for possible
downgrade. Approximately 505 mln dlrs of debt is affected.
    Moody's said the review was prompted by the recent bid by
Donald Trump to acquire control of the company.
    The rating agency said its review is focusing on the
effects the acquisition is likely to have on Resorts
International's leverage and ability to service its debt.
Moody's said Resorts already has a highly leveraged
capitalization.
 Reuter
3;
bodyend
documentend
documentstart
3384
topicstart
acq
topicend
bodystart
2;

UNITED SECURITY 
<
UNSE> TO BUY ROBERT BROWN UNIT


    SAN FRANCISCO, March 9 - 
United Security Financial Corp of
Illinois said it has signed a letter of intent to buy Robert
Co. Brown and Co Inc's 
<
RCBI> MAGIC Insurance Group unit.
    Robert C. Brown and Co would receive newly issued United
Security stock. United Security said it is anticipated that
such stock would represent a substantial majority of the shares
outstanding after the merger.
    United Security's principal subsidiary is United Security
Life Insurance Co of Illinois. The MAGIC Group owns Pilgrim
Life Insurance Co of America and Middle Atlantic Life Insurance
Co.
 Reuter
3;
bodyend
documentend
documentstart
3385
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE CAESARS 
<
CAW> AND UNIT


    NEW YORK, March 9 - 
Moody's Investors Service Inc said it
may downgrade 215 mln dlrs of debt of Caesars World Inc and its
unit Caesars World Finance Corp.
    Moody's said the review was prompted by the recent bid by
investor Martin Sosnoff to acquire control of the company.
While Sosnoff's bid depends on several factors, including
licensing by both the Nevada and New Jersey gaming commissions,
the deal could result in a significant increase in Caesars
World's leverage, the rating agency said.
    Caesars currently carries B-1 convertible debt and the
finance has same-rated subordinated debentures.
 Reuter
3;
bodyend
documentend
documentstart
3386
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS LOADING AT PORTLAND


    PORTLAND, March 9 - 
There were three grain ships loading
and two ships were waiting to load at Portland, according to
the Portland Merchants Exchange.
 Reuter
3;
bodyend
documentend
documentstart
3387
topicstart
acq
topicend
bodystart
2;

WARRINGTON SELLS SHOE DIVISIONS


    MONTREAL, March 9 - 
(Warrington Inc) said it sold its shoe
divisions to Montreal-based (Taurus Footwear Inc) for
undisclosed terms.
    The divisions manufacture and distribute Greb, Hush
Puppies, Kodiak, and Santana brand shoes and had revenues of
about 69 mln dlrs last year, Warrington said. It said the sale
of the shoe divisions and the previous sale of its ski boot
businesses will result in an unspecified net gain.
    Warrington said it plans to concentrate on its Canstar
Sports Group Inc skate and athletic footwear division, the
largest ice skate manufacturer and distributor in the Western
world.
    Warrington said it decided to rationalize the balance of
its ski businesses, which is expected to result in a divestment
loss which could outweigh the net gains on the sales of its
shoe and ski boot divisions.
    Taurus said the acquisition is expected to increase its
annual sales to about 100 mln dlrs and make it Canada's largest
footwear manufacturer.
 Reuter
3;
bodyend
documentend
documentstart
3389
topicstart
crude
topicend
bodystart
2;

DUPONT 
<
DD> UNIT RAISES CRUDE OIL PRICES


    NEW YORK, March 9 - 
Conoco Inc, a subsidiary of DuPont
Corp, said it was increasing its contract prices for crude oil
between 10 cts and one dlr a barrel, effective today.
    Conoco said the increase brings its price for the U.S.
benchmark crude West Texas Intermediate to 17.50 dlrs a barrel,
up one dlr.
    South Louisiana Sweet, also up one dlr, is now 17.85 dlrs.
West Texas Sour was up 10 cts to 16.60 dlrs a barrel.
    Conoco was the last company to raise prices following a
series of increases initiated last week by Sun Co 
<
SUN>, which
reversed the posted price cuts made at the end of February.
 Reuter
3;
bodyend
documentend
documentstart
3390
topicstart
grain
topicend
bodystart
2;

CBT DISCUSSES MAJOR CHANGES FOR RENOVATION


    By Brian Killen, Reuters


    CHICAGO, March 9 - 
Chicago Board of Trade (CBT)
agricultural and financial futures markets could be in for a
period of major upheaval later this year if the exchange goes
ahead with planned renovation.
    A CBT spokesman told Reuters the exchange was looking at a
number of options to identify the most cost effective and
efficient way to proceed, including one which would involve
moving the entire grains floor out of the building and into the
nearby MidAmerica Commodity Exchange.
    "One of (CBT Chairman) Karsten Mahlmann's agenda items has
been to proceed with renovation in the financial futures room,"
the spokesman said.
    Another CBT official, executive vice president George
Sladoje, said the issue would be discussed this Friday at a
special meeting on the exchange floor.
    A number of presentations have been made with regard to
renovating the financial futures room, Sladoje said. "We've
looked at five or six different alternatives, involving such
things as flip-flopping the trading rooms," he added.
    It is conceivable that under a couple of these plans, we
might use the MidAmerica Exchange temporarily for some CBT
markets, Sladoje said.
    "If we move out of one floor entirely, then the
construction period will be about a year," he said, adding that
the issue was likely to go to a membership vote first and then
be on the drawing board for eight months to a year.
    The CBT spokesman stressed that discussions were very
preliminary at this stage and nothing was likely to begin until
this summer at the earliest.
    In order to renovate the crowded financial futures pits,
exchange officials have discussed providing them a temporary
home next door in the present grains-dominated area.
    This could involve moving CBT markets in U.S. Treasury Bond
futures, Treasury Notes, Muni-bonds, and options on T-Bonds and
T-Notes through an adjoining corridor, while utilizing the
MidAmerica floor for such CBT futures contracts as corn, wheat,
soybeans, soybean products and agricultural options.
    Any such moves could meet with opposition among some CBT
members.
    One senior floor trader said the financial futures room
badly needs renovating.
    "There is talk the grains floor will shift to the MidAm and
the financials will move to the grains area," he said.
    The CBT spokesman said another option being discussed was
to renovate the financial floor in quadrants, one quarter at a
time. "The first step, after deciding the most effective way to
proceed, would be to get architectural and engineering
drawings," he said.
    He added that it was difficult at present to determine an
exact time frame for any possible moves. "This is a major
undertaking and a process that would spread out over next
year," he said.
    Floor traders at the MidAmerica Commodity Exchange, which
merged with the CBT about a year ago, said they were preparing
to vacate their floor at the end of this month.
    Space has recently been cleared for them at the CBT by
moving its Major Market Index pit into the area once reserved
for lightly-traded CBT gold and silver futures, which now share
their trading area.
    The MidAm specializes in mini-contracts in grains,
livestock, metals, financials and foreign currencies as well as
some options contracts.
    "Rumor has it that the CBT grains are coming over here
because the bonds are too crowded," one MidAm trader said.
    Another source at the MidAm said this change could take
place by July or August.
 Reuter
3;
bodyend
documentend
documentstart
3392
topicstart
topicend
bodystart
2;

PIEDMONT 
<
PIE> PREFERRED MAY BE CUT BY S/P


    NEW YORK, March 9 - 
Standard and Poor's Corp said it may
cut Piedmont Aviation Inc's BBB-minus preferred stock because
of USAir Group Inc's 
<
U> proposed acquisition of the airline.
    While the combination would strengthen both airlines'
market position and enhance revenue generating capability,
USAir Group would require substantial debt to finance the 1.6
billion dlr acquisition, S and P said.
    USAir's balance sheet and cash flow support of debt, among
the strongest in the industry, would be weakened by financing
all-cash acquisitions of Piedmont and PSA Inc. USAir's A-rated
senior debt is already on S/P watch for possible downgrade.
 Reuter
3;
bodyend
documentend
documentstart
3394
topicstart
acq
topicend
bodystart
2;

GROUP SEEKS PRIME MEDICAL 
<
PMSI> HOLDER LIST


    WASHINGTON, March 9 - 
A group of investment firms led by
Far Hills, N.J., investor Natalie Koether said it is seeking
information about the shareholders of Prime Medical Services
Inc, over which it has said it is seeking control.
    In a filing with the Securities and Exchange Commission,
the group, which includes Shamrock Associates, included a March
6 letter to Prime which asks for a complete list of all
shareholders and their addresses.
    The group said it wants the information so it can contact
shareholders on issues, including election of an opposition
slate of directors to the board and other proxy contests.
    The Koether group's letter gives the company five days to
respond to its request. If there is no response from Prime
Medical, the group said it would consider the demand refused
and would take "other proper steps" to get the information.
    The group said it already holds 1,483,886 Prime Medical
shares, or 17.5 pct of the total. It said it has taken legal
action to try to force the company to set an annual meeting and
require all directors to stand for election.
    In a previous SEC filing, the group has said it has decided
to try to seek control of Prime Medical through a tender offer,
exchange offer, proxy contest or other ways.
 Reuter
3;
bodyend
documentend
documentstart
3395
topicstart
acq
topicend
bodystart
2;

<
GRAND METROPOLITAN PLC> UNIT TO SELL BUSINESS


    MONTVALE, N.J., March 9 - 
Grand Metropolitan PLC said its
Grandmet USA Inc unit decided to sell its physical fitness and
exercise equipment business.
    The company said Morgan Stanely and Co Inc is advising it
on the sale of the business.
 Reuter
3;
bodyend
documentend
documentstart
3396
topicstart
acq
topicend
bodystart
2;

CHRYSLER 
<
C> AMC BUYOUT VALUED AT 1.55 BILLION


    By Richard Walker, Reuters


    DETROIT, March 9 - 
Chrysler Corp's proposed acquisition of
American Motors Corp is valued at about 1.55 billion dlrs,
including the cost of acquisition and the 767 mln dlrs in
American Motor' debt that Chrysler will assume, analysts said.
    They said Chrysler's cost of acquisition was valued at  782
mln dlrs, paid in cash, notes and Chrysler shares.
    The analysts told Reuters that at a New York briefing
Chrysler treasurer Fred Zuckerman outlined his company's
agreement with Renault to assume AMC's debt as well as 332 mln
dlrs in unfunded pension liabilities, though the latter is not
included valuing the transaction.
    Analysts were generally positive on Chrysler's proposed
purchase of its much-smaller rival, but said they expected the
transaction would carry with it a short-term dilution in
Chrysler's earnings.
    A Chrysler financial source, speaking anonymously, told
Reuters that the proposed purchase price was smaller than it
would have been had a deal been struck last year because the
impact of the new U.S. tax law removes Chrysler's ability to
assume AMC's large reserve of tax-loss carryforwards
accumulated from its losses since 1980.
    "There were very serious discussions last fall but we
didn't pull it off," the source said in a reference to the
assassination in November of former Renault chairman Georges
Besse.
    "It's too bad because the tax benefits fell on the floor.
And Renault could have gotten a much better price if we'd done
it before the end of last year."
    In addition to AMC's debt and its pension liabilities, the
source said Chrysler would also assume any liability from
lawsuits over the safety of Jeeps, which he called "an overhang
to the company."
    Analysts quoted Chrysler officials as having told them that
the deal includes payment to Renault of 200 mln dlrs principal
in the form of a 10-year note at eight pct interest, 35 mln
dlrs cash for Renault's equity in AMC's finance subsidiary, 25
mln dlrs in cash for "transaction fees" in connection with the
acquisition and 522 mln dlrs worth of Chrysler stock to be paid
AMC shareholders.
    "The big number is the 767 mln dlrs in debt assumption,"
analyst Jack Kirnan of Kidder Peabody and Co told Reuters.
     Moody's Investors Service Inc said it may downgrade 12
billion dlrs of Chrysler Corp and unit debt due to the deal.
     But the Chrysler source said that in assuming AMC's
liabilities, his company will refinance at a lower rate any AMC
debt that is being carried at "non-market" rates.
    He said there were difficulties in negotiating with the
previous Renault management on the acquisition because they
were committed to the group's business plan of which AMC was an
integral part.
    "The new management didn't have that problem - AMC wasn't
their baby," he said.
 Reuter
3;
bodyend
documentend
documentstart
3397
topicstart
topicend
bodystart
2;

BANKS TO MULL PHILIPPINE DEBT PROPOSAL


    NEW YORK, March 9 - 
The Philippines' bank advisory
committee meets tomorrow to discuss its response to a novel
proposal by finance minister Jaime Ongpin to pay part of the
country's interest bill with investment notes instead of cash,
bankers said.
    Ongpin outlined his plan today to the 12-bank advisory
committee headed by Manufacturers Hanover Trust Co.
    Bankers declined to comment on today's meeting but said the
panel's response could be crucial to the fate of the talks,
which are now in their second week. "The ball's in our court
now," one banker on the committee said.
    Under Ongpin's rescheduling plan, the Philippines would
offer to make interest payments in cash at 5/8 pct over the
London Interbank Offered Rate.
    Banks which found this rate unacceptably low would be
offered an alternative of LIBOR payments in cash plus a margin
of one pct in the form of Philippine Investment Notes, PINs,
bankers explained.
    These tradable, dollar-denominated zero-coupon notes would
have a maturity of six years, but they would be redeemable at
any time at par for pesos to fund investments approved as part
of the government's debt-equity scheme.
    Because banks would be able to sell the PINs to
multinational investors at relatively small discounts to face
value, their total yield would be boosted well above the 5/8
pct cash margin, according to the Philippine proposal.
    Although bankers are eager to foster foreign investment in
the Philippines, the PINs idea is likely to run into stiff
resistance by at least some members of the bank advisory
committee because it would establish the precedent of some
interest payments being made with paper rather than cash.
    Ongpin has said that U.S. regulators and accountants had
given a green light to his idea, but bankers are not so sure.
    U.S. bankers fear that they would not be able to account
for the notes in the same way as accruing cash interest
payments and that their profits would suffer accordingly.
    If the banks reject the proposal out of hand, however, they
run the risk of scuttling the talks, for Ongpin has insisted
that he would not accept a margin above 5/8 pct.
    The Phillipines is asking the banks to reschedule 3.6
billion dlrs of debt falling due between 1987 and 1992 and to
grant easier terms on 5.8 billion dlrs of previously
restructured debt.
 Reuter
3;
bodyend
documentend
documentstart
3399
topicstart
acq
topicend
bodystart
2;

WASHINGTON NAT'L 
<
WNT> BUYS UNITED PRESIDENTIAL


    EVANSTON, Ill., March 9 - 
Washington National Corp's
Washington National Insurance Co said it bought the remaining
15 pct of United Presidential Corp's 
<
UPCO> outstanding shares
at 19 dlrs a share cash.
    The acquisition of the shares is part of a plan of exchange
approved by United Presidential shareholders at a special
meeting March 6.
    The purchase of the remaining United Presidential stake
follows Washington National's buying 85 pct of United
Presidential in a 19 dlrs a share tender offer which terminated
December 12.
 Reuter
3;
bodyend
documentend
documentstart
3400
topicstart
acq
topicend
bodystart
2;

CONAGRA 
<
CAG> COMPLETES MERGER WITH TRIDENT


    OMAHA, Neb., March 9 - 
Conagra Inc said it completed the
merger of its Sea-Alaska Products Co unit and 
<
Trident Seafoods
Corp.>
    Conagra said the new company, in which it holds a 45 pct
stake, will be called Trident Seafoods Corp. Charles Bundrant,
president of Trident before the merger, was named president of
the new company, Conagra said.
    Conagra said it also completed the previously announced
acquisition of 
<
Bristol Monarch Corp> and that Trident
completed the purchase of the remaining 50 pct stake of 
<
San
Juan Seafoods Inc.>
 Reuter
3;
bodyend
documentend
documentstart
3401
topicstart
grain
wheat
corn
topicend
bodystart
2;

MARKET DISCOUNTS HIGHER SOVIET GRAIN IMPORTS


    CHICAGO, MARCH 9 - 
Grain analysts said the increase of
three mln tonnes in 1986/87 Soviet grain imports is unlikely to
affect the market Tuesday.
    They said the market already has discounted higher Soviet
imports, partly on news last month that the Soviet Union bought
one mln tonnes of U.S. corn, and on rumors that the Reagan
administration is pushing for authority to sell the Soviets
U.S. wheat under the Export Enhancement Program.
    In its supply-demand report, the USDA raised its estimate
for 1986/87 Soviet grain imports to 26 mln tonnes from 23 mln.
    "That was business already done, for all practical
purposes," said Drexel Burnham analyst Dale Gustafson,
reflecting similar statements made by other analysts.
 Reuter
3;
bodyend
documentend
documentstart
3405
topicstart
earn
topicend
bodystart
2;

<
ATCO LTD> SEES GAIN FROM SALE


    CALGARY, Alberta, March 9 - 
Atco Ltd said its Atco
Development unit agreed to sell the Canadian Utilities Center
in Edmonton, Alberta and the Canadian Western Center in
Calgary.
    The sales, together with the previously-announced sale of
Atco's Australian operations, will gross 114 mln dlrs and
result in an after-tax gain of 31 mln dlrs, which will be
reflected in Atco's fiscal year results.
    Its fiscal year ends March 31, the company said. In
addition, the sales will produce 47 mln dlrs cash after debt
reduction of 67 mln dlrs, Atco said.
 Reuter
3;
bodyend
documentend
documentstart
3406
topicstart
acq
topicend
bodystart
2;
******
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY

Blah blah blah.
3;


bodyend
documentend
documentstart
3409
topicstart
acq
topicend
bodystart
2;

BANCROFT 
<
BCV> FILES SUIT AGAINST ZICO


    NEW YORK, March 9 - 
Bancroft Convertible Fund Inc said it
filed a lawsuit in federal court in Newark, N.J., seeking to
block a hostile 30 dlr a share takeover offer by 
<
Zico
Investment Holdings Inc.>
    Bancroft said the suit also names Michael B. Javett,
principal officer of Zico, and First Fidelity Bancorp's 
<
FFB>
First Fidelity Bank unit, the depositary for Zico's offer.
    Bancroft said the suit also names 
<
Georgeson and Co Inc>,
Zico's information agent, and 
<
Luthie Intercontinentale Inc>, a
Panamanian corporation.
    Bancroft said its complaint alleges that Zico's tender
offer materials include false and misleading information and
that the offer violates the Investment Company Act of 1940.
    The company said its stockholders approved proposals that
will insure that it remains independent.

 Reuter
3;
bodyend
documentend
documentstart
3411
topicstart
gnp
cpi
money-fx
topicend
bodystart
2;

WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN


    By Paul Iredale, Reuters


    LIMA, March 9 - 
A confidential World Bank report on the
Peruvian economy has said the government's strategy does not
offer good prospects for medium and long-term growth and is
likely to lead to an early renewal of inflationary pressure.
    The report, published today by the economic monthly, The
Peru Report, said the success of president Alan Garcia's
government in stimulating output last year to achieve a growth
in gross domestic product of over eight pct "represents gains in
the short term at the expense of the long."
    Government officials had no immediate comment on the
report, which advised a reduction in the overall size of the
public investment program and greater emphasis on the
preservation of Peru's export potential.
    The report said that although the government had succeeded
in cutting inflation from 250 pct a year in the first half of
1985 to under 70 pct, its stabilisation and reactivation
program was encountering rising difficulties.
    "An early renewal of inflationary pressures, linked to
monetary expansion, exchange rate devaluation and an easing of
price controls, appears not improbable," it added.
    The world bank report said the government's policies had
reduced inflation and short-term increases in consumption at
the apparent cost of price distortions, overvaluation of the
currency, balance of payments disequilibrium, reserve losses,
and sharply diminished creditworthiness.
    It said unless the government took action quickly to fix a
competitive exchange rate and control the public sector
deficit, "the higher the probability will be that the government
will eventually have to resort to drastic curtailment of
domestic demand and either sharp devaluation or still further
controls on imports in order to stem inflation and support the
balance of payments."
    It said the bank would place more emphasis on the
preservation of peru's export potential, external links and
overall economic efficiency.
    The government's incentive policies towards the mining and
petroleum sectors, among its main traditional exports,
suggested that it did not accord high priority to their
economic viability, it added.
 Reuter
3;
bodyend
documentend
documentstart
3413
topicstart
acq
topicend
bodystart
2;

LINDNER SAYS HE DISCUSSED CONTROL OF TAFT 
<
TFB>


    WASHINGTON, March 9 - 
Financier Carl Lindner, who holds a
16.2 pct stake in Taft Broadcasting Co, told the Securities and
Exchange Commission he has discussed with the company the
possibility of seeking control of it.
    Lindner, the Cincinnati, Ohio, investor who controls
American Financial Corp, said his talks with some of Taft's
managers and directors have been aimed at "achieving an
increased ownership position" in the company.
    Lindner said his increase in ownership would be made either
by making an offer to acquire control of Taft or taking part in
a group to acquire the company.
    Lindner, who holds his Taft stake through American
Financial and its subsidiaries, said he is also considering
buying more Taft stock on the open market or in private deals.
    He did not say whether the talks with Taft officials led to
any agreements or understandings.
    But Lindner said he intends to review his investment in
Taft and may be involved in further talks or take other steps
regarding the future control and direction of Taft.
    Lindner's investor group recently raised its Taft stake to
1,489,298 shares, or 16.2 pct from 1,439,498 shares, or 15.6
pct, after buying 49,800 shares for a total of 5.8 mln dlrs.
    Although he recently received clearance from the Federal
Trade Commission to raise his stake in the company to 24.9 pct,
Lindner in previous SEC filings has always stressed that his
interest in Taft was for investment only and not was not
seeking to control the company.
    An investor group headed by members of the wealthy Bass
family of Fort Worth, Texas, also holds about 24.9 pct of
Taft's common stock.
 Reuter
3;
bodyend
documentend
documentstart
3415
topicstart
acq
topicend
bodystart
2;

INVESTORS SET DEADLINE FOR JAPAN FUND 
<
JPN>


    NEW YORK, March 9 - 
An investor group that includes T.
Boone Pickens III said it set a deadline of 1600 EST on March
11 for its offer to acquire Japan Fund Inc.
    The group, which also includes 
<
Sterling Grace Capital
Management Inc LP> and 
<
Anglo American Security Fund LP>, said
it was willing to deposit in escrow 100,000 Japan Fund shares,
worth about two mln dlrs, to insure its ability to obtain
financing if Japan Fund approves its offer.
    The group said Japan Fund has not responded to its offer,
worth about 525 mln dlrs at current market prices.
 Reuter
3;
bodyend
documentend
documentstart
3416
topicstart
acq
topicend
bodystart
2;

INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION 
<
SYMB>


    WASHINGTON, March 9 - 
A group of affiliated firms led by
Warburg, Pincus Capital Co L.P., a New York venture capital and
investment partnership, said it has acquired 1,920,527 shares
of Symbion Inc, or 25.5 pct of the total outstanding.
    In a filing with the Securities and Exchange Commission,
the Warburg Pincus group said it bought the stake for
investment purposes.
    Although the group said it is considering buying more
shares of Symbion, it said it has no plans to seek control of
the company.
 Reuter
3;
bodyend
documentend
documentstart
3417
topicstart
acq
topicend
bodystart
2;

OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN
<
HASR>


    WASHINGTON, March 9 - 
Kindness N.V., a Bahamas-based firm
owned by U.K. investor and Bahamas resident John Templeton,
said it has acquired 137,900 shares of Hausereman Inc, or 5.9
pct of the total outstanding common stock.
    In a filing with the Securities and Exchange Commission,
Templeton said he bought the shares for investment purposes
only and has no intention of seeking control of the company.
 Reuter
3;
bodyend
documentend
documentstart
3418
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRMS UP STAKE IN MCGILL MFTG 
<
MGLL>


    WASHINGTON, March 9 - 
A group of affiliated investment
firms led by Bermuda-based Fidelity International Ltd and
Boston-based FMR Corp, told the Securities and Exchange
Commission it raised its stake in McGill Manufacturing Co Inc.
    The group said it raised its stake to 88,580 shares, or 6.2
pct of the total outstanding common stock, after buying 14,135
McGill common shares between Jan 19 and March 2 at prices
ranging from 33.57 to 34.57 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
3419
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
3420
topicstart
earn
topicend
bodystart
2;

CTS 
<
CTS> INCREASES 1986 LOSS


    ELKHART, Ind., March 9 - 
CTS Corp said it increased its
1986 loss from continuing operations to 26.6 mln dlrs from the
previously announced 23.8 mln dlrs loss.
    The 1986 figure was increased to include expenses involved
with its settlement of a dispute with Dynamics Corp of America

<
DYA>.
    The settlement involved a takeover bid for CTS by Dynamics
Corp, which had offered to buy the shares of CTS that it did
not already own.
    CTS made a profit of 7.9 mln dlrs from continuing
operations in 1985.
    CTS said it charged an additional 2.8 mln dlrs in special
expenses to its 1986 operations as a result of the Dynamics
Corp settlement.
    The additional expenses include the obligation to reimburse
Dynamics Corp, subject to approval of CTS shareholders, a total
of 2.1 mln dlrs for Dynamics Corp's expenses and other costs
relating to CTS.
 Reuter
3;
bodyend
documentend
documentstart
3421
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

U.S. INTERVENED TO AID DLR IN JANUARY, FED SAYS


    NEW YORK, March 9 - 
U.S. authorities intervened in the
foreign exchange market to support the dollar on one occasion
during the period between the start of November 1986 and the
end of January, the Federal Reserve Bank of New York said in a
report.
    The Fed's quarterly review of foreign exchange operations
said that the U.S. bought 50 mln dlrs through the sale of yen
on January 28. This operation was coordinated with the Japanese
monetary authorities and was funded equally by the Fed and the
U.S. Treasury.
    The Fed's intervention was on the morning after president
Reagan's State of the Union message and was "in a manner
consistent with the joint statement" made by U.S. Treasury
secretary James Baker and Japanese finance minister Kiichi
Miyazawa after their January 21 consultations.
    At that meeting, the two reaffirmed their willingness to
cooperate on exchange rate issues.
    The Fed's report did not say at what level the intervention
occurred. But on January 28, the dollar closed at 151.50/60 yen
after dipping as low as 150.40 yen earlier in the session. It
had closed at 151.05/15 yen the previous day.
    The dollar had plumbed a post-World War II low of 149.98
yen on January 19 and reached a seven-year low of 1.7675 marks
on January 28. It ended that day at 1.7820/30 marks.
    The Fed noted that, after trading steadily throughout
November and the first half of December, the dollar moved
sharply lower until the end of January.
    It closed the three-month review period down more than 11
pct against the mark and most other Continental currencies and
seven pct lower against the yen and sterling. It had fallen
four pct against the Canadian dollar.
    During the final days of January, pressure on the dollar
subsided. Reports of the U.S.-Japanese intervention operation
and talk of an upcoming meeting of the major industrial
countries encouraged expectations for broader cooperation on
exchange rate and economic policy matters, the Fed said.
    Moreover, doubts had developed about the course of U.S.
interest rates. The dollar's swift fall had raised questions
about whether the Fed would let short-term rates ease.
    Thus the dollar firmed to close the period at 1.8320 marks
and 153.70 yen. According to the Fed's trade-weighted index, it
had declined nine pct since the beginning of the period.
    The dollar had risen as high as 2.08 marks and 165 yen in
early November.
    The Fed last intervened in the foreign exchange market on
November 7, 1985 when it bought a total of 102.2 mln dlrs worth
of marks and yen.
    The Fed's action followed the September 1985 Plaza
agreement between the five major industrial nations under which
they agreed to promote an orderly decline of the dollar.
 Reuter
3;
bodyend
documentend
documentstart
3422
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRM RAISES CERTRON 
<
CRTN> STAKE


    WASHINGTON, March 9 - 
Louart Corp, a Los Angeles investment
firm, said it raised its stake in Certron Corp to 237,000
shares, or 7.8 pct of the total outstanding common stock, from
164,000 shares, or 5.4 pct.
    In a filing with the Securities and Exchange Commission,
Louart said it bought 73,000 Certron shares between Sept 9 and
March 6 at a total of 109,315 dlrs a share.
    It said its dealings in Certron were for investment only,
but said it might increase its stake. It said it has no plans
to seek control of the company.
 Reuter
3;
bodyend
documentend
documentstart
3425
topicstart
acq
topicend
bodystart
2;

HOGAN SYSTEMS 
<
HOGN> IN ACQUISITION


    DALLAS, March 9 - 
Hogan Systems Inc said it acquired

<
Systems 4 Inc> of Durango, Colo., for 1.7 mln dlrs.
    Hogan said Systems 4 provides integrated applications
software and processing services to about 30 community banks.
    Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.
 Reuter
3;
bodyend
documentend
documentstart
3429
topicstart
grain
corn
wheat
topicend
bodystart
2;

USSR SEEN LIKELY TO HONOR CORN COMMITMENT


    WASHINGTON, March 9 - 
The Soviet Union will likely honor
its commitment with the United States to buy a minimum of four
mln tonnes of corn this year, an Agriculture Department
official said.
    "They have always honoured the agreement, and there's no
reason now to think they won't this year," he told Reuters.
    "They have an aggressive buying campaign from the European
Community, from Canada, from the U.S. They're active buyers
from all sources at this point," the official said in
explaining why the Department raised its Soviet grain imports
estimate today by three mln tonnes to 26 mln tonnes.
    This is a dramatic shift from just a few months ago when
analysts were saying the USSR might not buy any U.S. corn for
the first time in 15 years.
    A drawdown of corn supplies in China and Argentina, concern
over Soviet winter crops, and increasing competition for U.S.
corn were all cited as possible factors in creating Moscow's
recent interest.
    Lower corn production prospects in some major supplying
countries have stirred activity from big buyers such as Japan,
and the Soviets are also closely watching the situation, the
official said.
    "The Soviets will try to out-capitalize the capitalists"
and buy corn before prices get too high, the official said. "As
soon as they need corn, they'll buy it," he added.
    USDA has confirmed one mln tonnes of corn sold to the
Soviet Union, but both U.S. and Soviet analysts have said the
purchases stand at 1.5 mln tonnes.
    The USDA official would not speculate on when the Soviets
would enter the U.S. market again.
    "There has definitely been an evolving mind set -- from the
situation of slow grain buying a couple months ago to one of
frenetic buying now," the official said.
    However, the situation in wheat is "a different story," he
said. Greater world supplies of wheat, heavier Soviet purchase
commitments and less competitive U.S. wheat prices make Soviet
purchases of U.S. wheat less likely, he said.
    Speculation has continued for several days that the U.S.
is considering making an export bonus wheat subsidy offer to
the Soviets, but U.S. officials have provided no confirmation.

 Reuter
3;
bodyend
documentend
documentstart
3430
topicstart
crude
topicend
bodystart
2;

PICKENS SEES CONTINUED SLUMP IN WORKING RIGS


     DALLAS, March 9 - 
T. Boone Pickens, the Texas oilman and
financier, said he believes the heady days the oil service
industry had in the early 1980s, when over 4,500 oil rigs were
once reported operating, will not return in his lifetime.
     Pickens told Reuters he expects the rig count to drop to
below 600 before recovering. He added that oil prices will
eventually rise to 35 dlrs, then to 50 dlrs after 1990.
     Currently, some 700 oil rigs are operating in the U.S.,
down sharply after oil prices slipped from 30 dlrs in late 1985
to around 10 dlrs in 1986. Prices are now around 18 dlrs. The
highest number of working rigs was 4,500 in December 1981.
     "The rigs won't go back to work until the price of oil
gets above 30 dlrs," he said, adding that while he expects to
see 50 dlr a barrel oil, he does not expect to see 2,000 rigs
operating in his lifetime. Pickens is 58.
     Pickens, who is currently touring the country promoting
his autobiography "Boone," said he does not believe the U.S.
should impose an oil import fee in order to stimulate the
domestic oil industry.
 Reuter
3;
bodyend
documentend
documentstart
3431
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 9 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Angio-Medical Corp - Initial public offering of 1,666,667
units, each consisting of one share of common stock and one
redeemable warrant to buy one share of common stock through
Kean Securities Co Inc.
    ABM Gold Corp - Initial public offering of six mln shares
of Class A common stock at an estimated seven to nine dlrs each
through PaineWebber Inc and Advest Inc.
    COMFED Mortgage Co Inc - Initial public offering of 2.7 mln
shares of common stock at an estimated nine to 13 dlrs a share
through PaineWebber Inc and Bear, Stearns and Co Inc.
    MTech Corp 
<
MTCH> - Offering of 75 mln dlrs of convertible
subordinated debentures due March 15, 2012 through a group led
by Alex. Brown and Sons Inc.
 Reuter
3;
bodyend
documentend
documentstart
3433
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES


    TOKYO, March 10 - 
Finance Minister Kiichi Miyazawa said the
Paris currency accord has contributed to the stability of
exchange rates.
    Miyazawa told a press conference the agreement reached last
month in Paris by six major industrial nations to cooperate in
bringing about currency stability has prevented speculative
concerns from being active in money centres.
    The decision in Paris is being understood by the market, he
said. The yen-dollar exchange rate has been moving in a narrow
range since finance ministers of Britain, Canada, France,
Japan, the U.S. And West Germany reached the accord.
 REUTER
3;
bodyend
documentend
documentstart
3435
topicstart
money-fx
topicend
bodystart
2;

AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION


    SYDNEY, March 10 - 
The Reserve Bank said at 1230 local time
it was offering to buy short-dated government securities in the
short-term money market.
    The bank's action followed its purchase of short-dated
government stock and six-day repurchase agreements earlier in
the session.
    Money market traders said the move was aimed at easing cash
market interest rates which had risen on demand for funds to
meet PAYE tax and treasury note settlement commitments.
 REUTER
3;
bodyend
documentend
documentstart
3438
topicstart
rubber
topicend
bodystart
2;

RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES


    KUALA LUMPUR, March 10 - 
The leaf disease corenes pora,
which has affected some rubber trees in Sri Lanka and
Indonesia, is likely to force a cut in supply and push up
depressed prices, a Malaysian rubber disease researcher said.
    Trees with leaves hit by the fungus disease cannot be saved
and must be felled, Chee Kheng Hoy, Head of the Crop Protection
and Microbiology Division in the Rubber Research Institute of
Malaysia (RRIM), told Reuters.
    He was commenting on a Reuter report which said corenes
pora had hit seven pct of Sri Lanka's plantations and may cause
output to drop below its 1987 target of 143,000 tonnes.
    The report said the Sri Lankan Rubber Research Institute
may ask estates to remove trees seriously affected by the
disease and added that most estates affected belong to the
State Plantations Corp and Janatha Estates Development Board.
    Chee said corenes pora is an old disease which only affects
certain rubber clones in Sri Lanka and Indonesia and that
further use of such clones must be discontinued.
    Clones not resistant to the disease are the Rubber Research
Institute of Sri Lanka clone 103, Indonesia's PPN 2058, 2444,
2447 and PR 265 and Malaysia's RRIM 725, he said.
    Chee said corenes pora affected trees from the RRIM 725
clone planted in Malaysia several years ago but had been curbed
after use of such clones were discontinued.
    Fungicide may be used to curb the disease, which also
affects leaves of 30 other species of plants, but experience
has proven that it is uneconomical and expensive, he added.
    "The disease is extremely difficult to control. If it is not
curbed in the two affected countries their rubber output may
drop and prices can rise," he said.
    He added that the RRIM was aware of the disease outbreak in
Sri Lanka and was monitoring the situation.
 REUTER
3;
bodyend
documentend
documentstart
3439
topicstart
topicend
bodystart
2;

JAPAN AUCTIONS 1,000 BILLION YEN SHORT-TERM PAPER


    TOKYO, March 10 - 
Japan's Finance Ministry auctioned 1,000
billion yen worth of tankoku, six month debt-financing paper,
to roll over previously issued tankoku maturing on March 19, a
spokesman said.
    The last tankoku auction, on February 12, produced a record
low yield of 3.383 pct, reflecting expectation of a half point
cut in Japan's discount rate, he said.
    In the previous auction for 1,000 billion yen, four major
Japanese securities houses took 92 pct of the issue amount in
an attempt to meet strong demand from large institutional
investors, securities managers said.
    Securities managers said they expect the auction to go well
again this time as securities houses will try to expand their
inventories of tankoku on continuing good response from
institutional investors.
    Contrary to a projected low yield on tankoku, short-term
interest rates have been resisting a fall on growing demand for
funds ahead of the March 31 financial year-end, they said.
    The Bank of Japan has been trying to dampen money market
rates to make the latest discount rate cut effective, but so
far in vain, dealers said.
    The auction results will be announced tomorrow.
 REUTER
3;
bodyend
documentend
documentstart
3440
topicstart
ship
topicend
bodystart
2;

SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES


    ZEEBRUGGE, Belgium, March 10 - 
The search continued for a
cargo of poisonous chemical substances loaded on the Herald of
Free Enterprise Ferry which capsized in Zeebrugge harbour
Friday.
    A total of 72 drums of various toxic materials which were
loaded on trucks in the ship's hold have been recovered, but
Belgian authorities warned it was essential to recover a
further 61 containers of a cyanide-based solution.
    A net has been thrown over the gaping loading doors at the
front of the ship to prevent any more drums floating out.
    Salvage workers have moved cranes into place alongside the
wreck of the 7,951 ton roll-on, roll-off ferry which now lies
partly submerged on a sandbank outside the harbour.
    The ferry's owner is 
<
European Ferries Plc>, majority owned
by Peninsular and Oriental Steam Navigation Co Plc 
<
PORL.L>.
    The operation to right the vessel began yesterday after
divers abandoned their search for more bodies. Experts said it
could take months to refloat the ship and free the 80 bodies
estimated to be trapped amid debris.
    "The problem is that in these waters you can normally expect
one working day out of four," said Daan Kaakebeen of Dutch
Salvage experts Smit Tak International of Rotterdam. He
estimated the job itself would require 35 working days.
    Using reinforced cables, salvage experts intend to raise
the ship and set it down into a trench dug alongside.
    Salvage work could pinpoint the exact cause of the loss of
the ferry, one of three sister vessels plying cross-Channel
routes from England to continental Europe.
    Suspicion at present is focused on the ferry's main vehicle
loading doors, set close to water level.
    In London, Transport Secretary John Moore told parliament
yesterday that the ship keeled over after water gushed in
through the bow doors. He said a major government inquiry into
the disaster will be held, all similar ferries sailing from
Britain will be inspected and owners will be asked to fit
lights to give warning if bow doors are not properly closed.
    Experts carrying out tank and computer tests to determine
how the accident occurred will focus attention on the ship's
doors, its ballast system and crew procedures, he added.
    Two other investigations into the disaster have also begun,
one Belgian and one by the ferry's owners.
 REUTER
3;
bodyend
documentend
documentstart
3441
topicstart
trade
topicend
bodystart
2;

SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE


    NEW YORK, March 10 - 
There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
    Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and industries, told a
U.S.-USSR business meeting the Soviet Union produces few items
that western nations want.
    But reforms, including upgrading the quality of goods and
allowing joint ventures with foreign firms, will encourage
modest export gains in future.
    Frolov said the Soviet Union exported 500 mln dlrs worth of
goods to the United States in 1986 and imported 1.5 billion
dlrs worth. He gave no trade forecast for 1987.
    But he said that even if all obstacles were removed, total
trade between the two countries would remain between two and
three billion dlrs a year.
    "The post-detente embargoes have taught the USSR to limit
its trading with the U.S.," he said.
 REUTER
3;
bodyend
documentend
documentstart
3442
topicstart
money-fx
topicend
bodystart
2;

CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING


    PEKING, March 11 - 
People throughout China can now open
foreign exchange accounts at the Bank of China, the official
Shenzhen Economic Zone Daily said.
    Previously only residents of Guangdong and Fujian provinces
could do this.
    The paper also said the minimum for opening a fixed deposit
account had been cut to 50 yuan equivalent, from 150 yuan. The
minimum for a current account is 20 yuan equivalent.
    The paper said depositors could now withdraw all or part of
their account, subject to a branch's reserves, instead of only
a fixed amount as previously.
    The paper said deposits may now be opened in French francs
as well as the already available U.S. Dollar, Hong Kong dollar,
sterling, yen and marks.
    Bank of China branches in Hainan island also accept
deposits in Singapore dollars, and those in Wenzhou, Zhejiang
province, accept deposits in Dutch guilders, the paper said.
    It gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
3443
topicstart
topicend
bodystart
2;

SINGAPORE COURT ADJOURNS BRUNEI BANK JUDGEMENT


    SINGAPORE, March 11 - 
The Singapore High Court has
adjourned summary judgement for the second time on a 
<
National
Bank of Brunei Bhd> case for loan repayments from Khoo Teck
Puat and 15 associated companies, court sources said.
    The case will be heard again on May 4, when a summary
judgement will decide if the civil case should proceed.
    Khoo owned most of the bank's equity before it was closed
in November by the Brunei government after some of its
officials were charged with mismanagement.
    The bank, now controlled by Brunei, is seeking repayment of
about 900 mln Singapore dlrs in loans guaranteed by Khoo.
 REUTER
3;
bodyend
documentend
documentstart
3444
topicstart
topicend
bodystart
2;

FUJITSU MAY ASSEMBLE ITS OWN COMPUTERS IN U.S.


    TOKYO, March 11 - 
Fujitsu Ltd 
<
ITSU.T> may assemble
computers in Oregon for sale in the United States under the
Fujitsu brand name, a company spokesman said.
    He said the rising value of the yen against the dollar has
virtually erased the wage differential between the two
countries and Fujitsu would like to make the medium-size,
multi-functional business computers in the United States.
    The Oregon plant, owned by Fujitsu subsidiary, 
<
Fujitsu
America Inc>, now makes magnetic computer discs and will soon
make printers. Fujitsu Ltd also has a licensing agreement to
make Amdahl Corp 
<
AMH> computers for sale in the U.S.
 REUTER
3;
bodyend
documentend
documentstart
3445
topicstart
grain
wheat
rice
topicend
bodystart
2;

SICHUAN BRACED TO FIGHT DROUGHT


    PEKING, March 11 - 
The Sichuan government has ordered that
any work or meeting which interferes with the fight against
drought must be cancelled or postponed to save time, energy and
manpower, the People's Daily domestic edition said.
    Sichuan is one of six provinces threatened by drought.
    Wen Wei Po, a Hong Kong daily, said the drought, the worst
for more than 20 years, is affecting nearly two mln hectares in
100 counties in Sichuan, the country's biggest agricultural
producer.
    Sichuan has experienced temperatures three degrees
Centigrade higher than normal and rainfall up to 70 pct less
than normal since early February, affecting wheat, oil-bearing
crops, rice planting and dryland cash crops, it said.
    The paper said 43,000 hectares in Meixian county in
Guangdong are seriously short of water.
    The People's Daily said Henan, Shaanxi, Gansu and Hebei are
also suffering from drought.
    Henan's grain output fell by 2.5 mln tonnes last year from
the 1985 level because of drought which has been affecting the
province since May.
 REUTER
3;
bodyend
documentend
documentstart
3446
topicstart
trade
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS


    By Linda Sieg, Reuters


    TOKYO, March 11 - 
Japanese microchip makers are being
strong-armed into compliance with a U.S.-Japan pact on
semiconductors halting predatory pricing and opening Japan's
market to foreign chips, industry analysts said.
    But doubts remain over whether the Ministry of
International Trade and Industry (MITI), which is pressuring
the firms, can successfully battle market forces and whether
the U.S. Industry is geared up to take advantage of any
breathing space, they said.
    U.S. Threats to scrap the agreement signed last September
have pushed MITI to try harder to get recalcitrant Japanese
chipmakers to abide by the pact, the analysts said.
    "MITI has been moving hot and heavy throughout the industry
to get things done," said Bache Securities (Japan) associate
vice president Peter Wolffe.
    Last month, MITI told chipmakers to cut production for the
January to March period by 10 pct to help dry up inexpensive
chips that have escaped from Japan to grey markets not subject
to the pact's price controls.
    The ministry also asked electronics firms to provide
distributors with certificates designating them as authorised
exporters, in an effort to close loopholes through which grey
marketeers sneak chips out of Japan, market analysts said.
    U.S. Trade negotiators here last week said the pact was in
jeopardy because of continued dumping in non-American markets
and little sign of increased foreign sales in Japan.
    But major Japanese firms appear to have agreed to the
production cuts, several analysts said. Last week, NEC Corp
said it would cut production in line with MITI's request.
    "NEC has been the most aggressive in resisting MITI's
demands," said David Keller, analyst at James Capel and Co. "Once
NEC cuts production, it means they all have."
    Still, pressures remain to keep production high. Japanese
firms need high output to cut unit prices for U.S. Sales that
the Commerce Department assigns them under the pact.
    "The best way to lower cost is to produce more," said Salomon
Brothers Asia Ltd analyst Carole Ryavec.
    Preparations for a possible upturn in demand could also
spur higher production next quarter, Merrill Lynch analyst Matt
Aizawa said.
    Grey marketeers may also be able to outfox any new
restrictions, some industry officials said.
    "It's like tax avoidance schemes," said Steve Donovan, head
of MMI Japan K.K. "As soon as you close one route, another
opens."
    MITI's pressure has annoyed some makers, who had earlier
shrugged off MITI guidance.
    "It's getting to be like communism," said one.
    But analysts said output cuts could help by making it
easier to increase prices as planned on April 1 and forcing
firms to stop extending market share by selling at a loss.
    "They're going to have to start running their businesses
like businesses," Bache's Wolffe said.
    MITI has also been conducting a highly public campaign
urging chip users to buy foreign-made chips, but U.S. Industry
officials said response has been mixed at best.
    "There has been some change, but it's not across the board,"
said one U.S. Spokesman. "The companies have a varying degree of
urgency."
    The ultimate impact of all these efforts by MITI on the
troubled U.S. Industry remains in doubt, analysts added.
    Pressure to cut production of 256 kilobit DRAM (dynamic
random access memory) chips could merely speed the transition
to one megabit chips, where Japan now leads, analysts said.
    Whether U.S. Firms are able to stage a comeback in memory
chips, or interested in doing so, also remains unclear, they
said.
    Analysts are watching with interest the fate of a new U.S.
Consortium which hopes to challenge Japan by developing the
most advanced technology for microchip manufacturing.
    Even in the thorny area of access, much depends on U.S.
Commitment as well as on Japanese openness, some said.
    "The SIA (U.S. Semiconductor Industry Association) doesn't
even have an office here," a source close to the industry said.
"You could question just how committed they are."
    In addition, some industry analysts question the
effectiveness of a bilateral agreement that leaves out third
country chipmakers such as those in South Korea.
    "(South) Korea's gaining market share," said one analyst.
"They're the real winners from the agreement."
 REUTER
3;
bodyend
documentend
documentstart
3447
topicstart
topicend
bodystart
2;

JAPAN TANKOKU YIELDS HIT RECORD LOW AT AUCTION


    TOKYO, March 11 - 
The Finance Ministry said its auction
yesterday of 1,000 billion yen of tankoku, six-month debt
financing paper, produced a record low average yield of 3.246
pct on aggressive bidding from securities houses.
    The tankoku mature on September 21, 1987.
    The previous record low was 3.383 pct at the last auction,
on February 12.
    One of four major Japanese securities house bought 39.5 pct
of the total 1,021.1 billion yen in bids accepted, ministry
sources said.
    Securities houses bid aggressively as big retail accounts,
such as tokkin, special money trust and trust funds have been
showing strong interest in tankoku on increasing demand for
short-term fund management, securities house managers said.
    The yield for tankoku, issued on a discount basis, is one
point below the 4.26/12 pct interest rates for six-month
certificates of deposit today.
    In the previous auction for 1,000 billion yen, the four
majors took 92 pct of the issue to increase their tankoku
inventory, the managers said.
    Bids totalled 1,975.8 billion yen.
    The average price was 98.36 to give a yield of 3.246 pct
and lowest was 98.33, giving 3.314 pct, the Ministry said.
 REUTER
3;
bodyend
documentend
documentstart
3448
topicstart
interest
topicend
bodystart
2;
******
Sumita says little room for Bank of Japan to further ease credit policy

Blah blah blah.
3;


bodyend
documentend
documentstart
3449
topicstart
interest
topicend
bodystart
2;

SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY


    TOKYO, March 11 - 
Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
    "The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
    His remarks were concerned with a comprehensive economic
stimulative package the government plans to adopt in the coming
days.
    At the recent talks among the six major industrialised
nations in Paris, Japan promised to work out a comprehensive
economic package to boost domestic demand, which in turn would
help increase its imports and reduce its trade surplus.
    Sumita also said the economy will show a gradual upturn in
the second half of the year if the yen remains stable.
    He said there is caution in the foreign exchange market
against a further rise of the yen and mark and this explains
the recent stability in the currency markets. Conflicting
economic indicators from the U.S. Have also been dampening
market activity, he added.
 REUTER
3;
bodyend
documentend
documentstart
3452
topicstart
crude
topicend
bodystart
2;

IRANIAN OIL MINISTER IN UAE TALKS


    ABU DHABI, March 11 - 
Iranian Oil Minister Gholamreza
Aqazadeh is in the United Arab Emirates (UAE) to discuss oil
prices and the general market situation, Iranian officials
accompanying him said.
    He will meet UAE President Sheikh Zaid bin Sultan
al-Nahayan and Oil Minister Mana Said al-Oteiba.
    Aqazadeh arrived last night after a brief stopover in
Riyadh, where he met Saudi Arabia's Oil Minister Hisham Nazir.
    The official Saudi Press Agency quoted him as saying his
talks at Riyadh with Nazir had been constructive and good.
    Aqazadeh said Organisation of Petroleum Exporting Countries
(OPEC) members were agreed on holding production stable and he
reiterated the importance of maintaining oil prices.
    OPEC members agreed in December to limit production to 15.8
mln barrels per day for the first half of this year and on a
benchmark price of 18 dlrs a barrel from February 1.
    Aqazadeh also visted OPEC members Gabon, Algeria and Libya.
The Iranian news agency, IRNA, quoted him as saying before
leaving Tripoli that OPEC should do everything possible to make
oil prices permanently stable.
 REUTER
3;
bodyend
documentend
documentstart
3453
topicstart
oilseed
soybean
topicend
bodystart
2;

JAPAN MAY INCREASE ITS BRAZILIAN SOYBEAN PURCHASES


    TOKYO, March 11 - 
Japanese crushers are likely to buy at
least 200,000 tonnes of Brazilian soybeans this year and
another 100,000 to 200,000 if quality and shipping conditions
are good against 128,089 tonnes in 1986, trade sources said.
    A Japanese trading house recently bought about 31,000
tonnes of soybeans for April 10/May 10 shipment, they said.
    "Because Brazilian soybean prices are now some 10 cents a
bushel cheaper than U.S. Origin due to the bumper harvest, it
is highly likely that Japanese crushers will increase their
buying volume," one source said. Brazilian beans are available
to Japan for shipment from May to July.
 REUTER
3;
bodyend
documentend
documentstart
3454
topicstart
zinc
lead
copper
topicend
bodystart
2;

AUSTRALIAN METAL TRADER LINKS TO ASTURIANA DE ZINC


    BRISBANE, March 11 - 
<
Metal Traders Australasia Ltd> said a
newly-formed subsidiary, the 
<
Austmet Ltd> group, has
negotiated an exclusive long-term contract with Spain's

<
Asturiana de Zinc> to market its zinc metal exports.
    Metal Traders said in a statement the contract would
underpin the worldwide zinc, copper and lead trading activities
of Austmet, a wholly-owned London-based company with a U.S.
Unit in Stamford, Connecticut.
    Austmet has recruited a group of base metal traders,
currently operating out of Britain and the U.S., Who have
handled Asturiana's business for the past five years, it said.
    Asturiana has a three-year option to purchase 25 pct of the
Austmet group, to be priced on an independent valuation at the
time of exercise, Metal Traders said.
    Austmet will have an initial equity base of one mln stg, a
turnover of 200 mln Australian dlrs rising to 300 mln in the
first year, and credit lines of up to 30 mln U.S. Dlrs.
    Austmet should be generating profits from July 1 and a
1.5-2.5 mln dlr net is envisaged within two years, it said.
    Metal Traders said Asturiana has the largest zinc smelting
capacity in Europe -- nearly 200,000 tonnes a year of 99.995
pct high-grade zinc, at Aviles in northern Spain.
    Metal Traders, a listed company, was formerly 
<
Pyrotech
Resources N.L.> whose chief activity was the development and
marketing of high-technology smelting processes invented in
Australia, notably the Siromelt Zinc Fuming Process.
    But in late 1986, control of the company changed and it
expanded by acquisition into metal trading in Australia and
Asia. It then changed its name.
    It also has the marketing contract for mineral sands
produced by 
<
TiO2 Corp N.L.>, of which it holds 17.5 pct.
    In today's statement, Metal Traders also said it is
reviewing possible acquisition of a mineral producer.
 REUTER
3;
bodyend
documentend
documentstart
3455
topicstart
crude
topicend
bodystart
2;

SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES


    By STEPHEN JUKES AND PHILIP SHEHADI, REUTERS


    RIYADH, March 11 - 
King Fahd said today Saudi Arabia wants
oil price stability and he called on non-OPEC producers to
avoid harmful competition with the 13 nation group.
    His plea, in an interview with Reuters and the television
news agency Visnews, came ahead of a state visit he will make
to Britain later this month.
    King Fahd was asked whether Saudi Arabia would be prepared
to reduce its oil output below its OPEC quota of 4.133 mln
barrels per day (bpd) to defend the 18 dlr benchmark price
agreed to by OPEC last December.
    The King replied: "Saudi Arabia doesn't decide prices by
itself but certainly desires price stability."
    Non-OPEC countries "must help us in a framework of common
interest so that there is no type of competition which could
prove harmful to everyone," he said.
    Asked if he saw the 18 dlr per barrel benchmark as a first
step towards higher world oil prices, King Fahd said it was not
for Saudi Arabia but for all OPEC countries to determine such
issues. Iran and Algeria have already called for a higher
benchmark.
    In recent weeks the 18 dlr level has come under pressure,
due partly to quota violations by some OPEC members. King Fahd
said Saudi Arabia, the world's largest oil exporter, was
adhering to decisions made at OPEC's December conference which
set a 15.8 mln bpd output ceiling for the first half of 1987.
    A major non-OPEC producer, Britain has so far resisted the
group's pleas to curb its North Sea oil output.
    The King also urged the world community to help the
Palestinians return to their homeland and called for a peaceful
end to the Iran-Iraq war. The 6-1/2-year-old war could not be
resolved on the battlefield, he said.
 REUTER
3;
bodyend
documentend
documentstart
3456
topicstart
earn
topicend
bodystart
2;

HILLSDOWN HOLDINGS PLC 
<
HLDN.L> 1986 YEAR


    LONDON, March 11 -
    
Shr 16.3p vs 12.2p
    Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
    Three-for-one capitalisation
    Pre-tax profit 54.9 mln stg vs 33.4 mln
    Turnover 1.70 billion vs 1.13 billion
    Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1   
 Mln
    Cost of Sales 1.49 billion vs 999.3 mln
    Gross profit 215.9 mln vs 136.2 mln
    Distribution costs 90.3 mln vs 57.2 mln
    Adminstrative expenses 65.9 mln vs 40.8 mln
    Other operating income 3.9 mln vs nil
    Interest payable 8.7 mln vs 4.8 mln
    Minority interests 1.0 mln vs 0.7 mln
    Extraordinary credit (sale of share in S and W Berisford
Plc) 5.6 mln vs nil
    Operating profit includes -
    Poultry, eggs and animal feed 21.7 mln vs 17.2 mln
    Food processing and distribution 15.4 mln vs 6.9 mln
    Furniture and timber distribution 8.4 mln vs 3.4 mln
    Fresh meat and bacon 8.0 mln vs 4.5 mln
 REUTER
3;
bodyend
documentend
documentstart
3457
topicstart
topicend
bodystart
2;

NISSAN TO BOOST LOCAL CONTENT IN U.K. CARS


    TOKYO, March 11 - 
<
Nissan Motor Manufacturing (UK) Ltd> has
reached agreement with 
<
Lombard North Central Plc> of the U.K.
To build plants and boost the local content in Nissan's U.K.
Produced cars to 60 pct in 1988 from 40 to 50 pct, the Nissan
Motor Co Ltd 
<
NSAN.T> said.
    The agreement will allow the cars to be designated as
domestically manufactured rather than imported vehicles, Nissan
said. The agreement was reached through negotiations with the
British government and the European Community (EC) after they
threatened to impose duties on imports.
    According to the 230 mln stg contract, Lombard North
Central, an affiliate of National Westminster Bank Plc

<
NWBL.L>, will build and lease plants for engine assembly, body
panel pressing and resin moulding by 1988. They will be near
the existing Nissan plant in Sunderland in north-east England,
Nissan said. The Sunderland plant currently produces 24,000
Bluebird cars annually for the British market.
    Nissan hopes to begin U.K. Exports to Europe in 1991 after
building an engine machining plant which would boost output to
100,000 units a year and local content to above 80 pct, in
accordance with EC requests, the spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
3458
topicstart
oilseed
soybean
topicend
bodystart
2;

JAPAN CRUSHERS START APRIL U.S. SOYBEAN BUYING


    TOKYO, March 11 - 
Japanese crushers, starting to buy U.S.
Soybeans for April shipment, have recently made purchases of
some 48,000 tonnes, trade sources said.
    The sources said they could not estimate the total volume
to be purchased for April shipping because Japan's crushing
program for April and June is unclear.
    They had predicted earlier that crushers' April shipment
U.S. Bean purchases would drop to 260,000 to 270,000 from the
monthly average of 300,000 to 330,000 tonnes due to low soybean
meal prices.
 REUTER
3;
bodyend
documentend
documentstart
3459
topicstart
acq
topicend
bodystart
2;

KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD


    COLOGNE, March 11 - 
West German retail group Kaufhof AG

<
KFHG.F> is considering taking a stake in shipping and
transport group Hapag-Lloyd AG 
<
HPLG.F> but has yet to reach a
final decision, a spokesman said in response to queries.
    Press reports said Kaufhof wanted a stake of up to 12.5 pct
in Hapag-Lloyd.
    The Kaufhof spokesman noted any decision on purchasing
shares in the shipping group would have to be approved by the
supervisory board, which is due to hold a meeting tomorrow.
    Late last year the Gevaert group of Belgium and West
Germany's VEBA AG 
<
VEBG.F> said they had each acquired a 12.5
pct stake in Hapag-Lloyd from Deutsche Bank AG 
<
DBKG.F> and
Dresdner Bank AG 
<
DRSD.F>.
     Industry sources estimate Deutsche and Dresdner,
Hapag-Lloyd's majority shareholders, held about 75 pct of
Hapag-Lloyd's share capital before selling portions of it to
Gevaert and VEBA.
    The two banks have said they eventually wanted to reduce
their stake in the shipping group to 15 pct each.
 REUTER
3;
bodyend
documentend
documentstart
3460
topicstart
strategic-metal
topicend
bodystart
2;

JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS


    TOKYO, March 11 - 
Japan's Agency of Natural Resources and
Energy said it will begin experiments with Thailand at the end
of March to start commercial production of rare metals in 1989
under a joint project.
    An agency official said it will set up a 500 mln yen pilot
plant in Bangkok which will extract high quality rare metals
such as titanium and niobium from sand left over from tin
production processes in Thailand.
    The plant wilq use about a tonne of sand per day, although
it is unclear how much rare metal will be extracted, the
official said.
 REUTER
3;
bodyend
documentend
documentstart
3461
topicstart
money-fx
topicend
bodystart
2;

HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS


    BUDAPEST, March 11 - 
Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
    MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
    Hungary devalued the forint by a similar amount last
September 23. Western bankers say the forint is more
realistically valued than currencies of Hungary's COMECON
allies.
 REUTER
3;
bodyend
documentend
documentstart
3463
topicstart
earn
topicend
bodystart
2;

HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING


    LONDON, March 11 - 
Hillsdown Holdings Plc 
<
HLDN.L> said
early results for 1987 were encouraging, and the combination of
its investment and acquisition strategies enabled it to look
forward confidently for an excellent result for the year.
    The company was commenting on 1986 results which showed
pre-tax profit rising to 54.9 mln stg from 33.4 mln previously
on turnover that lifted to 1.70 billion from 1.13 billion.
    The figures initially boosted the share price to 286p from
281p last night, but they then eased back to 283p by 0830 GMT.
    Hillsdown said capital expenditure rose in 1986 to 60 mln
stg from 31.5 mln and would continue at this high level in
1987.
    The placing of 82.5 mln shares last year raised 160.7 mln
stg and enabled shareholders' funds to more than double to 352
mln at year-end.
    Net borrowings were 20 pct of shareholder's funds and the
group had listed investments of 47.1 mln.
    The company said it had bought a total of 40 companies
during the year for a total price of some 180 mln stg. Although
these had made minor contribution to profits the real benefits
would come in 1988 and beyond.
 REUTER
3;
bodyend
documentend
documentstart
3465
topicstart
topicend
bodystart
2;
******
 U.K. One billion stg tranche of 8-3/4 pct Treasury bonds due 1997 exhausted - dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
3466
topicstart
earn
topicend
bodystart
2;

NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS


    TOKYO, March 11 - 
Nippon Oil Co Ltd 
<
NPOL.T> predicted
parent company net profit of about nine billion yen in the year
ending March 31, down 10.4 pct from a year earlier, president
Yasuoki Takeuchi told a press conference.
    Current profit for the year was estimated at 17 to 18
billion yen, down 20 to 24 pct from a year earlier, he said.
    Takeuchi said sales are expected to fall 40 pct to 1,700
billion yen for the fifth consecutive year-on-year drop. This
year's fall was due to lower selling prices for end-users,
which more than offset the yen's appreciation. The company will
retain six yen dividend for 1986/87.
 REUTER
3;
bodyend
documentend
documentstart
3467
topicstart
oilseed
soybean
topicend
bodystart
2;

TAIWAN TO TENDER FOR 27,000 TONNES U.S. SOYBEANS


    TAIPEI, March 11 - 
The joint committee of Taiwan's soybean
importers will tender March 12 for a 27,000 tonne cargo of U.S.
Soybeans for March 20 to April 5 delivery, a committee
spokesman told Reuters.
    Taiwan's soybean imports in calendar 1987 are provisionally
set at 1.81 mln tonnes compared with a revised 1.74 mln tonnes
imported last year.
    The 1.74 mln tonne figure was revised from 1.76 mln tonnes.
    Taiwan imports all its soybeans from the United States.
 REUTER
3;
bodyend
documentend
documentstart
3468
topicstart
earn
topicend
bodystart
2;

BEJAM GROUP PLC 
<
BJAM.L> 27 WEEKS TO JANUARY 3


    LONDON, March 11 -
    
Shr 5.95p vs 4.41p
    Div 2.25p vs 2.0p
    Pre-tax profit 11.6 mln vs 9.1 mln
    Tax 4.2 mln vs 3.6 mln
    Turnover 256.3 mln vs 185.3 mln
    Note - company said it was unlikely second-half profits
will show same rate of increase as first. But it had great
confidence in prospects for future growth.
 REUTER
3;
bodyend
documentend
documentstart
3469
topicstart
iron-steel
topicend
bodystart
2;

NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE


    TOKYO, March 11 - 
Nippon Steel Corp 
<
NSTC.T> and 
<
Inland
Steel Co> of the U.S. Are negotiating to set up a joint steel
venture in Indiana, a Nippon Steel spokesman said, declining to
give more details.
    Several local newspapers reported the joint venture would
be capitalised at 150 mln dlrs, owned 60 pct by Inland and 40
pct by Nippon Steel, and have annual production capacity of one
mln tonnes of steel to supply car makers.
 REUTER
3;
bodyend
documentend
documentstart
3470
topicstart
topicend
bodystart
2;

U.K. ONE BILLION STG BOND TRANCHE EXHAUSTED


    LONDON, March 11 - 
A one billion stg tranche of 8-3/4 pct
Treasury Loan stock due 1997 was exhausted in very early
trading on the U.K. Government bond market only minutes after
becoming available for trading, dealers said.
    The Bank of England said the issue, announced on Monday and
available for official dealings from this morning, was no
longer operating as a tap. The striking price was a partly paid
41 stg pct, at which price bids were allotted 53.8 pct.
    Dealers noted that strong demand had been detected for the
bonds yesterday afternoon and interest was further stimulated
by sterling's surge at the opening this morning.
    The issue was announced on Monday, when it was widely seen
as a move by the authorities to brake market optimism for a
further U.K. Interest rate reduction following the half-point
cut in clearing bank base lending rates to 10.5 pct earlier in
the day.
    Dealers said that the Bank's strategy succeeded in stemming
pressure for a further rate reduction only briefly, as the
market yesterday recovered all the ground it lost on Monday
immediately after the announcement.
    Demand for the issue was lively from U.K. And overseas
sources, with particular interest seen from Japan.
    The bonds were issued at a price of 96-16/32 stg pct,
partly paid as to 40 stg pct on application, although the
Government broker this morning sold them at a premium of one
stg pct over the partly paid issue price.
    The issue has been designated the "B" tranche of the bonds,
since 1.3 billion stg of 8-3/4 pct Treasury Loan stock due 1997
is already in issue.
    Dealers noted that the Bank of England last week issued one
billion stg of nine pct Exchequer bonds due 2002 in an effort
to dampen enthusiasm for an interest rate reduction caused by
sterling's uptrend on foreign exchange markets.
    Last week's issue was sold out on its first day of dealings
but with nothing resembling the determined demand seen this
morning for the new tranche of bonds, dealers said.
    After stifling pressure for a rate cut last week, the
authorities finally sanctioned a base rate reduction on Monday,
following it up with the announcement of the one billion stg
bond issue.
    Sterling was briefly depressed by the rate cut but this
morning opened very strongly again, starting on a
trade-weighted basis at 72.6 against yesterday's final 72.1 and
later edging up to 72.7.
    U.K. Money market rates declined again this morning by up
to 1/8 point, strongly reinforcing yesterday's speculation that
clearing bank base lending rates could drop into single figures
after the budget next Tuesday, money market dealers said.
    U.K. Government bond dealers noted that under the influence
of stronger sterling and the further fall in money market
rates, prices this morning had opened as much as 3/4 point
higher at the longer end of the market.
 REUTER
3;
bodyend
documentend
documentstart
3471
topicstart
topicend
bodystart
2;

SUMITOMO LAUNCHES 200 MLN SWISS FRANC CONVERTIBLE


    ZURICH, March 11 - 
Sumitomo Corporation is launching 200
mln Swiss francs of convertible notes due September 30, 1992
with a coupon indication of 5/8 pct, lead manager Swiss Bank
Corp said.
    The issue carries a put option after three years at 103
pct.
    Terms will be fixed on March 19 and payment date is March
30.
 REUTER
3;
bodyend
documentend
documentstart
3472
topicstart
jobs
topicend
bodystart
2;

JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88


    TOKYO, March 11 - 
The yen's rise against the dollar is
expected to boost Japan's unemployment rate to an average 3.3
pct in the 1987/88 fiscal year beginning April 1 from January's
record three pct, the private Nomura Research Institute said.
    The official 1987/88 estimate is 2.9 pct.
    The research arm of Nomura Securities Co forecast
unemployment would exceed two mln by mid-fiscal 1987, against
an estimated 1.75 mln for the current year.
    Nomura urged the government to take pump-priming measures
to help redress trade imbalances and boost employment.
    Employment in manufacturing during fiscal 1987/88 was
predicted to fall 550,000 from the current year due to higher
job losses in the steel, shipbuilding and heavy electrical
machinery sectors, Nomura said.
    Employment in the non-manufacturing sector will continue to
increase, the institute said, without giving figures.
 REUTER
3;
bodyend
documentend
documentstart
3473
topicstart
ship
topicend
bodystart
2;

WORK AT CHITTAGONG PORT HALTED BY STRIKE


    CHITTAGONG, Bangladesh, March 11 - 
Cargo handling remains
halted at Bangladesh's Chittagong port since nearly 7,000
workers walked out on Monday following a pay dispute, the Port
Workers Association said today.
    Fourteen ships are stranded at the port.
    Port officials said they would meet Association leaders
today to try to resolve the dispute.
 REUTER
3;
bodyend
documentend
documentstart
3474
topicstart
earn
topicend
bodystart
2;

CREDITANSTALT-BANKVEREIN 
<
CABV.V> YEAR 1986


    VIENNA, March 11 -
    
Cons banking gp net profit 496.7 mln schillings vs 354.5
mln
    Cons banking gp balance sheet total at year-end 453.4
    Billion schillings vs 425.4 billion
    Parent bank net profit 370.6 mln vs 253.0 mln
    Parent bank balance sheet total 372.5 billion vs 348.2
    Billion
    Parent bank dividend 12 pct vs 10 pct
    Parent bank div payout 363.0 mln schillings vs 247.5 mln
 REUTER
3;
bodyend
documentend
documentstart
3475
topicstart
topicend
bodystart
2;

NORSK HYDRO ISSUES 50 MLN STG BONDS


    London, March 11 - 
Norsk Hydro A/S 
<
NHY.O> is issuing 50
mln stg bonds due April 15, 1993 carrying a 9-7/8 pct coupon
and priced at 101-5/8, said Hambros Bank Ltd as lead manager.
    Norsk Hydro is 51 pct owned by the Kingdom of Norway. The
bonds, which are available in denominations of 1,000 and 10,000
stg will be listed on the London Stock Exchange.
    Payment date is April 15. Fees consist of a 1-1/4 pct
selling concession and 5/8 pct combined management and
underwriting.
 REUITER
3;
bodyend
documentend
documentstart
3476
topicstart
earn
topicend
bodystart
2;
******
 Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit

Blah blah blah.
3;


bodyend
documentend
documentstart
3477
topicstart
acq
topicend
bodystart
2;

TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS


    LONDON, March 11 - 
Tesco Plc 
<
TSCO.L> said that 
<
County
Ltd> had yesterday bought on its behalf 2.06 mln shares, or
around 4.2 pct, in 
<
Hillards Plc> for between 302p and 310p a
share.
    Tesco yesterday launched a 151.4 mln stg bid for the north
of England supermarket chain, which Hillards promptly rejected.
    Hillards shares were last quoted at 324p, compared with
last night's close of 313p.
 REUTER
3;
bodyend
documentend
documentstart
3478
topicstart
topicend
bodystart
2;

TOKYO TO ISSUE 100 MLN DLR BOND IN NEW YORK


    TOKYO, March 11 - 
The Tokyo Metropolitan Government said it
would float a 100 mln dlr 10-year bond with a 7.5 pct coupon in
New York, its first Yankee bond issue in 21 years.
    The bond will be priced at 99.515 to yield 7.585 pct.
    The issue will be immediately swapped into Swiss francs,
putting actual interest rates at around four pct, a Tokyo
government spokeswoman said.
    The lead manager is First Boston Corp and the co-leaders
are Goldman Sachs and Co and Merrill Lynch Capital Markets, she
said.
    The funds will be used for sewerage and reclamation work.
 REUTER
3;
bodyend
documentend
documentstart
3479
topicstart
topicend
bodystart
2;

DAEWOO UNIT RAISES 45 MLN DLR LOAN


    HONG KONG, March 11 - 
<
Daewoo Industrial Co Ltd> of South
Korea will sign a 45 mln U.S. Dlr loan tomorrow through its
Hong Kong unit, lead manager Banque Nationale de Paris said.
    The three-year loan, which will carry interest at 1/2
percentage point over London interbank offered rate, will be
borrowed under the name of 
<
Daewoo Industrial Co (H.K.) Ltd>.
    The loan will be used mainly to finance repayment of the
the company's other borrowings.
    The other lead managers are Arab Banking Corp, Bank of
Tokyo Ltd and KEB (Asia) Finance Ltd.
    There are 24 managers and five participants.
 REUTER
3;
bodyend
documentend
documentstart
3480
topicstart
earn
topicend
bodystart
2;

ULTRAMAR PLC 
<
UMAR.L> 1986 YEAR


    LONDON, March 11 -
    
Shr 8.1p loss vs 26.3p earnings
    Div 3.25p making 5.25p vs 10.5p
    Net loss 62.1 mln stg vs 71.6 mln profit
    Operating profit before tax 73.6 mln vs 273.8 mln
    Turnover 1.47 billion vs 1.74 billion
    Cost of sales 1.22 billion vs 1.39 billion
    Gross profit 241.8 mln vs 357.6 mln
    Distribution costs and administrative expenses 152.2 mln vs
    123.1 mln
    Share of profits in associates 17.1 mln vs 68.2 mln
    Other operating income 15.8 mln vs 16.9 mln
    Financing charges 48.9 mln vs 45.8 mln
    Tax 63.9 mln vs 169.7 mln
    Exceptional items 4.9 mln debit vs 5.5 mln debit
    Net results of discontinued operations 15.6 mln debit vs
    20.9 mln debit
    Loss on ordinary activities before minority interest 10.8
    Mln vs 77.7 mln profit
    Minority interest 11.3 mln vs 6.1 mln
    Extraordinary debits 40.0 mln vs nil
 REUTER
3;
bodyend
documentend
documentstart
3481
topicstart
earn
topicend
bodystart
2;
******
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
3482
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG


    LONDON, March 11 - 
The Bank of England said it forecast a
liquidity shortage of around 300 mln stg in the market today.
    Among the main factors, the Bank said bills maturing in
official hands and the treasury bill take-up would drain 483
mln stg from the system while below target bankers' balances
and a rise in the note circulation would take out 50 mln and
100 mln stg respectively.
    Partially offsetting these, exchequer transactions would
add around 355 mln stg, the Bank added.
 REUTER
3;
bodyend
documentend
documentstart
3483
topicstart
money-fx
topicend
bodystart
2;

BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT


    BRUSSELS, March 11 - 
The Belgian National Bank bought
foreign currencies against francs on the open market in the
week ended March 9, a Bank spokesman said.
    In line with central bank policy he declined to give any
details of the amount bought.
    The foreign currency purchased was used by the Treasury to
repay foreign debt and did not affect the Bank's foreign
exchange reserves. They slipped 394 mln francs to 37.33
billion, mostly due to sales of dollars for Special Drawing
Rights, the spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
3485
topicstart
topicend
bodystart
2;

WORLD BANK LOANS TO CHINA SEEN DOUBLING


    PEKING, March 11 - 
Lending by the World Bank and its soft
loan arm, the International Development Agency (IDA), to China
is expected to almost double to about two billion dlrs by
1989/90 from the levels of 1984 to 1986, foreign bankers told
Reuters.
    They said approved lending in 1986/87 (July-June) is
expected to total 1.4 billion dlrs, of which 550 mln will come
from the IDA and 850 mln from the World Bank.
    World Bank figures show approved lending to China by the
two bodies amounted to 1.137 billion in 1985/86, 1.102 billion
in 1984/85 and 1.04 billion in 1983/84.
    The bankers said that 1.2 billion dlrs had been disbursed
by the end of 1986 and China's disbursement record compares
very favourably with that of other countries.
    They said Japan has so far been the main source of
bilateral concessional assistance for China, followed by West
Germany, Canada, Italy, Australia and Britain.
    But China will probably find that such funds will not
increase, except for those from Japan and the World Bank, given
other claims, particularly from sub-Saharan African countries
which cannot raise commercial credits, they added.
 REUTER
3;
bodyend
documentend
documentstart
3486
topicstart
earn
topicend
bodystart
2;

GKN PLC 
<
GKNL.L> 1986 YEAR


    LONDON, March 11 -
    
Shr 28.5p vs 26.6p.
    Final div 8p, making 13p vs 12p.
    Pre-tax profit 132.4 mln stg vs 132.7 mln.
    Net profit befire minorities  81.0 mln vs 74.4 mln.
    Sales 2.06 billion stg vs 2.20 billion.
    Extraordinary debit 36.5 mln vs 20.4 mln.
    Trading surplus after depreciation 145.7 mln stg vs 158.1
    Mln
    Investment and interest income 5.4 mln vs 3.8 mln
    Interest payable 42.5 mln vs 43.9 mln
    Profits from related companies, less losses, 23.8 mln vs
    14.7 mln
    Tax 51.4 mln vs 58.3 mln
    Profit attributable to outside shareholders' interests 12.6
    Mln vs 11.2 mln
    Note - Extraordinary debit included charge for
restructuring auto parts distribution in France and loss of 10
mln stg on sale of steel stock business.
    Trading surplus comprised -
    Automotive components and products 101 mln stg vs 105 mln
    Industrial services and supplies 30 mln vs 21 mln
    Wholesale and industrial distribution 11 mln vs 22 mln
    Steels and forgings four mln vs 10 mln
    By region, Britain contributed 34 mln stg vs 47 mln
    Continental Europe 77 mln vs 56 mln
    U.S.A. 28 mln vs 51 mln
    Rest of world seven mln vs four mln
 REUTER
3;
bodyend
documentend
documentstart
3487
topicstart
topicend
bodystart
2;

GENENTECH SETS 100 MLN DLRS OF CONVERTIBLE BONDS


    LONDON, March 11 - 
Genetech Inc 
<
GENE.O> is issuing a 100
mln dlr convertible bond due March 30, 2002 with an indicated
coupon of five to 5-1/2 pct and an issue price of par, Credit
Suisse First Boston (CSFB) said as lead manager.
    Genentech's stock closed at 58-5/8 on the New York Stock
Exchange last night. CSFB said final terms, to be set around
March 12, anticipate a conversion premium of 20 to 25 pct.
    The securities will be available in bearer or registered
form in denominations of 5,000 dlrs each.
    The deal is callable immediately at 106 for the first three
years, declining by one pct per year each year thereafter.
     However, if the stock price rises to more than 130 pct of
the conversion level, the issue will be callable immediately,
CSFB said. PaineWebber is co-lead manager.
    Fees consist of a 1-1/2 pct selling concession and a one
pct combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
3488
topicstart
bop
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP


    By Mark O'Neill, Reuters


    PEKING, March 11 - 
China's foreign debt reached 27 billion
dlrs by the end of 1986, but despite an over-exposure to
short-term credits and yen borrowing, China remains very
creditworthy with an improved 1987 export outlook, foreign
bankers and Chinese officials told Reuters.
    Foreign bankers said China's total debt rose sharply from
an estimated 20 billion dlrs at end-1985 to cover increased
import commitments but the debt/equity ratio remains low,
between eight and 10 pct.
    China remains a cautious and popular borrower, they said.
    Zhang Haoruo, vice minister of Foreign Economic Relations
and Trade, said last Friday that China signed foreign loan
agreements for 6.94 billion dlrs last year, 96.6 pct up on
1985, with actual loans amounting to 4.83 billion, up 93 pct.
    Officials said China would borrow 25 to 30 billion dlrs in
the 1986-90 five year plan period, but foreign bankers said
they estimate foreign loans at 30 to 40 billion.
    A Western banker said China's portfolio contains too much
short-term debt and too much of it is denominated in yen as a
result of aggressive lending by Japanese banks and attractive
low interest rates in the Japanese market.
    The strong yen appreciation has cost China dearly and is
likely to make it reduce new yen borrowings, the banker said.
    A Chinese trade official estimated the yen component of the
country's total debt at about 30 pct.
    The Peking representative of a Japanese securities house
said the rapid yen rise had caught China and his firm unawares.
    "Interest rates in Japan are at a historical low, but China,
which will remain an active borrower this year, is likely to go
elsewhere for capital, to get a better currency spread," he
said.
    The Western banker said the excess of short-term loans is
in part a result of China's inexperience in the foreign capital
markets, which it entered only in the early 1980s.
    "Officials do not think of China but of their own department
or firm. Some loans that were entered into did not have the
full backing of the People's Republic of China," he said.
    "The dilemma for China, in foreign borrowing as in other
areas, is to balance central control with giving reasonable
autonomy to firms. It is searching for the mechanisms to
exercise indirect controls," he said.
    The banker said officials have stressed repeatedly over the
past six weeks that China's foreign borrowing will not be
affected by a drive against "bourgeois liberalism," a phrase
meaning Western political ideas, following the dismissal of
Communist Party chief Hu Yaobang on January 16.
    A U.S. Banker said there is no evidence that China's
foreign exchange reserves have fallen below the officially
stated figure of 10 billion dlrs.
    "The Bank of China is both a buyer and a seller in the
market, which would know quickly if it was buying heavily in
advance of an announcement the reserves were down," he said.
    The banker said such buying has not been going on. "Things
are normal. Trade deficits such as China had last year and in
1985 are normal for a country at its stage of development."
    Customs figures show China had a trade deficit of 11.9
billion dlrs in 1986, down from 14 billion in 1985.
    A Ministry of Foreign Economic Relations and Trade official
said this year's outlook for exports, which account for more
than 75 pct of foreign exchange earnings, is much healthier
than a year ago.
    The renminbi has matched the U.S. Dollar fall, he said. It
was quoted at 3.72 today, little changed from 3.7 a year ago.
    The official said China has taken measures to improve its
export performance, including incentive offers to exporters and
the establishment of export production bases.
    "We expect higher prices for our oil exports this year," he
added.
    Official estimates put China's 1986 export losses from the
drop in world oil prices at three billion dlrs.
    A Western diplomat said China's foreign debt needs careful
management but its debt service ratio remains very low at six
to eight pct.
    "We base our assessment not on China's foreign exchange
reserves but on its export performance, just as you assess a
company on its performance, not its bank account," he said.
    He said China performed very well in the export field last
year and remains a very creditworthy country which will have
few difficulties in increasing its borrowing.
 REUTER
3;
bodyend
documentend
documentstart
3489
topicstart
topicend
bodystart
2;

U.S. BANKS TO GET APPROVAL FOR SECURITIES BUSINESS


    TOKYO, March 11 - 
U.S. Commercial banks are expected to
receive Finance Ministry approval in late April to operate
securities subsidiaries in Japan, U.S. Bank officials said.
    A senior official at one of four prospective banks said the
ministry told his bank it would give approval as long as the
parent firm holds no more than 50 pct of the capital.
    "We expect the ministry to give us permission by the end of
April," he said.
    
<
J.P. Morgan and Co>, Bankers Trust New York Corp 
<
BT.N>,
Manufacturers Hanover Corp 
<
MHC.N> and Chemical New York Corp

<
FNBF.N> have asked for securities business licenses.
    Ministry officials declined to say when they would give
formal approval, but said they were working on the issue.
    Approval would pave the way for U.S. Commercial banks to
underwrite and trade equities in Japan under their own names.
    Citicorp 
<
CCI.N> and Chase Manhattan Corp 
<
CMB.N> have
already entered the Japanese securities market by acquiring
U.K. Securities houses already operating in Japan. Citicorp
took over 
<
Vickers de Costa Ltd> and Chase bought 
<
Laurie
Milbank and Co>.
    Bankers did not know if all the banks would get licenses,
but said J.P. Morgan probably would as it was first to ask.
 REUTER
3;
bodyend
documentend
documentstart
3490
topicstart
earn
topicend
bodystart
2;

ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS


    LONDON, March 11 - 
Ultramar Plc 
<
UMAR.L> said that while
its fourth 1986 quarter had improved from the operational point
of view, several special charges adversely affected results.
    Overall the year had not been a good one, with upstream
operations dramatically hit by the fall in crude oil prices and
downstream operations also affected in the first half by large
losses on inventories.
    But margins improved in the second half and in particular
refining and marketing in Eastern Canada showed a good
recovery.
    The company was commenting on results that showed a net
loss for the year of 62.1 mln stg after a 71.6 mln profit in
1985.
    The fourth quarter charges included a 20.8 mln stg
provision on a retroactive price agreement recently initialled
by Pertamina and Japanese buyers of the company's liquid
natural gas and 4.7 mln for the early months of its ownership
of Gulf Canada's marketing assets.
    Ultramar said it had also included the estimated cost of a
further reorganisation programme, which was partly offset by a
withdrawal of surplus funds from U.S. Pension schemes, and a
13.5 mln stg provision for the estimated cost of selling its
U.S. Flag shipping operation.
    The immediate outlook for crude oil prices was uncertain
although it was unlikely there would be any sizeable increase
in the near term. However, Ultramar said it was optimistic
prices would strengthen over the longer term.
    Its substantial reserves of crude oil and natural gas put
it in a good position to benefit from any price recovery.
    In the meantime, Ultramar's objectives were to improve
profitability by selling or restructuring weak operations while
strengthening core businesses and developing a sound
operational and financial base.
    Proven, probable and possible reserves at end-1986 totalled
about 700 mln barrels net on an oil-equivalent basis.
    Ultramar shares firmed on the announcement to 187p from
181p at last night's close.
 REUTER
3;
bodyend
documentend
documentstart
3491
topicstart
acq
topicend
bodystart
2;

QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER


    BRISBANE, March 11 - 
The 
<
Queensland Press Ltd> (QPL) board
said it unanimously recommended the one billion dlr takeover
bid by 
<
Cruden Investments Pty Ltd>, a family company of News
Corp Ltd 
<
NCPA.S> chief executive Rupert Murdoch.
    The 23 dlrs a share cash-only offer is nearly double the
market price before News announced its now-completed bid for
The Herald and Weekly Times Ltd 
<
HWTA.S> in early December and
no other offer is likely, it said in a statement.
    Independent adviser, 
<
Wardley Australia Ltd>, had also
concluded the offer was fair and reasonable, it added.
    QPL is already owned 48.3 pct by HWT.
 REUTER
3;
bodyend
documentend
documentstart
3492
topicstart
sugar
topicend
bodystart
2;

EC COMMISSION DECLINES COMMENT ON SUGAR OFFER


    BRUSSELS, March 11 - 
The European Community (EC) Commission
declined to give an official reaction to reports that a group
of european operators plan to offer one mln tonnes of sugar
into intervention in protest at Commission export policies.
    However, a spokesman for the Commission confirmed the
offers had been made to intervention agencies in various member
states, and said it would now take up to three weeks for the
agencies concerned to complete all necessary documentation.
    The spokesman said that under current regulations, the EC
would have to accept all the offers if there were no technical
problems.
    The spokesman said the Commission would only have to
reimburse the member state for the cost of buying-in the sugar
after the product was sold out of intervention stores at a
later date.
    He said that at present there was virtually no sugar held
in intervention stores.
    Last year, 45,000 tonnes were sold into intervention and
during the 1984-85 campaign 108,000 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
3493
topicstart
interest
money-fx
topicend
bodystart
2;

INDONESIAN BANKS RAISE INTEREST RATES


    By Bill Tarrant, Reuters


    JAKARTA, March 11 - 
A tight money market has pushed
interest rates on three to six month time deposits to between
15 and 18 pct from 13 to 15 pct a month ago, bankers said.
    March is usually a tight month for the money market because
of tax payments and banks' need to attract funds for their
year-end accounts on March 31.
    This year the situation has been made worse by December's
rush to buy dollars by companies and businessmen who feared
imposition of exchange controls. Much of that outflow has yet
to be converted back into rupiah.
    "A lot of small money has come back in, but the big money is
holding out until after April," one U.S. Banker said.
    The tight money policy of Bank Indonesia, the central bank,
is helping to keep rates high.
    Short-term lending rates now average 25 pct a year, with no
prospect they will be lowered soon, the bankers said.
    Central Bank governor Arifin Siregar said earlier this week
that Indonesia could look forward to better economic prospects
in 1987/88, but added the "speculators" who led a run on the
rupiah late last year could again pose problems.
    Indonesia holds general elections on April 23, the first in
five years, and most businessmen expect no new government
economic packages or incentives before then.
    "Some people are nervous about what the government will do
after the election," one banker said. "They normally try to do
things before the IGGI (Inter-Governmental Group on Indonesia)
meeting (in June) to prove they are doing something about the
economy to show they deserve a couple of billion dollars."
    The IGGI, which groups 14 industrialised donor countries
and four agencies, gave Indonesia 2.5 billion dlrs in soft
loans and grants last year.
 REUTER
3;
bodyend
documentend
documentstart
3494
topicstart
topicend
bodystart
2;

NEWS INTERNATIONAL ISSUES 100 MLN DLRS IN BONDS


    London, March 11 - 
News International 
<
NWSL.L> Plc is
issuing 100 mln dlrs of senior unsubordinated notes due April
10, 1990 carrying a coupon of 7-1/2 pct and priced at par, said
Credit Suisse First Boston as lead manager.
   The notes, which are non-callable, are available in
denomnations of 1,000 and 5,000 dlrs. Payment date is April 10.
   They are guaranteed by News Corp Ltd.
    Fees consist of a 7/8 pct selling concession and 1/2 pct
combined management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
3495
topicstart
topicend
bodystart
2;

BANK OF NOVA SCOTIA ISSUES NEW ZEALAND DLR BOND


    LONDON, March 11 - 
The Bank of Nova Scotia, Nassau branch,
is issuing a 50 mln New Zealand dlr eurobond due April 14, 1989
carrying a 18-1/4 pct coupon and priced at 101 pct, lead
manager Morgan Stanley International said.
    The issue, which will take the form of deposit notes, will
be co-lead by Dominion Securities and Wood Gundy Inc.
    The bond is available in denominations of 1,000 and 10,000
dlrs and payment date is April 14.
    Fees comprise 3/4 pct selling concession and 1/2 pct for
management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
3496
topicstart
topicend
bodystart
2;

POLLY PECK 
<
PPKL.L> RAISES 20.3 MLN STG


    LONDON, March 11 - 
<
Polly Peck International Plc> said it
has agreed to place 10 mln new ordinary shares at 203p each
with a group of institutional investors.
    Polly Peck said it proposes to use the 20.3 mln stg raised
by the share placing to further the development and expansion
of its European marketing base and to hasten the development of
its agricultural sourcing network in the Southern Hemisphere.
    The company added that this investment will assist the
group's agricultural division in realising its aim of catering
for an increasingly diverse range of worldwide markets on a
round the year basis.
 REUTER
3;
bodyend
documentend
documentstart
3497
topicstart
earn
strategic-metal
topicend
bodystart
2;

HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS


    JOHANNESBURG, March 11 - 
Highveld Steel and Vanadium Corp
Ltd said it expects 1987 earnings will be lower than last
year's previously reported 85 cts a share.
    But profits "will be at a satisfactory level," the company
said in the annual report without giving a specific estimate.
    Highveld said it expects appreciation of the rand will be
offset to some extent by increasing U.S. Dollar prices for its
exports as the year progresses.
    Highveld said measures taken last year by the European
Economic Community and the United States prohibiting all South
African steel products "presents a challenge to management to
place the steel in other areas."
    The company said overall world vanadium consumption in 1987
is expected to be similar to last year although China's role is
still an unknown factor in the total supply-demand situation.
    "World vanadium production capacity is still believed to be
adequate to cater for any foreseeable demand," it added.
 REUTER
3;
bodyend
documentend
documentstart
3499
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

SAUDI ARABIA BUYS 5,000 TONNES RBD PALM OLEIN


    LONDON, March 11 - 
Saudi Arabia bought 5,000 tonnes of
refined bleached deodorised palm olein at its import tender
yesterday for April 16/25 shipment at 353 dlrs per tonne cost
and freight Jeddah, traders said.
 REUTER
3;
bodyend
documentend
documentstart
3500
topicstart
topicend
bodystart
2;

INVESTORS IN INDUSTRY ISSUES FRENCH FRANC BOND


    PARIS, March 11 - 
Investors in Industry International BV is
issuing a 500 mln franc bond with warrants guaranteed by
Investors in Industry Plc, lead manager Credit Commercial de
France said. Listing will be in London. The issue has a coupon
of 9-1/8 pct, matures on April 7, 1994 and is priced at 101
pct.
    Fees total 1-7/8 pct, with 1-1/4 for selling and 5/8 for
management and underwriting. There is a call at par from the
end of the third year. Each 10,000-franc bond has one 275 franc
warrant giving the right in the first three years to exchange
the host bond for a similar non-callable 9-1/8 pct 1994 bond,
or in years four-seven to buy a 9-1/8 pct 1994 non-callable
bond.
 REUTER
3;
bodyend
documentend
documentstart
3501
topicstart
topicend
bodystart
2;

BANK OF THAILAND FLOATS NEW GOVERNMENT BOND


    BANGKOK, March 11 - 
The Bank of Thailand said it has
floated 500 mln baht of new five-year loan bonds for public
sale.
    The bonds will yield 7.25 pct net after tax with interest
compounded semi-annually.
    The aggregate five-year yield will amount to 42.77 pct of
the principal on maturity.
 REUTER
3;
bodyend
documentend
documentstart
3503
topicstart
topicend
bodystart
2;

CREDIT FONCIER DE FRANCE ISSUES 150 MLN ECU BOND


    LONDON, March 11 - 
Credit Foncier de France is issuing a
150 mln ECU eurobond due April 14, 1994 at 7-5/8 pct and priced
at 101-5/8 pct, lead manager Banque Paribas Capital Markets
said.
    The issue is guaranteed by France and will have a 50 mln
ecu tap exercisable for six months.
    The bond will be available in denominations of 1,000 and
10,000 ECUs and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwtriting combined. Payment date is April
14.
 REUTER
3;
bodyend
documentend
documentstart
3504
topicstart
interest
topicend
bodystart
2;
******
 Belgium cuts discount rate to 8.0 pct from 8.50 - official

Blah blah blah.
3;


bodyend
documentend
documentstart
3505
topicstart
earn
topicend
bodystart
2;

PREUSSAG SAYS PAYMENT OF A 1986 DIVIDEND NOT CERTAIN


    HANOVER, West Germany, March 11 - 
A spokesman for Preussag
AG 
<
PRSG.F> said it was not yet certain whether the company
would pay a dividend on 1986 results
    He was commenting on a Preussag statement which said
results in 1986 were lower than in 1985. Preussag has
frequently said its results came under further pressure in 1986
following a difficult year in 1985.
    Managing board chairman Guenther Sassmannshausen said in
December the board would prefer to stick to its policy of not
dipping into reserves to pay dividends. The spokesman noted the
final dividend decision rests with the supervisory board.
    The Preussag statement said results fell in 1986 compared
with 1985 because declines in earnings in metals, oil and
shipping were not entirely compensated by positive trends in
the group's other divisions.
    The spokesman said it was not clear whether the domestic
group would show a net profit in 1986, adding this would depend
partly on the level of provisions.
    Preussag cut its 1985 dividend to eight marks from nine
marks on 1984 results after parent company net profit dropped
to 65.0 mln marks from 103.0 mln the year before.
    The Preussag world group made a net loss of 13.1 mln marks
in 1985 after a net profit of 154.5 mln the year before.
Domestic group net profit fell to 77.9 mln from 122.2 mln.
    The statement said its results in 1986 were affected by
unsatisfactory selling prices for metals and oil as well as by
poor use of capacity in the supply ship sector.
    The reduction in natural gas prices in the fourth quarter
of 1986 to reflect earlier falls in oil prices was an
additional factor behind the drop in results.
    Preussag said rationalization measures already introduced
would not begin to take full effect until this year.
    Preussag's domestic group turnover rose to 4.48 billion
marks in 1986 from 4.29 billion in 1985, helped by the first
time consolidation of 951.8 mln marks of turnover from its
majority-owned oil and gas subsidiary C. Deilmann AG.
    Domestic group turnover in the 1986 fourth quarter alone
was 1.1 billion marks, it said without giving comparison
figures.
    Preussag said its domestic crude oil production fell 4.0
pct to 94,400 tonnes in 1986, while foreign oil production rose
to 182,900 tonnes from 174,500 tonnes.
    Preussag said its Amalgamated Metal Corporation Plc (AMC)
subsidiary, whose results are included in the world group
accounts, made an unspecified profit in the fourth quarter of
last year.
    AMC's large losses in 1985, caused principally by the
international tin crisis, were the reason behind the world
group losses that year.
 REUTER
3;
bodyend
documentend
documentstart
3507
topicstart
crude
topicend
bodystart
2;

OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING


    JAKARTA, March 11 - 
Foreign oil companies will spend less
on exploration in Indonesia this year than last, budgeting 2.7
billion dlrs for calendar 1987 against 1986 spending of 2.8
billion dlrs, the state oil company Pertamina said.
    Actual spending last year fell short of the budgeted figure
of 3.2 billion dlrs, as oil companies slashed expenditure
because of the crash in world oil prices.
    Jumardi Jukardi, head of Pertamina's coordinating board for
foreign contractors, said foreign companies will drill 110
exploration wells and 431 development wells this year, against
108 and 330 last year.
 REUTER
3;
bodyend
documentend
documentstart
3508
topicstart
topicend
bodystart
2;

ICI ISSUES 100 MLN STG 9-3/4 PCT EUROBOND


    LONDON, March 11 - 
Imperial Chemical Industries Plc 
<
ICI.L>
is issuing a 100 mln stg eurobond due April 15, 2005 paying
9-3/4 pct and priced at 101-1/4 pct, lead manager Warburg
Securities said.
    Morgan Grenfell and Co Ltd is co-lead.
    The bond is in partly paid form with 30 pct due on April 15
and the remainder due for payment on July 15.
    It will be available in denominations of 1,000 and 10,000
stg and will be listed in London.
    Fees comprise 1-1/2 pct selling concession and 1/2 pct each
for management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
3509
topicstart
crude
topicend
bodystart
2;

INDONESIA OIL CONTRACT NEGOTIATIONS END THIS MONTH


    JAKARTA, March 11 - 
Negotiations between Indonesia's state
oil company Pertamina and foreign oil contractors on extension
of the standard 30-year production sharing contract will be
concluded by the end of this month, a Pertamina official said.
    Jumardi Jukardi, head of Pertamina's foreign contractors
coordinating board, gave no details about the outcome of the
talks.
    But Pertamina President Abdul Rachman Ramly has said
priority will be given to extending contracts for companies
whose exploration and production contracts expire within the
next seven to 10 years.
    Jukardi, speaking to Indonesian reporters, said the
negotiations would determine whether the 85-15 production
sharing split in favour of Pertamina would be adhered to or
altered in some cases as oil companies are asking for.
    Hardjoko Seputro, spokesman for the Mines and Energy
Ministry, has said that President Suharto has agreed in
principle to extension of the standard 30-year production
sharing contract to reflect better current depressed conditions
on the international oil market.
 REUTER
3;
bodyend
documentend
documentstart
3510
topicstart
topicend
bodystart
2;

SALOMON ISSUES 228 MLN DLR FLOATING RATE CMO


    LONDON, March 11 - 
Salomon Brothers International's CMO
Eurotrust subsidiary is issuing a 228 mln dlr collateralised
mortgage obligation priced at par and yielding 40 basis points
over the three-month London interbank offered rate (Libor),
Salomon said as lead manager.
    However, interest, which is paid quarterly, cannot rise
above 11.50 pct.
    The stated maturity date of the issue is May 1, 2017, but
the deal has an expected life of 3.6 years which will vary with
the rate at which homebuyers prepay their mortgages
    The pool itself consists of Federal National Mortgage
Association (Fannie Mae) securities paying 10.50 pct.
    The issue settles on April 27 with no accrued interest.
    Salomon noted that the issue carries the lowest spread over
Libor of any CMO issued in the euromarkets to date.
    In explaining the pricing, a Salomon official noted that
there has been very heavy demand for high-coupon U.S.Agency
mortgage issues such as Fannie Maes and that the rising price
of the collateral must be passed along to investors.
 REUTER
3;
bodyend
documentend
documentstart
3511
topicstart
sugar
topicend
bodystart
2;

TRADE SAYS EC SUGAR TENDER HARD TO FORECAST


    LONDON, March 11 - 
Traders here and in Paris said the
results of today's EC white sugar tender are hard to forecast
because of plans by a group of French, West German, Dutch and
Belgian operators to sell one mln tonnes of sugar into
intervention.
    London traders said bids for licences have been reported
between 43.00 and 44.00 Ecus per 100 kilos and if any licences
are granted they are likely to be towards the lower end of that
range, possibly 43.30/43.50 Ecus.
    Traders in Paris said they expect maximum rebates of
between 43 and 43.50 Ecus.
    Other than the Commission releasing no sugar for export,
the likely tonnage is expected to be very small, the London
traders said, while the French sources declined to estimate
volume in view of the psychological impact of the planned sales
into intervention in protest against EC export policies.
    Last week licences for 60,500 tonnes were awarded at a
maximum rebate of 43.147 Ecus.
 REUTER
3;
bodyend
documentend
documentstart
3512
topicstart
trade
bop
topicend
bodystart
2;

KOREA PLANS TO OPEN MARKETS TO EASE WON PRESSURE


    SEOUL, March 11 - 
South Korea will further open its market
to help cut its trade surplus with the U.S. And to fight off
pressure to revalue the won against the dollar, a government
spokesman said.
    The spokesman said Korean trade minister Rha Woong-Bae's
stand in Washington yesterday against pressure from industrial
nations to revalue the won underlined the government's
determination to stand firm.
    Rha told the U.S. Chamber of Commerce "Demands that Korea
carry out a drastic and sudden currency revaluation of five or
10 pct are, I believe, extremely ill-advised."
    Deputy prime minister Kim Mahn-Je told a meeting of local
businessmen "The government's policy on the question of
revaluing the won is to maintain a steadfast position."
    Kim said South Korea was ready to move slowly to raise the
won's value because of its heavy foreign debt which stood at
44.5 billion dlrs at the end of 1986.
    Six industrialised nations agreed in Paris last month that
newly industrialising countries, such as South Korea and
Taiwan, should allow their currencies to appreciate.
    But local businessmen have said won/dollar parity has
already reached "a crisis level."
    An official of the Korea Traders' Association (KTA) said if
the won strengthened another five pct, this would mean the loss
of profitability for nearly half of all South Korean exporters.
    "We are determined not to go the way of Latin American
debtor nations which have suspended interest payments of their
debts," the spokesman said. "The only way to keep our good record
is to maintain our exports.+
    The trade minister said yesterday should Seoul revalue the
won suddenly Korea would run "a tremendous trade deficit and
could degenerate into a country, like many other developing
countries, which is reneging on its international obligations."
    The spokesman said South Korea had been gradually
appreciating its currency, ruling out a major revaluation. So
far this year, the won has gone up by 0.8 pct against the
dollar after a 3.34 pct revaluation in 1986.
    He said South Korea was selecting "many" of 122 items on
which Washington recently asked Seoul to lower tariffs to help
narrow its trade surplus with the U.S. No further details were
given.
    Seoul announced in January the lifting of bans on 158
items, including sensitive agricultural products and large
cars, effective from July.
    South Korea posted its first ever current account surplus
last year, due largely to a trade surplus with the U.S. Of 7.1
billion dlrs, against a 4.3 billion deficit in 1985. It earlier
forecast that its current account surplus could reach eight
billion dlrs this year.
    But the government official said the surplus would be held
at around five billion dlrs to avoid further pressure by
industrialised nations to push up the value of its currency.
 REUTER
3;
bodyend
documentend
documentstart
3513
topicstart
topicend
bodystart
2;

SECURICOR UNIT SEEKS 50 MLN STG CREDIT FACILITY


    LONDON, March 11 - 
Security Services Plc, a unit of
Securicor Group Plc, is seeking a 50 mln stg multi-option
facility, County NatWest Capital Markets said as arranger.
    The facility will be for seven years and will allow the
borrower to issue multi-currency advances and sterling
acceptances through a tender panel.
    There will be an underwriting margin of up to of 3/16 pct
over the London interbank offered rate. Underwriters will
receive a fee of 15 basis points on the available portion of
the facility and a fee of 10 basis points on the unavailable
portion, which could be for up to half the facility.
    There will be a utilization fee of 1/16 pct when more than
half the facility is in use.
    Securicor Group and other subsidiaries will guarantee the
facility.
 REUTER
3;
bodyend
documentend
documentstart
3514
topicstart
money-fx
topicend
bodystart
2;

GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION


    FRANKFURT, March 11 - 
Call money eased to 3.75/80 pct from
3.80/85 yesterday following a net injection of 6.7 billion
marks at a rate of 3.80 pct in fresh funds from this week's
securities repurchase agreement, dealers said.
    But rates were expected to rise toward the end of the week.
    A major tax payment period by banks on behalf of customers,
payments for the federal railways loan stock and repayments of
mark liabilities incurred by foreign central banks with the
Bundesbank in the framework of the European Monetary System
(EMS) are likely to significantly burden the system. Banks
built up minimum reserves today, ahead of the expected outflow.
    The Bundesbank credited banks with a gross 15.2 billion
marks, but some 8.5 billion left the system at the same time as
an earlier securities repurchase pact matured.
    Dealers estimated the EMS related outflow as high as six
billion marks.
    The Bundesbank declined to comment, but a spokesman said
yesterday although the funds now due may be allowed to roll
over, the possibility that other central banks may choose to
redeem them meant a net infusion was needed.
    Dealers forecast tax payments of 25 and 30 billion marks,
but much of it is expected to burden the system only next week.
    Banks' minimum reserve holdings at the Bundesbank totalled
53.6 billion marks on Monday, averaging 54.0 billion over the
first nine days of March.
    Dealers said although the figure was well above an expected
requirement of around 51 billion marks, the expected outflow of
funds was so large that banks might find it difficult to meet
the requirement toward the end of March.
    No securities repurchase agreement is expiring next week,
but dealers said the Bundesbank could offer fresh liquidity if
conditions significantly tighten. "The Bundesbank wants to keep
rates around 3.80 pct," one dealer said.
 REUTER
3;
bodyend
documentend
documentstart
3515
topicstart
topicend
bodystart
2;

KRUPP SAYS 2,000 STEEL JOBS TO GO THIS YEAR


   BOCHUM, West Germany, March 11 - 
Krupp Stahl AG 
<
KRPB.F>
said it will cut about 2,000 of a total 18,000 jobs by the end
of 1987 and is considering reducing the work force by a further
3,000 in subsequent years.
   The company, which is 70.4 pct owned by Fried Krupp GmbH,
said the job losses were part of immediate and longer-term
restructuring plans. The statement denied published reports
that total job losses would amount to 9,000 employees.
    Krupp has said previously that the work force cuts are
necessary because of weaker conditions on the steel market.
 REUTER
3;
bodyend
documentend
documentstart
3517
topicstart
earn
topicend
bodystart
2;

BTR PLC 
<
BTRX.L> 1986 YEAR


    LONDON, March 11 -
    
Shr 21.2p vs 16.0p
    Div 4.75p making 8.25p vs 5.83p
    Pretax profit 505 mln stg vs 362 mln
    Turnover 4.02 billion vs 3.88 billion
    Tax 128 mln vs 85 mln
    Operating profit 527 mln vs 421 mln
    Operating profit includes -
    Other income 30 mln vs 41 mln
    Financial costs 52 mln vs 100 mln
    Minorities 25 mln vs 16 mln
    Earnings 352 mln vs 261 mln
    Extraordinary credit 78 mln vs 34 mln debit.
 REUTER
3;
bodyend
documentend
documentstart
3518
topicstart
topicend
bodystart
2;

FIRST COMMERCIAL PAPER ISSUED IN TURKEY


    ISTANBUL, March 11 - 
A Turkish-West German joint venture,
Turk Henkel A.S., Issued the first commercial paper in Turkey
through private Yapi ve Kredi Bankasi A.S., Bank officials
said.
    "A total of 500 mln lira of commercial paper of Turk Henkel
A.S. Is on sale today," Osman Erk, deputy general-manager of
Yapi ve Kredi Bankasi told Reuters.
    He said the 90-day paper of the chemicals company has an
annualised yield of 46.64 pct. Turkey passed legislation last
year allowing commercial paper.
    Erk said the capital and other requirements for issuing
commercial paper is too high for some Turkish companies to
meet.
    "The state Capital Markets Board has also limited the yield
with 46.64 pct, which is slightly higher than that of the
90-day government paper," Erk said.
 REUTER
3;
bodyend
documentend
documentstart
3519
topicstart
topicend
bodystart
2;

TOKYO TO ISSUE 100 MLN DLR BOND IN NEW YORK


    TOKYO, March 11 - 
The Tokyo Metropolitan Government said it
would float a 100 mln dlr 10-year bond with a 7.5 pct coupon in
New York, its first Yankee bond issue in 21 years.
    The bond will be priced at 99.515 to yield 7.585 pct.
    The issue will be immediately swapped into Swiss francs,
putting actual interest rates at around four pct, a Tokyo
government spokeswoman said.
    The lead manager is First Boston Corp and the co-leaders
are Goldman Sachs and Co and Merrill Lynch Capital Markets, she
said.
    The funds will be used for sewerage and reclamation work.
 REUTER
3;
bodyend
documentend
documentstart
3520
topicstart
jobs
topicend
bodystart
2;

JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88


    TOKYO, March 11 - 
The yen's rise against the dollar is
expected to boost Japan's unemployment rate to an average 3.3
pct in the 1987/88 fiscal year beginning April 1 from January's
record three pct, the private Nomura Research Institute said.
    The official 1987/88 estimate is 2.9 pct.
    The research arm of Nomura Securities Co forecast
unemployment would exceed two mln by mid-fiscal 1987, against
an estimated 1.75 mln for the current year.
    Nomura urged the government to take pump-priming measures
to help redress trade imbalances and boost employment.
    Employment in manufacturing during fiscal 1987/88 was
predicted to fall 550,000 from the current year due to higher
job losses in the steel, shipbuilding and heavy electrical
machinery sectors, Nomura said.
    Employment in the non-manufacturing sector will continue to
increase, the institute said, without giving figures.
 REUTER
3;
bodyend
documentend
documentstart
3522
topicstart
topicend
bodystart
2;

U.K. ONE BILLION STG BOND TRANCHE EXHAUSTED


    LONDON, March 11 - 
A one billion stg tranche of 8-3/4 pct
Treasury Loan stock due 1997 was exhausted in very early
trading on the U.K. Government bond market only minutes after
becoming available for trading, dealers said.
    The Bank of England said the issue, announced on Monday and
available for official dealings from this morning, was no
longer operating as a tap. The striking price was a partly paid
41 stg pct, at which price bids were allotted 53.8 pct.
    Dealers noted that strong demand had been detected for the
bonds yesterday afternoon and interest was further stimulated
by sterling's surge at the opening this morning.
 Reuter
3;
bodyend
documentend
documentstart
3523
topicstart
topicend
bodystart
2;

JAPANESE 150 BILLION YEN LOAN FOR INDONESIA


    TOKYO, March 11 - 
Indonesia signed an agreement to borrow
up to 150 billion yen in an untied yen loan from Japan's
governmental Export-Import Bank, a bank spokesman said.
    The accord on the loan for Indonesia's 21 development
projects was signed by the visiting Indonesian Finance Minister
Radius Prawiro and Ex-Im President Takashi Tanaka, the
spokesman said.
    The loan will be the bank's first untied loan to an Asian
country in co-financing with the World Bank, but it will not be
tied to purchase of Japanese goods or services, he said.
 REUTER
3;
bodyend
documentend
documentstart
3524
topicstart
money-supply
interest
topicend
bodystart
2;

SPAIN EXTENDS RESERVE REQUIREMENT


    MADRID, March 11 - 
The Bank of Spain has extended the
reserve requirement for banks to their convertible peseta funds
in an attempt to curb speculation in short-term capital which
is currently fuelling money supply growth.
    In a statement issued late last night, the central bank
said convertible peseta accounts, funds which are not subject
to exchange controls, would also be subject to a 19 pct reserve
requirement with effect from Friday.
    Convertible peseta funds had been previously exempt from
reserve requirements.
    The measure comes one week after the central bank raised
reserve requirements on domestic deposits by one percentage
point to 19 pct, also with effect on Friday.
    Banking sources say the high real interest rates on offer
now -- around eight pct for overnight funds -- have attracted a
large influx of speculative foreign capital which is
threatening the government's monetary targets.
    They say this influx is largely responsible for Spain's
principal measure of money supply, the broad-based liquid
assets in public hands (ALP), to have grown by an estimated 17
pct annualised rate in February, compared with January's 8.3
pct rise and an 11.4 pct rise during the whole of 1986. The
target for 1987 is eight pct.
    The Bank of Spain today did not provide assistance funds to
banks in a move to drain excess liquidity from the money
market. Liquidity will be further tightened by the fortnightly
Treasury Bill auction tomorrow and Friday's hike in reserve
requirements, expected to absorb over 200 billion pesetas from
the system.
    The immediate reaction was a hike in interbank interest
rates today to 13.75/14.00 pct from yesterday's 13.46 pct
average for deposits.
    Bank of Spain officials said this was an understandable
response "given that the market is short of funds."
    But banking sources noted that a continued rise in interest
rates would neutralize the central bank's attempts to curtail
short-term speculation with foreign funds by making the Spanish
money markets more attractive.
 REUTER
3;
bodyend
documentend
documentstart
3526
topicstart
money-fx
topicend
bodystart
2;

HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS


    BUDAPEST, March 11 - 
Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
    MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
    Hungary devalued the forint by a similar amount last
September 23. Western bankers say the forint is more
realistically valued than currencies of Hungary's COMECON
allies.
 REUTER
3;
bodyend
documentend
documentstart
3527
topicstart
topicend
bodystart
2;

DANISH BOND PRICES RISE AFTER AUSTERITY PLEDGE


    COPENHAGEN, March 11 - 
Prices rose on the Danish bond
market after Prime Minister Poul Schlueter said the government
was prepared to impose further austerity measures to limit
domestic consumption if the economy did not improve over the
summer.
    A typical 20-year mortgage bond had risen to 81 by noon
from 79-1/4 at the close last night. "It is because of possible
optimism that the government will intervene if necessary," one
dealer told Reuters.
    Schlueter said after a routine cabinet meeting yesterday "If
economic tightening up is necessary, we will do it."
    The government has already imposed three austerity packages
since December 1985, in an attempt to bring down the external
current account deficit, which rose to a preliminary 34.5
billion crowns in 1986 from 29.1 billion the previous year.
    Schlueter made clear that an autumn general election would
not make the government postpone any austerity measures. The
government has to call an election by January 1988.
    He expressed surprise at concern in some financial quarters
over the level of private and public wage settlements last
month, worth a minimum three to four pct a year. These would
lead to higher productivity, Schlueter said.
 REUTER
3;
bodyend
documentend
documentstart
3528
topicstart
interest
topicend
bodystart
2;

SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY


    TOKYO, March 11 - 
Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
    "The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
    His remarks were concerned with a comprehensive economic
stimulative package the government plans to adopt in the coming
days.
    At the recent talks among the six major industrialised
nations in Paris, Japan promised to work out a comprehensive
economic package to boost domestic demand, which in turn would
help increase its imports and reduce its trade surplus.
    Sumita also said the economy will show a gradual upturn in
the second half of the year if the yen remains stable.
    He said there is caution in the foreign exchange market
against a further rise of the yen and mark and this explains
the recent stability in the currency markets. Conflicting
economic indicators from the U.S. Have also been dampening
market activity, he added.
 REUTER
3;
bodyend
documentend
documentstart
3529
topicstart
topicend
bodystart
2;

GUNZE SANGYO ISSUING 25 MLN SWISS FRANC NOTES


    ZURICH, March 11 - 
Gunze Sangyo Inc of Tokyo is issuing 25
mln Swiss francs of five year convertible notes with a 1-1/2
pct coupon, lead manager Swiss Volksbank said.
    The conversion price has been set at 463 yen per share,
compared with today's 450 yen close.
    Payment is due March 30.
 REUTER
3;
bodyend
documentend
documentstart
3530
topicstart
topicend
bodystart
2;

JAPAN TANKOKU YIELDS HIT RECORD LOW AT AUCTION


    TOKYO, March 11 - 
The Finance Ministry said its auction
yesterday of 1,000 billion yen of tankoku, six-month debt
financing paper, produced a record low average yield of 3.246
pct on aggressive bidding from securities houses.
    The tankoku mature on September 21, 1987.
    The previous record low was 3.383 pct at the last auction,
on February 12.
    One of four major Japanese securities house bought 39.5 pct
of the total 1,021.1 billion yen in bids accepted, ministry
sources said.
    Securities houses bid aggressively as big retail accounts,
such as tokkin, special money trust and trust funds have been
showing strong interest in tankoku on increasing demand for
short-term fund management, securities house managers said.
    The yield for tankoku, issued on a discount basis, is one
point below the 4.26/12 pct interest rates for six-month
certificates of deposit today.
    In the previous auction for 1,000 billion yen, the four
majors took 92 pct of the issue to increase their tankoku
inventory, the managers said.
    Bids totalled 1,975.8 billion yen.
    The average price was 98.36 to give a yield of 3.246 pct
and lowest was 98.33, giving 3.314 pct, the Ministry said.
 REUTER
3;
bodyend
documentend
documentstart
3531
topicstart
lei
topicend
bodystart
2;

AUSTRALIA LEADING INDEX CONTINUES RISE IN DECEMBER


    MELBOURNE, March 11 - 
Westpac Banking Corp and the
Melbourne University Institute of Applied Economic and Social
Research said their leading index of Australian economic
activity rose for the ninth successive month in December.
    The index rose to 134.1 (base 1980) from 129.8 in November
and 122.8 a year earlier, the Westpac-Institute report said.
    Annualised, it rose 13 pct in December against seven pct in
November and one pct a year earlier, based on the ratio of the
latest index to the average over the previous 12 months.
    The report said the index is now 12 points or 9.8 pct above
its trough in March 1986.
    Westpac's chief economist Bob Graham said the consistent
upward trend in the leading index emphasised the need for a
tough mini-budget in May. "An untoward increase in consumption
spending before the balance of payments improves would have
disastrous consequences," he said.
    The coincident index also rose an annualised three pct in
December against zero movement in November and a seven pct rise
a year earlier, Westpac and the Institute said.
    They said this index continued to show the current
recession is shallow and is more likely to involve a slowing in
real growth than an absolute fall in economic activity.
 REUTER
3;
bodyend
documentend
documentstart
3532
topicstart
money-fx
yen
trade
topicend
bodystart
2;

JAPAN CANNOT BEAR FURTHER YEN RISE, MINISTER SAYS


    TOKYO, March 11 - 
Japan cannot bear a further rise of the
yen, Foreign Minister Tadashi Kuranari said.
    "A further stronger yen would be a misfortune for Japan and
the Japanese people would not be able to bear such a burden," he
told reporters.
    The minister said he wants to tell U.S. Political leaders
of the sacrifices Japan is making to cut its trade surplus.
    Kuranari was widely expected to fly to Washington tomorrow
for talks focussing on trade. But departure remains uncertain
because of the continuing parliamentary boycott by opposition
parties protesting plans for a new sales tax.
    If the boycott is lifted tomorrow, Kuranari would probably
have to remain in Japan to attend parliamentary discussions on
the government's 1987/88 budget, Japanese officials said.
    Kuranari said both the U.S. And Japan should approach the
trade imbalance in a calm, unemotional manner.
    But, he added, "If the issue of rice is to be raised...I
would mention the feelings of the Japanese people."
    Japanese politicians have said repeatedly the country
cannot bow to U.S. Pressure to liberalize rice imports because
the issue is too sensitive.
 REUTER
3;
bodyend
documentend
documentstart
3533
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND DOES NOT INTERVENE IN MONEY MARKET


    LONDON, March 11 - 
The Bank of England said it did not
operate in the money market during the morning.
    Initially, the bank forecast a liqudity shortage of some
300 mln stg for the market today.
    Overnight interbank sterling traded at the 11-1/4 1/8 pct
level for most of the morning while period rates have eased on
the strength of sterling, dealers said. At 1200 gmt, sterling's
trade-weighted index was up 0.6 at 72.7.
 REUTER
3;
bodyend
documentend
documentstart
3534
topicstart
interest
topicend
bodystart
2;

U.S. URGES BANKS TO WEIGH PHILIPPINE DEBT PLAN


    By PETER TORDAY, Reuters


    WASHINGTON, March 11 - 
The U.S. is urging reluctant
commercial banks to seriously consider accepting a novel
Philippine proposal for paying its interest bill and believes
the innovation is fully consistent with its Third World debt
strategy, a Reagan administration official said.
    The official's comments also suggest that debtors' pleas
for interest rate concessions should be treated much more
seriously by the commercial banks, in cases where developing
nations are carrying out genuine economic reforms.
    In addition, he signaled that the banks might want to
reconsider the idea of a "megabank," where Third World debt would
be pooled, and suggested the administration would support such
a plan, even though it was not formally proposing it. At the
same time, however, the official expressed reservations that
such a scheme would ever get off the ground.
    The Philippine proposal, together with Argentine
suggestions that "exit bonds" be issued to end the troublesome
role of small banks in the debt strategy, would help to
underpin the flagging role of private banks within the plan,
the official said in an interview with Reuters.
    "All of these things would fit within the definition of our
initiative as we have asked it and we think any novel and
unique approach such as those should be considered," said the
official, who asked not to be named.
    In October 1985, Washington outlined a debt crisis strategy
under which commercial banks and multilateral institutions such
as the World Bank and the International Monetary Fund (IMF)
were urged to step up lending to major debtors nations.
    In return, America called on the debtor countries to enact
economic reforms promoting inflation-free economic growth.
    "The multilaterals have been performing well, the debtors
have been performing well," said the official. But he admitted
that the largest Third World debtor, Brazil, was clearly an
exception.
    The official, who played a key role in developing the U.S.
Debt strategy and is an administration economic policymaker,
also said these new ideas would help commercial banks improve
their role in resolving the Third World debt crisis.
    "We called at the very beginning for the bank syndications
to find procedures or processes whereby they could operate more
effectively," the official said.
    Among those ideas, the official said, were suggestions that
commercial banks create a "megabank" which could swap Third World
debt paper for so-called "exit bonds" for banks like regional
American or European institutions.
    Such bonds in theory would rid these banks of the need to
lend money to their former debtors every time a new money
package was assembled, and has been suggested by Argentina in
its current negotiations for a new loan of 2.15 billion dlrs.
    He emphasised that the "megabank" was not an administration
plan but "something some people have suggested."
    Other U.S. Officials said Japanese commercial banks are
examining the creation of a consortium bank to assume Third
World debt. This plan, actively under consideration, would
differ slightly from the one the official described.
    But the official expressed deep misgivings that such a plan
would work in the United States.
    "If the banks thought that that was a suitable way to go,
fine. I don't think they ever will."
    He pointed out that banks would swap their Third World
loans for capital in the megabank and might then be reluctant
to provide new money to debtors through the new institution.
    Meanwhile, the official praised the Philippine plan under
which it would make interest payments on its debt in cash at no
more than 5/8 pct above Libor.
    "The Philippine proposal is very interesting, it's quite
unique and I don't think it's something that should be
categorically rejected out of hand," the official said.
    Banks which found this level unacceptably low would be
offered an alternative of Libor payments in cash and a margin
above that of one pct in the form of Philippine Investment
Notes.
    These tradeable, dollar-denominated notes would have a
six-year life and if banks swapped them for cash before
maturity, the country would guarantee a payment of 7/8 point
over Libor.
    Until now, bankers have criticised these spreads as far too
low. The talks, now in their second week, are aimed at
stretching out repayments of 3.6 billion dlrs of debt and
granting easier terms on 5.8 billion of already rescheduled
debt. The country, which has enjoyed strong political support
in Washington since Corazon Aquino came to power early last
year, owes an overall 27.8 billion dlrs of debt.
    But the official denied the plan amounts to interest rate
capitalisation, a development until now unacceptable to the
banks. "It's no more interest rate capitalisation than if you
have a write down in the spread over Libor from what existed
before," the official said in comments suggesting some ought to
be granted the rate concessions they seek. "Some people argue
that (cutting the spread) is debt forgiveness... What it really
is is narrowing the spread on new money," he added.
    He said the U.S. Debt strategy is sufficiently broad as an
initiative to include plans like the Philippines'.
 Reuter
3;
bodyend
documentend
documentstart
3535
topicstart
money-fx
stg
can
topicend
bodystart
2;

POUND AND CANADIAN DOLLAR CAPTURING ATTENTION


    By Andrew Stern, Reuters


    CHICAGO, March 11 - 
Interest in the currency futures market
has shifted to the soaring British pound and the potentially
explosive Canadian dollar, and away from the dull Continental
and Japanese currencies, analysts said.
    The June pound, which added 6.3 cents over the past
week-and-a-half to reach a new contract high of 1.5930 to the
dollar on Monday, has spawned a new-found speculative boom.
    "Brokers have to push their clients somewhere...and
technically, the pound is in the best shape," PaineWebber
analyst Jason Gillard said.
    "We've tried to take a bullish approach to the pound, and
we're going to stay with that, there's no reason to change,"
Smith Barney analyst Craig Sloane said.
    Many traders took on long pound/short West German mark
futures positions, although some of those cross-trades were
liquidated yesterday, Sloane said.
     The fundamental keys to the pound's rise have been
relatively high U.K. interest rates and a vague optimism
surrounding the British economy, analysts said.
    "Money seems to be chasing yields," William Byers, of Bear
Stearns, said of the 10-1/2 pct U.K. base lending rate.
    Many analysts are skeptical about further gains in the
pound, on the inference that the Bank of England will seek to
relieve upward pressure on the currency by pushing down
interest rates after the nation's budget is released March 17.
    The budget itself could have an impact, depending on how
well it is received, but analysts say relative interest rates
and oil income remain the main influences on the currency.
    However, the market may be able to absorb lower U.K.
interest rates, as it has done when other countries have cut
their discount rates, and extend the pound's rally, Sloane
said.
    The Canadian dollar has not been rising like the pound, but
Sloane and other analysts cautiously predicted a big move soon.
    The sideways price pattern in the June contract, with
smaller and smaller price ranges, has formed a "bull flag" on
price charts, technically-oriented analysts said.
    "It makes for an explosive type of situation that often
leads to a breakout," in this case to the upside, Sloane said.
    Byers agreed there was potential for the June Canadian
dollar to rally above the 77.00 cent level from the most recent
close at 74.80 cents to the U.S. dollar.
    "At this stage of the game I'd call the market long-term
positive, but for the technical burden of proof you need a
close above (the previous contract high of) 75.25," Byers said.
    As to the traditionally more active currencies, stability
was the catchword and reluctance the watchword among analysts.
    Sloane said it was important that June Swiss francs and
June German marks held above support at 0.6400 and 0.5400,
respectively, closing at 0.6438 and 0.5430.
    Yesterday's rebound showed the market was still very
respectful of the Paris accord, and the threat of central bank
intervention by the G-5 nations plus Canada.
    "We may still probe to see what the parameters are," Byers
said, "but people are very reluctant because they don't know
where the central banks will be (to intervene)."
    Gillard said the mark could drop to a previous price
consolidation area around 0.5250 based on the profoundly
sluggish West German economy, but that he would be a buyer at
that level.
 Reuter
3;
bodyend
documentend
documentstart
3536
topicstart
topicend
bodystart
2;

STOREHOUSE CONVERTIBLE BOND RAISED TO 69 MLN STG


    LONDON, March 11 - 
The stg convertible bond issue launched
Monday for Storehouse PLC 
<
STHL.L> was raised to 69 mln stg
from the original 60 mln, co-lead Swiss Bank Corp International
said. County NatWest Capital Markets is the other co-lead
manager.
    The coupon has been fixed at 4-1/4 pct. The conversion
price into Storehouse ordinary shares has been fixed at 346
pence which represents a premium of 9.84 pct over last night's
315 pence closing share price. The put price after five years
is 126.8 to yield 8-3/4 pct.
    Selling period for the bond -- which dealers say has been
seeing good demand -- has been accelerated to noon on Friday.
    The bond was trading today at 104-3/8 104-7/8 against its
par issue price, traders said, adding the equity link ensured
popularity on an oversupplied eurosterling primary market.
    The proceeds of the issue will be used to fund outstanding
short-term borrowings, Storehouse Plc corporate treasurer Lance
Moir told Reuters.
    The issue was also designed to increase the international
profile of the British high street retail conglomerate and was
consequently aimed primarily at continental investors who have
shown a high degree of interest in the issue, he added.
    Demand came mainly from West Germany and Switzerland.
 REUTER
3;
bodyend
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documentstart
3538
topicstart
earn
topicend
bodystart
2;
******
NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING

Blah blah blah.
3;


bodyend
documentend
documentstart
3539
topicstart
interest
topicend
bodystart
2;

JAMAICA AGREES DRAFT BANK DEBT RESCHEDULING


    NEW YORK, March 10 - 
Jamaica agreed in principle with its
bank advisory committee on a rescheduling of 181 mln dlrs of
foreign commercial bank debt falling due between 1987 and 1989,
the Jamaican Information Service said.
    Repayments on the debt will be stretched out over 12 years
with 8-1/2 years' grace at 1-1/4 percentage points over the
London Interbank Offered Rate, Libor. The margin on previously
restructured debt also will be cut to 1-1/4 point from 2-1/2.
    The package should save Jamaica about 3.3 mln dlrs a year.
    Prime Minister Edward Seaga, who led the Jamaican
delegation, called the terms very favourable to his country.
    The agreement in principle with the bank advisory committee
led by the Bank of Nova Scotia 
<
BNO.TO> comes five days after
Jamaica successfully concluded a 125.5 mln dlr rescheduling
accord with the Paris Club of creditor nations.
    That pact in turn followed the International Monetary Fund
(IMF)'s approval on March 5 of a 85 mln special drawing rights
standby arrangement and a 40.9 mln sdr drawing under the
compensatory financing facility.
    Of Jamaica's foreign debt of 3.3 billion dlrs only 12 pct
is owed to commercial banks, and Seaga yesterday reaffirmed the
government's policy of not seeking new bank loans.
REUTER...^M
3;
bodyend
documentend
documentstart
3540
topicstart
oilseed
soybean
veg-oil
palm-oil
coconut-oil
topicend
bodystart
2;

VEGETABLE OILS MAY TIGHTEN DESPITE SEED SURPLUS


    EDMONTON, Alberta, March 11 - 
Lower production of coconut
and palm oils could lead to a decline in vegetable oil stocks
this year despite growing supplies of oilseeds, senior oilseeds
analyst for Merrill Lynch Capital Markets Mario Balletto said.
    Balletto told a conference of Canadian farmers at Alberta
Agriculture's annual farm outlook conference that the world
vegetable oil situation is one of potentially tight supplies.
    "Prices for edible oils appear to have more upside
potential reflecting strong world demand and an unprecedented
decline in the production of tree oils," Balletto said.
    Balletto estimated production of palm, coconut and palm
kernel oils this year at 8.5 mln tonnes, down from 9.1 mln
tonnes last year, enough to offset higher oilseed output.
    He estimated total vegetable oil production this year at
33.4 mln tonnes, up from 33.0 mln last year, and disappearance
at 34.0 mln tonnes, up from 32.6 mln.
    Unless oilseed crushing increases sharply, he said,
disappearance of vegetable oils could exceed production by
600,000 tonnes, the largest deficit since 1976.
    "If world protein meal demand stagnates, thus limiting the
crush of soybeans ... the need for serious supply rationing in
the edible oils sector could develop," he said.
    "This would be relatively favorable for the prices of high
oil yielding seeds," Balletto said.
    Oilseeds, on the other hand, remain at depressed prices
because of burdensome supplies, he said.
    World ending stocks of oilseeds are estimated to increase
for the fourth straight year to a record 28.4 mln tonnes,
compared with 25.4 mln last year.
    The increase should result from lower disappearance, as
production is expected to fall to 184.0 mln tonnes from 185.7
mln last year, he said.
    World soybean production in 1987 totalled a record 98.9 mln
tonnes, up from 90.6 mln the previous year, Balletto said,
while production of other oilseeds was lower.
    Higher soybean production in South America and Europe made
up for lower production in the United States, he said.
    Soybeans account for the bulk of the surplus, and U.S.
stocks make up most of those, Balletto said.
    The Commodity Credit Corporation owned 12.7 mln tonnes,
about half of the world soybean surplus, he said.
    Since 1983-84, he said, world oilseed stocks have increased
13.1 mln tonnes.
    "During the same period, U.S. soybean stocks increased 12.1
mln tonnes, becoming the dumping ground of the entire world
surplus, courtesy of the CCC and highlighting the artificially
high prices caused by the U.S. loan program."
    "Soybean prices and, to a great extent, world oilseeds
prices are likely to be dominated by the loan program, as long
as the U.S. soybean surplus continues.
    For the 1987 crop, he said, prices are likely to hover in a
range tied to the U.S. loan program.
    "Upside potential for prices is limited by the huge supply
overhang while strong underlying support is provided by the
U.S. loan rate."
    The problem is likely to become worse as the artificially
high prices encourage producers in South America, Canada and
Australia to shift from grains to oilseeds, Balletto said.
 Reuter
3;
bodyend
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3541
topicstart
bop
topicend
bodystart
2;

PORTUGUESE TRADE DEFICIT NARROWS IN 1986


    LISBON, March 11 - 
Portugal's trade deficit narrowed in
1986 to 336.5 billion escudos from 354.8 billion in 1985,
according to provisional National Statistics Institute figures.
    Imports totalled 1,412.6 billion escudos and exports
1,076.1 billion compared with 1,326.5 billion and 971.7 billion
in 1985.
    Expressed in terms of dollars, imports rose 21.2 pct and
exports 26.1 pct and the trade deficit increased by 7.8 pct.
    In its first year as a member of the European Community,
Portugal recorded a deficit of 98.1 billion escudos in its
trade with the other Community states compared with a deficit
of 2.4 billion escudos in 1985.
    Imports from the EC in 1986 totalled 830.2 billion escudos,
while exports to the Community were 732.1 billion, compared
with 609.5 billion and 607.1 billion the previous year.
    Portugal's deficit with Spain was 83.2 billion escudos
against 57.7 billion in 1985, with Italy it was 70.4 billion
against 30.3 billion, and with West Germany 40.5 billion
against 19.1 billion.
 REUTER
3;
bodyend
documentend
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3542
topicstart
interest
topicend
bodystart
2;

BRAZIL'S GROS TO MEET BANKS ON TRADE LINE ISSUE


    NEW YORK, March 11 - 
Brazil's central bank governor
Francisco Gros will meet senior commercial bankers here today
in a new attempt to defuse the anger generated by the country's
unilateral suspension of interest payments on 68 billion dlrs
of foreign commercial bank debt, bankers said.
    Gros will meet representatives of Citibank, the head of
Brazil's bank advisory committee, and of co-heads Morgan
Guaranty Trust Co and Lloyds Bank Plc.
    High on the agenda will be banks' complaints about Brazil's
accompanying freeze on some 15 billion dlrs of short-term trade
and interbank lines, the bankers said.
    Brazil's several hundred creditor banks worldwide agreed
last March to extend the credit lines until March 31, 1987, as
part of a 31 billion dlr financing package.
    Bankers said the looming expiry of this commitment, coupled
with Brazil's freeze, raised a spate of technical and legal
questions that the banks want to discuss with Gros.
    They said they face problems because of the freeze
requirement that any payment due to be made by a Brazilian bank
under the trade facility must be deposited instead with the
central bank. This means foreign bankers cannot easily switch
their credit lines from one borrower to another.
    The requirement to deposit with the central bank has also
meant Brazilian banks have been able to negotiate lower
interest-rate spreads, because foreign banks would rather
accept a reduced margin than see their money deposited with the
central bank.
    "It's caused a lot of ill-will with the banking community,"
one banker said.
    Gros is also expected to brief the banks on the results of
a 10-day tour of Europe and Japan that he and finance minister
Dilson Funaro have just completed to seek official support for
Brazil's debt stance.
 REUTER
3;
bodyend
documentend
documentstart
3543
topicstart
earn
topicend
bodystart
2;

SERVICE RESOURCES CORP 
<
SRC> 4TH QTR NET


    NEW YORK, March 11 -
    
Oper shr profit five cts vs loss 1.71 dlrs
    Oper net profit 196,000 vs loss 2,388,000
    Sales 40.5 mln vs 43.2 mln
    Avg shrs 2,212,000 vs 1,482,000
    Year
    Oper shr profit 71 cts vs loss 6.24 dlrs
    Oper net profit 1,799,000 vs loss 8,991,000
    Sales 154.5 mln vs 145.0 mln
    NOTE: Net excludes losses from discontinued operations of
712,000 dlrs vs 2,843,000 dlrs in quarter and 1,972,000 dlrs vs
10.6 mln dlrs in year.
    1986 net excludes extraordinary loss 1,167,000 dlrs in
quarter and gain 628,000 dlrs in year.
    1986 year net includes gain one mln dlrs from sale of
building and gain 3,200,000 dlrs from termination of pension
plan.
 Reuter
3;
bodyend
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3544
topicstart
topicend
bodystart
2;

AXLON 
<
AXLN> NAMES CO-CHIEF EXECUTIVE OFFICER


    SUNNYVALE, CALIF., March 11 - 
Axlon Inc said Austin C.
Marshall has been named president and co-chief executive
officer, sharing power in the latter post with founder and
chairman Nolan K. Bushnell.
    The company said Marshall, who had been executive vice
president of New York toy company Playtime, will have
responsibility for the distribution of toys and Bushnell will
concentrate on research and development and licensing.
 Reuter
3;
bodyend
documentend
documentstart
3545
topicstart
earn
topicend
bodystart
2;

TELEPHONE AND DATA SYSTEMS INC 
<
TDS> 4TH QTR NET


    CHICAGO, March 10 -
    
Oper shr 22 cts vs 22 cts
    Oper net 2,058,000 vs 2,129,000
    Revs 44.5 mln vs 35.7 mln
    Avg shrs 9,589,000 vs 9,348,000
    Year
    Oper shr 94 cts vs 94 cts
    Oper net 8,889,000 vs 8,570,000
    Revs 155.0 mln vs 123.4 mln
    Avg shrs 9,450,000 vs 9,174,000
    NOTE: Net excludes discontinued operations gain 1,637,000
dlrs vs loss 720,000 dlrs in quarter and gain 4,679,000 dlrs vs
loss 720,000 dlrs in year.
    1986 net both periods includes charge 865,000 dlrs from
repal of investment tax credits.
 Reuter
3;
bodyend
documentend
documentstart
3546
topicstart
topicend
bodystart
2;

CHINA WELCOMES U.S. COURT BOND DECISION


     PEKING, March 11 - 
China welcomed a U.S. Supreme Court
decision dismissing claims by holders of 41 mln dlrs of
pre-1949 Chinese bonds, but U.S. Officials said Peking has a
long way to go before it can issue bonds in the U.S.
     A Foreign Ministry spokesman told a news briefing that
China welcomed a Monday court ruling, which rejected a petition
by holders of railway bonds issued in 1911 by the ruling Qing
dynasty, which the Communist government does not acknowledge.
     The spokesman said the ruling "indicates the ... Railway
bearer bonds case is finally closed."
    But a U.S. Embassy official said that two other bond cases
were still in litigation and it was not known if the other
courts involved would accept the Supreme Court ruling.
    China has issued much of its recent overseas debt in Japan,
and has been badly hit by the yen's sharp rise. A Western
banker said the U.S. Market has become more attractive to
China, since it is likely to issue bonds denominated in
currencies other than yen, and so protect itself against future
currency fluctuations.
    But a Western diplomat warned that potential U.S. Buyers
would not give China the warm reception it received in Japan.
    "U.S. Investors are not interested in China per se, as many
Japanese are. China has no track record in the U.S. Bond
market. Investors may demand disclosure of information Chinese
institutions are unwilling to give," he said.
    He said potential buyers might scrutinise China's human
rights record. Some institutions are reportedly concerned about
recent events in China, including a drive by the Chinese media
against "bourgeois liberalism."
    An official of state-owned China International Trust and
Investment Corp, which has raised funds in Hong Kong, Tokyo and
Frankfurt, declined comment on the court decision.
 REUTER
3;
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documentend
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3547
topicstart
acq
topicend
bodystart
2;

NEW WORLD PICTURES 
<
NWP> SELLS TAFT 
<
TFB> STAKE


    LOS ANGELES, March 11 - 
New World Pictures Ltd said it sold
456,900 shares or about five pct of Taft Broadcasting Co common
stock for a gain of 17.8 mln dlrs.
    The company said in a brief statement that it acquired the
stock in late 1986.  It gave no further details and company
officials were not immediately available for comment.
    On Friday, Taft vice chairman Dudley S. Taft and
Narragansett Capital Inc 
<
NARR> offered to acquire Taft for 145
dlrs per share.  Dudley Taft and his family have owned 12 pct
of the company.
    An investment group leds by Robert M. Bass, one of the Bass
brothers of Fort Worth, Texas, has been reported as owning
about 25 pct of Taft stock, and 
<
American Financial Corp>
chairman Carl Lindner has been reported to own about 16 pct. 
Both Bass and Linder have acquired Taft shares in recent months.
 Reuter
3;
bodyend
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3550
topicstart
topicend
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2;

HONG KONG RAISES EXCHANGE FUND BORROWING LIMIT


    HONG KONG, March 11 - 
The borrowing limit of the Hong Kong
Exchange Fund, set up to regulate the value of the Hong Kong
dollar, has been raised to 50 billion H.K. Dlrs from 30 billion
by the legislature, an official statement said.
    The limit governs total borrowing by the fund from the
government's general revenue account and various funds as well
as borrowing by the fund arising from money market operations.
    The bulk of the government's fiscal surplus is invested by
the Treasury with the exchange fund against the issue by the
fund of interest-bearing debt certificates, Financial Secretary
Piers Jacobs said.
    "At the close of the business today, the total amount of
debt certificates issued by the Exchange Fund in return for
money transferred from the general revenue account and the
various funds, in other words the total borrowing by the
Exchange Fund from these sources, will be 26.9 billion dlrs,"
Jacobs said.
    He said borrowing arising from money market operations
would amount to an additional 2.9 billion dlrs, making a total
of 29.8 billion dlrs, just short of the borrowing limit of 30
billion dlrs.
    Jacobs said the government's fiscal reserves are expected
to total 32 billion dlrs by the end of the current fiscal year
ending March 31.
    "The current borrowing limit of 30 billion dlrs will,
therefore, constrain the ability of the Exchange Fund to
continue to take in these fiscal reserves by the issue of
interest-bearing debt certificates," he said.
    "It will also constrain the ability of the exchange fund in
its money market operations," he added.
 REUTER
3;
bodyend
documentend
documentstart
3553
topicstart
trade
topicend
bodystart
2;

SOVIET ECONOMIST SEES FEW GAINS IN U.S. TRADE


    NEW YORK, March 11 - 
There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
    Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and industries, told a
U.S.-USSR business meeting the Soviet Union produces few items
that western nations want.
    But reforms, including upgrading the quality of goods and
allowing joint ventures with foreign firms, will encourage
modest export gains in future.
    Frolov said the Soviet Union exported 500 mln dlrs worth of
goods to the United States in 1986 and imported 1.5 billion
dlrs worth. He gave no trade forecast for 1987.
    But he said that even if all obstacles were removed, total
trade between the two countries would remain between two and
three billion dlrs a year.
    "The post-detente embargoes have taught the USSR to limit
its trading with the U.S.," he said.
 REUTER
3;
bodyend
documentend
documentstart
3554
topicstart
money-fx
topicend
bodystart
2;

SWISS SIGHT DEPOSITS FALL 2.88 BILLION FRANCS


    ZURICH, March 11 - 
Sight deposits of commercial banks at
the Swiss National Bank fell 2.88 billion Swiss francs in the
first 10 days of March to 7.65 billion, the National Bank said.
    Foreign exchange reserves rose 3.30 billion francs to 33.94
billion.
    Sight deposits are a major indicator of money market
liquidity in Switzerland.
    The National Bank said banks paid back 5.5 billion francs
of central bank credit taken out at the end of February for the
end-month liquidity requirement.
    This drain was offset in part by new currency swaps, which
had the effect of increasing the National Bank's foreign
exchange holdings.
    Bank notes in circulation fell 309.1 mln francs to 24.49
billion, and other deposits on call -- basically government
funds -- rose 1.06 billion to 2.10 billion.
 REUTER
3;
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documentend
documentstart
3555
topicstart
topicend
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2;

U.S. BANKS TO GET APPROVAL FOR SECURITIES BUSINESS


    TOKYO, March 11 - 
U.S. Commercial banks are expected to
receive Finance Ministry approval in late April to operate
securities subsidiaries in Japan, U.S. Bank officials said.
    A senior official at one of four prospective banks said the
ministry told his bank it would give approval as long as the
parent firm holds no more than 50 pct of the capital.
    "We expect the ministry to give us permission by the end of
April," he said.
    
<
J.P. Morgan and Co>, Bankers Trust New York Corp 
<
BT.N>,
Manufacturers Hanover Corp 
<
MHC.N> and Chemical New York Corp

<
FNBF.N> have asked for securities business licenses.
    Ministry officials declined to say when they would give
formal approval, but said they were working on the issue.
    Approval would pave the way for U.S. Commercial banks to
underwrite and trade equities in Japan under their own names.
    Citicorp 
<
CCI.N> and Chase Manhattan Corp 
<
CMB.N> have
already entered the Japanese securities market by acquiring
U.K. Securities houses already operating in Japan. Citicorp
took over 
<
Vickers de Costa Ltd> and Chase bought 
<
Laurie
Milbank and Co>.
    Bankers did not know if all the banks would get licenses,
but said J.P. Morgan probably would as it was first to ask.
 REUTER
3;
bodyend
documentend
documentstart
3556
topicstart
crude
topicend
bodystart
2;

ECUADOR CRUDE OIL EXPORTS STOPPED FOR FIVE MONTHS


    QUITO, March 11 - 
Ecuador needs 120 mln dlrs to repair the
damage to its oil export pipeline caused by last week"s
earthquake, which will stop crude exports for five months,
energy and mines minister Javier Espinosa Teran said.
    Espinosa said yesterday the pipeline, which carries crude
from jungle fields to the Pacific Ocean coast of Balao, would
be repaired with the help of Texaco Inc 
<
TX.N> and a Mexican
and an Argentine firm.
    President Leon Febres Cordero said two days ago that
Ecuador, an OPEC member, would have to suspend crude exports
for four months due to the quake.
    Oil traditionally accounts for up to two-thirds of
Ecuador's total exports and as much as 60 pct of government
revenues.
    Deputy energy minister Fernando Santos Alvite said Ecuador
would have to import six to seven mln barrels of crude oil to
meet its needs until the line was repaired.
    The Ecuadorean minister at the Presidency, Patricio
Quevedo, told reporters that Venezuela will lend Ecuador five
mln barrels of crude, which would repaid in kind after a
180-day period.
    He added the Caracas-based Andean Development Corp had
granted a loan of 11.7 mln dlrs towards repairing the pipeline,
50 km of which had been damaged in the quake.
    In Quito, Foreign Minister Rafael Garcia Velasco yesterday
summoned ambassadors from about 40 countries to whom he issued
appeal for emergency aid for the country. Only three countries,
the U.S., Colombia and Venezuela, had offered assistance.
 REUTER
3;
bodyend
documentend
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3557
topicstart
earn
topicend
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2;

SOUTHLIFE HOLDING CO 
<
SLHC> 4TH QTR NET


    NASHVILLE, Tenn., March 11 -
    
Oper shr seven cts vs 20 cts
    Oper net 347,855 vs 787,117
    Revs 6,748,868 vs 6,849,499
    Avg shrs 5,391,666 vs 4,277,157
    Year
    Oper shr 56 cts vs 46 cts
    Oper net 2,617,528 vs 2,003,661
    Revs 27.1 mln vs 27.3 mln
    Avg shrs 4,763,793 vs 3,377,157
    NOTE: Net excludes realized gains on investments of 925,576
dlrs vs 577,389 dlrs in quarter and 1,776,341 dlrs vs 797,932
dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
3559
topicstart
coffee
topicend
bodystart
2;

ALGERIA REGULATES USE OF COFFEE ADDITIVES


    ALGIERS, March 11 - 
The Algerian authorities have regulated
the addition of chickpeas and barley used to make imported
coffee go further, the official APS news agency reported.
    Taking advantage of scarcity, private roasters were selling
ground coffee mixtures which were 75 pct non-coffee, it said.
Since the beginning of March, the coffee market has been
strictly regulated by the state food marketing monopoly Enapal.
    Now a third of imported coffee will be sold as pure beans
and two thirds as a ground mixture with a choice of 30 pct
chickpeas or 30 pct barley. In March private dealers will
handle 2,050 tonnes of pure coffee and Enapal 6,050 tonnes of
mixtures.
 Reuter
3;
bodyend
documentend
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3563
topicstart
crude
topicend
bodystart
2;

TALKING POINT/OIL SERVICES TURNAROUND SEEN


    By Bernice Napach, Reuters


    NEW YORK, March 11 - 
The oil services industry is on the
verge of a recovery because of rising crude prices, oil
industry analysts said.
    The analysts, who issued buy recommendations on some
stocks, said the recovery in oil services should begin in the
second half of 1987, after drilling activity bottoms out in the
first half, and continue into the next decade.
     "People, however, cannot afford to wait for drilling to go
up to start buying," said Sandi Haber Sweeney, senior research
analyst at Sanford C. Bernstein and Co Inc.
    Among the recommended buys are Schlumberger Ltd 
<
SLB>,
Halliburton Co 
<
HAL>, Dresser Industries 
<
DI>, Baker
International 
<
BKO>, and McDermott International Inc 
<
MDR>,
which may be the target of a takeover by Harold Simmons, a
Dallas-based investor.
    Analysts said although major oil companies are increasing
exploration and development overseas, they expect the pickup in
oil services will begin in the U.S.
    "Activity in the U.S. is so depressed it should move up
faster," said Vishnu Sharp of Goldman Sachs.
    The number of active oil drilling rigs in the U.S. was 766
last week compared with 1,212 rigs one year ago, Huges Tool Co

<
HT> figures show.
    The average number of working rigs in the U.S. for 1987 is
projected at 978 versus 964 in 1986, according to Ike Kerridge,
vice president of stockholder relations at Hughes Tool. "The
first significant pickup in drilling activity will occur in the
second half of 1988," Kerridge said.
    Overseas drilling activity is expected to follow a similar
pattern, Kerridge said.
    "Halliburton is the best value," said Jeffrey Freedman,
vice president at Smith Barney, Harris and Upham Inc, adding
the company controls the greatest amount of liquidity of common
stock market value, is diversifed in non-oil field businesess,
and has the lowest multiple of stock price to operating cash
flow including debt.
    Schlumberger is Freedman's second favorite oil service
stock.
    "Schlumberger is expected to continue to be the dominant
technical leader in the industry," Freedman said.
    "Schlumberger's management shift, asset restructuring,
including a pending merger of Fairchild Semiconductor, and its
considerable cash horde sets the stage for the company to
maximize its significant industry advantage and capitalize on
the project upturn in exploration and development activity,"
according to a report by George Gaspar, first vice president at
Robert W. Baird and Co Inc.
    Gaspar estimates earnings per share for Schlumberger at 25
cts for 1987 and one to 1.75 dlrs in 1988 compared with 20 cts
in 1986 excluding a fourth quarter special charge of 1.87
billion dlrs.
    Bernstein's Sandi Sweeney is recommending a group of oil
service companies and said choosing among them is difficult.
Her favorite is Baker International, which is involved in a
possible merger with Hughes Tool Co.
    Dresser Industries will also benefit from the recovery but
possibly not as much as other companies because it is not a
pure service company, Sweeney said.
    Dresser is expected to improve profitability owing to cost
reductions and streamlined operations, including the sale and
leaseback of its headquarters, said Swarup.
 Reuter
3;
bodyend
documentend
documentstart
3564
topicstart
earn
topicend
bodystart
2;

CREDITANSTALT SEES HIGHER 1987 DIVIDEND


    VIENNA, March 11 - 
Creditanstalt-Bankverein 
<
CABV.VI> is
likely to raise its 1987 dividend from the 1986 payment of 12
pct of share capital, deputy general-director Guido
Schmidt-Chiari said.
    The 1985 dividend was 10 pct, unchanged from the previous
year and Schmidt-Chiari noted that the parent bank's share
capital had risen to 3.1 billion schillings at the end of 1986
from 2.7 billion a year earlier.
    Schmidt-Chiari made the forecast at a news conference when
the bank announced a 1986 consolidated banking group net profit
of 496.7 mln schillings for 1986, against 354.5 mln in 1985.
    Schmidt-Chiari did not elaborate on his dividend forecast.
    The banking group's consolidated balance sheet total rose
to 453.4 billion schillings at year-end from 425.4 billion.
    General director Hannes Androsch said higher investment
would lead to continuing growth in profits in future. Last
year's better profits had resulted from improvements in
services provided by the bank and also in profits on schilling
lending.
    Schilling lending had grown last year and interest rate
margins had also improved but remained unsatisfactory when
compared with those in other countries, he said.
    Increased provisions for possible bad debts at home and
abroad, particularly in Latin America, had lowered profits,
Androsch said, but declined to give an exact figure.
    Schmidt-Chiari said that foreign lending business had
fallen significantly due to exchange rate fluctuations,
removing some 22 billion schillings from the balance sheet
total.
    In an attempt to generate more foreign business,
representative offices would be opened this year in Tokyo, Hong
Kong, Moscow and Prague. Androsch welcomed government plans to
abolish legal controls on foreigners buying voting shares and
drawing dividends.
    Preference shares of state-controlled Creditanstalt rose
eight schillings on the Vienna Bourse today to 2,008. Brokers
said improved results had been widely expected by investors.
    Androsch said industrial holdings had performed better in
1986 than in previous years, giving a return on investment of
2.6 pct compared with 1.3 pct in 1985. Creditanstalt, Austria's
largest bank, holds majority interests in 10 medium-sized and
large Austrian companies.
    But he forecast its biggest industrial subsidiary, Steyr
-Daimler-Puch AG 
<
SDPV.VI> would return a 1987 result similar
to the expected 1986 operating loss of 700 mln schillings.
 REUTER
3;
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3565
topicstart
acq
topicend
bodystart
2;

CPC 
<
CPC> TO SELL UNIT TO HI-PORT 
<
HIPT>


    ENGLEWOOD CLIFFS, N.J., March 11 - 
CPC International Inc
said it has agreed in principle to sell its Peterson/Puritain
Inc subsidiary to Hi-Port Industries Inc.
    CPC said the sale is not expected to have a significant
impact on its earnings and is subject to approval by boards of
both companies.  Terms were not disclosed.
    Peterson/Purittan is a contract packager of personal care
and household products.
 Reuter
3;
bodyend
documentend
documentstart
3566
topicstart
topicend
bodystart
2;

GYNEX 
<
GYNXU> RECALLING ORAL CONTRACEPTIVES


    DEERFIELD, Ill., March 11 - 
Gynex Inc said distributor
Monsanto Co 
<
MTC> has recalled at Gynex's request two generic
oral contraceptives developed by 50 pct-owned Gynex
Laboratories Inc because some packages may contain out of order
or missing tablets.
    The company said privately-held 
<
Watson Laboratories Inc>,
owner of the other 50 pct of Gynex Laboratories, has
temporarily suspended production of the products, and an
inspection of the packaging operation is currently underway. It
said corrective measures will be implemented to prevent a
recurrence.
    Gynex said because of the recent introduction of the
products, it believes only a limited number of packages have
been dispensed to consumers.  The products are Gynex 1-35E and
Gynex 0.5-35E.
 Reuter
3;
bodyend
documentend
documentstart
3568
topicstart
topicend
bodystart
2;

SHANGHAI PLANS SOFT LOANS TO FINANCE MAIN PROJECTS


    SHANGHAI, March 11 - 
Shanghai plans to rely on soft loans
to finance a number of large-scale projects in the city
including an underground railway system, Mayor Jiang Zemin
said.
    Jiang told Reuters general manager Michael Nelson that he
hoped work on the railway system to ease Shanghai's transport
problems would start within two years.
    Other projects in this city of 12 mln people include a
bridge and an extra tunnel under the Huangpu river, a new
airport and passenger ship terminals and China's biggest
railway station, due to open at the end of this year.
    The mayor said foreign companies would be invited to
participate in some projects through international tendering.
    But he added that firms hoping to take part would have to
come up with package deals involving soft loan financing.
    "This is a complex issue. The conditions relating to
tendering will have to be associated with conditions for
receiving soft loans," he said.
    He said the city was willing to use commercial loans to
finance technological improvements to factories which could
show a quick return in increased exports and foreign exchange
earnings.
    "But infrastructure projects take much longer and involve
much bigger investments, and with them, the ideal way is to use
soft loans," he said.
    The mayor added that British, French and Japanese firms had
already contacted the Shanghai authorities with proposals on
the underground railway project.
    Western business sources in Shanghai said the project,
involving the construction of 14 km of tunnelled track, had
been discussed for over 20 years, adding it was expected to
cost at least 750 mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
3569
topicstart
earn
topicend
bodystart
2;

PULITZER PUBLISHING CO 
<
PLTZC> 4TH QTR NET


    ST. LOUIS, March 11 -
    
Shr 47 cts vs 40 cts
    Net 4,258,000 vs 5,942,000
    Revs 92.6 mln vs 77.1 mln
    Avg shrs 8,977,000 vs 15.0 mln
    Year
    Shr 1.22 dlrs vs 1.34 dlrs
    Net 16.4 mln vs 20.0 mln
    Revs 329.1 mln vs 272.1 mln
    Avg shrs 13.5 mln vs 15.0 mln
    NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in
quarter and 6,979,000 dlrs vs 2,425,000 dlrs in year.
    1986 year net reflects undisclosed amount of expenses for
defense of takeover effort.
 Reuter
3;
bodyend
documentend
documentstart
3570
topicstart
acq
topicend
bodystart
2;
******
HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3571
topicstart
crude
topicend
bodystart
2;

OPEC REAFFIRMS COMMITMENT TO FIXED PRICES, CEILING


    By James Jukwey, Reuters


    LAGOS, March 11 - 
OPEC has reaffirmed its commitment to
fixed crude oil prices of around 18 dlrs a barrel and an
overall output ceiling of 15.8 mln barrels per day (bpd) to
defend prices, its president Rilwanu Lukman said.
    He told a news conference here "After due consultation with
my colleagues in OPEC, I hereby wish to emphasize that Nigeria
and all member countries of OPEC remain determined to uphold
the December agreement by adhering strictly to their various
quotas and official selling prices."
    Lukman added no extraordinary OPEC conference was planned.
    "We are in a position to re-confirm that, despite misleading
news in foreign media to the contrary, ... OPEC member
countries as a whole produced below their agreed quota in the
month of February," Lukman, who is Nigerian oil minister, said.
    Lukman put the overall OPEC output shortfall in February at
900,000 bpd and said this was as a result of their firm
determination to defend official selling prices of 18 dlrs
agreed upon last December in Geneva.
    The December agreement set an overall output ceiling for
OPEC of 15.8 mln bpd for first half 1987 and restored fixed
prices as from February 1 around a reference point of 18 dlrs.
    Oil prices rallied immediately after the Geneva accord but
fell again last month on reports that OPEC was producing more
than the agreed level.
    "The idea was to suggest that OPEC's agreement would not
hold and this caused some customers to hold back purchases of
OPEC oil and resort to destocking to meet their needs," Lukman
said.
    He said the 900,000 bpd shortfall last February was based
on the verified figure for 10 out of OPEC's 13 members, adding
that Nigeria alone had a shortfall in production of 100,000
bpd.
    Iraq disassociated itself from the December agreement,
while the production figures of Ecuador and the United Arab
Emirates needed to be verified, Lukman said.
    "If that is the price we have to pay to make the agreement
succeed, we are ready ... OPEC is not changing its price level
of 18 dlrs," the group's president said.
    He said the OPEC price differentials committee meeting
formerly postponed to April had been put off indefinitely.
    "Furthermore, no extraordinary meeting of the conference is
at the moment contemplated since most agreements reached in
December are being adhered to," he said.
    Asked if the committee did not need to meet soon to narrow
the gaps in the prices of the various OPEC crudes -- fixed in
relation to the 18 dlr benchmark -- Lukman replied "We consider
the defence of our prices much more crucial than differentials."
    Lukman said OPEC was aware that consumers had heavily drawn
on stocks of both crude oil and refined products to levels well
below this time last year and soon they would return to the
market in search of crude.
    "We don't see that there is going to be any difficulty in
maintaining the 18 dlr price throughout the rest of the year,"
Lukman said.
    The OPEC president praised non-OPEC oil producers, which he
said had contributed to the group's efforts to stabilise
prices, but he criticised Britain for maintaining its long-held
view not to do anything to help the market.
    "We are quite confident, however, that in the long-term with
two-thirds of the world's reserves in OPEC hands, the future is
ours. We will use that advantage responsibly," he said.
    Lukman described the disruption in Ecuador's output
following an earthquake as tragic, but refused to say if the
South American country would be allowed a higher output quota
when it recovered from the disaster.
 REUTER
3;
bodyend
documentend
documentstart
3572
topicstart
ship
topicend
bodystart
2;

DUTCH PORT UNION TO MEET PARLIAMENTARIANS TODAY


    ROTTERDAM, March 11 - 
Dutch port and transport union, FNV,
is presenting its case against 800 planned redundancies in
Rotterdam's general cargo sector to parliament's standing
committee on social affairs today, a union spokesman said.
    With 285 of the 4,000-strong workforce on strike, the union
will tell the committee the government has a duty to help solve
the dispute that has been disrupting the general cargo sector
for more than seven weeks, the spokesman added.
    The union will also take its case against the redundancies,
350 of them planned for this year, to a court in Amsterdam
tomorrow, he added.
 Reuter
3;
bodyend
documentend
documentstart
3573
topicstart
acq
topicend
bodystart
2;

QINTEX AGAIN EXTENDS PRINCEVILLE 
<
PVDC> OFFER


    NEW YORK, March 11 - 
<
Qintex America Ltd> said it is again
extending its offer of 13 dlrs a share for 3.3 mln Princeville
Development Corp shares until today from yesterday.
    At midnight yesterday, 7,242,117 Princeville shares had
been tendered, up from 5,887,165 shares 24 hours earlier.
    Qintex said it is extending the offer to allow Princeville
to comply with federal law restricting the ownership of U.S.
airlines by non-U.S. citizens and to finalize the terms and
conditions of the letter of credit or bank guarantee required
under the previously announced acquisition agreement.
   
 Reuter
3;
bodyend
documentend
documentstart
3574
topicstart
gold
silver
topicend
bodystart
2;

ST. JOE GOLD 
<
SJG> TO DEVELOP MINE


    CLAYTON, Mo., March 11 - 
St. Joe Gold Corp said it plans to
proceed with development of its Golden Patricia gold property
in northwestern Ontario.
    It said about five mln dlrs will be spent to continue
underground development and obtain operating permits and
another 10.2 mln dlrs is expected to be required to complete
underground development, construct a mill and provide the
infrastructure needed to put the mine into commercial
production.
    St. Joe Gold said if the necessary operating permits were
granted in time, it would start gold production in the second
half of the year ending October 31, 1988 at an annual rate of
about 40,000 troy ounces.
    The company said the property is estimated to contain over
500,000 troy ounces of gold, and the initial mining project
covers only seven of 192 claims, with drill-indicated reserves
of 293,000 short tons grading 0.88 troy ounce of gold per ton.
    It said initial mine output is expected to be about 150
tons of ore daily.
    St. Joe Gold said the Golden Patricia vein has not been
tested at depth or along strike to the east and west and
exploration is continuing on the Golden Patricia property and
the adjacent wholly-owned Muskeg Lake property.
    The company also said its Richmond Hill gold and silver
deposit in the Carbonate district of western South Dakota has
been shown by drilling to contain about 3,900,000 tons grading
0.055 troy ounce of gold and 0.23 troy ounce of silver per ton.
 It said preliminary results are encouraging and a feasibility
study is nearing completion.
 Reuter
3;
bodyend
documentend
documentstart
3575
topicstart
earn
topicend
bodystart
2;

NOVELL 
<
NOVL> SETS TWO FOR ONE STOCK SPLIT


    SANTA CLARA, Calif., March 11 - 
Novell Inc said its board
declared a two-for-one stock split, payable to holders of
record at the close of business on MArch 31.
    It said shareholders at the annual meeting approved a
doubling of authorized common shares to 30 mln from 15 mln and
a limitation of directors' liability.
 Reuter
3;
bodyend
documentend
documentstart
3577
topicstart
sugar
topicend
bodystart
2;

AGENCY TO REVIEW JOHNSON/JOHNSON 
<
JNJ> SWEETNER


    NEW BRUNSWICK, March 11 - 
Johnson and Johnson said the U.S.
Food and Drug Administration has notified the company its food
additive petition for a high-intensity sweetener has been
formally accepted and now will be reviewed by the agency.
    The company said the product, with the generic name of
sucralose, is made from sugar and tastes like sugar, but is
about 600 times sweeter.
    It yields no calories and does not promote tooth decay.
 Reuter
3;
bodyend
documentend
documentstart
3578
topicstart
earn
topicend
bodystart
2;

HEART FEDERAL 
<
HFED> SETS TWO FOR ONE SPLIT


    AUBURN, Calif., March 11 - 
Heart Federal Savings and Loan
Association said its board declared a two-for-one stock split,
payable April 30 to holders of record April 15.
    The company said the split is subject to shareholder
approval at the April 15 annual meeting of an increase in
authorized common shares to 10 mln from five mln.
 Reuter
3;
bodyend
documentend
documentstart
3579
topicstart
earn
topicend
bodystart
2;

NOVO INDUSTRI A/S (NVO.CO) YEAR 1986


    COPENHAGEN, March 11 -
    
Pre-tax income 788 mln Danish crowns vs 872 mln
    Sales 4.21 billion crowns vs 4.11 billion
    Income after tax 521 mln crowns vs 604 mln
    Earnings per 20-crown share 20.45 crowns vs 23.79
    Dividend 20 pct (unchanged).
 Reuter
3;
bodyend
documentend
documentstart
3580
topicstart
earn
topicend
bodystart
2;

OVERMYER CORP 
<
OMCO> REGULAR DIVIDEND


    WINCHESTER, Ind., March 11 -
    
Qtly div 10 cts vs 10 cts in prior qtr
    Payable March 31
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
3582
topicstart
earn
topicend
bodystart
2;

UNIFORCE TEMPORARY PERSONNEL INC 
<
UNFR> 4TH QTR


    NEW HYDE PARK, N.Y., March 11 -
    
Shr 18 cts vs 14 cts
    Net 556,036 vs 403,945
    Sales 15.6 mln vs 13.6 mln
    Avg shrs 3,132,555 vs 2,934,285
    Year
    Shr 60 cts vs 48 cts
    Net 1,805,229 vs 1,400,247
    Sales 60.1 mln vs 52.3 mln
    Avg shrs 3,012,917 vs 2,940,219
    NOTE: 1985 share data adjusted to reflect three for two
stock split effective June 30, 1986
 Reuter
3;
bodyend
documentend
documentstart
3584
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 106 MLN STG ASSISTANCE


    LONDON, March 11 - 
The Bank of England said it gave the
money market assistance worth 106 mln stg this afternoon,
buying bank bills at the rates established on Monday.
    The Bank bought 11 mln stg of band one bills at 10-3/8 pct
and 95 mln stg of band two paper at 10-5/16 pct. This is the
first time that it has intervened today.
    The Bank has revised its estimate of the liquidity shortage
in the market down to 250 mln stg from 300 mln initially.
 REUTER
3;
bodyend
documentend
documentstart
3585
topicstart
earn
topicend
bodystart
2;

PIC'N'SAVE CORP 
<
PICN> 4TH QTR NET


    CARSON, Calif., March 11 -
    
Shr 45 cts vs 50 cts
    Net 18.0 mln vs 19.9 mln
    Sales 116.1 mln vs 108.8 mln
    Year
    Shr 1.01 dlrs vs 1.04 dlrs
    Net 39.8 mln vs 41.1 mln
    Sales 304.5 mln vs 278.1 mln
    NOTE: Share adjusted for three-for-two split in June 1986.
 Reuter
3;
bodyend
documentend
documentstart
3586
topicstart
acq
topicend
bodystart
2;
******
GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP

Blah blah blah.
3;


bodyend
documentend
documentstart
3587
topicstart
acq
topicend
bodystart
2;

HUGHES TOOL 
<
HT> BOARD APPROVES MERGER


    HOUSTON, March 11 - 
Hughes Tool Co said its board voted at
a special meeting last night to approve a new agreement with
regulators that would allow the company to complete its
proposed merger with Baker International Corp 
<
BKO>.
    The agreement, approved by the U.S. Department of Justice
yesterday, will give the merged company, Baker Hughes, six
months instead of three to sell certain assets.
    The pact also allows a three-month extension, if warranted,
and limits the obligation of the new company to give financial
support to the businesses to be divested, pending their sale.
    The company said its board recommended that shareholders
approve the merger of the oilfield service companies. A
previously adjourned meeting of Hughes Tool stockholders will
be resumed this afternoon, it said.
    "Hughes will work with Baker and the Justice Department
towards negotiating the final form of the consent decree and
filing it as soon as possible," the company said in a
statement. Closing of the merger would occur immediately after
the filing, it said.
    The assets to be sold under the consent decree consist of
Baker's domestic oilfield drilling bit business and its
domestic submersible electric pump business. Baker has an
agreement to sell the pump business to Trico Industries Inc

<
TRO>.
    The financial terms of the merger are unchanged, a Hughes
spokesman said. Under those terms, each Baker common share and
Hughes common share would be converted into one share and 8/10
of a share, respectively, of Baker Hughes Inc, which would be
formed as a new holding company.
 Reuter
3;
bodyend
documentend
documentstart
3588
topicstart
topicend
bodystart
2;

LORIMAR TELEPICTURES 
<
LT> EXECUTIVES RESIGN


    CULVER CITY, Calif., March 11 - 
Lorimar Telepictures Corp
said it accepted resignations of three executives at
Karl-Lorimar Home Video, its wholly owned subsidiary.
    The company said Stuart Karl, president and chief executive
officer; Court Shannon, executive vice president, and Gary
Hunt, vice president sales, resigned effective immediately.
    Lorimar said it had been reviewing possible conflicts of
interest involving the departing executives with an unnamed
outside service organization. Lorimar declined to explain the
nature of the conflict or the amount involved.
   
    The company said a settlement has been reached between the
parties and and Karl Lorimar, which includes a settlement of
the employment contract between Lorimar and Stuart Karl. No
employment contracts exists with the other executives, the
company said.
    The company said Jerry Gottlieb, senior vice president,
Lorimar-Telepictures, will serve as acting chief executive
officer of Karl Lorimar video. Gottlieb joined Lorimar as
senior vice president in 1985.

 Reuter
3;
bodyend
documentend
documentstart
3589
topicstart
sugar
topicend
bodystart
2;

AGENCY TO REVIEW JOHNSON AND JOHNSON SWEETENER


    NEW BRUNSWICK, March 11 - 
Johnson and Johnson said the U.S.
Food and Drug Administration has notified the company its food
additive petition for a high-intensity sweetener has been
formally accepted and now will be reviewed by the agency.
    The company said the product, with the generic name of
sucralose, is made from sugar and tastes like sugar, but is
about 600 times sweeter.
    It yields no calories and does not promote tooth decay.
    Johnson and Johnson said the sweetner is being jointly
developed with Tate and Lyle PLC 
<
TATL>.
    Tate and Lyle is seeking approval in Canada, the United
Kingdom and other European countries, Johnson and Johnson said.
The company noted its petition covering the product and its
safety evaluation were submitted to the FDA last month.
    While awaiting FDA approval, the company said, it is
proceeding with plans for commercialization through its McNeil
Specialty Products Co subsidiary.
    Johnson and Johnson said it is operating under a licensing
agreement with Tate and Lyle, whose collaborative research with
scientists at Queen Elizabeth College in London led to the
discovery of Sucralose in 1976.
    Patents and licensing agreements control the use of
sucralose through the year 2001, Johnson and Johnson said.
    Sucralose is a chlorinated derivative of ordinary sugar.
The carbon-chloride bonds in sucralose are stable and are not
broken during digestion or metabolism.
    Sucralose is essentially not metabollized by the body. The
chlorine content enhances sweetness without providing calories.
 Reuter
3;
bodyend
documentend
documentstart
3591
topicstart
acq
topicend
bodystart
2;
******
HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
3592
topicstart
crude
topicend
bodystart
2;

TRITON ENERGY 
<
OIL> AFFILIATE IN CANADIAN FIND


    DALLAS, March 11 - 
Triton Energy Corp said its 70 pct owned

<
Canadian Worldwide Energy Ltd> affiliate's Lasmo et al
Tableland 4-36-2-10W2 well in Saskatchewan flowed 567 barrels
of 37 degree gravity oil through a 17/64 inch choke from depths
of 8,531 to 8,548 feet and 636 barrels of oil per day through a
20/64 inch choke from depths of 8,500 to 8,507 feet.
    Triton said because of the well's status as a deep
exploratory well, production qualifies for a five-year royalty
holiday under the Saskatchewan drilling incentive products.
    It said the well's initial production is expected to be
restricted to an allowable level of about 300 barrels a day,
although it is capable of sustaining much higher rates.
    The company said London and Scottish Marine Oil PLC owns a
50 pct interest in the well and its spacing unit, Canadian
Worldwide 25 pct, 
<
Saskatchewan Oil and Gas Corp> 10 pct,

<
Interprovincial Pipeline Ltd's> Home Oil Co Ltd 7.5 pct and
Scurry-Rainbow Oil Ltd 
<
SRB> 7.5 pct.
    Triton said Royal Dutch/Shell Group's 
<
RD> 
<
SC> Shell
Canada Ltd 
<
SHC> affiliate retains a convertible overriding
interest in the well.
 Reuter
3;
bodyend
documentend
documentstart
3593
topicstart
trade
money-fx
cpi
reserves
topicend
bodystart
2;

HUNGARY HOPES DEVALUATION WILL END TRADE DEFICIT


    By David Lewis, Reuters


    BUDAPEST, March 11 - 
National Bank of Hungary first
vice-president Janos Fekete said he hoped a planned eight pct
devaluation of the forint will spur exports and redress last
year's severe trade deficit with the West.
    Fekete told Reuters in an interview Hungary must achieve at
least equilibrium on its hard currency trade.
    "It is useful to have a devaluation," he said. "There is now a
real push to our exports and a bit of a curb to our imports."
    The official news agency MTI said today Hungary would
devalue by eight pct and it expected the new rates to be
announced later today. Fekete said the rates would come into
effect tomorrow.
    He said one reason for the devaluation was that Hungary had
a higher rate of inflation over the past two years than its
main partners (around eight pct in 1985 and between five and
5.5 pct in 1986).
    This was partly an after-effect of action Hungary took to
prevent inflation from soaring during the oil price shocks of
the 1970s, he added.
    Hungary devalued by a similar amount last September and by
between three and four pct early last year.
    But the country's hard currency trade balance nevertheless
fell into a deficit of 539.4 mln dlrs from a surplus of 295.3
mln in 1986 and 1.2 billion in 1985.
    Fekete said Hungary was hoping for a hard currency trade
surplus of between 200 and 300 mln dlrs this year, but that a
more likely outcome would be closer to equilibrium on total
hard currency trade of around 10 billion dlrs.
    One Western commercial attache here said: "Devaluation of
itself will not change anything. It will only be useful if they
also make efforts to restructure industry and improve the
quality of their export goods."
    Fekete said he hoped to raise credits on good terms this
year to invest in restructuring industry.
    It would be his role to persuade international banks to
cooperate in this process. He noted Hungary had been given an
AA rating enabling it to raise money on the Japanese Samurai
bond market.
    Hungary's net hard currency debt soared to 7.79 billion
dlrs last year from 5.01 billion in 1985, partly because of a
current account deficit of 1.42 billion dlrs and partly because
the fall in the dollar increased the dollar value of debt
denominated in marks or yen.
    He said he feared net debt would also rise slightly this
year, but he was in favour of borrowing for the purpose of
modernisation.
    "I am for credits to invest for that purpose," he said. "I am
against credits for consumption." He forecast gross domestic
product growth of two pct this year, from one pct in 1986.
   Fekete said Hungary would continue to restructure its debt
profile by prepaying high interest shorter and medium term
loans with cheaper long term money for which it was looking
more and more to the fixed interest rate bond market, where he
considered rates to be low.
    Hard currency foreign exchange reserves would stay at
around 3.5 billion dlrs, he said. On the budget deficit, which
tripled to a provisional 47 billion forints last year after
quadrupling in 1985, Fekete said the finance ministry was
working out measures to reduce an approved target deficit for
this year of 43.8 billion forints to between 30 and 35 billion
forints.
 REUTER
3;
bodyend
documentend
documentstart
3594
topicstart
crude
topicend
bodystart
2;

ECUADOR DEPUTY MINISTER SEEKS OIL AID IN VENEZUELA


    CARACAS, March 11 - 
Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
    Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
    Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
    The officials could neither confirm nor deny reports that
Venezuela will temporarily produce Ecuador's entire OPEC quota,
set at 210,000 barrels per day for first half 1987.
    "All options are open at this moment in the context of
cooperation on oil production," a Venezuelan energy and mines
ministry source said.
    Discussions are also under way to arrive at a formula to
compensate Ecuador for the loss in oil export revenue while the
pipeline is repaired, officials said.
    Santos Alvite last night met Venezuelan energy and mines
minister Arturo Hernandez Grisanti and will today hold talks at
technical level, officials said.
    Industry sources said that among the options are for
Venezuela to produce Ecuador's entire quota, or for Venezuela
and non-OPEC Mexico to share it and for the latter to supply
Ecuador's Far Eastern clients.
    But the ministry source said that no decision has yet been
reached on the matter, and that an announcement would be made
in due course.
    Santos Alvite said earlier in Quito that Ecuador would have
to import six to seven mln barrels of crude oil to meet its
needs until the line was repaired.
    Ecuador energy and mines minister Javier Espinosa Teran
said last night his country needs 120 mln dlrs to repair the
damage to the export pipeline caused by the earthquake.
 REUTER
3;
bodyend
documentend
documentstart
3595
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 11 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 295,000 to 308,000 head versus
305,000 week ago and 308,000 a year ago.
    Cattle slaughter is guesstimated at about 128,000 to
132,000 head versus 130,000 week ago and 126,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
3596
topicstart
acq
topicend
bodystart
2;

GOODYEAR 
<
GT> TO RECEIVE 588 MLN DLRS FOR UNIT


    AKRON, Ohio, March 11 - 
Goodyear Tire and Rubber Co said it
will receive about 588 mln dlrs in cash from Loral Corp 
<
LOR>
for the business of Goodyear Aerospace Corp.
    Goodyear said the previously announced acquisition by Loral
is expected to be completed March 13. When Loral announced the
transaction January 12, the company said it was paying 640 mln
dlrs for Goodyear Aerospace.
    Goodyear said the price it will receive is after
adjustments for such items as pension and benefits provision,
allocation of liabilities and asset valuations. Last year
Goodyear Aerospace had revenues of 695 mln dlrs.               
 Reuter
3;
bodyend
documentend
documentstart
3597
topicstart
earn
topicend
bodystart
2;

VEBA'S RAAB KARCHER RAISES 1986 OPERATING PROFIT


    ESSEN, West Germany, March 11 - 
Raab Karcher AG, a trading
subsidiary of VEBA AG 
<
VEBG.F>, said it increased operating
profit in 1986 despite a sharp decline in turnover, and added
there were good chances this profit level could be held in
1987.
    Operating profit rose to just under 120 mln marks in 1986,
from around 100 mln in 1985.
    However, the group's third party sales fell sharply to 7.2
billion marks from 9.4 billion the year before, largely due to
lower prices for energy products, particularly oil and coal,
managing board chairman Klaus Giesel told a news conference.
 Reuter
3;
bodyend
documentend
documentstart
3598
topicstart
earn
topicend
bodystart
2;

HOVNANIAN ENTERPRISES 
<
HOV> SPLITS STOCK


    RED BANK, N.J., March 11 - 
Hovnanian Enterprises Inc said
its board of directors has declared a two-for-one split of its
outstanding common stock.
    The company said shareholders will receive one additional
share for each share held at the close of business on March 23,
1987 and additional shares will be distributed on April 13,
1987.
 Reuter
3;
bodyend
documentend
documentstart
3599
topicstart
acq
topicend
bodystart
2;

BRITISH AEROSPACE RAISES SYSTEM DESIGNERS STAKE


    LONDON, March 11 - 
British Aerospace Plc 
<
BAEL.L> said it
has increased its stake in 
<
Systems Designers Plc> to 22.1 pct
or 25.46 mln ordinary shares following the purchase of 10.45
mln ordinary shares.
    The British Aerospace Pension Fund holds 2.15 mln ordinary
shares in Systems, representing a stake of 1.9 pct.
    A spokesman for British Aerospace said it has no present or
future intention of making a full bid for Systems Designers.
System Designers shares were nine pence higher at 100 prior to
the share stake announcement, and have showed little movement
since.
 Reuter
3;
bodyend
documentend
documentstart
3600
topicstart
topicend
bodystart
2;

CIGNA CORP 
<
CI> SETS DATE FOR DEBT REDEMPTION


    PHILADELPHIA, March 11 - 
CIGNA Corp said it has fixed April
24 as the date for the previously-announced redemption of its
99.8 mln dlrs of outstanding eight pct subordinated
exchangeable debentures due December 1, 2007 at 105.867 pct of
par plus accrued interest.
    The debentures are exchangeable through the redemption date
into 29.205 common shares of PaineWebber Group Inc 
<
PWJ> for
each 1,000 dlrs principal amount.
 Reuter
3;
bodyend
documentend
documentstart
3601
topicstart
earn
topicend
bodystart
2;

ESSELTE BUSINESS SYSTEMS INC 
<
ESB> UPS PAYOUT


    GARDEN CITY, N.Y., March 11 -
    
Qtly div 18 cts vs 14 cts prior
    Pay March 31
    Record March 25
 Reuter
3;
bodyend
documentend
documentstart
3602
topicstart
earn
topicend
bodystart
2;

KATY INDUSTRIES INC 
<
KT> 4TH QTR NET


    ELGIN, ILL., March 11 -
    
Oper shr profit 32 cts vs loss 66 cts
    Oper net profit 2,454,000 vs loss 3,558,000
    Sales 96.1 mln vs 91.4 mln
    Year
    Oper shr profit 72 cts vs loss 63 cts
    Oper net profit 6,495,000 vs loss 1,833,000
    Sales 368.1 mln vs 322.1 mln
    NOTE: Earnings exclude losses from discontinued
consolidated operations of 460,000 dlrs, or eight cts a share
vs 5,364,000 dlrs, or 86 cts a share in the quarter and
11,334,000 dlrs, or 1.82 dlrs a share vs 11,637,000 dlrs, or
1.88 dlrs a share for the year
    Earnings exclude a loss on the sale of discontinued
consolidated operations of 200,000 dlrs, or three cts a share
in the 1986 quarter and a loss of 4,960,000 dlrs, or 80 cts a
share vs a gain of 4,404,000 dlrs, or 71 cts a share for the
year
    NOTE: 1985 earnings exclude losses from discontinued
unconsolidated operations of 5,488,000 dlrs, or 89 cts a share
in each period
    1985 earnings exclude gain from termination of defined
benefit pension plan of 490,000 dlrs, or eight cts a share in
the quarter and 1,438,000 dlrs, or 23 cts a share for the year
 Reuter
3;
bodyend
documentend
documentstart
3603
topicstart
earn
topicend
bodystart
2;

<
PMI FUND INC> SETS MONTHLY DIVIDENDS


    NEW YORK, March 11 - 
PMI Fund Inc said its board declared
monthly dividends of six cts for April, four cts for May, five
cts for June, seven cts for July and six cts for August.
    The fund, which customarily omits dividends in March and
September, last paid six cts in February.  Dividends declared
today are payable April Three, May Six, June Four, July Three
and August Six to holders of record March 23, April 17, May 15,
June 12 and July 17.
 Reuter
3;
bodyend
documentend
documentstart
3604
topicstart
earn
topicend
bodystart
2;

MERRY-GO-ROUND ENTERPRISES INC 
<
MGRE> 4TH QTR


    TOWSON, Md., March 11 - 
Jan 31 end
    Shr 51 cts vs 38 cts
    Net 3,254,000 vs 2,423,000
    Sales 65.9 mln vs 51.1 mln
    Year
    Shr 1.18 dlrs vs 1.15 dlrs
    Net 7,485,000 vs 7,285,000
    Sales 207.5 mln vs 164.1 mln
 Reuter
3;
bodyend
documentend
documentstart
3605
topicstart
earn
topicend
bodystart
2;

TENERA LP 
<
TLPZV> SETS INITIAL QUARTERLY


    BERKELEY, Calif., March 11 - 
TENERA LP said it will make an
initial quarterly distribution of 17 cts per unit on April 15
to holders of record March 31.
    The partnership said the dividend is greater than it had
expectd to pay and was warranted by fourth quarter results and
anticipated results for this year's first quarter.
    TENERA said it expects a comparable distribution for the
second quarter.  It said about 13 cts per share of the first
quarter amount will be taxable income.
 Reuter
3;
bodyend
documentend
documentstart
3606
topicstart
topicend
bodystart
2;

BANCA NAZIONALE DEL LAVORO LAUNCHES BOND/WARRANTS


    LONDON, March 11 - 
Banca Nazionale del Lavoro (London
branch) is issuing a 120 mln dlr, five-year straight bond with
equity warrants, lead manager Credit Suisse First Boston Ltd
said.
    The issue, which matures April 3, 1992, has an indicated
coupon of 5-1/2 to six pct and par pricing. Fees total 2-1/4
pct and listing will be in Luxembourg. Payment date is April 2.
    The bonds will be sold in denominations of 1,000 dlrs with
one warrant attached, which will be exercisable between April
15, 1987 and April 3, 1992.
    Each warrant will entitle the holder to purchase 45 savings
shares of EFI Banca at a premium of about 10 pct above the
closing price on the Milan Stock Exchange on or before March
17.
    EFI is a medium-term credit institution, about 36-1/2 pct
owned by Banca Nazionale del Lavoro.
 REUTER
3;
bodyend
documentend
documentstart
3607
topicstart
acq
topicend
bodystart
2;

HANSON 
<
HAN> UNIT TO SELL KAISER TERMINAL/PLANT


    NEW YORK, March 11 - 
Hanson Industries, the U.S. arm of
Hanson Trust PLC 
<
HAN>, said it has proposed to sell, in
separate transactions, Kaiser Cement's Northwest Terminals and
Montana City plant, to Lone Star Industries Inc 
<
LCE> and 
<
Ash
Grove Cement West Inc>, respectively for a total of 50.2
mln dlrs.
    Hanson said the deals are subject to normal conditions of
closing.
    Hanson Industries completed the purchase of Kaiser Cement
on March 3, for about 250 mln dlrs.
    Hanson said Kaiser Cement is now an indirect wholly owned
unit of Hanson Trust and forms part of its building products
group.
    "These sales are a continuation of an asset redeployment
program at Kaiser Cement and will allow Kaiser to concentrate
its efforts in the California marketplace, where it is the
largest cement producer and holds a premiere market position,"
Hanson Industries chairman Gordon White said.
   
 Reuter
3;
bodyend
documentend
documentstart
3608
topicstart
topicend
bodystart
2;

CANADA SETS GRANT FOR EUREKA RESEARCH


    OTTAWA, March 11 - 
The federal government said Calmos
Systems Inc will be given 3,075,000 Canadian dlrs to join the
European consortium Eureka in a research project involving
integrated circuit boards.
    The Kanata, Ontario based microchip manufacturer was the
first company to qualify under Ottawa's 20 mln dlr fund called
the Technology Opportunitie in Europe Program. Other grants
will be announced shortly, the government said.
    In a statement, Calmos said it and its European partner,
European Silicon Structures, expects to use the research to
improve the design of silicon chips.
 Reuter
3;
bodyend
documentend
documentstart
3609
topicstart
crude
topicend
bodystart
2;

ECUADOR OFFICIAL SEEKS OIL AID IN VENEZUELA


    CARACAS, March 11 - 
Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
    Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
    Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
 Reuter
3;
bodyend
documentend
documentstart
3610
topicstart
bop
trade
topicend
bodystart
2;
******
U.S. 4TH QTR BALANCE OF PAYMENTS TRADE DEFICIT WAS RECORD 38.37 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
3611
topicstart
sugar
topicend
bodystart
2;
******
NY TRADERS SAY E.C. SOLD 71,000 TONNES  OF WHITE SUGAR AT TENDER.

Blah blah blah.
3;


bodyend
documentend
documentstart
3612
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN LATE HELP OF 240 MLN STG


    LONDON, March 11 - 
The Bank of England said it provided the
money market with unspecified late assistance of around 240 mln
stg.
    This brings its total assistance on the day to 346 mln stg
compared with a liquidity shortfall it estimated at a revised
250 mln stg.
    Overnight interbank sterling was being offered at eight pct
shortly after the Bank's announcement.
 REUTER
3;
bodyend
documentend
documentstart
3613
topicstart
copper
earn
topicend
bodystart
2;

OUTOKUMPU RESTRUCTURES COPPER DIVISION


    HELSINKI, March 11 - 
Finland's mining and metals group
Outokumpu Oy 
<
OUTO.HE>, which last week reported a 1986 loss of
83 mln markka after three successive years of profits, said it
restructured its key copper processing division in an attempt
to rationalize production and improve profitability.
    Outokumpu's Managing Director Pertti Voutilainen told a
news conference the reorganization involved a split of the
division into a new independent division with six profit
centres.
    Outokumpu group had a 1986 loss before appropriations and
taxes of 83 mln markka after a profit of 355 mln in 1985. It
had profits in 1984 and 1983 but a loss, 171.2 mln, in 1982.
    Outokumpu acquired two Swedish copper manufacturers in
January 1986, 
<
Metallverken Ab> and 
<
Wirsbo Bruks Ab>, that
were merged into its copper processing division.
    The division had a turnover of 3.2 billion markka last
year, 42 pct of Outokumpu's group turnover of 7.58 billion.
    The new Outokumpu division, called Copper Products
Industry, is to incorporate Outokumpu's copper production
plants, including its two U.S. Subsidiaries 
<
Nippert Co> and

<
Valleycast Inc>, as well as Metallverken and part of Wirsbo.
    Outokumpu is planning to make Wirsbo an independent
division in the Outokumpu group and transfer only Wirsbo's
copper tube production into one of the new division's profit
centres. A definite decision on Wirsbo will be taken later this
year.
    The new division will have production plants in Finland,
Sweden, Norway, the Netherlands and the U.S.
 REUTER
3;
bodyend
documentend
documentstart
3615
topicstart
bop
trade
topicend
bodystart
2;

U.S. TRADE DEFICIT 38.37 BILLION DLRS IN 4TH QTR


    WASHINGTON, March 11 - 
The U.S. merchandise trade deficit
on a balance of payments basis was a record 38.37 billion dlrs
in the October to December fourth quarter, the Commerce
Department said.
    The record trade shortfall came after a revised 37.15
billion dlr third quarter deficit. The department previously
reported the third quarter deficit was 37.67 billion dlrs.
    For the full year 1986, the merchandise trade deficit was a
record 147.7 billion dlrs, up from 124.4 billion dlrs in 1985,
the department said.
    During the final quarter last year imports rose 2.78
billion dlrs or three pct to 95.7 billion dlrs, while exports
rose 1.56 billion dlrs or three pct to 57.33 billion dlrs.
    The trade report on a balance of payments basis excludes
such factors as military sales and the costs of shipping and
insurance.
    The Commerce Department said non-petroleum imports in the
quarter were up 2.7 billion dlrs or three pct to 87.7 billion
dlrs, with the largest increases in consumer goods, which rose
1.2 billion dlrs, and in non-monetary gold and passenger cars
from Canada, up 900 mln dlrs each.
    Lumber imports from Canada fell 300 mln dlrs or 33 pct
because of a 15 pct duty on imports from Canada, the department
said. Passenger car imports fell 600 mln dlrs because of an 18
pct decrease in the number of South Korean-made imported cars
and a nine pct decrease from Japan.
    On the exports side, agricultural exports rose 600 mln dlrs
or nine pct to 7.1 billion dlrs, primarily because of a 104 pct
or 600 mln dlr increase in soybean exports.
    Soybean shipments to Western Europe rose sharply because
supplies from Brazil, a traditional major exporter, were
limited by drought.
    Commerce said the U.S. trade deficit with Latin America
rose 900 mln dlrs to 2.6 billion dlrs, with Japan increased 700
mln dlrs to 14.8 billion dlrs and with Western Europe rose 200
mln to 7.2 billion dlrs in the quarter.
    The deficit with newly industrialized Far East countries,
including Hong Kong, South Korea, Singapore and Taiwan, fell
500 mln dlrs to eight billion dlrs and with Canada the deficit
decreased 200 mln dlrs to 3.3 billion dlrs in the quarter.
    In the full year 1986, imports rose 30.6 billion dlrs or
nine pct to 369.5 billion dlrs. Exports increased by only 7.3
billion dlrs or three pct to 221.8 billion dlrs.
    Commerce said petroleum imports during 1986 fell 16.6
billion dlrs or 33 pct to 33.9 billion dlrs because of lower
prices. The average price per barrel decreased to 14.72 dlrs
from 26.41 dlrs.
    Agricultural exports fell by 2.6 billion dlrs or nine pct
to 26.9 billion during the year. The average price of rice fell
27 pct, cotton was down 22 pct, corn 18 pct, wheat 16 pct and
soybeans nine pct.
    The trade deficit with Japan for all of 1986 rose 11.1
billion dlrs to 54.6 billion dlrs and with Western Europe
increased 7.2 billion dlrs to 28.6 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3616
topicstart
sugar
topicend
bodystart
2;
******
 UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.

Blah blah blah.
3;


bodyend
documentend
documentstart
3617
topicstart
topicend
bodystart
2;

SYMBOL TECHNOLOGIES INC 
<
SMBL> CALLS WARRANTS


    BOHEMIA, N.Y., March 11 - 
Symbol Technologies Inc said it
called 610,000 outstanding five-year stock warrants issued in
1985 and 1986 to Reliance Insurance Co, a subsidiary of
Reliance Group Holdings 
<
REL>.
    The company said cash proceeds from the warrants will be
6,065,000 dlrs.
    Symbol said it issued 550,000 of the warrants to Reliance
in 1985, exercisable at 9.50 dlrs per share, and 60,000 in
mid-1986 at 14 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
3618
topicstart
topicend
bodystart
2;

AMERICAN COMMUNICATIONS 
<
ASTVE> GETS EXCEPTION


    GAINESVILLE, Fla., March 11 - 
American Communications and
Television Inc said its common stock will continue to be
included in the National Association of Securities Dealers'
NASDAQ system due to an exception from filing requirements,
which it failed to meet as of February 14.
    The company said it believes it can meet conditions imposed
by the NASD for the exception, but there can be no assurance
that it will do so.
 Reuter
3;
bodyend
documentend
documentstart
3619
topicstart
earn
topicend
bodystart
2;

BAYER USA 
<
BAYRY> AFFILIATES INCREASED SALES


    PITTSBURGH, March 11 - 
Bayer USA Inc said sales of its
affiliated operating cmpanies based in the U.S. increased in
1986 by 4.4 pct from the previous year.
    Combined sales were 4.2 billion dlrs, up from 4.0 billion
dlrs in 1985, the company said.
    However, the company said net income was 106.9 mln dlrs,
three pct below 1985.
    Bayer said its operating companies include Mobay Corp,
Miles Laboratories Inc, Agfa-Gevaert Inc, Compugraphic Corp,
Haarmann and Reimer Corp, Deerfield Urethane Inc and Helena
Chemical Co.
    Bayer said Mobay, its primary chemicals company, reported
net income of 83.4 mln dlrs, up eight pct of 1985. It also said
Miles, its pharmaceutical and healthcare company, recorded
net income of 29 mln dlrs, a 44 pct increase over 1985.
   
 Reuter
3;
bodyend
documentend
documentstart
3620
topicstart
earn
topicend
bodystart
2;

DEB SHOPS INC 
<
DEBS> SETS STOCK SPLIT


    PHILADELPHIA, March 11 - 
Deb Shops Inc said its board
declared a 100 pct stock dividend and will increase the
quarterly dividend to four cts from 3-1/4 cts after adjustm,ent
for the split.
    The company said the split is payable April 17 to holders
of record March 25.  The dividend increase will be effective
with the April 30 payment, it said.
 Reuter
3;
bodyend
documentend
documentstart
3621
topicstart
lei
topicend
bodystart
2;
******
CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3622
topicstart
acq
topicend
bodystart
2;

CONTINENTAL HEALTH 
<
CTHL> PURCHASES MARKETECH


    ENGLEWOOD CLIFFS, N.J., March 11 - 
Continental Health
Affiliates Inc said that it has acquired 
<
Marketech Inc>, an 80
pct partner in 
<
Diatronics Nutrition Services>.
    Continental said Diantronics Nutrition Services is a joint
venture with physicians providing patient-ready home infusion
therapy products and services to outpatients of five northern
New Jersery hospitals representing over 1,900 inpatient beds.
    Continental said the terms of the deal were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
3623
topicstart
earn
topicend
bodystart
2;

VISUAL GRAPHICS SETS DIVIDENDS


    NEW YORK, MARCH 11 - 
Visual Graphics Corp 
<
VGCA> 
<
VGCB>
said its board declared a quarterly dividend of 7-1/2 cts per
share on its class "B" common stock and 8-1/4 cts per share on
class "A" common stock payable April Three to shareholders of
record as of March 23.
     The company set up the two classes of common stock in
February. Previously, the company had paid a 7-1/2 cent per
share quarterly dividend on one class of common stock.
 Reuter
3;
bodyend
documentend
documentstart
3624
topicstart
earn
topicend
bodystart
2;

DEB SHOPS INC 
<
DEBS> 4TH QTR JAN 31 NET


    PHILADELPHIA, March 11 -
    
Shr 71 cts vs 57 cts
    Net 5,457,000 vs 4,299,000
    Sales 62.9 mln vs 50.1 mln
    Year
    Shr 1.65 dlrs vs 1.37 dlrs
    Net 12.6 mln vs 10.4 mln
    Sales 181.4 mln vs 147.1 mln
 Reuter
3;
bodyend
documentend
documentstart
3625
topicstart
gold
topicend
bodystart
2;

SIGMA MINES DETAILS GOLD ORE RESERVES


    TORONTO, March 11 - 
<
Sigma Mines (Quebec) Ltd>, 65 pct
owned by Dome Mines Ltd 
<
DM>, said its Sigma Mine had proven
and probable reserves at the end of 1986 of 4,902,940 tons,
with an average grade of 0.139 ounces of gold a ton.
    Sigma said the reserves are equivalent to 10 years future
production at current milling rates.
    The reserves comprise 1,640,779 tons proven reserves
grading an average of 0.163 ounces of gold a ton and 3,262,161
tons probable reserves grading an average of 0.127 ounces of
gold a ton.
    Sigma said it changed its 1986 reserve reporting method
following Dome Mines previously reported move to adopt general
industry practice of reporting proven and probable ore
reserves.
    Prior to 1986, Sigma conservatively reported only proven
reserves that could be mined without future development costs.
    Proven reserves as of December 31, 1985 were 978,000 tons
grading an average of 0.194 ounces of gold a ton, equivalent to
about two years future production.
 Reuter
3;
bodyend
documentend
documentstart
3626
topicstart
earn
topicend
bodystart
2;

REGENCY CRUISES INC 
<
SHIP> 4TH QTR NET


    NEW YORK, March 11 -
    
Shr profit nine cts vs loss two cts
    Net profit 1,419,000 vs loss 314,000
    Revs 8,097,000 vs 4,794,000
    Avg shrs 15.8 mln vs 15.5 mln
    Year
    Shr profit 37 cts vs loss 10 cts
    Net profit 5,695,000 vs loss 1,268,000
    Revs 40.9 mln vs 4,794,000
    Avg shrs 15.6 mln vs 12.5 mln
    NOTE: Company began operations Nov 17, 1985.
 Reuter
3;
bodyend
documentend
documentstart
3628
topicstart
topicend
bodystart
2;

METROPOLIS OF TOKYO SELLS 10-YEAR BONDS


    NEW YORK, March 11 - 
The Metropolis of Tokyo is offering in
the Yankee bond market 100 mln dlrs of guaranteed bonds due
1997 yielding 7.57 pct, said lead manager First Boston Corp.
    The bonds bear a 7-1/2 pct coupon and were priced at 99.515
to yield 35 basis points more than comparable Treasury
securities.
    Non-callable for life, the issue is rated a top-flight AAA
by both Moody's and Standard and Poor's. Goldman Sachs and
Merrill Lynch co-managed the deal, which was the metropolis's
first foray into the Yankee bond market in 20 years,
underwriters said.
 Reuter
3;
bodyend
documentend
documentstart
3629
topicstart
earn
topicend
bodystart
2;

SEAMAN FURNITURE CO INC 
<
SEAM> 3RD QTR JAN 31


    UNIONDALE, N.Y., March 11 -
    
Shr 64 cts vs 51 cts
    Net 4,373,000 vs 3,346,000
    Sales 59.8 mln vs 45.5 mln
    Avg shrs 6,808,000 vs 6,600,000
    Nine mths
    Shr 1.57 dlrs vs 1.18 dlrs
    Net 10.7 mln vs 7,745,000
    Sales 167.0 mln vs 123.1 mln
 Reuter
3;
bodyend
documentend
documentstart
3630
topicstart
earn
topicend
bodystart
2;

NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES


    COPENHAGEN, March 11 - 
Danish-based insulin and enzymes
producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell
almost 10 pct in 1986 though sales rose by two pct.
    The pre-tax figure fell to 788 mln crowns from 872 mln in
1985, on sales increased from 4.1 billion to 4.2 billion,
giving net earnings of 521 mln crowns against 604 mln in 1985.
    Earnings per 20-crown share went from 23.79 crowns to 20.45
crowns but the company proposed an unchanged 20 pct dividend.
    "Foreign exchange fluctuations in 1986 were a very
significant factor behind developments in the result before and
after tax," Novo said in a statement.
    "Not only the U.S. Dollar but also other currencies
essential to Novo fell in 1986 in relation to the Danish crown,"
the statement added.
    In November 1986, Novo purchased 75 pct of shares in A/S
Ferrosan, which heads a group specialising in research and
development of CNS (central nervous treatment) treatments and
the sale of pharmaceuticals and vitamins in Scandinavia.
    The 357 mln crowns paid in goodwill "had a very limited
effect on the 1986 result," the Novo statement said.
 Reuter
3;
bodyend
documentend
documentstart
3631
topicstart
earn
topicend
bodystart
2;

SCS/COMPUTE INC 
<
SCOM> 3RD QTR JAN 31 LOSS


    ST. LOUIS, MO., March 11 -
    
Shr loss 30 cts vs loss 43 cts
    Net loss 891,000 vs loss 969,000
    Revs 1,930,000 vs 1,815,000
    Avg shrs 2.9 mln vs 2.2 mln
    Nine Mths
    Shr loss one dlr vs loss 1.36 dlrs
    Net loss 2,622,000 vs loss 3,037,000
    Revs 4,638,000 vs 4,105,000
    Avg shrs 2.6 mln vs 2.2 mln
 Reuter
3;
bodyend
documentend
documentstart
3632
topicstart
acq
topicend
bodystart
2;

SECURITIES DEALER HAS LEASEWAY 
<
LTC> STAKE


    WASHINGTON, March 11 - 
Alpine Associates, a Cresskill, N.J.
securities dealer, told the Securities and Exchange Commission
it has acquired 565,100 shares of Leaseway Transport
Corp, or 5.9 pct of the total outstanding common stock.
    Alpine, a limited partnership, said it bought the stock for
28.1 mln dlrs as an investment in the ordinary course of its
business as a securities dealer.
    It left open the possibility that it might buy more
Leaseway stock or sell some or all of its current stake, but
said it has no plans to seek control of the company.

 Reuter
3;
bodyend
documentend
documentstart
3633
topicstart
earn
topicend
bodystart
2;

EMPIRE OF CAROLINA INC 
<
EMP> YEAR NET


    TARBORO, N.C., March 11 -
    
Shr 1.26 dlrs vs 67 cts
    Net 7,299,000 vs 3,607,000
    Revs 52.4 mln vs 40.7 mln
    Avg shrs 6,028,755 vs 2,408,766
    NOTE: 1985 results restated to include Deltona Corp 
<
DLT>
investment on equity method.
 Reuter
3;
bodyend
documentend
documentstart
3634
topicstart
earn
topicend
bodystart
2;

VHC LTD 
<
VHCL> 4TH QTR OPER NET


    NEW YORK, March 11 -
    
Oper shr profit 18 cts vs loss one ct
    Oper net profit 387,832 vs loss 29,312
    Revs 6,872,630 vs NA
    Year
    Oper shr profit 39 cts vs loss 23 cts
    Oper net profit 835,010 vs loss 441,836
    Revs 20.8 mln vs NA
    Avg shrs 2,135,909 vs 1,885,909
    NOTE: Excludes gains of 378,000 dlrs or 18 cts and 715,000
dlrs or 33 cts in current qtr and year, respectively, from
benefit of tax loss carryforwards. Year-ago excludes losses of
75,809 dlrs or four cts in qtr and 146,061 dlrs or eight cts in
year from discontinued operations. 1985 restated.
 Reuter
3;
bodyend
documentend
documentstart
3636
topicstart
topicend
bodystart
2;

ALLIANT AND MACNEAL-SCHWENDLER SIGN PACT


    LITTLETON, Mass., March 11 - 
Alliant Computer Systems Corp

<
ALNT> said that it has signed an agreement with
MacNeal-Schwendler Corp 
<
MNS> where MacNeal will develop a new
version of its MSC/NASTRAN software for Alliant's FX/Series
Computers.
    Alliant said MSC/NASTRAN is used for finite element
analysis, particularly in the automotive and aerospace
industries.
 Reuter
3;
bodyend
documentend
documentstart
3637
topicstart
earn
topicend
bodystart
2;

TRANSTECH INDUSTRIES INC 
<
TRTI> YEAR NET


    SCOTCH PLAINS, N.J., March 11 -
    
Oper shr 91 cts vs seven cts
    Oper net 4,356,774 vs 289,764
    Revs 69.2 mln vs 50.2 mln
    Avg shrs 4,736,692 vs 4,151,672
    NOTE: 1985 net excludes 3,027,714 dlr loss from
discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
3638
topicstart
topicend
bodystart
2;

MICROPOLIS 
<
MLIS> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 11 - 
Micropolis Corp is raising 75 mln dlrs
via an offering of convertible subordinated debentures due 2012
with a six pct coupon and par pricing, said lead manager
Kidder, Peabody and Co Inc.
    The debentures are convertible into the company's common
stock at 48.50 dlrs per share, representing a premium of 23.6
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-minus by
Standard and Poor's. Robertson, Colman and Stephens co-managed
the deal.
 Reuter
3;
bodyend
documentend
documentstart
3639
topicstart
sugar
topicend
bodystart
2;

THAI SUGAR PRODUCTION INCREASES


    LONDON, March 11 - 
Thai sugar production totalled 960,788
tonnes in January, an increase of 12.7 pct on January 1986,
according to figures received by the International Sugar
Organization.
    November and December production figures also exceeded last
year's totals with the result that output in the first three
months of the season showed a 23.1 pct increase over 1985/86.
Production in the November 1986 to January 1987 period totalled
1.29 mln tonnes.
    Thai exports in December and January were down, however.
January exports fell from 73,164 to 35,910 tonnes.
    Domestic consumption increased 7.3 pct to 192,069 tonnes
for the three month period, but this was not sufficient to
prevent a significant rise in stocks, which climbed to 1.62 mln
tonnes by the end of January, compared with 1.52 mln a year
earlier.
    Thai Agricultural Ministry officials have previously
forecast a decline in 1986/87 raws output to around 2.3 mln
tonnes from 2.48 mln in 1985/86.
 Reuter
3;
bodyend
documentend
documentstart
3640
topicstart
lei
topicend
bodystart
2;

CANADA DECEMBER LEADING INDICATOR UP 0.4 PCT


    OTTAWA, March 11 - 
Canada's leading composite indicator
advanced 0.4 pct in December after gaining 0.4 pct in the two
previous months, Statistics Canada said.
    The unfiltered index rose 0.8 pct in the month, a
turnaround from the 0.3 pct decline in November, the federal
agency said.
    The manufacturing groups continued to post advances while
goods production rose 1.6 pct, the third increase in the last
four months. The advances, however, were offset by a
deceleration in household demand.
 Reuter
3;
bodyend
documentend
documentstart
3641
topicstart
topicend
bodystart
2;

NORDIC INVESTMENT BANK ISSUES DANISH CROWN BOND


    LONDON, March 11 - 
Nordic Investment Bank is issuing a 300
mln Danish crown bond, due April 15, 1994, priced at par with
an 11-1/4 pct coupon, lead manager Enskilda Securities said.
    The bonds are callable on April 15, 1992 at par and at any
time for tax reasons. They will be sold in denominations of
20,000 crowns and listed in Luxembourg. Fees involve 1-1/4 pct
for selling and 5/8 pct for management and underwriting
combined, minus 1/8 pct for the co-leads. Payment date is April
15.
    The co-leads are Privatbanken A/S and Generale Bank
Brussels.
 REUTER
3;
bodyend
documentend
documentstart
3642
topicstart
topicend
bodystart
2;

<
MESA AIRLINES INC> INITIAL OFFERING UNDERWAY


    NEW YORK, March 11 - 
Lead underwriters Josephthal and Co
Inc, Emmett A. Larkin Co Inc and Hays Securities Corp said an
initial public offering of 865,000 common shares of Mesa
Airlines Inc is underway at 7.50 dlrs per share.
    Underwriters have been granted an overallotment option to
purchase up to another 129,750 shares.
 Reuter
3;
bodyend
documentend
documentstart
3643
topicstart
earn
topicend
bodystart
2;

ANOVA VENTURES SETS DIVIDEND IN DUEVEL SHARES


    DALLAS, March 11 - 
<
ANova Ventures Corp> said its board
declared a dividend payable in the form of registered shares of
stock in 
<
Duvel Corp>, a blind public pool.
    ANova describes itself as a publishing and financial
services firm specializing in arranging revers acquisitions and
mergers between blind pools/shells and private companies.
    ANova said it created Duvel to act as a blind pool and will
seek an operating private company to merger with Duvel. Duvel
has sold 300,000 common shares to a private investor group to
finance expenses of registration and 640,000 shares will be
paid to ANova stockholders as a dividend, it added.
 Reuter
3;
bodyend
documentend
documentstart
3644
topicstart
topicend
bodystart
2;

DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND


    LONDON, March 11 - 
DNC International Finance A.S. Is
issuing a 10 billion yen eurobond due April 7, 1994 with a five
pct coupon and priced at 102-3/8 pct, Yamaichi International
(Europe) Ltd said as joint book-runner with Tokai International
Ltd.
    The non-callable bonds, guaranteed by Den norske
Creditbank, will be issued in denominations of one mln yen and
will be listed in Luxembourg. Total fees of 1-7/8 pct comprise
5/8 pct for management and underwriting and 1-1/4 pct for
selling. Pay date is April 7.
 REUTER
3;
bodyend
documentend
documentstart
3645
topicstart
acq
topicend
bodystart
2;

CHRYSLER 
<
C> DEAL LEAVES UNCERTAINTY FOR AMC WORKERS


    By Richard Walker, Reuters


    DETROIT, March 11 - 
Chrysler Corp's 1.5 billion dlr bid to
takeover American Motors Corp 
<
AMO> should help bolster the
small automaker's sales, but it leaves the future of its 19,000
employees in doubt, industry analysts say.
    It was "business as usual" yesterday at the American Motors
headquarters, one day after the proposed merger was unveiled by
Chrysler and AMC's French parent Renault, according to company
spokesman Edd Snyder.
    But AMC's future, to be discussed at a board meeting today,
would be radically different as a Chrysler subsidiary than if
it had continued with the state-run French car group as its
controlling shareholder.
    Industry analysts said the future of AMC's car assembly
plant in Kenosha, Wis., and its Toledo, Ohio, Jeep plant would
be in doubt if the overcapacity predicted in the North American
auto industry by the early 1990s comes to pass.
    Both plants are far from "state of the art" for car
manufacturing sites, and AMC has a history of poor labor
relations at each.
    "Chrysler doesn't need that many new plants," said Michael
Luckey, automotive analyst for the Wall Street firm Shearson
Lehman Brothers. "They probably will close the Toledo plant and
move Jeep production to Canada."
    Ronald Glantz of Montgomery Securities said that at the
very least, the new owner of the Toledo plant would be able to
wring concessions from the United Automobile Workers union
local representing Jeep workers.
    "The UAW won't be able to hold them up for ransom as they
have AMC because during a down year, Chrysler will have
underutilized facilities to transfer production," he said.
    Analysts said they foresaw no major complications that
would abort a combination which historians said would be the
auto industry's biggest merger since American Motors was formed
in 1954.
    AMC was in need of a financial savior because of its losses
of more than 800 mln dlrs since 1980 and pressures in France
for Renault to cut its backing. The company had said it could
not forecast consistent profitability until 1988 at the
earliest.
    In announcing the takeover agreement, Chrysler chairman Lee
Iacocca cited AMC's Jeep division as well as its new 675 mln
dlr assembly plant at Bramalea, Ontario, and its network of
1,200 dealers as the major attractions.
    Analysts reasoned that Chrysler might feel moved eventually
to sell off or close some of the older plants to cut overhead
costs in view of the new debts and liabilities it would incur
in the AMC buyout.
 Reuter
3;
bodyend
documentend
documentstart
3646
topicstart
gold
silver
topicend
bodystart
2;

ST. JOE GOLD TO DEVELOP ONTARIO MINE


    CLAYTON, Mo., March 11 - 
St. Joe Gold Corp said it plans to
proceed with development of its Golden Patricia gold property
in northwestern Ontario.
    It said about five mln dlrs will be spent to continue
underground development and obtain operating permits and
another 10.2 mln dlrs is expected to be required to complete
underground development, construct a mill and provide the
infrastructure needed to put the mine into commercial
production.
    St. Joe Gold said if the necessary operating permits were
granted in time, it would start gold production in the second
half of the year ending October 31, 1988 at an annual rate of
about 40,000 troy ounces.
    The company said the property is estimated to contain over
500,000 troy ounces of gold, and the initial mining project
covers only seven of 192 claims, with drill-indicated reserves
of 293,000 short tons grading 0.88 troy ounce of gold per ton.
    It said initial mine output is expected to be about 150
tons of ore daily.
    St. Joe Gold said the Golden Patricia vein has not been
tested at depth or along strike to the east and west and
exploration is continuing on the Golden Patricia property and
the adjacent wholly-owned Muskeg Lake property.
    The company also said its Richmond Hill gold and silver
deposit in the Carbonate district of western South Dakota has
been shown by drilling to contain about 3,900,000 tons grading
0.055 troy ounce of gold and 0.23 troy ounce of silver per ton.
 It said preliminary results are encouraging and a feasibility
study is nearing completion.
 Reuter
3;
bodyend
documentend
documentstart
3647
topicstart
earn
topicend
bodystart
2;

NUCOR CORP 
<
NUE> RAISES QUARTERLY


    CHARLOTTE, N.C., March 11 -
    
Qtly div nine cts vs eight cts prior
    Pay May 12
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
3648
topicstart
topicend
bodystart
2;

DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND


    LONDON, March 11 - 
DNC International Finance A.S. Is
issuing a 10 billion yen eurobond due April 7, 1994 with a five
pct coupon and priced at 102-3/8 pct, Yamaichi International
(Europe) Ltd said as joint book-runner with Tokai International
Ltd.
    The non-callable bonds, guaranteed by Den norske
Creditbank, will be issued in denominations of one mln yen and
will be listed in Luxembourg. Total fees of 1-7/8 pct comprise
5/8 pct for management and underwriting and 1-1/4 pct for
selling. Pay date is April 7.
 REUTER
3;
bodyend
documentend
documentstart
3649
topicstart
earn
topicend
bodystart
2;

<
KELSEY-HAYES CANADA LTD> YEAR NET


    WINDSOR, Ontario, March 11 -
    
Shr 1.60 dlrs vs 3.12 dlrs
    Net 10.6 mln vs 20.6 mln
    Revs 162.5 mln vs 214.6 mln
    Note: 1985 shr restated to reflect January 31, 1986 stock
split.
    73 pct-owned by Kelsey-Hayes Co.
 Reuter
3;
bodyend
documentend
documentstart
3651
topicstart
earn
topicend
bodystart
2;

RIGGS NATIONAL CORP 
<
RIGS> SETS QUARTERLY


    WASHINGTON, March 11 -
    
Qtly div 27-1/2 cts vs 27-1/2 cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
3652
topicstart
acq
topicend
bodystart
2;

<
PACER SYSTEMS> TO MAKE ACQUISITION


    BILLERICA, Mass., March 11 - 
Pacer Systems said it has
agreed in principle to acquire the assets of Sea Data Corp, a
maker of low-powered electronic systems including undersea
intelligent recording sensors and high-density digital data
recorders, for one mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3654
topicstart
topicend
bodystart
2;

CONCORD COMPUTING 
<
CEFT> EXECUTIVES RESIGN


    WOBURN, Mass., March 11 - 
Concord Computing Corp said
Thomas E. Swithenbank has resiged as president and a director
and John L. burns has resigned as vice president of
manufacturing.
    No reason was given.
    It said chairman and chief executive officer Victor M.
Tyler will assume the additional post of president.
 Reuter
3;
bodyend
documentend
documentstart
3655
topicstart
topicend
bodystart
2;

GM 
<
GM> DEALERS ORDER 125,000 NEW CHEVROLETS


    WARREN, MICH., March 11 - 
General Motors Corp said almost
125,000 of Chevrolet's two newest cars - the four-door Corsica
sedan and two-door Beretta Sport Coupe - have been ordered by
dealers in advance of their official introduction Thursday.
    It said on hand in dealer inventory and for immediate
delivery were 35,000 of the two models. Another 8,000 were in
transit from assembly plants.
 Reuter
3;
bodyend
documentend
documentstart
3656
topicstart
topicend
bodystart
2;

SHL SYSTEMHOUSE 
<
NMS> FILES FOR PUBLIC OFFERING


    OTTAWA, Ontario, March 11 - 
SHL Systemhouse Inc said it
filed a registration statement with the Securities and Exchange
Commission relating to common shares owned by 
<
Kinburn
Technology Corp>.
    SHL said the filing was made to satisfy exchange rights
under a proposed offering of U.S 100 mln dlrs principal amount
of exchangeable secured debentures due 2007 by Kinburn.
    Kinburn owns 31.6 pct of the issued and outstanding common
shares of SHL, the company said.
    It said the debentures may be exchanged at any time prior
to maturity unless previously redeemed, for SHL Systemhouse
common shares at an exchange rate to be determined at the time
of the sale of the debentures.
    SHL said it was advised that Kinburn intends to exercise
this option to maintain its ownership and effective control of
Systemhouse.

 Reuter
3;
bodyend
documentend
documentstart
3657
topicstart
topicend
bodystart
2;

BILFINGER UND BERGER SEES OUTPUT FALLING IN 1987


    MANNHEIM, West Germany, March 11 - 
Bilfinger und Berger-Bau
AG 
<
GBFG.F> expects group construction output in 1987 to fall
to around 2.5 billion marks in 1987 from 2.73 billion last year
and sees foreign business stabilizing just under its 1986
level.
    In a letter to shareholders, Bilfinger und Berger said
foreign construction work fell to 1.37 billion marks in 1986
from 2.10 billion the year before. It said the drop was due to
a fall in orders and the dollar's decline against the mark.
    The firm expects good 1986 results, with an appropriate
dividend. In 1985 group net profit fell to 14.1 mln marks from
22.6 mln in 1984 and the dividend lost one mark to nine marks.
    Bilfinger und Berger's U.S. Units took up 600 mln marks of
its total foreign construction output.
    The company said domestic earnings in 1986 improved
slightly despite strong competition, due to efforts to avoid
taking on orders which would not break even.
    Foreign earnings were hit by the lower dollar and temporary
payment difficulties by clients.
    Incoming orders in 1986 rose to 3.05 billion marks from
2.58 billion the year before, comprising domestic 1.30 billion
marks versus 1.41 billion and foreign 1.75 billion marks versus
1.18 billion.
    Foreign incoming orders rose despite economic difficulties
in developing countries and OPEC nations hit by lower oil
prices, Bilfinger und Berger said.
    In 1986 it won new orders in the U.S., Pakistan, Nigeria
and Egypt.
    Orders on hand at end-1986 totalled 3.64 billion marks
against 3.32 billion at end-1985.
 REUTER
3;
bodyend
documentend
documentstart
3658
topicstart
topicend
bodystart
2;

VERSAR INC 
<
VSR> TO MAKE ANNOUNCEMENT


    SPRINGFIELD, N.J., March 11 - 
Versar Inc, a technical
environmental services company, said it will release an
announcement this afternoon concerning the company.
    A Versar spokesman said he was unable to divulge any
further information.
    The American Stock Exchange halted trading of Versar's
stock this morning.
 Reuter
3;
bodyend
documentend
documentstart
3659
topicstart
topicend
bodystart
2;

MIZUNO ISSUING 30 MLN SWISS FRANC FIVE YEAR NOTE


    ZURICH, March 11 - 
Mizuno Corp of Osaka is issuing 30 mln
Swiss francs of five year notes with a 4-5/8 pct coupon and
100-1/8 issue price, lead manager Swiss Bank Corp said.
    The notes, which are guaranteed by Sumitomo Bank Ltd, can
be called at 101-1/2 from September 27, 1989.
    Payment is due March 27.
 REUTER
3;
bodyend
documentend
documentstart
3660
topicstart
reserves
topicend
bodystart
2;

SPAIN QUALIFIES RESERVE REQUIREMENTS STATEMENT


    MADRID, March 11 - 
A Bank of Spain spokesman qualified a
bank statement announcing an extension of reserve requirements
to convertible peseta funds held by banks, saying the move
applied only to future rises above current balances.
    "The 19 pct reserve requirement will only be applied to
further increases in bank's convertible peseta funds," the
spokesman said. Convertible peseta funds previously were exempt
from reserve requirements. The spokesman said the measure was
intended to curb an influx of short-term foreign speculative
capital which threatened the government's money supply growth
target.
 REUTER
3;
bodyend
documentend
documentstart
3661
topicstart
money-supply
topicend
bodystart
2;

SPAIN'S MONEY SUPPLY GROWTH DOUBLES IN FEBRUARY


    MADRID, March 11 - 
Spain's broad based M-4 money supply
rose at an annualised rate of 16.7 pct in February against 8.1
pct in January and 22.4 pct in February last year, Bank of
Spain figures show.
    The broad-based money supply is measured as liquid assets
in public hands plus quasi-monetary assets.
    Money supply growth was 11.4 pct last year. The government
wants to reduce the rate to eight pct this year.
 REUTER
3;
bodyend
documentend
documentstart
3662
topicstart
topicend
bodystart
2;

ROBERT HALMI 
<
RHI> GETS FIVE MLN DLR CREDIT LINE


    NEW YORK, March 11 - 
Robert Halmi Inc said it has received
a commitment for a five mln dlr revolving credit line from
Wells Fargo and Co 
<
WFC>.
    It said it will use funds for the development and
production of television programming.
 Reuter
3;
bodyend
documentend
documentstart
3663
topicstart
topicend
bodystart
2;

DUFF/PHELPS UPGRADES BELLSOUTH CORP 
<
BLS> UNIT


    CHICAGO, March 11 - 
Duff and Phelps raised its ratings to
DP-1 (AAA) from DP-2 (high AA) on 2.6 billion dlrs in
debentures and 150 mln dlrs in notes of South Central Bell
Telephone Co, a unit of BellSouth Corp.
    The rating agency cited the company's strong financial
performance, which was achieved by keeping expenses under
control and not by relying on raising local phone rates to its
customers.
 Reuter
3;
bodyend
documentend
documentstart
3664
topicstart
topicend
bodystart
2;

PENNSYLVANIA POWER 
<
PPL> OFFERS PREFERRED STOCK


    ALLENTOWN, Pa, March 11 - 
Pennsylvania Power and Light Co
said it will offer 500,000 shares of 6-7/8 pct series preferred
stock at 100 dlrs per share and 500,000 shares of 7-3/8 pct
series preferred stock at the same price, plus accumulated
dividends from the date of original issuance.
    The First Boston Corp, Drexel Burnham Lambert Inc, Merrill
Lynch Capital Markets and Prudential-Bache Capital Funding are
the underwriters offering the stock, said Pennsylvania Power.
    The 6-7/8 pct series preferred stock is redeemable at any
time, at the option of the company at 106.88 pct per share on
or before March 31, 1992, and declining to 100 pct on and after
April 1, 1994, the company said.
    The company added that no optional redemption may be made
prior to April 1, 1994, with or in anticipation of borrowed
funds or senior or parity stock having an effective cost of
less than 6.88 pct per annum.
    The 6-7/8 pct series preferred stock will have a mandatory
sinking fund in the amount of 100,000 shares in each year
commencing on April 1, 1993, calculated to retire the issue no
later than April 1, 1997.
    The company has the non-cumulative option to retire an
additional 100,000 shares on any sinking fund payment date, it
said.
    Pennsylvania Power said the 7-3/8 pct series preferred
stock is redeemable at any time, also, at the option of the
company at 107.38 dlrs per share on or before March 31, 1992,
and declining to 100 pct on and after April 1, 2002.
    The company said that no optional redemption may be made
prior to April 1, 1992, with or in anticipation of borrowed
funds or senior or parity stock having an effective cost of
less than 7.38 pct per annum.
    Pennsylvania Power said the 7-3/8 pct series preferred
stock will have a mandatory sinking fund of 25,000 shares in
each year commencing April 1, 1993, calculated to retire the
issue no later than April 1, 2012.
    It said it has the non-cumulative option to retire an
additional 25,000 shares on any sinking fund payment date.
 Reuter
3;
bodyend
documentend
documentstart
3665
topicstart
topicend
bodystart
2;

LEUCADIA HAS 50 MLN DLR REVOLVING FACILITY


    LONDON, March 11 - 
Leucadia National Corp, a U.S. Financial
services holding company, has received a 50 mln dlr, five-year
revolving underwriting facility (RUF), said Merrill Lynch
Capital Markets as arranger.
    Under terms of the facility, Leucadia may issue euro-notes
in maturities from one to six months, subject to a maximum of
183 days. The method of issuance will be the issuer-set margin
system under which Leucadia will determine the spread over the
London Interbank Offered Rate (LIBOR).
    Leucadia has already established a euro-commercial paper
program for which Merrill acts as dealer.
    The RUF may serve as medium term back-up to the commerical
paper program although the two may be used simultaneously,
Merrill said.
    In addition to issuing euro-notes, Leucdia may also draw
under the RUF by use of a so-called "swing line," which provides
same day availability of funds of up to 25 mln dlrs. Also, the
swing line provides for use of a "spot issuance procedure which
allows the company to borrow up to the full amount of the 50
mln dlrs on two days notice.
 REUTER
3;
bodyend
documentend
documentstart
3666
topicstart
money-fx
stg
topicend
bodystart
2;

DEALERS WARY OVER STERLING INTERVENTION RUMOUR


    LONDON, March 11 - 
Foreign exchange market rumours that the
the Bank of England has been selling sterling to halt its rise
prompted a wary response from dealers who said they saw no
obvious confirmation, market sources said.
    Bank of England officials were not immediately available
for comment. Earlier this week, the Bank sanctioned a cut in
bank interest rates in a surprise move, which aimed at limiting
sterling's rise ahead of the March 17 budget.
    But today the pound has strengthened to 72.7 on its
trade-weighted index from 72.1 last night, though the U.K.
Currency is below its day's high against the dollar.
 REUTER
3;
bodyend
documentend
documentstart
3667
topicstart
earn
topicend
bodystart
2;

TELEPHONE SUPPORT SYSTEMS INC 
<
TSSI> 3RD QTR


    LAKE SUCCESS, N.Y., March 11 - 
Nov 30 end
    Shr four cts vs 11 cts
    Net 62,986 vs 174,158
    Sales 720,906 vs 907,542
    Year
    Shr 18 cts vs six cts
    Net 277,852 vs 94,263
    Sales 2,247,374 vs 2,030,390
 Reuter
3;
bodyend
documentend
documentstart
3668
topicstart
earn
topicend
bodystart
2;

NETWORK VIDEO INC 
<
NVID> 3RD QTR FEB 28 NET


    SARASOTA, Fla., March 11 -
    
Shr one ct vs five cts
    Net 50,745 vs 161,019
    Revs 478,700 vs 1,048,543
    Avg shrs 4,350,000 vs 3,217,500
    Nine mths
    Shr four cts vs 12 cts
    Net 169,275 vs 390,179
    Revs 1,478,066 vs 2,658,692
    Avg shrs 4,350,000 vs 3,217,500
 Reuter
3;
bodyend
documentend
documentstart
3669
topicstart
earn
topicend
bodystart
2;

COMTECH INC 
<
CMTL> 2ND QTR JAN 31 NET


    HAUPPAUGE, N.Y., March 11 -
    
Oper shr profit one ct vs profit two cts
    Oper net profit 63,000 vs profit 84,000
    Sales 5,009,000 vs 4,042,000
    1st half
    Oper shr profit two cts vs loss 17 cts
    Oper net profit 87,000 vs loss 794,000
    Sales 9,838,000 vs 7,368,000
    Backlog 17.8 mln vs 11.4 mln
    NOTE: Current year net excludes tax credits of 32,000 dlrs
in quarter and 45,000 dlrs in half.
 Reuter
3;
bodyend
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3671
topicstart
topicend
bodystart
2;

EDF ISSUING FIVE BILLION FRENCH FRANC BOND


    PARIS, March 11 - 
The French electricity utility
Electricite de France is issuing a five billion French franc
bond in three tranches, co-lead manager Banque Paribas said
here.
    The issue is also being lead-managed by Credit Lyonnais.
    The first two billion franc tranche carries a fixed
interest rate of 8.30 pct, with a life of 11 years 316 days and
redeemable en bloc at par at the end of its life. The issue
price will be 96.44 pct and the payment date is March 30.
    The second tranche of 1.5 billion francs will be
denominated in 5,000 franc units and carry an 8.50 pct coupon,
payable December 14 each year.
    The issue price will be 98.18 pct and it will have a life
of 12 years 259 days. Redemption will be en bloc at par at the
end of its life, and the payment date will be March 30.
    Each bond will carry a warrant permitting subscription on
December 14, 1987 to a fixed-rate bond, which will be
integrated with the previous issue at an issue price of 98.18
pct, and with a nominal coupon of 8.50 pct.
    The life of the issue will be 12 years.
    A third tranche of 1.5 billion francs will be issued at a
variable interest rate, and the whole issue will be quoted on
the Paris Bourse.
    Paribas and Credit Lyonnais will be market makers for the
first two tranches, the communique added.
 REUTER
3;
bodyend
documentend
documentstart
3672
topicstart
earn
topicend
bodystart
2;

BALTEK CORP 
<
BTEK> 4TH QTR NET


    NORTHVALE, N.J., March 11 -
    
Oper shr 21 cts vs 34 cts
    Oper net 480,000 vs 765,000
    Revs 6,386,000 vs 5,862,000
    Year
    Oper shr 1.20 dlrs vs 78 cts
    Oper net 2,692,000 vs 1,732,000
    Revs 25.2 mln vs 20.3 mln
    NOTEL Net excludes tax credit 35,000 dlrs vs reversal of
credit 40,000 dlrs in quarter and credits 79,000 dlrs vs 72,000
dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
3673
topicstart
acq
topicend
bodystart
2;

SAHLEN AND ASSOCIATES 
<
SALNU> COMPLETES PURCHASE


    DEERFIELD BEACH, Fla., March 11 - 
Sahlen and Associates Inc
said it has completed the purchase of Gleason Securities
Service Inc of New York and Gleason Plant Security Inc of
Connecticut.
    Sahlen said the deal's terms were not disclosed, but added
that the acquired companies had combined annual revenues of
over 18 mln dlrs.
    Sahlen, a private invetigation company, said the Gleason
companies provide security guard services to corporations in
the tri-state area.
   
 Reuter
3;
bodyend
documentend
documentstart
3674
topicstart
earn
topicend
bodystart
2;

MEM CO INC 
<
MEM> DECLARES QTLY DIV


    NORTHVALE, N.J., March 11 -
    
Qtly div 15 cts vs 15 cts prior
    Pay May 11
    Record March 31.
 Reuter
3;
bodyend
documentend
documentstart
3675
topicstart
topicend
bodystart
2;

NYNEX 
<
NYN> URGES JUSTICE DEPT. PLAN APPROVAL


    WASHINGTON, March 11 - 
NYNEX Corp will urge the U.S.
District Court to approve Justice Department recommendations
easing restrictions on offering new services by regional
telephone firms, chairman Delbert Staley said.
    "While NYNEX would have prefered the unqualified lifting of
all of the Modified Final Judgement restrictions, we intend to
urge Judge (Harold) Greene to act as quickly as possible to
approve the recommendations," Staley told a news conference.
    NYNEX will file its comments with the U.S. District Court
on Friday, he said.
    Staley referred to Justice Department recommendations to
Greene last month that restrictions on manufacturing,
information services and out-of-region, long-distance service
be eliminated.
    Referring to information services, Staley said, "That
certainly is one area we would quickly move into."
    Electronic mail, voice mail and videotext are some of the
services NYNEX could offer, he added.
    NYNEX disagreed with the department's recommendation to
retain restrictions on long-distance service within a local
service region, Staley said.
    The company would like to have the option of providing
long-distance service within and outside its region, he said.
    "Our entry in long-distance would further stimulate
competition," Staley said.
    "We believe it would put downward pressure on consumer
costs."
   
 Reuter
3;
bodyend
documentend
documentstart
3676
topicstart
earn
topicend
bodystart
2;

INSITUFORM OF NORTH AMERICA INC 
<
INSUA> 4TH QTR


    MEMPHIS, Tenn., March 11 -
    
Shr nine cts vs four cts
    Net 658,159 vs 299,930
    Revs 3,770,341 vs 2,614,224
    Avg shrs 7,382,802 vs 6,747,442
    Year
    Oper shr 33 cts vs 18 cts
    Oper net 2,287,179 vs 1,045,799
    Revs 13.1 mln vs 8,577,853
    Avg shrs 6,874,505 vs 5,951,612
    NOTE: 1985 year net includes 13,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
3677
topicstart
topicend
bodystart
2;

SOUTHWEST AIRLINES CO 
<
LUV> UNIT ADDS SERVICE


    HOUSTON, March 11 - 
Southwest Airlines Co's TranStar
Airlines said it will add new flights and increase service to
several cities, including Los Angeles.
    TranStar said it will add a third daily nonstop April One
from New Orleans to Los Angeles, bringing to 10 the total of
non stop and connecting flights to that city.
    It also will start nonstop service from San Antonio to Las
Vegas and increase service to Orlando, Fla., it said.
    The new schedule will feature three daily flights from San
Antonio to Las Vegas, including one nonstop, one direct and one
connecting flight, via Los Angeles.
    TranStar said it will increase to three daily connecting
flighs to Orlando, via Houston.
    TranStar said the new April One schedule will offer 21
daily departures from New Orleans to 11 cities in Florida,
Texas, Nevada and California.
 Reuter
3;
bodyend
documentend
documentstart
3678
topicstart
topicend
bodystart
2;
******
SEC CHARGES MERRILL LYNCH U.K. MANAGING DIRECTOR NAHUM VASKEVITCH WITH INSIDER TRADING

Blah blah blah.
3;


bodyend
documentend
documentstart
3679
topicstart
topicend
bodystart
2;

COMPUTER TECHNOLOGY 
<
CMNT> NETWORKING DEVICE


    MINNEAPOLIS, March 11 - 
Computer Network Technology Corp
said it introduced the CHANNELink Model 5100/R, a high speed
networking product line.
    It said the product line is designed for remote IBM
mainframe-to-mainframe data communications.
 Reuter
3;
bodyend
documentend
documentstart
3680
topicstart
earn
topicend
bodystart
2;

MAJOR REALTY CORP 
<
MAJR> 4TH QTR LOSS


    ORLANDO, Fla., March 11 -
    
Shr loss 19 cts vs profit 11 cts
    Net loss 1,140,270 vs profit 590,463
    Revs 1,259,164 vs 3,225,512
    Year
    Shr loss 67 cts vs profit 10 cts
    Net loss 4,004,840 vs profit 580,488
    Revs 3,184,480 vs 9,123,041
 Reuter
3;
bodyend
documentend
documentstart
3681
topicstart
earn
topicend
bodystart
2;

NUTMEG INDUSTRIES INC 
<
NUTM> YEAR JAN 31 NET


    TAMPA, Fla., March 11 -
    
Shr 14 cts
    Net 510,917
    Sales 12.3 mln
    NOTE: Share adjusted for five for four stock split in
January 1987.
    Backlog 13.0 mln dlrs vs 3,733,000 dlrs.
    Company began operating January 27, 1986.
 Reuter
3;
bodyend
documentend
documentstart
3682
topicstart
topicend
bodystart
2;

MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC


    NEW YORK, March 11 - 
The Securities and Exchange Commission
said it charged a managing director of

<
Merrill Lynch, Pierce, Fenner and Smith Ltd> in London with
masterminding "a massive insider trading scheme."
    Nahum Vaskevitch, the managing director of the Mergers and
Aquisitions Department of the broker's London office, was
charged in a civil complaint by the SEC filed in Manhattan
Federal Court. The complaint said Vaskevitch leaked information
about 12 companies that were involved in a merger or aquisition
which resulted in more than four mln dlrs in profit for himself
and others involved in the scheme.
    Besides Vaskevitch, who is a British and Israeli citizen
who lives in London, others named as defendants in the suit
were David Sofer, an Israeli citizen living in Jerusalem, and
two corporations, 
<
Plenmeer Ltd>, a British company, and 
<
Meda
Establishment>, a Lichtenstein corporation.
    The scheme, which covered a two year period, allegedly
involved Vaskevitch leaking information to Sofar about looming
takeovers and mergers, some of which he worked on, according to
the complaint. The SEC secured a temporary restraining order
freezing all the assets of the defendants in the United States.
A hearing is set for March 20.
    Merrill Lynch, Pierce, Fenner and Smith is a subsidiary of
Merrill Lynch and Co Inc 
<
MER>.
    According to the court documents, Sofer is a principal in
both Plenmeer and Meda Establishment and Vaskevitch has an
interest in Plenmeer.
    The suit was filed in New York because trading allegedly
took place here. 
    One of the deals in which an insider profit was alleged was
the 1984 merger of K-Mart Corp 
<
KM> with 
<
Pay Less Drug
Stores>.
    Another deal was the sale by W.R. Grace and Co 
<
GRA> of its
holdings in 
<
Hermann's Sporting Goods Co>.
    An SEC official in Washington said the Vaskevitch case is
unrelated to the agency's widening investigation into Wall
Street's insider trading scandal involving Ivan Boesky and
Dennis Levine.
    Neither Vaskevitch nor Sofar are currently living in the
United States and cannot be extradited on the basis of the
SEC's civil charges filed against them, the official said.
    Vaskevitch is living in England and Sofar's whereabouts are
unknown, he said.
    "We can't force them to come back," the official said.
    The agency is moving to seize all U.S. assets of both men,
which they could forfeit if they do not contest the case, the
SEC official said.
    Although the SEC recently signed an accord with Britain
aimed at improving cooperation between the two countries in
investigating securities law violations, the SEC official said
it did not need to rely on U.K. authorities in this case.
    "We were able to make our case against them here," he said.
 Reuter
3;
bodyend
documentend
documentstart
3683
topicstart
topicend
bodystart
2;

TENNECO 
<
TGT> DECLINES COMMENT ON STOCK


    NEW YORK, March 11 - 
The New York Stock Exchange said
Tenneco Inc declined to comment on whether there were any
corporate developments that might explain the unusual activity
in its stock.
    The exchange said it had requested a statement from the
company in light of the activity. Tenneco was up 1-7/8 dlrs to
48-5/8.
 Reuter
3;
bodyend
documentend
documentstart
3684
topicstart
acq
topicend
bodystart
2;

HENRY ANSBACHER HAS 51 PCT OF ADAMS AND PORTER INC


    LONDON, March 11 - 
<
Henry Ansbacher Holdings Plc> said it
has acquired a 51 pct interest in the U.S. Retail and general
corporate insurance broker 
<
Adams and Porter Inc>.
    The move is the first step in building a new international
insurance broking group following the appointment of a new
management team for its Seascope Insurance Holdings unit.
    Ansbacher said A and P has exciting growth potential,
particularly on the east coast of the U.S. And has an annual
revenue of more than four mln dlrs. Ansbacher shares were up
4-1/2p to 90-1/2, helped by the announcement earlier today of a
1986 pretax profit rise to 5.56 mln stg from 2.74 mln in 1985.
 REUTER
3;
bodyend
documentend
documentstart
3685
topicstart
topicend
bodystart
2;

SWISS CANTONAL BANK GROUP SETS 150 MLN SFR BOND


    ZURICH, March 11 - 
The Central Issuing Office of the Swiss
cantonal banks said it is launching a 150 mln Swiss franc 4-1/2
pct 12-year bond issue at 99.75 pct.
    Subscriptions close March 23.
    The funds will be partly used for the conversion or
repayment of an 80 mln franc 4-3/4 pct 1972/87 bond maturing on
April 15.
 REUTER
3;
bodyend
documentend
documentstart
3686
topicstart
topicend
bodystart
2;

DEUTSCHE BANK ISSUES 150 MLN AUSTRALIA DLR BOND


    London, March 11 - 
Deutsche Bank Finance NV is issuing a
150 mln Australia dlr bond due April 15, 1992 with a coupon of
14-1/2 pct and priced at 101-1/2, said Deutsche Bank Capital
Markets as lead manager.
    Payment date is April 15. The securities will be listed on
the Luxembourg Stock exchange and will available in
denominations of 1,000 and 10,000 dlrs.
    There is a 1-3/8 pct selling concession and a 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
3688
topicstart
earn
topicend
bodystart
2;

NATWEST, RABO UNIT REPORTS 8.8 PCT PROFIT GROWTH


    DEN BOSCH, Netherlands, March 11 - 
Dutch bank F. Van
Lanschot Bankiers N.V., Co-owned by National Westminster PLC

<
NWBL.L> and RABOBANK B.A. 
<
RABN.A> , said 1986 net profit rose
8.8 pct to 24.1 mln guilders on a 4.8-pct higher balance sheet
total of 6.2 billion.
    Van Lanschot Bankiers is a subsidiary of Van Lanschot
Beleggingscompagnie B.V. In which Britain's National
Westminster Bank PLC and Dutch cooperative bank RABOBANK
Nederland B.A. Each have a 40-pct stake. Commercial Union's
Dutch insurance unit 
<
Delta Lloyd Verzekeringsgroep N.V.> has a
5.4-pct stake in Van Lanschot, which lowered risk provisions to
22.5 mln guilders.
3;
bodyend
documentend
documentstart
3689
topicstart
topicend
bodystart
2;

INTERCO ESTABLISHES 50 MLN DLR REVOLVING FACILITY


    LONDON, March 11 - 
Missouri-based Interco Inc is
establishing a 50 mln dlr, five year revolving credit facility,
Swiss Bank Corp International Ltd said as arranger.
    The facility allows for eurodollar and swingline advances
up to 50 mln dlrs and also has an uncommitted option for
short-term, multi-currency advances.
    The margin for eurodollar advances is 20 basis points over
London Interbank Offered Rates (LIBOR) and there is a
utilisation fee of five basis points per annum if utilisation
exceeds 50 pct.
    Swiss Bank Corp said that the facility pays a commitment
fee of 10 basis points per annum on undrawn amounts.
    It has been syndicated on a club basis and signing is
planned by the end of March.
    Interco is a manufacturer and retailer of consumer products
and services.
 REUTER
3;
bodyend
documentend
documentstart
3690
topicstart
trade
sugar
topicend
bodystart
2;

LICHT SEES RISE IN EUROPEAN BEET AREA: TRADE


    LONDON, March 11 - 
West German sugar statistician F.O.
Licht estimates European beet plantings this year at 7.22 mln
hectares compared with a revised 1986 figure of 7.21 mln,
traders said.
    In its first estimate for 1987, it puts EC plantings at
1.85 mln hectares compared with 1.89 mln in 1986, while it
estimates sowings in Western Europe (including EC) at 2.49 mln
hectares compared with 2.50 mln in 1986.
    Traders said Licht forecasts Eastern Europe plantings at
4.73 mln hectares against 4.72 mln in 1986.
 Reuter
3;
bodyend
documentend
documentstart
3691
topicstart
topicend
bodystart
2;

FRANK B. HALL 
<
FBH> OFFERS NEW SERVICE


    CLEVELAND, Ohio, March 11 - 
Frank B. Hall and Co, an
insurance and brokerage firm, said it has joined with 
<
Risk
Science International> to offer banks a new service that
assesses their environmental risk level.
    Hall said that under recently enacted legislation banks and
other financial institutions can be held liable for
environmental risks in projects that they finance.
    Therefore, Hall said, RSI will evaluate a property, assign
it an environmental risk level and advise the bank about its
options to reduce environmental risks.
 Reuter
3;
bodyend
documentend
documentstart
3692
topicstart
topicend
bodystart
2;

LTV 
<
LTV> WINS 18.5 MLN DLR PAKISTAN ORDER


    SOUTH BEND, Ind., March 11 - 
LTV Corp said Pakistan ordered
180 military trucks and spare parts worth 18.5 mln dlrs from AM
General, a unit of LTV's Missles and Electronics Group.
    The company said the order includes 140 M809 Series
five-ton trucks and 40 M44A2 Series 2-1/2 ton trucks. They are
scheduled to be delivered later this year.
 Reuter
3;
bodyend
documentend
documentstart
3693
topicstart
topicend
bodystart
2;

RODMAN/RENSHAW 
<
RR> TO BUY 200,000 OF ITS SHARES


    CHICAGO, March 11 - 
Rodman and Renshaw Capital Group Inc
said its directors approved the repurchase of up to 200,000
shares of the company's common stock on the open market, from
time to time.
    The shares may be used for acquisition and for stock option
plans, it said.
    Rodman and Renshaw completed its initial public offering of
1.5 mln common shares in June 1986.  There are currently about
4.2 mln shares issued and outstanding, it noted.
 Reuter
3;
bodyend
documentend
documentstart
3694
topicstart
money-fx
topicend
bodystart
2;

FED EXPECTED TO ADD RESERVES


    NEW YORK, March 11 - 
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves via customer or system repurchase agreements,
economists said.
    Most economists said the Fed will inject reserves
indirectly via customer repurchases, but they added that the
Fed might opt for a direct injection of reserves via overnight
system repurchases.
    Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct
in early trading. Funds averaged 6.29 pct yesterday.
 Reuter
3;
bodyend
documentend
documentstart
3695
topicstart
earn
topicend
bodystart
2;

BEN AND JERRY'S HOMEMADE INC 
<
BJIC> 4TH QTR NET


    WATERBURY, Conn., March 11 -
    
Shr 10 cts vs two cts
    Net 163,832 vs 31,063
    Sales 5,434,430 vs 3,167,735
    Avg shrs 1,712,231 vs 1,533,277
    Year
    Shr 59 cts vs 41 cts
    Net 1,016,375 vs 550,625
    Sales 19.7 mln vs 9,755,018
    Avg shrs 1,710,256 vs 1,327,172
 Reuter
3;
bodyend
documentend
documentstart
3696
topicstart
topicend
bodystart
2;

CITIZENS FIDELITY 
<
CFDY> PAPER UPGRADED BY S/P


    NEW YORK, March 11 - 
Standard and Poor's Corp said it
raised to A-1-plus from A-1 the commercial paper of Citizens
Fidelity Corp and its unit Citizens Fidelity Bank and Trust.
    S and P cited the completion of the firm's merger with PNC
Financial Corp 
<
PNCF>, saying PNC has shown solid earnings,
excellent liquidity and a conservative capital position.
    The rating agency also upgraded long-term debt supported by
letters of credit of lead bank Citizens Fidelity Bank to
AA-plus from A. The bank's certificates of deposit were upped
to AA-plus and A-1-plus from A and A-1 respectively.
 Reuter
3;
bodyend
documentend
documentstart
3697
topicstart
earn
topicend
bodystart
2;

BONNEVILLE PACIFIC CORP 
<
BPCO> 3RD QTR JAN 31


    SALT LAKE CITY, March 11 -
    
Shr 52 cts vs 41 cts
    Net 4,921,601 vs 3,157,070
    Revs 35.8 mln vs 31.7 mln
    Avg shrs 8,939,955 vs 7,600,000
    Nine mths
    Shr 52 cts vs 34 cts
    Net 4,604,406 vs 2,585,621
    Revs 36.0 mln vs 32.1 mln
    Avg shrs 8,939,955 vs 7,600,000
 Reuter
3;
bodyend
documentend
documentstart
3698
topicstart
topicend
bodystart
2;

FORD LAUNCHES MARK EUROBOND WITH CURRENCY WARRANTS


    FRANKFURT, March 11 - 
Ford Motor Credit Co 
<
F> is raising
200 mln marks through a five-year eurobond with currency
warrants attached, carrying a coupon of 5-3/4 pct and priced at
116-3/4, lead manager Deutsche Bank AG said.
    The issue will be sold in denominations of 1,000 and 10,000
marks and listed in Frankfurt. Each 1,000 mark bond carries two
warrants which can be converted into 500 dlrs each at an
exchange rate of 1.86 marks. The exercise period runs from
April 8, 1987 until March 6, 1989.
    Fees total two pct, with 1-1/4 pct for selling and 3/8 pct
each for management and underwriting.
    Each 10,000 mark bond carries two warrants which can be
converted into 5,000 dlrs each on the same terms as the
warrants for the 1,000 mark bonds, Deutsche said.
    The bond pays interest annually on March 25 and matures on
the same date in 1992. Payment date is also March 25.
    A management group is currently being formed.
 REUTER
3;
bodyend
documentend
documentstart
3699
topicstart
earn
topicend
bodystart
2;

JC PENNEY 
<
JCP> UP ON SMITH BARNEY OPINION


    NEW YORK, MARCH 11 - 
J.C. Penney Co's stock rose sharply 
after analyst William Smith of Smith Barney recommended the
stock, based on the company's strong earnings momentum and the
possibility of a stock buyback, dividend hike or stock split,
traders said.
    "I am very impressed with the strong basic earnings story,"
analyst Smith said, noting that the company has "fine tuned its
buying and inventories, and has admirably controlled costs in a
time that they needed to."
    The stock jumped 2-1/2 to 98-3/4.
    Smith said the company ended 1986 with a strong cash
position of about 639 mln dlrs as compared to 158 mln dlrs the
year before. "This implies the possibility of a share buyback,
or significant dividend increase or a stock split," he said.
    In addition, he said the company has been gradually
adjusting its merchandise mix and its gross margins have been
improving.
    Smith expects the company to earn 8.25-to-8.50 dlrs a share
in 1987 as compared to the 7.06 dlrs a share earned last year.
Last year's results include a 69 cent charge for the buyback of
debt.
 Reuter
3;
bodyend
documentend
documentstart
3700
topicstart
topicend
bodystart
2;

SCHERING-PLOUGH 
<
SGP> TRADEMARK DISPUTE SETTLED


    KENILWORTH, N.J., March 11 - 
Schering Corp, a unit of
Schering-Plough Corp, said 
<
Nature's Blend Products Inc> agreed
to an injunction against its Fiber Slim product.
    Schering, the U.S. distributor of Fibre Trim made by 
<
Farma
Food A/S> of Denmark, said it and Farma had sued Nature's
Blend, claiming Nature's product infringed their trademark on
Fibre Trim.
    Schering said Nature's Blend agreed to stop making and
selling food supplement products under the Fiber Slim
trademark, but it did not admit liability.
 Reuter
3;
bodyend
documentend
documentstart
3701
topicstart
sugar
topicend
bodystart
2;

GERMAN SUGAR OFFERS PUT AT ABOUT 100,000 TONNES


    HAMBURG, March 11 - 
The West German intervention board said
about 100,000 tonnes of sugar have been offered into
intervention so far.
    A spokesman, speaking from Frankfurt, told Reuters offers
have increased recently but contracts have not yet been
concluded. A European Commission spokesman in Brussels earlier
confirmed that one mln tonnes of sugar had been offered to
intervention boards in various member states. The intervention
board spokesman in Frankfurt said, "One million tonnes is an
awful lot and the Community's coffers are almost empty. This
could turn into a serious political problem."
    West German trade sources said they believed the one mln
tonne offer by the EC sugar industry into intervention would
have a neutral market impact overall.
 Reuter
3;
bodyend
documentend
documentstart
3702
topicstart
interest
topicend
bodystart
2;

BANKERS TRUST CO RAISES BROKER LOAN RATE


    NEW YORK, March 11 - 
Bankers Trust Co said it raised its
broker loan rate to 7-1/4 pct from seven pct, effective
immediately.
    U.S. Trust Co, which also quotes its broker loan rate
publicly, is posting a 7-1/2 pct rate.
 Reuter
3;
bodyend
documentend
documentstart
3703
topicstart
topicend
bodystart
2;

NATIONAL GYPSUM 
<
NG> UNIT JOINS JAPANESE FIRM


    WASHINGTON, D.C., March 11 - 
National Gypsum Co's Austin Co
said it signed a joint agreement with 
<
Kawasaki Heavy
Industries Inc> to join forces to win contracts in connection
with the construction of Kansai Airport.
    Austin said it and the Japanese firm will develop concepts,
investigate systems and compete for the contracts for the
international airport to be built off the coast near Osaka,
Japan.
    The company said the airport is expected to be the largest
construction project in the country for the rest of the
century. It will be built on 2,964 acres and estimates put the
cost as high as 10 billion dlrs.
    Cost estimated for the facilites that the Austin-Kawasaki
team will propose to design and implement have ranged between
200 mln dlrs and 250 mln dlrs.

 Reuter
3;
bodyend
documentend
documentstart
3704
topicstart
gold
topicend
bodystart
2;

SIGMA MINES DETAILS GOLD ORE RESERVES


    TORONTO, March 11 - 
<
Sigma Mines (Quebec) Ltd>, 65 pct
owned by Dome Mines Ltd, said its Sigma Mine had proven and
probable reserves at the end of 1986 of 4,902,940 tons, with an
average grade of 0.139 ounces of gold a ton.
    Sigma said the reserves are equivalent to 10 years future
production at current milling rates.
    The reserves comprise 1,640,779 tons proven reserves
grading an average of 0.163 ounces of gold a ton and 3,262,161
tons probable reserves grading an average of 0.127 ounces of
gold a ton.
    Sigma said it changed its 1986 reserve reporting method
following Dome Mines' previously reported move to adopt general
industry practice of reporting proven and probable ore
reserves.
    Prior to 1986, Sigma conservatively reported only proven
reserves that could be mined without future development costs.
    Proven reserves as of December 31, 1985 were 978,000 tons
grading an average of 0.194 ounces of gold a ton, equivalent to
about two years future production.
 Reuter
3;
bodyend
documentend
documentstart
3705
topicstart
topicend
bodystart
2;

WITCO 
<
WIT> SELLS CONVERTIBLE DEBT AT 5-1/2 PCT


    NEW YORK, March 11 - 
Witco Corp is raising 140 mln dlrs via
an offering of convertible subordinated debentures due 2012
with a 5-1/2 pct coupon and par pricing, said lead manager
Smith Barney, Harris Upham and Co Inc.
    The debentures are convertible into the company's common
stock at 54.55 dlrs per share, representing a premium of 25.76
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated A-3 by
Moody's and A-minus by Standard and Poor's. Goldman Sachs
co-managed the deal, which was increased from an initial
offering of 100 mln dlrs because of investor demand.
 Reuter
3;
bodyend
documentend
documentstart
3706
topicstart
topicend
bodystart
2;

GENZYME 
<
GENZ> GETS TESTING PATENT


    BOSTON, March 11 - 
Genzyme Corp said the U.S. Patent Office
has approved a patent for the company's method of testing for
serum alpha amylase, an indicator of pancreatic disease.
    "The patent strengthens Genzyme's proprietary position as
the leading independent supplier of diagnostic enzymes and
substrates," Henri Temeer, Genzyme president, said.
    The company said the technology combines a unique substrate
with two indicator enzymes in a diagnostic assay to measure
serum amylase levels.
    Genzyme said that since 1985 it has entered into several
licensing agreements for the technology with amylase test kit
makers.
 Reuter
3;
bodyend
documentend
documentstart
3707
topicstart
acq
topicend
bodystart
2;

MOORE MCCORMACK 
<
MMC> TO SELL GLOBE UNIT


    STAMFORD, March 11 - 
Moore McCormack Resources Inc said it
agreed in principle to sell its Globe Metallurgical Inc unit to
Cyprus Minerals Co 
<
CYPM> for undisclosed terms.
    The sale, expected to close by mid-April, is subject to
certain conditions, including board approval at both companies.
    Globe produces silicon metals and magnesium ferrosilicon.
The products are used in the chemical, aluminum, iron, rubber
and semiconductor industries.
 Reuter
3;
bodyend
documentend
documentstart
3708
topicstart
housing
topicend
bodystart
2;

U.S. HOSUING COMPLETIONS FELL 0.2 PCT IN JANUARY


    WASHINGTON, March 11 - 
U.S. Completions of new homes fell
0.2 pct in January to a seasonally adjusted rate of 1.884 mln
units from 1.888 mln in December, the Commerce Department said.
    The January fall came after a strong 6.4 pct rise from
November's rate of 1.774 mln units and brought completions to
6.7 pct above the January, 1986 level of 1.765 mln units.
    In January, completions of single-family units rose 0.4 pct
to a seasonally adjusted 1.183 mln units from 1.178 mln units
in December while multi-family units fell 1.3 pct to 701,000
units in January, the department said.
 Reuter
3;
bodyend
documentend
documentstart
3709
topicstart
topicend
bodystart
2;

ACTON AUTO RENTAL INITIAL OFFERING STARTS


    NEW YORK, March 11 - 
Lead underwriter McDonald and Co
Investments Inc 
<
MDD> said an offering of 900,000 shares of
Action Auto Rental Inc is underway, priced at 12 dlrs per
share.
    Undewriters have been granted an option to purchase up to
another 135,000 shares to cover overallotments.
    The company is selling 697,500 shares and shareholders the
rest.
 Reuter
3;
bodyend
documentend
documentstart
3710
topicstart
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS TO CONTINUE MONDAY


    LONDON, March 11 - 
Talks between management and unions at
Cargill U.K. Ltd's Seaforth oilseed processing plant will
resume Monday, a company spokesman said.
    He said some progress had been made.
    Three consecutive days of negotiations ended this afternoon
after failing to break the deadlock.
 Reuter
3;
bodyend
documentend
documentstart
3711
topicstart
acq
topicend
bodystart
2;

U.S. JUSTICE DEPARTMENT REVIEWS ICAHN USAIR FILING


    WASHINGTON, March 11 - 
The U.S. Department of Justice (DOJ)
is reviewing whether Trans World Airlines Inc 
<
TWA> and
Chairman Carl Icahn violated federal antitrust law by failing
to seek advance clearance from the DOJ or the Federal Trade
Commission for his extensive open-market purchases of USAir
Group Inc 
<
U> stock, a DOJ official told a Senate panel.
    "This is a matter that is being looked into," Charles Rule,
acting assistant attorney general-antitrust, told the Senate
Judiciary Committee's Antitrust Subcommittee.
    Rule declined further comment while the review was
continuing.
    Rule was responding to panel Chairman Howard Metzenbaum
(D-Ohio), who had asked why the department was not acting
against "what appears to be a clear violation of the law."
    Metzenbaum said Icahn had failed to file a pre-merger
notification form with the FTC prior to purchasing more than 15
mln dlrs' worth of USAir stock.
    But Rule said that, for airline companies, a purchaser
would be exempt from the requirement if it instead had filed a
merger application with the U.S. Department of Transportation.
    Icahn filed such an application with the DOT, but the
filing was thrown out by the DOT on Friday.
    The DOT threw out the application late Friday on grounds it
lacked the necessary data for the government to review the
proposed USAir takeover bid.
    Icahn refiled a more complete application form Monday.
    Rule pledged to act against Icahn and TWA if a violation
were found.
 Reuter
3;
bodyend
documentend
documentstart
3712
topicstart
topicend
bodystart
2;

ANITEC IMAGE 
<
ANTC> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 11 - 
Anitec Image Technology Corp is
raising 75 mln dlrs via an issue of convertible subordinated
debentures due 2012 with a 5-7/8 pct coupon and par pricing,
said lead manager Smith Barney, Harris Upham and Co Inc.
    The debentures are convertible into the company's common
stock at 32 dlrs a share, representing a 26.73 pct premium over
the stock price when terms on the debt were set.
    Non-callable for two years, the debentures are rated B-2 by
Moody's and B by Standard and Poor's. Donaldson Lufkin, Salomon
Brothers and Mabon Nugent co-managed the issue, which was
increased from an initial offering of 60 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3713
topicstart
earn
topicend
bodystart
2;

T CELL SCIENCES INC 
<
TCEL> 3RD QTR JAN 31 LOSS


    CAMBRIDGE, Mass., March 11 -
    
Shr loss one ct vs loss 16 cts
    Net loss 117,989 vs loss 528,394
    Revs 820,484 vs 35,186
    Avg shrs 8,226,577 vs 3,150,000
    Nine mths
    Shr loss seven cts vs loss 37 cts
    Net loss 527,864 vs loss 1,177,434
    Revs 1,975,487 vs 90,875
    Avg shrs 7,277,418 vs 3,150,000
 Reuter
3;
bodyend
documentend
documentstart
3714
topicstart
topicend
bodystart
2;

WISCONSIN PUBLIC SERVICE 
<
WPS> RAISES BUDGET


    GREEN BAY, WIS., March 11 - 
Wisconsin Public Service Corp
said in its annual report the company's five-year construction
program, 1987 through 1991, is projected at 330 mln dlrs.
    It said the amount, which includes about 4.0 mln dlrs for
sulfur dioxide controls at company power plants, is 42 mln dlrs
more than the previous five-year period.
    Wisconsin Public Service also said natural gas sales
dropped 22 pct, mainly because of the growing trend of large
industrial customers to purchase gas directly from producers.
 Reuter
3;
bodyend
documentend
documentstart
3715
topicstart
topicend
bodystart
2;
******
MERRILL LYNCH SAYS IT SUSPENDS NAHUM VASKEVITCH, HEAD OF LONDON MERGERS DEPARTMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
3716
topicstart
topicend
bodystart
2;

MERRILL LYNCH 
<
MER> SUSPENDS U.K. MERGER CHIEF


    NEW YORK, March 11 - 
Merrill Lynch and Co 
<
MER> said the
head of its mergers and acquisitions department in London,
accused by U.S. authorities of insider trading violations, has
been suspended from the firm.
    If the charges are true "we are disappointed and angry,"
Merrill Lynch said in a statement. Merrill Lynch said it has
been cooperating with a Securities and Exchange Commission
investigation of the matter for several months. The SEC charged
Nahum Vaskevitch, a managing director of Merrill Lynch, Pierce,
Fenner and Smith Ltd, with profiting from inside information
about 12 companies involved in mergers.
    "Merrill Lynch's position is and has always been that
violations of the law are not tolerated," the firm said in a
prepared statement.
    "The apparently illegal trading activity took place away
from Merrill Lynch through another broker-dealer and involved
the employee's use of information which was properly available
to him but improperly used," the statement said. "Merrill Lynch
in no way benefited from the trades."
    Merrill Lynch said Vaskevitch was suspended "when we were
informed of the specific allegations and evidence." The company
did not say precisely when the suspension took place.
 Reuter
3;
bodyend
documentend
documentstart
3717
topicstart
jobs
topicend
bodystart
2;

DUTCH ADJUSTED UNEMPLOYMENT UNCHANGED IN FEBRUARY


    THE HAGUE, March 11 - 
Dutch seasonally-adjusted
unemployment totalled 690,600 people in February, unchanged
from January but down from 732,700 in February 1986, a Social
Affairs Ministry spokesman said.
    The unadjusted figure stood at 708,700 at the end of last
month, a decline of 3,800 from the January total of 712,500 and
comparing with 750,000 at the end of February last year.
 REUTER
3;
bodyend
documentend
documentstart
3718
topicstart
topicend
bodystart
2;

BREMER LANDESBANK ISSUES AUSTRALIAN DOLLAR BOND


    LONDON, March 11 - 
Bremer Landesbank Kreditanstalt Finance
Curacao NV is issuing a 40 mln Australian dlr eurobond due
April 24, 1990 paying 15 pct and priced at 101-3/8 pct, lead
manager ANZ Merchant Bank Ltd said.
    The issue, which is guaranteed by Bremer Landesbank
Kreditanstalt, is available in denominations of 1,000 dlrs and
will be listed in Luxembourg.
    Fees comprise one pct selling concession and 1/2 pct for
management and underwriting. Pay date is April 24.
 REUTER
3;
bodyend
documentend
documentstart
3720
topicstart
housing
topicend
bodystart
2;

U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JAN


    WASHINGTON, March 11 - 
Completions of new homes fell 0.2
pct in January to a seasonally adjusted rate of 1.884 mln units
from 1.888 mln in December, the Commerce Department said.
    The January fall came after a strong 6.4 pct rise from
November's rate of 1.774 mln units and brought completions to
6.7 pct above the January, 1986, level of 1.765 mln units.
    In January, completions of single-family units rose 0.4 pct
to a seasonally adjusted 1.183 mln units from 1.178 mln units
in December while multi-family units fell 1.3 pct to 701,000
units in January, the department said.
 Reuter
3;
bodyend
documentend
documentstart
3721
topicstart
earn
topicend
bodystart
2;

MITCHELL ENERGY AND DEVELOPMENT CORP 
<
MND> NET


    WOODLANDS, Texas, March 11 - 
4th qtr Jan 31
    Shr five cts vs 28 cts
    Net 2,448,000 vs 13.3 mln
    Revs 156.1 mln vs 225.5 mln
    Avg shrs 47.3 mln vs 47.8 mln
    Year
    Shr 18 cts vs 1.01 dlrs
    Net 8,430,000 vs 48.2 mln
    Revs 587.9 mln vs 843.9 mln
    Avg shrs 47.4 mln vs 47.9 mln
 Reuter
3;
bodyend
documentend
documentstart
3722
topicstart
topicend
bodystart
2;

BUSINESSLAND 
<
BUSL> COMPLETES OFFERING


    SAN JOSE, Calif., March 11 - 
Businessland Inc said it sold
50 mln dlrs of 5-1/2 pct convertible subordinated debentures
due 2007 in a registered public offering.
    The company said each debenture is convertible into shares
of Businessland common stock at a conversion price of 20.50
dlrs.
    Net proceeds will be used to repay amounts outstanding
under the company's bank credit line and for working capital,
the company also said.
 Reuter
3;
bodyend
documentend
documentstart
3723
topicstart
housing
topicend
bodystart
2;

U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JANUARY


    WASHINGTON, March 11 - 
U.S. Completions of new homes fell
0.2 pct in January to a seasonally adjusted rate of 1.884 mln
units from 1.888 mln in December, the Commerce Department said.
    The January fall came after a strong 6.4 pct rise from
November's rate of 1.774 mln units and brought completions to
6.7 pct above the January, 1986 level of 1.765 mln units.
    In January, completions of single-family units rose 0.4 pct
to a seasonally adjusted 1.183 mln units from 1.178 mln units
in December while multi-family units fell 1.3 pct to 701,000
units in January, the department said.
 Reuter
3;
bodyend
documentend
documentstart
3724
topicstart
topicend
bodystart
2;

PENTAIR 
<
PNTA> FILES TO OFFER PREFERRED


    ST. PAUL, Minn., March 11 - 
Pentair Inc said it has filed
for an offering of two mln shares of cumulative convertible
preferred stock at an expected price of 25 dlrs per share
through underwriters led by 
<
Kidder, Peabody and Co Inc > and

<
Piper, Jaffray and Hopwood Inc>.
    It said proceeds would be used to repay bank debt incurred
in the acquisition of McNeil Corp last August.
 Reuter
3;
bodyend
documentend
documentstart
3725
topicstart
topicend
bodystart
2;

GRAND MET'S HEUBLEIN TO CLOSE ALMADINE WINERY


    SAN JOSE, Calif., March 11 - 
<
Grand Metropolitan PLC>'s
Heublein Inc subsidiary said it will phase out operations at
Almaden's San Jose winery and transfer production of the wines
to the company's Madera, Calif., winery.
    Heublein said the move will increase the Madera winery's
efficiency by bringing it close to full capacity and result in
the addition of more than 150 employees there.
    Heublein said the phase-out of the recently acquired
Almaden operations in San Jose is expected to be completed by
late summer. The San Jose winery is expected to be sold, it
added.
    Heublein also said Almaden wines will continue to be
marketed and sold by a separate marketing and sales force.
    Almaden's administrative functions will move to Heublein's
headquarters in Farmington, Conn., the company said.
 Reuter
3;
bodyend
documentend
documentstart
3726
topicstart
topicend
bodystart
2;

BOND SERVICE DOWNGRADES ROYAL, BANK OF MONTREAL


    MONTREAL, March 11 - 
The Canadian Bond Rating Service said
it downgraded ratings for long-term senior debt and
subordinated debentures at 
<
Royal Bank of Canada> and 
<
Bank of
Montreal> due partly to loan loss problems.
    Royal's long-term senior debt was downgraded to A plus
(high) from A plus plus and 1.60 billion dlrs of subordinated
debentures to A plus from A plus plus (low). Bank of Montreal's
senior long-term debt rating fell to A plus (high) from A plus
plus (low) and 1.46 billion dlrs of subordinated debentures to
A plus (low) from A plus.
    The rating service cited continued difficulties among Royal
Bank customers, particularly in the energy industry, a
continued high level of loan losses expected this year and 
relatively high sovereign debt exposure in relation to common
equity.
    It cited Bank of Montreal's below average profitability and
internal capital generation and relatively high international
debt exposure in relation to common equity, although it noted
that loan losses were expected to moderate in 1987.
 Reuter
3;
bodyend
documentend
documentstart
3727
topicstart
topicend
bodystart
2;

WITCO CORP 
<
WIT> OFFERS DEBENTURES


    NEW YORK, March 11 - 
Witco Corp said it is offering 140 mln
dlrs of 5-1/2 pct convertible subordinated debentures due 2012
through co-managing underwriters Smith Barney Harris Upham and
Co and Goldman Sachs and Co.
    Each debenture is convertible into the company's common
stock at a rate of 54.55 dlrs per share, which represents a
conversion premium of about 25.8 pct over the last sale price
of 43-3/8 per share yesterday, it said.
    Proceeds will be used to finance acquisitions and for
general purposes. The company said it has no agreements for and
is not in talks regarding any acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
3729
topicstart
money-fx
topicend
bodystart
2;
******
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
3730
topicstart
earn
topicend
bodystart
2;

GROUNDWATER TECHNOLOGY INC 
<
GWTI> 3RD QTR JAN 31


    CHADDS FORD, Pa., March 11 -
    
Shr 19 cts vs 12 cts
    Net 850,000 vs 432,000
    Sales 9,850,000 vs 4,783,000
    Avg shrs 4,504,000 vs 3,527,000
    Nine mths
    Shr 57 cts vs 37 cts
    Net 2,400,000 vs 1,281,000
    Sales 25.2 mln vs 12.8 mln
    Avg shrs 4,233,000 vs 3,485,000
 Reuter
3;
bodyend
documentend
documentstart
3731
topicstart
topicend
bodystart
2;

BELLSOUTH 
<
BSC> UNIT OFFERS NEW TELEPHONE SYSTEM


    BIRMINGHAM, Ala., March 11 - 
BellSouth Advanced Systems, a
unit of BellSouth Corp, said it has introduced a private
telephone system, called BellSouth System 30, offering smaller
companies a wide range of advanced telecommunications services.
    BellSouth said the services, aimed at companies requiring
up to 20 telephones, include speed dialing for 500 frequently
called numbers, last number redial, conference calling and
speakerphones, among others.
    The company said the System 30 has the capacity for 10
outside lines.
 Reuter
3;
bodyend
documentend
documentstart
3732
topicstart
topicend
bodystart
2;

FORD 
<
F> LAUNCHES MARK EUROBOND WITH WARRANTS


    FRANKFURT, March 11 - 
Ford Motor Credit Co 
<
F> is raising
200 mln marks through a five-year eurobond with currency
warrants attached, carrying a coupon of 5-3/4 pct and priced at
116-3/4, lead manager Deutsche Bank AG said.
    The issue will be sold in denominations of 1,000 and 10,000
marks and listed in Frankfurt. Each 1,000 mark bond carries two
warrants which can be converted into 500 dlrs each at an
exchange rate of 1.86 marks. The exercise period runs from
April 8, 1987 until March 6, 1989.
    Fees total two pct, with 1-1/4 pct for selling and 3/8 pct
each for management and underwriting.
    Each 10,000 mark bond carries two warrants which can be
converted into 5,000 dlrs each on the same terms as the
warrants for the 1,000 mark bonds, Deutsche said.
    The bond pays interest annually on March 25 and matures on
the same date in 1992. Payment date is also March 25.
    A management group is currently being formed.
 Reuter
3;
bodyend
documentend
documentstart
3733
topicstart
topicend
bodystart
2;

PRAGMA BIO-TECH 
<
PRAG> IN NITROGLYCERIN TESTING


    BLOOMFIELD, N.J., March 11 - 
Pragma Bio-Tech Inc, a
clinical testing company, said it has started performing
comparative studies on differnet varieties of nitroglycerin for
use in the treatment of angina pectoris episodes.
    The company would not disclose details of the testing.
 Reuter
3;
bodyend
documentend
documentstart
3734
topicstart
earn
topicend
bodystart
2;

SEVEN OAKS INTERNATIONAL INC 
<
QPON> IN PAYOUT


    MEMPHIS, Tenn., March 11 -
    
Qtly div four cts vs four cts prior
    Pay April 15
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
3735
topicstart
money-fx
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 11 - 
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-5/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
3736
topicstart
topicend
bodystart
2;

ENGINEERING MEASUREMENTS (EMCO) SETS PARTNERSHIP


    LONGMONT, Colo., March 11 - 
Engineering Measurements Co
said it formed a general partnership with several external
investment groups in which the company will have a 58.5 pct
interest and be managing partner.
    Called Measurement Auditors Co, the partnership provides
flowmeter certification and testing services to the oil and gas
industry, Engineering Measurements said.
    The company also said marketing vice president Jerome J.
Rusnak has been apointed president, succeeding Charles Miller
who continues as chairman.
 Reuter
3;
bodyend
documentend
documentstart
3737
topicstart
grain
wheat
topicend
bodystart
2;

CHINA BUYS U.S. HARD AND SOFT WHEAT


    CHICAGO, March 11 - 
Private exporters said China bought a
total of 550,000 tonnes of U.S. wheat under the export
enhancement program, with final confirmation by the U.S.
Department of Agriculture of the subsidies still awaited.
    The purchase consisted of a total of 340,000 tonnes of hard
red winter wheat for various May/Aug shipments, with 210,000
tonnes of soft red winter for Aug/Sept, the exporters said.
 Reuter
3;
bodyend
documentend
documentstart
3738
topicstart
earn
topicend
bodystart
2;

PROPERTY TRUST OF AMERICA 
<
PTRAS> YEAR NET


    EL PASO, Texas, March 11 -
    
Ope shr 63 cts vs 80 cts
    Oper net 3,169,000 vs 3,757,000
    Revs 9,585,000 vs 10.2 mln
    Avg shrs 5,070,000 vs 4,721,000
    NOTE: Net excludes gains from sale of investments of
887,000 dlrs vs 304,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3739
topicstart
topicend
bodystart
2;

SYNERGEN 
<
SYGN> TO MAKE DRUG FOR CIBA-GEIGY


    BOULDER, Colo., March 11 - 
Synergen Inc said it agreed to
provide its human elastase inhibitor, designed to treat
emphysema, to Ciba-Geigy AG 
<
CIGZ> for human clinical trials.
    Ciba-Geigy is currently testing the substance in animals,
but the company said the new supplies of the drug will be
suitable for human tests.
    The company said Ciba-Geigy initially licensed the product
in 1985. The new agreement calls for Synergen to set up a
commercial manufacturing process to produce the drug and
deliver quantities to Ciba-Geigy in the second half 1987.
 Reuter
3;
bodyend
documentend
documentstart
3740
topicstart
earn
topicend
bodystart
2;

CHI-CHI'S INC 
<
CHIC> 3RD QTR JAN 31 LOSS


    LOUISVILLE, Ky., March 11 -
    
Shr loss 38 cts vs profit eight cts
    Net loss 10.4 mln vs profit 2,144,317
    Revs 72.9 mln vs 67.4 mln
    Nine mths
    Shr loss 21 cts vs profit 38 cts
    Net loss 5,747,393 vs profit 10.1 mln
    Revs 224.6 mln vs 200.6 mln
    NOTE: Current year net both periods includes 20.0 mln dlr
pretax charge for disposition of 21 underperforming
company-owned restaurants.
    Current year net includes tax credits of 3,205,000 dlrs in
quarter and 7,305,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
3741
topicstart
acq
topicend
bodystart
2;
******
CHEMLAWN CORP SAID IT IS TALKING WITH NEW SUITORS ABOUT BEING ACQUIRED

Blah blah blah.
3;


bodyend
documentend
documentstart
3742
topicstart
earn
topicend
bodystart
2;

CHI-CHI'S 
<
CHIC> TAKES 20 MLN DLR CHARGE


    LOUISVILLE, Ky., March 11 - 
Chi-Chi's Inc said it has taken
a 20 mln dlr pretax charge against earnings for the third
quarter ended January 31 to cover the cost of disposing of 21
"underperforming" company-owned restaurants.
    The company also said it has agreed to repurchase up to
three mln common shares on the open market.
    The company now has about 27.1 mln shares outstanding.
    Chi-Chi's today reported a loss for the third quarter ended
January 31, after the pretax charge and a 7,305,000 dlr tax
credit, of 10.4 mln dlrs, compared with a year-earlier profit
of 2,144,317 dlrs.
    Chi-Chi's said it believes the disposition of the
restaurants has the potential of increasing its pretax earnings
by about two mln dlrs next fiscal year.
    The company said it will use existing cash resources for
the share repurchases.
 Reuter
3;
bodyend
documentend
documentstart
3743
topicstart
earn
topicend
bodystart
2;

DUPONT 
<
DD> UP ON RECOMMENDATIONS


    NEW YORK, MARCH 11 - 
Shares of Du Pont Co rose today after
accumulating recommendations from Shearson Lehman Brothers and
First Boston, traders said.
    Du Pont, which opened with a two point gain, stood at
109-1/8, up 1-1/8.
    First Boston's analyst was not available for comment.
    Analyst Theodore Semegran of Shearson said he raised his
earnings estimates for the company to 7.25 dlrs a share in 1987
and eight dlrs a share in 1988. The company earned 6.35 dlrs a
share in 1986.
    "Good domestic demand, higher operating earnings and a
strng export business, probably benefitting from a lower dollar
and effects of reduced imports in chemicals will continue to
aid Du Pont." He also noted that energy earnings in the first
quarter are better than expected because of the rise in crude
prices. Semegran expects first quarter earnings
of about 1.85 dlrs a share from 1.67 dlrs last year.
    He also expects the company to raise its annual dividend
about 20 to 30 cts a share, from its current dividend of 3.20
dlrs a share, "and a stock split is possible but it has a low
probablility."
 Reuter
3;
bodyend
documentend
documentstart
3744
topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM> IN TALKS ON BEING ACQUIRED


    COLUMBUS, Ohio, March 11 - 
ChemLawn Corp said it has
started talks on the possible sale of the company with "various
parties" that it did not identify.
    The company said the talks began after it considred and
rejected Waste Management Inc's 
<
WMX> 27 dlr per share tender
offer for all its sharesd.
    ChemLawn gave no details on the talks.
 Reuter
3;
bodyend
documentend
documentstart
3745
topicstart
topicend
bodystart
2;

TURKISH BANK SEEKS 20 MLN DLR LOAN


    LONDON, March 11 - 
Uluslararasi Endustri ve Ticaret Bankasi
AS (INTERBANK), a large privately-owned trade financing bank in
Turkey, is seeking a 20 mln dlr committed export advance
facility, Morgan Guaranty Ltd said as lead manager.
    The financing will be for 14 months, but the borrower will
have the option after 10 months to request an extension for
another six months. Those banks wishing to extend would receive
another 25 basis point fee.
    The financing will be in dollars and marks, although mark
borrowings cannot exceed 50 pct of the facility.
    The facility will be available for 70 days and interest
will be at 1-1/4 pct over the London Interbank Offered Rate
(LIBOR). There will be a commitment fee of 50 basis points.
    Banks are being invited to join the facility at four mln
dlrs for 55 basis points and at two mln dlrs for 40 basis
points.
    Responses are due by April 3 and the financing is being
syndicated among a broad-based group of international banks to
diversify the borrower's traditional lending base.
 REUTER
3;
bodyend
documentend
documentstart
3746
topicstart
topicend
bodystart
2;

<
CATO CORP> FILES FOR INITIAL OFFERING


    CHARLOTTE, N.C., March 11 - 
Cato Corp said it has filed for
an initial public offering of about three mln common shares.
    Cato said the offering, to be made in late April or early
May, is expected to raise 35 to 45 mln dlrs.
    Cato, which had been publicly held several years ago before
going private, operates a chain of women's specialty stores in
small to medium-sized towns.
 Reuter
3;
bodyend
documentend
documentstart
3747
topicstart
acq
topicend
bodystart
2;

SHV WITHDRAWS IC GAS OFFER


    UTRECHT, Netherlands, March 11 - 
SHV Holdings NV said it is
withdrawing its take-over bid for Imperial Continental Gas
Association 
<
ICGS.L> after failing to gain the minimum number
of pledges sought from IC Gas shareholders.
    SHV said in a statement it had sought to gain 750,000 IC
Gas shares under a 700p offer for IC Gas ordinary stock but was
informed that level was not reached when the deadline expired.
"The tender offer is therefore void," it said.
     SHV also offered 252 pence for every one stg nominal of IC
Gas loan stock under the bid, made by 
<
SHV (United Kingdom)
Holding Co Ltd>.
 Reuter
3;
bodyend
documentend
documentstart
3748
topicstart
rubber
topicend
bodystart
2;

PROGRESS AT RUBBER PACT TALKS REPORTED SLOW


    GENEVA, March 11 - 
Negotiators at a United Nations
conference on natural rubber are making slow progress towards
reaching an agreement, delegates said.
    The conference, which began Monday, is widely seen as the
final effort to adopt a new International Natural Rubber
Agreement (INRA) before the current one expires in October.
    Some 40 producing and consuming countries are taking part
in the two-week meeting. This is the fourth such conference in
nearly two years.
    Delegates said both sides still appeared divided on the key
issue of the price adjustment mechanism.
    Consumers want frequent price reviews at 12 month intervals
instead of 18 months as at present, a proposal currently
rejected by producers.
    And while consumers press for the price adjustment to be
automatic, producers have resisted reducing the role of the
International Rubber Organization Council in the price
adjustment procedure.
    Conference chairman Manaspas Xuto of Thailand has said it
was "imperative" to settle outstanding issues this week so that
technical drafting work can be done next week.
 Reuter
3;
bodyend
documentend
documentstart
3749
topicstart
topicend
bodystart
2;

SCHERING-PLOUGH 
<
SGP> OBTAINS INJUNCTION


    KENILWORTH, N.J., March 11 - 
Schering-Plough Corp said it
obtained an injunction against Nature's Blend Products Inc of
due to trademark infringement on its Fibre Trim label.
    Under terms of the injunction, Nature's Blend agreed to
refrain from making and selling food supplement products under
the trademark Fiber Slim or using any any trademark that
simulates the trade dress of Fibre Trim.
 Reuter
3;
bodyend
documentend
documentstart
3750
topicstart
earn
topicend
bodystart
2;

LORD ABBETT AND CO DECLARES MUTUAL FUND DIVS


    NEW YORK, March 11 -
    
LORD ABBETT VALUE APPRECIATION FUND
    Annual div 33 cts vs 23 cts prior
    Long term capital gain 2.06 vs 75 cts prior
    Short term capital gain 18 cts vs 11 cts prior
    Pay April 6
    Record March 12
    
    LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
    Daily div .029 cts vs .029 cts prior
    Pay April 15
    Record April 15
    LORD ABBETT TAX FREE INCOME NATIONAL SERIES
    Daily .068 cts vs .068 prior
    Pay April 15
    Record April 15
    
    LORD ABBETT TAX FREE INCOME FUND NY SERIES
    Daily .067 cts vs .067 cts prior
    Pay April 15
    Record April 15
    
    LORD ABBETT TAX FREE INCOME FUND TEXAS SERIES
    Daily .059 cts vs .059 cts prior
    Pay April 15
    Record April 15
    LORD ABBETT CALIFORNIA TAX FREE INCOME FUND
    Daily .062 vs .063 cts prior
    Pay April 15
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
3751
topicstart
earn
topicend
bodystart
2;

<
ASSOCIATES CORP OF NORTH AMERICA> 1ST QTR NET


    DALLAS, March 11 - 
Qtr ended Jan 31
    Net 55.3 mln dlrs vs 51.7 mln dlrs
    Revs 419.1 mln vs 391.7 mln
    Note: Revs include investment and other income of 18.4 mln
dlrs vs 18.5 mln dlrs.
    Company is wholly owned by Gulf and Western Corp 
<
GW>.

 Reuter
3;
bodyend
documentend
documentstart
3752
topicstart
topicend
bodystart
2;

CONSUMERS POWER 
<
CMS> COGENERATION QUALIFIED


    DETROIT, March 11 - 
Consumers Power Co said the Federal
Energy Regulatory Commission approved the company's Midland
cogeneration venture as a "qualifying" facility under the
Public Utility Regulatory Policies Act.
    It said the approval overcomes the last potential federal
hurdle to converting Midland to a combined-cycle, natural
gas-fired cogeneration plant.
    In October 1986, the venture received permission from the
U.S. Department of Energy to fuel the plant permanently with
natural gas.
 Reuter
3;
bodyend
documentend
documentstart
3753
topicstart
topicend
bodystart
2;

CANADA OKAYS VIPONT LABS 
<
VLAB> TOOTHPASTE


    FORT COLLINS, Colo., March 11 - 
Vipont Laboratories Inc
said the Canadian Bureau of Non-Prescription Drugs approved its
Viadent toothpaste and oral rinse for marketing.
    The company also said it finalized an agreement with a
Canadian marketing company to introduce the product in the
country. It said Viadent helps prevent plaque build-up and
inflamed gums.
    The products should be available in Canada in three to four
months, the company added.
 Reuter
3;
bodyend
documentend
documentstart
3754
topicstart
topicend
bodystart
2;

METROMEDIA UNVEILS NEW WATS SERVICE


    NEW YORK, March 11 - 
<
Metromedia Long Distance> said it has
introduced OnePlus Wats, a telecommunications service for high
volume callers.
    Metromedia said OnePlus uses a local switched network
rather than dedicated connections to link customers to the
nearest Metromedia Long Distance switching center and could
save customers up to 35 pct off of competitors' rates for long
distance service.
 Reuter
3;
bodyend
documentend
documentstart
3755
topicstart
earn
topicend
bodystart
2;

NEWPORT PHARMACEUTICALS 
<
NWPH> 3RD QTR LOSS


    NEWPORT BEACH, Calif., March 11 - 
Period ended January 31.
    Shr loss six cts vs profit one ct
    Net loss 536,000 vs profit 166,000
    Revs 2,099,000 vs 3,149,000
    Avg shrs 10,429,000 vs 9,943,000
    Nine Mths
    Shre loss nine cts vs loss five cts
    Net loss 790,000 vs loss 377,000
    Revs 7,089,000 vs 7,646,000
    Avg shrs 10,406,000 vs 9,351,000
    Note: Full name Newport Pharmaceuticals International Inc.
 Reuter
3;
bodyend
documentend
documentstart
3756
topicstart
topicend
bodystart
2;

INTEGRATED 
<
IGNG> FIELD TRIALS APPROVED


    FRAMINGHAM, Mass, March 11 - 
Integrated Genetics Inc said
the Food and Drug Administration approved field trials of a
hormone which is essential to the regulation of cows'
reproduction.
    Integrated said field trials will begin immediately under
the direction of Granada Corp's Granada R and D Ventures,
Integrated's partner in this area.

 Reuter
3;
bodyend
documentend
documentstart
3757
topicstart
earn
topicend
bodystart
2;

THE RAYMOND CORP 
<
RAYM> DECLARES QTLY DIV


    GREENE, N.Y., March 11 -
    
Qtly div 11-3/4 cts vs 11-3/4 cts prior
    Pay March 27
    Record March 13
 Reuter
3;
bodyend
documentend
documentstart
3758
topicstart
nat-gas
topicend
bodystart
2;

MITCHELL ENERGY 
<
MND> AGAIN CUTS CAPITAL OUTLAYS


    THE WOODLANDS, Texas, March 11 - 
Mitchell Energy and
Development Corp said it plans to hold its capital spending in
fiscal 1988, ending January 31, to 96 mln dlrs, down from the
123 mln dlrs spent in 1987 and 213 mln dlrs in 1986.
    The company also said its natural gas revenues so far this
year have been reduced by lower contract customer purchases due
to mild weather and soft economic conditions.
    "But the contracts call for the lower 'takes' to be made up
during the course of the year," Mitchell Energy said. Meanwhile
it will sell additional quantities of gas on the spot market.
    Mitchell Energy said the additional spot sales will tend to
lower the average price realized for gas in the early part of
fiscal 1988.
    However, it said the average for the full year is not
expected to be significantly lower than the 2.99 dlrs per
thousand cubic feet averaged in fiscal 1987.                   
   
 Reuter
3;
bodyend
documentend
documentstart
3759
topicstart
acq
topicend
bodystart
2;

INVESTOR TO TAKE CONTROL OF RIVER OAKS 
<
ROI>


    BIRMINGHAM, Ala., March 11 - 
River Oaks Industries Inc said
it agreed in principle to give control of the company to Benson
Seizer, a New York investor, in return for 2.6 mln dlrs in
capital.
    The company, a maker of mobile homes, said it terminated
merger discussions with 
<
Nursing Centers of America>.
    River Oaks said it will place a 2.6 mln dlr convertible
note with Seizer, who in turn will name six additional members
to the company's five-member board. One of the new directors
will take over as chairman and chief executive officer, River
Oaks said.
    River Oaks said the note will be convertible into two mln
shares of its common stock at one dlr a share. The company
currently has 14 mln shares outstanding.
    The company said it will also grant Seizer an option to buy
an additional 2.6 mln shares during the next four years at 1.25
dlrs a share during the first year and 1.50 dlrs a share
thereafter.
    The company said the money raised from Seizer will further
strengthen its balance sheet and enhance its ability to seek
selective expansion opportunities.
    Seizer is experienced in turnaround situations and is
expected to take direct involvement in River Oaks management,
said Charles F. DeGroot, who will remain a director of the
company after giving up the post of chairman to one of Seizer's
board nominees.
    Don Manning will cede his post as chief executive but will
remain president, the company said.
 Reuter
3;
bodyend
documentend
documentstart
3760
topicstart
earn
topicend
bodystart
2;

GEVAERT NV 
<
GEVN.BR> 1986 YEAR


    BRUSSELS, March 11 -
    
Consolidated group net profit 1.88 billion francs vs 1.29
billion.
    Net financial and operating profit 1.11 billion vs 825.1
mln.
    Extraordinary earnings 774.7 mln vs 462.8 mln.
    Net dividend 165 francs vs 150.
 Reuter
3;
bodyend
documentend
documentstart
3761
topicstart
topicend
bodystart
2;

CREDITHRIFT FINANCIAL TO REDEEM NOTES


    EVANSVILLE, IND., March 11 - 
(Credithrift Financial Corp)
said its board authorized the redemption of the company's 8.20
pct Senior Notes due Dec 15, 1987.
    It said the notes are to be redeemed April 20 at a price
equal to 100 pct of the principal amount of the notes plus
accrued interest.
 Reuter
3;
bodyend
documentend
documentstart
3762
topicstart
interest
topicend
bodystart
2;

NATIONAL SAVINGS MOVE POINTS TO LOWER U.K. RATES


    By Geert Linnebank, Reuters


    LONDON, March 11 - 
U.K. Interest rates look set to move
lower even after Monday's half-point cut in bank base rates to
10-1/2 pct, analysts said, citing as evidence the suspension of
a British National Savings issue yesterday.
    The Department of National Savings, effectively a Treasury
Department unit, yesterday suspended its 32nd issue, launched
in October and paying a high tax-free 8-3/4 pct on five-year
private investments between 25 and 5,000 stg. A spokesman said
the suspension was just a reaction to yields on national
savings bonds being way out of line with the rest of the
market.
    The move was followed by a surprise sell-out within minutes
today of a Bank of England one-billion stg tap issue, the
second such issue in as many weeks, analysts noted.
    They said the near-instant sale of the entire new gilts
issue, for which the Bank of England had required a high 40 pct
downpayment, was clear evidence that the market thought rates
had to drop sooner rather than later.
    The sale of the tranche of 8-3/4 pct treasury bonds due
1997 occurred in an active, bullish gilts market as downward
pressure on money market rates remained intact, with the
bellwether three-month interbank rate down 1/8 point at
10-9-7/8 pct.
     It coincided with another strong sterling rally which
pushed the pound to four-year highs against the dollar.
    "That government stock disappeared very quickly indeed," said
Stephen Lewis, head of economic research at stockbrokers
Phillips and Drew; "It is an indication that the market believes
rates are going to fall further ... At least by a half-point
immediately after the budget (on March 17), and some people
hope for more."
    Stockbrokers James Capel said in a comment the move by the
National Savings Department was "of considerable significance."
    It said, "the real message ... Is that the decks are being
quickly cleared so as to facilitate a speedy decision by the
building societies to cut their rates when the inevitable cut
in bank base rates to 10 pct materialises."
    Building societies have said a drop in bank base rates
would normally have to exceed half a point to give rise to a
reduction in mortgage lending rates.
    Lewis of Phillips and Drew said he too believed the
National Savings issue suspension may reflect new U.K. Treasury
policy to point building societies towards a mortgage rate cut.
    "National Savings has been competing too effectively with
the building societies of late. Building society income has
been depressed in recent months," he said.
    He and other analysts said Chancellor of the Exchequer
Nigel Lawson was keen to see mortgage rates fall to keep a lid
on U.K. Inflation.
    Underlying upward pressure on prices is stronger in Britain
than in most other Western economies with inflation seen rising
well above four pct this year and above five pct in 1988 after
last year's 3.7 pct.
    Emphasising the impact of mortgage rates on consumer
prices, Lewis said a one-point cut in building society rates
would reduce inflation in Britain by about 0.4 pct.
    But Lewis and others noted that building societies had been
complaining to the government about intense competition from
National Savings, which they argued reduced the scope for early
mortgage rate cuts.
    "The Chancellor need not be worried about losing some PSBR
funding from National Savings, but he must be taking the
building societies' criticism to heart. It looks like the
National Savings move reflects this," one senior dealer said.
    A Savings Department spokesman refused to comment on this
interpretation, saying the suspension of the issue was merely a
reaction to the recent fall in U.K. Interest rates, which had
pushed yields on national savings bonds way out of line with
the rest of the market.
    "We are not politically motivated ... Funding was just
becoming too expensive and we don't need all that money," he
told Reuters, adding the department had suspended issues at
least twice in the past, when offered interest rates were above
or below market rates.
    He said demand for the issue had risen sharply of late as
U.K. Money market rates continued their steady decline and
income was threatening to overshoot an unofficial three billion
stg target set for fiscal 1986 ending March 31.
    In the first 10 months of fiscal 1986, National Saving's
contribution to government funding totalled 2.72 billion stg,
compared with 2.01 billion stg in the same period of the
previous year, official figures show.
    Figures for February, out on Monday, are expected to show a
further increase of between 300 and 400 mln stg, pushing the
total for 11 months above target, government officials said.
 REUTER
3;
bodyend
documentend
documentstart
3763
topicstart
earn
topicend
bodystart
2;

NICOR INC 
<
GAS> REGULAR DIVIDEND SET


    NAPERVILLE, ILL., March 11 -
    
Qtly div 45 cts vs 45 cts previously
    Pay May 1
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
3764
topicstart
earn
topicend
bodystart
2;

HANDLEMAN CO 
<
HDL> SETS QUARTERLY


    TROY, Mich., March 11 -
    
Qtly div 14 cts vs 14 cts prior
    Pay April 10
    Record March 27
 Reuter
3;
bodyend
documentend
documentstart
3765
topicstart
earn
topicend
bodystart
2;

PERINI CORP 
<
PCR> SETS QUARTERLY


    FRAMINGHAM, Mass., March 11 -
    
Qtly div 20 cts vs 20 cts prior
    Pay June 16
    Record May 22
 Reuter
3;
bodyend
documentend
documentstart
3766
topicstart
acq
topicend
bodystart
2;
******
JONES AND VINING SAID VULCAN CORP OFFERS FIVE DLRS A SHARE FOR JONES

Blah blah blah.
3;


bodyend
documentend
documentstart
3767
topicstart
topicend
bodystart
2;

FMHA COULD LOSE SEVEN BILLION DLRS IN LOANS


    WASHINGTON, March 11 - 
The Farmers Home Administration, the
U.S. Agriculture Department's farm lending arm, could lose
about seven billion dlrs in outstanding principal on its
severely delinquent borrowers, or about one-fourth of its farm
loan portfolio, the General Accounting Office, GAO, said.
    In remarks prepared for delivery to the Senate Agriculture
Committee, Brian Crowley, senior associate director of GAO,
also said that a preliminary analysis of proposed changes in
FmHA's financial eligibility standards indicated as many as one
half of FmHA borrowers who received new loans from the agency
in 1986 would be ineligible under the proposed system.
    The agency has proposed evaluating applicants' credit using
a variety of financial ratios instead of relying solely on
cashflow ability.
    Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.)
slammed the proposed eligibility changes, telling FmHA
Administrator Vance Clark at a hearing that they would mark a
"dramatic shift" in the agency's purpose away from being farmers'
lender of last resort toward becoming a "big city bank."
    But Clark defended the new regulations, saying the agency
had a responsibility to administer its 70-billion dlr loan
portfolio in a "compassionate yet judicious manner."
    Crowley of GAO, Congress' investigative arm, said the
proposed credit scoring system attempted to ensure that FmHA
would make loans only to borrowers who had a reasonable change
of repaying their debt.
 Reuter
3;
bodyend
documentend
documentstart
3768
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL BANKNOTE CO INC 
<
IBK> 4TH QTR LOSS


    NEW YORK, March 11 -
    
Oper shr loss 11 cts vs loss 14 cts
    Oper net loss 1,963,000 vs loss 2,199,000
    Revs 17.5 mln vs 40.9 mln
    Year
    Oper shr profit nine cts vs profit two cts
    Oper net profit 1,555,000 vs 456,000
    Revs 86.3 mln vs 143.7 mln
    NOTE: Net excludes extraordinary tax charges of 115,000
dlrs vs 995,000 dlrs in quarter and credits 8,096,000 dlrs vs
1,173,000 dlrs in year.
    1985 year net includes pretax gain 7,400,000 dlrs from
termination of pension plan.
    1985 net includes pretax charge 1,200,000 dlrs in quarter
and gain 1,400,000 dlrs in year from restructuring and
consolidation.
    1985 quarter net includes 1,480,000 dlr tax credit.
    1986 year net includes pretax gain 17.2 mln dlrs from sale
of foreign subsidiary.
 Reuter
3;
bodyend
documentend
documentstart
3769
topicstart
topicend
bodystart
2;

NYSE SAYS GENERAL REFRACTORIES 
<
GRX> NO COMMENT


    NEW YORK, March 11 - 
The New York Stock Exchange said
General Refractories Co had no comment on the activity in its
stock.
    The company's shares were trading off 1-1/2 at 15-1/4.
    The exchange said it contacted the company and asked if
there were any corporate developments to explain the unusual
activity. The company declined to issue a statement, the NYSE
said.
 Reuter
3;
bodyend
documentend
documentstart
3770
topicstart
trade
topicend
bodystart
2;

EC CONCERNED OVER U.S. TEXTILE IMPORT MOVES


    BRUSSELS, March 11 - 
The European Community (EC) expressed
disquiet over protectionist moves in the United States to limit
imports of textiles and said it would retaliate immediately if
EC exports were hit.
    A spokeswoman for the EC Commission said EC External Trade
Commissioner Willy De Clercq had written to his U.S.
Counterpart, special U.S. Trade Representative Clayton Yeutter,
outlining the concerns of the 12-nation Community.
    The draft legislation under consideration by Congress would
impose permanent quotas on products entering the U.S. and seek
to limit any increase to a growth in the overall trade.
 Reuter
3;
bodyend
documentend
documentstart
3771
topicstart
earn
topicend
bodystart
2;

SPEED-O-PRINT BUSINESS 
<
SBM> 4TH QTR NET


    CHICAGO, March 11 - 
    
Shr loss seven cts vs profit 17 cts
    Net loss 102,000 vs profit 258,000
    Revs 1,695,000 vs 1,371,000
    Year
    Shr loss 33 cts vs profit 26 cts
    Net loss 488,000 vs profit 384,000
    Revs 6,700,000 vs 4,774,000
    NOTE: 1986 results include operations of radio stations
WJYE-FM for the full year and WNNR-AM for the last six months.
    Speed-O-Print Business Machines Corp is full name of
company.
 Reuter
3;
bodyend
documentend
documentstart
3772
topicstart
earn
topicend
bodystart
2;

ASBESTEC INDUSTRIES 
<
ASBS> SETS STOCK SPLIT


    PENNSAUKEN, N.J., March 11 - 
Asbestec Industries Inc said
its board declared a three-for-two stock split, payable April
17, record April Three.
 Reuter
3;
bodyend
documentend
documentstart
3773
topicstart
topicend
bodystart
2;

DATAPRODUCTS 
<
DPC> GETS SIEMENS CONTRACT


    WOODLAND HILLS, Calif., March 11 - 
Dataproducts Corp said
it received a multi-year contract, valued at more than 30 mln
dlrs, to supply band printers to 
<
Siemens AG> of West Germany.
    Siemens will use the printers for office applications and
for medium to large mainframes, Dataproducts said.
 Reuter
3;
bodyend
documentend
documentstart
3774
topicstart
earn
topicend
bodystart
2;

QUAKER OATS CO 
<
OAT> REGULAR DIVIDEND


    CHICAGO, March 11 -
    
Qtly div 20 cts vs 20 cts previously
    Pay April 15
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
3775
topicstart
acq
topicend
bodystart
2;

JONES AND VINING 
<
JNSV> GETS VULCAN 
<
VUL> BID


    BRAINTREE, Mass., March 11 - 
Jones and Vining Inc said
Vulcan Corp, one of its main competitors in the production of
shoe lasts, has offered to acquire Jones and Vining for five
dlrs a share.
    Jones and Vining said a management effort to take the
company private will go ahead at 4.50 dlrs per share. The form
of the buyout has not yet been determined and the buyout is
subject to a nunber of conditions, it said.
    Jones and Vining said its board believes that a transaction
with Vulcan would be difficult to complete, but it has asked
Vulcan for further information to explore the bid.
    On January 23, Jones and Vining said its board had
recommended that shareholders aprove a management buyout at
4.50 dlrs a share.
    On February Six, Vulcan initially offered to acquire Jones
and Vining for five dlrs a share, but Jones and Vining
dismissed the offer as "frivolous" and "without substance" and
said the bid failed to comply with provisions of the Securities
Act of 1934.
 Reuter
3;
bodyend
documentend
documentstart
3776
topicstart
topicend
bodystart
2;

VIRAGEN 
<
VRGN> STARTS HUMAN TRIALS


    HIALEAH, Fla, March 11 - 
Viragen Inc said it is sponsoring
clinical studies of Human Leukocyte Interferon, Alpha, in the
treatment of renal cell carcinoma and bladder cell carcinoma.
    The Food and Drug Administration approved human trials 
will be conducted on at least 30 patients, male and female for
each cancer type.
 Reuter
3;
bodyend
documentend
documentstart
3777
topicstart
earn
topicend
bodystart
2;

PPG INDUSTRIES 
<
PPG> SEES GROWTH IN 1987


    PITTSBURGH, March 11 - 
PPG Industries Inc will continue to
show earnings growth in 1987 despite a difficult economic
climate, the company said in its annual report, mailed to
shareholders today.
    For 1986, the company's earnings rose five pct, to 316 mln
dlrs, on revenues that increased eight pct, to 4.7 billion
dlrs. Earnings per share were 2.66 dlrs, compared with 2.27
dlrs.
    The company added that in 1986 its return on equity reached
17.3 pct, up from 15.5 pct in 1985 and close to its goal of 18
pct.
 Reuter
3;
bodyend
documentend
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3778
topicstart
topicend
bodystart
2;

WASTE MANAGEMENT 
<
WMX> SEEKS SUIT'S DISMISSAL


    OAK BROOK, ILL., March 11 - 
Waste Management Inc said it
filed a motion in U.S. District Court for the southern district
of Ohio to dismiss the counterclaim brought against it by
Chemlawn Corp 
<
CHEM>.
    The litigation relates to Waste Management's cash tender of
27 dlrs a share for all shares of Chemlawn.
    A hearing on the counterclaim is scheduled for March 19 and
20.
    Waste Management also said that Chemlawn has offered to
supply Waste Management with materials being forwarded by
Chemlawn to other potential purchasers of Chemlawn, but only if
Waste Management agrees to conditions which would result in
termination of its current offer and a 120-day standstill on
any unnegotiated transaction.
    Waste Management said it refused to agree to the requested
preconditions. The company stated its believe that Chemlawn is
obligated to permit it to compete with others to acquire
Chemlawn on a fully-informed basis.
    Waste Management's offer is scheduled to expire March 25.
 Reuter
3;
bodyend
documentend
documentstart
3779
topicstart
acq
topicend
bodystart
2;

BELGIAN MINISTER UNVEILS PRIVATISATION PLAN


    BRUSSELS, March 11 - 
Belgian Budget Minister Guy
Verhofstadt has proposed a plan to sell off shares in several
state-owned enterprises, including national airline Sabena and
the postal and telecommunications authority, government sources
said.
    They said the plan could raise more than 25 billion francs
in revenue over the next five years according to Verhofstadt's
projections, helping the government to reduce its huge budget
deficit, targetted this year at 418 billion francs.
    But the scheme had received a guarded reception from the
Social Christian parties in Belgium's centre-right coalition
when Verhofstadt unveiled it at a cabinet meeting yesterday.
    Discussion of the plan was likely to be long and difficult,
the sources said.
    Verhofstadt proposes beginning the selloffs in the last
quarter of 1987, with the sale of 30 to 40 pct of state
investment company SNI. He expects the sale to raise three
billion francs, they added.
    A 25 pct share in Sabena would be sold in mid-1989 for 1.5
billion francs, while 50 pct of the postal and
telecommunications authority would be sold off in two stages in
mid-1990 and early 1992, raising at least seven billion francs.
    Also on Verhofstadt's list are the Maritime Transport
Authority, leading gas distributor Distrigaz, CGER savings
bank, CGER, and several other credit institutions.
    Le Soir daily quoted CGER vice-president Paul Henrion as
expressing strong opposition to the privatisation of his bank.
    "Public company we are and public company we wish to stay,"
Henrion told the paper.
 REUTER
3;
bodyend
documentend
documentstart
3780
topicstart
topicend
bodystart
2;

REICHOLD CHEMICALS 
<
RCI> INCREASES PRICES


    DOVER, Del., March 11 - 
Reichhold Chemicals Inc said it is
raising the prices of its Emulsion Polymers Division's
styrene-based latexes for nowovens, textiles, adhesives and
other specialty end uses, effective April nine.
    The increases range between three and nine cts per dry
pound.
 Reuter
3;
bodyend
documentend
documentstart
3781
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> TO USE TELECREDIT 
<
TCRD> PRODUCT


    DETROIT, March 11 - 
Chrysler Corp said it will use a
product designed by Telecredit Inc's Light Signatures Inc unit
to prevent counterfeit automotive parts.
    Light Signatures will provide coded warranty labels for
Chrysler's replacement parts. The system will first be used for
glass and then expanded to other products.
    Parts replaced by independent repair shops, and containing
the coded warranty label, will be tested by Chrysler dealers to
ensure authenticity.
    The company also said the system will tracks each piece of
warranty glass distributed by Chrysler.

 Reuter
3;
bodyend
documentend
documentstart
3782
topicstart
earn
topicend
bodystart
2;

SCIENCE DYNAMICS CORP 
<
SIDY> YEAR NET


    CHERRY HILL, N.J., March 11 -
    
Shr 24 cts vs 13 cts
    Net 704,803 vs 385,081
    Revs 5,669,682 vs 4,142,095
 Reuter
3;
bodyend
documentend
documentstart
3783
topicstart
topicend
bodystart
2;

AVERY 
<
AVY> IN OFFERING


    NEW YORK, March 11 - 
Avery Inc said it began a public
offering of two mln shars at 50.25 dlrs per shares.
    PUrchasers of the shares are entitled to get one additional
share for each share purchased to give effect to the
two-for-one stock split approved by the board February 26.
    There are about 19.9 mln shares outstanding on a presplit
basis, it said.
    Proceeds will be used to reduce borrowings and other
general purposes.
 Reuter
3;
bodyend
documentend
documentstart
3784
topicstart
earn
topicend
bodystart
2;

FOODARAMA SUPERMARKETS INC 
<
FSM> 1ST QTR JAN 31


    FREEHOLD, N.J., March 11 -
    
Shr 42 cts vs 35 cts
    Net 570,000 vs 476,000
    Sales 122.4 mln vs 123.1 mln
    NOTEL Prior year net includes pretax charge 453,000 dlrs
for reopening of eight stores.
 Reuter
3;
bodyend
documentend
documentstart
3785
topicstart
earn
topicend
bodystart
2;

ENGINEERING MEASUREMENTS CO 
<
EMCO> 3RD QTR NET


    LONGMONT, Colo., March 11 - 
Qtr ends Jan 31
    Shr four cts vs 12 cts
    Net 102,508 vs 264,910
    Revs 2,278,083 vs 2,536,312
    Nine mths
    Shr 18 cts vs 15 cts
    Net 489,253 vs 404,877
    Revs 6,679,745 vs 6,613,551
    NOTE: Excludes discontinued operations gain of 40,519 dlrs
in the third quarter fiscal 1986, and loss of 9,666 dlrs in the
nine months fiscal 1986.
 Reuter
3;
bodyend
documentend
documentstart
3786
topicstart
earn
topicend
bodystart
2;

BOOTHE FINANCIAL CORP 
<
BCMP> 4TH QTR NET


    SAN FRANCISCO, March 11 -
    
Shr one ct vs 24 cts
    Net 43,000 vs 1,032,000
    Revs 10 mln vs 4.9 mln
    Avg shrs 3.7 mln vs 4.3 mln
    12 mths
    Shr 1.02 dlrs vs 1.62 dlrs
    Net 3,950,000 vs 7,308,000
    Revs 30.8 mln vs 33.3 mln
    Avg shrs 3.9 mln vs 4.5 mln
    NOTE: 1985 restated to reflect tax loss carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
3787
topicstart
earn
topicend
bodystart
2;

CONSOLIDATED NATURAL GAS CO 
<
CNG> IN PAYOUT


    PITTSBURGH, March 11 -
    
Qtly div 37-1/2 cts vs 37-1/2 cts prior
    Pay May 15
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
3788
topicstart
earn
topicend
bodystart
2;

SANDUSKY PLASTICS INC 
<
SPI> SETS QUARTERLY


    SANDUSKY, Ohio, March 11 -
    
Qtly div six cts vs six cts prior
    Pay March 31
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
3789
topicstart
topicend
bodystart
2;

IC INDUSTRIES 
<
ICX> TO REDEEM SECURITIES


    CHICAGO, March 11 - 
IC Industries Inc called for redemption
113.6 mln dlrs worth of securities.
    IC said it will redeem 69 mln dlrs in 14 pct guaranteed
notes, seven pct Swiss Franc notes of Abex International worth
40 mln Swiss francs (26.2 mln dlrs), and 18.4 mln dlrs of
11-5/8 pct Pneumo subordinated sinking fund debentures.
    The guaranteed notes will be redeemed May 15 at a
redemption price of 100.5 pct. The Swiss Franc notes will be
redeemed July 12 at 100.5 pct. The debentures will be redeemed
June one, with 5.75 mln dlrs to be redeemed at 100 pct and the
balance to be redeemed at 102.33 pct.
 Reuter
3;
bodyend
documentend
documentstart
3790
topicstart
acq
topicend
bodystart
2;

REXNORD 
<
REX> TO SELL RAILWAY EQUIPMENT UNIT


    BROOKFIELD, WIS., March 11 - 
Rexnord nc said it signed a
definitive agreement to sell its Railway Maintenance Equipment
Co subsidiary to Banner Industries Inc. Terms were withheld.
    It said Railway Maintenance had 1986 sales of 16 mln dlrs
and employs 100 people.
    Rexnord said the sale is part of a major program to divest
several of its businesses representing about 200 mln dlrs in
net assets. Still to be divested are the Process Machinery
Division with sales of 137 mln dlrs and Mathews Conveyer Co,
with sales of 83 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3791
topicstart
topicend
bodystart
2;

LONE STAR 
<
LCE> TO ADD FIVE CEMENT TERMINALS


    GREENWHICH, Conn., March 11 - 
Lone Star Industries Inc said
it signed an agreement to buy or lease five import cement
terminals from Hanson Industries' 
<
HAN> Kaiser Cement Corp.
    Terms of the agreement were not disclosed.
    Lone Star said three of the terminals are located in
Alaska, one in Seattle and the other in Portland, Ore.
 Reuter
3;
bodyend
documentend
documentstart
3792
topicstart
sugar
topicend
bodystart
2;

LICHT SEES STAGNANT EUROPEAN BEET AREA


    RATZEBURG, March 11 - 
The overall area devoted to sugar
beet in Europe is forecast to remain stagnant this year at 7.22
mln hectares compared with 7.21 mln ha in 1986, West German
statistician F.O. Licht said.
    It was feared that the recent steep rise in sugar prices
would have a marked effect on planting intentions this year,
Licht said, but judging by this first estimate the effect was
probably minimal.
    The total beet area in the European Community is forecast
to fall two pct to 1.85 mln ha against 1.89 mln in 1986.
    The total Western Europe area is put at 2.49 mln ha,
against 2.50 mln in 1986. Eastern Europe area is forecast at
4.73 mln ha against 4.72 mln.
    Individual West Europe country estimates, in 1,000 hectares
(with 1986 figures in brackets), are, Belgium/Luxembourg 114
(118), Denmark 69 (69), France 419 (421), Greece 35 (44),
Ireland 36 (38), Italy 270 (275), Netherlands 129 (138),
Portugal 1 (1), Spain 192 (190), U.K. 200 (201), West Germany
385 (399), Austria 32 (28), Finland 30 (31), Sweden 51 (52),
Switzerland 15 (14), Turkey 355 (340), Yugoslavia 160 (136).
    Eastern Europe plantings are forecast as follows, USSR 3400
(3440), Albania 10 (9), Bulgaria 52 (50), Czechoslovakia 195
(196), East Germany 210 (205), Hungary 108 (96), Poland 460
(440), Romania 295 (280).
    On the basis of average yields this year, Licht said these
area forecasts pointed to a total European beet sugar crop in
1987/88 of 29.8 mln tonnes, raw value, down from 31.4 mln
tonnes in 1986/87. Licht said sugar yields were fairly high
last season, thanks to favourable weather, and this increases
the chances of a significant reduction in production in
1987/88.
    Based on average yields, EC beet sugar production could
fall nearly 10 pct this year to 13.5 mln tonnes from 14.9 mln
in 1986/87, while total Western Europe production could be 16.9
mln tonnes against 18.1 mln. Eastern Europe production could be
12.9 mln tonnes against 13.3 mln in 1986/87.
 Reuter
3;
bodyend
documentend
documentstart
3793
topicstart
gold
topicend
bodystart
2;

BRITAIN TO MINT NEW "BRITANNIA" GOLD COIN


    LONDON, March 11 - 
Britain will from next autumn mint and
market a new bullion coin called the "Britannia" containing one
ounce of 24 carat gold, together with bullion coins of smaller
denominations, a Treasury official said.
    The new investment coin, to be sold worldwide, will
fluctuate in price according to the international price of
gold.
    The smaller coins will be in denominations of a half ounce,
a quarter ounce and a tenth of an ounce. REUTER
3;
bodyend
documentend
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3794
topicstart
topicend
bodystart
2;

BENIHANA 
<
BNHN> TO BUILD RESTAURANT IN FLORIDA


    MIAMI, March 11 - 
Benihana National Corp said it signed a
letter of intent with 
<
Tishman Realty and Construction Co Inc>
to build a teppanyaki-style restaurant at the Hilton Hotel at
Walt Disney World Village in Lake Buena Vista, Fal.
    Benihana National said it currently owns and operates 16
teppanyaki-style restaurants under license from its parent,

<
Benihana of Tokyo Inc>.
 Reuter
3;
bodyend
documentend
documentstart
3795
topicstart
acq
topicend
bodystart
2;

MEESE SEES A PLUS IN CHRYSLER-AMC MERGER


   WASHINGTON, March 11 - 
Attorney General Edwin Meese said he
saw some benefit in the proposed purchase of American Motors Co

<
AMO> By Chrysler Corp 
<
C> in that it would return the smallest
of the U.S. auto manufacturers to American hands.
    Meese told the House Appropriations Subcommittee that
consideration would be part of the Justice Department's review
of the proposed merger. He said the agency has not yet received
a formal notice of the merger which would start the review
process.
   Chrysler has made a 1.3 billion dlr bid to buy AMC from its
French parent Renault.
    "I think one of the things that has to be recognized in that
merger is that it appears, at least, that a good portion of the
ownership of American Motors, which has been in overseas hands
will be put back in American hands," Meese told the
subcommittee.
    "That may be one of the factors that would be weighed in the
judgment," he added.
    Renault currently holds about 46 pct of AMC.
 Reuter
3;
bodyend
documentend
documentstart
3796
topicstart
ship
topicend
bodystart
2;

DUTCH PARLIAMENT OFFERS LITTLE HELP IN PORT ROW


    ROTTERDAM, March 11 - 
Dutch members of parliament said they
could do little to help resolve the dispute over redundancies
in Rotterdam port's general cargo sector and urged the union
and employers to sort out their differences themselves.
    Both sides gave evidence to the all-party standing
committee on Social Affairs today, but committee members said
they saw little chance of parliamentary intervention.
    The dispute began on January 19 in protest at employers'
plans for 800 redundancies from the 4,000-strong workforce,
starting with 350 this year. The port and transport union, FNV,
is to challenge the redundancies in an Amsterdam court
tomorrow.
 Reuter
3;
bodyend
documentend
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3797
topicstart
acq
topicend
bodystart
2;

SOSNOFF SAYS CAESARS 
<
CAW> OFFERED STOCK BUYBACK


    WASHINGTON, March 11 - 
Martin Sosnoff, who has offered to
buy Caesars World Inc for 28 dlrs a share, said senior
officials of the company have offered to buy back the Caesars
stake he already holds, now 13.6 pct of the total outstanding.
    In a filing with the Securities and Exchange Commission,
Sosnoff, a New York investor and money manager, said the offers
to buy back his stock occurred "on several occasions during the
past year."
    The offers were made by several Caesars World
representatives, including its chairman, Henry Gluck, he said. 
   Sosnoff said he rejected all of the proposals.
    The Caesars World official suggested various forms of
payment for Sosnoff's stake, including other securities of the
company and cash, he said. Sosnoff did not detail the value of
the proposed compensation.
    Also suggested was a deal involving "put" and "call" option
regarding Sosnoff's Caesars World holdings, he said.
    The proposed deals would have also included a "standstill"
agreement, which would have restricted Sosnoff's right to buy
more Caesars World stock or "to take any action adverse to
incumbent management," he said.
    Sosnoff's report on the offers he received for his Caesars
World shares were amended to his official offer to purchase the
company, as well as reported to the SEC.
    Sosnoff now holds about 4.1 mln Caesars World shares, or
13.6 pct of the company's 30 mln shares outstanding.
    The Sosnoff offer to buy the shares of the company he does
not already hold has been valued at 725.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3798
topicstart
crude
nat-gas
topicend
bodystart
2;

ENERGY/FOREIGN INVESTORS


    By JULIE VORMAN, Reuters


    HOUSTON, March 11 - 
Lured by the weakening dollar and the
conviction that oil prices are poised for a rebound, European
energy companies are buying up cheap U.S. oil and gas reserves
to replenish their supplies, oil industry analysts said.
    They said owning oil reserves in a politically stable
United States is good insurance against future shortages.
However, the quick pace of foreign investment has heated up
competition among European firms, well-heeled U.S.
institutional investors and major oil companies to snare choice
domestic oil properties.
    Strevig and Associates, a Houston firm that tracks oil and
gas reserve sales, said growing interest among foreign buyers
had helped push reserve prices in recent months higher. All
buyers of U.S. reserves paid a median price of 6.45 dlrs a
barrel of oil during the fourth quarter of 1986 for
acquisitions, up from 5.33 dlrs in the third quarter and five
dlrs in the second quarter, according to the firm's research.
    "Foreign investors have been here nibbling a long time, but
we're seeing new names and smaller companies coming in," said
Arthur Smith, an oil property appraisal specialist and
president of John S. Herold Inc in Greenwich, Conn.
    "Europeans, especially, do not have much indigenous oil and
gas and realize the tide will eventually turn in favor of the
Organization of Petroleum Exporting Countries," he added.
    Smith and other oil industry analyst and economists believe
the trend in foreign investments will continue in 1987 because
of the fall in value of the U.S. dollar, the perception that
oil prices have hit bottom and the fact that it is cheaper to
buy new reserves than to explore for them.
    Plenty of properties are available on the market, thanks to
the need of many companies to raise cash for debt payments and
general restructuring throughout the oilpatch.
    In two of the biggest transactions of recent months,
French-owned Minatome Corp., a unit of 
<
Total Compagnie
Francaise des Petroles>, spent more than 230 mln dlrs to
separately acquire oil assets of Texas International 
<
TEICC>
and Lear Petroleum Partners 
<
LPP>. A spokesman for Minatome
said the company is searching for additional acquisitions.
    A partnership of two Belgian-owned firms, 
<
Petrofina S.A.>
and 
<
Cometra Oil S.A.> paid 150 mln dlrs late last year to buy
virtually all the exploration assets of the Williams Cos 
<
WMB>,
the Oklahoma pipeline firm.
    But Japanese investors prefer entering into joint ventures
with experienced U.S. companies to explore for new oil. Japan's

<
Nippon Oil> is a partner of Texaco Inc's 
<
TX> Texaco USA in a
100 mln dlrs U.S. drilling program, and has joined with
Dupont's 
<
DD> Conoco Inc in a similar 135 dlrs mln deal.
    Most buyers said the pay-back period of a property, its
geographic location and the lifting cost of the crude oil are
more important factors in evaluating potential acquisitions
than relying on a simple price-per-barrel formula.
    Rich Hodges, a Houston-based land manager representing
International Oil and Gas Corp, a partnership of 
<
Preussag
Corp> and 
<
C. Deilmann Inc> of West Germany, said the firm had
earmarked at least 50 mln dlrs to spend on oil reserves in
Texas, Oklahoma or Louisiana in the coming months.
    But he called that a small amount compared to the amount
other investors have for acquisitions. PaineWebber's Geodyne
Energy Income Fund, for example, has said it plans to spend up
to 300 mln dlrs on oil and gas properties.
    "The competition is stiff, not only from other foreign
investors but from the brokerage houses and U.S. oil
companies," he said. "Our company is shopping around because we
feel it's substantially less risky than pure exploration. If
you're going to take the risk inherent in exploration, you need
prices higher than the current market," he added.
    In addition to the foreign investors and U.S. brokerage
houses, analysts said many of the major oil companies were also
competing for prime properties.
    Houston-based Shell Oil Co, a unit of Royal Dutch/Shell Group

<
RD>, has been one of the most active companies in buying and
selling reserves, Smith said. Since 1982, Shell has acquired
two billion dlrs in new reserves, including 470 mln barrels of
oil equivalent at a net cost of 2.80 dlrs a barrel, he said.
    "Buying reserves is a good strategy for most of these
companies," Smith said. "Domestic production has dropped by one
mln barrels a day because of cutbacks in drilling and it may
drop by another one mln barrels a day in 1988."
 Reuter
3;
bodyend
documentend
documentstart
3800
topicstart
gnp
topicend
bodystart
2;

AUSTRIAN 1987 GROWTH SEEN BETWEEN 0.5 AND 1.5 PCT


    VIENNA, March 11 - 
A meeting of leading politicians,
bankers and economists has forecast Austrian real gross
domestic product growth for this year at between 0.5 and 1.5
pct, a government spokesman said.
    This compared with a two pct growth forecast made by the
semi-official Institute for Economic Research (WIFO) last
December.
    Helmut Kramer, spokesman for Chancellor Franz Vranitzky,
told Reuters that the forecast had been made during the meeting
attended by Vranitzky, Finance Minister Ferdinand Lacina,
National Bank President Stefan Koren and a WIFO representative.
    Economists have been cutting growth forecasts recently
mainly due to expectations of a poor export performance this
year, notably to Eastern Europe and oil exporting states.
    Hannes Androsch, general director of
Creditanstalt-Bankverein 
<
CABV.VI>, today put 1987 GDP growth
at between one and 1.5 pct.
    Kramer also said the meeting had heard that unemployment
for the year would be above the 5.5 pct forecast, but was
unlikely to be more than six pct.
 REUTER
3;
bodyend
documentend
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3801
topicstart
earn
topicend
bodystart
2;

<
FOR BETTER LIVING INC> 4TH QTR NET


    SAN JUAN CAPISTRANO, Calif., March 11 -
    
Shr profit primary 91 cts vs loss 86 cts
    Shr profit diluted 90 cts vs loss 86 cts
    Net profit 787,000 vs loss 751,000
    Sales 20 mln vs 12.5 mln
    Year
    Shr profit profit 2.63 dlrs vs profit five cts
    Shr profit diluted 2.59 dlrs vs profit five cts
    Net profit 2,273,000 vs profit 43,000
    Sales 70.1 mln vs 47.1 mln
    Note: Prior qtr and year figures include gains on disposal
of discontinued operations of 76,000 dlrs and 79,000 dlrs,
respectively.
 Reuter
3;
bodyend
documentend
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3802
topicstart
topicend
bodystart
2;

DIMIS 
<
DMISC> EXTENDS WARRANT EXPIRATION


    EATONTOWN, N.J., March 11 - 
Dimis Inc said it has extended
the expiration of its 1,424,500 common stock purchase warrants
to September 30 from March 31.
    Each two warrants allow the purchase of one share at two
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3803
topicstart
topicend
bodystart
2;

PRUDENTIAL TO FORM REAL ESTATE BROKERAGE UNIT


    NEWARK, N.J., March 11 - 
<
Prudential Insurance Co of
America> said it will enter the real estate brokerage business
in 1988 and plans to develop a national network of franchised
brokerage offices.
    Prudential said its new real estate unit, Prudential Real
Estate Affiliates, will be headed by Jerome M. Cole, who has
been chairman of Sears, Roebuck and Co Inc's 
<
S> Coldwell
Banker Residential Affiliates Inc unit.
    The unit will be headquarted in Southern California, it
said.
 Reuter
3;
bodyend
documentend
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3804
topicstart
topicend
bodystart
2;

INTERLEAF 
<
LEAF> INTRODUCES NEW SOFTWARE


    CAMBRIDGE, Mass., March 11 - 
Interleaf Inc said it will
introduce a series of new software packages that allow users to
build electronic publishing systems comprised of personal
computers, workstations and mainframe computers.
    In addition, the company said it will announce a software
program that lets users create documents in different languages
or mix languages within a single document.
 Reuter
3;
bodyend
documentend
documentstart
3805
topicstart
topicend
bodystart
2;

SOUTHWEST AIR 
<
LUV> UNIT ADDS HOUSTON NONSTOPS


    HOUSTON, March 11 - 
Southwest Airlines Co's TranStar
Airlines Corp said it will add nonstop flights from Houston's
Hobby Airport to Orlando, Tampa/St. Petersburg, San Diego and
Austin on April One.
    It said the changes will increase daily service to Austin
to four roundtrips daily, to Tampa to three nonstops and a
one-stop, to Orlando to one nonstops, three onestops and two
connecting flights and to San Diego to one nonstop and three
direct flights.
 Reuter
3;
bodyend
documentend
documentstart
3806
topicstart
earn
topicend
bodystart
2;

NEWPORT ELECTRONICS INC 
<
NEWE> 4TH QTR NET


    SANTA ANA, Calif., March 11 -
    
Oper shr loss nine cts vs loss four cts
    Oper net loss 108,000 vs loss 55,000
    Sales 3,029,000 vs 2,694,000
    Year
    Oper shr profit 42 cts vs profit 15 cts
    Oper net profit 511,000 vs profit 177,000
    Sales 13.3 mln vs 11.2 mln
    Avg shrs 1,233,136 vs 1,217,981
    Note: Current qtr and year figures exclude operating loss
carryforward gain of 26,000 dlrs vs gain of 88,000 dlrs in
prior year periods.
 Reuter
3;
bodyend
documentend
documentstart
3807
topicstart
earn
topicend
bodystart
2;

TRANSCO EXPLORATION PARTNERS LTD 
<
EXP> IN PAYOUT


    HOUSTON, March 11 -
    
Qtly div 44 cts vs 44 cts prior
    Pay June One
    Record May Eight
 Reuter
3;
bodyend
documentend
documentstart
3808
topicstart
earn
topicend
bodystart
2;

TRANSCO ENERGY CO 
<
E> SETS QUARTERLY


    HOUSTON, MArch 11 -
    
Qtly div 68 cts vs 68 cts prior
    Pay June One
    Record May Eight
 Reuter
3;
bodyend
documentend
documentstart
3809
topicstart
topicend
bodystart
2;

FORD 
<
F> SELECTS FIRM TO AUTOMATE PLANT


    NEW YORK, March 11 - 
Ford Motor Co selected 
<
Scicon Corp's>
Systems Control unit to install a manufacturing automation
system at Ford's Hermosillo, Mexico, plant, Scicon said.
    The system, the value of which was not disclosed, will
provide Ford with automated vehicle tracking capabilities,
Scicon said.
 Reuter
3;
bodyend
documentend
documentstart
3810
topicstart
topicend
bodystart
2;

RLR FINANCIAL 
<
RLRF> WON'T BE DELISTED


    LAUDERHILL, Fla., March 11 - 
RLR Financial Services Inc
said the National Association of Securities Dealers has decided
not to delist its stock from NASDAQ on March 12 as it had
threatened.
    The company said the NASD has granted it an indeterminate
amount of time to resolve issues raised by the NASD on the
market making of RLR's RLR Securities Group Inc subsidiary in
shares of the parent company.
    The NASD had alleged that no registration statement for the
shares was in effect.  RLR contested the charge but stopped
market making in its own stock.
 Reuter
3;
bodyend
documentend
documentstart
3811
topicstart
topicend
bodystart
2;

MCDERMOTT 
<
MDR> UNIT GETS PLANT CONTRACT


    NEW ORLEANS, March 11 - 
McDermott International Inc said
ASEA Babcock PFBC  received a 48 mln dlrs contract to supply a
combustion system for Tidd Power Plant in Brilliant, Ohio.
    ASEA Babcock PFBC is a joint venture between its Babcock
and Wilcox unit and ASEA PFBC of Sweden.
 Reuter
3;
bodyend
documentend
documentstart
3812
topicstart
topicend
bodystart
2;

ALASKA AIR GROUP 
<
ALK> TO OFFER STOCK


    SEATTLE, March 11 - 
Alaska Air Group Inc said it will offer
1.8 mln shares of common stock at 25.875 dlrs per share.
    The company said proceeds from the 45.1-mln-dlr offering
will be used to reduce debt, for working capital and for
capital expenditures.
 Reuter
3;
bodyend
documentend
documentstart
3813
topicstart
topicend
bodystart
2;

EL PASO ELECTRIC 
<
ELPA> REACHES NEW MEXICO PACT


    EL PASO, Texas, March 11 -- 
El Paso Electric Co said it has
agreed to limit rate increases in its New Mexico service
territory to a maximum of nine pct over the next three years.
    Last year, about 18 pct of the utility's revenues came from
New Mexico, 70 pct from retail electricity sales in Texas and
12 pct from wholesale sales under federal regulation.
    In January the company filed a formal rate case with New
Mexico regulators seeking a 21.66 pct increase in its annual
rates there which would have been equal to about 13.9 mln dlrs
net of fuel savings.
    El Paso Electric said it reached a stipulated settlement on
its New Mexico rates with several parties, including the state
of the New Mexico Public Service Commission, which provides for
rate treatment of the utility's investment in the Palo Verde
Nuclear Generating Station located near Phoenix, Ariz.
    The company said commission hearings on the stipulated
settlement are expected to start next month. If it is approved,
the new rates could go into effect as early as this summer. El
Paso Electric's January rate case will remain before the
commission pending approval of the settlement.
    El Paso Electric said the agreement provides got continued
full inclusion in its rate base of the costs of Palo Verda Unit
one, maximum rate increases of three pct on a cents per
kilowatt hour basis in 1987, 1988 and 1989, and no further rate
increases until 1994.
    Once the agreement is approved, the utility would still
have to prove cost of service increases to support at least the
maximum increase each year, a spokesman explained.
    The company said it will attempt to settle the cost of
service issues in timed to allow the new rates to go into
effect this summer.
    El Paso Electric said the agreement allows recovery in its
New Mexico rates of lease payments in connection with the
utility's 1986 sale and leaseback of its investment in Palo
Verde Unit Two to the extent of the book value sold.
    The company said it agreed that none of its costs for Palo
Verde Unit Three will be included in its New Mexico rates.
    The utility said the agreement also resolves any issue
relating to the prudence of the planning, management and
construction of Palo Verde and settles any possible issue of
excess generating capacity through 1993.
    El Paso Electric said it does not expect to have excess
generating capacity.
    The agreement also provides that any portion of the cost of
service deferrals not recouped prior to December 31, 1994 will
not be recovered through New Mexico rates, the company said,
adding it expects to recoup all deferrals in full by that date.
 Reuter
3;
bodyend
documentend
documentstart
3814
topicstart
topicend
bodystart
2;

CHRONAR 
<
CRNR> IN JOINT VENTURE IN YUGOSLAVIA


    PRINCETON, N.J., March 11 - 
Chronar Corp said it signed a
joint venture agreement with 
<
Rade Koncar>, a Yugoslav maker of
electric energy equipment, to build a 12 mln dlr, one megawatt
photovaltaic manufacturing plant in Split, Yugoslavia.
    Under the agreement, Rade Koncar will own 60 pct of the
venture and Chronar will own 40 pct, Chronar said.
    Chronar said it will receive 7.5 mln dlrs for supplying
equipment and technology and will invest 2.5 mln dlrs for its
40 pct stake. It said it cancelled a previous pact with a
Yugoslav firm because the firm could not raise enough capital.
 Reuter
3;
bodyend
documentend
documentstart
3816
topicstart
topicend
bodystart
2;

FRANCE ANNOUNCES 10.5 BILLION FRANC T-BILL AUCTION


    PARIS, March 11 - 
The Bank of France announced that it will
publicly auction 10.5 billion francs of negotiable Treasury
bills on March 16.
    The auction will comprise 3.5 billion francs of 13-week
bills, 3.5 billion francs of 26 week bills and 3.5 billion
francs of 52-week bills, all fixed rate.
 Reuter
3;
bodyend
documentend
documentstart
3817
topicstart
earn
topicend
bodystart
2;

TOTAL ERICKSON RESOURCES LTD 
<
TLEXF> YEAR NET


    VANCOUVER, British Columbia, March 11 -
    
Shr profit nine cts vs loss 45 cts
    Net profit 2,500,000 vs loss 9,900,000
    Revs 16,800,000 vs 3,300,000
    Note: 1986 net includes 2.6 mln dlr or nine ct a shr
writedown of nine pct stake in 
<
Trans-Canada Resources Ltd>.
    1985 results reflect only six mths of mining operations due
to merger of Erickson Gold Mines Ltd and Total Eastcan
Exploration Ltd on June 30, 1985.
 Reuter
3;
bodyend
documentend
documentstart
3819
topicstart
topicend
bodystart
2;

NATIONWIDE CELLULAR 
<
NCEL> HAS BUY OPTION


    VALLEY STREAM, N.Y., March 11 - 
Nationwide Cellular Service
Inc said it has acquired an option to purchase rights to about
4,000 subscribers from Americom L.A. Systems, a Los Angeles
reseller of mobile telephone service, for 2,750,000 dlrs.
    It said the option can be exercised within 120 days and
would mark its entry into the Los Angeles market. During the
option period, it said it will manage American L.A.'s
operations.
    The option is subject to negotiation of a definitive
agreement and the receipt of certified financial statements
from Americom.
 Reuter
3;
bodyend
documentend
documentstart
3821
topicstart
acq
topicend
bodystart
2;

VERSAR 
<
VSR> TO BUY MARIETTA 
<
ML> UNIT


    SPRINGFIELD, Va., March 11 - 
Versar Inc said it has agreed
in principle to acquire Martin Marietta Corp's Martin Marietta
Environmental Systems unit for about 5,300,000 dlrs.
    Versar said it would use its working capital and an
established life of credit to find the purchase, which is
subject to approval by both boards and is expected to be
completed in April.
    Marietta Environmental had 1986 revenues of about nine mln
dlrs.
    Versar said the acquisition should have a "moderately"
favorable effect on its earnings this year.
 Reuter
3;
bodyend
documentend
documentstart
3822
topicstart
topicend
bodystart
2;

TRANSCO ENERGY 
<
E> CALLS 3.875 DLR PREFERRED


    HOUSTON, March 11 - 
Transco Energy Co said on April 10 it
will redeem all 707,905 outstanding shares of its 3,875 dlr
series cumulative convertible preferred stock at 51.17 dlrs per
share plus accrued dividends of 74 cts.
    Transco said each share of the preferred is convertible
into 1,263 common shares.
 Reuter
3;
bodyend
documentend
documentstart
3823
topicstart
topicend
bodystart
2;

MERRILL 
<
MRLL> BUYS FRAYN FINANCIAL PRINTING


    ST. PAUL, March 11 - 
Merrill Corp said it acquired Frayn
Financial printing, the financial printing division of Frayn
Printing Co, Seattle. Terms were not disclosed.
    It said the acquired division, now known as
Merrill/Seattle, becomes the company's 10th financial printing
service center.
 Reuter
3;
bodyend
documentend
documentstart
3824
topicstart
topicend
bodystart
2;

I.I.S. INTELLIGENT 
<
IISLF> IN TEXTRON 
<
TXT> DEAL


    NEW YORK, March 11 - 
I.I.S. Intelligent Information Systems
Ltd said it has received received and completed delivery on an
order worth over 700,000 dlrs to supply Textron Inc's Bell
Helicopter Textron Inc unit with leased International Business
Machines Corp 
<
IBM> 3270 and 3191 plug-compatible work stations
and printers.
 Reuter
3;
bodyend
documentend
documentstart
3825
topicstart
interest
topicend
bodystart
2;

U.K. BANKS OFFER FIXED-RATE MORTGAGES AT 10.2 PCT


    LONDON, March 11 - 
Two major U.K. Clearing banks announced
they will offer a total of 800 mln stg in new mortgages at a
fixed interest rate of 10.2 pct for the first three years,
below current bank base lending rates of 10.5 pct.
    Midland Bank Plc 
<
MDBL.L> said it has initially allocated
500 mln stg for home loans at this rate, while Lloyds Bank Plc

<
LLOY.L> will offer 300 mln stg.
    Earlier this week, Midland said it would cut its standard
rate of mortgage payment to 11.5 pct from April 1, following a
half a percentage point reduction in leading banks' base
lending rates from 11 pct.
    Building society and other bank mortgage rates are largely
still well above the new base rate level, although last year
Lloyds offered a fixed rate of 9.9 pct on certain home loans.
    A Midland spokesman said his bank calculated that at the
current level of 2.7 billion stg, its existing mortgage book
accounts for about 5 pct of the total British home loan market.
    Lloyds said it has 3.6 billion stg in outstanding mortgage
loans, but had not estimated its total market share.
    Among other major clearing banks, Barclays Plc 
<
BCS.L> and
National Westminister Bank Plc 
<
NWBL.L> said they had no
immediate plans to announce similar fixed rate schemes.
 Reuter
3;
bodyend
documentend
documentstart
3826
topicstart
topicend
bodystart
2;

PRIMAGE 
<
PRIM> INTRODUCES NEW PRINTER


    RONKONKOMA, N.Y., March 11 - 
Primages Inc said it
introduced a new daisywheel printer that can print 90
characters per second and features graphics capabilities.
    The printer, called Primage 90-GT, is priced at 1,500 dlrs
and can be combined with the company's paper-handling systems,
Primage said.
 Reuter
3;
bodyend
documentend
documentstart
3827
topicstart
topicend
bodystart
2;

DATAREX 
<
DRX> TO SELL 3M 
<
MMM> COMPUTER GEAR


    BUFFALO, N.Y., March 11 - 
Datarex Systems Inc said it was
named a distributor for Minnesota Mining and Manufacturing Co's
data recording media and other computer suppliers and
accessories in the United States.
    The company said sales of the 3M products will have a
material impact on its sales for the balance of 1987.
 Reuter
3;
bodyend
documentend
documentstart
3828
topicstart
acq
topicend
bodystart
2;

JIM WALTER 
<
JWC> BUSY OWENS-CORNING 
<
OCF> PLANT


    TAMPA, Fla, March 11 - 
Jim Walter Corp said it completed
the acquisition of Owens-Corning Fiberglas Corp's mineral
ceiling and fiberboard plant in Meridian, Miss.
    Terms were not disclosed
    The plant's operations will complement existing ceiling
materials production within jim Walter's building material's
group, which last year generated income of 54.9 mln dlrs on
sales of 740 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3830
topicstart
ship
topicend
bodystart
2;

AMERICAN PRESIDENT 
<
APS> TO LEASE MORE SHIPS


    OAKLAND, Calif., March 11 - 
American President Cos Ltd said
its American President Lines shipping subsidiary  obtained
final approval from U.S. and Japanese authorities to lease four
new ships from Lykes Bros Co.
    The move will will enable it to boost service in the
Pacific by 15 pct in 1987, American President said.
    The company said it will lease the ships for three years
and hold two additional three-year options.
    It said American President Lines is currently operating at
capacity in the Pacific and the new ships will arrive in time
for the normal demand surge of the spring and summer seasons.
 Reuter
3;
bodyend
documentend
documentstart
3831
topicstart
earn
topicend
bodystart
2;

BOWNE AND CO INC 
<
BNE> SETS STOCK SPLIT


    NEW YORK, March 11 - 
Bowne and Co Inc said its board
declared a two-for-one stock split, payable May 10 to holders
of record April 17.
 Reuter
3;
bodyend
documentend
documentstart
3832
topicstart
topicend
bodystart
2;

LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE


    LONDON, March 11 - 
The London Stock Exchange has no
immediate comment on the U.S. Insider trading charge against a
senior London executive of Merrill Lynch and Co 
<
MER>, an
Exchange spokesman said.
    "This is a civil action in New York and no-one here has any
proper details yet," he added.
    The London Exchange, which keeps in touch through the U.K.
Government's information channels to the U.S. Securities and
Exchange Commission, will await further developments, he said.
    Trade and Industry Department officials also declined
immediate comment.
    Merrill Lynch in London said any further amplification on
the SEC charge against its executive Nahum Vaskevitch would
have to come from the firms's New York office.
    Market queries here centred on whether the 12 companies
involved in mergers, referred to in the SEC complaint, included
British companies such as Guinness Plc 
<
GUIN.L> which have
featured in recent official inquiries.
    Merrill Lynch is a member of the London Stock Exchange, in
addition to its U.S. And other international investment
activities.
 Reuter
3;
bodyend
documentend
documentstart
3833
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRM BOOSTS AMERFORD 
<
AMRF> STAKE


    WASHINGTON, March 11 - 
Louart Corp, a Los Angeles
investment firm, said it raised its stake in Amerford
International Corp to 105,615 shares, or 7.8 pct of the total
outstanding, from 69,715 shares, or 5.2 pct.
    In a filing with the Securities and Exchange Commission,
Louart said it bought 35,900 Amerford common shares between
March 19, 1986 and Jan 30, 1987 at prices ranging from 3.92 to
4.29 dlrs a share.
    It said it bought the shares for investment purposes and
might increase its stake in the future.
 Reuter
3;
bodyend
documentend
documentstart
3834
topicstart
topicend
bodystart
2;

EMERSON 
<
EMR> SELLS NEW ZEALAND DOLLAR NOTES


    NEW YORK, March 11 - 
Emerson Electric Co is offering in the
U.S. debt market 100 mln New Zealand dlrs of notes due 1989
with an 18.55 pct coupon and par pricing, said lead underwriter
Prudential-Bache Securities Inc.
    That is 170 basis points below comparable New Zealand
rates.
    Non-callable to maturity, the issue is rated a top-flight
AAA by both Moody's Investors Service Inc and Standard and
Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
3836
topicstart
topicend
bodystart
2;
******
CHRYSLER SAYS IT SOLD 405 MLN DLRS OF CORPORATE BONDS TO INVESTMENT BANKERS

Blah blah blah.
3;


bodyend
documentend
documentstart
3837
topicstart
topicend
bodystart
2;

FPL GROUP 
<
FPL> NUCLEAR REACTOR SHUT DOWN


    Miami, March 11 - 
A pressure leak in a containment building
hatch at FPL Group Inc's Turkey Point nuclear plant has forced
a brief reactor shutdown, a Nuclear Regulatory Commission (NRC)
spokesman said.
    Ken Clark, the NRC's representative in Atlanta, said no
radioactivity escaped during the incident last night, which he
described as "a relatively minor problem that poses no safety
hazard."
    Clark said repairs were underway and Turkey Point Unit 4,
one of two nuclear reactors at the site south of Miami, was
expected to be reactivated later today.
 Reuter
3;
bodyend
documentend
documentstart
3838
topicstart
gnp
topicend
bodystart
2;

CORRECTED - AUSTRIA 1987 GROWTH FORECAST REVISED


    VIENNA, March 11 - 
Austrian gross domestic product growth
for this year is likely to be between 0.5 and 1.5 pct, Helmut
Kramer, head of the semi-official Institute for Economic
Research (WIFO) said.
    This compared with a two pct growth forecast made by the
WIFO last December.
    Kramer made the forecast at a meeting today on Austria's
economic outlook also attended by Chancellor Franz Vranitzky,
Finance Minister Ferdinand Lacina and National Bank President
Stefan Koren.
 REUTER
3;
bodyend
documentend
documentstart
3839
topicstart
acq
topicend
bodystart
2;

FIRST BOSTON 
<
FBC> SWISS AFFILIATE BOOSTS STAKE


    WASHINGTON, March 11 - Financiere Credit Suisse - 
First
Boston, the Swiss affiliate of First Boston Inc, said it raised
its stake in the company to 11,262,307 shares, or 35.5 pct of
the total, from 10,262,307 shares, or 32.8 pct.
    In a filing with the Securities and Exchange Commission,
Financiere Credit Suisse said it bought 870,100 First Boston
common shares between Feb 10 and 27 at prices ranging from
48.125 to 53.000 dlrs a share, or 22.5 mln dlrs total.
    It said it bought the shares as part of an agreement to
raise its minority stake in First Boston to 40 pct, the same
stake level First Boston holds in Financiere Credit Suisse.
 Reuter
3;
bodyend
documentend
documentstart
3840
topicstart
earn
topicend
bodystart
2;

NUMAC OIL AND GAS LTD 
<
NMC> YEAR NET


    EDMONTON, March 11 -
    
Oper shr 23 cts vs 77 cts
    Oper net 5,255,179 vs 17.6 mln
    Revs 37.8 mln vs 73.7 mln
    NOTE: Cash flow 19.5 mln dlrs or 86 cts shr vs 36.7 mln
dlrs or 1.62 dlrs shr.
    1985 net excludes 32 ct shr loss from discontinued
operations.
    Gross proven and probable reserves of crude oil and natural
gas liquiids 18.4 mln barrels, off 7.6 pct from a year before.
 Reuter
3;
bodyend
documentend
documentstart
3841
topicstart
earn
topicend
bodystart
2;

FARAH 
<
FRA> AGAIN OMITS QUARTERLY DIVIDEND


    EL PASO, Texas, March 11 - 
Farah Inc said it omitted its
quarterly common stock dividend for the second consecutive
quarter.
    The company, which last paid a quarterly common dividend of
22 cts a share in December, said it will consider future
dividend payments on the basis of improved profitability and
cash flow.
    Farah said it expects to turn a profit for the balance of
1987. For its first quarter ended January 31, Farah lost
1,891,000 dlrs, or 32 cts a share, on sales of 71 mln dlrs.
    In addition, Farah said it received shareholder approval to
change its name to Farah Inc from Farah Manufacturing Co.
 Reuter
3;
bodyend
documentend
documentstart
3842
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 11 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Minnesota Power and Light Co 
<
MPL> - Offering of 50 mln
dlrs in first mortgage bonds due April 1, 1994 and 75 mln dlrs
in first mortgage bonds due April 1, 1997 through PaineWebber
Inc.
    International Lease Finance Corp 
<
ILFC> - Shelf offering of
up to 1,000 shares of Dutch Auction Rate Transferable
Securities (DARTS) preferred stock through Salomon Brothers Inc
and Shearson Lehman Brothers Inc.
    Trinity Industries Leasing Co - Offering of 100 mln dlrs of
convertible debentures due April 1, 2012 through Merrill Lynch
Capital Markets.
 Reuter
3;
bodyend
documentend
documentstart
3843
topicstart
crude
topicend
bodystart
2;

JORDAN-PETROCANADA AGREE OIL EXPLORATION PROJECT


    AMMAN, March 11 - 
A two-year project to search for oil and
gas in Jordan was agreed in Amman by Jordan's Natural Resources
Authority (NRA) and the Canadian company, Petrocanada
International Assistance Corporation (PCIAC).
    The 19.1 mln dlr assistance agreement was signed by
Jordan's Minister of Energy Hisham al-Khatib and PCIAC chairman
Peter M. Towe.
    PCIAC is a Canadian government corporation providing
assistance to countries like Jordan to reduce their dependence
on oil imports, Towe said.
 Reuter
3;
bodyend
documentend
documentstart
3844
topicstart
topicend
bodystart
2;

KEYSTONE CAMERA 
<
KYC> TO DISTRIBUTE WATCHES


    CLIFTON, N.J., March 11 - 
Keystone Camera Products Corp
said it has agreed to be the United States distribution manager
for Le Clip clip-on fashion watches.
    Keystone said its agreement with 
<
Le Clip S.A.> of
Switzerland is effective through March 31, 1990.
 Reuter
3;
bodyend
documentend
documentstart
3845
topicstart
topicend
bodystart
2;

NECO 
<
NPT> POSTPONES ANNUAL MEETING


    MIDDLETOWN, R.I., March 11 - 
NECO Enterprises Inc said it
has postponed its annual meeting to May 21 from the previously
scheduled April 28 and the record date for the meeting to March
25 from March 11.
    A spokesman said the changes were made because of the
pending tender offer for the company's stock.
 Reuter
3;
bodyend
documentend
documentstart
3846
topicstart
earn
topicend
bodystart
2;

NUMAC OIL 
<
NMC> SEES RESULTS IMPROVING


    EDMONTON, March 11 - 
Numac Oil and Gas Ltd said it expects
significant improvement in operating performance during 1987.
    The company today reported 1986 earnings from continuing
operations of 5,255,179 dlrs, down from 17.6 mln dlrs a yuear
earlier, due to lower prices for crude oil and pipeline
capacity constraints.
    Numac said changes introduced by federal and provincial
governments during 1986 should help results.
 Reuter
3;
bodyend
documentend
documentstart
3847
topicstart
grain
corn
topicend
bodystart
2;

DOLE SAYS 0/92 OPTION SHOULD BE CONSIDERED


    WASHINGTON, March 11 - 
U.S. Senate Republican leader Robert
Dole said Congress should consider legislation to apply the
so-called 0/92 option to producers of major commodities.
    Dole told the National Corn Growers Association that he
thought the proposal, supported by the Reagan administration,
"should be seriously considered" because a refusal to do so could
"play into the hands of those who want mandatory controls" placed
on production.
    However, Dole did not say whether he would support the 0/92
option, which would offer producers at least 92 pct of their
income support payments regardless of how much they planted.
    The Senate Republican leader said the 0/92 option posed two
problems. First, it is viewed, he said, by some as welfare. In
addition, debate on the proposal could open up the whole farm
bill, Dole said.
    Dole also repeated his call for an across-the-board export
enhancement program, saying a subsidy offer to the Soviet Union
could help improve U.S. relations with that country.
    Dole said that the United States has made the decision to
trade with Moscow and that it's important to offer competitive
prices.
    The senator predicted Congress would have to decide this
year whether to require an expansion of the export subsidy
program, which currently targets benefits to recapture markets
lost to other suppliers which subsidize.
    Dole, who last year pledged to offer legislation to require
a marketing loan for major crops but never did so, again called
for the marketing loan for wheat and feedgrains.
    The Reagan administration's proposed farm policy changes
"are not going anywhere" this year, Dole said, singling out the
proposal to cut target prices 10 pct per year.
    Asked by reporters after his speech whether he sensed a
shift in the State Department towards supporting an export
enhancement initiative for the Soviet Union, Dole said he
didn't see any change.
    Dole also said it would be a very close call in the Senate
whether to open up the farm bill to general debate this year.
    Dole said he was encouraged by the selection of Republican
David Karnes to replace the late Sen. Edward Zorinsky (D-Neb.)
 Reuter
3;
bodyend
documentend
documentstart
3849
topicstart
topicend
bodystart
2;

ERICSSON 
<
ERICY> WINS ORDER FROM WEST GERMANY


    NEW YORK, March 11 - 
L.M. Ericsson Telephone Co of Sweden
said it was awarded a 7.5 mln dlr contract to supply its
Alfaskop computer terminals to the West German Bundespost, West
Germany's telecommunications and postal administration.
    Ericsson said the contract covers 2,000 terminals, which
will be used by West German post offices.
 Reuter
3;
bodyend
documentend
documentstart
3850
topicstart
earn
topicend
bodystart
2;
******
H.J. HEINZ CO 3RD QTR SHR 55 CTS VS 46 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
3851
topicstart
earn
topicend
bodystart
2;
******
H.J. HEINZ RAISES QUARTERLY TO 28 CTS FROM 25 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
3852
topicstart
topicend
bodystart
2;

PRE-PAID LEGAL 
<
PPD> SEES HIGHER SALES GROWTH


    NEW YORK, March 11 - 
Pre-Paid Legal Services Inc chairman
Harland Stonecipher said the company's sales growth rate for
each of the next five years would substantially exceed the
average 100 pct recorded over each of the last few years.
    Addressing analysts, Stonecipher declined to give specific
figures but attributed his optimism to a recent loan agreement
with I.C.H. Corp 
<
ICH>, under which Pre-Paid is slated to
receive 10 mln dlrs.
    In 1986, Pre-Paid earned 2.5 mln dlrs on sales of 42.4 mln
dlrs compared to net of 1.5 mln dlrs on sales of 19.8 mln dlrs
in 1985.
    Stonecipher said the company's product will be marketed
through at least two I.C.H. subsidiaries. The agreement with
I.C.H. will provide access to all 50 states from Pre-Paid's 
present coverage in 22 states, he said.
    Pre-Paid provides insurance for legal services primarily in
the private sector.
 Reuter
3;
bodyend
documentend
documentstart
3853
topicstart
earn
topicend
bodystart
2;

<
RANCHMEN'S RESOURCES LTD> YEAR LOSS


    CALGARY, Alberta, March 11 -
    
Shr loss seven cts vs loss 3.83 dlrs
    Net profit 1,700,000 vs loss 13,900,000
    Revs 18.7 mln vs 25.6 mln
    Note: Current shr after preferred dividends of 2.0 mln dlrs
    Prior shr and net includes 34.5 mln dlr writedown on oil
properties
 Reuter
3;
bodyend
documentend
documentstart
3855
topicstart
gas
grain
corn
topicend
bodystart
2;

DOLE MULLS BILL TO EXTEND ETHANOL TAX EXEMPTION


    WASHINGTON, March 11 - 
U.S. Senate Republican leader Robert
Dole (R-Kan.) said he and a group of Republican lawmakers are
considering introducing legislation to extend the ethanol tax
exemption through the year 2000.
    Dole, addressing the National Corn Growers Association
board, said the proposal was under consideration by a rural
task force of Republican members of Congress and governors.
    Gasoline containing at least 10 pct ethanol now receives a
six cents per gallon exemption from a nine cent federal excise
tax. The exemption is to expire the end of 1992.
    Ethanol is produced primarily by a few large agribusiness
firms including Archer Daniels Midland (ADM) and A.E. Staley.
The tax exemption has helped bolster ethanol production despite
a sharp drop in the prices of competing crude oil.
 Reuter
3;
bodyend
documentend
documentstart
3856
topicstart
acq
topicend
bodystart
2;

OAK INDUSTRIES 
<
OAK> TO BUY REXNORD 
<
REX> UNIT


    SAN DIEGO, Calif, March 11 - 
Oak Industries said it signed
a definitive agreement to buy the stock of Rexnord Inc's
Railway Maintenance Equipment Co unit, for an undisclosed sum.
    The company said Railway Maintenance had 1986 revenues of
16 mln dlrs.
    Oak said the acquisition is part of its two-tier strategy
of buying releated and unrelated businesses.
    Oak had a tax loss carryforward of 125 mln dlrs at the end
of 1986.
 Reuter
3;
bodyend
documentend
documentstart
3857
topicstart
earn
topicend
bodystart
2;

SUMITOMO BANK 
<
SUMI> DECLARES STOCK DIVIDEND


    SAN FRANCISCO, March 11 - 
Sumitomo Bank of California said
it declared a 7-1/2 pct stock dividend in addition to its
regular quarterly cash dividend of 29 cts per share.
    Both dividends are payable April 27 to shareholders of
record March 31, the company said.
 Reuter
3;
bodyend
documentend
documentstart
3858
topicstart
earn
topicend
bodystart
2;

LSB BANCSHARES INC 
<
LXBK> RAISES PAYOUT


    LEXINGTON, N.C., March 11 -
    
Qtly div 18 cts vs 17 cts prior
    Pay April 15
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
3859
topicstart
topicend
bodystart
2;

H.J. HEINZ 
<
HNZ> ELECTS NEW CHAIRMAN


    PITTSBURGH, March 11 - 
H.J. Heinz Co said its board of
directors has elected Anthony O'Reilly chairman of the board,
succeeding Henry Heinz II, who died on February 23.
    Heinz said O'Reilly will retain his present titles of
president and chief executive officer.
 Reuter
3;
bodyend
documentend
documentstart
3860
topicstart
earn
topicend
bodystart
2;

H.J. HEINZ CO 
<
HNZ> 3RD QTR JAN 28 NET


    PITTSBURGH, March 11 - 
    
Shr 53 cts vs 46 cts
    Qtly div 28 cts vs 25 cts prior
    Net 74.7 mln vs 63.2 mln
    Revs 1.08 billion vs 1.01 billion
    Nine mths
    Shr 1.78 dlrs vs 1.60 dlrs
    Net 244.4 mln vs 219.7 mln
    Revs 3.33 billion vs 3.15 billion
    Note: Dividend payable April 10 to shareholders of record
March 23.
 Reuter
3;
bodyend
documentend
documentstart
3861
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> SELLS BONDS FROM ITS PORTFOLIO


    NEW YORK, March 11 - 
Chrysler Corp today sold 405 mln dlrs
of corporate bonds from its nearly 3.5 billion dlr pension fund
to Wall Street investment bankers, vice president and treasurer
Fred Zuckerman said.
    He said this was the first of two planned sales of
corporate issues from the fund's portfolio. Zuckerman said
Chrysler will sell slightly less than one billion dlrs of
corporates.
    "Phase two (the second sale) will be in a month or so," the
Chrysler executive said, adding that proceeds will be invested
exclusively in the equities market.
    Before today's sale of corporate bonds, those securities
had comprised roughly two thirds of the pension fund portfolio.
    "After the two sales, equities will amount to 50 pct or
more of the portfolio," Zuckerman said.
    "We believe that the equity market has much more upside
potential than the bond market," the executive said. "Interest
rates are not coming down and I would not bet a lot that they
will drop sharply."
    He added, "I personally think interest rates may decline by
50 basis points at the most this year."
    Zuckerman said the 405 mln dlr bond sale was composed of
139 separate issues.
    "Sixty pct were utilities, 20 pct were issued by foreign
governments or corporations, and 20 pct were financial
institutions," he detailed.
    The Chrysler treasurer said that the corporate paper had
typically an 18-year maturity. "The securities were long-term,
high-quality bonds, mostly rated AA-minus or A-plus," he said.
    Zuckerman said Chrysler sold the corporate bonds at about
1.6 pct above yesterday's closing prices for these issues.
"That showed our portfolio is desirable," he commented.
    Corporate bond traders noted that Chrysler's sale occurred
against the backdrop of a slightly weak secondary market.
    They said they believed that Chrysler was sold the
corporates at a large profit because the issues were bought by
the automaker for its portfolio when interest rates were much
higher.
    Chrysler's Zuckerman said his company sold the corporate
issues to four large Wall Street securities firms.
    He said that Morgan Stanley and Co Inc and Salomon Brothers
Inc bought most of the bonds. However, Zuckerman declined to
name the other two houses.
    Yesterday, Chrysler presented four investment bankers with
a list of bonds and asked them to submit bids by this morning.
    Zuckerman said that Morgan Stanley bought more corporate
bonds than any one of the other three houses.
    Wall Street sources said they believed First Boston Corp
and Merrill Lynch Capital Markets were also in on the bidding
for the corporate bonds. They believed these two firms were
awarded bonds by the carmaker as well.
    A spokesman for Morgan declined to comment and referred
inquiries to Chrysler. Officials at Salomon, First Boston and
Merrill Lynch were unavailable for immediate comment.
 Reuter
3;
bodyend
documentend
documentstart
3862
topicstart
copper
zinc
silver
topicend
bodystart
2;

PERU GUERRILLAS INTERRUPT TRAIN ROUTE TO MINES


    LIMA, March 11 - 
Maoist guerrillas using dynamite derailed
two locomotives and four train wagons, interrupting traffic on
Peru's sole railway line linking the capital to the central
Andes, where most of the country's mining centres are located,
authorities said.
    Damages was estimated at 800,000 dlrs in the dynamite blast
yesterday at Chacapalca, where the explosion wrecked the train
laden with minerals and 45 metres of the railway line.
    Crews hoped to restore traffic to the line later today
after clearing the damaged train and repairing the tracks at
Chacapalca, 225 km east of the Capital, Lima.
    An official at Mineroperu comercial (Minpeco), Peru's state
minerals marketing firm, said the agency was assessing the
situation. There had not been a declaration of force majeure on
contracts to ship minerals abroad.
    Foreign sales of silver, copper, zinc and other minerals
earn Peru over half of its export income. Most of the minerals,
extracted and refined in the central peruvian andes, are
shipped down the central railway to the lima port of callao.
 Reuter
3;
bodyend
documentend
documentstart
3864
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/TENNECO INC 
<
TGT>


    NEW YORK, MARCH 11 - 
Tenneco Inc, a company that has long
been rumored to be a takeover candidate, rose sharply today
when speculation surfaced that investor T. Boone Pickens may be
targeting the company for an acquisition, traders and analysts
said.
    Tenneco spokesman Joseph Macrum said "we have no comment to
make whatsoever." Pickens was not available for comment.
    Traders noted that activity in the stock increased today
after a published report linked Pickens to Tenneco.
    Tenneco rose two points to 48-3/4.
    Paul Feretti, an analyst with New Orleans-based Howard,
Weil, Labouisse, Friedrichs, Inc, said he was not surprised at
market rumors that Tenneco might be the target of a takeover
attempt.
    "It's pure market speculation that Boone Pickens and his
group may be interested," Feretti said.
    "But Tenneco would be a challenge to run because of its
sheer size and diversity. Mr. Pickens is a man who likes a
challenge."
    Pickens, who made an unsuccessful attempt to take over
Dallas-based Diamond Shamrock Corp 
<
DIA> last winter, has made
no secret of his plans to acquire additional natural gas
reserves in the belief that gas prices will stabilize sooner
than oil prices. Tenneco holds natural gas reserves estimated
in excess of 3.5 trillion cubic feet, analysts said.
    Feretti conservatively estimated Tenneco's breakup value at
58 dlrs a share and said the company generated a cash flow of
about 10 dlrs a share "which is probably very attractive to
Pickens." Other analysts, however, estimate a breakup value
well into the 60 dlr a share range.
    "I strongly doubt that there is going to be any hostile
takeover," Drexel Burnham Lambert Inc's Houston-based analyst
John Olson said, putting little credence in the rumors.
    "Tenneco is a gargantuan enterprise with seven billion dlrs
in long-term debt and preferred stock outstanding." He said the
buyer would also have to deal with "the intractable problems"
Tenneco faces with its farm equipment unit and energy
businesses.
    Analysts suggested that Tenneco could use a number of
defensive strategies to fend off an unwanted buyer, such as
spin off some of its non-energy businesses directly to
shareholders, buy back shares or create a limited partnership
out of its natural gas pipeline interests.
    An analyst who asked to remain unidentified, discouraged
the Pickens rumor. "Pickens has a plateful already with his
holdings in Burlington Northern and Amerada Hess," he said. "I
don't think he would be willing to take on Tenneco's problems
with Case (the farm equipment unit), which has been losing
about 180 mln dlrs annually and is worth less than a billion
dlrs on the market today."
 Reuter
3;
bodyend
documentend
documentstart
3865
topicstart
earn
topicend
bodystart
2;

SOFTWARE AG 
<
SAGA> SEES WEAK RESULTS


    RESTON, Va., March 11 - 
Software AG Systems Inc said it
expects to report earnings for its third quarter "substantially
weaker" than earnings of prior periods due to an unexpected
shortfall in U.S. domestic license revenues.
    For the second quarter ended November 30, Software AG
earned 2,089,000 dlrs, down from 5,014,000 dlrs a year before.
In last year's third quarter, Software AG earned 1,598,000
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3866
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> TO STEP UP COUNTERFEIT BATTLE


    DETROIT, March 11 - 
Chrysler Corp said it is escalating its
war with automotive parts counterfeiters and will use the
service of Light Signatures Inc of Los Angeles.
    It said computer technology by Light Signatures initially
will be used to safeguard warranty glass.
 Reuter
3;
bodyend
documentend
documentstart
3867
topicstart
earn
topicend
bodystart
2;

MILES LABORATORIES INC 4TH QTR NET


    ELKHART, Ind., March 11 -
    
Net 3,563,000 vs 2,821,000
    Sales 318.6 mln vs 305.4 mln
    Year
    Net 28,950,000 vs 20,167,000
    Sales 1.22 billion vs 1.17 billion
    Note: Company is a subsidiary of Bayer AG of West Germany.
1986 figures exclude Miles' Bayvet animal health business, sold
Jan. 1, 1986, to Mobay Corp, another Bayer AG affiliate.
 Reuter
3;
bodyend
documentend
documentstart
3868
topicstart
acq
silver
topicend
bodystart
2;

PLACER 
<
PLC> TO INCREASE STAKE IN EQUITY SILVER


    VANCOUVER, British Columbia, March 11 - 
<
Equity Silver
Mines Ltd> said it agreed to sell 6.6 mln shares of a new class
of par value voting stock to Placer Development Ltd for 37.1
mln dlrs, increasing Placer's stake in Equity to 74.5 pct from
68 pct.
    The transaction is subject to regulatory approval and a
vote by Equity minority shareholders at the April 23 annual
meeting, the company said.
    Proceeds from sale of the shares, priced at 5.625 dlrs
each, will be used to buy and deliver 4,985,000 ounces of
silver to Placer, Equity said.
    Equity Silver said the silver remains to be delivered under
its sale agreement with Placer, after delivery of its 750,000
ounce minimum commitment for 1987.
    Equity said it arranged to acquire 4,985,000 ounces of
silver at 7.40 dlrs an ounces, subject to selling the shares to
Placer.
    Purchase and delivery of the silver to Placer will result
in an after-tax gain of about 6.6 mln dlrs, Equity said.
    It also said the stock and silver transactions will create
a 37,059,000 dlr fund out of which dividends will be paid when
cash is available.
    The cash fund will enable Equity Silver to continue to pay
dividends on its preferred shares and increase the likelihood
that it may be able to pay dividends on its common shares, the
company said.
    It did not elaborate on what common share dividends might
be paid.
    The company normally pays quarterly preferred dividends
totalling 619,000 dlrs from retained earnings, Equity Silver
said.
    Equity Silver had retained earnings of 2,312,000 dlrs at
December 31, 1986.
 Reuter
3;
bodyend
documentend
documentstart
3869
topicstart
crude
ship
topicend
bodystart
2;

BRAZIL'S SARNEY MEETS STRIKES WITH SHOW OF FORCE


    By Stephen Powell, Reuters


    SANTOS, BRAZIL, MARCH 11 - 
With troops in place in Brazil's
ports and oil installations, the government of Prersident Jose
Sarney today sought to end a wave of labour unrest by a show of
force.
    Yesterday the government sent thousands of troops supported
in some instances by tanks to occupy nine oil refineries and
six areas of oil production.
    The state-oil company Petrobras requested the intervention
because of a threatened strike by 55,000 oil industry
employees.
    The government had already dispatched more than 1,000
marines to occupy the country's main ports after a national
seamen's strike was ruled illegal last Friday.
    The strike by 40,000 seamen, now in its 13th day,
represents a stern challenge to the government.
    The stoppage has delayed exports at a time when Brazil
desperately needs foreign exchange.
    It was a deterioration in the country's trade balance which
precipitated Brazil's current debt crisis and the decision on
February 20 to suspend interest payments on 68 billion dlrs of
commercial debt.
    There was no sign today of an early end to the seamen's
strike, which has badly hit the port of Santos -- the most
important in South America -- and the country's other main
ports.
    Small groups of marines armed with submachineguns stand on
the quays near the strike-bound ships, but the military
presence here is generally discreet.
    A total of 800 marines are inside the docks but most are
out of sight.
    Yesterday marines and police occupied one ship, the
Docemarte, seamen's leaders said. After explaining to the
captain that the strikers faced up to one year in jail because
the strike was illegal, the men returned to work.
    One of the strike leaders, Elmano Barbosa, said "it is a
psychological war. They are using force and we are using
peaceful methods."
    Port sources said only two Brazilian ships in Santos, the
Docemarte and the Henrique Leal, were working.
    At the seamen's national strike headquarters in Rio de
Janeiro, spokesmen say a total of about 190 ships are
strike-bound in Brazil and in foreign ports.
    Contradicting earlier reports from strike headquarters in
Rio de Janeiro, seamen in Santos said the strikers on board
ships here were not running out of food.
    The current labour unrest is the worst faced by Sarney's
civilian government since it came to power two years ago.
    Yesterday, in a separate protest, hundreds of thousands of
farmers held rallies directed largely against high bank
interest rates.
    The current rash of labour unrest in industry and
agriculture stems from the failure of the government's
now-collapsed Cruzado Plan price freeze.
 Reuter
3;
bodyend
documentend
documentstart
3870
topicstart
earn
topicend
bodystart
2;

INTELLIGENT SYSTEMS MLP 
<
INP> 3RD QTR DEC 31 NET


    NORCROSS, Ga., March 11 -
    
Shr profit 20 cts vs profit five cts
    Net profit 2,273,000 vs profit 563,000
    Rev 38.7 mln vs 30.3 mln
    Avg shares 11,138,503 vs 10,982,699
    Nine months
    Shr profit 40 cts vs loss 10 cts
    Net profit 4,448,000 vs loss 1,123,000
    Rev 108.4 mln vs 75.2 mln
    NOTE: Third qtr net includes gain from discontinued
operations of 3.5 mln dlrs, or 31 cts a share, vs 271,000, or
two cts a share, in fiscal 1985's third qtr. Nine months net
includes gain from discontinued operations of 3.8 mln dlrs, or
34 cts a share, vs 731,000 dlrs, or seven cts a share, in the
first nine months of fiscal 1985.


3;
bodyend
documentend
documentstart
3872
topicstart
earn
topicend
bodystart
2;

SHADOWFAX RESOURCES LTD 
<
SHFXF> YEAR LOSS


    TORONTO, March 11 -
    
Shr loss three cts vs profit 14 cts
    Net loss 79,778 vs profit 458,176
    Revs 1,063,623 vs 1,165,186
    Note: 1986 year includes 400,000 dlr writedown on Utah oil
and gas properties
 Reuter
3;
bodyend
documentend
documentstart
3873
topicstart
acq
topicend
bodystart
2;

PARALAX 
<
VIDO> AGREES TO ACQUIRE AMERICAN VIDEO


    NEW YORK, March 11 - 
Paralax Video Enterprises Inc said it
has agreeed to acquire 
<
American Video Group Inc> in exchange
for 287,700 Paralax restricted common shares and three year
warrants to buy 318,600 restricted shares at six dlrs a share.
    Paralax said holders of some American Video convertible
debentures have elected to exchange them for Paralax restricted
common with a market value of about 380,000 dlrs with that
value to be determined in about 45 days.
    American Video is a closely held company operating video
rental concessions in post and base exchanges at 54 Army, Air
Force, Navy and Coast Guard installations. In its most recent
year, the company had revenues of about 1.5 mln dlrs.
    Paralax said the acquisition is scheduled to close March
16. The company now has about 5.5 mln shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
3874
topicstart
earn
topicend
bodystart
2;

KURZWEIL MUSIC SYSTEMS INC 
<
KURM> 4TH QTR LOSS


    WALTHAM, Mass., March 11 -
    
Shr loss 21 cts vs loss 29 cts
    Net loss 1,246,000 vs loss 1,420,000
    Revs 2,120,000 vs 1,186,000
    Avg shrs 5,853,587 vs 4,880,427
    Year
    Shr loss 85 cts vs loss 1.21 dlrs
    Net loss 4,968,000 vs loss 5,274,000
    Revs 6,536,000 vs 5,056,000
    Avg shrs 5,854,543 vs 4,367,864
 Reuter
3;
bodyend
documentend
documentstart
3875
topicstart
earn
topicend
bodystart
2;

J.P. MORGAN AND CO INC 
<
JPM> SETS QUARTERLY


    NEW YORK, March 11-
    
Dividend 34 cts vs 34 cts previously
    Pay April 15
    Record March 23

 Reuter
3;
bodyend
documentend
documentstart
3876
topicstart
topicend
bodystart
2;

BULGARIA SIGNS 40 BILLION EUROYEN LOAN


    LONDON, March 11 - 
The Bulgarian Foreign Trade Bank has
signed with a group of Japanese banks a 40 billion Euroyen
equivalent loan, which is the largest syndicated loan
denominated in euroyen for a European borrower, Bank of Tokyo
Ltd said as one of the lead managers.
    The financing is for seven years and provides the borrower
with the option to borrow in other currencies.
    Dai-Ichi Kangyo Bank Ltd was the other lead manager and
nine Japanese banks joined the financing. The syndication of
the deal was designed to enhance the Foreign Trade Bank's
relationship with Japanese financial institutions, Bank of
Tokyo said.
    The financing marked the first trip to the international
capital markets for the borrower since 1985.
    The loan has a six year grace period and interest is at 1/8
pct over the London Interbank Offered Rate for the first two
years, with the margin rising to 1/4 pct thereafter.
 Reuter
3;
bodyend
documentend
documentstart
3877
topicstart
topicend
bodystart
2;

MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC


    NEW YORK, March 11 - 
The U.S. Securities and Exchange
Commission said it charged a managing director of
Merrill Lynch, Pierce, Fenner and Smith Ltd in London with
masterminding "a massive insider trading scheme."
    Nahum Vaskevitch, managing director of the Mergers and
Acquisitions Department of the broker's London office, was
charged in a civil complaint by the SEC filed in Manhattan
Federal Court.
    The complaint said Vaskevitch leaked information about 12
companies involved in a merger or acquisition which resulted in
more than four mln dlrs in profit for himself and others
involved in the scheme.
    Merrill Lynch, Pierce, Fenner and Smith is a subsidiary of
Merrill Lynch and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
3879
topicstart
acq
topicend
bodystart
2;

BAYLY 
<
BAYL> BUYS MAJORITY OF CHUTES


    DENVER, Colo, March 11 - 
Bayly Corp said it acquired 55 pct
of Chutes Corp, a maker of denim-oriented sportswear
headquartered in Seattle, Wash.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
3880
topicstart
topicend
bodystart
2;

SHADOWFAX 
<
SHFXF> SETS NORMAL COURSE ISSUER BID


    TORONTO, March 11 - 
Shadowfax Resources Ltd said it set a
normal course issuer bid to acquire for cancellation up to five
pct of its three mln outstanding common shares on the open
market on the Alberta Stock Exchange, subject to regulatory
approvals.
 Reuter
3;
bodyend
documentend
documentstart
3881
topicstart
grain
corn
topicend
bodystart
2;

CFTC APPROVES MGE CORN SYRUP FUTURES CONTRACT


    WASHINGTON, March 11 - 
The Commodity Futures Trading
Commission has approved the Minneapolis Grain Exchange's
application to trade high fructose corn syrup-55, HFCS-55,
futures contracts, the commission said.
    The contract provides for the delivery of 48,000 lbs, plus
or minus two pct, of bulk HFCS-55 meeting specified standards
regarding its physical and chemical properties.
    CFTC said the exchange plans to begin trading a July 1987
HFCS-55 contract on April 6.
    CFTC said the soft drink industry currently buys at least
95 pct of all U.S.-produced HFCS-55, a liquid food and beverage
sweetener produced through the processing of corn starch by
corn refiners.
 Reuter
3;
bodyend
documentend
documentstart
3882
topicstart
topicend
bodystart
2;

GENERAL INSTRUMENT 
<
GRL> UNIT GETS NAVY AWARD


    NEW YORK, March 11 - 
General Instrument Corp's government
systems division said it received a 35.9 mln dlr contract from
the Naval Air Command Systems.
    The company said the contract calls for continued
production of General Instrument's family of electronics
warfare systems for application in naval aircraft.
    The contract also contains options for more than 100
systems to be ordered within the next several years, the
company added.
 Reuter
3;
bodyend
documentend
documentstart
3883
topicstart
topicend
bodystart
2;

LONDON EXCHANGE DECLINES COMMENT ON MERRILL CASE


    LONDON, March 11 - 
The London Stock Exchange has no
immediate comment on the U.S. Insider trading charge against a
senior London executive of Merrill Lynch and Co, an Exchange
spokesman said.
    "This is a civil action in New York and no-one here has any
proper details yet," he added.
    The London Exchange, which keeps in touch through the U.K.
Government's information channels to the U.S. Securities and
Exchange Commission, will await further developments, he said.
    Trade and Industry Department officials also declined
immediate comment.
    Merrill Lynch in London said any further amplification on
the SEC charge against its executive Nahum Vaskevitch would
have to come from the firms's New York office.
 Reuter
3;
bodyend
documentend
documentstart
3884
topicstart
earn
topicend
bodystart
2;

INTELLIGENT SYSTEMS MLP 
<
INP> MAKES CASH PAYOUT


    NORCROSS, Ga., March 11 - 
Intelligent Systems Master
Limited Partnership said it will make a cash distribution of 25
cts a unit in early April to unitholders of record as of March
31.
    The company said continued strength in its results prompted
the move.
    Intelligent Systems added that if current plans to sell
some of its assets, as previously announced, are successful, it
may make further distributions estimated at 15 cts to 25 cts a
unit.
    Earlier, the company reported fiscal third quarter ended
December 31 net income of 2.3 mln dlrs, or 20 cts a share, up
from fiscal 1985 third quarter results of 563,000 dlrs, or five
cts a share.
    In addition, it reported fiscal 1986 nine months' net
income of 4.4 mln dlrs, or 40 cts a share, versus a loss of 1.1
mln dlrs, or 10 cts a share, in fiscal 1985's first three
quarters.
 Reuter
3;
bodyend
documentend
documentstart
3886
topicstart
earn
topicend
bodystart
2;

KURZWEIL 
<
KURM> HAS REDUCED WORK FORCE


    WALTHAM, Mass., March 11 - 
Kurzweil Music Systems Inc said
it has taken steps this year to reduce costs, including a 10 to
15 pct reduction in its work force.
    A spokesman said the company now has about 70 employees.
    It said other reductions include the use of professional
services, administrative costs, manufacturing overhead and
non-essential development services, adding these cuts are
expected to have a significant impact beginning in the second
quarter.
    Earlier today Kurzweil reported a 1986 loss of 85 cts a
share compared to a 1985 loss of 1.21 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
3888
topicstart
oilseed
topicend
bodystart
2;

AIDE SAYS FRANCE SUPPORTS OIL AND FATS TAX


    PARIS, March 11 - 
France supports the European Commission's
plans for a European Community (EC) fats and oils tax but
objects to some of its oilseeds proposals, Yves Van Haecke, an
aide to French agriculture minister Francois Guillaume said.
    He told a general assembly of France's Oilseeds Federation
(FFCOP) that a suppression of monthly increases of oilseed
support prices, for example, was unacceptable.
    French oilseeds experts added the principle of a single tax
regardless of varying quality was clumsy and capable of
unneccessarily alienating exporters such as the U.S.
 Reuter
3;
bodyend
documentend
documentstart
3889
topicstart
topicend
bodystart
2;

ENGELHARD BUILDS PLANT IN JAPAN


    EDISON, N.J., March 11 - 
Engelhard Corp 
<
EC> said its
Japanese joint venture Nippon Engelhard Ltd is constructing a
new chemical catalyst manufacturing facility at its Numazu
complex and expanding its research laboratories at Ichikawa.
    Start-up is targeted for third quarter 1987.
 Reuter
3;
bodyend
documentend
documentstart
3890
topicstart
earn
topicend
bodystart
2;

HEINZ 
<
HNZ> HAS HIGHER NET DESPITE HIGHER COSTS


    PITTSBURGH, March 11 - 
H.J. Heinz Co said net income for
the third quarter rose 18.2 pct despite an 17.2 pct increase in
marketing expenses.
    Meanwhile, the company said it raised its quarterly
dividend to 28 cts a share from 25 cts a share in part on the
expectation that its tax rate under the new tax law will result
in greater cash flow.
    For the third quarter ended January 31, Heinz earned 74.7
mln dlrs, or 55 cts a share, up from earnings of 63.2 mln dlrs,
or 46 cts a share, for the year-ago quarter.
    For the nine months, the company posted a profit of 244.4
mln dlrs, or 1.78 dlrs a share, compared with a profit of 219.7
mln dlrs, or 1.60 dlrs a share, for the year-ago period.
    "Based on the company's performance for the first nine
months, we expect to achieve our 23rd consecutive year of new
growth records," Anthony J.F. O'Reilly, Heinz's newly elected
chairman.
 Reuter
3;
bodyend
documentend
documentstart
3892
topicstart
orange
topicend
bodystart
2;

BRAZILIAN FCOJ OFFICIAL WELCOMES U.S. DUTY CUT


    RIO DE JANEIRO, March 11 - 
Mario Branco Peres, president of
the Brazilian Association of Citrus Juice Industries
(Abrassuco), welcomed a decision by the U.S. Commerce
Department sharply cutting its duties on imported frozen
concentrated orange juice (FCOJ) from Brazil.
    Speaking by telephone from Sao Paulo, Peres said, "With its
decision, the U.S. government recognised the honesty of
Brazilian exporters, who never have the intention of practising
dumping."
    In a final ruling yesterday, the U.S. government eliminated
the duties shipped by Sucocitrico Cutrale and cut to 1.96 pct
the duty on Citrosuco. Duties of 8.54 pct had been set last
October.
    Peres said Brazil had enough orange juice to meet the needs
of its major clients.
    "We do not have in stock what we would like to have, but we
certainly have enough orange juice available to supply our
buyers," Peres said, declining to estimate the amount of the
current stock. "To keep it a secret is part of our strategy," he
added.
    Peres said the price policy of the orange juice was based
on market conditions.
    "There is nothing better than a free trade policy," he said.
    Cutrale and Citrosuco officials were not immediately
available for comment.
 Reuter
3;
bodyend
documentend
documentstart
3893
topicstart
earn
topicend
bodystart
2;

WALL STREET STOCKS/ICH CORP 
<
ICH>


    NEW YORK, Louisville, KY, March 11 - 
ICH Corp's stock
continued under pressure because of lower earnings
expectations, Wall Street analysts said.
    The stock was down one today at 17-1/4, and down about four
since Thursday, when ICH announced it would be reporting
lower-than-expected fourth quarter net income.
    The company said it would report full year 1986 net income
of 2.00 dlrs per share compared to 2.32 dlrs per share in 1985.
Analysts said they had estimated 1987 net at 3.00-4.00 dlrs and
were now looking for at 2.50 dlr to 2.80 dlr range.
    ICH officials were unavailable for comment.
 Reuter
3;
bodyend
documentend
documentstart
3894
topicstart
earn
topicend
bodystart
2;

INVACARE CORP 
<
IVCR> 4TH QTR NET


    ELYRIA, Ohio, March 11 -
    
Shr profit 26 cts vs profit 19 cts
    Net profit 1,458,000 dlrs vs profit 1,070,000 dlrs
    Rev 30.9 mln dlrs vs 27.5 mln dlrs
    12 mths
    Shr profit 60 cts vs loss 19 cts
    Net profit 3,367,000 dlrs vs loss 1,061,000 dlrs
    Revs 111.5 mln dlrs vs 94.3 mln dlrs
 Reuter
3;
bodyend
documentend
documentstart
3895
topicstart
earn
topicend
bodystart
2;

<
RENAISSANCE ENERGY LTD> YEAR NET


    CALGARY, Alberta, March 11 -
    
Shr 47 cts vs 31 cts
    Net 4,757,000 vs 2,466,000
    Revs 32.8 mln vs 33.5 mln
    Avg shrs 12,638,000 vs 8,941,000
 Reuter
3;
bodyend
documentend
documentstart
3896
topicstart
topicend
bodystart
2;

ATLANTIC SOUTHEAST 
<
ASAI> TRAFFIC INCREASES


    COLLEGE PARK, Ga., March 11 - 
Atlantic Southeast Airlines
Inc reported an 11.1 pct increase of revenue passenger miles
during February 1987 from a year ago the same period.
    The regional carrier reported it flew 17.5 mln passenger
revenue miles during the month, up from 15.7 mln miles in
February 1986.
    ASA said its load factor, however, was down to 38.8 pct
from 42.7 pct a year ago.

 Reuter
3;
bodyend
documentend
documentstart
3897
topicstart
grain
wheat
topicend
bodystart
2;
******
USDA ACCEPTS OFFERS FOR 550,000 TONNES  OF BONUS WHEAT FOR CHINA

Blah blah blah.
3;


bodyend
documentend
documentstart
3898
topicstart
housing
topicend
bodystart
2;

QUEBEC FEBRUARY HOUSING STARTS FALL


    MONTREAL, March 11 - 
Quebec housing starts fell in February
to 2,191, a four pct drop from last year when growth in Quebec
housing starts was among the highest in the Canada, the Canada
Mortgage and Housing Corp said.
    The February rate seasonally adjusted now stands at 40,000,
down from 79,000 in January, the government agency said.
 Reuter
3;
bodyend
documentend
documentstart
3899
topicstart
earn
topicend
bodystart
2;

INVACARE 
<
IVCR> EXPECTS HIGHER 1987 SALES


    ELYRIA, Ohio, March 11 - 
Invacare Corp chairman, president
and chief executive officer A. Malachi Mixon III said he
expects the home healthcare equipment company to post sales
increases in the 10 to 15 pct range in 1987.
    Mixon said the increases should come from internal growth
as well as potential acquisitions.
    "Invacare is aggressively seeking acquisitions to
complement the company's existing product lines," Mixon said.
    Earlier, the company reported fourth quarter 1986 net of
1.5 mln dlrs, or 26 cts a share, up from 1.1 mln dlrs, or 19
cts a share, in 1985's fourth quarter.
    Invacare also reported 1986 net income of 3.4 mln dlrs, or
60 cts a share, up from a loss of 1.1 mln dlrs, or 19 cts a
share, in 1985.
 Reuter
3;
bodyend
documentend
documentstart
3900
topicstart
earn
topicend
bodystart
2;

LAMSON AND SESSIONS CO 
<
LMS> 4TH QTR LOSS


    NEW YORK, March 11 -
    
Oper shr loss 26 cts vs profit five cts
    Oper net loss 1,506,000 vs profit 312,000
    Revs 42 mln vs 27.9 mln
    Year
    Oper shr loss 43 cts vs profit 16 cts
    Oper net loss 2,535,000 vs profit 1,236,000
    Revs 129.9 mln vs 120.3 mln
    NOTE: Excludes discontinued operations loss 1.42 dlrs a
share versus loss nine cts in the quarter, and loss 1.62 dlrs a
share versus loss 12 cts in the year.
    Also excludes extraordinary loss of six cts a share in the
fourth quarter 1985, and gain of 1.81 dlrs a share in full year
1985.
    Also excludes 1986 full year gain of 80 cts per share from
accounting change.
 Reuter
3;
bodyend
documentend
documentstart
3901
topicstart
carcass
livestock
topicend
bodystart
2;

ARGENTINE MEAT EXPORTS LOWER IN 1986


    BUENOS AIRES, March 11 - 
Argentine meat exports during
Jan/Dec 1986 totalled 220,911 tonnes, against 223,204 tonnes
shipped in the same 1985 period, the National Meat board said.
    Shipments in tonnes with comparative figures for the 1985
period, in brackets, included: beef 120,184 (137,686), horse
meat 25,651 (33,892) and beef offal 50,100 (47,745).
    Argentina's meat exports totalled 20,481 tonnes in December
1986, against 15,801 tonnes in the same 1985 month.
    Shipments in tonnes, with comparative figures for December
1985, in brackets, included: beef 14,384 (10,339), horse meat
1,609 (1,539) and beef offal 3,388 (3,098), the board said.
    Main destinations for refrigerated beef (bone in
equivalent) were as follows, in tonnes, with comparative
figures for 1985 in brackets:
    E.C. 46,300 (49,700), Israel 16,200 (17,600), Brazil 18,100
(unavailable), Peru 8,100 (2,300), Angola 4,800 (12,100), Chile
3,400 (8,200), Switzerland 3,000 (3,000), Canary Islands 2,400
(3,700), Singapore 1,900 (1,700), Aruba/Curazao 1,600 (1,700).
    Main destinations for canned meat and cooked beef (bone in
equivalent) in tonnes, with figures for 1985 in brackets, were:
United States 88,300 (102,900), E.C. 30,700 (24,100).
 Reuter
3;
bodyend
documentend
documentstart
3902
topicstart
trade
topicend
bodystart
2;

SOUTH KOREA TO KEEP TRADE SURPLUS 3-5 YEARS


    WASHINGTON, March 11 - 
South Korean Trade Minister Rha
Woong Bae said his nation would maintain a trading surplus for
three to five years as a way to cut its foreign debt.
    He said in an interview with Reuter that after a few years
it was likely South Korea would drop barriers to foreign goods
and move toward a more balanced trade position.
    He said the present trade surplus was vital if his nation
was to reduce its 44.5 billion dlr foreign debt.
    Rha said that 1986 was the first year South Korea had a
trade surplus - 4.5 billion dlrs, against a 1985 deficit of 
900 mln dlrs.
    Rha made his remarks at the end of a two-week trade mission
here during which a team he led agreed to buy U.S. products
valued at 1.8 billion dlrs.
    About 800 mln dlrs of the purchases here were in goods of
the type South Korea normally bought from Japan.
    Rha leaves today for Ottawa for trade talks with Canadian
officials and businessmen.
    Asked if South Korea would retaliate against U.S. goods if
Congress closed U.S. markets to its products, he said "at this
moment, we have no thought of retaliation."
    South Korea is a major exporter to the U.S. of textiles and
apparel and electronic goods, such as television sets, video
cassette records and personal computers.
    Its purchases from the United States include electronic
testing equipment, grains and cotton.
 Reuter
3;
bodyend
documentend
documentstart
3903
topicstart
earn
topicend
bodystart
2;

RESTURANT ASSOCIATES INDUSTRIES INC 
<
RAA>4TH QTR


    NEW YORK, March 11 -
    
Shr 26 cts vs 36 cts
    Shr diluted 25 cts vs 36 cts
    Net 1,389,000 vs 1,412,000
    Revs 56.9 mln vs 35.1 mln
    Avg shrs 5,412,000 vs 3,962,000
    Year
    Shr 90 cts vs 75 cts
    Shr diluted 86 cts vs 75 cts
    Net 4,692,000 vs 2,961,000
    Revs 201.4 mln vs 140.0 mln
    Avg shrs 5,234,000 vs 3,954,000
    NOTE: Results for 14 and 53 week periods ended January 3,
1987, vs 13 and 52 week periods ended December 28, 1985
    1985 net in both periods includes gain of 99,000 dlrs from
tax loss carryforward
    Spokeswoman said average shares outstanding on a diluted
basis were not available
 Reuter
3;
bodyend
documentend
documentstart
3904
topicstart
grain
wheat
topicend
bodystart
2;

USDA ACCEPTS BONUS WHEAT OFFERS FOR CHINA


    WASHINGTON, March 11 - 
The Commodity Credit Corp (CCC) has
accepted bids for export bonuses to cover sales of 340,000
tonnes of hard red winter wheat and 210,000 tonnes of soft red
winter wheat to China, the U.S. Agriculture Department said.
    The bonuses awarded averaged 36.22 dlrs per tonne, and the
wheat is scheduled for delivery during May-Oct 1987.
    The bonus awards were made to Cargill, Inc (305,000
tonnes), Continental Grain Co (155,000 tonnes), Mitsubishi
International Corp (60,000 tonnes) and Richco Grain Co (30,000
tonnes).
    Bonuses will be paid to the exporters in the form of
commodities from CCC stocks.
    The purchases complete the Export Enhancement Program
initiative for China announced Jan 26.
 Reuter
3;
bodyend
documentend
documentstart
3905
topicstart
earn
topicend
bodystart
2;

SOUTHERN NEW ENGLAND TELECOM 
<
SNG> DECLARES DIV


    NEW HAVEN, Conn., March 11 -
    
Qtly div 72 cts vs 72 cts prior
    Pay April 15
    Record March 23
    NOTE: Company's full name is Southern New England
Telecommunications Corp.
 Reuter
3;
bodyend
documentend
documentstart
3906
topicstart
acq
crude
topicend
bodystart
2;

VENEZUELA MOVES CLOSER TO CHAMPLIN PURCHASE


    Caracas, march 11 - 
the council of ministers approved
petroleos de venezuela's planned purchase of a half interest in
the champlin petroleum refinery at corpus christi, texas,
government sources said.
    The cabinet authorized energy and mines minister arturo
hernandez grisanti to approve the purchase in the shareholders
assembly of the state oil company petroleos de venezuela
(pdvsa).
    Pdvsa last april 14 signed a letter of intent to buy a half
interest in champlin's corpus christi refinery for an
undisclosed sum.
    Under the terms of the provisional agreement, venezuela
would supply up to 160,000 barrels a day to the plant through a
new company which would be jointly owned by the pdvsa and
champlin, a subsidiary of the union pacific corp 
<
unp>.
    The deal would also allow pdvsa a joint share in champlin's
refinery and distribution network.
    The purhcase is one of a series of overseas joint ventures
by which venezuela has managed to assure markets for some
400,000 barrels of its approximately 1.5 mln bpd exports.
    Hernandez grisanti told reporters after the cabinet meeting
that pdvsa will pay 93 mln dlrs for its half ownership in the
champlin refinery - 33 mln dlrs in cash and 60 mln dlrs crude
oil and products.
    Through the deal, he said, venezuela will be assured the
sale of at least 140,000 bpd of crude and products.
    Hernandez said pdsva has entered similar joint ventures
with veba oel of west germany, nynas petroelum in sweden, and
citgo in the united states.
 Reuter
3;
bodyend
documentend
documentstart
3907
topicstart
topicend
bodystart
2;

AMOSKEAG 
<
AMOS> PROPOSES CLASS B SHARES


    BOSTON, March 11 - 
Amoskeag Co said its board voted to seek
shareholder approval at its April 27 annual meeting of a
recapitalization plan calling for the distribution of one Class
B common share for each common share now held.
    The company said the Class B common would have 10 votes per
share and the common one vote per share. Each common share
would be entitled to at least the same dividend as each Class B
share, which would not be freely transferrable for five years
but could be converted share-for-share into common at any time.
    Amoskeag said the proposed recapitalization would increase
total authorized stock to 26.0 mln shares from 2.2 mln. The
board has proposed a total of 20.0 mln authorized common shares
and 6.0 mln authorized Class B shares.
 Reuter
3;
bodyend
documentend
documentstart
3908
topicstart
earn
topicend
bodystart
2;

EMPIRE OF CAROLINA INC 
<
EMP> 4TH QTR NET


    NEW YORK, March 11 -
    
Shr 71 cts vs 15 cts
    Net 4,234,000 dlrs vs 803,000 dlrs
    Revs 15.4 mln dlrs vs 10.3 mln dlrs
    12 mths
    Shr 1.26 dlrs vs 67 cts
    Net 7,299,000 dlrs vs 3,607,000 dlrs
    Revs 52.5 mln dlrs vs 40.7 mln dlrs
    NOTE: Empire's investment in the Deltona Corp is reported
on the equity method beginning the fourth qtr of 1986. Amounts
for 1985 and the first three qtrs of 1986 have been restated to
reflect the retroactive application.
    During 1986, the 17-1/2 pct debentures and 9-7/8 dlrs
preferred stock were redeemed or converted resulting in
6,028,755 common shares outstanding at December 31, 1986 as
compared to 2,408,766 common shares outstanding at December 31,
1985.
 Reuter
3;
bodyend
documentend
documentstart
3909
topicstart
earn
topicend
bodystart
2;

ENSECO INC 
<
NCCO> 4TH QTR LOSS


    CAMBRIDGE, Mass., March 11 -
    
Oper shr loss six cts vs profit seven cts
    Oper net loss 481,517 vs profit 487,432
    Revs 7,492,686 vs 5,575,043
    Avg shrs 8.5 mln vs 7.2 mln
    Year
    Oper shr loss six cts vs profit 34 cts
    Oper net loss 465,043 vs profit 2,283,811
    Revs 29.5 mln vs 19.8 mln
    Avg shrs 7.8 mln vs 6.7 mln
    NOTE: Excludes extraordinary credit of four cts a share in
fourth quarter 1986, and 15 cts in year.
 Reuter
3;
bodyend
documentend
documentstart
3910
topicstart
acq
topicend
bodystart
2;

CORRECTED - REXNORD 
<
REX> TO SELL RAILWAY UNIT


    BROOKFIELD, WIS., March 11 - 
Rexnord Inc said it signed a
definitive agreement to sell its Railway Maintenance Equipment
Co subsidiary to Oak Industries Inc. Terms were withheld.
    Also participating in the agreement was Banner Industries
Inc, which previously agreed to acquire Rexnord.
    Railway Maintenance had 1986 sales of 16 mln dlrs.
    Rexnord said the sale is part of a major program to divest
several of its businesses representing about 200 mln dlrs in
net assets. Still to be divested are the Process Machinery
Division with sales of 137 mln dlrs and Mathews Conveyer Co,
with sales of 83 mln dlrs. -- Corrects mame of purchaser
 Reuter
3;
bodyend
documentend
documentstart
3911
topicstart
topicend
bodystart
2;
******
DOW JONES DROPS OWENS-ILLINOIS, INCO FROM INDUSTRIAL AVERAGE, ADDS COCA-COLA, BOEING

Blah blah blah.
3;


bodyend
documentend
documentstart
3912
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/SUPERMARKETS GENERAL 
<
SGL>


    NEW YORK, March 11 - 
Dart Group Corp 
<
DARTA>, which wants
to acquire Supermarkets General Corp for 1.62 billion dlrs, is
not likely to give up without a fight if its target seeks
another buyer, arbitrageurs said.
    Speculation that Dart's offer of 41.75 dlrs per share could
be just the beginning of a bidding contest helped Supermarkets
shares gain one to 42-1/8  on 2.3 mln shares.
    One rumor had Federated Department Stores Inc 
<
FDS> taking
a look at Supermarkets General. "Our policy is that we do not
comment on any rumors or speculation of this nature," a
Federated spokeswoman said.
    An arbitrageur noted that Dart, controlled by chairman
Herbert H. Haft and his son Robert, last year raised its
initial bid for Safeway Stores by approximately 10 pct when
Safeway resisted.
    However, that company was later sold to a buyout group that
topped the Hafts.
    If history repeats itself, the Hafts could raise their bid
to 46 dlrs if they are rebuffed by Supermarkets General, the
arbitrageur said. But another arbitrageur said the Hafts'
present bid seemed "quite fair." He said the offer amounts to
10 times after-tax-cash flow which is "probably fully priced."
 Reuter
3;
bodyend
documentend
documentstart
3913
topicstart
grain
wheat
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 455,000 TONNES  OF WHEAT SOLD TO CHINA FOR 1986/87 AND 1987/88

Blah blah blah.
3;


bodyend
documentend
documentstart
3914
topicstart
topicend
bodystart
2;

RUSSO SAYS IT ACTED AS BROKER FOR SOFER


    NEW YORK, March 11 - 
<
Russo Securities Inc> said in a
statement it acted as a broker executing unsolicited orders for
an individual named in a Securities and Exchange Commission
civil suit alleging insider trading violations.
    Russo filled orders for David Sofer, an Israeli citizen,
who allegedly traded on inside information from Nahum
Vaskevitch, head of Merrill Lynch and Co's 
<
MER> London mergers
office. Vaskevitch was suspended by Merrill, which said it was
cooperating with the probe. Russo said it "had no knowledge or
reason to believe that any of these transactions were based on
the improper use of inside information."
 Reuter
3;
bodyend
documentend
documentstart
3915
topicstart
topicend
bodystart
2;

HOME SHOPPING 
<
HSN> FILES 400 MLN DEBT OFFERING


    WASHINGTON, March 11 - 
Home Shopping Network Inc filed with
the Securities and Exchange Commission for an offering of 400
mln dlrs of convertible subordinated debentures due April 1,
2002.
    Proceeds from the offering will be used to build and equip
enlarged broadcast and order processing facilities, to redeem
some of the company's 11-3/4 pct senior notes due Oct 15, 1996
and for general corporate purposes, the company said.
    Drexel Burnham Lambert Inc will underwrite the sale.
 Reuter
3;
bodyend
documentend
documentstart
3916
topicstart
acq
topicend
bodystart
2;

AMERICAN MOTORS 
<
AMO> WEIGHS TAKEOVER PROPOSAL


    SOUTHFIELD, MICH., March 11 - 
American Motors Corp said its
directors met Wednesday to review the takeover proposal which
the corporation received Monday from Chrysler Corp 
<
C>.
    AMC said its board has retained independent investment and
legal advisers and expects to meet periodically over the next
several weeks on the proposal.
 Reuter
3;
bodyend
documentend
documentstart
3917
topicstart
earn
topicend
bodystart
2;

BANGOR HYDRO-ELECTRIC CO 
<
BANG> SETS DIVIDEND


    BANGOR, Maine, March 11 -
    
Qtly div 25 cts vs 25 cts
    Pay April 20
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
3918
topicstart
acq
topicend
bodystart
2;

KANSAS CITY SOUTHERN 
<
KSU> MERGER RESPONSE


    KANSAS CITY, MO., March 11 - 
Kansas City Southern
Industries Inc said an attempt by Santa Fe Southern Pacific Co

<
SFX> to reopen the proposed merger of the Atchison, Topeka and
Santa Fe Railway Co and the Southern Pacific Transportation Co
offers "nothing truly new."
    In a letter to shippers, Kansas City Chairman Landon
Rowland stated "This proposed merger is plainly
anti-competitive, as found by the ICC and urged by the
Department of Justice. Nothing has changed."
    Landon said Kansas City Southern is continuing its efforts
to acquire the transportation operation of Santa Fe Railway.
 Reuter
3;
bodyend
documentend
documentstart
3919
topicstart
topicend
bodystart
2;

ROSE'S STORES INC 
<
RSTO> REPORTS HIGHER SALES


    HENDERSON, N.C., March 11 - 
Rose's Stores Inc reported
February sales of 92.7 mln dlrs, an increase of 18.1 mln dlrs,
or 24.2 pct from sales of 74.6 mln dlrs in the comparable
period the year prior.
    The company said identical stores sales increased 15 pct
for the month of February.
    Rose's operates 224 discount stores as of February 1987
compared to 208 stores a year ago in 13 southeastern states.
 Reuter
3;
bodyend
documentend
documentstart
3920
topicstart
acq
topicend
bodystart
2;

COKE AFFILIATE TO SELL DELAURENTIIS 
<
DEG> STAKE


    WASHINGTON, March 11 - 
De Laurentiis Entertainment Group
Inc said Embassy Communications, a Californai general
partnership affiliated with Coca-Cola Co 
<
KO>, plans to sell
its 10.1 pct stake in the company.
    In a filing with the Securities and Exchange Commission for
a secondary offering, De Laurentiis said Embassy will offer its
entire stake in the company of 964,936 shares of common stock
in the public sale.
    De Laurentiis said it has 9.6 mln shares outstanding.
    PaineWebber Inc will underwrite the offering.
 Reuter
3;
bodyend
documentend
documentstart
3921
topicstart
topicend
bodystart
2;

ROBERT HALMI INC 
<
RHI> OBTAINS REVOLVING CREDIT


    NEW YORK, March 11 - 
Robert Halmi Inc said it obtained a
five mln dlr line of revolving credit from Wells Fargo Bank
available through February 29, 1988.
    Halmi said the funds will be used for the development and
production of television programming and for regular company
business.
    Halmi said it reported earnings of 2,800,000 dlrs in fiscal
year 1986 ended May, 1986, on sales of 17.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3922
topicstart
earn
topicend
bodystart
2;

HERLEY MICROWAVE 
<
HRLY> 2ND QTR JAN 31 NET


    LANCASTER, Pa., March 11 -
    
Shr nine cts vs 17 cts
    Net 275,000 vs 490,000
    Rev 2.4 mln vs four mln
    Six months
    Shr 29 cts vs 31 cts
    Net 885,000 vs 884,000
    Rev 6.1 mln vs 7.1 mln
    NOTE: Company's full name is Herley Microwave Systems Inc.
 Reuter
3;
bodyend
documentend
documentstart
3923
topicstart
topicend
bodystart
2;

ROCKWELL INTERNATIONAL 
<
ROK> SELLS 10-YEAR NOTES


    NEW YORK, March 11 - 
Rockwell International Corp is raising
200 mln dlrs through an offering of notes due 1997 yielding
7.682 pct, said lead underwriter Daiwa Securities America Inc.
    An officer on Daiwa's corporate syndicate desk said he
believed this was Rockwell's first debt offering since 1984,
when the company tapped the Euromarkets.
    Daiwa, the U.S. unit of Daiwa Securities Co Ltd of Japan,
has become the first foreign bookrunner in the U.S. corporate
debt market this year. The firm is sustaining a trend that
first emerged in early 1986, investment bankers said.
    Daiwa headed a syndicate that won the Rockwell notes in
competitive bidding. Rockwell has a net interest charge of
7.722 pct for the issue, the Daiwa officer said.
    The Japanese firm bid the notes at 98.473 and set a coupon
of 7-1/2 pct and reoffering price of 98.75 to yield 46 basis
points more than comparable Treasury securities.
    Underwriters away from the syndicate said they believed the
46 basis point spread over Treasuries was aggressive. They said
a premium of 50 basis points or more would have been more
appropriate. "It looks like Daiwa submitted a kamikaze bid just
to get the business," said one competitor.
    However, the Daiwa officer defended his firm's pricing of
the deal.
    "Because Rockwell has not floated debt since 1984, the
company's note issue is a museum piece," he said.
    The officer said he believed the Rockwell paper would sell
quickly, mostly because the company is well known and has not
tapped the debt market in three years.
    "Investors are hungry for high-grade debt issued by
household names," agreed one corporate bond trader.
    Non-callable for seven years, the issue is rated Aa-2 by
Moody's and AA by Standard and Poor's.
    Daiwa became the second foreign firm to manage an offering
in the domestic debt market in September 1986 when it won in
competitive bidding 125 mln dlrs of 10-year first mortgage
bonds of General Telephone Co of California, a unit of GTE Corp

<
GTE>.
    It followed the lead of UBS Securities Inc, the U.S. unit
of Union Bank of Switzerland. UBS won its first deal in June
1986 when it bid for, and won, 100 mln dlrs of Allied-Signal
Inc 
<
ALD> debentures due 2016.
    UBS brought two negotiated deals to the marketplace after
that.
    UBS led in late June an offering of 100 mln dlrs of
five-year notes issued by Transamerica Financial Corp, a
subsidiary of Transamerica Corp 
<
TA>. That following September
UBS priced as sole underwriter 100 mln dlrs of Borg-Warner Corp

<
BOR> notes due 1991.
    In early December Nomura Securities International Inc
became the third, and so far last, foreign securities firm to
manage a U.S. offering. The U.S. unit of Nomura Securities Co
Ltd of Japan, acting as sole underwriter, won in competitive
bidding 250 mln dlrs of extendible notes of General Electric
Credit Corp, a subsidiary of General Electric Co 
<
GE>.
    The Rockwell deal is Daiwa's second as lead underwriter.
    Last December, Daiwa and Nomura were named primary dealers
by the Federal Reserve, along with L.F. Rothschild, Unterberg,
Towbin Inc and Security Pacific National Bank.
    UBS, Nikko Securities Co International Inc and Yamaichi
International (America) Inc have also applied to the Fed for
primary dealership status.
    Primary dealers are considered an elite group of firms
because they are approved to purchase U.S. Treasury securities
directly from the Fed's agent, the Federal Reserve Bank of New
York, investment bankers explained.
 Reuter
3;
bodyend
documentend
documentstart
3924
topicstart
topicend
bodystart
2;

CHANGES SET IN DOW JONES INDUSTRIAL AVERAGE


    NEW YORK, March 11 - 
The Wall Street Journal said the
stocks of Owens-Illinois Inc 
<
OI> and Inco Ltd 
<
N> will be
dropped as components of the 30 stock Dow Jones Industrial
aveage, effective with the start of trading on the New York
Stock Exchange tomorrow.
    They will be replaced with Coca-Cola Co 
<
KO> and Boeing Co

<
BA>.
    The paper, which is published by Dow Jones and Co Inc 
<
DJ>,
said the change in components will require revision of the
divisors used to calculate the industrial average and the
related 65 stock composite index to maintain the statistical
continuity of the indices. The new divisors will be published
in tommorw's editon, it added.
    It explained that Owens-Illinois, which has been one of the
Dow 30 since 1959, is the object of a leveraged buyout. The
tender offer is set to expire March 16.
    The Journal said Inco is being dropped to substitute a
stock that will make the index more representative of the
market. Previously named International Nickel Co, Inco is one
of the original components of the index established in 1928.
    While the Owens-Illinois deletion was forced, the Inco
substitution is being made solely to improve the market-sector
weighting of the index, not because of any change in the
company, the paper stated. Such substitutions are made from
time to time, most recently with the addition of McDonald's
Corp 
<
MCD> in October 1985, to reflect long-run changes in the
economy and the market, it added.
   
 Reuter
3;
bodyend
documentend
documentstart
3925
topicstart
topicend
bodystart
2;

PANHANDLE 
<
PEL> TRIMS TAKE-OR-PAY EXPOSURE


    HOUSTON, March 11 - 
Panhandle Eastern Corp said it had made
steady progress in reducing its natural gas take-or-pay
exposure from 4.9 billion dlrs to 1.7 billion dlrs worth of
potential claims.
    Panhandle Eastern chairman R.L. O'Shields said settlement
payments of 247 mln dlrs plus releases and waivers of gas
purchase obligations since 1982 had reduced the company's
take-or-pay exposure.
    "While substantial, we believe the unresolved take-or-pay
exposure will remain manageable," he said in a letter to
shareholders that appeared in the company's new annual report.
    Panhandle Eastern also said it had budgeted 78 mln dlrs for
its 1987 capital spending program, an increase from 65 mln dlrs
spent last year. The company said its primary focus of 1987
spending would be to modernize and automate its pipelines for
greater efficiency.
    Houston-based Panhandle Eastern earned 133.5 mln in 1986 on
revenues of 2.0 billion, compared to net income of 113.1 mln on
sales of 2.5 billion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
3926
topicstart
acq
topicend
bodystart
2;

WILLIAMS COS 
<
WMB> COMPLETES SALE OF UNIT


    TULSA, Okla., March 11 - 
Williams Cos said it completed the
sale of its Agrico Chemical Co unit to Freeport-McMoRan
Resource Partners L.P. 
<
FRP> for an initial 250 mln dlrs cash.
    The company said it will also receive an additional 100 to
250 mln dlrs in five years based on the operating performance
of the unit.
    It said the cash proceeds will be used to lower its debt
costs.
 Reuter
3;
bodyend
documentend
documentstart
3927
topicstart
topicend
bodystart
2;

U.S., JAPANESE JOIN TO BID ON KANSAI AIRPORT


    WASHINGTON, March 11 - 
The U.S. Austin Co and Japan's
Kawasaki Heavy Industries Inc said they have joined to compete
for contacts for a new Japanese airport at Kansai, near Osaka.
    Austin, a design, engineering and construction firm, said
in a statement that it and Kawasaki would bid for support
facility work worth 200-250 mln dlrs.
    The Kansai project is to cost about eight billion dls.
    U.S. officials have complained to Japan that American firms
are being squeezed out of work on Kansai and threatened to
restrict Japanese construction firms in the United States if
Kansai is not opened to U.S. companies.
 reuter
3;
bodyend
documentend
documentstart
3928
topicstart
sugar
topicend
bodystart
2;

EC COMMISSION REJECTS SUGAR THREATS - SOURCES


    BRUSSELS, March 11 - 
The European Community Commission has
told EC member states that it is not prepared to discuss EC
sugar prices while sugar traders threaten to make a huge sale
into intervention stocks to protest against its policies,
Commission sources said.
    "Our position is that we are not willing to discuss the
problems of market prices at a time when traders are making
threats," one source said.
    The sources said the Commission's view was made clear at a
meeting of its sugar management committee today.
    They said French, West German and Dutch officials had
informed the committee that traders in their countries intended
to sell just over 850,000 tonnes of sugar into EC intervention
stocks.
    The Commission riposted by signalling that it would sell
the sugar sold into intervention back onto the EC market by
tender, a move that would push down prices.
    The sources said French traders planned to sell 775,000
tonnes into intervention stocks, West German traders 7,500
tonnes and Dutch traders 2,500.
 Reuter
3;
bodyend
documentend
documentstart
3930
topicstart
money-supply
topicend
bodystart
2;

TREASURY BALANCES AT FED FELL ON MARCH 10


    WASHINGTON, March 11 - 
Treasury balances at the Federal
Reserve fell on March 10 to 2.842 billion dlrs from 3.073
billion dlrs the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 9.828
billion dlrs from 11.418 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 12.670
billion dlrs on March 10 compared with 14.490 billion dlrs on
March 9.
 Reuter
3;
bodyend
documentend
documentstart
3931
topicstart
trade
topicend
bodystart
2;

SOUTH KOREA TO MAINTAIN TRADE SURPLUS 3-5 YEARS


    By Robert Trautman, Reuters


    WASHINGTON, March 11 - 
South Korean Trade Minister Rha
Woong Bae said his nation would maintain a trading surplus for
three to five years as a way to cut its foreign debt.
    He said in an interview with Reuters that after a few years
it was likely South Korea would drop barriers to foreign goods
and move toward a more balanced trade position.
    He said the present trade surplus was vital if his nation
was to reduce its 44.5 billion dlr foreign debt.
    Rha said that 1986 was the first year South Korea had a
trade surplus - 4.5 billion dlrs, against a 1985 deficit of 900
mln dlrs.
    Asked if South Korea would drop its trade barriers once its
foreign debt was substantially reduced, he said "yes, I think
so."
    Rha made his remarks at the end of a two-week trade mission
here during which a team he led agreed to buy U.S. products
valued at 1.8 billion dlrs.
    About 800 mln dlrs of the purchases are in goods of the
type South Korea normally bought from Japan.
    Rha was to leave later today for Ottawa for trade talks
with Canadian officials and businessmen.
    He said in the interview the U.S. purchases were to reduce
his country's 7.1 billion dlr surplus with the United States
and also to cut its 5.6 billion dlr shortfall with Japan.
    Rha said it was also due to a shift in exchange rates
between the U.S. dollar and the yen that made it cheaper to buy
U.S. goods than Japanese goods.
    He said South Korea heavily relied on foreign trade and he
hoped the leaders of major trading nations could find a way to
resolve the growing trend toward protectionist legislation.
    Rha said "I hope the leaders can get together to find a
solution by making some mutually satisfactory concessions."
    But he added "the leaders seem hesitant to make concessions
because of domestic political reasons."
    Speaking of his own country, he said "We have made a lot of
concessions already."
    He cited regulations permitting foreign investment in
industrial firms, allowing increased foreign banking activity
and cracking down on piracy of intellectual property by
strengthening protection of copyrights and patents.
    Rha said South Korea had also lowered many of its tariffs.
    Asked if South Korea would retaliate against U.S. goods if
Congress closed U.S. markets to its products, he said "at this
moment, we have no thought of retaliation."
    South Korea is a major exporter to the United States of
textiles and apparel and electronic goods, such as television
sets, video cassette records and personal computers.
    Its puchases from the United States include electronic
testing equipment and grains and cotton.
    The trade mission's purchases here included three Boeing
passenger planes for 400 mln dlrs, four McDonnell Douglas
planes for 300 mln dlrs; and machinery worth 725 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3932
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE CLARK EQUIPMENT 
<
CKL>


    NEW YORK, March 11 - 
Standard and Poor's said it may lower
its BBB-minus rating of Clark Equipment Co's 108 mln dlrs of
long-term debt because of weak industry fundamentals and the
company's plan to repurchase 70 mln dlrs worth of common stock.
    Despite a dramatic rationalization of its fork-lift truck,
axle and transmission, and construction equipment operations,
continuing intense competitive pressures are limiting Clark's
growth and profit potential, S and P said.
    The company may be forced to increase debt to achieve its
strategic acquisition goals, the rating agency added.
 Reuter
3;
bodyend
documentend
documentstart
3933
topicstart
acq
topicend
bodystart
2;

HONG KONG FIRM UPS CALMAT 
<
CZM> STAKE TO 9.8 PCT


    WASHINGTON, March 11 - 
Industrial Equity (Pacific) Ltd, a
Hong Kong investment firm, said it raised its stake in Calmat
Co to 1,480,830 shares, or 9.8 pct of the total outstanding
common stock, from 1,217,230 shares, or 8.0 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 firm, said it
bought 263,600 Calmat common shares between Feb 17 and March 9
for 13.1 mln dlrs.
    It has said it bought the stock for investment purposes,
but may raise its stake to 15 pct.
                    
 Reuter
3;
bodyend
documentend
documentstart
3934
topicstart
acq
topicend
bodystart
2;

PARALAX VIDEO 
<
VIDO> TO BUY AMERICAN VIDEO


    NEW YORK, March 11 - 
Paralax Video Enterprises Inc said it
signed a definitive agreement to buy 
<
American Video Group Inc>
for stock.
    According to the merger proposal, American Video
shareholders will receive about 287,700 restricted Paralax
shares, and warrants to buy another 318,600 restricted shares
at six dlrs a share. The warrants run for three years.
    In addition, it said holders of American Video convertible
debentures agreed to exchange their holdings for about 380,000
dlrs worth of Paralax stock.
    American Video operates stores in U.S. military bases.
 Reuter
3;
bodyend
documentend
documentstart
3935
topicstart
topicend
bodystart
2;

IBM 
<
IBM> FORMS TELECOMMUNICATIONS GROUP


    ARMONK, N.Y., March 11 - 
International Business Machines
Corp said it formed a new business group to sell and support
telecommunications products.
    Called the Telecommunications Marketing and Service
organization, IBM said the group combines the U.S. direct
sales, service and support operations of its Rolm Corp unit
with the marketing support operations of its Information
Systems Group.
    IBM said the new group is responsible for direct sales,
installation and service of the Rolm product line as well as
other IBM telecommunications products.
    IBM acquired Rolm, a Santa Clara, Calif.-based maker of
telephone swichboards and other telecommunications equipment,
in 1984.
    Analysts in the past have criticized IBM for not moving
faster to integrate Rolm's telecommunications products with its
computer systems.
    But Edward E. Lucente, an IBM vice president and group
executive of the Information Systems Group, said in a
statement, "This is an important step toward providing a single
IBM marketing and service organization to increase our focus on
our customers' telecommunications products needs."
    IBM said Jack W. Blumenstein, a Rolm vice president and
head of its Business Communications Group, will take charge of
the new telecommunications organization, which will operate as
a unit within the Information Systems Group.
    Blumenstein was named an assistant group executive of the
Information Systems Group and he will report to Lucente, IBM
said.
    IBM said the new organization will oversee the technical
and marketing support of Rolm and IBM telecommunications
products but will not be responsible for sales and marketing of
IBM gear.
    IBM said Rolm will retain responsibility for the worldwide
manufacture and development of Rolm products. Rolm will also
continue to direct the sale of its products by Rolm
distributors in the United States and overseas.
    At the same time, IBM said its Communications Products
Division will continue to direct the worldwide development and
U.S. manufacture of IBM's non-Rolm telecommunications products.
    Dennis D. Paboojian, Rolm's president, will continue to
report to IBM senior vice president Allen J. Krowe, IBM said.
 Reuter
3;
bodyend
documentend
documentstart
3936
topicstart
topicend
bodystart
2;

DETROIT EDISON 
<
DTE> HALF COMPLETES POWER TEST


    DETROIT, March 11 - 
Detroit Edison Co said it has nearly
completed the 50 pct power level testing of its Fermi 2 nuclear
power plant near Monroe, Mich.
    The company said it is preparing to ask the Nuclear
Regulatory Commission for the go-ahead to enter the next series
of tests at up to the 75 pct power level.
    Detroit Edison also said because of a decision to modify
Fermi's reheating apparatus, the company has set back the
schedule for the plant's commercial operation run to early June
from May One.
    Detroit Edison said with interest and other charges running
about 1.0 mln dlrs a day, the delay caused by reheater
modifications will add approximately 30 mln dlrs to the plant's
cost, raising the estimated total cost to 4.26 billion dlrs
from 4.23 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3937
topicstart
earn
topicend
bodystart
2;

LAMSON/SESSIONS 
<
LMS>DROPS RAIL PARTS OPERATIONS


    CLEVELAND, March 11 - 
Lamson and Sessions Co said it has
decided to discontinue operations of Youngstown Steel Door, a
maker of components and equipment for railroad freight cars.
    The company said the unit is to be sold sometime this year,
so was included as discontinued operations in its 1986 results
announced earlier today.
    The company reported a loss from continuing operations of
2.5 mln dlrs for the year, against a 1985 profit of 1.2 mln
dlrs. For discontinued operations, it reported a loss of 9.5
mln dlrs compared to a year earlier loss of 922,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3938
topicstart
topicend
bodystart
2;

U.S. AGENCIES DISAGREE OVER IRAN COMPUTER SALES


    WASHINGTON, March 11 - 
Two U.S. government agencies are in
dispute over a proposal for U.S. firms to sell computers to
Iran, officials said.
    The Commerce Department said it intends to approve export
licenses for two firms to sell computers and related equipment
to the Islamic Republic of Iran News Agency and the Iran Power
Generation Transmission, spokesman B. Jay Cooper said.
    The export companies were not identified, but the sales
included computers made by Digital Equipment Co 
<
DEC> of
Maynard, Mass.
    High-technology exports must be approved by the departments
of Commerce, Defense and State.
    The Pentagon will appeal Commerce's approval of the sales
because the technology could be turned against U.S. national
security, Commander Bob Prucha, a Pentagon spokesman, said.
    The Pentagon will ask the National Security Council in the
White House to prohibit the sales.
    Cooper said the State Department did not object to the
sales, but Secretary of State George Shultz indicated he may
weigh in against the deal.
    Under questioning by Rep. Jack Kemp (R-NY) at a hearing,
Shultz said he was unaware that the Commerce Department was
preparing to grant export licenses for the sale of computers.
    "I'm not in favor of sales to Iran" of advanced U.S.
technology, Shultz said.
    The Commerce Department has argued that excessive
restrictions hurt U.S. companies that compete with foreign
exporters.
    Cooper said the technology in the Iranian sales was
available elsewhere and that foreign companies would get the
Iran business if the U.S. export licenses were not approved.
 Reuter
3;
bodyend
documentend
documentstart
3939
topicstart
acq
topicend
bodystart
2;

ROCHESTER TELEPHONE 
<
RTC> TO BUY CANTON PHONE


    ROCHESTER, N.Y., March 11 - 
Rochester Telephone Corp said
it agreed to buy 
<
Canton Telephone Co> for undisclosed terms.
    Canton serves customers in northeastern Penn. In 1986, it
had operating revenues of about 1.3 mln dlrs, the company said.
 Reuter
3;
bodyend
documentend
documentstart
3940
topicstart
topicend
bodystart
2;

ECUADOR MINISTER RAISES QUESTIONS ABOUT DEBT


    Quito, march 11 - 
ecuador is considering measures for
dealing with its foreign debt following the earthquake that
killed 300 people, left 4,000 homeless and cost the country
close to a billion dollars, information minister marco lara
told reuters.
    "the government's position ... is to honour the (debt)
commitments, but without sacrificing the country, because first
we have to survive and later we can comply," lara said.
    He said the nation would later announce plans to deal with
the country's 8.16-billion-dlr foreign debt.
    The government has estimated the economic cost of the
earthquake last thursday night at nearly one billion dlrs,
including oil revenues lost because an oil pipeline was
damaged.
     The president of the ecuadorean Red Cross, hugo merino,
told reuters the official toll of 300 dead and 4,000 missing
could rise as rescue workers inspect stricken sites from
helicopters and wade through mud to reach victims in the four
northeastern provinces hardest hit.
 Reuter
3;
bodyend
documentend
documentstart
3941
topicstart
topicend
bodystart
2;

INT'L LEASE 
<
ILFC> FILES 500 MLN DLRS OFFERING


    WASHINGTON, March 11 - 
International Lease Finance Corp
filed with the Securities and Exchange Commission for a shelf
offering of up to 500 mln dlrs of debt securities in addition
to 15.75 mln dlrs of debt securities already registered with
the SEC but unsold.
    Proceeds will be used for general corporate purposes,
including the acquisition of aircraft, the company said.
    It said underwriters may include Merrill Lynch, Pierce,
Fenner and Smith Inc, Salomon Brothers Inc, Dean Witter
Reynolds Inc or Shearson Lehman Brothers Inc.
 Reuter
3;
bodyend
documentend
documentstart
3942
topicstart
lumber
plywood
topicend
bodystart
2;

OREGON LUMBER COMPANY TO SELL WOOD TO IRAQ


     PORTLAND, Oregon, March 11 - 
A Portland-based wood
products company has signed a 13 mln dlr contract with the
Iraqi government to supply finished softwood lumber to Iraq,
Edward Niedermeyer, president of Niedermeyer-Martin Co said
yesterday.
    Niedermeyer told the House Foreign Affairs sub-committee on
International Economic Policy and Trade in Washington that the
sales agreement contains an option that could make lumber
exported worth more than 20 mln dlrs.
    The delivery of about 8.0 mln dlrs worth of plywood, in
addition to lumber, hinges on whether the U.S. Department of
Agriculture will interpret plywood as an agricultural commodity
under the credit guarantee program, he said.
    Niedermeyer said the government export credit guarantee
program (GSM-102) administered by the USDA was the key to
opening the Iraqi market which up to now had been captured by
Scandinavian lumber producers.
    "This is the first time we have been able to sell wood
products in Iraq, he said. Without the USDA program it would
not have been possible. We hope this will lead to a long term
export market for U.S. lumber products."
    He said the contract calls for supplying 21 mln board feet
to 30 mln board feet of softwood lumber for housing,
construction and furniture manufacturing. He estimated the
profit potential for his company on the sale at five to six
pct.
    Niedermeyer spent two weeks in Baghdad negotiating the sale
late last month and early March. He is a member of the United
States-Iraq Business Forum, a non-profit group designed to
promote commerce with Iraq.
    The forum members include Westinghouse and General
Electric, but Niedermeyer's company is the only wood products
firm on the membership roster.
 Reuter
3;
bodyend
documentend
documentstart
3943
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 11 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    On-Line Software International Inc 
<
OSII> - Offering of 30
mln dlrs of convertible subordinated debentures due March 15,
2002 through Drexel Burnham Lambert Inc and Donaldson, Lufkin
and Jenrette Securities Corp.
    Covenant Corp - Initial public offering of two mln shares
of common stock, including 1,543,916 being sold by current
holders, at an estimated 11.00 to 12.50 dlrs each through First
Boston Corp.
    Marine Midland Banks Inc 
<
MM> - Offering of 125 mln dlrs of
subordinated capital notes due March 1, 1997 through
underwriters led by First Boston Corp.
    Pentair Inc 
<
PNTA> - Offering of two mln shares cumulative
convertible preferred stock, series 1987, through Kidder,
Peabody and Co Inc and Piper, Jaffray and Hopwood Inc.
    SunGard Data Systems Inc 
<
SNDT> - Offering of 1.2 mln
shares of common stock through Alex. Brown and Sons Inc and
L.F. Rothschild, Unterberg, Towbin Inc.
    Weyerhaeuser Co 
<
WY> - Shelf offering of up to 250 mln dlrs
of debt securities in addition to another 100 mln dlrs of debt
securities already registered with the SEC but unsold.
    Xicor Inc 
<
XICO> - Offering of 1.8 mln shares of common
stock through Montgomery Securities and Smith Barney, Harris
Upham and Co Inc.
    LyphoMed Inc 
<
LMED> - Offering of 70 mln dlrs of
convertible subordinated debentures due March 15, 2012 through
Alex. Brown and Sons Inc and Montgomery Securities.
 Reuter
3;
bodyend
documentend
documentstart
3944
topicstart
earn
topicend
bodystart
2;

WALLACE COMPUTER SERVICES INC 
<
WCS> DIVIDEND


    HILLSIDE, ILL., March 11 -
    
Qtly div 15 cts vs 15 cts previously
    Pay June 19
    Record June One
 Reuter
3;
bodyend
documentend
documentstart
3945
topicstart
topicend
bodystart
2;

<
CANADIAN UTILITIES LTD> TO REDEEM PREFERRED SERIES


    EDMONTON, ALBERTA, March 10 - 
Canadian Utilities Ltd said
it will redeem all its 14.5 pct cumulative redeemable second
preferred shares series G on May 1, 1987.
    Redemption price is 26 dlrs per share, the company said.
 Reuter
3;
bodyend
documentend
documentstart
3946
topicstart
earn
topicend
bodystart
2;

IROQUOIS BRANDS LTD 
<
IBL> 4TH QTR LOSS


    GREENWICH, CONN., March 11 -
    
Oper shr loss 97 cts vs loss 73 cts
    Oper net loss 883,000 vs loss 659,000
    Revs 19.4 mln vs 16.7 mln
    12 mths
    Oper shr loss 2.37 dlrs vs loss 1.97 dlrs
    Oper net loss 2,228,000 vs loss 2,145,000
    Revs 72.4 mln vs 63.8 mln
    NOTE: Excludes gain 3.41 dlrs a share versus gain 41 cts in
the quarter, and gain 5.68 dlrs a share versus gain 1.99 dlrs
in the year from discontinued and disposed operations.
 Reuter
3;
bodyend
documentend
documentstart
3947
topicstart
topicend
bodystart
2;

GIANT FOOD 
<
GFS A> RECORDS 10.4 PCT SALES HIKE


    WASHINGTON, D.C., March 11 - 
Giant Food Inc reported sales
on a 52-week basis ended last month increased 10.4 pct to  2.48
billion dlrs, compared to 2.25 billion dlrs for the prior
52-week period.
   
 Reuter
3;
bodyend
documentend
documentstart
3948
topicstart
acq
topicend
bodystart
2;

ALABAMA INVESTOR UPS PENOBSCOT SHOE 
<
PSO> STAKE


    WASHINGTON, March 11 - 
Donaldson Bramham Lee, an investor
from Birmingham, Alabama, said he raised his stake in Penobscot
Shoe Co to 40,500 shares, or 6.6 pct of the total outstanding
common stock, from 33,500 shares, or 5.5 pct.
    In a filing with the Securities and Exchange Commission,
Lee said he bought 7,000 Penobscot common shares between Feb 12
and March 2 at prices ranging from 13.75 to 16.25 dlrs a share.
    Lee has said he bought the Penobscot stock for investment
purposes only and has no plans to seek control of the company,
although he may buy more stock.
 Reuter
3;
bodyend
documentend
documentstart
3949
topicstart
grain
corn
topicend
bodystart
2;

U.S. CORN DEMAND GROWING IN JAPAN, SOUTH KOREA


    WASHINGTON, March 11 - 
The recent purchase of 1.5 mln
tonnes of U.S. corn by Japan and 600,000 tonnes by South Korea
suggests that the two countries' demand for reliable supplies
of corn is increasing, the U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said that view is reinforced by the expectation of a decline in
exportable supplies of Argentine corn and uncertainty over the
availability of South African and Chinese corn.
    With these corn purchases, Japan is committed to buying 7.7
mln tonnes of U.S. corn in 1986/87 (Sept-Aug), nearly 400,000
tonnes greater than year-ago figures to date.
    South Korea's cumulative commitments amount to 2.5 mln
tonnes, up 1.5 mln compared to last year, it said.
 Reuter
3;
bodyend
documentend
documentstart
3950
topicstart
veg-oil
sun-oil
corn-oil
rape-oil
topicend
bodystart
2;

MEXICO VEG OIL TAX NOT AIMED AT SUNFLOWER--USDA


    WASHINGTON, March 11 - 
The Mexican Secretariat of Commerce
has told the U.S. that recent implementation of a 10 pct ad
valorem tariff for fixed vegetable oils, fluid or solid, crude,
refined or purified, was not targeted at sunflower oil, the
U.S. Agriculture Department said.
    In its World Production and Trade Report, the department
said the increase in tariffs on this category which includes
sunflower, corn and rapeseed oils, was a reaction to importers
using basket categories to avoid paying tariffs on specific
high-tariff products.
 Reuter
3;
bodyend
documentend
documentstart
3951
topicstart
earn
topicend
bodystart
2;

AERO SERVICES 
<
AEROE> SEES BETTER 1987


    TETERBORO, N.J., March 11 - 
Aero Services International Inc
said it expects to achieve improvements in overall operations
in the year ending September 30, 1987.
    Earlier, Aero reported a 1986 year end net loss of 3.0 mln
dlrs compared to a profit of 483,000 dlrs in 1985.
    The company said the loss was attributable to costs
associated with its acquisition costs and operating losses of
nine Beckett Aviation fixed base operations purchased in August
1985 and discontinued weather service and flight simulator
segments.
   
 Reuter
3;
bodyend
documentend
documentstart
3952
topicstart
earn
topicend
bodystart
2;

AERO SERVICES INTERNATIONAL INC 
<
AEROE> YEAR


    TETERBORO, N.J., March 11 -
    
Shr loss 63 cts vs profit 10 cts
    Net loss 3.0 mln vs profit 483,000
    Revs 61.9 mln vs 43.7 mln
    NOTE:1986 net loss includes loss of 1.4 mln dlrs or 28 cts
a share from discontinued operations. 1986 revenues include
revenues for the last eight months of Beckett Aviation,
acquired in September of 1985. Year ended September 30, 1986.

 Reuter
3;
bodyend
documentend
documentstart
3953
topicstart
topicend
bodystart
2;

FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING


     Toronto, March 10 - 
<
Franco Nevada Mining Corp Ltd> said
the gain in its stock price today is related to deep drilling
being conducted by American Barrick Resources Corp 
<
ABXFF> at
the Goldstrike claims in the Carlin camp in northern Nevada.
    Franco Nevada stock is up two at seven dlrs per share on
the Toronto Stock Exchange.
    Franco Nevada said American Barrick announced on March nine
that the drilling indicated a number of significant
intersections of sulfide gold mineralization below a depth of
about 1,000 feet.
    One vertical drill hole intersected gold continuously from
1,100 feet to 1,730 feet averaging 0.30 ounces per ton, the
announcement said.
    Extensive drilling continues at Goldstrike, the company
said, adding that the full economic value of the property
cannot be assessed until further results are available.
    Franco Nevada said it has a four pct royalty plus a five
pct net profit interest on the acreage. Those holdings are part
of more than 3,400 acres of mineral rights held by Franco
Nevada in the Carlin gold belt.
 Reuter
3;
bodyend
documentend
documentstart
3954
topicstart
earn
topicend
bodystart
2;

VISTA RESOURCES INC 
<
VIST> 4TH QTR NET


    NEW YORK, March 11 -
    
Shr 1.36 dlrs vs one dlr
    Net 1,010,249 vs 750,856
    Revs 15.2 mln vs 11.9 mln
    12 mths
    Shr 3.24 dlrs vs 2.18 dlrs
    Net 2,407,186 vs 1,627,250
    Revs 57 mln vs 53.1 mln
 Reuter
3;
bodyend
documentend
documentstart
3955
topicstart
coffee
ship
topicend
bodystart
2;

BRAZIL COFFEE EXPORTS DISRUPTED BY STRIKE


    RIO DE JANEIRO, MARCH 11 - 
An 11-day-old strike by
Brazilian seamen is affecting coffee shipments and could lead
to a short term supply squeeze abroad, exporters said.
    They could not quantify how much coffee has been delayed
but said at least 40 pct of coffee exports are carried by
Brazilian ships and movement of foreign vessels has also been
disrupted by port congestion caused by the strike.
    A series of labor disputes and bad weather has meant
Brazil's coffee exports have been running at an average two
weeks behind schedule since the start of the year, one source
added.
    By the end of February shipments had fallen 800,000 bags
behind registrations, leaving around 2.4 mln bags to be shipped
during March. By March 10 only 230,000 bags had been shipped,
the sources said.
    Given Brazil's port loading capacity of around 100,000 bags
a day, even if normal operations were resumed immediately and
not interrupted by bad weather, some March registered coffee
will inevitably be shipped during April, they added.

 Reuter
3;
bodyend
documentend
documentstart
3956
topicstart
topicend
bodystart
2;

AQUA CHEM UNIT SET TO BUILD SITE NEAR TULSA


    TULSA, OKLA., March 11 - 
Cleaver Brooks, a subsidiary of

<
Aqua Chem>, which is owned by the French firm Societe
Lyonnaise DesEaux Et de L'Eclairage, said it plans to build a
manufacturing plant near Tulsa.
    The company said it entered into a 90-day option effective
March 9 to purchase a 20.7 acre lot with a vacant 143,000
square foot building located in Sapula, Okla.
    No price was disclosed by the company.
 Reuter
3;
bodyend
documentend
documentstart
3957
topicstart
alum
topicend
bodystart
2;

ALCOA DECLINES SPECIFIC COMMENT ON OPTIONS TRADE


    NEW YORK, March 11 - 
Alcoa officials acknowledged the
possibility that they may have a position in the off-exchange
aluminum options market, but declined specific comment on trade
speculation that the company is holding a large outstanding
position.
    An Alcoa (Aluminum Company of America) source involved in
terminal trading for the company said: "We use all means
available to manage our business, so it's a possibility we're
trading options."
    "We won't go into specifics about what we're doing. But
when you're dealing in un-alloyed ingot, it's a commodity
business where there are a lot of tools available (for hedging)
and Alcoa is using all of those tools," said Al Posti, Alcoa's
manager of corporate news.
    Trade sources have said Alcoa is long call options equal to
30,000 to 50,000 tonnes of aluminum due to mature in April and
May. However, some New York-based aluminium traders said they
believe the size of Alcoa's position has been exaggerated.
    The possibility that Alcoa may be long call options is one
factor indicating that supply tightness may worsen in the
second quarter, traders said.
    "If they decide to exercise their right to buy, it would
mean really squeezing the market," one New York trader said,
noting that aluminum stocks on the London Metal Exchange were
90,500 tonnes at the end of last week.
 Reuter
3;
bodyend
documentend
documentstart
3958
topicstart
earn
topicend
bodystart
2;

BRAE CORP 
<
BRAE> 3RD QTR DEC 31 LOSS


    SAN FRANCISCO, March 11 -
    
Shr loss 1.32 dlrs vs profit two cts
    Net loss 5,666,000 vs profit 84,000
    Revs 12.0 mln vs 21.7 mln
    Nine mths
    Shr loss 1.87 dlrs vs loss 71 cts
    Net loss 8,030,000 vs loss 3,062,000
    Revs 40.9 mln vs 53.0 mln
    Note: includes losses from discontinued operations of
190,000 dlrs vs loss 185,000 dlrs in 3rd qtr and 731,000 dlrs
loss vs 815,000 dlrs loss in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
3959
topicstart
crude
topicend
bodystart
2;
******
MARATHON TO RAISE CRUDE PRICES 50 CTS/BBL TOMORROW WTI  TO 17.50 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
3960
topicstart
acq
topicend
bodystart
2;

GENERAL ELECTRIC 
<
GE> TO SELL DATEL UNIT


    SOMERVILLE, N.J., March 11 - 
General Electric Co's GE
Semiconductor Business said it agreed to sell its Datel unit to
a group led by the unit's president, Nicolas Tagaris.
    Terms were not disclosed.
    Tagaris founded the company, which produces precision data
acquisition, conversion and control components and subsystems,
in 1970. He sold it to GE in 1979.
 Reuter
3;
bodyend
documentend
documentstart
3961
topicstart
acq
topicend
bodystart
2;

TRICO 
<
TRO> SETS DATE FOR ACQUISITION VOTE


    GARDENA, Calif., March 11 - 
Trico Industries Inc said it
set March 31 as the date for a special shareholders meeting for
a vote on the proposed acquisition of the company by Paccar Inc

<
PCAR>.
    In January the two companies announced an agreement
covering a proposed acquisition by Paccar of Trico's
approximately 8.2 mln shares outstanding for eight dlrs per
share in cash.
 Reuter
3;
bodyend
documentend
documentstart
3963
topicstart
topicend
bodystart
2;

NELSON HOLDINGS UNIT IN FILM PACT


    LOS ANGELES, March 11 - 
<
Nelson Holdings International
Ltd's> Nelson Entertainment Inc unit said it has entered an
agreement to co-finance ten motion pictures with Hemdale
Releasing Corp.
    Under the pact Nelson will have domestic home video rights
and Hemdale will be responsible for distribution in all other
media.
 Reuter
3;
bodyend
documentend
documentstart
3964
topicstart
acq
topicend
bodystart
2;
******
HUGHES TOOL SHAREHOLDERS APPROVE MERGER WITH BAKER INTERNATIONAL

Blah blah blah.
3;


bodyend
documentend
documentstart
3965
topicstart
topicend
bodystart
2;

ANALYSTS SAY NEW DOW COMPONENTS AID AVERAGE


    NEW YORK, March 11 - 
Wall Street market analysts said two
changes in the components of the Dow Jones Industrial Average
were part of a shift away from smokestack industries that have
long dominated the 30-stock index.
    "It strengthens the Dow," said William LeFevre, analyst at
Advest Inc. He said Coca-Cola Co 
<
KO>, one of the two
additions, "is a genuine consumer stock as opposed to a
smokestack." He applauded the decision to drop Inco Ltd 
<
N>, "a
super stock at one time that hasn't done much lately."
    The editors of the Wall Street Journal also decided to add
Boeing Co 
<
BA> and dropping Owens-Illinois Inc 
<
OI>.
    Charles Jensen of MKI Securities said Inco was a "stodgy
number." But he noted that putting two new stocks in an average
of 30 is a relatively minor change.
    "This will distinctly make the index more useful," said
Frank Korth of Shearson Lehman Brothers Inc. "The movement of
the market to the upside will be enhanced by the shift to
Coke."
    But he said Shearson's aerospace analyst today removed
Boeing from the firm's recommended list, taking it from a buy
to a hold. Korth said Boeing's business appeared to be leaning
too heavily to the military side as opposed to commercial.
    Prior to tomorrow's market opening the Wall Street Journal
will publish a new divisor to be used in calculating the index.
LeFevre said the divisor will probably go up a bit but will
probably be lower than its current level of 0.889 later in the
year due to forthcoming splits in components such as
International Paper Co 
<
IP>.
    The divisor, which is adjusted whenver stocks are split,
dropped below one for the first time in May of last year. The
0.889 divisor means that a change of 1/8 (12.5 cts) in the
price of a component produces a change of about 14 cts in the
index.
 Reuter
3;
bodyend
documentend
documentstart
3966
topicstart
topicend
bodystart
2;

TURNER BROADCASTING'S 
<
TBS> CNN TO AIR IN CHINA


    ALTANTA, March 11 - 
Turner Broadcasting System Inc's CNN
said it reached an agreement with China Central Television to
air its news programming in China.
    It said China Central TV will use CNN reports during its
daily newscasts on two channels, reaching an audience of about
300 mln viewers.
    The company said the agreement also gives CNN the right to
sell advertising spots on China Central TV.
    CNN also said it reached an agreement with Televerket Kabel
TV of Sweden to broadcast 24-hour news on its cable TV network.
The program will reach an initial 118,000 viewers.
 Reuter
3;
bodyend
documentend
documentstart
3967
topicstart
topicend
bodystart
2;

THOMAS AND BETTS CO 
<
TNB> WINS PATENT APPEAL


    RARITAN, N.J.,  March 11 - 
Thomas and Betts Corp said the
U.S. Court of Appeals for the Federal Circuit affirmed an
earlier judgment by the U.S. District Court for the District of
Delaware directing a unit of Litton Industries 
<
LIT> to pay it
5,781,711 dlrs in damages for patent violations.
    Thomas and Betts said the court upheld the May 26, 1986,
award plus interest to be paid by Winchester Electronics, a
division of Litton Systems Inc, which is a subsidiary of Litton
Industries.
    The company explained the judgment was in regard to a
lawsuit first filed in 1978 for patent violations on the
manufacture and sale of transition "d" subminiature IDC
connectors.
 Reuter
3;
bodyend
documentend
documentstart
3968
topicstart
earn
topicend
bodystart
2;

<
CANADIAN GYPSUM CO LTD> YEAR NET


    TORONTO, March 11 -
    
Shr 3.13 dlrs vs 2.02 dlrs
    Net 39.1 mln vs 26.9 mln
    Revs 203.2 mln vs 173.8 mln
 Reuter
3;
bodyend
documentend
documentstart
3969
topicstart
topicend
bodystart
2;

POWER CORP DETAILS PREFERRED SHARE SUBSCRIPTION


    MONTREAL, March 11 - 
(Power Corp of Canada) said it
received subscriptions for 252,223 shares of its recent issue
of participating preferred shares for total proceeds of 4.3 mln
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3970
topicstart
acq
topicend
bodystart
2;

CREW UNION SETS PACT WITH PACIFIC SOUTHWEST 
<
PSG>


    SAN DIEGO, March 11 -  
Pacific Southwest Airlines said it
reached an agreement with the Southwest Crew Controllers
Association needed to satisfy conditions of USAir Group's 
<
U>
proposed acquisition of PSA.
    PSA said this is the third of four unions agreement is
needed with for USAir's acquisition to be consummated.
    Under the agreement, PSA crew controllers received
assurances they will be provided with labor protective
provisions and a seniority integration process.
 Reuter
3;
bodyend
documentend
documentstart
3971
topicstart
earn
topicend
bodystart
2;

SOUTHERNNET INC 
<
SOUT> 4TH QTR NET


    ATLANTA, Ga., March 11 -
    
Shr 32 cts vs four cts
    Net 3,370,000 vs 353,000
    Revs 27.8 mln vs 20.2 mln
    Year
    Shr 35 cts vs 67 cts
    Net 3,543,000 vs 3,845,000
    Revs 103.6 mln vs 74.8 mln
 Reuter
3;
bodyend
documentend
documentstart
3972
topicstart
topicend
bodystart
2;

SOUTHWEST BANCORP 
<
SWB> TO EXCHANGE PREFERRED


    VISTA, Calif., March 11 - 
Southwest Bancorp said it will
commence an exchange offer for all of its 108,710 issued and
outstanding shares of 2.50-dlr cumulative convertible preferred
stock on March 12.
    Southwest said it will issue 11 shares of its no par value
common stock in exchange for each preferred share.
 Reuter
3;
bodyend
documentend
documentstart
3973
topicstart
ship
topicend
bodystart
2;

SENATOR LUGAR CALLS FOR CARGO PREFERENCE REPEAL


    WASHINGTON, March 11 - 
The senior Republican on the U.S.
Senate Agriculture Committee, Richard Lugar of Indiana, called
for repeal of the cargo preference law that aids the American
shipping industry but which he said hurts farmers.
    "Cargo preference is a costly special interest operated at
the expense of American farmers and dockworkers," Lugar said in
signing on as a co-sponsor or cargo preference repeal
legislation.
    The law requires shipment of U.S. goods on American ships
rather than foreign vessels which are less costly.
 Reuter
3;
bodyend
documentend
documentstart
3974
topicstart
topicend
bodystart
2;

RELIANCE ELECTRIC UNIT TO REDEEM DEBENTURES


    NEW YORK, March 11 - 
Reliance Electric Co said its Reliance
Industrial Co unit will redeem on April 10 all outstanding
7-1/4 pct debentures due 1996 and 9-5/8 pct debentures due
1994.
    Reliance Industrial will buy back the 7-1/4s at 101 plus
accrued interest and the 9-5/8s at 102.344 plus accrued
interest.
    Reliance Electric was a unit of Exxon Corp 
<
XON> until
December 30, 1986, when a group of investors took the company
private in a leveraged buyout, a Reliance spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
3975
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES BAKER INTERNATIONAL CORP, UPGRADES HUGHES TOOL CO, AFFECTS 840 MLN DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
3976
topicstart
crude
topicend
bodystart
2;
******
EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
3977
topicstart
earn
topicend
bodystart
2;

SYLVAN LEARNING CORP 
<
SLVN> NINE MONTHS DEC 31


    MONTGOMERY, Ala, March 11 -
    
Shr loss 43 cts vs profit eight cts
    Net loss 3.1 mln vs profit 502,896
    Revs 5.6 mln vs 4.2 mln
    NOTE:1986 net includes negative effect of accounting change
of 354,650 or five cts a share.
 Reuter
3;
bodyend
documentend
documentstart
3979
topicstart
grain
corn
soybean
oilseed
topicend
bodystart
2;

BIG U.S. CONSERVATION ENROLLMENT EXPECTED


    WASHINGTON, March 11 - 
Enrollment in the U.S. Agriculture
Department's fourth conservation signup is expected to be
announced tomorrow, and USDA officials said the figure may be
higher than total enrollment for the first three signups.
    Enrollment will be in the range of seven to 12 mln acres,
USDA conservation specialists said. Total enrollment so far in
the 10-year conservation program is 8.9 mln acres.
    Producers submitted bids to enter 11 to 12 mln acres into
the program, Milton Hertz, administrator for USDA's
Agricultural Stabilization and Conservation Service said at a
congressional hearing yesterday. Not all the bids will be
accepted, Hertz said, but enrollment is expected to be high.
    As in the first three signups, the Great Plains area is
expected to attract the greatest enrollment.
    "The Great Plains area will be the predominate area which
we'll get signup in," a USDA conservation specialist said.
    Marginal corn acreage will likely be the bulk of the
acreage pulled from that area, he said.
    Fringe soybean acres in the southeast and some bean acreage
in the midwest are also expected to be taken out of production,
but the USDA source said this would be a relatively small
percent of the total.
    A special two dlr bonus to corn producers who enroll part
of their corn base acreage into the program has sparked more
interest in this latest signup, USDA officials said.
    Under the program, USDA pays farmers annual rents to take
land out of production for 10 years. The average rent payment
accepted in the first three signups was 43.50 dlrs per acre.
 Reuter
3;
bodyend
documentend
documentstart
3980
topicstart
crude
topicend
bodystart
2;

EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK


    WASHINGTON, March 11 - 
Distillate fuel stocks held in
primary storage fell by 8.8 mln barrels in the week ended March
six to 119.6 mln barrels, the Energy Information Administration
(EIA) said.
    In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 500,000 barrels in
the week to 251.0 mln barrels and refinery crude oil stocks
fell 1.2 mln barrels to 331.8 mln.
    The EIA said residual fuel stocks fell 1.5 mln barrels to
36.4 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 200,000 barrels to 516.7 mln.
    The total of all crude, refined product and SPR stocks fell
10.3 mln barrels to 1,564.8, it said.
 Reuter
3;
bodyend
documentend
documentstart
3981
topicstart
grain
corn
sorghum
sunseed
oilseed
topicend
bodystart
2;

MORE HEAVY RAINS IN ARGENTINE GRAIN AREAS


    By Manuel Villanueva, Reuters


    BUENOS AIRES, March 11 - 
Heavy rains fell again in
Argentina's main grain growing areas in the week to yesterday,
trade sources said.
    Rains fell heaviest early in the week, and in particularly
high volume in Buenos Aires province, Cordoba, La Pampa and
Santa Fe provinces.
    Rainfall totalled between 20 and 290 mm in Buenos Aires,
heaviest in western sectors of the province, 20 to 145 mm in La
Pampa, 25 to 120 mm in Cordoba, and 10 to 75 mm in Santa Fe.
Rainfall was lighter in other provinces.
    Rainfall totalled from five to 50 mm in Corrientes, five to
31 mm in San Luis, five to 30 mm in Entre Rios, three to 20 mm
in Misiones, 11 to 17 mm in Formosa and one to eight mm in
Chaco.
    Growers said it was still too early to tell whether the
rains had damaged crops, though they said maize and sunflower
crops may have suffered.
    Harvesting of both those crops and sorghum was paralysed by
the bad weather. For harvesting to resume as normal, the rains
would have to stop long enough for the soil to dry and allow
farm machinery to operate.
    The rains caused flooding in western and northwestern
Buenos Aires, as more than 750 mm have fallen in some areas
there since February 23 while the annual average is 1,200 mm.
    Flooded areas total between 1.2 and 1.5 mln hectares,
Buenos Aires province governor Alejandro Armendariz said after
flying over the flooded area.
    Agriculture Secretary Ernesto Figueras said only 500,000
hectares of the area now flooded had been planted, and that
200,000 to 300,000 hectares could be lost. Growers said large
parts of the flooded areas were not planted because they are
low-lying and flood easily.
    Trade sources said it was certain crops were damaged by the
heavy rains but it was too early to tell the exact extent of
the damage. They said it was likely rain combined with high
winds uprooted many sunflower and maize plants.
    The sunflower harvest moved forward in the centre and south
of Cordoba and Santa Fe and got underway in a few isolated
areas of northern Buenos Aires. Growers have harvested between
15 and 18 pct of total planted area, up from seven to nine pct
a week ago.
    Estimates of the total volume of the sunflower crop were
revised downward in light of the bad weather.
    Estimates for total crop ranged from 2.3 to 2.6 mln tonnes,
down from 2.4 to 2.7 mln tonnes estimated last week and down
34.1 to 41.5 pct from last year's record harvest of 4.1 mln
tonnes.
    Maize harvesting also advanced, reaching between 13 and 15
pct of total planted area compared to seven to nine pct a week
ago. The maize harvest is expected to total between 10 and 10.2
mln tonnes, down from the 10 to 10.4 mln tonnes estimated a
week ago.
    Last year's maize harvest totalled 12.8 mln tonnes,
according to official figures.
    Soybean production estimates were revised downward, to 7.8
to 8.2 mln tonnes compared to estimates of eight to 8.4 mln
tonnes a week ago. Last year's soybean harvest totalled 7.1 mln
tonnes, according to official figures.
    Sorghum harvesting moved slowly forward, reaching between
four and six pct of total planted area, compared to two to four
pct a week ago.
    Sorghum production estimates remained steady at 3.2 to 3.5
mln tonnes, down 16.7 to 22 pct from the 4.1 to 4.2 mln tonnes
produced in the last harvest.
 Reuter
3;
bodyend
documentend
documentstart
3982
topicstart
interest
topicend
bodystart
2;

PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS


    NEW YORK, March 11 - 
Today's debt rescheduling talks
between the Philippines government and its bank advisory
committee were postponed until Thursday to give the banks more
time to consider Manila's novel proposal for paying part of its
interest bill in notes instead of cash, bankers said.
    The committee banks met briefly earlier today and decided
that they needed more time in particular to consider a news
report which quoted a Reagan Administration official as urging
that the proposal be given serious consideration.
    "The banks felt that this was new information and that
further consultation was called for," one banker said.    
    In a despatch yesterday from Washington, Reuters quoted the
official as saying Manila's plan to pay some interest with
notes that could be converted into equity investments in the
Philippines was fully consistent with the Reagan Administration
strategy for handling developing country debt.
    "The Philippine proposal is very interesting, it's quite
unique and I don't think it's something that should be
categorically rejected out of hand," the official said.
    Because of the key role the U.S. plays in the debt crisis,
foreign banks in particular wanted time to analyze the
significance of the policymaker's comments, bankers said.
 Reuter
3;
bodyend
documentend
documentstart
3983
topicstart
acq
topicend
bodystart
2;
******
HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR

Blah blah blah.
3;


bodyend
documentend
documentstart
3984
topicstart
acq
topicend
bodystart
2;

HUGHES 
<
HT> APPROVES MERGER WITH BAKER 
<
BKO>


    HOUSTON, March 11 - 
An overwhelming majority of Hughes Tool
Co shareholders approved a merger agreement with Baker
International Corp based on revised terms that allow the
companies additional time to sell a drilling bit business as
required by the U.S. Justice Department.
     Hughes chairman William Kistler said the revised terms of
the proposed consent decree also set a 10 mln dlr cap on how
much funding the newly combined companies will have to spend on
the disputed drilling bit business until it is sold.
    An earlier proposed consent decree did not establish a
funding limit.
    The Baker-Hughes merger, which would would create a 1.2
billion dlr oilfield services company, almost fell through
earlier this month when Hughes balked at terms of a proposed
Justice Department consent decree that would have given the
companies only three months to find a buyer for the Reed
business.
    Baker said today it would withdraw the one billion dlr
lawsuit it had filed to force Hughes to follow through with the
merger.
    Hughes' Kistler, speaking to reporters after 85 pct of
Hughes' shareholders approved the merger, said the revised
terms of the agreement give the companies six months to find a
buyer for the Reed drilling bit business. The previous
agreement had proposed a three-month period.
    Kistler said the the government had also indicated it would
consider granting, if necessary, an additional three-month
extension to complete the sale.
    He said there were "several people looking" at the domestic
drilling bit business.
    The companies, Kistler said, have also decided to
voluntarily sell a Reed plant in Singapore.
    Kistler estimated that the merger, which should be
completed in about two weeks, will result in annual cost
savings of about 50 mln dlrs. He said he expects "substantial
cutbacks" in the 20,000-member workforce at Baker-Hughes Inc,
the name the merged company will take.
    Kistler said the cost savings and greater efficiencies
should put the company on a profitable course. "We think that
in the third or fourth quarter after the merger we should see
something close to breakeven," he said.
    In the fourth quarter of 1986, Hughes earned 31.7 mln dlrs
on sales of 215.7 mln dlrs.
    Baker, in its first fiscal quarter ended December 31, lost
34.2 mln dlrs on revenues of 297.7 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
3985
topicstart
crude
topicend
bodystart
2;

USX 
<
X> UNIT TO RAISE MOST CRUDE POSTINGS


    NEW YORK, March 11 - 
USX's subsidiary, Marathon Petroleum
Co, said it will raise its contract prices for eleven grades of
crude oil 50 cts a barrel, effective tomorrow.
    The increase brings Marathon's posted price for West Texas
Intermediate and West Texas Sour grades to 17.50 dlrs a barrel.
    The Light Louisiana grade was also raised 50 cts to 17.85
dlrs a barrel.
 Reuter
3;
bodyend
documentend
documentstart
3986
topicstart
topicend
bodystart
2;

S/P DOWNGRADES BAKER 
<
BKO>, UPGRADES HUGHES 
<
HT>


    NEW YORK, March 11 - 
Standard and Poor's Corp said it
downgraded Baker International Corp and upgraded Hughes Tool Co
to reflect the companies' merger into Baker Hughes Inc.
    The action affected About 840 mln dlrs of debt securities.
    S and P said that depressed market conditions would
continue to constrain the new company's operating earnings and
cash flow for several years, despite dominant positions in the
oil services industry.
    Nonetheless, pro forma debt leverage of about 40 pct should
decline within a year to about 35 pct because of proceeds from
asset sales, S and P said.
    Cut were Baker International's senior debt to A-minus from
A and commercial paper to A-2 from A-1. The unit Baker
International Finance NV's senior debt, guaranteed by Baker,
was reduced to A-minus from A.
    S and P raised Hughes Tool's senior debt to A-minus from
B-plus, subordinated debt BBB-plus from B-minus and commercial
paper to A-2 from C.
 Reuter
3;
bodyend
documentend
documentstart
3988
topicstart
topicend
bodystart
2;

NATIONAIR SETS 299 DLR FLIGHT TO BRUSSELS


    MONTREAL, March 11 - 
(Nationair) said it plans to begin
service between Montreal's Mirabel airport and Brussels three
times a week for an unrestricted one-way fare of 299 Canadian
dollars.
    The fare will rise to 379 dlrs in high season, beginning 
June to September, and compares with a regular unrestricted
one-way economy fare of 944 dlrs on Canada's major airlines,
Nationair said.
    The airlines said it sees the service as an option for
business travellers.            
 Reuter
3;
bodyend
documentend
documentstart
3989
topicstart
earn
topicend
bodystart
2;

DOLLAR GENERAL CORP 
<
DOLR> 4TH QTR NET


    SCOTTSVILLE, March 11 -
    
Shr 13 cts vs 40 cts
    Net 2,509,000 vs 7,582,000
    Revs 186.2 mln vs 182.1 mln
    Year
    Shr 23 cts vs 95 cts
    Net 4,318,000 vs 17.8 mln
    Revs 564.8 mln vs 584.4 mln
 Reuter
3;
bodyend
documentend
documentstart
3990
topicstart
acq
topicend
bodystart
2;

<
BROAD> ACQUIRES 
<
VOGT AND CONANT> UNIT


    RIVER ROUGE, Mich., March 11 - 
Broad Corp said it acquired
the construction activities of Vogt and Conant Co of Cleveland.
    The combined companies, to be called Broad, Vogt and Conant
INc, will be the largest structural steel erection company in
the U.S. Combined sales of the two operations were more than 40
mln dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
3991
topicstart
acq
topicend
bodystart
2;

HARPER 
<
HPR> GETS BID FROM HARCOURT 
<
HBJ>


    NEW YORK, March 11 - 
Harper and Row Publishers Inc said it
received an acquisition offer from Harcourt Brace Jovanovich
INc to acquire all of Harper and Row's shares at 50 dlrs a
share in cash.
    Harper said it will consider the proposal, including such
possible concerns as anti-trust and other legal considerations.
    On Monday, Harper and Row received a surprise 34 dlr-a-
share bid from investor Theodore Cross, owner of six pct of the
shares, for the stock he does not own.
     Harcourt made clear in its offer that it will step aside
if Harper's directors and shareholders reject the bid, Harper
said.
    Harper said the board has previously expressed a strong
determination to remain an independent publishing enterprise.
    Harper also said that New World Pictures, a shareholder,
has requested a copy of Harper's shareholder list to be used in
soliciting proxies.
    New World has 30,800 shares of the total 4.4 mln shares.
    Harper and Row's stock closed off 3/4 to 33-1/2 after
rising 9-1/4 points yesterday.
    Shareholders are due to vote April 2 on a shareholders
rights plan designed to thwart hostile takeovers.
    Ivan Obolensky, an analyst with the investment banking for
of Sterling Grace and Co said Harper and Row is one of the few
remaining independent publishers with a "back list" of authors
stretching back 200 years.
    He said as long as the company maintains copyrights with
the estates of deceased authors, it controls all motion picture
and television rights to the stories. And he said new printing
technologies make new editions a profitable business.
    "Harcourt Brace needs a back list of that nature and is
willing to pay up for it," Obolensky said. But he said Harper
and Row "has plenty of beef to warrant a 50 dlr bid.
 Reuter
3;
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documentend
documentstart
3993
topicstart
acq
topicend
bodystart
2;

GOLDMAN SELLS MOST 1ST PENNSYLVANIA 
<
FPA> STOCK


    WASHINGTON, March 11 - 
Goldman, Sachs and Co told the
Securities and Exchange Commission it sold nearly its entire
stake in First Pennsylvania Corp of 2,450,598 shares, or 5.2
pct of the total outstanding common stock.
    Goldman Sachs said it has about 17,800 First Pennsylvania
common shares remaining. On February 26, the company redeemed
convertible debentures with common stock, which at once
increased Goldman's stock holding and the total outstanding.
    Goldman Sachs said it originally bought the stake as part
of its arbitrage business. Marine Midland Banks 
<
MM> has an
agreement in principal to acquire First Pennsylvania.
 Reuter
3;
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documentend
documentstart
3994
topicstart
earn
topicend
bodystart
2;

LIONEL CORP 
<
LIO> 4TH QTR JAN 31 OPER NET


    NEW YORK, March 11 -
    
Oper shr 1.05 dlr vs 51 cts
    Oper net 14.1 mln vs 5,669,000
    Revs 163.2 mln vs 133.2 mln
    Avg shrs 13.5 mln vs 11.5 mln
    Year
    Oper shr 65 cts vs 26 cts
    Oper net 8,664,000 vs 1,906,000
    Revs 287.8 mln vs 251 mln
    Avg shrs 13.4 mln vs 8,403,562
    NOTE: Prior year 4th qtr and year oper net excludes 13.1
mln dlrs and 17.4 mln dlrs, respectively, for income from
discontinued operations.
    Prior year 4th qtr and year oper net also excludes 19.2 mln
dlrs and 20.3 mln dlrs, respectively, for operating loss
carryforwards and other reogranization items.
    Prior year 4th qtr and year ended January 25, 1986.
 Reuter
3;
bodyend
documentend
documentstart
3995
topicstart
gas
fuel
crude
topicend
bodystart
2;

RECENT U.S. OIL DEMAND UP 1.9 PCT FROM YEAR AGO


    WASHINGTON, March 11 - 
U.S. oil demand as measured by
products supplied rose 1.9 pct in the four weeks ended March
six to 16.39 mln barrels per day from 16.08 mln in the same
period a year ago, the Energy Information Administration (EIA)
said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was down 2.2 pct in
the period to 3.33 mln bpd from 3.40 mln a year earlier.
    Gasoline demand averaged 6.75 mln bpd, up 3.3 pct from 6.53
mln last year, while residual fuel demand was 1.40 mln bpd, off
2.7 pct from 1.43 mln, the EIA said.
    Domestic crude oil production was estimated at 8.38 mln
bpd, down 8.5 pct from 9.15 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.67 mln
bpd, up 23 pct from 2.97 mln, the EIA said.
    Refinery crude runs in the four weeks were 12.05 mln bpd,
up 1.5 pct from 11.87 mln a year earlier, it said.
    Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
 Reuter
3;
bodyend
documentend
documentstart
3996
topicstart
earn
topicend
bodystart
2;

(MONTREAL CITY, DISTRICT SAVINGS BANK) 1ST QTR


    MONTREAL, March 11 -
    
Shr 33 cts vs 24 cts
    Net 6.2 mln vs 4.9 mln
    Loans not given
    Deposits not given
    Assets 3.8 billion vs not given
    Note: full name Montreal City and District Savings Bank
    Period ended January 31
 Reuter
3;
bodyend
documentend
documentstart
3997
topicstart
gold
topicend
bodystart
2;

FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING


    Toronto, March 11 - 
Franco Nevada Mining Corp Ltd said the
gain in its stock price today is related to deep drilling being
conducted by American Barrick Resources Corp at the Goldstrike
claims in the Carlin camp in northern Nevada.
    Franco Nevada stock is up two at seven dlrs per share on
the Toronto Stock Exchange.
    Franco Nevada said American Barrick announced on March nine
that the drilling indicated a number of significant
intersections of sulfide gold mineralization below a depth of
about 1,000 feet.
    One vertical drill hole intersected gold continuously from
1,100 feet to 1,730 feet averaging 0.30 ounces per short ton,
the announcement said.
 Reuter
3;
bodyend
documentend
documentstart
3999
topicstart
acq
topicend
bodystart
2;

BUSINESSMAN HAS 8.9 PCT OF DEL E. WEBB 
<
DWP.A>


    WASHINGTON, March 11 - 
John Cotton, an Arizona businessman,
told the Securities and Exchange Commission he has acquired the
equivalent of 213,500 shares of Class A common shares in Del E.
Webb Investment Properties, or 8.9 pct of the total.
    Cotton, president of Finalco Group Inc, a Paradise Valley,
Ariz., data processing equipment maker, said he bought the
stake, which includes warrants to buy 186,300 shares, for
266,958 dlrs.
    The warrants are exerciseable at 9.50 dlrs a share, he
said. Cotton said it bought the stock for investment purposes
only.
 Reuter
3;
bodyend
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4000
topicstart
earn
topicend
bodystart
2;

ASTEC INDUSTRIES INC 
<
ASTE> 4TH QTR DEC 31


    CHATTANOOGA, TENN, March 11 -
    
Shr loss nine cts vs profit 22 cts
    Net loss 278,949 vs profit 346,368
    Revs 11.9 mln vs 10.4 mln
    Year
    Shr profit 49 cts vs profit 49 cts
    Net profit 1.2 mln vs profit 949,626
    Revs 61.7 mln vs 52.7 mln
    NOTE:1985 net includes loss of three cts or 49.1 mln dlrs
in 4th qtr and loss of 13 cts or 258,720 dlrs in year from
discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
4001
topicstart
topicend
bodystart
2;

INCO SEES NO MAJOR IMPACT FROM DOW REMOVAL


    TORONTO, March 11 - 
Inco Ltd said it did not expect its
earlier reported removal from the Dow Jones industrial index to
make a major impact on the company's stock.
    "We don't think that individuals or institutions buy our
shares because we were one of the Dow Jones industrials,"
spokesman Ken Cherney said in reply to a query.
    Inco closed 1-3/8 lower at 19-3/8 in second most active
trading on the Toronto Stock Exchange.
    The Wall Street Journal, which selects the index, said Inco
was dropped to make the index more representative of the
market. Inco, the non-Communist world's largest nickel
producer, was a member of the index since 1928.
    Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co
and Boeing Co, effective tomorrow.
    Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran
Murray Ltd said Inco's removal from the index would likely
spark short-term selling pressure on the stock.
    "Some investors who have Inco may suddenly say, 'well,
because it's not now a Dow stock, we should eliminate that
investment,'" said Martens, although he added the move was
unlikely to have a serious long-term impact on Inco stock.
    Inco has struggled in recent years against sharply lower
nickel prices. Its net earnings fell to 200,000 U.S. dlrs in
1986 from 52.2 mln dlrs the previous year.
 Reuter
3;
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4002
topicstart
topicend
bodystart
2;

FORMER EMPIRE OF CAROLINA 
<
EMP> EXEC SENTENCED


    NEW YORK, March 11 - 
Mason Benson, former president and
chief operating officer of Empire of Carolina Inc, a toy maker,
today was sentenced in Manhattan federal court to a year and
one day in jail for his involvement in a kickback scheme.
    Benson pleaded guilty to charges of conspiracy, tax
evasion, filing false corporate tax returns and defrauding the
company's shareholders. He was also fined 5,000 dlrs.
    Benson was charged with demanding kickbacks from sales
representatives who were asked to turn over a portion of their
commisisons as a condition for doing business with Empire.
 Reuter
3;
bodyend
documentend
documentstart
4005
topicstart
interest
retail
ipi
topicend
bodystart
2;

U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK


    By Brad Schade, Reuters


    CHICAGO, March 11 - 
U.S. economic data this week could be
the key in determining whether U.S. interest rate futures break
out of a 3-1/2 month trading range, financial analysts said.
    Although market expectations are for February U.S. retail
sales Thursday and industrial production Friday to show healthy
gains, figures within or slightly below expectations would be
positive for the market, the analysts said.
    "You have to be impressed with the resiliency of bonds
right now," said Smith Barney Harris Upham analyst Craig
Sloane.
    Treasury bond futures came under pressure today which
traders linked to a persistently firm federal funds rate and a
rise in oil prices. However, when sufficient selling interest
to break below chart support in the June contract failed to
materialize, participants who had sold bond futures early
quickly covered short positions, they said.
    "Everyone is expecting strong numbers, and if they come in
as expected it won't be that bad for the market," Sloane said.
    Sloane said the consensus estimate for the non-auto sector
of retail sales is for a rise of 0.6 to 0.7 pct.
    Dean Witter analyst Karen Gibbs said a retail sales figure
below market forecasts would give a boost to debt futures, and
she put the range for the non-auto sector of retail sales at up
0.8 to 1.2 pct.
    Industrial production and the producer price index Friday
both are expected to show increases of about 0.5 pct, she
added.
    Retail sales "will tell us whether or not we will be able
to fill the gap," Gibbs said, referring to a chart gap in June
bonds between 100-26/32 and 101-3/32 created Friday. June bonds
closed at 100-4/32 today.
    Also key to debt futures direction, in addition to the
federal funds rate, is the direction of crude oil prices, said
Carroll McEntee and McGinley Futures analyst Brian Singer.
    "A higher fed funds rate and firm oil prices precluded the
market from breaking out of the trading range the last time the
market approached the top of the range," Singer said.
    In order for bonds to break above the top of the range,
which is just below 102 in the June contract, "the crude oil
rally needs to run its course and pull back a little bit,"
Singer said. "Fed funds are already easing back down toward the
six pct level."
    The recent surge in oil prices has also been a concern to
Manufacturers Hanover Futures analyst Jim Rozich, but the rally
may be nearing a top around 18.50 dlrs per barrel, he said.
    Rozich said he is looking for the June bond contract to
ease to 99-6/32 and find support.
    "I'm not quite ready to jump on the bullish bandwagon yet.
The jury is still out this week," Rozich said.
 Reuter
3;
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documentstart
4007
topicstart
topicend
bodystart
2;

UNUSUAL TEXAS INSTRUMENTS 
<
TXN> PREFERRED PRICED


    NEW YORK, March 11 - 
In a novel type of financing, Texas
Instruments Inc marketed a three-part, 225 mln dlr issue of
convertible money market preferred stock through Shearson
Lehman Brothers Inc as sole manager.
    Shearson, which originated the new convertible concept,
said each of the three tranches totaled 75 mln dlrs. In the
first, a 2.85 pct dividend was set on the stock with a strike
price of 190 dlrs that represented a 15 pct premium over the
common stock price when terms were set.
    Also included were 4.36 pct dividend preferred with a 220
dlr strike price and 33 pct premium and 4.49 pct dividend
preferred with a 235 dlr strike price and 42 pct premium.
    Texas Instruments common closed at 167.25 dlrs, up 2-1/8.
    Ronald Gallatin, managing director at Shearson, said that
"demand for the offering was unbelievable, especially for the
first tranche."
    He said that Shearson originated the concept of auction
money market preferred stock three years ago. The conversion
feature of this issue is the new wrinkle.
    Commenting on the first tranche, Gallatin noted that the
original pricing talk called for a dividend in the four to 4.20
pct area. This was gradually cut to 2.85 pct because of intense
demand, saving the issuer money in financing costs.
    The Shearson official said that virtually all buyers of the
first tranche received less than they wanted. He said the
latter two tranches were less strongly oversubscribed.
    Like non-convertible money market preferred stock, the new
version allows investors to redeem their holdings every seven
weeks. Investors then can maintain their holdings, sell them,
or offer to hold on to the securities if the auction
dividend is at least at a level they specify in advance.
    Gallatin said the securities were sold to a broad range of
investors, including major insurance companies, banks, money
managers and pension funds.
 Reuter
3;
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4009
topicstart
topicend
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2;

FORD MOTOR 
<
F> DISTRIBUTES PROFIT SHARING


    DALLAS, March 11 - 
Ford Motor COr said that profit-sharing
checks were distributed to employees in its U.S. facilities.
    About 371 mln dlrs was distributed to 160,253 emplyees. The
average payment per employee was more than 2,100 dlrs compared
with 1,200 in 1985.
   
 Reuter
3;
bodyend
documentend
documentstart
4011
topicstart
topicend
bodystart
2;

FASTER TEST FOR SICKLE CELL ANEMIA DEVELOPED


   BOSTON, March 11 - 
A team of California researchers said
that they have developed a better, faster test for detecting
sickle cell anemia in unborn children than existing procedures.
     The test, developed by Cetus Corp 
<
CTUS> researchers,
requires only a small amount of genetic material from a fetus
and produces a diagnosis within a day, unlike other tests that
require several days and can only be done in a few specialized
centers, they said.
     Sickle cell anemia is a painful, inherited blood disease
that causes the normally-flexible red blood cells to stiffen
into a sickle-like shape. It is primarily found in blacks.
    The researchers said in The New England Journal of Medicine
that their "procedure promises to be a rapid, sensitive and
reliable method for the prenatal diagnosis of sickle cell
disease."
     In addition, they said, the technique might also be
adapted to detect other types of genetic disease.
 Reuter
3;
bodyend
documentend
documentstart
4012
topicstart
earn
topicend
bodystart
2;

BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET


    VANCOUVER, British Columbia, March 11 -
    
Oper shr loss two cts vs profit three cts
    Oper net profit 273,000 dlrs vs profit 1,710,000
    YEAR - period ended October 31, 1986
    Oper shr loss 23 cts vs profit 14 cts
    Oper net loss 4,397,000 vs profit 7,527,000
    Assets 2.67 billion vs 3.25 billion
    Note: 1987 1st qtr net excludes extraordinary loss of 2.2
mln dlrs or six cts shr.
    1986 yr net excludes extraordinary loss of 66 mln dlrs or
1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of
bank assets to Hongkong Bank of Canada, eight mln dlrs for
contingent liabilities in respect of litigation and potential
tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax
debits.
    Most bank assets sold to HongKong Bank of Canada, a unit of

<
Hong Kong and Shanghai Banking Corp> in Nov, 1986.
    Shr after preferred divs.
 Reuter
3;
bodyend
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4014
topicstart
earn
topicend
bodystart
2;

RESTAURANT ASSOCIATES INC 
<
RA> 4TH QTR JAN 3


    NEW YORK, March 11 -
    
Shr 25 cts vs 36 cts
    Net 1.4 mln vs 1.4 mln
    Revs 56.9 mln vs 35.1 mln
    Year
    Shr 86 cts vs 75 cts
    Net 4.7 mln vs 3.0 mln
    REvs 201.4 mln vs 140.0 mln
    NOTE:1985 4th qtr includes 99,000 loss from carryforward.
Shares restated to give effect to 1.4 to one stock split in the
form a 40 pct class A dividend in August 1985.
 Reuter
3;
bodyend
documentend
documentstart
4015
topicstart
earn
topicend
bodystart
2;

MICHIGAN GENERAL CORP 
<
MGL> 4TH QTR


    SADDLE BROOK, N.J., March 11 -
    
Shr loss 1.02 dlrs vs 1.01 dlr
    Net loss 18.1 mln vs 11.4 mln
    Revs 96.0 mln vs 90.3 mln
    Year
    Shr loss 2.65 dlrs vs loss 3.06 dlrs
    Net loss 39.3 mln vs 34.6 mln
    Revs 386.0 mln vs 373.0 mln
    NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6
mln dlrs respectively from discontinued. 1985 4th qtr and year
include loss of 13.1 mln, 1.9 mln dlr respectively.
 Reuter
3;
bodyend
documentend
documentstart
4016
topicstart
crude
nat-gas
iron-steel
topicend
bodystart
2;

USX 
<
X> PROVED OIL, GAS RESERVES FALL IN 1986


    NEW YORK, March 11 - 
USX Corp said proved reserves of oil
and natural gas liquids fell 28 pct to 802.8 mln barrels at the
end of 1986 from 1.12 billion barrels at year-end 1985.
    The figures, in USX's just-released 1986 annual report,
indicate much of the drop resulted from the exclusion of 293.7
mln barrels of Libyan reserves, after the U.S. government last
June directed U.S. oil companies to end Libyan operations.
    USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,
had 60 pct of its 1986 sales of 14.94 billion dlrs from its oil
and gas operations.
    About 24 pct of total sales came from USX's USS steel unit
and 16 pct from diversified businesses, which include oilfield
services, raw materials, minerals, chemicals and real estate.
    According to the report, domestic liquids reserves fell
slightly to 628.5 mln barrels from 628.9 mln and foreign
reserves fell to 174.3 mln from 486.4 mln barrels. The large
drop in foreign reserves was in the Middle East and Africa,
where they fell to about 9.3 mln barrels from 316.7 mln,
reflecting the exclusion of Libya.
    Total natural gas reserves fell to 4.82 trillion cubic feet
at year-end 1986 from 5.18 trillion at the end of 1985.
    Again, most of the drop came from the Middle East and
Africa, where reserves fell to zero from 71.9 billion cubic
feet, excluding Libyan reserves.
    U.S. natural gas reserves fell to 3.44 trillion cubic feet
from 3.65 trillion and foreign reserves fell to 1.38 trillion
from 1.53 trillion.
    In other areas, USX said total capital spending fell to 962
mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986
audited figure is eight mln dlrs higher than the unaudited
figure the company reported on Jan 27.
    USX also said it expects to record a gain of 150 mln dlrs
in 1988, representing 50 pct of previously existing investment
tax credits allowable under the new tax law. The loss of the
other half of the credits was reflected in the fourth quarter.
    In a discussion of steel results, USX said plants that were
shut down last month and some previously idled plants may be
permanently closed. USX took a fourth quarter charge of 1.03
billion dlrs to restructure its steel operations. The charge
included the "indefinite idling" last month of four plants in
Utah, Pennsylvania and Texas.
    Other plants or parts of plants in Pennsylvania, Indiana,
Alabama, Ohio and Chicago had been previously idled.
    "These operations are not permanently shut down. Improved
market conditions for the products from these plants may make
it feasible to reopen some of them," USX said in the report.
    "On the other hand, a lack of any future market improvement
may necessitate their permanent closing," it added.
 Reuter
3;
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4017
topicstart
topicend
bodystart
2;

PHILLIPS
<
P> SAYS STOCK UP ON STEPS TO PARE DEBT


    NEW YORK, March 11 - 
Phillips Petroleum Co Chairman C. J.
"Pete" Silas said his company's stock, ranked fourth on the
most active list of stocks traded today, rose partly because of
steps it took to pare its debt.
    Silas told Reuters in an interview today, "part of this
strength results from the rise in oil prices and also because
some of the analysts have been happy with the steps we've taken
in 1986 to pare our debt."
    Phillips stocks rose 1/4 to 14 dlrs a share following
recommendations by some oil analysts, a company source said.
    Phillips debt stood at 5.9 billion dlrs in December 1986
down from a 1985 high of 8.6 billion dlrs, analysts said.
    "At 14 dlrs a share, Phillips is priced closer to the actual
price of oil," he added.
    Silas said, "if the analysts are right that oil prices will
rise to 20 dlrs or higher, then it seems to make sense to buy
Phillips." He is, however, more cautious about the strength in
crude prices, expecting the price to fluctuate between 16-18
dlrs a barrel for the year.
    Oil industry analysts said one reason for the stock's
popularity of the stock is that it traded at a strong discount
to its appraised value and was attractively priced for small
investors.
    Charles Andrew, an analyst who follows Phillips for John S.
Herold Inc of Greenwich, Conn said that the appraised value of
the company, based on available data is 34.25 dlrs.
    "The stock is trading at about 1/3 its appraised value. The
company has tremendous leverage and if it can get its act
together and if oil prices are steady to higher there is good
room for improvement," he said.
   But, he added, "if oil prices turn lower, there will be a
lot of pressure on Phillips."
   Phillips' shares fell as low as eight dlrs a share over the
last 52 weeks with a 1987 low of 11-3/4 dlrs in 1987.   
Analysts say that the appraised value of the company could be
revised due to asset sales of their oil and gas reserves.
   Silas told Reuters that the asset sales which amount to
about two billion dlrs for 1986 were completed and that none
were planned.
 Reuter
3;
bodyend
documentend
documentstart
4018
topicstart
topicend
bodystart
2;

MICHIGAN GENERAL 
<
MGL> BEGINS EXCHANGE OFFER


    SADDLE BROOK, N.J., march 11 - 
Michigan General Corp said
it began an exchange offer for its 110 mln dlrs outstanding
principal amount of 10-3/4 pct senior subordinated debentures
due December 1, 1998.
    Pursuant to the exchange offer, each 1,000 dlr principal
amount will receive 500 dlr principal amount of senior
subordinated notes due March 1, 1992, 200 dlr principal amount
of non-interest bearing convertible senior subordainted notes
due March 1, 1997 and 12 shares of delayed convertible
preferred stock, liquidation preference 25 dlrs per share.
    The offer will expire April nine.
    Michigan General said the exchange offer is crucial to is
attempt to restructure and reduce its risk from Chapter 11.
    The principal purpose of the offer is to reduce its debt
service on the 10-3/4 pct debetures, increase stockholders'
equity and induce its lender to continue to fund.
    Assuming a 90 pct acceptance of the offer, Michigan's
annual cash interest requirements will be reduced by about 10.6
mln dlrs, it said.
    Completion is subject to the tender of at least 90 pct of
the debentures and its lender to waive it from default under
its loan agreements.
      
 Reuter
3;
bodyend
documentend
documentstart
4019
topicstart
earn
topicend
bodystart
2;

BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE


    VANCOUVER, British Columbia, March 11 - 
Bank of British
Columbia said it revised its estimate of shareholder
distributions from last November's sale of most of the bank's
assets to HongKong Bank of Canada to between 65 cts and 1.15
dlrs a share from 55 cts to 1.20 dlrs a share.
    The bank said the estimate could rise to between 1.30 dlrs
and 1.80 dlrs a share if the full pension surplus is obtained.
It said it did not know when distributions would be made.
    It earlier reported that operating profit for first quarter
ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the
previous year.
    For full-year 1986 ended October 31, the bank posted an
operating loss of 4.4 mln dlrs against year-earlier profit of
7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary
loss in fiscal 1986.
    Bank of British Columbia sold most of its assets last
November to HongKong Bank Canada, a unit of 
<
HongKong and
Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
    It said efforts to wind up the bank's affairs were
proceeding as quickly as possible.
    The bank said it expected to report positive earnings in
future periods, barring unforeseen circumstances.
    Loan losses, which the bank previously said figured in its
move to sell off most of its assets, rose to 105.7 mln dlrs in
fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1
mln dlrs of the 1986 total represented downward adjustments to
its portfolio of syndicated sovereign risk loans as required
under the sale to HongKong Bank.
    Since November 27, the bank has confined activities to the
winding up of affairs, Bank of British Columbia said.
 Reuter
3;
bodyend
documentend
documentstart
4021
topicstart
earn
topicend
bodystart
2;

<
KIENA GOLD MINES LTD> 4TH QTR NET


    TORONTO, March 11 -
    
Shr 17 cts vs 16 cts
    Net 1,019,000 vs 985,000
    Revs 7,997,000 vs 7,492,000
    YEAR
    Shr 1.18 dlrs vs 64 cts
    Net 6,959,000 vs 3,778,000
    Revs 36.5 mln vs 29.8 mln
 Reuter
3;
bodyend
documentend
documentstart
4022
topicstart
carcass
livestock
topicend
bodystart
2;

ARGENTINE MEAT EXPORTS HIGHER IN JAN/FEB 1987


    BUENOS AIRES, March 11 - 
Argentine meat exports during
Jan/Feb 1987 totalled 39,714 tonnes, against 36,594 tonnes
shipped in the same 1986 period, National Meat board said.
    Shipments in tonnes with comparative figures for the 1986
period, in brackets, included: beef 26,945 (20,096), horse meat
3,257 (4,211) and beef offal 7,660 (10,502).
    Argentine's meat exports totalled 20,243 tonnes in February
1987, against 19,217 tonnes shipped in the same 1986 month.
    Shipments in tonnes, with comparative figures for February
1986, in brackets, included: beef 13,272 (11,464), horse meat
1,543 (2,083) and beef offal 4,476 (4,672), the board added.
    Main destinations for refrigerated beef (bone in
equivalent) were as follows, in tonnes, with comparative
figures for 1986 in brackets -
    EC 5,500 (7,900), Brazil 5,200 (unavailable), Israel 3,700
(3,000), Peru 2,500 (800), Singapore 500 (300), Switzerland 500
(400), Canary Islands 500 (300), Malta 500 (700), Aruba/Curazao
200 (300), Chile 100 (600).
    Main destinations for canned meat and cooked beef (bone in
equivalent), in tonnes with comparative figures for Jan/Feb
1986, in brackets, were -
    United States 11,200 (13,400), EC 4,700 (5,100).
 Reuter
3;
bodyend
documentend
documentstart
4023
topicstart
earn
topicend
bodystart
2;

KIENA PLANS TWO-FOR-ONE STOCK SPLIT


    TORONTO, March 11 - 
<
Kiena Gold Mines Ltd> said it planned
a two-for-one common stock split, pending shareholder approval
on April 7.
    It said approval would require 66-2/3 pct of votes cast.
Kiena said 57 pct-owner Campbell Red Lake Mines Ltd 
<
CRK> was
expected to vote in favor of the split.
 Reuter
3;
bodyend
documentend
documentstart
4024
topicstart
topicend
bodystart
2;

VANZETTI 
<
VANZ> INCREASE OF SHARES APPROVED


    STOUGHTON, Mass, March 11 - 
vanzetti Systems INc said its
shareholders approved increasing the number of authorized
shares to five mln from three mln.
    Shareholders also approved increasing the number of shares
reserved for options to employees to 300,000 from 150,000
 Reuter
3;
bodyend
documentend
documentstart
4025
topicstart
earn
topicend
bodystart
2;

ROWE FURNITURE CORP 
<
ROWE> SETS QTLY DIVIDEND


    SALEM, Va., March 11 - 
    
Qtly div four cts vs four cts prior
    Pay April 15
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
4026
topicstart
trade
topicend
bodystart
2;

U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES


    By Jacqueline Frank


    WASHINGTON, March 11 - 
House trade lawmakers took their
first votes on measures designed to toughen U.S. trade laws but
held over until tomorrow the most difficult votes on
controversial plans to protect American industries.
    Meeting in closed session, the House Ways and Means Trade
Subcommittee failed to resolve one of the most sensitive issues
in the bill--whether they will force major foreign trading
partners to severely cut their trade surpluses with the United
States.
    The subcommittee is considering a toned-down version of
Democratic-sponsored trade legislation that aims to open
foreign markets but which drops last year's effort to force
President Reagan to retaliate with quotas or tariffs.
    Congressional aides who asked not to be identified said the
lawmakers intend to wrap up their proposals tomorrow and will
consider a proposal to mandate retaliation without setting
specific trade penalties.
    The legislation faces another hurdle in the full Ways and
Means Committee next week before the full House votes on it.
    Rep. Richard Gephardt, a Missouri Democrat who is seeking
his party's 1988 presidential nomination, said he may offer an
amendment to call for reductions in the trade surpluses of
those countries with barriers to imports of U.S. goods.
    This would be a moderated version of his earlier plan to
force a mandatory ten per cent annual cut in the trade surplus
with the United States by Japan, South Korea, Taiwan, West
Germany and other countries with the largest trade imbalances.
    "My criteria for a good amendment sets a standard for
getting the trade deficit down," he told reporters.
    The trade law changes are to become part of a major
congressional and administration effort to turn around the
record U.S. trade deficit of 169 billion dlrs last year by
opening up foreign markets and making U.S. products more
competitive.
    House Speaker James Wright, a Texas Democrat, said again
today he expects the full House will approve the trade bill by
May and that Reagan will accept the final congressional bill.
    "I expect whatever is reported (by the Ways and Means
Committee) will pass. We will have a good bill and an effective
bill," he told reporters.
    The comprehensive trade bill will include work by other
committees to ease export controls on high technology, to aid
U.S. workers displaced by foreign competition, to stimulate
research and development, to remove foreign trade barriers and
to improve education and worker training.
    The lawmakers agreed that for the first time a U.S.
industry could charge foreign producers with unfair competition
if they deny basic worker rights such as collective bargaining,
safety rules and payment of a minimum wage appropriate to the
country's economic development.
    They transferred to U.S. Trade Representative Clayton
Yeutter the powers now held by Reagan to decide whether to
retaliate against foreign violations of fair trade rules and
whether an injured industry deserves import relief.
    They agreed to make it easier for a company to get
temporary relief from import competition but agreed the
industry should provide a plan to become competitive.
    The administration has not announced its support but
Yeutter said yesterday, "I am cautiously optimistic," that the
Democratic-led House will come up with an acceptable bill.
 Reuter
3;
bodyend
documentend
documentstart
4027
topicstart
trade
topicend
bodystart
2;

SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH


    PARIS, March 11 - 
Soviet first deputy prime minister
Vsevolod Murakhovsky said at the end of a brief visit here his
country wanted to boost joint business with France, but that a
reduction of France's trade deficit with the Soviet Union
depended on the French.
    Murakhovsky, who is also chairman of the State
Agro-Industrial Committee (GOSAGROPROM), told a news conference
he had discussed a variety of possible deals with French
companies Rhone-Poulenc, Pechiney and Imec.
    Declining to put figures on possible contracts he said he
had discussed plant protection and the processing of highly
sulphuric gas with Rhone-Poulenc, packaging technology for
agricultural products with Pechiney, and fruit and vegetable
juice processing with Imec.
    An official for Pechiney said an agreement of intent on
packaging could be signed soon, but could not give any other
details. The other two companies were not immediately available
for comment.
    Asked whether he foresaw a reduction this year of France's
trade shortfall, at 7.6 billion francs in the first 11 months
of 1986 against 5.1 billion for the whole of 1985, Murakhovsky
told Reuters: "It all depends on France."
    At a meeting in Paris last January French and Soviet
foreign trade ministers said they were committed to increased
efforts to reduce the deficit. Estimates at the time showed a
French 190 mln franc surplus for December 1986.
    Murakhovsky said the Soviet Union was prepared to talk with
anybody with "interesting" proposals offering latest technology
and assuring "a mutual advantage."
    He said the Soviet Union had many tasks ahead of it and
would deal rapidly with proposals it considered interesting.
    He encouraged companies to take advantage of new laws
guaranteeing "the interests of foreign partners" in joint
ventures.
    But he said no agreements had yet been finalised under the
new joint venture laws.
    He said concrete deals had not yet been finalised as a
result of a one billion dollar accord signed in Moscow last
month with French businessman Jean-Baptiste Doumeng.
    He said Doumeng's Interagra company was preparing proposals
for further examination by the Soviet Union. Doumeng last month
said the agreement was to exchange one billion dollars worth of
goods.
    Murakhovsky said the agreement was one of intent, and
designed primarily to renew and increase the Soviet Union's
food production capacity.
 Reuter
3;
bodyend
documentend
documentstart
4028
topicstart
crude
topicend
bodystart
2;

VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT


    Caracas, march 11 - 
venezuela will supply ecuador with an
as yet undetermined amount of crude oil to help it meet export
commitments, seriously affected by last week's earthquake,
energy and mines minister arturo hernandez grisanti said.
    He gave few details about the deal, but said a crude oil
loan agreement will be made between state oil companies
petroleos de venezuela (pdvsa) and ecuador's cepe.
    Ecuador was forced to suspend oil exports for an expected
four months after an earthquake damaged a pipeline. Oil
accounts for 60 per cent of its export income.
     Hernandez was speaking to reporters at miraflores palace
on the results of talks with ecuador's deputy energy minister
fernando santos alvite, who arrived here last night.
    "the volume lent to ecuador would be discounted from its
opec quota and would not affect venezuela's," he said. "we would
from august on produce our own quota and sell the additional
amounts that ecuador would be repaying us," he said.
    He did not elaborate on the quota arrangements but did say
ecuador would notify opec by telex that venezuela would be
lending it a certain amount over so many days.
    Venezuela's opec output quota is currently 1.495 million
barrels a day, and ecuador's has been set at 210,000 bpd.
 Reuter
3;
bodyend
documentend
documentstart
4029
topicstart
earn
topicend
bodystart
2;

EAGLE CLOTHES INC 
<
EGL> 2nD QTR JAN 31


    NEW YORK, March 11 -
    
Shr profit 17 cts vs profit 14 cts
    Net profit 1.3 mln vs profit 901,000
    Revs 36.9 mln vs 36.2 mln
    Six months
    Shr profit 18 cts vs loss 11 cts
    Net profit 1.4 mln vs loss 716,000
    Revs 63.6 mln vs 57.7 mln
    NOTE:1986 six months includes increase in provision for
doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to
issuance of 1.5 mln shares in exchange for outstanding Series 1
preferred shares.
 Reuter
3;
bodyend
documentend
documentstart
4031
topicstart
trade
topicend
bodystart
2;

BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS


    LONDON, March 11 - 
Britain today called on Japan to
increase foreign imports or risk the rise of protectionism and
the harm it would bring to it and other trading nations.
    British Trade and Industry Secretary Paul Channon said
Japan must heed a report issued by a Japanese government
advisory body in December calling for faster domestic demand to
help cut its trade surplus and restructure its economy.
    "I recognise that the strong yen has brought problems to
Japan's domestic economy," he told a group of Japanese
businessmen in London.
    "But these short term difficulties should not be allowed to
deflect Japan from the fundamental reforms necessary," he said.
    "It is not just a domestic issue for Japan. If import
propensity does not expand very soon there is a real risk from
protectionist lobbies, particularly in the U.S. With whom Japan
has so massive a surplus," he said.
    "They may well succeed in securing action by governments
which would be highly injurious to trading nations like Japan
and the U.K."
    Channon said there had been substantial growth in the
volume of trade between Japan and Britain, amounting to 6.2
billion sterling (9.8 billion dlrs) last year.
    But he added: "Regrettably too much of it was in one
direction, with the Japanese selling us 3.7 billion sterling
(5.8 billion dlrs) more than we sold them."
 Reuter
3;
bodyend
documentend
documentstart
4032
topicstart
acq
topicend
bodystart
2;
******
TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP

Blah blah blah.
3;


bodyend
documentend
documentstart
4033
topicstart
acq
topicend
bodystart
2;

TAFT 
<
TFB> REJECTS 145 DLR/SHR OFFER


    Cincinnati, March 11 - 
Taft Braodacasting Co said its board
of directors unanimously decided not to accept the pending
proposal of Theta Corp, an investor group led by Dudley Taft.
    The decision was based on, among other things, the advise
of its financial advisors, goldman sachs and co, that the offer
of 145 dlrs per share was inadequate.
    Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.

 Reuter
3;
bodyend
documentend
documentstart
4035
topicstart
veg-oil
topicend
bodystart
2;

BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX


    LONDON, March 11 - 
A British minister said that a proposed
European Community tax on vegetable oils and fats would raise
the price of fish and chips and he pledged the government would
fight against it.
    Lord Belstead, a junior agriculture minister, told the
House of Lords the tax would raise the price of raw materials
used in many processed foods by about 100 pct.
    He said revenue should not be raised by taxing the consumer
and called the proposal "repugnant."
 Reuter
3;
bodyend
documentend
documentstart
4036
topicstart
jobs
topicend
bodystart
2;

AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY


    CANBERRA, March 12 - 
Australia's seasonally-adjusted
unemployment rate eased to 8.2 pct of the estimated workforce
in February from 8.3 pct in January, compared with 7.9 pct a
year earlier, the Statistics Bureau said.
    The number of unemployed declined to 632,100 from 638,300
in January, against 594,500 in February 1986, it said.
    But unadjusted, the number of jobless rose to 699,800 or
9.1 pct of the workforce from 671,400 or 8.9 pct in January and
658,500 or 8.7 pct a year earlier.
 REUTER
3;
bodyend
documentend
documentstart
4038
topicstart
money-fx
topicend
bodystart
2;

TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6


    NEW YORK, March 11 - 
U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
    Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: "We never talk
about intervention."
    Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
 REUTER
3;
bodyend
documentend
documentstart
4039
topicstart
crude
topicend
bodystart
2;

ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA


    CARACAS, March 11 - 
Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
    Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
    The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
    Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
    But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
    Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
 REUTER
3;
bodyend
documentend
documentstart
4040
topicstart
oilseed
rapeseed
topicend
bodystart
2;

CHINA'S RAPESEED CROP DAMAGED BY STORMS


    PEKING, March 12 - 
The yield on 46,000 hectares (ha) of
rapeseed in central China will be cut by up to 70 pct by
hailstorms and tornadoes that swept across nearly 100,000 ha of
crops on March 6, the New China News Agency said today.
    The storm, which lashed the Huai and Yangtze rivers and
eastern Anhui province, left two people dead and 800 others
injured. Some 800 houses were flattened and 19 boats sunk, it
said.
    The Anhui provincial government has sent emergency relief
to the 19 counties affected, the news agency said.
 REUTER
3;
bodyend
documentend
documentstart
4041
topicstart
crude
topicend
bodystart
2;

CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS


    PEKING, March 12 - 
China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
    It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
    Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
    The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
    China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
    Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
 REUTER
3;
bodyend
documentend
documentstart
4043
topicstart
acq
topicend
bodystart
2;

AMC IMPOSES HIRING FREEZE DUE TO TAKEOVER BID


    DETROIT, March 11 - 
American Motors Corp 
<
AMO> management
has ordered a hiring freeze in view of Chrysler Corp's 
<
C> 1.5
billion dlr takeover bid, a spokesman for AMC said.
    Analysts said the merger is virtually certain to go ahead.
    American Motors directors met for five hours Wednesday to
review the takeover proposal. "The board ... Expects to be
meeting periodically over the next several weeks on the
Chrysler proposal," AMC said in its first formal statement since
it acknowledged the Chrysler proposal on Monday.
    Chrysler, the number three U.S. Automaker, has said the
merger is motivated principally by its desire to acquire AMC's
profitable Jeep business and dealers, as well as a new modern
car assembly plant in Bramalea, Ontario.
    That means a guaranteed future for much of AMC, but it
leaves in question the fate of many of its 19,000-plus
employees, according to industry analysts. AMC's Toledo, Ohio
Jeep plant has 1,850 hourly workers on indefinite layoff while
its Kenosha, Wisconsin, car plant has another 2,250 on layoff.
 REUTER
3;
bodyend
documentend
documentstart
4044
topicstart
topicend
bodystart
2;

ROTHMANS CLOSE TO JOINT VENTURE IN CHINA


    PEKING, March 12 - 
Rothmans International plc 
<
ROT.L> aims
to set up a joint venture with Jinan cigarette factory in
Shandong, China to produce high quality cigarettes, some for
export, Chinese newspapers said.
    The China Daily said the factory has produced high-quality
"General" brand cigarettes using advanced machinery and technical
assistance worth 2.5 mln dlrs donated by Rothmans under a
co-operation agreement signed in 1985.
    The Economic Daily newspaper said the high quality "General"
will help China's cigarettes enter the international market.
The two papers gave no more details.
 REUTER
3;
bodyend
documentend
documentstart
4045
topicstart
bop
topicend
bodystart
2;

FOREIGN INVESTMENT IN AUSTRALIA JUMPS IN LAST QTR


    CANBERRA, March 12 - 
The net inflow of foreign investment
into Australia jumped to 7.3 billion dlrs in the fourth quarter
of 1986 from 4.32 billion in the third quarter and 4.55 billion
a year earlier, the Statistics Bureau said.
    The Bureau attributed the increase to a turnaround of 2.08
billion dlrs in official sector transactions and a 1.09 billion
turnaround in direct investment.
    The turnaround in official transactions to a 1.52 billion
inflow from a 555 mln outflow in the third quarter, against a
520 mln inflow a year earlier, was largely on account of
government foreign currency borrowings, it said.
    Direct investment recorded a turnaround to a 1.04 billion
dlr inflow in the fourth quarter from a 57 mln withdrawal in
the third quarter, against a 546 mln inflow in the fourth
quarter of 1985, the Bureau said.
    It said the major part of the turnaround reflected an
injection of funds, estimated at around 700 mln dlrs,
associated with the previously reported restructuring of the
Australian operations of General Motors Corp 
<
GM>.
    GM used the funds to pay out or take over certain
Australian liabilities of its local unit 
<
General
Motors-Holden's Ltd>, it said.
    However, net borrowings remained the major part of total
inflow, accounting for 6.16 billion dlrs in the fourth quarter
against 3.88 billion in the third quarter and 4.03 billion a
year earlier, the Bureau said.
    Net official borrowings comprised 1.52 billion dlrs against
a net outflow of 548 mln in the third quarter and a 516 mln
inflow a year earlier.
    Total private and semi-public authority net borrowings rose
to 4.64 billion dlrs from 4.42 billion in the third quarter and
3.51 billion a year earlier.
 REUTER
3;
bodyend
documentend
documentstart
4047
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN'S FIRST QUARTER MAIZE IMPORTS SEEN RISING


    TAIPEI, March 12 - 
Taiwan's maize import commitments are
expected to rise to 970,000 tonnes in the first four months of
1987 from 870,000 tonnes a year earlier, a spokesman for the
Joint Committee of Maize Importers told Reuters.
    He said more than 75 pct of the imports come from the U.S.
And the rest from South Africa.
    The maize import target for calendar 1987 is set at well
over 3.4 mln tonnes compared with an actual 3.07 mln in 1985,
he added.
 REUTER
3;
bodyend
documentend
documentstart
4048
topicstart
trade
topicend
bodystart
2;

TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS


    TAIPEI, March 12 - 
Taiwan said it would soon relax import
controls on some 400 foreign items, including stationery and
books, in a further effort to allow trading partners,
especially the U.S., Greater access to its markets.
    Taiwan announced the easing of import curbs on some 600
farm and industrial products last month, a Council for Economic
Planning and Development spokesman told Reuters.
    He said the new move was intended to balance trade between
Taiwan and its trading partners. The island's trade surplus
reached a record 15.6 billion U.S. Dlrs last year, up from
10.62 billion in 1985.
    In January, Taiwan cut import tariffs on some 1,700 foreign
products and allowed imports of U.S. Wine, beer and cigarettes.
    "We hope the measures will help reduce our trade surplus
this year, especially with that of the U.S.," the spokesman
said.
    Washington is pressing Taiwan to open its markets wider as
a way of cutting its trade deficit with the island, which rose
to 2.35 billion U.S. Dlrs in the first two months of 1987 from
1.87 billion in the year-earlier period.
 REUTER
3;
bodyend
documentend
documentstart
4049
topicstart
ship
iron-steel
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - MITSUBISHI HEAVY FIGHTS BACK


    By Fumiko Fujisaki, Reuters


    TOKYO, March 12 - 
International efforts to redirect Japan's
export-driven economy toward domestic consumption face heavy
going if the country's largest defence contractor and world's
biggest shipbuilder is anything to go by.
    Mitsubishi Heavy Industries Ltd 
<
MITH.T> (MHI), which began
making ships and iron goods for Japan's military rulers 130
years ago, is responding to the strong yen by redoubling its
efforts to maintain its share of export markets.
    "If we sell the best quality and the cheapest products,
everyone will buy them," MHI president Yotaro Iida said.
    Although two of MHI's main businesses, shipbuilding and
power plant construction, have been hit hard by the yen's 40
pct rise against the dollar, the company has no plans to
abandon them, Iida told Reuters in an interview.
    Its other big activity, aircraft component manufacture, has
performed so well that MHI now accounts for half of the money
Tokyo spends on defence procurement each year.
    "We have made the utmost efforts among the world's
manufacturers to improve productivity," he said. "You may be
surprised if you come to see our plants. The outside is old but
the inside is ultra-modern, with robots and computers."
    Securities analysts at major securities houses agreed that
MHI has pared costs more quickly than its competitors. The
company has slashed its workforce to 47,000 from 86,000 in
1976.
    Despite its cost-cutting, MHI expects profits to drop 40
pct to 30 billion yen in the current fiscal year ending March
31, from 1985/86's record 50.14 billion.
    And that includes gains from the sale of MHI's stake in
Mitsubishi Motors Corp 
<
MIMT.T> for 49 billion yen.
    Iida is optimistic about the future, however. He said a
resurgence of demand from the Middle East following the recent
recovery in oil prices coupled with persistent demand for power
plants in developing countries will help MHI restore its
exports-to-sales ratio to the past decade's average of 30 pct.
    MHI's exports-to-sales ratio fell to 25.9 pct in the
half-year ended last September, from 35 to 36 pct five years
ago.
    China is the most promising market, although MHI also
considers other non-oil-producing developing countries as major
customers.
    "Our customers are all seen as being in trouble due to a
lack of foreign currency," Iida said. But he added that he felt
MHI could sell to those markets with Japanese government
financial support.
    It can also finance the plants itself and recover its
investment through product sales, a strategy Iida said could
prove popular in the future.
    In shipping, MHI is fighting back against low-priced South
Korean competition by building more technologically advanced
carriers to carry liquefied natural gas and other products
difficult to transport.
    Shipbuilders Association officials told Reuters MHI is the
world's largest shipbuilder in terms of orders and capacity.
    Domestically, MHI is involved in 12 national projects,
including development of nuclear fusion reactors and launch
vehicles for man-made satellites.
    It has been the biggest contractor for the Japan Defence
Agency's F-15 and F-14 jet fighters and missiles, although all
of these have been built under licence from U.S. Firms.
    MHI is now heading up five Japanese companies seeking to
develop the country's own fighter plane to replace the
currently used F-1 support fighters in the late 1990s.
    Military experts said Washington is putting strong pressure
on Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp
F-18 or General Dynamics Corp F-16, to reduce Japan's huge
trade surplus with the U.S.
    "It might be a good idea to jointly produce planes with U.S.
Makers as Japan is supported by the U.S. Defence umbrella," Iida
said.
    MHI also plans to cooperate with the U.S. In its Strategic
Defence Initiative space defence program by participating in
the project when it moves from the research stage, he said.
    The U.S. Has been seeking Japan's technological support.
    In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's
sales, shipbuilding 17 pct and power plants 27.9 pct. Iida said
the ideal ratio is power plants 30 pct, aircraft and special
vehicles 25 pct and shipbuilding 15 pct.
    As for the remaining 30 pct, Iida said he wanted to shift
the domestic focus away from heavy machinery sold to
manufacturers and towards household goods, but he declined to
specify which products.
    "By the end of this year, you may find our brand name on
your daily products, although this does not mean we will run
away from our mainstream business," he said.
 REUTER
3;
bodyend
documentend
documentstart
4051
topicstart
ship
topicend
bodystart
2;

BANGLADESH PORT WORKERS END STRIKE


    CHITTAGONG, March 12 - 
Cargo handling resumed at
Bangladesh's Chittagong port today after 7,000 workers ended
their three day walk-out triggered by a pay dispute, port
officials said.
    Loading and unloading of 14 ships stranded by the strike
started this morning and will be completed as quickly as
possible, they said.
    The strikers returned to work after an agreement was
reached last night between port authorities and the Port
Workers Association, they said without giving details.
 REUTER
3;
bodyend
documentend
documentstart
4052
topicstart
acq
topicend
bodystart
2;

LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES


   LONDON, March 11 - 
The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
    Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
    Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
    "Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company," Leigh-Pemberton said.
    He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. "The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested," he said.
    Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. "The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future," he said.
    Such bids "often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders," he
said.
    In a clear reference recent events, he said "those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result."
    They "should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere," he added.
 REUTER
3;
bodyend
documentend
documentstart
4054
topicstart
pet-chem
topicend
bodystart
2;

TONEN SEKIYU AND EXXON UNIT STUDYING RESIN PROJECT


    TOKYO, March 12 - 
<
Tonen Sekiyukagaku KK> and 
<
Exxon
Chemical Co>, a petrochemical division of Exxon Corp 
<
XON>,
said they agreed to accelerate a study to set up an
equally-owned joint venture to make waterwhite resin in Japan.
    Details of the venture, to be based on Exxon Chemical
technology, will be set later, the companies said.
    Waterwhite resins are widely used in adhesive applications
for baby nappies, medical tapes, and other bonding agents.
    Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK

<
TNEN.T> which is owned 25 pct by Exxon Corp.
 REUTER
3;
bodyend
documentend
documentstart
4055
topicstart
acq
topicend
bodystart
2;

JAPANESE PURCHASE OF U.S. HIGH-TECH FIRM OPPOSED


    WASHINGTON, March 12 - 
Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. Computer and semiconductor
maker, U.S. Officials said yesterday.
    The officials told reporters Baldrige had serious concerns
on national security grounds about the sale of Schlumberger Ltd

<
SLB> unit 
<
Fairchild Semiconductor Inc> to Fujitsu Ltd

<
ITSU.T>. The officials said the sale could leave the United
States overly dependent on a foreign company for equipment used
in advanced missiles, aircraft electronics and intelligence
gathering.
    The U.S. Officials added the sale would also worsen the
strained relations between the two countries stemming from the
huge Japanese trade surplus.
    The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
    Defence Secretary Caspar Weinberger's position was not
known, but in the past, he has opposed the transfer of high
technology to foreign governments or companies.
    Computers made by U.S. Manufacturers are widely used in the
world, but Tokyo told U.S. Negotiators recently it prefers
local manufacturers and would not buy U.S. Supercomputers.
 REUTER
3;
bodyend
documentend
documentstart
4056
topicstart
cotton
topicend
bodystart
2;

S.KOREA TO BUY MORE COTTON, ESPECIALLY U.S. COTTON


    SEOUL, March 12 - 
South Korea plans to import about 387,000
tonnes of cotton this year compared to 225,000 tonnes in 1986,
trade ministry officials said.
    More than three quarters of the total, some 290,000 tonnes,
will come from the United States. That will be a 93.7 pct
increase on 1986 when U.S. Imports totalled 150,000 tonnes, an
official said.
    He said the U.S. Increase is due partly to the
competitiveness of American cotton and partly to efforts by
Seoul to reduce its trade surplus with Washington. South Korea
is the second largest importer of U.S. Cotton after Japan.
 REUTER
3;
bodyend
documentend
documentstart
4057
topicstart
grain
wheat
topicend
bodystart
2;

AWB SAYS AUSTRALIAN WHEAT SALES OVER 10 MLN TONNES


    MELBOURNE, March 12 - 
The Australian Wheat Board's (AWB)
1986/87 export program is well advanced with over 10 mln tonnes
already sold, AWB general manager Ron Paice said.
    "We are certainly within reach of our 15 mln tonne export
target for the year," he said in a statement.
    He did not detail the commitments already made, but an AWB
spokesman said they include sales to Egypt, China, Iran, the
Soviet Union and Iraq.
    In the 1985/86 wheat year ended September 30, the AWB
exported a record 15.96 mln tonnes.
    Paice also said the 1986/87 Australian wheat harvest has
ended after a long, cool summer with 15.14 mln tonnes delivered
to the AWB.
    The season produced another good crop, with only 0.2 pct of
receivals being downgraded to feed quality, he said.
    However, it is likely that some weather-damaged grain was
still being held on farms and further milling and feed wheat
may be delivered following the recent announcement of the final
Guaranteed Minimum Price for 1986/87, he said.
    Paice did not give a crop estimate, but the AWB's February
Wheat Australia publication put the crop at 16.7 mln tonnes.
    But the AWB spokesman said it is likely this estimate could
turn out to be too high, based on the receivals level, and the
final crop figure would probably be nearer to 16.2 mln tonnes.
The official estimate is not yet available.
    In the 1985/86 season, the AWB received 15.08 mln tonnes of
the 16.13 mln tonne crop.
    Another 422,000 tonnes was retained on-farm and 620,000
sold under the permit system introduced in 1984/85 to allow
farmers to sell feed wheat to the grain trade outside the AWB's
receival system, according to Bureau of Agricultural Economics
data.
 REUTER
3;
bodyend
documentend
documentstart
4058
topicstart
acq
gold
topicend
bodystart
2;

NORTH BH SETS ONE-FOR-FIVE OFFER FOR NORGOLD FLOAT


    MELBOURNE, March 12 - 
North Broken Hill Holdings Ltd

<
NBHA.ME> (NBH) said it will offer one 
<
Norgold Ltd> share for
every five NBH shares in the float of its newly created gold
offshoot.
    The 20 cent par-value shares will be offered at 22 cents to
shareholders registered April 3, NBH said in a statement.
    Norgold's issued capital will be 240.5 mln shares, of which
63 pct will be held by NBH after 89 mln are issued to
shareholders to raise 19.6 mln dlrs, it said.
    Norgold will take control of a portfolio of precious metal
exploration and pre-development interests held by NBH.
    The major gold deposit to be acquired by Norgold is 100 pct
of the Bottle Creek deposit, west of Leonora in Western
Australia, NBH said.
    Production of gold from the project, at an annual rate of
35,000 ounces, is scheduled to begin early in 1988.
    Norgold will also have a 10 pct stake in the Coronation
Hill gold/platinum project in the Northern Territory and 43 pct
of the Poona copper/gold project in South Australia.
    Other gold exploration interests to be acquired by Norgold
are in Western Australia, Queensland, New South Wales and
Tasmania, NBH said.
 REUTER
3;
bodyend
documentend
documentstart
4059
topicstart
topicend
bodystart
2;

CONVERTIBLE YEN BOND BROKERAGE FEE MAY BE CUT


    TOKYO, March 12 - 
The Tokyo Stock Exchange said in a
statement it is considering reducing brokerage fees on yen
convertible bonds.
    The cut would be in response to a planned increase in
securities transaction tax to 26 yen per 10,000 yen from 4.5 as
part of the government's proposed tax reform bills, securities
house managers said.
    Under the current system, investors must also pay 0.6 pct
of face value as brokerage fee to securities houses for
transactions involving principal over 30 mln yen.
    The exchange's draft revision sets brokerage fee percentage
rates in inverse proportion to the size of amounts transacted,
market sources said.
    Details of rates on transactions under 30 mln yen have yet
to be worked out, an exchange spokesman said.
    The news had little immediate impact on the convertible
bond market because participants are unsure when the new rates
will be introduced and because the timing of parliamentary
approval of the tax reform bills is uncertain due to opposition
to them, securities dealers said.
 REUTER
3;
bodyend
documentend
documentstart
4061
topicstart
ship
topicend
bodystart
2;

STRIKING BRAZIL SEAMEN THREATEN MASS RESIGNATION


    By Stephen Powell, Reuters


    SANTOS, Brazil, March 12 - 
Striking seamen said they would
offer their collective resignation rather than end their
13-day-old national strike on management's terms.
    The seamen said they were spurred to their decision after
marines occupied the ship Docemarte in Santos harbour Tuesday
night. They said seamen on the vessel were being forced to work
under duress.
    President Jose Sarney's government despatched troops to
Brazil's ports and oil installations on Tuesday.
    Seamen in Santos, Brazil's main port, are in defiant mood.
One of their leaders, Orlando dos Santos, told Reuters that
most of the 1,100 seamen in the port offered their resignations
on Wednesday. The national strike headquarters in Rio de
Janeiro said seamen were offering to resign in all the
country's main ports.
    The strike by 40,000 seamen comes as Brazil faces a serious
debt crisis brought on by a sharp deterioration in its trade
balance. The country needs all the foreign exchange it can get,
and shipowners have been quick to denounce seamen for the harm
the strike is doing to exports.
    An advertisement placed in the newspapers by the Shipowners
Association read, "The seamen's strike is illegal, irrational
and unpatriotic."
    The seamen respond that they cannot live on their present
salaries. According to officical pay lists available in the
union's office, the basic pay for ordinary seamen is 1,977
cruzados a month, while various allowances can bring their
total pay up to 4,000 cruzados a month.
    At the other end of the scale, captains earn 7,993 cruzados
a month basic pay, which is brought up to 15,229 cruzados with
allowances. 
    "Brazil's seamen are the second worst paid in the world,
after Ghana's," dos Santos said. He said the seamen had not
received a pay increase since February 1986, and prices have
doubled since then with the collapse of the government's
Cruzado Plan price freeze.
    Talks in Rio de Janeiro Wednesday involving Labour Minister
Almir Pazzionotto, seamen and employers failed to resolve the
dispute. The seamen are demanding pay raises of about 200 pct
but have been offered less than half that.
 REUTER
3;
bodyend
documentend
documentstart
4062
topicstart
reserves
topicend
bodystart
2;
******
 German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank

Blah blah blah.
3;


bodyend
documentend
documentstart
4063
topicstart
coffee
topicend
bodystart
2;

INDONESIAN COFFEE PRODUCTION MAY FALL THIS YEAR


    JAKARTA, March 12 - 
Indonesia's coffee production in
1986/87 ending September 30 may fall slightly from last year's
level of 360,000 tonnes, Dharyono Kertosastro, chairman of the
Association of Indonesian Coffee Exporters told Reuters.
    He said shade trees had been damaged by pests and this may
have affected the crop, though it remains to be seen how
seriously. Indonesia's main crop is harvested next month.
    He gave no figure for expected output, except to say it
would probably be down a little from 1985/86. He said stocks
were about normal at 90,000 tonnes.
    Kertosastro predicted that exports were unlikely to rise
much from last year's level of 320,000 tonnes. "I expect exports
will be a bit more, maybe 330,000 tonnes, but not above that,"
he said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs,
but the value could fall by 30 pct this year because of low
prices, he added.
    Dharyono said production was behind a five year plan target
of 420,000 tonnes for the current year, but Indonesia is trying
to boost output through introduction of higher yielding seeds,
better training for farmers and increased use of fertilizers.
 REUTER
3;
bodyend
documentend
documentstart
4064
topicstart
acq
topicend
bodystart
2;

RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY


    WELLINGTON, March 12 - 
<
Renouf Corp Ltd> said it sold its
10.83 pct stake in 
<
NZI Corp Ltd> to 
<
Brierley Investments
Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
    Renouf managing director Mike Cashin said in a statement it
had been Renouf's intention to build up a long-term strategic
position in NZI. "But it became clear to us that it was in the
best interests of both NZI and ourselves for Brierley
Investments to acquire our holding," he said.
    He said Renouf built up its NZI holding over the past six
months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
share and 2,095 warrants at 1,709 dlrs each.
    The warrants are attached to a 150 mln Swiss franc note
issue. Each bond of 5,000 francs carries a detachable warrant
entitling the bearer to 2,486 NZI shares.
    In its 1986 annual report BIL reported that it held a 19
pct stake in NZI.
    NZI has 673.4 mln ordinary shares on issue. Total capital
including shares attached to warrants is 678.8 mln shares.
    Cashin said the sale will result in a significant profit
and places Renouf in a good position to consolidate on recent
transactions and pursue other opportunities.
    NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
at 6.15 at the close of trading.
    BIL executives were unavailable for comment.
 REUTER
3;
bodyend
documentend
documentstart
4065
topicstart
earn
topicend
bodystart
2;

BOLIDEN  AB 
<
BLDS ST> 1986 RESULTS


    STOCKHOLM, Mar 12 -
    
Group loss after financial income and expenses 1.08
    Billion vs loss 71 mln crowns
    Sales - 12.38 billion crowns vs 6.16 billion.
    No proposed dividend vs 10 crowns.
    Note - The company this year consolidated wholesale and
investment conglomerate Ahlsell AB.
 REUTER
3;
bodyend
documentend
documentstart
4066
topicstart
gold
topicend
bodystart
2;

BRITAIN TO MINT NEW "BRITANNIA" GOLD COIN


    LONDON, March 12 - 
Britain will from next autumn mint and
market a new bullion coin called the "Britannia" containing one
ounce of 24 carat gold, together with bullion coins of smaller
denominations, a Treasury official said.
    The new investment coin, to be sold worldwide, will
fluctuate in price according to the international price of
gold.
    The smaller coins will be in denominations of a half ounce,
a quarter ounce and a tenth of an ounce. REUTER
3;
bodyend
documentend
documentstart
4067
topicstart
earn
topicend
bodystart
2;

SAUDI BANKS FACE FURTHER LEAN PERIOD


    By Stephen Jukes, Reuters


    RIYADH, March 12 - 
Saudi Arabia's 11 commercial banks are
reporting a further decline in profits for 1986 as increasing
provisions have to be set aside to cover the burden of non-
performing loans.
    Bankers in the Saudi capital said the need to build
reserves for bad and doubtful debts may start to decline a
little this year.
    But the kingdom's still sluggish economy and legal problems
hampering traditional lending operations mean earnings will
remain vulnerable.
    One senior bank credit officer said "The work is largely
done in terms of identifying bad loans and making provisions,
but banks are still going to face difficulties earning money."
    The sudden decline of Saudi Arabia's corporate sector in
1983 - culminating in a number of debt reschedulings - has
taken a heavy toll of bank profits, with first results now
appearing for 1986 showing a fourth successive year of broad
decline.
    The cumulative net 1985 earnings of the kingdom's banks had
sunk to 827.9 mln riyals from 2.66 billion in 1982 before world
oil prices tumbled.
    Of the kingdom's nine joint-venture banks which operate on
the Gregorian calendar year, four have already reported and
revealed a further profits decline - or net loss - for 1986 at
the expense of increased provisions.
    The newest and smallest of the joint ventures, 
<
United Saudi
Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln
riyals, marginally less than 1985's shortfall of 17.0 mln.
    Profits before provisions were sharply higher, in part
reflecting an 18 pct staff cut last year. But the bank nearly
trebled the amount set aside against bad and doubtful loans to
60 mln riyals from 22 mln in 1985.
    Other results released so far show 
<
Saudi American Bank>
(SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7
mln riyals, while 
<
Al Bank Al Saudi Al Fransi>, known as Saudi
French, slid 14 pct to 94.9 mln riyals.
    Both Saudi American, owned 40 pct by Citicorp's 
<
CCI.N>
Citibank NA and Saudi French, 40 pct owned by Banque Indosuez,
increased provisions sharply.
    
<
Arab National Bank>'s net profit fell 17.8 pct to 152.1
mln riyals and provisions were more than doubled to 86.6 mln
riyals.
    Bankers said there are first signs that the number of non-
performing loans has stopped growing as the decline in the
Saudi economy bottoms out.
    Few are willing to predict a sharp upturn in economic
activity, but one banker said "The top 50 pct of the Saudi banks
are now at or close to international levels on provisions."
    From 1982 to 1985, the kingdom's largest bank 
<
National
Commercial Bank> (NCB) stashed away 1.7 billion riyals in
provisions or 8.9 pct of its total loans and advances to the
private sector, bankers calculated.
    Between 1982 and 1985, 
<
Riyad Bank>, NCB's rival as the
second biggest of the two all-Saudi shareholding banks, had
covered 12.8 pct of its loans and advances. Both banks operate
on an Islamic year that does not coincide with the other nine.
    Although the Saudi Arabian Monetary Agency (SAMA) has been
tightening supervision, there is still no standardised rule for
declaring loans as non-performing.
    Bankers say this makes comparison of profit figures
difficult because some banks still book non-accruing interest
as revenue while others follow more conservative practices in
force in major world financial centres.
    Bankers generally said NCB, Riyad Bank and the
joint-ventures SAMBA, Saudi French and Arab National Bank rank
as the strongest earners.
    Other banks such as 
<
Saudi British Bank>, 40 pct owned by
the 
<
British Bank of the Middle East>, are disadvantaged by a
relatively low deposit base.
    Saudi British slashed 1985 profit 91 pct to just 9.1 mln
riyals and 1986 accounts due soon are expected to show another
low figure. But the bank has traditionally been one of the most
conservative in making provisions.
    Bankers said SAMA has proved it is not prepared to see a
Saudi bank go under and not only supported 
<
Saudi Cairo Bank>
after its troubled 1985 accounts came to light but also made
available cheap deposits to 
<
Saudi Investment Bank> and USCB.
    The banks can on-lend these to generate profit, but
generally banks are awash with liquidity since they are
unwilling to risk incurring fresh non-performing loans.
    And while banks in more liberal financial markets can
attempt to diversify away from traditional lending,
conservatism in Saudi banking has made it difficult to generate
fee income from new investment banking products.
    One banker said "Operating earnings in the Kingdom are not
good."
    Reflecting the caution in new lending, the amount of
advances is showing a declining trend, while the days when
banks had ample funds in interest-free current accounts to
invest are disappearing as Saudi customers seek a better return
on their money.
    In 1979, the ratio of interest-bearing accounts to current
accounts was 27 to 73 pct. Today, only about 40 pct of customer
funds are held on current account.
 REUTER
3;
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4068
topicstart
topicend
bodystart
2;

JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS


    TOKYO, March 12 - 
The Bank of Japan will sell tomorrow 200
billion yen of financing bills under a 50-day repurchase
agreement maturing on May 2, to help absorb a projected money
market surplus due largely to distribution of local allocation
tax ahead of the March 31 fiscal year-end, money traders said.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9496 pct against the 3.9375
pct discount rate for two-month commercial bills and the
4.46/37 pct yield today on two-month certificates of deposit.
    The operation will put outstanding bill supply at about
1,500 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
4069
topicstart
acq
topicend
bodystart
2;

GUINNESS CHALLENGES 5.2 MLN STG PAYMENT TO LAWYER


    ST HELIER, Jersey, March 12 - 
Guinness Plc 
<
GUIN.L> , the
brewing group, has challenged a 5.2 mln stg payment to a U.S.
Lawyer who says he organised its controversial takeover of
Scotch whisky maker 
<
The Distillers Co Plc>.
    But attorneys for lawyer Thomas Ward, a member of the
Guinness board, told a court yesterday in the Channel Island of
Jersey that Ward saw the payment as his reward for services in
last year's 2.7 billion stg takeover.
    Britain's Department of Trade and Industry is investigating
the takeover.
    Guinness says its former chairman Ernest Saunders and Ward
"breached their fiduciary duty" in authorising the payment to
Ward, via a Jersey-based company, Marketing and Acquisitions
Consultants and has gone to the Jersey court to recover it.
    MAC said in defence documents that Ward was the main
negotiator in the battle for Distillers against rival bidder
Argyll 
<
AYLL.L> Group Plc.
    "The bid would not have been successful but for the ...
Services of Mr Ward," MAC attorneys said in the documents
submitted in court. "The payment was, in all the circumstances,
reasonable, proper and fully earned."
 REUTER
3;
bodyend
documentend
documentstart
4071
topicstart
coffee
topicend
bodystart
2;

INDONESIA PRESSING FOR COMPROMISE OVER COFFEE


    By Jeremy Clift, Reuters


    JAKARTA, March 12 - 
Indonesian coffee exporters are
preparing for a period of depressed prices while urging their
government to lobby for a resolution of the deadlocked issue of
export quotas, the chairman of the Association of Indonesian
Coffee Exporters (AICE) told Reuters.
    Dharyono Kertosastro said in an interview that Indonesia,
the world's third largest producer, is trimming costs and
improving its marketing while seeking a compromise on quotas.
    "But as long as Brazil sticks to its hardline position, we
can never bridge the gap," Dharyono said.
    Indonesia was one of a group of eight producing countries,
along with Costa Rica, the Dominican Republic, Ecuador,
Honduras, India, Papua New Guinea and Peru, which proposed a
new quota system at last month's failed International Coffee
Organistion (ICO) talks in London.
    Brazil, which would have had its quota reduced under the
Group of Eight scheme, blocked the proposal.
    AICE officials are now hoping Colombia can use its contacts
with Brazil to suggest a compromise.
    Edward Muda, an AICE official who attended the ICO
negotiations, said Latin American members of the Group of Eight
were in contact with Colombia, the world's second largest
producer, but gave no details.
    "Colombia has shown interest because they will gain from a
compromise. Without one, they will suffer if the present market
stays like it is," Muda said.
    He said Indonesia was in contact with consumers such as the
U.S., Japan, the Netherlands, West Germany and Canada ahead of
an ICO executive board meeting scheduled for April 1.
    Dharyono said the AICE will send delegations to the U.S.
And Japan to brief Indonesian embassy officials there and press
them to present Indonesia's case more firmly.
    He urged the Indonesian government to do more to help the
country's coffee traders through the ICO negotiations.
    Muda said the Group of Eight had some common ground with
the big consumers because they agreed on the need for basing
quotas on what he termed "realistic criteria."
    The breakaway group believes the old quota system, which
gives Brazil a 30 pct share of the quota exports, does not
reflect up-to-date supply and demand trends.
    Brazil has stuck rigidly to its insistence that the old
system be applied.
    Export quotas were suspended in February 1986 when market
prices surged because of the failure of the Brazilian crop.
    Although prices have long since come down to a point where
export controls could be reintroduced, producers and consumers
at the 75-member ICO have not been able to agree on new
guidelines. Brazil and the U.S., The largest consumer, are both
refusing to alter their positions.
    Dharyono said if new quotas are not agreed he believed
Indonesia was well placed to survive low prices.
    Indonesian farmers are trimming production costs and the
AICE is improving its marketing system, Dharyono said.
    Indonesia's coffee output in 1986/87, ending September 30,
is expected to stagnate or fall slightly from last year's level
of 360,000 tonnes, he said.
    He said stocks, at 90,000 tonnes, were about average for
the time of year.
 REUTER
3;
bodyend
documentend
documentstart
4072
topicstart
topicend
bodystart
2;

GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS


    LONDON, March 12 - 
The convertible eurobond issue announced
yesterday for Genentech Inc 
<
GENE.O> has been increased to a
total of 150 mln dlrs from 100 mln, Credit Suisse First Boston
Ltd (CSFB) said as lead manager.
    The coupon has been set at five pct and conversion price at
74 dlrs per share which represents a 23.85 pct premium over
Genentech's stock closing level of 59.75 on the New York Stock
Exchange last night.
    Payment date has been brought forward to March 27 from
March 30 and the bonds will mature on March 27, 2002.
 REUTER
3;
bodyend
documentend
documentstart
4073
topicstart
topicend
bodystart
2;

HYDRO QUEBEC ISSUES CANADIAN DLR BOND


    LONDON, March 12 - 
Hydro Quebec is issuing a 125 mln
Canadian dlr bond due April 21, 1997 paying nine pct and priced
at 100-3/4 pct, lead manager Merrill Lynch International said.
    The bond is available in denominations of 1,000 and 5,000
dlrs and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 3/8 pct each
for management and underwriting. Pay date is April 21.
 REUTER
3;
bodyend
documentend
documentstart
4074
topicstart
earn
topicend
bodystart
2;

JAPANESE CORPORATE EARNINGS RECOVERY PREDICTED


    TOKYO, March 12 - 
Japanese corporate earnings will rise 8.9
pct in fiscal 1987/88 for the first year-on-year increase in
three years, partly because of the yen's stable exchange rate,
the Nomura research institute said.
    Sales of all industries are predicted to rise 1.9 pct in
the year, which starts April 1, the research arm of Nomura
Securities Co said in a statement.
    Recurrent profits were estimated to fall 20 pct in the
current fiscal year with sales forecast to drop 14 pct.
    The forecast assumes an average rate of 148.5 yen to the
dollar in 1987/88, compared with 160 yen in the current year.
    Corporate efforts to cope with the yen's appreciation, such
as cutting production costs, are expected to bear fruit next
fiscal year, the institute said. The economy should also
benefit from pump-priming expected from the government and a
halt in rising prices of manufactured goods, it said.
    Recurrent profits of manufacturing industries are projected
to rise 29.6 pct next fiscal year against an estimated 40.1 pct
fall in the current year.
    Non-manufacturing sector profits will decline 4.5 pct in
1987/88 against an estimated 2.2 pct rise in the current year,
it said.
 REUTER
3;
bodyend
documentend
documentstart
4075
topicstart
earn
topicend
bodystart
2;

BOLIDEN SAYS RESULTS BURDENED BY LOSS WRITEOFF


     STOCKHOLM, Mar 12 - 
Swedish mining and metals group
Boliden AB 
<
BLDS ST> forecast a return to profitability during
1987 after recording a 1.08 billion crown 1986 loss burdened by
a massive write-off.
    The company, which consolidated the Swedish wholesale and
investment conglomerate 
<
Ahlsell AB> this year, said the result
included restructuring costs and write-offs of 802 mln crowns.
    "These costs have arisen as a results of a change of
direction for the group. They are mainly one-off but they have
burdened the annual accounts," the company said in a statement.
    Boliden said the company's liquid assets were 1.36 billion
crowns at year-end which together with an investment portfolio
of 1.60 billion made it one of the most liquid Swedish
companies.
    As a result of the 1986 losses, the board proposed
cancelling dividend for the year although it predicted a return
to profitability during 1987, the statement added.
    Swedish tyres, process equipment and components firm

<
Trelleborg AB> has taken a majority stake in Boliden since the
beginning of this year. Trelleborg then said it had no plans
for consolidating Boliden.
 REUTER
3;
bodyend
documentend
documentstart
4076
topicstart
oilseed
soybean
topicend
bodystart
2;

TAIWAN BUYS 27,000 TONNES OF U.S. SOYBEANS


    TAIPEI, March 12 - 
The joint committee of Taiwan's soybean
importers awarded a contract to Richco Grain Ltd of New York to
supply a 27,000-tonne cargo of U.S. Soybeans, a committee
spokesman told Reuters.
    The shipment, priced at 210.34 U.S. Dlrs per tonne c and f
Taiwan, is set for delivery between March 20 and April 5, he
said.
    Taiwan's soybeans imports in calendar 1987 are targetted at
1.81 mln tonnes, against an actual 1.74 mln tonnes imported in
1986, he said.
    All the imports come from the U.S., He added.
 REUTER
3;
bodyend
documentend
documentstart
4077
topicstart
grain
wheat
sugar
topicend
bodystart
2;

CHINA JANUARY WHEAT/SUGAR IMPORTS BELOW YEAR AGO


    PEKING, March 12 - 
China's wheat imports in January were
218,000 tonnes, down from 393,000 in January 1986, the China
Daily Business Weekly said, quoting customs figures.
    It said imports of sugar were 25,165 tonnes, down from
54,000, but exports of rice rose to 71,144 tonnes from 20,000.
It gave no more details.
 REUTER
3;
bodyend
documentend
documentstart
4078
topicstart
bop
trade
topicend
bodystart
2;

FRENCH 1986 CURRENT ACCOUNT SURPLUS REVISED


    PARIS, March 12 - 
The French 1986 current account balance
of payments surplus has been revised slightly upwards to 25.8
billion francs from the 25.4 billion franc figure announced
last month, the Finance Ministry said.
    This compares with a 1.5 billion deficit in 1985, and while
it is the first surplus since 1979, is substantially lower than
the 50 billion surplus forecast by the previous socialist
government before they lost office in March last year.
    Net long-term capital outflows rose sharply to 70.5 billion
francs last year from 8.8 billion in 1985, largely due to a
major program of foreign debt repayment, the ministry said.
    In the fourth quarter alone the unadjusted surplus rose to
14.1 billion francs from 6.6 billion the previous quarter, but
the adjusted surplus fell to 7.4 billion from 9.1 billion.
    Fourth quarter medium and long-term foreign debt repayments
exceeded new credits by 11 billion francs.
 REUTER
3;
bodyend
documentend
documentstart
4079
topicstart
topicend
bodystart
2;

SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS


    London, March 12 - 
Salomon Brothers international inc said
it has raised the size of its Collateralised Mortgage
Obligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs
announced yesterday.
    All other terms of the issue remain the same, Salomon said.
  REUTER
3;
bodyend
documentend
documentstart
4080
topicstart
gnp
topicend
bodystart
2;

MALAYSIA OPTIMISTIC OVER ECONOMIC OUTLOOK FOR 1987


     KUALA LUMPUR, March 12 - 
Malaysia's Central Bank, Bank
Negara, said the economic outlook for 1987 is good in view of a
marked improvement in commodity and oil prices in the later
months of last year.
    It said in its latest quarterly review that real gross
domestic product averaged an annual growth of 1.1 pct over the
first nine months of last year compared with a decline of 0.1
pct in the corresponding period in 1985.
    Growth was generated mainly by the manufacturing sector, it
added.
 REUTER
3;
bodyend
documentend
documentstart
4081
topicstart
earn
topicend
bodystart
2;

ROWNTREE REPORTS PRETAX PROFIT AT 84 MLN STG


    LONDON, March 12 - 
Rowntree Mackintosh Plc 
<
RWNT.L>
announced it made a pretax profit of 84 mln stg in the 53 weeks
ending January 3, 1987, compared with 79.3 mln stg in the
previous year.
    Turnover was up to 1.29 billion stg from 1.2 billion. A
final dividend of 9.2p was proposed, after a final 8.2p last
year. Earnings per share rose to 35p from 34.8p.
    The results were broadly in line with market expectations,
leaving shares at 499p in early trading, up one pence from
yesterday's close, but slightly off pre-announcement opening
levels.
    Profit on ordinary activities after tax was 66.2 mln stg,
up from the previous year's 60.7 mln.
    The U.K. Remained Rowntree's largest centre for trading
profits, accounting for 47.9 mln stg, up from 45.3 mln in 1985.
Profit from its second largest geographical area, North
America, slipped to 34.7 mln stg from 37.2 mln. North American
profits were affected by the fall of the value of the dollar.
    Operations in continental Europe made 7.8 mln stg in
trading profit, up from 3.4 mln, with 4.0 mln stg made in
Australasia, up from 2.3 mln, and 11.3 mln stg from the rest of
the world, against 13.1 mln in the previous year.
    Extraordinary items amounted to a 11.3 mln debit after a
16.5 mln debit previously. A company spokesman said this
represented additional provisions for the cost of
rationalisation plans announced in earlier years.
    Rowntree expects North American operations will this year,
ahead of company expectations, be of the same order as those
from the U.K. And the rest of Europe combined, the statement
said. A spokesman said no specific figures had been forecast.
    Acquisitions will continue to be sought worldwide,
including further moves in the speciality retailing business
which Rowntree first entered in 1983, the statement said.
    Rising profit from Europe this year was forecast by
chairman Kenneth Dixon in a statement. He added the performance
of seven businesses bought last year was encouraging.
    The U.K. Confectionery side gained market share and
increased trading margins. The Sun-Pat British grocery concern
increased profit and Rowntree's small health food business,
Holgates, raised earnings 10-fold, the statement said.
    Offsetting factors included currency movements, which cost
the company nearly 5.0 mln stg. Sales tax hurt Canadian profits
on confectionery operations, and the company faced strong
competition in the U.K. Snack and Mid East export markets.
 REUTER
3;
bodyend
documentend
documentstart
4083
topicstart
oilseed
rapeseed
soybean
sunseed
topicend
bodystart
2;

RISE SEEN IN FRENCH RAPESEED, SOYBEAN SOWINGS


    PARIS, March 12 - 
France's Oilseed and Bean Cooperatives
Federation, FFCOP, said it expected French rapeseed sowings for
the 1987 harvest to rise by between 54.6 pct and 67.5 pct to
between 600,000 and 650,000 hectares from 388,000 planted last
year.
    Its latest estimates also suggested a 66.7 pct rise in
soybean sowings to 80,000 ha from 48,000 last year. Sunflower
sowings were expected to increase by between 8.6 pct and 14.6
pct from 829,000 ha. Pea sowings are estimated likely to rise
27.7 pct to 350,000 ha against 274,000, while field bean
sowings are forecast unchanged at 40,000.
 REUTER
3;
bodyend
documentend
documentstart
4084
topicstart
trade
topicend
bodystart
2;

CHINA TRADE DEFICIT FALLS IN JANUARY


    PEKING, March 12 - 
China's trade deficit in January fell to
310 mln dlrs from 460 mln in January 1986, the China Daily
Business Weekly said.
    Quoting customs figures, the paper said exports fell to
1.75 billion dlrs from 1.84 billion and imports fell to 2.06
billion from 2.3 billion.
 REUTER
3;
bodyend
documentend
documentstart
4085
topicstart
earn
topicend
bodystart
2;

JACOBS SUCHARD AG 
<
JACZ.Z> 1986 YEAR


    ZURICH, March 12 -
    
Net 190.9 mln Swiss francs vs 150.4 mln
    Turnover 5.24 billion vs 5.38 billion
    Dividend 160 per bearer vs 155 francs, 32 francs per
registered vs 31 francs, 16 francs per participation
certificate vs 15.50 francs
    Cash flow 294.3 mln vs 242.6 mln
    Note - Confirms forecast of results issued in January.
    Operating profit 337.6 mln vs 265 mln
    Depreciation 103.4 mln, up 12.2 pct
    Capital spending 84.6 mln, down 15.7 pct.
 REUTER
3;
bodyend
documentend
documentstart
4087
topicstart
earn
topicend
bodystart
2;
******
 British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
4088
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND OFFERS EARLY HELP IN MONEY MARKET


    LONDON, March 12 - 
The Bank of England said it had invited
the discount houses to make an early round of bill offers to
help offset a large liquidity shortage in the money market.
    It estimated the shortage at around 1.55 billion stg, one
adverse factor being the unwinding of a sale and repurchase
agreement, with the market having to buy back bills worth 542
mln stg from the Bank.
    Bills maturing in official hands and the treasury bill
take-up would drain 957 mln stg wile exchequer transactions and
a note circulation rise would take out 15 mln and 25 mln
respectively. Above target bankers' balances would add 10 mln.
 REUTER
3;
bodyend
documentend
documentstart
4089
topicstart
earn
topicend
bodystart
2;

BRITISH TELECOM 3RD QTR ENDED DEC 31


    LONDON, March 12 -
    
Shr 5.1p vs 4.2p, making 15.3p vs 12.7p for nine months.
    Pre-tax profit 506 mln stg vs 452 mln, making 1.51 billion
stg vs 1.35 billion.
    Net profit before minorities 320 mln vs 268 mln, making 960
mln vs 807 mln.
    Note - Company's full name is British Telecommunications
Plc 
<
BTY.L>.
    Third quarter turnover 2.40 billion stg vs 2.11 billion,
making 7.01 billion vs 6.16 billion for nine months.
    Operating profit 578 mln vs 520 mln, making 1.72 billion vs
1.56 billion.
    Net interest payable 72 mln vs 68 mln, making 208 mln vs
203 mln.
    Tax 186 mln vs 184 mln, making 552 mln vs 547 mln.
    Minorities nil vs nil, making two mln vs nil.
 REUTER
3;
bodyend
documentend
documentstart
4090
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN EARLY ASSISTANCE


    LONDON, March 12 - 
The Bank of England said it had bought
bills worth 1.059 billion stg from the market for resale on
March 31 at rates of interest between 10-7/16 pct and 10-17/32
pct.
    Earlier, the Bank said it estimated the liquidity shortage
in the market today at around 1.55 billion stg.
 REUTER
3;
bodyend
documentend
documentstart
4091
topicstart
jobs
topicend
bodystart
2;

DANISH UNEMPLOYMENT RISES TO 7.9 PCT IN JANUARY


    COPENHAGEN, March 12 - 
Denmark's seasonally adjusted
unemployment rate rose to 7.9 pct of the workforce in January
from 7.8 pct in December, unchanged from January 1986, the
National Statistics Office said.
    The total of unemployed in January was 216,200 against
212,200 in December and 216,600 in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
4092
topicstart
earn
topicend
bodystart
2;

ROWNTREE MACKINTOSH PLC
<
RWNT.L> YEAR TO END JANUARY


 LONDON, March 12 -
    
Shr 35.0p vs 34.8p
    Div final div 9.2p vs 8.2p
    Pretax profit 84.0 mln stg vs 79.3 mln
    Net after tax 66.2 mln vs 60.7 mln
    Turnover 1,290.4 mln vs 1,205.2 mln
    Trading profit 105.7 mln stg vs 101.3 mln, consisting -
    U.K  47.9 mln vs 45.3
    Europe 7.8 mln vs 3.4 mln
    North America 34.7 mln vs 37.2 mln
    Australasia 4.0 mln vs 2.3 mln
    Rest of world 11.3 mln vs 13.1 mln
 REUTER
3;
bodyend
documentend
documentstart
4093
topicstart
money-fx
reserves
topicend
bodystart
2;

TAIWAN CLAMPS NEW CONTROLS ON CURRENCY INFLOWS


    By Andrew Browne, Reuters


    TAIPEI, March 12 - 
Taiwan's new controls on currency
inflows, implemented today, are a desperate bid to stem a flood
of speculative money prompted by the local currency surge
against the U.S. Dollar, local and foreign bankers said.
    The central bank now has to clear remittances exceeding one
mln U.S. Dlrs earned from exports, shipping and insurance and
bank lending plus remittances of more than 10,000 dlrs from any
other source.
    Petitioners have to show their remittances relate to
genuine commercial transactions.
    Meanwhile, traders are no longer required to report all
outward payments concerning invisible trade, including freight,
insurance and royalties, to the central bank.
    But bankers said they believed the new controls would be
ineffective since businessmen could split up remittances into
smaller units or simply remit money through Taiwan's
flourishing currency black market.
    The bankers said the controls, announced on March 6, are a
panic reaction to U.S. Pressure, which has intensified over the
past week, for a faster appreciation of the Taiwan dollar to
slow the growth of Taiwan's exports to the U.S.
    The government has denied local press reports Washington is
pressing for an exchange rate of up to 28 dlrs.
    The Taiwan dollar opened four cents up today at 34.70.
    "I don't think the central bank has a final target," said an
executive with a U.S. Bank. Other bankers and economists said
they are wary of making any firm predictions about how far the
Taiwan dollar will rise.
    Taiwan's trade surplus with the U.S. Hit 13.6 billion U.S.
Dlrs last year against 10.2 billion in 1985. The surplus
widened in the first two months of the year to 2.35 billion
dlrs from 1.87 billion in the same period last year.
    Economists estimate up to five billion dlrs in speculative
money flowed into Taiwan in 1986.
    This inflow helped boost foreign exchange reserves to more
than 51 billion dlrs from just under 25 billion this time last
year and provided further upward pressure on the currency.
    The Taiwan dollar has appreciated by almost 15 pct against
the U.S. Currency since September 1985, further encouraging
speculators.
    Central bank governor Chang Chi-cheng said last week
Washington's pressure plus rising foreign exchange reserves
meant a further strengthening in the currency is inevitable.
    Many local bankers argue the only effective solution to the
currency problem is to drop foreign exchange controls and allow
the local dollar to find its own level.
    "Lifting exchange controls is the final answer, but the
central bank is not prepared to do it. It simply does not want
to take the risk," said one local banker.
    He said he believed the new restrictions are a temporary
measure designed to buy time as the central bank grapples with
the exchange rate problem.
    The restrictions are a bureaucratic imposition and skirt
around the real issue, he said.
    Taiwan needs a fundamental restructuring of foreign
exchange controls, said an executive with a western bank.
    "The controls will create more paperwork, but the extra bank
charges will not outweigh the profits of speculation," said the
manager of a European bank.
    Economists criticised the controls, saying they could
antagonise Washington, which is pushing for further economic
liberalisation in Taiwan.
    "Instead of liberalising outflows, the government has
restricted inflows," said Kate Newman, an economist with Vickers
da Costa.
    A local banker, who declined to be named, said, "It's
basically ridiculous. It's a backward movement and goes against
the government's liberalisation programme."
    Taiwan last year eased some of its financial regulations to
enable Taiwan nationals to invest in foreign government bonds,
treasury bills and certificates of deposit and to allow
individuals to take 5,000 U.S. Dlrs in cash out of the country
each year.
 REUTER
3;
bodyend
documentend
documentstart
4094
topicstart
earn
topicend
bodystart
2;

GLYNWED INTERNATIONAL PLC 
<
GLYN.L> 1986 YEAR


    LONDON, March 12 -
    
Shr, net basis 27.47p vs 22.15p
    Div 6.5p vs 5.4p making 10.1p vs 8.4p
    Pretax profit 46.1 mln stg vs 35.6 mln
    Net after tax 30 mln vs 23.3 mln
    Extraordinary items debit 3.8 mln vs debit 2.3 mln
    Interest payable 2.7 mln vs 4.0 mln
    Net borrowings 7.6 mln vs 16.1 mln
    Turnover 478.9 mln vs 464.1 mln
 REUTER
3;
bodyend
documentend
documentstart
4095
topicstart
topicend
bodystart
2;

TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND


    LONDON, March 12 - 
Toyota Motor Credit Corp is issuing a 23
billion yen eurobond due April 10, 1992 paying 4-1/2 pct and
priced at 101-1/2 pct, lead manager Nomura International Ltd
said.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg. Payment is April 10.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
4096
topicstart
sugar
topicend
bodystart
2;

DUTCH SUGAR TRADE DENY INVOLVEMENT IN OFFER


    ROTTERDAM, March 12 - 
Dutch sugar traders deny involvement
in a plan to offer more than 850,000 tonnes of sugar to
intervention in protest at EC export policy and prices, traders
told Reuters.
    Although some 2,500 tonnes of sugar have been offered to
intervention in the Netherlands, Dutch producers and traders
said this sugar was actually Belgian and was being offered by
the Belgian industry.
    "We sympathise with the actions of the French, West German
and Belgian traders and producers, but we are not party to it,"
a spokesman said.
    EC Commission sources said yesterday French traders planned
to sell 775,000 tonnes into intervention stocks, West German
traders 75,000 tonnes and Dutch traders 2,500. Dutch trade
sources gave the same figure for France, but estimated up to
110,000 tonnes offered by German traders and producers.
    The Dutch spokesman added, "The weekly export tender policy
and prices are squeezing the European sugar industry, and this
is the only way in which they can really register their
protest.
    "These are desperate actions, but we believe that most of
this offered sugar will be withdrawn within the three-week
breathing space allowed."
 REUTER
3;
bodyend
documentend
documentstart
4097
topicstart
earn
topicend
bodystart
2;

GLYNWED SEES FURTHER PROGRESS IN 1987


    LONDON, March 12 - 
Glynwed International Plc 
<
GLYN.L> in a
statement accompanying their results that present indications
are that 1987 has started well and it is confident that the
year will be one of further progress.
    The company added that results in the U.S. Were poor and
the deterioration in the South African economy left its Falkirk
Industries unit with a loss of one mln stg. But it said there
was a continuing improvement in its core businesses.
    The extraordinary items debit of 3.8 mln stg arose on the
closure and disposal of various businesses.
 REUTER
3;
bodyend
documentend
documentstart
4098
topicstart
earn
topicend
bodystart
2;

BRITISH TELECOM SEES SATISFACTORY 1986/87 RESULTS


    LONDON, March 12 - 
British Telecommunications Plc 
<
BTY.L>
expects to announce satisfactory results for its 1986/87
financial year ending March, chairman Sir George Jefferson said
in a third quarter statement.
    Full year results will be published in June. In the 1985/86
financial year, pre-tax profit rose to 1.81 billion stg from
1.48 billion in the previous period.
    Jefferson said good progress was made in the latest nine
months, while most customers were able to maintain their normal
level of calls during the recent strike by company engineers.
    The statement said a positive cash flow of 381 mln stg for
the first nine months will diminish in the final quarter due to
corporation tax and dividend payments.
    Earlier, the company reported third quarter pre-tax profit
for the period ended December 31 of 506 mln stg compared with
452 mln a year earlier. Nine month pre-tax was 1.51 billion stg
against 1.35 billion.
    British Telecom shares were last quoted at 246-1/2p, level
with late yesterday, in the wake of results which were in line
with market expectations, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
4099
topicstart
sugar
topicend
bodystart
2;

INDIA BUYS WHITE SUGAR FROM LONDON TRADERS


    LONDON, March 12 - 
India yesterday bought two cargoes of
white sugar from London traders for April/May shipment and
granted the trade houses the option to sell an additional two
cargoes at the same price for May/June shipment, the firms
involved said.
    E D and F Man and Woodhouse, Drake and Carey both said they
sold single cargoes at 237.35 dlrs a tonne cif for April/May
and were granted options to sell an extra cargo each at the
same price for May/June at the Indian buying tender for three
to four cargoes of whites held yesterday. The tender had called
for a single cargo of prompt and two to three cargoes of
April/May.
 REUTER
3;
bodyend
documentend
documentstart
4100
topicstart
earn
topicend
bodystart
2;

<
NEXT PLC> 
<
NEXL.L> FIVE MONTHS TO END JANUARY


    LONDON, March 12 -
    
Shr 7.67p vs 5.34p
    Div 1.5p vs 1.08p
    Pretax profit 30.12 mln stg vs 12.40 mln
    Net interest payable 2.55 mln vs 200 stg
    Net after tax 19.58 vs 7.44 mln
    Turnover excluding VAT 257.66 mln vs 74.09 mln
    Note - The company said it intends to issue a second
interim statement for the six months to July 1987 and to pay a
related dividend in early 1988.
 REUTER
3;
bodyend
documentend
documentstart
4101
topicstart
carcass
livestock
topicend
bodystart
2;

AUSTRALIA EXPECTS RISE IN MEAT EXPORTS TO MIDEAST


    By Ian MacKenzie, Reuters


    BAHRAIN, March 12 - 
Australia expects meat and livestock
exports to the Middle East to maintain an upward trend this
year, managing director of the Australian Meat and Livestock
Corp, Peter Frawley, said.
    He told Reuters an improvement in the economic climate and
less competition from the European Community should lead in the
Gulf area to higher beef sales, which dropped from 33,000
tonnes in 1980 to just 2,300 tonnes last year.
    "In the last three to four months there has been a
resurgence of inquiries," he said.
    Frawley is on a Gulf tour which will also take him to Saudi
Arabia, the United Arab Emirates and Kuwait to assess market
potential.
    On beef exports, he said a 50 pct drop in European
Community intervention stock in the past 12 months would help
Australian sales.
    The fall meant the EC was not as aggressive in these
markets, where the Australian trade was the natural source of
supply, and Australia was "now back in," Frawley said.
    He said there was a debate in Australia as to whether the
Middle East market for livestock, which accounts for two-thirds
of meat export value to the area, would be maintained.
    He believed the trade would remain with a continuing demand
for fresh meat.
    The number of live sheep shipped last year to Saudi Arabia,
the biggest single market, was 3,214,159 compared with
2,939,226 in 1985. The numbers shipped to the United Arab
Emirates and Bahrain fell, however.
    Frawley said the slackening in demand in the Gulf had been
offset by other Arab countries around the Mediterranean.
    Other than livestock, Australia's overall meat sales to the
Middle East rose to 72,374 tonnes in 1986 from 52,403 tonnes
the previous year, largely due to the sale of 25,790 tonnes of
mutton and lamb to Iran.
    Australia sold 9,824 tonnes to Iran in 1985 after being
virtually excluded by New Zealand competition for several
years. Frawley said the 1986 sale contract had included a
barter provision, but Iran had paid in full in cash.
    Negotiations with the Iranians for 1987 shipments were
currently under way, with Iran again seeking credit and barter
provisions, he said.
    Frawley said there had been a tremendous growth in demand
for chilled lamb in the last four to five years and he
predicted this would continue.
    "The Middle East, and the Gulf in particular, is now
Australia's largest market for lamb, chilled and flown in.
Australia is in an ideal position to provide the supplies if
the market is willing to pay a premium for a fresh, young
product," he said.
 REUTER
3;
bodyend
documentend
documentstart
4102
topicstart
topicend
bodystart
2;

BELGIUM PLACING 100 MLN SWISS FRANC NOTES


    GENEVA, March 12 - 
The Kingdom of Belgium is issuing 100
mln Swiss francs of 10-year bullet notes with a 4-3/4 pct
coupon and 100-3/4 issue price, lead manager Kredietbank
(Suisse) SA said.
    Payment is due March 31.
    Denominations are 50,000 francs.
 REUTER
3;
bodyend
documentend
documentstart
4103
topicstart
cotton
topicend
bodystart
2;

INDIA 1986/87 COTTON EXPORT QUOTA UP 190,000 BALES


    NEW DELHI, March 12 - 
India's raw cotton export quota has
been raised by 190,000 170-kg bales to 600,000 bales in 1986/87
ending August, still well below the 1985/86 quota of 1.35 mln
bales, Minister of State for Textiles R.N. Mirdha said.
    State and private agencies contracted to export 1.34 mln
bales in 1985/86, he told journalists. But only 433,000 bales
were shipped that year, with the rest to be delivered in
1986/87. About 758,000 bales from 1985/86 contracts were
shipped up to February 2 in 1986/87.
     The government will export 600,000 bales of long and
extra- long staple cotton in the three years from 1986/87, he
said.
 REUTER
3;
bodyend
documentend
documentstart
4105
topicstart
earn
topicend
bodystart
2;

STE LYONNAISE DES EAUX 
<
LYOE.PA> YEAR ENDED DEC 31


    PARIS, March 12 -
    
Consolidated attributable net 1986 profit 360 mln francs vs
279.8 mln.
    Parent company net profit 191 mln vs 150.9 mln.
    REUTER
3;
bodyend
documentend
documentstart
4106
topicstart
earn
topicend
bodystart
2;

LYONNAISE DES EAUX FORECASTS 1987 PROFIT RISE


    PARIS, March 12 - 
Consolidated attributable net profit of
Ste Lyonnaise des Eaux 
<
LYOE.PA> is likely to rise by at least
10 pct this year from the 360 mln francs reported for 1986,
Chairman Jerome Monod told a news conference.
    Group turnover should rise about seven pct from the 15.7
mln reported for this year, while group investments should
total around 1.8 billion francs, somewhat above the 1.3 billion
annual average of the past three years, he added.
    Investments will be aimed mainly at developing the group's
leisure industry, health and communications activities, Monod
said.
    In the leisure sector the group planned a joint development
with Club Mediterranee 
<
CMI.PA>, Club Med, of a 200 hectare
pleasure park at Puisaye in the Yonne department of Eastern
Central France, he said.
    Wholly-owned subsidiary Lyonnaise de Developpement
Touristique would carry out the construction work and financial
planning of the development which would be leased to Club Med
as operator of the complex, he said.
    He gave no financial details but said leisure sector
investments would total about 100 mln francs over the next
three years.
    Investments in the communications industry would go mainly
to develop the group's cable television activities and its 25
pct owned Metropole Television affiliate. Metropole recently
won the concession to operate a sixth television channel in
France.
    Financing requirement of Metropole would be about 700 mln
francs over the next four years, of which Lyonaise des Eaux
would provide about 175 mln, Monod said.
    Monod said Metropole aimed to win a 15 to 20 pct audience
share and to capture about 10 pct of the national television
advertising market.
    Total investment by the group in the communications sector,
including cable activities, would be between 300 mln and 400
mln francs over the next five years, mainly concentrated in the
coming year.
    Investment in cable operations would total between 150 mln
and 200 mln over the five years, with the aim of widening the
audience to 280,000 subscribers from 12,000, and boosting
turnover to around 450 mln francs a year from 10 mln.
 REUTER
3;
bodyend
documentend
documentstart
4107
topicstart
acq
topicend
bodystart
2;

GUS MAKES 8.2 MLN STG AGREED OFFER FOR PANTHERELLA


    LONDON, March 12 - 
Great Universal Stores Plc 
<
GUS.L> said
it has made an agreed offer for 
<
Pantherella Plc>, valuing the
company at 8.2 mln stg and each Pantherella ordinary share at
205 pence.
    The offer is based on eight new "A" non voting ordinary
shares in GUS plus 95.16 stg for every 100 ordinary
Pantherella.
    The new GUS shares will not receive the eight pence per
share interim dividend in respect of the year ending March
1987, the statement said.
    GUS has received irrevocable undertakings to accept the
offer in respect of 39.1 pct of Pantherella shares from the
company's directors and their families.
    The Pantherella board estimates the company, which
manufactures socks, will show a 1986 pretax profit of about
690,000 stg.
 REUTER
3;
bodyend
documentend
documentstart
4111
topicstart
earn
topicend
bodystart
2;

<
BOND CORP INTERNATIONAL LTD> NINE MOS TO DEC 31


    HONG KONG, March 12 -
    
Shr loss 17.4 H.K. Cents (no comparison)
    Dividend nil (no comparison)
    Net loss 11.49 mln dlrs.
    Notes - Net excluded extraordinary losses 27.91 mln dlrs.
Property valuation reserve surplus 67 mln dlrs.
    Results reflected trading in subsidiary 
<
Humphreys Estate
Group> but excluded influence of a bulk of properties which the
firm bought late last year from Hongkong Land Co Ltd 
<
HKLD.HK>
for 1.4 billion dlrs.
    Company controlled by Bond Corp Holdings Ltd of Australia.
 REUTER
3;
bodyend
documentend
documentstart
4112
topicstart
topicend
bodystart
2;

ROWNTREE ISSUES CONVERTIBLE EUROSTERLING BOND


    LONDON, March 12 - 
Rowntree Mackintosh Plc 
<
RWNT.L> is
issuing a 55 mln stg eurobond due March 31, 2002, paying an
indicated coupon of 4-1/2 pct to five pct and priced at par,
lead manager J Henry Schroder Wagg and Co Ltd said.
    Final terms on the issue will be fixed by March 16.
Denominations are 1,000 stg and listing will be London.
    There is a put option on March 31, 1992, to yield 8-1/2 to
nine pct and the bond is also callable by the borrower until
March 31, 1988, at 106 pct, declining by one pct per annum
thereafter to par. However the call will not be before 1992.
 REUTER
3;
bodyend
documentend
documentstart
4113
topicstart
reserves
topicend
bodystart
2;

GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL


    FRANKFURT, March 12 - 
The net position of federal states
worsened in the first March week, cutting public authority net
holdings at the Bundesbank by 500 mln marks, the central bank
said.
    States' cash deposits at the central bank fell to 800 mln
and they also drew down 1.2 billion marks in book credit, 900
mln marks more than in the prior week.
    By contrast, however, the federal government was able to
reduce its credit drawdown at the central bank by 900 mln marks
to 900 mln.
    Despite the stronger states' net needs in the week, their
cash position and other market dependent influences just about
balanced the outflow of liquidity from the money market through
an increase in cash in circulation, the Bundesbank said.
    Cash in circulation rose by 1.4 billion marks in the week
to 122.9 billion.
    Liquidity also came in through the maturing of short-term
treasury bills bought from the Bundesbank in the prior week.
    Gross currency reserves rose in the week by 400 mln marks
to 109.9 billion. Foreign liabilities of the Bundesbank were
largely unchanged at 22.8 billion marks, giving a rise in net
currency reserves of 400 mln to 87.0 billion, it said.
    The Bundesbank said its balance sheet total fell by 3.77
billion in the week to 218.45 billion.
 REUTER
3;
bodyend
documentend
documentstart
4114
topicstart
trade
topicend
bodystart
2;
******
CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS

Blah blah blah.
3;


bodyend
documentend
documentstart
4115
topicstart
trade
topicend
bodystart
2;

CANADA JANUARY TRADE SURPLUS 533 MLN DLRS


    OTTAWA, Mar 12 - 
Canada had a trade surplus of 533 mln dlrs
in January compared with an upward revised 965 mln dlrs surplus
in December, Statistics Canada said.
    The December surplus originally was reported at 964 mln
dlrs. The January surplus last year was 1.19 billion dlrs.
    January exports, seasonally adjusted, were 9.72 billion
dlrs against 10.39 billion in December and 10.89 billion in
January, 1986.
    January imports were 9.19 billion dlrs against 9.43 billion
in December and 9.71 billion in January 1986.
 Reuter
3;
bodyend
documentend
documentstart
4116
topicstart
topicend
bodystart
2;

TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND


    LONDON, March 12 - 
Toyota Motor Credit Corp is issuing a 23
billion yen eurobond due April 10, 1992 paying 4-1/2 pct and
priced at 101-1/2 pct, lead manager Nomura International Ltd
said.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg. Payment is April 10.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
4117
topicstart
sugar
topicend
bodystart
2;

HUNGARIAN 1987 SUGAR BEET AREA LITTLE CHANGED


    BUDAPEST, March 12 - 
Hungary is to grow sugar beet on
105,000 hectares of land this year compared with some 95,000 in
1986, the official MTI news agency said.
    Diplomats said this reflected Hungary's policy of keeping
the sugar beet area stable under the current five-year plan
(1985-89) and producing enough to cover only domestic demand
despite the recent rise of world prices to 10 month highs.
    Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07
mln in 1985. But a record yield of 130 kilos per tonne of beet
kept production at 454,000 tonnes, with 30,000 extra refined in
Yugoslavia from Hungarian beet. Output was 483,000 in 1985.
 REUTER
3;
bodyend
documentend
documentstart
4118
topicstart
topicend
bodystart
2;

SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS


    London, March 12 - 
Salomon Brothers international inc said
it has raised the size of its Collateralised Mortgage
Obligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs
announced yesterday.
    All other terms of the issue remain the same, Salomon said.
 REUTER
3;
bodyend
documentend
documentstart
4119
topicstart
topicend
bodystart
2;

JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS


    TOKYO, March 12 - 
The Bank of Japan will sell tomorrow 200
billion yen of financing bills under a 50-day repurchase
agreement maturing on May 2, to help absorb a projected money
market surplus due largely to distribution of local allocation
tax ahead of the March 31 fiscal year-end, money traders said.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9496 pct against the 3.9375
pct discount rate for two-month commercial bills and the
4.46/37 pct yield today on two-month certificates of deposit.
    The operation will put outstanding bill supply at about
1,500 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
4120
topicstart
earn
topicend
bodystart
2;

KIDSTON SAYS HIGHER NET REFLECTS GOLD SALE RISE


    BRISBANE, March 12 - 
<
Kidston Gold Mines Ltd> attributed
the rise in 1986 net profit to higher prices and an increase in
gold sales to 237,969 ounces from 206,467 ounces in 1985.
    The 
<
Placer Development Ltd> offshoot, which operates
Australia's largest gold mine, in North Queensland, earlier
reported net profit rose to 60.50 mln dlrs from 50.76 mln in
the 1985 period of 10 months from the start of production.
    Sales of silver also rose to 165,968 ounces from 109,516.
    Kidston said in a statement it will spend about 5.5 mln
dlrs to upgrade its mill grinding circuit to a mill-ball,
mill-crushing circuit to boost output by 25 pct from end-1987.
 REUTER
3;
bodyend
documentend
documentstart
4122
topicstart
tin
topicend
bodystart
2;

BULLETIN SAYS TIN PRICE MAY RISE TO 20 RINGGIT


    KUALA LUMPUR, March 12 - 
The tin price is likely to rise to
20 ringgit a kilo this year because of the producers' accord on
export quotas and the reluctance of brokers and banks to sell
the metal at lower prices, a Malaysian government bulletin
said.
    The Malaysian Tin bulletin said it is in producers'
interest to keep to their quotas to limit total exports to
90,000 tonnes and to gradually deplete the 80,000 tonnes
overhang.
    It said consumption by industrialised countries should stay
at 160,000 tonnes and that International Tin Council creditors
and brokers are not likely to dump their stocks excessively
unless there is a large and abrupt price jump.
    The continued depreciation of the dollar could also help
push up the price of tin, the bulletin said.
    A depreciation of the dollar means the depreciation of the
ringgit which is closely pegged to it, making the price of tin
cheaper in sterling terms, it added.
    "Even in the absence of economic rationale in the tin
market, psychological optimism alone is sufficient to secure a
price recovery of up to 20 ringgit per kilo," the bulletin said.
 REUTER
3;
bodyend
documentend
documentstart
4123
topicstart
earn
topicend
bodystart
2;

<
KIDSTON GOLD MINES LTD> 1986 YEAR


    BRISBANE, March 12 -
    
Shr 48.4 cents vs 40.6
    Yr div 37 cents vs 15
    Net 60.50 mln dlrs vs 50.76 mln
    Turnover 134.54 mln vs 100.63 mln
    Other income 1.02 mln vs 920,000
    Shrs 125 mln vs same.
    NOTE - Company paid total 37 cents in previously declared
quarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000,
interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs
9.59 mln.
 REUTER
3;
bodyend
documentend
documentstart
4125
topicstart
crude
topicend
bodystart
2;

CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS


    PEKING, March 12 - 
China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
    It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
    Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
    The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
    China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
    Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
 REUTER
3;
bodyend
documentend
documentstart
4126
topicstart
topicend
bodystart
2;

ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987


    QUITO, March 11 - 
Ecuador, stricken by a severe earthquake,
is seeking through negotiations with private foreign banks to
postpone all payments due to them for the rest of the year,
Finance Minister Domingo Cordovez said.
    He said in a statement, "The idea with the foreign banks is
to obtain from them the best terms to give the Ecuadorean
economy a complete relief in the period of deferral of payments
on the foreign debt during the present year."
    The statement referred only to payments due to private
foreign banks, a senior government finance official told
Reuters.
    These creditors hold two-thirds of Ecuador's foreign debt
which totals 8.16 billion dlrs.
    It did not refer to debts maturing to foreign governments
and multilateral lending agencies, accounting for the remainder
of Ecuador's foreign debt, the official said.
    He said Ecuador owed the private foreign banks between 450
and 500 mln dlrs in interest payments for the rest of 1987 and
about 66 mln in principal payments maturing this year.
    Cordovez said Ecuador would seek new loans from
multilateral organisations. A World Bank mission was due here
soon to evaluate emergency loans, government officials said.
    Ecuador has also appealed for emergency aid from about 40
foreign governments.
    Government officials have calculated losses to the 1987
budget from last Thursday's earthquake at 926 mln dlrs.
    In 1986, Ecuador's total service on the foreign debt was
about 996 mln dlrs to all creditors.
    The quake ruptured Ecuador's main oil pipeline, suspending
crude exports for five months until the line is repaired. Oil
accounts for up to two-thirds of its total exports and up to 60
pct of total revenues. Before the tremor, Ecuador suspended
interest payments on January 31 to private foreign banks.
    Officials said they stopped interest payments due to a
cash-flow squeeze stemming from a slide in world oil prices,
which cut 1986 exports by about 25 pct to 2.18 billion dlrs.
    Ecuadorean finance officials have been in telephone contact
every day this week with some of the banks who sit on its
14-bank advisory committee, the senior government finance
official said. The committee represents the country's 400 or so
private foreign bank creditors.
    Cordovez also said in the statement, "The banks should
perceive that it is impossible at this moment to comply with
what was forseen."
    Cordovez added, Ecuador must make a new proposal in line
with the reality since the earthquake by seeking better options
of deferment and of softening the negotiation conditions."
    Interest payments fall due at least monthly to private
foreign banks.
    Ecuador's initial proposal earlier this year was to make
only one semi-annual or one annual interest payment this year.
    Under this proposal, it sought to defer interest payments
until June at the earliest, foreign bankers and government
officials here said.
    Ecuadorean officials held their last formal meeting with
the advisory committee in New York in January, but the
negotiations were suspended on January 16 due to the 12-hour
kidnapping of President Leon Febres Cordero by air force
paratroopers.
    The Red Cross says that least 300 people died and at least
4,000 are missing due to the earthquake.
 REUTER
3;
bodyend
documentend
documentstart
4127
topicstart
acq
topicend
bodystart
2;

LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES


   LONDON, March 11 - 
The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
    Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
    Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
    "Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company," Leigh-Pemberton said.
    He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. "The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested," he said.
    Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. "The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future," he said.
    Such bids "often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders," he
said.
    In a clear reference recent events, he said "those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result."
    They "should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere," he added.
 REUTER
3;
bodyend
documentend
documentstart
4129
topicstart
crude
topicend
bodystart
2;

ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA


    CARACAS, March 12 - 
Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
    Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
    The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
    Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
    But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
    Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
 REUTER
3;
bodyend
documentend
documentstart
4131
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 442 MLN STG HELP


    LONDON, March 12 - 
The Bank of England said it provided the
market with a further 442 mln stg assistance during the morning
to offset a liquidity shortage it estimated at 1.60 billion
stg, revised up from 1.55 billion
    The bank bought outright eight mln stg of band one treasury
bills and five mln stg of band one bank bills at 10-3/8 pct.
    It bought a further 429 mln stg of bills for resale to the
discount houses on April 2 at an interest rate of 10-7/16 pct.
    So far today, the bank has given the market assistance
worth a total of 1.501 billion stg.
 REUTER
3;
bodyend
documentend
documentstart
4132
topicstart
earn
topicend
bodystart
2;

JACOBS SUCHARD EXPECTS ANOTHER EXCELLENT YEAR


    ZURICH, March 12 - 
Jacobs Suchard AG 
<
JACZ.Z> hopes for
another excellent year in 1987 after a 27 pct increase in 1986
net profit. Results in the first few months show it heading in
the right direction, company president Klaus Jacobs said.
    The group reported 1986 net profit of 190.9 mln Swiss
francs compared with 150.4 mln in 1985 and raised its dividend
per bearer share to 160 francs from 155 francs.
    Jacobs said the increase in profit, which far exceeded the
company's target of five pct real annual growth, had been made
possible by restructuring measures introduced in January 1986
which had also made some major acquisitions possible last year.
    Hermann Pohl, general director in charge of economic
affairs, said the 2.7 pct decline in group turnover to 5.24
billion francs was due to currency factors.
    A 5.2 pct negative currency influence was partially offset
by growth in operations and by structural changes within the
group.
    Turnover in the coffee business fell to 3.10 billion francs
from 3.56 billion in 1985 while turnover in the chocolate
sector rose to 2.14 billion francs from 1.82 billion. The
tonnage sold in both sectors declined due to higher prices and
lower consumer demand, especially in France and West Germany.
    Jacobs Suchard increased its market share in West Germany
to 44.9 pct from 39.9 pct in 1985, largely as a result of
acquisitions. Market share in France was little changed at 25
pct against 25.3 pct.
    Pohl said the group's average tax rate rose to 32.5 pct
from 28.8 pct because of the higher profits and despite
write-offs on the losses of new acquisitions. A further
increase in tax levels was expected in future.
    Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln
the previous year.
 REUTER
3;
bodyend
documentend
documentstart
4133
topicstart
grain
corn
rice
oilseed
soybean
orange
topicend
bodystart
2;

JAPAN FIRM PLANS TO SELL U.S. FARMLAND TO JAPANESE


    MORIOKA, Japan, March 12 - 
A Japanese real estate company
said it will launch a campaign to sell land in U.S. Farming
areas to rich Japanese.
    Higashi Nippon House said it would offer around 2,200 acres
of land in Illinois, California, Florida and Indiana from early
April to gauge response. It set up International Farm Corp of
America in Chicago last September to oversee the operation.
    American farmers would continue as working tenants and part
of the profits from harvests of rice, corn, soybean and oranges
would go to the Japanese investors as rental.
    Japanese Agriculture Ministry officials told Reuters sales
were limited to farmers to keep land in agricultural use.
    "Two years ago, I began to seek my own farmland in Japan,"
said Isao Nakamura, president of Higashi Nippon. "However, sale
of Japanese farmland is strictly controlled by the government,
so I began to look for the land in the U.S to make my dream to
own farm land come true."
    Nakamura said hundreds of companies exist in the U.S. To
sell farmland to investors as more and more farmers face
difficulties due to the recession in U.S. Agriculture.
 REUTER
3;
bodyend
documentend
documentstart
4134
topicstart
topicend
bodystart
2;

FIAT HAS NO COMMENT ON REPORTED BOND ISSUE PLAN


    MILAN, March 12 - 
Fiat SpA 
<
FIAT.MI> declined to confirm or
deny an Italian newspaper report that it was studying the
possibility of issuing a convertible bond.
    The Milan daily, Il Giornale, said a convertible bond issue
was under study but gave no details.
    A Fiat spokesman contacted by Reuters said only that the
report was "one of the typical rumours which circulate on the
bourse."
    Senior sources at the Milan investment bank Sige, which Il
Giornale said was involved in the planning along with
Mediobanca - Banca di Credito Finanziario SpA and IMI -
Istituto Mobiliare Italiano, said they were unaware of any such
project.
 REUTER
3;
bodyend
documentend
documentstart
4135
topicstart
acq
topicend
bodystart
2;

TAFT 
<
TFB> REJECTS 145 DLR/SHR OFFER


    CINCINNATI, Ohio, March 12 - 
Taft Broadacasting Co said its
board of directors unanimously decided not to accept the
pending buyout proposal of 
<
Theta Corp>, an investor group led
by Dudley Taft.
    The decision was based on, among other things, the advice
of its financial advisors, Goldman Sachs and Co, that the offer
of 145 dlrs per share was inadequate.
    Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.
 Reuter
3;
bodyend
documentend
documentstart
4136
topicstart
topicend
bodystart
2;

DRESDNER BANK UNIT SAYS NOT WORRIED ON BRAZIL DEBT


    HAMBURG, March 12 - 
Deutsch-Suedamerikanische Bank AG, a
wholly owned subsidiary of Dresdner Bank AG 
<
DRSD.F>, said it
was not worried about Brazil stopping its interest payments.
    Board member Herbert Mittendorf told a news conference that
Brazil's example was unlikely to be followed by other Latin
American countries.
    He pointed out that the region's debt rose by only 2.8 pct
last year to a total 396 billion dlrs. The countries' efforts
to further economic growth and to consolidate budgets were "not
unsuccessful." But the slump in oil prices and the decline in
commodity prices hampered these efforts, he said.
    Latin American countries' exports fell last year by about
16 pct to 80 billion dlrs, with imports declining slightly to
around 65 billion dlrs, Mittendorf said.
    The region's 1986 trade surplus was halved to an estimated
15 billion dlrs, he said. The cut in exchange earnings of oil
exporting countries was only partly offset by the advantages
gained by the region's oil importing states, he noted.
    The region's principal debtors are Brazil and Mexico, each
owing about 100 billion dlrs at the end of last year, followed
by Argentina with around 49 billion dlrs, Venezuela with 33
billion and Chile with 20 billion dlrs debt.
    Deutsch-Suedamerikanische Bank welcomed Mexico joining the
General Agreement on Tariffs and Trade (GATT) in mid 1986,
which it saw as an effort to integrate the country to a larger
extent into the world economy.
    However, realistic exchange rates were needed if the debtor
countries were to compete in the world market, Mittendorf said.
    In this respect an easing of protectionist barriers was
imperative, he said.
    The conversion of debt into equity was regarded as an
important additional step towards debt consolidation.
    West German exports to Latin America declined by 4.1 pct in
1986 to 11 billion marks. Shipments to Mexico fell 19 pct to
1.9 billion marks and to Colombia by 15 pct to 600 mln marks,
Mittendorf said.
    Exports to Bolivia, Chile, Ecuador and Central America were
also lower last year than in 1985, while shipments to Brazil
rose 11.5 pct to around two billion marks. Exports to Argentina
went up by over three pct to 1.5 billion marks and those to
Paraguay surged by 42 pct to 106 mln marks, he said.
    Brazil was West Germany's main Latin American supplier, but
shipments fell to 4.4 billion marks from 6.4 billion in 1985.
 REUTER
3;
bodyend
documentend
documentstart
4137
topicstart
topicend
bodystart
2;

U.K. GILT MARKET TURNOVER EASES IN FEBRUARY


    LONDON, March 12 - 
Turnover in the U.K. Government bond
(gilt) market in February slipped to 81.25 billion stg from
January's 83.37 billion, although it was 165 pct higher than
the 30.63 billion in February 1986, the Stock Exchange said.
    The Stock Exchange noted, however, that turnover between
bond market-makers through the inter-dealer broker (IDB) screen
system, as distinct from business with outside clients, has
only been included from October 1986, meaning that prior data
is not strictly comparable with recent figures.
    The contribution to overall February, 1987 volume from IDB
 business was 43.10 billion stg, against 43.19 in January.
    In the 20 trading days of February, the average daily
volume of business was 4.06 billion stg, against an average of
3.97 billion in January, which had 21 trading days.
    Total Stock Exchange turnover for the month was 116.73
billion stg, marginally higher than the 116.65 billion recorded
in January but 129 pct more than the 50.92 billion of February
1986.
 REUTER
3;
bodyend
documentend
documentstart
4138
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

PAKISTAN COULD IMPORT 100,000 TONNES OF PALM OIL


    KARACHI, March 12 - 
Pakistan is likely to import 100,000
tonnes of refined, bleached and deodorised palm oil between
April and June this year, vegetable oil dealers said.
    They said the import would be financed by the Islamic
Development Bank (IDB) which signed an agreement with Pakistan
earlier this week in Jeddah, Saudi Arabia.
    Pakistan had imported 600,000 tonnes of edible oil since
the beginning of the current financial year last July, they
added. The palm oil would come from Malaysia or Indonesia.
 REUTER
3;
bodyend
documentend
documentstart
4139
topicstart
money-fx
topicend
bodystart
2;

TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6


    NEW YORK, March 12 - 
U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
    Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: "We never talk
about intervention."
    Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
 Reuter
3;
bodyend
documentend
documentstart
4141
topicstart
earn
topicend
bodystart
2;

BEL FUSE INC 
<
BELF> 4TH QTR NET


    JERSEY CITY, N.J., March 12 -
    
Shr 22 cts vs 13 cts
    Net 1,063,000 vs 639,000
    Sales 7,489,000 vs 4,656,000
    Year
    Shr 55 cts vs 28 cts
    Net 2,633,000 vs 1,343,000
    Sales 23.3 mln vs 17.9 mln
 Reuter
3;
bodyend
documentend
documentstart
4142
topicstart
earn
topicend
bodystart
2;

SOUTHWEST REALTY 
<
SWL> YEAR LOSS


    DALLAS, March 12 -
    
Shr loss 44 cts vs profit 1.13 dlrs
    Net loss 1,544,000 vs profit 3,912,000
    NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000
dlrs or 82 cts shr.
 Reuter
3;
bodyend
documentend
documentstart
4143
topicstart
earn
topicend
bodystart
2;

SOUTHWEST REALTY 
<
SWL> HAS LIQUIDITY PROBLEMS


    DALLAS, March 11 - 
Southwest Realty Ltd said it believes it
could make all of its scheduled montly debt service payments
for 1987 despite the falloff in its rental operations, but
making the payments would probably severely impair its
liquidity and restrict its ability to maintain the quality of
its properties.
    The company today reported a 1986 loss of 1,544,000 dlrs
compared with a 1985 profit of 3,912,000 dlrs.
    Southwest said in addition to its monthly scheduyled debt
service payments, a 1,743,000 dlr loan on one of its Houston
properties is due to mature on April One.
    Southwest said a commitment to reduce the interest rate and
extend the Houston loan for one year has been accepted.
    It said talks are underway with lenders on other Houston
properties to obtain partial debt service moratoriums which, if
granted, would cut 1987 cash deficits from 1986 levels.  The
loan renegotiations could involve bankruptcy or other
litigation connected with the specific properties involved and
could involve the suspension of interest and principal payments
to some of the lenders.  Southwest said if the attempts to
restructure debt do not succeed, it could lose one or more of
the properties.
    Southwest said the Houston properties made up about 10 pct
of its current value equity as of December 31 of 14.20 dlrs per
share, down from 16.68 dlrs a year before.
    The company said depending on the success of the talks and
operating results for 1987, one or two more properties could
become subject to similar negotiations.  The two additional
properties comprised about 11 pct of its current value equity
at year-end, Southwest said.
 Reuter
3;
bodyend
documentend
documentstart
4144
topicstart
earn
topicend
bodystart
2;

D.H. HOLMES CO LTD 
<
HLME> SETS PAYOUT


    NEW ORLEANS, March 12 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts prior
    Pay April One
    Record March 20
 Reuter
3;
bodyend
documentend
documentstart
4145
topicstart
acq
topicend
bodystart
2;

POPE EVANS 
<
PER> REPURCHASES SHARES


    NEW YORK, March 12 - 
Pope, Evans and Robbins Inc said it
has repurchased 780,000 common shares from Putnam Mills Corp
principals Sidney and Peter Kaplan for 2.25 dlrs per share.
    It said the purchase price will be applied against the
1,700,000 dlrs Putnam Mills currently owes Pope Evans for
merchandise.  Pope Evans has about 7.6 mln shares outstanding.
    The company also said it has agreed in principle to acquire
privately-held Pat Fashions Industries Inc for 18 mln dlrs in
cash and notes, with financing to come partly from bank
borrowings, subject to approval by the Pope Evans board and Pat
shareholders.
    Pat Fashions imports apparel from the Far East and makes
apparel domestically as well.  In the year ended November 30,
Pat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4146
topicstart
acq
topicend
bodystart
2;

BAIRD 
<
BATM> GETS TEMPORARY RESTRAINING ORDER


    BOSTON, March 12 - 
Baird Corp said the Massachusetts state
court for Suffolk county has granted it a temporary restraining
order prohibiting Mark IV Industries Inc 
<
IV> from further
purchases of Baird stock until Mark IV complies with the
Massachusetts Anti-Takeover Statute.
    The company said Mark IV currently owns at least 17.6 pct
of Baird stock and has indicated that it may attempt to acquire
Baird.
    Baird said the U.S. District Court in Boston has denied
Mark IV's application for a temporary restraining order to
prevent enforcement of the Massachusetts takeover law.
 Reuter
3;
bodyend
documentend
documentstart
4147
topicstart
cocoa
coffee
topicend
bodystart
2;

JACOBS SUCHARD SEES 100,000 TONNE COCOA SURPLUS


    ZURICH, March 12 - 
Jacobs Suchard AG expects a world cocoa
surplus of around 100,000 tonnes in 1987 compared with a
104,000 tonne surplus in 1986, Jens Sroka, head of commodity
buying, told a news conference.
    The company expects prices to remain at around current
levels despite the likelihood of agreement on buffer stock
rules at the forthcoming London cocoa talks, and believes
market intervention by the buffer stock manager would stabilise
prices.
    Sroka said world coffee prices are expected to remain weak
if any international coffee talks fail to produce agreement.
    Sroka said stagnating consumption and slight overproduction
will continue to weigh on coffee prices and he forecast a
continued build-up in stocks.
    The recent failure of the London coffee talks had surprised
market observers.
    Unless reason prevails and the major producers return to
the conference table, the world coffee market will remain free
and the consequences for some producers dependant on coffee for
their foreign exchange earnings would be catastrophic, Sroka
added.
 REUTER
3;
bodyend
documentend
documentstart
4148
topicstart
acq
topicend
bodystart
2;
******
DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID

Blah blah blah.
3;


bodyend
documentend
documentstart
4149
topicstart
earn
topicend
bodystart
2;

GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET


    JOHANNESBURG, March 12 -
    
Shr 616 cts vs 481
    Final div 150 cts vs 140, making 230 vs 195
    Pre-tax 705.4 mln rand vs 485.2 mln
    Net 591.7 mln vs 458.0 mln
    Tax 79.2 mln vs 82.2 mln
    Attrib to outside shareholders 123.7 mln vs 52.3 mln
 Reuter
3;
bodyend
documentend
documentstart
4150
topicstart
retail
topicend
bodystart
2;
******
U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
4152
topicstart
retail
topicend
bodystart
2;

U.S. RETAIL SALES RISE 4.1 PCT IN FEBRUARY


    WASHINGTON, March 12 - 
U.S. retail sales rose 4.77 billion
dlrs, or 4.1 pct, in February to a seasonally adjusted 122.29
billion dlrs, the Commerce Department said.
    The increase came after a revised 7.4 pct drop in January
sales to a level of 117.52 billion dlrs. The department
previously reported January retail sales fell 5.8 pct.
    Excluding autos, retail sales in February were up 1.5 pct
after falling by a revised 0.4 pct in January.
    Department spokesmen said the major cause for the revision
downward in January sales was a weaker January auto dealer
sales figure than originally estimated.
    Auto dealer sales were 26.91 billion dlrs in February, a
14.4 pct rise from January levels. But January sales dropped by
27.7 pct from December levels to 23.52 billion dlrs, more than
the 22.4 pct fall originally reported.
    The expiration of the sales tax deduction under new tax
laws on January 1 was the main reason for the drop in January
sales, department spokesmen said.
    Sales of durable goods rose in February by 8.8 pct to 46.72
billion dlrs after dropping by 17.7 pct in January.
    Building materials rose 1.8 pct in February after falling
by 1.7 pct in January.
    Non-durable goods sales rose by 1.3 pct to 75.58 billion
dlrs in February after falling by 0.2 pct in January, the
department said.
    General merchandise stores rose 1.4 pct after increasing
sales by 1.6 pct in January, and department stores were up two
pct in February after rising 1.5 pct in January.
    Food store sales increased 0.4 pct after declining by 1.0
pct in January, while grocery store sales increased 0.3 pct in
February after falling 0.6 pct in January.
    Gasoline service station sales rose 2.0 pct in February
after a 1.9 pct January increase.
    Apparel store sales were up 0.8 pct last month after
falling 3.0 pct in January, while sales at eating and drinking
places increased 1.5 pct after rising 0.5 pct in January.
    February's retail sales were 4.4 pct above the year-ago
level of 117.09 billion dlrs, the department said.
 Reuter
3;
bodyend
documentend
documentstart
4153
topicstart
acq
topicend
bodystart
2;

DUDLEY TAFT TO PURSUE TAFT BROADCAST 
<
TFB> BID


    CINCINNATI, March 12 - 
Taft Broadcasting Co vice chairman
Dudley Taft and Narragansett Capital Inc 
<
NARR> said they
intend to pursue their effort to acquire Taft Broadcasting
despite the rejection yesterday of their 145 dlr per share
offer by the Taft Broadcasting board.
    Dudley Taft and Narragansett, in a joint statement, said
they intend to explore alternatives to achieve the acquisition,
including further talks with Taft Broadcasting.
    They said they are confident that the Taft Broadcasting
board will conclude that the resolution of the company's
current "unstable situation" as quickly as possible is in the
best interests of all parties.
    They said the Taft board did not conclude that their offer
was not fair to Taft shareholders.  Taft Broadcasting
yesterday, however, said financial advisor Goldman, Sachs and
Co found the offer to be inadequate.
 Reuter
3;
bodyend
documentend
documentstart
4155
topicstart
earn
topicend
bodystart
2;

HARPER GROUP 
<
HARG> 4TH QTR NET


    SAN FRANCISCO, March 12 -
    
Shr 24 cts vs 31 cts
    Net 2,245,000 vs 2,885,000
    Revs 50.7 mln vs 46.5 mln
    Avg shrs 9,396,000 vs 9,270,000
    Year
    Oper shr 96 cts vs 99 cts
    Oper net 8,994,000 vs 9,220,000
    Revs 191.5 mln vs 174.7 mln
    Avg shrs 9,394,000 vs 9,282,000
    NOTE: 1985 year net excludes 1,360,000 dlr loss from
discontinued operations.
    Share adjusted for three-for-two stock split.    
 Reuter
3;
bodyend
documentend
documentstart
4156
topicstart
trade
topicend
bodystart
2;

CANADA LEADERS FAIL TO SET PACT ON FREE TRADE


    By Russell Blinch


    OTTAWA, March 12 - 
Prime Minister Brian Mulroney said he
held "frank" discussions with the Canadian province premiers on
the pace of free trade talks with the United States, but the
longstanding issue of provincial ratification remains to be
settled.
    Speaking to reporters after nearly five hours of meetings
with the 10 premiers, Mulroney said further discussions would
be held in June and September to discuss the role of the
provinces in approving any new trade deal.
    But he maintained progress was being made in the sweeping
talks with the Unites States that got under nearly two years
ago.
    "It appears reasonable progress is being made (in the
talks)," Mulroney said.
    Alberta Premier Don Getty agreed, "Things are running pretty
quickly now."
    The talks, launched by Mulroney's Progressive Conservative
government after concerns about protectionist sentiment in the
U.S., are aimed reducing the remaining barriers between the
world's largest trading partnership.
    But the provinces are expected to play a major role in any
new trading arrangement, and some of the provincial leaders
complained of a lack of progress on reaching a ratification
formula.
    "It's my view that we should be thinking about these things
right now, along with the questions of the substance of the
agreement," commented Ontario Premier David Peterson, who has
been highly critical of the talks in the past.
    But Newfoundland Premier Brian Peckford said an agreement
was more likely to emerge by consensus and there would be no
need for a "hard and fast formula."
    Peckford said it appears Canada is prepared to make
concessions to the United States on financial services in order
to make inroads on other bargaining areas, such as agriculture.
    Canadian published reports, quoting government sources, say
the two countries are close to reaching a trade deal and it
will involve eliminating border tariffs and many non-tariff
barriers over the next 10 to 12 years.
    A rough draft of the accord is expected to be presented to
the premiers at the June meeting while the finished document is
hoped to be presented to Congress in October.
    "It's a very tight time frame," Ontario's Peterson said last
night. "But at this moment it is tough to say what will
transpire."
 Reuter
3;
bodyend
documentend
documentstart
4157
topicstart
earn
topicend
bodystart
2;

HEALTHSOUTH REHABILITATION CORP 
<
HSRC> 4TH QTR


    BIRMINGHAM, Ala., March 12 -
    
Shr profit eight cts vs loss 10 cts
    Net profit 622,000 vs loss 564,000
    Revs 7,508,000 vs 1,913,000
    Year
    Shr profit 15 cts vs loss 28 cts
    Net profit 933,000 vs loss 1,548,000
    Revs 19.8 mln vs 4,799,000
 Reuter
3;
bodyend
documentend
documentstart
4158
topicstart
acq
trade
topicend
bodystart
2;

BALDRIGE OPPOSES JAPANESE PURCHASE OF FIRM


    WASHINGTON, March 12 - 
Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. supercomputer and
semiconductor manufacturer for national security reasons, U.S.
officials said.
    The officials, who asked not to be named, said yesterday
that Baldrige has "serious concerns" about the sale of Fairchild
Semiconductor Corp. to Fujitsu Ltd., another major electronics
firm.
    The officials told Reuters that if the sale went through it
could leave the U.S. military overly dependent on a foreign
/ompany for vital high technology equipment used in its
advanced missiles, aircraft electronics and intelligence
gathering.
    In addition, they said, the sale would also worsen the
already strained trade relations between the U.S. and Japan
stemming from the huge Japanese surplus.
    The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
    Defense Secretary Caspar Weinberger's position was not
immediately known but in the past he has opposed the transfer
of high technology to foreign governments and companies.
    Supercomputers made by Fairchild and other U.S.
manufacturers are widely used throughout the world, but none
have been sold to the Japanese government or to Japanese
government-run agencies and universities.
 Reuter
3;
bodyend
documentend
documentstart
4159
topicstart
acq
topicend
bodystart
2;

FIRST UNION 
<
FUNC> ACQUISITION ADVANCES


    JACKSONVILLE, Fla., March 12 - 
First Union Corp said
shareholders of First North Port Bancorp of Northport, Fla.,
have approved a merger into First Union for 40 dlrs per share,
or about 5,100,000 dlrs.
    The company said the acquisition is still subject to
regulatory approvals and is expected to be completed during the
second quarter.
 Reuter
3;
bodyend
documentend
documentstart
4160
topicstart
earn
topicend
bodystart
2;

SAND TECHNOLOGY 
<
SNDCF> MULLING REVERSE SPLIT


    By Solange De Santis


    Toronto, March 11 - 
Sand Technology Systems Inc said it is
considering a reverse stock split of at least one-for-10 and
expects to report a second-quarter profit, compared to a loss
last year.
    The stock consolidation "is something we're discussing, but
it's not definite," Sand Technology president Jerry Shattner
told Reuters in an interview.
    A private placement recently brought the number of
outstanding shares to 106 mln, up from 97.1 mln shares on July
31, 1986, the fiscal yearend.
    "The company has always had the aura of a penny stock,"
Shattner said, adding that Sand plans, at some time, to apply
for listing on the Montreal Stock Exchange.
    Shattner said the company expects to report a profit of
five pct, or about 350,000 dlrs, on sales of seven mln dlrs,
for the second quarter ended January 31. Results for the third
quarter should be about the same as the second, he added.
    Last year, Sand lost 243,064 dlrs on revenues of 7,012,195
dlrs in the second quarter.
    After "a disastrous first quarter," Sand hopes to break even
in the current fiscal year, Shattner said. The company has
scaled back its sales forecast to about 25 mln dlrs, from the
33.5 mln dlrs projected in December.
    The rapid appreciation of the Japanese yen against U.S. and
Canadian dollars last year led to Sand's loss of 2.1 mln dlrs,
or two cts per share, on sales of 24.9 mln dlrs.
    In the first fiscal quarter this year, the company lost
1,350,387 dlrs, or one ct per share, on sales of 3,570,585
dlrs.
    Shattner believes the company will post better results this
year due to several factors.
    "Last year, one of our biggest problems was we were buying
products in Japanese yen. We now buy some products from Hitachi
in U.S. dollars and the results are starting to show up in the
second quarter," he said.
    Sand Technology sells, under its trademark, computer
accessories such as disk drives, solid-state memory enhancement
devices and printers manufactured by Hitachi Ltd 
<
HIT> of
Japan.
    Shattner said Sand's affiliate in Detroit, ST Systems Inc,
is developing software that lets large maniframe computers
handle large databases and share them between applications.
    It is also distributing a new product called Sapiens, which
is artificial intelligence computer language for use by major
corporations.
    The company has also reduced costs through some staff
cutting and a switch to profit sharing plans for sales staff
instead of straight commissions, Shattner said.
    And Sand plans to market a laser printer in the fourth
fiscal quarter, Shattner said.
 Reuter
3;
bodyend
documentend
documentstart
4161
topicstart
acq
topicend
bodystart
2;

<
CONCORDE VENTURES INC> IN MERGER AGREEMENT


    DENVER, March 12 - 
Concorde Ventures Inc said it has signed
a letter of intent to acquire Englewood, Colo., homebuilder
Winley Inc for 12 mln common shares.
    The investment company said after the merger the combined
company will have 15 mln shares outstanding.
    For the year ended January 31, Winley earned 116,000 dlrs
pretax on revenues of 11.7 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4162
topicstart
crude
nat-gas
topicend
bodystart
2;

DUNE RESOURCES 
<
DNLAF> RESERVES ROSE IN 1986


    OKLAHOMA CITY, March 11 - 
Dune Resources Ltd said its oil
reserves increased 225 pct during 1986 while its natural gas
reserves were up six pct.
    The company said its proven oil reserves were estimated at
605,682 barrels on December 31, up from 186,655 barrels a year
earlier boosted by discoveries during the year put at 423,659
barrels.
    It said gas reserves rose to 8.8 mln cubic feet from 8.3
mln on Dec 31, 1985, as discoveries of nearly 1.3 mln cubic
feet were partialy offset by production of 287,391 cubic feet
and downward revisions of previous estimates totaling 491,694
cubic feet.
 Reuter
3;
bodyend
documentend
documentstart
4164
topicstart
acq
topicend
bodystart
2;
******
BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4165
topicstart
gnp
topicend
bodystart
2;

JAPAN ECONOMY MAY BE NEAR BOTTOM, ECONOMISTS SAY


    By Rich Miller, Reuters


    TOKYO, March 12 - 
The worst may be just about over for
Japan's battered economy but economists said they do not expect
a vigorous recovery anytime soon. Japanese bank economists
polled by Reuters said the economy's 18 month-old slowdown is
likely to end in the first half of this year, helped by rising
exports, stepped-up government spending and falling prices. "The
economy will bottom out in the middle of the year," said
Sumitomo Bank Ltd chief economist, Masahiko Koido.
    Industrial Bank of Japan Ltd senior economist Susumu
Taketomi agreed. "It (the bottom) is in the offing," he said.
    But he added that the recovery will be slow. Growth in the
fiscal year beginning next month will only pick-up 2.2 pct,
from two pct in the current year, he said.
    Signs that the economy has just about weathered the worst
are increasing.
    The volume of exports in the first two months of the year
rose slightly on a year-on-year basis, after declining toward
the end of last year.
    Although this may be due to extraordinary factors such as a
sharp rise in car exports to rebuild depleted European stocks,
several economists said it could mark the beginning of a
recovery.
    Industrial production fell 0.7 pct in January, much smaller
than expected, and is forecast by the government to rise 0.3
pct in February and 2.6 pct in March. A Bank of Japan survey
released last week showed that the decline in Japanese
corporate earnings may be nearing its end.
    And the Paris currency accord last month has fostered hopes
the rapid yen rise has come to the end, they said.
    Six nations - the U.K., Canada, France, Japan, the U.S. And
West Germany - pledged in Paris last month to stabilise
currencies around current levels.
    The yen's 40 pct climb against the dollar over the last two
years has hit the export-driven economy hard, by forcing its
companies to raise prices and lose sales in the U.S. Market.
    "The important thing is the exchange rate," Taketomi said.
    If it stabilises firms will grow more confident and raise
investment in plant and equipment, although there are no signs
of that yet, economists said.
    A stable yen would also help exporters regain some of their
competitive edge just as the U.S economy may be starting to
recover, economists said.
    Domestically, the economy may get a boost from some
loosening of the government's tight fiscal policy said Haruo
Muto, manager of national economics at the Bank of Tokyo Ltd.
    The next reading of the economy's health should come early
next week with the release of gnp figures for the last quarter,
1986.
    Most private economists expect a rise of about 0.5 pct from
the previous quarter. In the third quarter, GNP rose 0.6 pct.
    But a senior government official said the fourth quarter
figures could surprise by showing a rise of more than one point
quarter-on-quarter. But he added that would be a statistical
aberration and not a significant shift in economic activity.
    To maintain year-on-year growth of around 2.5 pct, the
economy would have had to rise about 1.2 pct in the fourth
quarter as the final quarter of 1985 was strong.
     The rise in the fourth quarter of 1985 was probably a
statistical anomaly that was repeated in the final months of
1986, the official said.
    Economists said the fourth quarter figures were also
distorted by the government's sale of gold coins in the second
half of 1986.
    Because the coins were classified as legal tender, their
purchase did not show up in the statistics on consumer
expenditure. Consumer spending also tailed off in December
because of bad weather and smaller-than-normal end-year
bonuses, they said.
    As the government had to buy back some of the coins from
retailers because they were unsold, the government's
contribution to the economy in the fourth quarter may have been
boosted, economists said.
    Taketomi said it may have received a further boost from
government buying of farm products as the domestic crop last
year was good.
    The senior government official said the fourth quarter
performance of the domestic sector was probably worse than
generally expected, while that of the external sector was
better.
 REUTER
3;
bodyend
documentend
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4167
topicstart
acq
topicend
bodystart
2;

QINTEX EXTENDS PRINCEVILLE 
<
PVDC> OFFER


    NEW YORK, March 12 - 
<
Qintex America Ltd> said it is again
extending its offer of 13 dlrs a share for 3.3 mln Princeville
Development Corp shares until today from yesterday.
    As reported yesterday, Qintex said, about seven mln
Princeville shares had been tendered in response to the offer.
    Qintex said it is extending the offer to allow Princeville
to comply with federal law restricting the ownership of U.S.
airlines by non-U.S. citizens and to finalize the terms and
conditions of the letter of credit or bank guarantee required
under the previously announced acquisition agreement.
   
 Reuter
3;
bodyend
documentend
documentstart
4169
topicstart
earn
topicend
bodystart
2;

CORRECTED-NETWORK VIDEO INC 
<
NVID> 3RD QTR


    SARASOTA, Fla., March 12 - 
Feb 28 end
    Shr five cts vs one ct
    Net 161,019 vs 50,745
    Revs 1,048,543 vs 478,700
    Avg shrs 3,217,500 vs 4,350,000
    Nine mths
    Shr 12 cts vs four cts
    Net 390,179 vs 169,275
    Revs 2,658,692 vs 1,478,066
    Avg shrs 3,217,500 vs 4,350,000
    NOTE: Corrects reversed figures in March 11 item.
 Reuter
3;
bodyend
documentend
documentstart
4170
topicstart
money-fx
topicend
bodystart
2;

BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS


    TAIPEI, March 12 - 
Taiwan imposed currency controls today
in what bankers called a desperate move to prevent speculation
as the Taiwan dollar appreciated against the U.S. currency.
    The strict controls will require proof that large
remittances to Taiwan are connected to commercial transactions
rather than currency speculation.
    Bankers attacked the controls as ineffective, saying they
were a panic reaction to pressure from Washington for faster
appreciation of the Taiwan currency against the U.S. dollar,
which would slow exports to the United States.
    Remittances exceeding one mln dlrs earned through exports,
shipping, insurance or bank lending will now need government
approval, along with remittances of more than 10,000 dlrs from
any other source.
 Reuter
3;
bodyend
documentend
documentstart
4171
topicstart
ship
crude
topicend
bodystart
2;

SAUDI SUPERTANKER REPORTED HIT BY IRAN OFF UAE


    LONDON, March 12 - 
Iran attacked the Saudi Arabian
supertanker Arabian Sea off the United Arab Emirates last night
but the vessel was able to proceed after the incident, Lloyds
Shipping Intelligence reported.
    The 315,695-dwt Arabian Sea had set sail on Tuesday after
loading oil at the Saudi port of Ras Tannurah. Lloyds said the
attack occurred at about 2200 hrs local time (1800 GMT).
 Reuter
3;
bodyend
documentend
documentstart
4172
topicstart
trade
topicend
bodystart
2;

TAIWAN TO RELAX IMPORT CURBS ON MORE GOODS


    TAIPEI, March 12 - 
Taiwan will relax import controls on
more foreign goods, a government spokesman said today.
    The move was to allow greater access to Taiwan markets by
overseas trading partners, especially the United States, an
official of the Council for Economic Planning and Development
told Reuters.
    Import curbs on about 400 foreign goods, including
stationery and books, would soon be relaxed, he said.
    Taiwan announced it would ease curbs on some 600 farming
and industrial products last month.
    The official said the moves were intended to balance trade
between Taiwan and the United States and other trading
partners. Taiwan's trade surplus reached a record 15.6 billion
dlrs last year, up from 10.62 billion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
4173
topicstart
retail
topicend
bodystart
2;

U.K. RETAILERS SEE GROWTH IN CONSUMER SPENDING


    LONDON, March 12 - 
U.K. Retailers expect consumer spending
to accelerate in March after a disappointing increase in
February, according to a monthly survey by the Confederation of
British Industry (CBI).
    Fifty-nine pct of the 325 retailers questioned for the
latest Distributive Trades Survey expected sales to be higher
in March than they were in March 1986, with only six pct
expecting lower sales.
    The chairman of the Distributive Trades Survey Panel, Nigel
Whittaker, said a favourable Budget next week would further
help sales during the summer.
    Figures released earlier this week showed retail sales in
January fell 2.2 pct, mainly due to exceptionally cold weather.
    "Sales did not recover in February as much as retailers had
expected, and they are now looking for better business in
March," today's survey said.
    It reported clothing stores were the most optimistic, with
80 pct expecting sales in March to be higher than a year ago.
    Wholesalers also expected stronger sales in March, while
both retailers and wholesalers reported slower growth in import
penetration, it said.
 REUTER
3;
bodyend
documentend
documentstart
4174
topicstart
crude
topicend
bodystart
2;

MOST JAPAN FIRMS NOT RENEWING IRAN TERM CONTRACTS


    By Jennie Kantyka, Reuters


    TOKYO, March 12 - 
Most Japanese companies have decided not
to renew term contracts to lift Iranian crude oil because spot
prices remain considerably lower than OPEC's official levels,
industry sources said.
    They said a cargo of the Mideast benchmark crude Dubai
traded yesterday at 16.50 dlrs a barrel, compared to its
official price of 17.42 dlrs.
    Only one Japanese company has renewed its term contract for
Iranian crude oil for the second quarter, the sources said.
    The sources said Japanese companies had been lifting a
total of about 185,000 barrels per day (bpd) of Iranian crude
under term contracts, but only one firm has agreed to lift in
the second quarter. It is lifting just 10,000 to 15,000 bpd.
    They said this move could inspire Iran to offer discounts
on cargoes loading in April, but the likelihood of discounts
depended largely on the levels of spot prices.
    "If the spot price of Dubai goes above 17.30 dlrs we would
probably buy Iranian crude at the official price," one Japanese
refiner said.
    "We don't intend to put pressure on them," he added.
    Buyers have little incentive to renew contracts to lift oil
at official OPEC prices while spot prices on all grades are
considerably lower, oil traders said.
    They said if spot prices move higher there will be no
problem finding OPEC crude to purchase at the official prices.
Qatar has chartered floating storage for its crude oil after
finding no buyers at official prices in March. The problem is
likely to recur in April, adding to that country's surplus.
    The traders added that Iraq had dissociated itself from
OPEC's December production agreement, while agreeing to the
fixed prices.
    But oil analysts said if OPEC keeps group output close to
its first-half 1987 ceiling of 15.8 mln bpd, supply and demand
would be balanced by the end of the second quarter.
    They also said if OPEC holds its official price structure
based on a reference price of 18 dlrs, spot price fluctuations
should be limited to a 16.50 to 17.20 dlrs range for Dubai and
a 17 to 18 dlrs range for the North Sea's Brent blend.
    One Japanese refiner said, "At the moment there's a lot of
pressure on OPEC, particularly on Qatar. But if they hold out
there will be no problem, and I'm beginning to trust their
ability."
    Nigerian oil minister and OPEC president Rilwanu Lukman
told a news conference in Lagos yesterday, "Nigeria and all
member countries of OPEC remain determined to uphold the
December agreement by adhering strictly to their various quotas
and official selling prices."
    He said OPEC believed consumers had drawn heavily on stocks
of both crude oil and refined products, reducing them to levels
well below this time last year. He said consumers would soon
return to the market in search of crude.
    A Japanese refiner said, "The European and U.S. Markets are
beginning to look better so OPEC might be quite lucky."
3;
bodyend
documentend
documentstart
4175
topicstart
earn
topicend
bodystart
2;

POSSIS 
<
POSS> VOTES 100 PCT STOCK DIVIDEND


    MINNEAPOLIS, March 12 - 
Possis Corp said its board approved
a 100 pct stock dividend payable May One, record March 27.
    At the company's annual meeting Wednesday, Possis said
shareholders approved a proposal to increase the authorized
common shares to 20 mln from eight mln. The company currently
has about 3.9 mln shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
4176
topicstart
earn
topicend
bodystart
2;

SEAL INC 
<
SINC> 1ST QTR JAN 31 NET


    NAUGATUCK, Conn., March 12 -
    
Shr 29 cts vs 16 cts
    Net 610,000 vs 329,000
    Sales 6,714,000 vs 4,582,000
 Reuter
3;
bodyend
documentend
documentstart
4177
topicstart
earn
topicend
bodystart
2;

DOW CHEMICAL CO 
<
DOW> REGULAR DIVIDEND


    MIDLAND, MICH., March 12 -
    
Qtly div 50 cts vs 50 cts prior
    Pay April 30
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4178
topicstart
earn
topicend
bodystart
2;

TELCO 
<
TELC> DELAYS DEFENSIVE RIGHTS OFFERING


    NORWOOD, Mass., March 12 - 
Telco Systems Inc said its plan
to distribute a dividend of common stock purchase rights to
shareholders of record on March 16 has been delayed pending the
completion of necessary regulatory approvals.
 Reuter
3;
bodyend
documentend
documentstart
4179
topicstart
topicend
bodystart
2;

JAMAICA PUTS CAP ON BORROWING


    KINGSTON, Jamaica, March 12 - 
Jamaica has put a cap on its
3.5 billion dlr foreign debt and will reduce its obligations by
300 mln dlrs this year, Prime Minister Edward Seaga said.
    Seaga yesterday said Jamaica has reached its "maximum stock
of debt" and will not undertake any more borrowing until it was
justified by economic growth. "This year we'll be reducing the
stock of debt by 300 mln dlrs," he said.
    He said his government aims to get Jamaica's ratio of debt
payments to foreign exchange earnings down from the current
level of 50 pct to 25 pct over the next two to three years.
Debt payments this year are expected to total 287 mln dlrs,
Seaga said. Seaga yesterday concluded an agreement with
Jamaica's creditor banks to reschedule some 181 mln dlrs due in
1987-89 over the next 12 years.
 Reuter
3;
bodyend
documentend
documentstart
4182
topicstart
acq
topicend
bodystart
2;

CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM


    NEW YORK, March 12 - 
Clayton and Dubilier Inc and senior
management of a unit of Borg-Warner Corp 
<
BOR> said it will
form a new company to buy Borg-Warner's industrial products
group for about 240 mln dlrs.
    Borg-Warner industrial products has sales of about 300 mln
dlrs from three divisions, which provide advanced technology
fluid transfer and control equipment, systems and
services worldwide, Clayton said.
    The new company will have 3,000 employees and be
headquartered in Long Beach, Calif., the company said.
    Peter Valli, vice president of Borg-Warner Corp and
president of its industrial products division, will become
president and chief executive officer of the new company,
according to Clayton.
    Clayton, a private investment firm, said this was the third
mangement buyout of a divestiture completed by them since
December 1986.
 Reuter
3;
bodyend
documentend
documentstart
4184
topicstart
earn
topicend
bodystart
2;

U.S. HEALTH INC 
<
USHI> 2ND QTR JAN 31 NET


    BALTIMORE, March 12 -
    
Shr 10 cts vs seven cts
    Net 1,541,000 vs 1,056,000
    Revs 20.1 mln vs 17.0 mln
    1st half
    Shr 19 cts vs 11 cts
    Net 2,945,000 vs 1,742,000
    Revs 38.2 mln vs 35.2 mln
 Reuter
3;
bodyend
documentend
documentstart
4185
topicstart
earn
topicend
bodystart
2;
******
K MART CORP 4TH QTR  SHR 2.11 DLRS VS NINE CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
4188
topicstart
money-fx
interest
topicend
bodystart
2;

UK MONEY MARKET GIVEN FURTHER TWO MLN STG HELP


    LONDON, March 12 - 
The Bank of England said it gave the
market further assistance of two mln stg during the afternoon,
buying that amount of band two bank bills at 10-5/16 pct.
    The bank has given the market assistance worth 1.503
billion stg today to offset a shortage it estimated at a
revised 1.60 billion.
 REUTER
3;
bodyend
documentend
documentstart
4189
topicstart
earn
topicend
bodystart
2;

ENVIRONMENTAL SYSTEMS CO 
<
ESC> 1ST QTR JAN 31


    LITTLE ROCK, Ark., March 12 -
    
Shr 13 cts vs 15 cts
    Net 2,193,000 vs 1,918,000
    Revs 18.2 mln vs 15.2 mln
    NOTE: Share after preferred dividends.
 Reuter
3;
bodyend
documentend
documentstart
4192
topicstart
earn
topicend
bodystart
2;

GENERAL MINING (GENM.J) CAUTIONS ON 1987 PROFITS


    JOHANNESBURG, March 12 - 
General Mining Union Corp Ltd
chairman Derek Keys cautioned that profits may not rise this
year if the rand stays at its current level of 48 U.S. Cents.
    "We would do well to repeat last year's results if the rand
stays depressed," Keys said.
    The level of the dividend, however, "ought not to be
affected," he added, discussing the 1987 outlook.
    General Mining earlier reported that 1986 per share
earnings rose 28 pct to 616 cts.
 Reuter
3;
bodyend
documentend
documentstart
4193
topicstart
earn
topicend
bodystart
2;

COLGATE-PALMOLIVE CO 
<
CL> SETS PAYOUT


    NEW YORK, March 12 -
    
Qtrly div 34 cts vs 34 cts
    Pay May 15
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
4194
topicstart
earn
topicend
bodystart
2;

ISCO INC 
<
ISKO> 2ND QTR ENDS JAN 30 NET


    LINCOLN, Neb., March 12 -
    
Shr 12 cts vs 13 cts
    Net 414,968 vs 449,533
    Revs 5,726,722 vs 5,276,627
    Six mths
    Shr 23 cts vs 33 cts
    Net 779,981 vs 1,116,857
    Revs 11.3 mln vs 11.3 mln
 Reuter
3;
bodyend
documentend
documentstart
4199
topicstart
veg-oil
topicend
bodystart
2;

CCC REALLOCATES CREDIT GUARANTEES TO EL SALVADOR


    WASHINGTON, March 12 - 
The Commodity Credit Corporation,
CCC, has reallocated two mln dlrs in credit gurantees
previously earmarked for sales of U.S. protein meals to cover
sales of vegetable oil and tallow to El Salvador, the U.S.
Agriculture Department said.
    The action reduces coverage for sales of protein meals to
14 mln dlrs from 16 mln dlrs and creates new lines of one mln
dlrs for tallow and/or greases and one mln dlrs for vegetable
oils, the department said.
    All sales under the credit guarantee lines must be
registered and exported by Sepember 30, 1987, it said.
    The guarantee rates include a charge to provide for a
yearly interest rate coverage of up to 4.5 pct on the
guaranteed value, the department said.
 Reuter
3;
bodyend
documentend
documentstart
4201
topicstart
acq
topicend
bodystart
2;

BORG-WARNER 
<
BOR> TO SELL UNIT FOR 240 MLN DLRS


    CHICAGO, March 12 - 
Borg-Warner Corp said it agreed to sell
its industrial products group to 
<
Clayton and Dubilier Inc>
and senior management of the group, for about 240 mln dlrs.
    Clayton and Dubilier is a New York-based private investment
firm, which has completed two other management-led buyout
transactions since December 1986.
    Borg-Warner's industrial products group, based in Long
Beach, California, has sales of about 300 mln dlrs and employs
about 3,000 staff.
    Its businesses include standard and custom engineered
centrifugal pumps and mechanical seals for the petroleum
industry and advanced controls for the aerospace and defense
industries.
    The sale is part of Borg-Warner's planned restructuring.
    the proposed sale is subject to approval by Borg-Warner's
directors, it said.
 Reuter
3;
bodyend
documentend
documentstart
4203
topicstart
grain
wheat
ship
topicend
bodystart
2;

PANAMANIAN WHEAT SHIP STILL GROUNDED OFF SYRIA


    LONDON, March 12 - 
The Panamanian bulk carrier Juvena is
still aground outside Tartous, Syria, despite discharging 6,400
tons of its 39,000-ton cargo of wheat, and water has entered
the engine-room due to a crack in the vessel bottom, Lloyds
Shipping Intelligence Service said.
    The Juvena, 53,351 tonnes dw, ran aground outside Tartous
port basin breakwater on February 25 in heavy weather and rough
seas.
 Reuter
3;
bodyend
documentend
documentstart
4204
topicstart
acq
topicend
bodystart
2;

GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID


    TORONTO, March 12 - 
<
Guardian-Morton Shulman Precious
Metals Inc> said Morton Shulman and Guardman Investment
Management Services Inc agreed in principle for Andrew Sarlos
to make a takeover bid for all special shares and series II
warrants of Guardian-Morton, subject to regulatory approval and
completion of definitive documentation.
    Guardman Investment, current manager and owner of all
common shares of Guardian-Morton, also agreed to sell the
common and its management agreement to a company controlled by
Sarlos if the takeover bid is successful, Guardian-Morton said.
    Price to be offered for the Guardian-Morton special shares
under the takeover bid will be 90 pct of the net asset value of
the special shares at the time of the bid, and two dlrs for
each series II warrant, the company said.
    Guardian-Morton said the takeover bid will be conditional
on Sarlos acquiring at least 90 pct of the special shares and
90 pct of the series II warrants, when combined the number of
special shares and warrants owned by the offeror at the time of
the bid.
    Investment companies managed by Sarlos currently own
slightly less than 10 pct of Guardian-Morton's special shares.
 Reuter
3;
bodyend
documentend
documentstart
4205
topicstart
earn
topicend
bodystart
2;

K MART CORP 
<
KM> 4TH QTR JAN 28 NET


    TROY, MICH., March 12 -
    
Shr 2.11 dlrs vs nine cts
    Net 285,000,000 vs 10,500,000
    Revs 7.35 billion vs 6.76 billion
    Avg shrs 134,300,000 vs 131,600,000
    Year
    Shr 4.35 dlrs vs 1.73 dlrs
    Net 582,300,000 vs 221,200,000
    Revs 24.13 billion vs 22.33 billion
    Avg shrs 134,300,000 vs 131,600,000
    NOTE: Latest year earnings include a loss in each period of
16.4 mln dlrs, or 12 cts a share, for a premium paid in the
early call of a 250 mln dlr 12.75 pct 30-year debenture
    Earnings include a gain from discontinued operations of
30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs,
or 1.82 dlrs a share in the quarter and a gain of 28.4 mln
dlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64
dlrs a share for the year
 Reuter
3;
bodyend
documentend
documentstart
4206
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 12 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 290,000 to 310,000 head versus
309,000 week ago and 328,000 a year ago.
    Cattle slaughter is guesstimated at about 128,000 to
131,000 head versus 129,000 week ago and 127,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
4209
topicstart
acq
ship
topicend
bodystart
2;

VAN OMMEREN ACQUIRES DUTCH GAS CONTAINER UNIT


    ROTTERDAM, March 12 - 
Dutch shipping and transport group
PHS Van Ommeren NV 
<
OMMN.AS> said it has taken over a small
Dutch gas container firm as a first step in establishing a
world-wide gas container organisation.
    The firm, Liquid and Gas Transport BV (LGT), employs 10
people and has a fleet of 200 gas containers.
    Van Ommeren will shortly open an office in Singapore and
expand its facilities in Houston to establish the gas container
network.
    REUTER
3;
bodyend
documentend
documentstart
4210
topicstart
earn
topicend
bodystart
2;

DORCHESTER HUGOTON LTD 
<
DHULZ> RAISES PAYOUT


    DALLAS, March 12 -
    
Qtly div 10 cts vs eight cts prior
    Pay April 16
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4212
topicstart
acq
topicend
bodystart
2;

INTERNATIONAL AMERICAN 
<
HOME> SETS ACQUISITION


    UNION, N.J., March 12 - 
International American Homes inc
said it has contracted to acquire 
<
Diversified Shelter Group
Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27
pct in International American common stock to be valued on a 30
day trading average prior to closing.
    It said the price is based on Diversified's estimated 3.2
mln dlrs pro forma pre-tax earnings for 1986 after adjustment
for certain non-continuing expenses. Diversified, a developer
of single family housing in the Atlanta market, had 1986
revenues of about 25.3 mln dlrs. The acquisition if subject to
International American arranging financing.
 Reuter
3;
bodyend
documentend
documentstart
4215
topicstart
iron-steel
topicend
bodystart
2;

EC COMMISSION HAS OPEN ATTITUDE ON STEEL QUOTAS


    STRASBOURG, March 12 - 
The EC Commission said it was
adopting an "open attitude" about whether a system of production
quotas should remain for the indefinite future on heavy steel
products which account for about 45 pct of all EC steel goods.
    In a statement, the Commission reiterated its view that the
industry needs to lose between 25 and 30 mln tonnes of capacity
by 1990. It had previously said the quota system, started in
1980, should be wound up completely by the end of next year.
    The industry has argued for the maintenance of existing
quotas, which cover almost 70 pct of all output, saying almost
all steelmakers are losing money due to the depressed market.
 Reuter
3;
bodyend
documentend
documentstart
4216
topicstart
earn
topicend
bodystart
2;

PRECISION AEROTECH INC 
<
PAR> 3RD QTR JAN 31 NET


    LA JOLLA, Calif., March 12 -
    
Oper shr 16 cts vs two cts
    Oper net 467,000 vs 52,000
    Sales 8,954,000 vs 6,338,000
    Avg shrs 2,939,459 vs 1,979,916
    Nine mths
    Oper shr 45 cts vs 18 cts
    Oper net 1,068,000 vs 387,000
    Sales 24.5 mln vs 19.6 mln
    Avg shrs 2,299,764 vs 1,979,916
    NOTE: Current year net both periods excludes 176,000 dlr
gain from retirement of notes.
    Backlog 30.8 mln vs 26.7 mln at start of fiscal year.
 Reuter
3;
bodyend
documentend
documentstart
4218
topicstart
earn
topicend
bodystart
2;

GUARDIAN NATIONAL INSURANCE CO LTD 
<
GARJ J> YEAR


    JOHANNESBURG, March 12 -
    
Shr 100.6 cts vs 76.9 cts
    Final div 40 cts vs 32 making 58 cts vs 50
    Pre-tax 14.17 mln rand vs 8.85 mln
    Net 10.06 mln vs 7.69 mln
    Tax 4.10 mln vs 1.16 mln
    Gross premiums 210.16 mln vs 178.69 mln
    Net premiums written 143.99 mln vs 123.88 mln
    Underwriting loss 1.78 mln vs loss 6.25 mln
    Div pay April 10, register March 27.
    Note - period year to December 31 1986.
 Reuter
3;
bodyend
documentend
documentstart
4219
topicstart
earn
topicend
bodystart
2;

DATAMETRICS CORP 
<
DMCZ> 1ST QTR JAN 31 NET


    CHATSWORTH, Calif., March 12 -
    
Shr diluted five cts vs 13 cts
    Net 278,780 vs 442,532
    Revs 5,101,747 vs 4,293,393
    Avg shrs diluted 6,050,968 vs 3,414,145
    NOTE: Net includes tax credits of 123,500 dlrs vs 179,000
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4220
topicstart
earn
topicend
bodystart
2;

WIENER ENTERPRISES INC 
<
WPB> YEAR JAN 31 NET


    HARAHAN, La., March 12 -
    
Shr 60 cts vs 85 cts
    Qtly div 10 cts vs 10 cts prior
    Net 1,407,000 vs 1,996,000
    Sales 75.4 mln vs 58.2 mln
    NOTE: Dividend pay April 16, record April Nine
 Reuter
3;
bodyend
documentend
documentstart
4221
topicstart
topicend
bodystart
2;

GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS


    LONDON, March 12 - 
The convertible eurobond issue announced
yesterday for Genentech Inc 
<
GENE.O> has been increased to a
total of 150 mln dlrs from 100 mln, Credit Suisse First Boston
Ltd (CSFB) said as lead manager.
    The coupon has been set at five pct and conversion price at
74 dlrs per share which represents a 23.85 pct premium over
Genentech's stock closing level of 59.75 on the New York Stock
Exchange last night.
    Payment date has been brought forward to March 27 from
March 30 and the bonds will mature on March 27, 2002.
 REUTER
3;
bodyend
documentend
documentstart
4222
topicstart
topicend
bodystart
2;

HYDRO QUEBEC ISSUES CANADIAN DLR BOND


    LONDON, March 12 - 
Hydro Quebec is issuing a 125 mln
Canadian dlr bond due April 21, 1997 paying nine pct and priced
at 100-3/4 pct, lead manager Merrill Lynch International said.
    The bond is available in denominations of 1,000 and 5,000
dlrs and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 3/8 pct each
for management and underwriting. Pay date is April 21.
 REUTER
3;
bodyend
documentend
documentstart
4223
topicstart
earn
topicend
bodystart
2;

K MART 
<
KM> SAYS RECORD 1986 NET "TURNING POINT"


     TROY, Mich., March 12 - 
K Mart Corp said its record fiscal
1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs
a year ago, marked a "major turning point" for the world's
second biggest retailer.
    K Mart said the earnings rise for the fourth quarter ended
January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from 
"merchandising, refurbishing and expense control."
    A year ago, K Mart took a charge of 239 mln dlrs for
discontinued operations. Earnings from continuing retail
operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a
share compared with 249.4 mln dlrs or 1.91 dlrs a year ago.
    K Mart Chairman Bernard Fauber said "the success of these
programs is better illustrated by the strong 35.9 pct increase
in 1986 income from continuing operations before income taxes
to 1.03 billion dlrs, the first time K Mart Corp has reached
this milestone."
    Sales for the 1986 fiscal year reached a record 23.8
billion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior
year. K Mart said 1985 was restated to account for discontinued
operations. Comparable store sales rose 5.5 pct in 1986 over
1985, it said.
    Fauber said the sales growth came from greater consumer
acceptance of K Mart's apparel merchandise, "a marked increase
in hardline merchandise sales and a growing contribution from
specialty retailing operations."
    K Mart said its fourth quarter pre-tax income from
continuing operations was 493 mln dlrs, a 32.3 pct gain from
372.6 mln dlrs last year. It said sales in the period grew 8.8
pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in
1985 with comparable store sales up 4.7 pct.
    K Mart said its effective tax rate rose in 1986 to 44.6 pct
from 37.6 pct in 1985. But it said selling, general and
administrative expense eased to 23.2 pct of sales from 23.7 pct
in 1985.
    "Our performance in 1986 marks a major turning point for K
Mart," Fauber said in a statement.
    "In the years immediately prior to 1986, we focused on
changing the look of our stores and the structure of the
company."
    K Mart, he said, committed billion of dollars for store
remodeling and installing a centralized point of sale system,
upgraded its merchandise mix, acquired three large specialty
retailers, divested underperforming businesses and restructured
its long-term debt.
    "We were forced to pay a temporary price in the form of
slower earnings growth and a lower rating by the investment
community. However, beginning with the fourth quarter of 1985,
our improved performance is proof that our approach is correct
for the long term," the K Mart chairman said.
 Reuter
3;
bodyend
documentend
documentstart
4226
topicstart
topicend
bodystart
2;

ROCKEFELLER SAYS BRAZIL SOLUTION WILL BE FOUND


    FRANKFURT, March 12 - 
David Rockefeller, chairman of the
international advisory committee of Chase Manhattan Bank NA,
said an accommodation would be found between Brazil and its
commercial bank creditors to solve the problem of the nation's
recent interest payment halt.
    "I think one will find that the banking community, the
Brazilian government and the international banking authorities
will be talking for the next several weeks and I am very
hopeful that we would find an accommodation." Rockefeller told
bankers at a luncheon.
    Brazil announced on February 20 that it was suspending
interest repayments on about 68 billion dlrs of private sector
debt owed to commercial banks.
    Rockefeller said the recent tour by Brazilian Finance
Minister Dilson Funaro of major industrial nations was a sign
that Brazil wanted to be cooperative. But it was notable that
Funaro did not meet with the creditors immediately affected,
the commercial bankers, he added.
    Brazil's moratorium on commercial debt becomes critical by
end-May, when payments would be 90 days overdue, obliging U.S.
Regulators to downgrade Brazilian debt, financial sources said.
    This would require banks in turn to cease accruing interest
and set aside expensive loan loss reserves.
    Rockefeller reminded bankers of the depth of concern over
Latin American debt at the Toronto World Bank/International
Monetary Fund meeting in 1982, and said an accord would be
reached in the current circumstances just as it had been then.
    "(Brazilian authorities) have no more interest in seeing
their credit sources cut off then we have in seeing their
obligations stop," he added.
 REUTER
3;
bodyend
documentend
documentstart
4227
topicstart
acq
topicend
bodystart
2;

DAINIPPON INK TO INVEST IN QUIXOTE 
<
QUIX>


    CHICAGO, March 12 - 
Quixote Corp said Dainippon Ink and
Chemicals Inc of Japan will buy 526,315 shares of Quixote
common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a
share.
    It said the two companies also agreed to share the results
of their research and development activities in optical disc
technology.
    Dainippon Inc's optical disc technology focuses on the
development of a new Direct-Read-After-Write optical disc and
an advanced erasable optical disc.
    Quixote said its wholly owned subsidiary, LaserVideo Inc,
is making advancements in the art of mastering and
manufacturing Compact Discs, CD-ROMs and laser-read videodiscs.
    Quixote said the agreement with Dainippon, which has annual
sales of more than two billion dlrs, provides for a Dainippon
representative to sit on the LaserVideo board of directors.
 Reuter
3;
bodyend
documentend
documentstart
4228
topicstart
earn
topicend
bodystart
2;

CIRCUIT CITY STORES INC 
<
CC> SETS QUARTERLY


    RICHMOND, Va., March 12 -
    
Qtly div 1-1/2 cts vs 1-1/2 cts prior
    Pay April 15
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
4229
topicstart
acq
topicend
bodystart
2;

KNOLL TO BUY AMERICAN SAVINGS 
<
AAA> SHARES


    MIAMI, March 12 - 
American Savings and Loan Association of
Florida said 
<
Knoll International Holdings Inc> has offered to
purchase 500,000 new shares of American Savings for 10 mln
dlrs, and the board has accepted Knoll's offer.
    Knoll already owns 796,413 shares or 9.9 pct of American
Savings.
    American Savings said the purchase will resolve a
previously-announced disagreement between American Savings and
the Federal Home Loan Bank of Atlanta on the replacement of the
capital American Savings used to repurchase common shares in
January 1985 from former chairman Marvin L. Warner.
    It said completion of the transaction would give Knoll 15
pct ownership in American Savings.
    American Savings said Knoll also had talks with chairman of
the executive committee Shepard Broad and chairman Morris Broad
on the purchase of their American Savings shares as well at 20
dlrs each but no agreement was reached.
    American Savings said The company said Knoll's offer to buy
the new shares is not conditioned on other purchase of common
stock from any person or entity.
    It said its previously-announced engagement of Salomon Inc

<
SB> to evaluate alternatives to enhance shareholder values,
including the possible sale of American Savings, is still being
actively pursued.
 Reuter
3;
bodyend
documentend
documentstart
4231
topicstart
cotton
topicend
bodystart
2;

IGENE BIOTECHNOLOGY 
<
IGNE> FINDS CROP LOSS AID


    COLUMBIA, Md., March 12 - 
IGENE Biotechnology Inc said its
research teams at Auburn and Hebrew universities have found its
patented pesticide is highly effective in combating a disease
reponsible for approximately three billion dlrs in annual crop
losses.
    The company said it learned ClandoSan controls nematodes,
deadly plant pathogens formerly controlled by now-banned
synthetic chemicals.
    Varieties of the deadly disease attack major cash crops
such as cotton, vegetables, orchard trees, citrus fruits, and
garden plants, the company said.
 Reuter
3;
bodyend
documentend
documentstart
4232
topicstart
earn
crude
nat-gas
topicend
bodystart
2;

PHILLIPS 
<
P> TO EMPHASIZE CASH FLOW TO PARE DEBT


    By Ted D'Afflisio, Reuters


    NEW YORK, March 12 - 
Phillips Petroleum Co will emphasize
improving its short-term cash flow this year to pare its debt,
C.J. "Pete" Silas, chairman, told Reuters in an interview.
    "Our priority is to get cash flow increased from the assets
already installed," he said, but he declined to estimate annual
cash flow for 1987.
    Analysts estimate Phillips" cash flow at over one billion
dlrs for 1987, while long term debt, which resulted from
restructuring to find off corporate raiders in 1985, hovers
about 5.9 billion dlrs as of December 1986.
     Silas said Phillips hope to achieve its goal by raising
the capital expenditures budget to develop its oil and gas
properties.
    "We plan to develop the properties with short-term high cash
flow prospects," he said. He projected a capital expenditure
budget of 730 mln dlrs, up from the 1986 expenditure of 655 mln
dlrs.
    Nearly half of that will be spent on exploration and
production, and most of that will be spend overseas, Silas
said.
    "Phillips' top priority in 1987 will be to get the
waterflooding in Norway and jack up the (Ekofisk) oil fields to
improve our ability to extract oil and increase earnings," Silas
said.
     Phillips estimates that the project, which is expected to
cost 1.5 billion dlrs, will increase recovery by 170 mln gross
barrels of oil over a period of 24 years.
    Phillips is also pursue opportunities in China where Silas
said he was seeking "a modification of terms with the Chinese
government to make oil discoveries (in the offshore Xijang
fields) commercially viable."
    In the U.S. Silas said Phillips hopes to get the Point
Arguello, Calif., field started up by the fourth quarter. "We
expect to start up the first platform then," Silas said.
    But emphasis on short-term cash flow has also forced the
company to part with several oil and gas assets.
    Phillips sold its interests in the T-Block in the U.K.
North Sea and U.S. reserves totaling about 1.3 billion dlrs in
1986 as part of a two billion dlrs asset sales program that is
now completed, Silas said.
     "We sold high cost producing assets. They were not good
value for us but possibly so for someone else," Silas said.
    Silas said the 1986 assets sales will not affect earnings
for the company.
    "Everything we are doing is to manage our cash flow and we
are using that to manage our debt. Even the asset sales, while
regrettable, were necessary to reduce debt," Silas said.
    He said no asset sales are planned this year as long as oil
prices don't fall sharply lower and stay at lower levels  for
several months. "Then, everyone would be looking at sales (of
assets), and we're no different from the others," Silas said.
    In other areas, Silas looks for improved earnings from
Phillips chemical operations, which provided 299 mln dlrs in
earnings for 1986, up from 219 mln dlrs in 1985.
    "This was our second best year pushed by a good supply and
demand balance for products, low feedstocks and energy costs
for our operations," Silas said, "In 1987 we think the market's
supply and demand balance will be just as good but feedstock
and energy costs will rise due to price recovery."
 Reuter
3;
bodyend
documentend
documentstart
4233
topicstart
acq
topicend
bodystart
2;

MERRILL LYNCH
<
MER> CANADA MULLS BUYING BROKER


    TORONTO, March 12 - 
Merrill Lynch Canada Inc, wholly owned
by Merrill Lynch and Co, is considering acquiring another
Canadian securities company as the result of federal and
provincial government moves to lift investment dealer ownership
restrictions on June 30, according to a published report.
    "We're talking to a number of people," Merrill Lynch Canada
deputy chairman E. Duff Scott told The Toronto Star. "Whether
we're going to do something, I don't know," he said.
    A Merrill Lynch Canada spokesman declined to comment on the
newspaper report when queried.
    Scott did not disclose which investment dealers Merrill
Lynch Canada was considering acquiring, but the Toronto Star
quoted unidentified industry sources as saying serious
discussions have already been held with Burns Fry Ltd.
    Burns Fry chairman Jack Lawrence told the newspaper the
investment dealer has not made a final decision, but was
examining "three or four alternatives."
    Discussions between brokers about possible mergers is to be
expected pending industry deregulation, one investment industry
source, who asked not to be named, told Reuters.
    "It's silly not to take a look (at making a merger or
acquisition). If you're a businessman, you have to take a look,"
the industry source said.
    Under federal and provincial government regulations
expected to be in place by June 30, banks, trust companies and
foreign companies will be allowed to acquire existing
investment dealers or establish their own securities
subsidiaries.
 Reuter
3;
bodyend
documentend
documentstart
4235
topicstart
acq
topicend
bodystart
2;

MOST AMERICAN AGGREGATES 
<
AMAG> STOCK ACQUIRED


    NEWPORT BEACH, Calif., March 12 - 
<
Consolidated Gold Fields
PLC>'s ARC America Corp subsidiary said it has acquired
7,521,643 American Aggregates Corp shares, about 95 pct of
those outstanding, as a result of its tender offer which
expired February 27.
    As soon as is practicable, ARC America will acquire
American Aggregates, converting the company's remaining shares
into the right to receive 30.625 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
4237
topicstart
acq
topicend
bodystart
2;

BIOTECH CAPITAL 
<
BITC> TO BUY MAGAZINE


    NEW YORK, March 12 - 
Biotech Capital Corp said it agreed to
buy High Technology magazine from the Goldhirsh Group of
Boston.
    Terms were not disclosed.
    The magazine publishes information about emerging
technologies and their impact on business. It has a circulation
of 200,000 and is the largest of its kind in the world, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
4238
topicstart
trade
topicend
bodystart
2;

PAKISTAN'S TRADE DEFICIT NARROWS IN FEBRUARY


    KARACHI, March 12 - 
Pakistan's trade deficit narrowed to
2.64 billion rupees (provisional) in February 1987 from 2.85
billion (final) in January and compared with 2.94 billion in
February 1986, the Federal Bureau of Statistics figures show.
    Exports fell to 5.04 billion rupees (provisional) in
February from 5.34 billion (final) in January and compared with
3.90 billion in February 1986.
    Imports fell to 7.68 billion rupees (provisional) in
February from 8.19 billion (final) in January and compared with
6.84 billion in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
4239
topicstart
earn
topicend
bodystart
2;

CORRECTED-INSITUFORM OF NORTH AMERICA INC
<
INSUA>


    MEMPHIS, Tenn., March 12 - 
4th qtr
    Shr nine cts vs four cts
    Net 658,159 vs 299,930
    Revs 3,770,341 vs 2,614,224
    Avg shrs 7,382,802 vs 6,747,442
    Year
    Oper shr 33 cts vs 18 cts
    Oper net 2,287,179 vs 1,045,799
    Revs 13.1 mln vs 8,577,853
    Avg shrs 6,874,505 vs 5,951,612
    NOTE: 1985 year net excludes 13,000 dlr tax credit.
    Corrects March 11 item to exclude tax credit
 Reuter
3;
bodyend
documentend
documentstart
4240
topicstart
earn
topicend
bodystart
2;

COLGATE-PALMOLIVE CO 
<
CL> SETS QUARTERLY


    NEW YORK, March 12 -
    
Qtly div 34 cts vs 34 cts prior
    Pay May 15
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
4241
topicstart
earn
topicend
bodystart
2;

CO-OPERATIVE BANCORP 
<
COBK> RAISES QUARTERLY


    CONCORD, Mass., March 12 -
    
Qtly div 12-1/2 cts vs 10 cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4242
topicstart
topicend
bodystart
2;

HYDRO QUEBEC CANADIAN DLR BOND RAISED TO 150 MLN


    LONDON, March 12 - 
The Canadian dollar bond launched
earlier today for Hydro Quebec has been increased to 150 mln
dlrs from 125 mln, lead manager Merrill Lynch International
said.
 REUTER
3;
bodyend
documentend
documentstart
4245
topicstart
earn
topicend
bodystart
2;

WILCOX AND GIBBS INC 
<
WG> SETS PAYOUT


    NEW YORK, March 12 -
    
Semi div 7-1/2 cts vs 7-1/2 cts prior
    Pay April 30
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4246
topicstart
crude
topicend
bodystart
2;

SAUDI OUTPUT SAID AT YEAR LOW TO HELP OPEC


    By Philip Shehadi, Reuters


    RIYADH, March 12 - 
Saudi Arabian oil output has fallen to
its lowest level in more than a year, giving fresh evidence of
the kingdom's determination to keep oil prices at 18 dlrs a
barrel, as agreed by Opec last December, oil industry sources
said.
    They said Saudi output in the first eight days of March
averaged 2.6 mln barrels per day (bpd) including oil from the
neutral zone shared with Kuwait, compared to a February average
of 3.5 mln bpd.
    They said Saudi Arabia was also selling oil from its crude
oil stocks in tankers around the world, which OPEC says must be
counted towards a member's production quota. Saudi Arabia's
quota is 4.133 mln bpd.
    The lower production levels indicated Saudi Arabia, the
world"s largest oil exporter, was insisting on getting Opec
official prices, even at the cost of lower production, the
sources said.
    King Fahd reiterated yesterday, in an interview with
Reuters and the television news agency Visnews, the Saudi
commitment to OPEC's December pact to boost oil prices to an
average 18 dlrs.
    "Saudi Arabia is completely sticking to OPEC decisions," he
said.
    The sources said the kingdom's exports from Gulf ports
averaged one mln bpd during the eight days ending last Sunday,
down from a February average of 1.9 mln bpd.
    They said Saudi Arabia was allowing production to fluctuate
with lifting nominations and was not trying to maintain
artificially high levels by putting oil into storage.
    The kingdom's main buyers, the four U.S. Oil firms with
past stakes in the national oil company Aramco -- Mobil, Exxon,
Texaco and Chevron -- enjoy considerable flexibility in the
timing and volume of their liftings but are bound to pay
official prices, the sources said.
    Spot market prices have firmed in the past two weeks but
still remain below OPEC levels and major buyers have delayed
liftings in the hope they would improve, the sources said.
    They expected low early March output to pick up towards the
end of the month as buyers sought to fulfill their contractual
obligations.
 REUTER
3;
bodyend
documentend
documentstart
4249
topicstart
acq
topicend
bodystart
2;

LEADER 
<
LDCO> BUYS PETROSURANCE STAKE


    COLUMBUS, Ohio, March 12 - 
Leader Development Corp said it
has purchased 300,000 shares of convertible preferred stock in

<
Petrosurance Inc> for 1,500,000 dlrs in cash and real estate.
    Petrosurance specializes in property and casualty insurance
for the oil industry.
    Leader said the stock is convertible into a Petrosurance
common. Leader said it already owns 12.5 pct of Petrorusrance
and conversion would give it about 45.0 pct.
    The company said Petrosurance will use the sale proceeds to
support growth and improve the structure of its reinsurance
treaties to retain a larger part of premiums written.
 Reuter
3;
bodyend
documentend
documentstart
4253
topicstart
earn
topicend
bodystart
2;

FEDERAL REALTY INVESTMENT TRUST 
<
FRT> IN PAYOUT


    BETHESDA, Md., March 12 -
    
Qtly div 27 cts vs 27 cts prior
    Pay April 15
    Record March 25
 Reuter
3;
bodyend
documentend
documentstart
4255
topicstart
retail
topicend
bodystart
2;

WHITE HOUSE WELCOMES RETAIL SALES FIGURES


    WASHINGTON, March 12 - 
The White House welcomed the
February retail sales figures showing a 4.1 pct rise, following
a slow performance in January.
    Spokesman Marlin Fitzwater told reporters: "The February
sales growth was broad-based and good news for the economy."
    Commerce Department figures showed a larger than expected
rise following depressed levels of sales and factory orders in
January.
 Reuter
3;
bodyend
documentend
documentstart
4256
topicstart
topicend
bodystart
2;

TREASURY OFFICIAL SAYS PHILIPPINE PACT VERY NEAR


    NEW YORK, March 12 - 
An agreement in the debt rescheduling
talks between the Philippines and its commercial bank advisory
committee seems to be close at hand, said David Mulford,
Assistant Secretary of the U.S. Treasury.
    "The Philippines negotiations resumed in early March and
agreement now appears to be very near," Mulford told a debt
conference, organized by the Euromoney magazine.
    Mulford gave no further details. He told reporters after
his speech that he had no information on the banks' response to
the Philippines' revised proposal, based on partial payment of
interest with investment notes instead of cash.
    Progress in the Philippines talks, following recent
agreements with Mexico, Chile and Venezuela, will help to
dispel concerns of a new debt crisis, Mulford told the
conference.
    However, he said there will continue to be difficulties and
periods of significant risk, requiring creative thinking on the
part of the banks.
    In particular, he urged the banks to develop a "menu of
options for supporting debtor reforms as a means of maintaining
broad bank participation in new financing packages."
    Mulford said the banks should be able to offer a range of
options to members of the lending syndicates, provided that the
liquidity value of the total transactions to the debtor nations
is equivalent to the banks' new money obligation.
    He said it is more important to find ways of encouraging
banks to remain in the syndicates than to find ways of enabling
them to quit the lending groups.
    Mulford said his menu of options could include more trade
credits, direct portfolio investments, debt/equity swaps,
project loans, co-financings and the invesmtent note concept,
which has been proposed by the Philippines.
 Reuter
3;
bodyend
documentend
documentstart
4257
topicstart
earn
topicend
bodystart
2;

BEAUTICONTROL COSMETICS INC 
<
BUTI> 1ST QTR NET


    DALLAS, March 12 - 
Qtr ends Feb 28
    Shr 10 cts vs 17 cts
    Net 411,275 vs 584,118
    Revs 4,977,818 vs 4,714,581
 Reuter
3;
bodyend
documentend
documentstart
4258
topicstart
earn
topicend
bodystart
2;

OLD DOMINION SYSTEMS INC 
<
ODSI> 1ST QTR JAN 31


    GERMANTOWN, Md., March 12 -
    
Shr loss 11 cts vs profit five cts
    Net loss 279,726 vs profit 76,591
    Revs 1,300,000 vs 2,200,000
 Reuter
3;
bodyend
documentend
documentstart
4259
topicstart
trade
topicend
bodystart
2;

SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT


    STOCKHOLM, March 12 - 
Sweden announced its promised program
of unilateral economic sanctions against South Africa and gave
firms an October deadline to cut trading links.
    Foreign Trade Minister Anita Gradin said a trade boycott of
South Africa and neighbouring Namibia would take effect from
July 1, followed by a three-month period of grace to give
companies time to wind down their operations.
    From October 1, no direct trade would be allowed in either
direction, with certain exceptions covering medical supplies
and printed matter, Gradin told a news conference.
    She said exceptions would also be granted in cases where a
Swedish trade boycott would benefit South African firms and
disadvantage South Africa's black-ruled neighbours, the
front-line states.
    Gradin cautioned that legislation upon which the boycott
would be based was not impossible to get round. She said a
parliamentary committee would investigate ways of closing some
of the bigger loopholes, including indirect trade with South
Africa via Swedish subsidiaries in third countries.
 REUTER
3;
bodyend
documentend
documentstart
4261
topicstart
earn
topicend
bodystart
2;

FIDELITY NATIONAL FINANCIAL INC 
<
FNF> 1ST QTR


    SCOTTSDALE, Ariz., March 12 - 
Jan 31 end
    Shr profit 49 cts vs loss not given
    Net profit 1,360,000 vs loss 241,000
    Revs 20.8 mln vs 14.3 mln
    Avg shrs 2,760,000 vs 1,970,000
 Reuter
3;
bodyend
documentend
documentstart
4262
topicstart
topicend
bodystart
2;

FRANCE'S CENCEP ISSUES 1.9 BILLION FRANC BOND


    PARIS, March 12 - 
Centre National des Caisses d'Epargne et
de Prevoyance (CENCEP) said it is issuing a 1.9 billion franc
two-tranche, 12-year domestic bond led by Caisse des Depots et
Consignations.
    One 1.3 billion franc tranche of 5,000 franc bonds will
have a fixed rate of 8.70 pct and issue price of 96.30 pct. A
600 mln franc tranche of 5,000 franc bonds will carry interest
of nine pct in the first year and then will have interest based
on 90 pct of average bond market yields (TMO) with a guaranteed
minimum of 5.5 pct. Issue price is 97.16 pct.
    Payment date for both non-callable tranches is April 6.
 REUTER
3;
bodyend
documentend
documentstart
4264
topicstart
topicend
bodystart
2;

SHOWBOAT 
<
SBO> UNIT SELLS MORTGAGE-BACKED BONDS


    NEW YORK, March 12 - 
Ocean Showboat Finance Corp, a unit of
Showboat Inc, is raising 180 mln dlrs through an offering of
mortgage-backed bonds due 2002 with an 11-3/8 pct coupon and
par pricing, said sole manager Donaldson, Lufkin and Jenrette
Securities Corp.
    Moody's Investors Service Inc rates the bonds B-1 and
Standard and Poor's Corp rates them B-plus.
 Reuter
3;
bodyend
documentend
documentstart
4266
topicstart
earn
topicend
bodystart
2;

BRITISH TELECOM CAUTIOUS ON EARNINGS PROSPECTS


    LONDON, March 12 - 
British Telecommunications Plc's 
<
BTY.L>
profit growth prospects for the coming years will be reduced by
increasing competition and continued costs for replacing old
telephone systems, deputy chairman Graeme Odgers said.
    Speaking at a news conference on the third quarter results
which were released earlier today, Odgers said the company
faced heavy costs for installing new digital telephone systems
in Britain for three to five years.
    He said 
<
Mercury Communications Ltd>, a Cable and Wireless
Plc 
<
CAWL.L> subsidiary, was becoming a significant competitor.
    Odgers said Mercury was seeking to make inroads into some
of British Telecom's most profitable areas.
    One company official privately estimated that British
Telecom still had a 99 pct share of the U.K. Telecommunications
market but feared that this could slip to 95 or 90 pct.
    The recent two-and-a-half-week engineering strike, which
lead to some disruption in service, could well have encouraged
clients to consider using the Mercury system, Odgers said.
    However, he forecast that the last quarter's results
overall should not be adversely affected by the walkout.
    He calculated salary savings as a result of the strike at
50 mln stg and while loss of income on telephone calls should
be limited revenue probably dropped on peripheral activities.
    But on balance Odgers said that group's financial strength,
economies of scale and the fact that it operates in a growth
industry will help produce annual profit increases for the
forseeable future.
    British Telecom will also seek to expand into
manufacturing, he said, adding that research and development
expenditure will rise both in terms of value and compared with
the current proportion of two pct of overall turnover.
    Analysts said the company's downbeat forecasts helped
shares dip to 242p in mid-afternoon, down 4p from yesterday's
close and off an early high of 248p.
    Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said
the market expects slower profit growth, but forecast a seven
to eight pct rise in both earnings per share and pretax profit
over the next two years. In the 1985/86 financial year, pre-tax
profit rose to 1.81 billion stg from 1.48 billion.
    Augar noted that a government-imposed formula linking
charges to inflation meant that the company's scope for raising
prices was limited as long as inflation remains low.
 Reuter
3;
bodyend
documentend
documentstart
4267
topicstart
coffee
topicend
bodystart
2;

NO NEAR TERM BRAZIL COFFEE MOVES EXPECTED


    By Richard Jarvie, Reuters


    RIO DE JANEIRO, March 12 - 
The Brazilian Coffee Institute,
IBC, is unlikely to disclose its future export policy until the
end of next week at the earliest, trade sources said.
    IBC president Jorio Dauster is meeting government
ministers, producers, exporters and market analysts to assess
Brazil's position in the light of the failure of talks in
London earlier this month to set new International Coffee
Organization, ICO, export quotas.
    "The failure of the talks means Brazil has got to rethink
its position completely," one Santos exporter said.
    A meeting of the National Coffee Policy Council is set for
Thursday, March 19, and Dauster will almost certainly explain
his plan to members then before announcing any new measures.
    Dauster told reporters on his return from London last week
that no decisions would be made on exports before he had held
talks with all sectors of the industry.
    Exporters said Dauster is not under any great pressure to
start marketing coffee immediately. World prices have been
recovering from the lows which followed the collapse of the ICO
talks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos
for export in the first four months of this year.
    The exporters said the key factor in the eventual opening
of May and June export registrations will be the amount at
which the contribution quota is set.
    With little expectation of other sales incentive mechanisms
such as discounts, bonuses and price fall guarantees being
introduced, the level of the quota will be decisive in
determining the competitiveness of Brazilian coffee on world
markets, they said.
    They noted that on February 16, the eve of a planned
increase in the quota, April registrations were opened and
closed after 1.68 mln bags were registered for export, a record
amount for a single day.
    If May/June registrations are opened under similar
conditions as before, Brazil would have no difficulty in
selling at least 2.0 mln bags per month.
    "The problem would be how to limit sales," one exporter said.
    Brazil's present foreign trade and payments problems mean
there are pressures from the government to boost exports to
maximise foreign exchange earnings.
    However, the sources said they expect the IBC to adopt a
marketing strategy aimed at regaining Brazil's dominant
position as an exporter, but without causing a price war.
    General opinion among exporters was that Brazil would plan
to export between 17 and 18 mln bags this year of which between
1.5 and 2.0 mln would be to non-members of the ICO.
    The 15.5 mln to 16 mln bags sold to members would be around
the figure Brazil had offered to ship if ICO quotas were
reintroduced, although Dauster has said this offer expired with
the breakdown of talks.
    With the prospects of a crop of at least 28 mln bags this
year, Brazil has the capacity to export up to 20 mln bags after
meeting local consumption of around 7.0 mln, the sources added.
    However, the sources said Brazil is unlikely even to
consider exporting such quantities, as this would almost
inevitably lead to a fall in world prices as Brazil tried to
encroach on other producers' markets.
    Maximum export earnings would be achieved by orderly
marketing of traditional amounts, thus re-establishing Brazil's
market share after last year's unusually low exports of 9.9 mln
bags, enabling it to rebuild stocks and maintaining cordial
relations with the producer group which backed Brazil's stance
at the ICO talks, they added.
 Reuter
3;
bodyend
documentend
documentstart
4270
topicstart
topicend
bodystart
2;

FIELDCREST 
<
FLD> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 12 - 
Fieldcrest Cannon Inc is raising 110
mln dlrs through an offering of convertible subordinated
debentures due 2012 with a six pct coupon and par pricing, said
sole underwriter Kidder, Peabody and Co Inc.
    The debentures are convertible into the company's common
stock at 44.25 dlrs per share, representing a premium of 26.43
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated Ba-2 by
Moody's Investors Service Inc and BB-minus by Standard and
Poor's Corp. The issue was increased from an initial offering
of 100 mln dlrs because of investor demand.
 Reuter
3;
bodyend
documentend
documentstart
4271
topicstart
topicend
bodystart
2;

NORSK HYDRO ISSUES 100 MLN DLR BOND


    London, March 12 - 
Norsk Hydro is issuing a 100 mln dlr
bond due April 9, 1997 carrying a coupon of 8-1/4 pct and
priced at 101-5/8, said Swiss Bank Corp International as lead
manager.
    The issue is non-callable and will be listed on the London
Stock Exchange. Payment date is April 9.
    Fees for the issue include a 1-1/4 pct selling concession
and a 3/4 pct combined management and underwriting fee.
    The securities are available in denominations of 5,000 dlrs
each. They are priced to yield 97 basis points over 10-year
U.S. Treasury notes.
 REUTER
3;
bodyend
documentend
documentstart
4272
topicstart
topicend
bodystart
2;

PHILADELPHIA ELECTRIC 
<
PE> TO SELL BONDS


    NEW YORK, March 12 - 
Philadelphia Electric Co said it filed
with the Securities and Exchange Commission a shelf
registration statement covering up to 250 mln dlrs of first and
refunding mortgage bonds.
    Proceeds will be used for the company's construction
program and to reduce short-term debt that may be incurred from
time to time for interim financing of such building,
Philadelphia Electric said.
 Reuter
3;
bodyend
documentend
documentstart
4273
topicstart
earn
topicend
bodystart
2;

TENNEY ENGINEERING INC 
<
TNY> 4TH QTR NET


    UNION, N.J., March 12 -
    
Shr two cts vs nine cts
    Net 86,469 vs 325,937
    Revs 5,119,637 vs 6,390,995
    12 mths
    Shr 10 cts vs 33 cts
    Net 354,820 vs 1,148,476
    Revs 21.2 mln vs 23.2 mln
 Reuter
3;
bodyend
documentend
documentstart
4275
topicstart
money-fx
interest
topicend
bodystart
2;

FED NOT EXPECTED TO ADD RESERVES


    NEW YORK, March 12 - 
The Federal Reserve is not expected to
intervene in the government securities market today, several
economists said.
    They said the Fed does not have a much of an adding need
this week and may wait until tomorrow or Monday before
supplying reserves.
    But a few economists said there was an outside chance that
the Fed may inject reserves indirectly via a small round of
customer repurchase agreements.
    Federal funds hovered at 6-1/8 pct this morning after
averaging 6.32 pct yesterday.
 Reuter
3;
bodyend
documentend
documentstart
4276
topicstart
earn
topicend
bodystart
2;

MODERN CONTROLS INC 
<
MOCON> 4TH QTR NET


    MINNEAPOLIS, March 12 -
    
Shr 10 cts vs 11 cts
    Net 226,000 vs 236,000
    Sales 1.3 mln vs 1.5 mln
    Year
    Shr 38 cts vs 45 cts
    Net 819,000 vs 1,001,000
    Sales 5.8 mln vs 6.4 mln
 Reuter
3;
bodyend
documentend
documentstart
4277
topicstart
acq
topicend
bodystart
2;

INSTINET 
<
INET> SETS MEETING ON MERGER


    NEW YORK, March 12 - 
Instinet Corp said its board has
scheduled a special shareholders' meeting for May 21 to vote on
its proposed merger into Reuters Holdings PLC 
<
RTRSY>.
    It said shareholders of record as of April 10 will be
eligible to vote at the meeting.
    Instinet said the meeting date is subject to adjustment,
based on the length of time needed for the U.S. Securities and
Exchange Commission to complete its review of the filing of
merger proxy materials, which Instinet expects to make before
the end of March.
    Instinet said the filing of the preliminary merger proxy
materials is tied to the finalization of audited financial
statements of Instinet and Reuters for 1986.
    Under a merger agreement entered into in November, Reuters
tendered for up to 5.10 mln Instinet common shares, or about 45
pct of those not already owned by Reuters. As a result of the
tender, Reuters now owns about 49 pct of Instinet shares.
    In the merger, holders of remaining Instinet shares will
receive 8.50 dlrs of Reuters American Depositary Shares for
each Instinet share.
    The ADS's will be valued at the average of their closing
prices in the 10 trading days before the effective date of the
merger.
    Instinet said it expects the merger to become effective as
soon as possible after shareholder approval at the special
meeting.
 Reuter
3;
bodyend
documentend
documentstart
4278
topicstart
grain
wheat
topicend
bodystart
2;
******
EC GRANTS 5,000 TONNES SOFT WHEAT EXPORT  LICENCES AT 134.75 ECU REBATE - BRUSSELS TRADE

Blah blah blah.
3;


bodyend
documentend
documentstart
4279
topicstart
earn
topicend
bodystart
2;
******
DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4280
topicstart
grain
barley
topicend
bodystart
2;
******
EC GRANTS LICENCES FOR 35,000 TONNES  BARLEY AT 137.35 ECUS REBATE - BRUSSELS TRADE

Blah blah blah.
3;


bodyend
documentend
documentstart
4281
topicstart
acq
topicend
bodystart
2;
******
UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY

Blah blah blah.
3;


bodyend
documentend
documentstart
4282
topicstart
acq
topicend
bodystart
2;
******
CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4283
topicstart
topicend
bodystart
2;

SWISS REGIONAL BANKS SET TWO BONDS


    ZURICH, March 12 - 
The Issuing Centre of the Swiss Regional
Banks said it is launching two bond issues of 90 mln and 58 mln
Swiss francs.
    The 90 mln franc 1987/95 issue has a coupon of 4-1/2 pct
and issue price of 99.75 pct, while the 58 mln franc 1987/97
issue has a coupon of 4-5/8 pct and issue price of 99.75 pct.
    Subscriptions close March 25. The funds will be partly used
to repay a 45 mln franc bond maturing on April 15.
 REUTER
3;
bodyend
documentend
documentstart
4284
topicstart
acq
topicend
bodystart
2;
******
WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID 

Blah blah blah.
3;


bodyend
documentend
documentstart
4285
topicstart
earn
topicend
bodystart
2;

PETRIE STORES CORP 
<
PST> REGULAR PAYOUT


    SECAUCUS, N.J., March 12 -
    
Qtrly div 17.5 cts vs 17.5 cts prior
    Pay April 20
    Record April 2
 Reuter
3;
bodyend
documentend
documentstart
4286
topicstart
earn
topicend
bodystart
2;

UNILEVER FRAGRANCE UNIT HAS LOWER 1986 EARNINGS


    NAARDEN, Netherlands, March 12 - 
The flavours and
fragrances firm 
<
Naarden International N.V.>, acquired by
Anglo-Dutch food and detergents group Unilever Plc N.V. 
<
UN.AS>
last year, said net profits for 1986 fell 11.4 pct to 19.5 mln
guilders.
    Naarden said earnings were hit by the fall in the value of
both the dollar and sterling, noting the figure was in line
with prior expectations. Net profit was 22.0 mln guilders in
1985.
    Earnings per share fell to 4.64 guilders from 5.48 in 1985
on turnover of 627.8 mln, down from 662.6 mln. Naarden set a
cash dividend of 1.80 guilders, unchanged from last year but
without last year's share option for payment.
 Reuter
3;
bodyend
documentend
documentstart
4288
topicstart
earn
topicend
bodystart
2;

EAGLE-PITCHER INDUSTRIES INC 
<
EPI> 1ST QTR NET


    CINCINNATI, March 12 -
    
Shr 81 cts vs 81 cts
    Net 8,750,024 vs 7,772,932
    Revs 157.6 mln vs 162.4 mln
    Avg shrs 10.8 mln vs 9.6 mln
 Reuter
3;
bodyend
documentend
documentstart
4289
topicstart
grain
corn
topicend
bodystart
2;

PORTUGAL GRAIN AGENCY BARRED FROM IMPORT TENDERS


    By Pascal Fletcher, Reuters


    LISBON, March 12 - 
A Portuguese court has made a
preliminary ruling that the state grain buying agency EPAC
should not be allowed to take part in public import tenders
open to private importers, grain traders and officials said.
    Under the terms of Portugal's January 1986 accession to the
European Community, EC, a grain import monopoly held by EPAC
(Empresa Publica de Abastecimento de Cereais) is being reduced
by 20 pct annually until all imports are liberalised in 1990.
    Private traders protested last year that EPAC was being
permitted to take part in tenders open to them for the first
liberalised 20 pct share of the country's annual import needs.
The grain and oilseed importers association ACICO opened legal
proceedings to stop EPAC participating in the public tenders.
    Miguel Ascensao of ACICO told Reuters that Lisbon's civil
court, in a preliminary ruling, had decided EPAC should not be
allowed to take part in tenders open to private traders.
    Trade sources said the ruling, though effective
immediately, was subject to appeal and would have to be
confirmed in further proceedings.
    A member of the government Cereals Market Commission said
that, as a result of the court's decision, the Commission would
not be able to accept offers from EPAC in a public tender being
held today for the import of 80,000 tonnes of corn.
    Ascensao said the court ruling stated that EPAC's
participation in the public tenders violated the clauses of
Portugal's EC accession treaty dealing with the gradual
dismantling of the state agency's import monopoly.
    It also said the participation of EPAC, which still
controls the national grain storage and distribution network,
was unfair competition to the private traders.
    Traders said they believed the EC's Executive Commission
was unlikely to get involved in the dispute, preferring to
leave the case to be resolved as an internal Portuguese issue.
    "They (the EC Commission) will be keeping a low profile," one
trader said.
    ACICO says it is ready to take its case to Brussels if
necessary.
 Reuter
3;
bodyend
documentend
documentstart
4290
topicstart
retail
topicend
bodystart
2;

U.S. RETAIL SALES RISE MASKS WEAK TREND - ANALYSTS


    By Kathleen Hays, Reuters


    NEW YORK, March 12 - 
U.S. retail sales rose sharply in
February but many economists said the underlying consumer
spending trend remains weak.
    February retail sales jumped 4.1 pct, more than the 2.5-3.0
pct rise the financial markets had anticipated. But January's
sales were revised down to a 7.4 pct drop, from a previously
reported 5.8 pct decline.
    "The trend is toward continued spending but certainly at a
much more sluggish pace," said Don Maude of Midland Montagu
Capital Markets Inc.
    Maude averaged out the wide swings in the retail sales data
over past four months to show that the pace of consumer
spending is slowing.
    Combining the latest data with a 0.6 pct drop in November
and a 4.6 pct gain in December, the average retail sales gain
over the four months was 0.2 pct, he said, compared to to a 0.4
pct rise for year-over-year sales through February.
    "You can see a pattern developing," Maude said. "I wouldn't
be surprised to see a fall-off in March, especially since sales
probably won't be boosted by auto sales as they were in
February."
    Despite the weak underlying trend, economists were
impressed by a robust 1.5 pct gain in total sales excluding
autos in February. This compared to a revised 0.4 pct decline
in January, previously reported as a 0.1 pct decline.
    "The increase in non-auto sales was broadbased, with gains
in durable goods as well as non-durables," noted Ward McCarthy
of Merrill Lynch Capital Markets Inc. "It was a pretty healthy
report."
    He noted that building materials rose 1.8 pct in February
after falling 1.7 pct in January. General merchandise store
sales gained 1.4 pct after a 1.6 pct rise in January.
    "There are signs of life in the economy," McCarthy said.
"But it's jumping to conclusions to extrapolate this report
into the future." 
    A 0.7 pct increase in disposable personal income in January
which may be linked to the new tax laws probably helped boost
spending in February, he said.
    "A lot of people may be inadvertently under-withholding
taxes from their paychecks," he said. "When people in this
country get an increase in disposable income, the inclination
is to go out and spend it," he said.
    Economists said tomorrow's release of U.S. auto sales for
the first 10 days of March will be an important indicator of
how much this sector will add to first quarter spending.
     Auto sales accounted for the lion's share of total
February sales, rising 14.4 pct. This followed a 27.7 pct drop
in January, previously reported as a 22.4 pct fall, due largely
to the expiration of the sales tax deduction under new tax laws
January 1, the Commerce Department noted.
    Some economists argued that the because the gain in total
sales excluding autos also followed a decline in January, the
strength in the February report is less than impressive.
    "There is strength in the February data, but that's because
they were compared to low sales levels in January," said said
Beth Reiners of Dean Witter Reynolds Inc. "We don't see it as a
precursor of continued strength."
    Durable goods sales rose 8.8 pct in February, after falling
17.7 pct in January. February non-durable goods sales gained
1.3 pct, after declining 0.2 pct in January.
    Gasoline service station sales rose two pct in February,
following a 1.9 pct gain in January, but economists said higher
oil prices rather than an increased volume of gas sales
probably accounted for these gains.
    Reiners also emphasized that the trend in consumer spending
is weakening. Total retail sales on average were 123 billion
dlrs in the fourth quarter of 1986, she said. In January, they
fell to a seasonally adjusted 117.52 bilion dlrs, and in
February rose to 122.29 billion dlrs.
    "On average, it looks like they'll total 120 to 121 mln
dlrs in the first quartrer," she said. "We don't look at this
as indication that the economy is barrelling along."
    "The number is not really that problematic for those of us
who are constructive on the bond market," agreed Elliot Platt
of Donaldsen Lufkin and Jenrette Securities Corp.
    Platt does not foresee potential for tighter monetary
policy on the basis of the latest retail sales report.
    "The Fed is on hold now because the data have been so
confusing," he said.
    "Before the 337,000 gain in February non-farm payroll
employment, I would have looked for a discount rate cut in
March," he said. "But now Fed officials will have to wait for
the first quarter real U.S. gross national product data in
April to sort things out."
 Reuter
3;
bodyend
documentend
documentstart
4291
topicstart
earn
copper
topicend
bodystart
2;

MAGMA 
<
MGCPV> SEES PROFITABLE COPPER PRODUCTION


    NEW YORK, March 12 - 
Newmont Mining Corp 
<
NEM> said Magma
Copper Co anticipates being able to produce copper at a profit
by 1991, assuming copper prices remain at their current levels.
    In an information statement distributed to Newmont
shareholders explaining the dividend of Magma shares declared
Tuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in
1986, adding this was equal to 1.22 cts a share.
    Newmont holders will receive 80 pct of Magma's stock as a
dividend of one share for each of the 30,458,000 Newmont shares
now held. Newmont will retain 15 pct of the stock.
    The 1986 net loss was on a pro forma basis, Newmont said.
On a historical basis, it added, Magma had a 1986 net loss of
58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.
    On Dec 31, 1986, Newmont said, Magma had about 85.0 mln
dlrs of net operating loss carryforwards expiring in 1999-2000
and about 4.0 mln dlrs of investment tax credit carryover
expiring in 2000-2001.
    Newmont said Magma has pre-tax losses of 290 mln dlrs
during the 1981 through 1985 period, noting the five major U.S.
primary copper producers reported aggregate pre-tax losses of
1.9 billion dlrs during five year period.
    Newmont said Magma had total sales of 347.3 mln dlrs last
year, including copper sales of 293.4 mln dlrs.
    It said the copper sales value was up from 267.6 mln dlrs
in 1985 reflecting a 10.1 pct increase in quantity sold to
212,000 short tons and a 0.4 pct decrease in price.
 Reuter
3;
bodyend
documentend
documentstart
4292
topicstart
earn
topicend
bodystart
2;

RPT-INSITUFORM OF NORTH AMERICA INC 
<
INSUA> NET


    MEMPHIS, Tenn., March 12 - 
4th qtr
    Shr nine cts vs four cts
    Net 658,159 vs 299,930
    Revs 3,770,341 vs 2,614,224
    Avg shrs 7,382,802 vs 6,747,442
    Year
    Oper shr 33 cts vs 18 cts
    Oper net 2,287,179 vs 1,045,799
    Revs 13.1 mln vs 8,577,853
    Avg shrs 6,874,505 vs 5,951,612
    NOTE: 1985 year net excludes 131,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
4293
topicstart
money-fx
topicend
bodystart
2;
******
FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
4294
topicstart
topicend
bodystart
2;

SEC REMOVES OBSTACLE TO FOREIGN FUTURES TRADING


    WASHINGTON, March 12 - 
The Securities and Exchange
Commission removed a key regulatory obstacle to trading futures
on designated foreign debt securities on U.S. exchanges.
    The move would allow the Chicago Board of Trade, CBT, to
apply to the Commodity Futures Trading Commission, CFTC, for
approval of a futures contract on yen bonds.
    The CBT has said it may apply for approval of the yen bond
futures contract, a CFTC spokesman said.
    The SEC's action, which was approved by a 4-0 vote,
specifically removes a regulation against trading futures on
designated foreign government debt securities on contract
markets that are not located in the country that issued those
securities.
    Futures on the government debt securities of Japan, Canada
and Great Britain can already be marketed in the United States
under a designated exemption issued by the SEC.
    But the new move would permit U.S. exchanges to apply to
the CFTC for approval of establishing futures contracts on
those securities, SEC officials said.
    The new SEC move would also allow those foreign government
debt securities to be marketed in the United States by
countries other than those that issued the securities, the
officials said.
    Since the foreign government securities underlying the
futures cannot be traded in the United States unless they are
registered with the SEC, settlement and delivery of the futures
would often take place in the foreign country, the SEC
officials said.
    The SEC is also considering expanding futures trading of
additional countries' government securities to be marketed and
traded in the United States, the officials said.
 Reuter
3;
bodyend
documentend
documentstart
4296
topicstart
grain
wheat
barley
corn
topicend
bodystart
2;

EC COMMISSION GRANTS EXPORT LICENCES - TRADE


    BRUSSELS, March 12 - 
The European Community's, EC, cereal
management committee granted export licences for 5,000 tonnes
of quality soft bread-making wheat at a maximum export rebate
of 134.75 European currency units, Ecus, per tonne, traders
said.
    The committee also granted export certificates of 35,000
tonnes of barley at 137.35 Ecus per tonne, but rejected all
bids for the export of soft feed wheat, they said.
    Certificates were also granted for the export of 15,000
tonnes of maize at a maximum rebate of 132.90 Ecus per tonne,
the traders said.
 Reuter
3;
bodyend
documentend
documentstart
4297
topicstart
gnp
topicend
bodystart
2;

GERMAN BANKS SAY UNCERTAINTY ABOUT ECONOMY GROWING


    BONN, March 12 - 
Uncertainty is growing about the prospects
for the economy as orders for industry fall and companies scale
back investment plans, the German Savings Banks and Giro
Association said.
    Exporters expect foreign demand to remain weak, while
industry is less optimistic than it was, the association said
in a report.
    However, last month's agreement among the six leading
western industrialized countries to keep currencies around
present levels was expected to be a stabilizing influence for
exporters, it added.
    The banking association said the possibility of using
monetary policy to stimulate the economy should not be
overestimated.
    Another small drop in already low interest rates could not
be expected to cause any significant rise in purchases of
consumer or capital goods, it said.
    The Bundesbank's half-point cuts in the discount and
Lombard rates in January have largely exhausted the scope for
any further monetary moves, the association added.
    On Tuesday the Federal Statistics Office said gross
national product stagnated in real, seasonally and calendar
adjusted terms in the fourth quarter of 1986 compared with the
third quarter.
    The Economics Ministry, commenting on the figures, said GNP
in the 1987 first quarter was also expected to be relatively
weak.
    Bank economists have forecast the economy will either
stagnate or contract slightly in the first quarter. Official
first-quarter figures are due in early June.
 REUTER
3;
bodyend
documentend
documentstart
4298
topicstart
money-fx
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 12 - 
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a spokeswoman said.
    Dealers said Federal funds were trading at 6-1/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
4301
topicstart
acq
topicend
bodystart
2;

WAITING PERIOD ENDS ON WASTE MANAGEMENT
<
WMX> BID


    OAK BROOK, Ill., March 12 - 
Waste Management Inc said it
received notice of early termination of the Hart-Scott-Rodino
waiting period for its 270 mln dlr takeover bid for Chemlawn
Corp 
<
CHEM>.
    The waiting period was terminated March 11, Waste
Management said.
    Chemlawn has rejected Waste Management's 27 dlrs a share
bid. It has said it was talking with other parties about
selling its business.
 Reuter
3;
bodyend
documentend
documentstart
4302
topicstart
earn
topicend
bodystart
2;

ASA LTD 
<
ASA> 1ST QTR FEB 28 NET


    CHATHAM, N.J., March 12 -
    
Shr 1.42 dlrs vs 1.61 dlrs
    Net 13.6 mln vs 15.5 mln
    NOTE: Net asset value per share 77.72 dlrs vs 54.35 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4303
topicstart
acq
topicend
bodystart
2;

INVESTORS TO RAISE CYCLOPS 
<
CYL> TENDER PRICE


    DAYTON, Ohio, March 12 - 
Cyacq Corp, an investor group
bidding for Cyclops Corp, said it would raise its outstanding
tender offer price for Cyclops common to 92.50 dlrs a share
from 80 dlrs, if certain conditions were met.
    The increased offer would exceed the 90.25 dlrs a share
price offered by Dixons Group PLC in a tender offer for Cyclops
that is part of a definitive agreement to acquire the
Pittsburgh-based maker of carbon tool and specialty steel
products.
    Cyacq includes Audio/Video Affiliates Inc and Citicorp
Capital Investors Ltd and other investors.
    Cyclops has about 4.1 mln shares outstanding.
    For the tender price to be raised, Cyclops must provide
Cyacq with all non-public information provided to Dixons Group
and Cyacq must be satisfied with financial projections made in
offering material by Dixons based on the information, Cyacq
said.
    Additionally, Dixon Group's rights to buy Cyclops common
and its rights to fees or expenses if the Dixon-Cyclop merger
agreement is broken must be rescinded, Cyacq said.
    Cyacq said financial projections it developed for Cyclops
were materially lower than the financial projections provided
by Cyclops to Dixons Group.
    A Cyclops spokeswoman said the company had no details of
the new Cyacq proposal and could not comment. "We have nothing
in hand," she said.
    In addition to making specialty metal products, Cyclops
also operates about 115 specialty stores that sell consumer
electronics products. The stores are located in 17 states
concentrated in the Northeast, Northwest and Southwest.
    Cyclops employs about 8,900 people in Pennsylvania, Ohio
and other states. It also has interests in non-residential
construction.
    In 1986, Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share
on sales of 1.5 billion dlrs, compared to 1985 earnings of 26.2
mln dlrs or 6.20 dlrs on sales of 1.4 billion, the spokeswoman
said.
    The agreement with Dixons Group calls for Cyclops's steel
and construction businesses to be sold to a unit of Alleghany
Corp 
<
Y> for about 110 mln dlrs once the merger is completed.
    A Cyacq spokesman said the new conditional tender price
would be all cash. He had no comment on whether Cyacq plans to
withdraw its current offer, which is scheduled to expire
midnight on March six.
    Dixon Group's offer extends to March 17.
   
 Reuter
3;
bodyend
documentend
documentstart
4304
topicstart
earn
topicend
bodystart
2;

DAYTON HUDSON CORP
<
DH> 4TH QTR JAN 31 OPER NET


    MINNEAPOLIS, March 12 -
    
Oper shr 1.24 dlrs vs 1.55 dlrs
    Oper net 120,800,000 vs 150,100,000
    Revs 3.12 billion vs 2.74 billion
    Year
    Oper shr 2.62 dlrs vs 2.89 dlrs
    Oper net 255,000,000 vs 280,500,000
    Revs 9.26 billion vs 8.26 billion
    NOTE: 1986 period ended February One
    NOTE: Results exclude earnings from discontinued operations
of 9.0 mln dlrs, or nine cts a share vs 3.2 mln dlrs, or three
cts a share in the quarter and 2.1 mln dlrs, or two cts a share
vs 3.1 mln dlrs, or three cts a share for the year
    1987 earnings exclude gain on sale of B. Dalton Bookseller
of 85.2 mln dlrs, or 88 cts a share in each period
    1987 earnings exclude extraordinary charge from purchase
and redemption of debt of 12.6 mln dlrs, or 13 cts a share in
the quarter and 32.3 mln dlrs, or 33 cts a share for the year
 Reuter
3;
bodyend
documentend
documentstart
4305
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDIA BUYS RBD PALM OLEIN AT TENDER


    LONDON, March 12 - 
The Indian State Trading Corp bought
one, or possibly two, 6,000 tonne cargoes of Malaysian refined
bleached deodorised palm olein at its vegetable oil import
tender today for Mar 15/Apr 15 shipment at 355 dlrs per tonne
cif, traders said.
 Reuter
3;
bodyend
documentend
documentstart
4306
topicstart
jobs
topicend
bodystart
2;

SPANISH UNEMPLOYMENT RISES IN FEBRUARY


    MADRID, March 12 - 
The number of Spanish registered
unemployed rose by 15,608 to 2.98 mln or 21.5 pct of the
workforce in January in the sixth consecutive monthly increase,
the Labour Ministry said.
    Registered unemployed totalled 2.81 mln or 21.1 pct of the
workforce in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
4307
topicstart
earn
topicend
bodystart
2;

VSE CORP 
<
VSEC> 4TH QTR NET


    ALEXANDRIA, Va., March 12 -
    
Shr 49 cts vs 39 cts
    Net 886,937 vs 892,323
    Revs 25.9 mln vs 23.7 mln
    Year
    Shr 1.78 dlr vs 1.34 dlr
    Net 3,254,301 vs 2,472,676
    Revs 100.6 mln vs 87.4 mln
    NOTE: 1986 4th qtr and year net includes income loss of
MetCap subsidiary of 14,881 dlrs and 311,848 dlrs or 17 cts per
share, respectively.
    1985 4th qtr and year net includes loss in MetCap unit of
108,598 dlrs and 298,412 dlrs or 16 cts per share,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
4309
topicstart
topicend
bodystart
2;

ANHEUSER-BUSCH 
<
BUD> SELLS SINKING FUND DEBT


    NEW YORK, March 12 - 
Anheuser-Busch Cos is raising 150 mln
dlrs through an offering of sinking fund debentures due 2017
yielding 8.593 pct, said sole manager Dillon, Read and Co Inc.
    The debentures have an 8-1/2 pct coupon and were priced at
99 to yield 97 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated Aa-3 by
Moody's and AA-minus by S and P. A sinking fund starting in
1998 to retire five pct of the debentures a year can be upped
by 200 pct at the company's option, giving them an estimated
minimum life of 13.9 years and maximum of 20.5 years.
 Reuter
3;
bodyend
documentend
documentstart
4310
topicstart
acq
topicend
bodystart
2;

SECURITY PACIFIC 
<
SPC> BUYS ORBANCO 
<
ORBN>


    LOS ANGELES, March 12 - 
Security Pacific Corp said it
completed its previously announced acquisition of Orbanco
Financial Services Corp after receiving federal approval of the
deal.
    Security Pacific said the Federal Reserve Board approved on
Wednesday its purchase of the Portland, Ore.-based bank holding
company and financial services concern.
    The purchase of Orbanco, for about 47 mln dlrs in cash and
common stock, will be effective in 30 days, a Security Pacific
spokeswoman said.
    Terms call for each share of Orbanco common stock to be
exchanged for about 14 dlrs of Security Pacific common stock,
plus 1.50 dlrs cash.
    Each share of Orbanco's 100-dlr par value preferred stock
will be exchanged for 100 dlrs cash, plus accrued dividends.
    Orbanco, with one billion dlrs in assests, is the holding
company for the Oregon Bank, Orbanco Real Estate Service Co,
American Data Service Inc and Orbanco Securities Corp.
    Security Pacific now has four major regional bank purchases
outside California completed or pending.
    Security Pacific bought The Arizona Bank, with assets of
four billion dlrs, in the fourth quarter of 1986.
    Pending approval currently is the purchase of Rainier
Bancorporation 
<
RBAN>, with assets of 9.2 billion dlrs. In
anticipation of legislative changes that take effect in 1989,
Security Pacific has also negotiated the future purchase of The
Nevada Bank, with assets of 615 mln dlrs.
    Security Pacific is the sixth largest U.S. bank holding
company, with assets of about 61.60 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4311
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN, AFFECTS 1.68 BILLION U.S. DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
4312
topicstart
topicend
bodystart
2;

BUSINESSLAND 
<
BUSL> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 12 - 
Businessland Inc is raising 50 mln
dlrs via an offering of convertible subordinated debentures due
2007 with a 5-1/2 pct coupon and par pricing, said lead manager
Shearson Lehman Brothers Inc.
    The debentures are convertible into the company's common
stock at 20/50 dlrs a share, representing a 25.19 pct premium
over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated B-3 by
Moody's Investors Service Inc. The issue was increased from an
initial offering of 40 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4313
topicstart
earn
topicend
bodystart
2;

DRANETZ TECHNOLOGIES INC 
<
DRAN> YEAR DEC 31 NET


    EDISON, N.J., March 12 - 
    
Shr 46 cts vs 77 cts
    Qtly div six cts vs six cts prior
    Net 2,198,469 vs 3,635,565
    Revs 23.1 mln vs 26.0 mln
    Note: 1986 net includes one-time charge of 249,000 dlrs or
five cts a share from discontinuation of Boat Sentry and
Lakontek products.
    Qtly div payable April 15 to shareholders of record March
24.
 Reuter
3;
bodyend
documentend
documentstart
4314
topicstart
grain
rice
topicend
bodystart
2;

U.S. TO ASK FOR SHARE OF JAPAN'S RICE MARKET


    WASHINGTON, March 12 - 
U.S. Agriculture Secretary Richard
Lyng said he will ask Japan to offer a share of its rice market
to U.S. exporters when he visits that country next month.
    In an interview with Reuters, Lyng also said the Reagan
administration will ask Tokyo to remove its quotas on U.S. beef
and citrus exports.
    Lyng, who plans to be in Japan April 14-27, said he will
not ask Tokyo to liberalize fully its rice market. "We will urge
that they consider sharing their rice market," he said.
    The USDA secretary would not say how big a share of the
Japanese rice market the U.S. would request. "We've got none of
it now. If we got one per cent of it, it would be a big
improvement," he said.
    Last year, the Reagan administration rejected a petition by
the U.S. rice industry seeking relief from Japanese import
restrictions.
    However, the U.S. said it would reexamine the issue if by
mid-1987 Japan did not roll back import barriers to U.S. rice
exports.
    Lyng said he would not be conducting formal negotiations
next month with Japan over their beef and citrus quotas, but
that his visit "may be a forerunner in a general way" to talks
prior to expiration of the bilateral agreement in March 1988.
    He said, however, that the U.S. "will ask for a definite
liberalization of those items (beef and citrus).... When you
translate 'liberalization' into Japanese, it means do away with
the quota."
 Reuter
3;
bodyend
documentend
documentstart
4315
topicstart
acq
crude
topicend
bodystart
2;

UNION PACIFIC 
<
UNP> TO SELL PART OF REFINERY


    NEW YORK, March 12 - 
Union Pacific Corp said it will sign a
pact in Caracas on March 17 with Petroleos De Venezuela, PDVSA,
to sell the state owned company half of its Corpus Christi,
Texas refinery owned by its Union Pacific's Champlin Petroleum
Co subsidiary.
    The sale will also include the related marketing and
distribution system for the refinery's products.
    A spokesman for the company said that a statement may be
issued later today giving details of the transaction.
    There was no immediate comment from PDVSA officials in New
York.
    The Corpus Christi refinery has a capacity of about 160,000
barrels per day, the Union Pacific spokesman said, and is a
largely upgraded facility but he would place no value on the
transaction.
    The additional acquisition of refinery and distribution
assets by PDVSA has been expected as Venezuela has been moving
aggressively to enhance its role in the oil industry from
producer to excpanding its presence in the downstream sector.
    Purchase of part of Champlin's operations also fits a
profile which PDVSA officials have said previously they looked
for in any acquisition.
    One PDVSA official said the company was looking for
independent oil companies with good refinery and distribution
network and a strong regional presence.
    The potential purchase of the interest in Champlin followed
its earlier acquisition of a part interest in Southland Corp's

<
SLC> Citgo Petroleum Corp subsidiary.
    In that agreement signed September 15, 1986, PDVSA paid
Southland 290 mln dlrs for half of Citgo's stock.
    The potetnital acquisition of half Champlin's Corpus
Christi plant will also give Venezuela an additional outlet for
its crude oil production while giving the refiner an assured
source of supply, trade sources said.
    In the earlier deal with Southland, PDVSA agredd to to
supply Citgo with at least 130,000 bpd of crude oil and other
feedstocks.
 Reuter
3;
bodyend
documentend
documentstart
4316
topicstart
topicend
bodystart
2;

S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN


    NEW YORK, March 12 - 
Standard and Poor's Corp said it
downgraded Canada's Province of Saskatchewan. The action
affects the equivalent of 1.68 billion U.S. dlrs of debt.
    S and P lowered the province's long-term debt to AA-minus
from AA.
    The rating agency said the action reflected a substantial
increase in Saskatchewan's budget deficit for fiscal 1987 and
prospects for greater tax-supported debt in the medium term.
    S and P pointed out that the outlook for future revenue
growth is constrained by general weakness in the province's
commodity-based economy because of low prices.
 Reuter
3;
bodyend
documentend
documentstart
4318
topicstart
earn
topicend
bodystart
2;

LANDS END INC 
<
LEYS> YEAR JAN 31 NET


    DODGEVILLE, Wis., March 12 -
    
Shr 1.46 dlrs vs 1.13 dlrs
    Net 14,650,000 vs 11,270,000
    Sales 265 mln vs 227.1 mln
    Avg shrs 10,020,000 vs 9,980,000
    Note: Earnings are pro forma, including the increase in
common shares that took place last October when the company
went public through an initial offering of 1.4 mln shares. Avg
shrs assume the shares sold to public and employees were
outstanding during the entire period.
 Reuter
3;
bodyend
documentend
documentstart
4320
topicstart
topicend
bodystart
2;

BUDAPEST BANK ISSUES BONDS TO EXPAND RESOURCES


    BUDAPEST, March 12 - 
Budapest Bank Rt has become the first
of the commercial banks operating since January to issue bonds
to expand its resources, the official Hungarian news agency MTI
said.
    The seven-year bonds totalling 500 mln forints may be taken
up by companies, cooperatives and enterprises, MTI said.
    The interest rate will always be 0.5 points above that
charged to commercial banks by the National Bank of Hungary for
loans exceeding one year. This year's rate will thus be 11 pct.
    The funds raised will be used to increase the bank's
investment loan offer for small and medium-sized companies.
 REUTER
3;
bodyend
documentend
documentstart
4323
topicstart
acq
topicend
bodystart
2;

BANCROFT 
<
BCF> SUES ZICO


    NEW YORK, March 12 - 
Zico INvestment Holdings INc said that
Bancroft Convertible Fund Inc filed suit seeking to enjoin
Zico's 30 dlr-a-share tender offer for 500,000 Bancroft shares.
    In its complaint, Bancroft said the tender offer materials
and letters to shareholders are false and misleading and that
the tender offer violates the investment company act of 1940.
    Zico said the suit is totally without merit and vigorously
intends to contest it.
    A motion is scheduled to be heard on March 16.
 Reuter
3;
bodyend
documentend
documentstart
4327
topicstart
earn
topicend
bodystart
2;

SEABOARD CORP 
<
SEB> 31 WEEK YEAR NET


    NEWTON, Mass., March 12 -
    
Shr 14.63 dlrs
    Net 21.8 mln
    Revs 252.9 mln
    NOTE: Company changed its reporting period to Dec 31 from
May 31. It said prior year comparisons were thus not
applicable.
 Reuter
3;
bodyend
documentend
documentstart
4328
topicstart
ship
topicend
bodystart
2;

TURKISH SHIP HEADED FOR FLORIDA AFTER EXPLOSION


    LONDON, March 12 - 
The Turkish ore/bulk/oil vessel Obo
Engin, 78,078 tonnes dwt, had an explosion in its boiler
yesterday, Lloyds shipping Intelligence Service reported.
    The vessel has retained some power and yesterday evening
was in position Lat. 25 57 N., Long. 75 06 W. It is diverting
to Jacksonville, Florida, with its cargo of 58,000 tons of
coal.
   The vessel was bound for Iskenderun, Turkey from Lake
Charles.
 Reuter
3;
bodyend
documentend
documentstart
4330
topicstart
earn
topicend
bodystart
2;

REUTER INC 
<
REUT> 4TH QTR


    HOPKINS, Minn., March 12 -
    
Shr 67 cts vs six cts
    Net 1.6 mln vs 131,630
    Revs 6.5 mln vs 4.5 mln
    Year
    Shr 85 cts vs 19 cts
    Net 2.0 mln vs 427,749
    Revs 25.1 mln vs 17.4 mln
    NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback.
Reuter Inc is a spindle maker. It is not connected with Reuters
Holdings PLC.
   
 Reuter
3;
bodyend
documentend
documentstart
4331
topicstart
earn
topicend
bodystart
2;

CENTEL CORP 
<
CNT> REGULAR PAYOUT SET


    CHICAGO, March 12 -
    
Qtly div 62-1/2 cts vs 62-1/2 cts previously
    Pay April 30
    Record April Seven
 Reuter
3;
bodyend
documentend
documentstart
4332
topicstart
topicend
bodystart
2;

AMERICAN STORES 
<
ASC> MAY BE DOWNGRADED BY S/P


    NEW YORK, March 12 - 
Standard and Poor's Corp said it
placed on creditwatch with negative implications American
Stores Co because of its intention to repurchase up to 2.56 mln
shares of common stock, currently valued at 170 mln dlrs.
    American has 78 mln dlrs of A-rated senior debt and 256 mln
dlrs of BBB preferred stock, as well as A-1 paper.
    S and P said it projected debt to capital, pro forma for
the stock buy back, at more than 67 pct compared with an
average of 58.6 pct for the five years through 1985. Return on
permanent capital is estimated at between 15 and 16 pct, versus
an average of 18.4 pct.
 Reuter
3;
bodyend
documentend
documentstart
4333
topicstart
crude
topicend
bodystart
2;

MOBIL 
<
MOB> TO RESTRUCTURE EXPLORATION UNIT


    NEW YORK, March 12 - 
Mobil Oil Corp said it will
restructure its Dallas-based Mobil Exploration and Producing
Services Inc operations April one, to provide stronger
technological support to its U.S. and overseas operations.
    Mobil said the operation will consist of two new units,
Technical Services and Application Technology, along with the
existing Drilling and New Exploration Ventures groups. It said
R.C. Mills, president and general manager of its Exploration
and Producing Southeast Inc, has been named vice president and
general manager of the new operation reporting to P.J.
Hoenmans, president of its Exploration and Producing division.
 Reuter
3;
bodyend
documentend
documentstart
4337
topicstart
earn
topicend
bodystart
2;

EQUITY OIL CO 
<
EQTY> 4TH QTR LOSS


    SALT LAKE CITY, March 12 -
    
Shr loss nine cts vs profit 11 cts
    Net loss 1,102,592 vs profit 1,364,763
    Revs 2,836,508 vs 5,547,121
    Year
    Shr loss six cts vs profit 32 cts
    Net loss 789,300 vs profit 3,953,822
    Revs 11.7 mln vs 21.1 mln
    NOTE:  Per share figures reflect five pct stock dividend
paid December 1986.
 Reuter
3;
bodyend
documentend
documentstart
4338
topicstart
earn
topicend
bodystart
2;

FN RESULTS HIT BY STRIKES, DOLLAR IN 1986


    BRUSSELS, March 12 - 
Fabrique Nationale Herstal SA

<
FNHB.BR> said it suffered a net loss of 2.99 billion francs
last year after being hit by strikes, the falling dollar and
declining oil prices.
    An FN statement said the loss, which compared with a 6.8
mln franc profit the previous year, included considerable
charges for restructuring in 1986 and 1987. Without these the
net loss would have been 1.45 billion francs, it said.
    It added that the restructuring plan would allow the firm
to return to long term profitability once it had been approved
by local authorities, banks and the workforce.
 Reuter
3;
bodyend
documentend
documentstart
4339
topicstart
acq
topicend
bodystart
2;

MILLIPORE 
<
MILI> ACQUIRES EQUITY IN PROTEIN


    HUNTINGTON STATION, N.Y., March 12 - 
<
Protein Databases
Inc> said Millipore Corp through its venture capital
subsidiary, Millicorp, acquired an equity position in the
company.
    Protein said it and Millipore intend to establish an
"interactive relationship."
    No other details were disclosed about the amount of
Millipore's investment in Protein.
 Reuter
3;
bodyend
documentend
documentstart
4340
topicstart
crude
topicend
bodystart
2;

WILDLIFE UNIT PROPOSES ALASKA REFUGE OIL STUDY


    WASHINGTON, March 12 - 
The National Wildlife Federation 
rejected an Interior Department draft plan to open wilderness
lands in Northern Alaska to oil and gas exploration.
    The federation, the nation's largest conservation group,
said further study was needed to assess any possible damage
that development might have on the wildlife in the area, the
coastal plain of the Arctic National Wildlife Refuge.
    Jay Hair, the federation's executive vice president, called
the Interior's research into the effects of development "so
fundamentally flawed that it provides little or no basis on
which to make a public policy decision."
    Hair called the department's proposal a "reflection of a
largely political decision," adding "we have no confidence in
Interior to represent the broad public interest in this area."
    Interior wants to open the 1.5 million acre coastal plain
to oil and gas exploration, but it said only with tough 
safeguards to protect the area's caribou and musk-oxen.
    It said a preliminary survey showed the region could hold
billions of barrels of oil and gas, and that its potential as
an energy resource would never be known without exploration.
    Interior said oil on the coastal plain could match the 10
billion barrels found at Prudhoe Bay, just west of the plain.
    Under existing law, Congress must agree to oil and gas
exploration, and if it does not act, the land will remain a
wildlife refuge protected from commercial development.
    Hair said Interior's report failed to stress the
probability that finding recoverable oil is only 19 pct.
    He said Interior's study also failed to weigh oil, gas,
fish and wildlife information the State of Alaska had gathered
nor had the department consulted the Environmental Protection
Agency on the possible effects of exploration.
    The federation, in letters to Congressmen, proposed that a
nine-member commission be set up to study all aspects of the
issue and report back to Congress in about two years.
    Hair said the federation was not opposed to the possible
exploration of oil, only that Interior's study was inadquate to
make a sound judgement.
    Congressional observers said that at present there was
little sentiment in Congress to open the wildlife area for
commercial exploitation dispite increasing concern that the
United States is becoming overly dependent on foreign oil.
 reuter
3;
bodyend
documentend
documentstart
4341
topicstart
earn
topicend
bodystart
2;

<
GEMINI FOOD CORP> SIX MTHS JANUARY 31 NET


    TORONTO, March 12 -
    
Shr profit one ct vs loss one ct
    Net profit 150,594 vs loss 55,352
    Revs 19.0 mln vs 12.4 mln
 Reuter
3;
bodyend
documentend
documentstart
4343
topicstart
acq
topicend
bodystart
2;

MERRILL LYNCH 
<
MER> FIRES VASKEVITCH


    NEW YORK, March 12 - 
Merrill Lynch and Co Inc fired the
head of the mergers department in its London office today,
saying he had been unable to provide a "satisfactory
explanation" in response to insider trading charges filed
yesterday by the Securities and Exchange Commission.
    Merrill had suspended the official, Nahum Vaskevitch,
yesterday saying at the time it was "disappointed and angry" if
the SEC charges are true.
    Merrill Lynch's statement at midday today said the firm
will continue to cooperatie fully with authoriteis in the U.S.
and London investigating Vaskevitch's activities.
 Reuter
3;
bodyend
documentend
documentstart
4344
topicstart
earn
topicend
bodystart
2;

LINCOLN NATIONAL CORP 
<
LNC> VOTES DIVIDEND


    FORT WAYNE, IND., Marchg 12 -
    
Qtly div 54 cts vs 54 cts prior qtr
    Pay 1 May
    Record 10 April
 Reuter
3;
bodyend
documentend
documentstart
4345
topicstart
ship
topicend
bodystart
2;

ST LAWRENCE SEAWAY TO OPEN ON SCHEDULE


    CHICAGO, March 12 - 
The St Lawrence Seaway and the Welland
Canal linking Lakes Erie and Ontario were expected to open as
scheduled on March 31 and April 1, respectively, a St Lawrence
Seaway official said.
    The entire Seaway is already free of ice due to the mild
Winter and could be open for navigation today, "but there
doesn't seem to be enough demand from shipping companies to
warrant an early opening," the Canadian official said.
    Repairs are continuing at a stepped up pace on the Welland
Canal and should be completed by the April 1 start-up date, she
added.
 Reuter
3;
bodyend
documentend
documentstart
4346
topicstart
earn
topicend
bodystart
2;

LVI GROUP INC 
<
LVI> 4TH QTR NET


    NEW YORK, March 12 -
    
Oper shr profit two cts vs loss 19 cts
    Oper net profit 523,000 vs loss 2.2 mln
    Revs 102.5 mln vs 39.9 mln
    12 mths
    Oper shr profit 11 cts vs loss 29 cts
    Oper net profit 2.2 mln vs loss 2.9 mln
    Revs 304.4 mln vs 50.3 mln
    NOTE: All 1986 and last two months of 1985 include results
of NICO Inc acquired Oct 1985.
    Prior year excludes discontinued operations loss of 14 cts
per share in the quarter and loss 18 cts a share in the year.
    1986 excludes extraordinary gain of two cts per share in
the quarter and four cts per share in the year.
 Reuter
3;
bodyend
documentend
documentstart
4347
topicstart
earn
topicend
bodystart
2;

PROTOCOMDEVICES 
<
PRCM> SEES MORE PROFIT EROSION


    NEW YORK, March 12 - 
ProtocomDevices Inc said it has seen
more erosion of its general financial condition since December
31, and is actively engaged in negotiations to secure
additional financing. It also said it has undergone a
restructuring of its management and is instituting further
staff reductions.
    It said Ramon Morales has relinquished his role as
president and chief operating officer and assumed the position
of executive vice president in charge of international sales.
    It also said Rafael Collado has assumed the positions of
president and chief operating officer in addition to his role
as chief executive officer.
    For the year ended January 31, 1986, the company had a net
loss of 51,000 dlrs or 24 cts a share on revenues of 2.8 mln
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4349
topicstart
coffee
topicend
bodystart
2;

ICO BOARD MEETING DELAYED ONE DAY


    LONDON, March 12 - 
The International Coffee Organization
(ICO) executive board meeting scheduled for the end of this
month has been delayed by one day and will now run from March
31 to April 2 and not March 30 to April 1, ICO officials said.
    On March 30, the ICO ad hoc working group will meet to
consider management consultants Ernst 
&
 Whinney's report on the
ICO secretariat. This report was commissioned late last year to
report on the administrative structure of the ICO.
 Reuter
3;
bodyend
documentend
documentstart
4350
topicstart
topicend
bodystart
2;

EMERSON 
<
EMR> TO ISSUE NEW ZEALAND NOTES


    ST. LOUIS, March 12 - 
Emerson Electric Co said it will
issue about 56 mln dlrs (U.S.) 18.55 pct notes due 1989.
    It said interest and principal are payable in either New
Zealand or U.S. dollars.
    The notes will be offered through an underwriting syndicate
managed by Prudential-Bache Capital Funding at an offering
price of 100 pct. Proceeds will be used to retire commercial
paper and for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
4351
topicstart
earn
topicend
bodystart
2;

PARADISE FRUIT CO INC 
<
PARF> YEAR NET


    PLANT CITY, Fla., March 12 -
    
Shr 86 cts vs 99 cts
    Net 435,610 vs 497,160
    Sales 16.6 mln vs 17.7 mln
    NOTE: 1986 year net penalized 13 cts shr from loss of
investment tax credits.
  
 Reuter
3;
bodyend
documentend
documentstart
4353
topicstart
earn
topicend
bodystart
2;

SAMSON ENERGY CO LIMITED PARTNERSHIP 
<
SAM> YEAR


    TULSA, Okla., March 12 -
    
Net loss 14,144,000 vs loss 863,000
    Revs 10.3 mln vs 16.7 mln
    NOTES: 1986 loss includes write-down of 15.1 mln dlrs in
the carrying value of oil and gas properties taken in the first
quarter 
    Cash flow from operationswas 6,237,000 dlrs, or 3.01 dlrs
per unit, vs 9,315,000 dlrs, or 4.56 dlrs per unit
 Reuter
3;
bodyend
documentend
documentstart
4354
topicstart
topicend
bodystart
2;

FRN MARKET SLUMPS, FIXED RATE EUROBOND TRADE QUIET


    By Dominique Jackson, Reuters


    LONDON, March 12 - 
Eurobond prices in the floating rate
note sector slumped across the board by as much as a full point
on some issues.
    "Today has been irrational, irresponsible -- possibly the
worst day in what has been a dire six months for the floater
market," commented a senior FRN trader at a U.K. Bank.
    Republic of Ireland FRNs were marked sharply down in
initial trading and market nerves soon infected other
supra-national and sovereign paper with dealers attributing the
falls to aggressive professional shorting by a few leading U.S.
Investment houses.
    The FRN market has been suffering from acute contraction of
liquidity and consequent drain of investor confidence since the
effective collapse in the market for perpetual floating rate
issues late last year.
    Since then, FRN specialists noted that retail interest has
been sparse or completely absent and the stagnant market for
floating rate paper has become increasingly vulnerable to
manipulation, with nerves affecting all variety of borrowers.
    Floating rate debt of U.S. And Canadian banks came under
pressure last month when fears resurfaced about their exposure
to Latin American debt. Canadian banks were hard hit today.
    Fears about the Irish economy, exacerbated by recent
post-electoral political wrangling in Dublin, prompted a
sell-off of Ireland paper this morning with both dollar and
mark-denominated Irish issues tumbling by a full point or more.
    However, FRN dealers polled by Reuters felt the Irish
issues had been singled out -- as the U.S. And Canadian banks
were most recently -- as the market's most vulnerable sector.
    "A handful of professional houses are targetting the weak
paper, shorting it aggressively and this is just starting the
domino effect with basically sound paper also starting to roll
with it," a senior FRN market source explained.
    Although floating paper from better-regarded borrowers such
as the U.K. Managed to finish the day only around 10 basis
points down, other sovereigns like Sweden and supranationals
like Eurofima suffered heavier losses, FRN dealers said.
    Debt exposure fears continued to undermine U.S. And
Canadian bank paper with one U.K. House citing a fall of 1-5/8
point on the day on a Royal Bank of Canada issue.
    FRN traders noted Japanese investors, initially
enthusiastic floating rate debt buyers, had lost confidence in
the market and speculated that a crisis meeting, such as the
one called upon the collapse of the perpetuals, could be
imminent.
    "Retail clients just don't want to know about the floaters
any more so it has degenerated to a wily pass-the-parcel among
the professionals, all scheming to sweep the paper under the
carpet," another senior FRN trader said.
    "I don't know what is going to happen to the market. It
can't go on like this," he added.
    In the fixed-rate sector, trading was dull with the market
still attempting to digest a heavy volume of new issues from
earlier this week although primary market activity slowed
somewhat today, trading and syndicate sources reported.
    Dollar straight bonds ended the day barely changed from
opening levels as investors failed to react on the unexpectedly
large 4.1 pct rise in U.S. February retail sales, prefering to
wait for tomorrow's producer price and business inventory data.
    A 100 mln dlr deal for Norsk Hydro was launched later in
the day and the issue was trading around its total two pct fees
at close of grey market trade although dealers said the
borrower's frequent appearance in the euromarkets could deter
investors.
    The Canadian dollar sector however saw good two-way trade
and a continuation of recent healthy volume as the Canadian
dollar rides high on the foreign exchanges and futures markets.
    Dealers said the strength of the Canadian dollar, which has
firmed especially over the last two days, has renewed end
investors confidence in the currency.
    A new Canadian dollar issue for Hydro Quebec was seeing
excellent demand, sector specialists said, and the issue was
quickly increased to a total of 150 mln dlrs from 125 mln.
    "This kind of paper can be hard to sell and it is gratifying
to see such a high level of interest, both European and
domestic Canadian demand," commented one trader at a Canadian
house.
    Eurosterling, which has been in the limelight lately, also
on foreign exchange and currency bullishness, slipped slightly.
    Senior eurosterling sources noted that bond prices fell
back today, more or less in line with losses seen on the U.K.
Government bond market -- around 5/8 point lower at the longer
end of the eurosterling market.
    Dealers said overseas investors had not been buying today
and predicted consolidation before next week's U.K. Budget. A
55 mln stg convertible issue for confectioners Rowntree
Mackintosh was well bid at 104-5/8 105-1/8 pct and expected to
go well.
    Euroyen bonds showed a firmer tone led by some professional
short covering from Tokyo. Today's 23 billion deal for Toyota
Motor Credit with a 4-1/2 pct coupon was deemed tight however.
 REUTER
3;
bodyend
documentend
documentstart
4356
topicstart
grain
wheat
topicend
bodystart
2;

LYNG SAYS NO DECISION ON SOVIET EEP OFFER


    WASHINGTON, March 12 - 
U.S. Agriculture Secretary Richard
Lyng said the Reagan administration had not decided on offering
the Soviet Union subsidized wheat but that such an offer had
not been ruled out.
    In an interview with Reuters, Lyng also said that he had no
knowledge of any upcoming discussion of the matter within the
cabinet.
    Asked if the administration had ruled out offering to
subsidize wheat exports to the Soviet Union under the
department's export enhancement program, Lyng said, "No. We
haven't made a decision on it, haven't even talked about it,
haven't even looked at it."
    Reminded that there have been reports that Moscow would buy
U.S. wheat if competitively priced, Lyng responded, "If they
(the Soviets) would offer to buy some wheat, would we accept
it? It would depend on what price they offered."
    Lyng added that he did not think the price of U.S. wheat
was far off the world price.
    Asked about persistent speculation that the administration
would offer Moscow a wheat subsidy, Lyng said, "Some people
think they're doing it to see if they can get a little spurt in
the market."
    Agriculture Undersecretary Daniel Amstutz last week asked
the Commodity Futures Trading Commission to investigate reports
that wheat prices were being manipulated by reports that a U.S.
wheat subsidy offer was imminent.
 Reuter
3;
bodyend
documentend
documentstart
4357
topicstart
earn
topicend
bodystart
2;

ACCELERATION CORP 
<
ACLE> 4TH QTR


    DUBLIN, Ohio, March 12 -
    
Shr 22 cts vs 19 cts
    Net 1.1 mln vs 994,000
    Year
    Shr 83 cts vs 60 cts
    Net 4.3 mln vs 3.1 mln
    NOTE:1985 net includes tax loss carryforward gain of 8,000
dlrs.
  
 Reuter
3;
bodyend
documentend
documentstart
4358
topicstart
earn
topicend
bodystart
2;

<
ENERGY OPTICS INC> 2ND QTR JAN 31 NET


    LAS CRUCES, N.M., March 12 -
    
Shr profit nil vs loss five cts
    Net profit 232 vs loss 124,380
    Revs 143,397 vs 61,901
    1st half
    Shr profit one ct vs loss 10 cts
    Net profit 15,722 vs loss 264,539
    Revs 354,843 vs 120,403
 Reuter
3;
bodyend
documentend
documentstart
4360
topicstart
acq
topicend
bodystart
2;

BLUE GASS BREEDERS 
<
BLGR> COMPLETES ACQUISITION


    DENVER, March 12 - 
Blue Grass Breeders Inc said it has
completed the acquisition of Equine Enterprises Inc for four
mln common shares.
    It said it is obligated to deliver another 2,741,660 shares
on the attainment of a certain level of shareholders' equity
during any fiscal quarter within 12 months of closing.
    If all the contingent shares are issued, Blue Grass said
former owners of Equine will have a 75 pct interest in Blue
Grass.
    Equine is a New Mexico quarter horse breeding and racing
company.
 Reuter
3;
bodyend
documentend
documentstart
4361
topicstart
earn
topicend
bodystart
2;

DIGIMED CORP 2ND QTR DEC 31 LOSS


    MINNEAPOLIS, March 12 -
    
Shr loss two cts vs loss five cts
    Net loss 17,334 vs loss 51,507
    Sales 245,560 vs 179,839
    Avg shrs 1,136,785 vs 1,046,785
    Six mths
    Shr profit four cts vs loss 17 cts
    Net profit 47,749 vs loss 174,373
    Sales 721,937 vs 284,809
    Avg shrs 1,136,785 vs 1,046,785
 Reuter
3;
bodyend
documentend
documentstart
4363
topicstart
earn
topicend
bodystart
2;

FLIGHT INTERNATIONAL GROUP INC 
<
FLTI> 3RD QTR


    ATLANTA, March 12 - 
periods ended January 31
    Shr profit 22 cts vs loss 26 cts
    Net profit 439,000 vs loss 522,000
    Revs 5,600,000 vs 3,859,000
    Nine mths
    Shr profit 46 cts vs loss three cts
    Net profit 912,000 vs loss 59,000
    Revs 14.6 mln vs 18.3 mln
    NOTE: Year ago revenues include 400,000 dlrs in quarter and
2,227,000 dlrs in nine months from operations of subsidiary
sold in April 1986
 Reuter
3;
bodyend
documentend
documentstart
4364
topicstart
earn
topicend
bodystart
2;

NORD EST PLANS 400 MLN FRANC BOND ISSUE


    PARIS, March 12 - 
Financial and industrial holding company
Nord Est plans to make a convertible bond issue for a total of
400 mln francs, President Gustave Rambaud said.
    He told a news conference Nord-Est expected to receive
approval from the Bourse supervisory body COB in the next two
week, when terms would set according to market conditions.
    He said the issue was meant to boost capital ahead of new
investments.
    Rambaud said the company would pay a 1986 dividend of 5.25
francs, unchanged on 1985. Parent company net profit last year
rose to 99.5 mln francs against 71.1 mln in 1985.
    Provisional consolidated profits were lower at 185 mln
francs compared with 200 mln in 1985, of which 120 mln, against
147 mln, was attributable to the group. He said the lower
profit was mainly due to losses made by steel-tube maker
Vallourec, in which Nord Est has a 12.5 pct stake.
    Rambaud said he forecast a 1987 parent company net profit
before provisions of around 135 mln francs.
 REUTER
3;
bodyend
documentend
documentstart
4365
topicstart
crude
topicend
bodystart
2;

SOLV-EX 
<
SOLV> SHELL CANADA 
<
SHC> PACT COMPLETE


    ALBUQUERQUE, N.M., March 12 - 
Solv-Ex Corp said it
successfully completed its oil sands pilot testing program
under its agreement with Shell Canada Limited 
<
SHC> and
received a 250,000 U.S. dlr bonus payment.
    It also said that Shell Canada exercised its option to take
over Solv-Ex's 25 pct working interest in the construction of
the oil facility, relieving it of its obligation to raise about
62.5 mln Canadian dlrs for plant construction.
    It said 30 pct of that loan was guaranteed by the
Government of Alberta.
    In exchange for Shell's participation, Solv-Ex said Shell
is obligated to pay it an up-front royalty and a running
royalty based on the operating profits of the oil sands
facility. It said the Shell Canada 7,500 barrel per day oil
sands project will be built on Shell's oil sand lease about 40
miles north of Fort McMurray in the Athabasca region of
northern Alberta.
    Solv-Ex said the project will cost about 260 mln Canadian
dlrs. It said that following a final feasibility study the
plant should open in the early 1990s when oil prices are
expected to exceed 20 U.S. dlrs per barrel.

 Reuter
3;
bodyend
documentend
documentstart
4366
topicstart
bop
topicend
bodystart
2;

SPAIN HAS 68 MLN DLR JANUARY PAYMENTS SURPLUS


    MADRID, March 12 - 
Spain had a 68 mln dlr current account
balance of payments surplus in January compared with a 556 mln
deficit in December and 370 mln surplus in January last year,
Bank of Spain figures show.
    The trade deficit rose to 664 mln dlrs in January from 146
mln in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
4367
topicstart
crude
acq
topicend
bodystart
2;

UNION PACIFIC 
<
UNP> IN PARTNERSHIP WITH PDVSA


    NEW YORK, MARCH 12 - 
Union Pacific Corp said it will enter
a 50-50 partnership with Petroles de Venezuela, PDVSA, to own
and operate Union Pacific's 160,000 barrel-per-day Corpus
Christi, Texas, oil refinery.
    The assests to be acquired by the partnership are valued at
190 mln dlrs, Union Pacific said.
    Closing is expected to take place in early April and the
venture is to be called Champlin Refining Co.
    The partnership will acquire the refining and distribution
systems currently owned and operated by Champlin Petroleum, a
wholly owned subsidiary of Union Pacific.
    The venture will acquire the related inventories and the
Champlin trade name, the company said.
    PDVSA and Union Pacific will each contribute half the
capital required by the venture and arrange a revolving credit
facility with U.S. and foreign banks to finance inventories and
receivables, Union Pacific said.
    Petroles de Venezuela also signed a 25-year agreement to
supply at least 140,000 bpd of Venezulean crude oil and naphtha
to the refinery at market related prices.
    Under various options the in the agreement PDVSA could
supply another 50,000 bpd on similar terms, the company said.
    "This will provide a stable, long-term supply to the
refinery at competitive costs, thereby assuring the economic
viability of the plant," a statement issued by Union Pacific
said.
   The statement said the agreement with PDVSA will enable the
company to supply a steady flow of refined products to its
customers.
   Union Pacific said employees of the refinery would be
transfered to the new company and would retain the same
benefits as in the past.
 Reuter
3;
bodyend
documentend
documentstart
4369
topicstart
acq
topicend
bodystart
2;

PUROLATOR 
<
PCC> DIRECTOR QUITS OVER BUYOUT


    WASHINGTON, March 12 - 
A Purolator Courier Corp director
resigned from the company's board, saying he plans to take
steps to make or find an offer that tops the 265 mln dlr buyout
deal already accepted by Purolator's board, the company said.
    The director, Doresy Gardner, resigned in a March 10 letter
to the Purolator board, which was included in a filing made by
the company to the Securities and Exchange Commission.
    Gardner noted that the terms of the merger agreement in
which the company would bought out by a group of its managers
and E.F. Hutton LBO Inc bar directors from taking action to
solicit, initiate or encourage acquisition proposals.
    "I, as a shareholder, wish to solicit, initiate or
encourage such an offer or indication of interest, and believe,
therefore, that I should resign as a director of the
corporation," Gardner said in the letter.
    "Accordingly, I hereby resign as a director of Purolator
Courier Corp, effective immediately," he said.
    Gardner said he believes shareholders could get a better
deal than the buyout offer if the company would agree to be
sold to some other entity, or if it could sell off all or part
of its U.S. courier division.
    On March 4, another Purolator shareholder, Rodney Shields,
filed a class action suit on behalf of the company's
shareholders charging the company and its board with breaching
their fiduciary duty by failing to take steps to ensure that
shareholders got the highest possible price in the buyout.
    The deal would give shareholders 35 dlrs a share in cash if
just 83 pct of Purolator's 7.6 mln shares are tendered. If more
are tendered, they would receive 29 dlrs in cash and six dlrs
in debentures and a warrant to buy stock in the new company in
exchange for each share.
 Reuter
3;
bodyend
documentend
documentstart
4370
topicstart
earn
topicend
bodystart
2;

UNR INDUSTRIES INC 
<
UNRIQ> 4TH QTR NET


    CHICAGO, March 12 -
    
Shr profit 75 cts vs profit 25 cts
    Net profit 2,742,962 vs profit 936,333
    Sales 74.9 mln vs 70.1 mln
    Year
    Shr profit 1.05 dlrs vs loss 1.07 dlrs
    Net profit 3,868,888 vs loss 3,931,580
    Sales 299.3 mln vs 281.1 mln
 Reuter
3;
bodyend
documentend
documentstart
4371
topicstart
acq
topicend
bodystart
2;

CENTURY TELEPHONE 
<
CTL> TO SELL PROPERTIES


    MONROE, La., March 12 - 
Century Telephone Enterprises Inc
said it has accepted an offer to sell its cable television
properties in Michigan, Tennessee, Florida, Arkansas and
Louisiana for a "substantial" gain.
    The company said details were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
4372
topicstart
earn
topicend
bodystart
2;

VOLT INFORMATION SCIENCES INC 
<
VOLT> 1ST QTR


    NEW YORK, March 12 -
    
Shr 12 cts vs seven cts
    Net 817,000 vs 512,000
    Revs 107.5 mln vs 99.9 mln
    Avg 6.9 mln vs 7.2 mln
    NOTE: 1987 net includes 2.4 mln dlr pretax gain on
settlement, 743,000 dlrs gain on securities sale, interest
expense net of investment income of 2.2 mln dlrs and 920,000
dlrs in fiscal 1986. Change of European operations method
resulted in pre-tax translation losses of 1.1 mln dlrs in 1987.
Period ended January 30.
 Reuter
3;
bodyend
documentend
documentstart
4374
topicstart
earn
topicend
bodystart
2;

PARADISE FRUIT 
<
PARF> SETS LOWER DIVIDEND


    PLANT CITY, Fla., March 12 - 
Paradise Fruit Co Inc said its
board declared a dividend of 25 cts per share, payable March 31
to holders of record March 19.
    The company last paid 50 cts per share in January 1986 and
before that paid 60 cts in January 1985.
    Paradise said commercial bank lending agreements it entered
into in June 1986 include retained earnings requirements that
limit the amount of earnings available for distribution to
shareholders.
 Reuter
3;
bodyend
documentend
documentstart
4376
topicstart
earn
topicend
bodystart
2;

<
CANADA MALTING CO LTD> YEAR NET


    Toronto, March 12 -
    
Oper shr 1.30 dlrs vs 1.51 dlrs
    Oper net 4.06 mln vs 4.17 mln
    Sales 146.3 mln vs 155.9 mln
    Note: 1985 excludes extraordinary loss of 7.45 mln dlrs, or
2.70 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
4378
topicstart
earn
topicend
bodystart
2;

NORTH AMERICAN HOLDING CORP 
<
NAHL> 3RD QTR NET


    EAST HARTFORD, Conn., March 12 - 
Dec 31 end
    Shr profit nil vs loss four cts
    Net profit 6,891 vs loss 590,460
    Revs 6,518,133 vs 2,521,884
    Avg shrs 13.1 mln vs 12.0 mln
    Nine mths
    Shr profit six cts vs loss seven cts
    Net profit 772,703 vs loss 758,620
    Revs 20.1 mln vs 7,599,017
    Avg shrs 13.2 mln vs 10.9 mln
 Reuter
3;
bodyend
documentend
documentstart
4380
topicstart
earn
topicend
bodystart
2;

GENERAL HOST CORP 
<
GH> SETS QUARTERLY


    STAMFORD, Conn., March 12 -
    
Qtly div six cts vs six cts prior
    Pay April Three
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
4382
topicstart
grain
corn
wheat
topicend
bodystart
2;

U.S.-SOVIET GRAIN ACCORD QUESTIONED BY LYNG


    WASHINGTON, March 12 - 
U.S. Agriculture Secretary Richard
Lyng said he was not sure a long-term U.S.-Soviet grain
agreement would be worth extending when it expires next year.
    "It hasn't been worth much in the last two years....They
haven't lived up to the agreement as I see it," Lyng said in an
interview with Reuters.
    "It would be my thought that it's not worth any effort to
work out an agreement with someone who wants the agreement to
be a one-sided thing," he said.
    However, Lyng said he did not want to make a "definitive
commitment one way or another at this point."
    Under the accord covering 1983-88, the Soviets agreed to
buy at least nine mln tonnes of U.S. grain, including four mln
tonnes each of corn and wheat.
    Moscow bought 6.8 mln tonnes of corn and 153,000 tonnes of
wheat during the third agreement year, which ended last
September, and this year has bought one mln tonnes of corn.
    Lyng said he had no knowledge of how much U.S. grain Moscow
would buy this year.
    "I've seen people making comments on that and I don't know
how they know, unless they talk to the Soviets," he said. "I have
no knowledge, and I really don't think anyone other than the
Soviets have any knowledge."
    Lyng said he thought the Soviets bought U.S. corn last
month because "they needed it and because the price was right."
    "Our corn has been pretty reasonably priced. And I think
they've always found that our corn was good," he said.
 Reuter
3;
bodyend
documentend
documentstart
4384
topicstart
earn
topicend
bodystart
2;

GROW GROUP INC 
<
GRO> SETS QUARTERLY


    NEW YORK, March 12 -
    
Qtly div 7-1/2 cts vs 7-1/2 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
4385
topicstart
earn
topicend
bodystart
2;

DIGIMED CORP 2ND QTR DEC 31 LOSS


    MINNEAPOLIS, March 12 -
    
Shr loss 1.5 cts vs loss five cts
    Net loss 17,334 vs loss 51,507
    Sales 245,560 vs 179,839
    Six mths
    Shr profit four cts vs loss 17 cts
    Net profit 47,749 vs loss 174,373
    Sales 721,937 vs 284,809
 Reuter
3;
bodyend
documentend
documentstart
4386
topicstart
crude
topicend
bodystart
2;

POWERINE REFINERY TO RESUME OPERATIONS


    SANTA FE SPRINGS, CALIF, March 12 - 
<
Powerine Oil Co> said
its refinery here will resume operation today, with initial
crude oil runs of 20,000 barrels per day.
    Powerine, a privately-held company, said it expects the
refinery to become fully operational by May, with crude oil
throughput at 35,000 bpd.
    Initial oil products deliveries are scheduled for Monday,
Powerine said. The refinery had been closed due to a change of
ownership, the company said.
 Reuter
3;
bodyend
documentend
documentstart
4387
topicstart
earn
topicend
bodystart
2;

TRINITY INDUSTRIES INC 
<
TRN> SETS QUARTERLY


    DALLAS, March 12 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
4388
topicstart
earn
topicend
bodystart
2;

COASTAL BANCORP 
<
CSBK> SETS QUARTERLY


    PORTLAND, Maine, March 12 -
    
Qtly div five cts vs five cts prior
    Pay April 15
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
4389
topicstart
earn
topicend
bodystart
2;

IDAHO POWER CO 
<
IDA> SETS QUARTERLY


    BOISE, Idaho, March 12 -
    
Qtly div 45 cts vs 45 cts prior
    Pay May 20
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
4392
topicstart
oilseed
soybean
topicend
bodystart
2;

U.S. SOYBEAN MARKETING LOAN NOT NEEDED - LYNG


    WASHINGTON, March 12 - 
U.S. Agriculture Secretary Richard
Lyng said a marketing loan for soybeans would serve no present
purpose because the U.S. price is not above the world price.
    Asked in an interview if it was time to consider a
marketing loan for soybeans, Lyng said, "I don't think so. I
don't think the world price is lower than our price anyway."
    However, the USDA secretary said that if current conditions
of surplus production persisted, it might be appropriate to
consider a marketing loan.
    "I suppose that under that condition there is a danger our
exports will continue to drop and that the government will
continue to accumulate large stocks of soybeans," he said. "It
might be (worth contemplating a marketing loan), if there were
a world market that was lower than our market."
 Reuter
3;
bodyend
documentend
documentstart
4397
topicstart
earn
topicend
bodystart
2;

UNITED STATIONERS INC 
<
USTR> SETS DIVIDEND


    DES PLAINES, Ill., March 12 -
    
Qtly dividend six cts vs six cts
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4398
topicstart
earn
topicend
bodystart
2;

LINCOLN NATIONAL CORP 
<
LNC> SETS QUARTERLY


    FORT WAYNE, Ind., March 12 -
    
Qtly div 54 cts vs 54 cts prior
    Pay May One
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
4399
topicstart
earn
topicend
bodystart
2;

PETRIE STORES CORP 
<
PST> SETS QUARTERLY


    SECAUCUS, N.J., March 12 -
    
Qtly div 17-1/2 cts vs 17-1/2 cts prior
    Pay April 20
    Record April 2.
o
 Reuter
3;
bodyend
documentend
documentstart
4401
topicstart
acq
topicend
bodystart
2;

DESOTO 
<
DSO> SELLS INDUSTRIAL CHEMICAL ASSETS


    DES PLAINES, ILL., March 12 - 
DeSoto Inc said it sold the
plant, inventory and certain other assets of some of its
industrial chemical operations to Plastic Specialities and
Technologies Inc, a privately-held company headquartered in
Parsippany, New Jersey.  Terms were not disclosed.
    Desoto's industrial chemical operations are based in Fort
Worth, Texas, and has annual sales of about 17 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4404
topicstart
earn
topicend
bodystart
2;

SAFEGUARD HEALTH 
<
SFGD> 4TH QTR LOSS


    ANAHEIM, Calif., March 12 -
    
Shr loss 30 cts vs profit 12 cts
    Net loss 2,374,000 vs profit 970,000
    Revs 15.7 mln vs 13.4 mln
    Year
    Shr loss 13 cts vs profit 46 cts
    Net loss 1,054,000 vs profit 3,425,000
    Revs 61.8 mln vs 49.9 mln
    Note: Full name Safeguard Health Enterprises Inc.
    Current qtr and year figures include 2.9 mln dlr reserve
for estimated loss from proposed divestment of one-third of
existing 40 offices.
 Reuter
3;
bodyend
documentend
documentstart
4405
topicstart
rubber
topicend
bodystart
2;

RUBBER TALKS CHAIRMAN CITES SLIGHT PROGRESS


    GENEVA, March 12 - 
There has been slight progress towards
reaching a rubber pact, the chairman of a United Nations
conference on a new International Natural Rubber Agreeement,
INRA, Manaspas Xuto of Thailand, said.
    "There has been some slight progress but it is not the end
of the road yet," he said.
    The conference, which began Monday, is seen as the last
effort to adopt an accord to replace the current one which
expires in October. Some 40 producing and consuming countries
are taking part in the two-week meeting.
    Xuto said if the key outstanding issues are not resolved by
tomorrow he would hold weekend meetings.
    At the beginning of the conference, the fourth such meeting
in nearly two years, Xuto said it was imperative to settle
those issues this week so that technical drafting work can be
done next week.
    Conference sources said it is highly unlikely that
producers will accept a pact that will provide for any possible
downward adjustment of the floor price, as proposed by
consumers under certain circumstances.
    The sources said this means that any possible adjustment
would centre on the reference price, and the "may buy" (or "may
sell") and "must buy" (or "must sell") levels without changing the
"lower indicative price" (or floor price) of 150
Malaysian/Singapore cents a kilo in the present pact.
    The present five-day average of the indicator price is
around 192 Malaysian/Singapore cents.
    Consumers are seeking an adjustment of the reference price,
set in the current accord at 201.66 Malaysian/Singapore cents a
kilo, and of the "lower indicative price" if the buffer stock,
currently 360,000 tonnes, rises to 450,000 tonnes.
    Consumers want price reviews at 12-month intervals instead
of the 18 at present, and the price revision mechanism to
respond automatically to market trends.
    At present, if the market price has been above or below the
reference price for six months, the reference price is revised
by five pct or by an amount decided by the International
Natural Rubber Organisation council.
    Consumers say that, in these circumstances, the adjustment
be automatic at five pct or more.
    Producers have resisted reducing the role of the council in
the price adjustment procedure and have expressed concern that
changes proposed by consumers would weaken the present pact.
 Reuter
3;
bodyend
documentend
documentstart
4407
topicstart
gold
topicend
bodystart
2;

"BRITANNIA" COIN TO SELL AT PREMIUM


    LONDON, March 12 - 
The new British one ounce gold coin, the
"Britannia," will be priced on the basis of the gold price on the
day of purchase plus a "competitive premium," Treasury officials
said.
    Value added tax will be levied on all purchases by members
of the U.K. Public, as is currently the case with foreign
coins, although transactions between members of the London Gold
Market and all exports of the coins will be zero-rated. No
decision has yet been taken on the face value of the coins.
    Although a number of gold coins, especially the Canadian
Maple, have been issued elsewhere in an attempt to take the
place of the South African krugerrand, the British government
still feels that there is a gap in the market for a British one
ounce gold coin. The only British gold coin available at
present is the sovereign, which contains 0.2354 ounces of gold.
    Gold from South Africa or the Soviet Union will not be used
in the coin, officials said, adding that bullion would be
bought on the world gold market. But analysts said it would be
difficult to ascertain the origins of such purchases.
    No details are yet available on how many coins will be
issued or how much gold will be bought, but traders said that
the amounts involved would be unlikely to move the gold price.
    There were some enquiries on the "Britannia" from coin
dealers today, but value added tax would prove a major factor
in the success of the coin, with the 15 pct tax likely to put
off many investors, traders said.
    Some said that the "Britannia" had come too late, with the
Canadian Maple Leaf, the American Eagle and other gold coins
already well established.
 Reuter
3;
bodyend
documentend
documentstart
4408
topicstart
acq
topicend
bodystart
2;

CYTRX 
<
CYTR> UNIT BUYS SWEDISH COMPANY


    ATLANTA, March 12 - 
CytRx Corp said its 60 pct owned CytRx
Biopool Ltd subsidiary has acquired Biopool AB of Umea, Sweden,
for undisclosed terms.
    It said former shareholders of Biopool AB own the remaining
40 pct in CytRx Biopool Ltd. Biopool AB develops cardiovascular
and fibrinolytic products for diagnostic applications.
    The company said CytRx Biopool is studying the possible
combination of CytRx Corp's RheothRx drug to reduce platelet
aggregation and viscosity in blood with Biopool AB's drug t-PA
for dissolving blood clots.
 Reuter
3;
bodyend
documentend
documentstart
4409
topicstart
interest
topicend
bodystart
2;
******
CANADA 91-DAY T-BILLS AVERAGE 7.03 PCT, MAKING BANK RATE 7.28 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
4410
topicstart
earn
topicend
bodystart
2;

NORTH AMERICAN 
<
NAHL> SEES RECORD FOURTH QTR


    EAST HARTFORD, Conn, March 12 - 
North American Holding Corp
said it expects to have record fourth quarter earnings and for
sales to exceed 10 mln dlrs.
    For the fourth quarter ended March 30, 1986 the company
reported net income of 631,720 dlrs on sales of 5.2 mln dlrs.
    It also said it expects revenues for the year to exceed 30
mln dlrs. For fiscal 1986, North American reported a net loss
of 126,900 dlrs on sales of 12.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4411
topicstart
acq
topicend
bodystart
2;

INVESTORS UP INTERMEDICS 
<
ITM> STAKE TO 16.8 PCT


    WASHINGTON, March 12 - 
A group of investment firms told the
Securities and Exchange Commission they raised their stake in
Intermedics Inc to 1,721,900 shares, or 16.8 pct of the total
outstanding, from 1,565,900 shares, or 15.2 pct.
    Bessemer Securities Corp, a New York investment firm,
Cilluffo Associates L.P., a New York investment partnership,
and related entities said they bought 156,000 Intermedics
common shares between February 24 and March 9 for 1.4 mln dlrs.

 Reuter
3;
bodyend
documentend
documentstart
4412
topicstart
earn
topicend
bodystart
2;

WAL-MART STORES INC 
<
WMT> RAISES QUARTERLY


    BENTONVILLE, Ark., March 12 -
    
Qtly div six cts vs 4-1/4 cts prior
    Pay April 10
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
4416
topicstart
topicend
bodystart
2;

HOME SHOPPING
<
HSN> MAKES OFFER FIT EURO DEMAND


    NEW YORK, March 12 - 
Home Shopping Network Inc announced it
agreed with underwriter Drexel Burnham Lambert Inc to amend its
recent filing for an offering of 400 mln dlrs of 15-year
convertible subordinated debentures in order to accommodate
demand from Europe.
    The firm said it now plans to offer 150 mln dlrs of
convertible subordinated debentures in the Eurodollar market.
    It will file an amended domestic registration statement for
the Eurodollar offering and reduce the size of the domestic
offering to 300 mln dlrs. Drexel Burnham Lambert International
Ltd is sole underwriter for the European issue.
 Reuter
3;
bodyend
documentend
documentstart
4419
topicstart
earn
topicend
bodystart
2;

OPTROTECH LTD 
<
OPTKF> YEAR NET


    BILLERICA, Mass., March 12 -
    
Shr 13 cts vs 50 cts
    Net 651,397 vs 2,602,120
    Revs 26.4 mln vs 21.6 mln
    NOTE: 1986 net includes gain 291,027 dlr gain from quantity
discount rebates on purchases of materials in prior years.
 Reuter
3;
bodyend
documentend
documentstart
4420
topicstart
earn
topicend
bodystart
2;

NORTH ATLANTIC TECHNOLOGIES 
<
NATT> 4TH QTR


    MINNEAPOLIS, March 12 -
    
Shr loss 20 cts vs loss 14 cts
    Net loss 352,000 vs loss 248,000
    Revs 285,000 vs 681,000
    Year
    Shr loss 92 cts vs loss 49 cts
    Net loss 1,613,000 vs loss 842,000
    Revs 1,523,000 vs 2,557,000
    NOTE: Full name is North Atlantic Technologies Inc
 Reuter
3;
bodyend
documentend
documentstart
4425
topicstart
crude
topicend
bodystart
2;

MONTEDISON, OTHER REFINERIES TO SHUT FOR WORK


    By JO WINTERBOTTOM, Reuters


    LONDON, March 12 - 
Selm-Societa Energia Montedison is to
close its Priolo crude refining units from March 15th to March
28th for maintenance, a company spokesman said.
    Throughput at the refinery is currently estimated at
140-150,000 bpd, although total capacity is nearer 200,000 bpd.
    Several other Mediterranean refineries are currently
shutdown for maintenance, most of which were scheduled some
months ago. But industry sources said that shutdowns may have
been rearranged to avoid running negative-netback crude.
     Tighter availabilities of products as a result of the 
shutdowns in the Med is helping to keep products markets
bullish, particularly for March deliveries, oil traders said.
    Garrone's refinery at San Quirico (capacity 130,000 bpd) is
due to shutdown on March 14th for three weeks, and the
jointly-owned ISAB/Garrone refinery at Mellili, capacity
220,000 bpd, is due to start up around March 20-25th following
its closure for maintenance a month ago, a company spokesman
said.
    The Esso Italiana refineries at Augusta and Siracusa will
not be closing this spring, a spokesman for the company said.
    In France, the distillation unit at Societe Francaise de
BP's Lavera refinery has been closed for maintenance since
March 2, and is due to restart early April. Total capacity is
181,900 bpd. It is currently operating at around 50 pct
capacity, a company spokesman said.
    Shell Francaise's Berre l'Etang refinery will shut down in
early April until mid-June, a company spokesman said. Capacity
is around 150,000 bpd. Compagnie Francaise de Raffinage (CFR)
will close the visbreaker at its La Mede refinery in early
April, but would not affect crude throughput at the refinery, a
company spokesman said. Current capacity is 136,000 bbl/day.
    Despite current bullish sentiment in the Med, however,
traders noted that crude netbacks are beginning to look more
attractive, and most maintenance shutdowns should be finished
in two to three weeks.
    As a result, oil industry sources suggest that the
situation may ease by mid-April.
 Reuter
3;
bodyend
documentend
documentstart
4426
topicstart
topicend
bodystart
2;

FIRST INTERSTATE 
<
I> DEBT DOWNGRADED BY S/P


    NEW YORK, March 12 - 
Standard and Poor's Corp said it
downgraded First Interstate Bancorp's 1.3 billion dlrs of debt
because of higher levels of non-performing assets.
    S and P also cited net charge-offs, especially in real
estate, energy and consumer loans. However, the agency said
First Interstate has high liquidity and is less vulnerable to
Latin American credits than its peers.
    Cut were the company's senior debt to AA-minus from AA and
subordinated debt to A-plus from AA-minus. Long-term deposits
of several of the parent's banks were reduced to AA-minus from
AA but short-term deposit ratings were left at A-1-plus.
 Reuter
3;
bodyend
documentend
documentstart
4427
topicstart
topicend
bodystart
2;

W.R. GRACE 
<
GRA> DEBT AFFIRMED BY S/P


    NEW YORK, March 12 - 
Standard and Poor's Corp said it
affirmed the ratings on W.R. Grace and Co's 575 mln dlrs of
debt following its fourth-quarter 1986 loss of 560 mln dlrs.
    Affirmed were the company's BBB-minus senior debt, BB-plus
subordinated debt and A-3 commercial paper.
    S and P pointed out that the fourth-quarter loss resulted
from the write-off of nearly 600 mln dlrs in assets, especially
in agricultural chemicals and natural resources.
    Because that write-off had no effect on Grace's cash, S and
P affirmed the current ratings, noting that Grace intends to
sell its agricultural business.
    Proceeds from the sale of the agricultural segment could be
used to reduce Grace's debt, Standard and Poor's said.
    However, S and P said it is less clear whether Grace can
also extricate itself from the project debt from its phosphate
mining joint venture at Four Corners.
    Despite today's rating affirmation, S and P cautioned that
Grace has greater-than-usual vulnerability to rating change in
the next year or two.
    "Uncertainty abounds as to the firm's future ownership,
management and direction," the rating agency said.
 Reuter
3;
bodyend
documentend
documentstart
4429
topicstart
crude
topicend
bodystart
2;

ATTACKS AFFECT COLOMBIA'S OIL OUTLOOK-ECOPETROL


    BOGOTA, March 12 - 
Continuous rebel raids against oil
pipelines and foreign exploration camps endanger Colombia's
present oil bonanza, Franciso Chona, manager of the state-run
oil company Ecopetrol said.
    "It seems the subversion wants to end with our oil bonanza,"
he told reporters.
    He was speaking after a meeting with Defense Minister
Rafael Samudio, military chiefs and Mines and Energy Minister
Guillermo Perry to review the security situation in the light
of a recent upsurge of leftist guerrilla attacks in the
oil-rich Arauca region, bordering Venezuela.
    Ecopetrol chief of security, Retired General Carlos
Narvaez, said security measures would be stricter and that the
armed forces were closely collaborating but gave no details.
    Samudio said new plans had been designed and hoped they
would be effective. Samudio stressed that, despite the most
recent attacks, which cost more than four mln dlrs in damage,
the overall situation had improved compared with last December
when initial measures were taken to combat a wave of attacks.
    Repeated bombings of a vital pipeline from the Cano Limon
oilfield to the Caribbean then led to a loss of 51,000 barrels
of crude.
 Reuter
3;
bodyend
documentend
documentstart
4430
topicstart
topicend
bodystart
2;

RESORTS INTL 
<
RT.A> DEBT RATINGS AFFIRMED BY S/P


    NEW YORK, March 12 - 
Standard and Poor's Corp said it
affirmed the ratings on 600 mln dlrs of debt of Resorts
International Inc and Resorts International Financing Inc.
    Developer Donald Trump has agreed to pay 101 mln dlrs for
all of Resorts International's class B shares, representing 93
pct voting control, S and P noted. Trump said he would not
tender for the 5.7 mln shares of publicly held class A stock.
    The agreement is subject to approval by the New Jersey
Casino Control Commission. S and P pointed out that Resorts'
aggressive debt leverage is offset by the firm's extensive real
estate holdings in Atlantic City, N.J.
    Affirmed were the B-minus subordinated debt of Resorts
International and its financing unit.
    Standard and Poor's noted that Resorts International
remains highly leveraged, with significant near-term financing
requirements for the completion of its new casino/hotel in
Atlantic City, the Taj Mahal.
    While operations are profitable, the interest burden of
debt, along with unusual charges, net of gains, led to a 30.6
mln dlr net loss in 1986, S and P pointed out.
    Longer-term, Resorts is expected to benefit from a
strengthened competitive position, S and P added.
 Reuter
3;
bodyend
documentend
documentstart
4431
topicstart
copper
topicend
bodystart
2;

PERU'S CENTROMIN SAYS NO COPPER FORCE MAJEURE


    LIMA, March 12 - 
Peru's biggest state mining firm,
Centromin SA, said today there was no immediate force majeure
possibility on its copper shipments after guerrillas blew up a
railway line, interrupting train traffic from the Cobriza
copper mine to the Pacific coast.
    A Centromin spokesman said the managers of the mine at
Cobriza could always ship the the mineral by road to the coast
for export if the train line continued interrupted. Cobriza
produced the equivalent of around 40,600 fine tonnes of copper
last year.
    Maoist guerrillas using dynamite interrupted train traffic
two days ago when they blew up railway tracks and derailed a
train laden with minerals 225 km (135 miles) east of Lima at
Chacapalca, between the coast and Cobriza.
    An official at Minero Peru Comercial, Minpeco, Peru's state
minerals marketing firm, confirmed there had been no
declaration of force majeure on the shipments from Cobriza.
    Officials at National Train Company, Enafer, headquarters
in Lima, the Peruvian capital, declined to comment on when
train traffic would be restored to Cobriza.
    But an Enafer official, reached by telephone in the central
Andean city of Huancayo, near Chacapalca, said traffic could be
restored by Saturday.
 Reuter
3;
bodyend
documentend
documentstart
4433
topicstart
earn
topicend
bodystart
2;
******
PARKER DRILLING SUSPENDS QUARTERLY DIVIDEND

Blah blah blah.
3;


bodyend
documentend
documentstart
4434
topicstart
acq
topicend
bodystart
2;
******
FIRST GRANITE BANCORP INC AGREES TO BE ACQUIRED BY MAGNA GROUP INC FOR STOCK

Blah blah blah.
3;


bodyend
documentend
documentstart
4436
topicstart
veg-oil
topicend
bodystart
2;

ARGENTINE VEGETABLE OILS SHIPMENTS IN JAN/NOV 1986


    BUENOS AIRES, Mar 12 - 
Argentine Vegetable oils shipments
during January/November 1986 totalled 1,693,951 tonnes, against
1,469,208 tonnes in the same 1985 period, the Argentine grain
board said.
    The breakdown was: cotton 4,000 (27,900), sunflower 929,847
(816,727), linseed 113,827 (132,954), groundnutseed 26,248
(25,508), soybean 603,335 (448,344), tung 8,402 (10,633), olive
2,234 (3,465), maize 6,058 (3,677), rapeseed nil (nil), grape
nil (nil), the board added.
    Shipments during November 1986 amounted to 138,257 tonnes,
against 109,250 tonnes in the same month of 1985.
    The breakdwon was, in tonnes, cotton nil (nil), sunflower
27,715 (43,064), linseed 5,228 (4,473), groundnutseed 819
(3,647), soybean 104,314 (56,901), tung 20 (nil), olive 161
(858), maize nil (307), rapeseed nil (nil), grape nil (nil),
the board said.
    The ten principal destinations during January/November
1986, with comparative figures for the same 1985 period in
brackets, were, in tonnes:
    Holland 201,660 (204,391), Iran 182,042 (181,228), Soviet
Union 163,150 (266,389),Egypt 158,119 (159,350), Algeria
116,330 (11,492), Brazil 101,116 (59,430) , South Africa 94,700
(101,062) , Cuba 89,957 (98,740) , United States 80,109 (nil),
India 67,182 (17,403), the board added.
 REUTER
3;
bodyend
documentend
documentstart
4437
topicstart
earn
topicend
bodystart
2;

PARKER DRILLING 
<
PKD> SUSPENDS PAYOUT


    TULSA, Okla., March 12 - 
Parker Drilling Co said its board
of directors voted to suspend the payment of dividends to
shareholders.
    Parker Drilling said it has been paying a quarterly
dividend of one ct a share of common stock.
    The company said it expects to save 1.3 mln dlrs a year
through the dividend suspension.
 Reuter
3;
bodyend
documentend
documentstart
4438
topicstart
earn
topicend
bodystart
2;

EQK REALTY INVESTORS 
<
EKR> 4TH QTR NET


    BALA CYNWYD, Pa., March 12 -
    
Shr nine cts vs 22 cts
    Net 700,000 vs 2,200,000
    Revs 5,400,000 vs 5,700,000
    Avg shrs 7,589,344 vs 10.1 mln
    12 mths
    Shr 43 cts
    Net 3,500,000
    Revs 21.6 mln
    NOTE: 12 mth figures not available for 1985 since company
started operations March 31, 1985.
 Reuter
3;
bodyend
documentend
documentstart
4439
topicstart
earn
topicend
bodystart
2;

MASCO CORP 
<
MAS> REGULAR DIVIDEND SET


    TAYLOR, MICH., March 12 -
    
Qtly div nine cts vs nine cts previously
    Pay May 11
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
4440
topicstart
earn
topicend
bodystart
2;

EQK REALTY INVESTORS I 
<
EKR> SETS PAYOUT


    BALA CYNWYD, Pa., March 12 -
    
Qtrly div 41.5 cts vs 41.5 cts prior
    Pay July 29
    Record June 15
3;
bodyend
documentend
documentstart
4445
topicstart
crude
topicend
bodystart
2;
SUN RAISES CRUDE POSTINGS 50 CTS, EFFECTIVE TODAY, WTI TO 17.50
dlrs/bbl
3;


bodyend
documentend
documentstart
4446
topicstart
earn
topicend
bodystart
2;

IPCO CORP 
<
IHS> SETS REGULAR PAYOUT


    WHITE PLAINS, N.Y., March 12 -
    
Qtrly div nine cts vs nine cts prior
    Pay May 1
    Record April 9
 Reuter
3;
bodyend
documentend
documentstart
4447
topicstart
acq
topicend
bodystart
2;

FIRST GRANITE 
<
FGBI> AGREES TO BE ACQUIRED


    GRANITE CITY, ILL., March 12 - 
First Granite Bancorp Inc
said it agreed in principle to become a wholly owned subsidiary
of Magna Group Inc 
<
MAGI>.
    Under terms of the agreement, First Granite shareholders
will receive 2.175 shares of Magna for each First Granite share
held. First Granite shareholders will be asked to approve the
tranaction in late summer.
    First Granite, which has 675,000 shares outstanding, as of
Dec 31, 1986 had assets of 186.5 mln dlrs. It owns First
Granite City National Bank and Colonial Bank of Granite City,
Ill.
    Magna Groups as of Dec 31, 1986 had assets of 1.47 billion
dlrs. It owns 13 banks, a data services company, a mortgage
company and a trust company, serving St. Louis as well as
Springfield, Centralia and Decatur, Ill.
 Reuter
3;
bodyend
documentend
documentstart
4449
topicstart
interest
topicend
bodystart
2;
******
CANADIAN IMPERIAL BANK OF COMMERCE CUTS PRIME RATE TO 8.75 PCT FROM 9.25 - TOMORROW

Blah blah blah.
3;


bodyend
documentend
documentstart
4450
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 12 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Caterpillar Financial Services Corp, subsidiary of
Caterpillar Inc 
<
CAT> - Shelf offering of up to 300 mln dlrs of
debt securities, including debentures and notes, through
underwriters that may include Goldman, Sachs and Co.
    PacifiCorp 
<
PPW> - Shelf offering of up to six mln shares
of no par serial preferred stock with a total liquidation
preference of 150 mln dlrs.
    Hadson Corp 
<
HADS> - Offering of 3.75 mln shares of common
stock through Shearson Lehman Brothers Inc and PaineWebber Inc.
    Hydrogen Power Inc - Initial public offering of three mln
shares of Class B common stock, with a minimum of two mln
shares at five dlrs each needed to be sold.
   
 Reuter
3;
bodyend
documentend
documentstart
4451
topicstart
earn
topicend
bodystart
2;

THERMWOOD CORP 
<
THM> 2ND QTR JAN 31 NET


    DALE, IND., March 12 -
    
Shr three cts vs three cts
    Net 165,798 vs 143,872
    Sales 1,787,561 vs 1,072,686
    Six mths
    Shr four cts vs four cts
    Net 175,928 vs 191,310
    Sales 3,137,695 vs 2,723,557
    Avg shrs 4,862,046 vs 4,722,150
 Reuter
3;
bodyend
documentend
documentstart
4452
topicstart
earn
topicend
bodystart
2;

PERINI INVESTMENT PROPERTIES 
<
PNV> RAISES PAYOUT


    FRAMINGHAM, Mass., March 12 -
    
Qtly div 15 cts vs 12 cts in prior qtr
    Payable June 25
    Record May 28
 Reuter
3;
bodyend
documentend
documentstart
4453
topicstart
crude
topicend
bodystart
2;

SUN 
<
SUN> RAISES CRUDE POSTINGS 50 CTS


    New York, March 12 - 
Sun Co said it raised the contract
price it will pay for crude oil 50 cts a barrel, effective
today.
    The increase brings Sun's posted price for the West Texas
Intermediate and West Texas Sour grades to 17.50 dlrs/bbl. The
Light Louisiana Sweet grade was also raised 50 cts to 17.85
dlrs/bbl.
    Sun Co last changed its crude postings on March 4.
 Reuter
3;
bodyend
documentend
documentstart
4454
topicstart
earn
topicend
bodystart
2;

PETROLEUM AND RESOURCES CORP 
<
PEO> DIVIDEND


    NEW YORK, March 12 -
    
Interim income dividend 20 cts. Last paid 1.14 dlrs
February 27, including capital gains of 50 cts.
    Pyable April 20
    Record April eight
 Reuter
3;
bodyend
documentend
documentstart
4455
topicstart
interest
topicend
bodystart
2;
******
ROYAL BANK OF CANADA LOWERS PRIME RATE TO 8-3/4 PCT, DOWN 1/2

Blah blah blah.
3;


bodyend
documentend
documentstart
4457
topicstart
earn
topicend
bodystart
2;

NEW LINE CINEMA CORP 
<
NLN> 4TH QTR NET


    NEW YORK, March 12 -
    
Shr 11 cts vs nine cts
    Net 677,498 vs 461,485
    Revs 6,271,010 vs 5,135,729
    Year
    Shr 81 cts vs 20 cts
    Net 4,406,065 vs 973,967
    Revs 26.5 mln vs 14.1 mln
    Avg shrs 5,457,339 vs 4,978,965
 Reuter
3;
bodyend
documentend
documentstart
4458
topicstart
interest
topicend
bodystart
2;

OTTAWA SEEKS EXPLANATION OF CREDIT CARD RATES


    OTTAWA, March 12 - 
Minister of State for Finance Tom Hockin
said he has asked the Canadian Bankers Association, an industry
lobby group, for an explanation of the level of credit card
interest rates.
    Hockin said he hopes to here the association's response on
the "important" issue soon. Hockin was responding to questions
in the House of Commons about why credit card rates, which run
as high as 28 pct per year, remain high when other rates are
falling.
    Today, the Canadian bank rate fell to 7.28 pct from 7.54
pct last week and the Canadian Imperial Bank of Commerce cut
its prime rate, effective tomorrow, to 8.75 pct from 9.25 pct.
 Reuter
3;
bodyend
documentend
documentstart
4459
topicstart
earn
topicend
bodystart
2;

IPCO CORP 
<
IHS> REGULAR DIVIDEND


    WHITE PLAINS, N.Y., March 12 -
    
Qtly div nine cts vs nine cts in prior qtr
    Payable May one
    Record Apreil nine
 Reuter
3;
bodyend
documentend
documentstart
4460
topicstart
earn
topicend
bodystart
2;
******
ASAMERA INC YEAR OPER SHR LOSS 48 CTS VS PROFIT 50 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
4462
topicstart
crude
topicend
bodystart
2;
******
DIAMOND SHAMROCK RAISED CRUDE BY 50 CTS/BBL TODAY. WTI UP TO 17.50 DLRS.

Blah blah blah.
3;


bodyend
documentend
documentstart
4464
topicstart
topicend
bodystart
2;

ESSEX CHEMICAL 
<
ESX> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 12 - 
Essex Chemical Corp said it filed with
the Securities and Exchange Commission a registration statement
covering a 60 mln dlr issue of convertivble subordinated
debentures due 2012.
    Proceeds will be used to redeem the company's outstanding
11-3/8 pct subordinated debentures due 1998 and repay all long
and short-term notes payable to banks, as well as for working
capital, Essex Chemical said.
    The company named Thomson McKinnon Securities Inc as lead
manager and PaineWebber Inc as co-manager of the offering.
 Reuter
3;
bodyend
documentend
documentstart
4465
topicstart
acq
topicend
bodystart
2;

ALLEGHNEY INTERNATIONAL 
<
AG> FACES ADDED COUNT


    PITTSBURGH, March 12 - 
Alleghney International Inc said the
plaintiffs in the existing lawsuits opposing its sale requested
an amendment to their complaint to include a class action
count.
    Alleghney said the suit, filed in the U.S. District Court
for the Western District of Pennsylvania, was aimed at blocking
the sale of Alleghney to an affiliate of First Boston Inc.
    Allegheney said the additional count sought by the
plaintiffs alleges the price to be offered for AI's common
stock, 24.60 dlrs, is grossly unfair and one the purposes of
the proposed sale is to absolve the individual defendants of
liability in the lawsuit.
     The additional count among other forms of relief, requests
an injunction against the defendants from taking any steps to
accomplish the proposed sale, Alleghney said.
 Reuter
3;
bodyend
documentend
documentstart
4466
topicstart
crude
topicend
bodystart
2;
******
PHILLIPS RAISES CRUDE POSTINGS 50 CTS EFFECTIVE TODAY, WTI TO 17.50 dlrs/bbl

Blah blah blah.
3;


bodyend
documentend
documentstart
4467
topicstart
crude
nat-gas
topicend
bodystart
2;

U.S. SEISMIC CREW COUNT DROPS 6 PCT IN FEBRUARY


    TULSA, Okla, March 12 - 
The number of seismic crews
searching for oil and gas in the United States dropped by nine
to a total of 151 crews, a decrease of six pct from January,
the Society of Exploration Geophysicists said.
    The February total represented a 49 pct decrease from
February 1986.
    Worldwide, the association's monthly survey showed that
seismic exploration for oil and gas increased to 395 in
February, up three from the month before. Africa added three
seismic crews, the Middle East increased by two and the Far
East added one while reductions were reported in Central and
South America, Europe and the United States.
 Reuter
3;
bodyend
documentend
documentstart
4468
topicstart
earn
topicend
bodystart
2;
BULL AND BEAR EQUITY INCOME FUND 
<
BULAX> DIV
    NEW YORK, March 12 
    Qtly div eight cts vs eight cts prior
    Payable March 31
    Record March 18
 Reuter
3;


bodyend
documentend
documentstart
4470
topicstart
cocoa
topicend
bodystart
2;

PESSIMISM MOUNTS OVER BAHIAN TEMPORAO COCOA CROP


    By Richard Jarvie, Reuters


    RIO DE JANEIRO, March 12 - 
Pessimism over the effects of a
prolonged dry spell on the coming Bahian temporao cocoa crop is
rising with trade forecasts generally in the 2.0 mln to 2.5 mln
bag range against 2.5 mln to 3.0 mln a fortnight ago.
    Trade sources told Reuters from the state capital of
Salvador that despite scattered rains since mid-February, which
broke a six week drought, plantations have not picked up as
hoped and very little cocoa is expected to be gathered in the
first three months of the May/September crop.
    The sources said arrivals from May through July might only
reach around 600,000 bags whereas in normal years a figure of
1.0 mln to 1.5 mln bags might be expected.
    Arrivals from then should start to pick up sharply as pods
from current flowering are gathered. However, the sources noted
a late temporao is always more susceptible to pod rot, which
flourishes if conditions turn cold and humid, and which is more
likely from late July on.
    This year's crop is doubly susceptible because poor prices
mean farmers were not encouraged to invest in fertilisers and
insecticides and are also unlikely to treat against pod rot.
    A severe attack of pod rot can cause the loss of over
500,000 bags in a very short period, one source said.
    Because of the increased exposure to pod rot damage,
estimates of the final outcome of the temporao are extremely
vulnerable and production could easily drop to below the 2.0
mln bag mark if the disease hits.
    Although flowering was good following the start of the
rains, pod setting was not up to expectations, possibly because
the drought had caused a drop in the insect population which
pollinates flowers, the sources said.
    However, reports from farms indicate moisture levels are
now generally back to near normal levels and that current
flowering and pod setting is good, which should result in
mature fruit from August through September.
    The sources said they expect no break in the harvesting of
beans between the end of the temporao and the beginning of the
main crop, which officially starts on October 1.
    "The cut-off date is completely artificial. If things go
well from now on we should see heavy harvesting without a break
from August through November or even December," one said.
    If predictions of a 2.0 to 2.5 mln bag temporao prove
accurate this would be below the 2.7 mln bag average for the
past 10 years. The last poor temporao was in 1984 when
prolonged drought and later pod rot cut production to 1.79 mln
bags, the lowest since 1974.
    Good growing conditions the following year produced a
temporao of 3.12 mln bags, just below the 1983 3.17 mln bag
record, while last year's output, which also suffered some
drought damage, was 2.77 mln bags.
    Figures for the coming temporao might be distorted upwards
by the inclusion of undeclared current main crop beans.
    The sources said large quantities of beans are believed to
have been undeclared from this year's record total harvest and
they were unsure how much of this would be unregistered by the
end of the official crop year on April 30.
    Recent official arrivals figures have been swollen by the
inclusion of beans which had been delivered previously to port
warehouses but not declared.
    Because of the high turnover of beans this year,
significant amounts have deteriorated because they were stored
too long at the back of warehouses. Some of these are expected
to be held for mixing in with early temporao arrivals.
    With official arrivals figures for the 1986/87 temporao and
main crops totalling over 6.1 mln bags, and over seven weeks
still to go to the end of the year, the total outturn should be
at least a record 6.5 mln bags if all production is declared,
the sources said.
    This would compare with the previous record set last year
of 6.03 mln.
    However, there is no way of telling how many current crop
beans will be declared after the May 1 start of the temporao
and thus the true size of the 1986/87 harvest may never be
officially registered.
 Reuter
3;
bodyend
documentend
documentstart
4471
topicstart
topicend
bodystart
2;

ANHEUSER-BUSCH 
<
BUD> DEBENTURES ISSUED


    ST. LOUIS, March 12 - 
Anheuser-Busch Cos Inc said it will
issue 150 mln dlrs in principal amount of 8-1/2 pct sinking
fund debentures due March 1, 2017.
    It said the offering will be through an underwriting
syndicate managed by Dillon, Read and Co Inc. They debentures
will be offered at 99.0 pct of the face amount to yield 8.59
pct to maturity.
    It said the debentures are being issued under a previously
announced shelf registration.
 Reuter
3;
bodyend
documentend
documentstart
4472
topicstart
earn
topicend
bodystart
2;

ROSE'S STORES INC 
<
RSTO> 4TH QTR JAN 28


    HENDERSON, N.C., march 12 -
    
Shr 37 cts vs 37 cts
    net 7.6 mln vs 7.5 mln
    Revs 383.9 mln vs 326.3 mln
    Year
    Shr 1.17 dlrs vs 99 cts
    Net 24.0 mln vs 20.3 mln
    Revs 1.2 billion vs 1.0 billion
 Reuter
3;
bodyend
documentend
documentstart
4473
topicstart
grain
wheat
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 120,000 TONNES WHEAT  PURCHASED FROM FOREIGN SELLERS FOR 1987/88

Blah blah blah.
3;


bodyend
documentend
documentstart
4474
topicstart
crude
topicend
bodystart
2;

PHILLIPS 
<
P> RAISES CRUDE POSTINGS 50 CTS


    New York, March 12 - 
Phillips Petroleum said it raised the
contract price it will for all grades of crude oil 50 cts a
barrel, effective today.
    The increase brings Phillip's posted price for the West
Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
bbl.
    Phillips last changed its crude oil postings on March 4.
    The price increase follows similar moves by USX's 
<
X>
subsidiary, Marathon oil, and Sun Co 
<
SUN> earlier today.
 Reuter
3;
bodyend
documentend
documentstart
4475
topicstart
earn
topicend
bodystart
2;

ASAMERA INC 
<
ASM> YEAR LOSS


    CALGARY, Alberta, March 12 -
    
Oper shr loss 48 cts vs profit 50 cts
    Oper net loss 11.3 mln vs profit 18.1 mln
    Revs 262.8 mln vs 399.7 mln
    Note: 1986 net excludes tax gain of 1.1 mln dlrs or three
cts shr vs yr-ago gain of 5.6 mln dlrs or 17 cts shr.
    1986 net includes 15 mln dlr charge for reduction in
carrying value of refinery and related assets. 1985 net
includes 10.8 mln dlr gain on sale of Canadian natural gas
property.
    U.S. dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4476
topicstart
earn
topicend
bodystart
2;

LVI GROUP INC 
<
LVI> 4TH QTR OPER NET


    NEW YORK, March 12 -
    
Oper shr profit two cts vs loss 19 cts
    Oper net profit 523,000 vs loss 2,191,000
    Revs 102.5 mln vs 39.9 mln
    Avg shrs 20.0 mln vs 11.1 mln
    Year
    Oper shr profit 11 cts vs loss 29 cts
    Oper net profit 2,240,000 vs loss 2,884,000
    Revs 304.4 mln vs 50.3 mln
    Avg shrs 19.4 mln vs 9,759,000
     NOTE: 1986 4th qtr and year oper net excludes a gain of
492,000 dlrs and 1,241,000 dlrs, respectively, for
carryforwards and a loss of 135,000 dlrs and 533,000 dlrs,
respectively, for early extinguishment of debt.
    1985 4th qtr and year oper net excludes a loss of 1,457,000
dlrs or 14 cts per share and loss 1,735,000 dlrs or 18 cts per
share, respectively, for discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
4477
topicstart
acq
topicend
bodystart
2;

TALKING POINT/PUROLATOR COURIER CORP 
<
PCC>


    By Patti Domm, Reuter


    New York, March 12 - 
Purolator Courier corp's stock rose on
specualtion that a disgruntled former Purolator director would
find a new suitor for the company, traders said.
    Purolator agreed in late February to a 35 dlr-a-share, 265
mln-dlr offer from E.F. Hutton LBO Inc and certain members of
its Purolator courier division's management.
    The stock today hit 36-1/4, up one.
    Today, Purolator revealed in a filing with the Securities
and Exchange Commission that director Doresy Gardner resigned
from its board of directors in a letter dated March 10.
    The letter from Gardner said he resigned the board because
the merger agreement with Hutton barred directors from
soliciting new offers and he believes shareholders might get a
better deal. Gardner said he believes a better offer might be
found if the company would agree to be sold to some other
entity, or if it could sell off all or part of its U.S. courier
division.
    "Basically, (the courier division) is a company that has
450 mln dlrs in revenues. It's a very large company and it's
being sold for 50 or 60 mln dlrs," said Gardner in a telephone
interview with Reuters.
    Gardner is an official of Kelso Management, a firm
associated with Fidelity International Ltd. A group of Fidelity
companies owns eight pct of Purolator, and Gardner said he
personally owns 20,000 shares.
    A Purolator official said the company has no comment on the
letter from Gardner.
    Arbitragers speculated another overnight messenger service
may emerge as a likely bidder for Purolator. Before the
transaction with Hutton LBO was announced, analysts had also
speculated another courier company would be the most likely
suitor.
    While one arbitrager acknowledged there in fact may be no
new bidders, he said the possibility one could appear pushed
the stock into play again.
    "There's no shortage of possibilities. It's just a question
of management's willingness to let the process continue," said
one arbitrager.
    Arbitragers said a new buyer might be found because they
believe Hutton LBO has taken on no risk in the transaction.
Hutton has begun a tender for 83 pct of Purolator at 35 dlrs
cash per share. The balance of Purolator's stock will be bought
for securities and warrants in a new company holding the U.S.
courier operations.
    The arbitragers said tender offer documents show that
Hutton does not need to use its cash in the transaction and
will emerge with a giant, majority equity interest in
Purolator.
    "As far as I can tell from the public documents from the
deal that's on the table, Hutton is basically putting up zero.
One always likes a situation like that. You always like to
think if they can do this deal at no risk, there should be
someone else in the world that could do it higher," said one
arbitrager.
    The firm, however, is supplying temporary financing, and
sources close to the transaction disputed the claim that the
firm will not end up paying for its equity position.
    While one scenario mentioned in the tender offer document
did note that the E.F. Hutton Group subsidiary may not have to
keep cash in the transaction, the sources said there is some
risk to the firm.
    "There are a variety of contingencies and restricted cash,
and all sorts of things that make it very speculative," said
one of the sources, adding there are also severance payments to
employees.
    The E.F. Hutton Group subsidiary is supplying 279 mln dlrs
in so-called "bridge" financing for the transaction. The bridge
financing is a temporary loan from Hutton.
    The financing is to be replaced with permanent financing,
expected to come from banks. However, it may take some time to
replace the financing, the source said, resulting in what could
be a substantial expense to the firm.
    Gardner said Hutton stands to gain fees of 10 to 20 mln
dlrs from the transaction, but sources close to the transaction
said fees are at the low end of the scale.
    "It's a very complex transaction, but basically what
happens is they ostensibly put up money but the fees recapture
any investment they might have once the merger takes place,"
Gardner said.
 Reuter
3;
bodyend
documentend
documentstart
4478
topicstart
grain
wheat
topicend
bodystart
2;

USDA SAYS WHEAT PURCHASED FROM FOREIGN SELLERS


    WASHINGTON, March 12 - 
The U.S. Agriculture Department said
private U.S. exporters reported purchases from foreign sellers
of 120,000 tonnes of wheat for delivery to unknown
destinations.
    The wheat, consisting of 60,000 tonnes of hard red winter
and 60,000 tones of soft red winter, is for delivery during the
1987/88 season, which begins June 1.
    A purchase from a foreign seller is a transaction in which
a U.S. exporter contracts to buy U.S.-produced commodities from
a foreign firm, the department said.
 Reuter
3;
bodyend
documentend
documentstart
4480
topicstart
trade
topicend
bodystart
2;
******
VOLCKER SEES NO CLEARCUT EVIDENCE THAT U.S. TRADE DETERIORATION HAS YET BEEN REVERSED

Blah blah blah.
3;


bodyend
documentend
documentstart
4481
topicstart
crude
topicend
bodystart
2;

 DIAMOND SHAMROCK 
<
DIA> RAISES CRUDE POSTINGS


    New York, March 12 - 
Diamond Shamrock said it raised the
contract price it will pay for crude oil 50 cts a barrel,
effective today.
    The increase brings the company's posted price for the
benchmark grade, West Texas Intermediate, to 17.50 dlrs/bbl.
    Diamond Shamrock last changed its postings on March 4.
 Reuter
3;
bodyend
documentend
documentstart
4483
topicstart
interest
topicend
bodystart
2;
******
TORONTO DOMINION BANK CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT - TOMORROW

Blah blah blah.
3;


bodyend
documentend
documentstart
4484
topicstart
interest
topicend
bodystart
2;
******
BANK OF MONTREAL CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE FRIDAY

Blah blah blah.
3;


bodyend
documentend
documentstart
4485
topicstart
topicend
bodystart
2;

R.P. SCHERER 
<
SCHS> OFFERS PREFERRED STOCK


    TROY, MICH., March 12 - 
R.P. Scherer Corp said it is
offering 1.6 mln shares of 5-3/4 pct convertible exchangeable
preferred stock at 25 dlrs a share.
    Each stock is convertible into the company's common stock
at 23.60 dlrs a share, which represents a conversion premium of
24.2 pct over the last sale price of 19 dlrs a share on March
11.
    Goldman, Sachs and Co is lead underwriter for the offering.
    Scherer said one of its directors, Richard Manoogian, said
he will buy 200,000 shares of the preferred stock at the same
25 dlrs a share.
    The company said proceeds will be used for general
corporate purposes including funding an increasing commitment
to research and development on new drug formulations and
delivery systems.
 Reuter
3;
bodyend
documentend
documentstart
4486
topicstart
cpi
topicend
bodystart
2;
******
VOLCKER SAYS FED REMAINS CONCERNED ABOUT THE POSSIBILITY OF RENEWED INFLATION

Blah blah blah.
3;


bodyend
documentend
documentstart
4487
topicstart
money-supply
topicend
bodystart
2;
******
ASSETS OF MONEY MARKET MUTUAL FUNDS FELL 35.3 MLN DLRS IN LATEST WEEK TO 237.43 BILLION

Blah blah blah.
3;


bodyend
documentend
documentstart
4488
topicstart
acq
topicend
bodystart
2;

WEINBERGER OPPOSES FUJITSU BUYING U.S. FIRM


    WASHINGTON, March 12 - 
Defense Secretary Caspar Weinberger
will join Commerce Secretary Malcolm Baldrige in fighting
Fujitsu Ltd's 
<
ITSU.T> plan to buy 80 pct of 
<
Fairchild
Semiconductor Corp>, Pentagon officials said.
    "He (Weinberger) opposes it. It is not in the best interests
of the country to have more of the micro-electronics business
leaving the United States," one of the Pentagon officials, who
asked not to be identified, told Reuters.
    Commerce Department officials told Reuters yesterday that
Baldrige opposed the planned sale and that the White House
Economic Policy Council will take up the matter within weeks.
    Commerce and defense officials said Baldrige and Weinberger
feared the U.S. military is already leaning too heavily on
foreign electronic support.
    But the Defense Department also said today that Weinberger
and Baldrige differed on the proposed sale of U.S. computer
equipment to Iran.
    The Commerce Department advised the Pentagon recently that
defense objections to two proposed sales -- to an Iranian power
company and the Islamic Republic of Iran News Agency -- were
not valid and the sales of small and medium computers would go
through unless more evidence was presented.
 Reuter
3;
bodyend
documentend
documentstart
4490
topicstart
grain
wheat
corn
oilseed
soybean
topicend
bodystart
2;

GLICKMAN PUSHES HARD FOR 0/92 FARM PLAN


    WASHINGTON, March 12 - 
Implementation of a one-year 0/92
pilot program for wheat and feedgrains was strongly promoted
today by the chairman of a key house agriculture subcommittee
as a way to cut farm costs and simultaneously give farmers
another option when making their planting decisions.
    "We have a budget driven farm policy. It may be a shame,
but we are locked into this," said Dan Glickman, (D-Kans.),
chairman of the subcommittee on wheat, soybeans and feed
grains. "We need to look at ways to cut costs and not hurt the
farmer. A 0/92 plan, if properly done, could do both."
    Glickman announced this week plans to introduce a 0/92 bill
for 1987 and 1988 wheat and feedgrains. An aide to Glickman
said that it will probably be introduced next week.
    Glickman said a 0/92 program, which allows a farmer to
forego planting and still receive 92 pct of his deficiency
payment, would not be a major revision of the 1985 farm bill --
only an extension of the 50/92 option already provided under
the current bill.
    It is premature to make any major changes in the farm bill,
he said, but if agriculture has to make further cuts to meet
budget goals, a voluntary 0/92 plan would be better than
sharply cutting target prices, as USDA has proposed.
    A 0/92 plan, however, would not be decoupling, but simply a
different type of acreage diversion program, Glickman said.
    Decoupling -- delinking planting decisions from government
payments -- is too much of a policy change to approve at this
point, he said.
    "I don't think there is any interest in pursuing a
decoupling bill this year. Period. Unequivocal," Glickman said
at the hearing.
    Sen. Rudy Boschwitz (R-Minn.), cosponsor of the
Boren/Boschwitz decoupling plan, said he supports a short term
0/92 program as a move to a more permament decoupling plan.
    Boschwitz plans to introduce a 0/92 plan in the senate. His
plan would guarantee a certain deficiency payment to
participating farmers, require that idled acreage be put to
conservation use only, prohibit haying and grazing on extra
idled acreage, limit participation to a certain number of acres
in a county and provide tenant protection provisions.
    "I know we cannot obtain complete decoupling in 1987, but
we can at least move in that direction," Boschwitz said.
    Robbin Johnson, vice president of Cargill, Inc., testified
in favor of decoupling. Decoupling would end the current bias
in U.S. farm policy towards overproduction and reduce farmers'
dependency on the government, he said.
    A 0/92 plan does not go far enough in decoupling, Johnson
said, and would still encourage farmers to plant.
    Officials from the National Corn Growers Association and
the National Cattlemen's Association said their groups oppose
any 0/92 or decoupling plan due to concerns about reopening the
farm bill and creating more confusion among farmers.
    But when asked if his association were forced to choose
between a ten pct cut in target prices or a 0/92 program, Larry
Johnson of the Corn Growers said they would agree to 0/92
rather than take sharp cuts in target levels.
 Reuter
3;
bodyend
documentend
documentstart
4493
topicstart
acq
topicend
bodystart
2;

SAFEGUARD SCIENTIFIC 
<
SFE> IN EQUITY DEAL


    KING OF PRUSSIA, Pa., March 12 - 
Safeguard Scientifics Inc
said it made a 2.5 mln dlr equity investment in 
<
Sanchez
Computer Associates Inc>, a private computer software firm
based in Malvern, Pa.
   Safeguard said the investment gives it a "major ownership
position" in Sanchez, which specializes in software products
for financial institutions.
 Reuter
3;
bodyend
documentend
documentstart
4494
topicstart
earn
topicend
bodystart
2;

CORE INDUSTRIES INC 
<
CRI> 2ND QTR FEB 28 NET


    BLOOMFIELD HILLS, MICH., March 12 -
    
Shr 20 cts vs 22 cts
    Net 1,948,000 vs 2,124,000
    Sales 40.9 mln vs 41.0 mln
    Six mths
    Shr 40 cts vs 50 cts
    Net 3,864,000 vs 4,835,000
    Sales 81.7 mln vs 79.9 mln
    NOTE: 1986 results include gain on sale of land of 571,000
dlrs, or six cts a share
    1986 results include loss from discontinued operations of
403,000 dlrs, or four cts a share in the quarter and 598,000
dlrs, or six cts a share in the six months
 
 Reuter
3;
bodyend
documentend
documentstart
4496
topicstart
topicend
bodystart
2;

ALLEGHENY BEVERAGE 
<
ABEV> DOWNGRADED BY MOODY'S


    NEW YORK, March 12 - 
Moody's Investors Service Inc said it
cut to Caa from B-2 Allegheny Beverage Corp's 112 mln dlrs of
subordinated debt.
    The rating agency cited Allegheny's high leverage and poor
operating performance, as well as reduced cash flow.
    Moody's said the company's prospects for improvement are
limited by increasing competition in the food service industry
and decreasing demand for the vending services that Allegheny
provides. Moody's also said a renegotiated bank agreement
includes accelerated amortization requirements that exacerbate
Allegheny's already weakened ability to service its debt.
 Reuter
3;
bodyend
documentend
documentstart
4498
topicstart
earn
topicend
bodystart
2;

FIRST FINANCIAL 
<
FFMC> IN STOCK SPLIT


    ATLANTA, March 12 - 
First Financial Management Corp said
its board declared a three-for-two stock split of its common
stock.
    The split will be effected by a 50 pct stock dividend for
shareholders of record March 23 to be distributed on April six.
 Reuter
3;
bodyend
documentend
documentstart
4499
topicstart
interest
topicend
bodystart
2;
******
BANK OF NOVA SCOTIA CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE TOMORROW

Blah blah blah.
3;


bodyend
documentend
documentstart
4503
topicstart
carcass
livestock
topicend
bodystart
2;

OCCIDENTAL UNIT 
<
OXY> LIFTS LOCKOUT


    CHICAGO, March 12 - 
Iowa Beef Processors Inc is lifting a
lockout at its Dakota City, Nebraska processing plant and plans
to resume operations March 16, United Food and Commercial
Workers Union spokesman Allen Zack said by phone from his
Washington, D.C. headquarters.
    Iowa Beef, a susbsidiary of Occidental Petroleum Corp,
mailed a letter to members of UFCWU Local 222 informing them a
lockout imposed by the company on December 14 would be lifted
and meatpackers could return to work under Iowa Beef's
"revised, last and best final offer," according to Zack.
    The letter was signed by four managers at the Dakota City
plant.
    Iowa Beef closed the proessing plant indefinitely in
mid-December because, it said, it had no alternative to threats
by meatpackers to disrupt operations.
    About 2,800 members of Local 222 are affected by the
shutdown. A 3-1/2 year labor contract at the plant expired
December 13.
 Reuter
3;
bodyend
documentend
documentstart
4504
topicstart
earn
topicend
bodystart
2;

CIRCON CORP 
<
CCON> 4TH QTR


    SANTA BARBARA, Calif., March 12 -
    
Shr loss two cts vs profit 10 cts
    Net loss 79,000 vs profit 507,000
    Revs 10.6 mln vs 2,238,000
    12 mths
    Shr profit two cts vs profit 23 cts
    Net 89,000 vs 1,130,000
    Revs 21.4 mln vs 7,766,000
 Reuter
3;
bodyend
documentend
documentstart
4505
topicstart
earn
topicend
bodystart
2;

BROWN TRANSPORT 
<
BTCU> DECLARES FIRST PAYOUT


    ATLANTA, March 12 - 
Brown Transport Co Inc said its board
declared an initial quarterly dividend of four cts a share,
payable April 10 to stockholders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
4507
topicstart
gas
topicend
bodystart
2;

WRIGHT SAYS A GAS TAX AN OPTION TO CUT DEFICIT


    WASHINGTON, March 12 - 
House Speaker Jim Wright said a
gasoline tax is one option to finding a way to reduce the
deficit, but told reporters in response to a question he will
not try to dictate a solution to the debt problem.
    Wright has made suggestions for raising taxes about 20
billion dlrs as part of a budget plan to reduce the deficit.
Tax proposals are being given consideration by members of the
House Budget Committee, but the details of any tax increase
would be made by the tax writing House ways and Means
Committee.
 Reuter
3;
bodyend
documentend
documentstart
4509
topicstart
trade
topicend
bodystart
2;
******
KEY U.S. HOUSE TRADE SUBCOMMITTEE APPROVES BILL TO TOUGHEN U.S. TRADE LAWS

Blah blah blah.
3;


bodyend
documentend
documentstart
4510
topicstart
acq
topicend
bodystart
2;

<
SUMMIT PETROLEUM CORP> SELLS SHARES


    ABILENE, TEXAS, March 12 - 
Summit Petroleum Corp said it
sold 11.3 mln shares, or 29.4 pct, of its common stock to

<
Halbert and Associates Inc>.
    The company said the shares were previously held by

<
Consolidated Energy Corp> and Harken Oil and Gas Inc 
<
HOGI>.
    In addition, David D. Halbert, president and chief
executive officer of Halbert, an Abilene investment firm, was
named chairman and chief executive of Summit, the company said.
   Halbert, Charles M. Bruce and James O. Burke were also named
directors, expanding the board to five, Summit added.
    The company said Burke is president and chief executive of

<
Allied Comprehensive Health Inc>, Abilene, while Bruce is a
partner in the Washington law firm of Butler and Binion.
    Summit said it intends to actively seek acquisitions to
increase its asset base.
 Reuter
3;
bodyend
documentend
documentstart
4512
topicstart
oilseed
rapeseed
topicend
bodystart
2;

JAPANESE CRUSHERS BUY CANADIAN RAPESEED


    WINNIPEG, March 12 - 
Japanese crushers bought 8,000 tonnes
of Canadian rapeseed in export business overnight for April
shipment, trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
4513
topicstart
trade
topicend
bodystart
2;

NO CLEAR EVIDENCE TRADE GAP REVERSED - VOLCKER


    LOS ANGELES, March 12 - 
Federal Reserve Board Chairman Paul
Volcker said current data does not give a clear sign that the
deterioration in the U.S. trade balance has yet been reversed.
    "The data we have in hand do not provide clearcut evidence
that the deterioration in the trade balance has yet been
reversed," Volcker said in remarks prepared for delivery to a
luncheon for community leaders here.
    However, Volcker said there are encouraging signs,
particularly the rising volume of exports over the past year,
achieved despite relatively slow growth abroad.
    Volcker warned it is not sustainable from an economic
perspective to pile up foreign debt while failing to make the
investment needed to generate growth and earn the money to
service the debt.
    He said the process of restoring external balance to the
U.S. economy requires dealing with the budget deficit. He said
needed economic adjustment will require a relative shift of
financial and real resources into internationally competitive
industry. "More of our growth will need to be reflected in net
exports and business investment and less in consumption,"
Volcker said.
 Reuter
3;
bodyend
documentend
documentstart
4514
topicstart
carcass
livestock
topicend
bodystart
2;

IOWA BEEF LIFTS LOCKOUT AT DAKOTA CITY


    CHICAGO, March 12 - 
Iowa Beef Processors Inc is lifting a
lockout at its Dakota City, Nebraska, processing plant and
plans to resume operations March 16, United Food and Commercial
Workers (UFCW) Union spokesman Allen Zack said.
    Iowa Beef mailed a letter to members of UFCW Local 222
informing them a lockout imposed by the company December 14
would be lifted and meatpackers could return to work under Iowa
Beef's "revised, last and best final offer," Zack said.
    Iowa Beef had closed the plant indefinitely in mid-December
because it said it had no alternative to threats by meatpackers
to disrupt operations.
    About 2,800 members of Local 222 are affected by the
shutdown. A 3-1/2 year labor contract at the plant expired
December 13.
 Reuter
3;
bodyend
documentend
documentstart
4515
topicstart
money-supply
topicend
bodystart
2;
******
N.Y. BUSINESS LOANS FALL 718 MLN DLRS IN MARCH 4 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
4516
topicstart
money-supply
topicend
bodystart
2;
******
NEW YORK BANK DISCOUNT WINDOW BORROWINGS NIL IN MARCH 11 WEEK

Blah blah blah.
3;


bodyend
documentend
documentstart
4517
topicstart
earn
topicend
bodystart
2;

TONY LOMA CO INC 
<
TLAM> 4TH QTR


    EL PASO, Texas, March 12 -
    
Shr profit nil vs loss 61 cts
    Net profit 3,000 vs loss 1,148,000
    Revs 18.4 mln vs 17.8 mln
    Year
    Shr loss 94 cts vs loss 28 cts
    Net loss 1,762,000 vs loss 524,000
    Revs 58.5 mln vs 67.3 mln
    NOTE: 1986 net includes extraordinary gain of 569,000 dlrs
or 30 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
4518
topicstart
acq
topicend
bodystart
2;

ALLIED-LYONS SEES NO CHANGE IN HIRAM WALKER STAKE


    TORONTO, March 12 - 
Allied-Lyons PLC 
<
ALLD.L> and Canada's
Reichmann brothers are working well together as partners and
currently do not plan any change in their joint ownership of
distiller Hiram Walker-Gooderham and Worts, Allied-Lyons
chairman Derrick Holden-Brown said.
    Allied-Lyons got 51 pct control of Hiram Walker-Gooderham
last year for about 600 mln U.S. dlrs, while the Reichmanns'

<
Gulf Canada Corp> acquired 49 pct in an out-of-court pact
after a hostile battle for the wine and spirits division of

<
Hiram Walker Resources Ltd>.
    "We are getting along very well as partners ... I hope
there won't be any change, but there could be," Holden-Brown
told reporters after a speech in Toronto.
    He said Allied-Lyons has a two-year call option that could
force Gulf Canada to sell its 49 pct stake to Allied-Lyons, and
Gulf Canada has a two-year put option that could obligate
Allied-Lyons to buy its 49 pct.
    "Both we and Gulf hope very much there will be no occasion
for either the put or call to be exercised," Holden-Brown said.
    In answer to a reporter's question, Holden-Brown said it
would be possible for Gulf Canada to sell off part of its 49
pct in a public offering with Allied-Lyons' consent. "I don't
think we would have any objection to it," he added.
    Allied-Lyons maintains control of Hiram Walker-Gooderham's
board of directors and has total responsibility for its
management. "We cannot contemplate giving up our control," he
said.
    Holden-Brown would not disclose how big a profit
contribution the distiller will make in Allied-Lyons' financial
results, but he said "it will be substantial."
    "I am not able to give profit forecasts," he said.
    Holden-Brown said Allied-Lyons was able to finance the
Hiram Walker-Gooderham acquisition with cash and borrowings,
and has no current plans for a stock issue.
    He said the company is not currently negotiating any more
acquisitions in Canada but has a team of officials evaluating
possible purchases of wines, spirits, soft drinks or food
concerns. "I don't think we shall be looking at the brewery
scene (which is) highly concentrated already," he added.
    Holden-Brown said Allied-Lyons plans to list its shares on
Canadian stock exchanges, possibly later this year.
             
 Reuter
3;
bodyend
documentend
documentstart
4519
topicstart
money-supply
topicend
bodystart
2;

NEW YORK BUSINESS LOANS FALL 718 MLN DLRS


    NEW YORK, March 12 - 
Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 718 mln dlrs to 64.87 billion in the week ended March 4,
the Federal Reserve Bank of New York said.
    Including acceptances, loans fell 581 mln dlrs to 65.63
billion.
    Commercial paper outstanding nationally dropped 13 mln dlrs
to 336.02 billion.
    National business loan data are scheduled to be released on
Friday.
 Reuter
3;
bodyend
documentend
documentstart
4520
topicstart
topicend
bodystart
2;

MOODY'S MAY LOWER ATLANTIC CITY ELECTRIC 
<
ATE>


    NEW YORK, March 12 - 
Moody's Investors Service said it is
reviewing 648 mln dlrs of securities issued by Atlantic City
Electric Co for a possible downgrade because of an unresponsive
rate order from the New Jersey Board of Public Utilities.
    The net effect of the Board's recent ruling was to reduce
the company's rates by 15.9 mln dlrs, Moody's said.
    Ratings under review include the company's first mortgage
bonds and secured pollution control revenue bonds, currently
AA-3.
 Reuter
3;
bodyend
documentend
documentstart
4521
topicstart
earn
topicend
bodystart
2;

EATON VANCE CORP 
<
EAVN> 1ST QTR JAN 31 NET


    BOSTON, March 12 -
    
Shr 53 cts vs 34 cts
    Net 2,253,742 vs 1,332,652
    Avg shrs 4,251,553 vs 3,932,064
 Reuter
3;
bodyend
documentend
documentstart
4523
topicstart
earn
topicend
bodystart
2;

ADAMS EXPRESS CO 
<
ADX> SETS REGULAR PAYOUT


    NEW YORK, March 12 -
    
Div 12 cts vs 12 cts
    Pay April 20
    Record April 8
    NOTE: company pays dividend of 12 cts three times annually
with a bulk payment at the end of the fiscal year to equal
annual dividend of 50 cts.
 Reuter
3;
bodyend
documentend
documentstart
4524
topicstart
grain
topicend
bodystart
2;

CARGILL OFFICIAL DEFENDS CERTIFICATE PROGRAMS


    WASHINGTON, March 12 - 
The use of generic in-kind commodity
certificates has helped ease storage problems and is a
necessary part of export promotion programs, a senior executive
for the world's largest grain company said.
    Testifying before the House Agriculture subcommittee on
wheat, soybeans and feedgrains, Robbin Johnson, vice president
of Cargill, Inc., disputed claims that U.S. grain companies
have made huge profits from certificate trading.
    "The certs program is not in any way a windfall to the
trade," he said. Johnson said that Cargill has been dealing
with a two pct spread in certificate transactions, and that
this is within the normal grain marketing levels.
    Johnson recognized current concern over the cost of
certificates as compared to cash, but said that critics need to
look more closely at the savings caused by certs, noting for
example that widespread use of certs in the PIK and Roll
marketing technique last summer helped ease storage costs.
    Certificates are also an important part of any export
promotion program, he said.
    "The more you look at ways to expand export markets, the
more you have to look at ways to expand certs to put more grain
into the market to meet demand," he said.
    Subcommittee chairman Dan Glickman (D-Kans.) said his
committee would be looking at the certificate program later
this year and studying the General Accounting Office report on
certificate costs.
 Reuter
3;
bodyend
documentend
documentstart
4525
topicstart
crude
topicend
bodystart
2;

HOUSE SPEAKER BACKS OIL IMPORT FORECAST PLAN


    WASHINGTON, March 12 - 
House Speaker Jim Wright endorsed a
proposal to require the president to take action to reduce oil
imports if they threaten to top 50 pct of U.S. consumption.
    Wright told reporters the plan by Sen. Lloyd Bentsen, a
fellow Texas Democrat, was positive and useful. Oil imports
peaked in 1977 at 47 pct, were short of 36 pct last year and
this year are up over 40 pct, Bentsen said. 
    The Bentsen proposal, supported by 24 other Senators, would
would require the president to issue annual three-year oil
import forecasts. In any year they threatened to top 50 pct, he
would be ordered to propose quotas or other solution.
   
 Reuter
3;
bodyend
documentend
documentstart
4528
topicstart
topicend
bodystart
2;
******
U.S. SELLS 1-YEAR BILLS AT AVERAGE 5.68 PCT, STOP 5.68 PCT, AWARDED AT HIGH YIELD 71 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
4532
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK DISCOUNT BORROWINGS AVERAGE 148 MLN DLRS A DAY IN MARCH 11 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
4533
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK NET FREE RESERVES 660 MLN DLRS IN TWO WEEKS TO MARCH 11, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
4534
topicstart
money-supply
topicend
bodystart
2;
******
U.S. M1 FALLS 600 MLN DLRS IN MARCH 2 WEEK, FEB M2 DOWN 1.6 BILLION, M3 UP 3.0 BILLION

Blah blah blah.
3;


bodyend
documentend
documentstart
4536
topicstart
acq
topicend
bodystart
2;

PRINCEVILLE 
<
PVDC> TO SELL ITS AIR OPERATION


    HONOLULU, March 12 - 
Princeville Development Corp and

<
Aloha Inc>, parent of Aloha Airlines Inc, jointly said they
agreed to terms for the sale of Princeville Airways Inc to
Aloha. Terms of the agreement were not disclosed.
    Under the proposed sale, the companies said Aloha would
acquire the entire Princeville Airways commuter operation and
access to the Princeville Airport on the island of Kauai.
    They said Princeville Airways is expected to operate as a
subsidiary of Aloha Inc and will continue to use the
Princeville Aiways name.
 Reuter
3;
bodyend
documentend
documentstart
4537
topicstart
acq
topicend
bodystart
2;

NEW HAMPSHIRE SAVINGS 
<
NHSB> TO BUY BANK


    CONCORD, N.H., March 12 - 
New Hampshire Savings Bank Corp
said it agreed to buy 
<
Seashore Bankshares Inc> in an exchange
of stock.
    According to the terms of the deal, it said Seashore's
61,000 shares will be exchanged for 9.8 mln dlrs of New
Hampshire Savings stock.
    It said Seashore Bankshares has assets of about 46 mln
dlrs.

 Reuter
3;
bodyend
documentend
documentstart
4541
topicstart
orange
topicend
bodystart
2;

FCOJ MOVEMENT 3,915,370 GALLONS LAST WEEK


    WINTER HAVEN, FLA., March 12 - 
Florida Citrus Processors
Association said frozen concentrate orange juice movement into
trade channels in the week ended March 7 totalled 3,915,370
gallons versus 3,956,126 gallons in the week ended February 28
and 4,284,693 gallons in the corresponding year-ago period.
    There were 3,814,891 gallons of foreign imports last week
versus 133,505 gallons the week before. Domestic imports last
week were 306,031. Retail movement was 1,652,916 versus
2,015,953 a year ago. Bulk movement was 1,934,494 against
1,954,103 a year earlier.
    Current season cumulative movement was 60,480,375 gallons
versus 59,654,702 last year. Cumulative net pack for the season
was 80,359,978 versus 74,071,755 a year ago. Inventory was
83,422,435 versus 81,963,040 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
4542
topicstart
topicend
bodystart
2;

HARCOURT BRACE 
<
HBJ> MAY BE LOWERED BY MOODY'S


    NEW YORK, March 12 - 
Moody's Investors Service Inc said it
may downgrade 200 mln dlrs of debt of Harcourt Brace Jovanovich
Inc.
    The rating agency cited Harcourt Brace's recent aggressive
acquisition activity and increasing leverage.
    Harcourt Brace has offered 220 mln dlrs for Harper and Row
Publishers, Moody's noted. This follows Harcourt's completed
acquisitions of the publishing group of CBS Inc and Marineland.
 Reuter
3;
bodyend
documentend
documentstart
4544
topicstart
money-supply
topicend
bodystart
2;

U.S. M-1 MONEY SUPPLY FALLS 600 MLN DLRS


    NEW YORK, March 12 - 
U.S. M-1 money supply fell 600 mln
dlrs to a seasonally adjusted 738.0 billion dlrs in the March 2
week, the Federal Reserve said.
    The previous week's M-1 level was revised to 738.6 billion
dlrs from 738.5 billion, while the four-week moving average of
M-1 rose to 737.1 billion dlrs from 736.8 billion.
    Commenting on February growth of the broader monetary
aggregates, the Fed said that M-2 fell 1.6 billion dlrs, while
M-3 rose three billion. Economists polled by Reuters had
projected a 900 mln dlr fall in M-1, a 1.8 billion dlr drop in
M-2 and no change in M-3.
 Reuter
3;
bodyend
documentend
documentstart
4548
topicstart
gnp
cpi
reserves
topicend
bodystart
2;

BOLIVIA TO OFFER TO BUY BACK BANK DEBT


    By Paul Iredale, Reuters


    LA PAZ, March 12 - 
Bolivia is to make a formal offer during
the next few months to buy back its 900 mln dlrs debt from
commercial banks at a discount of up to 90 pct, central bank
president Jier Nogales said.
     Nogales told Reuters in an interview the steering
committee of Bolivia's creditor banks had agreed to consider
the offer at a meeting in New York last month.
     He said the offer would be based on the value of Bolivian
paper on the international secondary debt market, where it now
trades at between 10 and 15 pct of its face value.
    Nogales said Bolivia will make a single offer to buy back
its commercial debt and banks who accepted would be paid the
discounted rate in full.
    Banks which declined the offer would be repaid over 20 to
30 years at interest rates below those fixed in the
international markets, he added.
    Bolivia has frozen payments on medium and long term loans
to commercial banks since March, 1984, and Nogales said there
would be no money available to restart traditional debt
servicing to them for some time.
     Several Latin American countries have initiated schemes to
cancel foreign debt by equity swaps or third party buy-backs,
but Bolivia would be the first country in the region to make a
formal offer to buy back all its commercial bank debt at
discounted rates.
    Nogales said practical and strategic considerations would
determine the exact timing of the offer but it would be made in
the next few months.
     He said Bolivia would not bargain with creditor banks over
the price to paid for the debt paper they hold, and would make
a single non-negotiable offer.
    He said Bolivia could not even pay interest to friendly
creditor countries, let alone commercial banks. The only
traditional way forward was to capitalise interest, which would
mean greater bank exposure in Bolivia and greater loss
provisions, he added.
    "We are confident that the banks are going to be
reasonable," Nogales said. "Now they can resolve their problems
for once and for all."
    "The most conservative ones who want a little more will
wait a year, but I don't know if the window of opportunity will
be open all the time," he added.
    Discussing the status of other parts of Bolivia's four
billion dlr foreign debt, 2.5 billion of which is owed to
governments and the rest to international agencies, Nogales
said negotiators had achieved considerable success in recent
discussions with the Paris Club.
     He said Paris Club creditors had agreed to reschedule
Bolivian debt over 10 years with five to six years grace, while
accepting that interest would not be paid until 1989. Interest
rates were being discussed on a bilateral basis under Paris
Club rules, he added.
     He said some Paris Club members had agreed to disregard
penalty interest payments and negotiations were continuing with
Argentina and Brazil, who hold 700 mln dlrs of Bolivian debt.
    He said Bolivia was continuing to service loans from
international agencies, and it expected to receive up to 400
mln dlrs in disbursements this year.
    The capital flow for loans and their servicing had changed
from a negative balance of 250 mln dlrs in 1985 to a net inflow
of 130 mln dlrs last year, he added.
    Nogales said that Bolivia's net international reserves now
stood at around 250 mln dlrs, compared to one mln dlrs in
disposable funds when the government of Victor Paz Estenssoro
took office in August, 1985.
    Nogales said inflation, which soared to over 20,000 pct a
year in the government's first month in office, was now down to
10 pct on an annualised basis from the last six months, and the
plan was that it should continue at this level.
    He said the government was also expecting at least three
pct growth in gdp this year after several years of negative
rates.
 Reuter
3;
bodyend
documentend
documentstart
4549
topicstart
grain
wheat
oilseed
soybean
cotton
rice
topicend
bodystart
2;

U.S. MARKET LOAN NOT THAT ATTRACTIVE-BOSCHWITZ


    WASHINGTON, March 12 - 
A marketing loan for U.S. wheat,
feedgrains and soybeans would do nothing to help the surplus
production situation and would be extremely costly, Sen. Rudy
Boschwitz (R-Minn.) said.
    "I think I would not support a marketing loan now," he told
the House agriculture subcommittee on wheat, soybeans and
feedgrains. Boschwitz was one of the original supporters of a
marketing loan for cotton and rice, but has since focused
support on decoupling legislation, the Boren/Boschwitiz bill.
    A market loan for grains and soybeans would encourage more
production, especially in high-yielding areas, would be much
more expensive than the current cotton and rice marketing loans
and not increase exports significantly, he said.
 Reuter
3;
bodyend
documentend
documentstart
4551
topicstart
earn
topicend
bodystart
2;

AMVESTORS FINANCIAL 
<
AVFC> SETS STOCK DIVIDEND


    TOPEKA, Kan., March 12 - 
AmVestors Financial Corp said it
declared a 25 pct stock dividend payable June 19 to holders of
record June one, subject to an increase in authorized shares.
    It said shareholders will vote at the April 23 annual
meeting to increase authorized shares to 25 mln from 10 mln.
    The company also said it plans to pay an initial quarterly
dividend of five cts a share on the shares.

 Reuter
3;
bodyend
documentend
documentstart
4552
topicstart
trade
topicend
bodystart
2;

U.S. HOUSE PANEL APPROVES TRADE BILL


    WASHINGTON, March 12 - 
The House Ways and Means Trade 
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
    The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
    "This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism'," Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
    The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
    But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
    Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual ten pct trade surplus cut
by those countries. 
    The trade bill will be wrapped in with legislation from
other committees dealing with relaxation of export controls,
incentives for research, expanded worker training and education
and other efforts to increase U.S. competitiveness.
    The comprehensive trade bill is to be considered by the
full House in late April and then will be considered by Senate
committees.
    It requires President Reagan to retaliate against foreign
unfair trade practices but do not mandate quotas or tariffs and
allow an exemption if U.S. economic security would be harmed by
U.S. actions against other countries.
    The bill would make it easier for U.S. industries to win
relief from surges of imports of competitive products.
    It extends until January 1993, the administration's
authority to negotiate trade agreements as part of the new
round of multilateral talks under the General Agreements on
Tariffs and Trade.
    And, it includes provisions to tighten trade rules on
copyrights, patents and telecommunications goods.
 Reuter
3;
bodyend
documentend
documentstart
4554
topicstart
earn
topicend
bodystart
2;

STANDARD LOGIC INC 
<
STDL> 1ST QTR LOSS


    CORONA, Calif., March 12 - 
Qtr ends Jan 30
    Oper shr loss 45 cts vs profit 44 cts
    Oper Net loss 225,815 vs profit 219,593
    Revs 175,247 vs 827,748
    NOTE: oper net 1987 excludes loss from discontinued
operations of 125,047 vs loss 34,055 for prior qtr.
    excludes tax carryforward 150,000 for prior qtr.
 Reuter
3;
bodyend
documentend
documentstart
4555
topicstart
cpi
topicend
bodystart
2;

INFLATION STILL A CONCERN, VOLCKER SAYS


    LOS ANGELES, March 12 - 
Federal Reserve Board Chairman Paul
Volcker said both the Fed and the financial markets remain
concerned about the possibility of renewed inflation.
    "A possibility of renewed inflation remains of concern,
both in the markets and within the Federal Reserve," he said in
remarks prepared for delivery to a group of business leaders
here.
    He said one potential channel for renewed inflationary
pressures would be an excessive fall of the dollar in the
exchange markets, which would push import prices up sharply.
    He said participants in financial markets and business
remain skeptical of prospects for lasting price stability.
    "Should the skepticism about our ability to resist
inflation be reinforced by bad policy, the consequences for
interest rates, for exchange rates, and for the economy
generally would clearly be undesirable...recognition of that
danger neccesarily must weigh heavily in the formation of
monetary policy," the Fed chairman said.
    Volcker said attempts to drive the dollar much lower would
undermine the hard won gains against inflation and would risk
dissipating the flow of foreign capital.
 Reuter
3;
bodyend
documentend
documentstart
4557
topicstart
topicend
bodystart
2;

NZI CORP UNIT SELLS GUARANTEED NOTES AT 8.36 PCT


    NEW YORK, March 12 - 
NZI Capital Corp, a unit of 
<
NZI
Corp>, is offering 150 mln dlrs of guaranteed notes due 1997
yielding 8.36 pct, said sole manager Kidder, Peabody and Co
Inc.
    The notes have an 8-1/4 pct coupon and were priced at
99.261 to yield 115 basis points more than comparable Treasury
securities. Non-callable for seven years, the issue is rated
A-2 by Moody's Investors Service Inc and A-plus by Standard and
Poor's Corp.
    The notes will be listed on the New York Stock Exchange.
NZI is an insurance company in New Zealand.
 Reuter
3;
bodyend
documentend
documentstart
4558
topicstart
crude
topicend
bodystart
2;
******
UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4560
topicstart
earn
topicend
bodystart
2;

SHAWMUT CORP 
<
SHAS> SETS REGULARY DIVIDEND


    BOSTON, March 12 - 
    
Qtly div 51 cts vs 51 cts prior
    Pay April one
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
4562
topicstart
earn
topicend
bodystart
2;

ANGLO AMERICAN 
<
AIVJ.J> YEAR TO DEC 31


    JOHANNESBURG March 13 -
    
Shr 516 cts vs 347
    Final div 135 vs 125 making 190 vs 180
    Pre-tax 133 mln rand vs 137 mln
    Net 260 mln vs 172 mln
    Tax 76 mln vs 42 mln
    Att to outside shareholders 96 mln vs 53 mln
    Pref div 1 mln vs same
    Turnover 3.14 billion vs 2.56 billion
    Div pay May 8, register March 27.
    Note - Full name is Anglo American Industrial Corp Ltd.
 REUTER
3;
bodyend
documentend
documentstart
4564
topicstart
l-cattle
livestock
topicend
bodystart
2;

LIVE CATTLE RALLY AS LOCKOUT AT MEAT PLANT ENDS


    CHICAGO, March 12 - 
Live cattle futures posted a robust
rally today after a major beef packing company said it would
end a lockout at its slaughtering plant in Dakota City, Neb.
    April delivery cattle on the Chicago Mercantile Exchange
closed at 64.45 cents a pound, up 0.83 cent, as the market
expected demand for live animals to increase as the plant
restarts operations.
    Iowa Beef Processors, a division of Occidental Petroleum,
said it planned to reopen the plant, one of the largest in the
nation, on March 16. The plant has been closed since Dec. 14,
the day after a contract between IBP and Local 222 of the
United Food and Commercial Workers Union expired.
    The plant employs 2,800 workers and can slaughter several
thousand animals a day, a company spokesman said.
    The company said it locked out union workers because they
threatened to disrupt operations. It was unclear whether union
meatpackers would return to work. They rejected the company's
latest contract offer March 5.
    Traders said cattle prices advanced at midsession as rumors
circulated that the lockout was ending, and gains were further
fueled by a noticeable increase in demand for live animals on
cash markets in Nebraska and the Texas Panhandle.
    The rally in cattle also boosted values of live hogs and
frozen pork bellies, which also were supported by indications
that producers were expanding their hog herds at a slower rate
than previously expected.
    Petroleum futures posted a modest rally on the New York
Mercantile Exchange.
    But a report that the Soviet Union planned to reduce the
price of its crude oil exports may pressure the market Friday,
said Nauman Barakat, petroleum analyst in New York with Smith
Barney, Harris Upham and Co.
    Buying by companies that deal in petroleum helped prices
recover from early weakness, traders said.
    Gold futures rallied, partly in response to strength in the
silver market, on the Commodity Exchange in New York. Silver
prices rallied after a U.S. brokerage house recommended its
customers buy the metal, traders said.
    Coffee futures drifted lower in response to a report that
Colombia lowered the price of its exports, traders said.
    Sugar prices closed slightly higher on the Coffee, Sugar
and Cocoa Exchange despite a large export sale by the European
Commission on Wednesday.
    Soybeans were higher, wheat lower and corn mixed on the
Chicago Board of Trade.
    Soybeans were boosted by expectations that the Agriculture
Department would report a healthy signup for the Conservation
Reserve Program, which pays farmers to leave highly erodible
land idle instead of planting a crop, traders said.
    Concern that a strike by Brazilian seamen might interrupt
exports of soybeans from Brazil, where the harvest is just
beginning, also underpinned prices, they said.
    Wheat prices were pressured by selling in response to
trends on price charts, they said.
 Reuter
3;
bodyend
documentend
documentstart
4566
topicstart
topicend
bodystart
2;

MOODY'S CONFIRMS PUBLIC SERVICE ELECTRIC 
<
PEG>


    NEW YORK, March 12 - 
Moody's Investors Service said it has
confirmed its ratings on about 4.4 billion dlrs of outstanding
securities of Public Service Electric and Gas Co, a unit of
Public Service Enterprise Group Inc.
    The ratings include Aa3-rated first and refunding mortgage
bonds, secured pollution control revenue bonds and Eurobonds.
    Although Public Service recently received a disappointing
rate order from the New Jersey Board of Public Utilities, the
agency believes the company's strong financial management
should help maintain debt-protection measurements within
current levels over the next few years.
 Reuter
3;
bodyend
documentend
documentstart
4569
topicstart
crude
nat-gas
topicend
bodystart
2;

PERMIAN BASIN 
<
PBT> PROVEN RESERVES FALL


    FORT WORTH, Texas, March 12 - 
Permian Basin Royalty Trust
said that as of December 31, 1986, its estimated proved
reserves totaled 18.5 mln barrels of oil and 52.9 mln MCF, or
thousand cubic feet, of gas.
    This compares with yearend 1985 proved reserves estimates
of 26.4 mln barrels of oil and 78.6 mln MCF of gas, Permian
said.
    Permian said December 1986 future net revenues from proved
reserves were 335.6 mln dlrs, down from 814.2 mln dlrs in 1985.
    Permian said the present value of estimated future net
revenues discounted at 10 pct is 165.3 mln dlrs, compared with
374.3 mln dlrs.
    It said the downward revisions in both proved reserves and
estimated future net revenues resulted from decreased prices for
oil and gas.

 Reuter
3;
bodyend
documentend
documentstart
4573
topicstart
gnp
cpi
topicend
bodystart
2;

VENEZUELAN PRESIDENT DEFENDS REFINANCING ACCORD


    Caracas, march 12 - 
president jaime lusinchi defended the
20.3 billion dlr debt rescheduling accord his government
recently signed, saying it will open new credit flows and bring
needed foreign investment to venezuela.
    In his annual state of the nation speech, lusinchi also
said venezuela supports other latin american debtors, despite
having reached a rescheduling accord on its own.
    In the 90-minute speech to the congress, lusinchi summed up
the achievements of his administration, which took office in
february 1984. He pointed to the 3.3 pct growth in non-oil gdp
in 1986 and to a "moderate" 12 pct inflation rate.
    Lusinchi said the 20.3 billion dlr debt rescheduling signed
feb. 27 put an end to a process which had been 'the calvary of
our nation over the post four years.'
    In the refinancing accord, he said, venezuela managed to
achieve 'the most inmportant thing, which is the reopening of
financial flows from abroad, essential for the financing of
development and the (financing) of trade and investment.'
    Once all the details of the agreement are finalized, he
said, venezuela will seek new financing for the imported
components of new development projects.
    "our intention is not to continue being net exporters of
capital, but to protect our balance of payments with a flow of
capital towards venezuela," he said.
    Under the agreement signed february 27, venezuela extended
payments on the debt from 12 to 14 years, while the interest
rate was lowered from 1 y 1/8 to 7/8 of a pct over libor.
    At the same time, payments over the next three years were
lowered from 3.450 to 1.350 billion dlrs.
    Lusinchi defended the rescheduling accord against critics
who said it merely deferred the weight of payments to future
governments.
 Reuter
3;
bodyend
documentend
documentstart
4574
topicstart
earn
topicend
bodystart
2;

ANGLO AMERICAN 
<
AIVJ.J> YEAR TO DEC 31


    JOHANNESBURG March 13 -
    
Shr 516 cts vs 347
    Final div 135 vs 125 making 190 vs 180
    Pre-tax 133 mln rand vs 137 mln
    Net 260 mln vs 172 mln
    Tax 76 mln vs 42 mln
    Att to outside shareholders 96 mln vs 53 mln
    Pref div 1 mln vs same
    Turnover 3.14 billion vs 2.56 billion
    Div pay May 8, register March 27.
    Note - Full name is Anglo American Industrial Corp Ltd.
 Reuter
3;
bodyend
documentend
documentstart
4576
topicstart
crude
topicend
bodystart
2;

UNOCAL 
<
UCL> RAISES CRUDE OIL POSTINGS


    NEW YORK, March 12 - 
Unocal Corp said it raised the
contract price it will pay for most grades of crude oil 50 cts
a barrel, effective today.
    The increase brings Unocal's posted price for the U.S.
benchmark grade West Texas Intermediate to 17.50 dlrs a barrel.
It also brought the price for West Texas Sour to 17.50 dlrs a
bbl. Light Louisiana Sweet was also raised 50 cts to 17.85
dlrs/bbl.
    Unocal last changed its crude postings on March four, and
brings it price in line with other major companies, which have
been raising prices steadily in recent weeks.
    The increase also represents the latest in a series of
increases that began with USX Corp's 
<
X> Marathon Petroleum
Corp's notification yesterday evening that, effective today, it
raised its crude postings 50 cts a barrel, bringing its
contract price for WTI to 17.50 dlrs a barrel.
    Earlier today, Sun Co 
<
SUN>, Phillips Petroleum 
<
P> and
Diamond Shamrock 
<
DIA> also said they raised their crude
postings 50 cts a barrel, bringing their WTI contract price to
17.50 dlrs a barrel.
    Contract prices have risen in response to higher spot
market prices, oil traders said.
 Reuter
3;
bodyend
documentend
documentstart
4577
topicstart
carcass
livestock
topicend
bodystart
2;

MEATPACKERS RESPOND TO OCCIDENTAL
<
OXY> OFFER


    CHICAGO, March 12 - 
Local 222 of the United Food and
Commercial Workers Union said it is calling a membership
meeting, possibly Sunday, to discuss its response to a decision
by Iowa Beef Processors Inc to lift a lockout at its Dakota
City, Nebraska plant and resume operations.
    The UFCWU will consider all options available to it
including a strike or returning to work under IBP's last labor
contract proposal, a spokeswoman for Local 222 said by phone.
    About 2,800 UFCWU members have been locked out at the
Dakota City plant since December 14.
    IBP is a subsidiary of Occidental Petroleum Corp.
 Reuter
3;
bodyend
documentend
documentstart
4578
topicstart
crude
topicend
bodystart
2;
******
CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL

Blah blah blah.
3;


bodyend
documentend
documentstart
4579
topicstart
acq
topicend
bodystart
2;

COURT LIFTS RESTRAINING ORDER ON MARK IV 
<
IV>


    BEDFORD, Mass, March 12 - 
Baird Corp 
<
BATM> said the
Massachusetts State Court for Suffolk County has lifted a  
temporary restraining order prohibiting Mark IV Industries Inc
from further purchases of Baird stock.
    According to filings with the Securities and Exchange
Commission, Mark IV owns at least 17.6 pct of Baird's stock and
may attempt to acquire Baird, Baird said.
    Baird said the court also issued an order enjoining Baird
from enforcing the Massachusetts Anti-Takeover Statute against
Mark IV industries.
 Reuter
3;
bodyend
documentend
documentstart
4581
topicstart
earn
topicend
bodystart
2;

CJI INDUSTIRES INC 
<
CJIIA> 4TH QTR NET


    NEW YORK, March 12 -
    
Oper shr profit 60 cts vs loss 55 cts
    Oper net profit 928,000 vs loss 88,000
    Revs 48.7 mln vs 39.7 mln
    Avg shrs 3.7 mln vs 1.5 mln
    Year
    Oper shr loss 1.17 dlrs vs loss 60 cts
    Oper net profit 2,537,000 vs profit 587,000
    Revs 178.8 mln vs 117.6 mln
    NOTE: Per share figures come after preferred dividends.
    Excludes fourth quarter and full year 1986 extraordinary
gains of 29 cts and 71 cts per share, respectively.
 Reuter
3;
bodyend
documentend
documentstart
4583
topicstart
earn
topicend
bodystart
2;

COUNSEL CORP SETS THREE-FOR-TWO STOCK SPLIT


    TORONTO, March 12 - 
<
Counsel Corp> said it plans a
three-for-two stock split, pending shareholder approval at the
April 28 annual meeting.
    The company said it recently reported 1986 profit of 5.9
mln dlrs, or 1.51 dlrs a share, before extraordinary items,
compared with 2.2 mln dlrs, or 81 cts, in 1985.
 Reuter
3;
bodyend
documentend
documentstart
4584
topicstart
crude
topicend
bodystart
2;

SOUTHLAND 
<
SLC> UNIT RAISES CRUDE POSTINGS


    New York, March 12 - 
Southland Corp's Citgo Petroleum Corp
said it raised the contract price it will pay for crude oil 50
cts a barrel, effective today.
    The increase bring's Citgo's posted price for the West
Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
barrel. The Light Louisiana Sweet South Onshore grade was also
raised 50 cts to 17.85 dlrs a barrel, and Light Louisiana Sweet
North was increased to 17.75 dlrs a barrel.
    Citgo last changed its postings on March four.
 Reuter
3;
bodyend
documentend
documentstart
4585
topicstart
earn
topicend
bodystart
2;

CANNON 
<
CAN> AUDIT TO SHOW SIGNIFICANT 1986 LOSS


    LOS ANGELES, March 12 - 
The Cannon Group Inc said its
financial statements will show substantial losses for fiscal
1986 and "significant downward adjustments in previously
reported stockholders' equity."
    The company also said its 1986 audit being conducted by

<
Arthur Young and Co> will cover the year ended January 3,
1987, instead of the nine-month period ended September 27, 1986
as previously announced.
    It said it anticipates the results of the audit will be
available in mid to late April 1987.
 Reuter
3;
bodyend
documentend
documentstart
4586
topicstart
acq
topicend
bodystart
2;

EAGER TECHNOLOGY ACQUIRES NUCLAD


    DENVER, March 12 - 
<
Eager Technology Inc> said it signed a
letter of intent to acquire Nuclad Inc, a private Colorado
corporation, and its subsidiaries.
    Terms of the acquisition were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
4590
topicstart
crude
nat-gas
topicend
bodystart
2;

SAN JUAN BASIN 
<
SJT> PROVEN RESERVES FALL


    FORT WORTH, Texas, March 12 - 
The San Juan Basin Royalty
Trust said proved reserves as of December 31 were estimated at
283.1 thousand cubic feet of gas and 1,087,000 barrels of oil.
    In the year-ago period, it said proved reserves were
estimated at 346.4 thousand cubic feet of gas  and 1,974,000
barrels of oil.
    It said the present value of future net revenues discounted
10 pct was 156.2 mln dlrs compared with 446.8 mln dlrs in the
year-ago period.
    It also said that about 60 net infill wells are not
economical to drill at December 31 prices.
 Reuter
3;
bodyend
documentend
documentstart
4591
topicstart
acq
topicend
bodystart
2;

INTERCONNECT OFFERS TO BUY GATES LEARJET 
<
GLJ>


    STAMFORD, Conn., March 12 - 
<
Interconnect Capital Corp>
said it sent a letter to the board of Gates Learjet Corp,
offering to buy the company for 7.07 dlrs a share.
    Gates Corp, which owns 64.8 pct of Gates Learjet, agreed
earlier this week to sell its shares to a partnership formed by
privately-held 
<
Cobey Corp> and a unit of Bear Stearns Cos Inc

<
BSC> for 6.50 dlrs a share or 51 mln dlrs. The proposal is
subject to approval by Gates Learjet's board.
    A spokesman for privately-held Interconnect said it made
the new proposal to Gates Learjet's board, but would not say if
it had held talks with the parent company's board.
   
 Reuter
3;
bodyend
documentend
documentstart
4592
topicstart
acq
topicend
bodystart
2;

SEAL 
<
SINC> ACQUIRES ADEMCO LTD


    NAUGATUCK, Conn., March 12 - 
Seal Inc said it acquired
Ademco Ltd, a United Kingdom company which distributes mounting
and laminating equipment and supplies, for a combination of
cash and stock valued at 2.6 mln dlrs, based on current
exchange rates.
    Seal said it will pay up to an additional 1.3 mln dlrs
contingent on the market price of Seal's common on December 31,
1988, and on certain earnings targets by the acquired business.
 Reuter
3;
bodyend
documentend
documentstart
4593
topicstart
crude
topicend
bodystart
2;

BRAZIL CANCELS OIL PURCHASE FROM SAUDI ARABIA


    RIO DE JANEIRO, March 12 - 
Brazil's state-oil company,
Petrobras, cancelled a 40 mln dlr crude oil purchase from Saudi
Arabia after the Saudis refused to accept credit guarantees
from the Bank of Brazil, a Petrobras official said.
    Export director Carlos Santana told a press conference the
Saudis were the first suppliers of oil to impose such
conditions after Brazil's decision to halt interest payment of
its commercial debts last month.
    The shipment of 2.2 mln barrels represents two days of oil
consumption in Brazil.
    But Santana said if the Saudis change their minds and
decide to respect the terms of the contract, then Petrobras
will lift the order to cancel the shipment.
    Santana said if the Saudis do not accept Brazil's terms by
Monday then Petrobras will negotiate elsewhere.
    "Petrobras has been Saudi Arabia's traditional client since
1955. If they do not accept our conditions now, it will be much
better for us, because with the market prices more or less the
same, buying from Iraq and China is an advantage," he said.
    Iraq and China have barter deals with Brazil, importing
Brazilian goods in exchange for oil, but the Saudis buy nothing
from Brazil, he said.
    Santana said despite a strike threat by oil industry
workers and a two-week stoppage by Brazilian seamen, Petrobras
oil stocks are "reasonably balanced." 
    Saudi Arabia is Brazil's second biggest oil supplier, with
an average 115,000 bpd. Iraq is the main supplier with 235,000
bpd. China comes third, with 58,000 bpd.
    "If the Saudis wish to stop our trade relationship, fine, I
am sure that if they do, we will be getting dozens of offers
from elsewhere," Santana added.
 Reuter
3;
bodyend
documentend
documentstart
4595
topicstart
trade
topicend
bodystart
2;

U.S. HOUSE PANEL APPROVES TRADE BILL


    WASHINGTON, March 12 - 
The U.S. House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
    The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
    "This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism'," Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
    The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
    But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
    Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual 10 pct trade surplus cut
by those countries.
 Reuter
3;
bodyend
documentend
documentstart
4599
topicstart
grain
wheat
corn
oilseed
soybean
topicend
bodystart
2;

NO GRAIN TO THE USSR IN LATEST WEEK -- USDA


    WASHINGTON, March 12 - 
There were no shipments of U.S.
grain or soybeans to the Soviet Union in the week ended March
12, according to the U.S. Agriculture Department's latest
Export Sales report.
     The USSR has purchased 1.0 mln tonnes of U.S. corn for
delivery in the fourth year of the U.S.-USSR grain agreement.
     Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
    Shipments to the USSR in the second year of the agreeement
amounted to 2,887,200 tonnes of wheat and 15,750,100 tonnes of
corn.
   
 Reuter
3;
bodyend
documentend
documentstart
4600
topicstart
crude
topicend
bodystart
2;

INDIA GETS 140 MLN DLR WORLD BANK LOAN


    WASHINGTON, March 12 - 
The World Bank said it has approved
a 140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
    The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
    The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
 Reuter
3;
bodyend
documentend
documentstart
4602
topicstart
money-supply
interest
topicend
bodystart
2;

FED DATA INDICATE NO POLICY CHANGE LIKELY


    By Martin Cherrin, Reuters


    NEW YORK, March 12 - 
U.S. bank reserve, monetary and
discount window borrowings data released by the Federal Reserve
today clearly indicate that policy is "on hold" and may not be
changed for weeks or even months, economists said.
    "The Fed is keeping policy at dead center and it is not
about to change policy unless something fairly dramatic occurs
on the economy," said John Williams of Bankers Trust Co.
    "These numbers contain no hint that a policy shift is in
prospect, nor do economic or financial developments argue for
policy change," said William Griggs of Griggs and Santow Inc.
    Fed data released today were all in line with economists'
expectations and similar to the numbers of recent weeks.
    The Fed said net discount window borrowings in the two
weeks ended Wednesday averaged 191 mln dlrs, up from 381 mln
dlrs in the February 25 statement period, but little changed
from 160 mln dlrs in the period before that.
    It said that banks' net free reserves in the latest two
weeks averaged 660 mln dlrs versus 675 mln dlrs previously.
    Finally, the Fed said that the M-1 money supply fell 800
mln dlrs in February, with the broader M-2 measure down 1.6
billion dlrs and M-3 up an even three billion dlrs.
    Analysts said that M-1 last month grew at a negative 1.3
pct annual rate compared with minus 0.7 pct for M-2 and actual
positive growth of 1.0 pct annualized for M-3.
    February levels of M-2 and M-3 left the aggregates 18.2 and
20.8 billion dlrs under their respective upper growth limits
set by the Fed for 1987. The annual growth target for both is
5-1/2 to 8-1/2 pct. There is no M-1 target.
    "In the near term, there is absolutely no reason for the
Fed to ease policy, even apart from the slowdown in money
growth," said Stephen Slifer, economist at Lehman Government
Securities Inc.
    Economists generally expect a modest pickup in monetary
growth in March after February's anemic growth rates. However,
they stress that money growth will not be strong enough to
prevent the Fed from dropping interest rates further if the
economy shows evidence of weakness.
    Commenting on February's decline in the key M-2 aggregate,
Slifer said the main cause was a 3.2 billion dlr drop in money
market deposits at banks. This number has risen three to four
billion dlrs a month for a long while, he said, so February's
weakness is not likely to persist. Slifer expects modest M-2
and M-3 growth rates of 3-1/2 to four pct during March.
    Griggs said that M-2 and M-3 in coming months should return
to the five to seven pct annualized growth region and so
continue to present no problem for the Fed.
    Economists said the Fed appears to be very comfortable with
its current policy stance and it is likely to wait for perhaps
several more months of economic data before deciding whether or
not to ease its grip on reserves.
    Given the economy's fragility in many sectors, the analysts
agreed that there is almost no chance that the Fed will choose
to raise, rather than lower, interest rates when it next
changes policy.
    "Discount window borrowings in the past week were about as
low as the Fed can get them, although Fed funds held above six
pct," said Williams of Bankers Trust. Funds averaged 6.12 pct
in the week to Wednesday, up from 6.06 pct in the prior week.
    The Fed added reserves indirectly via one billion dlrs of
customer repurchase agreements last Friday, 2.5 billion dlrs on
Monday and two billion dlrs on Wednesday. On Tuesday, it added
reserves directly through two-day System repurchases.
    Williams and Griggs agreed the Fed will let the funds rate
be largely market-driven. They said it is focusing instead on a
borrowings target of around 300 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4603
topicstart
coffee
topicend
bodystart
2;

COLOMBIA'S COFFEE MARKETING TO BE MORE FLEXIBLE


    BOGOTA, March 12 - 
Colombia intends to improve the
marketing of its coffee with the accent on more flexibility on
setting export registration prices, finance minister Cesar
Gaviria said.
    Speaking to reporters after announcing a lower export
registration price, or reintegro, of 1.10 dlr per lb ex-dock
New York, Gaviria said export mechanisms would be more agile.
    "In the first stage, we decided not only to lower the
reintegro but also to adopt a flexible policy of reintegro that
will allow private exporters to participate more actively in
Colombia's coffee export policy," he said.
    Traders said this means the export registration price will
change more often in a truer reflection of market trends.
    Gaviria said the measures merely responded to new market
factors since a return to a system of International Coffee
Organisation (ICO) export quotas may not occur in the short
term.
    ICO talks last month in London failed to break a deadlock
over re-introduction of export quotas, suspended in February
1986.
    Gaviria stressed that Colombia will not necessarily suffer
from depressed prices because it can compensate lower prices
with increased volume.
    "Colombia will continue to export its traditional amount of
coffee, between 9.6 and 10 mln bags (of 60 kilos), and will do
so without an agreement among producers," he said.
    He ruled out a much higher volume of exports, or up to 13.5
mln bags as mentioned in market circles, "because the idea is
precisely not to disrupt the market."
    Colombia exported a record 11.5 mln bags in the 1985/86
coffee year which ended last September 30.
    Echoing Gaviria's words, Jorge Cardenas, manager of the
national coffee growers' federation, said Colombia sought to
adapt its coffee marketing policy to circumstances.
    "There is great expectation in the world for the policies
that Brazil and Colombia will adopt. Ours is beginning to
emerge and no agreement among producers is foreseeable in the
immediate future," he told journalists.
    Trade sources in Rio today said Brazil's future export
policy was unlikely to be revealed before the end of next week.
    Cardenas said a new ICO meeting could only take place when
problems that hindered an agreement at the recent London talks
have been resolved.
    Asked to comment on a Reuter report from Jakarta saying
Indonesia hoped Colombia could use its contacts with Brazil to
suggest a compromise on the quota issue, Cardenas said the
Brazilian stand was quite clear.
    He said Brazil's current quota "reflects the reality of the
market, allows for an orderly supply and satisfies demand," but
added more clarity was needed to assess the criteria that
determined it.
    Cardenas said lows registered immediately after the failure
of the London talks were triggered by a widespread fear among
dealers of an imminent price war and the belief that producers
would go out and sell their coffee as quickly as possible,
which did not happen.
 Reuter
3;
bodyend
documentend
documentstart
4604
topicstart
crude
topicend
bodystart
2;

INDIA GETS 140 MLN DLR WORLD BANK LOAN


    WASHINGTON, March 12 - 
The World Bank said it approved a
140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
    The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
    The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
 Reuter
3;
bodyend
documentend
documentstart
4605
topicstart
acq
topicend
bodystart
2;

CANNON 
<
CAN> SELLS LIBRARY TO WEINTRAUB


    LOS ANGELES, March 12 - 
WEintraub Entertainment Group Inc
said it agreed to acquire Cannon Group's Screen Entertainment
film library.
    The library was purchased in May 1986 as part of Cannon's
acquisition of Screen Entertainment Ltd from Bond Corp Holdings
Ltd. The library has over 2,000 theatrical motion pictures.
    Terms call for the price to be established through an
appraisal process beginning immediately and not to exceed 175
mln dlrs or be below 125 mln dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
4606
topicstart
acq
topicend
bodystart
2;

GERBER 
<
GRB> BUYS GERBER SYSTEMS 
<
GSTI> SHARES


    SOUTH WINDSOR, Conn, March 12 - 
Gerber Scientific Inc said
its GST Acquisition Corp purchased 444,646 shares of its 84 pct
owned Gerber Systems Technology pursuant to a January 15 tender
offer.
    Following the purchase, Gerber made a capital contribution
to GST of all the shares it owned resulting in 95.6 pct
ownership by GST.
   
 Reuter
3;
bodyend
documentend
documentstart
4607
topicstart
topicend
bodystart
2;

UNITED MEDICAL 
<
UM> TO AMEND COVENANTS


    HADDONFIELD, N.J., March 12 - 
United Medical Corp said it
it has requested a meeting of holders of its Swiss Francs 30
mln 5-1/8 pct convertible subordinated notes due 1991.
    The meeting has been requested in order to amend the
negative pledge and financial covenants which have proved to be
too restrictive in light of the company's activities, it said.
    United also said it plans to acquire some of these notes to
reduce its exposure to foreign exchange fluctuations.
 Reuter
3;
bodyend
documentend
documentstart
4608
topicstart
topicend
bodystart
2;

INVESTORS MORE ACTIVE IN GILT MARKET, SURVEY SAYS


    LONDON, March 13 - 
Institutional investors are finding it
difficult to find "the best price" for transactions in U.K.
Government bonds (gilts) and have become more active in the
market since the deregulation of the London Stock Exchange in
October, agency broker Capel-Cure Myers said in a survey.
    The survey, covering a broad section of institutional
investors, also showed that investors were uneasy about the
impartiality of market makers' advice. Given their concerns,
over half those surveyed said they spend more time managing
their portfolios. At the same time, the investors believed the
market was more liquid and efficient than before Big Bang.
    Capel-Cure, a unit of Australia and New Zealand Banking
Group Ltd, conducted the survey during January among 70
institutions which are not clients of that firm.
    Banks and merchant banks accounted for 32 pct of the total,
building societies 30 pct, life assurance companies 20 pct,
insurance companies 11 pct and pension funds seven pct.
    The survey found that with the virtual elimination of
commissions, the improved market liquidity has encouraged
investors to deal more frequently in the market. Of those
responding, 70 pct were encouraged to deal more actively, 25
pct which saw no change and five pct dealt less actively.
    A Capel-Cure official told reporters the elimination of
commissions has made the market more competitive.
    He said Capel-Cure has deliberately set low commisstions
because of this.
    Nearly half the respondents said they now have their own
dealing team to cope with the new market, although the
definition of a "dealing team" was ambiguous, the survey said.
    Rather than being a self-contained, specialised group of
dealers who spend all their time searching for prices, the
definition now appears to be the less formal idea of a
multi-purpose fund manager, it said.
    The survey supported the general view in the gilt market
that a shake-out of the 27 market-makers is likely.
    It showed nearly 90 pct of the respondents believed that
the total number of market makers in three years time would be
less than 20, while 46 pct thought the number would be less
than 15.
    Some 79 pct of respondents said they expect the number of
agency brokers (for which there was no estimate) to fall over
the next three years. Unlike broker/dealers, agency brokers do
not take positions in the market, but the survey showed 68 pct
of respondents did not consider this very important when
deciding whether to use one.
 REUTER
3;
bodyend
documentend
documentstart
4609
topicstart
crude
topicend
bodystart
2;

VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE


    CARACAS, March 12 - 
Venezuela will lend Ecuador 50,000
barrels per day of crude oil over the next few months to help
it meet its export commitments, Energy and Mines Minister
Arturo Hernandez Grisanti said today.
    He said that under the terms of this loan, agreed during a
visit here this week by Ecuador's Deputy Energy Minister
Fernando Santos Alvite, Ecuador will begin repaying the loan in
August.
    Hernandez Grisanti said the loan will go part way to
offsetting the loss of Ecuador's 140,000 in exports caused by
earthquake damage to 25 miles of pipeline last week.
    Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the pacific port of Balao
was put out of action.
    Venezuela has an output quota of 1.495 bpd, while Ecuador's
is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to
allow it to produce 100,000 bpd above its quota when the
pipeline is repaired to offset present production losses.
    Hernandez Grisanti said also a first 300,000 barrels
shipment of Venezuelan crude oil will leave for Ecuador this
weekend to help meet domestic consumption needs.
    The oil, part of a five mln additional crude oil loan by
Venezuela, will be processed at Guayaquil refineries.
    "If we had not supplied oil to Ecuador the life of this
country would have ground to a halt," he said.
 Reuter
3;
bodyend
documentend
documentstart
4610
topicstart
earn
topicend
bodystart
2;

THE ADELAIDE STEAMSHIP CO LTD 
<
ADSA.S> FIRST HALF


    ADELAIDE, March 13 - 
First half ended December 31
    Shr 55.01 cents vs 97.76
    Int div 18 cents vs 16
    Net 75.05 mln dlrs vs 55.68 mln
    Turnover 156.94 mln vs 177.87 mln
    Other revenue 72.50 mln vs 31.18 mln.
    One-for-five rights issue at 11.50 dlrs a share
    One-for-four bonus issue on capital enlarged by rights
issue
    Shrs 99.36 mln vs 70.94 mln.
    NOTE - Shr applies to total net 54.66 mln dlrs vs 69.48 mln
after extraordinaries loss.
    Pre-extraordinaries net shr 75.53 cents vs 78.32
    Div pay April 30. Div and rights issue reg March 30. Bonus
reg May 6. Net equity-accounts share of associates' earnings.
    Pre-equity pre-tax earnings 59.52 mln dlrs vs 64.13 mln.
Pre-equity net 52.07 mln dlrs vs 43.35 mln after tax 3.45 mln
vs 16.34 mln, minorities 4.00 mln vs 6.44 mln, interest 33.89
mln vs 26.11 mln and depreciation 2.67 mln vs 2.72 mln but
before net extraordinary loss 20.39 mln vs 13.79 mln.
 REUTER
3;
bodyend
documentend
documentstart
4611
topicstart
topicend
bodystart
2;

PHILIPPINE DEBT TALKS FINELY POISED, BANKERS SAY


    By Alan Wheatley, Reuters


    NEW YORK, March 12 - 
Debt talks between the Philippine
government and its bank advisory committee were delicately
poised after a brief meeting between the two sides today,
bankers and sources close to the Philippine delegation said.
    "We had a businesslike meeting and made good progress," a
banker said. "The banks are anxious to come to an agreement."
    But bankers were reluctant to predict whether the talks
would end successfully. Caution was also evident in the
Philippine camp. "We feel the ball's in the banks' court," one
source said. The two sides will meet again on Friday.
    The talks, in which the Philippines is seeking to
reschedule about 9.4 billion dlrs of debt, are now dominated
by a discussion of the innovative proposal made by finance
minister Jaime Ongpin to pay part of the country's interest
bill in Philippine Investment Notes, PINs, instead of cash.
    Manila wants to pay the London Interbank Offered Rate in
cash and to issue PINs in respect of the margin above LIBOR.
    The banks rejected the original PINs proposal last Friday,
but Ongpin presented a revised proposal on Monday which sought
to satisfy the banks' objections by guaranteeing that the notes
would yield 7/8 pct over LIBOR in cash.    
    The banks have apparently yet to pass final judgment on the
new proposal.
    Senior Reagan Administration officials expressed warm
support for the PINs proposal this week, which gave Ongpin hope
that the banks would embrace the idea.
    But the banks are still being circumspect, weighing
possible accounting consequences as well as considering the
precedents that they would set if they agreed to PINS.
    One of the  main architects of the PINs proposal, U.S.
lawyer Lee Buchheit, is adamant that the banks have nothing to
worry about.
    "To the extent that it's a precedent, it's a precedent to
be encouraged," Buchheit, a partner with Cleary, Gottlieb,
Steen and Hamilton, told a debt-equity swaps conference
sponsored by Euromoney magazine.
    Under the proposal, banks would sell the dollar-denominated
PINs at a discount to multinational firms which would convert
them into pesos at face value to fund government-approved
equity investments in the Philippines.
    In effect, international firms would be paying part of
Manila's interest bill, allowing the government to conserve
much-needed hard currency.
    One of the beauties of the scheme, according to Buchheit,
is that it widens the scope of third-world debt negotiations,
which have been confined to debtors and creditors for the past
4-1/2 years.
    "There's another pool of cash at the table now," he said.
    David Mulford, Assistant Secretary of the U.S. Treasury,
told the Euromoney conference that ideas such as PINs should be
part of a "menu" of options available to banks instead of pure
new-money packages.
    He said the difficulty of syndicating Mexico's 7.7 billion
dlr loan package shows that new approaches must be encouraged.
    "We must face the fact that greater flexibility in devising
new money packages may, in effect, be essential to future bank
syndications," Mulford said.
    In an unusually frank comment about the Mexican deal, he
said that dissatisfaction with Mexico's economic program and
criticism of communication and coordination within the bank
syndicate had prompted a number of banks to refuse to
participate in the loan.
    This refusal "for a time appeared to jeopardize the
prospects for successful agreement with the rest of the banks,"
Mulford said.
    The Mexican package is now due to be signed on March 20,
but bankers said the U.S. clearly feels the need to breathe new
life into the financing process, especially with crucial
negotiations with Brazil, about to start.
    The banks for their part insist that they are more than
willing to discuss Mulford's "menu", and say it is the debtors
that need to be more flexible. For example, they say financing
talks with Argentina are proving tough because Buenos Aires
dislikes the debt-equity schemes and onlending provisions that
the banks are promoting. But whether the banks are ready to
endorse the PINs concept right away still hangs in the balance.
 Reuter
3;
bodyend
documentend
documentstart
4613
topicstart
earn
topicend
bodystart
2;

BRYN MAWR BANK CORP 
<
BMTC> UPS DIVIDEND


    BRYN MAWR, Pa, March 12 -
    
Qtly div 30 cts vs 30 cts prior
    Payable May one
    Record April 10
    NOTE:Bryn Mawr was reorganized as a holding company on
January 2, 1987, resulting in each share of Bryn Mawr Trust Co
being converted into three shares of the new holding company's
stock. The 30 cts dividend represents a 15 pct increase over
prior quarter.
 Reuter
3;
bodyend
documentend
documentstart
4615
topicstart
acq
topicend
bodystart
2;

PRICE 
<
PCLB> TO BUY 80 PCT OF TSS-SEEDMAN


    SAN DIEGO, March 12 - 
Price Co said it agreed to buy at
least 81 pct of the stock of 
<
TSS-Seedman's INc> for about 50
mln dlrs.
    The terms envision a purchase of the entire company, it
said.
    The transaction is expected to close at the end of April.
 Reuter
3;
bodyend
documentend
documentstart
4616
topicstart
money-fx
dlr
topicend
bodystart
2;

MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE


    TOKYO, March 13 - 
Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
    The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
    Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
 REUTER
3;
bodyend
documentend
documentstart
4617
topicstart
ship
topicend
bodystart
2;

TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS


    SAO PAULO, March 12 - 
Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
    A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
    The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
    Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
 REUTER
3;
bodyend
documentend
documentstart
4620
topicstart
earn
topicend
bodystart
2;
CHOCK FULL O'NUTS CORP 2ND QTR JAN 31 LOSS
    NEW YORK, March 12
    Oper shr loss 38 cts vs profit 24 cts
    Oper net loss 2,243,000 vs profit 1,192,000
    Revs 43.6 mln vs 41.0 mln
    Six mths
    Oper shr loss 35 cts vs profit 28 cts
    Oper net loss 2,090,000 vs profit 1,399,000
    Revs 84.3 mln vs 72.9 mln
    Note: Year-ago oper excludes loss from discontinued
operations of 1,028,000 dlrs for qtr and 1,076,000 dlrs for six
mths.
 REUTER
3;


bodyend
documentend
documentstart
4621
topicstart
earn
topicend
bodystart
2;

ADSTEAM RIGHTS ISSUE TO RAISE 228 MLN DLRS


    ADELAIDE, March 13 - 
The Adelaide Steamship Co Ltd 
<
ADSA.S>
(Adsteam) said its one-for-five rights issue at 11.50 dlrs a
share will raise 228.5 mln dlrs for general working capital and
investment, both in Australia and overseas.
    The group announced the issue with its first half earnings
and said in a statement that the rights issue will be followed
by a one-for-four bonus issue.
    Adsteam's equity-accounted net earnings rose to 75.05 mln
dlrs in the half ended December 31 from 55.68 mln a year
earlier and interim dividend to 18 cents from 16.
    Adsteam shares eased to 14.20 dlrs from an opening 14.60
and yesterday's close of 14.50 on the issue announcement.
    The issue will be underwritten by 
<
Morgan Grenfell
Australia Ltd> and 
<
McCaughan Dyson Ltd> apart from the shares
to be taken up by Adsteam's associate and largest shareholder,
department store retailer 
<
David Jones Ltd>.
    New shares will not rank for the interim dividend but will
rank equally thereafter.
    Adsteam said it expects to maintain an annual dividend rate
of 36 cents on capital enlarged to about 149 mln shares by both
issues from 99.36 mln.
    Adsteam said its diverse industrial interests generally
performed well and its results, as the ultimate holding company
and beneficiary, reflected this solid performance.
    David Jones, owned 49.2 pct by Adsteam, earned the largest
associates' net of 57.38 mln dlrs in the half against 40.29 mln
a year earlier, Adsteam's figures show.
    Wholly-owned and joint venture companies also did well
apart from timber, building supplies and real estate, which
returned below-budget profits due to the housing downturn.
    Adsteam said it sees 1987/88 as a year of reconstruction
and consolidation with the capital base boosted by the issue.
 REUTER
3;
bodyend
documentend
documentstart
4622
topicstart
acq
topicend
bodystart
2;

HEARST BUYS HOUSTON CHRONICLE FOR 400 MLN DLRS


    HOUSTON, March 12 - 
The 
<
Hearst Corp> is buying the Houston
Chronicle from Houston Endowment Inc for 400 mln dlrs.
    The announcement was made jointly by Frank Bennack Jr,
president and chief executive officer of Hearst, and Richard
Johnson, president of the Chronicle.
    The Houston Endowment is selling the paper to comply with
federal tax laws requiring charitable institutions to divest
themselves of profit-making subsidiaries by 1989.
    The Chronicle has a daily circulation of over 425,000 and
is in competition with the Houston Post, owned by the 
<
Toronto
Sun Publishing Corp>, with a circulation of about 316,000.
    The acquisition gives Hearst its biggest newspaper holding
in Texas, where the California-based publisher already owns
papers in San Antonio, Beaumont and Laredo.
    The chain also owns, among others, the flagship San
Francisco Examiner, the Los Angeles Herald Examiner and the
Seattle Post-Intelligencer.
 REUTER
3;
bodyend
documentend
documentstart
4623
topicstart
acq
topicend
bodystart
2;

IEL'S ACMEX UNIT TO BID FOR CHEETHAM


    SYDNEY, March 13 - 
<
Industrial Equity Ltd> (IEL) unit

<
Acmex Holdings Ltd> said it proposed to make a formal takeover
offer for all the issued capital of 
<
Cheetham Ltd>, a producer
of salt, animal feed and seeds.
    Acmex said in a statement it would offer one share for
every two Cheetham shares or 3.40 dlrs cash for each share.
    Acmex said it was presently entitled to 5.1 mln Cheetham
shares or 16.85 pct of its 30.27 mln issued shares.
    The scrip offer values Cheetham at about 110 mln dlrs,
based on Acmex's current price of 7.20 dlrs, and the cash offer
at about 104 mln. Cheetham last traded at 3.10 dlrs.
 REUTER
3;
bodyend
documentend
documentstart
4625
topicstart
gnp
topicend
bodystart
2;

U.S. OFFICIALS DISAGREE ON REDUCING BUDGET DEFICIT


    NEW YORK, March 12 - 
Senior U.S. Economic officials
disagree on the likelihood the government can meet its budget
deficit reduction targets.
    Beryl Sprinkel, chairman of the Council of Economic
Advisers, reiterated the Reagan Administration's opposition to
a tax increase and its pledge to reduce the deficit by cutting
spending and fostering economic growth.
    By contrast, Rudolph Penner, Director of the Congressional
Budget Office, said the budget process has broken down and the
deficit will remain close to 200 billion dlrs for fiscal 1987.
    Sprinkel told a symposium sponsored by New York University
that spending could be cut by avoiding decisions based on the
desire to influence votes and by shifting the responsibility
for local projects to state governments.
    He also suggested a line-item veto, which allows the
President to veto parts of bill without rejecting all of it, to
limit wasteful spending. Spending and taxing decisions should
be linked more closely.
    Sprinkel said the Administration still looks for 2.7 pct
growth in U.S. Real gross national product (GNP) in 1987 and
3.5 pct in 1988.
    Asked if the latest economic reports signal this rate of
economic growth is attainable, Sprinkel said, "It looks pretty
good to me. We've had two very strong employment reports."
    He also said federal reserve policy is appropriate, adding,
"It looks like they're on track."
    While further reductions are needed in the trade deficit,
Sprinkel said the lower dollar is having an impact.
    The new 1987 tax laws will not hurt the economy and the tax
reform act of 1986 significantly lowers tax rates and will
greatly increase private production incentives, he said.
    "Our estimates at the Council of Economic Advisers suggest
national net output of goods and services will permanently
increase by approximately two pct because of the long-run
consequences of tax reform," Sprinkel said. "In 1986, this would
have amounted to an increase of approximately 600 dlrs in the
income of the average American family."
    Sprinkel also argued the 1981 tax cuts were not responsible
for the large increase in the budget deficit.
    In fiscal 1986 ending September, federal spending amounted
to 23.8 pct of GNP, while federal receipts absorbed 18.5 pct of
GNP, leaving a deficit of 5.3 pct, he said.
    Sprinkel said that, compared with fiscal 1978, the 1986
federal expenditure share of GNP is 2.7 percentage points
higher and the revenue share of GNP is virtually the same.
    "Contrary to the conventional wisdom, therefore, the 1981
tax cut is not the root cause of the extraordinary budget
deficits of the past few years," Sprinkel said.
    "This tax cut merely rolled back the inflation-induced tax
increases that occurred between 1978 and 1981," he added.
    However, the Congressional Budget Office's Rudolph Penner
argued that the tax cut in 1981 was misguided.
    "Since making the big mistake in 1981 of cutting taxes
enormously without any plan to decrease spending by the
Administration or Congress, indeed with increases in defence
spending, now all the options (for reducing the budget deficit)
are unpleasant," he said.
    Penner said the tax cut resulted from the ideological
turmoil in the U.S. Caused by the "biggest sustained inflation
in our nation's history," which helped foster widespread
distrust of government.
    "The American people turned on the government with tax
revolt at the state level and new demands on the government at
the national level," Penner said.
    "But their dislike of taxes exceeded their general dislike
of spending programs. Now the correction of that 1981 mistake
demands that the system change a lot."
    Penner sees little hope the Gramm-Rudman-Hollings budget
deficit reduction targets will be met and said the deficit will
remain at roughly 200 billion dlrs this year.
    He said a budget process that sets targets arbitrarily is
not likely to succeed.
    "I feel pretty safe in saying that any process that tries to
dictate a numerical outcome from above is doomed to fail simply
because there's no ... Way to enforce it," Penner said.
    Penner questioned the methods by which the 1987 budget
deficit was cut. He said 18 to 19 billion dlrs were eliminated
by one-time measures, such as a temporary increase in taxes
related to tax reform and sales of government assets.
    "Another four billion dlrs was cut by what I call creative
timing changes, like moving the military payday from the last
day of fiscal 1987 to the first day of fiscal 1988. That saved
more than two billion dlrs," Penner said.
 REUTER
3;
bodyend
documentend
documentstart
4629
topicstart
trade
bop
topicend
bodystart
2;

AUSTRALIAN TERMS OF TRADE WORSEN IN LAST QUARTER


    CANBERRA, March 13 - 
Australia's terms of trade fell by a
further 3.5 pct in the fourth quarter of 1986 after declining
0.8 pct in the third quarter and 2.7 pct a year earlier, the
Statistics Bureau said.
    It said the seasonally adjusted current account deficit of
3.22 billion dlrs in the quarter would have dropped to 912 mln
if not for the terms of trade decline.
    The fourth quarter decline followed a 1.1 pct fall in
export prices and a 2.4 pct rise in import prices, it said.
    The Bureau noted Australia's terms of trade had fallen by
19.9 pct since the fourth quarter of 1983.
 REUTER
3;
bodyend
documentend
documentstart
4630
topicstart
sugar
topicend
bodystart
2;

CHINA FACES DILEMMA OVER SUGAR IMPORTS


    By Mark O'Neill, Reuters


    PEKING, March 13 - 
China has to decide if it will increase
sugar imports this year to cover falling domestic output and
rising demand, in view of market predictions that international
sugar prices will remain firm this year, traders and the
official press said.
    He Kang, Minister of Agriculture, Animal Husbandry and
Fisheries, said this week that China has adjusted the
purchasing price for sugar cane and beet to check a drop in
production last year but he gave no price details.
    One Japanese trader said domestic demand is rising rapidly
because of improving living standards and rising demand for
sweet drinks, cakes and biscuits and other sugary foods.
    "It will not be easy to cut domestic demand, even in a
state-controlled economy. China may have to import," he said.
    Customs figures show imports fell to 1.182 mln tonnes in
1986 from 1.909 mln in 1985 and fell to 25,165 tonnes in
January 1987 from 54,000 in January 1986.
    The official Economic Information newspaper last month said
production in the 1986/87 crushing season (September-April)
will be 1.18 mln tonnes short of demand.
    The paper put 1986/87 output at 4.82 mln, down from 5.24
mln in 1985/86, and domestic demand at about six mln tonnes.
    "In the last two years, acreage under sugar cane and beet
has fallen, sugar mills are underutilised, output has dropped
and cannot meet demand that is rising every day," it said.
    "The country will have to continue imports of sugar and draw
down stocks to meet market demand," it added.
    It quoted the Ministry of Light Industry as blaming the
drop in output on unreasonable state purchasing prices for cane
and beet as against other crops, which has resulted in farmers
refusing to grow them.
    The paper said in 1985 a farmer could earn up to three
times more per hectare from pineapple and watermelon and up to
seven times more from bananas than from sugarcane. He could
sell grain on the free market at 560 yuan a tonne, against only
70 yuan a tonne for sugarcane.
    Sugar mills are suffering because refined sugar prices have
not changed for 20 years despite rising costs, it said.
    In Fujian, the cost of producing one tonne rose to 702 yuan
in 1985 from 520.1 in 1980, cutting the mills' profit to 117
yuan a tonne from 217.9, it added.
    The paper said unreasonable pricing resulted in 144 of the
442 sugar mills working in the 1985/86 crushing season losing
money. China has 521 sugar mills.
    A foreign agricultural expert forecast a drop in cane
acreage in 1986/87 (September-August) of up to 10 pct in
Guangdong, which produced 45 pct of China's sugar in calendar
1985, and a smaller drop in Fujian, which produced 11 pct of
China's sugar in calendar 1985.
    He said both provinces are more developed than other
sugar-producing areas and more sensitive to demand from cities.
    But cane acreage in Guangxi and Yunnan, which accounted for
28 pct of the 1985 crop, has risen by 10 to 30 pct in 1986/87,
because cane-growing is more economic there, he said.
    He put sugar stocks at 2.333 mln tonnes in September 1986.
    A Hong Kong trader estimated stocks at more than three mln
at end-January. "Now they are falling but (they) have not
reached the critical level, compelling China to import quickly,"
he said.
    "China has options not easily available in western
countries. It controls stocks strictly and can release less
into the consumer market if stocks fall too quickly," he said.
    The Hong Kong trader said calendar 1987 imports will be
slightly less than those of 1986, because of firm world prices
and serious foreign exchange constraints which, he said, are
likely to continue until at least end-1988.
    He said nearly all cane and beet is sold to the state-owned
mills, with a small amount sold raw to consumers.
    "Most of the mills are old and inefficient, with many of
them using Soviet equipment imported in the 1950s," he said.
    He said demand in rural areas will in future rise an annual
four pct, with demand in the cities rising an annual two pct.
 REUTER
3;
bodyend
documentend
documentstart
4631
topicstart
livestock
carcass
topicend
bodystart
2;

JAPAN SETS 1987/88 FIRST HALF BEEF IMPORT QUOTA


    TOKYO, March 13 - 
The Agriculture Ministry said it set
Japan's beef import quota for the six months from April 1 at
93,000 tonnes, up from 83,000 in the second half of 1986/87 and
85,000 a year earlier.
    Under an agreement with the U.S. And Australia, Japan has
been increasing imports by 9,000 tonnes a year from March 31,
1985, to reach a projected 177,000 tonnes in the year to March
31, 1988.
 REUTER
3;
bodyend
documentend
documentstart
4632
topicstart
trade
topicend
bodystart
2;

JAPAN DENIES BREAKING SEMICONDUCTOR TRADE PACT


    TOKYO, March 13 - 
Japan denied breaking a pact with the
U.S. On semiconductor trade but said prices set out in the pact
were too high and acknowledged difficulties in implementing the
accord.
    "We are faithfully abiding by the ... Agreement but of
course there are some problems," a spokesman for the
International Trade and Industry Ministry told Reuters.
    He said the high semiconductor prices recommended by the
agreement were leaving Japanese manufacturers piling up stocks
of unsellable products. "We are aiming to reduce production in
Japan but of course this takes time," he said.
    The spokesman said some Japanese companies were selling
chips in Europe and Asia below stipulated prices, but added: "It
is only a matter of time before we solve this problem."
    The eight month old pact aims to stop Japan selling large
quantities of chips at knock-down prices to the United States
and other countries and to increase U.S. Semiconductor sales in
Japan.
    The U.S. Senate Finance Committee this week called on
President Reagan in a non-binding resolution to retaliate
against Japan for violating the agreement.
 REUTER
3;
bodyend
documentend
documentstart
4633
topicstart
money-fx
yen
topicend
bodystart
2;

JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE


    TOKYO, March 13 - 
International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
    He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
 REUTER
3;
bodyend
documentend
documentstart
4634
topicstart
wpi
topicend
bodystart
2;

GERMAN WHOLESALE PRICES FALL 0.4 PCT IN FEBRUARY


    WIESBADEN, March 13 - 
West German wholesale prices fell 0.4
pct in February from January to stand 6.9 pct lower than in
February 1986, the Federal Statistics Office said.
    In January wholesale prices rose 0.8 pct from December to
stand 8.6 pct below their level in January 1986.
    Wholesale price declines were led by starch products, down
13 pct, light heating oil 11 pct lower, heavy heating oil 10
pct lower and green coffee down 6.9 pct.
    Among higher wholesale prices were those for fresh
vegetables, up 17 pct, fresh fruit up 12 pct and eggs up 8.9
pct, the statistics office said in a statement.
 REUTER
3;
bodyend
documentend
documentstart
4635
topicstart
trade
topicend
bodystart
2;
******
SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
4636
topicstart
livestock
carcass
topicend
bodystart
2;

AUSTRALIAN BEEF OUTPUT SEEN DECLINING IN 1987


    SYDNEY, March 13 - 
Australian beef output is forecast to
decline to 1.34 mln tonnes carcass weight in 1987 and 1.36 mln
in 1988 from 1.44 mln in 1986, the Australian Meat and
Live-Stock Corp (AMLC) said.
    Exports of beef/veal are also predicted to decline to
480,000 tonnes shipped weight in 1987 from 515,000 in 1986, and
then rally to 490,000 in 1988, the AMLC said in a summary of
its bi-annual meat and livestock forecasts.
    It sees cattle numbers remaining at around the 1986 level
of 23.2 mln beasts in both years because herd rebuilding is
expected to be slower than previously forecast.
    Beef producers are becoming more confident that higher
returns in the market, both domestically and overseas, will
continue, the AMLC said.
    The slow herd build-up and the forecast lower production is
expected to bring about a slight drop in both export and
domestic consumption this year, it said.
    The forecast does not assume a turnaround in production
levels until late next year.
    It said the outlook for beef exports as a proportion of
output remains much the same as last year when it was around 55
pct of total production. In 1985 it was 52 pct.
    The increase in exports of beef as a percentage of
production has mainly been attributed to the decline in the
Australian dollar, the AMLC said.
    It also forecast that Australia's four major markets, the
U.S., Japan, Canada and Taiwan, will continue to dominate the
chilled and frozen beef export markets. They take collectively
around 94 pct of total Australian exports.
 REUTER
3;
bodyend
documentend
documentstart
4637
topicstart
grain
topicend
bodystart
2;

CHINA'S JANUARY GRAIN EXPORTS FALL


    PEKING, March 13 - 
China's grain exports in January totaled
386,157 tonnes, down 22.1 pct from January 1986, customs
figures show.
    They gave no detailed breakdown.
    The official China Economic News quoted the figures as
showing tea exports rose 9.7 pct to 8,474 tonnes during the
month.
    Imports of wool rose 117.6 pct to 10,248 tonnes over the
same period, the figures show.
 REUTER
3;
bodyend
documentend
documentstart
4638
topicstart
trade
topicend
bodystart
2;

SWISS FEBRUARY TRADE DEFICIT 629.7 MLN FRANCS


    BERNE, March 13 - 
Switzerland had a trade deficit of 629.7
mln Swiss francs in February compared with a revised 209.4 mln
deficit in January and 723.2 mln shortfall in February 1986,
the Federal Customs Office said.
    February imports were 6.00 billion francs against exports
of 5.37 billion.
    Imports rose in real terms by 5.1 pct against February 1986
while exports rose by a real 4.6 pct, the office said.
    But a further improvement in the terms of trade left the
deficit smaller than last year.
    Last February's figure had also been hit by the import of
two passenger aircraft.
 REUTER
3;
bodyend
documentend
documentstart
4639
topicstart
topicend
bodystart
2;

AUSTRALIAN TREASURY NOTE TENDER 700 MLN DLRS


    SYDNEY, March 13 - 
The Reserve Bank of Australia said it
would offer 500 mln dlrs of 13-week treasury notes and 200 mln
dlrs of 26-week notes for tender next week
    The Bank said it would take up 300 mln dlrs of the 13-week
notes at the average yield. It is not taking up any 26-week
notes.
 REUTER
3;
bodyend
documentend
documentstart
4640
topicstart
ship
topicend
bodystart
2;

JAPAN SHIPBUILDERS SEEK CARTEL TO RESTRICT OUTPUT


    TOKYO, March 13 - 
Japanese shipbuilders have applied to the
state's Fair Trade Commission to form a cartel to restrict
tonnage built to about half of total capacity for the year
starting April 1, officials of the Shipbuilders Association of
Japan said.
    Under the plan, 33 yards capable of building ships of more
than 10,000 gross tons will curtail operations to three mln
compensated gross registered tonnes (CGRT) a year against
capacity of about six mln CGRT.
    The Transport Ministry estimates new orders at 3.3 mln CGRT
in the year to March 1988 and 3.1 mln the following year.
    The industry has curtailed production due to oversupply
nearly every year since 1977/78, under cartel or Transport
Ministry guidelines. The latest guidelines call for a ceiling
of four mln CGRT in the year to March 31.
    The cartels, self-imposed and self-regulated, are not
legally binding, but industry finds it in its own interest to
stick to them.
    The slowdown in orders has been caused by the strong yen
and a protracted worldwide shipbuilding slump.
 REUTER
3;
bodyend
documentend
documentstart
4641
topicstart
wpi
topicend
bodystart
2;

SWISS WHOLESALE PRICES FALL 0.3 PCT IN FEBRUARY


    BERNE, March 13 - 
Swiss wholesale prices fell by 0.3 pct in
February, giving a drop of 4.3 pct from February 1986, the
Federal Office of Industry, Trade and Labour said.
    Prices had been unchanged in January, giving an annual drop
of 4.6 pct. They fell by 2.6 pct in the year to February 1986.
    The wholesale price index, base 1963, stood at 168.5 in
February from 176.1 last year.
    The office said the fall was largely due to lower prices
for energy, raw materials and semi-finished goods. Consumer
goods prices rose slightly.
 REUTER
3;
bodyend
documentend
documentstart
4643
topicstart
topicend
bodystart
2;

SINGAPORE MONETARY EXCHANGE FACES NON-ASIAN RIVALS


    By Tay Liam Hwee, Reuters


    SINGAPORE, March 13 - 
Expanding global links between
futures markets mean that the Singapore International Monetary
Exchange (SIMEX) must add Chicago and London to its list of
rivals, banking sources said.
    When SIMEX and the Sydney Futures Exchange (SFE) introduced
U.S. Treasury bond futures last autumn, the sources expected to
see fierce rivalry between the two exchanges, ending with only
one winner in Asia.
    But surprisingly, the challenges now appear to be coming
from the other side of the world, they said.
    The Chicago Board of Trade (CBOT) will introduce night
trading in its U.S. Treasury bond contract on April 30, which
could clash with SIMEX morning activity, banking sources said.
    The CBOT had planned to introduce night trading on April 2,
but postponed the move to allow participants time to prepare.
    The London International Financial Futures Exchange (LIFFE)
could cut further into the SIMEX contract with a U.S. Treasury
bond contract that can be offset on the CBOT, they said. Such a
LIFFE contract is expected later this year.
    LIFFE liquidity could be higher than at the SIMEX, where
average daily volume in Treasury bonds dropped to 165 in
February from 1,286 last October when the bonds were first
introduced.
    The contracts were set up to attract hedging from the
rapidly growing underlying cash market in U.S. Treasury bonds
in Toyko, but interest has waned as that market has grown more
stable, traders said.
    Restrictions on investments by Japanese residents have also
inhibited the growth of the futures contracts in both Singapore
and Sydney, the banking sources said.
    Nevertheless, all 450 seats on SIMEX are now taken, with
the last trading at 55,000 dlrs against the initial price of
50,000 dlrs. The current bid is 55,500 dlrs, but offers at
65,000 show that confidence in SIMEX remains, said Michael
Killian, general manager of Chase Manhattan Futures Corp.
    Killian, a SIMEX board member, said the CBOT night session
might raise arbitrage opportunities and SIMEX would benefit
from a local stock exchange index contract planned for the end
of 1987. SIMEX also became more competitive after this month's
budget eliminated withholding tax on interest earned on futures
margin deposits.
    Banking sources said the tax change would boost SIMEX
trading by non-bank institutions and individuals and would
benefit foreign firms and institutions.
    While the Treasury bond contract has been somewhat
disappointing, other SIMEX contracts continue to expand, Fong
Yew Meng, SIMEX assistant general manager, told Reuters.
    Volume in the SIMEX's Nikkei stock index, based on the
Tokyo stock market, has risen to a daily average of more than
1,000 contracts this month, from 320 contracts last October,
helped by uncertainty during the recent bull run in Tokyo
stocks, Fong said.
    Open interest in the Nikkei contract, introduced last year,
reached a record 2,697 on February 26.
    Killian said the Nikkei contract has considerable potential
for expansion, as overseas investors have been avoiding the
contract because they currently see no need to hedge the rising
cash market in Tokyo.
    SIMEX is also enjoying record trading in other contracts.
In February, total volume on the exchange reached a record
122,819 contracts, surpassing the previous monthly record of
116,767 set in September. Eurodollar volume reached a record
78,546 contracts last month against 70,306 in September.
    SIMEX is likely to try to maintain its growth by moving
into options soon, but competition continues regionally as well
as globally, banking sources said.
    The Sydney exchange plans to introduce by June a share
index futures contract based on a composite of stocks on which
equity options are traded, which could generate more liquidity
than the ordinary index, banking sources said.
    Local interest in the Sydney Treasury bond contract may
also flare if the Sydney exchange establishes a three-way link
with Chicago and London, traders in Sydney said.
    LIFFE is discussing such a link with the CBOT, they said.
 REUTER
3;
bodyend
documentend
documentstart
4644
topicstart
earn
topicend
bodystart
2;

KUBOTA LTD 
<
KUB.T> THIRD QUARTER TO JANUARY 15


    TOKYO, March 13 -
    
Group shr 53 yen vs 22
    Net profit 3.58 billion vs profit 1.47 billion
    Pretax profit 4.94 billion vs loss 248 mln
    Operating profit 5.36 billion vs profit 789 mln
    Sales 127.34 billion vs 130.22 billion
    Nine months ended January 15
    Group shr 134 yen vs 119
    Net 9.10 billion vs 8.03 billion
    Pretax 19.78 billion vs 14.77 billion
    Operating 17.35 billion vs 16.00 billion
    Sales 430.06 billion vs 446.26 billion
 REUTER
3;
bodyend
documentend
documentstart
4645
topicstart
topicend
bodystart
2;

NATIONAL AUSTRALIA BANK PLANS 75 MLN DLR CD ISSUE


    HONG KONG, March 13 - 
The National Australia Bank's Hong
Kong branch is planning a 75 mln Australian dlr floating rate
certificate of deposit (CD) issue, banking sources said.
    The three-year issue, which matures April 9, 1990, is in
two tranches. Tranche A of 50 mln dlrs carries interest at 30
basis points below one-month bank bill rate, payable monthly,
and tranche B of 25 mln dlrs carries interest at 25 basis
points below three-month bank bill rate, payable quarterly.
    Fee for co-managers is 1/8 pct.
    Lead manager is BT Asia Ltd, and syndication is expected to
close on March 16.
 REUTER
3;
bodyend
documentend
documentstart
4648
topicstart
gold
topicend
bodystart
2;

JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES


    TOKYO, March 13 - 
The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
    The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without special
legislation, although higher-valued coins would still need a
special law, the official said. At present it can only issue
coins of 500 yen or less.
 REUTER
3;
bodyend
documentend
documentstart
4649
topicstart
earn
topicend
bodystart
2;

SANDOZ AG 
<
SANZ.Z> YEAR 1986


    BASLE, March 13 - 
Group 1986 net profit 541 mln Swiss
francs vs. 529 mln
    Dividend 105 francs per 250 francs nominal share vs. 100,
21 francs per 50 franc nominal participation certificate vs 20
    Group Turnover 8.36 billion francs vs. 8.45 billion
    Cash Flow 956 mln francs vs. 941 mln
    Parent company net profit 153.8 mln francs vs. 135.3 mln
 REUTER
3;
bodyend
documentend
documentstart
4650
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDIA IN COUNTERTRADE DEAL FOR MALAYSIAN PALM OIL


    NEW DELHI, March 13 - 
India is to partially cover the cost
of its Malaysian palm oil imports through a countertrade deal
involving the construction of two bridges valued at 20 mln
dlrs, an Indian trade source told Reuters.
    He said Malaysia agreed to the oil-for-bridges deal in
October after India said it could no longer buy some 700,000
tonnes of palm oil a year because of its trade deficit.
    Malaysia has also agreed to barter palm oil for 30 mln dlrs
of hydroelectric equipment and is interested in countertrading
for Indian iron ore, wheat and other goods and services, he
said.
 REUTER
3;
bodyend
documentend
documentstart
4652
topicstart
earn
topicend
bodystart
2;
******
 ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)

Blah blah blah.
3;


bodyend
documentend
documentstart
4654
topicstart
trade
topicend
bodystart
2;

BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE


    TOKYO, March 13 - 
The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
    Japan's trade surplus in nominal terms is likely to remain
high in the near future, the central bank said.
    Fundamental adjustments will be needed as long as Japan
hopes to benefit from a better international allocation of
resources and maintain the free trade system, it added.
 REUTER
3;
bodyend
documentend
documentstart
4656
topicstart
interest
topicend
bodystart
2;
******
 London - Floating rate note prices open sharply lower, dealers say

Blah blah blah.
3;


bodyend
documentend
documentstart
4657
topicstart
earn
topicend
bodystart
2;

ALUSUISSE 
<
ALUZ.Z> YEAR 1986


    ZURICH, March 13 - 
Net Loss 688 mln Swiss francs vs. Loss
756 mln
    Gross sales 5.93 billion vs. 8.51 billion
    Operating income 198 mln francs vs 256 mln
    Net extraordinary charges 592 mln vs 472 mln
    Note - Company plans 50 pct capital reduction, banks to
convert 300 mln francs of credit facilities to subordinated
loans. No immediate plans for capital increase. Company full
name Schweizerische Aluminium AG.
 REUTER
3;
bodyend
documentend
documentstart
4658
topicstart
crude
topicend
bodystart
2;
******
Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto

Blah blah blah.
3;


bodyend
documentend
documentstart
4659
topicstart
acq
topicend
bodystart
2;

COUNTY INCREASES TESCO STAKE IN HILLARDS


    LONDON, March 13 - 
<
County Ltd>, which is acting in concert
with Tesco Plc 
<
TSCO.L> in its 151.4 mln stg for supermarket
chain operator 
<
Hillards Plc>, has purchased 300,000 Hillards
ordinary shares at 316p per share, a statement said.
    These purchases, together with those made by County on 10
March, represent about 4.8 pct of Hillards issued ordinary
share capital, it said.
    Tesco's offer, made on March 10, values each Hillards
ordinary share at 305.5p, a 37.6 pct premium over the previous
day's  closing price. A cash alternative of 290.55p will be
made available.
 REUTER
3;
bodyend
documentend
documentstart
4660
topicstart
wpi
topicend
bodystart
2;

S. AFRICAN PRODUCER PRICE INFLATION FALLS SHARPLY


    PRETORIA, March 13 - 
South African year-on-year producer
price inflation fell to 14.9 pct in January against 16.4 pct in
December, Central Statistics Office figures show.
    The all items index (base 1980) rose a monthly 0.8 pct in
January to 233.9, after also rising 0.8 pct in December to
232.1.
    A year ago the index stood at 203.6 and year-on-year
producer price inflation at 22.2 pct.
 REUTER
3;
bodyend
documentend
documentstart
4662
topicstart
crude
topicend
bodystart
2;

SUBROTO SEES OIL MARKET CONTINUING BULLISH


    JAKARTA, March 13 - 
Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
    He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
    "The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters," Subroto said.
    Asked about the prospect for oil prices, he said: "I think
they will stabilise around 18 dlrs, although there is a little
turbulence ..."
    "Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs," he added.
 REUTER
3;
bodyend
documentend
documentstart
4664
topicstart
crude
topicend
bodystart
2;

OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS


    JAKARTA, March 13 - 
Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
    He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
    "We are deliberately defending the price, so OPEC production
is less than 15.8 (mln) at the moment," he stated.
    Asked if OPEC would increase production if prices went
above 18 dlrs a barrel, he said this would be decided at the
next OPEC meeting in June. "We will discuss the market situation
then," he added.
    He said a meeting of the OPEC Differentials Committee had
been postponed because "there is no need for the meeting."
    He did not elaborate. The committee had originally been due
to meet in Vienna this week.
 REUTER
3;
bodyend
documentend
documentstart
4665
topicstart
acq
topicend
bodystart
2;

JAPAN REJECTS U.S. OBJECTIONS TO FAIRCHILD SALE


    By Linda Sieg, Reuters


    TOKYO, March 13 - 
A Foreign Ministry official dismissed
arguments made by senior U.S. Government officials seeking to
block the sale of a U.S. Microchip maker to a Japanese firm.
    "They appear to be linking completely unrelated issues,"
Shuichi Takemoto of the Foreign Ministry's North American
Division told Reuters.
    U.S. Commerce Secretary Malcolm Baldrige has asked the
White House to consider blocking the sale of 
<
Fairchild
Semiconductor Corp> to Japan's Fujitsu Ltd 
<
ITSU.T>, U.S.
Officials said yesterday.
    Baldrige expressed concern that the sale would leave the
U.S. Military dependent on a foreign company for vital high
technology equipment. Pentagon officials said Defence Secretary
Caspar Weinberger also opposes to the sale.
    U.S. Officials have also said the sale would give Fujitsu a
powerful role in the U.S. Market for supercomputers while
Japan's supercomputer market remains closed to U.S. Sales.
    Takemoto said national security should not be an issue
since the planned purchase of Fairchild from its current owner,
Schlumberger Ltd 
<
SLB>, does not include Fairchild's main
defence-related division.
    In addition, Takemoto said tension over the supercomputer
trade should not affect the sale as Fairchild does not make
supercomputers.
    Analysts noted that Fairchild does make sophisticated
microchips used in supercomputers. Fujitsu makes similar chips
and supplies them to U.S. Supercomputer makers, they said.
    Takemoto also dismissed U.S. Fears that the proposed
takeover would violate U.S. Antitrust law, saying "the purchase
would not result in Fujitsu monopolising the U.S. Semiconductor
market."
    Two separate issues appear to have come together to boost
pressure to block the purchase, industry analysts said.
    The move is in part an attempt to force Japan to open its
domestic market to more U.S. Supercomputer sales, they said.
    U.S. Officials have repeatedly charged that the Japanese
public sector is closed to U.S. Supercomputer sales despite
U.S. Firms' technological lead in the field.
    "The United States believes Japan will only react when
bullied, and this is a bullying ploy," Salomon Brothers Asia
analyst Carole Ryavec said.
    However, the analysts said more is at stake than
supercomputer sales as the U.S. Fears it is losing its vital
semiconductor industry to Japanese competitors.
    "The real issue is xenophobia in (the U.S.) Silicon Valley,"
said Tom Murtha of brokerage James Capel and Co.
    U.S.-Japanese tension over the semiconductor trade has
failed to subside despite recent efforts by Japan's Ministry of
International Trade and Industry (MITI) to get Japanese firms
to abide by a bilateral pact aimed at halting predatory pricing
and opening Japan's market.
    A MITI official said that while Japan is faithfully abiding
by the agreement, problems remain in halting the sale of
microchips in Europe and Southeast Asia at prices below those
set by the pact.
    "It is only a matter of time before we solve this problem,"
he told Reuters.
    Despite the furore, Fujitsu will proceed with talks on the
acquisition in line with the basic agreement reached with
Schlumberger last year, a Fujitsu spokeswoman told Reuters.
 REUTER
3;
bodyend
documentend
documentstart
4666
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND OFFERS EARLY HELP TO MONEY MARKET


    LONDON, March 13 - 
The Bank of England said it invited an
early round of bill offers to help ease tight conditions in the
money market.
    The bank estimated today's liquidity shortage at about 1.10
billion stg.
    Bills maturing in official hands and the treasury bill
take-up would drain 1.21 billion stg from the system while a
rise in the note circulation and below target bankers' balances
would take out 265 mln and 180 mln respectively, the bank said.
    Against this, exchequer transactions would add a net 535
mln stg.
 REUTER
3;
bodyend
documentend
documentstart
4667
topicstart
topicend
bodystart
2;

OKB ISSUES 100 MLN CANADIAN DLR BOND


    LONDON, March 12 - 
Oesterreichishce Kontrollbank AG is
issuing a 100 mln Canadian dlr eurobond due March 20, 1997 at
nine pct and priced at 101-7/8 pct, Morgan Guaranty Ltd said as
joint book-runner with LTCB International.
    The bond is available in denominations of 1,000 and 10,000
dlrs and will be listed in Luxembourg.
    Fees comprised 1-1/4 pct selling concession with 3/4 pct
for management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
4669
topicstart
topicend
bodystart
2;

CBS ISSUES 400 MLN DLRS IN CONVERTIBLE DEBT


    LONDON, March 13 - 
CBS Inc 
<
CBS.N> is issuing 400 mln dlrs
of convertible debt due April 7, 2002 with a coupon of five pct
and priced at par, said Morgan Stanley Ltd as lead manager.
    The securities are convertible into shares of CBS at a
price of 200 dlrs per share, which represents a premium of 26.2
pct over the company's closing stock price yesterday of 158.50
dlrs on the New York Stock Exchange.
    The issue is callable in the first three years only if the
stock prices rises abouve 130 pct of the conversion level.
There is a 1-1/2 pct selling concession and a one pct combined
management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
4671
topicstart
grain
wheat
topicend
bodystart
2;

BRITISH WHEAT AREA DOWN, MINISTRY CENSUS SHOWS


    LONDON, March 13 - 
A total of 1.886 mln hectares was sown
to wheat in Britain, excluding Northern Ireland, up to December
1, 1986 for the 1987 crop, a Ministry of Agriculture census
shows.
    It compares with 1.925 mln planted in the same period 1985.
    The barley area was unchanged at 952,000 ha, but oilseed
rape increased to 393,000 from 333,000 ha.
 REUTER
3;
bodyend
documentend
documentstart
4673
topicstart
topicend
bodystart
2;

INDIA'S FIRST EVER RAIL BOND ISSUE OVERSUBSCRIBED


    NEW DELHI, March 13 - 
State-owned Indian Railway Finance
Corporation's first ever bond issue has been oversubscribed by
3.5 to 6.0 billion rupees, brokers said.
  The 2.5 billion rupee issue consisted of 10-year maturity
bonds of 1,000 rupees each, earning 10 pct tax free interest.
They were listed for subscription on major stock exchanges from
March 2 to March 7.
    The Corporation has sought Finance Ministry permission to
retain the entire oversubscribed amount, brokers said. "The
collection of such a large amount within just one working week
is a record for the Indian capital market," one broker said.
  REUTER
3;
bodyend
documentend
documentstart
4675
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
Miyazawa says current dollar/yen rate not necessarily satisfactory

Blah blah blah.
3;


bodyend
documentend
documentstart
4678
topicstart
grain
rice
topicend
bodystart
2;

KAMPUCHEA SAYS RICE CROP IN 1986 INCREASED


    BANGKOK, March 13 - 
Kampuchea harvested more than two mln
tonnes of rice paddy in 1986, up on the crops of the previous
two years, the official SPK news agency said yesterday.
    Diplomats said estimates put the 1985 harvest at less than
one mln tonnes, slightly up on 800,000 in 1984.
    SPK said Kampuchea planned to expand planting from 1.5 mln
to 1.93 mln hectares and boost rice paddy output to 2.5 mln
tonnes this calendar year.
    Two mln tonnes of paddy would produce some 1.3 mln tonnes
of milled rice, above the 1.25 mln tonnes Kampuchea says is the
minimum its 7.5 mln people need.
 REUTER
3;
bodyend
documentend
documentstart
4679
topicstart
cotton
topicend
bodystart
2;

CHINA TRYING TO INCREASE COTTON OUTPUT, PAPER SAYS


    PEKING, March 13 - 
China's 1987 cotton output must rise
above the 1986 level of 3.54 mln tonnes or supply will fall
short of increasing demand, the China Daily said.
    Demand in 1986 rose 10.9 pct over 1985.
    Output in 1986 fell from 4.15 mln tonnes in 1985 and a
record 6.2 mln in 1984, official figures show. The China Daily
attributed the decline to several factors, including less
favorable weather conditions and new state measures to restrict
cotton production after the 1984 build-up of stocks.
    According to Customs figures, cotton exports rose to
558,089 tonnes in calendar 1986 from 347,026 in 1985.
    To increase output quickly, the state will raise by 10 pct
the price it pays for cotton produced above and beyond quota
levels, the newspaper said. Its official purchasing agencies
will buy cotton produced in excess of that originally
contracted for, it added.
    The China Daily said all cotton growing areas in south
China should be maintained, and growing in the north should be
concentrated in Hebei, Shandong, Henan and Xinjiang.
    It called for comprehensive planning to coordinate
production of cotton with that of grain, edible oil and other
crops, but gave no more details.
 REUTER
3;
bodyend
documentend
documentstart
4680
topicstart
money-fx
yen
topicend
bodystart
2;

MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL


    TOKYO, March 13 - 
Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
    Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
    The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
    The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
 REUTER
3;
bodyend
documentend
documentstart
4681
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDIA TOOK THREE CARGOES OF RBD OLEIN AT TENDER


    LONDON, March 13 - 
The Indian State Trading Corporation
(STC) bought three cargoes of rbd palm olein at its vegetable
oil import tender yesterday, traders said. Late yesterday the
market was reporting it had bought one to two cargoes.
    The business comprised two 6,000 tonne cargoes for March
15/April 15 shipments at 355 dlrs per tonne cif, and 6,000
tonnes for May at 358 dlrs. The first two cargoes were on a
cash basis and the May position was transacted on a 30 pct
counter-trade basis, traders said.
 REUTER
3;
bodyend
documentend
documentstart
4682
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 478 MLN STG EARLY HELP


    LONDON, March 13 - 
The Bank of England said it provided the
market with 478 mln stg of early assistance to help ease a
liquidity shortage it estimated at 1.10 billion stg.
    It made outright purchases of seven mln stg of band one
bank bills at 10-3/8 pct and 30 mln stg of band two bank bills
at 10-5/16 pct.
    In addition, it bought 294 mln stg of paper for resale to
the market on March 30 and 147 mln stg for resale on April 8,
in both cases at an interest rate of 10-7/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
4683
topicstart
topicend
bodystart
2;

METAL BOX ISSUES 60 MLN STG CONVERTIBLE BONDS


    LONDON, March 13 - 
Metal Box Plc 
<
MBXL.L> is issuing 60 mln
stg of convertible eurobonds due April 28, 2002 with an
indicated coupon of 5-3/4 pct to six pct and priced at par,
Swiss Bank Corp International Ltd said as lead manager. The
conversion premium will be five to 10 pct and the price will be
fixed on or before March 18.
    The bonds will be callable at 106 after five months and
until April 28, 1988 and thereafter at prices declining by one
pct per annum until 1993 but only if the share price is 130 pct
of the conversion price. The bonds will be listed in London and
will be issued in denominations of 1,000 stg.
    Fees for the issue total 2-1/2 pct, comprising 1-1/2 pct
for selling and 1/2 pct each for management and underwriting.
There is a 1/4 pct praecipuum. Pay date is April 28.
 REUTER
3;
bodyend
documentend
documentstart
4684
topicstart
topicend
bodystart
2;

ELDERS HALVES NOTE FACILITY AMOUNT, AMENDS TERMS


    HONG KONG, March 13 - 
The proposed note issuance facility
for Elders IXL Ltd has been reduced to 100 mln Australian dlrs
from the original 200 mln dlrs, lead manager Westpac Finance
Asia Ltd said.
    Terms of the facility have also been amended. It will still
be half underwritten and half uncommitted, but the underwriting
margin has been raised to 10 basis points over the Australian
dollar bank bill rate.
    The margin was originally set at 6.25 basis points over
bank bill rate for up to 50 mln dlrs and at 2.5 basis points
for the remaining 50 mln dlrs.
    There is a 10 basis point utilisation fee if the
underwriters are required to pick up more than 67 pct of the
paper issued, and a five basis point fee if they are to pick up
34-67 pct of the paper. No utilisation fee will be charged if
they are to pick up less than 33 pct.
    Underwriting fee is 1/8 pct.
    Under the facility, notes in denominations of 500,000 dlrs
will be issued with maturities ranging from one to six months.
    Syndication deadline has been extended to March 20 from
today to allow banks more time to consider the facility.
 REUTER
3;
bodyend
documentend
documentstart
4685
topicstart
topicend
bodystart
2;

JAPAN BROKERS SEEK 10 YEAR GOVERNMENT BOND AUCTION


    TOKYO, March 13 - 
Japanese securities houses have asked the
Finance Ministry again to consider introducing auctions of
10-year government bonds, securities sources said.
    Finance Ministry officials declined comment but said the
Ministry has been aware of growing calls from securities houses
for 10-year bond auctions.
    Japanese securities houses also may allow foreign brokers
to underwrite more 10-year bonds from April. Four U.S. Banks
are expected to receive Finance Ministry approval in late April
to operate securities subsidiaries in Japan as long as they
hold no more than 50 pct of the capital, bankers said.
    These firms are likely to join the syndicate, which will
increase the number of participants in the 10-year government
bond primary market, securities managers said.
    Each of the 17 current foreign securities houses in the
syndicate underwrites 0.07 pct of each issue, they said.
    In order to expand participation by foreigners, the
syndicate must either expand the securities industry's 26 pct
share or introduce auctions to the primary market, they said.
    Local brokers have requested the head of the syndicate, now
Fuji Bank Ltd, to increase their share to 30.7 pct but banks
oppose any cut in their 74 pct share, bankers said.
 REUTER
3;
bodyend
documentend
documentstart
4686
topicstart
money-supply
topicend
bodystart
2;

JAPAN PERSONAL SAVINGS SOAR IN 1986


    TOKYO, March 13 - 
Japanese personal savings grew 10.3 pct
in 1986 from 1985 helped by a sharp increase in stock
investments by individuals, the Bank of Japan said.
    Outstanding savings on December 31, 1986 totalled 545,303
billion yen. Funds in investment trusts alone totalled 21,918
billion yen, up 37.4 pct from a year earlier.
    The outstanding balance also included deposits at banks and
post offices, up 7.4 pct to 337,867 billion yen, savings in the
form of insurance, up 18.6 pct to 111,431 billion, corporate
bond investments, up 7.8 pct to 46,867 billion, and investments
in trust banks, up 4.1 pct to 27,220 billion.
 REUTER
3;
bodyend
documentend
documentstart
4687
topicstart
earn
topicend
bodystart
2;

ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS


    ZURICH, March 13 - 
Trading in shares of Schweizerische
Aluminium AG, Alusuisse, 
<
ALUZ.Z> was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
    The bourse said trading would resume again on Monday.
    Alusuisse bearer shares closed at 490 francs yesterday,
registered shares at 170 francs and the participation
certificates at 45.50.
 REUTER
3;
bodyend
documentend
documentstart
4688
topicstart
topicend
bodystart
2;

NEW ZEALAND LAUNCHES 100 MLN STG EUROBOND


    LONDON, March 13 - 
New Zealand is launching a 100 mln stg
eurobond due April 9, 1995, priced at 100-1/4 with a 9-5/8 pct
coupon, lead manager Warburg Securities said.
    Fees are 3/8 pct each for management and underwriting and
1-1/4 pct for selling. Payment date is April 9 and listing will
be in London. The bonds will be sold in denominations of 1,000
and 10,000 dlrs.
 REUTER
3;
bodyend
documentend
documentstart
4689
topicstart
crude
topicend
bodystart
2;

PETROBRAS CANCELS OIL PURCHASE FROM SAUDI ARABIA


    RIO DE JANEIRO, March 13 - 
Brazil's state oil company
Petrobras has cancelled a 40 mln dlr crude oil purchase from
Saudi Arabia after the Saudis refused to accept credit
guarantees from the Bank of Brazil and did not disclose
reasons, a Petrobras official said.
    Export director Carlos Santana told reporters the Saudis
were the first suppliers of oil to impose such conditions after
Brazil's decision to halt interest payment of its commercial
debts last month. The shipment of 2.2 mln barrels represents
two days of consumption.
    He said the Saudis reported they would no longer accept
letters of credit from the Bank of Brazil or even from Saudi
banks and that Brazil would have to obtain credit guarantees
from leading international banks.
    In February, Brazil had contracted to buy 125,000 bpd from
the Saudis until June. Saudi Arabia is Brazil's second biggest
oil supplier, with an average 115,000 bpd. Iraq is the main
supplier with 235,000 bpd. China comes third, with 58,000 bpd.
    "If the Saudis wish to stop our trade relationship...I am
sure that if they do, we will be getting dozens of offers from
elsewhere," Santana added.
    Santana said if the Saudis change their minds and decide to
respect the terms of the contract, then Petrobras will lift the
order to cancel the shipment.
    The Saudis had put similar conditions on a previous
shipment, he added. "We telexed them saying that if they
insisted, we would rather cancel the contract and buy the
product elsewhere," Santana said.
    After Petrobras threatened to cancel the contract, the
Saudis changed their minds and decided to accept the Bank of
Brazil's credit guarantees, he said.
 REUTER
3;
bodyend
documentend
documentstart
4690
topicstart
acq
topicend
bodystart
2;

MANNESMANN CONSIDERING MAJORITY STAKE IN FICHTEL


    DUESSELDORF, March 13 - 
A Mannesmann AG 
<
MMWG.F> spokesman
said the company has lodged an application with the Federal
Cartel Office for approval of a possible majority stake in car
parts company 
<
Fichtel und Sachs AG>.
    He described the application as a precautionary move and
said no agreement on buying a majority stake had yet been
reached. Until now Mannesmann has said only that it wanted to
buy a 37.5 pct stake in Fichtel from the heirs of Ernst Wilhelm
Sachs, the grandson of the firm's founder.
    The spokesman declined to say from whom it may buy the
other shares to create a majority stake in the firm.
    Fichtel's other principal shareholders are Commerzbank AG

<
CBKG.F>, with 35.01 pct, and Salzgitter AG 
<
ISLG.F>, with
24.98 pct. Spokesmen declined to comment directly on the
possibility of selling Fichtel shares to Mannesmann.
    Mannesmann said in January it hoped to take a 37.5 pct
stake in Fichtel's holding company Sachs AG in the first
quarter.
    Last week a spokesman said Mannesmann had a letter of
intent on the 37.5 pct stake but completion was being delayed
by legal questions surrounding the inheritance.
 REUTER
3;
bodyend
documentend
documentstart
4691
topicstart
earn
topicend
bodystart
2;

SCHWEIZERHALLE FIRE HIT SANDOZ 1986 PROFITS


    BASLE, Switzerland, March 13 - 
Sandoz AG 
<
SANZ.Z> would
have reported a percentage rise in net profits "close to double
figures" rather than the actual two pct had it not been for
November's warehouse fire, a senior company official said.
    The official, who declined to be identified, told Reuters
Sandoz had made a substantial addition to reserves to cope with
the consequences of the accident at Schweizerhalle, which
caused severe pollution of the Rhine.
    Sandoz today reported without comment a rise in net profits
to 541 mln francs from the previous 529 mln and a five pct
increase in dividend to 105 francs per 250 franc nominal share.
    This year began well, with the performance in January and
February at least equal to the same period last year, the
official said.
    The company is expected to give fuller details of its
results at a news conference on April 22.
    Sandoz has insisted that it is adequately insured to cover
any liability arising from the accident.
    The official said the addition to reserves was to cover the
"one pct" of claims somehow not covered and any voluntary
gestures it wanted to compensate for the effects of pollution
from the fire.
    Sandoz has not given any figure for claims, which have been
flowing in from Switzerland and other countries bordering the
Rhine since the accident.
    However, the official said the final figure would be "much
less than that cited in earlier comments." He gave no further
details.
    In line with fellow chemical giant Ciba-Geigy 
<
CIGZ.Z>,
which reported last month, Sandoz profit and turnover were also
hit by the falling dollar, the official said.
    Sales in local currency terms were up by 14 pct, with
market share increases in the United States and Japan. But this
was more than offset by a 15 pct negative foreign exchange
effect, which produced the reported one pct drop in turnover to
8.36 billion francs,the Sandoz official said.
    Net profit at Ciba-Geigy dropped by 21 pct to 1.16 billion
francs, while sales fell by 12 pct to 15.95 billion francs.
    The third major Swiss chemical company, F. Hoffmann-La
Roche and Co 
<
HOFZ.Z> has not yet reported its results.
 REUTER
3;
bodyend
documentend
documentstart
4692
topicstart
earn
topicend
bodystart
2;

ALUSUISSE SEES POSSIBLE BREAK-EVEN IN 1987


    ZURICH, March 13 - 
Schweizerische Aluminimum AG 
<
ALUZ.Z>
(Alusuisse) may be able to break even this year after cleansing
its balance sheet for 1986, chief executive Hans Jucker said.
    "The threshold of profitability has returned to the
foreseeable future," he said. "We expect already in 1987
approximately to break even. That presupposes, however, that
our industrial environment does not worsen."
    He said Alusuisse would no longer face the burden of past
losses.
    Alusuisse made a net loss of 688 mln Swiss francs in 1986
after a restated 756 mln loss in 1985.
    Gross sales were 5.93 billion francs after 8.51 billion and
net turnover 5.65 billion after 8.00 billion.
    Alusuisse had originally reported a 692 mln francs loss for
1985.
    But Jucker and Finance Director Hermann Haerri told a news
conference the new management installed a year ago had decided
to restate the previous five years' accounts to eliminate
rights on Australian bauxite previously in the books as an
asset.
    Together with other one-off charges, Alusuisse took an
gross extraordinary charge in 1986 of 698 mln francs, up from
472 mln in 1985.
    It also had 106 mln extraordinary income in 1986 remaining,
after provisions, from the sale of its Maremont Corp subsidiary
in the United States. There were no extraordinary gains in
1985.
    Jucker said the losses, plus those carried forward from
1985, had wiped out the company's remaining reserves and
exceeded legally allowed levels, forcing Alusuisse to adopt a
50 pct capital cut, to be approved by shareholders on April 22.
    Jucker said he knew shareholders would find this "radical
elimination of the mortgages of the past" painful, but said the
foundation had been laid for a successful new company strategy.
    Haerri said despite the losses, the company's liquidity was
strong. Bank debt had been cut by about one-third to 2.56
billion francs against the end-1985 level of 3.85 billion.
    Cash flow improved substantially to 323 mln francs from 111
mln and represented 5.7 pct of turnover against a mere 1.4 pct
in 1985.
    In addition, to reassure other creditors, Alusuisse had
arranged with three major Swiss banks -- Union Bank of
Switzerland 
<
SBGZ.Z>, Swiss Bank Corp 
<
SBVZ.Z> and Credit
Suisse 
<
CRSZ.Z>, to convert 300 mln francs of credits into a
subordinated loan.
    The main sources of losses in 1986 were book losses and not
cash losses, Haerri said. Existing credit lines were used only
to a small extent, and the parent company had been granted a
new credit line of 200 mln francs from a consortium of Swiss
banks that would cover most of the loans falling due in 1987.
    Haerri said the company had been criticized for maintaining
bauxite rights as an asset, and so had restated the accounts.
    That left the 1985 account with a 756 mln franc loss
instead of 692 mln, 1984 with a 68 mln profit instead of 169
mln, 1983 with a 217 mln loss instead of 82 mln and 1982 with a
479 mln loss instead of 179 mln.
    The new accounts show 1985 with shareholders' equity of
1.15 billion francs instead of 1.75 billion, and similar
alternations were made for previous years.
    After 1986 losses, shareholder's equity stood at only 895
mln francs.
 REUTER
3;
bodyend
documentend
documentstart
4693
topicstart
topicend
bodystart
2;

DUTCH CHEMICAL GROUP LAUNCHES DUAL CURRENCY BOND


    AMSTERDAM, March 13 - 
Dutch state-owned chemical group N.V.
DSM is launching a 150 mln guilder dual currency bond with a
7-1/4 pct coupon due 1992 and priced at par, lead manager
Algemene Bank Nederland N.V. Said.
    Interest will be paid in guilders and each 1,000-guilder
bond will be redeemed in 313.00 sterling on April 15, 1992.
    Subscription closes Friday March 20, payment date is April
15, listing will be on the Amsterdam stock exchange.
    Co-leads are Bank Mees en Hope, AMRO Bank and Citicorp
Investment Bank (Netherlands). The management group consists of
RABO, NMB, CLN Oyens en van Eeghen and F van Lanschot Bankiers.
 REUTER
3;
bodyend
documentend
documentstart
4695
topicstart
earn
topicend
bodystart
2;

JAPAN CORPORATE PROFITS IN LAST 1986 QUARTER UP


    TOKYO, March 13 - 
Current profits of Japan's major firms in
the October-December quarter rose four pct from a year earlier
to 5,654 billion yen against a 2.6 pct year-on-year rise in the
preceding quarter, the Finance Ministry said.
    The improved earnings resulted mainly from a 22.5 pct
profit increase in non-manufacturing industries, supported by
an 88.7 pct rise for construction firms and a 138 pct gain in
real estate, according to a ministry survey.
    Total sales of the 15,308 firms with capital of 10 mln yen
or more which responded to the poll, fell one pct to 217,217
billion yen against a 1.2 pct fall the previous quarter.
    Current profits of manufacturing industries in the fourth
quarter dropped 13.7 pct to 2,394 billion yen against a 22.1
pct fall in the preceding quarter, the ministry said.
    Plant and equipment investments of all firms polled fell
3.9 pct to 8,004 billion yen, compared with a 1.4 percent fall
the previoius quarter.
    Ministry officials said the survey showed that the Japanese
economy is in a delicate stage in which it is hard to tell if
economic growth has stopped deteriorating or if the economy is
heading for a recovery.
 REUTER
3;
bodyend
documentend
documentstart
4696
topicstart
grain
wheat
topicend
bodystart
2;

U.S. LENDS SUDAN 57 MLN DLRS FOR WHEAT PURCHASES


    KHARTOUM, March 13 - 
The U.S. Is to lend Sudan 57 mln dlrs
to buy 309,000 tonnes of wheat and 73,000 tonnes of wheat
flour, according to an agreement signed here.
    Under the agreement Sudan will receive 50 mln dlrs for the
commodities and the rest for sea transportation.
    The loan is repayable in 40 years, including a 10-year
grace period. Interest will be two pct for the grace period and
three pct over the repayment period of 30 years.
 REUTER
3;
bodyend
documentend
documentstart
4697
topicstart
alum
topicend
bodystart
2;

ALUSUISSE PLANS FURTHER ALUMINIUM CAPACITY CUTS


    ZURICH, March 13 - 
Schweizerische Aluminium AG 
<
ALUZ.Z>
(Alusuisse) plans further drastic cuts in its aluminium
smelting capacity and more concentration of higher value-added
products, chief executive Hans Jucker said.
    Elaborating on plans disclosed in outline last September,
company officials said current smelting capacity of 390,000
tonnes a year would be cut to between 250,000 and 260,000
tonnes by 1989 or 1990. They did not say where cuts might be
made.
    Two years ago, before selling its Ormet Corp subsidiary in
the United States to local management and staff, Alusuisse had
an annual capacity of 800,000 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
4698
topicstart
jobs
topicend
bodystart
2;
******
CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
4700
topicstart
jobs
topicend
bodystart
2;

CANADA FEBRUARY UNEMPLOYMENT 9.6 PCT


    OTTAWA, March 13 - 
Canada's February unemployment rate,
seasonally adjusted, fell to 9.6 pct from 9.7 pct in January,
Statistics Canada said. The rate was 9.8 pct in February last
year.
    Seasonally adjusted employment in February was 11,777,000,
compared with 11,747,000 in January, while unemployment slipped
to 1,252,000 from 1,255,000.
 Reuter
3;
bodyend
documentend
documentstart
4703
topicstart
money-fx
yen
topicend
bodystart
2;

MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL


    TOKYO, March 13 - 
Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
    Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
    The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
    The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
 REUTER
3;
bodyend
documentend
documentstart
4704
topicstart
topicend
bodystart
2;

CBS ISSUES 400 MLN DLRS IN CONVERTIBLE DEBT


    LONDON, March 13 - 
CBS Inc 
<
CBS.N> is issuing 400 mln dlrs
of convertible debt due April 7, 2002, with a coupon of five
pct and priced at par, said Morgan Stanley Ltd as lead manager.
    The securities are convertible into shares of CBS at a
price of 200 dlrs per share, which represents a premium of 26.2
pct over the company's closing stock price yesterday of 158.50
dlrs on the New York Stock Exchange.
    The issue is callable in the first three years only if the
stock prices rises abouve 130 pct of the conversion level.
There is a 1-1/2 pct selling concession and a one pct combined
management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
4706
topicstart
topicend
bodystart
2;

OKB ISSUES 100 MLN CANADIAN DLR BOND


    LONDON, March 12 - 
Oesterreichishce Kontrollbank AG is
issuing a 100 mln Canadian dlr eurobond due March 20, 1997 at
nine pct and priced at 101-7/8 pct, Morgan Guaranty Ltd said as
joint book-runner with LTCB International.
    The bond is available in denominations of 1,000 and 10,000
dlrs and will be listed in Luxembourg.
    Fees comprised 1-1/4 pct selling concession with 3/4 pct
for management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
4708
topicstart
gold
topicend
bodystart
2;

JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES


    TOKYO, March 13 - 
The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
    The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without special
legislation, although higher-valued coins would still need a
special law, the official said. At present it can only issue
coins of 500 yen or less.
 REUTER
3;
bodyend
documentend
documentstart
4709
topicstart
money-fx
yen
topicend
bodystart
2;

JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE


    TOKYO, March 13 - 
International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
    He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
 REUTER
3;
bodyend
documentend
documentstart
4711
topicstart
ship
topicend
bodystart
2;

TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS


    SAO PAULO, March 12 - 
Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
    A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
    The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
    Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
 REUTER
3;
bodyend
documentend
documentstart
4712
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE


    TOKYO, March 13 - 
Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
    The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
    Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
 REUTER
3;
bodyend
documentend
documentstart
4713
topicstart
crude
topicend
bodystart
2;

SUBROTO SEES OIL MARKET CONTINUING BULLISH


    JAKARTA, March 13 - 
Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
    He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
    "The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters," Subroto said.
    Asked about the prospect for oil prices, he said: "I think
they will stabilise around 18 dlrs, although there is a little
turbulence ..."
    "Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs," he added.
 REUTER
3;
bodyend
documentend
documentstart
4714
topicstart
crude
topicend
bodystart
2;

OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS


    JAKARTA, March 13 - 
Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
    He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
    "We are deliberately defending the price, so OPEC production
is less than 15.8 (mln) at the moment," he stated.
    Asked if OPEC would increase production if prices went
above 18 dlrs a barrel, he said this would be decided at the
next OPEC meeting in June. "We will discuss the market situation
then," he added.
    He said a meeting of the OPEC Differentials Committee had
been postponed because "there is no need for the meeting."
    He did not elaborate. The committee had originally been due
to meet in Vienna this week.
 REUTER
3;
bodyend
documentend
documentstart
4716
topicstart
topicend
bodystart
2;

NEWS INTERNATIONAL BOND INCREASED TO 150 MLN DLRS


    LONDON, March 13 - 
A three-year eurobond launched earlier
this week for News International Plc 
<
NWSL.L> has been
increased to 150 mln dlrs from 100 mln due to good demand, lead
manager Credit Suisse First Boston Ltd said.
    The bonds pay 7-1/2 pct and were priced at par.
 REUTER
3;
bodyend
documentend
documentstart
4717
topicstart
trade
topicend
bodystart
2;

BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE


    TOKYO, March 13 - 
The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
    Japan's trade surplus in nominal terms is likely to remain
high in the near future, the central bank said.
    Fundamental adjustments will be needed as long as Japan
hopes to benefit from a better international allocation of
resources and maintain the free trade system, it added.
 REUTER
3;
bodyend
documentend
documentstart
4719
topicstart
rice
grain
topicend
bodystart
2;

BURMESE PADDY PRODUCTION LOWER IN 1986/87


    RANGOON, March 13 - 
Burma's paddy production fell to 729.4
mln baskets in fiscal year 1986-1987 (to end March) from 737.3
mln in 1985-1986, a cabinet report to parliament said.
    A basket is a local measure equal to 46 lbs.
    Paddy output in 1984-1985 was 699.1 mln baskets, it said.
    Burma's "Green Revolution" sparked by the introduction of
high-yield variety paddy strains in the mid-1970s appears to
have hit a plateau with production levelling off over the past
two years, economists said.
 REUTER
3;
bodyend
documentend
documentstart
4720
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 168 MLN STG HELP


    LONDON, March 13 - 
The Bank of England said it provided the
money market with a further 168 mln stg of assistance to help
offset a shortage it now estimated at 1.05 billion stg, revised
down from 1.10 billion.
    It bought 21 mln stg of bank bills outright, 20 mln in band
one at 10-3/8 pct and one mln in band two at 10-5/16 pct. In
addition, it bought 98 mln stg of bills for resale on March 30
and 49 mln stg for resale April 8 at an interest rate of
10-7/16 pct. All these rates are the same as for today's
earlier help.
    So far today, the bank has provided the market with
assistance worth 646 mln stg.
    The bank also announced the rates applicable to temporary
lending facilities rolled over today.
    The average mid-market rate for lending rolled over for one
week is 10-15/16 pct and for two weeks 10-5/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
4729
topicstart
earn
topicend
bodystart
2;

AEP INDUSTRIES INC 
<
AEPI> 1ST QTR JAN 31 NET


    MOONACHIE, N.J., March 13 -
    
Shr 19 cts vs 32 cts
    Net 586,000 vs 802,000
    Sales 14.2 mln vs 15.1 mln
    Avg shrs 3,006,372 vs 2,506,250
 Reuter
3;
bodyend
documentend
documentstart
4732
topicstart
earn
topicend
bodystart
2;

D.H. HOLMES CO LTD 
<
HLME> 4TH QTR NET


    NEW ORLEANS, March 13 -
    
Shr 39 cts vs 1.34 dlrs
    Net 1,392,000 vs 4,686,000
    Sales 81.9 mln vs 81.7 mln
    Year
    Shr 10 cts vs 97 cts
    Net 355,000 vs 3,375,000
    Sales 270.4 mln vs 272.8 mln
    NOTE: Share adjusted for three pct stock dividend in
January 1987.
    Pretax net profits 3,052,000 dlrs vs 4,498,000 dlrs in
quarter and loss 572,000 dlrs vs profit 2,922,000 dlrs in year.
    Latest year net includes pretax gains of 166,000 dlrs in
quarter and 4,420,000 dlrs in year from pension plan
reversions.
    Prior year net includes gain 1,549,000 dlrs on sale of
property.
 Reuter
3;
bodyend
documentend
documentstart
4733
topicstart
acq
topicend
bodystart
2;

FIRST BOSTON 
<
FBC> STARTS ALLEGHENY 
<
AG> BID


    NEW YORK, March 13 - 
First Boston Inc said it has started
its previously-announced tender offer for all common shares,
2.19 dlr cumulative preference shares and 11.25 dlr convertible
preferred shares of Allegheny International Inc at 24.60 dlrs,
20.00 dlrs and 87.50 dlrs respectively.
    In a newspaper advertisement, the company said the offer
and withdrawal rioghts will expire April Nine unless extended.
The offer is conditioned on receipt of at least a majority of
Allegheny voting power on a fully diluted basis and on receipt
of at least two thirds each of the preference and preferred
shares.
    A merger approved by the Allegheny board in which remaining
common, preference and preferred shares would be acquired at
the tender prices is to follow the offer.
    Receipt of the minimum amounts under the offer would give
First Boston sufficient voting power to assure approval of the
merger without the affirmative vote of any other shareholder,
the company said.
 Reuter
3;
bodyend
documentend
documentstart
4735
topicstart
ship
topicend
bodystart
2;

COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES


    ROTTERDAM, March 13 - 
Employers in Rotterdam port's
strike-hit general cargo sector have been served with an
injunction until May 7 preventing them from continuing with
plans for 350 redundancies this year, an employers'
organisation spokesman said.
    An Amsterdam court yesterday ruled there had been a legal
fault in the employers' redundancy procedure.
    The employers' spokesman said they were likely to restart
the redundancy procedure afresh next week in an attempt to
pre-empt the May 7 final court ruling.
    Port and transport union representative Paul Rosenmuller
described the court ruling as a victory for the union, but
added there was still a long way to go before the dispute that
has hit the general cargo sector for the past eight weeks was
resolved.
    Rosenmuller said there would be a meeting of the sector's
4,000 workers this afternoon to decide on further action in the
campaign of lightning strikes that began on January 19 in
protest at planned redundancies of 800, starting with 350 this
year.
    The employers said there were no immediate plans for
meetings with the union either on the proposed redundancies or
on a new work practice agreement in the sector.
    Meanwhile, discussions on a new work agreement in the
port's grain sector, due to resume next week, are stalemated,
although agreement could be close in the coal and ore sector,
the employers' spokesman added.
 Reuter
3;
bodyend
documentend
documentstart
4739
topicstart
ship
topicend
bodystart
2;

STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY


    WELLINGTON, March 13 - 
Harbour workers said they will
strike for 24 hours on Monday, effectively closing all New
Zealand's ports.
    The strike is over deadlocked wage negotiations.
    A Harbour Employees Workers' Union spokesman told reporters
there will be no ship movements in and out of ports from
midnight on Sunday (1200 hrs GMT March 15).
    There will be no loading or unloading involving harbour
board workers and the Cook Strait ferries, which provide a
vital link between New Zealand's North and South Islands, will
not run, he added.
 Reuter
3;
bodyend
documentend
documentstart
4740
topicstart
ship
topicend
bodystart
2;

TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS


    SAO PAULO, March 13 - 
Two small shipping companies reached
a pay deal with striking seamen late yesterday, but union
leaders said most of Brazil's 40,000 seamen were still on
strike.
    A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay raise offer from the companies, Globo
and Flumar, which have less than 200 employees each.
    The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
    Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
 Reuter
3;
bodyend
documentend
documentstart
4741
topicstart
cpi
topicend
bodystart
2;

PORTUGUESE FEBRUARY CONSUMER PRICES RISE ONE PCT


    LISBON, March 13 - 
Portugal's consumer prices rose one pct
last month after a 1.2 pct increase in January and a 1.3 pct
rise in February 1986, the National Statistics Institute said.
    The consumer price index (base 1976) rose to 761.3 from
753.7 in January and compared with 695.4 in February 1986.
    This gave a year-on-year February inflation rate of 9.5 pct
against 9.8 pct in January and 12.6 pct in February 1986.
    Measured as an annual average rate, inflation in February
was 11.1 pct compared with 11.4 pct in January.  The government
forecasts annual average inflation of about eight pct this
year.
 REUTER
3;
bodyend
documentend
documentstart
4742
topicstart
crude
topicend
bodystart
2;

WEATHER CLOSES ALEXANDRIA PORT, SUMED OIL TERMINAL


    ALEXANDRIA, Egypt, March 13 - 
Strong winds and high seas
forced the closure of Egypt's main port of Alexandria and a
nearby oil terminal, port officials said.
    Tanker loading at the Suez-Mediterranean Arab Petroleum
Pipelines Co in Sedi Kerir, southwest of here, stopped and
officials said five tankers were at anchorage awaiting improved
weather.
 Reuter
3;
bodyend
documentend
documentstart
4743
topicstart
wpi
topicend
bodystart
2;
******
U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE

Blah blah blah.
3;


bodyend
documentend
documentstart
4744
topicstart
wpi
topicend
bodystart
2;

U.S. PRODUCER PRICES RISE 0.1 PCT IN FEBRUARY


    WASHINGTON, March 13 - 
The U.S. Producer Price Index for
finished goods rose 0.1 pct on a seasonally adjusted basis in
February, the Labor Department said.
    The increase came after a 0.6 pct increase in producer
prices in January.
    Higher energy prices were primarily responsible for the
increase in February, though they rose at a slower pace than
they had in January, the department said.
    The finished goods index was up 0.1 pct from its February,
1986 level.
    Before seasonal adjustment, the index for finished goods
stood at 292.3 over its 1967 base of 100.
    Among finished goods, the index for energy products rose
four pct in February after a 9.8 pct increase in January. But
price increases slowed sharply for gasoline and home heating
oil, the department said.
    There were some price declines, including a 3.4 pct fall
for passenger cars and 1.3 pct for light trucks from January
levels. This reflected expanded factory-financed rebates and
discount loan programs, the department said.
    Before seasonal adjustment, the index for finished goods
stood at 292.3 over its 1967 base of 100.
    Among finished goods, the index for energy products rose
four pct in February after a 9.8 pct increase in January. But
price increases slowed sharply for gasoline and home heating
oil, the department said.
    There were some price declines, including a 3.4 pct fall
for passenger cars and 1.3 pct for light trucks from January
levels. This reflected expanded factory-financed rebates and
discount loan programs, the department said.
    The index for consumer foods fell 0.5 pct after a 1.8
pct drop in January as vegetables, pork and coffee cost less.
The index for intermediate goods rose 0.5 pct following a sharp
0.9 pct rise in January.
    The department said that energy prices again were the main
reason, with the index for intermediate energy up 2.7 pct.
    Gasoline and diesel fuel prices were about five pct higher,
half the 10 pct jump recorded in January.
    The durable manufacturing materials index edged down 0.1
pct last month after jumping 1.0 pct in January as prices for
steel, precious metals and copper stabilized.
    The department said lead and zinc prices fell, while
hardwood lumber and cement cost more. The crude materials index
rose 1.8 pct in February after a 2.9 pct rise in January. Crude
energy materials were up 2.6 pct, much less than the 10 pct
rise in January. Crude petroleum prices rose 4.4 pct last month
after a sharp 19.7 pct rise in January.
    Price rises accellerated for logs and timber and tobacco,
but fell for cotton, metal ores and copper and aluminum scrap.
    Among finished goods, gasoline rose 5.5 pct after a 15.7
pct January increase, and fuel oil was up three pct in February
after an 18.0 pct increase in January.
 Reuter
3;
bodyend
documentend
documentstart
4745
topicstart
earn
topicend
bodystart
2;

FIRST FARWEST CORP 
<
FFWS> 4TH QTR LOSS


    PORTLAND, Ore., MArch 13 -
    
Shr loss 4.22 dlrs vs profit nil
    Net loss 5,568,000 vs profit 11,000
    Revs 42.2 mln vs 37.5 mln
    Year
    Shr loss 3.74 dlrs vs profit 1.02 dlrs
    Net loss 4,898,000 vs profit 1,384,000
    Revs 139.0 mln vs 132.7 mln
    NOTE: 1986 net both periods includes 1,603,000 dlr loss
from discontinued operations due to settlement of lawsuit and
redemption of preferred.
 Reuter
3;
bodyend
documentend
documentstart
4747
topicstart
earn
topicend
bodystart
2;

HEMOTEC INC 
<
HEMO> 4TH QTR NET


    ENGLEWOOD, Colo., March 13 -
    
Shr one ct vs two cts
    Net 22,000 vs 58,000
    Sales 951,000 vs 901,000
    Year
    Shr four cts vs 12 cts
    Net 88,000 vs 293,000
    Sales 4,014,000 vs 3,533,000
    NOTE: Net includes tax credits of 46,000 dlrs vs 84,000
dlrs in quarter and credit 19,000 dlrs vs provision 37,000 dlrs
in year.
 Reuter
3;
bodyend
documentend
documentstart
4748
topicstart
acq
topicend
bodystart
2;

SERVICE CONTROL BIDS FOR AMERICAN SERVICE


    NEW YORK, March 13 - 
<
Service Control Corp> said it has
started a tender offer for all shares of 
<
American Service
Corp> at 37 dlrs each.
    In a newspaper advertisement, the company said the offer
and withdrawal rights expire April Nine unless extended.  The
American Service board has approved the offer, which is to be
followed by a merger at the same price.
    Service Control said the offer is conditioned on receipt of
at least 534,806 shares.  It said holders of 534,819 shares
have agreed to tender their shares under the offer and have
granted Service Control an option to buy them at 37 dlrs each.
 Reuter
3;
bodyend
documentend
documentstart
4751
topicstart
earn
topicend
bodystart
2;

DREYER'S GRAND 
<
DRYR> RESTATES 4RTH QUARTER LOSS


    OAKLAND, Calif., March 13 - 
Dreyer's Grand Ice Cream said
it has restated its previously-reported fourth quarter loss to
904,000 dlrs or 13 cts per share because it has now decided to
take a charge of about 700,000 dlrs to provide for losses of
Midwest Distributing Co, which was acquired December 30.
    Dreyer's said the restatement reduces net income for the
full year to 5,914,000 dlrs or 80 cts per share.
    The company said the restatement does not indicate any
change in its thinking on the benefits of the acquisition or
future prospects in Midwest Distributing's markets.
    Dreyer's Grand previously reported 1986 earnings of
6,614,000 dlrs or 90 cts per share, down from 7,960,000 dlrs or
1.08 dlrs a share.  For the first nine months of the year, it
had earned 6,818,000 dlrs or 92 cts per share, up from
6,354,000 dlrs or 86 cts a share a year before.
 Reuter
3;
bodyend
documentend
documentstart
4754
topicstart
topicend
bodystart
2;

JAPAN BROKERS SEEK 10 YEAR GOVERNMENT BOND AUCTION


    TOKYO, March 13 - 
Japanese securities houses have asked the
Finance Ministry again to consider introducing auctions of
10-year government bonds, securities sources said.
    Finance Ministry officials declined comment but said the
Ministry has been aware of growing calls from securities houses
for 10-year bond auctions.
    Japanese securities houses also may allow foreign brokers
to underwrite more 10-year bonds from April. Four U.S. Banks
are expected to receive Finance Ministry approval in late April
to operate securities subsidiaries in Japan as long as they
hold no more than 50 pct of the capital, bankers said.
    These firms are likely to join the syndicate, which will
increase the number of participants in the 10-year government
bond primary market, securities managers said.
    Each of the 17 current foreign securities houses in the
syndicate underwrites 0.07 pct of each issue, they said.
    In order to expand participation by foreigners, the
syndicate must either expand the securities industry's 26 pct
share or introduce auctions to the primary market, they said.
    Local brokers have requested the head of the syndicate, now
Fuji Bank Ltd, to increase their share to 30.7 pct but banks
oppose any cut in their 74 pct share, bankers said.
 REUTER
3;
bodyend
documentend
documentstart
4755
topicstart
earn
topicend
bodystart
2;

<
TURBO RESOURCES LTD> YEAR NET


    CALGARY, Alberta, March 13 -
    
Oper shr nine cts vs three cts
    Oper shr diluted eight cts vs three cts
    Oper net 15 mln vs five mln
    Revs 518 mln vs 622 mln
    NOTE: Oper net excludes extraordinary income of seven mln
dlrs vs four mln on tax loss carryforward, offset by writedowns
of three mln dlrs vs eight mln on U.S. oil and gas properties
and other assets.

 Reuter
3;
bodyend
documentend
documentstart
4756
topicstart
earn
topicend
bodystart
2;

VW HAS NO COMMENT ON SEAT LOSS REPORTS


    WOLFSBURG, West Germany, March 13 - 
A Volkswagen AG

<
VOWG.F> spokesman said the group had no immediate comment on
reports of greater than expected losses at its Spanish
subsidiary Sociedad Espanola de Automoviles de Turismo (SEAT).
    German newspapers reported that Werner Schmidt, SEAT
supervisory board chairman, had told journalists that SEAT
losses for 1986 were around 27 billion pesetas, or about 386
mln marks, almost double original expectations.
    According to the Boersen-Zeitung newspaper, Schmidt said VW
would invest 42 billion pesetas in SEAT this year and in the
years to 1995 would spend 462 billion on its new Spanish unit.
 Reuter
3;
bodyend
documentend
documentstart
4758
topicstart
acq
topicend
bodystart
2;
******
BENEFICIAL CORP TO SELL WESTERN NATIONAL LIFE FOR 275 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4759
topicstart
earn
topicend
bodystart
2;
******
GENERAL MILLS INC 3RD QTR SHR 64 CTS VS 52 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
4761
topicstart
acq
topicend
bodystart
2;
******
CAESARS WORLD INC SAID BOARD REJECTS MARTIN SOSNOFF TENDER

Blah blah blah.
3;


bodyend
documentend
documentstart
4763
topicstart
interest
topicend
bodystart
2;
******
 Top discount rate at U.K. Bill tender falls to 9.3657 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
4764
topicstart
topicend
bodystart
2;

U.S. URGES BANKS TO DEVELOP NEW 3RD WLD FINANCE


    By Peter Torday


    WASHINGTON, March 13 - 
The United States this week signaled
it is pressing commercial banks, increasingly disenchanted with
providing large cash loans to debtor nations, to develop new
ways of financing that will prove more acceptable to both
sides.
    Heading off challenges to its Third World debt strategy,
U.S. officials also say they think concessions should be made
to debtors that enact reforms speeding inflation-free growth.
    In particular, they stress new techniques that shift the
emphasis from debt to equity and shave interest rates.
    "The strategy is sufficiently broad as an initiative or
concept that there can be additional emphasis such as in
debt-equity swaps and that sort of thing," a Reagan
administration official said of the slow pace of commercial
bank lending to the Third World.
    "The debtors have been performing well...some people argue
that taking 1-1/8 pct down to 13/16 pct is debt forgiveness.
Well if that's what it is, fine. What it really is a narrowing
of the spread that could be charged on new money," the official
said.
    This week, therefore, U.S. officials signaled their backing
for a novel proposal by the Philippines that called for partial
payment of interest in tradeable investment notes.
    On Tuesday, officials said Treasury Secretary James Baker
told Secretary of State George Shultz the idea was a creative
one and signaled his approval to Philippine Finance Minister
Jamie Ongpin later that day. An administration official told
Reuters this week the Philippines' proposal to partially pay
interest with investment notes instead of cash should be
considered seriously by the banks. An agreement with the banks,
officials now say, is expected soon.
    "New bank lending has been slow in materializing but the
fact of the matter is there have been 70 billion dlrs in bank
loans restructured, which is a form of extension of credit. As
you know, there's been 8.5 billion dlrs in new money," said the
official, who plays a key role in keeping the plan afloat.
    The plan was launched in October 1985 by Secretary Baker
and called on commercial and multilateral banks to lend 29
billion dlrs in the subsequent three years to major debtors
undertaking reforms that promoting economic growth.
    But it has taken almost six months to complete the
syndication of a 7.5 billion dlrs loan to Mexico, which has
created deep misgivings here about the liklihood of such large
straight cash loans being assembled ever again.
    U.S. officials want the banks not only to consider swapping
their debts for equity in local corporations -- a development
that has already met with success in Chile and Mexico -- but to
pin loans on specific projects, finance trade and invest
directly in debtor country private sectors.
    These forms of lending, they say, give the banks a greater
stake and more economically secure return on investment.
    In a major challenge to the U.S. plan, Brazil last month
declared a moratorium on interest payments and followed it up
with a world tour by officials seeking a political way out of
its 109 billion dlr debt burden.
    The country is beset by a falling trade surplus and
dwindling reserves endangering its ability to service its
foreeign debt, at 109 billion dlrs the Third World's largest.
    One official attending the Washington talks with Brazilian
Finance Minister Dilson Funaro said "they've come in here now
and said "Look, we're out of money, help us," but they haven't
come in with a plan. And they've gone all over the world, and
at every stop they've been told the same thing."
    The official said Brazil would have to enact a credible
economic program, either in consultation with the World Bank or
the International Monetary Fund, to cool its overheated economy
before commercial banks would begin negotiations.
    As a result of the Brazilian action, private banks and
major debtor nations redoubled their efforts to reach
agreements stretching out debt repayments.
    For its part, the administration has signaled its strong
support for new techniques that in some cases effectively
amount to interest rate concessions for major debtor nations.
    It pressed the banks to allow Chile to make annual instead
of bi-annual interest payments, speeding an accord.
    Administration officials, who asked not to be named, have
also debated whether to allow banks greater flexibility in
building up loan loss reserves against Third World loans.
    The debate centers on a rule, known as FASB-15, under which
banks experiencing delayed interest payments on real estate
loans need not set aside reserves against debt principal if it
is believed payments will resume.
    More recently, the rule was extended to cover farm and
energy loans and Senator Bill Bradley, a New Jersey Democrat,
has suggested it should be extended to Third World loans.
    Bradley is prominent among Congressmen urging that
provisions for debt relief be attached to tough new trade
legislation now being considered on Capitol Hill.
    But the officials said the debate has been inconclusive.
 Reuter
3;
bodyend
documentend
documentstart
4765
topicstart
earn
topicend
bodystart
2;

<
MDI MOBILE DATA INTERNATIONAL INC> YEAR NET


    VANCOUVER, British Columbia, March 13 -
    
Oper shr 63 cts vs 47 cts
    Oper shr diluted 56 cts vs 38 cts
    Oper net 3,284,955 vs 2,176,925
    Revs 31.6 mln vs 23.0 mln
    NOTE: Current oper net excludes writedown of 344,039 dlrs,
or seven cts a share, on unidentified investment.
 Reuter
3;
bodyend
documentend
documentstart
4767
topicstart
topicend
bodystart
2;

ECSC ISSUES 100 MLN STG EUROBOND DUE 1992


    LONDON, March 13 - 
The European Coal and Steel Community is
issuing a 100 mln stg eurobond due April 6, 1992 paying 9-3/8
pct and priced at 101-5/8 pct, lead manager Warburg Securities
said.
    The bond is available in denominations of 1,000 and 10,000
stg and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
4768
topicstart
money-fx
topicend
bodystart
2;

UK MONEY MARKET DEFICIT REVISED TO ONE BILLION STG


    LONDON, March 13 - 
The Bank of England said it has revised
its estimate of today's shortfall to one billion stg, before
taking account of 646 mln stg morning assistance.
 REUTER
3;
bodyend
documentend
documentstart
4769
topicstart
nickel
topicend
bodystart
2;

OUTOKUMPU TO CLOSE NICKEL REFINERY DURING SUMMER


    HELSINKI, March 13 - 
The Finnish metal and mining group
Outokumpu Oy said it will close its nickel refinery at
Harjavalta in central Finland for six weeks in July and August
this year due to current low prices on the nickel market.
    "We consider nickel prices as bad at the moment, although
they have been rising slightly since January," refinery sales
manager Pekka Purra said.
    He said the closure will mean a drop in production of 3,000
tonnes in 1987 from last year's output of 17,800 tonnes. The
closure was also a move to cut labour costs as no extra staff
have to be employed during holidays to keep the plant open.
 Reuter
3;
bodyend
documentend
documentstart
4770
topicstart
ipi
topicend
bodystart
2;
******
U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT AFTER REVISED 0.1 PCT JAN GAIN

Blah blah blah.
3;


bodyend
documentend
documentstart
4771
topicstart
ipi
topicend
bodystart
2;

U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT


    WASHINGTON, March 13 - 
U.S. industrial production rose 0.5
pct in February after a revised 0.1 pct increase in January,
the Federal Reserve Board said.
    The Fed previously said industrial production rose 0.4 pct
in January.
    The Fed said the February gain was dominated by a sharp
rise in motor vehicle production, which boosted output of both
consumer goods and business equipment. Industrial production
stood at 127.3 pct of the 1977 average in February and was up
1.7 pct from a year ago, the Fed said.
    The Fed also revised the December industrial production
figure to a gain of 0.5 pct from 0.3 pct originally reported.
    Manufacturing output rose 0.5 pct in February after a 0.1
pct increase in January and included gains of 0.8 pct in
durables and 0.1 pct in non-durables, the Fed said.
    Manufacturing was 2.4 pct above the year ago level.
    Production of auto assemblies rose to an annual rate of 8.3
mln units last month from a January rate of 7.5 mln units.
    Output of consumer goods rose 0.6 pct after falling 0.3 pct
in January and output of consumer durables was up 2.1 pct in
February after falling by 2.0 pct in January.
    Business equipment production rose 1.0 pct in February,
reflecting more output of autos and trucks for business use and
a recovery from strikes in farm equipment industries, the Fed
said.
    Mining output rose 0.1 pct after a 1.6 pct increase in
January, but was still six pct lower than a year ago.
    Utilities output rose 0.7 pct in February after a 1.2 pct
rise in January.
    Output of defense and space equipment was up 0.4 pct, the
same as in January, and 6.2 pct higher than a year ago.
    Output of construction supplies rose 0.2 pct in February
after a 1.5 pct January rise.
    Materials output increased by 0.2 pct last month, the
fourth consecutive monthly increase after declining throughout
much of 1986. The recent strength in materials has been
concentrated in textiles, paper and chemicals, the Fed said.
    Output of home goods was up 0.3 pct in February and the Fed
said production of items like appliances and furniture
continued strong last month.
 Reuter
3;
bodyend
documentend
documentstart
4772
topicstart
acq
topicend
bodystart
2;

CAESARS WORLD 
<
CAW> REJECTS SOSNOFF'S OFFER


    LOS ANGELES, March 13 - 
Caesars World Inc said its board
unanimously rejected a 28 dlr a share takeover offer by New
York investor Martin T. Sosnoff.
    Caesars said Sosnoff's offer to by all its outstanding
shares of common stock was inadequate and not in the best
interests of its shareholders.
    The company recommended that shareholders reject Sosnoff's
offer, made through his 
<
MTS Acquisition Corp>, and not tender
any of their shares.
    Caesars said it will explore a variety of alternative
transactions but did not elaborate.
    Caesars, in a brief statement, did not say whether it would
seek to buy back its shares held by Sosnoff.
    A Caesars spokesman said the company would not comment
further on its decision.
    On Wednesday, Sosnoff told the Securities and Exchange
Commission that he controls 13.6 pct of the company's stock.
    Sosnoff also informed the SEC that Caesars had offered to
buyout his holdings several times during the past year.
    No one from the Sosnoff organization was immediately
available for comment.
    Caesars said its financial advisor, Drexel Burnham Lambert
Inc, had determined that Sosnoff's offer was financially
inadequate for shareholders other than Sosnoff.
    The company said other factors it considered in rejecting
the offer were its financial condition, future prospects,
current market conditions and the numerous conditions on which
Sosnoff's bid was conditioned.
    Caesars' stock opened up 1/8 point at 28-1/8. That is 1/8
point above Sosnoff's offer price.
 Reuter
3;
bodyend
documentend
documentstart
4773
topicstart
earn
topicend
bodystart
2;

ESSELTE AB 
<
ESB.ST> 1986 RESULTS


    STOCKHOLM, March 13 - 
Group profit after net interest items
742 mln crowns vs 741 mln.
    Sales 11.25 billion crowns vs 10.22 billion.
    Estimated profit per share 10 crowns vs 9.20.
    Proposed dividend four crowns vs 3.38.
 Reuter
3;
bodyend
documentend
documentstart
4774
topicstart
acq
topicend
bodystart
2;

CONSECO 
<
CNC> TO BUY BENEFICIAL 
<
BNL> UNIT


    PEAPACK, N.J., March 13 - 
Conseco Inc said it has signed a
definitive agreement to acquire Western National Life Insurance
Co from Beneficial Corp for 275 mln dlrs in cash.
    Western National had assets of 1.9 billion dlrs at the end
of 1986 and 1986 premium and investment revenues.  Western
issues structured settlement annuities for the settlement of
personal injury and damage claims and sells tax-sheltered
annuities.
    The acquisition is subject to regulatory approval.
    Conseco said the acquisition would raise its assets to 2.7
billion dlrs and annual revenues to about 800 mln dlrs.
    Beneficial had previously announced plans to leave the
insurance business.  On March Three, it said it agreed in
principle to sell its American Centennial Insurance Co,
Beneficial International Insurance Co, Consolidated MArine and
General Insurance Co Ltd, Consolidated Life Assurance Co Ltd,
Wesco Insurance Co and Service General Insurance Co
subsidiaries to a management-led group for 98 mln dlrs in notes
mostly contingent on performance of the units and 10 mln dlrs
in cash.
    Conseco had 1986 operating earnings of 4,968,000 dlrs on
revenues of 84.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4775
topicstart
earn
topicend
bodystart
2;

GREAT AMERICAN BANCORP 
<
GRTB> 4TH QTR NET


    CENTURY CITY, Calif., March 13 -
    
Shr profit seven cts vs loss 24 cts
    Net profit 151,000 vs loss 523,000
    12 mths
    Shrs loss 1.70 dlrs vs loss 44 cts
    Net loss 3,670,000 vs loss 947,000
    Assets 99.7 mln vs 102.6 mln
    Deposits 91.1 mln vs 90.6 mln
    Loans 44.3 mln vs 51.7 mln
 Reuter
3;
bodyend
documentend
documentstart
4776
topicstart
earn
topicend
bodystart
2;

KONINKLIJKE NEDERLANDSE PAPIERFABRIEKEN 
<
KNPN.AS>


    MAASTRICHT, Netherlands, March 13 -
    
Net 1986 profit 132.6 mln guilders vs 117.3 mln
    Turnover 1.6 billion guilders vs same
    Earnings per share 16.00 guilders vs 15.80 on capital
expanded by 11 pct to 8.21 mln outstanding shares.
    Proposed dividend per share 5.50 guilders vs 5.00
    Note - Full company name is Koninklijke Nederlandse
Papierfabrieken NV.
 Reuter
3;
bodyend
documentend
documentstart
4777
topicstart
earn
topicend
bodystart
2;

GENERAL MILLS INC 
<
GIS> 3RD QTR FEB 22 NET


    MINNEAPOLIS, March 13 -
    
Shr 64 cts vs 52 cts
    Net 56,900,000 vs 46,400,000
    Sales 1.31 billion vs 1.13 billion
    Avg shrs 88.2 mln vs 89.3 mln
    Nine mths
    Shr 2.09 dlrs vs 1.59 dlrs
    Net 185,900,000 vs 141,300,000
    Sales 3.84 billion vs 3.36 billion
    Avg shrs 88.9 mln vs 89.1 mln
    NOTE: 1986 period ended February 23
    Prior year amounts restated to reflect discontinued
furniture operations
    Earnings include gains from discontinued operations of 1.5
mln dlrs, or two cts a share in the 1986 quarter and gains of
8.5 mln dlrs, or 10 cts a share in the fiscal 1987 nine months
vs 3.0 mln dlrs, or four cts a share a year earlier
 Reuter
3;
bodyend
documentend
documentstart
4778
topicstart
ship
grain
topicend
bodystart
2;

UNOFFICIAL STRIKE HITS ROTTERDAM GRAIN SECTOR


    ROTTERDAM, March 13 - 
About 220 men in Rotterdam port's
grain sector stopped work this afternoon in an unofficial
protest at the slow progress of negotiations over a new work
practice agreement, a spokesman for the port and transport
union FNV said.
    Negotiations between the union and employers, which are due
to resume early next week, are currently stalemated with the
union refusing to accept sweeping changes in working hours and
practices in return for a 1.5 pct pay increase.
    The FNV spokesman said the action did not yet have official
backing, but added that next week matters might be different.
 Reuter
3;
bodyend
documentend
documentstart
4779
topicstart
earn
topicend
bodystart
2;

NOVELL 
<
NOVL> SETS PAYMENT DATE FOR STOCK SPLIT


    PROVO, Utah, March 12 - 
Novell Inc said the dividend to
effect its previously announced two-for-one stock split will be
distributed April 13.
    As stated at the time of the original announcement, the
company said the payment will be made to holders of record
March 31.
 Reuter
3;
bodyend
documentend
documentstart
4780
topicstart
earn
topicend
bodystart
2;

NORTEK INC 
<
NTK> SETS QUARTERLIES


    PROVIDENCE, March 13 -
    
Qtly div common 2-1/2 cts vs 2-1/2 cts prior
    Qtly div special common one ct vs one ct
    Pay May Eight
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
4781
topicstart
ship
topicend
bodystart
2;

DUTCH PORT UNION CALLS OFF GENERAL CARGO STRIKES


    ROTTERDAM, March 13 - 
Dutch port and transport union, FNV,
has called off the strikes against planned redundancies that
have hit Rotterdam port's general cargo sector for the past
eight weeks, strike leader Paul Rosenmuller told a mass
meeting.
    The decision followed yesterday's ruling by an Amsterdam
court preventing the sector's employers continuing with current
plans for 350 redundancies this year until the court sits again
on May 7, Rosenmuller told a meeting of the general cargo
sector's 4,000 workers today.
    The court ruled the employers had made a mistake in the
complicated legal procedure for obtaining official permission
for the redundancies, and therefore could not proceed.
    "There is no need to continue the strikes for the moment now
the immediate pressure of redundancies has been lifted,"
Rosenmuller said.
    But he added that the strikes, which began on January 19 in
protest against plans for 800 redundancies by 1990, could
resume at any time before May 7 if the employers made any moves
to re-apply for permission for the redundancies.
    SVZ labour relations manager Gerrard Zeebregts said they
would be meeting their lawyers today with a view to re-applying
for this permission next week in the hope of gaining approval
for the redundancies within a month.
 Reuter
3;
bodyend
documentend
documentstart
4782
topicstart
earn
topicend
bodystart
2;
******
NOVA AN ALBERTA CORP 4TH QTR SHR LOSS 15 CTS VS LOSS 1.09 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4783
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 195 MLN STG HELP


    LONDON, March 13 - 
The Bank of England said it provided the
money market with a further 195 mln stg assistance during the
afternoon.
    This brings total help today to 841 mln stg compared with a
liquidity shortage it has estimated at a revised one billion
stg.
    The Bank bought 176 mln stg of band two bank bills outright
at 10-5/16 pct and 13 mln stg of band one bank bills at 10-3/8
pct. In addition, it bought four mln stg of bills for resale to
the market on March 30 and two mln stg for resale on April 8,
at a common interest rate of 10-7/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
4785
topicstart
coffee
topicend
bodystart
2;

UGANDA RE-ROUTES COFFEE EXPORTS THROUGH KISUMU


    NAIROBI, March 13 - 
Long delays at the railway crossing on
the Kenyan border have led Uganda to re-route its coffee
exports through a ferry link with the Kenyan port of Kisumu
across Lake Victoria, Ugandan officials based in Kenya said.
    Uganda has a direct rail link with the Kenyan port of
Mombasa through which it conducts 70 pct of its external trade
but there is a chronic shortage of railway wagons, they said.
    Customs at Kisumu take less than a day compared with two to
three at the Malaba rail border crossing, a Ugandan Railways
official said. "Malaba is now handling only 10 pct of the trade
and all the coffee and oil goes through Kisumu," he said.
    However, an accident recently damaged the wagon ferry which
plies between Kisumu and the Ugandan port of Jinja, causing
bottlenecks on the lake route too.
    Sources at the Coffee Marketing Board in Kampala reported
delays in coffee export shipments last January due to
congestion on the lake ferries.
    Coffee accounts for about 95 pct of Uganda's export
earnings and last November President Yoweri Museveni ordered
all coffee shipments to be carried by rail in order to avoid
the higher costs of road haulage.
 Reuter
3;
bodyend
documentend
documentstart
4787
topicstart
wpi
topicend
bodystart
2;

NORWAY'S WHOLESALE PRICES RISE 0.5 PCT IN FEBRUARY


    OSLO, March 13 - 
Norway's wholesale price index (base 1981)
rose 0.5 pct in February to 136.0 after a 1.7 pct rise in
January to 135.0, the Central Bureau of Statistics said.
    The year on year increase for February was 7.9 pct compared
with 5.7 pct in January and 2.2 pct in February 1986, it added.
 REUTER
3;
bodyend
documentend
documentstart
4788
topicstart
earn
topicend
bodystart
2;

HEALTHCO INTERNATIONAL INC 
<
HLCO> 4TH QTR NET


    BOSTON, March 13 -
    
Oper shr 51 cts vs 43 cts
    Oper shr diluted 47 cts vs 43 cts
    Oper net 3,182,000 vs 2,462,000
    Revs 101.7 mln vs 87.0 mln
    Avg shrs 6,246,664 vs 5,671,607
    Avg shrs diluted 7,501,209 vs 5,671,607
    Year
    Oper shr 1.84 dlrs vs 1.48 dlrs
    Oper shr diluted 1.76 dlrs vs 1.48 dlrs
    Oper net 11.5 mln vs 8,312,000
    Revs 349.2 mln vs 307.0 mln
    Avg shrs 6,238,720 vs 5,616,019
    Avg shrs diluted 6,969,389 vs 5,616,019
    NOTE: 1986 net both periods excludes charge 1,205,000 dlrs
from distribution system restructuring costs.
    1986 year net excludes 440,000 dlr debt retirement gain and
gain 12.8 mln dlrs from sale of HPSC Inc 
<
HPSC> stock.
    1986 net both periods includes charge 768,000 dlrs from
reversal of investment tax credits.
 Reuter
3;
bodyend
documentend
documentstart
4790
topicstart
topicend
bodystart
2;

SALLIE MAE 
<
SLM> OFFERS FIXED RATE NOTES


    WASHINGTON, March 13 - 
The Student Loan Marketing
Association, Sallie Mae, announced an offering of 100 mln dlrs
of three-year fixed rate notes redeemable at maturity in the
U.S. dollar equivalent of 145.2 mln Australian dlrs.
    It said the 12.125 pct obligation will be priced at par and
sold in the United States in a public offering managed by
Morgan Stanley.
    Interest payments on the notes will be made semiannually in
U.S. dlrs starting on Sept 20, 1987, Sallie Mae said.
    It added that the notes are due march 20, 1990.
    Sallie Mae said it will enter into a separate currency
exchange agreement to convert the principal payment at maturity
from Australian dollars to U.S. dollars.
    It said the notes will be issued in registered form and be
available in denominations of 10,000 U.S. dlrs and in 5,000 dlr
increments above that amount.
    Sallie Mae said proceeds will be used for general corporate
purchases.
 Reuter
3;
bodyend
documentend
documentstart
4791
topicstart
earn
topicend
bodystart
2;

WILFRED AMERICAN EDUCATIONAL CORP 
<
WAE> 4TH QTR


    NEW YORK, March 13 -
    
Shr two cts vs 36 cts
    Net 182,000 vs 3,433,000
    Revs 20.1 mln vs 21.4 mln
    Year
    Shr 71 cts vs 98 cts
    Net 6,706,000 vs 9,275,000
    Revs 85.7 mln vs 75.4 mln
    NOTE: 1985 net both periods includes gain 743,000 dlrs from
cancellation of debt.
    1986 quarter net includes reversal of 216,000 dlrs in
investment tax credits.
 Reuter
3;
bodyend
documentend
documentstart
4792
topicstart
earn
topicend
bodystart
2;

AL LABORATORIES INC 
<
BMD> 4TH QTR NET


    FORT LEE, N.J., March 13 -
    
Shr 10 cts vs 14 cts
    Net 913,000 vs 1,273,000
    Revs 37.7 mln vs 24.7 mln
    12 mths
    Shr 61 cts vs 60 cts
    Net 5,529,000 vs 5,448,000
    Revs 123.6 mln vs 96.8 mln
    NOTE: net for qtr and yr 1986 and 1985 adjusted to reflect
retroactive effect of three-for-two stock splits distributed to
shareholders in July 1986 and August 1985.
    1986 net includes results of operations of Parmed
Pharmaceuticals Inc, acquired May 29, 1986.
 Reuter
3;
bodyend
documentend
documentstart
4794
topicstart
earn
topicend
bodystart
2;

NU-MED INC 
<
NUMS> 3RD QTR JAN 31 NET


    ENCINO, Calif., March 13 -
    
Shr 26 cts vs 10 cts
    Net 2,867,000 vs 1,208,000
    Revs 100.0 mln vs 85.0 mln
    Avg shrs 10.4 mln vs 9,791,671
    Nine mths
    Shr 57 cts vs 34 cts
    Net 6,327,000 vs 3,951,000
    Revs 284.4 mln vs 225.4 mln
    Avg shrs 10.1 mln vs 9,831,097
    Current year net both periods includes gain 1,755,000 dlrs
from change inestimation of useful lives used in depreciation
of property and equipment.
 Reuter
3;
bodyend
documentend
documentstart
4795
topicstart
earn
topicend
bodystart
2;

ALUSUISSE PLANS 50 PCT CAPITAL CUT


    ZURICH, March 13 - 
Schweizerische Aluminium AG, Alusuisse,
plans to reduce share and participation certificate capital by
50 pct to cover losses in 1986 and those carried forward from
the previous year, chief executive Hans Jucker said.
    Jucker told a news conference that the greatest drain on
its financial resources had been stopped, but after
extraordinary charges the net loss of 688 mln francs in 1986
was only slightly under the 756 mln loss of the previous year.
    The losses in 1986 and those carried over from 1985 made it
necessary to reduce capital by 50 pct, he said.
    However, Jucker said the company improved liquidity through
a recovery in cash flow and conversion of 300 mln Swiss francs
of credit into a subordinated loan.
    Trading in Alusuisse shares was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
Trading would resume again on Monday.
 Reuter
3;
bodyend
documentend
documentstart
4796
topicstart
earn
topicend
bodystart
2;

DAVIS WATER 
<
DWWS> RELEASES PRE-SPLIT EARNINGS


    THOMASVILLE, Ga., March 13 - 
Davis Water and Waste
Industries Inc said it has restated its earnings on a pre-
stock split basis for fiscal 1987's third quarter and nine
months ended January 31, which were reported March 10 on a post
four-for-three stock split basis.
    The company said its earnings per share for the third
quarter on a pre-split basis, converts to 16 cts from 12 cts
post-split, versus three cts pre-split from two cts post-split
for fiscal 1986's third quarter.
    For the nine months, Davis said, earnings per share would
convert to 77 cts and 44 cts for fiscal 1987 and 1986
respectively, from 58 cts and 33 cts, respectively.
 Reuter
3;
bodyend
documentend
documentstart
4797
topicstart
earn
topicend
bodystart
2;

<
NOVA AN ALBERTA CORP> 4TH QTR LOSS


    Calgary, Alberta, March 13 -
    
Shr loss 15 cts vs loss 1.09 dlrs
    Net loss 19.3 mln vs loss 139.6 mln
    Revs 611.7 mln vs 868.6 mln
    Year
    Shr profit 12 cts vs loss 1.31 dlrs
    Net profit 16.1 mln vs loss 167.9 mln
    Revs 2.68 billion vs 3.35 billion
    Avg shrs 134.7 mln vs 128.1 mln
 Reuter
3;
bodyend
documentend
documentstart
4798
topicstart
acq
topicend
bodystart
2;

ELDER-BEERMAN 
<
ELDR> GETS OFFER OF 30 DLRS/SHARE


    DAYTON, Ohio, March 13 - 
Elder-Beerman Stores Corp said
owners of about 70 pct of its stock have offered to take the
company private by offerring 30 dlrs per share for the
remaining 30 pct of its stock.
    The company said the proposal will be considered at a
regularly scheduled board meeting on March 17.
    It said the offer was made by members of the Beerman family
holding about 70 pct of the company's stock, Chairman Max
Gutmann, and certain members of the board.
 Reuter
3;
bodyend
documentend
documentstart
4800
topicstart
topicend
bodystart
2;

CITICORP 
<
CCI> DENIES RUMORS OF DEBT WRITEDOWN


    NEW YORK, March 13 - 
Citicorp denied financial market
rumors that it has written off some of its loans to Latin
American debtors,
    "Rumors that we have written off any of our Latin American
debt are unfounded," a Citicorp spokesman told Reuters in
response to London-based rumors in the money markets.
    Citicorp is the largest bank group in the U.S. and one of
the biggest lenders to Latin America, with some eight to nine
billion dlrs outstanding to Brazil, Mexico and Argentina, bank
analysts said.
    In response to more specific market rumors that it had
taken action on its exposure to Brazil, Citicorp said it made
an 8-K filing on the subject with the Securities and Exchange
Commission on Tuesday in relation to a registration statement
for a preferred stock issue.
    Citing the filing, Citicorp said that Brazil's recent
suspension of interest payments on 68 billion dlrs of
commercial bank debt and related actions "may require Citicorp
to place 3.9 billion dlrs of intermediate and long-term
Brazilian loans on a cash basis."
    When loans are placed on a cash basis, interest or
principal payments are only booked when received instead of
being accrued on their due dates, analysts noted.
    However, Citicorp said in the 8-K filing that "it is
premature to make such a decision at this time in view of the
fluidity of the situation and management's high confidence in
the long-term outlook for Brazil."
    Brazil's new central bank governor Francisco Gros met
senior commercial bankers here on Wednesday and Citicorp said
formal talks on Brazil's recent actions and future financing
needs should begin in "the near future".
    Citicorp said in the filing, "the issue will be
re-evaluated at the end of the first quarter."
    The bank group continued, "if it is decided that these
loans to Brazil should be placed on a cash basis, Citicorp
estimates, based on existing interest rates, that the impact in
the first quarter would be approximately 50 mln dlrs after tax
and for the full year would be approximately 190 mln dlrs after
tax."
    It added that these amounts include interest accrued in
1986 that has not yet been collected.
    Although Citicorp denied earlier rumors of major loan
writedowns, its warning that it may have to place some of its
Brazilian loans on non-accrual unnerved many Wall Street
investors.
    The common stock price was down one dlr to 51-1/8 after the
first hour on a volume of over 500,000 shares.
    However, Lawrence Cohn, analyst at Merrill Lynch and Co
Inc, said that the market's nervousness was not really
warranted.
    "Citicorp can afford it," he said. "The amounts they are
talking about are peanuts."
REUTER...^M
3;
bodyend
documentend
documentstart
4801
topicstart
earn
topicend
bodystart
2;

ECHLIN INC 
<
ECH> DIVIDEND INCREASED 12 PCT


    BRANFORD, Conn., March 12 -
    
Qtly div 14 cts vs 12.5 cts in prior qtr
    Payable April 18
    Record April two
 Reuter
3;
bodyend
documentend
documentstart
4803
topicstart
earn
topicend
bodystart
2;

NATIONAL ENTERTAINMENT CORP 
<
NENT> 3RD QTR NET


    LAS VEGAS, Nev., March 13 - 
Jan 31 end
    Shr six cts vs eight cts
    Net 177,000 vs 252,000
    Revs 3,209,000 vs 1,070,000
    Nine mths
    Shr 12 cts vs eight cts
    Net 365,000 vs 247,000
    Revs 7,156,000 vs 2,960,000
    NOTE: Prior year net both periods includes 91,000 dlr tax
credit.
 Reuter
3;
bodyend
documentend
documentstart
4804
topicstart
earn
topicend
bodystart
2;

NATIONAL ENTERTAINMENT 
<
NENT> REVERSE SPLIT SET


    LAS VEGAS, Nev., March 13 - 
National Entertainment Corp
said shareholdersapproved a one-for-25 reverse stock split and
a name change to Major Video Corp, both effective March 16.
    It said its new ticker symbol will be 
<
MAJV>.
    The company also said it expects to add nine company-owned
and franchised Major Video stores in the next 60 days.  It now
operates 64.
 Reuter
3;
bodyend
documentend
documentstart
4805
topicstart
earn
topicend
bodystart
2;

<
PEMBINA RESOURCES LTD> YEAR NET


    Calgary, Alberta, March 13 -
    
Shr 48 cts vs 81 cts
    Net 3,986,000 vs 6,760,000
    Revs 77.3 mln vs 40.5 mln
 Reuter
3;
bodyend
documentend
documentstart
4806
topicstart
acq
topicend
bodystart
2;

COMPUTER MEMORIES 
<
CMIN> SETS FILM FIRM MERGER


    LOS ANGELES, March 13 - 
Computer Memories Inc, which ended
its disk drive operations in June 1986, agreed to acquire

<
Hemdale Film Corp> in a transaction which will give Hemdale's
owner control of the resulting company.
    Computer Memories' principal asset is about 29.4 mln dlrs
in cash and cash equivalents. It has agreed to exchange newly
issued shares equaling 80 pct of the aggregate issued to
acquire Hemdale. That company's owner, John Daly, would then
become chief executive officer of the combined company which
would be renamed Hemdale Film Corp.
    Computer Memories said the proposed transaction is subject
to the results of certain corporate reviews and approval of its
shareholders, who will hold a special meeting as soon as
practicable.
    The company said it has 11,109,190 shares outstanding, of
which about 1,734,000 are held by Intel Corp 
<
INTC>. It is
anticipated the FIntel shares will be purchased for 2.75 dlrs a
share in connection with the merger with Hemdale, Computer
Memories said.
 Reuter
3;
bodyend
documentend
documentstart
4807
topicstart
acq
topicend
bodystart
2;

KLM SEEKS STAKE IN BRITISH COURIER SERVICE


    AMSTERDAM, March 13 - 
KLM Royal Dutch Airlines 
<
KLM.AS>
said it is negotiating for a minority stake in a British and
Commonwealth Shipping Plc 
<
BCOM.L> courier service in a
transaction which might include a convertible loan issue.
    KLM, already active in the fast growing door-to-door
delivery market through a 50-pct stake in a Dutch courier
service, is seeking to buy one-third of 
<
IML Air Services Group
Ltd> from British and Commonwealth.
    The two companies agreed earlier this month for KLM to take
a 15-pct stake in British and Commonwealth commuter airline Air
U.K. Ltd in a deal worth around two mln stg.
 Reuter
3;
bodyend
documentend
documentstart
4808
topicstart
inventories
topicend
bodystart
2;
******
U.S. JAN BUSINESS INVENTORIES ROSE 0.9 PCT AFTER A REVISED 0.6 PCT DEC FALL

Blah blah blah.
3;


bodyend
documentend
documentstart
4809
topicstart
money-fx
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - EMS MARKS EIGHTH BIRTHDAY


    By Tony Carritt, Reuters


    BRUSSELS, March 13 - 
The European Monetary System marks its
eighth anniversary still vulnerable to turmoil in world money
markets despite creating an island of currency rate stability
in Europe, economists say. But many economists say the system,
which holds eight European Community currencies within narrow
fluctuation bands, remains in its infancy.
    Its new currency, the European Currency Unit (Ecu), has
been a runaway success with investors and borrowers alike
seeking an alternative to the volatile dollar.
    And on Wednesday, the long term vision of the Ecu as
Europe's common currency took a step nearer to becoming reality
when Belgium minted the world's first Ecu coin.
    But economists say members such as West Germany have so far
blocked a second stage of development envisaged by the system's
founding fathers, ex-West German Chancellor Helmut Schmidt and
former French President Valery Giscard d'Estaing.
    Under this phase, originally due to have started two years
after the EMS was set up, decision-making was to have been
transferred from national governments and central banks to an
autonomous European Monetary Fund.
   But members have jealously guarded their sovereignty in
economic and monetary matters. "The basic problem of the EMS is
that governments are not prepared to make the quantum leap to a
situation where certain decisions are taken in common," said one
economist who has closely watched the system's development.
    The result is that the EC is often divided over policy on
third currencies, accentuating what the economists say is the
system's greatest weakness, its vulnerability to a weak dollar.
    Over the past 18 months, as the U.S. Dollar plunged and
investors moved into strong currencies, the resulting sharp
rise of the West German mark severely strained the system. MORE
    As the mark soared against the dollar, it also rose against
EMS currencies less favoured by international investors. And as
West Germany last year refused to give in pressure from several
EC partners and the United States to cut interest rates to slow
the mark's rise, the EMS had to be realigned twice to ease
financial and trade strains within the community.
    Two months ago the mark and the Dutch guilder were revalued
by three pct and the Belgian and Luxembourg francs by two pct
against other currencies in the system -- the French franc,
Italian lira, the Irish punt and Danish crown.
   Another frustration has been Britain's failure to lend the
EMS political support by keeping the pound, still a major world
currency, outside the system.
    No change in the British government's attitude is expected
before the country's next general elections, due by mid-1988.
    Meanwhile, the system's last realignment, the 11th since it
was set up, prompted European finance ministers to ask the EC's
highly-secretive Monetary Committee and Committee of Central
Bank Governors to come up with suggestions for reinforcing it.
    Their ideas are due to be unveiled when finance ministers
hold an informal meeting in Belgium early next month.
    But economists said the proposals are unlikely to involve
more than tinkering with technical details. They are sceptical
about the chances for any fundamental change.
    "Technical measures won't be enough to protect the EMS
against external factors such as dollar weakness. For that we
must take the step forward to the institutional level," said Leo
de Corel of Kredietbank's economic research department.
    Economists say the system's fortunes now will depend
largely on the success of an agreement last month among major
industrial nations to stabilise exchange rates. If the dollar
resumes its slide the EMS could be in for more turbulence, they
predict.
 REUTER
3;
bodyend
documentend
documentstart
4810
topicstart
earn
topicend
bodystart
2;

GENERAL MILLS
<
GIS> SEES STRONG 4TH QTR RESULTS


    MINNEAPOLIS, March 13 - 
General Mills Inc, reporting
stronger results for the third quarter ended February 22, said
it expects the momentum to continue in the fourth quarter.
    The company said it expects to report "strong earnings per
share growth and a record return on equity in fiscal 1987." It
said this should be achieved despite expected non-operating
charges in the final quarter.
    General Mills said these charges will likely offset
non-operating gains, which included six cts a share in the
first half.
    General Mills said at the end of the third quarter, its
return on average equity was 31.6 pct.
    It said major factors contributing to the third quarter
improvement were an 11 pct gain in unit volume by Consumer
Foods, continuing good profit growth at Red Lobster USA and
strong performance in Specialty Retailing.
    The company reported quarterly earnings of 56.9 mln dlrs,
or 64 cts a share, up from 46.4 mln dlrs, or 52 cts a share a
year ago. Sales rose to 1.31 billion dlrs from 1.13 billion
dlrs. Year-ago data reflect a two-for-one common stock split.
 Reuter
3;
bodyend
documentend
documentstart
4811
topicstart
inventories
topicend
bodystart
2;

U.S. JANUARY BUSINESS INVENTORIES ROSE 0.9 PCT


    WASHINGTON, March 13 - 
U.S. business inventories rose 5.6
billion dlrs, or 0.9 pct, to a seasonally adjusted 592.19
billion dlrs in January, the Commerce Department said.
    It was the largest inventory rise since July, 1979, when
inventories were up 1.7 pct.
    In December, inventories fell a revised 3.4 billion dlrs,
or 0.6 pct, to 586.65 billion dlrs. Previously, the department
said inventories fell 0.5 pct in December.
    Business sales fell 20.1 billion dlrs, or 4.5 pct, in
January to 428.75 billion dlrs after rising by three pct in
December to 448.82 billion dlrs.
    The department said it was the largest monthly sales drop
on record.
    January inventories were up 8.2 billion dlrs, or 1.4 pct,
from the year-ago level of 583.99 billion dlrs.
    Durable goods inventories rose 1.4 pct to 366.13 billion in
January dlrs while nondurables inventories were up 0.2 pct from
December levels to 226.07 billion dlrs.
    Manufacturers inventories were up 0.5 pct to 277.02 billion
dlrs in January after falling by 0.3 pct in December to 275.53
billion dlrs.
    Wholesalers' inventories rose 1.3 pct in January to 140.25
billion dlrs.
    The inventory-to-sales ratio rose to 1.38, up .07 from
December, the department said.
    January's sales were 2.82 billion dlrs or 0.7 pct below the
January, 1986, level of 431.56 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4812
topicstart
acq
topicend
bodystart
2;

PACKAGING SYSTEMS 
<
PAKS> TO BUY LABEL FIRM


    PEARL RIVER, N.Y., March 13 - 
Packaging Systems Corp said
it agreed to acquire 
<
Walter-Richter Labels Inc>, a privately
held maker of woven labels based in Paterson, N.J.
    Terms of the acquisition, which is expected to be completed
within 60 days, were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
4814
topicstart
earn
topicend
bodystart
2;

MANUFACTURED HOMES INC 
<
MNH> YEAR NET


    WINSTON-SALEM, N.C., March 13 -
    
Shr 53 cts vs 85 cts
    Net 2,033,425 vs 3,718,325
    Revs 120.6 mln vs 79.5 mln
    NOTE: 1986 net includes 3,300,000 dlr provision for credit
loss.
    1985 net includes charge 504,571 dlrs from cumulative
effect of accounting change.
 Reuter
3;
bodyend
documentend
documentstart
4815
topicstart
topicend
bodystart
2;

MINNESOTA POWER 
<
MPL> DEBT DOWNGRADED BY MOODY'S


    NEW YORK, March 13 - 
Moody's Investors Service Inc said it
lowered Minnesota Power and Light Co's 490 mln dlrs of debt.
    Cut were the company's first mortgage bonds and pollution
control revenue bonds to A-2 from Aa-3, unsecured pollution
control and industrial revenue bonds to A-3 from A-1 and
preferred stock to A-2 from Aa-3.
    Moody's expects Minnesota Power's earnings, returns,
coverage ratios and cash flow measures to decline substantially
during the next few years. It cited tax reform, weaker
performance by the utility's securities investment program and
initial losses for non-utility business.
 Reuter
3;
bodyend
documentend
documentstart
4816
topicstart
gold
topicend
bodystart
2;

HAITI ANNOUNCES FIND OF ORE-RICH GOLD FIELD


    PORT-AU-PRINCE, Haiti, March 13 - 
The  Ministry of Mines
has announced the discovery of a major gold field in Grand Bois
in Haiti's mineral-rich North.
    At a press conference yesterday, a Ministry spokesman
reported the deposit contained an estimated 44 mln tons of ore,
with each ton capable of containing 7,666 grams of gold. The
spokesman gave no estimate of what he thought the find,
discovered on Wednesday, was worth.
    However, mining could only begin after foreign partners
invest eight mln dlrs needed for technical equipment, the
spokesman said.
    The Haitian government has never before operated a gold
mine, but the United Nations has recently completed a three
year feasibility study which lists Grand Bois and Morne Bossa
as sites of important gold deposits.
    In 1971, the Sedren copper mine in Gonaives, operated by a
Canadian firm, closed down after years of mining a concentrate
containing gold as well as copper.
    "The new Grand Bois mine represents large amounts of money,"
said a former official of Sedren Mine.
    "But like everything else there's a catch. The gold has to
be extracted, and first someone has to come up with the money
to finance the operation," the official, who asked not to be
named, told Reuters.
 Reuter
3;
bodyend
documentend
documentstart
4818
topicstart
acq
topicend
bodystart
2;

HOLIDAY CORP 
<
HIA>, COMSAT 
<
CQ> CLOSE SALE


    MEMPHIS, March 13 - 
Holiday Corp and Communications
Satellite Corp said they closed the previously announced sale
to Comsat of Holiday's 50 pct interest in Hi-Net
Communications, their joint venture that provides in-room video
entertainment to hotels by satellite.
    Under terms of the deal, Comsat paid Holiday 25 mln dlrs in
cash and assumed half of the venture's 50 mln dlrs of
outstanding debt, the company's said.
    Hi-Net, they added, will continue to provide programming to
Holiday's hotels.
 Reuter
3;
bodyend
documentend
documentstart
4819
topicstart
earn
topicend
bodystart
2;

CONSUMERS FINANCIAL CORP 
<
CFIN> 1986 NET


    CAMP HILL, Pa., March 13 -
    
Shr 61 cts vs 42 cts
    Net 6,247,000 vs 5,587,000
    Rev 65.4 mln vs 53.6 mln
    NOTE: 1986 net includes investment gains of 25 cts a share,
versus six cts a share for 1985, and extraordinary gain of
seven cts a share.
 Reuter
3;
bodyend
documentend
documentstart
4820
topicstart
earn
topicend
bodystart
2;

CHICAGO RIVET AND MACHINE CO 
<
CVR> 4TH QTR NET


    NAPERVILLE, ILL., March 13 -
    
Shr 21 cts vs 60 cts
    Net 156,576 vs 443,404
    Sales 5,309,519 vs 5,381,264
    Year
    Shr 1.06 dlrs vs 1.55 dlrs
    Net 788,220 vs 1,151,330
    Sales 22.3 mln vs 23.6 mln
 Reuter
3;
bodyend
documentend
documentstart
4821
topicstart
earn
topicend
bodystart
2;

FILTERTEK INC 
<
FTK> SETS QUARTERLY


    HEBRON, Ill., March 13 -
    
Qtly div 11 cts vs 11 cts prior
    Pay May 15
    Record May One
 Reuter
3;
bodyend
documentend
documentstart
4822
topicstart
money-fx
interest
topicend
bodystart
2;

UK MONEY MARKET GIVEN LATE HELP OF 185 MLN STG


    LONDON, March 13 - 
The Bank of England said it gave the
money market late, unspecified assistance of around 185 mln
stg.
    This takes the total liquidity injected into the system by
the bank today to 1.026 billion stg compared with a shortage it
estimated at around one billion stg.
    Overnight interbank sterling dipped to 10 nine pct after
the bank's announcement compared with levels around 10-1/2 pct
shortly before and 11-1/4 11 pct initially today, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
4824
topicstart
rubber
topicend
bodystart
2;

NEW RUBBER PACT APPEARS IN THE BALANCE


    GENEVA, March 13 - 
Negotiations on a new International
Natural Rubber Agreement, INRA, are approaching the
make-or-break point and prospects for a future pact appear to
be in the balance, delegates said.
    Manaspas Xuto of Thailand, chairman of the INRA
renegotiation conference, is holding consultations with a small
group of producers and consumers to try to resolve major
outstanding issues. When the talks began on Monday Xuto said
those issues should be settled by the end of the first week to
allow time to draft an agreement during the second week.
    The talks are due to last until March 20.
    Xuto said, "There is nothing concrete yet, but the
atmosphere is good." The discussions are expected to continue
late into the night, and Xuto said he may hold weekend
meetings.
    Delegates said negotiations now focus on the degree to
which price adjustments should be automatic.
    At present, if the market price has been above or below the
reference price (set at 201.66 Malaysian/Singapore cents a kilo
in the current agreement) for six months, the reference price
is revised by five pct or by an amount decided by the
International Natural Rubber Organisation council.
    Consumers are asking that, in these circumstances, the
adjustment be automatic at five pct or more.
    Producers want the council to have the last word and have
resisted reducing its role in the price adjustment procedure.
    Delegates said there seems to be optimism about settling
another issue -- that of the floor price.
    It now appears that consumers may consider dropping their
insistence of a downward adjustment of the floor price, called
the "lower indicative price," under certain circumstances.
    This means that any possible compromise would centre on the
reference price, and the "may buy" (or "may sell") and "must buy" or
"must sell" levels, without changing the "lower indicative price"
-- which is set at 150 Malaysian/Singapore cents in the current
pact.
    Delegates said that in exchange for consumer flexibility on
the floor price question, producers may consider agreeing to
another consumer proposal for more frequent price reviews -- at
12 month intervals instead of 18 at present.
 Reuter
3;
bodyend
documentend
documentstart
4825
topicstart
grain
corn
topicend
bodystart
2;

SOVIETS RUMORED TO HAVE BOUGHT MORE U.S. CORN


   KANSAS CITY, March 13 - 
The Soviet Union is rumored
this morning to have bought up to 1.5 mln tonnes of U.S. corn,
export trade sources said.
    The amount was not confirmed, but the talk was widespread
through the trade. Gulf cash barge basis levels jumped two to
three cents this morning on the rumors, which were expected to
boost futures prices on today's open.
    The Soviet Union recently bought over 1.0 mln tonnes of
U.S. corn, ostensibly as a conciliatory gesture ahead of trade
talks with U.S. agriculture officials.
    Purchases rumored today were seen as a positive factor in
light of a Soviet trade official's statement that the previous
purchase had satisfied near-term needs.
 Reuter
3;
bodyend
documentend
documentstart
4827
topicstart
earn
topicend
bodystart
2;

TRANSACT INT'L INC 
<
TACT> 3RD QTR JAN 31 NET


    DARIEN, Conn., March 13 -
    
Shr one ct vs three cts
    Net 66,922 vs 194,531
    Rev 4.2 mln vs 5.7 mln
    Nine months
    Shr two cts vs four cts
    Net 93,802 vs 260,702
    Rev 10.1 mln vs 13.2 mln
    NOTE: Nine months 1987 period includes gain of 196,043 dlrs
from sale of Meston Lake Resources shares and a credit of
127,000 dlrs from a favroable settlement of s state income tax
assessment. 1986 nine months period includes gain of 160,431
dlrs, or two cts a share, from sale of Ferrotherm Co.
 Reuter
3;
bodyend
documentend
documentstart
4828
topicstart
topicend
bodystart
2;
******
 German federal railways stock 900 mln marks, 10 years at 6-1/4 pct and par - Bundesbank

Blah blah blah.
3;


bodyend
documentend
documentstart
4829
topicstart
money-fx
topicend
bodystart
2;

FRANCE REPAYS SOME OF CURRENCY INTERVENTION DEBT


    PARIS, March 13 - 
France today repaid 21.95 billion francs
of short-term currency intervention debt to the European
Monetary Cooperation Fund, EMCF, the Finance Ministry said.
    It said the debt was part of a 33.90 billion franc
liability incurred through the activation of EMCF swap
facilities to defend the franc before the January 11 European
Monetary System realignment.
    The realignment, following several weeks of speculative
pressure, produced a three pct revaluation of the West German
mark and the Dutch guilder against the French franc and a two
pct revaluation of the Belgian franc.
 REUTER
3;
bodyend
documentend
documentstart
4830
topicstart
topicend
bodystart
2;

WEST GERMAN RAILWAY ISSUES DOMESTIC STOCK


    FRANKFURT, March 13 - 
The West German federal railway is
raising 900 mln marks through a 10-year loan stock on the
domestic market with a coupon of 6-1/4 pct and price of par, a
Bundesbank spokesman said in response to enquiries.
    Some 750 mln marks will be offered for immediate sale with
75 mln held back for market regulation and the remaining 75 mln
placed with the railways own bank.
    The stock will be offered for sale between March 17 and 19
and will be listed on all German stock exchanges from March 20
to 24. The stock pays annual interest on April 1.
    Terms of the bond conformed with those expected earlier
today, dealers said.
    The bond rose in the first hour of grey market trading to
less 7/8, less 5/8, after being quoted at less 1-1/8, less 7/8
in first business.
    Dealers said demand rose owing to the bond's relatively
small size.
    In contrast, the last railway issue in January totalled 1.1
billion marks, of which 900 mln was distributed for immediate
sale.
 REUTER
3;
bodyend
documentend
documentstart
4831
topicstart
crude
topicend
bodystart
2;
******
SHELL CANADA RAISES CRUDE PRICES BY 64 CANADIAN CTS/BBL TODAY AT EDMONTON

Blah blah blah.
3;


bodyend
documentend
documentstart
4832
topicstart
ship
topicend
bodystart
2;
CORRECTION - TWO BRAZIL SHIPPING FIRMS SETTLE
    In today's Sao Paulo story headlined "TWO BRAZILIAN SHIPPING
FIRMS SETTLE WITH STRIKERS" please read in second para ... Offer
from the companies, Global and Flumar ... instead of ... Offer
from the companies, Globo and Flumar ... corrects name of first
company.
 Reuter
3;


bodyend
documentend
documentstart
4833
topicstart
livestock
hog
topicend
bodystart
2;

HAITI ALLOWS IMPORTATION OF BANNED BLACK PIGS


    PORT-AU-PRINCE, March 13 - 
Haiti's agriculture minister
yesterday announced his department will permit the importation
of 730 black Creole pigs, which had been banned from the island
nation since 1983.
    Between 1981 and 1983, a team of Canadian veterinarians
funded by the United States, Canada, Mexico and Costa Rica
supervised the slaughter of all Haiti's 1,200,000 pigs under a
program to eradicate African swine flu.
    Today's announcement that Catholic Relief Services
(CARITAS) can import 730 Jamaican pigs comes after months of
protests by farmers who had owned 90 pct of the slaughtered
pigs.
 Reuter
3;
bodyend
documentend
documentstart
4835
topicstart
trade
topicend
bodystart
2;

GERMAN BANK SEES GOOD SOVIET TRADE PROSPECTS


    FRANKFURT, March 13 - 
Soviet-West German trade is expected
to develop favourably due to Moscow's increasing openness to
East-West economic relations, Dresdner Bank AG's Moscow
representative Michael Stein said.
    He told a bank presentation the Soviet Union was last year
hit by the fall in world oil prices, which cut export revenue
from oil-related products and natural gas, and its overseas
buying power was also adversely affected by the lower dollar.
   Dresdner Bank economist Alfred Apholte said the Soviet
Union's large currency and gold reserves had softened the
impact of the dollar weakening and oil price drop.
 REUTER
3;
bodyend
documentend
documentstart
4836
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES BENEFICIAL CORP'S 3.4 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
4838
topicstart
topicend
bodystart
2;

NORSK HYDRO EURODOLLAR BOND INCREASED TO 125 MLN


    LONDON, March 13 - 
The 10-year eurodollar bond issue
launched yesterday for Norsk Hydro at 8-1/4 pct and 101-5/8 pct
has been increased to a total of 125 mln dlrs from the original
100 mln amount, Swiss Bank Corp International said as lead.
    The issue is due on April 9, 1997.
 REUTER
3;
bodyend
documentend
documentstart
4839
topicstart
topicend
bodystart
2;

GENERAL ELECTRIC 
<
GE> UNIT REDEEMS NOTES


    STAMFORD, Conn., March 13 - 
General Electric Credit Corp, a
unit of General Electric Co, said it has called for redemption
on April 13, 1987, its 150 mln dlrs 7-5/8 pct notes due 1988.
    The company said the notes' redemption price is 100 pct of
their principal amount plus accrued interest.
    GE Credit said the Bank of New York will be the
redemption's paying agent.
 Reuter
3;
bodyend
documentend
documentstart
4841
topicstart
acq
topicend
bodystart
2;

NATIONAL PIZZA CO 
<
PIZA> TO ACQUIRE RESTAURANTS


    PITTSBURGH, March 13 - 
National Pizza Co said it reached an
agreement in principle to buy seven Straw Hat pizza restaurants
and certain related real estate for approximately three mln
dlrs in cash.
    The acquisitions will be converted to Pizza Hut
restaurants, said National Pizza, and are expected to generate
annual sales of approximately eight mln dlrs.
    When the sale is complete, it will bring to 24 the number
of restaurants operated by National Pizza, the company said.
 Reuter
3;
bodyend
documentend
documentstart
4842
topicstart
topicend
bodystart
2;

BENEFICIAL 
<
BNL> DOWNGRADED BY MOODY'S


    NEW YORK, March 13 - 
Moody's Investors Service Inc said it
downgraded 3.4 billion dlrs of debt of Beneficial Corp.
    Cut to Baa-2 from Baa-1 were the senior debt of the company
and the guaranteed debt of its unit, Beneficial Overseas
Finance NV.
    Also downgraded were Beneficial's shelf registrations of
senior debt to Provisional Baa-2 from Provisional Baa-1 and of
subordinated debt to Provisional Ba-1 from Provisional Baa-3.
    Moody's said the magnitude of Beneficial's 1986 operating
losses from write-downs of discontinued businesses has weakened
its financial position.
    "The costs of meeting the potential liability for insurance
losses to facilitate the sale of the company's insurance unit
and of revaluing other discontinued business segments have
substantially exceeded original indications," Moody's said in a
release.
    The agency said Beneficial's consumer finance business
remains strong and has the capacity to withstand foreseeable
adverse developments.
    But the withdrawal from nontraditional businesses is
weakening consolidated leverage, narrowing funding operations
and depressing the quality of earnings, Moody's stressed.
 Reuter
3;
bodyend
documentend
documentstart
4843
topicstart
earn
topicend
bodystart
2;
******
CITICORP SAYS PLACING BRAZIL LOANS ON CASH BASIS COULD CUT 1ST QTR NET BY 50 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
4845
topicstart
ship
topicend
bodystart
2;

SINGAPORE TO SPEND 1.2 BILLION DLRS ON PORTS


    SINGAPORE, March 13 - 
The Port of Singapore Authority (PSA)
will spend 1.2 billion dlrs to develop port facilities and
cargo-handling equipment over the next five years,
Communications Minister Yeo Ning Hong told parliament.
    Yeo said the improvements were needed to cope with an
expected growth of ship tonnage and cargo handled by the port,
but gave no further details.
    The PSA handled 529 mln gross-registered tonnes of cargo in
1985, according to the latest available statistics from the
port authority.
 Reuter
3;
bodyend
documentend
documentstart
4848
topicstart
crude
topicend
bodystart
2;

ORS SEEKS CANADIAN FUNDS FOR HEAVY OIL TEST


    TULSA, Okla., March 13 - 
<
ORS Corp> said 
<
Dominion
Securities (Alberta) Inc> has been appointed to offer common
shares in a new Canadaina company being organized to exploit
heavy oil production opportunities in Canada and Western
Europe.
    ORS said the offer for private sale of the stock being made
on a best efforts basis is designed to raise five mln Canadian
dlrs which the new company will invest in properties and
projects using the Electromagnetic Well Stimulation Process
developed by IIT Research Institute under sponsorship of ORS.
 Reuter
3;
bodyend
documentend
documentstart
4849
topicstart
topicend
bodystart
2;

WEST GERMANY RESCHEDULES SIERRA LEONE DEBT


    BONN, March 13 - 
West Germany and Sierra Leone signed an
agreement to reschedule 26 mln marks of principal and interest
payments on loans, the West German Foreign Ministry said.
    A statement said the agreement related to interest and
principle and obligations from previous reschedulings due
between July 1, 1986 and November 13, 1987 as well as arrears
from the period up to June 30, 1986.
    The statement said the payments were rescheduled for 1992
to 1996 under the accord, which followed a multilateral
rescheduling pact agreed by "Paris Club" creditor nations on
November 19, 1986.
 REUTER
3;
bodyend
documentend
documentstart
4850
topicstart
acq
topicend
bodystart
2;

CHRYSLER 
<
C> UNIT BUYS BENEFICIAL 
<
BNL> UNIT


    ALLENTOWN, PA., March 13 - 
Chrysler Corp said its Chrysler
First Inc acquired a major portion of the commercial lending
portfolio of Beneficial Business Credit Corp, a subsidiary of
Beneficial Corp.
    It said the acquisition involves about 84 mln dlrs of net
receivables.
    Chrysler First, a subsidiary of Chrysler Financial Corp,
had receivables of 4.3 billion dlrs at the end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
4855
topicstart
topicend
bodystart
2;

LANESBOROUGH SELLS SENIOR SUBORDINATED NOTES


    NEW YORK, March 13 - 
Lanesborough Corp is raising 50 mln
dlrs via an offering of senior subordinated notes due 1997 with
a 12-3/8 pct coupon and par pricing, said sole manager First
Boston Corp.
    Non-callable for five years, the debt is rated Caa by
Moody's Investors Service Inc and B-minus by Standard and
Poor's Corp.
    The issue was increased from an initial offering of 40 mln
dlrs because of investor demand for high-yield securities.
 Reuter
3;
bodyend
documentend
documentstart
4856
topicstart
topicend
bodystart
2;

NEW SOUTH WALES TREASURY CORP LAUNCHES YEN BOND


    LONDON, March 13 - 
New South Wales Treasury Corp is issuing
15 billion yen of eurobonds due April 15, 1992, priced at
101-5/8, with a 4-7/8 pct coupon, Nikko Securities Co (Europe)
Ltd said as book-runner and joint lead manager with Mitsui
Trust and Banking Co Ltd.
    The issue will be guaranteed by New South Wales and will be
sold in denominations of one mln yen, with listing in
Luxembourg.
    Fees are 1-1/4 pct for selling and 5/8 pct for management
and underwriting combined. Payment date is April 15.
    Co-lead manager is Mitsubishi Finance International Ltd.
 REUTER
3;
bodyend
documentend
documentstart
4857
topicstart
topicend
bodystart
2;

SOUTHDOWN 
<
SDW> DEBT DOWNGRADED BY MOODY'S


    NEW YORK, March 13 - 
Moody's Investors Service Inc said it
downgraded to Ba-2 from Baa-3 Southdown Inc's 140 mln dlrs of
senior debt.
    The agency also assigned an initial rating of B-1 to the
company's 90 mln dlrs of senior subordinated notes due 1997.
    Moody's said the action reflected increased leverage and
reduced interest resulting from lower earnings. It also cited
Southdown's repurchase of 28 pct of its common stock and the
financing of that transaction by debt.
    Moody's said the lower ratings anticipate certain debt
reduction in the coming year from the sale of assets.
 Reuter
3;
bodyend
documentend
documentstart
4860
topicstart
topicend
bodystart
2;

U.S. FARM LOAN SECONDARY MARKET GAINS SUPPORT


    By Greg McCune, Reuters


    WASHINGTON, MARCH 13 - 
Proposals for a secondary market for
the resale of farm real estate loans similar to home mortgage
markets is gaining support in Congress and among rural lenders
and could be established this year, Congressional and financial
sources said.
    Several bills which would establish a farm secondary market
have been introduced in both the House and Senate. Furthermore,
Representatives of the Farm Credit System, commercial bankers
and life insurance companies are meeting in an attempt to agree
on a method of establishing the market.
    Frank Naylor, chairman of the Farm Credit Administration
(FCA), which regulates the farm credit system, yesterday said a
farm loan secondary market would be positive for agriculture
"as long as the farm credit system is a key player."
    Naylor told a House Agriculture subcommittee hearing the
secondary market could be established either with Congressional
legislation or administratively.
    Any farm loan secondary market would be modeled after the
successful resale markets in home mortgages, the Government
National Mortgage Association (GNMA) and the Federal Home Loan
Mortgage Corporation (Freddie Mac), industry sources said.
    Commercial banks and life insurance companies are the main
supporters of a farm loan secondary market because they believe
it would allow private lenders to compete more effectively in
rural lending with the quasi-government farm credit system,
traditionally the largest lender to farmers.
    A farm secondary market would allow lenders to sell
high-quality loans on farmland to "poolers" who in turn would
package the loans and issue farm mortgage-backed securities for
resale to investors-- called Aggie-mae by some supporters.
    However, the FCA and financially-troubled farm credit
system have in the past been ambivalent about the idea.
    The ambivalence is because any farm secondary market
established in the private sector that excluded the farm credit
system would put the system at a competitive disadvantage. That
could be a financial blow to the system, which has lost 4.6
billion dlrs in two years, Naylor and farm credit system
officials have said.
    A study commissioned by one of the main supporters of the
secondary market idea, the American Council of Life Insurers,
concludes the farm credit system's market share in rural
lending would fall if a secondary market were established. The
study was released earlier today.
 Reuter
3;
bodyend
documentend
documentstart
4863
topicstart
topicend
bodystart
2;

SALOMON INC 
<
SB> SAID TO CUT U.S. BANKS RATINGS


    NEW YORK, MARCH 13 - 
Salomon Inc has lowered its investment
ratings on all U.S. money center banks, institutional sources
said.
    The sources said Salomon believes that other money center
banks may feel compelled to follow Citicorp's 
<
CCI> lead
in its filing with the Securities and Exchange Commission
relating to its loan exposure to Brazil.
    They also said Salomon believes that other banks may
strongly consider the possibility of placing Brazilian loans on
a non-accruing status with the consequent negative impact on
earnings.
    The sources said the ratings were lowered to M from O-plus.
The stock are now expected to match the Standard and Poor's 500
Index, rather than outperform the index as previously expected.
    The sources said it is also understood that the change in
the coding of these stocks should definitely not be taken as a
sell-recommendation because Salomon is said to believe that its
downgrading will only prove temporary.
    The banks affected by the change in investment coding are
Bank of New York Co Inc 
<
BK>, Bankers Trust Co 
<
BT>, Chase
Manhattan Corp 
<
CMB>, Chemical New York Corp 
<
CHL>, Citicorp

<
CCI>, Irving Bank Corp 
<
V>, Manufacturers Hanover Corp 
<
MHC>,
J.P. Morgan and Co Inc 
<
JPM>, Marine Midland Banks Inc 
<
MM>,
Republic New York Corp 
<
RNB>, Bank of Boston Corp 
<
BKB> and
First Chicago Corp 
<
FNB>.
    The institutional sources said that Thomas Hanley, a
director of Salomon Inc subsidiary Salomon Brothers who is in
charge of bank stock research, believes Citicorp's move is
well-timed.
    Should Citicorp actually place the Brazilian loans in a
non-performing category at the end of this quarter this action
would serve to alleviate the urgency associated with the debt
negotiations, he argues.
    Thus Citicorp's bargaining position would appear to have
been much enhanced.
 Reuter
3;
bodyend
documentend
documentstart
4867
topicstart
crude
topicend
bodystart
2;

PETROBRAS ASKS ARMY TO WITHDRAW TROOPS


    RIO DE JANEIRO, MARCH 13 - 
Brazil's state-oil company
Petrobras has asked the Army to withdraw the troops which were
occupying its oil installations since Tuesday, Petrobras said
in a statement.
    The statement said the request for the withdrawal of the
troops was made because of the calmness reigning in all of its
refineries.
    "The request was also due to the end of the seamen's strike
and the willingness of the oil industry workers to sit again by
the negotiating table," the statement said.
    Even though the Petrobras statement said the seamen's
strike was over, a union spokesman said only two small shipping
companies had reached a pay agreement. The overwhelming
majority of Brazil's seamen remained on strike.
    The statement said a meeting between Petrobras and oil
industry leaders was set for next Wednesday in Rio, with the
presence of Labour Minister Almir Pazzionotto as a mediator.
    Petrobras said the request for the withdrawal of the troops
was made at 1100 local hours (1400 GMT), but a company
spokesman said he did not know if the troops had already been
removed.
 Reuter
3;
bodyend
documentend
documentstart
4873
topicstart
topicend
bodystart
2;

GERMAN SECURITIES MAY BE COUNTED IN LENDING RATIOS


    FRANKFURT, March 13 - 
West German banking authorities are
considering requiring German banks to bring securities holdings
into lending ratio calculations used to regulate credit risk,
banking sources said.
    The present interpretation of the credit law limits banks'
maximum lending to 18 times eligible capital -- reserves plus
equity capital -- but sets no restraints on securities
holdings.
    Under new provisions, weightings would be attached to
securities similar to those used for lending. Weightings would
range from a zero rating for no-risk assets to 100 pct of total
asset value for what authorities consider the highest risk.
    Low-risk securities carrying a zero rating would include
public authority bonds for the federal government, states and
municipalities, the sources said.
    A 20 pct rating would be assigned to issues of domestic
banks. Secured bonds of mortgage, shipping and public authority
banks would be an exception to this, via such securities as
mortgage and municipal bonds.
    Securities issued by foreign banks would attract a
weighting of 50 pct, while authorities are considering
requiring banks to include 100 pct of the value of debt assets
of foreign issuers, including sovereign borrowers.
    The sources said the revision is still being discussed, and
required approval by the federal Banking Supervisory Office in
West Berlin, the Bundesbank, and West Germany's four banking
associations.
    The move is a response to the increasing securitisation of
debt markets, they added.
 Reuter
3;
bodyend
documentend
documentstart
4874
topicstart
topicend
bodystart
2;

CNW 
<
CNW> SELLS BONDS


    CHICAGO, March 13 - 
CNW Corp said its Chicago and North
Western Transportation Co sold 25 mln dlrs of consolidated
mortgage 9.93 pct bonds, series C, due 1992, in a private
placement.
    Morgan Stanley and Co Inc was the placement agent. The
bonds were sold yesterday.
    Proceeds of the bond sale will be used for general
corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
4875
topicstart
topicend
bodystart
2;

PROGRESS IN IRAN LOAN TALKS, FRENCH OFFICIAL SAYS


    PARIS, March 13 - 
Talks between France and Iran on the
repayment of a one billion dlr loan by the late Shah have made
progress, Roland Dumas, head of a parliamentary Foreign Affairs
Committee said.
    "They are progressing as far as I have heard," Dumas told
reporters. "The two delegations appear to be near an agreement
on the figures."
    Dumas, a close aide to President Francois Mitterrand,
earlier this week met Iranian Charge d'Affaires in Paris
Haddadi Gholam-reza.
    The report of progress contrasts with official French
statements last month after talks between Deputy Iranian
Finance Minister Mehdi Navvab and the French Finance Ministry.
    The talks, the latest round in long-running negotiations
between the two countries, were said to have led to little
progress on the loan repayment issue.
    France made a first repayment of 330 mln dlrs last
November. Since then negotiatiors have shuttled between Tehran
and Paris for talks which France hopes will help secure freedom
for hostages held by pro-Iranian groups in Lebanon.
    Iran is claiming full repayment of principal and interest
on the Shah's loan, made in 1975 to the EURODIF uranium
enrichment consortium. It has also asked France to curb the
activities of Iranian dissidents in France and stop selling
weapons to Iraq, its enemy in the Gulf War.
    France for its part has made a counter claim for more than
500 mln dlrs in compensation for contracts with French firms
broken after the 1979 revolution.
 REUTER
3;
bodyend
documentend
documentstart
4876
topicstart
topicend
bodystart
2;

DUFF/PHELPS CHANGES BAKER
<
BKO>, HUGHES
<
HT> DEBT


    CHICAGO, March 13 - 
Duff and Phelps said it changed the
ratings on outstanding senior debt of Baker International Corp
and Hughes Tool Company.
    The change affects 515 mln dlrs in debt and assumes a
merger of the two companies will be completed.
    Baker's senior debt was downgraded to DP-8 (high BBB) from
DP-7 (low A).
    Hughes senior debt was raised to DP-8 from DP-12 (middle
BB) while subordinated debt was raised to DP-9 (middle BBB)
from DP-14 (high B).
    The debt ratio of the combined compaies will be about 40
pct but available cash plus proceeds from the sale of assets
will permit a prompt reduction in debt, Duff and Phelps said.
    However, fixed charge coverages will remain very thin until
the company's markets improve, D and P said.
 Reuter
3;
bodyend
documentend
documentstart
4881
topicstart
interest
topicend
bodystart
2;

ITALIAN INTERBANK RATE RISES IN FEBRUARY


    ROME, March 13, Reuter - 
Italy's average interbank rate
rose to a provisional 12.18 pct in February from 12.05 pct in
January, figures from the Bank of Italy show.
    Weighted average rate on bank lending was a provisional
13.78 pct in February compared with 13.83 in January, while
average weighted rate paid on deposits eased a provisional 7.49
pct from 7.66 pct.
    Italy today announced that its official discount rate would
be cut to 11.5 pct from 12 pct effective tomorrow.
 REUTER
3;
bodyend
documentend
documentstart
4882
topicstart
money-fx
dlr
topicend
bodystart
2;

YEUTTER SAYS DLR LEVEL BASED ON ECONOMIC POLICY


    WASHINGTON, March 13 - 
U.S. Trade Representative Clayton
Yeutter said that whether the exchange rate of the dollar would
fall or rise in the coming decade would depend on nations'
financial, monetary and tax policies.
    But, he said, in a speech and remarks to the Heritage
Foundation, that in the end "the marketplace will ultimately
rule the day."
    Asked about the future of the dollar, he said that whether
or not it would rise or fall depended on economic policies and
coooperation among trading nations.
    Yeutter said "if nations do the right kinds of things in
financial, monetary and tax policies, then a lesser burden of
adjustment is placed on exchange rates, and one could envision
a situation of the major trading nations moving back far closer
to what most of us would consider equilibrium and exchange
rates becoming relatively stable."
    But he said, on the other hand, that if nations did not
exhibit greater self discipline and international cooperation,
"It is simply inevitable that the exchange rates will make that
adjustment."
 Reuter
3;
bodyend
documentend
documentstart
4884
topicstart
acq
topicend
bodystart
2;

PAINT COMPANY HAS METEX
<
MTX> STAKE, MAY BUY MORE


    WASHINGTON, March 13 - 
Metropolitan Consolidated Industries
Inc, a New York paint company, said it has acquired 278,709
shares of Metex Corp, or 21.2 pct of the total, and left open
the possibility that it might acquire more through a merger.
    In a filing with the Securities and Exchange Commission,
Metropolitan said it bought the Metex stock as an investment.
    It also said it may buy additional shares, or sell some or
all of its current stake. If it buys more shares, Metropolitan
said it would consider doing so in the open market, in private
deals, or through an exchange offer, tender offer or merger.
    Metropolitan said it may acquire an option on or may buy
some or all of the Metex shares owned by William Hack, a Metex
director, who, together with this wife, holds 149,750 of the
company's common shares, or 11.4 pct of the total.
    Metropolitan said it already has an option to buy another
42,750 Metex common shares at 11.25 dlrs each. The option is
not exercisable until April 12, 1988, it said.
    If Metropolitan were to exercise the option and acquire all
of Hack's stake, it would have 471,208 Metex common shares, or
35.9 pct of the total. Metropolitan's SEC filing was
made as a shareholder group with Hack.
    Metropolitan, which said it spent 3.1 mln dlrs to acquire
its Metex stake, listed its recent stock purchases as 54,993
common shares on March 67 at 10 dlrs each and 83,916 shares on
March 11 at 11.25 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4885
topicstart
topicend
bodystart
2;

CNW 
<
CNW> MAKES PRIVATE BOND PLACEMENT


    CHICAGO, March 13 - 
CNW Corp said its subsidiary, Chicago
and North Western Transportation Co, sold in a private
placement 25 mln dlrs of Consolidated Mortgage 9.9 pct Bonds,
Series C, due 1992.
    It said Morgan Stanley and Co Inc acted as placement agent.
Proceeds will be used for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
4887
topicstart
acq
topicend
bodystart
2;

BPI SYSTEMS 
<
BPII> IN TALKS TO SELL COMPANY


    AUSTIN, Texas, March 13 - 
BPI Systems Inc said it is
holding discussions that could lead to the sale of all its
outstanding shares for about 12 mln dlrs.
    BPI president and chief executive officer David R. Fernald
declined to identify the other party involved in the talks.
    For the nine months ended December 31, BPI lost 1,286,000
dlrs on sales of 6,452,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
4889
topicstart
acq
topicend
bodystart
2;
******
BALLY MANUFACTURING SAID IT IS CONSIDERING SALE OF SIX FLAGS THEME PARKS

Blah blah blah.
3;


bodyend
documentend
documentstart
4890
topicstart
acq
topicend
bodystart
2;

TELEMEDIA TO BUY HARROWSMITH, EQUINOX MAGAZINES


    MONTREAL, March 13 - 
(Telemedia Inc) said its (Telemedia
Publishing Inc) subsidiary agreed to buy privately-owned
Harrowsmith and Equinox magazines for an undisclosed amount of
cash.
    Telemedia said the acquisition is expected to have a small
positive impact on short-term earnings.
    Harrowsmith, an alternative life-style magazine, is
Canada's seventh-largest paid circulation English-language
magazine while Equinox is the country's eighth largest. Each
has a circulation of about 160,000 copies.
     The magazine group had revenues of eight mln dlrs last
year and employs 50 people, Telemedia said.             
    Telemedia said it will also acquire a 10 pct interest in
the company which recently launched the U.S. edition of
Harrowsmith.
    The magazine's U.S. editiion, begun last year, now has a
paid circulation of 180,000, the company said.
    It said a final deal is expected in mid-April.
    Telemedia said the magazines' founder has agreed to
continue to provide editorial and publishing direction for the
magazines.
 Reuter
3;
bodyend
documentend
documentstart
4892
topicstart
earn
topicend
bodystart
2;

DIVI HOTELS NV 
<
DVH> 3RD QTR NET


    ARUBA, March 13 -
    
Shr profit 36 cts vs profit 14 cts
    Net profit 1,162,000 vs profit 464,000
    Revs 16.6 mln vs 11.3 mln
    Nine mths
    Shr loss 89 cts vs loss 79 cts
    Net loss 2,988,000 vs loss 2,673,000
    Revs 35.1 mln vs 25.1 mln
    NOTE: Nine months fiscal 1987 includes extraordinary gain
of 16 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
4893
topicstart
acq
topicend
bodystart
2;

BALLY 
<
BLY> CONSIDERING SALE OF SIX FLAGS


    CHICAGO, March 13 - 
Bally Manufacturing Corp said it is
considering the sale of its Six Flag theme amusement park unit
and would use the proceeds to pay off debt.
    In addition to the possible sale of the amusement parks,
Bally plans to sell a minority stake in its health club chain
to the public. The company will register a proposed offering
with the Securities and Exchange Commission for 20 to 30 pct of
the health clubs soon, spokesman William Peltier told Reuters.
    "Selling Six Flags is definitely under consideration,"
Peltier said in response to an inquiry. He said the company
would use much of the income from the amusement park chain,
were it to be sold, to repay debt.
    Six Flags might sell for as much as 300 mln dlrs, analysts
said. The health club chain, the nation's largest, is valued at
350 to 375 mln dlrs, they said.
    Bally reportedly already has been approached about Six
Flags by several prospective buyers.
    The company needs the cash to begin paying back a 1.6 mln
dlrs mountain of debt.
    Bally recently completed a 439 mln dlrs acquisition of the
Golden Nugget casino hotel in Atlantic City from Golden Nugget
Inc 
<
GNG.N>.
    The purchase pushed its long-term debt to 1.6 billion dlrs,
or almost 2.7 times its equity of 600 mln dlrs.
    Bally's 325-unit health and tennis clubs had revenues in
1986 of more than 450 mln dlrs, or about 28 pct of Bally's
total revenues of 1.64 billion dlrs.
    Bally acquired Six Flags for 147.4 mln dlrs in January 1982
from Penn Central Corp. Bally bought the Great America theme
park in Gurnee, Ill., in May 1984 for 113.2 mln dlrs from
Marriott Corp 
<
mhs>.
    In 1986 the parks had pretax operating profit of 48.6 mln
dlrs on revenues of 369.4 mln dlrs.
    The clubs and equipment unit combined to post operating
profit of 60.4 mln dlrs on revenues of 475.6 mln dlrs in 1986,
of which 456.2 mln came from the clubs.
    The company earlier this month said it will take a charge
to earnings in the first quarter of 17.3 mln dlrs as a result
of its deal to buy back 2.6 mln of its common shares from real
estate developer Donald Trump.
    Under a February 21 deal, Bally agreed to buy the 2.6 mln
of the 3.06 mln shares held by Trump at 24 dlrs a share, or
62.4 mln dlrs, plus 6.2 mln dlrs related expenses in exchange
for Trump not seeking control of the company for 10 years.
    The deal also requires Bally to buy Trump's remaining
shares for 33 dlrs a share if the stock price does not reach
that level by February 21, 1988.
 Reuter
3;
bodyend
documentend
documentstart
4894
topicstart
acq
topicend
bodystart
2;

FRANKLIN RESOURCES 
<
BEN> SAYS NET MAY DOUBLE


    SAN MATEO, Calif., March 13 - 
Franklin Resources Inc said
it believes earnings could double this year as compared to a
year ago when the company reported income of 32 mln dlrs on 143
mln dlrs in revenues.
    Franklin Resources is a financial services company. Its
fiscal year ends September 30.
 Reuter
3;
bodyend
documentend
documentstart
4895
topicstart
topicend
bodystart
2;

EVANS/SOUTHERLAND 
<
ESCC> SELLS CONVERTIBLE DEBT


    NEW YORK, March 13 - 
Evans and Southerland Computer Corp is
raising 50 mln dlrs through an offering of convertible
subordinated debentures due 2012 with a 6-1/2 pct coupon and
par pricing, said sole manager Hambrecht and Quist Inc.
    The debentures are convertible into the company's common
stock at 48.50 dlrs per share, representing a premium of 24.36
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-plus by
Standard and Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
4898
topicstart
sugar
topicend
bodystart
2;

CUBA SUGAR CROP SEEN AT LEAST SAME AS LAST YEAR


    LONDON, March 13 - 
Cuban sugar export figures for January
suggest that this year's crop may be at least as large as last
year's 7.35 mln tonnes, according to sugar analysts.
    Exports in January totalled 733,000 tonnes raw value, up
from 725,000 a year earlier, according to figures received by
the International Sugar Organization.
    January is the first major export month and the figures
thus give a good indication of the current crop, they said.
Fourth quarter exports fell to 622,000 tonnes from 909,000
tonnes a year earlier, but this was because Cuba was destocking
at the end of 1985, they added.
    Trade house C Czarnikow recently estimated production this
year at 7.50 mln tonnes.
    Cuban sugar production in the third quarter of 1986 was
12,000 tonnes, giving a final 1985/86 crop total of 7.35 mln
tonnes, compared with a 1984/85 crop of 8.10 mln tonnes.
    There is normally no third quarter production in Cuba, but
a hurricane meant that last year's crop was extended.
    Exports to the USSR were substantially down in January at
362,000 tonnes from 489,000 in January 1986, but other Comecon
countries received 210,000 tonnes, against 80,000 tonnes in the
same month last year, figures received by the ISO show.
    Bulgaria, Czechoslovakia, Poland and Romania all took
substantially more Cuban sugar.
    Cuba's November 1986 exports totalled 158,000 tonnes,
compared with 190,000 tonnes in 1985, and December's total was
237,000 tonnes, down from 518,000 tonnes the year before.
Calendar year exports for 1986 were also lower at 6.69 mln
tonnes against 7.21 mln in 1985 -- the lowest level since
1980's 6.19 mln tonnes, the figures show.
 Reuter
3;
bodyend
documentend
documentstart
4900
topicstart
earn
topicend
bodystart
2;

HELMERICH AND PAYNE INC 
<
HP> INCREASES DIV


    TULSA, Okla, March 13 -
    
Qtly div 10 cts vs nine cts
    Payable June one
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
4901
topicstart
earn
topicend
bodystart
2;

HOLLY CORP 
<
HOC> 2ND QTR JAN 31 LOSS


    DALLAS, March 13 -
    
Shr loss 45 cts vs profit 20 cts
    Net loss 1,841,000 vs profit 983,000
    Revs 56.2 mln vs 102.9 mln
    Six mths
    Shr loss 13 cts vs profit 80 cts
    Net loss 534,000 vs profit 4.4 mln
    Revs 121.4 mln vs 209.3 mln
    NOTE: Six months fiscal 1987 includes loss of 17 cts per
share from discontinued operations.
    Per share figures also reflect partial three-for-one stock
split effected December 1985.
 Reuter
3;
bodyend
documentend
documentstart
4903
topicstart
trade
topicend
bodystart
2;

WHITE HOUSE SAYS TRADE BILL GENERALLY GOOD


    WASHINGTON, March 13 - 
White House spokesman Marlin
Fitzwater said the administration had some disagreements with
the trade bill that cleared a House subcommittee yesterday but
generally felt good about the bill.
    "Generally we feel very good about the bipartisan
consideration of the trade legislation. I think we are
progressing very well," he told reporters.
    "There are wide areas of agreement. There are some areas of
disagreement," he said.                 
 Reuter
3;
bodyend
documentend
documentstart
4904
topicstart
acq
topicend
bodystart
2;
******
SUNTER ACQUISITION BEGINS TENDER FOR ALLEGHENY INTERNATIONAL INC

Blah blah blah.
3;


bodyend
documentend
documentstart
4905
topicstart
grain
corn
topicend
bodystart
2;

U.S. CONSERVATION SIGNUP SEEN 10 TO 12 MLN ACRES


    CHICAGO, March 13 - 
Grain traders and analysts look for a
10 to 12 mln acre sign-up in the USDA's conservation reserve
program, scheduled to be announced after 1400 CST today.
    The USDA probably will accept about 80 to 90 pct of the
acres submitted, they said.
    Total enrollment in the first three years of the program is
only 8.9 mln acres, so the sharp increase expected this year
has underpinned new crop corn futures all week.
    However, some analysts said a 10 to 12 mln acre sign-up may
end up being negative to new crop corn prices, citing trade
talk earlier this year that 14 to 15 mln acres may be submitted
by farmers. Also, acres set-aside under the conservation
program are by definition poor yielding, so the impact on total
corn production will be minimal, they added.
 Reuter
3;
bodyend
documentend
documentstart
4906
topicstart
topicend
bodystart
2;

MOBIL 
<
MOB> LONG TERM DEBT DOWN IN 1986


    NEW YORK, MARCH 13 - 
Mobil Corp made a 15 pct reduction in
its long term debt in 1986 from the previous year according to
data in its 1986 annual report.
    Mobil chairman, Allen E. Murray said in his report to
shareholders, "that lower debt and our strong cash and
marketable securities position improves Mobil's flexibility."
    Long term debt as of December 31, 1986 was put at 7.9
billion dlrs, down 15 pct from 9.3 billion dlrs on the same day
in 1985.
    Mobil has moved to reduce debt at high interest rates,
which may reduce interest payments.
    Murray said that with the results from 1986, "we're paying
back 3.8 billion dlrs in the past two years, or the equivalent
of 66 pct of the debt incurred in 1984 when we bought Superior
Oil."
    Mobil said that it has about 183 mln dlrs of long term debt
which is due in 1987 although this will rise appreciably to 1.2
billion dlrs of long term debt due in 1988.
    At the end of 1986, Mobil said it also had an existing
effective shelf registration with the Securities and Exchange
Commmission to permit the sale of 205 mln dlrs of debt.
   Mobil's debt reduction program has also been abetted by
several steps taken by the company to restructure its
operations.
    Mobil's Murray said in his remarks to shareholders that the
company was continuing to dispose of assets which did not fit
the company's long range plans and had realized some 1.1
billion dlrs from the sale of its Container Corp subsidiary.
    Murray said that as a result of lower debt and more
efficient operations "the company is now is a position to seize
opportunities that may become available and use this strength
in whatever way best builds shareholder value."
 Reuter
3;
bodyend
documentend
documentstart
4908
topicstart
acq
topicend
bodystart
2;

IRISH OIL CONCERN BOOSTS CENERGY 
<
CRG> STAKE


    WASHINGTON, March 13 - 
Bryson Oil and Gas plc, a Belfast,
Northern Ireland, oil company which has said it is considering
seeking control of Cenergy Corp, said it raised its stake in
the company to 1,281,887 shares, or 13.2 pct of the total.
    In a filing with the Securities and Exchange Commission,
Bryson said it bought 440,000 Cenergy common shares on March 10
at eight dlrs each. Previously it had held 841,887 shares, or
8.5 pct.
    Bryson has request detailed shareholder information from
Cenergy in case it decided to communicate with shareholders.
But it said Cenergy has made legal challenges to the request.
 Reuter
3;
bodyend
documentend
documentstart
4910
topicstart
acq
topicend
bodystart
2;

SUNTER BEGINS TENDER FOR ALLEGHENY 
<
AG>


    NEW YORK, March 13 - 
Allegheny International Inc said  
Sunter Acquisititon Corp, formed by First Boston Inc, began a
cash tender offer in accordance with their previously announced
merger agreement for all the outsanding shares of Allegheny's
common stock, 2.19 dlr cumulative preference stock and 11.25
dlrs convertible preferred stock.
    The offer expires April 9, unless extended.
    Under terms of the agreement, tendering shareholders will
receive 24.60 dlrs per common share, 20 dlrs per preference
share and 87.50 dlrs per preferred share.
    Allegheny said the offer is conditioned upon the valid 
tender of stock representing a majority of the voting power and
at least two-thirds of outstanding shares of preference stock
and preferred stock.
    The merger agreement was announced earlier this week.
 Reuter
3;
bodyend
documentend
documentstart
4911
topicstart
earn
topicend
bodystart
2;

<
TRANSIT FINANCIAL HOLDINGS INC> 4TH QTR NET


    TORONTO, March 13 -
    
Shr 35 cts vs 13 cts
    Net 531,840 vs 188,362
    Revs not given
    Year
    Shr 83 cts vs 41 cts
    Net 1,249,000 vs 620,000
    Revs 10,800,000 vs 5,600,000
 Reuter
3;
bodyend
documentend
documentstart
4912
topicstart
topicend
bodystart
2;

LYPHOMED 
<
LMED> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 13 - 
LyphoMed Inc is raising 70 mln dlrs
through an offering of convertible subordinatred debentures due
2012 with a 5-1/2 pct coupon and par pricing, said lead manager
Alex Brown and Sons Inc.
    The debentures are convertible into the company's common
stock at 36.25 dlrs per share, representing a premium of 27.75
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated BB by
Standard and Poor's Corp. Montgomery Securities co-managed the
deal.
 Reuter
3;
bodyend
documentend
documentstart
4913
topicstart
topicend
bodystart
2;
******
IADB CHIEF SAYS WITHOUT SUSTAINED LATIN GROWTH THERE WILL EVENTUALLY BE A DEFAULT

Blah blah blah.
3;


bodyend
documentend
documentstart
4914
topicstart
earn
topicend
bodystart
2;

SPORTING LIFE INC 
<
SPLF> 2ND QTR JAN 31 NET


    ALEXANDRIA, Va., March 13 -
    
Oper shr loss six cts vs profit four cts
    Oper net loss 58,388 vs profit 34,101
    Revs 2,419,203 vs 2,145,967
    1st half
    Oper shr profit six cts vs profit 18 cts
    Oper net profit 61,763 vs profit 172,166
    Revs 5,731,582 vs 4,458,040
    NOTE: Prior year net excludes extraordinary credits of
4,500 dlrs in quarter and 46,000 dlrs in half.
    Current quarter net includes 47,470 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
4915
topicstart
topicend
bodystart
2;

DUTCH INVESTMENT BANK RAISES 3.10 BILLION YEN LOAN


    BRUSSELS, March 13 - 
De Nationale Investeringsbank NV of
the Netherlands has signed a 3.1 billion yen bullet loan
agreement, arranger Mitsubishi Bank (Europe) SA said.
    The five-year term loan carries an interest rate of
Japanese long term prime rate flat. It features a swap
agreement but a Mitsubishi Bank spokesman declined to give
further details.
    The lenders are Mitsubishi Bank Ltd and one other Japanese
financial institution which the spokesman declined to name.
    Mitsubishi said the loan was believed to be the first the
borrower has raised in yen.
 Reuter
3;
bodyend
documentend
documentstart
4916
topicstart
topicend
bodystart
2;

IADB CHIEF WARNS OF EVENTUAL LATIN DEFAULT


    WASHINGTON, March 13 - 
Antonio Ortiz Mena, president of the
Inter-American Development Bank, warned that if Latin countries
were unable to speed up their economic growth, then in the long
run there would be a default.
    He told a press conference foreshadowing the bank's annual
meeting next week, "For the banks it is convenient to be
repaid. But to achieve that, the countries need to grow. If
they don't, then in the long run there will be a default."
    Ortiz Mena warned that Latin America needed to reverse the
capital outflows from the region and beyond that needed more
resources.
    Ortiz Mena declined to agree with estimates that capital
outflows from Latin America last year totaled 35 billion dlrs
and that therefore he was calling for an inflow into the region
above that sum.
    He said the U.S. debt strategy, which envisaged stepped up
lending by commercial and multilateral banks to major debtor
nations of 29 billion dlrs over three years, was insufficient
to achieve the necessary rates of growth.
    But he did stress the U.S. plan was important and the right
approach.
    Ortiz Mena said, "It is in the interest of the creditors,
not only the debtors, to push forward the development process
in Latin America and that has happened."
    He added, "The only problem is the resources have not been
enough."
    Turning to Brazil, whose growth rate he predicted will
decline slightly this year from 1986, Ortiz Mena said the
country's moratorium was the right action in order to avert a
long term default.
    "So it's preferable they negotiate now," a move which would
eliminate any chance of panic in the markets.
    Ortiz Mena also said that Brazilian authorities have opened
negotiations already with commercial banks.
    He pointed out Brazil took the action because of its
deteriorating economic situation.
 Reuter
3;
bodyend
documentend
documentstart
4918
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRMS CUT CYCLOPS 
<
CYL> STAKE


    WASINGTON, March 13 - 
A group of affiliated New York
investment firms said they lowered their stake in Cyclops Corp
to 200,500 shares, or 5.0 pct of the total outstanding, from
260,500 shares, or 6.4 pct.
    In a filing with the Securities and Exchange Commission,
the group, led by Mutual Shares Corp, said it sold 60,000
Cyclops common shares since February 26.
 Reuter
3;
bodyend
documentend
documentstart
4920
topicstart
earn
topicend
bodystart
2;

<
ARGYLL ENERGY CORP> YEAR LOSS


    TORONTO, March 13 -
    
Shr loss 1.41 dlrs vs profit 27 cts
    Net loss 8,225,052 vs profit 1,566,936
    Revs 4,028,231 vs 6,725,462
    Note: 1986 shr and net after 6,606,646 dlr writedown on
property and other assets
 Reuter
3;
bodyend
documentend
documentstart
4921
topicstart
topicend
bodystart
2;

NEDERLANDSE GASUNIE IN 3.28 BILLION YEN LOAN DEAL


    BRUSSELS, March 13 - 
NV Nederlandse Gasunie of the
Netherlands has signed a 3.28 billion yen bullet loan
agreement, arranger Mitsubishi Bank (Europe) SA said.
    The interest rate on the 5-1/2 year loan is the Japanese
long term prime rate flat. The loan has a swap agreement but a
bank spokesman declined to give further details.
    The lenders are Mitsubishi Bank Ltd and another Japanese
financial institution which the spokesman declined to name.
 REUTER
3;
bodyend
documentend
documentstart
4922
topicstart
earn
topicend
bodystart
2;

TRANSIT FINANCIAL SEES 1987 SHARE PROFIT RISE


    TORONTO, March 13 - 
<
Transit Financial Holdings Inc>,
earlier reporting higher fourth quarter and full year earnings,
said it expects 1987 share profit to increase to 1.27 dlrs from
83 cts in 1986.
    The company said the 1987 share forecast is based on 2.5
mln shares outstanding, after a one mln common share issue on
December 30, 1986. Its 1986 and 1985 earnings were based on 1.5
mln shares outstanding.
    The company earlier reported 1986 profit rose to 1,249,000
dlrs or 83 cts a shares from year-earlier 620,000 dlrs or 41
cts a share.
 Reuter
3;
bodyend
documentend
documentstart
4925
topicstart
interest
topicend
bodystart
2;
******
SAN PAOLO DI TORINO CUTS PRIME RATE TO 12.50 PCT FROM 13.00 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
4926
topicstart
topicend
bodystart
2;

PEGASUS GOLD 
<
PGULF> REDUCES DEBT


    SPOKANE, WASH., March 13 - 
Pegasus Gold Inc said it
cut its long term debt to 85 mln dlrs from 100 mln dlrs when
its European bondholders voluntarily converted some of their
debt holdings into 1.5 mln shares of Pegasus common.
    The company said the debt converted represents about 40 pct
of the total 60 mln Swiss franc convertible debentures it
completed last Fall.
    In addition, Pegasus said it began mining and processing
operations at its Zortman/Landusky Mine one month ahead of
schedule.
    Pegasus said it completed the first phase of its 1987 Super
Pad ahead of schedule as well, allowing the mining company to
load up to 7.5 mln tons of new ore on the pad.
    Pegasus estimated that 1987 production at the
Zortman/Landusky mine will be about 80,000 ounces of gold and
225,000 ounces of silver.
 Reuter
3;
bodyend
documentend
documentstart
4929
topicstart
money-supply
topicend
bodystart
2;
******
CANADIAN MONEY SUPPLY M-1 RISES 592 MLN DLRS IN WEEK, BANK OF CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
4930
topicstart
earn
topicend
bodystart
2;

HOLLY CORP 
<
HOC> 2ND QTR JAN 31 LOSS


    DALLAS, March 13 -
    
Shr loss 45 cts vs profit 20 cts
    Net loss 1,841,000 vs profit 983,000
    Revs 56.2 mln vs 102.9 mln
    Avg shrs 4,127,000 vs 4,835,000
    1st half
    Oper shr four cts vs 80 cts
    Oper net 172,000 vs 4,359,000
    Revs 121.4 mln vs 209.3 mln
    Avg shrs 4,127,000 vs 5,439,000
    NOTE: Current half net excludes 706,000 dlr loss from
discontinued oil and natural gas operations.
    Share adjusted for three-for-one stock split and
recapitalization in December 1985.
    Prior year net both periods includes pretax charge of
2,300,000 dlrs from recapitalization costs.
 Reuter
3;
bodyend
documentend
documentstart
4932
topicstart
topicend
bodystart
2;

HIGH POINT SELLS DEBT AND STOCK CONTRACTS


    NEW YORK, March 13 - 
High Point Financial Corp is raising
six mln dlrs through an offering of redeemable subordinated
debentures due 1997 yielding 8.65 pct, said sole underwriter
Ryan, Beck and Co.
    The debentures have an 8-1/2 pct coupon and were priced at
99 to yield 147 basis points more than comparable Treasuries.
    High Point also sold 6.66 mln dlrs of cancellable mandatory
stock purchase contracts that require the purchase on March 1,
1997 of the company's common stock at 23 dlrs per share. High
Point is trading at 22 dlrs a share in the over-the-counter
market, according to Ryan, Beck.
 Reuter
3;
bodyend
documentend
documentstart
4933
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL> WILL NOT GIVE DATA TO GROUP


    PITTSBURGH, March 13 - 
Cyclops Corp said its board rejected
a request by Cyacq Corp, an investor group, for more non-public
information about Cyclops, a maker of specialty steels and an
electronics retailer.
    Cyclops cited its agreement to be acquired by Britain's
Dixons Group PLC for 90.25 dlrs a share under a tender offer
that expires midnight March 17.
    Cyacq, comprising Audio/Video Affiliates Inc, Citicorp
Capital Investors Ltd and other investors, yesterday said it
would increase its tender offer for Cyclops to 92.50 dlrs a
share from 80 dlrs, subject to certain conditions.
    The conditions were that Cyclops provide Cyacq with
non-public data given to Dixons and that Cyacq be satisfied
with financial projections made by Dixons in its offer.
    Cyclops also said its board determined that Cyacq's
announcement was not an offer. "Cyacq's press release does not
amend Cyacq's outstanding tender offer which remains at 80 dlrs
per share and it does not state that Cyacq has financing
commitments necessary to carry out its original offer or any
increased offer that it may make," Cyclops said in a statement.
    Its agreements with Dixons are binding and Dixons indicated
it will not rescind or waive any provisions of the pacts,
Cyclops said.
    The company also said it was advised that Dixons'
shareholders approved the merger, satisfying that condition of
the agreement.
 Reuter
3;
bodyend
documentend
documentstart
4934
topicstart
earn
topicend
bodystart
2;

SAN JUAN RACING ASSOCIATION INC 
<
SJR> 3RD QTR


    NEW YORK, March 13 -
    
Shr 22 cts vs 22 cts
    Net 915,911 vs 970,141
    Revs 8.0 mln vs 8.0 mln
    Nine months
    Shr 69 cts vs 56 cts
    Net 3.0 mln vs 2.4 mln
    Revs 23.5 mln vs 22.1 mln
    NOTE:1987 3rd qtr and nine months include extraordainry
gain of 341,145 dlrs and 480,412 dlrs, respectively, on sale of
land.
 Reuter
3;
bodyend
documentend
documentstart
4937
topicstart
acq
topicend
bodystart
2;

EDELMAN CUTS LUCKY STORES 
<
LKS> STAKE TO 4.8 PCT


    WASHINGTON, March 13 - 
A group led by New York investor
Asher Edelman said he lowered its stake in Lucky Stores Inc

<
LKS> to 1,827,734 shares, or 4.8 pct of the total outstanding
common stock, from 1,930,734 shares, or 5.1 pct.
    In a filing with the Securities and Exchange Commission,
the Edelman group said it sold 103,000 Lucky Stores common
shares on March 9 and 10 at prices ranging from 28.625 to
30.375 dlrs a share.
    So long as Edelman's stake is below five pct he is not
required to report his dealings in Lucky Stores stock.
 Reuter
3;
bodyend
documentend
documentstart
4938
topicstart
money-supply
topicend
bodystart
2;

CANADIAN MONEY SUPPLY RISES IN WEEK


    OTTAWA, March 13 - 
Canadian narrowly-defined money supply
M-1 rose 592 mln dlrs to 33.36 billion dlrs in week ended March
4, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, rose 778 mln dlrs to 75.95 billion dlrs
and M-2, which is M-1-A plus other notice and personal
fixed-term deposit rose 1.09 billion dlrs to 177.95 billion
dlrs.
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, rose 1.13 billion dlrs to 217.28 billion dlrs.         
    Chartered bank general loans outstanding rose 500 mln dlrs
to 125.54 billion dlrs.
    Canadian liquid plus short term assets fell 244 mln dlrs to
35.12 billion dlrs and total Canadian dollar major assets of
the chartered banks rose 257 mln dlrs to 221.53 billion dlrs.
    Chartered bank net foreign currency assets rose 782 mln
dlrs to minus 876 mln dlrs.            
    Notes in circulation totalled 16.28 billion dlrs, up 45 mln
dlrs from the week before.
    Government cash balances rose 1.37 billion dlrs to 5.68
billion dlrs in week ended March 11.
    Government securities outstanding fell three mln dlrs to
224.08 billion dlrs in week ended March 11, treasury bills rose
600 mln dlrs to 75.15 billion dlrs and Canada Savings Bonds
fell 294 mln dlrs to 44.05 billion dlrs.           
 Reuter
3;
bodyend
documentend
documentstart
4939
topicstart
grain
corn
topicend
bodystart
2;

USSR HEAVY BUYERS OF YUGOSLAV CORN-U.S. REPORT


    WASHINGTON, March 13 - 
The Soviet Union has been a heavy
buyer of Yugoslav corn since October, purchasing close to 1.5
mln tonnes in the 1986/87 marketing year, according to a report
from the U.S. agriculture counselor in Belgrade.
    Approximately 1.5 mln tonnes of Yugoslav corn have already
been committed to foreign buyers for 1986/87, with most of this
sold to the Soviet Union, the Yugoslav Grain Association
reported to the U.S. official.
    In a report dated March 10, the official said that about
800,000 tonnes of the corn has been delivered, with the balance
of 700,000 tonnes to be shipped between now and June.
    An additional 500,000 tonnes of corn can be shipped from
July-September, the grain associaiton said, so total Yugoslav
corn exports could reach 2.0 mln tonnes, the counselor said.
    Heavier than normal monthly shipping rates for Yugoslav
corn exports are due to the increased use of river barges for
exporting corn to the Soviet Union, the counselor said.
    Monthly corn shipments out of Yugoslavia have averaged
around 160,000 tonnes since October 1, higher than earlier
estimates of 150,000, the official said.
    The Soviet Union has taken an increased share of Yugoslav
corn sales during this marketing year, he said.
 Reuter
3;
bodyend
documentend
documentstart
4941
topicstart
rubber
topicend
bodystart
2;

U.S. MAKES CONCILIATORY MOVE AT RUBBER PACT TALKS


    GENEVA, March 13 - 
The U.S. Has dropped its insistence that
the floor price in a new International Natural Rubber
Agreement, INRA, be revised downward under certain
circumstances, conference sources said.
    The surprise conciliatory move by the U.S. Meets one of the
producers' main concerns -- that the floor price, or "lower
indicative price," remain unchanged, they said.
    It is not clear, however, whether all consuming countries
will follow suit, as a number of them, in particular Britain,
West Germany and Belgium, appeared to have strong reservations,
the sources added.
    The group of consumers has been seeking an adjustment of
the "lower indicative price" (set at 150 Malaysian/Singapore
cents a kilo in the present pact) if the buffer stock,
currently 360,000 tonnes, rises to 450,000 tonnes.
    The sources said the question of to what extent price
adjustments should be automatic remains a problem.
    Conference chairman Manaspas Xuto of Thailand has been
holding consultations with producers and consumers throughout
the day.
    The consumers' group is now holding a separate meeting
ahead of further consultations within the "president's group"
tonight.
 Reuter
3;
bodyend
documentend
documentstart
4942
topicstart
topicend
bodystart
2;

PEGASUS GOLD REDUCES DEBT, STARTS MINE


    SPOKANE, Wash., March 13 - 
Pegasus Gold Inc said it
cut its long term debt to 85 mln dlrs from 100 mln dlrs when
its European bondholders voluntarily converted some of their
debt holdings into 1.5 mln shares of Pegasus common.
    The company said the debt converted represents about 40 pct
of the total 60 mln Swiss franc convertible debentures it
completed last Fall.
    Pegasus said it began mining and processing operations at
its Zortman/Landusky Mine one month ahead of schedule.
    It completed the first phase of its 1987 Super Pad ahead of
schedule as well, allowing the mining company to load up to 7.5
mln tons of new ore on the pad. Pegasus estimated 1987
production at the Zortman/Landusky mine will be about 80,000
ounces of gold and 225,000 ounces of silver.
 Reuter
3;
bodyend
documentend
documentstart
4944
topicstart
interest
gnp
ipi
wpi
topicend
bodystart
2;

FED SEEN CONTENT WITH U.S. FEBRUARY ECONOMY


    By Kathleen Hays, Reuters


    NEW YORK, March 13 - 
U.S. February reports reflecting slim
gains in industrial output and moderating inflation pressures
reinforced expectations that the Federal Reserve will continue
to follow a stable course of monetary policy, economists said.
    "If you're the Fed, there's no reason to do anything," said
Steve Slifer of Lehman Government Securities Inc.
    "There are hints that GNP is picking up. On the inflation
front, all is well," he said. "Money supply is well under
control. It's an absolutely ideal situation."
    February U.S. industrial production rose 0.5 pct, slightly
less than the 0.7 pct gain the financial markets had expected.
This compared with a slim 0.1 pct rise in January's production
number, previously reported as a 0.4 pct increase.
    The February U.S. producer price index gained only 0.1 pct,
less than a 0.3-0.4 pct expected rise. This followed a 0.6 pct
rise in the PPI in January.
    "The Fed is going to look at this positively," said Allan
Leslie of Discount Corporation. "Certainly inflation is not as
bad as what Volcker (Fed Chairman) has said lately. Industrial
production growth is along the lines of what the Fed wants."
    The energy products component of PPI rose 4.0 pct in
February, after a 9.8 pct increase in January.
    "This shows that the impact of energy prices on inflation
is behind us in terms of the move from 15 dlrs to 18 dlrs per
barrel," said Maria Ramirez of Drexel Burnham Lambert Inc. "The
trend is still 3.5 pct in the first half of the year."
    In 1986, declining energy prices contributed to a 2.5 pct
decline in the PPI.
    Economists said that a rise in energy prices was expected,
but a sharp drop in auto prices was not. Passenger car prices
fell 3.4 pct and light truck prices dropped 1.3 pct.
    Yesterday, Federal Reserve Chairman Paul Volcker said that
a possibility of renewed inflation remains a concern in both
the financial markets and the Federal Reserve.
    "The Fed may be lowering its own inflation expectations
today," said Robert Brusca of Nikko Securities International.
    While low inflation permits the Fed to maintain an easier
monetary policy, Brusca said if import prices do not rise this
could necessitate a weaker dollar.
    "The outlook for the dollar is still up in the air," he
said. "We need inflation for U.S. producers to compete with
foreign producers."
    Brusca said prices of electronic equipment dropped 0.8 pct
in February's PPI. With many electronic goods produced
overseas, this may show that foreign producers are not raising
prices which bodes ill for U.S. competitiveness, he said.
    If further dollar declines are needed, this could diminish
overseas investment in U.S. debt, Brusca added, which might
necessitate higher interest rates and lower bond prices.
    By contrast, Slifer said imported goods prices rose 11.8
pct from first quarter 1985 to first quarter 1986 reflecting to
a large degree a 22 pct drop in the trade-weighted real value
of the dollar from February 1985 to February 1987.
    Slifer said import prices may rise further as
manufacturers' contracts put in place before the dollar dropped
to current levels expire, and new contracts are made that
reflect a weaker dollar.
    David Wyss of Data Resources Inc noted that imported
manufactured goods prices rose 8.5 pct at an annual rate in the
second half of 1986, which has contributed to rising U.S.
industrial output.
    "It's the other side of the lower dollar," Wyss said.
"Producers are beginning to find themselves more competitive
and they are increasing output."
    Wyss said that the latest data point to an average
industrial production gain of 0.3-0.4 pct in the first quarter.
"It's an encouraging sign that the manufacturing sector is
beginning to revive."
    But Stephen Roach of Morgan Stanley and Co Inc was not 
convinced that the February reports portend economic gains. He
said much of the strength came from factors that do not point
to a sustained rise in industrial output.
    Roach pointed out that stikers returning to work in farm
equipment industries helped account for a one pct rise in
February business equipment production.
    Utilities output rose 0.7 pct in February after gaining 1.2
pct in January, but Roach said it shows mostly that more energy
was produced, not that manufacturing activity gained.
    Finally, he pointed out that auto production accounted for
half of the industrial production gain as production of auto
assemblies rose to 8.3 million units at an annual rate from 7.5
million units.
    "In the first quarter, it looks like automakers are
producing at an 8.5 mln unit annual rate, but selling at
roughly a seven mln unit rate," Roach said. "The disparity
between output and sales is showing up in inventories."
    Economists pointed to sharp rise in January U.S. business
inventories as a sign that production may be outstripping
demand in the first quarter of 1987.
    January business inventories rose 0.9 pct, the largest gain
since July 1979 when inventories rose 1.7 pct, the Commerce
Department said. Business sales dropped 4.5 pct in January, the
largest monthly sales drop on record.
    Nonetheless, economists do not expect the Fed to react to
month-to-month changes. "The Fed has been standing pat for the
last seven months," Ramirez said. "They will continue to stand
pat for at least the next couple of months."
 Reuter
3;
bodyend
documentend
documentstart
4946
topicstart
topicend
bodystart
2;

U.S. FARM LOAN SECONDARY MARKET GAINS SUPPORT


    By Greg McCune, Reuters


    WASHINGTON, March 13 - 
A secondary market for resale of
farm real estate loans similar to markets on home mortgages is
gaining support in Congress and among rural lenders and could
be set up this year, Congressional and financial sources said.
    Several bills which would establish a farm secondary market
have been introduced in both the House and Senate. Furthermore,
Representatives of the Farm Credit System, commercial bankers
and life insurance companies are meeting in an attempt to agree
on a method of establishing the market.
    Frank Naylor, chairman of the Farm Credit Administration,
FCA, which regulates the farm credit system, yesterday said a
farm loan secondary market would be positive for agriculture
"as long as the farm credit system is a key player."
    Naylor told a House Agriculture subcommittee hearing the
secondary market could be established either with Congressional
legislation or administratively.
    Any farm loan secondary market would be modeled after the
successful resale markets in home mortgages, the Government
National Mortgage Association, GNMA, and the Federal Home Loan
Mortgage Corporation (Freddie Mac), industry sources said.
    Commercial banks and life insurance companies are the main
supporters of a farm loan secondary market since they believe
it would allow private lenders to compete more effectively in
rural lending with the quasi-government farm credit system,
traditionally the largest lender to farmers.
    A farm secondary market would allow lenders to sell
high-quality loans on farmland to "poolers," who in turn would
package the loans and issue farm mortgage-backed securities for
resale to investors -- called Aggie-mae by some proponents.
    The FCA and financially-troubled farm credit system have in
the past been ambivalent about the idea, mainly because any
farm secondary market established in the private sector which
excluded the farm credit system would put the system at a
competitive disadvantage and could be another financial blow to
the system, which has lost 4.6 billion dlrs in two years,
Naylor and farm credit system officials have said.
    However, the system and FCA have become more positive to
the idea recently because the system could benefit if it were
appointed the agent for a secondary market.
    "If the farm credit system were the guarantor of the pools
of farm mortgage loans, it would benefit from the fees charged
for providing this service," the Life Insurers' study said.
    Congressional sources believe a secondary market available
to both private lenders and the farm credit system, with the
system as agent, could be included in a major federal
government rescue package for the system to be drafted by
Congress later this year.
    A study commissioned by one of the main supporters of the
secondary market idea, the American Council of Life Insurers,
concludes that the farm credit system's market share in rural
lending would fall if a secondary market were established.
    The study was released earlier today.
    The study said a secondary market could be established with
virtually no federal money if the government provided a
guarantee of 90 pct of the farm loans but a private
co-insurance plan guaranteed the first 10 pct of any losses.
    It estimated between 500 mln and two billion dlrs of the
eight billion in new farm real estate loans issued each year
would qualify for the secondary market in the first few years,
expanding significantly later as investors accept the idea.
    The study also said interest rates charged to farmers who
meet the underwriting standards of a secondary market would
fall 50 to 100 basis points due to the new resale market.
    The possible interest rate declines are a major reason why
leading U.S. farm organizations such as the American Farm
Bureau Federation have recently endorsed the idea.
    Proponents say a secondary market also would increase
liquidity in farm lending, and spread the risk of such loans.
 Reuter
3;
bodyend
documentend
documentstart
4947
topicstart
topicend
bodystart
2;

ECUADOR UNABLE TO SERVICE DEBT - CENTRAL BANK


    Quito, march 13 - 
ecuador cannot service its debt owed to
private foreign banks due to the earthquake that forced a
suspension of crude oil exports, central bank officials said.
    "we hope to obtain a tacit, explicit acceptance from foreign
banks ... that we are not able to service the debt," central
bank president carlos julio emanuel said.
    "the reality is that our debt service capacity has been
totally affected by the recent cataclysm," he added in a news
conference last night.
    A central bank spokesman said emanuel was referring to
payments owed private foreign banks, already suspended since
january. These banks hold two-thirds of the country's 8.16
billion dollar foreign debt.
    Emanuel was not refering to debts to foreign governments
and multilateral organisations, the spokesman said.
    The march 5 earthquake damaged an oil pipeline, preventing
crude exports for a projected five months. Oil generates about
two-thirds of ecuador's total exports and as much as 60 per
cent of the government's revenues.
    Emanuel did not specify how long ecuador would be unable
service private foreign banks. But finance minister domingo
cordovez said two days ago the government is seeking to
postpone all payments due to private foreign banks in 1987
until next year through negotiations with creditors.
    Emanuel said ecuador was seeking soft loans from
multilateral organisations for reconstruction work. It also
wanted a "reprogramming" of already-approved loans, an apparent
reference to the disbursement schedule of thee credits.
 Reuter
3;
bodyend
documentend
documentstart
4949
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES FOUR TEXAS BANKS, AFFECTS COMBINED 800 MLN DLRS DEBT, PREFERRED

Blah blah blah.
3;


bodyend
documentend
documentstart
4951
topicstart
crude
nat-gas
topicend
bodystart
2;

MOBIL 
<
MOB> CAPITAL EXPENDITURES LOWER IN 1987


    NEW YORK, March 13 - 
Mobil Corp chairman Allen E. Murray
said in the annual report issued today that the company's total
1987 capital expenditures would be lower than the three
billion dlrs spent in 1986.
    "Overall capital and exploration expenditures will fall
slightly below the level for 1986 although we'll be ready to
increase spending whenever the outlook becomes more promising,"
Murray said.
    Mobil data in the annual report shows capital expenditures
have been cut every year since 1984's 3.6 billion dlrs to 3.5
billion dlrs in 1985.
    Murray told shareholders that despite the cuts "the company
has promising acreage to explore as well as major oil and gas
reserves to develop in the U.S., Canada, Europe, Africa and
Indonesia.
    Over the past two weeks Mobil has announced restructuring
of its domestic exploration and development organization and
this week a restructuring of its oil services units, which
support the new affiliate.
    "Mobil's chairman has explained this change by saying we
need a leaner organization to get more efficient usage from our
assets," said John Lord, a Mobil Corp spokesman.
    Murray said in announcing the first reorganization, which
will combine its current three exploration and producing
affiliates into one organization, Mobil Exploration and
Production U.S. Inc, that it is more effective than the present
organization and will improve the company's upstream
competitive position.
    Yesterday the company said that it will restructure its
Mobil Exploration and Producing Services Inc, MEPSI, to enhance
the development and transfer of technology supporting critical
areas of exploration, drilling, resevoir management and
computer systems.
    Earnings from Mobil's upstream operations in 1986 were 827
mln dlrs, down 54 pct from the previous year's 1.8 billion dlrs
in earnings.
    Mobil's strategy in the exploration and production sector
will be to give most attention to exploration possibilities
with the greatest long term potential, the company said.
    In its annual report, Mobil said that this will include
greater emphasis on "frontier plays that, although riskier, fit
our strengths of technology and size...This probably also means
a shift toward emphasis in the foreign area since selective
overseas exploration offers greater potential."
 Reuter
3;
bodyend
documentend
documentstart
4952
topicstart
acq
topicend
bodystart
2;

INTERCONNECT PREFERS FRIENDLY GATES 
<
GLJ> OFFER


    STAMFORD, Conn., March 13 - 
<
Interconnect Capital> said it
seeks to acquire Gates Learjet Corp on friendly terms.
    Late yesterday the company said it has offered 7.07 dlrs
per share for all Gates Learjet shares.
    Interconnect Capital said it intends to purchase the 
<
Gates
Corp> loan to Gates Learjet for 13 mln dlrs should its bid be
successful.
    Interconnect Capital is controlled by 
<
Interconnect Inc>.
    Gates Corp owns 64.8 pct of Gates Learjet.
 Reuter
3;
bodyend
documentend
documentstart
4953
topicstart
crude
ship
topicend
bodystart
2;

BRAZILIAN TROOPS TO LEAVE OIL REFINERIES


    By Stephen Powell, Reuters


    SAO PAULO, MARCH 13 - 
Brazil's labour troubles eased a
little today as the authorities announced they were withdrawing
troops from the country's main oil installations occupied three
days ago.
    The troops went in at the request of the state-oil company
Petrobras because of the threat of a strike by 55,000 oil
industry employees.
    Petrobras said in a statement today it had requested the
withdrawal of the troops. The situation in the refineries was
calm, it said, and the employees had indicated their
willingness to negotiate a pay deal.
    A national seamen's strike, however, continued and marines
remained in the country's main ports. The marines were
despatched to the ports after the seamen's strike, now two
weeks old, was ruled illegal last Friday.
    A spokesman at the national strike headquarters in Rio de
Janeiro said today a total of l63 ships were strike-bound, 135
in Brazil and 28 in foreign ports.
    Yesterday two small companies specialised in the transport
of chemicals, Global and Flumar, struck a pay accord with their
seamen who have secured a 120 pct increase.
    Brazilian newspapers today hailed these agreements as a
sign that the national strike could soon come to an end.
    Both companies employ fewer than 200 seamen and union
leaders said the vast majority of Brazil's 40,000 seamen were
still on strike.
    The threat of a stoppage by oil industry employees appeared
today to be receding. Petrobras said in its statement that the
company would meet union leaders for pay talks in Rio de
Janeiro next Wednesday.
    Labour Minister Almir Pazzionotto would act as a mediator.
    Besides industrial troubles, there has also been
considerable unrest this week in the agricultural sector.
    On Tuesday hundreds of thousands of farmers held rallies
throughout the country to protest against high interest rates.
    Television reports showed some of these protests still
continuing today, with farmers blockading banks with their
vehicles in several towns in the states of Sao Paulo and
Parana.
    The strikes in Brazil come as the government is trying to
extricate itself from a serious debt crisis brought on by a
deterioration in its trade balance.
    On February 20 President Jose Sarney announced that Brazil
was suspending interest payments on 68 billion dlrs of debt to
private banks.
    Because of the seamen strike exports are being delayed and
the country is losing badly needed foreign exchange.
 Reuter
3;
bodyend
documentend
documentstart
4954
topicstart
earn
topicend
bodystart
2;

INFINITE GRAPHICS INC 
<
INFG> 3RD QTR JAN 31 NET


    MINNEAPOLIS, MINN.,March 13 -
    
Shr profit two cts vs loss 11 cts
    Net profit 31,734 vs loss 190,677
    Sales 1,325,978 vs 1,029,921
    Nine Mths
    Shr profit eight cts vs loss 53 cts
    Net profit 142,200 vs loss 939,435
    Sales 4,066,777 vs 2,793,479
 Reuter
3;
bodyend
documentend
documentstart
4955
topicstart
acq
topicend
bodystart
2;

MINDSCAPE BUYS HARCOURT BRACE 
<
HBJ> UNIT


    NORTHBROOK, ILL., March 13 - 
(Mindscsape Inc) said it
agreed to buy the educational software unit of Holt, Rinehart
and Winston Inc, a subsidiary of Harcourt Brace Jovanovich Inc,
for undisclosed terms.
    Sales of the division, which had been purchased by Holt,
Rinehart from CBS, peaked at about 10 mln dlrs in 1985,
Mindscape said.
 Reuter
3;
bodyend
documentend
documentstart
4956
topicstart
earn
topicend
bodystart
2;

HEALTH-MOR INC 
<
HMI> SETS DIVIDEND


    LOMBARD, Ill., March 13 - 
    
Qtly dividend 17 cts vs 17 cts
    Pay April 10
    Record March 26
 Reuter
3;
bodyend
documentend
documentstart
4957
topicstart
topicend
bodystart
2;

U.S. VIDEO 
<
VVCO> SAYS NOTE IS CALLED BY LENDER


    NEW YORK, March 13 - 
United States Video Vending Corp said

<
Hill International Inc> called a 260,000 dlr promissory note
that is collateralized by the assets of United States Video.
    The company, which has two days to repay the note, said 
there is no assurance it will be able to find the funds needed
to meet the payment.
    Hill International said in January that it holds 5.9 pct of
United States Video's outstanding stock, the company said.
 Reuter
3;
bodyend
documentend
documentstart
4959
topicstart
acq
topicend
bodystart
2;
******
CAESARS WORLD SAYS IT CONSIDERS RESTRUCTURING AND SALE TO OTHER COMPANY

Blah blah blah.
3;


bodyend
documentend
documentstart
4960
topicstart
earn
topicend
bodystart
2;
******
FAIRCHILD INDUSTRIES INC 4TH QTR OPER SHR LOSS 44 CTS VS LOSS EIGHT CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
4962
topicstart
nat-gas
crude
topicend
bodystart
2;

MOBIL 
<
MOB> ADDS NATURAL GAS RESERVES IN 1986


    NEW YORK, March 13 - 
Mobil Corp increased net proven
reserves of natural gas liquids in 1986 from the previous year
according to data in its 1986 annual report.
    The report states that total net proved reserves at year's
end stood at 2.5 billion barrels, an increase of 94 mln barrels
or four pct above the previous year and detailed data show that
the gains resulted from an increase in net proved reserves of
natural gas liquids.
    Mobil said gains were in Indonesia where a sixth production
facility began operation in October with a capacity to
manufacture 1.7 mln tonnes of liquified natural gas.
    The company also said that new capacity brought onstream
last year replaced 120 pct of Mobil's production, which
declined by about four pct in 1986 from the previous year.
    Detailed data on reserves shows that U.S. net proved
reserves of crude oil fell to 837 mln barrels from 853 mln
barrels in 1985, natural gas liquid reserves were also lower in
1986 from the previous year.
    Net proved crude oil reserves also fell in Canada to 224
mln barrels and in Europe to 403 mln barrels from the previous
year's level of 231 mln barrels and 439 mln barrels,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
4963
topicstart
acq
topicend
bodystart
2;

ARCO SELLS TWO AGRICULTURAL RESEARCH OPERATIONS


    LOS ANGELES, March 13 - 
Atlantic Richfield Co said it sold
its Plan Cell Research Institute unit and its Arco Seed Co
operations in two transactions for undisclosed prices.
    The company said it sold Dublin, Calif.-based Plant Cell
Research to Montedision SpA of Milan, Italy, and ARCO Seed Co
to U.F. Genetics of Hollister, Calif.
    Atlantic Richfield said the divestitures are in line with
its policy of focusing resources on oil, gas, chemical and coal
operations.
 Reuter
3;
bodyend
documentend
documentstart
4964
topicstart
acq
topicend
bodystart
2;

CAESARS WORLD 
<
CAW> SAYS IT MULLS RESTRUCTURING


    WASHINGTON, March 13 - 
Caesars World Inc, in rejecting a 28
dlr a share takeover bid by New York investor Martin Sosnoff,
said it is considering alternatives that include a
restructuring of the company and the sale to someone else.
    In a filing with the Securities and Exchange Commission,
Caesars World said its board decided at a special meeting
yesterday to "explore and investigate" several alternatives in
an effort to thwart Sosnoff's takeover attempt.
 More
3;
bodyend
documentend
documentstart
4965
topicstart
sugar
topicend
bodystart
2;

LOW SUGAR PRICES MAY ATTRACT SOVIET/CHINESE


    LONDON, March 13 - 
Any further decline in raw sugar prices
is likely to attract buying from the Soviet Union and China,
Woodhouse, Drake and Carey said in their latest weekly market
report.
    Present lower terminal values may be a reflection of the
lack of renewed prompt offtake, particularly from these two
large consumers, the report said.
    The week has seen good demand for Thai raws, particulary
for October/December shipment, which has traded above twenty
points premium to the October New York delivery, it said.
 Reuter
3;
bodyend
documentend
documentstart
4966
topicstart
topicend
bodystart
2;

S/P DOWNGRADES FOUR TEXAS BANKS


    NEW YORK, March 13 - 
Standard and Poor's Corp said it
downgraded four Texas banks in a move that affects a combined
800 mln dlrs of debt securities and preferred stock.
    Cut were the debt ratings of Allied Bancshares Inc 
<
ALBN>,
First Amarillo Bancorp Inc 
<
FAMA>, MCorp 
<
M> and Texas American
Bancshares Inc 
<
TXA>.
    S and P cited continuing asset quality problems.
    While problem energy loans appear to be abating, real
estate problems are mounting, S and P said. The rating agency
also said it expects earnings to remain under pressure for the
remainder of this year.
    Standard and Poor's reduced Allied Bancshares' senior debt
to BBB-minus from BBB and commercial paper to A-3 from A-2.
Issues supported by a letter of credit from lead bank Allied
Bank of Texas, and the bank's certificates of deposits, were
reduced to BBB-minus and A-3 from BBB and A-2 respectively.
    Allied has 50 mln dlrs of debt outstanding. S and P said
its profitability remains severely depressed.
    S and P cut First Amarillo's 15 mln dlrs of subordinated
debt to CCC-minus from B-minus. The institution's implied
senior debt rating is CCC-plus. S and P noted that First
Amarillo has had three consecutive years of losses.
    S and P downgraded MCorp's senior debt to BBB-minus from
BBB-plus, subordinated debt to BB-plus from BBB, preferred to
BB-minus from BB and commercial paper to A-3 from A-2.
    That affected 600 mln dlrs of debt. S and P cited rising
non-performing loans and high loan-loss provisions.
    Also, the agency cut to BBB-minus and A-3 from BBB-plus and
A-2, respectively, CDs and issues supported by letters of
credit from the units MBank Dallas and MBank Houston.
    S and P cut to BB from BBB-minus Texas American's 65 mln
dlrs of senior debt. Lead bank Texas American Bank NV's CDs
were lowered to BB-plus/B from BBB-minus/A-3.
 Reuter
3;
bodyend
documentend
documentstart
4968
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 13 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Essex Chemical Corp 
<
ESX> - Offering of 60 mln dlrs of
convertible subordinated debentures due 2012 through Thomsom
McKinnon Securities Inc and PaineWebber Inc.
    International Game Technology 
<
IGAM> - Offering of 35 mln
dlrs of senior notes due 1995 and 25 mln dlrs of convertible
senior subordinated deberntures due 2002 through Drexel Burnham
Lambert Inc.
 Reuter
3;
bodyend
documentend
documentstart
4969
topicstart
topicend
bodystart
2;

TALKING POINT/BANK STOCKS


    By Cal Mankowski, Reuters


    NEW YORK, March 13 - 
CitiCorp 
<
CCI> appears to be digging
in its heels for tough negotiations over the billions of
dollars in loans that Brazil owes to money center banks, Wall
Street analysts said.
    "I view it as pre-negotiation posturing," said analyst
Carole Berger of Cyrus J. Lawrence Inc, referring to both
Brazil and Citicorp. Brazil recently stopped paying interest on
its commercial bank debt. Today, CitiCorp said its first
quarter income would be reduced by 50 mln dlrs after tax if it
lists the loans as non-performing status.
    Citicorp filed an 8-K form with the Securities and Exchange
Commission, indicating a material change in its financial
situation. "Citicorp is saying  you can't scare us with
threats, we'll make your loans non-performing right now,"
Berger said.
    The loans have to be treated as non-performing after 90
days without a payment. CitiCorp said only that the situation
will be reviewed at the end of the current quarter.
    Berger asserted that Brazil is doing its own politicking by
talking to U.S. regulators and trying to drive a wedge between
U.S. and European banks.
    Analyst Lawrence Cohn of Merrill Lynch and Co said it is
unlikely the situation will be resolved until the second half
of this year.
    "Ultimately the Brazilians are going to have to pay up on
all the interest they owe," Cohn said. "The real issue is the
rescheduling of debt terms.
    Another question is whether or not the International
Monetary Fund can help Brazil with a new austerity program.
    Stocks of money center banks were mostly down fractions in
late dealings. One trader most stocks in the group bounced off
their lows by midday as investors took the news in stride.
    Cohn said the bank stocks may be risky until numbers on
non-performing loans are reported for each bank. But he said
investors looking ahead six to 12 months might want to buy at
present levels for the "tremendous fundamental values" in the
group.
    Analyst Robert Gordon of Shearson Lehman Brothers Inc said
Manufacturers Hanover Corp 
<
MHC) has the greatest exposure to
Brazilian loans of any New York bank, in terms of percentage of
earnings. He said his only two recommendations currently among
New York banks are J.P. Morgan and Co 
<
JPM> and Bankers Trust
Co 
<
BT> which happen to have the least exposure.
    Gordon said his positive opinion on J.P. Morgan and Bankers
Trust was not merely a response to the fact that the two have
lower exposure to Brazilian loans than other banks. 
    In fact he said there's a chance those banks could get more
involved in the future. He noted that Morgan has already set up
a brokerage subsidiary to deal in loans to less developed
countries.
    "I don't see any reason to change full year earnings
estimates, said Frederick Meinke, analyst at E.F. Hutton Co. He
thinks the confrontation with Brazil could end in a replay of a
situation that occurred with Argentina in 1984 and 1985.
    Meinke noted that in the case of Argentina the loans became
non-accruing for a couple of quarters but then when the banks
came to an agreement with Argentina all the back interest was
paid. "What it did was distort the quarterly earnings pattern,"
he said.
    He said in the case of Brazil write-offs of loans is a
worst-case outcome which is highly unlikely. He noted that
Brazil is a country with a diversified economy, going through
some economic upheaval after the transition from a military to
a civilian government.
    "The countries of Latin America have too much debt relative
to their ability to service it," said John Mason of
Interstate Securities. "We've been fiddling around with these
problems for five years and the hour is growing late."
    He said up to now the banks have reduced their spreads, cut
interest rates internally and extended maturities and none of
these measures has been enough. He expects re-classification of
as much as a third of the loans as non-accruing and he sees
partial write downs of some loans.
    Nevertheless Mason thinks the money center bank stocks 
could be poised for a short term rally.
    A spokesman at First Chicago Corp 
<
FNB> said it is
premature to put Brazil's loans on a cash basis. "It is our
expectation that economic development will allow Brazil to meet
its debt," a spokesman said.
    Bankers Trust in New York said it would be premature to
make a decision. Several other banks queried by Reuters said
much the same thing.
    A spokesman at Manufacturers Hanover noted that of 2.3
billion dlrs in loan exposure to Brazil only 1.3 billion is
subject to Brazil's unilateral moratorium on repayment of
interest.
   
 Reuter
3;
bodyend
documentend
documentstart
4970
topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM> SEEKS BIDS BY MARCH 18


    COLUMBUS, Ohio, March 13 - 
ChemLawn corp said it has asked
potential purchasers of the company to submit their proposals
by 1700 EST on March 18.
    ChemLawn said if Waste Management Inc 
<
WMX> intends to
participate in the bidding process, it will have to submit a
confidentiality agreement to Chemlawn financial advisor Smith
Barney, Harris Upham and Co Inc.
    Waste Management has a 27 dlr per share tender offer for
Chemlawn underway that Chemlawn has already rejected as
inadequate.
    Chemlawn has already said it is holding talks with various
parties on the sale of the company and said it has informed all
potential purchasers that they mnust sign confidentiality
agreemnents to receive confidential information on Chemlawn.
    ChemLawn said if Waste Management were to sign such an
agreement, ChemLawn would supply it with the same information
being supplied to other potential purchasers. But it said it
will not make an exception for Waste Management which would
give that company an advantage in the bidding process.
 Reuter
3;
bodyend
documentend
documentstart
4971
topicstart
topicend
bodystart
2;

ARGENTINE DEBT TALKS DIFFICULT-CENTRAL BANK HEAD


    BUENOS AIRES, March 13 - 
Central Bank President Jose Luis
Machinea said negotiations with creditor banks on Argentina's
30 billion dlr private sector foreign debt were difficult.
    "There is considerable divergence with the banks. We must
try to get them to lower the spreads," Machinea told Reuters.
    He said negotiations with the steering committee for the
country's creditor banks in New York would not end next week.
    Machinea leaves for New York tomorrow with Treasury
Secretary Mario Brodersohn to complete Argentina's team at
negotiations with the steering committee for a 2.15 biilion dlr
loan to see the country through 1987.
    Argentina is aiming at four pct growth in 1987 and has said
this target is not negotiable.
 Reuter
3;
bodyend
documentend
documentstart
4972
topicstart
earn
topicend
bodystart
2;

GTS CORP 
<
GTSC> 4TH QTR DEC 31 LOSS


    HOUSTON, March 13 -
    
Shr loss 48 cts vs loss 10 cts
    Net loss 1,234,000 vs loss 259,000
    Revs 715,000 vs 1,941,000
    Year
    Shr loss 1.26 dlrs vs loss 34 cts
    Net loss 3,229,000 vs loss 870,000
    Revs 3,001,000 vs 9,767,000
    NOTE: 1986 net both periods includes 672,300 dlr writedown
of value of seismic laboratory and 165,000 dlr increase in
reserve for doubtful accounts.
 Reuter
3;
bodyend
documentend
documentstart
4974
topicstart
earn
topicend
bodystart
2;

FAIRCHILD INDUSTRIES INC 
<
FEN> 4TH QTR LOSS


    CHANTILLY, Va., March 13 -
    
Oper shr loss 44 cts vs oper loss eight cts
    Oper net loss 3,158,000 vs profit 2,035,000
    Rev 166.0 mln vs 162.3 mln
    Year
    Oper shr loss 34 cts vs loss 93 cts
    Oper net profit 7,599,000 vs loss 283,000
    Rev 643.3 mln vs 576.3 mln
    NOTE: Per share results after provision for pfd dividends.
    Fourth qtr earnings exclude loss from discontinued
operations of 67.6 mln dlrs, or 4.72 dlrs a share, and a loss
of 25.8 mln dlrs, or 1.81 dlrs a share, from tax reverse,
versus a gain from discontinued operations of 1.8 mln dlrs, or
14 cts a share, in 1985's 4th qtr.
     1986 oper earnings excludes loss from discontinued
operations of 62.5 mln dlrs, or 4.41 dlrs a share, versus a
loss of 166.8 mln dlrs, or 12.24 dlrs a share, in 1985.
 Reuter
3;
bodyend
documentend
documentstart
4976
topicstart
acq
topicend
bodystart
2;

SMARTNAMES TO BUY AMERICAN INFORMATION NETWORK


    WALTHAM, Mass., March 13 - 
SmartNames Inc said it reached
an agreement in principle to buy American Information Network.
    Terms of the agreement were not disclosed.
    The company said the purchase of American will allow it to
meet the needs of a broader range of direct mail industry
customers.
 Reuter
3;
bodyend
documentend
documentstart
4979
topicstart
topicend
bodystart
2;

S/P SEES DRAMATIC GROWTH FOR ASSET-BACKED DEBT


    NEW YORK, March 13 - 
Standard and Poor's Corp said it
expects the asset-backed securities market to grow dramatically
over the next few years, spurred by what it termed the
compelling benefits of secured financing.
    S and P projected the market would grow to 100 billion dlrs
in the next five years. Investment bankers say the market
currently stands at roughly 11.9 billion dlrs.
    Assets used to secure the debt included auto loans, credit
cars, computer leases and corporate loans, S and P noted. The
most active issuers to date had two main motivations, lower
costs of funding and increased financial flexibility.
    Standard and Poor's pointed out that General Motors Corp

<
GM>, Chrysler Corp 
<
C> and Nissan Motor Co Ltd 
<
NSAN> realized
funding advantages by issuing car loan backed debt. But more
important, these issuers were able to increase loan volume, and
hence car sales, without substantially increasing financial
leverage, the rating agency said.
    S and P noted that Bank of America, a unit of BankAmerica
Corp 
<
BAC>, and RepublicBank Corp's 
<
RPT> RepublicBank Delaware
unit issued credit card backed debt and also realized lower
funding costs while mitigating increased funding and liquidity
risks resulting from weak financial performance.
 Reuter
3;
bodyend
documentend
documentstart
4981
topicstart
acq
topicend
bodystart
2;

ARCO 
<
ACR> SELLS TWO OPERATIONS


    LOS ANGELES, March 13 - 
Atlantic Richfield Co said it sold
its Plan Cell Research Institute unit and its Arco Seed Co
operations in two transactions for undisclosed prices.
    The company said it sold Dublin, Calif.-based Plant Cell
Research to 
<
Montedision SpA> of Milan, Italy and ARCO Seed Co
to U.F. Genetics of Hollister, Calif.
    Atlantic Richfield said the divestitures are in line with
its policy of focusing resources on oil, gas, chemical and coal
operations.
 Reuter
3;
bodyend
documentend
documentstart
4983
topicstart
crude
topicend
bodystart
2;

ECUADOR BEGINS WORK ON OIL PIPELINE TO COLOMBIA


    QUITO, March 13 - 
Construction workers today began building
a 26 km (16 mile) pipeline to link Ecuador's jungle oilfields
to a pipeline in Colombia through which Ecuadorean crude could
be pumped to the Pacific Coast, Ecuadorean energy minsitry
officials said.
    They said it would take about two months and at least 15
mln dlrs to build the pipeline from Lago Agrio in Ecuador to
Puerto Colon, Colombia for connection to the Colombian
pipeline, which goes to the port of Tumaco on Colombia's
Pacific Ocean coast.
    The Lago Agrio to Puerto Colon pipeline is designed to
transport between 30,000 to 50,000 barrels of day (bpd) of
Ecuadorean crude to the Colombian pipeline, they said.
    The Colombian pipeline to Tumaco has ample room for
Ecuadorean crude, they said. It is currently transporting about
17,000 bpd out of its 100,000 bpd capacity, an Ecuadorean
energy ministry official said.
    The Ecuadorean crude reaching Tumaco will be shipped by
boat to Ecuador for refining into oil products to meet domestic
demand.
    The completion of the pipeline would allow Ecuador to
resume some of production, paralysed since March six by an 
earthquake the night before.
    The tremor ruptured the country's main pipeline from jungle
oilfields to the Ecuadorean port of Balao, on the Pacific
Ocean.
    Ecuador was pumping about 260,000 bpd before the
earthquake. It would take about five months to repair the
pipeline to Balao, government officials said.
    Ecuador estimates that it will cost between 145 to 150 mln
dlrs to repair oil installations damaged by the earthquake,
energy ministry Javier Espinosa said.
   
 Reuter
3;
bodyend
documentend
documentstart
4987
topicstart
trade
topicend
bodystart
2;

DUTCH TRADE FULLY IN BALANCE BUT DOWN IN JANUARY


    THE HAGUE, March 13 - 
The Netherlands recorded a flat trade
balance in January, with both exports and imports totaling 14.2
billion guilders, a modestly lower compared with December but
sharply down from January last year, an Economics Ministry
spokesman said, quoting official statistics.
    January 1986 exports compared with a December figure of
15.0 billion guilders and were 25 pct below last year's level
of 18.9 billion.
    January 1986 imports compared with 15.3 billion guilders in
December and fell 18 pct from 17.4 billion in January last
year.
 REUTER
3;
bodyend
documentend
documentstart
4988
topicstart
grain
corn
topicend
bodystart
2;

NUMEROUS FACTORS SAID POINT TO USSR CORN BUYING


    WASHINGTON, March 13 - 
A greater than anticipated need,
competitive prices and political motivations could be sparking
Soviet interest in U.S. corn, industry and government officials
said.
    As rumors circulated through grain markets today that the
Soviet Union has purchased an additional 1.5 mln tonnes of U.S.
corn, industry and government sources noted a number of factors
that make Soviet buying of U.S. corn likely.
    First, there are supply concerns. Some trade sources said
recent speculation has been that last year's Soviet grain crop
be revised to only 190 mln tonnes, rather than the 210 mln
announced, therby increasing the Soviet need for grain.
    A drop in Argentine corn crop prospects could also affect
Soviet corn buying, an Agriculture Department source said.
    Dry weather in Argentina -- a major corn supplier to the
USSR -- and reported crop problems prompted USDA to lower its
Argentine 1986/87 corn crop estimate this week to 11.0 mln
tonnes, down from 11.5 mln. Argentina corn exports were also
cut by 500,000 tonnes to 6.8 mln tonnes.
    Argentina has already committed four mln tonnes of this
year's corn for export, a USDA official said, with two mln
tonnes of that booked for April-June delivery to the USSR.
    "Significant downside potential" still exists for the
Argentine crop, the official said, which will decrease the
amount of additional corn that country can sell to Moscow.
    "If the Soviet needs are greater than we have been
thinking, then they might need more than what Argentina can
provide during the April to June period," he said.
    Current competitive prices for U.S. corn have also sparked
Soviet buying.
    U.S. corn was reported to be selling on the world market
earlier this week for around 71 dlrs per tonne, Argentine corn
for 67 dlrs -- a very competitive price spread, U.S. and Soviet
sources said.
    "This price difference makes American corn competitive,"
Albert Melnikov, commercial counselor for the Soviet Union,
told Reuters.
    Impending crop problems in Argentina will likely cause
those prices to rise, and with the recently strong U.S. corn
futures prices, the Soviets might feel corn prices have
bottomed and that this is a good time to buy, sources said.
    Finally, some industry sources said that by buying the
minimum amount of corn guaranteed under the U.S./USSR grains
agreement (four mln tonnes), the Soviet Union may be hoping to
convince the USDA to offer Moscow a subsidy on wheat.
    In an inteview with Reuters this week, USDA secretary
Richard Lyng said that no decision had been made on a wheat
subsidy offer, but that such an offer had not been ruled out.
 Reuter
3;
bodyend
documentend
documentstart
4990
topicstart
earn
topicend
bodystart
2;

DESOTO INC 
<
DSO> REGULAR DIVIDEND SET


    DES PLAINES, ILL., March 13 -
    
Qtly div 35 cts vs 35 cts previously
    Pay April 17
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
4991
topicstart
earn
topicend
bodystart
2;

METHODE ELECTRONICS INC 
<
METHB> REGULAR PAYOUT


    CHICAGO, March 13 -
    
Qtly div Class B 1-1/2 cts vs 1-1/2 cts prior
    Class A two cts vs two cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
4993
topicstart
ipi
topicend
bodystart
2;

BRAZIL INDUSTRIAL GROWTH RATE SLOWED IN JANUARY


    RIO DE JANEIRO, March 13 - 
The growth rate of Brazilian
industrial output slowed in January to 6.09 pct above the same
1986 month after rising 6.71 pct in December, Brazilian
Geography and Statistics Institute figures show.
    The result is in line with the declining trend in the
growth rate since October, the Institute said.
    In the 12 months to end-January industrial production was
10.48 pct above the 12 months to end-January last year while in
calendar 1986 output was 10.89 pct above 1985.
    The biggest output rises in the 12 months to end-January
were 23.68 pct in pharmaceuticals and 22.12 pct in machinery.
 Reuter
3;
bodyend
documentend
documentstart
4994
topicstart
topicend
bodystart
2;

RJR NABISCO 
<
RJR> SELLS SINKING FUND DEBENTURES


    NEW YORK, March 13 - 
RJR Nabisco Inc is raising 500 mln
dlrs via an issue of sinking fund debentures due 2017 yielding
8-3/4 pct, said lead manager Shearson Lehman Brothers Inc.
    The debentures have an 8-5/8 pct coupon and were priced at
98.675 to yield 115 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated A-1 by
Moody's and A by Standard and Poor's. A sinking fund beginning
in 1998 to retire annually five pct of the debentures can be
increased by 200 pct at the company's option.
    Dillon, Read and Co Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
4997
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE HOME SHOPPING 
<
HSN> DEBT


    NEW YORK, March 13 - 
Moody's Investors Service Inc said it
may downgrade Home Shopping Network Inc's 250 mln dlrs of Ba-3
senior notes.
    The rating agency cited Home Shopping's plan to issue
additional debt, thereby increasing leverage. Moody's noted
that the company intends to use a portion of the proceeds to
repurchase existing debt.
    Moody's said its review would focus on Home Shopping's
future capital structure and examine the added risk associated
with the company's commitment to diversify its product line to
include financial services.
 Reuter
3;
bodyend
documentend
documentstart
4998
topicstart
earn
topicend
bodystart
2;

GENERAL CINEMA CORP 
<
GCN> COMMON STOCK DIVIDEND


    CHESTNUT HILL, Mass., March 12 - 
    
Qtly div 15 cts vs 15 cts prior
    Pay April 30
    Recrod April nine
 Reuter
3;
bodyend
documentend
documentstart
4999
topicstart
earn
topicend
bodystart
2;

STEPHAN CO 
<
FTC> YEAR NET


    FT. LAUDERDALE, Fla., March 13 -
    
Shr 25 cts vs 18 cts
    Net 109,131 vs 75,793
    Revs 1,811,636 vs 1,280,618
 Reuter
3;
bodyend
documentend
documentstart
5001
topicstart
acq
topicend
bodystart
2;

PLM 
<
PLMA> UNIT ENDS MERGER TALKS


    SAN FRANCISCO, March 13 - 
PLM Cos Inc said its PLM Power Co
unit broke off merger discussions with Sunlaw Energy Corp of
Beverly Hills, Calif.
    In January PLM Power entered into a letter of intent to
negotiate a potential acquisition of Sunlaw, subject to
substantial due diligence, the company said.
    But it also said the two companies were not able to agree
on mutually satisfactory final terms and conditions.
 Reuter
3;
bodyend
documentend
documentstart
5002
topicstart
coffee
topicend
bodystart
2;

COLOMBIA OPENS APRIL/MAY COFFEE REGISTRATIONS


    BOGOTA, March 13 - 
Colombia opened coffee export
registrations for April and May with the National Coffee
Growers' Federation setting no limit, Gilberto Arango,
president of the private exporters' association, said.
    He told Reuters the decision not to put any limit responded
to "new factors" which have emerged from recent International
Coffee Organisation talks in London, where producers and
consumers failed to agree on a re-introduction of export quotas.
 Reuter
3;
bodyend
documentend
documentstart
5003
topicstart
grain
corn
topicend
bodystart
2;

USDA REPORTS 10.572 MLN ACRES IN CONSERVATION


    WASHINGTON, March 13 - 
The U.S. Agriculture Department has
accepted 10,572,402 more acres of highly erodable cropland into
the Conservation Reserve Program, USDA announced.
    In the latest signup, farmers on 101,020 farms submitted
bids on a total of 11,254,837 acres.
    The accepted bids for annual rental payments ranged up to
90 dlrs per acre with an average of 51.17 dlrs per acre.
    Land entered into the Conservation Reserve Program will be
ineligible for farming for ten years and must be planted with
permanent vegetative cover.
    Producers enrolled 1,894,764 acres of corn base acreage in
the conservation program to take advantage of a corn "bonus"
rental payment that was offered by USDA.
    The corn bonus, to be paid in generic comodity
certificates, amounts to two dlrs per bushel, based on the ASCS
program payment yield for corn, for each acre of corn based
accepted into the reserve.
    The state showing the biggest enrollment in the
conservation program during this signup was Texas with
approximately 1.225 mln acres, followed by Iowa with 1.030 mln
acres, Minnesota with 890,000 acres, Montana 875,000 acres, and
Kansas with 842,000 acres.
    Other states showing big enrollment were Missouri with
646,000 acres, North Dakota with 588,000 acres, and Nebraska
with 554,000 acres.
    In the corn belt states of Illinois and Indiana, 217,000
acres and 116,000 acres respectively were enrolled.
    Farm land signed up to date in the conservation program
totals 19,488,587 acres. Bids on the previous signups ranged up
to 90 dlrs per acre with an average of 45.52 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5004
topicstart
topicend
bodystart
2;

BRAZIL DEBT POSES THORNY ISSUE FOR U.S. BANKS


    By Cal Mankowski, Reuters


    NEW YORK, March 13 - 
CitiCorp 
<
CCI> appears to be digging
in its heels for tough negotiations over the billions of
dollars in loans that Brazil owes to money center banks, Wall
Street analysts said.
    "I view it as pre-negotiation posturing," said analyst
Carole Berger of Cyrus J. Lawrence Inc, referring to both
Brazil and Citicorp. Brazil recently stopped paying interest on
its commercial bank debt. Today, CitiCorp said its first
quarter income would be reduced by 50 mln dlrs after tax if it
lists the loans as non-performing status.
    Citicorp filed an 8-K form with the Securities and Exchange
Commission, indicating a material change in its financial
situation. "Citicorp is saying you can't scare us with threats,
we'll make your loans non-performing right now," Berger said.
    The loans have to be treated as non-performing after 90
days without a payment. CitiCorp said only that the situation
will be reviewed at the end of the current quarter.
    Berger asserted that Brazil is doing its own politicking by
talking to U.S. regulators and trying to drive a wedge between
U.S. and European banks.
    Analyst Lawrence Cohn of Merrill Lynch and Co said it is
unlikely the situation will be resolved until the second half
of this year.
    "Ultimately the Brazilians are going to have to pay up on
all the interest they owe," Cohn said. "The real issue is the
rescheduling of debt terms.
    Another question is whether or not the International
Monetary Fund can help Brazil with a new austerity program.
    Stocks of money center banks were mostly down fractions in
late dealings. One trader most stocks in the group bounced off
their lows by midday as investors took the news in stride.
    Cohn said the bank stocks may be risky until numbers on
non-performing loans are reported for each bank. But he said
investors looking ahead six to 12 months might want to buy at
present levels for the "tremendous fundamental values" in the
group.
    Analyst Robert Gordon of Shearson Lehman Brothers Inc said
Manufacturers Hanover Corp 
<
MHC) has the greatest exposure to
Brazilian loans of any New York bank, in terms of percentage of
earnings. He said his only two recommendations currently among
New York banks are J.P. Morgan and Co 
<
JPM> and Bankers Trust
Co 
<
BT> which happen to have the least exposure.
    Gordon said his positive opinion on J.P. Morgan and Bankers
Trust was not merely a response to the fact that the two have
lower exposure to Brazilian loans than other banks. 
    In fact he said there's a chance those banks could get more
involved in the future. He noted that Morgan has already set up
a brokerage subsidiary to deal in loans to less developed
countries.
    "I don't see any reason to change full year earnings
estimates, said Frederick Meinke, analyst at E.F. Hutton Co. He
thinks the confrontation with Brazil could end in a replay of a
situation that occurred with Argentina in 1984 and 1985.
    Meinke noted that in the case of Argentina the loans became
non-accruing for a couple of quarters but then when the banks
came to an agreement with Argentina all the back interest was
paid. "What it did was distort the quarterly earnings pattern,"
he said.
    He said in the case of Brazil write-offs of loans is a
worst-case outcome which is highly unlikely. He noted that
Brazil is a country with a diversified economy, going through
some economic upheaval after the transition from a military to
a civilian government.
    "The countries of Latin America have too much debt relative
to their ability to service it," said John Mason of
Interstate Securities. "We've been fiddling around with these
problems for five years and the hour is growing late."
    He said up to now the banks have reduced their spreads, cut
interest rates internally and extended maturities and none of
these measures has been enough. He expects re-classification of
as much as a third of the loans as non-accruing and he sees
partial write downs of some loans.
    Nevertheless Mason thinks the money center bank stocks 
could be poised for a short term rally.
    A spokesman at First Chicago Corp 
<
FNB> said it is
premature to put Brazil's loans on a cash basis. "It is our
expectation that economic development will allow Brazil to meet
its debt," a spokesman said.
    Bankers Trust in New York said it would be premature to
make a decision. Several other banks queried by Reuters said
much the same thing.
    A spokesman at Manufacturers Hanover noted that of 2.3
billion dlrs in loan exposure to Brazil only 1.3 billion is
subject to Brazil's unilateral moratorium on repayment of
interest.
   
 Reuter
3;
bodyend
documentend
documentstart
5009
topicstart
livestock
carcass
topicend
bodystart
2;

U.S. MEAT GROUP TO FILE TRADE COMPLAINTS


    WASHINGTON, March 13 - 
The American Meat Institute, AME,
said it intended to ask the U.S. government to retaliate
against a European Community meat inspection requirement.
    AME President C. Manly Molpus also said the industry would
file a petition challenging Korea's ban of U.S. meat products.
    Molpus told a Senate Agriculture subcommittee that AME and
other livestock and farm groups intended to file a petition
under Section 301 of the General Agreement on Tariffs and Trade
against an EC directive that, effective April 30, will require
U.S. meat processing plants to comply fully with EC standards.
    The meat industry will seek to have the U.S. government
retaliate against EC and Korean exports if their complaints are
upheld.
 Reuter
3;
bodyend
documentend
documentstart
5012
topicstart
earn
topicend
bodystart
2;

MET-PRO CORP 
<
MPR> TO PAY REGULAR DIVIDEND


    HARLEYSVILLE, Pa., March 13 -
    
Qtrly 15 cts vs 15 cts prior
    Pay May Eight
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
5013
topicstart
earn
topicend
bodystart
2;

AILEEN INC 
<
AEE> 1SR QTR JAN 31 LOSS


    NEW YORK, March 13 - 
    
Shr loss 30 cts vs loss 20 cts
    Net loss 1,553,000 vs loss 1,031,000
    Revs 10.0 mln vs 8,696,000
 Reuter
3;
bodyend
documentend
documentstart
5014
topicstart
topicend
bodystart
2;

INT'L GAME TECHNOLOGY 
<
IGAM> TO SELL DEBT


    NEW YORK, March 13 - 
International Game Technology said it
filed with the Securities and Exchange Commission a
registration statement covering a 35 mln dlr issue of senior
notes due 1995 and a 25 mln dlr issue of convertible senior
subordinated debentures due 2002.
    The company named Drexel Burnham Lambert Inc as sole
manager of the offerings.
 Reuter
3;
bodyend
documentend
documentstart
5015
topicstart
earn
topicend
bodystart
2;

WOLVERINE WORLD WIDE INC 
<
WWW> 4TH QTR LOSS


    ROCKFORD, MICH., March 13 -
    
Shr loss six cts vs profit 55 cts
    Net loss 414,000 vs profit 3,936,000
    Sales 109.4 mln vs 126.8 mln
    Year
    Shr loss 1.75 dlrs vs profit 55 cts
    Net loss 12,589,000 vs profit 3,965,000
    Sales 341.7 mln vs 389.5 mln
    NOTE: Year results include 14.0 mln dlr restructuring
charge in 2nd Qtr of 1986
 Reuter
3;
bodyend
documentend
documentstart
5016
topicstart
topicend
bodystart
2;

MEAD 
<
MEA> FILES 150 MLN DLR SHELF REGISTRATION


    DAYTON, Ohio, March 13 - 
Mead Corp said it filed a shelf
registration with the Securities and Exchange Commission
covering potential debt securities offerings of up to 150 mln
dlrs.
    It said the underwriters for this offerings may include
Smith Barney, Harris Upham and Co Inc, Goldman Sachs and Co
and/or Salomon Brothers Inc.
    Mead said proceeds will be used to retire short-term debt,
a portion of which was incurred to finance part of the recent
acquisitions of Ampad Corp and Zellerbach Distribution Group.
 Reuter
3;
bodyend
documentend
documentstart
5017
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 122,000 TONNES CORN  SOLD TO MEXICO FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
5018
topicstart
earn
topicend
bodystart
2;

HURCO COMPANIES INC 
<
HURC> FIRST QTR NET


    INDIANAPOLIS, March 13 -
    
Shr profit three cts vs loss 18 cts
    Net profit 124,000 vs loss 370,000
    Rev 11.3 mln vs 11.7 mln
    Avg shares 3,673,000 vs 2,368,000
 Reuter
3;
bodyend
documentend
documentstart
5020
topicstart
acq
topicend
bodystart
2;

MAXTOR 
<
MXTR> AGREES TO ACQUIRE U.S. DESIGN


    SAN JOSE, Calif., March 13 - 
Maxtor Corp and U.S. Design
Corp 
<
USDC>, said they reached definitive agreement covering
the acquisition of U.S. Design by Maxtor.
    They said the arrangement, which is subject to a number of
conditions including U.S. Design shareholder approval, calls
for Maxtor to issue 12 mln dlrs worth of its own common stock
in exchange for all of U.S. Design.
    The number of Maxtor shares to be issued will be determined
by the average closing price of Maxtor stock over the 10
trading day period prior to the day the acquisition becomes
effective, the companies also said.
 Reuter
3;
bodyend
documentend
documentstart
5021
topicstart
earn
topicend
bodystart
2;

SHARED MEDICAL SYSTEMS CORP 
<
SMED> SETS PAYOUT


    MALVERN, Pa., March 13 -
    
Qtly div 18 cts vs 18 cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
5023
topicstart
topicend
bodystart
2;

JWP 
<
JWP> SELLS 30 MLN DLRS OF NOTES


    LAKE SUCCESS, N.Y., March 13 - 
JWP Inc said it sold 30 mln
dlrs principal amount of its 9.25 pct senior notes due 1996 to
certain institutional lenders.
    The company said about 15 mln dlrs of the proceeds will be
used to pay debt and the balance for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
5024
topicstart
topicend
bodystart
2;
******
S/P UPGRADES UNION CARBIDE CORP'S 1.2 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
5029
topicstart
earn
topicend
bodystart
2;

WEIGH-TRONIX INC 
<
WGHT> 4TH QTR NET


    FAIRMONT, MINN., March 13 -
    
Shr 18 cts vs 16 cts
    Net 348,298 vs 308,927
    Sales 4,166,750 vs 3,740,970
    Year
    Shr 72 cts vs 52 cts
    Net 1,409,867 vs 1,020,096
    Sales 16.5 mln vs 15.0 mln
    Avg shrs 1,974,529 vs 1,956,214
 Reuter
3;
bodyend
documentend
documentstart
5030
topicstart
topicend
bodystart
2;

GOLDMAN SACHS GIVEN BOGUS EXXON BONDS IN TRADE


    LONDON, March 13 - 
Goldman Sachs International Corp
received forged bonds of a unit of Exxon Corp 
<
XON> in a trade,
a spokesman for Goldman Sachs and Co Inc said in a telephone
conversation from New York.
    He said the transaction left Goldman Sachs International
with an exposure of about 2.2 mln dlrs but that it had
insurance to cover the loss.
    The spokesman was responding to an enquiry about an item in
the London "Standard" newspaper, which said Goldman Sachs "is
feared to be the victim of a new multi-million pound City
scandal."
    The newspaper also said, "The firm (Goldman Sachs) is
believed to be the paying agent for some 900 bonds issued in
the name of oil giant Exxon which were deposited at banks in
Brussels and have now been found to be forgeries."
    The spokesman said that the bonds were delivered to the
firm by a man working on behalf of a third party. He said it
wasn't until the bonds were cleared through Euro-clear (a major
clearing house for the eurobond market) that it was discovered
they were forgeries.
    The spokesman also said he believed that the intermediary
had been apprehended by police. However, a spokesman for the
City of London police said he was unaware of such an arrest and
could neither confirm nor deny it.
    Last Friday, Exxon Corp said forgeries of a 20-year zero
coupon euronote issued by its Exxon Capital Corp subsidiary
have been discovered in the European market. It also said
Morgan Guaranty Trust Co was the fiscal agent and paying agent
and that Morgan, Euro-clear and Cedel (another major clearing
system) and police in London and Brussels were investigating
the case.
 Reuter
3;
bodyend
documentend
documentstart
5031
topicstart
livestock
carcass
topicend
bodystart
2;

U.S. MEAT GROUP TO FILE TRADE COMPLAINTS


    WASHINGTON, March 13 - 
The American Meat Institute, AME,
said it intended to ask the U.S. government to retaliate
against a European Community meat inspection requirement.
    AME President C. Manly Molpus also said the industry would
file a petition challenging Korea's ban of U.S. meat products.
    Molpus told a Senate Agriculture subcommittee that AME and
other livestock and farm groups intended to file a petition
under Section 301 of the General Agreement on Tariffs and Trade
against an EC directive that, effective April 30, will require
U.S. meat processing plants to comply fully with EC standards.
  
 Reuter
3;
bodyend
documentend
documentstart
5032
topicstart
topicend
bodystart
2;

EDF TO LAUNCH EURO-CP PROGRAM MONDAY


    LONDON, March 13 - 
<
Electricite de France> (EdF) will make
its first offering of Euro-commercial paper in the
international market on Monday, EdF chief financial officer
Daniel Lallier said in a telephone call from Paris.
    The program was announced in late January and dealers
expect the company will be pushing to maintain its ability to
obtain some of the finest terms available in the international
markets.
    Lallier did not say how much would be offered, although he
has noted that EDF would be cautious because it believes the
market is still in its infancy. In January he said EdF may not
issue more than 300 to 500 mln dlrs of paper this year.
    EdF plans to oversee the program itself, with Goldman Sachs
International Corp, Morgan Guaranty Ltd and Salomon Brothers
International Ltd acting as dealers for the general program,
which will be aimed at institutional and retail investors.
    Union Bank of Switzerland will act as dealer for a specific
program, which is aimed at smaller retail investors.
 Reuter
3;
bodyend
documentend
documentstart
5033
topicstart
grain
corn
topicend
bodystart
2;

CBT TRADERS SAY U.S. CONSERVATION SIGNUP NEUTRAL


    CHICAGO, March 13 - 
The 11,254,837 acres of highly erodable
farmland submitted to the U.S. Department of Agriculture for
the conservation reserve program was within trade guesses of
10-12 mln and should have an overall neutral impact on grain
and soybean prices Monday, grain traders said.
    Farmers enrolled 1,894,764 acres of corn base acreage in
the conservation program to take advantage of a corn bonus
rental payment that was offered by the USDA, which may underpin
new crop futures, they said.
    New crop corn prices firmed earlier this week on ideas of a
large sign-up in the program. But traders noted that the poor
yielding acres being set-aside will result in only a modest
decrease in final production figures, since farmers will
concentrate on high yielding land.
    Of a total 11,254,837 erodoble acres submitted, usda
accepted 10,572,402 acres into the program at an average rental
payment of 51.17 dlrs per acre.
    Farm land signed up to date now totals 19,488,587 acres.
 Reuter
3;
bodyend
documentend
documentstart
5034
topicstart
earn
topicend
bodystart
2;

MONARCH AVALON INC 
<
MAHI> 3RD QTR JAN 31 LOSS


    BALTIMORE, March 13 -
    
Shr loss 11 cts vs profit four cts
    Net loss 199,000 vs profit 81,000
    Rev 1.9 mln vs 2.5 mln
    Nine months
    Shr loss 14 cts vs profit 15 cts
    Net loss 261,000 vs profit 273,000
    Rev 6.4 mln vs 7.6 mln
    NOTE: Per share information adjusted for three-for-two
stock split on January 31, 1986.
 Reuter
3;
bodyend
documentend
documentstart
5036
topicstart
topicend
bodystart
2;

ARGENTINE DEBT TALKS DIFFICULT - CENTRAL BANK


    BUENOS AIRES, March 13 - 
Central Bank President Jose Luis
Machinea said negotiations with creditor banks on Argentina's
30 billion dlr private sector foreign debt were difficult.
    "There is considerable divergence with the banks. We must
try to get them to lower the spreads," Machinea told Reuter.
    He said negotiations with the steering committee for the
country's creditor banks in New York would not end next week.
    Machinea leaves for New York tomorrow with Treasury
Secretary Mario Brodersohn to complete Argentina's team at
negotiations with the steering committee for a 2.15 biilion dlr
loan to see the country through 1987.
    Machinea said Argentina had World Bank support. He said he
and Economy Minister Juan Sourrouille had discussed Argentina's
loan request with World Bank Vice-President David Knox, who is
currently in Buenos Aires.
    Argentina is aiming at four pct growth in 1987 and has said
this target is not negotiable. It has indicated that it would
not put payment of interest due on its foreign debt ahead of
its growth target if the loan was not granted.
    The United States and 12 other industrial nations granted
Argentina a 500 mln dlr bridge which was received this week.
    Talks on the 2.15 billion dlr lona began in January.
 Reuter
3;
bodyend
documentend
documentstart
5037
topicstart
crude
gas
nat-gas
wpi
topicend
bodystart
2;

U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY


    WASHINGTON, March 13 - 
Prices of wholesale finished energy
goods in the U.S. rose 4.0 pct in February after a 9.8 pct rise
in January, the Labor Department said.
    The Producer Price Index for finished energy goods fell by
20.9 pct in the past 12 months.
    Heating oil prices rose 3.0 pct in February after a 18.0
pct rise in January, the department said.
    Gasoline prices rose by 5.5 pct last month after a 15.7
pct January rise, the department said. Natural gas prices rose
1.8 pct after a 4.2 pct rise in January.
    Crude oil prices rose 4.4 pct in February, after a 19.7 pct
January rise and were off 21.3 pct from the year ago level.
 Reuter
3;
bodyend
documentend
documentstart
5038
topicstart
topicend
bodystart
2;

UNION CARBIDE 
<
UK> DEBT UPGRADED BY S/P


    NEW YORK, March 13 - 
Standard and Poor's Corp said it
upgraded 1.2 billion dlrs of debt of Union Carbide Corp and its
affiliate, DCS Capital Corp.
    Raised were the pair's senior debt to BB-plus from
BB-minus. Union Carbide's subordinated debt was upgraded to
BB-minus from B.
    S and P said the action reflected several positive factors
which emerged over the past year, including a better balance of
supply and demand in the chemical industry. Union Carbide has
also benefitted from the turnaround in foreign exchange rates
and lower feedstock costs, the agency noted.
    Standard and Poor's said the company's asset sales, and
subsequent use of the proceeds for debt reduction, exceeded the
corporate plan of a year ago.
    The rating agency also pointed out that Union Carbide's
successful refinancing of more than 2.5 billion dlrs of
long-term debt has resulted in a substantially lower interest
burden.
 Reuter
3;
bodyend
documentend
documentstart
5040
topicstart
cotton
topicend
bodystart
2;

U.S. COTTON CERTIFICATE EXPIRATION DATE EXTENDED


    WASHINGTON, March 13 - 
Expiration dates on upland cotton
certificates issued under the 1986 upland cotton program are
being extended, the Agriculture Department announced.
    The certificates are being extended because of a shortage
of Commodity Credit Corporation inventory available for
exchange with certificates, USDA undersecretary Danial Amstutz
said.
    Presently, upland cotton commodity certificates expire nine
months from the last day of the month of issuance.
    Under the new procedure, all current outstanding and all
new upland cotton certificates issued under the 1986 upland
cotton program will have an expiration date of either February
29, 1988, or nine months from the last day of the month in
which the certificate is issued, whichever is later.
 Reuter
3;
bodyend
documentend
documentstart
5041
topicstart
topicend
bodystart
2;

S/P DOWNGRADES MICHIGAN GENERAL 
<
MGL> DEBT


    NEW YORK, March 13 - 
Standard and Poor's Corp said it cut
to C from CCC-minus Michigan General Corp's 110 mln dlrs of
10-3/4 pct senior subordinated debentures due 1998.
    S and P said if Michigan General's exchange offer for the
debentures is not successful, the firm anticipates it will
default on the June 1 interest payment and will have to seek
protection from creditors under the Federal Bankruptcy Act.
    The exchange offer faces numerous obstacles, including the
tender of at least 90 pct of the debentures and additional
financing from lenders, S and P noted.
    The company's implied senior debt rating is CCC-minus.
 Reuter
3;
bodyend
documentend
documentstart
5042
topicstart
earn
topicend
bodystart
2;

BNL ANNOUNCES NET 1986 PROFITS IN BANK SECTOR


    ROME, March 13 - 
State-owned 
<
Banca Nazionale del Lavoro
BNL> said 1986 profits for its banking activities equalled 155
billion lire against 146 billion lire in 1985.
    Consolidated 1986 results for BNL, which also has interests
in tourism, public works, industrial credit and other sectors,
are expected to be announced later this year.
    The results for the banking sector are to be presented at a
shareholders meeting scheduled for April 29.
 Reuter
3;
bodyend
documentend
documentstart
5043
topicstart
earn
topicend
bodystart
2;

APPLIED DNA SYSTEMS INC 
<
ADNA> 4TH QTR LOSS


    NEW YORK, March 13 -
    
Shr loss one ct vs nil
    Net loss 148,007 vs loss 58,863
    Revs 198,919 vs 133,071
    Avg shrs 7,476,433 vs 6,633,989
    Year
    Shr loss three cts vs loss six cts
    Net loss 230,949 vs 424,719
    Revs 666,626 vs 509,971
    NOTE: Amounts include losses of a 50 pct owned scientific
development affiliate, Analytical Biosystems Corp.
 Reuter
3;
bodyend
documentend
documentstart
5044
topicstart
acq
topicend
bodystart
2;

OILMAN HAS 8.7 PCT OF QED EXPLORATION 
<
QEDX>


    WASHINGTON, March 13 - 
Kansas oilman Nicholas Powell told
the Securities and Exchange Commission he has acquired 195,000
shares of QED Exploration Inc, or 8.7 pct of the total
outstanding common stock.
    Powell, who heads Prairie Resources Corp and Mack C. Colt
Inc, both Kansas oil and gas exploration companies, said he
bought the stock for investment purposes.
    Powell, who said he has already spent 609,831 dlrs on his
QED stock, said he plans to buy more shares as long as he
considers them to be undervalued.
 Reuter
3;
bodyend
documentend
documentstart
5046
topicstart
earn
topicend
bodystart
2;
******
JOHN LABATT LTD 3RD QTR SHR DILUTED 32 CTS VS 30 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
5047
topicstart
topicend
bodystart
2;

ARMATRON 
<
ART> NEGOTIATES NEW CREDIT LINE


    MELROSE, Mass., March 13 - 
Armatron International Inc said
it negotiated a new seasonal line of credit with three lenders
for 10 mln dlrs for working capital requirements to support its
lawn and garden product line.
 Reuter
3;
bodyend
documentend
documentstart
5048
topicstart
earn
topicend
bodystart
2;

LIFESTYLE RESTAURANTS INC 
<
LIF> 1ST QTR JAN 24


    NEW YORK, March 13 -
    
Shr loss 31 cts vs loss eight cts
    Net loss 1,780,000 vs loss 449,000
    Revs 13.9 mln vs 17.8 mln
    NOTE: Current 1st qtr loss included a gain of 870,000 dlrs
and 70,000 dlrs from the sale of restaurant leases.
 Reuter
3;
bodyend
documentend
documentstart
5050
topicstart
earn
topicend
bodystart
2;

SIERRA HEALTH SERVICES INC 
<
SIE> 4TH QTR LOSS


    LAS VEGAS, Nev., March 13 -
    
Shr loss 52 cts vs profit six cts
    Net loss 2,943,000 vs profit 334,000
    Revs 33.5 mln vs 18.5 mln
    Year
    Shr loss 1.57 dlrs vs profit 16 cts
    Net loss 8,781,000 vs profit 792,000
    Revs 116.0 mln vs 56.5 mln

 Reuter
3;
bodyend
documentend
documentstart
5051
topicstart
earn
topicend
bodystart
2;

FIRECOM INC 
<
FRCM> 3RD QTR JAN 31 LOSS


    NEW YORK, March 13 -
    
Shr loss two cts vs profit two cts
    Net loss 104,874 vs profit 90,470
    Sales 3,154,673 vs 1,666,313
    Nine mths
    Shr loss one cent vs profit four cts
    Net loss 39,169 vs profit 159,784
    Sales 8,250,003 vs 4,665,553
 Reuter
3;
bodyend
documentend
documentstart
5052
topicstart
ipi
topicend
bodystart
2;

BRAZIL INDUSTRIAL PRODUCTION SLOWED IN JANUARY


    RIO DE JANEIRO, March 13 - 
Industrial output in January was
6.09 pct above the same 1986 month after rising 6.71 pct in
December, Brazilian Geography and Statistics Institute figures
show.
    The result is in line with the declining trend in the
growth rate since October, the Institute said.
    In the 12 months to end-January industrial production was
10.48 pct above the 12 months to end-January last year, while
in calendar 1986 output was 10.89 pct above 1985.
    The biggest output rises in the 12 months to end-January
were 23.68 pct in pharmaceuticals and 22.12 pct in machinery.
 Reuter
3;
bodyend
documentend
documentstart
5053
topicstart
earn
topicend
bodystart
2;

WHEELING AND LAKE ERIE RAILWAY CO 
<
WLE> DIV


    ROANAKE, Va., March 13 - 
    
Qtly div 1.4375 dlrs vs 1.4375 dlrs
    Pay May 1  
    Record April 3     
    Note: Dividend paid to all shareholders other than Norfolk
Southern Corp's 
<
NSC> Norfolk and Western Railway Co.
 Reuter
3;
bodyend
documentend
documentstart
5054
topicstart
earn
topicend
bodystart
2;

GENERAL CINEMA CORP 
<
GCN> CLASS B DIVIDEND


    CHESTNUT HILL, Mass., March 13 - 
    
Qtly div class B 13.5 cts vs 13.5 cts
    Pay April 30
    Record April 9   
   
 Reuter
3;
bodyend
documentend
documentstart
5055
topicstart
earn
topicend
bodystart
2;

<
JOHN LABATT LTD> 3RD QTR JAN 31 NET


    TORONTO, March 13 -
    
Shr 36 cts vs 31 cts
    Shr diluted 32 cts vs 30 cts
    Net 26,158,000 vs 21,798,000
    Revs 1.05 billion vs 844.2 mln
    Nine mths
    Shr 1.28 dlrs vs 1.22 dlrs
    Shr diluted 1.15 dlrs vs 1.08 dlrs
    Net 92,779,000 vs 77,971,000
    Revs 3.16 billion vs 2.70 billion
    Avg shrs 72.4 mln vs 64.0 mln
 Reuter
3;
bodyend
documentend
documentstart
5056
topicstart
grain
wheat
topicend
bodystart
2;

SUDAN RECEIVES 50 MLN DLRS IN PL480 AUTHORITY


    WASHINGTON, March 13 - 
Authorizations to purchase 50 mln
dlrs worth of U.S. wheat and wheat flour under Public Law 480
were issued to Sudan today, the Agriculture Department said.
    The authorization provides for 34 mln dlrs -- about 309,000
tonnes -- worth of wheat, grade U.S. number two or better
(except durum which shall be number three or better).
    It also provides for 16 mln dlrs -- about 73,000 tonnes --
worth of wheat flour.
    The contracting period for both commodities is March 20
through August 31, 1987. The delivery period for wheat is March
20 through September 30, 1987 and for wheat flour is April 10
through SEptember 30, 1987, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
5057
topicstart
trade
topicend
bodystart
2;

TRADE BILL TO CHANGE AGRICULTURE TRADE LAWS


    WASHINGTON, March 13 - 
The House Ways and Means Committee
is moving toward passage of a trade bill that sponsors said was
intended to help open foreign markets to U.S. agricultural
goods and to modify some U.S. agricultural trade laws.
    The trade subcommittee voted to require President Reagan to
take into account the potential harm to U.S. agricultural
exports of any trade retaliation he might impose for foreign
unfair trade practices against other domestic industries.
    The bill would allow U.S. agricultural producers to seek
government monitoring of imports if there is a reasonable
chance the industry would be harmed by an import surge.
    The full Ways and Means Committee is to consider the bill
next week and congressional sources said they expect it will be
approved.
     In investigations involving a processed agricultural
product, trade associations of processors or producers would
have to petition for relief from foreign dumping or unfair
duties.
     The bill sets out U.S. trade negotiating objectives for
the Uruguay round of talks under the General Agreement on
Tariffs and Trade. It would seek fair trade in agriculture,
seek to discipline restrictive or trade distorting import and
export practices, to eliminate tariffs, subsidies, quotas and
non-tariff barriers.
     President Reagan's authority to negotiate a new GATT
agreement would be extended through January 1993 and authority
to negotiate a free trade zone with Canada would be extended
through January 3, 1991.
    The bill extends Reagan's authority to negotiate an
international coffee agreement through October 31, 1989.
    It allows a refund of import duties paid on raw sugar
imported from November 1, 1977 to March 31, 1985 for production
of sugar or products containing sugar and destined for
re-export. The export of the sugar or products must occur
before Octoer 1, 1991.
    Presently, to qualify for the refund the sugar must be
processed within three years after import and exported within
five years.
    Agriculture would also benefit from more rapid decisions in
complaints of unfair foreign trade practices or injury from
imports.
 Reuter
3;
bodyend
documentend
documentstart
5058
topicstart
earn
topicend
bodystart
2;

AMERICAN CITY 
<
AMBJ> SETS INITIAL PREFERRED DIV


    KANSAS CITY, Mo. - March 13 - 
American City Business
Journals Inc said it declared an initial dividend of 15.4 cts a
share on its recent issue of 1.6 mln shares of convertible
exchangeable preferred stock.
    The dividend is payable March 31 to shareholders of record
March 20, American City said, adding that future dividends will
be paid on a quarterly basis.
    The preferred stock was issued on February 23.
 Reuter
3;
bodyend
documentend
documentstart
5059
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BUSINESS LOANS RISE 377 MLN DLRS IN MARCH 4 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
5060
topicstart
money-supply
topicend
bodystart
2;

U.S. BUSINESS LOANS RISE 377 MLN DLRS


    WASHINGTON, March 13 - 
Business loans on the books of major
U.S. banks, excluding acceptances, rose 377 mln dlrs to 279.085
billion dlrs in the week ended March 4, the Federal Reserve
Board said.
    The Fed said that business loans including acceptances
increased 484 mln dlrs to 281.546 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5061
topicstart
wpi
gas
nat-gas
crude
heat
topicend
bodystart
2;

U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY


    WASHINGTON, March 13 - 
Prices of wholesale finished energy
goods in the United States were up in February, rising by 4.0
pct after a 9.8 pct rise in January, the Labor Department said.
    The Producer Price Index for finished energy goods has
fallen 20.9 pct in the past 12 months.
    Heating oil prices rose 3.0 pct in February after a 18.0
pct rise in January, the department said.
    Gasoline prices rose by 5.5 pct last month after a 15.7
pct January rise, the department said. Natural gas prices rose
1.8 pct after a 4.2 pct rise in January.
    Energy goods at the intermediate stage of processing rose
2.7 pct in February after rising 3.5 pct in January and were
down 16.1 pct over the past 12 months, the Labor Department
said.
    Prices for crude energy goods, such as crude oil, coal and
gas at the wellhead, rose 2.6 pct last month after a 10.0 pct
January rise. They were down 11.6 pct from February 1986, the
department said.
     At the intermediate stage, liquefied petroleum gas prices
rose 10.1 pct last month after a 5.0 pct January rise and were
41.0 pct below prices a year earlier, the department said.
    Residual fuel prices rose 16.7 pct in February after a 13.4
pct rise a month earlier and were off 17.4 pct in 12 months.
    Electric power prices fell 0.3 pct last month, after a 1.3
pct January decline, and were down 3.6 pct from a year ago.
    Crude oil prices rose 4.4 pct in February, after a 19.7 pct
January rise and were off 21.3 pct from the year ago level.
    Prices of natural gas at the wellhead rose 1.8 pct in
February after rising 4.2 pct a month earlier and were 14.8 pct
lower than they were 12 months earlier, the department said.
    Coal costs were down 0.3 pct last month after rising 0.4
pct in January and were down 0.8 pct from a year ago.
 Reuter
3;
bodyend
documentend
documentstart
5062
topicstart
earn
topicend
bodystart
2;
******
WEYERHAEUSER SAID IT SEES SIGNIFICANT INCREASES IN EARNINGS IN 1987

Blah blah blah.
3;


bodyend
documentend
documentstart
5068
topicstart
earn
topicend
bodystart
2;
******
VARITY EXPECTS TO REPORT 4TH QTR AND FULL-YEAR 1986 LOSS

Blah blah blah.
3;


bodyend
documentend
documentstart
5069
topicstart
topicend
bodystart
2;

GUILFORD MILLS 
<
GFD> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 13 - 
Guilford Mills Inc said it filed with
the Securities and Exchange Commission a registration statement
covering a 60 mln dlr issue of convertible subordinated
debentures.
    Proceeds will be used to repay certain indebtedness and
increase working capital, as well as for general corporate
purposes.
    Guilford Mills said it expects the issue will be offered
later this month. The company named Bear, Stearns and Co as
lead underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
5070
topicstart
money-fx
topicend
bodystart
2;

AFTER G-6, ROUND ONE GOES TO CENTRAL BANKS


    By Claire Miller, Reuters


    NEW YORK, March 13 - 
Central banks have easily beaten back
the foreign exchange market's first test of the industrialized
nations' recent pact to stabilize currencies, analysts said.
    In active trading this week, the market pushed the dollar,
sterling, the Canadian dollar and Australian dollar higher. But
operators got their fingers burned as one by one the central
banks signalled their displeasure.
    "So far G-6 has been a roaring success,"said James O'Neill,
financial markets economist at Marine Midland Bank NA.
    "The central banks are sending strong signals that they
won't tolerate any kind of momentum building behind
currencies," added a senior corporate trader at one U.K. bank.
    On February 22, the finance ministers and central bank
governors of the U.S., Japan, West Germany, France and the U.K.
-- the Group of Five -- plus Canada, signed an accord under
which they agreed to cooperate closely to foster stability of
exchange rates around prevailing levels.
    The agreement was viewed by many in the market as an
attempt to put a floor under the dollar after its sizeable
two-year decline against major world currencies.
    And initially, traders indicated their respect for the
accord by refraining from pushing the dollar lower.
    But by Wednesday, the dollar climbed to more than 1.87
marks, about five pfennigs above its levels the Friday before
the G-6 accord.
    The move was aided by indications that the U.S. economy
picked up steam in February at the same time as the West German
economy was regressing.
    But dealers said the Federal Reserve Bank of New York gave
traders a sharp reminder that the G-6 pact had encompassed the
idea of limiting inordinate dollar gains as well as declines.
    Dealers differed as to whether the U.S. central bank
actually intervened to sell dollars above 1.87 marks, or simply
telephoned dealers to ask for quotes and enquire about trading
conditions.
    But the dollar quickly backed off. It hovered today around
1.85 marks. "The market was surprised that the Fed showed its
face so soon," said Marine Midland NA's O'Neill.
    Also on Wednesday, London dealers said the Bank of England
intervened in the open market to sell sterling as the U.K.
currency rose to 1.60 dlrs compared with 1.5355 dlrs before the
G-6 pact.
    Sterling, along with the other high-yield currencies like
the Australian dollar and Canadian dollar, was in favor after
traders surmised that the the chance of intervention pursuant
to the Paris currency accord left limited room for profit plays
on dollar/mark and dollar/yen.
    The pound also was boosted by suggestions of an improving
U.K. economy, anticipation of a popular British budget on March
17 and public opinion polls showing good chances for the
incumbent Conservative party in any general election.
    "There was a real run on sterling," said Anne Mills of
Shearson Lehman Brothers Inc.
    Sterling traded today around 1.5750 dlrs, down from 1.5870
dlrs last night. It slid to 2.917 marks from 2.950 yesterday
and from a peak of about 2.98 recently. "There's been some
heavy profit-taking on sterling/mark ahead of next Tuesday's
U.K. budget," said James McGroarty of Discount Corp.
    As speculators detected the presence of the U.S. and
British central banks, they acclerated their shift into
Canadian and Australian dollars. But here too they were
stymied. The Bank of Canada acted to slow its currency's rise.
    The Canadian dollar traded at 1.3218/23 per U.S. dollar
today, down from 1.3185/90 yesterday.
    And the Australian Reserve Bank, using the Fed as agent,
sold Australian dollars in the U.S. yesterday, dealers said.
    The Australian dollar fell to a low of 67.45/55 U.S. cents
today from a high of 69.02 Thursday.
    Analysts said the central banks' moves to stifle sudden
upward movement, leave the market uncertain about its next
step. Today, the focus shifted to the yen which has held to a
very tight range against the dollar for several months.
    The dollar fell to 152.35/40 yen from 153.35/40 last night.
Analysts said the yen also gained as traders unwound long
sterling/short mark positions established lately.
    "Because of the change in perceptions about the health of
the German economy, the funds from those unwinding operations
are ending up in yen," a dealer at one U.K. bank said.
    Recent West German data have shown falling industry orders,
lower industrial output and slowing employment gains.
    Moreover, the yen is benefitting as Japanese entities who
have invested heavily overseas, for example in Australian
financial instruments, repatriate their profits ahead of the
end of the Japanese fiscal year on March 31.
    Noting that the dollar/yen rate is in a sense the most
controversial one because of the large U.S. trade deficit with
Japan, analysts said the stage could be set for another test of
the dollar's downward scope against the Japanese currency.
    In its latest review of the foreign exchange market through
the end of January, the Federal Reserve revealed that it
intervened to protect the dollar against the yen on January 28.
On that day, the dollar fell as low as 150.40 yen.
    "Sure, the Fed bought dollars near the 150 yen level in
January. But the market has to bear in mind that time marches
on and the situation changes," said McGroarty of Discount.
 Reuter
3;
bodyend
documentend
documentstart
5071
topicstart
earn
topicend
bodystart
2;

WEYERHAEUSER 
<
WY> SEES HIGHER 1987 EARNINGS


    TACOMA, Wash., March 13 - 
Weyerhaeuser Co said it should
have significant increases in earnings in 1987 and 1988 should
be another very good year.
    Weyerhaeuser reported 1986 earnings of 276.7 mln dlrs, or
1.91 dlrs per share, on 5.65 billion dlrs in revenues.
    Anticipated improved cash flows will allow the company to
invest and acquire much more aggressively than it has in the
past few years, Weyerhaeuser also said.
    Weyerhaeuser, principally a lumber products company, said
the forecast was made by the company's chief financial officer
during a meeting of institutional investors in Tokyo.
    It also said its expects to see opportunities in the
building products area, particularly in composite panels and in
other engineered products directed toward specific, rather than
commodity, end-use markets.
    But it said growth may be higher in added-value products,
in financial services and in other diversified businesses.
    In addition, the company said rising product prices and
demand for pulp and paper are reflected in all the major world
markets, except in the case of some light-weighted paper grades
where overcapacity remains a problem.
    Weyerhaeuser further stated that it has lowered its
manufacturing cost structure and is obtaining significant
productivity increases.
 Reuter
3;
bodyend
documentend
documentstart
5072
topicstart
earn
topicend
bodystart
2;

LDBRINKMAN CORP 
<
LDBC> 2ND QTR JAN 31 LOSS


    KERRVILLE, Tex., March 13 -
    
Shr loss seven cts vs profit 12 cts
    Net loss 662,000 vs profit 1,520,000
    Revs 59.1 mln vs 63.1 mln
    Six mths
    Shr profit 23 cts vs profit 20 cts
    Net profit 2,802,000 vs profit 2,543,000
    Revs 138.5 mln vs 126.7 mln

 Reuter
3;
bodyend
documentend
documentstart
5073
topicstart
topicend
bodystart
2;

GENERAL ELECTRIC 
<
GE> TO REDEEM RCA CORP NOTES


    NEW YORK, March 13 - 
General Electric Co said it will
redeem on May 1 RCA Corp's 75 mln dlrs of 11-1/2 pct notes due
1990.
    General Electric is the successor obligator to RCA.
    GE said it will buy back the notes at par plus accrued
interest to, but not including, May 1. No further interest will
accrue on the notes after the redemption date.
    Bankers Trust Co is trustee.
 Reuter
3;
bodyend
documentend
documentstart
5074
topicstart
topicend
bodystart
2;

AMERICAN BRANDS INC 
<
AMB> FILES WITH SEC


    OLD GREENWICH, Conn., March 13 - 
American Brands Inc said
it filed with the Securities and Exchange Commission its
financial statements for fiscal 1986 in connection with its
previously announced offering outside the U.S. of its 50 mln
stg 9-1/2 pct notes due 1994.
    American Brands said the notes are not to be sold in the
U.S. or to a U.S citizen.
 Reuter
3;
bodyend
documentend
documentstart
5075
topicstart
topicend
bodystart
2;

SPENDTHRIFT FARM 
<
SFI> TO MISS NOTE PAYMENT


    LEXINGTON, Ky., March 13 - 
Spendthrift Farm Inc said it
will miss the 1,875,000 dlr March 16 interest payment on its 30
mln dlrs of 12.5 pct senior subordinated notes due 1994.
    It said it is currently holding talks with its creditors
about a possible debt restructuring. The company said it
expects to finalize an agreement before the end of the 30 day
grace period on April 14. If it fails to make an agreement by
that date, it will default on the notes.
    The company also said it is holding talks with its bank
creditors and expects a restructuring agreement soon.
 Reuter
3;
bodyend
documentend
documentstart
5076
topicstart
earn
topicend
bodystart
2;

ACS ENTERPRISES INC 
<
ACSE> 4TH QTR LOSS


    BENSALEM, Pa., March 13 -
    
Shr loss two cts vs profit three cts
    Net loss 80,333 vs profit 67,967
    Revs 1,162,678 vs 1,009,731
    Avg shrs 3,317,104 vs 2,494.049
    year
    Shr loss 21 cts vs profit four cts
    Net loss 679,520 vs profit 96,724
    Revs 4,191,540 vs 4,702,999
    Avg shrs 3,242,641 vs 2,525,677
    NOTES: Revenues exclude hospital television rental business
sold Dec 29, 1986
    1986 losses in both periods include gain of 530,000 dlrs on
sale of discontinued business
 Reuter
3;
bodyend
documentend
documentstart
5077
topicstart
acq
topicend
bodystart
2;

TONY LAMA 
<
TLAM> TO BUY 
<
COULSON OF TEXAS INC>


    EL PASO, Texas, March 13 - 
Tony Lama Co Inc said it signed
a letter of intent to buy Coulson of Texas Inc, a maker of
heels and leather components.
    The company said exact terms of the deal have not been
determined but that it does not expect the acquisition to have
a material effect on its financial position.
    In addition to buying substantially of all Coulson's
assets, Tony Lama said it would assume certain of the company's
liabilities.
 Reuter
3;
bodyend
documentend
documentstart
5078
topicstart
earn
topicend
bodystart
2;

TO-FITNESS INC 
<
TFIT> YEAR DEC 31 LOSS


    BAR HARBOUR ISLAND, Fla., March 13 - 
    
Shr loss 89 cts vs loss 21 cts
    Net loss 3,030,548 vs loss 548,442
    Revs 1,519,360 vs 1,081,915
    Avg shrs 3,399,993 vs 2,725,425
   
 Reuter
3;
bodyend
documentend
documentstart
5080
topicstart
acq
topicend
bodystart
2;

TRIBUNE 
<
TRB> COMPLETES CABLE SYSTEM SALE


    CHICAGO, March 13 - 
Tribune Co said it completed the sale
of the Danville, Va., cable television system to Cablevision
Industries Ltd Partnership, affiliated with Cablevision
Industries Inc of Liberty, N.Y.
    It said the Danville system was one of two systems acquired
by Tribune on September 30, 1986 as part of its purchase of The
Daily Press Inc, publisher of the Newport News Daily Press and
The Times-Herald. Agreements to sell both systems for a total
of 100 mln dlrs were reached in October.
    Sale of the Newport News system was completed in December.
 Reuter
3;
bodyend
documentend
documentstart
5081
topicstart
acq
topicend
bodystart
2;

GTE 
<
GTE> UNIT TO SELL INFORTEXT PRODUCTS


    SCHAUMBURG, Ill., March 13 - 
Infortext Systems Inc said it
finalized a two-year agreement under which GTE Services Corp
and eight affiliates will sell Infortext's line of personal
computer-based telephone call accounting systems.
    GTE Services, a unit of GTE Corp, evaluated 23 competitive
call accounting systems, the company said.
 Reuter
3;
bodyend
documentend
documentstart
5082
topicstart
acq
topicend
bodystart
2;

SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC


    FORT LAUDERDALE, Fla, March 13 - 
Sheppard Resources Inc
said it signed a letter of intent to merge with Breast Centers
Inc, an owner, operator and franchiser of clinics that provide
services for the early detection of breast cancer.
    Terms were not disclosed.
    After the merger, Breast Centers shareholders would become
the majority shareholders of the combined company.
    Also, if approved, Sheppard will change its name to Breast
Centers.
 Reuter
3;
bodyend
documentend
documentstart
5083
topicstart
earn
topicend
bodystart
2;

FIRSTIER INC 
<
FRST> SETS REGULAR QUARTERLY DIV


    OMAHA, Neb., March 13 - 
    
Qtly div 27.5 cts vs 27.5 cts prior
    Pay March 31
    Record March 25
 Reuter
3;
bodyend
documentend
documentstart
5084
topicstart
earn
topicend
bodystart
2;

ZONDERVAN CORP 
<
ZOND> 4TH QTR NET


    GRAND RAPIDS, Mich., March 13 - 
    
Shr profit nil vs profit 38 cts
    Net profit 19,000 vs profit 1,239,000
    Revs 31.7 mln vs 31.2 mln
    12 mths
    Shr profit 52 cts vs loss three cts
    Net profit 2,173,000 vs loss 119,000
    Revs 103.5 mln vs 98.6 mln
    
 Reuter
3;
bodyend
documentend
documentstart
5085
topicstart
earn
topicend
bodystart
2;

UNIBANCORP INC 
<
UBCP> REGULAR DIVIDEND SET


    CHICAGO, March 13 -
    
Qtly div 20 cts vs 20 cts previously
    Pay April 15
    Record March 23
 Reuter
3;
bodyend
documentend
documentstart
5086
topicstart
earn
topicend
bodystart
2;

SECOND NATIONAL BUILDING 
<
SNBL> RAISES DIVIDEND


    SALISBURY, Md., March 13 -
    
Qtrly seven cts vs six cts
    Pay April 20
    Record March 31
    NOTE: full name of company is Second National Building and
Loan.
 Reuter
3;
bodyend
documentend
documentstart
5089
topicstart
earn
topicend
bodystart
2;

BROADVIEW FINANCIAL CORP 
<
BDVF> 4TH QTR LOSS


    CLEVELAND, March 13 -
    
Shr loss 5.67 dlrs vs loss 5.17 dlrs
    Net loss 17 mln vs loss 15.4 mln
    Year
    Shr loss 12.42 dlrs vs loss 9.60 dlrs
    Net loss 37.0 mln vs loss 28.5 mln
    NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and
43.8 mln dlr provision, respectively, for possible land and
real estate losses. 1985 4th qtr and year net includes 5.1 mln
dlr and 13.4 mln dlr provision, respectively, for possible
losses.
 Reuter
3;
bodyend
documentend
documentstart
5090
topicstart
earn
topicend
bodystart
2;

ENZO BIOCHEM INC 
<
ENZO> 2ND QTR JAN 31 NET


    NEW YORK, March 13 -
    
Shr one ct vs three cts
    Net 123,000 vs 371,000
    Revs 2,944,000 vs 2,138,000
    Avg shrs 11.4 mln vs 11.6 mln
    Six mths
    Shr five cts vs six cts
    Net 531,000 vs 725,000
    Revs 6,200,000 vs 4,128,000
    Avg shrs 11.4 mln vs 11.6 mln
 Reuter
3;
bodyend
documentend
documentstart
5091
topicstart
acq
topicend
bodystart
2;

TENDER FOR ALLEGHENY INT'L 
<
AG> UNDERWAY


    PITTSBURGH, March 13 - 
First Boston Inc's 
<
FBC> Sunter
Acquisition Corp said it began its previously announced 24.60
dlr per share tender offer for Allegheny International Inc's
common stock.
    The company is also offering 20 dlrs for each 2.19 dlr
cumulative preferred share, and 87.50 dlrs for each share of
11.25 dlr convertible preferred stock.
    The company said the offer and withdrawal rights will
expire at midnight April nine unless extended.

 Reuter
3;
bodyend
documentend
documentstart
5092
topicstart
earn
topicend
bodystart
2;

VARITY 
<
VAT> EXPECTS 4TH QTR, FULL-YEAR LOSS


    TORONTO, March 13 - 
Varity Corp, formerly Massey-Ferguson
Ltd, said it expected to report on March 25 a loss for the
fourth quarter and full-year ended January 31.
    A company spokesman said specific figures were unavailable.
    Varity posted a net profit of 3.9 mln U.S. dlrs for the
previous fiscal year ended January 31, 1986 and a 3.3 mln dlr
net profit for the previous fourth quarter. Its net loss for
the nine months ended October 31 totaled 4.7 mln dlrs after a
19.7 mln dlr third quarter loss tied to strikes and plant
shutdowns at its British and French operations.
    Varity also said it would seek shareholder approval at a
special shareholders' meeting on April 9 to authorize a
transfer of values to the contributed surplus account on its
balance sheet from the stated capital account for common
shares.
    The spokesman said the move would help raise company values
required to pay dividends under Canadian law.
 Reuter
3;
bodyend
documentend
documentstart
5094
topicstart
acq
topicend
bodystart
2;

CABLEVISION TO BUY VALLEY CABLE FOR 100 MLN DLR


    LIBERTY, N.Y., March 13 - 
<
Cablevision Industries Corp>
said its Cablevision Industries of California Inc subsidiary
has entered into an agreement to buy substantially all of the
assets of Valley Cable TV for about 100 mln dlrs.
    The company said it will buy the system from a California
limited partnership, which is wholly-owned by Toronto-based

<
Hollinger Inc>.
    It said Valley Cable operates a 60,000 subscriber cable
television systems passing about 180,000 homes in the west San
Fernando Valley area of Los Angeles.
    Cablevision said it is the nation's 21st largest cable
company and is ownnd by Alan Gerry, its chairman, president and
chief executive officer. The company said the agreement is
subject to regulatory approval.
 Reuter
3;
bodyend
documentend
documentstart
5095
topicstart
earn
topicend
bodystart
2;

<
ANTHES INDUSTRIES INC> 4TH QTR NET


    TORONTO, March 13 -
    
Oper shr 16 cts vs nine cts
    Oper net 2,281,000 vs 1,319,000
    Revs not given
    Year
    Oper shr 13 cts vs six cts
    Oper net 2,635,000 vs 1,775,000
    Revs 31.9 mln vs 31.7 mln
    Note: 1986 qtr excludes extraordinary loss of 1,155,000
dlrs or nine cts share, versus gain of 607,000 dlrs or five cts
shr
    Note continued: 1986 year excludes extraordinary loss of
3,101,000 dlrs or 25 cts share, versus extraordinary loss of
265,000 dlrs or two cts share
 Reuter
3;
bodyend
documentend
documentstart
5097
topicstart
acq
topicend
bodystart
2;

BORG-WARNER 
<
BOR> BOARD OKS SALE OF UNIT


    CHICAGO, March 13 - 
Borg-Warner Corp said its directors
approved the sale, for about 240 mln dlrs, of its industrial
products division to a New York-based private investment firm,
Clayton and Dubilier Inc, and senior management of the group.
    Yesterday, the company said it agreed to sell the division,
which has annual sales of about 300 mln dlrs and is based in
Long Beach, California.

 Reuter
3;
bodyend
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5098
topicstart
topicend
bodystart
2;

BRAZIL WARNS CREDITORS AGAINST RETALIATION


    RIO DE JANEIRO, March 13 - 
Central Bank president Francisco
Gros said possible retaliation by Brazil's creditors would not
be an intelligent measure because it would affect both sides.
    "If our creditors considered retaliation, Brazil would lose
its capacity to export, thus would never be able to pay its
debt," Gros said in a news conference.
    Gros said that during their 12-day globe-trotting tour of
several countries, he and Finance Minister Dilson Funaro warned
creditors that Brazil could no longer continue representing the
role of merely an exporter of capital.
    "We made it very clear to our creditors that we must find
other means to pay our debt. We told them we wish to pay but
that first we must make sure that the country grows," Gros said.
    "We pointed out to them that in the last two years Brazil
paid 24 billion dlrs just in interest rates, while only
receiving two billion dlrs in new loans over a similar period."
Gros reiterated that Brazil will not accept interference from
the International Monetary Fund (IMF), as creditors suggested.
    "The performance of the IMF over the years has not been
convenient to our needs. It is an important institution, but we
do not accept it to monitor our economy," he said.
    "The banks would welcome us going to the IMF. We would
welcome if they pardoned half our debt," Gros said.
    Brazil announced suspension of interest payment of 68
billion dlrs owed to commercial foreign banks on February 20.
No deadline was established for the renewal of the payment.
    "Our major commitment is with the country's growth.
Therefore, we need more money to invest on new projects," Gros
said.  He said that before the announcement of the suspension
of interest payment, Brazil was paying about 500 mln dlrs a
month to its commercial foreign creditors.
    "We can say that at least we are saving some money," he said.
    Gros said Brazil has not submitted specific proposals to
creditors, and instead hopes that proposals would come through
bilateral negotiations.
    The Central Bank president said he will be going next week
to Washington to take part in a meeting of the Inter American
Development Bank .
    In Brasilia, sources linked to the Presidency said Brazil
was preparing a new program of economic readjustment to
strengthen its negotiations on its 109 billion dlr foreign
debt. The sources said the new program could be announced by
the end of the month and calls basically for preservation of
the country's growth.               
 Reuter
3;
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topicstart
earn
topicend
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2;

<
AUTREX INC> 1ST QTR JANUARY 31 NET


    TORONTO, March 13 -
    
Shr one cts vs two cts
    Net 50,000 vs 58,000
    Revs 467,000 vs 760,000
 Reuter
3;
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5102
topicstart
acq
topicend
bodystart
2;

SOUTHAM UNIT ACQUIRES WINNIPEG COMMUNITY PAPERS


    TORONTO, March 13 - 
<
Southam Inc> said its Flyer Force unit
acquired three community newspapers in Winnipeg with a combined
circulation of 65,000 for undisclosed terms.
    Southam said the newspapers, The Herald, The Lance and
Metro One, will be printed at its Canadian Publishers division
in Winnipeg.
    Flyer Force intends to expand distribution of the
newspapers to begin improved service to the Winnipeg market,
Southam said.
 Reuter
3;
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5104
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topicend
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2;

Venezuela's biggest private debtor faces default


    By keith grant, Reuters


    Caracas, march 13 - 
venezuela's biggest private company, la
electricidad de caracas, will meet with bank creditors in new
york on monday to discuss the danger of a  default on its 622
mln dlr foreign debt, a company spokesman said.
    "we are in an impossible situation. Unless we get
government relief, the company will be bankrupt in three
years," he told reuters.
    La electricidad's problems stem from the government's
december decision to set private debt payments at 7.50 bolivars
per dollar instead of 4.3.
    Company officials estimate that the currency change raised
the debt to 4.67 billion bolivars from 2.67 billion. additional
preferential dollar premiums put the total cost at 7.47
billion, not including interest payments.
    Under the government plan for repaying the 7.8 billion dlr
private debt, the central bank will guarantee debtors their
dollars at 7.5 with a premium of 4.50 per dollar.
    La electricidad president francisco aguerrevere will meet
his bank advisory committee, led by morgan guaranty, to explain
that unless government assistance is forthcoming the company
cannot meet its obligations.
    La electricidad ceased principal payments under a five-year
refinancing plan last year, althouigh interest has been paid,
the officials said. They said exchange contracts, which the
government no longer recognizes, were signed with the central
bank for this refinancing at 4.3 per dollar.
    The company spokesman said the new york meeting will be
held to inform the committee, representing 72 banks, of the
latest developments on efforts to lobby the government.
    "the banks are anxious to know the situation on debt
payments, but we can only tell them we are waiting for a
government response to our proposals," he said.
    La electricidad is seeking permission for a 50 pct rate
increase, which officials say would bring in an extra 1.3
billion bolivars this year.
    The 30 pct tariff increase introduced in january will only
bring in an extra 600 mln bolivars per year against additional
debt costs of 900 mln.
    Without relief, the company will incur losses of 287 mln
bolivars this year, 556 mln in 1988, 733 mln in 1989 and 1.47
billion in 1990. In 1990 the company would be decapitalized 874
mln bolivars.
    As alternatives to the rate increase, the company has also
proposed allowing la electricidad a grace period on payment of
the exchange risk premium to the central bank, a longer period
to pay it, or a soft loan from the government.
    The company spokesman said the government has not responded
to the proposals and there have been no formal meetings since
january.
    "if these solutions are not agreed to, we face the final
resort of either the government buying the debt or the company
being nationalised," he said.
 Reuter
3;
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5105
topicstart
earn
topicend
bodystart
2;

MLX CORP 
<
MLXX> 4TH QTR LOSS


    TROY, Mich., March 13 -
    
Shr loss 12 cts vs profit one ct
    Net loss 1,815,000 vs profit 65,000
    Revs 59.9 mln vs 2,798,000
    Avg shrs 15.8 mln vs 9,775,000
    Year
    Shr loss 11 cts vs loss three cts
    Net loss 1,217,000 vs loss 324,000
    Revs 83.3 mln vs 3,195,000
    Avg shrs 11.2 mln vs 9,775,000
 Reuter
3;
bodyend
documentend
documentstart
5109
topicstart
grain
corn
topicend
bodystart
2;

U.S. CONSERVATION FIGURES SEEN NEUTRAL/BEARISH


    By Brian Killen, Reuters


    CHICAGO, March 13 - 
U.S. Agriculture Department (USDA)
figures for highly-erodible land enrolled into the Conservation
Reserve Program were regarded by most grain analysts as neutral
to bearish, although some said a full state-by-state breakdown
would be needed to assess the full price impact.
    "Out of 10.5 mln acres only 1.9 mln acres were accepted in
corn -- That's neutral at best and perhaps bearish to what the
trade was looking for," Dale Gustafson of Drexel Burnham
Lambert said.
    The USDA said it had accepted 10,572,402 more acres into
the conservation program out of bids on a total of 11,254,837
acres.
    Gustafson said he would not be changing his estimate of
planted acreage for corn as a result of the latest figures, but
some other analysts said they would adjust their estimates
slightly. The USDA is due to release planting intentions
figures March 31.
    Indications of a heavy sign-up in the conservation program
recently lowered most trade estimates of corn planted acreage
to 63.0 to 67.0 mln acres from 67.0 to 69.0 mln.
    Richard Loewy, analyst with Prudential Bache Securities,
said there was not enough information to completely assess the
conservation figures. "The 1.9 mln acres on corn is certainly
disappointing," he added.
    The USDA later released the state-by-state breakdown of the
enrollment figures.
    Loewy said the initial figures appeared to be negative for
both new crop corn and soybeans, and might possibly mean an
upward adjustment in planting intention figures.
    Asked about the impact on the flow of generic certificates
onto the market this spring, he said: "The trade was definitely
looking higher, so certificates are going to be less than
expected."
    The USDA offered a special corn "bonus" rental payment to
the farmers to be paid in generic certificates. The bonus
amounts to two dlrs per bushel, based on the farm program
payment yield for corn, for each acre of corn accepted into the
reserve.
    Katharina Zimmer, analyst for Merrill Lynch Futures, said
the conservation sign-up was slightly higher than she had
expected, although she noted that some trade expectations were
considerably higher than the actual figures.
    "I think it is friendly for the market, at least in the
long run," she said.
    Susan Hackmann of AgriAnalysis said there was some
confusion over whether trade ideas of an enrollment figure
between 15 and 18 mln acres referred to the total sign-up or
the latest addition.
    "It seems the trade was looking for more acres to be bid
into the program," she said.
    Hackmann said she would not make much change to her ideas
about corn planting figures as a result of the conservation
sign-up. She added that while some trade guesses were as low as
61 mln acres, she was looking for corn plantings to be in the
high 60's.
    Zimmer of Merrill Lynch said she would be making a slight
reduction of about one mln acres in her planting estimate to
around 64 mln acres.
    New crop corn prices at the Chicago Board of Trade firmed
earlier this week on ideas of a large sign-up in the program,
despite the fact that acres enrolled are generally poor
yielding and not likely to make a substantial difference to
final production figures.
 Reuter
3;
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5112
topicstart
acq
topicend
bodystart
2;

FOREST CITY 
<
FECA> COMPLETES SALE


    CLEVELAND, March 13 - 
Forest City Enterprises Inc said it
completed the previously announced sale of assets of its retail
store division, excluding real estate, to Handy Andy Home
Improvement Centers Inc, a private Gurnee, Ill., firm.
    The sale is for cash and notes but exact terms were not
disclosed.
 Reuter
3;
bodyend
documentend
documentstart
5113
topicstart
acq
topicend
bodystart
2;

MINN. BANK, OKLA. THRIFT ACTIONS TAKEN


    WASHINGTON, March 13 - 
Beaver Creek State Bank in Beaver
Creek, Minn., failed and the bank's insured assets were
transferred to Citizens State Bank of Silver Lake, Minn., the
Federal Deposit Insurance Corp. said.
    Separately, the Federal Home Loan Bank Board said Victor
Federal Savings and Loan Association of Muskogee, Okla., was
placed into receivership.
    Beaver Creek's two offices will re-open as branches of
Citizens on Monday.
    The transfer was arranged because there were no bids to buy
Beaver Creek, the FDIC said.
    Citizens will pay a premium of 30,000 dlrs  to the FDIC and
purchase Beaver Creek's assets for 5.3 mln dlrs.
    It was the 43rd bank failure in the nation this year.
    The FHLBB said Victor Federal Savings was insolvent and its
assets were transferred to a newly chartered federal mutual
association with directors named by the FHLBB.
    Victor was a stock association with 564 mln dlrs in assets.
    The new association is to be known as Victor Savings and
Loan Association and its assets continue to be insured by the
Federal Savings and Loan Insurance Corp, the FHLBB said.
 Reuter
3;
bodyend
documentend
documentstart
5114
topicstart
earn
topicend
bodystart
2;

LIFESTYLE RESTAURANTS 
<
LIF> ADJUSTS REVENUES


    NEW YORK, March 13 - 
Lifestyle Restaurants Inc said
revenues for the first quarter ended January 24, 1985, were
17.5 mln dlrs and not the 17.8 mln dlrs it had reported
earlier.
    The company also said a note attached to its earnings
concerning a gain in 1986 on certain sales was incorrect and
should be disregarded.
 Reuter
3;
bodyend
documentend
documentstart
5115
topicstart
lumber
topicend
bodystart
2;

U.S. SAYS CANADA COMPLYING WITH LUMBER PACT


    WASHINGTON, March 13 - 
The Commerce Department said that
all Canadian firms had begun to pay an agreed to 15 pct
surcharge on softwood shipped to U.S. markets.
    It made the statement after talks with Canadian officials
about press reports and speculation in Canada that some
exporters were not paying the charge.
    Canada and the United States agreed last December to the 15
pct charge, ending a lengthy trade dispute over alleged
Canadian subsidies to Canada's softwood exporters.
    Commerce officials would not say if they found any Canadian
companies had been evading the charge, but that following the
talks they were convinced all exporters were complying with the
agreement.
    Undersecretary of Commerce Bruce Smart said "We are
gratified to learn that companies in Canada have begun paying
the export charge on lumber."
    He added the agreement was important to the health of the
U.S. lumber industry and he intended to see that it was fully
carried out.
 reuter
3;
bodyend
documentend
documentstart
5116
topicstart
acq
crude
topicend
bodystart
2;

PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17


    CARACAS, March 13 - 
Petroleos de Venezuela, S.A. said it
will sign a contract March 17 to buy a half interest in a
Corpus Christi, Texas refinery and related operations.
    The contract, to be signed by PDVSA and Champlin
Petroleum's parent company, the Union Pacific Corp, will create
a new joint venture called Champlin Refining.
    The state oil company said PDVSA will pay on the order of
30 mln dlrs for the half interest in Champlin.
     Energy minister Arturo Hernandez Grisanti said Wednesday
the cost would be 33 mln dlrs in cash, plus an additional 60
mln in crude and refined oil shipments.
    PDVSA and Union Pacific have sought a line of credit from a
group of North American and Japanese banks to finance the new
company's working capital, the Venezuelan company said.
    Under the deal, PDVSA will supply up to 140,000 barrels a
day to the refinery with the option to place 50,000 bpd more -
mostly gasoline and distillates - through Champlin's
distribution system in 10 U.S. states.
    The new company will be directed by a six-member board,
with three representatives each from PDVSA and Union Pacific.
    According to PDVSA, Venezuelans will occupy such key
positions such as treasurer and vice-president for
manufacturing.
    The total capacity of the Champlin refinery is 160,000 bpd
of crudes and another 40,000 bpd of intermediates. The plant
will be able to handle 110,000 bpd of Venezuelan heavy crudes,
which make up more than half of the country's crude oil
exports.
 Reuter
3;
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5117
topicstart
acq
topicend
bodystart
2;

INVESTOR DISAPPOINTED AT CAESARS 
<
CAW> RESPONSE


    NEW YORK, March 13 - 
Investor Martin Sosnoff said in a
statement that he was disappointed in Caesars World Inc's
response to his 28 dlrs a share offer to buy the company.
    The company had said the offer was inadequate and that it
was exploring restructuring or sale of the company to another
party.
    Sosnoff said he believes the offer is fair to all
shareholders. "My primary desire is still to sit down with
management to negotiate a friendly acquisition," he said.
 Reuter
3;
bodyend
documentend
documentstart
5118
topicstart
crude
topicend
bodystart
2;

VENEZUELA TO LEND UP TO 12.5 MLN BARRELS OF OIL


    QUITO, March 13 - 
Venezuela will lend Ecuador up to 12.5
mln barrels of crude oil to help it meet its export commitments
and its domestic energy demand, Ecuadorean Energy and Mines
Minister Javier Espinosa said today in a statement.
    Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the Pacific Ocean port of
Balao was damaged last week by an earthquake.
    Venezuela would lend 50,000 barrels per day of crude for a
total of up to to 7.5 mln barrels to help Ecuador meet export
commitments, Espinosa said. Also, Venezuela will sell the crude
and provide the foreign exchange earnings to Ecuador, he said.
     Ecuador would repay Venezuela in crude once it resumed its
exports after repairing its pipeline to Balao, a task that
would take an estimated five  months.
    Venezuela is lending Ecuador five mln barrels of crude for
refining in this country to meet domestic demand. Ecuador would
repay that loan with crude once the oil pipeline is repaired.
    Both countries are the only Latin American members of the
Organisation of Petroleum Exporting Countries (OPEC).
    Ecuador was exporting about 140,000 bpd before the
earthquake, Energy Ministry officials said. Its total output
was around 260,000 bpd.
 Reuter
3;
bodyend
documentend
documentstart
5119
topicstart
crude
topicend
bodystart
2;

PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17


    CARACAS, March 13 - 
Petroleos de Venezuela, S.A. said it
will sign a contract March 17 to buy a half interest in a
Corpus Christi, Texas refinery and related operations.
    The contract, to be signed by PDVSA and Champlin
Petroleum's parent company, the Union Pacific Corp 
<
UNP>, will
create a new joint venture called Champlin Refining.
    The state oil company said PDVSA will pay on the order of
30 mln dlrs for the half interest in Champlin.
     Energy minister Arturo Hernandez Grisanti said Wednesday
the cost would be 33 mln dlrs in cash, plus an additional 60
mln in crude and refined oil shipments.
    PDVSA and Union Pacific have sought a line of credit from a
group of North American and Japanese banks to finance the new
company's working capital, the Venezuelan company said.
    Under the deal, PDVSA will supply up to 140,000 barrels a
day to the refinery with the option to place 50,000 bpd more -
mostly gasoline and distillates - through Champlin's
distribution system in 10 U.S. states.
    The new company will be directed by a six-member board,
with three representatives each from PDVSA and Union Pacific.
 Reuter
3;
bodyend
documentend
documentstart
5120
topicstart
topicend
bodystart
2;

VENEZUELA'S BIGGEST PRIVATE DEBTOR FACES DEFAULT


    CARACAS, March 13 - 
Venezuela's biggest private sector
company, La Electricidad de Caracas, will meet urgently with
bank creditors in New York on monday to discuss the danger of a
total default on its 622 mln dlr foreign debt, a company
spokesman said.
    "We are in an impossible situation, unless we get
government relief the company will be bankrupt in three years,"
he told reuters.
    La Electricidad's problems stem from the government's
decision in december to set private debt payments at 7.50
bolivars per dlr instead of 4.3, adding 74 pct to the debt in
bolivar terms.
    La Electricidad is seeking permission for a 50 pct increase
in industrial and commercial tariffs, which officials say would
bring in an extra 1.3 billion bolivars this year.
    A 30 pct tariff increase introduced in january will only
bring in an extra 600 mln bolivars per year as against
additional debt costs of 900 mln.
 Reuter
3;
bodyend
documentend
documentstart
5121
topicstart
acq
topicend
bodystart
2;

PRATT 
<
PRAT> OFFER FOR RESORTS 
<
RT> EXPIRES


    DALLAS, March 13 - 
PH Acquisition Co, a unit of Pratt Hotel
Corp, said its 135 mln dlrs per share tender offer for all
shares of Class B common stock of Resorts INternational Inc
expired.
    As of today, about 45,690 shares were tendered, an
insufficient number of shares to satisfy the condition that 51
pct of the voting power be tendered.
    Earlier this week, New yOrk developer Donald Trump made a
competing bid for the class B shares.
 Reuter
3;
bodyend
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documentstart
5123
topicstart
crude
topicend
bodystart
2;

SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL


    RIO DE JANEIRO, MARCH 13 - 
Saudi Arabia has dropped its
condition that Brazil secure international bank guarantees
before Saudia Arabia would ship it oil, the state-oil company,
Petrobras, said in a statement.
    Petrobras said the Saudis will accept Banco do Brasil
credit guarantees.
    Petrobras cancelled a 40-mln dlr crude oil purchase from
the Saudis yesterday after they refused to accept a letter of
credit from the official Bank of Brazil. The Saudis had
demanded that Brazil get credit guarantees from leading
international banks.
    Petrobras said the Saudis had been advised that if they did
not change their mind by Monday, Petrobras would negotiate the
purchase of oil with other producers.
    The Petrobras statement said the shipment of 2.2 mln
barrels will be made by the Saudis on March 24 as scheduled.
    The shipment is part contract signed in February for the
Saudis to supply Brazil with 125,000 barrels per day until
June.
 Reuter
3;
bodyend
documentend
documentstart
5125
topicstart
crude
topicend
bodystart
2;

SAUDI ARABIA DECIDES TO ACCEPT BRAZIL CREDIT


    RIO DE JANEIRO, March 13 - 
Saudi Arabia has lifted the
condition it imposed on the sale of oil to Brazil and will
accept Banco do Brasil's credit guarantees, state-oil company
Petrobras said in a statement.
    Petrobras cancelled a 40 mln dlr crude oil purchase from
the Saudis yesterday, after they refused to accept a letter of
credit from the Bank of Brazil, demanding guarantees from
leading international banks.
    It advised the Saudis the company would negotiate oil
purchases elsewhere unless they changed their mind by Monday.
    The 2.2 mln barrels shipment will be made by the Saudis on
March 24 as scheduled, the statement said.
    Under a 125,000 bpd contract signed in February the Saudis
agreed to supply oil to Brazil until June.
 Reuter
3;
bodyend
documentend
documentstart
5126
topicstart
earn
topicend
bodystart
2;

MICRON TECHNOLOGY 
<
DRAM> SEES 2ND QTR LOSS


    BOISE, Idaho, March 13 - 
Micron Technology Inc said it
expects to record a net loss of about 11 mln dlrs in the second
quarter compared to a loss of 9.7 mln dlrs in the first quarter
and 9.8 mln dlrs in the year-ago second quarter.
    Revenues in the quarter ended March five increased to about
20.4 mln dlrs from 18.8 mln in the preceeding quarter and 9.4
mln dlrs in the year-ago quarter.
    The company makes semiconductors, memory components and
related products.
 Reuter
3;
bodyend
documentend
documentstart
5127
topicstart
interest
topicend
bodystart
2;

TRADING RANGE LIKELY TO CONTINUE IN DEBT FUTURES


    By Brad Schade, Reuters


    CHICAGO, March 13 - 
U.S. economic data due out next week is
unlikely to hold any surprises that will shake U.S. interest
rate futures out of their relatively narrow trading range of
the last 3-1/2 months, financial analysts said.
    "People don't seem to have any firm conviction about the
current strength of the economy or about the Federal Reserve
doing anything," said Drexel Burnham Lambert analyst Norman
Mains.
    The narrow range trading is also taking its toll on trading
volume, he noted. "We've had a decline in activity as recent
economic statistics have not greatly changed people's
viewpoints on interest rates," Mains said.
    The data, which has provided not clear-cut view of the
economy, coupled with dampened activity in the foreign exchange
markets after the Paris initiative has made for "less than
ebullient market action," Mains said.
    He added, however, that Treasury bond futures could be in
for a retracement after the recent rise as they are near the
top of the trading range.
    "My view is that the economy remains relatively strong and
market participants will see that current prices are
unjustified," Mains said.
    Refco Inc senior vice president Michael Connery also noted
that the market is showing very little momentum and lacks
retail interest. "All of the movement occurs at the opening,"
afterwhich volume dwindles and momentum fades, Connery said.
    Although data during the week was mildly positive for bond
prices, the small rise in February producer prices and downward
revisions in January retail sales and industrial production
were "not real exciting," said Prudential Bache analyst Fred
Leiner.
    "There is no one factor that will push us through the highs
at this moment," Leiner said.
    Next week's revision to fourth quarter U.S. Gross national
Product is also likely to be of little interest to the market,
said Kleinwort Benson chief financial economist Sam Kahan.
Still, forecasts for first quarter GNP could play a role in the
direction of bond prices over the next month.
    Kahan said his early estimate for first quarter growth is
around three pct, due largely to a buildup in inventories
reflected in the January inventory data Friday, which showed
the largest increase since 1979.
    "The key question will be not whether there is a large
increase in first quarter GNP, but whether any increase is
sustainable or a one shot deal," Kahan said.
    He said that a sizable increase in first quarter GNP
stemming from an increase in inventories will be a drag on
second quarter growth.
    If that is the case, GNP in the second quarter could ease
back to a one to two pct growth rate, Kahan said.
 Reuter
3;
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documentend
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5128
topicstart
earn
topicend
bodystart
2;

<
AGRA INDUSTRIES LTD> SIX MTHS JAN 31 NET


    SASKATOON, Saskatchewan, March 13 -
    
Oper shr 35 cts vs 34 cts
    Oper net 2,313,000 vs 1,646,000
    Revs 100.1 mln vs 77.3 mln
    Note: 1986 net excludes extraordinary loss of 294,000 dlrs
or four cts vs shr vs yr-ago loss of 579,000 dlrs or 12 cts
shr. 1986 net includes non-cash loss of 1,436,000 dlrs or 22
cts shr vs yr-ago loss of 1,922,000 dlrs or 39 cts shr from
depreciation and amortization allowances on U.S. cable TV
operation.
    Fewer shrs outstanding.
 Reuter
3;
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5129
topicstart
topicend
bodystart
2;

CITICORP 
<
CCI> SEC FILING NOT TIED TO DEBT TALKS


    NEW YORK, March 13 - 
Citibank, the main susbidiary of
Citicorp, said the filing it made with the Securities and
Exchange Commission about the possible impact on earnings
should certain Brazilian loans be placed on a cash basis was
not linked to debt talks that are about to begin with Brazil.
    Citibank said it had told the SEC that its earnings could
be reduced by 50 mln dlrs after-tax in the first quarter, and
190 mln dlrs in the year, if it has to declare 3.9 billion dlrs
of medium- and long-term Brazilian loans non-performing.    
    Rather, Citibank said it was simply complying with the
disclosure requirements contained in the U.S. Securities Acts.
    Citibank said in its filing with the SEC that it was
premature to decide now whether the loans should be placed on a
non-perfoming basis, a view that was echoed by spokesmen of
several other major U.S. banks.    
 Reuter...
3;
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documentend
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5131
topicstart
topicend
bodystart
2;

MEXICO TEMPORARILY HALTS DEBT-EQUITY SWAPS


    By Alan Wheatley, Reuters


    NEW YORK, March 13 - 
Mexico has temporarily suspended its
debt-equity swap program in a move that some bankers see as an
attempt to increase pressure on reluctant foreign banks to
participate in a new 7.7 billion dlr loan for the country.
    The scheme, which gives foreign firms access to cheap pesos
to finance investment in Mexico, is likely to resume soon after
the loan package is signed on March 20.
    But the move is a further indication of the strains that
have developed between Mexico and the banks because of the
difficulty of syndicating the huge loan, bankers said.
    Bankers said that Mexico suspended the swap program on
February 25.
    Adolfo Hegewisch, Mexico's Undersecretary for Commerce,
confirmed that the swap program had been halted, but he told a
Euromoney conference on debt-equity swaps that Mexico had been
forced to act because it had been inundated with applications.
    Between January 1 and February 15, 132 firms had applied to
do a debt-equity conversion, compared with 100 between May and
December 1986. "We were not accustomed to receive so much
work," said Hegewisch, who is responsible for foreign
investment in Mexico.
    Bankers said applications totalling two billion dlrs had
piled up at the finance ministry, which has said it wants to
limit the amount of swaps to 100 mln dlrs a month.
    But some bankers, who declined to be identified, said the
halt also suited Mexico as it would keep up pressure on the
banks during the final campaign to persuade all 400 creditors
worldwide to participate in the loan.
    Over 97 pct of the loan has been subscribed, but dozens of
smaller banks are still baulking. Assistant U.S. Treasury
Secretary David Mulford said yesterday that the reluctance of
these banks had nearly jeopardized the deal at one stage.
    "The Mexicans basically said, We're not going to subsidize
foreigners until we have a deal," one banker said.
    Other bankers, however, said Mexico's motives were not so
sinister and that the suspension was mainly due to the absence
of top ministry officials in New York for the debt talks.
    "They want to focus on the deal, and they wanted the banks
to focus on the deal," one source said.
    Apart from the present disruption, bankers and company
officials said the Mexican debt-equity scheme has been a huge
success.    
    Frank Fountain, Assistant Treasurer at Chrysler Corp, said
a 100 mln dlr swap it made in December had gone so smoothly
that Chrysler has plans for more.
    Chrysler, working through Manufacturters Hanover Trust Co,
bought Mexican public-sector debt with a face value of 110 mln
dlrs, mainly from European banks. The cost was about 65 mln
dlrs in cash and paper.
    It then presented the paper to Mexico's central bank and
received the equivalent of 100 mln dlrs worth of pesos which it
invested in its local subsidiary to produce cars for export to
North America.
    Susan Segal, senior vice president of Manufacturers
Hanover, said the swaps not only reduce Mexico's debt burden
but help to recapitalize local industries that may have been
squeezed out of the local capital markets.
    Fountain said that even a large well-established firm such
as Chrysler had found it difficult to arrange long-term peso
financing on reasonable terms in Mexico.
    Industrial companies have done most of the swaps to date,
and Hegewisch said that many of the applications now pending
are for investments in the electronic and chemical industries,
with Japanese and Korean firms showing particular interest.
    But the interest is spreading. Segal said Manufacturers
Hanover has been authorized to convert part of its own
portfolio of loans into equity investment in Mexican hotels.
    She said the sums involved are considerable, but gave no
details. The bank is also looking into joint ventures with
manufacturing and trading companies, Segal added.
    And, as part of the agreement with the banks that will be
signed next week, Mexican residents will be allowed to
participate in the scheme, hitherto reserved for foreign firms,
in the hope that some of the 30 billion dlrs estimated to be
held abroad will be repatriated.
 Reuter
3;
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5132
topicstart
lumber
topicend
bodystart
2;

 U.S. SAYS CANADA COMPLYING WITH LUMBER PACT


    WASHINGTON, March 13 - 
The Commerce Department said all
Canadian firms have begun to pay an agreed 15 pct surcharge on
softwood shipped to U.S. markets.
    It made the statement after talks with Canadian officials
about rumors in Canada that some exporters were not paying the
charge.
    Canada and the U.S. agreed last December to the 15 pct
charge, ending a lengthy trade dispute over alleged Canadian
subsidies to Canada's softwood exporters.
    Commerce officials declined to say if any Canadian
companies had been evading the charge, but said following the
talks they were convinced all exporters were complying with the
agreement.
    Undersecretary of Commerce Bruce Smart said "We are
gratified to learn that companies in Canada have begun paying
the export charge on lumber."
    He added the agreement was important to the health of the
U.S. lumber industry and he intended to see that it was fully
carried out.
 reuter
3;
bodyend
documentend
documentstart
5133
topicstart
topicend
bodystart
2;
******
Ecuador President ratifies unilateral suspension of debt payments to private foreign banks

Blah blah blah.
3;


bodyend
documentend
documentstart
5134
topicstart
coffee
topicend
bodystart
2;

NO HEAVY COFFEE EXPORT IMPLIED-COLOMBIA OFFICIAL


    BOGOTA, March 13 - 
A decision by Colombia to open coffee
export registrations for an unlimited amount does not imply the
country will heavily sell coffee until recently withheld,
Gilberto Arango, president of the private exporters'
association, told Reuters.
    Colombia today opened export registrations for april and
may, with the National Coffee Growers' Federation setting no
limit.
    Since the start of the coffee year last october, private
exporters were on average allowed 350,000 bags of 60 kilos per
month.
    "Traders will initially interpret this measure as announcing
heavy sales. Even today it pressured the market. But it will
quickly become apparent that Colombia does not intend to go
over the top," Arango said in an interview.
    "Colombia's marketing policy is to sell without haste but
consistently. No targets for volume will be set. We will react
to market factors adequately. Colombia has no intention to give
its coffee away," he added.
    Arango described measures adopted here yesterday, including
a lower export registration price, as a major change in
Colombia's coffee marketing policy.
    The export registration price, or reintegro, was lowered to
1.10 dlr per lb ex-dock new york, or 155.83 dlrs per bag of 70
kilos, from 1.35 dlrs (194.33 dlrs).
    The government announced a more flexible policy of
reintegro, in order to closely reflect market trends, which
arango warmly welcomed saying private exporters will
undoubtedly be more actively present in the market.
    A frequent gap between international market prices and the
reintegro was unlikely to recur, he said.
 Reuter
3;
bodyend
documentend
documentstart
5137
topicstart
topicend
bodystart
2;

ECUADOR SUSPENDS PAYMENTS TO PRIVATE BANKS


    QUITO, March 13 - 
Ecuadorean President Leon Febres Cordero
said his country was unilaterally suspending payments to
private foreign banks due to last week's earthquake which
caused up to one billion dollars in damage.
    Febres Cordero, quoted in an Information Ministry
communique, said: "We have to ratify this suspension ... on debt
service to the private international banks.
    "I am not ashamed to say it, there definitely isn't a way to
pay," he said.
    Ecuador had already suspended payments to private foreign
banks, holding two-thirds of Ecuador's 8.16 billion dollar
foreign debt, from last January due to a cash-flow squeeze
stemming from a slide in world oil prices last year.
    But finance officials had earlier said the length of the
suspension would depend on negotiations with private foreign
banks.
    The information ministry communique said febres cordero
made these statments to reporters at lago agrio, at the heart
of ecuador's region of jungle oilfields, before returning to
quito.
    Febres cordero said up to a total of 1,000 people died or
were missing in avalanches and mudslides during the march 5
earthquake.
    The tremor damaged an oil pipeline, thus barring all crude
exports for a projected five months. Oil accounts for up to
two-thrids of ecuador's total exoprts and for as much as 60 per
cent of the government's revenues.
    He did not specify for how long the suspension of payments
would last.
    Ecuador owes private foreign banks 450 to 500 mln dlrs in
interest payments for the rest of the year and 66 mln dlrs
in principal payments maturing in 1987, finance officials said.
    Finance minister domingo cordovez said two days ago the
government seeks to postpone all the payments due to private
foreign banks in 1987 until next year through negotiations with
these creditors.
 Reuter
3;
bodyend
documentend
documentstart
5138
topicstart
rubber
topicend
bodystart
2;
******
GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman

Blah blah blah.
3;


bodyend
documentend
documentstart
5139
topicstart
rubber
topicend
bodystart
2;

MAJOR DIFFERENCES RESOLVED AT RUBBER PACT TALKS


    By Claude Fillet


    GENEVA, March 14 - 
Negotiators at a United Nations
conference on a new International Natural Rubber Agreement
(INRA) have agreed on basic elements in a new pact, conference
chairman Manaspas Xuto said.
    "We have resolved major differences of opinion," he told
Reuters.
    Xuto said the way is now cleared for drafting a new accord,
to replace the current one which expires in October.
    Xuto said: "I welcome the friendly and cooperative
atmosphere that has prevailed without interruption" since the
talks began last Monday.
    "It is my hope that delegations will go back home and try to
ratify the new agreement," he added.
    The renegotiation conference, under the auspices of the
U.N. Conference on Trade and Development (UNCTAD), is the
fourth such meeting in two years.
    Xuto said producers and consumers had agreed on four
points:
    1) Regular price reviews will be held every 15 months.
    Previously consumers were proposing 12-month intervals
between price reviews instead of 18 in the current pact.
    2) If the average of the daily market indicator prices over
six months prior to a review is below (or above) the lower
intervention price (or the upper intervention price), the
reference price will be automatically revised downwards (or
upwards) by five pct unless the International Natural Rubber
Organisation council decides on a higher percentage.
    If buffer stock purchases or sales reach 300,000 tonnes,
the reference price will be lowered or raised by three pct
unless the council decides on a higher percentage.
    3) If the buffer stock reaches 400,000 tonnes, the price at
which the additional contingency stock of 150,000 tonnes is
brought into operation will be two Malaysian/Singapore cents
above the floor price -- or 152 cents.
    4) The floor price will not be breached. Throughout the
talks producers had adamantly resisted a consumer proposal to
lower the floor price of 150 cents if the buffer stock,
currently 360,000 tonnes, rose to 450,000 tonnes.
    The proposal, initiated by the U.S., Was withdrawn last
night, setting the stage for compromise.
    Legal drafting of provisions will start next week and
formal adoption of the new accord by the 40 countries taking
part in the conference is expected to take place on March 20.
    The current conference was widely seen as the last chance
to clinch a deal. Three previous attempts to negotiate a new
five- year pact had failed, the last round breaking down in
October over consumer demands for tighter controls of the
buffer stock.
    The United States, Japan, West Germany, France, Italy and
Britain are the major consumers.
    UNCTAD's latest estimates project an increase of 8.5 pct in
rubber prices this year and 4.1 pct in 1988.
 REUTER
3;
bodyend
documentend
documentstart
5141
topicstart
acq
topicend
bodystart
2;

S
&
L ACQUISITION RAISES U.S. 1987 TOLL TO 12


    WASHINGTON, March 14 - 
The Federal Home Loan Bank Board
(FHLBB) announced the acquisition of Home Savings and Loan
Association in Seattle, Washington, by InterWest Savings Bank
of Oak Harbour, Washington.
    The FHLBB said Home Savings was the 12th troubled savings
institution requiring federal action this year.
    It said Home Savings had assets of 150.6 mln dlrs in assets
and InterWest had assets of 342.9 mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
5142
topicstart
veg-oil
soy-oil
topicend
bodystart
2;

BANGLADESH TO BUY 10,000 TONNES SOYABEAN OIL


    DHAKA, March 14 - 
Bangladesh floated an international
tender for the purchase of 10,000 tonnes of refined soyabean
oil for delivery at Chittagong/Chalna port by April 24, Food
Ministry officials said.
    The tender closes March 28 at 0500 GMT.
 REUTER
3;
bodyend
documentend
documentstart
5143
topicstart
topicend
bodystart
2;

ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN


    QUITO, March 14 - 
President Leon Febres Cordero said
Ecuador would honour its debt when it had the capacity to make
payments, but said foreign banks had calculated oil would have
to be 25 dlrs a barrel for Ecuador to meet its commitments.
    Ecuador yesterday said last week's earthquake was forcing
it to reaffirm an earlier decision -- based on the slide in
world oil prices -- to suspend debt payments to private foreign
banks, which hold two-thirds of its 8.16 billion dlr foreign
debt.
    "All legitimate debt is a commitment of honour," the
president said during a visit to the quake zone. "A government
as a sovereign entity has dignity and prestige to maintain."
    He said he had previously held that Ecuador was obliged to
make debt payments when crude oil was at 26 dlrs a barrel
because the government had projected plans with crude prices at
that level.
    Private foreign banks and the World Bank had calculated oil
would have to be at least 25 dlrs a barrel for Quito to be able
to meet its commitments, Febres Cordero said.
    He added that Ecuadorean crude was now selling for 15 to 17
dlrs a barrel after having been sold for many months at 12 dlrs
a barrel and as low as seven dlrs before that.
 REUTER
3;
bodyend
documentend
documentstart
5145
topicstart
cpi
gas
topicend
bodystart
2;

ECUADOR ADOPTS AUSTERITY PROGRAM


    QUITO, March 14 - 
Ecuador announced an austerity program
and a price freeze on key consumer goods as a result of last
week's earthquake which killed at least 300 people.
    Presidency Minister Patricio Quevedo said in a televised
address that the budget would be cut by five to 10 pct,
government hiring would be frozen and salaries of top
officials, including the president and cabinet, would be
reduced.
    He also said a price freeze would be imposed on 20 basic
consumer items, mainly food staples, while the price of petrol
would rise by between 69 and 80 pct and bus fares would rise by
20 pct. Petrol supplies would also be limited.
    Information Ministry officials said the price freeze was
aimed at protecting poor Ecuadoreans from a wave of
specualtion. Violators would be severely punished, according to
the price freeze order, signed by five cabinet ministers.
    The items for which prices were frozen included rice,
sugar, cooking oil, potatoes, salt, wheat flour, cigarettes,
soft drinks, school supplies and several kinds of vegetables.
    Ecuador's consumer price inflation was 23 pct in 1986.
    The price of 92-octane petrol rises to 110 sucres a U.S.
Gallon from 65 sucres. Eighty-octane petrol increases to 90
sucres from 50.
 REUTER
3;
bodyend
documentend
documentstart
5146
topicstart
trade
topicend
bodystart
2;

SWEDISH TRADE SURPLUS RISES IN FEBRUARY


    STOCKHOLM, March 14 - 
Sweden's trade surplus rose to 3.6
billion crowns in February from 1.5 billion in January and 3.48
billion in February 1986, the Central Bureau of Statistics
said.
    The trade surplus for the first two months of the year rose
to 5.1 billion crowns from 4.9 billion in the corresponding
period of 1986.
    The report said February imports stood at 20.1 billion
crowns while exports were 23.7 billion.
 REUTER
3;
bodyend
documentend
documentstart
5148
topicstart
iron-steel
topicend
bodystart
2;

YUGOSLAV 1990 STEEL OUTPUT TO HIT 6.3 MLN TONNES


    BELGRADE, March 14 - 
Yugoslavian steel output will rise by
one mln tonnes to 6.3 mln tonnes a year between 1986 and 1990
under a development program adopted by the Yugoslav Iron and
Steel Metallurgy Association, the official Tanjug news agency
said.
    The association groups together the main Yugoslav iron and
steel enterprises.
    Extraction of iron ore should show an annual growth rate of
nine pct and reach seven mln tonnes by 1990 under the program.
Iron output is planned to grow at eight pct a year, reaching
4.5 mln tonnes at the end of the decade.
    Tanjug said the programme would create conditions for
raising exports of finished steel products.
    The main Yugoslav steel producers plan to market 5.35 mln
tonnes of steel goods this year, or 150,000 tonnes more than
last year, with 1.5 mln tonnes going to export.
 REUTER
3;
bodyend
documentend
documentstart
5149
topicstart
alum
topicend
bodystart
2;

PECHINEY 
<
PUKG.PA> SIGNS SOVIET PACKAGING ACCORDS


    PARIS, March 14 - 
French state-owned aluminium and special
metals group Pechiney said it has signed two protocols of
intent to set up joint ventures with the Soviet Union.
    Pechiney said in a statement one accord was to set up joint
ventures manufacturing aluminium packaging for food and
cosmetics, while another was to produce machinery to
manufacture packaging.
    Under the latter, Pechiney, which does not manufacture
packaging equipment, will form and lead a consortium of yet
unspecified European partners, a spokesman said.
    He said it was early to put figures on possible deals, or
outline what form joint ventures would take.
    The statement said joint working groups for each accord had
a three-month deadline to come up with contract proposals.
    No firm contracts have yet been finalised under new laws
enabling joint ventures, First Deputy Prime Minister and
Chairman of the State Agro-Industrial Committee (GOSAGROPROM)
Vsevolod Murakhovsky told journalists here on Wednesday.
 REUTER
3;
bodyend
documentend
documentstart
5150
topicstart
pet-chem
crude
topicend
bodystart
2;

YUGOSLAVIAN OIL FIRM STARTS WORKING WITH FRENCH


    BELGRADE, March 14 - 
Yugoslavia's top oil and natural gas
producer 
<
Ina-Naftaplin> has started to implement a cooperation
contract signed last year with the French petrochemical concern

<
Petro Chemie>, the official Tanjug news agency said.
    Under the deal Petro Chemie supplies oil to Ina refineries
in Sisak and Rijeka and ships parts to 12 Yugoslav firms in the
petrochemical, chemical, textile and plastics industries. The
Yugoslav firms, in turn, will export oil products to France.
    Tanjug said this year's exchange will value 530 mln dlrs.
    Ina signed a similar deal with West Germany's Hoechst AG

<
HFAG.F> two years ago.
    Ina also has joint ventures and co-production projects,
involving Yugoslavia's other main producer 
<
Naftagas> of Novi
Sad, with partners in Angola, Algeria and Tunisia, exploring
for and exploiting oil and natural gas.
    An estimated 300,000 tonnes of oil will thus be obtained
from fields in Angola over the next 15 years, Tanjug said.
    Ina accounts for some 75 pct of Yugoslavia's total oil
production, which amounts to 4.2 mln tonnes a year.
    Ina earned more than 154 mln dlrs from exports of goods and
services to 39 countries last year and ranks among Yugoslavia's
leading export enterprises.
    In a separate statement issued through Tanjug, Ina said it
has successfully completed the first drill at the depth of over
3,000 meters in the Bay of Baes, in Tunisia. Ina is jointly
prospecting with the U.S. Firm Conoco for oil and gas there.
    Work on a second drill, below 4,000 meters, would start
soon in the Bay of Gabes, the statement said. Ina would invest
about 8.5 mln dlrs in prospecting in the Gabes area.
    Conoco, which has completed geological prospecting for the
Tunisian government, has transferred one third of its option
rights in the region to Ina, it said.
 REUTER
3;
bodyend
documentend
documentstart
5152
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDONESIA DENIES GIVING PALM OIL IMPORT LICENCES


    JAKARTA, March 14 - 
Indonesia, the world's second largest
producer of palm oil, has not issued licences to import the
commodity, a spokesman for the Ministry of Trade said.
    Traders in London said Indonesia has issued licences to
local operators to import around 135,000 tonnes of palm oil
starting in April, but the spokesman said this was incorrect.
    A spokesman for the Indonesian Importers Association also
denied knowledge of the import plan. He said importers would
quickly know if licences were issued. The Trade Ministry
official said there was no sign of a palm oil shortage in
Indonesia.
 REUTER
3;
bodyend
documentend
documentstart
5153
topicstart
iron-steel
zinc
lead
topicend
bodystart
2;

INDIA TO GET U.K. COAL, STEEL INDUSTRY GRANTS


    NEW DELHI, March 14 - 
India will get 104.65 mln stg as
grants from Britain to develop its coal, zinc and lead
industries, the British Information Services said in a
statement.
    It said a 31 mln stg grant would be disbursed over three to
four years under an agreement signed here yesterday between the
Indian Finance Ministry and the British Overseas Development
Administration.
    The British grants for developing the Indian coal industry
using British mechanised longwall technology totalled 52 mln
stg in the past 10 years, it said.
    Under a separate agreement, the British government agreed
to provide 73.65 mln stg as a grant to develop a zinc and lead
mine at Rampura-Agucha and an associated smelting complex at
Chaneriya, both in India's northern state of Rajasthan, the
statement said.
    The grant will finance the basic engineering for the
smelter complex to be undertaken by Britain's 
<
Davy McKee> of
Stockton. It will also help develop the mine complex, it added.
 REUTER
3;
bodyend
documentend
documentstart
5154
topicstart
ship
topicend
bodystart
2;

IRAN HAS ANTI-SHIP MISSILES NEAR GULF - PAPER


    NEW YORK, March 15 - 
Iran has deployed about six large
missiles near the Strait of Hormuz which increase the threat to
shipping in the Gulf, the New York Times said.
    The paper quoted U.S. Intelligence sources as saying the
missiles appeared to be of a Chinese design known as HY-2 which
is based on the Soviet SSN2 or Styx missile.
    Styx missiles have a range of up to 50 miles.
    It said the missiles had been deployed at two sites and
quoted a naval analyst as saying they could be used to sink a
supertanker and block the Strait of Hormuz.
    Missiles now used by Iran had only a fraction of the
explosive power of the Styx and could sink a supertanker only
with a lucky hit, the paper said. None of the new missiles had
been fired yet, it added.
    The CBS television network reported on Friday that Iran had
installed new missiles along the Gulf and said Washington had
warned Tehran not to use them against civilian shipping.
 REUTER
3;
bodyend
documentend
documentstart
5156
topicstart
crude
ship
topicend
bodystart
2;

BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE


    CAMPINAS, Brazil, March 15 - 
Brazilian bank workers voted
to launch a nationwide strike this month, compounding labour
unrest arising from the failure of the government's
anti-inflation plan.
    At a rally in this city, about 100 km northwest of Sao
Paulo, about 5,000 bank workers voted to strike on March 24
unless their demand for 100 pct pay rises is met.
    Wilson Gomes de Moura, president of the national
confederation which groups the bank employees' 152 unions
representing 700,000 workers, told Reuters the indefinite
stoppage would affect all banks.
    The vote came as a stoppage by seamen entered its third
week and as 55,000 oil workers threatened action against the
state-owned petroleum company Petrobras.
    The government ordered thousands of troops into the
refineries on Tuesday to forestall any occupation, but the
troops were removed yesterday.
    Petrobras said it had requested their withdrawal because
the refineries were calm and oil workers had indicated their
willingess to negotiate next Wednesday. The government has also
sent marines into the main ports.
    A spokesman at strike headquarters for the seamen in Rio de
Janeiro said unions were studying an offer by private
shipowners for a 120 pct pay rise.
    Seamen employed by two small companies have already
accepted a 120 pct pay rise and returned to work, as have about
5,000 seamen employed by Petrobras.
    Last week also saw widespread protests by hundreds of
thousands of farmers over what they see as unfairly high
interest rates charged by banks.
    According to official estimates, prices rose by more than
33 pct in the first two months of this year.
 REUTER
3;
bodyend
documentend
documentstart
5160
topicstart
trade
topicend
bodystart
2;

BALDRIGE WARNS OF WORLD TRADE WAR DANGER


    WASHINGTON, March 15 - 
U.S. Commerce Secretary Malcolm
Baldrige predicted Congress will pass a reasonable trade bill
this year and said tough protectionist legislation could prompt
a trade war.
    "The mood of the Congress right now is as tough on trade as
I've ever seen it in six years in Washington," Baldrige said in
a television interview.
    "I think we'll still be able to get a reasonable trade bill
out in spite of that because the whole Congress is trying to
work together with the administration, but there is a hardening
trade attitude," he said.
    President Reagan opposes protectionist legislation, but
agreed to support a trade bill when it became apparent that
opposition Democrats would pass such legislation.
    However, Baldrige warned measures that would penalise
trading partners such as Japan, South Korea and Taiwan for
failing to cut their trade surpluses with the U.S. Could lead
to retaliation and he said he would urge Reagan to veto any
such bill.
    When asked if there is a rising danger of a worldwide trade
war, Baldrige said: "Yes, I don't think there's any question
about that."
 REUTER
3;
bodyend
documentend
documentstart
5162
topicstart
acq
topicend
bodystart
2;

DELORS QUOTED FAVOURING FRANCO-GERMAN BID FOR CGCT


    PARIS, March 15 - 
European Commission President Jacques
Delors, quoted by Le Monde newspaper, said he favoured a
Franco-German candidate to take over 
<
Cie Generale de
Constructions Telephoniques>, which has a 16 pct stake in the
French public telephone switching market.
    "I wish for a European solution ... That will enable Germany
and France to move closer together, which is currently
necessary," he was quoted as saying.
    "Given the situtation of the EC (European Community) and of
the importance for our future connunications audiences and of
cooperation already undertaken on the Community level, that
seems the best choice," Delors added.
    Five groups, including an alliance between West Germany's
Siemens AG 
<
SIEG.F> and France's Schneider S.A. 
<
SCHN.PA>
subsidiary Jeumont-Schneider, have applied to buy what is
France's second largest telephone switching firm.
    Under French privatisation law, foreign companies are
restricted to a 20 pct stake in privatised companies.
 REUTER
3;
bodyend
documentend
documentstart
5165
topicstart
topicend
bodystart
2;

IMF ASSURES KENYA OF MAXIMUM HELP


    NAIROBI, March 15 - 
The International Monetary Fund (IMF)
has assured Kenyan President Daniel Arap Moi it will continue
to give his country maximum support, the official Kenya News
Agency KNA said.
    It said IMF Managing director Michel Camdessus made the
pledge during talks with Moi in Washington yesterday.
    Earlier this month, Moi told parliament Kenya would face a
difficult balance of payments situation this year as a result
of falling income from coffee exports and a higher oil import
bill.
    Foreign bankers in Nairobi have said a new loan agreement
with the IMF would be Kenya's first option for dealing with the
expected deficit.
    According to KNA, Moi thanked Camdessus for the IMF's help
to Kenya during difficult times in the past.
    "Mr Camdessus assured president Moi that the IMF would
continue to give Kenya maximum help," it added.
    Moi pressed the U.S. To increase its level of aid to Kenya,
which fell to 53 mln dlrs this year from 111 mln in 1984, and
called for more U.S. Investment in the country.
 REUTER
3;
bodyend
documentend
documentstart
5166
topicstart
crude
topicend
bodystart
2;
******
SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25

Blah blah blah.
3;


bodyend
documentend
documentstart
5167
topicstart
crude
topicend
bodystart
2;

SAUDI OIL MINISTER SEES NO NEED TO ALTER OPEC PACT


    By Philip Shehadi, Reuters


    RIYADH, March 15 - 
Saudi Arabian Oil Minister Hisham Nazer
said OPEC's December agreement to stabilise oil prices at 18
dlrs a barrel was being implemented satisfactorily and there
was no immediate need to change it.
    Nazer, in an interview with Reuters and the television news
agency Visnews, said Saudi Arabia was producing around three
mln barrels per day (bpd) of crude oil, well below its OPEC
quota.
    Saudi Arabia, the world's largest oil exporter, will
continue to restrain production as long as other OPEC members
adhere to the pact, Nazer said.
    The 13-nation OPEC agreed in December to cut its production
ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices
averaging 18 dlrs a barrel from February 1.
    Nazer, in his first interview since succeeding Ahmed Zaki
Yamani last October, said: "I do not foresee any need for new
measures before the 25th of June when our (next OPEC) meeting
will take place as scheduled."
    Nazer said OPEC was producing below 15.8 mln bpd and all
members were abiding by its agreements.
    "We've heard news every now and then of violations but they
were not at all verified," he said.
    OPEC production curbs have boosted world oil prices from a
13-year low of around eight dlrs a barrel last August to near
18 dlrs after announcement of the December pact.
    Spot market prices slipped some two dlrs in February but
have firmed in the past two weeks to near OPEC levels as
traders gained confidence in OPEC price and output discipline.
    Nazer said Saudi Arabia would continue to produce below its
4.133 mln bpd quota if necessary to defend the 18 dlr price.
    "As long as all the OPEC members adhere to the program as
devised in December, Saudi Arabia will continue to adhere to
the agreement," he said.
    Current production of three mln bpd includes oil from the
Neutral Zone shared with Kuwait, but not sales from floating
storage, Nazer said.
    King Fahd of Saudi Arabia, in an interview with Reuters and
Visnews on March 11, said the kingdom wanted oil price
stability and called on non-OPEC producers to avoid harmful
competition with OPEC.
    "Saudi Arabia doesn't decide prices by itself but certainly
desires price stability," he said.
    Nazer said the output level did not mean the kingdom had
returned to a role of "swing producer" within OPEC.
    Saudi Arabia allowed its output to sink as low as two mln
bpd in August 1985 to compensate for slack demand and
over-production by some OPEC states.
    "Saudi Arabia is not playing that role. It is being played
by OPEC membership as a whole because the reduction in the 15.8
mln bpd share of OPEC in the market is being shared by other
members of OPEC," Nazer said.
    Nazer said OPEC estimated demand for its oil during third
quarter this year would be around 16.6 mln bpd.
    But he said if circumstances changed "I am sure then the
OPEC members will consult with each other and take the
necessary measures."
    Oil analysts say the OPEC pact could come under strain when
demand for petroleum products generally falls in the northern
hemisphere spring and summer.
    Nazer said he was satisfied with the extent of cooperation
from non-OPEC producers. Norway, Egypt and the Soviet Union
agreed to help OPEC by restraining production or exports after
he visited them on OPEC's behalf earlier this year.
    "We did not ask any country to do anything. These were
programmes they thought were necessary to stabilise market
conditions and to help themselves attain better pricing
conditions," Nazer said.
    He said it was up to countries that declined to cooperate
-- such as Britain -- to come up with their own proposals if
they saw fit.
 REUTER
3;
bodyend
documentend
documentstart
5168
topicstart
cocoa
topicend
bodystart
2;

IVORY COAST CONFIRMS PRESENCE AT COCOA TALKS


    By Roger May, Reuters


    ABIDJAN, March 15 - 
A senior Ivory Coast Agriculture
Ministry official confirmed his country's backing for a new
international cocoa pact and said Ivorian delegates would be
present at talks on its buffer stock starting this week.
    The official told Reuters that Ivorian Agriculture Minister
Denis Bra Kanon would attend the opening of the talks, convened
by the International Cocoa Organization (ICCO), in London on
Monday.
    While Bra Kanon is due to return home this week for funeral
ceremonies for a sister of Ivorian President Felix
Houphouet-Boigny, scheduled to be held in the country's capital
Yamoussoukro between March 19-22, senior Ivorian delegates will
be present throughout the London talks, the official said.
    Bra Kanon is chairman of the ICCO Council and rumours that
he or Ivorian delegates might be delayed because of public
mourning in the West African nation helped depress already low
world cocoa prices Friday.
    The official said Ivory Coast continued to support the new
pact, which was agreed in principle last year by most of the
world's cocoa exporters and consumers.
    He also said Bra Kanon would fulfil his duties as ICCO
Council chairman during the talks, scheduled to end on March
27.
    The meeting aims to set rules for the operation of the
pact's buffer stock which producers hope will boost a market
hit by successive world cocoa surpluses.
    Ivory Coast did not participate in the last international
cocoa pact and its decision to join the new accord has sparked
hopes that it will be more successful in supporting prices.
 REUTER
3;
bodyend
documentend
documentstart
5169
topicstart
trade
veg-oil
topicend
bodystart
2;

TENSE TRADE TIES TO DOMINATE EC TALKS


    BRUSSELS, March 15 - 
Tense trade relations with the U.S.
And Japan and concern about the foreign impact of a proposed
European Community (EC) tax on edible oils and fats are
expected to dominate talks by EC foreign ministers here
tomorrow.
    EC diplomats said Britain demanded the early debate on the
EC Executive Commission's proposal to impose a hefty tax on
domestic and imported oils and fats in an attempt to head off a
proposal it sees as extremely damaging to EC foreign relations.
    The proposal was the most controversial part of a reform
package, due to be discussed by EC farm ministers later this
month, of the EC's Common Agricultural Policy -- widely seen as
the root cause of the EC's persistent financial problems and of
tensions with major trading partners.
    The proposal is described by its promoters as a
stabilisation program which would penalise a new sector going
into massive overproduction and complement proposals to cut
cereals and dairy production, rather than a straight forward
tax.
    They say it would not only curb the growth of oils and fats
production and prevent imports from filling any vaccum left by
a fall in EC output, but would also save the EC some two
billion European Currency Units, over two billion dlrs, in farm
costs.
    It has provoked strong protests from domestic producers as
well as foreign exporters, led by the United States.
    The diplomats said the protests had been received from most
corners of the developing and developed world, ranging from
Senegal, Malaysia and Indonesia, to Brazil, Argentina, Canada,
Iceland and Norway.
    The proposal had little chance of approval by EC
governments, with West Germany as strongly opposed to it as
Britain, and Denmark, the Netherlands and Portugal also
unconvinced of its political or economic wisdom.
    Even Mediterranean countries such as Italy, France and
Greece, which backed similar proposals in the past, did not
seem as enthusiastic now because olive oil had been added to
the list of products affected.
    But the diplomats said a protectionist lobby in the U.S.
And elsewhere was using the proposal as an excuse to promote
anti-EC action, and the foreign ministers' debate should
demonstrate the strength of feeling against the proposal within
the EC and deprive its oponents of this argument.
    The ministers were also due to discuss proposals in the
U.S. Congress for a range of protecionist legislation such as a
bill that would curb EC textile exports.
    The diplomats said the ministers were expected to strongly
back a Commission warning to Washington that such a bill, if
enacted, would provoke swift EC retaliation.
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bodyend
documentend
documentstart
5171
topicstart
crude
topicend
bodystart
2;

SAUDI BUSINESSMEN TO DISCUSS PRIVATE SECTOR


    By Stephen Jukes, Reuters


    ABHA, Saudi Arabia, March 15 - 
Saudi Arabian business
leaders assembled for a conference aimed at thrashing out
problems facing the private sector of the kingdom's
oil-dependent economy.
    The meeting of some 500 top businessmen from across Saudi
Arabia comes at a time of guarded optimism in industry and
commerce following the OPEC pact to boost world oil prices.
    The four-day conference in this resort town, high in the
mountains above the Tihamah plain stretching to the Red Sea,
has been organised by Saudi Arabia's chambers of commerce.
    Finance Minister Mohammed Ali Abal-Khail and Commerce
Minister Suleiman Abdulaziz al-Salim will attend the first day.
    Bankers and businessmen said the conference will air
problems facing commerce and industry after last year's slide
in oil prices and examine ways to promote higher investment in
a private sector sorely short of finance.
    Government planners have long recognised that Saudi Arabia,
the world's largest crude exporter, needs to foster private
enterprise to diversify its oil-based economy.
    The fledgling private sector was hard hit by the Middle
East recession as early as 1983 and several big manufacturing
and trading companies ran into problems repaying loans.
    Renewed optimism this year stems largely from the accord
reached by OPEC last December to curb oil output and boost
prices to a benchmark level of 18 dlrs per barrel.
    With oil prices recovering, Saudi Arabia went ahead at the
turn of the year with long-delayed budget plans incorporating a
52.7 billion riyal deficit to be bridged by drawing down
foreign reserves.
    The simple act of publishing a budget restored a measure of
confidence to the business community.
    Some share prices have risen by more than 35 pct since last
November, while banks are generally reporting a slowdown in the
number of new non-performing loans.
    But not all bankers are convinced. One senior corporate
finance manager in Riyadh said: "Banks are still reluctant to
lend ... There is certainly more optimism in the air, but I am
not sure if it is firmly based."
    Some businessmen and bankers point out that government
spending is still under tight control and the non-oil economy
may still be contracting.
    Capital expenditure on large projects has been cut sharply.
A U.S. Embassy report on Saudi Arabia published just before the
budget said: "While industrialisation has continued to be one of
the government's highest priorities, the recession, the
payments problem and the lack of financing have reduced Saudi
and foreign investor interest in industry."
    It is the lack of fresh investment that is expected to be a
major issue among the businessmen gathered here.
    Official figures show the number of new licences for
industrial ventures fell 24 pct in the six months to March
1986, compared with the same period in 1985.
    Lending by the Saudi Industrial Development Fund, a major
source of industry backing, has fallen steadily since 1983.
    Trading companies have also been hit, some caught with huge
inventories of construction equipment as recession bit.
    Some firms laid off workers and cut bloated inventories.
Others have effectively been liquidated. A few have reached
agreement with bankers to extend debt repayments.
    The latest rescheduling is for the shipping-to-hotels
conglomerate REDEC. Its negotiators have just initialled a
draft accord to restructure payments on 1.3 billion riyals of
bank debt.
    Bankers and businessmen said the conference was also likely
to discuss the apparent reluctance of U.S. And British firms to
step up investment in the kingdom.
    A British government delegation has just left Riyadh after
holding preliminary talks on ways of offsetting the huge Saudi
outlay on a defence contract to supply 132 fighter aircraft
worth five billion stg.
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bodyend
documentend
documentstart
5172
topicstart
earn
topicend
bodystart
2;

CITROEN EXPECTS HIGHER PROFITS, HELPED BY AX


    NICE, France, March 15 - 
Automobiles Citroen expects rising
sales of its new AX compact car to help boost profits
significantly this year, continuing a financial recovery after
six straight years of losses, president Jacques Calvet said.
    Speaking to reporters during weekend trials for the new AX
sports model, he said: "All the budgetary forecasts that we have
been able to make ... Show a relatively significant improvement
in 1987, compared with 1986," he added.
    Citroen, part of the private Peugeot SA 
<
PEUP.PA> group,
increased its share of the French new car market to 13.7 pct in
first two months 1987 from 12.1 pct a year earlier. It is
aiming for an average 12.8 pct share throughout the year after
11.7 pct in 1986.
    The firm believes it is on target to raise its share of the
European market, excluding France, to 3.2 pct this year from
2.9 pct in 1986.
    "Our first problem is to produce enough vehicles to meet the
demand," Calvet said. "This is a relatively new problem for us."
    Citroen lost close to two billion francs in 1984 but cut
the deficit to 400 mln in 1985, helped by moves to modernise
its range and improve productivity.
    Calvet indicated last December he expected Citroen's 1986
profit to be between 250 and 500 million francs.
    This weekend he said that those profit estimates "remain
about the same -- perhaps even a little more optimistic."
    Some of this optimism is due to the early success of the
AX, launched on the French market last October. It will be
available throughout most of western Europe within four months.
    The car has registered just over 20,000 sales.
    It is being built at Citroen's large plant at Aulnay-sous-
Bois in northern Paris, as well as at Rennes in Brittany and
Vigo in Spain, with production just reaching target level of
1,000 cars a day.
    The car, which Citroen markets as an intermediate model
between its long-running 2CV and the Visa, is designed to
compete with the Renault 5, Volkswagen Polo and Opel Corsa.
    The AX had built up its market share in France to around
four pct last month. Calvet said: "Our hope is that once the AX
is fully developed, we will have between 6.5 and seven per cent
of the national market."
 REUTER
3;
bodyend
documentend
documentstart
5174
topicstart
topicend
bodystart
2;

NEW ZEALAND CANCELS WEEKLY T-BILL TENDER


    WELLINGTON, March 16 - 
The Reserve Bank said it has
cancelled the regular weekly treasury bill tender scheduled for
March 17.
    It said in a statement that forecasts show a net cash
withdrawal from the system. Cash flows, which include
half-yearly provisional and terminal tax payments, are expected
to more than offset cash injections.
    Cash balances should fluctuate around 30 mln N.Z. Dlrs over
the week after open market operations, it added.
 REUTER
3;
bodyend
documentend
documentstart
5175
topicstart
sugar
topicend
bodystart
2;

NO TAIWAN SUGAR EXPORTS EXPECTED THIS YEAR


    TAIPEI, March 16 - 
Taiwan is not expected to export sugar
this year because of falling production and growing domestic
consumption, state-owned Taiwan Sugar Corp said.
    A company spokesman told Reuters this will be the first
time in more than 40 years Taiwan has not exported sugar. Last
year, sugar exports totalled 149,755 tonnes.
    He said the actual production during the 1986/87 season
(November/May) is about 480,000 tonnes, barely enough to meet
local consumption. This compares with actual 1985/86 output of
570,000. He said the production fall was due to typhoon damage
to more than 6,000 hectares of canefields last year.
 REUTER
3;
bodyend
documentend
documentstart
5176
topicstart
money-fx
topicend
bodystart
2;

LEADING INDUSTRIAL NATIONS TO MEET IN APRIL


    By Peter Torday


    WASHINGTON, March 16 - 
Leading industrial nations will meet
again next month to review their accord on currency stability,
but U.S. Officials said financial markets are convinced for now
the countries will live up to commitments to speed up economic
growth.
    The narrow currency movements of recent weeks strongly
suggests the six leading industrial countries have tamed the
normally unruly financial markets and next month's talks seem
likely to build on that stability.
    A Reagan administration official said the Paris agreement
last month was the main reason markets were calm.
    But he said in an interview that financial markets also
understood, "That all six countries concluded that the measures
to be taken over a period of time in the future should foster
stability of exchange rates around current levels. That is in
fact what has happened since Paris."
    Monetary analysts said stability has been helped in part by
the decision of industrial nations to bury the hatchet and
cease to quarrel over short-term policy objectives.
    Instead they have focused on medium-term policy goals, but
left room to adjust their agreements with periodic meetings.
    The official refused to comment, however, on whether the
agreement included a secret pact to consider further
coordinated interest rate cuts -- a measure industrial nations
have taken jointly several times in the past year.
    On February 22, the United States, Japan, West Germany,
France, Britain and Canada agreed that major currencies were
within ranges broadly reflecting underlying economic
conditions, given commitments by Washington to cut its budget
deficit and by Toyko and Bonn to boost economic growth.
    The shake-up would strengthen the U.S. Position in
future international talks.
    "I think these changes will strengthen the President's hand
politically and the stronger he is politically the better off
we are with the Congress and the better off we are in
international fora," said the official, an Administration
economic policymaker. "So it would be beneficial to the
continued conduct of our initiatives."
    But the official also said the Administration would resist
calls for a tax increase to cut the budget deficit -- a target
Europeans say is crucial to help curb economic instability.
    Last week, dealers said the Federal Reserve intervened to
stop the dollar rising against the mark, which had breached
1.86 to the dollar. British authorities are also understood to
have intervened to curb sterling's strength.
    International monetary sources say finance ministers and
central bankers, who will review market performance and their
own economic prospects, will reassemble again in Washington
just before the April 9 policymaking meeting of the
International Monetary Fund.
    The sources said Italy, which refused to join the Paris
pact, was invited back by Treasury Secretary James Baker.
    Since Paris, there are signs West German growth is slowing,
while U.S. Officials said they were giving Japan until April to
show that an economic stimulus package was in the offing.
    Signs of concern about German prospects emerged recently
when Bundesbank (central bank) president Karl Otto Poehl told
bankers he would consider cutting West German interest rates if
the Fed was ready to follow suit.
    A Reagan Administration official said this would show there
had been some change in approach on the part of the central
bank in Germany.
    But he declined to comment on the prospects for action by
the Fed and the Bundesbank.
    "If there is such a provision it is private and if I talked
about it, it would no longer be private," said the official, who
asked not to be identified.
    Public comments by Fed officials suggest the central bank
is keeping credit conditions broadly unchanged, but if the
major economies continue to show sluggish growth and the U.S.
Trade deficit remains stubbornly high, further coordinated
action could be on the April agenda.
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bodyend
documentend
documentstart
5177
topicstart
acq
topicend
bodystart
2;

HARPER AND ROW 
<
HPR> TO MULL OPTIONS AFTER BIDS


    NEW YORK, March 15 - 
Harper and Row Publishers Inc said its
board of directors decided to take no action on two takeover
bids that the company has received. Instead, it appointed a
committee of independent directors to study strategic
alternatives for the 170-year-old firm.
    The alternatives include continuation of the company's
existing business plans, possible business combinations, sales
of stock, restructuring and the sale of all or part of the
company.
    Kidder Peabody and Co Inc has been retained to advise on
the alternatives, Harper and Row added.
    Private investor Theodore Cross last week offered 34 dlrs a
share for Harper and Row, prompting a rival bid of 50 dlrs a
share from another publishing firm, Harcourt Brace Jovanovich
Inc 
<
HBJ>.
    After considering the two offers at a meeting on Friday,
the Harper and Row board decided not to act on them.
    The directors unanimously expressed their strong desire to
preserve the company's independence and take advantage of its
"considerable future prospects," according to director Winthrop
Knowlton, former chief executive and now chairman of the newly
established independent committee.
    "However, given the significant current interest in the
company, we also feel that we should carefully review all the
options available. The committee will consider all the
pertinent facts and alternatives.... We intend to make a
careful and informed decision but will proceed expeditiously to
a conclusion," Knowlton said.
    Pending its deliberations, Harper and Row's board has
postponed indefinitely a special meeting of stockholders that
had been scheduled for April 2 to discuss a proposal to
recapitalize the company's stock to create two classes of
shares with different voting rights.
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bodyend
documentend
documentstart
5178
topicstart
ipi
topicend
bodystart
2;

SOVIET FIGURES SHOW ECONOMY STILL SHORT OF TARGETS


    MOSCOW, March 16 - 
The Soviet economy recovered slightly
last month after a poor performance in January, but major
industries, including oil and machinery, are still short of
production targets, official figures show.
    Central Statistical Board data published in the weekly
Ekonomicheskaya Gazeta yesterday showed that industrial output
was only up 0.8 pct in the first two months of 1987 over the
same period of last year.
    However, the figure for January alone showed a fall in
output of 0.1 pct from a year earlier. Production is targetted
to increase 4.4 pct for all of 1987.
    The figures showed that only 77 pct of enterprises met
their supply obligations in January and February.
    Production of oil, the country's main export to Western
nations, hit 100 mln tonnes in January and February, up from
97.3 mln a year earlier, and exceeded its target by 0.5 pct.
    Economists said this reflected the huge investments poured
into the oil sector in recent months in an effort to reverse
the stagnation in production which began in November 1983.
    Falling world oil prices last year helped cause a decline
in Soviet trade with the West to 130 billion roubles from 141.6
billion in 1985.
    Ekonomicheskaya Gazeta said labour productivity targets
were also not fulfilled, but did not give figures.
    Economists said the overall data reflected exceptionally
bad weather at the start of the year and stricter quality
controls imposed on enterprises.
    Production in the machine-building sector, a priority in
Moscow's plans for economic renewal, recovered slightly in
February but was still 3.6 pct lower in the first two months of
the year compared with the same period of 1986.
    The figures showed that five republics produced less than
in the first two months of 1986.
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bodyend
documentend
documentstart
5179
topicstart
topicend
bodystart
2;

PARIBAS PLAN TO ADJUST ECUADOR LOAN TERMS OPPOSED


    NEW YORK, March 15 - 
Banque Paribas, which arranged a 220
mln dlr loan for Ecuador last year to pre-finance oil exports,
wants to adjust the terms of the facility to help the country
recover from a devastating earthquake, bankers said.
    But the French bank's plan, which would effectively
postpone repayment of about 30 mln dlrs of the loan for several
months, is running into stiff resistance from many of the 52
members of the loan syndicate.
    The pipeline that carries all Ecuador's oil exports was
ruptured in the March 5 tremor and will take about five months
to repair at a cost of some 150 mln dlrs.
    President Leon Febres Cordero on Friday estimated total
damage caused by the quake at one billion dlrs and said that as
a result Ecuador would maintain January's suspension of
interest payments on its foreign commercial bank debt.
    Payments were halted in January because of the drop in the
price of oil, which accounts for nearly two-thirds of Ecuador's
export earnings and 60 pct of government revenue.
    Many banks in the Paribas facility, although sympathetic to
Ecuador's plight, feel that emergency financial relief is a job
for international financial organisations and not for
commercial banks, bankers said.
    The 18-month oil-financing facility, which was signed last
October 28, is one of the few purely voluntary credits for a
Latin American nation since the region's debt crisis erupted in
August 1982.
    Because it was a voluntary deal, many bankers feel strongly
that the orginal terms must be adhered to. Otherwise, they
fear, the gradual re-establishment of normal market conditions
for Latin borrowers will be set back.
    "There's a lot of reluctance by the other banks. They feel
it's a different facility, and so any kind of suggestion of a
restructuring would look bad," one banker said.
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bodyend
documentend
documentstart
5181
topicstart
money-fx
reserves
topicend
bodystart
2;

PERU BEGINS FOREIGN EXCHANGE RATIONING


    LIMA, March 15 - 
Peru will put into effect Monday a foreign
exchange rationing system for imports designed to stop a slide
in the country's international reserves, a government decree in
the Official Gazette said.
    Under the system, importers will be required to present a
bill from the foreign seller of goods and apply for a license
for foreign exchange. The central bank will have 10 days to
decide whether to issue the required foreign exchange.
    Net international reserves now total about 800 mln dlrs
compared to 1.54 billion dlrs a year ago.
    The system will be effective until the end of 1988.
    A ceiling for foreign exchange availability will be set by
a council with members from the central bank, the economy
ministry and the planning and foreign trade institutes. The
central bank will issue licenses to procure foreign exchange in
accordance with guidelines set by the council.
    Peru's reserves fell sharply due to a drop in the trade
surplus to about five mln dlrs in 1986 from 1.1 billion in
1985, according to preliminary central bank estimates.
   Total exports dropped to 2.50 billion dlrs last year against
2.97 billion in 1985.
   Imports last year rose sharply as gross domestic product
grew by about 8.5 pct, the highest economic growth level
registered in 12 years. Imports were about 2.49 billion dlrs in
1986 against 1.87 billion in 1985, according to preliminary
estimates.
    The cushion of reserves allowed Peru to take a hard-line
debt stance last year and suspend most payments due on its 14.3
billion dlr foreign debt.
 REUTER
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bodyend
documentend
documentstart
5183
topicstart
money-fx
topicend
bodystart
2;

TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE


    TAIPEI, March 16 - 
The United States wants Taiwan's
currency to appreciate faster to reduce Taiwan's trade surplus
with the U.S., A senior trade official said.
    Board of Foreign Trade director Vincent Siew told reporters
on Saturday U.S. Officials told him in Washington last week
that unless Taiwan allowed its dollar to rise faster it would
face retaliation.
    Siew returned from Washington on Friday after the U.S
responded to Taiwan's request to increase its textile export
quotas by promising further talks in May. Taiwan's surplus with
the U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.
    Washington signed a three-year accord with Taipei last year
limiting textile export growth to 0.5 pct a year.
    Siew said the Taiwan dollar had risen by about 15 pct
against the U.S. Dollar since September 1985.
    It surged last week amid indications Washington was seeking
a major rise in its value. It rose four cents against the U.S.
Dollar on Saturday to close at 34.59.
    Western trade sources told Reuters Taiwan and the U.S. Have
been holding talks on the currency issue but added it is not
clear how far Washington wants to see the Taiwan dollar rise.
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bodyend
documentend
documentstart
5185
topicstart
grain
corn
topicend
bodystart
2;

TANZANIA WANTS TO EXPORT 200,000 TONNES OF MAIZE


    DAR ES SALAAM, March 16 - 
Tanzania seeks to export a
surplus of 200,000 tonnes of maize from last year's bumper
harvest, agriculture minister Paul Bomani said yesterday.
    The 1986 maize crop was officially estimated at 2.1 mln
tonnes, but only a fraction of this was marketed, with most
grain consumed by the farmers who grew it.
    The state-owned National Milling Corp (NMC) meanwhile said
it is trying to sell 190,742 tonnes of maize stored in
different parts of the country.
    NMC acting general manager John Rubibira said Tanzania has
only 56,000 tonnes of silo storage capacity, concentrated in
Dar es Salaam, Arusha in the north and Iringa in central
Tanzania.
    In addition, the country has 450,000 tonnes of flat storage
capacity, he added.
    Rubibira said the government is planning to build new silos
in the main maize producing areas of Iringa, Mbeya, Ruvuma and
Rukwa.
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documentend
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5187
topicstart
topicend
bodystart
2;

TAIWAN CABINET APPROVES INCREASE IN BOND ISSUES


    TAIPEI, March 16 - 
The cabinet has approved a finance
ministry plan to raise the amount of outstanding government
bonds as a percentage of the total budget in financial year
1987/88 starting July 1, to meet growing demand for funds for
major construction projects, a cabinet official said.
    The increase would allow outstanding bonds to total 40 pct
of the 1987/88 budget, up from 25 pct in the current year.
    He said the increase would allow the government to issue
bonds worth up to about 105 billion Taiwan dlrs in the next
financial year, up from 49.6 billion in the current year. The
proposal will go to parliament for final approval.
    A finance ministry official told Reuters the increase in
bond issues was necessary to finance 14 major projects,
including highways, power plants, an underground railway and a
receiving terminal for liquefied natural gas.
    Spending on major projects is expected to total more than
120 billion Taiwan dlrs in 1987/88, compared to 89 billion in
the current year, he said.
 REUTER
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bodyend
documentend
documentstart
5188
topicstart
earn
topicend
bodystart
2;

<
THE NATIONAL BANK OF NEW ZEALAND LTD>


    WELLINGTON, March 16 - 
Year to December 31, 1986
    Net profit 78 mln N.Z. Dlrs vs 45 mln
    Pre-tax profit 147 mln vs 88 mln
    Total assets 7.7 billion vs 6.4 billion
    Notes - The company is 100 pct owned by Lloyds Bank Plc

<
LLOY.L>. Results include for the time first a pre-tax profit,
of 11 mln N.Z. Dlrs, from Australian unit 
<
Lloyds Bank NZA
Ltd>.
 REUTER
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bodyend
documentend
documentstart
5189
topicstart
bop
trade
topicend
bodystart
2;

AUSTRALIAN CURRENT ACCOUNT DEFICIT SEEN NARROWING


    SYDNEY, March 16 - 
Australia's current account deficit for
February is expected to narrow to a range of between 700 mln
and one billion dlrs, from the unrevised January level of 1.29
billion, market economists polled by Reuters said.
    Statistics Bureau February figures are out tomorrow.
    The economists said a key element in the narrowing would be
a reversal of the drop in exports which took place in January,
after a sharp rise in December when the deficit was only 598
mln dlrs.
    As an example they quoted wheat export volume, which rose
about 30 pct in February after dropping as much in January.
    A lack of aircraft imports in February should also
contribute on the trade account although it is still likely to
remain in deficit, the economists said.
    Other positive influences on the current account balance
should be a decline in the invisibles deficit following a
seasonal fall in interest payments and the dropping out of
certain official aid payments, they said.
    They said the Australian dollar, which last week touched an
eight-month high of 0.6900 U.S. Dlrs but is now around the
0.6800 level, should not react adversely to the figures unless
the current account shortfall tops one billion dlrs.
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bodyend
documentend
documentstart
5190
topicstart
money-fx
topicend
bodystart
2;

ZAMBIA, IMF TALKS HIT PROBLEMS OVER FOOD SUBSIDIES


    LUSAKA, March 16 - 
Zambia's talks with the World Bank and
International Monetary Fund (IMF) on a financial rescue package
have run into difficulties on the issue of food subsidies, an
official newspaper said.
    The Times of Zambia, which is run by the ruling United
National Independence Party (UNIP), quoted official sources as
saying the IMF and World Bank had refused to continue financing
food subsidies and were pressing the government to explain how
it proposes to pay for them.
    President Kenneth Kaunda tried to abolish maize subsidies
last December, in line with IMF recommendations, but the move
caused maize meal prices to double overnight and led to riots
in which 15 people were killed.
    The subsidies were immediately restored as part of moves to
quell the disturbances, but they are estimated to cost the
government about 500 mln kwacha per year.
    The Times of Zambia said another major issue in the
government's current talks with the IMF and World Bank was the
remodelling of Zambia's foreign exchange auction.
    The central bank's weekly auction of foreign exchange to
the private sector has been suspended since the end of January,
pending modifications to slow down the rate of devaluation and
dampen fluctuations in the exchange rate.
    The kwacha slid to around 15 per dollar under the auction
system, losing 85 pct of its value in 16 months. However, since
the end of January it has been revalued to a fixed rate of nine
per dollar.
    Banking sources said Zambia was persuaded by the World Bank
and IMF to lift its proposed ceiling of 12.50 kwacha per dollar
on the currency's devaluation once the auctions restart.
    According to the Times of Zambia, the IMF team, led by
assistant director for Africa Paul Acquah, is due to conclude
its talks with the government on schedule on March 23.
    The IMF mission arrived in Lusaka on February 26 and its
talks with the government have taken longer than expected.
 REUTER
3;
bodyend
documentend
documentstart
5191
topicstart
ship
topicend
bodystart
2;

JAPAN LINE SELLING TANKERS AND BULKERS


    TOKYO, March 16 - 
Major tanker operator, Japan Line Ltd

<
JLIT.T>, is selling 20 VLCCs and several bulk carriers for
scrap or further trading, industry sources said.
    The tanker disposals include Japan Orchid (231,722 dwt),
Japan Lupinus (233,641 dwt), Sovereign (233,313 dwt), Rosebay
(274,531 dwt), Saffron (268,038 dwt) and Cattleya (267,807
dwt), all of which have been reported on the London sale and
purchase market, they said, but refused to give further
details.
    Japan Line officials declined to comment.
 REUTER
3;
bodyend
documentend
documentstart
5192
topicstart
cocoa
topicend
bodystart
2;

(CORRECTED)-IVORY COAST CONFIRMS PRESENCE AT TALKS


    By Roger May, Reuters


    ABIDJAN, March 15 - 
A senior Ivory Coast Agriculture
Ministry official confirmed his country's backing for a new
international cocoa pact and said Ivorian delegates would be
present at talks on its buffer stock starting this week.
    The official told Reuters that Ivorian Agriculture Minister
Denis Bra Kanon would attend the opening of the talks, convened
by the International Cocoa Organization (ICCO), in London on
Monday.
    While Bra Kanon is due to return home this week for funeral
ceremonies for a sister of Ivorian President Felix
Houphouet-Boigny, scheduled to be held in the country's capital
Yamoussoukro between March 19-22, senior Ivorian delegates will
be present throughout the London talks, the official said.
    Bra Kanon is chairman of the ICCO Council and rumours that
he or Ivorian delegates might be delayed because of public
mourning in the West African nation helped depress already low
world cocoa prices Friday.
    The official said Ivory Coast continued to support the new
pact, which was agreed in principle last year by most of the
world's cocoa exporters and consumers.
    He also said Bra Kanon would fulfil his duties as ICCO
Council chairman during the talks, scheduled to end on March
27.
    The meeting aims to set rules for the operation of the
pact's buffer stock which producers hope will boost a market
hit by successive world cocoa surpluses.
    Ivory Coast did not participate in the last international
cocoa pact and its decision to join the new accord has sparked
hopes that it will be more successful in supporting prices.
 REUTER
3;
bodyend
documentend
documentstart
5193
topicstart
reserves
money-fx
topicend
bodystart
2;

TREASURY, FOREIGN RESERVES ARE JORDAN'S PRIORITIES


    AMMAN, March 16 - 
Jordan's key economic priorities are
having a sound national treasury and adequate foreign exchange
reserves, Prime Minister Zeid al-Rifa'i said.
    "First, the national treasury should be in sound shape when
dealing with the public and other countries so that its
credibility is preserved," he said in a television interview
Saturday.
    "The second priority is to maintain an acceptable level of
foreign exchange reserves to provide (the) stability and
confidence needed by the government to meet foreign
commitments."
    Rifa'i said Jordan's outstanding government-guaranteed and
commercial loans total 902 mln dinars with a debt service ratio
of 14.9 pct.
    The figure was sharply lower than the 1.02 billion dinars
in outstanding loans at the end of September, according to
latest Central Bank figures.
    Rifa'i dismissed the view of some bankers and economists
here that the dinar, which is pegged to a basket of currencies,
is overvalued.
    "The dinar is strong and stable and we intend to preserve
its stability," he said.
    The prime minister said he hoped the next Arab summit would
tackle the question of continuing financial aid to Jordan.
Under a 10-year agreement reached in 1978, Jordan was to
receive a total of 1.25 billion dlrs annually from Algeria,
Iraq, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab
Emirates to help it resist Israel.
    But only Saudi Arabia met its obligations, while the others
failed because of falling income due to lower oil prices.
 REUTER
3;
bodyend
documentend
documentstart
5194
topicstart
cpi
topicend
bodystart
2;

LANGE PREDICTS N.Z. INFLATION TO FALL TO 8-10 PCT


    WELLINGTON, March 16 - 
New Zealand's inflation rate could
fall to eight pct in the coming year, Prime Minister David
Lange said.
    He said forecasts to be released soon by research groups
would predict a rate of around eight or nine pct in the 12
months to the end of March 1988, against 18.2 pct in calendar
1986.
    "I predict it will be something between eight and 10 per
cent," he told a news conference.
    Lange would not name the forecasting groups.
 REUTER
3;
bodyend
documentend
documentstart
5195
topicstart
rubber
topicend
bodystart
2;

MALAYSIA WELCOMES ACCORD ON NEW RUBBER PACT


    KUALA LUMPUR, March 16 - 
Malaysian Primary Industries
Minister Lim Keng Yaik welcomed the basic accord reached over
the weekend in Geneva between producers and consumers on a new
International Natural Rubber Agreement (INRA).
    "This is a good development and if a new pact is adopted
this week it will augur well for the rubber industry and prices
in the long term," he told Reuters here.
    Negotiators at a United Nations conference on a new INRA
resolved differences and agreed last Saturday on basic elements
for a new pact to replace the current one, which expires in
October.
    Conference Chairman Manaspas Xuto said legal drafting of
the new pact will begin this week and it is expected to be
formally adopted by some 40 countries on March 20.
    Malaysia, the world's top producer, acted as spokesman for
producers at the talks, which began on March 9.
    Malaysian traders said they expected prices to firm by a
few cents on the news that a pact is expected to be adopted.
    Prices will also firm in the short term because some
370,000 tonnes of rubber held in INRA buffer stock will not be
liquidated with a new pact in sight, they said.
 REUTER
3;
bodyend
documentend
documentstart
5196
topicstart
ipi
inventories
topicend
bodystart
2;

JAPAN JANUARY INDUSTRIAL PRODUCTION REVISED UP


    TOKYO, March 16 - 
Japan's January seasonally adjusted
industrial production index (base 1980) was revised upwards to
122.3 from a preliminary 122.0, the Ministry of International
Trade and Industry said.
    The revised adjusted January index was down 0.5 pct from
December when it rose 3.6 pct from a month earlier.
    The revised unadjusted January index rose 0.5 pct from a
year earlier, after a one pct year-on-year December rise.
    The adjusted producers' shipment index (base 1980) for
January was revised upward to 117.7 from a preliminary 117.4.
    The index was down 0.7 pct from December when it rose three
pct from a month earlier. The revised unadjusted index was up
1.0 pct from a year earlier after a 1.4 pct year-on-year
December rise.
    The adjusted index of producers' inventories of finished
goods (base 1980) for January was unchanged from a preliminary
105.9. The index was down 0.3 pct from December when it rose
1.1 pct. Unadjusted, the revised index was down 2.3 pct from a
year earlier after a 2.1 pct year-on-year drop in December.
 REUTER
3;
bodyend
documentend
documentstart
5201
topicstart
money-fx
topicend
bodystart
2;

GERMAN BANKING AUTHORITIES WEIGH SWAP REGULATIONS


    By Alice Ratcliffe, Reuters


    FRANKFURT, March 16 - 
German banking authorities are
weighing rules for banks' off-balance sheet activities in an
attempt to cope with the growing volume of sophisticated
capital market instruments, banking sources said.
    Interest rate and currency swaps and currency options are
under closest scrutiny, and if revisions are made they may
resemble regulation jointly proposed by the U.S. And U.K. To
Japan. Juergen Becker, director of the Bundesbank's division of
banking law and credit supervision, said the U.S.-British
proposals were interesting, but declined to elaborate.
    But banking sources said West Germany was more likely to
produce its own conclusions than to adopt foreign proposals.
    "There is no formal plan yet, but talks are in the latter
stages," one representative of the German Banking Association in
Cologne said. Bankers expect rule changes this year.
    All alterations must be approved by the Bundesbank, West
Germany's four major banking associations and the Federal
Banking Supervisory Office.
    Talks have been slowed by the fact that fundamental changes
would require a revision of Germany's credit law, which has
been in effect since 1934.
    Authorities favour reinterpreting the credit law to fit
present circumstances in order to avoid the long parliamentary
political process of changing it, banking sources said.
    Since the beginning of 1984 the banking law has limited
banks' lending to 18 times shareholders' equity plus reserves,
on a consolidated basis.
    But lending ratios do not extend to several newer
instruments such as spot and forward currency contracts,
currency and interest swaps, commercial paper programs,
currency options, interest rate futures in foreign currencies
and various innovative types of interest rate hedges.
    The sources said the main value of the U.S.-U.K. Proposals
lay in differentiating between different types of risk factor,
and, for instance, in placing greater weight on currency swaps
than interest swaps. But even if German banking authorities
agree with some of the assessments of swaps, they disagree on
how to find balance sheet equivalents for the risk.
    U.S.-British proposals include a complicated series of
formulae for assessing the stream of payments involved in
swaps, whose ultimate risk is borne by the financial
intermediary, especially when counterparties remain anonymous.
This is the so-called market-to-market value.
    But German authorities are likely to consider this much too
complex and to base their evaluation instead on a schedule of
lending ratings assigned according to the creditworthiness of
the borrowers involved, the sources said.
    The weightings, also likely if lending ratios are extended
to include banks' securities portfolios, are zero for public
authorities, 20 pct for domestic banks, 50 pct for foreign
banks and 100 pct for other foreign and non-bank borrowers.
    A further complication is that the more flexible
definitions of equity allowed in the U.S. And the U.K. May put
German banks at a competitive disadvantage, the sources said.
    Stricter definitions here also mean the use of a version of
the U.S.-U.K. Proposals could far exceed the intent of the U.S.
And British authorities, the sources said.
    One specialist for Dresdner Bank AG said a long-dated
foreign exchange forward transaction could, for instance, be
brought under the same rule as a cross-currency swap, despite
the fact that the risk may be entirely different.
    How new regulations will affect foreign banks here was
uncertain. Many have converted to full subsidiary status and
applied for a full banking licence over the last two years in
order to lead-manage mark eurobonds.
    But as their equity capital is fairly small, tight lending
ratios will severely hamper foreign banks' freedom of movement,
particularly in the growing business of currency swaps, if they
are required to include more transactions in the balance sheet,
the sources added.
 REUTER
3;
bodyend
documentend
documentstart
5202
topicstart
topicend
bodystart
2;

NEW ZEALAND GOVERNMENT BORROWS 100 MLN STERLING


   WELLINGTON, March 16 - 
The New Zealand government borrowed
100 mln stg on the Eurosterling market to refinance a loan of
the same amount maturing in June, Finance Minister Roger
Douglas said in a statement.
    The coupon rate is 9.62 pct and the loan life is eight
years.
    Douglas said the coupon rate is the lowest obtained by the
government on a sterling loan since 1971.
 REUTER
3;
bodyend
documentend
documentstart
5203
topicstart
acq
topicend
bodystart
2;

BHP TO MERGE BHP MINERALS AND UTAH INTERNATIONAL


    MELBOURNE, March 16 - 
The Broken Hill Pty Co Ltd 
<
BRKN.S>
said it will merge its BHP Minerals division and 
<
Utah
International Inc> into a single business unit under a common
management structure.
    The merger will be effective June 1, coinciding with the
retirement of Utah International chairman and chief executive
Bud Wilson, BHP said in a statement.
    The new BHP-Utah Minerals International Group will be
headed by Jim Curry as executive general manager and chief
executive officer. Curry is currently executive vice-president
of Utah International, BHP said.
    
<
BHP Petroleum (Americas) Inc>, formerly part of Utah
International, will become a subsidiary of BHP's renamed 
<
BHP
Petroleum International>, now 
<
BHP Petroleum Pty Ltd>, the
company said.
    BHP will also bring its Queensland coal operations under
one management structure and consolidate minerals marketing and
sales offices in various markets throughout the world.
    BHP acquired Utah from General Electric Co 
<
GE> in 1984.
    Utah's assets include stakes of 40.25 to 52.25 pct in seven
large Central Queensland coking mines, 49 pct of the Samarco
iron ore operation in Brazil, 60 pct of La Escondida copper
deposit in Chile, the Island Copper mine at Port Hardy in
Canada, 70 pct of a coal mine and 30 pct of a gold mine in
South Africa and coal and other mines in the U.S.
    BHP Minerals' assets include wholly and partly-owned iron
ore mines, coal mines, manganese and base-metal operations or
prospects and 30 pct of the Ok Tedi gold-copper project in
Papua New Guinea.
 REUTER
3;
bodyend
documentend
documentstart
5204
topicstart
money-fx
yen
topicend
bodystart
2;
******
Bank of Japan satisfied with yen around current range, senior bank official says

Blah blah blah.
3;


bodyend
documentend
documentstart
5205
topicstart
retail
topicend
bodystart
2;

GERMAN RETAIL TURNOVER RISES ONE PCT IN JANUARY


    WIESBADEN, March 16 - 
West German retail turnover rose a
real one pct in January compared with the same month a year
earlier, according to provisional data from the Federal
Statistics Office.
    There were 26 shopping days in January this year, the same
as in January 1986, a Statistics Office statement said.
    A Statistics Office official added retail turnover had
risen by 7.6 pct in December compared with the year-ago month,
a slight upward revision from the 7.5 pct increase
provisionally posted.
 REUTER
3;
bodyend
documentend
documentstart
5206
topicstart
money-fx
yen
gnp
topicend
bodystart
2;

BANK OF JAPAN SATISFIED WITH YEN AT CURRENT RANGE


    TOKYO, March 16 - 
The Bank of Japan is satisfied with the
yen around its current range, a senior central bank official
told reporters.
    He said the pledge by major industrial nations in Paris
last month to cooperate to hold exchange rates around current
ranges applied in both directions, a dollar fall or a dollar
rise.
    Unilateral intervention itself cannot ensure currency
stability, but it can be useful when coordinated with other
policies and with other central banks, he said.
    The Bank of Japan is rather confident currency stability
will continue for some time, the senior bank official said, but
declined to be more specific.
    Finance Minister Kiichi Miyazawa told parliament on Friday
the current dollar/yen exchange rate is not necessarily
satisfactory for the Japanese economy.
    Asked what factors might destabilize the markets, the
official cited a lessening of market fear about intervention, a
completely unexpected change in the economy of Japan, the U.S.
Or West Germany, or resumption of comments by government
officials seeking to talk the dollar up or down.
    The senior bank official said he expects Japan's gross
national product (GNP) to grow three pct or slightly more in
the fiscal year beginning in April. That would be little
changed from the performance expected this year.
    Domestic demand may grow nearly four pct in 1987/88, but
the external sector will have a negative impact on GNP of
nearly one percentage point, he said.
    He said there was virtually no room for further monetary
policy action to boost the economy. The economy's performance
in the future very much depends on fiscal policy, he added.
    The central bank's monetary policy has already done its
part in stimulating the economy, the senior bank official said.
The Bank of Japan has cut its discount rate five times over the
last year and a half.
    Although the central bank does not see any imminent risk of
inflation, there could be some problems in the future, he said.
"We are sitting on a barrel of powder, but fortunately it may
still be wet," he added.
    Liquidity among private households and especially the
corporate sector has increased substantially, he said.
    The liquidity is the reason for the recent boom of stock
exchange prices, the bank official said. This inflow of funds
into the stock exchange, occurring also in other countries, may
continue, he said.
    The senior official said the Bank of Japan is hoping
Federal Reserve chairman Paul Volcker will be re-appointed when
his current term expires later this year.
    "He's a great man," the official said, adding that more and
more people expect his reappointment.
    Turning to exchange rates, the official said the
substantial drop in the dollar is beginning to have an effect
on reducing the imbalance in world trade, even though the
impact has taken longer than expected to show through. Even the
U.S. Trade position has begun to feel the impact, although so
far it has not been very strong, he said.
 REUTER
3;
bodyend
documentend
documentstart
5207
topicstart
money-supply
topicend
bodystart
2;

BANGLADESH MONEY SUPPLY RISES IN DECEMBER


    DHAKA, March 16 - 
Bangladesh's broad-based M2 money supply
rose 6.95 pct to 132.79 billion taka in December after rising
0.51 pct to 124.16 billion in November and 3.07 pct to 114.22
billion in December 1985, the Central Bank said.
    On a year on year basis, M2 rose 16.25 pct in the 12 months
to December, 12.04 pct to November and 16 pct to December 1985.
    Narrowly-based M1 rose 9.55 pct to 50 billion taka against
a fall of 0.45 pct to 45.64 billion in November and a 3.03 pct
rise to 45.51 billion to December 1985, it added.
    Year on year, M1 rose 9.86 pct in December.
 REUTER
3;
bodyend
documentend
documentstart
5209
topicstart
gold
topicend
bodystart
2;

JAPAN'S DOWA MINING TO PRODUCE GOLD FROM APRIL


    TOKYO, March 16 - 
<
Dowa Mining Co Ltd> said it will start
commercial production of gold, copper, lead and zinc from its
Nurukawa Mine in northern Japan in April.
    A company spokesman said the mine's monthly output is
expected to consist of 1,300 tonnes of gold ore and 3,700 of
black ore, which consists of copper, lead and zinc ores.
    A company survey shows the gold ore contains up to 13.3
grams of gold per tonne, he said.
    Proven gold ore reserves amount to 50,000 tonnes while
estimated reserves of gold and black ores total one mln tonnes,
he added.
 REUTER
3;
bodyend
documentend
documentstart
5210
topicstart
earn
topicend
bodystart
2;

JAPAN BUSINESS DECLINE SEEN BOTTOMING OUT


    TOKYO, March 16 - 
The extended decline in Japan's overall
business performance was likely to bottom out in the current
January-March quarter, the Finance Ministry said.
    Improved corporate earnings and better prospects for the
stability of the yen had made companies more optimistic, it
said after carrying out a quarterly survey.
    The survey, conducted in February, was based on
questionnaires returned by 8,328 large and small firms in all
sectors except the finance and insurance industries.
    The survey said overall corporate earnings were expected to
turn positive with an estimated 0.4 pct year on year increase
in the second half of fiscal 1986 ending on March 31 after a
5.4 pct decrease in the first half.
    Corporate earnings will grow further in the first half of
fiscal 1987, rising an estimated 10.7 pct, it added.
    Manufacturers' earnings, hit hard by the yen's steady rise
against the dollar, will rise 7.7 pct in first-half fiscal 1987
after falling 10.7 pct in the second half of fiscal 1986, it
said.
    Overall earnings of non-manufacturing companies will rise
11.8 pct year on year in the first half of fiscal 1987 after
growing 9.8 pct in the second half of fiscal 1986, the survey
said.
    It said this figure was bolstered by profits of firms such
as electric power and gas companies which have benefitted from
the yen's appreciation.
 REUTER
3;
bodyend
documentend
documentstart
5211
topicstart
topicend
bodystart
2;

EKSPORTFINANS LAUNCHES EUROBOND


    LONDON, March 16 - 
Eksportfinans A/S of Norway is issuing
15 billion yen in eurobonds due April 23, 1992 priced at 103
with a five pct coupon, Mitsubishi Finance International Ltd
said as lead manager.
    Fees are 1-1/4 pct for selling and 5/8 pct for management
and underwriting. Payment date is April 23. Listing will be in
London and the bonds will be sold in denominations of one mln
yen.
 REUTER
3;
bodyend
documentend
documentstart
5212
topicstart
acq
topicend
bodystart
2;

CARLTON BUYS STAKE IN CENTRAL INDEPENDENT TV


    LONDON, March 16 - 
Carlton Communications Plc 
<
CCML.L> said
in a statement it had purchased a 20 pct stake or some 5.1 mln
shares in Central Independent Television from Ladbroke Group
Plc 
<
LADB.L> at 578p per share.
    The consideration of 29.5 mln stg will be met with 18.2 mln
stg in cash and the issue of one million ordinary Carlton
shares, it said.
    Central showed pretax profits up by 57 pct to 18.8 mln stg
for the year ended 30 September 1986.
 REUTER
3;
bodyend
documentend
documentstart
5213
topicstart
topicend
bodystart
2;

COUPON SET, AMOUNT INCREASED ON METAL BOX EUROBOND


    LONDON, March 16 - 
The amount of a convertible eurobond
launched on Friday for Metal Box Plc 
<
MBXL.L> has been
increased to 65 mln stg from the original 60 mln and the coupon
has been fixed at 5-3/4 pct, Swiss Bank Corp International Ltd
said as lead manager.
    The conversion price has been fixed at 262p, which
represents a premium of 9.62 pct over Friday's closing share
price of 239p.
    The indicated coupon on Friday was 5-3/4 to six pct.
 REUTER
3;
bodyend
documentend
documentstart
5214
topicstart
sugar
topicend
bodystart
2;

EUROPEAN BEET PLANTINGS SEEN LITTLE CHANGED


    By Douglas Learmond, Reuters


    LONDON, March 16 - 
European sugar beet plantings are
expected to show little change from last year, despite recent
firmness in world prices, analysts and industry sources said.
    A Reuter survey of planting intentions showed that while,
so far, European Community (EC) growers plan unchanged to lower
areas, increases are expected in some Eastern European nations.
    Trade analysts said their private reports give similar
results and do not differ significantly from the first estimate
of stagnant 1987 European beet plantings made last week by West
German sugar statistician F. O. Licht.
    Areas may be slightly lower but analysts and agricultural
experts said the steady rise in yields resulting from improved
seed varieties and better farming techniques could offset this.
In recent years, good autumn weather has given yields a late
boost, making up for lower areas despite some disappointing
starts to growing seasons.
    Changes in EC areas reflect the extent to which producers
will grow so-called "C" sugar for unsubsidised sale to the world
market. This is what is produced in excess of the basic area
needed to meet the EC "A" and "B" quotas, which receive full and
partial price support, respectively.
    Some analysts said the open row that broke out last week
between producers and the EC commission over its export policy
could have serious implications for future sugar output.
    Beet producers have threatened to effectively dump nearly
one mln tonnes of white sugar into EC intervention stocks as
they feel export subsidies have been too low to compensate for
the gap between high EC internal and low world market prices.
    However, with the EC budget stretched to breaking point,
this could give treasury ministers extra resolve in resisting
higher guaranteed sugar prices and build a case for a future
cut in the basic "A" and "B" quotas, they added.
    In France, the largest producer of EC quota and non quota
sugar, the sugar market intervention board FIRS said first
planting intentions indicate an area about the same as last
year's 421,000 hectares, nine pct below the previous year.
    "The basic trend is towards stability," a FIRS spokesman
said. Unlike world market raw sugar prices in dollars, white
sugar French franc prices are not particularly high and are not
encouraging higher planting levels, he said. Beet sugar output
last year was 3.37 mln tonnes, with an average yield of 8.00
tonnes per ha, the highest in the EC apart from the Netherlands
but below 8.52 the previous year and a five year average 8.11.
    In West Germany, recent price rises have not altered plans,
since planting decisions were taken a few months ago, industry
sources said. The farm ministry said a December survey is still
valid and plantings should be cut slightly after being trimmed
by just under four pct in 1986 when yields were above average.
    Licht last week estimated West German plantings at a
reduced 385,000 hectares against 399,000 last year.
    British Sugar Plc, the monopoly beet processor, has signed
up U.K. Farmers to grow 8.1 mln tonnes of beet. This should
yield about 1.25 mln tonnes of whites. Last year's crop
equalled the second highest ever at 1.32 mln tonnes.
    British Sugar has "A" and "B" quotas totalling 1.144 mln tonnes
of whites and its "C" output is due to improved yields from more
consistent disease-resistant seed types.
    Recent price rises have not altered Polish plans, Wincenty
Nowicki, a deputy director of Cukropol, the Amalgamated Sugar
Industry Enterprises, said. World prices are still below Polish
production costs and there is no way to convince farmers to
increase the area above the already signed contracted level.
    The national plan, set before prices began to rise, put
plantings this year at 460,000 hectares, against 425,000 in
1986, Nowicki said. Last year production was 1.74 mln tonnes.
    World prices have less impact in Italy than in France or
Germany as it is traditionally not an exporter but is geared to
the domestic market, an official at the national beet growers'
association said. Italian sowings are not yet complete but
surveys suggest a drop from last year's 270,000 ha, especially
in the north where some farmers have switched to soya.
    Beet output last season of 15.5 mln tonnes yielded a higher
than expected 1.72 mln tonnes of white sugar.
    Dutch plantings are expected to fall to 130,000 ha from a
record 137,600 in 1986 as a new self-imposed quota system comes
into force, a spokesman for Centrale Suiker, the second largest
Dutch sugar processor, said.
    The new system aims for an average of around 915,000 tonnes
of white sugar and to cut output of "C" sugar. Last year, the
Netherlands produced a record 1.2 mln tonnes of white sugar
against a combined "A" and "B" quota of only 872,000 tonnes.
    "The world price of sugar would have to rise much higher
than it has done recently to make planned production of "C" sugar
really worthwhile," the spokesman said.
    Western agricultural experts in Moscow said Soviet planting
intentions are likely to be unchanged. Licht put this year's
Soviet beet area at 3.40 mln ha, against 3.44 mln last year.
    Hungary is expanding its beet area to 105,000 ha from some
95,000 in 1986, the official MTI news agency said, but
diplomats said policy is to balance supply with domestic
demand.
    The Spanish ministry of agriculture said beet sowings are
estimated unchanged at 180,000 ha this year.
    A spokesman for Denmark's largest beet concern, De Danske
Sukkerfabrikker A/S, said its 1987 sugar target was unchanged
from 1986 at 365,000 tonnes from a steady area of 60,000 ha.
    In Sweden, where beet is grown just to meet domestic
demand, the planted area is seen little changed at 51,000 ha
against 51,300 last year, according to a spokesman for sugar
company Svenska Sockerfabriks AB.
    Last year, Irish yields were the lowest for 10 years due to
late sowings and the state-run Irish Sugar Plc said the 1987
plantings target is the equivalent of 36,400 hectares, down
from 37,600 in 1986.
 REUTER
3;
bodyend
documentend
documentstart
5215
topicstart
jobs
topicend
bodystart
2;

SWISS UNEMPLOYMENT FALLS TO 0.9 PCT IN FEBRUARY


    BERNE, March 16 - 
Swiss unemployment edged down to 0.9 pct
of the working population from one pct in January and in
February 1986, the Federal Office of Industry, Trade and Labour
said.
    Seasonally adjusted, however, there was a slight rise in
unemployment.
    The number out of work fell to 28,439, down 1,142 compared
with the previous month. The number of vacant positions
registered with employment offices stood at 11,968 against
10,694 in January.
 REUTER
3;
bodyend
documentend
documentstart
5216
topicstart
reserves
topicend
bodystart
2;

MALAYSIA'S GOLD AND FOREIGN EXCHANGE RESERVES RISE


    KUALA LUMPUR, March 16 - 
Malaysia's gold and foreign
exchange reserves rose to 16.07 billion ringgit in February
from 15.73 billion in January and 12.23 billion in February
1986, Bank Negara Malaysia said.
    The central bank said cumulative assets at end-February
fell to 20.02 billion ringgit from 20.68 billion at end-January
but were up from 17.07 billion at end-February last year.
    Holdings of federal government securities dropped to 876
mln ringgit in February from 1.70 billion a month earlier and
2.30 billion in February 1986.
    Malaysia's special drawing rights rose to 355 mln ringgit
at end-February from 352 mln at end-January and 286 mln at
end-February 1986, the bank said.
    The IMF position was unchanged from January at 507 mln but
was above the 422 mln in February a year ago.
    Currency in circulation in February fell to 7.43 billion
ringgit from 8.32 billion a month earlier but was up from 7.18
billion in February last year.
 REUTER
3;
bodyend
documentend
documentstart
5218
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

MALAYSIAN CRUDE PALM OIL OUTPUT FALLS IN FEBRUARY


    KUALA LUMPUR, March 16 - 
Malaysian crude palm oil (cpo)
production fell to an estimated 270,400 tonnes in February from
an estimated 273,300 tonnes in January and 332,995 in February
1986, the Palm Oil Registration and Licensing Authority (PORLA)
said.
    Cpo stocks fell to an estimated 286,440 tonnes in February
from 287,940 in January and 653,411 in February last year.
    Processed palm oil stocks in February fell to an estimated
193,060 tonnes from 205,060 in January and 225,576 in February
1986.
    The January and February figures are subject to revision.
 REUTER
3;
bodyend
documentend
documentstart
5219
topicstart
earn
topicend
bodystart
2;

PEARSON PLC 
<
PSON.L> YR ENDED DEC 31


    LONDON, March 16 -
    
Shr 37.4p vs 30p.
    Final div 7p, making 12p vs 10p.
    Pre-tax profit 121.1 mln stg vs 109.3 mln.
    Net profit before minorities 76.6 mln stg vs 62.8 mln.
    Turnover 952.6 mln vs 970.1 mln.
    Pre-interest profit 132.1 mln vs 124.6 mln.
    Net interest 11 mln vs 15.3 mln.
    Tax 44.5 mln vs 46.5 mln.
    Minority interests 3.1 mln vs 5.2 mln.
    Extraordinary debit 9.1 mln vs credit 11.5 mln.
    Note - Extraordinary debit reflected full provision for
discontinuing the Financial Times's printing operations at
Bracken House in 1988, partly offset by gains on disposals.
 REUTER
3;
bodyend
documentend
documentstart
5220
topicstart
trade
topicend
bodystart
2;

CHINA REPORTS 700 MLN DLR TWO-MONTH TRADE DEFICIT


    PEKING, March 16 - 
China's trade deficit totalled 700 mln
dlrs in the first two months of this year, according to figures
released by the State Statistics Bureau.
    The New China News Agency quoted the Bureau as saying
foreign trade totalled 9.3 billion dlrs in the period, of which
exports were worth 4.3 billion dlrs.
    The bureau said total trade volume was up 2.5 pct on the
same 1986 period, with exports up 18.1 pct, but it gave no
other comparative figures.
    China's 1986 trade deficit totalled 12 billion dlrs,
official figures show.
 REUTER
3;
bodyend
documentend
documentstart
5222
topicstart
earn
topicend
bodystart
2;

<
POCLAIN> OFFERS PAR RIGHTS ISSUE


    PARIS, March 16 - 
French machinery maker 
<
Poclain>, 40 pct
owned by 
<
Tenneco Inc>, said it will raise its capital to 791
mln francs from 91 mln by a 100 for 13 rights offering to
shareholders priced at par of 10 francs a share.
    The offer, between March 25 and April 13, is the second
stage of a capital restructuring plan announced in December
under which Tenneco will become Poclain's majority shareholder.
    In the first stage Poclain reduced its capital to 91 mln
from 455 mln by reducing the nominal value of its shares to 10
francs from 50.
    Poclain traded Friday on the Paris Bourse at 38.20 francs.
 REUTER
3;
bodyend
documentend
documentstart
5223
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, March 16 - 
The Bank of England said it invited an
early round of bill offers from discount houses after
forecasting a shortage in the system of some 1.05 billion stg.
    Among the main factors affecting liquidity, bills maturing
in official hands and treasury bill take-up will drain some
1.07 billion stg while exchequer transactions will take out
around 335 mln stg and bankers' balances below target five mln
stg.
    Partly offseting these outflows, a fall in note circulation
will add some 355 mln stg to the system today.
 REUTER
3;
bodyend
documentend
documentstart
5226
topicstart
acq
topicend
bodystart
2;

MANILA GOVERNMENT TO TAKE OVER SAN MIGUEL BOARD


    MANILA, March 16 - 
A government commission that controls 51
pct of 
<
San Miguel Corp> (SMC) stock will increase its nominees
on the firm's 15-member board to nine from six.
    "We want to correct business practices," Ramon Diaz, chairman
of the Presidential Commission on Good Government (PCGG), told
Reuters.
    "Right now there are a lot of companies that keep so many
things from their shareholders and one of them is San Miguel,"
he said.
    A San Miguel spokesman declined comment.
    Diaz said New York investment bank Allen and Co Inc told
the PCGG it was interested in tendering for all outstanding SMC
stock, with the subsequent dispersal of 60 pct of the stock to
Filipino investors to comply with investment laws.
    He said Australian businessman and brewer Alan Bond and the
brewing company Elders IXL Ltd 
<
ELXA.S> were interested in
buying 40 pct each of SMC stock.
    He added that the PCGG wanted some foreign input but would
not allow foreign control of the brewing and food conglomerate,
the Philippines' biggest manufacturing concern.
    Diaz said the PCGG did not plan to remove SMC president
Andres Soriano from his family company.
    "He has tremendous prestige to run the company," Diaz said.
"We appreciate his management, but certainly some practices have
to be corrected."
 REUTER
3;
bodyend
documentend
documentstart
5227
topicstart
topicend
bodystart
2;

WORLD BANK VICE-PRESIDENT PRAISES ARGENTINE PLANS


    BUENOS AIRES, March 16 - 
World Bank Vice-President David
Knox said the bank was eager to finance Argentine plans to
stimulate growth and that he was urging private banks to grant
new loans to the country.
    Knox said in an interview with the local daily La Nacion
yesterday that Argentina's current economic policies contained
key elements to stimulate growth and the World Bank was very
interested in financing its growth.
    "We are encouraging creditor banks to grant new loans to
make Argentine growth possible," said Knox, who arrived in
Argentina last Thursday.
 REUTER
3;
bodyend
documentend
documentstart
5228
topicstart
earn
topicend
bodystart
2;

CIE BANCAIRE IN ONE-FOR-FIVE BONUS SHARE ISSUE


    PARIS, March 16 - 
<
Cie Bancaire>, a subsidiary of recently
privatised banking group Cie Financiere de Paribas 
<
PARI.PA>,
said it is issuing 2.35 mln new 100 francs nominal shares on
the basis of one for five already held.
    The operation will begin on March 31, a spokesman said.
    Cie Bancaire also said it has increased its capital to 1.41
billion francs from 1.17 billion by the incorporation of 237.74
mln francs of reserves.
 REUTER
3;
bodyend
documentend
documentstart
5231
topicstart
cpi
topicend
bodystart
2;

ISRAELI INFLATION RATE IS 1.0 PCT IN FEBRUARY


    JERUSALEM, March 16 - 
Israel's inflation rate for February
was one pct, compared to 2.1 pct in January and 1.6 pct in
February 1986, a spokesman for the Central Bureau of Statistics
said.
    Inflation for the 12 months ending in February was 23 pct,
the spokesman said.
    February price rises were mostly in housing, health,
education, entertainment and transport.
    Wage and price controls have been in force since August
1985. Officials said the controls have helped soften the effect
of a recent 10 pct devaluation of the shekel.
 REUTER
3;
bodyend
documentend
documentstart
5232
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 90 MLN STG EARLY HELP


    LONDON, March 16 - 
The Bank of England said it provided the
money market with assistance worth 90 mln stg in response to an
early round of bill offers from discount houses.
    Earlier, the bank estimated the shortage in the system
today at some 1.05 billion stg.
    The bank bought bills for resale to the market in equal
amounts on April 1, 2 and 3 at an interest rate of 10-7/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
5234
topicstart
acq
topicend
bodystart
2;

BOND DEFERS RIGHTS ISSUE, MULLS PROJECT PARTNERS


    HONG KONG, March 16 - 
<
Bond Corp International Ltd>, a
subsidiary of the Australian-based Bond Corp Holdings Ltd

<
BONA.S>, said it would defer its planned rights issue but
still wants the issue to be made before July 31.
    No date has been set for the issue, announced in January.
    In a document to shareholders, Bond Corp said the delay
follows its receipt of a 240 mln H.K. Dlr loan from its parent
company to meet the first payment on the newly acquired Bond
Centre commercial complex in central Hong Kong.
    It also wants outside partners to take up to 50 pct in the
project, the company said.
    The January announcement said the rights issue would
finance Bond Corp's 1.4 billion dlr acquisition of a 23.77 pct
stake in HK-TVB Ltd 
<
TVBH.HK> from film magnate Run Run Shaw.
    The company then reached an agreement with a consortium led
by Sino Land Co Ltd 
<
SINO.HK> to buy a commercial complex that
is still under construction for 1.9 billion dlrs.
    Bond International said in the document that except for the
240 mln dlr loan, the deal would be financed from internal
resources and by selling an interest in the building.
    The payments must be completed by the end of 1987.
    Bond International has also sold several residential
buildings in Hong Kong's mid-levels district for a total of
68.35 mln dlrs, the statement said.
    The flats were among the properties it bought last year
from Hongkong Land Co Ltd 
<
HKLD.HK> for 1.4 billion dlrs.
    Analysts said Bond International is heavily geared as it
has relied on bank borrowings to purchase both the Hongkong
Land properties and the HK-TVB shares.
    Bond International also said in the document that while it
plans to sell an interest in the complex it will hold the
HK-TVB shares as a long-term investment.
 REUTER
3;
bodyend
documentend
documentstart
5235
topicstart
interest
topicend
bodystart
2;

PHILIPPINES SEES 1987 GOVERNMENT REVENUE UP 26 PCT


    MANILA, March 16 - 
Philippine government revenue is
expected to rise 26 pct to 99.9 billion pesos this year from
79.1 billion in 1986, Finance Secretary Jaime Ongpin said.
    In a report to President Corazon Aquino on his department's
performance during the year ended February 28, Ongpin said at
least 15.9 billion pesos were expected to accrue from new tax
reform measures announced last year.
    He said the goal for official development assistance (ODA)
this year is two billion dlrs, adding that aid donors have
committed ODA inflows of 1.7 billion dlrs in 1987, up 30 pct
from 1.3 billion in 1986.
    Ongpin said steps planned to provide a sound revenue base
included a value added tax (VAT) system due to be introduced in
1988. He gave no other details.
    He said treasury bill maturities, interest rate levels and
the volume of government securities sold to the private sector
have improved significantly. "In particular, short-term prime
interest rates which had gone over 40 pct in 1985, are now down
to less than 10 pct," he said.
    Ongpin said the government's debt-equity scheme, introduced
in August last year, had attracted more than 276 mln dlrs worth
of applications, but selective evaluation had resulted in
approvals of only 61.8 mln dlrs at end-February.
    He said his department aims to accelerate its privatisation
program and the sale of non-performing assets owned by
associates of former President Ferdinand Marcos to achieve a
1987 sales target of four billion pesos which would help
finance land reform.
    Aquino said earlier this month that all the 24 billion
pesos the government hopes to raise from the sale of the failed
companies will be used to finance the land reform plan.
    Ongpin also said the government would pursue efforts to
obtain 500 mln dlrs in concessional funding for the program
from a World Bank-led consultative group of multilateral and
bilateral aid donors.
    The government has said the land reform plan aims to
distribute 9.7 mln hectares of land to poor peasants.
 REUTER
3;
bodyend
documentend
documentstart
5236
topicstart
trade
topicend
bodystart
2;

NORWAY'S TRADE DEFICIT WIDENS IN FEBRUARY


    OSLO, March 16 - 
Norway's trade deficit widened in February
to 957 mln crowns from 80 mln crowns in January and 492 mln
crowns in February last year, the Central Bureau of Statistics
said.
    Exports dropped to 10.66 billion crowns last month,
compared with 11.11 billion in January and 10.85 billion in
February 1986, it added.
    Crude oil and natural gas exports totalled 4.56 billion
crowns in February, against 5.10 billion in January and 5.36
billion a year ago.
  REUTER
3;
bodyend
documentend
documentstart
5237
topicstart
interest
topicend
bodystart
2;

UAE GOVERNMENT PAPER YIELDS UNCHANGED


    ABU DHABI, March 16 - 
Yields on certificates of deposit
issued by the United Arab Emirates Central Bank were unchanged
at 6-1/8 pct, the bank said.
    The yield applies to maturities of one, two, three and six
months.
 REUTER
3;
bodyend
documentend
documentstart
5238
topicstart
cpi
topicend
bodystart
2;

DUTCH COST OF LIVING FALLS 1.2 PCT IN FEBRUARY


    THE HAGUE, March 16 - 
The Dutch cost of living index (base
1980) fell 1.2 pct to 121.5 in the year to mid-February after a
1.3 pct fall in the year to mid-January 1987, the Economics
Ministry said.
    The February index was 0.2 pct up on January.
    Clothing, shoe and vegetable prices rose in February while
prices of coffee, heating oil and most car fuels fell, the
Ministry added.
 REUTER
3;
bodyend
documentend
documentstart
5239
topicstart
topicend
bodystart
2;

HELABA UNIT ISSUES LUXEMBOURG FRANC PLACEMENT


    LUXEMBOURG, March 16 - 
Helaba Luxembourg Hessische
Landesbank International has issued a 300 mln Luxembourg franc,
seven-year private placement with a coupon of 7.5 pct and
priced at par, lead manager Banque Generale du Luxembourg said.
    A spokesman said the issue had already been placed in full.
Fees total 1-3/4 pct, with 1-1/2 pct for co-managers. The
management group includes Banque Paribas (Luxembourg),
Kredietbank SA Luxembourgeoise and Banque de Luxembourg SA.
    The borrower is an affiliate of West Germany's Hessische
Landesbank Girozentral
 REUTER
3;
bodyend
documentend
documentstart
5240
topicstart
ipi
topicend
bodystart
2;

SWEDISH INDUSTRIAL PRODUCTION FALLS IN JANUARY


    STOCKHOLM, March 16 - 
Sweden's industrial production fell
1.8 pct during January compared with a fall of 0.8 pct the
month before and remains unchanged compared with January 1986,
according to figures from the Central Bureau of Statistics.
    The bureau attributed the fall to a long Christmas break
and particularly cold weather, which lowered production in the
forestry industry.
 REUTER
3;
bodyend
documentend
documentstart
5241
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK ADDS MONEY MARKET LIQUIDITY


    FRANKFURT, March 16 - 
The Bundesbank came into the domestic
money market to add temporary liquidity through federal
government funds as call money rates rose above 4.0 pct,
dealers said.
    They estimated that the bulk of liquidity was added at
about 3.95 pct. Call money fell to 3.90/4.0 pct after the move.
It had been 3.80/90 on Friday.
    The move came as call money extended a rise begun Friday
after the Bundesbank took up some six billion marks owed to it
by other European central banks after currency interventions in
the framework of European Monetary System in January.
    Rates could ease further in trading today but dealers
expect them to rise later in the week as banks begin paying out
funds for tax payments on behalf of clients.
    Some 30 billion marks is likely to leave the market this
month, with the bulk being paid out next week.
    In anticipation of this liquidity drain, banks have stocked
up reserves at the Bundesbank.
    On Thursday, minimum reserve holdings declined to 57.0
billion marks from 60.0 billion on Wednesday but were well
above the 53.2 billion held on Tuesday. Daily average reserve
holdings rose slightly to 54.7 billion marks from 54.5 billion.
    The daily average reserve holdings were above the level of
around 51 billion marks dealers said is needed for the required
daily average for the month.
    With the heavy tax drain in March, banks are likely to
remain cautious about taking more liquidity out of reserves
than is absolutely necessary.
    However, a new securities repurchase pact likely to be
added next week to replace a facility expiring then could
somewhat offset the drain.
    The Bundesbank is expected to allocate more than the 3.4
billion marks which is due to be rolled over, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
5243
topicstart
alum
topicend
bodystart
2;

PECHINEY SIGNS LETTERS OF INTENT WITH SOVIET UNION


    PARIS, March 16 - 
Pechiney 
<
PUKG.PA> said it signed two
letters of intent with the Soviet Union covering the setting up
of packaging and packaging materials joint ventures.
    It said one proposed venture would produce  aluminium
packaging for food and cosmetics. The other envisaged Pechiney
putting together a consortium of  European partners to set up a
packaging and equipment manufacturing unit in the Soviet Union.
    A Pechiney spokesman said two working groups would prepare
detailed projects over the next three months. He said it was
too soon to estimate the financial value of the two ventures.
 REUTER
3;
bodyend
documentend
documentstart
5244
topicstart
crude
topicend
bodystart
2;

MEES SAYS SECOND WEEK MARCH OPEC OUTPUT 14 MLN BPD


    NICOSIA, March 16 - 
OPEC produced only about 14 mln bpd of
oil in the second week of March -- 1.8 mln bpd below its
ceiling -- largely because of pipeline problems in Turkey and
Ecuador, the Middle East Economic Survey (MEES) estimated.
    A landslide breached Iraq's one mln bpd pipeline through
Turkey on March 6 for a week, and earthquakes in Ecuador have
shut down its export pipeline for four to five months. Ecuador
has an OPEC quota of 210,000 bpd.
    MEES put Saudi Arabian output at 2.9 mln bpd in the first
week of March and 3.1 mln bpd in the second, in addition to
output from the Neutral Zone between Saudi Arabia and Kuwait.
    MEES said Saudi Arabia was pumping more than 300,000 bpd of
its total production into floating storage.
    Saudi Oil Minister Hisham Nazer told Reuters and the
television news agency Visnews yesterday that Saudi output,
including Neutral Zone production, was around three mln bpd.
    The Cyprus-based newsletter also said authoritative Libyan
oil sources said Libya was producing 850,000 bpd, compared with
its 948,000 bpd quota, and that actual liftings are much lower
than that.
    It said one major Libyan equity producer had partially
stopped lifting its 55,000 bpd equity entitlement for March
because Libya was insisting on official prices, but is still
lifting 40,000 bpd of debt crude at official prices and a
further 25,000 bpd of "purchase crude."
    It said small equity producers, with entitlements of only
2,000 to 3,000 bpd, had also told Tripoli they could not lift
at official prices.
    MEES said Iraq had sent a telex to OPEC and member
countries calling for the formation of a committee to study
what it said were inequalities in marketing potential among
various members.
    The newsletter said the Iraqi letter indicated Baghdad was
having difficulty selling crude at official prices.
    The Iraqi telex pointed out that some member countries
export substantial volumes of oil that are not subject to OPEC
price regulations -- exports of refined products, equity crude
on which the margins are equivalent to covert discounts and
"other forms of hydrocarbons" which are marketed in package deals
with crude oil.
 REUTER
3;
bodyend
documentend
documentstart
5245
topicstart
cpi
topicend
bodystart
2;

FINNISH INFLATION FALLS TO 3.5 PCT IN FEBRUARY


    HELSINKI, March 16 - 
Year-on year Finnish consumer prices
fell to 3.5 pct in February 1986 from 3.7 pct in January and
4.6 pct in February 1985, the Central Statistical Office said.
    Consumer prices rose 0.3 pct in February after rises of one
pct in January and 0.5 pct in February 1985.
    The consumer price index, base 1981, was 142.7 in February,
142.2 in January and 137.8 in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
5250
topicstart
earn
topicend
bodystart
2;

PEARSON CONCENTRATES ON FOUR SECTORS


    LONDON, March 16 - 
Pearson Plc 
<
PSON.L> said the recent
sale of its Fairey Engineering companies, in a 51.5 mln stg
management buy-out, was part of its policy of concentrating on
four key sectors.
    In a statement with its 1986 results, the company said its
information and entertainments sector's Financial Times, FT,
newspaper had record sales and profits.
    The FT is subject to a 70 mln stg investment programme,
with the printing and publishing operation moving to a new
plant in the London docklands next year.
    Its other key sectors are merchant banking, oil and china.
    Commenting on its Camco Inc oil service subsidiary, Pearson
said it believes the oil business setback is only temporary.
    The group has been acquiring oil properties in both the
U.S. And Britain which will begin to make a significant impact
on profits in the 1990s.
    Far East operations of fine china subsidiary Royal Doulton
Ltd are being expanded in the wake of record recent sales in
Japan, it added.
    Pearson reported 1986 pre-tax profit of 121.1 mln stg, up
from 109.3 mln in 1985. Turnover fell to 953 mln from 970 mln.
  REUTER
3;
bodyend
documentend
documentstart
5251
topicstart
money-supply
topicend
bodystart
2;
******
 German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data

Blah blah blah.
3;


bodyend
documentend
documentstart
5253
topicstart
money-supply
topicend
bodystart
2;

GERMAN FEBRUARY CENTRAL BANK MONEY GROWTH STEADY


    FRANKFURT, March 16 - 
West German central bank money stock
was growing at an annualized 7.5 pct in February, unchanged
from the 7.5 pct reported in January, provisional data from the
Bundesbank showed.
    The figure was thus outside the three to six pct range set
by the Bundesbank for 1987.
    In absolute terms, the measure rose to 223.2 billion marks
in February from 221.8 billion in the prior month.
    The data showed that the stock grew at an annualized 8.6
pct over the six months to February, slower than the 9.4 pct
rise in the same period to January.
    Of the two components comprising central bank money stock,
cash in circulation rose to 111.7 billion marks in February
from 110.9 billion in January, the Bundesbank data showed.
    This gave an annualized 8.3 pct rise over the six months to
February, down from a 10.2 pct increase over the six months to
January.
    Minimum reserve requirements on domestic liabilities grew
to 111.5 billion marks in February from 110.9 billion in
January.
    This yielded an annualized 8.8 pct rise over the six month
to February, up slightly from an 8.6 pct increase over the same
period to January.
 REUTER
3;
bodyend
documentend
documentstart
5254
topicstart
retail
topicend
bodystart
2;
******
UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5255
topicstart
gold
topicend
bodystart
2;

GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987


    HAMBURG, March 16 - 
Gold is expected to continue its rise
this year due to renewed inflationary pressures, especially in
the U.S., Hamburg-based Vereins- und Westbank AG said.
    It said in a statement the stabilisation of crude oil
prices and the Organisation of Petroleum Exporting Countries'
efforts to achieve further firming of the price led to growing
inflationary pressures in the U.S., The world's biggest crude
oil producer.
    Money supplies in the U.S., Japan and West Germany exceed
the central banks' limits and real growth of their gross
national products, it said.
    Use of physical gold should rise this year due to increased
industrial demand and higher expected coin production, the bank
said.
    Speculative demand, which influences the gold price on
futures markets, has also risen. These factors and South
Africa's unstable political situation, which may lead to a
temporary reduction in gold supplies from that country,
underline the firmer sentiment, it said.
    However, Australia's output is estimated to rise to 90
tonnes this year from 73.5 tonnes in 1986.
 REUTER
3;
bodyend
documentend
documentstart
5256
topicstart
retail
topicend
bodystart
2;

U.K. RETAIL SALES RISE 2.2 PCT IN FEBRUARY


    LONDON, March 16 - 
The volume of U.K. Retail sales rose a
provisional, seasonally adjusted 2.2 pct in February after
falling a final 2.2 pct in January, figures released by the
Department of Trade and Industry show.
    The February sales index, base 1980, was put at a
preliminary 125.0 after a final 122.3 in January.
    In the three months from December to February, the level of
sales was little changed over the previous three months but was
nearly six pct higher than the same year ago period.
    On a non-seasonally adjusted value basis, retail sales in
February were a provisional 9.0 pct higher than a year earlier.
    The Department noted the latest figures were similar to the
average in the fourth quarter last year but well above the
January index, which was depressed by the effects of severe
weather.
    The February trading period comprised the four weeks
February 1 to 28. Final February retail sales figures will be
published on April 6.
 REUTER
3;
bodyend
documentend
documentstart
5257
topicstart
earn
topicend
bodystart
2;

TRANSPORT DEVELOPMENT GROUP PLC 
<
TDGL.L> 1986 YEAR


    LONDON, March 16 - 
Shr 17.15p vs 12.37p
    Final dividend 5.5p, making 7.5p vs 6.2p
    Pre-tax profit 39.4 mln stg vs 29.7 mln.
    Turnover 543.2 mln stg vs 481.5 mln
    Operating profit 48.2 mln stg vs 38.2 mln
    Net interest 8.9 mln vs 8.6 mln
    Tax 14.3 mln vs 11.2 mln
    Profit after tax 25.1 mln vs 18.4 mln
    Minority interest 300,000 vs 615,000
    Net tangible assets per ordinary shr 111.3p vs 101.6p
    REUTER
3;
bodyend
documentend
documentstart
5258
topicstart
cocoa
topicend
bodystart
2;

COCOA LATEST FOCUS FOR COMMODITY PACT NEGOTIATORS


    By Douglas Learmond, Reuters


    LONDON, March 16 - 
The credibility of government efforts to
stabilise fluctuating commodity prices will again be put to the
test over the next two weeks as countries try to agree on how a
buffer stock should operate in the cocoa market, government
delegates and trade experts said.
    Only two weeks ago, world coffee prices slumped when
International Coffee Organization members failed to agree on
how coffee export quotas should be calculated. This week, many
of the same experts gather in the same building here to try to
agree on how the cocoa pact reached last summer should work.
    The still unresolved legal wrangle surrounding the
International Tin Council (ITC), which had buffer stock losses
running into hundreds of millions of sterling, is also casting
a shadow over commodity negotiations.
    The ITC's failure has restricted negotiators' ability to
compromise as governments do not want to be involved in pacts
with built-in flaws or unlimited liability, but want clear
lines drawn between aid and trade.
    A more hopeful sign of cooperation was agreement on basic
elements of a new International Natural Rubber Agreement in
Geneva at the weekend.
    Some importing countries insist the International Cocoa
Organization (ICCO) buffer stock rules must not be muddied with
quota type subclauses which might dictate the type of cocoa to
be bought. One consumer country delegate said this would
"distort, not support" the market.
    Trade and industry sources blame uncertainty about the ICCO
for destabilising the market as the recent collapse in coffee
prices has made traders acutely aware that commodity pacts can
founder. On Friday this uncertainty helped push London cocoa
futures down to eight month lows. The strength of sterling has
also contributed to the recent slip in prices.
    The ICCO daily and average prices on Friday fell below the
"must buy" level of 1,600 SDRs a tonne designated in the pact,
which came into force at the last ICCO session in January but
without rules for the operation of the buffer stock.
    Consumers and producers could not agree on how it should
operate and what discretion it should be given. The agreement
limits it to trading physical cocoa and expressly says it
cannot operate on futures markets.
    A cash balance of some 250 mln dlrs and a stock of almost
100,000 tonnes of cocoa, enough to mount large buying or
selling operations, were carried forward from the previous
agreement.
    Members finance the stock through a 45 dlrs a tonne levy on
all cocoa they trade. It has an upper limit of 250,000 tonnes.
    The key arguments being faced by the ICCO working group on
buffer stock rules which is meeting today and tomorrow will be
over non-member cocoa and differentials the buffer stock should
pay when trading different types of cocoa. Another working
group is scheduled to meet Wednesday to discuss administrative
matters, and the full council meets on Thursday.
    Producers have so far maintained that buffer stock funds
should not help mop up surplus cocoa produced in non-member
countries such as Malaysia.
    Consumers say when this cocoa is the cheapest the buffer
stock should buy it rather than compete with chocolate
manufacturers for premium-priced high quality cocoas.
    The argument over buying non-member cocoa is closely linked
to the one over differentials for different qualities.
    European industry and trade advisers have suggested as a
compromise that the buffer stock have a maximum share that can
represent non-member cocoa and that it use the London futures
market's existing differentials for different qualities.
    Currently, good West African cocoa is tendered at par onto
the London market.
    Discounts, which are currently under review, range up to 50
stg a tonne for Brazilian and Malaysian cocoa.
    Consumer delegates said the same arguments in reverse would
operate when prices are high - the buffer stock should sell the
highest priced cocoa in most demand, forcing all prices lower.
    The January talks were slowed by a split inside the
European Community, a key ICCO consumer group, with France
siding with producers. EC representatives met in closed session
in Brussels on Friday in an attempt to reach a common ground
and, a diplomatic source said, narrowed the range of positions
among the 12 nations.
    The source said the EC will be looking for signs of
flexibility on the part of producers in the next few days and
will be able to respond if they are there.
    One ICCO delegate describing the producer/consumer split
said consumer proposals mean buying more cocoa for less and
backs the concept of the pact which is "meant to support the
market where trade buying is not."
    In contrast, he said, producers seem to want to sell their
cocoa to the buffer stock rather than consumers.
    Other, more technical, issues still outstanding include
whether the buffer stock should buy at a single announced
"posted price" as in the previous pact or by announcing it is
buying then accepting offers.
    In either case, delegates said, it is accepted that
producers must be given a clear opportunity to make offers of
cocoa for forward shipment directly to the buffer stock in a
way that is competitive with spot offers made by dealers.
 REUTER
3;
bodyend
documentend
documentstart
5260
topicstart
cpi
topicend
bodystart
2;

YUGOSLAV FEBRUARY INFLATION RISES 7.2 PCT


    BELGRADE, March 16 - 
Yugoslav retail prices in February
rose 7.2 pct from January to stand 91.6 pct higher than in
February 1986, the Federal Statistics Office said.
    In January retail prices rose 6.6 pct from December to
stand 90.4 pct higher than in January 1986.
    The cost of living, an index that includes services and
utilities as well as retail prices, was up 7.3 pct in February
from January and stood 93.6 pct higher than in February 1986.
    In January the cost of living increased by 6.4 pct from
December and stood 91.8 pct higher than in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
5264
topicstart
earn
topicend
bodystart
2;

MAI PLC 
<
MLLL.L> SIX MONTHS TO DECEMBER


    LONDON, March 16-
    
Shr 25.7p vs 21.5p
    Div 6p vs 4p
    Pretax profit 24.13 mln stg vs 16.40 mln
    Net after tax 15.08 mln vs 10.52
    Extraordinary credit 8.71 mln stg vs nil
    Turnover 140.8 mln vs 96.55
    Note - The extraordinary item comprises profit less losses
on the sale of certain subsidiaries less related tax and
minority interests.
    Pretax profit comprises -
    Securities and money broking 15.44 mln stg vs 10.75 mln
    Personal financial services 3.6 mln vs 735,000 stg
    Media 3.74 mln vs 3.16 mln
    Market reserch 912,000 stg vs 732,000
    Net interest 438,000 vs 1.03 mln
 REUTER
3;
bodyend
documentend
documentstart
5266
topicstart
grain
rice
topicend
bodystart
2;

MADAGASCAR RICE CROP ESTIMATED HIGHER IN 1987


    ANTANANARIVO, March 16 - 
Madagascar's vital rice crop is
estimated at 2,286,000 tonnes of paddy this year, up from
2,138,000 in 1986, the Ministry of Agriculture said.
    The Trade Ministry said rice imports quadrupled in local
currency value during the first nine months of last year as the
government established a buffer stock of the country's staple
food.
    Rice imports increased to 82.4 billion Malagasy francs
during the first nine months of last year from 20 billion in
the same period of 1985, the ministry said, without disclosing
the tonnages involved.
 REUTER
3;
bodyend
documentend
documentstart
5268
topicstart
crude
topicend
bodystart
2;

ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN


    QUITO, March 16 - 
President Leon Febres Cordero said
Ecuador would honour its debt when it had the capacity to make
payments, but said foreign banks had calculated oil would have
to be 25 dlrs a barrel for Ecuador to meet its commitments.
    Ecuador said on Friday that last week's earthquake was
forcing it to reaffirm an earlier decision -- based on the
slide in world oil prices -- to suspend debt payments to
private foreign banks, which hold two-thirds of its 8.16
billion dlr foreign debt.
    "All legitimate debt is a commitment of honour," the
president said during a visit to the quake zone. "A government
as a sovereign entity has dignity and prestige to maintain."
    Private foreign banks and the World Bank had calculated oil
would have to be at least 25 dlrs a barrel for Quito to be able
to meet its commitments, Febres Cordero said.
    He added that Ecuadorean crude was now selling for 15 to 17
dlrs a barrel after having been sold for many months at 12 dlrs
a barrel and as low as seven dlrs before that.
    Meanwhile, Ecuador announced an austerity program and a
price freeze on key consumer goods as a result of the
earthquake, which killed at least 300 people.
    Presidency Minister Patricio Quevedo said the budget would
be cut by five to 10 pct, government hiring would be frozen and
salaries of top officials, including the president and cabinet,
would be reduced.
    He also said a price freeze would be imposed on 20 basic
consumer items, mainly food staples, while the price of
gasoline would rise by between 69 and 80 pct and bus fares
would rise by 20 pct. Gasoline supplies would also be limited.
 Reuter
3;
bodyend
documentend
documentstart
5269
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST REVISED UPWARDS


    LONDON, March 16 - 
The Bank of England said it had revised
its estimate of the shortage in the money market today up to
1.15 billion stg before taking account of its early operations.
    Earlier, the bank forecast the deficit at 1.05 billion stg
and gave 90 mln stg assistance at an early round of bill
offers.
 REUTER
3;
bodyend
documentend
documentstart
5270
topicstart
crude
topicend
bodystart
2;

PARIBAS SEEKING TO ADJUST ECUADOR OIL FACILITY


    NEW YORK, March 16 - 
Banque Paribas, which arranged a 220
mln dlr loan for Ecuador last year to pre-finance oil exports,
wants to adjust the terms of the facility to help the country
recover from a devastating earthquake, bankers said.
    But the French bank's plan, which would effectively
postpone repayment of about 30 mln dlrs of the loan for several
months, is running into stiff resistance from many of the 52
members of the loan syndicate.
    The pipeline that carries all Ecuador's oil exports was
ruptured in the March 5 tremor and will take some five months
to repair at a cost of about 150 mln dlrs to repair.
    President Leon Febres Cordero on Friday estimated total
damages caused by the quake at one billion dlrs and said that
Ecuador as a result would maintain January's suspension of
interest payments on its foreign commercial bank debt.
    Payments were halted in January because of the drop in the
price of oil, which accounts for nearly two-thirds of Ecuador's
export earnings and 60 pct of government revenue.
    Although sympathetic to Ecuador's plight, many banks in the
Paribas facility feel that emergency financial relief is a job
for international financial organizations and not for
commercial banks, bankers said.
    The 18-month oil-financing facility, which was signed last
October 28, is one of the few purely voluntary credits for a
Latin American nation since the region's debt crisis erupted in
August 1982.
    Because it was a voluntary deal, many bankers feel strongly
that the orginal terms must be adhered to. Otherwise, they
fear, the gradual re-establishment of normal market conditions
for Latin borrowers will be set back.
    "There's a lot of reluctance by the other banks. They feel
it's a different facility, and so any kind of suggestion of a
restructuring would look bad," one banker commented.
 Reuter
3;
bodyend
documentend
documentstart
5271
topicstart
money-fx
yen
gnp
topicend
bodystart
2;

BANK OF JAPAN SATISFIED WITH YEN AT CURRENT RANGE


    TOKYO, March 16 - 
The Bank of Japan is satisfied with the
yen around its current range, a senior central bank official
told reporters.
    He said the pledge by major industrial nations in Paris
last month to cooperate to hold exchange rates around current
ranges applied in both directions, a dollar fall or a dollar
rise.
    Unilateral intervention itself cannot ensure currency
stability, but it can be useful when coordinated with other
policies and with other central banks, he said.
    The Bank of Japan is rather confident currency stability
will continue for some time, the senior bank official said, but
declined to be more specific.
    Finance Minister Kiichi Miyazawa told parliament on Friday
the current dollar/yen exchange rate is not necessarily
satisfactory for the Japanese economy.
    Asked what factors might destabilize the markets, the
official cited a lessening of market fear about intervention, a
completely unexpected change in the economy of Japan, the U.S.
Or West Germany, or resumption of comments by government
officials seeking to talk the dollar up or down.
    The senior bank official said he expects Japan's gross
national product (GNP) to grow three pct or slightly more in
the fiscal year beginning in April. That would be little
changed from the performance expected this year.
    Domestic demand may grow nearly four pct in 1987/88, but
the external sector will have a negative impact on GNP of
nearly one percentage point, he said.
    He said there was virtually no room for further monetary
policy action to boost the economy. The economy's performance
in the future very much depends on fiscal policy, he added.
    The central bank's monetary policy has already done its
part in stimulating the economy, the senior bank official said.
The Bank of Japan has cut its discount rate five times over the
last year and a half.
    Although the central bank does not see any imminent risk of
inflation, there could be some problems in the future, he said.
"We are sitting on a barrel of powder, but fortunately it may
still be wet," he added.
    Liquidity among private households and especially the
corporate sector has increased substantially, he said.
    The liquidity is the reason for the recent boom of stock
exchange prices, the bank official said. This inflow of funds
into the stock exchange, occurring also in other countries, may
continue, he said.
 REUTER
3;
bodyend
documentend
documentstart
5272
topicstart
acq
topicend
bodystart
2;

BANK OF CHINA TAKES STAKE IN BAII HOLDINGS


    LONDON, March 16 - 
Bank of China has taken a stake in
Luxembourg-based finance company BAII Holdings SA, a spokesman
for BAII said.
    The stake was between three and five pct but no further
details of the deal, which was announced simultaneously in
Paris, London and Hong Kong, were immediately available.
    BAII, which is 50 pct Arab owned, is looking to expand its
activities in the Far East and recently established a
wholly-owned merchant banking subsidiary in Hong Kong, the
spokesman said.
    The group had earnings of 15.4 mln dlrs in 1985.
 REUTER
3;
bodyend
documentend
documentstart
5273
topicstart
crude
topicend
bodystart
2;

SAUDI OIL MINISTER SEES NO NEED TO ALTER PACT


    By Philip Shehadi, Reuters


    RIYADH, March 16 - 
Saudi Arabian Oil Minister Hisham Nazer
said OPEC's December agreement to stabilize oil prices at 18
dlrs a barrel was being implemented satisfactorily and there
was no immediate need to change it.
    Nazer, in an interview with Reuters and the television news
agency Visnews, said Saudi Arabia was producing around three
mln barrels per day (bpd) of crude oil, well below its OPEC
quota.
    Saudi Arabia, the world's largest oil exporter, will
continue to restrain production as long as other OPEC members
adhere to the pact, Nazer said.
    The 13-nation OPEC agreed in December to cut its production
ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices
averaging 18 dlrs a barrel from February 1.
    Nazer, in his first interview since succeeding Ahmed Zaki
Yamani last October, said: "I do not foresee any need for new
measures before the 25th of June when our (next OPEC) meeting
will take place as scheduled."
    Nazer said OPEC was producing below 15.8 mln bpd and all
members were abiding by its agreements.
    "We've heard news every now and then of violations but they
were not at all verified," he said.
    OPEC production curbs have boosted world oil prices from a
13-year low of around eight dlrs a barrel last August to near
18 dlrs after announcement of the December pact.
    Spot market prices slipped some two dlrs in February but
have firmed in the past two weeks to near OPEC levels as
traders gained confidence in OPEC price and output discipline.
    Nazer said Saudi Arabia would continue to produce below its
4.133 mln bpd quota if necessary to defend the 18 dlr price.
    "As long as all the OPEC members adhere to the program as
devised in December, Saudi Arabia will continue to adhere to
the agreement," he said.
    Current production of three mln bpd includes oil from the
Neutral Zone shared with Kuwait, but not sales from floating
storage, Nazer said.
    King Fahd of Saudi Arabia, in an interview with Reuters and
Visnews on March 11, said the kingdom wanted oil price
stability and called on non-OPEC producers to avoid harmful
competition with OPEC.
    "Saudi Arabia doesn't decide prices by itself but certainly
desires price stability," he said.
    Nazer said the output level did not mean the kingdom had
returned to a role of "swing producer" within OPEC.
    Saudi Arabia allowed its output to sink as low as two mln
bpd in August 1985 to compensate for slack demand and
over-production by some OPEC states.
    "Saudi Arabia is not playing that role. It is being played
by OPEC membership as a whole because the reduction in the 15.8
mln bpd share of OPEC in the market is being shared by other
members of OPEC," Nazer said.
    Nazer said OPEC estimated demand for its oil during third
quarter this year would be around 16.6 mln bpd.
    But he said if circumstances changed "I am sure then the
OPEC members will consult with each other and take the
necessary measures."
    Oil analysts say the OPEC pact could come under strain when
demand for petroleum products generally falls in the northern
hemisphere spring and summer.
    Nazer said he was satisfied with the extent of cooperation
from non-OPEC producers. Norway, Egypt and the Soviet Union
agreed to help OPEC by restraining production or exports after
he visited them on OPEC's behalf earlier this year.
    "We did not ask any country to do anything. These were
programmes they thought were necessary to stabilise market
conditions and to help themselves attain better pricing
conditions," Nazer said.
    He said it was up to countries that declined to cooperate
-- such as Britain -- to come up with their own proposals if
they saw fit.
3;
bodyend
documentend
documentstart
5274
topicstart
trade
topicend
bodystart
2;

TURKISH TRADE DEFICIT WIDENS IN 1986


    ANKARA, March 16 - 
Turkey's trade deficit rose to 3.65
billion dlrs in 1986 from 3.39 billion in 1985 following
increased imports from Western countries, figures from the
State Statistics Institute show.
    Exports were down 6.3 pct at 7.45 billion dlrs, compared
with 7.95 billion in 1985, while imports were down 2.1 pct at
11.10 billion dlrs from 11.34 billion.
    Total trade with Mid-East Gulf states fell some 40 pct due
to lower oil prices, with imports at 1.55 billion dlrs,
compared with 2.74 billion, and exports at 1.65 billion after
2.72 billion.
    Exports to Organisation for Economic Cooperation and
Development countries rose to 4.29 billion dlrs from 4.11
billion in 1985, while imports were 4.56 billion after 3.55
billion.
    Turkey's trade deficit in December narrowed to 216 mln dlrs
from 340 mln in November, and compared with 277 mln in December
1985.
    
 Reuter
3;
bodyend
documentend
documentstart
5276
topicstart
earn
topicend
bodystart
2;

ALUSUISSE SHARES FALL AFTER CAPITAL CUT NEWS


    ZURICH, March 16 - 
Bearer shares of Schweizerische
Aluminium AG 
<
ALUZ.Z> (Alusuisse) fell sharply as trading
resumed after a one-day suspension on Friday, when the firm
disclosed plans for a capital cut.
    The bearers, held mainly by foreign investors, dropped 30
Swiss francs to 460. But volume was not particularly heavy.
Registered shares were less affected, slipping five to 165. The
participation certificates fell to 43 francs from 45.50.
    Alusuisse made a net loss of 688 mln francs, after a
restated 756 mln loss in 1985, and set a 50 pct capital cut.
The company said it could break even this year.
 REUTER
3;
bodyend
documentend
documentstart
5277
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 30 MLN STG HELP


    LONDON, March 16 - 
The Bank of England said it provided the
money market with a further 30 mln stg assistance.
    This brings the Bank's total help so far today to 120 mln
stg and compares with its upward revised estimate that the
system would face a shortage of some 1.15 billon stg.
    The central bank bought bills for resale to the market in
equal amounts on April 1, 2 and 3 at an interest rate of
10-7/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
5278
topicstart
trade
topicend
bodystart
2;

EGYPT, SOVIETS TO RENEGOTIATE ARMS DEBT TERMS


    CAIRO, March 16 - 
Egypt and the Soviet Union are expected
to sign an agreement in Moscow next week settling Cairo's three
billion dlr military debt, Egyptian officials said.
    One official, who asked to remain anonymous, told Reuters a
draft agreement would reduce to zero from two pct future
interest payable on the 10 year-old debt, and set a 25 year
repayment term.
    Talks are due to begin in Moscow on Wednesday.
    Economy Minister Youssri Mustapha, who leaves for Moscow on
Tuesday, met President Hosni Mubarak and Egyptian ambassador to
Moscow Salah Bassiouni to discuss the issue.
    One official said Egypt would propose a new exchange rate
for trade with the Soviet Union. Current commerce is based on a
rate set in the 1960s of 0.38 Egyptian pounds to the dollar
which Moscow sees as unreasonable. The fluctuating official
rate is about 1.36 pounds to the dollar.
    The officials said part of the debt would be paid in
exports of goods such as textiles, leather and furniture.
    Egypt wants to settle the debt problem partly to open the
door for new cooperation, mainly in modernising Soviet-built
steel, aluminium and fertiliser plants under a five-year
development plan ending June 30 1992.
    Egypt, which already imports Soviet coal, wood, newsprint
and glass, also wanted a debt deal to allow purchases of
currently blocked spare parts for its ageing Soviet military
hardware, the officials said.
    An estimated 65 pct of Egypt's arsenal is still made up of
Soviet-supplied equipment, one official said.
    Cairo stopped repaying Moscow for arms purchases in 1977
when then-president Anwar Sadat broke with its long-standing
ally and turned to the U.S..
 REUTER
3;
bodyend
documentend
documentstart
5279
topicstart
money-fx
reserves
topicend
bodystart
2;

PERU BEGINS FOREIGN EXCHANGE RATIONING


    LIMA, March 16 - 
Peru will put into effect today a foreign
exchange rationing system for imports designed to stop a slide
in the country's international reserves, a government decree in
the Official Gazette said.
    Under the system, importers will be required to present a
bill from the foreign seller of goods and apply for a license
for foreign exchange. The central bank will have 10 days to
decide whether to issue the required foreign exchange.
    Net international reserves now total about 800 mln dlrs
compared to 1.54 billion dlrs a year ago.
    The system will be effective until the end of 1988.
    A ceiling for foreign exchange availability will be set by
a council with members from the central bank, the economy
ministry and the planning and foreign trade institutes. The
central bank will issue licenses to procure foreign exchange in
accordance with guidelines set by the council.
    Peru's reserves fell sharply due to a drop in the trade
surplus to about five mln dlrs in 1986 from 1.1 billion in
1985, according to preliminary central bank estimates.
   Total exports dropped to 2.50 billion dlrs last year against
2.97 billion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
5280
topicstart
money-fx
trade
topicend
bodystart
2;

TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE


    TAIPEI, March 16 - 
The United States wants Taiwan's
currency to appreciate faster to reduce Taiwan's trade surplus
with the U.S., A senior trade official said.
    Board of Foreign Trade director Vincent Siew told reporters
on Saturday U.S. Officials told him in Washington last week
that unless Taiwan allowed its dollar to rise faster it would
face retaliation.
    Siew returned from Washington on Friday after the U.S
responded to Taiwan's request to increase its textile export
quotas by promising further talks in May. Taiwan's surplus with
the U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.
    Washington signed a three-year accord with Taipei last year
limiting textile export growth to 0.5 pct a year.
    Siew said the Taiwan dollar had risen by about 15 pct
against the U.S. Dollar since September 1985.
    It surged last week amid indications Washington was seeking
a major rise in its value. It rose four cents against the U.S.
Dollar on Saturday to close at 34.59.
    Western trade sources told Reuters Taiwan and the U.S. Have
been holding talks on the currency issue but added it is not
clear how far Washington wants to see the Taiwan dollar rise.
 REUTER
3;
bodyend
documentend
documentstart
5281
topicstart
crude
topicend
bodystart
2;

SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL


    RIO DE JANEIRO, March 16 - 
Saudi Arabia has dropped its
condition that Brazil secure international bank guarantees
before Saudia Arabia would ship it oil, state-oil company
Petrobras said in a statement.
    Petrobras said the Saudis will accept Banco do Brasil
credit guarantees.
    Petrobras cancelled a 40 mln dlr crude oil purchase from
the Saudis yesterday after they refused to accept a letter of
credit from the official Bank of Brazil. The Saudis had
demanded that Brazil get credit guarantees from leading
international banks.
    Petrobras said the Saudis had been advised that if they did
not change their mind by Monday, Petrobras would negotiate the
purchase of oil with other producers.
    The Petrobras statement said the shipment of 2.2 mln
barrels will be made by the Saudis on March 24 as scheduled.
    The shipment was part of a contract signed in February for
the Saudis to supply Brazil with 125,000 barrels per day until
June.
 REUTER
3;
bodyend
documentend
documentstart
5282
topicstart
topicend
bodystart
2;

PHILIPS DUPONT UNIT ARRANGES 145 MLN DLR CREDIT


    LONDON, March 16 - 
Philips DuPont Optical Co is arranging a
145 mln dlr, three-year transferable loan facility, Chemical
Bank International Ltd said as agent.
    The financing involves a 70 mln dlr loan which is available
for drawing in the six months after signing and a 75 mln dlr
revolving credit, which is available for the life of the
credit.
    Drawings under both tranches will be at 17.5 basis points
over the London Interbank Offered Rate. There will be a
utilisation fee of five basis points on the revolving credit if
more than 50 pct is used and a commitment fee of 7.5 basis
points.
    Borrowings will be available in currencies other than
dollars and banks have been invited to join as lead managers at
15 mln dlrs for 7.5 basis points and as managers at 7.5 mln
dlrs for five basis points.
    The borrower is an optical disk joint venture between
Philips Gloeilampenfabrieken NV and E.I. Du Pont de Nemours and
Co.
 REUTER
3;
bodyend
documentend
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5283
topicstart
earn
topicend
bodystart
2;

BSI RAISING 50 MLN SWISS FRANCS VIA RIGHTS ISSUE


    ZURICH, March 16 - 
Banca della Svizzera Italiana 
<
BISZ.Z>
said it planned a one-for-12 rights issue at 300 pct of nominal
value to raise about 50 mln francs new capital.
    The rights issue would have a theoretical value to
shareholders of 140 Swiss francs per bearer share and 45 per
registered share.
    BSI was also seeking shareholder authorization for 200,000
new participation certificates of a nominal value of 100 francs
without rights for shareholders, to back future convertible or
warrant bonds or for other purposes. Existing 500-franc "B"
tranche certificates would be split five-for-one.
    The split would improve the marketability of the existing
certificates, chief executive Giorgio Ghiringhelli told a news
conference.
    The new bearer shares would be priced at 1,500 francs,
compared with a closing price last Friday of 3,325 on the
Zurich Stock Exchange, while the registered shares would be
issued at 300 francs against a market price of 900.
 REUTER
3;
bodyend
documentend
documentstart
5284
topicstart
acq
topicend
bodystart
2;
******
PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
5285
topicstart
trade
veg-oil
topicend
bodystart
2;

U.K. AND GERMANY LEAD ATTACK ON EC FARM REFORMS


    By Paul Mylrea, Reuters


    BRUSSELS, March 16 - 
Britain and West Germany told their
European Community partners they would strongly oppose major
elements of proposals to rid the EC of its farm surpluses.
    At a meeting of EC foreign ministers, Britain called for a
full debate on a proposed tax on edible oils and fats that has
already angered EC consumer groups and unleashed Washington-led
protests from exporters to the EC, diplomats said.
    West Germany, also opposed to the oils and fats tax, will
advise the meeting formally later today it cannot countenance
other proposals that could hit German farmers, they added.
    They said West Germany's objections were put in a letter
this weekend from Chancellor Helmut Kohl to Jacques Delors, the
president of the EC's Executive Commission which had put
forward the proposals last month in a bid to avoid a new EC
cash crisis.
    Kohl reiterated German objections to proposed cereals
production curbs but reserved his harshest criticism for a
proposed dismantling of Monetary Compensatory Amounts (MCAs) -
a system of cross-border subsidies and taxes which level out
foreign exchange fluctuations for farm exports.
    Kohl made clear the dismantling would mainly hit German
farmers who, without MCAs, would find it much more difficult to
export to weaker currency states, which means virtually all
other 11 EC states, diplomats said.
    Britain initiated the discussion on the proposal to impose
a hefty tax on domestic and imported oils and fats because it
could seriously damage EC trade relations.
    The diplomats said the United States had been the most
outspoken among foreign critics of the proposal, describing it
as a breach of the EC's obligations under the world trade body
GATT.
    But protests had also come from other exporters to the EC,
such as Senegal, Malaysia, Indonesia, Brazil, Argentina,
Iceland and Norway, they added.
    Britain has often lined up against West Germany on the farm
reform issue in the past but is keen to avoid measures that
could spark a damaging trade war with the U.S.
    Foreign ministers were unlikely to take a decision on
either the oils and fats tax or the MCA proposals today,
diplomats said. But their discussion should make clear that
neither has a chance of surviving when it comes up for
substantive consideration by EC farm ministers later this
month, they added.
 REUTER
3;
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5286
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acq
topicend
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2;

HARPER AND ROW 
<
HPR> TO MULL OPTIONS AFTER BIDS


    NEW YORK, March 16 - 
Harper and Row Publishers Inc said its
board of directors decided to take no action on two takeover
bids that the company has received. Instead, it appointed a
committee of independent directors to study strategic
alternatives for the 170-year-old firm.
    The alternatives include continuation of the company's
existing business plans, possible business combinations, sales
of stock, restructuring and the sale of all or part of the
company.
    Kidder Peabody and Co Inc has been retained to advise on
the alternatives, Harper and Row added.
    Private investor Theodore Cross last week offered 34 dlrs a
share for Harper and Row, prompting a rival bid of 50 dlrs a
share from another publishing firm, Harcourt Brace Jovanovich
Inc 
<
HBJ>.
    After carefully considering the two offers at a meeting on
Friday, the Harpers and Row board decided not to act on them.
    The directors unanimously expressed their strong desire to
preserve the company's independence and take advantage of its
"considerable future prospects," according to director Winthrop
Knowlton, former chief executive and now chairman of the newly
established independent committee.
    "However, given the significant current interest in the
company, we also feel that we should carefully review all the
options available. The committee will consider all the
pertinent facts and alternatives... We intend to make a careful
and informed decision but will proceed expeditiously to a
conclusion," Knowlton said.
    Pending its deliberations, Harper and Row's board has
postponed indefinitely a special meeting of stockholders that
had been scheduled for April 2 to discuss a proposal to
recapitalize the company's stock in order to create two classes
of shares with different votinmg rights.
 Reuter
3;
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acq
topicend
bodystart
2;

FAILING WASHINGTON STATE S/L IS ACQUIRED


    WASHINGTON, March 16 - 
The Federal Home Loan Bank Board
(FHLBB) announced the acquisition of Home Savings and Loan
Association in Seattle, Washington, by InterWest Savings Bank
of Oak Harbour, Washington.
    The FHLBB said Home Savings was the 12th troubled savings
institution requiring federal action this year.
    It said Home Savings had assets of 150.6 mln dlrs in assets
and InterWest had assets of 342.9 mln dlrs.
 Reuter
3;
bodyend
documentend
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5288
topicstart
trade
topicend
bodystart
2;

BALDRIGE WARNS OF WORLD TRADE WAR DANGER


    WASHINGTON, March 16 - 
U.S. Commerce Secretary Malcolm
Baldrige predicted Congress will pass a reasonable trade bill
this year and said tough protectionist legislation could prompt
a trade war.
    "The mood of the Congress right now is as tough on trade as
I've ever seen it in six years in Washington," Baldrige said in
a weekend television interview.
    "I think we'll still be able to get a reasonable trade bill
out in spite of that because the whole Congress is trying to
work together with the administration, but there is a hardening
trade attitude," he said.
    President Reagan opposes protectionist legislation but
agreed to support a trade bill when it became apparent that
opposition Democrats would pass such legislation.
    However, Baldrige warned measures that would penalize
trading partners such as Japan, South Korea and Taiwan for
failing to cut their trade surpluses with the U.S. could lead
to retaliation and he said he would urge Reagan to veto any
such bill.
    When asked if there is a rising danger of a worldwide trade
war, Baldrige said: "Yes, I don't think there's any question
about that."
 Reuter
3;
bodyend
documentend
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5290
topicstart
money-fx
dlr
interest
topicend
bodystart
2;

LEADING INDUSTRIAL NATIONS TO MEET IN APRIL


    By Peter Torday


    WASHINGTON, March 16 - 
Leading industrial nations will meet
again next month to review their accord on currency stability,
but U.S. Officials said financial markets are convinced for now
the countries will live up to commitments to speed up economic
growth.
    The narrow currency movements of recent weeks strongly
suggests the six leading industrial countries have tamed the
normally unruly financial markets and next month's talks seem
likely to build on that stability.
    A Reagan administration official said the Paris agreement
last month was the main reason markets were calm.
    But he said in an interview that financial markets also
understood, "That all six countries concluded that the measures
to be taken over a period of time in the future should foster
stability of exchange rates around current levels. That is in
fact what has happened since Paris."
    Monetary analysts said stability has been helped in part by
the decision of industrial nations to bury the hatchet and
cease to quarrel over short-term policy objectives.
    Instead they have focused on medium-term policy goals, but
left room to adjust their agreements with periodic meetings.
    The official refused to comment, however, on whether the
agreement included a secret pact to consider further
coordinated interest rate cuts -- a measure industrial nations
have taken jointly several times in the past year.
    On February 22, the United States, Japan, West Germany,
France, Britain and Canada agreed that major currencies were
within ranges broadly reflecting underlying economic
conditions, given commitments by Washington to cut its budget
deficit and by Toyko and Bonn to boost economic growth.
    The shake-up would strengthen the U.S. Position in future
international talks.
    "I think these changes will strengthen the President's hand
politically and the stronger he is politically the better off
we are with the Congress and the better off we are in
international fora," said the official, an Administration
economic policymaker. "So it would be beneficial to the
continued conduct of our initiatives."
    But the official also said the Administration would resist
calls for a tax increase to cut the budget deficit -- a target
Europeans say is crucial to help curb economic instability.
    Currency analysts believe the Paris agreement set secret 
short-term target ranges for their currencies with a specific
agreement to defend those bands with intervention.
    According to market sources, the ranges agreed were 1.60 to
1.90 marks to the dollar, and 140 to 155 yen to the dollar.
    There is no official confirmation that specific bands  were
set, although the agreement used the term "ranges", for the first
time in an international economic agreement.
    The Paris accord stated the six would cooperate closely to
foster currency stability around current levels.
    Last week, dealers said the Federal Reserve intervened to
stop the dollar rising against the mark, which had breached
1.86 to the dollar. British authorities are also understood to
have intervened to curb sterling's strength.
    International monetary sources say finance ministers and
central bankers, who will review market performance and their
own economic prospects, will reassemble again in Washington
just before the April 9 policymaking meeting of the
International Monetary Fund.
    The sources said Italy, which refused to join the Paris
pact, was invited back by Treasury Secretary James Baker.
    Since Paris, there are signs West German growth is slowing,
while U.S. Officials said they were giving Japan until April to
show that an economic stimulus package was in the offing.
    Signs of concern about German prospects emerged recently
when Bundesbank (central bank) president Karl Otto Poehl told
bankers he would consider cutting West German interest rates if
the Fed was ready to follow suit.
    A Reagan Administration official said this would show there
had been some change in approach on the part of the central
bank in Germany.
    But he declined to comment on the prospects for action by
the Fed and the Bundesbank.
    "If there is such a provision it is private and if I talked
about it, it would no longer be private," said the official, who
asked not to be identified.
    Public comments by Fed officials suggest the central bank
is keeping credit conditions broadly unchanged, but if the
major economies continue to show sluggish growth and the U.S.
Trade deficit remains stubbornly high, further coordinated
action could be on the April agenda.
 REUTER
3;
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5291
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acq
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2;

CALNY 
<
CLNY> GETS BID FROM PEPSICO 
<
PEP>


    SAN MATEO, Calif., March 16 - 
Calny Inc said it has
received an offer to be acquired by PepsiCo Inc, which already
owns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject
to approval by PepsiCo and Calny boards and Calny shareholders.
    The company said its board intendsd to schedule a meeting
in the near future to review the proposal and it has asked

<
Oppenheimer and Co Inc> to assist it in evaluating the offer
and advise Calny on its alternatives.
    Calny is the largest franchisee of PepsiCo's Taco Bell
restaurants, operating 143 in California, Oregon, Texas and
Washington as well as 15 La Petite Boulangerie bakeries in
Seattle.
    Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for
the nine months ended November Four.
    On December Four, Calny rejected as inadequate an investor
group led by former president and chairman Robert A. Larive's
second offer to acquire it because the bid was inadeuqate and
subject to too many contingencies.  The group offered 11.50
dlrs and one dlr of 10 pct preferred stock per Calny share.
 Reuter
3;
bodyend
documentend
documentstart
5292
topicstart
veg-oil
palm-oil
ship
topicend
bodystart
2;

INDONESIA PLANS TO BUILD PALM OIL TERMINAL


    JAKARTA, March 16 - 
Indonesia will build a crude palm oil
terminal at a new port on Batam island, south of Singapore,
Research and Technology Minister Yusuf Habibie said.
    The terminal will be able to handle 2.1 mln tonnes of crude
palm oil from new plantations in northern Sumatra and western
Kalimantan (Borneo), he said.
    A tender for engineering work on the Asia Port project will
be offered mid-year. Habibie did not say when the terminal was
expected to be operational.
 Reuter
3;
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5293
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acq
topicend
bodystart
2;

WARBURG PINCUS STARTS SYMBION 
<
SYMB> BID


    NEW YORK, March 16 - 
<
Warburg, Pincus Capital Corp> said it
has started a tender offer for up to 2,500,000 common shares of
Symbion Inc at 3.50 dlrs each.
    In a newspaper advertisement, The firm said the opffer is
not conditioned on receipt of any minimum number of shares but
is conditioned on holders of nor more than 400,000 Symbion
sharesseeking to receive the fair value of their shares under
provisions of the Utah Business Corporation Act.  Warburg said
receipt of 2,500,000 shares would raise its interest in Symbion
to about 59.3 pct from 25.8 pct currently and give it control.
    Warburg said it reserves the right to buy more than
2,500,000 shares if the offer is oversubscribed but has no
present intention of doing so.  It said it has asked Symbion to
provide its shareholder list to help in disseminating the
offer.
    The firm said the offer, proration period and withdrawal
rights expire April 22 unless extended.
 Reuter
3;
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2;

PHILIPPINES' ONGPIN OPTIMISTIC ON DEBT TALKS


    By Alan Wheatley, Reuters


    NEW YORK, March 16 - 
Philippines finance minister Jaime
Ongpin said he was cautiously optimistic an accord on debt
rescheduling would be reached with commercial bank creditors,
as he prepared for the third week of talks starting Monday.
    "One can never be too optimistic, but I'm cautiously
optimistic that we can get an agreement....We think we're close
to a deal," Ongpin told Reuters by telephone.
    He said he had received a new proposal from the banks late
Friday and had spent the weekend evaluating it with other
members of the Philippine delegation.
    Ongpin declined to disclose details of the banks' new offer
and bankers also declined to be specific ahead of their next
meeting with Ongpin on Monday. But one senior banker said he
too was guardedly optimistic a deal could be struck, possibly
by the end of the week.
    Still at the heart of the talks is Ongpin's offer to pay
part of the country's interest bill in Philippine Investment
Notes, PINs, instead of cash. The bank creditors' advisory
committee led by Manufacturers Hanover Trust Co rejected the
concept as it was originally drafted, but the counter-proposal
made on Friday contains a revised version, bankers said.
    Manila, seeking to reschedule 9.4 billion dlrs of its total
debt of 27.2 billion, wants to pay the London Interbank Offered
Rate (LIBOR) in cash and a margin above LIBOR in PINs.
    These dollar-denominated notes would be sold by banks at a
discount to multi-national firms which would then convert them
at face value with the central bank, thus receiving subsidized
pesos for use in funding government-approved investments.
    Effectively foreign companies would be paying the interest
margin above LIBOR. The Philippines would conserve foreign
exchange and enjoy investment inflows, reducing marginally the
need to seek new bank loans.
    But the banks rejected the PINs proposal in its original
form, fearing regulatory and accounting problems.
    They were also reluctant to veer from the principle that
interest should be paid in cash not paper, fearing that other
debtor nations would emulate the idea, bankers said.
    Ongpin sweetened his original offer by guaranteeing that
his government would redeem the notes at 7/8 pct over LIBOR if
there was no buyer in the secondary market.
    Last week the banks came under pressure to accept this,
when senior U.S. Officials endorsed it as fully consistent with
Treasury Secretary James Baker's debt strategy.
    But banking sources said that the margin over LIBOR was
still a sticking point.
    After Venezuela clinched a revised rescheduling agreement
last month at 7/8 pct over LIBOR, some New York bankers
imediately claimed that 7/8 pct should be seen as a new
benchmark for a debtor that needs no new loans, is current on
interest and is repaying some principal.
    The Philippines meets the first two criteria but not the
third.
 REUTER
3;
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documentend
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5295
topicstart
earn
topicend
bodystart
2;

ZIM ENERGY 
<
ZIMR> TO SELL SHARES PRIVATELY


    HOUSTON, March 16 - 
ZIM Energy Corp said it has entered
into an agreement for a group consisting of 
<
Strategy and
Development Inc>, 
<
Norsk Vikingolje A/S> of Oslo and MIS Gas
Corp -- which already owns one third of ZIM -- to buy 15 to 20
mln new common shares at 20 cts each in association with 
<
Polo
Energy Corp> and 
<
Jaguar Petroleum Corp>.
    The company said the investor group also bought about 6.3
mln shares from ZIM management. It said James Mitchell, William
Richardson and Steven Duin have resigned as officers and
directors.
    ZIM said Chemclear Inc 
<
CMCL> has unilaterally canceled an
agreement to merge with ZIM, and ZIM's board is studying the
possiblity of a claim against Chemclear.
    The company said it expects to report a loss for the year
of about 3,125,000 dlrs due to lower oil and natural gas
prices, unsuccessful well workover programs and excessive
overhead and corporate expenses. It said it plans a dramatic
reduction in overhead costs that should improve results.
    The company said Michel Billard has been named chairman and
Robert Berckmans has been named president and chief executive,
and Berckmans and two others have joined the board.
    ZIM said it has agreed to acquire the remaining interest in
its Buccaneer and Blue Dolphin Pipeline affiliates for about
one mln dlrs in cash and stock.  It gave no further details.
 Reuter
3;
bodyend
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5296
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earn
topicend
bodystart
2;

BLUEFIELD SUPPLY 
<
BFLD> IN LIQUIDATING PAYOUT


    BLUEFIELD, W. Va., March 16 - 
Bluefield Supply Co said its
board declared its second liquidating dividend of 1.71 dlrs per
share, payable March 16 to shareholders of record March 13.
    The company paid an initial liquidating dividend of 15.75
dlrs per share on January Eight.
 Reuter
3;
bodyend
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5297
topicstart
earn
topicend
bodystart
2;

BERGEN BRUNSWIG CORP 
<
BBCA> 2ND QTR FEB 28 NET


    ORANGE, Calif., March 16 -
    
Shr 33 cts vs 48 cts
    Shr diluted 33 cts vs 44 cts
    Net 4,435,000 vs 6,410,000
    Revs 839.3 mln vs 751.8 mln
    1st half
    Shr 55 cts vs 94 cts
    Shr diluted 55 cts vs 88 cts
    Net 7,374,000 vs 12.6 mln
    Revs 1.68 billion vs 1.51 billion
 Reuter
3;
bodyend
documentend
documentstart
5299
topicstart
acq
topicend
bodystart
2;

DIXONS SELLS 8.3 MLN WOOLWORTH SHARES


    LONDON, March 16 - 
Dixons Group Plc 
<
DXNS.L> has sold 8.3
mln shares in Woolworth Holdings Plc 
<
WLTH.L> through Salomon
Brothers U.K. Equity Ltd, a statement from Salomon said.
    The shares were placed with about 45 to 50 institutions in
Europe and the Far East. Dixons retains one mln Woolworth
shares, a Dixons spokesman added.
    Industry sources said Dixons acquired the Woolworth shares
in connection with its unsuccessful bid for the company last
year.
    Dixons paid an average price of 695p per share which
compares with 819p today. Woolworth closed on Froday at 833p.
    A Dixons spokesman said the decision to retain one mln
shares reflected Woolworth's buoyant prospects.
 REUTER
3;
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earn
topicend
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2;

JOULE' INC 
<
JOUL> SETS STOCK SPLIT


    EDISON, N.J., March 16 - 
Joule' Inc said its board declared
a three-for-two stock split, payable April 30, record March 31.
 Reuter
3;
bodyend
documentend
documentstart
5303
topicstart
acq
topicend
bodystart
2;

<
WHIPPANY PAPER BOARD CO INC> MERGER APPROVED


    NEW YORK, March 16 - 
Whippany Paper Board Co Inc said
shareholders at a special meeting approved a merger into NPN
Inc for 2.50 dlrs per share.
    NPN acquired control of Whippany in a recent tender offer.
 Reuter
3;
bodyend
documentend
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5304
topicstart
acq
topicend
bodystart
2;

NORTHERN AIR FREIGHT 
<
NAFI> GETS, REJECTS, BID


    LIMA, Pa., March 16 - 
Privately-held 
<
Pilot Air Freight>
said it met with officials of Northern Air Freight Inc to try
to negotiate a friendly acquisition of Northern, but Northern's
management had no interest in the proposal.
    Northern has annual revenues of about 60 mln dlrs and is
based in Seattle.
     
 Reuter
3;
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documentend
documentstart
5307
topicstart
topicend
bodystart
2;

EXPORT DEVELOPMENT CORP ISSUES EUROYEN BOND


    LONDON, March 16 - 
Export Development Corp is issuing a 15
billion yen eurobond due August 28, 1992 paying 4-1/2 pct and
priced at 101-7/8 pct, lead manager Bank of Tokyo International
said.
    The bond is available in denominations of one mln yen and
will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
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5308
topicstart
earn
topicend
bodystart
2;

AMERICAN BUILDING MAINTENANCE 
<
ABM> 1ST QTR NET


    SAN FRANCISCO, March 16 -
    
Shr 35 cts vs 44 cts
    Net 1,311,000 vs 1,619,000
    Revs 125.2 mln vs 117.2 mln
    NOTE: American Building Maintenance Industries Inc.
 Reuter
3;
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documentend
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5309
topicstart
acq
topicend
bodystart
2;

RENOUF EXTENDS BENEQUITY HOLDINGS 
<
BH> OFFER


    NEW YORK, March 16 - 
Renouf Corp International said it has
extended the expiration of its offer to pay 31 dlrs a unit to
buy all outstanding units of Benequity Holdings a California
Limited Partnership to March 24 from March 13.
    As of March 13, Renouf said, about 3,847,375 units had been
tendered.
    Renouf pointed out this exceeds the minimum number sought
in the offer, but its statement gave no reason for the
extention. Benequity has 5.7 mln units outstanding.
 Reuter
3;
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5311
topicstart
topicend
bodystart
2;

U.S. CORPORATE FINANCE - BANK PAPER PRESSURED


    By John Picinich, Reuters


    NEW YORK, March 16 - 
Debt securities issued by major U.S.
banks are under pressure in the secondary market as investors
shy away from the paper because of Brazil's suspension of
interest payments last month, analysts and traders said.
    On February 20, Brazil said it would suspend interest
payments on 68 billion dlrs owed to foreign commercial banks.
No date was established for the renewal of payments.
    "Buyers have backed away from bank paper. These securities
have become very difficult to sell despite a rise in their
yields," said one corporate bond trader.
    "Debt issues of major money center banks will probably
continue to trade off until such time as the Brazil situation
is resolved," said Loretta Neuhaus, a vice president with
Merrill Lynch Capital Markets.
    "I have not told any of our investors to stay away from the
banks in general," she added. "But I have not received too many
inquiries by prospective buyers lately either."
    Traders said debt securities of U.S. banks that are
perceived by investors to be heavily exposed to Latin American
debtor nations declined moderately in price last week. They
said the difference between bids and offers widened.
    "There is not much trading of bank issues these days," an
underwriter said, referring to the wider bid/offer spreads.
    However, he and others pointed out that the secondary
market has not seen heavy selling by institutions, funds and
other investors.
    "The selling has been steady over the past couple of weeks.
But it has been far from panicky," said another trader.
    In addition, institutional sources told Reuters on Friday
that Salomon Brothers Inc lowered its investment ratings on the
stocks of all U.S. money centers. But the sources said it is
understood the action is not a sell recommendation.
    While institutional sources said Salomon lowered the
ratings to M from O-plus on bank stocks, bond traders said this
carried over to the secondary market and further undermined
confidence in bank paper.
    The banks affected by Salomon's change in investment coding
were Bank of New York Co Inc 
<
BK>, Bankers Trust Co 
<
BT>, Chase
Manhattan Corp 
<
CMB>, Chemical New York Corp 
<
CHL>, Citicorp

<
CCI>, Irving Bank Corp 
<
V>, Manufacturers Hanover Corp 
<
MHC>,
J.P. Morgan and Co Inc 
<
JPM>, Marine Midland Banks Inc 
<
MM>,
Republic New York Corp 
<
RNB>, Bank of Boston Corp 
<
BKB> and
First Chicago Corp 
<
FNB>, sources said.
    The institutional sources said Salomon cited a filing with
the Securities and Exchange Commission by Citibank, the lead
bank of Citicorp.
    Citibank said Friday it told the SEC its earnings could be
reduced by 50 mln dlrs after-tax in the first quarter, and 190
mln dlrs in the year, if it has to declare 3.9 billion dlrs of
medium- and long-term Brazilian loans non-performing.
    "I believe there will be some renegotiation along the way
between Brazil and the banks such that the banks will not have
to charge off their loans to Brazil," Merrill Lynch's Neuhaus
commented.
    But until then, investors are widely expected to remain
leery of buying bank paper, according to analysts and traders.
    In an unrelated development, RJR Nabisco Inc 
<
RJR> paid
what some bond traders said amounted to a "penalty fee" when
the company tapped the domestic debt market on Friday.
    RJR Nabisco sold 500 mln dlrs of sinking fund debentures
due 2017 via lead manager Shearson Lehman Brothers Inc. The
debentures had an 8-5/8 pct coupon and were priced at 98.675 to
yield 8-3/4 pct, or 115 basis points over the off-the-run 9-1/4
pct Treasury bonds of 2016. The yield and premium over
Treasuries was greater than a similar financing in January.
    On January 22 Nabisco sold 500 mln dlrs of same-maturity,
same-rated sinking fund debentures priced to yield 8.62 pct, or
107 basis points over the 9-1/4 pct Treasury bonds.
    Both issues were rated A-1 by Moody's and A by S and P.
    Bond traders noted that Nabisco has called for redemption
around 1.2 billion dlrs of its 11.20 pct notes of 1997. Nabisco
will buy them back at 107.50, traders said.
    "The redemption of an attractive double-digit yield issues
has tainted Nabisco in investors' eyes," said one trader.
"Obviously, a lot of prospective buyers believe Nabisco should
pay a higher yield because of that."
    Traders also asserted that the higher yield in Friday's
pricing reflected the total debt issuance of one billion dlrs
so far this year by Nabisco.
    "Investors may be showing some signs of indigestion,"
remarked one trader. Traders said they expect Nabisco will
float more debt in the coming weeks to finance the redemption
of the 11.20 pct notes.
    Officers on Shearson's syndicate desk declined to comment.
    IDD Information Service said the 30-day corporate visible
supply rose to 3.28 billion dlrs last week from 1.79 billion
dlrs in the previous week.
 Reuter
3;
bodyend
documentend
documentstart
5312
topicstart
earn
topicend
bodystart
2;

NEW WORLD PICTURES LTD 
<
NWP> 4TH QTR NET


    LOS ANGELES, March 16 -
    
Shr 32 cts vs 21 cts
    Net 4,717,000 vs 2,587,000
    Revs 72.9 mln vs 37.9 mln
    Avg shrs 14.7 mln vs 12.6 mln
    Year
    Oper shr 75 cts vs 41 cts
    Oper net 10.7 mln vs 4,642,000
    Revs 188.9 mln vs 106.6 mln
    Avg shrs 14.2 mln vs 1.4 mln
    NOTE: 1985 year net excludes 495,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
5313
topicstart
earn
topicend
bodystart
2;

LOWRANCE ELECTRONICS INC 
<
LEIX> 2ND QTR JAN 31


    TULSA, Okla., March 16 -
    
Shr profit 17 cts vs loss two cts
    Net profit 520,000 vs loss 51,000
    Sales 11.1 mln vs 6,897,000
    1st half
    Shr profit 34 cts vs profit 12 cts
    Net profit 951,000 vs profit 320,000
    Sales 20.6 mln vs 14.9 mln
 Reuter
3;
bodyend
documentend
documentstart
5314
topicstart
earn
topicend
bodystart
2;

COMMTRON CORP 
<
CMR> 2ND QTR FEB 28 NET


    WEST DES MOINES, Iowa, March 16 -
    
Shr 16 cts vs 22 cts
    Net 1,574,000 vs 1,725,000
    Sales 104.2 mln vs 116.0 mln
    Avg shrs 10.1 mln vs eight mln
    1st half
    Shr 37 cts vs 37 cts
    Net 3,675,000 vs 2,925,000
    Sales 244.5 mln vs 230.6 mln
    Avg shrs 10.0 mln vs eight mln
 Reuter
3;
bodyend
documentend
documentstart
5315
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDONESIA HAS IMPORTED PALM OIL, TRADERS SAY


    LONDON, March 16 - 
Indonesia has imported palm oil this
year and is likely to take more, trade sources said.
    They were commenting on a weekend Jakarta report quoting a
Ministry of Trade spokesman as saying Indonesia had not issued
licences to import the commodity. He also said there was no
sign of a shortage of palm oil in Indonesia.
    A major palm oil dealer said he shipped Malaysian palm oil
to Indonesia in February, additional vessels were loading this
month and other vessels had been earmarked for April.
    Other operators claimed they had palm oil booked for
Indonesia but would not disclose tonnages.
    Traders said palm oil production in Indonesia this year had
been below expectations and current stocks were low. They said
licences were issued at the start of the year to import crude
palm oil but were subsequently revised to include RBD olein and
RBD oil.
    Last week there were rumours in European markets that
Indonesia had issued licences to import around 135,000 tonnes
of palm oil for deliveries commencing April. An Indonesian
Ministry of Trade official said this was incorrect.
    Some traders here said the total could be more. Others said
they could include those issued earlier this year and
applications not yet granted.
 Reuter
3;
bodyend
documentend
documentstart
5316
topicstart
earn
topicend
bodystart
2;

WHOLESALE CLUB INC 
<
WHLS> 4TH QTR JAN 31 NET


    INDIANAPOLIS, March 16 -
    
Shr profit two cts vs loss 16 cts
    Net profit 558,000 vs loss 580,000
    Sales 66.2 mln vs 29.5 mln
    Avg shrs 4,476,000 vs 3,615,000
    Year
    Shr loss 61 cts vs loss 79 cts
    Net loss 1,760,000 vs loss 2,180,000
    Sales 158.4 mln vs 76.3 mln
    Avg shrs 4,475,000 vs 2,751,000
 Reuter
3;
bodyend
documentend
documentstart
5317
topicstart
earn
topicend
bodystart
2;

MSA REALTY CORP 
<
SSS> 4TH QTR NET


    INDIANAPOLIS, March 16 -
    
Shr profit four cts vs loss two cts
    Net profit 247,970 vs loss 57,341
    Revs 2,393,622 vs 2,627,612
    Avg shrs 5,958,423 vs 2,440,100
    Year
    Shr profit 71 cts vs loss 35 cts
    Net profit 3,213,310 vs loss 849,180
    Revs 14,571,434 vs 9,099,767
    Avg shrs 6,177,666 vs 2,440,083
    NOTE: 1986 earnings include a loss from carryforward of
investment tax credits of 85,000 dlrs in the quarter and a gain
of 250,000 dlrs, or four cts a share for the year
 Reuter
3;
bodyend
documentend
documentstart
5318
topicstart
cpi
topicend
bodystart
2;

ECONOMIC SPOTLIGHT -FRANCE AWAITS ECONOMIC LIFT


    By Brian Childs, Reuters


    PARIS, March 16 - 
A year after squeezing to power with a
narrow bare coalition majority, Gaullist Prime minister Jacques
Chirac has swept away a cobweb of controls and regulations
choking the French economy.
    But France is still waiting for a promised industrial
recovery the government says will follow from its free market
policies. Company profits and the stock market are rising. But
so is unemployment. Growth is stagnant at about two pct a year
and the outlook for inflation, held to a 20-year low of 2.1 pct
in 1986, is uncertain.
    Forced last month to cut the government's 1987 growth
target and raise its inflation estimate, Finance Minister
Edouard Balladur ruled out action to stimulate the economy. But
some government supporters say they fear time for an economic
miracle may be running out.
    The political clock is ticking towards Presidential
elections due by April next year.
    France's economic performance, led by a mixed cast of
right-wing ministers and a socialist President, has won mixed
reviews from non-partisan analysts.
    For Michel Develle, Director of Economic Studies at
newly-privatised Banque Paribas, the government's outstanding
achievement has been to launch "a veritable intellectual
revolution" breaking the staid habits formed by centuries of
state control.
    "The figures may look mediocre -- neither good nor bad --
but set in their context of structural reforms, they are
excellent," Develle said.
    But some analysts say they fear that Balladur, chief
architect of the government's free market policies, may be
pursuing a mirage.
    "The belief that economic liberalism will produce an
explosion of economic forces is ideological" said Indosuez chief
economist Jean Cheval. "Personally I think it's an illusion.
Dirigisme (direction) is a basic fact of the French system,
from school onwards. Ultra-liberalism is impossible."
    Illusion or not, the government has pushed its vision hard.
Over the past year foreign exchange and consumer price controls
have been largely abolished, labour regulations have been
pruned to ease the sacking of redundant workers and a hugely
popular programme has been launched to sell state-owned banks
and industries to private investors.
    Since December, nearly five mln French investors have
bought shares in Cie Financiere de Paribas 
<
PARI.PA> and glass
maker Cie de Saint-Gobain SA 
<
SGEP.PA>, the first two state
companies brought to the stock market under the 300 billion
franc five-year privatisation plan.
    Encouraged by an amnesty for past illegal exports of
capital, and the lifting of most currency controls, money has
flooded into the Paris stockmarket from abroad, helping to lift
the market 57 pct last year and another 12.5 pct since
December.
    At the end of last year the government abolished price
controls that had existed for 42 years on services such as car
repairs and hairdressing, freeing from state intervention small
businesses which account for some 60 pct of the French economy.
    The immediate result was a 0.9 pct rise in consumer prices
in January, partly responsible for a forced revision in the
official 1987 inflation forecast, to 2.5 pct from two pct or
less.
    "But even 2.5 pct would be a fantastic result, when you
consider that prices are now free for the first time since
1945," commented Develle of Paribas.
    Other achievements include a major reduction in the state's
foreign debts, and a cut in the state budget deficit to 141.1
billion francs last year, 2.5 billion francs below target and
down from 153.3 billion in 1985.
    But despite a healthy balance of payments surplus and a
gradual improvement in industrial productivity, the French
franc was forced by speculators in January into a humiliating
three pct devaluation against the West German mark, its second
since Chirac took power.
    A recent report by the Organisation for Economic
Cooperation and Development pilloried French industry for
failing to produce the goods that its potential customers
wanted.
    Outside the mainly state-controlled high technology
sectors, French industrial goods were "increasingly ill-adapted
to demand" and over-priced, the report said.
    French economists, including Cheval at Indosuez, agreed
with the report. "One of the assumptions of the government is
that if you give them freedom, the employers will invest and
modernise....But nine out of ten will say yes, they like
freedom, and then wait to be told which way to go," he said.
    And despite rising industrial investment and the
introduction of special incentives to boost youth employment,
the end-1986 number of jobless was reported at a record 2.7
million, some 300,000 more than a year earlier.
    The problem for the government is that there may be little
more it can do to prod the economy into faster growth.
    French producers failed more than most to take advantage of
last year's oil price falls and growth hopes now rest on the
shaky prospects of expansion in other industrial countries like
West Germany and Japan, they say.
 REUTER...
3;
bodyend
documentend
documentstart
5320
topicstart
acq
topicend
bodystart
2;
******
BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
5321
topicstart
earn
topicend
bodystart
2;

EVEREST AND JENNINGS INTERNATIONAL 
<
EJA> 4TH QTR


    LOS ANGELES, March 16 -
    
Shr profit nine cts vs loss 58 cts
    Net profit 738,000 vs loss 4,643,000
    Sales 50.9 mln vs 43.8 mln
    Year
    Shr profit 1.50 dlrs vs loss 61 cts
    Net profit 12.1 mln vs loss 4,875,000
    Sales 195.3 mln vs 174.2 mln
    NOTE: 1985 net both periods includes 4,952,000 dlr
provision for plant closing.
    1985 net includes gains on sale of West Los Angeles real
estate of 650,000 dlrs in quarter and 1,471,000 dlrs in year.
    1986 year net includes gains on sale of West Los Angeles
real estate of 9,903,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5323
topicstart
gold
topicend
bodystart
2;

GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987


    HAMBURG, March 16 - 
Gold is expected to continue its rise
this year due to renewed inflationary pressures, especially in
the U.S., Hamburg-based Vereins- und Westbank AG said.
    It said in a statement the stabilisation of crude oil
prices and the Organisation of Petroleum Exporting Countries'
efforts to achieve further firming of the price has led to
growing inflationary pressures in the U.S.
    Money supplies in the U.S., Japan and West Germany exceed
central bank limits and real growth of their gross national
products, it added.
    Use of physical gold should rise this year due to increased
industrial demand and higher expected coin production, the bank
said.
    Speculative demand, which influences the gold price on
futures markets, has also risen, the bank said.
    These factors and South Africa's unstable political
situation, which may lead to a temporary reduction in gold
supplies from that country, underscore the firmer sentiment, it
said.
    However, Australia's output is estimated to rise to 90
tonnes this year from 73.5 tonnes in 1986.
 Reuter
3;
bodyend
documentend
documentstart
5326
topicstart
earn
topicend
bodystart
2;
*****
ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR

Blah blah blah.
3;


bodyend
documentend
documentstart
5327
topicstart
earn
topicend
bodystart
2;

ALPINE GROUP INC 
<
AGI> 3RD QTR JAN 31 NET


    HACKENSACK, N.J., March 13 -
    
Shr profit seven cts vs loss five cts
    Net profit 303,000 vs loss 205,000
    Revs 16,945,000 vs 7,695,000
    Nine mths
    Shr profit 27 cts vs profit 19 cts
    Net profit 1,161,000 vs profit 787,000
    Revs 39.2 mln vs 22.8 mln
    NOTE: Profits include gains of 130,000 dlrs, or three cts a
share, in quarter and 490,000 dlrs, or 11 cts a share, vs
52,000 dlrs, or one cent a share, in nine months from tax loss
carryforward
 Reuter
3;
bodyend
documentend
documentstart
5328
topicstart
earn
topicend
bodystart
2;

BSI SAYS EXPECTS ANOTHER GOOD YEAR IN 1987


    ZURICH, March 16 - 
Banca della Svizzera Italiana 
<
BISZ.Z>
said it expected business to be good again this year after
1986's 15.2 pct increase in net profit to 42 mln Swiss francs.
    Chief Executive Giorgio Ghiringhelli told reporters he
expected almost all important sectors to expand well in 1987.
An important exception would be its securities business, which
would grow more slowly.
    Ghiringhelli also said the bank planned to convert its
representation in London into a subsidiary at the end of this
year and further expand activities at its New York subsidiary,
particularly in private banking.
 Reuter
3;
bodyend
documentend
documentstart
5329
topicstart
acq
topicend
bodystart
2;
******
DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES

Blah blah blah.
3;


bodyend
documentend
documentstart
5330
topicstart
ship
topicend
bodystart
2;

BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE


    CAMPINAS, Brazil, March 16 - 
Brazilian bank workers voted
to launch a nationwide strike this month, compounding labour
unrest arising from the failure of the government's
anti-inflation plan.
    At a rally in this city, about 100 km northwest of Sao
Paulo, about 5,000 bank workers voted to strike on March 24
unless their demand for 100 pct pay rises is met.
    Wilson Gomes de Moura, president of the national
confederation which groups the bank employees' 152 unions
representing 700,000 workers, told Reuters the indefinite
stoppage would affect all banks.
    The vote came as a stoppage by seamen entered its third
week and as 55,000 oil workers threatened action against the
state-owned petroleum company Petrobras.
 Reuter
3;
bodyend
documentend
documentstart
5331
topicstart
acq
topicend
bodystart
2;

BECOR WESTERN 
<
BCW> GETS OFFER TO BE ACQUIRED


    MILWAUKEE, March 16 - 
Becor Western Inc said 
<
Investment
Limited Partnership> of Greenwich, conn., and Randolph W. Lenz
are offering to acquire Becor for 15.50 dlrs per share, subject
to Becor's receipt of at least 110 mln dlrs from the proposed
sale of its Western Gear Corp subsidiary.
    Becor said it has also received expressions of interest
from other parties seeking information about Becor.
    Becor had previously agreed to sell Western Gear for at
least 110 mln dlrs and to be acquired by BCW Acquisition Inc
for 10.45 dlrs in cash and four dlrs in debentures per Becor
share.  BCW was formed by Becor executives and 
<
Goldman, Sachs
and Co>.  Both deals are subject to shareholder approval.
 Reuter
3;
bodyend
documentend
documentstart
5332
topicstart
acq
topicend
bodystart
2;

CLARK EQUIPMENT 
<
CKL> STAKE ACQUIRED


    SOUTH BEND, IND., March 16 - 
Clark Equipment Co said it was
informed by Arthur M. Goldberg acting on behalf of a group of
investors that the group had accumulated 1,262,200 shares, or
about 6.7 pct of Clark's outstanding common stock.
    It said Goldberg recently approached Clark to repurchase
the shares. However, negotiations for the block repurchase were
unsuccessful and have been terminated.
 Reuter
3;
bodyend
documentend
documentstart
5333
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 16 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 295,000 to 302,000 head versus
293,000 week ago and 309,000 a year ago.
    Cattle slaughter is guesstimated at about 123,000 to
126,000 head versus 123,000 week ago and 121,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
5334
topicstart
coffee
topicend
bodystart
2;

PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER


    NEW YORK, March 16 - 
U.S. roastings of green coffee in the
week ended March 7 were about 325,000 (60-kilo) bags, including
that used for soluble production, compared with 290,000 bags in
the corresponding week of last year and about 315,000 bags in
the week ended February 28, George Gordon Paton and Co Inc
reported.
    It said cumulative roastings for calendar 1987 now total a
3,295,000 bags, compared with 3,620,000 bags by this time last
year.
 Reuter
3;
bodyend
documentend
documentstart
5335
topicstart
acq
topicend
bodystart
2;

AVIA STOCKHOLDERS SEEK TO BLOCK SALE TO REEBOK


    PORTLAND, Ore., March 16 - 
<
Avia Group International Inc> 
stockholders filed a class a action suit in Multnomah County
Circuit court seeking to halt the sale of Avia to Reebok
International Ltd 
<
RBOK>.
    Avia stockholders also seek to receive compensation from
the defendants, who include most of Avia directors, according
to court papers.
    The suit grew out a meeting of several dozen dissatisfied
minority stockholders of Avia following the announcement of
Reebok's proposed acquisition of Avia and the sudden drop in
the price of Avia stock.
    The complaint was filed on behalf of Clem Eischen, a
Portland-area resident, who owns 500 shares of Avia, and Robert
Withers, also of the Portland-area, who owns 954 shares, and
other individuals who held stock at the time of Reebok's
announcement. A jury trial has been requested.
    "The actions of the small group that contral Avia have hurt
the little guy," said Eischen.
    The stockholders, according to a statement, have organized
a steering committee.
    The complaint reviews the price action of Avia stock from
March 1986 and noted the plaintifs who purchased stock between
19 dlrs and 25 dlrs per share. The price fell from 24 dlrs to
16.50 dlrs a share following the Reebok announcement.
    The complaint asked the defendants be enjoined from
proceeding with the Reebok acquisition of Avia. It also
requests damages to be determined at the time of trial.
    Avia said it had not seen the court papers and said it had
no comment on the suit.
 Reuter
3;
bodyend
documentend
documentstart
5336
topicstart
money-fx
interest
topicend
bodystart
2;
U.K. MONEY MARKET GIVEN 451 MLN STG AFTERNOON HELP LONDON,
March 16 - The Bank of England said it provided the money
market with a further 451 mln stg assistance.
    This brings the bank's total help today to 571 mln stg and
compares with its estimate of the deficit in the system which
was earlier revised down to 1.10 billion stg from 1.15 billion.
    The central bank bought 108 mln stg of bills for resale to
the market in equal amounts on April 1, 2 and 3 at 10-7/16 pct.
    It also made outright purchases comprising 326 mln stg of
bank bills in band one at 10-3/8 pct, 15 mln stg of bank bills
in band two at 10-5/16 pct and two mln stg of local authority
bills in band one at 10-3/8 pct.
 REUTER
3;


bodyend
documentend
documentstart
5337
topicstart
topicend
bodystart
2;
******
STONE CONTAINER ESTABLISHES ONE BILLION DLR BANK CREDIT FACILITY

Blah blah blah.
3;


bodyend
documentend
documentstart
5338
topicstart
money-fx
grain
corn
topicend
bodystart
2;

ZAMBIA, IMF TALKS STALL ON FOOD SUBSIDIES


    LUSAKA, March 16 - 
Zambia's talks with the World Bank and
International Monetary Fund (IMF) on a financial rescue package
have run into difficulties on the issue of food subsidies, an
official newspaper said.
    The Times of Zambia, which is run by the ruling United
National Independence Party (UNIP), quoted official sources as
saying the IMF and World Bank had refused to continue financing
food subsidies and were pressing the government to explain how
it proposes to pay for them.
    President Kenneth Kaunda tried to abolish maize subsidies
last December, in line with IMF recommendations, but the move
caused maize meal prices to double overnight and led to riots.
    The subsidies were immediately restored as part of moves to
quell the disturbances.
    The Times of Zambia said another major issue in the
government's current talks with the IMF and World Bank was the
remodelling of Zambia's foreign exchange auction.
    The central bank's weekly auction of foreign exchange to
the private sector has been suspended since the end of January,
pending modifications to slow down the rate of devaluation and
dampen fluctuations in the exchange rate.
    The kwacha slid to around 15 per dollar under the auction,
losing 85 pct of its value in 16 months, but since the end of
January has been revalued to a fixed rate of nine per dollar.
    Banking sources said Zambia was persuaded by the World Bank
and IMF to lift its proposed ceiling of 12.50 kwacha per dollar
on the currency's devaluation once the auctions restart.
 Reuter
3;
bodyend
documentend
documentstart
5339
topicstart
earn
topicend
bodystart
2;

DWG CORP 
<
DWG> 3RD QTR JAN 31 NET


    MIAMI, March 16 -
    
Oper shr profit 17 cts vs profit 10 cts
    Oper net profit 5,146,000 vs profit 2,691,000
    Revs 269.5 mln vs 274.4 mln
    Avg shrs 20.5 mln vs 17.0 mln
    Nine mths
    Oper shr profit 14 cts vs loss 45 cts
    Oper net profit 4,131,000 vs loss 7,148,000
    Revs 802.8 mln vs 766.0 mln
    Avg shrs 20.4 mln vs 16.9 mln
    NOTE: Net excludes discontinued operations loss 1,667,000
dlrs vs profit 42,000 dlrs in quarter and loss 2,123,000 dlrs
vs profit 1,334,000 dlrs in nine mths.
    Net excludes gains on insurance recovery of 54,000 dlrs vs
91,000 dlrs in quarter and 1,289,000 dlrs vs 218,000 dlrs in
nine mths.
    Prior year net excludes 1,103,000 dlr loss from change in
accounting for textiles inventories.
    Prior year results for discontinuance of apparel segment
and change in accounting for textile inventories.
    Share adjusted for stock dividends.
    Net includes pretax unrealized loss provision recoveries
related to marketable securities of 580,000 dlrs vs 824,000
dlrs in quarter and recovery 640,000 dlrs vs provision 366,000
dlrs in nine mths.
    Prior nine mths net includes pretax gain on sale of
marketable securities of 493,000 dlrs.
    Net includes tax credits 5,738,000 dlrs vs 494,000 dlrs in
quarter and credit 4,194,000 dlrs vs provision 11.2 mln dlrs in
nine mths.
 Reuter
3;
bodyend
documentend
documentstart
5340
topicstart
acq
topicend
bodystart
2;

DIAMOND SHAMROCK 
<
DIA> SETS PRORATION FACTOR


    DALLAS, March 16 - 
Diamond Shamrock Corp said it will
accept about 27 pct of the 73,653,000 shares of its common
stock tendered in response to the company's offer to pay 17
dlrs a share for 20 mln shares.
    The company said it expects to mail checks representing the
purchase price of the 20 mln shares purchased later this week
and will be returning unpurchased shares shortly thereafter.
 Reuter
3;
bodyend
documentend
documentstart
5341
topicstart
topicend
bodystart
2;

ARGYLL GROUP CREDIT FACILITY OVERSUBSCRIBED


    LONDON, March 16 - 
A 75 mln stg revolving credit contained
in a 100 mln stg multiple facility for Argyll Group Plc has
been oversubscribed in syndication and the borrower is
considering an increase, banking sources said.
    The facility will allow Argyll to issue sterling
acceptances and multi-currency advances and domestic sterling
advances.
    There will be a facility fee of 7.5 basis points on the
available part of the facility and a fee of five basis points
on the reserved part. There is a front end fee of 1/32 and a
utilisation fee of five basis points if more than 50 pct of the
revolving credit is drawn.
    There will be a tender panel for the acceptances and
advances. However, Argyll will have the option to raise funds
through an issuer set placement, under which the underwriters
can take up to their available commitment under the standby.
    The available tranche will be determined by Argyll on an
annual basis.
    Drawings under the five year facility will be subject to a
cap rate of 1/8 pct over the London Interbank Offered Rate or
acceptance commission. Samuel Montagu and Co Ltd is lead
manager and agent.
 REUTER
3;
bodyend
documentend
documentstart
5342
topicstart
earn
topicend
bodystart
2;

<
BRALORNE RESOURCES LTD> YEAR LOSS


    CALGARY, Alberta, March 16 -
    
Shr loss 2.70 dlrs vs loss 25 cts
    Net loss 60.6 mln vs loss 3,122,000
    Revs 101.0 mln vs 167.7 mln
    Note: 1986 includes charge of 44.1 mln dlrs due to
writedown of oil and gas interests, writeoff of goodwill and
patents, provision against disposal of surplus inventory,
losses on disposition of operating units and writedown of
assets held for disposal.
 Reuter
3;
bodyend
documentend
documentstart
5344
topicstart
money-fx
interest
topicend
bodystart
2;
******
BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5345
topicstart
earn
topicend
bodystart
2;

H AND R BLOCK 
<
HRB> SEES GAINS FROM TAX REFORM


    By Jane Light, Reuters


    CHICAGO, March 16 - 
With the April 15 tax return deadline
less than a month away, confused taxpayers will be converging
on H and R Block Inc's offices to interpret the new tax codes.
    Financial results for the nation's largest tax preparer are
expected to be good in fiscal 1987 but next year could be a
"bonanza," analysts say.
    "For the short term the key word is confusion, Block Vice
President Tom Bloch said in an interview. "When Congress
drastically changes laws, confusion results and tax preparers
benefit," Bloch said.
    "Next year, when taxpayers take the new forms and place
them side by side to compare them, more people will throw their
hands up and say 'I'm going to get help,'" he said.
"Tax forms will look very different next year," he added.
    Kidder Peabody analyst Herbert Buchbinder expects Block's
fiscal 1987 year (to end April 30) to show good gains over
fiscal 1986 earnings of 60.1 mln dlrs or 2.41 dlrs a share on
revenues of 606.7 mln dlrs. He estimates Block's fiscal 1987
earnings at 2.75 to 2.80 dlrs.
    "Next year, Block could have a bonanza," Buchbinder said.
Based on estimates of a larger work force, Block could show a
gain of more than five pct in tax forms prepared, he said. In
the 1986 tax season, Block prepared 9,215,300 U.S. tax returns,
up 1.5 pct over the previous year.
    The Internal Revenue Service estimates about 100 mln
individual income tax returns will be filed for the 1987 tax
season, up from last year's 94 mln forms. Professional tax
preparers accounted for just over 43 million forms, according
to the IRS.
    For the longer term, while confusion will continue to bring
clients into Block's 8,866 tax preparation offices worldwide,
there are some changes in the act that will have a negative
effect, Bloch conceded.
    Certain changes in filing requirements will shorten the tax
return, and in some cases, simplify the form, he noted. In
addition, some low income wage earners will be taken off the
tax rolls, he said.
    Block is currently analyzing its price structure to try to
offset some of the negatives. Last tax season, the average cost
for each return in the U.S. amounted to 48.05 dlrs and 45.73
dlrs worldwide, Bloch said. This tax season, rates will be up
about three or four pct, in line with the inflation rate, he
said.
    Block expects "some expansion" this tax season of its
electronic filing system which directly feeds into the IRS and
can speed up the refund process. Block can choose where and by
how much it wants to expand into the seven cities made
available for the direct filing by the IRS, Bloch noted.
    The IRS estimates about 90,000 returns will be directly
filed this tax season, up from the 26,000 returns injected in
the 1986 tax season.
    First Kansas City analyst Jonathan Braatz said that Block
will benefit greatly from lower tax rates in fiscal 1988.
    Braatz expects Block's advertising budget to be about the
same as last year which will be helped a bit by lower costs for
television ads. "They may get a little more bang for their
buck," he said.
    He estimates Block has about 150 mln dlrs cash on its
balance sheet sheet, and says if interest rates rise it could
be of great benefit to them.
 Reuter
3;
bodyend
documentend
documentstart
5346
topicstart
earn
topicend
bodystart
2;

AUSIMONT COMPO NV 
<
AUS> RAISES QUARTERLY


    WALTHAM, Mass., March 16 -
    
Qtly div eight cts vs five cts prior
    Pay April 24
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
5347
topicstart
topicend
bodystart
2;

FINANCIAL/SANTA BARBARA 
<
FSB> UNIT OFFERS NOTES


    SANTA BARBARA, Calif., March 16 - 
Financial Corp of Santa
Barbara said its Santa Barbara Savings and Loan Association
subsidiary is offering 25 mln dlrs of convertible subordinated
debentures due 2012.
    The debentures, to be offered in minimum denominations of
10,000 dlrs, are the joint obligation of Santa Barbara Savings
and the parent company.
    The offering will be underwritten by Bear Stearns and Co
and First Boston Corp.
 Reuter
3;
bodyend
documentend
documentstart
5349
topicstart
acq
topicend
bodystart
2;

ALDERSHOT AGREES TO ACQUIRE INTRACOASTAL REFINING


    Calgary, Alberta, March 16 - 
Aldershot Resources Ltd said
it signed an interim agreement to acquire 100 pct of the
outstanding shares of Intracoastal Refining Inc of Conroe,
Texas.
    Aldershot will pay a certain number of shares of common
stock based on book value, and up to a maximum of one mln
shares under a formula linked to the next five years' pre-tax
net revenues.
    The transaction is subject to completion of a definitive
agreement and to regulatory approval.
 Reuter
3;
bodyend
documentend
documentstart
5350
topicstart
acq
topicend
bodystart
2;

DERLAN ACQUIRES 80 PCT OF AURORA INDUSTRIES


    Toronto, March 16 - 
<
Derlan Industries Ltd> said it
acquired 80 pct of Aurora Industries Inc of Montgomery,
Illinois for an undisclosed price.
    Closing is subject to completion of legal formalities,
Derlan said.
 Reuter
3;
bodyend
documentend
documentstart
5351
topicstart
earn
topicend
bodystart
2;

MARION LABS 
<
MKC> VOTES SPLIT, DIVIDEND HIKE


    KANSAS CITY, MO., March 16 - 
Marion Laboratories Inc said
its board declared a two-for-one common stock split in the form
of a dividend, with distribution April 21, record March 25.
    The board also said it intends to increase the regular
quarterly dividend by 43 pct, to five cts a share, reflecting
the split. It said the increase will be declared at the May
1987 board meeting and reflected in regular payments beginning
in July 1987.
 Reuter
3;
bodyend
documentend
documentstart
5352
topicstart
acq
topicend
bodystart
2;

DART SEEKS SUPERMARKETS 
<
SGL> NEGOTIATIONS


    LANDOVER, Md., March 13 - 
<
Dart Group Inc> said it is
preparted to negotiate all terms of its proposed acquisition of
Supermarkets General Corp.
    Early this month, Dart made an unsolicited offer of 41.75
dlrs a share in cash for Supermarkets General's stock.
    Releasing a letter sent friday to Supermarkets General,
Dart said "we believe that an agreement can be reached which
will be in the best interests of Supermarkets General, its
stockholders, management, employees and customers.
    "To that end, we are prepared to negotiate all terms of an
acquisition agreement," Dart said.
    Dart said it urges a meeting with Supermarkets General
officials be held promptly.
    The letter pointed out the company has not heard from
Supermarkets General since making the offer "other than on this
past Monday when we were informed that our offer would be
seriously considered and that you would get back to us on a
timely basis to arrange a meeting."
    Dart said it has "acted openly and amicably" in an effort
to facilitate its proposed acquisition, adding it has not
purchased additional Supermarkets General stock since prior to
submission of its offer.
    Dart said it continues to be interested in acquiring
Supermarkets General in a friendly manner, noting it has given
the company "the tune that you suggested in order to allow you
to evaluate the available options."
    Dart now owns 1.9 mln Supermarkets General shares, slightly
less than five pct of those outstanding.
 Reuter
3;
bodyend
documentend
documentstart
5354
topicstart
earn
topicend
bodystart
2;

DECORATOR INDUSTRIES INC 
<
DII> 4TH QTR NET


    PITTSBURGH, Pa., March 16 - 
Ended Jan three
    Shr profit five cts vs NA
    Net profit 58,088 vs loss 279,718
    Revs 6,310,841 vs 5,468,893
    Year
    Shr profit 12 cts vs loss 74 cts
    Net profit 126,321 vs loss 773,090
    Revs 23.1 mln vs 19.1 mln
    NOTE: Loss per share not given for quarter.
 Reuter
3;
bodyend
documentend
documentstart
5355
topicstart
earn
topicend
bodystart
2;

MCCORMICK AND CO INC 
<
MCCRK> 1ST QTR NET


    HUNT VALLEY, Md., March 16 -
Qtr ends Feb 28
    Shr 37 cts vs 35 cts
    Net 4,346,000 vs 4,202,000
    Revs 232,006,000 vs 223,151,000
    
 Reuter
3;
bodyend
documentend
documentstart
5356
topicstart
earn
topicend
bodystart
2;

VALUE LINE INC 
<
VALU> 3RD QTR JAN 31


    NEW YORK, MARCH 16 -
    
Shr 52 cts vs 25 cts
    Net 5,154,000 vs 2,496,000
    Revs 17.7 mln vs 14.4 mln
    Nine months
    Shr 1.16 dlrs vs 70 cts
    Net 11.5 mln seven mln
    Revs 50.3 mln vs 41.2 mln
    NOTE: 1987 periods include pretax investment income
of 2.9 mln dlrs in capital gains distributions from mutual fund
investment.
 Reuter
3;
bodyend
documentend
documentstart
5357
topicstart
acq
topicend
bodystart
2;

THERMO ELECTRON 
<
TMO> CONSIDERS UNIT STAKE SALE


    WALTHAM, Mass., March 16 - 
Thermo Electron Corp said it has
entered into talks with underwriters on the possible public
sale of a minority interest in its packaged cogeneration
systems subsidiary, Tecogen Inc.
    The company also said it plans to offer convertible
subordinated debentures publicly.
    It gave no further details.
 Reuter
3;
bodyend
documentend
documentstart
5358
topicstart
earn
topicend
bodystart
2;

HONGKONG BANK OF CANADA 1ST QTR JAN 31 NET


    Vancouver, British Columbia, March 16 -
    
Net 3.1 mln vs not given
    Note: results not comparable with last year due to November
1986 acquisition of Bank of British Columbia.
    Subsidiary of 
<
Hongkong and Shanghai Banking Corp>
 Reuter
3;
bodyend
documentend
documentstart
5359
topicstart
earn
topicend
bodystart
2;

SALANT CORP 
<
QSLT> 4TH QTR NOV 29 NET


    NEW YORK, March 16 -
    
Oper shr profit 45 cts vs profit 56 cts
    Oper net profit 1,492,000 vs profit
    1,842,000
    Sales 36.5 mln vs 38.5 mln
    Year
    Oper shr profit 48 cts vs loss 2.44 dlrs
    Oper net profit 1,596,000 vs loss 8,084,000
    Sales 131.1 mln vs 144.5 mln
    NOTE: 1986 year net includes pretax provision for loss on
sale of subsidiary of 1,600,000 dlrs.
    1985 year net includes pretax loss 6,600,000 dlrs from
plant closing provision.
    1986 net excludes tax credits of 1,295,000 dlrs in quarter
and 2,712,000 dlrs in year.
    1986 net both periods excludes charge 9,400,000 dlrs for
estimated settlement and expenses connected with Chapter 11
bankruptcy.
 Reuter
3;
bodyend
documentend
documentstart
5360
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 550 MLN STG LATE HELP


    LONDON, March 16 - 
The Bank of England said it provided the
money market with late assistance of around 550 mln stg.
    This takes the Bank's total help today to some 1.12 billion
stg and compares with its estimated deficit of around 1.10
billion.
 REUTER
3;
bodyend
documentend
documentstart
5362
topicstart
acq
topicend
bodystart
2;
RENOUF EXTENDS BENEQUITY HOLDINGS 
<
BH> OFFER
    repeat
    NEW YORK, March 16 - Renouf Corp International said it has
extended the expiration of its offer to pay 31 dlrs a unit to
buy all outstanding units of Benequity Holdings a California
Limited Partnership to March 24 from March 13.
    As of March 13, Renouf said, about 3,847,375 units had been
tendered.
    Renouf pointed out this exceeds the minimum number sought
in the offer, but its statement gave no reason for the
extention. Benequity has 5.7 mln units outstanding.
 Reuter
3;


bodyend
documentend
documentstart
5363
topicstart
grain
topicend
bodystart
2;

LYNG SAYS TOO LATE FOR CROP DECOUPLING THIS YEAR


    WASHINGTON, March 16 - 
U.S. Agriculture Secretary Richard
Lyng said it is too late to implement a full 0/92 acreage
provision, or "decoupling," for 1987 grain crops.
    "I think there's a chance we'll see that legislation (0/92)
passed, (but) not for 1987 crops. It's too late," Lyng told the
National Grain and Feed Association convention here.
    Lyng added that there seems some support in Congress for
0/92 and there was a good chance a pilot 0/92 program will be
passed as part of a pending disaster bill.
    But he indicated that it is already too late in the year to
alter the 1987 crop program. Sign-up for spring crops closes
the end of this month.
    Overall, Lyng predicted very little change will be
legislated in the 1985 farm bill this year.
 Reuter
3;
bodyend
documentend
documentstart
5364
topicstart
topicend
bodystart
2;
******
U.S. FEDERAL HOME LOAN BANKS SET DEBT OFFERING TOTALLING 2.55 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
5366
topicstart
earn
topicend
bodystart
2;

SALANT 
<
QSLT> FILES REORGANIZATION PLAN


    NEW YORK, March 16 - 
Salant Corp said it and its Thomson Co
Inc and Obion Co Inc subsidiaries have filed a joint
reorganization plan with the U.S. Bankruptcy Court and expect
to emerge from Chapter 11 bankruptcy in the near future.
    The company said a hearing on the adequacy of the
associated disclosure plan is scheduled for April Nine and
completion of the plan is subject to approval by creditors,
equity security holders and the bankruptcy court.
    Salant said it has reached agreement for Ray W. williams to
continue as president and chief executive officer for five
years from the effective date of the reorganization plan and
has substantially concluded talks for a new 15 mln dlr
unsecured credit, effective the same date.
    The company said the committee of its unsecured creditgors
and the committee of its equity security holders have approved
the terms of the plan.  As previously announced, creditors will
receive 450 mln dlrs in cash, 500 dlrs of 13-1/4 pct senior
subordinated debentures and four common shares for each 1,000
dlrsd of allowed unsecured claims.
    Salant today reported earnings for the year ended November
29 of 1,596,000 dlrs, after a 1,600,000 dlr pretax provision
for loss on the sale of a subsidiary but before a 9,400,000 dlr
post-tax charge attributable to costs and expenses of Chapter
11 and the settlement of pre-Chapter 11 claims, as well as a
2,712,000 dlr tax credit.
    A year before, it lost 8,084,000 dlrs after a 6,600,000 dlr
pretax provision for plant closings.
 Reuter
3;
bodyend
documentend
documentstart
5367
topicstart
earn
topicend
bodystart
2;

ANALOGIC CORP 
<
ALOG> 2ND QTR JAN 31 NET


    PEABODY, Mass., March 16 -
    
Shr 11 cts vs 13 cts
    Net 1,965,577 vs 2,474,357
    Revs 38.3 mln vs 34.7 mln
    1st half
    Shr 61 cts vs 22 cts
    Net 11.3 mln vs 4,132,129
    Revs 84.4 mln vs 66.2 mln
 Reuter
3;
bodyend
documentend
documentstart
5370
topicstart
topicend
bodystart
2;

U.S. FHL BANKS SET 2.55 BILLION DLR DEBT OFFER


    WASHINGTON, March 16 - 
The Office of Finance of the Federal
Home Loan Banks announced a debt offering totalling 2.55
billion dlrs consisting of three issues.
    The issues are 1.11 billion dlrs maturing March 26, 1990;
1.065 billion dlrs maturing March 25, 1992; and 375 mln dlrs
maturing March 25, 1997.
    Sale date and announcement of rates is set for Tuesday
March 17, 1987.
    The office of finance said allocation of the 1997 issue
will be limited to members of the long term selling group.
Proceeds of the offering will be used to refund the issues
maturing March 25, 1987 and to raise additional funds, it said.
    The finance office added that 171 mln dlrs of the 1990
issue, 146.5 mln dlrs of the 1992 issue and 49.5 mln dlrs of
the 1997 issue will be reserved for the Federal Reserve System
and their own or customer accounts.
    The bonds will be availalbe in book entry form only, it
said.
 Reuter
3;
bodyend
documentend
documentstart
5371
topicstart
trade
topicend
bodystart
2;

WEST GERMAN EXPORTS TO U.S. DROP SHARPLY


    FRANKFURT, March 16 - 
West German exports to the United
States fell below four billion marks worth in January for the
first time since mid-1984, provisional Bundesbank data showed.
    The figures showed exports were 3.85 billion marks in
January, sharply down from December's 4.40 billion and the
lowest since the 3.56 billion exported to the U.S. In July
1984. This compared with 4.86 billion marks in January 1986.
    Total West German exports to Western industrialised
countries also fell in January to 34.76 billion marks from
December's 36.45 billion, also posting the lowest monthly total
since July 1984.
    West German exports to the European Community were 21.60
billion marks in January, down from 22.14 billion in December
and 22.94 billion in January last year, the figures showed.
    Exports to developing nations and centrally-planned
economies also slackened.
    Separately, Commerzbank AG said in a report that the focus
of West German exports this year was likely to shift to Europe
because of an expected downturn in growth in the dollar area.
    This was one of the strengths of West German exports
compared with Japan, which depended in large part on the U.S.,
OPEC and developing country markets, it added.
 REUTER
3;
bodyend
documentend
documentstart
5372
topicstart
topicend
bodystart
2;

STONE CONTAINER 
<
STO> FORMS CREDIT FACILITY


    CHICAGO, March 16 - 
Stone Container Corp said it signed a
definitive agreement with a group of banks establishing a total
of 1.1 billion dlrs term loan and revolving credit facility.
    It said the action represents the last step toward
completing the previously announced acquisition of Southwest
Forest Industries Inc 
<
SWF>.
    Stone said the completed portion of the new credit facility
consists of an 800 mln dlr term loan and a 200 mln dlr
revolving credit.
    Stone said the final portion of the 1.1 billion dlr credit
facility will be a 100 mln dlr letter of credit, which will
replace an existing letter of credit relating to the operating
lease of its co-generation energy facility nearing completion
at its linerboard and kraft paper mill in Florence, S.C.
 Reuter
3;
bodyend
documentend
documentstart
5373
topicstart
acq
topicend
bodystart
2;
******
TEXAS AIR TO GIVE FORMER CONTINENTAL AIR HOLDERS ANOTHER 3.75 DLRS A SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
5374
topicstart
topicend
bodystart
2;

WTD INDUSTRIES 
<
WTDI> TO SELL DEBENTURES


    NEW YORK, March 16 - 
WTD Industries Inc said it filed with
the Securities and Exchange Commission a registration statement
covering a 30 mln dlr issue of senior subordinated debentures
due 1997.
    Proceeds will be used mainly for the acquisition of
additional woods products manufacturing facilities and related
properties, WTD said.
    The company named Kidder, Peabody and Co Inc as lead
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
5375
topicstart
cpi
topicend
bodystart
2;
******
 French February inflation between 0.1 and 0.2 pct vs 0.9 pct in january - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5376
topicstart
trade
topicend
bodystart
2;

TRADE INTERESTS READY FOR FIGHT IN U.S. CONGRESS


    By Jacqueline Frank, Reuters


    WASHINGTON, March 16 - 
U.S. lawmakers are gearing up for a
showdown between protectionists and free traders as a major
trade bill winds its way through committees to a vote by the
full House of Representatives in late April.
    In a move to toughen U.S. enforcement of trade laws, a key
House subcommittee last week approved a toned down version of
legislation to require President Reagan to retaliate against
foreign countries that follow unfair trade practices.
    This bill will be the cornerstone of congressional efforts
to restore competitiveness of American industries and turn
around last year's record 169 billion dlrs trade deficit.
    Several lawmakers have argued the new trade bill made too
many concessions to Reagan and said they intend to back
amendments to "get tough" with countries that violate trade
agreements or keep out U.S. products.
     On the other hand, congressmen known for their allegiance
to free trade, said the bill ties Reagan's hands too much in
trade disputes and they will seek to restore his negotiating
powers.
    Republican Bill Frenzel of Michigan said the subcommittee's
bill was not one "that a free trader like me could endorse in
all respects," but he emphasized there was a consensus among
trade lawmakers to work toward a bill Reagan and Republicans
would ultimately endorse.
    Frenzel said the goal of trade legislation was, "to make our
trade policy stronger without violating our international trade
agreements. You'll find a lot of people who think we have not
done the former enough. You'll find poeple who think we haven't
avoided violating agreements."
    In a key concession made at the urging of the powerful
chairman of the House Ways and Means Committee, the trade
subcommittee backed off a requirement that would have forced
Reagan to automatically impose quotas or tariffs on imports
from countries that engage in unfair trade practices.
    It also agreed he may waive any retaliation if it would
hurt the U.S. economy.
    Ways and Means chairman Dan Rostenkowski, an Illinois
Democrat, insisted the more moderate approach was necessary if
the House wanted to pass a bill Reagan would sign into law.
    Reagan last year had blocked Senate consideration of a
tough House trade bill he branded as protectionist and this
year only reluctantly agreed to support a trade bill when he
saw Democratic leaders were determined to pass a bill.
    As an indication of his success, White House spokesman
Marlin Fitzwater told reporters Friday the administration still
did not like some provisions. But he added, "Generally we feel
very good about the bipartisan consideration of the trade
legislation. I think we are progressing very well."
    The first battle will take place next week when the full
House Ways and Means Committee considers an amendment by Rep.
Richard Gephardt, a Missouri Democrat, to force countries such
as Japan, South Korea and Taiwan to cut their trade surpluses
with the United States.
    The subcommittee limited the Gephardt plan to provide only
that the existence of a large trade surplus with the United
States will trigger an investigation of unfair trade practices,
but would not automatically set off retaliation.
    Rep. Phil Crane, an Illinois Republican and staunch free
trader, said he will try to further weaken the Gephardt plan.
    Organized labor has pressed lawmakers for more relief from
imports where jobs have been lost to foreign competition.
AFL-CIO president Lane Kirkland this year angered the
administration in a statement that any trade bill Reagan would
sign would not be worth passage in Congress.
    But Rostenkowski set the tone of the trade debate in a
statement, "I'm not trying to write legislation to please Lane
Kirkland. I'm trying to write legislation that will be signed
by the president."
    In writing the bill, the subcommittee rejected calls for
trade relief for specific industries such as textiles.
    Rep. Ed Jenkins, a Democrat from Georgia, agreed to hold
off his fight. He intends to push separately a bill to protect
the domestic textile and shoe industry, an aide said. Reagan
vetoed a similar measure last year.
    House Speaker Jim Wright, a Texas Democrat, is one of the
most influential proponents of aid for specific industries
beset by low priced foreign competition.
    Wright Thursday renewed his call for import relief for the
domestic oil industry and announced his support for a Senate
plan to trigger a temporary oil import tariff when imports
reach half of domestic consumption.
    For the most part, the trade bill's provisions toughen U.S.
enforcement of trade laws. The bill forces the administration
to act rapidly on complaints of unfair trade practices such as
dumping products in the United States at prices below the cost
of production.
    It also forces the administration to act rapidly when an
industry complains that a surge in imports threatens its
existence. Congressmen said the change would have required the
U.S. International Trade Commission to impose limits on car
imports in 1981.
 Reuter
3;
bodyend
documentend
documentstart
5377
topicstart
earn
topicend
bodystart
2;

ENDOTRONICS 
<
ENDO> EXPECTS LOSS FOR YEAR


    MINNEAPOLIS, March 16 - 
Endotronics Inc said it expects to
incur "substantial losses" for the second quarter ending March
31 and fiscal year ending Sept 30, 1987.
    As one factor behind the anticipated loss, Endotronics
cited a dispute by one of its Japanese distributors, 
<
Yamaha
Inc>, over payment of a 3,686,000 dlr promissory note.
    In a Form 8-K filing with the Securities and Exchange
Commission, Endotronics said the note was for overdue accounts
receivable from sales of instruments to Yamaha and another
Japanese distributor during the company's 1986 fiscal year.
    Endotronics said at its present reduced level of operations
it will exhaust all currently available cash and credit
facilities in early May 1987. It said this assumes full use of
the remaining 1,250,000 dlrs available under a line of credit
from Celanese Corp, which requires approval of Celanese Corp

<
CZ>.
    The company said its ability to obtain funding was
adversely affected by a suit filed March 4 by two of its
shareholders seeking to represent a class of holders against
three officers of Endotronics.
    Endotronics said the complaint against it alleges
violations of the federal securities laws in connection with
statements made in the company's annual and quarterly reports.
    The company also said the Securities Division of the
Minnesota Department of Commerce is conducting an inquiry into
the company's Japanese sales for fiscal 1986 and trading by
insiders and brokers in the company's common shares.
    It said similar inquiries are being conducted by the
Securities and Exchange Commission. The investigations will
hurt the company's ability to obtain funding, it said.
    As a result of the dispute over payment of the promissory
note, the law suit challenging its financial data and the
various investigations concerning insider trading, the company
said it no longer expects that anticipated declines in
instrument sales in Japan in fiscal 1987 will be offset by
increased instrument sales in other foreign countries and the
United States.
 Reuter
3;
bodyend
documentend
documentstart
5378
topicstart
cpi
topicend
bodystart
2;
******
 French February year on year inflation 3.4 pct vs three pct January - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5379
topicstart
acq
topicend
bodystart
2;

CONTINENTAL AIR HOLDERS TO GET FURTHER PAYMENT


    HOUSTON, March 16 - 
Texas Air Corp said under a settlement
of class action litigation with 
<
Mutual Shares Corp>, former
minority shareholders of Continental Airlines Inc will receive
an additional 3.75 dlrs per share.
    In February, Texas Air acquired the minority interest in
Continental that it did not already own for 16.50 dlrs per
share. Mutual had challenged the adequacy of the price.
    Texas Air said any former Continental holder who has sought
appraisal rights under Delaware law may continue to seek the
appraisal remedy in Delaware Chancery Court or accept the
settlement and drop the appraisal process.
    Texas Air said the settlement has other terms relating to
employee shareholdrs of Continental, who will receive options
from Texas Air.  It did not give details.
    The company said the settlement is subject to approval by
the Delaware Chancery Court, which is expected to take about 60
days.
 Reuter
3;
bodyend
documentend
documentstart
5380
topicstart
topicend
bodystart
2;

KAWASAKI STEEL ISSUES NOVEL 30 MLN DLR EUROBOND


    LONDON, March 16 - 
Kawasaki Steel International Finance Plc
is issuing a stepped coupon 30 mln dlr eurobond due March 26,
1994 priced at 101-7/8 pct, lead manager Wako International
Europe Ltd said.
    The deal, guaranteed by Mitsui Trust and Banking Co Ltd,
will carry a seven pct coupon in year one, rising to 8.44 pct
in the final year.
    Payment date is March 26. The bond is available in
denominations of 100,000 dlrs and will be listed in Luxembourg.
Fees were not disclosed but a Wako official confirmed the deal
was a targetted issue.
 REUTER
3;
bodyend
documentend
documentstart
5382
topicstart
cocoa
topicend
bodystart
2;

COCOA CONSUMERS NARROW GAP ON BUFFER STOCK ISSUE


    LONDON, March 16 - 
Representatives of cocoa consuming
countries at an International Cocoa Organization, ICCO, council
meeting here have edged closer to a unified stance on buffer
stock rules, delegates said.
    While consumers do not yet have a common position, an
observer said after a consumer meeting, "They are much more
fluid ... and the tone is positive."
    European Community consumers were split on the question of
how the cocoa buffer stock should be operated when the ICCO met
in January to put the new International Cocoa Agreement into
effect, delegates said.
    At the January meeting, France sided with producers on how
the buffer stock should operate, delegates said. That meeting
ended without agreement on new buffer stock rules.
    The EC Commission met in Brussels on Friday to see whether
the 12 EC cocoa consuming nations could narrow their
differences at this month's meeting.
    The Commissioners came away from the Friday meeting with an
informal agreement to respond to signs of flexibility among
producers on the key buffer stock issues, delegates said.
    The key issues to be addressed at this council session
which divide ICCO members are whether non-member cocoa should
be eligible for buffer stock purchases and what price
differentials the buffer stock should pay for different types
of cocoa, delegates said.
    A consumer delegate said producers and consumers should be
able to compromise on the non-member cocoa question.
    A working group comprising delegates from all producing and
consuming member countries met briefly this morning, then broke
up into a producer meeting and an EC meeting, followed by a
consumer meeting.
    Producers, who are in favour of the buffer stock buying a
variety of grades of cocoa and oppose non-member cocoa being
accepted, reviewed their position ahead of the working group
meeting this afternoon.
    "We are waiting to see what consumers say," a producer
delegate said. "We hope they will be flexible or it will be
difficult to negotiate."
    The ICCO comprises 33 member countries. Non-
members include the U.S., a consumer, and Malaysia, an
increasingly important producer.
 Reuter
3;
bodyend
documentend
documentstart
5383
topicstart
grain
wheat
topicend
bodystart
2;

CCC ACCEPTS WHEAT BID FOR W AFRICA COUNTRIES


    WASHINGTON, March 16 - 
The Commodity Credit Corportion,
CCC, has accepted a bid for an export bonus to cover the sale
of 15,000 tonnes of U.S. wheat to West African countries, the
U.S. Agriculture Department said.
    The dark northern spring wheat is for shipment May 15-June
15, 1987.
    The bonus of 40.05 dlrs per tonne was made to Peavey
Company and will be paid in the form of commodities from the
CCC inventory, it said.
    An additional 315,500 tonnes of wheat are still available
to West African countries under the Export Enhancement Program
initiative announced October 30, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
5385
topicstart
earn
topicend
bodystart
2;

LOWRANCE ELECTRONICS 
<
LEIX> SEES ORDERS OFF


    TULSA, Okla., March 16 - 
Lowrance Electronics Inc said
results from operations in the third and fourth quarter may not
be comparable to the first and second quarters, which were
strong because of orders for new sonar equipment.
    For the six months ended Jan 31, the company reported net
income almost tripled to 951,000 dlrs or 34 cts a share as
sales rose 38 pct to 20.6 mln dlrs.
    The company, which went public Dec 23, also said it expects
to be able to fill back orders from the first two quarters
because of improved supply of computer chip components.
  
 Reuter
3;
bodyend
documentend
documentstart
5388
topicstart
cpu
topicend
bodystart
2;

CANADA MANUFACTURING UTILIZATION RATE RISES


    OTTAWA, March 16 - 
Utilization of Canadian manufacturing
capacity rose to 77.2 pct in the fourth quarter of 1986 from 77
pct in the third quarter, Statistics Canada said.
    "Although the change was small, this marked the first
quarter since the third quarter of 1985 in which the
utilization rates for manufacturing as a whole rose," the
federal agency said.
    Increased residential construction led to strong increases
in the building materials sector, led by a 3.3 pct increase in
non-metallic mineral industries.
 Reuter
3;
bodyend
documentend
documentstart
5389
topicstart
cpi
topicend
bodystart
2;

FRENCH INFLATION SLOWS IN FEBRUARY


    PARIS, March 16 - 
French inflation slowed in February to
between 0.1 and 0.2 pct against 0.9 pct in January, the
National Statistics Institute (INSEE) said.
    The retail price index showed a year-on-year rise of 3.4
pct against three pct in January. An INSEE official said the
final figure for February would be released later this month.
    After January's rise the government was forced to revise
its inflation target for 1987 to 2.5 pct year on year from an
initial target of two pct, after 2.1 pct in 1986.
    Finance Minister Edouard Balladur said half the January
rise was due to higher oil prices and forecast a February
slowing.
 REUTER
3;
bodyend
documentend
documentstart
5390
topicstart
earn
topicend
bodystart
2;

CAPITOL BANCORP 
<
CAPB> TO RESTATE NET TO LOSS


    BOSTON, March 16 - 
Capitol Bancorp said it expects to
restate its results for 1986 to a loss of about one mln dlrs
due to a reclassification of loans recommended by auditor Ernst
and Whinney.
    The company said the restatement also reflects a
substantial increase in reserves of its principal subsidiary,
Capitol Bank and Trust Co.
    It said it expects to earn 2,250,000 to 2,750,000 dlrs for
the first quarter of 1987.
    Capitol said to maintain an adequate capital ratio it will
seek additional equity capital in the near future.
    It also said it has delayed its annual meeting until May
due to the restatement of annual earnings.
    Capitol said its board raised the quarterly dividend to 23
cts from 22 cts a share, payable April 28, record MArch 31.
    The company originally reported 1986 earnings of 7,700,000
dlrs.  It earned 3,848,000 dlrs in last year's first quarter.
    The annual meeting had been scheduled for the second week
of April.
 Reuter
3;
bodyend
documentend
documentstart
5391
topicstart
oilseed
veg-oil
soybean
topicend
bodystart
2;

U.S. SOY PRODUCERS THINK EC OILS TAX UNLIKELY


    THE HAGUE, March 16 - 
American soybean producers are
confident the proposed European Community (EC) tax on vegetable
oils and fats will be rejected but are leaving nothing to
chance, American Soybean Association (ASA) president-elect
Wayne Bennett said.
    Bennett, who is leading one of three soybean producer
delegations on a lobbying tour of EC capitals, was speaking at
a lunch.
    After meetings at the Economics and Foreign ministries this
morning, he said the Dutch Government had indicated it would
vote against the proposal, as had a number of other countries.
    "Our information suggests we will have the required number
of votes in Brussels to prevent the tax proposal going forward,"
he said.
    "The proposal has been talked of in Brussels for the past 20
years, and dropped every time. What we want now is to kill it
once and for all," Bennett added.
    Backing up the soybean producers' active lobbying, the U.S.
Government has also indicated it will be prepared to retaliate
with penal import taxes if the proposal does get through, he
said.
    The U.S. Government also feels it has a good case to fight
the proposed tax in the General Agreement on Tariffs and Trade
(GATT), a U.S. Embassy spokesman said.
    U.S. Exports of soybeans and products to the EC account for
one-fifth of annual production, and are worth about 2.5 billion
dlrs a year, Bennett said.
    The proposed tax on oils and fats would hit U.S. Producers
badly while at the same time virtually doubling the price of
soyoil in the EC, which would suffer far worse than other
higher-priced oils because of the nature of the proposed tax,
he added.
    The revenue to the EC from the tax would simply be used to
finance the EC's own oilseed subsidy machine, he said.
    "We in the ASA are dedicated free-traders. We helped defeat
the Wine Equity Act two years ago, but we will not stand by and
watch our own farmers suffer from such protectionist EC
measures," Bennett said.
    "The mood in the U.S. Is turning increasingly protectionist,
and the EC's actions are fueling the chances of a trade war,"
he added.
 Reuter
3;
bodyend
documentend
documentstart
5392
topicstart
jobs
topicend
bodystart
2;

SWEDISH UNEMPLOYMENT DOWN AS DATA IS REVISED


    STOCKHOLM, March 16 - 
A new method of calculating Sweden's
unemployment figures reduced the number of jobless by a sixth,
a spokesman for the Central Bureau of Statistics (SCB) said,
reporting a substantial drop in the past year.
    According to the revised data there were 94,000 jobless in
February representing 2.2 pct of the workforce against 120,000
or 2.8 pct of the workforce in February 1986.
    SCB official Olle Wessberg said the new figures were based
on a more extensive survey of the unemployed which brought
Sweden into line with the practises recommended by the
Geneva-based International Labour Organisation.
    Wessberg said the new method cut the number of unemployed
by about 16 pct. "The way we are now collecting data is far more
accurate and we are asking many more questions to find out
whether the jobless want work, whether they are able to work
and whether they have actually looked for work," he told
Reuters.
    The new method was first used for the January figures,
which showed unemployment dropping to 2.1 pct of the workforce
from 2.7 pct (old style) in December, but Wessberg said the
change had apparently not been noticed by the press.
    Recalculated according to the new method, unemployment in
February 1986 would have stood at 2.2 pct, the SCB said.
 REUTER
3;
bodyend
documentend
documentstart
5393
topicstart
topicend
bodystart
2;
******
FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.46 PCT FROM 7.37 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5394
topicstart
money-fx
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - EMS MARKS EIGHTH BIRTHDAY


    By Tony Carritt, Reuters


    BRUSSELS, March 13 - 
The European Monetary System marks its
eighth anniversary still vulnerable to turmoil in world money
markets despite creating an island of currency rate stability
in Europe, economists say. But many economists say the system,
which holds eight European Community currencies within narrow
fluctuation bands, remains in its infancy.
    Its new currency, the European Currency Unit (Ecu), has
been a runaway success with investors and borrowers alike
seeking an alternative to the volatile dollar.
    And on Wednesday, the long term vision of the Ecu as
Europe's common currency took a step nearer to becoming reality
when Belgium minted the world's first Ecu coin.
    But economists say members such as West Germany have so far
blocked a second stage of development envisaged by the system's
founding fathers, ex-West German Chancellor Helmut Schmidt and
former French President Valery Giscard d'Estaing.
    Under this phase, originally due to have started two years
after the EMS was set up, decision-making was to have been
transferred from national governments and central banks to an
autonomous European Monetary Fund.
    But members have jealously guarded their sovereignty in
economic and monetary matters. "The basic problem of the EMS is
that governments are not prepared to make the quantum leap to a
situation where certain decisions are taken in common," said one
economist who has closely watched the system's development.
    The result is that the EC is often divided over policy on
third currencies, accentuating what the economists say is the
system's greatest weakness, its vulnerability to a weak dollar.
    Over the past 18 months, as the U.S. Dollar plunged and
investors moved into strong currencies, the resulting sharp
rise of the West German mark severely strained the system.
    Another frustration has been Britain's failure to lend the
EMS political support by keeping the pound, still a major world
currency, outside the system.
    No change in the British government's attitude is expected
before the country's next general elections, due by mid-1988.
    Meanwhile, the system's last realignment, the 11th since it
was set up, prompted European finance ministers to ask the EC's
highly-secretive Monetary Committee and Committee of Central
Bank Governors to come up with suggestions for reinforcing it.
    Their ideas are due to be unveiled when finance ministers
hold an informal meeting in Belgium early next month.
    But economists said the proposals are unlikely to involve
more than tinkering with technical details. They are sceptical
about the chances for any fundamental change.
    "Technical measures won't be enough to protect the EMS
against external factors such as dollar weakness. For that we
must take the step forward to the institutional level," said Leo
de Corel of Kredietbank's economic research department.
    Economists say the system's fortunes now will depend
largely on the success of an agreement last month among major
industrial nations to stabilise exchange rates. If the dollar
resumes its slide the EMS could be in for more turbulence, they
predict.
 REUTER
3;
bodyend
documentend
documentstart
5396
topicstart
acq
topicend
bodystart
2;

INTERMAGNETICS GENERAL 
<
INMA> COMPLETES BUY


    GUILDERLAND, N.Y., March 16 - 
Intermagnetics General Corp
said it completed the purchase of the advanced products
department of Air Products and Chemicals Inc 
<
APD>.
    Terms were not disclosed.
    The department, which makes cryogenic equipment, will
continue operating at its present location in Allentown, Pa.,
the company said. It will market its products as APD Cryogenics
Inc.
 Reuter
3;
bodyend
documentend
documentstart
5398
topicstart
acq
topicend
bodystart
2;

ITALY'S FERRUZZI TAKES OVER SPANISH MILL


    MADRID, March 16 - 
Italy's Ferruzzi SpA has taken a 67 pct
stake in Spanish sunflower seed and cotton mill Cooperativa
Agricola del Guadalete SA (GUADALCO), sources at GUADALCO said.
    The Italian firm's Spanish subsidiary, Ferruzzi Espana SA,
took the majority equity stake, with the remaining 33 pct
retained by GUADALCO.
    Ferruzzi plans to set up a sugar division and import some
30,000 tonnes of industrial sugar from its French factories in
its first year of operation.
    GUADALCO has a processing capacity of 250 tonnes a day of
sunflower seeds and 12,000 tonnes a day of raw cotton.
 Reuter
3;
bodyend
documentend
documentstart
5400
topicstart
livestock
topicend
bodystart
2;

CCC ACCEPTS BID FOR DAIRY CATTLE TO KUWAIT


    WASHINGTON, March 16 - 
The Commodity Credit Corporation
(CCC) has accepted a bid for an export bonus to cover the sale
of 380 head of dairy cattle to Kuwait, the U.S. Agriculture
Department said.
    The dairy cattle are for shipment on or before May 31,
1987, it said.
    The bonus of 1,465.00 dlrs per head was made to American
Marketing Services, Inc, and will be paid in the form of
commodities from the CCC inventory, it said.
    An additional 761 head of dairy cattle are still available
to Gulf countries (kuwait, Bahrain, Oman, Qatar and the United
Arab Emirates under the Export Enhancement Program initiative
announced October 30, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
5402
topicstart
earn
topicend
bodystart
2;

<
AMERICAN HOECHST CORP> YEAR NET


    SOMERVILLE, N.J., March 16 -
    
Net 38 mln vs 5.7 mln
    Revs 1.71 billion vs 1.69 billion
    NOTE: Fully owned subsidiary of Hoechst AG.
 Reuter
3;
bodyend
documentend
documentstart
5404
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO SET CUSTOMER REPURCHASES


    NEW YORK, March 16 - 
The Federal Reserve is expected to
intervene in the government securities market to add reserves
via two to 2.5 billion dlrs of customer repurchase agreements,
economists said.
    Economists said the Fed will inject temporary reserves
indirectly to offset pressure on the Federal funds rate
associated with quarterly corporate tax payments to the
Treasury department.
    Fed funds opened at 6-1/4 pct and remained at that level
late this morning. Friday funds averaged 6.05 pct.
 Reuter
3;
bodyend
documentend
documentstart
5407
topicstart
earn
topicend
bodystart
2;

LEVITT CORP 
<
LVT> 4TH QTR NET


    BOCA RATON, March 16 -
    
Oper shr 42 cts vs 11 cts
    Oper net 1,433,000 vs 382,000
    Revs 38.6 mln vs 20.1 mln
    Year
    Oper shr 60 cts vs 49 cts
    Oper net 2,033,000 vs 1,682,000
    Revs 90.4 mln vs 73.0 mln
    NOTE: 1985 4th qtr and year excludes extraordinary credit
of 349,000 dlrs or 11 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
5408
topicstart
grain
topicend
bodystart
2;

EEP SHOULD BE USED TACTICALLY, YEUTTER SAYS


    WASHINGTON, March 16 - 
U.S. Trade Representative Clayton
Yeutter said the Export Enhancement Program, EEP, should be
used as a "tactical tool" and not as a general policy.
    Yeutter made the comment in response to a question whether
the U.S. should expand the EEP to cover grain sales to the
Soviet Union.
    He did not comment directly on the Soviet question,
replying that any decision would be made at the highest levels
of the Reagan administration, and "I don't want to preempt that."
    Yeutter told the National Grain and Feed Association EEP
should continue to be used as a tactical tool against the
European Community but not as a general policy. He said
selective EEP use has been successful in pressuring the E.C.
 Reuter
3;
bodyend
documentend
documentstart
5409
topicstart
acq
topicend
bodystart
2;

NATIONAL PIZZA 
<
PIZA> CORRECTS FIGURE


    PITTSBURG, Kan., March 16 - 
National Pizza Co said the
seven Straw Hat Piza restaurants in Los Angeles and
Bakersfield, Calif., that it announced plans to buy Friday are
expected to generate annual sales of about 3,800,000 dlrs, not
the eight mln dlrs the company originally announced.
    The company said it will convert the restaurants to Pizza
Hut units.  Closing is expected around March 31.
 Reuter
3;
bodyend
documentend
documentstart
5410
topicstart
earn
topicend
bodystart
2;

TBG HOLDINGS N.V. 
<
TGBN.AS> 1986 YEAR NET


    AMSTELVEEN, Netherlands, March 16 -
    
Net profit 34 mln dlrs vs 43 mln dlrs.
    Turnover 1.82 billion dlrs vs 1.83 billion.
    NOTE: Company lowered to nine pct from 13.5 pct interest
rate on outstanding subordinated loan for period august 1,
1987, to July 31, 1988.
    TBG, formerly known as 
<
Thyssen-Bornemisza Group>, reports
in dlrs since December 1, 1984, the start of the 1985 financial
year.
    TBG said the decline in profits was mainly caused by losses
in container rental activities.
 Reuter
3;
bodyend
documentend
documentstart
5411
topicstart
acq
topicend
bodystart
2;

AVAQ INTERNATIONAL TO SEEK COMMITMENT ON DEAL


    NEW YORK, March 16 - 
<
AVAQ International Inc> said it
intends to require Gates Learjet Corp 
<
GLJ> to honor its
agreement to sell its shares to the company.
    AVAQ said it made the statement in response to an offer by

<
Interconnect Capital Corp> for all of Gates Learjet shares
after what it believed to be an agreement by Gates to accept
its offer.
    AVAQ said it offered, pusuant to Gates' guidelines, six
dlrs per share, plus the purchase of Gates Corp's promisary
note for 23 mln dlrs.
    Interconnect said it offered 7.07 dlrs per share, plus the
repurchase of the loan for 13 mlns, for an aggregate price in
the 95 mln dlr range. Interconnect said it made the offer to
the board of directors of Gates Learjet on March 9.
    AVAQ said Gates Corp and Gates Learjet approved its offer
Feb 26.
 Reuter
3;
bodyend
documentend
documentstart
5412
topicstart
money-fx
peseta
topicend
bodystart
2;

SPAIN TO RELAX EXCHANGE CONTROLS


    MADRID, March 16 - 
The Bank of Spain is relaxing exchange
controls to help put Spanish banks on an equal footing with
European Community competitors by the 1993 deadline for the
ending of restrictions, a central bank spokesman said.
    "The measures to take effect by June were designed to lift
restrictions on foreign currency operations, in line with
deregulation in the banking industry," he said in a telephone
interview.
    The spokesman said the relaxation of exchange controls
highlighted a broader package of reforms announced last Friday.
    The central bank said in a statement the measures included
increased provisions for high-risk borrowers and a provision
for future pension fund obligations.
    It said the measures were the latest steps to deregulate
Spain's financial sector, a move triggered by entry into the
Community last year.
    Spain has five years to complete bank deregulation, a
process that began in 1978 when the government allowed foreign
banks to open branches.
    Since then 39 foreign banks have come into the market and
they now control about 15 pct of the system's lending assets.
    Residents in Spain can now borrow freely in foreign
currency up to the equivalent of 1.5 billion pesetas against a
previous ceiling of 750 mln pesetas.
    The 750 mln peseta limit was set last March. Between that
date and the end of last year some 430 mln dlrs flowed into the
country on new foreign currency loans.
    The central bank spokesman said operations over 1.5 billion
pesetas were technically subject to authorisation, but would be
given clearance if the government failed to act in 15 days.
    Spanish banks will also be allowed to expand their foreign
currency funding, formerly obtainable through deposits, by
issuing certificates of deposit, bonds and commercial paper.
    They can also employ these funds to invest in foreign
issues, while before they had to be converted into deposits.
    Foreign exchange operations can be in mixed currencies,
instead of having to borrow and lend in the same currency.
    The central bank has also lifted the restriction on the
amount of foreign exchange loans, which previously were limited
to three times a bank's capital equity.
    The latest deregulation measures were welcomed by most
bankers, in contrast to rulings issued earlier this month which
imposed a 19 pct reserve requirement on new convertible peseta
funds held by banks and freed short term deposit rates.
    The reserve requirement, which was already in place on
normal peseta deposits, was intended to curb short-term foreign
speculative capital which is entering the country and
threatening the government's money supply growth target.
    A foreign banker said high reserve requirements, which now
account for about 30 pct of deposits, placed Spanish banks at a
disadvantage with European competitors.
    The government reduced fixed asset investment requirements
to 11 pct from 23 pct to help offset the negative impact of
interest rate deregulation. "The real problem is the freeing of
interest rates," the banker said. "This is going to take a big
bite out of profits."
    The ruling lifted a six pct ceiling on interest rates paid
on deposits of up to 180 days.
    The chairman of one of Spain's leading banks said the
measure was expected to bring a 20 pct drop in profits this
year.
 REUTER
3;
bodyend
documentend
documentstart
5413
topicstart
topicend
bodystart
2;

RYAN HOMES 
<
RYN> CALLS DEBENTURES


    PITTSBURGH, March 16 - 
Ryan Homes Inc, controled by NV
Homes LP 
<
NVH>, said it has called for redemption on April 30
all 873,000 dlrs of its six pct convertible subordinated
debentures due 1991 at 1,000 dlrs pluys 19.83 dlrs in accrued
interest per 1,000 dlrs principal amount.
    The debentures are convertible through April 28 into Ryan
common stock at 30.50 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
5414
topicstart
earn
topicend
bodystart
2;

STANDARD PRODUCTS CO 
<
STD> RAISES QUARTERLY


    CLEVELAND, March 16 -
    
Qtly div 20 cts vs 16 cts prior
    Pay April 24
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
5415
topicstart
earn
topicend
bodystart
2;

AARON SPELLING PRODUCTIONS INC 
<
SP> 2ND QTR NET


    LOS ANGELES, March 16 - 
Jan 31 end
    Shr 31 cts vs 44 cts
    Net 5,705,000 vs 8,101,000
    Revs 50.6 mln vs 67.2 mln
    1st half
    Shr 63 cts vs 71 cts
    Net 11.6 mln vs 13.2 mln
    Revs 80.9 mln vs 105.2 mln
    NOTE: Current half net includes 750,000 dlr charge from
reorganization.
 Reuter
3;
bodyend
documentend
documentstart
5416
topicstart
earn
topicend
bodystart
2;

COOPER LASERSONICS INC 
<
ZAPS> 1ST QTR LOSS


    PALO ALTO, Calif., March 16 - 
Period ended January 31.
    Shr loss 22 cts vs profit one ct
    Net loss 4,700,000 vs profit 150,000
    Sales 15.0 mln vs 16.7 mln
    Avg shrs 21,538,000 vs 19,259,000
    Note: Prior qtr figures include gain of 1.1 mln dlrs, or
six cts per share, from discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
5417
topicstart
earn
topicend
bodystart
2;

DIVERSIFIED INDUSTRIES 
<
DEI> 1ST QTR OPER NET


    ST. LOUIS, March 16 - 
Period ended Jan 31
    Oper shr two cts vs eight cts
    Oper net 96,000 vs 449,000
    Sales 37.6 mln vs 35.8 mln
    Avg shrs 5,317,900 vs 5,689,277
    NOTE: Full name is Diversified Industries Inc
    Earnings exclude gains from utilization of tax loss
carryforwards of 62,000 dlrs, or one ct a share vs 358,000
dlrs, or six cts a share
 Reuter
3;
bodyend
documentend
documentstart
5419
topicstart
topicend
bodystart
2;

AMSTERDAM LAUNCHES 300 MLN GUILDER CP PROGRAM


    AMSTERDAM, March 16 - 
The city of Amsterdam launched a 300
mln guilder commercial paper program in the Dutch market, lead
manager Amsterdam-Rotterdam Bank NV said.
    The issue has denominations of one mln guilders and
maturities ranging from two weeks to one year. Clearing and
delivery is through the facilities of the Dutch central bank.
    Amsterdam is the third Dutch municipality to use a
commercial paper program as credit facility. The Hague and
Rotterdam preceded with programs arranged by Algemene Bank
Nederland NV 
<
ABNN.AS>. Details of the first tranche of the
program are still unknown.
    "At the moment, commercial paper is a cheaper form of credit
than the traditional "kasgeldleningen'," said Amsterdam's
financial alderman Walter Etty after signing the contract.
Current regulations allowed the city to acquire only half of
its short term borrowing requirement with CPs, he added.
    Kasgeldleningen or short term advances are a widely used
instrument in the Dutch market which has faced competition from
CPs since the Finance Ministry approved them in January 1986.
    "CPs and CDs are currently slightly cheaper than traditional
credit lines for promotional reasons," Amro board member Dick
Meys told journalists at the signing ceremony.
    Despite the lower cost to borrowers, the Dutch market for
commercial paper and certificates of deposits is growing only
slowly in the face of the well-developed kasgeld market and
institutional investors have hardly discovered this instrument,
Meys said.
    Foreign interest in guilder CPs and CDs is almost
non-existent due to the strong position of the guilder, but
Amro's London-based subsidiary EBC Amro Bank Ltd joined the
syndicate in case such interest emerges, Meys said.
 REUTER
3;
bodyend
documentend
documentstart
5421
topicstart
pet-chem
topicend
bodystart
2;

HOECHST CELANESE SETS EXPANSION PROGRAM


    NEW YORK, March 16 - 
Hoechst AG's 
<
HFAG.F> U.S. unit,
Hoechst Celanese Corp, said it has begun projects that will
cost more than 150 mln dlrs.
    The unit was formed last month when Hoechst completed the
acquisition of Celanese for 2.84 billion dlrs.
    The company said it will expand its Sanwet super absorbent
polymers unit and its acrylic acid facility. It also said it
plans an acetaminophen production plant at Bishop, Texas.

 Reuter
3;
bodyend
documentend
documentstart
5422
topicstart
earn
topicend
bodystart
2;

GOLDEN NUGGET INC 
<
GNG> 4TH QTR LOSS


    LAS VEGAS, March 16 -
    
Oper shr loss 20 cts vs loss 19 cts
    Oper net loss 7,001,000 vs loss 6,761,000
    Revs 93.0 mln vs 90.6 mln
    Avg shrs 35.2 mln vs 34.8 mln
    Year
    Oper shr profit 10 cts vs profit 65 cts
    Oper net profit 3,419,000 vs profit 22.6 mln
    Revs 381.7 mln vs 385.0 mln
    Avg shrs 33.8 mln vs 34.9 mln
    NOTE: Net excludes debt retirement gain 2,001,000 dlrs vs
loss 316,000 dlrs in quarter and losses 15.9 mln dlrs vs
1,714,000 dlrs in year.
    1986 net includes tax crdits of 2,942,000 dlrs in quarter
and 2,729,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
5423
topicstart
earn
topicend
bodystart
2;

OPPENHEIMER INDUSTRIES 
<
OPP> SEES YEAR LOSS


    KANSAS CITY, March 16 - 
Oppenheimer Industries Inc said it
expects to report a loss for the year ended January 31 of about
980,000 dlrs, compared with a profit of 211,074 dlrs a year
before.
    The company blamed the loss on the continuing depression in
agriculture, the discontinuance of several programs due to the
passage if the 1986 tax bill and the failure to close the sale
of four ranches in the California Carrizo Plains during the
year as expected.
    The company said the prospective purchaser forfieted a
500,000 dlr deposit  It said it is in talks on a new contract.
 Reuter
3;
bodyend
documentend
documentstart
5424
topicstart
topicend
bodystart
2;

BFCE ISSUES THREE BILLION FRANC DOMESTIC BOND


    PARIS, March 16 - 
Banque Francaise du Commerce Exterieur is
issuing a three billion franc, 8.50 pct, 11 years and 302 days
domestic bond with warrants at an issue price of 96.42 pct,
lead manager Banque Nationale de Paris said.
    The 600,000 bonds of a nominal 5,000 francs are identical
to those of the BFCE five billion franc 8.50 pct January 1987
issue, bringing the total of the issue to eight billion francs.
    Interest will be paid for the first time on February 2,
1988, and on the same date of each subsequent year. Redemption
will be in three tranches on February 2, 1997, 1998 and 1999.
    Each bond will carry a warrant and two warrants will give
the right to subscribe to an 8.50 pct nominal bond between
December 22, 1987 and January 22, 1988.
    The exercise price of the subscription warrants will be 99
pct. BNP said that if all the warrants were utilised, the total
of the January 1987 issue would rise to 8.5 billion francs.
 REUTER
3;
bodyend
documentend
documentstart
5426
topicstart
earn
topicend
bodystart
2;

LUBY'S CAFETERIAS INC 
<
LUB> 2ND QTR FEB 28 NET


    SAN ANTONIO, Texas, March 16 -
    
Shr 31 cts vs 26 cts
    Net 5,645,000 vs 4,737,000
    Sales 55.2 mln vs 50.6 mln
    1st half
    Shr 60 cts vs 53 cts
    Net 10.9 mln vs 9,659,000
    Sales 110.4 mln vs 102.2 mln
    NOTE: Current year net both periods includes 474,000 dlr
gain from land sale.
    Share adjusted for three-for-two split in August 1986.
 Reuter
3;
bodyend
documentend
documentstart
5429
topicstart
earn
topicend
bodystart
2;

TESCO FORECASTS PROFITS RISE THIS YEAR


    LONDON, March 16 - 
Tesco Plc 
<
TSCO.L> said in a statement
it expects pre-tax profits of 166 mln stg for the year ending
February 28, 1987, before nine mln stg of net property profits.
This compares with 122.9 mln stg pretax profits and a net 8.1
mln on property sales the previous year. It said the forecast
was in its formal offer document sent to 
<
Hillards Plc>
shareholders today.
    On March 10 Tesco launched a 151.4 mln stg bid for
Hillards. The offer, of 13 new Tesco ordinary shares for every
20 Hillards ordinary shares, valued each Hillards ordinary
share at 305.5p.
 Reuter
3;
bodyend
documentend
documentstart
5431
topicstart
earn
topicend
bodystart
2;

BUSINESS COMPUTER 
<
BCSI> HAD 4TH QUARTER PROFIT


    MIAMI, March 16 - 
Business Computer Solutions Inc said it
expects to report a profit for the fourth quarter ended
February 28 -- its first quarterly profit ever -- of about
175,000 dlrs on revenues of about 750,000 dlrs.
    A year before, it lost 217,852 dlrs on sales of 469,274
dlrs.  The company attributed the improved results to increased
purchases of its ZFOUR language and development environment for
computer software.
    Business Computer said it expects to report a full-year
loss of about 500,000 dlrs on sales of about 2,100,000 dlrs.
Last year it lost 1,079,000 dlrs on revenues of 720,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5434
topicstart
money-fx
topicend
bodystart
2;
******
FED SAYS IT SETS THREE-DAY SYSTEM REPURCHASE AGREEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
5435
topicstart
acq
copper
topicend
bodystart
2;

MIM TO ACQUIRE STAKE IN GERMAN COPPER PRODUCER


    FRANKFURT, March 16 - 
Mount Isa Mines Holding Ltd plans to
acquire a 30 pct stake in Europe's largest primary copper
producer, Norddeutsche Affinerie AG, a spokesman for
Metallgesellschaft AG said.
    MIM intends to take Preussag AG's total 20 pct share in the
copper producer in exchange for some three pct of MIM's share
capital. MIM will also take another 10 pct now held by Degussa
AG, reducing Degussa's share to 30 pct from 40.
Metallgesellschaft's share will remain at 40 pct.
    The move is subject to approval of the federal cartel
office and supervisory boards of the companies involved.
 Reuter
3;
bodyend
documentend
documentstart
5437
topicstart
earn
topicend
bodystart
2;

J.W. MAYS INC 
<
MAYS> 2ND QTR JAN 31 NET


    BROOKLYN, N.Y., March 16 -
    
Shr 2.27 dlrs vs 74 cts
    Net 4,945,989 vs 1,612,624
    Revs 28.2 mln vs 27.9 mln
    Six mths
    Shr 1.57 dlrs vs three cts
    Net 3,417,659 vs 73,614
    Revs 47.0 mln vs 46.8 mln
    NOTE: Current periods include pretax gain of 4.3 mln dlrs
from sale of leasehold of Glen Oaks store in Queens, N.Y. and
gain of 1.9 mln dlrs from benefit of tax loss carryforwards.
    Year-ago six mths includes gain of 95,988 dlrs from refund
of prior year's real estate taxes.
 Reuter
3;
bodyend
documentend
documentstart
5438
topicstart
earn
topicend
bodystart
2;

CIRCUS CIRCUS ENTERPRISES 
<
CIR> 4TH QTR NET


    LAS VEGAS, Nev., March 16 -
    
Oper shr 16 cts vs 14 cts
    Oper net 5,818,000 vs 5,284,000
    Revs 88.2 mln vs 69.7 mln
    Year
    Oper shr 96 cts vs one dlr
    Oper net 36,101,000 vs 37,375,000
    Revs 374.0 mln vs 307.0 mln
    Note: Current qtr and year figures exclude extraordinary
losses on early debt retirement of 1.7 mln dlrs, or five cts
per share and 7.9 mln dlrs, or 21 cts per share, respectively.
    Full name Circus Circus Enterprises Inc.
 Reuter
3;
bodyend
documentend
documentstart
5439
topicstart
money-fx
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA THREE-DAY REPURCHASES


    NEW YORK, March 16 - 
The Federal Reserve entered the U.S.
Government securities market to arrange three-day System
repurchase agreements, a Fed spokesman said.
    Dealers said that Federal funds were trading at 6-1/4 pct
when the Fed began its temporary and direct supply of reserves
to the banking system.
 Reuter
3;
bodyend
documentend
documentstart
5440
topicstart
earn
topicend
bodystart
2;

NATIONAL FUEL GAS CO 
<
NFG> SETS MAIL DATE


    NEW YORK, March 16 - 
National Fuel Gas Co said its mail
date for its previously-announced two-for-one stock split is
June 19, 1987.
    The company, which announced the split last week, had said
the record date for the split is May 29, 1987.
 Reuter
3;
bodyend
documentend
documentstart
5441
topicstart
acq
topicend
bodystart
2;

COMTECH 
<
CMTL> TO SELL PREMIER MICROWAVE


    HAUPAUGE, N.Y., March 16 - 
Comtech Inc said it agreed in
principle to sell 95 pct of its outstanding shares in Premier
Microwave Corp for seven mln dlrs.
    It said the buyers include an investment group composed of
the unit's management.
    The company said it expects the sale to close in the next
few weeks. Proceeds will be used to reduce debt.
 Reuter
3;
bodyend
documentend
documentstart
5442
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRMS HAVE 5.9 PCT OF PUROLATOR 
<
PCC>


    WASHINGTON, March 16 - 
A group of affiliated New York-base
investment firms and funds told the Securities and Exchange
Commission they have acquired 453,300 shares of Purolator
Courier Corp, or 5.9 pct of the total outstanding.
    The group, led by Mutual Shares Corp, said it bought the
stock for investment purposes.
    It also said it is studying the 35 dlr a share leveraged
buyout offer made by Purolator managers and E.F. Hutton LBO Inc
but has not decided whether it will tender its stock in the
offer. The group said it has held talks with the Hutton LBO
group before and may do so again.
 Reuter
3;
bodyend
documentend
documentstart
5443
topicstart
earn
topicend
bodystart
2;

TOFUTTI BRANDS 
<
TOF> SEES PROFIT FOR NEW YEAR


    RAHWAY, N.J., March 16 - 
Tofutti Brands Inc said it is
changing its fiscal year to a calendar year from a year ending
July 31, and it expects to be profitable on higher sales in
1987.
    The company lost 658,000 dlrs on sales of 11.6 mln dlrs in
the year ended July 31.  A company spokesman said Tofutti will
be reporting earnings for the last five months of calendar 1986
by the end of March and will then report calendar first quarter
results.
 Reuter
3;
bodyend
documentend
documentstart
5444
topicstart
earn
topicend
bodystart
2;

DIGITECH INC 
<
DGTC> 1ST QTR JAN 31 NET


    ST. LOUIS, March 16 -
    
Shr two cts vs eight cts
    Net 270,000 vs 1,212,000
    Revs 1,858,000 vs 1,420,000
    Avg shrs 16,817,618 vs 12,507,671
 Reuter
3;
bodyend
documentend
documentstart
5445
topicstart
carcass
livestock
topicend
bodystart
2;

UNION VOTES TO STRIKE DAKOTA CITY IBP PLANT


    Chicago, March 16 - 
Members of the United Food and
Commercial Workers union, UFCW, local 222 voted Sunday to go on
strike against Iowa Beef Processors Inc Dakota City, Nebraska,
plant, effective Tuesday.
    The company submitted their latest offer to the union at
the same time announcing that they would end the lockout as of
tomorrow that started December 14.
    Members unanimously rejected the latest company offer that
was submitted to the union late last week. An overwhelming
majority of the approximately 2,500 members attending the
meeting then voted to go on strike, UFCW union spokesman Allen
Zack said.
    Zack said the company's offer for a cut in wages was
unacceptable and said IBP was refusing to bargain in good
faith.
    IBP's latest offer included wage cuts of 60 cents an hour
for slaughter operations and a 45 cents an hour cut in pay for
processing workers. The cut follows the 1.07 dlr cut in pay
workers received in 1982 and the wage freeze that has lasted
since then, Zack said.
    The offer also eliminated overtime after eight hours
following the normal 40 hour work week, he added.
 Reuter
3;
bodyend
documentend
documentstart
5447
topicstart
gnp
topicend
bodystart
2;

BELGIUM REVISES DOWN 1987 GNP GROWTH FORECASTS


    BRUSSELS, March 16 - 
The Belgian government has lowered its
forecast for the nominal increase in gross national product in
1987 to 3.5 pct from an originally forecast 3.9 pct, Prime
Minister Wilfried Martens said in a statement to parliament.
    He said this revision, which brings government forecasts
more closely into line with those by private institutions,
takes account of an anticipated slowdown in the world economy
and international trade.
    But he said the impact on the Belgian economy will be
limited due to recent agreements on wages and working
conditions agreed by employers and unions.
    Martens did not say how much the government expected GNP to
grow in volume terms.
    However, last month the government's Planning Bureau said
it had revised its 1987 forecast for this to 0.9 pct from 2.0
pct.
    In 1986, Belgium's gross national product rose 2.15 pct in
volume terms against a 5.9 pct nominal rise.
 REUTER
3;
bodyend
documentend
documentstart
5450
topicstart
topicend
bodystart
2;

BZW MAKES MARKETS IN JAPAN DOLLAR CONVERTIBLES


    LONDON, March 16 - 
Barclays De Zoete Wedd Ltd said it today
began market-making in Japanese convertible eurobonds
denominated in dollars.
    This venture will be followed within a few months by the
establishment of a trading operation for Japanese U.S.
Dollar-denominated equity warrant issues.
    Director in charge of the Japanese convertible operation is
Kelvin Saunders, who said the desk was currently staffed by
seven traders and salespeople. This number would be doubled
with the addition of the equity warrant operation, "an even more
important element in the current market environment," he said.
 REUTER
3;
bodyend
documentend
documentstart
5451
topicstart
earn
topicend
bodystart
2;

CABOT MEDICAL CORP 
<
CBOT> 1ST QTR JAN 31 NET


    LANGHORNE, Penn., March 16 -
    
Shr four cts vs two cts
    Net 240,902 vs 106,054
    Revs 3,408,481 vs 2,566,769
 Reuter
3;
bodyend
documentend
documentstart
5452
topicstart
earn
topicend
bodystart
2;

AMERIHEALTH INC 
<
AHTH> 4TH QTR LOSS


    ATLANTA, March 16 -
    
Oper shr loss one ct vs loss 11 cts
    Oper net profit 89,000 vs loss 323,000
    Revs 9,603,000 vs 6,116,000
    Year
    Oper shr loss six cts vs loss 21 cts
    Oper net profit 158,000 vs loss 629,000
    Revs 34.6 mln vs 22.8 mln
    NOTE: 1986 net excludes tax credits of 170,000 dlrs in
quarter and 321,000 dlrs in year and gains on termination of
pension plan of 82,000 dlrs in quarter and 190,000 dlrs in
year.
    Share after preferred dividends.
 Reuter
3;
bodyend
documentend
documentstart
5453
topicstart
gnp
topicend
bodystart
2;

BANKS SEE GERMAN GROWTH OF AT LEAST TWO PCT


    BONN, March 16 - 
External risks for the economy have
increased, but growth of two to 2.5 pct this year is still
possible, according to President of the West German Federation
of Banks, Hanns Christian Schroeder-Hohenwarth.
    Schroeder-Hohenwarth told a news conference the further
fall of the dollar since the start of this year and the
revaluation of the mark against European currencies meant West
German exporters were facing a "rough wind."
    However, domestic demand was continuing to rise and private
consumption in particular would support the economy, he said.
He saw good prospects for consumer industries.
    Schroeder-Hohenwarth said economic policy now had to
concentrate on strengthening this domestic growth. In this
context, he welcomed a decision by the government to increase
the scope of tax cuts due in 1988.
    He added, a planned reform of the fiscal system scheduled
for 1990, which was worked out by coalition partners this
month, was an "important step in the right direction."
    The government plans to cut corporation tax to 50 pct from
56 pct. However, Schroeder-Hohenwarth said the decision to cut
the maximum rate of income tax to only 53 pct from 56 pct was
"rather half-hearted."
 REUTER
3;
bodyend
documentend
documentstart
5454
topicstart
earn
topicend
bodystart
2;

CAMBRIDGE ANALYTICAL 
<
CAAN> SEES FIRST QTR LOSS


    BOSTON, March 16 - 
Cambridge Analytical Associates Inc said
it expects to incur a loss for the first quarter of fiscal 1987
equal to or greater than its loss of 240,697 dlrs for the
fourth quarter ended December 31, 1986.
    Cambridge said it expects revenues for the first quarter to
be approximately the same as those recorded for the fourth
quarter ended December 31, 1986, of 1,025,961 dlrs.
    Cambridge recorded a profit of 2,204 dlrs on revenues of
847,000 dlrs for the first quarter of fiscal 1986, the company
said.
    The company attributed the expected loss to lower than
expected sales from its laboratory and consulting business and
planned major investment in its proprietary treatment
technology.
    The company said winter is traditionally its slowest
season.
 Reuter
3;
bodyend
documentend
documentstart
5455
topicstart
acq
topicend
bodystart
2;

SETON 
<
SEL> GETS BUYOUT OFFER FROM CHAIRMAN


    NEWARK, N.J., March 16 - 
Seton Co said its board has
received a proposal from chairman and chief executive officer
Philip D. Kaltenbacher to acquire Seton for 15.75 dlrs per
share in cash.
    Seton said the acquisition bid is subject to Kaltenbacher
arranging the necessary financing.  It said he intends to ask
other members of senior management to participate.
    The company said Kaltenbacher owns 30 pct of Seton stock
and other management members another 7.5 pct.
    Seton said it has formed an independent board committee to
consider the offer and has deferred the annual meeting it had
scheduled for March 31.
 Reuter
3;
bodyend
documentend
documentstart
5456
topicstart
earn
topicend
bodystart
2;

MRS FIELDS PLANS TO OPEN MORE STORES


    LONDON, March 16 - 
U.S. Based speciality food retailer 
<
Mrs
Fields Inc>, which earlier announced pre-tax profits of 17.1
mln dlrs in 1986 against 6.8 mln in 1985, said it plans further
growth this year with the opening of 125 new stores in the U.S.
    The company, which is quoted on London's Unlisted
Securities Market (USM), said it also planned to expand its
outlets internationally.
    However, chairman Randall Fields told a news conference the
company would not move into any new countries during 1987 but
would intensify its efforts where it already had stores.
    During 1986 the company opened 81 new stores, including 76
in the U.S., Two in Australia and one each in Japan, Canada and
the U.K.
    "We intend to open a minimum of five more units in London
for example and it is reasonable that we might open other
stores in other European countries in 1988," Fields said.
    He said the company acquired competitive businesses as a
matter of routine, and might add others in 1987, but declined
to say how much the company planned to spend on them.
    Last year turnover rose by 20.8 pct to 87.1 mln dlrs from
72.6 mln dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
5458
topicstart
trade
gnp
topicend
bodystart
2;

BRAZIL SAYS DEBT CRISIS IS WORLD PROBLEM


    RIO DE JANEIRO, March 16 - 
Brazilian Finance Minister
Dilson Funaro said his country's foreign debt crisis could only
be solved by changes in the international financial system.
    Speaking to a business conference he said "It is not Brazil
that has to make adjustments with the IMF (International
Monetary Fund). It is the international financial community
that is taking away resources from the developing countries."
    "The crisis is not in Brazil, a country that has had the
third biggest trade surplus ...In the past two years Brazil had
remitted 24 billion dlrs in debt servicing and received only
two billion in fresh funds," he added.
    Funaro said that during his recent trip to the U.S., Europe
and Japan to explain Brazil's decision last month to suspend
interest payments on 68 billion dlrs of commercial debt, he
stressed the country's commitment to growth.
    "We need to and will make the effort (to solve the debt
problem) but we cannot make an effort that means we stop
growing," he said, adding that political and not purely
commercial solutions were needed to the debt crisis.
    Brazil, whose 108 billion dlr foreign debt is the largest
in the developing world, has been under pressure from official
and private creditors to work out an economic adjustment
program with the IMF to combat rocketing inflation and foreign
payments problems.
    President Jose Sarney's government has repeatedly refused
to approach the Fund, arguing that an IMF programme would lead
to recession. Funaro said that in his talks with creditors he
had tried to restore credibility in the country in the hope of
finding a lasting solution to the debt problem.
    "We are negotiating so that the debt question should not be
one of continuous crisis."
    To sustain internal growth Brazil would have to import more
machinery and equipment this year and export fewer raw
materials. The country was thus targetting a fall in this
year's trade surplus to 8.0 billion dlrs from 1986's 9.5
billion.
    Domestically, Funaro said economies had led to a reduction
in the public sector deficit to 2.7 pct of gross domestic
product in 1986, the lowest for many years and that this should
fall to 1.5 pct this year.
 REUTER
3;
bodyend
documentend
documentstart
5460
topicstart
cpu
topicend
bodystart
2;
******
U.S. INDUSTRIAL CAPACITY USE RATE ROSE TO 79.8 PCT IN FEB FROM 79.6 PCT IN JAN

Blah blah blah.
3;


bodyend
documentend
documentstart
5461
topicstart
earn
topicend
bodystart
2;

BIOTECHNOLOGY DEVELOPMENT 
<
BIOD> 4TH QTR LOSS


    NEWTON, Mass., March 16 -
    
Shr loss five cts vs loss 17 cts
    Net loss 154,654 vs loss 419,606
    Revs 517,699 vs 374,108
    Year
    Shr loss 28 cts vs loss 56 cts
    Net loss 821,979 vs loss 1,368,591
    Revs 1,650,657 vs 1,285,473
 Reuter
3;
bodyend
documentend
documentstart
5462
topicstart
topicend
bodystart
2;

FRANCE'S CFF TO ISSUE 500 MLN FRANCS BONDS


    PARIS, March 16 - 
Credit Foncier de France said it will
issue on Wednesday around 500 mln francs worth of Specialised
Financial Institution Bonds (BIFS).
    This second issue of eight pct BIFS, maturing on December
23, 1993, are identical to the 535 mln franc issue of bonds
issued last month.
    BIFS, created in December 1985 and reserved for issue by
certain specialised financial bodies, are negotiable securities
with a life of between two and five years and are issued in
units of five mln francs. At the end of February there was a
total of 3.9 billion francs in BIFS in circulation.
 REUTER
3;
bodyend
documentend
documentstart
5464
topicstart
earn
topicend
bodystart
2;

HECHINGER CO 
<
HECH> 4TH QTR NET


    LANDOVER, Md., March 16 -
    
Shr primary 28 cts vs 22 cts
    Shr diluted 26 cts vs 21 cts
    Net 8,637,000 vs 6,577,000
    Sales 140.3 mln vs 116.8 mln
    Year
    Shr primary 92 cts vs 77 cts
    Shr diluted 88 cts vs 75 cts
    Net 28.3 mln vs 23.1 mln
    Sales 588.4 mln vs 479 mln
 Reuter
3;
bodyend
documentend
documentstart
5465
topicstart
acq
topicend
bodystart
2;

METEX 
<
MTX> CHAIRMAN SELLS SHARES


    EDISON, N.J., March 16 - 
Metex Corp said its chairman and
chief executive officer Alan Cohen sold 78,375 shares of Metex
common stock to Metropolitan Consolidated Industries Inc

<
MONY>.
    The company said the selling price was 11.25 dlrs per share
with an option for Metropolitan Consolidated Industries to
purchase up to 42,750 shares more at the same price.
    Metex also said Mason Carter was elected president and
chief operating officer of the company. Carter joined Metex in
1982, where he was formerly its executive vice president.
    In addition, Attilio Petrocelli, president of Metropolitan,
was named to fill a vacancy on the Metex board of directors,
the company said.
    Metropolitan owns 21 pct of Metex common stock, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
5467
topicstart
grain
wheat
corn
cotton
sorghum
barley
corn
topicend
bodystart
2;

AROUND 3.5 MLN ACRES SAID TO BE IDLED BY 0/92


    WASHINGTON, March 16 - 
A 0/92 program would have very
little impact on U.S. acreage, prompting farmers to idle only
an additional 3.5 mln acres of cropland every year, according
to a report from the Agriculture Department.
    The savings resulting from the additional 3.5 mln acres
idled would be a little over 400 mln dlrs in loan savings, 35
mln dlrs in transportation and storage savings, and 10-20 mln
dlrs per year in deficiency payment savings, the report said.
    The USDA report asssessed the impacts of the proposed 0/92
acreage program for wheat, corn, cotton, sorghum and barley.
Last year, almost 245 mln acres of those crops were harvested.
    "The likelihood that the 0-92 provisiion will cause very
large acreages to be removed from crop production is quite
small," the report said.
    "The returns on typical farms still favor participation in
the usual acreage reduction programs and seeding the permitted
acreage," the USDA report said.
    The 0/92 program, which would allow farmers to forego
planting and still receive 92 pct of their deficiency payment,
would be most used by producers in high production/high risk
areas where cost of production is high, said Keith Collins,
director of USDA's economics analysis staff.
    "In the heart of the corn belt, you would not get that much
participation," Collins said.
    USDA estimated that an additional one mln acres of wheat
would be ildled under 0/92, 1.5 mln acres of corn, 500,000
acres of sorghum and barley and 500,000 acres of cotton.
    Production from these idled acres would be equivalent to 40
mln bushels of wheat, 180 mln bushels of corn, 20 mln bushels
of sorghum, 10 mln bushels of barley, and 500,000 bales of
cotton, the report said.
    "In determining whether to participate, a producer would
need to weigh the expected cash costs of production against the
loan rate ... The risk that market prices may rise above the
expected levels and reduce the deficiency payment also must be
considered," according to the analysis.
    "What you're giving up under 0/92 is the difference between
the loan rate and the cost of production," Collins said.
    For producers with low production costs, that difference is
greater and can be applied to paying variable costs, he said.
Under these cicumstances, farmers would not want to go along
with 0/92. But for high cost producers, 0/92 would be more
attractive.
    Also, as loan rates get lower, Collins said there would be
more incentives to participate in a 0/92 program.
    "I would admit that its impacts would be very marginal at
first, but it is a step towards the goal of separating
production decisions from government payments," Collins said.
    In a speech earlier today before the National Grains and
Feed Association, USDA Secretary Richard Lyng said it is too
late to implement 0/92 for 1987 crops since program signup will
be over by the end of this month.
 Reuter
3;
bodyend
documentend
documentstart
5469
topicstart
acq
topicend
bodystart
2;

AMERICAN SECURITY 
<
ASEC> TO RELEASE INFORMATION


    WASHINGTON, March 16 - 
American Security Corp said a
release will be forthcoming shortly regarding its pending
merger with Maryland National Corp 
<
MDNT>, approved by its
stockholders October 10.
    American was halted on NASDAQ pending a news announcement.
 Reuter
3;
bodyend
documentend
documentstart
5470
topicstart
earn
topicend
bodystart
2;

SVENSKA CELLULOSA AB 
<
SCAB.ST> 1986 YEAR


    STOCKHOLM, March 16 -
    
Group profit after net financial items 1.39 billion crowns
    vs 1.32 billion
    Sales 15.22 billion crowns vs 12.61 billion
    Profit per share 20.50 crowns vs 19.60
    Proposed dividend five crowns vs 4.40
 Reuter
3;
bodyend
documentend
documentstart
5471
topicstart
coffee
topicend
bodystart
2;

COLOMBIA COFFEE EXPORTERS BELIEVE IN PRAGMATISM


    By Gilles Trequesser, Reuters


    BOGOTA, March 16 - 
Private coffee exporters say Colombia's
more pragmatic coffee marketing policy will ensure that the
country does not suffer excessively from current depressed
prices and erratic market conditions.
    Gilberto Arango, president of the exporters' association,
said in an interview that Colombia, the world's second largest
producer, was in a position to withstand a prolonged absence of
International Coffee Organization (ICO) export quotas.
    "Colombia is one of the countries that will benefit most
from this situation," he said.
    Recent ICO talks in London failed to break a deadlock over
re-introduction of export quotas, suspended in February 1986,
and no date has been set for a new meeting on the issue.
    Arango said that government measures adopted here last
week, including a lower export registration price, indicated a
major change but also disclosed a welcome pragmatism.
    "This is the start of a new era in Colombia because world
market conditions are also new," he said.
    The government lowered local taxes for exporters and said
the export registration price, or reintegro, will be changed
more often in order to closely reflect market trends.
    Arango said an illustration of Colombia's new attitude was
the decision on Friday to open export registrations for an
unlimited amount.
    But he added it did not imply the country would begin heavy
selling of coffee.
    "Our marketing policy is to sell without haste but
consistently. No targets for volume will be set. We will react
to market factors adequately and Colombia has no intention of
giving its coffee away."
    Colombia's past records should be the basis for upcoming
exports, he said.
    "We will certainly not export seven mln (60-kilo) bags but
neither are we going to sell like mad. The trade knows full
well what Colombia's export potential is," he said.
    Colombia, with stockpiles standing at about 10 mln bags,
exported a record 11.5 mln bags in the 1985/86 coffee year
which ended last September, and 11.3 mln in calendar 1986.
    Arango did not want to commit himself on export predictions
but said that output for the 1986/87 coffee year would not
exceed 10.5 mln bags, compared with 12 mln forecast by the
National Coffee Growers' Federation and 12.5 mln by the U.S.
Department of Agriculture, a figure he said was "ridiculous."
    He said ageing plantations and rust, in particular in the
number one producing province of Antioquia, meant output was
likely to fall but that nationwide estimates were rare and
oscillated between 9.5 mln and 11.5 mln bags.
    On the failure of the recent ICO talks, Arango said
Colombia understandably felt frustrated at not having managed
to force a compromise.
    Jorge Cardenas, manager of the national federation and head
of his nation's delegation in London, has blamed the
intransigence of some big countries, without naming them.
    However, Arango, like Colombian Finance Minister Cesar
Gaviria last week, was more explicit and said the United States
would undoubtedly be under great political pressure in coming
weeks to revise its policy.
    "Washington will have to take into account that for many
countries, and some of its allies for instance in Central
America, a sharp fall in coffee export revenue would have
far-reaching political and economic consequences."
    Arango ruled out a fresh Colombian initiative on export
quotas saying producers had now to show a common resolve which
could emerge from continuous contacts.
 Reuter
3;
bodyend
documentend
documentstart
5472
topicstart
gnp
topicend
bodystart
2;

BELGIAN GOVERNMENT TO CUT FINANCIAL REQUIREMENT


     BRUSSELS, March 16 - 
Belgian Prime Minister Wilfried
Martens announced to Parliament a plan to reduce the 1987
government financing requirement by 20.6 billion francs.
    He said this will enable the requirement to be held to
419.7 billion francs, against the previous government target of
417.8 billion, or eight pct of gross national product.
    Martens said following a lowering of government estimates
of 1987 nominal GNP growth and a re-estimation by government
departments of 1987 spending, the government calculated that
unless action was taken, the requirement would exceed the
target by 22.5 billion francs.
    Martens said the plan involved raising non-fiscal receipts
by 5.8 billion francs and reducing spending by 14.3 billion.
The remaining 0.5 billion francs will be raised through
treasury operations.
    Martens said the money is being found through a series of
small economies and confirmed that it includes the raising of
two billion francs through the sale of part of the government's
50 pct holding in the gas company Distrigaz.
    Last year, the government announced a major program
designed to cut 1987 spending by 195 billion francs.
    The program was designed to get Belgium out of what the
government said was a "snowball effect" under which the
government constantly borrowed more to finance budget deficits
which were due largely to the cost of servicing and repaying
existing debt.
    In 1986, the government financing requirement is estimated
at 561 billion francs or 11.0 pct of GNP.
 REUTER
3;
bodyend
documentend
documentstart
5473
topicstart
earn
topicend
bodystart
2;

ROYAL TRUST PLOTS AGGRESSIVE GLOBAL EXPANSION


    By Peter Cooney, Reuters


    TORONTO, March 16 - 
<
Royal Trustco Ltd>, in a move unique
among Canadian trust companies, is pursuing a bold global
expansion that could someday lift the foreign share of its
yearly earnings to 50 pct, president Michael Cornelissen said.
    First Marathon Securities Ltd financial services analyst
Michael Walsh said Royal Trust's international growth target is
attainable. But it "will be a tremendous achievement because
... they're going to have to build an international earnings
base larger than the earnings of a lot of significant domestic
trust companies," Walsh said.
    Global operations, which made up 22 pct of Royal Trust's
154 mln dlr 1986 net profit, will post 33 pct profit growth
this year against an expected 15 pct jump in total company
profit, Cornelissen told Reuters in an interview.
    He said the foreign share of total profit would rise to 26
pct in 1987 and to 44 pct by 1990.
    Royal Trust, Canada's second largest trust company with
assets of about 19.54 billion Canadian dlrs, has operated
internationally since 1929 when it opened a London bank.
    Its aggressive global strategy began in the 1980s, when
other Canadian trusts, the equivalent of U.S. savings and
loans, were focusing on domestic retail banking.
    The company's overseas ambitions were whetted by heightened
domestic competition and impressive growth at its London bank
operations, which attained full British banking powers in 1980,
Cornelissen said.
    Last year, Royal Trust moved into continental Europe and
Asia with its 239 mln Canadian dlr acquisition of Dow Chemical
Co 
<
DOW>'s Dow Financial Services Corp, which included asset
management, merchant and private banking companies.
    "It was a heaven-sent opportunity," Cornelissen said of the
Dow Financial acquisition. "We achieved in one year what would
otherwise have taken five to 10 years to set up."
    Cornelissen stressed that Royal Trust would shun direct
competition with major global financial institutions in
activities such as international lending and stock brokerage,
in order to exploit "profitable niches" overseas in traditional
trust activities such as asset management, private banking and
advisory services.
    He said that Royal Trust hoped to complete negotiations
"before the end of this month" to sell its London-based Savory
Milln brokerage, acquired in the Dow Financial deal.
    "The international market is so big and we have such a
miniscule share of it that growth opportunities are really
limited only by our energy and our desire to find more
business," he said, adding that in trust-type services, "we
don't think the international markets are well-served."
    Aiding Royal Trust's foreign growth are greater foreign 
investment interest in North America and increased Canadian
investment abroad, Cornelissen said.
    Central to Royal Trust's strategy is Asia, boasting rapid
economic growth and huge pools of Japanese capital, said
Cornelissen, whose company administers assets of 71.85 billion
dlrs, more than any other Canadian trust.
    Citing statistics indicating that by the year 2000, Asia
will contain two-thirds of the world's population and 50 pct of
global productive capacity, Cornelissen said, "We knew we had
to be there." Royal Trust's 14 international locations include
offices in Tokyo, Hong Kong and Singapore. The company also
recently listed its shares on the Tokyo Stock Exchange.
    The Royal Trust president said the company was stressing
growth within its overseas units, adding he did not foresee any
acquisitions in the "immediate future," although "we have our
eyes wide open for the right opportunities."
    Asked about Royal Trust's plans for the U.S., which the
company abandoned with the 1983 sale of its Florida bank units,
Cornelissen said the company faced a trust services market well
covered by hundreds of small regional banks.
    "That doesn't mean to say we shouldn't be in the U.S.,"
said Cornelissen. "That is probably one area that we will
probably do something with in the next five years."
    He said the company would continue to emphasize its home
Canadian market, which Cornelissen and financial services
analysts agreed would remain vital to Royal Trust.
    Proposed government regulations to allow Canadian banks,
trusts, insurance and securities dealers full participation in
one another's actitivies will mean more domestic competition
for Royal Trust, "but not drastically more," Cornelissen said.
 Reuter
3;
bodyend
documentend
documentstart
5474
topicstart
earn
topicend
bodystart
2;

SALOMON RAISES CATERPILLAR 
<
CAT> OPINION


    NEW YORK, March 16 - 
Salomon Brothers Inc said it raised
its opinion on Caterpillar Inc's stock to an aggressive buy
from a hold because of a brighter earnings outlook for 1988.
    Salomon analyst David Sutliff said in a statement he sees
1988 earnings of 3.35 dlrs a share, up from an earlier forecast
of three dlrs for the year. The outlook for 1987 remains at
2.50 dlrs to three dlrs.
    Caterpillar's stock was down 1/2 points at 46-1/4.
    "Although earnings will be poor for the next two quarters,
we believe that profits could begin to improve in the second
half - perhaps significantly - and should surge sharply through
1988 and 1989," he said.
    Sutliff said improved results should come from four factors
- higher prices, improved market share, reduced costs, and
improved demand.
    The higher prices will stick because its Japanese
competitor, Komatsu, has had to raise prices because of the
increased value of the yen, he said.
 Reuter
3;
bodyend
documentend
documentstart
5475
topicstart
earn
topicend
bodystart
2;

ROCKWOOD HOLDING CO 
<
RKWD> 4TH QTR NET


    SOMERSET, Pa., March 16 -
    
Shr profit 78 cts vs loss 38 cts
    Net profit 3,108,000 vs loss 1,510,000
    Revs 35.5 mln vs 47.1 mln
    Year
    Shr profit 2.42 dlrs vs loss 2.01 dlrs
    Net profit 9.6 mln vs loss eight mln
    Revs 157.2 mln vs 182.2 mln
    NOTE: Includes extraordinary gains of 22 cts per share and
36 cts in the fourth quarter and 1986, respectively.
 Reuter
3;
bodyend
documentend
documentstart
5476
topicstart
trade
topicend
bodystart
2;
******
CANADA PRIME MINISTER SAYS A MAJOR TRADE DEAL EMERGING WITH U.S.

Blah blah blah.
3;


bodyend
documentend
documentstart
5477
topicstart
acq
topicend
bodystart
2;

FORUM 
<
FOUR> ENDS BEVERLY 
<
BEV> PURCHASE DEAL


    INDIANAPOLIS, March 16 - 
Forum Group Inc said it has
terminated its agreement in principle to buy eight retirement
living centers in six states from Beverly Enterprises due to a
failure to reach a satisfacotry definitive agreement.
 Reuter
3;
bodyend
documentend
documentstart
5481
topicstart
gold
topicend
bodystart
2;

SOME 7,000 MINERS GO ON STRIKE IN SOUTH AFRICA


   JOHANNESBURG, March 16 - 
Some 7,000 black miners went on
strike at South African gold and coal mines, the National Union
of Mineworkers (NUM) said.
    A NUM spokesman said 6,000 workers began an underground
sit-in at the Grootvlei gold mine, owned by General Union
Mining Corp, to protest the transfer of colleagues to different
jobs.
   He said about 1,000 employees of Anglo American Corp's New
Vaal Colliery also downed tools but the reason for the stoppage
was not immediately clear. Officials of the two companies were
not available for comment and the NUM said it was trying to
start negotiations with management.
 Reuter
3;
bodyend
documentend
documentstart
5482
topicstart
topicend
bodystart
2;

CONSUL RESTAURANT 
<
CNSL> IN EXCHANGE OFFER


    NEW YORK, March 16 - 
Consul Restaurant Corp said it began
an exchange offer for its 13 pct convertible debentures due
1992 with an aggregate principal amount of 17.5 mln dlrs.
    Consul officials told an analysts meeting that in return
for each 1,000 dlr face value of the bonds tendered, investors
will receive 10 shares of preferred stock convertible after Dec
1, 1987, into 500 shares of common. The company said the value
represents a substantial premium over the debentures' market
value, which traded at 410 dlrs per 1,000 dlr face amount on
March 13.
    Consul said the debt was taken on to finance expansion.
    James Crivits, Consul chairman, said debt service on the
outstanding debentures has cost the company 55 cts a share per
quarter and cut deeply into the company's profitability.
    For the year ended May 31, 1986, the company reported a net
loss of 1.12 dlr per share or 5.3 mln dlrs on revenues of 77.6
mln dlrs.
    Crivits said the company will report an improved but still
unprofitable third quarter ended February 28, compared to a
loss of 22 cts a share in the year-ago thrid quarter. He said
current third quarter results would be similar to 1987's
second quarter's loss of 12 cts per share.
    Crivits said the company will not produce a gain in the
fourth quarter or the full year, and said there will be a write
off in the fourth quarter for the debenture exchange offer. He
would not specify the amount of the write off.
    Robert Lamp, Consul's chief financial officer, said the
company needs to have at least 90 pct of the bonds exchanged in
the transaction to report a profit in the first quarter of
fiscal 1988. Lamp said that if the exchange is successful, the
company will report profits much higher than the three cents a
share reported in the first quarter of fiscal 1987.
    The Minneapolis-based company, which it said is the
nation's largest franchisee of Chi-Chi's family-style Mexican
restaurants, said it had the planned to expand to 80 units, but
had to abandon the effort, leaving 38 units in operation.
    The company also said the restaurants are profitable, with
profit margins increasing over last year.
 Reuter
3;
bodyend
documentend
documentstart
5483
topicstart
earn
topicend
bodystart
2;

FBX CORP 
<
FBXC> YEAR NOV 30 NET


    HAUPPAUGE, N.Y., March 16 -
    
Shr 11 cts vs three cts
    Net 313,000 vs 80,000
    Revs 12.5 mln vs 11.3 mln
 Reuter
3;
bodyend
documentend
documentstart
5484
topicstart
topicend
bodystart
2;

<
HOECHST AG> UNIT TO RAISE 500 MLN DLRS


    NEW YORK, March 16 - 
<
Hoechst AG's> Hoechst Celanese Corp
subsidiary said it plans to raise about 500 mln dlrs in U.S.
capital markets in three to four months.
    Company officials, at a press conference, said the money
would be raised through the sale of debentures, adding these
securities are expected to be registered with the Securities
and Exchange Commission following Standard and Poor's Corp's
rating of the company's debt next week.
    Officials said most of the funds raised will be used to pay
down 600 mln dlrs of bridge loans taken out last month when
American Hoechst bought Celanese for 2.8 billion dlrs.
    The officals said Hoechst Celenese's 1987 capital spending
of over 200 mln dlrs will be funded from internally generated
cash. They pointed out this is little changed from the combined
spending of American Hoechst and Celanese Corp in 1986.
 Reuter
3;
bodyend
documentend
documentstart
5485
topicstart
cpu
topicend
bodystart
2;

U.S. CAPACITY USE RATE 79.8 PCT IN FEBRUARY


    WASHINGTON, March 16 - 
U.S. factories, mines and utilities
operated at 79.8 pct of capacity in February, compared with a
revised 79.6 pct in January and December, the Federal reserve
Board said.
    The Fed previously said the rate was 79.7 pct in January
and 79.5 pct in December.
    A surge in automobile assemblies in February and a gain in
primary metals production helped raise manufacturing to 80.1
pct capacity from 79.9 pct in January.
    Durables manufacturing increased to 76.8 pct last month
from 76.3 pct in January, the Fed said.
    Nondurable manufacturing eased to 85.2 pct of capacity use
from 85.4 pct in January.
    Last month's rate was down from 80.2 pct in February, 1986.
    Fabricated metals increased to 81.4 pct in February from
81.2 pct in January, while motor vehicles and parts jumped to
83.6 pct from 80.0 in January.
    Primary metals rose to 67.7 pct from 66.7 pct in January.
    Petroleum products fell to 92.5 pct in February from 94.5
pct in January.
    Capacity utilization for mining rose to 75.3 pct in
February from 75.1 pct in January, but was below the February
1986 rate of 79.4 pct, the Fed said.
    The use rate for utilities was up to 80.8 pct last month
from 80.4 pct in January.
    Producers of industrial materials operated at 78.9 pct of
capacity, the same as in January and December, but down from
the February 1986 rate of 79.6 pct.
    The Fed said the decline in energy materials use and
durables goods materials were the reason for the decline over
the past year for producers of industrial materials.
 Reuter
3;
bodyend
documentend
documentstart
5487
topicstart
carcass
livestock
topicend
bodystart
2;

UNION VOTES TO STRIKE DAKOTA CITY IBP PLANT


    Chicago, March 16 - 
The United Food and Commercial Workers
union, Local 222 said its members voted Sunday to strike the
Iowa Beef Processors Inc Dakota City, Neb., plant, effective
Tuesday.
    The company said it submitted its latest offer to the union
at the same time announcing that on Tuesday it would end a
lockout that started December 14.
    Union members unanimously rejected the latest company offer
that was submitted to the union late last week, UFCW union
spokesman Allen Zack said.
 Reuter
3;
bodyend
documentend
documentstart
5490
topicstart
cpi
topicend
bodystart
2;
******
 Balladur maintains 1987 2.5 pct inflation target after February 3.4 pct year-on-year

Blah blah blah.
3;


bodyend
documentend
documentstart
5491
topicstart
cocoa
topicend
bodystart
2;

CSCE TO PUT ADDITIONAL MARGIN ON JULY COCOA


    New York, March 16 - 
A 250 dlr spot charge will be added to
the New York cocoa futures, July delivery, contract starting
Wednesday, March 18, the Coffee, Sugar and Cocoa Exchange said.
    The March delivery ceases trading March 17, making May and
July the two nearby unlimited positions. Previously, March and
May were unlimited.
    The margin requirement for a May or July position will be
1,000 dlrs--750 dlrs original margin plus 250 dlrs spot fee.
 Reuter
3;
bodyend
documentend
documentstart
5492
topicstart
earn
topicend
bodystart
2;

<
COOPER CANADA LTD> YEAR NET


    TORONTO, March 16 -
    
Shr 23 cts vs 42 cts
    Net 1,387,000 vs 2,532,000
    Revs 80.5 mln vs 82.6 mln
 Reuter
3;
bodyend
documentend
documentstart
5494
topicstart
earn
topicend
bodystart
2;

TAB PRODUCTS CO 
<
TBP> 3RD QTR FEB 28 NET


    PALO ALTO, Calif., March 16 -
    
Shr 27 cts vs 22 cts
    Net 1,866,000 vs 1,476,000
    Revs 33.0 mln vs 30.3 mln
    Nine Mths
    Shr 71 cts vs 57 cts
    Net 4,828,000 vs 3,857,000
    Revs 92.0 mln vs 89.0 mln
 Reuter
3;
bodyend
documentend
documentstart
5495
topicstart
earn
topicend
bodystart
2;

MARKEL CORP 
<
MAKL> 4TH QTR NET


    RICHMOND, Va., March 16 -
    
Shr 32 cts vs 18 cts
    Net 1,200,466 vs 545,670
    Revs 8.2 mln vs 6.4 mln
    Year
    Shr 1.52 dlrs vs 27 cts
    Net 4,972,683 vs 1,046,460
    Revs 33.3 mln vs 23 mln
 Reuter
3;
bodyend
documentend
documentstart
5496
topicstart
earn
topicend
bodystart
2;

SCIENCE ACCESSORIES CORP 
<
SEAS> 1ST QTR NET


    SOUTHPORT, Conn., March 16 - 
Qtr ends Jan 31
    Shr two cts vs two cts
    Net 78,537 vs 72,364
    Revs 626,942 vs 640,030
 Reuter
3;
bodyend
documentend
documentstart
5498
topicstart
trade
topicend
bodystart
2;
******
 French adjusted February trade deficit 400 mln francs vs January deficit 2.5 billion

Blah blah blah.
3;


bodyend
documentend
documentstart
5499
topicstart
ship
topicend
bodystart
2;

BIFFEX MEMBERS TO BALLOT ON MERGER


    LONDON, March 16 - 
Members of the Baltic International
Freight Futures Exchange (BIFFEX) are to be balloted at the end
of this week on whether it will merge with the London Commodity
Exchange or come under a new umbrella of Baltic futures
exchanges, a BIFFEX official said.
    The final decision will be left with the BIFFEX board,
which will meet at the end of this month, he said.
    Last week three exchanges currently trading on the Baltic
Exchange, the London Potato Futures Association, the GAFTA Soya
Bean Meal Futures Association and the London Meat Futures
Exchange, instructed legal advisers to implement a merger.
 Reuter
3;
bodyend
documentend
documentstart
5500
topicstart
earn
topicend
bodystart
2;

MACHINE TECHNOLOGY 
<
MTEC> SEES 2ND QTR LOSS


    PARSIPPANY, N.J., March 16 - 
Machine Technology Inc said it
expects to report a second quarter loss of 13 to 17 cts per
share on sales of about 4,400,000 dlrs.
    A year earlier, it lost 139,000 dlrs or three cts per share
on sales of 4,271,000 dlrs.
    The company said it booked over six mln dlrs in the quarter
and its backlog has risen 35 pct since the end of its fiscal
year, leading it to expect improved results in the second half.
 Reuter
3;
bodyend
documentend
documentstart
5501
topicstart
earn
topicend
bodystart
2;

DOCUGRAPHIX INC 
<
DOCX> 3RD QTR JAN 31 LOSS


    CUPERTINO, Calif., March 16 -
    
Shr loss six cts vs loss 18 cts
    Net loss 31,896 vs loss 753,518
    Revs 840,075 vs 716,361
    Avg shrs 5.45 mln vs 4.17 mln
    Nine mths
    Shr loss 25 cts vs loss 55 cts
    Net loss 1,271,972 vs loss 2,115,662
    Revs 2,071,676 vs 1,933,562
    Avg shrs 5.02 mln vs 3.85 mln
 Reuter
3;
bodyend
documentend
documentstart
5502
topicstart
earn
topicend
bodystart
2;

NBD BANCORP 
<
NBD> REGULAR DIVIDEND SET


    DETROIT, March 16 -
    
Qtly div 30 cts vs 30 cts previously
    Pay May 11
    Record April Nine
 Reuter
3;
bodyend
documentend
documentstart
5505
topicstart
acq
topicend
bodystart
2;

TRIANGLE MICROWAVE 
<
TRMW> IN TALKS ON BUYOUT


    EAST HANOVER, N.J., March 16 - 
Triangle Microwave Inc said
it is involved in talks on its possible purchase by a
"substantial U.S. company" it did not identify.
    Triangle said no agreement has yet been reached and there
can be no assurance that one will be reached. Any acquisitioon
would be subject to approval by its shareholders and to
regulatory filings, it said.
    Triangle Microwave makes microwave system components and
had earnings for the first half ended January 31 of 1,055,000
dlrs on sales of 7,292,000 dlrs, up from earnings of 763,000
dlrs on sales of 6,034,000 dlrs a year before.
 Reuter
3;
bodyend
documentend
documentstart
5506
topicstart
veg-oil
topicend
bodystart
2;

YEUTTER REPEATS RETALIATION THREAT ON EC OIL TAX


    WASHINGTON, March 16 - 
U.S. Trade Representative Clayton
Yeutter said the United States will retaliate if the European
Community adopts a proposed tax on vegetable oils, but he did
not say what EC products would be singled-out for reprisal.
    Speaking to the National Grain and Feed Association (NGFA)
convention here, Yeutter said he is "cautiously optimistic" the
controversial oils tax proposal will be rejected by the EC
Council of Ministers.
    Yeutter said the proposed tax is a "flagrant violation of
the spirit of GATT" because it would imperil the zero binding
duty on U.S. exports of soybeans to Europe.
    He said the Reagan administration has yet to decide on a
retaliation list. The administration would not reveal a
retaliation list unless the EC approved the proposal, he said.
 Reuter
3;
bodyend
documentend
documentstart
5507
topicstart
trade
topicend
bodystart
2;

CANADA'S MULRONEY SAYS U.S. TRADE DEAL NEARS


    OTTAWA, March 16 - 
Prime Minister Brian Mulroney said
"significant progress" was being made in trade talks with the
United States and a profile of a major deal was emerging.
    Opening a debate on free trade in the House of Commons,
Mulroney said an accord would create thousands of jobs in
Canada and bring greater economic prosperity to both countries.
    Mulroney, who offered few new details of the talks, said
that while the negotiations were risky and difficult, "a
profile of a major trade deal is now emerging."
  In a 50-minute address, Mulroney made an often passionate
defense of the initiative that he said would give poorer areas
of the country a major economic boost.
    "Because of our trading patterns over a period of decades,
we are in the process of building two Canadas -- one that is
rich and promising, one that is under-developed and
under-employed," said Mulroney.
    "What we want is to make sure Newfoundlanders and British
Columbians and Albertans and others, that they get their
chance. They must be given the opportunity to trade their way
to prosperity."
    Few detials have been released on the trade talks which
were launched nearly two years ago between the two nations that
are each others most important trading partners.
    Recent published reports in Canada, quoting senior trade
sources, said the countries were close to reaching a trade deal
and it will involve eliminating border trariffs and many
non-tariff barriers over the next 10 to 12 years.
    It has been reported a key stumbling block in the talks is
a Canadian proposal to find a new way to settle trade disputes,
something that would give Canada protection from Washington's
tough trade remedy laws.
    But Mulroney, sharply critical of protectionist sentiment
in the U.S, said Canada was a "fair trader" and denied the
government was pursuing the deal to win unfair access to the
American market.
    He said a trade deal must bring benefits to both sides.
    "We recognize a good deal must be a fair deal, one that is
fair to both sides," Mulroney said.
 Reuter
3;
bodyend
documentend
documentstart
5508
topicstart
trade
topicend
bodystart
2;

FRANCE REDUCES TRADE DEFICIT IN FEBRUARY


    PARIS, March 16 - 
France posted a seasonally adjusted trade
deficit of 400 mln francs in February after a 2.5 billion franc
deficit in January, the Finance Ministry said.
    For the first two months of this year the trade deficit, on
a seasonally adjusted basis, was 2.9 billion francs.
    Unadjusted, the February deficit was 2.4 billion francs and
the two-month cumulative deficit 8.1 billion, the ministry said
in a statement.
    The Ministry said February exports totalled 73.8 billion
francs, an 8.9 pct increase on January, while imports totalled
74.3 billion francs, an increase of 5.8 pct.
    Farm and food trade showed a two billion franc surplus
after a surplus of 2.4 billion in January.
    The energy deficit was reduced to 6.5 billion francs from
eight billion in January, while industrial trade showed a
surplus of 1.4 billion francs against only 800 mln francs in
January.
 REUTER
3;
bodyend
documentend
documentstart
5511
topicstart
earn
topicend
bodystart
2;

NCR 
<
NCR> SEES GOOD CHANCE FOR RECORD YEAR NET


    BOSTON, March 16 - 
NCR Corp is very optimistic that it will
post record revenues and profits for 1987, Charles E. Exley Jr,
chairman and president, said.
    "Much of our considerable optimism about the future is
based on the strength of a continuing flow of new products,"
Exley told a meeting of securities analysts. "Our current
position is the strongest in modern NCR history with
new-generation offerings deliverable in every major category
this year."
    For 1986, NCR's earnings rose nine pct, to 3.42 dlrs a
share, on sales that increased 13 pct, to 4.9 billion dlrs.
    During the balance of 1987, Exley said NCR will pay close
attention to increasing its penetration of major accounts,
expanding its third-party distribution channels and continuing
its introduction of new products.
    "In 1986, new products introduced within the proceding 36
months accounted for more than 65 pct of our major equipment
order activity," he said.
    "At the end of two months," he added," I can say we are off
to a good start" for 1987.
 Reuter
3;
bodyend
documentend
documentstart
5513
topicstart
topicend
bodystart
2;

FIAT CONVERTIBLE BOND OPTION UNDER STUDY


    ROME, March 16 - 
Sources close to the Italian state credit
institution (Istituto Mobiliare Italiano - IMI) said a
convertible bond issue was one of the possibilities being
studied to facilitate market absorption of Fiat shares sold
last year by Libya and still in the hands of banks.
    The sources could give no further details of the options
under study.
    A Fiat spokesman contacted by Reuters said the company had
no comment to make on the possibility of a convertible bond
issue, saying any decision to be taken "did not depend on Fiat."
    Italian press reports that a bond issue was under study
pushed Fiat's shares higher on the Milan bourse today.
    The company's ordinary shares closed in Milan today at
12,540 lire in Milan today, up from a closing 12,195 Friday.
    Fiat preference shares and savings (non-voting) shares
gained even more strongly, closing at 7,740 and 7,841 lire
respectively against 7,353 and 7,600 Friday.
    Bourse dealers say the fall in value of Fiat stock over the
last six months partly reflects selling by foreign operators of
shares acquired as a result of the 2.1 billion dlr equity offer
after Libya sold its minority stake last September.
    On September 23, 1986, the day Fiat announced it had
reached an agreement under which Libya would sell its 15 pct
stake, Fiat shares closed in Milan at 16,600 lire. Since then,
the trend has been down.
    Last September's share offer, which triggered criticism by
underwriters about the handling of the sale, opened at a
substantial discount to its offer price, resulting in losses
for holders of the shares.
    Some analysts have said the size of offer was too big for
the market to handle efficiently.
 REUTER
3;
bodyend
documentend
documentstart
5515
topicstart
topicend
bodystart
2;

FLOATING RATE NOTE MARKET STILL IN TURMOIL


    By Dominique Jackson, Reuters


    LONDON, March 16 - 
The market in floating rate notes showed
no clear signs of recovery today from the confusion which sent
prices tumbling and paralysed trading at the end of last week,
dealers and bank officials said.
    FRN dealers said at least 10 houses did not open for
business with many market operators pausing to assess their
next steps in the wake of Friday's huge drops and panic
trading.
    Despite some late signs that prices were recovering last
week, today's erratic trade provided a similarly mixed final
picture with longer-dated FRNs still clearly under pressure.
    While FRN specialists noted that paper on which coupons are
shortly due to be refixed had managed to hold up today, as had
notes paying a relatively higher margin, longer term FRNs were
still subject to intense selling pressure.
    "Anything longer than 10 years is still being sold off
seriously, as is just about any paper in the banking sector,"
one FRN market source at a leading U.S. House said.
    He noted that one long-dated Citicorp issue -- paper which
has suffered recently on fears over Latin American debt
exposure -- slipped by two points to around 94.00. FRNs, whose
coupons are refixed regularly, usually trade around par.
    U.S. And Canadian bank paper was still generally under
pressure, as was Republic of Ireland paper, due to renewed
worries about the Irish economic situation.
    The malaise was felt through the banking sector with a two
point fall registered by one BNP note, to give a three point
drop over two trading days.
    Retail clients, usually seen returning to the market as
price falls push yield margins up to these attractive levels,
have been unnerved by the last three days' panic, dealers said.
    "Yes, there's been some bargain hunting, but no one dares to
be first to come seriously back in," said one dealer.
    "A handful of market giants have frightened the retail away
with this aggressive manipulation. As true liquidity drains, we
are going to have to see some better market cooperation and
rationalisation," commented one FRN trader now dealing with
straight bond issues since the floater market crisis.
    This view was shared by the majority of FRN market sources
polled by Reuters since trade began to collapse last week.
    Of the 50 or so houses who have up until now made a market
in floaters, dealers estimated that around a dozen did not
quote FRN prices today and they reported that one or two houses
were not expected to resume trade in the securities at all.
    Many called meetings to assess the current market
situation.
    "Given the potential volatility of this market -- one which
has been conclusively proved by the events of the last days --
senior management are now duty bound to revise the set of
parameters within which they, as market makers, are now to
work," commented one senior source at a leading U.K. Investment
house.
    However, there were no reports that a formal crisis meeting
of market makers -- such as that called in December last year
during the perpetual FRN market collapse -- was on the cards.
    Several firms were expected to cut back drastically on the
list of FRNs traded, with most volatile paper first to go.
    Elsewhere in the eurobond market, business was extremely
quiet, with virtually no activity seen in the dollar straight
sector which has been becalmed of late, traders said.
    "There has been no real two-way business today, neither has
there been any new issues for diversion," noted one trader.
    "All we have seen today is some squaring up of positions,"
she added. Investors remain cautious of the dollar, which
though recently stable, still has potential downside risk.
    Eurosterling, the market sector which, aside from the FRNs,
has been in the headlines lately, was quiet today ahead of the
U.K. Government budget due to be announced tomorrow.
    Undertone was very firm with dealers expecting a positive
fiscal package tomorrow and, if not more good economic news to
boost sterling, at least confirmation of the bull factors which
have bolstered eurosterling and gilt-edged bonds lately.
    "It was just sit and wait today but I expect it will be full
steam ahead on Wednesday," commented one sterling market source.
    Prices showed gains to 1/8 to 3/8 point across the board.
    Dealers said several new eurosterling issues were currently
in the pipeline and an early issue is expected to be for a
major European bank which currently has a mandate in the
market.
    In other sectors, euroyen also maintained its firm tone.
    Although the market is expected to be resting until trading
switches to an April value date, the euroyen sector is expected
to be buoyed by some professional switching out of Japanese
government bonds into relatively cheaper euroyen bonds.
    Two new yen issues were features on an otherwise quiet
primary market. Both for 15 billion yen due 1992, the first for
Eksportfinans was at five pct and 103 pct, led by Mitsubishi
Finance International. The second for Export Development Corp
at 4-1/2 pct and 101-7/8 pct led by Bank of Tokyo
International.
    The day's only other feature was a targetted 30 mln dlr
stepped coupon deal for Kawasaki Steel due 1994.
 REUTER
3;
bodyend
documentend
documentstart
5516
topicstart
acq
topicend
bodystart
2;

EQUITABLE BANC 
<
EBNC> BOSS HAS AMERITRUST STAKE


    WASHINGTON, March 16 - 
A group controlled by Equitable
Bancorp Chairman Alfred Lerner said it has acquired a 9.6 pct
stake in AmeriTrust Corp 
<
AMTR> and may buy up to 24.9 pct if
obtains regulatory approval.
    In a filing with the Securities and Exchange Commission,
the group said it bought its stake of 2.0 mln Ameritrust common
shares, for 81.1 mln dlrs as an investment.
    But the group, acting through Clevebaco L.P., a Cleveland
partnership, also said it would seek regulatory approval to
increase its stake. Lerner owns Clevebaco Corp, which is the
general partner of Clevebaco L.P.
    The Lerner group said it filed with the Federal Reserve
Board on March 13 notice of its intent to buy more than 10 pct
of the common stock of AmeriTrust, a Cleveland bank holding
company.
    If the Fed approves, Lerner, whose Equitable Bancorp is
also in Cleveland, said he intends to buy more AmeriTrust
stock, subject to market conditions and other factors.
    Since Lerner heads a bank holding company with assets
greater than one billion dlrs, he said he is barred by law from
serving as a director or officer of AmeriTrust or of having his
representatives on its board.
    Lerner said he has no intention of influencing AmeriTrust
management or its policies.
    The group said Clevebaco L.P. bought one mln of its shares
from Bear, Stearns and Co Inc on March 9 at 41 dlrs a share.
    Lerner said he accumulated the other one mln shares through
March 3 and sold them to Clevebaco L.P., which he controls, on
March 10 for 40.10 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
5517
topicstart
acq
topicend
bodystart
2;

AMERICAN SECURITY 
<
ASEC> BUYOUT COMPLETED


    BALTIMORE, March 16 - 
Maryland National Corp 
<
MDNT> said it
has completed the acquisition of American Security Corp in an
exchange of 0.81 Maryland share for each of American's 12 mln
shares outstanding.
    The company said the mandatory 30-day review by the U.S.
Justice Department was completed today.
    Maryland National said American Security shareholders will
be entitled to receive the 32-1/2 ct per share Maryland
National regular quarterly dividend that is payable March 31 to
holders of record today.
 Reuter
3;
bodyend
documentend
documentstart
5518
topicstart
grain
corn
topicend
bodystart
2;

U.S. COULD COMPLAIN TO GATT ON CANADA CORN DUTY


    WASHINGTON, March 16 - 
U.S. Trade Representative Clayton
Yeutter suggested the U.S. could file a formal complaint with
the General Agreement on Tariffs and Trade (GATT) challenging
Canada's decision to impose duties on U.S. corn imports.
    Asked about the Canadian government decision to apply a
duty of 84.9 cents per bushel on U.S. corn shipments, Yeutter
said the U.S. could file a formal complaint with GATT under the
dispute settlement procedures of the subsidies code.
    Other U.S. options would be to appeal the decision in
Canadian courts, or to retaliate against Canadian goods, a
lower-level U.S. trade official said. However, retaliation is
an unlikely step, at least initially, that official said. No
decision on U.S. action is expected at least until after
documents on the ruling are received here later this week.
 Reuter
3;
bodyend
documentend
documentstart
5520
topicstart
acq
topicend
bodystart
2;

RAINIER 
<
RBAN> COMPLETES ACQUISITION


    SEATTLE, March 16 - 
Rainier Bancorp said it completed the
acquisition of Tacoma, Wash.-based United Bank, for 59 mln dlrs
worth of Rainier stock.
    United, a savings bank with 607 mln dlrs in assets and 23
offices, will operate as a wholly-owned subsidiary, Rainier
said.
    Rainier, which last month agreed to merge with Security
Pacific Corp 
<
SPC>, said the United acquisition will increase
its assets to 9.8 billion dlrs from the 9.2 billion reported at
the end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
5522
topicstart
earn
topicend
bodystart
2;

FRANKLIN RESOURCES INC 
<
BEN> SETS QUARTERLY


    SAN MATEO, Calif., March 16 -
    
Qtly div six cts vs six cts prior
    Pay April 10
    Record March 27
 Reuter
3;
bodyend
documentend
documentstart
5523
topicstart
cpi
topicend
bodystart
2;

BALLADUR MAINTAINS 1987 FRENCH INFLATION TARGET


    PARIS, March 16 - 
Finance Minister Edouard Balladur said he
was maintaining his 2.5 pct inflation target for 1987 after the
announcement earlier today of a 3.4 pct year-on-year rise in
retail prices for February.
    He told a radio interviewer he saw no reason to revise his
target for 1987 after the February monthly result of between
0.1 to O.2 pct, following a 0.9 pct rise in January (three pct
year on year) that forced the government to revise an earlier
target of two pct to a current 2.5 pct.
    He said he was happy with "a good result" for February but
stressed a need for continued "vigilance" against inflation.
    A Finance Ministry statement said the year-on-year
differential between French and lower West German inflation
rates, calculated on the last three months, had narrowed in
February to two to 2.3 pct compared to 2.7 pct in January.
    If calculated on the last 12 months, the differential came
to 3.9 pct, the statement said, adding "The tendency is
therefore one of a lessening of the inflation gap with our main
trading partner."
 REUTER
3;
bodyend
documentend
documentstart
5525
topicstart
earn
topicend
bodystart
2;

GENERAL CINEMA 
<
GCN> SEES FLAT 1987 NET


    NEW YORK, March 16 - 
General Cinema Corp said it expects
flat net income for fiscal 1987 ending Oct. 31 against 125.8
mln dlrs or 3.43 dlrs a share a year ago.
    The company said the costs of a restructuring at its Carter
Hawley Hale Stores Inc unit and the previous purchase of an 8.5
pct stake in 
<
Cadbury Schweppes PLC> will lead to the flat net
figure.
    It also said it may raise its stake in Cadbury Schweppes to
25 pct, but has not made any additional stock purchases so far.
    According to the restructuring, Carter Hawley plans to
spin-off its specialty stores, including Neiman-Marcus,
Bergdorf Goodman and Contempo Casuals, into a new company named

<
Neiman-Marcus Group>, whose shares will trade on the New York
Stock Exchange, it said.
    As previously announced, General Cinema will own 60 pct of
the equity and 40 pct of the voting shares in the new company.
The restructuring is subject to approval by Carter Hawley
shareholders.

 Reuter
3;
bodyend
documentend
documentstart
5526
topicstart
gold
topicend
bodystart
2;

LEVON RESOURCES 
<
LVNVF> GOLD ASSAYS IMPROVED


    VANCOUVER, British Columbia, March 16 - 
Levon Resources Ltd
said re-checked gold assays from the Howard tunnel on its
Congress, British Columbia property yielded higher gold grades
than those reported in January and February.
    It said assays from zone one averaged 0.809 ounces of gold
a ton over a 40 foot section with an average width of 6.26
feet. Levon previously reported the zone averaged 0.226 ounces
of gold a ton over a 40 foot section with average width of 5.16
feet. Levon said re-checked assays from zone two averaged 0.693
ounces of gold a ton over a 123 foot section with average width
of 4.66 feet.
    Levon Resources said the revised zone two assays compared
to previously reported averages of 0.545 ounces of gold a ton
over a 103 foot section with average width of 4.302 feet.
    The company also said it intersected another vein 90 feet
west of zone two, which assayed 0.531 ounces of gold a ton
across a width of 3.87 feet.
 Reuter
3;
bodyend
documentend
documentstart
5528
topicstart
earn
topicend
bodystart
2;

<
TEECO PROPERTIES LP> SETS CASH DISTRIBUTION


    NEW YORK, March 16 - 
    
Qtly distribution 10 cts per unit vs 10 cts prior
    Pay April 20
    Record March 31
   
 Reuter
3;
bodyend
documentend
documentstart
5529
topicstart
topicend
bodystart
2;

ROWNTREE CONVERTIBLE INCREASED, TERMS SET


    LONDON, March 16 - 
A 15 year convertible bond for Rowntree
Mackintosh Plc has been increased to 69 mln stg from the
original 55 mln and the coupon set at 4-1/2 pct against an
indicated 4-1/2 to 4-3/4 pct, lead manager J. Henry Schroder
Bank said.
    The conversion price was set at 557p, representing a
premium of 14.3 pct over the stock's closing price for the last
three business days of 496p. The put option will be at 125 pct
to yield 8.7 pct.
 REUTER
3;
bodyend
documentend
documentstart
5530
topicstart
earn
topicend
bodystart
2;

<
RADIX VENTURES INC> 2ND QTR JAN 31 LOSS


    NEW YORK, March 16 -
    
Shr loss three cts vs loss 12 cts
    Net loss 25,836 vs loss 88,819
    Revs 50.3 mln vs 45.2 mln
    Six mths
    Shr profit nil vs loss 18 cts
    Net profit 2,843 vs loss 137,653
    Revs 109.3 mln vs 99.3 mln
 Reuter
3;
bodyend
documentend
documentstart
5531
topicstart
grain
corn
wheat
oilseed
soybean
topicend
bodystart
2;

TRADE SEES STEADY CORN/WHEAT EXPORT INSPECTIONS


    CHICAGO, March 16 - 
The USDA's weekly export inspection
report is expected to show steady corn and wheat exports and
lower soybean exports, according to CBT floor traders'
forecasts.
    Traders projected soybean exports at 16 mln to 18 mln
bushels, down from 18.6 mln bushels a week ago and 20.3 mln
bushels a year ago.
    Corn guesses ranged from 22 mln to 26 mln bushels, compared
with 25.2 mln bushels a week ago and 22.4 million bushels a
year ago.
    Wheat guesses ranged from 13 mln to 17 mln bushels,
compared with 16.8 mln bushels a week ago and 13.4 mln bushels
a year ago.
 Reuter
3;
bodyend
documentend
documentstart
5532
topicstart
earn
topicend
bodystart
2;

ADOBE SYSTEMS INC 
<
ADBE> 1ST QTR FEB 28 NET


    PALO ALTO, Calif., March 16 -
    
Shr 15 cts vs six cts
    Net 1,410,000 vs 550,000
    Revs 6,901,000 vs 2,392,000
    Avg shrs 10,326,000 vs 9,064,000
    Note:  Prior qtr per share figure adjusted for two-for-one
stock split of February 27.
 Reuter
3;
bodyend
documentend
documentstart
5533
topicstart
acq
topicend
bodystart
2;

ARMTEK 
<
ARM> COMPLETES SALE OF ASSETS


    GREENWICH, Conn., March 16 - 
Armtek Corp, formerly
Armstrong Rubber Co, completed the previously announced sale of
its Natchez, Miss., tire plant and other assets to 
<
Condere
Corp>, Condere said.
    Condere, formed to acquire the Armstrong assets, said it
named Dennis Terwillger, formerly vice president and controller
of Armstrong's Tire Division, president.
 Reuter
3;
bodyend
documentend
documentstart
5535
topicstart
earn
topicend
bodystart
2;

202 DATA SYSTEMS INC 
<
TOOT> 1ST QTR JAN 31 NET


    WAYNE, Pa., March 16 -
    
Shr three cts vs four cts
    Net 101,376 vs 125,922
    Revs 568,884 vs 494,227
 Reuter
3;
bodyend
documentend
documentstart
5537
topicstart
earn
topicend
bodystart
2;

VISHAY 
<
VSH> SETS TWO PCT STOCK DIVIDEND


    MALVERN, Pa., March 16 - 
Vishay Intertechnology Inc said
its board declared a two pct stock dividend, payable April 10
to holders of record on March 26.
    The company said the stock dividend will be paid only to
holders of commons tock who do not exchange for Class B stock
in Vishay's current exchange offer, which expires March 25.
 Reuter
3;
bodyend
documentend
documentstart
5538
topicstart
earn
topicend
bodystart
2;

<
ONYX PETROLEUM EXPLORATION CO LTD> YEAR LOSS


    CALGARY, Alberta, March 16 -
    
Shr loss 2.82 dlrs vs profit 35 cts
    Net loss 10,556,478 vs profit 1,286,341
    Revs 6,202,157 vs 7,641,290
    Note: 1986 shr and net after 10,282,353 dlr writedown on
oil and gas property values
 Reuter
3;
bodyend
documentend
documentstart
5540
topicstart
earn
topicend
bodystart
2;

INTEGRATED CIRCUITS 
<
ICTM> SETS RECORD DATE


    REDMOND, Wash., March 16 - 
Integrated Circuits Inc said it
set March 17 as the record date for its previously announced 10
pct stock dividend.
    The company said it will distribute the dividend on March
31.
 Reuter
3;
bodyend
documentend
documentstart
5541
topicstart
gold
topicend
bodystart
2;

BP 
<
BP> UNIT SEES MINE PROCEEDING


    NEW YORK, March 16 - 
British Petroleum Co PLC said based on
a feasibility report from 
<
Ridgeway Mining Co>, its joint
venture Ridgeway Project in South Carolina could start
commercial gold production by mid-1988.
    The company said the mine would produce at an approximate
rate of 158,000 ounces of gold per year over the first four
full years of operation from 1989 through 1992 and at an
average of 133,000 ounces a year over the full projected
11-year life of the mine.
    BP's partner in the venture is Galactic Resources Ltd

<
GALCF> of Toronto.
    The company said subject to receipt of all statutory
permits, finalization of financing arrangements and management
and joint venture review, construction of a 15,000 short ton
per day processing facility can start.  Capital costs to bring
the mine into production are estimated at 76 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5542
topicstart
trade
ship
crude
topicend
bodystart
2;

NORWAY APPROVES TRADE BAN AGAINST SOUTH AFRICA


    OSLO, March 16 - 
Norway's parliament has approved an
extensive trade ban against South Africa but left shipowners a
key loophole through which controversial oil shipments on
Norwegian tankers may continue, government officials said.
    The unilateral boycott, proposed by Norway's minority
Labour government, gives domestic companies until late
September to cut remaining trade ties with South Africa and
Namibia.
    "The legislation discussed today must not be seen as an
isolated measure, but as a step in an international process,"
Norway's foreign minister Thorvald Stoltenberg told parliament.
    Government officials said they hope the move will intensify
international pressure against the Pretoria regime's apartheid
policies. Sweden, in a similar move last week, promised to halt
all trade with South Africa by October.
    Norway's boycott, although forbidding crude oil shipments
to South Africa on Norwegian-owned tankers, makes an important
exception for ships whose final destination is decided while
they are at sea.
    Oil cargoes are often resold by trades after loading,
making it difficult for shipowners to know their ships' final
port at the start of a voyage.
    Critics said the bill leaves the door open for continued
oil shipments to South Africa. They called for stricter
sanctions to stop all Norwegian shipping to South Africa.
    Norwegian tankers supplied South Africa with about 30 pct
of its crude imports during the early 1980s, but the trade has
dropped sharply to just one cargo in the last three months,
trade ministry officials said.
    The latest trade figures show Norwegian imports from South
Africa dropped 36 pct to 160 mln crowns during the first eight
months of 1986, while exports plunged 52 pct to 265 mln crowns
from the year-ago figure.
    "Many would say that the law has already had its effect
because of the dramatic drop in trade between South African and
Norway," Foreign Ministry spokesman Per Paust told Reuters.
    "Norwegian business at an early stage started restructuring
its relations with South Africa in anticipation of the law.
    "No one has said the boycott will have a profound effect on
international trade with South Africa, but it is an important
political statement by the Norwegian government," he said.
    The Oslo government said it will review the effects of the
ban on Norwegian industry after two years and may propose
amendments if industry can show it is hurt by the law.
    Norwegian imports from South Africa are limited mainly to
high-grade manganese and coppernickle ores used in it
ferro-alloys and light metals industries.
    Metals manufacturers estimate some 2,000 jobs could be
affected by the boycott is suitable replacements for these ores
are not found.
    The legislation now goes on to the upper house for formal
ratification later this week, parliamentarians said.
 Reuter
3;
bodyend
documentend
documentstart
5543
topicstart
earn
topicend
bodystart
2;

MSA REALTY CORP 
<
SSS> 4TH QTR NET


    INDIANAPOLIS, March 16 -
    
Shr profit four cts vs loss two cts
    Net profit 247,970 vs loss 57,341
    Revs 2,393,622 vs 2,627,612
    Avg shrs 5,958,432 vs 2,440,100
    Year
    Shr profit 71 cts vs loss 35 cts
    Net profit 3,213,310 vs loss 849,180
    Revs 14.6 mln vs 9,099,767
    Avg shrs 6,177,666 vs 2,440,083
    NOTE: 1986 4th qtr and yr net includes a loss of 85,000
dlrs and a gain of 250,000 dlrs, respecitvely, for
extraordinary item.
    1986 net assumes all warrants exercised for the 2nd qtr
only. The adjustment to second quarter income for earnings per
share was 1,175,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5544
topicstart
earn
topicend
bodystart
2;

LEAR PETROLEUM PARTNERS LP 
<
LPP> 4TH QTR LOSS


    DALLAS, March 16 -
    
Oper shr loss nil vs loss nil
    Oper net loss 112,000 vs loss 125,000
    Revs nil vs nil
    Avg shrs 26.7 mln vs 21.9 mln
    Year
    Oper shr loss two cts vs loss two cts
    Oper net loss 450,000 vs loss 503,000
    Revs nil vs nil
    Avg shrs 24.8 mln vs 20.8 mln
    NOTE: Net excludes losses from discontinued oil and natural
gas operations of 44.7 mln dlrs vs 9,489,000 dlrs in quarter
and 92.3 mln dlrs vs 80.7 mln dlrs in year.  Company sold all
its operations at the end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
5545
topicstart
earn
topicend
bodystart
2;

WESTRONIC INC 
<
WSTX> YEAR LOSS


    MIDVALE, Utah, March 16 -
    
Shr loss 1.13 dlr vs loss 2.04 dlrs
    Net loss 3,674,000 vs loss 3,016,000
    Revs 2,894,000 vs 1,464,000
 Reuter
3;
bodyend
documentend
documentstart
5546
topicstart
earn
topicend
bodystart
2;

KENAN TRANSPORT CO 
<
KTCO> SETS QUARTERLY


    CHAPEL HILL, N.C., March 16 -
    
Qtly div four cts vs four cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
5549
topicstart
earn
topicend
bodystart
2;
******
GENCORP 1ST QTR SHR 77 CTS VS 84 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
5552
topicstart
topicend
bodystart
2;

ONYX PETROLEUM CONVERTS DEBENTURES TO COMMON


    CALGARY, Alberta, March 16 - 
<
Onyx Petroleum Exploration Co
Ltd>, earlier reporting a 1986 net loss against year-ago
profit, said it converted 7,344,000 dlrs of its 11 pct
convertible debentures into 2,824,611 common shares.
    The conversion eliminates its obligation to pay principal
amount due 1993 on the debentures and will increase cash flow
through an interest saving of more than 800,000 dlrs a year,
the company said.
    Onyx earlier reported a 1986 net loss of 10.6 mln dlrs,
after a 10.3 mln dlr writedown on oil and gas property values,
compared to a 1.3 mln dlr profit in the prior year.
    Onyx also said the company is a 37.5 pct partner with
Westcoast Petroleum Ltd in a new oil well drilled in
Otter/Ogston area of central Alberta that tested at rates of
more than 1,000 barrels a day from the Granite Wash formation.
    Well production will be royalty free for five years, with
initial allowable rates expected to be in the range of 150
barrels a day, the company said.
 Reuter
3;
bodyend
documentend
documentstart
5553
topicstart
crude
ship
topicend
bodystart
2;

GOTAAS-LARSEN 
<
GOTLF> TO BUILD FIFTH CARRIER


    HAMILTON, Bermuda, March 16 - 
Gotaas-Larsen Shipping Corp
said it had exercised an option to build a fifth in a series of
crude oil carriers to be constructed by 
<
Daewoo Shipbuilding
and Heavy Machinery Ltd> in South Korea.
 Reuter
3;
bodyend
documentend
documentstart
5554
topicstart
bop
topicend
bodystart
2;

DANISH CREDIT DOWNGRADING NOT DRAMATIC - MINISTER


    COPENHAGEN, March 16 - 
Finance Minister Palle Simonsen said
today's downgrading of Denmark's credit rating by Standard and
Poor's Corp should not be over-dramatised.
    Standard and Poor's said it had downgraded the Kingdom of
Denmark's long-term external debt to AA from AA-Plus, following
the country's loss of the top AAA rating in January 1983.
    "This change is regrettable but there is no reason to
dramatise. This is a change of nuance. Standard and Poor's
defines the AA category as only slightly different from the top
AAA rating," Simonsen said in a statement.
    "The direct effect of the lower rating on our borrowing
capability is unlikely to be very great. But if, against
expectation, we fail to reduce permanently the external account
deficit... This will inevitably affect borrowing terms and
capability," he added.
    "Standard 
&
 Poor's has noted that in 1986 there was a series
of austerity measures designed particularly to cut lending and
encourage saving. Tax reforms have also gone into effect.
    "If and when it becomes necessary, the government will be
ready to take any necessary economic and political initiatives
as it has in the past," Simonsen said.
   Standard and Poor's said weaker international
competitiveness in the face of rising labour costs would mean a
deteriorating current account balance and a rise in external
debt.
    The external current account deficit rose to a record
preliminary 34.5 billion crowns in 1986 from 29.1 billion in
1985, bringing total foreign debt to 265 billion crowns,
according to government statistics.
    Government economists forecast that the external current
account deficit will fall to 19 billion crowns this year.
    Denmark's net foreign debt rose to 129 pct of total exports
in 1986 from 83 pct in 1983, S and P said.
 REUTER
3;
bodyend
documentend
documentstart
5555
topicstart
earn
topicend
bodystart
2;

MAGNETIC TECHNOLOGIES CORP 
<
MTCC> 1ST HALF NET


    ROCHESTER, N.Y., March 16 - 
Jan 31 end
    Shr not given
    Net profit 105,013 vs loss 745,641
    Sales 3,661,565 vs 2,810,132
 Reuter
3;
bodyend
documentend
documentstart
5556
topicstart
earn
topicend
bodystart
2;

GENCORP 
<
GY> 1ST QTR FEB 28 NET


    AKRON, Ohio, March 16 -
    
Shr 77 cts vs 84 cts
    Net 17 mln vs 19 mln
    Sales 650 mln vs 614 mln
 Reuter
3;
bodyend
documentend
documentstart
5558
topicstart
gold
topicend
bodystart
2;

BP UNIT SEES U.S. GOLD MINE PROCEEDING


    NEW YORK, March 16 - 
British Petroleum Co PLC said based on
a feasibility report from Ridgeway Mining Co, its joint venture
Ridgeway Project in South Carolina could start commercial gold
production by mid-1988.
    The company said the mine would produce approximately
158,000 ounces of gold per year over the first four full years
of operation from 1989 through 1992 and at an average 133,000
ounces a year over the full projected 11 year life of the mine.
    BP's partner is Galactic Resources Ltd of Toronto.
    BP said subject to receipt of all statutory permits,
finalization of financing arrangements and management and joint
venture review, construction of a 15,000 short ton per day
processing facility can start. Capital costs to bring the mine
into production are estimated at 76 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5559
topicstart
acq
topicend
bodystart
2;

SAFETY-KLEEN 
<
SK> TO BUY STAKE IN OIL REFINER


    ELGIN, Ill., March 16 - 
Safety-Kleen Corp said it has
tentatively agreed to buy an 80 pct stake in Breslube
Enterprises of Toronto for 14 mln dlrs in stock, cash and
equipment.
    Price includes 14 mln dlrs of Safety-Kleen common stock,
cash and a rerefining plant owned by Safety-Kleen. Closing of
the deal is expected by May.
    Breslube is a leading rerefiner of used lubricating oils in
North America, collecting used oils from auto garages, car
dealers and other businesses. In 1986 it refined 20 mln gallons
of used oil.
 Reuter
3;
bodyend
documentend
documentstart
5560
topicstart
topicend
bodystart
2;

LOBLAW COS TO SELL 75 MLN DLRS OF DEBENTURES


    TORONTO, March 16 - 
<
Loblaw Cos Ltd> said it agreed to sell
75 mln dlrs of 10 pct debentures, series 8, due April 15, 2007,
to investment dealers Burns Fry Ltd and McLeod Young Weir Ltd.
    Loblaw said it plans to file a preliminary prospectus
relating to the issue in all provinces of Canada.
    Proceeds will be added to general funds and used to finance
capital expenditures in 1987, the company said.
 Reuter
3;
bodyend
documentend
documentstart
5561
topicstart
trade
topicend
bodystart
2;

TRADE INTERESTS READY FOR BATTLE IN U.S. HOUSE


    By Jacqueline Frank, Reuters


    WASHINGTON, March 16 - 
U.S. lawmakers are gearing up for a
showdown between protectionists and free traders as a major
trade bill winds its way through committees to a vote by the
full House of Representatives in late April.
    In a move to toughen U.S. enforcement of trade laws, a key
House subcommittee last week approved a toned-down version of
legislation to require President Reagan to retaliate against
foreign countries that follow unfair trade practices.
    The bill will be the cornerstone of congressional efforts
to restore competitiveness of American industries and turn
around last year's record 169 billion dlrs trade deficit.
    Generally, the bill's provisions toughen U.S. enforcement
of trade laws.
    The trade bill forces the administration to act rapidly on
complaints of unfair trade practices, such as dumping products
in the United States at prices below cost of production. It
also forces the administration to act rapidly when an industry
complains that a surge in imports threatens its existence.
    In writing the bill, the subcommittee rejected calls for
trade relief for specific industries such as textiles.
    Several lawmakers have argued the new trade bill made too
many concessions to Reagan and said they intend to back
amendments to "get tough" with countries that violate trade
agreements or keep out U.S. products.
    But congressmen known for their allegiance to free trade
said the bill ties Reagan's hands too much in trade disputes
and they will seek to restore his negotiating powers.
    Bill Frenzel, R-MI., said the subcommittee's bill was not
one "that a free trader like me could endorse in all respects,"
but he emphasized there was a consensus among lawmakers to work
toward a bill Reagan and Republicans would ultimately endorse.
    The goal of trade legislation was "to make our trade policy
stronger without violating our international trade agreements,"
he said.
    In a key concession made at the urging of Ways and Means
Committee chairman Dan Rostenkowski, D-IL., the trade
subcommittee backed off a requirement that would have forced
Reagan to impose automatically quotas or tariffs on imports
from countries that engage in unfair trade practices.
    It also agreed the president may waive any retaliation if
it would hurt the U.S. economy.
    Rostenkowski insisted the more moderate approach was
necessary if the House wanted to pass a bill Reagan would sign
into law.
    Reagan last year blocked Senate consideration of a tough
House trade bill he branded as protectionist and this year he
only reluctantly agreed to support a trade bill when he saw
Democratic leaders were determined to pass such legislation.
    White House spokesman Marlin Fitzwater told reporters late
last week that the administration still did not like some of
the bill's provisions, but he added, "Generally we feel very
good about the bipartisan consideration of the trade
legislation. I think we are progressing very well."
    The first battle will take place next week when the full
House Ways and Means Committee considers an amendment by Rep.
Richard Gephardt, D-MO., to force countries like Japan, South
Korea and Taiwan to cut their trade surpluses with the U.S.
    The subcommittee limited the Gephardt plan to provide only
that the existence of a large trade surplus with the United
States will trigger an investigation of unfair trade practices,
but would not automatically set off retaliation.
    Organized labor has pressed lawmakers for more relief from
imports where jobs have been lost to foreign competition.
    AFL-CIO president Lane Kirkland this year angered the
administration when he said any trade bill Reagan would sign
would not be worth passage in Congress.
    But Rostenkowski set the tone of the trade debate by
saying, "I'm not trying to write legislation to please Lane
Kirkland. I'm trying to write legislation that will be signed
by the president."
    Rep. Ed Jenkins (D-GA.) intends to push separately a bill
to protect the domestic textile and shoe industry, an aide
said. Reagan vetoed a similar measure last year.
    House Speaker Jim Wright of Texas, one of the most
influential proponents of aid for specific industries beset by
low-priced foreign competition, last week renewed his call for
import relief for the domestic oil industry and announced his
support for a Senate plan to trigger a temporary oil import
tariff when imports reach half of domestic consumption.
 Reuter
3;
bodyend
documentend
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5563
topicstart
earn
topicend
bodystart
2;

MAGNETIC TECHNOLOGIES 
<
MTCC> SEES IMPROVEMENT


    ROCHESTER, N.Y., March 16 - 
Magnetic Technologies Corp said
it expects the second half to show continued growth in earnings
and sales.
    The company today reported a profit for the first half
ended January 31 of 105,013 dlrs, compared with a year-earlier
loss of 745,641 dlrs, on sales of 3,661,565 dlrs, up from
2,810,132 dlrs.  In all of last year, Magnetic earned 996,000
dlrs after a loss from discontinued operations of 359,000 dlrs,
on sales of 6,084,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5564
topicstart
gold
topicend
bodystart
2;

LEVON RESOURCES REPORTS IMPROVED GOLD ASSAYS


    VANCOUVER, British Columbia, March 16 - 
Levon Resources Ltd
said re-checked gold assays from the Howard tunnel on its
Congress, British Columbia property yielded higher gold grades
than those reported in January and February.
    It said assays from zone one averaged 0.809 ounces of gold
a ton. Levon previously reported the zone averaged 0.226 ounces
of gold a ton. Levon said re-checked assays from zone two
averaged 0.693 ounces of gold a ton.
    Levon Resources said the revised zone two assays compared
to previously reported averages of 0.545 ounces of gold a ton.
    The company also said it intersected another vein 90 feet
west of zone two, which assayed 0.531 ounces of gold a ton.
 Reuter
3;
bodyend
documentend
documentstart
5565
topicstart
earn
topicend
bodystart
2;

WELBILT CORP 
<
WELB> 4TH QTR NET


    NEW HYDE PARK, N.Y., March 16 -
    
Shr 58 cts vs 54 cts
    Net 3,144,000 vs 2,464,000
    Revs 54.6 mln vs 38.6 mln
    Avg shrs 5,394,000 vs 4,602,000
    Year
    Shr 2.03 dlrs vs 1.76 dlrs
    Net 10.5 mln vs 8,084,000
    Revs 201.1 mln vs 152.4 mln
    Avg shrs 5,154,000 vs 4,602,000
 Reuter
3;
bodyend
documentend
documentstart
5566
topicstart
earn
topicend
bodystart
2;

SATELLITE MUSIC NETWORK INC 
<
SMNI> YEAR NET


    DALLAS, March 16 -
    
Oper shr four cts vs three cts
    Oper net 340,036 vs 223,297
    Revs 11.1 mln vs 9,514,115
    Avg shrs 8,926,909 vs 7,672,146
    NOTE: Net excludes tax credits of 252,160 dlrs vs 152,717
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5567
topicstart
gold
topicend
bodystart
2;

STARREX LINKS SHARE PRICE TO ASSAY SPECULATION


    TORONTO, March 16 - 
<
Starrex Mining Corp Ltd> said a sharp

rise in its share price is based on speculation for favorable
results from its current underground diamond drilling program
at its 35 pct owned Star Lake gold mine in northern
Saskatchewan.
    Starrex Mining shares rose 40 cts to 4.75 dlrs in trading
on the Toronto Stock Exchange.
    The company said drilling results from the program which
started in late February are encouraging, "but it is too soon
for conclusions." Starrex did not disclose check assay results
from the exploration program.
 Reuter
3;
bodyend
documentend
documentstart
5568
topicstart
earn
topicend
bodystart
2;
******
COMBINED INT'L TO ASK DOUBLING OF AUTHORIZED SHARES, STOCK SPLIT

Blah blah blah.
3;


bodyend
documentend
documentstart
5570
topicstart
trade
coffee
topicend
bodystart
2;

ETHIOPIA MINISTER SEES AFRICA DEBT PAYMENT PROBLEM


    ADDIS ABABA, March 16 - 
Africa may have to follow Brazil in
halting foreign debt payments unless industrialised nations are
prepared to be more flexible in trade and economic policy,
Ethiopian trade minister Tesfay Dinka said.
    Growing protectionism and declining commodity prices had
caused a major deterioration in the export earnings of all
developing countries, he said in an opening speech to a meeting
of African trade ministers in Addis Ababa.
    Unless there was an early improvement in developing
countries' terms of trade "the only choice is to follow the
route that Brazil appears to have taken," Tesfay said.
   The two-day meeting of delegates from 50 African states was
called to work out a consensus ahead of the Group of 77
ministerial meeting in Havana next month, when the developing
countries will debate their strategy in economic negotiations
with the West.
    Tesfay accused the West of intransigence in the negotiation
of recent commodity agreements.
    The failure of the International Coffee Organisation to
agree on the reintroduction of export quotas would mean "several
African countries will not have the foreign exchange to import
essential items," he said.
    Coffee accounts for 60 pct of Ethiopian exports and the
recent fall in world coffee prices has sharply reduced the
country's foreign exchange earnings.
    Adebayo Adedeji, the executive secretary of the U.N.
Economic Commission for Africa, told the meeting that there was
an increasing net outflow of resources from Africa.
    He blamed this on high interest rates, debt servicing and
the repatriation of profits by foreign investors.
    Africa paid 13 billion dlrs to service its total foreign
debt last year and by 1990 annual service payments are expected
to rise to between 16 and 24 billion, Adedeji said.
    He accused industrialised countries of failing to provide
more resources to implement the U.N. Program for Africa's
economic recovery and development, despite Africa's willingness
to raise two thirds of the capital from domestic sources.
    The U.N. Program, approved last year, calls for 128 billion
dlrs of economic investment in Africa over five years.
    Western donors were asked to contribute 46 billion dlrs,
with the rest being raised from local resources, but Adedeji
said the donors had not responded as hoped.
   In view of this poor response, he said "it is possible that
by the year 2,000 nearly all African countries, except a few,
will be categorised as least developed countries."
    At present, 27 of Africa's 50-odd states are officially
listed in this category.
 REUTER
3;
bodyend
documentend
documentstart
5571
topicstart
earn
topicend
bodystart
2;
******
CANBRA FOODS LTD SETS SPECIAL ONE-TIME FIVE DLR/COMMON SHR CASH PAYOUT

Blah blah blah.
3;


bodyend
documentend
documentstart
5572
topicstart
earn
topicend
bodystart
2;
******
CANBRA FOODS LTD YEAR OPER SHR PROFIT 1.52 DLRS VS LOSS 55 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
5573
topicstart
earn
topicend
bodystart
2;

WILSON FOODS CORP 
<
WILF> 2ND QTR JAN 31 NET


    OKLAHOMA CITY, March 16 -
    
Oper shr profit 21 cts vs loss 55 cts
    Oper net profit 1,528,000 vs loss 3,296,000
    Sales 329.4 mln vs 368.0 mln
    1st half
    Oper shr profit 28 cts vs loss 4.55 dlrs
    Oper net profit 2,026,000 vs loss 27.3 mln
    Sales 691.3 mln vs 738.2 mln
    NOTE: Prior half net includes pretax charge 21.4 mln dlrs
from plant closings and workforce reductions.
    Current year net excludes tax credits of 1,381,000 dlrs in
quarter and 1,722,000 dlrs in half.
 Reuter
3;
bodyend
documentend
documentstart
5575
topicstart
earn
topicend
bodystart
2;

<
CANBRA FOODS LTD> YEAR NET


    LETHBRIDGE, Alberta, March 16 -
    
Oper shr profit 1.52 dlrs vs loss 55 cts
    Oper profit 4,172,188 vs loss 1,502,032
    Revs not given
    Note: 1986 shr and net exclude extraordinary gain of
1,294,245 dlrs or 47 cts share on sale of Stafford Foods unit
 Reuter
3;
bodyend
documentend
documentstart
5576
topicstart
earn
topicend
bodystart
2;

OXFORD FIRST CORP 
<
OFC> 4TH QTR NET


    PHILADELPHIA, March 16 -
    
Oper shr 45 cts vs 24 cts
    Qtly div six cts vs six cts prior
    Oper net 1,766,000 vs 950,000
    Revs 9,321,000 vs 5,298,000
    Year
    Oper shr 1.25 dlrs vs one dlr
    Oper net 4,985,000 vs 3,894,000
    Revs 28.3 mln vs 19.9 mln
    NOTE: Net excludes losses from discontinued operations of
161,000 dlrs vs 66,000 dlrs in quarter and 464,000 dlrs vs
226,000 dlrs in year.
    Dividend pay May Five, record April 13.
    Share adjusted for three-for-two stock split.
 Reuter
3;
bodyend
documentend
documentstart
5579
topicstart
earn
topicend
bodystart
2;

HARRIS-TEETER PROPERTIES 
<
HTP> REPORTS EARNINGS


    CHARLOTTE, N.C., March 16 - 
Harris-Teeter Properties Inc
reported fourth quarter fiscal 1986 earnings per share of 24
cts on earnings of 601,000 dlrs. 
    The realty investment trust company started operations in
August and had no comparable figures, it said.
 Reuter
3;
bodyend
documentend
documentstart
5582
topicstart
earn
topicend
bodystart
2;

BSN CORP 
<
BSN> 4TH QTR NET


    DALLAS, March 16 -
    
Shr two cts vs eight cts
    Net 73,000 vs 233,000
    Revs 21.0 mln vs 9,510,000
    Avg shrs 3,620,000 vs 2,886,000
    Year
    Shr 66 cts vs 37 cts
    Net 2,246,000 vs 1,064,000
    Revs 68.3 mln vs 40.8 mln
    Avg shrs 3,392,000 vs 2,886,000
    NOTE: 1985 year net includes extraordinary gain one ct shr
and gain two cts from cumulative effect of accounting change.
 Reuter
3;
bodyend
documentend
documentstart
5583
topicstart
earn
topicend
bodystart
2;

BSN 
<
BSN> SEES HIGHER 1987 NET


    DALLAS, March 16 - 
BSN Corp said it expects revenues of
about 120 mln dlrs and a substantial increase in net income and
earnings per share for 1987.
    Today it reported 1986 net income of 2,246,000 dlrs or 66
cts per share on revenues of 68.3 mln dlrs, up from 1,064,000
dlrs or 37 cts per share on revenues of 40.8 mln dlrs a year
before.
 Reuter
3;
bodyend
documentend
documentstart
5585
topicstart
earn
topicend
bodystart
2;

COMBINED INT'L 
<
PMA> HOLDERS TO VOTE ON SPLIT


    CHICAGO, March 16 - 
Combined International Corp said it
will ask shareholders at the April 23 annual meeting to approve
the doubling of authorized common shares to 120 mln.
    Holders will also vote on a proposal to create a new class
of 25 mln shares of serial preferred stock one dlr par value in
place of its existing classes of authorized and unissued
preferred stock.
    It said at its regular March board meeting members will
consider a stock split or stock dividend, which would be
contingent upon stockholder approval of the changes in the
capital structure at the April annual meeting.
    Holders will also be asked to approve a new corporate name,
Aon Corp. It said aon is a Gaelic word meaning unit. The name
is intended to eliminate confusion between the parent company
and its principal subsidiary, Combined Insurance Co of America.
    Holders will also vote on a proposal to limit the liability
of directors and amend the provision for indemnifying
directors, officers employees an agents. This is being done to
reduce the costs of liability insurance.
 Reuter
3;
bodyend
documentend
documentstart
5586
topicstart
earn
topicend
bodystart
2;

CANBRA FOODS SETS SPECIAL FIVE DLR/SHR PAYOUT


    LETHBRIDGE, Alberta, March 16 - 
<
Canbra Foods Ltd>, earlier
reporting a 1986 net profit against a year-ago loss, said it
declared a special, one-time dividend of five dlrs per common
share, pay March 31, record March 26.
    Canbra said it set the special payout to allow shareholders
to participate in the gain on the sale of unit Stafford Foods
Ltd in November, 1986, as well as the company's "unusually
profitable performance" in 1986.
    Canbra earlier reported 1986 net earnings of 4.2 mln dlrs,
excluding a 1.3 mln dlr gain on the Stafford sale, compared to
a year-ago loss of 1.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5588
topicstart
topicend
bodystart
2;

JORDAN OBTAINS 98.8 MLN DLRS IN LOANS


    AMMAN, March 16 - 
Jordan is to receive 98.8 mln dlrs in
loans to finance development projects, Planning Minister Taher
Kan'an said.
    Kan'an told reporters the loans, concluded during the past
six months, were made by the European Investment Bank, the
Islamic Development Bank and three Arab funds. He gave no other
details.
    Kan'an said the loans were for Jordan's own nine billion
dlr 1986-1990 development plan and not for the parallel,
controversial 1.3 billion dlr plan for the Israeli-occupied
West Bank and the Gaza strip.
    He said jordan would concentrate on obtaining concessionary
foreign loans and keep commercial borrowings to a minimum.
    Performance in the first year of the national plan was
close to target, the Minister said. The gross domestic product
at factor cost grew 2.4 per cent instead of the planned 2.9 per
cent, he added, but gave no figures.
    Kan'an said public investment was also near the planned
level, but investments by the private sector fell below
expectations. "The private sector still feels inhibited," he
said.
 Reuter
3;
bodyend
documentend
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5592
topicstart
earn
topicend
bodystart
2;

ADVANCE CIRCUITS INC 
<
ADVC> 2ND QTR FEB 28 NET


    MINNETONKA, Minn. March 16 -
    
Oper shr profit one cts vs loss 22 cts
    Oper net profit 35,000 vs loss 948,000
    Revs 17.4 mln vs 13.8 mln
    Six mths
    Oper shr loss 23 cts vs loss 48 cts
    Oper net loss 1,025,000 vs loss 2,093,000
    Revs 32.5 mln vs 27.6 mln
    NOTE: Results exclude credits of 1,737,000 or 39 cts shr
for both 1987 periods from refinancing of debt.
 Reuter
3;
bodyend
documentend
documentstart
5593
topicstart
earn
topicend
bodystart
2;

COMMONWEALTH MORTGAGE 
<
CMA> SETS PAYOUT


    HOUSTON, March 16 -
    
Qtrly div 26 cts Class A vs 12 cts
    Qtrly div one cent Class B vs nil
    Pay May 15
    Record March 31
    NOTE: prior qtr pro rated on 45 day basis for abbreviated
qtr.
    Full name of company commonwealth mortgage of america.
 Reuter
3;
bodyend
documentend
documentstart
5594
topicstart
earn
topicend
bodystart
2;

<
BKLA BANCORP> DEC 31 YEAR NET


    LOS ANGELES, March 16 -
    
Shr 90 cts vs 66 cts
    Net 924,000 vs 679,000
    Loans 88.7 mln vs 67.4 mln
    Deposits 165.5 mln vs 106.7 mln
    Assets 181.5 mln vs 124.5 mln
 Reuter
3;
bodyend
documentend
documentstart
5595
topicstart
earn
topicend
bodystart
2;

PRECISION TARGET MARKETING 
<
PTMI> 3RD QTR NET


    NEW HYDE PARK, N.Y., March 16 - 
Qtr ends Jan 31
    Shr profit one ct vs loss two cts
    Net profit 74,000 vs loss 122,000
    Revs 1,657,000 vs 1,416,000
    Nine mths
    Shr profit five cts vs loss 10 cts
    Net profit 299,000 vs loss 624,000
    Revs 5,134,000 vs 3,744,000
    NOTE: Full name Precision Target Marketing Inc.
    Nine months 1987 includes extraordinary gain of two cts per
share.
 Reuter
3;
bodyend
documentend
documentstart
5596
topicstart
acq
topicend
bodystart
2;

CHEYENNE SOFTWARE 
<
CHEY> IN ACQUISITION TALKS


    ROSLYN, N.Y., March 16 - 
Cheyenne Software Inc said it is
in preliminary talks on the acquisition of compouter hardware
distribution firm F.A. Components Inc and its Freeman-Owings
Inc subsidiary.
    The company said F.A. had sales of 43.1 mln dlrs for 1986
and expects to report a loss for the year.
    Cheyenne said the purchase price would be paid in common
stock and it would provide additional finances for the
operation of F.A.
 Reuter
3;
bodyend
documentend
documentstart
5597
topicstart
acq
topicend
bodystart
2;

HUDSON VALLEY PATROL AGREES TO BUY GUARD FIRM


    CHESTER, N.Y., March 16 - 
Hudson Valley Patrol Inc said it
agreed to acquire privately held Federal Protection Services
Inc, a Palm Beach, Fla., security firm, for 200,000 common
shares and other considerations.
    Hudson Valley, which provides guard and patrol services in
upstate N.Y., said Federal Protection Services provides
investigation, uniformed guard and armoured truck services to
banks, corporations and residential communities in southern
Florida.
    The company said it will issue 200,000 shares of its common
at closing and additional shares based on Federal Protection's
pretax earnings over the next three years.
    Closing is subject to setting a definitive agreement, it
said.
 Reuter
3;
bodyend
documentend
documentstart
5598
topicstart
cocoa
topicend
bodystart
2;

ICCO TO EXAMINE BUFFER STOCK PROPOSAL TOMORRROW


    LONDON, March 16 - 
The International Cocoa Organization,
ICCO, council adjourned after presenting divergent producer and
consumer views on buffer stock rules and agreeing to examine a
draft compromise proposal on the buffer stock issue tomorrow,
delegates said.
    ICCO Executive Director Kobena Erbynn will draw up what
some delegates called a "pre-compromise" and present it to the
buffer stock working group at 1130 hrs GMT Tuesday, they said.
    While consumer and producer member nations disagree how a
buffer stock should be implemented, both sides reiterated they
were willing to compromise to come to agreement, they said.
    "I am optimistic we will be able to come to an agreement --
maybe not tomorrow or the next day, but some time later in the
session," a consumer delegate said.
    Producers say they want the buffer stock to consist only of
ICCO member cocoa, comprise a representative basket of various
grade cocoas and pay different prices for different grades,
delegates said.
    Some consumers would rather the buffer stock manager be
able to buy non-member cocoa also, and pay a single price for
the buffer stock cocoa without respect to origin.
    Consumer members were not unified in their views on how the
buffer stock should operate, with several countries backing
different aspects of the producer stance, delegates said.
    The semi-annual council meeting is scheduled to run until
March 27. Consideration of the buffer stock rules is the most
controversial topic on the agenda, delegates said.
 Reuter
3;
bodyend
documentend
documentstart
5600
topicstart
earn
topicend
bodystart
2;

AMCAST INDUSTRIAL CORP 
<
ACST> 2ND QTR MARCH ONE


    DAYTON, Ohio, March 16 -
    
Shr profit 10 cts vs loss 2.20 dlrs
    Net profit 687,000 vs loss 14.5 mln
    Sales 68.3 mln vs 54.8 mln
    Avg shrs 7,018,000 vs 6,577,000
    1st half
    Shr profit 38 cts vs loss 1.95 dlrs
    Net profit 2,596,000 vs loss 12.8 mln
    Sales 129.9 mln vs 113.3 mln
    Avg shrs 6,964,000 vs 6,568,000
 Reuter
3;
bodyend
documentend
documentstart
5602
topicstart
earn
topicend
bodystart
2;

SCIENTIFIC SYSTEMS SERVICES INC 
<
SSSV> 4TH QTR


    MELBOURNE, Fla., March 16 -
    
Shr profit four cts vs loss 49 cts
    Net profit 160,700 vs loss 1,867,100
    Revs 4,700,000 vs 5,600,000
    Year
    Shr profit two cts vs loss 1.20 dlrs
    Net profit 84,400 vs loss 4,507,800
    Revs 20.5 mln vs 22.5 mln
 Reuter
3;
bodyend
documentend
documentstart
5603
topicstart
earn
topicend
bodystart
2;

SKIPPERS INC 
<
SKIP> SEMI-ANNUAL DIVIDEND


    BELLEVUE, Wash., March 16 -
    
Semi-annual div four cts vs four cts
    Pay April 30
    Record April 9
 Reuter
3;
bodyend
documentend
documentstart
5604
topicstart
earn
topicend
bodystart
2;

ZIEGLER CO INC 
<
ZEGL> SETS QUARTERLY


    WEST BEND, Wis., March 16 -
    
Qtly div 13 cts vs 13 cts prior
    Pay April 17
    Record April 3.
   
 Reuter
3;
bodyend
documentend
documentstart
5606
topicstart
grain
wheat
corn
soybean
oilseed
topicend
bodystart
2;
******
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS  SOYBEANS 18,345 WHEAT 11,470 CORN 34,940

Blah blah blah.
3;


bodyend
documentend
documentstart
5608
topicstart
acq
topicend
bodystart
2;

BANKING CENTER 
<
TBCX> TO MAKE ACQUISITION


    WATERBURY, Conn., March 16 - 
Banking Center said it has
signed a letter of intent to acquire First Railroad Mortgage Co
from First Union Bank of Augusta, Ga., for undisclosed terms.
    The company said First Railroad had loan production of over
100 mln dlrs in 1986 and was servicing over 435 mln dlrs in
loans at the end of 1986.
 Reuter
3;
bodyend
documentend
documentstart
5609
topicstart
acq
topicend
bodystart
2;

SAN PAOLO DI TORINO TO ACQUIRE CALIFORNIAN BANK


    TURIN, March 16 - 
Italian state bank 
<
Istituto Bancario San
Paolo di Torino> said its fully-owned 
<
San Paolo U.S. Holding
Co> of Wilmington in the U.S. had signed a letter of intent to
acquire 
<
Valley National Bank> of California.
    San Paolo said in a statement that, subject to obtaining
official authorization from the relevant bodies, it would merge
Valley National Bank with its subsidiary 
<
First Los Angeles
Bank>.
    Value of the planned acquisition was not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
5610
topicstart
grain
corn
wheat
soybean
oilseed
barley
sorghum
cotton
rice
topicend
bodystart
2;

USDA DETAILS CONSERVATION CROP ENROLLMENT


    WASHINGTON, March 16 - 
Farmers enrolled over 6.5 mln acres
of program crops in the latest conservation reserve program
signup and around four mln acres of non-program crops,
Agriculture Department conservation specialists said.
    Soybean acreage amounted to less than two mln acres of the
non-program crop acreage enrolled, a USDA analyst said. Heavy
enrollment of non-base acreage in wheat states, of which a big
percentage would be fallow and non-soybean land, accounted for
a large portion of the non-program acreage, the analyst said.
    Wheat and corn acreage comprised slightly over 40 pct of
the total 10,572,402 acres accepted into the ten-year program.
    USDA analysts gave the following enrollment breakdown:
    -- wheat  2,615,140 acres
    -- corn   1,894,764 acres
    -- barley   705,888 acres
    -- sorghum  585,552 acres
    -- cotton   417,893 acres
    -- rice       2,035 acres
    -- peanuts      611 acres
    -- tobacco      285 acres
    -- total program crops  6,512,700 acres
    -- total nonprogram     4,059,702 acres
    -- total enrollment    10,572,402 acres
    USDA analysts are currently working on a complete state
breakdown of crop acreage enrollment and should have it ready
for publication later this week, they said.
 Reuter
3;
bodyend
documentend
documentstart
5611
topicstart
grain
topicend
bodystart
2;

U.S. SENATOR UNCOMMITTED ON OFFERING 0/92 BILL


    WASHINGTON, March 16 - 
Senator Richard Lugar of Indiana,
ranking Republican on the U.S. Senate Agriculture Committee,
has not decided whether to introduce an administration-backed
bill to apply the so-called 0/92 provision to 1988 through 1990
grain crops, an aide to the senator said.
    The Reagan administration has asked Lugar to offer the
measure, the aide said.
    However, a number of farm groups have told Lugar they
oppose the proposal on the grounds it would reopen the 1985
farm bill, and the senator has decided to take a second look at
the proposal, the aide said.
    Last week the aide indicated Lugar was planning to offer
the 0/92 measure and a bill to tighten a payment limitation
loophole.
 Reuter
3;
bodyend
documentend
documentstart
5613
topicstart
topicend
bodystart
2;

PNC FINANCIAL 
<
PNCF> UNIT UPGRADED BY MOODY'S


    NEW YORK, March 16 - 
Moody's Investors Service Inc said it
raised to Aa-2 from Aa-3 the long-term deposit obligations of
Citizens Fidelity Bank and Trust Co because its parent,
Citizens Fidelity Corp, has merged into PNC Financial Corp.
    Moody's said the merger should strengthen the bank's
earnings potential through the acquired access to PNC's product
lines. It should also result in significantly more financial
flexibility to Citizens Fidelity, Moody's said.
    The bank's Prime-1 rating for short-term deposits was not
affected.
 Reuter
3;
bodyend
documentend
documentstart
5615
topicstart
acq
topicend
bodystart
2;

INTERNATIONAL FINE FOODS MAKES ACQUISITION


    NEW YORK, March 16 - 
<
International Fine Foods Inc> said it
has acquired 2001 Distributors Inc of West Babylon, N.Y., for
875,000 common shares, plus contingent shares based on future
earnings.
    2001 distributes fresh-squeezed juices and had a loss on
sales of about one mln dlrs in 1986, its first year of
operation.
 Reuter
3;
bodyend
documentend
documentstart
5617
topicstart
earn
topicend
bodystart
2;

UNITED TOTE INC 
<
TOTE> 1ST QTR JAN 31 NET


    SHEPHERD, Mont., March 16 -
    
Shr profit nil vs loss 10 cts
    Net profit 2,936 vs loss 170,866
    Revs 4,147,248 vs 1,091,392
 Reuter
3;
bodyend
documentend
documentstart
5620
topicstart
earn
topicend
bodystart
2;

SEVEN OAKS 
<
QPON> IN TELEMARKETING VENTURE


    MEMPHIS, Tenn., March 16 - 
Seven Oaks International Inc
said it has formed a new 80 pct owned subsidiary called Seven
Oaks Direct Inc to offer a full line of telemarketing services.
    It said Seven Oaks direct management will own the remaining
20 pct.
    The company said initial costs connected with the startupo
of a new Memphis, Tenn., marketing center for Seven Oaks direct
may hurt earnings slightly in the first half of the year ending
in April 1988, but Seven Oaks Direct should operate at no worse
than breakeven for fiscal 1988 as a whole.
 Reuter
3;
bodyend
documentend
documentstart
5623
topicstart
topicend
bodystart
2;

WESTERN DIGITAL 
<
WDC> TO REDEEM CONVERTIBLE DEBT


    NEW YORK, March 16 - 
Western Digital Corp said it intends
to call for redemption on April six all of its outstanding
6-3/4 pct convertible subordinated debentures due 2011.
    It said it would buy back the convertible debentures at
1,090.94 dlrs per each 1,000 dlr face amount, including accrued
interest.
    Until the close of business on April six, the debentures
are convertible into the company's common stock at 17.50 dlrs
per share, or 57.14 shares per each 1,000 dlr debenture. The
company's stock closed at 26.625 dlrs a share on Friday,
WEestern Digital said.
 Reuter
3;
bodyend
documentend
documentstart
5624
topicstart
earn
topicend
bodystart
2;

QUADREX CORP 
<
QUAD> 4TH QTR JAN 31 LOSS


    CAMPBELL, Calif., March 16 -
    
Shr loss eight cts vs loss 20 cts
    Net loss 586,000 vs los 1,497,000
    Revs 13.8 mln vs 14.4 mln
    Year
    Shr loss 15 cts vs loss 18 cts
    Net loss 1,135,000 vs loss 1,377,000
    Revs 57.7 mln vs 55.1 mln
 Reuter
3;
bodyend
documentend
documentstart
5625
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE CONSECO 
<
CNC> DEBT


    NEW YORK, March 16 - 
Moody's Investors Service Inc said it
may downgrade Conseco Inc's 100 mln dlrs of debt.
    The rating agency cited Conseco's proposal to acquire
Western National Life Insurance Co from Beneficial Corp 
<
BNL>.
Moody's said its review would focus on the financing of the
deal, which will increase Conseco's size from 650 mln dlrs in
assets to about 2.7 billion dlrs.
    Moody's will also study the adequacy of projected earnings
and cash flow from Western National in relation to the
financing plan. Conseco currently carries B-1 senior
subordinated debentures and convertible debt.
 Reuter
3;
bodyend
documentend
documentstart
5626
topicstart
topicend
bodystart
2;

MORGAN 
<
JPM> SAYS BRAZIL NONACCRUALS MAY RISE


    NEW YORK, March 16 - 
J.P. Morgan and Co Inc said that
Brazil's recent suspension of interest payments on part of its
commercial bank debt may lift its nonaccrual loans this year.
    Morgan, which has over 1.9 billion dlrs of Brazilian debt,
said in its annual report, "it is possible that nonaccrual
loans to borrowers in Brazil could increase during 1987."
    However, a spokesman for Morgan told Reuters, "right now we
are still accruing interest and we have not yet decided what
will be done as of March 31."
    Citicorp 
<
CCI> said last week that 3.9 billion dlrs of
Brazilian loans may be put on a cash basis on March 31.
 Reuter
3;
bodyend
documentend
documentstart
5627
topicstart
earn
topicend
bodystart
2;

PHILIP CROSBY ASSOCIATES 
<
PCA> EARNINGS DELAYED


    WINTER PARK, Fla., March 16 - 
Philip Crosby Associates Inc
said its fourth quarter and annual earnings report will be
delayed two more weeks.
    The company cited the recent in-house embezzlement and a
subsequent review by auditors of its international situation as
reason for the delay.
    Philip Crosby, however, said it believes its December
estimate calling for earnings per share between 10 cts and 15
cts, on revenues of 11 mln dlrs, was still valid.
 Reuter
3;
bodyend
documentend
documentstart
5629
topicstart
earn
topicend
bodystart
2;

UNITED TOTE INC 
<
TOTE> 1ST QTR JAN 31 NET


    SHEPHERD, Mont., March 16 -
    
Shr nil vs loss 10 cts
    Net profit 2,936 vs loss 170,866
    Revs 4,147,248 vs 1,091,392
 Reuter
3;
bodyend
documentend
documentstart
5630
topicstart
ship
crude
fuel
topicend
bodystart
2;

PACIFIC RESOURCES 
<
PRI> INSTALLS OIL MOORING


    HONOLULU, March 16 - 
Pacific Resources Inc said it has
installed a CALM (Catenary Anchor Leg Mooring) single-point
mooring terminal off the southwest coast of Oahu at its
Hawaiian Independent Refinery at a cost of 3.5 mln dlrs.
    The system transfers crude and fuel oils from tankers to
the refinery's tank farm and carries refined products to ships
for export, PRI said.
    Company chairman Robert G. Reed said the new mooring system
will permit 24-hour service in most kinds of weather and will
reduce ship turnaround time. He said the mooring is the first
of its kind in the U.S.
    The new system can accomodate vessels up to 150,000
deadweight tons, or one mln barrels of cargo, PRI said.
 Reuter
3;
bodyend
documentend
documentstart
5631
topicstart
topicend
bodystart
2;

U.S. MONEY MANAGERS MAY LEAN TO STOCKS VS BONDS


    By Martin Cherrin, Reuters


    NEW YORK, March 16 - 
U.S. money managers and investment
advisors said they expect stocks to continue to outperform
bonds, but some are hedging bets by keeping roughly half of
portfolios in bonds and cash for quick investment shifts.
    Merrill Lynch said its new asset mix report due today will
urge weightings of 50 pct stock, 35 pct bonds and 15 pct cash
versus 40 pct bonds, 35 pct stock and 25 pct cash previously.
    "We believe an overweighting in stocks is warranted because
of the positive momentum of corporate earnings," said Christine
Lisec-Tinto, Merrill senior investment strategist.
    Lisec-Tinto, who formulated Merrill's latest asset mix
recommendations with new chief investment strategist Charles
Clough, said there may be some consolidation of recent stock
price gains, but the market appears to have good potential.
    Through Friday, stock prices as measured by the Dow Jones
Industrial Average surged 19.13 pct in 1987. Meanwhile, the 
Shearson Lehman Treasury bond price index edged up 0.4 pct.
    "We believe that the equity market has much more upside
potential than the bond market," Chrysler Corp 
<
C> treasurer
Fred Zuckerman said. He said "interest rates are not coming
down and I would not bet a lot that they will come down
sharply."
    Chrysler's 3.5 billion pension fund last week sold 405 mln
dlrs of corporate bonds in the first of two planned sales of
slightly less than one billion dlrs of corporates.
    Zuckerman told Reuters the proceeds will be used to buy
stock to bring equities to 50 pct or more of the portfolio.
    A roughly even bond/stock portfolio split also is urged by
Wright Investors Service, with 4.25 billion dlrs under
management, but it is more optimistic on bonds than stocks.
    "We'd put half in bonds and half in equities now," said
Judith Corchard, Wright senior vice president. She said the
bond share was lifted from 35 pct in the last three months.
    "The stock market has appreciated sharply and discounted
future corporate earnings extensively," Corchard said. She said
"we're worried about a stock price correction of as much as 10
to 15 pct within six, or possibly even three months."
    Meanwhile, Wright expects bonds to benefit from a half to
one percentage point decline in interest rates by year's end.
    "At this level of the stock market, there is more of an
advantage to being in long-term bonds than in equities, given
our interest rate scenario," Corchard said.
    "The stock market has come a long way in a short time. I'd
be hardpressed to jump into stocks with the Dow near 2300
unless I was really convinced that earnings and multiples will
increase," said a fixed-income securities portfolio manager at
a major money center bank.
    He said the bank has kept bond/equity portfolio mix fairly
stable recently and probably will make no major changes for
months as it awaits economic, oil price and dollar trends.
    "We've seen no real movement from bonds to stocks among our
funds," said George Collins, president of T. Rowe Price
Associates, with 22 billion dlrs in assets under management.
    While he detected no rush into stocks from bonds, either
among the many mutual funds under the T. Rowe Price umbrella or
among outside money managers, Collins thinks stocks are better
investments than bonds at this time.
    "In the near term, the stock market has more prospects for
growth, due to the mixed signals on the economy so far, the
slim chance the Federal Reserve will ease policy and still
heavy debt accumulation," Collins said.
    He expects U.S. stocks to improve further because there is
more corporate earnings potential, nominal interest rates
already are low and there is strong foreign demand for stock.
    Collins said that in funds which include bonds and stocks,
the firm has long maintained an aggressive 75 pct weighting in
equity with the rest in bonds and cash.
    "Our equity managers have taken a slightly heavier cash
position in equity portfolios lately," Collins said.
    "Cash" in portfolios usually means short Treasury bills
which can be readily sold to allow rapid investment shifts.
    Many portfolio managers are working with relatively high
cash positions in equity accounts, often 25 to 30 pct, given  
the belief that there may well be downward price corrections
enroute to higher ground.
    In bond portfolios, the money managers generally showed a
preference for shorter term (10 years and under) Treasury notes
and, to a lesser extent, agency securities, rather than
longer-dated Treasury issues and corporate bonds.
    Since yield premiums of corporate over Treasury bonds are
now the lowest in years, many investors believe corporates are
overvalued versus Treasury and agency issues. Another negative
cited for corporate bonds is the risk of hostile takeovers,
leveraged buyouts and sudden ratings declines that does not
exist with Treasury or Federal agency securities.
    Farm Credit paper was cited by some as undervalued and a
good buy, despite the issuer's well-publicized financial woes.
 Reuter
3;
bodyend
documentend
documentstart
5632
topicstart
earn
topicend
bodystart
2;

NEW PLAN REALTY TRUST 
<
NPR> 2ND QTR NET


    NEW YORK, March 16 - 
Qtr ends Jan 31
    Shr 22 cts vs 19 cts
    Net 4,549,000 vs 3,666,000
    Revs 8,903,000 vs 7,791,000
    Avg shrs 20.9 mln vs 19.9 mln
    Six mths
    Shr 42 cts vs 41 cts
    Net 8,641,000 vs 7,928,000
    Revs 17.5 mln vs 14.6 mln
    Avg shrs 20.8 mln vs 19.4 mln
    NOTE: earnings were restated to reflect the three-for-two
stock split on April one, 1986.
 Reuter
3;
bodyend
documentend
documentstart
5634
topicstart
acq
topicend
bodystart
2;
******
SCHLUMBERGER SAYS IT TERMINATES PACT TO SELL FAIRCHILD SEMICONDUCTOR BUSINESS TO FUJITSU

Blah blah blah.
3;


bodyend
documentend
documentstart
5635
topicstart
meal-feed
veg-oil
topicend
bodystart
2;

MORE CCC CREDIT GUARANTEES FOR ALGERIA -- USDA


    WASHINGTON, March 16 - 
The Commodity Credit Corporation
(CCC) has approved an additional 84.0 mln dlrs in credit
guarantees for sales of U.S. agricultural products to Algeria
for fiscal year 1987 under the Export Credit Guarantee Program
(GSM-102), the U.S. Agriculture Department said.
    The department said the additional guarantees provide up to
31.0 mln dlrs in coverage for sales of protein meals, 9.0 mln
dlrs for tallow, and 44.0 mln dlrs for vegetable oils.
    The latest guarantees increase the cumulative fiscal 1987
program for sales of U.S. agricultural products to Algeria to
464.0 mln dlrs from 380.0, it said.
    To be eligible for the credit guarantees, all sales must be
registered with the CCC by September 30, and shipments
completed by December 31, 1987, it said.
 Reuter
3;
bodyend
documentend
documentstart
5636
topicstart
grain
wheat
corn
sorghum
topicend
bodystart
2;

PL 480 COMMODITIES FOR HONDURAS -- USDA


    WASHINGTON, March 16 - 
The United States has signed a
Public Law 480 agreement with Honduras to provide for the sale
of 12.0 mln dlrs worth of U.S. agricultural commodities, the
U.S. Agriculture Department said.
    The agreement, signed March 11, provides for the sale of
about 75,000 tonnes of wheat/wheat flour worth 8.5 mln dlrs,
15,000 tonnes of corn/sorghum worth 1.5 mln dlrs and 6,000
tonnes of tallow worth 2.0 mln dlrs, the department said.
    The commodities will be supplied in the current fiscal
year, ending September 30, and sales will be by private U.S.
traders on a competitive bid basis.
    Purchase authorizations will be announced as issued.
 Reuter
3;
bodyend
documentend
documentstart
5637
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 150,000 TONNES CORN  SOLD TO UNKNOWN DESTINATIONS FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
5639
topicstart
grain
wheat
topicend
bodystart
2;

SENS. DANFORTH, BOND ASK TARGETED 0/92 MEASURE


    WASHINGTON, March 16 - 
Missouri Republican Senators John
Danforth and Christopher Bond have introduced a bill that would
allow wheat and feedgrain producers along the Mississippi and
Missouri Rivers hurt by flooding last year to collect at least
92 pct of their deficiency payments this year without planting.
    Danforth aide Austin Schlick said the bill was similar to a
provision included in a House Agriculture Committee-passed
emergency disaster assistance bill scheduled to be taken up by
the House tomorrow.
    Schlick said flooding destroyed a number of levees along
the two rivers last October, leaving farmland there vulnerable
to further damage this year.
 Reuter
3;
bodyend
documentend
documentstart
5640
topicstart
grain
barley
topicend
bodystart
2;

CCC ACCEPTS BONUS BID ON BARLEY TO CYRPUS


    WASHINGTON, March 16 - 
The Commodity Credit Corporation
(CCC) has accepted a bid on an export bonus to cover the sale
of 8,000 tonnes of barley to Cyprus, the U.S. Agriculture
Department said.
    The barley is for shipment May 5-20 and the bonus of 39.32
dlrs per tonne was made to Harvest States Cooperatives, the
department said.
    The bonus will be paid in the form of commodities from the
inventory of CCC stocks.
    The department said an additional 42,000 tonnes of U.S.
barley are still available to Cyprus under the Export
Enhancement Program initiative announced on August 26, 1986.
 Reuter
3;
bodyend
documentend
documentstart
5641
topicstart
acq
topicend
bodystart
2;

LYNCH CORP 
<
LGL> UNIT BUYS TELEVISION STATION


    FAIRFIELD, N.J., March 16 - 
Lynch Corp subisidiary Lynch
Entertainment Corp said it formed a general partnership called
Coronet Communications Co, which has acquired WHBF-TV station,
in Rock Island, Ill.
    The company said the price for the station, a CBS
television network affiliate, was 20 mln dlrs. The company also
said the other partner is Lombardo Communications Inc, a
wholly-owned corporation of Phillip Lombardo.
    Lynch said it will pursue further acquisitions of media and
entertainment entities with emphasis on broadcasting and cable
television operations.
 Reuter
3;
bodyend
documentend
documentstart
5643
topicstart
acq
topicend
bodystart
2;

SCHLUMBERGER 
<
SLB> ENDS PACT TO SELL FAIRCHILD


    NEW YORK, March 16 - 
Schlumberger Ltd said it terminated an
agreement in principle for Fujitsu Ltd to buy 80 pct of its
Fairchild Semiconductor operations.
    The company said the rising political controversy in the
U.S. concerning the venture made it unlikely that the sale of
the Fairchild stake could be completed within a reasonable
time.
    The sale has been opposed by the U.S. Commerce Department
and the U.S. Defense Department, in part on national security
grounds.
    The company said termination of the agreement opened other
possibilities, including a possible leveraged buyout of the
semiconductor maker by Fairchild management.
    In the interim, Fairchild would continue its ongoing
business within Schlumberger, the oilfield services concern
said.
    Last October, Schlumberger announced the sale of the
Fairchild stake and said it would take a 200 mln dlrs charge in
the fourth quarter from the sale. The company ended up
recording special charges of 2.1 billion dlrs in the fourth
quarter, leading to a loss of 2.02 billion dlrs for the year.
    Schlumberger never announced a price for the sale, but
industry analysts have estimated the value of the deal at about
200 mln dlrs.
    The proposed sale was under antitrust review by the U.S.
Justice Department. Additionally, Commerce Secretary Malcolm
Baldridge and other U.S. officials have voiced reservations
about the transaction since it was announced.
    Government officials have expressed concern that the sale
could reduce the competitiveness of U.S. chip makers by putting
key advanced technology into Japanese hands.
    New, high-technology semiconductors are used in
supercomputers, which are faster and more powerful than
existing computers.
    Schlumberger is an oilfield services company controlled by
French interests and headquartered in New York. Fujitsu Ltd is
a computer and telecommunications company based in Japan.
 Reuter
3;
bodyend
documentend
documentstart
5644
topicstart
earn
topicend
bodystart
2;

HENLEY GROUP 
<
HENG> SETS FISHER DISTRIBUTION


    LA JOLLA, Calif., March 16 - 
Henley Group Inc said it
declared a special dividend distribution of one Fisher
Scientific Group Inc share for every 16 Henley shares.
    Previously, it said it would pay one fisher share for every
20 outstanding, but it changed the ratio because of the
reduction in its outstanding shares to 109 mln from 129 mln.
    It said the distribution of about 20 pct of Fisher's common
stock will be made April six to holders of record March 26.
Fisher will trade on NASDAQ under the symbol 
<
FSHG>.
 Reuter
3;
bodyend
documentend
documentstart
5647
topicstart
earn
topicend
bodystart
2;

GENCORP 
<
GY> 1ST QTR OPERATING EARNINGS ROSE


    AKRON, Ohio, March 16 - 
GenCorp said its first quarter
earnings from operations rose four pct as sales increased six
pct to 650 mln dlrs from 614 mln a year earlier.
    However, the company reported net income declined to 17 mln
dlrs, or 77 cts a share, in the quarter ended February 28 from
19 mln dlrs, or 84 cts a year earlier. This year's net included
700,000 dlrs from the sale of assets while last years was
increased 3.0 mln dlrs by such sales.
    GenCorp said lower operating profits for the tire and
plastics and industrial products segments were essentially
offset by higher wallcovering results.
 Reuter
3;
bodyend
documentend
documentstart
5648
topicstart
grain
wheat
topicend
bodystart
2;

NEW EEP DURUM WHEAT OFFER TO ALGERIA -- USDA


    WASHINGTON, March 16 - 
U.S. exporters will have the
opportunity to sell an additional 300,000 tonnes of U.S. durum
wheat to Algeria under the Export Enhancement Program, EEP, the
U.S. Agriculture Department said.
    The department said the sales will be subsidized with
commodities from the Commodity Credit Corporation, CCC,
inventory and the subsidy will enable U.S. exports to compete
at commercial prices in the Algerian market.
    Algeria has already purchased 300,000 tonnes of U.S. durum
wheat under a previous export enhancement initiative announced
November 10, 1986, it said.
    Details of the latest initiative, including an invitation
for offers from exporters, will be issued in the near future,
the department said.
 Reuter
3;
bodyend
documentend
documentstart
5650
topicstart
earn
topicend
bodystart
2;

MCCORMICK AND CO INC 
<
MCCRK> 1ST QTR FEB 28 NET


    HUNT VALLEY, Md., March 16 -
    
Shr 37 cts vs 35 cts
    Net 4,346,000 vs 4,202,000
    Revs 232.0 mln vs 223.2 mln
 Reuter
3;
bodyend
documentend
documentstart
5652
topicstart
acq
topicend
bodystart
2;
******
TWA SAID IT DOES NOT INTEND TO SEEK CONTROL OF USAIR, ACQUIRE MORE STOCK AT THIS TIME

Blah blah blah.
3;


bodyend
documentend
documentstart
5654
topicstart
earn
topicend
bodystart
2;

TELEQUEST INC 
<
TELQ> 4TH QTR DEC 31 LOSS


    SAN DIEGO, Calif., March 16 -
    
Shr loss nine cts vs profit 35 cts
    Net loss 299,000 vs profit 1,025,000
    Sales 9,704,000 vs 9,659,000
    Avg shrs 3,792,138 vs 2,892,138
    Year
    Shr profit one ct vs profit 58 cts
    Net profit 45,000 vs profit 1,705,000
    Sales 25.4 mln vs 17.8 mln
    Avg shrs 3,567,138 vs 2,892,138
 Reuter
3;
bodyend
documentend
documentstart
5655
topicstart
veg-oil
topicend
bodystart
2;

U.S. EEP VEG OIL PROPOSALS STILL UNDER REVIEW


    WASHINGTON, March 16 - 
U.S. Agriculture Department
proposals to offer 260,000 tonnes of subsidized vegetable oil
to four countries are still under consideration by an
interagency trade policy group, a USDA official close to the
group said.
    The official, who asked not to be identified, dismissed a
report circulating in markets today that the interagency trade
policy review group had rejected the proposals.
    Under the proposals, USDA would offer vegetable oil under
the export enhancement program, EEP, to four countries,
including 80,000 tonnes to Turkey and 60,000 tonnes to Algeria,
Morocco and Tunisia, industry sources said.
    The proposals "are still under review" by the interagency
working group, the USDA official said.
 Reuter
3;
bodyend
documentend
documentstart
5657
topicstart
earn
topicend
bodystart
2;

AMCAST INDUSTRIAL CORP 
<
ACST> 2ND QTR NET


    DAYTON, Ohio, March 16 - 
Qtr ends March One
    Shr profit 10 cts vs loss 2.20 cts
    Net profit 687,000 vs loss 14.5 mln
    Revs 68.3 mln vs 54.8 mln
    Avg shrs 7,018,000 vs 6,577,000
    Six mths
    Shr profit 38 cts vs loss 1.95
    Net profit 2,596,000 vs loss 12.8 mln
    Revs 129.9 mln vs 113.3 mln
    Avg shrs 6,964,000 vs 6,568,000
    NOTE: figures for qtr and year prior include pre-tax
restructuring charge of 22.5 mln.
 Reuter
3;
bodyend
documentend
documentstart
5658
topicstart
earn
topicend
bodystart
2;

CHICAGO DOCK AND CANAL 
<
DOCKS> 3RD QTR NET


    CHICAGO, March 16 - 
Period ended Jan 31
    Shr 16 cts vs 10 cts
    Net 901,000 vs 562,000
    Nine mths
    Shr 1.77 dlrs vs 19 cts
    Net 9,886,000 vs 1,122,000
    NOTE: Full name is Chicago Dock and Canal Trust
    1987 nine months earnings include gain from dispositions of
real estate of 7,666,000 dlrs, or 1.33 dlrs a share
 Reuter
3;
bodyend
documentend
documentstart
5659
topicstart
acq
topicend
bodystart
2;

MCGRAW HILL 
<
MHP> BUYS HARPER/ROW 
<
HPR> UNIT


    NEW YORK, March 16 - 
McGraw-Hill Inc said it bought

<
Medecines et Sciences Internationales SA>, a French Healthcare
publisher, from Harper and Row Publishers Inc.
    The sum of the deal was not disclosed.
    It said the French company publishes original titles by
French authors, as well as translations of American, British
and German Medical books. The company will be consolidated with
McGraw-Hill France, it said.
 Reuter
3;
bodyend
documentend
documentstart
5660
topicstart
earn
topicend
bodystart
2;

INFINITE GRAPHICS 
<
INFG> SEES HIGHER 4TH QTR


    CHICAGO, March 16 - 
Infinite Graphics Inc expects earnings
for the fourth quarter ending April 30 to exceed the 127,587
dlrs, or seven cts a share posted a year ago, Chairman Clifford
F. Stritch Jr. told a meeting of financial analysts.
    Stritch also said the company's annual revenues should
exceed 6.0 mln dlrs, up from 4.1 mln dlrs in the previous
fiscal year.
    He said the company, which markets advanced computer-aided
engineering, design and manufacturing systems, plans to double
its dealers to 50 during the coming fiscal year.
 Reuter
3;
bodyend
documentend
documentstart
5661
topicstart
acq
topicend
bodystart
2;

SUBURBAN BANCORP 
<
SUBBA> UNIT WINS JUDGMENT


    PALATINE, ILL, March 16 - 
Suburban Bancorp said a Cook
County Circuit Court ruled in favor of one of its companies,
Suburban Bancorp of Bartlett (formerly Bartlett State Bank) on
claims against six former directors.
    Suburban Bank of Barlett claimed that the former directors
breached their fiduciary duties and were negligent in opposing
Suburban Bancorp's tender offer in January 1985, costing
Bartlett State Bank several hundred thousand dollars.
    It said a hearing to determine the amount of damages owed
to the bank was set for April 21.
 Reuter
3;
bodyend
documentend
documentstart
5662
topicstart
earn
topicend
bodystart
2;

AFFILIATED PUBLICATIONS INC 
<
AFP> SETS PAYOUT


    BOSTON, March 16 -
    
Qtrly div eight cts vs eight cts prior
    Pay June 1
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
5663
topicstart
earn
topicend
bodystart
2;

FRANKLIN RESOURCES INC 
<
BEN> QTLY DIVIDEND


    SAN MATEO, Calif., March 16 -
    
Shr six cts vs six cts prior qtr
    Pay April 10
    Record March 27

 Reuter
3;
bodyend
documentend
documentstart
5664
topicstart
acq
topicend
bodystart
2;
******
TWA FILES APPLICATION SEEKING RIGHT TO RAISE USAIR STAKE TO 25 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
5665
topicstart
acq
topicend
bodystart
2;

COOPERVISION HAS 6.5 PCT OF COOPER LASER 
<
ZAPS>


    WASHINGTON, March 16 - 
CooperVision Inc 
<
EYE> told the
Securities and Exchange Commission it has acquired 1,420,500
shares of Cooper LaserSonics Inc, or 6.5 pct of the total
outstanding common stock.
    CooperVision said it bought the stake for 2.9 mln dlrs for
investment purposes.
    It said it might buy additional Cooper LaserSonics common
shares, but said it does not plan to boost its stake above 10
pct of the total outstanding.
 Reuter
3;
bodyend
documentend
documentstart
5667
topicstart
acq
topicend
bodystart
2;

DNA MEDICAL 
<
DNAM> SIGNS PACT FOR STOCK SALE


    SALT LAKE CITY, March 16 - 
DNA Medical Inc said Walter G.
Mize had bought about 9,400,000 shares, or about 33 pct of
DNA's outstanding stock, for 100,000 dlrs cash.
    Under an agreement with Mize, DNA said he will also become
chairman, and may, at his option, expand the board to provide
him equal representation with the current board.
    DNA also said it will submit a proposal at its annual
meeting for it to acquire three companies owned by Mize,

<
Heritage Lite Meat Corp>, 
<
National Lean Beef Corp> and

<
Heritage Cattle 
<
Corp>. DNA said the total value of the
transactions is 700,000 dlrs.
    DNA said that when the transactions are approved by its
shareholders, it will issue additional shares of its common so
that Mize will own 80 pct of its issued and outstanding stock.
    DNA said Mize will replace its current chairman, Donald
Holbrook, who will remain on the board.
    The company also said it will continue in the medical
development business as "long as it is deemed to be
advantageous."
 Reuter
3;
bodyend
documentend
documentstart
5668
topicstart
topicend
bodystart
2;

WESTERN DIGITAL 
<
WDC> TO REDEEM DEBENTURES


    IRVINE, Calif., March 16 - 
Western Digital Corp said it
plans to call for redemption on April 6 all of its
approximately 47 mln dlrs principal amount of 6-3/4 pct
convertible subordinated debentures due 2011.
    It said the debentures will be redeemable for 1,090.94
dlrs, including accrued interest, for each 1,000 dlrs principal
amount.
    The debentures will be convertible into Western Digital
common stock up until the redemption date at a conversion price
of 17.50 dlrs per share, the company also said.
 Reuter
3;
bodyend
documentend
documentstart
5669
topicstart
earn
topicend
bodystart
2;

<
CANADIAN ROXY PETROLEUM LTD> YEAR NET


    Calgary, Alberta, March 16 -
    
Shr profit five cts vs loss 23 cts
    Net profit 916,000 vs loss 2,886,000
    Revs 20.0 mln vs 28.2 mln
 Reuter
3;
bodyend
documentend
documentstart
5670
topicstart
acq
topicend
bodystart
2;

CITYFED 
<
CTYF> TO SELL CONSUMER LENDING OFFICES


    PALM BEACH, Fla., March 16 - 
CityFed Financial Corp said
its City Federal Savings Bank has a preliminary agreement to
sell 14 consumer lending offices to 
<
Goldome FSB> for
undisclosed terms.
    Goldome is the largest mutual savings bank in the U.S.
    CityFed said it decided to sell its consumer lending
offices outside its main market areas in New Jersey and Florida
to concentrate its resources to these markets.
    The offices being sold operate under the name of City
Consumer Serices Inc in Arizona, Colorado, Illinois, Maryland,
New Mexico, Oregon and Virginia.
 Reuter
3;
bodyend
documentend
documentstart
5671
topicstart
acq
topicend
bodystart
2;

TRANS WORLD AIRLINES 
<
TWA> FILES ON USAIR 
<
U>


    NEW YORK, MARCH 16 - 
Trans World Airlines said it told the
Securities and Exchange Commission it does not intend to seek
control of USAir Group or to acquire more of its stock at this
time.
    TWA also said it is amending its application with the
Department of Transportation to seek control of USAir.
    The amendment said TWA reserves the right to seek control
of USAir in the future, that it intends to maintain its 15 pct
stake, and that it also is seeking the flexibility to acquire
up to 25 pct of USAir.
    TWA said all USAir stock owned by it would be in a voting
trust and voted in the same proportion as the vote of all other
USAir shareholders.
    TWA filed a 13-D with the Securities and Exchange
Commission, reporting its holding of 4,023,200 shares of USAir.
TWA has said the stake amounts to about 15 pct.
    TWA also said that by order of the federal court in
Pittsburgh, it is temporarily barred from buying additional
shares of USAir pending a hearing March 23 to reconsider
USAir's application to expand the temporary restraining order
to a preliminary injunction.
 Reuter
3;
bodyend
documentend
documentstart
5672
topicstart
acq
topicend
bodystart
2;

FIRST BANK 
<
FBS> AGREES TO SELL ANOTHER BANK


    MINNEAPOLIS, March 16 - 
First Bank System Inc said it has
found a potential buyer for First Bank Luverne and its office
in Pipestone, Minnesota.
    The bank holding company said 215 Holding Co, a corporation
controlled by the family of the late Robert Short, will buy
First Bank Luverne. The bank has 59.2 mln dlrs in assets.
    First Bank, which announced plans in 1985 to restructure
its banking assets by offering to sell 28 of its banks with a
total of 45 offices, said agreements have now been signed for
43 of these offices.
 Reuter
3;
bodyend
documentend
documentstart
5675
topicstart
acq
topicend
bodystart
2;

AMERICAN INTERNATIONAL PETROLEUM TO BUY ASSETS


    NEW YORK, March 16 - 
American International Petroleum Corp

<
AIPN> said it agreed to acquire for one mln dlrs the assets of
a western Louisiana oil and gas company. American International
would not identify the company.
    American said assets included nine leases totalling 2,600
acres, various working interests in 15 oil and gas wells on
that property, all equipment and machinery necessary for
operation, and a 50 pct interest in a nine-mile gas pipeline.

 Reuter
3;
bodyend
documentend
documentstart
5677
topicstart
earn
topicend
bodystart
2;

THREE D DEPARTMENTS INC 
<
TDD> 2ND QTR JAN 31


    EAST HARTFORD, Conn., March 16 -
    
Shr four cts vs 15 cts
    Net 132,851 vs 501,537
    Revs 10 mln vs 15.5 mln
    Six mths
    Shr 12 cts vs 24 cts
    Net 409,383 vs 812,045
    Revs 19.4 mln vs 29.1 mln
 Reuter
3;
bodyend
documentend
documentstart
5678
topicstart
earn
topicend
bodystart
2;

<
CONSOLIDATED PIPE LINES CO> YEAR NET


    CALGARY, Alberta, March 16 -
    
Shr 1.19 dlrs vs 1.38 dlrs
    Net 1,499,234 vs 1,713,941
    Revs 23.2 mln vs 10.3 mln
 Reuter
3;
bodyend
documentend
documentstart
5679
topicstart
earn
topicend
bodystart
2;

NEWCOR INC 
<
NEW> 1ST QTR JAN 31 NET


    TROY, MICH., March 16 -
    
Shr profit four cts vs loss 58 cts
    Net profit 119,000 vs loss 1,629,000
    Sales 18.4 mln vs 17.0 mln
 Reuter
3;
bodyend
documentend
documentstart
5680
topicstart
earn
topicend
bodystart
2;

SKYLINE CORP 
<
SKY> 3RD QTR FEB 28


    ELKHART, IND., March 16 -
    
Shr 13 cts vs seven cts
    Net 1,487,000 vs 778,000
    Sales 64.4 mln vs 58.3 mln
    Nine mths
    Shr 66 cts vs 55 cts
    Net 7,388,000 vs 6,127,000
    Sales 223.0 mln vs 222.2 mln
    NOTE: 1987 quarter and nine month earnings includes a gain
on sale of idle facilities of 406,000 dlrs, or four cts a share
    1986 nine months earnings include gain on sale of idle
facilities of 377,000 dlrs, or three cts a share
 Reuter
3;
bodyend
documentend
documentstart
5682
topicstart
earn
topicend
bodystart
2;

TECH DATA CORP 
<
TECD> 4TH QTR ENDS JAN 31 NET


    CLEARWATER, Fla, March 16 -
    
Shr 24 cts vs 13 cts
    Net 771,000 vs 314,000
    Revs 24.1 mln vs 11.3 mln
    Avg shrs 3,234,000 vs 2,426,000
    12 mths
    Shr 65 cts vs 38 cts
    Net 1,983,000 vs 904,000
    Revs 71.5 mln vs 37.7 mln
    Avg shrs 3,035,000 vs 2,371,000
 Reuter
3;
bodyend
documentend
documentstart
5683
topicstart
crude
fuel
topicend
bodystart
2;

SENATE COMMITTEE MAY LOOK AT FUEL TAX PROPOSALS


    WASHINGTON, March 16 - 
The Senate budget committee sits
down tomorrow to start drafting a fiscal 1988 budget, with the
budget writers expected to look at several proposals for fuel
taxes and other tax options to cut the budget.
    In a briefing book for the drafting sessions, a number of
revenue raising tax options are proposed, including a five dlrs
a barrel fee on domestic and imported oil, a fee just on
imported oil, and a broad based tax on domestic energy
consumption based on five pct of value.
    Other proposals include various excise taxes and
combinations of import surcharges or tariffs, including a 10
pct import across the board import surcharge that would raise
22 billion dlrs next year alone, more in later years.
    The committee, however, will only include revenue numbers
in its proposed budget with the actual revenue decisions left
to the House and Senate tax-writing committees.
     The committee will draft a budget which its chairman, Sen
Lawton Chiles, a Florida Democrat, said he hopes would raise at
least 18 billion dlrs in revenues, or about half the minimum 36
billion dlr deficit reduction he has in mind.
    The House Budget Committee also plans to start drafting a
separate budget plan later this week, which would have to be
reconciled with the Senate version. The final budget would be
the fiscal 1988 spending and revenue blueprint.

 Reuter
3;
bodyend
documentend
documentstart
5684
topicstart
trade
topicend
bodystart
2;

BRAZIL TRADE SURPLUS RISES IN FEBRUARY


    RIO DE JANEIRO, March 16 - 
The trade surplus doubled in
february to 261 mln dlrs from January's 129 mln, but was  below
the 628 mln of February 1986, official figures show.
    The director of the Banco do Brasil's foreign trade
department (CACEX), Roberto Fendt, told reporters the upturn in
February confirmed a rising trend in exports, which totalled
1.53 billion dlrs against 1.26 billion in January and, after
excluding coffee and oil derivitives, was only slightly below
the same month last year.
    Coffee earnings were down to 110 mln dlrs against 295 mln
in February 1986 because of lower prices, he added.
    Fendt said that although the February results were lower
than the average expected for the rest of the year, the
government's target of an eight-billion-dlr surplus for 1987
should be achieved. This would compare with a 1986 surplus of
9.5 billion dlrs.
    Exports this year are expected to total 22.5 billion dlrs
and imports 14.5 billion, he added. In 1986 exports totalled
22.4 billion dlrs and imports 12.9 billion.
    Fendt said the rise in imports in February to 1.27 billion
dlrs from 1.12 billion in February last year was in line with
government plans to foster economic growth.
    Fendt said that imports were running at levels well above
the traditional average for Brazil.
    In the first two months of the year imports, excluding oil
and wheat totalled, 1.8 billion dlrs against 1.47 billion in
the same 1986 period.
    This rise in import demand reflected the needs of Brazilian
industry to equip to raise production and is perfectly
compatible with the government's program for economic growth,
Fendt added.
 Reuter
3;
bodyend
documentend
documentstart
5686
topicstart
acq
topicend
bodystart
2;

ARMTEK 
<
ARM> UNIT LEVERAGED BUYOUT COMPLETED


    GREENWICH, Conn., March 16 - 
Condere Corp, formed by former
managers of Armtek Corp, said it completed the acquisition of a
tire plant and other assets of Armtek for undisclosed terms.
    In addition to a tire manufacturing plant, Condere bought
S. and A. Truck Tire Sales and Service Corp, which operates 51
Sears Truck Tire Sales and Service Centers through a licensed
agreement with Sears Roebuck and Co 
<
S>.
    The plant will supply tires to Armtek's Armstrong Tire Co
as well as to several Sears Centers. Condere said it expects
first year revenues to be 90 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5687
topicstart
earn
topicend
bodystart
2;

HORIZON BANCORP 
<
HZB> SETS REGULAR PAYOUT


    MORRISTOWN, N.J., March 16 -
    
Qtrly div 34 cts vs 34 cts prior
    Pay May 1
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
5688
topicstart
earn
topicend
bodystart
2;
******
ASHLAND OIL CHAIRMAN SEES LOSS FROM OPERATIONS IN THE SECOND FISCAL QUARTER

Blah blah blah.
3;


bodyend
documentend
documentstart
5689
topicstart
earn
topicend
bodystart
2;

HENLEY 
<
HENG> TO ISSUE SUBSIDIARY'S SHARES


    LA JOLLA, Calif., March 16 - 
Henley Group Inc said it plans
to issue 20 pct of the common stock of its Fisher Scientific
Group Inc unit to Henley Group shareholders.
    The company said it intends to issue one share of Fisher
Scientific for each 16 Henley shares held to shareholders of
record March 26. The distribution is scheduled for April six,
the company also said.
    It said the Fisher shares will trade in the
over-the-counter market under the symbol FSHG.
 Reuter
3;
bodyend
documentend
documentstart
5690
topicstart
acq
topicend
bodystart
2;

SCHLUMBERGER 
<
SLB> MAY HAVE ALTERNATE BUYER


    By Lawrence Edelman, Reuters


    New York, March 16 - 
Schlumberger Ltd most likely has an
alternate buyer lined up for its Fairchild Semiconductor unit,
Wall Street analysts said.
    "I think its clear that in cancelling its agreement with
Fujitsu, Schlumberger has signaled that it has another deal in
the works," said Paul Johnson, a semiconductor analyst with
L.F. Rothschild.
    "There are unquestionably other buyers out there," added
Kidder Peabody analyst Adam F. Cuhney. "A lot of companies have
looked at Fairchild and would be willing to buy it."
    Among the companies that would be interested in bidding for
Fairchild are Advanced Micro Devices 
<
AMD>, Sunnyvale, Calif.,
and LSI Logic Corp 
<
LLSI>, Milpitas, Calif., industry analysts
said.
    Top U.S. chipmakers like National Semiconductor Corp 
<
NSM>,
Texas Instruments Inc 
<
TXN> and Motorola Inc 
<
MOT> might also
seek to buy Fairchild, but could possibly run into antitrust
problems, the analysts added.
    Moreover, Fairchild's management is thought to be
considering proposing a leveraged buyout of the Cupertino,
Calif., company, analysts said.
    In a brief statement announcing the termination of the
agreement with Fujitsu, Schlumberger said the decision opened
up other possibilities, including a possible buyout by
Fairchild management.
    The company said it ended the deal, in which Fujitsu would
have bought 80 pct of Fairchild for an estimated 200 mln dlrs,
because rising opposition to the deal by the Reagan
administration made it unlikely that the sale could be
completed within a reasonable period of time.
    Analysts questioned this explanation, however, arguing that
the companies did not need government approval to complete the
transaction. Both Schlumberger and Fujitsu are foreigned-owned
companies.
    "Schlumberger would not have terminated the deal because
the U.S. government didn't want it," said Johnson of L.F.
Rothschild.
    A spokesman for Schlumberger declined to elaborate on the
company's news release.
    He said only that the company was reviewing a number of
possible alternatives for the Fairchild unit.
    Officials at Fairchild and Fujitsu were not immediately
available for comment.
    Analysts noted the significance of the government's
apparent success in preventing Fujitsu from taking control of
Fairchild.
    Administration officials, including Commerce Secretary
Malcolm Baldrige and Defense Secretary Caspar Weinberger,
feared that the sale to Fujitsu would lead to Japanese control
of key semiconductor technology for supercomputers and military
weapons systems.
    "The government really stood up for the semiconductor
industry," said Johnson of L.F. Rothschild. "That, I think, is
the real significance of this."
    Consequently, analysts said, the Japanese government might
now feel more pressure to address U.S. complaints about
Japanese chipmakers' violation of the semiconductor trade
agreement signed last summer.
 Reuter
3;
bodyend
documentend
documentstart
5692
topicstart
trade
topicend
bodystart
2;

BRAZIL'S TRADE SURPLUS DOUBLED IN FEBRUARY


    RIO DE JANEIRO, March 16 - 
Brazil's trade surplus doubled
in February to 261 mln dlrs from January's 129 mln but was well
below the 628 mln dlrs of February last year, official figures
show.
    Director of the Banco do Brasil's foreign trade department
(CACEX), Roberto Fendt, told reporters the upturn in February
confirmed a rising trend in exports which totalled 1.53 billion
dlrs against 1.26 billion in January and, after excluding
coffee and oil derivatives, was only slightly below the same
month last year.
    Coffee earnings were down to 110 mln dlrs against 295 mln
in February, 1986, because of lower prices, he added.
    Fendt said although the February results were lower than
the average expected for the rest of the year, the government's
target of an eight billion dlr surplus for 1987 should be
achieved. This would compare with a 1986 surplus of 9.5 billion
dlrs.
    Exports this year are expected to total 22.5 billion dlrs
and imports 14.5 billion, he added. In 1986 exports totalled
22.4 billion dlrs and imports 12.9 billion.
    Fendt said the rise in imports in February to 1.27 billion
dlrs from 1.12 billion in February last year was in line with
government plans to foster economic growth.
    Fendt said imports were running at levels well above the
traditional average for Brazil.
    Imports in the first two months of the year, excluding oil
and wheat, totalled 1.8 billion dlrs against 1.47 billion in
the same 1986 period.
    This rise reflected industry's need for equipment to raise
production and is perfectly compatible with the government's
program for economic growth, Fendt added.
 Reuter
3;
bodyend
documentend
documentstart
5693
topicstart
acq
nickel
strategic-metal
topicend
bodystart
2;

PENN CENTRAL 
<
PC> SELLS U.K. UNIT


    VALDOSTA, GA., March 16 - 
SAFT, a unit of Cie Generale
d'Electricite of France, said it bought U.K.-based Alcad Ltd
from Penn Central Corp's Marathon Manufacturing Cos Inc.
    Terms of the deal were not disclosed.
    Alcad is one of the world's largest producers of
pocket-plate nickel-cadmium storeage batteries, used in
industrial and railroad applications to start engines and as
light sources, SAFT said.
    SAFT said it expects to add 400 jobs at the U.K.
operations.
 Reuter
3;
bodyend
documentend
documentstart
5694
topicstart
earn
topicend
bodystart
2;

<
SILICON VALLEY BANCSHARES> SETS STOCK PAYOUT


    SANTA CLARA, Calif., March 16 - 
Silicon Valley Bancshares
said it declared a five pct stock dividend, payable May 1 to
shareholders of record April 1.
 Reuter
3;
bodyend
documentend
documentstart
5699
topicstart
topicend
bodystart
2;
******
U.S. SELLS 3-MO BILLS AT 5.58 PCT, STOP 5.59 PCT, 6-MO 5.58 PCT, STOP 5.59 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
5701
topicstart
earn
topicend
bodystart
2;

DI GIORGIO CORP 
<
DIG> QTLY DIVIDEND


    SAN FRANCISCO, March 16 -
    
Shr 16 cts vs 16 cts prior qtr
    Pay May 15
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
5702
topicstart
soybean
oilseed
topicend
bodystart
2;

SOYBEAN GROUPS MEET WITH LYNG TO DISCUSS LOAN


    WASHINGTON, March 16 - 
A high-level meeting last week which
included the Secretary of Agriculture and other senior  USDA
officials, along with leaders of the major soybean lobbying
groups, failed to reach any decision on what should be done
about the soybean loan level, participants at the meeting told
Reuters.
    "We didn't feel a lot was accomplished last week, but we
were delighted to meet with the Secretary, and he didn't close
the door on anything," a member of the soybean delegation said.
    At issue is the current soybean loan and the fact that at
the present level of 4.77 dlrs (without Gramm-Rudman
reductions) it encourages foreign soybean production by making
soybeans more profitable to grow than corn.
    But while recognizing that soybeans are priced too high in
relation with corn, soybean groups have pledged their support
to maintaining current price supports for soybean growers.
    Leaders of the American Soybean Association and the
National Soybean Processors Association offered specific loan
options to USDA Secretary Lyng in last week's meeting, but
participants would not reveal what those options were.
    "There were no surprises in our package," one participant
said. Bandied about for several weeks has been the idea of
offering producers soybean loans partially in cash and in
certificates.
    The most prevailing scheme would be to pay a 4.77 loan with
77 cts worth of soybean-specific certificates which would not
have to be paid back and the remaining four dlrs in cash.
    This would have the effect of lowering the world price,
maintaining domestic support levels and reducing the
government's soybean inventory.
    A marketing loan for soybeans was not discussed at last
week's meeting, participants said.
    One member of the soybean delegation said that the meeting
was a "listening session" for USDA, and that the proposals will
now be studied further by the Department.
    USDA officials, however, would not commit to any time
frame. Participants in the meeting do not look for changes in
the soybean loan to be announced in the near future.
    "USDA is very sensitive about saying anything that could
influence the market, so the Secretary was very non-committal,"
a participant said.
 Reuter
3;
bodyend
documentend
documentstart
5705
topicstart
topicend
bodystart
2;

CONSUL 
<
CNSL> SEES IMPROVED LIQUIDITY


    NEW YORK, March 16 - 
Consul Restaurant Corp chief financial
officer Robert Lamp told analysts a previously announced
conversion offer will reduce its debt-to-equity ratio to 55 pct
from 380 pct, assuming full acceptance of the offer.
    As of November 30, the company had about 26 mln dlrs of
total debt outstanding.
    Earlier, Consul said it would exchange 174,912 shares of
convertible preferred stock for 17.5 mln dlrs of outstanding 13
pct debentures.
    Lamp said that excess debt due to its withdrawal from the
Texas marketplace has been the key factor to blocking further
progress.
    The Mexican restaurant franchisee reported a net loss of
415,493 dlrs for the six months ended November 30, 1986.
    Acceptance of exchange offer by 90 pct of the debenture
holders will enable Consul to decrease its outstanding
indebtedness and report profitably beginning in the first
quarter of 1988, Lamp told analysts.
   
 Reuter
3;
bodyend
documentend
documentstart
5706
topicstart
heat
topicend
bodystart
2;

U.S. HEATING OIL FUTURES UP SHARPLY IN APRIL


    NEW YORK, March 16 - 
A supply shortage of number two oil in
New York for prompt delivery boosted the April heating oil
contract on U.S. energy futures, traders said.
    Crude oil futures followed but gasoline futures lagged.
April heating oil ended 1.24 cts higher to 51.65 cts a gallon,
while April crude settled 28 cts higher at 18.64 dlrs.
    "The rally was led by spot month heating oil contract,
which seemed to move higher because of tigtened prompt
deliveries in New York Harbor," said James Ritterbusch, vice
president at Paine Webber Inc in Chicago.
    April gasoline was 0.28 cent higher at 53.15 cts a gallon.
    Ritterbusch said the market also found support from a
report in the Middle East Economics Survey that said that OPEC
oil output was down to about 14 mln barrels per day in the
second week of March.
    "There was not a lot of interest to sell the market because
of belief in OPEC," said Richard Redoglia, a broker with
Merrill Lynch Futures Inc.
    Redoglia and Ritterbusch said April heating oil could
continue to rally above 53 cts a gallon, while crude futures
could test 19 dlrs a barrel before profit-taking stunts the
move higher.
 Reuter
3;
bodyend
documentend
documentstart
5707
topicstart
earn
topicend
bodystart
2;

TRANSAMERICA INCOME 
<
TAI> MONTHLY DIVIDEND


    LOS ANGELES, March 16 -
    
Shr 19 cts vs 19 cts prior period
    Pay April 15
    Record March 31
    Note: Full name Transamerica Income Shares Inc.
 Reuter
3;
bodyend
documentend
documentstart
5708
topicstart
acq
topicend
bodystart
2;

MCDERMOTT 
<
MDR> SAYS STAKE VIOLATES LAW


    NEW ORLEANS, March 16 - 
McDermott International Inc said
the purchase of a 5.4 pct block of its stock was an apparent
violation of the laws of Panama, its country of incorporation.
    The company said a detailed disclosure of an acquisition
offer must be made to the Panamanian National Securities
Commission or to the target's board before acquiring more than
five pct stake.
    It said transfers of securities in violation of these
Panamanian regulations are invalid.
    The company was not immediately available to say who had
acquired the 5.4 pct block of stock.
 Reuter
3;
bodyend
documentend
documentstart
5710
topicstart
acq
topicend
bodystart
2;

ICAHN SAYS HE IS TARGET OF SEC INVESTIGATION


    WASHINGTON, March 16 - 
Corporate raider Carl Icahn
acknowledged that he is one of the targets of an investigation
by the Securities and Exchange Commission into possible
violations of securities laws.
    Icahn, who heads and controls Trans World Airlines Inc

<
TWA>, made the acknowledgement in a filing TWA was required to
make with the SEC disclosing its 14.8 pct stake in USAir Group.
    The SEC issued a formal order launching the private
investigation on Nov 12, 1986, Icahn said in the SEC filing.
    The order empowers SEC investigators to try to find out
whether any persons, including Icahn, violated securities laws
and related rules, Icahn said.
    Specifically, the probe is examining the acquisition and
subsequent sale of more than five pct of the stock of certain
unspecified companies, he said.
    Federal law requires individuals or groups of individuals
who have made shareholder agreements, to disclose stakes in
companies of at least five pct within 10 days.
    Icahn has acknowledged that he has been subpoenaed in
connection with SEC probes, but this is the first time he has
disclosed that he is among those being investigated.
    By making the disclosure in a filing with the SEC, which is
obviously already aware of its own probe, Icahn was also
alerting current and potential shareholders of TWA.
    It is not uncommon for companies which are aware that they
or their officers are the targets of government probes to
acknowledge the existence of the otherwise secret
investigations to fulfill their legal disclosure requirements
to their shareholders.
    Icahn said the SEC is looking into whether he and others
whom he did not name violated securities laws by acquiring and
selling more than five pct of a company's stock.
    SEC investigations into those kinds of possible securities
law violations have been spawned by the agency's widening probe
into the Wall Street insider trading scandal, according to
published reports.
    Making late filings of 13D forms, which disclose the amount
of stock over five pct an investor has in a company, or making
no filing at all could indicate a scheme to "warehouse" shares
of stock.
    In a warehousing scheme, a group of investors acting in
concert would each amass stock in the company without
disclosing that they have an agreement among them.
    By failing to disclose that they are acting together the
market is unware of the amount of stock of a company that is
controlled by a group acting in concert.
    Last year, the SEC charged members of the wealthy Belzberg
family of Canada with taking part in a warehousing scheme while
it was accumulating stock in Ashland Oil Inc.
 Reuter
3;
bodyend
documentend
documentstart
5711
topicstart
earn
topicend
bodystart
2;

SMITHKLINE 
<
SKB> AIMS FOR 10 PCT EARNINGS RAISE


    PHILADELPHIA, March 16 - 
SmithKline Beckman Corp said it is
pursuing a three-point stragey that will achieve a 10 pct
annual increase in operating earnings throughout the remainder
of the decade.
    In 1986, SmithKline earned 521.1 mln dlrs or 6.78 dlrs per
share on revenues of 3.6 billion dlrs.
    The company said in its annual report that its
nonpharmaceutical business will play a major role in meeting
its earnings growth target, and will in fact grow faster than
its pharmaceutical business.
    SmithKline, whose major product is the antiulcer medication
Tagamet, said in the report that it intends to improve earnings
from existing products, expand its product portfolio and
optimize its financial resources.
    To bolster its position in the antiulcer market, in which
Tagamet has met stiff competition, SmithKline said its strategy
to develop an over-the-counter version of Tagamet is bolstered
by two joint ventures, one with 
<
Wellcome PLC>, and one pending
venture in Japan.
    SmithKline also said its Allergan Inc eye and skin care
products division can be a one billion dlr organization in the
next five years that can grow at more than seven to 10 pct
annually.
    "Nondilutive acquisitions are a real possibility," Gavin
Herbert, president of the eye and skin care product group said
in the report. In 1986, Allergan had worldwide sales of 433 mln
dlrs.
    It said its Smith Kline and French Laboratories
pharmaceuticals unit, with 1986 sales of 1.9 billion dlrs, will
file for Food and Drug Administration marketing approval for a
number of cardiovascular agents, including tissue plasminogen
activator, over the next two years.
    It also said SK and F's U.S. sales force will be 20 pct
larger in 1987, with more than 1,000 sales personnel.
    Smith Kline also said its small clinical laboratory testing
unit, with 1986 sales of 373 mln dlrs, performs 24 mln tests a
year, and sees increases in employee drug testing as well as in
testing for the AIDS antibody.
    Smith Kline said that depending on its share price and the
cost of money, it may buy back more shares. In the last three
years, it has bought back about 25 pct of its shares.
    SmithKline begins the year with a new management team,
including its new chief operating officer George Ebright.
 Reuter
3;
bodyend
documentend
documentstart
5712
topicstart
earn
topicend
bodystart
2;

ASHLAND OIL 
<
ASH> SEES 2ND QTR OPER LOSS


    ASHLAND, KY., March 16 - 
Ashland Oil Inc said it expects to
report a loss from operations in the second quarter.
    The company also said it expects to report a 10 mln dlrs
net gain in the quarter from excess pension funds used to pay
down debt. "However, it is difficult to determine now whether
this gain will be sufficient to offset the expected operating
loss," the company said in a statement. A company spokesman
would not elaborate.
    The company's Ashland Petroleum Co unit operated at a loss
in January and February since it was unable to raise product
prices enough to recover higher crude oil costs, Ashland said.
    Although Ashland Petroleum and SuperAmerica, a retail
marketing operation, are having a difficult quarter, the
company's Valvoline, Ashland Chemical and coal businesses are
expected to report good results for the quarter ended March 31.
    In the year-ago quarter, Ashland had income from operations
of 93.8 mln dlrs before corporate and interest expenses, taxes,
equity income and other items.
    Net income in the quarter was 39.4 mln dlrs or 1.12 dlrs a
share on sales of 1.78 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5713
topicstart
acq
topicend
bodystart
2;

AMERITRUST 
<
AMTR> SELLS TWO MLN SHARES


    CLEVELAND, March 16 - 
Ameritrust Corp said it sold two mln
shares of its common stock to an investment group named
Clevebaco Ltd Partnership.
    The partnership is controlled by Alfred Lerner, and a
subsidiary of the Progressive Corp 
<
PROG> is the limited
partner, according to the company.
    Ameritrust said it was advised that the Clevebaco group has
filed an application with bank regulatory authorities seeking
permission to acquire up to an additional three mln shares of
Ameritrust common stock.
    The company said the group indicated to it that it had no
hostile takeover intent toward Ameritrust, and that the
purchase was for investment purposes.
 Reuter
3;
bodyend
documentend
documentstart
5715
topicstart
earn
topicend
bodystart
2;
******
BANKAMERICA CHAIRMAN SAYS BANK IS TURNING AROUND, HEADING TO PROFITABILITY

Blah blah blah.
3;


bodyend
documentend
documentstart
5716
topicstart
earn
topicend
bodystart
2;

<
GENERAL LEASEHOLDS LTD> YEAR NET


    TORONTO, March 16 -
    
Shr 30 cts vs 53 cts
    Net 868,000 vs 728,000
    Revs 7,300,000 vs 6,500,000
    Avg shrs 3,000,000 vs 750,000
 Reuter
3;
bodyend
documentend
documentstart
5717
topicstart
trade
topicend
bodystart
2;

BRITISH FARM MINISTER ATTACKS SUBSIDIES


    INDIANAPOLIS, March 16 - 
Farm subsidies and protectionist
moves threaten healthy trade on both sides of the Atlantic,
Michael Jopling, British minister of Agriculture, Fisheries and
Food, warned.
    "It would not be sensible to provoke another dispute between
Europe and the United States," Jopling said in remarks prepared
for an evening speech.
    "But some things are clear and they apply on both sides of
the Atlantic. We cannot continue to pile up stocks while world
demand shrinks," he said.
    "Governments must not operate farm policies as if they were
purely domestic affairs with no impact on others. They also
have to recognize that they cannot in the long run develop a
healthy and stable farm sector on the basis of protectionism
and excessive subisdies.
    "And above all, Europe and the United States have too many
common interests to make it worthwhile to engage in trade wars
and competitive export subsidies which end by benefitting no
one." He added, "It is crucial that the United States and the
European Community remain friends."
    Jopling, who is a member of the EC agriculture committee,
was in Indiana to visit several farms prior to talks with U.S.
officials in Washington later this week.
    Jopling also criticized a recent proposal still under
consideration by the EC for a tax on vegetable and fish oils.
    He said his government would oppose such a move because "We
do not think it is correct that a shortage of funds to support
(EC) farmers should be alleviated by raising money at the
consumer's expense."
 Reuter
3;
bodyend
documentend
documentstart
5719
topicstart
earn
topicend
bodystart
2;

BANKAMERICA 
<
BAC> CHAIR SAYS BANK TURNING AROUND


    SAN FRANCISCO, March 16 - 
BankAmerica Corp Chairman A.W.
Clausen said the bank holding company is turning around and is
back on the road to profitability.
    In a speech to the San Francisco Chamber of Commerce,
Clausen said he was "absolutely convinced" BankAmerica would
return to its position of preeminence.
    "Fundamental to achieving that goal is to continue to
reduce costs dramatically, to get our arms around our loan loss
problems and begin to reduce charge-offs, and to enhance our
revenue generation," Clausen said.
    Clausen said he doubts BankAmerica would be in a position
this year to make any acquisitions or experience any growth.
    He said BankAmerica will continue to reduce staff and
operations, noting that expense growth in 1986 increased only
one pct over 1985 expenses.
    Clausen also said it will continue to phase out its
overseas retail banking and concentrate on wholesale banking,
with emphasis on a premium list of multinational corporations.
  
 Reuter
3;
bodyend
documentend
documentstart
5720
topicstart
earn
topicend
bodystart
2;

ROCHESTER TELEPHONE CORP 
<
RTC> SETS DIVIDEND


    ROCHESTER, N.Y., March 16 -
    
Qtly div 66 cts vs 66 cts
    Pay May one
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
5721
topicstart
earn
topicend
bodystart
2;

AUGAT INC 
<
AUG> SETS QUARTERLY DIVIDEND


    MANSFIELD, Mass., March 16 -
    
Qtly div 10 cts vs 10 cts
    Pay April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
5722
topicstart
earn
topicend
bodystart
2;

PHH GROUP 
<
PHH> REGULAR QTLY DIVIDEND


    HUNT VALLEY, Md., March 16 -
    
Qtly div 26 cts vs 26 cts prior
    Pay April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
5723
topicstart
earn
topicend
bodystart
2;

TELCO SYSTEMS INC 
<
TELC> 2ND QTR MARCH ONE LOSS


    NORWOOD, Mass., March 16 -
    
Shr loss nine cts vs profit 14 cts
    Net loss 773,000 vs profit 1,618,000
    Revs 16.3 mln vs 26.7 mln
    Six mths
    Shr loss 56 cts vs profit 27 cts
    Net loss 4,763,000 vs profit 3,398,000
    Revs 29.3 mln vs 49.9 mln
 Reuter
3;
bodyend
documentend
documentstart
5724
topicstart
acq
topicend
bodystart
2;

U.S. DECLINES COMMENT ON SCHLUMBERGER
<
SLB> MOVE


    WASHINGTON, March 16 - 
A U.S. Commerce Department spokesman
said the agency would have no comment on Schlumberger Ltd's
announcement that it had terminated an agreement in principle
to sell its Fairchild Semiconductor Corp unit to Fujitsu Ltd.
    Sclumberger had said that controversy surrounding the
venture made it unlikely the sale could be completed any time
soon. The sale was opposed by Commerce and the U.S. Defense
Department, in part on national security grounds.
    Commerce chief spokesman B.J. Cooper said the department
had had no contact with Schlumberger about the deal.
    A Defense Department spokesman said the agency was unaware
of Schlumberger's announcement and would have no immediate
reaction.
    Officials last week told Reuters that Commerce Secretary
Malcolm Baldrige and Defense Secretary Caspar Weinberger had
joined forces to fight the planned sale because it could have
left the U.S. military overly dependent on foreign sources for
vital equipment used in high-technology weapons.
    Administration opposition to the deal also stemmed from
ongoing trade tensions between the United States and Japan,
officials said.
 Reuter
3;
bodyend
documentend
documentstart
5725
topicstart
earn
topicend
bodystart
2;

PRECISION TARGET MARKETING INC 
<
PTMI> 3RD QTR


    NEW HYDE PARK, N.Y., March 16 -
    
Shr profit one cts vs loss two cts
    Net 74,000 vs loss 122,000
    Revs 1.7 mln dlrs vs 1.4 mln
    Nine months
    Shr profit five cts vs loss 10 cts
    Net profit 299,000 vs loss 624,000
    Revs 5.1 mln vs 3.7 mln
    NOTE:3rd qtr ended January 31. 1987 3rd qtr and nine months
includes 36,000 dlrs and 129,000 dlrs gains respectively from
tax loss carryforward.
 Reuter
3;
bodyend
documentend
documentstart
5727
topicstart
earn
topicend
bodystart
2;

ROYAL BANK/CANADA BRAZIL UNIT SEES GROWTH


    MONTREAL, March 16 - 
Royal Bank of Canada's 
<
RY> small
Brazilian commercial bank subsidiary Banco Royal do Canada
(Brasil) S.A. sees opportunities for its own growth with an
expected substantial increase in Brazilian exports to Canada,
Banco Royal president Michael Brennan said.
    "They (Brazilian exporters) are very interested in the
Canadian market because it's an untapped market," Brennan told
reporters after a speech to the Brazil/Canada Chamber of
Commerce.
    Brennan said Brazil is currently exporting products like
paper machinery and ships to Canada.
    He said he hopes to see medium-term financing facilities
for Brazilian companies reinstated shortly, following an
agreement reached in January with international financial
authorities.
    Brennan estimated Brazilian exports to Canada totalled
roughly 800 mln Canadian dlrs in 1985 while imports from Canada
reached about 700 mln dlrs.
    Brennan said he expects Banco Royal profit to increase this
year from the three mln U.S. dlrs reported for fiscal 1986
ended September 30 but said he could not predict by how much
because of the country's uncertain financial climate.
    Brennan said he expects his bank's growth to come from
increased exports to Canada. Banco Royal is the only
Canadian-owned commercial bank in Brazil although 
<
Bank of
Montreal> has a Brazilian investment bank subsidiary, he said.
    Brennan said he expected Brazil to be able to reach an
equitable agreement with foreign banks on restructuring its 68
billion U.S. dlr foreign debt, because the Brazilian economy is
essentially healthy. He said he believed Brazil might be in a
position to resume debt repayments within a year.
    Brennan said he could not comment on the impact of Brazil's
interest payment moratorium on the Royal Bank of Canada.
 Reuter
3;
bodyend
documentend
documentstart
5729
topicstart
earn
topicend
bodystart
2;

AFFILIATED PUBLICATIONS INC 
<
AFP> SETS DIVIDEND


    BOSTON, March 16 -
    
Qtly div eight cts vs eight cts
    Pay June one
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
5730
topicstart
topicend
bodystart
2;

BANKAMERICA 
<
BAC> SAYS IT WILL MAKE DEBT OFFER


    SAN FRANCISCO, March 16 - 
BankAmerica Corp Chairman A.W.
Clausen said the bank holding company plans to go foward with
its one-billion-dlr debt offering, but declined to specify
when.
    Speaking to the San Francisco Chamber of Commerce, Clausen
said that during the coming months, "at the appropriate time,
we will be placing or underwriting for equities."
    "We do need to improve our capital. We are in registration.
For the moment, we filed a one-billion-dlr shelf registration
for approval by the SEC, which we believe will be
approved very shortly," he said.
    On January 26, BankAmerica filed a shelf offering for up to
one billion dlrs of preferred stock and subordinated capital
notes.
    The offering was seen by the banking industry as one of the
major deterrents to First Interstate Bancorp's 
<
I> take over
bid, which it withdrew on February 9.
    Since then, banking analysts have speculated BankAmerica
may do well to defer action on the offering, while it continues
to attempt to improve its financial situation.
    Clausen said despite improvement in the past quarter,
BankAmerica must do more to improve its capital ratios.
 Reuter
3;
bodyend
documentend
documentstart
5731
topicstart
earn
topicend
bodystart
2;

ASTRO-MED INC 
<
ALOT> 4TH QTR NET


    WEST WARWICK, R.I., March 16 -
    
Shr 10 cts vs nine cts
    Net 217,000 vs 192,000
    Revs 3,325,000 vs 2,506,000
    Year
    Shr 31 cts vs 43 cts
    Net 660,000 vs 932,000
    Revs 12.2 mln vs 10.7 mln
 Reuter
3;
bodyend
documentend
documentstart
5732
topicstart
acq
topicend
bodystart
2;

CENTRAL PENNSYLVANIA 
<
CPSA> BUYS STAKE IN FIRM


    SHAMOKIN, PENN., March 16 - 
Central Pennsylvania Savings
Association said it made a 30 pct investment in 
<
Pinnacle
Mortgage Investment Co>.
    Terms were not disclosed.
    Pinnacle, incorporated in 1985, generates about 60 mln dlrs
in closed mortgage loans annually.
    Central Pennsylvania also said its directors recently
approved a letter of intent to acquire Hamilton-Reliance
Savings Association of Norristown, Pa.
 Reuter
3;
bodyend
documentend
documentstart
5734
topicstart
ship
topicend
bodystart
2;

N.Z. PORTS REOPEN, BUT FURTHER CLOSURES POSSIBLE


    WELLINGTON, March 17 - 
Harbour workers returned to work
this morning after a strike in support of pay claims closed New
Zealand's 15 ports for 24 hours yesterday.
    But the Harbour Workers Union told reporters the pay
dispute is not settled and the union's national executive will
meet here tomorrow to decide its next moves.
    "Obviously we will be considering further industrial action,"
Union secretary Ross Wilson said in a radio interview.
    The union rejects employers offers of a 7.5 pct pay rise
over 15 months. It wants 7.0 pct over 12 months.
 Reuter
3;
bodyend
documentend
documentstart
5735
topicstart
topicend
bodystart
2;

ZIMMER 
<
ZIM> BOOSTS CREDIT LINE BY 4.3 MLN DLRS


    BOCA RATON, Fla., March 16 - 
Zimmer Corp said it reached an
agreement with its banks to boost its credit line by 4.3 mln
dlrs.
    It currently has 7,660,000 dlrs in outstanding debt.
    Under the terms of the accord, the banks will receive a
security interest of nearly all the company's assets, excluding
inventory. The pact also calls for repayment of the debt over
12 months and the application of cash proceeds from the sale of
its Black Fin Yacht Corp unit.
    It said the credit agreement and sale of Black Fin is
expected to relieve its liquidity problems.
 Reuter
3;
bodyend
documentend
documentstart
5737
topicstart
earn
topicend
bodystart
2;

ATCOR 
<
ATCO> SAYS OUTLOOK DEPENDS ON STEEL


    CHICAGO, March 16 - 
Atcor Inc said the magnitude of any
earnings recovery in fiscal 1987 depends on the direction of
steel pricing and how fast the company's severe operating
problems in its consumer segment are resolved.
    Atcor's consumer segment represents about 25 pct of its
sales. In a letter to shareholders the company said that that
part of its business continues to be unprofitable.
    Atcor said it does not expect performance improvements in
the first quarter to be sustained throughout the year due to
increasing raw material costs.
 Reuter
3;
bodyend
documentend
documentstart
5738
topicstart
earn
topicend
bodystart
2;

ZZZZ BEST CO INC 
<
ZBST> 3RD QTR NET


    LOS ANGELES, March 16 -
    
Shr 14 cts vs four cts
    Net 1,474,000 vs 286,000
    Revs 15.5 mln vs 1.4 mln
    Avg shrs 10.6 mln vs 7.5 mln
    Nine mths
    Shr 38 cts vs eight cts
    Net 3,387,000 vs 588,000
    Revs 33.4 mln vs 2.9 mln
    Avg shrs 8.8 mln vs 7.5 mln
 Reuter
3;
bodyend
documentend
documentstart
5739
topicstart
acq
topicend
bodystart
2;

PACIFIC LIGHTING 
<
PLT> CONSIDERS UNIT SALE


    LOS ANGELES, March 16 - 
Pacific Lighting Corp said it is
considering the sale of its land development line of business
and will be initiating discussions with potential buyers.
    The book value of the company's investment in land
development operations is 224 mln dlrs. The Pacific Lighting
Real Estate Group earned 24.2 mln dlrs and employed 800 people
during 1986, the company said.
    Alternatives to the sale being considered include a master
limited partnership and an initial public offering of the
equity in the land development companies, it said.
    Proceeds from the sale would likely be invested in Pacific
Lightings' new specialty retailing line of business and its oil
and gas operations, the company said.
    The investment banking firm Morgan Stanley has been
retained to advise Pacific Lighting on the disposition of the
land development operations.
    Completion of a transaction, it one is made, is expected by
the end of the year, the company said.
 Reuter
3;
bodyend
documentend
documentstart
5740
topicstart
acq
topicend
bodystart
2;

MLX 
<
MLXX> UNIT AGREES TO BY ABEX UNIT


    TROY, Mich, March 16 - 
MLX Corp said a subsidiary has
tentatively agreed to acquire a sintered friction materials
business in Milan, Italy, from a unit of Abex Corp for
undisclosed terms.
    The deal will close after obtaining Italian government
approvals, expected in late April.
    The business, which will operated under the name S.K.
Wellman, will become a member of MLX's specialty friction
materials group. The business is a manufacturer of high-energy
friction materials for heavy-duty transmissions and clutches.
 Reuter
3;
bodyend
documentend
documentstart
5741
topicstart
earn
topicend
bodystart
2;

MODULINE INTERNATIONAL 
<
MDLN> 3RD QTR OPER LOSS


    LACEY, Wash., March 16 - 
Qtr ended Dec 31
    Oper shr loss two cts vs loss 92 cts
    Oper net loss 28,045 vs loss 1,040,700
    Sales 4,943,584 vs 5,613,400
    Nine mths
    Oper shr profit 11 cts vs loss 93 cts
    Oper net profit 124,434, vs loss 1,054,000
    Sales 22.6 mln vs 26.3 mln
    (Mouduline International Inc)
    Note: oper data does not include 1986 gains from tax
benefit carryforwards of 30,000 dlrs, or three cts per shr, in
qtr and 110,000 dlrs, or ten cts per shr, in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
5742
topicstart
earn
topicend
bodystart
2;

<
FINANCIAL TRUSTCO CAPITAL LTD> HIKES PAYOUT


    CALGARY, Alberta, March 16 -
    
Qtly div 12.5 cts vs six cts
    Pay March 31
    Record March 24
    Note: Co also declares 12.5 ct qtly div on special shares
issued in December, 1986, with same pay and record dates.
 Reuter
3;
bodyend
documentend
documentstart
5743
topicstart
earn
topicend
bodystart
2;

USP REAL ESTATE 
<
USPTS> HAS GAIN ON SALE


    CEDAR RAPIDS, Iowa, March 16 - 
USP Real Estate Investment
Trust said it will post a first-quarter gain of 2,258,216 dlrs
on the sale of the Spanish Villa Apartments in Savannah, Ga.,
which was completed last week.
 Reuter
3;
bodyend
documentend
documentstart
5744
topicstart
earn
topicend
bodystart
2;

BINDLEY WESTERN INDUSTRIES INC
<
BIND>4TH QTR NET


    INDIANAPOLIS, Ind., March 16 - 
    
Oper shr primary 28 cts vs 17 cts
    Oper shr diluted 24 cts vs 17 cts
    Oper net 1,826,000 vs 1,104,000
    Revs 205.4 mln vs 171.1 mln
    Avg shrs primary 6,512,462 vs 6,510,462
    Avg shrs diluted 10.3 mln vs 10.3 mln
    Year
    Oper shr primary 83 cts vs 76 cts
    Oper shr diluted 77 cts vs 74 cts
    Oper net 5,393,000 vs 4,955,000
    Revs 719.9 mln vs 633.5 mln
    Avg shrs primary 6,511,591 vs 6,508,379
    Avg shrs diluted 10.3 mln vs 9,122,722
    Note: Revs includes investment income 2,323,000 dlrs vs
2,239 dlrs for qtr and 10.1 mln dlrs vs 6,612,000 dlrs for 12
mths. 1986 revs also include unrealized loss on equity
securities of 59,000 dlrs for qtr and 1,155,000 dlrs for 12
mths.
    Oper net excludes extraordinary gain of 875,000 dlrs vs
284,000 dlrs for qtr and 1,053,000 dlrs vs 462,000 dlrs for 12
mths.
 Reuter
3;
bodyend
documentend
documentstart
5746
topicstart
earn
topicend
bodystart
2;

CENTEL 
<
CNT> SEES LOWER FIRST QTR PROFITS


    CHICAGO, March 16 - 
Centel Corp said it sees 1987 first
quarter results below those of 1986 due to regulatory limits on
telephone earnings and 15 cts to 20 cts a share dilution from
1986 acquisitions.
    In the annual report, Chairman Robert Reuss told
shareholders telephone profits will continued to be limited by
ceilings imposed by regulators as well as deregulation and
structural changes within the industry that have slowed growth
in the investment base for setting rates.
    As such, its first quarter 1987 results will be below last
year's first quarter of 1.11 dlrs a share, he said.
    "Several of the company's telephone units may be faced with
a reduction in the rates of return authorized by their
regulators," Reuss said. "This could result in some rate
reductions and refunds to customers."
    Reuss said he is encouraged by the prospects for progress
in Centel's business communications, cable television and
cellular telephone units.
    Centel is asking shareholders at the annual meeting to
approve the tripling  to 120 mln in authorized shares.
 Reuter
3;
bodyend
documentend
documentstart
5748
topicstart
topicend
bodystart
2;

MORGAN STANLEY 
<
MS> ISSUES MORTGAGE BONDS


    NEW YORK, March 16 - 
Morgan Stanley Mortgage Trust, a unit
of the Morgan Stanley Group, is offering 313.87 mln dlrs of
collateralized mortgage obligations (CMOs) in seven classes.
    These consist of 79 mln dlrs of adjustable rate class J-1
bonds to be fully paid by November 20, 2013 priced at 99.80 pct
to yield 7.49 pct. The notes will bear an interest rate of
seven pct for one year from April 20, 1987, rising to 7.50 pct
until April 1989 and an eight pct rate thereafter.
    Morgan also will offer 89.60 mln dlrs of floating rate,
class J-2 bonds to be fully paid by 2013, priced at par to
yield three-month Libor plus 0.45 pct. There is an 11 pct cap.
    Also among the issues are 24.417 mln dlrs of class J-three
bonds to be fully paid by May 2015 and priced at par to yield
8.26 pct and 11.491 mln dlrs of floating rate class J-four
bonds to be fully paid by the same date and priced at par to
yield three-month Libor plus 0.50 pct. The cap is 12 pct.
    The class J-five bonds totalling 49.987 mln dlrs will be
fully paid by August 2017 and priced at par to yield 8.57 pct.
The 17.25 mln dlrs of floating rate class J-six bonds of the
same maturity are priced at par at a rate of three-month Libor
plus 0.65 pct with a 13 pct cap.
    The 42.125 mln dlrs of 8.75 pct class J-seven bonds due
August 2018 are priced at 99.25 pct to yield 8.85 pct.
    Interest on all classes of bonds will be payable quarterly.
    Morgan Stanley is sole manager of the offering which will
be rated AAA by Standard and Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
5749
topicstart
earn
topicend
bodystart
2;

WINGS WEST AIRLINES 
<
WING> 3RD QTR NET


    SAN LUIS OBISPO, Calif., March 16 - 
Qtr ended Jan 31
    Shr one ct vs nine cts
    Net 29,000 vs 349,000
    Revs 7,892,000 vs 4,721,000
    Note: nine mth data unavailable
    .
 Reuter
3;
bodyend
documentend
documentstart
5750
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> SEES BENEFITS IN USAIR 
<
U> MERGER


    WASHINGTON, March 16 - 
Trans World Airlines Inc, which
disclosed that it does not intend to seek control of USAir
Group at this time, said it still believes a combination of the
two airlines would have benefits to both.
    In a filing with the Securities and Exchange Commission,
TWA, which is controlled by Carl Icahn, said it continues to
closely watch the developments of USAir, which has an agreement
to acquire Piedmont Aviation Inc 
<
PIE>.
    TWA said it spent 178.2 mln dlrs to acquire its 4,043,200
USAir shares, which amount to 14.8 pct of its total outstanding
common stock.
    TWA said it would not buy more USAir Group stock, at least
for the moment.
    But it said it still believes a TWA-USAir combination would
"create certain synergies that would be mutually beneficial to
both carriers."
    TWA stressed that it reserved the right to revive its
takeover attempt and said it may continue to explore the
feasibility and strategies of gaining control of USAir.
    Further purchases of USAir stock would require the approval
of the Department of Transportation, TWA said.
    Because of Department of Transportation rules, TWA also
said it put its USAir stock into a voting trust with Fleet
National Bank as the voting trustee.
    The voting trust agreement requires the bank to vote in
favor of any acquisition agreement between TWA and USAir and to
opposed any other merger of USAir.
 Reuter
3;
bodyend
documentend
documentstart
5751
topicstart
acq
topicend
bodystart
2;

ADOBE 
<
ADB>, HIGH PLAINS 
<
HPOC> TO MERGE


    DENVER, March 16 - 
Adobe Resources Corp and High Plains Oil
Corp said they reached an agreement in principle under which
High Plains will be merged into a unit of Adobe.
    Under terms of the agreement, the companies said each share
of High Plains common stock not owned by Adobe or held in the
High Plains treasury will be exchanged for 1.12 shares of newly
issued Adobe common.
    The exchange, they said, will be made on the effective date
of the merger, which must be approved by both companies' boards
and High Plains' shareholders.
 Reuter
3;
bodyend
documentend
documentstart
5752
topicstart
trade
topicend
bodystart
2;

EC WARNS U.S. AND JAPAN ON TRADE TENSIONS


    By Paul Mylrea, Reuters


    BRUSSELS, March 16 - 
The European Community (EC) delivered
warnings to both Japan and the United States over trade
frictions which have hit relations between the Community and
its main trading partners.
    EC foreign ministers meeting here issued a statement
deploring Japan's continued trade imbalance and appealed for
greater effort by the country to open its markets.
    Ministers also issued a statement saying they were
disturbed by moves in the U.S. to limit imports of textiles and
warned that the Community would react to any such moves.
    EC External Trade Commissioner, Willy De Clercq has already
written to his U.S. counterpart, special U.S. Trade
Representative Clayton Yeutter, outlining the EC's concerns.
    The ministers' said they were "very disturbed" by the U.S.
moves, adding, "the adoption of such measures would not fail to
have a negative effect on the process of multilateral
negotiations just started as well as on bilateral relations."
    Any unilateral U.S. moves would leave the EC no option but
to react according to the laws of the world trade body, the
General Agreement on Tariffs and Trade (GATT), they said.
    In a separate statement on Japan, the EC ministers said
they "deplore the continued aggravation of the imbalance in
trade ... (and) expect Japan to open up its market more."
    The statement added that the EC continued to insist that
the Japanese government must boost imports and stimulate
demand.
    Ministers also called on the European Commission to prepare
a report on U.S.-Japanese trade for July this year to enable
them to take action where necessary.
    One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. "It wil
be back on the table again and again," the diplomat said.
    De Clercq told journalists, "There is a certain nervousness,
a growing impatience within the Community on trade relations
with Japan."
    But diplomats said the Community is keen to continue
talking with Tokyo to try and solve the problem rather than
embark on a costly and damaging trade war.
 Reuter
3;
bodyend
documentend
documentstart
5754
topicstart
acq
topicend
bodystart
2;
******
CEASARS WORLD FILES SUIT AGAINST MARTIN SOSNOFF AND MTS ACQUISITION ON TENDER OFFER

Blah blah blah.
3;


bodyend
documentend
documentstart
5755
topicstart
acq
topicend
bodystart
2;

COASTAL 
<
CGP> HIT WITH TWO BILLION DLR LAWSUIT


    HOUSTON, March 16 - 
TransAmerica Natural Gas Corp said it
is seeking two billion dlrs in punitive and actual damages in a
lawsuit it filed today against Coastal Corp, its chairman and
certain Coastal affiliates.
    TransAmerica, a privately held company that has been in
bankruptcy since 1983, said its suit alleges that Coastal and
its chairman, Oscar S. Wyatt Jr, unlawfully interfered with
agreements it previously reached with its creditors, causing
the company significant damage.
    TransAmerica also said its suit, filed in state district
court in Harris County, Texas, seeks injunctions against Wyatt
and Coastal to enjoin them from interfering with its
contractual agreements with its creditors.
    The company alleged that beginning in mid-1986, Coastal and
its chairman took various steps to acquire its gas and other
assets.
    Coastal has used TransAmerica's bankruptcy proceedings to
engineer a hostile takeover attempt, the company charged.
    In its suit TransAmerican alleged that Coastal and Wyatt
are "notorious corporate raiders who have been restrained in
the past from taking over other corporations in their attempt
to create a stranglehold position from which they could control
and raise gas prices..."
    "It is obvious that Coastal's efforts to improperly take
over TransAmerican is a thinly veiled attempt to control a
larger share of the Texas gas market to the detriment of end
users and consumers," the company alleged.
    Coastal could not be reached for comment. Company name is
Transamerican.
 Reuter
3;
bodyend
documentend
documentstart
5756
topicstart
acq
topicend
bodystart
2;

CAESARS WORLD 
<
CAW> FILES SUIT AGAINST SOSNOFF


    LOS ANGELES, March 16 - 
Caesars World Inc said it filed a
lawsuit against Martin T. Sosnoff and MTS Acquisition Corp
regarding its March 9 unsolicited tender offer for Caesars
World stock.
    The company said it filed in the Federal Court in the
Central District of California, charging the tender offer,
which its board rejected, violated federal securities laws and
federal margin regulations.
    The suit charges the offering materials are materially
false and misleading and misstate and conceal material
information required to be disclosed to shareholders.
    The suit also charges the offer is illusory and designed to
manipulate the market in Caesars World stock to enable Sosnoff
to sell the Caesars World stock he already owns for a
substantial profit.
    The complaint seeks, among other things, to enjoin the
tender offer and to require MTS and Sosnoff to correct false
and misleading statements in the offer.
    Caesars World is expected to seek a friendly suitor,
restructure operations, or buy back Sosnoff's holdings in an
attempt to fight off the bid.
    Sosnoff holds about 13.6 pct of the company's stock.
 Reuter
3;
bodyend
documentend
documentstart
5757
topicstart
acq
topicend
bodystart
2;

HARRIS UPS CENTERRE BANCORP 
<
CTBC> STAKE


    WASHINGTON, March 16 - 
Harris Associates L.P., a Chicago
investment advisor, said it raised its stake in Centerre
Bancorporation to 508,062 shares, or 6.6 pct of the total
outstanding, from 427,061 shares, or 5.5 pct.
    In a filing with the Securities and Exchange Commission,
Harris said it bought 81,001 Centerre common shares between Jan
2 and March 4 at prices ranging from 36.00 to 39.75 dlrs a
share.
    It said its dealings in the company's stock are on behalf
of its clients.
 Reuter
3;
bodyend
documentend
documentstart
5758
topicstart
earn
topicend
bodystart
2;

PAY'N-SAVE 
<
PAYN> 1ST QTR JAN 31 NET


    SEATTLE, March 16 -
    
Shr profit one ct vs loss 14 cts
    Net profit 279,000 vs loss 1,896,000
    Sales 199.6 mln vs 142.4 mln
 Reuter
3;
bodyend
documentend
documentstart
5759
topicstart
topicend
bodystart
2;

DEBT PROGNOSIS AGREED, BUT NO CURE IN SIGHT


    BOSTON, MARCH 16 - 
Latin America urgently needs more money
if it is to grow its way out of its deepening debt crisis, but
fresh ideas about how to stimulate new lending quickly seem to
be in short supply.
    Bankers, officials and academics at a conference organized
by the Massachusetts Institute of Technology stressed the
importance of proper economic policies and increased private
investment. But they offered no glimpse of a grand design to
banish the specter of a widespread repudiation of the region's
380 billion dlr debt. "Such a solution is still not in sight,"
said Nobel Prize-winning economist Franco Modigliani.
    The conference was held against the background of the
recent suspension of interest payments by Brazil and Ecuador,
but it was Argentine finance secretary Mario Brodersohn who
spelled out most clearly the social and economic strains caused
by the need to service billions of dlrs of debt.
    Brodersohn, who is negotiating currently with foreign banks
for a 2.15 billion dlr loan for 1987, says Argentina will have
to grow at a four pct annual rate between now and 1992 simply
to restore per capita income to the level of 1975.
    He said the investment needed to fuel this growth can come
partly from structural economic reforms at home, but this alone
will not be enough.
    "We have to reduce the transfer of resources," Brodersohn
said, adding that mounting economic strains in Latin America
make this a matter of urgency.
    Brodersohn and other Latin officials, however, did not
spell out how this should be achieved.
    The creditors' strategy, spelled out by U.S. Treasury
Secretary James Baker in October 1985, is to spur additional
lending by private banks and multilateral development banks in
return for economic reforms.
    But there was a widespread recognition at the conference
that the Baker Plan has fallen well short of expectations.
    Miguel Urrutia, a senior official of the Inter-American
Development Bank, for instance, said IADB lending had actually
declined in 1986 and had started slowly in 1987.
    Mexico is due to sign a 7.7 billion dlr loan on Friday that
will be the first major facility under the Baker Plan, which
called for net new bank lending between 1986 and 1988, a target
that Morris Goldstein of the International Monetary Fund said
is now optimistic.
    Deputy Assistant Secretary of State for Inter-American
Affairs Paul Taylor acknowledged that the Baker Plan "has not
yet succeeded as well as we hoped."
    But if the debtors at the conference were hoping to hear an
official commitment to try a new tack, they must have been
disappoiunted.
    Ted Truman, director of the International Finance Diviision
at the Federal Reserve Board, said banks were short-sighted in
not lending promptly and in the amounts called for by Baker.
    He said some streamlining of the lending process may be
needed, but added, "I see no alterantive to the present course
of responsible cooperation."
    A major theme at the conference, however, was that the
world economy might not continue to cooperate while the debtors
and creditors muddle along. If export markets dry up because of
recession or protectionism, speakers warned, Latin America will
be even more hard-pressed to service its debts.
    Rimmer de Vries, chief international economist at Morgan
Guaranty Trust Co, said he was very concerned that world
economic growth of three to 3-1/2 pct cannot be sustained and
that West Germany and Japan wowuld not take up the slack in the
world economy that will arise as the U.S. narrows its trade
deficit.
    "There's a deflationary force coming down the mountain, and
I don't know who's going to be rolled over," de Vries said. He
called for a new lending initiative with a wide menu of options
as alternatives to pure new money.
    "Can we not manage this lending a bit more imaginatively?"
he asked the conference.
    But new ideas take time to devise and implement, and
Brazil's suspension of interest payments shows that the
aptience of debtors might be wearing thin.
    Persio Arida, a former director of the Brazizlian central
bank who was a key architect of that country's Cruzado plan to
curb inflation, said there is an "incentive problem" throughout
Latin America.
 Reuter
3;
bodyend
documentend
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5760
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 16 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Mead Corp 
<
MEA> - Shelf offering of up to 150 mln dlrs of
debt securities, including debentures and notes.
    Philadelphia Electric Co 
<
PE> - Shelf offering of up to 250
mln dlrs of first and refunding mortgage bonds.
    Hechinger 
<
HECHA> - Offering of 100 mln dlrs of convertible
subordinated debentures due 2012 through Morgan Stanley and Co
Inc.
    UAL Inc 
<
UAL> - Shelf offering of up to 200 mln dlrs of
debentures due March 31, 1997 and 2,564,102 shares of common
stock.
 Reuter
3;
bodyend
documentend
documentstart
5761
topicstart
oilseed
veg-oil
topicend
bodystart
2;

EC COMMISSION DEFENDS FARM PROGRAM


    BRUSSELS, March 16 - 
The European Community's (EC)
executive Commission defended attacks on major elements of its
ambitious program to rid the EC of its controversial farm
surpluses, after strong attacks from northern states.
    Britain and West Germany, backed by the Netherlands and
Denmark, opposed a proposed tax on edible oils and fats which
has already sparked strong protest from exporters to the EC led
by the U.S. and from EC consumer groups, diplomats said.
    But EC Agriculture Commissioner Frans Andriessen told
journalists he had warned ministers that failure to agree the
tax, proposed last month as part of the Commission's annual
farm price package, would leave a large hole in the group's
budget.
    He added that he hoped states had not yet made their mind
up for good. "I hope the debate is still open, if not there will
be a formidable hole in the budget," he said.
    The shortfall could reach two billion dollars in 1988 and
would be only slightly less this year, he said.
    Foreign ministers were taking a first look at the tax ahead
of farm ministers in a move described by diplomats as
unprecedented and welcomed by Andriessen as a sign ministers
recognised the importance of reforming the EC's farm policy.
    The proposed tax is designed to provide the EC with extra
cash to finance community oilseed crops at their current levels
and to brake a dramatic decrease in olive oil consumption by
making it more competitive with other oils.
    Andriessen noted the EC has over two mln olive oil
producers, mostly small farmers, who could be helped by the
tax.
    "What we are suggesting is reasonable, it should be better
understood not just outside the community but at home," he said.
    Britain, normally a keen advocate of radical changes in the
EC's costly farm subsidies system, warned the proposal to
impose the tax on both domestic and imported oils and fats
could seriously damage the EC's trade relations with other
countries.
    Britain also warned that the tax could hit developing
countries already receiving aid from the EC, they said.
    The Commission also defended proposals to dismantle
Monetary Compensatory Amounts (MCA) -- a system of cross border
subsidies and taxes to level out foreign exchange fluctuations
for farm exports -- against harsh West German criticism.
    In a letter this weekend from Chancellor Helmut Kohl to EC
executive Commission President, Jacques Delors, Kohl made clear
such a dismantling would mainly hit West German farmers.
    Diplomats said West Germany again repeated its criticism at
the talks here but Andriessen told journalists that Germany had
been alone in its opposition. The question was a key aspect of
the Commission's farm price proposals, he added.
   Ministers also agreed a 3.5 billion dlrs scheme to rid the
EC of its butter mountain, despite Spanish and Portuguese
opposition.
    The scheme will pay for the disposal of one mln tonnes of
unwanted butter, by selling it at knock-down prices, turning it
into animal feed or exporting it at subsidised prices.
    National capitals are due to be reimbursed later out of
savings from another plan to curb milk production.
    Diplomats said Spain and Portugal have been angered by the
scheme, which they feel forces them to pay for massive
surpluses built up before they joined the community last year,
but the two countries did not block today's vote.
 Reuter
3;
bodyend
documentend
documentstart
5762
topicstart
acq
topicend
bodystart
2;

AERO SERVICES 
<
AEROE> IN PACT FOR NOMINATIONS


    TETERBORO, N.J., March 16 - 
Aero Services International Inc
said it signed an agreement with Dibo Attar, who controls about
39 pct of its common stock, under which three nominees to
Aero's board have been selected by Attar.
    In addition to Attar, the nominees are Stephen L. Peistner,
chairman and chief executive officer of 
<
McCrory Corp> and
James N.C. Moffat III, vice president and secretary of

<
Eastover Corp>.
 Reuter
3;
bodyend
documentend
documentstart
5764
topicstart
bop
topicend
bodystart
2;
******
Australia Feb current account deficit 750 mln dlrs vs Jan 1.23 billion - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5765
topicstart
bop
topicend
bodystart
2;

AUSTRALIAN CURRENT ACCOUNT DEFICIT NARROWS IN FEB


    CANBERRA, March 17 - 
Australia's current deficit narrowed
to 750 mln dlrs in February from 1.23 billion (revised from
1.29 billion) in January, the Statistics Bureau said.
    This compared with an 897 mln dlr shortfall a year earlier.
    February merchandise trade recorded a 42 mln dlr surplus
against a 246 mln shortfall (revised from 287 mln) in January
and a 162 mln deficit in February 1986.
    The current account deficit fell at the lower end of the
range of forecasts of 700 mln to one billion dlrs made by
market economists yesterday.
    February FOB exports rose to 2.82 billion dlrs from 2.74
billion (revised from 2.72 billion) in January and 2.54 billion
a year earlier while FOB imports fell to 2.77 billion from 2.99
billion (revised from 3.01 billion) against 2.70 billion a year
earlier, the Bureau said.
    It said a four pct decline in rural exports, despite an 11
pct rise in wheat exports, was more than offset by a seven pct
rise in non-rural exports, notably minerals and fuels.
    On the import side, the main decreases were falls of 17 pct
in machinery and transport equipment and 21 pct in fuels, the
Bureau said.
    The net services deficit narrowed to 146 mln dlrs from 253
mln (revised from 268 mln) in January and 192 mln a year
earlier, the Bureau said.
    This made a sharply lower deficit of 104 mln dlrs on the
balance of goods and services against deficits of 499 mln in
January and 354 mln a year earlier.
    Deficit on net income and unrequited transfers was 646 mln
dlrs against 736 mln in January and 543 mln a year earlier.
    Official capital transactions in February showed a surplus
of 786 mln dlrs against a 2.56 billion surplus in January and a
505 mln surplus a year earlier.
    Non-official capital and balancing item showed a 36 mln dlr
deficit against a 1.33 billion deficit in January and a 392 mln
surplus in February 1986, the Bureau said.
    The cumulative current account deficit for the first eight
months of fiscal 1986/87 ending June 30 widened to 9.37 billion
dlrs from 9.32 billion a year earlier.
    The cumulative trade deficit narrowed to 2.09 billion dlrs
from 2.21 billion and the services deficit to 2.25 billion from
2.75 billion but the transfers deficit widened to 5.03 billion
from 4.36 billion. The cumulative official capital surplus
narrowed to 2.90 billion dlrs from 3.86 billion.
 REUTER
3;
bodyend
documentend
documentstart
5767
topicstart
reserves
topicend
bodystart
2;

AUSTRALIAN RESERVES FALL IN FEBRUARY


    SYDNEY, March 17 - 
Australia's official reserve assets fell
to the equivalent of 8.50 billion U.S. Dlrs in February, from
9.15 billion in January, compared with 9.06 billion a year
earlier, the Reserve Bank said.
    In Australian dollar terms, reserves fell by 1.24 billion
dlrs to 12.60 billion after falling 1.71 billion to 13.85
billion in January and rising 792 mln to 12.92 billion in
February 1986.
    The bank said that excluding valuation effects, it
estimated reserves fell 853 mln dlrs after falling 2.34 billion
in January and rising 323 mln a year earlier.
    The individual value of reserve assets in Australian
dollars at end-February with end-January and year-earlier
respectively in brackets were.
    Gold 4.71 billion (4.90 billion and 3.83 billion), SDR's
503 mln (524 mln and 468 mln), IMF reserve position 354 mln
(365 mln and 312 mln), U.S. Dollars 3.25 billion (both 3.99
billion), other foreign exchange 3.78 billion (4.07 billion and
4.32 billion).
 REUTER
3;
bodyend
documentend
documentstart
5768
topicstart
wpi
topicend
bodystart
2;
******
Japan February wholesale prices fall 0.1 pct (0.6 pct January drop) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5769
topicstart
wpi
topicend
bodystart
2;

JAPAN WHOLESALE PRICES FALL 0.1 PCT IN FEBRUARY


    TOKYO, March 17 - 
Japan's overall wholesale price index
(base 1980) fell 0.1 pct in February from a month earlier to
86.4 for the second consecutive month-on-month fall, the Bank
of Japan said.
    Wholesale prices fell 0.6 pct in January from December.
    The index fell 9.1 pct from a year earlier for the 21st
straight year-on-year drop, the central bank said.
    The reduced month-on-month drop mainly stemmed from the
recovery in world crude oil prices, it said.
    On a customs-cleared basis, crude oil prices rose to around
17 dlrs a barrel in February from about 15 dlrs in January.
    The average value of the yen against the dollar rose 0.8
pct to 153.50 in February from 154.67 in January and was up
16.8 pct from 184.55 a year earlier, the bank said.
    The export price index in February fell 0.7 pct from a
month earlier reflecting price cuts in export products like
cars and precision instruments due to severe foreign
competition. The index was down 7.1 pct from a year earlier.
    The import price index rose 1.1 pct from a month earlier to
57.4 for the sixth successive month-on-month gain mainly due to
the continued strength of world crude oil prices. But the index
was down 29 pct from a year earlier.
    The domestic price index fell 0.1 pct to 91.9 in February,
its 24th straight monthly drop, mainly reflecting falls in
prices of home appliances such as colour televisions due to
severe sales competition at home. Lower edible oil prices added
to the decline.
    The index was down 6.7 pct from a year earlier.
    The domestic index marked its largest year-on-year drop of
7.1 pct in January since the central bank started compiling
such statistics in 1960 under its current system.
    Wholesale prices are likely to turn upward in March as
higher world crude oil and raw material prices are expected,
the bank said.
 REUTER
3;
bodyend
documentend
documentstart
5770
topicstart
topicend
bodystart
2;

MITSUBISHI BANK 
<
MITB.T> PLANS 40 MLN N.Z. DLR CD


    HONG KONG, March 17 - 
Mitsubishi Bank Ltd's Hong Kong
branch is planning a 40 mln New Zealand dlr certificate of
deposit, CD, issue, banking sources said.
    The three-year CDs are denominated in 100,000 dlr units and
will carry interest at 37.5 basis points below the three-month
New Zealand bank bill rate.
    Payment date is expected to be around April 1.
    ANZ Securities Asia Ltd is lead manager for the issue.
 REUTER
3;
bodyend
documentend
documentstart
5771
topicstart
topicend
bodystart
2;

CREDITORS/DEBTORS SHARE RESPONSIBILITY-WEIZSAECKER


    BUENOS AIRES, March 16 - 
West German President Richard von
Weizsaecker said both debtor and creditor nations share
responsibility for the Third World's foreign debt crisis.
    Weizsaecker, in a speech on the first day of an official
visit to Argentina, said: "Debtor and creditor countries have
created this situation jointly. They also share responsibility
for finding lasting solutions."
    Local officials have payed great importance to
Weizsaecker's visit because they consider him a key backer of
more flexible repayment terms for Argentina's 51 billion dlr
foreign debt, Latin America's third largest.
    Weizsaecker, speaking at a reception held for him by
President Raul Alfonsin at Buenos Aires' City Council hall,
also said no one could overlook the enormity of the obstacle
posed by the foreign debt to countries like Argentina.
    "Democracy in Latin America must not be endangered because
of misery or new injustices," he said.
    Argentine officials said they might halt debt payments last
month if creditor banks did not agree to a new 2.15 billion dlr
loan. An Argentine mission is now in the U.S. For talks with 11
banks, seeking to win an easing of repayment terms and secure
the loan.
    Weizsaecker said Argentina has had difficulties with the
European Community over trade barriers and subsidies for grain
exports.
    "We are making efforts to eliminate them with the help of
balanced interest from all parties," he said.
    Argentina has said the barriers and subsidies cut unfairly
into the country's traditional markets for its grain exports.
    Weizsaecker arrived for a four-day visit, opening a Latin
American tour which includes Bolivia and Guatemala. He held
brief talks on Sunday with Brazilian President Jose Sarney
during a stopover in Brasilia.
 REUTER
3;
bodyend
documentend
documentstart
5776
topicstart
topicend
bodystart
2;

INDIAN OIL/GAS COMMISSION GETS 26.5 MLN DLR CREDIT


    HONG KONG, March 17 - 
The 
<
Oil and Natural Gas Commission>
of India has signed for a 26.5 mln U.S. Dlr Italian buyers'
credit, co-lead manager Bankers Trust Co said.
    It said the 12-year facility, guaranteed by the Indian
government, carries interest at a fixed rate of 7.40 pct.
Repayment starts in 1989 and is in 20 semi-annual instalments.
    Italy's export credit agency Mediocredito Centrale provides
an undisclosed interest subsidy to the lenders.
    The other lead managers are State Bank of India and
Grindlays Bank Plc. Managers are Irving Trust Co, Toyo Trust
and Banking Co Ltd and Standard Chartered Bank.
 REUTER
3;
bodyend
documentend
documentstart
5778
topicstart
money-fx
dlr
topicend
bodystart
2;

DOLLAR SEEN FALLING UNLESS JAPAN SPURS ECONOMY


    By Rie Sagawa, Reuters


    TOKYO, March 17 - 
Underlying dollar sentiment is bearish,
and operators may push the currency to a new low unless Japan
takes steps to stimulate its economy as pledged in the Paris
accord, foreign exchange analysts polled by Reuters said here.
    "The dollar is expected to try its psychological barrier of
150.00 yen and to fall even below that level," a senior dealer
at one leading bank said.
    The dollar has eased this week, but remains stable at
around 151.50 yen. Six major industrial countries agreed at a
meeting in Paris in February to foster currency stability.
    Some dealers said the dollar may decline in the long term,
but a drastic fall is unlikely because of U.S. Fears of renewed
inflation and fears of reduced Japanese purchases of U.S.
Treasury securities, needed to finance the U.S. Deficit.
    Dealers generally doubted whether any economic package
Japan could adopt soon would be effective enough to reduce its
trade surplus significantly, and said such measures would
probably invite further U.S. Steps to weaken the dollar.
    Under the Paris accord, Tokyo promised a package of
measures after the fiscal 1987 budget was passed to boost
domestic demand, increase imports and cut its trade surplus.
    But debate on the budget has been delayed by an opposition
boycott of Parliamentary business over the proposed imposition
of a five pct sales tax, and the government has only a slim
chance of producing a meaningful economic package in the near
future, the dealers said.
    If no such steps are taken, protectionist sentiment in the
U.S. Congress will grow, putting greater downward pressure on
the dollar, they said.
    The factors affecting the U.S. Currency have not changed
since before the Paris accord, they added.
    "Underlying sentiment for the dollar remains bearish due to
a still-sluggish U.S. Economic outlook, the international debt
crisis triggered by Brazil's unilateral suspension of interest
payments on its foreign debts and the reduced clout of the
Reagan administration as a result of the Iran/Contra arms
scandal," said a senior dealer at a leading trust bank.
    "There is a possibility that the dollar may decline to
around 140.00 yen by the end of this year," said Chemical Bank
Tokyo branch vice president Yukuo Takahashi.
    But operators find it hard to push the dollar either way
for fear of possible concerted central bank intervention.
    Dealers said there were widespread rumours that the U.S.
Federal Reserve telephoned some banks in New York to ask for
quotes last Wednesday, and even intervened to sell the dollar
when it rose to 1.87 marks.
    The Bank of England also apparently sold sterling in London
when it neared 1.60 dlrs on Wednesday, they said.
    But other dealers said they doubted the efficacy of central
bank intervention, saying it may stimulate the dollar's decline
because many dealers are likely to await such dollar buying
intervention as a chance to sell dollars.
    However, First National Bank of Chicago Tokyo Branch
assistant manager Hiroshi Mochizuki said "The dollar will not
show drastic movement at least to the end of March."
    Other dealers said the U.S. Seems unwilling to see any
strong dollar swing until Japanese companies close their books
for the fiscal year ending on March 31, because a weak dollar
would give Japanese institutional investors paper losses on
their foreign holdings, which could make them lose interest in
purchases of U.S. Treasury securities.
    U.S. Monetary officials may refrain from making any
comments this month to avoid influencing rates, they said.
 REUTER
3;
bodyend
documentend
documentstart
5779
topicstart
bop
trade
austdlr
money-fx
interest
topicend
bodystart
2;

MARKET WELCOMES LOWER AUSTRALIAN PAYMENTS DEFICIT


    By Peter Bale, Reuters


    SYDNEY, March 17 - 
The Australian dollar rose more than 40
points and money market interest rates retreated on the better
than expected improvement in the February current account
deficit, but economists and dealers were cautious about
identifying it as the start of a downward trend.
    The current account deficit narrowed to 750 mln dlrs in
February from 1.23 billion in January. It hit 13.82 billion
dlrs in 1985/86 to end-June.
    The currency jumped to 0.6858/63 U.S. Dlrs and traded as
high as 0.6875 before retreating to around 0.6864/69.
    "It's got 69 cents written all over it," one dealer said.
    Foreign exchange dealers said some buyers had gone long on
the dollar expecting a lower figure and sold it down about 30
points to 0.6820 U.S. Dlrs before the release.
    The 750 mln dlr deficit was at the lower end of forecasts
and analysts said the market would welcome any figure below one
billion dlrs for March.
    Banque National de Paris 
<
BNPP.A> senior dealer Peter
Nicolls cautioned that in the long term the currency and
interest rates were too high for import substitution and export
industries.
    Nicolls said he expected the dollar to go as high as 0.6875
and perhaps to 69 cents tomorrow.
    
<
Lloyds Bank NZA Ltd> chief economist Will Buttrose said
the 42 mln dlr trade surplus was encouraging as were imports at
2.77 billion dlrs, down from 2.99 billion in January.
    But he warned that the outlook for rural and iron and coal
exports remained poor. "We should remember we are paying
something like seven to eight billion dollars simply to service
our foreign debt and that is not going to go away in the near
term," Buttrose said.
    Buttrose said he expected a March deficit of around 900 mln
dlrs, and added "Any figure under a billion dollars will be
acceptable (to the markets)."
    ANZ Banking Group Ltd 
<
ANZA.S> senior economist Ian Little
said the big question was whether the improvement in exports
could be sustained. February FOB exports rose to 2.82 billion
dlrs from a revised 2.74 billion in January.
    Interest rates responded quickly to the deficit news, with
90-day bank bill yields falling to 16.42-16.45 pct from early
highs of 16.50 and yields yesterday as high as 16.65.
    Longer term yields fell with 10-year bonds at 13.66/68 pct
from 13.74 before the release and highs of 13.87 yesterday.
    The stock market was easier at midsession but brokers said
the current account data had little impact on trading.
 REUTER
3;
bodyend
documentend
documentstart
5780
topicstart
acq
topicend
bodystart
2;

HONGKONG BANK SAYS CLOSE TO DEAL ON PROPERTY SALE


    HONG KONG, March 17 - 
Hongkong and Shanghai Banking Corp

<
HKBH.HK> is close to a deal on the sale of a commercial
building in Hong Kong's Mongkok business district, a bank
spokesman said.
    He said the 21-storey Wayfoong Plaza was likely to be sold
for about 280 mln H.K. Dlrs but declined to identify the buyer.
    The spokesman gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
5782
topicstart
money-supply
topicend
bodystart
2;

THAI M-1 MONEY SUPPLY RISES IN JANUARY


    BANGKOK, March 17 - 
Thailand's M-1 money supply rose 9.8
pct to an estimated 117.3 billion baht in January after
increasing 6.6 pct in December, the Bank of Thailand said.
    It said year-on-year M-1 grew 23.1 pct in January after an
18.5 pct increase in December.
    The central bank said M-2 rose 1.7 pct to an estimated
686.5 billion baht in January after a 2.4 pct increase in
December while year-on-year it expanded 13.3 pct after a 12.6
pct rise in December.
 REUTER
3;
bodyend
documentend
documentstart
5783
topicstart
gnp
topicend
bodystart
2;

JAPAN TO RELEASE GNP FIGURES LATER TODAY


    TOKYO, March 17 - 
The Economic Planning Agency will
announce gross national product (GNP) figures for the
October/December quarter today at 1700 hrs local time (0800
gmt), Agency officials told Reuters.
    In the July/September quarter, GNP rose 0.6 pct from the
previous three months.
 REUTER
3;
bodyend
documentend
documentstart
5785
topicstart
trade
bop
topicend
bodystart
2;

TAIWAN 1986 BALANCE OF PAYMENTS SURPLUS IS RECORD


    TAIPEI, March 17 - 
Taiwan's balance of payments surplus
widened to a record 16.62 billion U.S. Dlrs in calendar 1986
from 9.35 billion in 1985, the central bank said.
    A bank official attributed the increase mainly to Taiwan's
growing trade surplus, which increased to a record 16.8 billion
U.S. Dlrs in 1986 from 11.2 billion in 1985.
    He said the deficit on invisible trade narrowed to 740 mln
U.S. Dlrs from 1.97 billion.
    Invisible earnings rose to 6.77 billion from 5.09 billion
while invisible spending climbed to 7.51 billion from 7.06
billion, he said.
 REUTER
3;
bodyend
documentend
documentstart
5786
topicstart
trade
bop
topicend
bodystart
2;

EC WARNS U.S. AND JAPAN ON TRADE TENSIONS


    BRUSSELS, March 17 - 
The European Community (EC) yesterday
warned Japan and the United States, its main trading partners,
that friction over trade issues is affecting the EC's relations
with both countries.
    EC foreign ministers issued a statement deploring Japan's
continued trade imbalance and appealed for the country to make
a greater effort to open up its markets. They also said they
were disturbed by a draft bill before the U.S. Congress that
would impose permanent quotas on textile imports and were
prepared to react. The U.S. Administration has already
distanced itself from the bill.
    EC External Trade Commissioner Willy De Clercq has written
to his U.S. Counterpart, Trade Representative Clayton Yeutter,
outlining the EC's concerns.
    The statement said ministers were very disturbed by U.S.
Moves towards protectionism. "The adoption of such measures
would not fail to have a negative effect on the process of
multilateral negotiations just started, as well as on bilateral
relations," it said.
    Any unilateral U.S. Moves would leave the EC no option but
to react according to the laws of the General Agreement on
Tariffs and Trade, it said.
    In a separate statement on Japan, the EC ministers said
they "deplore the continued aggravation of the imbalance in
trade (and) expect Japan to open up its market more."
    The statement said the EC would continue to insist that
Japan boost imports and stimulate domestic demand.
    Ministers also called on the EC Commission to prepare a
report on U.S.-Japanese trade for July this year to enable them
to take appropriate action where necessary.
    One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. "It will
be back on the table again and again," the diplomat said.
    De Clercq, talking to journalists during the meeting, said,
"There is a certain nervousness, a growing impatience within the
Community concerning trade relations with Japan."
    The EC is not satisfied with Japan's inability to cut its
trade surplus, and the Commission has adopted a tough approach
on imports of goods such as Japanese photocopiers, where it has
imposed 20 pct anti-dumping duties.
    But diplomats said the EC is keen to negotiate with Tokyo
to solve the problem rather than embark on a costly and
damaging trade war, and the ministers called for more
cooperation with Japan in industry and research.
 REUTER
3;
bodyend
documentend
documentstart
5787
topicstart
earn
topicend
bodystart
2;

CATHAY PACIFIC 1986 PROFIT SEEN ABOVE TARGET


    By Allan Ng, Reuters


    HONG KONG, March 17 - 
Buoyed by low fuel prices and
favourable currency factors, Cathay Pacific Airways Ltd's

<
CAPH.HK> 1986 profits are expected to surpass the airline's
forecast of one billion H.K. Dlrs, stock analysts said.
    Analysts said they expect the airline to show net earnings
of between 1.1 billion and 1.25 billion dlrs when it reports
results tomorrow for its first year as a public company.
    Cathay, 51 pct owned by Swire Pacific Ltd 
<
SWPC.HK>, made
its earnings forecast in the prospectus for its flotation in
May last year.
    Cathay is expected to pay a 13-cent final dividend, making
a total of 19 cents for the year, as forecast in the
prospectus, analysts polled by Reuters said.
    They said the airline's performance improved in the second
half of the year after it reported interim profits of 503 mln
dlrs.
    The weakness of the local currency, pegged at 7.80 to one
U.S. Dollar, and low fuel prices moved further in the company's
favour from the assumptions made in the prospectus at the time
of the flotation, James Capel (Far East) Ltd said.
    James Capel estimates average fuel prices for the airline
industry in 1986 at 63 U.S. Cents per gallon, 27 pct below the
1985 level. It said a one pct movement in fuel prices would
affect Cathay's net profits by 10 mln dlrs and forecast profits
of 1.25 billion dlrs.
     Analysts said the company's estimates of fuel price and
currency movements set out in its prospectus were conservative.
    "This is reflected in their interim results which showed
that profit margin has increased," said Frederick Tsang of
Mansion House Securities (F.E.) Ltd.
    Cathay's six-month turnover rose 19.8 pct from year-earlier
levels, but profits rose 69 pct.
    The rise in oil prices in late 1986 had little impact on
the company's fuel oil bill last year, as aviation fuel prices
usually lag behind crude price movements by several months,
analysts said.
    By last September the yen had risen some 54 pct against the
Hong Kong dollar from the end of 1985, the mark 43 pct and
sterling 12 pct.
    "Overall the weakness of the Hong Kong dollar against
Cathay's major trading currencies helped push passenger yields
in the first half up 7.2 pct," said James Capel. "This should
continue through the second half to enable passenger yields to
end the year up 7.6 pct."
    A strong performance from the 2.9 billion dlrs in cash
under management also improved profits, James Capel said.
    A general improvement in air traffic last year contributed
to Cathay's revenue increase, but the company's load factor
declined because of increased competition and an expansion of
its fleet and services.
    James Capel estimated Cathay's passenger-kilometres flown
last year rose six pct from 1985 and freight-kilometres flown
climbed 17 pct, though the airline's load factor probably fell
to 68.8 pct from 70 pct.
    "Cathay added new planes, and was forced to fly some routes
last year because of the threat of competition from Dragon Air,"
said Tsang. "This affected its load factor."
    Fear of possible competition from fledgling carrier 
<
Hong
Kong Dragon Airways Ltd> may have contributed to Cathay's
decision to resume service to New Zealand last year, analysts
said.
 REUTER
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bodyend
documentend
documentstart
5788
topicstart
copper
topicend
bodystart
2;

RENISON GOLDFIELDS EXTENDS LYELL COPPER MINE LIFE


    SYDNEY, March 17 - 
The Renison Goldfields Consolidated Ltd

<
RGFJ.S> (RGC) Mt Lyell copper mine in Tasmania will stay open
for an extra five years following a new aid package from the
state government, RGC said in a statement.
    The mine had been scheduled to close in 1989 after the 40
series stopes were mined, but will now stay open until the
deeper 50 and 60 series have played out, probably in 1994.
    The Australian dollar's fall since 1985 also improved the
local dollar copper price, making the company profitable and
justifying the mining of deeper reserves at a copper grade of
about 1.95 pct against about 1.60 pct now, the firm said.
    Ore output will be cut, but the higher grades will keep
contained-copper output at current levels of about 24,000
tonnes a year, it said. Capital expenditure of about 18 mln
dlrs will be required over the life of the new plan, RGC said.
    The latest aid package is the third since 1977 for RGC, a
major employer in Queenstown on the thinly populated west coast
of Tasmania.
    The mine was kept open in 1985 after Tasmania gave RGC 10
mln dlrs in aid. The new package includes an eight mln dlr
advance to RGC at the long-term bond rate, power concessions
and deferred royalties and payroll taxes.
 REUTER
3;
bodyend
documentend
documentstart
5789
topicstart
acq
topicend
bodystart
2;

NEW ZEALAND PRESS GROUP BUYS MORE TEXAS NEWSPAPERS


    WELLINGTON, March 17 - 
<
Independent Newspapers Ltd> (INL)
said it bought two more community newspapers in Houston, Texas,
through a subsidiary there, for an undisclosed sum.
    INL said in a statement 
<
Houston Community Newspapers Inc>
bought the South West Advocate and the South Bend Advocate,
with combined circulation of 74,000 copies, and associated
assets, from 
<
The Advocate Communications Corp Inc>.
    INL publishes Wellington's morning and evening newspapers
as well as New Zealand provincial dailies and newspapers in
Rhode Island. Just under 40 pct of INL is owned by 
<
News Ltd>,
an Australian subsidiary of News Corp Ltd 
<
NCPA.S>.
    Production and administration of the two publications would
be transferred to the company's existing centre in Houston. INL
said the acquisition took effect on March 1.
    INL chairman Alan Burnet said the purchase would enable the
subsidiary to offer advertisers a combined distribution of nine
community newspapers to 340,000 homes in the greater Houston
area. Trading conditions in the area are particularly difficult
because the city's economy depends to a large extent on the
fortunes of the petroleum industry, but the situation should
improve in the medium to long term and the investment will
prove to be sound, he said.
 REUTER
3;
bodyend
documentend
documentstart
5791
topicstart
veg-oil
soy-oil
topicend
bodystart
2;

U.S. AGRICULTURE SECRETARY WARNS EC ON SOY OIL TAX


    CHAMPAIGN, Ill., March 17 - 
U.S. Agriculture Secretary
Richard Lyng warned the European Community yesterday it will
face serious retaliation if it enacts a new tax on products
such as U.S. Soybean oil.
    Speaking at a news conference before a scheduled speech,
Lyng said he did not think the tax, which is still in the
discussion stage, would be approved.
    He said the U.S. Would take serious retaliatory action
because if implemented, the tax would have a considerable
impact on U.S. Farmers.
 REUTER
3;
bodyend
documentend
documentstart
5792
topicstart
rubber
topicend
bodystart
2;

KOBE RUBBER EXCHANGE TO EXTEND TRADING HOURS


    TOKYO, March 17 - 
The Kobe Rubber Exchange said it will
extend its trading hours from May 1 to enable more operators to
use the exchange.
    Subject to Ministry of International Trade and Industry
approval, the Exchange will add a sixth session starting at
1700 local time, and will close the account for trading at the
new session the following day before the opening call starts at
0930 local time, an Exchange official said.
    Trading on the Singapore rubber market, a major producer
price indicator for Japanese end-users, is usually active after
the end of the current final session here.
    The introduction of the new session will enable
participants to trade overnight after taking account of
Singapore rubber prices, because brokers and members who are
designated by the Kobe Exchange are allowed to add the volume
traded overnight to the new final session before the opening
session starts next day, the official said.
    But because the Kobe Exchange uses the auction system which
sets a fixed price at each session, the price of contracts
traded overnight should be a fixed price settled at the sixth
session, he added.
    Industry sources said they expected the Ministry to approve
the plan because it has encouraged the Japanese futures
industry to expand and internationalise.
    The Tokyo Commodity Exchange for Industry, TOCOM, which
also trades rubber futures in Japan, said it has no plans to
introduce an extra session.
    TOCOM also has five rubber trading sessions a day. Four
sessions start 15 minutes later than Kobe Exchange sessions,
but both Exchanges' final sessions start at the same time.
 REUTER
3;
bodyend
documentend
documentstart
5793
topicstart
nat-gas
topicend
bodystart
2;

COASTAL 
<
CGP> SEEKS TO HALT BILLION DLR LAWSUIT


    HOUSTON, March 17 - 
Coastal Corp said a federal bankruptcy
court will hear its request today for a restraining order to
stop a two billion dlr lawsuit against it by 
<
TransAmerican
Natural Gas Corp>.
    TransAmerican, which entered Chapter 11 bankruptcy
proceedings in 1983 to reorganise its debts, filed the lawsuit
to block Coastal from taking control.
    Coastal spokesman Jim Bailey confirmed the company, which
is an unsecured creditor of TransAmerican, would present its
own reorganisation plan to the bankruptcy court.
    Under the plan, Coastal would buy the natural gas reserves
and pipeline system owned by TransAmerican in Texas for an
undisclosed amount.
    TransAmerican lawyer John Nabors said the company values
its total assets, including an unused oil refinery, at about
one billion dlrs.
    The company, the second-largest natural gas producer in
Texas, said it has gas reserves of 1.2 trillion cubic feet and
over 1,000 miles of pipeline and gas gathering lines.
    About 80 pct of TransAmerican's gas is available for spot
market sales in Texas during peak demand, it said.
    Nabors said the TransAmerican reorganisation would repay
its 770 mln dlr debt with profits from natural gas sales. The
lawsuit seeks one billion dlrs in actual damages and one
billion in punitive damages from Coastal.
    Coastal has been trying to break into the Texas gas market
since 1979, when it was forced to sell 
<
Lo-Vaca Gas Gathering
Co> to settle over 1.6 billion dlrs in lawsuits by Texas
customers facing abrupt curtailment of supply.
    Coastal, a natural gas producer and pipeline company,
earned 71.6 mln dlrs on sales of 6.7 billion in 1986, about
half the its 1985 profits, due to slumping energy prices.
 REUTER
3;
bodyend
documentend
documentstart
5794
topicstart
topicend
bodystart
2;

INDIAN THERMAL POWER FIRM GETS 169 MLN MARK CREDIT


    HONG KONG, March 17 - 
India's state owned 
<
National Thermal
Power Corp Ltd> signed a 169.1 mln mark Italian buyer's credit,
Bankers Trust Co, a joint lead manager, said.
    The 15-1/2 year facility, with a six year grace period,
carries fixed interest of 6.48 pct. It is guaranteed by the
Indian government with an interest subsidy provided by Italy's
export credit agency, Mediocredito Centrale.
    The lead managers are the State Bank of India, Grindlays
Bank Plc and MecFint (Jersey) Ltd. Managers are Dresdner (South
East Asia) Ltd, Mitsui Trust and Banking Co Ltd and the UCO
Bank. Co-manager is DB Asia Finance (HK) Ltd.
 REUTER
3;
bodyend
documentend
documentstart
5796
topicstart
crude
topicend
bodystart
2;

STUDY PREDICTS U.S. DEPENDENCE ON FOREIGN OIL


    NEW YORK, March 17 - 
A government study has concluded the
U.S. Will be dependent on oil from the middle east into the
next century and must take steps to reduce its vulnerability,
the New York Times said.
    The newspaper said the inter-agency government study found
a serious oil-dependency problem due to steadily falling
domestic production and rising demand for imported oil.
    The study concluded that by 1995 the U.S. Will be relying
on foreign countries for 50 pct of its oil, more than the peak
of 48 pct reached in 1977 and far above the 33 pct rate during
the 1973-74 Arab oil embargo.
    The U.S. Now imports about 38 pct of its oil needs, up from
27 pct a year ago, the New York Times said.
    It said recommendations sent to the White House by Energy
Secretary John Harrington include financial incentives to raise
domestic oil production by one mln barrels a day from the
current 8.4 mln barrels.
    The newspaper said the administration has placed increased
emphasis on stockpiling oil reserves. It said the view now held
is that the Strategic Petroleum Reserve to be tapped in times
of shortages, should be increased by 100,000 barrels a day,
rather than 35,000 as called for in the 1988 budget.
   The newspaper said Harrington may propose restoring the
depletion allowance to major producers.
    "The administration also plans to renew its efforts to
...Repeal the windfall profits tax, remove bars to drilling on
the outer continental shelf and repeal the law that limits the
use of natural gas in industrial and utility boilers," it added.
    The New York Times quoted Senator Don Nickles of Oklahoma
as saying the study greatly underestimated potential U.S.
Demand for imported oil in the next decade and overestimated
the amount of domestic oil which would be produced.
 REUTER
3;
bodyend
documentend
documentstart
5797
topicstart
money-supply
topicend
bodystart
2;
******
JAPAN M-2 PLUS CD MONEY SUPPLY ROSE 8.8 PCT IN YEAR TO FEBRUARY (JAN 8.6) - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5798
topicstart
money-supply
topicend
bodystart
2;

JAPAN FEBRUARY MONEY SUPPLY RISES 8.8 PCT


    TOKYO, March 17 - 
Japan's broadly defined money supply
average of M-2 plus certificate of deposits (CDs) rose a
preliminary 8.8 pct in February from a year earlier, compared
with an 8.6 pct rise in January, the Bank of Japan said.
    The seasonally adjusted February average of M-2 plus CDs
supply rose 0.8 pct from January, it said.
    Unadjusted M-2 plus CDs stood at an average 336,000 billion
yen in February compared with 337,100 billion yen in January.
 REUTER
3;
bodyend
documentend
documentstart
5799
topicstart
topicend
bodystart
2;

MALAYSIA PLANS 1.6 BILLION RINGGIT LOAN ISSUE


    KUALA LUMPUR, March 17 - 
The Malaysian government said it
is issuing 1.6 billion ringgit worth of loan stock on the
domestic money market, a treasury statement said.
    The issue, the first such offering this year, will comprise
250 mln ringgit of eight-year stock at 6.6 pct, 700 mln of
10-year stock at 6.8 pct and 650 mln of 21-year stock at 7.6
pct, all prices at par, it said.
    The issue is open with immediate effect and will close when
fully subscribed, the statement said.
    Proceeds will be used to finance development.
 REUTER
3;
bodyend
documentend
documentstart
5800
topicstart
grain
topicend
bodystart
2;

CHINA TO IMPORT MORE GRAIN IN 1987


    By Mark O'Neill, Reuters


    HANGZHOU, China, March 17 - 
China's grain imports will rise
in 1987 because of a serious drought and increasing demand, but
will be not be as large as in the past, Chinese officials and
Japanese traders told Reuters.
    They said foreign exchange constraints and national policy
would not allow a return to large-scale imports, which peaked
at 16.15 mln tonnes in 1982.
    An agricultural official of the Shanghai government put
maximum imports at about 10 mln tonnes this year, against 7.73
mln in 1986 and 5.97 mln in 1985.
    Officials said grain imports rose in 1986 because of a poor
harvest and rising domestic demand, but remained below exports,
which rose to 9.42 mln tonnes from 9.33 mln in 1985.
    "China is short of foreign exchange," the Shanghai official
said. "We cannot rely on imports, even at current low world
prices. Only if there is a major disaster will we become a
major importer."
    A Japanese trader in Peking said Chinese grain imports
would rise and exports fall this year because of the drought,
low world prices and rising domestic demand for human and
animal consumption.
    "At current prices, China loses yuan on every tonne of grain
it exports, though it earns foreign exchange which it badly
needs," the trader said.
    The People's Daily said last Saturday a serious drought is
affecting 13.3 mln hectares of arable land, which will reduce
the summer grain harvest from last year's level.
    The paper added that leaders in some areas were not paying
enough attention to agriculture, especially grain, making it
difficult to achieve the 1987 grain output target of 405 mln
tonnes against 391 mln in 1986.
    "All areas must spare no effort to raise the autumn harvest
area, especially of corn, sweet potatoes, paddy rice and
high-yield cash crops," it said.
    It added factory production might have to be reduced to
provide electricity for agriculture if it was needed to fight
the drought.
    Since January, the press has devoted much attention to
grain, stressing that growth in output is vital to China's
economic and political stability and that prices paid to
farmers are too low.
    Officials in east China have repeatedly said stable grain
production is a key state policy and outlined the measures
being taken in their areas to encourage output.
    The Shanghai official said that in one suburb, 10 pct of
the pre-tax profits of factories are used to subsidise
agriculture. He said rural industries in other suburbs also set
aside money for grain and pay the salaries of some of the
70,000 workers available to help farmers.
    Chu Jinfeng, an official of Fengbing county outside
Shanghai, said factory workers get 60 yuan a month and three
years unpaid leave to grow grain and can keep the profits.
    Pan Huashan, an official of the agricultural department of
Zhejiang Province, said rural industry also subsidises grain
output in his province.
    "In addition, we are setting up grain production bases,
raising the level of science and technology on the farms and
improving the supply of raw materials, roads and other
infrastructure," he said.
    The Shanghai official said rural residents who work in
industry or commerce usually keep their land to farm in their
spare time, or let other family members farm it. In some cases,
they lease the land to grain farmers.
    The China Daily said last month that grain output should
reach between 425 and 450 mln tonnes by 1990 and between 480
and 500 mln by 2000. It said growing grain should be made
profitable.
    "The advantages the state promises grain growers actually
yield tangible profits for them and are not siphoned off by
intermediate agencies because of bureaucracy or corruption.
Only this will boost enthusiasm," it said.
 REUTER
3;
bodyend
documentend
documentstart
5803
topicstart
gnp
topicend
bodystart
2;
******
Japan October/December GNP up 0.8 pct (July/Sept revised 0.7 rise) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5804
topicstart
gnp
topicend
bodystart
2;
******
Japan GNP rises 2.5 pct in calendar 1986 (4.7 pct in 1985) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5805
topicstart
gnp
topicend
bodystart
2;

JAPAN OCTOBER/DECEMBER GNP RISES 0.8 PCT


    TOKYO, March 17 - 
Japan's gross national product (GNP) rose
a real 0.8 pct in the October/December quarter after an
upwardly revised 0.7 pct increase the previous three months,
the Economic Planning Agency (EPA) said.
    The rise in the July/September quarter had originally been
put at 0.6 pct. The annualized growth rate accelerated to 3.2
pct in October/December from 3.0 pct in July/September.
    In the 1986 calendar year, GNP rose 2.5 pct, after a 4.7
pct increase in 1985. Last year's performance was the worst
since 1974, when GNP fell 1.4 pct. Agency officials blamed the
strong yen for depressing exports and manufacturing industry.
    In nominal terms, GNP rose 0.5 pct in the October/December
quarter, reflecting stable prices, after a one pct increase in
the previous three months, the Agency said.
    Domestic real demand increased 0.6 pct in October/December,
after a one pct rise the previous quarter.
    Domestic demand contributed 0.5 percentage point to real
GNP growth in October/December, while foreign trade added 0.2.
The figures do not tally exactly due to rounding.
    In July/September, domestic demand contributed one
percentage point to GNP growth while foreign trade knocked off
0.3 point.
    Of the 0.2 point contribution of foreign trade to GNP last
quarter, falling exports knocked off 0.2 while falling imports
contributed 0.4 point.
    Total export volume fell 1.2 pct quarter on quarter in
October/December. Imports also fell, by 2.9 pct.
    Of the 0.5 point contribution of domestic demand to
October/December GNP growth, the private sector accounted for
0.4 point and the public sector, 0.2.
    The private sector contribution included 0.3 point for
housebuilding, 0.4 for corporate capital outlays and 0.1 for
stockbuilding. Consumer spending had a 0.4 negative impact.
 REUTER
3;
bodyend
documentend
documentstart
5806
topicstart
topicend
bodystart
2;

COMMONWEALTH BANK PLANS 500 MLN DLR PAPER FACILITY


    SYDNEY, March 17 - 
<
The Commonwealth Bank of Australia>
said it was preparing a 500 mln dlr commercial paper facility
aimed at establishing a new Australian dollar denominated paper
market in Asia.
    Commonwealth senior manager Graham Hand told Reuters the
facility was the first in a program modelled on the U.S.
Commercial paper market.
    Hand said the bank was still putting together its dealing
panel and would begin discussing the facility with potential
customers in Hong Kong, Singapore and Tokyo next month. It
hoped to launch the facility soon afterwards, he said.
    The paper would be investor driven with the bank gauging
demand through the dealing panel which would also offer a
liquid secondary market, Hand said.
    For flexibility the bank would post yields daily to dealers
on an absolute rate basis providing a range of short term
maturities. The paper would be issued at a discount and
guaranteed by the Australian government, Hand said.
 REUTER
3;
bodyend
documentend
documentstart
5807
topicstart
gnp
topicend
bodystart
2;

JAPAN OFFICIALS SEE DIFFICULTY HITTING GNP TARGET


    TOKYO, March 17 - 
The government will find it very
difficult to achieve its new gross national product (GNP)
forecast of three pct growth in the fiscal year ending March
31, Economic Planning Agency officials said.
    They made the comment to reporters after news that GNP rose
0.8 pct in the October/December quarter, after a 0.7 pct
increase the previous three months.
    For Japan to achieve three pct growth in 1986/87, GNP in
the January/March period would have to grow 2.6 pct from
October/December, the officials said. The government lowered
its GNP forecast for 1986/87 from four pct last December.
 REUTER
3;
bodyend
documentend
documentstart
5808
topicstart
acq
topicend
bodystart
2;

FAIRCHILD DEAL FAILURE SEEN MAKING JAPANESE WARY


    By Linda Sieg, Reuters


    TOKYO, March 17 - 
Schlumberger Ltd's 
<
SLB.N> decision to
end an agreement in principle for Fujitsu Ltd 
<
ITSU.T> to buy
80 pct of its 
<
Fairchild Semiconductor Corp>, and the political
furore that surrounded the proposed sale, will make Japanese
companies more cautious in their efforts to acquire U.S. High
technology firms but will not halt such attempts, industry
analysts said.
    The collapse of the deal will not be a critical blow to
Fujitsu but it will boost the cost of future U.S. Expansion by
the Japanese firm, said analysts polled by Reuters.
    "The acquisition of Fairchild is not essential to Fujitsu's
North American operations, but it would have been a great
boost," James Capel and Co analyst Tom Murtha said.
    French-controlled Schlumberger said yesterday it was ending
the agreement because mounting political controversy in the
U.S. Made it unlikely that the sale of the Fairchild stake
could be completed in a reasonable time.
    The sale was opposed by the U.S. Commerce Department and
Defence Department, partly on national security grounds.
    Fujitsu's acquisition of Fairchild would have given the
Japanese computer maker control of a comprehensive North
American sales and distribution system and access to
microprocessor technology, an area where Fujitsu is weak,
analysts said.
    The deal would also have given Fujitsu 14 additional
microchip production facilities worldwide, eight of them in the
U.S., A report by the Capel firm said.
    "It was an entry point, a port for semiconductors and a
marketing channel for other things," said Barclays de Zoete Wedd
analyst Rick May.
    Several analysts said the purchase would not have given
Fujitsu access to critical defence technology.
    "(Fairchild) simply doesn't have key technology -- that's a
thing of the past," May said.
    The failure could be a blessing in disguise for Fujitsu as
it might have had to spend several hundred million dollars to
modernise Fairchild's production lines, Capel's Murtha said.
    The failure of the deal will doubtless encourage Japanese
firms to take a lower profile in attempts to acquire U.S. High
tech firms but they are unlikely to stop, analysts said.
    Most analysts said Fujitsu was likely to go the more costly
route of expanding its own production and distribution
facilities in the U.S., Although some said it could use the
estimated 200 mln dlrs set aside for buying Fairchild to try to
acquire some less politically symbolic firm.
    "It may slow the pace of Japanese acquisitions, but the
necessity of expanding their production and design capacity in
America remains," said Capel's Murtha. "The Japanese will
continue to shop for bargains, but it will be harder to find
ones that are politically acceptable."
    Japanese firms are likely to favour joint ventures or
smaller equity stakes in firms to avoid the political backlash
that blocked the Fairchild sale, analysts said. "They're not
going to slow up, they're just going to buy smaller pieces ...
Because of the political risk," said Barclays de Zoete's May.
    Several Japanese firms have already taken 10 to 30 pct
shares in smaller U.S. High technology firms such as super
minicomputer makers, he said.
    Opposition of the sort that blocked Fujitsu could end up
harming U.S. Firms and undermining a trend toward multinational
tie-ups, some analysts said.
    "This is not really of benefit to U.S. Firms either," said
Jardine Fleming (Securities) Ltd analyst Nick Edwards. "The
pooling of resources in semiconductors is a positive move --
why should the government step in to prevent it?"
    Japan's Minister of International Trade and Industry Hajime
Tamura told a press conference that interference by U.S.
Government officials in the Fairchild deal was inappropriate.
    "This is entirely a private sector matter and not a matter
for governments' comment," Tamura said. "I think it was improper
for U.S. Government officials to intervene to the extent they
did," he said.
    A spokesman told Reuters the ministry's view is that
international investment flows ought to be free and that such
flows are of increasing importance in line with the growing
closeness of U.S.-Japanese economic ties.
 REUTER
3;
bodyend
documentend
documentstart
5809
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS


    TOKYO, March 17 - 
The Bank of Japan will sell 300 billion
yen of financing bills tomorrow under a 55-day repurchase
accord maturing on May 12, money traders said.
    The bills are meant to soak up a projected money market
surplus due largely to coupon and principle payments of a
previously issued Japanese National Railways bond.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9497 pct against the 3.9375
pct discount rate for two-month commercial bills and the
4.43/32 pct yield on two-month certificates of deposit today.
The sale will raise the bill supply to 1,500 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
5810
topicstart
trade
topicend
bodystart
2;

S.KOREA SAYS JAPAN COMPLAINS TO GATT ON TRADE PLAN


    SEOUL, March 17 - 
Japan has complained to the secretariat
of the General Agreement on Tariffs and Trade (GATT) that South
Korea's five-year plan to cut its trade deficit with Japan
breaks GATT rules, Trade Ministry officials here said.
    They said Japan submitted a report earlier this month
alleging South Korea's plan to import less from Japan and more
from the U.S. And elsewhere was tantamount to creating
non-tariff trade barriers.
    South Korea unveiled the plan in November. It said it hoped
to narrow its trade deficit with Japan to two billion dlrs by
1991.
    South Korea's trade deficit with Japan was a record 5.45
billion dlrs in 1986, and rose to 752 mln dlrs in the first two
months of 1987 from 727 mln in the same 1986 period.
    The plan envisages giving incentives to importers not to
import Japanese goods, and to exporters to sell more to Japan.
    The officials said they believed the Japanese action, one
step short of filing a suit, was designed to bring South Korea
to the negotiating table and stop the plan.
    The Seoul government wants Tokyo to ease various import
restrictions and simplify customs inspections for South Korean
goods to help reduce the trade deficit.
 REUTER
3;
bodyend
documentend
documentstart
5811
topicstart
money-fx
austdlr
topicend
bodystart
2;

AUSTRALIAN CURRENCY TRADING SET RECORD IN JANUARY


    SYDNEY, March 17 - 
Spot volume in the Australian foreign
exchange market jumped to a record 22.63 billion dlrs a day in
January from 16.18 billion in December and 8.27 billion a year
earlier, the Reserve Bank said in its monthly bulletin.
    The previous record was 17.51 billion dlrs last August.
    The peak broke a steady trading trend of 15 to 17 billion
dlrs a day seen in the second half of 1986.
    Including forward deals, total deliverable volume was 27.01
billion dlrs a day (13.43 billion against the Australian
dollar) against 19.56 billion (8.48 billion) in December and
9.92 billion (5.88 billion) a year earlier, the bank said.
 REUTER
3;
bodyend
documentend
documentstart
5812
topicstart
livestock
carcass
topicend
bodystart
2;

JAPAN SEEN REDUCING BEEF, PORK INTERVENTION PRICES


    TOKYO, March 17 - 
The Agriculture Ministry is expected to
reduce official intervention prices for beef and pork in
1987/88 starting in April, but the cutback ratio has not been
set yet, industry sources said.
    Production prices, the basis for setting intervention
prices, have been falling because of declining compound feed
prices due to low coarse grain import prices, they said.
    Last November an advisory panel urged the government to
work on reducing officially set high farm product prices to
levels closer to international values, the sources added.
    In Japan the government maintains a price stabilisation
zone system for beef and pork to support domestic producers.
    The stabilisation zone is kept by the semi-government
Livestock Industry Promotion Corp (LIPC) through a buffer stock
operation in the wholesale market.
    The 1987/88 beef and pork price stabilisation zone will be
set by the end of March after an advisory panel to the
Agriculture Ministry recommends the price zone at a meeting on
March 25, ministry officials said. At present, the standard or
bottom price of castrated wagyu beef, known as marbled beef, is
1,400 yen per kilo, while its ceiling is 1,820, they said.
    The standard price of other beef, mainly produced from
dairy steers, is now 1,090 yen per kilo and the ceiling is
1,420, the officials said. The pork standard price is now 540
yen per kilo and the ceiling 760.
    They said the domestic beef intervention price influences
imported beef selling prices on the domestic market.
    Japan sets an annual beef import quota. A semi-government
body imports most of this and releases it to wholesalers or
processors in line with the standard price of other beef
categories in an attempt to avoid jeoparadising domestic beef
prices, they said.
 REUTER
3;
bodyend
documentend
documentstart
5813
topicstart
topicend
bodystart
2;

SMH ISSUES 100 MLN SWISS FRANC BOND WITH WARRANTS


    ZURICH, March 17 - 
Swiss watchmaker SMH Societe Suisse de
Microelectronique et d'Horlogerie is issuing a 100 mln Swiss
franc 10-year bond with warrants to buy participation
certificates, lead manager Union Bank of Switzerland said.
    The bond carries a 2-1/4 pct coupon and is priced at par.
Subscription is from March 24 to 30. The bond can be called at
par on April 15, 1995 or 1996. Each 2,000 franc bond carries
three warrants, each of which allows the purchase of one
certificate, of a nominal 100 francs, at a price of 600 francs
from June 1, 1987 until November 30, 1990. The certificates,
created in October last year, closed at 570 francs today.
 REUTER
3;
bodyend
documentend
documentstart
5814
topicstart
money-fx
interest
topicend
bodystart
2;
******
 Danish central bank cuts overnight money market interest rate to 10.5 pct from 11 pct - official

Blah blah blah.
3;


bodyend
documentend
documentstart
5815
topicstart
earn
topicend
bodystart
2;

MITSUBISHI CHEMICAL INDUSTRIES LTD 
<
MCIT.T> YEAR


    TOKYO, March 17 - 
Year ended January 31
    Parent shr 5.73 yen vs 5.80
    Div five yen vs same
    Net 7.01 billion vs 6.77 billion
    Current 24.06 billion vs 23.76 billion
    Operating 37.62 billion vs 45.26 billion
    Sales 630.08 billion vs 810.89 billion
    NOTE - Company forecast for current year parent div five
yen, net seven to eight billion, current 24 billion, sales 610
billion.
 REUTER
3;
bodyend
documentend
documentstart
5816
topicstart
topicend
bodystart
2;

BELGIAN STATE LOAN PRICED AT PAR


    BRUSSELS, March 17 - 
The Belgian government's new 150
billion franc, eight pct loan has been priced at par, a Finance
Ministry spokesman said.
     The eight-year loan features a call option after four
years at 102, falling to 101-1/2 after five years and by half a
point each year thereafter.
    The conditions are the same as those on the most recent
public authority loan stock issue, for the state road building
fund Fonds des Routes.
    Some 120 billion francs of the loan will be taken up by
members of the issuing consortium, comprising major commercial
banks, and the remaining 30 billion by publicly-owned credit
institutions.
 REUTER
3;
bodyend
documentend
documentstart
5818
topicstart
ship
topicend
bodystart
2;

JAPAN FOREIGN SHIPBUILDING ORDERS RISE IN FEBRUARY


    TOKYO, March 17 - 
New foreign shipbuilding orders received
by Japanese yards in February rose to six vessels totalling
329,999 gross tons from three ships of 79,499 tons in January,
the Japan Ship Exporters Association said.
    This compared with six ships of 125,150 gross tons a year
earlier, an association official said.
    The backlog of orders at end-February was 157 ships of 4.41
mln gross tons against 161 ships of 4.39 mln a month earlier
and 265 vessels of 6.81 mln a year earlier, an association
official said.
 REUTER
3;
bodyend
documentend
documentstart
5819
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG


    LONDON, March 17 - 
The Bank of England said it forecast a
shortage of around 450 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 650 mln stg while banker's balances below target will take
out around 50 mln stg.
    Partly offsetting these outflows, exchequer transactions
and a fall in note circulation will add some 200 mln stg and 50
mln stg to the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
5820
topicstart
topicend
bodystart
2;

MERITOR SAVINGS BANK LAUNCHES 200 MLN DLR BOND


    LONDON, March 17 - 
Meritor Savings Bank, a U.S. Savings and
loan, is issuing 200 mln dlrs of collateralised eurobonds due
April 14, 1992 priced at 101-3/8, with a 7-1/2 pct coupon, lead
manager Goldman Sachs International Corp said.
    The issue is non-callable and is collateralised by U.S.
Treasury and agency securities and cash and will be offered in
targetted registered form. The bonds will be sold in
denominations of 5,000 and 10,000 dlrs and listed in
Luxembourg.
    Fees are 1-1/4 pct for selling and 5/8 pct for management
and underwriting combined. Payment is April 14.
 REUTER
3;
bodyend
documentend
documentstart
5822
topicstart
earn
topicend
bodystart
2;

CCIC FINANCE LTD - YEAR TO DEC 31


    HONG KONG, March 17 -
    
Net profit 16.66 mln H.K. Dlrs vs 11.28 mln
    Total divs to shareholders 7.5 mln vs nil
    Note - Firm underwrote 23 capital market issues in 1986.
Next industrial transaction in May is syndication of a 35 mln
U.S. Dlr loan to the Shanghai Ta Chun Tyre Project. The company
is a joint venture merchant bank between the 
<
Bank of China>,

<
First National Bank of Chicago> and the Industrial Bank of
Japan 
<
IBJT.T>
 REUTER
3;
bodyend
documentend
documentstart
5823
topicstart
topicend
bodystart
2;

SWEDISH EXPORT CREDIT LAUNCHES AUSTRALIAN DLR BOND


    LONDON, March 17 - 
Swedish Export Credit (SEK) has launched
a novel 220 mln Australian dlr bond which will give the
investor the option of receiving interest and principal in
Australian dollars or marks, Warburg Securities said as lead
manager.
    The issue is a five-year bullet, maturing March 26, 1992,
and carries a coupon of 7-1/2 pct and is priced at 101-3/4.
    The coupon will be paid 75 pct in Australian dlrs, with the
investor having the option to receive the balance in Australian
dlrs or marks. Redemption at maturity is at par, when 50 pct
will be paid in Australian dlrs and again the investor will be
able to opt for the balance in one of the two currencies.
    The exchange rate has been fixed at 1.24 Australian dlrs to
the mark.
    Fees total two pct and are divided 1-3/8 pct for selling
and 5/8 pct for management and underwriting combined.
    The bonds will be sold in denominations of 500,000
Australian dlrs and listing will be in Luxembourg.
    Payment is March 26.
    The lead manager noted that the issue already has been
pre-placed in Europe and the Far East. It is believed to be the
largest ever issue denominated in Australian dlrs.
 REUTER
3;
bodyend
documentend
documentstart
5824
topicstart
topicend
bodystart
2;

GMAC CANADA UNIT ISSUES CANADIAN DOLLAR BOND


    LONDON, March 17 - 
General Motors Acceptance Corp Canada is
issuing a 100 mln Canadian dlr eurobond due October 15, 1992
paying 8-1/2 pct and priced at 101-1/2 pct, lead manager Union
Bank of Switzerland Securities Ltd said.
    The bond, guaranteed by parent General Motors Acceptance
Corp, is available in denominations of 1,000 and 10,000 dlrs
and will be listed in Luxembourg.
   Payment date on the issue if April 15, 1987 and the first
coupon will be short.
    Fees for the issue comprise 1-1/4 pct selling concession
and 5/8 pct for management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
5826
topicstart
grain
topicend
bodystart
2;

SOUTHEAST CHINA CROPS SAVED BY HEAVY RAIN


    PEKING, March 17 - 
The heaviest rains for seven months are
believed to have saved more than one mln hectares of
drought-threatened crops in southeast China, the official New
China News Agency said.
    This week's rains have alleviated drought conditions in
Guangdong Province, the agency said.
    China has warned that this year's harvest will be affected
by drought in many areas.
 REUTER
3;
bodyend
documentend
documentstart
5827
topicstart
copper
topicend
bodystart
2;

ZAMBIA STOPS SENDING COPPER THROUGH SOUTH AFRICA


    LUSAKA, March 17 - 
Zambia has stopped sending its copper
exports through South Africa, the official Times of Zambia
said.
    The newspaper yesterday quoted highly placed sources as
saying the state-owned Zambia Consolidated Copper Mines (ZCCM)
was diverting its mineral exports away from South Africa, but
it did not say which alternative routes were being used.
    ZCCM officials declined to comment on the report, but
Standwell Mapara, general manager of the Tanzania-Zambia
Railway Authority (TAZARA), told Reuters recently virtually all
Zambian mineral exports had been channelled along the TAZARA
line to Dar es Salaam for the last three months.
    During that period no Zambian copper had been shipped
through Zimbabwe to the Mozambican port of Beira - the only
other available route which avoids South Africa, Mapara said.
    Last December TAZARA carried 36,000 tonnes of Zambian
mineral ore, the line's record for any one month period, he
added.
    Copper, cobalt and other mineral exports account for 95 to
98 pct of Zambia's foreign exchange earnings and President
Kenneth Kaunda told Reuters in a recent interview it was vital
for his country to assure new outlets for them, avoiding the
traditional route through South Africa.
    Referring to Zambia's preparations for a possible cut in
economic links with South Africa, Kaunda told Reuters in an
interview on March 1, "My main concern, of course, is the mines
because whatever happens we must continue to run the mines."
    According to Mapara, TAZARA handled 1.1 mln tonnes of
freight last year and is still working well below its present
1.4 mln capacity. Kaunda said that once preparations had been
completed for evacuating Zambia's mineral exports on safe and
dependable routes his government would look to increase its
usage of TAZARA for other types of cargo.
    The 1986 annual report of Zambia's state-run Metal
Marketing Corporation said 81 pct of the country's metal
exports were channelled through Dar es Salaam last year, versus
79 pct in 1985. The report said Zambian copper production fell
to 463,000 tonnes last year from 526,000 in 1985.
    Despite the official optimism about diversifying Zambia's
export routes, diplomatic sources in Lusaka expressed
reservations about the capacity of Dar es Salaam and Beira
ports to handle all of Zambia's mineral exports, even if they
could be hauled there by train.
    "The two ports cannot in any way and in their present form
handle the huge exports of Zambian copper," one western diplomat
said.
    "A serious disruption in copper movement to the markets
could be brought about as it would pile up at the two ports
which lack the facilities and space to handle the copper
tonnage," he added.
 REUTER
3;
bodyend
documentend
documentstart
5830
topicstart
cpi
topicend
bodystart
2;

OECD JANUARY ANNUAL INFLATION STEADY AT 2.1 PCT


    PARIS, March 17 - 
Inflation in the 24 industrialised
nations of the Organisation for Economic Cooperation and
Development was 2.1 pct in the year to January, unchanged from
December, the OECD said.
    But monthly inflation throughout the OECD was an average
0.4 pct in January, a rise compared to the 0.2 pct in the last
quarter.
    Retail energy prices rose strongly in January, reflecting
the firming of world oil prices. For OECD states the increase
was 0.7 pct but the January level of retail energy prices was
still 11.6 pct lower than a year earlier, the OECD said.
    The increase in consumer prices excluding food and energy,
at 0.4 pct in January for the whole OECD area, was unchanged on
the four previous months, but over the year to January OECD
consumer prices rose by 3.5 pct, against 3.3 pct in December.
    Unadjusted annual inflation for the seven leading
industrialised nations in January was running at 4.4 pct in
Italy, 3.9 pct in Britain and Canada, three pct in France, 1.4
pct in the U.S., Minus 0.8 pct in West Germany and minus 1.5
pct in Japan, the OECD said.
 REUTER
3;
bodyend
documentend
documentstart
5831
topicstart
topicend
bodystart
2;

TORONTO DOMINION ISSUES 20 BILLION YEN EUROBOND


    LONDON, March 17 - 
Toronto Dominion Bank is issuing a 20
billion yen eurobond due April 6, 1992 with a 4-5/8 pct coupon
and priced at 101-5/8, lead manager Nomura International Ltd
said.
    The bonds will be listed in London and will be issued in
denominations of one mln yen.
    Fees consist of 5/8 pct for management and underwriting,
including a 20 basis point praecipuum, and 1-1/4 pct for
selling. Pay date is April 6.
 REUTER
3;
bodyend
documentend
documentstart
5832
topicstart
topicend
bodystart
2;

SINGAPORE ENDS SCHEME TO HELP BROKING FIRMS


    SINGAPORE, March 17 - 
The Stock Exchange of Singapore has
decided to discontinue a 150 mln dlr standby credit facility
for broking firms facing financial problems because of the
failure of Pan-Electric Industries Ltd, an exchange statement
said.
    The credit line from four local banks was set up on
December 3, 1985 to bail out firms involved in forward
contracts with Pan-Electric, which went into receivership in
November 1985 owing 390 mln dlrs. The company was wound up last
year.
    Local broking houses have been contributing a 0.125 pct
levy on share transactions to the scheme but will no longer do
so, the statement said.
 REUTER
3;
bodyend
documentend
documentstart
5833
topicstart
oilseed
topicend
bodystart
2;

CARGILL STRIKE TALKS CONTINUING TODAY


    LONDON, March 17 - 
Further talks will be held this morning
at Cargill U.K. Ltd's oilseed processing plant at Seaforth,
after yesterday's meeting between management and unions failed
to produce a solution to end the three month old strike, a
company spokesman said.
    Talks will be extended to tomorrow if there is no
breakthrough in today's session, he said.
 REUTER
3;
bodyend
documentend
documentstart
5834
topicstart
topicend
bodystart
2;

SPAIN'S FECSA SUSPENDS PRINCIPAL REPAYMENTS


    MADRID, March 17 - 
Fuerzas Electricas de Catalunya (FECSA)
suspended repayments of principal on its debts in order to
start renegotiating its obligations with banks next month, a
company spokesman said.
    He said the decision did not affect payment of interest on
loans and debentures.
    FECSA faces repayments of 60 billion pesetas in interest
and 30 billion pesetas in principal this year.
    The Madrid stock exchange suspended trading in FECSA shares
on February 6, saying the company was unable to meet payments
on its 594 billion peseta debt.
    Foreign banks hold almost half the debt.
    The spokesman said FECSA was sending telexes to its
creditors to set dates for the renegotiation. It would seek
longer repayment deadlines and lower interest rates.
    He said banks had insisted on a formal declaration that
FECSA was suspending principal repayments before discussing a
renegotiation of its debts.
 REUTER
3;
bodyend
documentend
documentstart
5835
topicstart
sugar
topicend
bodystart
2;

INDONESIAN SUGAR OUTPUT FORECAST TO RISE IN 1987


    JAKARTA, March 17 - 
Indonesian sugar output is forecast by
the government to reach 2.126 mln tonnes in calendar 1987
against projected consumption of 2.039 mln tonnes, Agriculture
Minister Achmad Affandi said.
    Production in 1986, when Indonesia was forced to import
sugar, is officially estimated at 2.016 mln tonnes against
1.728 mln in 1985.
    The U.S. Embassy said in its annual Agriculture Report on
Indonesia there were growing signs that actual output was lower
than official figures. It estimated 1986 production at 1.8 mln
tonnes and forecast little change for 1987.
    Indonesia imported 162,000 tonnes of sugar towards the end
of last year and in early 1987 to boost low stocks.
    Affandi told reporters stocks fe127;l to as low as 159,000
tonnes at the beginning of 1987. Industry sources said this
represented under one month's consumption.
    The minister said Indonesia should hold three months'
supply, or 510,000 tonnes.
    A spokesman for the National Logistics Bureau, which
distributes and stores sugar, said stocks this month were
489,437 tonnes. The harvesting season begins in April.
 REUTER
3;
bodyend
documentend
documentstart
5836
topicstart
interest
money-supply
topicend
bodystart
2;

TAIWAN ISSUES MORE CERTIFICATES OF DEPOSIT


    TAIPEI, March 17 - 
Taiwan's central bank issued 12 billion
Taiwan dlrs worth of certificates of deposit after issuing six
billion yesterday, bringing CD issues so far this year to
115.47 billion dlrs, a bank official told Reuters.
    The new CDs have maturities of six months, one year and two
years and bear interest rates ranging from 4.07 pct to 5.12
pct, he said.
    The issues are aimed at helping curb the growth of M-1b
money supply, which is the result of large foreign exchange
reserves. The reserves now total more than 51 billion U.S.
Dlrs.
 REUTER
3;
bodyend
documentend
documentstart
5837
topicstart
topicend
bodystart
2;

EIB LOANS TO ITALY FOR INDUSTRY AND TRANSPORT


    LUXEMBOURG, March 17 - 
The European Investment Bank said it
was advancing loans to Italy worth a total of 318.5 billion
European Currency Units, equivalent to 460.6 billion lire, to
finance transport, industry and infrastructure projects.
    It said 40 billion lire will go to state airline Alitalia
for the purchase of 10 McDonnell Douglas Corp 
<
MD.N> MD82
aircraft.
    A further 14 billion lire loan will be made to the internal
Italian airline Alisarda for the purchase of one MD82 and the
improvement of an airport on the island of Sardinia.
    The bank said among the other loans was one of 40 billion
lire to Ing C. Olivetti SpA 
<
OLIV.MI> unit Olivetti Peripheral
Equipment SpA.
    The money will help to enlarge a factory which produces
data processing equipment in the Piedmont region.
    The bank gave no details of the interest rates and other
terms for the loans. This is in accordance with its normal
policy.
 REUTER
3;
bodyend
documentend
documentstart
5838
topicstart
bop
topicend
bodystart
2;
******
FRENCH JANUARY PAYMENTS SURPLUS 0.3 BILLION FRANCS (3.8 BILLION DECEMBER SURPLUS)-OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5839
topicstart
wpi
topicend
bodystart
2;

ITALIAN WHOLESALE PRICES UP 1.1 PCT IN JANUARY


    ROME, March 17 - 
The wholesale price index rose 1.1 pct
month-on-month in January 1987 after increasing by 0.3 pct in
December 1986, the national statistics institute Istat said.
    The index, base 1980 equals 100, registered 172.8 in
January compared with 170.9 in December.
    The January 1987 figure represents a fall over January 1986
of 1.7 pct after a year-on-year decrease in December 1986 of
2.5 pct.
 REUTER
3;
bodyend
documentend
documentstart
5841
topicstart
reserves
money-fx
topicend
bodystart
2;

TAIWAN SAID CONSIDERING CURRENCY LIBERALISATION


    TAIPEI, March 17 - 
Taiwan's central bank is considering
proposals to ease currency restrictions to reduce foreign
exchange reserves of 51 billion U.S. Dlrs, a local newspaper
reported today.
    The China Times, which has close ties with the government,
quoted central bank governor Chang Chi-cheng as saying the
government had agreed in principle to liberalise financial
restrictions.
    The bank was considering proposals to allow firms and
individuals to hold foreign exchange and invest in foreign
stocks for the first time, Chang was quoted as saying.
    All foreign exchange must now be handed to local banks and
exchanged for local currency. Firms and individuals may only
invest in foreign government bonds, treasury bills and
certificates of deposit.
    Central bank and other government officials were not
available to comment on the report.
    Economists said it was likely that the government would
ease foreign exchange controls, but only gradually.
    They said vast foreign currency reserves, earned mainly
from huge trade surpluses with the United States, made Taiwan a
target for U.S. Protectionism.
    Taiwan's trade surplus with the U.S. Rose to 13.6 billion
U.S. Dlrs last year compared with 10.2 billion in 1985.
    "The central bank has to go in this direction," said Su
Han-min, chief economist with the International Commercial Bank
of China. "If they don't quicken the pace, Washington could
retaliate and really damage Taiwan."
 REUTER
3;
bodyend
documentend
documentstart
5842
topicstart
bop
topicend
bodystart
2;

FRENCH PAYMENTS SURPLUS SHRINKS IN JANUARY


    PARIS, March 17 - 
France's current account payments surplus
slipped to a provisional 300 mln francs, seasonally adjusted,
in January from a downward revised surplus of 3.8 billion in
December, the Finance Ministry said.
    The December figure was revised from a provisional 4.8
billion franc surplus reported a month ago.
    On an unadjusted basis, January payments showed a 5.2
billion franc deficit after a revised 7.1 billion December
surplus. The December unadjusted surplus was revised down from
a provisional 8.2 billion.
    The Ministry said trade, measured on balance of payments
criteria, showed an unadjusted 7.1 billion franc January
deficit while services showed a 3.7 billion surplus.
    Other items, mainly including unilateral transfers, showed
a 1.8 billion deficit.
    The current account showed an adjusted surplus of 6.1
billion francs in January last year, and an unadjusted deficit
of one billion.
    The full year 1986 current account surplus was reported
last month at 25.8 billion francs.
 REUTER
3;
bodyend
documentend
documentstart
5843
topicstart
topicend
bodystart
2;

KOBEYA BAKING HAS SWISS FRANC PRIVATE PLACEMENT


    LONDON, March 17 - 
Kobeya Baking Co Ltd is planning a
private placement of 10 mln Swiss franc notes paying 4-5/8 pct
and priced at 100-1/8 pct, lead manager The Long Term Credit
Bank of Japan (Schweiz) AG said.
    The notes, due March 31, 1992, will be guaranteed by the
Sumitomo Trust and Banking Co Ltd and the Sumitomo Bank Ltd.
    The notes may be redeemed on September 30, 1989 at 101-1/4
pct declining by 1/2 pct per annum thereafter. Denominations
will be 50,000 francs and payment is due March 31.
 REUTER
3;
bodyend
documentend
documentstart
5845
topicstart
ipi
topicend
bodystart
2;
******
U.K. JAN INDUSTRIAL OUTPUT RISES 0.4 PCT, MANUFACTURING DOWN 2.3 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
5847
topicstart
corn
grain
topicend
bodystart
2;

ZIMBABWE MAIZE OUTPUT TO FALL 65 PCT


    HARARE, March 17 - 
Maize deliveries to Zimbabwe's
state-owned Grain Marketing Board (GMB) will fall by over 65
pct this year, following a prolonged dry spell, agricultural
industry sources said.
    They said 1987 maize deliveries are expected to decline to
around 520,000 tonnes from 1.6 mln tonnes last year. About 60
pct of the maize will be delivered by large-scale commercial
farmers and the balance by small-scale peasant producers.
    Although this will be the lowest level of maize deliveries
since 1980, the sources said there is no danger of a food
shortage in Zimbabwe.
    While annual maize consumption is estimated at 750,000
tonnes, the GMB stockpile is currently around 1.8 mln tonnes,
which means that even with the sharply reduced production this
year Zimbabwe has enough maize for the next three years.
    The sources said the lower maize crop would be offset by a
25 pct increase in cotton production to 315,000 tonnes from
248,000 tonnes last year, and by a rise of 20 pct in soybean
deliveries to 100,000 tonnes from 84,000 tonnes in 1986.
  REUTER
3;
bodyend
documentend
documentstart
5848
topicstart
ipi
topicend
bodystart
2;

U.K. INDUSTRIAL OUTPUT RISES IN JANUARY


    LONDON, March 17 - 
U.K. Industrial production rose a
provisional 0.4 pct in January after a 0.6 pct decline in
December 1986, figures from the Central Statistical Office
show.
    The index for industrial production, base 1980, was set at
a seasonally adjusted 109.8 in January after December's 109.4
and compared with 108.2 a year earlier.
    Output of manufacturing industries fell a provisional 2.3
pct in January after a 0.2 pct rise last December.
    The index for manufacturing, base 1980, fell to 103.9 from
106.3, and compared with 102.3 a year earlier.
    The CSO said industrial production in the three months to
January was provisionally estimated to have fallen by 0.7 pct
from the level of the previous three months, while
manufacturing output rose by 0.5 pct in the same period.
    In the three months, industrial production was 1.5 pct
higher than in the same period a year earlier, while
manufacturing output was two pct higher.
    Within manufacturing, output of the metals industry rose by
six pct and that of engineering and allied industries by one
pct between the two latest three month periods. Output of
chemicals and textiles fell by one pct and minerals by two pct.
    The Office said output of the investment goods industries
rose 0.1 pct while consumer goods output increased 0.6 pct.
    Output of intermediate goods fell 1.6 pct between the two
latest three-month periods.
    The figures showed the energy production index, base 1980,
rose 7.2 pct in January to 126.4 from December's 117.9 and from
124.6 in January 1986.
    In the latest three months, the energy index, which
comprises oil, natural gas and coal production, was down 3.5
pct on the previous quarter and 0.5 pct below the same period a
year earlier.
 REUTER
3;
bodyend
documentend
documentstart
5849
topicstart
gnp
topicend
bodystart
2;

ZIMBABWE GDP RISES 0.2 PCT IN 1986


    HARARE, March 17 - 
Zimbabwe's real gross domestic product
increased 0.2 pct in 1986, according to preliminary figures
published by the Central Statistical Office (CSO). This
contrasts with a rise of more than nine pct in 1985.
    The main reason for the slower rate of economic growth was
a drop in the real value of agricultural output. This declined
12 pct in 1986 following a 24 pct improvement the previous
year. Mining output fell one pct in 1986 but manufacturing
production increased 1.4 pct.
    The CSO said that at current prices GDP rose 12.7 pct to
8.2 billion Zimbabwe dlrs, but inflation, measured by the GDP
deflator, was estimated at 12.2 pct, so there was virtually no
growth in real output during 1986.
 REUTER
3;
bodyend
documentend
documentstart
5850
topicstart
trade
topicend
bodystart
2;

JAPAN SAYS U.S.-JAPAN MICROCHIP PACT WORKING


    TOKYO, March 17 - 
Japanese officials sought to convince the
U.S. That a U.S.-Japan pact on microchip trade is working ahead
of an April 1 deadline set by the U.S. For them to prove their
case.
    "We are implementing the agreement in good faith and the
situation does not run counter to the pact," Osamu Watanabe,
Director of the Ministry of International Trade and Industry's
(MITI) Americas and Oceanic Division, told foreign reporters.
    "The effects of the measures we have taken and are taking
are emerging in the market place," he said.
    U.S. Trade officials have repeatedly accused Japanese
microchip makers of violating the pact by continuing to sell at
below cost in markets outside Japan and the United States.
    The agreement, signed last September, aimed at halting
predatory Japanese pricing policies and increasing U.S.
Semiconductor firms' access to the Japanese market.
    The comments by MITI officials followed a call by Prime
Minsiter Yasuhiro Nakasone to clear up any misunderstandings on
the U.S. Side about the pact, Watanabe said.
    Yukio Honda, director of MITI's Industrial Electronics
Division, denied that Japanese chipmakers were selling at below
cost in third countries.
    MITI's call to Japanese chip makers last month to cut
production of key memory chips in the first quarter of this
year has begun to dry up the source of cheap chips for sale in
the non-regulated grey market, Honda said.
    "The grey market exports from Japan are shrinking now, but
in contrast U.S. And South Korean companies are expanding
market share because of their cheaper prices," Honda said.
    MITI plans to take further steps to reduce the excess
supply of inexpensive chips which developed in Japan after the
pact was formed because of a slump in Japanese semiconductor
exports to the United States, he added.
    The ministry will soon release its supply-demand guidelines
for the second quarter and suggested production volumes are
likely to be lower than that for the first quarter, he said.
    Despite businessmen's ingenuity in finding ways around any
artificial controls, regulation of supply and demand should
bring positive results, Watanabe said. "I am optimistic," he
added.
 REUTER
3;
bodyend
documentend
documentstart
5851
topicstart
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - SAUDI CORPORATE DEBT


    By Stephen Jukes, Reuters


    RIYADH, March 17 - 
Bankers in Saudi Arabia are negotiating
a delicate balance between western business practice and
oriental justice as they try to restructure the troubled
corporate sector's debt.
    The problem lies in reconciling Saudi Arabia's
western-style banking system and an Islamic, "Sharia" legal
system in which interest payments may be viewed as usury and
illegal.
    So Saudi Arabia's 11 commercial banks have pinned hopes on
negotiated settlements rather than enforced ones, and are
resigned to not being able to recoup loans in full.
    And they have become highly selective over enterprises
eligible for new credit after a run of failures that forced
heavy loan loss provisions and ate relentlessly into profits.
    As a result, they have attracted complaints from a business
community that says it is starved of funds while the government
is criticising it for not playing a larger role in the economy.
    The private sector's downturn began in earnest in 1983 as
oil prices slid and some companies were slow to react,
businessmen said. Bloated inventories and in some cases poor
management created problems. Some also blamed the government
for not paying for public sector contracts promptly.
    Long negotiations to reschedule some debt are now producing
results. One banker said, "Banks are agreeing reschedulings, but
often at a high price... They are resigned to the fact that
full recovery (of loans) is not always possible."
    In a few cases private sector firms have been stripped of
assets during or prior to debt renegotiations, leaving banks
virtually no hope of repayment in full.
    The first major rescheduling was not sealed until
mid-February this year when 
<
Arabian Auto Agency>, known as
AAA, reached agreement to stretch out repayments of 700 mln
riyals of debt to some 50 Saudi and international banks.
    Bankers said the deal for the Jeddah-based heavy equipment
importer is likely to set a precedent for the private sector.
It was greeted with relief after 18 months of negotiations.
    AAA's rescheduling has been followed in the last few days
by a draft accord on the 1.3 billion riyal debt of one of the
Kingdom's most publicised companies, 
<
Saudi Research and
Development Corp>, REDEC. These two cases have raised hopes
that other companies will also reach agreement soon.
    Bankers said the cement importer 
<
Arabian Bulk Trade>, and
the construction and trading firm 
<
Ali and Fahd Shobokshi
Group> are still negotiating with creditor banks.
    They are increasingly resigned to there being little legal
recourse in Saudi Arabia, and that rescheduling with payments
geared to a company's cash-flow -- often very low -- is the
only way to recover at least a portion of outstanding loans.
    Though bankers feel they generally have the tacit backing
of the Saudi Arabian Monetary Agency (SAMA), the Kingdom's
central bank, some say it should take a more active role.
    However, bankers said it is encouraging SAMA has not
blocked a "black list" of borrowers banks have drawn up and
circulated for over a year.
    Bankers said the AAA accord, negotiated by a committee led
by 
<
Saudi British Bank>, is a likely model in that banks have
not insisted on full repayment of all obligations.
    Sixty pct of the debt will be repaid in monthly instalments
over seven years at 1/4 point over Bahrain interbank offered
rates (BIBOR). The remaining 40 pct is only to be paid after
completion of the first tranche, also at 1/4 over BIBOR. And
accrued interest on the 40 pct will be waived as long as the
first tranche is met in full.
    As one banker put it, "Many banks took the view it was
better to get some money back rather than none at all."
 REUTER
3;
bodyend
documentend
documentstart
5852
topicstart
ship
trade
crude
topicend
bodystart
2;

LOOPHOLE FOR TANKERS IN NORWAY'S S. AFRICA BAN


    OSLO, March 17 - 
Norway's parliament has approved an
extensive trade ban against South Africa but left shipowners a
key loophole through which controversial oil shipments on
Norwegian tankers may continue, government officials said.
    The unilateral boycott gives domestic companies until late
September to cut trade ties with South Africa and Namibia.
    Although forbidding crude oil shipments to South Africa on
Norwegian-owned tankers, the boycott makes a crucial exception
for ships whose final destination is decided while at sea. As
oil cargoes are often resold after loading, critics said the
door will be left open for continued shipments to South Africa.
    Norwegian tankers supplied South Africa with about 30 pct
of its crude oil imports during the early 1980s, but the trade
has dropped sharply to just one cargo in the last three months,
trade ministry officials said.
    The latest trade figures show Norwegian imports from South
Africa dropped 36 pct to 160 mln crowns during the first eight
months of 1986, while exports plunged 52 pct to 265 mln crowns
from the year-ago figure.
    The boycott legislation now goes to the upper house for
formal ratification later this week, parliamentarians said.
 REUTER
3;
bodyend
documentend
documentstart
5853
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS


    TOKYO, March 17 - 
The Bank of Japan will sell 300 billion
yen of financing bills tomorrow under a 55-day repurchase
accord maturing on May 12, money traders said.
    The bills are meant to soak up a projected money market
surplus due largely to coupon and principle payments of a
previously issued Japanese National Railways bond.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9497 pct against the 3.9375
pct discount rate for two-month commercial bills and the
4.43/32 pct yield on two-month certificates of deposit today.
The sale will raise the bill supply to 1,500 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
5854
topicstart
acq
topicend
bodystart
2;

HANSON SELLS FINLAYS UNIT FOR 16.9 MLN STG


    LONDON, March 17 - 
Hanson Trust Plc 
<
HNSN.L> said it will
sell its Finlays confectionery, tobacco and newsagent business
to a specially formed company, 
<
Finlays Plc> for an estimated
16.9 mln stg cash.
    The chain of stores was acquired when Hanson took over

<
Imperial Group Plc> last year.
 REUTER
3;
bodyend
documentend
documentstart
5855
topicstart
topicend
bodystart
2;

GMAC CANADA UNIT ISSUES CANADIAN DOLLAR BOND


    LONDON, March 17 - 
General Motors Acceptance Corp Canada is
issuing a 100 mln Canadian dlr eurobond due October 15, 1992
paying 8-1/2 pct and priced at 101-1/2 pct, lead manager Union
Bank of Switzerland Securities Ltd said.
    The bond, guaranteed by parent General Motors Acceptance
Corp, is available in denominations of 1,000 and 10,000 dlrs
and will be listed in Luxembourg.
   Payment date on the issue if April 15, 1987 and the first
coupon will be short.
    Fees for the issue comprise 1-1/4 pct selling concession
and 5/8 pct for management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
5856
topicstart
topicend
bodystart
2;

TORONTO DOMINION ISSUES 20 BILLION YEN EUROBOND


    LONDON, March 17 - 
Toronto Dominion Bank is issuing a 20
billion yen eurobond due April 6, 1992 with a 4-5/8 pct coupon
and priced at 101-5/8, lead manager Nomura International Ltd
said.
    The bonds will be listed in London and will be issued in
denominations of one mln yen.
    Fees consist of 5/8 pct for management and underwriting,
including a 20 basis point praecipuum, and 1-1/4 pct for
selling. Pay date is April 6.
 REUTER
3;
bodyend
documentend
documentstart
5858
topicstart
money-fx
topicend
bodystart
2;

DOLLAR SEEN FALLING UNLESS JAPAN SPURS ECONOMY


    By Rie Sagawa, Reuters


    TOKYO, March 17 - 
Underlying dollar sentiment is bearish,
and operators may push the currency to a new low unless Japan
takes steps to stimulate its economy as pledged in the Paris
accord, foreign exchange analysts polled by Reuters said here.
    "The dollar is expected to try its psychological barrier of
150.00 yen and to fall even below that level," a senior dealer
at one leading bank said.
    The dollar has eased this week, but remains stable at
around 151.50 yen. Six major industrial countries agreed at a
meeting in Paris in February to foster currency stability.
    Some dealers said the dollar may decline in the long term,
but a drastic fall is unlikely because of U.S. Fears of renewed
inflation and fears of reduced Japanese purchases of U.S.
Treasury securities, needed to finance the U.S. Deficit.
    Dealers generally doubted whether any economic package
Japan could adopt soon would be effective enough to reduce its
trade surplus significantly, and said such measures would
probably invite further U.S. Steps to weaken the dollar.
    Under the Paris accord, Tokyo promised a package of
measures after the fiscal 1987 budget was passed to boost
domestic demand, increase imports and cut its trade surplus.
    But debate on the budget has been delayed by an opposition
boycott of Parliamentary business over the proposed imposition
of a five pct sales tax, and the government has only a slim
chance of producing a meaningful economic package in the near
future, the dealers said.
    If no such steps are taken, protectionist sentiment in the
U.S. Congress will grow, putting greater downward pressure on
the dollar, they said.
    The factors affecting the U.S. Currency have not changed
since before the Paris accord, they added.
    "Underlying sentiment for the dollar remains bearish due to
a still-sluggish U.S. Economic outlook, the international debt
crisis triggered by Brazil's unilateral suspension of interest
payments on its foreign debts and the reduced clout of the
Reagan administration as a result of the Iran/Contra arms
scandal," said a senior dealer at a leading trust bank.
    "There is a possibility that the dollar may decline to
around 140.00 yen by the end of this year," said Chemical Bank
Tokyo branch vice president Yukuo Takahashi.
    But operators find it hard to push the dollar either way
for fear of possible concerted central bank intervention.
    Dealers said there were widespread rumours that the U.S.
Federal Reserve telephoned some banks in New York to ask for
quotes last Wednesday, and even intervened to sell the dollar
when it rose to 1.87 marks.
    The Bank of England also apparently sold sterling in London
when it neared 1.60 dlrs on Wednesday, they said.
    But other dealers said they doubted the efficacy of central
bank intervention, saying it may stimulate the dollar's decline
because many dealers are likely to await such dollar buying
intervention as a chance to sell dollars.
    However, First National Bank of Chicago Tokyo Branch
assistant manager Hiroshi Mochizuki said "The dollar will not
show drastic movement at least to the end of March."
    Other dealers said the U.S. Seems unwilling to see any
strong dollar swing until Japanese companies close their books
for the fiscal year ending on March 31, because a weak dollar
would give Japanese institutional investors paper losses on
their foreign holdings, which could make them lose interest in
purchases of U.S. Treasury securities.
    U.S. Monetary officials may refrain from making any
comments this month to avoid influencing rates, they said.
 REUTER
3;
bodyend
documentend
documentstart
5859
topicstart
topicend
bodystart
2;

ORION ROYAL WITHDRAWS FROM FRN MARKET


    LONDON, March 17 - 
Orion Royal Bank has decided to withdraw
from making markets in floating rate notes (FRNs), an official
of Orion said.
    He said the decision to withdraw was made about 11 days ago
before the market was battered by a loss of confidence, which
resulted in sizeable losses in these securities.
    The official, who declined to be identified, said Orion,
the merchant banking arm of Royal Bank of Canada, had operated
profitably in the market from 1984 to date. However, the
decline in the market made it appear that they could no longer
justify the overhead.
    The official said Orion would redeploy the three traders
who had been in the FRN sector, mostly to their Euro-commercial
paper operation, an area the bank believes has a greater growth
potential.
    Officials at several other firms, who also declined to be
identified, said they were reviewing their position to decide
whether to continue making markets in FRNs.
    In trading earlier today, traders said prices of several
dated FRNs had firmed slightly and that some buyers were
beginning to re-enter the market.
 REUTER
3;
bodyend
documentend
documentstart
5860
topicstart
topicend
bodystart
2;

WORLD BANK EXPECTED TO APPROVE PHILIPPINES LOAN


    By Chaitanya Kalbag, Reuters


    MANILA, March 17 - 
The World Bank is expected to approve a
310 mln dlr economic recovery loan for the Philippines at a
meeting of its executive board today in Washington, Central
Bank sources said.
    The sources said the loan, agreed upon in principle last
September during a visit to the United States by President
Corazon Aquino, had been held up by Philippine government
delays in fulfilling key conditions.
    They said the documents required by the World Bank were not
submitted by Manila until late February.
    The sources said the loan is needed to rehabilitate the the
state-owned Philippine National Bank (PNB) and the Development
Bank of the Philippines (DBP), which together are burdened with
seven billion dlrs of non-performing assets.
    They said the World Bank had insisted the two banks appoint
independent auditors and draft revised charters.
    It also laid down several conditions for an Asset
Privatisation Trust (APT) planned by the government to dispose
of the banks' unproductive assets, the sources said.
    The APT, set up in January, is headed by banker and
businessman David SyCip.
    The sources said the World Bank wanted respected private
sector individuals to be appointed to the APT, and immunity
from prosecution for the trust. It wanted a clause saying
buyers of non-performing assets could not be prosecuted.
    The Manila Standard newspaper quoted Rolando Arrivillaga,
World Bank representative in the Philippines, as saying the
loan would be in three 100 mln dlr tranches. The first tranche
would be available late this month or in early April.
    Arrivillaga said the remaining 10 mln dlrs was in the form
of technical assistance available for disbursement during a
36-month period.
    Finance Secretary Jaime Ongpin has said approval of the
loan will trigger another 300 mln dlr loan expected from the
Export-Import Bank of Japan.
    The Central Bank sources said negotiations would start in
April on another 150 mln dlr loan from the World Bank to
implement reforms in the government corporate sector.
    The sources said the World Bank is expected to approve the
loan by August, after a review of the government's
non-financial institutions. The government's 14 major
corporations rely heavily on budgetary support to supplement
external borrowing to meet their yearly revenue shortfalls.
 REUTER
3;
bodyend
documentend
documentstart
5861
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET RECEIVES NO MORNING ASSISTANCE


    LONDON, March 17 - 
The Bank of England said it did not
operate in the money market in the morning session.
    Earlier, the central bank had estimated the deficit in the
system today at some 450 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
5864
topicstart
topicend
bodystart
2;

CREDITORS/DEBTORS SHARE RESPONSIBILITY-WEIZSAECKER


    BUENOS AIRES, March 17 - 
West German President Richard von
Weizsaecker said both debtor and creditor nations share
responsibility for the Third World's foreign debt crisis.
    Weizsaecker, in a speech on the first day of an official
visit to Argentina, said: "Debtor and creditor countries have
created this situation jointly. They also share responsibility
for finding lasting solutions."
    Local officials have payed great importance to
Weizsaecker's visit because they consider him a key backer of
more flexible repayment terms for Argentina's 51 billion dlr
foreign debt, Latin America's third largest.
    Weizsaecker, speaking at a reception held for him by
President Raul Alfonsin at Buenos Aires' City Council hall,
also said no one could overlook the enormity of the obstacle
posed by the foreign debt to countries like Argentina.
    "Democracy in Latin America must not be endangered because
of misery or new injustices," he said.
    Argentine officials said they might halt debt payments last
month if creditor banks did not agree to a new 2.15 billion dlr
loan. An Argentine mission is now in the U.S. For talks with 11
banks, seeking to win an easing of repayment terms and secure
the loan.
    Weizsaecker said Argentina has had difficulties with the
European Community over trade barriers and subsidies for grain
exports.
    "We are making efforts to eliminate them with the help of
balanced interest from all parties," he said.
    Argentina has said the barriers and subsidies cut unfairly
into the country's traditional markets for its grain exports.
    Weizsaecker arrived for a four-day visit, opening a Latin
American tour which includes Bolivia and Guatemala. He held
brief talks on Sunday with Brazilian President Jose Sarney
during a stopover in Brasilia.
 REUTER
3;
bodyend
documentend
documentstart
5866
topicstart
ship
crude
topicend
bodystart
2;

IRAN SAID TO ATTACK CYPRIOT TANKER


    TOKYO, March 17 - 
A Cypriot tanker was set ablaze in the
Persian Gulf yesterday after an Iranian gunboat fired missiles
at it, shipping sources quoting reports from Japanese tankers
said today.
    No casualties were seen and the tanker Pivot, laden with
crude oil, was towed towards Dubai by tugs after they put out
the fire, the sources said.
    Iranian gunboats usually check a ship's nationality and
cargo before attacking but the Pivot was hit near Bu Musa
island without warning, they added.
 Reuter
3;
bodyend
documentend
documentstart
5868
topicstart
alum
topicend
bodystart
2;

BILLITON SEEKS CHANGE IN SURINAM POLICIES


    LEIDSCHENDAM, Netherlands, March 17 - 
<
Billiton
International Metals B.V.>, the Dutch mining company, has urged
Surinam to change policies it says are causing heavy losses on
bauxite mining operations there, a company spokesman said.
    He told Reuters that Billiton, a fully-owned Royal
Dutch/Shell 
<
RD.AS> subsidiary, presented the demands to Henk
Heidweiler, a top aide to Surinam military leader Desi
Bouterse, who visited the Netherlands last week for official
talks.
    Billiton and 
<
Suralco>, owned by U.S. Conglomerate Alcoa

<
AA.S>, both want devaluation, and lower wages, welfare
contributions, taxes on bauxite and energy prices.
    The two firms are the biggest private sector employers in
Surinam. Billiton also urged Heidweiler to improve the safety
of its employees in the campaign against a jungle guerilla
group, the spokesman said, adding rebel fighting since July
1986 had depressed production at Billiton and Suralco plants.
    High voltage cables from the power plant of Afobakka have
been cut, and a bauxite mine at Moengo has been shut, he added.
    "We are already making vast losses in Surinam and you can't
expect any company to remain operating with losses," the
spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
5870
topicstart
ship
topicend
bodystart
2;

DUTCH PORT EMPLOYERS RESUME LAY-OFF PLANS


    ROTTERDAM, March 17 - 
Employers in Rotterdam's troubled
general cargo sector have decided to restart stalled redundancy
procedures within a week, employers' organisation labour
relations manager Gerard Zeebregts told Reuters.
    Port and transport union spokesman Bert Duim said the
employers' decision would not lead to the immediate resumption
of eight weeks of strikes in the sector.
    The strike action was called off on Friday after an interim
court injunction against the employers' plans for 350
redundancies this year.
    A court in Amsterdam ruled last week the employers had made
an error in the complicated procedure for obtaining permission
for the redundancies and therefore could not proceed until a
final ruling on May 7.
    Zeebregts said the initiation of new procedure might well
take up to two months, but the employers were not prepared
simply to sit and wait for the May 7 court ruling with the
chance they would have to start all over again in any case.
    "We cannot afford not to continue with our plans. The
strikes have already cost a lot of money and damaged business,
and further delays would do even more damage," Zeebregts said.
    The campaign of lightning strikes in the port's general
cargo sector began on January 19 in protest at employers' plans
for 800 redundancies from the sector's 4,000 strong workforce
by 1990, starting with 350 this year.
 Reuter
3;
bodyend
documentend
documentstart
5873
topicstart
acq
topicend
bodystart
2;

COMMERCIAL INTERNATIONAL 
<
CMMC> MAKES PURCHASE


    LOS ANGELES, March 17 - 
Commercial International Corp said
it has completed the previously-announced acquisition of most
of the assets of Growers Distributing International Corp, a
table grape marketer, for an undisclosed amount.
    It said the entire purchase price will be payable over a
three-year period and based on a percentage of pre-tax earnings
of the acquired operation.
    The company said it has an option to acquire Growers' cold
storage facility and related assets in Tulare County, Calif.
Growers is owned by Commercial chairman Sid Schuman Jr. and
director Arnold T. Cattani Jr.
 Reuter
3;
bodyend
documentend
documentstart
5875
topicstart
acq
topicend
bodystart
2;

<
TIMEX CORP> SELLS UNIT


    NEW YORK, March 17 - 
<
Swiss Corp for Microelectronics and
Watchmaking Industries> said it has acquired International time
corp from privately-held Timex corp for undisclosed terms.
    International Time is exclusive distributor of Swiss Corp's
Tissot watches in the U.S.
 Reuter
3;
bodyend
documentend
documentstart
5876
topicstart
acq
topicend
bodystart
2;

<
WAVEHILL INTERNATIONAL INC> MAKES PURCHSE


    NEW YORK, March 17 - 
Wavehill International Ventures Inc
said it has completed the previously-announced acquisition of
Personal Computer Rental corp for 500,000 restricted common
shares, giving former shareholders of Personal Computer a 25
pct interest in the combined company.
 Reuter
3;
bodyend
documentend
documentstart
5879
topicstart
gnp
topicend
bodystart
2;

ECONOMISTS SEE SLUGGISH JAPANESE ECONOMY AHEAD


    By Kunio Inoue, Reuters


    TOKYO, March 17 - 
The Japanese economy will remain sluggish
in the months ahead after turning in its worst performance for
12 years in 1986, private economists said.
    Consumer spending, a main driving force of domestic demand,
was likely to remain lacklustre although brisk housing and
business investment would help sustain the economy this year,
the economists said.
    They said they were shocked by an Economic Planning Agency
report today that private spending fell 0.7 pct in the Oct/Dec
quarter for the first time in 12 years.
    The report said Japan's gross national product rose a real
0.8 pct in Oct/Dec after a revised 0.7 pct increase in the
previous quarter.
    It said GNP growth for 1986 was a real 2.5 pct, down from
4.7 pct in 1985. Agency officials said this was the worst
performance since 1974 when GNP contracted 1.4 pct in the wake
of the first oil crisis.
    They expressed concern about the 0.7 pct decline in
consumer spending in the final quarter of 1986 but said it was
only temporary as exceptionally warm winter weather had
depressed retail sales.
    But most private economists disagreed and said consumers
were likely to remain pessimistic in coming months as they saw
their real income level off.
    "Sure, consumers may have spent less on winter clothes or
heating apparatus because of the warm winter this year, but
they have done so because they have become even more uneasy
about their future pay rises," said Shoji Saito, general manager
of Mitsui Bank's economic research division.
    He said the outlook for pay increases was gloomy because of
 falling employment in many industries, particularly those hit
hard by the yen's rise.
    Masao Suzaki, senior economist at the Bank of Tokyo, said
weakened consumer confidence was the most worrying factor.
Without brisk consumer spending, Japan can hardly achieve
domestically generated economic growth as the government has
put a lid on fiscal measures, he said.
    Other economists said the 0.8 pct growth registered in
Oct/Dec may have been inflated by special factors, including
exceptionally heavy spending in the public sector. Johsen
Takahashi, chief economist at Mitsubishi Research Institute,
said the 14.4 pct increase in public sector spending in Oct/Dec
resulted from an issue of gold coins.
    "This is just a one-shot spending and we can't expect that
high level of public-sector consumption in the following
quarter," Takahashi said. Agency officials said public spending
would have risen 1.1 pct in Oct/Dec without the issue, which
marked 60 years of Emperor Hirohito's reign.
    Takahashi said the economy might contract in the current
quarter given the lack of additional significant government
spending and sluggish consumer spending.
    Saito said the most effective government action would be
income tax cuts and the postponement beyond next January of a
proposed controversial sales tax.
 REUTER
3;
bodyend
documentend
documentstart
5880
topicstart
cocoa
topicend
bodystart
2;

COCOA WORKING GROUP MEETING DELAYED


    LONDON, March 17 - 
The International Cocoa Organization
(ICCO) buffer stock working group meeting set for 1130 GMT
today was rescheduled for 1430, ICCO delegates said.
    The meeting was delayed so a draft compromise proposal on
buffer stock rules could be completed, they said.
    ICCO Executive Director Kobena Erbynn was preparing the
plan in consultation with other delegates for presentation to
the full working group, they added.
 REUTER
3;
bodyend
documentend
documentstart
5883
topicstart
housing
topicend
bodystart
2;
******
U.S. FEB HOUSING STARTS ROSE 2.6 PCT TO 1.851 MLN, PERMITS ROSE 4.4 PCT TO 1.764 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
5886
topicstart
housing
topicend
bodystart
2;

U.S. HOUSING STARTS ROSE 2.6 PCT IN FEBRUARY


    WASHINGTON, March 17 - 
U.S. housing starts rose 2.6 pct in
February to a seasonally adjusted annual rate of 1,851,000
units, the Commerce Department said.
    In January, housing starts fell a revised 0.5 pct to
1,804,000 units. The department previously said they fell 0.1
pct.
    The rate at which permits were issued for future
construction rose in February by 4.4 pct to a seasonally
adjusted 1,764,000 units after falling 11.52 pct to 1,690,000
units in January.
    Permits for single-family houses fell in January by 6.6 pct
to 1,091,000.
    The number of permits for multi-family houses fell in
February by 11.7 pct to 529,000 units after falling in January
by 19.3 pct, the department said.
    Housing starts in February included a seasonally adjusted
5.6 pct rise in single family units to 1,317,000 units and a
4.1 pct fall in multi-family homes to 534,000 units.
    The seasonally adjusted permits total in February for
single family units was 1,235,000 and for multi-family units
was 529,000 units.
 Reuter
3;
bodyend
documentend
documentstart
5887
topicstart
meal-feed
topicend
bodystart
2;

SOUTH AMERICAN FISH MEAL PRODUCTION AT RECORD HIGH


    LONDON, March 17 - 
Production of fish meal by the three
South American producers -- Chile, Peru and Equador -- last
year reached 2.5 mln tonnes, equalling the record output of
1970, the International Association of Fish Meal Manufacturers
(IAFMM) said.
    However, IAFMM said in a statement that it expected Chilean
and Peruvian fish meal production in the first quarter of 1987
to be much lower than the 651,000 tonnes produced in the last
quarter of 1986, due to a ban on sardine fishing in Chile for
the month of February and to adverse fishing conditions in Peru
in the same month.
    The statement added that, due to technical market promotion
and energetic sales by Chile and Peru, the stock position at
the end of the year remained reasonable.
    Fish meal production outside South America decreased
slightly, falling from 114,400 to 111,100 tonnes.
    The IAFMM said fish meal consumption in 1986 rose in West
Germany, Scandinavian countries, Eastern Europe and the Far
East, but fell in the U.S. And remained static in the U.K.
    It added that fish meal consumption had suffered from
competition with feed grade tallow in the U.S. And with skimmed
milk powder in the U.K.
    IAFMM figures for fish oil production in the main producing
nations, in thousands of tonnes, were -
                    Oct/Dec            Jan/Dec
                 1986    1985       1986     1985
 CHILE             22       8        109       76
 PERU              56      28        238      104
 NORWAY            14      14         97      130
 ICELAND           44      52        102      118
 DENMARK           20      18         88       77
 U.S.              10       8        152      129
 JAPAN             67      91        213      249
 REUTER
3;
bodyend
documentend
documentstart
5888
topicstart
copper
topicend
bodystart
2;

TALKING POINT/COPPER STOCKS


    By Steven Radwell, Reuters


    NEW YORK, March 17 - 
Copper shares, which have lagged
behind the market, should pick up steam this year on stronger
demand and improving prices for the metal, analysts said.
    "Copper prices should move up over the next four to six
quarters," said Daniel Roling of Merrill Lynch and Co 
<
MER>. "I
see average copper prices at 70 cts a pound in 1988, up from
around 63 or 64 cts, based on tight supply and continued world
economic growth."
    Other analysts see metal prices ranging from 65 to 68 cts a
pound this year and 70 to 73 cts in 1988.
    Analysts said Phelps Dodge Corp 
<
PD> will be a strong
performer because it is the largest U.S. copper producer.
    But Asarco Inc 
<
AR>, with about 45 pct of total sales from
copper, and Newmont Mining Corp 
<
NEM> are also potential
winners, they said. Newmont is spinning off 85 pct of its
copper operations to its shareholders.
    "In theory, Phelps is the best stock. It's the purest play
and benefits most from higher copper prices," one said.
    William Siedenburg of Smith Barney Harris Upham and Co,
said Phelps has lowered costs and streamlined mining
operations. "They've accomplished a great deal," he said.
    The company's move into carbon black, a product used in
tires, should provide steady earnings, although not rapid
growth, as a hedge against a copper downturn, Siedenburg said.
He estimates Phelps will earn 2.45 dlrs in 1987 and 4.45 dlrs
in 1988, including tax benefits, versus 1.79 dlrs in 1986.
    Other analysts, including Clarence Morrison of Dean Witter
Reynolds Inc and Merrill's Roling, also recommend Phelps.
    Morrison projects Phelps will earn 3.25 dlrs in 1987 and
four dlrs in 1988, while Roling sees earnings at 2.75 dlrs this
year and around 3.50 dlrs next year.
    "The stock can go to the mid 30s," Roling said, from its
current level of around 30. But others see it climbing to 40.
    "Their (Phelps Dodge) costs are so low, they don't need
copper prices higher than 70 cts to make a lot of money," said
Vahid Fathi of Prescott Ball and Turben Inc. "The shares will
outperform the market over the next 18 months," he said.
    But Nick Toufexis of Prudential-Bache Securities Inc says
Newmont Mining is a more attractive investment. "We'd rather
place our bets with Newmont. Any way you slice it, I see a
significant premium to the current stock price," he said.
    After the spinoff, which closes next month, Newmont will
have gold operations, including 95 pct of Newmont Gold Co

<
NGC>, a 15 pct stake in its copper unit and energy operations,
Toufexis noted.
    Analysts see Newmont earning 2.85 dlrs to three dlrs in
1987 and about 3.75 dlrs in 1988, versus earnings of about 1.40
dlrs from operations in 1986.
    "I'd be buying up to 90," Toufexis said last week, when the
stock rose sharply to near that level. "But the shares are
probably worth about 108 dlrs (each)."
    Dean Witter's Morrison and Fathi of Prescott Ball like
Asarco, because of cost cutting and restructuring. Morrison
sees 1987 earnings at 1.25 dlrs and 1988 at 1.75 against losses
in 1986. Fathi projects Asarco will earn one dlr in 1987 and
from three dlrs to 3.25 dlrs in 1988.
    Roling of Merrill Lynch is recommending Cyprus Minerals Co

<
CYPM> in addition to Phelps Dodge. Cyprus has interests in
coal and other minerals aside from copper.
    But Siedenburg of Smith Barney thinks Cyprus is overpriced
at current levels. "I would be willing to sell Cyprus and buy
Phelps Dodge if I were picking one copper stock," he said.
 Reuter
3;
bodyend
documentend
documentstart
5889
topicstart
acq
topicend
bodystart
2;

KOHLBERG KRAVIS HAS 96 PCT OWENS-ILLINOIS 
<
OI>


    NEW YORK, March 17 - 
OII Holdings Corp, a company formed by
Kohlberg Kravis Roberts and Co, said it received and purchased
about 58.3 mln shares or 96 pct of Owens-Illinois Inc common
stock and 50,275 of 4.75 dlr cumulative convertible preference
shares of Owens, or about 83 pct.
    The company said its tender offer for all common and
preference shares expired last night. It said Owens-Illinois
will be merged into a subsidiary of OII Holdings on March 24.
Common shares not bought in the offer will be converted into
the right to receive 60.50 dlrs per share in cash, the tender
price.  The preference stock has been called.
 Reuter
3;
bodyend
documentend
documentstart
5894
topicstart
earn
topicend
bodystart
2;

MACGREGOR SPORTING GOODS INC 
<
MGS>2ND QTR JAN 31


    EAST RUTHERFORD, N.J., March 17 -
    
Shr one cent vs nine cts
    Net 51,057 vs 554,878
    Sales 24.5 mln vs 21.3 mln
    First half
    Shr 15 cts vs five cts
    Net 1,026,479 vs 313,676
    Sales 48.4 mln vs 37.4 mln
    NOTE: Net includes gains of 28,000 dlrs, or one cent a
share, vs 61,000 dlrs, or seven cts a share, in quarter and
453,000 dlrs, or seven cts a share, vs 61,000 dlrs, or one cent
a share, in half from tax loss carryforward
 Reuter
3;
bodyend
documentend
documentstart
5895
topicstart
trade
topicend
bodystart
2;

EC WARNS U.S. AND JAPAN ON TRADE TENSIONS


    BRUSSELS, March 17 - 
The European Community (EC) yesterday
warned Japan and the United States, its main trading partners,
that friction over trade issues is affecting the EC's relations
with both countries.
    EC foreign ministers issued a statement deploring Japan's
continued trade imbalance and appealed for the country to make
a greater effort to open up its markets. They also said they
were disturbed by a draft bill before the U.S. Congress that
would impose permanent quotas on textile imports and were
prepared to react. The U.S. Administration has already
distanced itself from the bill.
    EC External Trade Commissioner Willy De Clercq has written
to his U.S. Counterpart, Trade Representative Clayton Yeutter,
outlining the EC's concerns.
    The statement said ministers were very disturbed by U.S.
Moves towards protectionism. "The adoption of such measures
would not fail to have a negative effect on the process of
multilateral negotiations just started, as well as on bilateral
relations," it said.
    Any unilateral U.S. Moves would leave the EC no option but
to react according to the laws of the General Agreement on
Tariffs and Trade, it said.
    In a separate statement on Japan, the EC ministers said
they "deplore the continued aggravation of the imbalance in
trade (and) expect Japan to open up its market more."
    The statement said the EC would continue to insist that
Japan boost imports and stimulate domestic demand.
    Ministers also called on the EC Commission to prepare a
report on U.S.-Japanese trade for July this year to enable them
to take appropriate action where necessary.
    One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. "It will
be back on the table again and again," the diplomat said.
    De Clercq, talking to journalists during the meeting, said,
"There is a certain nervousness, a growing impatience within the
Community concerning trade relations with Japan."
    But diplomats said the EC is keen to negotiate with Tokyo
to solve the problem rather than embark on a costly and
damaging trade war, and the ministers called for more
cooperation with Japan in industry and research.
 Reuter
3;
bodyend
documentend
documentstart
5896
topicstart
livestock
l-cattle
carcass
topicend
bodystart
2;

RENEWED BULL SPREADING LIKELY ON CATTLE REPORT


    CHICAGO, March 17 - 
Livestock analysts expect renewed bull
spreading in live cattle futures following yesterday's USDA
7-state cattle on feed report.
    The USDA reported high placements in February, which may
weigh on back months of cattle futures. Meanwhile, continued
strong marketings during the month will support the April
contract.
    Contracts for June delivery forward could open 25 to 50
cents lower while April will likely open about steady, analysts
said.
    Cheap corn is still the main incentive for putting cattle
on feed, according to Smith Barney livestock analyst Tom
O'Hare. "They have no place to send the grain," he said.
    Strong daily fundamentals may add to nearby support while
the current discount of deferred months to the cash market may
offset much of the effect of the report, analysts said.
    "The cash market is strong and may overshadow the report,"
said Robin Fuller, analyst for Agri Analysis. She added that
even though placements came in above the average trade guess,
many traders had expected high placements.
    Placements are not that negative, especially since the
technical correction in June and August live cattle futures
since last week, GH Miller analyst Jerry Gidel said.
    He said the current marketing posture will provide added
support to the nearby month. Feedlot marketings have been
running at a heavier than expected pace.
    Chuck Levitt, analyst for Shearson Lehman said that with
the number of cattle on feed down five pct at the beginning of
the year, a three pct decline in marketings was expected. But
the report for January showed marketings at 101 pct of a year
ago and in February marketings were at 100 pct, Levitt noted.
    "So far we haven't seen any decline in marketings. They
(feedlot operators) are marketing more cattle than they had
intended for the first quarter, which is a bullish
development," Levitt said.
    Gidel also noted that marketings for the early part of
March are running ahead of a year ago. Feedlots are not falling
behind and are holding that 100 pct marketing pace.
 Reuter
3;
bodyend
documentend
documentstart
5898
topicstart
earn
topicend
bodystart
2;

MICROBILT CORP 
<
BILT> 4TH QTR JAN 31 NET


    ATLANTA, March 17 -
    
Shr 15 cts vs 14 cts
    Net 614,000 vs 449,000
    Revs 4,186,000 vs 4,124,000
    Avg shrs 4,131,000 vs 3,321,000
    Year
    Shr 47 cts vs 42 cts
    Net 1,768,000 vs 1,394,000
    Revs 15.0 mln vs 12.5 mln
    Avg shrs 3,799,000 vs 3,324,000
 Reuter
3;
bodyend
documentend
documentstart
5899
topicstart
acq
topicend
bodystart
2;

SHAMROCK HOLDINGS UNIT AQUIRES SOFTWARE COMPANY


    BURBANK, Calif., March 16 - 
<
Shamrock Holdings Inc> said
its subsidiary, Shamrock Holdings of California, acquired
controlling interest in 
<
DBMS Inc> through the purchase of
575,000 shares of its preferred stock.
    The company said the stock was purchased for an undisclosed
amount from an unnamed group of investors.
    Shamrock said Raymond Nawara, a former executive vice
president of DBMS, a privately-held software company, also
granted it options and voting rights on a major portion of his
shares of common stock.
   
    The combination of preferred and common stock holdings
permit Shamrock and Nawara to exercise voting control over
approximately 53 pct of the shares of the company.
    Shamrock also said Nawara has been elected president of
DBMS and one of its directors.
 Reuter
3;
bodyend
documentend
documentstart
5900
topicstart
acq
topicend
bodystart
2;

CREDIT AGRICOLE REPLACES BNP IN HACHETTE TV BID


    PARIS, March 17 - 
French state agricultural bank 
<
Caisse
Nationale du Credit Agricole> has joined the group led by
publishing house 
<
Hachette> which is bidding for control of the
state television station TF1, replacing 
<
Banque Nationale de
Paris> which has withdrawn, Hachette said in a statement.
    Credit Agricole's stake in the consortium will be 3.5 pct.
    Last week the broadcasting supervisory board asked Hachette
to remove BNP from the consortium because the bank had acted as
adviser to the government for the imminent privatisation of
TF1.
 Reuter
3;
bodyend
documentend
documentstart
5901
topicstart
earn
topicend
bodystart
2;

PAYLESS CASHWAYS INC 
<
PCI> 1ST QTR FEB 28 NET


    KANSAS CITY, MO., March 17 -
    
Shr 10 cts vs seven cts
    Net 3,501,000 vs 2,420,000
    Sales 332.7 mln vs 274.9 mln
    Qtly div four cts vs four cts prior
    Pay April Six
    Record March Six
 Reuter
3;
bodyend
documentend
documentstart
5902
topicstart
acq
topicend
bodystart
2;

FRANCE APPROVES WATERMAN ACQUISITION BY GILLETTE


    PARIS, March 17 - 
Gillette Co 
<
GS> exercised an option to
take a 51.2 pct stake in the French pen firm Waterman which it
had previously been authorised to do by the French government,
the French stockbrokers' association (CSAC) said.
    Gillette has given an undertaking to intervene on the
Bourse until April 7 to prevent Waterman shares from falling
below 650 francs, it added.
    This compares with yesterday's rate of 625 francs.
    Under the agreement concluded last November between
Waterman owners Francine and Grace Le Foyer-Gomez and Alice
Lundgren and the Gillette group, Gillette agreed to acquire
51.2 pct of the capital of Waterman at 700 francs a share.
    Gillette is buying a total 180,000 shares, valuing the deal
at 126 mln francs.
 Reuter
3;
bodyend
documentend
documentstart
5905
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN


    LONDON, March 17 - 
The Bank of England said it had revised
its forecast of the shortage in the money market today down to
400 mln stg from 450 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
5906
topicstart
earn
topicend
bodystart
2;

NOEL INDUSTRIES INC 
<
NOL> 1ST QTR JAN 31 LOSS


    NEW YORK, March 17 -
    
Shr loss 26 cts vs loss 12 cts
    Net loss 289,649 vs loss 138,372
    Revs 5,944,286 vs 5,902,074
 Reuter
3;
bodyend
documentend
documentstart
5908
topicstart
trade
topicend
bodystart
2;

JAPAN ALERTS GATT TO SOUTH KOREA IMPORT PLAN


    TOKYO, March 17 - 
Japan told the General Agreement on
Tariffs and Trade that South Korea's five-year import
diversification plan violated the spirit of the world trade
governing body, a Foreign Ministry spokesman said.
    The notification came in Japan's answer to a recent GATT
questionnaire on unfair trade practices, the spokesman said.
    In the five-year plan, which starts this year, South Korea
aims to reduce its dependency on Japan as a source of imported
goods and to increase imports from the U.S. And Europe.
    Japan's move came after several unsuccessful bilateral
negotiations on the plan, the spokesman said. "The notification
does not represent anything resembling a formal complaint, nor
is it intended to pressure South Korea. It is a routine
procedure followed by all other GATT member states."
 Reuter
3;
bodyend
documentend
documentstart
5909
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET RECEIVES 16 MLN STG ASSISTANCE


    LONDON, March 17 - 
The Bank of England said it had provided
the money market with 16 mln stg help in the afternoon session.
    The Bank did not operate in the market in the morning and
earlier revised its estimate of the shortage in the system
today down to 400 mln stg from 450 mln.
    The central bank purchased bills outright in band one at
10-3/8 pct comprising two mln stg of local authority bills and
14 mln stg of bank bills.
 REUTER
3;
bodyend
documentend
documentstart
5910
topicstart
acq
topicend
bodystart
2;

ATICO FINANCIAL 
<
ATFC> TO MAKE ACQUISITION


    MIAMI, March 17 - 
Atico Financial Corp said it has executed
a definitive agreement to acquire 93.5 pct of Intercontinental
Bank of Dade County, Fla., from Intercontinental Bank Holding
Co for an undisclosed amount of cash and common stock.
    It said closing is subject to regulatory approval.
    Atico said in connection with the acquisition it will apply
to become a registered bank holding company and convert its 99
npct owned Atico Savings Bank subsidiary to a state-chartered
commercial bank.
    Intercontinental had year-end assets of about 487 mln dlrs.
    Atico had year-end assets of about 534 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5911
topicstart
earn
topicend
bodystart
2;

CLOTHESTIME INC 
<
CTME> 4TH QTR NET


    ANAHEIM, Calif., March 17 -
    
Shr 12 cts vs 10 cts
    Net 1,683,000 vs 1,407,000
    Revs 42.2 mln vs 28.8 mln
    12 mths
    Shr 83 cts vs 70 cts
    Net 11.9 mln vs 10.0 mln
    Revs 160.3 mln vs 126.5 mln
    NOTE: prior qtr and yr ended Jan 26.
 Reuter
3;
bodyend
documentend
documentstart
5912
topicstart
earn
topicend
bodystart
2;

CHARTER-CRELLIN INC 
<
CRTR> YEAR NET


    NEW YORK, March 17 -
    
Shr 1.40 dlrs vs 1.38 dlrs
    Net 1,928,800 vs 1,485,600
    Sales 35.2 mln vs 33.5 mln
    Avg shrs 1,350,800 vs one mln
 Reuter
3;
bodyend
documentend
documentstart
5913
topicstart
earn
topicend
bodystart
2;

<
SENSORMATIC CANADA LTD> YEAR NET


    Montreal, March 17 -
    
Shr 26 cts vs 18 cts
    Net 879,000 vs 615,000
    Revs 6,394,000 vs 5,561,000
 Reuter
3;
bodyend
documentend
documentstart
5914
topicstart
earn
topicend
bodystart
2;

DIME SAVINGS BANK OF WALLINGFORD 
<
DIBK> PAYOUT


    WALLINGFORD, Conn., March 17 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 30
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
5915
topicstart
acq
topicend
bodystart
2;
******
BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT

Blah blah blah.
3;


bodyend
documentend
documentstart
5916
topicstart
topicend
bodystart
2;

KAYABA INDUSTRY ISSUES 50 MLN SWISS FRANC NOTES


    ZURICH, March 17 - 
Kayaba Industry Co Ltd is privately
placing 50 mln Swiss francs of five year straight notes with a
4-3/4 pct coupon and 100.25 issue price, lead manager Credit
Suisse said.
    Payment is due March 31.
    The issue is guaranteed by Fuji Bank Ltd.
 REUTER
3;
bodyend
documentend
documentstart
5919
topicstart
acq
topicend
bodystart
2;

BAKER 
<
BKO> TO SELL OILWELL PUMP UNIT


    HOUSTON, March 17 - 
Baker International Corp said it has
signed a definitive agreement to sell the assets and business
of the electric submersible oilwell pump product line in the
continental U.S. of its Baker Oil Tools Inc subsidiary to Trico
Industries Inc 
<
TRO> for an undisclosed amount of cash and
other consideration.
    The company said the transaction is subject to Hughes Tool
Co 
<
HT> and Baker shareholder approval of the Baker/Hughes
merger. The U.S. Justice Department has announced that it will
require divestiture of the product line for approval of the
merger.
    Baker said the transaction is subject to approval by the
Justice Department and the boards of Baker, Hughes and Trico.
 Reuter
3;
bodyend
documentend
documentstart
5922
topicstart
earn
topicend
bodystart
2;

<
CANADIAN FOREMOST LTD> YEAR NET


    CALGARY, Alberta, March 17 -
    
Shr 38 cts vs 92 cts
    Net 1,042,000 vs 2,510,000
    Revs 20.6 mln vs 29.6 mln
 Reuter
3;
bodyend
documentend
documentstart
5925
topicstart
earn
topicend
bodystart
2;

IMMUNOGENETICS INC 
<
IGEN> YEAR NET


    VINELAND, N.J., March 17 -
    
Oper shr profit eight cts vs loss eight cts
    Oper net profit 604,996 vs loss 615,345
    Sales 18.4 mln vs 17.8 mln
    NOTE: Net excludes losses from discontinued operations of
156,098 dlrs vs 732,924 dlrs.
    1986 net excludes tax credits of 271,538 dlrs.
    1985 net includes gain 480,0009 dlrs from reversl of
recapture taxes.
 Reuter
3;
bodyend
documentend
documentstart
5926
topicstart
earn
topicend
bodystart
2;

<
SCURRY-RAINBOW OIL LTD> 1ST QTR DEC 31 NET


    Calgary, Alberta, March 16 -
    
Shr 31 cts vs 53 cts
    Net 4.2 mln vs 7.1 mln
    Revs 16.1 mln vs 27.2 mln
 Reuter
3;
bodyend
documentend
documentstart
5927
topicstart
topicend
bodystart
2;

EIB ISSUES 400 MLN MARK EUROBOND


    FRANKFURT, March 17 - 
The European Investment Bank, EIB, is
raising 400 mln marks through a 10-year eurobond carrying a
coupon of 6-1/8 pct and priced at 100-1/4, market sources said.
    Deutsche Bank AG will be lead managing the issue, the
sources added. No further details were immediately available.
    Deutsche later confirmed the details and added the issue
would be sold in denominations of 1,000 and 10,000 marks.
    Interest will be paid annually on April 7 and the bond
matures on the same day in 1997. Payment date is also April 7.
    The borrower has the option of redeeming the bonds from
1994 at 100-3/4, then declining by 1/4 point annually until
maturity.
    Fees total 1-3/4 pct, with 1-1/8 pct for selling, 3/8 pct
for underwriting and 1/4 pct for management, Deutsche said.
    The bond will be listed in West Berlin, Duesseldorf,
Frankfurt, Hamburg and Munich.
 REUTER
3;
bodyend
documentend
documentstart
5929
topicstart
topicend
bodystart
2;

DANISH CREDIT DOWNGRADING UNIMPORTANT - PREMIER


    COPENHAGEN, March 17 - 
Prime Minister Poul Schlueter said
the downgrading of Denmark's credit rating by the U.S. Standard
and Poor's Corp was regrettable but of little practical
importance.
    3tandard and Poor's yesterday lowered the rating on Danish
long-term external debt to AA from AA-plus, saying Denmark was
less competitive with rising labour costs and this would worsen
the external account deficit and increase external debt.
    Schlueter told journalists after the weekly cabinet
meeting: "It is regrettable that they have taken a plus from us,
but the change will not have much practical significance."
    He was echoing comments by central bank governor Erik
Hoffmeyer, who was quoted by the daily Politiken as saying the
downgrading would have little effect on Denmark's borrowing
capability or the interest it paid on loans.
    But some bank economists said the lower rating would
increase the cost of national borrowing to finance the external
current account deficit, which rose to a record 34.5 billion
crowns in 1986.
    Denmark had total foreign debt of over 260 mln crowns at
the end of 1986.
    Finance Minister Palle Simonsen said in a statement last
night that the downgrading, the second in four years, should
not be over-dramatised, pointing out that the government had
already imposed a series of austerity measures to limit
consumption and was willing to act again if necessary.
    Prices fell steeply when the Danish bond market opened but
recovered somewhat after the central bank cut the overnight
money market lending rate to 10.5 pct from 11 pct.
    The bank said the cut was due to an inflow of foreign
currency in March, following stabler currency relations after
January's EMS realignment.
 REUTER
3;
bodyend
documentend
documentstart
5930
topicstart
earn
topicend
bodystart
2;

MCRAE INDUSTRIES INC 
<
MRI.B> 2ND QTR JAN 31 NET


    MOUNT GILEAD, N.C., March 17 -
    
Shr 19 cts vs three cts
    Net 515,000 vs 87,000
    Revs 6,830,000 vs 4,107,000
    Six mths
    Shr 36 cts vs 12 cts
    Net 955,000 vs 327,000
    Revs 14.2 mln vs 9,755,000
 Reuter
3;
bodyend
documentend
documentstart
5931
topicstart
earn
topicend
bodystart
2;

<
FRONTIER TEXAS CORP> 2ND QTR NOV 30 NET


    DALLAS, March 17 -
    
Oper shr profit one ct vs loss four cts
    Oper net profit 104,386 vs loss 196,265
    Revs 8,174,652 vs 2,309,979
    Avg shrs 6,285,714 vs 5,500,000
    1st half
    Oper shr profit nil vs loss eight cts
    Oper net profit 26,541 vs loss 419,758
    Revs 12.0 mln vs 5,088,134
    Avg shrs 5,836,735 vs 5,500,000
    NOTE: Current year net both periods excludes tax credit of
107,370 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5932
topicstart
gold
topicend
bodystart
2;

<
VICEROY RESOURCE CORP> DETAILS GOLD ASSAYS


    Vancouver, British Columbia, March 17 - 
Viceroy Resource
Corp said recent drilling on the Lesley Ann deposit extended
the high-grade mineralization over a width of 600 feet.
    Assays ranged from 0.35 ounces of gold per ton over a
150-foot interval at a depth of 350 to 500 feet to 1.1 ounces
of gold per ton over a 65-foot interval at a depth of 200 to
410 feet.
    
 Reuter
3;
bodyend
documentend
documentstart
5933
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN TO TENDER FOR 450,000 TONNES U.S. CORN


    CHICAGO, March 17 - 
Taiwan is scheduled to tender tonight
for 450,000 to 475,000 tonnes U.S. corn, export sources said.
    The tender calls for 11 cargoes for delivery from April
through October with early shipments FOB or Pacific Northwest,
they said.
 Reuter
3;
bodyend
documentend
documentstart
5934
topicstart
acq
topicend
bodystart
2;

CLABIR 
<
CLG> UNIT AGRES TO BUY POPSICLE CANADA


    GREENWICH, Conn., March 17 - 
Clabir Corp said its 86 pct
owned affiliate, Ambrit Inc 
<
ABI>, has agreed to acquire the
Popsicle Industries division of 
<
Sara Lee Corp of Canada Ltd>
for about 37 mln Canadian dlrs in cash.
    Clabir said the purchase from the Sara Lee Corp 
<
SLE>
subsidiary is worht about 28 mln U.S. dlrs.
    The agreement is subject to Canadian regulatory approval.
    Popsicle Canada, through its 19 licensees, is the largest
maker and distributor of frozen novelty products in Canada,
Clabir added.
 Reuter
3;
bodyend
documentend
documentstart
5935
topicstart
earn
topicend
bodystart
2;

ST. JUDE MEDICAL 
<
STJM> VOTES DIVIDEND RIGHTS


    ST. PAUL, March 17 - 
St. Jude Medical Inc said its board
declared a special dividend of one right for each outstanding
share held of the company's common stock, payable to holders of
record April Six.
    It said each right entitles the holder to buy one-tenth of
a share of preferred stock of St. Jude at an exercise price of
100 dlrs.
    St. Jude said the rights may be exercised only after 10
days following the acquisition of, or commencement of a tender
offer for, at least 20 pct of the company's common stock.
    The company added that it has no reason to believe St. Jude
Medical is a takeover target.
 Reuter
3;
bodyend
documentend
documentstart
5936
topicstart
topicend
bodystart
2;

NUMAC OIL 
<
NMC> HAS 59.7 MLN DLR FINANCING


    Edmonton, Alberta, March 17 - 
Numac Oil and Gas Ltd said it
arranged a 59.7 mln dlr financing with two investment dealers.
    The financing includes 30 mln dlrs of convertible
subordinated debentures and 2.7 mln common shares at a price of
11 dlrs per share for a total of 59.7 mln dlrs
    Wood Gundy Inc and Gordon Capital Corp agreed to buy the
securities. The debentures will be for a term of 15 years with
a seven pct coupon and convertible into common shares for 10
years at 13.50 dlrs per share. The debentures are not
redeemable for three years, Numac said.
 Reuter
3;
bodyend
documentend
documentstart
5937
topicstart
acq
topicend
bodystart
2;

ADAMS-RUSSELL ELECTRONICS 
<
AARE> IN PURCHASE


    WALTHAM, Mass., March 17 - 
Adams-Russell Electronics Co Inc
said it has acquired Hermetronics PLC, a maker of hermetic
integrated circuit packages, for about 600,000 dlrs. 
    The company said HErmetronics is expected to have sales of
over 800,000 dlrs for the year ending this month.
 Reuter
3;
bodyend
documentend
documentstart
5938
topicstart
earn
topicend
bodystart
2;

MESA LIMITED PARTNERSHIP 
<
MLP> SETS PAYOUT


    AMARILLO, Texas, March 17 -
    
Qtly div 50 cts vs 50 cts prior
    Pay May 15
    Record April Seven
    NOTE: Partnership said holders of common and preference
units for all of 1987 are expected to have no net taxable
income.   
 Reuter
3;
bodyend
documentend
documentstart
5939
topicstart
bop
trade
topicend
bodystart
2;
******
U.S. CURRENT ACCOUNT DEFICIT RECORD 36.84 BILLION DLRS IN 4TH QTR 1986

Blah blah blah.
3;


bodyend
documentend
documentstart
5941
topicstart
bop
trade
topicend
bodystart
2;

U.S. CURRENT ACCOUNT DEFICIT 36.84 BILLION DLRS


    WASHINGTON, March 17 - 
The U.S. current account deficit
widened to a record 36.84 billion dlrs on a balance of payments
basis in the October-December fourth quarter of 1986 from a
revised 35.29 billion dlrs in the third quarter, the Commerce
Department said.
    Previously, the department said the third-quarter deficit
was 36.28 billion dlrs.
    For the full year 1986, the current account, a broad
measure of trade performance, was in deficit a record 140.57
billion dlrs after a 117.68 billion dlr deficit in 1985.
    The department said an increase in the merchandise trade
deficit during the fourth quarter to 38.4 billion dlrs from
37.1 billion dlrs in the third quarter was the main reason for
the worsening deficit.
    Net service receipts declined to 5.5 billion dlrs in the
final quarter from six billion dlrs in the third quarter.
    The current account includes trade in merchandise and
services as well as U.S. financial transactions with the rest
of the world.
    The department said the merchandise trade deficit for all
of 1986 grew to 147.7 billion from 124.4 billion dlrs in 1985.
    Net service receipts were 22.3 billion dlrs in 1986,
compared with 21.7 billion dlrs in 1985, the department said.
    Net unilateral transfers during the fourth quarter last
year, covering foreign aid and government pensions, were down
to 3.9 billion dlrs from 4.2 billion dlrs in the third quarter
because of fewer U.S. government grants to Mideast countries.
    Liabilities to foreigners reported by U.S. banks rose 35.3
billion dlrs between October and December after increasing 30.1
billion dlrs in the third quarter.
    For the full year, these liabilities grew 77.4 billion dlrs
after rising by 40.4 billion dlrs in 1985.
    The department said inflows were boosted in the fourth
quarter by international activities of Japanese banks and
strong demand within the United States to finance acquisitions.
    Net foreign sales of U.S. Treasury securities by foreigners
were 2.7 billion dlrs in the quarter after purchases of 500 mln
dlrs in the third quarter.
    Net foreign purchases of securities other than U.S.
Treasury securities in the fourth quarter were 11.8 billion
dlrs, compared with 17.2 billion dlrs in the third quarter.
    For all 1986, foreign purchases of securities excluding
U.S. Treasury securities were a record 70.7 billion dlrs,
surpassing the previous record 50.9 billion dlr total in 1985.
   Claims on foreigners reported by U.S. banks in the fourth
quarter rose 29.9 billion dlrs after a 19.3 billion dlr
third-quarter increase.
    U.S. sales of foreign securities rose to 2.7 billion dlrs
from 300 mln dlrs in the third quarter because of a sharp
selloff of foreign stocks and bonds, the department said.
    Outflows for U.S. direct investment abroad fell to 5.7
billion dlrs from eight billion dlrs in the third quarter.
    Foreign direct investment in the United States increased
14.4 billion dlrs in the fourth quarter, compared with 5.6
billion dlrs in the previous quarter, because of stepped-up
acquisitions, the department said.
    Foreign official assets in the United States increased 800
mln dlrs between October and December after rising 15.4 billion
dlrs in the third quarter.
    For the full year 1986, foreign official assets grew 33.4
billion dlrs after a 1985 decrease of 1.9 billion dlrs as
foreign monetary authorities intervened heavily in exchange
markets late in the year as the dollar fell, commerce said.
 Reuter
3;
bodyend
documentend
documentstart
5942
topicstart
topicend
bodystart
2;

HECHINGER 
<
HECHA> DEBT UPGRADED BY MOODY'S


    NEW YORK, March 17 - 
Moody's Investors Service Inc said it
raised to Baa-3 from Ba-1 about 86 mln dlrs of subordinated
debt of Hechinger Co.
    The rating agency cited Hechinger's consistently increasing
profitability and relatively stable financial structure.
Moody's pointed out that the company has minimal levels of
variable rate debt.
    Hechinger is aggressively expanding its stores with a
distribution outlet and 28 outlets planned in the next two
years. Moody's said the company's healthy cash flows, along
with outside financings, will be used to fund this growth.
 Reuter
3;
bodyend
documentend
documentstart
5945
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 120 MLN STG LATE HELP


    LONDON, March 17 - 
The Bank of England said it provided the
money market with late assistance of around 120 mln stg.
    This brings the bank's total help today to some 136 mln stg
and compares with its forecast of a 400 mln stg shortage in the
system.
 REUTER
3;
bodyend
documentend
documentstart
5946
topicstart
acq
topicend
bodystart
2;

MEMORY PROTECTION 
<
MPDI> SEES BOGEN CLOSING


    NEW YORK, March 17 - 
Memory Protection Devices Inc said it
expects to close the previously announced acquisition of the
assets and liabilities of Bogen, a division of 
<
Lear Siegler
Inc>, on April one.
    Memory Protection Devices said it received a senior loan
commitment letter as well as the requisite waiver under the New
Jersey Environmental Control Reclamation Act, both of which are
necessary to complete the acquisition. It declined to provide
further details.
 Reuter
3;
bodyend
documentend
documentstart
5947
topicstart
acq
topicend
bodystart
2;

CANADIAN FOREMOST CONTINUES MACEDON SALE TALKS


    CALGARY, Alberta, March 17 - 
<
Canadian Foremost Ltd>,
earlier reporting lower 1986 net profit, said negotiations are
continuing concerning the previously announced sale of the
company's 49 pct interest in 
<
Macedon Resources Ltd>.
    If concluded, the sale would be refelected in the company's
1987 results, Foremost said without elaborating.
    It also said lower revenues from the last half of 1986 are
expected to continue during 1987, but a strong cash and working
capital position will enable Foremost to go on developing
traditional and new markets. It earlier said 1986 earnings fell
to 1,042,000 dlrs from year-ago 2,510,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5949
topicstart
acq
topicend
bodystart
2;

TEXAS INTERNATIONAL 
<
TEI> COMPLETES RESERVE SALE


    OKLAHOMA CITY, March 17 - 
Texas International Co said it
has completed the previously-announced 120 mln dlr sale of its
domestic oil and natural gas reserves to 
<
Total Compagnie
Francaise des Petroles>.
    It said on closing it used part of the proceeds to retire
all 100 mln dlrs of its U.S. bank and U.S. senior debt and the
rest will be used for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
5950
topicstart
earn
topicend
bodystart
2;

TRANS WORLD MUSIC CORP 
<
TWMC> 4TH QTR JAN 31 NET


    ALBANY, N.Y., March 17 -
    
Shr 70 cts vs 47 cts
    Net 4,185,000 vs 2,433,000
    Sales 52.9 mln vs 35.7 mln
    Avg shrs 6,000,000 vs 5,200,000
    Year
    Shr 1.20 dlrs vs 71 cts
    Net 6,759,000 vs 3,717,000
    Sales 130.4 mln vs 85.3 mln
    Avg shrs 5,622,000 vs 5,200,000
 Reuter
3;
bodyend
documentend
documentstart
5951
topicstart
earn
topicend
bodystart
2;

GRUEN MARKETING 
<
GMC> SEES YEAR NET OFF


    SECAUCUS, N.J., March 17 - 
Gruen Marketing Corp said it
expects to report earnings for the year ended January 31 of 60
to 65 cts per share on about 7,309,000 average shares, down
from 78 cts on 6,545,000 shares a year before.
    It said sales fell about 10 pct from the year-earlier 104.9
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5954
topicstart
trade
topicend
bodystart
2;

DUTCH OFFICIAL WARNS OF MORE TRADE CONFLICTS


    THE HAGUE, March 17 - 
Already strained relations between
the U.S. And the European Community (EC) are likely to get
worse before they get better, director general of the Dutch
Economics Ministry's foreign affairs division Frans Engering
said.
    Speaking at an American Chamber of Commerce lunch in The
Hague, Engering noted the developing history of crises over
steel, citrus and pasta, and warned of more to come.
    "I consider the strident tone of US declarations on Airbus
ill-advised, and the EC fats and oils tax proposal a dangerous
provocation," he said. "I feel that we shall probably have to
deal with quite a few more crises in the foreseeable future."
    Not only is the US Congress clearly very determined to get
the American balance of payments into better shape, but the
risks of brinkmanship are all the greater because the EC has
its own constraints in meeting outside pressure, Engering
noted.
    "If we ask ourselves whether it is perhaps inevitable that
we keep pushing each other to the brink of actual trade war,
then I think the answer is probably yes," he said.
    In order to reduce these tensions, decision-making in the
EC must become less self-centred, and the US Administration
will have to exercise the authority to convince Congress and
pressure groups of the need for accommodation, he added.
 Reuter
3;
bodyend
documentend
documentstart
5955
topicstart
acq
topicend
bodystart
2;

QINTEX AGAIN EXTENDS PRINCEVILLE 
<
PVDC> OFFER


    NEW YORK, March 17 - 
<
Qintex America Ltd> said its offer
for 3.3 mln Princeville Development Corp shares has been
extended to March 19 from March 18.
    As of yesterday, Qintex said, 7,060,197 Princeville shares
had been tendered in response to the offer and not withdrawn,
down from over 7.2 mln on March 10.
    Qintex said it is extending the offer to allow Princeville
shareholders to assess the sale announced last week of
Princeville Airways Inc to Aloha Inc 
<
ALO>, adding a supplement
to the Quintex offer further detailing the agreement with Aloha
will be distributed later today.
 Reuter
3;
bodyend
documentend
documentstart
5957
topicstart
rubber
topicend
bodystart
2;

NEGOTIATORS DRAFT DETAILS OF NEXT RUBBER PACT


    GENEVA, March 17 - 
Rubber producers and consumers, who
agreed last week on the central elements of a new international
natural rubber pact, have started work on the legal drafting of
a future accord, delegates said.
    Compromise on issues blocking an agreement was reached at a
United Nations conference on an accord to replace the current
pact, which expires in October.
    The new International Natural Rubber Agreement (INRA) is
expected to be formally adopted on Friday.
 Reuter
3;
bodyend
documentend
documentstart
5958
topicstart
gold
topicend
bodystart
2;

VICEROY RESOURCE CORP DETAILS GOLD ASSAYS


    Vancouver, British Columbia, March 17 - 
Viceroy Resource
Corp said recent drilling on the Lesley Ann deposit extended
the high-grade mineralization over a width of 600 feet.
    Assays ranged from about 0.35 ounces of gold per short ton
over a 150-foot interval at a depth of 350 to 500 feet to about
1.1 ounces of gold per ton over a 65-foot interval at a depth
of 200 to 410 feet.
 Reuter
3;
bodyend
documentend
documentstart
5960
topicstart
earn
topicend
bodystart
2;

FIRST VALLEY CORP 
<
FIVC> REGULAR DIVIDEND


    BETHLEHEM, Pa., March 17 -
    
Qtly div 21 cts
    Payable April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
5964
topicstart
trade
topicend
bodystart
2;

U.S. TREASURY ANNOUNCES OECD TIED-AID PACT


    WASHINGTON, March 17 - 
U.S. Treasury Secretary James Baker
said an agreement has been reached by members of the
Organization for Economic Cooperation and Development (OECD) to
control the unfair trade practice of using tied aid to promote
trade.
    He said in a statement the agreement culminates the Reagan
administration's effot to negotiate a virtual end to export
credit subsidies.
    The practice of other governments using tied aid or mixed
credits to promote exports has cost the United States lost jobs
and lost exports, the Treasury said.
    The agreement to be implemented in two stages by July, 1988
would ban tied aid credit among industrialized countries and
place limits on permitted aid by developing countries.
    It would also reduce export credits that do not involve aid
and reduce credit subsidies permitted for relatively poor
countries, the Treasury said.
    Baker said the agreement imposes particular sacrifices on
Japan and praised Japan's willingness to accept the pact as a
demonstration of the Japanese government's willingness to take
concrete steps to resolve important trade issues.
 Reuter
3;
bodyend
documentend
documentstart
5965
topicstart
earn
topicend
bodystart
2;

GULF RESOURCES 
<
GRE> SEES 1ST QTR PRETAX PROFIT


    BOSTON, March 17 - 
Gulf Resources and Chemical Corp said
the sale of its stake in 
<
Imperial Continental Gas Association>
will result in a pre-tax profit of about 44.1 mln dlrs or 4.69
dlrs per share, fully duliuted, in the first quarter of 1987.
    Gulf said it sold its remaining stake in Imperial of 
6,631,222 shares and 100,000 units of loan stock for 74.8 mln
dlrs, based on an exchange rate of one pound sterling at 1.58
dlr. As previously reported, it sold 9,534,633 of its Imperial
shares on March nine.
    Gulf said the sale of the Imperial shares were accepted as
part of a recent tender offer made by 
<
Groupe Bruxelles Lambert
S.A.> and 
<
Tractebel S.A.>.
    Under the terms of the offer, Gulf said it is entitled to
receive a supplementary payment if a general offer to acquire
Imperial Continental or its Calor Group or Contibel Holdings
becomes wholly unconditional before Jan 1, 1988 at a price
above the tender off of 710 pence per share.
   
 Reuter
3;
bodyend
documentend
documentstart
5966
topicstart
topicend
bodystart
2;
******
U.S. TREASURY'S BAKER SAYS COMMERCIAL BANK LOANS TO DEVELOPING COUNTRIES TOO SLOW

Blah blah blah.
3;


bodyend
documentend
documentstart
5967
topicstart
earn
topicend
bodystart
2;

STERLING INC 
<
STRL> 4TH QTR JAN 31 NET


    AKRON, Ohio, March 17 -
    
Shr 1.27 dlrs vs not given
    Net 5,097,000 vs 3,164,000
    Sales 48.1 mln vs 31.7 mln
    Year
    Shr 1.42 dlrs vs not given
    Net 5,194,000 vs 3,457,000
    Sales 100.4 mln vs 70.1 mln
    NOTE: Company went public in May 1986.
 Reuter
3;
bodyend
documentend
documentstart
5968
topicstart
earn
topicend
bodystart
2;

AUTOMATIX INC 
<
AITX> 4TH QTR LOSS


    BILLERICA, Mass., March 17 -
    
Shr loss 20 cts vs loss 12 cts
    Net loss 2,195,000 vs loss 1,402,000
    Revs 3,600,000 vs 5,777,000
    Year
    Shr loss 71 cts vs loss 51 cts
    Net loss 7,851,000 vs loss 5,594,000
    Revs 16.7 mln vs 24.8 mln
 Reuter
3;
bodyend
documentend
documentstart
5969
topicstart
earn
topicend
bodystart
2;

IONICS INC 
<
ION> 4TH QTR NET


    WATERTOWN, Mass., March 17 -
    
Shr 11 cts vs 24 cts
    Net 419,000 vs 938,000
    Revs 16.2 mln vs 16.9 mln
    Year
    Shr 25 cts vs 95 cts
    Net 952,000 vs 3,001,000
    Revs 64.6 mln vs 68.8 mln
    Backlog 30.3 mln vs 31.9 mln
    NOTE: 1986 net includes nonrecurring gain 383,000 dlrs in
quarter and charge 175,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
5970
topicstart
topicend
bodystart
2;
******
CITY OF BERGEN LAUNCHES 80 MLN CANADIAN DLR BOND, DUE 1994, AT 101-1/2 WITH 8-5/8 PCT COUPON

Blah blah blah.
3;


bodyend
documentend
documentstart
5971
topicstart
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS GOVERNMENTS SHOULD NOT MANDATE OR GUARANTEE DEBT RELIEF

Blah blah blah.
3;


bodyend
documentend
documentstart
5972
topicstart
grain
topicend
bodystart
2;

SOVIETS SAID TO SEE NEW FLOOR FOR GRAIN OUTPUT


    WASHINGTON, March 17 - 
The intensive technology concept for
grain production has put a new floor under USSR grain
production, the U.S. Agriculture Department's officer in Moscow
said in a field report.
    The report, quoting a broadcast on Radio Moscow, said that
due to intensive technology grain production in a "bad year" will
not fall below 200 mln tonnes, and in a "good year" grain
production could reach 250 mln tonnes.
    The U.S. Agriculture Department currently forecasts this
year's USSR crop at 210.1 mln tonnes, and if realized this
would be the third year since 1975 that the Soviet Union's
grain harvest has exceeded 200.0 mln tonnes.
    The largest crop since 1975 was 237.4 mln tonnes harvested
in 1978, according to USDA data.
 Reuter
3;
bodyend
documentend
documentstart
5973
topicstart
trade
topicend
bodystart
2;

OECD AGREES EXPORT CREDIT REFORMS


    PARIS, March 17 - 
The western industrialised nations have
agreed reforms in rules by which they provide credit for
exports to developing countries, the Organisation for Economic
Cooperation and Development said.
    The reforms tighten the rules for the use of foreign aid to
subsidise export credits in so-called "mixed credits," the OECD
said.
    The agreement, to be implemented in two stages in July this
year and July 1988, means the minimum aid component in mixed
credits will be raised to 35 pct from 25 pct, and to 50 pct for
credits covering exports to the world's least developed
nations.
    Additionally, a new formula will be used for calculating
the aid element in mixed credits, to take account of different
interest rates in the exporting countries, the 24-nation OECD,
which hosted the reform negotiations, said.
    Minimum interest rates for officially subsidised trade
loans have also been revised with the aim of cutting the
subsidies, and ending them completely on loans to relatively
rich developing countries by July next year.
    The reforms follow several years of pressure by the U.S. To
stop competitors, notably France and Japan, using foreign aid
to subsidise exports, putting U.S. Firms at a disadvantage.
    OECD officials said the agreement was based on a
provisional accord reached in January subject to ratification
by member governments. Some governments, including Austria, had
linked their final approval to other trade credit issues which
would be discussed at a meeting here in mid-April, they added.
    By raising the minimum amount of aid required in mixed
credits the agreement aims to make such hidden subsidies too
costly for frequent use.
    "A major loophole in the General Agreement on Tariffs and
Trade has been closed today," a senior U.S. Official here
commented.
 REUTER
3;
bodyend
documentend
documentstart
5974
topicstart
acq
topicend
bodystart
2;

TM COMMUNICATIONS 
<
TMCI> COMPLETES PURCHASE


    DALLAS, March 17 - 
TM Communications Inc said it has
completed the acquisition of radio station KNSS-FM of Reno,
Nev., for about 2,500,000 dlrs in cash.
 Reuter
3;
bodyend
documentend
documentstart
5975
topicstart
acq
topicend
bodystart
2;

PEOPLES HERITAGE 
<
PHBK> TO MAKE ACQUISITION


    PORTLAND, Maine, March 17 - 
Peoples Heritage Bank said it
has agreed to purchase Northeast Leasing Co Inc, a Portland,
Maine lessor of office equipment, for about 43,000 common
shares.
    It said Norhteast had year-end receivables of 2,700,000
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
5976
topicstart
earn
topicend
bodystart
2;

CODENOLL TECHNOLOGY CORP 
<
CODN> 4TH QTR LOSS


    YONKERS, N.Y., March 17 -
    
Shr loss 12 cts vs loss 17 cts
    Net loss 484,556 vs loss 620,607
    Sales 2,167,631 vs 1,062,837
    Avg shrs 3,985,924 vs 3,935,969
    Year
    Shr loss 62 cts vs loss 52 cts
    Net loss 2,468,605 vs loss 1,788,406
    Sales 6,603,285 vs 4,650,585
    Avg shrs 3,983,692 vs 3,446,348
 Reuter
3;
bodyend
documentend
documentstart
5977
topicstart
acq
topicend
bodystart
2;

OWENS-CORNING 
<
OCF> COMPLETES SALE OF PLANTS


    TOLEDO, Ohio, March 17 - 
Owens-Corning Fiberglas Corp said
it has completed the previously-announced sale of its three
foam products plants to Atlas Roofing Corp for undisclosed
terms.
    The sale is part of its restructuring, the company said.
 Reuter
3;
bodyend
documentend
documentstart
5978
topicstart
topicend
bodystart
2;

U.S. TREASURY'S BAKER SAYS BANK LOANS TOO SLOW


    WASHINGTON, March 17 - 
Treasury Secretary James Baker,
while defending the progress of his 1985 debt initiative,
conceded that lending by commercial banks to developing
countries has not gone as fast as the administration would have
liked.
    In testimony before a House Appropriations subcommittee,
Baker said, however, "I think it is wrong to say that
(commercial bank lending) has not occured in a meaningful way."
    He added though that it has not "materialized as fast as we
would have liked."
    The Treasury secretary also said that it would be
politically wrong for the United States or other countries to
guarantee loans made by commercial banks to the developing
country debtors because that would be "rightly perceived as a
bank bailout."
    Baker also said that it would be impractical for
governments to mandate bank lending to the third world since
this would have the eventual impact of turning commercial banks
away from making all loans to the region.
 Reuter
3;
bodyend
documentend
documentstart
5980
topicstart
gnp
topicend
bodystart
2;
******
 U.K. Chancellor forecast in budget speech GDP growth of 3.0 pct in 1987

Blah blah blah.
3;


bodyend
documentend
documentstart
5981
topicstart
bop
trade
topicend
bodystart
2;
******
LAWSON FORECASTS 2.5 BILLION STG U.K. CURRENT ACCOUNT DEFICIT IN 1987

Blah blah blah.
3;


bodyend
documentend
documentstart
5982
topicstart
earn
topicend
bodystart
2;
******
CAMPBELL RESOURCES INC 2ND QTR SHR PROFIT THREE CTS VS LOSS 10 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
5984
topicstart
earn
topicend
bodystart
2;

GENETIC LABORATORIES INC 
<
GENL> 2ND QTR LOSS


    ST. PAUL, March 17 - 
Period ended Jan 31
    Net loss 89,255 vs loss 277,536
    Sales 913,136 vs 854,194
    Six mths
    Net profit 481,372 vs loss 555,722
    Sales 1,845,532 vs 1,754,076
 Reuter
3;
bodyend
documentend
documentstart
5985
topicstart
gnp
topicend
bodystart
2;

U.K. BUDGET SEES 1987 GDP GROWTH AT THREE PCT


    LONDON, March 17 - 
Chancellor of the Exchequer Nigel
Lawson, presenting his budget for fiscal 1987/88 to Parliament,
said U.K. Economic growth was forecast at three pct in calendar
1987.
    He said the Treasury expected a current account balance of
payments deficit in 1987 of 2.5 billion stg, after a 1.1
billion shortfall in 1986.
    Inflation is expected to be 4.0 pct at the end of this
year, Lawson said.
    "As I forecast in the Autumn Statement, inflation may
continue to edge up for a time, perhaps exceeding 4.5 pct by
the summer, before falling back to 4.0 pct by the end of the
year," he added.
    Turning to the Public Sector Borrowing Requirement (PSBR),
Lawson said the likely outturn for fiscal 1986/87 was 4.0
billion stg, or 1.0 pct of GDP.
    The planned PSBR for 1987/88 was set at 4.0 billion stg.
    On monetary policy, Lawson confirmed the target range for
the narrow M0 measure would be two to six pct in fiscal
1987/88.
    No explicit target was set for the broad sterling M3
aggregate, he said. "But broad money will continue to be taken
into account in assessing monetary conditions, as of course
will the exchange rate," the Chancellor told Parliament.
    Lawson said the low outturn of the PSBR in 1986/87 "is
chiefly attributable to the remarkable buoyancy of non-oil tax
revenues in general, and the corporation tax paid by an
increasingly profitable business sector in particular."
    On oil prices, Lawson said he was sticking to his earlier
assumption that North Sea crude prices will average 15 dlrs per
barrel in calendar 1987.
    He said "it is clear that the increased flow of non-oil tax
revenues, coupled with the prospective further growth of the
economy in excess of the growth of public expenditure, puts the
public finances in a very strong position."
    Lawson said the Treasury would strive to keep the PSBR at
1.0 pct of GDP in future.
    "We have reached what I judge to be the (Medium Term
Financial Strategy's) appropriate destination - a PSBR of 1.0
pct of GDP. My aim will be to keep it there over the years
ahead," Lawson said.
    "Inevitably, this greatly diminishes the scope I have this
year for reducing the burden of taxation, which of course
remains a major objective of government policy."
    "But I am sure it is right to err on the side of prudence
and caution, and to build a still firmer base for the future."
    Lawson said the time had come to strike the Exchange
Control Act from the Statute book.
    On corporation tax, he said the rate will remain unchanged
at 35 pct in 1987/88. But companies' capital gains will be
charged at the "appropriate corporation tax rate."
    He said that under the new proposed system, companies
should be able to set Advanced Capital Tax (ACT) payments
against tax on capital gains.
    "Taken together, these changes should yield 60 mln stg in
1988/89," Lawson said.
    Lawson said he will propose that all companies and building
societies be treated the same way on payment of corporation
tax, "with all liable to pay corporation tax nine months after
the end of the accounting period on which the tax is due."
    "I also propose to legislate now to pave the way for a new
method of collecting corporation tax, to be known as Pay and
File."
    This would be part of a wider programme of streamlining tax
collection, and would not come into force until the early
1990s.
    Lawson said he planned two reliefs on Petroleum Revenue Tax
(PRT). As from today, companies may elect to have up to 10 pct
of the costs of developing certain new fields set against their
(PRT) liabilities in existing fields, until the income of those
new fields exceeds the costs incurred.
    Second, there will be a new relief against PRT for spending
on research into U.K. Oil extraction that is not related to any
particular field.
    On business employment, Lawson said employers will receive
tax relief for retraining workers.
    Lawson said that in future, traders registered for Value
Added Tax (VAT) would be able to choose to account for the tax
on the basis of cash paid and received.
    Small businesses may account for VAT annually instead of
quarterly. The VAT compulsory registration period was being
extended to 30 days, he added, and VAT registration thresholds
are to be raised to 21,300 stg.
    New measures are planned to combat VAT avoidance, he added.
    The capital gains tax retirement relief limit would now be
set at 125,000 stg.
    Lawson said he proposed to change the law so that companies
in multinational groups with dual residence will no longer be
able to secure tax relief twice on the same interest payment.
The change will take effect on April 1, 1987, but "genuine
trading companies" will not be affected.
    He also planned to end the present treatment of tax credit
relief for foreign withholding tax paid on interest on bank
loans, also from April 1.
    "In future, banks will be able to offset this tax credit
only against tax on the profit on the relevant loan," he said.
    The standard rate of taxation is being reduced by two
pence, to 27 pct from 29 pct.
    Lawson reiterated the government's aim of reducing basic
taxation to 25 pence in the pound, but added "given my decision
to use the greater part of the fiscal scope I now have to
reduce the PSBR, that goal cannot be achieved in this budget."
    Small companies' corporation tax is also being reduced to
27 pct, he said.
    On the Lloyd's insurance market, Lawson said he planned to
change the tax treatment of Lloyd's syndicates, bringing it
into line with that of provisions for outstanding liabilities
made by ordinary insurance companies and of comparable
provisions made by financial traders.
    The Inland Revenue would be told to consult urgently with
Lloyd's about the details of the legislation, he said.
    "The new rules will first apply to premiums payable for the
Lloyd's account which closes on December 31 this year," Lawson
said.
 MORE
3;
bodyend
documentend
documentstart
5986
topicstart
acq
topicend
bodystart
2;

ROYAL RESOURCES 
<
RRCO> MAKES ACQUISITION


    DENVER, March 17 - 
Royal Resources Corp said it has
exercised its optioon to purchase Montagu Mining Investments
Inc from 
<
Samuel Montagu Ltd> of London for 3,600,000 dlrs in
cash and 200,000 common shares.
    The company said Montagu's main asset is a 10 pct interest
in the Hog Ranch Joint Venture, which operates the open cut
heap leach Hog Ranch gold mine in Washoe County, Nev.  The mine
now produces gold at over 50,000 ounces a year.
    It said after nine months following closing, Montagu may
require Royal to register the 200,000 shares for sale.         
    Royal said from six months after closing until one year
after, Montagu also has the right to require Royal to
repurchase any or all of the 200,000 shares at 4.50 dlrs each.
 Reuter
3;
bodyend
documentend
documentstart
5988
topicstart
topicend
bodystart
2;

WAXMAN 
<
WAXM> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 17 - 
Waxman Industries Inc is raising 25
mln dlrs through an offering of convertible subordinated
debentures due 2007 with a 6-1/4 pct coupon and par pricing,
said sole underwriter Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 14.375 dlrs per share, representing a premium of 25
pct over the stock price when terms on the debt were set.
    Moody's Investors Service Inc rates the debentures B-2.
Proceeds will be used to repay short and long-term
indebtedness.
 Reuter
3;
bodyend
documentend
documentstart
5990
topicstart
topicend
bodystart
2;

CITY OF BERGEN LAUNCHES 80 MLN CANADIAN DLR BOND


    LONDON, March 17 - 
City of Bergen, Norway, is issuing an 80
mln Canadian dlr eurobond, due April 13, 1994, priced at
101-1/2 with an 8-5/8 pct coupon, lead manager Bank of Tokyo
International Ltd said.
    The issue will be sold in denominations of 5,000 dlrs and
listed in Luxembourg. Fees are 1-1/4 pct for selling and 5/8
pct for management and underwriting combined. Payment date is
April 13, 1987. There will be two co-lead managers.
 REUTER
3;
bodyend
documentend
documentstart
5991
topicstart
earn
topicend
bodystart
2;

CAMPBELL RESOURCES INC 
<
CCH> 2ND QTR DEC 31 NET


    TORONTO, March 17 -
    
Shr profit three cts vs loss 10 cts
    Net profit 765,000 vs loss 2,600,000
    Revs 9,259,000 vs 14,479,000
    SIX MTHS
    Shr profit three cts vs loss 11 cts
    Net profit 875,000 vs loss 2,303,000
    Revs 17.7 mln vs 29.2 mln
    Note: Campbell changing its yr-end to Dec 31 from June 30.
 Reuter
3;
bodyend
documentend
documentstart
5993
topicstart
earn
topicend
bodystart
2;

AMERTEK INC 
<
ATEKF> YEAR NET


    WOODSTOCK, Ontario, March 17 -
    
Oper shr 15 cts vs eight cts
    Oper net 517,333 vs 276,240
    Revs 22.4 mln vs 14.0 mln
    Note: 1986 shr and net exclude extraordinary gain of
1,333,760 dlrs or 40 cts share. 1985 shr and net exclude
extraordinary gain of 294,859 dlrs or 10 cts share
 Reuter
3;
bodyend
documentend
documentstart
5994
topicstart
earn
topicend
bodystart
2;

SYSTEMATICS INC 
<
SYST> 3RD QTR FEB 28 NET


    LITTLE ROCK, Ark., March 17 -
    
Shr 33 cts vs 27 cts
    Net 3,588,000 vs 2,981,000
    Revs 37.8 mln vs 31.6 mln
    Nine mths
    Shr 72 cts vs 76 cts
    Net 7,843,000 vs 8,344,000
    Revs 103.3 mln vs 90.8 mln
 Reuter
3;
bodyend
documentend
documentstart
5998
topicstart
money-fx
topicend
bodystart
2;

FED MAY SUPPLY RESERVES IN THE MONEY MARKETS


    NEW YORK, March 17 - 
There is a slightly better than even
chance that the Federal Reserve will enter the U.S. Government
securities market to add temporary reserves, economists said.
    They said the Fed would supply the reserves indirectly via
around 1.5 billion dlrs of customer repurchase agreements.
    Federal funds, which averaged 6.25 pct yesterday, opened at
6-1/16 pct and moved in a narrow range between there and six
pct in early trading.
 Reuter
3;
bodyend
documentend
documentstart
6000
topicstart
housing
topicend
bodystart
2;

BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH


    WASHINGTON, March 17 - 
Commerce Secretary Malcolm Baldrige
predicted 1987 will be the fifth successive year for growth in
housing starts after a 2.6 pct rise overall in February starts
to a seasonally adjusted annual rate of 1.851 mln units.
    "This year should be the fifth solid year in a row for
homebuilding activity -- with single-family units stronger than
multi-family units," he said in a statement.
    Single-family starts rose last month from January levels by
5.6 pct to 1.317 mln units on a seasonally adjusted basis while
multi-family unit starts fell 4.1 pct to 534,000 units, the
department said.
 Reuter
3;
bodyend
documentend
documentstart
6001
topicstart
topicend
bodystart
2;

VALERO ENERGY 
<
VLO> DEBT UPGRADED BY MOODY'S


    NEW YORK, March 17 - 
Moody's Investors Service Inc said it
upgraded Valero Energy Corp's 120 mln dlrs of debt.
    Moody's cited an improved leverage position that will
result from Valero's sale of its Valero Natural Gas subsidiary
to Valero Natural Gas Partners L.P., the partial sale of units
of that partnership to the public, and the simultaneous sale of
first mortgage bonds to institutional investors.
    Raised were Valero-backed tax-exempt economic development
revenue bonds of Vincennes, Ind, to Baa-3 from B-1, Valero's
subordinated debt to Ba-1 from B-2 and depository preferred
stock to Ba-1 from B-2. 
 Reuter
3;
bodyend
documentend
documentstart
6003
topicstart
acq
topicend
bodystart
2;

IRVING TRUST 
<
V> BUYS GULF/WESTERN 
<
GW> UNIT


    NEW YORK, March 17 - 
Irving Bank Corp said it bought the
factoring division of Associates Commercial Corp, a unit of
Gulf and Western Co Inc's Associates Corp of North America.
    The terms of the previously announced deal were not
disclosed.
    It said the assets were transferred to Irving Commercial
Corp.

 Reuter
3;
bodyend
documentend
documentstart
6005
topicstart
earn
topicend
bodystart
2;

AMRE INC 
<
AMRE> 3RD QTR JAN 31 NET


    DALLAS, MArch 17 -
    
Shr five cts vs one ct
    Net 196,986 vs 37,966
    Revs 15.5 mln vs 8,900,000
    Nine mths
    Shr 52 cts vs 22 cts
    Net two mln vs 874,000
    Revs 53.7 mln vs 28.6 mln
 Reuter
3;
bodyend
documentend
documentstart
6006
topicstart
grain
wheat
topicend
bodystart
2;

KANSAS LEGISLATOR TO OFFER U.S. 0/92 BILL TODAY


    WASHINGTON, March 17 - 
U.S. Rep. Dan Glickman, D-Kan.,
chairman of the House Agriculture subcommittee on wheat,
soybeans and feedgrains, said he would today introduce a bill
to apply the so-called 0/92 concept to wheat and feedgrains
producers.
    Glickman told Reuters the measure would allow 1987 winter
wheat producers and 1988 feedgrains producers the possibility
of receiving no less than 92 pct of their income support
payments regardless of how much acreage they planted.
    He also said his bill would protect program participants
from reduced income payments in the event market prices rose
above the loan rate.
 Reuter
3;
bodyend
documentend
documentstart
6007
topicstart
topicend
bodystart
2;

C. ITOH FINANCE (EUROPE) ISSUES EUROBOND


    LONDON, March 17 - 
C. Itoh Finance (Europe) Ltd is issuing
a 30 mln dlr deferred coupon eurobond, due March 30, 1992 and
priced at 100.1 pct, Wako International (Europe) Ltd said as
lead manager.
    From the third year the bonds will pay interest at a rate
of four pct over six month London interbank borrowed rate
(Libor). They will be issued in denominations of 50,000 dlrs
and will be listed in Luxembourg. Fees of 0.1 pct comprise two
basis points for management and underwriting and eight points
for selling.
    Co-leads are Mitsui Trust International and Pru-Bache
Securities International. Pay date is March 30.
    The transaction is guaranteed by C. Itoh and Co (Hong Kong)
Ltd, Wako International said.
 REUTER
3;
bodyend
documentend
documentstart
6010
topicstart
earn
topicend
bodystart
2;

PORTA SYSTEMS CORP 
<
PSI> 4TH QTR JAN 31 NET


    SYOSSET, N.Y., March 17 -
    
Shr 10 cts vs 11 cts
    Net 547,000 vs 579,000
    Sales 11.0 mln vs 11.1 mln
    Year
    Shr 46 cts vs 52 cts
    Net 2,500,000 vs 2,841,000
    Sales 40.7 mln vs 40.5 mln
 Reuter
3;
bodyend
documentend
documentstart
6013
topicstart
earn
topicend
bodystart
2;
******
FEDERATED DEPARTMENT STORES INC 4TH QTR SHR 3.64 DLRS VS 3.16 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
6014
topicstart
earn
topicend
bodystart
2;

<
WARNACO GROUP INC> EIGHT MTHS JAN THREE NET


    NEW YORK, March 17 -
    
Oper net 46.6 mln
    Revs 392 mln
    12 mths
    Oper net 65 mln vs 47.1 mln
    Revs 590 mln vs 591 mln
    NOTE: Eight months represents earnings following
acquisition in May 1986 when company went private.
    Period ending Jan. 3, 1987 excludes 42.3 mln dlrs of
interest expenses, 41.6 mln dlrs of acquisition adjusments, and
1.7 mln dlrs of income taxes.
 Reuter
3;
bodyend
documentend
documentstart
6015
topicstart
topicend
bodystart
2;

BANK OF IRELAND LAUNCHES U.S. PAPER PROGRAM


    LONDON, March 17 - 
Bank of Ireland said it launched in the
U.S. Market a commercial paper program for up to 200 mln dlrs,
becoming the first Irish issuer of paper in that market.
    It said the first tranche of an undisclosed amount was sold
today through Goldman Sachs and Co Inc and that the paper last
week had received the top A-1/P-1 rating of Standard and Poor's
Corp and Moody's Investors Service Inc, respectively.
    In a statement, the Bank of Ireland noted that the U.S.
Paper market will provide it with a new source of funding.
 REUTER
3;
bodyend
documentend
documentstart
6017
topicstart
earn
topicend
bodystart
2;

GANTOS INC 
<
GTOS> 4TH QTR JAN 31 NET


    GRAND RAPIDS, MICH., March 17 -
    
Shr 43 cts vs 37 cts
    Net 2,276,000 vs 1,674,000
    Sales 31.9 mln vs 23.9 mln
    Avg shrs 5.3 mln vs 4.5 mln
    Year
    Shr 90 cts vs 69 cts
    Net 4,508,000 vs 3,096,000
    Sales 98.4 mln vs 75.0 mln
    Avg shrs 5.0 mln vs 4.5 mln
 Reuter
3;
bodyend
documentend
documentstart
6018
topicstart
earn
topicend
bodystart
2;

<
ATLANTIC EXPRESS INC> 1ST HALF DEC 31 NET


    NEW YORK, March 17 -
    
Shr not given
    Net 788,099
    Revs 15.5 mln
    NOTE: Company went public during 1986.
 Reuter
3;
bodyend
documentend
documentstart
6019
topicstart
topicend
bodystart
2;

RABOBANK LAUNCHES 250 MLN GUILDER BULLET


    UTRECHT, Netherlands, March 17 - 
Rabobank Nederland B.A.
Said it is launching under its own management a 250 mln guilder
eight-year bullet bond with a 6-3/4 pct coupon and priced at
par.
    No early redemption is permitted on the bond which will be
paid back in full on April 15, 1995.
    Denominations are in 1,000 and five times 1,000 guilders.
Subscription closes March 23, payment is April 15. Listing will
be on the Amsterdam Stock Exchange.
 REUTER
3;
bodyend
documentend
documentstart
6020
topicstart
acq
topicend
bodystart
2;

SPENDTHRIFT FARMS 
<
SFI> GETS BID FOR CONTROL


    LEXINGTON, Ky., March 17 - 
Spendthrift Farm Inc said it has
received three tentative proposals to acquyire control of the
company.
    It said it is evaluating the proposals and will not comment
further unless a definitive agreement is reached.
 Reuter
3;
bodyend
documentend
documentstart
6023
topicstart
crude
topicend
bodystart
2;

SHEARSON LEHMAN UPGRADES U.S. OIL STOCKS


    NEW YORK, March 17 - 
Analyst Sanford Margoshes of Shearson
Lehman Brothers said he recommended a number of oil stocks
today now that it is apparent that OPEC has succeeded in
holding to its prescribed production quotas.
    "It is clear that OPEC, through jawboning and quota
restraint, will boost the price of oil," Margoshes said.
    Prices of oil stocks rose sharply today in response to
higher oil prices and optimism about OPEC quotas. Margoshes
said he recommends Imperial Oil 
<
IMO.A>, up 1/2 to 49-1/8,
Standard Oil Co 
<
SRD>, 7/8 to 62-3/4, Exxon 
<
XON> one to
83-1/8, and Chevron 
<
CHV> 1-1/8 to 54-7/8.
    In addition, Margoshes said he recommended Atlantic
Richfield 
<
ARC> on a short-term basis, though he said he is
still suspect about its debt situation. Atlantic Richfield rose
1-3/4 to 77.
    He said "the market could come down to test the 16 dlr a
barrel level again, but the main thrust of investing in oil is
positive right now. Before the year is out we will see higher
oil prices."
    He noted that belief that the government is interested in
raising the strategic reserves is factored into the rise in oil
stocks today.
 Reuter
3;
bodyend
documentend
documentstart
6025
topicstart
copper
topicend
bodystart
2;

ZAMBIAN MINISTER CONFIRMS COPPER DIVERSION


    LUSAKA, March 17 - 
Minister of Mines Patrick Chitambala
confirmed that Zambia had ended copper shipments through South
Africa and announced that its state-run mining company had
closed down its liaison office in the white-ruled republic.
    He told the official Times of Zambia newspaper in an
interview the government was diverting all mineral exports
along rail routes to Dar es Salaam in Tanzania and Beira in
Mozambique. Chitambala declined to say what volume of copper
and other minerals were being shipped through these two ports,
but he said there had not been any problem with the new
arrangements.
    "So far our copper has been reaching its destinations
without hindrance," he told the Times.
    The Times of Zambia quoted unnamed sources as saying Zambia
exported 100,000 tonnes of copper through Dar es Salaam and
17,000 through Beira in the last quarter of 1986. Diplomatic
sources in Lusaka had earlier expressed doubts over Zambia's
ability to ship all its copper through Beira and Dar es Salaam
without causing massive bottlenecks at the ports.
    Chitambala also said that the state-run Zambia Consolidated
Copper Mines (ZCCM) had closed its liaison office in
Johannesburg, since it was now redundant.
 Reuter
3;
bodyend
documentend
documentstart
6026
topicstart
acq
topicend
bodystart
2;
******
TAFT CHAIRMAN'S GROUP RAISES TAFT BROADCASTING BID TO 150 DLRS/SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
6027
topicstart
acq
topicend
bodystart
2;

DEVELOPMENT CORP OF AMERICA 
<
DCA> MERGED


    HOLLYWOOD, Fla., March 17 - 
Development Corp of America
said its merger with Lennar Corp 
<
LEN> was completed and its
stock no longer existed.
    Development Corp of America, whose board approved the
acquisition last November for 90 mln dlrs, said the merger was
effective today and its stock now represents the right to
receive 15 dlrs a share.
    The American Stock Exchange said it would provide further
details later.
 Reuter
3;
bodyend
documentend
documentstart
6028
topicstart
topicend
bodystart
2;

TREASURY'S BAKER CALLS FOR NEW BRAZIL PLAN


    WASHINGTON, March 17 - 
Treasury Secretary James Baker said
that Brazil should come up with a new economic plan if it hopes
to get additional assistance from commercial banks and others.
    In testimony before a House appropriations subcommittee,
Baker said that he had given that message to Brazilian
officials earlier this month when they met for talks in
Washington.
    He said that the so-called Cruzado Plan had worked for a
while, but that new efforts by the government are now required.
    Baker made it clear that he backed the decision by the
Paris Club official creditors to reschedule loans to Brazil,
even though the country later froze its payments to commercial
bank creditors.
    He said that the official loans are being serviced and that
this was a result of the rescheduling.
 Reuter
3;
bodyend
documentend
documentstart
6030
topicstart
acq
topicend
bodystart
2;

TEVA 
<
TEVIY> SELLS PROMEDICO SUBSIDIARY


    NEW YORK, March 17 - 
Teva Pharmaceutical Industries Ltd,
based in Israel, said it sold its wholly owned Promedico
subsidiary, to foreign investors for four mln dlrs.
    It said the book value of the unit is about 2.2 mln dlrs.
    Teva said it will continue to market Promedico's products
through its wholly owned subsidiary, Salomon, Levin and Elstein
Ltd.
   
 Reuter
3;
bodyend
documentend
documentstart
6033
topicstart
earn
topicend
bodystart
2;

NEW MILFORD SAVINGS BANK 
<
NMSB> RAISES PAYOUT


    NEW MILFORD, Conn., March 17 -
    
Qtly div 25 cts vs 20 cts prior
    Pay April 21
    Reord March 27
 Reuter
3;
bodyend
documentend
documentstart
6034
topicstart
acq
topicend
bodystart
2;

K MART 
<
KM> ENDS TALKS TO SELL STORES


    CHICAGO, March 17 - 
K Mart Corp said recent talks to sell
65 remaining Kresge variety stores and their underlying real
estate to F.W. Woolworth Co 
<
Z> have ended.
    Robert Stevenson, K Mart vice president, told Reuters the
talks, which began about six weeks ago, ended. He declined to
give a reason.
    Kresge is the forerunner of what is now the K Mart chain.
The name was changed to K Mart in 1977, Stevenson said.
    "We're selling and buying real estate in our real estate
division, and Woolworth was interested in some of our
properties. The talks were of a casual nature," he said.
    The 65 Kresge stores that are scattered around the country
in downtown and suburban locations, he said.
    Stevenson said K Mart will continue to operate the stores.
"The stores are profitable. The only decision K Mart has made
is that we will continue to operate them," he said
    Kresge had been a nationwide chain of 900 variety stores.
 Reuter
3;
bodyend
documentend
documentstart
6035
topicstart
earn
topicend
bodystart
2;

INSTITUTE OF CLINICAL PHARM PLC 
<
ICPYY> YEAR


    NEW YORK, March 17 -
    
Shr 20 ct vs 27 cts
    Net 1,048,000 vs 1,368,000
    Revs 9,457,000 vs 5,386,000
    NOTE: Dollar amounts converted from Irish pounds at noon
buying rate of the Federal Reserve Bank of New York at Dec 31,
1986, of 1.4105 dlr per one Irish pound. The equivalent rate at
Dec 31, 1985, was 1.2470 dlr equals one Irsh pound. Full name
of company is The Institute of Clinical Pharmacology PLC, based
in Dulbin, Ireland.
 Reuter
3;
bodyend
documentend
documentstart
6037
topicstart
gnp
bop
topicend
bodystart
2;

U.K. GROWTH RATE SEEN AT THREE PCT THIS YEAR


    LONDON, March 17 - 
Chancellor of the Exchequer Nigel
Lawson, presenting his budget for fiscal 1987/88 to parliament,
said U.K. Economic growth was forecast at three pct in calendar
1987.
    He said the Treasury expected a current account balance of
payments deficit in 1987 of 2.5 billion stg, after a 1.1
billion shortfall in 1986. Inflation is expected to be 4.0 pct
at the end of 1987, he said, adding it may exceed 4.5 pct by
the summer before falling back to 4.0 pct by the end of the
year.
    The planned PSBR for 1987/88 was 4.0 billion stg unchanged
when compared with the likely outturn for fiscal 1986/87,
Lawson said.
    Although no explicit target was set for the broad sterling
M3 money supply, Lawson said broad money will continue to be
taken into account in assessing monetary conditions as well as
the exchange rate.
    The low outturn of the PSBR in 1986/87 was mainly due to
the buoyancy of non-oil tax revenues in general, and the
corporation tax paid by an increasingly profitable business
sector in particular.
    On oil prices, Lawson said he was sticking to his earlier
assumption that North Sea crude prices will average 15 dlrs per
barrel in calendar 1987. The treasury would strive to keep the
PSBR at 1.0 pct of GDP in future, he said.
 Reuter
3;
bodyend
documentend
documentstart
6041
topicstart
earn
topicend
bodystart
2;

ICN BIOMEDICALS INC 
<
BIMD> 1ST QTR FEB 28 NET


    COSTA MESA, Calif., March 17 -
    
Shr 10 cts vs eight cts
    Net 856,000 vs 574,000
    Sales 9,593,000 vs 9,232,000
    Avg shrs 8,809,000 vs 6,969,000
 Reuter
3;
bodyend
documentend
documentstart
6042
topicstart
earn
topicend
bodystart
2;

APPLIED CIRCUIT TECHNOLOGY 
<
ACRT> 1ST QTR LOSS


    ANAHEIM, Calif., March 17 - 
Period ended January 31.
    Shr loss two cts vs loss 12 cts
    Net loss 192,370 vs loss 1,494,146
    Revs 6,751,830 vs 2,278,842
    Note: Full name Applied Circuit Technology Inc.
 Reuter
3;
bodyend
documentend
documentstart
6043
topicstart
earn
topicend
bodystart
2;

FRISCH'S RESTAURANTS INC 
<
FRS> SETS QUARTERLY


    CINCINNATI, March 17 -
    
Qtly div 5-1/2 cts vs 5-1/2 cts prior
    Pay April 16
    Record April Six
 Reuter
3;
bodyend
documentend
documentstart
6044
topicstart
money-fx
interest
topicend
bodystart
2;
******
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
6046
topicstart
money-fx
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 17 - 
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-1/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
6047
topicstart
earn
topicend
bodystart
2;

FEDERATED DEPARTMENT STORES INC 
<
FDS> 4TH QTR


    CINCINNATI, March 17 - 
Jan 31 end
    Shr 3.64 dlrs vs 3.16 dlrs
    Net 171.3 mln vs 154.0 mln
    Sales 3.44 billion vs 3.23 billion
    Avg shrs 47.1 mln vs 48.8 mln
    Year
    Oper shr 6.23 dlrs vs 5.88 dlrs
    Oper net 301.9 mln vs 286.6 mln
    Sales 10.51 billion vs 9.98 billion
    Avg shrs 48.5 mln vs 48.8 mln
    NOTE: Latest year net excludes 14.3 mln dlr charge from
loss on early debt extinguishment.
    Net includes charges 15.7 mln dlrs in both periods of
latest year vs charges 23.9 mln dlrs in both periods of earlier
year from merger of divisions.
    Investment tax credits three mln dlrs vs 8,900,000 dlrs in
quarter and 4,900,000 dlrs vs 16.4 mln dlrs in year.
    Latest year net includes nine mln dlr provision for loss on
disposition of two Abraham and Strauss stores and preopening
expenses for another.
    Latest year net includes gain from sale of interest in Fort
Worth, Texas, shopping center of 9,500,000 dlrs.
    Latest year net both periods includes gain 9,100,000 dlrs
from sale of interest in Memphis, Tenn., shopping center.
    Prior year net includes gain 6,600,000 dlrs on sale of
Boston Store division.
 Reuter
3;
bodyend
documentend
documentstart
6048
topicstart
earn
topicend
bodystart
2;

CLOTHESTIME INC 
<
CTME> 4TH QTR NET


    ANAHEIM, Calif., March 17 -
    
Shr 12 cts vs 10 cts
    Net 1,683,000 vs 1,407,000
    Sales 42.2 mln vs 28.8 mln
    Year
    Shr 83 cts vs 70 cts
    Net 11,908,000 vs 10,005,000
    sales 160.3 mln vs 126.5 mln
 Reuter
3;
bodyend
documentend
documentstart
6051
topicstart
earn
topicend
bodystart
2;

VIDEO LIBRARY INC 
<
VLVL> 4TH QTR LOSS


    SAN DIEGO, Calif.,March 17 -
    
Shr loss two cts vs profit three cts
    Net loss 59,299 vs profit 88,843
    Revs 3,487,693 vs 2,123,488
    Year
    Shr profit 25 cts vs loss two cts
    Net profit 816,395 vs loss 44,541
    Revs 12.2 mln vs 7,413,328
    Avg shrs 3,208,472 vs 2,348,559
 Reuter
3;
bodyend
documentend
documentstart
6053
topicstart
topicend
bodystart
2;

BANKAMERICA 
<
BAC> MAY RECLASSIFY BRAZIL LOANS


    WASHINGTON, March 17 - 
BankAmerica Corp may place its
long-term loans to Brazil on nonaccrual status if Brazil
continues to defer interest payments on the loans, the bank
holding company said in a filing with the Securities and
Exchange Commission.
    BankAmerica said its outstanding loans to Brazil currently
total about 2.7 billion dlrs, including about 1.5 billion dlrs
in long-term loans and 1.2 billion dlrs in short-term loans.
    The Brazilian government announced in February its
intention to stop paying interest temporarily on its long-term
public and private sector commercial bank debt.
    "Continued deferral of interest payment on these obligations
could result in the loans being placed on nonaccrual status,"
the banking firm said.
    BankAmerica said its outstanding loans to Mexico currently
total about 2.5 billion dlrs, of which about 215 mln dlrs of
loans have been reported as either nonaccrual or past due 90
days or more.
    Outstanding loans to Venezuela currently total about 1.3
billion dlrs, of which 241 mln dlrs of loans have been reported
as either nonaccrual or past due 90 days or more, it said.
 Reuter
3;
bodyend
documentend
documentstart
6054
topicstart
earn
topicend
bodystart
2;

CHEMIE LINZ EXPECTS SHARPLY HIGHER 1986 LOSS


    LINZ, Austria, March 17 - 
State-owned 
<
Chemie Linz AG> is
likely to record a 1986 loss of some 600 mln schillings
compared with a 340 mln loss in 1985, a company spokesman said.
    Falling sales and lower world prices of fertilisers were
largely responsible for the sharp increase, along with the
effects of the dollar's fall which has helped to give U.S.
Fibre producers a competitive edge, he told Reuters.
    The firm would have made a small profit in 1985 had it not
been for 456 mln schillings lost by subsidiary 
<
Merx
HandelsgesmbH> on oil trading. Merx has since withdrawn from
the oil market. The firm will announce 1986 results in July.
 Reuter
3;
bodyend
documentend
documentstart
6055
topicstart
earn
topicend
bodystart
2;

<
CABRE EXPLORATION LTD> SIX MTHS JAN 31 NET


    CALGARY, Alberta, March 17 -
    
Shr 13 cts vs 13 cts
    Net 617,000 vs 604,000
    Revs 1,889,000 vs 1,920,000
 Reuter
3;
bodyend
documentend
documentstart
6056
topicstart
acq
topicend
bodystart
2;

DUDLEY TAFT RAISES BID FOR TAFT BROADCASTING
<
TFB>


    CINCINNATI, Ohio, March 17 - 
Dudley Taft and Narragansett
Capital Inc said it was prepared to raise its bid to acquire
Taft Broadcasting Co to more than 150 dlrs per share.
    Taft, through Theta Co, sent and letter to Taft's board of
directors stating he was committed to purchasing the
broadcasting company and was ready to discuss all aspects of
the purchase.
    The company said items to be discussed included price,
structure and form of consideration. Taft said he was prepared
to negotiate a transaction in which Taft Broadcast shareholders
would receive in excess of 150 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
6058
topicstart
veg-oil
topicend
bodystart
2;

EC OILS TAX NO LONGER MAJOR ISSUE - ASSOCIATION


    BONN, March 17 - 
The proposed European Community (EC) tax
on vegetable oils and fats is no longer a major issue on the
agenda and the EC Commission merely used it as a threat, the
West German Feed Stuffs Industry Association (MFI) said.
    Association chairman Ulrich Wagner told a news conference
the West German feed industry believes the EC does not
seriously contemplate the introduction of such a tax because it
would end in another transatlantic trade war.
    "We have just avoided a trade conflict with the U.S. And the
Commission used the tax threat to calm national farm lobbies."
    American Soybean Association (ASA) president-elect Wayne
Bennett said yesterday in The Hague that U.S. Soybean producers
were confident the tax would be rejected.
    Bennett, who is leading one of three soybean delegations on
a lobbying tour of EC capitals, will also visit Bonn on
Thursday and Friday.
    There are indications the Bonn government will also reject
the proposed tax, Wagner said.
 Reuter
3;
bodyend
documentend
documentstart
6059
topicstart
acq
topicend
bodystart
2;

ALLWASTE 
<
ALWS> TO BUY RELATED COMPANY


    HOUSTON, March 17 - 
Allwaste Inc said it entered into an
agreement in principle to acquire all the outstanding common of
a related air-moving and industrial services company. It did
not disclose the name of the company.
    Allwaste, which preforms air-moving and related services,
said it will swap shares of its common, valued at 2.6 mln dlrs,
with the company it is acquiring.
    It said the acquisition is subject to negotiation of a
final agreement.
 Reuter
3;
bodyend
documentend
documentstart
6060
topicstart
crude
topicend
bodystart
2;

EXXON 
<
XON> MAY CLOSE ONE FRENCH REFINERY


    NEW YORK, MARCH 17 - 
Exxon Corp, the world's largest oil
company, said in a published interview today that it was
reviewing its worldwide refinery operations and might decide to
close on of its french refineries.
    Lee R. Raymond, Exxon's new president, singled out the
possibility of a closure of one of Exxon's refineries in France
during the interview.
    An Exxon spokeswoman confirmed that Raymond had
specifically mentioned refineries in France but said that no
specific refinery had been named. She also said that all of
Exxon's opertations were under constant review.
    Exxon currently has two refineries in France, FOS in the
mediterranean with a capcity of 175,000 barrels per day and
Port Jerome west of paris with a similar capacity.
    Petroleum Intelligence Weekly, an influential trade
journal, said, in its current issue, that they understood that
Exxon was looking at the possibility of refinery closures in
Antwerp, Southern France or possibly Italy.
    Paul Mlotok, oil analyst with Salomon Brothers inc said
that with the closures Exxon made in 1986 in Europe and the
improvement in the European refining situation, its future
profits there should be good.
    "Exxon and other major oil companies have closed a bunch of
refineries in Europe, upgraded the rest and shaken many of the
indepedents out of the market. Now with demand for products
rising and efficient operations, Exxon should show superior
earnings," Mlotok said.
    "Just after Royal Dutch 
<
RD>, they are seen as one of the
highest grade refiners in Europe," he added.
    Industry sources said that the oil companies were likely to
feel greater pressure on their operations in Southern Europe
where competition from the OPEC countries is increasing as
these producers move further into downstream operations.
    PIW said that refiners in the Mediterranean can expect
increased shipments from Saudi Arabia and other OPEC export
refineries.
    PIW said "sales from Libya, Algeria and elsewhere are
expected to reclaim markets lost to Italian and other European
refiners as a result of the abundance of cheap netback oil last
year."
 Reuter
3;
bodyend
documentend
documentstart
6062
topicstart
veg-oil
soybean
topicend
bodystart
2;

ITALY STANCE ON EC OILS TAX NOT ENCOURAGING-ASA


    ROME, March 17 - 
Italy's response to protests by U.S.
Soybean producers about the proposed European Community (EC)
tax on vegetable oils and fats had not been encouraging,
American Soybean Association (ASA) board chairman George
Fluegel said.
    Fluegel, heading one of three U.S. Soybean producer
delegations currently on a lobbying tour of EC countries, told
Reuters in an interview meetings with officials from the
Italian Foreign and Agricultural ministries had not yielded
much to encourage hopes that Italy would vote against the
proposed tax.
    Fluegel said his delegation had received a negative
response from the Italian Agriculture Ministry, but that the
attitude of the Foreign Ministry appeared "more realistic."
    He said the proposed tax was discriminatory against U.S.
Farmers since it was basically asking them to help finance the
EC's Common Agricultural Policy (CAP) on oilseeds.
    Asked which EC countries might be expected to vote against
the proposed tax, he said, "Realistically, from the information
we're getting, it looks like the English, the Germans,
hopefully the Netherlands and Denmark." His delegation also
hoped to convince Belgium to vote against the issue, he added.
    Asked what form he thought U.S. Retaliatory action might
take in the event of the EC tax proposal being approved,
Fluegel said industrial as well as agricultural products could
be involved.
    U.S. Agriculture Secretary Richard Lyng warned the EC
yesterday it would face serious retaliation if it enacted the
tax.
    ASA president-elect Wayne Bennett said yesterday in The
Hague American soybean producers were confident the proposed
tax would be rejected.
 Reuter
3;
bodyend
documentend
documentstart
6063
topicstart
cotton
topicend
bodystart
2;

ISRAEL'S FIVE-YEAR PLAN TO BOOST AGRICULTURE


    TEL AVIV, March 17 - 
Israel has drawn up a five-year plan
for 1987-1991 to raise agricultural production by 500 mln dlrs
to 2.7 billion dlrs, an annual rise of 3.4 pct, the Israeli
Ministry of Agriculture said. Agricultural exports are to be
increased by 180 mln dlrs, or 4.8 pct per year on average.
    The area planted to cotton is to remain at the 1986 level
of 100,000 to 112,500 acres with exports expected to bring in
80 to 90 mln dlrs per year. The 34 pct decline from the 1985
level reflects continued water rationing which will remain in
force, the ministry said.
    Groundnut production is planned to increase by 13,000
tonnes, or 57 pct, by 1991 and exports by 9,000 tonnes, or 82
pct. Maize production is targetted to rise by 48,000 tonnes, or
48 pct, and exports by 34,000 tonnes, or 45 pct.
 Reuter
3;
bodyend
documentend
documentstart
6064
topicstart
topicend
bodystart
2;

BRUNSWICK 
<
BC> FILES FOR 300 MLN DLR SHELF


    SKOKIE, ILL., March 17 - 
Brunswick Corp said it filed a
registration statement with the Securities and Exchange
Commission on a shelf offering of 300 mln dlr in senior debt
securities.
    It said proceeds from the sale will be used mainly for to
replace variable rate indebtedness, primarily privately placed
commercial paper, incurred in connection with the acquisitions
of Bayliner marine Corp and Ray Industries Inc.
 Reuter
3;
bodyend
documentend
documentstart
6065
topicstart
acq
topicend
bodystart
2;

SOROS GROUP HAS B.F. GOODRICH 
<
GR> STAKE


    WASHINGTON, March 17 - 
An investor group led by New York
investor George Soros said it acquired a 6.1 pct stake in B.F.
Goodrich Co common stock as an investment.
    The group said it paid about 69 mln dlrs for the 1,389,600
Goodrich shares, which are being held by Quantum Fund N.V., a
Netherlands Antilles investment firm advised by Soros.
    It said all the shares were bought between Dec. 29 and
March 9.
    The group said it reserved the future right to buy
additional shares and to formulate other purposes or plans
regarding its Goodrich investment.
 Reuter
3;
bodyend
documentend
documentstart
6066
topicstart
topicend
bodystart
2;

BAKER SAYS U.S. NOT SEEKING IADB VETO


    WASHINGTON, March 17 - 
Treasury Secretary James Baker said
the United States was not seeking loan veto in its negotiation
for voting power at the Inter-American Development Bank.
    Discussing the ongoing negotiation, Baker said the U.S.
position is that the countries that pay in the most should have
the greatest say over the loan decisions.
    The U.S. is seeking the power to block loan votes with one
other country, and the issue will be discussed in Miami later
this month at the annual meeting of the Latin development bank.
 Reuter
3;
bodyend
documentend
documentstart
6067
topicstart
housing
topicend
bodystart
2;

BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH


    WASHINGTON, March 17 - 
Commerce Secretary Malcolm Baldrige
predicted 1987 will be the fifth successive year for growth in
housing starts after a 2.6 pct rise overall in February starts
to a seasonally adjusted annual rate of 1.851 mln units.
    "This year should be the fifth solid year in a row for
homebuilding activity -- with single-family units stronger than
multi-family units," he said in a statement.
    Single-family starts rose last month from January levels by
5.6 pct to 1.317 mln units on a seasonally adjusted basis while
multi-family unit starts fell 4.1 pct to 534,000 units, the
department reported.
 Reuter
3;
bodyend
documentend
documentstart
6068
topicstart
acq
topicend
bodystart
2;
******
TAFT BROADCASTING SAYS IT WILL CONTINUE TO REVIEW OPTIONS IN RESPONSE TO LATEST BID

Blah blah blah.
3;


bodyend
documentend
documentstart
6069
topicstart
acq
topicend
bodystart
2;
******
COURT ENJOINS ZICO INVESTMENT'S TENDER FOR BANCROFT CONVERTIBLE FUND

Blah blah blah.
3;


bodyend
documentend
documentstart
6070
topicstart
acq
topicend
bodystart
2;

STEINHARDT GROUP HAS 6.6 PCT OF HOLIDAY 
<
HIA>


    WASHINGTON, March 17 - 
A group led by New York investor
Michael Steinhardt told the Securities and Exchange Commission
it bought a 6.6 pct stake in Holiday Corp common stock as an
investment.
    The group said it paid 114 mln dlrs for its 1.6 mln Holiday
shares, 530,000 of which were bought since Feb. 6.
    At the same time, group members said they held short
positions in the stock totaling 830,000 shares.
    In addition to Steinhardt himself, the group includes
Steinhardt Partners and Institutional Partners, two investment
firms of which Steinhardt is one of the general partners.
 Reuter
3;
bodyend
documentend
documentstart
6072
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE CHI-CHI'S 
<
CHIC> CONVERTIBLES


    NEW YORK, March 17 - 
Standard and Poor's Corp said it may
downgrade Chi-Chi's Inc's 50 mln dlrs of B-plus convertible
subordinated debentures due 2009.
    S and P cited continued poor operating performance of
Chi-Chi's 200 Mexican food restaurants and the company's
planned repurchase of up to three mln of its common shares.
    Chi-Chi's posted a third-quarter loss of 10 mln dlrs,
including a 20 mln dlr pretax loss from the disposal of 21
company-owned restaurants as part of a restructuring plan, the
rating agency noted. Profitability has fared poorly for three
years, mostly because of intense competition, S and P added.
 Reuter
3;
bodyend
documentend
documentstart
6073
topicstart
earn
topicend
bodystart
2;

SCOR U.S. CORP 
<
SURE> 4TH QTR NET


    NEW YORK, March 17 -
    
Oper shr 29 cts vs 22 cts
    Oper net 3.9 mln vs 1.8 mln
    Year
    Oper shr 63 cts vs four cts
    Oper net 10.1 mln vs 855,000
    NOTE: Excludes gain one ct per share vs loss two cts in the
quarter, and gain 41 cts per share vs gain six cts in the year
from investments. Also excludes extraordinary gain of one ct
per share in fourth quarter 1985, and gain of one ct per share
vs one ct in the full year period.
 Reuter
3;
bodyend
documentend
documentstart
6075
topicstart
earn
topicend
bodystart
2;

GENSTAR SALE BOOSTS BELGIAN SOCIETE GENERALE NET


    BRUSSELS, March 17 - 
Societe Generale de Belgique 
<
BELB.BR>
said the near doubling of net profits in 1986 was due in large
part to the sale of shares in Genstar Corp.
    The company, which announced a net non-consolidated profit
of 5.31 billion francs compared with 2.82 billion in 1985, said
its current profits rose by 19 pct last year, without giving
further figures.
    However, it added in a statement that the company made
major capital gains on sales during the year, in particular
from the sale of Genstar shares.
    Societe Generale governor Rene Lamy told last November's
annual meeting that 1986 asset disposals would total around 4.5
billion francs, including the sale of Genstar shares to Imasco
Limited 
<
IMS.TO>.
    He predicted a profit on extraordinary items of two billion
francs after a rough balance in 1985.
    In today's statement, Societe Generale gave no figures for
extraordinary gains.
 Reuter
3;
bodyend
documentend
documentstart
6078
topicstart
earn
topicend
bodystart
2;

WESTERBEKE CORP 
<
WTKB> 1ST QTR JAN 31 LOSS


    AVON, Mass., March 17 -
    
Shr loss 11 cts vs profit six cts
    Net loss 217,200 vs profit 83,200
    Revs 3,564,200 vs 3,171,900
    Avg shrs 2,033,750 vs 1,334,950
 Reuter
3;
bodyend
documentend
documentstart
6079
topicstart
grain
wheat
topicend
bodystart
2;

U.S. HOUSE TARGETING PROPOSAL SPARKS INTEREST


    WASHINGTON, March 17 - 
A proposal by two U.S. House
Democrats to target government farm benefits to small- and
medium-sized farms was warmly received by Democrats on a
House subcommittee today.
    "On balance, this is the best new idea I have seen," said
Rep. Dan Glickman (D-Kan.), Chairman of the House Agriculture
Subcommittee on Wheat, Feedgrains and Soybeans. "This is the
first hard constructive proposal coming out as an alternative
to the (Reagan) administration's farm proposal."
    The plan, offered by Reps. Tim Penny (D-Minn.) and Byron
Dorgan (D-ND), would raise target prices for wheat to 5.00 dlrs
per bushel and for corn to 3.50 dlrs. Producers could receive
deficiency payments on up to 80 pct of normal yield but not
more than on 30,000 bu of corn and 20,000 bu of wheat.
    The proposal also would require acreage reductions of 20
pct, eliminate generic certificates and prohibit persons not
actively engaged in farming from receiving program benefits.
    Dorgan said the bill would save 24 billion dlrs over five
years, protect family farms and eliminate government
accumulation of stocks because nonrecourse loans would be
halted.
    However, Rep. Pat Roberts (R-Kan.) said the measure would
"involve the federal government in deciding and defining who a
family farmer is."
    Roberts said the bill, for example, would restrict program
payments to 500 acres of wheat production in western Kansas.
    Other Republicans on the panel questioned how the bill
would determine if a person was actively engaged in farming and
therefore eligible for payments.
 Reuter
3;
bodyend
documentend
documentstart
6081
topicstart
grain
wheat
topicend
bodystart
2;

EC TO MULL NEW DURUM WHEAT INTERVENTION RULES


    BRUSSELS, March 17 - 
The European Commission is to consider
proposed new higher minimum standards for sales of durum wheat
into intervention stores, European Community sources said.
    They said a document drawn up by Commission officials
proposes a reduction in the maximum humidity level to 13 pct
from 14, an increase in the minimum weight to 78 kilos per
hectolitre from 76, a tightening of other technical standards
and introduction of some new ones.
    Current public stocks of durum wheat in the EC are 1.15 mln
tonnes, of which almost 1.12 mln are in Italy.
 Reuter
3;
bodyend
documentend
documentstart
6082
topicstart
acq
topicend
bodystart
2;

COURT ENJOINS TENDER FOR BANCROFT 
<
BTV>


    NEW YORK, March 17 - 
Bancroft Convertible Fund said the
U.S. District Court for the District of New Jersey issued a
preliminary injunction, enjoining 
<
Zico Investment Holding
Inc's> tender offer for Bancroft.
    It said the Court order prevents Zico from buying any
shares tendered to them during the offer, which began on Feb.
17, 1987.
    In the tender offer blocked by the Court, Zico offered to
buy 500,000 shares, or about 22 pct of Bancroft's outstanding
stock, for 30 dlrs a share.
    Previously, Zico had bought 965,000 Bancroft shares for 31
dlrs a share, giving it about 28 pct of the company. If the
recent offer had gone through, the Zico would have owned
slightly more than 50 pct of Bancroft's outstanding shares.
 
 Reuter
3;
bodyend
documentend
documentstart
6083
topicstart
money-fx
topicend
bodystart
2;

ZAMBIAN EXCHANGE AUCTION TO RESUME AT END OF MARCH


    LUSAKA, March 17 - 
Zambia will reintroduce a modified
foreign exchange auction at the end of this month as part of a
new two-tier exchange rate, central bank governor Leonard
Chivuno said.
    Chivuno told a press conference at the end of three weeks
of negotiations with the International Monetary Fund (IMF) that
there would be a fixed exchange rate for official transactions
and a fluctuating rate, decided by the auction, for other types
of business.
    The Bank of Zambia previously held weekly auctions to
distribute foreign exchange to the private sector and determine
the kwacha's exchange rate, but these were suspended at the end
of January.
    President Kenneth Kaunda said at the time that he was
suspending the auction system in view of the rapid devaluation
and violent fluctations of the exchange rate which had
resulted.
    Business and banking sources said another reason for
suspending the auction was that the central bank was low on
foreign exchange and was 10 weeks behind in paying successful
bidders.    The kwacha stood at 2.2 per dollar when the auction system
was first introduced in October 1985, but it slid to around 15
per dollar by the time it was suspended 16 months later.
    Since then, Zambia has operated a fixed exchange rate of
about nine kwacha per dollar.
 REUTER
3;
bodyend
documentend
documentstart
6084
topicstart
earn
topicend
bodystart
2;

JAMESWAY CORP 
<
JMY> 4TH QTR JAN 31 NET


    SECAUCUS, N.J., March 17 - 
    
Shr primary 64 cts vs 45 cts
    Shr diluted 60 cts vs 44 cts
    Net 4,524,000 vs 3,212,000
    Revs 202.5 mln vs 171.9 mln
    Avg shrs primary 7,112,480 vs 7,052,964
    Avg shrs diluted 8,034,223 vs 8,008,763
    Year
    Shr primary 1.70 dlrs vs 1.31 dlrs
    Shr diluted 1.65 dlrs vs 1.30 dlrs
    Net 12.1 mln vs 9,252,000
    Year
    Revs 612.4 mln vs 523.4 mln
    Avg shrs primary 7,112,480 vs 7,052,964
    Avg shrs diluted 8,034,223 vs 7,732,544
    Note: Includes after-tax LIFO charges of 441,000 dlrs vs
359,000 dlrs for qtr and 539,000 dlrs vs 407,000 dlrs for year.
 Reuter
3;
bodyend
documentend
documentstart
6085
topicstart
acq
topicend
bodystart
2;

TAFT 
<
TFB> TO CONTINUE TO REVIEW ALTERNATIVES


    CINCINNATI, Ohio, March 17 - 
Taft Broadcasting Co said its
board continues to explore alternatives, such as a possible
financial restructuring, in response to a Theta Corp offer of
150 dlrs per share for Taft stock.
    Last week Taft rejected a 145 dlr-a-share bid by Theta, an
investment group headed by Taft's vice chairman, Dudley Taft.
    Taft also said the new proposal would be submitted to the
board but no decision had been made with respect to the sale of
the company.
    In the proposal, Theta said it was prepared to discuss all
aspects of the offer including price, structure and form of
consideration and would be prepared to negotiate a transaction
in which shareholders would receive a value in excess of 150
dlrs per share.
    Taft said Theta requested that the company cooperate and
provide it with information subject to an appropriate
confidentiality agreement.
    The company declined to comment beyond this statement.

 Reuter
3;
bodyend
documentend
documentstart
6086
topicstart
crude
topicend
bodystart
2;

LAWSON OIL TAX BREAKS TO HELP NEW FIELDS - REVENUE


    LONDON, March 17 - 
Two new U.K. Tax relief measures for oil
producers, announced today, are aimed at encouraging
developments in the North Sea to go ahead and boost
opportunities for the offshore supplies industry, the Inland
Revenue said in a post-budget statement.
    Earlier, Chancellor of the Exchequer Nigel Lawson announced
in his annual budget to Parliament that from today, companies
will be allowed to offset up to 10 pct of qualifying
development expenditure on certain future oil fields against
Petroleum Revenue Tax (PRT).
    To date, full relief was allowed for expenditure on an
individual field itself, when its income stream began, but was
not immediately available against other development
expenditure, the statement said.
    The new relief will apply to fields outside the southern
basin for which development
consent is first given on or after today, and will improve the
post-tax economics of new developments and encourage companies
to proceed with project which might have been delayed, it said.
    Lawson also announced that he would henceforth allow
certain expenditure on oil related research which does not at
present qualify for PRT relief to be offset against PRT
liability.
    This means oil-related expenditure in the U.K. Or on the
U.K. Continental shelf, which has not become allowable in a
particular field within three years of being incurred, to be
allowed against PRT liability in any oil field, the Inland
Revenue said.
    This brings the scope of PRT relief for research costs more
in line with corporation tax relief measures, and is planned to
encourage general research into ways of reducing field
development costs, it said.
    In due course, the industry should benefit by over 100 mln
stg a year, it calculated.
    The Inland Revenue statement also included other technical
measures that Lawson did not comment on in his budget speech.
    These included measures to allow companies to balance their
shares of PRT-exempt oil allowances through reallocation in two
past periods of allowance utilisation.
    Tidier rules on incorrectly allowed PRT expenditure reliefs
were announced, while there were also ammendments on rules on
corporation tax and Advance Corporation Tax relating to the
so-called "ring fence" of activities in the U.K. And its
continental shelf. The Finance Bill will have provisions for
the implementation of measures announced in November, it said.
    Gareth Lewis Davies, a North Sea expert with stockbrokers
Wood Mackenzie and Co Inc in Edinburgh, thought the two reliefs
on PRT would help the depressed offshore industry.
    He said the 10 pct cross field allowance relief would
favour chances that development of smaller North Sea fields
such Osprey, Don and Arbroath would be brought forward.
    Early development of the larger Miller and Bruce oil fields
might also be encouraged, he said.
    Lewis Davies said the measure might also aid the offshore
construction industry, which suffered a huge amount of lay-offs
under the price slump of more than 50 pct last year.
    He pointed out that the relief only applies to the
development of new fields outside the Southern Basin.
    This means more jobs could be created, as the fields in the
central and northern sectors of the North Sea are deeper than
in the south and thus have greater capital and labour
requirements as the waters are deeper than in the south.
    He said the PRT relief for certain research expenditure
would help fundamental research in the oil industry, although
the benefits of this research would not be seen for several
year.
 REUTER
3;
bodyend
documentend
documentstart
6088
topicstart
earn
topicend
bodystart
2;

SHONEY'S INC 
<
SHON> 1ST QTR FEB 15 NET


    NASHVILLE, Tenn., March 17 - 
    
Shr 31 cts vs 27 cts
    Qtly div four cts vs four cts prior
    Net 11.4 mln vs 9,905,528
    Revs 194.3 m ln vs 171.7 mln
    Note: Qtly div is payable April 22 to shareholders of
record April three.
 Reuter
3;
bodyend
documentend
documentstart
6090
topicstart
acq
topicend
bodystart
2;

ATT-PHILIPS BID FOR CGCT OUTLINED


    PARIS, March 17 - 
American Telephone and Telegraph Co and
Philips Telecommunications BV (APT) would hold 36 pct through
direct and indirect holdings in France's 
<
Cie Generale de
Constructions Telephoniques> if a joint bid with French
partners for the soon-to-be-privatised firm succeeds, a
director at one of the partner firms said.
    Marc Mathieu of 
<
Societe Anonyme de Telecommunications>
SAT, told journalists the bid foresaw a direct stake of 20 pct
for APT, the joint firm set up by the U.S.'s ATT 
<
T.N.> and the
NV Philips Gloeilampenfabrieken 
<
PGLO.AS>.
    The other 80 pct would be owned by a holding company made
up of SAT, APT, Cie du Midi 
<
MCDP.PA> and five mutual funds.
   Under French law, foreign investors are restricted to a 20
pct direct stake in privatised companies but can boost their
stake to 40 pct through indirect holdings.
    The make-up of the holding company, however, is subject to
close discussions within the government due to legal queries
over the nationality of the mutual funds, a Finance Ministry
official said.
    Although bought by French citizens they are managed by
foreign banks 
<
Morgan Guaranty Trust Co of New York> and

<
Banque de Neuflize, Schlumberger, Mallet SA>, controlled by
Algemene Bank Nederland NV 
<
ABNN.AS>, an SAT spokesman said.
    CGCT, which controls 16 pct of the French public telephone
switching market, is to be sold by the government for 500 mln
francs by private tender.
    Five groups are bidding for the company and the government
has said it will choose CGCT's new owner by the end of April.
    APT vice-president Wim Huisman told a news conference a
capital increase was envisaged if SAT-APT wins CGCT, but
declined to give details or say how an increase would affect
foreign stakes in CGCT.
    In 1985, CGCT posted losses of 200 mln francs on sales of
three billion after 1984 losses of 997 mln francs.
    A joint SAT-APT statement added that buyers were committed
to investing 240 mln francs in CGCT research and production
plants. The APT-SAT offer includes a provision for CGCT to
produce APT 5ESS-PRX switching technology and adapt it to
French standards.
    The tender was launched after a 1985 draft agreement for
ATT to take over CGCT was abandoned following the introduction
of the French government privatisation laws which reopened
bidding among a wider range of applicants.
    Other candidacies to take over CGCT include West Germany's
Siemens AG 
<
SIEG.F> allied with Schneider SA 
<
SCHN.PA>
subsidiary Jeumont-Schneider, Sweden's Telefon AB LM Ericsson

<
ERIC.ST> allied with Matra 
<
MATR.PA> and Bouygues SA

<
BOUY.PA>, Italy's 
<
Italtel>, and Canada's Northern Telecom Ltd

<
NTL.TO>.
 Reuter
3;
bodyend
documentend
documentstart
6091
topicstart
interest
topicend
bodystart
2;

ANALYSTS SEE EARLY ONE POINT CUT IN U.K. BASE RATE


    LONDON, March 17 - 
British bank base lending rates are
likely to fall by as much as one full point to 9-1/2 pct this
week following the sharp three billion stg cut in the U.K.
Central government borrowing target to four billion stg set in
today's 1987 budget, bank analysts said.
    The analysts described Chancellor of the Exchequer Nigel
Lawson's budget as cautious, a quality which currency and money
markets had already started to reward.
    Sterling surged on foreign exchange markets and money
market interest rates moved sharply lower as news of the budget
measures came through, the analysts said.
    Lloyds merchant bank chief economist Roger Bootle said he
expected base rates to be cut by one full point tomorrow.
    "This is very much a safety-first budget in order to get
interest rates down," he said.
    Bootle said the money markets had almost entirely
discounted such a one point cut, with the key three month
interbank rate down to 9-11/16 pct from 9-13/16 last night, and
it would be rather conservative for banks to go for a
half-point cut now.
    Midland Bank treasury economist David Simmonds said he,
too, expected base rates would be a full point lower by Friday,
but this would likely happen via two half-point cuts.
    "This budget is designed to please both the markets and the
electorate. The implications for interest rates are very
favourable, we could have a half-point cut tomrorow and another
such cut before the end of the week," Simmonds said.
    Pointing to buoyant U.K. Retail data released yesterday, he
said Lawson had done well to resist pressures for a sharp cut
in income tax rates at the expense of a lower borrowing target.
"There is no real need to boost private consumption," he said.
    National Westminster Bank chief economist David Kern said
the lower borrowing target set in the budget had increased the
likelihood of an early one-point base rate cut.
    Kern said the budget would have to be analysed carefully,
in particular to see how exactly Lawson planned to achieve the
sharper than expected borrowing target cut, before a one-point
base rate cut could be implemented.
 But providing the budget small-print was convincing, "and I
suspect it will be, it is entirely possible that we see one
point off base rates by the end of this week," Kern said.
    Bootle of Lloyds said the expected base rate cut would pave
the way for an early one-point cut in mortgage lending rates.
This would help achieve Lawson's lower than expected consumer
price inflation target of four pct at end-1987, he said.
    U.K. Base rates were cut last week to 10-1/2 pct from 11
pct after sustained pressure from the foreign exchange, money
and government bonds (gilts) markets.
    But building societies said they would not cut lending
rates until base rates had fallen by one full point.
 REUTER
3;
bodyend
documentend
documentstart
6092
topicstart
acq
topicend
bodystart
2;

TOUSSIE GROUP SELLS HECK'S 
<
HEX> SHARES


    WASHINGTON, March 17 - 
A shareholder group led by New York
investor Robert Toussie told the Securities and Exchange
Commission it sold off most of its holdings in Heck's Inc
common stock but reserved the right to again seek control of
the company in the future.
    The group, which includes the Edward A. Viner and Co
brokerage, said it sold 579,600 shares since March 5, leaving
it with 157,000 shares or 1.8 pct of the total outstanding.
    The group had proposed a takeover of Heck's in September
but later withdrew the offer, and Heck's on March 5 filed for
protection from its creditors under federal bankruptcy law.
 Reuter
3;
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documentend
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6093
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL> HOLDER WITHDRAWS TAKEOVER MOTION


    NEW YORK, March 17 - 
<
Dixons Group PLC>, which is in a
battle with 
<
CYACQ Corp> for control of Cyclops Corp, said a
Cyclops shareholder had agreed to withdraw a motion in U.S.
District Court to prevent Dixons from completing its tender
offer for Cyclops, which expires 2400 EST today.
    Dixons did not name the shareholder and did not disclose
the holder's stake in Cyclops.
   
 Reuter
3;
bodyend
documentend
documentstart
6094
topicstart
earn
topicend
bodystart
2;

<
NOMA INDUSTRIES LTD> YEAR NET


    TORONTO, March 17 -
    
Shr 72 cts vs 58 cts
    Net 20.8 mln vs 14.9 mln
    Revs 328.7 mln vs 239.8 mln
    Avg shrs 28.9 mln vs 25.7 mln
    Note: Prior year shr restated for June, 1986 two-for-one
stock split
 Reuter
3;
bodyend
documentend
documentstart
6096
topicstart
acq
topicend
bodystart
2;

FIRM HAS COOPERVISION 
<
EYE> STOCK, WILL BUY MORE


    WASHINGTON, March 17 - 
Siebel Capital Management Inc, a
California investment adviser, told the Securities and Exchange
Commission (SEC) it bought 1.3 mln CooperVision Inc common
shares or 5.9 pct of the total outstanding.
    In its SEC filing, the firm said it "intends to acquire more
stock and may attempt to influence management of the company to
make major changes in the company's business or corporate
structure."
    Siebel said it made net purchases of 163,200 CooperVision
shares since Jan. 1.
 Reuter
3;
bodyend
documentend
documentstart
6099
topicstart
topicend
bodystart
2;

OECD AGREES EXPORT CREDIT REFORMS


    PARIS, March 17 - 
The western industrialised nations have
agreed reforms in rules by which they provide credit for
exports to developing countries, the Organisation for Economic
Cooperation and Development (OECD) said.
    The reforms tighten the rules for the use of foreign aid to
subsidise export credits in so-called "mixed credits," the OECD
said.
    The agreement, to be implemented in two stages in July this
year and July 1988, means the minimum aid component in mixed
credits will be raised to 35 pct from 25 pct, and to 50 pct for
credits covering exports to the world's least developed
nations.
    Additionally, a new formula will be used for calculating
the aid element in mixed credits, to take account of different
interest rates in the exporting countries, the 24-nation OECD,
which hosted the reform negotiations, said.
    Minimum interest rates for officially subsidised trade
loans have also been revised with the aim of cutting the
subsidies, and ending them completely on loans to relatively
rich developing countries by July next year.
    The reforms follow several years of pressure by the U.S. To
stop competitors, notably France and Japan, using foreign aid
to subsidise exports, putting U.S. Firms at a disadvantage.
    OECD officials said the agreement was based on a
provisional accord reached in January subject to ratification
by member governments. Some governments, including Austria, had
linked their final approval to other trade credit issues which
would be discussed at a meeting here in mid-April, they added.
    By raising the minimum amount of aid required in mixed
credits the agreement aims to make such hidden subsidies too
costly for frequent use.
    "A major loophole in the General Agreement on Tariffs and
Trade has been closed today," a senior U.S. Official here
commented.
 Reuter
3;
bodyend
documentend
documentstart
6101
topicstart
acq
topicend
bodystart
2;

AMERICAN CYANAMID 
<
ACY> BUYS U.K. COMPANY


    WAYNE, N.J., March 17 - 
American Cyanamid Co said it bought
the 50 pct interest of Cyanamid Fothergill Ltd held by

<
Fothergill and Harvey PLC>, making the unit a wholly owned
subsidiary.
    The unit manufactures structural materials, including
advanced composites, adhesives, and aluminum honeycomb for the
European space industry.
    The current management will remain in place and the unit
will continue at its locations in Wrexham, U.K., the company
said.
 Reuter
3;
bodyend
documentend
documentstart
6102
topicstart
earn
topicend
bodystart
2;

NOEL INDUSTRIES INC 
<
NOL> 1ST QTR JAN 31 LOSS


    NEW YORK, March 17 -
    
Shr loss 26 cts vs loss 12 cts
    Net loss 289,649 vs loss 138,372
    Revs 5,944,286 vs 5,902,074
 Reuter
3;
bodyend
documentend
documentstart
6103
topicstart
acq
topicend
bodystart
2;

GROUP BOOSTS GELCO 
<
GEL> STAKE TO 8.2 PCT


    WASHINGTON, March 17 - 
An investor group including New
York-based Mutual Shares Corp and Mutual Qualified Income Fund
Inc told the Securities and Exchange Commission it raised its
stake in Gelco Corp common stock to 575,859 shares or 8.2 pct
of the total outstanding.
    The group said its most recent purchases included 241,000
shares bought between January 21 and March 10.
    The group said it purchased the shares for investment
purposes.
 Reuter
3;
bodyend
documentend
documentstart
6104
topicstart
earn
topicend
bodystart
2;

OSHMAN'S SPORTING GOODS INC 
<
OSHM> 4TH QTR NET


    HOUSTON, March 17 - 
Qtr ended Jan 31
    Shr 92 cts vs 1.28 dlrs
    Net 5,415,000 vs 7,730,000
    Revs 114.2 mln vs 112.9 mln
    Avg shrs 5,864,000 vs 6,030,000
    Year
    Shr 45 cts vs 1.40 dlrs
    Net 2,664,000 vs 8,536,000
    Revs 322.9 mln vs 312.3 mln
    Avg shrs 5,885,000 vs 6,105,000
   
    Note: Net includes LIFO gains of 48,000 dlrs vs 118,000
dlrs for qtr and charges of 257,000 dlrs vs 225,000 dlrs for
year.
 Reuter
3;
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documentend
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6105
topicstart
earn
topicend
bodystart
2;

UNIVERSITY PATENTS INC 
<
UPT> 2ND QTR JAN 31 NET


    WESTPORT, Conn., March 17 -
    
Oper shr 24 cts vs 19 cts
    Oper net 1,096,332 vs 794,711
    Revs 803,085 vs 442,420
    Six mths
    Oper shr 53 cts vs 43 cts
    Oper net 2,375,844 vs 1,741,437
    Revs 1,471,257 vs 768,683
    NOTE: Prior year excludes income from discontinued
operations of 19 cts per share in the quarter and 17 cts per
share in the year.
 Reuter
3;
bodyend
documentend
documentstart
6106
topicstart
earn
topicend
bodystart
2;

FREEDOM FEDERAL 
<
FRFE> SETS INITIAL PAYOUT


    OAK BROOK, Ill., March 17 - 
Freedom Federal Savings Bank
said it voted its first cash dividend of 10 cts a share,
payable April 10, record March 31.
    The 1987 annual dividend will be 40 cts a share, it said.

 Reuter
3;
bodyend
documentend
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6107
topicstart
earn
topicend
bodystart
2;

HOSPITAL STAFFING SERVICES 
<
HSSI> 1ST QTR NET


    FORT LAUDERDALE, Fla., March 17 - 
Qtr ends Feb 28
    Shr six cts vs three cts
    Net 189,683 vs 80,499
    Revs 2,874,930 vs 2,594,474
    NOTE: Full name Hospital Staffing Services Inc.
    Prior year includes extraordinary gain of one ct per share.
 Reuter
3;
bodyend
documentend
documentstart
6108
topicstart
dlr
money-fx
topicend
bodystart
2;

DOLLAR VALUE APPROPRIATE, BUNDESBANK OFFICIAL SAYS


    LONDON, March 17 - 
The dollar is near appropriate levels
against European currencies and the yen, and a further fall
could damage confidence in the currency while endangering world
economic growth, a top Bundesbank official said.
    Board member Leonhard Gleske also told a Forex Association
conference current exchange rates of major currencies "can be
viewed as equilibrium levels in a medium-term perspective."
    He said the recent Paris agreement on currency
stabilisation and policy coordination between the Group of Five
and Canada may herald "an era of greater exchange rate
stability."
    The Paris agreement was not, however, an attempt to set up
permanent target zones for exchange rates, Gleske stressed,
adding such targets would be extremely difficult to agree and
enforce on an international level.
    "At present levels the dollar can no longer be considered
grossly overvalued in relation to the European currencies and
the yen," Gleske said.
    He said the dollar had fallen much less against currencies
of important trading nations such as Canada, Korea, Taiwan and
Hong Kong, and further falls there may still be necessary.
    But "a further dollar depreciation against major European
currencies and the yen may not be the best way to restore the
dollar to a fully competitive position, as measured by its
weighted external value," he said.
   In fact, a further marked decline in the dollar rate would
hold two major dangers, Gleske said.
    First, in countries with large balance of payments
surpluses such as Japan and West Germany, it threatened to
hamper economic growth and thus slow down the expansion of real
income and domestic expenditure necessary to wipe out
surpluses.
    Second, in the United States, it could damage investors'
confidence in the dollar and thus reduce their willingness to
finance huge fiscal and external payments deficits, Gleske
said.
    Gleske also was strongly sceptical that an international
system of binding target zones for currencies, fluctuating in
narrow bands against each other, can be established. Such
targets threatened to cause policy conflicts, "both within
countries and between them."
    For instance, the U.S. Reliance on foreign capital to fund
its deficits requires interest rates there be set at high
levels, but domestic considerations call for low ones.
    If target zones were established, this would put "pressure
on other countries to reduce their interest rates even more,
even though this may be in conflict with their own domestic
situation and priorities," he said.
    Gleske added, "targeting the exchange rate even within a
wide margin will meet with serious objections where there is a
clearly perceived potential for conflict between domestic and
external policy priorities."
    Commenting on the Paris currency accord, Gleske said its
chances of stabilising exchange rates rested heavily on current
interest rate differentials being maintained.
    These chances "seem to me to rest critically on the
expectation that the current configuration of interest rates,
and the monetary policies behind them, will assure smooth
financing of current account imbalances in the months ahead."
    Gleske said past experience of currency adjustments had
learned "that markets are inclined to be impatient and will thus
tend to overshoot." He said this "would seem to be unnecessary
and should be avoided if at all possible."
    Monetary policies can help achieve this, but only if
markets believe that pledged changes in fiscal policies will
lead to balanced international payments, he said.
 REUTER
3;
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documentend
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6109
topicstart
topicend
bodystart
2;

U.S. SUBCOMMITEE APPROVES INTERNATIONAL DEBT BILL


    WASHINGTON, March 17 - 
A House Banking subcommittee
approved legislation which would require the Treasury Secretary
to begin negotiations on the establishment of an international
debt adjustment facility.
    The facility would buy up some of the debt of less
developed countries and sell it to banks at a discount.
    The facility was proposed by Rep. John LaFalce, D-N.Y., who
said it would help ease the third world debt crisis. It was
approved by the House International Finance subcommittee and
sent to the full House Banking Committee, which will consider
the measure next week.
    The legislation is part of the omnibus trade bill being
considered by several committees.
 Reuter
3;
bodyend
documentend
documentstart
6111
topicstart
crude
topicend
bodystart
2;

PLAINS 
<
PLNS> POSTS RESERVES INCREASES


    OKLAHOMA CITY, March 17 - 
Plains Resources Inc said that as
of December 31, its estimated proved oil and gas reserves rose
by 27 pct to 5.43 mln barrels from 4.27 mln barrels and proved
developed reserves rose 16 pct to four mln barrels from 3.45
mln barrels a year ago.
    The company said its year end reserves did not include the
oil and gas reserves of Houston Oil Fields Co which recently
agreed to merge with it, pending shareholder approval in
mid-April. If approved, the merger will add another 3.2 mln
barrels to the company's reserve base.
 Reuter
3;
bodyend
documentend
documentstart
6113
topicstart
earn
topicend
bodystart
2;

OSHMAN'S 
<
OSHM> CITES WEAK REGIONAL ECONOMIES


    HOUSTON, March 17 - 
Oshman's Sporting Goods Inc said
earnings for the fourth quarter ended January 31 were affected
by the weak economies of Texas, Oklahoma and Louisiana,
resulting in a drop in net earnings to 5,415,000 dlrs or 92 cts
a share from 7,730,000 dlrs or 1.28 dlrs a share for the
year-ago quarter.
    The company also said sales on the West Coast were hurt by
late snows and poor skiing conditions.
    Same-store sales declined 3.2 pct for the quarter and 2.2
pct for the year.
    For the full year, Oshman's net earnings fell to 2,664,000
dlrs or 45 cts a share, from 8,536,000 dlrs or 1.40 dlrs a
share.
    In 1986, the company said it opened nine stores and closed
three.
    At year-end, the company said it was operating 188 Oshman's
stores and 27 Abercrombie and Fitch stores.
 Reuter
3;
bodyend
documentend
documentstart
6114
topicstart
grain
wheat
rice
topicend
bodystart
2;

CHINA CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, March 17 - 
Light, scattered showers covered
winter wheat areas in the North China Plain in the week ended
March 14, moistening topsoils for wheat, just breaking dormancy
in most central and northern areas, the Joint Agricultural
Weather Facility of the U.S. Agriculture and Commerce
Departments said.
    In its International Weather and Crop summary, the agency
said southern winter wheat areas are in the early vegetative
stage. Above-normal February temperatures over the North China
Plain caused winter grains to break dormancy early in the
south.
     Moderate to heavy rains in southern Jiangsu, Anhui,
eastern Hebei, Hunan , Jiangxi, Fujian, and Zheziang, reversed
February's below normal precipitation pattern.
    The agency said the wet weather in these areas provided
ample moisture for rice planting and lessened the need for
irrigation. 
    Mostly dry weather in early-rice areas of Guanxi and
Guandong resulted in irrigation for continued rice planting, it
said.
 Reuter
3;
bodyend
documentend
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6115
topicstart
earn
topicend
bodystart
2;

WORTHINGTON INDUSTRIES INC 
<
WTHG> 3RD QTR NET


    COLUMBUS, Ohio, March 17 - 
Qtr ended Feb 28
    Shr 24 cts vs 24 cts
    Net 10.0 mln vs 10.1 mln
    Revs 202.8 mln vs 184.6 mln
    Nine mths
    Shr 66 cts vs 67 cts
    Net 27.3 mln vs 27.6 mln
    Revs 588.2 mln vs 539.2 mln
    Note: 1986 shr data adjusted for 3-for-2 stock split paid
October 1986.
 Reuter
3;
bodyend
documentend
documentstart
6116
topicstart
oilseed
soybean
topicend
bodystart
2;

BRAZIL CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, March 17 - 
Wet weather covered Rio Grande do
Sul, Brazil in the week ended March 14, benefitting soybeans
which are mostly setting to filling pods, the Joint
Agricultural weather Facility of the U.S. Agriculture and
Commerce Departments said.
    In its International Weather and Crop Summary, the agency
said minimal precipitation covered soybean areas in Santa
Catarina, Parana, and southern Matto Grosso do Sul.
    Adequate soil moisture in these areas met crop moisture
demands, reducing the potential for crop stress, it said.
    The agency said February precipitation was above normal
over most soybean areas of Brazil.
    Weekly temperatures were below normal, it said.
 Reuter
3;
bodyend
documentend
documentstart
6119
topicstart
crude
topicend
bodystart
2;

U.S. WARNS OF DEPENDENCE ON FOREIGN OIL


    WASHINGTON, March 17 - 
A White House-ordered report said 
that growing U.S. reliance on foreign oil into the year 2000
could have potentially damaging implications for national
security.
    The Energy Department study discusses several options to
curb reliance on foreign oil, but makes no recommendations.
    President Reagan and most Congressmen have previously ruled
out a tax on foreign oil as a way to curb imports and to help
the depressed domestic oil industry.
    Energy Secretary John Herrington said in a statement that
"although we have made gains in energy security in the last six
years, this report shows that there is justification for
national concern both over declining competitiveness of our
domestic oil and gas industry and over rising oil imports."
    The report said imports last year were 33 pct of U.S.
consumption and by the mid-1990s could rise to 50 pct.
    Among the report's options to ease U.S. reliance on foreign
oil are several already advocated by the Reagan Administration.
    President Reagan ordered the study last September, citing a
determination that the country never again become captive to a
foreign oil cartel, referring to the OPEC-led oil shortages and
sharp prices increases of the 1970s.
    The report said an import fee would raise prices and help
make it economical for U.S. oil firms to find and produce new
oil, as well as to cut imports, but on the whole the tax would
depress the nation's economy.
 reuter
3;
bodyend
documentend
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6120
topicstart
acq
topicend
bodystart
2;

VTX ELECRONICS 
<
VTX> SETS SDTOCK SPLIT


    FARMINGDALE, N.Y., March 17 - 
VTX Electronics Corp said its
board declared a five-for-four stock split, payable April Nine
to holders of record March 27.
 Reuter
3;
bodyend
documentend
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6121
topicstart
acq
topicend
bodystart
2;

COASTAL (CGP) SEES INCREASE IN 1987 PROFITS


    HOUSTON, March 17 - 
Coastal Corp said it expected earnings
for 1987 "to be significantly above" profits of 71.6 mln dlrs
last year.
    In a letter to shareholders appearing in the company's
newly-issued 1986 annual report, Coastal chairman Oscar Wyatt
did not elaborate on how much earnings were expected to
increase.
    The 1986 profits of Coastal, a natural gas production and
pipeline company, were halved from 1985 levels due to slumping
energy prices. The company's sales totaled 6.7 billion dlrs
last year.
    Coastal also said it sold its natural gas for an average
price of 2.17 dlrs per mcf in 1986, a drop of 18 pct from the
previous year. Oil and natural gas liquids sold for an average
14.20 dlrs a barrel in 1986, a reduction of 37 pct.
    The Houston-based company, which produced a daily average
of 120 mln cubic feet of gas and 11,149 barrels of oil, said it
had proved reserves at yearend 1986 of 28.6 mln barrels of oil
and 954 billion cubic feet of natural gas. Average reserve
replacement costs were 8.28 dlrs per barrel of oil equivalent
during the past three-year period, representing a little more
than half of the industry average, the company said.
    Coastal's more than 800 gasoline retail outlets were
operated profitably during 1986 "and are expected to continue
to do so," the company said.
 Reuter
3;
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6123
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earn
topicend
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2;

(REPAP ENTERPRISES CORP INC) 4TH QTR NET


    MONTREAL, March 17 -
    
Shr profit 26 cts vs loss nine cts
    Net profit 10.3 mln vs loss 1.0 mln
    Revs 208.2 mln vs 123.3 mln
    Year
    Shr profit 38 cts vs profit nine cts
    Net profit 13.0 mln vs profit 2.8 mln
    Revs 635.5 mln vs 429.3 mln
    Note: 1986 full year results include extraordinary loss of
one mln dlrs or three cts per share.
 Reuter
3;
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6124
topicstart
acq
topicend
bodystart
2;

NORSTAR 
<
NOR> SETS ACQUISITION FOR STOCK


    ALBANY, N.Y., March 17 - 
Norstar Bancorp said it has agreed
in principle to acquire United National Bank of Callicoon,
N.Y., by exchanging three Norstar common shares for each of the
201,660 United shares outstanding.
    Based on the recent price of Norstar's stock, it said, the
proposed tax-free exchange would have a market value of about
20 mln dlrs.
    Norstar said the acquisition is subject to approval by
United's holders and state and federal regulators. United has
assets of 90 mln dlrs.
 Reuter
3;
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crude
topicend
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2;

U.S OIL TAX WOULD NOT AFFECT PDVSA-CHAMPLIN DEAL


    Caracas, march 17 - 
an eventual oil import fee in the
united states will make no difference to champlin petroleum
corp's joint venture agreement signed today with petroleos de
venezuela (pdvsa), champlin chairman william adams said.
    "this was an aspect which was discussed at length during the
negotiations, but we can say our contract covers all
eventualities in this regard," he told reuters during the
signing ceremony here.
    Venezuela's energy and mines minister arturo hernandez
grisanti earlier described the agreement, under which pdvsa
buys 50 pct of champlin's corpus christi refinery, as "one more
step in the maturation and presence of our oil industry in
world markets."
   union pacific chairman william cook said the agreement will
be beneficial to both sides, combining a secure source of
supply with a modern refinery and access to markets.
    "we are looking to a long-term relationship, and at a time
of protectionist tendencies in the U.S. Congress there are
clear benefits to both sides," he said.
    Adams said pdvsa crude would remain competitive even with
an oil import fee because champlin had invested heavily over
the years in adapingthe texas refinery to process venezuelan
heavy crudes with coking and hydro-treating facilities and
obtain a competitive product yield.
    "therefore while the danger of an oil import fee has been a
consideration in the negotiations, and it remains to be seen
what such a fee would represent, we do not foresee any impact
on today's agreement," adams said.
    He said the refinery could run crude as heavy as
venezuela's bolivar coastal field (bcf) 17 api without any
difficultiesand would probably move over time to a heavier diet
to take advantage of bigger margins.
    The refinery has a capacity to process up to 110,000 bpd of
venezuelan high sulphur content heavy crude, with an 80-85 pct
yield of white products.
 Reuter
3;
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6127
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grain
wheat
topicend
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2;

LYNG TO MEET WITH EXPORTERS, EEP LIKELY TOPIC


    WASHINGTON, March 17 - 
Secretary of Agriculture Richard
Lyng will meet with representatives from major grain exporting
companies today, and the subject of subsidized wheat to the
Soviet Union will likely be discussed, an aide to Lyng said.
    Today's meeting, set to begin at 1500 EST (2000 gmt), was
scheduled at the request of the exporters, the aide said.
    "The EEP (export enhancement program) is pretty obviously
one of the things they (the exporters) want to talk about, but
they haven't any agenda as far as I know," Lyng's aide said.
    Private industry export officials have met periodically
with Lyng to discuss farm policies and the export situation.
Whether this meeting will prompt any U.S. action on the issue
of whether Moscow will be offered export bonus wheat is
uncertain, the aide said.
    "I don't know what they'll tell us that we don't already
knwo, but we'll hear what they have to say," Lyng's aide said.
    The USDA official said that as far as he knows there has
been no further action on offering the Soviet Union wheat under
the EEP.
 Reuter
3;
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6128
topicstart
cocoa
topicend
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2;

ICCO GROUP LOOKS AT COCOA BUFFER STOCK RULE PLAN


    LONDON, March 17 - 
The International Cocoa Organization,
ICCO, buffer stock working group began examining a draft
proposal for buffer stock rules this afternoon, delegates said.
    The plan, presented by ICCO Executive Director Kobena
Erbynn, represented a compromise between producer, European
Community, EC, and other consumer views on how the buffer stock
should operate, they said.
    The proposal involved three key principles. First, the
buffer stock manager would be open to offers for cocoa rather
than using fixed posted prices as previously, delegates said.
    Under an offer system, the buffer stock manager would be
free to choose cocoas of varying prices, they said.
    The second provision was that non-ICCO member cocoa could
comprise a maximum 10 pct of the buffer stock, while the third
laid out a pricing system under which the buffer stock manager
would pay differentials for different grades of cocoa, to be
set by a formula, the delegates said.
    After the plan was presented, working group delegates met
briefly in smaller groups of producers, EC consumers and all
consumers to look at the proposal. Producers gave no reaction
to the scheme and will respond to it when the working group
meets tomorrow at 1000 GMT, producer delegates said.
    Consumer members accepted the proposal as a good base to
work from, one consumer delegate said.
    Delegates said the proposal was only a starting point for
negotiations on buffer stock rules and subject to change.
 Reuter
3;
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earn
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2;

VTX ELECTRONICS CORP 
<
VTX> 4TH QTR NET


    FARMINGDALE, N.Y., March 17 -
    
Shr 10 cts vs 11 cts
    Net 255,000 vs 242,000
    Sales 7,166,000 vs 6,486,000
    Avg shrs 2,438,000 vs 2,118,000
    Year
    Shr 50 cts vs 40 cts
    Net 990,000 vs 849,000
    Sales 29.0 mln vs 22.8 mln
    Avg shrs 1,972,000 vs 2,118,000
    NOTE: Share adjusted for five-for-four stock split declared
today.
 Reuter
3;
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earn
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2;

MORTGAGE GROWTH INVESTORS 
<
MTG> 1ST QTR FEB 28


    BOSTON, March 17 -
    
Shr 36 cts vs 37 cts
    Net 2,751,000 vs 2,179,000
    Qtly div 40 cts vs 40 cts prior
    Avg shrs 7,699,241 vs 5,943,341
    NOTE: Dividend payable April 10 to shareholders of record
March 30.
 Reuter
3;
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earn
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2;

SHONEY'S INC 
<
SHON> 1ST QTR FEB 15 NET


    NASHVILLE, Tenn., March 17 -
    
Shr 31 cts vs 27 cts
    Net 11.4 mln vs 9,905,528
    Revs 194.3 mln vs 171.7 mln
    Avg shrs 36.6 mln vs 36.4 mln
    NOTE: Sixteen-week periods.
 Reuter
3;
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6135
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acq
topicend
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2;

FORTUNE SAVINGS TO BUY FINANCIAL 
<
FSSL> BRANCH


    SUNRISE, Fla., March 17 - 
<
Fortune Savings Bank> said it
agreed to buy the deposits and assume the leasehold of a
Financial Security Savings and Loan Association 
<
FSSL> branch
here.
    Terms of the agreement were not disclosed.
    Fortune said the agreement is subject to regulatory
approval. It also said that if the transaction is approved,
Financial would generate a profit on the sale.
 Reuter
3;
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6137
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money-fx
topicend
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2;

GULF ARAB MINISTERS DISCUSS ECONOMIC COOPERATION


    ABU DHABI, March 17 - 
Finance and economy ministers of the
Gulf Cooperation Council (GCC) opened a two- day meeting to
discuss further economic integration, officials said.
    They said issues to be discussed by the ministers from
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
Emirates (UAE) would include a recommendation by central bank
governors on a common currency exchange rate.
    The governors agreed in January on a denominator on which
to base currencies of the six states. Any decision will be
forwarded for final approval to a GCC summit meeting due in
Saudi Arabia late this year.
    The six states have different currency systems. Saudi
Arabia, Bahrain, Qatar and the UAE are linked in theory to the
International Monetary Fund's basket of currencies -- the
special drawing right (SDR) -- but in practice to the dollar.
    Oman links its currency formally to the dollar, while
Kuwait pegs its dinar to a trade-weighted basket devised by
itself.
    The denominator chosen by central bank governors has not
been disclosed, but some bankers expect the currencies to be
linked to the SDR or a trade-weighted basket.
    Opening the meeting, Ahmed al-Tayer, the UAE's Minister of
State for Finance and Industry, said implementation of joint
economic agreements "is increasingly linking the interests of
GCC citizens together."
    The general assembly of the Gulf Investment Corporation met
in Abu Dhabi earlier under the chairmanship of Bahrain's
Finance and National Economy Minister, Ibrahim Abdul-Karim
    The corporation was formed to contribute to joint economic
and investment projects in the GCC.
    Officials said the corporation's assets rose to 1.31
billion dollars last year from 1.04 billion at the end of 1985.
 REUTER
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earn
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2;

PHOTOGRAPHIC SCIENCIES CORP 
<
PSCX> 4TH QTR LOSS


    ROCHESTER, N.Y., March 17 -
    
Oper shr loss six cts vs profit four cts
    Oper net loss 165,000 vs profit 83,000
    Sales 2,413,000 vs 921,000
    Avg shrs 2,908,770 vs 2,203,462
    Year
    Ope shr profit five cts vs profit five cts
    Oper net profit 124,000 vs profit 106,000
    Sales 5,652,000 vs 1,623,000
    Avg shrs 2,369,949 vs 2,061,102
    NOTE: Net excludes losses from discontinued operations of
548,000 dlrs vs 14,000 dlrs in quarter and 696,000 dlrs vs
21,000 dlrs in year.
    1985 year net excludes 35,000 dlr tax credit.
    1985 year includes only six months of operations due to
change in fiscal year.
 Reuter
3;
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6142
topicstart
grain
corn
topicend
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2;

SOUTH AFRICA CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, March 17 - 
Dry weather pushed further into
South Africa's Orange Free State's Maize Triangle in the week
ended March 14, the Joint Agricultural Weather Facility of the
U.S. Agriculture and Commerce Departments said.
    In a summary of its Weather and Crop Bulletin, the agency
said scattered showers continued throughout Transvaal, but dry
pockets persisted in the northeast and south.
    Temperatures average one to four degrees C above normal
throughout all grain areas, stressing grain-filling corn in
areas receiving lightest rainfall, it said.
    The agency said rainfall during February was near to above
normal in most areas, but earlier periods of hot, dry weather
reduced yield prospects in parts of the northern Transvaal and
southern Orange Free State.
 Reuter
3;
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topicend
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2;

U.K. BUDGET SEEN BOOSTING GOVERNMENT BOND MARKET


    By Norma Cohen, Reuters


    LONDON, March 17 - 
Chancellor of the Exchequer Nigel
Lawson's budget contained virtually everything the government
bond (gilts) market had hoped for and is likely to help prices
race ahead in coming months, analysts and traders said.
    Indeed, in the first half hour after Lawson completed his
speech, gilt prices soared about 1-1/2 points, an extremely
sharp gain in such a short period of time. Overall, they rose
about two points on the day.
    "This budget was incredibly bullish for the gilts market,"
Morgan Grenfell and Co Ltd economist Stephen Bell said.
    Analysts said that in the light of the reaction to the
budget in the gilts and U.K. Money markets, U.K. Commercial
bank base rates are likely to be cut by as much as a full point
tomorrow.
    Analysts said the market's euphoria was simply a reflection
of supply and demand. The crucial piece of news in the budget
was that the Public Sector Borrowing Requirement would be held
to 4.0 billion stg.
    By comparison, a year ago, the PSBR was set at 7.0 billion
stg.
    The lower PSBR means the Bank of England will have to offer
far less new stock to the market to meet its funding needs and
the scarcity factor is sure to drive prices up further,
analysts said.
    "The PSBR at four billion is lower than anyone realistically
expected," Bell said. Most market expectations called for the
Chancellor to announce a PSBR of about 5.5 billion stg.
    S.G. Warburg Securities Co Ltd economist John Shepherd said
that overall, the Bank will have to sell about two billion less
in new securities next fiscal year -- a cut of about 15 pct in
total new issue volume.
    Chase Manhattan Securities Ltd international economist Andy
Wrobleski noted the Bank has already raised about 1.8 billion
stg of next year's funding needs this year via a series of tap
issues.
    The issues have been in a partly-paid form where the full
price does not have to be paid until the start of the new
fiscal year and therefore they are not counted in the current
year's fund raising.
    But the Bank of England will also be constrained from
issuing gilts in the conventional form by its promise to try
out a U.S.-style auction system in which firms bid for new
stock.
    The Bank will also have to offer at least one index-linked
issue where the rate paid to investors is tied to the Retail
Price Index, leaving about one to two billion stg, in total, to
be raised in the form of traditional stock.
    Analysts noted that the budget contains provision for a two
pence in the pound cut in the basic rate of income tax, in line
with most market expectations, although some operators had
expected a cut of up to four pence in the pound.
    The gilts market approved of the more modest tax cut,
Shepherd said, because "If it was more than two pct, they would
have become concerned about the economy heating up again."
    Also, a cut of two pence in the pound suggests that if the
ruling Conservative party is re-elected, another two pence cut
can be offered at budget time next year.
    Analysts said the gilts market may also be building steam
on the political implications of the budget which suggests an
early election.
    "All the goodies in this budget will be in place by the
middle of May," Morgan Grenfell's Bell said. "This makes a June
election very likely."
    Bell said some politically popular provisions omitted from
the budget, such as lifting the ceiling on the amount of
mortgage eligible for tax benefit and some provisions on
pensions, could not have been implemented until autumn anyway.
    At that rate, they would have been of little use for a
political party expecting to call an election in June.
    Also, analysts noted, the budget does not go overboard with
measures that are seen as generous to the wealthy.
    "This will be a difficult budget for the (opposition) Labour
party to attack," Shepherd said.
 REUTER
3;
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earn
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2;

PUEBLO INTERNATIONAL INC 
<
PII> 4TH QTR JAN 31


    NEW YORK, March 17 -
    
Shr 56 cts vs 46 cts
    Net 2,005,000 vs 1,685,000
    Sales 189.8 mln vs 156.0 mln
    Avg shrs 3,603,000 vs 3,614,000
    Year
    Shr 1.88 dlrs vs 1.77 dlrs
    Net 6,774,000 vs 6,587,000
    Sales 692.1 mln vs 596.8 mln
    Avg shrs 3,604,000 vs 3,713,000
    NOTE: Net includes tax credits of 250,000 dlrs vs 162,000
dlrs in quarter and 610,000 dlrs vs 1,288,000 dlrs in year.
    Thirteen vs 12 and 53 vs 52-week periods.
    Latest year net includes gain 418,000 dlrs for first nine
months from change in pension accounting, for which results of
first three periods restated.
 Reuter
3;
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2;

HRE PROPERTIES 
<
HRE> 1ST QTR JAN 31 NET


    NEW YORK, March 17 -
    
Shr 38 cts vs 47 cts
    Net 2,253,664 vs 2,806,820
    Gross income 5,173,318 vs 5,873,904
    NOTE: Net includes gains on sale of real estate of 126,117
dlrs vs 29,812 dlrs.
 Reuter
3;
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earn
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2;

PHOTOGRAPHIC SCIENCES CORP 
<
PSCX> 4TH QTR


    ROCHESTER, MARCH 17 -
    
Shr loss 25 cts vs profit three cts
    Net loss 713,000 vs profit 69,000
    Revs 2.4 mln vs 921,000
    Six months
    Shr loss 24 cts vs profit six cts
    Net loss 572,000 vs profit 120,000
    Revs 5.7 mln vs 1.6 mln
    NOTE:To effect change from fiscal to calendar year, company
reported results for six months period ended December 31, 1985.
1985 six months includes one time gain of 35,000 dlrs. 
 Reuter
3;
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documentstart
6153
topicstart
grain
wheat
rice
topicend
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2;

WORLD CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, March 17 - 
Dry weather covered most European
crop areas in the week ended March 14, except for those in
southwestern France, southern Italy, and Greece, the Joint
Agricultural Weather Facility of the U.S. Agriculture and
Commerce Departments said.
    In its International Weather and Crop sumary, the agency
said mixed rain and snow covered Greece.
    Winter grains in England, France, and northern Italy
remained dormant. Grains usuaually break dormancy in March.
    Winter grains in Eastern Europe usually break dormancy in
early April, it said.
    Showers improved irrigation supplies in winter wheat areas
of northern Pakistan and northern India, it said.
    Normally, wheat harvesting is well underwaty in central
India and just beginnning to the north, ending in most areas by
late April.
    Showers improved irrigation supplies in southern India,
reversing February's below-normal trend.
    Summer rice is usually in or nearing reproduction in most
southern areas, it said.
    In the Philippines, most rainfall was restricted to the
central islands, continuing February's drying trend in Luzon
and southern Mindanao.
    Locally heavy showers dotted Indonesia and Malaysia as
rainfall generally decreased eastward through the islands.
    In February locally heavy showers may have caused flooding
in Java, it said.
    The second cnsecutive week of dry weather stressed Moroccan
winter grains, approaching teh heading stage, the agency said.
    Light to moderate rain spread from northern Thailand to
Northern Vietnam as dry weather prevailed elsewhere in
Southeast Asia.
    Dry weather covered winter grain areas in western and
central Algeria, but soil moisture was likely adequate to meet
crop demands, it said.
    Light showers in eastern Algeria and Tunisia maintained
adequate moisture for crop growth, it said.
    Timely rains will be needed in the next several weeks as
winter grains advance through the critical reproductive phase,
the agency said.
 Reuter
3;
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earn
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2;

FEDERAL PAPER BOARD CO 
<
FBT> SETS PAYOUT


    MONTVALE, N.J., March 17 -
    
Qtly div 17-1/4 cts vs 17-1/4 cts prior
    Pay April 15
    Record March 31   
 Reuter
3;
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2;

SHONEY'S INC 
<
SHON> SETS PAYOUT


    NASHVILLE, Tenn., March 17 -
    
Qtly div four cts vs four cts prior
    Pay April 22
    Record April Three
 Reuter
3;
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6156
topicstart
interest
bop
money-supply
topicend
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2;

ANALYSTS SAY U.K. BUDGET POINTS TO BASE RATE CUTS


    By Simon Cox, Reuters


    LONDON, March 17 - 
Chancellor of the Exchequer Nigel
Lawson's Budget speech was described as sound and well balanced
by analysts, if slightly lacking in excitement.
    A cut in bank base lending rates is now widely expected
tomorrow, with most forecasts predicting a half-point fall. A
follow-up half-point cut is anticipated next week.
    "Worthy but boring would probably sum it up," Peter Fellner,
U.K. Economist at stockbrokers James Capel and Co, said. "It was
a very, very prudent fiscal budget."
    Richard Jeffrey of brokers Hoare Govett said it was a
well-balanced budget within the confines of the government's
philosophy of keeping expenditure levels flat.
    Most analysts said the Budget was very sound on the fiscal
side, but offered nothing new on monetary policy.
    As was widely expected, Lawson split his "fiscal adjustment"
between trimming the 1987/88 PSBR target to 4.0 billion stg
from 7.1 billion and cutting basic rate income tax from 29 to
27 pct.
    The target for the narrow measure of money supply, M0, was
kept unchangd at two to six pct, while the target for the broad
Sterling M3 aggregate was dropped.
    Both Jeffrey and Fellner said the budget clears the way for
a half-point fall in U.K. Base rates tomorrow, but the
authorities are unlikely to sanction a larger cut immediately.
Many analysts and currency dealers have forecast a full
one-point cut tomorrow.
    "The Bank of England will be loathe to take any action which
it will have to reverse later," Jeffrey said, though he added a
further half-point cut was quite possible in the near future.
    The main worry from today's speech is the outlook for
inflation, given the signs of relaxed monetary policy contained
in it, Scrimgeour Vickers economist Richard Holt said.
    Holt noted the "rather loose" inflation forecast of 4.0 pct
at end-1987, and said the lower interest rates likely to result
from the tough fiscal stance could cause longer term concern.
    "A higher PSBR target could be preferable in the long term,"
he said, although lower mortgage interest rates on the back of
falling base rates would have an offsetting impact on
inflation.
    The Budget will inspire a lot of short-term confidence but
it was "not a good budget for inflation," he said
    Jeffrey said he would have liked Lawson to say more about
the dangers of excessive liquidity build-up but overall was not
too concerned about a revival of inflation.
    Fellner noted that the exchange rate was to remain the
"leading edge" of monetary policy, but said the authorities were
likely to be extremely cautious on this front.
    He said they were unlikely to hesitate in holding interest
rates steady or even raising them again if sterling showed any
signs of excessive weakness.
    Most analysts agreed Lawson had bolstered the credibility
of the Budget by adopting realistic forecasts.
    Raising the forecast for the current account deficit from
1.5 to 2.5 billion stg for 1987 would not unsettle the markets,
which are already discounting that amount, Jeffrey said.
that the 4.0 billion stg PSBR target was given credibility by
the favourable outturn for 1986/87, which is now also forecast
to be 4.0 billion stg.
    But analysts said the Budget speech did not give any
clear-cut indication about the timing of the general election,
which has to be held before June, 1988.
    Some believe it signals a poll this June, noting that the
benefits, such as income tax cuts and the decision not to raise
duties on alcohol and tobacco, become available immediately.
    But others said it kept several options open and it was not
possible to deduce too much from it.
    James Capel's Fellner noted that by being fiscally prudent,
Lawson had kept open the possibility of an autumn election in
that there would be no "chickens coming home to roost."
    Richard Jeffrey, who favours the likelihood of a June
election, said it was important the Chancellor had not gone for
a Budget aimed overtly at buying an election victory.
    Nevertheless, he said, it was likely to result in a boost
to the Conservative Party's pre-election popularity.
 REUTER
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2;

TAFT 
<
TFB> STOCK RISES ON PROPOSAL


    By Patti Domm


    New York, March 17 - 
Taft Broadcasting Co stock rose almost
three points today as its vice chairman and an investment group
proposed to sweeten a takeover offer for the company.
    However, several arbitragers said they would shy away from
the stock at its current price levels since it is unclear how
high bidding for the company would go and whether the company
would agree to a takeover.
    "There are too many uncertainties," said one arbitrager.
    Taft stock rose 2-7/8 to 155-3/4.
    Dudley Taft, Taft vice chairman, and Narragansett Capital
Inc said they sent a letter to the Taft board, stating they
were committed to pursuing acquisition of the broadcast company
and were prepared to negotiate a transaction in excess of 150
dlrs per share.
    The company responded that the proposal would be submitted
to the board of directors, but that no decisions have yet been
made on a sale of the company.
    "Someone's betting this company will go for 170 (dlrs per
share)," said one arbitrager.
    Arbitragers said the stock is a risky buy at current
levels, unless an offer was accepted in the 170 dlr per share
range. They said to make an arbitrage investment at this level
would be chancy since it will take a long time for any
transaction to be completed because of regulatory approvals
necessary for the broadcast properites.
    Taft earlier rejected a 145 dlr per share or 1.35 billion
dlr bid from the investment group. The company said it rejected
the bid as inadequate based on advice of Goldman, Sachs and Co,
its financial adviser. It said it would consider alternatives
such as restructuring.
    Arbitragers speculated a bidding war may erupt for Taft,
which has two large shareholders in an investment group led by
Robert Bass and Carl Lindner, chairman of American Financial
Corp. The Bass group holds 25 pct of Taft and Lindner holds
16.2 pct. The Taft family, which founded the company almost 50
years ago, has about 12 pct.
    Lindner last week told the Securities and Exchange
Commission he may be interested in making a bid for Taft.
    "I could see if things got really crazy that it might go
for 175 (dlrs per share)," said one arbitrager, but he
speculated it probably would not even be taken over for more
than a price in the 160s.
    Another speculated that Lindner might bid, but he
speculated the investor would not really be interested in
running the company. Lindner was unavailable for comment.
    Dennis McAlpine, an analyst with Oppenheimer and Co, said
he had speculated the company might be considering a leveraged
buyout.
    "Ideally, you'd have to break this thing up to satisfy all
the interests involved," he said, adding the two largest
shareholders might be interested in pieces of Taft.
    He said the highest takeover price he calculated for the
company has been about 140 dlrs per share, but that the highest
estimates on Wall Street have been about 160. He said the
latter would be based on more optimistic expectations for the
broadcast industry.
 Reuter
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ipi
jobs
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2;

BANK OF FRANCE SEES CONTINUED INDUSTRIAL PICKUP


    PARIS, March 17 - 
The Bank of France expects a continued
revival in short-term industrial activity, but the outlook for
any improvement in France's record 10.9 pct unemployment rate
remains bleak, the Bank of France said in its monthly review.
    The upturn in activity in all industrial sectors except the
agro-food sector in February more than compensated for the fall
in January, while construction and civil engineering
experienced a recovery which appears likely to extend over the
next few months.
    Internal demand rose and the export situation improved, in
particular toward the European Community (EC), the Bank said.
    Stocks decreases and order book levels, with the exception
of the agro-food industry, improved substantially.
    In addition, retail prices and salaries stabilised last
months.
    Production rose in all sectors except agricultural
machinery and aeronautics, where it stabilised, and ship
construction, where it declined.
    The car industry was the major beneficiary of the upturn in
activity in February, with both domestic and export orders
rising.
    In the consumer goods sector, actitity rose sharply despite
a fall in the household goods sector and stability in
pharmaceuticals.
    Among semi-finished products, output rose sharply, helped
by a strong growth in construction materials.
    But activity in the retail sector declined slightly over
the past two months.
 REUTER
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crude
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******
HERRINGTON SAYS HE MAY RECOMMEND TAX BENEFITS FOR U.S. OIL INDUSTRY

Blah blah blah.
3;


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2;

MOODY'S MAY LOWER W.R. GRACE 
<
GRA> RATINGS


    NEW YORK, March 17 - 
Moody's Investors Service Inc said it
is reviewing for posible downgrade the debt ratings of W.R.
Grace and Co because of concern the company's earnings may not
be high enough to provide meaningful improvement in its
currently thin margins of interest coverage for some time.
    Some 650 mln drls of outstanding debt is affected.
    Moody's said it is evaluating the ability of Grace's less
diversified business portfolio to generate funds sufficient for
reinvestment and growth, along with debt service and repayment,
in the next three to five years.
 Reuter
3;
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6163
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crude
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2;

HERRINGTON SAYS HE MAY CALL FOR OIL TAX BENEFITS


    WASHINGTON, March 17 - 
Energy Secretary John Herrington
said he may recommend to the White House that the domestic oil
industry be given tax benefits to help it produce more oil and
head off increasing U.S. dependence on foreign oil.
    He said also at a news conference that he would recommend
to the White House that the fill rate of the Strategic
Petroleum Reserve be increased from its planned 35,000 barrels
per day.
    The oil reserve fill rate capacity is 100,000 barrels a
day.
    Herrington said he had always advocated a greater fill rate
for the petroleum reserve, but the rate had been kept down
because of budgetary constraints.
    Herrington did not disclose what tax incentives he might
advocate, but U.S. officials have shown interest in tax
benefits for oil and gas exploration and for research and
development into new ways to extract oil which is now
considered uneconomical to produce.
    He made the remarks in conjunction with the release of the
Energy Department's study on oil's impact on national security.
    Herrington said that before he disclosed what
recommendations for tax benefits for the oil and gas industry
he might make, he would raise the matter with the White House
Economic Policy Committee to see if the proposals to increase
oil production made good tax policy.
    He said he would like to increase U.S. production by one
mln barrels a day.
    The report said that by the end of the century the United
States may be relying on foreign sources for 50 pct of its oil
consumption, posing a serious economic and national security
threat.
 Reuter
3;
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2;

U.S. HOUSE PANEL SETS INTERNATIONAL DEBT BILL


    WASHINGTON, March 17 - 
A House Banking subcommittee
approved legislation which would require the Treasury Secretary
to begin negotiations on the establishment of an international
debt adjustment facility.
    The facility would buy up some of the debt of less
developed countries and sell it to banks at a discount.
    The facility was proposed by Rep. John LaFalce, D-N.Y., who
said it would help ease the third world debt crisis. It was
approved by the House International Finance subcommittee and
sent to the full House Banking Committee, which will consider
the measure next week.
    The legislation is part of the omnibus trade bill being
considered by several committees.
 Reuter
3;
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6165
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earn
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2;

CONSOLIDATED STORES CORP 
<
CNS> 4TH QTR JAN 31 NET


    COLUMBUS, Ohio, March 17 -
    
Shr 17 cts vs 13 cts
    Net 7,602,000 vs 4,879,000
    Sales 141.5 mln vs 71.3 mln
    Avg shrs 45.0 mln vs 42.2 mln
    Year
    Shr 45 cts vs 32 cts
    Net 19.5 mln vs 12.0 mln
    Sales 397.2 mln vs 181.1 mln
    Avg shrs 43.4 mln vs 38.2 mln
    NOTE: Prior year net includes 2,600,000 dlr tax credit.
    Share adjusted for two-for-one stock split in June 1986.
 Reuter
3;
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6166
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crude
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2;

WAINCO OIL 
<
WOL> COMPLETES WILDCAT WELL


    HOUSTON, March 17 - 
Wainco Oil Corp said it has completed a
wildcat well on its GrandMarais prspect in Jefferson Davis
Parish, La., which is currently producing at a rate of 1.1 mln
cubic feet of gas and 40 barrels of condensate daily.
    The company said it has a 20 pct working interest in the
well which is flowing from Lower Frion Tweedel Sand
perforations between 10,104 and 10,110 feet. Additional
untested but possibly productive zones exist behind the pipe,
it added. It said the remaining owners are privately held
petroleum companies.
 Reuter
3;
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6169
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crude
topicend
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2;

U.S. WARNS OF DEPENDENCE ON FOREIGN OIL


    WASHINGTON, March 17 - 
A White House-ordered report said 
that growing U.S. reliance on foreign oil into the year 2000
could have potentially damaging implications for national
security.
    The Energy Department study discusses several options to
curb reliance on foreign oil, but makes no recommendations.
    President Reagan and most Congressmen have previously ruled
out a tax on foreign oil as a way to curb imports and to help
the depressed domestic oil industry.
    Energy Secretary John Herrington said in a statement that
"although we have made gains in energy security in the last six
years, this report shows that there is justification for
national concern both over declining competitiveness of our
domestic oil and gas industry and over rising oil imports."
    The report said imports last year were 33 pct of U.S.
consumption and by the mid-1990s could rise to 50 pct.
    Among the report's options to ease U.S. reliance on foreign
oil are several already advocated by the Reagan Administration.
    President Reagan ordered the study last September, citing a
determination that the country never again become captive to a
foreign oil cartel, referring to the OPEC-led oil shortages and
sharp prices increases of the 1970s.
    The report said an import fee would raise prices and help
make it economical for U.S. oil firms to find and produce new
oil, as well as to cut imports, but on the whole the tax would
depress the nation's economy.
    The study was outlined in a New York Times report today.
 Reuter
3;
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earn
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2;

HOSPITAL STAFFING SERVICES INC 
<
HSSI> 1ST QTR


    FORT LAUDERDALE, Fla., March 17 - 
Feb 28
    Oper shr six cts vs two cts
    Oper net 189,683 vs 47,499
    Revs 2,874,930 vs 2,594,574
    NOTE: Prior year net excludes 33,000 dlr tax credit.
 Reuter
3;
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6173
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earn
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2;

VIATECH INC 
<
VTK> YEAR NET


    SYOSSET, N.Y., March 17 -
    
Shr 1.53 dlrs vs 18 cts
    Net 841,893 vs 95,477
    Revs 50.3 mln vs 35.1 mln
                                   
 Reuter
3;
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earn
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2;

INTERACTIVE TECHNOLOGIES INC 
<
ITXI> 1ST QTR NET


    NORTH ST. PAUL, MINN., March 17 -
    
Shr nine cts vs eight cts
    Net 373,000 vs 269,000
    Sales 3,501,000 vs 2,507,000
    Avg shrs 4,036,000 vs 3,326,000
    NOTE: Periods end January 31, 1987 and 1986, respectively.
 Reuter
3;
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6176
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interest
topicend
bodystart
2;
******
U.S. FHL BANKS SETS 6.70 PCT, 7.10 PCT, 7.65 PCT RATES ON 2.55 BILLION DLR OFFER

Blah blah blah.
3;


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6177
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crude
topicend
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2;

OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL


    BRUSSELS, March 17 - 
OPEC believes world oil prices should
be set around a fixed average price of 18 dlrs a barrel, OAPEC
Assistant General Secretary Abdelaziz Al-Wattari said today.
    In a speech to a European Community (EC)/OAPEC/OPEC seminar
in Luxembourg released here, Al-Wattari said: "OPEC believes
...The world energy trade should be kept without restrictions
and should be built around a fixed average price of 18 dlrs."
    But he warned that defense of the 18 dlr a barrel level had
caused hardship for OPEC countries, who had been forced to
curtail production, and he warned that such cutbacks by OPEC
states could not be sustained in some cases.
    "For OPEC to stabilize the world oil price at what is now
considered the optimal level of 18 dlrs a barrel, its member
countries have had to undergo severe hardship in curtailing
production," Al-Wattari said.
    "Such cutbacks ... Cannot, in certain cases, be sustained,"
Al-Wattari said. As well as financial and marketing pressures,
some states depended on associated gas output for domestic use
and oil cutbacks had left insufficient gas supplies, he added.
    Al-Wattari noted that total OPEC output was below the
organization's agreed ceiling for all member countries in
February, although this had meant sacrifices.
    The effect of these sacrifices meant that market stability,
though restored to a good level, was still under pressure,
Al-Wattari said. "A lasting stability in the world market
requires a wider scope of international cooperation," he added.
    He said some non-OPEC oil producing countries had shown a
political willingness after 1986 to cooperate with OPEC.
    But although cutbacks announced by these states were
politically significant and welcomed by OPEC, they were
insufficient in terms of volume, he added. "The overall majority
of non-OPEC producers have not responded sufficiently to OPEC's
calls for supply regulation," he said.
    Al-Wattari said an 18 dlr a barrel price was optimal as it
allowed investment in the oil industry outside OPEC to
continue, while not generating excessive cash flow for
otherwise unviable high-cost areas outside OPEC. Such a price
would no longer encourage protectionist measures, he added.
    Fadhil Al-Chalabi, OPEC Deputy Secretary General, also
addressing the seminar, added that discipline was still needed
to prevent violent fluctuations in the oil market.
    Cooperation between Arab states and Europe was advantageous
for both sides, Al-Chalabi said, adding he hoped cooperation
would ultimately lead to full-fledged Euro-Arab dialogue.
 Reuter
3;
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6178
topicstart
interest
topicend
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2;

U.S. FHL BANKS SETS RATES ON DEBT OFFERING


    WASHINGTON, March 24 - 
The Office of Finance, Federal Home
Loan Banks, said it set rates on today's debt offering of 6.70
pct on its 1.11 billion dlr issue, 7.10 pct on a 1.065 billion
dlr issue and 7.65 pct on a 375 mln dlr issue.
    It said the issues, which are for settlement March 25, 
mature March 26, 1990, March 25, 1992 and March 25, 1997,
respectively.
    The office said telephone confirmation of allotments must
be received by 1500 hrs EST today and that secondary trading
will begin at 0930 hrs EST tomorrow.
 Reuter
3;
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6179
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earn
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2;

SANTA ANITA COS 
<
SAR> 4TH QTR NET


    LOS ANGELES, March 17 -
    
Oper shr 45 cts vs 63 cts
    Oper net 3,805,000 vs 5,155,000
    Revs 12.0 mln vs 10.6 mln
    Year
    Oper shr 1.58 dlrs vs 2.07 dlrs
    Oper net 12,991,000 vs 15,692,000
    Revs 69.8 mln vs 71.7 mln
    Avg shrs 8,265,541 vs 7,598,522
    Note: Current qtr and year figures exclude losses from
discontinued operations of 761,000 dlrs and 875,000 dlrs,
respectively and disposition gain of 6.1 mln dlrs in both
periods.
    Prior qtr and year figures exclude gain from discontinued
operation of 31,000 dlrs and loss of 2,000 dlrs, respectively.

 Reuter
3;
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acq
topicend
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2;

MIDWAY AIRLINES 
<
MDWY> SETS HOLDER RIGHTS PLAN


    CHICAGO, March 17 - 
Midway Airlines Inc, which has
frequently been mentioned as an acquisition target, said it
declared a shareholder rights plan.
    Holders will get a dividend of one preferred share purchase
right on each outstanding share of common stock.
    Each right, when exercisable, will entitle the holder to
purchase one one-hundredth share of Series C Junior
Participating preferred stock for 50 dlrs.
    The rights are intended to assure that all holders receive
fair treatment in the event of a takeover. The company said
this is not in response to a known effort to acquire control.
    The rights will be exercisable 10 days after a person or
group buys 20 pct of the company's common, or announces or
commences a tender offer that would result in acquisition of 30
pct or more of its common.
    Midway can redeem the rights at two cts each at any time
prior to expieration of 10 days after the acquisition by any
person of 20 pct or more of the companyt's common, it said.
    If Midway is acquired, each right will entitle its hodler
to purchase a number of the acquiring company's common shares
having a market value at that time of twice the right's
exercise price.
    The dividend will be payable to holders of record April
six, and expire 10 years later on April 6, 1997.
 Reuter
3;
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earn
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2;

EQUION CORP 
<
EQUI> 2ND QTR JAN 31 NET


    HARRODSBURG, Ky., March 17 - 
    
Oper shr 19 cts vs 18 cts
    Oper net 951,902 vs 987,860
    Revs 19.0 mln vs 17.1 mln
    Six mths
    Oper shr 26 cts vs 35 cts
    Oper net 1,332,273 vs 2,502,868
    Revs 33.6 mln vs 29.2 mln
    Note: Oper net excludes tax credits of 897,925 dlrs vs
841,511,dlrs for qtr and 1,306,860 dlrs vs 2,132,073 dlrs for
six mths.
    Note: Year-ago results restated to reflect change in
accounting principle effective August one, 1985.
 Reuter
3;
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crude
topicend
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2;

VENEZUELA-ECUADOR OIL LOAN UNDER DISCUSSION


    CARACAS, March 17 - 
Venezuela has still to work out final
details of its plan to supply Ecuador with 50,000 barrels per
day of crude oil to compensate that country for lost exports
caused by earthquake damage, a senior Petroleos de Venezuela
(PDVSA) official said.
    "We have yet to finalize details on how the compensation
will be carried out and how OPEC production quotas will be
affected," he said during the signing of a joint venture deal
with Union Pacific Corp today.
    He said an agreement was initialled on a visit last week by
Ecuador's deputy energy minister Fernando Santos Alvite.
    He pointed out that there are some contractual points to be
considered. Venezuela, possibly unique among oil exporters,
requires its clients to sign final destination clauses to
ensure its oil is not resold on the spot market.
    Ecuador's oil minister Javier Espinosa was quoted today as
saying Venezuela will export the oil on Ecuador's account and
remit the revenues to Quito. Ecuador would pay back the oil at
a rate of 35,000 bpd.
    He said Venezuela's oil would be traded through Ecuadorean
state oil company Cepe, but the PDVSA official said the company
never allows third parties to trade its oil.
 Reuter
3;
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earn
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2;

<
TEMCO SERVICE INDUSTRIES INC> 1ST QTR DEC 31


    NEW YORK, March 17 -
    
Shr 31 cts vs 21 cts
    Net 182,839 vs 132,804
    Revs 25.0 mln vs 19.4 mln
 Reuter
3;
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earn
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2;

<
GREAT PACIFIC INDUSTRIES INC> YEAR NET


    Vancouver, British Columbia, March 17 -
    
Shr 1.93 dlrs vs 2.21 dlrs
    Net 8,371,000 vs 9,576,000
    Revs 18.3 mln vs 15.7 mln
 Reuter
3;
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earn
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2;

SIMMONS AIRLINES INC 
<
SIMM> 2ND QTR LOSS


    CHICAGO, March 17 - 
Period end Jan 31
    Shr loss 17 cts vs loss 26 cts
    Net loss 765,808 vs loss 1,216,501
    Revs 15.8 mln vs 18.7 mln
    Six mths
    Shr nil vs profit 54 cts
    Net loss 12.5 mln vs profit 2,538,030
    Revs 32.5 mln vs 42.6 mln
    Avg shrs 4,310,068 vs 4,712,315
    NOTE: Prior yr results restated to reflect change in value
of aircraft, resulting in increase of 232,000 or five cts shr
for six mths
 Reuter
3;
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acq
topicend
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2;

<
TEMCO SERVICE INDUSTRIES INC> MERGER ENDED


    NEW YORK, March 17 - 
Temco Service Industries Inc said its
proposed buyout by chairman Herman J. Hellman and president
Harvey Newwman has been terminated by mutual consent, and Temco
has no present intention of being acquired by any other party.
 Reuter
3;
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6189
topicstart
alum
topicend
bodystart
2;

SURALCO ALUMINA EXPORTS DROPPED 75 PCT IN FEB


    PARAMARIBO, March 17 - 
The Surinam Aluminum Company
(SURALCO) registered a 75 pct drop in alumina exports in
February after its operations were shut down by worker violence
and guerrilla sabotage, the official Surinam News Agency, SNA,
reported.
    SNA said Suralco's alumina exports dropped to 23,869 tonnes
in February from 92,852 tonnes in January. Aluminum exports,
meanwhile, decreased nine pct in the same period, to 1,511
tonnes from 1,647 tonnes.
    Suralco's alumina refinery at Paranam, 18 miles south of
the capital, was shut down February 2 after workers destroyed
plant and computer equipment in a protest over layoffs at the
company's nearby aluminum smelter.
    The smelter was shut down January 26 after anti-government
guerrillas dynamited two electricity towers which transmit
power to the plant from the Afobaka dam.
    The alumina refinery, owned jointly by Suralco and Billiton
NV, a Royal Dutch Shell subsidiary, was reopened March 9. But
the smelter remains closed, as do the Suralco mines at Moengo,
60 miles east of Paramaribo, which were closed down by
guerrillas last November.
 Reuter
3;
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6194
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topicend
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2;

NEW ITALIAN TREASURY OFFER UNDERSUBSCRIBED


    ROME, March 17 - 
Market operators subscribed to less than
half of the 3,000 billion lire offer of a new type of indexed
government paper, figures from the Bank of Italy show.
    Operators subscribed to 1,427 billion lire of the 3,000
billion lire issue of seven-year discount certificates (CTs).
    The CTs, of 100 lire nominal value each, were offered for
competitive tender at a price of 74 lire. Yields are adjustable
annually and linked to those on 12-month treasury bills.
Effective net yield on the first coupon will be 9.66 pct. The
Bank of Italy took up 500 billion lire of the offer, leaving
1,073 billion lire unassigned.
 Reuter
3;
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6197
topicstart
housing
interest
gnp
topicend
bodystart
2;

U.S. HOUSING DATA FAIL TO CLARIFY ECONOMIC PATH


    By Claire Miller, Reuters


    NEW YORK, March 17 - 
Surprisingly strong U.S. housing
statistics for February cannot be taken as an indication that
the economy is generating any momentum and are not sufficient
cause to start lifting forecasts for first quarter growth,
economists said.
    Building was boosted by two factors last month, unusually
mild weather and low mortgage rates. But economists said that
seasonal factors make it hard to assess what spur to the
economy, if any, will come from housing in coming months. And
after a steady retreat, mortgage rates seem to be near bottom.
    U.S. housing starts rose 2.6 pct in February to a
seasonally adjusted annual rate of 1.851 mln units from 1.804
mln in January. It was the highest pace for starts since April
1986.
    The rate at which permits were issued for future building
climbed 4.4 pct to a seasonally adjusted annual rate of 1.764
mln units after dropping 11.52 pct to 1.690 mln in January.
    "February's weather is usually more adverse for home
building. Because of seasonal factors it's difficult to
determine what this means for the economy down the road," said
Allan Leslie of Discount Corp.
    The housing report is seasonally-weighted to compensate for
weather-related setbacks. As a result, milder temperatures
inflate the statistics.
    Economists said that low mortgage rates also were a spur to
building last month. But several believe that rates will now
consolidate before edging up in late spring/early summer.
    "Builders are looking at current mortgage rates and saying
'Let's do it now'," said Mark Obrinsky of the U.S. League of
Savings Institutions in Washington, whose members supply much
of the financing for home building.
    But Obrinsky doubts that there is much more downward
potential for rates because he foresees higher inflation and 
some overall improvement in the U.S. economy.
    He expects rates to gain 50 to 100 basis points in early
summer from the 9.50 pct fixed rate effective in February. Last
November, fixed rate mortgages were about 10.30 pct.
    As expected, the strength in housing was concentrated in
the single-family sector. The multi-family area -- which
typically represents rental units -- remained weak due to high
vacancy rates and increased capital costs of such units
following tax law changes effective January 1.
    Single-family starts rose at a 5.6 pct annual pace to 1.317
mln units. Multi-family fell 4.1 pct to a 534,000 rate.
    "Strength in the single-family sector indicates that low
mortgage rates are doing their job. But we're probably not
looking at a great deal of growth potential," said Ward
McCarthy of Merrill Lynch Capital Markets.
    McCarthy noted that the housing report, together with
larger than expected gains in U.S. employment, industrial
output and retail sales in February, may cause some observers
to start waving "four pct GNP banners" for the first quarter.
Gross national product grew 1.3 pct in the fourth quarter.
    But McCarthy, who still expects first quarter real GNP to
come in at an annual rate of 2.5 pct or slightly above, is not
convinced that growth will pick up in future.
    "The big story is the inventory re-building that's going on
now, not all of which is intentional," he said. For example,
U.S. automakers, who are already saddled with high stocks,
produced at an annual rate of 8.3 mln units in February
compared with domestic car sales of 7.3 mln.
    Thus while inventories could contribute to GNP in the first
quarter, they may result in scaled-back production and weaker
growth in the second, he said.
    "If most of the first quarter growth is inventory building
and we cannot identify any improvement in export demand, then
there is the potential for softness in the second quarter,"
agreed Allan Leslie of Discount Corp. He is still evaluating
first quarter GNP prospects.
    Federal Reserve chairman Paul Volcker said last week that
current data do not show the worsening in trade has reversed.
    "At the same time that we are pumping up inventories in the
first quarter, we could foresee production slowing in the
second," cautioned Joe Plocek of McCarthy, Crisanti and Maffei
Inc, who expects first quarter growth of about three pct.
 Reuter
3;
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earn
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2;

PUBLIC SERVICE ENTERPRISE 
<
PEG> TWO MTHS NET


    NEWARK, N.J., March 17 - 
Periods ended February 28
    Shr 89 cts vs 87 cts
    Net 119.5 mln vs 114.6 mln
    Revs 872.3 mln vs 917.4 mln
    Avg shrs 134.9 mln vs 131.7 mln
    12 mths
    Shr 2.87 dlrs vs 3.32 dlrs
    Net 383.4 mln vs 413.5 mln
    Revs 4.5 billion vs 4.4 billion
    Avg shrs 133.7 mln vs 124.7 mln
    NOTES: Year ago results restated to reflect application of
new accounting for disallowances
    Full name is Public Service Enterprise Group Inc
 Reuter
3;
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acq
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2;

PENTRON CORP 
<
PEN> UNIT TO BUY ICE CREATIONS


    WALNUT CREEK, Calif., March 17 - 
Pentron Corp said its
Rotational Molding Inc unit has purchased privately held Ice
Creations Unlimited for an undisclosed amount of cash and other
considerations.
    The company said Ice Creations had sales of 1.2 mln dlrs in
the year ended May 31, 1986.
    Ice creations is a molder of plastics.
 Reuter
3;
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6201
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crude
topicend
bodystart
2;

U.K. OIL REVENUE FORECAST TO FALL IN 1987/88


    LONDON, March 17 - 
The U.K. Government forecasts that oil
revenues will fall to four billion stg in the fiscal year
1987/88, from 4.75 billion in 1986/87 and 11.5 billion in
1985/86.
    The forecast came in the Treasury's Financial Statement and
Budget Report issued after the Chancellor of the Exchequer
Nigel Lawson's annual budget statement to parliament.
    The government is assuming the price of oil will average 15
dlrs a barrel, in line with its earlier forecasts, and its oil
revenue calculation is based on an exchange rate remaining
close to current levels, the Treasury document said.
    The Treasury said the 1987/88 oil revenue shortfall will
reflect the oil price fall of 1986, as North Sea corporation
tax is paid after a time lag.
    The statement calculated that a one dlr a barrel difference
in oil prices this year will change revenue by about 350 mln
stg for the current fiscal year, and 400 mln stg in a full
year.
    Oil production is forecast to fall slightly in 1987,
according to the statement. A change in one mln tonnes in
production would alter revenue by about 45 mln stg in 1987/88
and 50 mln stg in a full year, it added.
    Total general government receipts for 1986/87 are now
estimated to be 159.2 billion stg, 2.75 billion more than the
1986 Budget forecasts and above the Autumn Statement forecasts,
despite a shortfall of 1.25 billlion in oil receipts.
    Additional non-North Sea corporation tax of 1.75 billion
stg and VAT of 750 mln stg account for the bulk of the
overshoot.
    Total general government receipts were forecast to rise to
168.8 billion stg in fiscal 1987/88, and among the main items,
besides diminishing oil revenues, were projected income tax of
40 billion stg, up from 38.4 billion in the current year.
    Non-North Sea corporation tax is forecast to bring in 13.5
billion stg in 1987/88, after the revised 11.2 billion in
1986/87, and VAT revenue should amount to 23.3 billion,
compared with upwardly revised estimated 21.5 billion this
fiscal year.
    The general government expenditure for the coming fiscal
year is expected to total 173.5 billion stg, up from a revised
164.9 billion in the current year.
    A repayment of 800 mln on public corporations' market and
overseas borrowings is forecast to bring the total Public
Sector Borrowing Requirement down to 3.9 billion stg in
1987/88, from this year's revised 4.1 billion, the Treasury
said.
 REUTER
3;
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earn
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2;

REYNOLD METALS 
<
RLM> UP ON FURMAN SELZ REPORT


    NEW YORK, March 17 - 
Shares of Reynolds Metals Co rose
sharply after Wall Street firm Furman Selz Mager Dietz and
Birney issued a report focusing on the strong earnings
potential from the company's Australian gold holding, traders
familiar with the report said.
    Traders said the report notes that earnings from Australian
gold holdings could be worth about 35 cts to 55 cts a share
this year and 1.40 dlrs to two dlrs a share in 1988.
    Reynolds Metals rose three points to 59-5/8 on volume of
729,500 shares.
    Reynolds owns stakes in the Mount Gibson gold project and
the Boddington gold project, both located in Australia. An
analyst familiar with the two mines said "the properties,
together, have a potential value of 20 dlrs to 40 dlrs a share
for Reynolds."
    The analyst, who asked not to be identified, said the rise
in the stock today was likely the result of "U.S. investors
that were not completely cognizant of the size or the
importance of the (Reynolds') holdings in Australia."
    Traders said the Furman Selz report indicates that gold was
discovered mixed with bauxite in the Boddington mine.
Boddington is principally a bauxite mine.
    The traders said the report goes on to say that the profits
from the Boddington gold with substantially reduce the
production costs of the other metals mined at Boddington.
    Traders said Furman Selz also boosted its earnings
estimates, expecting Reynolds Metals to earn 4.10 dlr a share
in 1987 and eight dlrs a share in 1988.
    Last year, Reynolds reported net earnings of 8.18 dlrs a
share, which included 3.09 dlrs a share for adoption of new
accounting rules, 1.01 dlrs a share for tax loss carryforwards
and other extraordinary items.
 Reuter
3;
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6204
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earn
topicend
bodystart
2;
CORRECTION - SIMMONS AIRLINES INC 
<
SIMM> LOSS
    In CHICAGO item headlined Simmons Airlines Inc 
<
SIMM> 2nd
qtr loss, please reverse qtrs for which figures are reported.
 Reuter
3;


bodyend
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6205
topicstart
earn
topicend
bodystart
2;

WESTERN FEDERAL SAVINGS BANK 
<
WFPR> UPS PAYOUT


    NEW YORK, March 17 -
    
Qtly div 15 cts vs 12-1/2 cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6208
topicstart
crude
topicend
bodystart
2;

OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL


    BRUSSELS, March 17 - 
OPEC believes world oil prices should
be set around a fixed average price of 18 dlrs a barrel, OAPEC
Assistant General Secretary Abdelaziz Al-Wattari said.
    In a speech to a European Community/OAPEC/OPEC seminar in
Luxembourg released here, Al-Wattari said, "OPEC believes ...the
world energy trade should be kept without restrictions and
should be built around a fixed average price of 18 dlrs."
    Al-Wattari noted that total OPEC output was below the
organization's agreed ceiling for all member countries in
February, although this had meant sacrifices. The effect of
these sacrifices meant that market stability, though restored
to a good level, was still under pressure, Al-Wattari said.
    "A lasting stability in the world market requires a wider
scope of international cooperation," he said.
 Reuter
3;
bodyend
documentend
documentstart
6209
topicstart
grain
wheat
topicend
bodystart
2;

U.S. HOUSE APPROVES PILOT 0/92 DISASTER PROGRAM


    WASHINGTON, March 17 - 
The House of Representatives
approved a bill to enable 1987 winter wheat and feedgrains
farmers hit by midwestern flooding last year to receive at
least 92 pct of their federal income support payments even if
they did not plant.
    The one-time pilot 0/92 program, designed to assist farmers
in Kansas, Oklahoma, Michigan and parts of Missouri, was passed
by a 304-100 vote and sent to the Senate.
    Although the bill includes a narrow version of the 0/92
provision endorsed by the Reagan administration, the U.S.
Agriculture Department withheld its support from the measure.
    USDA said the bill would discourage farmers from buying
crop insurance and fall short of the administration's proposed
broad-scale revision of farm programs.
    The bill would permit winter wheat producers prevented from
planting their 1987 crop last fall to receive 92 pct of the
deficiency payments they would have received.
    To be eligible, winter wheat farmers could not plant a
different crop on that land this spring, although they could
use the land for grazing or to plant hay.
    USDA estimated this provision would save 30 mln dlrs,
largely because of reduced crop forfeitures.
    The bill also would aid about 200 feedgrains producers
along the Missouri and Mississippi Rivers who were prevented
from planting crops this year because of residual damage from
last fall's flooding.
    In addition, the measure would require USDA to make full
payment to farmers eligible for emergency assistance approved
by Congress last fall.
    Currently, because claims have outstripped the 400 mln dlrs
in appropriated funds, USDA plans to offer farmers in the
region 74 cents for every dollar in disaster losses.
    The administration said it opposed the bill because, by
expanding the 400 mln dlrs in disaster relief, it would thwart
efforts to encourage farmers to buy crop insurance as an
alternative to federal disaster assistance.
    USDA also said the 0/92 provisions in the bill were
narrower than the administration's proposal to offer the option
to all major commodities and would produce insignificant
savings.
    USDA said the 0/92 option for 1987 winter wheat farmers
would produce a net savings of about 30 mln dlrs, while the
requirement to compensate fully disaster-struck farmers would
cost about 135 mln dlrs, which must be appropriated by
Congress. The feedgrains provision would cost about five mln
dlrs.
    USDA estimated the overall cost of the bill to be 111 mln
dlrs.
    In January the Senate approved a bill that would make 1987
winter wheat farmers eligible for disaster assistance payments.
    But the Senate bill would not offer the 0/92 option to
wheat and feedgrains producers or raise the 400-mln dlr ceiling
on the disaster assistance program.
 Reuter
3;
bodyend
documentend
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6211
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earn
topicend
bodystart
2;

DIODES INC 
<
DIO> 3RD QTR JAN 31 NET


    CHATSWORTH, Calif., March 17 -
    
Shr profit one cts vs profit four cts
    Net profit 27,490 vs 89,687
    Sales 2,899,189 vs 2,785,931
    Nine mths
    Shr loss four cts vs profit nine cts
    Net loss 78,038 vs profit 184,062
    Sales 8,785,918 vs 8,273,913
 Reuter
3;
bodyend
documentend
documentstart
6212
topicstart
acq
topicend
bodystart
2;
******
ALLEGHENY BEVERAGE SAYS GROUP INTERESTED IN ACQUIRING ITS SERVICE AMERICA CORP UNIT

Blah blah blah.
3;


bodyend
documentend
documentstart
6213
topicstart
earn
topicend
bodystart
2;

MONY REAL ESTATE INVESTORS 
<
MYM> 3RD QTR FEB 28


    NEW YORK, March 17 -
    
Oper shr nine cts vs 128 cts
    Qtly div 18 cts vs 22 cts prior
    Oper net 951,000 vs 1,817,000
    Total income 5,010,000 vs 5,575,000
    Nine mths
    Oper shr 39 cts vs 59 cts
    Oper net 4,014,000 vs 5,936,000
    Total income 15.2 mln vs 16.7 mln
    NOTE: Current year net both periods includes 750,000 dslr
provision for possible losses.
    Net excludes gains from sale of investment of 1,461,000
dlrs vs 346,000 dlrs in quarter and in nine mths.
    Dividend pay April 15, record March 31.
 Reuter
3;
bodyend
documentend
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6214
topicstart
earn
topicend
bodystart
2;

HILTON 
<
HLT> SEES IMPROVED FIRST QUARTER PROFITS


    NEW YORK, March 17 - 
Hilton Hotels Corp expects earnings
per share for first quarter fiscal 1987 to March 31 to be about
90 cts compared with 70 cts a year earlier, Hilton Hotels
division president Carl Mottek said.
    He told a news conference the company expected costs for
its first 10 all-suite hotels, announced today, to be about 150
mln dlrs. Initial financing would come from the company's cash
flow. Later, Hilton plans to use borrowings from traditional
sources, he added.
    Hilton, which hopes to build 50 all-suite hotels within
five years, may take in partners in the new venture, he added.
 Reuter
3;
bodyend
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6215
topicstart
earn
topicend
bodystart
2;

H.J. HEINZ 
<
HNZ> POISED FOR RECORD YEAR


    CHICAGO, March 17 - 
H.J. Heinz Co is "within sight of our
22nd consecutive year of new records in financial growth" for
the fiscal year ending April 30, Chairman and Chief Executive
Officer Anthony O'Reilly told investment analysts.
    O'Reilly, who declined to make a specific projection, said
the food company is "stronger than at any time in its 118-year
history."
    Last week Heinz reported third-quarter earnings rose to 55
cts a share from 46 cts a share. Sales rose to 1.08 billion
dlrs from 1.01 billion dlrs a year earlier.
    O'Reilly said Heinz will concentrate on backing its big
brands, new products and services, new geography, internal
growth and acquisitions.
    He said Heinz Ketchup has its highest market share in
history, 55 pct. But in response to a question, the executive
said a volume falloff in the overall product category "is a
concern to us."
    O'Reilly said Weight Watchers continues to perform well and
will generate revenue in fiscal 1987 of approximately 940 mln
dlrs.
    O'Reilly told analysts Heinz is in active negotiations to
build a second plant in China, where it entered a joint venture
with the government in 1984, forming Heinz-UFE Ltd, which
produces dry baby food cereal.
    He said Heinz-Japan is "making a profit and generating its
first substantial dividends," and implementation of a new
partnership, Seoul-Heinz Ltd, is moving ahead with a new
manufacturing plant targeted for completion by June in Seoul,
South Korea.
    To increase its competitiveness, O'Reilly said Heinz
implemented a "lowest cost imaginable" program targeted at
manufacturing, sales and marketing and procurement.
    He said a modernization program is in effect at the
company's United Kingdom operations, where the labor force,
trimmed to 4,000 from 10,000, is expected to be further reduced
to 2,500 in 1988.
 Reuter
3;
bodyend
documentend
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6217
topicstart
acq
topicend
bodystart
2;

ALLEGHENY BEVERAGE 
<
ABEV> EXPLORES UNIT SALE


    CHEVERLY, Md., March 17 - 
Allegheny Beverage Corp said it
has been approached by a group interested in acquiring its
foodservice unit, Service America Corp.
    The group includes senior management of Service America but
no officers of Allegheny Beverage, the company said.
    The company has agreed to permit the group and its
potential lenders to perform a due diligence review of Service
America, it said.
    Allegheny noted it had previously cancelled plans to spin
off the foodservice subsidiary.
    The company said the group's review is preliminary and
there is no assurance that an acquisition proposal will be made
or, if made, accepted.
    Service America had fiscal 1986 revenues of about 934 mln
dlrs, or about 83 pct of Allegheny Beverage's total revenues of
1.13 billion dlrs for the year ended March 29, 1986, a
spokesman for Allegheny Beverage said.
    He declined to identify the Service America officials in
the acquisition group.
    On Feb 18, 1987, Allegheny said it was cancelling the spin
off of Service America, but gave no reason for doing so. It
said it would place major emphasis on managing Service America
to improve operations and increase earnings at the unit.
    Service America, which Allegheny acquired in May 1985,
operates cafeterias and food and beverage vending machines.
Through other subsidiaries, Allegheny provides coin-operated
laundry services, building maintenance services and retail
office and furniture operations.
    In fiscal 1986, Allegheny reported earnings from continuing
operations of 8.2 mln dlrs or 1.09 dlrs a fully diluted share,
excluding income of 59.7 mln dlrs from discontinued operations
and an extraordinary loss of 8.1 mln dlrs. In May 1985,
Allegheny sold its Pepsi-Cola Bottling Co unit to Pepsico Inc

<
PEP> for 160 mln dlrs.
    Including discontinued operations and the special item, net
income was 59.8 mln dlrs or 6.21 dlrs a share fully diluted.
 Reuter
3;
bodyend
documentend
documentstart
6218
topicstart
gold
topicend
bodystart
2;

INSPIRATION 
<
IRC> IN CANADIAN GOLD FIND


    NEW YORK, March 17 - 
Inspiration Resources Corp said a gold
project in northern Manitoba in which it has a 44.8 pct
interest has yielded estimated total reserves of 1,580,000
short tons grading an average 0.185 ounce of gold per ton.
    The company said 
<
Manitoba Mineral Resources Ltd> owns the
remaining interest in the project, which is located about 25
miles east of Lynn Lake.
    Inspiration said the project has proven reserves of 538,000
tons assayed at 0.212 ounce of gold per ton, probable reserves
of 686,000 tons at 0.166 ounce and possible reserves of 355,000
tons at 0.183 ounce.
    Inspiration said a production decision is expected to be
made in 1988.
 Reuter
3;
bodyend
documentend
documentstart
6219
topicstart
topicend
bodystart
2;

VALERO 
<
VLO> PREFERRED STOCK UPGRADED BY S/P


    NEW YORK, March 17 - 
Standard and Poor's Corp said it
raised to B from B-minus Valero Energy Corp's preferred stock.
    Also, the rating agency affirmed Valero's BB-minus
industrial revenue bonds and B-rated debentures. About 950 mln
dlrs of long-term debt is outstanding.
    S and P said Valero's financial flexibility would improve
as the company plans to use proceeds of roughly 760 mln dlrs
from a proposed sale of natural gas operations to reduce debt.
Pro forma debt leverage drops to about 30 pct from 67 pct at
September 30, 1986. But S and P said Valero's refining segment
has been unable to consistently generate operating profits.
 Reuter
3;
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6220
topicstart
earn
topicend
bodystart
2;

MARCOR 
<
MAAR> EXPECTS FISCAL YEAR PROFIT


    LAS VEGAS, Nev., March 17 - 
MarCor Development Co Inc said
it expects to post a profit for its fiscal year ended February
28 of about two mln dlrs, compared to a year earlier loss of
3.2 mln dlrs.
    During the prior year the company operated as F and M
Importing, a publicly-held wholesale food distributor.
    During March last year privately-held Marcor acquired a
controlling interest in F and M Importing, divested the food
business, renamed the company and began operating as a real
estate investment and service company.
 Reuter
3;
bodyend
documentend
documentstart
6221
topicstart
grain
wheat
corn
topicend
bodystart
2;

HONDURAS AUTHORIZED TO BUY PL 480 COMMODITIES


    WASHINGTON, March 17 - 
Honduras has been authorized to buy
about 75,000 tonnes of U.S. wheat, about 15,000 tonnes of U.S.
corn, and about 6,000 tonnes of U.S. tallow under an existing
PL 480 agreement, the U.S. Agriculture Department said.
    The department said it may buy the wheat, valued at 8.5 mln
dlrs, the corn, valued at 1.5 mln, and the tallow, valued at
2.0 mln dlrs, between March 24 and August 31, 1987, and ship it
from U.S. ports and/or Canadian transshipment points by this
September 30.
    The purchase authorizations cover the entire quantity
provided under the agreement, signed March 11.
 
 Reuter
3;
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6222
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earn
topicend
bodystart
2;

VALLEY RESOURCES (VR) SETS STOCK SPLIT, UPS PAYOUT


    CUMBERLAND, R.I., March 13 - 
Valley Resources Inc said its
board declared a three-for-two stock split and raised the
quarterly cash dividend on the pre-split shares to 42 cts from
38 cts.
    The company said both the split and the dividend are
payable April 15 to holders of record March 31.
 Reuter
3;
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6223
topicstart
acq
topicend
bodystart
2;

CROSS BOOSTS FROST AND SULLIVAN 
<
FRSL> HOLDINGS


    WASHINGTON, March 17 - 
A shareholder group led by New York
investor Theodore Cross said in a Securities and Exchange
Commission filing that it boosted its stake in Frost and
Sullivan Inc common stock to 208,800 shares or 13.7 pct of the
total outstanding.
    The group said Cross bought 17,000 shares in the open
market between Feb. 17 and March 10.
    The group had said previously that its Frost and Sullivan
share purchases were for investment.
 Reuter
3;
bodyend
documentend
documentstart
6225
topicstart
acq
topicend
bodystart
2;

PERU TO SELL 40 STATE FIRMS TO CUT BUDGET DEFICIT


    Lima, march 17 - 
peru will sell about 40 state-owned firms
to trim a projected 740 mln dlrs loss this year among
government-owned companies.
    Some companies would be sold in their entirety and others
would be privatised only partially, according to jose palomino,
president of the government's state company holding firm, the
national development council (conade).
     He told reporters in a radio interview that the aim was to
slim a projected public sector firm deficit of 11 billion
intis. He did not say if foreigners would be allowed to buy all
or part of the companies.
    Independent economists warn that the deficit could push
inflation to between 60 and 100 pct in 1987, against the
govenment target of 40-50 pct.
    Palomino said aeroperu, the government flagship airline
with a 10-jet fleet, would issue stock for purchase by private
investors. The company in 1986 registered its first profit in
eight years, earning about 44.6 mln intis in pre-tax profits.
    Peru has about 140 non-financial state firms. Palomino said
the government would soon publish a list of those to be sold,
including those whose shares would be offered on the lima stock
exchange.
    Last november, palomino said conade's plans included the
possible sale of a company producing palm oil and another
manufacturing electrical appliances. Shares could also be sold
in a copper mine, empresa nacional tintaya sa, in the southern
state of  arequipa.
    Neither Palomino nor conade's general manager, enrique
estremadoyro, were available for comment on whether foreigners
would be allowed to purchase the companies. Their secretaries
said they were out of their offices.
    Jose antonio almenara, the general manager of the lima
stock exchange, where shares of the state-owned firms could be
sold, told reuters that the only foreigners who could purchase
stock at the exchange had to be tax-paying residents of peru.
    He said foreign stockholders cannot remit profits abroad
until at least july 1988.
 Reuter
3;
bodyend
documentend
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6227
topicstart
earn
topicend
bodystart
2;

INTERDYNE CO 
<
IDYN> 1ST QTR FEB 1 LOSS


    MILPITAS, Calif., March 17 -
    
Shr loss 28 cts vs loss 80 cts
    Net loss 2,150,000 vs loss 3,722,000
    Sales 1,478,000 vs loss 2,097,000
 Reuter
3;
bodyend
documentend
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6230
topicstart
topicend
bodystart
2;

DANA 
<
DCN> DEBT MAY BE DOWNGRADED BY MOODY'S


    NEW YORK, March 17 - 
Moody's Investors Service Inc said it
may downgrade 700 mln dlrs of debt of Dana Corp and its unit,
Dana Credit Corp.
    The agency said its review would focus on the implications
of Dana's aggressive balance sheet management on liquidity and
financial flexibility. Moody's will also take into account
intensifying competition and pricing difficulties in Dana's
highly cyclical core truck and industrial markets.
    Dana currently carries A-2 senior debt and industrial
revenue bonds. The Prime-1 commercial paper of Dana and its
credit unit are also under review for possible downgrade.
 Reuter
3;
bodyend
documentend
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6231
topicstart
earn
topicend
bodystart
2;

KILLEARN PROPERTIES INC 
<
KPI> 3RD QTR NET


    TALLAHASSEE, Fla., March 17 -
Qtr ends Jan 31
    Shr 23 cts vs eight cts
    Net 309,963 vs 110,356
    Revs 2,503,451 vs 1,351,076
    Nine mths
    Shr 62 cts vs 25 cts
    Net 851,776 vs 331,666
    Revs 6,739,351 vs 4,107,713
 Reuter
3;
bodyend
documentend
documentstart
6232
topicstart
earn
topicend
bodystart
2;

<
GATEWAY MEDICAL SYSTEMS INC> 3RD QTR LOSS


    DALLAS, March 17 - 
Period end Jan 31
    Shr loss one cts vs profit eight cts
    Net loss 52,198 vs profit 602,766
    Revs 18.6 mln vs 7,833,424
    Nine mths
    Shr profit 10 cts vs profit six cts
    Net profit 809,243 vs profit 393,372
    Revs 36.3 mln vs 18.7 mln
 Reuter
3;
bodyend
documentend
documentstart
6233
topicstart
earn
topicend
bodystart
2;

SPARTECH CORP 
<
SPTN> 1ST QTR JAN 31 NET


    ST LOUIS, March 17 -
    
Shr two cts vs three cts
    Net 369,000 vs 347,000
    Revs 21.3 mln vs 14 mln
    NOTE: Per shr reflects payment of preferred dividends.
 Reuter
3;
bodyend
documentend
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6234
topicstart
earn
topicend
bodystart
2;

ACADEMY INSURANCE GROUP INC 
<
ACIG> 4TH QTR NET


    VALLEY FORGE, Pa., March 17 -
    
Shr profit two cts vs loss 1.05 dlrs
    Net profit 1,666,000 vs loss 18,306,000
    Revs 29.1 mln vs 28.3 mln
    Avg shrs 69.1 mln vs 17.5 mln
    Year
    Shr loss 21 cts vs loss 2.72 dlrs
    Net loss 7,571,000 vs loss 45,517,000
    Revs 117.4 mln vs 123.3 mln
    Avg shrs 35.4 mln vs 16.7 mln
    NOTE: Results include losses of nil vs 473,000 dlrs, or
three cts a share, in quarter and 921,000 dlrss, or three cts a
share, vs 1,137,000 dlrs or seven cts a share, in year from
discontinued operations
 Reuter
3;
bodyend
documentend
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6235
topicstart
earn
topicend
bodystart
2;

ESSEX CHEMICAL CORP 
<
ESX> REGULAR DIVIDEND


    CLIFTON, N.J., March 17 -
    
Qtly div 15 cts vs 15 cts in prior qtr
    Payable May 11
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
6236
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 350,000 TONNES CORN  SOLD TO UNKNOWN DESTINATIONS FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
6239
topicstart
wheat
corn
topicend
bodystart
2;

USDA REPORTS 350,000 TONNES CORN TO UNKNOWN


    WASHINGTON, March 17 - 
The U.S. Agriculture Department said
private U.S. exporters reported sales of 350,000 tonnes of corn
for delivery to unknown destinations during the 1986/87
marketing season.
    The marketing year for corn began September 1.
    This is the second day running that exporters have reported
corn sales to unknown destinations. Yesterday, they reported
sales of 150,000 tonnes to unknown.
 Reuter
3;
bodyend
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6240
topicstart
earn
topicend
bodystart
2;

HRE PROPERTIES 
<
HRE> 1ST QTR ENDS JAN 31 NET


    NEW YORK, March 17 -
    
Shr 38 cts vs 47 cts
    Net 2,253,664 vs 2,806,820
    Revs 5,173,318 vs 5,873,904
    NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share,
from gains on sale of property, vs gain 29,812, or less than
one cent per share, for prior qtr.
 Reuter
3;
bodyend
documentend
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6241
topicstart
topicend
bodystart
2;

MOODY'S UPGRADES TEXAS AIR 
<
TEX> UNIT'S DEBT


    NEW YORK, March 17 - 
Moody's Investors Service Inc said it
upgraded 475 mln dlrs of debt of Continental Airlines Inc, a
unit of Texas Air Corp.
    Raised were the unit's senior secured Denver industrial
revenue bonds to B-1 from Ca and subordinated debt to B-3 from
C.
    Moody's said the action recognizes the airline's
reorganization under Chapter 11 of the bankruptcy code, risks
associated with its substantial financial leverage and
unpredictable cash flow.
 Reuter
3;
bodyend
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6242
topicstart
earn
topicend
bodystart
2;

JAYARK CORP 
<
JAYA> 3RD QTR ENDS JAN 31 LOSS


    BINGHAMTON, N.Y., March 17 -
    
Shr nil vs nil
    Net loss 77,879, vs loss 65,501
    Revs 3,895,741 vs 4,872,163
    Nine mths
    Shr profit nine cts vs profit two cts
    Net profit 488,898 vs profit 118,208
    Revs 13.0 mln vs 15.8 mln
 Reuter
3;
bodyend
documentend
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6243
topicstart
earn
topicend
bodystart
2;

<
BIO-VASCULAR INC> 1ST QTR JAN 31 LOSS


    ST. PAUL, MINN., March 17 -
    
Shr loss three cts vs profit two cts
    Net loss 54,791 vs profit 28,866
    Sales 137,9810 vs 338,886
    Avg shrs 1,602,717 vs 1,331,739
 Reuter
3;
bodyend
documentend
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6244
topicstart
earn
topicend
bodystart
2;

GREAT AMERICAN MANAGEMENT 
<
GAMI> 2ND QTR LOSS


    CHICAGO, March 17 - 
Period ended Jan 31
    Shr loss 89 cts vs loss 82 cts
    Net loss 5,187,000 vs loss 5,362,000
    Revs 128.4 mln vs 50.3 mln
    Six mths
    Shr loss 1.27 dlrs vs loss 1.04 dlrs
    Net loss 7,015,000 vs loss 6,790,000
    Revs 264.7 mln vs 97.3 mln
    NOTE: Full name is Great American Management and Investment
Inc
 Reuter
3;
bodyend
documentend
documentstart
6246
topicstart
acq
topicend
bodystart
2;

NORSTAR 
<
NOR> TO BUY CALLICOON BANK


    ALBANY, N.Y., March 17 - 
Norstar Bancorp said it reached an
agreement in principle to buy United National Bank of Callicoon
through a stock exchange valued at 20 mln dlrs.
    Under terms of the agreement, Norstar would buy all 201,660
shares of United's common stock at a rate of three Norstar
shares for each United share.
    With year-end assets of 90 mln dlrs, United has branches
six upstate New York cities, all of which will become part of
Norstar Bank of the Hudson Valley, N.A.
    Norstar is an 11.1 billion dlr multibank financial services
company.
 Reuter
3;
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documentend
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6248
topicstart
earn
topicend
bodystart
2;

ACADEMY INSURANCE GROUP INC 
<
ACIG> 4TH QTR NET


    VALLEY FORGE, March 17 -
    
Oper shr profit one ct vs loss 1.14 dlrs
    Oper net profit 435,000 vs loss 19.9 mln
    Year
    Oper shr loss 28 cts vs loss 2.78 dlrs
    Oper net loss 10 mln vs loss 46.5 mln
    NOTE: Excludes investment gains of one ct per share vs 12
cts in the quarter, and gains 10 cts per share vs 13 cts in the
year. Excludes loss from discontinued operations of three cts
per share in fourth quarter 1985, and loss of 21 cts per share
vs loss 2.72 dlrs in the year.
 Reuter
3;
bodyend
documentend
documentstart
6252
topicstart
earn
topicend
bodystart
2;

MANUFACTURERS HANOVER CORP 
<
MHC> SETS DIVIDEND


    NEW YORK, March 17 - 
    
Qtly div 82 cts vs 82 cts prior
    Pay April 25
    Record April one
 Reuter
3;
bodyend
documentend
documentstart
6253
topicstart
trade
grain
topicend
bodystart
2;

UK TRADE WARY OF HIGHER EC GRAIN LEVY


    LONDON, March 17 - 
The European Community may decide to
increase the cereals co-responsibility levy and extend its
scope to cover cereal substitutes if the Commission's 1987/88
farm price package is opposed by member states, Edgar Pye,
vice-president of the British agricultural merchants'
association UKASTA, said.
    At the moment the Commission is proposing the rate of levy
remain unchanged at three pct - but Pye, addressing a feed
manufacturers' dinner in Glasgow, said this could change if its
controversial plans to cut cereal prices and introduce an oils
and fats tax are blocked
    Pye said UKASTA would continue to fight the cereals levy
"tooth and nail."
    However, a test case in the European Court of Justice
contesting the legality of the current regulation applying the
levy, which is being backed by the EC feed manufacturers'
organisation FEFAC, was not now expected to be heard until the
end of 1987, he said.
 Reuter
3;
bodyend
documentend
documentstart
6254
topicstart
earn
topicend
bodystart
2;

WILLIAMS INDUSTRIES INC 
<
WMSI> 2ND QTR NET


    FALLS CHURCH, Va., March 17 - 
Qtr ended Jan 31
    Shr 10 cts vs three cts
    Net 194,842 vs 54,200
    Revs 22.2 mln vs 11.2 mln
    Six mths
    Shr 50 cts vs 28 cts
    Net 965,924 vs 502,008
    Revs 43.8 mln vs 21.6 mln
    Note: Current six mths revs include 16.8 mln dlrs in revs
from John F. Beasley Construction Co, a wholly owned unit.
 Reuter
3;
bodyend
documentend
documentstart
6257
topicstart
earn
topicend
bodystart
2;

<
HANOVER COS INC> 3RD QTR JAN 31 LOSS


    NEW YORK, March 17 - 
    
Oper shr loss 26 cts vs profit 22 cts
    Oper net loss 672,879 vs profit 596,760
    Revs 2,188,678 vs 2,364,280
    Nine mths
    Oper shr loss 1.60 dlrs vs profit 92 cts
    Oper net loss 4,278,055 vs profit 2,472,532
    Revs 5,896,322 vs 7,497,782
    Note: Oper net excludes tax gains of 596,000 dlrs for
year-ago qtr and 2,173,000 dlrs for year-ago nine mths.
 Reuter
3;
bodyend
documentend
documentstart
6258
topicstart
topicend
bodystart
2;
******
U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 23 TO PAY DOWN 2.875 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
6259
topicstart
grain
wheat
corn
topicend
bodystart
2;

U.S. CERTIFICATES TO PROVIDE WHEAT/CORN SUPPLIES


    Washington, March 16 - 
From April through December 1986,
the Commodity Credit Corporation (CCC) issued 3.85 billion dlrs
worth of generic certificates and about 1.8 billion had not
been exchanged by January 1, 1987, the U.S. Agriculture
Department said.
    The department said an additional 4.3 billion dlrs in
certificates has been authorized for issuance during
January-August, 1987.
    These certificates will provide ample free supplies of corn
and wheat for the remainder of the crop year, the department
said in a summary of its Agricultural Outlook report.
    Freeing of stocks through certificates is making U.S. grain
more competitive on world markets, it said.
    The department said last summer, for example, certificates
were exchanged for 215 mln bushels of corn. This helped
increase marketable supplies, so farm-level corn prices
averaged about two dlrs per bushel -- somewhat lower than they
would have otherwise.
    The lower prices probably led to an increase in usage of 40
to 50 mln bushels, it said.
    The department said government spending on farm programs in
fiscal year 1987 is projected to fall half a billion dlrs from
1986's 25.8 billion dlrs.
    During 1988 and 1989, the cost escalation of the first half
of the 1980's will reverse. If current policy remains in force,
annual farm program spending by 1992 will be down from last
year's record by more than eight billion dlrs, it said.
    The department said the President's budget proposals for
1988-1992 would cut farm program spending an additional 24
billion dlrs.
    In 1987, foreign economic growth is expected to remain
close to 2.6 pct, the same as in 1986, but above the 2.4 pct
average of 1980-86, it said.
    Partially because of this improvement, U.S. export volume
is expected to rise in fiscal 1987 for the frist time in seven
years, the department said.
 Reuter
3;
bodyend
documentend
documentstart
6262
topicstart
topicend
bodystart
2;

FAVOURABLE TAX TREATMENT GONE ON CERTAIN UK LOANS


    LONDON, March 17 - 
An Inland Revenue ruling accompanying
today's U.K. Budget would eliminate a favourable tax treatment
on certain foreign loans by British banks and may be a
"nightmare" of practical application, banking sources said.
    This is because banks will only be able to offset the tax
credit for foreign withholding tax paid on the interest they
receive against the corporation tax on the profit of a specific
loan. Currently, the tax credit is calculated against a banks
profits as a whole.
    For banks, compliance with the ruling could indeed be a
nightmare since they don't fund loans on a individual basis.
    Many of the loans that would be affected by the tax change
are those to less developed countries, such as those in Latin
America. Bankers could not estimate how many loans were
involved expect to suggest it was a "sizable number."
    In a statement, the Inland Revenue said that on loans made
on or after April 1, the new measures would apply to interest
arising from that date. On existing loans at that date, the
measures would apply to interest arising from April 1, 1988.
    Government sources noted that the existing treatment of
withholding tax on interest has enabled some banks to reduce
interest rates on overseas loans, thereby lowering the revenue
to the U.K. Treasury.
    The new measures, they said, are designed to  reduce the
subsidy given to overseas lending through the tax system and
bring the U.K. System more into line with those of overseas
competitors.
    The Inland Revenue estimated that the income to the
Treausry would be negligible in 1987/88 but could build up over
time from about 20 mln stg in 1988/89 to 60 mln stg in 1990/91.
    But while compliance with the new measures could
necessitate hours of clerical work, bankers said the end return
to the Treasury may not prove as lucrative as anticipated.
    They noted that most documentation accompanying these loans
contains a clause allowing for a loan to be restructured if the
tax treatment changes. However, they were unsure to what extent
the loans would and could be changed.
    Bankers said they would seek clarification from the Inland
Revenue, particularly on how to calculate the cost of these
loans. Revenue said it hopes to keep costs of compliance to a
minimum.
 Reuter
3;
bodyend
documentend
documentstart
6263
topicstart
topicend
bodystart
2;

U.S. TO SELL 12.8 BILLION DLRS IN BILLS


    WASHINGTON, March 17 - 
The U.S. Treasury said it will sell
12.8 billion dlrs of three and six-month bills at its regular
auction next week.
    The March 23 sale, to be evenly divided between the three
and six month issues, will result in a paydown of 2.875 billion
dlrs as maturing bills total 15.68 billion dlrs.
    The bills will be issued March 26.
 Reuter
3;
bodyend
documentend
documentstart
6264
topicstart
crude
topicend
bodystart
2;

SENATOR SAYS ENERGY REPORT ASSUMPTIONS FLAWED


    WASHINGTON, March 17 - 
Sen. Pete Domenici, a main sponsor
of legislation to set an oil import fee, said the
administration's energy security report was based on flawed
economic assumptions.
    The New Mexico Republican said the report did not take into
account the last few weeks' drop in domestic oil production in
its statement that an oil fee would raise prices for consumers.
The report said a decline in economic growth as a result of the
fee would reduce tax revenues. "A five dlr (per barrel) oil
import fee will provide the stimulus to create jobs and
investment, " and raise revenues, he said.
 Reuter
3;
bodyend
documentend
documentstart
6265
topicstart
grain
oilseed
soybean
topicend
bodystart
2;

FARM PROGRAM CHANGES OUTLINED BY USDA OFFICIAL


    WASHINGTON, March 17 - 
Upcoming changes being considered in
the U.S. Agriculture Department's transportation and loan
programs were outlined by a USDA official today.
    Addressing the annual meeting of the National Grain and
Feed Association, Tom VonGarlem, assistant deputy administrator
for USDA's state and county operations, said the following
changes are under consideration by USDA.
    Termination of USDA's Transportation Assistance Program for
wheat, barley and sorghum would be proposed this week.
    Changes in USDA's reserve rotation program are also under
consideration, VonGarlem said. While the department has not
made any final decision, banning the use of pik and roll grain
in reserve rotation is under heavy consideration, he said.
    Changes in loan rates will definitely be looked at for next
year's crop, he said, with the option of making soybean loans
partially in cash and in certificates under consideration.
    VanGarlem said he will definitely not extend the 1987 crop
program signup, saying he sees no reason to do so at this time.
    He also said wheat will not be considered for a cash bonus
under the Conservation Reserve Program.
 Reuter
3;
bodyend
documentend
documentstart
6267
topicstart
grain
topicend
bodystart
2;

USDA OFFICIAL SEES 7-8 BILLION DLRS CERTIFICATES


    WASHINGTON, March 17 - 
There will be seven to eight billion
dlrs of generic certificates on the market by the end of
harvest, an Agriculture Department official said.
    The Commodity Credit Corp will "depend heavily" on
certificates to relieve storage problems this year, Ralph
Klopfenstein, Deputy Administrator for Commodity Operations,
USDA, told participants at the National Grain and Feed
Association's annual convention.
    Klopfenstein said that CCC will not be able to relocate
grain in any significant amount this fall, so certificates will
be used in various programs to relieve storage tightness.
    Klopfenstein said certificates meet the goal of allowing
prices to go below loan levels and providing USDA with an
inventory management tool.
 Reuter
3;
bodyend
documentend
documentstart
6269
topicstart
grain
oilseed
soybean
carcass
corn
cotton
rice
topicend
bodystart
2;

MAJOR U.S. FARM GROUPS OPPOSE POLICY CHANGES


    WASHINGTON, March 17 - 
Seven major U.S. farm groups took
the unusual step of releasing a joint statement urging
congressional leaders not to tinker with existing farm law.
    Following meetings with House Agriculture Committee
Chairman Kika de la Garza (D-Tex.) and Senate Agriculture
Committee Chairman Patrick Leahy (D-Vt.), the groups issued a
statement saying lawmakers should "resist efforts to overhaul
the 15-month-old law, which is operating in its first crop
marketing year."
    The farm groups included the American Farm Bureau
Federation, American Soybean Association, National Cattlemen's
Association, National Corn Growers Association, National Cotton
Council, National Pork Producers Council and the U.S. Rice
Producers Legislative Group.
    The statement said Congress should not modify the 1985 farm
bill "so the law might have its intended impact of making
agriculture more competitive in export markets while at the
same time maintaining farm income."
    "We strongly believe American farmers now need
predictability and certainty in farm legislation in order to
have any opportunity of making proper production and marketing
decisions," the groups said.
 Reuter
3;
bodyend
documentend
documentstart
6271
topicstart
earn
topicend
bodystart
2;

HOWELL CORP 
<
HWL> 4TH QTR LOSS


    HOUSTON, March 17 - 
    
Shr profit six cts vs profit 17 cts
    Net profit 269,000 vs profit 833,000
    Revs 28.0 mln vs 30.8 mln
    Nine mths
    Shr loss 4.16 dlrs vs profit 74 cts
    Net loss 20.0 mln vs profit 3,543,000
    Revs 93.1 mln vs 117.7 mln
    Note: Current qtr net includes writedown of 20.4 mln dlrs
of net investment in company's oil and gas properties.
    Year-ago results restated to reflect reclassification of
coal mining and marketing segment as ongoing operation rather
than discontinued operation.
 Reuter
3;
bodyend
documentend
documentstart
6273
topicstart
earn
topicend
bodystart
2;

SIGMAFORM CORP 
<
SGMA> 3RD QTR JAN 31 NET


    SANTA CLARA, Calif., March 17 -
    
Shr one ct vs five cts
    Net 42,469 vs 226,791
    Sales 7,963,620 vs 6,886,414
    Nine mths
    Shr 12 cts vs 22 cts
    Net 490,927 vs 949,650
    Sales 24.0 mln vs 18.7 mln
 Reuter
3;
bodyend
documentend
documentstart
6274
topicstart
earn
topicend
bodystart
2;

MARCUS CORP 
<
MRCS> 3RD QTR FEB FIVE NET


    MILWAUKEE, WIS., March 17 -
    
Shr 14 cts vs 15 cts
    Net 733,000 vs 788,000
    Revs 31.9 mln vs 28.9 mln
    Nine Mths
    Shr 1.08 dlrs vs 1.20 dlrs
    Net 5,560,000 vs 6,162,000
    Revs 104.5 mln vs 97.2 mln
    NOTE: 1987 net includes tax credits of 25,000 dlrs in the
third quarter and 100,000 dlrs in the nine months compared with
370,000 dlrs and 910,000 dlrs in the 1986 periods.
 Reuter
3;
bodyend
documentend
documentstart
6275
topicstart
earn
topicend
bodystart
2;

FIRSTCORP INC 
<
FCR> RAISES QTLY DIVIDENDS


    RALEIGH, N.C., March 17 - 
    
Qtly div class A nine cts vs 7.5 cts prior
    Qtly div class B nine cts vs 7.5 cts prior
    Pay April 30
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6276
topicstart
acq
topicend
bodystart
2;

HEALTHVEST 
<
HVT> BUYS TENNESSEE MEDICAL COMPLEX


    AUSTIN, Texas, March 17 - 
Healthvest said it acquired the
Eastwood Hospital medical complex in Memphis from Healthcare
International Inc for 50 mln dlrs cash.
    Healthcare International will continue to operate the
hospital under a lease agreement, the company said.
 Reuter
3;
bodyend
documentend
documentstart
6277
topicstart
acq
topicend
bodystart
2;

VENTRA BUYS JOINT VENTURE LEASING


    HIALEAH, Fla, March 17 - 
Ventra Management Inc, an over the
counter company, said it acquired Joint Venture Leasing Inc for
60 mln Venture shares, valued at 3.6 mln dlrs.
    Joint Venture was organized in September 1986 to establish
leasing joint ventures with manufacturers and vendors of
computer equipment.
    As a result of the acquisition and Joint Venture's backlog,
Ventra said it expects 1987 sales to be 30 mln dlrs with net
profits of 1.5 mln dlrs.
    Ventra was organized in September 1986 and completed a
public offering of 30 mln shares in January 1987.
 Reuter
3;
bodyend
documentend
documentstart
6278
topicstart
acq
topicend
bodystart
2;

OXFORD FINANCIAL BUYS CLANCY SYSTEMS


    DENVER, March 17 - 
<
Oxford Financial Inc> said it acquired

<
Clancy Systems International Inc> for an undisclosed sum.
    The company said Clancy has developed a fully automated
parking citation system, currently in use in Oklahoma City, the
University of California at Sacramento, and in a pilot program
in San Francisco.
 Reuter
3;
bodyend
documentend
documentstart
6279
topicstart
earn
topicend
bodystart
2;

REALTY SOUTH INVESTORS INC 
<
RSI> YEAR NET


    ATLANTA, March 17 -
    
Shr 1.03 dlrs vs 82 cts
    Net 1,982,296 vs 1,359,273
    Revs 2,403,481 vs 1,494,304
    Investments 22.4 mln vs 11.5 mln
    NOTE: Shr figures adjusted for 3-for-2 split Feb 23, 1987.
1985 results reflect operations for eight months ended Dec 31,
1985. Company began operating May 1985.
 Reuter
3;
bodyend
documentend
documentstart
6280
topicstart
earn
topicend
bodystart
2;

TURNER EQUITY INVESTORS INC 
<
TEQ> PAYOUT


    TAMPA, Fla., March 17 - 
    
Qtly cash distribution 20 cts vs 20 cts prior
    Pay April eight
    Record March 27
 Reuter
3;
bodyend
documentend
documentstart
6282
topicstart
acq
topicend
bodystart
2;

GRACE 
<
GRA> COMPLETES RETAIL UNIT SALE


    NEW YORK, March 17 - 
W.R. Grace and Co said it completed
the sale of its Bermans The Leather Experts retail business to
a new company in a management led buyout.
    Grace received 99.3 mln dlrs cash and will record a pretax
gain of about 37 mln dlrs in the first quarter, the company
said. An additional pretax gain of 19 mln dlrs will be deferred
until realization is more fully assured, it said.
    The diversified chemical and industrial company said the
sale completes its program to divest retail operations.
    In addition to the cash payment, Grace received warrants to
buy up to 47.5 pct of the new company and has reinvested about
19 pct of the proceeds in debt of the new firm.
    Financing was provided by Prudential Insurance Co of
America and affiliates.
 Reuter
3;
bodyend
documentend
documentstart
6283
topicstart
earn
topicend
bodystart
2;

WAUSAU PAPER MILLS CO 
<
WSAU> 2ND QTR NET


    WAUSAU, WIS., March 17 - 
Period ended Feb 28
    Shr 61 cts vs 56 cts
    Net 2,764,000 vs 2,540,000
    Sales 60.4 mln vs 55.8 mln
    Six mths
    Shr 1.27 dlrs vs 1.15 dlrs
    Net 5,741,000 vs 5,269,000
    Sales 122.8 mln vs 109.9 mln
    NOTE: Per-share data restated for 10 pct stock dividends
paid to holders of record Dec 26, 1986 and Dec 26, 1985
 Reuter
3;
bodyend
documentend
documentstart
6285
topicstart
topicend
bodystart
2;

BRAZILIAN PLANNING MINISTER RESIGNS


    BRASILIA, March 17 - 
Brazilian Planning Minister Joao Sayad
resigned, a presidential spokesman said.
    His resignation was accepted during a meeting with 
President Jose Sarney this afternoon, the spokesman said.
    No official reasons for the resignation were immediately
available, but sources close to the government said Sayad had
pressed for a three-month price freeze and sharp government
spending cuts to combat inflation.
    Neither Sarney nor Finance Minister Dilson Funaro accepted
the proposals, the sources said.
    Sayad was one of the architects of last year's "Plano
Cruzado" program, which froze prices, ended widespread
indexation of the economy and introduced the new cruzado
currency to replace the cruzeiro in a bid to cut the 250 pct
annual inflation rate.
    After holding prices for nearly nine months, the plan was
unable to withstand the inflationary pressures of booming
consumer demand and widespread shortages. In the first two
months of this year prices rose by around 30 per cent.
    A sharp deterioration in Brazil's foreign trade surplus
caused President Sarney to announce last month the suspension
of interest rate payments on 68 billion dollars of commercial
debt.
    Finance Minister Funaro told reporters last week new
measures to correct the economy would be announced within a
month, although he gave no further details.
    Earlier today U.S. Treasury secretary James Baker said 
Brazil should come up with a new economic plan if it hopes to
get additional assistance from commercial banks and others.
    Sayad's resignation might foreshadow other changes in the
Brazilian cabinet.
    Presidential spokesman Frota Netto told journalists earlier
today the government was considering a suggestion by the Chief
of Civilian Staff at the Presidency Marco Maciel that a new
multi-party cabinet be formed to deal with the country's
current economic difficulties.
 Reuter
3;
bodyend
documentend
documentstart
6287
topicstart
earn
topicend
bodystart
2;

TAUNTON SAVINGS BANK 
<
TSBK> SETS FIRST DIVIDEND


    TAUNTON, Mass., March 17 - 
Taunton Savings Bank said its
board declared an initial cash dividend of six cts per share.
    Taunton, which went public last June, said the rate was
based on 3,220,000 outstanding shares.
    It said the dividend was payable April 15 to shareholders
of record March 31.
    The company said it did not know if it would pay regular
dividends in the future.
 Reuter
3;
bodyend
documentend
documentstart
6288
topicstart
earn
topicend
bodystart
2;

FIBRONICS INTERNATIONAL INC 
<
FBRX> 4TH QTR LOSS


    HYANNIS, Mass., March 17 - 
    
Shr loss 14 cts vs loss one ct
    Net loss 836,327 vs loss 34,926
    Revs 8,939,390 vs 8,136,160
    Year
    Shr loss 34 cts vs loss nil
    Net loss 2,008,103 vs loss 14,078
    Revs 30.1 mln vs 28.0 mln
    Note: Year-ago results restated to reflect acquisition of
Spartacus Inc in Febaruary 1986.
 Reuter
3;
bodyend
documentend
documentstart
6293
topicstart
earn
topicend
bodystart
2;

TELEPHONE AND DATA SYSTEMS INC 
<
TDS> YEAR NET


    CHICAGO, March 17 -
    
Oper shr 94 cts vs 93 cts
    Oper net 8,889,000 vs 8,570,000
    Revs 155.0 mln vs 123.4 mln
    Avg shrs 9,450,000 vs 9,174,000
    NOTE: Net excludes discontinued operations a gain of
4,679,000 dlrs, or 50 cts a share vs a loss of 720,000 dlrs, or
seven cts a share. 1986 net includes charge of 865,000 dlrs
from repeal of investment tax credits
    Company corrects 1985 year per-share operating net in table
which originally ran march 10
 Reuter
3;
bodyend
documentend
documentstart
6294
topicstart
crude
topicend
bodystart
2;
******
API SAYS DISTILLATE STOCKS OFF 7.35 MLN BBLS, GASOLINE OFF 2.89 MLN, CRUDE OFF 4.39 MLN 

Blah blah blah.
3;


bodyend
documentend
documentstart
6295
topicstart
earn
topicend
bodystart
2;

CPC INTERNATIONAL INC 
<
CPC> QTLY DIV


    ENGLEWOOD CLIFFS, N.J., March 17 -
    
Shr 31 cts vs 31 cts prior
    Payable April 24
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6296
topicstart
grain
wheat
topicend
bodystart
2;

CONGRESSMAN URGES WHEAT EEP TO SOVIET UNION


    WASHINGTON, March 17 - 
Kansas Republican Congressman Pat
Roberts urged the Reagan administration to offer export
enhancement program, eep, subsidies to the Soviet Union.
    Speaking at a House foreign agriculture subcommittee,
Roberts said the U.S. has offered eep to China and Poland, and
should also include the Soviet Union.
    Rep. Roberts said there had been some talk that the issue
of an eep to Moscow had not been raised within the Reagan
administration recently because Secretary of State George
Shultz was out of the country.
    "That very well may be the case," said Tom Kay, U.S.
Agriculture Department Foreign Agricultural Service
administrator. However, Kay told Reuters later that his reply
to Roberts was not based on any particular knowledge.
    Rep. Roberts urged Kay to convey to top officials of the
USDA that some in Congress favor a wheat eep to Moscow.
    "I'd be delighted to deliver the message," Kay replied.
    Earlier, Kay had repeated Agriculture Secretary Richard
Lyng's statement last week that "the door is not yet closed on
an eep to the Soviet Union."
 Reuter
3;
bodyend
documentend
documentstart
6297
topicstart
earn
topicend
bodystart
2;

PUBLIC SERVICE ENTERPRISE 
<
PEG> TWO MONTHS NET


    NEWARK, N.J., March 17 - 
Period ends February 28
    Shr 89 cts vs 87 cts
    Net 119.5 mln vs 114.6 mln
    Revs 872.3 mln vs 917.4 mln
    Year
    Shr 2.87 dlrs vs 3.32 dlrs
    Net 383.4 mln vs 413.6 mln
    Revs 4.45 billion vs 4.45 billion
    NOTE: Full name Public Service Enterprise Group Inc.
 Reuter
3;
bodyend
documentend
documentstart
6298
topicstart
earn
topicend
bodystart
2;

DAMON CREATIONS INC 
<
DNI> 4TH QTR JAN THREE NET


    NEW YORK, March 17 - 
    
Shr profit 49 cts vs loss 41 cts
    Net profit 543,000 vs loss 457,000
    Revs 10.4 mln vs 14.2 mln
    Year
    Shr loss 71 cts vs loss 2.11 dlrs
    Net loss 781,000 vs loss 2,325,000
    Revs 38.9 mln vs 44.9 mln
 Reuter
3;
bodyend
documentend
documentstart
6299
topicstart
earn
topicend
bodystart
2;

GATES LEARJET CORP 
<
GLJ> 4TH QTR LOSS


    TUCSON, Ariz., March 17 -
    
Shr loss 12 cts vs loss 99 cts
    Net loss 1,476,000 vs loss 11,965,000
    Sales 83.4 mln vs 110.9 mln
    Year
    Shr loss 1.79 dlrs vs loss 1.90 dlrs
    Net loss 21,720,000 vs loss 22,969,000
    Sales 259.0 mln vs 317.3 mln
 Reuter
3;
bodyend
documentend
documentstart
6300
topicstart
topicend
bodystart
2;

HECHINGER 
<
HECHA> CONVERTIBLES UPGRADED BY S/P


    NEW YORK, March 17 - 
Standard and Poor's Corp said it
raised to BBB-plus from BBB Hechinger Co's 86 mln dlrs of
convertible subordinated debentures of 2009.
    S and P cited Hechinger's outstanding record of sales and
earnings growth as well as what it termed the company's
position as one of the best operators in the retail home
improvement industry.
    It also said the firm's financial performance as measured
by profitability and debt leverage underscore strong credit
quality. S and P assigned a BBB-plus rating to Hechinger's
planned 100 mln dlr issue of convertible debt due 2012.
 Reuter
3;
bodyend
documentend
documentstart
6301
topicstart
crude
topicend
bodystart
2;

API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK


    WASHINGTON, March 17 - 
Distillate fuel stocks held in
primary storage fell by 7.35 mln barrels in the week ended
March 13 to 112.74 mln barrels from a revised 120.09 mln the
previous week, the American Petroleum Institute (API) said.
    In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks fell 2.89 mln barrels to 248.44 mln
barrels from a revised 251.33 mln, and crude oil stocks dropped
4.39 mln barrels to 325.13 mln from a revised 329.52 mln.
    It said residual fuel stocks fell 250,000 barrels to 35.73
mln from 35.98 mln barrels.
    API said refinery runs in the week rose to 11.80 mln
barrels per day (bpd) from a revised 11.70 mln and refinery use
of operating capacity was 75.7 pct, up from a revised 75.0 pct.
    Crude oil imports in the week rose to 3.66 mln bpd from a
revised 2.67 mln, API added.
 Reuter
3;
bodyend
documentend
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6305
topicstart
earn
topicend
bodystart
2;

CPC INTERNATIONAL INC 
<
CPC> REGULAR DIVIDEND


    ENGLEWOOD CLIFFS, N.J., March 17 - 
    
Qtly div 31 cts vs 31 cts prior
    Pay April 24
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6306
topicstart
earn
topicend
bodystart
2;

<
CIMARRON PETROLEUM LTD> NINE MTHS NET


    CALGARY, Alberta, March 17 -
    
Shr 48 cts vs 64 cts
    Net 1,959,404 vs 2,621,778
    Revs 5,132,626 vs 8,167,401
 Reuter
3;
bodyend
documentend
documentstart
6309
topicstart
earn
topicend
bodystart
2;

ELECTRO AUDIO DYNAMICS INC 
<
EAD> 2ND QTR JAN 31


    GREAT NECK, N.Y., March 17 -
    
Shr profit 14 cts vs loss 55 cts
    Net profit 864,000 vs loss 2.1 mln
    Revs 24.2 mln vs 1.5 mln
    Six months
    Shr profit seven cts vs loss 74 cts
    Net profit 434,000 vs loss 2.7 mln
    Revs 42.5 mln vs 2.9 mln
    NOTE:1986 2nd qtr and six months includes loss of 600,000
dlrs and 285,000 dlrs respectively from discontinued operations
and exclude operations of Action DRug Co Inc acquired by
company's 81 pct owned subsidiary, Technodyne, in August 1986.
    1987 net includes gain of 2.0 mln dlrs from sale of
building and extraordinary gain of 411,000 dlrs from tax loss
carryforward.
    Share earnings for both periods reflect preferred stock
dividends.
 Reuter
3;
bodyend
documentend
documentstart
6310
topicstart
earn
topicend
bodystart
2;

TECHNODYNE INC 
<
TND> 2ND QTR NET


    GREAT NECK, N.Y., March 17 -
    
Shr profit 14 cts vs loss 17 cts
    Net profit 686,000 vs loss 831,000
    Revs 24.2 mln vs 1.5 mln
    Six mths
    Shr profit 22 cts vs loss 17 cts
    Net profit 1,062,000 vs loss 812,000
    Revs 42.5 mln vs 2.9 mln
    NOTE: Quarter ends January 31.
    1986 excludes extraordinary gain of six cts per share in
the quarter and 10 cts in the six months. 1985 excludes
discontinued operations loss of six cts a share in the quarter
and loss of two cts in the six months.
    Company is 81.5 pct owned by Electro Audio Dynamics 
<
EAD>.
 Reuter
3;
bodyend
documentend
documentstart
6311
topicstart
earn
topicend
bodystart
2;

<
SCEPTRE INVESTMENT COUNSEL LTD> 1ST QTR NET


    TORONTO, March 17 - 
Period ended January 31
    Shr 22 cts vs 16 cts
    Net 518,564 vs 374,198
    Revs 2,090,724 vs 1,614,079
 Reuter
3;
bodyend
documentend
documentstart
6312
topicstart
earn
topicend
bodystart
2;

D/P SELECTED UTILITIES 
<
DNP> HIKES PAYOUTS


    CHICAGO, March 17 - 
Duff and Phelps Selected Utilities Inc
said it approved payment of higher monthly dividends.
    The closed end-investment company approved payment of 4.5
cts on April 10, record March 31; of five cts, payable May 11,
record April 30; and of 5.5 cts, payable June 10, record May
29.
    Duff and Phelps first monthly dividend of four cts was paid
on March 10, it noted.
 Reuter
3;
bodyend
documentend
documentstart
6313
topicstart
earn
topicend
bodystart
2;

AMERICAN ELECTROMEDICS CORP 
<
AECO> 2ND QTR LOSS


    GREAT NECK, N.Y., March 17 - 
Qtr ends Jan 31
    Shr loss three cts vs loss six cts
    Net loss 93,000 vs loss 191,000
    Revs 338,000 vs 554,000
    Six mths
    Shr loss four cts vs loss seven cts
    Net loss 108,000 vs loss 219,000
    Revs 854,000 vs 1,283,000
    NOTE: Company is 80 pct owned by Technodyne Inc 
<
TND>, a
subsidiary of Electro Audio Dynamics Inc 
<
EAD>.
 Reuter
3;
bodyend
documentend
documentstart
6315
topicstart
acq
topicend
bodystart
2;

LENNAR 
<
LEN> COMPLETES ACQUISITION


    MIAMI, March 17 - 
Lennar Corp said it completed the
previously announced acquisition of Development Corp of America

<
DCA>.
    Consequently, it said the American Stock Exchange suspended
trading of Development Corp's common stock, 10 pct subordinated
debentures due 1993 and 12 pct subordinated debentures due
1994.
    Lennar said the debentures will continue to be traded
over-the-counter.
 Reuter
3;
bodyend
documentend
documentstart
6317
topicstart
carcass
topicend
bodystart
2;

IBP (OXY) PLANT REOPENS WITHOUT INCIDENT


    CHICAGO, March 17 - 
Iowa Beef Processors Inc said
"hundreds" of its employees returned to work at its Dakota
City, Nebraska beef processing plant without incident.
    Last week, Iowa Beef said it would lift a lockout in effect
at the plant since mid-December, which affected 2,800 members
of the United Food and Commercial Workers Union.
    Both union and non-union meatpackers who returned to work,
agreed to comply with Iowa Beef's last contract offer.
    "Start-up went well today and operations will continue to
pick up as employees return and others are hired," according to
a company statement. Picketing UFCWU members at the plant did
not disrupt operations, a company spokesman said.
    "Our employees are asked to continue to return to work at
8AM unless otherwise notified," he said.
    Iowa Beef, a subsidiary of Occidental Petroleum Corp, said
it is beginning to take applications for permanent positions at
the plant.
    
 Reuter
3;
bodyend
documentend
documentstart
6319
topicstart
topicend
bodystart
2;

OAKWOOD HOMES 
<
OH> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 17 - 
Oakwood Homes Corp said it filed with
the Securities and Exchange Commission a registration statement
covering a 25 mln dlr issue of convertible subordinated
debentures due 2012.
    Proceeds will be invested in the company's unconsolidated
finance subsidiary, Oakwood Acceptance Corp, Oakwood said.
    The company named Donaldson, Lufkin and Jenrette Securities
Corp as lead manager of the offering. It said Legg Mason Wood
Walker and J.C. Bradford would co-manage the deal.
 Reuter
3;
bodyend
documentend
documentstart
6323
topicstart
earn
topicend
bodystart
2;

PHP HEALTHCARE CORP 
<
PHPH> 3RD QTR JAN 31 NET


    FALLS CHURCH, Va., March 17 - 
    
Shr 10 cts vs 10 cts
    Net 358,941 vs 299,838
    Revs 8,645,289 vs 4,532,175
    Avg shrs 3,446,752 vs 2,921,173
    Nine mths
    Shr 23 cts vs 12 cts
    Net 705,799 vs 491,076
    Revs 21.5 mln vs 11.0 mln
    Avg shrs 3,093,491 vs 4,068,000
    Note: Net includes tax credits of 164,000 dlrs vs 123,634
dlrs for qtr and 311,000 dlrs vs 207,719 dlrs for nine mths.
 Reuter
3;
bodyend
documentend
documentstart
6324
topicstart
earn
topicend
bodystart
2;

BANKERS TRUST NEW YORK CORP 
<
BT> QTLY DIVIDEND


    NEW YORK, March 17 - 
    
Qtly div 41.5 cts vs 41.5 cts prior
    Pay April 28
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6325
topicstart
earn
topicend
bodystart
2;

HALLWOOD GROUP INC 
<
HWG> 2ND QTR JAN 31 LOSS


    NEW YORK, March 17 -
    
Shr loss nine cts vs profit 23 cts
    Net loss 418,000 vs profit 1,037,000
    Revs 2,872,000 vs 4,700,000
    Six mths
    Shr profit nine cts vs profit 52 cts
    Net profit 418,000 vs profit 2,365,000
    Revs 6,853,000 vs 9,379,000
    NOTE: Includes tax loss carryforward gains of 164,000 dlrs
vs 551,000 dlrs in quarter, and gains of 365,000 dlrs vs
1,016,000 dlrs in the six months.
 Reuter
3;
bodyend
documentend
documentstart
6326
topicstart
grain
wheat
topicend
bodystart
2;

LYNG SAID TO HAVE NO COMMENT ON USSR WHEAT EEP


    WASHINGTON, March 17 - 
U.S. Agriculture Secretary Richard
Lyng told representatives of several of the largest grain
exporting firms and two farm organizations that he was not in a
position to comment on their request that the Reagan
administration offer subsidized wheat to the Soviet Union,
according to participants in today's meeting.
    "He (Lyng) simply told us he was not in any position to talk
about an EEP (export enhancement program) initiative to the
Soviet Union," said Glen Hofer, vice president of the National
Council of Farmer Cooperatives.
    Another participant in the meeting, who asked not to be
identified, said Lyng was "unresponsive" to the group's request.
    Participants in the meeting included Cargill Inc,
Continental Grain Co, Louis Dreyfus Corp, Union Equity
Cooperative Exchange, the National Association of Wheat
Growers, the National Council of Farmer Cooperatives, among
others, participants said.
    Deputy Agriculture Secretary Peter Myers and Under
Secretary Daniel Amstutz also attended the 30-minute meeting.
    Hofer described Lyng as "sympathetic but noncommittal," and
said he thought he detected "a sense of frustration" on Lyng's
part at not being able to respond more positively to the
group's urging.
    A grain industry representative said some participants were
"puzzled" by USDA's apparent reluctance to bring before the
cabinet council an EEP wheat offer to the Soviets.
    "There is a feeling that there is more receptivity (to the
idea) within the cabinet council now than there ever has been,"
this official, who asked not to be identified, said, referring
to an EEP wheat offer to the Soviets.
    This official said there was not a significant amount of
pressure being exerted by lawmakers on Lyng to make an EEP
offer to Moscow.
    Reminded that Senate Agriculture Committee Chairman Patrick
Leahy (D-Vt.) had written two letters to Lyng urging such an
offer, this official said Lyng had received virtually no phone
calls from lawmakers on the subject.
    But Hofer said other important matters at the White House,
rather than an absence of political pressure, might have
restrained Lyng.
 Reuter
3;
bodyend
documentend
documentstart
6327
topicstart
topicend
bodystart
2;

AVATAR HOLDINGS 
<
AVTR> OFFERING RIGHTS TO NOTES


    NEW YORK, March 17 - 
Avatar Holdings Inc said it is
offering rights to buy 31.2 mln dlrs principle amount of 5-1/4
pct convertible subordinated debentures due 2007.
    The company said shareholders of record on March 17 have 30
days to exercise rights for the notes.
 Reuter
3;
bodyend
documentend
documentstart
6329
topicstart
topicend
bodystart
2;

WESTWORLD COMMUNITY 
<
WCHI> EXTENDS EXCHANGE


    LAKE FOREST, Calif., March 17 - 
Westworld Community
Healthcare Inc said it is extending by ten days to March 27 its
exchange offers for subordinated notes and debentures.
    The extension effects its exchange offers for 30 mln dlrs
principal amount of 14-1/2 pct subordinated notes due 2000 and
35 mln dlrs principal amount of 14-3/8 pct subordinated
debentures due 1995.
    To date, 3,863,000 dlrs principal amount of the securities
has been tendered under the offer, it said.
 Reuter
3;
bodyend
documentend
documentstart
6331
topicstart
acq
topicend
bodystart
2;

PAPERBOARD PLANS BID TO ACQUIRE BELKIN


    TORONTO, March 17 - 
<
Paperboard Industries Corp> said it
planned to make an unconditional 21 dlr a share cash offer for

<
Belkin Inc>'s 7.6 mln common and 2.3 mln non-voting shares.
    Paperboard said Balaclava Enterprises Ltd, owned by Morris
Belkin, agreed to tender 98.2 pct of Belkin's common shares.
It added that in case of a competing offer of more than 23
dlrs, it had the right to match it. If it did not match the
offer, Balaclava could accept the competing bid.
    The two companies manufacture linerboard and boxboard from
recycled fibre. Their combined revenues are about 500 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6333
topicstart
earn
topicend
bodystart
2;
******
CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
6335
topicstart
earn
topicend
bodystart
2;

CATHAY PACIFIC AIRWAYS LTD 
<
CAPH.HK> YEAR 1986


    HONG KONG, March 18 -
    
Shr 46.5 H.K. Cents vs 29.3
    Final div 14 cents, making 20 cents (no comparison)
    Net 1.23 billion dlrs vs 777.5 mln
    Turnover 9.06 billion dlrs vs 7.52 billion
    Note - Dividend payable May 29, books close May 11 to 22.
    Note - Company floated in April 1986 and is now 50.23 pct
owned by Swire Pacific Ltd 
<
SWPC.HK>, 16.43 pct by Hongkong and
Shanghai Banking Corp 
<
HKBH.HK> and 12.5 pct by 
<
China
International Trust and Investment Corp>.
 REUTER
3;
bodyend
documentend
documentstart
6337
topicstart
acq
topicend
bodystart
2;

PAPER SAYS U.S. MAY SEEK TO CURB FOREIGN TAKEOVERS


    NEW YORK, March 18 - 
The Reagan administration will
consider curbing foreign takeovers of security-sensitive
industries such as semiconductors and computers, the New York
Times said, quoting an unnamed senior administration official.
    "I think there's a strong sentiment here that some
industries are not totally up for grabs," the paper quoted the
official as saying.
    "Two of the most visible (industries) are semiconductor and
computer companies," said the official, who the newspaper said
was a central figure in the opposition to Japan's Fujitsu Ltd

<
ITSU.T> takeover bid for 
<
Fairchild Semiconductor Corp>.
    The Fairchild-Fujitsu deal was abandoned on Monday, and
industry analysts said the move was a victory for the Reagan
administration in its drive to beat back Japanese competition
in the important computer chip manufacturing industry.
    Officials told Reuters last week that Commerce Secretary
Malcolm Baldrige and Defence Secretary Caspar Weinberger fought
the planned sale of Fairchild by French-controlled Schlumberger
Ltd 
<
SLB> to Japan's largest computer maker because it could
have left the U.S. Military dependent on foreign sources for
vital technology.
    The New York Times quoted Baldrige as saying the time had
come to limit takeovers in security-sensitive areas.
    "Everybody wants an open investment policy, but there have
to be some exceptions for the national interest," Baldrige was
quoted as saying.
    The newspaper said Baldrige and Weinberger are expected to
bring the takeover issue before a top-level interagency
policymaking group, such as Treasury Secretary James Baker's
Economic Policy Council or the president's National Security
Council.
 REUTER
3;
bodyend
documentend
documentstart
6338
topicstart
money-fx
yen
topicend
bodystart
2;

YEN USURPS GODZILLA AS JAPAN'S FAVOURITE HORROR


    By Steven Brull, Reuters


    TOKYO, March 18 - 
"Endaka," the strong yen, has usurped
"Godzilla Versus the Sea Monster" as Japan's favourite horror
story.
    The yen's 40 pct surge against the dollar over the last two
years has frightened foreigners with tales of the 40 dlr melon,
the 120 dlr taxi ride from the airport and rents of 15,000 dlrs
a month.
    But "endaka," like many Japanese products, is for foreign
consumption, locals and long-time foreign residents said.
    "It's not really that expensive. I don't pay attention to
the cost of living," said Cheryl Richmond, a 25-year-old
Canadian teacher of English in Tokyo.
    Richmond said she earns 1,635 dlrs a month by "chatting" 40
hours a week in English to Japanese who hope to learn the
language. For 326 dlrs a month she rents a sunny, quiet
two-room flat some 20 minutes by train from Shinjuku, one of
Tokyo's prime business and entertainment districts, and has
managed to send home an average of 320 dlrs a month.
    She spends less than 6.50 dlrs a day on food despite eating
out once a day.
    "For lunch I buy the teishoku (daily special) which comes
with soba (buckwheat noodles) or pork cutlet, pickles, miso
soup, rice and tea," although she takes only coffee for
breakfast and a sandwich for dinner.
    No one argues that Tokyo is cheap, but long-time residents
see no need to spend the 2,000 to 15,000 dlrs a month spent by
foreign firms to house executives in Western-style homes.
    The companies feel otherwise. They say they must pay the
price to bring over the best people needed to back up their
push into Japan's increasingly lucrative markets.
    "You can't expect people to move from New York or Sydney and
trade down. It's not reasonable," said a spokesman for
International Business Machines Corp (IBM), which supports
Western lifestyles for more than 350 foreigners in Tokyo.
    Tokyo is the world's most expensive city for business
travellers, a survey issued this month by Employment Conditions
Abroad said. It found that businessmen visiting Tokyo spend on
average more than 300 dlrs a day.
    While the businessmen have little choice but to come here,
many tourists, especially those from Europe, are opting to
visit sunnier and cheaper climes in Southeast Asia.
    The Japan Tourist Bureau estimates "endaka" caused an 11.5
pct drop in the number of foreign visitors to Japan last year.
    Those who came tried to cut back on expenses, chiefly by
curtailing shopping, it said.
    To help combat "endaka" and the slump in tourism, the Tourist
Bureau prepared a pamphlet, "Economical Travel in Japan."
    It gives budget-saving tips on finding medium-priced
business hotels and Japanese-style inns, cheap sushi and public
baths while getting a "revealing glimpse of Japanese in their
daily lives."
    Residents of Okubo House, a transit hotel in Tokyo's
Shin-Okubo love hotel district, offer even more savvy advice.
    For 9.80 dlrs a night, Scott Perry, a 23-year-old budding
English teacher from New Zealand, shares an unheated,
berth-sized twin-room in the Japanese "flop house."
    Perry has budgeted 26 to 33 dlrs a day while he looks for
work. "Normally I eat 'teishoku' for 400 yen but sometimes I'll
splurge at Shakey's where for 550 yen you can eat unlimited
pizza for at least two hours."
    Still, there are the extras that dent the budget. "I had to
spend 600 yen today to dry-clean my suit coat," he said.
 REUTER
3;
bodyend
documentend
documentstart
6339
topicstart
grain
wheat
topicend
bodystart
2;

BANGLADESH PURCHASE OF WHEAT CONFIRMED


    DHAKA, March 18 - 
Trade sources here confirmed earlier
tentative reports that Bangladesh had bought 200,000 tonnes of
optional origin feed wheat late last week and over the weekend.
    They said the Continental Grain Co, of the United States,
won the contract to supply the wheat from the EC and other
parts of Europe.
    It will supply 100,000 tonnes at a rate of 96.92 U.S. Dlrs
a tonne as a first consignment by April 7. It will supply the
remaining 100,000 tonnes at a rate of 93.42 dlrs by April 16.
 REUTER
3;
bodyend
documentend
documentstart
6340
topicstart
acq
topicend
bodystart
2;

PHILIPPINES SOCIAL SECURITY TO BUY SAN MIGUEL SHRS


    MANILA, March 18 - 
The Philippines' Social Security System
(SSS) is planning to buy eight mln shares in diversified brewer

<
San Miguel Corp> (SMC), SMC chief financial officer Ramon del
Rosario said.
    He told reporters the government organisation had expressed
interest in one seat on SMC's 15-man board and was preparing to
invest 800 mln pesos, assuming a purchase price of 100 pesos a
share.
    The shares involved in the proposal were part of the block
of 38 mln shares owned by the United Coconut Planters Bank
(UCPB) and sequestered by the government.
    The block is split between class A and class B stock.
    SMC also proposed to sell a further five mln shares to A.N.
Soriano Corp, the family company of San Miguel president Andres
Soriano, del Rosario said.
    The shares are worth some 500 mln pesos at recent prices.
    Del Rosario said the 14 mln B shares in the block which are
open to foreign ownership would probably be sold to
unidentified foreign purchasers.
    He said SMC and UCPB would meet later this week to try to
resolve disputes over the pricing of the shares.
    President Corazon Aquino earlier this month established an
arbitration panel to settle a row over the disposal of the
shares.
    Their initial sale to Soriano through SMC Hong Kong unit
Neptunia Corp was blocked by the Presidential Commission on
Good Government.
    The commission sequestered the stock on suspicion that the
real owner of the block was Eduardo Cojuanco, the former
chairman of San Miguel and the UCPB and a close associate of
deposed former president Ferdinand Marcos.
 REUTER
3;
bodyend
documentend
documentstart
6341
topicstart
earn
topicend
bodystart
2;

<
SUN HUNG KAI CO LTD> YEAR 1986


    HONG KONG, March 18 -
    
Shr 21.6 H.K. Cents vs 12
    Final div six cents vs three, making nine cents vs 5.5
    Net 121 mln dlrs vs 67.42 mln
    Note - Extraordinary gains 72 mln dlrs vs 2.7 mln. Special
bonus four cents vs nil. Dividend payable May 25, books close
April 28 to May 6.
 REUTER
3;
bodyend
documentend
documentstart
6342
topicstart
veg-oil
palm-oil
topicend
bodystart
2;
******
Indonesia imports palm oil to counter possible May shortage, Trade Minister says

Blah blah blah.
3;


bodyend
documentend
documentstart
6344
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

INDONESIA TO IMPORT PALM OIL, FEARS MAY SHORTAGE


    JAKARTA, March 18 - 
Indonesia has issued licences to
traders to import palm oil to avert a possible shortage of
cooking oil during the Moslem fasting month of Ramadan in May,
Trade Minister Rachmat Saleh told Reuters.
    "We have given permission for a small amount of imports to
prevent a shortage during Ramadan," he said. He gave no figures
for the amount of palm oil to be imported, but said it would
come from Malaysia.
    Indonesia, the world's second largest palm oil producer,
earlier denied it had granted palm oil import licences.
    Saleh was replying to a question from Reuters after traders
in London said Indonesia had issued licences to import around
135,000 tonnes of palm oil for delivery in April.
    Indonesia, with 168 mln people, is the world's largest
Moslem country. During Ramadan Moslems fast during the day and
have large meals after sunset.
    Indonesian crude palm oil exports in the first 11 months of
1986 were 469,100 tonnes, according to central bank figures,
against 652,000 tonnes in the whole of calendar 1985.
    Indonesia is expanding palm oil output, and Saleh did not
explain why there might be a shortage during Ramadan.
 REUTER
3;
bodyend
documentend
documentstart
6346
topicstart
acq
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - JAPAN BUYING OVERSEAS FIRMS


    By JEFF STEARNS, REUTERS


    TOKYO, March 18 - 
More U.S. And European firms will be
falling prey to Japanese corporations bulging with cash and
eager to extend their reach further overseas, according to
merger and acquisitions specialists polled by Reuters.
    Already, rich Japanese companies have pounced on U.S.
Banks, steel and other businesses.
    In the latest attempt, Fujitsu Ltd 
<
ITSU.T> -- Japan's
biggest computer maker -- unsuccessfully bid for 
<
Fairchild
Semiconductor Corp>, a U.S. Microchip maker which supplies
components for supercomputers.
    Nomura Securities Co Ltd 
<
NMSC.T> and Daiwa Securities Co
Ltd 
<
DSEC.T>, Japan's two largest brokerage firms, are seeking
a niche in the U.S. And European securities markets, while the
country's huge banks are looking for strongholds in overseas
banking, the takeover specialists said.
    Major trading houses, which see their profits evaporating
in the heat of increased competition in merchandise trade, all
have foreign businesses on their shopping lists.
    Among manufacturers, car parts makers are under the most
pressure to buy up overseas companies and follow the big auto
makers they subcontract for as these move offshore.
    "The timing is favourable for Japanese parties to buy up
potential overseas businesses, especially in the U.S. --
Japan's largest market and where political risks are minimal," a
takeover specialist at one trading company said.
    Japanese companies have become among the world's richest
after a series of boom export years and as the yen has climbed
against the dollar by some 40 pct in the past 18 months.
    But the yen's strength, which has also raised the costs of
Japan's exports and allowed its Asian neighbours to move into
its traditional markets, has frozen Japanese corporate growth,
the specialists said.
    Looming trade friction is also threatening to erect more
barriers against Japanese exports.
    Japanese firms see overseas acquisitions as a way to avoid
the gloomy growth outlook and put their excess cash to work.
Domestic interest rates, now at record lows, offer little
investment opportunity.
    "Japanese interest in acquisitions has been continuous, but
the recent economic factors have become a driving force," said a
banking industry source.
    So far, though, the Japanese are being cautious.
    While mergers and acquisitions among U.S. Firms number in
the thousands, Japanese buyouts of overseas companies have
totalled just a few dozen, one merchant banker said.
    Another merchant banker said that a flurry of Japanese
acquisition activity was originally expected five years from
now, but that time span appeared now to be too long.
    Japanese firms are becoming more aggressive now, he said.
    A turning point seemed to be Dainippon Ink and Chemicals
Inc's 
<
DIAC.T> takeover bid for 
<
Sun Chemical Corp> of the U.S.
Last year, which some analysts saw as somewhat hostile, he
added.
    Dainippon Ink bought Sun Chemical's graphic arts group for
550 mln dlrs late last year, after an earlier unsolicited bid
for the whole company. Sun Chemical refused to sell its entire
business after learning that Dainippon planned to liquidate all
but its graphic arts-related businesses.
    Hostile takeovers are considered unethical and frowned upon
by the Japanese, the trading company official says. "Japanese
people don't like fighting. They prefer peaceful amicable
deals." But now after some experience overseas, Japanese
companies are acquainted with local practice, he adds. "This is
a healthy progression."
    However, the experts do not expect the Japanese to run the
board meetings of any giant U.S. Or European concerns.
    "Japanese companies are not fully confident in managing a
large U.S. Or European corporation," one banker said. "They will
expand their operations only gradually, a typical way for
Japanese business."
    A foreign merchant banker also noted, "There are not many
mega-deals left to do in the United States. A lot of the big
deals there have already been done."
    But medium-size and small concerns are potential targets of
Japanese companies, the specialists said.
    Japanese will be aiming for new businesses in
high-technology areas. "Japanese companies had used technology
and quality to get where they are and are unlikely to deviate
from that trend," one takeover specialist said.
    Many are watching the results of the first acquisitions. If
these succeed, activity could build, the specialists said.
    But few such specialists are going to sit back and wait
until the action begins. Already, they said, Japanese trading
houses, long-term credit and commercial banks, brokerages and
foreign merchant banks have set up research sections to act as
go-betweens in deals or find good buys for themselves.
 REUTER
3;
bodyend
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6347
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earn
topicend
bodystart
2;
******
United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3

Blah blah blah.
3;


bodyend
documentend
documentstart
6348
topicstart
crude
topicend
bodystart
2;

KUWAIT SAYS NO OPEC MEMBER VIOLATING OUTPUT QUOTA


    KUWAIT, March 18 - 
Kuwaiti Oil Minister Sheikh Ali
al-Khalifa al-Sabah said in a newspaper interview that no OPEC
member was exceeding oil production quotas allocated by the
13-nation group.
    Sheikh Ali told Kuwait's daily al-Anba "All OPEC states,
without exception, are producing within the quotas allocated to
them. Some of them are producing less."
    Some oil industry sources had said the United Arab
Emirates, which had been generally been producing over its
quota since OPEC returned to quotas last September, was still
pumping more than its allotted amount in the first months of
this year.
    Ecuador had also publicly stated it was over its quota, but
an earthquake early this month stopped that. Iraq has rejected
its quota, but oil sources say it may be having problems
marketing at official prices all the oil it wants to sell.
    OPEC agreed in December to cut overall oil production by
7.25 pct to 15.8 mln barrels per day (bpd) for the first six
months of this year and abide by fixed prices around 18 dlrs a
barrel from February 1.
 REUTER
3;
bodyend
documentend
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6349
topicstart
earn
topicend
bodystart
2;

UNITED BISCUITS 
<
UBIS.L> 53 WEEKS TO JANUARY 3


    LONDON, March 18 -
    
Shr 20.3p vs 19.1p
    Div 6.0p vs 5.15p making 9.5p vs 8.0p
    Turnover 1.93 billion stg vs 1.91 billion
    Pretax profit 125.2 mln vs 102.2 mln
    Tax 42.5 mln vs 31.1 mln
    Trading profit 138.0 mln vs 122.7 mln
    Trading profit includes -
    UB Foods Europe 88.7 mln vs 78.4 mln
    UB Restaurants 10.3 mln vs same
    UB Foods U.S. 43.8 mln vs 39.1 mln
    Other 3.9 mln vs 3.5 mln
    Unallocated costs 8.7 mln vs 8.6 mln
    Interest 12.8 mln vs 20.5 mln
    Note - full name of company is United Biscuits (Holdings)
Plc
    Minority interests 0.1 mln vs same
    Extraordinary charges 6.8 mln vs 14.3 mln
    Extraordinary charges and credits include -
    Surplus on bid for Imperial Group Plc 4.9 mln vs nil
    Costs of Philadelphia bakery closure nil vs 19.6 mln
 REUTER
3;
bodyend
documentend
documentstart
6350
topicstart
interest
topicend
bodystart
2;

LAWSON EXPECTS INTEREST RATE FALL SOON


    LONDON, March 18 - 
U.K. Chancellor of the Exchequer Nigel
Lawson said he expected British interest rates to fall soon in
response to his fiscal 1987/88 budget, but he did not say by
how much.
    "I would be very surprised if there is not a very early
further fall in interest rates," Lawson said in a radio
interview.
    Analysts said they foresaw U.K. Base rates falling as early
as today by as much as one full percentage point after Lawson's
announcement yesterday that the public sector borrowing
requirement in fiscal 1987/88 and 1988/89 was to fall to 1.0
pct of GDP, or some four billion stg.
    British banks' base lending rates fell a half percentage
point on March 9 to the current 10.5 pct.
 REUTER
3;
bodyend
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6352
topicstart
interest
topicend
bodystart
2;

THAI BANKS WEIGH NEW INTEREST RATE CUT


    By Vithoon Amorn, Reuters


    BANGKOK, March 18 - 
Officials of five Thai commercial banks
are expected to meet tomorrow to seek agreement on cutting
interest rates, banking sources said.
    They said they expect Thai banks to opt for a cut to spur
domestic loan demand to help reduce persistent high liquidity
on the money market.
    Many bankers have been urging an average half percentage
point cut in deposit rates and a one point cut in lending
rates, they said.
    Six major Thai major banks reduced minimum loan and
overdraft rates by 0.50 to 0.75 percentage point on February 16
but the move has not substantially increased loan demand, the
sources said.
    Excess liquidity has been hitting bank profits since early
last year despite five interest rate cuts in 1986. The current
gross 7.25 pct interest rate for one-year fixed bank deposit
and the 11.5 pct minimum loan rate are the lowest in a decade.
    Bankers said the Thai banking system is saddled with about
40 to 50 billion baht of surplus funds which have created
problems for many banks in managing their money effectively.
    Profits of many Thai banks fell sharply last year partly
because of a mismatch of loan demand and bank deposit growth.
The Bank of Thailand estimated overall lending by the Thai
banking system grew 3.8 pct in 1986 against a 12 pct expansion
in bank deposits.
    Reports of a possible new round of interest rate cuts have
further buoyed the Thai stock market this week.
    The Securities Exchange of Thailand (SET) Index on Monday
recorded its biggest daily advance in recent years, shooting up
4.57 points to a new seven-year high of 223.02.
    Brokers and market analysts said Thai stocks will register
more gains as long as liquidity remains in the money market.
    Thai and foreign bankers said the liquidity problem will
grow if the Bank of Thailand does not extend permission for
local banks to hold foreign exchange positions up to 40 pct of
bank capital.
    If the regulation is not extended beyond its April 3 expiry
date, many commercial banks will have to reduce foreign
exchange holdings to a maximum 20 pct.
    Bankers said such that could add another five billion baht
of surplus funds to the local money market.
 REUTER
3;
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6353
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earn
topicend
bodystart
2;

CATHAY PACIFIC FORECASTS GOOD 1987 PERFORMANCE


    HONG KONG, March 18 - 
Cathay Pacific Airways Ltd 
<
CAPH.HK>
forecast another good year in 1987 in view of good growth in
both passenger and cargo traffic volumes early this year over
the year-earlier period.
    The airline did not quantify its performance in early 1987
but said it would take delivery of one Boeing Co 
<
BA.N> 747
freighter and one Boeing 747-300 passenger plane in September
and November respectively after it took a 747-300 last month.
    It earlier reported a 58.7 pct increase in 1986 net profit
to 1.23 billion H.K. Dlrs and announced a final dividend of 14
cents a share.
    But Cathay Pacific recorded sharp increases in net finance
charges to 124.9 mln dlrs from 44.4 mln a year.
    A spokesman for the firm linked the rise to two aircraft
deliveries in 1986.
    However, the company said in a statement good returns from
funds placed with investment managers had partly offset higher
interest costs resulting from additional lease financing and
other borrowing.
    It added that the airline last year also saw aviation fuel
prices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in
1985.
    Passengers carried by Cathay Pacific totalled 4.2 mln last
year, up from 3.85 in 1985, with the passengers kilometre
travelled rising to 14.02 billion from 12.56 billion. But
passenger load factor was down to 69.1 pct from 71.0 pct.
    The airline's cargo operations recorded growth of 21 pct in
total tonnage over the previous year and a 35.9 pct rise in
revenue to 1.79 billion dlrs.
    Cathay Pacific floated its shares in April, 1986 and is now
50.23 pct owned by Swire Pacific Ltd 
<
SWPC.HK>, 16.43 pct by
Hongkong and Shanghai Banking Corp 
<
HKBH.HK> and 12.5 pct by

<
China International Trust and Investment Corp>.
 REUTER
3;
bodyend
documentend
documentstart
6354
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

MALAYSIAN PALM KERNEL OUTPUT FALLS IN FEBRUARY


    KUALA LUMPUR, March 18 - 
Malaysian palm kernel output fell
to an estimated 80,500 tonnes in February from a revised 83,231
(originally 83,700) in January and 98,393 in February 1986, the
Palm Oil Registration and Licensing Authority said.
    Palm kernel stocks dropped to an estimated 45,870 tonnes in
February from a revised 55,693 (65,100) in January and 85,595
in February last year, it said.
 REUTER
3;
bodyend
documentend
documentstart
6355
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earn
topicend
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2;
******
Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
6356
topicstart
earn
topicend
bodystart
2;

<
MORGAN GRENFELL GROUP PLC> 1986 YEAR


    LONDON, March 18 -
    
Shr basic 39.2p vs 36.0p
    Shr fully diluted 37.2p vs 34.3p
    Div 7.0p making 10.5p vs 8.5p
    Pretax profit 82.19 mln stg vs 68.82 mln
    Tax 27.25 mln vs 27.42 mln
    Minority interest 986,000 debit vs 124,000 credit
    Extraordinary items 411,000 credit vs 219,000 debit
 REUTER
3;
bodyend
documentend
documentstart
6357
topicstart
money-fx
yen
topicend
bodystart
2;

GLOBAL TRADING IN YEN BOND FUTURES EXPECTED SOON


    By Yoshiko Mori, Reuters


    TOKYO, March 18 - 
Global trading of yen bond futures is
just around the corner and they are expected to be listed soon
on the London International Financial Futures Exchange (LIFFE)
and the Chicago Board of Trade (CBOT), bond managers said.
    "Internationalisation of the yen through expansion of
overseas portfolios in yen assets is the key to the success of
global trading of yen bond futures," said Katsuyuki Okayasu,
general manager of Yamaichi Securities Co Ltd's bond division.
    "But Tokyo-based orders are necessary for a primary stimulus
for the LIFFE yen bond futures market," said Tetsuya Dezuka,
deputy general manager of the money market section of New Japan
Securities Co Ltd, one of the most active yen bond brokers in
London.
    Healthy growth of yen bond futures markets depends
basically on substantial liquidity in cash yen bond markets
overseas and on the yen becoming attractive to traders there,
dealers said.
    Outstanding yen cash bonds worldwide stand at around
140,000 billion yen, with most held in Japan, they said.
    An agreement between CBOT and LIFFE in early February on
mutual settlements is expected to link U.S. Treasury bond
futures trading in London and Chicago, enabling a continuous
12-hour session, bond managers here said, adding the move was
made with yen bond futures trading in mind.
    LIFFE is preparing for an early listing of yen bond futures
after receiving approval from Japan's Finance Ministry last
December.
    But futures markets will never take root unless they are
backed by substantial liquidity in cash bond markets, dealers
said.
    Daily transactions in the London yen cash bond market now
stand at 200 to 300 billion yen, but the extent of investor-
linked transactions is unknown, securities bond managers said.
    "Japanese corporations have been actively setting up their
financing companies in London, suggesting they increasingly are
engaging in, not only fund raising, but management there,"
Dezuka said.
    The steep increase in the number of branches of Japanese
securities houses in London and the growing numbers of U.S. And
U.K. Brokers coming to Tokyo has helped the London market's
growth, dealers said.
    Internationalisation of the yen is also likely to be
promoted by yen bond trading in Chicago and New York later this
year, securities managers said.
    The recent removal of a key regulatory obstacle by the U.S.
Securities and Exchange Commission will allow the CBOT to apply
to the Commodity Futures Trading Commission for a yen bond
futures contract, they said.
    The ruling removed a regulation which prohibited trading
futures of designated foreign government debt securities not
located in the issuing country.
    Fundamental Brokers Inc, a major U.S. Brokers' broker, has
decided to launch yen bond broking on its display system in New
York as early as April.
    CBOT's start of an evening session, planned for the end of
April, will also multiply yen bond futures trading, a Nomura
Securities Co Ltd bond manager said. But there are still
obstacles to trading on the London market.
    "Problems concerning cash bond delivery and clearing are
major obstacles for an early launching at LIFFE," said Koki
Chiyojima, deputy general manager of Nikko Securities Co Ltd's
bond administration division.
    Nikko Securities Co Ltd, one of the big four Japanese
securities houses, is responsible for corresponding with LIFFE
on these matters.
    Japan's Finance Ministry will start issuing bonds with
coupon payment of either March and September, or June and
December from April 1, matching futures delivery months.
    The ministry now pays coupons in January, June, July and
December. When delivery months and coupon payments do not
match, a 20 pct withholding tax is imposed on interest earned
by non-resident bond holders, a deterrent to LIFFE, securities
managers said.
    LIFFE is likely to wait until the outstanding amount of
bonds with matching months increases to over several billion
yen, bond managers said.
    These bonds will be used for deliveries, as they are
expected to be the cheapest deliverable issues due to low
interest rates, they said.
    Market participants here expect a clearing organisation to
be set up by the time they have substantial deliverable cash
issues, making overseas listings probable in the latter half of
1987.
 REUTER
3;
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6358
topicstart
earn
topicend
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2;

HENDERSON LAND DEVELOPMENT CO LTD 
<
HNDH.HK>


    HONG KONG, March 18 - 
Six months to Dec 31.
    Shr 16 H.K. Cents vs 11
    Interim div seven cents vs five
    Net 211.03 mln dlrs vs 138.69 mln
    Turnover 583.83 mln dlrs vs 441.04 mln
    Note - Dividend payable May 4, books close April 21 to 27.
 REUTER
3;
bodyend
documentend
documentstart
6359
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, March 18 - 
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage in the system of around 1.1 billion stg.
    Money market dealers speculated that the central bank could
be taking the opportunity to signal a reduction in U.K. Base
lending rates by cutting the rates at which it intervenes in
the discount market.
    Most operators are expecting a base rate cut today,
possibly of one point, following yesterday's budget in which
the U.K. Public sector borrowing target for 1987/88 was slashed
by three billion stg.
    Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.11 billion stg while a rise in note circulation and
bankers' balances below target will take out around 120 mln stg
and 20 mln stg respectively.
    Partly offsetting these outflows, exchequer transactions
will add some 140 mln stg to the system today.
 REUTER
3;
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6360
topicstart
topicend
bodystart
2;

FRN TRADING SEEN RETURNING TO MORE NORMAL PATTERNS


    LONDON, March 18 - 
Conditions on the floating rate note
market appeared to be returning gradually to normal today with
prices static to a little better generally, dealers said.
    The market was showing limited signs of recovery from the
collapse in trading last night and the calmer tone was
reinforced this morning as the first significant retail orders
for some time emerged, one senior FRN trader noted.
    In fixed rate bonds, the tone was likewise quietly firmer
with euroyen and eurosterling maintaining their recent bullish
trend and activity in dollar straight and ECU-denominated bonds
also picking up slowly.
    Although a handful of FRN market makers were expected to
remain on the sidelines for the time being, dealers noted a
tangible return of retail interest from the Far East, lured
back by extremely attractive yields and bargain prices.
    "We are seeing from Singapore, and from Japan clients keen
to use up their quotas for purchase of particular instruments
before the end of the fiscal year," the senior trader added.
    Any investors not buying to their full limit would run the
risk of having that limit reduced next year, he explained.
    However, he pointed out that mainly sovereign paper was in
demand with U.S. Bank sector paper largely ignored.
    Prices of reasonable quality floaters had firmed by an
average of 10 basis points in early trading but FRN dealers
cautioned that the mood was still nervous.
    "If prices rise by too much too quickly, everyone is more
than well-aware of the danger the selling could set in again,"
commented another FRN market source at a large Japanese house.
    The other sector commanding market attention today was
eurosterling, which soared in line with U.K. Government bonds.
    Both markets were pushed higher by an ebullient pound and
renewed buying by U.K. Institutions following Chancellor of the
Exchequer's Nigel Lawson's well-received budget yesterday.
    "This was definitely a budget for lower sterling interest
rates," said a sterling analyst at a U.K. Merchant bank.
    "It has been exceptionally well-received by the city, looks
good to foreign investors and we are sure to see a rush to tap
the eurosterling markets now," he added.
    News that next year's Public Sector Borrowing Requirement
will be held at 4.0 billion stg from an earlier projected 7.0
billion was influential for fixed rate stg investment markets.
The government's reduced need to tap the gilt-edged markets
will create a perennial shortage of stock, maintaining upward
pressure on prices, a sterling bond dealer commented.
    This could further boost demand for eurosterling bonds, as
long as yield margins remain attractive in relation to gilts --
often the case with newer, if not with more seasoned issues.
    Bullish predictions on the U.K.'s general economic health
were also expected to boost foreign interest in eurosterling.
    Market sources said attention would now switch to
monitoring the fortunes of the ruling Conservative party in
opinion polls ahead of a widely-anticipated general election.
    Although several new sterling deals are expected, in early
trading the only sterling denominated one to emerge was a 30
mln convertible deal for British Land Co Plc.
    Other new deals this morning reflected the recent primary
market trend with little activity in dollar-denominated issues
although the currency sectors were busy.
    Hot on the heels of yesterday's two Canadian dollar issues
was a 75 mln dlr six-year bond for Chrysler Credit Canada,
guaranteed by Chrysler Finance paying 9-1/4 pct and priced at
101-1/2 pct.
    A 15 billion euroyen issue was launched for Associates Corp
of North America paying five pct at 102-3/8 pct due 1992. A
similar euroyen offering was reported to be in the market for a
Scandinavian borrower. Details were not immediately available.
 REUTER
3;
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6361
topicstart
acq
topicend
bodystart
2;

SINGAPORE GOVERNMENT TAKES OVER GOODWOOD SHARES


    SINGAPORE, March 18 - 
The Singapore government has taken
over 82 mln dlrs worth of Goodwood Park Hotel Ltd shares and
loan stock certificates belonging to the company's chairman,
Khoo Teck Puat, banking sources said.
    Khoo is a major shareholder of the 
<
National Bank of Brunei
Bhd> (NBB), which closed in November after the Brunei
authorities alleged 90 pct of its loans of 1.3 billion Brunei
dlrs had been extended to Khoo-related firms without
documentation or guarantee.
    The Goodwood securities are now held by the Commercial
Affairs Investigation Department, the banking sources said. The
department declined to comment.
    The government move is aimed at protecting Goodwood's
minority shareholders and securing Goodwood deposits at the
NBB, the banking sources said.
    Goodwood had a total of 87.3 mln dlrs in fixed deposits,
bank balances and accrued interest due from NBB as of last
November, according to Goodwood's annual report.
 REUTER
3;
bodyend
documentend
documentstart
6362
topicstart
interest
topicend
bodystart
2;
******
BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
6363
topicstart
topicend
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2;

TURNER AND NEWALL SEEKS 71.7 MLN STG IN RIGHTS


    LONDON, March 18 - 
Turner and Newall Plc said it planned to
raise a net 71.7 mln stg with a one-for-six rights issue of
36.15 mln shares.
    The shares would be offered at 205p, compared with Turner's
price which fell to 227p from last night's close at 241p.
    The group said the funds would be used to cut borrowings,
which had risen to 234 mln stg at end-February, largely as a
result of the takeover of 
<
AE Plc>.
    The company also reported pretax profits rising to 44.7 mln
stg from 39.6 mln previously.
    It noted that the purchase of AE involved the payment of
some 125 mln stg cash as well as taking on AE's own borrowings
of some 85 mln stg. The net debt/equity ratio at the year end
had risen to 59 pct from 23 pct the year before, it added. The
rights issue would cut borrowings and also allow further
development through investment and acquisition.
    But it said that the purchase of AE -- which was won after
a long and acrimonious battle last year -- greatly strengthened
the group's position in the automotive components and
engineering materials sectors.
    In the 15 months to end-1986 AE produced pretax profits of
27.4 mln stg compared with 25.6 mln in the 12 months
previously.
   As the offer for AE was not declared unconditional until
December 5, it made a negligible contribution to Turner's 1986
results.
    Turner said the prospects were good and it looked forward
to taking advantage of the opportunities available.
   1986 operating profits were higher in all areas apart from
Zimbabwe mines, which were hit by the strength of the local
currency against the dollar.
 REUTER
3;
bodyend
documentend
documentstart
6364
topicstart
interest
topicend
bodystart
2;
******
BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY

Blah blah blah.
3;


bodyend
documentend
documentstart
6365
topicstart
interest
topicend
bodystart
2;
******
BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.

Blah blah blah.
3;


bodyend
documentend
documentstart
6366
topicstart
interest
topicend
bodystart
2;
******
NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.

Blah blah blah.
3;


bodyend
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documentstart
6368
topicstart
acq
topicend
bodystart
2;

TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB


    MANILA, March 18 - 
The state-owned Philippine National Bank
(PNB) will fund Toyota Motor Corp's 
<
TOYO.T> planned purchase
of its bankrupt former local partner's manufacturing facilities
for at least 193 mln pesos, a bank official told reporters.
    Toyota has informed the Philippine government it plans to
produce cars again here in joint venture with a local partner.
    It proposes to invest about 400 mln pesos in the
manufacture of car spare parts and other items, and generate
about 100 mln pesos in export earnings over five years.
    The banker said today a letter of intent was signed three
weeks ago but the sale requires approval from government
agencies charged with selling private sector assets taken over
by state-owned banks.
    Official sources said Toyota's application was likely to be
approved.
    Toyota severed ties with its Philippine partner of 20
years, 
<
Delta Motor Corp>, in 1984 because the local company
was suffering financial difficulties. PNB later foreclosed on
Delta's assets.
 REUTER
3;
bodyend
documentend
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6369
topicstart
interest
topicend
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2;

BANK OF ENGLAND INVITES BORROWING AT 10 PCT


    LONDON, March 18 - 
The Bank of England said it had invited
those discount houses wishing to use borrowing facilities to do
so at 1430 GMT today at a rate of 10 pct for 14 days.
    This compares with the Bank's present band one dealing rate
of 10-3/8 pct.
    The Bank of England's announcement was quickly followed by
Barclays Bank and National Westminster Bank which announced a
half-point cut in their base rates to 10 pct from 10-1/2 pct.
    Dealers said the lowering in base rates had been widely
expected following yesterday's U.K. Budget in which Chancellor
of the Exchequer Nigel Lawson announced a three billion stg cut
in the Government's public sector borrowing target for 1987/88
to four billion stg.
    Many in the market had expected a full one point cut in
base rates today but some were not surprised by the
authorities' caution, dealers added.
 REUTER
3;
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6371
topicstart
wpi
topicend
bodystart
2;

GERMAN PRODUCER PRICES FALL 0.3 PCT IN FEBRUARY


    WIESBADEN, March 18 - 
West German producer prices fell 0.3
pct in February from January and were 4.2 pct below prices in
February last year, the Federal Statistics Office said.
    In January, producer prices rose 0.2 pct from December, the
first monthly rise since October 1985, but they were down 4.4
pct from a year earlier.
    The Statistics Office said light heating oil producer
prices fell 22 pct in February from January while heavy heating
oil prices fell 24 pct.
 REUTER
3;
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6372
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earn
topicend
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2;

HOLZSTOFF AG 
<
GHOZ.BS> 1986 YEAR


    BASLE, March 18 - 
Net profit 25.5 mln Swiss francs vs 22.2
mln
    Turnover 717 mln vs 739 mln
    Cash flow 75.4 mln vs 58.1 mln
    Proposed dividend 70 francs vs same
    Note - Company plans one for two rights issue of 40,000
participation certificates of nominal 50 francs. Conditions not
yet set.
 REUTER
3;
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6373
topicstart
acq
topicend
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2;

VEBA SHARE PLACEMENT STILL EXPECTED THIS MONTH


    BONN, March 18 - 
The sale of the government's 25.55 pct
stake in VEBA AG 
<
VEBG.F> is still expected this month, banking
sources closely linked with the transaction said.
    A spokesman for the Finance Ministry said no exact date had
yet been set for the privatisation, which the government has
tabled for the second half of March. However, he added a
scandal at Volkswagen AG 
<
VOWG.F>, VW, over currency losses "has
nothing to do" with the timing of the VEBA sale.
    Finance Minister Gerhard Stoltenberg has said the sale of
the Federal government's stake in VW, originally scheduled for
later this year, may be delayed because of the currency affair.
    A banker involved in the VEBA placement said "Nothing has
changed in the planning. I still presume that it will take
place in the second half of March."
    This banker said there would be no reason to postpone the
issue of the 10 mln VEBA shares for a few days. He added that
the consortium which is arranging the deal had completed its
preparatory work, although the price had not been decided.
    The VEBA share has been weaker ahead of the placement but
West German stocks have been generally bearish and news of the
VW scandal last week put further pressure on the market.
 REUTER
3;
bodyend
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6374
topicstart
topicend
bodystart
2;

BORAL TO RAISE 100 MLN DLRS BY NOTES ISSUE


    SYDNEY, March 18 - 
Building materials group Boral Ltd

<
BOAL.S> said it will raise 100 mln Aus dlrs by placing 20 mln
7.5 pct convertible notes with institutions at 5.00 dlrs each.
    The proceeds will refinance existing group liabilities, it
said in a statement.
    Interest will be payable over the next five years in
half-yearly instalments on February 28 and August 31.
    Boral said the notes will be convertible into ordinary
shares on a one-for-one basis on the same dates in 1989, 1990
and 1991 and 1992. Unconverted notes will be repaid at par on
February 28, 1992.
 REUTER
3;
bodyend
documentend
documentstart
6375
topicstart
ipi
topicend
bodystart
2;

SOVIET ECONOMIST SAYS PRODUCTION FIGURES PADDED


    MOSCOW, March 18 - 
A leading Soviet economist said the
practice of padding figures was significantly inflating the
country's industrial production data.
    "According to the information of state monitoring organs,
the padding of figures makes up one-and-a-half to three per
cent of the volume of production," Alexei Sergeyev told the
official newspaper Sovetskaya Rossiya.
    "In my opinion, it is significantly higher," Sergeyev, who
works at the Economics Institute of the Soviet Union's Academy
of Sciences, said.
    Most Western economists have for years allowed for a
certain padding of figures when analysing Soviet statistics for
industrial production.
    Sergeyev said about 600 mln roubles was lost annually in
raw material industries by paying wages and bonuses for work
which was not in fact performed.
    He said the elimination of figure-padding and other
malpractices would save billions of roubles and would pay for
the Soviet Union's social development program up to the year
2000.
 REUTER
3;
bodyend
documentend
documentstart
6376
topicstart
earn
topicend
bodystart
2;

SONY FORESEES CONTINUED SLUMP IN EARNINGS


    TOKYO, March 18 - 
Sony Corp 
<
SNE.T> group net income is
expected to be down 65 pct for the five months ending March 31
from the same period a year ago at around 10 billion yen, if
the yen127;dollar rate remains at the present level, managing
director Tsunao Hashimoto told a press conference.
    Sony will have an irregular five-month business term ending
March 31, as its financial year will be changed to run from
April 1 to March 31 from the current October 31 year end.
    Group sales in the same period are estimated at about 550
billion yen, down five pct from a year earlier, he said.
    The company earlier reported net income of 7.65 billion yen
in the three month period ended January 31, down 59.2 pct from
a year earlier, on sales of 343.06 billion, down 6.3 pct.
    The gloomy profits and sales resulted from the yen's recent
appreciation against the dollar and a sharp drop in market
prices due to severe sales competition at home and abroad.
    The yen rose 26 pct to an average of 159 yen to the dollar,
reducing the company's total sales in the three month period by
40 billion yen, Hashimoto said.
    Sales of 8-mm video camera/recorders totalled 300,000 units
in the three months, unchanged from a year earlier, while
Beta-format video tape recorders (vtrs) sales fell to 300,000
from 350,000. Sales of compact disc players rose to 450,000
from 300,000 and those of the Walkman rose to 2.25 mln from
1.30 mln but colour television sales fell to 950,000 from one
mln due to lower exports to China.
    Sales of 8-mm vtrs had already exceeded Beta-format vtrs
sales since the beginning of fiscal 1986, Hashimoto said.
Overseas sales accounted for 68.2 pct of the total in the three
months compared with 71.3 pct a year earlier.
    Overseas production will account for 35 pct of its total
production in 1990 from the present 20 pct.
    Hashimoto also said parent current profit in the five-month
period is estimated at around 17 billion yen, down 33 pct from
a year earlier, on sales of 400 billion, down 12 pct.
    Sony is hoping to retain at least 1985/86 levels of group
net profits and sales in the new financial year starting April
1 1987, he added. The company made 41.9 billion yen group net
profit in the year ended November 31 1986, down 42.6 pct from a
year earlier, on sales of 1,325 billion, down 6.7 pct.
 REUTER
3;
bodyend
documentend
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6377
topicstart
topicend
bodystart
2;

ASSOCIATES CORP ISSUES 15 BILLION YEN BOND


    LONDON, March 18 - 
<
Associates Corp of North America> is
issuing a 15 billion yen eurobond due November 2, 1992 with a
five pct coupon and priced at 102-3/8, 
<
IBJ International Ltd>
said as lead manager.
    The non-callable bonds will be issued in denominations of
one mln yen and will be listed in Luxembourg. Fees are 1-1/4
pct for selling and 5/8 pct for management and underwriting
combined, with a 1/8 pct praecipuum. Pay date is April 6.
    Co-lead managers are 
<
New Japan Securities>, 
<
Wako
Securities> and 
<
Yasuda Trust>.
 REUTER
3;
bodyend
documentend
documentstart
6379
topicstart
topicend
bodystart
2;

BRITISH LAND ISSUES 30 MLN STG CONVERTIBLE BOND


    LONDON, March 18 - 
British Land Co Plc is issuing a 30 mln
stg convertible eurobond due March 26, 2002 with an indicated
coupon of 7-1/4 pct to 7-3/4 pct and priced at 101-3/4 pct,
lead manager Credit Suisse First Boston Ltd said.
    The price will be fixed on or before March 24 at a premium
of between 25 and 28 pct over the share price.  There will be a
call from 90 days after payment at 106, declining by one pct
per annum to par but not before March 26, 1992 unless the share
price is 130 pct of the conversion price.
    The bonds will be listed in London and will be issued in
denominations of 1,000 and 5,000 stg.
    Total fees of 2-1/2 pct comprise 1/2 pct each for
management and underwriting and 1-1/2 pct for selling. Pay date
is April 24 with a short first coupon.
    Co-lead is S.G. Warburg and Co Ltd.
 REUTER
3;
bodyend
documentend
documentstart
6380
topicstart
topicend
bodystart
2;

CHRYSLER CREDIT CANADA ISSUES 75 MLN CAN DLR BOND


    LONDON, March 18 - 
Chrysler Credit Canada Ltd is issuing a
75 mln Canadian dlr eurobond due Aoril 15, 1993 with a 9-1/4
pct coupon and priced at 101-1/2 pct, Orion Royal Bank Ltd said
as lead manager.
    The non-callable bonds will be listed in Luxembourg and
will be issued in denominations of 1,000 and 10,000 dlrs. 
Total fees of 1-7/8 pct comprise 1-1/4 pct for selling and 5/8
pct for management and underwriting combined. Pay date is April
15.
    The transaction is guaranteed by Chrysler Finance Corp.
 REUTER
3;
bodyend
documentend
documentstart
6381
topicstart
topicend
bodystart
2;

DUNHILL HOLDINGS ARRANGES 50 MLN DLR/STG PROGRAM


    LONDON, March 18 - 
Dunhill Holdings Plc, a subsidiary of
Rothmans International PLC 
<
ROT.L> has appointed Chemical Bank
International Ltd as sole dealer for a 50 mln U.S. Dlr and
sterling commercial paper program, Chemical said.
    The paper will be sold in denominations of 500,000 dlrs and
have maturities of seven to 364 days. Chemical Bank (London
branch) will act as issuing and paying agent.
    The financing is the first of its kind for the company,
which makes luxury consumer products.
 REUTER
3;
bodyend
documentend
documentstart
6382
topicstart
acq
topicend
bodystart
2;

KLM DENIES PRESS REPORT OF AIR ATLANTA TAKEOVER


    AMSTERDAM, March 18 - 
NV KLM Royal Dutch Airlines 
<
KLM.AS>
is "absolutely not" negotiating a takeover of U.S. Regional
carrier Air Atlanta, a KLM spokeswoman said in a comment on an
article in the leading Dutch evening paper NRC Handelsblad.
    "U.S. Law requires that at least 75 pct of shares in a U.S.
Airline be owned by American firms or persons," the spokeswoman
added.
    The newspaper said that Air Atlanta, which flies to 11 U.S.
Cities, has a fleet of five Boeing jets with passenger capacity
of 110 and employs 400 people, is making losses.
    She said KLM had started talks with Vendex International NV

<
VENN.AS> on their jointly owned courier service XP Express
Parcel Systems, but declined to confirm an NRC Handelsblad
report saying it wanted to buy the Vendex stake in XP.
    KLM said last week it is negotiating a minority stake in
British courier service 
<
IML Air Services Group Ltd>, a
subsidiary of British and Commonwealth Shipping Plc 
<
BCOM.L>,
to strengthen its position in the fast-growing worldwide
door-to-door delivery market.
    The KLM spokeswoman said she expected further announcements
about the talks with Vendex to be made early next week.
 REUTER
3;
bodyend
documentend
documentstart
6384
topicstart
gnp
topicend
bodystart
2;

BELGIAN BANK SAID TO SEE SLOWER GROWTH


    BRUSSELS, March 18 - 
An internal report produced by the
Belgian National Bank foresees the country's gross national
product growth falling in 1987 to 1.0 pct from 2.3 pct in 1986,
the independent newspaper Le Soir said.
    A National Bank spokesman said the newspaper article was
basically correct, but that the report was produced six weeks
ago and figures were therefore to some extent out of date.
    The government's planning bureau predicted growth of 0.9
pct this year in a study published last month.
 REUTER
3;
bodyend
documentend
documentstart
6385
topicstart
cpi
topicend
bodystart
2;

SPAIN'S INFLATION RISES 0.4 PCT IN FEBRUARY


    MADRID, March 18 - 
Spain's consumer price index rose 0.4
pct in February after increases of 0.7 pct the previous month
and 0.4 pct in February last year, National Statistics
Institute figures show.
    Year-on-year inflation was six pct compared with the
government five pct target for 1987. It rose 8.3 pct last year.
 REUTER
3;
bodyend
documentend
documentstart
6386
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN BUYS 462,000 TONNES OF U.S. MAIZE


    TAIPEI, March 18 - 
The joint committee of Taiwan's maize
importers awarded contracts to five U.S. Companies to supply a
total of 462,000 tonnes of maize for delivery between May 10
and October 10, a committee spokesman said.
    Cigra Inc won a contract for a cargo of 56,000 tonnes,
priced at 79.41 U.S. Dlrs per tonne fob pacific northwest port,
for delivery on July 5 and 20.
    Continental Grain Co of New York received three shipments,
totalling 143,000 tonnes, price ranging from 90.95 to 95.75
U.S. Dlrs per tonne c and f Taiwan for delivery between May 10
and October 10.
    Cargill Inc of Minnesota took two shipments, totalling
83,000 tonnes priced between 92.00 and 92.93 U.S. Dlrs per
tonne c and f Taiwan for September 5-20/September 10-25
delivery. United Grain Corp of Oregon won three contracts to
supply 93,000 tonnes priced from 92.32 to 93.19 U.S. Dlrs per
tonne c and f Taiwan for delivery between May 10 and July 30.
    Garnac Grain Co Inc of New Jersey received two shipments,
totalling 87,000 tonnes at 88.90 to 92.29 U.S dlrs c and f
Taiwan for delivery between July 10 and August 10.
 REUTER
3;
bodyend
documentend
documentstart
6387
topicstart
topicend
bodystart
2;

CREDIT LYONNAIS ISSUES ZERO COUPON YEN BOND


    LONDON, March 18 - 
Credit Lyonnais is issuing a 19 billion
yen zero coupon eurobond due April 15, 1992 priced at 81.22
pct, lead manager Nomura International Ltd said.
    The bond is available in denominations of 10 mln yen and
will be listed in Luxembourg.
    Credit Lyonnais is joint lead. Fees comprise 85 basis
points selling concession and 70 basis points for management
and underwriting.
    Payment date is April 15.
 REUTER
3;
bodyend
documentend
documentstart
6393
topicstart
topicend
bodystart
2;

ASSOCIATES CORP ISSUES 15 BILLION YEN BOND


    LONDON, March 18 - 
<
Associates Corp of North America> is
issuing a 15 billion yen eurobond due November 2, 1992 with a
five pct coupon and priced at 102-3/8, 
<
IBJ International Ltd>
said as lead manager.
    The non-callable bonds will be issued in denominations of
one mln yen and will be listed in Luxembourg. Fees are 1-1/4
pct for selling and 5/8 pct for management and underwriting
combined, with a 1/8 pct praecipuum. Pay date is April 6.
    Co-lead managers are 
<
New Japan Securities>, 
<
Wako
Securities> and 
<
Yasuda Trust>.
 REUTER
3;
bodyend
documentend
documentstart
6394
topicstart
money-fx
stg
topicend
bodystart
2;
******
LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE

Blah blah blah.
3;


bodyend
documentend
documentstart
6395
topicstart
topicend
bodystart
2;

ZAIRE AND IMF IN ECONOMIC RESCUE TALKS


    By Jean-Loup Fievet, Reuters


    KINSHASA, March 18 - 
Talks are underway between financially
troubled Zaire and the International Monetary Fund (IMF) aimed
at rescuing the economy of the second largest nation in
sub-Saharan Africa.
    Diplomatic and banking sources in Kinshasa agreed that a
compromise formula could be reached in the coming weeks
enabling pro-Western Zaire to obtain a much needed injection of
cash.
    For its part the government is expected to increase
budgetary discipline, which in turn is likely to attract
foreign investors, the sources said.
    "Barring last-ditch obstacles, which can't be totally ruled
out in an issue involving a nation's pride and substantial
political and economic interests, Zaire and its creditors are
bound to come to terms soon," a Western diplomat told Reuters.
    "The Zairean economy won't survive without massive IMF
assistance. Similarily, the West has no interest to see Zaire's
strategic minerals fall into communist hands," the diplomat
said.
    Zaire defied its creditors late last year by saying it
would limit repayments on its five billion dlr external debt to
10 pct of its export earnings from January 1987.
    The government also announced an end to the floating
exchange rate for the zaire currency and a return to a fixed
parity against special drawing rights (SDRs) with periodic
adjustments.
    Until last year, Zaire devoted up to 28 pct of its export
revenue to servicing large foreign debts contracted during the
copper boom of the 1970's to finance largely non-productive and
often extravagant investment projects.
    Zaire, the world's leading cobalt producer and the sixth
largest supplier of copper, depends on the two minerals for
two-thirds of its export earnings.
    "A young country cannot go on indefinitely sacrificing
everything for the sake of servicing its external debt,"
President Mobutu Sese Seko commented in October when he
announced his government's decision.
    As early as January 1986, Mobutu had warned that "one does
not feed on austerity and praise. I have another debt, one
toward my people and my people's efforts must not backfire," he
told diplomats.
    Zaire pointed out that during four years of IMF-backed
austerity (1983-86), it had become a net exporter of capital
without receiving appropriate financing from abroad.
    Economists said that since the large devaluation of the
zaire currency in September 1983, the country suffered a net
outflow of 830 mln dlrs each year.
    Zaire's medium and long term public debt in the past few
years reached an equivalent of about 100 pct of its Gross
National Product (GNP), one of the highest such ratios in the
world, banking sources said.
    Mobutu accused the IMF of "strangling" his country at an
October meeting of the ruling MPR party and said his people
could not long endure the hardship caused by austerity.
    Zairean officials blame their present difficulties on the
IMF recovery plan's two basic assumptions which, they said,
failed to materialise last year,
    - a world economic recovery pushing up commodity prices and
boosting Zaire's export revenue and debt servicing capacity,
    - substantial, additional financial help from the country's
traditional donors.
    In 1983 Zaire set out on a major economic reform aimed at
curbing its soaring debt. It floated its currency, slashed
spending and privatised industry, gaining praise from Western
creditors and obtaining debt rescheduling.
    As a result, the overall economic and financial situation
improved markedly, with inflation down to 41 pct last year from
100 pct in 1983.
    But it also led to a severe and steady fall in living
standards for Zaire's 35 mln population, fuelling widespread
discontent among poorer city dwellers, diplomats said.
    Economists estimate the drop in purchasing power at between
20 and 35 pct for an average household over the last 12 months,
despite a pay rise of up to 67 pct for civil servants announced
last May.
    The World Bank has released in the last two months half of
a previously-agreed 80 mln dlrs industrial sector loan and lent
27.6 mln dlrs to modernise the country's vital river transport
system.
    Belgium, Zaire's former colonial ruler and its main trading
partner, recently agreed to release a total of 17 mln dlrs to
ease payments difficulties and finance imports of spare parts
for industry.
    A new agreement between the IMF and Zaire would pave the
way for another debt rescheduling, probably at the next meeting
of the Paris Club of Western creditor nations, diplomats said.
 REUTER
3;
bodyend
documentend
documentstart
6398
topicstart
interest
topicend
bodystart
2;
******
LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES

Blah blah blah.
3;


bodyend
documentend
documentstart
6399
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP


    LONDON, March 18 - 
The Bank of England said it revised up
its estimate of the deficit in the system today to 1.3 billion
stg from 1.1 billion.
    The Bank has not provided any assistance to the market so
far today but earlier invited the discount houses to use their
borrowing facilities at 1430 GMT today and set the terms at 10
pct for 14 days.
 REUTER
3;
bodyend
documentend
documentstart
6400
topicstart
money-fx
interest
topicend
bodystart
2;

LAWSON HAPPY WITH STERLING, BACKS LATEST RATE CUT


    By Sten Stovall, Reuters


    LONDON, March 18 - 
Chancellor of the Exchequer Nigel Lawson
said he was content with the current level of sterling and
welcomed today's announcement of a further half point cut in
British bank base lending rates to 10 pct.
    However, he said he wanted to see a gradual approach to
declines in domestic U.K. Interest rates, although optimism in
financial markets might push for big moves quickly.
    He told a briefing of economic journalists that "I don't
think we should rush anything." Lawson stressed the themes of
"gradualism and steadiness" as economic policy.
    Lawson acknowledged that today's fall in interest rates
were in response to his budget for fiscal 1987/88, unveiled
yesterday to Parliament and which set a lower target for the
key Public Sector Borrowing Requirement (PSBR) of 1.0 pct of
GDP.
    Lawson said the two recent cuts in base rates, both made
this month in the form of half percentage point declines, were
"perfectly consistent" with monetary conditions now in Britain.
    He supported that by saying the narrow M0 money supply
aggregate was "safely inside" its flucuation band of two to six
pct set for both 1986/87 and 1987/88. In his budget, Lawson set
no explicit target range for the broader sterling M3.
    Turning to the question of Britain eventually joining the
exchange rate mechanism of the European Monetary System (EMS),
Lawson repeated that "it is most unlikely we will enter before
the next election."
    He said Britain was keeping the subject of full EMS
membership under constant review. But he would not indicate
what the chief considerations for this were for the government.
    Prime Minister Margaret Thatcher late last year said a
decision on whether or not to join depended on the strength of
the U.K. Economy. But she later said such a move depended on
other EMS countries scrapping residual capital controls.
    Although Lawson denounced what he said was "the current wave
of election fever" in Britain, he added:  "It is more likely that
there will be an election this year" than not.
    He said he supported an early election only because it
would clear the air. "Ideally, we (the government) should have a
full term," but events could force a premature poll, Lawson
said.
    The government, which has been in power since 1979, must
call an election by June 1988. Speculation is rising for either
a June or an early autumn election, political sources said.
    The decision to cut basic tax by only two pence in 1987/88
"was the right balance, economically and politically," he said.
    Lawson's decision to restrict the fall in the standard rate
of tax to two-pence surprised many analysts, who had predicted
that with Treasurys coffers full of tax revenue would have
allowed the government to reach its goal of 25 pct in one move.
    But it was being praised today by political analysts as a
shrewd move which, while advancing towards that aim, could not
be seized upon by opposition parties as overtly trying to bribe
the electorate.
    Lawson told journalists he had been surprised by how much
the PSBR had undershot his original assumption of 7.1 billion
stg for 1986/87 -- by some three billion stg.
    Returning to changing levels of interest rates, Lawson
stressed that "they are not an objective (for the government) -
they are an instrument of policy." Consequently the Treasury had
no precise target for domestic borrowing levels, he said.
    But "there may be interest rate consequences" from changes in
the level of government borrowing, he added.
    Lawson said he did not think that the U.K.'s relatively
high level of real interest rates had hurt investment in
Britain.
    He said conditions created by London's role as a leading
financial centre had caused sterling interest rates to be
higher in real terms than in other countries.
    Three factors had caused the higher level in relative
interest rates in Britain, Lawson said.
    First, control of credit in Britain rested on interest
rates alone, due to the freedom of its financial markets.
    He said the second reason was political uncertainty caused
by proposed spending plans of the opposition Labour Party.
     Thirdly, he said "we do not have as long a track record of
low inflation" as did the U.S., Japan and West Germany.
    Lawson foresaw London becoming the world's pre-eminent
financial centre, because it was more international in
character and more favourably placed in time zones than New
York or Tokyo.
 REUTER
3;
bodyend
documentend
documentstart
6401
topicstart
topicend
bodystart
2;

JAPAN TO ALLOW MORE FOREIGN BROKERS AT AUCTIONS


    TOKYO, March 17 - 
The Finance Ministry said it will allow
more foreign brokers to participate in government note auctions
from April by abolishing a requirement that participants have
current accounts with the Bank of Japan.
    This will allow 18 more Japanese branches of foreign-owned
brokerages to bid, it said. Currently 22 foreign brokers are
allowed to bid.
    Bidders for two, three and four-year notes must be members
of the underwriting syndicate for five-year discount notes and
10 and 20-year government bonds.
    New tender participants are: Vickers da Costa Ltd; Bache
Securities Ltd; Smith Barney, Harris Upham International Inc;
Jardine Fleming Securities Ltd; Kidder Peabody and Co Ltd;
Goldman, Sachs International Corp; Morgan Stanley Co Ltd; S.G.
Warburg and Co Ltd; First Boston Co Ltd; Kleinwort Benson
International Inc; Schroder Securities Ltd; Deutsche Bank AG;
EF Hutton Ltd; Shearson Lehman Brothers Asia Inc; Dresdner Bank
AG; Swiss Union Philips and Drew Ltd; Sogen Security Corp and
Swiss Bank Corp International Asia Inc.
    Only these 18 Japanese branches of foreign-owned brokers
would meet other existing requirements to participate.
 REUTER
3;
bodyend
documentend
documentstart
6402
topicstart
acq
topicend
bodystart
2;

DIXONS HAS 56 PCT OF CYCLOPS CORP


    LONDON, March 18 - 
Dixons Group Plc 
<
DXNS.L> said its
tender offer for all of the common shares in 
<
Cyclops Corp> of
the U.S. Expired at midnight yesterday and that it had accepted
approximately 2.3 mln shares in the company at 90.25 dlrs each.
    This represents just over 54 pct of the outstanding shares
on a fully diluted basis. But including shares already owned,
Dixons now holds a total of 56 pct of the fully diluted
outstanding shares.
    The company said it is now entitled to subscribe for all
the authorised but unissued and unreserved shares of common
stock of Cyclops, which total some 5.4 mln shares, at 90.25
dlrs each.
    Dixons said it has waived its condition that 80 pct of the
fully diluted outstanding shares be validly tendered and not
withdrawn.
    Dixons launched the agreed 384 mln dlr offer on February 17
this year in the wake of its unsuccessful battle to take over
the U.K. Retail store chain Woolworth Holdings Plc 
<
WLUK.L>.
    Dixons shares were last quoted at 390p, up on last night's
close of 380p.
    On Friday, 
<
CYACQ Corp>, an investor group formed by
Audio/Video Affiliates Inc 
<
AVA> and Citicorp 
<
CCI>, said it
would increase the price it was offering for all Cyclops shares
to 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it
with confidential information given to Dixons and if it were
satisfied that any rights Dixon might have to recover fees or
expenses from Dixons or to buy Cyclops stock would be rescinded
or proved invalid.
    Audio/Video's offer is scheduled to expire March 20.
 Reuter
3;
bodyend
documentend
documentstart
6404
topicstart
ship
crude
topicend
bodystart
2;

IRAQ SAYS IT ATTACKS TWO SHIPS IN GULF


    BAGHDAD, March 18 -  
Iraq said its warplanes hit two ships
off the Iranian coast in attacks last night and early today.
    The planes "dealt accurate and effective blows to both
maritime targets before they returned safely to base," a
military spokesman told the Iraqi new agency INA.
    There was no immediate confirmation of the attacks from
Persian Gulf shipping sources.
    The last confirmed Iraqi attack on shipping was on March 8,
when an Iranian tanker was hit by a missile south of Iran's
Kharg island oil export terminal.
    Gulf shipping sources yesterday reported an Iranian warship
had set the Cypriot supertanker Pivot on fire with a missile.
    They said there were no injuries on board and the ship
headed for the Gulf Emirate of Fujairah under its own power
after the fire was put out.
    The Pivot was the 18th ship hit this year in the maritime
extension of the 6-1/2 year-old Iran-Iraq war.
 Reuter
3;
bodyend
documentend
documentstart
6405
topicstart
cocoa
topicend
bodystart
2;
******
ICCO delegates accept principles of buffer stock compromise as negotiation base

Blah blah blah.
3;


bodyend
documentend
documentstart
6406
topicstart
interest
trade
gnp
bop
cpi
topicend
bodystart
2;

NEW ZEALAND ECONOMY FORECAST TO IMPROVE IN 1987/88


    WELLINGTON, March 18 - 
New Zealand's inflation and interest
rates should decline and the balance of payments improve
significantly in the fiscal year to the end of March 1988, the
Institute of Economic Research (NZIER) said.
    The independent institute said in its quarterly March issue
that it was also revising its fiscal 1987 real gross domestic
product (GDP) forecast to a fall of 0.5 pct against the one pct
drop forecast in December.
    Government figures show GDP grew at an annual 1.8 pct in
the quarter to September and 3.4 pct in the June quarter.
    The NZIER said the sharp improvement in the June and
September quarters was due mainly to a new tax structure and
the introduction of a 10 pct value-added goods and services tax
and is not expected to continue in the second half of 1986/87.
    The government's tight fiscal position is not expected to
change, it said.
    Annual inflation, measured by the consumer price index, is
forecast to fall to nine pct by next March from 18.2 pct in
calendar 1986, it said.
    "Falling inflation is likely to give significant scope for
reductions in nominal interest rates; real interest rates are
also expected to ease (albeit slightly) as the balance of
payments deficit and hence the call on overseas capital, falls
away," the NZIER said.
    Short-term interest rates are forecast to remain between 20
and 25 pct until the June quarter, but will decline over the
second half of 1987/88 to between 16 and 18 pct. Long-term
rates are expected to fall to between 14 and 16 pct.
    Five year government bond rates are currently 18.40 pct and
the key indicator 30-day bank bills 26.53 pct.
    The local dollar is expected to depreciate steadily in the
early part of the coming year and, by next March, reach 57.5 on
the Reserve Bank's trade weighted index, which is based on a
basket of currencies. The index now stands at around 66.4.
    "A marked improvement in the balance of payments is
forecast," the NZIER said. "The current account deficit is
expected to fall from 7.5 pct of GDP in 1985/86 to 4.5 pct in
1986/87 and 2.5 pct in 1987/88."
    The current account deficit is forecast to shrink to 1.32
billion N.Z. Dlrs in 1987/88 from 2.40 billion in 1986/87 and
3.33 billion in 1985/86.
    The 1987/88 budget deficit is forecast to be 2.8 billion
dlrs against an expected 2.9 billion dlrs in 1986/87 and 1.87
billion in 1985/86.
    This compares with the government's 1986/87 deficit figure
of 2.92 billion against an earlier forecast of 2.45 billion.
    "Conditions in the coming year are sufficiently subdued to
contribute to marked improvements in both the balance of
payments and the rate of inflation ...," the NZIER said.
    "Overall, these are significant gains for the New Zealand
economy and, if they continue to be improved upon, bode well
for future prospects."
 REUTER
3;
bodyend
documentend
documentstart
6407
topicstart
cocoa
topicend
bodystart
2;

ICCO MEMBERS ACCEPT BUFFER STOCK PRINCIPLES


    LONDON, March 18 - 
International Cocoa Organization (ICCO)
producers and consumers accepted the principles of a compromise
proposal on buffer stock rules as a basis for further
negotiation, delegates said.
    The buffer stock working group then asked ICCO Executive
Director Kobena Erbynn, who wrote up the draft compromise, to
flesh out details of the principles with the assistance of a
representative group of delegates, they said.
    The working group broke up for the day, into a smaller
group of five producers and five consumers to discuss
administrative rules and into the group headed by Erbynn to
hammer out buffer stock rules details, delegates said.
    Delegates said many differences of opinion still have to be
ironed out. "Whenever we start getting into details the clouds
gather," one delegate said.
    Erbynn is likely to present fleshed out details of the
buffer stock rules proposal to the working group early
tomorrow, delegates said.
    The principles of the draft proposal included establishing
an offer system for buffer stock purchases rather than a posted
price system, a limit to the amount of non-ICCO member cocoa
that can be bought, and differentials to be paid for different
varieties of cocoa comprising the buffer stock, delegates said.
 REUTER
3;
bodyend
documentend
documentstart
6408
topicstart
topicend
bodystart
2;

LAND SECURITIES ISSUES 100 MLN STG EUROBOND


    LONDON, March 18 - 
Land Securities Plc is issuing a 100 mln
stg eurobond due April 29, 2007 with a 9-1/2 pct coupon and
priced at 95-3/4, lead manager J. Henry Schroder Wagg and Co
Ltd said.
    The non-callable bonds will be listed in London and will be
issued in denominations of 1,000 and 10,000 stg. Fees are 1-1/2
pct for selling and one pct for management and underwriting
combined with a 3/16 pct praecipuum. The pay date is April 29.
 REUTER
3;
bodyend
documentend
documentstart
6410
topicstart
acq
topicend
bodystart
2;

AFG 
<
AFG>, WAGNER/BROWN BID FOR GENCORP 
<
GY>


    NEW YORK, March 18 - 
<
General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
it has started a tender offer for all common shares of GenCorp
Inc and associated defensive preferred share purchase rights
for 100 dlrs a share.
    GenCorp stock closed yesterday in composite tape trading at
90.50 dlrs a share, up two dlrs on the day.
    In a newspaper advertisement, General Partners said the
offer and withdrawal rights expire April 14 unless extended.
    General Partners said the offer is conditioned on receipt
of sufficient financing to buy all shares on a fully diluted
basis and receipt of enough shares to give General Partners at
least 51 pct voting power, again fully diluted.
    It said the offer is also conditioned on GenCorp redeeming
the defensive rights or General Partners being satisfied that
the rights have been invalidated and General Partners obtaining
from the Federal Communications Commission a special temporary
authorization allowing completion of the acquisition of GenCorp
shares.
    General Partners said it would set up voting trust
arrangements pending review of its long-form application for
FCC approval of its acquisition of control of GenCorp's
broadcasting subsidiary.
    The partnership said the offer is further conditioned on
GenCorp management withdrawing its proposals to amend the
company's articles of incorporation and code of regulations to
provide for an increase in authorized common shares, a
classified board of directors and the elimination of cumulative
voting.  The latter two changes would make it harder for
minority shareholders to elect directors.
    General Partners said it is asking GenCorp for its
shareholder lists for help in disseminating the offer.
    GenCorp has about 22.3 mln shares outstanding, making the
value of the offer about 2.23 billion dlrs.
    Last fall, AFG and Wagner and Brown offered to acquire

<
Lear Siegler Inc> for about 1.44 billion dlrs but withdrew the
offer when higher bids emerged and due to complications of the
Tax Reform Act of 1986.  Lear Siegler eventually went private
for 1.66 billion dlrs.
    GenCorp is involved in tire and plasticmaking and aerospace
as well as broadcasting.  The company faces challenges to its
two television and 12 radio station licenses, partly becuase it
failed to inform the FCC about allegedly improper foreign
payments and political contributions.
    GenCorp has agreed to sell its New York-area television
station WOR to MCA Inc 
<
MCA> for 387 mln dlrs and its Los
Angeles station KHJ to Walt Disney Co 
<
DIS> for 217 mln dlrs.
An investor group challenging the Los Angeles license would
also receive 103 mln dlrs from Disney.
    For the year ended November 30, GenCorp earned 130 mln dlrs
on sales of 3.10 billion dlrs.
    A GenCorp spokesman said the offer came as a surprise and
the company was not yet in a position to comment on the bid.
 Reuter
3;
bodyend
documentend
documentstart
6412
topicstart
veg-oil
sun-oil
cotton-oil
topicend
bodystart
2;

EGYPT REJECTS VEG OIL OFFERS, TO RETENDER


    LONDON, March 18 - 
Egypt rejected all offers at a vegetable
oil import tender yesterday for unspecified amounts of
sunflowerseed oil and/or cottonseed oil, traders said. It has
asked for a renewal of offers on March 24.
    Exporters said they were not prepared to offer material on
Egypt's new landed contract terms which include a clause, "free
from radioactive contamination." Offers submitted were on old
contract terms, all of which were rejected.
 REUTER
3;
bodyend
documentend
documentstart
6413
topicstart
crude
topicend
bodystart
2;

TEXACO 
<
TX> TO CEASE POSTING TEXAS OIL PRICE


    NEW YORK, MARCH 18 - 
Texaco Refining and Marketing, an
operating subsidiary of Texaco Inc, said it would cease to post
crude oil prices for West Texas crudes at the end of this month
following a decision to discontinue purchase of crude oil from
leases, a Texaco spokesman in Houston said.
    But it will continue to purchase quantities of U.S. and
foreign crude oil for use in its refinery system, he added.
     The spokesman also said Texaco Trading and Transport Inc
would continue to acquire and market Texaco lease production as
well as other lease production. The company will continue to
post a Louisiana price, it said.
 Reuter
3;
bodyend
documentend
documentstart
6414
topicstart
cocoa
topicend
bodystart
2;

IVORY COAST MINISTER DELAYED FOR COCOA TALKS


    LONDON, March 18 - 
Ivorian Agriculture Minister Denis Bra
Kanon, chairman of the International Cocoa Organization (ICCO)
council, will not be able to open the council session here
tomorrow, an Ivorian ICCO delegate told Reuters.
    He will arrive sometime later during the meetings here, the
delegate said. The council session will be chaired instead by
ICCO vice chairman Sir Denis Henry, the delegate from Grenada,
ICCO officials said.
    Ivorian officials last week said Bra Kanon was due to
return home for funeral ceremonies for a sister of Ivorian
President Felix Houphouet-Boigny March 19-22.
 REUTER
3;
bodyend
documentend
documentstart
6416
topicstart
gnp
topicend
bodystart
2;
******
U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE

Blah blah blah.
3;


bodyend
documentend
documentstart
6417
topicstart
gnp
topicend
bodystart
2;
******
U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED

Blah blah blah.
3;


bodyend
documentend
documentstart
6419
topicstart
earn
topicend
bodystart
2;

MATRIX SCIENCE 
<
MTRX> SETS STOCK SPLIT


    TORRANCE, Calif., March 18 - 
Matrix Science Corp said its
board declared a two-for-one stock split and a six-cent per
share (pre stock split) dividend, payable May 7 to stockholders
of record April 16.
    The company said the dividend is in addition to the ten cts
per share dividend paid January 2, 1987, making the post stock
split annual dividend eight cts per share.
 Reuter
3;
bodyend
documentend
documentstart
6420
topicstart
earn
topicend
bodystart
2;

SEA GALLEY STORES INC 
<
SEAG> 4TH QTR DEC 28 LOSS


    MOUNTLAKE TERRACE, Wash., March 18 -
    
Shr loss 69 cts vs loss 1.45 dlrs
    Net loss 2,015,000 vs loss 4,268,000
    Revs 16.6 mln vs 16.9 mln
    Year
    Shr loss 1.21 dlrs vs loss 59 cts
    Net loss 3,514,000 vs loss 1,839,000
    Revs 58.8 mln vs 61.4 mln
 Reuter
3;
bodyend
documentend
documentstart
6421
topicstart
veg-oil
coconut-oil
topicend
bodystart
2;

COCONUT OIL CONTRACT TO CHANGE - DUTCH TRADERS


    ROTTERDAM, March 18 - 
Contract terms for trade in coconut
oil are to be changed from long tons to tonnes with effect from
the Aug/Sep contract onwards, Dutch vegetable oil traders said.
    Operators have already started to take account of the
expected change and reported at least one trade in tonnes for
Aug/Sept shipment yesterday.
    The Federation of Oils Seeds and Fats Associations, FOSFA,
in London said it had previously advised traders to adopt the
metric system for coconut oil transactions to bring the
commodity into line with other vegetable oils.
 REUTER
3;
bodyend
documentend
documentstart
6422
topicstart
acq
topicend
bodystart
2;

FAR WEST FINANCIAL 
<
FWFP> TO BUY PROGRESSIVE


    NEWPORT BEACH, Calif., March 18 - 
Far West Financial Corp
said its Far West Savings and Loan Association unit has reached
an agreement in principle to acquire all the outstanding stock
of Progressive Savings and Loan Association 
<
PRSL>.
    Far West said it does not expect the cost of the
transaction to exceed 15 mln dlrs.
    Progressive Savings has ten branches in Southern California
and about 500 mln dlrs in assets.
 Reuter
3;
bodyend
documentend
documentstart
6425
topicstart
nat-gas
topicend
bodystart
2;

COASTAL 
<
CGP> SAYS TRANSAMERICAN SUIT FRIVOLOUS


    HOUSTON, March 18 - 
Coastal Corp said it belives the two
billion dlr suit against it by 
<
TransAmerican Natural Gas Corp>
in Texas state court is frivolous and without merit.
    The company said it intends toi proceed with filing a
reorganization plan for TransAmerican with the U.S. Bankruptcy
Court in Houston.
    Yesterday afternoon, the bankruptcy court issued a
temporary restraining order prohibiting TransAmerican and
Coastal from taking any action in any court that would
interfere with the jurisdiction of the bankruptcy court.
    Yesterday's bankruptcy court ruling affirmed Coastal's
rights as a TransAmerican creditor to file a reorganization
plan for TransAmerican.
    TransAmerican's suit alleges that Coastla attempted to
unlawfully gain control of TransAmerican's Texas natural gas
reserves and pipeline system.
    TransAmerican's bankruptcy proceedings began in 1983.
 Reuter
3;
bodyend
documentend
documentstart
6426
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK SEEN STEERING STEADY MONETARY COURSE


    By Franz-Josef Ebel, Reuters


    FRANKFURT, March 18 - 
The Bundesbank is likely to steer a
steady monetary course over the next few weeks and a change in
credit policies is not expected at tomorrow's regular central
bank council meeting, bank economists and dealers said.
    "There is no need for action," Hermann Remsperger, chief
economist of Berliner Handels- and Frankfurter Bank (BHF) said.
    Others noted that exchange rates are stable after last
month's Group of Six agreement in Paris and central bank money
stock growth is still well above the three to six pct target
zone, so a change in credit policies could be ruled out.
    One money market dealer said comments by Bundesbank
President Karl Otto Poehl at a private seminar in Duesseldorf
two weeks ago hinting at another interest rate cut only
indicated the Bundesbank might act if conditions changed.
    Bank economists said U.S. Pressure on West Germany to
further ease credit policies had receded since the Paris pact.
    But such demands could re-emerge if West Germany failed to
stimulate its economy enough to affect the massive U.S. Trade
deficit.
    Remsperger said continued strong money supply growth also
precluded a further cut in official interest rates.
    Central bank money stock was growing at an annualized 7.5
pct in February, unchanged from the 7.5 pct in January.
    Economists said some of the 18 members of the central bank
council were worried about the continued overshoot in the money
supply target and were bound to resist any moves to cut rates.
But Poehl played down the risk of inflation.
    Economists said the fact that money stock growth remained
stable last month was a success. Some said it was likely to
return to within the target range later this year.
    "The special factors which boosted money supply growth last
year are disappearing," one economist said.
    He said some 75 pct of the money supply increase in 1986
was caused by a sharp rise in the inflow of foreign funds.
    This trend had been reversed recently and with domestic
credit demand likely to remain at steady levels, money stock
growth was expected to narrow in the medium-term.
    These developments were increasing the Bundesbank's scope
for a rate cut in the medium-term, economists said.
    Money market dealers said period rates remained little
changed, indicating no change in credit policy was expected.
    Call money rates declined to 3.75/80 pct from 3.90/95
yesterday, with the market well stocked with liquidity.
    Dealers said call money was soft because tax payments on
behalf of customers had been less than expected so far. But
rates were likely to tighten again as soon as the full effect
of this month's major tax payment period is felt. Payments for
the federal railways bond are also likely to burden the market.
    The Bundesbank did not inject liquidity via a securities
repurchase agreement this week, but countered a tightening in
rates on Monday by injecting funds through government-owned
banks.
    Dealers said recent securities repurchase pacts had shown
the Bundesbank clearly wanted call money rates stable at 3.80.
    One dealer said, "If the central bank wanted lower interest
rates, it would first of all drive call money rates down."
    Banks remained relatively well stocked with minimum reserve
assets. They held 52.9 billion marks in minimum reserves on
Monday, averaging 53.7 billion marks over the first 16 days of
March. A requirement of around 51 billion is expected.
 REUTER
3;
bodyend
documentend
documentstart
6427
topicstart
gnp
topicend
bodystart
2;

U.S. REAL GNP ROSE 1.1 PCT IN FOURTH QUARTER


    WASHINGTON, March 18 - 
The U.S. Gross National Product,
after removing the impact of inflation, increased at a revised
annual rate of 1.1 pct in the fourth quarter, the Commerce
Department said.
    That was down from an earlier preliminary 1.3 pct rise
estimated a month ago and down from the 2.1 pct rise in the
fourth quarter of 1985.
    The final fourth quarter revision, however, left unchanged
the previous estimate of a 2.5 pct increase in GNP for all of
1986 over 1985.
    The revised estimate for fourth quarter GNP partly
reflected a downward revision in inventories to a total
decrease of 28.5 billion dlrs in the fourth quarter, the
department said.
    The revisions also indicated personal consumption spending
decreased 2.2 billion dlrs in the fourth quarter after an
increase of 39.6 billion dlrs in the third quarter.
    Exports of goods and services rose 15.3 billion dlrs after
a decline of 9.4 billion dlrs in the third quarter. Imports
decreased 700 mln dlrs in the final quarter, in contrast to an
increase of 20.9 billion dlrs in the third quarter.
 REUTER
3;
bodyend
documentend
documentstart
6428
topicstart
acq
topicend
bodystart
2;

JAPAN TELECOM MERGER COULD INVOLVE U.K.,U.S. FIRMS


    TOKYO, March 18 - 
Cable and Wireless PLC 
<
CAWL.L> and the
Pacific Telesis group 
<
PAC.N> may take part in a proposed
merger of two rival firms seeking to enter Japan's
international telecommunications market, a senior industry
official said.
    Fumio Watanabe, head of a telecommunications committee with
the Federation of Economic Organisations (Keidanren), told a
news conference Japanese shareholders in the two consortiums
agreed that the U.S. And British companies will be invited to
participate in the new merged firm.
    The planned linkup will satisfy Tokyo's request that only
one private company should enter the market.
    The two consortiums, 
<
International Digital Communications
Planning Inc> (IDC) and 
<
International Telecom Japan> (ITJ),
were set up in 1986 to compete with monopoly 
<
Kokusai Denshin
Denwa Co> (KDD) after the market was deregulated in 1985.
    Watanabe said the Post and Telecommunications Ministry
wanted only one competitor for the time being because of the
size of the Japanese telcommunications market and that foreign
investors will only be allowed to hold a minority stake.
    He estimated the two foreign firms' share in the merged
consortium at less than three pct and added that even the
largest shareholders could own only some five pct .
    Cable and Wireless and Japanese trading house 
<
C. Itoh and
Co.> each have a 20 pct stake in the IDC consortium while
Pacific Telesis and Merrill Lynch and Co. Inc. 
<
MER.N> jointly
hold 13 pct .
    ITJ is headed by a rival group of trading houses. Several
firms including Toyota Motor Corp. 
<
TOYO.T>  belong to both.
    Watanabe said progress was being made towards a merger
agreement and added that Japanese industry agreed with the
government on having only one private consortium as two
companies might invest "excessive" amounts.
    He said talks with Cable 
&
 Wireless will continue this
week.
 REUTER
3;
bodyend
documentend
documentstart
6430
topicstart
acq
topicend
bodystart
2;

FERRUZZI NEGOTIATING EUROPEAN ACQUISITION


    ROME, March 18 - 
Italy's 
<
Gruppo Ferruzzi> is in the
advanced stages of negotiations that could result in an
acquisition worth "some hundreds of billions of lire" in the
European agro-industrial sector, a company spokesman told
Reuters.
    The spokesman declined to identify the other party or
parties involved in talks, or whether a complete takeover was
under discussion, but said an Italian newspaper report that
Ferruzzi was studying the possibility of advancing an offer for
13 European cereal processing plants owned by the U.S. Group
CPC International Inc 
<
CPC.N> was incorrect.
    The spokesman said that possibility had been evaluated by
Ferruzzi but that the company's attention at the moment was
"decisively in another direction."
    The spokesman, responding to a report in the Italian
economic daily Il Sole-24 Ore that Ferruzzi was considering a
possible bid for the CPC plants, told Reuters his company hoped
to conclude the talks currently underway in a couple of months.
    The spokesman said that since the U.K. Government last
month blocked Ferruzzi's bid to acquire 
<
British Sugar Plc>,
the company had been looking at other investment opportunities.
 REUTER
3;
bodyend
documentend
documentstart
6432
topicstart
crude
topicend
bodystart
2;

MALAYSIA TO CUT OIL OUTPUT FURTHER, TRADERS SAY


    By Yeoh May, Reuters


    SINGAPORE, March 18 - 
Malaysia's state oil company Petronas
will cut oil production to 420,000 barrels per day (bpd) from
May 1, trade sources said.
    Malaysia cut its 510,000 bpd target output by 10 pct last
September to support Opec moves to boost prices, and the latest
cut would reduce output by 17.5 pct from 1986's target level.
    Petronas said in February that Malaysia would maintain its
10 pct production cutback until mid-1987.
    However, the Finance Ministry said in its annual report
that Malaysia's crude oil output was expected to rise to an
average 510,000 bpd in 1987.
    The ministry's forecast assumed average 1987 crude prices
at 13 dlrs/barrel (bbl), but prices have risen enough to permit
further production cutbacks, the sources said.
    Malaysia's benchmark Tapis blend fetched above 18 dlrs/bbl
this year against a low of 10.50 dlrs/bbl in July, they said.
    Traders said further reductions by Malaysia would add to
the tight spot availabilities of Asian grades caused by reduced
Indonesian and Chinese crude output.
    The cutback will also help Malaysia maintain prices, as
there is concern some buyers want to reduce term purchases due
to the availability of cheaper alternatives, the sources said.
    In addition to term sales, Petronas has been offering two
to three 400,000 bbl spot cargoes of Malaysian crude each month
for sale through tender, the sources said.
    However, this practice is likely to dwindle given the
reduced scale of production, they said.
3;
bodyend
documentend
documentstart
6433
topicstart
acq
topicend
bodystart
2;

INTERCARE 
<
CARE> SAYS ACQUISITION TERMINATED


    CULVER CITY, Calif., March 18 - 
InterCare Inc said it has
agreed to terminate the proposed acquisition of 
<
Universal
Care> because 
<
First Jersey Securities> has withdrawn as
underwriter for a proposed offering of InterCare securities.
    The company said the offering was to have raised 7,500,000
dlrs for working capital through the sale of equity and debt
and would have also financed the 1,897,000 dlr cash portion of
the Universal Care purchase price.  In addition, 1,700,000 dlrs
would have been used to repay debt.
    InterCare said to date it has incurred about 500,000 dlrs
in expenses in connection with the proposed offering.
    The company said to improve its working capital position,
it plans to reduce operating expenses by decreasing hours of
operation and its workforce and selling some assets.
    As of October 31, the copmpany said it had a working
capital deficit of 2,301,000 dlrs, on a pro forma basis to
include recently acquired U.S. Medical Enterprises Inc.
 Reuter
3;
bodyend
documentend
documentstart
6434
topicstart
earn
topicend
bodystart
2;

RANK ORGANISATION CURRENT TRADING SATISFACTORY


    LONDON, March 18 - 
Rank Organisation Plc 
<
RANK.L> said
trading in the current year had continued satisfactorily taking
into account seasonal fluctuations.
    Association companies, such as 
<
Rank-Xerox Ltd>, indicated
an improved performance, a statement issued at the annual
meeting said.
    It said it planned to spend some 15 mln stg on refurbishing
its Odeon cinema chain and the Rank Film Distributors unit was
committed to spending 20 mln to secure international
distribution rights of films.
    Investment in new activities in 1987 should continue at a
relatively high level to exploit opportunities for growth. Rank
said it did not exclude the possibility of making large as well
as small acquisitions.
    In the year to end-October, Rank reported a rise in pretax
profits to 164.1 mln stg from 136.0 mln previously.
    Rank shares firmed in morning trading to be quoted at 712p
at 1320 GMT after 697p at last night's close.
 REUTER
3;
bodyend
documentend
documentstart
6435
topicstart
acq
topicend
bodystart
2;
******
HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID

Blah blah blah.
3;


bodyend
documentend
documentstart
6436
topicstart
ship
topicend
bodystart
2;

SHIPS HELD UP AT CALCUTTA


    BOMBAY, March 18 - 
Some 10 Indian ships have been held up
at Calcutta port after four days of industrial action by local
seamen, a spokesman for the shipowners' association INSA said.
    The dispute has prevented local crewmen signing on and off,
but has not affected foreign ships with international crews
docking at Calcutta, which exports tea and jute and imports
machinery, crude oil and petroleum products, the spokesman
said.
    Foreign ships may also suffer if dock workers join the
action, he said. The Shipping Corporation of India (SCI) has
asked its ships to avoid the port until the dispute is over,
National Union of Seafarers in India president Leo Barnes said.
 Reuter
3;
bodyend
documentend
documentstart
6437
topicstart
earn
topicend
bodystart
2;

COOPERVISION INC 
<
EYE> 1ST QTR JAN 31 NET


    PALO ALTO, Calif., March 18 -
    
Shr 3.65 dlrs vs 33 cts
    Net 82.5 mln vs 7,300,000
    Sales 94.4 mln vs 85.4 mln
    Avg shrs 22.6 mln vs 21.7 mln
    NOTE: Current year net includes pretax gain 175.2 mln dlrs
on sale of ophthalmic business and loss 17.9 mln dlrs posttax
from repurchase of debt.
    Prior year net includes 120,000 dlr loss from discontinued
operations.
 Reuter
3;
bodyend
documentend
documentstart
6438
topicstart
earn
topicend
bodystart
2;

COOPERVISION 
<
EYE> DELAYS ANNUAL MEETING


    PALO ALTO, Calif., March 18 - 
CooperVision Inc said it has
delayed its annual meeting to June 22 from May 14 to allow its
board to review possible recapitalization options before the
meeting.
    CooperVision today reported first quarter net income of
64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale
of its ophthalmic business to Johnson and Johnson 
<
JNJ> for 260
mln dlrs in cash and a 17.9 mln dlr posttax charge from a debt
repurchase.  Sales were 94.4 mln dlrs.  A year earlier it
earned 7,300,000 dlrs after a 120,000 dlr loss from
discontinued operations, on sales of 85.4 mln dlrs.
    The company said an aggressive program of investment
spending to maintain or increase market shares its its two core
businesses will accelerate sales growth this year but hold back
increases in operating income in the near future.
    CooperVision said "Furthermore, until the entire net cash
proceeds from the recent sales of several of our businesses are
employed to reduce indebtedness, make strategic acquisitions
and/or are otherwise employed in relation to a possible
recapitalization of the company, recovery of net income will be
held back by the loss, particularly of the tax income, of the
(ophthalmic) pharmaceutical business sold to Johnson and
Johnson."
 Reuter
3;
bodyend
documentend
documentstart
6440
topicstart
earn
topicend
bodystart
2;
******
GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
6441
topicstart
acq
topicend
bodystart
2;

MOBEX SAYS ABOUT 87 PCT OF GRANT 
<
GTX> TENDERED


    ANAHEIM, Calif., March 18 - 
Mobex Corp said 2,088,461 Grant
Industries Inc common shares, about 87 pct of the 2.4 mln
outstanding, have been tendered in response to Mobex's offer.
    The company said its offer of 7.75 dlrs a share for the
stock has been extended to 2000 EST March 23 from 2400 March 17.
 Reuter
3;
bodyend
documentend
documentstart
6442
topicstart
acq
topicend
bodystart
2;

HARCOURT BRACE 
<
HBJ> SETS HARPER 
<
HPR> DEADLINE


    ORLANDO, Fla., March 18 - 
Harcourt Brace Jovanovich Inc
said it has told Harper and Row Publishers Inc representatives
that it intends to withdraw its proposal to acquire Harper and
Row for 50 dlrs per share in cash if the parties have not made
satisfactory progress in discussions by the close of business
on March 30.
    Harcourt Brace said, "We do not wish to put undue pressure
on Harper and Row, but we also, in fairness to our own
shareholders, cannot allow an offer of such magnitude to lie on
the table too long."
    Harcourt said three of its senior officers and its
investment bankers met yesterday with investment bankers for
Harper and Row to discuss the Harcourt Brace offer.
    Harcourt Brace said it will only pursue the acquisition if
a mutually-satisfactory merger agreement can be negotiated.
    Last week, a group formed by Theodore Cross offered to
acquire Harper and Row for 34 dlrs per share.  The group held
about six pct of Harper and Row.
    In addition, New World Pictures Ltd 
<
NWP>, holder of 4.5
pct of Harper and Row, had offered to discuss a merger with
Harper and Row.
 Reuter
3;
bodyend
documentend
documentstart
6443
topicstart
acq
topicend
bodystart
2;
******
DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER

Blah blah blah.
3;


bodyend
documentend
documentstart
6445
topicstart
money-fx
topicend
bodystart
2;

BANKERS TRUST ISSUING STG/DLR CURRENCY WARRANTS


    LONDON, March 18 - 
Bankers Trust International Ltd said it
is issuing 200,000 stg call/dlr put currency warrants at an
initial offer price of 31.25 dlrs per warrant.
    The issue is guaranteed by Bankers Trust New York Corp.
    Each warrant entitles the holder to exchange 500 dlrs for
stg at a rate of 1.60 stg/dlr and the minimum number of
warrants exercisable or tradeable is 100.
    Exercise period for the warrants will run from April 22,
1987 until March 17, 1989. Payment is due April 15, 1987.
 REUTER
3;
bodyend
documentend
documentstart
6447
topicstart
earn
topicend
bodystart
2;

GREAT ATLANTIC AND PACIFIC TEA CO 
<
GAP> 4TH QTR


    MONTVALE, N.J., March 18 -
    
Oper shr 55 cts vs 36 cts
    Oper net 20.7 mln vs 13.6 mln
    Sales 2.34 billion vs 1.58 billion
    Avg shrs 38.1 mln vs 37.7 mln
    Year
    Oper shr 1.82 dlrs vs 1.48 dlrs
    Oper net 69.0 mln vs 56.1 mln
    Sales 7.83 billion vs 6.62 billion
    Avg shrs 38.0 mln vs 37.8 mln
    NOTES: Results for 13 and 53 week periods ended Feb 28,
1987, and 12 and 52 week periods ended Feb 22, 1986
    Operating net excludes credits from tax loss carryforwards
of none vs 5.3 mln dlrs, or 14 cts a share in quarter and 26.0
mln dlrs, or 68 cts a share, vs 32.2 mln dlrs, or 85 cts a
share, in year
    Company had 1,200 stores inoperation at year end vs 1,045 a
year earlier
 Reuter
3;
bodyend
documentend
documentstart
6448
topicstart
topicend
bodystart
2;

FRENCH FINANCE GROUP SDR ISSUES DOMESTIC BOND


    PARIS, March 18 - 
French regional financing group 
<
Societes
de Developpement Regional> is issuing a 1.41 billion franc
domestic bond, Banque Nationale de Paris and 
<
Banque Indosuez>
said.
    The issue will be in three tranches with BNP being the
book-keeper for a 770 mln franc, 15-year, 9.10 pct fixed rate
tranche issued at par. Redemption will be in seven equal
tranches after the eighth year and payment date is April 6.
    The banks said Indosuez will be the book-keeper for two
non-syndicated variable-rate, eight years and 20 day tranches
of 320 mln francs, each issued at par.
    Interest will be based on the annual money market rate
(TAM) with a TAM reference rate of 8.10 pct and with a margin
of minus 0.10 pct. It will be payable on April 26 every year
from 1988 and onwards.
    Redemption is to be in six equal tranches after two years.
 REUTER
3;
bodyend
documentend
documentstart
6449
topicstart
acq
topicend
bodystart
2;
******
GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON

Blah blah blah.
3;


bodyend
documentend
documentstart
6450
topicstart
trade
topicend
bodystart
2;

ROTTERDAM SIGNS COOPERATION AGREEMENT WITH TOKYO


    ROTTERDAM, March 18 - 
The city of Rotterdam today signed an
agreement in principle to cooperate with the AOMI Cargo
Distribution Centre in Tokyo.
    Acting Mayor Roel den Dunnen said that cooperation between
private and public entities in the Tokyo and Rotterdam area,
and a fruitful exchange of information have a favourable
influence on the flow of goods and services between the two
countries.
    The AOMI Cargo Distribution Center, which will start
operating in October this year, signed a similar agreement with
Rotterdam's twinned-port of Seattle last September.
 Reuter
3;
bodyend
documentend
documentstart
6451
topicstart
zinc
lead
topicend
bodystart
2;

DAVY CORP UNIT WINS INDIA SMELTER CONTRACT


    LONDON, March 18 - 
Davy McKee Ltd, a subsidiary of U.K.
Engineering and contruction company Davy Corp Plc, has been
awarded a contract worth around 15 mln stg for the design of a
zinc and lead smelter in India, a spokesman for the company
said.
    The contract is being funded by Britain's Overseas
Development Administration as part of a total grant of 73.65
mln stg to India's state-owned Hindustan Zinc Ltd.
    The grant is for the development of a major zinc and lead
mine and associated smelting complex in Rajastan, North West
India, the agency said.
    The agency said the project was expected to account for 44
pct of India's total production of zinc.
    A total 55 mln stg of the grant is allocated for the supply
of goods and services from Britain. The grant comes as part of
package announced on March 13 for Indian mineral development.
    The agency is also paying a further 31 mln stg to India's
coal sector, for the expansion of its indigenous coal
development programme, using British-designed longwall
technology.
 Reuter
3;
bodyend
documentend
documentstart
6452
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 15 MLN STG AFTERNOON HELP


    LONDON, March 18 - 
The Bank of England said it had provided
the money market with a further 15 mln stg assistance. This
brings the Bank's total help so far today to 344 mln stg and
compares with the estimated shortage of around 1.3 billion stg.
    The central bank purchased bank bills outright, at the
lower dealing rates established this morning, comprising one
mln stg in band one at 9-7/8 pct and 14 mln stg in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
6453
topicstart
interest
topicend
bodystart
2;

WEST GERMAN BANKS SLOWLY CUTTING KEY SAVINGS RATES


    FRANKFURT, March 18 - 
West German commercial banks are
cautiously cutting key savings and lending rates, banking
sources said. The cuts follow nearly two months after the
Bundesbank reduced leading interest rates, far longer than the
usual interim period.
    A Deutsche Bank AG 
<
DBKG.F> spokesman said it is cutting
leading savings rate for private customers on a regional basis
by 0.5 percentage points to two pct. Dresdner Bank AG 
<
DRSD.F>
and Commerzbank AG 
<
CBKG.F> have initiated similar moves. Bank
fuer Gemeinwirtschaft AG 
<
BKFG.F> cut rates 0.5 pct generally.
    The delay was partly due to commercial banks' desire to
gauge customer reaction to a similar move by regional savings
banks.
    A fall in customer savings because of lower rates could
reduce cheap refinancing available to banks, forcing them to
draw down relatively expensive funds from other sources, one
economist at the German Banking Association said.
    But the volume of savings funds may not be substantially
undercut by lower savings rates because many customers are
parking funds in savings accounts in the hope they can reinvest
them at higher yields in the future, he said.
    He said this may conflict with Bundesbank aims to move more
funds from relatively short-term deposits to longer-dated
securities to reduce strong growth in its central bank money
supply aggregate.
    The aggregate showed annualized growth of a provisional 7.5
pct in February against the fourth quarter of last year,
unchanged from January. The growth rate was outside the
expanded target range of three to six pct.
    Few banks have so far reduced lending rates to private
customers, though lending rates for corporate customers are
beginning to decline.
 REUTER
3;
bodyend
documentend
documentstart
6454
topicstart
earn
topicend
bodystart
2;

TOYS "R" US INC 
<
TOY> 4TH QTR FEB ONE NET


    ROCHELLE PARK, N.J., March 18 -
    
Shr 89 cts vs 68 cts
    Net 116.0 mln vs 88.1 mln
    Revs 1.17 billion vs 924.0 mln
    12 mths
    Shr 1.17 dlrs vs 93 cts
    Net 152.2 mln vs 119.8 mln
    Revs 2.44 billion vs 1.97 billion
    NOTE: net 1986 were restated to reflect three-for-two stock
split on June 27, 1986.
 Reuter
3;
bodyend
documentend
documentstart
6455
topicstart
earn
topicend
bodystart
2;

MEASUREX CORP 
<
MX> 1ST QTR NET


    CUPERTINO, Calif., March 18 -
    
Shr 34 cts vs 27 cts
    Qtrly div six cts vs 4.5 cts prior
    Net 6,448,000 vs 4,969,000
    Revs 51.1 mln vs 44.7 mln
    Avg shrs 19.1 mln vs 18.7 mln
    NOTE: pay for dividend was March 11 to shareholders of
record on Feb 20.
 Reuter
3;
bodyend
documentend
documentstart
6456
topicstart
earn
topicend
bodystart
2;

PALMER LEWIS CO INC 
<
LWIS> 4TH QTR NET


    AUBURN, Wash., March 18 - 
Qtr ends Jan 31
    Shr three cts vs one cent
    Qtrly div seven cts vs seven cts prior
    Net 106,185 vs 28,871
    Revs 46.9 mln vs 30.3 mln
    12 mths
    Shr 33 cts vs 23 cts
    Net 1,306,595 vs 878,484
    Revs 187.2 mln vs 140.8 mln
    NOTE: effective July One, 1986, the company acquired the
outstanding stock of Western American Forest Product Inc for
cash and convertible debentures. the acqustion is accounted for
as a purchase and consolidated statements include Western's
results of operations from July One, 1986.
    payout for dividend is may six to stockholders of record on
April 13.

 Reuter
3;
bodyend
documentend
documentstart
6457
topicstart
earn
topicend
bodystart
2;

CAPITAL CITIES/ABC 
<
CCB> SETS PAYOUT


    NEW YORK, March 18 -
    
Qtrly div five cts vs five cts
    Pay April 20
    Record March 30
3;
bodyend
documentend
documentstart
6458
topicstart
earn
topicend
bodystart
2;

PUBLICKER INDUSTRIES INC 
<
PUL> 4TH QTR LOSS


    GREENWICH, Conn., March 18 -
    
Shr loss five cts vs loss 15 cts
    Net loss 619,000 vs loss 1,730,000
    Sales 3,138,000 vs 5,667,000
    Avg shrs 12.5 mln vs 11.5 mln
    Year
    Shr loss four cts vs loss 40 cts
    Net loss 343,000 vs loss 3,963,000
    Sales 13.4 mln vs 35.3 mln
    Avg shrs 12.5 mln vs 10.3 mln
 Reuter
3;
bodyend
documentend
documentstart
6459
topicstart
earn
topicend
bodystart
2;
******
FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
6460
topicstart
earn
topicend
bodystart
2;

BELL ATLANTIC CORP 
<
BEL> INCREASES PAYOUT


    PHILADELPHIA, March 18 -
    
Qtrly div 96 cts vs 90 cts
    Pay May One, 1987
    Record March 31, 1987
 Reuter
3;
bodyend
documentend
documentstart
6461
topicstart
earn
topicend
bodystart
2;

RHODES 
<
RHDS> SEES SHARPLY LOWER 4TH QTR NET


    ATLANTA, March 18 - 
Rhodes Inc said it now estimates fourth
quarter, ended February 28, earnings were eight cts a share,
down from the 25 cts earned in the final quarter of fiscal
1986.
    The company said the major causes for the reduction were an
unfavorable LIFO adjustment and softer than projected sales in
the quarter, due primarily to unfavorable weather.
    Despite the 4th qtr results, Rhodes said, "net income for
the year just ended should come close to the record level of
the previous year" -- 1.61 dlrs dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
6463
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> GROUP HOLDS 9.8 PCT STAKE


    NEW YORK, March 18 - 
(General Partners), a Texas general
partnership equally owned by affiliates of Wagner and Brown and
AFG Industries Inc 
<
AFG>, said it currently holds 2,180,608
common shares, or about 9.8 pct, of Gencorp Inc's 
<
GY>
outstanding common stock.
    General Partners said it began a 100 dlrs a share cash
tender offer for all of Gencorp, an Akron, Ohio-based concern,
that is worth nearly 2.3 billion dlrs.
    Gencorp, which has interests in tire- and plastic-making,
aerospace and broadcasting, has about 22.3 mln shares
outstanding.
    The General Partners offer is subject to receipt of
financing, a majority of Gencorp shares and other conditions.
    In a letter to Gencorp chairman and chief executive A.
William Reynolds describing the offer, General Partners said it
was willing to negotiate terms of the offer and was prepared to
meet as soon as possible.
    In a statement, General Partners said it has contributed
250 mln dlrs in equity financing and also has commitments for 
a one billion dlr credit line from Wells Fargo and Co 
<
WFC> and
a 1.25 billion loan from Shearson Lehman Brothers Holdings Inc,
a unit of American Express Co 
<
AXP>.
    A Gencorp spokesman said the company's management was
meeting but that its board was not scheduled to meet today. He
said he was not sure the company had formally received notice
of the offer but was aware of it through press accounts.
    He declined to say what Gencorp's next move might be or
whether it would issue a statement later today.
    In the letter, General Partners said it plans to maintain
Gencorp's corporate headquarters in Akron, and retain the
company's plastics and industrial products businesses and its
tires and related products segment.
    The letter did not mention Gencorp's RKO General
broadcasting subsidiary, which has been involved in disputes
over license renewals at several of its television stations.
Gencorp has agreed to sell two of its independent stations, WOR
in the New York area and KHJ in Los Angeles.
    General Partners officials were not immediately available.
    Gencorp shares were delayed at the opening on the New York
Stock Exchange because of an imbalance of orders, and the NYSE
said the shares were indicated to open at 103 to 115. The
shares closed up two yesterday at 90-1/2, a new 52-week high.
    The financing for the offer includes the 250 mln dlrs in
equity from General Partners, the 1.25 billion dlr loan from
Shearson Lehman Brothers, a senior subordinated bridge loan for
which a binding agreement can be delivered within 24 hours
after a request from the partnership, and the one billion dlr
credit line from Wells Fargo.
    Wells Fargo has agreed to lend up to 250 mln dlrs of the
line itself and form a syndicate of banks to provide the rest,
the partnership said.
    Shearson Lehman Brothers Inc will act as dealer manager in
the tender offer, it said.
    In the letter, the partnership said it was confident it
could obtain the financing and close the transaction promptly.
    Last fall AFG and privately held Wagner and Brown offered
to acquired (Lear Siegler Inc) for about 1.44 billion dlrs but
withdrew the offer when higher bids emerged. Lear Siegler
eventually went private for about 1.66 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6464
topicstart
trade
bop
topicend
bodystart
2;

THAI TRADE DEFICIT WIDENS IN FEBRUARY


    BANGKOK, March 18 - 
Thailand's trade deficit widened to an
estimated 4.7 billion baht in February from 2.1 billion in
January and 2.8 billion a year ago, the Bank of Thailand said.
    Exports fell to around 18.9 billion baht from 20.4 billion
in January compared with 17.4 billion a year ago, the bank
said.
    Imports rose to 23.6 billion baht from 22.5 billion in
January. They were 20.2 billion in February 1986.
    The bank said the trade deficit for the two months widened
to an estimated 6.8 billion baht from 5.2 billion a year ago.
    February's current account showed a 1.2 billion baht
deficit compared with 1.7 billion in January and 263 mln a year
ago.
    The current account for the two months posted an estimated
500 mln baht surplus, down from 1.2 billion a year ago.
    A surplus in the country's balance of payments narrowed to
3.2 billion baht in February from 4.6 billion the previous
month but was higher than 1.5 billion a year ago.
    The bank said the balance of payments surplus for the first
two months of 1987 widened to 7.8 billion baht from 4.6 billion
from the same period in 1986, while the net capital inflow rose
to five billion baht from 3.1 billion.
 REUTER
3;
bodyend
documentend
documentstart
6465
topicstart
earn
topicend
bodystart
2;

A AND P 
<
GAP> SETS HIGHER CAPITAL SPENDING


    MONTVALE, N.J., March 18 - 
The Great Atlantic and Pacific
Tea Co said its three-year 345 mln dlr capital program will be
be substantially increased to accommodate growth and expansion
plans for Waldbaum Inc and Shopwell Inc over the next two
years.
    A and P said the acquisition of Shopwell in August 1986 and
Waldbaum in December "helped us achieve better than expected
results in the fourth quarter" ended February 28. Its net
income from continuing operations jumped 52.6 pct to 20.7 mln
dlrs, or 55 cts a share, in the latest quarter as sales
increased 48.3 pct to 1.58 billion dlrs.
    A and P gave no details on the expanded capital program,
but it did say it completed the first year of the program
during 1986.
    A and P is 52.4 pct owned by 
<
Tengelmann
Warenhandelsgesellschaft> of West Germany.
 Reuter
3;
bodyend
documentend
documentstart
6466
topicstart
earn
topicend
bodystart
2;

FEDERAL EXPRESS CORP 
<
FDX> 3RD QTR FEB 28 NET


    MEMPHIS, Tenn., March 18 -
    
Oper shr 69 cts vs 83 cts
    Oper net 35.9 mln vs 42.4 mln
    Revs 798.9 mln vs 659.2 mln
    Avg shrs 52.0 mln vs 50.9 mln
    Nine mths
    Oper shr 2.38 dlrs vs 2.75 dlrs
    Oper net 123.3 mln vs 135.6 mln
    Revs 2.31 billion vs 1.86 billion
    Avg shrs 51.8 mln vs 49.3 mln
    NOTE: Net excludes losses from discontinued operations of
nil vs 16.1 mln dlrs in quarter and 227.5 mln dlrs vs 42.7 mln
dlrs in nine mths.
    Quarter net includes gains from sale of aircraft of two mln
dlrs vs 6,200,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6468
topicstart
topicend
bodystart
2;

AUSTRIA ISSUES 50 MLN AUSTRALIAN DLR BOND


    LONDON, March 18 - 
Austria is issuing a 50 mln Australian
dlr eurobond due April 22, 1992 with a 14-1/4 pct coupon and
priced at 101-3/4 pct, lead manager Credit Suisse First Boston
Ltd said.
    The non-callable bonds will be listed in Luxembourg and
will be issued in denominations of 1,000 and 10,000 dlrs.  Pay
date is April 22. Total fees of two pct comprise 1/4 pct for
management, 3/8 pct for underwriting and 1-3/8 pct for selling.
    Co-leads are ANZ Merchant Bank, Banque Nationale de Paris,
Hambros Bank Ltd and S.G. Warburg and Co Ltd.
 REUTER
3;
bodyend
documentend
documentstart
6469
topicstart
topicend
bodystart
2;

MIDLAND BANK UNIT ISSUES 900 MLN FRENCH FRANC FRN


    PARIS, March 18 - 
Midland Bank International Financial
Services is issuing a 900 mln franc floating rate note due
April 15, 1997 at par, lead manager Societe Generale said.
    The deal, guaranteed by Midland Bank Plc, will pay interest
based on rates of French 13-week Treasury bills plus 55 basis
points in the first five years and plus 65 points for the rest.
    There is a short first coupon of 8.25 pct payable June 15.
The note is accompanied by 90,000 warrants priced at 220 francs
exercisable for five years into an 8.25 pct 10-year
non-callable bond.
    The note is callable at any payment date after the first
year. Denominations are of 10,000 and 100,000 francs. Co-leads
are Midland Bank SA and Samuel Montagu.
 REUTER
3;
bodyend
documentend
documentstart
6471
topicstart
earn
topicend
bodystart
2;

MORGAN GRENFELL SAYS 1986 PROFITS HIT BY GUINNESS


    LONDON, March 18 - 
<
Morgan Grenfell Group Plc> said its
1986 pre-tax profits were lower than forecast because of
depreciation in the value of its Guinness Plc 
<
GUIN.L> shares
and because of securities trading losses in the U.S.
    Morgan chairman Lord Catto said the losses on the group's
seven mln Guinness shares in addition to a 3.5 mln dlr loss on
its risk arbitrage operation in New York depressed profits some
eight mln stg to 82.2 mln.
    He also told a news conference Morgan had received informal
approaches about a takeover of the group but was not
interested. No formal offers had been made, but Catto would not
elaborate.
    Morgan Grenfell acted as merchant banker to Guinness during
the brewing company's successful bid for Distillers Co Plc

<
DIST.L> in the first half of last year.
    The U.K. Government launched an investigation into the
affairs of Guinness last December. Public concern has focused
on the way Guinness may have breached U.K. Company law and the
Takeover Code by prompting others to support its share price
during the bid.
    Morgan chief executive Christopher Reeves, head of
corporate finance Graham Walsh and senior corporate finance
director Roger Seelig all resigned in January over the Guinness
affair.
    Another senior Morgan Grenfell executive, Geoffrey Collier,
resigned late last year on allegations of trading on insider
information. He currently faces criminal charges.
    Lord Catto said the second half of 1986 had been "one of the
most traumatic in our history," but that clients and staff had
been supportive.
    "I certainly look on the future in a positive way. We have
the worst behind us and have swept nothing under the carpet."
    Profits for the year, up 19.4 pct from 1985 pre-tax profits
of 68.8 mln stg, were mainly due to a high contribution from
corporate finance activities and progress in asset management.
    Finance Director David Ewart told the news conference the
performance of the group so far in 1987 was "within reasonable
touch of the budget."
    Lord Catto also said the group was actively seeking a new
chief executive to replace Sir Peter Carey, who is acting as
interim director after Reeves' resignation, and hopes to have a
new chief executive within a few months.
    He also said Reeves and Walsh had been paid a total of
562,000 stg in compensation following their resignations, but
declined to say how much each man got. Negotiations were going
on to determine an amount of compensation for Seelig, he said.
    Morgan Grenfell shares stood at a late 366p, 9p down on
yesterday's 375p.
 REUTER...
3;
bodyend
documentend
documentstart
6473
topicstart
acq
topicend
bodystart
2;

SEC MOVES TO DISCIPLINE ALLEGHENY INT'L 
<
AG>


    WASHINGTON, March 18 - 
The Securities and Exchange
Commission (SEC) staff is seeking authority to take enforcement
action against Allegheny International Inc, the
Pittsburgh-based industrial and consumer products firm said.
    Allegheny made the disclosure in documents filed with the
SEC in connection with its recent agreement to be taken private
through a leveraged buyout led by First Boston Inc.
    "Following announcement of the merger agreement, the company
was informed by the Enforcement Division of the (SEC) that it
intends to seek authority from the commission to institute a
proceeding against the company," Allegheny said.
    "The company is cooperating in the commission's
investigation which is continuing and now includes the taking
of testimony of employes and others," Allegheny said.
    In the ongoing probe, Allegheny said, the staff has asked
for information about company executive compensation and
benefit plans, certain company-owned real estate, travel and
entertainment spending and the use of corporate aircraft.
    It also has asked for information on acquisitions and
divestitures, the company's accounting system "and other
internal controls," Allegheny said.
   The probe began in February 1986, Allegheny said.
    The SEC, as a matter of policy, routinely declines comment
on its enforcement actions.
    The SEC investigation began just months before Allegheny
became the target of a series of shareholder lawsuits claiming
that the company had violated the federal securities laws by
failing to disclose material matters in recent annual proxy
statements.
    The suits, later consolidated into a single class-action
complaint before a Pennsylvania federal court, allege
securities law violations involving numerous current and former
Allegheny officers and directors.
    Earlier this month, lawyers for the shareholders asked the
court to expand the charges to include an allegation that, in
the buyout, Allegheny had attempted to illegally freeze out its
public shareholders at an unfair price.
    Allegheny said it intends to vigorously defend itself
against all charges.
    The charges made in the shareholder suits are widely
believed to have led to last summer's resignation of Chairman
and Chief Executive Officer Robert Buckley.
    In the buyout, a group led by First Boston tendered March
13 for all outstanding Allegheny shares at 24.60 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
6474
topicstart
earn
topicend
bodystart
2;

UNITED ASSET MANAGEMENT CORP 
<
UAM> UPS PAYOUT


    PROVIDENCE, March 18 -
    
Qtly div four cts vs three cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6475
topicstart
earn
topicend
bodystart
2;

KINDER-CARE INC 
<
KNDR> FIRST QTR NET


    MONTGOMERY, Ala., March 18 - 
Qtr ends dec 31
    Shr one cent vs 15 cts
    Net 466,000 vs 6,866,000
    Revs 123.1 mln vs 93.5 mln
    NOTE: the company changed its fiscal year end from Aug 31
to Dec 31. qtr prior ended Jan 17, 1986 and included two more
weeks than current qtr.
    current qtr includes loss 899,000 for accounting change.
 Reuter
3;
bodyend
documentend
documentstart
6476
topicstart
earn
topicend
bodystart
2;

ULTRASYSTEMS INC 
<
ULS> 4TH QTR JAN 31 NET


    NEW YORK, March 18 -
    
Shr 26 cts vs 18 ctsd
    Net 2,102,000 vs 1,415,000
    Revs 44.1 mln vs 42.2 mln
    Year
    Shr 21 cts vs 91 cts
    Net 1,678,000 vs 7,105,000
    Revs 155.1 mln vs 149.2 mln
    Avg shrs 7,960,000 vs 7,808,000
    NOTE: Latest year net includes writeoff of investment in
Dawn Enterprises ethanol refinery of 79 cts shr.
 Reuter
3;
bodyend
documentend
documentstart
6477
topicstart
acq
topicend
bodystart
2;

CANAMAX TO ACQUIRE KREZMAR GOLD PROPERTY STAKE


    TORONTO, March 18 - 
<
Canamax Resources Inc> said it agreed
to acquire the 50 pct interest it does not already own in the
Krezmar gold property, near Wawa, Ontario, by paying nine mln
dlrs to 
<
Algoma Steel Corp Ltd> and granting Algoma a four pct
net smelter return royalty, which is payable after payback.
    The property's drill indicated reserves to a depth of 1,200
feet are estimated at over one mln tons averaging 0.25 ounces
of gold a ton, Canamax said.
 Reuter
3;
bodyend
documentend
documentstart
6478
topicstart
earn
topicend
bodystart
2;

NFS FINANCIAL 
<
NFSF> SETS INITIAL DIVIDEND


    NASHUA, N.H., March 18 - 
NFS Financial Corp said its board
declared an initial dividend of five cts per share, payable
April 21 to holders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
6480
topicstart
topicend
bodystart
2;

NATIONAL AUSTRALIAN BANK PLANS AUSTRALIAN DLR BOND


    LONDON, March 19 - 
National Australia Bank Ltd is issuing a
40 mln Australian dlr eurobond due April 24, 1990 paying 15 pct
and priced at 101-3/8 pct, lead manager Orion Royal Bank Ltd
said.
    The bond, in denominations of 1,000 and 10,000 dlrs, will
be listed in London.
    Paydate is April 24 and fees comprise one pct selling
concession and 1/2 pct management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
6481
topicstart
earn
topicend
bodystart
2;

VW'S AUDI SAYS PROFIT FELL AROUND 50 PCT IN 1986


    MUNICH, March 18 - 
Audi AG 
<
NSUG.F>, the 99 pct owned
subsidiary of Volkswagen AG 
<
VOWG.F>, said profit in 1986 fell
by around half compared with 1985, when it achieved a record
221 mln marks net profit, a rise of 19.5 pct on the previous
year.
    Managing board chairman Wolfgang Habbel told a news
conference he expected both profit and turnover to rise this
year compared with 1986, but he said it was questionable
whether 1987 profit would return to 1985 levels.
    He gave no figure for 1986 profit. Audi had predicted last
year that 1986 profit would likely fall by an unspecified
amount from 1985's record levels.
    Habbel said turnover in 1986 rose to 9.9 billion marks from
9.6 billion in 1985 and looked certain to rise to over 10
billion this year.
    Asked whether Audi would pay a dividend to VW to help the
parent company overcome its currency losses, Habbel said Audi
would ensure VW got a share of profits.
    Audi's entire 1985 net profit was paid into its own free
reserves to help finance investment. In the previous 10 years
VW had received 80 pct of Audi's earnings as a dividend.
    Habbel blamed the profit decline on disruptions to output
caused by the introduction of the new Audi 80 model, on
currency factors and on negative publicity in the U.S. About
alleged "sudden acceleration" of some of its Audi 5000 models.
    As reported, Audi's sales in the U.S. Dropped nearly 20 pct
to 59,800 last year.
    Habbel said the U.S. Sales decline would probably bottom
out in 1987.
    Audi's worldwide car deliveries fell two pct to 363,000.
    Of the total, exports fell 10.5 pct to a rounded 210,000,
but domestic sales increased to a rounded 154,000 from 137,180
in 1985.
    Habbel said the new Audi 80 had sold extremely well in the
first two months of 1987, helping Audi to increase its overall
market share in West Germany to 8.4 pct from 5.2 pct in the
same months of 1986. Sales in Europe also rose but U.S. Sales
fell further, he said without giving details. Worldwide
deliveries in the first two months increased eight pct to
57,000.
    Audi said in January that 1987 car production would rise to
over 400,000 from 384,000 in 1986, when output had fallen
compared with 1985's 392,000.
    Habbel said Audi expected the rise in output to lead to
further new hiring of employees.
    At the end of 1986 Audi's workforce stood at a record
39,800, a rise of 3,400 over 1985.
 REUTER
3;
bodyend
documentend
documentstart
6483
topicstart
interest
topicend
bodystart
2;

BANK OF ENGLAND LENDS ONE BILLION STG AT 10 PCT


    LONDON, March 18 - 
The Bank of England said it had lent one
billion stg to the discount market for fourteen days at 10 pct.
    This brings the Banks total help today to some 1.34 billion
stg and satisfies the estimated shortage in the system today
which it had earlier estimated at 1.3 billion stg.
    The Bank's announcement this morning that it was willing to
lend two-week money at 10 pct was interpreted by the market as
a sanction for lower U.K. Base lending rates.
    The U.K. Clearing banks swiftly took this up, cutting their
base rates by a half-point to 10 pct. At midday, the central
bank lowered its money market dealing rates by the same amount.
 REUTER
3;
bodyend
documentend
documentstart
6484
topicstart
sugar
topicend
bodystart
2;
******
 UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS.       

Blah blah blah.
3;


bodyend
documentend
documentstart
6485
topicstart
earn
topicend
bodystart
2;

SENSORMATIC ELECTRONICS CORP 
<
SNSR> 3RD QTR NET


    DEERFIELD BEACH, Fla., March 18 - 
Feb 28 end
    Shr profit 11 cts vs loss 37 cts
    Net profit 3,027,000 vs loss 10.4 mln
    Revs 22.3 mln vs 19.9 mln
    Avg shrs 28.6 mln vs 29.0 mln
    Nine mths
    Shr profit 34 cts vs loss 22 cts
    Net profit 9,560,000 vs loss 6,072,000
    Revs 71.9 mln vs 64.7 mln
    Avg shrs 28.5 mln vs 27.9 mln
    NOTE: Prior year net both periods after 15.2 mln dlr
writeoff.
 Reuter
3;
bodyend
documentend
documentstart
6486
topicstart
sugar
topicend
bodystart
2;

U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES


    LONDON, March 18 - 
A total 60,500 tonnes of current series
white sugar received export rebates of a maximum 44.819
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in France received 18,000 tonnes, in
Denmark 15,000, in West Germany 12,250, in the Netherlands
12,000 and in Belgium 3,250 tonnes, it added.
    Earlier today, London traders had expected the subsidy for
the current season whites campaign for licences to end-Aug to
be between 44.10 and 44.50 Ecus per 100 kilos.
    Traders had also forecast today's total authorised sugar
tonnage export awards to be between 60,000 and 70,000 tonnes
versus 71,000 last week when the restitution was 43.248 Ecus.
    Cumulative export authorisations for the current 1986/87
season now stand at 1,915,270 tonnes (40 weeks).
 REUTER
3;
bodyend
documentend
documentstart
6488
topicstart
acq
topicend
bodystart
2;

ANACOMP 
<
AAC> ACQUIRES DATAGRAPHIX


    INDIANAPOLIS, IND., March 18 - 
Anacomp Inc said it acquired
the common stock of DatagraphiX Inc from General Dynamics Corp

<
GD> for about 128 mln dlrs.
    It said the purchase will be financed with a combination of
a new bank credit agreement and through private placement of
senior subordinated notes and convertible preferred stock.
    DatagraphiX, which had 1986 sales of 240.7 mln dlrs,
manufactures a line of computer output to microfilm hardware
and supplie.
    Anacomp's sales for the year ended Sept 30, 1986 were 108.8
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6489
topicstart
topicend
bodystart
2;

CHRISTIANIA BANK ISSUES EUROYEN BOND


    LONDON, March 18 - 
Christiania Bank og Kreditkasse is
issuing a 15 billion yen eurobond due March 31, 1992 paying
7-1/2 pct and priced at 101-3/4 pct, lead manager Yamaichi
International (Europe) Ltd said.
    The bond is available in denominations of 10 mln yen and
will be listed in London. Fees comprise 1-1/4 pct selling
concession and 5/8 pct management and underwriting combined.
   The redemption rate will be calculated according to a
complex formula tied to the spot yen/dlr currency rate,
Yamaichi said.
    Mitsui Trust International Ltd is co-lead.
 REUTER
3;
bodyend
documentend
documentstart
6491
topicstart
earn
topicend
bodystart
2;

WINNEBAGO INDUSTRIES INC 
<
WGO> 2ND QTR NET


    FOREST CITY, IOWA, March 18 -
    
Period ended February 28
    Shr 25 cts vs 25 cts
    Net 6,292,000 vs 6,340,000
    Sales 97.0 mln vs 87.0 mln
    Six mths
    Shr 36 cts vs 28 cts
    Net 9,122,000 vs 7,053,000
    Sales 193.2 mln vs 168.6 mln
    NOTE: 1986 period ended March One
 Reuter
3;
bodyend
documentend
documentstart
6492
topicstart
l-cattle
topicend
bodystart
2;

CATTLE BEING PLACED ON FEED LIGHTER THAN NORMAL


    By Jerry Bieszk, Reuter


    CHICAGO, March 18 - 
Most of the cattle now being placed on
U.S. feedlots weigh less than normal and likely will remain on
feed longer, spreading out marketings and supporting cattle
prices through the summer because of reduced beef supply.
    The prospect of so many cattle remaining on feed for a
longer time blunted the market impact of the high placements
reported in the USDA's latest cattle on feed report, livestock
analysts said.
    After the USDA released its report of cattle on feed in
seven states as of March 1, cattle futures on the Chicago
Mercantile Exchange yesterday rose sharply. The trade had
expected deferred contracts to decline on the USDA report of a
15 pct rise in cattle placements in February from a year ago.
    Although the heavy placements were expected, analysts noted
reports that many cattle put on feed were relatively
lightweight and said feedlot operators would feed the lighter
cattle into the autumn, rather than market them during the
summer as would be the case with the heavier cattle normally
placed on feed.
    Although reports of actual cattle weights are difficult to
obtain, industry sources in the West and Southwest acknowledge
that lighter cattle are being put on feedlots in their areas.
    The increase in lighter-weight cattle entering feedlots,
helps explain the jump in feedlot placements last month from
February, 1986.
    University of Missouri Agricultural Economist Glenn Grimes
said, "The probabilities are high that in order to place that
many cattle on feed they (feedlot operators) had to go to
lighter-weight cattle.
    The only statistics available are from some terminal
markets which represent only a small percentage of the total
cattle marketed. But at those markets, steers averaged 708 lbs
in February compared with 718 lbs last year, Grimes said.
    Even if marketing of the lighter cattle is not delayed,
Grimes said, beef supply likely will be reduced.
    If the average weight is down, and there is no price
weakness to delay marketings, the cattle would be marketed at
lighter weights, which could reduce the beef supply as much as
three pct.
    Bruce Ginn, cattle analyst for The Helming Group (formerly
LBAS), said the lighter cattle are being placed on feed mainly
because of two factors: low grain prices and higher live cattle
prices.
    Many farmers like to feed lighter weight cattle and grain
supplies are large, he noted. Also, the higher live cattle
prices have been encouraging early movement of cattle from
wheat pasture onto feedlots, Ginn said.
    Other analysts also noted that cattle are coming off wheat
pasture sooner than normal because of poor pasture conditions.
    Gary Chapmann, a cash livestock trader for Chapmann and
Graham in Sioux City, Iowa said he believed the general trend
is to lighter weight placements but pasture conditions in his
area benefited from a dry, mild winter.
    To the south, however, he said the weather was wetter and
some cattle are coming off pasture weighing 75 to 100 lbs less
than normal after having gained only 75 lbs all winter.
 Reuter
3;
bodyend
documentend
documentstart
6493
topicstart
cocoa
topicend
bodystart
2;

N.Y. COCOA TRADERS STILL CAUTIOUS ON ICCO


    New York, March 18 - 
New York cocoa traders reacted with
caution to today's developments at the International Cocoa
Organization talks in London, saying there is still time for
negotiations to break down.
    "I would be extremely cautious to go either long or short
at this point," said Jack Ward, president of the cocoa trading
firm Barretto Peat. "If and when a final position comes out (of
the ICCO talks) one will still have time to put on positions.
The risk at the moment is not commensurate with the possible
gain."
    ICCO producer and consumer delegates this morning accepted
the outlines of a compromise proposal on buffer stock rules as
a basis for further negotiation. A smaller group of
representatives is now charged with fleshing out the details.
    "Market sentiment has reflected optimism, I would't put it
any stronger than that," Ward said.
    "It seems to put them slightly closer to an agreement...
but one shouldn't forget how much they have to negotiate," said
another trader of today's developments.
    Many dealers were sidelined coming into the negotiations
and have remained so, traders said.
    "The dealers have got historically small positions in
outright terms," one trader said.
    Speculators have gone net long "but only slightly so," he
added.
    The recent price strength -- gains of about 52 dlrs the
last two days -- has been due in large part to sterling's rally
against the dollar and in the process has attracted a measure
of origin selling, traders said.
 Reuter
3;
bodyend
documentend
documentstart
6494
topicstart
gnp
topicend
bodystart
2;

REAGAN UPBEAT ABOUT LATEST GNP FIGURES


    WASHINGTON, March 18 - 
President Reagan said the 1.1 pct
U.S. economic growth rate during the final quarter of 1986
"wasn't all that bad."
    The Commerce Department said the rate of growth of the
Gross National Product in the October-December period was only
slightly less than a preliminary estimate of 1.3 pct made
earlier.
    At the same time, it said inflation, as measured by the GNP
price deflator, rose by 0.7 pct during the period.
    Asked his reaction to the GNP report during a White House
photo session, Reagan replied, "It wasn't all that bad."
 Reuter
3;
bodyend
documentend
documentstart
6495
topicstart
earn
topicend
bodystart
2;

PENWEST LTD 
<
PENW> 2ND QTR ENDS FEB 28 NET


    BELLEVUE, Wash., March 18 -
    
Shr 85 cts vs 24 cts
    Net 2,381,000 vs 754,000
    Revs 35.3 mln vs 32.6 mln
    Avg shrs 2,777,620 vs 3,161,603
    Six mths
    Shr 1.35 dlrs vs 44 cts
    Net 3,756,000 vs 1,388,000
    Revs 65.8 mln vs 64.3 mln
    Avg shrs 2,777,620 vs 3,161,603

 Reuter
3;
bodyend
documentend
documentstart
6496
topicstart
earn
topicend
bodystart
2;

SIERRA SPRING WATER CO 
<
WTR> 4TH QTR LOSS


    SACRAMENTO, Calif., March 18 -
    
Shr loss 10 cts vs profit six cts
    Net loss 986,000 vs profit 576,000
    Rev 9.6 mln vs 9.1 mln
    Year
    Shr loss seven cts vs profit 27 cts
    Net loss 714,000 vs profit 2,299,000
    Rev 42.8 mln vs 34.6 mln
 Reuter
3;
bodyend
documentend
documentstart
6497
topicstart
acq
topicend
bodystart
2;

GELCO 
<
GEL> TO SELL CANADIAN COURIER UNIT


    MINNEAPOLIS, March 18 - 
Gelco Corp said it signed a letter
of intent to sell its Canadian courier unit, Gelco Express Ltd,
to Air Canada for about 54 mln dlrs (U.S.).
    It said consummation of the transaction depends on
execution of a definitive agreement, which is expected in May.
    As part of its restructuring plan, Gelco had announced that
it would sell four business units. Gelco Express Ltd was one of
the companies scheduled for divestiture.
 Reuter
3;
bodyend
documentend
documentstart
6498
topicstart
acq
topicend
bodystart
2;

SYNTHETECH 
<
NZYM> ENDS SOUTHWEST PHOTO TALKS


    BOULDER, COLO., March 18 - 
Synthetech Inc said it
discontinued negotiations on acquiring Southwest Photo chem Inc
of Pomona, Calif.
    The company cited "irreconcilable differences" in the
financial structure of the deal.
    It said Southwest Photo proposed a significant change in
terms outlined in the letter of intent signed last month.
 Reuter
3;
bodyend
documentend
documentstart
6499
topicstart
acq
topicend
bodystart
2;

RANCO 
<
RNI> HOLDERS APPROVE MERGER


    DUBLIN, Ohio, March 18 - 
Ranco Inc said shareholders at a
special meeting approved a merger into 
<
Siebe PLC> for 40 dlrs
per share.
 Reuter
3;
bodyend
documentend
documentstart
6500
topicstart
earn
topicend
bodystart
2;

AMERICAN PHYSICIANS SERVICE 
<
AMPH> 4TH NET


    AUSTIN, Texas, March 18 -
    
Shr profit five cts vs profit two cts
    Net profit 268,000 vs profit 134,000
    Revs 6,951,000 vs 5,938,000
    12 mths
    Shr profit 14 cts vs loss 11 cts
    Net profit 801,000 vs loss 623,000
    Revs 24.6 mln vs 24.3 mln
    NOTE: full name of company is american physicians service
group inc.
 Reuter
3;
bodyend
documentend
documentstart
6502
topicstart
acq
topicend
bodystart
2;

AIR CANADA TO COMMENT ON GELCO
<
GEC> UNIT REPORT


    TORONTO, March 18 - 
State-owned Air Canada said it will
make a statement at 1100 EST concerning a published report that
the airline has agreed to acquire Gelco Corp's Canadian unit,
Gelco Express Ltd, an Air Canada spokesman said.
    The spokesman declined to comment on the Toronto Globe and
Mail report when queried.
    The sale of Gelco Express, Canada's second largest courier
service, is part of the parent company's strategy to repay 350
mln U.S. dlrs of debt by the end of 1987, the report said,
quoting a Gelco spokesman. The report did not disclose a price
for the sale of Gelco's Canadian unit.
 Reuter
3;
bodyend
documentend
documentstart
6503
topicstart
earn
topicend
bodystart
2;

PHILIP CROSBY 
<
PCRO> SEES LOWER 4TH QTR RESULTS


    WINTER PARK, Fla., March 18 - 
Philip Crosby Associates Inc
said it expects its audited results for 1986's fourth quarter
to be lower than its previously estimated 10 to 15 cts per
share.
    Philip Crosby Jr, executive vice president, said normal
accounting adjustments, as well as a review of the company's
international operations due to a previously reported alleged
embezzlement, resulted in the lower results.
    Philip Crosby reported fourth quarter 1985 results of 1.3
mln dlrs, or 37 cts a share prior to an August 15 two-for-one
stock split.
    Crosby said, however, he expects the company to report
higher first quarter 1987 revenues than the 1986 first quarter
revenues of 11.8 mln dlrs.
    Crosby said that tuition levels from the management
consulting service company's courses this month are at the
highest level in the company's history.
 Reuter
3;
bodyend
documentend
documentstart
6504
topicstart
earn
topicend
bodystart
2;

GENZYME CORP 
<
GENZ> 4TH QTR NET


    BOSTON, March 18 -
    
Shr profit three cts vs loss 44 cts
    Net profit 247,000 vs loss 2,410,000
    Revs 3,845,000 vs 3,264,000
    Avg shrs 8,743,000 vs 5,507,000
    Year
    Shr profit one ct vs loss 53 cts
    Net profit 41,300 vs loss 2,840,000
    Revs 13.0 vs 9,767,000
    Avg shrs 7,497,000 vs 5,384,000
    NOTE: 1985 4th qtr and year net includes two mln dlr loss
for litigation settlement and 589,000 dlrs for write-off of
goodwill.
 Reuter
3;
bodyend
documentend
documentstart
6505
topicstart
earn
topicend
bodystart
2;

INFORMATION SOLUTIONS INC 
<
ISOL> 1ST QTR JAN 31


    DENVER, March 18 -
    
Shr two cts vs six cts
    Net 43,295 vs 147,724
    Revs 3,787,507 vs 4,000,019
 Reuter
3;
bodyend
documentend
documentstart
6506
topicstart
earn
topicend
bodystart
2;

FAIRCHILD INDUSTRIES 
<
FEN> SETS REGULAR PAYOUT


    CHANTILLY, Va., March 18 -
    
Qtrly div five cts vs five cts
    Pay Apirl 10
    Record March 30
    
 Reuter
3;
bodyend
documentend
documentstart
6507
topicstart
earn
topicend
bodystart
2;

ALFA LAVAL AB 
<
ALFS.ST> 1986 YEAR


    STOCKHOLM, March 18 -
    
Group profit after financial income and expenses 731 mln
    Crowns vs 651 mln
    Sales 10.15 billion crowns vs 10.05 billion
    Profit per share after full taxes - 31.80 crowns vs 30
    Crowns
    Proposed dividend - 11 crowns vs 10 crowns.
 Reuter
3;
bodyend
documentend
documentstart
6509
topicstart
earn
topicend
bodystart
2;

SPECTRUM CONTROL INC 
<
SPEC> SETS QUARTERLY


    ERIE, Pa., March 18 -
    
Qtly div 1-3/4 cts vs 1-3/4 cts prior
    Pay April 15
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
6511
topicstart
acq
topicend
bodystart
2;

ICELAND TO PRIVATISE STATE BANK UTVEGSBANKI


    REYKJAVIK, March 18 - 
The Icelandic government said it will
privatise the state-owned bank Utvegsbanki, the country's
second largest. Parliament also granted an 800 mln crown cash
infusion to ease cash flow problems that arose when the bank
lost 600 mln crowns in a shipping firm bankruptcy two years
ago.
    Utvegsbanki director Halldor Gudbjarnarson told Reuters the
decision to privatise the bank was a relief and that foreign
banks had already expressed interest in taking a share.
    A quarter of the one billion crown total share capital will
be available to foreign investors, government officials said.
 REUTER
3;
bodyend
documentend
documentstart
6514
topicstart
earn
topicend
bodystart
2;

GENOVESE DRUG STORES INC 
<
SPEC> SETS QUARTERLY


    MELVILLE, N.Y., March 18 -
    
Qtly div five cts vs five cts prior
    Pay April 20
    Record April 13 
 Reuter
3;
bodyend
documentend
documentstart
6515
topicstart
silver
topicend
bodystart
2;

STUDY SHOWS ONLY LIMITED OPTIMISM FOR SILVER


    ZURICH, March 18 - 
Silver looks "unlikely to break out of
gold and platinum's shadow" in the near future, although this
year is likely to see demand increasing at a faster rate than
supply, a study by Credit Suisse said.
    The study predicted demand rising by 300 tonnes to 13,200
tonnes this year, against a 50 tonne increase in supply to
14,050 tonnes. This should cut the global oversupply to 850
tonnes from last year's provisional 1,100 tonnes.
    The study noted that the effects of last year's lower
prices were having a dampening effect on total supply, which
was now back down to around levels of a decade ago.
    However, the study said that primary production, likely to
reach 10,000 tonnes this year against a provisional 9,950 in
1986, is relatively insensitive to price falls.
    Around a third of silver production comes from heavily
indebted Mexico and Peru.
    Price-sensitivity is also reduced by the fact that the
majority of silver is a by-product of other mining activity.
 Reuter
3;
bodyend
documentend
documentstart
6516
topicstart
topicend
bodystart
2;

DUFF/PHELPS LOWERS DUQUESNE LIGHT 
<
DQU> DEBT


    CHICAGO, March 18 - 
Duff and Phelps said it lowered the
ratings on Duquesne Light Company fixed income securities,
affecting approximately 1.8 billion dlrs in debt.
    Duquesne first mortgage bonds and debentures were lowered
to DP-9 (middle BBB) from DP-8 (high BBB), preferred stock
rating to DP-10 (low BBB) from DP-9 and preference stock to
DP-11 (high BB) from DP-10.
    The change resulted from a denial by the Pennsylvania
Public Utility Commission for a rate increase and an order by
the commission to reduce rates by 18.6 mln dlrs annually.
 Reuter
3;
bodyend
documentend
documentstart
6520
topicstart
earn
topicend
bodystart
2;

ANIMED INC 
<
VETS> 1ST QTR JAN 31 LOSS


    ROSLYN, N.Y., March 18 -
    
Shr loss six cts vs profit three cts
    Net loss 368,188 vs profit 149,334
    Revs 3,9i3,523 vs 4,129,240
 Reuter
3;
bodyend
documentend
documentstart
6521
topicstart
earn
topicend
bodystart
2;

ANIMED 
<
VETS> EXPECTS TO TURN PROFITABLE


    ROSLYN, N.Y., March 18 - 
ANIMED Inc said it expects to
return to profitability during the current year.
    Today it reported a loss for the first quarter ended in
January of 368,188 dlrs compared with a 149,334 dlr profit a
year before.
 Reuter
3;
bodyend
documentend
documentstart
6522
topicstart
earn
topicend
bodystart
2;

CROWN AUTO INC 
<
CRNI> 4TH QTR DEC 27 LOSS


    MINNEAPOLIS, March 18 -
    
Shr loss 14 cts vs loss 31 cts
    Net loss 144,522 vs loss 334,890
    Revs 10,019,828 vs 9,021,835
    Year
    Shr loss 16 cts vs profit 10 cts
    Net loss 170,177 vs profit 105,090
    Revs 36.8 mln vs 36.1 mln
    Avg shrs 1,068,850 vs 1,074,624
    NOTE: 1985 period ended December 28
    1985 earnings include loss in each period from discontinued
operations of 184,777 dlrs
 Reuter
3;
bodyend
documentend
documentstart
6523
topicstart
earn
topicend
bodystart
2;

UNION VALLEY CORP 
<
UVC> 4TH QTR NET


    WHITING, N.J., March 18 -
    
Shr 20 cts vs 34 cts
    Net 797,000 vs 1,137,000
    Rev 22.2 mln vs 18.2 mln
    Avg shares 3,966,667 vs 3,366,667
    Year
    Shr 73 cts vs one dlr
    Net 2,625,000 vs 3,371,000
    Rev 69.6 mln vs 62.9 mln
    Avg shares 3,583,653 vs 3,366,667
    NOTE: 1986 includes extraordinary gain of 281,000 dlrs, or
eight cts a share.
 Reuter
3;
bodyend
documentend
documentstart
6524
topicstart
earn
topicend
bodystart
2;

GENERAL DEVICES INC 
<
GDIC> YEAR NET


    NORRISTOWN, Pa., March 18 -
    
Shr profit 48 cts vs loss 21 cts
    Net profit 1,308,503 vs loss 561,384
    Revs 56.0 mln vs 66.1 mln
    NOTE: 1986 net includes pretax gain 2,429,563 dlrs from
sale of Worldwide Computer Services Inc subsidiary and 352,000
dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
6525
topicstart
earn
topicend
bodystart
2;

DEUTSCHE BABCOCK TO INCREASE DIVIDEND IN 1986/87


    OBERHAUSEN, West Germany, March 18 - 
Deutsche Babcock AG

<
DBCG.F> will increase its dividend on results in the year
ending September 30, 1987, chief executive Helmut Wiehn said.
    Wiehn told a news conference Deutsche Babcock would double
the absolute amount it distributes to shareholders. This
overall increase would also be due partly to an increase of
nominal share capital by 100 mln marks to 350 mln marks.
    A higher dividend had been anticipated because Deutsche
Babcock has said in the past that it will only raise capital
when it can make a lasting improvement in the dividend.
 Reuter
3;
bodyend
documentend
documentstart
6526
topicstart
topicend
bodystart
2;

FINANCE FOR DANISH INDUSTRY HAS DANISH CROWN BOND


    LONDON, March 18 - 
Finance for Danish Industry is issuing a
300 mln Danish crown eurobond due April 23, 1992, paying 11-3/8
pct and priced at 100-1/4 pct, lead manager Privatbanken Ltd
said.
    The bond will be listed in Luxembourg. Pay date is April
24.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
6527
topicstart
acq
topicend
bodystart
2;

EXOVIR 
<
XOVR> SELLS STOCK FOR 2.8 MLN DLRS


    GREAT NECK, N.Y., March 18 - 
Exovir Inc said it sold to an
investor group led by Mark Hammer 200,000 shares of company
common stock and warrants to purchase an additional 200,000
shares.
    Exovir said the transaction increases the group's stake
from 12.9 pct to 18.5 pct.
    The net proceeds to the company total 2.8 mln dlrs, the
company said. The warrants are exerciseable over the next three
years at 19.50 dlrs per share of common stock, according to
Exovir.
 Reuter
3;
bodyend
documentend
documentstart
6528
topicstart
earn
topicend
bodystart
2;

BRAD RAGAN INC 
<
BRD> SETS QUARTERLY


    CHARLOTTE, N.C., MArch 18 -
    
Qtly div three cts vs three cts prior
    Pay May 4
    Record April 3
 Reuter
3;
bodyend
documentend
documentstart
6529
topicstart
earn
topicend
bodystart
2;

<
BASTIAN INDUSTRIES INC> 2ND QTR JAN 31 LOSS


    NEW YORK, March 18 -
    
Net loss 1,321,000 vs loss 1,397,000
    Sales 31.1 mln vs 29.2 mln
    1st half
    Net loss 94,000 vs loss 1,745,000
    Sales 63.0 mln vs 61.9 mln
    NOTE: Company recently went private.
    Latest quarter net includes 24,000 dlr tax credit.
    Current half net includes gain 2,041,000 dlrs pretax from
termination of pension plan.
 Reuter
3;
bodyend
documentend
documentstart
6531
topicstart
interest
money-fx
topicend
bodystart
2;

U.K. BASE RATES WILL FALL AGAIN SOON, SAY ANALYSTS


    By Geert Linnebank, Reuters


    LONDON, March 18 - 
Today's modest half-point cut in U.K.
Bank base lending rates to 10 pct signals the Bank of England's
determination to maintain a cautious monetary stance, but
financial markets appear set to force its hand, analysts said.
    They said a further half-point cut in base rates to 9-1/2
pct was bound to occur within the next week and rates may shed
a further half point soon if markets remain buoyant.
    Earlier, markets were bracing for a one-point cut in rates
after yesterday's budget set a sharp three billion stg
reduction in 1987 government borrowing targets to four billion
stg.
    Sterling money market rates moved lower again, with the key
three-month interbank rate down to 9-5/8 1/2 pct at the start
of business from 9-11/16 9/16 yesterday, and sterling rallied
to four-year highs against the dollar in very active trading.
    Government bond prices also surged on the budget, with
gains in excess of one point pushing yields on long-term paper
below nine pct for the first time in nearly a year.
    But today's smaller than expected rate cut appeared to have
placated markets for now, analysts said. Money market rates
recovered up to 1/4 point from earlier lows while both sterling
and gilts came off highs as trading ground to a near halt.
    Analysts said the slowdown was likely to be temporary, and
the reappraisal of sterling assets by international investors
was set to resume as early as tomorrow, leading to higher gilt
prices, exchange rate advances and lower money market rates.
    "Today's cut was slightly disappointing," said Bill Martin,
chief U.K. Economist at stockbrokers Phillips and Drew. "The
Bank of England is taking a very cautious line ... To temper
the markets' first rush of blood to the head after the budget."
    Analysts said the bank's move today to lend two-week cash
to U.K. Discount houses at a lower 10 pct suggested it hoped to
maintain the new rates for about that period of time.
    The analysts agreed success would depend largely on how
sterling performs in the near term.
    Sharp rises in the pound's value could be checked initially
through Bank of England intervention but eventually the gains
would force the bank to cut interest rates rates again.
    "The market seems to have accepted the modest cut for the
time being," said Midland Bank treasury economist David
Simmonds. "But I am sceptical that the bank will be able to hold
up rates for long."
    Simmonds said he saw sterling rising another two U.S. Cents
this week from around 1.60 dlrs, forcing a rate cut by Friday.
    Robin Marshall, chief economist at Chase Manhattan
Securities, said "There is another half point to come in the
near term, this week or next week at the latest...We see a
whole point off base rates in the next two or three weeks."
    Analysts stressed that apart from prestige, Britain had
very little to gain from a sharp rise in sterling's exchange
rate.
    Martin, of Phillips and Drew, said the dampening effect of
a sterling rise on consumer price inflation would not
materialise for at least nine months while its hampering impact
on manufactured exports would show almost immediately.
    Analysts said the budget, featuring income tax cuts as well
as cautious plans for public finances, had improved the chances
of re-election for the Conservative government and probably
advanced the election date. One must be held before June, 1988.
Combined with overall good prospects for the U.K. Economy, this
was likely to fuel a foreign rush on sterling-denominated
assets, pushing the pound's value well above unofficial
targets.
    With mark-denominated investments largely out of favour
because of low yields and a dull economic outlook, Chase's
Marshall said "Sterling is simply the best game in town,
especially after the budget, and demand will remain strong."
 REUTER
3;
bodyend
documentend
documentstart
6532
topicstart
earn
topicend
bodystart
2;

COMMERCIAL NATIONAL CORP 
<
CNCL> CUTS QUARTERLY


    SHREVEPORT, La., March 18 - 
Commercial National Corp said
it cut its quarterly dividend to 15 cts per share from 25 cts
due to current expectations for 1987 earnings.
    The company said the dividend is payable April 10 to
holders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
6533
topicstart
earn
topicend
bodystart
2;

TIMBERLAND INDUSTRIES INC 
<
TIMB> 4TH QTR NET


    BELLEVUE, Wash., March 18 -
    
Shr 14 cts vs 22 cts
    Net 188,000 vs 307,000
    Sales 14.6 mln vs 12.1 mln
    Year
    Shr 44 cts vs 63 cts
    Net 600,000 vs 852,000
    Sales 51.0 mln vs 45.7 mln
 Reuter
3;
bodyend
documentend
documentstart
6534
topicstart
earn
topicend
bodystart
2;

<
MUNICIPAL FINANCIAL CORP> 1ST QTR JAN 31 NET


    BARRIE, Ontario, March 18 -
    
Shr 34 cts vs 22 cts
    Net 1,280,185 vs 875,692
    Revs 19.0 mln vs 15.8 mln
    Assets 585.6 mln vs 469.1 mln
 Reuter
3;
bodyend
documentend
documentstart
6535
topicstart
trade
cotton
iron-steel
naphtha
veg-oil
palm-oil
topicend
bodystart
2;

PAKISTAN-SWEDISH GOODS EXCHANGE AGREED


    ISLAMABAD, March 18 - 
Pakistan and Sweden have signed a
commodity exchange agreement for 88 mln dlrs each way, the
Pakistan government announced.
    Pakistan's exports under the agreement will include raw
cotton, cotton products, cotton textiles, steel products,
molasses, naphtha and fresh and dried fruits.
    Swedish exports to Pakistan will include medical and
laboratory equipment, electrical telecommunication equipment,
diesel engine spares, mining and security equipment,
road-building and construction machinery, fertilisers and palm
oil.
 Reuter
3;
bodyend
documentend
documentstart
6537
topicstart
acq
topicend
bodystart
2;

PEAT MARWICK AND NOLAN NORTON TO MERGE


    NEW YORK, March 18 - 
<
Peat Marwick>, an accounting and
management consulting firm, and 
<
Nolan, Norton and Co>, an
information and technology planning concern, said they have
merged.
    The companies said with the merger Nolan now will be known
as Nolan, Norton and Co-partners, the information technology
arm of Peat Marwick.
    Also as part of the merger, Nolan's 21 principals have
become Peat Marwick partners, the companies said.
 Reuter
3;
bodyend
documentend
documentstart
6538
topicstart
acq
topicend
bodystart
2;

TRUS JOIST 
<
TJCO> TO ACQUIRE CANADIAN FIRM


    BOISE, Idaho, March 18 - 
Trus Joist Corp said it agreed to
purchase Dashwood Industries Ltd, a Canadian wood window and
patio door manufacturer, for an undisclosed amount of cash.
    Trus Joist said it expects to close the transaction before
June 30.
 Reuter
3;
bodyend
documentend
documentstart
6539
topicstart
earn
topicend
bodystart
2;

KINDER-CARE 
<
KNDR> SEES HIGHER EARNINGS IN 1987


    MONTGOMERY, Ala., March 18 - 
Kinder-Care Inc projected its
1987 earnings to be 44 mln dlrs.
    Richard Grassgreen, president of the company, said earnings
per share are expected to be between 97 cts and one dlr in
comparison to 75 cts earnings per share for the fiscal year
ended August 29, 1986, and 80 cts for the trailing 12 months
ended November 1986.
    Greengrass said this represents an earnings per share
increase of approximately 25 to 30 pct.
    The company said it changed its fiscal year end from August
31 to December 31.
 Reuter
3;
bodyend
documentend
documentstart
6540
topicstart
earn
topicend
bodystart
2;

ROBBINS AND MYERS INC 
<
ROBN> 2ND QTR FEB 28 NET


    DAYTON, Ohio, March 18 -
    
Shr profit 11 cts vs loss 1.45 dlrs
    Net profit 267,000 vs loss 3,458,000
    Sales 23.6 mln vs 23.0 mln
    First half
    Shr loss 27 cts vs loss 1.91 dlrs
    Net loss 633,000 vs loss 4,548,000
    Sales 46.2 mln vs 49.7 mln
    Avg shrs 2,382,000 vs 2,381,000
    Backlog 26.1 mln vs 36.0 mln
 Reuter
3;
bodyend
documentend
documentstart
6541
topicstart
ship
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - JAPAN SHIPBUILDERS RECOVERY


    By Fumiko Fujisaki, Reuters


    TOKYO, March 18 - 
Japan's ailing shipbuilding industry
plans to refloat itself in a few years from the twin rocks of
recession and a strong yen through capacity and workforce cuts
and greater use of computers, industry sources told Reuters.
    The salvage measures, which include a government-sponsored
rationalisation program, are aimed at clawing back some of the
market which Japan, the world leader, has lost to South Korea
through currency and labour cost disadvantages, they said.
    The sources said South Korea's yards are now some 35 pct
more competitive than Japan's due to such factors.
    The government plans to help the industry shed 20 pct of
current capacity within two years through mergers and
regrouping under legislation put before Parliament this month
and likely to be approved by May or June, the sources said.
    They said from September a semi-government body will assure
repayment of about 50 billion yen in liabilities incurred
through job losses and the sale of excess capacity, and another
30 billion for buying unneeded land and equipment.
    Last Friday, the Shipbuilders Association of Japan applied
to the Fair Trade Commission to form a cartel to slash tonnage
built to about half of total capacity for a year from April 1.
    The commission has held several hearings with the industry
and approval should be given this month, the sources said.
    A clampdown on output over one or two years combined with a
planned cost-cutting and streamlining program and state support
should help Japanese yards recover their international
competitiveness, they said.
    Under the cartel proposals, 33 yards each capable of
building ships of more than 10,000 gross tonnes would build a
maximum of three mln compensated gross registered tonnes (CGRT)
in 1987/88. This is about half of total capacity.
    This will ease the cut-throat competition which forced most
yards to sign orders below cost, the sources said.
    The industry is likely to seek to renew the cartel for
1988/89 as the Transport Ministry sees new orders falling to
3.1 mln CGRT in 1988/89 from 3.3 mln in 1987/88, they said.
    The rationalisation program includes a cut of 20,000 to
30,000 of the estimated 100,000 workers in the industry between
1986 and 1989.
    Japanese yards topped world order books at end-December,
followed by South Korea and Taiwan, according to Lloyd's
Register of Shipping.
    However, falling orders and declining international
competitiveness due to the strong yen led to heavy losses in
the industry, the sources said.
    Four of Japan's six major heavy machinery and shipbuilding
companies reported current deficits in the first half of the
year to March 31 and five of them are expected to report
current deficits for the whole of 1986/7, they said.
    The shipbuilding companies' streamlining program will raise
productivity to compete with South Korean yards which have also
been hard hit by declining orders and low ship prices in recnt
years, the sources said.
    In Japan, no single yard leads the industry, resulting in
fierce competition and slow progress in reducing capacity. The
two largest firms -- Mitsubishi Heavy Industries Ltd 
<
MITH.T>
and Ishikawajima-Harima Heavy Industries Co Ltd 
<
JIMA.T> --
account for only 30 pct of ships built, the sources said.
    "World shipowners hope Japanese yards can manage to ride out
the recession as their technology is the best in the world,"
said an official at a major Japanese shipping company.
    The Japanese merchant fleet, the largest after Liberia's,
has no intention of shifting to other countries to buy ships,
and this will encourage Japanese yards, the sources said.
 REUTER
3;
bodyend
documentend
documentstart
6542
topicstart
earn
topicend
bodystart
2;
******
CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
6543
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO ADD RESERVES IN MONEY MARKET


    NEW YORK, March 18 - 
The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves indirectly via 1.5 billion dlrs or more of customer
repurchase agreements, economists said.
    They said the below-six pct Federal funds rate suggests the
Fed does not have a large reserve adding need. However, some
dealers reportedly backed out of the three-day System
repurchase agreements set on Monday, leaving the Fed with a
somewhat increased need to supply reserves.
    Federal funds, which averaged 6.05 pct yesterday, opened at
5-15/16 pct and remained there in early trading.
 Reuter
3;
bodyend
documentend
documentstart
6545
topicstart
topicend
bodystart
2;

MUNICIPALITY OF TORONTO ISSUES CANADIAN DLR BOND


    LONDON, March 18 - 
The Municipality of Metropolitan Toronto
is issuing a 75 mln Canadian dlr eurobond due May 7, 1997
paying 8-3/4 pct and priced at 101-1/8 pct, lead manager Wood
Gundy Inc said.
    The bond will be listed in Luxembourg and is available in
denominations of 1,000 dlrs.
    Fees comprise 1-1/4 pct selling concession and 3/8 pct each
for management and underwriting. Pay date is May 7.
 REUTER
3;
bodyend
documentend
documentstart
6546
topicstart
alum
topicend
bodystart
2;

SURALCO BAUXITE REFINERY REOPENED


    ROTTERDAM, March 18 - 
The 1.4 mln tonnes capacity bauxite
refinery at Paranam in Surinam, which closed at the end of
January after being sabotaged by anti-government rebels, has
now reopened, a spokesman for Dutch metals company Billiton
said.
    The refinery is run by Suralco, jointly owned by the U.S.
Company Alcoa and the Dutch company Billiton, which is a
wholly-owned subsidiary of Royal Dutch Shell.
    Production of alumina at the refinery is currently running
at around 3,000 tonnes a day and is expected to get back to
full capacity of 4,000 tonnes within a week, the Billiton
spokesman added.
    The refinery was forced to close at the end of January when
rebels cut the main power line.
    Earlier, the refinery had had to import some supplies of
bauxite, as rebel activity shut off supplies from Alcoa's mine
at Moengo in the east of the country.
    Billiton's mine at Onverdacht, between Paranam and the
capital Paramaribo, is still working but Moengo remains closed
and the refinery is continuing to import some bauxite, the
Billiton spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
6547
topicstart
earn
topicend
bodystart
2;

CONT'L ILLINOIS
<
CIL> SAYS MORATORIUM MAY CUT NET


    CHICAGO, March 18 - 
Continental Illinois Corp said if the
Brazilian debt moratorium remains in effect, it may place its
medium and long term loans to Brazil on a cash basis.
    This would increase non-performing loans by about 380 mln
dlrs and reduce income before taxes and net income by about 10
mln dlrs in the 1987 first quarter and 35 mln dlrs for the full
year, company officials told a press briefing.
    Loans to Brazil at 1986 year end totaled 474 mln dlrs,
according to the annual report released at the briefing.
    In February 1987, the Brazilian government, citing a
declining level of foreign currency reserves, declared a
moratorium on the payment of interest on the country's medium
and long term debt obligations.
    Continental said it may take similar action on its loans to
Ecuador, which total 25 mln dlrs. This would reduce 1987
pre-tax and after-tax net by 800,000 dlrs in the first quarter,
and by two mln dlrs for the full year, the bank-holding
company's officers said.
 Reuter
3;
bodyend
documentend
documentstart
6548
topicstart
topicend
bodystart
2;

QUEENSLAND GOVERNMENT DEVELOPMENT HAS CP PROGRAM


    LONDON, March 18 - 
The Queensland Government Development
Authority is launching a 300 mln U.S. Dlr euro-commercial paper
program, Morgan Guaranty Ltd said as one of the dealers.
    The other dealer is Swiss Bank Corp International Ltd and
issuing and paying agent is Morgan Guaranty Trust Co of New
York's London office.
    The program is guaranteed by the Government of Queensland.
Paper will be issued in denominations of 500,000 dlrs and will
have maturities between seven and 365 days.
 REUTER
3;
bodyend
documentend
documentstart
6549
topicstart
earn
topicend
bodystart
2;

CYPRESS SAVINGS ASSOCIATION 
<
CYPSA> 4TH QTR LOSS


    FORT LAUDERDALE, Fla., March 18 -
    
Shr loss 3.26 dlrs vs loss 2.75 dlrs
    Net loss 3,479,744 vs 2,939,619
    Year
    Shr loss 5.58 dlrs vs loss 2.20 dlrs
    Net loss 5,964,454 vs loss 2,341,818
    NOTE: Net includes tax credits of 108,798 dlrs vs 1,445,275
dlrs in quarter and 838,690 dlrs vs 1,124,805 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
6550
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 18 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Norwest Corp - Shelf offering of up to 100 mln dlrs of debt
securities, supplementing another 275 mln dlrs of debt
securities which remain unsold from a previous shelf
registration.
    First Bancorp, Troy, N.C. - Initial offering of 400,000
shares of common stock at an estimated 17-19 dlrs a share
through Interstate Securities Corp.
 Reuter
3;
bodyend
documentend
documentstart
6551
topicstart
earn
topicend
bodystart
2;

ZENITH LABORATORIES INC 
<
ZEN> 4TH QTR LOSS


    RAMSEY, N.J., March 18 -
    
Shr loss 24 cts vs profit 23 cts
    Net loss 5,106,000 vs profit 5,120,000
    Sales 11.4 mln vs 20.4 mln
    Year
    Shr loss 19 cts vs profit 73 cts
    Net loss 4,062,000 vs profit 15.7 mln
    Sales 50.4 mln vs 80.5 mln
    Avg shrs 21.7 mln vs 21.6 mln
    NOTE: 1986 net includes tax credits of 2,742,000 dlrs in
quarter and 5,903,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
6552
topicstart
earn
topicend
bodystart
2;

CERADYNE INC 
<
CRDN> 4TH QTR LOSS


    COSTA MESA, Calif., March 18 -
    
Shr loss 22 cts vs profit 10 cts
    Net loss 1,056,000 vs profit 427,000
    Sales 5,440,000 vs 4,982,000
    Avg shrs 5,229,542 vs 4,435,691
    Year
    Shr profit one ct vs profit 26 cts
    Net profit 29,000 vs profit 993,000
    Sales 19.1 mln vs 16.8 mln
    Avg shrs 4,947,632 vs 3,780,543
 Reuter
3;
bodyend
documentend
documentstart
6554
topicstart
topicend
bodystart
2;

RENAULT TO FORGIVE AMERICAN MOTORS 
<
AMO> DEBT


    DETROIT, March 18 - 
France's 
<
Regie Nationale des Usines
Renault> agreed to forgive 150 mln to 200 mln dlrs of American
Motors Corp debt as part of Chrysler Corp's 
<
C> 1.5 billion dlr
acquisition of American Motors, a Chrysler official said.
    Chrysler investor relations director Everett Scranton said
through a spokesman that the French state-owned car group
agreed to forgive the debt as part of a complex payment for
Renault's 46.1 pct stake in American Motors.
    Other terms of the accord call for Chrysler to give Renault
a 200 mln dlr, eight pct note due in 10 years and 35 mln dlrs
in cash for its American Motors interest.
    Chrysler will also make a further payment to Renault of up
to 350 mln dlrs, depending on Amerian Motors' future
performance, Scranton said.
    American Motors' board will consider the Chrysler bid again
this Friday at a regularly scheduled board meeting.
 Reuter
3;
bodyend
documentend
documentstart
6556
topicstart
acq
topicend
bodystart
2;

CHEMCLEAR INC 
<
CMCL> TERMINATES MERGER TALKS


    WAYNE, Pa., March 18 - 
ChemClear Inc said it terminated
merger talks with Environmental Systems Co 
<
ESC>.
    ChemClear said it was unable to reach agreement with
Environmental, which was considering buying ChemClear.
    ChemClear said it is considering other options, including
other business combinations and financing through commercial
lending and other financial institutions for internal
expansion.
 Reuter
3;
bodyend
documentend
documentstart
6557
topicstart
silver
topicend
bodystart
2;

HANDY AND HARMAN SEES SUFFICIENT SILVER SUPPLIES


    NEW YORK, March 18 - 
World stocks of silver are large
enough to accommodate any changes in the supply-demand equation
this year, with industrial consumption expected to again exceed
mine production, the dealer house Handy and Harman said in its
annual review of the silver market.
    The house estimated that the industry last year withdrew
20,000,000 ounces of silver from stocks to bridge a supply
deficit caused by a consumption rate of 403,000,000 ounces and
production level of 382,000,000 ounces.
    However, world stocks are huge, totaling 2,267,900,000
ounces at the end of 1986, it said.
    The review noted that world industrial consumption has been
on an uptrend since 1980, although offtake is still 14 pct
below the 1978 level of 442,000,000 ounces.
    Handy and Harman said 22,800,000 ounces of silver were used
to produce coins last year, up from 12,700,000 ounces in 1985,
with the demand getting a big boost from the production of U.S.
coins, including the American Eagle.
    It also said that in recent years Communist countries have
increased their silver imports and estimated that China and
East Germany alone took in 70,000,000 ounces of foreign silver
in the last five years.
 Reuter
3;
bodyend
documentend
documentstart
6559
topicstart
earn
topicend
bodystart
2;

VISTA CHEMICAL 
<
VC> SEES YEAR NET HIGHER


    NEW YORK, March 18 - 
Vista Chemical co said it expects
earnings for the year ending September 30 to be up
substantially, but extensive planned downtime at two of its
plants is expected to affect third quarter results.
    It said it is looking at a number of financial options for
increasing shareholder value but did not elaborate.
    The company earned 30.2 mln dlrs or 1.66 dlrs per share
before an extraordinary item in fiscal 1986.
    Vista said sales for the year are expected to be
"comparable" to fiscal 1986's 550.1 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6561
topicstart
pet-chem
topicend
bodystart
2;

ARISTECH 
<
ARS> TO INCREASE PRODUCTION CAPACITY


    PITTSBURGH, March 18 - 
Aristech Chemical Corp said it plans
to increase production capacity for three of its key product
lines: polypropylene, bisphenol-A and phenol.
    Aristech said the polypropylene expansion involves a major
modernization of its Neal, W. Va., polypropylene plant.
    When completed, Aristech said, the project would increase
the plant's annual production to 264 mln pounds from 165 mln
pounds now.
    Aristech said the expansion will increase the company's
total polypropylene, a thermoplastic resin, capacity to 600 mln
pounds annually from 515 mln pounds now.
    Aristech also said it will expand bisphenol-A and phenol
production at its Haverhill, Ohio plant.
    It said the project will raise its bisphenol-A, which is
used to make polycarbonate and epoxy reins, capacity to 192 mln
pounds per year from 165 mln pounds now.
    Aristech added that phenol production will increase to 610
mln pounds per year from 585 mln pounds a year now.
    Phenol is used to make phenolic resins and adhesives for
engineering plastics, the company said.
 Reuter
3;
bodyend
documentend
documentstart
6562
topicstart
acq
topicend
bodystart
2;

CAMCO SIGNS LETTER OF INTENT FOR REED TOOL


    LONDON, March 18 - 
Pearson Plc 
<
PSON.L> said 
<
Camco Inc>,
its 65.4 pct owned U.S. Oil and oil services subsidiary, signed
a letter of intent covering Camco's purchase from Baker
International Corp 
<
BKO.N> of substantially all the business of

<
Reed Tool Co>.
    Reed, a leading manufacturer of drilling bits, had sales
for 1986 of around 76 mln dlrs.
    The transaction is subject to negotiation of a definitive
agreement approved by the Baker and Camco boards and by the
U.S. Department of Justice, with which talks are already taking
place concerning the combination of Baker and Hughes Tool.
    Baker International has proposed a merger with Hughes Tool
which could create a 1.2 billion dlr oilfield services company.
    Pearson shares were down 4p to 567 after the announcement.
 REUTER
3;
bodyend
documentend
documentstart
6568
topicstart
earn
topicend
bodystart
2;

FIRST CONNECTICUT 
<
FCO> SETS QUARTERLY PAYOUT


    BRIDGEPORT, Conn., March 18 -
    
Qtly div 25 cts vs 25 cts prior
    Pay April 24
    Record April Three
    NOTE: First Connecticut Small Business Investment Co.
 Reuter
3;
bodyend
documentend
documentstart
6570
topicstart
topicend
bodystart
2;

TEIKOKU LAUNCHES 40 MLN SWISS FRANC NOTES


    ZURICH, March 18 - 
Teikoku Kako Co Ltd is launching 40 mln
Swiss francs of five-year notes with warrants with a 1-1/2 pct
indicated coupon, lead manager Credit Suisse said.
    Terms will be set on March 24 with payment due April 23.
    The notes are guaranteed by Dai-Ichi Kangyo Bank Ltd.
 REUTER
3;
bodyend
documentend
documentstart
6572
topicstart
earn
topicend
bodystart
2;

STONE AND WEBSTER INC 
<
SW> SETS QUARTERLY


    NEW YORK, March 18 -
    
Qtly div 40 cts vs 40 cts prior
    Pay May 15
    Record April One
   
 Reuter
3;
bodyend
documentend
documentstart
6573
topicstart
earn
topicend
bodystart
2;

CREDO PETROLEUM CORP 
<
CRED> 1ST QTR JAN 31 NET


    DENVER, March 18 -
    
Shr profit one ct vs loss 27 cts
    Net profit 22,000 vs loss 763,000
    Revs 161,000 vs 316,000
    NOTE: Prior year net includes 1,209,000 dlr writedown of
oil properites and 314,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
6575
topicstart
earn
topicend
bodystart
2;

ATT 
<
T> SETS PAYOUT FOR REGULAR DIVIDEND


    NEW YORK, March 18 -
    
Qtrly div 30 cts vs 30 cts prior
    Pay May One
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6576
topicstart
money-fx
topicend
bodystart
2;

GULF ARAB STATES MOVE TOWARDS ECONOMIC INTEGRATION


    ABU DHABI, March 18 - 
Finance and economy ministers of the
six-nation Gulf Cooperation Council (GCC) have ended talks
after adopting resolutions and recommendations aimed at
boosting economic integration.
    But the ministers from Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and the United Arab Emirates (UAE) did not endorse a
resolution on a common currency exchange rate system.
    The UAE's Minister of State for Finance and Industry, Ahmed
Humaid al-Tayer, told reporters after the two-day talks that
the ministers referred the issue back to GCC central bank
governors for further discussion.
    He said the governors, who agreed in January on a proposed
denominator on which the six currencies should be based, were
asked to resubmit the recommendation before July, when finance
ministers were due to meet in Saudi Arabia.
    Bankers said the central bank governors would meet soon to
discuss the issue, adding there was a possibility that a new
system could be submitted for final approval to a GCC summit
conference scheduled to be held in Saudi Arabia late this year.
    The denominator approved by the governors has not been made
public, but banking sources said it could be similar to the
European Monetary System (EMS).
    Tayer said the ministers agreed in principle to allow GCC
citizens to set up businesses and work in any member state.
They also agreed in principle on a recommendation for citizens
to buy and own shares of GCC shareholding firms.
    He said the ministers discussed a report on imported goods
containing radiation caused by last year's Chernobyl nuclear
disaster in the Soviet Union, and agreed all products with
excessive levels should be returned to the country of origin.
 REUTER
3;
bodyend
documentend
documentstart
6577
topicstart
earn
topicend
bodystart
2;

HARTFORD STEAM 
<
HBOL> SETS SPLIT, DIVIDEND HIKE


    HARTFORD, Conn., March 18 - 
Hartford Steam Boiler
Inspection and Insurance Co said its board declared a
two-for-one stock split and raised the quarterly dividend to 25
cts postsplit from 20 cts, both payable April 30 to holders of
record April 10.
 Reuter
3;
bodyend
documentend
documentstart
6578
topicstart
crude
topicend
bodystart
2;

DOE SECRETARY FAVORS HIGHER SPR FILL RATE


    WASHINGTON, March 18 - 
Energy Secretary John Herrington
said he believes the Reagan Administration will review its
decision to cut the fill rate of the Strategic Petroleum
Reserve because of a department report issued yesterday warning
of growing U.S. dependence on oil imports.
    "As part of this study, I think the Administration will
take the fill rate under review," Herrington said at a House
Energy subcommittee hearing.
    The Administration has proposed cutting the fill rate from
75,000 barrels of oil per day to 35,000 bpd in fiscal year 1988
to save money.
    "My personal feeling is that is too low. I favor the
maximum fill rate (of 100,000 bpd)," Herrington said.
 Reuter
3;
bodyend
documentend
documentstart
6580
topicstart
topicend
bodystart
2;

PELL CALLS FOR TRANSPORTATION BONDS


  WASHINGTON, March 18 - 
Rhode Island Democratic Sen. Claiborne
Pell introduced legislation to permit eight states along the
northeast corridor to sell tax-exempt transportation bonds to
improve high speed rail service.
    His legislation, which also rejects President Reagan's call
to sell the Amtrak rail line, would affect the states of
Massachusetts, Rhode Island, Connecticut, New York,
Pennsylvania, New Jersey, Delaware and Maryland.
    His plan is an outgrowth of a study by a coalition of
northeast governors.
 Reuter
3;
bodyend
documentend
documentstart
6581
topicstart
earn
topicend
bodystart
2;

CONT'L ILLINOIS 
<
CIL> SEES IMPACT FROM TAX REFORM


    CHICAGO, March 18 - 
The Tax Reform Act of 1986 will have a
substantial impact on Continental Illinois Corp, the company's
annual report says.
    One provision repeals the reserve method of providing for
bad debts for banks with over 500 mln dlrs in assets and
requires that tax loan loss reserves taken in the past, be
restored to current earnings status, it said.
    As a result, those amounts will be subject to federal
taxes, it said. No amounts were disclosed.
    Continental said it decided to deal with this change "in
its entirety" in 1987.
    Tax reform will also change foreign tax credit limitation
rules, and although the impact will not be material in the
short term, the Act will require, for the first time, that
income from certain foreign subsidiaries be taxable, the report
said.
    The new legislation also reduces existing tax credits by
17.5 pct in 1987 and 35 pct in 1988 and later years, it said.
    Continental's investment tax credits carryforwards of 12.8
mln dlrs at 1986 year end will be reduced to 10.6 mln dlrs in
1987 and, if not used in 1987, to 8.3 mln dlrs in 1988, it
said.
    Another provision of the Act could result in limiting the
use of tax credits if a change in ownership of Continental
takes place, the report said.
    This could happen if the Federal Deposit Insurance Corp
sells enough shares of Continental's common stock over the next
two years to cause a change in ownership, it noted.
    In December, the FDIC sold about one-third of its junior
convertible preference stock in Continental to the public in
the form of common stock.
 Reuter
3;
bodyend
documentend
documentstart
6583
topicstart
earn
topicend
bodystart
2;

OESTERREICHISCHE LAENDERBANK AG [OLBV.VI] 1986


    VIENNA, March 18 -
    
Parent bank net profit 181.5 mln schillings vs 135.1 mln
    Parent bank balance sheet total 197.7 billion vs 182.2
billion
    Parent bank cash flow 877.4 mln vs 715.5 mln
    Dividend 12 pct vs 10 pct on nominal share capital of 1.5
billion vs 1.35 billion.
    Cons banking gp balance sheet total 239.7 billion vs 227.3
billion.
 REUTER
3;
bodyend
documentend
documentstart
6584
topicstart
earn
topicend
bodystart
2;
******
NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
6585
topicstart
grain
corn
veg-oil
topicend
bodystart
2;

EC OILS TAX, CANADA CORN RULING OPPOSED BY PANEL


    WASHINGTON, MARCH 18 - 
The U.S. Senate Finance Committee
approved nonbinding resolutions urging the Reagan
administration oppose Canada's ruling on U.S corn imports and a
proposed new European Community tax on vegetable oils.
    The resolutions, approved by voice vote, now will be sent
to the Senate floor were they are expected to be approved.
    The EC oils measure, offered by Sen. John Danforth, R-Mo.,
urges the administration to take strong retaliatory measures if
the tax is approved by the EC Council of Ministers.
    Sen. David Durenberger, R-Minn., offered the corn amendment
which urges the administration to file a complaint with the
GATT if the U.S. believes the corn decision by Canada was
unjustified. Canada recently imposed a permanent duty of 85
cents per bushel on U.S. corn imports.
 Reuter
3;
bodyend
documentend
documentstart
6586
topicstart
earn
topicend
bodystart
2;

FHLMC 
<
FREPR> 4TH QTR NET


    WASHINGTON, March 18 -
    
net 65 mln vs 57 mln
    year
    shr preferred 14.87 dlrs vs 12.51 dlrs
    shr common 236.77 dlrs vs 197.40 dlrs
    net 247 mln vs 208 mln
    NOTE: Federal Home Loan Mortgage Corp. FHLMC had 14,998,210
preferred shares outstanding in 1986 vs 14,998,379 in 1985,
owned by about 3,000 member institutions of the 12 Federal Home
Loan Banks. FHLMC also has 100,000 shares of common, owned by
the Home Loan Banks.
 Reuter
3;
bodyend
documentend
documentstart
6588
topicstart
grain
corn
ship
topicend
bodystart
2;

U.S. CORN MARKET SKEWED BY SOVIET BUYING


    By Andrew Stern, Reuters


    CHICAGO, March 18 - 
Recent purchases of U.S. corn by the
Soviet Union have skewed the domestic cash market by increasing
the price difference between the premium price paid at the Gulf
export point and interior levels, cash grain dealers said.
    Many dealers expect the USDA will act soon to reduce the
cash price premium at the Gulf versus the interior -- which a
dealer in Davenport, Iowa, said was roughly 20 pct wider than
normal for this time of year at 25 cents a bushel -- by making
it worthwhile for farmers to move grain.
    By lowering ASCS county posted prices for corn, the USDA
could encourage farmers to engage in PIK and roll corn sales,
where PIK certificates are used to redeem corn stored under the
government price support loan program and then marketed.
    If the USDA acts soon, as many dealers expect, the movement
would break the Gulf corn basis.
    "The USDA has been using the Gulf price to determine county
posted prices," one dealer said. "It should be taking the
average of the Gulf price and the price in Kansas City," which
would more closely reflect the lower prices in the interior
Midwest.
    "But we don't know when they might do it," an Ohio dealer
said, which has created uncertainty in the market.
    The USDA started the PIK certificate program in an effort
to free up surplus grain that otherwise would be forfeited to
the government and remain off the market and in storage.
    Yesterday, USDA issued a report showing that only slightly
more than 50 pct of the 3.85 billion dlrs in PIK certificates
it has issued to farmers (in lieu of cash payments) had to date
been exchanged for grain.
    With several billion dlrs worth of additional PIK
certificates scheduled to be issued in the coming months, the
USDA would be well advised to encourage the exchange for grain
by adjusting the ASCS prices, cash grain dealers said.
    A byproduct of the Soviet buying has been a sharp rise in
barge freight costs quoted for carrying grain from the Midwest
to the export terminals, cash dealers said.
    Freight from upper areas of the Mississippi have risen
nearly 50 pct in the past two weeks to over 150 pct of the
original tariff price. The mild winter and early reopening of
the mid-Mississippi river this spring have also encouraged the
firmer trend in barge freight, dealers noted.
    The higher transportation costs have served to depress
interior corn basis levels, squeezing the margins obtained by
the elevators feeding the Gulf export market as well as
discouraging farmer marketings, they said.
    "The Gulf market overreacted to the Soviet buying reports,"
which indicate the USSR has booked over two and perhaps as much
as 4.0 mln tonnes of U.S. corn, one Midwest cash grain trader
said.
    But dealers anticipate that once the rumors subside,
freight rates will settle back down because of the overall
surplus of barges on the Midwest river system.
 Reuter
3;
bodyend
documentend
documentstart
6590
topicstart
earn
topicend
bodystart
2;

HRE PROPERTIES 
<
HRE> CUTS QUARTERLY


    NEW YORK, March 18 - 
HRE Properties said its board cut the
quarterly dividend to 45 cts per share from 57 cts, payable
April 20 to holders of record March 31.
    HRE said the board reduced the dividend due to the
continuing impact of overbuilding in its office building
markets and its inability to replace the income from high
yielding investments that have matured.
    HRE said in the first quarter ended January 31 it earned 38
cts per share, down from 47 cts a year before.
 Reuter
3;
bodyend
documentend
documentstart
6591
topicstart
earn
topicend
bodystart
2;

HORN AND HARDART CO 
<
HOR> 4TH QTR NET


    LAS VEGAS, March 18 -
    
Shr 1.27 dlrs vs two cts
    Net 18.8 mln vs 357,000
    Revs 126.0 mln vs 98.5 mln
    Avg shrs 14.7 mln vs 12.0 mln
    Year
    Shr loss 2.17 dlrs vs loss 65 cts
    Net loss 28.4 mln vs loss 7,225,000
    Revs 405.0 mln vs 356.2 mln
    Avg shrs 13.1 mln vs 12.2 mln
    NOTE: 1986 net both periods includes 15.0 mln dlr gain from
sale of real estate.
    1986 year net includes charge 34.0 mln dlrs from
restructuring of Bojangles' restaurant unit and charge
4,090,000 dlrs from exchange of notes for common stock.
    1985 year net includes charge 6,900,000 dlrs related to
foodservice unit and gain 2,400,000 dlrs from sale of
marketable securities.
 Reuter
3;
bodyend
documentend
documentstart
6592
topicstart
earn
topicend
bodystart
2;

NL INDUSTRIES INC 
<
NL> 4TH QTR DEC 31 LOSS


    NEW YORK, March 18 -
    
Shr loss 28 cts vs profit seven cts
    Net loss 10.7 mln vs profit 5,188,000
    Sales 119.3 mln vs 216.1 mln
    Year
    Shr loss 5.80 dlrs vs profit 30 cts
    Net loss 324.2 mln vs profit 21.5 mln
    Sales 549.3 mln vs 859.1 mln
    NOTE: Share after preferred dividends.
    NOTE: In July 1986, company set a dividend on Series C
preferred, effecting a spin-off of its chemical operations.
They unit has been accounted for as a discontinued operation.
    Fourth quarter and full year 1986 reflect non-recurring
charges from change in control at company. Fourth quarter 1986
also reflects writeoff of 20.7 mln dlrs of goodwill.
    Full year 1986 includes a charge of 224.6 mln dlrs taken in
the second quarter for asset revaluation and restructuring
costs.
    In fourth quarter 1986, reversion of pension plan surplus
assets completed. Fourth quarter and full year 1986 includes
net income of 81.5 mln dlrs or 1.34 dlrs a share.
    Company also gained 2.4 mln dlrs or four cts a share in
fourth quarter 1986, and 15.9 mln dlrs or 26 cts a share in
full year 1986, from adoption of accounting rule SFAS 87.
    In fourth quarter 1986, company also adjusted carrying
value of non-chemicals discontinued operations assets leading
to charge of 15.6 mln dlrs.

 Reuter
3;
bodyend
documentend
documentstart
6593
topicstart
gnp
trade
topicend
bodystart
2;

GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST


    WEST BERLIN, March 18 - 
The DIW economic research institute
said West German economic growth in 1987 is unlikely to reach
the 1.5 pct rate it had forecast earlier this year.
    The institute, whose forecasts are more pessimistic than
those of the other four leading German institutes, said the
economy had passed its peak in the summer of 1986, and its
prospects had dimmed significantly since the autumn.
    The DIW repeated earlier predictions that gross national
product (GNP) in the first quarter of 1987 would contract in
real, seasonally adjusted terms against the weak final quarter
of last year. 
    The DIW said that even if the economy recovers in the
remaining three quarters, it was unlikely that demand and
production would rise strongly enough to bring GNP growth up to
1.5 pct.
    Other institutes and economists have recently revised their
forecasts for German 1987 growth to around two pct.
    In a report DIW disputed arguments by other economists that
the economy was showing mixed development, with domestic demand
healthy but foreign demand weak.
    DIW said the crucial split was between weak demand for
capital goods, and strong demand for buildings and consumer
goods, not between foreign and domestic demand.
    It noted that domestic demand for capital goods had been
hit in recent months by the weakness of exports, which had
caused West German firms to scale back investment plans.
    Service industries, unlike manufacturing industry, were
continuing to do well because they relied on consumer demand,
it said.
    In a separate report the HWWA economic research institute
in Hamburg said West Germany's real trade surplus would fall
markedly this year.
    However, the nominal trade surplus would show little change
from 1986's record 112.2 billion marks because of a further
improvement in the terms of trade on average in 1987 compared
with 1986, it said.
 REUTER
3;
bodyend
documentend
documentstart
6594
topicstart
earn
topicend
bodystart
2;

(CORRECTED) - UNIVERSITY PATENTS INC
<
UPT> 2ND QTR


    WESTPORT, Conn., March 18 - 
Qtr ends Jan 31
    Oper shr loss 24 cts vs loss 19 cts
    Oper loss 1,096,332 vs loss 794,711
    Revs 803,085 vs 442,420
    Six mths
    Oper shr loss 53 cts vs loss 43 cts
    Oper loss 2,375,844 vs loss 1,741,437
    Revs 1,471,257 vs 768,683
    NOTE: Prior year excludes losses from discontinued
operations of 13 cts per share in the quarter and 17 cts per
share in the year. (Corrects March 17 item to show losses
instead of profits. Also corrects quarter loss from
discontinued operations.)
 Reuter
3;
bodyend
documentend
documentstart
6595
topicstart
coffee
topicend
bodystart
2;

N.Y. TRADERS SAY LATIN COFFEE PRODUCERS TO MEET


    NEW YORK, March 18 - 
Several traders and analysts here told
Reuters Latin American coffee producers will meet this weekend
in Managua, Nicaragua. The purpose, they said, is to review the
breakdown of International Coffee Organization quota talks last
month and try to formulate a unified position ahead of possible
future negotiations.
    Two traders, who asked not to be named, said separately
Brazil is expected to attend the meeting along with most or all
of the Central American producers. The Central American
attendees would include Costa Rica and Honduras, who were part
of a minority producer group at the February talks that opposed
Brazil's position, they said.
    Another source, also requesting anonymity, said Colombia
probably will not attend.
 Reuter
3;
bodyend
documentend
documentstart
6596
topicstart
trade
bop
topicend
bodystart
2;

PERU HAS FIRST TRADE DEFICIT IN FOUR YEARS


    LIMA, March 18 - 
Peru registered a 16 mln dlr trade deficit
in 1986, its first trade shortfall in four years, a central
bank statement said.
    The figure compared with a surpluses of 1.17 billion dlrs
in 1985, 1.01 billion in 1984 and 293 mln in 1983. The last
trade deficit was a 428 mln shortfall in 1982.
    Peru's exports fell to 2.51 billion dlrs last year from
2.98 billion in 1985. Last year's imports were 2.53 billion
dlrs against 1.81 billion dlrs in 1985.
 REUTER
3;
bodyend
documentend
documentstart
6597
topicstart
earn
topicend
bodystart
2;

CRAFTMATIC/CONTOUR 
<
CRCC> SEES HIGHER PROFITS


    TREVOSE, Pa, March 18 - 
Craftmatic/Contour Industries Inc
said it would report substantial profits for the first quarter
of fiscal 1987 ending March 31.
    The company recorded net income of 732,000 dlrs, or 22 cts
per share, on revenues of 10.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6598
topicstart
crude
topicend
bodystart
2;

U.S. OIL TAX BREAK PROPOSAL TO BE EXAMINED


    WASHINGTON, March 18 - 
The White House said a proposal for
a tax break for the oil industry would undergo review.
    Spokesman Marlin Fitzwater said President Reagan had no
position on recommendations submitted by Energy Secretary John
Herrington to encourage investment in the hard hit domestic oil
industry.
    But Fitzwater noted that Reagan did have a fundamental
objection to tax rises and special tax breaks.
    He said that even though Herrington's recommendation did
not agree with existing policy, "We'll take a look at it."
    The review will be undertaken by the president's Domestic
Policy Council.
    Herrington's proposal was reported by the Washington Post
to have been made in a letter to Reagan submitting a study that
found the United States would be importing half of its oil by
the 1990s, threatening U.S. national security.
 Reuter
3;
bodyend
documentend
documentstart
6601
topicstart
earn
topicend
bodystart
2;

WESTERN SAVINGS AND LOAN 
<
WSL> 4TH QTR LOSS


    PHOENIX, Ariz., March 18 -
    
Shr loss 48 cts vs profit 77 cts
    Net loss 3,923,000 vs profit 11,551,000
    Year
    Shr profit 1.80 dlrs vs profit 2.32 dlrs
    Net profit 30,171,000 vs profit 36,667,000
    Loans 3.38 billion vs 3.17 billion
    Deposits 3.81 billion vs 3.28 billion
    Assets 5.55 billion vs 4.78 billion
    Note: Full name Western Savings and Loan Association.
 Reuter
3;
bodyend
documentend
documentstart
6603
topicstart
jobs
topicend
bodystart
2;

FRANCE ANNOUNCES PLAN TO BOOST EMPLOYMENT


    PARIS, March 18 - 
The government announced a three billion
franc program to combat long-term unemployment amid speculation
among political and economic analysts that it is positioning
itself for a period of economic reflation.
    The package presented to the cabinet of Prime Minister
Jacques Chirac by Social Affairs and Labour Minister Philippe
Seguin today is to be financed out of a 7.5 billion franc
contingency fund announced on February 25.
    Finance Minister Edouard Balladur previously ruled out a
reflationary program.
    Long-term unemployment, defined as being out of work for
more than one year, affects about 830,000 people or one third
of French unemployed, government figures show.
    The main measures of the employment program give employers
financial incentives to offer short-term work contracts of at
least two years and stress retraining to help the long-term
unemployed return to the labour market.
    Training subsidies and exemptions from social security
contributions are the main incentives for employers.
    "Companies tell us that we have to give them a strong
incentive to take on people who have fallen out of the labour
market and that's why the proposals...Are costly," an aide to
Seguin said.
    The analysts said speculation the government is considering
a reflationary program was sparked by Chirac spokesman Denis
Baudouin, who said yesterday that ministers were generally
agreed on the desirability of relaunching the economy.
    He appeared to contradict statements by Balladur ruling out
economic stimulation despite the government's revision of its
1987 growth forecast to about 2.0 pct from 2.8.
    Finance ministry officials later clarified Baudouin's
remarks, saying there was no question of any move to stimulate
the economy through a boost to consumer spending although
government policy allowed for increased industrial investment
from the proceeds of France's five-year privatisation plan.
    The 1987 budget allowed for 30 billion francs in revenue
from privatisation, to be split between repaying national debt
and providing state enterprises with fresh capital.
    Some political analysts said Baudouin's comments possibly
reflect widening differences within the RPR-UDF coalition on
social issues ahead of next year's presidential elections.
     Divisions began to show last December, when a wave of
strikes led by transport workers paralysed the country and
drove the government into a new mood of conciliation with
labour.
     Officials said that after the success of the privatisation
of Cie de Saint Gobain 
<
SGEP.PA> and Cie Financiere de Paribas

<
PARI.PA> the government had decided to speed up its five-year
privatisation program with the aim of completing a third of it
this year, ahead of the presidential elections expected in
1988.
    The accelerated program could provide additional unbudgeted
revenue to boost industrial and research investment and
spending on infrastructure such as the national motorway
network.
   The government also today revived a proposal, blocked last
year by Socialist president Francois Mitterrand, to encourage
more flexible working hours, which it says will boost jobs by
improving the competitiveness of French industry.
    The proposals allowing night-shift work by women and
variations in the standard 39-hour working week are to be put
to parliament as a self-contained draft bill after being vetoed
for procedural reasons by Mitterrand and later the Council of
State.
 REUTER
3;
bodyend
documentend
documentstart
6604
topicstart
acq
topicend
bodystart
2;

AIR CANADA TO ACQUIRE CALGARY COURIER COMPANY


    MONTREAL, March 18 - 
Air Canada, the state-owned airline,
said it signed a letter of intent to acquire 65 pct of EMS
Corp, a Calgary-based messenger service which operates in
Western Canada and the U.S..
    Gelco Corp (GEL) earlier said Air Canada agreed to buy its
Canadian Gelco Express Ltd unit for 54 mln U.S. dlrs.
    Air Canada said the acquisitions will complement its main
cargo business. It said it expects the courier market to grow
by about 25 to 30 pct a year.
 Reuter
3;
bodyend
documentend
documentstart
6606
topicstart
crude
nat-gas
topicend
bodystart
2;

U.S ENERGY SECRETARY PROPOSES OIL TAX INCENTIVES


    WASHINGTON, March 18 - 
Energy Secretary John Herrington
said he will propose tax incentives to increase domestic oil
and natural gas exploration and production to the Reagan
Administration for consideration.
    "These options boost production, while avoiding the huge
costs associated with proposals like an oil import fee,"
Herrington told a House Energy subcommittee hearing. "It is my
intention to submit these proposals to the domestic policy
council and the cabinet for consideration and review."
    He said proposals, including an increase in the oil
depletion allowance and repeal of the windfall profits tax,
should be revenue neutral and promote domestic production at
the least cost to the economy and the taxpayers.
    "The goal of the Administration policies is to increase
domestic production. I would like to shoot for one mln barrels
a year."
    The proposals were based on a DOE study released yesterday
warning the United States was threatened by a growing
dependence on oil imports.
    "We project free world dependence on Persian Gulf oil at 65
pct by 1995," Herrington said.
    He said it was too soon to say what the Administration
policy on oil tax incentives would be and indicated there would
be opposition to tax changes.
    "Of course, to move forward with these kinds of options
would require reopening tax issues settled last year (in the
tax reform bill) -- an approach which has not, in general, been
favored by the administration. I think what we need is to
debate this within the Administration," he said.
    He said the proposals might raise gasoline prices.
    Herrington did not specifically confirm a report in today's
Washington Post that he had written to President Reagan urging
an increase in the oil depletion allowance.
    Asked about the report by subcommittee members, Herrington
said various proposals were under consideration and would be
debated within the Administration to determine which would have
the most benefits at the least cost.
 Reuter
3;
bodyend
documentend
documentstart
6607
topicstart
earn
topicend
bodystart
2;
******
MAY DEPARTMENT STORES CO RAISES DIVIDEND TO 28-1/2 CTS FROM 26 CTS A SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
6609
topicstart
earn
topicend
bodystart
2;

HUNT MANUFACTURING CO 
<
HUN> 1ST QTR NET


    PHILADELPHIA, March 18 - 
Ended March 1  
    Shr 34 cts vs 27 cts
    Net 2,405,000 vs 1,908,000
    Revs 33.5 mln vs 32.6 mln
    Avg shrs 7,114,000 vs 7,075,000
 Reuter
3;
bodyend
documentend
documentstart
6610
topicstart
topicend
bodystart
2;

WYLE LABS 
<
WYL> TO ISSUE DEBENTURES IN EUROPE


    EL SEGUNDO, Calif., March 18 - 
Wyle Laboratories said it is
issuing in the Euro-Market 25 mln dlrs of 6-1/4 pct convertible
subordinated debentures due March 2002.
    The debentures are convertible into Wyle common stock at a
rate of 19.25 dlrs worth of debentures for each common share,
the company said.
    It said proceeds from the offering will be used for general
corporate purposes, and to repay borrowings under the company's
bank credit line.
    Kidder Peabody International Ltd and Montgomery Securities
are co-managing the offering, Wyle also said.
 Reuter
3;
bodyend
documentend
documentstart
6611
topicstart
earn
topicend
bodystart
2;
******
MAY DEPARTMENT STORES CO 4TH QTR SHR 1.38 DLRS VS 1.24 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
6612
topicstart
earn
topicend
bodystart
2;

FIRST AMERICAN 
<
FIAMA> SEES GAIN FROM SALE


    NORTH PALM BEACH, Fla., March 18 - 
First American Bank and
Trust Co said its 88 pct owned Associated Mortgage Investors

<
AMIMS> subsidiary has sold its New England operations for
about 2,100,000 dlrs in cash and 1,300,000 dlrs in stock,
resulting in a first quarter gain for First American of about
1,200,000 dlrs after tax.
    The company said the sale will complete Associated's
withdrawal from the general contracting business.
 Reuter
3;
bodyend
documentend
documentstart
6613
topicstart
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> SIGNS DEBT/EQUITY DEAL


    NEW YORK, March 18 - 
American Express Bank Ltd, a unit of
American Express Co, said it has agreed with the Mexican
government and local business groups to convert 100 mln dlrs of
existing debt into equity to fund the construction of 3,000
hotel rooms around Mexico.
    American Express said in a statement that the swap will be
made via its International Capital Corp unit over two years.
    The Mexican government said in a statement that the deal
should result in about 250,000 extra tourists per year; the
creation, directly and indirectly, of more than 15,000 new jobs
and annual foreign exchange gains of over 80 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6616
topicstart
acq
topicend
bodystart
2;

FINANCIAL SECURITY 
<
FSSLA> TO SELL BRANCH


    DELRAY BEACH, Fla., March 18 - 
Financial Security Savings
and Loan Association said it has agreed to sell its Sunrise,
Fla., branch to Fortune Financial Group Inc 
<
FORF> of
Clearwater, Fla., for a "substantial profit," subject to
regulatory approval.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
6618
topicstart
topicend
bodystart
2;

SUDANESE MINISTER PREDICTS DEBT DIFFICULTIES


    By Mohamed Elfatih Sidahmed, Reuters


    KHARTOUM, March 18 - 
Sudan will find it difficult to meet
scheduled debt repayments over the next five years, Finance
Minister Beshir Omer has told parliament..
    He said Sudan's foreign debt rose to 10.6 billion dlrs at
the end of last year, an increase of 300 mln from 1985.
    Omer said it "will be difficult, if not impossible" for Sudan
to pay a scheduled 4.17 billion dlrs in principal and interest
payments over the next five years.
    He said Sudan had reached agreement with the Soviet Union
and its East European allies to service half of its debts to
them in commodities, with the rest in hard currency.
    Western diplomatic and official sources in Khartoum say 32
pct of Sudan's total foreign debt is to the Soviet Union, the
Eastern bloc and Arab countries.
    Sudan is 450 to 500 mln dlrs in arrears to the
International Monetary Fund (IMF), which last year declared it
ineligible for fresh loans.
    The sources said Sudan, hit by a slump in export earnings
and remittances from expatriate workers, had an annual debt
liability of nearly 900 mln dlrs but set aside only some 200
mln dlrs to service debts in the fiscal year ending next June
30.
    Sudan, its Treasury depleted by nearly four years of civil
war in the south and the aftermath of the devastating 1984-85
drought, has a budget deficit of 2.86 billion pounds this
fiscal year.
    Diplomatic and official sources said Sudan was now only
servicing debts owed to creditors bound by regulations banning
them from extending fresh loans to recipients in arrears.
    They said these included the U.S. Agency for International
Development, the World Bank and its soft loan affiliate, the
International Development Agency.
    Sudan reached a framework rescheduling agreement in 1984
with Western government creditors of the Paris Club.
    The sources said this pact was to have been followed by
bilateral agreements, but fell through when Khartoum became
unable to service debts in 1985.
    A Bank of Sudan (Central Bank) spokesman said last month
Khartoum was negotiating a freeze on interest payments with
commercial banks, owed about two billion dlrs.
    Sudan has not received fresh loans since 1985 and the
sources said it was only getting grants at present. Hopes that
foreign aid would finance 780 mln dlrs  of the 1.14 billion dlr
budget deficit have been dashed, they added.
    Sudanese officials said Prime Minister Sadeq al-Mahdi's
government would shortly announce a four-year economic plan
aimed at starting the country's recovery.
    Details of the plan have not been made public. But the
sources said it would be geared to generate agricultural
exports and would need a substantial injection of fresh loans
that Sudan hoped to receive from Gulf Arab states.
 REUTER
3;
bodyend
documentend
documentstart
6619
topicstart
money-supply
topicend
bodystart
2;

ITALY M-2 UP 2.8 PCT IN 3 MONTHS TO END JANUARY


    ROME, March 18 - 
Italian M-2 money supply rose a
provisional 2.8 pct, seasonally adjusted, in the three months
to end January 1987, the Bank of Italy said.
    The bank said M-2, which measures notes and coins in
circulation plus bank and post office deposit accounts, fell to
a provisional 609,457 billion lire in January from a downwards
revised but still provisional 615,307 billion in December 1986.
    The provisional year-on-year rise in January was 10.2 pct,
compared with a downward revised and provisional 9.4 pct in
December.
    M-2A, similar to M-2 but excluding certificates of deposit
and including proceeds from bank repurchase operations, rose a
provisional 2.0 pct, seasonally adjusted, over the three months
to end January 1987.
    The bank said M-2A totalled a provisional 583,806 billion
lire at end January against a downwards revised and still
provisional 593,827 billion in December 1986.
    Year-on-year, M-2A increased by a provisional 8.4 pct in
January, compared with a downwards revised and provisional 8.1
pct in December.
 REUTER
3;
bodyend
documentend
documentstart
6620
topicstart
earn
topicend
bodystart
2;

GOLDEN ENTERPRISES INC 
<
GLDC> 3RD QTR FEB 28 NET


    BIRMINGHAM, Ala., March 18 -
    
Shr 15 cts vs nine cts
    Net 2,002,261 vs 1,168,638
    Revs 29.2 mln vs 29.3 mln
    Nine mths
    Shr 49 cts vs 36 cts
    Net 6,404,536 vs 4,623,295
    Revs 92.2 mln vs 88.2 mln
 Reuter
3;
bodyend
documentend
documentstart
6621
topicstart
gnp
topicend
bodystart
2;

GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST


    WEST BERLIN, March 18 - 
The DIW economic research institute
said West German economic growth in 1987 is unlikely to reach
the 1.5 pct rate it had forecast earlier this year.
    The institute, whose forecasts are more pessimistic than
those of the other four leading German institutes, said the
economy had passed its peak in the summer of 1986, and its
prospects had dimmed significantly since the autumn.
    The DIW repeated earlier predictions that gross national
product (GNP) in the first quarter of 1987 would contract in
real, seasonally adjusted terms against the weak final quarter
of last year.
           
 Reuter
3;
bodyend
documentend
documentstart
6622
topicstart
earn
topicend
bodystart
2;

MORRISON KNUDSEN 
<
MRN> SEES YEAR NET FALLING


    NEW YORK, March 18 - 
Morrison Knudsen Corp said its
earnings for 1987 are likely to be lower than those for 1986
due to lower than expected growth in engineering and
construction and a previously-predicted decline in earnings of
its National Steel and Shipbuilding unit.
    The company earned 39.4 mln dlrs in 1986, including pretax
gains of 11.5 mln dlrs from pension income and 7,400,000 dlrs
from the settlement of vested pension obligations, down from
41.5 mln dlrs in 1985.
    It said "Lower than expected levels of new work booked in
the last quarter of 1986 and the first two-plus months of this
year have delayed the expected growth in the engineering and
construction area."  The company said it will remain profitable
in 1987 and results should strengthen as the year progresses. 
It attributed the decline in new work to more stringent bidding
standards and a competitive market.
 Reuter
3;
bodyend
documentend
documentstart
6623
topicstart
meal-feed
topicend
bodystart
2;

U.S. EXPORT BONUS POULTRY FEED FOR NORTH YEMEN


    WASHINGTON, March 18 - 
The Commodity Credit Corporation
(CCC) accepted a bid for an export bonus to cover the sale of
7,000 tonnes of mixed poultry feed to North Yemen, the U.S.
Agriculture Department said.
    The department said the feed is for delivery during April.
    As announced earlier the bonus was 90.00 dlrs per tonne,
made to The Pillsbury Company and will be paid in the form of
commodities from CCC stocks.
     An additional 143,000 tonnes of mixed poultry feed are
still available to North Yemen under the Export Enhancement
Program announced April 14, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
6624
topicstart
topicend
bodystart
2;

CHICAGO BOARD TO SUBMIT YEN BOND FUTURES CONTRACT


    CHICAGO, March 18 - 
Directors of the Chicago Board of
Trade, CBT, decided at their regular board meeting late
yesterday to submit a long-term Japanese Government Bond
futures conrtact to the Commodity Futures Trading Commission,
CFTC, for approval.
    The CBT's action was made possible by a ruling last week by
the Securities and Exchange Commission, SEC, which removed a
key regulartory obstacle to trading futures on foreign debt
securities on U.S. exchanges.
    The CBT originally had approved a yen bond futures contract
in December 1986 but the SEC rule precluded the application.
    The application to the CFTC could be made as soon as early
next week, but the SEC's rule change must first be formalized
by its publication in the federal register, an CBT spokesman
said.
    The exchange said it did not know when the yen bond futures
contract would be approved the the CFTC, but that CFTC
provisions require that new contract submissions be acted upon
within one year after submission.

 Reuter
3;
bodyend
documentend
documentstart
6626
topicstart
grain
barley
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS BID ON BARLEY TO ISRAEL


    WASHINGTON, March 18 - 
The Commodity Credit Corporation
(CCC) accepted a bid for an export bonus to cover the sale of
30,000 long tons of barley to Israel, the U.S. Agriculture
Department said.
    The department said the barley is for delivery April 15/May
15 and the bonus awarded was 41.24 dlrs per ton.
    The bonus was made to Cargill, Inc and will be paid in the
form of commodities from CCC stocks.
     An additional 133,800 tons of U.S. barley are still
available to Israel under the Export Enhancement Program
announced June 17, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
6627
topicstart
topicend
bodystart
2;

WORLD BANK ISSUES AUSTRALIAN DLR ZERO COUPON BOND


    LONDON, March 18 - 
The World Bank is issuing 150 mln
Australian dlrs of zero coupon bonds due April 15, 1992 priced
at 53, lead manager Hambros Bank Ltd said.
    The bonds will be listed in Luxembourg and sold in
denominations of 1,000 and 10,000 dlrs. Payment date is April
15. The co-lead managers are Orion Royal Bank Ltd and Citicorp
Investment Bank Ltd.
    Fees are 3/4 pct for selling and 1/2 pct for management and
underwriting. There also is a 1/8 pct praecipuum.
 REUTER
3;
bodyend
documentend
documentstart
6628
topicstart
topicend
bodystart
2;
******
MEXICO SAYS IT WILL SIGN 7.7 BILLION DLR COMMERCIAL BANK LOAN FRIDAY

Blah blah blah.
3;


bodyend
documentend
documentstart
6629
topicstart
earn
topicend
bodystart
2;

MAY DEPARTMENT STORES CO 
<
MA> RAISES DIVIDEND


    ST. LOUIS, March 18 -
    
Qtly div 28-1/2 cts vs 26 cts previously
    Pay June 15
    Record June One
 Reuter
3;
bodyend
documentend
documentstart
6630
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> NAMES FINANCIAL ADVISERS


    New York, March 18 - 
GenCorp Inc plans to use First Boston
Corp and Kidder, Peabody and Co as financial advisers on a
tender offer for the company by General Partners, a GenCorp
spokesman said.
    The spokesman, in response to questions from Reuters, said
the company does not yet have a comment on the 100 dlr per
share tender offer, launched by the partners today.
    First Boston and Kidder have been advisers to GenCorp in
the past, he said.
    General Partners is comprised of investors Wagner and Brown
and AFG Industries Inc, a glass manufacturer.
 Reuter
3;
bodyend
documentend
documentstart
6631
topicstart
topicend
bodystart
2;

MEXICO TO SIGN 7.7 BILLION DLR LOAN FRIDAY


    WASHINGTON, March 18 - 
Mexican Finance Minister Gustavo
Petriccioli said Mexico will sign its 7.7 billion dlr
commercial bank loan on Friday.
    Petriccioli, speaking to reporters after a visit to the
World Bank, said the loan was currently 98.5 pct subscribed, a
figure Treasury Secretary James Baker used in Congressional
testimony yesterday.
 Reuter
3;
bodyend
documentend
documentstart
6632
topicstart
coffee
topicend
bodystart
2;

LATIN COFFEE MEETING TO BE HELD IN MANAGUA


    MANAGUA, March 18 - 
Representatives from Brazil, Colombia,
Mexico and Nicaragua will meet here Friday to discuss the
economic impact of falling coffee prices, a Nicaraguan official
announced.
    Vice-minister of foreign trade Bernardo Chamorro said that
participating in the meeting will be the heads of the coffee
associations from the four countries.
    He did not say if the meeting would continue beyond friday.
    Chamorro said Nicaragua supports the establishment of
export quotas in an effort to boost sagging world prices.
 Reuter
3;
bodyend
documentend
documentstart
6634
topicstart
topicend
bodystart
2;

CBT TO SUBMIT YEN BOND FUTURES CONTRACT TO CFTC


    CHICAGO, March 18 - 
Directors of the Chicago Board of
Trade, CBT, decided at their regular board meeting late
yesterday to submit a long-term Japanese Government Bond
futures conrtact to the Commodity Futures Trading Commission,
CFTC, for approval.
    The CBT's action was made possible by a ruling last week by
the Securities and Exchange Commission, SEC, which removed a
key regulartory obstacle to trading futures on foreign debt
securities on U.S. exchanges.
    The CBT originally had approved a yen bond futures contract
in December 1986 but the SEC rule precluded the application.
    The application to the CFTC could be made as soon as early
next week, but the SEC's rule change must first be formalized
by its publication in the federal register, an CBT spokesman
said.
    The exchange said it did not know when the yen bond futures
contract would be approved the the CFTC, but that CFTC
provisions require that new contract submissions be acted upon
within one year after submission.
 Reuter
3;
bodyend
documentend
documentstart
6635
topicstart
earn
topicend
bodystart
2;

DCNY CORP 
<
DCY> HIKES QTLY DIVIDEND


    NEW YORK, March 18 - 
Discount Corp of New York said its
board of directors increased its quarterly cash dividend to 20
cts a share from 15 cts a share.
    DCNY said the dividend is payable April 15, 1987 to
shareholders of record April 1 , 1987.
    Since the last two-for-one stock split in May 1985, the
corpoartion has customarily declared 15-cnt-per-share dividends
for the first three quarters and a final fourth quarter
dividend based on its total earnings for the year.
    As previously announced, DCNY said its board has also
recommended a two-for-one common stock split to shareholders.
    If the split is approved at the May 13 annual meeting, the
quarterly dividend rate will be adjusted to 10 cts a share,
DCNY said.
   
 Reuter
3;
bodyend
documentend
documentstart
6636
topicstart
earn
topicend
bodystart
2;

ST. JOSEPH LIGHT 
<
SAJ> SETS SPLIT, HIKES PAYOUT


    ST. JOSEPH, Mo., March 18 - 
St. Joseph Light and Power Corp
said its board declared a three-for-two stock split and raised
the quarterly dividend on presplit shares to 49 cts per share
from 47 cts.
    The company said the dividend is payable May 18 to holders
of record May 4 and the split is subject to approval by
shareholders at the May 20 annual meeting.
 Reuter
3;
bodyend
documentend
documentstart
6637
topicstart
trade
bop
topicend
bodystart
2;

PERU HAS FIRST TRADE DEFICIT IN FOUR YEARS


    LIMA, March 18 - 
Peru registered a 16 mln dlr trade deficit
in 1986, its first trade shortfall in four years, a central
bank statement said.
    The figure compared with a surpluses of 1.17 billion dlrs
in 1985, 1.01 billion in 1984 and 293 mln in 1983. The last
trade deficit was a 428 mln shortfall in 1982.
    Peru's exports fell to 2.51 billion dlrs last year from
2.98 billion in 1985. Last year's imports were 2.53 billion
dlrs against 1.81 billion dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
6638
topicstart
acq
topicend
bodystart
2;

BEVIS INDUSTRIES SEEKS BUYER FOR COMPANY


    PROVIDENCE, R.I., March 18 - 
<
Bevis Industries Inc> said it
retained Tucker Anthony and R.L. Day Inc to seek purchasers of
the company or its units.
    It issued no further details.
    The company, which makes stainless steel tubing for the
chemical, petrochemical, and oil industries, earned 1,045,000
dlrs or 51 cts a share in the nine months ending September 30,
1986. It had sales of 17.1 mln dlrs in the period.
 Reuter
3;
bodyend
documentend
documentstart
6639
topicstart
acq
topicend
bodystart
2;

U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVERS


    WASHINGTON, March 18 - 
A House subcommittee voted to give
President Reagan authority to block foreign takeovers of U.S.
companies similar to the takeover of Schlumberger Ltd's 
<
SLB>
Fairchild Semiconductor Corp by Fujitsu Ltd which was
withdrawn.
    The House Energy and Commerce Subcommittee on Commerce
approved as an amendment to the overall House trade bill a
provision giving Reagan the power to block sales to foreign
companies if the sale was not in the national or economic
interest.                
    The takeover provision was sent to the full Energy and
Commerce Committee for consideration as part of the overall
trade bill which is being written by several House committees.
    The subcommittee's bill would bar imports of digital audio
recording equipment that is not made with anti-copying chips.
This provision is designed to protect U.S. companies from the
unauthorized use of U.S. designs in foreign products.
    The bill calls for an investigation of whether U.S.
engineering and construction firms are given adequate
opportunity to bid on Japan's civil works procurement practices
including the construction of the Kansai airport.
    The Energy and Commerce subcommitte rejected a plan offered
by Rep. William Dannemeyer, a California Republican, to require
the U.S. to pay investors one pct for the right to hold their
gold investments in government storage.
    His amendment called for the government to sell gold coins
and gold-backed bonds with maturities of 30 to 50 years to
investors to reduce the federal debt.               
 Reuter
3;
bodyend
documentend
documentstart
6640
topicstart
topicend
bodystart
2;

HECHINGER 
<
HECHA> BONDS UPGRADED BY S/P


    NEW YORK, March 18 - 
Standard and Poor's Corp said it
raised to A-minus from BBB-plus Hechinger Co's 19.9 mln dlrs of
industrial revenue bonds.
    Yesterday, S and P upgraded to BBB-plus from BBB the
company's 86 mln dlrs of convertible subordinated debentures of
2009 and assigned a BBB-plus rating to Hechinger's planned 100
mln dlr issue of convertible debt due 2012.
    In its release yesterday, S and P cited what it termed an
outstanding record of sales and earnings growth by Hechinger.
 Reuter
3;
bodyend
documentend
documentstart
6641
topicstart
earn
topicend
bodystart
2;

INERTIA DYNAMICS CORP 
<
TRIM> 2ND QTR FEB 28 NET


    PHOENIX, Ariz., March 18 -
    
Oper shr 35 cts vs 29 cts
    Oper net 1,185,267 vs 1,001,315
    Sales 16.8 mln vs 12.4 mln
    Six mths
    Oper shr 42 cts vs 32 cts
    Oper net 1,420,815 vs 1,105,555
    Note: oper data does not include year ago qtr and six mths
loss from discontinued operations of 87,449 dlrs, or two cts
per shr.
 Reuter
3;
bodyend
documentend
documentstart
6642
topicstart
earn
topicend
bodystart
2;

ATI MEDICAL INC 
<
ATIM> 2ND QTR JAN 31 NET


    GLENDALE, Calif., March 18 -
    
Shr two cts vs eight cts
    Net 118,933 vs 296,272
    Revs 2,742,731 vs 1,840,129
    Six mths
    Shr two cts vs 12 cts
    Net 92,372 vs 444,975
    Revs 4,977,105 vs 3,296,110
 Reuter
3;
bodyend
documentend
documentstart
6643
topicstart
topicend
bodystart
2;
******
COCA-COLA ENTERPRISES FILES TO OFFER 500 MLN DLRS OF DEBT 

Blah blah blah.
3;


bodyend
documentend
documentstart
6647
topicstart
earn
topicend
bodystart
2;

SAVANNAH ELECTRIC AND POWER CO 
<
SAV> UPS DIVIDEND


    SAVANNAH, Ga, March 18 -
    
Qtly div 25 cts vs 22 cts prior
    Payable April 15
    Record April 1
 Reuter
3;
bodyend
documentend
documentstart
6649
topicstart
topicend
bodystart
2;

ZAMBIA CLEARS IMF 1985 DEBT


    LUSAKA, March 18 - 
Zambia has cleared its arrears to the
IMF for 1985 with a 145 mln dlr bridging loan from Standard
Chartered Bank, central bank president Leonard Chivuno said.
    The government had obtained a further loan of 45 mln dlr
from the Bank of Credit and Commerce to help pay off its
remaining 165 mln SDR arrears for 1986 and is currently
negotiating loans from two other banks to complete payment, he
told a press conference .
    To restrict liquidity all commercial banks will have to
make a supplementary deposit with the Bank of Zambia,
equivalent to 10 pct of their demand deposits, Chivanu added.
    Following the IMF talks, the fixed exchange rate will be
adjusted against a basket of five major currencies, but it will
not fall below 12.50 kwacha per dollar, Chivuno said.
    He was speaking after three weeks' discussions with the IMF
centred on the revision of the exchange system.
    Diplomatic sources said the talks had gone well and a
Zambian delegation would leave for Washington in about three
weeks to complete negotiations with the IMF and World Bank on a
revised economic adjustment programme.
    One western diplomat said the two institutions had promised
"big support to help Zambia keep its head above water."
 REUTER
3;
bodyend
documentend
documentstart
6650
topicstart
nat-gas
topicend
bodystart
2;
******
AMOCO SAID WELL OFF TRINIDAD FLOWS 53 MLN CUBIC FEET NATURAL GAS DAILY

Blah blah blah.
3;


bodyend
documentend
documentstart
6651
topicstart
topicend
bodystart
2;

COCA-COLA ENTERPRISES 
<
CCE> TO SELL DEBT


    NEW YORK, March 18 - 
Coca-Cola Enterprises Inc said it
filed with the Securities and Exchange Commission a
registration statement covering 500 mln dlrs of debt.
    The company said it plans to sell 250 mln dlrs of notes due
1997 and an equal amount of debentures due 2017.
    Proceeds will be used to refinance outstanding
indebtedness, Coca-Cola Enterprises said.
    The company named Allen and Co Inc as lead manager and
Merrill Lynch Capital Markets and Salomon Brothers Inc as
co-managers of the offerings.
 Reuter
3;
bodyend
documentend
documentstart
6652
topicstart
crude
ship
topicend
bodystart
2;

IRAQ SAYS IT HIT SHIP IN GULF OFF IRAN TODAY


    BAGHDAD, March 18 - 
Iraq said its warplanes had hit a
vessel in the Gulf off the Iranian coast today, the third in
the past 24 hours.
    A military spokesman told the Iraqi news agency INA the
latest attack was at 1250 GMT. It earlier reported strikes at
0650 GMT and at 1930 GMT last night. The planes "dealt accurate
and effective blows" to the targets and returned safely to base.
    There was no immediate confirmation of the attacks from
Gulf shipping sources. The last confirmed Iraqi attack was on
on March 8, when an Iranian tanker was hit by a missile south
of Iran's Kharg island oil export terminal.
 Reuter
3;
bodyend
documentend
documentstart
6653
topicstart
earn
topicend
bodystart
2;

MAY DEPARTMENT STORES 
<
MA> 4TH QTR JAN 31 NET


    ST. LOUIS, March 18 -
    
Shr 1.38 dlrs vs 1.24 dlrs
    Net 213,000,000 vs 195,000,000
    Revs 3.37 billion vs 3.12 billion
    Avg shrs 153,000,000 vs 156,000,000
    Year
    Shr 2.44 dlrs vs 2.20 dlrs
    Net 381,000,000 vs 347,000,000
    Revs 10.38 billion vs 9.54 billion
    Avg shrs 154,800,000 vs 156,000,000
    NOTE: 1985 period ended Feb 1, 1986
    Share data restated for common stock split of July 21, 1986
    1986 and 1985 earnings reflect a charge of one ct a share
resulting from use of the LFIO method of inventory valuation
    4th Qtr 1986 earnings include pretax capital gain of 71.2
mln dlrs, or 30 cts a share from sale of Joseph Horne Co
Division in Pittsburgh
    NOTE: 4th Qtr 1986 earnings include a 62 mln dlr, or 20 cts
a share, pretax charge for costs associated with combining May
D and F and the Denver operating divisions
    4th Qtr 1986 earnings include a pretax charge of 26 mln
dlrs, or nine cts a share, for costs associated with several
debt repurchase transactions including retirement of 10 mln
dlrs of 11-7/8 pct debentures
 Reuter
3;
bodyend
documentend
documentstart
6654
topicstart
acq
topicend
bodystart
2;
******
NORSTAR BANCORP, FLEET FINANCIAL GROUP AGREE TO MERGE

Blah blah blah.
3;


bodyend
documentend
documentstart
6655
topicstart
acq
topicend
bodystart
2;

FIRST UNION 
<
FUNC> ACQUISITION APPROVED


    JACKSONVILLE, Fla., March 18 - 
First Union Corp said the
buyout of Commerce National Bank by its First Union National
Bank of Florida unit was approved by Commerce shareholders.
    According to the terms of the deal, First Union will pay
8.5 mln dlrs for the outstanding shares of Commerce National, a
bank with 43.2 mln dlrs in assets.
 Reuter
3;
bodyend
documentend
documentstart
6656
topicstart
crude
nat-gas
topicend
bodystart
2;

ENERGY/DRILLING INDUSTRY


    BY JULIE VORMAN, Reuters


    HOUSTON, March 18 - 
The drastic cutbacks in U.S. drilling
last year are rapidly deflating the United State's natural gas
bubble, which could bring spot shortages in gas supplies next
winter and a modest recovery in the oilpatch, industry analysts
said.
    Faltering deliverability of natural gas, a commodity that
is difficult and costly to import in large quantities, could
more than double the current U.S. rig count to near 2,000 by
1990, some analysts said.
    The need to lock in future supplies of gas for utilities
and big industrial customers may also bring a resurgence of
activity in the Gulf of Mexico's offshore waters where some of
the nation's largest gas reserves are located.
    "We think an upturn in U.S. drilling is imminent," said
James Crandall, an analyst with Salomon Brothers Inc. "Many
companies appear to be switching from oil to gas drilling
because they're betting that the gas market will be back in
balance in a year or two."
    The prospect of diminishing gas supplies is welcome news
for drilling and oilfield service companies that barely
survived last year's plunge in oil prices from about 30 dlrs a
barrel to less than half that. Today's relatively stable oil
prices of about 18 dlrs a barrel are not enough to spur a
return to the heady days of 1981 when the U.S. drilling rig
count soared to a record high of more than 4,500 and oilfield
roustabouts commanded premium wages.
    The latest weekly Hughes Tool Co 
<
HT> rig count, a
barometer of the oil industry's health, showed 761 U.S. rigs
active in what is traditionally the slowest time of the year.
    In 1986, the Hughes rig count began the year at 1,915 but
dived to a post-World War II low of 663 in July as world oil
prices experienced the sharpest decline in recent times.
    Ike Kerridge, a Hughes economist, said "In 1986, the United
States replaced only about 40 pct of the gas it used and that
replacement rate won't be any better this year."
    He added, "We don't have the options we do with oil.
Imports of gas from Canada are limited by pipeline capacity and
importing liquefied natural gas on ships will not be feasible
in the next 10 years because of the cost."
    Only about 6 trillion cubic feet of additional gas reserves
were discovered last year while U.S. consumption approached 16
trillion cubic feet, according to industry estimates.
    George Gaspar, an oil analyst with Robert W. Baird and Co
agreed that the need for gas supplies would set the stage for a
new cycle of gradual increases in U.S. drilling.
    "We anticipate that natural gas pipelines will need to
dedicate to their systems new gas reserves for 1989 and 1990
supplies. That means new drilling programs must begin no later
than mid-1988," Gaspar said.
    Gasper said he sees a new drilling cycle emerging that
could last until 1992 and that he expects the average rig count
to peak near 2,000 in December of 1989.
    Much of the search for new gas reserves is likely to be
conducted in the offshore waters of the Gulf of Mexico, where
federal leases on unexplored areas will revert back to the
government unless drilling begins in the next two or three
years. Some of the industry's biggest companies, such as Exxon
Corp 
<
XON>, Mobil Corp MOB, and Union Texas Petroleum have
already indicated plans to increase spending for drilling later
this year in the Gulf of Mexico, Crandall said.
    For example, Conoco Inc, a Dupont 
<
DD> subsidiary, will
spend 400 mln dlrs to build the Gulf of Mexico's deepest
production platform, which will produce 50 mln cubic feet of
gas per day.
    But T. Boone Pickens, who has acquired huge Texas and
Kansas gas reserves for his Mesa Limited Partnership 
<
MLP> in
recent months, is not convinced that the drilling industry is
on the verge of a recovery.
    Pickens predicts the U.S. rig count will soon drop below
600 and will not increase significantly until oil prices do.
    "The rigs won't go back to work until the price of oil gets
above 30 dlrs a barrel," said Pickens, 58, adding he did not
expect to see the rig count top 2,000 again in his lifetime.
    Tenneco Inc 
<
TGT>, one of the largest U.S. gas producers,
is skeptical that a need for additional gas drilling exists.
    Tenneco vice president Joe Foster said he did not expect
significant increases in drilling for gas until the early 1990s
when the U.S. gas reserves life will have declined to about
seven years' supply. Current spot market prices of about 1.50
dlrs per thousand cubic feet will need to rise to about three
dlrs to spur reserve replacement, he said.
 Reuter
3;
bodyend
documentend
documentstart
6657
topicstart
sugar
topicend
bodystart
2;

SUGAR PRICES TOO LOW TO BOOST LATIN OUTPUT


    By Richard Jarvie, Reuters


    RIO DE JANEIRO, March 18 - 
Latin American sugar producers
are awaiting further rises in world market prices before moving
to boost production, official and trade sources said.
    Although prices have risen to around eight from five U.S.
Cents per lb in the past six months, they are still below the
region's nine to ten cents per lb average production cost.
    The recent rise in prices has placed producers on the
alert, Manuel Rico, a consultant with the Group of Latin
American and Caribbean Sugar Exporting Countries (GEPLACEA),
told Reuters.
    However, Rico said, it would require another five to seven
cents to stimulate notable increases in output.
    "Producers are taking measures for increasing their
production when the prices are profitable," he said.
    Officials in Mexico, Guatemala and Ecuador said a continued
rise in prices would stimulate production, but industry leaders
in Panama and Costa Rica said there was still a long way to go.
    "The prices are ridiculous," said Julian Mateo, vice
president of Costa Rica's Sugar Cane Industrial-Agricultural
League. "At current prices nobody is going to consider
increasing production."
    Other producers are wary of committing funds to increasing
output, given the instability of world markets.
    An official at Colombia's National Association of Sugar
Cane Growers said they had no plans to raise export targets.
"The market is very unstable. What is happening is not yet
giving way to a pattern and so there is no reason to modify
anything."
    In 1985, the latest year for which full figures are
available, Central and South American nations produced 28 mln
tonnes, raw value, of sugar of which 12.3 mln were exported. A
year earlier, they had produced and exported about 800,000
more, according to the London-based International Sugar
Organization.
    Years of continuous low prices have plunged the sugar
industry in many countries in the region into a recession from
which it will be hard to recover.
    Miguel Guerrero, director of the Dominican Republic's
National Sugar Institute, said it would be difficult to boost
production even if prices recovered sharply.
    Output had slumped to under 450,000 tonnes a year from
900,000 in the late 1970s. Obsolete refineries, poor transport
and badly maintained plantations were barriers to any short
term recovery in output, he added.
    Plans of nearby Cuba, the world's largest cane sugar
exporter, to increase output to 10 mln tonnes a year by the end
of the decade seem ambitious, trade sources said. Output is
running well below the record 8.6 mln produced in 1970.
    Cuba suffers from run down plantations, harvesting problems
and poor processing facilities more than from low world prices,
since much of its output is sold to Eastern Bloc countries
under special deals. Last year, bad weather added to its
troubles, and output fell to 7.2 mln tonnes from 8.2 mln in
1985.
    The low world prices of recent years have led many
countries in the region to cut exportable production to levels
where they barely cover U.S. And, in the case of some Caribbean
countries, European Community (EC) import quotas, for which
they receive prices well above free market levels.
    Progressive reductions in the U.S. Quotas have led to
production stagnating or falling rather than being shifted to
the free world market.
    Peru, for example, shipped 96,000 tonnes to the U.S. In
both 1983 and 1984. This fell to 76,000 in 1986 and this year
its quota is only 37,000.
    A national cooperative official said that, as long as world
market levels continue at around half of Peru's production
cost, the future of the industry is uncertain.
    At a meeting of GEPLACEA in Brazil last October officials
stressed the need to find alternative uses for sugar cane
which, according to the group's executive-secretary Eduardo
Latorre, "grows like a weed" throughout the region.
    Brazil, the largest cane producer with output of around 240
mln tonnes, uses over half to produce alcohol fuel. Cane in
excess of internal demand for alcohol and sugar is refined into
sugar for sale abroad to earn much needed foreign currency.
    The difference in the price the state-run Sugar and Alcohol
Institute (IAA) pays local industry and what it receives from
foreign buyers costs the government some 350 mln dlrs a year.
    Soaring domestic demand for both alcohol and sugar over the
past year, coupled with a drought-reduced cane crop, has meant
Brazil will have difficulties in meeting export commitments in
1987, trade sources said. Negotiations to delay shipments to
next year have been indecisive so far, the main sticking point
being how Brazil should compensate buyers for non-delivery of
sugar it had sold at around five cents per lb and which would
cost eight cents to replace.
    Brazilian sugar industry sources said new sugar export
sales were expected to be extremely low for the next year, with
the Institute wary of exposing itself to domestic shortages of
either alcohol or sugar and because of the need to rebuild
depleted reserve stockpiles.
    However, the situation could change dramatically if the
economy goes into recession and internal demand slumps.
    Sources within Latin America and the Caribbean hold little
hope for the region's sugar industry to return to profitability
unless the U.S. And EC change their policies.
    "The agricultural policies of the European Community and of
the United States have caused our economies incalculable harm
by closing their markets, by price deterioration in
international commerce and furthermore by the unfair
competition in third countries," Brazil's Trade and Industry
Minister Jose Hugo Castelo Branco told the October GEPLACEA
meeting.
    The EC has come under prolonged attack from GEPLACEA for
what the group charges is its continued dumping of excess
output on world markets. GEPLACEA officials say this is the
main cause of low prices.
    GEPLACEA sees a new International Sugar Agreement which
would regulate prices as one of the few chances of pulling the
region's industry out of steady decline. Such an agreement
would have to have both U.S. And EC backing and industrialised
countries would have to see it as a political rather than a
merely economic pact.
    "They have to realise that the more our economies suffer,
the less capcity we have to buy their goods and repay the
region's 360 billion dollar foreign debt," GEPLACEA's Latorre
said.
 Reuter
3;
bodyend
documentend
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6658
topicstart
gold
topicend
bodystart
2;

MORGAN BANK PLANS WARRANTS FOR GOLD AT 425 DLRS


    ZURICH, March 18 - 
Morgan Guaranty Trust Co of New York
plans an issue of 12,000 warrants for gold bullion at 425 dlrs
an ounce, lead manager Morgan Guaranty (Switzerland) AG said.
    Each warrant, priced at 955 Swiss francs, entitled holders
to acquire five-ounce bars of .999 gold in the period from
April 30, 1987, to July 31, 1991, exercisable on Wednesdays.
    The warrants represented unsecured, unsubordinated
liabilities of the borrower. Payment was due April 16, and a
quotation on the Luxembourg bourse was planned.
    The warrants, when exercised, would be repaid in current
dollars based on the value of gold on the exercise date.
    The conditions represent a premium of about 145 dlrs an
ounce to the current gold price.
    A Morgan (Switzerland) official said that on the basis of
the maturity of four years and three months, the pricing
involved an implicit volatility of gold of 24.5 pct before the
warrants were in the money, compared with implicit volatility
of 30 pct for the Indosuez gold warrants and 26 pct for the
Citibank gold warrants recent issued with maturities of 18 and
24 months.
 REUTER
3;
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documentend
documentstart
6659
topicstart
acq
topicend
bodystart
2;

NORSTAR 
<
NOR>, FLEET 
<
FLT> TO MERGE


    ALBANY, N.Y., March 18 - 
Norstar Bancorp said that its
board and the board of Fleet Financial Group have approved a
definitive agreement to merge.
    A Norstar spokesman said that a press release containing
further details on the merger would be issued shortly.
 Reuter
3;
bodyend
documentend
documentstart
6660
topicstart
nat-gas
topicend
bodystart
2;

AMOCO 
<
AN> IN NATURAL GAS FIND OFF TRINIDAD


    HOUSTON, March 18 - 
Amoco Corp said its WEQB-1 exploratory
well 39 miles east of Galeota Point on Trinidad's east coast
flowed 24 mln cubic feet of natural gas and 500 barrels of
condensate daily from one zone and 29 mln cubic feet of natural
gas and 600 barrels of condensate daily from a second.
    The company said both flows were through 40/64 inch chokes
and from zones between 10,000 and 13,000 feet in depth.  The
well, in 260 feet of water, was drilled to a total depth of
14,629 feet, it said.  It said the discovery was made in sands
previously untested in the area.
 Reuter
3;
bodyend
documentend
documentstart
6661
topicstart
earn
topicend
bodystart
2;

ELDORADO BANCORP 
<
ELDB> SETS 10 PCT DIVIDEND


    TUSTIN, Calif., March 18 - 
Eldorado Bancorp said its board
declared a 10 pct stock dividend, Payable April 17 to
shareholders of record April three.
 Reuter
3;
bodyend
documentend
documentstart
6663
topicstart
topicend
bodystart
2;

NOBLE BROADCAST GROUP TO SELL DEBENTURES


    NEW YORK, March 18 - 
Noble Broadcast Group Inc said it
filed with the Securities and Exchange Commission a
registration statement covering a 50 mln dlr issue of senior
subordinated debentures due 1999.
    The company named PaineWebber Inc as sole underwriter of
the offering.
 Reuter
3;
bodyend
documentend
documentstart
6664
topicstart
topicend
bodystart
2;

FPL GROUP 
<
FPL> UNIT SELLS BONDS AT 8.951 PCT


    NEW YORK, March 18 - 
FPL Group Capital Inc, a unit of FPL
Group Inc, is raising 150 mln dlrs through an offering of
debentures due 2017 yielding 8.951 pct, said lead manager
Salomon Brothers Inc.
    The debentures have an 8-7/8 pct coupon and were priced at
99.20 to yield 135 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016.
    Non-refundable for five years, the issue is rated A-2 by
Moody's and A-plus by Standard and Poor's. Goldman Sachs
co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
6665
topicstart
acq
topicend
bodystart
2;

TALKING POINT/GENCORP INC 
<
GY>


    By Patti Domm, Reuters


    New York, March 18 - 
The surprise 2.2 billion-dlr tender
offer for Ohio-based conglomerate GenCorp Inc will not be
enough to buy the company, analysts said.
    Analysts estimated the 100 dlr-per-share offer from General
Partners is 10 to 20 dlrs per share below the breakup value of
GenCorp. However, market sources and analysts said  uncertainty
surrounds any transaction because of the legal challenges to
Gencorp broadcasting licenses.
    Gencorp's stock rose 15-3/4 to 106-1/4 in heavy trading.
    "The expectation is either there will be someone else or
the bidder will sweeten the offer hoping to get management's
cooperation," said Larry Baker, an analyst with E.F. Hutton
group.
    Analysts said there is concern about challenges to
Gencorp's broadcast licenses for two television and 12 radio
stations. Some of the disputes, dating back about 20 years,
were brought by groups that alleged improper foreign payments
and political contributions.
    "I think it kind of muddies an already muddy situation,"
said Baker of the offer.
    Some arbitragers said they were concerned the ongoing issue
might be a stumbling block or result in a long period of time
for any transaction.
    A source close to General Partners, however, said General
Partners would apply to the Federal Communications Commission
for special temporary authority to hold the broadcast stations.
The source said if approved, the authority would allow a
transaction to be carried out.
    If it received the "short-form" approval, General Partners
would set up a trust which would hold the broadcasting
properties until the licensing situation is resolved.
    General Partners is equally owned by investors Wagner and
Brown and glass-maker AFG Industries Inc.
    Some market sources speculated an outside buyer, such as
General Partners, might even be be a catalyst to resolution of
the challenges since it would carry out GenCorp's plan to sell
the stations.
    GenCorp earlier this month reached an agreement with Walt
Disney Co to sell its Los Angeles television station, WHJ-TV.
Disney would pay 217 mln dlrs to GenCorp and 103 mln dlrs to a
group that challenged the station's license.
    GenCorp also has a pending agreement to sell WOR-TV in
Secaucus, N.J. to MCA Inc for 387 mln dlrs.
    General Partners said it intends to keep the company's
plastics and industrial products businesses and its tires and
related products segment.
    Charles Rose, an analyst with Oppenheimer and Co, said
that, on a breakup valuation, the company might be worth as
much as 125 dlrs per share. Rose estimated the aerospace
business could bring 30 to 40 dlrs per share or one billion
dlrs, as would DiversiTech, the plastics unit. Broadcasting,
including assets pending sale, might be 30 to 40 dlrs per
share, he said.
    The company, formerly known as General Tire
and Rubber Co, also has a tire business Rose estimated would be
worth five to 10 dlrs per share. He estimated the bottling
business might also be worth several dollars per share, he
said.
    Analysts said GenCorp chairman A. William Reynolds, who
became chairman last year, has been emphasizing the company's
Aerojet General and DiversiTech General businesses. GenCorp,
founded in 1915, became an unfocused conglomerate over the
years and analysts believe reynolds has helped it to improve.
    "The management's doing a very fine job in trying to deal
with the non-strategic assets of the company," Rose said.
    Analysts expect GenCorp to resist the tender offer, but
they declined to predict what steps the company might take.
They said it would be possible the company might consider a
leveraged buyout or restructuring to fend off the offer.
    General Partners holds 9.8 pct of GenCorp stock, and there
was some concern about "greenmail." Greenmail is the payment at
a premium for an unwanted shareholders' stock.
    "I would doubt they would greenmail them, but nothing
surprises me anymore," said Rose.
    GenCorp has not commented on the offer. It has retained
First Boston Corp and Kidder, Peabody and Co as advisers.
   
 Reuter
3;
bodyend
documentend
documentstart
6666
topicstart
acq
topicend
bodystart
2;
******
AMERICAN EXPRESS UP ON RUMORS 10 PCT OF SHEARSON TO BE SOLD TO JAPANESE FIRM, TRADERS SAY

Blah blah blah.
3;


bodyend
documentend
documentstart
6668
topicstart
earn
topicend
bodystart
2;

ADMAC INC 
<
JPAC> 3RD QT JAN 31 LOSS


    KENT, Wash., March 18 -
    
Shr loss 1.51 dlrs vs profit eight cts
    Net loss 7,377,000 vs profit 384,000
    Sales 1,593,000 vs 4,366,000
    Nine Mths
    Shr loss 2.24 dlrs vs profit 16 cts
    Net loss 11,083,000 vs profit 628,000
    Sales 6,517,000 vs 12.6 mln
    Avg shrs 4,941,000 vs 3,926,000
 Reuter
3;
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documentend
documentstart
6669
topicstart
earn
topicend
bodystart
2;

PACO PHARMACEUTICAL 
<
PPS> 2ND QTR FEB 14 NET


    LAKEWOOD, N.J., March 18 -
    
Shr 19 cts vs 17 cts
    Net 767,000 vs 676,000
    Revs 9,476,000 vs 9,091,000
    Six mths
    Shr 47 cts vs 44 cts
    Net 1,897,000 vs 1,719,000
    Revs 19.5 mln vs 19 mln
    NOTE: Full name Paco Pharmaceutical Services Inc.
 Reuter
3;
bodyend
documentend
documentstart
6670
topicstart
earn
topicend
bodystart
2;

PUBLICKER INDUSTRIES INC 
<
PUL> 4TH QTR LOSS


    GREENWICH, Conn., March 18 -
    
Shr loss five cts vs loss 15 cts
    Net loss 619,000 vs loss 1,730,000
    Sales 3,138,000 vs 5,667,000
    Avg shrs 12.5 mln vs 11.5 mln
    Year
    Shr loss four cts vs loss 40 cts
    Net loss 343,000 vs loss 3,963,000
    Sales 13.4 mln vs 35.3 mln
    Avg shrs 12.5 mln vs 10.3 mln
    NOTE: 1986 year net includes gain 1,678,000 dlrs from
settlement of litigation with Belcher Oil Co, 375,000 dlr
provision connected with resignation of former president, legal
settlements and costs of 1,074,000 dlrs and 552,000 dlrs in
expenses from closing of contract packaging division.
 Reuter
3;
bodyend
documentend
documentstart
6672
topicstart
earn
topicend
bodystart
2;

BIONOMIC SCIENCES INTERNATIONAL INC 
<
BSII> LOSS


    FENTON, Mo., March 18 - 
2nd qtr Jan 31 end
    Shr loss three cts vs loss nine cts
    Net loss 112,400 vs loss 275,400
    Sales 318,100 vs 23,600
    Avg shrs 4,294,300 vs 3,028,326
    1st half
    Shr profit four cts vs loss 14 cts
    Net profit 165,600 vs loss 409,100
    Sales 546,600 vs 44,400
    Avg shrs 4,189,700 vs 3,028,326
    NOTE: Current year net includes gains on sale of assets of
25,000 dlrs in quarter and 396,000 dlrs in half.
    Net includes extraordinary loss 10,000 dlrs vs nil in
quarter and loss 10,000 dlrs vs profit 106,300 dlrs in half.
 Reuter
3;
bodyend
documentend
documentstart
6673
topicstart
earn
topicend
bodystart
2;

PIEDMONT AVIATION INC 
<
PIE> SETS QUARTERLY


    WINSTON-SALEM, N.C., March 18 -
    
Qtly div eight cts vs eight cts prior
    Pay May 18
    Record May One
 Reuter
3;
bodyend
documentend
documentstart
6674
topicstart
earn
topicend
bodystart
2;

BIONOMIC SCIENCES 
<
BSII> SEES PROFITABILITY


    FENTON, Mo., March 18 - 
Bionomic Sciences International Inc
said it expects to start operating profitably by the fourth
quarter.
    The company today reported a profit of 165,600 dlrs for the
first half ended January 31 -- after a 396,000 dlr gain on the
sale of assets and a 10,000 dlr extraordinary loss.  A year
before it lost 409,100 dlrs after a 106,300 dlr extraordinary
gain.
 Reuter
3;
bodyend
documentend
documentstart
6675
topicstart
acq
topicend
bodystart
2;
******
NORSTAR SHAREHOLDERS TO GET 1.2 FLEET FINANCIAL SHRS PER NORSTAR SHARE IN MERGER

Blah blah blah.
3;


bodyend
documentend
documentstart
6676
topicstart
topicend
bodystart
2;

RYDER SYSTEM 
<
RDR> SELLS NOTES AND BONDS


    NEW YORK, March 18 - 
Ryder System Inc is raising 175 mln
dlrs through offerings of notes and bonds, said lead manager
Salomon Brothers Inc.
    A 75 mln dlr issue of notes due 1994 was given a 7-3/4 pct
coupon and was priced at 99.825 to yield 7.782 pct, or 80 basis
points over comparable Treasury paper. The notes are
non-callable for five years.
    A 100 mln dlr offering of 30-year bonds bears an 8-3/4 pct
coupon and was priced at 99.60 to yield 8.788 pct, or 120 basis
points over Treasuries. The bonds are non-callable for 10
years. The debt is rated A-2 by Moody's and A by S and P.
 Reuter
3;
bodyend
documentend
documentstart
6677
topicstart
rubber
topicend
bodystart
2;

NEGOTIATORS PUT FINAL TOUCHES TO NEW RUBBER PACT


    GENEVA, March 18 - 
Rubber producing and consuming
countries, which agreed on the bases of a new International
Natural Rubber Agreement (INRA) last weekend, are now putting
the final touches to the future accord, delegates said.
    They said discussions are focusing on conditions for entry
into force of the new INRA. The present pact, which expires in
October, required that governments accounting for 80 pct of
world exports and 80 pct of world imports approved or ratified
the pact before it became operational.
    Delegates said figures now being floated range between 65
and 80 pct.
 Reuter
3;
bodyend
documentend
documentstart
6678
topicstart
topicend
bodystart
2;

CONTINENTAL MEDICAL 
<
CONT> PLANS DEBT FILING


    NEW YORK, March 18 - 
Continental Medical Systems Inc said
it plans to file with the Securities and Exchange Commission a
registration statement covering about 25 mln dlrs of
convertible subordinated debentures.
    The company said it expects to file with the SEC within the
next two to three weeks.
 Reuter
3;
bodyend
documentend
documentstart
6679
topicstart
earn
topicend
bodystart
2;

CERADYNE INC 
<
CRDN> 4TH QTR LOSS


    COSTA MESA, Calif., March 18 -
    
Shr loss 22 cts vs profit 10 cts
    Net loss 1,056,000 vs profit 427,000
    Sales 5,440,000 vs 4,982,000
    Avg shrs 5,229,542 vs 4,435,691
    Year
    Shr profit one ct vs profit 26 cts
    Net profit 29,000 vs profit 993,000
    Sasles 19.1 mln vs 16.6 mln
    Avg shrs 4,947,632 vs 3,780,543
 Reuter
3;
bodyend
documentend
documentstart
6680
topicstart
earn
topicend
bodystart
2;

FINANCIAL BENEFIT GROUP INC 
<
FBGIA> YEAR LOSS


    BOCA RATON, Fla., March 18 -
    
Shr loss 11 cts vs loss 48 cts
    Net loss 254,000 vs loss 784,000
    Revs 94.1 mln vs 47.3 mln
    Avg shrs 2,317,000 vs 1,642,000
    NOTE: Share adjusted for stock dividend and reverse split.
 Reuter
3;
bodyend
documentend
documentstart
6681
topicstart
earn
topicend
bodystart
2;

MEGAPHONE INTERNATIONAL INC 
<
INFL> 4TH QTR LOSS


    SAN FRANCISCO, March 18 -
    
Oper shr loss three cts vs loss three cts
    Oper net loss 388,000 vs loss 452,000
    Revs 1,425,000 vs 1,126,000
    Year
    Oper shr loss 26 cts vs loss 15 cts
    Oper net loss 3,604,000 vs loss 2,108,000
    Res 5,712,000 vs 6,604,000
    NOTE: 1986 net both periods excludes 413,000 dlr gain from
settlement of old obligations.
 Reuter
3;
bodyend
documentend
documentstart
6682
topicstart
acq
topicend
bodystart
2;

BUTLER 
<
BTLR> COMPLETES SALE OF LIVESTOCK UNIT


    KANSAS CITY, MO., March 18 - 
Butler Manufacturing Co said
it completed sale of its Livestock Systems division and part of
its Control division in separate transactions to two unrelated
parties.
    Butler's livestock systems division was sold to an investor
group including the president of the operations and certain
Control division assets were sold to Minneapolis-based Enercon
Data Corp.
    Terms of the transactions were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
6683
topicstart
earn
topicend
bodystart
2;

CAROLINA POWER AND LIGHT CO 
<
CPL> QTLY DIV


    RALEIGH, N.C., March 18 -
    
Qtly div 69 cts vs 69 cts prior
    Payable May one
    Record APril 10
 Reuter
3;
bodyend
documentend
documentstart
6684
topicstart
earn
topicend
bodystart
2;

AMERICAN INTERNATIONAL GROUP 
<
AIG> QTLY DIV


    NEW YORK, March 18 -
    
Qtly div 6-1/4 cts vs 6-1/4 cts prior
    Pay June 19
    Record June 5
 Reuter
3;
bodyend
documentend
documentstart
6685
topicstart
earn
topicend
bodystart
2;

ROCHESTER GAS AND ELECTRIC CORP 
<
RGS> IN PAYOUT


    ROCHESTER, N.Y., March 18 -
    
Qtly div 55 cts vs 55 cts prior
    Pay April 25
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6686
topicstart
earn
topicend
bodystart
2;

SERVICE CORP INTERNATIONAL 
<
SRV> SETS QUARTERLY


    HOUSTON, March 18 -
    
Qtly div eight cts vs eight cts prior
    Pay April 30
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
6687
topicstart
earn
topicend
bodystart
2;

VALLEY RESOURCES 
<
VR> SETS SPLIT, RAISES PAYOUT


    CUMBERLAND, R.I., March 18 - 
Valley Resources Inc said its
board declared a three-for-two stock split and raised the
quarterly dividend to 42 cts per share presplit from 38 cts,
both payable April 15, record March 31.
 Reuter
3;
bodyend
documentend
documentstart
6688
topicstart
topicend
bodystart
2;

VALERO NATURAL GAS 
<
VLP> OFFERING UNDERWAY


    SAN ANTONIO, Texas, March 18 - 
Valero Energy Corp 
<
VLO>
said Valero Natural Gas Partners L.P. was making an initial
public offering of 9.5 mln units at 22.75 dlrs a unit.
    It said a subsidiary will own a 49 pct stake in Valero
Natural Gas. The offering is being managed by Shearson Lehman
Bros Inc, Goldman Sachs and Co, E.F. Hutton and Co Inc, and
Dean Witter Reynolds Inc.
    Valero Natural Gas was formed to buy Valero Energy's
natural gas pipeline and liquid assets. It will use the
proceeds from the offering and a 550 mln dlr private placement
of first mortgage notes for the purchase.
 Reuter
3;
bodyend
documentend
documentstart
6689
topicstart
acq
topicend
bodystart
2;

NORSTAR 
<
NOR>, FLEET 
<
FLT> OUTLINE MERGER


    PROVIDENCE, R.I., March 18 - 
Fleet Financial Group said
that its board and the board of Norstar Bancorp have agreed to
merge the two bank holding companies in a transaction which
would create a 23 billion dlr asset bank holding company.
    Under terms of the transaction, each Norstar shareholder
will receive 1.2 shares of Fleet common stock based on the
number of Fleet shares after giving effect to a previously
announced April one Fleet stock split.
     The two-for-one stock split will increase Fleet's
currently 25.7 mln outstanding shares to 51.5 shares. There are
about 34.9 mln Norstar shares outstanding.
    Fleet said the deal is expected to be completed by July one
1988, the date on which the nationalization of Rhode Island's
interstate banking law takes effect.
    For the full year ended december 31, Fleet, a Rhode Island
based bank holding company, reported net income of 136.7 mln
dlrs and assets of 11.7 billion dlrs. Norstar, an Albany N.y.
holding company, reported net income of 104.8 mln dlrs and
assets of 11.1 billion dlrs.
     Fleet comptroller Irv Goss said it is estimated that the
transaction will result in minimal dilution in Fleet/Norstar
earnings per share. It is the intention of both companies that
cash quarterly dividends following the combination not decline
for either company's stock holders, the company said.
    For 1986, Norstar issued 1.31 dlrs annually in cash
dividends on its common stock. Fleet's current annual
distibution on a pre-split basis would be equivalent to 1.68
dlrs a share.
    In addition, Fleet and Norstar have each granted the other
an option to purchase such number of authorized buy unissued
shares of common stock, that will constitute 24.99 pct of the
fully diluted shares outstanding.
    The transaction is subject to both regulatory and
shareholder approval.
    The companies said that after the proposed merger, the
combined banking holding wil be among the 25 largest in the
country.
 Reuter
3;
bodyend
documentend
documentstart
6692
topicstart
topicend
bodystart
2;

DELTA NATURAL GAS 
<
DGAS> SELLS DEBENTURES


    NEW YORK, March 18 - 
Delta Natural Gas Co Inc is raising 14
mln dlrs through an offering of debentures due 2007 with an
8-5/8 pct coupon and par pricing, said sole manager Edward D.
Jones and Co.
    That is 110 basis points more than the yield of comparable
Treasury securities. The issue is non-callable for five years.
 Reuter
3;
bodyend
documentend
documentstart
6694
topicstart
acq
topicend
bodystart
2;

TECK TO INCREASE STAKE IN TRILOGY RESOURCE


    Calgary, Alberta, March 18 - 
<
Trilogy Resource Corp> said

<
Teck Corp> agreed to purchase 4.5 mln Trilogy common shares at
one dlr per share in a private placement, which would increase
its stake in Trilogy to 37 pct from 29 pct.
    Trilogy also said its board approved a private placement of
3.5 mln common shares at a price of 90 cts per share to a group
of investors.
    The placement will be made through McNeil Mantha Inc.
 Reuter
3;
bodyend
documentend
documentstart
6695
topicstart
acq
topicend
bodystart
2;

RABBIT SOFTWARE 
<
RABT> TO MAKE ACQUISITION


    MALVERN, Pa., March 18 - 
Rabbit Software Corp said it has
agreed in principle to acquire privately-held communications
hardware maker Micro Plus II Corp for about two mln common
shares, with closing expected by May.
 Reuter
3;
bodyend
documentend
documentstart
6696
topicstart
earn
topicend
bodystart
2;

<
ALTEX RESOURCES LTD> YEAR NET


    Calgary, Alberta, March 18 -
    
Shr six cts vs eight cts
    Net 643,000 vs 889,000
    Revs 3,934,000 vs 4,373,000
 Reuter
3;
bodyend
documentend
documentstart
6697
topicstart
acq
topicend
bodystart
2;

<
AMOUR INC> TO MAKE ACQUISITION


    PHILADELPHIA, March 18 - 
Amour Inc said it has entered into
a letter of intent to acquire 
<
Bard International Associates
Inc> for 70 mln common shares in a transaction that would give
former Bard shareholders control of the combined company.
    Bard makes tennis and squash racquets and accessories.
 Reuter
3;
bodyend
documentend
documentstart
6698
topicstart
topicend
bodystart
2;

EAGLE ENTERTAINMENT 
<
EEGL> ISSUES BONDS


    LOS ANGELES, March 18 - 
Eagle Entertainment Inc said its
subsidiary, Performance Guarantees Inc, issued completion bonds
for two films with a production value of five mln dlrs.
    The company said the it would receive 250,000 dlrs in fees
for providing the completion bonds.
    Both films, Green Monkey and Street Justice, are being
produced by Sandy Howard.
 Reuter
3;
bodyend
documentend
documentstart
6699
topicstart
earn
topicend
bodystart
2;

MAY 
<
MA> REPORTS STRONG 1ST QTR START


    ST. LOUIS, March 18 - 
May Department Stores Co, reporting
record results for the fourth quarter ended January 31, said it
is encouraged about the new fiscal year by a strong start in
February and March.
    The company said its merger last year with Associated Dry
Goods, which was accounted for as a pooling of interests, is
"going very well." May said "We are acting more like one
company every day. Our expansion schedule is on track."
    May said it plans to invest more than 600 mln dlrs this
year to open 11 department stores, eight discount stores and
more than 240 specialty outlets.
    The company reported fourth quarter earnings of 213 mln
dlrs, or 1.38 dlrs a share, up from 195 mln dlrs, or 1.24 dlrs
a share a year earlier. Revenues advanced to 3.37 billion dlrs
from 3.12 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6701
topicstart
earn
topicend
bodystart
2;

CRAMER INC 
<
CRMR> 4TH QTR LOSS


    KANSAS CITY, KAN., March 18 -
    
Shr loss eight cts vs loss 1.39 dlrs
    Net loss 94,000 vs loss 1,569,000
    Sales 6,951,000 vs 5,518,000
    Year
    Shr profit four cts vs loss 2.95 dlrs
    Net profit 41,000 vs loss 3,333,000
    Sales 25.3 mln vs 22.9 mln
 Reuter
3;
bodyend
documentend
documentstart
6702
topicstart
acq
topicend
bodystart
2;

AMERICAN TRAVELLERS 
<
ATVC> TO MAKE ACQUISITION


    WARRINGTON, Pa., March 18 - 
American Travellers Corp said
it has entered into an agreement to purchase ISL Life Insurance
Co of Dallas, a corporate shell with active licenses to operate
in 12 states, for about 400,000 dlrs.
    The company said closing is expected by late spring and
will result in American Travellers being licensed in seven new
states.
 Reuter
3;
bodyend
documentend
documentstart
6705
topicstart
earn
topicend
bodystart
2;

OHIO ART CO 
<
OAR> SETS QUARTERLY


    BRYAN, Ohio, March 18 -
    
Qtly div six cts vs six cts prior
    Pay May Eight
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
6707
topicstart
acq
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> UP ON SHEARSON RUMORS


    NEW YORK, March 18 - 
American Express Co climbed 2-1/2 to
80-1/8 on rumors the company was about to announce an agreement
to sell 10 pct of its Shearson Lehman Brothers unit to Nippon
bLife Insurance of Japan, traders said.
    Speculation about an impending deal, rumored to be worth
600 mln dlrs, also sent shares of other U.S. brokerages up
sharply. PaineWebber Group Inc 
<
PWJ> gained 1-5/8 to 37-1/8 and
Merrill Lynch and Co Inc 
<
MER> rose 1-3/8 to 42-7/8.
    American Express officials declined comment but cited a
statement it released more than two weeks ago in which it said
it was studying matters of strategic importance.
    American Express officials also pointed out the earlier
statement, issued March one, said it is company policy not to
comment on rumors or speculation. The earlier announcement also
said American Express and Shearson were studying options
including expansion of capacity to meet international
competition and broadening access to capital.
    The latest rumors originated in Tokyo, traders said.
    If the rumors are true "it gives them a nice infusion of
capital for an attractive price," said Lawrence Eckenfelder,
analyst at Prudential-Bache Securities.
 Reuter
3;
bodyend
documentend
documentstart
6708
topicstart
earn
topicend
bodystart
2;

CONT'L ILLINOIS SEES MONTHS OF BRAZIL DEBT TALKS


    CHICAGO, March 18 - 
Continental Illinois Corp's 
<
CIL>
Chairman John Swearingen said he sees negotiations to
reschedule Brazil's debt payments taking at least three to six
months.
    Brazil declared last month a moratorium on payment of
interest on its medium- and long-term debts. The moratorium is
expected to persist the entire time that debt scheduling talks
are under way.
    "I believe it will take three to six months, maybe longer,
for an arrangement to be worked out to reschedule Brazil's
debt," Swearingen told reporters at a press briefing.
    "I think Brazil will pay its debts in the long run. Just
how long the run is is anybody's guess," Swearingen said.
    Earlier the bank holding company said Brazil's moritorium
may force it to increase non-performing loans by 380 mln dlrs
and reduce pretax and net income by 10 mln dlrs in the first
quarter and 35 mln dlrs for the full year.
    The bank will decide March 31 whether to characterize these
loans as non-performing, William Ogden, chairman of the
Continental Illinois National Bank and Trust Co of Chicago,
Continental's largest subsidiary, said in response to an
inquiry.
    Ogden said the moratoriums will affect both pretax and net
income equally because the banking firm has tax credits to use.
    Swearingen predicted an increase in operating profits for
1987 because he sees higher income and reduced expenses.
Continental will reduce expenses through job cuts and reducing
office rental costs. In 1986 it cut about 850 positions.
    In 1986 it had net profits of 165.2 mln dlrs or 60 cts a
share, up from 150.5 mln dlrs or 53 cts a share.
    The bank transferred 459 mln dlrs of poor-quality loans and
other assets to the Federal Deposit Insurance Corp, FDIC,
during 1986. It can transfer bad loans under the terms of the
1984 restructuring agreement with the government.
    The bank will transfer the remaining 460 mln dlrs that it
is entitled to transfer to FDIC by September 26, 1987,
Swearingen said. It will choose loans based on ultimate loss
rather than their immediate effect on non-performing loans.
    In 1986 the bank's loans to the Midwest's middle market
rose 20 pct at a time of overall weak loan demand in the U.S.
    Concerning banking acquisitions, Swearingen said the bank
would like to buy additional suburban Chicago banks. In 1986 it
bought three small suburban banks.
    Swearingen said he is concerned that Continental will be
taken over because no bank in the Midwest region is large
enough to buy it, and New York money center banks are
prohibited by law from buying Illinois banks.
    He said, however, that the FDIC still has control over who
will eventually own the firm because it still holds the
equivalent of 148 mln common shares out of a total 215 mln.
    The FDIC sold 52 mln shares to the public last year and has
said it intends to sell the rest as quickly as possible. The
agency received the shares as part of its 4.5 billion dlrs 1984
bailout of the bank.
    Swearingen, who came out of retirement in 1984 to head the
struggling banking firm after a career as an oil industry
executive, said he will retire when the three-year period he
agreed to be Continental chairman ends in August. He would not
comment on a successor.
    The bank will expand its First Options of Chicago options
clearning unit into Tokyo, Swearingen said, but said its
doubtful lending to Japan will occur because that country
doesn't need external sources of cash.
 Reuter
3;
bodyend
documentend
documentstart
6709
topicstart
earn
topicend
bodystart
2;

RELIABLE LIFE INSURANCE CO 
<
RLIFA> UPS DIVIDENDS


    ST. LOUIS, March 18 -
    
Qtly div Class A 27.5 cts vs 26.4 cts prior
    Qtly div Class B 2.5 cts vs 2.4 cts prior
    Pay June One
    Record May One
 Reuter
3;
bodyend
documentend
documentstart
6710
topicstart
acq
topicend
bodystart
2;

CROSS AND TRECKER 
<
CTCO> TO SELL UNIT


    CLEVELAND, March 18 - 
Cross and Trecker Corp said its
Warner and Swasey subsidiary will seek to sell its Grinding
Division to focus on other areas of its business.
    The company said the Grinding Division had sales last year
of about 18 mln dlrs. It makes grinding machines.
 Reuter
3;
bodyend
documentend
documentstart
6711
topicstart
earn
topicend
bodystart
2;

NOVAR ELECTRONICS CORP 
<
NOVR> 4TH QTR JAN THREE


    BARBERTON, Ohio, March 18 -
    
Shr loss eight cts vs loss eight cts
    Net loss 220,724 vs loss 210,120
    Revs 4,194,466 vs 4,224,633
    Year
    Shr profit eight cts vs profit four cts
    Net profit 207,514 vs profit 98,050
    Revs 17.8 mln vs 16.1 mln
    NOTE: Quarter net includes tax credits of 162,600 dlrs vs
236,100 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6712
topicstart
nat-gas
topicend
bodystart
2;

CONSOLIDATED NATURAL 
<
CNG> FORMS TRADING UNIT


    PITTSBURGH, March 18 - 
Consolidated Natural Gas Co said it
has received Securities and Exchange Commission approval to
establish a wholly-owned natural gas marketing subsidiary
called CNG Trading Co.
    It said the new unit will operate in New York,
Pennsylvania, Ohio, West Virginia, Louisiana and Texas and
compete with other markets for delivery of low-cost natural gas
supplies.
    Consolidated said customers' needs will be met from a wide
range of low cost sources, including the spot market,
independent producers and brokers, and Consolidated's producing
affiliates - CNG Development Co of Pittsburgh, and CNG
Producing Co based in New Orleans.
 Reuter
3;
bodyend
documentend
documentstart
6713
topicstart
earn
topicend
bodystart
2;
CORRECTION - FEDERAL PAPER 
<
FBT> RAISES PAYOUT
    In item appearing March 17 please read headline "FEDERAL
PAPER BOARD CO 
<
FBT> RAISES PAYOUT."
    Also please read ... Qtly div 17-1/2 cts vs 17-1/4 cts.
    Corrects headline and dividend figure to show payout was
raised.
3;


bodyend
documentend
documentstart
6714
topicstart
ship
topicend
bodystart
2;

SHELL CANADA 
<
SHC> TO SELL TANKERS TO SOCANAV


    MONTREAL, March 18 - 
Shell Canada Ltd said its Shell Canada
Products Ltd unit will sell three tankers, effective April one,
1987, to 
<
Socanav Inc>.
    Terms were not disclosed.
    Shell also said it will contract exclusively from Socanav
normal marine distribution requirements for domestic markets,
with some exceptions, for an initial 10-year period.
    Shell also said its Shell Canadian Tankers Ltd unit will
lay off 13 employees and that Socanav will offer jobs to 41
employees.
   The three Shell vessels are Lakeshell, Eastern Shell and
Northern Shell, which range in size from 6,000 to 10,000
tonnes, Shell said.
   Shell Canada is 72 pct owned by Royal Dutch/Shell Group

<
RD>.
 Reuter
3;
bodyend
documentend
documentstart
6716
topicstart
trade
topicend
bodystart
2;

EC WARNS CONGRESS ON NEW TRADE BILL


    By Robert Trautman


    WASHINGTON, March 18 - 
The European Community (EC) has
warned the U.S. House of Representatives that tough trade
legislation it is considering could prompt retaliation by U.S.
trading partners.
    The warning was sent in a letter from Sir Roy Denman, head
of the EC delegation in Washington, to Dan Rostenkowski,
chairman of the House Ways and Means Committee.
    A copy of the letter was made available to Reuters.
    Denman told Rostenkowski, an Illinois Democrat, he backed
aspects of the bill, such as one backing new talks under the
GATT and one excluding protection for the textile industry.
    But Denman disagreed with other provisions which would
require President Reagan to take retaliatory trade action
against nations with large trade surpluses with the U.S. and
would set new standards for judging unfair foreign trade
practices.
    Denman told Rostenkowski that GATT regulations prohibit
member nations from taking unilateral retaliatory action in
trade disputes unless the action is GATT-approved.
    He said "If the Congress makes retaliatory action mandatory,
then the United States would be in violation of its
international legal obligations and on a collision course with
its major trading partners."
    Denman added that a president should have flexibility in
enforcing trade laws, saying "in the last resort, any
administration must take its decision in light of the overall
national interest."
    Otherwise, he said, "the risk would be counter-reaction by
trading partners of the United States, i.e., retaliation or
enactment of mirror image legislation to be employed against
imports from the United States."
    Denman also said Congress could prompt retaliation if it
reduced the threshhold of unfair trade by making it easier for
firms to file unfair trade practice claims.
    Retaliation could also be prompted by relaxing standards
for findings that imports were injuring U.S. firms.
    "Changes in these standards must be agreed upon
multilaterally. They cannot be imposed by the United States
alone on the world trading system," he said.
    House leaders have rejected a plan by textile-state
legislators to add to the trade bill a provision to curb
imports of cloth and clothing, similar to a measure passed two
years ago but vetoed by President Reagan.
    There was concern by the leaders that Reagan would veto the
entire trade bill because of the textile amendment.
   
 Reuter
3;
bodyend
documentend
documentstart
6719
topicstart
acq
topicend
bodystart
2;

FAIRCHILD PRESIDENT SEEKING MANAGEMENT BUYOUT


    PALO ALTO, Calif., March 18 - 
Fairchild Semiconductor Corp
president Donald Brooks said he intends to take a management
buyout proposal to the company's parent at some point in the
future and substantial funding is available for such a
purchase.
    Fairchild is owned by Schlumberger Ltd 
<
SLB>.
    Brooks also told a press conference that if management is
successful, it may later attempt to take the company public.
    "I am sure that if such a management buyout is to occur,
and I am hopeful that it does, the public market is one of the
avenues we will ultimately have to use to raise capital,"
Brooks said.
    Brooks also said the company would continue to attempt an
exchange of technology and manufacturing agreement with Fujitsu
Ltd if successful in its buyout bid.
    Futjitsu withdrew an offer to acquire some 80 pct of
Fairchild, a semiconductor maker, after U.S. government
officials expressed opposition to the transaction.
    Brooks told the news conference that any purchase would be
in the form of a management buyout and not a leveraged buyout.
    He also said the transaction could be financed through a
debt issue or conventional financing from investors.
    Brooks said management is pleased by a number of investment
proposals bought to them, but he added, "the investors must be
willing to invest in the future growth of the company and not
just selling off assets."
    Brooks also said he was not aware of any direct
intervention by the U.S. in an attempt to block the merger.
    "I am not aware of any direct contact between Washington
and Fujitsu, but that doesn't mean it doesn't exist," Brooks
said.
    He also said Fujitsu executives remain enthusiastic about a
link with Fairchild.
 Reuter
3;
bodyend
documentend
documentstart
6720
topicstart
grain
wheat
topicend
bodystart
2;

HOUSE FARM LEADER SEES BILLION DLR BUDGET CUTS


    WASHINGTON, March 18 - 
The 1988 agriculture budget will
have to be cut by an additional one to two billion dlrs, the
chairman of a key house agriculture subcommittee said.
    Implementation of a 0/92 program, a tightening up of the
use of commodity certificates, and reconstitution of farms are
possibilities that will be studied to reduce farm spending,
said Dan Glickman, D-Kans., chairman of the House agriculture
subcommittee on wheat, soybeans and feedgrains.
    Speaking at the annual meeting of the National Grain and
Feed Association, Glickman said he learned this week from the
House budget committee that the agriculture committee will have
to reduce the fiscal year 1988 farm budget by up to two billion
dlrs from the 30 billion dlrs level already approved.
    Decisions on how to cut the farm budget will have to be
made very quickly in order to make any impact on the FY 1988
budget, Glickman added.
    Glickman also said his committee will not approve USDA's 
proposal to cut target prices by ten pct per year.
    "The administration's target price proposals are dead in
the water," he said.
    To cut the budget, Glickman said, "everthing is on the
table," except those moves that would reduce farmers' income.
    Glickman offered a list of possibilities that his committee
will study in order to cut farm spending.
    Implementation of a 0/92 program for 1987 winter wheat and
1988 feedgrains crops has been introduced by Glickman, which he
said would result in a 150-200 mln dlr savings for one year.
    Tightening up on the use of generic (in-kind, or "pik')
certificates will also be another option his committee will
study, Glickman said.
    While not committing himself for or against such action, he
said lawmakers have to examine recent government findings which
indicate certificates cost more than cash payments.
    Glickman said rules for the reconstitution of farms and
tightening up of the person definition for annual payment
limitations is another option and could save 100-200 mln dlrs.
    He also said increasing acreage set-aside requirements by
five pct for wheat and feedgrains at program sign-up was a move
that could save about one billion dlrs, but added that he would
not be in favor of such a change.
    Glickman also said that the Export Enhancement Program's,
EEP, spending authority of 1.5 billion dlrs is quickly being
used up, and Congress will have to decide whether to expand
this program while making cuts in other areas.
    Cuts in the EEP program are unlikely, he said.
    "I don't see right now that the EEP will be on the chopping
block," Glickman said.
 Reuter
3;
bodyend
documentend
documentstart
6721
topicstart
earn
topicend
bodystart
2;

CPC 
<
CPC> SEES 1987 HIGHER EARNINGS PER SHARE


    NEW YORK, March 18 - 
CPC International Inc said it expects
1987 earnings per share to increase over 1986 levels.
    "We are confident that 1987 will top 1986 in earnings per
share and are optimistic about our longer-term future as well,"
the company said in its 1986 annual report.
    In 1986, CPC earned 219.2 mln dlrs, or 2.30 dlrs a share,
on revenues of 4.55 billion dlrs compared with income of 142
mln dlrs or 1.46 dlrs on sales of 4.21 billion dlrs in 1985.
The share figures are adjusted for a 2-for-1 split paid in
January.
    A share buyback program started last year reduced the
number of shares outstanding to 82.6 mln at year-end 1986 from
97.2 mln dlrs the end of 1985, adjusted for the split.
    The food and grocery products company also said it was the
subject of five stockholder lawsuits and one class action suit,
filed last November and December in Delaware, New York and New
Jersey.
    The suits are related to the company's purchase of its
shares from Salomon Brothers Inc after Salomon bought a block
of the stock from Ronald Perelman, who had acquired nearly 3.7
mln CPC shares, or 7.6 pct of the company, last year.
    The suits allege the company bought the shares back at an
artificially inflated price, violating securities laws,
breaching directors' fiduciary duties and wasting corporate
assets.
    CPC said the defendants, which include the company, its
directors, Salomon and Perelman, deny all the allegations of
improper conduct and are defending the suits.
 Reuter
3;
bodyend
documentend
documentstart
6722
topicstart
crude
nat-gas
topicend
bodystart
2;

U.S. ENERGY INDUSTRY SAID IN BETTER HEALTH


     By PETER ELSWORTH, Reuters


     DALLAS, March 18 - 
The U.S. oil and gas industry is in
better health than it was a year ago, according to testimony
given to the Texas Railroad Commission at its annual state of
the industry hearing today.
     The Commission, which regulates the state's oil and gas
industry, heard testimony from a number of high-level company
executives reflecting a belief that the recent industry
downturn had bottomed out.
     "The attitude expressed here today so far is a great deal
more optimistic (than last year)," Commissioner James E. (Jim)
Nugent told Reuters.
     "It reflects their (the executives) belief that they are
seeing the bottom of the economic cycle," he added, "and with
just a few reasonable breaks this industry can begin to move
again."
     The energy industry was hard hit by the sharp drop in oil
prices, which fell from around 30 dlrs a barrel in late 1985 to
as low as 10 dlrs in mid-1986. Prices have since steadied to
around 18 dlrs a barrel.
     At the same time, a number of company executives testified
that the nation's domestic exploration and production segment
was still hurting and in need of government help.
     Production costs are considerably higher in the United
States than in such areas as the Middle East and as prices fell
many domestic producers were forced to shut down their
operations. Currently, there are only about 760 oil rigs
operating in the United States compared with an average of
nearly 2,000 in 1985.
     Citing a study released yesterday by the Department of
Energy, many said the falling production of domestic oil
coupled with increasing U.S. demand, was leading to a growing
dependency on imports, particularly from the politically
volatile Middle East.
     "In the U.S., 1986 petroleum production responded to lower
prices, increasing about 2.5 pct, or 400,000 barrels per day
(bpd)," said J.S. Simon, General Manager of the Supply
Department at Exxon Corp 
<
XON>, the nation's largest oil
company.
     At the same time, Simon said "U.S. oil production declined
by 300,000 bpd, the first decline in several years," and "net
petroleum imports were up 25 pct to 5.3 mln bpd."
     Noting that while oil prices were expected to remain
between 13 and 20 dlrs a barrel, depending on OPEC's ability to
control production, Simon said demand is expected to remain at
1986 levels, leading to "a significant amount of spare
worldwide production capacity, in excess of 10 mln bpd."
     He said the surplus capacity would lead to continued
volatility and called for "governmental and regulatory policies
in support of the domestic petroleum industry."
     Citing the costs recently imposed by the federal
government through the 1986 tax code changes and "Superfund"
legislation, Simon called for the repeal of the windfall
profits tax, total decontrol of natural gas and improved access
to federal lands for oil and gas exploration.
     Simon did not mention an oil import fee, which many in the
industry have called for as a way of building up the nation's
domestic operations before imports reach such a level that
national security might be compromised.
     In yesterday's report, the Energy Department said imports
could make up 50 pct of U.S. demand by 1995, adding that
Persian Gulf producers will provide as much as 65 pct of the
free world's total oil consumption by that date.
     Arguing that "oil is a political tool in every nation on
earth," Frank Pitts, chairman of 
<
Pitts Oil Co>, today called
for a variable oil import fee, among other measures, "before
the treacherous foothold of the Middle East is irreversible and
our national security is compromised."
     Royce Wisenbaker, Chairman of Wisenbaker Production Co,
agreed, saying that like many federal government programs that
were set up with good intentions, it would probably turn into a
"shambles."
     Wisenbaker added that he was optimistic for the future.
"For those of us who have managed to hold on, the worst is
over," he said.
     Roger Hemminghaus, President of Diamond Shamrock Refining
and Marketing Co, said he was "enthusiastic about the future,"
adding that he expected "an increase in profitability by
midyear."
 Reuter
3;
bodyend
documentend
documentstart
6723
topicstart
earn
topicend
bodystart
2;

NOVAR ELECTRONICS 
<
NOVR> SEES RESULTS IMPROVING


    BARBERTON, Ohio, March 18 - 
Novar Electronics corp said it
expects improved earnings this year due to a rapid expansion of
its Logic One computerized buolding management system customer
base and expectations of good crime deterrent business.
    The company today reported earnings for the year ended
January Three of 207,514 dlrs, up from 98,050 dlrs a year
before.
 Reuter
3;
bodyend
documentend
documentstart
6724
topicstart
topicend
bodystart
2;

BRALORNE RESOURCES IN AGREEMENT WITH LENDERS


    Calgary, Alberta, March 18 - 
<
Bralorne Resources Ltd> said
it reached agreement in principle with its long term lenders
for a debt rescheduling plan.
    When the agreements are finalized, Bralorne's debt
structure will be modified so that debt servicing requirements
match available cash flow for each of the next three years.
    During that period, principal payments will be deferred, if
necessary, and interest will be capitalized on a portion of the
long term debt, it said.
    Bralorne said it expects these agreements will enable the
company to operate within its cash flows and provide a stable
financial environment until the energy industry recovers.
 Reuter
3;
bodyend
documentend
documentstart
6725
topicstart
acq
topicend
bodystart
2;

MITSUI 
<
MITSY>, SECURITY PACIFIC 
<
SPC> SET PACT


    LOS ANGELES, March 18 - 
Mitsui and Co Ltd said it has
signed a letter of intent with Security Pacific Corp to buy 50
pct of Japan Security Pacific Finance Co Ltd, for an
undisclosed sum, to form a joint venture.
    Japan Security Pacific has assets of 200 mln dlrs.
    The joint venture will introduce various financial products
to the customer base of Mitsui and its group of companies, the
company said.
    Security Pacific will provide expertise in consumer and
commercial lending, as well as data processing support.
    Japan Security Pacific Finance is a wholly-owned subsidiary
of Security Pacific International Finance Inc, which is owned
by Security Pacific Corp.
    Security Pacific said in addition to originating consumer
and commercial loans and leases, the joint venture will market
related financial products and services.
 Reuter
3;
bodyend
documentend
documentstart
6726
topicstart
earn
topicend
bodystart
2;

CAROLINA POWER 
<
CPL> CANCELS GENERATING UNIT


    RALEIGH, N.C., March 18 - 
Carolina Power and Light Co said
its board has decided to cancel coal-fired Mayo Unit Two, the
second unit planned for its Mayo Plant in Person County, N.C.
    The company said the 690,000 kilowatt unit was only about
one pct complete and was scheduled for commercial service in
1992.
    Carolina Power said the status of the unit had been under
review because of a decision by the North Carolina
Environmental Management Commission that would have required
the unit to be equipped with expensive sulphur dioxide-removing
scrubbers.
    Carolina Power said Unit One, which has been in operation
since 1983, meets all air quality regulations without scrubbers
through the use of low-sulphur coal, and "The addition of
scrubbers to Mayo Unit Two would have produced only marginal
air quality improvements."
    The company said it will be able to purchase lower-cost
power from Duke Power Co 
<
DUK> for intermediate and peaking
purposes than the projected cost of power from Mayo Two with
scrubbers.  It said it will retain the Mayo Two site for later
development of a generating unit.
    Carolina Power said Mayo Two was projected to cost about
877 mln dlrs, including 200 mln dlrs for scrubbers.  "The
higher construction costs, plus higher operating costs, would
increase the cost of power produced by Mayo Unit Two with
scrubbers by about 90 mln dlrs per year."
    A company spokesman said the company has already spent
about 23 mln dlrs on Mayo Two. He said no estimate has yet been
made of the cost of canceling the plant, but the company does
not expect to take a charge against earnings.  He said Carolina
Power intends to include the cancellation costs in rate filings
it will make late this year or early next year.
 Reuter
3;
bodyend
documentend
documentstart
6729
topicstart
earn
topicend
bodystart
2;

ALLISON'S PLACE INC 
<
ALLS> 4TH QTR NET


    LOS ANGELES, March 18 -
Qtr ends Jan 31
    Shr seven cts vs 20
    Net 1,84,000 vs 387,000
    revs 9.1 mln vs 6.7 mln
    Avg shrs 2,804,752 vs 1,875,000
    12 mths
    shr 13 cts vs 33 cts
    Net 315,000 vs 627,000
    revs 32.4 mln vs 24.6 mln
    Avg shrs 2,475,943 vs 1,875,000
   
 Reuter
3;
bodyend
documentend
documentstart
6730
topicstart
earn
topicend
bodystart
2;

CAROLINA POWER AND LIGHT CO 
<
CPL> SETS PAYOUT


    RALEIGH, N.C., March 18 -
    
Qtly div 69 cts vs 69 cts prior
    Pay May One
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
6731
topicstart
acq
topicend
bodystart
2;

PURITAN-BENNETT 
<
PBEN> MAKES ACQUISITION


    OVERLAND PARK, Kan., March 18 - 
Puritan-Bennedtt Corp said
it has acquired a majority interest in Medicom Inc, which makes
a heart monitor for use in diagnosing heart disorders, for
undisclosed terms.
    The company said the device will be sold under the name
Companion Heart Monitor.
 Reuter
3;
bodyend
documentend
documentstart
6732
topicstart
earn
topicend
bodystart
2;

MURRAY OHIO 
<
MUR> SEES HIGHER FIRST QUARTER NET


    BRENTWOOD, Tenn., March 18 - 
Murray Ohio Manufacturing Co
said it expects first quarter earnings to be higher than the
year-ago 4,800,840 dlrs or 1.25 dlrs per share due to excellent
lawn and garden shipments.
    The company said bicycle sales were soft early in the
period, but recent orders and shipments have been running well
ahead of last year.
    It said it expects to meet analysts' projections of
earnings for the full year of 1.50 dlrs per share and it could
possibly exceed the estimate if orders continue strong.
 Reuter
3;
bodyend
documentend
documentstart
6733
topicstart
earn
topicend
bodystart
2;

DEL-VAL FINANCIAL CORP 
<
DVL> SETS PAYOUT


    BOGOTA, N.J., March 18 -
    
Mthly div 14-1/2 cts vs 14-1/2 cts prior
    Pay July One
    Record June 17
 Reuter
3;
bodyend
documentend
documentstart
6734
topicstart
earn
topicend
bodystart
2;

ENRON 
<
ENE> TO PAY DIVIDENDS ON PREFERRED


    HOUSTON, March 8 - 
Enron Corp said it will pay accrued
second quarter dividends on the three series of preferred stock
it will redeem on May 1.
    The company said it will pay second quarter accrued
dividends to the redemption date of 53 cts per share on the
6.40 pct stock, 56 cts on 6.84 pct and 70 cts on 8.48 pct.
 Reuter
3;
bodyend
documentend
documentstart
6735
topicstart
grain
corn
topicend
bodystart
2;

USSR CORN BUYING MAY BE 3.5 MLN TONNES--AMSTUTZ


    ****WASHINGTON, March 18 - 
The Soviet Union's recent corn
purchases from the United States could total as much as 3.5 mln
tonnes, U.S. Agriculture Undersecretary Daniel Amstutz said.
    "We are not sure how much (Soviets have bought) but we think
it could be as high as 3.5 mln tonnes," Amstutz told a House
Agriculture Appropriations Subcommittee.
    He added that China also will need to import more corn this
year than earlier anticipated, but he gave no figures.
 Reuter
3;
bodyend
documentend
documentstart
6737
topicstart
earn
topicend
bodystart
2;

ALLISON'S PLACE 
<
ALLS> SALES INCREASE IN FEBRUARY


    LOS ANGELES, March 18 - 
Allison's Place Inc president
Marvin Schenker said company-owned stores sales for February
increased 82 pct over the same period last year.
    He said comparable store sales in February increased 36
pct.
    The company, which owns and franchises a total of 237
clothing outlets where all articles cost six dlrs, will
increase that figure to seven dlrs starting March 1, Schenker
said.
    He said the impact of that boost will start to be felt in
the early part of the company's second quarter and continue
throughout the year.
    Schenker said costs of the company's merchandise will not
increase.
 Reuter
3;
bodyend
documentend
documentstart
6738
topicstart
earn
topicend
bodystart
2;

BORMAN'S INC 
<
BRF> 4TH QTR NET


    DETROIT, March 18 -
    
Shr 1.10 dlrs vs 1.33 dlrs
    Net 3,065,000 vs 3,730,000
    Sales 273.9 mln vs 241.0 mln
    Year
    Shr 3.27 dlrs vs 2.62 dlrs
    Net 9,168,000 vs 7,338,000
    Sales 1.07 billion vs 987.2 mln
    NOTE: Fiscal 1987 net includes tax credits of 10 cts for
the fourth quarter and 1.04 dlrs for the year compared with 43
cts and 85 cts in the respective periods of fiscal 1986.
 Reuter
3;
bodyend
documentend
documentstart
6739
topicstart
earn
topicend
bodystart
2;

(CORRECTED)-BANKERS TRUST NEW YORK 
<
BT> PAYOUT


    NEW YORK, March 18 -
    
Qtly div 41-1/2 cts vs 41-1/2 cts prior
    Pay April 25
    Record March 31
    NOTE: Full name Bankers Trust New York Corp.
    (Company corrects pay date, April 25, not April 28 in story
that ran yesterday.

 Reuter
3;
bodyend
documentend
documentstart
6740
topicstart
earn
topicend
bodystart
2;

NE ELECTRIC 
<
NES> AUDITORS QUALIFY ANNUAL REPORT


    NEW YORK, March 18 - 
New England Electric System's auditors
have again qualified the utility's annual report because of
uncertainty about whether its oil and gas subsidiary can
recover its investments.
    The qualification was noted in the annual report which New
England Electric released at a security analysts meeting today.
The auditors also qualified the company's 1985 report for the
same reason, noting the sharp drop in oil and gas prices in
early 1986.
    President Samuel Huntington told analysts the utility will
have to take a write-down of about 235 mln dlrs if Federal
regulators do not allow the company to pass on the losses cited
by the accountants to its rate payers.
 Reuter
3;
bodyend
documentend
documentstart
6741
topicstart
earn
topicend
bodystart
2;

CORRECTED - FEDERAL PAPER 
<
FBT> RAISES PAYOUT


    MONTVALE, N.J., March 18 -
    
Qtly div 17-1/2 cts vs 17-1/4 cts
    Pay April 15
    Record March 31
    NOTE: Full name Federal Paper Board Co.
    (Corrects headline and dividend figure in item appearing
March 17 to show dividend was raised.)

 Reuter
3;
bodyend
documentend
documentstart
6742
topicstart
crude
nat-gas
earn
topicend
bodystart
2;

NE ELECTRIC SEES HIGHER CONSTRUCTION OUTLAYS


    NEW YORK, March 18 - 
New England Electric System 
<
NES>
expects its cash construction spending to reach 205 mln dlrs
this year, up from 188 mln dlrs in 1986, the utility said in
material distributed at an analysts meeting.
    It said spending is expected to advance to 215 mln dlrs in
1988 and 220 mln dlrs in 1989.
    The utility said these totals exclude spending on New
England Hydro-Transmission being built to import electricity
from Quebec Hydro. New England Electric is the operator of this
venture as well as owning 51 pct of the project.
    The venture expects to spend 65 mln dlr this year, 105 mln
dlrs next year and 125 mln dlrs in 1989 to build transmission
lines from northern Quebec into New England, the utility said.
    New England Electric said internally generated funds will
cover all of its power plant construction costs this year and
65 pct of the 108 mln dlrs its retail distribution units plan
to spend in 1987.
    The company said it also expects to spend 60 mln dlrs on
its oil and gas activities this year, adding internally
generated funds are expected to provide 85 pct of this total.
    New England Electric said it plans to issue 30 mln dlrs
worth of pollution control bonds in 1987 and retire additional
higher cost preferred stock. Its Granite State Electric unit
plans to issue five mln dlrs of long term notes early this year
as well.
    The company said it does not plan to offer common shares
this year or in the foreseeable future, but expects to raise
about 40 mln dlrs in equity through the sale of stock under its
dividend reinvestment plan and employee share plans.
    President Samuel Huntington told the analysts the
construction spending projection is based on the expectation
that demand for electricity in the New England electric system
will grow about two pct a year for the next 15 years.
    However, the utility cannot ignore the potential for
sharper growth, he said, pointing out that demand was up 5.2
pct in 1986 and 4.7 pct per year in the past four years.
    He attributed this growth to declining electricity prices
and a strong New England economy.
    Huntington said New England Elecetric has "all but rejected
new coal fired plants" to supply additional power.
    He said the most attractive new power supplies are those
with short lead times which can be built in modules.
    Later, vice president Glenn Schleede said the utility is
looking at gas-fired, combined cycle generating units to supply
most of its new power needs, but has not rejected coal-fired
fluidized bed units.
    He explained that fluidized bed technology is available in
modular units, adding that Huntington was referring to the
traditional coal-fired plant which burns pulverized coal.
 Reuter
3;
bodyend
documentend
documentstart
6743
topicstart
earn
topicend
bodystart
2;

RADA ELECTRONIC INDUSTRIES
<
RADIF> NINE MTHS NET


    NEW YORK, March 18 - 
Ended December 31
    Shr three cts vs nine cts
    Net 220,000 vs 721,000
    Revs 4,920,000 vs 4,184,000
    Avg shrs 6,425,925 vs 6,599,000
    NOTE: Full name Rada Electronic Industries Ltd.
 Reuter
3;
bodyend
documentend
documentstart
6744
topicstart
grain
wheat
topicend
bodystart
2;

U.S. WHEAT GROWERS SET STATE DEPT TRADE MEETING


    WASHINGTON, March 18 - 
The National Association of Wheat
Growers, NAWG, board of directors is scheduled to meet
Secretary of State George Schultz and Undersecretary of State
Allen Wallis to discuss the Department's current role in farm
trade policy, the association said.
    NAWG President Jim Miller said in a statement that the
organization wanted to convey to Secretary Schultz the
importance that exports hold for U.S. agriculture and the
degree to which farmers are dependent upon favorable State
Department trade policies to remain profitable.
    "Foreign policy decisions of the U.S. State Department have
in the past severely hampered our efforts to move our product
to overseas markets," he said.
    Miller noted Secretary Schultz is scheduled to meet next
month with representatives of the Soviet Union, and the NAWG
"wanted to be certain the secretary was aware of our concerns
regarding the reopening of wheat trade with the Soviet Union."
    The annual spring NAWG board of directors meeting is held
in Washington to allow grower-leaders from around the country
to meet with their state congressional delegations and members
of the executive branch.
    The purpose is to discuss the current situation for
producing and marketing wheat and help set the legislative and
regulatory agenda for the coming year, the NAWG statement said.
 Reuter
3;
bodyend
documentend
documentstart
6746
topicstart
crude
topicend
bodystart
2;

DOE SECRETARY PROPOSES OIL TAX INCENTIVES


    WASHINGTON, March 18 - 
Energy Secretary John Herrington
said he will propose tax incentives to increase domestic oil
and natural gas exploration and production to the Reagan
Administration for consideration.
    "These options boost production, while avoiding the huge
costs associated with proposals like an oil import fee,"
Herrington told a House Energy subcommittee hearing. "It is my
intention to submit these proposals to the domestic policy
council and the cabinet for consideration and review."
    "The goal of the Administration policies is to increase
domestic production. I would like to shoot for one mln barrels
a day," he said.
    The proposals were based on a DOE study released yesterday
warning the United States was threatened by a growing
dependence on oil imports.
    "We project free world dependence on Persian Gulf oil at 65
pct by 1995," Herrington said.
 Reuter
3;
bodyend
documentend
documentstart
6747
topicstart
earn
topicend
bodystart
2;

CHILDREN'S DISCOVERY 
<
CDCRA> 4TH QTR LOSS


    NEW YORK, March 18 - 
    
Shr loss 18 cts vs profit six cts
    Net loss 509,471 vs profit 163,840
    Revs 2,623,974 vs 1,835,580
    12 mths
    Shr loss 18 cts vs profit 10 cts
    Net loss 494,352 vs profit 173,948
    Revs 10.1 mln vs 3,551,429
    NOTE: 4th qtr loss reflects 290,000 dlrs of non-recurring
expenses related to senior management changes.
    Full name of company is Children's Discovery Centers of
America Inc.
 Reuter
3;
bodyend
documentend
documentstart
6748
topicstart
earn
topicend
bodystart
2;

CPI CORP 
<
CPIC> TO POST HIGHER 1986 RESULTS


    ST. LOUIS, March 18 - 
CPI Corp said it expects to post
higher sales and earnings for its fiscal year ended February 7
when it officially reports results in three weeks.
    It said preliminary figures show total sales of 258 mln
dlrs, up 30 pct from 198 mln dlrs in its 1985 fiscal year. Net
earnings from continuing operations rose to 18 mln dlrs, up
almost 31 pct from 13.9 mln dlrs, while per share earnings from
continuing operations were 2.22 dlrs, up 23 pct from 1.80 dlrs.
There were 552,500 additional shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
6750
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE AFG 
<
AFG> AND GENCORP 
<
GY>


    NEW YORK, March 18 - 
Standard and Poor's Corp said it may
downgrade AFG Industries Inc and GenCorp Inc because a
partnership affiliated with AFG and Wagner and Brown made a 2.2
billion dlr tender offer to acquire GenCorp.
    AFG has 185 mln dlrs of BB-plus subordinated debt and
GenCorp carries 100 mln dlrs of same-rated subordinated debt.
    Financing terms of the proposed acquisition are unknown,
including AFG's equity contribution to the partnership. S and P
said AFG's appetite for substantial acquisitions is aggressive.
The tender offer would likely heighten financial risk and
increase leverage for GenCorp, S and P said.
 Reuter
3;
bodyend
documentend
documentstart
6751
topicstart
grain
wheat
topicend
bodystart
2;

JAMAICA AUTHORIZED TO BUY PL 480 WHEAT - USDA


    WASHINGTON, March 18 - 
Jamaica has been authorized to
purchase about 56,000 tonnes of U.S. wheat under an existing PL
480 agreement, the U.S. Agriculture Department said.
    It may buy the wheat, valued at 7.0 mln dlrs, between March
25 and August 341 and ship it from U.S. ports and/or Canadian
transshipment points by September 30, 1987.
 Reuter
3;
bodyend
documentend
documentstart
6752
topicstart
earn
topicend
bodystart
2;

LAIDLAW TRANSPORTATION 
<
LDMFA> SEES BETTER YEAR


    Montreal, March 18 - 
Laidlaw Transportation Ltd said
earnings per share for the current fiscal year should increase
by "substantially more" than the 30 pct average annual growth
experienced in the last four years.
    Revenues for the year ended August 31 will be about 1.2
billion dlrs, including GSX Corp, the U.S. waste services unit
acquired from Imasco Ltd last year for 358 mln dlrs, Laidlaw
president Michael de Groote told analysts.
    Last year, Laidlaw had operating earnings of 66.2 mln dlrs,
or 63 cts per share, on revenues of 717.8 mln dlrs.
    De Groote also said the company expects "excellent results"
in the second quarter ended February 28, but would not be more
specific.
    He said his revenue estimate for fiscal 1987 does not
include possible further acquisitions and said that the
addition of GSX will produce increasing benefits in fiscal 1988
through fiscal 1990.
    De Groote said the increased earnings in the previous four
quarters was due partly to internal growth of about 15 pct. The
rest came from acquisitions, he said.
    Laidlaw expects to sell a small rubber recycling operation,
a subsidiary of GSX, within the next few weeks, but this will
not make any material contribution to earnings, de Groote said.
    He also said he is "not very optimistic" about the ongoing
negotiations to buy 50 pct of Tricil Ltd, a Toronto-based
chemical and solid waste services company with Canadian and
U.S. operations, from 
<
Trimac Ltd> of Calgary.
    De Groote said that, regardless of the outcome of the
proposed Tricil acquisition, Laidlaw will decide within the
next 30 days whether to stay in the North American chemical
waste business through GSX Corp.
    "We feel it is a profitable business with good growth
potential and we now want to stay in it if we can get the right
management," de Groote said.
    Laidlaw financed the acquisition of GSX by its U.S.
subsidiary, Laidlaw Transportation Inc, with the proceeds of a
200 mln Canadian dlr preferred stock issue and borrowing.
    De Groote said the company will gain about 138 mln dlrs in
cash by August 31 from the exercise of warrants.
    De Groote also said waste services in fiscal 1987 will
represent about 49 pct of revenues, school buses will
contribute 49 pct and trucking about two pct.
    The trucking subsidiary in western Canada is performing
well and there are no plans to sell it, he said.
    He would not estimate the contribution of each segment to
earnings per share for the year. He also said that further
acquisitions of school bus operations in the U.S. are likely
within the next few months.
 Reuter
3;
bodyend
documentend
documentstart
6753
topicstart
topicend
bodystart
2;

HYPONEX 
<
HYPX> SELLS DEBENTURES AT 11.828 PCT


    NEW YORK, March 18 - 
Hyponex Corp is raising 150 mln dlrs
through an offering of senior subordinated debentures due 1999
yielding 11.828 pct, said sole underwriter Drexel Burnham
Lambert Inc.
    The debentures have an 11-3/4 pct coupon and were priced at
99.50, Drexel said.
    The issue is non-callable for five years. There were no
ratings by Moody's Investors Service Inc or Standard and Poor's
Corp at the time of the pricing, Drexel said. Hyponex said
proceeds will be used mainly to finance acquisitions of assets
and businesses.
 Reuter
3;
bodyend
documentend
documentstart
6757
topicstart
trade
topicend
bodystart
2;

PERU SHORT-TERM TRADE LINES RISE TO 430 MLN DLRS


    Lima, march 18 - 
peru's short-term foreign trade credit
lines have more than doubled to 430 mln dlrs under president
alan garcia's 20-month administration.
    Central bank general manager hector neyra told reporters 
that many of the credits were for 90-day terms and could be
used several times a year.
    The trade credits stood at 210 million dollars when garcia
took office on july 28, 1985, and announced foreign debt
payments would be limited to 10 pct of export earnngs.
    Neyra told reuters that peru was current on interest
payments on short-term debt, including the trade credit lines
and on about 750 million dollars in so-called  "working capital"
credits.
    Neyra did not specify the source of the trade credit lines.
 Reuter
3;
bodyend
documentend
documentstart
6758
topicstart
gnp
topicend
bodystart
2;

BRAZIL'S GDP GREW 8.2 PCT LAST YEAR


    RIO DE JANEIRO, March 18 - 
Brazil's Gross Domestic Product,
GDP, rose by 8.2 pct in real terms last year following an 8.3
pct increase in 1985, the Geography and Statistics Institute
said.
    In money terms this equalled 3.6 trillion Cruzados, giving
per capita GDP of 26,120 Cruzados, or 1.6 pct above the level
achieved in 1980 before the recession of 1981-1983, the
Institute said in a statement.
    Agricultural output, hit by adverse weather, fell by 7.3
pct last year led by coffee production which was 46 pct down.
    Industry grew 12.1 pct, including capital goods by 21.6 pct
and consumer goods by 20.3 pct, while services were up 8.3 pct.
 Reuter
3;
bodyend
documentend
documentstart
6759
topicstart
earn
topicend
bodystart
2;

ENSOURCE INC 
<
EEE> 4TH QTR LOSS


    HOUSTON, March 18 -
    
Shr loss 60 cts vs loss 6.50 dlrs
    Net loss 2,012,000 vs loss 21.9 mln
    Revs 8.6 mln vs 13.5 mln
    Year
    Shr loss 1.04 dlrs vs loss 5.96 dlrs
    Net loss 3.5 mln vs loss 20.2 mln
    Revs 36.6 mln vs 52.1 mln
 Reuter
3;
bodyend
documentend
documentstart
6760
topicstart
crude
nat-gas
topicend
bodystart
2;

MEXICAN HYDROCARBON RESERVES FALL SLIGHTLY IN 1986


    Mexico city, march 18 - 
mexico's proven reserves of liquid
hydrocarbons at end-1986 were 70 billion barrels, slightly down
from 70.9 billion a year ago and 71.75 billion in 1984, the
state oil company petroleos mexicanos (pemex) announced.
    Reserves were just 5.77 billion barrels in 1974, rose
sharply to 40.19 billion in 1978 and flattened out at 72
billion in both 1981 and 1982.
    In its annual report, pemex said average crude output in
1986 was 2.43 mln barrels per day, 202,000 bpd down on 1985.
Average exports were 1.29 mln bpd, down from 1.44 mln bpd.
    The company did not say what percentage of hydrocarbons was
crude oil, but has previouly said it was about 48 pct.
    Natural gas output in 1986 was 3.43 billion cubic feet per
day, down from 3.6 billion in 1985.
    Due mainly to the fall in oil prices to around 12 dlrs from
25 dlrs in the year, 58 wells, both exploratory and production,
were suspended, 38 of them in less productive areas than the
offshore campeche fields which accounted for 64 pct of
production.
 Reuter
3;
bodyend
documentend
documentstart
6761
topicstart
earn
topicend
bodystart
2;

GREAT LAKES FEDERAL 
<
GLFS> HIKES DIVIDEND


    ANN ARBOR, MICH., March 18 - 
    
Qtly div 15 cts vs 10 cts prior qtr
    Pay 17 April
    Record 3 April
    NOTE: Great Lakes Federal Savings and Loan is full name of
company.
 Reuter
3;
bodyend
documentend
documentstart
6762
topicstart
earn
topicend
bodystart
2;

MURRAY OHIO 
<
MYO> SEES HIGHER 1ST QTR EARNINGS


    BRENTWOOD, Tenn., March 18 - 
The Murray Ohio Manufacturing
Co said it expects first quarter earnings to be higher than the
4,800,840 dlrs, or 1.25 dlrs per share, it recorded for the
first quarter of last year.
    The company, which produces lawn mowers and bicycles, said
earnings are ahead of last year due to increased lawn and
garden shipments in January and February and a record-setting
pace in March.
 Reuter
3;
bodyend
documentend
documentstart
6763
topicstart
earn
topicend
bodystart
2;

ALLEGHANY CORP 
<
Y> DECLARES 1987 DIVIDEND


     NEW YORK, March 18 - 
Alleghany Corp said its board 
declared a stock dividend of one share of its common for every
50 shares outstanding, as the company's dividend on its company
for 1987.
    It said the dividend will be distributed on April 30, to
holders of record on March 30.
    Alleghany said cash will be paid in lieu of any fractional
shares of its stock.
 Reuter
3;
bodyend
documentend
documentstart
6764
topicstart
interest
topicend
bodystart
2;

HOUSE SUBCOMMITTEE VOTES CREDIT CARD RATE CAP


    WASHINGTON, March 18 - 
A House Banking subcommittee has
approved legislation to limit the interest rates charged by
banks and other credit card issuers.
    The Consumer Affairs and Coinage subcommittee bill would
limit credit card interest rates at eight percentage points
above the yield on one-year Treasury securities.
    If in effect now, the bill would limit credit card rates to
13.8 pct compared to a nation-wide average of 18 pct, the
subcommittee said.
    The bill now goes to the full House Banking committee for
further action.
 Reuter
3;
bodyend
documentend
documentstart
6765
topicstart
earn
topicend
bodystart
2;

PREMIER INDUSTRIAL CORP 
<
PRE> 3RD QTR NET


    CLEVELAND, March 18 - 
Ended Feb 28
    Shr 39 cts vs 35 cts
    Net 11.5 mln vs 10.4 mln
    Revs 111.0 mln vs 104.6 mln
    Nine mths
    Shr 1.16 dlrs vs 1.04 dlrs
    Net 34.3 mln vs 30.8 mln
    Revs 335.2 mln vs 320.0 mln
    Avg shrs 26.7 mln vs 29.6 mln
 Reuter
3;
bodyend
documentend
documentstart
6767
topicstart
acq
topicend
bodystart
2;

UNION 
<
UCO> TO SELL UNION FLONETICS UNIT


    SOUTH NORWALK, Conn., March 18 - 
Union Corp said it agreed
in principle to sell its Union Flonetics Corp subsidiary to
Irvin Kaplan, a Houston investor.
    The unit makes valves and marine specialty equipment for 
the military. Kaplan is also controlling shareholder of 
<
Hunt
Valve Co Inc>.
    The amount of the cash transaction, expected to close in
April, was not disclosed.

 Reuter
3;
bodyend
documentend
documentstart
6768
topicstart
topicend
bodystart
2;

KEYCORP 
<
KEY> SELLS SUBORDINATED CAPITAL NOTES


    NEW YORK, March 18 - 
KeyCorp is offering 75 mln dlrs of
subordinated capital notes due 1999 with an 8.40 pct coupon and
par pricing, said sole manager First Boston Corp.
    That is 122 basis points more than the yield of comparable
Treasury securities.
    Non-callable for life, the issue is rated A-3 by Moody's
Investors Service Inc and A-minus by Standard and Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
6770
topicstart
earn
topicend
bodystart
2;

U.S. BANK INCOME SHOWS FIRST DROP IN 25 YEARS


    WASHINGTON, March 18 - 
Problems in the farmbelt and
oilpatch regions contributed to the first decline in overall
income for U.S. banks in a quarter century, the Federal Deposit
Insurance Corp (FDIC) said.
    The nation's 14,181 commercial banks had net income of 17.8
billion dlrs in 1986, down slightly from 1985's record 18.1
billion dlrs.
    The total was still the second highest ever reported, but
it was the first time income had not grown since 1961.
    The figures reflected a radical split in the health of
banks in the two halves of the country, the FDIC said.
    In the East, one in 12 banks had losses last year, while
one in four banks west of the Mississippi River had losses.
    Nationwide, one out of five banks reported losses, the FDIC
said in the first of a new series of quarterly banking profiles
it planned to issue.
    "I don't remember a time when there was such a clear
distinction by geographic area," FDIC Chairman William Seidman
told reporters.
    He said that while the figures were not good, they showed
the problem did not lie with the banking system as a whole but
with regional differences in economic performance.
    Some 44 banks have failed so far this year, twice as many
as failed by this time a year ago, but Seidman said he doubted
the pace would continue. 
    On a positive note, banks increased capital to a record 208
billion dlrs last year, and there has been a slowing in the
number of new problem banks in all regions except the
Southwest, Seidman said.
    Banks' provision for losses from bad loans in the fourth
quarter increased to 21.7 billion dlrs, a 23 pct rise from a
year ago.
    Large banks -- those with assets of one billion dlrs or
more -- reporting fourth-quarter losses totaled 22, the FDIC
said.
    Seidman said it was too early to say what effect Brazil's
moratorium on debt interest payments would have on U.S. banks.
    He said bank deregulation had given managers more freedom
to run their banks and that an increase in failures was to be
expected.
    But this freedom from regulatory restraints also has meant
other banks that were better managed have gotten stronger,
Seidman said.
 Reuter
3;
bodyend
documentend
documentstart
6771
topicstart
earn
topicend
bodystart
2;

SOMERSET SAVINGS BANK 
<
SOSA> 4TH QTR FEB 28 NET


    SOMERVILLE, Mass., March 18 -
    
Shr 55 cts vs NA
    Net 2,512,000 vs 773,000
    Year
    Net 7,123,000 vs 3,098,000
    Assets 417.7 mln vs 251.1 mln
    Deposits 329.4 mln vs 230.1 mln
    Loans (net) 366.1 mln vs 205.2 mln
    NOTE: Some per shr amounts not available as company
converted to public ownership in July 1986.
 Reuter
3;
bodyend
documentend
documentstart
6773
topicstart
earn
topicend
bodystart
2;

VESTAR SECURITIES INC 
<
VES> SETS PAYOUT


    PHILADELPHIA, March 18 -
    
Qtrly div 30.1 cts vs 34.1 cts prior
    Pay April 14
    Record March 31
    NOTE: company said prior qtr includes end of year
additional four cts dividend.
 Reuter
3;
bodyend
documentend
documentstart
6774
topicstart
earn
topicend
bodystart
2;

AMERITECH 
<
AIT> REGULAR DIVIDEND SET


    CHICAGO, March 18 -
    
Qtly div 1.25 dlrs vs 1.25 dlrs
    Pay May 1
    Record March 31
    NOTE: Full name is American Information Technologies Corp
 Reuter
3;
bodyend
documentend
documentstart
6775
topicstart
topicend
bodystart
2;

COCA-COLA BOTTLING 
<
COKE> FILES TO OFFER NOTES


    DALLAS, March 18 - 
Coca-Cola Bottling Group Inc said it
filed with the Securities and Exchange Commission to offer 125
mln dlrs of subordinated notes due 1997 through Salomon
Brothers Inc.
    Proceeds will be used to repay outstanding debt incurred to
finance recent acquisitions, the soft drink bottler said.
 Reuter
3;
bodyend
documentend
documentstart
6776
topicstart
earn
topicend
bodystart
2;

HARTFORD NATIONAL CORP 
<
HNAT> DECLARES DIVIDEND


    HARTFORD, Conn., March 18 -
    
Qtly div 30 cts vs 30 cts prior
    Pay April 20
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6777
topicstart
earn
topicend
bodystart
2;

ARKANSAS BEST CORP 
<
ABZ> DECLARES QTLY DIVIDEND


    FORT SMITH, Ark., March 18 -
    
Qtly div nine cts vs nine cts prior
    Pay April 13
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
6778
topicstart
earn
topicend
bodystart
2;

AUDITORS LIFT QUALIFICATION ON PS INDIANA 
<
PIN>


    INDIANAPOLIS, IND., March 18 - 
Auditors for Public Service
Co of Indiana Inc lifted a qualification, in effect for two
years, on its 1986 financial results, according to the
company's annual shareholders' report.
    PSI's report was qualified in 1984 and 1985 when its
auditors, Arthur Andersen and Co, questioned the utility's
ability to recover costs of its Marble Hill nuclear power plant
and to extend the maturity of its credit agreement.
    The company wrote off 141 mln dlrs of Marble Hill costs in
November, 1986 and repaid its final 20 mln dlrs in debt in
October, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
6779
topicstart
earn
topicend
bodystart
2;

MARSHALL INDUSTRIES 
<
MI> 3RD QTR FEB 28 NET


    EL MONTE, Calif., March 18 -
    
Shr 14 cts vs 12 cts
    Net 1,017,000 vs 877,000
    Sales 68.1 mln vs 61.2 mln
    Nine Mths
    Shr 40 cts vs 17 cts
    Net 2,986,000 vs 1,215,000
    Sales 205.3 mln vs 174 mln
    Note: Per share figure reflects two-for-one stock split of
July 1986.
 Reuter
3;
bodyend
documentend
documentstart
6780
topicstart
topicend
bodystart
2;

MOODY'S MAY DOWNGRADE AFG 
<
AFG>, GENCORP 
<
GY>


    NEW YORK, March 18 - 
Moody's Investors Service Inc said it
may downgrade the debt of AFG Industries Inc and GenCorp Inc.
    The rating agency cited a 2.2 billion dlr tender offer for
GenCorp by General Acquisitions Inc, a unit of a partnership
affiliate of AFG and Wagner and Brown.
    Moody's said it would study the proposed acquisition's
effects on GenCorp's cash flow and debt protection measures and
on AFG's financial condition. It will also review implications
of any defensive actions by GenCorp.
    AFG has Ba-1 senior subordinated debt and Ba-2 convertible
subordinated debt. GenCorp has Ba-2 subordinated debt.
                                         
 Reuter
3;
bodyend
documentend
documentstart
6782
topicstart
topicend
bodystart
2;
******
S/P AFFIRMS RATINGS ON ATT'S SEVEN BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
6783
topicstart
earn
topicend
bodystart
2;

FINANCIAL BENEFIT GROUP INC 
<
FBGI> YEAR LOSS


    BOCA RATON, Fla., March 18 -
    
Shr loss 11 cts vs loss 48 cts
    Net loss 254,000 vs loss 784,000
    NOTE: Includes realized gains of one mln dlrs versus
840,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6784
topicstart
earn
topicend
bodystart
2;

ARKANSAS BEST 
<
ABZ> SEES LOWER FIRST QTR NET


    FORT SMITH, Ark., March 18 - 
Arkansas Best Corp said its
1987 first quarter earnings will be significantly lower than
fully diluted earnings of 22-1/2 cts per share in last year's
first quarter.
    The company said pricing competition and lower traffic
levels in the motor carrier industry hurt its first quarter
results.
    However, the company said its furniture and tire operations
are more profitable this year than last year.
    Arkansas Best also said that if the industry sustains the
upcoming 2.9 pct motor carrier rate hike it will offset the
Teamster labor increase scheduled for April 1.
    It said the labor increase then will be 3.2 pct for ABF
Freight System, its largest unit.
 Reuter
3;
bodyend
documentend
documentstart
6785
topicstart
earn
topicend
bodystart
2;

URS CORP 
<
URS> 1ST QTR JAN 31 NET


    SAN MATEO, Calif., March 18 -
    
Shr primary 29 cts vs 26 cts
    Shr diluted 27 cts vs 23 cts
    Net 1,500,000 vs 1,008,000
    Revs 30 mln vs 23.1 mln
    Avg shrs pimary 5,254,000 vs 3,821,000
 Reuter
3;
bodyend
documentend
documentstart
6787
topicstart
earn
topicend
bodystart
2;

TIE/COMMUNICATIONS INC 
<
TIE> 4TH QTR LOSS


    SHELTON, Conn., March 18 -
    
Oper shr loss 1.28 dlrs vs loss 59 cts
    Oper net loss 46.0 mln vs loss 21.1 mln
    Revs 63.9 mln vs 77.8 mln
    12 mths
    Oper shr loss 1.65 dlrs vs loss 2.09 dlrs
    Oper net loss 59.3 mln vs 75.0 mln
    Revs 298.2 mln vs 321.3 mln
    NOTE: for the qtr and yr 1986, loss reflects pretax loss of
45.0 mln and 55.5 mln, which included a writedown of inventory
and restructuring charges amounting to 37.1 mln and 37.9 mln,
and a tax gain of 940,000 and 3,094,000.
    For the qtr and yr 1985, loss consisted of a pretax loss of
23.9 mln and 102.3 mln which included a writedown of inventory,
restructuring charges and loss on the sale of a division
amounting to 13.0 mln and 61.0 mln, and a tax gain of 3,036,000
and 28.5 mln.
    qtr 1985, excludes estimated loss 3,354,000 for disposal of
HCL Leasing Corp sold July 1986, as well as its operating
results prior to this date.
    year current and prior excludes loss 1,543,000, and
2,859,000, respectively, for estimated loss on disposal of HCL
Leasing Corp.
    qtr and year current excludes foreign tax 312,000, and
1,179,000, respectively, which payment would have been required
in the absence of foreign operating loss carryforwards from
prior years.
 Reuter
3;
bodyend
documentend
documentstart
6788
topicstart
acq
topicend
bodystart
2;

U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVER


    WASHINGTON, March 18 - 
A U.S. House subcommittee voted to
give President Reagan authority to block foreign takeovers of
U.S. companies similar to the takeover of Fairchild
Semiconductor Corp. by Fujitsu Ltd which was withdrawn.
    The Energy and Commerce Subcommittee on Commerce approved
as an amendment to the overall House trade bill a provision
giving Reagan the power to block sales to foreign companies if
the sale was not in the national or economic interest.
    The subcommittee rejected a proposal requiring the U.S. to
pay investors one pct for the right to hold their gold
investments in government storage. His amendment called for the
government to sell gold coins and gold-backed bonds with
maturities of 30 to 50 years to investors to reduce the federal
debt.
 Reuter
3;
bodyend
documentend
documentstart
6789
topicstart
acq
topicend
bodystart
2;

SIEBE COMPLETES ACQUISTION OF RANCO 
<
RNI>


    NEW YORK, March 18 - 
<
Siebe Plc> of the U.K. said it
completed the acquisition of Ranco Inc, following approval by
Ranco shareholders.
    According to the terms of the deal, Ranco holders will
receive 40 dlrs a share in cash. Ranco will be transferred to
one of Siebe's U.S. subsidiaries, Robertshaw Controls Co.
    Ranco produces automatic control devices and power controls
that regulate temperature, pressure, time sequencing, current,
fluid flow and humidity. Its Teccor unit makes a specialized
line of semiconductors.
 Reuter
3;
bodyend
documentend
documentstart
6790
topicstart
earn
topicend
bodystart
2;

<
HAWKER SIDDELEY CANADA INC> YEAR NET


    TORONTO, March 18 -
    
Shr 1.06 dlrs vs 1.54 dlrs
    Net 9,455,000 vs 13.4 mln
    Sales 418.7 mln vs 422.0 mln
    Note: 59 pct owned by Hawker Siddeley Group PLC
 Reuter
3;
bodyend
documentend
documentstart
6791
topicstart
crude
topicend
bodystart
2;

NO IMMEDIATE PLANS TO CLOSE REFINERY - ESSO SAF


    PARIS, March 18 - 
ESSO SAF 
<
ESSF.PA>, the French subsidiary
of Exxon Corp 
<
XON>, said it had no immediate plans to shut
down one of its two refineries. Exxon's new president Lee R.
Raymond said earlier that it could decide to close a French
refinery.
    An ESSO SAF spokesman said a closure was a hypothesis that
depended on the evolution of the market and refineries' ability
to make money. He said Port Jerome west of Paris and Fos sur
Mer on the Mediterranean had benefitted from new investment
over 1985-86 and had last year broken even after stock losses.
    The Port Jerome refinery has an annual production capacity
of seven mln tonnes while Fos sur Mer's is five mln, the
spokesman added.
    Industry sources said the easiest plant to dispose of would
be Fos sur Mer because it is a single refinery, while the Port
Jerome refinery is attached to a wider complex comprising a
petrochemical plant and a lubricant production plant.
    Raymond was quoted as saying in a published interview that
Exxon was reviewing its worldwide refinery operations and might
decide to close one of its French refineries.
 Reuter
3;
bodyend
documentend
documentstart
6792
topicstart
topicend
bodystart
2;

S/P AFFIRMS RATINGS ON ATT 
<
T> DEBT


    NEW YORK, March 18 - 
Standard and Poor's Corp said it
affirmed the ratings on seven billion dlrs of debt and
preferred stock of American Telephone and Telegraph Co.
    It said that despite flat revenues, ATT's interexchange
business and strong cash flow should sustain the current level
of debtholder protection for the next several years.
    But ATT's overall competitive risk continues to grow as it
extends beyond its traditional business area, S and P noted.
Affirmed were ATT's AA debentures and preferred stock and
A-1-plus commercial paper, and Pacific Telephone and Telegraph
Co's AA debt which ATT assumed at divestiture.
 Reuter
3;
bodyend
documentend
documentstart
6794
topicstart
earn
topicend
bodystart
2;

TEL OFFSHORE TRUST 
<
TELOZ> UPS QUARTERLY PAYOUT


    HOUSTON, March 18 -
    
Qtly distribution 43.5884 cts vs 37.2427 cts in prior qtr
    Payable April 10
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6796
topicstart
topicend
bodystart
2;

LATIN AMERICA SEEKS NEW APPROACH TO DEBT


     San jose, march 18 - 
The 25-nation Latin American Economic
System (SELA) has presented a document calling for a new
strategy to cope with Latin America's crushing debt and
faltering growth.
    SELA presented the document to a week-long conference of
latin american financial and economic experts, meeting to lay
the groundwork for this year's annual meeting of the united
nations conference on trade and development (unctad).
    SELA called for new efforts to break "the vicious circle of
debt, stagnation and productive retrogression the region has
been immersed in since the beginning of the decade."
    The alterantives to existing approaches for dealing with
the region's crushing foreign debt must include greater
concessions from creditors, according to sela.
    Radical concessions such as debt writedowns and schemes to
tie payments to real income must all be considered, the sela
document stresses.
    It notes that other favorable strategies include foreign
investment/debt equity swaps, already successfully experimented
with in some countries.
    Other policies recommended include more realistic exhange
rates and more producive capital investment programs.
    The sela document is expected to be approved by delegates
from all 26 latin american and caribbean nations meeting here
until friday.
    It will be submitted again for approval by developing
nations belonging to the so-called group of 77 scheduled to
meet next month in havana, cuba.
    At the havana meeting delegates from latin america, asia
and africa will attempt to hammer out a common position for
presentation at unctad's annal meeting next july in geneva.
 Reuter
3;
bodyend
documentend
documentstart
6797
topicstart
earn
topicend
bodystart
2;

EMHART CORP 
<
EMH> SET TO INCREASE EARNINGS


    BOSTON, March 18 - 
Emhart Corp said it plans to increase
worldwide revenues and earnings at an annual compounded growth
rate of 15 pct and about 13 pct, respectively.
    It said these objectives were based on several assumptions,
including a four pct average inflation rate through 1989 and a
two pct to three pct GNP real growth.
    In 1986, Emhart reported a net loss of 10 mln dlrs or 35
cts a share, after a 90 mln after-tax restructuring charge,
which realigned the company's assets.
    Emhart has divested itself of many of its units to focus on
three primary markets--industrial products, consumer products,
and information and electronic systems.
    Emhart said industrial products should account for about 62
pct of projected 1987 revenues of 2.3 billion dlrs, while
consumer products should account for about 20 pct of those
revenues and information and electronic systems about 18 pct.
 Reuter
3;
bodyend
documentend
documentstart
6798
topicstart
fuel
topicend
bodystart
2;

BELCHER TO RAISE HEAVY FUELS PRICES


    NEW YORK, March 18 - 
The Belcher Co of New York, a
subsidiary of Coastal Corp 
<
CGP>, said it will raise the posted
prices for number six fuel in New York 25 cts to 1.75 dlrs a
barrel, depending on grades.
    Effective March 19, the new prices are 0.3 pct sulphur
22.50 dlrs, up one dlr, 0.5 pct sulphur 21.75 dlrs, up 1.75
dlrs, 0.7 pct sulphur 21 dlrs, up 1.25 dlrs. One pct sulphur
20.25 dlrs, up one dlr, two pct sulphur 18.25 dlrs, up 25 cts,
2.2 pct sulphur 18 dlrs, up 25 cts, 2.5 pct sulphur 17.75 dlrs,
up 30 cts, and 2.8 pct sulphur 17.50 dlrs, up 50 cts.
 Reuter
3;
bodyend
documentend
documentstart
6799
topicstart
earn
topicend
bodystart
2;

GRAPHIC INDUSTRIES INC 
<
GRPH>4TH QTR JAN 31 NET


    ATLANTA, March 18 - 
    
Shr 27 cts vs 23 cts
    Net 1,713,000 vs 1,447,000
    Revs 46.9 mln vs 39.3 mln
    Year
    Shr 97 cts vs 78 cts
    Net 6,154,000 vs 4,855,000
    Revs 167.9 ln vs 130.4 mln
 Reuter
3;
bodyend
documentend
documentstart
6800
topicstart
topicend
bodystart
2;

RAMADA INC 
<
RAM> FILES FOR NOTE OFFERING


    PHOENIX, Ariz., March 18 - 
Ramada Inc said it filed a
registration statement with the Securities and Exchange
Commission covering a proposed offering of 100 mln dlrs of
12-year subordinated notes through underwriter Salomon Brothers
Inc.
    Net proceeds from the offering will be used to repay debt
and to fund its capital expenditure program, Ramada said.
 Reuter
3;
bodyend
documentend
documentstart
6801
topicstart
earn
topicend
bodystart
2;

CENTRAL PENNSYLVANIA FINANCIAL CORP 
<
CPSA>PAYOUT


    SHAMOKIN, Pa., March 18 -
    
Qtly div 10 cts vs 10 cts in prior qtr
    Payable April 22
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
6802
topicstart
earn
topicend
bodystart
2;

HARTFORD NATIONAL CORP 
<
HNAT> REGULAR DIVIDEND


    HARTFORD, Conn., March 18 -
    
Qtly div 30 cts vs 30 cts in prior qtr
    Payable April 20
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
6803
topicstart
topicend
bodystart
2;
******
U.S. TREASURY SETS 10-BILLION DLR MARCH 24 2-YR NOTE SALE, 9.275 BILLION NEW

Blah blah blah.
3;


bodyend
documentend
documentstart
6804
topicstart
carcass
topicend
bodystart
2;

BRAZILIAN RED MEAT OUTPUT DOWN SHARPLY - USDA


    WASHINGTON, March 18 - 
Brazilian red meat production in
1986 fell more than 20 pct to 1.9 mln tonnes due to drought
which reduced slaughter weight and to herd rebuilding which
started because of high cattle prices, the U.S. Agriculture
Department said.
    In its report on World Production and Trade Developments,
USDA said that in 1987, beef production is expected to reach
2.3 mln tonnes.
    Pork production in 1986 rose 83 pct to 1.1 mln tonnes due
to the sharp rise in beef prices and is expected to remain at
that level this year, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
6805
topicstart
acq
topicend
bodystart
2;
******
GENCORP ASKS SHAREHOLDERS TO POSTPONE ACTION IN TENDER OFFER

Blah blah blah.
3;


bodyend
documentend
documentstart
6807
topicstart
acq
topicend
bodystart
2;

MONY FINANCIAL BUYS UNITED ADMINISTRATORS 
<
UAI>


    NEW YORK, March 18 - 
<
MONY Financial Services> said it
purchased United Administrators Inc in an effort to secure a
larger market share for its group insurance line.
    MONY said this acquisition, coupled with its purchase of
Kelly Associates in 1985, contributes to its goal of expanding
its group business and improving its product lines.
 Reuter
3;
bodyend
documentend
documentstart
6808
topicstart
topicend
bodystart
2;
******
U.S. TREASURY SELLING 7.75 BILLION 4-YR, 7.25 BILLION 7-YR NOTES MARCH 25, 26

Blah blah blah.
3;


bodyend
documentend
documentstart
6809
topicstart
earn
topicend
bodystart
2;

BFI COMMUNICATIONS SYSTEMS INC 4TH QTR LOSS


    UTICA, N.Y., March 18 -
    
Shr loss 18 cts vs loss 20 cts
    Net loss 629,527 vs loss 697,847
    Revs 404,345 vs 1,558,951
    Year
    Shr loss 56 cts vs loss 1.81 dlrs
    Net loss 1,910,063 vs loss 5,744,588
    Revs 5,999,377 vs 6,347,702
    Avg shrs 3,441,513 vs 3,175,402
 Reuter
3;
bodyend
documentend
documentstart
6810
topicstart
acq
topicend
bodystart
2;

FORTUNE 
<
FORF> TO ACQUIRE MARINE SAVINGS


    CLEARWATER, Fla., March 18 - 
Fortune Financial Group Inc's
Fortune Savings Bank subsidiary said it executed a definitive
agreement to buy 
<
Marine Savings and Loan Association of
Florida> for 10.1 mln dlrs.
    It said the agreement has been approved by the directors of
both banks and is subject to approval of Marine shareholders by
a majority vote.
    Fortune said that under the agreement it will pay 20.10
dlrs cash for each of Marine's 500,000 shares outstanding,
among other things.

 Reuter
3;
bodyend
documentend
documentstart
6811
topicstart
acq
topicend
bodystart
2;

HAWKER SIDDELEY CANADA TO SELL UNIT


    TORONTO, March 18 - 
<
Hawker Siddeley Canada Inc> said that,
due to poor market conditions for railway freight car
manufacturing, it plans to sell its Trenton Works division in
Trenton, Nova Scotia.
    Hawker Siddeley said it set aside a provision of 7.7 mln
dlrs for the proposed sale.
    It also said lower 1986 earnings were due to much lower
earnings in transportation equipment and losses in steel
castings and forgings, which offset gains in the mining sector
and improvements in forestry equipment.
    Hawker Siddeley also said demand for new railway equipment
was limited with export sales frequently restrained by
customers' financing difficulties.
    Demand for steel castings and wheels for Canadian railways
continued to be very depressed with maintenance requirements at
the lowest level in the past decade.
    However, there was demand for industrial casting due to
increased hydro-electric power generation, the company said.
    The company said manufacturing of mining machinery and
tunnelling equipment showed greatly improved results in the
U.S. and export markets, mainly China and India.
    The Orenda division maintained a high level of activity in
aircraft engine repair and overhaul and in the manufacture of
engine components.
    Sawmill equipment and skidder operations were affected by a
strike in British Columbia and the extended debate on U.S.
imports of Canadian lumber, but there were encouraging signs at
yearend, the company said.
 Reuter
3;
bodyend
documentend
documentstart
6813
topicstart
earn
topicend
bodystart
2;

CENTRAL ILLINOIS 
<
CIP> 12 MTHS FEB 28 NET


    SPRINGFIELD, ILL., March 18 -
    
Shr 2.04 dlrs vs 1.83 dlrs
    Net 76,172,000 vs 71,101,000
    Revs 621.7 mln vs 670.3 mln
    NOTE: Central Illinois Public Service Co is full name of
company.
    Most recent 12 months net excludes preferred dividends of
6.4 mln dlrs compared with 8.6 mln dlrs last year.
 Reuter
3;
bodyend
documentend
documentstart
6814
topicstart
earn
topicend
bodystart
2;

BOGART CRAFTS CORP 
<
VOGT> YEAR LOSS


    NEW YORK, March 18 - 
Yr ends Nov 29, 1986
    Shr loss 61 cts vs loss 1.19 dlrs
    Net loss 1,017,000 vs loss 1,987,000
    Revs 10.4 mln vs 10.3 mln
    NOTE: Prior yr ended Nov. 30
 Reuter
3;
bodyend
documentend
documentstart
6815
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> GROUP TO SEEK ANTI-GREENMAIL VOTE


    New York, March 18 - 
GAMCO Investors Inc, an affiliate of
Gabelli and Co, plans to propose an anti-greenmail provision at
the GenCorp Inc annual meeting March 31, according to GAMCO
Chairman Mario Gabelli.
    Greenmail often involves the repurchase of shares at a
premium by a company from an unwanted investor. GenCorp today
received a surprise tender offer from a group that holds 9.8
pct of its stock.
    Gabelli also said GAMCO has sent a 13-D filing to the
Securities and Exchange Commission on the 6.5 pct of GenCorp
stock held by GAMCO and its affiliates.
    The stock amounts to 1,462,000 shares and most of it was
reported in an earlier 13-G filing. A 13-G is filed by passive
investors to show holdings of more than five pct.
    Earlier today, General Partners, owned by Wagner and Brown
and AFG Industries Inc, launched a 100 dlr per share tender
offer for GenCorp. Analysts said the offer was between 10 and
20 dlrs per share too low.
    GenCorp has made no comment on the offer.
    Gabelli said he also proposes that management consider
spinning off all assets, other than the GenCorp broadcast
properties, to shareholders. The licenses of the broadcast
properties have long been entangled in a series of challenges.
    "One thing is going to be clear and that is I'm going to
the meeting and putting up "no greenmail," Gabelli said.
    Gabelli said he fears that greenmail might be a motivation
in the offer.
    The annual meeting is to be held in Akron, Ohio.

 Reuter
3;
bodyend
documentend
documentstart
6816
topicstart
earn
topicend
bodystart
2;

LAENDERBANK EXPECTS MODEST PROFIT RISE IN '87


    VIENNA, March 18 - 
Oesterreichische Laenderbank AG
[OLBV.VI] expects to maintain its dividend and to record a
moderate rise in profits this year after the 181.5 mln
schilling net profit made in 1986, General Director Gerhard
Wagner said.
    Wagner told a news conference that last year's 34.3 pct
rise in net profit from 135.1 mln in 1985 was largely due to
greater domestic business and wider margins on schilling
interest rates.
    The bank, Austria's third largest, raised its 1986 dividend
to 12 pct of its 1.5 billion schilling nominal share capital
from 10 pct on capital of 1.35 billion in 1985.
    Announcing the 1986 results, Wagner said: "We will endeavour
to maintain the higher dividend in 1987."
    Laenderbank's balance sheet total rose five pct to 197.7
billion schillings against 8.1 pct growth in 1985. Foreign
currency business last year accounted for some 37 pct of
balance sheet total compared with about 41 pct in 1985.
    Wagner blamed the realtive shrinkage of foreign business
chiefly on the dollar's fall against the schilling, which is
effectively pegged to the mark. The dollar's weakness had wiped
some 8.9 billion schillings off the balance sheet total.
    Wagner declined to give an exact figure for profits from
the bank's London branch, which opened in April 1985, but said
that it came close to one mln stg.
    On schilling lending, profit on interest had risen 18 pct
to 2.19 billion schillings while commission earnings climbed
8.7 pct to 738.9 mln.
    According to the 1987 federal budget, the state is due to
lower its stake 60 pct in Laenderbank, probably to 51 pct.
Wagner said the exact timing of the move depended on the state.
 Reuter
3;
bodyend
documentend
documentstart
6817
topicstart
acq
topicend
bodystart
2;

NATIONAL DATA 
<
NDAC> IN PACT WITH SIGNATURE


    DALLAS, March 18 - 
National Data Communications Inc said it
is no longer obligated to issue its majority shareholder

<
Signature Capital Corp> 20 mln common shares under a previous
agreement.
    National said it entered into a new agreement with
Signature, which would have owned about 80 pct of National's
common under the prior pact.
    Under the new pact, National said it granted Signature a
five-year option to acquire two mln shares of its common for an
option price equal to its current market value. National has
about 15.3 mln shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
6818
topicstart
acq
topicend
bodystart
2;

PILGRIM VENTURE IN MERGER AGREEMENT


    FORT LAUDERDALE, Fla., March 18 - 
<
Pilgrim Venture Corp>
said it signed a letter of intent to merge with 
<
Marketing
Technologies Group Inc>, Rockville Center, N.Y.
    Under terms of the agreement, Pilgrim, a publicly held
corporation, said it will issue two mln shares of authorized
but unissued restricted common stock to Marketing Technologies
shareholders. The company said it expects to complete the
merger by June 17.
    Marketing Technologies is developing a computer-based
advertising system geared toward large advertisers, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
6819
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> TO STUDY GENERAL PARTNER BID


    AKRON, Ohio, March 18 - 
GenCorp Inc chairman William
Reynolds said the company's board and its financial and legal
advisors will study the unsolicited tender offer from 
<
General
Partners>.
    "Right now, our advice to all our shareholders is to wait
until the board advises them of its position ... which will
happen on or before March 31," Reynolds said.
    Earlier today, General Partners, controlled by Wagner and
Brown and AFG Industries Inc, said it started a tender offer
for all of Gencorp's shares and stock purchase rights for 100
dlrs a share.
    General Partners said the offer, which is due to expire
April 14, is conditioned on receipt of sufficient financing and
other conditions.
    "We are asking our shareholders to postpone any decision on
whether to accept or reject the offer until the board finishes
its evaluation," Reynolds said in a statement.
    "The Wagner and Brown-AFG offer does not expire until April
14, so shareholders have time to make their decision," he said.
 Reuter
3;
bodyend
documentend
documentstart
6821
topicstart
topicend
bodystart
2;

U.S. TREASURY SELLING 25 BILLION DLRS OF NOTES


    WASHINGTON, March 18 - 
The U.S. Treasury said it will
auction 25 billion dlrs of two, four and seven-year notes next
week to raise a total of 9.275 billion dlrs of new cash.
    The financing will begin with the monthly auction on
Tuesday, March 24 of 10 billion dlrs of two-year notes. That
will be followed on Wednesday and Thursday by respective
quarterly sales of 7.75 billion dlrs of four-year notes and
7.25 billion dlrs of seven-year notes to refund 15.72 billion
dlrs of two-year and four-year notes maturing March 31.
    The two-year notes mature March 31, 1989. The four-years
mature March 31, 1991 with the seven-years due April 15, 1994.
    The two-year notes will be issued in minimum denominations
of 5,000 dlrs and the four- and seven-year notes will be in
minimum denominations of 1,000 dlrs.
    The two-year notes and the four-year notes will be issued
March 31 and the seven-year notes April 1.
    The Treasury said non-competitive bids will be accepted for
all three issues.
 Reuter
3;
bodyend
documentend
documentstart
6825
topicstart
earn
topicend
bodystart
2;

RESTAURANT MANAGEMENT SERVICES 
<
RESM> IN PAYOUT


    MACON, Ga., March 18 -
    
Qtly div 1-3/4 cts vs 1-3/4 cts prior
    Pay April 23
    Record April nine
    NOTE: Full name Restaurant Management Services Inc
 Reuter
3;
bodyend
documentend
documentstart
6827
topicstart
earn
topicend
bodystart
2;

CITIZENS FIRST BANCORP INC 
<
CFB>RAISES DIVIDEND


    GLEN ROCK, N.J., March 18 - 
    
Qtly div 15 cts vs 12.5 cts prior
    Pay May 1
    Record April 17
    Note: Prior dividend is adjusted for recent six-for-five
stock split.
 Reuter
3;
bodyend
documentend
documentstart
6828
topicstart
jet
topicend
bodystart
2;

TEXACO INC 
<
TX> 84.1 MLN DLR DEFENSE CONTRACT


    WASHINGTON, March 18 - 
Texaco Refining and Marketing Inc is
being awarded a 84.1 mln dlr Defense Logistics Agency contract
for jet fuel, the Defense Department said.
    It said work on the contract, which was awarded as part of
a multi-contract procurement program, is expected to be
completed by March 31, 1988.
 Reuter
3;
bodyend
documentend
documentstart
6830
topicstart
earn
topicend
bodystart
2;

ALLISON'S PLACE INC 
<
ALLS> 4TH QTR NET


    LOS ANGELES, March 18 -
    
Shr seven cts vs 20 cts
    Net 184,000 vs 387,000
    Revs 9,100,000 vs 6,700,000
    Year
    Shr 13 cts vs 33 cts
    Net 315,000 vs 627,000
    Revs 32.4 mln vs 24.6 mln
 Reuter
3;
bodyend
documentend
documentstart
6831
topicstart
earn
topicend
bodystart
2;
******
CONAGRA INC 3RD QTR SHR 36 CTS VS 31 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
6836
topicstart
gas
topicend
bodystart
2;

PRI 
<
PRI> TO BUY SHELL 
<
RD> HAWAII GAS STATIONS


    HONOLULU, March 18 - 
Pacific Resources Inc said it signed a
definitive agreement with Royal Dutch/Shell Group unit Shell
Oil Co to buy Shell's marketing, terminaling and distribution
assets in Hawaii for 32 mln dlrs.
    The purchase would include Shell's interest in 39 retail
gasoline stations and four petroleum product terminals, PRI
said. The company said it expects the transaction to be
completed by September 1, 1987.
    The pact includes provisions allowing the continued use of
the Shell trademark, credit cards and the sale of Shell brand
products by the gasoline stations, PRI said.
    PRI said all Shell-brand products sold under this agreement
will be manufactured to Shell specifications.
 Reuter
3;
bodyend
documentend
documentstart
6837
topicstart
earn
topicend
bodystart
2;

READING CO 
<
RDGC> 4TH QTR OPER NET


    PHILADELPHIA, March 18 -
    
Oper shr 40 cts vs 30 cts
    Oper net 1,364,000 vs 1,025,000
    Revs 14.7 mln vs 11.0 mln
    Avg shrs 3,372,970 vs 3,425,400
    Year
    Oper shr 86 cts vs 32 cts
    Oper net 2,925,000 vs 1,109,000
    Revs 43.0 mln vs 35.7 mln
    Avg shrs 3,383,651 vs 3,418,594
    NOTE: Year-ago periods exclude extraordinary gain of 1.1
mln dlrs or 31 cts/shr.
    Includes gains of 988,000 dlrs vs one mln dlrs in qtr and
2.2 mln dlrs vs 1.1 mln dlrs in year from tax loss
carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
6840
topicstart
earn
topicend
bodystart
2;

CONAGRA INC 
<
CAG> 3RD QTR FEB 22 NET


    OMAHA, Neb., March 18 - 
    
Shr primary 36 cts vs 31 cts
    Shr diluted 36 cts vs 31 cts
    Net 25.1 mln vs 21.7 mln
    Revs 1.53 billion vs 1.39 billion
    Avg shrs primary 68.8 mln vs 68.9 mln
    Avg shrs diluted 70.5 mln vs 71.0 mln
    Nine mths
    Shr primary 1.32 dlrs vs 1.13 dlrs
    Shr diluted 1.30 dlrs vs 1.11 dlrs
    Net 90.8 mln vs 77.6 mln
    Nine mths
    Revs 5.18 billion vs 4.58 billion
    Avg shrs primary 68.9 mln vs 68.8 mln
    Avg shrs diluted 70.6 mln vs 71.0 mln
    Note: Net is before preferred dividend payments.
    Current nine mths net includes after-tax provision of five
mln dlrs for consolidation of food plants.
    Shr and avg shrs data reflect two-for-one split in December
1986. Results for year-ago nine mths and current first half
restated to reflect acquisition of E.J. Miller Enterprises for
1,040,000 shares in January 1987.
 Reuter
3;
bodyend
documentend
documentstart
6841
topicstart
acq
topicend
bodystart
2;

CANADIAN PACIFIC 
<
CP> SEEKS BUYER FOR UNIT


     MONTREAL, March 18 - 
Canadian Pacific Ltd said it retained
Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
Toronto.
    The company said Maple Leaf had 1986 sales of 819 mln dlrs
and an after tax profit of 16.3 mln dlrs. It is a diversified
agriproducts company which produces and sells industrial and
consumer flour, flour-based products and baked goods.
    It also operates a fully integrated poultry business and a
rendering businesses, markets livestock and poultry feed and
distributes grain through a network of country and terminal
elevators.
 Reuter
3;
bodyend
documentend
documentstart
6843
topicstart
topicend
bodystart
2;

OCILLA INDUSTRIES 
<
OCIL> UNIT OBTAINS CREDIT


    OCILLA, Ga., March 18 - 
Ocilla Industries Inc said its
Flintstone Industries Inc subsidiary obtained a three mln
dollar revolving credit with Bank South Corp 
<
BKSO>.
    It said Bank South will lend Flintstone amounts
constituting up to a maximum of 80 pct of acceptable
receivables and 25 pct of acceptable inventory as defined in
the loan agreement.
    In connection with the agreement, Flinstone was granted a
security interest in its inventory, receivables, and equipment,
and in certain property in Irwin County, Ga.
 Reuter
3;
bodyend
documentend
documentstart
6844
topicstart
acq
topicend
bodystart
2;

AIR CANADA COURIER BUY SHARPLY ALTERS INDUSTRY


    By Larry Welsh, Reuters


    TORONTO, March 18 - 
Air Canada's 54 mln U.S. dlr
acquisition of Gelco Corp's 
<
GEC> Canadian unit has
dramatically altered Canada's fast growing courier industry,
largely dominated by U.S. companies until this year, company
officials and analysts said.
    State-owned Air Canada takes over the country's second
largest overnight courier business just two months after
another Canadian company, 
<
Onex Capital Corp Ltd>, approved the
acquisition of number one ranked Purolator Courier Ltd from New
Jersey-based Purolator Courier Corp 
<
PCC>.
    But analysts said the two acquisitions were prompted by
financial restructuring undertaken by the U.S. parent companies
and likely don't represent an industry trend toward buying out
foreign owned courier operations.
    "It's a case of whether you can buy from the right people at
the right time," McLeod Young Weir Ltd transportation analyst
Tony Hine commented.
    The two acquisitions fit with a larger move by U.S.
companies embroiled in a take-over or restructuring to sell-off
their Canadian units to generate ready cash, said Nesbitt
Thomson Deacon Inc analyst Harold Wolkin.
    "There is a very good correlation between the U.S. parent
selling Canadian subsidiaries and the U.S. parent either being
under siege or taking someone else over," he said.
    Gelco Corp, of Minnesota, decided to sell Gelco Express Ltd
as part of its previously announced program to sell off four
operating units to buy back shares and pay down debt, Gelco
Express marketing vice president James O'Neil told Reuters.
    The sale is the first under Gelco's divestiture program,
and proceeds will be used to help pay down 350 mln U.S. dlrs of
debt by year-end, the company said.
    While company officials declined to disclose earnings and
revenue figures, O'Neil said Gelco Express holds a dominant
position in the industry, handling more than 50,000 packages a
day and generating revenues of more than 100 mln Canadian dlrs
a year.
    The earlier move by Purolator to sell its Canadian unit
formed an important part of a company restructuring program,
adopted after another Canadian Company, 
<
Unicorp Canada Corp>,
acquired a 12.6 pct stake in Purolator and said it would
consider acquiring the whole company.
    Last month, Purolator agreed to be acquired by a company
formed by E.F. Hutton LBO Inc and certain managers of
Purolator's U.S. courier business.
    For Air Canada, its acquisition of Gelco's Canadian courier
business represents an "excellent financial investment" in a
market it sees growing by 25 to 30 pct annually, spokesman
Esther Szynkarsky said.
    The airline also announced it acquired a 65 pct stake in
EMS Corp, of Calgary, an in-city messenger service.
    It did not disclose financial terms, but Szynkarsky said
the two acquisitions totalled about 90 mln Canadian dlrs, and
the two business have combined yearly revenues of 170 mln dlrs.
    She said the acquisition fit with Air Canada's strategy of
seeking attractive investments that compliment its main airline
business.
    Gelco will continue to operate with current management,
independently of Air Canada, although Air Canada already
operates its own air cargo business that includes a small
door-to-door courier operation.
    "They're well run, they're a good investment, they're doing
well in a growing market, and that's the way we want to keep
it," Szynkarsky said.
    Analyst Hine said the Gelco and Purolator Canadian units
will likely retain operating links with their U.S. delivery
network, generating traffic for the former parent companies
without them having to tie up capital in Canada.
    "The nature of the business is that incremental traffic is
incremental revenue," Hine said.
    "It's sort of a sausage maker business where you put in
place the sausage grinder, and the more sausage you can stuff
through, the more money you make," he added.
 Reuter
3;
bodyend
documentend
documentstart
6845
topicstart
topicend
bodystart
2;

CHOCK FULL O'NUTS 
<
CHF> OFFERS DEBENTURES


    NEW YORK, March 18 - 
Chock Full O'Nuts Corp said it filed a
registration statement with the Securities and Exchange
Commission for a proposed offering of 60 mln dlrs in
convertible senior subordinated debentures due 2012.
    Drexel Burnham Lambert Inc, Bear Stearns and Co Inc and
Ladenburg, Thalmann and Co inc will underwrite the offering.
    Proceeds will be used for expansion and acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
6846
topicstart
copper
topicend
bodystart
2;

COPPER INDUSTRY ASKS LME FOR STRATEGY STATEMENT


    LONDON, March 18 - 
Representatives of the International
Wrought Copper Council (IWCC) and major copper producers have
told the London Metal Exchange (LME) a clear statement of its
forward strategy would lead to a better understanding between
industry and the LME.
    In a press release the IWCC said that at the latest meeting
between the copper industry and the LME to discuss the new
clearing house system, industry expressed grave concern about
latest proposals made by at least one LME member for a cash
cleared market to replace the planned clearing system which
will retain the prompt date settlement basis.
    Copper industry delegates told the LME a decision to change
(the planned clearing system) would indicate a fundamental
change in the function of the LME and in its service to the
industry, the release said.
    By deterring industry use of the Exchange for hedging and
physical needs it would remove many of the unique advantages
currently offered by the LME and make it indistinguishable from
non-trade orientated markets such as Comex.
    The LME had to decide whether dealer convenience should
take a higher priority over customer satisfaction, industry
delegates said.
    The IWCC release also said the LME had confirmed that no
change would be made to the clearing system planned to start on
May 29. But it had indicated that consideration would be given
in due course to the cash clearing proposal, made by
Amalgamated Metal Trading at a LME members meeting last week.
    A copper industry spokesman suggested that some assurance
of permanence in the new clearing system would remove industry
fears of uncertainty resulting from an endless process of
review and change, the press release said.
 Reuter
3;
bodyend
documentend
documentstart
6848
topicstart
earn
topicend
bodystart
2;

NORTH-WEST TELECOM 
<
NOWT> 4TH QTR OPER NET


    LA CROSSE, WIS., March 18 -
    
Oper shr 64 cts vs 52 cts
    Oper net 872,272 vs 706,836
    Revs 9,271,541 vs 7,744,466
    Year
    Oper shr 2.03 dlrs vs 1.96 dlrs
    Oper net 2,782,7801 vs 2,684,089
    Revs 31.2 mln vs 29.1 mln
    NOTE: Full name is North-West Telecommunications Inc
 Reuter
3;
bodyend
documentend
documentstart
6849
topicstart
acq
topicend
bodystart
2;

GROUP RECONSIDERS COMPUTER MEMORIES 
<
CMIN> BID


    WASHINGTON, March 18 - 
A shareholder group led by Far
Hills, N.J., investor Natalie Koether said it is reconsidering
its plan to seek control of Computer Memories Inc and now plans
to sell its entire stake in the company.
    In a filing with the Securities and Exchange Commission,
the group, which includes Sun Equities Corp, said it sold a net
365,375 Computer Memories common shares between March 5 and 17
at prices ranging from 3-3/4 to four dlrs a share, lowering its
stake to 687,000 shares, or 6.2 pct of the total outstanding.
The group said it reconsidered its takeover plans after the
company announced it agreed to a stock swap.
    On March 12, the Chatsworth, Calif., computer disk drive
concern said it agreed in a letter of intent to exchange 80 pct
of its stock, all of which would be newly issued, for the
assets of privately held Hemdale Film Corp, with Hemdale as the
surviving entity.
    "In light of these disclosures, Sun found it necessary to
re-evaluate the feasibility of seeking control of the company
and has sold a portion of its shares and currently intends to
sell the balance thereof from time to time," the group said.
    The group, which disclosed plans on Dec 29 to seek control
of the company, reserved the right to change its mind again.
 Reuter
3;
bodyend
documentend
documentstart
6850
topicstart
earn
topicend
bodystart
2;

AULT INC 
<
AULT> 3RD QTR MARCH ONE NET


    MINNEAPOLIS, MINN., March 18 - 
    
Shr profit eight cts vs loss 16 cts
    Net profit 153,000 vs loss 310,000
    Sales 3,937,000 vs 2,364,000
    Nine Mths
    Shr profit five cts vs loss 53 cts
    Net profit 97,000 vs loss 1,042,000
    Sales 10.2 mln vs 7,564,000
 Reuter
3;
bodyend
documentend
documentstart
6852
topicstart
earn
topicend
bodystart
2;

AMERICUS TRUST 
<
ATU> AND 
<
ATP> INITIAL DIVIDEND


    NEW YORK, March 18 - 
Americus Trust for American Telephone
and Telegraph Shares Series Two said it will distribute an
initial dividend of 28.75 cts on May 12 to shareholders of
record March 31.
 Reuter
3;
bodyend
documentend
documentstart
6853
topicstart
acq
topicend
bodystart
2;

XTRA 
<
XTR> TO BUY FRUEHAUF 
<
FTR> UNIT


    BOSTON, March 18 - 
XTRA Corp said it agreed to acquire all
the stock of RentCo Trailer Corp, a wholly owned subsidiary of
Fruehauf Corp for about 70 mln dlrs.
    RentCo had revenues of about 70 mln dlrs.
    The transaction is expected to be completed in April and is
subject to regulatory approval.
 Reuter
3;
bodyend
documentend
documentstart
6855
topicstart
acq
topicend
bodystart
2;

WICKES COMPANIES 
<
WIX> COMPLETES SALE OF UNIT


    SANTA MONICA, Calif., March 18 - 
Wickes Companies Inc said
it completed the sale of its Sequoia Supply division to a new
company created by the management of that division.
    Paul Hylbert, president of Sequoia, has been named
president and chief executive officer of the new company.
 Reuter
3;
bodyend
documentend
documentstart
6856
topicstart
acq
topicend
bodystart
2;

LDBRINKMAN 
<
LDBC> CHIEF CUTS CENERGY 
<
CRG> STAKE


    WASHINGTON, March 18 - 
LDBrinkman Corp Chairman L.D.
Brinkman and members of his family said they cut their stake in
Cenergy Corp to 3,647 shares, or 0.4 pct of the total
outstanding, from 912,147 shares, or 9.4 pct.
    In a filing with the Securities and Exchange Commission,
the group said it sold 302,833 Cenergy common shares to Snyder
Oil Partners L.P. 
<
SOI> on March 14 for 2,725,500 dlrs and gave
Snyder another 605,667 shares, in exchange for 524,135 units of
limited partnership interests in Snyder.
 Reuter
3;
bodyend
documentend
documentstart
6858
topicstart
topicend
bodystart
2;

TIGER INTERNATIONAL 
<
TGR> PAYS INTEREST IN STOCK


    LOS ANGELES, March 18 - 
Tiger International Inc said it
will pay the interest due April 1 on its 11-1/2 pct Sinking
Fund debentures by distributing common stock.
    Each debenture holder will receive the number of whole
shares of Tiger common stock obtained by dividing the interest
payable by 90 pct of the average closing price of the stock
from February  18 through March 17. Fractions will be paid in
cash.
    The company said about 165,000 shares of Tiger common stock
will be issued in connection with the interest payment.
 Reuter
3;
bodyend
documentend
documentstart
6859
topicstart
earn
topicend
bodystart
2;

INTER-TEL INC 
<
INTLA> 1ST QTR FEB 28 NET


    CHANDLER, Ariz., March 18 -
    
Shr three cts vs one ct
    Net 235,000 vs 66,000
    Revs 10 mln vs 8,202,000
    Avg shrs 7,972,000 vs 8,545,000
 Reuter
3;
bodyend
documentend
documentstart
6860
topicstart
earn
topicend
bodystart
2;

TEXSTYRENE CORP 
<
FOAM> 11 MTHS DEC 31 LOSS


    FORT WORTH, Texas, March 18 -
    
Shr loss 83 cts
    Net loss 2,115,000
    Revs 139.6 mln
    Avg shrs 3.6 mln
    NOTE: Company went public February 1986.
 Reuter
3;
bodyend
documentend
documentstart
6861
topicstart
earn
topicend
bodystart
2;

FLUOROCARBON CORP 
<
FCBN> QTLY DIVIDEND


    LAGUNA NIGUEL, Calif., March 18 -
    
Shr seven cts vs seven cts prior qtr
    Pay April 30
    Record April 15

 Reuter
3;
bodyend
documentend
documentstart
6862
topicstart
earn
topicend
bodystart
2;

METRO MOBILE 
<
MMCT> DECLARES STCOK DIVIDEND


    NEW YORK, March 18 - 
Metro Mobile CTS Inc said it declared
a 10 pct stock dividend.
    The dividend will be distributed on April 13 to holders of
record March 30.
   
 Reuter
3;
bodyend
documentend
documentstart
6863
topicstart
earn
topicend
bodystart
2;

LAURENTIAN GROUP SEES HIGHER SHARE NET


    MONTREAL, March 18 - 
<
Laurentian Group Corp> said it
expects 1987 earnings per share will show about the same
proportionate increase as in 1986.
    Last year, the company had 25.7 mln dlrs operating profit,
or 76 cts per share, up from 11.1 mln dlrs, or 59 cts per
share, in 1985. Shares outstanding increased to 39 mln from
27.8 mln.
    The American holding company, Laurentian Capital Corp, will
show a substantial improvement this year, chairman Claude
Castonguay said before the annual meeting.
    Laurentian Capital Corp, which recently acquired two small
U.S. life insurance companies, had 1986 profit of 1.1 mln U.S.
dlrs, or eight cts per share, compared to seven mln U.S. dlrs,
or 68 cts per share.
    Castonguay said Laurentian Group Corp, the parent firm,
plans to fill out its national financial services distribution
system and make further acquisitions if the right opportunity
occurs.
    The company also may expand this year in continental
Europe, in conjunction with La Victoire, a French insurance
company, he said.
 Reuter
3;
bodyend
documentend
documentstart
6864
topicstart
earn
topicend
bodystart
2;

METRO MOBILE 
<
MMCT> DECLARES STOCK DIVIDEND


    NEW YORK, March 18 - 
Metro Mobile CTS Inc said it declared
a 10 pct stock dividend.
    The dividend will be distributed on April 13 to holders of
record March 30.
   
 Reuter
3;
bodyend
documentend
documentstart
6865
topicstart
earn
topicend
bodystart
2;

<
TRIDEL ENTERPRISES INC> YEAR NET


    TORONTO, March 18 -
    
Shr 1.05 dlrs vs 51 cts
    Net 8,500,000 vs 4,100,000
    Revs 183.2 mln vs 136.6 mln
 Reuter
3;
bodyend
documentend
documentstart
6866
topicstart
trade
topicend
bodystart
2;

PERU SHORT-TERM TRADE CREDIT UP TO 430 MLN DLRS


    LIMA, March 18 - 
Peru's short-term foreign trade credit
lines, regarded as vital to ensure smooth foreign commercial
transactions, have more than doubled to 430 mln dollars under
the 20-month government of president Alan Garcia.
    Central bank general manager Hector Neyra told reporters
many of the credits were 90-day.
    Trade credits were 210 mln dlrs when Garcia took office in
1985 announcing a tough stance limiting foreign debt repayments
to 10 pct of export earnings.
    Neyra told Reuters Peru was current on interest payments on
short-term debt, including trade credit lines and on about 750
mln dlrs in so-called  "working capital" credits.
    Trade credit lines were 880 mln dlrs in 1982, but fell in
1984 when Peru stopped some payments to private foreign banks.
 Reuter
3;
bodyend
documentend
documentstart
6867
topicstart
topicend
bodystart
2;

SHEARSON SELLS NEW CDS FOR JAPANESE BANKS


    NEW YORK, March 18 - 
Shearson Lehman Brothers Inc said it
has sold a new type of certificate of deposit designed to
provide top-rated Japanese banks with broader access to the
U.S. money markets.
    The investment banker said its variable money market
certificates of deposit are structured as traditional floating
rate CDs, with the rate based on the AA commercial paper
composite rate of the Federal Reserve Bank of New York.
    Shearson said it offered the novel CDs yesterday to mostly
institutional investors. The series totaled 500 mln dlrs and
was oversubscribed with nearly two billion dlrs in bids.
    The first banks to issue the variable money market CDs were
Sanwa Bank Ltd, Sumitomo Trust and Banking Co Ltd, Dai-Ichi
Kangyo Bank Ltd, Fuji Bank Ltd and Sumitomo Bank Ltd, each with
tranches of 100 mln dlrs, Shearson detailed.
    The investment banking firm said another series of variable
money market CDs is planned for April.
    "The variable money market CDs provide a low cost
dependable source of funds for issuing Japanese banks," said
Robert Shapiro, executive vice president with Shearson Lehman
Commercial Paper Inc. "The instrument enables banks to
diversify their funding base in a significant way."
    In yesterday's series, the issuing banks' coupon rates were
set at the commercial bank composite rate plus a spread which
is expected to equal an all-in-cost of LIBOR minus 10 basis
points, Shearson said.
    The rate will be reset monthly or quarterly and will be
subject to a maximum of LIBOR and a minimum of the New York
Fed's commercial paper composite rate.
    Shearson stressed, however, that the spread over the
commercial paper index to be paid by an issuing bank will be
determined by investor demand. It added that other Japanese
banks may participate in future issues.
    "For the first time, they (the banks) will gain access not
only to traditional CD investors but also to commercial paper
investors at rates which are competitive with traditional
floating rate CDs," said Michael Balaban, a vice president with
Shearson's commercial paper unit.
    He added, "For U.S. investors, the CDs are attractive
because they are domestically issued paper with competitive
rates offered by AAA-rated Japanese banks."
    Balaban noted that several fiduciary investors and money
market funds which had never previously purchased Japanese bank
paper submitted bids during yesterday's sale.
 Reuter
3;
bodyend
documentend
documentstart
6868
topicstart
topicend
bodystart
2;
******
JOHN LABATT TO ISSUE 125 MLN DLRS OF DEBENTURES

Blah blah blah.
3;


bodyend
documentend
documentstart
6869
topicstart
acq
topicend
bodystart
2;

U.K. TO SELL OFF REMAINING 31.7 PCT STAKE IN BP


    LONDON, March 18 - 
The British Conservative government said
it would sell off its remaining 31.7 pct shareholding in
British Petroleum Co Plc 
<
BP.L> during the next financial year
which starts on April 1.
    Treasury Financial Secretary Norman Lamont made the
announcement to Parliament. He said, "The government's policy is
to sell its minority holdings in companies as and when
circumstances permit.
    "As part of this policy I am now able to announce that,
subject to market conditions, the government will sell its
remaining shares in BP during the 1987/88 financial year."
    The last sale of British government shares in BP was in
September 1983. The government currently holds some 578.5 mln
ordinary shares in the company.
    Lamont said the Treasury would appoint financial advisers
for the sale. Merchant banks and stockbrokers interested in
being considered for this would be interviewed in early April.
    In September 1983, the U.K. Government sold 150 mln shares
in an underwritten offer for sale by tender. The striking price
then was 435 pence - 7.5 pct above the minimum tender price, a
Treasury spokesman said.
    He said the sale of BP shares would not cut across the
government's plans to privatise Rolls-Royce, in either April or
May, or the sale of BAA Plc, the British airports authority
which is slated for privatisation in either June or July.
 Reuter
3;
bodyend
documentend
documentstart
6871
topicstart
crude
gas
topicend
bodystart
2;
******
EIA SAYS DISTILLATES OFF 7.6 MLN BBLS, GASOLINE OFF 3.4 MLN, CRUDE OFF 4.4 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
6872
topicstart
gold
topicend
bodystart
2;

EAST RAND MINES EXPECT HIGHER GOLD PRODUCTION


   JOHANNESBURG, March 18 - 
East Rand Proprietary Mines Ltd
said that barring any major disruption in production, it
expects 1987 gold output to top 10 tonnes after dropping to
9.223 tonnes last year from 10.251 in 1985.
    Chairman Clive Knobbs said in the annual report the mine
was expected to mill a higher tonnage while capital expenditure
during 1987 will be around 118.5 mln rand.
   The decline in gold production last year was due to a four
pct drop in tonnage milled and a seven pct decline in grade.
 Reuter
3;
bodyend
documentend
documentstart
6873
topicstart
acq
topicend
bodystart
2;

SNYDER 
<
SOI> BUYS STAKE IN CENERGY


    FORT WORTH, Texas, March 18 - 
Snyder Oil Partners LP said
it acquired 1.2 mln shares, or 12 pct, of Cenergy Corp.
    It said it is continuing to review its investment  and has
made no determination of its future course of action.
 Reuter
3;
bodyend
documentend
documentstart
6874
topicstart
acq
topicend
bodystart
2;

FAR WEST FINANCIAL 
<
FWF> TO BUY PROGRESSIVE


    ALHAMBRA, Calif., March 18 - 
Progressive Savings and Loan
Association 
<
PRSL> said it has agreed in principle to be
purchased by Far West Financial Corp's Far West Savings and
Loan Association.
    The acquisition would be a cash merger, with Progressive
shareholders receiving up to three dlrs per share, the company
said.
    Progressive Savings has assets of about 500 mln dlrs and
operates ten offices in Los Angeles and Orange counties.
    The agreement is subject to federal and shareholder
approval.
 Reuter
3;
bodyend
documentend
documentstart
6875
topicstart
earn
topicend
bodystart
2;

COMMUNITY SAVINGS BANK 
<
CSBN> QTLY DIVIDEND


    HOLYOKE, Mass., March 18 - 
    
Qtly div six cts vs six cts prior
    Pay April 17
    Record April 3.
 Reuter
3;
bodyend
documentend
documentstart
6876
topicstart
crude
nat-gas
topicend
bodystart
2;

DIVISION SEEN ON HOW TO HELP U.S. OIL INDUSTRY


    By TED d'AFFLISIO, Reuters


    NEW YORK, March 18 - 
The U.S. Congress and the oil industry
are deeply divided on ways the government should assist the
industry, hurt by the sharp fall in oil prices, and the
subsequent growth in oil imports, industry analysts said.
    "The industry is deeply divided between those who support an
oil tariff and those who believe tax incentives are better,"
said Daniel Yergin, director of Cambridge Energy Research
Associates, which recently completed a survey of the U.S.
Congress on energy issues.
    Yergin said he saw mounting support within Congress for tax
incentives rather than an oil tariff or import fee.
    Today U.S. Energy Secretary John Herington said he will
propose tax incentives to increase edomestic oil and natural
gas exploration and production to the Reagan Administration for
consideration. White House spokesman Marlin Fitzwater said the
proposal would be reviewed.
    Herrington said, "I would like to shoot for one mln barrels
a day (addition) to U.S. production." U.S. oil output was off to
8.4 mln bpd in the week of March 13, down six pct from last
year, the American Petroleum Institute said.
    Oil industry analysts have forecast oil prices to average
about 18 dlrs a barrel for the year and many believe that a
move above that level will be unlikey for the near term.
    Paul Mlotok, oil analyst for Salomon Brothers Inc said that
"even with the rise in prices for the last week or two we've
only altered our average price scenerio to about 17.50 dlrs for
the year."
    Analysts said that at that price renewed drilling and
exploration to reverse the decline in U.S. crude oil output
will not take place as the companies are waiting for stable
prices over 20 dlrs to renew exploration.
    John Lichtblau, president of the Petroleum Industry
Research Foundation Inc in New york in recent testimony to
Congress said "The continuing decline in U.S. oil production is
virtually inevitable under any realistic price scenario. But
the future rate of decline is very much a function of world oil
prices and U.S. government policy."
    Lichtbalu said that tax breaks could be used to raise oil
production but would only work over time.
    "Lowering the producing industry's tax burden would probably
be a slower stimulant (to output) than a price increase but
would not raise energy costs." Lichtblau said.
    But the small independent oil companies who do much of the
drilling in the U.S. are looking for the more immediate relief
which could be brought on by an oil import fee.
    Ronald Tappmeyer, president of the International
Association of Drilling Contractors, said, "The members of our
trade asssociation are convinced that only a variable oil
import fee that sets a minimum price trigger can protect our
nation." The association represents some 1,300 drilling and oil
service companies.
    The CERA survey of Congress shows that the oil import fee
will face a stiff uphill battle.
    Yergin said that the poll which was conducted in January by
a former Congressman, Orval Hansen, showed support for the oil
import fee from 22 pct of the Congressmen surveyed largely as a
means of protecting the domestic petroleum industry.
     At the same time 48 pct of the Congressmen surveyed
opposed the fee with the respondents saying the tariff would
hurt consumers and some regional interests.
    But 80 pct of the sample said support for a fee could grow
if production continued to fall and imports to rise.
    Yergin said that imports above 50 pct of U.S. requirements
"is a critical, symbolic level. If they (imports) move above
that level, a fee may not be legislated but there will
certainly be pressure for some form of action."
     But Lichtblau, in a telephone interview, said, "a 50 pct
rate of import dependency is not likely to happen before 1990.
    In 1986 U.S. oil imports rose to 33 pct of u.s. energy
requirements and shopuld be about 34 pct in 1987, he added.
 Reuter
3;
bodyend
documentend
documentstart
6877
topicstart
earn
topicend
bodystart
2;

TEXSTYRENE 
<
FOAM> SUSPENDS PREFERRED PAYMENTS


    FORT WORTH, Texas, March 18 - 
Texstyrene Corp said it has
suspended quarterly cash dividend payments on its 9.5 pct
convertible exchangeable preferred stock.
    The suspension effects the March 15 payment, and it said it
does not expect to pay preferred dividends in the forseeable
future.
    It said the payments were suspended because of certain
covenants contained in its loan agreements. A spokesman said
the company's loss of 2,115,000 dlrs for the first 11 months as
a public company did not meet an income condition on the loans,
leading to the suspension.
    The maker of foam cups, food containers and other products
said it had 733,332 outstanding preferred shares, which had
been privately placed.
    The dividend payments on the shares amounted to 1,045,000
dlrs per year, the spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
6880
topicstart
earn
topicend
bodystart
2;

SPECTRAN CORP 
<
SPTR> 4TH QTR


    STURBRIDGE, Mass, March 18 -
    
Shr loss 2.22 dlrs vs profit 16 cts
    Net loss 10.2 mln vs profit 760,443
    Revs 1.1 mln vs 3.7 mln
    Year
    Shr loss 3.68 dlrs vs profit 64 cts
    Net loss 16.9 mln vs profit 2.7 mln
    Revs 3.6 mln vs 15.2 mln
    NOTE:1986 4th qtr includes 6.7 mln dlr restructuring charge
and writedowns of 280,000 dlrs. year includes writedown of 3.6
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
6881
topicstart
earn
topicend
bodystart
2;

<
VANGUARD INDEX TRUST> QUARTERLY DIVIDEND


    VALLEY FORGE, Pa., March 18 - 
    
Qtly div 18 cts vs 18 cts prior
    Pay April 30
    Record March 26.
 Reuter
3;
bodyend
documentend
documentstart
6882
topicstart
grain
wheat
topicend
bodystart
2;

SHULTZ SAYS U.S. PRODUCTS MUST BE COMPETITIVE


    WASHINGTON, March 18 - 
Asked what the U.S. State
Department's policy is on offering subsidized wheat to Moscow,
Secretary of State George Shultz told a group of farm leaders
that U.S. products must be competitive in the world market.
    "If we are going to sell our products, whatever they may
be, wheat or anything else, then we have to meet the market,"
Shultz told the board of directors for the National Association
of Wheat Growers.
    "We have to be competitive. It's ridiculous to say that
somebody is going to buy your product if they can get the same
thing at a lower price somewhere else. They just aren't," he
said.
    "That is our approach in the negotiations with the Soviets,
and it must be our approach as we look at the American farm
program and try to figure out what we should do to make it
better," Shultz told the Wheat Growers.
    Schultz said that while he does not favor a situation that
would allow the Soviet housewife to buy food cheaper than the
American housewife, he realizes the importance of American
agricultural products being competitively priced.
    Speculation has been in the market for some time that the
United States is considering offering wheat to the Soviet Union
at subsidized prices.
    Soviet officials have said they would buy U.S. wheat if it
were competitively priced. Agriculture Department officials
have declined to take any official position on the issue.
 Reuter
3;
bodyend
documentend
documentstart
6883
topicstart
topicend
bodystart
2;

JOHN LABATT TO ISSUE 125 MLN DLRS OF DEBENTURES


    TORONTO, March 18 - 
<
John Labatt Ltd> said it agreed to
issue in Canada 125 mln dlrs of 1987 adjustable rate
convertible subordinated debentures maturing April 1, 2007.
    Labatt, 38 pct-owned by Brascan Ltd 
<
BRS.A>, said Brascan's
49 pct-owned 
<
Great Lakes Group Inc> agreed to acquire 75 mln
dlrs of the debentures from the underwriters. It said the
underwriters could repurchase up to 12.5 mln dlrs of the issue
from Great Lakes Group.
    The debentures will not be redeemable before April 1, 1992,
and are convertible any time to Labatt common shares at 27 dlrs
each, said Labatt, Canada's biggest brewery.
    Labatt said it would use proceeds to repay short-term loans
and for general corporate purposes.
    Underwriters are Wood Gundy Inc, Gordon Capital Corp,
Merrill Lynch Canada Inc, Burns Fry Ltd and Midland Doherty
Ltd.
 Reuter
3;
bodyend
documentend
documentstart
6884
topicstart
acq
topicend
bodystart
2;

CANADIAN PACIFIC SEEKS BUYER FOR MAPLE LEAF UNIT


    MONTREAL, March 18 - 
Canadian Pacific Ltd said it retained
Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
Toronto.
    The company said Maple Leaf had 1986 sales of 819 mln
Canadian dlrs and an after tax profit of 16.3 mln Canadian
dlrs. It is a diversified agriproducts company which produces
and sells industrial and consumer flour, flour-based products
and baked goods.
    It also operates a fully integrated poultry business and a
rendering business, markets livestock and poultry feed and
distributes grain through a network of country and terminal
elevators.
 Reuter
3;
bodyend
documentend
documentstart
6886
topicstart
acq
topicend
bodystart
2;

GREYHOUND CORP 
<
G> COMPLETES BUS LINE SALE


    PHOENIX, Ariz., March 18 - 
Greyhound corp said it completed
the sale of its Greyhound Lines unit to Dallas-based GLI
Holdings Inc for 350 mln dlrs in cash, securities, royalties
and other considerations.
    Greyhound said GLI is authorized to continue using the
familiar running dog logo on a red, white and blue shield,
while Greyhound Corp will continue to use the running dog alone
as its symbol.
 Reuter
3;
bodyend
documentend
documentstart
6887
topicstart
acq
topicend
bodystart
2;

INTERCARE 
<
CARE> DROPS OFFERING, BUYOUT PLANS


    CULVER CITY, Calif., March 18 - 
InterCare Inc said it 
terminated plans to acquire Universal Care, a California health
mainenance organization, following First Jersey Securities'
decision to withdraw as underwriter for InterCare's proposed
public debt and equity securities offering.
    The acquisition was contingent on its ability to obtain
financing to fund the 1.9 mln dlr cash portion of the purchase
price, InterCare said.
    It also said the offering was aimed at raising 7.5 mln dlrs
for working capital and 1.7 mln to repay debt incurred in
connection with its recent acquisition of U.S. Medical
Enterprises Inc.
    The company further stated that it has a 1.7 mln dlr
working capital deficit and it will therefore reduce operating
expenses by decreasing operating hours, workforce reductions
and the sale of certain assets.
 Reuter
3;
bodyend
documentend
documentstart
6888
topicstart
acq
topicend
bodystart
2;

PROVIDENCE ENERGY 
<
PVY> FINALIZES ACQUISITION


    PROVIDENCE, R.I., March 18 - 
Providence Energy Corp said it
completed the purchase of North Attleboro Gas co.
    Terms were not disclosed.
    North Attleboro serves 2,273 residential customers, 288
commercial customers, and 40 industrial customers.
 Reuter
3;
bodyend
documentend
documentstart
6890
topicstart
grain
corn
sorghum
sunseed
oilseed
soybean
topicend
bodystart
2;

ARGENTINE MAIZE, SOYBEAN FORECASTS FALL


    By Manuel Villanueva


    BUENOS AIRES, March 18 - 
Argentine grain growers reduced
their estimates for maize and soybean production in the current
harvest in the week to yesterday, trade sources said.
    Soybean production for 1986/87 is now estimated to reach
between 7.7 and eight mln tonnes, versus 7.8 to 8.2 mln tonnes
estimated a week ago and eight to 8.4 mln tonnes estimated in
mid-February.
    But even the lowest of those estimates would be 8.5 to 12.7
pct greater than last year's total of 7.1 mln tonnes, according
to official figures, and would be a new record.
    The total area planted with soybeans for this harvest was a
record 3.7 to 3.8 mln hectares and increased 10.8 to 13.8 pct
compared to the 3.3 mln hectares planted last year.
    The change in yield estimates is due to very high
temperatures and inadequate rainfall since early in the year in
the soybean-producing belt of southern Cordoba and Santa Fe and
northern Buenos Aires province.
    The heat and lack of rain combined to leave many soybean
pods empty, especially in Cordoba.
    Intense rains in recent weeks did not affect crops, since
rainfall was slight in most main soybean-producing areas.
    Rains in the week to yesterday were isolated and weak in
Buenos Aires province, totalling between one and 10 mm. There
was no recorded rain in other grain-producing provinces.
    With clear skies and seasonable temperatures, fields were
able to dry in areas that had received heavy rains in recent
weeks, allowing growers to accelerate the pace of maize,
sunflower and sorghum harvesting.
    Crops were considered in generally good condition, though
it is still too early to judge whether the intense rains of
recent weeks caused any long-term damage.
    The maize harvest advanced to between 20 and 22 pct of the
total area planted, compared to 13 to 15 pct a week ago.
    Total area planted with maize for this harvest stood at
3.58 to 3.78 mln hectares, down two to seven pct from the 3.85
mln hectares planted in the previous harvest.
    Total production for the current maize harvest is expected
to reach between 9.9 and 10.1 mln tonnes, versus 10 to 10.2 mln
tonnes estimated a week ago. The new figure is 21.1 to 22.7 pct
lower than the 12.8 mln tonnes produced in the last harvest,
according to official figures.
    The sunflower harvest advanced to between 20 and 23 pct of
total planted area, versus 15 to 18 pct a week ago.
    Total area planted with sunflower for this harvest was two
to 2.2 mln hectares, or 29.9 to 36.3 pct lower than the record
3.14 mln hectares planted in the 1985/86 harvest.
    The current harvest's volume was again expected to be
between 2.3 and 2.6 mln tonnes, or 34.1 to 41.5 pct lower than
last harvest's record 4.1 mln tonnes.
    Yields varied widely from area to area, and growers feared
that heavy rains in recent weeks may have taken their toll on
crops and, consequently, on total production volume.
    The sorghum harvest reached between nine and 11 pct of
total planted area, compared to four to six pct a week ago.
    Total area planted with sorghum stood at between 1.2 and
1.3 mln hectares, or 10.3 to 15.2 pct lower than the 1.4 mln
hectares planted in the previous harvest.
    Estimates for total sorghum production this harvest
remained at 3.2 to 3.5 mln tonnes again this week, or 16.7 to
22 pct lower than last harvest's total volume of 4.1 to 4.2 mln
tonnes.
 Reuter
3;
bodyend
documentend
documentstart
6891
topicstart
topicend
bodystart
2;

FED APPROVES CHASE MANHATTAN COMMERCIAL DEALING


    WASHINGTON, March 18 - 
The Federal Reserve Board has
approved the application of Chase Manhattan Corp to engage in
underwriting and dealing in commercial paper of Chase
Commercial Corp, the lending subsidiary of the parent bank
holding company.
    The Fed order said Chase Manhattan's application was
consistent with sound banking practices and existing laws. But
it added a bill adopted by the Senate Banking Committee last
week could affect Chase Manhattan if it becomes law and might
force it eventually to cease commercial paper underwriting
activities.
     The Fed said the application was similar to that of
Bankers Trust to engage in commercial paper placement that was
approved last December.
    Chase Manhattan Corp, with consolidated assets of 90
billion dlrs, is the second largest banking organization in New
York and operates in the United States and abroad.
    The Fed noted the Securities Industry Association, a trade
association of the investment banking industry, had opposed
Chase Manhattan's application for more powers.
    Chase Manhattan now will be able to underwrite commercial
paper, buying it for resale to institutions like banks.
     In addition, Chase Manhattan will be able to place
commercial paper as agents for issuers and advise them on rates
and maturities of proposed issues just as Bankers Trust was
given authority to do.
    The minimum denomination of commercial paper offered and
purchased would be 250,000 dlrs.
    The Fed said it felt there would be no violation of banking
laws provided that Chase Manhattan restricted its commercial
paper activities to five pct of its income and five pct of
total market share.
    The Fed said dealing in commercial paper was related to
Chase Manhattan's regular banking activities because "this kind
of instrument has many of the characteristics of a traditional
commercial loan."
    "Because of its short term nature, commercial paper is
customarily held to maturity -- like a commercial loan," the Fed
order said.
    Among the benefits for the public will be increased
competition in the commercial paper market and more convenient
service for borrowers and investors, the Fed said.
 Reuter
3;
bodyend
documentend
documentstart
6893
topicstart
crude
gas
topicend
bodystart
2;

RECENT U.S. OIL DEMAND UP 2.3 PCT FROM YEAR AGO


    WASHINGTON, March 18 - 
U.S. oil demand as measured by
products supplied rose 2.3 pct in the four weeks ended March 13
to 16.49 mln barrels per day (bpd) from 16.11 mln in the same
period a year ago, the Energy Information Administration (EIA)
said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was up 2.9 pct in the
period to 3.43 mln bpd from 3.33 mln a year earlier.
    Gasoline demand averaged 6.93 mln bpd, up 4.0 pct from 6.67
mln last year, while residual fuel demand was 1.31 mln bpd, off
7.9 pct from 1.42 mln, the EIA said.
    Domestic crude oil production was estimated at 8.36 mln
bpd, down 8.1 pct from 9.10 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.70 mln
bpd, up 24.8 pct from 2.96 mln, the EIA said.
    Refinery crude runs in the four weeks were 11.92 mln bpd,
up 1.0 pct from 11.80 mln a year earlier, it said.
    Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
 Reuter
3;
bodyend
documentend
documentstart
6894
topicstart
earn
topicend
bodystart
2;

MESA ROYALTY TRUST 
<
MRT> MONTHLY PAYOUT


    HOUSTON, March 18 - 
Mesa Royalty Trust 
<
MRT> said unit
holders of record March 31 will receive a distribution
amounting to 55,192 dlrs or 2.96 cts per unit, payable April
30.
 Reuter
3;
bodyend
documentend
documentstart
6895
topicstart
topicend
bodystart
2;

CAMBRIDGE SELLS 100 MLN DLRS OF DEBENTURES


    TORONTO, March 18 - 
<
Cambridge Shopping Centres Ltd> said
wholly owned Cambridge Leaseholds Ltd privately sold 100 mln
dlrs of secured debentures.
    It said the debentures were issued in three parts
consisting of a 20 mln dlr issue at 10.4 pct maturing March 31,
1997, 22 mln dlrs at 10.6 pct maturing March 31, 2002 and 58
mln dlrs at 10.7 pct maturing March 31, 2007.
    Cambridge said it would use proceeds to significantly
reduce short-term debt.
 Reuter
3;
bodyend
documentend
documentstart
6896
topicstart
topicend
bodystart
2;

BAKER AND VOLCKER SAY DEBT STRATEGY WILL WORK


    By Peter Torday, Reuters


    WASHINGTON, March 18 - 
Treasury Secretary James Baker and
Federal Reserve Board chairman Paul Volcker have told House
leaders they were optimistic their debt strategy would work,
but acknowledged the crisis could take a sharp turn for the
worse, Congressional sources and U.S. officials said.
    Baker and Volcker gave these views at closed-door talks 
yesterday with Speaker Jim Wright and other House leaders.
    But the two architects of the Third World debt strategy
gave no indications they would abandon their plan to promote
economic growth and reform.
    "They expressed optimism about the current state of affairs,"
one participant at the meeting said.
    However Baker and Volcker, accompanied by Deputy Secretary
of State John Whitehead, acknowledged there were risks. "And if
things turned sour, they could turn very sour," a source quoted
them as saying.
    They were responding to questions from Wright, a Texas
Democrat, who called the meeting two weeks ago because of his
concern the debt crisis was deepening, an aide said.
    The Speaker asked all three men about the risks to Latin
American democracy and the danger that demagogues of either
left or right could wrest control and halt debt repayments.
    Even though the Fed chief joined Baker in expressing more
confidence in an optimistic outcome, Volcker was especially
concerned about the political risks, and in particular the 
fatigue with belt-tightening. The central banker said resolving
the debt crisis would be a "struggle".
    Since taking over the Speakership at the start of the year,
Wright has shown himself an able political adversary of the
administration on budget strategy.
    His involvement in this issue also seems to signal that
Congressional interest in the debt problem has to be taken more
seriously now than in the past.
    More worrisome for administration strategists is the
possibility that Congressional debt proposals essentially
granting debt relief will be attached to a trade bill.
    "When (Baker and Volcker) left the Speaker's office, they
knew it wasn't just talk," one source at the meeting said.
    The two economic policymakers listened patiently to
descriptions of plans for a Third World debt facility, backed
by gold reserves of the International Monetary Fund.
    The agency could buy up or guarantee developing country
debt at a discount and resell it to debtor nations undertaking
economic reforms.
    The U.S. Treasury would be required to ask other countries
for their views under a bill approved by a House Banking
subcommittee and sponsored by John LaFalce, a New York House
Democrat. A similar proposal is being fashioned by Bruce
Morrison, a House Democrat from Connecticut.
    The sources said House Banking and Foreign Affairs leaders
also attended the discussions.
    U.S. officials said both schemes are regarded by the
administration as providing debt relief. Baker said yesterday
the concept of debt relief was misguided. "If we write it all
off and declare defeat, these countries will decay and wither
on the vine," the Treasury Secretary said of an end to capital
inflows that would follow debt relief.
    Baker has said his own plan was broad and would embrace new
innovative ideas bringing together debtors and creditors.
    Baker and Volcker launched their in late 1985, calling on
commercial and multilateral banks to increase loans to major
debtors pursuing inflation-free expansion and open markets.
    "They sat down together to discuss the implications for
Latin America and feel each other out on the best way out," a
Wright aide said of the meeting. Other sources said they expect
the dialogue to continue.
    The talks come after Brazil's interest rate moratorium and
an uncompromising stand by the country's finance minister,
Dilson Funaro, after talks with western leaders.
    Some U.S. officials feel Funaro's consolidation of power
over the Brazilian economy with the ouster of Planning minister
Joao Sayad is further reason to worry.
    Another proposal, to allow regulators to grant commercial
banks more flexibility in accounting for Third World loans, has
been presented by Senator Bill Bradley, a New Jersey Democrat,
but did not come up yesterday.
    Wright, who has not hitherto concerned himself with debt,
"is concerned about the potential for damage. The Latin American
issue, at least on the surface appears to be a new danger," said
an aide, who asked not to be named.
    There are signs the Brazilian situation and a reluctance by
commercial banks to join in new cash loans even for debtors
following substantial reforms has concerned U.S. officials.
    At the State Department, Secretary of State George Shultz
is being advised the "Baker plan is going through a rough patch"
while Treasury officials are urging commercial banks to adopt
more flexible approaches to guarantee their continued
participation in the plan.
   
 Reuter
3;
bodyend
documentend
documentstart
6897
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN BUYS 450,000 TONNES OF U.S. CORN


    KANSAS CITY, March 18 - 
Taiwan overnight bought 450,000
tonnes of U.S. number two corn, 14.5 pct moisture, for Gulf and
West Coast shipment in 11 cargoes between May and October,
private export sources said.
    Gulf shipment ranged in prices from 75.17 to 78.45 dlrs per
tonne stowed and trimmed, FOB euqivalent, and West Coast
shipments ranged from 79.41 to 81.02 dlrs per tonne, stowed and
trimmed, FOB equivalent, they said.
 Reuter
3;
bodyend
documentend
documentstart
6898
topicstart
grain
wheat
topicend
bodystart
2;

RESULTS AWAITED ON EGYPT PL 480 WHEAT TENDER


    KANSAS CITY, March 18 - 
Results were awaited on Egypt's
tender today for 200,000 tonnes of U.S. soft or white wheat for
April shipment under PL 480, private export sources said.
 Reuter
3;
bodyend
documentend
documentstart
6902
topicstart
topicend
bodystart
2;

PENTAIR 
<
PNTA> OFFERING UNDER WAY


    NEW YORK, March 18 - 
Pentair Inc said it began a public
offering of two mln shares of 1.50 dlr cumulative preferred
stock priced at 25 dlrs per share.
    Proceeds will be used to repay bank debt incurred to
finance the acquisition of McNeil Corp in August 1986.
 Reuter
3;
bodyend
documentend
documentstart
6903
topicstart
grain
wheat
topicend
bodystart
2;

AMSTUTZ SEES MORE BULLISH WHEAT OUTLOOK IN 1987


    WASHINGTON, MARCH 18 - 
U.S. Agriculture Undersecretary
Daniel Amstutz indicated the world wheat supply/demand
situation has become more bullish recently because of
developments in the world market and increased consumption.
    Speaking to a House Agriculture Appropriations
subcommittee, Amstutz cited three factors which have improved
the wheat outlook.
    He said world consumption of wheat is increasing by about
20 mln tonnes this year, primarily for feed use. There are also
reports from Australia, Canada and Argentina that plantings
have been reduced, he said. Furthermore, he cited reports of
greater than normal winterkill in the Soviet Union.
    "It seems reasonable to expect production and consumption
to be in far better balance than a year ago," Amstutz said.
 Reuter
3;
bodyend
documentend
documentstart
6905
topicstart
crude
nat-gas
topicend
bodystart
2;

ARGENTINE OIL, GAS PRODUCTION FALL IN FEBRUARY


    BUENOS AIRES, March 18 - 
Argentina's total oil and gas
production fell 9.4 pct in February to 2.78 mln cubic metres
from January's total of 3.11 mln cubic metres, the state oil
company Yacimientos Petroliferos Fiscales (YPF) reported.
    A YPF statement blamed the drop on momentary problems owing
to the summer season but gave no further details.
    February's production figure fell slightly short of YPF's
target figure of 2.90 mln cubic metres.
    Oil production totalled 1.76 mln cubic metres last month
and natural gas production 1.02 mln cubic metres, down from
1.95 and 1.15 mln cubic metres in January, respectively.
 Reuter
3;
bodyend
documentend
documentstart
6906
topicstart
oilseed
soybean
topicend
bodystart
2;

U.S. SOYBEANS HAVE COMPETITIVE PROBLEM - AMSTUTZ


    WASHINGTON, MARCH 18 - 
Soybeans produced in the United
States face a competitive price problem because of the loan
rate provisions of the 1985 farm bill, U.S. Undersecretary of
Agriculture Daniel Amstutz said.
    Amstutz told a House Agriculture Appropriations
subcommittee hearing that soybeans are caught in a "squeeze"
because the Farm Bill allowed steep cuts in grain loan rates
while limiting the soybean reduction.
    As a result, he said U.S.-produced soybeans "have a price
problem" in competing with other soybean producing countries.
    Amstutz called the situation a "dilemma" for the USDA, and
said "we have spent hours in ASCS (Agriculture Stabilization
and Conservation Service) looking at this."
    He did not say what may be done to rectify the situation.
 Reuter
3;
bodyend
documentend
documentstart
6907
topicstart
earn
topicend
bodystart
2;

MITEK SYSTEMS EXPECTS LOSS IN CURRENT QUARTER


    SAN DIEGO, Calif., March 18 - 
<
Mitek Systems Inc> said it
expects to report a loss in the current quarter ending March
31, due primarily to the government buying cycle.
    The company did not quantify the size of the expected loss.
It said it expects sales and profits for fiscal 1987, however,
to exceed those of 1986. In 1986 Mitek reported sales of five
mln dlrs and a net profit of 14,000 dlrs.
    Mitek als said it has introduced a line of 15 page per
minute desk top laser printers.
    Limited shipments will begin next quarter, with full
production planned for the following quarter, it said.
   
 Reuter
3;
bodyend
documentend
documentstart
6908
topicstart
acq
topicend
bodystart
2;

ECHLIN 
<
ECH> BUYS STAKE IN CHAMPION PARTS
<
CREB>


    OAK BROOK, Ill., March 18 - 
Champion Parts Rebuilders Inc
said Echlin Inc has bought a 20 pct stake in it by acquiring
600,000 newly issued shares and warrants to buy another 300,000
shares at 9.20 dlrs each, for a total investment of 5,400,000
dlrs.
    The newly issued shares raises Champion's outstanding
shares to 3,113,074.
    There are no voting restrictions on the new shares.
Champion's board will be expanded to include two or three
independent persons suggested by Echlin, it said.
    Champion will use the proceeds to pay down long-term debt,
it said.
    Echlin has agreed to limits on buying additional Champion
shares and its ability to seek control of Champion during the
next seven years, Champion said.
    Echlin will also receive protection against the decline in
price of Champion's stock for seven years. Echlin could receive
a one-time payment, at its option in cash or stock, ranging
from up to one dlrs a share in 1989 to four dlrs a share in
1992 to 1994, to the extent the market price of Champion shares
is less than nine dlrs a share at those times.
 Reuter
3;
bodyend
documentend
documentstart
6909
topicstart
grain
wheat
topicend
bodystart
2;

BRAZIL REJECTS ALL OFFERS AT WHEAT TENDER


    RIO DE JANEIRO, MARCH 18 - 
Brazil rejected all offers at
tonight's wheat tender, a Brazilian Wheat Board spokesman said.
    He said no date had been set for the next tender.
 Reuter
3;
bodyend
documentend
documentstart
6912
topicstart
coffee
topicend
bodystart
2;

IBC PRESIDENT TO ATTEND MANAGUA COFFEE MEETING


    RIO DE JANEIRO, MARCH 18 - 
Brazilian Coffee Institute (IBC)
president Jorio Dauster said he will attend a meeting in
Managua this weekend.
    He told Reuters by telephone from Brasilia that the
meeting, involving Brazil, Colombia and Central American coffee
producers, will be strictly to review the coffee market
situation.
    "The meeting is set for Saturday but could also continue on
Sunday," he said.
 Reuter
3;
bodyend
documentend
documentstart
6913
topicstart
crude
topicend
bodystart
2;

CANTERRA ENERGY TO DRILL WELL OFF NOVA SCOTIA


    Calgary, Alberta, March 18 - 
<
Canterra Energy Ltd> said it
will drill an exploratory well on the Scotian shelf, about 280
kilometers east-southeast of Halifax, Nova Scotia.
    Drilling will begin in late April 1987 in 61 meters of
water and will be drilled to a total depth of 3,500 meters,
Canterra said.
    Canterra will operate the well and has a 39 pct interest in
it. 
<
Petro-Canada Inc> has 26 pct, 
<
Trillium Exploration Corp>
has 20 pct and 
<
Nova Scotia Resources (Ventures) Ltd> has 15
pct.
 Reuter
3;
bodyend
documentend
documentstart
6914
topicstart
acq
topicend
bodystart
2;

FLEET 
<
FLT> AIMS TO SPEED MERGER WITH NORSTAR


    By Cal Mankowski, Reuters


    NEW YORK, March 18 - 
Fleet Financial Group hopes its
proposed merger with Norstar Bancorp 
<
NOR>, ranked as the
largest U.S. banking merger, can be completed by the beginning
of 1988, according to an executive of Fleet.
    Robert Lougee, director of corporate communications for
Rhode Island-based Fleet, told Reuters the company is exploring
the possiblity of seeking a change in the national trigger date
for the state's reciprocal bank law to Jan 1, 1988 from July
one. The decision is up to the Rhode Island legislature.
    The merger plan was announced in a midday news release that
said the deal, worth about 1.3 billion dlrs, would be
consummated July one when Rhode Island barriers to interstate
banking outside of New England come down. "If we can consummate
the deal earlier that would be better for all concerned,"
Lougee said. He said to the best of his knowledge a change in
the Rhode Island law would not be a hardship for any other
banking institution in the state.
    He said Fleet is optimstic Connecticut law, which only
permits interstate banking mergers within New England, can be
amended. Fleet owns First Connecticut Bancorp.
    If the Connecticut law is not amended in time, Lougee said,
an option would be to spin off that unit with repurchase
provisions.
    The New England reciprocal banking laws have excluded New
York as a means of protecting regional banks from being gobbled
up by the money center giants.
    Wall Street analysts said the merger accord between Fleet
and Albany, N.Y.-based Norstar demonstrates the rapid pace of
interstate banking mergers since state legislatures begain
permitting regional mergers on a reciprocal basis. The U.S.
Supreme Court decided in mid-1985 to permit the mergers.
    Fleet and Norstar in a joint statement billed the proposed
merger as "a partnership of two companies." Both will continue
to operate existing headquarters after the merger.
    Norstar holders will receive 1.2 Fleet shares for each one
of theirs following Fleet's previously announced two-for-one
split. Fleet shares closed today at 59-1/2, up 1/8, giving the
deal an indicated value of 1.3 billion dlrs.
    That topped the proposed merger of Los Angeles-based
Security Pacific Corp 
<
SPC> and Seattle's Rainier Bancorpartion

<
RBAN>. The West Coast deal, announced about four weeks ago, is
worth an estimated 1.2 billion dlrs.
    Chemical New York Corp's 
<
CHL> acquisition of Texas
Commerce Bancshares last year was valued at about 1.2 billion
dlrs, making it similar in size to the Security Pacific-Rainer
deal. The California combination of Wells Fargo and Co 
<
WFC>
and Crocker National Corp last year was worth 1.1 billion dlrs
and there have been several bank mergers in the southeast
valued in the 700-800 mln dlr range.
    "It's a merger of equals," said analyst John Rooney of
Moseley Securities Corp. He said Norstar had a book value at
the end of 1986 of 19.63 dlrs per share, while Fleet's book
value was 28.02 dlrs.
    Rooney noted that Norstar chairman Peter Kiernan is in his
60's while Fleet's Terrence Murray is in his late 40's. He said
Kiernan would probably head the combined company until his
retirement then Murray could assume the top post.
    Analyst Thaddeus Paluszek of Merrill Lynch and Co said
Fleet's earnings would have been diluted about two pct in 1986
on the basis of the merger terms announced today.
    He noted that Fleet has a "teriffic reputation" after
having diversified in a number of financial areas. Fleet has
established consumer banks in the southeast and is known as an
innovator in securitization of mortgages.
    The merged banks would have assets in excess of 25 billion
dlrs and be one of the 25 largest banks in the U.S.  Norstar
operates in most of New York state but not in New York City.
    Lougee said at some point in the future banking operations
that both Norstar and Fleet operate in the state of Maine would
be combined.
    The agreement between Norstar and Fleet includes a
"lock-up" option designed to deter other acquirers. Each
granted the other an option to purchase authorized but unissued
shares amounting to 24.99 pct of the fully diluted shares
outstanding.
 Reuter
3;
bodyend
documentend
documentstart
6917
topicstart
earn
topicend
bodystart
2;

<
TRIDEL ENTERPRISES INC> SETS INITIAL DIVIDEND


    TORONTO, March 18 -
    
Qtly div five cts
    Pay April 1
    Record March 27
 Reuter
3;
bodyend
documentend
documentstart
6920
topicstart
cpi
topicend
bodystart
2;

BRAZILIAN INFLATION LOWER IN FEBRUARY


    RIO DE JANEIRO, MARCH 18 - 
Brazilian consumer prices rose
13.9 pct in February, compared to January's record rate of 16.8
pct, the Brazilian Geography and Statistics Institute said in a
statement.
    The February rise brought the increase in consumer prices
since the introduction of the anti-inflation Cruzado Plan a
year ago to 62.5 pct.
 Reuter
3;
bodyend
documentend
documentstart
6922
topicstart
interest
topicend
bodystart
2;

VOLATILITY LIKELY TO REMAIN LOW IN DEBT FUTURES


    By Brad Schade Reuters


    CHICAGO, March 18 - 
Financial analysts see little chance
that U.S. interest rate futures will break out of their narrow
ranges and low volatility during the remainder of the week.
    "We got a little volatility Wednesday," said Staley
Commodities International analyst Jerome Lacey. "But for the
moment we're still in a trading range."
    Even unexpected developments concerning the growth of the
U.S. economy may not be enough to spur the market out of its
sluggish state, the analysts said.
    "It (the bond market) has not yet demonstrated that it can
break out of its very low volatility," said Carroll McEntee and
McGinley analyst Denis Karnosky. "It needs something, but it's
not going to be news about the economy," he said.
    Karnosky said that the bond market will possibly break out
of the doldrums if participants perceive that the dollar has
stabilized and the Federal Reserve has more room to conduct
monetary policy.
    But even Wednesday, when fed funds were below six pct, the
dollar strong and oil on the soft side, bond futures attracted
eager sellers when contracts approached recent highs, he said.
    In addition to a changing perception about the dollar and
monetary policy, Golden Gate Futures president Norman Quinn
said the beginning of April could bring foreign investors back
into the marketplace.
    "The market is beginning to feel there may be demand at the
beginning of the fiscal year in Japan on April 1," Quinn said.
    Quinn echoed the sentiment of many analysts that there are
large amounts of cash waiting to be invested. If Japanese
investment in U.S. securities does materialize at the start of
Japan's fiscal year, domestic funds may also flow into the bond
market, he said.
    "We could get a stiff rally, possibly enough to bring
yields on long bonds down to seven to 7-1/8 pct," compared to
the current yield of about 7.5 pct, Quinn said.
    In the meantime, even the prospect of new supply is not
likely to move futures.
    The Treasury's announcement of a 15 billion dlr refunding
operation did little to move cash government securities prices
late Wednesday after the close of futures.
    "I'd be surprised if supply pushed us out of it (the
trading range)," Lacey said.
 Reuter
3;
bodyend
documentend
documentstart
6923
topicstart
topicend
bodystart
2;

WORLD BANK OFFICIAL SAYS BOLIVIA SHOULD SEEK GROWTH


     La paz, march 18 - 
a senior world bank official said the
lending agency planned to authorise almost 70 mln dlrs in new
credits to bolster the productive structure of bolivia's state
oil company ypfb this year.
     David knox, world bank vice-president for latin america,
said bolivia should invest in projects which would spur growth
following six consecutive years of economic contraction.
     Knox said the world bank supported the economic
stabilisation programme adopted by president victor paz
estenssoro.
     Knox said he had suggested to bolivian authorities that
they invest as much of their disposable resources as possible
in works "of rapid reaction, and which support the decision to
make the bolivian economy grow."
     Knox is to hold talks with paz estenssoro, as well as
private businessmen and other government ministers during his
visit.
 Reuter
3;
bodyend
documentend
documentstart
6926
topicstart
trade
topicend
bodystart
2;

U.S. HOUSE PANEL VOTES TO EASE EXPORT CONTROLS


    By Jacqueline Frank, Reuters


    WASHINGTON, March 18 - 
A key House panel voted to greatly
ease government controls on exports as several House committees
moved rapidly toward approval of major changes in trade laws
they hope will help solve U.S. trade woes.
    The House Foreign Affairs Subcommittee on International
Economic Policy voted to direct the administration to cut the
list of controlled exports by 40 per cent by removing items no
longer considered important to U.S. military security.
    Industries had complained they were losing sales to foreign
competitors who were allowed to export freely products U.S.
companies could not sell abroad.
    The issue has been the subject of administration debate.
The Commerce Department had held that unnecessary restrictions
impeded U.S. exports while the Defense Department said current
controls should be retained but better administered.
    Four congressional panels met today to consider portions of
a wideranging trade bill that intends to help U.S. companies
sell more products abroad and to fight unfair foreign trade
practices.
    Their separate proposals, some of them conflicting, will be
woven by House Democratic leaders into a final trade bill for a
vote by the full House in late April.
    Sparked by the proposal of Fujitsu Ltd. to take controlling
interest in Schlumberger Ltd's Fairchild Semiconductor Corp.,
the House Energy and Commerce subcommittee on Commerce voted to
expand Reagan's authority to block foreign takeovers of U.S.
companies.
    Reagan would be able to block any takeover found to be
damaging to U.S. economic or national security interests.
    "We are losing our semiconductors which are at the heart of
our national security," subcommittee chairman James Florio, a
New Jersey Democrat said.
    The subcommittee also called for the administration to
consider retaliation against Japan for its restrictive
government procurement practices.
    The retaliation could be triggered by a requirement that
the administration investigate whether U.S. companies were
treated unfairly and whether they have been barred from bids on
lucrative public works projects such as the eight billion dlr
Kansai airport construction. U.S. firms have complained they
were not allowed to bid on its construction.
    At the urging of the U.S. recording industry, the
subcommittee agreed to bar imports of a new Japanese
product--digital audio recorders.
    Meeting in closed session, the House Ways and Means
Committee agreed to allow President Reagan to retaliate against
foreign countries that refuse to open their markets to U.S.
telecommunications products.
     Congressional aides said the committee also agreed U.S.
companies would be allowed to press for relief from imports of
counterfeit products made in violation of U.S. copyright and
patent laws.
                                         
 Reuter
3;
bodyend
documentend
documentstart
6927
topicstart
copper
topicend
bodystart
2;

CHILEAN COPPER WORKERS ELECT LEFT-WING LEADERS


     SANTIAGO, March 18 - 
Chilean left-wing leaders were
elected by the copper workers union for the first time since
the left-wing government of Salvador Allende was overthrown in
a 1973 coup.
     Nicanor Araya, a member of the Popular Democratic Movement
(MDP), was named president of the Chilean Confederation of
Copperworkers (CTC), which groups 22,000 workers employed in
the state-owned copper mines, union officials said.
    Other members of the MDP, which includes the communist
party and a faction of the socialist party, took five of the
principal positions on the union's directorate.
    The state-owned copper company of Chile (CODELCO) produces
around 90 pct of the country's copper output of some one mln
tonnes per year. Chile is the world's leading copper exporter
and sales account for just under 50 pct of its export income.
    The MDP won six out of the 14 places on the union's
directorate in elections earlier this month, with the christian
democratic party holding five and the remainder being won by
independents.
    But the left-wing was left in control of the union after
the christian democrats and independents failed to reach
agreement on a joint candidate for the presidency and withdrew
from negotiations.
    Union elections were called following the resignation of
former president Rodolfo Seguel last October.
    Seguel, a christian democrat and Chile's best-known union
leader, said he was forced to step down after repeated court
actions brought by CODELCO prevented the union from operating.
    The labour leader, who now heads the inter-union national
workers command (CNT), was among 500 workers sacked by CODELCO
following a strike in 1983.
    The strike, the only copper industry stoppage staged in the
past 13 years, marked the start of a wave of protests against
the military rule of President Augusto Pinochet.
     CODELCO argued that Seguel could not continue as union
leader when no longer employed by the company.
 Reuter
3;
bodyend
documentend
documentstart
6928
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> BIDDER PLANS SALE OF AEROSPACE UNIT


    WASHINGTON, March 18 - 
<
General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
plans to sell GenCorp Inc's aerospace and soft drink bottling
divisions if it succeeds in acquiring the company.
    In a filing with the Securities and Exchange Commission,
General Partners said proceeds from the sale of GenCorp's
aerospace division would help it repay some of the debt it
would incur in the 100 dlr a share cash tender offer.
    General Partners, which launched the surprise tender offer
today, said it already 2,180,608 shares of GenCorp, or 9.4 pct
of the total outstanding common stock.
    General Partners, which estimated the total cost of the
takeover at 2.5 billion dlrs, also said it plans to continue
GenCorp's policy of trying to settle Federal Communications
Commission charges against two of its television and 12 radio
station licenses.
    It said it would also continue GenCorp's policy of trying
to sell its New York-area television station WOR to MCA Inc

<
MCA> for 387 mln dlrs and its Los Angeles station KHJ to Walt
Disney Co 
<
DIS> for 217 mln dlrs.
    But General Partners said it plans to keep GenCorp's
headquarter in Akron, Ohio.
    General Partners also said it would maintain GenCorp's
plastics and industrial products division as well as tires and
related products.
    But it left open that it might make other changes in
GenCorp's operations after it completes the merger.
    Besides using 250 mln dlrs of its own equity for the tender
offer, General Partners said it would seek one billion dlrs
under a secured margin facility from Wells Fargo Bank N.A.
and other banks. It also said it would seek 1.25 billion dlrs
from the sale to Shearson Lehman Brothers Holdings Inc or its
affiliates of senior subordinated promissory notes.
    In a March 18 letter to GenCorp Chairman William Reynolds,
which was included in the SEC filing, General Partners
officials said they were "confident of our ability to promptly
obtain the remaining funding as described in our offer
materials."
    "For this reason, we do not forsee any obstacles to a
prompt consummation of the transaction," General Partners said.
    Shearson is dealer manager of the General Partners offer
for GenCorp.
 Reuter
3;
bodyend
documentend
documentstart
6929
topicstart
acq
topicend
bodystart
2;

MONSANTO 
<
MTC> SAYS DEBT WAS CUT IN 1986


    ST. LOUIS, March 18 - 
Mondanto Co said it has paid off
two-thirds of the debt from its 2.8 billion-dlr acquisition of
G.D. Searle and Co by the end of 1986.
    This lowered the company's debt-to-capitalization ratio
from 45 pct at the end of 1985 to 35 pct, it said.
    The company also said that chemical sales accounted for 52
pct of its sales in 1986, down from 70 pct in 1981. This
underscores its strategy of shifting away from low profit
commodity chemicals in mature markets into higher value
chemical businesses in high growth areas, it said.
 Reuter
3;
bodyend
documentend
documentstart
6930
topicstart
acq
topicend
bodystart
2;

LIFESTYLE 
<
LIF>, BOMBAY AMEND MERGER AGREEMENT


    NEW YORK, March 18 - 
Lifestyle Restaurants Inc said it
reduced the number of Bombay Palace Restaurants inc common
shares to be received in its previously announced merger
agreement.
    Under the amended deal, Lifestyle shareholders will get one
Bombay share for each six instead of five Lifestyle shares.
Under the amended offer, Bombay will issue about 900,000
shares, currently 7.2 mln dlrs.
    The amendment also increases the cash consideration to be
offered on Lifestyle's 13 pct convertible subordinated
debentures from 55 pct of the principal amount to 57.5 pct.
        
 Reuter
3;
bodyend
documentend
documentstart
6931
topicstart
earn
topicend
bodystart
2;

WEISFIELD'S INC 
<
WEIS> QUARTERLY DIVIDEND


    SEATTLE, March 18 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts
    Pay April 23
    Record April 2
 Reuter
3;
bodyend
documentend
documentstart
6934
topicstart
tin
topicend
bodystart
2;

BOLIVIAN TIN MINERS START HUNGER STRIKE


     LA PAZ, March 18 - 
About 9,000 miners employed by the
state corporation Comibol went on hunger strike to press for
higher wages, a miners union spokesman said.
     Victor Lopez, executive secretary of the miners union,
told a news conference the strikers began to fast in the major
tin mining districts of oruro and potosi and the action would
spread tomorrow to la paz and other areas.
     The government has charged that the strike by the miners
union, crippled by massive layoffs, is part of a left-wing
destabilisation plan to coincide with the visit of West German
president Richard von Weizsaecker, who arrives on a four-day
official tour on Friday.
     But miners union chief Simon Reyes told reporters the
strike had nothing to do with subversion and was to press for
more government investment in Comibol.
     The government of president Victor Paz Estenssoro has
streamlined the deficit-ridden state mining corporation laying
off about 20,000 miners, two-thirds of the workforce, following
a collapse of the international tin price in 1985.
 Reuter
3;
bodyend
documentend
documentstart
6935
topicstart
sugar
topicend
bodystart
2;

CZARNIKOW EXPECTS LOWER EUROPEAN SUGAR OUTPUT


    LONDON, March 19 - 
European sugar output on the basis of
three year average yields will be over half a mln tonnes white
value down on last year although yields do vary widely from
year to year, broker C Czarnikow said in its market review.
    European Community sowings are likely to be down compared
with last year. There have been suggestions these sowings might
respond to the recent upsurge in world prices, but Czarnikow
said "it is not the sort of fact that easily becomes known."
    The broker bases its forecasts on Licht planting estimates
which put W Germany, the Netherlands and USSR lower but
Hungary, Romania, Poland, Turkey and Yugoslavia higher.
    Czarnikow's projections in mlns tonnes white value and
three differing yields include
      '87/88  max      aver      min    1986/87
 France       3.57     3.42     3.28       3.44
 W Germany    3.08     2.88     2.64       3.19
 EC          13.82    13.01    12.13      13.76
 W Europe    17.71    16.45    14.98      16.71
 Poland       2.02     1.80     1.13       1.74
 USSR         8.65     7.60     5.71       8.05
 E Europe    13.87    12.14     9.08      12.44
 All Europe  31.58    28.58    24.06      29.15
  REUTER
3;
bodyend
documentend
documentstart
6936
topicstart
topicend
bodystart
2;

MAI SEEKS 100 MLN DLR MULTIPLE FACILITY


    LONDON, March 19 - 
<
MAI Plc>, the financial services and
advertising group, has asked S.G. Warburg and Co Ltd to arrange
a 100 mln dlr multiple option facility which will restructure a
part of the company's exisiting banking arrangements, banking
sources said.
    The financing will be for five years and involves a
committed backstop facility and an uncommitted tender panel for
cash advances in dollars or other available currencies.
    The committed part of the transaction will carry a facility
fee of 7.5 basis points and drawings will be at a margin of 15
basis points.
    There also will be a utilization fee of five basis points
if the underwriting banks are called upon to provide more than
30 pct of the facility.
 Reuter
3;
bodyend
documentend
documentstart
6939
topicstart
sugar
topicend
bodystart
2;

CUBAN SUGAR OUTPUT SEEN AT 7.5 MLN TONNES


    LONDON, March 19 - 
Cuban sugar output this season (1986/87)
is put at around 7.5 mln tonnes raw value by broker C.Czarnikow
in its monthly sugar market review.
    Allowing for around 700,000 tonnes for the current year's
domestic usage it would leave around 6.8 mln tonnes for export
of which, Czarnikow estimates, about 3.7 mln tonnes will be
taken by the USSR, 1.530 mln by other socialist countries and
the remainder for delivery to non-socialist bloc destinations.
    Czarnikow also estimated USSR 1986/87 production at 8.75
mln tonnes raw value which when added to the 3.7 mln imports
from Cuba and set against its estimated domestic and export
needs of 14.2 mln tonnes will leave a gap of 1.75 mln tonnes to
be acquired from the world market. Soviet purchases to date may
not be far short of that quantity, Czarnikow said.
 Reuter
3;
bodyend
documentend
documentstart
6941
topicstart
ship
topicend
bodystart
2;

U.S. CARGO PREFERENCE FUNDING ACCORD SEEN NEAR


    WASHINGTON, MARCH 18 - 
The U.S. Departments of Agriculture
and Transportation are close to agreement on how to fund the
increasing share of food aid to be shipped on U.S. flag vessels
under a 1985 farm bill provision on cargo preference.
    Melvin Sims, USDA's general sales manager told a House
Agriculture Appropriations subcommittee hearing that the two
departments are negotiating a "memorandum of understanding" on
cargo preference.
    Under a 1985 farm bill provision, the percentage of food
aid shipments carried on U.S. flag vessels was to gradually
increase over three years to 75 pct in 1988. The increased cost
of using U.S. vessels was to be funded by the Transportation
Department instead of USDA. However, USDA officials said
Transportation has so far contributed no money.
    The agreement between USDA and Transportation is expected
to resolve the matter, USDA officials said.
    Tom Kay, administrator of the USDA's Foreign Agricultural
Service said yesterday the requirement that more food aid
shipments be carried on U.S. vessels has been difficult to
meet.
    "As the tonnage (required under cargo preference) goes up,
its going to be harder and harder to meet," Kay said.
    Two farm state Congressmen, Pat Roberts (R-Kan.) and Glenn
English (D-Okla.) said cargo preference makes U.S. farm export
programs more costly and the program should be eliminated.
    In the past, farm interests opposed to cargo preference
have been defeated in Congress by the maritime interests who
view cargo preference as vital to the U.S. shipping fleet.
 Reuter
3;
bodyend
documentend
documentstart
6942
topicstart
gnp
topicend
bodystart
2;
******
AUSTRALIAN FOURTH QTR GDP RISES 1.1 PCT, AFTER 0.2 PCT THIRD QTR RISE - OFFICIAL.

Blah blah blah.
3;


bodyend
documentend
documentstart
6943
topicstart
gnp
topicend
bodystart
2;

AUSTRALIAN GDP RISES 1.1 PCT IN FOURTH QUARTER


    CANBERRA, March 19 - 
Australia's seasonally adjusted real
gross domestic product (GDP) rose 1.1 pct in the fourth quarter
of 1986 after rising 0.2 pct in the third quarter, the
Statistics Bureau said.
    This compares with a 1.1 pct fall in the fourth quarter of
1985.
    Compared with the year-earlier quarter, GDP also rose 1.1
pct, the Bureau figures show.
    The annual rise compares with a 0.3 pct fall in the third
quarter compared with the 1985 third quarter and a 4.3 pct rise
in the year-earlier period, the Bureau figures show.
    Real non-farm gross product rose 0.9 pct in the fourth
quarter after zero growth in the third quarter and a 1.3 pct
fall a year earlier, making an annual rise of 0.8 pct.
    Gross farm product rose 4.3 pct compared with rises of 2.6
pct in the third quarter and 2.8 pct a year earlier, making
annual growth of 6.6 pct.
    Elements in the fourth quarter GDP rise included falls of
0.6 pct and 0.2 pct in private and government final consumption
expenditure respectively, the Bureau figures show.
    Gross fixed capital expenditure fell 0.1 pct in the quarter
while exports of goods and services rose 13.0 pct and imports
2.9 pct.
    Seasonally-adjusted expenditure on GDP at average 1979/80
prices rose to 36.67 billion dlrs in the fourth quarter from
36.26 billion in both the third quarter and the year-earlier
quarter.
    The figures are subject to revision over a long period.
 REUTER
3;
bodyend
documentend
documentstart
6944
topicstart
acq
topicend
bodystart
2;

NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE


    TOKYO, March 19 - 
<
Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
    But he declined to comment on rumours the company would
take a 10 pct stake in 
<
Shearson Lehman Brothers>, an
investment banking unit of American Express Co 
<
AXP>.
    He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
    Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, 
<
Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
    These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
    The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
 REUTER
3;
bodyend
documentend
documentstart
6945
topicstart
money-fx
nzdlr
topicend
bodystart
2;

FORMER N.Z. PREMIER CALLS FOR CHEAPER CURRENCY


    WELLINGTON, March 19 - 
Former Prime Minister Robert
Muldoon, an outspoken advocate of a managed float for the N.Z.
Dollar, said the currency is at least 10 pct overvalued.
    Muldoon said in a speech last night the exchange rate
should be around 48 U.S. Cents instead of the current 57 cents.
    "A reasonable value for the New Zealand dollar would be
between 10 and 15 pct less and nearer 15 than 10. Perhaps
around about 48 cents," he said.
    The Labour Party government removed exchange controls and
floated the dollar two years ago when it was worth 44 cents.
    Muldoon has no rank in the opposition National Party, and
party leaders, with an eye to general elections to be held by
September, have rejected his calls for a managed float.
    He said the dollar was high because of "grossly excessive"
interest rates for government stock.
    "I know of no other country which is implementing such a
free floating policy," he added. "There is widespread agreement
internationally that we have no alternative to floating
currencies in the short to medium term. But we need more
effective methods of managing them so as to limit the
volatility which has caused so much concern and damage."
 REUTER
3;
bodyend
documentend
documentstart
6946
topicstart
grain
wheat
topicend
bodystart
2;

TAIWAN SETS 1987 CANADIAN WHEAT IMPORT TARGET


    TAIPEI, March 19 - 
The Taiwan Flour Mills Association will
import 81,000 tonnes of wheat from Canada in calendar 1987,
unchanged from the 1986 level, an association spokesman told
Reuters.
    He said the total will be delivered in three shipments. The
first will be shipped to Taiwan between March 20 and April 20
and the other two will be made later this year, he said.
    The total wheat import target this year has been set at
700,000 tonnes, down from actual imports of 758,770 last year.
    Most of Taiwan's wheat imports come from the U.S., The
spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
6951
topicstart
jobs
topicend
bodystart
2;

NEW ZEALAND UNEMPLOYMENT FALLS IN FEBRUARY


    WELLINGTON, March 19 - 
New Zealand's unemployment rate fell
to 6.0 pct of the workforce at the end of February from 6.1 pct
in January but was above the 4.3 pct level of February 1986,
the labour department said.
    It said the number of unemployed fell to 78,711 from 81,558
in January, and compared with 57,103 in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
6952
topicstart
trade
topicend
bodystart
2;

JAPAN MARCH INTERIM TRADE SURPLUS FALLS


    TOKYO, March 19 - 
Japan's customs-cleared trade surplus
fell to 1.89 billion dlrs in the first 10 days of March from a
1.91 billion surplus a year earlier, the Ministry of Finance
said.
     The March interim surplus compared with a 1.70 billion dlr
surplus in the same February period.
     FOB exports in the first 10 days of March rose 5.8 pct
from a year earlier to 5.50 billion dlrs and CIF imports rose
9.7 pct to 3.61 billion.
     The average yen/dollar rate used for the statistics was
153.67 yen against 181.23 a year earlier.
 REUTER
3;
bodyend
documentend
documentstart
6953
topicstart
acq
topicend
bodystart
2;

MITSUI AND CO BUYS STAKE IN IMATRON


   TOKYO, March 19 - 
A Mitsui and Co 
<
MITS.T> spokesman said
its subsidiary 
<
Mitsui and Co USA Inc> bought two mln dlrs of
newly-issued shares in 
<
Imatron Inc>, an unlisted
California-based medical equipment manufacturer.
    Mitsui and Co USA is now Imatron's fifth-largest
shareholder with 3.1 pct of the firm's outstanding shares.
Imatron is capitalised at 32.76 mln dlrs, the spokesman said.
    Mitsui and Co intends to import Imatron's computerised
diagnostic equipment into Japan, he said.
 REUTER
3;
bodyend
documentend
documentstart
6954
topicstart
trade
bop
rubber
veg-oil
palm-oil
topicend
bodystart
2;

INDONESIA SEES LIMITED CHOICES ON ECONOMY


    JAKARTA, March 19 - 
Indonesia cannot spend its way out of
recession and has very limited economic options due to lower
world oil prices, Central Bank governor Arifin Siregar was
quoted as saying by the official Antara news agency.
    "If Indonesia spurs its economic growth too much, such as
through expansionary monetary and budgetary policies, it might
create negative effects not only on price increases, but also
on the balance of payments," he told bankers and businessmen in
the North Sumatran city of Medan.
    Antara quoted him as saying Indonesia is relying on its
export drive to help narrow its trade deficit.
    Antara reported that Siregar said the government wanted to
help boost exports from the rubber and palm oil industries,
which are centered in Sumatra.
    "I see Sumatra has great potential, as in the plantation
sector in which family units are employed in great number," he
said, according to the agency.
    Indonesia relied on oil and gas exports for 70 pct of its
export revenue until last year's fall in crude prices.
    It has projected its current account deficit will widen to
over four billion dlrs in the current financial year ending
March 31 from 1.8 billion in 1985/86.
 REUTER
3;
bodyend
documentend
documentstart
6955
topicstart
retail
topicend
bodystart
2;

NEW ZEALAND RETAIL SALES SLOW IN JANUARY


    WELLINGTON, March 19 - 
Seasonally adjusted retail sales
rose by 0.1 pct in January, compared with increases of 5.7 pct
in December and 1.0 pct a year earlier, the Statistics
Department said.
    It said in a statement actual retail sales fell to 1.87
billion N.Z. Dlrs in January against 2.42 billion a month
earlier and compared with 1.78 billion in January 1986.
    Year-on-year retail sales rose 5.3 pct compared with a 9.6
pct increase in the year-earlier period.
 REUTER
3;
bodyend
documentend
documentstart
6957
topicstart
gold
topicend
bodystart
2;

SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK


    JOHANNESBURG, March 19 - 
Some 7,000 black workers returned
to work after staging one-day strikes at two mines on Monday,
the National Union of Mineworkers and the companies that own
the mines said.
    About 6,000 miners resumed work at the Grootvlei gold mine
east of Johannesburg after protesting the transfer of
colleagues to other jobs at the same mine, owners General
Mining Union Corp Ltd 
<
GENM.J> said.
    The union said about 1,000 mineworkers at a new coal
facility owned by Anglo American Corp of South Africa Ltd

<
ANGL.J> also returned to their jobs on Tuesday.
    The workers at Anglo's Vaal Colliery south of Johannesburg
had struck to protest the alleged refusal of officials of the
South African homeland of Transkei to allow miners to attend a
funeral in the homeland, a union spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
6959
topicstart
trade
bop
gnp
topicend
bodystart
2;

AUSTRALIAN EXPORTS HELPING TO BOOST GDP


    By David Skinner, Reuters


    SYDNEY, March 19 - 
The strong contribution of exports to
the growth in Australia's gross domestic product (GDP) in the
fourth quarter of 1986 was a significant and welcome feature of
the data, private economists polled by Reuters said.
    Real GDP rose 1.1 pct in the fourth quarter of 1986, after
rising 0.2 pct in the third quarter and falling 1.1 pct a year
earlier.
    Equally significant was the decline in both private and
government spending, they said.
    Exports of goods and services rose 13 pct in the fourth
quarter, while imports rose only 2.9 pct, Statistics Bureau
figures show. Consumer spending declined 0.6 pct and government
spending by 0.2.
    Bob Edgar of the Australia and New Zealand Banking Group
Ltd said the government's aim of reducing the current account
deficit by boosting exports and lowering consumption to cut
imports appeared to be working.
    However, he cautioned that care must be taken to keep
growth restrained because if it accelerated too fast imports
would increase and worsen the balance of payments.
    Andre Morony of Bankers Trust Australia Ltd added the
result was positive because growth was export-driven.
    But he said the GDP rise came as no surprise given the
growth in exports disclosed in other statistics.
    The economists' comments were echoed by Treasurer Paul
Keating in a statement issued in Canberra.
    Keating said the figures showed encouraging trends for a
reduction in the current account deficit, notably the decline
in domestic demand and the strong increase in exports.
    A further 3.5 pct fall in the terms of trade in the quarter
underscored the need to continue restraint in wages, prices and
public sector spending and borrowing to improve Australia's
competitiveness, he said.
    "It is clear that through the continued application of that
strategy Australia will make the necessary adjustments in its
external accounts and return to a more sustainable growth
pattern," he added.
 REUTER
3;
bodyend
documentend
documentstart
6960
topicstart
grain
wheat
topicend
bodystart
2;

AUSTRALIAN WHEAT BOARD RENEWS JAPAN SUPPLY PACT


    MELBOURNE, March 19 - 
The Australian Wheat Board (AWB)
expects to sell about 900,000 tonnes of wheat to the Japanese
Food Agency this year after renewing its annual supply
agreement, AWB general manager Ron Paice said.
    Under the agreement, the AWB makes the wheat available and
sells into the Food Agency's regular tenders, he said in a
statement.
    He noted that the Board has sold more than three mln tonnes
to Japan in the past three years.
 REUTER
3;
bodyend
documentend
documentstart
6961
topicstart
acq
topicend
bodystart
2;

SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK


    TOKYO, March 19 - 
Sanwa Bank Ltd 
<
ANWA.T> has agreed to buy
a two pct stake in Oporto-based 
<
Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
    Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
    The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon.  This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
    Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
    The bank has also agreed with 
<
Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
 REUTER
3;
bodyend
documentend
documentstart
6962
topicstart
topicend
bodystart
2;

FOREIGN SHARE IN JAPAN BOND SYNDICATE BOOSTED


     TOKYO, March 19 - 
The Finance Ministry approved the
banking industry's plan to cut its share in the government bond
underwriting syndicate to 73.8 pct from 74 pct from April 1 to
allow six foreign securities firms to participate, a ministry
spokesman said.
    Local and foreign securities housess may now underwrite
26.2 pct of 10-year bonds, up from 26 pct previously.
    Under a separate agreement, Japanese and foreign brokers
will allow the latter, including the six newcomers, to
underwrite five pct of the enlarged share, up from 1.19 pct,
underwriting sources said.
    The six new foreign brokers are 
<
E.F. Hutton and Co Inc>,

<
Shearson Lehman Brothers Asia Inc>, Dresdner Bank AG 
<
DRSD.F>,

<
Swiss Bank Corp International Asia Inc>, 
<
Sogen Security Corp>
and 
<
Swiss Union Philips and Drew Ltd>.
    The syndicate agreed after negotiation in April 1982 that
26 pct of 10-year government bonds should be underwritten by 93
securities firms, 17 of them foreign, and 74 pct by banks. The
ministry later approved the arrangement.
    The Finance Ministry is also considering public tender of
notes of over four-year maturity, adding to the current two,
three and four-year note auction, the ministry official said.
    The ministry has decided to lower the eligibility standard
for foreign brokers to participate in government note auctions
by abolishing a requirement that participants have current
accounts with the bank of Japan, the official said.
    A request by four foreign banks to join the bond
underwriting syndicate is being considered, banking sources
said. The four are local subsidiaries of Continental Illinois
Holding Corp's 
<
CIH.N> Belgian unit 
<
Continental Bank SA/NV>,
Amsterdam-Rotterdam Bank NV 
<
AMRO.AS>, 
<
Canadian Commercial
Bank> and 
<
Union de Banques Arabes et Francaises>, they said.
 REUTER
3;
bodyend
documentend
documentstart
6964
topicstart
trade
topicend
bodystart
2;

INDIA TRADE DEFICIT FALLS


    NEW DELHI, March 19 - 
India's trade deficit is
provisionally estimated at 58.34 billion rupees in the first 10
months of fiscal 1986/87 ending March, compared with 70.62
billion in the year ago period, the Commerce Ministry said.
 Exports rose in the latest period to 100.75 billion rupees
from the a year earlier 86.09 billion and imports to 159.09
billion from 156.71 billion in the period, the figures show.
    The trade deficit for all of 1986/87 is provisionally
estimated at around 70 billion rupees from an estimated record
87.47 billion in 1985/86 and actual 53.18 billion in 1984/85,
Commerce Minister P. Shiv Shanker told reporters last month .
 REUTER
3;
bodyend
documentend
documentstart
6965
topicstart
cpi
topicend
bodystart
2;

SWEDEN REVISES DOWN JANUARY'S INFLATION FIGURE


    STOCKHOLM, March 19 - 
Sweden's rate of inflation during
January has been revised downwards after a fault was made in
calculating the figures, the Central Bureau of Statistics said.
    The January rise in consumer prices was 1.0 pct instead of
the previously announced 1.3 pct, the bureau said, without
explaining how the error arose.
    Consumer prices in February rose 0.3 pct compared with 0.1
pct in February last year, the bureau said. The total inflation
rate so far this year is therefore 1.3 pct, allowing for
January's revised figures, it added.
    Year-on-year inflation rose to 3.4 pct in February, against
a revised 3.2 pct in January and a year-on-year rate of 5.3 pct
in February 1986, the bureau said.
    The slowdown in price rises was mainly due to a government
imposed price freeze which came into force on February 4, the
bureau added.
 REUTER
3;
bodyend
documentend
documentstart
6966
topicstart
topicend
bodystart
2;

BRITISH LAND CONVERTIBLE BOND RAISED TO 33 MLN STG


    LONDON, March 19 - 
British Land Co Plc 
<
BLND.L> convertible
eurobond issued yesterday has been raised to a total of 33 mln
stg from the 30 mln originally indicated, lead manager Credit
Suisse First Boston Ltd said.
    The coupon has been fixed at 7.50 pct and the conversion
price at 248 pence to give a 27.84 pct premium over last
night's share price close on the London stock exchange.
 REUTER
3;
bodyend
documentend
documentstart
6968
topicstart
iron-steel
topicend
bodystart
2;

TAIWAN STEEL FIRM SEES LOWER EXPORTS, MORE OUTPUT


    TAIPEI, March 19 - 
State-owned 
<
China Steel Corp> said its
steel exports will drop to some 600,000 tonnes in the year
ending June 30, 1987 from more than 810,000 in 1985/86.
    Production by the company, Taiwan's largest steel maker, is
expected to rise to 3.33 mln tonnes from 3.27 mln, a spokesman
told Reuters.
    He attributed the export decline to the rise in the Taiwan
dollar, which has eroded the competitiveness of the company's
products against those from South Korea.
    The spokesman said the company is undergoing an expansion
project which calls for a boost in production to 5.65 mln
tonnes a year from the current level. The project, costing 52.3
billion Taiwan dlrs, will be completed by April 1988, two
months ahead of the targetted date, he said.
    The spokesman said the company exports its products to
Japan, Southeast Asia, Hong Kong, the U.S., The Middle East and
Africa.
 REUTER
3;
bodyend
documentend
documentstart
6969
topicstart
earn
topicend
bodystart
2;
******
 SWISSAIR 1986 NET 64.5 MLN SWISS FRANC VS 68.5 MLN, DIV 33 FRANCS VS 38

Blah blah blah.
3;


bodyend
documentend
documentstart
6970
topicstart
money-supply
topicend
bodystart
2;

PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS


    MANILA, March 19 - 
Liquidity in the Philippines rose in
December while loan demand and short-term lending rates fell,
the Central Bank said.
    A bank official said M-3 rose 9.72 pct to a provisional
149.80 billion pesos at the end of December from a month
earlier for a year-on-year gain of 12.72 pct.
    She said short-term bank lending rates fell to an
annualised 13.88 pct at the end of December, from 14.58 pct a
month earlier and 19.82 pct at the end of December 1985.
    Poor loan demand was illustrated by a rise in commercial
bank reserves, the official said.
    The bank official said commercial bank reserves were 22.19
billion pesos at the end of December, when reserves required
were 21.59 billion.
    She said the surplus of 597 mln pesos, compared with a
deficit of 390 mln pesos a month earlier and a deficit of 1.64
billion at the end of 1985, reflected political uncertainty in
the last quarter of 1986.
    Reserve money, the total available to monetary authorities,
was a provisional 52.58 billion pesos at the end of 1986. This
was 5.19 pct up from 49.98 billion at the end of November and
41.85 pct up from 37.09 billion in December 1985.
    The bank official noted M-3, which includes M-1 money
supply, plus savings, time deposits and deposit substitutes.
Was 132.88 billion pesos at the end of December 1985.
    M-1 money supply rose a provisional 17.3 pct to 42.86
billion pesos at the end of December 1986 from 36.52 billion a
month earlier. The year-on-year rise was 19.64 pct, up from
35.83 billion at the end of December 1985.
    The bank official said the broader M-2 measure, which
measures notes and coins in circulation plus savings and time
deposits, rose a provisional 9.7 pct to 140.88 billion pesos at
the end of December from 128.41 billion a month earlier. It
rose 13.35 pct from 124.27 billion at the end of December 1985.
    She said deposits with the commercial banking system rose
to just over 118 billion pesos at the end of December from
107.89 billion at the end of 1985 and 92.83 billion at the end
of 1984.
 REUTER
3;
bodyend
documentend
documentstart
6972
topicstart
earn
topicend
bodystart
2;

SWISSAIR 
<
SWSZ.Z> YEAR 1986


    ZURICH, March 19 -
    
Net 64.5 mln Swiss francs vs 68.5 mln
    Div 33 francs per share vs 38
    Turnover 4.03 billion vs 4.35 billion.
 REUTER
3;
bodyend
documentend
documentstart
6975
topicstart
wpi
topicend
bodystart
2;

FINNISH WHOLESALE PRICES RISE 0.2 PCT IN FEBRUARY


    HELSINKI, March 19 - 
Finnish wholesale prices rose 0.2 pct
in February after a rise of one pct in January and a drop of
1.2 pct in February 1986, the Central Statistical Office said.
    Year-on-year wholesale prices fell 1.9 pct in February
after drops of 3.3 pct in January and 1.8 pct in February 1986.
    The wholesale price index, base 1980, was 136.5 in
February, 136.3 in January and 139.2 in February last year.
 REUTER
3;
bodyend
documentend
documentstart
6976
topicstart
trade
topicend
bodystart
2;

CHINA, TAIWAN TRADE VIA HONG KONG FELL IN 1986


    HONG KONG, March 19 - 
The value of trade between China and
Taiwan via Hong Kong fell 13 pct to 7.45 billion H.K. Dlrs in
1986 from 8.59 billion dlrs in 1985, Hong Kong's Census and
Statistics Department said.
    Taiwan's exports to China through Hong Kong fell to 6.33
billion dlrs last year from 7.69 billion in 1985, while China's
exports rose to 1.12 billion dlrs from 904 mln dlrs.
    Economists in Hong Kong told Reuters that China's controls
on scarce foreign currency hurt its imports of Taiwanese
consumer goods, such as electric fans and television sets.
    Herbal medicine and textiles were among China's chief
exports to Taiwan.
    Taiwan does not allow direct trade with China and indirect
trade is routed mainly through Hong Kong.
 REUTER
3;
bodyend
documentend
documentstart
6981
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG


    LONDON, March 19 - 
The Bank of England said it forecast a
shortage of around 450 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 650 mln stg while a rise in note circulation will take out
around 30 mln stg.
    Partly offsetting these outflows, bankers' balances above
target and exchequer transactions will add some 200 mln stg and
35 mln stg to the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
6982
topicstart
cpi
topicend
bodystart
2;

BRAZILIAN MONTHLY INFLATION DIPS SLIGHTLY


    RIO DE JANEIRO, March 19 - 
Brazilian consumer prices rose
13.9 pct in February, compared with January's record rate of
16.8 pct, the Brazilian Geography and Statistics Institute
(IBGE) said in a statement.
    The February rise brought the increase in consumer prices
since the introduction of the anti-inflation Cruzado Plan a
year ago to 62.5 pct.
 REUTER
3;
bodyend
documentend
documentstart
6983
topicstart
reserves
topicend
bodystart
2;
******
 German net currency reserves fall 5.4 billion marks to 81.7 billion - Bundesbank

Blah blah blah.
3;


bodyend
documentend
documentstart
6984
topicstart
topicend
bodystart
2;

ROYAL INSURANCE ISSUES 300 MLN MARK EUROBOND


    FRANKFURT, March 19 - 
A Royal Insurance Plc unit is raising
300 mln marks via a five-year bullet eurobond with a 5-1/2 pct
coupon, priced at par, sole lead manager Commerzbank AG said.
    The bond, for Royal Insurance Finance NV, is guaranteed by
the parent. Investors will pay for the bond on April 9, and the
bond pays annual interest on the same day. It matures on the
same day in 1992. Fees total two pct, with 1-1/4 points for
selling, and 3/8 each for management and underwriting.
    Listing is in Frankfurt. The bond will be issued in
denominations of 1,000 and 10,000 marks.
 REUTER
3;
bodyend
documentend
documentstart
6985
topicstart
gold
topicend
bodystart
2;

NORTH KOREA TO RESURRECT GOLD MINE TO REPAY DEBT


    TOKYO, March 19 - 
Pyongyang and a group of Tokyo-based
North Korean businessmen plan to resurrect a North Korean
goldmine and boost annual output to almost one tonne within two
years from 600 pounds at present, said Li Sangsu, a spokesman
for 
<
Unzan Mine Development Co>, the venture partner.
    Work will begin on April 3 and the company aims to increase
output to 10 tonnes within a decade to pay off Pyongyang's 70
billion yen debt to 30 Japanese companies, Li added.
    "We expect this mine to be worth about 2,000 billion yen in
gold deposits," he said.
    The mine, started in 1896 by a U.S. Company, is one of six
or seven virtually untapped mines in the Unzan area, 94 miles
north of Pyongyang, Li said.
    Li said modern equipment and advanced technology would
increase yields. "Up to now, the mining was done with antiquated
methods and basic equipment."
    The gold mine scheme is the latest in a series of moves by
North Korea to clear its debts to Japanese creditors.
    Earlier this year, Pyongyang tried and failed to pay off
part of its debt with several tonnes of fish.
 REUTER
3;
bodyend
documentend
documentstart
6986
topicstart
earn
topicend
bodystart
2;
******
Legal and General Group 1986 pre-tax profit 83.2 mln stg vs 31.5 mln.

Blah blah blah.
3;


bodyend
documentend
documentstart
6988
topicstart
topicend
bodystart
2;
******
 DRG Plc issues 40 mln stg convertible bond due 2002, ind coupon 6 to 6-1/4 pct - lead Baring

Blah blah blah.
3;


bodyend
documentend
documentstart
6991
topicstart
topicend
bodystart
2;

VOLVO ISSUES 70 BILLION EUROLIRE BOND


    LONDON, March 19 - 
AB Volvo is issuing a 70 billion
eurolire bond due May 31, 1990 paying 10-1/8 pct and priced at
100-1/2 pct, lead manager Banca Commerciale Italiana said.
    The bond is available in denominations of two mln lire and
will be listed in London.
    Fees comprise 7/8 pct selling concession with 1/2 pct for
management and underwriting combined.
    Payment date is April 24 and there will be a long first
coupon.
 REUTER
3;
bodyend
documentend
documentstart
6992
topicstart
topicend
bodystart
2;

DRG ISSUES 40 MLN STG CONVERTIBLE BOND


    LONDON, March 19 - 
DRG Plc 
<
DRGL.L> is issuing a 40 mln stg
convertible eurobond due September 30, 2002 with an indicated
coupon of six to 6-1/4 pct and priced at par, lead manager
Baring Brothers and Co Ltd said.
    Pricing will take place on March 26 with conversion set at
a premium of 10 to 15 pct over the closing price on that day.
    Fees of 2-1/2 pct comprise 1-1/2 pct for selling and one
pct for management and underwriting combined. The bonds will be
issued in denominations of 1,000 stg and will be listed in
London. The pay date is April 30 with a short first coupon.
    J. Henry Schroder Wagg and Co Ltd is co-lead.
 REUTER
3;
bodyend
documentend
documentstart
6993
topicstart
veg-oil
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS TO RESUME TUESDAY


    LONDON, March 19 - 
Three consecutive days of talks between
management and unions aimed at ending the three month old
strike at Cargill U.K. Ltd's oilseed processing plant at
Seaforth, ended yesterday without resolving the situation,
although some progress was made, a company spokesman said.
    Fresh talks have been scheduled for next Tuesday, he said.
 REUTER
3;
bodyend
documentend
documentstart
6994
topicstart
veg-oil
soy-oil
topicend
bodystart
2;

EC FARM LOBBIES BACK OILS AND FATS "TAX" PLAN


    BRUSSELS, March 19 - 
The European Community (EC) farmers'
and farm cooperatives lobbies, Copa and Cogeca, have backed the
EC Commission plan for an oils and fats price stabilisation
mechanism, claiming it would not harm consumers.
    In a letter to Belgian Foreign Minister Leo Tindemans,
current president of the EC Council of Ministers, they said the
mechanism, often referred to as a tax, would in fact subsidise
oils and fats prices in the EC under some circumstances.
    This would have been the case in May 1984, when soya oil
prices cif Rotterdam stood at 914 dlrs a tonne, they noted.
    If such price stabilisation is not implemented, EC farmers
should not be the ones to suffer through their prices and
incomes from the financial consequences, the letter, made
available to journalists, said.
    Under the Commission proposal the mechanism would initially
result in a tax of 330 Ecus a tonne on both imported and EC
produced oils and marine fats.
    The mechanism would provide for this tax to be reduced, and
possibly to become a subsidy, as world soya oil prices rose
from present levels.
 REUTER
3;
bodyend
documentend
documentstart
6995
topicstart
zinc
topicend
bodystart
2;

OECD EUROPE ZINC STOCKS RISE IN JANUARY


    LONDON, March 19 - 
Producers zinc stocks in Organization
for Economic Co-operation and Development (OECD) European
countries rose to 159,732 tonnes in January from 151,171 in
December and 127,725 in January 1986, latest International Lead
and Zinc Study Group (ILZSG) figures show. Other figures were -
                      JAN'87  DEC'86   JAN'86
 Refined production   155,980 164,243 166,968
 Refined deliveries   131,910 122,364 136,727
 Mine output (metal
 content)              77,120 70,560  81,356
 REUTER
3;
bodyend
documentend
documentstart
6996
topicstart
crude
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - SAUDI ARABIA RESHAPES ECONOMY


    By Stephen Jukes, Reuters


    RIYADH, March 19 - 
Higher world oil prices, coupled with a
new realism ushered in by austerity, could lift Saudi Arabia's
economy after five years of falling revenue and growing budget
deficits, bankers and diplomats said.
    The months ahead will prove critical as the government
attempts a balancing act between defending higher oil prices
and fostering recovery through a bigger role for the private
sector.
    Economists said oil earnings could recover this year to
about 20 billion dlrs and nominal gross domestic product could
grow by about three pct, the first rise since 1982.
    But the economists said this will be possible only if the
Organisation of Petroleum Exporting Countries (OPEC) succeeds
in defending world oil prices and if Saudi Arabia is not forced
to curtail output for too long.
    Saudi Arabia is now keeping production down to defend
OPEC's newly-established 18 dlr a barrel benchmark price.
    Oil Minister Hisham Nazer told Reuters output is running at
about three mln barrels per day (bpd), well down on Saudi
Arabia's OPEC quota of 4.13 mln set for the first half of 1987.
    King Fahd has stamped his personal authority on OPEC's
new-found determination to defend prices in a move Western
diplomats believe underlines the kingdom's need to secure a
stable source of income for its economy.
    Saudi Arabia, still the world's largest oil exporter, is a
hugely wealthy country. But the past five years of declining
revenue have taken their toll. Economists estimate gross
domestic product fell 10 pct last year and 8.6 pct in 1985.
    Oil revenue last year, when prices briefly dipped below 10
dlrs per barrel, probably totalled no more than 17.5 billion
dlrs, compared to a peak 101.8 billion in 1981.
    "Austerity is still the watchword, but Saudi Arabia will not
be allowed to dip further into recession ... The Saudis can
afford to draw down reserves temporarily to offset the worst
effects," a diplomat said.
    In the short-term, the kingdom can lessen the impact of
lower oil revenues and a gaping budget deficit by drawing on
foreign reserves, still put at around 100 billion dlrs.
    But such a policy cannot be pursued indefinitely. Bankers
and diplomats said it would amount to fiscal recklessness in
the longer term.
    It also increases the dominance of the public sector at a
time when the government is publicly urging private enterprise
to take over the lead role in the economy.
    Bankers and diplomats said the government is well aware of
the risks attached to this policy but is determined to "tough it
out" on the oil front even if that means a short-term depletion
of reserves.
    The 1987 budget deficit is targetted at a huge 52.7 billion
riyals or 31 pct of total outlay. The budget explicitly
recognises the need to draw down reserves while foreign
borrowing has been ruled out.
    Commerce Minister Suleiman Abdulaziz al-Salim told Saudi
businessmen this week the government had carefully considered
the need to stimulate the economy when drawing up its budget
plans late last year.
    "It therefore took the bold step of withdrawing more than 50
billion riyals from its reserves and pumping it into the
economy," he said.
    Reserves were built up during the late 1970's and early
1980's when Saudi Arabia's breakneck pace of construction and
tales of high spending became legendary.
    The shrinking economy has wrought huge changes in the
fabric of the Kingdom's private sector where poor management
had gone unpunished in the easy days of the oil boom.
    Modern techniques of cost control have been introduced,
markets expanded and outsized labour forces and inventories cut
back. The expatriate workforce has fallen sharply.
    The number of new bankruptcies appears to be declining but
Saudi banks, hit hard by non-performing loans to the corporate
sector, have become highly selective in extending new credit.
    Government moves to encourage lending and investigate
company complaints about late public sector contract payments
could boost confidence but recession has slowed the nation's
industrialisation program and discouraged foreign investment.
    Private wealth is still very high and banks report more and
more cash being placed on deposit.
    As Saudi Arabia attempts to shift the weight of economic
development from the public to the private sector, one of the
biggest tasks will be to convince businessmen to channel
personal savings into industrial projects within the kingdom
and refrain from the temptation to invest abroad.
 REUTER
3;
bodyend
documentend
documentstart
6997
topicstart
topicend
bodystart
2;
******
BANK OF FRANCE SELLS 1.6 BILLION FRANCS OF CAISSE DE REFINANCEMENT HYPOTHECAIRE TAP STOCK - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
6998
topicstart
sugar
topicend
bodystart
2;

EC SUGAR TENDER SEEN AS CONCESSION TO PRODUCERS


    BRUSSELS, March 19 - 
The rebate granted at yesterday's EC
sugar tender represents some concession to producers'
complaints that they are losing money on exports outside the
bloc, EC Commission officials said.
    The maximum rebate of 44.819 European currency units (Ecus)
per 100 kilos was 1.3 Ecus below what producers say is needed
to obtain the equivalent price to that offered for sales into
intervention.
    The rebate at last week's tender was 2.5 Ecus per 100 kilos
short of the level producers said was needed, the officials
said.
    The officials said the Commission is not negotiating with
producers who have offered a total of 854,000 tonnes of sugar
for sale into intervention in an apparent attempt to persuade
it to offer higher rebates.
    They said the French and German producers involved are now
unable to withdraw this offer before April 1 when the sugar
will officially enter intervention stores.
    Payment for it is due five weeks later, and it will be open
to them to withdraw their offers at any time between April 1
and the official payment date when the Commission officially
takes ownership of the sugar, the officials said.
    The officials said if the Commission has to buy the sugar,
it is determined to immediately resell it, a move which would
drive down market prices further.
    They expressed some hope that the operators would not
eventually go through with their plan for intervention sales.
    "We think they realise they have gone too far," one official
said.
 REUTER
3;
bodyend
documentend
documentstart
6999
topicstart
earn
topicend
bodystart
2;

JOHN FAIRFAX LTD 
<
FFXA.S> FIRST HALF


    SYDNEY, March 19 - 
26 weeks ended Dec 28
    Net shr 25.9 cents vs 28.2
    Int div 5.5 cents vs 5.0
    Pre-tax 48.30 mln dlrs vs 44.29 mln
    Net 25.94 mln vs 25.35 mln
    Turnover 453.28 mln vs 407.35 mln
    Other income 4.48 mln vs 3.18 mln
    Shrs 100 mln vs 90 mln.
    NOTE - Div pay May 8. Reg April 14.
    Net is after tax 22.09 mln dlrs vs 18.60 mln, interest
11.60 mln vs 13.92 mln, depreciation 8.52 mln vs 7.06 mln and
minorities 267,000 vs 346,000 but before net extraordinary
profit 89.32 rpt 89.32 mln dlrs vs nil.
 REUTER
3;
bodyend
documentend
documentstart
7000
topicstart
earn
topicend
bodystart
2;
******
Britoil Plc 1986 pre-tax profit 134 mln stg vs 759 mln.

Blah blah blah.
3;


bodyend
documentend
documentstart
7001
topicstart
earn
topicend
bodystart
2;

FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS


    SYDNEY, March 19 - 
Media group John Fairfax Ltd 
<
FFXA.S>
said that its flat first half net profit partly reflected the
impact of changes in the Australian tax system.
    Fairfax earlier reported net earnings edged up 2.3 pct to
25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln
a year earlier although pre-tax profit rose 9.1 pct to 48.30
mln from 44.29 mln.
    Net would have risen 10.1 pct but for the increase in
company tax to 49 pct from 46 and the imposition of the tax on
fringe benefits, paid by employers and not the recipients, the
company said in a statement.
    Fairfax also pointed to the cyclical downturn in revenue
growth in the television industry as another reason for the
flat first half earnings.
    It said it considered the result satisfactory in view of
these factors.
    Fairfax said its flagship dailies, The Sydney Morning
Herald and the Melbourne Age, boosted advertising volume, as
did the Australian Financial Review, and posted extremely
satisfactory performances. Magazines also performed strongly.
    But an 8.9 pct rise in television costs outweighed a 4.0
pct rise in revenue, it said.
    Fairfax said a fall in net interest also contributed to net
earnings because group borrowings were reduced following the
receipt of a 96.11 mln dlr capital dividend from 
<
Australian
Associated Press Pty Ltd> (AAP) after the sale of AAP's "B"
shares in Reuters Holdings Plc 
<
RTRS.L>.
    This accounted for the 89.32 mln dlr extraordinary profit.
    Fairfax said it is too early to predict results for the
full year. Increased borrowings after the recent 320 mln dlr
acquisition of the HSV-Seven television station in Melbourne
will hit earnings but networking with the Channel Sevens in
Sydney and Brisbane will produce some offsetting cost savings.
 REUTER
3;
bodyend
documentend
documentstart
7002
topicstart
topicend
bodystart
2;

BANK OF FRANCE SELLS 1.6 BILLION FRANCS CRH TAP


    PARIS, March 19 - 
The Bank of France sold 1.6 billion
francs of 8.50 pct March 1987/99 Caisse de Refinancement
Hypothecaire (CRH) state-guaranteed tap stock at an auction,
the Bank said.
    Demand totalled 6.82 billion francs and prices bid ranged
from 93.50 to 96.60 pct. The minimum accepted price was 95.50
pct with a 9.13 pct yield, while the average price was 95.69.
    At the last auction on February 19, two billion francs of
CRH tap stock was sold at a minimum price of 91.50 pct and
yield of 9.73 pct.
 REUTER
3;
bodyend
documentend
documentstart
7003
topicstart
earn
topicend
bodystart
2;

BRITOIL PLC 
<
BTOL.L> 1986 YR


    LONDON, March 19 -
    
Shr 6.56p vs 50.31p
    Final div 6p, making 8p vs 13p.
    Pre-tax profit 134 mln stg vs 759 mln.
    Net profit 33 mln vs 253 mln.
    Turnover 978 mln stg vs 1.80 billion.
    Extraordinary debit 50 mln vs nil.
    Operating profit 149 mln stg vs 756 mln.
    Exceptional debit on rationalisation programme 12 mln vs
nil
    Petroleum Revenue Taxes 77 mln vs 319 mln,
    U.K. Corporation tax and overseas tax 24 mln vs 187 mln,
    Note - The net effect of accounting changes in 1986 was to
reduce after tax profits by 47 mln stg. Retained earnings for
prior years were increased by 209 mln.
    Extraordinary debit of 50 mln stg related to the decision
to seek a buyer for the company's U.S. Assets.
 REUTER
3;
bodyend
documentend
documentstart
7004
topicstart
jobs
topicend
bodystart
2;
    (EMBARGOED FOR RELEASE AT 1130 GMT THURS MARCH 19) ******UK
FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1
PCT - OFFICIAL
3;


bodyend
documentend
documentstart
7005
topicstart
income
topicend
bodystart
2;
******
UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7006
topicstart
income
topicend
bodystart
2;
******
UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7007
topicstart
money-supply
topicend
bodystart
2;
******
U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7008
topicstart
earn
topicend
bodystart
2;

LEGAL AND GENERAL GROUP PLC YEAR 1986


    LONDON, March 19 -
    
Shr 14.58p vs 7.86p
    Div 6.5p making 9.75p, an increase of 19.4 pct
    Pretax profit 83.2 mln stg vs 31.5 mln
    Net after tax 68.6 mln stg vs 37.7 mln
    Pretax profit 83.2 mln stg vs 31.5
mln, consists of -
    Long term business 45.9 mln stg vs 43.8 mln
    U.S. Long term business 6.2 mln vs 8.9 mln
    Fund management 4.7 mln vs 6.5 mln
    Short term business 4.7 mln vs loss 29.0 mln
    Associate companies 0.9 mln vs 0.8 mln
    Shareholders other income and outgoings 0.4 mln debit vs
0.5 mln credit
    Exceptional long-term business profit 21.4 mln vs nil
 REUTER
3;
bodyend
documentend
documentstart
7009
topicstart
money-supply
topicend
bodystart
2;
******
FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7010
topicstart
jobs
topicend
bodystart
2;
******
UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7011
topicstart
trade
topicend
bodystart
2;

JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER


    TOKYO, March 19 - 
The Ministry of International Trade and
Industry will ask Japanese computer microchip makers to further
slash output in the second quarter in an effort to save its
semiconductor pact with the United States, MITI officials said.
    The United States has accused Japan of reneging on the
semiconductor pact by failing to stop the flow of cut-price
Japanese chips to Asian markets. Washington has threatened to
take retaliatory action after April 1.
    The pact, agreed last year, calls on Japan to stop selling
cut-price chips in world markets and to increase its imports of
American chips to reduce some of its huge trade surplus.
    MITI, anxious to salvage the bilateral agreement, has been
pressing chip makers to limit production in the hope that will
boost domestic chip prices and reduce the incentive to export.
    Last month, the ministry asked Japanese chip makers to
reduce first quarter output by 10 pct. To meet that request,
they had to slash production by 20 pct over the final six weeks
of the first quarter.
    If that reduced production level were maintained through to
the end of June, second quarter output would come in 10 pct
below that of the first three months of the year.
    MITI officials, who declined to be identified, said the
ministry has not yet decided on the extent of the second
quarter cutback.
    One said that Japanese chip makers are losing ground in
Asia to South Korean and U.S. Competition just as markets there
are picking up.
    MITI has been criticized privately by some Japanese
semiconductor makers for what they see as heavy-handed attempts
to ensure the success of the Japan/U.S. Chip pact.
 REUTER
3;
bodyend
documentend
documentstart
7012
topicstart
money-supply
topicend
bodystart
2;

U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG


    LONDON, March 19 - 
Clearing bank sterling lending to the
U.K. Private sector in February is estimated to have risen by
an underlying, seasonally-adjusted 1.6 billion stg after a 1.2
billion stg rise in January, the Banking Information Service
said.
    The unadjusted rise was 1.31 billion stg, compared with an
813 mln stg increase in January.
    The Banking Information Service said the adjusted rise of
1.6 billion stg was well above the recent monthly average of
about 1.0 billion stg.
    Of the increase, 297 mln stg was accounted for by personal
lending, which the Banking Information Service said was taken
up entirely by lending for home purchases.
    Lending for consumption fell around 17 mln stg while about
182 mln stg of credit card debt was repaid during the month.
    Lending to the manufacturing industry was up 370 mln stg,
and to leasing companies by 308 mln stg.
    The Banking Information Service said February fell within
the governmemnt tax season, so much of the lending was probably
the result of industry's need to pay its tax bills.
    Deposits by the private sector rose an unadjusted 1.1
billion stg in February and by a seasonally-adjusted 1.75
billion stg.
    Deposits from the public sector rose 185 mln stg in
February while deposits from overseas residents rose by 43 mln.
 REUTER
3;
bodyend
documentend
documentstart
7013
topicstart
jobs
topicend
bodystart
2;

U.K. UNEMPLOYMENT FALLS IN FEBRUARY


    LONDON, March 19 - 
Unemployment in the U.K. Fell a
provisional seasonally-adjusted 44,100 in February, to total
3.07 mln or 11.1 pct of the workforce, the Employment
Department said.
    In January, seasonally adjusted unemployment fell by a
revised 1,100 to 11.3 pct, it said. Initially the January
position was reported as flat.
    The unadjusted jobless total, including school leavers,
fell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in
January.
    February was the seventh successive month that seasonally
adjusted unemployment registered a fall.
    It was at a peak of 11.7 pct last summer.
    Lord Young, the Employment Minister, said there appeared
little doubt the monthly fall, which has been running at about
20,000, will continue.
    A Department spokesman said the sharp fall in February
reflected some compensation for the flat figure in January and
continued the downward trend seen in the past six months.
    He said the February fall was spread throughout the country
and among men and women.
 REUTER
3;
bodyend
documentend
documentstart
7014
topicstart
money-supply
topicend
bodystart
2;

STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN


    LONDON, March 19 - 
The main measure of U.K. Broad money,
sterling M3, grew a provisional, seasonally adjusted 2-1/4 pct
in February after a rise of 1.1 pct in January, the Bank of
England said.
    The narrow measure, M0, fell a provisional adjusted 3/4 to
one pct after a 0.6 pct drop in January, the Bank said.
    Unadjusted annual growth in sterling M3 was 18-3/4 to 19
pct in the 12 months to February against 17.6 pct in January
while M0 rose four to 4-1/4 pct after a 5.2 pct rise in
January.
    Seasonally adjusted, sterling bank lending grew 2.9 billion
stg after a January rise of 1.75 billion.
    Of the unadjusted counterparts to sterling M3, bank lending
to the private sector expanded 2.6 billion stg after a 1.4
billion rise in January, the Bank said.
    The public sector borrowing requirement (PSBR) contracted
by 300 mln stg after a contraction of 3.7 billion stg in
January.
    Funding - debt sales to the non-bank private sector and
external flows to the public sector - rose by 300 mln stg after
a 1.5 billion stg rise in January. Of this, central government
debt sales to the public sector were expansionary by 400 mln
stg after a 1.3 billion expansion in January, the Bank said.
    Other unadjusted counterparts to sterling M3 expanded by
300 mln stg in February after an expansion of 1.3 billion stg
in January, the Bank said.
    Unadjusted figures showed a rise in sterling M3 by 1-3/4 to
two pct in February after a drop of 0.8 pct in January.
    On the same basis, the figures showed a drop of about 1-1/2
pct in MO in February after a sharp 6-1/2 pct fall in January.
    The Bank said it would publish full, final figures on March
30.
    The Bank said non-bank private sector holdings of public
sector debt fell by about 400 mln stg in February while
external flows to the public sector were about 100 mln stg.
    Combined with a net PSBR repayment of about 300 mln stg,
the public sector contribution to the growth in sterling M3 was
therefore about flat, the Bank said.
    It said seasonally adjusted bank lending, at about 2.9
billion stg in February, compared with an average of about 2.6
billion stg a month over the preceding six months.
 REUTER
3;
bodyend
documentend
documentstart
7015
topicstart
income
topicend
bodystart
2;

U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY


    LONDON, March 19 - 
U.K. Average earnings rose a seasonally
adjusted 7.6 pct in the year to end-January after a 7.4 pct
rise in the year to December, the Department of Employment
said.
    The underlying rise was 7.5 pct after 7.75 pct in December.
    The January index, base 1980, was set at a provisional
seasonally adjusted 190.4, down from 193.4 in December.
    The underlying rise, adjusted for factors such as back-pay
and timing variations, had been steady at 7.5 pct from October
1985 to October 1986.
    Unit wage costs in U.K. Manufacturing industry rose 3.3 pct
in the three months to end January, on a year-on-year basis,
after a 3.1 pct rise in the three months to end December, the
Department of Employment said.
    In January, the unit wage rise in manufacturing industries
was 3.6 pct, unchanged from the December rise.
    The Department said the decline in the underlying rate of
rise in earnings reflected the reduced significance of bonus
payments in January compared with December.
    The actual increase reflected teacher pay settlements and
industrial action in the transport and communications sectors
in January 1987.
 REUTER
3;
bodyend
documentend
documentstart
7016
topicstart
topicend
bodystart
2;

MEPC ISSUES PARTLY PAID EUROSTERLING BOND


    LONDON, March 19 - 
U.K. Property company MEPC Plc is
issuing a 75 mln stg eurobond due April 15, 2004 paying 9-7/8
pct and priced at 99-5/8 pct, lead manager County Natwest
Capital Markets said.
    The bond is in partly paid form with 25 pct due on April 15
and the remainder on July 15. It will be available in
denominations of 1,000 and 10,000 stg and will be listed in
London.
    Fees comprise 1-1/2 pct selling concession and 1/2 pct each
for management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
7017
topicstart
topicend
bodystart
2;

NOMURA INTERNATIONAL FINANCE ISSUES EUROBOND


    LONDON, March 19 - 
Nomura International Finance Plc is
issuing a 150 mln dlr eurobond due April 28, 1992 with a 7-1/4
pct coupon and priced at 101-1/8 pct, Nomura International Ltd
said as lead manager.
    The transaction carries the guarantee of Nomura Securities.
Bonds will be issued in denominations of 5,000 dlrs and will be
listed in London. Payment date is April 27.
    Fees comprise 5/8 pct for management and underwriting,
including a 1/8 pct praecipuum, and 1-1/4 pct for selling.
    Co-lead is Pru-Bache Securities. The issue is targeted at
Europe, with no Japanese co-managers.
 REUTER
3;
bodyend
documentend
documentstart
7018
topicstart
topicend
bodystart
2;

VOLVO ISSUES 70 BILLION EUROLIRE BOND


    LONDON, March 19 - 
AB Volvo is issuing a 70 billion
eurolire bond due May 31, 1990 paying 10-1/8 pct and priced at
100-1/2 pct, lead manager Banca Commerciale Italiana said.
    The bond is available in denominations of two mln lire and
will be listed in London.
    Fees comprise 7/8 pct selling concession with 1/2 pct for
management and underwriting combined.
    Payment date is April 24 and there will be a long first
coupon.
 REUTER
3;
bodyend
documentend
documentstart
7020
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN


    LONDON, March 19 - 
The Bank of England said it revised down
its estimate of the deficit in the system today to 400 mln stg
from 450 mln.
 REUTER
3;
bodyend
documentend
documentstart
7021
topicstart
topicend
bodystart
2;

WESTLB ISSUES 50 MLN AUSTRALIAN DLR EUROBOND


    FRANKFURT, March 19 - 
A Westdeutsche Landesbank
Girozentrale (WestLB) unit is raising 50 mln Australian dlrs
through a five-year bullet eurobond with a 14-3/8 pct coupon
and priced at 101-1/2, co-lead manager WestLB said.
    The bond, for WestLB Finance N.V., Is guaranteed by the
parent. Investors will pay for the bond on April 15, and the
bond pays annual interest on the same day. It matures on that
day in 1992. Fees total two pct, with 1-3/8 points for selling,
and 5/8 for management and underwriting combined. There is a
1/8 pct praecipuum. Listing is in Luxembourg.
    Co-lead is Hambros Bank Ltd. Denomination is 1,000 dlrs.
 REUTER
3;
bodyend
documentend
documentstart
7022
topicstart
topicend
bodystart
2;

ECUADOR SEEKS 450 MLN DLRS IN EMERGENCY CREDIT


    By Jorge Aguirre, Reuters


    QUITO, March 18 - 
Ecuador is seeking between 437 and 450
mln dlrs in loans this year from multilateral organisations and
foreign governments to grapple with economic losses from a
devastating earthquake 13 days ago, a presidential economic
adviser said.
    Foreign governments and multilateral organisations hold
one-third of Ecuador's 8.16 billion dlrs total foreign debt, he
said in a news conference at the presidential palace.
    But he added that the suspension of payments to private
foreign banks, who hold the rest of the foreign debt, would be
prolonged though the government hoped to negotiate an agreement
with these creditors.
    President Leon Febres Cordero says the earthquake cost the
country one billion dlrs in losses and left 1,000 people dead
or missing.
    Swett, who was Finance Minister of Ecuador between August
1984 to June 1986, added: "With the private foreign banks there
has been a ceasing of payments by Ecuador.
    "We are bringing forward the respective negotiations whose
conclusion we hope finalises in the next few weeks."
    Finance Minister Domingo Cordovez said last week that
quake-hit Ecuador sought through negotiations to postpone all
payments due to the private foreign banks in 1987 until next
year.
    Although Swett gave no gave details on the latest plan for
negotiations with private foreign banks, he calculated the
suspension of payment to these creditors would save the
government 54.45 billion sucres.
    This amount is equal to 363 mln dlrs at the free rate of
150 sucres to the dollar -- the rate Swett said reporters
should use in calculating the dollar equivalent.
    The Ecuadorean central bank, which is the institution
remitting debt payments abroad, uses the official rate of 95
sucres to the dollar for its accounting purposes. At the
official rate, the 54.45 billion sucres' sum equals 573 mln
dlrs.
    Ecuador, squeezed by a slide last year in prices for crude,
its main export, suspended payments to private foreign banks in
January.
    Swett said the government would also seek to refinance the
1.429 billion dlr section of the debt owed to the Paris Club
group of foreign governments, though it would continue to
service the debt with them. He gave no more details.
    The government adopted a tough austerity program last
Friday intended to grapple with the tremor's economic costs.
But the country's labour unions have called a general strike
for Wednesday to press for a suspension of the program.
    The 500,000-strong Unitary Workers' Front (FUT) and the
100,000-member General Union of Workers (UGT) called the strike
to cancel the measures, which include a rise in petrol prices
of up to 80 per cent and budget cuts of as much as 10 per cent.
    The leftist-led FUT said it was also backing a call by the
Maoist Popular Movement for Democracy (MPD) party, to have
Congress impeach and oust Febres Cordero, a conservative, for
having adopted the austerity measures.
 Reuter
3;
bodyend
documentend
documentstart
7023
topicstart
gold
topicend
bodystart
2;

SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK


    JOHANNESBURG, March 19 - 
Some 7,000 black workers returned
to work after staging one-day strikes at two mines on Monday,
the National Union of Mineworkers and the companies that own
the mines said.
    About 6,000 miners resumed work at the Grootvlei gold mine
east of Johannesburg after protesting the transfer of
colleagues to other jobs at the same mine, owners General
Mining Union Corp Ltd 
<
GENM.J> said.
    The union said about 1,000 mineworkers at a new coal
facility owned by Anglo American Corp of South Africa Ltd

<
ANGL.J> also returned to their jobs on Tuesday.
    The workers at Anglo's Vaal Colliery south of Johannesburg
had struck to protest the alleged refusal of officials of the
South African homeland of Transkei to allow miners to attend a
funeral in the homeland, a union spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
7024
topicstart
acq
topicend
bodystart
2;

NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE


    TOKYO, March 19 - 
<
Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
    But he declined to comment on rumours the company would
take a 10 pct stake in 
<
Shearson Lehman Brothers>, an
investment banking unit of American Express Co 
<
AXP>.
    He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
    Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, 
<
Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
    These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
    The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
 REUTER
3;
bodyend
documentend
documentstart
7027
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE


    LONDON, March 19 - 
The Bank of England said it provided the
money market with 181 mln stg in assistance this morning.
    This compares with the Bank's revised shortage forecast of
around 400 mln stg.
    The central bank purchased bank bills outright at the new
dealing rates established yesterday.
    These comprised 65 mln stg in band one at 9-7/8 pct, 114
mln stg in band two at 9-13/16 pct and two mln stg in band
three at 9-3/4 pct.
 REUTER
3;
bodyend
documentend
documentstart
7029
topicstart
money-supply
topicend
bodystart
2;

PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS


    MANILA, March 19 - 
Liquidity in the Philippines rose in
December while loan demand and short-term lending rates fell,
the Central Bank said.
    A bank official said M-3 rose 9.72 pct to a provisional
149.80 billion pesos at the end of December from a month
earlier for a year-on-year gain of 12.72 pct.
    She said short-term bank lending rates fell to an
annualised 13.88 pct at the end of December, from 14.58 pct a
month earlier and 19.82 pct at the end of December 1985.
    Poor loan demand was illustrated by a rise in commercial
bank reserves, the official said.
    The bank official said commercial bank reserves were 22.19
billion pesos at the end of December, when reserves required
were 21.59 billion.
    She said the surplus of 597 mln pesos, compared with a
deficit of 390 mln pesos a month earlier and a deficit of 1.64
billion at the end of 1985, reflected political uncertainty in
the last quarter of 1986.
    Reserve money, the total available to monetary authorities,
was a provisional 52.58 billion pesos at the end of 1986. This
was 5.19 pct up from 49.98 billion at the end of November and
41.85 pct up from 37.09 billion in December 1985.
    The bank official noted M-3, which includes M-1 money
supply, plus savings, time deposits and deposit substitutes.
Was 132.88 billion pesos at the end of December 1985.
    M-1 money supply rose a provisional 17.3 pct to 42.86
billion pesos at the end of December 1986 from 36.52 billion a
month earlier. The year-on-year rise was 19.64 pct, up from
35.83 billion at the end of December 1985.
 Reuter
3;
bodyend
documentend
documentstart
7030
topicstart
acq
topicend
bodystart
2;

SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK


    TOKYO, March 19 - 
Sanwa Bank Ltd 
<
ANWA.T> has agreed to buy
a two pct stake in Oporto-based 
<
Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
    Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
    The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon.  This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
    Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
    The bank has also agreed with 
<
Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
 REUTER
3;
bodyend
documentend
documentstart
7031
topicstart
interest
topicend
bodystart
2;

BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED


    FRANKFURT, March 19 - 
The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
    The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
 REUTER
3;
bodyend
documentend
documentstart
7032
topicstart
gnp
topicend
bodystart
2;

NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY


    PARIS, March 19 - 
There is no question of stimulating
consumption or relying on a systematic budget deficit or other
reflationary policies to boost the French economy, sources
close to finance minister Edouard Balladur said.
    Their comments followed remarks by prime minister Jacques
Chirac's spokesman Denis Baudouin, who said on Monday ministers
were agreed on the desirability of "relaunching" the economy.
    This sparked speculation the government was preparing for a
reflationary U-turn, but the finance ministry immediately ruled
out any such move.
    The sources today said the government's policy remained one
of "recovery," or sound finances and greater efficiency.
    They said that while 8.6 billion of the 30 billion franc
revenues expected for 1987 from a sweeping privatisation
program will go to providing public companies with fresh
capital, 21.4 billion francs, or two-thirds, will go toward
paying off national debt.
    Any further privatisation revenue this year above the 30
billion would be distributed between repayment of national
internal debt and public companies in similar proportions, they
added.
    The sources said it was absurd to talk of reflation when
the country's internal debt, expected to grow by 10 pct this
year from 1,300 billion francs in 1986 was growing twice as
fast as gross domestic product.
    Nominal GDP is expected to grow by roughly five pct this
year from 5,000 billion francs last year, broadly in line with
earlier forecasts. Real GDP will grow by up to 2.5 pct.
    The sources said that with France's economic targets for
1987 roughly in line with its main trading partners, the
government had no intention of pushing the economy to grow at
an artificial pace out of step with neighbouring economies.
 REUTER
3;
bodyend
documentend
documentstart
7034
topicstart
topicend
bodystart
2;

AUSTRIA INCREASES BOND TO 75 MLN AUSTRALIAN DLRS


    LONDON, March 19 - 
The Australian dollar eurobond launched
yesterday for the Republic of Austria has been increased to 75
mln dlrs from the original 50 mln, Credit Suisse First Boston
Ltd said as lead manager.
    The five year transaction has a 14-1/4 pct coupon and was
priced at 101-3/4 pct.
 REUTER
3;
bodyend
documentend
documentstart
7035
topicstart
topicend
bodystart
2;

U.K. BUILDING SOCIETY TAPS EUROSTERLING MARKET


    LONDON, March 19 - 
Cheltenham and Gloucester Building
Society is issuing a 50 mln stg eurobond due April 22, 1992,
paying 9-1/4 pct and priced at 101-1/4 pct, lead manager Union
Bank of Switzerland (Securities) Ltd said.
    The bond will be available in denominations of 1,000 stg
and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
7036
topicstart
money-fx
income
money-supply
topicend
bodystart
2;

U.S. CREDIT MARKET OUTLOOK - SPENDING, M-1


    NEW YORK, March 19 - 
Brisk increases in personal income and
consumption are to appear in February data released today, but
the bond market's recent sluggishness suggests there will be no
major price reaction unless the rises are much larger than
expected, economists said.
    Personal income is forecast to rise by 0.6 to 0.8 pct,
compared with no change in January, while consumption
expenditures are projected to increase 1.4 to 1.6 pct,
reversing most of the two pct drop recorded in January.
    M-1 money supply data for the March 9 week will also be
released. An increase of some 2.3 billion dlrs is expected.    
    Peter Greenbaum of Smith Barney, Harris Upham and Co Inc
expects a one pct rise in income, led by a strong gain in wage
and salary disbursements in February.
    Nonfarm payrolls expanded by 337,000 jobs in February, the
average workweek lengthened by 0.6 pct and hourly wages rose by
four cts, he noted in a report. Vigorous spending on durable
goods last month, especially cars, foreshadow a rise of at
least 1.5 pct in consumption, he added.
    The prospect of bearish data did not trouble the bond
market much yesterday, with the 30-year Treasury bond slipping
just 7/32 to 99-28/32 for a yield of 7.51 pct.
    Analysts said the market is still trapped in a narrow
range, desperately seeking direction.
    "Seasonally adjusted, it's already December in the bond
market," quipped Robert Brusca of Nikko Securities Co
International Inc.
    Paul Boltz of T. Rowe Price Associates Inc said the
steadiness of long bond yields around 7.5 pct, despite some
signs of a stronger economy, probably reflects expectations
that inflation will remain subdued.
    But he warned that this assumption might not be justified.
    "It took the bond market a long while to see that inflation
was not returning to double digits, and now that it has learned
that lesson, it may be a little slow to see that a four to five
pct inflation is a real possibility ahead," Boltz said in a
report.
    After trading late yesterday at 5-15/16 pct, Fed funds were
indicated by brokers to open comfortably at 5-15/16, six pct.
 Reuter
3;
bodyend
documentend
documentstart
7037
topicstart
veg-oil
oilseed
soybean
topicend
bodystart
2;

U.S. DELEGATION HOPES FOR VEG OILS TAX DEFEAT


    BONN, March 19 - 
American soybean producers and processors
are hoping the proposed EC tax on vegetable oils and fats will
not be imposed, but say the U.S. Is prepared to retaliate if it
is introduced.
    Wayne Bennett, the American Soybean Association's first
vice president, told a news conference the U.S. Administration
would not hesitate to retaliate, but both producers and
processors were trying to solve the issue through negotiation.
    U.S. Secretary of Agriculture Richard Lyng said in a letter
to EC officials that U.S. Retaliatory measures would cover more
than agricultural products if the tax was imposed, Bennett
said.
    The ASA and National Soybean Processors Association (NSPA)
delegations will meet top West German government officials
today and tomorrow to lobby for support.
    Bennett said West Germany, Britain, the Netherlands,
Denmark and Portugal oppose the tax, but Italy and Belgium seem
to have taken a hardline view on the issue.
    "Europeans in favour of the tax say it would be to their
advantage economically, but that is not correct because we
would hit back," NSPA chairman Jack Reed said.
    This step would be very expensive for all and no one would
emerge as a winner if the tax were introduced, he said.
    Reed pointed out the U.S. Administration and the soybean
industry view the EC proposal as violating the General
Agreement on Tariffs and Trade.
    The proposed tax also violates the zero duty bindings
agreed between the EC and U.S. In 1962, he said.
    Under the zero duty bindings pact U.S. Soybeans and
products can be exported to the Community duty-free.
 REUTER
3;
bodyend
documentend
documentstart
7039
topicstart
acq
topicend
bodystart
2;
******
AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE

Blah blah blah.
3;


bodyend
documentend
documentstart
7041
topicstart
acq
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> MAY SELL SHEARSON STAKE


    NEW YORK, March 19 - 
American Express Co said it and its
Shearson Lehman Brothers Inc subsidiary have been holding talks
on the possible equity investment in Shearson Lehman by 
<
Nippon
Life Insurance Co> of Japan.
    The company said, "The discussions have led to a general
understanding by which Nippon Life would purchase a 13 pct
equity investment in Shearson Lehman for approximately 530 mln
dlrs and American Express, Shearson Lehman and Nippon Life
would explore mutually advantageous, nonexclusive business and
investment opportunities."
    The company said a definitive agreement on the matter is
subject to a number of conditions, including approval of the
American Express board and the Japanese Ministry of Finance.
    The company said its board is scheduled to meet March 27
for its regular monthly sessions.
    American Express said it is continuing to evaluate various
courses of action of strategic importance to Shearson Lehman in
addition to the possible investment by Nippon Life.
    It said the options range from expanding Shearson's
capacity to meet international competition, to broadening
further its access to capital.
    The company also said, "All the courses of action under
study reflect the continuing integral role of Shearson Lehman
in American Express' worldwide financial services strategy."
 Reuter
3;
bodyend
documentend
documentstart
7043
topicstart
money-fx
rand
topicend
bodystart
2;

S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER


    JOHANNESBURG, March 19 - 
The financial rand, widely viewed
as a direct reflection of foreign investor confidence in South
Africa, appears headed above 30 U.S. Cents, dealers and bank
economists said.
    The currency has risen about 25 pct in the past three
months to its current rate of 29.50 cents, due partly to signs
of a possible power shift with the appearance of a number of
independent candidates in the whites-only election on May 6,
they added.
    It has risen about two cents this week alone.
    "Another factor is that banks in London, where the main
market is based, are going long in the currency because of a
general feeling that it will rise in the future," one economist
said.
    Dealers described 30 cents as a psychological barrier that
was expected to be broken soon after a brief consolidation
phase from recent gains.
    After reaching 30 cents, "There is a chance of appreciation
to 32 cents in the next several weeks," one dealer said.
    There was a widespread feeling that both the commercial
rand, holding stable at 48 cents, and the financial rand were
staying firm, banking sources said.
    A Barclays National Bank executive who asked not to be
identified said: "The rise of the independents appears to be
indicative of a potential shift of power in the National Party
and has created a favourable sentiment overseas."
    One dealer said growing business and investor interest from
West Germany and Switzerland were behind the financial rand's
rise.
    Economists said foreigners also were being attracted by
South Africa's long-term government bonds and "semi-gilts" or
securities in partly government-owned firms, many with yields
as high as 30 pct. They could be purchased with financial rands
with interest paid in commercial rands.
    "This has had a definite influence on the financial form of
the rand," a dealer said, adding that at present demand is
slightly in excess of supply.
    The financial rand was reintroduced in September 1985 to
help end capital flight from South Africa during a period of
severe political unrest in the country.
 REUTER
3;
bodyend
documentend
documentstart
7045
topicstart
acq
topicend
bodystart
2;

<
FI-TEK CORP> TO MAKE ACQUISITION


    DENVER, March 19 - 
Fi-Tek Corp said it has signed a letter
of intent to acquire 
<
Voice Systems and Services Inc> for an
undisclosed amount of stock.
    It said on completion of the acquisition it would change
its name to Voice Systems and Services Inc.  It said VBoice
Systems has received a 3,600,000 dlr contract to provide FLP
Communications of Dallas with voicemail systems through service
bureaus located throughout the U.S. and has also contracted to
provide voicemail systems and administration to M and S
Communications.
 Reuter
3;
bodyend
documentend
documentstart
7046
topicstart
acq
topicend
bodystart
2;

FIRST WISCONSIN 
<
FWB> TO MAKE ACQUISITION


    MILWAUKEE, March 19 - 
First Wisconsin Corp said it has
agreed to acquire North Shore Bancorp Inc of Northbrook, Ill.,
for 6,160,000 dlrs in cash, or slightly more than twice book
value, subject to approval by North Shore shareholders and
regulatory authorities.
    The company said completion is expected in the third
quarter.
 Reuter
3;
bodyend
documentend
documentstart
7047
topicstart
bop
topicend
bodystart
2;

ITALY'S FEBRUARY PAYMENTS BALANCE IN SURPLUS


    ROME, March 19 - 
Italy's overall balance of payments showed
a surplus of 1,461 billion lire in February 1987 compared with
a deficit of 1,145 billion in January, provisional Bank of
Italy figures show.
    The February surplus compared with a deficit of 1,578
billion lire in the same month for 1986.
    For the first two months of 1987, the balance of payments
showed a surplus of 302 billion lire against a deficit of 4,622
billion in the same 1986 period.
    The Bank of Italy said the cumulative balance for the first
two months of 1987 does not match the total calculated on the
individual monthly figures because of the provisional nature of
certain data.
 REUTER
3;
bodyend
documentend
documentstart
7048
topicstart
earn
topicend
bodystart
2;

BELVEDERE CORP 
<
BLV> 4TH QTR LOSS


    NEW YORK, March 19 -
    
Oper shr loss 21 cts vs loss 95 cts
    Oper net loss 666,000 vs loss 2,184,000
    Avg shrs 3,181,805 vs 2,310,200
    Year
    Oper shr loss 30 cts vs loss 23 cts
    Oper net loss 823,000 vs loss 606,000
    Avg shrs 2,757,040 vs 2,614,225
    NOTE: Net excludes realized investment gains of 666,000
dlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000
dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
7049
topicstart
reserves
topicend
bodystart
2;

ITALIAN NET RESERVES RISE IN FEBRUARY


    ROME, March 19 - 
Italy's net official reserves rose to
66,172 billion lire in February 1987 from a previously reported
62,174 billion in January, the Bank of Italy said.
    Gold holdings at end-February totalled 35,203 billion lire,
unchanged on January.
    Convertible currencies totalled 18,467 billion lire, up
from 14,899 billion in January, while European Currency Unit
(ECU) holdings were 10,156 billion lire against 10,133 billion.
 REUTER
3;
bodyend
documentend
documentstart
7051
topicstart
topicend
bodystart
2;

GERMAN INVESTORS SLOW TO ACCEPT BOND INNOVATIONS


    By Franz-Josef Ebel, Reuters


    WEST BERLIN, March 19 - 
The liberalization of West German
capital markets in May 1985 led to a flood of financial
innovations but the lack of a secondary market for these has
diminished their acceptance, Deutsche Girozentrale - Deutsche
Kommunalbank management board member Wiegand Hennicke said.
    While innovations may be intellectualy stimulating, they
lack transparency, he told an investors' forum in West Berlin.
    "Properly functioning markets require standardized products.
This (condition) has not been met by some of the innovations,"
Hennicke said.
    The volume of zero coupon bonds and floating rate notes,
the most widely used financial innovations in Germany, stands
at four billion and 16 billion marks, respectively, a tiny
proportion of the 1,000 billion marks of bonds in circulation.
    Even for zero-coupon bonds and floating rate notes, a
secondary market had not developed, Hennicke said. One
important reason for this was the bourse turnover tax, which
was reducing the rate of return to the investors.
    West German Finance Minister Gerhard Stoltenberg said this
week he believed the tax could still be removed, even if its
abolition was not decided during recent coalition discussions.
    Karl-Herbert Schneider-Gaedicke, deputy management board
chairman of DG Bank Deutsche Genossenschaftsbank, said German
domestic and institutional investors had also shown
reservations about investing in participation shares.
    One of the reasons was the widely varying terms and
conditions of participation shares in West Germany. "The
investor has to scrutinize (participation shares) carefully,
before making an investment decision," Schneider-Gaedicke said.
    He added the attractiveness of participation shares could
be increased by limiting the combination possibilities of terms
and conditions and increasing safeguards for investors.
    He also urged publicizing the comparative advantage of
participation shares over ordinary shares for foreigners.
    Foreigners do not receive the corporation tax bonus granted
to domestic investors for share dividends.
    Karl Thomas, head of the Bundesbank's credit department,
said the domestic investor had missed earnings opportunities
over the last four years by failing to invest in German bonds.
    Domestic investors did not believe interest rates would
decline and stay at low levels for such a long time, because
expectations were determined by sharp interest rate
fluctuations at the start of the decade.
    The Bundesbank has a natural interest in seeing domestic
savings channelled into bonds and shares, Thomas said.
    A shift of savings into long-term assets would dampen
monetary expansion and foster a stable rise of the money
supply, he said.
 REUTER
3;
bodyend
documentend
documentstart
7052
topicstart
earn
topicend
bodystart
2;
******
CARTER HAWLEY HALE STORES INC 4TH QTR SHR LOSS 1.58 DLRS VS PROFIT 58 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7054
topicstart
topicend
bodystart
2;

CBT LEADERS PLAN APRIL TRIP TO FAR EAST


    BOCA RATON, Fla., March 19 - 
The two top officials of the
Chicago Board of Trade, CBT, are planning to visit three
countries in the Far East next month to drum up support for the
exchange's proposed night trading session, CBT President Thomas
Donovan told Reuters.
    Donovan said he and CBT Chairman Karsten Mahlmann will
leave April 3 and spend two weeks in Hong Kong, Tokyo and
Sydney discussing the night trading session with brokerage
firms, regulators and exchanges.
    CBT hopes to launch the first U.S. night trading session at
the end of April, offering Treasury-bond and T-note futures and
options on the two futures contracts between 1700 and 2100 hrs
central U.S. time (2300 to 0300 hrs GMT).
 Reuter
3;
bodyend
documentend
documentstart
7057
topicstart
acq
topicend
bodystart
2;
******
WASTE MANAGEMENT SAYS IT IS PREPARED TO RAISE ITS BID FOR CHEMLAWN TO 33 DLRS A SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
7058
topicstart
earn
topicend
bodystart
2;

TRANSAMERICA 
<
TA> TO HAVE GAIN ON UNIT SALE


    LOS ANGELES, MArch 19 - 
Transamerica Corp said it expects
to realize a gain of about 75 mln dlrs on the
previously-announced sale of the group life and health
operations of its Transamerican Occidental Life Insurance Co
subsidiary to Provident Life and Accident Co 
<
PACC>.
    But it said its Transamerica Life Cos unit plans to change
to a more conservative method of amortizing deferred policy
acquisition costs, resulting in a one-time charge that will
offset most of the gain from the sale.
    Transamerica said it has now signed a definitive agreement
for the sale, which will be structured as a reinsurance
transaction involving about 400 mln dlrs of reserve
liabilities.
    It said the 75 mln dlr gain from the sale and about 125 mln
dlrs of statutory surplus that previously supported operations
of the group being sold will be used to support Transamerica
Life Cos' efforts to accelerate the growth of its remaining
businesses.  It said closing is expected by May One, subject to
regulatory approvals.
 Reuter
3;
bodyend
documentend
documentstart
7060
topicstart
earn
topicend
bodystart
2;

AMERITRUST 
<
AMTR> SETS TWO FOR ONE STOCK SPLIT


    CLEVELAND, March 19 - 
AmeriTrust Corp said its board
declared a two-for-one stock split, and management intends to
recommend to directors an increase in the quarterly dividend to
at least 50 cts per share presplit from the current 44 cts.
    The company said shareholders at the May 14 annual meeting
will be asked to approve an increase in authorized common
shares to 100 mln from 25 mln, as well as a limitation of
directors' liability and the establishment of a classified
board.
    The split is subject to approval of the increase in
authorized common shares, it said.
 Reuter
3;
bodyend
documentend
documentstart
7061
topicstart
earn
topicend
bodystart
2;

CARTER HAWLEY HALE STORES INC 
<
CHH> 4TH QTR LOSS


    LOS ANGELES, March 19 - 
ended Jan 31
    Shr loss 1.58 dlrs vs profit 58 cts
    Net loss 24.2 mln vs profit 18.9 mln
    Sales 1.34 billion vs 1.32 billion
    Avg shrs 20.0 mln vs 19.8 mln
    Year
    Shr loss 1.27 dlrs vs profit 92 cts
    Net profit 4.2 mln vs profit 48.0 mln
    Sales 4.09 billion vs 3.98 billion
    Avg shrs 20.2 mln vs 19.6 mln
    NOTES: Share results after provision for preferred
dividends
    Per share profits from operations were 1.46 dlrs vs 71 cts
in the quarter and 2.44 dlrs vs 1.05 dlrs in year. On a fully
diluted basis this was 1.11 dlrs vs 67 cts and 2.42 dlrs vs
1.58 dlrs, respectively, based on 33.0 mln vs 32.3 mln shares
outstanding in quarter and 32.8 mln vs 32.1 mln in year
    1986 results in both periods include pre-tax losses pf 2.2
mln dlr on sale of John Wanamaker and 25.0 mln dlrs related to
recapitalization, for a combined primary per share charge of
1.58 dlrs in quarter and 1.57 dlrs in year.
    1986 results also include an after-tax charge 29.3 mln
dlrs, equal to 1.46 dlrs a share in quarter and 1.44 dlrs in
year, for premium on early retirement of debt
    1985 net in both periods includes pre-tax loss of 2.4 mln
dlrs, equal to 13 cts a share, on sale of Holt Renfrew
    Results include LIFO charge 1.7 mln dlrs vs credit 4.4 mln
dlrs in quarter and credit 1.9 mln dlrs vs credit 6.4 mln dlrs
in year
 Reuter
3;
bodyend
documentend
documentstart
7062
topicstart
grain
wheat
corn
topicend
bodystart
2;

OECD FARM SUBSIDIES STUDY RESULTS DETAILED


    By Greg McCune, Reuters


    WASHINGTON, March 19 - 
The results of a controversial study
of farm subsidies conducted by the Paris-based Organisation for
Economic Cooperation and Development, OECD, show Japan has the
highest agriculture subsidies in the world, and that dairy
farmers benefit more than any other commodity producers from
subsidies.
    Results of the study, which has not been released by OECD
because of objections from some countries, were provided to
Reuters by officials of several countries on condition they not
be identified.
    The OECD study calculates the level of farm subsidies for
the years 1979-81 using a new measure called the producer
subsidy equivalent, PSE.
    The study shows that on dairy products Japan's PSE, or the
amount of aid to farmers expressed as a percentage, averaged
83.3 pct over 1979-81, with the European Community at 68.8 pct
and the United States 48.2 pct.
    For wheat Japan's PSE averaged 95.8 pct, the EC 28.1 and
the U.S. 17.2. Japan's rice PSE was 68.8 pct compared to the EC
13.6 and the U.S. 5.4 pct, the OECD calculations show.
    In coarse grains, Japan's subsidies reached 107.1 pct
compared with 27.9 pct for the EC and 13.1 pct for the U.S.
Japan's beef subsidy was 54.9 pct versus 52.7 pct for the EC
and 9.5 pct for the U.S., OECD concluded.
    For sugar, Japan's PSE was 48.4 pct versus 27.9 pct in the
EC and 13.1 pct for the U.S., the study shows.
    The OECD calculated farm subsidies for other industrial
countries such as Canada, Australia and New Zealand but in most
cases the results were much lower than for the U.S., EC and
Japan, the sources said.
    Subsidies in Argentina and Brazil, two major developing
country producers of commodities, were not included in the OECD
work.
    Officials said they hope to persuade reluctant countries to
release the study soon, perhaps coinciding with the OECD
ministerial meeting in Paris during May.
    Some officials hope the OECD results will be used as a 
basis for negotiations during the Uruguay round of global trade
talks now underway in Geneva.
    British Agriculture Minister Michael Jopling during a visit
to Washington this week endorsed the OECD work as a starting
point for the Uruguay round negotiations on agriculture.
    He said the PSE calculations provide a tool to negotiate
down domestic farm support levels, which are a major cause of
the present crisis in world agriculture.
    However, the OECD study results are controversial because
they highlight the levels of assistance to farmers, officials
familiar with the study said.
    The U.S. Agriculture Department's Economic Research Service
recently published a study of farm subsidies in an attempt to
verify the OECD results and update them to 1982-84.
    In some cases the results were substantially different than
the OECD's, in part because farm policies in both the U.S. and
elsewhere had changed markedly by 1982-84 from the OECD base
period of 1979-81, U.S. officials said.
    For example, the USDA study found the United States
subsidies to corn producers were higher in 1982-84, at 25 to 49
pct, than in the EC, at zero to nine pct.
    French Maize Producers Association president Marcel Cazale,
citing the result of the USDA calculation for corn, told
reporters last week that the United States subsidizes its
farmers more than the EC.
    However, the sources said EC corn subsidies are probably
higher than the U.S. now because of increases since 1984.
    Officials of several countries have been asked to
contribute data to OECD so that the study can be updated to
1985 subsidy levels, a much more relevant measure of the
current world farm situation.
    The updated calculations, which may take several months to
complete, are expected to show substantial increases in U.S.
subsidy levels for sugar because the U.S. imposed restrictive
import quotas in 1982 as aid to the domestic industry.
    U.S. subsidy levels also are increased by the 1985 farm
bill, which sharply boosted government deficiency payments to
grain farmers and applied a marketing loan for rice, officials
added.
 Reuter
3;
bodyend
documentend
documentstart
7063
topicstart
earn
topicend
bodystart
2;

FIRST AMERICAN FINANCIAL
<
FAMR> IN SPECIAL PAYOUT


    SANTA ANA, Calif., March 19 - 
First American Financial Corp
said its board declared a special dividend of 20 cts per share
and the regular 25 ct quarterly dividend, both payable April 15
to holders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
7064
topicstart
earn
topicend
bodystart
2;

CARIBOU ENERGY REVERSE SPLIT APPROVED


    DALLAS, March 19 - 
<
Caribou Energy Inc> said shareholders
have approved a one-for-100 reverse split that will take effect
by tomorrow and the company has changed its name to 
<
Texas
Petroleum Corp>.
 Reuter
3;
bodyend
documentend
documentstart
7065
topicstart
acq
topicend
bodystart
2;

NATIONAL CAPITAL 
<
NCETS> TO MAKE SALE


    SAN FRANCISCO, March 19 - 
National Capital Real Estate
Trust said it has entered into a definitive agreement to sell
its Irvine Commercial Center in Irvine, Calif., to Shuwa Corp
of California for 10.85 mln dlrs.
    It said the buyer has pl;aced 250,000 dlrs into an escrow
account as a nonrefundable deposit.
    The trust said existing debt secured by the property of
about 6,700,000 dlrs in due on completion of the transaction,
which is expected in early April.
 Reuter
3;
bodyend
documentend
documentstart
7066
topicstart
earn
topicend
bodystart
2;

SWISSAIR REPORTS LOWER PROFIT AND DIVIDEND


    ZURICH, March 19 - 
Swissair 
<
SWSZ.Z> reported a 5.8 pct
drop in 1986 net profit to 64.5 mln Swiss francs and said that,
in line with its new, flexible dividend policy, it would cut
its payout to 33 francs per share from 38.
    President Robert Staubli told a news conference that the
first two months of this year gave hope that 1987 profit would
at least equal last year's figure, but said much depended on
outside factors such as fuel prices and the exchange rate.
    The fall was largely due to a 60 mln franc loss on
Swissair's core flying business last year, against a profit of
27 mln francs the previous year, he said.
    The net profit figure was reached after receipt of some 68
mln francs from plane sales, compared with a mere 17 mln francs
in 1985. Finance Head Martin Juenger said he expected around 20
mln francs from sales this year, although said much depended on
the speed with which it decided to sell its DC-10s.
    Gross profit for 1986 reached 340.5 mln francs, with 276
mln francs subtracted for ordinary depreciation.
    Gross profits for the previous year had been 382.5 mln
francs, with 314 mln subtracted for depreciation, including 45
mln francs supplementary depreciation.
    Staubli said the 1986 result, well below predictions made
this time last year, suffered considerably due to exchange rate
fluctuations, in particular the strength of the Swiss franc.
    While the negative effects on revenue of the sharp drop in
the dollar were partially compensated for by cheaper fuel
prices, there was no such offset for the strength of the franc
against other European currencies.
    "Income and profit generated by services to these countries
shrank by a very substantial margin," he said. "Exchange rate
trends therefore hit us much more severely than most other
airlines."
 Reuter
3;
bodyend
documentend
documentstart
7067
topicstart
crude
topicend
bodystart
2;

CANADIAN ROXY IN NEW ALBERTA OIL DISCOVERY


    CALGARY, Alberta, March 19 - 
<
Canadian Roxy Petroleum Ltd>
said a new oil discovery in the Peerless Lake area of
north-central Alberta is capable of flowing at over 1,000
barrels of oil a day from a lower zone and more than 1,500
barrels a day from a separate upper zone.
    Canadian Roxy has a 35 pct interest in the five-year
royalty free well, known as the Canadian Roxy et Al Trout
A14-8-89-3 W5M. Texaco Canada Inc holds 25 pct, MLC Oil and Gas
Ltd 15 pct, Northstar Energy Corp 13.5 pct and Tricentrol Oils
Ltd 11.5 pct.
    Canadian Roxy said drilling has started on a follow-up
exploratory well about one mile northwest of the discovery
well.
    The company said it holds a net 6,500 acres in the vicinity
of the discovery and a seismic program is underway to evaluate
further drilling opportunities.
 Reuter
3;
bodyend
documentend
documentstart
7068
topicstart
acq
topicend
bodystart
2;

WASTE MANAGEMENT
<
WMX> TO RAISE CHEMLAWN
<
CHEM>BID


    OAK BROOK, ILL., March 19 - 
Waste Management Inc said it
sent a letter to the ChemLawn Corp board, saying it is prepared
to increase its bid for ChemLawn to 33 dlrs a share,
from 27 dlrs, if ChemLawn promptly negotiates and executes a
simple two-step merger agreement containing only essential
covenants and conditions.
    Upon such an agreement, Waste Management said, it would
amend its 27 dlrs a share cash tender offer.
 Reuter
3;
bodyend
documentend
documentstart
7069
topicstart
topicend
bodystart
2;

AMERICAN CAN 
<
AC> FILES 500 MLN DLR SHELF OFFER


    GREENWICH, Conn., March 19 - 
American Can cop said it has
filed a shelf registration covering 500 mln dlrs of debt
securities to be issued from time to time.
    It said proceeds will be used for general corporate
purposes, which could include acquisitions, business
investments or debt repayment.
 Reuter
3;
bodyend
documentend
documentstart
7070
topicstart
jobs
topicend
bodystart
2;

U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK


    WASHINGTON, March 19 - 
New applications for unemployment
insurance benefits fell to a seasonally adjusted 340,000 in the
week ended March 7 from 373,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,507,000 in the week ended Feb
28, the latest period for which that figure was available.
    That was up from 2,477,000 the previous week.
     
 Reuter
3;
bodyend
documentend
documentstart
7071
topicstart
cocoa
topicend
bodystart
2;

COCOA DELEGATES OPTIMISTIC ON BUFFER STOCK RULES


    By Lisa Vaughan, Reuters


    LONDON, March 19 - 
Hopes mounted for an agreement on cocoa
buffer stock rules at an International Cocoa Organization,
ICCO, council meeting which opened here today, delegates said.
    Both producer and consumer ICCO members said after the
opening session that prospects for an agreement on the cocoa
market support mechanism were improving.
    "The chances are very good as of now of getting buffer stock
rules by the end of next week," Ghanaian delegate and producer
spokesman Mama Mohammed told journalists.
    Consumer spokesman Peter Baron called the tone of the
negotiations "optimistic and realistic."
    The ICCO council failed to agree on buffer stock rules when
a new International Cocoa Agreement came into force in January,
with deep differences of opinion precluding serious discussions
on the matter at that time. The existing buffer stock of about
100,000 tonnes of cocoa was frozen, with a funds balance of 250
mln dlrs.
    The ICCO made buffer stock rules negotiations a priority at
this semi-annual council meeting in order to stop the slide in
world cocoa prices.
    Consumers and producers agreed yesterday on the principles
as a basis for negotiations.
    The council broke for lunch, and reconvenes at 1500 hrs. A
working group which has been meeting since Monday will tackle
the buffer stock rules issue again at 1600 hrs, when ICCO
executive director Kobena Erbynn presents a fleshed-out version
of a draft proposal he prepared earlier this week, delegates
said.
    Mohammed said delegates will have a much clearer indication
of prospects for an accord after details of the rules are
elaborated by Erbynn, and after producers and consumers meet
separately later today to examine the scheme.
    The draft proposal included three principles: a limit to
non- member cocoa comprising the buffer stock, an offer system
for buying buffer stock cocoa, and price differentials to be
paid for various cocoas making up the buffer stock, delegates
said.
    During the morning council session, the Ivory Coast
delegation gave "an open minded statement" that it is willing to
work out a buffer stock rules solution which could come into
effect as soon as possible, Baron said.
    Ivorian Agriculture Minister Denis Bra Kanon, chairman of
the ICCO council, was now expected to arrive in London Monday
to attend the talks, Baron said. Vice chairman Sir Denis Henry
of Grenada chaired the meeting in his place.
    Soviet and East German delegates did not attend the council
session because of a conflicting International Sugar
Organization meeting today, but could arrive this afternoon,
delegates said.
 Reuter
3;
bodyend
documentend
documentstart
7072
topicstart
earn
topicend
bodystart
2;

STUARTS DEPARTMENT STORES 
<
STUS> 4TH QTR NET


    HOPKINTON, Mass., March 19 - 
Ended Jan 31
    Shr one ct vs 31 cts
    Net 29,000 vs 1,350,000
    Revs 43.7 mln vs 32.4 mln
    Year
    Shr 29 cts vs 62 cts
    Net 1,251,000 vs 2,520,000
    Revs 129.9 mln vs 96.1 mln
    NOTE: Full name Stuarts Department Stores Inc.
 Reuter
3;
bodyend
documentend
documentstart
7073
topicstart
earn
topicend
bodystart
2;

IOMEGA CORP 
<
IOMG> EXPECTS QTR AND YEAR LOSSES


    ROY, Utah, March 19 - 
Iomega Corp announced it expected
revenues for the first quarter of 1987 to be significantly
lower than planned and that it anticipated a loss for the
quarter.
    In its annual report to be mailed to stockholders tomorrow,
the company will announce its first quarter loss will be in
excess of 10 mln dlrs primarily as a result of lower than
anticipated revenues.
    The company said it recored net income of 4,572,000 dlrs,
or 30 cts per share, for its first quarter fiscal 1986, on
revenues of 35.0 mln.
    The company said it lowered its revenue plan for the
balance of 1987 and also expects to record a loss for the
entire 1987 year.
    Iomega said the first quarter loss will place the company
in default under certain covenants in its bank line of credit
unless these covenants are modified.
    The company is currently exploring alternatives for raising
additional funds through a debt for equity financing.
   
 Reuter
3;
bodyend
documentend
documentstart
7074
topicstart
earn
topicend
bodystart
2;

3COM CORP 
<
COMS> 3RD QTR FEB 28 NET


    SANTA CLARA, Calif., March 19 -
    
Shr 22 cts vs 13 cts
    Net 3,166,000 vs 1,780,000
    Sales 30.4 mln vs 16.9 mln
    Avg shrs 14.6 mln vs 14.0 mln
    Nine mths
    Shr 56 cts vs 33 cts
    Net 7,961,000 vs 4,562,000
    Sales 78.8 mln vs 44.7 mln
    Avg shrs 14.3 mln vs 13.9 mln
 Reuter
3;
bodyend
documentend
documentstart
7075
topicstart
earn
topicend
bodystart
2;

PORSCHE HALF-YEAR EARNINGS CALLED SATISFACTORY


    STUTTGART, March 19 - 
Dr. Ing. H.C.F. Porsche AG 
<
PSHG.F>
said earnings in first half year 1986/87 were "satisfactory"
despite burdens caused by the dollar's weakness against the
mark and stagnating domestic demand.
    In its semi-annual shareholders' report, Porsche said first
half turnover fell six pct to 1.71 billion marks from 1.83
billion in the same period of 1985/86.
    However, earnings were satisfactory, it said, without
giving absolute figures.
    Domestic turnover fell 26 pct to 283 mln marks from 380
mln.
    Foreign turnover dipped to 1.43 billion marks from 1.45
billion in the first half of last year, although the export
quota rose to 83 pct from 79 pct.
    The car sector accounted for 1.51 billion marks of
turnover, against 1.63 billion the year earlier, it said.
    Production dropped five pct to 25,876 cars from 27,381.
Manufacture of the 911 and 928 models rose six pct to 11,122
from 10,533 units but production of 924 and 944 models was cut
by 12 pct to 14,754 units from 16,848 and would be cut further,
the report said.
    Car sales fell four pct to 25.269 units from 26,414 in the
comparable half year, the report said. U.S. Demand continued
for all models but demand fell in other markets.
    Domestic sales were 39 pct down at 3,267 units from 5,397,
while sales abroad rose five pct to 22,002 from 21,017. Share
of exports in sales rose to 87 pct from 80 pct.
    Investments were reduced to 108 mln marks from 125 mln.
    Earnings were hit by lower sales and by the lower value of
the dollar and currencies in other important markets.
    Nevertheless, sales and turnover would finish the July 11
year at a "high level," Porsche said.
 REUTER
3;
bodyend
documentend
documentstart
7076
topicstart
earn
topicend
bodystart
2;

PROGRESSIVE BANK INC 
<
PSBK> 


    PAWLING, N.Y., March 19 -
    
Qtly div seven cts vs seven cts in prior qtr
    Payable April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7077
topicstart
earn
topicend
bodystart
2;

GERIATRIC AND MEDICAL CENTERS INC 
<
GEMC> PAYOUT


    PHILADELPHIA, March 19 -
    
Qtly div two cts vs two cts prior
    Pay April 24
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
7078
topicstart
earn
topicend
bodystart
2;

CONVENIENT FOOD MART INC 
<
CFMI> 4TH QTR NET


    ROSEMONT, ILL., March 19 - 
Period ended Dec 28
    Shr 42 cts vs 35 cts
    Net 941,000 vs 786,000
    Revs 12,798,000 vs 2,269,000
    Year
    Shr 97 cts vs 83 cts
    Net 2,211,000 vs 1,841,000
    Revs 19,027,000 vs 6,474,000
    NOTE: 1985 period ended December 29
    Share results adjusted for five-for-four stock split on
April 28, 1986 and 10 pct stock dividend issued Dec 10, 1986
 Reuter
3;
bodyend
documentend
documentstart
7079
topicstart
earn
topicend
bodystart
2;

MEDCHEM PRODUCTS INC 
<
MDCH> 2ND QTR FEB 28 NET


    ACTON, Mass., March 19 -
    
Shr 21 cts vs 21 cts
    Net 542,119 vs 520,668
    Sales 2,035,759 vs 1,804,350
    1st half
    Shr 38 cts vs 42 cts
    Net 956,228 vs 1,038,300
    Sales 3,748,357 vs 3,482,066
 Reuter
3;
bodyend
documentend
documentstart
7080
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 191 MLN STG HELP


    LONDON, March 19 - 
The Bank of England said it gave the
money market a further 191 mln stg assistance in the afternoon
session. This takes the Bank's total help so far today to 372
mln stg and compares with its upwards revised estimate of the
shortage in the system of around 400 mln stg.
    The central bank bought bank bills outright comprising 15
mln stg in band one at 9-7/8 pct and 176 mln stg in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
7081
topicstart
topicend
bodystart
2;

HAMBURGISCHE LB ISSUES 50 MLN CANADIAN DLR NOTES


    LONDON, March 19 - 
Hamburgische Landesbank Girozentrale is
issuing a 50 mln Canadian dollar issue due May 6, 1990 carrying
a coupon of 8-1/4 pct and priced at 101-3/8, said Merrill Lynch
Capital Markets as lead manager.
    The notes are available in denominations of 1,000 and
10,000 dlrs, with payment set for May 6. The securities will be
listed in Luxembourg.
    There is a 7/8 pct selling concesssion and a 1/2 pct
combined management and underwriting fee.
  REUTER
3;
bodyend
documentend
documentstart
7083
topicstart
earn
topicend
bodystart
2;

<
PAGURIAN CORP LTD> YEAR NET


    TORONTO, March 19 -
    
Shr 1.64 dlrs vs 90 cts
    Net 64.9 mln vs 28.8 mln
    Revs 73 mln vs 35 mln
    NOTE: Shares outstanding 39.5 mln vs 32.1 mln. Avg shrs not
given.
    Company recently raised equity and voting interests in

<
Hees International Corp> to 13.4 pct and 16.1 pct,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
7085
topicstart
earn
topicend
bodystart
2;

UNILEVER PLC ADJUSTS DIVIDEND


    LONDON, March 19 - 
Unilever Plc 
<
UN.AS> said a reduction in
U.K. Advance Corporation Tax, (ACT) has prompted the company to
adjust its 1986 final dividend to 36.17p per share from the
originally declared 35.18p.
    Unilever's 1985 final dividend amounted 27.05p
    The adjustment stemmed from the dividend equalisation
agreement between the British company and its Dutch partner
Unilever NV. ACT in respect of any dividend paid by Unilever
Plc has to be treated as part of the dividend.
    Unilever NV final dividend remains 10.67 guilders as
declared with the 1986 results on March 3.
 Reuter
3;
bodyend
documentend
documentstart
7087
topicstart
trade
topicend
bodystart
2;

JORDAN, SUDAN SIGN 100 MLN DLR BARTER TRADE PACT


    AMMAN, March 19 - 
Jordan and Sudan signed a barter trade
agreement under which they will exchange 100 mln dlrs' worth of
goods a year, Sudanese officials said.
    They said Sudan will export corn, sesame, peanuts, spices
and cow hides, while Jordan will export cement, tomato puree,
chemicals and pharmaceuticals.
 Reuter
3;
bodyend
documentend
documentstart
7088
topicstart
gold
topicend
bodystart
2;

NEW MARKET EMERGES IN WARRANTS FOR GOLD


    By Donald Nordberg, Reuters


    ZURICH, March 19 - 
A new market has emerged in warrants to
buy gold, a vehicle which bankers say brings some of the play
of commodity options into the field of securities.
    Over the past three weeks, Swiss offices of American banks
have launched a total of four issues of warrants with varying
conditions, drawing on renewed inflationary worries and the
recovery of the gold price last year.
    And Credit Suisse and Credit Suisse-First Boston each
issued Swiss franc bonds with warrants for gold which have a
similar character, though they are aimed at a less professional
market.
    The market is still small. Taken together, the four
American-led warrant issues raised only about 50 mln Swiss
francs.
    But banks believe the vehicle meets a need of investors and
predicted a lively future.
    Andrew Barrett of Citicorp Investment Bank (Switzerland) AG
said: "The warrants give smaller investors a chance to have a
long-term investment in gold with limited risk."
    Citicorp in Zurich launched the first of these warrants on
February 27, following it up with a second issue less than a
week later. The issuer in both cases was Citibank NA.
    The idea found some quick copies. Goldman Sachs in Zurich
organized and co-led an issue for the Swiss branch of Banque
Indosuez on March 9 and last night Morgan Guaranty
(Switzerland) AG did another for Morgan Guaranty Trust Co of
New York.
    The four issues now offer investors striking prices for
gold ranging from the Indosuez issue at 410 dlrs an ounce, the
same price as the underlying commodity, to a 430 dlr level on
the first one for Citibank.
    The premiums range from 22 pct to 36 pct and maturities
from 18 months to four years and three months, in all cases
longer than gold futures and options on U.S. Markets.
    The bankers traced the inspiration for the market back to
the February report of U.S. Consumer prices for January, when a
jump of 0.7 pct raised again the threat of inflation.
    "Many people are worried about inflation again," said Mats
Joensson of Goldman Sachs. "Money supply in Germany and the
United States has grown very strongly in the last year and
people want to take a ride on gold."
    The gold market, having seen strong gains in 1986, has
languished just above 400 dlrs an ounce over the past few
weeks. But the banks saw in warrants the vehicle for a more
highly leveraged play where the downside risk was limited.
    Barrett said it was natural that the market developed in
Switzerland. "People here understand gold, and they understand
warrants," he said.
    Citicorp (Switzerland) pioneered warrants with a series of
equity-linked covered issues based on Japanese company shares
over the past two years, and last autumn, Swiss banks launched
covered warrants in Swiss registered shares in a bid to give
foreign investors a chance to play in a market otherwise closed
to all but Swiss citizens, and to play it with higher leverage.
    But after a quick flurry of issues, that market dried up
when Swiss shares prices fell from their January peaks.
    The issues are being marketed not on the basis of simple
premiums, but on implicit volatility models devised to provide
scientific comparisons between titles in the options market.
    Martin Bachem of Morgan Guaranty said his bank's issue was
competitive despite its relatively high premium. The issue, for
five ounces at 425 dlrs, was priced at 955 Swiss francs, making
a premium over the spot gold price of nearly 36 pct.
    Using a Black Sholes options model, he said the issue's
long, 4.3-year maturity meant the warrants needed an implicit
volatility of gold of only 24.5 pct for the option to pay off,
which he claimed was lower than the other issues.
    But Barrett said the Black Sholes variant Citicorp used
pointed to a higher volatily for the Morgan issue and
emphasized that the models were at best an inexact science.
    And each bank, using its own model, put the implicit
volatility needed for its own issue at close to 25 pct.
    Whatever the calculation, the issues have received a warm
welcome from investors.
    Joensson of Goldman Sachs said there was a lot of demand,
even among small investors, who were buying 15 or 20 warrants
apiece. "The most sophisticated ones wouldn't buy these because
the premiums are too high," he said.
 REUTER
3;
bodyend
documentend
documentstart
7090
topicstart
acq
topicend
bodystart
2;

METRO FUNDING SHAREHOLDERS APPROVE MERGER


    NEW YORK, March 19 - 
<
Metro Funding Corp> said its
shareholders approved its merger into 
<
Maxcom Corp> and its
change of incorporation from Nevada to Delaware.
    Metro Funding also said its subsidiary, Comet Corp, will be
renamed Maxcom USA.
    The company also reported shareholders approved the
authorization of 500,000 shares of common stock to be set aside
for an incentive stock option plan.
 Reuter
3;
bodyend
documentend
documentstart
7092
topicstart
earn
topicend
bodystart
2;

BLOCKBUSTER ENTERTAINMENT CORP 
<
BBEC> YEAR LOSS


    DALLAS, March 19 -
    
Oper shr loss 1.25 dlrs vs loss 44 cts
    Oper net loss 2,915,000 vs loss 951,000
    Revs 8,131,000 vs 119,000
    NOTE: 1985 net excludes 625,000 dlr gain from discontinued
operations.
    Net includes tax credits of 860,000 dlrs vs 285,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7093
topicstart
acq
topicend
bodystart
2;

TELECOM 
<
TELE> SAYS SALE CLOSING DELAYED


    BOCA RATON, Fla., March 19 - 
Telecom Plus International Inc
said the closing of the sale of its 65 pct interest in Tel Plus
Communications Inc to 
<
Siemens AG> has been delayed.
    The company said it will be continuing its talks with
Siemens and based on current circumstances believes the
transaction could close next week.
    Closing had been scheduled for March 16.
 Reuter
3;
bodyend
documentend
documentstart
7096
topicstart
earn
topicend
bodystart
2;

THE HOME DEPOT INC 
<
HD> 4TH QTR FEB ONE NET


    ATLANTA, March 19 -
    
Shr 27 cts vs 10 cts
    Net 7,684,000 vs 2,587,000
    Revs 273.9 mln vs 203.7 mln
    Year
    Shr 90 cts vs 33 cts
    Net 23.9 mln vs 8,219,000
    Revs 1.01 billion vs 700.7 mln
 Reuter
3;
bodyend
documentend
documentstart
7097
topicstart
crude
topicend
bodystart
2;

U.S. ENERGY CHIEF SEES PROMISE IN OIL-TAX CHANGE


    WASHINGTON, March 19 - 
Energy Secretary John Herrington
said his proposed option to raise the oil depletion allowance
to 27.5 pct was probably the most economically promising way to
spur domestic production.
    The White House has said it would consider the option
although it was generally opposed to any revisions in the new
tax code.
    Herrington told a meeting of the Mid-Continent Oil and Gas
Association that the higher depletion allowance on new oil and
enhanced oil recovery would cost taxpayers about 200 mln dlrs a
year.
    The option was one of many contained in a report on oil and
the national security the Energy Department sent to the White
House on Tuesday.
    Herrington said of the increased depletion allowance
option: "that is one that could significantly increase
production at a very low cost to the American taxpayer."
    He again rejected an oil import fee as far too costly to
the overall U.S. economy.
 Reuter
3;
bodyend
documentend
documentstart
7098
topicstart
income
topicend
bodystart
2;
******
U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY, SPENDING UP 1.7 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
7099
topicstart
income
topicend
bodystart
2;

U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY


    WASHINGTON, March 19 - 
U.S. personal income rose 0.9 pct,
or 32.4 billion dlrs, in February to a seasonally adjusted
annual rate of 3,581.3 billion dlrs, the Commerce Department
said.
    The increase followed a revised 0.2 pct rise in personal
income during January. Earlier, the department estimated
January personal income was unchanged.
    The February incomes rise was the largest monthly increase
since a 1.2 pct rise in April 1986, the department said. It
attributed last month's rise to several factors, including
subsidy payments to farmers and government pay raises.
    The department said personal consumption expenditures were
up during February by 1.7 pct or 49.1 billion dlrs to 2,855.9
billion dlrs after falling by 58.4 billion dlrs or two pct in
January.
    Purchases of durable goods were up 24.8 billion dlrs last
month after decreasing by 69.7 billion dlrs in January with
sales of motor vehicles accounting for most of the February
increase and the January decline, the department said.
    Purchases of nondurables rose 10.7 billion dlrs in February
after a 300 mln dlr increase in January.
    The Commerce Department said wage and salary incomes were
up 15.6 billion dlrs in February after an 8.6 billion dlr rise
in January.
    Manufacturing payrolls increased by 2.4 billion dlrs last
month after rising 1.9 billion dlrs in February with the gains
widespread through durable and nondurable industries, the
department said.
    Farmers' incomes increased by 12.2 billion dlrs in February
after declining by 8.7 billion dlrs in January. Both last
month's increase and January's fall in farm incomes was because
of government subsidy payments, the department said.
    Personal tax and nontax payments fell 5.5 billion dlrs in
February following a 19.5 billion dlrs January drop. The 
declines were a result of the Tax Reform Act of 1986.
    Federal withheld income taxes were up in February from a
month earlier but that was offset by declines in federal
nonwithheld taxes and lower state and local income taxes.
    Disposable personal income in February after taxes was up
1.2 pct or 37.8 billion dlrs to 3,063.4 billion dlrs after
rising 25.8 billion dlrs in January.
    The personal savings rate eased to 3.6 pct in February from
four pct in January, the department said.
 Reuter
3;
bodyend
documentend
documentstart
7100
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 40 MLN STG LATE ASSISTANCE


    LONDON, March 19 - 
The bank of England said it provided the
money market with late assistance of around 40 mln stg. This
brings the Bank's total help today to some 412 mln stg and
compares with its forecast of a shortage in the sytem of around
400 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
7101
topicstart
hog
livestock
topicend
bodystart
2;

HOG AND CATTLE SLAUGHTER GUESSTIMATES


    CHICAGO, March 19 - 
Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 295,000 to 305,000 head versus
307,000 week ago and 311,000 a year ago.
    Cattle slaughter is guesstimated at about 124,000 to
128,000 head versus 127,000 week ago and 126,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
7102
topicstart
earn
topicend
bodystart
2;

DEUTSCHE BABCOCK SEES HIGHER 1986/87 PROFITS


    OBERHAUSEN, West Germany, March 19 - 
Deutsche Babcock AG

<
DBCG.F> expects profits to rise in the current financial year
ending September 9 although the earnings level is still
unsatisfactory, managing board chairman Helmut Wiehn said.
    He told a news conference that business during the year had
weakened somewhat but was still generally positive.
    Sales during the first five months to February was 1.26
billion marks, 46.7 pct down from the same 1985/86 period.
However, he expected turnover for the year to be approximately
unchanged from the previous year's 5.14 billion marks when
current orders from major projects are booked.
    Wiehn said incoming orders in the first five months to end-
February totalled 2.50 billion marks compared with 2.04 billion
for the same period in 1985/86. They included a 45.8 pct
increase in domestic orders to 1.57 billion marks.
    Orders in hand for the five months were 16.7 pct higher at
8.64 billion marks.
    Wiehn added that Babcock was still aiming for a three pct
yield on turnover. In the year to September 1986 group profits
totalled 39 mln marks on sales of 5.14 billion against the
previous year's 32 mln on 5.11 billion marks.
    Parent company turnover was unchanged at 25.6 mln marks.
    Wiehn said Babcock's liquidity had clearly improved in the
current business year, with financial reserves in the first
five months rising by 237 mln marks to 831 mln after increasing
by 408 mln marks to 594 mln in 1985/86.
    He said pre-tax earnings per share for 1985/86, according
to the DVFA method, were 26.95 marks from 21.40 marks and
earnings after tax rose to 10 marks from 8.10.
    The company earlier said dividend will be unchanged at
three marks for ordinary shares and 3.50 marks for preference
shares.
 REUTER
3;
bodyend
documentend
documentstart
7103
topicstart
grain
ship
topicend
bodystart
2;

SOVIET TIMECHARTERING BOOSTS GRAIN FREIGHT RATES


    By Colin Brinsden, Reuters.


    LONDON, March 19 - 
Current interest by Soviet charterers in
taking Panamax vessels on timecharter, mainly from the U.S. To
carry grain, is seen as the chief factor behind the recent
surge in values on the Baltic International Freight Futures
Exchange (BIFFEX), dealers said.
    Futures soared through the 1,000 points barrier today for
the first time in the spot position since the market opened in
May 1985. However, the market tends to be nervous, with values
some 100 points above the Baltic Freight Index, which is
calculated on spot physical rates.
    No specific figure has been put for Soviet bookings but
they have been sufficient to drain Panamax tonnage (about
50,000 to 65,000 tonnes dw) from the U.S. Gulf which would
normally operate on the trip to Japan, dealers said.
    "It appears that the Chernobyl disaster had a worse effect
on its (the Soviet) grain harvest than reported," one said.
    Freight rates on the Gulf/Japan grain route have
subsequently been the main beneficiary of current chartering
conditions, with very few, if any, Panamax sized ships left for
the remainder of this month in the Gulf. Rates have risen
steadily for vessels loading next month.
    Dealers said there is even talk that owners are considering
taking older vessels out of lay-up to meet current demand.
    Sentiment has also been aided by suggestions that Chinese
operators may be in the market for similar timecharter business
later in the year, they said.
    They anticipate this would appear around June and it has
prompted keen demand in the July BIFFEX contract, despite it
normally being a slack time in the shipping year.
    Market sentiment has fluctuated in recent weeks. Rates
turned down as an earlier rise in bunker prices, which had
supported the market at the start of the year, faltered but
then recovered on the reported Soviet interest.
 Reuter
3;
bodyend
documentend
documentstart
7104
topicstart
coffee
topicend
bodystart
2;

DROUGHT MAY REDUCE ZIMBABWE COFFEE OUTPUT -GROWERS


    HARARE, March 19 - 
Zimbabwe's projected coffee output of
13,000 tonnes for 1987/88 could be reduced by drought, growers
said.
    The main coffee growing areas in eastern Zimbabwe have
received little rain since April 1986 and the Coffee Growers'
Association has begun a survey to assess the effects of the
drought, a spokesman said.
    Zimbabwe exported 11,000 tonnes of coffee in 1986, mainly
to West Germany, Britain, Japan, the Netherlands, Switzerland
and the United States.
 Reuter
3;
bodyend
documentend
documentstart
7106
topicstart
earn
topicend
bodystart
2;
******
PILLSBURY CO 3RD QTR SHR 56 CTS VS 63 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7107
topicstart
earn
topicend
bodystart
2;

CONTROL RESOURCE 
<
CRIX> SEES LOWER EARNINGS


     MICHIGAN CITY, Ind., March 19 - 
Control Resource
Industries Inc said the company estimates 1986 earnings to be
between 800,000 and 900,000 dlrs, or 22 to 25 cts per share,
compared with 852,000 dlrs, or 33 cts per share, during 1985.
    The company said preliminary estimates of 1986 revenues is
24.5 mln dlrs, compared with 7,900,000 for 1985.
    The estimated 1986 results are based on 3,207,000 shares
outstanding, compared to 2,566,000 shares outstanding for 1985.
    R. Steven Lutterbach, chairman, said net income for 1986
was adversely affected primarily due to lower operating margins
at the company's Western Environmental subsidiary, and to an
increase in bad debt reserves.
    Western Environmental was acquired in March 1986.
Lutterbach explained the company has taken steps to improve
financial and accounting controls, primarily at Western, which
were not adequate at the time of acquisition.
    He noted the final results for the fourth quarter will
depend on the allocation of increased costs between the second
and fourth quarters.
    Lutterbach said it is possible second quarter results will
be restated, though final net income for the year will remain
in the estimated range.
    He added preliminary indications for first quarter 1987
revenues were favorable.
 Reuter
3;
bodyend
documentend
documentstart
7109
topicstart
acq
topicend
bodystart
2;

MEDIQ 
<
MED> IN AMERICAN MEDICAL 
<
AMI> UNIT BUY


    PENNSAUKEN, N.J., March 19 - 
MEDIQ Inc said its MEDIQ
Diagnostic Imaging Partners - I LP has signed a letter of
intent to acquire substantially all the assets of American
Medical International Inc's AMI Diagnostic Services Inc
subsidiary for undisclosed terms.
    The company said AMI Diagnostic operates seven magnetic
resonance and mutli-modality diagnostic imaging centers. MEDIQ
Diagnostic is a limited partnership of which MEDIQ is general
partner.
 Reuter
3;
bodyend
documentend
documentstart
7110
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL>BOARD RESTRUCTURED TO INCLUDE DIXON


    PITTSBURGH, Pa., March 19 - 
Cyclops Corp said its board has
been restructured under the terms of the company's merger
agreement with 
<
Dixons Group plc> following the British
company's acquisition of 54 pct of Cyclops' stock.
    The company said its board is now composed of three Cyclops
executives -- Chairman W.H. Knoell, President James F. Will and
Senior Vice President WIlliam D. Dickey -- and three Dixons
executives -- Vice-Chairman and Financial Director Egon von
Greyerz, Corporate Finance Director Gerald M.N. Corbett, and
Secretary Jeoffrey Budd.
 Reuter
3;
bodyend
documentend
documentstart
7111
topicstart
acq
topicend
bodystart
2;

BLOCKBUSTER ENTERTAINMENT 
<
BBEC> SELLING UNIT


    DALLAS, March 19 - 
Blockbuster Entertainment Corp said it
will sell its investment in Amtech Corp to the company
chairman, David Cook, and president, Kenneth Anderson.
    The company said the sale is taking place because Amtech is
not compatible with Blockbuster's main line of business, will
require substaintial additional funding to develop and market
its product, and is expected to sustain operating losses for
the forseeable future.
    The company said Cook and Anderson will form a new company
with the sale called Amtech Holdings Inc.
 Reuter
3;
bodyend
documentend
documentstart
7113
topicstart
earn
topicend
bodystart
2;

MANOR CARE INC 
<
MNR> 3RD QTR FEB 28 NET


    SILVER SPRING, Md., March 19 -
    
Shr 24 cts vs 21 cts
    Net 9,700,000 vs 8,286,000
    Revs 120.6 mln vs 115.7 mln
    Avg shrs 40.0 mln vs 39.9 mln
    Year
    Shr 69 cts vs 68 cts
    Net 27.8 mln vs 27.1 mln
    Revs 374.9 mln vs 358.8 mln
    Avg shrs 40.0 mln vs 39.9 mln
    NOTE: 1986 year net includes charge of 2,396,000 dlrs, or
six cts a share, for debt redemption
 Reuter
3;
bodyend
documentend
documentstart
7115
topicstart
earn
topicend
bodystart
2;

ADTEC INC 
<
JAIL> 3RD QTR FEB 28 NET


    SAN ANTONIO, Texas, March 19 -
    
Oper shr 11 cts vs 11 cts
    Oper net 164,000 vs 161,000
    Revs 2,598,000 vs 2,241,000
    Nine mths
    Oper shr 28 cts vs 18 cts
    Oper net 419,000 vs 276,000
    Revs 6,983,000 vs 5,019,000
    NOTE: Net excludes tax loss carryforwards 11,876 dlrs vs
83,045 dlrs in quarter and 36,684 dlrs vs 144,590 dlrs
 Reuter
3;
bodyend
documentend
documentstart
7117
topicstart
retail
topicend
bodystart
2;
****
CANADA JANUARY RETAIL SALES FALL 0.1 PCT AFTER DECEMBER'S 0.9 PCT GAIN - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7118
topicstart
topicend
bodystart
2;

BANK OF TOKYO CURACAO ISSUES CANADIAN DOLLAR BOND


    LONDON, March 19 - 
Bank of Tokyo Curacao Holdings NV is
issuing a 120 mln Canadian dlr eurobond due April 27, 1994 with
an 8-1/2 pct coupon and priced at 101-1/8 pct, Bank of Tokyo
International Ltd said as lead manager.
    The bonds, guaranteed by Bank of Tokyo Ltd, will be issued
in denominations of 5,000 dlrs and will be listed in
Luxembourg. Fees consist of 5/8 pct for management and
underwriting combined and 1-1/4 pct for selling.
    Co-lead is Pru-Bache Securities.
 REUTER
3;
bodyend
documentend
documentstart
7119
topicstart
ship
topicend
bodystart
2;

ACCORD SAID IN SIGHT IN BRAZIL SEAMEN'S STRIKE


    SAO PAULO, March 19 - 
An accord is in sight in Brazil's
20-day-old national seamen's strike, which has seriously
delayed exports, a union official said.
    The official, speaking from strike headquarters in Rio de
Janeiro, said up to 30,000 of Brazil's 40,000 seamen were still
on strike.
    He said the others had returned to work over the last week,
accepting pay offers of 120 pct from four private companies and
from the Frota Nacional de Petroleiros (Fronape), part of the
state-owned oil company Petrobras.
    The association grouping private shipowners, Syndarma, has
also offered 120 pct but talks have so far been deadlocked over
payment for overtime.
    The union official said he believed this issue would be
resolved shortly.
 Reuter
3;
bodyend
documentend
documentstart
7120
topicstart
earn
topicend
bodystart
2;

PILLSBURY CO 
<
PSY> 3RD QTR FEB 28 NET


    MINNEAPOLIS, March 19 -
    
Shr 56 cts vs 63 cts
    Net 48,500,000 vs 55,400,000
    Sales 1.53 billion vs 1.46 billion
    Avg shrs 86.6 mln vs 87.3 mln
    Nine mths
    Shr 1.73 dlrs vs 1.79 dlrs
    Net 150,300,000 vs 156,200,000
    Sales 4.60 billion vs 4.30 billion
    Avg shrs 86.7 mln vs 87.3 mln
    NOTE: 1987 results include gain of 9.7 mln dlrs, or 11 cts
a share from sale of assets
    1986 results include gain of 161 mln dlrs, or 18 cts a
share, from sale of assets, offset partly by a restructuring
provision
    Fiscal 1987 results restated to give effect to adoption of
financial accounting standards relating to pension costs.
Segment data for Foods restated to include results of commodity
marketing, previously reported separately. Earnings restated
for two-for-one stock split, effective Nov 30, 1986
 Reuter
3;
bodyend
documentend
documentstart
7121
topicstart
topicend
bodystart
2;

FRENCH CAISSE NATIONALE DES AUTOROUTES ISSUES BOND


    PARIS, March 19 - 
Caisse Nationale des Autoroutes is
issuing a three billion French franc bond, the French bond
issuing committee said.
    The issue will be lead-managed by Caisse Nationale du
Credit Agricole, Credit Lyonnais and Cie Financiere de Paribas
subsidiary Credit du Nord.
 REUTER
3;
bodyend
documentend
documentstart
7123
topicstart
earn
topicend
bodystart
2;
******
JIM WALTER CORP 2ND QTR SHR 86 CTS VS 62 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7124
topicstart
coffee
topicend
bodystart
2;

COLOMBIA WILL NOT ATTEND MANAGUA COFFEE MEETING


    BOGOTA, March 19 - 
Colombia will not attend a meeting of
coffee producing countries scheduled for this weekend in
Nicaragua, Jorge Cadenas, manager of the National Coffee
Growers' Federation, said.
    "We prefer to wait until things are better prepared," he told
Reuters. He added the meeting could be postponed.
    Colombia, Brazil and the Central American coffee producing
countries were invited to the meeting in Managua to analyze the
market situation
    However, he did not dismiss the idea of dialogue and
negotiation in preparation for meetings of the International
Coffee Organization.
    Gilberto Arango, president of Colombia's exporters'
association, speaking to Reuters earlier this week, ruled out a
fresh Colombian initiative on export quotas saying producers
had now to show a common resolve which could emerge from
continuous contacts.
    The International Coffee Organization executive board is to
meet in London between March 31 and April 2.
 Reuter
3;
bodyend
documentend
documentstart
7126
topicstart
nickel
topicend
bodystart
2;

SOVIET FIRM SAYS TALKS ON FOR PHILIPPINE MINE


    MANILA, March 19 - 
Preliminary talks are on between two
state-owned Philippine banks and Soviet metal trading and
equipment sales company Tsvetmetpromexport on rescuing Nonoc
Mining and Industrial Corp (NMIC) which operates the
Philippines' only nickel refinery, a Soviet official said.
    G.I. Valentchits, Deputy Trade Minister at the Soviet
embassy, told Reuters a report earlier this week that
Tsvetmetpromexport had asked the Philippine government whether
it could help rehabilitate or operate NMIC was incorrect.
    "It is the other way round," Valentchits said.
    He said the Development Bank of the Philippines (DBP) and
the Philippine National Bank (PNB), which own NMIC, had
approached the Soviet state-owned firm in August last year.
    "We studied the question and asked the banks in which field
and what area they can help in the project," Valentchits said.
    He said there had been no reply yet from NMIC and the talks
were "only just initial."
    NMIC President Arthur Aguilar and other company officials
were not available for comment.
    Manila banking sources said the situation was serious at
NMIC, set up by DBP and PNB in August 1984 after the two banks
foreclosed on the assets of Marinduque Mining and Industrial
Corp over a 17 billion peso obligation.
    The bankers said NMIC itself has recently filed with the
Securities and Exchange Commission (SEC) for placing the
company under receivership and the suspension of its debt
payments in order to protect it from threats of foreclosure.
    Business Day newspaper said the latest credits extended to
NMIC include a 127 mln dlr loan, with Chemical Bank as the lead
agent.
    The newspaper said another 33 mln dlr loan was lead managed
by Citicorp.
    It said the government's privatisation program has listed
NMIC at a price of at least 700 mln dlrs, adding that foreign
investors were wary of taking over the ailing nickel firm.
    The bankers said NMIC was currently burdened with debts of
at least 15.8 billion pesos and is facing 10 civil lawsuits for
foreclosures from major creditors.
    The Business Bulletin newspaper said the firm had assets
totalling 12.2 billion pesos, while DBP and PNB exposures with
the firm were estimated at 14.9 billion pesos.
    NMIC has not operated its plant in the southern Philippines
since March 1986 after workers struck demanding payment of
salaries delayed because of the firm's financial difficulties.
    The firm produced 1,863 tonnes of nickel in the first two
months of 1986, compared with 2,364 tonnes in the same period
in 1985. The mine's capacity is 2,000 tonnes a month.
 Reuter
3;
bodyend
documentend
documentstart
7127
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES BETHLEHEM STEEL CORP'S ONE BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
7128
topicstart
earn
topicend
bodystart
2;

JIM WALTER CORP 
<
JWC> 2ND QTR FEB 28 NET


    TAMPA, Fla., March 19 -
    
Shr 86 cts vs 62 cts
    Shr diluted 86 cts vs 59 cts
    Net 28.0 mln vs 18.3 mln
    Revs 513.5 mln vs 517.0 mln
    First half
    Shr 2.03 dlrs vs 1.78 dlrs
    Shr diluted 2.03 dlrs vs 1.61 dlrs
    Net 65.9 mln vs 50.0 mln
    Revs 1.11 billion vs 1.08 billion
    Avg shrs 32.4 mln vs 28.1 mln
    Avg shrs diluted 32.4 mln vs 32.4 mln
    NOTE: 1987 net includes gains of 645,000 dlrs, or two cts a
share, in quarter and 12,290,000 dlrs, or four cts a share,
from reduced pension expense under new accounting procedures
    Net in both 1987 periods also includes gain of 4.0 mln
dlrs, or 12 cts a share, from sale of land in Alabama.
 Reuter
3;
bodyend
documentend
documentstart
7129
topicstart
retail
topicend
bodystart
2;

CANADA RETAIL SALES FALL 0.1 PCT IN JANUARY


    OTTAWA, March 19 - 
Canada's retail sales, seasonally
adjusted, fell 0.1 pct in January after gaining 0.9 pct in
December, Statistics Canada said.
    Retail sales fell to 11.98 billion dlrs from 11.99 billion
dlrs in December, 1986. Unadjusted sales were 6.9 pct higher
than in January, 1986.
    In January, automobile sales fell 1.9 pct, department store
sales slipped 3.2 pct and variety stores sales plunged 14 pct.
The declines were offset by a 5.5 pct increase in grocery store
sales and a 9.9 pct gain in hardware sales.
 Reuter
3;
bodyend
documentend
documentstart
7130
topicstart
acq
topicend
bodystart
2;

SCAN-GRAPHICS TO MERGE WITH PUBLIC COMPANY


    BROOMALL, Pa., March 19 - 
Scan-Graphics Inc said it will be
acquired by Captive Venture Capital Inc, a public company,
in a stock transaction approved by shareholders of both
companies.
    As a result of the merger, the former shareholders of
Scan-Graphics will become the majority shareholders of Captive
Venture Capital. The name of the corporation will be changed to
Scan-Graphics Inc and its borad of directors will be composed
of individuals now on the Scan-Graphics board.
    Under the terms of the deal, Capitive Venture Capital will
issue 1.6 mln shares of restricted convertible preferred stock,
convertible into 16 mln shares of common stock, in exchange for
all outstanding stock of Scan-Graphics.
    Upon completing the deal, there will be 2,649,500 common
shares of Capitive Venture Capital issued and outstanding, of
which 149,500 shares will be held by the public.
    In addition, there are 95,050 tradeable class A warrants
and 100,000 B warrants, each of which entitles the holder to
buy 10 shares of common stock at 1.25 dlrs and 1.50 dlrs,
respectively, a share.
    Scan-Graphics makes systems that allow users to convert
graphic documents, such as charts, maps and engineering
drawings, into computer data that can be displayed, edited and
stored by computer.
    Currently, Captive Venture Capital stock is traded over the
counter and will soon trade under the Scan-Graphics name.
Application for Nasdaq listing is expected as soon as
requirements are met.
 Reuter
3;
bodyend
documentend
documentstart
7132
topicstart
earn
topicend
bodystart
2;

WISCONSIN POWER AND LIGHT CO 
<
WPL>VOTES PAYOUT


    MADISON, WIS., March 19 -
    
Qtly div 76 cts vs 76 cts prior qtr
    Pay 15 May
    Record 30 April
 Reuter
3;
bodyend
documentend
documentstart
7133
topicstart
earn
topicend
bodystart
2;

GOODMARK FOODS INC 
<
GDMK> 2ND QTR FEB 22 NET


    RALEIGH, N.C., March 19 -
    
Shr 19 cts vs 18 cts
    Net 835,000 vs 794,000
    Sales 23.9 mln vs 20.5 mln
    Nine mths
    Shr 47 cts vs 91 cts
    Net 2,104,000 vs 3,489,000
    Sales 74.5 mln vs 65.2 mln
    Avg shrs 4,450,675 vs 3,822,894
 Reuter
3;
bodyend
documentend
documentstart
7134
topicstart
topicend
bodystart
2;

AMERICAN ELECTRIC 
<
AEP> UNIT TO REDEEM DEBT


    FORT WAYNE, Ind., March 19 - 
American Electric Power Co's
Indiana and Michigan Electric Co said on June One it will
redeem 64 mln dlrs principal amount of its 80 mln dlrs of
11-3/8 pct first mortgage bonds due 1990 at par.
 Reuter
3;
bodyend
documentend
documentstart
7135
topicstart
trade
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - U.S. DEFICIT WITH NICs


    By Claire Miller, Reuters


    NEW YORK, March 19 - 
The U.S. trade deficit with Taiwan and
Korea is expected to widen this year, despite some economic and
currency adjustments by the two newly industrialized countries,
economists said.
    "The surpluses that Taiwan and Korea ran with the U.S. in
1986 will get bigger. This time next year, the U.S. will be
screaming at those countries about their exports," said Steve
Cerier of Manufacturers Hanover Trust Co.
    Taiwan is currently the third biggest exporter to the U.S.
after Japan and Canada, while Korea is the seventh largest.
    Faced with heightened protectionist sentiment in Congress,
the Reagan administration has been stepping up the rhetoric
against Taiwan and Korea, urging those countries to allow their
currencies to appreciate and lift impediments to free trade.
    The thrust has shifted to those newly industrialized
countries (NICs) amid signs the dollar's steep drop against the
currencies of Japan and most EC nations -- previously the main
focus of the U.S. drive to cut its trade gap -- is beginning to
close the competiveness gap for American goods.
    U.S. Treasury secretary James Baker said recently that he
expects a reduction in Japan's trade surplus this year.
    But U.S. manufacturers still are losing markets on their
own doorstep to Taiwan and Korea, whose currencies have not
risen as much as the yen and the mark. As major beneficiaries
of soft oil prices and with low labor costs, Taiwanese and
Korean exporters are well-placed to take up the slack.
    "In 1986, the fashionable comment in Washington was
Japan-bashing. Now it's NIC-bashing," said Robert Chandross, of
Lloyds Bank PLC.
    Asia's four main NICs -- Hong Kong, South Korea, Singapore
and Taiwan -- accounted for almost one-fifth of the overall 170
billion dlr U.S. merchandise trade deficit for 1986.
    The U.S. trade gap with Taiwan rose to 15.7 billion dlrs in
1986 from 13.1 billion in 1985, while the bilateral trade
deficit with South Korea grew to 7.1 billion from 4.8 billion.
    And preliminary U.S. data show that the growth trend is
continuing. The U.S. trade shortfall with Taiwan was 1.6
billion dlrs in January, up 24.4 pct from a year earlier. The
gap with Korea was 700 mln dlrs, up 24.8 pct from a year ago.
    Lately both nations have said they will take steps to
defuse incipient trade tensions. Korea said it is choosing many
of the 122 items on which the U.S. wants it to cut import
tariffs in order to deflect pressure for currency revaluation.
    Still, South Korean trade minister Rha Woong Bae said last
week that Korea would maintain a trade surplus for three to
five years as a way to cut its 44.5 billion dlr foreign debt.
    For its part, Taiwan said in January that it will cut
tariffs on 1,700 goods sometime in the second half of 1987 and
try to diversify exports. But vice economic minister Wang
Chien-Shien said last month that he still does not expect
Taiwan's trade surplus with the U.S. will fall in 1987.
    The NICs have made deep inroads into markets for textiles
and electronic goods. But Korea is raising its profile in the
area of "big-ticket" manufactured goods, notably cars.
    Korea expects its auto exports -- mostly for North America
-- to balloon to 675,000 units in 1987 from zero in 1985.
    "The NICs' exports are almost all manufactured goods. When
their exports rise it hits the heart of the U.S. manufacturing
base. It cuts directly to us and to our customers," said Bob
Wendt, manager for economic studies at Bethlehem Steel Corp.
    The U.S. takes 90 pct of Korea's computer products exports,
72 pct of its electrical appliances and 65 pct of its
telecommunications equipment.
    A recent study by Morgan Guaranty Trust Co says Taiwan and
South Korea are the most pressing trade issue for the U.S.
    While Hong Kong and Singapore run trade surpluses with the
U.S., these are offset by their deficits with other countries.
    But Taiwan and, to a lesser extent, South Korea, stand in
marked contrast. Both of these nations have moved rapidly into
large bilateral surplus with the U.S. and major overrall trade
and current account surpluses, the Morgan study says.
    Morgan expects Taiwan's overall trade surplus to grow to
18.5 billion dlrs in 1987 from 15.2 billion last year, and
Korea's to increase to 6.5 billion dlrs from 3.5 billion.
    Concern about the NICs is not confined to the U.S.
    "A lot of Korea and Taiwan's exports to the U.S. have been
at Japan's expense," said Richard Koss at General Motors Corp.
    February's Paris meeting of six major industrial powers
exorted NICs to lower trade barriers and revalue currencies.
    But this two-pronged approach has drawn little response
from the two nations so far and, in any case, will only work
with a sizeable lag, economists say.
    The U.S. has not said how much it thinks the Taiwan's and
Korea's currencies should climb. The Taiwan dollar, which is
pegged to the U.S. dollar, has risen about 15 pct since
September 1985 while the Korean won has risen about five pct.
    But in real terms the Taiwan dollar has been flat against
the U.S. unit and the won has lost seven pct, economists say.
    "We've not seen any lessening of competition from those
countries that we can attribute to currency changes," said
Bethlehem Steel's Wendt.
    And so far, U.S. pleas for Taiwan and Korea to use their
hefty export earnings to import more have had little effect.
    Moreover, it is uncertain how far U.S. protectionism will
get given the administration's free-trade stance. "It's hard to
see that anything will be passed much before year-end. And then
the question is, will it have teeth?" one economist said.
   
 Reuter
3;
bodyend
documentend
documentstart
7136
topicstart
acq
topicend
bodystart
2;

RANK XEROX 
<
XRX> TO SELL SOUTH AFRICAN UNIT


    NEW YORK, March 19 - 
Xerox Corp's U.K. unit, Rank Xerox
Ltd, said it agreed in principle to sell its South African
company, Rank Xerox South Africa Pty Ltd, to 
<
Altron Group's>
Fintech unit.
    Terms of the deal were not disclosed.
    Altron said the acquisition was key to making Fintech an
office systems company.
    The South African Rank Xerox unit sells copiers and
duplicators throughout South Africa and in Namibia (South West
Africa). It has over 800 employees, all of whom will be
retained by Fintech when the deal closes, Rank Xerox said.
 Reuter
3;
bodyend
documentend
documentstart
7139
topicstart
earn
topicend
bodystart
2;

COUNTRYWIDE CREDIT INDUSTRIES INC 
<
CCR> 4TH QTR


    PASADENA, Calif., March 19 - 
Feb 28 end
    Shr 44 cts vs 16 cts
    Shr diluted 37 cts vs 16 cts
    Net 5,378,000 vs 1,987,000
    Revs 26.8 mln vs 14.6 mln
    Avg shrs 12.4 mln vs 12.1 mln
    Shr 1.26 dlrs vs 45 cts
    Shr diluted 1.10 dlrs vs 45 cts
    Net 15.5 mln vs 5,401,000
    Revs 80.3 mln vs 46.4 mln
    NOTE: Share adjusted for stock dividends declared through
today.   
 Reuter
3;
bodyend
documentend
documentstart
7140
topicstart
topicend
bodystart
2;

CANON USA ISSUES 10 MLN DLR FRN PRIVATE PLACEMENT


    LONDON, March 19 - 
Canon USA Inc, wholly owned by Canon Inc
of Japan, is issuing a 10 mln dlr floating rate note (FRN) due
December 4, 1989, paying 0.18 pct over six-month London
Interbank Offered Rate (LIBOR) and priced at 100-3/8, Yamaichi
International (Europe) Ltd said as lead manager.
    Fees for the issue total 13/32 and payment date is March
25.
    The issue has already been placed privately on an
international basis and will not be listed.
 REUTER
3;
bodyend
documentend
documentstart
7141
topicstart
earn
topicend
bodystart
2;

COUNTRYWIDE CREDIT 
<
CCR> SETS HIGHER DIVIDEND


    PASADENA, Calif., March 19 - 
Countrywide Credit Industries
Inc said its board declared an eight ct per share quarterly
dividend, up from seven cts last quarter, and a two pct stock
dividend.
    The cash dividend is payable April 14 to holders of record
March 30 and the stock dividend is payable April 17 to holders
of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
7142
topicstart
topicend
bodystart
2;

BETHLEHEM STEEL 
<
BS> DEBT DOWNGRADED BY S/P


    NEW YORK, March 19 - 
Standard and Poor's Corp said it
downgraded Bethlehem Steel Corp's debt securities.
    Bethlehem has one billion dlrs of debt and preferred stock
outstanding. Cut were its senior debt to CCC-plus from B-minus
and subordinated debt to CCC-minus from CCC. S and P affirmed
the C-rated preferred, since preferred dividends were
discontinued last year. 
    S and P cited concerns over Bethlehem's viability over the
intermediate term, rather than any immediate threat to
solvency. Its cash is strong relative to 1987 requirements, but
was accumulated through such means as asset sales.
 Reuter
3;
bodyend
documentend
documentstart
7143
topicstart
coffee
topicend
bodystart
2;

MADAGASCAR COFFEE PRODUCTION SEEN LOWER IN 1987


    ANTANANARIVO, March 19 - 
Madagascar's available coffee
output is estimated at 80,725 tonnes this year, down from
82,210 in 1986, due to a rundown of government agricultural
services and the poor state of feeder roads in rural areas,
Agriculture Ministry sources said.
    This is after accounting for the loss of some 15,000 to
20,000 tonnes due to the transport problems in the countryside,
they said.
    The sources did not give an estimate for exports in 1987,
but they noted that shipments declined to 37,200 tonnes last
year from 41,662 in 1985.
    Low yields from the country's ageing coffee plantations and
prevalence of the fungal disease Hemileia Vastatrix also
contributed to the poor performance, the sources said.
    They pointed out that 52 pct of Madagascar's coffee bushes
were planted before 1930.
    The sources said Madagascar was still a long way from
reaching the production target of 110,000 tonnes per year and
the export target of 63,000 tonnes outlined in the government's
1986-1990 five-year plan.
    In order to reverse the decline in coffee production, the
government has decided to plant 20,000 hectares with
high-yielding arabica and canephora varieties, the sources
said.
    The planting programme will begin this year and is aimed at
producing 300 to 360 kilos per hectare of beans with a low
caffeine content.
    The sources added that Madagascar's plan to export roasted
coffee has failed to take off due to packaging problems. Only
650 tonnes of roasted coffee were exported last year.
 Reuter
3;
bodyend
documentend
documentstart
7145
topicstart
topicend
bodystart
2;

FEDERAL PAPER BOARD 
<
FBO> TO SELL PREFERRED


    MONTVALE, N.J., March 19 - 
Federal Paper Board Co Inc said
it has filed for an offering of 140 mln dlrs of cumulative
convertible preferred stock, or 2,800,000 shares with a
liquidation preference of 50 dlrs each, through underwriters
First Boston Inc 
<
FBC>, Morgan Stanley Group Inc 
<
MS> and
PaineWebber Group Inc 
<
PWJ>.
    The company said it will use proceeds to redeem on June 15
all 125 mln dlrs of its 13 pct subordinated debentures due
2000.  The remainder will be added to general funds.
    Federal Paper said the preferred will be convertible into
common stock.
 Reuter
3;
bodyend
documentend
documentstart
7146
topicstart
earn
topicend
bodystart
2;

EXCEL INDUSTRIES INC 
<
EXC> BOOSTS DIVIDEND


    ELKHART, IND., March 19 -
    
Qtly div nine cts vs eight cts prior qtr
    Pay 20 April
    Record 3 April
 Reuter
3;
bodyend
documentend
documentstart
7148
topicstart
earn
topicend
bodystart
2;

BAKER, FENTRESS AND CO 
<
BKFR> VOTES DIVIDEND


    CHICAGO, March 19 -
    
Qtly div 25 cts vs 25 cts prior qtr
    Payable 10 June
    Record 15 May
 Reuter
3;
bodyend
documentend
documentstart
7149
topicstart
acq
topicend
bodystart
2;

AMCAST 
<
ACST> COMPLETES SALE OF NEWMAN DIVISION


    DAYTON, Ohio, March 19 - 
Amcast Industrial Corp said it
completed the sale of its Newman Division to Newman
Manufacturing Inc, a new company formed by Newman's employees.
    The sale price was not disclosed.
    Amcast said Newman's Kendallville, Indiana plant is one of
the country's largest producers of gray iron castings for the
automotive and commercial air conditioning and refrigeration
industries. It said the plant employs 300 people.
    Amcast said it decided to sell the division to move out of
the gray iron castings business.
 Reuter
3;
bodyend
documentend
documentstart
7150
topicstart
gas
crude
topicend
bodystart
2;

U.S. ENERGY SECRETARY RULES OUT GASOLINE TAX


    WASHINGTON, March 19 - 
Energy Secretary John Herrington
said he would rule out a tax on gasoline as one option to help
avert what his departmet has called the threat of increased
reliance on foreign oil in the coming years.
    He said at a news conference that any recommendation he
would make would have to increase domestic production, not
cause widespread economic hardship and have a minimal cost to
the U.S. taxpayer.
    On the grounds of increasing production, he said, "I would
rule out a gasoline tax."
    Herrington also repeated he would rule out an oil import
fee because of the widespread dislocation it would cause -- the
loss of about 400,000 jobs nationwide due to higher oil prices
and a drop in the gross national product by about 32 billion
dlrs.
    He said an increased depletion allowance, to 27.5 pct, on
new and enhanced production of oil and natural gas would be a
cheap way to spur domestic production.
    He estimated this cost at about 200 mln dlrs a year.
    Herrington proposed the increased depletion allowance to
the White House Tuesday but the White House reaction was cool.
    The White House said it would study the proposal, but was
generally oppposed to altering the national tax code, just
passed last year.
    Herrington, asked his reaction to the White House reaction,
said, "If I were the White House, I would be cool, too."
 Reuter
3;
bodyend
documentend
documentstart
7152
topicstart
gas
crude
topicend
bodystart
2;
******
U.S. ENERGY CHIEF RULES OUT GASOLINE TAX AS WAY TO AVERT PENDING OIL CRISIS

Blah blah blah.
3;


bodyend
documentend
documentstart
7154
topicstart
grain
topicend
bodystart
2;

USDA ASKS TIGHT INSECT RULES FOR GRAIN SHIPMENTS


    WASHINGTON, March 19 - 
The U.S. Agriculture Department is
proposing tighter federal standards setting allowable limits on
insect infestations in grain shipments.
    The changes in the standards would include the following:
    -- Establishing equal tolerances for the number of live
insects in shipments of food grains, feed grains and oilseeds.
    -- Revising the definition of "infested" to give equal value
to all insects injurious to grain.
    -- Establishing lower levels of infestations. In 1988, the
infested level would be set at three or more live insects per
representative sample (about 100 grams), in 1990 two or more
insects, and in 1992 the final infestattion level would be set
at one or more live insects per representative sample.
    -- Revising the definition of sample grade by adding a
limit of 10 live or dead insects per sample.
    -- Revising the definition of sample grade for wheat by
adding a limit of 32 insect-damaged kernels per 100 grams of
wheat.
    The department asked for public comments on the proposals
by April 17.
 Reuter
3;
bodyend
documentend
documentstart
7155
topicstart
earn
topicend
bodystart
2;

PILLSBURY 
<
PSY> HURT BY RESTAURANT OPERATIONS


    MINNEAPOLIS, March 19 - 
Pillsbury Corp, reporting lower
earnings for the third quarter ended February 28, said a strong
performance by its Foods Group was offset by Restaurants Group
declines.
    Excluding unusual items, it said restaurants operating
profit was down in the quarter 12 pct from a year ago as sales
rose four pct.
    It said Burger King USA and Bennigan's reported higher
operating profit, but profits fell sharply at Steak and Ale,
which introduced a new menu.
    Pillsbury also reported lower profits at Distron, Burger
King's distribution arm, and said increased investment spending
on developing concepts - QuikWok, Bay Street and Key West Grill
- hurt results.
    It said Foods operating profit, excluding unusual items,
rose 10 pct with international operations and domestic breads
and baking products major contributors to improvement in the
quarter.
    A turnaround in grain merchandising was a major factor in
profit improvement for the nine months, Pillsbury said.
    Pillsbury said corporate expense showed a 4.3 mln dlr
profit in the quarter reflecting a 10.5 mln dlr gain on the
sale of a joint interest in an Australian food company and
lower corporate expenses, largely as a result of an early
retirement program initiated a year ago.
    Earlier, Pillsbury reported fourth quarter earnings of 48.5
mln dlrs, or 56 cts a share, down from 55.4 mln dlrs, or 63 cts
a share a year ago. Sales advanced to 1.53 billion dlrs from
1.46 billion dlrs.
    Pillsbury said loss of investment tax credits under the
1986 Federal Tax Reform Act reduced per-share earnings by nine
cts in the quarter and 19 cts in the nine months.
    As a result of the act, it said its effective income tax
rate rose eight points to 48.1 pct in the quarter and 5.5
percentage points to 49.7 pct for the nine months.
 Reuter
3;
bodyend
documentend
documentstart
7157
topicstart
earn
topicend
bodystart
2;

AGENCY RENT-A-CAR INC 
<
AGNC> 4TH QTR JAN 31 NET


    CLEVELAND, March 19 -
    
Shr 26 cts vs 21 cts
    Net 5,553,000 vs 4,307,000
    Revs 45.1 mln vs 34.2 mln
    Year
    Shr 86 cts vs 67 cts
    Net 18.2 mln vs 14.0 mln
    Revs 161.1 mln vs 118.3 mln
    NOTE: Share adjusted for stock dividends.
 Reuter
3;
bodyend
documentend
documentstart
7158
topicstart
earn
topicend
bodystart
2;

AGENCY RENT-A-CAR 
<
AGNC> SETS STOCK DIVIDEND


    CLEVELAND, March 19 - 
Agency Rent-A-Car Inc said its board
declared a five pct stock dividend, payable May 22 to holders
of record on May 8.
    The company also said it plans to increase the size of its
rental fleet in the year ending January 31 by 20 to 25 pct and
expand its rental office network.
 Reuter
3;
bodyend
documentend
documentstart
7159
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO TAKE NO MONEY MARKET ACTION


    NEW YORK, March 19 - 
The Federal Reserve is expected to
refrain from reserve-management intervention in the U.S.
Government securities market, economists said.
    If the Fed does act, however, they said it would be likely
to add temporary reserves indirectly by arranging around 1.5
billion dlrs of customer repurchase agreements.
    Federal funds, which averaged 5.97 pct yesterday, opened at
six pct and remained there in early trading.
 Reuter
3;
bodyend
documentend
documentstart
7160
topicstart
grain
rice
topicend
bodystart
2;

ASCS SEEKS OFFERS TO PROCESS CCC ROUGH RICE


    KANSAS CITY, March 19 - 
The Agricultural Stabilization and
Conservation Service (ASCS) is seeking offers to process rough
rice owned by the Commodity Credit Corporation (CCC) and
deliver about 27.0 mln pounds of milled rice for export
shipment May 6-20 and May 21-June 5, an ASCS spokesman said.
    Offers must be received by 1300 CDT April 7, and successful
offerors will be notified April 10.
 Reuter
3;
bodyend
documentend
documentstart
7161
topicstart
iron-steel
topicend
bodystart
2;

EC MINISTERS AGREE NEED FOR BIG STEEL CLOSURES


    By Gerrard Raven, Reuters


    BRUSSELS, March 19 - 
European Community (EC) industry
ministers today declared there is a need for a massive round of
closures of steel plants to bring capacity in the 12-country
bloc into reasonable balance with demand.
    The ministers were meeting to discuss a plan for voluntary
plant closures drawn up by the industry lobby group Eurofer
which it calculates would cost around 22,000 jobs.
    Diplomats said that in their initial reactions to the
scheme, most ministers declared it was a useful basis for
discussion, but did not go nearly far enough.
    Eurofer says it has identified scope for the closure of
plants which have an annual capacity of 15.26 mln tonnes,
provided the companies concerned can be fully repaid by the EC
or national governments for redundancy and other social costs.
    But EC Executive Commission sources said Industry
Commissioner Karl-Heinz Narjes told ministers today that 30 mln
tonnes of annual capacity was excess to requirements and should
be closed by the end of 1990.
    He said the Eurofer plan in particular fails to pinpoint
the scope for closure in heavy hot-rolled wide-strip products,
typically produced in plants employing thousands of people.
    The sources said no minister challenged Narjes' analysis
that four or five hot-rolled wide-strip lines would have to
close.
    They said ministers agreed that the Eurofer plan should be
expanded and developed through meetings among the industry
body, the Commission and representatives of member states.
    However, diplomats said it was clear from today's
discussions that such meetings will be difficult.
    They said member states are split on whether to reduce the
scope of a quota production system, which at present protects
EC steelmakers from the full force of competition for 65 pct of
their products, while talks on the closure plan proceed.
    It was also clear that there will be tough talks on which
EC member states should bear the brunt of the closures and on
how much funding for help to those thrown out of work should
come from Community coffers.
    German minister Martin Bangemann said his country's steel
industry, the largest in the EC, should not suffer
proportionately more than others, German sources said.
    But British diplomats said their minister, Giles Shaw,
insists that the profitability of companies should be taken
into account.
    The state owned British Steel Corporation, benefitting from
massive recent write-offs of its accumulated debts, is
currently one of the few EC steel companies in the black.
    Ministers were this afternoon trying to agree a joint
statement on the Eurofer plan and the situation in the
industry.
 Reuter
3;
bodyend
documentend
documentstart
7166
topicstart
gold
topicend
bodystart
2;

MURGOLD RESOURCES 
<
MGDVF> DETAILS ASSAYS


    TORONTO, March 19 - 
Murgold Resources Inc said assays
received from 320 feet of drifting on the number-three vein at
the Chester Township property south of Timmins, Ontario,
indicate an average of 0.528 ounce of gold per ton across an
average width of five feet for the 320-foot length.
    The last working face assayed 0.422 ounce of gold per ton
across 8.5 feet and the drift will be continued eastward from
that point, the company said.
    
 Reuter
3;
bodyend
documentend
documentstart
7167
topicstart
earn
topicend
bodystart
2;

(CORRECTED) - FEDERAL PAPER BOARD CO 
<
FBO> PAYOUT


    NEW YORK, March 19 -
    
Qtly div 17.5 cts vs 17.5 cts in prior qtr
    Payable April 15
    Record March 31
    (Company corrects amount of previous payment in MARCH 18
item to show there was no change)
 Reuter
3;
bodyend
documentend
documentstart
7168
topicstart
acq
topicend
bodystart
2;

ALCOA 
<
AA> TO SELL AMERICAN POWDERED METALS


    PITTSBURGH, March 19 - 
Aluminum Co of America said it has
signed a letter of intent to sell its American Powdered Metals
Co subsidiary to R.W. Technology Inc for undisclosed terms,
with completion expected in early May.
    American Powdered makes metal parts for various industries.
 Reuter
3;
bodyend
documentend
documentstart
7170
topicstart
topicend
bodystart
2;

BANCA MONTE DI PARMA ISSUING EUROCERTIFICATES


    PARMA, Italy, March 19 - 
Banca del Monte di Parma said it
will issue up to 20 mln dlrs of euro-certificates of deposit on
the euromarket.
    Samuel Montagu of London would be dealer for the programme,
while Euromobiliare Ltd would be involved in placing the
certificates with institutional investors, the bank said.
    Maturities on the certificates will be between seven and
365 days.
 REUTER
3;
bodyend
documentend
documentstart
7174
topicstart
crude
earn
nat-gas
topicend
bodystart
2;

BRITOIL SEES LOWER U.K. EXPLORATION EXPENDITURE


    LONDON, March 19 - 
Britoil Plc's 
<
BTOL.L> exploration
expenditure for the U.K. In 1987 was likely to be only about a
third of the level in 1986, though overseas expenditure would
remain approximately the same, Chief executive David Walker
said.
    He told reporters following the release of the company's
1986 figures that project expenditure would also remain at 1986
levels.
    U.K. Project expenditure in 1986 rose to 208 mln stg from
184 mln while exploration expenditure dropped to 87 mln from
156 mln. Overseas exploration fell to 28 mln from 58 mln in
1985.
    Earlier, Britoil posted a drop in pretax profit for 1986 to
134 mln stg from 759 mln in 1985, before an extraordinary
charge of 50 mln stg on the company's U.S. Assets. The results
were slightly better than analysts forecast and the share
firmed to 231p from 222p at last night's close. Chairman Sir
Philip Shelbourne said the collapse in the oil price in 1986
had made the period extremely difficult but the company had
come through remarkably well.
    Provided the recovery in oil prices was maintained, the
conditions would be right for a substantially improved
performance this year.
    He added that the firmness of oil prices in March, when
they were normally weaker, made him "a bit encouraged" about the
prospects for future levels.
    Walker added that Britoil would feel confident if the price
stayed within a band of 15 dlrs to 20 dlrs a barrel.
    Britoil had received some 100 responses to its announcement
of a desire to sell the assets and was asking for bids by the
latter part of April.
    End-year reserves rose to 603 mln barrels of oil compared
with 503 mln previously. However, Walker noted that this
included a revised definition of reserves.
    If 1985 figures were restated along the same lines, the
reserve figure would show a drop from 720 mln barrels
previously.
    Gas reserves also eased to 3,568 billion cubic feet from a
restated 3,660 billion.
3;
bodyend
documentend
documentstart
7175
topicstart
topicend
bodystart
2;

GTE 
<
GTE> SELLS DEBENTURES YIELDING 8.737 PCT


    NEW YORK, March 19 - 
GTE Corp is raising 250 mln dlrs
through an offering of debentures due 2017 yielding 8.737 pct,
said sole underwriter UBS Securities Inc.
    UBS, the U.S. unit of Union Bank of Switzerland, won the
issue in competitive bidding against syndicates led by such
major U.S. houses as First Boston and Morgan Stanley.
    UBS has become the second foreign firm to manage an issue
in the domestic debt market this year, following Daiwa
Securities America Inc. However, investment bankers noted that
UBS was the first foreigner to break into the U.S. market when
it won a competitive bidding in June 1986.
    An officer on UBS's corporate syndicate desk said the GTE
issue is the fourth that the securities firm has managed.
    UBS bid the GTE debentures at 97.0025 and set a coupon of
8-1/2 pct and reoffering price of 97.50 to yield 112 basis
points over the off-the-run 9-1/4 pct Treasury bonds of 2016.
    Non-refundable for 10 years, the issue is rated A-3 by
Moody's and A-minus by Standard and Poor's.
    GTE last tapped the debt market when it sold on November
20, 1986, 250 mln dlrs of same-maturity, same-rated debt priced
to yield 9.388 pct, or 174 basis points over comparable
Treasury paper, underwriters noted.
    Underwriters said that two of the UBS-lead offerings were
negotiated deals. UBS won the other two issues in competitive
bidding acting as sole underwriter.
    Daiwa, the U.S. unit of Daiwa Securities Co Ltd of Japan,
ran the books for a March 11 offering of 200 mln dlrs of
10-year notes of Rockwell International Corp 
<
ROK>,
underwriters noted.
    Thus far, Nomura Securities International Inc is the only
other foreign firm to manage a U.S. debt offering. The U.S.
unit of Nomura Securities Co Ltd of Japan, acting as sole
underwriter, won a competitive issue in early December 1986.
 Reuter
3;
bodyend
documentend
documentstart
7177
topicstart
cpi
topicend
bodystart
2;

U.K. REVISES RETAIL PRICE INDEX FROM FEBRUARY


    LONDON, March 19 - 
The U.K. Government tomorrow will
release the first of its Retail Price Index (RPI) figures
calculated on a revised group of components and rebased on
January 1987, as previously announced, the Employment
Department said.
    The index, Britain's measure of inflation, is for February.
Earlier data will not be revised as there are no equivalent
figures including the new components, a spokesman said.
    Previously, the RPI base was January, 1974.
    Market forecasts centre on a 0.4-0.5 pct monthly rise in
February and a year on year rate about 4.0 pct. The government
forecasts annual inflation will be 4.0 pct at the end of 1987.
 REUTER
3;
bodyend
documentend
documentstart
7182
topicstart
topicend
bodystart
2;

DOMTAR TO ISSUE 100 MLN DLRS OF DEBENTURES


    Montreal, March 19 - 
<
Domtar Inc> said it filed a
preliminary prospectus for an issue of 100 mln dlrs of 10 pct
debentures, to be offered at 99-3/4 to yield 10.03 pct and to
mature April 15, 2011.
    Underwriters are Levesque, Beaubien Inc, Wood Gundy Inc,
Burns Fry Ltd and Nesbitt Thomson Deacon Ltd.
 Reuter
3;
bodyend
documentend
documentstart
7183
topicstart
topicend
bodystart
2;

BLINDER INTERNATIONAL 
<
BINLC> LOANS 4 MLN DLRS


    ENGLEWOOD, Colo., March 19 - 
Blinder International
Enterprises Inc said it will loan four mln dlrs to Cattle Baron
Inc, a subsidiary of Source Venture Capital 
<
SOR>.
    The loan will be used to contruct the Cattle Baron casino
and restaurant to be located in Henderson, Nev., the company
said.
 Reuter
3;
bodyend
documentend
documentstart
7184
topicstart
earn
topicend
bodystart
2;

SAND TECHNOLOGY SYSTEMS 
<
SNDCF> 2ND QTR NET


    Toronto, March 19 - 
ended January 31
    Shr nil vs nil
    Net profit 351,000 vs loss 243,000
    Sales 7,050,000 vs 7,012,000
    Avg shrs 106,780,000 vs 93,666,000
    Six mths
    Shr loss one ct vs loss one ct
    Net loss 999,000 vs loss 563,000
    Sales 10.6 mln vs 13.0 mln
    Avg shrs 106,641,000 vs 92,986,000
 Reuter
3;
bodyend
documentend
documentstart
7185
topicstart
earn
topicend
bodystart
2;

RYAN'S FAMILY STEAK HOUSE 
<
RYAN> SETS SPLIT


    GREENVILLE, S.C., March 19 - 
Ryan's Family Steak Houses Inc
said its board declared a three-for-one stock split, payable
May 20 to holders of record May 6.
    The company said the split is subject to shareholder
approval of an increase in authorized shares to 100 mln from 20
mln at the April 22 annual meeting.
 Reuter
3;
bodyend
documentend
documentstart
7187
topicstart
topicend
bodystart
2;

D/P LOWERS MINNESOTA POWER 
<
MPL> DEBT RATING


    CHICAGO, March 19 - 
Duff and Phelps said it lowered its
ratings assigned to Minnesota Power and Light Co's fixed income
securities, covering about 442 mln dlrs in debt.
    The first mortgage bonds were lowered to D/P-7 (low single
A) from D/P-4 (low double A), and the preferred stock to D/P-8
(high triple B) from D/P-5 (high single A), it said.
    The ratings reflect continuing erosion of a major segment
of its sales base as the outlook for the taconite industry
continues to be depressed, D/P said.
 Reuter
3;
bodyend
documentend
documentstart
7188
topicstart
reserves
topicend
bodystart
2;
******
 French official reserves 388.68 billion francs at end Feb vs 375.95 billion end Jan

Blah blah blah.
3;


bodyend
documentend
documentstart
7189
topicstart
earn
topicend
bodystart
2;

INERTIA DYNAMICS 
<
TRIM> TO PAY STOCK DIVIDEND


    PHOENIX, Ariz., March 19 - 
Inertia Dynamics Corp said it
declared a 50 pct stock dividend, payable May 1 to shareholders
of record April 3.
 Reuter
3;
bodyend
documentend
documentstart
7190
topicstart
earn
topicend
bodystart
2;

CSP INC 
<
CSPI> 2ND QTR FEB 28 NET


    BILLERICA, Mass., March 19 -
    
Shr one ct vs 21 cts
    Net 24,000 vs 612,000
    Sales 2,061,000 vs 3,914,000
    1st half
    Shr eight cts vs 43 cts
    Net 223,000 vs 1,220,000
    Sales 4,584,000 vs 7,912,000
 Reuter
3;
bodyend
documentend
documentstart
7191
topicstart
earn
topicend
bodystart
2;

PUBLISHERS EQUIPMENT CORP 
<
PECN> YEAR NET


    DALLAS, March 19 -
    
Shr profit eight cts vs loss 23 cts
    Net profit 251,000 vs loss 731,000
    Revs 29.1 mln vs 25.9 mln
    Backlog 18.9 mln vs 12.5 mln
 Reuter
3;
bodyend
documentend
documentstart
7192
topicstart
earn
topicend
bodystart
2;

CAVALIER HOMES INC 
<
CAVH> 4TH QTR NET


    WICHITA FALLS, Texas, March 19 -
    
Shr 10 cts vs 14 cts
    Net 191,465 vs 193,799
    Sales 7,160,945 vs 6,576,670
    Avg shrs 2,000,565 vs 1,400,000
    Year
    Oper shr 33 cts vs 50 cts
    Oper net 605,725 vs 694,785
    Sales 23.3 mln vs 22.1 mln
    Avg shrs 1,840,692 vs 1,400,000
    NOTE: 1985 year net excludes 30,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
7193
topicstart
earn
topicend
bodystart
2;

COLONIAL COMMERCIAL CORP 
<
CCOM> 4TH QTR NET


    VALLEY STREAM, N.Y., March 19 -
    
Shr not given
    Oper net profit 405,914 vs loss 145,380
    Revs 2,446,901 vs 1,295,187
    Year
    Shr not given
    Oper net profit 1,211,465 vs loss 178,101
    Revs 9,085,222 vs 4,995,735
    NOTE: Earnings from 1983 on benefit preferred shareholders
until preferred shareholders' equity equals or exceeds
liquidating and mandatory redemption values.
 Reuter
3;
bodyend
documentend
documentstart
7196
topicstart
ship
topicend
bodystart
2;

PANAMA CANAL OFFICIAL CONFIRMS NO 1988 TOLL RISE


    LONDON, March 19 - 
Panama Canal toll charges will not rise
in the year to end-September 1988, despite last October's
landslide which dumped 0.5 mln cubic yards of debris into the
waterway, Canal Commission Administrator Dennis McAuliffe said.
    He told a press conference that in confirming the
Commission's earlier announcement of unchanged tolls for 1988,
he was not necessarily implying there would be a rise in 1989.
    The canal would probably make a five to six mln dlr loss in
the current financial year but this could be carried over and
met from next year's revenues.
    This year's deficit resulted from the landslide which cost
the canal about 15 mln dlrs, McAuliffe said. This included
eight to nine mln dlrs in immediate costs with the rest being
spent on earth-moving operations to prevent any further
landslides.
    He said the landslide was not caused by deforestation and
he described as grossly exaggerated reports that there was any
threat to the canal's water supply in the foreseeable future.
    Studies concerning the possibility of widening the Gaillard
cut would not be affected by the landslide, he said, adding
that he expected the canal board to determine whether and when
the canal needed widening by January 1988 at the latest.
 Reuter
3;
bodyend
documentend
documentstart
7199
topicstart
acq
topicend
bodystart
2;

RICHARDSON 
<
RELL>TO BUY ITALIAN SEMICONDUCTOR FIRM


    LAFOX, ILL., March 19 - 
Richardson Electronics Ltd said it
agreed to buy for undisclosed terms, G.E.B., Giant Electronics
Brand, a Florence, Italy-based distributor of electron tubes
and semiconductors.
 Reuter
3;
bodyend
documentend
documentstart
7203
topicstart
topicend
bodystart
2;

INVESTCORP RAISES 60 MLN DLR FACILITY


    BAHRAIN, March 19 - 
Bahrain-based 
<
Arabian Investment
Banking Corp (Investcorp) EC> is raising 60 mln dlrs through a
medium-term revolving multi-purpose facility, arranger and
co-lead manager 
<
Arab Banking Corp> (ABC) said.
    ABC said the deal had originally been mandated for 50 mln
dlrs, but a lead management group of six banks, each
underwriting 10 mln dlrs, had been formed prior to general
syndication, which started today.
    Investcorp, set up in 1982, specialises in buying companies
and property in industrialised nations. It then sells shares in
these to investors in the Gulf region.
    ABC said Investcorp's facility can be used "alternatively or
simultaneously" through the following facilities:
    - issue of euronotes and or advances through tender.
    - extension of committed advances by the underwriting
banks, a so-called "back-stop" facility.
    - issue of contingent obligations such as performance
letters of credit, letters of guarantee or the receipt of
quotations for interest rate swaps, interest rate caps and
collars from a panel of selected banks.
    ABC said the final option gives Investcorp the right to
request facilities on an uncommitted basis.
    ABC said the facility has a maturity of three years from
signature, with bullet repayment.
    It said the interest margin over London Interbank Offered
Rates (LIBOR) for the committed advances will be based on the
total utilisation of the facility - 17.5 basis points for up to
one third, 20 basis points for up to two thirds and 22.5 points
for an amount above that level.
    Banks are being invited to underwrite the facility at a
flat fee of 0.325 pct for five mln dlrs, 0.275 pct for three to
four mln and 0.25 pct for one to two mln. Syndication runs
until April 8.
 REUTER
3;
bodyend
documentend
documentstart
7204
topicstart
money-fx
topicend
bodystart
2;
******
FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7205
topicstart
grain
corn
wheat
barley
topicend
bodystart
2;
******
EC GRANTS 25,000 TONNES BARLEY, 80,000  FRENCH MAIZE LICENCES, REJECTS WHEAT - TRADERS

Blah blah blah.
3;


bodyend
documentend
documentstart
7207
topicstart
interest
money-fx
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 19 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at six pct when the
Fed began its temporary and indirect supply of reserves to the
banking system.
 Reuter
3;
bodyend
documentend
documentstart
7208
topicstart
earn
topicend
bodystart
2;
******
DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14                         

Blah blah blah.
3;


bodyend
documentend
documentstart
7209
topicstart
earn
topicend
bodystart
2;

PUBLIC SERVICE CO OF N.H.
<
PNH> OMITS DIVIDEND


    MANCHESTER, N.H., March 19 - 
Public Service Co of New
Hampshire said its board voted to omit the quarterly dividend
which would have been paid on May 15.
    The company said the omission is the thirteenth consecutive
dividend omission.
 Reuter
3;
bodyend
documentend
documentstart
7210
topicstart
topicend
bodystart
2;

MERRILL LYNCH 
<
MER> DEBT DOWNGRADED BY MOODY'S


    NEW YORK, March 119 - 
Moody's Investors Service Inc said it
downgraded the ratings on six billion dlrs of debt of Merrill
Lynch and Co Inc.
    Cut were the firm's senior debt, Eurodebt and senior
guaranteed Eurodebt to A-1 from Aa-3 and subordinated debt to
A-2 from A-1.
    Merrill's Prime-1 commercial paper was not under review.
    Moody's said that while Merrill's absolute earnings would
continue to increase, the house's profitability will lag that
of its peers. And Merrill's attempts to improve profitability
will be constrained by accelerating competition, Moody's said.
    Moody's also said Merrill Lynch would continue to
aggressively commit its capital to such merchant banking
activities as bridge financing.
    "These activities elevate the risk content of Merrill's
balance sheet at the same time as low profitability inhibits
the strong internal capital generation which may be necessary
to support business expansion efforts," Moody's said.
    The rating agency noted, however, that Merrill's franchise
retains significant value and gives the firm strong proprietary
securities placement power.
 Reuter
3;
bodyend
documentend
documentstart
7211
topicstart
topicend
bodystart
2;

RECORD LOW COUPON ON SUMITOMO SWISS CONVERTIBLE


    ZURICH, March 19 - 
A coupon of 1/2 pct, equal to the lowest
ever in the Swiss franc market, has been set for Sumitomo
Corp's 200 mln franc convertible notes due September 30, 1992,
lead manager Swiss Bank Corp said.
     The conversion price has been set at 1,004 yen, a 3.93 pct
premium over today's 966 yen close. The exchange rate has been
set at 99.78 yen to the franc.
    The issue, whose coupon was indicated at 5/8 pct, carries a
put option after three years at 103 pct. Payment date is March
30.
 REUTER
3;
bodyend
documentend
documentstart
7212
topicstart
earn
topicend
bodystart
2;

REXNORD INC 
<
REX> 1ST QTR JAN  31 LOSS


    MILWAUKEE, WIS., March 19 - 
    
Shr loss 76 cts vs profit 50 cts
    Net loss 19,186,000 vs profit 12,438,000
    Sales 157.9 mln vs 149.2 mln
    NOTE: Fiscal 1987 net loss includes a pretax charge of 19.5
mln dlrs from restructuring and an after tax charge of about
seven mln dlrs from debt prepayment premiums.
    Fiscal 1986 net profit includes a pretax gain of 7.2 mln
dlrs on the sale of some land, an after tax loss 1.35 mln dlrs
from discontinued operations and an after tax gain of 6.7 mln
dlrs from a change in accounting.
    All results restated to exclude five businesses divested as
part of the company's restructuring program.
 Reuter
3;
bodyend
documentend
documentstart
7213
topicstart
topicend
bodystart
2;
TIME 
<
TL> SAYS IT WILL REFINANCE DEBT
    NEW YORK, March 19, Time Inc said it intends to make a cash
tender offer for its 150 mln dlr outstanding 10-5/8 pct notes
due October 15 1992.
      The price and other terms of the tender offer have not
yet been determined, the company said.
    Time also announced its subsidiary, Time-Life Overseas
Finance Corp NV, intends to call for redemption all of its 100
mln dlr outstanding 10-3/4 pct guaranteed notes due January 26,
1990.
    Time said it expects to fund the tender offer and
redemption through one or more public issues of intermediate or
long-term debt.
    It added a shelf registration statement for up to 500 mln
dlrs of debt securities to be used, in part, for the
debt refinancing is expected to be filed in the near future.
    Time said these moves are part of a continuing effort to
reduce the average cost of its debt and to increase its
financing flexibility.
 Reuter
3;


bodyend
documentend
documentstart
7215
topicstart
grain
wheat
corn
topicend
bodystart
2;

TRADERS DETAIL EC GRAIN EXPORT LICENCES


    LONDON, March 19 - 
The EC Commission granted 25,000 tonnes
of free market barley export licences at today's tender and
80,000 tonnes of French maize, grain traders said.
    The maximum export rebate for barley was set at 137.25 Ecus
and for maize at 129.75 Ecus per tonne.
    All bids for wheat were rejected, they said.
 Reuter
3;
bodyend
documentend
documentstart
7216
topicstart
earn
topicend
bodystart
2;

CARSON 
<
CRN> CITES IMPACT OF TAX REFORM ACT


    CHICAGO, March 19 - 
Carson Pirie Scott and Co said the Tax
Reform Act of 1986, which repealed investment tax credits, had
a negative impact of 22 cts a share on earnings for the year
ended January 31.
    Earlier, Carson reported yearly per-share earnings of 1.83
dlrs, down from 1.86 dlrs a year ago. Average shares increased
to 10.2 mln from 9.9 mln a year earlier. Sales gained to 1.41
billion dlrs from 1.30 billion dlrs.
    Carson said it was "extremely optimistic about improved
profit performance in 1987."
    It said in the first half of 1987 it hopes to reduce
seasonal-type losses sustained in the 1986 first and second
quarters.
    The company said that in early April its Oak Brook Hills
Hotel and Conference Center in suburban Chicago will open under
its management. Provisions for startup expenses have been made,
it added.
 Reuter
3;
bodyend
documentend
documentstart
7217
topicstart
earn
topicend
bodystart
2;

DOMTAR PLANS TWO-FOR-ONE STOCK SPLIT


    MONTREAL, March 19 - 
<
Domtar Inc> said it plans a
two-for-one stock split to take effect May 14.
    The company said shareholders will be asked to approve the
split at the annual meeting on April 29.
    Domtar said its directors believe the split could favorably
affect marketability of the shares and encourage wider
distribution.
    The shares have been trading recently in a range of 45
dlrs. Domtar stock was previously split on a two-for-one basis
in June, 1985.
 Reuter
3;
bodyend
documentend
documentstart
7218
topicstart
acq
topicend
bodystart
2;

FINANCIAL PERFORMANCE 
<
FPCC> PURSUES EXPANSION


    NEW YORK, March 19 - 
Financial Performance Corp said it
continued its rapid expansion with a signing of a partnership
agreement with Gold Sierra Financial Advisors, founded by
former Bank of America officers in capital markets.
    It said the agreement, under which it owns 50 pct of the
partnership, enables it to move into the mergers and
acquisitions business.
 Reuter
3;
bodyend
documentend
documentstart
7220
topicstart
acq
topicend
bodystart
2;

FED APPROVES AMSOUTH 
<
ASO> AFFILIATION


    BIRMINGHAM, Ala, March 19 - 
AmSouth Corp said the Federal
Reserve Board approved the affiliation of First Tuskaloosa Corp
with Amsouth.
    The approval was the final regulatory step in the
affiliation process which began in August, Amsouth said.
    Under terms of the affiliation, each First Tuskaloosa
shareholder will receive 66 dlrs value of AmSouth stock for
each share held. The total consideration is valued at 105.6 mln
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7221
topicstart
reserves
topicend
bodystart
2;

FRENCH FEBRUARY OFFICIAL RESERVES RISE


    PARIS, March 19 - 
French official reserves rose 12.73
billion francs to 388.68 billion francs at the end of February
from 375.95 billion at the end of January, the Finance Ministry
said.
    It said in a statement the rise was mainly due to inflows
of foreign currency through the exchange stabilisation fund,
which resulted in an increase of 12.41 billion francs.
    Reserves of European Currency Units rose by 25 mln francs
to 73.27 billion francs, due to interest adjustments, while
gold reserves rose by two mln francs to 218.46 billion francs.

3;
bodyend
documentend
documentstart
7222
topicstart
gnp
topicend
bodystart
2;

FRENCH INSTITUTE PESSIMISTIC ON 1987 GROWTH


    PARIS, March 19 - 
French gross domestic product will grow
by only 1.5 pct in real terms this year, compared with the
government's forecast of two to 2.5 pct growth, the private
Institut des Previsions Economiques et Financieres pour le
Developpement des Entreprises (IPECODE) said.
    However, it expects growth to recover next year to the 1986
level of two pct.
    IPECODE said demand and production would develop in
parallel this year, in contrast to last year when production
was unable to keep pace with the strong rise in domestic
demand, unleashing higher import demand.
    Claims on the International Monetary Fund (IMF) rose by 298
mln francs to 19.61 billion francs, due to net withdrawals in
francs by member nations, and an increase in reserves of
Special Drawing Rights (SDRs) due mainly to the repayment of
French debts.
    Its deficit with the European Monetary Cooperation Fund
(FECOM) remained unchanged in February at 33.90 billion francs.
    French household consumption, which rose by 3.1 pct last
year, is likely to grow by just 1.1 pct this year and 1.5 pct
in 1988, it added.
    Industrial investment is expected to rise by 4.3 pct this
year and 5.5 pct in 1988, down from 6.5 pct in 1986.
    Inflation, which was running at 2.1 pct at the end of 1986,
is likely to rise to 2.9 pct at the end of this year, IPECODE
said, while the government has forecast 2.5 pct.
    However, the institute said inflation would fall back to
2.5 pct at the end of 1988, "provided that real wage costs
remain within the framework of productivity rises."
 REUTER
3;
bodyend
documentend
documentstart
7225
topicstart
acq
topicend
bodystart
2;

INDEPENDENCE BANCORP 
<
INBC> COMPLETES MERGER


    PERKASIE, Penn., March 19 - 
Independence Bancorp Inc said
it completed its merger with Scranton, Penn.-based 
<
Third
National Bank and Trust Co>, with assets of 316 mln dlrs.
    Independence said its combined assets are now 2.5 billion
dlrs.
    The company said that each share of Third National common
will be exchanged for 4.06 shares of its common. Independence
said the merger will be accounted for as a pooling of
interests.
 Reuter
3;
bodyend
documentend
documentstart
7226
topicstart
earn
topicend
bodystart
2;

RIVERSIDE GROUP INC 
<
RSGI> 4TH QTR


    JACKSONVILLE, Fla, March 19 -
    
Shr 55 cts vs 93 cts
    Net 1.6 mln vs 2.6 mln
    Revs 5.3 mln vs 1.2 mln
    Year
    Shr 73 cts vs 1.36 dlrs
    Net 2.0 mln vs 3.0 mln
    Revs 9.1 mln vs 11.0 mln
    NOTE:1985 net includes 2.7 mln dlrs gain on disposal of
unit. 1986 includes operations of Dependable Insurance Gruop
Inc.
 Reuter
3;
bodyend
documentend
documentstart
7227
topicstart
topicend
bodystart
2;

AMERICAN ELECTRIC 
<
AEP> UNIT SELLS BONDS


    NEW YORK, March 19 - 
Columbus and Southern Ohio Electric
Co, a unit of American Electric Power Co Inc, is offering 100
mln dlrs of first mortgage bonds due 2017 priced to yield nine
pct, said lead manager Morgan Stanley and Co Inc.
    Morgan headed a syndicate that won the bonds in competitive
bidding. Daiwa Securities, Drexel Burnham and UBS Securities
are co-managers of the offering.
    Underwriters noted that UBS, acting as sole underwriter,
won a competitive bidding for 250 mln dlrs of 30-year
debentures of GTE Corp 
<
GTE> just this morning. And Daiwa ran
the books for an offering in the U.S. earlier this month.
    The GTE deal is UBS's first this year and the fourth since
it won a competitive bidding in June 1986. Daiwa won its first
U.S. corporate debt offering in September 1986 and followed
that with the March 11 competitive win.
    The only other foreign firm to manage an offering in the
U.S. market is Nomura Securities International Inc, which won
as sole underwriter a competitive issue in December 1986.
    Morgan Stanley said it bid the Columbus and Southern Ohio
mortgage bonds at 99.609 and set a coupon of nine pct and
reoffering price of par to yield 140 basis points over the
off-the-run 9-1/4 pct Treasury bonds of 2016.
    The American Electric unit last tapped the domestic debt
market on August 21, 1986, when it issued 80 mln dlrs of
same-rated 29-year debt securities priced to yield 9-1/2 pct,
or 204 basis points over comparable Treasury securities.
    Non-refundable for five years, the 30-year first mortgage
bonds are rated Baa-2 by Moody's Investors Service Inc and BBB
by Standard and Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
7229
topicstart
earn
topicend
bodystart
2;

<
I.T.L. INDUSTRIES LTD> 1ST QTR FEB 28 NET


    TORONTO, March 19 -
    
Oper shr loss two cts vs profit three cts
    Oper net profit 301,000 dlrs vs profit 130,000
    Revs 10.5 mln vs eight mln
    NOTE: Dividends on preferred shares 370,000 dlrs vs 51,000
dlrs.
    Oper net excludes gains on tax loss carryforward of 247,000
dlrs vs 118,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7234
topicstart
acq
topicend
bodystart
2;

CORROON AND BLACK 
<
CBL> COMPLETES ACQUISITION


    NEW YORK, March 19 - 
Carroon and Black Corp said it
completed the acquisition of 
<
Poggi-Harrison Agency Inc> and

<
Risk Control Inc>.
    Terms of the acquisitions were not disclosed.
    Separately, Carroon said it also completed the acquisition
of 
<
Rosskopf, Rapp and Schmidt Insurance Agency>, based in El
Monte, Calif.
 Reuter
3;
bodyend
documentend
documentstart
7235
topicstart
earn
topicend
bodystart
2;

TULTEX 
<
TTX> INCREASES DIVIDEND


    MARTINSVILLE, Va., March 19 -
    
Qtly div nine cts vs eight cts prior
    Payable July one
    Record June 12
 Reuter
3;
bodyend
documentend
documentstart
7239
topicstart
topicend
bodystart
2;

J AND J SNACK 
<
JJSF> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 19 - 
J and J Snack Foods Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 25 mln dlr issue of convertible
debentures.
    The company said proceeds would be used for potential
future acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
7240
topicstart
acq
topicend
bodystart
2;

BENETTON OF ITALY SEES EXPANSION, ACQUISITIONS


    NEW YORK, March 19 - 
<
Benetton SpA> of Italy expects to
further diversify into financial services and is weighing 
possible acquisitions, a Benetton spokeswoman here said.
    "We are thinking of diversification outside of the retail
line," the spokeswoman said. "We are looking at financial
services and other manfacturing companies."
    However, she said the company was not targeting the U.S.
for its planned expansion, but was looking at a number of
different countries.
    The company's shares are traded in the U.S. as American
Depository Receipts, which were issued through an offering by
Morgan Stanley Group Inc 
<
MS> earlier this month.
    Benetton is now holding talks with Wall Street firms about
the possibility of receiving a quotation of its shares on the
New York Stock Exchange. "There's absolutely no timetable. It
may not even happen," the spokeswoman said.
    She also denied reports that the company was considering an
issue of convertible bonds with warrants in the U.S. "We're not
thinking of issuing bonds," she said.
    In line with its planned Global expansion efforts, Benetton
is also holding talks with the Soviet Union to explore the
possibility of opening up to 150 stores in the country. But the
spokeswoman pointed out that many companies are holding talks
with the Soviets.
    "We are in discussions and are looking forward to some
response," she said. She added the company had no firm
timetable on when a response might be received.

 Reuter
3;
bodyend
documentend
documentstart
7241
topicstart
topicend
bodystart
2;

HAMBURGISCHE LB BOND RAISED TO 75 MLN CANADIAN DLRS


    LONDON, March 19 - 
The Hamburgische Landesbank Girozentrale
Canadian dollar bond issued earlier today due May 6, 1990 at
8-1/4 pct and 101-3/8 has been increased to 75 mln dlrs, said
Merrill Lynch Capital Markets as lead manager.
 REUTER
3;
bodyend
documentend
documentstart
7243
topicstart
topicend
bodystart
2;

TRIZEC TO ISSUE 171.25 MLN DLRS OF NEW STOCK


    CALGARY, Alberta, March 19 - 
<
Trizec Corp Ltd> said it
plans a 171.25 mln dlr issue of class A subordinate voting
shares, consisting of five mln shares at 34.25 dlrs each.
    It said 
<
Great Lakes Group Inc> will buy 3,750,000 shares
from the underwriters after closing and grant the underwriters
an option to repurchase 150,000 shares.
    Underwriters are Dominion Securities Inc, Gordon Capital
Corp, Merrill Lynch Canada Inc, McLeod Young Weir Ltd, Wood
Gundy Inc and Brown Baldwin Nisker Ltd. Trizec said it will
file a preliminary short-form prospectus on the issue with
securities commissions across Canada.
 Reuter
3;
bodyend
documentend
documentstart
7244
topicstart
earn
topicend
bodystart
2;

TULTEX CORP 
<
TTX> 1ST QTR FEB 28


    MARTINSVILLE, VA, March 19 -
    
Shr 23 cts vs 28 cts
    Net 4.3 mln vs 5.1 mln
    Revs 64.5 mln vs 67.1 mln
    NOTE:1986 reflects two for one stock split, effective July
31
 Reuter
3;
bodyend
documentend
documentstart
7245
topicstart
earn
topicend
bodystart
2;

FEDERATED FIN'L SAVINGS 
<
FEDF> INITIAL PAYOUT


    MILWAUKEE, WIS., March 19 - 
Federated Financial Savings
said it declared an initial quarterly dividend of 85 cts a
share April 27, record April 13.
    This is the first dividend paid by Federated since its
conversion to a stock company from a mutual on Jan 28, 1987.
 Reuter
3;
bodyend
documentend
documentstart
7246
topicstart
topicend
bodystart
2;

ELSINORE
<
ELS> MAKES DEPOSIT FOR INTEREST PAYMENT


    NEW YORK, March 19 - 
Elsinore Corp said it deposited about
2.33 mln dlrs with trustee Manufacturers Hanover Trust Co to
cover accrued and unpaid interest on the 15-1/2 pct senior
mortgage bonds due 1999 of its unit Elsinore Finance Corp.
    The interest has not been paid for January and February and
will be paid April 9 to bondholders of record on April 8, the
parent company said.
    Elsinore said it has guaranteed the payment of the bonds.
The interest payment is being made in line with the terms of a
previously announced agreement in principle it reached with an
unofficial committee of senior bondholders.
 Reuter
3;
bodyend
documentend
documentstart
7247
topicstart
acq
topicend
bodystart
2;

REXNORD 
<
REX> SEES MAY MERGER WITH BANNER 
<
BNR>


    MILWAUKEE, WIS., March 19 - 
Rexnord Inc said it expects to
merge with a wholly-owned subsidiary of Banner Industries Inc
in early May.
    Late last month, Banner said it completed a tender offer
for and held 96 pct of Rexnord's common shares.
 Reuter
3;
bodyend
documentend
documentstart
7250
topicstart
earn
topicend
bodystart
2;

<
BURKE-PARSONS-BOWLBY> CORP SETS REGULAR PAYOUT


    RIPLEY, W. Va., March 19 -
    
Qtrly div three cts vs three cts prior
    Pay May 15
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
7253
topicstart
acq
topicend
bodystart
2;

WARBURG BEGINS TENDER OFFER FOR SYMBION 
<
SYMB>


    SALT LAKE CITY, March 19 - 
Symbion Inc said 
<
Warburg, 
Pincus Capital Co L.P.> began a tender offer to purchase up to
2.5 mln shares, or about 33 pct, of Symbion's shares at 3.50
dlrs per share. Warburg already owns about 26 pct of Symbion.
    Symbion has 7,472,000 shares outstanding. The company makes
artificial hearts.
    Symbion said its board and management are carefully
reviewing the offer and on or before March 30 will advise its
shareholders on whether it accepts or rejects the offer. If the
tender offer is successful, Warburg wll own about 59 pct of
Symbion.
 Reuter
3;
bodyend
documentend
documentstart
7255
topicstart
topicend
bodystart
2;

UNION CARBIDE 
<
UK> SELLS NOTES YIELDING 9.90 PCT


    NEW YORK, March 19 - 
Union Carbide Corp is raising 350 mln
dlrs through an offering of senior subordinated notes due 1994
yielding 9.90 pct, said sole manager First Boston Corp.
    The notes have a 9-3/4 pct coupon and were priced at 99.24
to yield 290 basis points more than comparable Treasury paper.
    Non-callable for five years, the debt is rated B-1 by
Moody's and BB-minus by Standard and Poor's. The issue was
increased from an initial offering of 250 mln dlrs.
    Proceeds from the note sale and a 300 mln dlr issue of
convertible subordinated debentures will be used to repay
indebtedness incurred by Carbide's recapitalization plan.
interest expense, strengthen the company's financial condition
and increase operating flexibility, it said in a release.
    The company's convertible subordinated debentures were
priced late Tuesday by lead manager First Boston. The
debentures were given a 7-1/2 pct coupon and par pricing.
    They are convertible into Carbide's common stock at 35.50
dlrs per share, representing a premium of 23.47 pct over the
stock price when terms on the debt were set. The convertibles
are rated B-2 by Moody's and BB-minus by S and P.
 Reuter
3;
bodyend
documentend
documentstart
7256
topicstart
earn
topicend
bodystart
2;
******
SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7257
topicstart
topicend
bodystart
2;

HAMBURGISCHE LB BOND RAISED TO 75 MLN CANADIAN DLRS


    LONDON, March 19 - 
The Hamburgische Landesbank Girozentrale
Canadian dollar bond issued earlier today due May 6, 1990 at
8-1/4 pct and 101-3/8 has been increased to 75 mln dlrs, said
Merrill Lynch Capital Markets as lead manager.
 Reuter
3;
bodyend
documentend
documentstart
7259
topicstart
earn
topicend
bodystart
2;

L'AIR LIQUIDE 
<
AIRP.PA> YEAR ENDED DEC 31


    PARIS, March 19 -
    
Parent company net profit 754.45 mln francs vs 674.1 mln.
    Dividend 19.50 francs vs same.
    NOTE - Company said the dividend would apply to shares
issued under capital increases during 1986. This means a 32 pct
rise in total dividend payments to 528.14 mln francs on 1986
results from 399.62 mln the previous year.
 Reuter
3;
bodyend
documentend
documentstart
7260
topicstart
acq
topicend
bodystart
2;

SOLAR SYSTEMS 
<
SSDN>, INKEY OF SPAIN SET PACT


    MIAMI, March 19 - 
Solar Systems by Sundance Inc said it
agreed to buy a 45 pct interest in a company that will sell
condoms produced by INKEY SA of Spain.
    It said a spermicide used in INKEY's condoms contains an
ingredient that may help prevent the sexual transmission of
AIDS. The ingredient was cited in an article in the West German
publication, Aids Forschung. But it said the article was
about the ingredient and did not mention the spermicide or the
condoms made by INKEY.
    The company also said it is changing its name to
Eurocapital Corp shortly.
    Solar Systems said it was buying the 45 pct stake in a
U.S.-based 
<
Europharmaceutical Co>. INKEY and an affiliate own
the remaining shares of the company, which was set up to
distribute condoms and vaginal products that are made, or are
being developed by INKEY.
    The agreement calls for a two mln dlr payment to Inkey for
the distributorship. The first 500,000 dlr payment is due 30
days after the products are approved by the Food and Drug
Administration. It said Europharmaceutical plans to soon file
with the FDA to market the condom, but expects the approval
process to be a lengthy one.
    The company said the active ingredient in the spermicide is
currently used in the U.S. in antiseptic applications unrelated
to condoms. As far as it knows, the ingredient has not been
tested in a spermicide.
    Inkey's condoms will be sold in the U.S. under the brand
name, "Carlton." The exclusive distribution contract for the
products runs for three years and is renewable for one-year
periods, the company said.
    It said the condoms are currently sold in Spain but have
not gone on sale in other European countries.
    It said Europharmaceutical currently does not have the
resources to make the payments under the distribution agreement
or fund the studies necessary to obtain marketing approval from
the FDA.
    The company also said Europharmaceutical is in talks to
acquire either one or more publicly held companies with little
or no assets. In the event an acquisition goes through, Solar
Systems' interest in Europharmaceutical would be diluted below
its current 45 pct.
 Reuter
3;
bodyend
documentend
documentstart
7261
topicstart
earn
topicend
bodystart
2;

MODULAIRE INDUSTRIES 
<
MODX> 4TH QTR LOSS


    SAN FRANCISCO, March 19 -
    
Shr loss 12 cts vs profit 37 cts
    Net loss 350,738 vs profit 1,095,991
    Revs 18.8 mln vs 15.8 mln
    Year
    Shr profit 28 cts vs profit 1.29 dlrs
    Net profit 831,901 vs profit 3,000,716
    Revs 60.6 mln vs 48.2 mln
    Avg shrs 2,996,903 vs 2,756,596
    Note: Per share date adjusted to reflect 10 pct stock
dividend of March 1986.
 Reuter
3;
bodyend
documentend
documentstart
7263
topicstart
alum
topicend
bodystart
2;

KENTUCKY SMELTERS GET RELIEF ON HIGHER RATES


    NEW YORK, March 19 - 
Owners of two aluminum smelters in
Kentucky received temporary relief from higher electric rates
after a decision Tuesday by state regulators denying a rate
hike to (Big Rivers Electric Corp) of Henderson, Ky.
    But the owners of the smelters, (National Southwire
Aluminum Co) and Alcan Aluminium Ltd 
<
AL>, said further
viability of the operations would depend in part upon how the
rate case is eventually settled.
    "We're hoping for no rate increases but we can't say for
sure. It's still possible we'll have to close the smelter," a
National Southwire spokesman said. He said there were other
variables to consider in any decision whether to close or
continue the smelter, located in Hawesville, about 60 miles
west of Louisville.
    National Southwire is owned by National Intergroup Inc

<
NII>, which holds about 55 pct, and (Southwire Co), which
holds the rest, the spokesman said.
    A spokesman for Montreal-based Alcan said, "The decision is
48 pages long and is in legal-ese, so it certainly will be a
long time before we can make a decision" about what it means
for the Sebree smelter in Henderson, about 100 miles west of
Louisville. "But we're delighted that Big Rivers Electric was
denied the requested rate increase."
    A spokesman for the utility, a cooperative that generates
and wholesales electricity to four distributors, said the
requested increase was 7.5 mln dlrs a year over 1985 rates.
    The Kentucky Public Service Commission, in denying the
increase, asked the utility to meet with creditors, which
include Manufacturers Hanover Corp 
<
MHC> and Irving Bank Corp

<
V>, and the smelters, to renegotiate a rate plan, the utility
spokesman said.
    The commission suggested that Big Rivers Electric work out
a flexible rate schedule with the smelters that would index
their electric costs to the price of aluminum, he said.
    "We have always been amenable to try, as far as we can, to
assure that the two aluminum smelters remain viable," he said.
    No meetings are scheduled and none have been planned
between the utility, its creditors and the aluminum plant
owners. The commission has set a hearing on the rate issue for
July 28.
 Reuter
3;
bodyend
documentend
documentstart
7264
topicstart
earn
topicend
bodystart
2;

SEAGRAM CO LTD 
<
VO> YEAR JAN 31 NET


    MONTREAL, March 19 -
    
Shr 4.45 dlrs vs 3.44 dlrs
    Shr diluted 4.30 dlrs vs 3.34 dlrs
    Net 423.5 mln vs 319.1 mln
    Sales 3.34 billion vs 2.97 billion
    Avg shrs 95.1 mln vs 92.6 mln
    NOTE: U.S. funds.
    Net includes equity in earnings of Du Pont Co 
<
DD> of 169.1
mln dlrs vs 75.7 mln dlrs and dividend income from Du Pont
shares of 154.1 mln dlrs vs 150.8 mln dlrs.
    Latest year net includes pretax charge 35.0 mln dlrs from
sale of wine operations and reorganization of spirits
operations in U.S. and related reduction in tax expense of 27.7
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7265
topicstart
topicend
bodystart
2;

FRANCE'S CNA ISSUES THREE BILLION FRANC BOND


    PARIS, March 19 - 
Caisse Nationale des Autoroutes (CNA) is
issuing a three billion franc 8.50 pct, 15-year domestic bond
at 96.10 pct, co-lead managers Caisse Nationale de Credit
Agricole, Credit du Nord and Credit Lyonnais said.
    Payment date will be April 6. Denominations are of 5,000
francs. Redemption will be in three equal tranches after 12
years.
 REUTER
3;
bodyend
documentend
documentstart
7266
topicstart
earn
topicend
bodystart
2;

AIR PRODUCTS AND CHEMICALS INC 
<
APD> IN PAYOUT


    ALLENTOWN, Pa., March 19 -
    
Qtly div 20 cts vs 20 cts prior
    Pay May 11
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
7267
topicstart
earn
topicend
bodystart
2;

J.P. STEVENS AND CO 
<
STN> IN PAYOUT


    NEW YORK, March 19 -
    
Qtly div 30 cts vs 30 cts prior
    Pay April 30
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
7272
topicstart
earn
topicend
bodystart
2;

<
TIE/TELECOMMUNICATIONS CANADA LTD> 4TH QTR NET


    MARKHAM, Ontario, March 19 - 
    
Oper shr one ct vs six cts
    Oper net 48,000 vs 556,000
    Revs 19.0 mln vs 26.5 mln
    Year
    Oper shr 19 cts vs 46 cts
    Oper net 1,586,000 vs 3,971,000
    Revs 90.8 mln vs 103.1 mln
    NOTE: Previous oper net excludes 404,000 dlrs of
extraordinary expenses for qtr and 991,000 dlr gain for year.
    TIE/communications Inc 
<
TIE> holds 65 pct interest.
 Reuter
3;
bodyend
documentend
documentstart
7275
topicstart
earn
topicend
bodystart
2;

PEOPLES SAVINGS BANK 
<
PEBW> RAISES QUARTERLY


    WORCESTER, Mass., March 19 -
    
Qtly div 12 cts vs 10 cts prior
    Pay April 24
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
7276
topicstart
earn
topicend
bodystart
2;

DEP CORP DEPC 2ND QTR JAN 31 NET


    LOS ANGELES, March 19 -
    
Shr three cts vs 16 cts
    Net 127,000 vs 605,000
    Sales 14.4 mln vs 9,726,000
    Six Mths
    Shr 17 cts vs 30 cts
    Net 678,000 vs 1,141,000
    Sales 24.6 mln vs 19.2 mln
 Reuter
3;
bodyend
documentend
documentstart
7277
topicstart
earn
topicend
bodystart
2;

FEDERAL SIGNAL CORP 
<
FSS>  REGULAR DIVIDEND


    OAK BROOK, ILL., March 19 -
    
Qtly div 20 cts vs 20 cts previously
    Pay June Two
    Record May 12
 Reuter
3;
bodyend
documentend
documentstart
7278
topicstart
earn
topicend
bodystart
2;

STATE STREET BOSTON CORP 
<
STBK> SETS QUARTERLY


    BOSTON, March 19 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 15
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
7279
topicstart
earn
topicend
bodystart
2;

MARSH AND MCLENNAN COS INC 
<
MMC> SETS QUARTERLY


    NEW YORK, March 19 -
    
Qtly div 47-1/2 cts vs 47-1/2 cts prior
    Pay May 13
    Record April Six
 Reuter
3;
bodyend
documentend
documentstart
7286
topicstart
earn
topicend
bodystart
2;

JOHN WILEY AND SONS INC 
<
WILLB> SETS QUARTERLY


    NEW YORK, March 19 -
    
Qtly div Class A 27-1/2 cts vs 27-1/2 cts
    Qtly div Class B 24-1/2 cts vs 24-1/2 cts
    Pay April 10
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
7287
topicstart
crude
topicend
bodystart
2;

API SAYS U.S. CRUDE OIL OUPUT OFF FROM YEAR AGO


    WASHINGTON, March 19 - 
The American Petroleum Institute
said that U.S. crude oil production in February declined 9.8
pct from year-ago levels to about 8.3 mln barrels a day.
    In its monthly report on U.S. oil supplies and stocks, API
said that domestic demand for petroleum products, as measured
by products supplied, continued to rise reaching 16.3 mln
barrels a day in the month, up 1.5 pct from February 1986.
    API noted the drop in crude oil output coupled with a
drop in natural gas liquids production, which was off 11 pct
from February 1986 levels, represented a decline in U.S.
production of more than one mln barrels a day.
    API said the decline in domestic production and the rise in
demand brought petroleum imports to about six mln barrels a day
in February, a 30.3 pct increase from last year's level.
    So far this year, API said growth in domestic demand, which
was up 2.9 pct from last year's year-to-date level, has slowed
in comparison to the accelerated growth in the last half of
1986.
    It said crude oil production for the first two months of
1987 was off 8.6 pct from the comparable year-ago period while
crude imports were up 30.6 pct.
 Reuter
3;
bodyend
documentend
documentstart
7288
topicstart
topicend
bodystart
2;

CDC MAY SELL FALCONBRIDGE (FALCF) DEBT


     TORONTO, March 19 - 
<
Canada Development Corp> said it is
considering the sale of the 270.8 mln dlrs it holds of
Falconbridge Ltd's 8.5 pct convertible debentures and of its 25
pct holding in 
<
CDC Life Sciences Inc>.
    It said it made the disclosure in two prospectuses filed
today with the Ontario Securities Commission.
    CDC said one prospectus covers a planned issue of units to
raise up to 30 mln dlrs for subsidiary Canterra Energy Ltd's
1987 exploration spending. A second prospectus relates to a
planned public sale of four mln common shares which CDC sold
privately to an unidentified investor in December.
    CDC said the unit offering will consist of a maximum of
18,750 units priced at 1,600 dlrs each. Each unit will comprise
an interest in CDC Flow-Through limited partnership and common
shares of Canterra which will be exchanged for CDC common
shares.
    Through a series of transactions, investors will receive
100 common shares of CDC for each unit, representing a price of
16 dlrs a common share. They will also get rights to income tax
deductions equal to the price of each unit.
    Agents for the sale are Wood Gundy Inc and Dominion
Securities Inc.
                        
 Reuter
3;
bodyend
documentend
documentstart
7296
topicstart
acq
topicend
bodystart
2;

PRIME MEDICAL 
<
PMSI> SAYS MERGER TALKS END


    NEW YORK, March 19 - 
Prime Medical Services Inc said merger
talks with National HMO Corp 
<
NHMO> have been terminated.
    Prime gave no reason for the termination of the talks with
National HMO.
 Reuter
3;
bodyend
documentend
documentstart
7297
topicstart
earn
topicend
bodystart
2;

FIRST FEDERAL SAVINGS BANK OF MONTANA 
<
FFSM> DIV


    KALISPELL, Mont., March 19 -
    
Qtly div seven cts vs seven cts prior
    Payable April 28
    Record April three
 Reuter
3;
bodyend
documentend
documentstart
7302
topicstart
earn
topicend
bodystart
2;

<
CCR VIDEO CORP> 1ST HALF FEB 28 NET


    LOS ANGELES, March 19 -
    
Shr profit 10 cts vs loss one ct
    Net profit 647,390 vs loss 75,967
    Sales 2,120,027 vs 1,666,908
    NOTE: Current year net includes 456,004 dlr gain from debt
extinguishment.
 Reuter
3;
bodyend
documentend
documentstart
7304
topicstart
rubber
topicend
bodystart
2;

NEW RUBBER PACT TO BE FORMALLY ADOPTED TOMORROW


    GENEVA, March 19 - 
A new International Natural Rubber
Agreement (INRA) will be formally adopted tomorrow, chairman of
the negotiating conference Manaspas Xuto of Thailand said.
    "The successful negotiation of the new agreement represents
a significant step forward in international economic
cooperation," he told a news conference. The new INRA is to
replace the current one which expires in October.
    Delegates at the renegotiation conference, held under the
auspices of the U.N. Conference on Trade and Development
(UNCTAD), reached agreement over the central elements of a new
accord last weekend.
    Xuto said the new INRA retains the reference price -- of
201.66 Malaysian/Singapore cents per kilo -- and indicative
prices set in the present pact.
    Price levels will continue to be expressed in the joint
Malaysian/Singapore currency, he added.
    The new agreement also maintains the basic structure of
price ranges -- the "may sell" and "may buy" points at plus and
minus 15 pct of the reference price, as well as the "must sell"
and "must buy" zones at plus and minus 20 pct of it.
    Xuto said the new pact maintains the same objectives that
were set in the present accord. "The most important of these are
to stabilise prices and to achieve a balanced growth between
demand and supply," he said. The buffer stock remains the sole
instrument of market intervention for price stabilisation and
its maximum capacity is unchanged at 550,000 tonnes, Xuto
added.
    At this month's session, which was the fourth attempt in
two years to negotiate a new INRA, the main issue to be
resolved concerned the mechanism for adjusting the reference
price.
    It was agreed to conduct reviews of the reference price
every 15 months -- instead of the current 18-month intervals.
    The extent of the adjustment was also modified.
    Under the present agreement if the daily market indicator
price has been above the upper intervention ("may sell") price
(currently 231 Malaysian/Singapore cents) or below the lower
intervention price ("may buy") price (171 cents at present) for
six months, the reference price is then revised by five pct or
whatever amount the International Natural Rubber Council
decides.
    Under the new pact, the adjustment under these
circumstances will be five pct unless the Council decides on a
higher adjustment.
    Similarly, when buffer stock purchases or sales amount to
300,000 tonnes, there would be an automatic adjustment of three
pct under the new accord unless the Council decides on a higher
percentage.
    Throughout the talks, which began on March 9, producers had
strongly opposed a consumer proposal to lower the reference
price and the "lower indicative price" (or floor price) of 150
cents in the present pact if the buffer stock, currently
360,000 tonnes, reached 450,000 tonnes.
    The proposal, initiated by the U.S., was withdrawn last
Friday, setting the stage for compromise at the weekend.
    Since then negotiators have worked on the finer details of
the new pact.
    On the question of conditions for entry into force of the
new INRA, Xuto said it was tentatively agreed that governments
accounting for 75 pct of world exports and 75 pct of world
imports approved or ratified the new agreement before it became
operational.
    The present agreement had a figure of 80 pct.
 Reuter
3;
bodyend
documentend
documentstart
7305
topicstart
acq
topicend
bodystart
2;

INVESTMENT GROUP HAS MOORE-HANDLEY 
<
MHCO> STAKE


    WASHINGTON, March 19 - 
A group of New York investment
companies told the Securities and Exchange Commission they have
acquired 173,000 shares of Moore-Handley Inc, or 6.9 pct of the
total outstanding common stock.
    The firms, Robert H. Barker and Co, J.M.R. Barker
Foundation, Quaker Hill Associates L.P., Upland Associates L.P.
and James M. Barker Trust, said they bought the stock for two
mln dlrs soley for investment purposes.
    But the group said it might buy more Moore-Handley shares.
 Reuter
3;
bodyend
documentend
documentstart
7308
topicstart
sugar
topicend
bodystart
2;

EC MAY OFFER INTERVENTION SUGAR TO LOCAL MARKET


    LONDON, March 19 - 
Sugar which EC producers plan to sell
into intervention may be offered by the European Commission for
sale within the Community, broker C. Czarnikow says in its
latest sugar review.
    The Commission will propose to offer the sugar at a very
nominal premium of 0.01 European Currency Unit (Ecu) to the
intervention price, with detrimental consequences for
producers' returns, Czarnikow says. The move is seen as an
attempt to persuade the producers to take back the surrendered
sugar.
    The Commission may also take other steps to dissuade
producers from their chosen course, such as removing the time
limit on storage contracts, which presently means that
intervention stocks have to be removed by the end of September,
Czarnikow says. There is also the possibility of production
quotas being reduced.
    If the Commission decided to offer the sugar to traders for
export, the restitutions would have to be higher than those at
recent export tenders, Czarnikow notes. To match the difference
between the EC price and the world market price, the extra
costs might be as much as 20 Ecus per tonne, it says.
    The producers might have to repay these costs through
production levies and the proposed special elimination levy,
Czarnikow says, but it would be several months before any costs
could be recovered under EC rules.
    The primary cause of the plan to sell 775,000 tonnes of
sugar into intervention in France is dissatisfaction with the
EC export program as the restitution has increasingly failed to
bridge the gap between the EC price and the world market price,
Czarnikow notes. The French move is thus seen as a form of
protest designed to force the Commission's hand.
    In West Germany, 79,250 tonnes have been tendered for
intervention, but Czarnikow says the motive here is to ensure
that the 1986/87 price is paid for sugar that was produced in
1986. In addition to a two pct cut in the intervention price,
West German producers face a further price reduction in July
with a probable revaluation of the "green" mark.
    Even if the immediate crisis is resolved, the problem is
not expected to disappear permanently. It has appeared to
traders for some years that the EC's export policy is
insufficiently responsive to changing patterns of demand, it
says.
    The weekly tenders should respond to fluctuating demand by
increasing or reducing the tonnage awarded, Czarnikow says,
suggesting that the Commission might also take steps to cut
down the amount of "unnecessary bureaucracy" surrounding the
export tender system.
 Reuter
3;
bodyend
documentend
documentstart
7309
topicstart
topicend
bodystart
2;

HOUSEHOLD FINANCE SETS 75 MLN CANADIAN DLR NOTE


    London, March 19 - 
Household Financial Corp Ltd is issuing
a 75 mln Canadian dlr bond due April 23, 1994, carrying a
coupon of nine pct and priced at 101-3/4, said Orion Royal Bank
as lead manager.
    The securities are guaranteed by the parent company,
Household Finance Corp and are available in denominations of
1,000 and 10,000 dlrs each.
    There is a 1-1/4 pct selling concession and a 5/8 pct
combined management and underwriting fee. The company's
outstanding securities are rated AA-minus by Standard and
Poor's corp.
 REUTER
3;
bodyend
documentend
documentstart
7310
topicstart
interest
topicend
bodystart
2;

GERMAN BANKS SEE LOW INTEREST RATES CONTINUING


    BONN, March 19 - 
The Association of German Cooperative
Banks said in a financial survey that domestic interest rates
would continue to remain low for the time being.
    It said the Bundesbank could hold them down despite strong
foreign influence and it saw no interest-straining factors in
the economy that could affect the long-term capital market.
    The inflation rate of one pct also gave no occasion for
higher nominal interest rates. But a probable rise in inflation
late this year could give very slight grounds for a rise in
nominal rates at year's end and next year, it said.
    The association said generally low interest rates,
prospects of lower taxes, a stable dollar rate and expected
strong domestic demand led it to believe that the investment
climate would remain friendly and the economy would continue
its slow but very sure growth.
    The Bundesbank had managed successfully to keep interest
rates down on the short-term money market although its policies
had exerted little effect on the long-term capital market,
which was so important for investment financing and thus for
the course of the economy, it said.
    In view of the limits to the possibilities monetary policy
had in influencing the longer-term capital market, the
association saw little sense in wanting to boost the economy
through a short-term and expansionist monetary policy.
    On the other hand it also saw no reason for sticking
dogmatically to the money supply target for the whole of 1987.
    The association said time would show to what extent
speculative foreign money and short-term invested domestic
money would distort money supply developments. The Bundesbank
could hold down money market rates with the highly effective
instrument of sale and repurchase transactions, it said.
 Reuter
3;
bodyend
documentend
documentstart
7311
topicstart
cocoa
topicend
bodystart
2;

ICCO TO EXAMINE BUFFER STOCK DETAILS TOMORROW


    LONDON, March 19 - 
The International Cocoa Council, ICCO,
adjourned for the day after a detailed proposal on buffer stock
rules was distributed and executive committee officials were
elected, delegates said.
    Producers, EC consumers and all consumers are scheduled to
hold separate meetings tomorrow to review the proposal, written
by ICCO executive director Kobena Erbynn, they said.
    The buffer stock working group is to meet again on rules
Monday morning, and the full council is to reconvene Tuesday,
delegates said.
    Heinz Hofer of Switzerland was elected executive committee
chairman and Mette Mogstad of Norway vice chairman, they added.
 Reuter
3;
bodyend
documentend
documentstart
7312
topicstart
money-fx
topicend
bodystart
2;

FED'S JOHNSON URGES STRONGER ALLIED GROWTH


    WASHINGTON, March 19 - 
Federal Reserve Board Vice Chairman
Manuel Johnson said that the U.S.'s main industrial partners
should expand their domestic growth.
    In a speech to a women's group here, Johnson said, "There is
room for stronger domestic growth in those countries ... strong
enough to absorb growth in U.S. export markets."
    Johnson also said there was a better alignment of exchange
rates now and the Paris agreement to stabilize currencies has
brought western nations a long way towards establishing that
goal.
    Johnson said, "The Fed supports this pattern of exchange
rates ... and we'll see if it leads to a convergence in trade.
Quite possibly it can be achieved."
    Johnson said the Paris agreement achieved a better
alignment of exchange rates in exchange for stimulus by the
major surplus countries.
    He said this was "a major improvement and a step in the
right direction" and added U.S. allies look very strongly to a
U.S. budget deficit cut. "There will always be a potential risk
of breakdown in international cooperation" without a budget
deficit cut.
 Reuter
3;
bodyend
documentend
documentstart
7313
topicstart
money-supply
money-fx
interest
topicend
bodystart
2;

U.K. MONEY DATA MAY EASE RATE CUT, ANALYSTS SAY


    By Geert Linnebank, Reuters


    LONDON, March 19 - 
Slower than expected growth in Britain's
narrow M0 money supply measure in February will help spur a
further cut in U.K. Interest rates if a surge in sterling's
value requires such a move, economic analysts said.
    M0, the only targeted money supply measure left after
Chancellor of the Exchequer Nigel Lawson scrapped the official
target for the broad sterling M3 measure in his 1987 budget
speech on Tuesday, fell an adjusted 3/4 to one pct in February.
    On an annual basis, this put M0 growth at four to 4-1/2
pct, in the middle of the 1987 target of two to six pct.
    "The M0 data are much better than we expected," said Robert
Thomas, economist at Greenwell Montagu Securities.
    He and other analysts said while the better than expected
M0 figures alone would not be sufficient to trigger a new
interest rate cut, they removed an obstacle to such a move.
    Thomas noted the rise in M0 had been kept in check despite
buoyant retail sales in February, advancing an adjusted 2.2 pct
after a fall of the same size in January.
    Analysts said the M0 measure, reflecting variations in
consumer demand rather than real inflation prospects, was not
an adequate indicator to determine interest rates.
    "The authorities still seem to want to pretend that M0 is
important ... In practice, it is likely to be the exchange rate
and the election which call the tune," Lloyds Merchant bank
chief economist Roger Bootle wrote in a budget comment.
    Richard Jeffrey, economist at stockbrokers Hoare Govett,
said in a comment: "It is unlikely that (Lawson) will respond to
signals from M0 alone ... Reinforcement from exchange rate
trends is necessary before action is taken."
    "With the Chancellor making clear that policy manoeuvres are
made in response to signals from this narrow money variable,
the City has been forced to take it seriously," he added.
    Noting this point, Thomas said market fears at the end of
last year of an M0 overshoot had now disappeared.
    This removed a potential obstacle to a further cut in U.K.
Base lending rates if foreign demand for sterling pushed up the
pound above unofficial targets, analysts said.
    Such targets are believed to have been secretly agreed
between finance ministers of the Group of Five and Canada at
their Paris meeting last month, they added.
  U.K. Base rates have been cut twice by half a point since the
Paris agreement, once on March 11, and again yesterday when
foreign demand for sterling surged in reaction to a sharp cut
in 1987 government borrowing targets contained in the budget.
    They stand at 10 pct now, and foreign exchange dealers and
analysts expect them to shed another half-point in the coming
week.
    Analysts shrugged off as largely irrelevant a higher than
expected increase in February sterling M3, which pushed the
annual growth rate to almost 19 pct, well above the previous
target of 11 to 15 pct.
    Thomas said the February figures seemed to indicate the
improvement in sterling M3 growth witnessed over the past few
months had been reversed, but firm conclusions could only be
drawn after revised data are released on March 31.
    Some analysts said foreign investors had long ceased to
watch the sterling M3 target, and Lawson's move to scrap it
altogether earlier this week removed whatever was left of its
credibility as a key factor in monetary policy.
 REUTER
3;
bodyend
documentend
documentstart
7314
topicstart
cpi
topicend
bodystart
2;

FED'S JOHNSON SEES INFLATION CONTROLLED


    WASHINGTON, March 19 - 
Federal Reserve Board Vice Chairman
Manuel Johnson said inflationary pressures are under control
and noted "wage and price pressures are very moderate."
    Johnson told a women's group that the U.S. was not seeing
the kind of cost pressures of the past.
    He said the trade imbalance was a serious trouble spot and
strong protectionist pressures, if translated into policies,
could ultimately lead to higher inflation and a high interest
rate policy by the Fed.
 Reuter
3;
bodyend
documentend
documentstart
7315
topicstart
acq
topicend
bodystart
2;

GREYHOUND 
<
G> BUYS GENERAL MOTORS 
<
GM> BUS UNIT


    PHOENIX, Ariz., March 19 - 
Greyhound Corp said it has
signed a definitive agreement to buy General Motors Corp's U.S.
Transit Bus and Parts business for an undisclosed sum.
    The agreement, tentatively set in January, includes
production tooling, design and equipment for urban transit
buses, inventories and trademark identification.
    The agreement also incudes the right to buy GM's Canadian
Transit Bus and Parts business, contingent on a satisfactory
labor agreement.
    Greyhound said it will relocate the production facilities,
currently in Pontiac, Michigan, to an undetermined location.
 Reuter
3;
bodyend
documentend
documentstart
7316
topicstart
topicend
bodystart
2;

MERRILL LYNCH 
<
MER> DISPUTES MOODY'S DOWNGRADE


    NEW YORK, March 19 - 
Merrill Lynch and Co said it feels the
cut in its credit rating by Moody's Investors Service is not
justified in view of the company's improvement in profitability
and increase in equity capital in 1986.
    Moody's earlier today downgraded six billion dlrs of
Merrill debt, citing lagging profitability relative to other
brokerage firms and increased competition.
    Merrill said it was disappointed by Moody's conclusion. It
noted that earnings more than doubled in 1986 to 454 mln dlrs.
Equity capital rose 23 pct to 2.9 billion dlrs and return on
average equity rose to 17.5 pct from 10.2 pct in 1985.
 Reuter
3;
bodyend
documentend
documentstart
7317
topicstart
earn
topicend
bodystart
2;

EXCEL BANCORP 
<
XCEL> SETS INITIAL DIVIDEND


    QUINCY, Mass., March 19 - 
Excel Bancorp Inc said its board
declared an initial dividend of 10 cts per share, payable April
20 to holders of record on April Six.
 Reuter
3;
bodyend
documentend
documentstart
7318
topicstart
lumber
topicend
bodystart
2;

CHAMPION 
<
CHA> TO EXPAND ALBERTA MILL


    Toronto, March 19 - 
Champion International Corp, based in
Stamford, Conn., said it will expand its mill in Hinton,
Alberta, at a cost of about 285 mln Canadian dlrs.
    The expansion will double the facility's pulping operation
to 424,000 short tons per year. The mill produces softwood
kraft pulp which is sold to other Champion facilities and on
the open market.
    Champion said it estimates the project will be completed by
the end of 1989.
 Reuter
3;
bodyend
documentend
documentstart
7319
topicstart
acq
topicend
bodystart
2;

MARK IV SAYS IT DOES NOT PLAN BAIRD 
<
BATM> BUY


    WASHINGTON, March 19 - 
Mark IV Industries Inc 
<
IV>, which
has said it is mulling a bid to seek control of Baird Corp,
said it has no present plans to acquire more than 25 pct of the
company's total outstanding common stock.
    In a filing with the Securities and Exchange Commission,
Mark IV said its top officials told Baird executives at a March
17 meeting that while Mark IV may buy more Baird common stock,
it presently intends to hold it to the 25 pct limit.
    Mark IV, which first disclosed its stake and interest in
Baird on March 10, has reported it holds 391,800 Baird common
shares, or 17.6 pct of the total outstanding.
    Mark IV said it also agreed at the meeting that if it
decides to seek control of Baird, it would be through a
negotiated merger or business combination or through a tender
offer in which Baird would have at least 24 hours notice.
    Baird, in turn, agreed not to take any defensive measures
without giving Mark IV at least 24 hours notice, it said.
    Baird also confirmed that a takeover defense plan it
already has which is triggered by the accumulation of more than
25 pct of its stock, would not be triggered by a tender offer,
Mark IV said. Both parties also agreed to adjourn pending
litigation they have against one another, it added.
 Reuter
3;
bodyend
documentend
documentstart
7320
topicstart
earn
topicend
bodystart
2;

HARRIS-TEETER PROPERTIES INC 
<
HTP> SETS PAYOUT


    CHARLOTTE, N.C., March 19 -
    
Qtly div 24 cts vs 24 cts prior
    Pay May Eight
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
7321
topicstart
interest
topicend
bodystart
2;
******
CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT               

Blah blah blah.
3;


bodyend
documentend
documentstart
7322
topicstart
earn
topicend
bodystart
2;

DRESSER INDUSTRIES 
<
DI> SEES RETURN TO PROFIT


    DALLAS, March 19 - 
Dresser Industries Inc said it expects
the joint ventures it has entered into and a gradual
improvement in the energy market to allow it to regain
profitability before the end of the current year.
    Dresser earned 9,600,000 dlrs for the year ended October 31
-- after a 95.0 mln dlr gain from a change in accounting and
pension plan curtailment and a 25.3 mln dlr writedown of
oilfield assets.
 Reuter
3;
bodyend
documentend
documentstart
7323
topicstart
iron-steel
topicend
bodystart
2;

EC MINISTERS ANNOUNCE PLAN FOR STEEL CLOSURES


    BRUSSELS, March 19 - 
European Community (EC) industry
ministers agreed on a plan for voluntary steel plant closures,
drawn up by industry lobby group Eurofer, and calculated to
lead to the loss of about 22,000 jobs.
    The ministers resolved that the proposed closures, which
should bring production capacity more in line with weak demand,
"remain considerably below the surplus in capacity."
    They asked the EC Executive Commission to consult with
Eurofer, major steel companies and with governments, to
pinpoint scope for further capacity reductions beyond the
annual 15.26 mln tonnes identified by Eurofer.
    The Commission will draw up a new system  of steel
production quotas to protect vulnerable EC firms from the full
rigors of open competition.
    Commission sources said any new system would cover only
heavy products representing about 45 pct of the market, instead
of 65 pct under the present system.
    Ministers hope to approve a closure program when they meet
again in Brussels on June 1, the sources said.
    Industry Commissioner Karl-Heinz Narjes told ministers
capacity was 30 mln tonnes in excess of requirements and that
this excess ought to be eliminated by the end of 1990.
 Reuter
3;
bodyend
documentend
documentstart
7326
topicstart
grain
wheat
topicend
bodystart
2;

U.S. GRAIN TRADE CALLS SHULTZ REMARK SIGNIFICANT


    by Maggie McNeil, Reuters


    WASHINGTON, March 19 - 
A statement yesterday by Secretary
of State George Shultz after he met with wheat growers that
U.S. agricultural products must be competitively priced was
significant in that he recognized the importance of the Soviet
market and the need for U.S. prices to be at world market
levels, U.S. grain trade industry officials said.
    They said that Shultz's comments, while not explicitly
endorsing subsidized wheat sales to the USSR, were noteworthy
because they were not negative towards such action.
    In response to a query on what the State Department's
position is on selling subsidized wheat to Moscow, Shultz told
the leaders of the National Association of Wheat Growers that
prices must be competitive if the U.S. is going to trade.
    The Soviet Union, the world's largest grain importer, has
bought no U.S. wheat for more than a year, complaining the
price was far above world market levels. A U.S. offer last fall
to sell the Soviets lower-priced wheat through the export
enhancement program, EEP, was also rebuffed due to the price.
    Shultz was said to be adamantly against the U.S. wheat
offer last year and has been reported to be one of the major
obstacles in making another subsidy overture to the Soviet
Union, grain industry sources said.
    Intense speculation the U.S. might make a fresh EEP wheat
offer to the Soviets has boosted grain prices significantly in
recent trading sessions. Kansas City hard wheat futures rose
another 2-1/4 cents by midday at 2.88-1/4 dlrs per bushel,
while CBT March wheat was up 1-1/2 cents at 2.92-1/2 dlrs.
    "I'm not sure this is an about-face, but it's clearly a
recognition that unless we're competitive, we won't sell to the
Soviet Union," said a lobbyst for a major commodity group.
    "We have to be competitive. It's ridiculous to say that
somebody is going to buy your product if they can get the same
thing at a lower price somewhere else," Shultz told the farm
leaders. "That is our approach in negotiations with the
Soviets," he said.
    If those comments do signal that the State Department is no
longer opposed to the U.S. selling wheat to the USSR under EEP,
it certainly improves the chances for an EEP wheat offer to
Moscow, an industry lobbyst said.
    National Wheat Grower's officials were taking a cautious
attitude towards the secretary's comments.
    "His comments were not discouraging, but they didn't in our
judgment promise any immediate action on EEP," an official with
the wheat group said.
    The Wheat Growers official noted, however, that "there is
significance in that fact that we haven't seen any significant
negative commentary on the idea of EEP wheat to the Soviets."
    In a meeting with exporters this week, Secretary of
Agriculture Richard Lyng refused to comment on their request
that the administration offer subsidized wheat to Moscow, the
officials said.
    An aide to USDA undersecretary Daniel Amstutz, who is
reported to be strongly opposed to EEP wheat to the Soviets,
said that the Shultz comments "are consistent with what he
(Shultz) has taught for years as an economist," but said they
don't necessarily relate to the Soviet Union.
    Amstutz could not be reached for comment, and an aide to
Lyng said Lyng would not comment on Shultz's statements.
    But trade sources were hopeful that the Shultz comments may
indicate some movement towards EEP wheat to Moscow.
    "If he didn't say no, then there's a chance. This is
potentially a positive development," a commodity source said.
 Reuter
3;
bodyend
documentend
documentstart
7329
topicstart
earn
topicend
bodystart
2;
******
NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body

Blah blah blah.
3;


bodyend
documentend
documentstart
7330
topicstart
earn
topicend
bodystart
2;

BURNUP AND SIMS INC 
<
BSIM> 3RD QTR JAN 31 NET


    FORT LAUDERDALE, Fla., March 19 -
    
Shr profit five cts vs loss 40 cts
    Net profit 669,000 vs loss 4,256,000
    Revs 46.1 mln vs 43.8 mln
    Avg shrs 13.9 mln vs 10.5 mln
    Nine mths
    Shr profit 42 cts vs loss 23 cts
    Net profit 5,529,000 vs loss 2,219,000
    Revs 152.2 mln vs 139.6 mln
    Avg shrs 13.3 mln vs 9,489,000
    NOTE: Current year net both periods includes 1,800,000 dlr
gain from sale of property.
 Reuter
3;
bodyend
documentend
documentstart
7331
topicstart
earn
topicend
bodystart
2;

AARON BROTHERS ART MARTS INC 
<
AARN> 4TH QTR NET


    CITY OF COMMERCE, Calif., March 19 - 
Qtr ended Jan 31
    Shr 48 cts vs 38 cts
    Net 1,171,000 vs 794,000
    Revs 15.6 mln vs 14.0 mln
    Year
    Shr 85 cts vs eight cts
    Net 1,831,000 vs 266,000
    Revs 50.4 mln vs 46.5 mln
 Reuter
3;
bodyend
documentend
documentstart
7332
topicstart
earn
topicend
bodystart
2;

QUAKER STATE 
<
KSF> ARRANGES 100 MLN DLR CREDIT


    OIL CITY, Pa, March 19 - 
Quaker State Oil Refining Corp
said it signed a 100 mln dlr revolving credit and term loan
agreement with a group of six banks, for which Mellon Bank N.A.
is agent.
    The four-year arrangement has an additional four-year term
loan amortization agreement, Quaker said.
    Quaker said the credit line will be used to finance
expansion plans. Quaker's total capital spending program for
1987 is expected to exceed 125 mln dlrs, it said. In 1986, the
company's capital spending totaled 71.0 mln dlrs.
    Quaker also said costs of new store openings and new
product introductions will depress earnings in the first half.
For the first half of 1986, Quaker reported net income of 26.0
mln dlrs on sales of 473.5 mln dlrs.
    In the first two months, Quaker opened about 25 new stores.
It said it expects to add 150 Minit-Lube fast lubrication
service centers in 1987 at a cost of 75 mln dlrs.
    The company said it is optimistic it will recover in the
second half and report higher earnings for full year fiscal
1987. The company reported net income of 50.3 mln dlrs on sales
of 899.1 mln dlrs for 1986.

 Reuter
3;
bodyend
documentend
documentstart
7336
topicstart
grain
corn
topicend
bodystart
2;

EC TO ABOLISH TAX ON SPANISH MAIZE EXPORTS


    BRUSSELS, March 19 - 
The European Community Commission has
decided to abolish a special tax of eight Ecus per tonne
imposed on exports of Spanish maize, Commission sources said.
    They said the tax, which applies to Spanish sales to EC and
non-EC countries alike, would no longer be required on exports
from Spanish ports south of Valencia.
    The decision was taken at a meeting of the authority's
cereals management committee today.
    The tax had been introduced last September at the same time
as a subsidy of eight Ecus per tonne was brought in for exports
of maize to Spain from other EC member countries.
    The aim of the tax was to prevent the maize imported into
Spain from the other EC states with the help of subsidies from
being reexported back to them.
    The sources added that Spain had received no answer from
the committee to its request that tenders be opened for the
sale to third countries of 450,000 tonnes of maize.
    The request will be considered at the committee's next
meeting, the commission sources said.
    Madrid estimates that it needs to import 1.7 mln tonnes of
maize this year, while an EC-U.S. accord guarantees non-EC
producer sales to Spain of two mln tonnes of maize and 300,000
tonnes of sorghum annually for the next four years.
 Reuter
3;
bodyend
documentend
documentstart
7337
topicstart
acq
topicend
bodystart
2;

GREAT 
<
GAMI> TO BUY STANDARD
<
SRD> UNITS' ASSETS


    CHICAGO, March 19 - 
Great American Management and
Investment Inc said its 80 pct-owned subsidiary agreed to buy
certain assets of two subsidiaries of Standard Oil Co, for 40
mln dlrs and the assumption of certain liabilities.
    Great American Industrial Group Inc agreed to acquire all
the U.S. and United Kingdom assets of Pfaudler Co and the stock
of certain Brazilian, Mexican, and West German subsidiaries of
Kennecott Mining Corp, it said. Pfaudler and Kennecott are
subsidiaries of Standard Oil.
 Reuter
3;
bodyend
documentend
documentstart
7338
topicstart
earn
topicend
bodystart
2;

KMS INDUSTRIES INC 
<
KMSI> YEAR NET


    ANN ARBOR, MICH., March 19 -
    
Oper shr three cts vs three cts
    Oper net 511,000 vs 550,000
    Revs 19.7 mln vs 17.7 mln
    Avg shrs 15,777,000 vs 16,074,000
    NOTE: Earnings exclude gains from utilization of tax loss
caryforwards of 398,000 dlrs, or three cts a share vs 455,000
dlrs, or three cts a share
 Reuter
3;
bodyend
documentend
documentstart
7339
topicstart
earn
topicend
bodystart
2;
******
WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7341
topicstart
earn
topicend
bodystart
2;

TO-FITNESS 
<
TFIT> IN DISTRIBUTION DEAL


    BAY HARBOR ISLAND, Fla., March 19 - 
To-Fitness Inc said it
has been named exclusive Florida distributor for the hardpack
version of the frozen dessert Tofutti by Tofutti Brands Inc

<
TOF>, replacing Pillsbury Co's 
<
PSY> Haagen Dazs.
 Reuter
3;
bodyend
documentend
documentstart
7342
topicstart
acq
topicend
bodystart
2;

FIRST FINANCIAL 
<
FFMC> BIDS FOR COMDATA 
<
CDN>


    ATLANTA, March 19 - 
First Financial Management corp said it
has offered to acquire Comdata Network Inc for 18 dlrs per
share in cash and stock, or a total of about 342.7 mln dlrs.
    The company said for each Comdata share it would exchange
half a First Data share and enough cash to bring the total
value up to 18 dlrs per share, provided that the market price
of First Financial stock were not less than 28 dlrs per share.
    It said the cash payment would be based on the average
market price of First Financial during a period shortly before
closing.
    First Financial said it would not pursue the offer if
Comdata's board rejected it.  Comdata has already agreed to be
acquired by a partnership for either 15 dlrs a share in cash or
at least 10 dlrs in cash and uniuts of securities.
    The partnership that made the first offer for Comdata was
Welsh, Carson, Anderson and Stowe.  Comdata had previously
entered into an agreement, which collapsed, for a repurchase of
six mln shares at 14.50 dlrs each and for the sale of one mln
shares by a director to 
<
Mason Best Co>. Mason Best already
owns 1,800,000 Comdata shares.
    A group led by 
<
Rosewood Financial Inc> has also disclosed
ownership of 6.2 pct of Comdata's 19.0 mln shares outstanding
and said it might seek to increase its interest to over 15 pct.
    The company said Comdata shareholder approval would also be
required for its proposal.
 Reuter
3;
bodyend
documentend
documentstart
7344
topicstart
acq
topicend
bodystart
2;

POP RADIO 
<
POPX> GETS RITE AID 
<
RAD>


    NEW YORK, March 19 - 
POP Radio Corp said it has signed a
seven-year agreement to provide Rite Aid Corp with in-store
customized disc jocky-hosted radio programs, resulting in an
increase of more than 50 pct in the total number of stores POP
now has under contract.
    Value was not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7346
topicstart
earn
topicend
bodystart
2;

ALLIANCE FINANCIAL CORP 
<
ALFL> DIVIDEND SET


    DEARBORN, MICH., March 19 -
    
Qtly div 22 cts vs 22 cts previously
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7349
topicstart
earn
topicend
bodystart
2;

NYNEX 
<
NYN> INCREASES QTRLY CASH DIVIDEND


    NEW YORK, March 19 - 
Nynex Corp said it is raising its
quarterly dividend to 95 cts from 87 cts payable May 1, 1987,
to shareholders of record March 31.
    The company said this was the third consecutive year it has
raised its quarterly cash dividend. It added it had a
two-for-one stock split in May 1986.
 Reuter
3;
bodyend
documentend
documentstart
7351
topicstart
topicend
bodystart
2;

ITALIAN TREASURY OFFER HAS LOWER RATES


    ROME, March 19 - 
The Italian Treasury said it would offer
24,500 billion lire of short-term Treasury bills (BOTs) at net
rates lower than on the preceding issue.
    Three-month bills worth 3,500 billion lire will be offered
for competitive tender at a base price of 97.50 pct, giving an
effective annualised compound yield after tax of 9.87 pct.
    Net rate on the preceding issue end-February was 9.98 pct.
    The Treasury will also offer 9,500 billion lire of
six-month bills at a base price of 95.35 pct for an effective
annualized net yield of 9.24 pct.
    The net rate on the preceding issue was 9.30 pct.
    A total of 11,500 billion lire of 12-month paper will be
offered at a base price of 91.15 pct for an effective
annualized net yield of 9.02 pct.
    Rate on the preceding issue mid-February was 9.05 pct.
    The bills replace maturing paper worth 23,442 billion lire,
of which 20,322 was held by operators.
    Subscriptions to the offer close March 24.
 Reuter
3;
bodyend
documentend
documentstart
7352
topicstart
acq
topicend
bodystart
2;

VULCAN 
<
VUL> WITHDRAWS JONES/VINING 
<
JNSV> BID


    CINCINNATI, March 19 - 
Vulcan Corp said it was
discontinuing its efforts to negotiate a purchase of the common
stock of Jones and Vining Inc.
    On February 6, Vulcan, a Cincinnati maker of shoe lasts and
other products, offered five dlrs a share for all of Jones and
Vining common, subject to certain conditions.
    Vulcan said it is dropping the proposal because it believes
subsequent actions by Jones and Vining are hostile and Vulcan
is only interested in a friendly transaction.
    Jones and Vining makes shoe lasts and shoe components. It
has about 3.7 mln shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
7353
topicstart
acq
topicend
bodystart
2;

TEMPO 
<
TPO> TO SELL CABLE SYSTEMS TO EAGLE


    TULSA, Okla., March 19 - 
Tempo Enterprises Inc said it
signed a letter of intent to sell seven cable television
systems, representing about 5,000 subscribers, to 
<
Eagle
Cable>.
    Terms of the acquisition were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7354
topicstart
acq
topicend
bodystart
2;

ERBAMONT 
<
ERB> ACQUIRES ANTIBIOTICOS S.A.


    STAMFORD, Conn., March 19 - 
Erbamont N.V. said its major
shareholder 
<
Montedison SpA>, which owns 85 pct of its common,
and Farmitalia Carlo Erba, its 75 pct owned subsidiary, have
acquired 
<
Antibioticos S.A.> and related subsidiaries.
    Terms of the acquisition were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7355
topicstart
crude
topicend
bodystart
2;

UK CROSS FIELD PRT RELIEF FAVOURS SMALLER FIELDS


    LONDON, March 19 - 
The "cross field allowance" relief on
Petroleum Revenue Tax (PRT) announced by U.K. Chancellor of the
Exchequer Nigel Lawson this week will favour smaller non-PRT
paying fields, according to stockbrokers Wood Mackenzie and Co.
    The cross field allowance offsets up to 10 pct of
qualifying spending on a new oil field against PRT liability of
other fields. It is restricted to new offshore developments
outside the southern basin and yet to gain Annex B approval.
    A report by the stockbrokers said that on a new field not
paying PRT due to its small size, the relief would directly
benefit in PRT saving on an existing field.
    "The cross field allowance will mainly benefit participators
in those fields which have no PRT liability," the report said,
adding that the timing of development of such fields may be
advanced.
    The government would in effect be subsidising these
developments at 7.5 pct of capital expenditure before
corporation tax, the report said.
    On fields likely to pay PRT in the future, the benefit is
of timing. Although liabilities on other existing fields will
be reduced immediately, liabilities on larger new fields will
rise in the future due to the loss of offsets, it said.
    In a study on probable fields, the report said that when
the rates of return are examined, the rise for a PRT-paying
field such as Miller, the largest undeveloped oil field in the
U.K. North Sea, is from 18.7 to 19 pct, while the rise for a
small non-PRT paying field such as Kittiwake is 15.9 to 17.9
pct.
    The report added that in fields which pay PRT, there will
be a cost in being able to have this early relief. Not only
will these costs be unavailable for offset against the field's
future profits, but uplift of some 35 pct on these costs will
be lost.
    Thus, a saving of PRT of 100 when field development starts
will have to be matched by a rise in PRT of 135 at a later
time.
 Reuter
3;
bodyend
documentend
documentstart
7356
topicstart
oilseed
soybean
topicend
bodystart
2;

CONGRESSMEN URGE U.S. SOYBEAN PROGRAM CHANGES


    WASHINGTON, MARCH 19 - 
Several leading farm-state
Congressmen said they will press the U.S. Agriculture
Department to implement some kind of marketing loan to make
soybeans exports competitive while protecting farm income.
    Speaking at a House grains subcommittee hearing, chairman
Dan Glickman, D-Kan., proposed that Congressmen and
representatives of soybean growers meet with USDA on the
subject in the next two weeks.
    "Let's see if we can try to push them (USDA) to do
something without legislation," Glickman told the hearing.
    The current soybean loan rate effectively is 4.56 dlrs per
bushel with no income protection, or marketing loan.
    David Haggard, American Soybean Association, ASA, president
said USDA must make changes in the soybean program.
    The current soybean program "gave us the worst of both
worlds," ASA's Haggard told the hearing. The 1987 loan rate is
too high relative to corn and is encouraging an expansion of
soybean production in South America, he said. At the same time,
the U.S. soybean loan rate is too low to provide any income
support for soybean farmers, Haggard said.
    "We need some kind of market loan," he added.
    The 1985 farm bill provides authority for the Agriculture
Secretary to implement a marketing loan for soybeans but USDA
so far has resisted pressure to use the authority.
    Representatives of ASA met earlier this month with USDA,
but Haggard said USDA officials gave no indication if they
would seriously consider offering a marketing loan.
    USDA undersecretary Daniel Amstutz yesterday said the
soybean situation is a "dilemna" which has been studied
extensively by the department. But he did not say what, if any
changes, are under consideration.
    In his testimony, Haggard indicated there are ways other
than a marketing loan which should be considered to help
soybean growers, such as a so-called producer option payment,
or a direct payment program.
    Haggard said barring any program changes, Commodity Credit
Corporation, CCC, soybean stocks, now at 385 mln bu, will rise
to 500 mln by the end of August. A further 100 mln bu of
soybeans could be forfeited between September and end-year.
    "Thus, CCC could own the equivalent of Brazil's entire
soybean crop by the end of calendar year 1987," Haggard said.
    However, Haggard said that the U.S. should be cautious in
making soybean program changes that might allow the European
Community to challenge the U.S. program under the General
Agreement on Tariffs and Trade, GATT.
    He noted that The EC imports one quarter of U.S. soybean
production and loss of that market would be devastating.
    The Reagan administration has given "mixed signals" on
whether it believes a marketing loan for soybeans could be
successfully challenged in GATT by the EC, Haggard said.
    While the ASA position is to support a 5.02 dlrs per bu
loan rate combined with a marketing loan, Haggard also endorsed
a proposal by Rep. Jerry Huckaby, D-La., which would set a six
dlrs per bu loan rate and apply a marketing loan.
    The Huckaby proposal is also supported by the ranking
Republican on the House Agriculture committee, Rep. Edward
Madigan of Illinois.
    Subcommittee chairman Glickman endorsed the need to take
some action on soybeans, but cautioned that the marketing loan
could mean a substantial increase in budget costs.
    Glickman noted that the Agriculture Committee must cut one
to 1.5 billion dlrs from its fiscal 1988 budget and therefore
must fit any soybean program changes into the overall budget.
    Haggard said at a soybean loan rate of six dlrs per bu
combined with a marketing loan, the U.S. soybean price might
fall to four dlrs per bu initially. This would cost the
government a maximum of two billion dlrs. But he said the costs
would decline as market prices recovered.
 Reuter
3;
bodyend
documentend
documentstart
7357
topicstart
orange
topicend
bodystart
2;

RAISE IN BRAZIL FCOJ EXPORT PRICES NOT CONFIRMED


    ****RIO DE JANEIRO, March 19 - 
There is no confirmation
that Brazil's major processors of Frozen Concentrated Orange
Juice, FCOJ, will raise export prices of the product to 1,375
dlrs per tonne from April 1, a spokesman for the Brazilian
Association of Citrus Juice Industries (Abrassuco) said.
    Asked to comment on a report from New York that Cutrale and
Citrosuco had sent telexes to customers informing of the price
raise, Jose Carlos Goncalves said Abrassuco was not aware of
it.
    "All we know is that Cacex has increased the dollar amount
to translate FOB price to ex-dock New York price to 1,050 dlrs
from 770 dlrs," Goncalves said.
    Citrosuco and Cutrale officials were not available for
comment.
 Reuter
3;
bodyend
documentend
documentstart
7358
topicstart
earn
topicend
bodystart
2;

ALDEN ELECTRONICS 
<
ADNEA> SETS LOWER DIVIDEND


    WESTBOROUGH, Mass., March 19 - 
Alden Electronics Inc said
its board declared an annual dividend of 15 cts per share on
Class A and B common stock, down from 25 cts last year due to
an expected drop in earnings for the year ended March 28.
    The dividend is payable April 15 to holders of record on
April 3.
    Alden earned 1,357,000 dlrs last year.
 Reuter
3;
bodyend
documentend
documentstart
7359
topicstart
earn
topicend
bodystart
2;

WICKES COS INC 
<
WIX> 4TH QTR LOSS


    SANTA MONICA, Calif., March 19 -
    
Shr loss two cts vs profit 14 cts
    Net loss 2,515,000 vs profit 28,569,000
    Sales 1.41 billion vs 885.2 mln
    Avg shrs 239.2 mln vs 104.4 mln
    Year
    Shr profit 33 cts vs profit 47 cts
    Net profit 83,750,000 vs profit 76,130,000
    Sales 4.77 billion vs 2.81 billion
    Avg shrs 198.8 mln vs 98.3 mln
    Note: Current qtr and year figures include gains on
securities sales of 3.9 mln dlrs and 38 mln dlrs, respectively.
    Prior qtr and year figures include gain on securities sales
of 3.9 mln dlrs.
    Current qtr and year figures include extraordinary loss of
6.9 mn dlrs and gain of 9.9 mln dlrs, respectively.
    Prior qtr and year figures include operating loss
carryforward gains of 7.6 mln dlrs and 35.5 mln dlrs,
respectively.
    Prior qtr and year figures include gains from discontinued
operations of 6.6 mln dlrs and 12.6 mln dlrs, respectively.
 Reuter
3;
bodyend
documentend
documentstart
7362
topicstart
acq
topicend
bodystart
2;

AZURE VENTURES TO BUY ADVERTISING UNIT


    KANSAS CITY, Mo., March 19 - 
<
Azure Ventures Ltd> said it
signed a letter of intent to acquire John Paul Richards and
Associates Inc.
    The company said if the merger is approved by shareholders
of both companies, the shareholders of John Paul Richards would
become majority shareholders, owning 60 pct of the common
stock, of the new public company.
 Reuter
3;
bodyend
documentend
documentstart
7363
topicstart
earn
topicend
bodystart
2;

SCOTT 
<
SCOT> DECLARES FIRST PAYOUT


    RICHMOND, Va., March 19 - 
Scott and Stringfellow Financial
Inc said it declared its first quarterly dividend of three
cents per share payable April 15 to shareholders of record
April one.
 Reuter
3;
bodyend
documentend
documentstart
7366
topicstart
earn
topicend
bodystart
2;

TEXAS COMMERCE 
<
TCB> SEES IMPROVEMENT IN 1987


    By Julie Vorman, Reuters


    HOUSTON, March 19 - 
Texas Commerce Bancshares Inc said that
relatively stable oil prices and the bank's planned merger with
Chemical New York Corp 
<
CHL> would help 1987 earnings increase
from last year's profits of 20 mln dlrs.
    Texas Commerce chairman Ben Love, in an interview with
Reuters, did not elaborate on how much the bank expected
earnings to increase.
    "We would anticipate that this year would be an improvement
over last because we are stronger," Love said, referring to
Texas Commerce's pending 1.19 billion dlr merger with Chemical.
The merger, which may be finalized as early as May 1, will
lower Texas Commerce's cost of funding by an estimated 10 to 15
basis points, Love said.
    The Texas Commerce-Chemical merger is the only acquisition
by a major out-of-state bank since Texas lawmakers approved
interstate banking effective January 1.
    Hard-hit by loan losses in energy and real estate in Texas'
struggling economy, the only major Texas banks able to report
profits in 1986 were Texas Commerce and RepublicBank which
earned 54.0 mln dlrs. Allied Bancshares Inc 
<
ALBN> lost 17.6
mln dlrs, MCorp 
<
M> lost 82.1 mln dlrs, InterFirst lost 326.5
mln dlrs and First City Bancorporation 
<
FBT>, which is actively
seeking a merger or other form of new capital, lost 402.0 mln
dlrs.
    Love said Texas Commerce had turned the corner on its
energy loan portfolio problems, but added that the bank's
nonperforming real estate loans may increase during 1987.
    "I think the tidal wave in energy has passed over us," he
said. "The fact that the real estate market is still moving
away suggests there could be some continuing growth of
nonperforming loans."
    In 1986, about 42 pct of Texas Commerce's net loan losses
related to real estate lending and 13 pct was due to energy
loan losses. That compares to 1985 when only 17 pct of the
bank's losses were in real estate and energy accounted for 43
pct.
    More than half of Texas Commerce's nonperforming loans,
which totaled 968 mln dlrs at yearend 1986, up from 840 mln
dlrs the year before, were in real estate.
    Love said he believed the real estate loan problems for
Texas Commerce and other major state banks would peak by the
third or fourth quarter of 1987. Absorption of empty office
buildings in Houston, which has a current vacancy rate of about
30 pct, will be a gradual process that could take up to four
years, he said.
    "I think we may be beginning to stabilize this economy. Oil
at 18 dlrs a barrel brings much more confidence than 10 dlrs a
barrel," he said.
    Texas Commerce will retain its name as a separate
subsidiary of Chemical and plans to aggressively expand its
holdings throughout Texas, offering additional products to
build up its consumer banking business, Love said. "We are
resuming what we did best for years -- an offensive position,"
he said.
    In January, Texas Commerce acquired a failed bank in
Montgomery County, adjacent to the Houston metropolitan area,
and earlier this month opened a new bank in San Antonio. Texas
Commerce plans to add more banks in San Antonio and in the
Dallas-Fort Worth area where it currently has only 16 member
banks, he said.
    One day after the Texas Commerce acquisition was announced
in December, InterFirst Corp 
<
IFC> and RepublicBank Corp 
<
RPT>,
both headquartered in Dallas, agreed to merge in a deal valued
at 570 mln dlrs.
    The combination of former archrivals RepublicBank and
InterFirst, giving the two banks a virtual lock on the Dallas
banking market, has not changed Texas Commerce's expansion
plans for the state's second-largest city, Love said. "We think
we can try to get a little part of their roost," he said.
    The Chemical partnership will also give Texas Commerce an
edge in developing new consumer products, he said.
    "We have always been a wholesale bank but we have more than
one million customers all over the state. Chemical will show us
how to take advantage of enhancing our consumer products," he
said, referring to expansion of such existing products as
credit cards and investment banking.
 Reuter
3;
bodyend
documentend
documentstart
7367
topicstart
coffee
topicend
bodystart
2;

CSCE PUTS ADDITIONAL MARGIN ON JULY COFFEE


    New York, March 19 - 
An additional margin of 1,000 dlrs
will be required on all July 1987 delivery coffee "C" contracts
as of the opening of trade Monday, March 23, the Coffee, Sugar
and Cocoa Exchange, CSCE, said.
    The March contract ends trading this week, making May and
July the two "spot," or unlimited, contract months next week.
    Members will then have to obtain a minimum 3,500 dlrs for
net long or net short positions in the May and July contracts,
including a 2,500 original margin plus the additional 1,000 dlr
spot charge.
 Reuter
3;
bodyend
documentend
documentstart
7370
topicstart
acq
topicend
bodystart
2;

ODYSSEY FILMPARTNERS 
<
ODYY> DROPS MERGER TALKS


    BEVERLY HILLS, Calif., March 19 - 
Odyssey Filmpartners Ltd
said is terminated discussions to acquire 
<
United Color Labs>,
pursuant to a Jan 27 letter of intent for it to buy the company
for stock and cash.
 Reuter
3;
bodyend
documentend
documentstart
7371
topicstart
topicend
bodystart
2;

VICTORY MARKETS 
<
VMKT> SELLS DEBENTURES


    NEW YORK, March 119 - 
Victory Markets Inc is raising 60 mln
dlrs through an offering of subordinated debentures due 1999
with a 12-1/2 pct coupon and par pricing, said sole underwriter
Drexel Burnham Lambert Inc.
    Non-callable for five years, the debt is rated B-2 by
Moody's Investors Service Inc. The issue was increased from an
initial offering of 50 mln dlrs because of investor demand.
 Reuter
3;
bodyend
documentend
documentstart
7373
topicstart
topicend
bodystart
2;

MEAD 
<
MEA> SELLS DEBENTURES AT NINE PCT


    NEW YORK, March 19 - 
A 150 mln dlr issue of Mead Corp
30-year debentures was given a nine pct coupon and priced at
par, Smith Barney, Harris Upham and Co Inc said as lead
manager.
    The securities, which are not callable for 10 years, carry
a rating of A-3 from Moody's Investors Service Inc and one of
BBB-plus from Standard and Poor's Corp.
    Mead said it will use the proceeds to retire outstanding
short-term debt, a portion of which was incurred to finance
part of recent acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
7374
topicstart
topicend
bodystart
2;

DOW 
<
DOW> TO ISSUE 56 MLN DLRS IN BONDS


    MIDLAND, MICH., March 19 - 
Dow Chemical Co said it will
issue 100 mln New Zealand dollar denominated bonds worth
approximately 56 mln U.S. dlrs at current exchange rates.
    It said the two-year bonds will offer a floating interest
rate which will not be less than 17 pct in New Zealand dollars.
    Proceeds from the bonds, issued under the company's shelf
registration, will be swapped for U.S. funds resulting in an
all-in cost to Dow fixed at 15 basis points below the two-year
U.S. Treasury rate.
 Reuter
3;
bodyend
documentend
documentstart
7375
topicstart
trade
money-fx
topicend
bodystart
2;

SPRINKEL URGES GREATER GROWTH IN JAPAN, EUROPE


    BOCA RATON, Fla., March 19 - 
Beryl Sprinkel, chairman of
the president's council of economic advisors, said stronger
domestic demand growth in Japan and Western Europe is needed to
help stimulate U.S. exports without having to rely on futher
dollar declines.
    "Stronger domestic demand growth in the major foreign
industrial countries is needed to engender the much needed
expansion of U.S. export markets without having to rely on
further dollar depreciation," he told the Futures Industry
Association.
    Sprinkel said the recent recovery of domestic demand in
Japan and Europe has been one of the weakest in the post-war
period.
    "Stronger domestic demand growth in the major industrial
countries would help give balance to the current world
recovery," he said.
    Asked if Japan was not living up to commitments made last
month to trading partners, he said recent figures showed
Japan's economy grew by about 0.5 pct in the fourth quarter of
1986, "Not enough to sustain employment growth."
    However, Sprinkel said Japan had not reneged on its pledges
and was moving toward more stimulative policies, including tax
reform. "I suspect there will be further moves," he said.
    Sprinkel repeated his call for further cuts in U.S.
government spending and for resistance to tax increases.
    "Reducing the federal government budget deficit by
expenditure restraint is needed to preserve the low marginal
tax rates achieved by tax reform," he said, adding that "a vote
to increase to government expenditures is a vote against tax
reform."
    Sprinkel said the fall of the dollar had substantially
restored U.S. cost competitiveness and that the deterioration
of the U.S. trade balance appeared to have abated.
    However, he said that "sole reliance on dollar depreciation
to reduce our trade deficit is not desirable," as it risks
inflation in the United States and recession abroad.
    "I am confident that further improvements in our trade
performance will contribute significantly to growth in 1987," he
said. Improvements in the U.S. trade balance, he said, will
come about largely from a swing in manufactures trade and
present "serious adjustment problems for U.S. trading partners."
    Western Europe, where manufactures output and employment
have been weak, promises to be especially hard hit by the
improvement in the U.S. trade balance, Sprinkel said.
    He defended flexible exchange rates saying wide swings in
rates were not a fault of the system but of the undesirable
policies that produced them.
 Reuter
3;
bodyend
documentend
documentstart
7376
topicstart
topicend
bodystart
2;

FLEET FINANCIAL 
<
FLT> MAY BE UPGRADED BY MOODY'S


    NEW YORK, March 19 - 
Moody's Investors Service Inc said it
may upgrade Fleet Financial Group's 1.1 billion dlrs of debt.
    Moody's cited Fleet's announced merger with Norstar Bancorp
Inc 
<
NOR>. The rating agency said it will examine the degree to
which the combined entity would have a more diversified
earnings stream, balanced funding structure and enhanced equity
base.
    Fleet Financial has A-1 senior debt and preferred stock,
A-2 subordinated debt and Provisional A-1 shelf registered
securities. Moody's said Norstar's ratings have been under
review for possible downgrade since February 23.
 Reuter
3;
bodyend
documentend
documentstart
7377
topicstart
topicend
bodystart
2;

PARIBAS TO SEEK SHARE, BOND ISSUES


    PARIS, March 19 - 
Newly privatised financial services group
Cie Financiere de Paribas 
<
PARI.PA> said it will call an
extraordinary general meeting of shareholders for the
authorisation to issue various share and bond issues over
periods varying between one and five years.
    It said in the Official Bulletin it would seek permission
to increase capital, currently 2.33 billion francs, by up to
two billion francs worth of new ordinary shares.
    It also plans to ask for authorisation to issue up to one
billion francs nominal of shares with share warrants and one
billion francs nominal of warrants giving the right to
subscribe to ordinary shares.
    Paribas will also seek authorisation to issue bonds
convertible at any moment into ordinary shares which would
boost capital by a maximum of five billion francs, and up to
ten billion francs nominal of bonds redeemable into ordinary
shares.
    It will also ask for authorisation to issue a maximum of
ten billion francs nominal of bonds with share warrants, with a
one billion franc nominal ceiling on shares that could be
obtained through the exercise of the warrants.
    The group will also ask for authorisation to issue in any
currency bonds and warrants for a maximum of ten billion francs
and to underwrite the issue of bonds and shares in any currency
for a maximum of ten billion francs.
    Finally it will ask for authorisation to issue certificates
of deposit for a maximum of ten billion francs and to
underwrite a similar maximum amount of certificates of deposit
in all currencies.
    A spokesman said the group had no immediate issue plans.
 Reuter
3;
bodyend
documentend
documentstart
7379
topicstart
earn
topicend
bodystart
2;

BROWN TRANSPORT 
<
BTCI> SEES RECORD 1987 NET


    NEW YORK, March 19 - 
Brown Transport Co said it expects to
report record 1987 results with revenues increasing to 214 mln
dlrs and earnings per share between 1.25 dlrs and 1.30 dlrs.
    Brown reported 1986 net income of 1.05 dlrs per share, or
5.45 mln dlrs, on revenues of 191.7 mln dlrs.
    Last week the company declared an initial quarterly
dividend of four cts.
    the company said it will begin paying a regular quarterly
dividend in the second quarter but the board has not yet
determined the exact amount.
 Reuter
3;
bodyend
documentend
documentstart
7381
topicstart
earn
topicend
bodystart
2;

BOMBAY 
<
CURY> BASES GROWTH ON LOCATION, COSTS


     DALLAS, March 19 - 
Bombay Palace Restaurants Inc, with its
emphasis on location and low food costs, expects its 1987 sales
to increase 150 pct to about 22 mln dlrs from about 8.5 mln
dlrs in 1986, according to President Sant S. Chatwal.
     Chatwal told members of the Dallas financial community at
a lunchtime briefing, "we go for prime locations everywhere and
make sure our leases are very favorable."
     As previously announced, the company expects to report
1986 earnings of about 700,000 dlrs, or 31 to 33 cts a share,
on revenues of 8.5 mln dlrs. Chatwal said the final figures
would be released in about two days.
 Reuter
3;
bodyend
documentend
documentstart
7382
topicstart
earn
topicend
bodystart
2;

AMERITRUST 
<
AMTR> PROPOSES 2-FOR-1 STOCK SPLIT


    CLEVELAND, March 19 - 
AmeriTrust Corp said its board
proposed a two-for-one split of its common, subject to
stockholder approval at its May 14 annumal meeting.
    The company also said it intends to recommend an increase
in its annual regular dividend to at least two dlrs per share
before the split, beginning with the May dividend. The current
annual payout is 1.76 dlr per share.
    AmeriTrust currently has about 20.9 mln shares outstanding
with 25 mln authorized shares. It said shareholders will be
asked to approve an increase in authorized common to 100 mln
shares.
    Ameritrust also said it will submit for shareholder
approval an amendment to the company's charter regarding
liability and indemnification of directors and a recommendation
to create a classified board.
    AmeriTrust's total year-end assets were over 11.1 billion
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7384
topicstart
topicend
bodystart
2;

O'BRIEN ENERGY 
<
OBS> SELLS CONVERTIBLE DEBT


    NEW YORK, March 19 - 
O'Brien Energy Systems Inc is raising
25 mln dlrs through an offering of convertible subordinated
debentures due 2002 with a 7-3/4 pct coupon and par pricing,
said sole underwriter Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 10.925 dlrs per share, representing a premium of 15
pct over the stock price when terms on the debt were set.
    Non-callable for three years, the debt is rated B-3 by
Moody's and CCC-plus by Standard and Poor's. The issue was
increased from an initial offering of 20 mln dlrs because of
investor demand.
 Reuter
3;
bodyend
documentend
documentstart
7385
topicstart
earn
topicend
bodystart
2;

FIRST FEDERAL OF MICHIGAN 
<
FFOM> DIVIDEND HIKE


    DETROIT, March 19 -
    
Qtly div 12 cts vs 10 cts previously
    Pay May 11
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
7386
topicstart
acq
topicend
bodystart
2;

UNITED JERSEY BANKS 
<
UJB> TO MERGE TWO BANKS


    PRINCETON, N.J., March 19 - 
United Jersey Banks said it
plans to merge two of its southern New Jersey member banks into
one 704 mln dlr organization.
    It said United Jersey Bank/Fidelity Bank, based in
Pennsauken, will be merged into United Jersey Bank/South in
order to improve customer service and maximize efficiency
throughout the southern New Jersey markets.
    Raymond Silverstein, currently chairman of the board of
United Jersey Bank/Fidelity, will be chairman of the merged
bank, the company said.
 Reuter
3;
bodyend
documentend
documentstart
7387
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 900,000 TONNES CORN  SOLD TO THE USSR FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
7388
topicstart
earn
topicend
bodystart
2;

HELDOR INDUSTRIES 
<
HLDR> 1ST QTR LOSS


    MORRISTOWN, N.J., March 19 -
Qtr ends Jan 31
    Shr loss 38 cts vs loss 60 cts
    Net loss 1,388,000 vs 2,181,000
    Revs 8,199,000 vs 6,668,000
    NOTE: 1987 qtr includes tax gain 964,000 for insurance
claims.
    1987 qtr also includes non-recurring expense 150,000 for
discontinued operations and consolidation of four distribution
service centers.
 Reuter
3;
bodyend
documentend
documentstart
7389
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 350,000 TONNES CORN  SWITCHED FROM UNKNOWN TO USSR FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
7390
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 143,000 TONNES CORN  SOLD TO TAIWAN FOR 1986/87, 1987/88

Blah blah blah.
3;


bodyend
documentend
documentstart
7391
topicstart
acq
topicend
bodystart
2;

TALKING POINT/AMERICAN EXPRESS 
<
AXP>


    By Patti Domm, Reuters


    New York, March 19 - 
American Express Co's plan to sell a
stake in its Shearson Lehman Brothers is believed to be a
prelude to a public offering of shares in the brokerage unit,
analysts said.
    American Express earlier said it has a general
understanding with Nippon Life Insurance Co of Japan to sell a
13 pct interest in Shearson for 530 mln dlrs.
    The statement triggered a rise in other brokerage stocks,
as investors speculated on the possibility of more investment
in the U.S. brokerage industry by Japanese concerns.
    The stocks of brokerage firms also climbed in response to
the relatively high value Nippon put on its stake in the U.S.
firm. Analysts said the 530 mln dlrs for 13 pct represents a
price of 2.7 times book value.
    Perrin Long of Lipper analytical said the brokerage stocks,
depressed somewhat by the dark cloud of the U.S. insider
trading scandal, closed out February at a market value of 1.8
times book value.
    American Express was trading today at 78-1/4, off 3/8. For
the last several weeks, the stock has been strong on rumors of
a spinoff of part of Shearson.
    Analysts said American Express and its Shearson unit will
benefit from the doors Nippon Life can open to the increasingly
important Tokyo financial markets.
    "I think this, in all honesty, is a preliminary step," said
Long.
    "What you will see probably in the future is American
Express selling an additional 17 pct in the public market and
have a public vehicle for Shearson," Long said.
    "Normally, investors do not make a major capital commitment
into an illiquid situation," he said of Nippon.
    Some analysts previously speculated a 20 pct stake in
Shearson might be sold to the public. They said the firm, like
other investment banks, needs capital to expand globally.
    American express has said the total employees of shearson
will expand by 20 pct in 1987 internationally. However, that
number is substantially lower than growth last year, a company
spokesman said.
    American Express officials would not comment beyond a
statement made this morning. That statement, however, did not
close off the possibility of a public offering or other option
for Shearson.
    David Anthony, a Smith Barney analyst, said it is possible
Shearson would be partially sold to the public. But he believes
the firm will digest the Nippon investment first.
    "I think they'll figure out what they're going to do with
the money they have," he said.
    Joan Goodman, an analyst with Pershing and Co, also said
American Express could determine to sell shares to the public.
    In its statement, the financial services giant said it is
continuing to study various plans for Shearson in addition to
the investment by Nippon.
    American Express said options under study range from
expanding Shearson's capacity to meet international competition
to broadening its access to capital.
    American Express also said the options reflect the
continuing integral role of Shearson in American Express'
worldwide financial services strategy.
    Shearson follows Goldman, Sachs and Co in finding a
Japanese partner. Goldman last year sold a 12.5 pct stake to
Sumitomo Bank in exchange for a 500 mln dlr capital infusion.
    Analysts speculated there will be more such matches.
    "Those (U.S. brokers) companies have the expertise. They
don't have the money. There's just not enough internal capital
growth," said Wertheim analyst James Hanbury, who follows other
U.S. brokerage companies.
    Hanbury said some Japanese companies, flush with cash, are
interested in the expertise of American brokers. "Those
(Japanese) companies have the capital and our companies have
the capital needs and the growth opportunities to use the
money. That's a nice marriage," he said.
    Morgan Stanley and Co 
<
MS> rose 4-1/4 to 74-7/8. First
Boston Corp 
<
FBC> was up one to 51-1/4. E.F. Hutton Group 
<
EFH>
rose 1-1/4 to 41-1/8, and PaineWebber Group 
<
PWJ> climbed 7/8
to 37-3/4. Merrill Lynch and Co, recommended today by a
PaineWebber analyst, rose 2-5/8 to 45-3/8.
 Reuter
3;
bodyend
documentend
documentstart
7394
topicstart
money-fx
topicend
bodystart
2;

ITALIAN PANEL URGES EXCHANGE LIBERALIZATION


    ROME, March 19 - 
Liberalization of Italy's foreign exchange
controls should be "gradual" but also "reasonably rapid," a report
issued by a study committee nominated by the Italian Treasury
Ministry said.
   The report, looking at the country's financial development
prospects, said Italy's large public sector deficit and growing
public debt were among the considerations that made a gradual
liberalization preferable.
    The report also favoured retention of the lira's six pct
oscillation band with the European Monetary System (EMS) during
the liberalization process in order to lessen short-term
domestic interest rate fluctuations which could result from
portfolio adjustments.
    The lira's fluctuation margin is currently significantly
higher than that allowed for other EMS currencies.
    Italy has over recent months announced a series of
deregulation moves in response to a European Community
directive aimed at creating a genuine common market in goods,
services and finance by 1992.
 Reuter
3;
bodyend
documentend
documentstart
7395
topicstart
grain
corn
topicend
bodystart
2;

USDA REPORTS CORN SOLD TO USSR, TAIWAN


    WASHINGTON, March 19 - 
The U.S. Agriculture Department said
private U.S. exporters reported new sales of 900,000 tonnes of
corn to the Soviet Union and 350,000 tonnes of corn switched
from previously announced unknown destinations to the USSR.
    The corn is for delivery during the 1986/87 marketing year
and under the fourth year of the U.S.-USSR Long Term Grain
Supply Agreement, the USDA said.
    The department said exporters also reported corn sales of
143,000 tonnes for delivery to Taiwan, with 56,000 tonnes for
shipment in the 1986/87 season and the balance for shipment in
the 1987/88 year.
    The marketing year for corn began September 1.
    Sales of corn to the USSR for delivery during the fourth
year of the agreement, which ends this September 30, now total
2.25 mln tonnes.
 Reuter
3;
bodyend
documentend
documentstart
7397
topicstart
heat
naphtha
jet
fuel
topicend
bodystart
2;

CALTEX RAISES SINGAPORE OIL PRODUCT PRICES


    NEW YORK, March 19 - 
Caltex Petroleum Corp, a joint venture
between Chevron Corp 
<
CHV> and Texaco Inc 
<
TX>, said it raised
posted prices for several petroleum products in Singapore,
effective today.
     The company said its naphtha posting is up three cts a
gallon to 43 cts. It said it is raising jet and kerosene
postings 2.5 cts, bringing jet to 52.5 cts and kerosene to 51.5
cts.
    Diesel grades are up two cts, Caltex said, bringing both
diesel gas oil (one pct sulfur) and 52-57 D.I. (55 cetane) to
52 cts a gallon, and diesel gas oil (0.5 pct) to 52 cts.
    The company said it is increasing medium and heavy fuel oil
postings by one dlr a barrel. Medium is now 15.50 dlrs a
barrel, and heavy fuel is 14.75 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7398
topicstart
earn
topicend
bodystart
2;

 PENSION INSURANCE GROUP 
<
PGAI> 4TH QTR NET


    VALLEY FORGE, Pa., March 19 -
    
Shr profit two cts vs profit two cts
    Net profit 216,000 vs profit 265,000
    Revs 1,661,000 vs 1,376,000
    12 mths
    Shr profit four cts vs loss two cts
    Net profit 528,000 vs loss 290,000
    Revs 5,881,000 vs 5,541,000
    NOTE: full name of company is pension insurance group of
america inc.
 Reuter
3;
bodyend
documentend
documentstart
7400
topicstart
topicend
bodystart
2;

FIRST CITY BANCORP 
<
FBT> SELLS ENERGY LOANS


    HOUSTON, March 19 - 
First City Bancorp said two
subsidiaries sold 54 mln dlrs of energy-related loans and loan
participations to 
<
Prudential-Bache Energy Growth Fund LP
G-One>.
    The loans were made by First City National Bank of Houston
and First City Energy Finance Co to energy-related entites that
have had difficulty complying with First City's original loan
provisions, the company said.
    The company said it made the transaction without suffering
a loss.
    It said it has reduced the percentage of its energy related
loans to its total loans to 14.7 pct at the end of 1986 from 26
pct in 1982.
    The Prudential-Bache Energy Growth Fund is a publicly owned
limited partnership formed in February 1987. 
<
Prudential-Bache
Properties Inc> and 
<
Graham Energy Ltd> are general partners.

 Reuter
3;
bodyend
documentend
documentstart
7404
topicstart
earn
topicend
bodystart
2;

SEA CONTAINERS LTD 
<
SCR> 4TH QTR LOSS


    HAMILTON, Bermuda, March 19 -
    
Shr loss 4.95 dlrs vs loss 75 cts
    Net loss 48.2 mln vs loss 4,644,000
    Revs 133.4 mln vs 135.6 mln
    12 mths
    Shr loss 6.28 dlrs vs profit 2.48 dlrs
    Net loss 67.6 mln vs profit 25.7 mln
    Revs 638.9 mln vs 573.1 mln
    Avg shrs 10,771,260 vs 10,355,728
    
 Reuter
3;
bodyend
documentend
documentstart
7405
topicstart
topicend
bodystart
2;

MEXICO TO SIGN LOAN AMID CALLS FOR CHANGE


    By Alan Wheatley, Reuters


    NEW YORK, March 19 - 
Mexico's 7.7 billion dlr loan package
will be signed in New York tomorrow amid increasing calls from
both creditors and debtors for a streamlining of the tortuous
process of raising such jumbo loans, bankers said.
    Pressure for change has mounted because the Mexican deal
has been even more difficult to syndicate than bankers feared.
    Several tentative signing dates had to be scrapped and even
now, five months after the loan was agreed with a 13-bank
advisory committee on October 16, dozens of Mexico's some 400
creditor banks worldwide are still refusing to participate.
    The resistance to the deal must be seen alongside the fact
that it is the largest loan for a Latin American debtor since
the region's debt crisis flared up in 1983. Mexico will also
sign agreements to reschedule 52.3 billion dlrs of debt.
    Moreover, as the first major package built on U.S. Treasury
Secretary James Baker's strategy of offering loans to countries
willing to implement market-oriented, pro-growth policies,
intense market scrutiny was only to be expected.
    Still, the split within the banks' ranks came as a shock.
"This is not an unsuccessful operation, but we've had more
bickering than ever," one senior banker commented.
    Officers at small banks that have sold, swapped or or
written down their Mexican loans say they see no reason why
they should throw good money after bad.
    Major lenders counter that small banks must share the
responsibility of making new loans and cannot expect to keep
receiving interest on old debt unless they join in new ones.
    Assistant U.S. Treasury Secretary David Mulford said
recently the reluctance of small banks at one point endangered
the entire Mexican package. Things have improved, but money
center bankers are determined to keep hounding recalcitrant
banks even once the 7.7 billion dlr target has been reached.
    The loan presently is about 98.5 pct committed. "People who
are outside shouldn't think they've been saved once we get over
7.7 (billion dlrs)," one warned.
    But rounding up "free-rider" banks entails such a huge
drain on management resources that more and more bankers are
acknowledging that the syndicates may have to shrink.
    One idea is to levy new loan contributions on the basis of
current exposure instead of outstandings at an earlier "base"
date - August 1982 in the case of Mexico. Another streamlining
idea is to allow small banks to escape by swapping their loans
for "exit bonds" that a debtor would issue at a discount.
    Argentina has pressed for this solution, so far to no
avail, arguing that the smallest 120 of its 360 bank creditors
account for just one pct of its foreign bank debt and that the
next 120 banks account only for a further six pct.
    Central bank president Jose Luis Machinea said Argentina
may not receive the 2.15 billion dlrs in bank loans it is
seeking until September, which would be a year after
negotiations began with the International Monetary Fund.
    The protracted negotiations have damaged the confidence of
investors in Argentina, forcing up interest rates and spurring
capital flight, he said.
    "We have to introduce some common sense into the
discussion," Machinea said this week in Cambridge, Mass.
    He was echoed by Mexico's deputy planning minister, Pedro
Aspe Armella, who said the delay in signing his country's loan
has made it difficult to map economic policy with any
certainty. "It's a sad affair," he told the Cambridge meeting.
    Bankers said Mexico became so frustrated with the delay in
the loan that it suspended its debt-equity swap program last
month to put pressure on the banks. Other strains have
intensified between U.S. and non-U.S. banks, partly because
U.S. regulations and accounting rules discourage writedowns.
    Critics say this prompts U.S. banks to focus too much on
ensuring steady interest payments from debtors in the short
term, possibly to the detriment of longer-term solutions.
    Because more than half of the banks baulking at the Mexican
deal are American, some foreign bankers think other U.S. banks
should make up the difference.
    This issue of "national share" was defused on the Mexican
committee but bankers say it will probably recur in talks with
Argentina and Brazil, whose finance minister Dilson Funaro has
already suggested separate negotiations with regional
committees of creditors.
    Streamlining of the new-money process is running parallel
with efforts to develop a broader "menu" of alternatives to new
loans, such as trade credits or debt-equity conversions.
    "We must face the fact that greater flexibility in devising
new money packages may, in effect, be essential to future bank
syndications," Mulford said last week. He told the banks to
stop complaining that there is no leeway in current procedures
and to come up with ideas. Some steps have already been taken -
interest payments for Chile have been stretched out and banks
are debating whether to accept partial interest payments from
the Philippines in paper instead of cash.
    Because the banks want to isolate hard-line Brazil by
clinching a deal with Argentina as soon as practicable, bankers
said the Argentine package is likely to be along the
established lines of the Baker Plan.
    But some bankers are speculating that the Brazilian deal,
when it comes, will be radically different.
    As such, the loan for Mexico could go down in the history
books as the biggest but also the last jumbo. "I'm convinced
it'll be the last one in this form," one banker said.
 Reuter
3;
bodyend
documentend
documentstart
7406
topicstart
coffee
topicend
bodystart
2;

LATIN COFFEE PRODUCERS SEEK ICO PRICE SUPPORT


    MANAGUA, March 19 - 
This weekend's meeting of Latin
American coffee producers here will call for the International
Coffee Organisation (ICO) to start talks aimed at firming
prices, Nicaraguan foreign trade minister Alejandro Martinez
Cuenca said.
    He said those countries which had confirmed their presence
were Brazil, Mexico, Guatemala, El Salvador, Costa Rica and
Panama. Colombia had been invited but he did not know if it
would attend.
    Martinez Cuenca told reporters central america alone had
lost some 700 mln dlrs through the weakness of world coffee
prices, partially caused by lack of an ICO quota agreement.
 Reuter
3;
bodyend
documentend
documentstart
7407
topicstart
acq
topicend
bodystart
2;

AMBASSADOR FINANCIAL 
<
AFGI> UNIT TO BUY BUILDER


    TAMARAC, Fla., March 19 - 
Ambassador Financial Group Inc
said its Ambassador Real Estate Equities Corp, agreed to buy
Heritage Quality Construction Co Inc.
    Ambassador said its unit would purchase 100 pct of
Heritage's stock for an initial payment of approximately
500,000 dlrs and subsequent payments in cash over a five-year
period equal to 50 pct of the net after-tax profit of Heritage.
    If the acquisition is consummated, Ambassador said it
agreed to contribute 250,000 dlrs to the existing capital of
Heritage.
 Reuter
3;
bodyend
documentend
documentstart
7408
topicstart
nat-gas
topicend
bodystart
2;

TRANSCO PARTNERSHIP 
<
TXP> GAS RESERVES RISE


    HOUSTON, March 19 - 
Transco Exploration Partners Ltd said
participation in 14 new discoveries increased its proved gas
reserves to 558.1 billion cubic feet in 1986, up from 541.5
billion cubic feet in the previous year.
    Proved reserves of liquids remained about the same at 25.1
mln barrels, the company said in the 1986 annual just released
by Transco Energy Co 
<
E>, the majority owner of the Transco
Exploration partnership.
    Transco said that anticipated oil and gas prices during
1987 would continue to exert pressure on the profitability of
most energy companies.
    The Transco pipeline system reached permanent take-or-pay
settlements on about half its committed gas deliverability and
interim agreements for another 38 pct of its deliverability,
the annual report said. The company said it paid a total of
about 363 mln dlrs to producers through Februry one out of its
550 mln dlr reserve to settle the take-or-pay disputes.
    Transco said its gas pipeline delivered more than 1.2
trillion cubic feet last year and its marketing affiliate sold
an average of 1.6 billion cubic feet of gas per day.
    The company's exploration partnership received an average
price of 1.84 dlrs per mln cubic feet for gas sales during
1986, down from 3.04 dlrs in 1985.
    Sales of oil and condensate averaged 15.86 dlrs per barrel
last year, down from 27.41 dlrs per barrel in 1985.
 Reuter
3;
bodyend
documentend
documentstart
7410
topicstart
earn
topicend
bodystart
2;

<
ROYAL GOLD AND SILVER CORP> 1ST QTR NET


    TORONTO, March 19 - 
ended January 31
    Shr profit two cts vs loss one ct
    Net profit 130,000 vs loss 46,000
    Sales 5,042,000 vs nil
    Note: 1987 includes gain of 112,000 dlrs from sale.
 Reuter
3;
bodyend
documentend
documentstart
7412
topicstart
topicend
bodystart
2;

WESTCORP 
<
WCRP> UNIT SELLS CAR LOAN BACKED BONDS


    NEW YORK, March 19 - 
Western Financial Auto Loans 2, a unit
of Westcorp's Western Financial Savings Bank subsidiary, is
offering 125 mln dlrs of bonds that are collateralized by car
loan receivables, said sole underwriter Drexel Burnham.
    A Drexel officer said that while today's issue is
asset-backed, the debt is a bond, not a pass-through
certificate like the so-called "cars" deals First Boston Corp
popularized for General Motors Corp's 
<
GM> GMAC unit.
    The Western Financial unit's securities have an average
life of 1.4 years and mature March 1, 1990. They were priced to
yield 6.86 pct, Drexel said.
    The bonds have a 6-3/4 pct coupon and were priced at 99.938
to yield 60 basis points more than Treasuries.
    The debt has a quarterly payment schedule. Standard and
Poor's rates the issue a top-flight AAA.
    This is Western Financial Auto Loans' third such issue. All
three were underwritten by Drexel, which is part of an elite
group of Wall Street firms that have brought these asset-backed
deals to market since early 1985.
 Reuter
3;
bodyend
documentend
documentstart
7413
topicstart
earn
topicend
bodystart
2;

JP STEVENS AND CO INC 
<
STN> SETS PAYOUT


    NEW YORK, March 19 -
    
Qtrly div 30 cts vs 30 cts prior
    Pay April 30
    Record April 3
 Reuter
3;
bodyend
documentend
documentstart
7414
topicstart
topicend
bodystart
2;

VENEZUELA APPROVES PLANS TO ISSUE NEW BONDS


    Caracas, march 19 - 
venezuela approved plans to start
negotiating foreign bond issues up to 400 mln dlrs in the
dollar, deutschmark and yen markets, finance minister manuel
azpurua said after an economic cabinet meeting.
    He also said the the cabinet approved negotiations with
foreign bank creditors to refinance 300 mln dlrs in banco de
los trabajadores de venezuela (btv) debt, with a re-lending
clause channeling back repayments through the state-owned banco
industrial de venezuela (biv).
    The btv refinancing carries an interest rate margin of 3/8
pct over eight years.
 Reuter
3;
bodyend
documentend
documentstart
7419
topicstart
money-supply
topicend
bodystart
2;
******
N.Y. BUSINESS LOANS FALL 572 MLN DLRS IN MARCH 11 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
7420
topicstart
money-supply
topicend
bodystart
2;
******
U.S. COMMERCIAL PAPER RISES 2.98 BILLION DLRS IN MARCH 11 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
7421
topicstart
money-supply
topicend
bodystart
2;

NEW YORK BUSINESS LOANS DROP 572 MLN DLRS


    NEW YORK, March 19 - 
Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 572 mln dlrs to 64.297 billion in the week ended March 11,
the Federal Reserve Bank of New York said.
    Including acceptances, loans fell 475 mln dlrs to 65.16
billion.
    Commercial paper outstanding nationally increased 2.98
billion dlrs to 339.00 billion.
    National business loan data are scheduled to be released on
Friday.
 Reuter
3;
bodyend
documentend
documentstart
7423
topicstart
crude
nat-gas
topicend
bodystart
2;

AMOCO 
<
AN> OIL RESERVES DOWN, GAS UP IN 1986


    CHICAGO, March 19 - 
Amoco Corp's petroleum liquids reserves
total 2.42 billion barrels at the end of 1986, down from 2.77
billion a year earlier, but its natural gas reserves increased
to 15.37 trillion cubic feet from 15.14 trillion, the company's
annual report said.
    It said the drop in crude oil and natural gas liquid
reserves reflected downward revisions of previous estimates
caused by the sharp drop in oil prices last year. This
accounted for 178 mln barrels of a worldwide downward revision
of 188 mln barrels, with 158 mln barrels of the total revision
occurring in the United States, the report said.
    Amoco said there were upward revisions in the size of its
worldwide gas reserves totalling 404 billion cubic feet last
year, while it discovered 568 billion cubic feet and purchased
298 billion cubic feet of reserves.
    Production of one trillion cubic feet offset much of these
gains, the report said.
    All of the gas reserve purchases, as well as all of the 14
mln barrels of oil reserves bought in 1986, were in the United
States, Amoco said, noting it has spent 1.1 billion dlrs to
acquire U.S. producing properties over the past three years.
    Commenting on 1987, Amoco said acquisitions "will be an
integral part of our strategy, should reserves become available
at attractive prices."
    The company said it expects "the marketing climate for
natural gas to improve in 1987, which should provide the
opportunity for Amoco to expand sales. As prices and demand
improve, we are poised to accelerate capital spending on our
inventory of attractive opportunities."
    Amoco previously announced a 1987 capital spending budget
of 3.2 billion dlrs. Such spending totaled 3.18 billion dlrs
last year, down from 5.31 billion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
7424
topicstart
earn
topicend
bodystart
2;

QUEBEC CAISSE EARNS THREE BILLION DLRS IN 1986


    MONTREAL, March 19 - 
Caisse de depot et placement du
Quebec, the government agency which manages the province's
pension funds, said its investment portfolio earned a net
profit of almost three billion Canadian dlrs in 1986, an
increase of 300 mln dlrs over 1985.
    The agency said in its annual statement that it had assets
with a total book value of 25 billion dlrs, or a market value
of 28 billion dlrs, at the end of 1986.
    These holdings had a rate of return of 13.5 pct in the
year, which was below the Caisse's average return of 16 pct in
the past four years and 14.2 pct in the past eight years.
    The Caisse said foreign equity investments represented 3.6
pct of total assets, while U.S. government securities accounted
for another 5.2 pct of the overall portfolio.
    The agency's holding of U.S. government securities yielded
a return of 20.7 pct for the year, significantly more than
either the 14.1 pct earned on the total bond portfolio or the
13.5 pct for all funds under management.
    "These high liquidity securities, which are held on a
temporary basis and for purposes of strategy and the protection
of the overall bond portfolio, have been efficient," the agency
said of the U.S. securities.
    The agency said it has 7.9 billion dlrs invested in
Canadian private sector businesses after channeling 965 mln
dlrs of new funds into this area in 1986.
    The Caisse said it acquired 825 mln of new Government of
Quebec bonds and 342 mln dlrs of new securities from other
Quebec government issuers during the year.
   
 Reuter
3;
bodyend
documentend
documentstart
7425
topicstart
money-supply
topicend
bodystart
2;
******
U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS IN MARCH 9 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
7426
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK DISCOUNT BORROWINGS AVERAGE 228 MLN DLRS A DAY IN MARCH 18 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
7427
topicstart
earn
topicend
bodystart
2;

ASEA GROUP 
<
ASEAY> SEES FLAT 1987 EARNINGS


    NEW YORK, March 19 - 
Asea Group, the diversified industrial
concern based in Vasteras, Sweden, said it expects 1987
earnings, after financial income and expense, to be flat
compared with 1986, when it earned 2.53 billion Swedish crowns,
or 371.1 mln dlrs.
    A company spokesman said 1986 results were boosted
significantly by the booking of two large orders for nuclear
power plants.
    This gain, he said, will be balanced in 1987 by a return to
profitability by Asea's power transmission segment, which had a
loss of 183 mln crowns, or 26.9 mln dlrs, last year.
    Currency conversions were made at 6.81 crowns to the dlr.
    The spokesman said the company has built up a strong
backlog of orders that will contribute to earnings in 1988 and
beyond.
    At yearend 1986, Asea's order backlog stood at 32.7 billion
crowns, or 4.8 billion dlrs, up from 30.9 billion, or 4.5
billion dlrs, at the end of 1985.
    Asea has operations in power generation and transmission,
transportation equipment, pollution control and robotics.
    Total sales in 1986 were 46 billion crowns, or 6.8 billion
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7428
topicstart
money-supply
topicend
bodystart
2;

U.S. BANK DISCOUNT BORROWINGS 228 MLN DLRS


    NEW YORK, March 19 - 
U.S. bank discount window borrowings
less extended credits averaged 228 mln dlrs in the week to
Wednesday March 18, the Federal Reserve said.
    Total borrowings in the week rose 83 mln dlrs to 502 mln
dlrs, with extended credits up three mln dlrs at 274 mln dlrs.
The week was the first half of a two-week statement period. Net
borrowing in the prior week averaged 148 mln dlrs.
    Commenting on the two-week statement period that ended on
March 11, the Fed estimated that banks had daily average net
free reserves of 759 mln dlrs rather than the 660 mln dlrs
first reported.
    A Fed spokesman told a press briefing that there were no
large single day net misses in the Fed's reserve projections in
the first week of the latest bank statement period.
    None of the 14 large money center banks borrowed from the
discount window during the week and all of the Wednesday
borrowing was made by the smallest banks. For the week as a
whole, the borrowing was split roughly evenly between the large
regionals and the small banks.
    Natural float ranged from a low of near zero on Thursday --
for which the Fed spokesman could give no particular reason --
to a high of nearly 750 mln dlrs on Tuesday.
    The Tuesday peak included about 100 mln dlrs of
transportation float in mid- and south-Atlantic states. Noting
that the weather was "basically good" for March, the spokesman
said that transportation float averaged under 500 mln dlrs a
day for the full week.
    Float related as-ofs were a negative 400 mln dlrs on
Wenesday due to a number of unrelated cash letter error
corrections in five districts.
    As-ofs peaked at just over 500 mln dlrs on Tuesday.
 Reuter
3;
bodyend
documentend
documentstart
7429
topicstart
money-fx
stg
topicend
bodystart
2;

LAWSON REPEATS HE IS CONTENT WITH STERLING LEVEL


    LONDON, March 19 - 
U.K. Chancellor of the Exchequer Nigel
today repeated that he was satisfied with the current level of
sterling, both against the dollar and the West German mark.
    Lawson said in a television interview that he did not
regard the pound's present exchange rate was uncomfortably
high.
    "I think it is round about right," he said.
    "I think there was a time that they (British manufacturers)
thought the (exchange) rate was uncomfortably high. But I think
they are very satisfied with the present level."
    "But I have made it absolutely clear that I don't want to
see the pound go through the roof," he added.
 Reuter
3;
bodyend
documentend
documentstart
7430
topicstart
topicend
bodystart
2;

BETHLEHEM STEEL 
<
BS> SAYS LIQUIDITY ADEQUATE


    BETHLEHEM, Penn., March 19 - 
Bethlehem Steel Corp said it
was disappointed by the downgrading of its debentures by
Standard and Poor's Investment Service.
    "We believe their action is inappropriate in view of the
stability we are experiencing in the market, the realization of
the anticipated improvements in our steel operations, and our
current liquidity level," the company said.
    It said its position of cash and marketable securities
increased to 463 mln dlrs at year-end 1986 from 99 mln dlrs a
year earlier. "We expect to maintain an adequate level of
liquidity through 1987," it said.
 Reuter
3;
bodyend
documentend
documentstart
7432
topicstart
earn
topicend
bodystart
2;

BUTLER NATIONAL CORP 
<
BUTL> 3RD QTR JAN 31


    KANSAS CITY, Mo., March 19 -
    
Shr profit nil vs loss one ct
    Net profit 1,136 vs loss 42,840
    Revs 1,490,718 vs 1,151,176
    Nine mths
    Shr profit three cts vs profit five cts
    Net profit 89,900 vs profit 150,523
    Revs 4,520,393 vs 4,078,441
 Reuter
3;
bodyend
documentend
documentstart
7433
topicstart
acq
topicend
bodystart
2;

FCS 
<
FCSI> RECEIVES MERGER PROPOSAL


    FLEMINGTON, N.J., March 19 - 
FCS Laboratories said its
investment banker, Butcher and Singer Inc, received a
preliminary merger proposal from another company in the
healthcare field.
    FCS said that if various aspects of the proposal are better
defined, its board may consider it. FCS said merger
negotiations with this other company have been continuing since
late August.
 Reuter
3;
bodyend
documentend
documentstart
7435
topicstart
topicend
bodystart
2;

FLEET
<
FLT>, NORSTAR
<
NOR> S/P RATINGS UNAFFECTED


    NEW YORK, March 19 - 
Standard and Poor's Corp said the
merger agreement between Fleet Financial Group and Norstar
Bancorp Inc would not affect the firms' current ratings because
the merger cannot take place until July 1988.
    It said any rating change until then would depend on each
individual bank holding company. S and P noted that the
combined entity would have assets of more than 24 billion dlrs,
making it one of the largest U.S. bankholding companies.
    Fleet has A-plus senior debt, A subordinated debt and A-1
commercial paper. Norstar carries AA senior debt, AA-minus
subordinated debt, A-plus preferred stock and A-1-plus paper.
 Reuter
3;
bodyend
documentend
documentstart
7437
topicstart
money-supply
topicend
bodystart
2;

U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS


    NEW YORK, March 19 - 
U.S. M-1 money supply rose 500 mln
dlrs to a seasonally adjusted 738.7 billion dlrs in the March 9
week, the Federal Reserve said.
    The previous week's M-1 level was revised to 738.2 billion
dlrs from 738.0 billion, while the four-week moving average of
M-1 rose to 738.2 billion dlrs from 737.2 billion.
    Economists polled by Reuters said that M-1 would be
anywhere from unchanged to up five billion dlrs. The average
forecast called for a 2.3 billion dlr increase.
 Reuter
3;
bodyend
documentend
documentstart
7438
topicstart
earn
topicend
bodystart
2;

ART'S-WAY MANUFACTURING CO 
<
ARTW> 3RD QTR NET


    ARMSTRONG, IOWA, March 19 -
    
Shr profit 58 cts vs loss 11 cts
    Net profit 726,000 vs loss 145,000
    Sales 4,958,000 vs 2,783,000
    Nine Mths
    Shr profit 1.08 dlrs vs loss 80 cts
    Net profit 1,359,000 vs loss 1,013,000
    Sales 12.6 mln vs 7,145,000
    NOTE: Fiscal 1987 net profit includes tax credits of
372,000 dlrs in the quarter and 643,000 dlrs in the nine
months.
    Periods end February 28, 1987 and 1986, respectively.
    Art's-Way Manufacturing Co Inc is full name of company.
 Reuter
3;
bodyend
documentend
documentstart
7439
topicstart
earn
topicend
bodystart
2;

PSE INC 
<
POW> 4TH QTR


    HOUSTON, March 19 -
    
Shr loss 18 cts vs profit 11 cts
    Net loss 1.5 mln vs profit 868,000
    Revs 29.3 mln vs 41.1 mln
    Year
    Shr loss 41 cts vs profit five cts
    Net loss 3.1 mln vs profit 409,000
    Revs 99.2 mln vs 231.7 mln
 Reuter
3;
bodyend
documentend
documentstart
7441
topicstart
earn
topicend
bodystart
2;

<
WARDAIR INTERNATIONAL LTD> YEAR NET


    TORONTO, March 19 -
    
Shr 12.84 dlrs vs 3.07 dlrs
    Net 46,054,000 vs 11,026,000
    Revs 491.1 mln vs 473.9 mln
    NOTE: Current net includes gain of 8.51 dlrs a share on
disposal of assets.
    M.W. Ward holds 62 pct voting interest.
 Reuter
3;
bodyend
documentend
documentstart
7442
topicstart
earn
topicend
bodystart
2;

SEA CONTAINERS 
<
SCR> EXPECTS BETTER FIRST QTR


    HAMILTON, Bermuda, March 19 - 
Sea Containers Ltd predicted
its first quarter fiscal 1987 net earnings would improve by 10
mln dlrs over the same period a year ago.
    The company said 1987 got off on a much better footing than
fiscal 1986, from which the company recorded a loss of 67.6 mln
dlrs, or 6.28 dlrs per share, on revenues of 641.4 mln dlrs.
    James Sherwood, president of the company, said he expects
to record a loss of approximately 12 mln dlrs for the first
quarter, compared to losses of approximately 22 mln dlrs for
first quarter fiscal 1986.
    The company emphasized the first quarter is a traditionally
slow period for the ferry industry, which is  part of Sea
Containers' business.
    Sherwoood said the company's losses were largely
attributable to non-recurring events and provisions. He cited
the default of 15 container leasees and ship charterers,
costing the company approximately 25 mln dlrs.
    He also cited a 23 mln dlr cost as a result of a closing
two of its subsidiary's ferry services, and a 10.3 mln dlr
provision to cover losses on the sale of container assets and
severance pay costs.
 Reuter
3;
bodyend
documentend
documentstart
7443
topicstart
earn
topicend
bodystart
2;

FIRST INTERSTATE 
<
I> ESTIMATES BRAZIL RISKS


    WASHINGTON, March 19 - 
First Interstate Bancorp said its
1987 pre-tax income could be reduced by about 33.5 mln dlrs if
it decides to reclassify its 339 mln dlrs in medium- to
long-term loans to Brazil as nonperforming.
    But the company stressed in a filing with the Securities
and Exchange Commission that it believes it is too soon to
reclassify the debt, despite Brazil's Feb 20 suspension of
direct interest payments on medium- and long-term loans.
    "The corporation believes that it is premature to make a
decsion to classify such medium- and long-term debt as
nonperforming at this time," First Interstate said.
    But First Interstate said that if Brazil's suspension of
interest payments continues, it may have to reclassify its
loans as nonperforming and place them on non-accrual, meaning
that interest previously accrued but not paid would be deducted
from net income and interest would no longer be accrued.
    Besides its medium- and long-term debt, First Interstate
said it also has 165 mln dlrs in short-term loans or trade
lines in Brazil.
    As of Dec 31, 1986, nonperforming Brazilian outstandings
were about 4.1 mln dlrs, it said.
 Reuter
3;
bodyend
documentend
documentstart
7444
topicstart
earn
topicend
bodystart
2;

AMERICAN HOME SHIELD CORP 
<
AHSC> 4TH QTR NET


    SANTA ROSA, Calif., March 19 -
    
Shr profit 15 cts vs profit 15 cts
    Net profit 1,025,000 vs profit 969,000
    Revs 10.9 mln vs 7.8 mln
    12 mths
    Shr profit 33 cts vs loss one cts
    Net profit 2,375,000 vs profit 90,000
    Revs 38.2 mln vs 20.3 mln
    NOTE: Revenues figure shows contract revenue, not gross
contracts written.
    Fourth quarter and full year 1986 includes extraordinary
gain of 501,000 dlrs and 1,040,000 dlrs, respectively, from tax
loss carryforwards.
    Per share figures come after preferred dividend
requirements.
 Reuter
3;
bodyend
documentend
documentstart
7446
topicstart
topicend
bodystart
2;

P.S. INDIANA 
<
PIN> TO REDEEM DOUBLE-DIGIT DEBT


    NEW YORK, March 19 - 
Public Service Co of Indiana Inc said
it acted today to replace 35 mln dlrs in existing debt,
estimating that would save it about 1.8 mln dlrs a year.
    The utility said it plans to issue a 35 mln dlr, 7.6 pct
first mortgage bond, Series NN, due 2012 to the city of
Princeton, Ind. The Series NN bonds will serve as collateral to
Princeton's equal-sized pollution control bond issue that are
expected to have the same interest rate.
    Proceeds from this issue will be used to redeem the
utility's 12-3/4 pct bonds that serve as collateral for
Princeton's same-rate pollution control bonds.
 Reuter
3;
bodyend
documentend
documentstart
7447
topicstart
retail
topicend
bodystart
2;

MAJOR HOME APPLIANCE SHIPMENTS UP IN FEBRUARY


    CHICAGO, March 19 - 
Shipments of major home appliances in
February rose 9.1 pct to 3.5 mln, up from 3.2 mln a year ago,
reported the Association of Home Appliance Manufacturers.
    It said year to date, total major appliance shipments rose
11.4 pct to 7.6 mln from 6.8 mln a year earlier.
    It said strong shipment gains in four of the five appliance
categories resulted in the unprecedented monthly levels, with
records set for shipments of refrigerators, automatic washers,
disposers, dryers and dishwashers.
 Reuter
3;
bodyend
documentend
documentstart
7449
topicstart
earn
topicend
bodystart
2;

TRIANGLE HOME PRODUCTS INC 
<
THP> 4TH QTR LOSS


    CHICAGO, March 20 - 
    
Shr loss 17 cts vs loss 19 cts
    Net loss 213,000 vs loss 217,000
    Sales 6,788,000 vs 6,254,000
    Year
    Shr loss 22 cts vs loss five cts
    Net loss 270,000 vs loss 61,000
    Sales 27.0 mln vs 27.0 mln
 Reuter
3;
bodyend
documentend
documentstart
7452
topicstart
pet-chem
topicend
bodystart
2;

REICHHOLD 
<
RCI> RAISES SOME MATERIALS PRICES


    DOVER, Del., March 19 - 
Reichhold Chemicals Inc said its
emulsion polymers division increased by nine cts per dry pound
the prices of all styrene-butadiene and polystyrene latexes,
effective May 1.
    It said the increase is in addition to recently announced
increases and applies to carpet, paper, nonwovens, textiles,
adhesives and other specialty end uses.
 Reuter
3;
bodyend
documentend
documentstart
7453
topicstart
acq
topicend
bodystart
2;

TRI-STAR 
<
TRSP> BUYS CINEPLEX THEATER


    NEW YORK, March 19 - 
Tri-Star Pictures Inc said it agreed
to acquire the Roosevelt Field Century Theatre from Canada's
Cineplex Odeon Corp's RKO Century Warner Theatres Inc for 17
mln dlrs.
    The recently refurbished and expanded theater is located in
Garden City, N.Y..
 Reuter
3;
bodyend
documentend
documentstart
7455
topicstart
earn
topicend
bodystart
2;

FRANK B. HALL AND CO INC 
<
FBH> 4TH QTR LOSS


    BRIARCLIFF MANOR, N.Y., MARCH 19 -
    
Oper shr loss 30 cts vs loss 25 cts
    Oper net loss 2,138,000 vs loss 2,312,000
    Revs 99.3 mln vs 89.4 mln
    Year
    Oper shr loss 40 cts vs profit 47 cts
    Oper net profit 4,294,000 vs profit 8,793,000
    Revs 390.9 mln vs 360.5 mln
    NOTE: Excludes discontinued operations loss of 1.33 dlrs a
share vs 5.35 dlrs a share in the quarter, and loss 1.52 dlrs a
share vs loss 13.64 dlrs in the full year.
    Fourth quarter 1986 includes reserve of nine mln dlrs for
operations company plans to sell.
    Per share figures come after preferred dividend
requirements.
 Reuter
3;
bodyend
documentend
documentstart
7458
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 19 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Ramada Inc 
<
RAM> - Offering of 100 mln dlrs of subordinated
notes due 1999 through Salomon Brothers Inc.
    Chock Full O'Nuts Corp 
<
CHG> - Offering of 60 mln dlrs of
convertible senior subordinated debentures due April 15, 2012
through a group led by Drexel Burnham Lambert Inc.

 Reuter
3;
bodyend
documentend
documentstart
7459
topicstart
earn
topicend
bodystart
2;

WEISFIELD'S INC 
<
WEIS> 4TH QTR NET


    SEATTLE, March 19 -
    
Shr 1.09 dlrs vs 1.20 dlrs
    Net 1,193,000 vs 1,361,000
    Revs 18.7 mln vs 17.3 mln
    Year
    Shr 1.19 dlrs vs 1.52 dlrs
    Net 1,300,000 vs 1,831,000
    Revs 50.6 mln vs 48.8 mln
 Reuter
3;
bodyend
documentend
documentstart
7460
topicstart
money-fx
interest
topicend
bodystart
2;

SINGAPORE EXCHANGE PLANS OPTIONS CONTRACTS


    BOCA RATON, Fla, March 19 - 
The Singapore International
Monetary Exchange Ltd, SIMEX, said it would launch at least two
options on futures contracts this year.
    SIMEX said in a press release that the options contracts
would be based on the currency and interest rate futures
currently traded on the exchange and be started "toward the
third quarter."
    SIMEX, which is linked to the Chicago Mercantile Exchange,
currently trades three currency futures -- on Deutsche marks,
Japanese yen and British pounds -- and two interest rate
futures -- on U.S. Treasury-bonds and three-month Eurodollars.
 Reuter
3;
bodyend
documentend
documentstart
7462
topicstart
earn
topicend
bodystart
2;

NORRIS OIL CO 
<
NOIL> DEC 31 YEAR LOSS


    TAFT, Calif., March 19 -
    
Shr loss 1.55 dlrs vs loss 52 cts
    Net loss 13,191,000 vs loss 2,254,000
    Revs 1,179,000 vs 2,003,000
    Avg shrs 8,520,000 vs 4,330,000
    Note: Current year loss includes 11.8 mln dlr writedown of
oil and gas properties under full cost accounting method.
 Reuter
3;
bodyend
documentend
documentstart
7463
topicstart
topicend
bodystart
2;

AMERICAN CAN 
<
AC> FILES FOR DEBT OFFERING


    WASHINGTON, March 19 - 
American Can Co filed with the
Securities and Exchange Commission for a shelf offering of up
to 500 mln dlrs of debt securities on terms to be determined at
the time of the sale.
    Proceeds from the offering will be used for general
corporate purposes, including repayments of outstanding debt,
business acquisitions or investments, American Can said.
    The company did not name an underwriter for the sale.
 Reuter
3;
bodyend
documentend
documentstart
7464
topicstart
acq
topicend
bodystart
2;

DORSEY 
<
DSY> COMPLETES SALE OF UNIT


    CHATTANOOGA, Tenn., March 19 - 
Dorsey Corp said it
completed the sale of substantially all its Dorsey Trailers Inc
subsidiary assets to 
<
Trailer Acquisition Corp>, whose
stockholders include a former Dorsey vice president and several
executives of the Dorsey Trailers management team.
    Terms of the acquisition were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7465
topicstart
earn
topicend
bodystart
2;

NAPCO INTERNATIONAL 
<
NPCO> 4TH QTR OPER NET


    HOPKINS, MINN., March 19 - 
    
Oper shr 38 cts vs 5.62 dlrs
    Oper net 400,000 vs 6,173,000
    Revs 1,195,000 vs 392,000
    Year
    Oper shr 94 cts vs 5.65 dlrs
    Oper net 1,006,000 vs 6,257,000
    Revs 2,432,000 vs 1,121,000
    NOTE: 1986 operating net for the quarter and year excludes
a loss on the disposal of certain businesses of 2.15 mln dlrs
and a loss from discontinued operations of 297,000 dlrs in the
quarter and 469,000 dlrs in the year.
    1985 operating net for the quarter and year includes a
pretax gain of nine mln dlrs from the sale of two divisions and
a loss from discontinued operations of 2.85 mn dlrs in the
quarter and 3.7 mln dlrs in the year.
    Napco International Inc is full name of company.
 Reuter
3;
bodyend
documentend
documentstart
7466
topicstart
earn
topicend
bodystart
2;

NATIONAL BANCORP INC 
<
NIBCA> YEAR END LOSS


    HARTFORD, Conn., March 19 -
    
Oper shr loss 1.02 dlr
    Oper loss 631,000 dlrs
    NOTE: Prior year results are not available as company
completed its public offering in April 1986.
 Reuter
3;
bodyend
documentend
documentstart
7468
topicstart
earn
topicend
bodystart
2;

<
BACHELOR LAKE GOLD MINES INC> YEAR LOSS


    MONTREAL, March 19 -
    
Shr loss seven cts vs loss 19 cts
    Net loss 497,452 vs loss 1,306,875
    Revs 10.6 mln vs 9.6 mln
 Reuter
3;
bodyend
documentend
documentstart
7469
topicstart
acq
topicend
bodystart
2;

SOROS LIFTS KING WORLD 
<
KWP> STAKE TO 8.1 PCT


    WASHINGTON, March 19 - 
New York investor George Soros, and
an investment fund he controls, said they raised their stake in
King World Productions Inc to 2,485,510 shares, or 8.1 pct of
the total outstanding, from 1,986,710 shares, or 6.5 pct.
    In a filing with the Securities and Exchange Commission,
Soros said his group bought a net 498,800 King World common
shares between Jan 8 and March 6 at prices ranging fropm 18.924
to 21.203 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
7470
topicstart
acq
topicend
bodystart
2;

CINEPLEX ODEON BUYING COKE 
<
KO> CINEMA UNIT


    TORONTO, March 19 - 
<
Cineplex Odeon Corp> said it agreed in
principle to acquire the Walter Reade Organization Inc New York
cinema chain from Coca-Cola Co's Entertainment Holdings Inc
unit for 32.5 mln U.S. dlrs.
    Cineplex said the purchase price consisted of 22.5 mln dlrs
cash and 652,742 Cineplex common shares. The transaction is
subject to fulfilment of certain unspecified conditions and
regulatory and board approvals.
    Walter Reade operates 11 screens in eight Manhattan
locations.
 Reuter
3;
bodyend
documentend
documentstart
7471
topicstart
grain
wheat
topicend
bodystart
2;

SHULTZ NOT OPPOSED TO WHEAT SUBSIDY TO SOVIETS


    WASHINGTON, March 19 - 
Secretary of State George Shultz has
decided not to oppose any U.S. wheat subsidy offer to the
Soviet Union and has left the final decision on whether to sell
subsidized wheat to Moscow up to President Reagan and the
Agriculture Department, a State Department official said.
    "Shultz feels like he fought the battle against a subsidy
last summer, and he's not going to the mat again. It's now
basically the USDA who has to make their decisions as to what
they want to do," the official said.
    If USDA decides to go ahead with a subsidy offer to the
Soviet Union, he said, "Shultz will not wage a vigorous
campaign against it. He might not come out in favor of it, but
he won't go to the President and voice his objections."
    In an official statement clarifying Shultz's remarks
yesterday to leaders of the National Association of Wheat
Growers, the State Department said, "Secretary Shultz expressed
his belief that whenever possible, U.S. grain should be
competitive on world markets, including the Soviet Union.
    The Agriculture Department is in the best position to
determine whether consideration should be given at this time to
extending to the Soviets a subsidy under the Export Enhancement
Program."
    Although Shultz will not oppose a wheat subsidy to the
Soviets, there remain obstacles to another subsidy offer to
Moscow, the State Department official said.
    "Everyone in the government agrees that if there is a
subsidy to be offered, we would not offer it unless we had a
firm commitment from the Soviets that they would buy."
    USDA does not want a repetition of last summer when the
USSR baulked at its offer of four mln tonnes of subsidized
wheat, the official, who asked not to be identified, said.
    The Soviets rejected the U.S. offer then on the grounds
that the 13 dlr per tonne subsidy was insufficient to bring
U.S. prices down to competitive levels.
    The Soviets want a higher subsidy offer this time, the
State Department source said.
    "What the Soviets want is something equivalent to the
lowest price being paid by anyone in the world," he said.
    The Soviets argue that they are the best customer of the
U.S. and that they are entitled to the best price, he said.
    Government and commodity sources also said there are
elements in the USDA, most notably undersecretary Daniel
Amstutz, who remain opposed to a wheat subsidy to the Soviets.
    "Subsidized wheat to the Soviet Union is still not a
foregone conclusion," the State Department official said.
 Reuter
3;
bodyend
documentend
documentstart
7472
topicstart
earn
topicend
bodystart
2;

<
SUMMIT RESOURCES LTD> YEAR NET


    Calgary, Alberta, March 19 -
    
Shr not given
    Net 540,000 vs 1,890,000
    Revs 4.9 mln vs 7.1 mln
 Reuter
3;
bodyend
documentend
documentstart
7473
topicstart
topicend
bodystart
2;

MORGAN GUARANTY 
<
JPM> SUES METROMEDIA FOR NOTES


    NEW YORK, March 19 - 
Morgan Guaranty Trust Co said it filed
suit against 
<
Metromedia Inc>, seeking a redemption at par of
Metromedia subordinated discount debentures.
    The debentures due 1998, were issued in 1984 and were zero
coupon notes for the first five years. Beginning 1990, they
were to receive semi-annual interest payments at an annual rate
of 16 pct.
    Morgan said the complaint, filed in U.S. District Court for
the Southern District of New York, stems from the recent
voluntary liquidation of Metromedia which has intentionally
created an event of default on the notes. 
    The company said the default amount is 574.24 dlrs for each
1,000 dlrs principal amount of debentures. The figure takes
into account the deep discount the holders received when they
bought the issue.
    Morgan Guaranty said there is about 30 mln dlrs principal
outstanding.

 Reuter
3;
bodyend
documentend
documentstart
7474
topicstart
earn
topicend
bodystart
2;

GOULDS PUMPS INC 
<
GULD> SETS REGULAR PAYOUT


    WEST PALM BEACH, Fla., March 19 -
    
Qtly div 19 cts vs 19 cts prior
    Pay April 15
    Record April three
 Reuter
3;
bodyend
documentend
documentstart
7475
topicstart
acq
topicend
bodystart
2;

HENKEL TO INCREASE STAKE IN CLOROX 
<
CLX>


    OAKLAND, Calif., March 19 - 
Clorox Co said 
<
Henkel KGaA> of
Dusseldorf, West Germany, agreed to increase its holdings in
Clorox to 30 pct from the current level of 23 pct.
    Henkel, which also holds a subordinated note convertible
into another 1.7 pct of the company's stock, intends to acquire
the additional shares in the open market over an extended
period of time, Clorox said.
    It also said that, for the foreseeable future, Henkel does
not intend to increase its participation in Clorox above the 30
pct level.
 Reuter
3;
bodyend
documentend
documentstart
7476
topicstart
earn
topicend
bodystart
2;

<
SIGMA MINES (QUEBEC) LTD> 4TH QTR NET


    Toronto, March 19 -
    
Shr 17 cts vs five cts
    Net 1,442,000 vs 393,000
    Revs 9,771,000 vs 8,052,000
    Year
    Shr 74 cts vs 23 cts
    Net 6,076,000 vs 1,875,000
    Revs 34.9 mln vs 30.3 mln
 Reuter
3;
bodyend
documentend
documentstart
7477
topicstart
trade
topicend
bodystart
2;

EC OFFICIAL FAULTS U.S. TRADE BILL


    LOS ANGELES, March 19 - 
Sir Roy Denman, Head of the EC
Delegation in Washington, said pending U.S. trade legislation
is a misguided attempt to deal with the nation's trade deficit
and will spark retaliation if passed in its present form.
    "To think that you can deal with a trade deficit by
legislation is a mistake," he told the Foreign Trade
Association here.
    Denman told reporters that possible retaliation, which he
warned of in a letter to House Ways and Means Committee
Chairman Dan Rostenkowski, would not necessarily be on a
product-for-product basis.
    "Retaliation does not have to be matched product to
product," Denman said.
    He said in the case of textiles import restrictions,
however, retaliation would be against U.S. textile exports.
    "Certainly, if restrictions were imposed on European
exports of textiles to the U.S., the Community would be likely
to retaliate with restrictions on U.S. textile exports to
Europe," Denman said.
    He also took exception to U.S. proposals to require
countries with large current account surpluses with the U.S. to
cut those surpluses or face special tariffs.
    "This would conflict with international obligations, throw
a large wrench into the current round of trade negotiations and
could easily boomerang," he warned of the tariff proposals.
    Denman also took exception to U.S. efforts to seek
reciprocity in specific trade sectors.
    "Forcing reciprocity in one sector by imposing barriers
would simply lead to retaliation from the other party," he
said, adding that overall reciprocity can only be achieved by
trading off disadvantages in one sector for advantages in
another.
 Reuter
3;
bodyend
documentend
documentstart
7481
topicstart
earn
topicend
bodystart
2;

FRANK B. HALL 
<
FBH> EARNINGS REPORT QUALIFIED


    BRIARCLIFF MANOR, N.Y., March 19 - 
Frank B. Hall and Co Inc
said its independent accountants will issue a qualified report
on its financial statements.
    The company said the opinion is the result of ongoing
litigation over its discontinued operations. Earlier it said it
lost 2.1 mln dlrs in the fourth quarter against a loss of 2.3
mln dlrs a year ago before discontinued operations.
    It also said it decided to sell its claims adjusting and
admininistrative operations and its automobile dealer insurance
unit, creating a reserve of about nine mln dlrs in the fourth
quarter 1986 for the sale.
    The company said it will vigorously defend the litigation
arising from the discontinued units.
    It also said it will concentrate on its direct brokerage
and service business.
 Reuter
3;
bodyend
documentend
documentstart
7482
topicstart
acq
topicend
bodystart
2;

INTERMARK
<
IMI> SEEKS MAJORITY PIER 1 
<
PIR> STAKE


    WASHINGTON, March 19 - 
Intermark Inc, which together with
one of its subsidiaries already holds a 43.4 pct stake in Pier
1 Imports Inc, told the Securities and Exchange Commission it
plans to acquire a majority of the company's voting stock.
    Intermark said it already holds 6,839,827 Pier 1 common
shares, or 35.66 pct, and its Pier 1 Holdings Inc holds
1,484,516 shares, or 7.74 pct.
    Intermark said it also has 341,991 shares of Pier 1
preferred stock, or 35.2 pct of the outstanding, while Pier 1
Holdings has 74,225 shares, or 7.6 pct.
         
 Reuter
3;
bodyend
documentend
documentstart
7483
topicstart
earn
topicend
bodystart
2;

ELECTRO SCIENTIFIC 
<
ESIO> 3RD QTR FEB 28 LOSS


    PORTLAND, Ore., March 19 -
    
Shr loss 15 cts vs nil
    Net loss 877,000 vs profit 22,000
    Sales 13.5 mln vs 18.0 mln
    Nine mths
    Shr loss 35 cts vs profit 20 cts
    Net loss 2,098,000 vs profit 1,184,000
    Sales 43.5 mln vs 55.9 mln
    (Electro Scientific Industries)
 Reuter
3;
bodyend
documentend
documentstart
7484
topicstart
acq
topicend
bodystart
2;

JOSTEN'S 
<
JOS> TO SELL UNIT TO CAREERCOM 
<
CRCM>


    MINNEAPOLIS, MINN., March 19 - 
Josten's Corp said it agreed
to sell its proprietary school business to CareerCom Corp, for
20 mln dlrs in cash and about 1.7 mln CareerCom common shares.
    Upon completion of the proposed transaction, Josten's will
own 20 pct of CareerCom's stock, which it intends to hold for
investment purposes, it said.
    Proprietary school sales totaled about 56 mln dlrs and
accounted for less than 10 pct of Josten's total revenue, it
added.
 Reuter
3;
bodyend
documentend
documentstart
7485
topicstart
topicend
bodystart
2;

DUFF AND PHELPS UPGRADES BAXTER TRAVENOL 
<
BAX>


    CHICAGO, March 19 - 
Duff and Phelps said it is upgrading to
Duff 1- (one minus) from Duff 2, its rating on Baxter Travenol
Inc's commercial paper totaling about 541 mln dlrs.
    The upgrading reflects the company's significant
improvement made in reducing debt since its 1985 acquisition of
American Hospital Supply Corp, it said.
 Reuter
3;
bodyend
documentend
documentstart
7487
topicstart
earn
topicend
bodystart
2;

NRM ENERGY CO 
<
NRM> SETS REGULAR PAYOUT


    DALLAS, March 19 - 
    
Qtly cash distribution five cts vs five cts prior
    Pay April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7488
topicstart
earn
topicend
bodystart
2;

MOTEL 6 LP 
<
SIX> SETS CASH DISTRIBUTION


    SANTA BARBARA, Calif., March 19 - 
    
Qtly cash distribution 30.5 cts vs 18.4 cts prior
    Pay May 15
    Record March 31
    Note: Prior-quarter dividend was an initial payout based on
operations for a partial fourth quarter in 1986.
 Reuter
3;
bodyend
documentend
documentstart
7489
topicstart
topicend
bodystart
2;

DUFF AND PHELPS UPGRADES PHILIP MORRIS 
<
MO>


    CHICAGO, March 19 - 
Duff and Phelps said it is upgrading to
its highest level, Duff 1+ (one plus) from Duff 1, the rating
on about 836 mln dlrs of Philip Morris Companies Inc commercial
paper.
    The change reflects the company's improvement in retiring
debt incurred in the the acquisition of General Foods Corp, and
the ability of both the tobacco and food product lines to
generate cash flow, Duff and Phelps said.
 Reuter
3;
bodyend
documentend
documentstart
7490
topicstart
acq
topicend
bodystart
2;

GROUP HAS 6.4 PCT OF ATLANTIC RESEARCH 
<
ATRC>


    WASHINGTON, March 19 - 
A group led by Halcyon Investments,
a New York securities and risk arbitrage partnership, said it
has acquired 486,400 shares of Atlantic Research Corp, or 6.4
pct of the total outstanding common stock.
    In a filing with the Securities and Exchange Commission,
the Halcyon group said it bought the stake for 15.6 mln dlrs
for no specific purpose.
    The group said it has no plans to seek control of Atlantic
Research, which has been sought by Clabir Corp 
<
CLG>, but said
it may buy more stock or sell some or all of what it has.
 Reuter
3;
bodyend
documentend
documentstart
7491
topicstart
earn
topicend
bodystart
2;

ULTRASYSTEMS INC 
<
ULS> 4TH QTR NET


    IRVINE, Calif., March 19 -
    
Shr 26 cts vs 18 cts
    Net 2,102,000 vs 1,415,000
    Revs 44.1 mln vs 42.2 mln
    Year
    Shr 21 cts vs 91 cts
    Net 1,678,000 vs 7,105,000
    Revs 155.1 mln vs 149.2 mln
    Note: Current year figures include 10.1 mln dlr writedown
of costs and investments associated with ethanol refinery
project.
 Reuter
3;
bodyend
documentend
documentstart
7493
topicstart
topicend
bodystart
2;

IMF OFFICIAL RESIGNS CHARGING U.S. LOAN PRESSURE


    By Alver Carlson, Reuters


    WASHINGTON, March 19 - 
One of the top executives of the
International Monetary Fund (IMF) has tendered his resignation
charging that the United States has been pressuring the agency
to reduce the conditions it places on some loans, monetary
sources said.
    C. David Finch, an Australian who heads the IMF's exchange
and trade relations department, told the IMF executive board on
Wednesday that he planned to leave by the end of next month
after 37 years with the agency.
    The sources said that Finch, in a statement considered
unprecedented, told the board that the United States had
brought undue pressure on the IMF to approve funding for Zaire
and Egypt.
    "To resign in this manner is highly unusual, perhaps
unprecedented," a monetary source said.
    Neither Finch nor U.S. IMF Representative Charles Dallara
could be reached for comment.
    The IMF, since the emergence of the debt crisis in 1982,
has pressed many countries to tighten their belts and cut back
on social spending as conditions to granting assistance.
    The United States recently has been taking the position
that countries that take needed economic reform measures
relying more on market forces and private enterprise should be
encouraged by assistance from the IMF and development banks.
    Zaire, under the government of President Mobutu Sese Seko
has recently been taking many reform measures designed to heal
its ailing economy.
    The IMF last year approved a 22-month loan package for
Zaire totaling 270 mln dlrs.
    The United States has been considering the possibility of
seeking access to a military base in Zaire but no decision has
been reached.
    Egypt, for its part, has been holding talks with the IMF
aimed at reaching a final accord on a new one billion dlr loan
package with the United States pressing for a quick deal,
according to the sources.
    However, they said a tentative plan for Egypt that is
currently being reviewed by the management of the Fund prior to
going to the executive board for full approval has raised a
number of questions about the country's ability to repay.
    Egypt is also a linchpin in the broad framework of U.S.
Middle East policy.
    The department headed by Finch, among other
responsibilties, makes certain that IMF policies and loan
conditions are wielded evenly among countries.
    Monetary sources have said that the United States had
brought pressure on the IMF to approve a loan package for
Mexico using economic conditions that have not been broadly
used before, but Finch, according to the sources, made no
reference to this.
    Under the debt initiative announced 18 months ago by
Treasury Secretary James Baker, the United States made the
decision that debtor countries should be encourged to grow out
of their difficulties rather than rely on austerity measures.
     He also recommended that commercial banks provide 20
billion dlrs in new loans for the debtor countries while the
mutilateral banks add some six billion dlrs over three years.
    A key part of the proposal gave the World Bank a much
greater role in dealing with the debt crisis, in part because
of its familiarity with developing countries and their
problems.
    The initiative, while widely heralded as a good first step
toward improving the the growing debt crisis, was viewed by
some at the IMF as a rebuke of previous austerity measures
insisted upon by the Fund in return for loans.
 
 REUTER
3;
bodyend
documentend
documentstart
7494
topicstart
acq
topicend
bodystart
2;

TAG GROUP TO CUT VALERO ENERGY
<
VLO> STAKE


    WASHINGTON, March 19 - 
An investor group told the
Securities and Exchange Commission it plans to cut its stake in
Valero Energy Corp to 402,925 shares, or 1.6 pct of the total
outstanding, from 1,522,850 shares, or 6.0 pct.
    The group, led by TAG Group S.A. of Luxembourg, said it
filed with the SEC on Feb 20 a notice that it proposes to sell
1,119,925 shares of Valero Energy common stock.
 Reuter
3;
bodyend
documentend
documentstart
7495
topicstart
earn
topicend
bodystart
2;

WESTERN TELE-COMMUNICATIONS 
<
WTLCA> 4TH QTR NET


    ENGLEWOOD, Colo., March 19 - 
    
Oper shr 31 cts vs 34 cts
    Oper net 3,005,000 vs 2,835,000
    Revs 13.1 mln vs 9,478,000
    Year
    Oper shr 1.49 dlrs vs 1.15 dlrs
    Oper net 28.7 mln vs 16.9 mln
    Revs 47.8 mln vs 32.0 mln
    Note: Oper net excludes loss from discontinued operations
of 726,000 dlrs vs gain of 737,000 dlrs for qtr and gain of
581,000 dlrs vs gain of 2,350,000 dlrs for year.
    Note: Full name is Western Tele-Communications Inc.
 Reuter
3;
bodyend
documentend
documentstart
7496
topicstart
crude
topicend
bodystart
2;

ECUADOR GETS LOAN TO HELP REPAIR OIL PIPELINE


    CARACAS, March 19 - 
The Andean Development Corp (CAF) said
today it is lending 11.7 mln dlrs to Ecuador to help repair 25
miles of oil pipeline destroyed by an earthquake earlier this
month.
    the loan was signed here today in the offices of the
caracas based caf by the corporation's president, galo montano
perez and ecuadorean ambassador antonio parra gil.
    the loan had originally been intended to finance an
expansion of the pipeline, but following the earthquake the
ecuadorean government asked for the terms to be changed so as
to permit their use in reconstruction.
    Ecuador expects oil production to be suspended for four
months as a result of the damage, and has asked Venezuela to
help by supplying 50,000 barrels per day while the pipeline is
repaired.
    The OPEC member has a production quota of 210,000 bpd but
has asked the organization to allow it to produce 310,000 bpd
once the repairs are completed so as to compensate the loss.
 Reuter
3;
bodyend
documentend
documentstart
7497
topicstart
acq
topicend
bodystart
2;

HARMON 
<
HRMN> TO BUY RECYCLING FIRM FOR CASH


    KANSAS CITY, MO., March 19 - 
Harmon Industries Inc said it
signed a letter of intent to acquire for about 3.5 mln dlrs, a
majority of the stock of SNP Inc, a Portland, Oregon-based
company which has patents to reprocess used railroad ties into
new ties for resale.
 Reuter
3;
bodyend
documentend
documentstart
7498
topicstart
earn
topicend
bodystart
2;

SANTA FE ENERGY PARTNERS LP 
<
SFP> QTLY PAYOUT


    HOUSTON, March 19 - 
    
Qtly cash distribution 72 cts vs 72 cts prior
    Pay May 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7499
topicstart
money-supply
interest
topicend
bodystart
2;

FED DATA SUGGEST U.S. CREDIT POLICY IS ON HOLD


    by Jeremy Solomons, Reuters


    NEW YORK, March 19 - 
Latest Federal Reserve data suggest
that the U.S. banking system is flush with reserves going into
a period of traditional tightness and that overall monetary
policy is on hold, economists said.
    "There is ample liquidity.... The Fed is not going to shift
gears at the present time or for at least another month," said
Maria Ramirez of Drexel Burnham Lambert Inc.
    "Technical and seasonal considerations aside, there is
nothing for the (credit) market to get excited about," added
Robert di Clemente of Salomon Brothers Inc.
    Adjusted bank borrowings from the Fed's discount window
averaged only 228 mln dlrs a day in the first week of the bank
statement period ending next Wednesday, compared with 233 mln
and 451 mln in the first weeks of the previous two periods.
    Another sign of abundant liquidity was the upward revision
in banks' net free reserves in the two-week period to March 11
to a daily average of 759 mln dlrs from an estimated 660 mln.
    Finally, a Fed spokesman told a press briefing that the 14
money center banks were absent from the Fed's discount window
for the third week running, with the latest week's borrowing
split between the large regional and the smaller banks.
    While modest open market intervention was apparently enough
to defuse any funding pressures in the first week of the latest
statement period, economists predicted that the Fed would have
to be more aggressive in coming weeks.
    The Fed injected temporary reserves directly and indirectly
on four of the five trading days via system and customer
repurchase agreements.
    "Fed funds will be coming under relatively intense
pressure," said Salomon's di Clemente, noting the approaching
month- and quarter-end and the round of holidays and tax dates
in April.
    "The Fed is faced with a large seasonal adding
requirement," said Ward McCarthy of Merrill Lynch and Co Inc,
who expects a permanent bill purchase next week and a coupon
purchase in early April.
    Economists were also heartened by further signs of a
deceleration in money supply growth, not only in the largely
discredited M-1 gauge but also in the more closely watched M-2
and M-3 aggregates.
    M-1 grew a mere 500 mln dlrs in the week to March nine,
compared with private forecasts of a 2.3 mln dlr rise. Weekly
M-2 and M-3 components also hinted at slower overall growth.
    "The M-1 increase was surprisingly modest and I suspect we
are on our way to another moderate set of M-2 and M-3 figures
for March," said Salomon's di Clemente. Merrill's McCarthy said
they could even come in below the bottom of their respective
target ranges.
    In February, M-2 was 18.2 billion dlrs below its upper
limit and M-3 was 20.8 billion beneath.
    Noting Fed Vice Chairman Johnson's encouraging remarks on
inflation today and recent interest rate cuts overseas, some
economists suggested this slowing in monetary growth could lend
support to calls for further accommodation here.
    "Our belief is that we could still get a move downwards in
rates before anything else," said Salomon's di Clemente, adding
that the key swing factor will continue to be the strength of
the U.S. economy.
    Jeffrey Leeds of Chemical Bank agreed that the economy's
health would remain the main influence on policy but, contrary
to di Clemente, he said that recent signs of faster growth and
inflation could lead to higher rates first.
    Drexel's Ramirez did not commit herself either way, adding
that the next major move may have to wait until April 14 when
February's U.S. trade data are due for release.
 Reuter
3;
bodyend
documentend
documentstart
7500
topicstart
ship
topicend
bodystart
2;

U.S. SAYS NO SIGNAL BEING SENT BY SHIP MOVEMENTS


    WASHINGTON, March 19 - 
A U.S. Navy battle group led by the
U.S. aircraft carrier Kitty Hawk is in the northern Arabian Sea
amid renewed concern about the safety of shipping off the coast
of Iran, U.S. officials said today.
    But Pentagon spokesman Fred Hoffmann said that reports the
naval strike force was in the region did not mean the United
States was sending a new warning to Iran against escalating
attacks on shipping in the Persian Gulf.
    "Nothing like that has happened," he said. "No signal is being
sent."
    He said that the Kitty Hawk is operating in an area where
it usually does. "It's normal. It's in the waters where it's
supposed to be. It's been there for over a month."
    The Kitty Hawk and its force of warplanes is the mainstay
of the U.S. Indian Ocean Battle Group which patrols a vast area
extending from the Indian subcontinent through the Arabian Sea.
    With the Kitty Hawk and its group in the Arabian Sea to the
south and the U.S. Mideast Task Force in the Persian Gulf to
the north, the United States has 10 warships on either end of
the strategic Straits of Hormuz.
    The Pentagon, as is its custom, declined to confirm the
exact whereabouts of the ships or what they were up to.
    State Department officials cited concern about the safety
of ships passing through the Straits on the vital oil supply
run to the Gulf.
    Iran has conducted repeated attacks on shipping in the Gulf
and U.S. officials have said that Teheran has recently equipped
itself with powerful Chinese and Italian-made anti-ship
missiles, posing a greater threat.
 Reuter
3;
bodyend
documentend
documentstart
7501
topicstart
sugar
topicend
bodystart
2;

COSTA RICA SELLS SUGAR TO SOVIET UNION


     SAN JOSE, March 19 - 
Costa Rica has agreed to sell more
than 32,000 tonnes of sugar this year to the Soviet Union, a
spokesman for local producers said.
     Miguel Alfaro, president of the agricultural league of the
sugar cane industry, said the sale follows a recent 50 pct cut
in Costa Rica's quota for sugar exports to the U.S.
    Alfaro said up to 45,000 tonnes of sugar could be exported
to the Soviet Union this year under the deal, which is similar
to one the Soviets made recently with the Dominican Republic.
    A Soviet ship will load 25,000 tonnes at the Pacific port
of Punta Morales Monday, Alfaro said, and a second ship will
take an additional 7,107 tonnes two days later.
    Alfaro and other industry sources declined to disclose the
price at which the sugar was sold.
 Reuter
3;
bodyend
documentend
documentstart
7503
topicstart
topicend
bodystart
2;

CORNING GLASS 
<
GLW> SELLS DEBT AT 8.25 PCT


    NEW YORK, March 19 - 
Corning Glass Works is raising 75 mln
dlrs through an issue of 8-1/4 pct, 15-year non-callable
debentures priced at par, underwriters Goldman, Sachs and Co
and Lazard Freres and Co said.
    Proceeds will be used for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
7504
topicstart
acq
topicend
bodystart
2;

BAYOU INTERNATIONAL BUYS STAKE IN SOLOMECS


    LOS ANGELES, March 19 - 
<
Bayou International Ltd> said it
purchased one-third of the outstanding stock of Solmecs Corp
N.V., a Netherlands Antilles corporation, for 1,750,000 dlrs.
    Bayou said it will also receive two seats on Solmecs'
board.
    Bayou Ltd is 55.2 pct owned by Australia Wide Industries
Ltd.
    Solmecs develops technology relating to energy conversion.
 Reuter
3;
bodyend
documentend
documentstart
7505
topicstart
earn
topicend
bodystart
2;

MICROPRO INTERNATIONAL CORP 
<
MPRO> 4TH QTR NET


    SAN RAFAEL, Calif., March 19 - 
Quarter ended Feb 28
    Shr four cts vs seven cts
    Net 500,000 vs 900,000
    Revs 9,200,000 vs 10,500,000
    Year
    Shr four cts vs 12 cts
    Net 600,000 vs 1,500,000
    Revs 17.6 mln vs 20.8 mln
 Reuter
3;
bodyend
documentend
documentstart
7508
topicstart
earn
topicend
bodystart
2;

(EXPLOSIVE FABRICATORS INC) 1ST QTR JAN 31 NET


    LOUISVILLE, Colo., March 19 -
    
Net 41,724 vs 120,329
    Revs 1,194,556 vs 1,504,702
 Reuter
3;
bodyend
documentend
documentstart
7510
topicstart
sugar
topicend
bodystart
2;

NEW CHIEF ELECTED FOR WORLD SUGAR ORGANISATION


    LONDON, March 19 - 
Dominican Alfredo Ricart will take over
as executive director of the International Sugar Organization
(ISO) in mid-April, ISO officer in charge Constantin Politoff
said.
    Previous ISO chief William Miller retired at end-February
last year.
    Ricart told Reuters his first aim is put the "house in order"
by having a new administrative sugar pact with improved
allocations of voting rights and financial contributions.
    Once this is done, time can be dedicated to working towards
a new International Sugar Agreement (ISA) with economic
clauses, he said.
    Ricart, currently the Dominican Republic's ambassador to
Austria, the Netherlands and the UN in Geneva, said he will
visit the four major exporters - Australia, Brazil, Cuba and
the European Community - to talk to governments and producers
and find out about problems that are preventing these countries
finding common ground for a new sugar pact.
 Reuter
3;
bodyend
documentend
documentstart
7512
topicstart
sugar
topicend
bodystart
2;

INTERNATIONAL SUGAR PACT TO BE RENEGOTIATED


    LONDON, March 19 - 
The International Sugar Agreement (ISA)
will be renegotiated, International Sugar Organization (ISO)
officer in charge Constantin Politoff told Reuters after a
special session of the pact's council.
    A decision on how to renegotiate will be taken at the ISO
six monthly session in May. The alternatives are between an
autumn London conference for another pact without economic
clauses, but a different voting and budgetary structure, or a
Geneva-based conference next year for a new pact with economic
clauses, he said.
    But delegates said the latter would only be considered if
the world's four major exporters -- Australia, Brazil, Cuba and
the European Community -- can resolve differences over how
prices can best be supported and how to share the world
    Today's special session was called because the U.S. earlier
indicated it would only be able to pay 56 pct of its share of
the ISO budget.
    At today's council session Politoff said the U.S. would try
and find a way to pay the balance of about 50,000 stg later
this year. Currently, about three quarters of this year's ISO
800,000 stg budget has not been paid but delegates said the
U.S. caused controversy as it said it might not pay its full
contribution in the last year of the current pact.
    The Soviet Union has called for changes to the way the ISO
budget is shared out. Currently it is halved between importers
and exporters and the Soviet Union has a 30 pct share of the
importer half. The Soviets want a new sugar pact to have only a
single category of members who would all share the costs pro
rata to their share of world sugar trade.
    The ISO executive committee next meets on April 23 with the
next full council session in the week of May 19.
    There are 12 importing and 44 exporting members of the ISO.
 Reuter
3;
bodyend
documentend
documentstart
7514
topicstart
earn
topicend
bodystart
2;

LASER 
<
LSER> SEES IMPACT FROM SUIT ON EARNINGS


    NEW YORK, March 19 - 
Laser Corp said that costs associated
with its defense of two shareholder lawsuits could result in a
net loss for 1987.
    Although Laser expects to post earnings from operations for
the year, a spokesman said they might be wiped out by legal
costs, depending on the length of litigation.
    In addition, the company said it will ask shareholders to
approve proposals to merge the company into its main
subsidiary, reincorporate in Delaware and change the company's
name.
 Reuter
3;
bodyend
documentend
documentstart
7515
topicstart
veg-oil
oilseed
soybean
topicend
bodystart
2;

E.C. OFFICIAL SAYS FATE OF VEG OIL TAX UNCERTAIN


    LOS ANGELES, March 19 - 
Whether the European Community's
Council of Ministers will approve a proposed tax on vegetable
oils that has sparked threats of U.S. retaliation is uncertain,
an EC official said.
    "It is very far from certain that it will go through," Sir
Roy Denman, Head of the EC Delegation in Washington, told
reporters before he addressed the Foreign Trade Association.
    Denman noted Britain remains opposed to the plan and West
Germany has opposed it in the past.
    U.S. Trade Representative Clayton Yeutter has threatened
retaliation if the tax is approved, as it would limit U.S.
soybean exports to the EC. Council action is expected soon.
    Denman said while the EC is willing to negotiate about
agriculture in a new round of trade talks, it is unwilling to
single out export subsidies on a negotiating agenda or put
agricultural policy on a special fast track.
    "The key to a solution in this area seems to me not in the
framing of the GATT (General Agreement on Tariffs and Trade)
wording...but in tackling government subsidies to farmers on
both sides of the Atlantic," he said.
 Reuter
3;
bodyend
documentend
documentstart
7516
topicstart
earn
topicend
bodystart
2;

PENSION INSURANCE GROUP 
<
PGAI> 4TH QTR


    VALLEY FORGE, PA, March 19 -
    
Shr profit two cts vs profit two cts
    Net profit 216,000 vs 265,000
    Revs 1.7 mln vs 1.4 mln
    Year
    Shr profit four cts vs loss two cts
    Net profit 528,000 vs loss 290,000
    Revs 5.9 mln vs 5.5 mln
    NOTE:1986 net includes realized investment gains of 3,000
dlrs in year. 1985 4th qtr and year includes realized
investment gains of 16,000 and 35,000 dlr respectively.
 Reuter
3;
bodyend
documentend
documentstart
7517
topicstart
earn
topicend
bodystart
2;

TRANSAMERICA CORP 
<
TA> QUARTERLY DIVIDEND


    SAN FRANCISCO, March 19 -
    
Qtly div 44 cts vs 44 cts
    Pay April 30
    Record April 4
 Reuter
3;
bodyend
documentend
documentstart
7518
topicstart
earn
topicend
bodystart
2;

SOUTHERN CALIFORNIA EDISON CO 
<
SCE> QTLY DIV


    ROSEMEAD, Calif., March 19 -
    
Qtly div 57 cts vs 57 cts
    Pay April 30
    Record April 3
 Reuter
3;
bodyend
documentend
documentstart
7519
topicstart
earn
topicend
bodystart
2;

COMPREHENSIVE CARE CORP 
<
CMPH> QUARTERLY DIV


    IRVINE, Calif., March 19 -
    
Qtly div nine cts vs nine cts
    Pay May 21
    Record May 1
 Reuter
3;
bodyend
documentend
documentstart
7520
topicstart
earn
topicend
bodystart
2;

GREAT WESTERN SAVINGS BANK 
<
GWSB> QUARTERLY DIV


    IRVINE, Calif., March 19 -
    
Qtly div 12 cts vs 12 cts
    Pay April 8
    Record April 1
 Reuter
3;
bodyend
documentend
documentstart
7521
topicstart
trade
topicend
bodystart
2;

SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED


    WASHINGTON, March 19 - 
The U.S. Senate has unanimously
called for President Reagan immediately to force Japan to live
up to a pledge to stop dumping its microchips and open its
markets to U.S. Chipmakers.
    The Senate voted 93 to 0 to urge Reagan to impose penalties
on Japanese high-technology products containing semiconductors
in retaliation for what it sees as Japan's violations of the
semiconductor pact.
    While the measure does not bind Reagan to any action,
Senate leaders said its adoption would warn Japan stiffer
legislation would be considered if the violations continue.
    "We want to send a message to Japan to let it know how the
Senate feels about this matter," Senate Democratic Leader Robert
Byrd told the Senate.
    Senate Finance Committee chairman Lloyd Bentsen told the
Senate the measure was not aimed at retaliation but at
correcting Japan's unfair trade practices.
    A key House trade lawmaker, Representative Richard Gephardt
also announced he would seek to force Japan and other countries
with huge trade surpluses to slash their surplus by 10 pct a
year for three years.
 REUTER
3;
bodyend
documentend
documentstart
7528
topicstart
crude
topicend
bodystart
2;
******
REAGAN SAYS U.S. MUST DO MORE TO LESSEN RELIANCE ON FOREIGN OIL

Blah blah blah.
3;


bodyend
documentend
documentstart
7529
topicstart
crude
topicend
bodystart
2;

REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS


    WASHINGTON, March 19 - 
President Reagan said the United
States must do more to lessen its reliance on imported oil.
    President Reagan said during a nationally televised news
conference that the rising U.S. reliance on foreign oil is a
problem that the administration is studying.
    "We have to study this more," Reagan said. "This is why we
increased the Strategic (Petroleum) Reserve, but we have to do
more," he said.
    Reagan said his administration has already proposed
deregulating natural gas and eliminating the windfall profits
tax on crude oil production.
    However, he complained that Congress had not yet approved
those measures.
    The Department of Energy earlier this week released a
report that warned of rising U.S. reliance on foreign oil
imports at a time when domestic production is declining. It
suggested options for the administration to consider, but made
no specific recommendations.
 Reuter
3;
bodyend
documentend
documentstart
7531
topicstart
trade
topicend
bodystart
2;

TAIWAN'S EXPORT ORDERS FALL IN FEBRUARY


    TAIPEI, March 20 - 
Export orders for Taiwanese products
fell 1.37 pct to 3.58 billion U.S. Dlrs in February from 3.63
billion in January, but rose nearly 43 pct from 2.51 billion a
year earlier, an Economic Ministry official said.
    He attributed the fall to the rising Taiwan dollar.
    February orders for electric and electronic goods were 619
mln U.S. Dlrs, up from 574 mln in January and 370 mln in
February 1986. Garment orders were 324 mln dlrs against 383 mln
and 283 mln while footwear orders were 297 mln compared with
333 mln and 200 mln.
 REUTER
3;
bodyend
documentend
documentstart
7532
topicstart
topicend
bodystart
2;

WEIZSAECKER CALLS FOR EASIER ARGENTINA DEBT TERMS


    BUENOS AIRES, March 19 - 
West German President Richard von
Weizsaecker called on creditor banks to ease pressure on
Argentina's foreign debt repayment terms.
    "We cannot remain indifferent to the pressure of creditor
banks, since there is correlation between political stability
and the economic situation," Weizsaecker told reporters.
    Argentina said last month it would suspend debt payments if
creditor banks did not loosen repayment terms and grant a new
2.15 billion dlr loan.
    Argentina's debt is Latin America's third largest at 51
billion dlrs.
    Weizsaecker, on a four-day official visit to Argentina,
said: "Argentina's problems require joint action from creditor
and debtors countries," and not prepared recipes from creditor
banks.
    A group of ecologists staged a demonstration to protest
Argentina's plans to build a fourth nuclear power plant and a
German company's role in the project as a contractor.
    Earlier, Weizsaecker said that the potential of Patagonia,
the barren tableland covering a third of Argentina, could
assure the economic future of the country.
 REUTER
3;
bodyend
documentend
documentstart
7533
topicstart
tin
topicend
bodystart
2;

BOLIVIAN MINERS CALL GENERAL STRIKE


     LA PAZ, March 19 - 
About 9,000 miners employed by the
state corporation, Comibol, declared a general strike as from
midnight (0400 gmt) to press for higher salaries, a statement
by the federation for Bolivian mine workers said.
     It said the strike was called to defend the nationalised
mining industry. The miners were willing to negotiate with the
government of President Victor Paz Estenssoro, but only if it
showed an intention to meet the strikers' demands.
     The government said the strike was designed to cause it
embarrassment during the four-day visit of West German
President Richard Von Weizsaecker, which starts on Friday.
    The miners statement said police had violently evicted
Comibol office workers in the city of Oruro after they began a
hunger strike yesterday.
    The government has sacked about 20,000 miners from its
deficit-ridden corporation since the collapse in the
international price of tin. The lay-offs represent about
two-thirds of the original workforce.
 REUTER
3;
bodyend
documentend
documentstart
7534
topicstart
ship
topicend
bodystart
2;

CHINESE PORT UNDERUSED DESPITE CONGESTION NEARBY


    NINGBO, China, March 20 - 
The Chinese port of Ningbo is
working well below capacity despite being only 130 miles from
Shanghai, which is seriously congested, a port official said.
    Jiang Feng Xiang said the port -- the deepest in China --
handled 17.95 mln tonnes of cargo last year, up from 10.44 mln
in 1985, but well below its potential capacity of 32 mln
tonnes. Shanghai handled 100 mln tonnes of cargo in 1986.
    Jiang said Ningbo is under-utilised because of its
inadequate facilities, including a single track rail line
linking it to Hangzhou, where it joins the national network.
    Ningbo handles crude oil exports and transhipments of coal
from north to south China and imports include fertiliser and
soda ash and iron ore from Brazil and Australia. The docks can
handle ships of up to 150,000 tonnes and oil tankers of up to
200,000 tonnes can load and unload in the harbour.
    Most of Ningbo's port infrastructure has been built since
1979, official publications show. A container berth and two
timber and three general cargo berths will be added during the
current 1986-90 five-year plan, Jiang said.
    "The rail line to Hangzhou will be double tracked by 1995.
By 2000, maybe, we will overtake Shanghai," he added.
 REUTER
3;
bodyend
documentend
documentstart
7537
topicstart
trade
bop
topicend
bodystart
2;

VOLCKER SAYS U.S. TRADE DEFICIT IS MAJOR CHALLENGE


    JACKSONVILLE, Fla., March 19 - 
Federal Reserve Board
Chairman Paul Volcker said the U.S. Trade deficit is a
challenge for the U.S. Equal to the Soviet Union launching of
Sputnik.
    "The international challenge implicit in our huge trade
deficit has become the 1980s equivalent to the launch of
Sputnik by the Russians in the 1950s, when we suddenly feared
we were to be left in the wake of Soviet technological
achievement," he said in an address to Florida educators.
     He said the trade problem underscored the need to reform
the U.S. Educational system to improve economic performance.
    The Commerce Department reported last week that the
nation's trade gap, calculated on a balance-of-payments basis,
swelled to a record 38.37 billion dlrs in the fourth quarter,
bringing the 1986 deficit to a record 147.71 billion dlrs.
    Volcker called on educators to stress the development of
basic reading, writing and mathematics skills and urged them to
help students adapt to the fast-changing economic climate.
    Volcker said the challenge was greatest in the education of
low-income minority groups such as blacks and Hispanics.
 REUTER
3;
bodyend
documentend
documentstart
7538
topicstart
money-fx
interest
topicend
bodystart
2;

SHORT-TERM YEN INTEREST RATES SEEN FALLING SOON


    TOKYO, March 20 - 
Japanese short-term interest rates,
buoyed recently by seasonal factors, are likely to fall from
the beginning of April when the new financial year begins,
money traders said.
    The Bank of Japan is expected to encourage the trend
following its attempts to pressure rates to enhance its
discount rate cut on February 23, they said.
    The Bank cut the rate to 2.5 pct from three, and began
actively injecting funds into the money market to offset rate
rises resulting from the end-of-fiscal-year surge in demand for
funds from financial institutions.
    Despite its attempts to dampen rates with measures such as
aggressive commercial bill purchases, the central bank has
failed to remove all upward pressure, money traders said.
    Attractive interest rates offered by domestic banks to
compete for time deposits of more than 600 mln yen has
underpinned short-term rates, they said.
    Interest rates on time deposits of more than 600 mln yen
were decontrolled by the Finance Ministry last September.
    This resulted in such deposits with domestic banks rising
to 17,830 billion yen by the end-December, a three-fold
increase on end-December 1985 levels, bankers said.
    On March 31, the money market expects to see a 2,000
billion yen surplus resulting from government payment of fiscal
funds, money traders said.
    From April 1, they predict the unconditional call rate will
fall to 3.5000 pct from 3.7500 pct today and the one-month
commercial bill discount rate to drop to 3.7500 pct from 4.0635
pct.
    They predict the three-month bill discount rate to slip to
3.875 pct from 4.0000 today and the three-month certificate of
deposit rate to slide to 4.10/4.15 from 4.35/25.
 REUTER
3;
bodyend
documentend
documentstart
7539
topicstart
acq
topicend
bodystart
2;

KRUNG THAI BANK TO TAKE OVER SAYAM BANK


    BANGKOK, March 20 - 
The state-owned Krung Thai Bank Ltd
will start taking over state-owned Sayam Bank Ltd and complete
the process in a year, Finance Minister Suthee Singhasaneh told
a press conference.
    He said the takeover decision was made this week to stem
the current heavy losses of Sayam and to avoid competition
between the two state-owned institutions.
    The minister said some of the existing 30 Sayam Bank
branches will be merged with their Krung Thai counterparts,
while others will continue operating but under Krung Thai's
name.
    Sayam Bank has existed since August 1984 when the Finance
Ministry took over and re-named the Asia Trust Bank Ltd.
    Sayam president Waree Havanonda told reporters last month
her bank posted a loss of more than 400 mln baht in 1986. At
the end of 1985 the bank, with 13.8 billion baht of assets, was
ranked 12th among Thailand's 16 local commercial banks.
    Waree said Sayam Bank was trying to recall about six to
seven billion baht of loans extended by its previous private
management and was taking legal action to collect another four
to five billion baht of doubtful debts.
    Krung Thai is Thailand's third largest bank.
 REUTER
3;
bodyend
documentend
documentstart
7541
topicstart
earn
topicend
bodystart
2;

KOMATSU LTD 
<
KOMT.T> YEAR 1986


     TOKYO, March 20 -
     
Group shr 17.68 yen vs 26.49
     Net 14.70 billion vs 21.92 billion
     Pretax 35.76 billion vs 48.85 billion
     Operating 32.88 billion vs 51.90 billion
     Sales 788.73 billion vs 796.24 billion
     NOTE - Company forecast for current year is group net
15.50 billion on sales of 800 billion.
 REUTER
3;
bodyend
documentend
documentstart
7542
topicstart
topicend
bodystart
2;

AUSTRALIAN TREASURY NOTE TENDER 500 MLN DLRS


    SYDNEY, March 20 - 
The Reserve Bank said it would offer 400
mln dlrs of 13-week treasury notes and 100 mln of 26-week notes
for tender next week
    The bank said it would not take up any stock at next week's
auction.
 REUTER
3;
bodyend
documentend
documentstart
7543
topicstart
bop
trade
topicend
bodystart
2;

S. KOREAN FEBRUARY CURRENT ACCOUNT SURPLUS NARROWS


    SEOUL, March 20 - 
South Korea's current account surplus
narrowed to 419 mln dlrs in February from 679 mln in January
compared with a deficit of 112 mln dlrs in February last year,
provisional Bank of Korea figures show.
    The current account in the two months of January and
February swung to a surplus of 1.1 billion dlrs from a deficit
of 494 mln dlrs in the same 1986 period.
    The February trade surplus narrowed to 235 mln dlrs from
582 mln in January compared with a deficit of 98 mln dlrs a
year ago.
    The overall balance of payments surplus rose to 840 mln
dlrs in February from 716 mln in January and 76 mln in February
1986.
    Exports were 2.86 billion dlrs in February against 2.83
billion in January and 2.23 billion in February last year.
Imports were 2.63 billion against 2.25 billion and 2.32
billion.
    The February invisible trade surplus rose to 109 mln dlrs
from 24 mln in January and compared with a deficit of 74 mln a
year ago.
    The transfer payments surplus widened to 75 mln dlrs in
February from 73 mln in January and 60 mln a year ago.
    The long-term capital account surplus was 198 mln dlrs in
February against 211 mln in January and 55 mln in February last
year. The short-term capital account surplus was 87 mln dlrs
against 46 mln and 158 mln.
    The errors and omissions account left a surplus of 840 mln
dlrs in February against deficits of 220 mln in January and 25
mln in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
7544
topicstart
earn
topicend
bodystart
2;

KIRIN BREWERY CO LTD 
<
KNBW.T> YEAR TO JANUARY 31


    TOKYO, March 20 -
    
Parent shr 37.12 yen vs 34.97
    Div 9.50 yen vs 7.50
    Net 33.34 billion vs 31.05 billion
    Current 79.30 billion vs 73.32 billion
    Operating 72.13 billion vs 65.53 billion
    Sales 1,222 billion vs 1,211 billion
    Outstanding shrs 897.96 mln vs 887.76 mln
    NOTE - 1986/87 dividend included two yen bonus dividend to
mark 80th anniversary. Company forecast for current year is
parent shr 37.86 yen, div 7.50 yen, net 34 billion, current 81
billion and sales 1,250 billion.
 REUTER
3;
bodyend
documentend
documentstart
7545
topicstart
grain
rice
wheat
tea
sugar
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - ASIAN DROUGHTS


    By Gavin Greenwood, Reuters


    HONG KONG, March 20 - 
Three geographically diverse droughts
in Asia are being linked by some scientists to a
reintensification of the complex and little-understood El Nino
weather pattern, 
<
Accu-Weather Inc>, a commercial weather
forecasting service, said.
    Rice and wheat farmers in China, wheat and sugarcane
growers in Australia and tea planters in Sri Lanka all face
serious losses to their respective harvests unless rains arrive
in time to break the droughts, offical reports, government
officials and meteorologists said.
    Wen Wei Po, a Hong Kong daily with close Peking links, said
the drought is the worst in over 20 years and some provinces
have been without adequate rainfall for more than seven months.
    Rice planting is threatened in eight provinces, it added.
    Rainfall in the key farming provinces of Henan and Sichuan
was 70 pct below average during February, the lowest figure for
over 20 years, the paper said.
    The dry weather has cut stored water volumes by over 20 pct
compared with last March and lowered the water levels of many
rivers, it added.
    This has resulted in reduced hydro-electric power, causing
shortages to industry and households. The upper reaches of the
Yangtze are at their lowest levels in a century, causing many
ships to run aground, Wen Wei Po said.
    Unusually high temperatures have also been reported across
China, media reports said. The People's Daily said Sichuan has
recorded temperatures three degrees Celsius higher than average
since early February.
    The New China News Agency said the average December
temperature in Harbin in the northeast was six degrees higher
than last December and 14 degrees higher than December 1984.
    Severe drought is affecting about one-third of Sri Lanka
and threatens to reduce the country's tea crop, Ministry of
Plantation Industries officials told Reuters
    In Australia, concern is growing about below-average
rainfall levels in parts of the sugarcane belt along the
Queensland coast and in Western Australia's wheat belt, local
Meteorological Bureau officials said.
    For many farmers and government officials the fear is that
while the present low rainfall does not yet pose a major
threat, the prospect of a dry autumn/winter season when the
wheat crop is in its early stages certainly does, they added.
    Concern is heightened by the memory of the 1982/83 drought
which devastated the wheat crop and coincided with the
occurrence of the barely understood weather phenomenon known as
El Nino, they said.
    Although meteorologists are cautious about linking the
Asia-Pacific region's disrupted weather patterns to any single
cause, El Nino's role is being closely studied, they said.
    Accu-Weather Inc, which specialises in providing data for
agriculture and shipping interests, said each El Nino 'event'
was unique.
    The El Nino does not always produce the same effects and
the present occurrence is much less pronounced than the last
major event in 1982/83, it said.
    El Nino, Spanish for "Christ Child" because it appears around
Christmas, is formed by the action of warm air, bearing clouds
and rain, shifting from the Indonesian archipelago to the coast
of Peru, where it mingles with the cold waters associated with
the Peru current and returns across the Pacific as the trade
winds, meteorologists said.
    The winds, strengthened by El Nino's "pump" effect, raise the
sea level off Australia and Indonesia, they said.
    When the winds drop, the ocean, seeking equilibrium, sends
a surge of warmer water back across the Pacific where it
collides with the cold seas off Peru, they said.
    One effect of this heat exchange is to deflect the
rain-bearing clouds away from Australia and Indonesia into the
Pacific, where they further disrupt other weather patterns.
    The prospects for an end to the droughts vary, Accu-Weather
said.
    China, where the affected areas have received between 40
and 75 pct of normal rainfall, will have to wait for the
May-September rains, it said.
    The May-September rains normally provide the
drought-striken areas with 80 pct of annual rainfall.
    In Australia, areas of Queensland's coastal strip have
received less than half the normal rainfall during the current
wet season, but prospects for increased rains are diminishing
as the rainy season draws to an end.
    In Sri Lanka, the drought has come when rainfall should be
at its maximum for the year. The year's secondary rains usually
occur between April and June, although it is not possible at
this stage to forecast whether they will arrive as usual.
 REUTER
3;
bodyend
documentend
documentstart
7546
topicstart
topicend
bodystart
2;

MORGAN GUARANTY OFFERS AUSTRALIAN DOLLAR ISSUES


    HONG KONG, March 20 - 
<
Morgan Guaranty Australia Ltd> said
it is expanding its 200 mln U.S. Dlr Euro-commercial paper
program to include Australian dollar issues.
    The proportion of the facility to be issued in Australian
dollar paper will depend on investor demand, but the total
outstanding value will still not exceed 200 mln U.S. Dlrs.
    Morgan Guaranty Ltd's Hong Kong office will act as dealer
for the Australian dollar issues.
    Under the program, notes in denominations of one mln dlrs
will be issued, with maturities ranging from seven days to one
year.
 REUTER
3;
bodyend
documentend
documentstart
7547
topicstart
topicend
bodystart
2;

VOLCKER SAYS BRAZIL DEBT MOVE WILL NOT HURT BANKS


    By Matt Spetalnick, Reuters


    JACKSONVILLE, Fla., March 20 - 
Federal Reserve Board
Chairman Paul Volcker said the suspension by Brazil of its
foreign debt payments would not undermine U.S. Banks.
    But he told Reuters after a speech to educators that it was
in the interest of U.S. Banks to complete debt financing plans
soon with Brazil and other debtor nations.
    "I don't think it's going to undermine public confidence in
the banking system from Brazil alone," he said. "But I would like
to see further progress made on this whole situation."
    Brazil announced last month it was temporarily suspending
interest payments on 68 billion dlrs of debt owed to private
banks, opening a new round in the five-year-old debt crisis.
    Last week, Ecuador suspended interest payments to private
foreign banks, which hold about two-thirds of its total 8.3
billion dlr foreign debt, citing severe damage to its oil
industry caused by an earthquake.
    Citicorp 
<
CCI> the largest U.S. Bank, said last week that
it might have to reclassify most of its 4.6 billion dlrs in
Brazilian loans as non-performing, thus removing them as part
of the bank's expected income-producing assets.
    Analysts said such a move would sharply reduce Citicorp's
profits and might result in similar measures by Brazil's other
bank creditors.
    Volcker said he believed Brazil and Ecuador want to
maintain continuity in their debt service.
    "It's fundamentally in their best interest. If they can get
the financing and refinancing that's necessary, they may be
able to make their economies grow again."
    Asked whether he expected other nations to follow the path
taken by Brazil and Ecuador, he said the two countries were
special cases. He did not elaborate.
 REUTER
3;
bodyend
documentend
documentstart
7548
topicstart
acq
topicend
bodystart
2;

RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE


    WELLINGTON, March 20 - 
New Zealand investment companies

<
Rainbow Corp Ltd> and 
<
Equiticorp Holdings Ltd> have placed
the majority of their joint shareholding in oil and gas
conglomerate Ultramar PLC 
<
UMAR.L> at prices up to 2.20 stg per
share, the companies said in a statement.
    The companies said they had bought their 4.9 pct stake in
Ultramar for a total of 50 mln N.Z. Dlrs through a joint
venture company formed for that purpose in October.
    They said the joint venture made a profit of 15 mln N.Z.
Dlrs on the deal, but they did say how many shares they had
sold. No further details of the sale were available.
 REUTER
3;
bodyend
documentend
documentstart
7551
topicstart
topicend
bodystart
2;

WORLD BANK TEAMS STUDYING PHILIPPINE LOAN REQUESTS


    By Chaitanya Kalbag, Reuters


    MANILA, March 20 - 
Two World Bank review teams are in the
Philippines to assess government requests for funding for an
expanded housing plan and an accelerated land reform program,
bank officials said.
    They told Reuters the housing program loan request is for
100 mln to 150 mln dlrs.
    The government has said it will ask for another 500 mln dlr
long-term loan from a World Bank-led consultative group of
multilateral and bilateral aid donors to partially fund its
land reform program.
    The officials said negotiations will start next month on
another 150 mln dlr loan sought by Manila to carry out reforms
in 14 major state-owned corporations.
    On Tuesday, the world bank approved two loans totalling 310
mln dlrs to help the country's economic recovery program.
    The bank was also studying Philippine proposals for loans
to finance geothermal and education projects, sources said.
    World Bank sources said the bank's lending to the
Philippines since 1957, including the latest loan, totalled 4.3
billion dlrs. The money has been spread out over more than 100
loans and about 1.2 billion dlrs remains undisbursed.
    The World Bank sources said the bank cancelled 450 mln dlrs
in loan commitments to the Philippines during the last three
years of President Ferdinand Marcos's rule. Marcos was toppled
by a military-civilian revolt in February 1986.
    "The loans were cancelled because the projects slated for
aid were not implemented properly," they said.
    The sources said the bulk of this week's loan would be used
to rehabilitate the state-owned Development Bank of the
Philippines (DBP) and the Philippine National Bank (PNB) which
are saddled with seven billion dlrs of non-performing assets.
    "At least 300 mln dlrs of previously cancelled loans were
supposed to go to the DBP," the World Bank sources said. "Over
the past three years the bank's disbursement pipeline to the
Philippines almost completely dried up."
    In 1986 alone, the two banks paid out 16 billion pesos in
loan repayments, about 59 pct of the government's budget
deficit of 27 billion pesos for the year, they said.
    Agreement on the latest loan was reached in principle last
September when President Corazon Aquino visited the U.S. The
sources said the loan was held up because of delays by the
government in submitting essential documents.
    The World Bank sources said the request for land reform
funding would be discussed at a meeting of the World Bank-led
consultative group to be held alongside the April 27-29 annual
meeting of the Asian Development Bank (ADB) in Osaka.
    The government has said the land reform plan aims to
distribute 9.7 mln hectares of land to impoverished peasants.
    The sources said the Philippine government estimated the
entire program would cost 60 billion pesos. "About 27 billion is
long-term and will cover land transfer costs borne mainly by
landowners," they said. "The landowners will be paid in 10-year
bonds redeemable in ten instalments."
    The sources said the bulk of financing would cover
development costs for the land program and help to bridge the
gap between the 10-year spread of payments to landowners and a
proposed 30-year loan repayment period for land buyers.
    "If you include interest, the total amount of external
assistance needed annually should not exceed 200 mln dlrs," the
sources said. "That volume of aid does not appear difficult."
    They said Japan, the World Bank and the ADB are expected to
provide most of the financing while the Philippines' 12
bilateral aid donors would contribute the rest.
    The World Bank sources said lending to the Philippines is
designed to support its balance of payments position while the
government aims for a target of six to seven pct annual gross
national product growth.
    "Brazil did not do this homework," one said. "They pushed
ahead with a recovery program without ensuring backing for
their balance of payments position. Manila is being more
cautious and aims at soft borrowings which, it is hoped, will
be outstripped by annual growth rates and eventually result in
the country emerging from debt in five or six years."
    Philippine foreign debt is currently 27.8 billion dlrs.
 REUTER
3;
bodyend
documentend
documentstart
7552
topicstart
copper
topicend
bodystart
2;

PHILIPPINE COPPER SMELTER FACES SHIPMENT DELAYS


    MANILA, March 20 - 
Copper shipments are likely to be
delayed because of power problems at 
<
Philippine Associated
Smelting and Refining Corp> (PASAR), the country's only
smelter, a company official said.
    Asked to confirm reports by New York copper trade sources
about PASAR's shipment problems, marketing manager Deogracias
Madrid told Reuters, "They are partly correct. There could be a
probable delay."
    Madrid declined to give more details, or production and
export figures, saying the information could lead to
speculation.
    PASAR's smelter is in the central province of Leyte.
    The New York trade sources said if PASAR's shipments were
delayed, customers might have to turn to the London Metal
Exchange for supply.
    "We have a commitment to our customers and I would not like
to comment on that," Madrid said.
    A spokeswoman for the Chamber of Mines said Philippine
copper production amounted to 222,644 tonnes in 1986, down
slightly from 226,157 tonnes in 1985. She said production in
the first two months of 1987 totalled 34,550 tonnes, compared
with 36,462 tonnes in the same 1986 period.
 REUTER
3;
bodyend
documentend
documentstart
7553
topicstart
topicend
bodystart
2;

SCHLESWIG-HOLSTEIN ISSUES 400 MLN MARK BOND


    FRANKFURT, March 20 - 
The West German federal state of
Schleswig-Holstein is issuing a 400 mln mark domestic bond,
carrying a coupon of six pct and priced at 100.40, lead manager
Landesbank Schleswig-Holstein - Girozentrale said.
    The eight-year offer yields 5.94 pct to retail investors at
issue and will go on sale on March 25.
    Some 300 mln will be offered for immediate sale, and 100
mln will be retained for market regulation.
    The bond matures on April 20, 1995. Listing will be on all
eight West German stock exchanges.
 REUTER
3;
bodyend
documentend
documentstart
7554
topicstart
money-supply
topicend
bodystart
2;
******
 German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank

Blah blah blah.
3;


bodyend
documentend
documentstart
7555
topicstart
money-supply
topicend
bodystart
2;

GERMAN M3 RISES 2.6 BILLION MARKS IN FEBRUARY


    FRANKFURT, March 20 - 
West German M3 money supply rose a
seasonally adjusted 2.6 billion marks in February to 1,035.1
billion, the Bundesbank said.
    The rise compares with a revised 14.8 billion mark increase
in January and a 2.2 billion rise in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
7557
topicstart
iron-steel
topicend
bodystart
2;

NON-COMMUNIST STEEL OUTPUT CONTINUES TO FALL


    BRUSSELS, March 20 - 
Steel output in the major
non-Communist producing countries fell sharply in February,
continuing a long-running trend, International Iron and Steel
Institute figures showed.
    Production in the 30 countries which report their figures
to it was 6.9 pct below the February 1986 level at 32.03 mln
tonnes.
    Output in the United States fell 18.5 pct to 5.30 mln
tonnes, that in Japan 7.8 pct to 7.27 mln and that in the
European Community 6.5 pct to 9.91 mln.
    The figures continue to indicate a switch away from these
traditional major producing countries to the more advanced
developing countries.
    Brazilian February output rose 9.2 pct from year-earlier
levels to 1.73 mln tonnes and that in South Korea was up 7.5
pct at 1.17 mln tonnes.
    The 30 countries covered by the figures account for about
97 pct of world non-Communist steel production, the Institute
said.
 REUTER
3;
bodyend
documentend
documentstart
7558
topicstart
acq
topicend
bodystart
2;

GUINNESS STARTS COURT ACTION AGAINST SAUNDERS


    LONDON, March 20 - 
Guinness Plc 
<
GUIN.L> said it has
started court proceedings against former chairman and chief
executive Ernest Saunders and non-executive director Thomas
Ward for recovery of 5.2 mln stg.
    The money was paid to Ward via Marketing and Acquisition
Consultants Ltd in Jersey.
    Guinness said earlier it would propose a resolution at the
annual meeting in May to remove Saunders and Ward as directors
of the company.  Earlier this month, lawyers for Ward told a
Jersey court that Ward saw the payment as his reward for
services in last year's takeover battle for 
<
Distillers Co
Plc>.
    Guinness has said that both men breached their fiduciary
duty in authorising the payment.
    Saunders resigned from his executive positions at Guinness
in January in the aftermath of a government enquiry into share
dealings during the battle for Distillers but retained his
position on the board.
    No spokesman for Guinness was immediately available for
comment on the statement.
 REUTER
3;
bodyend
documentend
documentstart
7559
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH ADVANCES TOTAL FOUR BILLION GUILDERS


    AMSTERDAM, March 20 - 
The Dutch Central Bank said it has
accepted bids totalling 4.00 billion guilders at tender this
morning for new five-day special advances at 5.3 pct for the
period March 20 to 25.
    Subscriptions to 250 mln guilders were fully met, amounts
above 250 mln at 30 pct.
    The new facility replaces old 11-day advances totalling 6.5
billion guilders at the same rate.
 REUTER
3;
bodyend
documentend
documentstart
7562
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, March 20 - 
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage of around 950 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
around 572 mln stg while a rise in note circulation wil take
out some 280 mlns stg.
    In addition, exchequer transactions and bankers' balances
below target will remove some 85 mln stg and 15 mln stg for the
system respectively.
 REUTER
3;
bodyend
documentend
documentstart
7563
topicstart
topicend
bodystart
2;

MCCARTHY AND STONE GETS 100 MLN STG FACILITY


    LONDON, March 20 - 
McCarthy and Stone Plc, a public U.K.
Company which owns and operates retirement homes, has signed a
100 mln stg multi-option facility, National Westminster Bank
Plc said as arranger.
    The facility incorporate a 70 mln stg committed element
from a group of international banks.
    The facility will provide the group with working capital to
meet its planned expansion in the U.K. Over the next three
years.
 REUTER
3;
bodyend
documentend
documentstart
7564
topicstart
interest
topicend
bodystart
2;
******
Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
7565
topicstart
grain
meal-feed
topicend
bodystart
2;

INDIA DETAILS RAIN/FLOOD DAMAGE TO GRAIN IN 1986


    NEW DELHI, March 20 - 
Rain and floods in India last year
damaged about 69,000 tonnes of grain intended for human
consumption during storage and transportation, food and civil
supplies minister H. K. L. Bhagat told Parliament.
    He did not give comparative figures and said the
government-owned Food Corporation of India (FCI) had not yet
decided whether these grains could be used as cattle feed.
    Bhagat said the FCI had a total of 16.43 mln tonnes of food
grains in its warehouses at the end of 1986. It had asked state
governments to build more warehouses to avoid damage to grains.
 REUTER
3;
bodyend
documentend
documentstart
7566
topicstart
lumber
topicend
bodystart
2;

TROPICAL FOREST DEATH COULD SPARK NEW DEBT CRISIS


    By Eric Hall, Reuters


    TOKYO, March 20 - 
The death of the world's tropical rain
forests could trigger a new debt crisis and social and
biological disasters, scientists and ecologists involved with
the International Tropical Timber Organisation (ITTO) said.
    At stake is the ability of developing nations, including
Brazil, Mexico and the Philippines, to service their debts and
the loss of trade worth hundreds of billions of dollars in
important sectors such as agriculture and pharmaceuticals, they
said.
    The experts, gathering ahead of an ITTO meeting of
consumers and producers near Tokyo next week, said the problem
is already acute.
    The Philippines offers a textbook case of the economic
dangers. "For many third world nations, the loss of the forest
is not just a loss of resources," said Delfin Ganapin, a
Philippine government consultant on environmental impact.
    "In the 1960s we had 16 mln hectares of commercial forest,
now we have one mln. We have only around 10 years of profitable
logging left. With a 26 billion dlr debt, the loss of logging
foreign exchange earnings is serious," he said.
    About 14 mln Philippine people depend on upland areas that
are now denuded and farmers cannot grow crops.
    Government security advisers say that as a direct result,
the most likely source of revolution in the Philippines is in
the upland areas, said Ganapin.
    Replanting is uneconomic and replanted tropical hardwoods
have less than a 50 pct chance of survival. There is no known
way to reproduce the wood, or the millions of species within.
    "No replanting programme has been successful," said Almy
Hafild from the Indonesian Network for Forest Conservation.
    Ganapin said three billion dlrs would be needed in the next
two years alone to save five mln hectares of critically denuded
land in the Philippines.
    The experts say that without a major initiative from the
development banks, the vicious circle will continue with
countries cutting more forest to help service short-term debts
at the cost of long-term insolvency.
    Yet timber, a five billion dlr a year industry, is not
necessarily the most direct economic product of the forests,
and nations must be educated in how best to "farm" them, said
Peter Kramer, World Wildlife Fund (WWF) conservation director.
    There is a four billion dlr annual global trade in the end
products of rattan, and Brazil nuts earn Brazil 16 mln dlrs a
year, he said.
    U.S. Pharmacologist Norman Farnsworth has calculated that
25 pct of all U.S. Prescriptions owe their active ingredients
to higher plants growing in the forests.
    Deforestation would wipe out the chance of further
discoveries and force major corporations to research, develop
and produce man-made substitutes, at a cost which scientists
say is incalculable.
    By the year 2000, only 10 developing nations will still be
exporting timber, from 33 currently, and their export earnings
will drop from a 1980 peak of 6.8 billion dlrs to less than two
billion, a World Bank and U.N. Sponsored survey said.
    Of the 20.3 billion dlrs advanced by the World Bank,
Inter-American, African and Asian Development Banks in 1980-84,
only 100 mln dlrs went to forestry projects, it said.
    WWF statistics show half of the world's tropical forests
have vanished since the 1940s. Of 2,000 mln hectares remaining,
up to 16 mln are destroyed each year by destructive logging
practises and by local farmers.
 REUTER
3;
bodyend
documentend
documentstart
7568
topicstart
money-fx
topicend
bodystart
2;

BANK OF FINLAND WILL ANNOUNCE NEW MEASURES


    HELSINKI, March 20 - 
The Bank of Finland called a news
conference at 1200 GMT to announce new measures for the
"development of the system of monetary control."
    A spokesman for the Bank declined to give further details.
    Banking sources said they expected the bank to announce it
will actively take part in the interbank market and buy and
sell certificates of deposit.
    The state treasury issues government paper with a maturity
of up to one year. The central bank has so far not issued its
own paper, the sources said.
 REUTER
3;
bodyend
documentend
documentstart
7569
topicstart
sugar
topicend
bodystart
2;

JAPAN SLIGHTLY REDUCES SUGAR CONSUMPTION ESTIMATE


    TOKYO, March 20 - 
The Agriculture Ministry said it revised
its April-June sugar consumption estimate down to 623,300
tonnes on a refined basis, from 637,800 estimated at the end of
December.
    It said the estimate for domestically produced sugar supply
for the same period was revised to 190,400 tonnes from the
earlier estimate of 195,100 tonnes, while imports were revised
to 402,000 tonnes from the earlier 435,800 tonnes.
    It did not revise its sugar consumption estimate of 2.53
mln tonnes for the 1986/87 sugar year ending September 30.
    The ministry said the estimate for the 1986/87 year's
supply of domestically produced sugar was revised to 881,000
tonnes, from the earlier estimate of 863,000.
    The estimate for 1986/87 imports was revised to 1.642 mln
tonnes, from an earlier 1.645 mln tonnes.
 REUTER
3;
bodyend
documentend
documentstart
7570
topicstart
acq
topicend
bodystart
2;

GERMAN VEBA PLACEMENT SAID LIKELY EARLY NEXT WEEK


    FRANKFURT, March 20 - 
The placement of the German federal
government's 25.6 pct stake in utility Veba AG 
<
VEBG.F> would
probably take place early next week, banking sources said.
    Share dealers said speculation had arisen in the early
pre-bourse market that the Veba announcement could come as
early as today. But one banking source, though confirming that
most of the details had been worked out, said the chances of an
announcement today were about nil. He had no price details.
    The 10 mln shares on offer are expected to bring a cash
call in Germany for well over two billion marks. The share was
around 253 marks today after a 6.50 drop to 252 yesterday.
 REUTER
3;
bodyend
documentend
documentstart
7571
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 728 MLN STG EARLY HELP


    LONDON, March 20 - 
The Bank of England said it had provided
the money market with 728 mln stg assistance in response to an
early round of bill offers from the discount houses.
    Earlier, the Bank had estimated the shortage in the system
today at 950 mln stg.
    The central bank purchased 625 mln stg of bills for resale
to the market on April 7 at rates of interest between 9-15/16
pct and 10 pct.
    It also bought 103 mln stg bank bills outright comprising
65 mln stg in band one at 9-7/8 pct and 38 mln stg in band two
at 9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
7573
topicstart
topicend
bodystart
2;

ANZ BANK PLANS 100 MLN AUS DLR EURO-CP PROGRAM


    HONG KONG, March 20 - 
Australia and New Zealand Banking
Group Ltd 
<
ANZA.S> is planning a 100 mln Australian dlr
Euro-commercial paper program, arranger ANZ Securities Asia Ltd
said.
    Under the program, notes in denominations of 100,000 dlrs
will be issued with maturities ranging from seven to 365 days.
    The four dealers for the program are ANZ Securities Asia,
Barclays Bank Plc, BT Asia Ltd and Morgan Guaranty Ltd.
    ANZ Securities said the program is aimed at investors in
Asia, where there is strong potential for a big market in
short-term Australian dlr paper.
 REUTER
3;
bodyend
documentend
documentstart
7574
topicstart
alum
topicend
bodystart
2;
******
 Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.

Blah blah blah.
3;


bodyend
documentend
documentstart
7575
topicstart
topicend
bodystart
2;

MOODY'S ASSIGNS EUROBOND RATINGS


    LONDON, March 20 - 
Moody's Investors Service said it
assigned the following ratings to new eurobonds.
    AAA ratings were assigned to:
    Eastman Kodak Co's 135 mln U.S. Dlrs of 7-1/8 pct euronotes
due 1987.
    Morgan Guaranty Trust Co of New York's 100 mln Canadian
dlrs of 8-1/2 pct receipts for Government of Canada bonds due
1994.
    Oesterreichische Kontrollbank AG's 100 mln Canadian dlrs of
nine pct guaranteed eurobonds due 1997.
    Swedish Export Credit's 220 mln Australian dlrs of 9-1/2
pct dual currency eurobonds due 1992.
    Moody's said it also assigned AAA ratings to:
    European Coal and Steel Community's 100 mln stg 9-3/8 pct
eurobonds due 1992.
    Nordic Investment Bank's 300 mln Danish crown 11-1/4 pct
eurobonds due 1994.
    The World Bank's one billion Luxembourg francs of seven pct
eurobonds due 1997.
    Credit Foncier's 150 mln European Currency Units (ECUs) of
7-5/8 pct eurobonds due 1994.
    Moody's said it also assigned ratings to euroyen bonds,
with AAA ratings assigned to the following:
    Societe Generale's 19 billion yen zero coupon notes due
1992.
    Export Development Corp's 15 billion yen of 4-1/2 pct
euroyen bonds due 1992.
    Exportfinans' 15 billion yen of five pct eurobonds due
1992.
    Toronto Dominion Bank's 20 billion yen of 4-5/8 pct euroyen
bonds due 1992.
    A AA1 rating was assigned to DNC International Finance AS'
10 billion yen of five pct guaranteed eurobonds due 1994.
    Moody's said it assigned a AA2 rating to Toyota Motor
Credit Co's 23 billion yen of 4-1/2 pct euroyen bonds due 1992.
    Nissan Motor Co Ltd's 35 billion yen of 5-1/8 pct euroyen
bonds due 1992 gained an A2 rating.
    Ford Motor Credit Co's 200 mln marks of 5-3/4 pct eurobonds
due 1992 were assigned an A1 rating.
 REUTER
3;
bodyend
documentend
documentstart
7576
topicstart
earn
topicend
bodystart
2;

STANDARD BANK UNABLE TO MAKE EARNINGS FORECAST


    JOHANNESBURG, March 20 - 
Standard Bank Investment Corp Ltd
(SPRJ.J) chairman Henri de Villiers said he could not predict
profits for the bank this year because of South Africa's
continuing political unrest.
    De Villiers also warned in the annual report that "failing
prompt and decisive political action, South Africa faces a
future of violent deadlock between different racial and
political groupings." 
    He said South Africa's future economic prospects are
"clouded by political and social issues and in the absence of
evidence that these are being positively addressed I am unable
to offer an earnings forecast for 1987."
    Standard Bank, 39 pct owned by Standard Chartered PLC
 
<
STCH.L>, London, previously reported that 1986 net income
rose by 13.8 pct to 209.0 mln rand.
    The bank said its bad debt losses should begin to decline
this year "although it may take some time before they return to
accepted industry norms."
    The annual report showed that the bank's charge for bad and
doubtful debts rose in 1986 to 187.6 mln rand from 162.1 mln
rand in the prior year.
    The bank said net income of its Standard Bank of South
Africa subsidiary declined 8.2 pct in 1986 to 112.3 mln rand in
a difficult banking environment caused mainly by low credit
demand.
    REUTER
3;
bodyend
documentend
documentstart
7577
topicstart
alum
topicend
bodystart
2;

NON-COMMUNIST FEBRUARY ALUMINIUM OUTPUT UP, IPAI


    LONDON, March 20 - 
Non-Communist daily average unwrought
aluminium production in February was 33,900 tonnes, up 400
tonnes from a downwardly revised 33,500 tonnes in January and
compared with 32,900 tonnes in February 1986, provisional
figures from the International Primary Aluminium Institute
(IPAI) show.
    Total production in February (28 days) was 949,000 tonnes
compared with a downwardly revised 1.038 mln in January (31
days) and 920,000 in February 1986.
    The regional breakdown of unwrought aluminium production
was as follows (in thousands of tonnes) the IPAI said.
                 Feb'87   Jan'87    Feb'86
    Africa           45       50        41
    North America   354      389       353
    Latin America   115      121        98
    East Asia         7        9        16
    South Asia       72       79        72
    Europe          268      293       256
    Oceania          88       97        84
 REUTER
3;
bodyend
documentend
documentstart
7579
topicstart
grain
barley
topicend
bodystart
2;

EC APPROVES 25,000 TONNES OF BARLEY EXPORTS


    LONDON, March 20 - 
The European Community authorised the
export of 25,000 tonnes of barley yesterday, bringing the
cumulative total at weekly tenders since the series started
last June to 3.33 mln tonnes, close to the 3.37 mln under
licence in the same year ago period, traders said.
    All bids for wheat were rejected. However, the total to
date of 5.06 mln tonnes is still substantially more than the
3.03 mln under licence a year ago. The 80,000 tonnes of French
maize granted for export moved the total to 135,000 tonnes
since the tender opened in February this year. There were no
facilities for maize in the previous weekly grain export
series.
 REUTER
3;
bodyend
documentend
documentstart
7580
topicstart
cpi
topicend
bodystart
2;
******
U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7581
topicstart
gnp
topicend
bodystart
2;
******
UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR  - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
7582
topicstart
topicend
bodystart
2;

NO BRAZIL SOLUTION WITHOUT IMF, GERMAN BANKER SAYS


    FRANKFURT, March 20 - 
A solution to Brazil's debt problems
is unthinkable without the involvement of the International
Monetary Fund, Juergen Sarrazin, management board member of
Dresdner Bank AG responsible for Latin America said.
    Sarrazin told the business daily Handelsblatt that Brazil's
interest payments moratorium had cost it the goodwill of many
banks.
    "Now there will certainly be no solutions without the IMF,"
he said. "Alternatives which could be imagined before, such as
bringing the IMF in with us in a loose form, are over," he said.
    Sarrazin, who through Dresdner represents German banks in
several rescheduling coordinating committees, noted that Brazil
was still prepared to negotiate.
    But he said work in the coordinating committees had already
run into difficulties before Brazil's interest moratorium.
    Justified calls by debtors for more flexibility from the
banks were blocked because U.S. Regulations made solutions such
as capitalising of interest virtually impossible, he said.
    Although many European banks were opposed to the use of
interest capitalisation, "this was an alternative which has to
be brought in," Sarrazin said.
 REUTER
3;
bodyend
documentend
documentstart
7583
topicstart
gnp
topicend
bodystart
2;

U.K. AVERAGE GDP RISES 2.6 PCT IN 1986


    LONDON, March 20 - 
Britain's gross domestic product (GDP)
on the average basis of output, expenditure and income rose by
2.6 pct in 1986 after a 3.4 pct increase a year earlier,
Central Statistical Office (CSO) preliminary figures show.
    In the fourth quarter, GDP rose 0.7 pct over the previous
quarter and was up 3.3 pct on the same 1985 quarter.
    The average estimate index, seasonally-adjusted and based
1980, was set at 114.3 in the fourth quarter of 1986 against
113.5 in the previous quarter and 110.7 in the final quarter of
1985.
    The CSO said the average GDP estimate index for 1986 as a
whole was 113.1, up 2.6 pct from 110.2 for 1985.
    On the output measure, GDP rose an upward revised
seasonally adjusted 0.3 pct in the fourth quarter of 1986 to
114.9 on the output index from 114.5 in the previous quarter,
giving a 3.2 pct rise over the fourth 1985 quarter, the CSO
figures show.
    On income-based GDP, the index in the fourth quarter rose
by 0.7 pct from the third quarter and was up 3.8 pct on the
year-ago quarter.
    The indices stood at 115.3, 114.4 and 111.0 respectively.
    Expenditure-based GDP rose 1.2 pct in the fourth quarter of
1986 from the third quarter and was up 2.9 pct from the same
1985 quarter.
    The CSO set the expenditure index at 112.9 from 111.6 in
the third quarter of 1986 and 109.8 in the final 1985 quarter.
    The year-on-year rise for expenditure GDP was 2.3 pct with
the expenditure index for the whole of 1986 set at 111.9
against 109.4 a year earlier.
    For income GDP, the year-on-year rise was 2.6 pct against
against three pct a year earlier. The ouptut GDP measure rose
2.8 pct year-on-year, down from 3.8 pct in 1985.
    The government usually considers the output measure the
most reliable way of measuring short-term GDP changes.
    It is based on output data for production industry and
partial information for the rest of the economy.
    The government had forecast that average measure GDP would
rise 2.5 pct in calendar 1986 after 3.3 pct in 1985. The budget
unveiled on Tuesday foresaw GDP growth in 1987 of three pct.
    The GDP deflator, based on expenditure at market prices,
rose 1.2 pct in the fourth quarter from the third, to give a
2.4 pct rise over fourth quarter 1985. Year-on-year, the
deflator rose 3.7 pct.
 REUTER
3;
bodyend
documentend
documentstart
7584
topicstart
cpi
topicend
bodystart
2;

U.K. RETAIL PRICES RISE 0.4 PCT IN FEBRUARY


    LONDON, March 20 - 
The Retail Price Index (RPI), Britain's
measure of inflation, rose 0.4 pct in February on a revised
basis, to give a year-on-year rise of 3.9 pct, the Employment
Department said.
    In January, the index rose 0.4 pct for a 3.9 pct
year-on-year rise on both the previous base and the new index.
    The February RPI was set at 100.4, base January 1987. In
February 1986, the RPI rose 0.4 pct, giving a 5.1 pct
year-on-year increase on the old basis.
    The inflation data compares with market forecasts for a
rise of 0.4 - 0.5 pct in February and a yearly rise of about
four pct, economists said.
    The Employment Department said the rise in the index
between January and February was mainly the result of higher
prices for petrol, fresh vegetables, cars and car maintenance.
 REUTER
3;
bodyend
documentend
documentstart
7585
topicstart
wpi
topicend
bodystart
2;

DANISH WHOLESALE PRICES FALL 0.5 PCT IN FEBRUARY


    COPENHAGEN, March 20 - 
Denmark's wholesale price index fell
0.5 pct in February, giving a year-on-year fall of 4.9 pct, the
National Statistics Office said.
    The index, base 1980, stood at 135 in February, a fall of
one point compared to January, against 142 in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
7586
topicstart
topicend
bodystart
2;

SWISS FINANCE MINISTRY CALLS TWO SEASONED BONDS


    BERNE, March 20 - 
The Swiss Finance Ministry said it was
calling two bond issues of a total 550 mln Swiss francs as part
of its effort to retire outstanding high-interest debt.
    The calls, to be made effective June 30 and September 30,
affected respectively the 7-1/4 pct bond of 1975 for 250 mln
francs and the 6-1/2 pct bond of the same year for 300 mln.
    A spokesman said the ministry had not yet decided whether
to convert the issues into new bonds, but it had outlined plans
for two new bonds, each of 250 mln francs. The strong state of
government finances might permit it not to issue one or both of
them, he said.
 REUTER
3;
bodyend
documentend
documentstart
7587
topicstart
money-fx
interest
money-supply
topicend
bodystart
2;

BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS


    MADRID, March 20 - 
The Bank of Spain suspended its daily
money market assistance and offered to drain funds with three-
and seven-day repurchase agreements at 12-1/2 pct, money market
sources said.
    The sources said the measures were a further attempt to
rein in money supply and were likely to force some institutions
to scramble for funds before the 10-day accounting period for
reserve requirements closes on Monday.
    The bank, which raised its rate for ordinary overnight
assistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its
special borrowing facility for overnight funds at 14-1/2 pct.
    Money market sources said institutions in need of funds
were likely to have to return to the bank tomorrow for further
assistance.
    The bank rarely invites applications for ordinary
assistance on a Saturday and the sources said it was more
likely to open its special borrowing facility again.
 REUTER
3;
bodyend
documentend
documentstart
7589
topicstart
topicend
bodystart
2;

BRAZIL SEEN AS VANGUARD FOR CHANGING DEBT STRATEGY


    By Keith Grant, Reuters


    CARACAS, March 20 - 
Brazil's hard-line debt stance, though
meeting creditor resistance, is boosting political initiatives
in Latin America aimed at broadening the global strategy,
regional debt officials and economic analysts say.
    "Now more than ever it is clear that Latin America cannot
pay, under present conditions, without sacrificing growth,"
Peruvian President Alan Garcia said, referring to Brazil.
    And, as debtors and creditors prepare for their annual
meeting at the Inter-American Development Bank in Miami next
week, the region's debt crisis is clearly coming to a head.
    Around 200 billion dlrs in commercial bank debt have been
rescheduled since 1983, with interest rate margins now below
one pct, multi-year accords a norm and no financial crash in
sight, but a lasting solution seems no nearer.
    Virtually all Latin American leaders backed Brazil's
suspension of interest payments on 68 billion dlrs of private
bank debt last month, though prospects of a chain default are
still remote.
    Mexico, Colombia, Argentina and others rejected such action
and Mexican finance minister Gustavo Petricioli merely said,
"Brazil is having problems we are sure will be temporary."
    But Brazil's action has had an impact on other debt
negotiations, speeding agreement for Chile and Venezuela last
month and influencing current talks with Argentina.
    Pressure for new solutions has built up on several fronts,
with the Philippines joining Brazil in seeking interest relief
and Ecuador announcing force majeure on debt payments following
a serious earthquake.
    Private banks are being increasingly urged to renew lending
and accept innovative repayment schemes, not only by debtors
but also by official agencies which have stepped up their own
credit flows as part of the U.S.-inspired plan.
    One Latin American debt official said he saw the Brazil and
Ecuadorean announcements as spurring moves by other debtors to
link debt service payments to macroeconomic indicators such as
export earnings, GDP or raw materials prices.
    Despite this, debtor countries continue to accept the
case-by-case approach, and Cuba's call for a joint negotiating
front is not being promoted by Brazil or even defended by Peru,
the region's flag-bearer in unilateral payment decisions.
    "Each nation must negotiate its debt independently,
according to its own needs," Brazilian foreign minister Ramiro
de Abreu Sodre said in Caracas at the weekend.
    Venezuela's rapid agreement with its creditors, soon after
Brazil's move, had been seen by the political opposition as a
betrayal of debtor solidarity, but de Abreu praised the
Venezuelan negotiators for achieving a favourable deal.
    Argentina, Bolivia, Costa Rica and others are also pursuing
normal negotiations with creditor banks, while at the same time
pressing hard for better terms, particularly lower interest
rate spreads. Latin American officials say that while the debt
should be negotiated case-by-case, their governments are
promoting a general framework for talks based on growth and
development priorities, lower interest payments and new
financing.
    "The Brazilian and Ecuadorean experience shows orthodox
solutions to debt cases don't work," said a senior Peruvian
government official responsible for debt affairs.
    He saw a growing likelihood that other countries would
follow Peru's action in setting a 10 pct debt payment limit in
the face of trade and other factors beyond debtors' control
such as minimal bank lending.
    These factors have contributed to a 130 billion dlr net
outflow from Latin America in the last five years, and
Brazilian Finance Minister Dilson Funaro says Brazil alone paid
back 45 billion dlrs in this time and received just 11 billion
in loans.
    Latin American debtors feel they have complied with their
side of the bargain, slashing public spending, devaluing
currencies, cutting inflation, privatizing state enterprises
and introducing debt equity schemes.
    Brazil, as the region's biggest debtor and its most
diversified economy, has now apparently adopted the principle
that a tough position with its creditors will avoid a more
serious crisis later on.
    "We are negotiating so that the debt question should not be
one of continuous crisis," Funaro told a conference in Rio de
Janeiro this week.
billion dlr debt burden this year are slim, with coffee prices
plunging, oil prices up but still well below 1985 levels and
interest rates beginning to rise.
 Mexico expects one to two pct growth instead of the two to
three pct projected earlier, and inflation near 80 pct after
105 pct last year.
    Brazilian officials expect growth of only two pct after
eight pct last year and a 30 pct drop in the projected trade
surplus, while independent estimates put inflation at 200 pct.
    Political and economic analysts in Brazil believe the
payment suspension will give new impetus to tackling the
regional crisis though they expect protracted negotiations, a
view echoed by senior international bank officials.
    Some banks, including Citibank, Morgan Guaranty and Bank of
America are already preparing to downgrade their Brazil loans.
    Brazil's refusal to accept an IMF program, a condition set
by many banks for new lending, meanwhile reflects the view of
most Latin American governments that equate the Fund with
recession. But Brazil and Venezuela are the only countries in
the region to have rescheduled debt without an IMF program.
 REUTER
3;
bodyend
documentend
documentstart
7590
topicstart
cpi
topicend
bodystart
2;
******
CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
7591
topicstart
cpi
topicend
bodystart
2;

CANADA FEBRUARY CONSUMER PRICES UP 0.4 PCT


    OTTAWA, March 20 - 
The Canadian consumer price index rose
0.4 pct in February, to 135.8, base 1981, compared with a 0.2
pct rise in January and a 0.4 pct rise in February last year,
Statistics Canada said.
    The February year-one year rise was 4.0 pct compared with a
3.9 pct rise in January.R
 Reuter
3;
bodyend
documentend
documentstart
7592
topicstart
tin
topicend
bodystart
2;

BOLIVIAN MINERS CALL GENERAL STRIKE


     LA PAZ, March 19 - 
About 9,000 miners employed by the
state corporation, Comibol, declared a general strike as from
midnight (0400 gmt) to press for higher salaries, a statement
by the federation for Bolivian mine workers said.
     It said the strike was called to defend the nationalised
mining industry. The miners were willing to negotiate with the
government of President Victor Paz Estenssoro, but only if it
showed an intention to meet the strikers' demands.
     The government said the strike was designed to cause it
embarrassment during the four-day visit of West German
President Richard Von Weizsaecker, which starts on Friday.
    The miners statement said police had violently evicted
Comibol office workers in the city of Oruro after they began a
hunger strike yesterday.
    The government has sacked about 20,000 miners from its
deficit-ridden corporation since the collapse in the
international price of tin. The lay-offs represent about
two-thirds of the original workforce.
 REUTER
3;
bodyend
documentend
documentstart
7593
topicstart
acq
topicend
bodystart
2;

KLM EXPANDS TALKS WITH BRITISH AND COMMONWEALTH


    AMSTERDAM, March 20 - 
KLM Royal Dutch Airways 
<
KLM.AS> said
it agreed to take full control of a partially owned Dutch-based
parcel delivery service and will offer a minority stake in it
to British and Commonwealth Shipping Plc 
<
BCOM.L>
    KLM, seeking to strengthen its market position in the fast
growing door-to-door delivery market, said it agreed with Dutch
retailer Vendex International 
<
VENN.AS> to take over Vendex's
50-pct in their jointly-owned courier, 
<
XP System VOF>.
    Ownership of XP will now be brought into the talks started
by KLM last week with British and Commonwealth for a one-third
stake in the latter's 
<
IML Air Services Group Ltd> courier.
    When announcing the negotiations with British and
Commonwealth last week, KLM said buying a minority stake in IML
could involve a convertible loan issue.
    A KLM spokeswoman said the Dutch flag carrier would now
offer a minority stake in XP to British and Commonwealth in the
negotiations on IML, but declined to elaborate on financial
aspects of the talks.
    She said KLM would like the two courier services to
cooperate in future and did not exclude a future merger between
them to combine IML's strong world-wide network with XP's
mainly European activities.
    XP System is based in the southern Dutch airport of
Maastricht and has an annual turnover of 100 mln guilders.
    KLM, which is also negotiating with British and
Commonwealth for a 15-pct stake in the latter's regional
airline 
<
Air U.K. Ltd>, says door-to-door delivery courier
services are seeing substantially faster growth than
traditional cargo activities.
 REUTER
3;
bodyend
documentend
documentstart
7595
topicstart
topicend
bodystart
2;

WORLD BANK TEAMS STUDYING PHILIPPINE LOAN REQUESTS


    By Chaitanya Kalbag, Reuters


    MANILA, March 20 - 
Two World Bank review teams are in the
Philippines to assess government requests for funding for an
expanded housing plan and an accelerated land reform program,
bank officials said.
    They told Reuters the housing program loan request is for
100 mln to 150 mln dlrs.
    The government has said it will ask for another 500 mln dlr
long-term loan from a World Bank-led consultative group of
multilateral and bilateral aid donors to partially fund its
land reform program.
    The officials said negotiations will start next month on
another 150 mln dlr loan sought by Manila to carry out reforms
in 14 major state-owned corporations.
    On Tuesday, the world bank approved two loans totalling 310
mln dlrs to help the country's economic recovery program.
    The bank was also studying Philippine proposals for loans
to finance geothermal and education projects, sources said.
    World Bank sources said the bank's lending to the
Philippines since 1957, including the latest loan, totalled 4.3
billion dlrs. The money has been spread out over more than 100
loans and about 1.2 billion dlrs remains undisbursed.
    The World Bank sources said the bank cancelled 450 mln dlrs
in loan commitments to the Philippines during the last three
years of President Ferdinand Marcos's rule. Marcos was toppled
by a military-civilian revolt in February 1986.
    "The loans were cancelled because the projects slated for
aid were not implemented properly," they said.
    The sources said the bulk of this week's loan would be used
to rehabilitate the state-owned Development Bank of the
Philippines (DBP) and the Philippine National Bank (PNB) which
are saddled with seven billion dlrs of non-performing assets.
 Reuter
3;
bodyend
documentend
documentstart
7596
topicstart
acq
topicend
bodystart
2;

RAINBOW SAYS BRIERLEY UPSETTING PROGRESSIVE MERGER


    WELLINGTON, March 20 - 
<
Rainbow Corp Ltd> said 
<
Brierley
Investments Ltd> (BIL) is trying to disrupt Rainbow's planned
merger with 
<
Progressive Enterprises Ltd>.
    Rainbow chairman Allan Hawkins said in a statement, "In our
opinion BIL have deliberately tried to create anomalies in the
market prices of Rainbow and Progressive shares since the
merger was announced."
    The merger, announced in February, involves the formation
of a new company, 
<
Astral Pacific Corp Ltd>, which Rainbow and
Progressive shareholders will enter into on a one-for-one share
basis. Both boards have approved the merger.
    BIL has said it was the mystery bidder behind a recent
stand in the market for three mln Progressive shares.
    "We simply regard Progressive Enterprises shares to be worth
approximately twice as much as Rainbow shares and do not think
the merger, as proposed, is soundly based," BIL chief executive
Paul Collins said in an interview in the weekly National
Business Review newspaper published today.
    Collins was not immediately available to respond directly
to Hawkins' statement.
    Hawkins said the merger has been assessed by independent
consultants and declared fair in all respects, with benefits to
all shareholders.
    "We are not going to stand by while other parties distort
the picture for their own strategic purposes and distract the
market away from the real benefits of the merger," he said.
    "In our opinion, BIL's actions are clearly not designed to
be in the long term interests of either Progressive or Rainbow
shareholders," Hawkins said.
 Reuter
3;
bodyend
documentend
documentstart
7598
topicstart
topicend
bodystart
2;

INDIAN STATE FIRM SIGNS 169.1 MLN MARK LOAN PACT


    NEW DELHI, March 20 - 
India's state-owned National Thermal
Power Corp said it has signed an agreement to borrow 169.1 mln
marks at a fixed annual 6.48 pct interest for 15 years and
eight months, an NTPC official said.
    The agreement signed last Saturday in Hong Kong with a
syndicate of eight Indian and foreign banks including State
Bank of India (London), Bankers Trust Co (Hong Kong) and
Grindlays Bank Plc (London) fixes the draw-down period at 68
months, the official said.
    Repayments are in 20 half-yearly instalments starting from
the 68th month.
 REUTER
3;
bodyend
documentend
documentstart
7599
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 31 MLN STG HELP


    LONDON, March 20 - 
The Bank of England said it gave the
money market another 31 mln stg in assistance in the morning
session.
    This brings the Bank's total help today to 759 mln stg and
compares with its estimate of a 1.05 billion stg money market
shortage which it earlier revised up from 950 mln stg.
    The central bank bought 31 mln stg of bank bills outright
in band two at 9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
7600
topicstart
trade
topicend
bodystart
2;

TAIWAN PLANS MISSION TO CLOSE TRADE GAP WITH U.S.


    TAIPEI, March 20 - 
Taiwan's leading industrial organisation
said it will send its first buying mission to the U.S. Later
this year in an effort to reduce the country's trade surplus
with Washington.
    A spokesman for the Chinese National Federation of
Industries told Reuters the mission was part of a broader plan
to switch large purchases to the U.S. From Japan.
    The Federation groups all of Taiwan's major industrial
associations. Last year its members purchased about 4.5 billion
U.S. Dlrs worth of industrial products from Japan and about 1.8
billion from the U.S.
    The spokesman said Federation members were now discussing
the volume of business they could transfer to America.
    He said they had drawn up a list of about 80 industrial
products they would be shopping for in the U.S. During the
buying mission in September, but he could give no figure on how
much would be spent.
    A Board of Foreign Trade official told Reuters the
government would send two buying missions to America between
June and July this year and might send others later.
    Taiwan's trade surplus with the U.S. Rose to a record 13.6
billion dlrs last year from 10.2 billion in 1985.
 REUTER
3;
bodyend
documentend
documentstart
7601
topicstart
topicend
bodystart
2;

SOUTH AUSTRALIA AGENCY ISSUES ZERO-COUPON BOND


    LONDON, March 20 - 
The South Australia Government Financing
Authority is issuing a 25 mln Australian dlr zero coupon bond
priced at 51.75 pct, lead manager Hambros Bank Ltd said.
    The bonds, due April 2, 1992, are available in
denominations of 5,000 and 10,000 dlrs and will be listed in
Luxembourg.
    Fees comprise 1/4 pct selling and 1/4 pct management and
underwriting combined.
    The deal is fully fungible with the 125 mln dlr zero coupon
deal on the same terms issued for the authority early last
month, Hambros said.
 REUTER
3;
bodyend
documentend
documentstart
7602
topicstart
alum
topicend
bodystart
2;
CORRECTION - NON-COMMUNIST FEBRUARY ALUMINIUM
    In today's London item +NON-COMMUNIST FEBRUARY ALUMINIUM
OUTPUT UP, IPAI+ please read in first paragraph and throughout
+...Daily average primary aluminium production...+, correcting
from +average unwrought aluminium production+.
 REUTER
3;


bodyend
documentend
documentstart
7603
topicstart
acq
topicend
bodystart
2;

NEWMAN, HAWKER DISCUSS ELECTRIC MOTOR MERGER


    LONDON, March 20 - 
<
Newman Industries Plc> said it was
discussing the possible merger of its electric motor operations
with Hawker Siddeley Group Plc's 
<
HSID.L> 
<
Brook Crompton
Parkinson Motors Ltd> unit.
    Newman has electric motor operations in the U.K. And
Australia. The company gave no further details but said a
further statement would be made shortly.
    Newman shares eased one penny on the announcement to 43p
while Hawker was unchanged at 528p, three pence higher on last
night's close.
 REUTER
3;
bodyend
documentend
documentstart
7604
topicstart
acq
topicend
bodystart
2;

AKZO BUYS RHONE-POULENC HOUSEHOLD UNITS


    ARNHEM, Netherlands, March 20 - 
Dutch chemical group Akzo
N.V. 
<
AKZO.AS> said it agreed to take over household product
subsidiaries of French group Rhone-Poulenc 
<
RHON.PA> for an
undisclosed sum.
    Under the agreement, Akzo will acquire the household
product activities of the Lyons-based 
<
Rhodic> and
Remalard-based 
<
Buhler-Fontaine> units of Rhone Poulenc.
Together, these activities account for over 180 mln French
francs in annual sales and employ 170, Akzo said.
    Akzo will integrate the firms, to be partially joined with
its own French activities, in its consumer products division.
 REUTER
3;
bodyend
documentend
documentstart
7605
topicstart
acq
topicend
bodystart
2;

SWISS BANKER WANTS BOND RATINGS, SHARE DISCLOSURE


    ZURICH, March 20 - 
A top Swiss banker called for an
obligatory, continuous rating for all Swiss franc bonds and
said he believed anyone buying more than five pct of a company
should be made to declare their share.
    In comments at a news conference of 
<
Vontobel Holding AG>,
chairman Hans Vontobel said he believed it was up to the banks'
own self-regulating bodies, such as the Swiss Admissions Board,
to take such action before governmental bodies stepped in.
    A decline in the average quality of borrowers on the Swiss
franc market and a debate on the use of registered shares to
prevent takeovers have made both major issues among bankers.
    Vontobel noted that many borrowers already came to the
market with ratings from the major U.S. Agencies, which were
readily available to professionals through specialised
information systems.
    "We should make this classification obligatory and publish
it in places that are easily accessible to lay people," he said.
The quick changing nature of the financial market meant these
ratings should also be continually updated, he said.
    Vontobel also noted that recent years had seen companies,
worried about takeovers, increasingly issuing registered shares
and participation certificates rather than bearer shares.
    However, both types of issue had a drawback, he said. The
recent attempt by Jacobs Suchard AG 
<
JACZ.Z> to take over Hero
Conserven Lenzburg 
<
HERZ.Z> had shown the limits of a 1961
pledge by the banks not to sell registered shares to someone
who was not eligible according to the company's statutes.
    Excessive issue of participation certificates, which do not
carry voting rights, would also be contrary to the principle of
greater democracy in the new share law before Parliament.
    "People buying, for example, more than five pct of a
company's shares should be made to declare their purchase," he
said.
 REUTER
3;
bodyend
documentend
documentstart
7606
topicstart
ipi
topicend
bodystart
2;

ITALIAN JANUARY INDUSTRIAL OUTPUT FALLS 3.4 PCT


    ROME, March 20 - 
Italian industrial production fell 3.4 pct
in January, compared with the same month last year, the
national statistics institute Istat said.
    The rise follows a year-on-year increase in December 1986
of 4.5 pct.
    Istat's industrial production index, base 1980, not
seasonally adjusted, registered 93.3, compared with 96.6 in
January 1986.
    Istat said there were 20 working days in January, the same
as December, but one fewer than January last year.
    Istat said the year-on-year fall reflected poorer
performances in the footwear, clothing, textiles, chemicals and
metals industries.
    It said office machinery and data sectors, wood and
furniture, precision mechanics, oil and electricity showed
improved activity.
    Calculations based on Istat figures showed industrial
production rose 2.4 pct in January, on a month-on-month basis,
after falling 12.0 pct in December over November.
 REUTER
3;
bodyend
documentend
documentstart
7609
topicstart
earn
topicend
bodystart
2;

BERLINER BANK SUFFERS LOSSES ON STUTTGART LOANS


    WEST BERLIN, March 20 - 
<
Berliner Bank AG> has suffered
losses of between 10 and 100 mln marks through credits granted
by its Stuttgart branch by officials there exceeding their
powers, a bank spokesman said in answer to queries.
    The spokesman declined to say exactly how large the losses
were. Berliner Bank has suspended the three managers of its
Stuttgart branch and is continuing an investigation into the
case, in which state prosecutors are also participating.
    The fact that powers had been exceeded emerged in a routine
check at the branch. The City of West Berlin owns 74 pct of
Berliner Bank and the rest is held by small shareholders.
 REUTER
3;
bodyend
documentend
documentstart
7611
topicstart
crude
topicend
bodystart
2;

REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS


    WASHINGTON, March 20 - 
President Reagan said the United
States must do more to lessen its reliance on imported oil.
    President Reagan said during a nationally televised news
conference that the rising U.S. reliance on foreign oil is a
problem that the administration is studying.
    "We have to study this more," Reagan said. "This is why we
increased the Strategic (Petroleum) Reserve, but we have to do
more," he said.
    Reagan said his administration has already proposed
deregulating natural gas and eliminating the windfall profits
tax on crude oil production.
    However, he complained that Congress had not yet approved
those measures.
    The Department of Energy earlier this week released a
report that warned of rising U.S. reliance on foreign oil
imports at a time when domestic production is declining. It
suggested options for the administration to consider, but made
no specific recommendations.
 Reuter
3;
bodyend
documentend
documentstart
7614
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF SPAIN SUSPENDS ASSISTANCE, DRAINS FUNDS


    MADRID, March 20 - 
The Bank of Spain suspended its daily
money market assistance and offered to drain funds with three-
and seven-day repurchase agreements at 12-1/2 pct, money market
sources said.
    The sources said the measures were a further attempt to
rein in money supply and were likely to force some institutions
to scramble for funds before the 10-day accounting period for
reserve requirements closes on Monday.
    The bank, which raised its rate for ordinary overnight
assistance to 13-3/4 from 13-1/2 pct on Wednesday, opened its
special borrowing facility for overnight funds at 14-1/2 pct.
    Money market sources said institutions in need of funds
were likely to have to return to the bank tomorrow for further
assistance.
    The bank rarely invites applications for ordinary
assistance on a Saturday and the sources said it was more
likely to open its special borrowing facility again.
 REUTER
3;
bodyend
documentend
documentstart
7618
topicstart
crude
topicend
bodystart
2;

TRICO 
<
TRO> GETS CHINESE CONTRACT


    LOS ANGELES, March 20 - 
Trico Industries Inc said it has
received a six mln dlr contract to supply hydraulic lift
equipment for heavy crude oil production for the Chinese
Ministry of Petroleum Industry.
    The company said the equipment is for use in the Laiohe
oilfield 350 miles northeast of Peking and will equip a
140-well program.
 Reuter
3;
bodyend
documentend
documentstart
7620
topicstart
earn
topicend
bodystart
2;

MICRON TECHNOLOGY INC 
<
DRAM> 2ND QTR MARCH FIVE


    BOISE, March 20 -
    
Shr loss 46 cts vs loss 51 cts
    Net loss 10.9 mln vs loss 9,782,818
    Revs 20.1 mln vs 9,437,270
    Avg shrs 23.5 mln vs 19.3 mln
    1st half
    Shr loss 90 cts vs loss 1.11 dlrs
    Net loss 20.6 mln vs 21.4 mln
    Revs 38.9 mln vs 14.5 mln
    Avg shrs 22.8 mln vs 19.2 mln
 Reuter
3;
bodyend
documentend
documentstart
7621
topicstart
earn
topicend
bodystart
2;

BIOSEARCH MEDICAL PRODUCTS INC 
<
BPMI> 4TH QTR


    SOMERVILLE, N.J., March 20 -
    
Shr loss seven cts vs loss 23 cts
    Net loss 381,000 vs loss 1,071,000
    Sales 4,531,000 vs 4,409,000
    Year
    Shr loss 21 cts vs loss 98 cts
    Net loss 1,098,000 vs loss 4,658,000
    Sales 17.8 mln vs 17.3 mln
 Reuter
3;
bodyend
documentend
documentstart
7622
topicstart
earn
topicend
bodystart
2;

MOORE FINANCIAL GROUP INC 
<
MFGI> SETS PAYOUT


    BOISE, March 20 -
    
Qtly div 30 cts vs 30 cts prior
    Pay April 16
    Record April Three
 Reuter
3;
bodyend
documentend
documentstart
7623
topicstart
ipi
topicend
bodystart
2;

DUTCH JANUARY INDUSTRIAL PRODUCTION RISES 4.8 PCT


    THE HAGUE, March 20 - 
Industrial production rose 4.8 pct on
a seasonally-adjusted basis in January compared with December
while rising 2.8 pct from January last year, Central Bureau of
Statistics figures show.
    In December, industrial production fell by 2.8 pct from
November while rising 2.9 pct compared with December 1985.
    The industrial production index, base 1980, stood at 109 in
January compared with a downward revised 104 in December, which
was initially put at 105. In January last year, the index stood
at 106 and in December 1985 at 101.
 REUTER
3;
bodyend
documentend
documentstart
7625
topicstart
oilseed
soybean
veg-oil
topicend
bodystart
2;

BONN EXPRESSES SUPPORT FOR U.S. ON EC VEG OIL TAX


    HAMBURG, March 20 - 
The West German government expressed
support for the U.S. Position in opposing the proposed European
Community tax on vegetable oils and fats, a U.S. Embassy
spokesman said.
    The spokesman, speaking from Bonn, said, "We have good
reason to think West Germany holds to its resistance to the
proposed tax."
    Several top government officials told the American Soybean
Association and the National Soybean Processors Association
delegations there was no reason for American producers and
processors to pay for EC agriculture, the spokesman said.
    European agriculture was facing severe problems, but both
the Community and the U.S. Should work closely within the
framework provided by the General Agreement on Tariffs and
Trade, he said.
    The delegations will continue their top level meetings in
Bonn today but will not issue a statement before returning to
the U.S. At the weekend.
    The EC and the U.S. Realised the tax issue would stay on
the agenda for several months and there were indications that
both sides would have to prepare for some tough negotiations,
the spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
7626
topicstart
trade
topicend
bodystart
2;

SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED


    WASHINGTON, March 20 - 
The U.S. Senate has unanimously
called for President Reagan immediately to force Japan to live
up to a pledge to stop dumping its microchips and open its
markets to U.S. Chipmakers.
    The Senate voted 93 to 0 to urge Reagan to impose penalties
on Japanese high-technology products containing semiconductors
in retaliation for what it sees as Japan's violations of the
semiconductor pact.
    While the measure does not bind Reagan to any action,
Senate leaders said its adoption would warn Japan stiffer
legislation would be considered if the violations continue.
    "We want to send a message to Japan to let it know how the
Senate feels about this matter," Senate Democratic Leader Robert
Byrd told the Senate.
    Senate Finance Committee chairman Lloyd Bentsen told the
Senate the measure was not aimed at retaliation but at
correcting Japan's unfair trade practices.
    A key House trade lawmaker, Representative Richard Gephardt
also announced he would seek to force Japan and other countries
with huge trade surpluses to slash their surplus by 10 pct a
year for three years.
 REUTER
3;
bodyend
documentend
documentstart
7627
topicstart
acq
topicend
bodystart
2;

FLEET 
<
FLT> COULD FACE CONNECTICUT DIVESTITURE


    PROVIDENCE, March 20 - 
Fleet Financial Group said it might
have to sell its First Connecticut Corp subsidiary as a result
of its proposed 1.3 billion dlr acquisition of Norstar Bancorp

<
NOR>.
    Under Connecticut banking law, New England based bank
holding companies such as Fleet are not allowed to operate
Connecticut banks if they merge with companies from outside the
region.  Norstar is based in Albany, N.Y.
    First Connecticut has assets of about two billion dlrs. 
Fleet has total assets of about 21 billion dlrs.
    Fleet said it will seek to have the Connecticut law amended
to allow it to retain First Connecticut, which is based in
Hartford.
    Fleet's acquisition of Norstar is now expected to be
completed around July 1, 1988, when a change in laws in Fleet's
home state of Rhode Island allowing interstate banking outside
New England will go into effect.
 Reuter
3;
bodyend
documentend
documentstart
7628
topicstart
trade
money-fx
topicend
bodystart
2;

JAPAN UNDER ATTACK OVER TRADE SURPLUS


    By Rich Miller, Reuters


    TOKYO, March 20 - 
Japan's economic policies face fierce
international attack as hopes fade of a substantial drop in its
trade surplus, international monetary sources said.
    At a meeting this week in Paris, senior government
officials from major nations are considering an Organisation
for Economic Cooperation and Development (OECD) staff report
that forecasts a continuing large Japanese trade surplus, they
said.
    Though Japanese exports have become more expensive with the
yen's sharp rise against the dollar, they still tend to surge
when growth picks up, according to the OECD.
    As a solution, the OECD staff has urged Japan to redirect
its export-driven economy, boosting domestic demand and imports
by adopting a more flexible fiscal policy, they said.
    That recommendation echoes calls made recently at secret
meetings of the International Monetary Fund's executive board.
    The monetary sources said Japan's policy was criticized
when the board met to consider the country's economy under the
annual consultations it holds with each of its members.
    The United States, which until recently has been reluctant
to criticize Japan's fiscal stance, joined in the attack, he
said.
    The IMF staff has also cast doubt on the Japanese
government's forecast of 3.5 pct economic growth in the fiscal
year beginning April 1. Most independent forecasters, including
the IMF, believe that growth in calendar 1987 will be below
three pct, monetary sources said.
    The Finance Ministry has been particularly sensitive to
such criticism because it is already under mounting domestic
pressure to boost an economy hard-hit by the yen's rise. The
yen's climb has lost exporters sales and profits in the huge
American market.
    Tokyo is also eager to avoid any suggestion that a further
yen rise might be needed to cut its trade surplus, which last
year amounted to a record 93 billion dlrs.
    Japan cannot tolerate a further rise of the yen, Foreign
Minister Tadashi Kuranari said recently. The yen closed here
today at 151.53 to the dollar. Most Japanese politicians,
including Finance Minister Kiichi Miyazawa, are clearly hoping
the yen will weaken, government officials said.
    At a meeting in Paris last month, Britain, Canada, France,
Japan, the United States and West Germany, agreed to cooperate
to hold currencies at around current levels.
    Officials said that wording represented a compromise.
Miyazawa hopes the agreement will hold the yen stable for a few
months, before it weakens later in the year.
    Japan wanted the Paris communique to imply a higher value
for the dollar, perhaps by substituting the word "recent" for
"current," while the United States wanted it to more clearly
point to the dollar's weaker levels now, perhaps by use of the
word "present," they said.
    In the months leading up the February 22 agreement, the
dollar dropped some 10 yen.
    The officials also sought to discredit suggestions in the
market that recent U.S. Action to prevent the dollar from
rising above 1.87 marks pointed to a 153 to 155 yen ceiling for
the U.S. Currency.
    Japan has also attacked OECD forecasts, which it says do
not take account of the structural changes in the Japanese
economy that will be triggered by the strong yen.
    Officials said there are already signs of that. More and
more companies have announced plans to move production
facilities offshore to take advantage of cheaper costs abroad,
they said.
 REUTER
3;
bodyend
documentend
documentstart
7629
topicstart
gold
topicend
bodystart
2;

GEODOME 
<
GOEDF> TO START MINE CONSTRUCTION


    HAILEY, Idaho, March 20 - 
Geodome Resources Ltd said
following receipt of a feasibility study from Raytheon Co's

<
RTN> Stearns Catalytic unit, it will proceed with construction
and pre-production stripping at its Sunbeam Mine in Custer
County, Idaho, as quickly as possible.
    The company said the study found proven ore reserves of
3,302,000 short tons grading 0.077 ounce of gold per ton.  It
said the mine will operate at a rate of 626,000 tons of ore per
year, with higher-grade ore being mined in the first three
years for a rapid payback of capital costs.
    The company said the feasibility study calls for gold
production averaging 41,000 ounces a year for the life of the
mine and 50,000 ounces a year over the first three years, with
99,000 ounces of silver per year being produced over the miune
life.
    Capital costs would be 22.3 mln dlrs with all-new equipment
and 500,000 to one mln dlrs less with used equipment, it said. 
It said the mine would be operated by a contract miner but the
associated mill by Geodome.
    Geodome said a new ore zone discovered last summer is not
included in reserve calculations. It said eight of the nine
holes drilled there have an average grade of 0.046 ounce of
gold and 2.1 ounces of silver per ton. Also excluded are
reserves of 1,400,000 tons of low-grade material that could be
milled profitably at 425 dlrs a ton for gold. The feasibility
study used a 350 dlr gold price.
    Geodome said operating costs of the mine will average 201
dlr per ounce of gold for the mine life and 171 dlrs for the
first three years, in constant dollars.
 Reuter
3;
bodyend
documentend
documentstart
7631
topicstart
earn
topicend
bodystart
2;

M.D.C. ASSET INVESTORS 
<
MIR> IN INITIAL PAYOUT


    DENVER, March 20 - 
M.D.C. Asset Investors Inc, which
recently went public, said its board declared an initial
quarterly dividend of 45 cts per share, payable April 15 to
holders of record April One.
 Reuter
3;
bodyend
documentend
documentstart
7632
topicstart
trade
topicend
bodystart
2;

JAPAN SAYS OECD STUDY ON SUBSIDIES STILL ONGOING


    TOKYO, March 20 - 
Japanese Agriculture Ministry officials
said a study of agriculture subsidies by the Organisation for
Economic Cooperation and Development, OECD, is still under way
and will be completed sometime next month.
    The officials said the study has been inaccurate so far,
and they said Japan would comment on the final results.
    A Reuter report from Washington yesterday said the study
has found that Japan has the highest agriculture subsidies in
the world and that dairy farmers benefit more than any other
commodity producers from subsidies. The study has not been
officially released due to objections from some countries.
    Japan has withdrawn its objection and decided to accept the
release of the study, the agriculture ministry officials said.
OECD directors are expected to approve the release at a meeting
in mid-May.
    One agriculture ministry source said the study so far was
based on the years 1979-81. Japanese subsidies have dropped
sharply since then, partly because of tight budgetary policy,
and foreign currency factors have also changed, he said.
    "The study is ... Unfair and unacceptable because it does
not take account of various differences in farming conditions
in each country, such as geography," the source said.
    He said it is highly likely that the final study will show
Japan has the highest farm subsidies in the world.
    "This would increase foreign pressure to open Japan's farm
market further, but this would have little impact on Japan's
agriculture policy," he said, without giving further details.
    A main purpose of the study is to clarify export subsidies
by major exporting nations like the United States and the
European Community, but Japan is a major importer, he said.
 Reuter
3;
bodyend
documentend
documentstart
7633
topicstart
trade
bop
topicend
bodystart
2;

VOLCKER SAYS TRADE DEFICIT IS MAJOR CHALLENGE


    JACKSONVILLE, Fla., March 20 - 
Federal Reserve Board
Chairman Paul Volcker said the U.S. Trade deficit is a
challenge for the U.S. Equal to the Soviet Union launching of
Sputnik.
    "The international challenge implicit in our huge trade
deficit has become the 1980s equivalent to the launch of
Sputnik by the Russians in the 1950s, when we suddenly feared
we were to be left in the wake of Soviet technological
achievement," he said in an address to Florida educators.
     He said the trade problem underscored the need to reform
the U.S. Educational system to improve economic performance.
    The Commerce Department reported last week that the
nation's trade gap, calculated on a balance-of-payments basis,
swelled to a record 38.37 billion dlrs in the fourth quarter,
bringing the 1986 deficit to a record 147.71 billion dlrs.
    Volcker called on educators to stress the development of
basic reading, writing and mathematics skills and urged them to
help students adapt to the fast-changing economic climate.
    Volcker said the challenge was greatest in the education of
low-income minority groups such as blacks and Hispanics.
           
 Reuter
3;
bodyend
documentend
documentstart
7634
topicstart
earn
topicend
bodystart
2;

(CORRECTED)-MICROPRO INTERNATIONAL CORP 
<
MPRO> NET


    SAN RAFAEL, Calif., March 20 - 
2nd qtr
    Shr four cts vs seven cts
    Net 500,000 vs 900,000
    Revs 9,200,000 vs 10.5 mln
    1st half
    Shr four cts vs 12 cts
    Net 600,000 vs 1,500,000
    Revs 17.6 mln vs 20.8 mln
    NOTE: Period ended February 28.
    Company corrects period in March 19 item
 Reuter
3;
bodyend
documentend
documentstart
7635
topicstart
acq
topicend
bodystart
2;

C.O.M.B. 
<
CMCO> TO ACQUIRE REST OF CABLE VALUE


    PLYMOUTH, Minn., March 20 - 
C.O.M.B. Co said its board has
approved a proposal to acquire the 50 pct of Cable Value
Network held by its cable television industry partners in
exchange for warrants for C.O.M.B. common.
    The company, which already owns the other 50 pct of CVN,
said it plans to change its name to CVN.
    C.O.M.B. said the proposal calls for its cable partners to
receive about eight mln five year warrants in exchange for
their 50 pct interest in CVN and commit to a long-term
affiliation agreement to carry CVN programming.
    C.O.M.B. said the proposed warrants would carry an exercise
price of 18.125 dlrs a share.
    It said the 7,869,353 warrants originally offered to cable
partners will continue to vest on the pre-agreed schedule. The
company now has about 18.1 mln shares outstanding.
    C.O.M.B. said the transaction is subject to the parties
entering into an agreement which would be subject to approval
by its shareholders and regulatory agencies.
 Reuter
3;
bodyend
documentend
documentstart
7636
topicstart
earn
topicend
bodystart
2;

HOME SAVINGS DURHAM 
<
HSLD> SETS STOCK DIVIDEND


    DURHAM, N.C., March 20 - 
Home Savings and Loan Association
Inc of Durham, N.C., said its board declared a 20 pct stock
dividend, payable April 28 to holders of record April Three.
 Reuter
3;
bodyend
documentend
documentstart
7637
topicstart
acq
topicend
bodystart
2;
******
TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR

Blah blah blah.
3;


bodyend
documentend
documentstart
7638
topicstart
interest
topicend
bodystart
2;
******
 Top discount rate at U.K. Bill tender falls to 9.1250 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
7639
topicstart
crude
topicend
bodystart
2;

CANADA NORTHWEST TO SELL PREFERRED SHARES


    CALGARY, Alberta, March 20 - 
<
Canada Northwest Energy Ltd>
said it reached agreement in principle to sell one mln
preferred shares by way of private placement to raise 32.5 mln
dlrs for oil and gas exploration.
    The 5.4 pct cumulative redeemable convertible series D
preferred shares will be flow-through shares entitling holders
to tax deductions not claimed by the company.
    The shares will be convertible anytime after issue into
common shares at an equivalent conversion price of 32.50 dlrs a
share. After one year, they will be redeemable at any time by
the company at 25 dlrs a share plus accrued dividends.

 Reuter
3;
bodyend
documentend
documentstart
7640
topicstart
trade
iron-steel
cotton
topicend
bodystart
2;

INDIA, AUSTRALIA AGREE TO IMPROVE TWO-WAY TRADE


    NEW DELHI, March 20 - 
Indian and Australian businessmen
signed a memorandum of understanding to boost two-way trade and
joint industrial ventures in both countries, spokesmen of the
Indo-Australia Business Council told reporters.
    The Indian Council said it hoped India's exports to
Australia would improve in the next few months and reduce the
trade balance which is heavily in Australia's favour.
    In 1986 Australia sold 428 mln Australian dlrs' worth of
goods, including steel and coking coal, to India and bought
170.5 mln worth of items, including cotton textiles, from India.
 Reuter
3;
bodyend
documentend
documentstart
7641
topicstart
acq
topicend
bodystart
2;
******
OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7642
topicstart
ship
topicend
bodystart
2;

HIGH WINDS KEEP VESSELS TRAPPED IN BALTIC ICE


    HELSINKI, March 20 - 
Strong south-easterly winds were
keeping many vessels trapped in the ice off the Finnish and
Swedish coasts in one of the worst icy periods in the Baltic
for many years, the Finnish Board of Navigation said.
    In Finland and Sweden up to 50 vessels were reported to be
stuck in the ice, and even the largest of the assisting
icebreakers were having difficulties in breaking through to the
stranded ships, coastguard officials said.
    However, icy conditions in the southern Baltic at the
Soviet oil ports of Ventspils and Klaipeda had eased, they said.
    Weather officials in neighbouring Sweden said the icy
conditions in the Baltic were the worst for 30 years, with
ships fighting a losing battle to keep moving.
    In the coastal stretches of the Gulf of Bothnia, which
divides Finland and Sweden, the ice is up to one metre thick,
with drifts and currents packing it into almost impenetrable
walls three metres high, Swedish coastguard officials said.
    Weather forecasts say winds may ease during the weekend but
a further drop in temperature could bring shipping to a
standstill, the officials said.
 Reuter
3;
bodyend
documentend
documentstart
7643
topicstart
trade
topicend
bodystart
2;

EC AND COMECON ENDS TALKS WITH PROGRESS


    By Stephanie Nebehay, Reuters


    GENEVA, March 20 - 
The European Community (EC) and
Soviet-led Comecon ended talks here, having made progress on
setting up formal trade relations, but no breakthrough because
of Comecon's refusal to recognise West Berlin as part of the
EC, delegates said.
    Negotiators were trying to reach agreement on the draft of
a joint declaration setting up official relations after 30
years of mutual non-recognition. John Maslen, head of the EC
delegation, told Reuters as he emerged from the final session:
"We made some progress, but we have called for another meeting."
    Officials, who asked not to be named, said the Comecon team
had refused to accept a clause in the draft declaration which
would recognise West Berlin as part of the 12-nation EC.
    Under the 1957 Treaty of Rome all contracts and agreements
signed by the Community must contain this territorial clause
stipulating West Berlin is an integral part of the EC. An EC
negotiator taking part in the three-day talks said: "We wanted
the territorial clause in, but Comecon said no."
    A joint statement issued after the talks said progress was
made towards clarifying positions, but another meeting would be
necessary to complete the work.
    Any decision in principle to set up relations would require
approval by the Community's Council of Ministers and by the
executive committee of Comecon.
    Zdzislaw Kuroski, deputy director of Comecon, who heads the
East bloc delegation, told Reuters ahead of today's session: "We
have narrowed our differences on a range of questions, but not
on all questions."
    Asked whether Comecon would accept EC insistence that any
joint declaration stipulate West Berlin as part of the
Community, he replied: "This question is not contained in the
draft which our side presented."
    West German diplomats said they would insist on including
the clause on West Berlin in any EC-Comecon agreement.
    The talks followed an earlier round between the two trading
blocs here last September and the first-ever direct talks
between the EC and the Soviet Union on establishing diplomatic
relations in January.
    The EC trades with individual Comecon member states despite
non-recognition of Comecon. Last year, the EC had a five
billion dlr trade deficit with East European states, about half
the deficit of the previous year, due to a drop in the price of
Soviet oil imported by the EC.
 REUTER
3;
bodyend
documentend
documentstart
7644
topicstart
acq
topicend
bodystart
2;

OHIO EDISON 
<
OEC> SELLS 30 PCT OF NUCLEAR INTEREST


    AKRON, Ohio, March 20 - 
Ohio Edison Co said it has
completed the sale and leaseback of 30 pct of its 30 pct
interest in Unit One of the Perry Nuclear Power Plant,
receiving 509 mln dlrs for the interest.
    The utility said the share of its interest in the 1,205
megawatt generating plant was sold to a group of institutional
investors which leased it back to the company for a period of
about 29 years at a negotiated lease payment rate.
    Ohio Edison said the proceeds will be used to finance the
rest of its 1987 construction program and repay bank loans
incurred for the retirement of high-interest long-term debt.
    Ohio Edison did not detail the lease payments, but it said
the "payments will reduce the amount of revenue the company
will need to cover our investment in Perry, which translates
into savings for our customers."
    The utility said it projects the financing could reduce the
amount of annual revenue needed by about 20 mln dlrs. It plans
on filing a rate application with the Public Utilities
Commission of Ohio to recover the Perry costs later this year.
    It said the sale and leaseback was attractive to the
investors because they could take quicker advantage of tax
benefits than the utility could.
 Reuter
3;
bodyend
documentend
documentstart
7645
topicstart
gold
silver
topicend
bodystart
2;

GEODOME SETS IDAHO GOLD/SILVER MINE CONSTRUCTION


    HAILEY, Idaho, March 20 - 
Geodome Resources Ltd said
following receipt of a feasibility study from Raytheon Co's
Stearns Catalytic unit it will proceed with construction and
pre-production stripping at its Sunbeam Mine in Custer County,
Idaho, as quickly as possible.
    The company said the study found proven ore reserves of
3,302,000 short tons grading 0.077 ounce of gold per ton. It
said the mine will operate at a rate of 626,000 tons of ore per
year, with higher-grade ore being mined in the first three
years for a rapid payback of capital costs.
    It said the feasibility study calls for gold production
averaging 41,000 ounces a year for the life of the mine and
50,000 ounces a year over the first three years, with 99,000
ounces of silver per year being produced over the mine life.
    Capital costs would be 22.3 mln dlrs with all-new equipment
and 500,000 to one mln dlrs less with used equipment, the firm
said. It said the mine would be operated by a contract miner
but the associated mill by Geodome.
    Geodome said a new ore zone discovered last summer is not
included in reserve calculations. It said eight of the nine
holes drilled there have an average grade of 0.046 ounce of
gold and 2.1 ounces of silver per ton.
    Also excluded are reserves of 1,400,000 tons of low-grade
material that could be milled profitably at 425 dlrs a ton for
gold. The feasibility study used a 350 dlr gold price.
    Geodome said operating costs of the mine will average 201
dlr per ounce of gold for the mine life and 171 dlrs for the
first three years, in constant dollars.
 Reuter
3;
bodyend
documentend
documentstart
7646
topicstart
topicend
bodystart
2;

QINTEX SAYS PRINCEVILLE 
<
PVDC> IN CREDIT DEAL


    NEW YORK, March 20 - 
<
Qintex Ltd> of Brisbane said it has
arranged for a leading Australian financial institution it did
not name to provide Princeville Development Corp with the
letter of credit required by the terms of Qintex's proposed
acquisition of Princeville.
    The company also said through yesterday, when its tender
offer for 3,300,000 Princeville shares was to have expired, it
had received over seven mln Princeville shares in the bid,
which has been extended until March 23 at 1800 EST.
    Qintex said the letter of credit is to insure payment of
Princeville's contingent subordinated notes that would be
distributed to shareholders of record on the date immediately
following completion of the tender offer.
    The company said it believes the conditions of the
commitment letter will be satisfactory to Princeville.  It said
Princeville had previously held talks with a financial
institution on obtaining a letter of credit but was unable to
reach mutually acceptable terms.
 Reuter
3;
bodyend
documentend
documentstart
7647
topicstart
earn
topicend
bodystart
2;

STANLEY INTERIORS 
<
STHF> SAYS RESULTS REDUCED


    STANLEYTOWN, Va., March 20 - 
Stanley Interiors Corp said
its first quarter shipments and operating income were lower
than expected due to snowstorms in January and February that
forced the closing of some of its manufacturing facilities for
up to six days.
    Stanley said, however, that any reduction in first quarter
operating income will be offset by reduced interest expense and
that first quarter net income will be about flat with first
quarter 1986 net income of 14 cts a share, or 286,000 dlrs.
    Stanely also said the first quarter's sales losses would be
made up by shipments in the second quarter.
 Reuter
3;
bodyend
documentend
documentstart
7649
topicstart
topicend
bodystart
2;

DISCOVERY WEST PLANS CONVERTIBLE NOTE ISSUE


    TORONTO, March 20 - 
<
Discovery West Corp> said it plans to
sell convertible subordinated notes in a principal amount of
between four mln and seven mln dlrs by way of a private
placement through First Marathon Securities Ltd.
    Discovery West said the notes will be convertible into
eight pct convertible subordinated debentures, which in turn
will be convertible into common shares at a price of two dlrs a
share.
    It said it expects to complete the note sale on April nine
and plans to use up to five mln dlrs of proceeds to buy
convertible notes of 
<
Rayrock Yellowknife Resources Inc>.
 Reuter
3;
bodyend
documentend
documentstart
7650
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> IN COURT SETTLEMENT WITH USAIR 
<
U>


    NEW YORK, March 20 - 
Trans World Airlines Inc said it
reached an agreement yesterday in federal court with USAir
Group Inc that prevents TWA from buying additional shares of
USAir.
    Under the agreement, TWA, which holds about 15 pct of USAir
stock, will not buy more USAir shares before April 23 and will
not do so after that date without giving 14 days notice to
USAir.
    TWA also agreed that it would not knowingly and willingly
interfere with the consummation of the merger between USAir and
Piedmont Aviation Inc 
<
PIE>.
    TWA said the court agreement confirms previous
announcements by the company, in filings with the Securities
and Exchange Commission, that it does not presently intend to
seek control of USAir or to acquire additional common stock.
    As a result of the agreement, the court removed a previous
temporary restraining order against TWA, the company said.
    TWA and USAir have also agreed that all litigation between
them in Pittsburgh and Delaware will be stayed until April 23.
TWA said the agreement does not prevent it from commenting to
regulatory agencies on the USAir, Piedmont merger.
    In a separate statement, USAir said the agreement also
included a provision that all USAir shares currently owned by
TWA and its chairman, Carl Icahn, will be voted through a
voting trust in proportion to the votes of other shares not
controlled by TWA or Icahn.
 Reuter
3;
bodyend
documentend
documentstart
7652
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GETS 186 MLN STG AFTERNOON HELP


    LONDON, March 20 - 
The Bank of England said it had given
the money market a further 186 mln stg assistance in the
afternoon session. This brings the Bank's total help so far
today to 945 mln stg and compares with its revised forecast of
a one billion stg deficit.
    The central bank bought bank bills outright comprising 51
mln stg in band one at 9-7/8 pct and 135 mln stg in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
7654
topicstart
topicend
bodystart
2;

RAYROCK TO ISSUE 24 MLN DLRS OF NOTES


    TORONTO, March 20 - 
<
Rayrock Yellowknife Resources Inc>
said it plans to sell 24 mln dlrs of convertible subordinated
notes by way of a private placement through First Marathon
Securities Ltd.
    The notes will be convertible into 7.5 pct convertible
subordinated debentures, which in turn will be convertible into
2.4 mln subordinate voting shares of the company.
    Rayrock said it expects to complete the note sale on April
nine. The sale is subject to regulatory approvals.
             
 Reuter
3;
bodyend
documentend
documentstart
7655
topicstart
topicend
bodystart
2;

STANLEY INTERIORS 
<
STHF> TO SELL CONVERTIBLES


    NEW YORK, March 20 - 
Stanley Interiors Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 30 mln dlr issue of convertible
subordinated debentures due 2012, plus an additional 4.5 mln
dlrs of the securities to cover over-allotments.
    Proceeds will be used to repay in full the company's
indebtedness under a revolving credit agreement, and to reduce
other bank debt, Stanley said.
    The company said Salomon Brothers Inc, First Albany Corp
and Wheat, First Securities Inc would underwrite the offering.
 Reuter
3;
bodyend
documentend
documentstart
7657
topicstart
earn
topicend
bodystart
2;

CRI INSURED MORTGAGE INVESTMENTS LP 
<
CRM> PAYOUT


    ROCKVILLE, Md., March 20 -
    
Mthly div 16-1/2 cts vs 16-1/2 cts prior
    Pay May 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7659
topicstart
acq
topicend
bodystart
2;

AMERICAN MOTORS 
<
AMO> BOARD MEETING ON TAKEOVER


    DETROIT, March 20 - 
American Motors Corp's board of
directors is meeting this morning in New York to consider
Chrysler Corp's 
<
C> 1.5 billion dlr takeover offer, an American
Motors spokesman said.
    The spokesman reiterated statements made earlier in the
week that the regularly scheduled meeting was being held.
    The spokesman would not comment on recurring speculation
that the board might receive a higher offer from Chrysler.
Analysts have said the fact that American Motors' stock has
remained above the four dlrs a share Chrysler offer could lead
the larger company to raise its bid.
    The American Motors spokesman said he had not seen any
indication that a higher offer would be received from Chrysler,
although he added, "I don't know what the conversation is in
the meeting."
    He repeated statements made earlier in the week by the
automaker that today's meeting will probably not result in a
final decision on the Chrysler bid.
    "The board first apprised the proposal on the 11th (of
March). I suspect there will be several more (meetings) after
this," the spokesman said.
    The meeting is expected to go through early afternoon.
 Reuter
3;
bodyend
documentend
documentstart
7662
topicstart
trade
bop
topicend
bodystart
2;

KEATING SEES LOWER AUSTRALIAN CURRENT DEFICIT


    SYDNEY, March 20 - 
Australian Treasurer Paul Keating said
he expects the country's 1986/87 current account deficit to be
one billion dlrs lower than the 14.7 billion forecast in the
August budget. Keating told a financiers' dinner that
February's 750 mln dlr deficit, against January's 1.23 billion,
was "in the groove" of the government's expectations.
    "We will probably bring the current account this year under
14 billion, I think, which will probably be about a billion
dollars less than we forecast in the budget," Keating said. "I am
sure we will see a lower current account deficit for next year
... And a fall as proportion of GDP."
    Australia posted a 13.82 billion dlr current account
deficit in 1985/86 and Keating said the latest monthly figures
showed an encouraging trend.
    Keating said the government would maintain responsible
economic management regardless of whether it was drawn into an
election, because it would take time to stabilise Australia's
80 billion dlr foreign debt.
    "We have to build the import competing sector back," he said.
"We are now trying to rebuild our capital structure. We are
trying to rebuild the culture of productivity and
manufacturing."
    Keating said the foundation for a transition of the economy
had been laid with the floating of the Australian dollar and
continued with wage restraint and deregulation.
    The Government would follow with spending cuts in its
economic statement on May 14, he said.
 REUTER
3;
bodyend
documentend
documentstart
7665
topicstart
topicend
bodystart
2;

GUILFORD MILLS 
<
GFD> SELLS CONVERTIBLE DEBT


    NEW YORK, March 20 - 
Guilford Mills Inc is raising 75 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a six pct coupon and par pricing, said sole manager
Bear, Stearns and Co.
    The debentures are convertible into the company's common
stock at 44.25 dlrs per share, representing a premium of 25.08
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated Ba-1 by
Moody's and BBB-minus by Standard and Poor's. The issue was
increased from an initial offering of 60 mln dlrs because of
investor demand.
 Reuter
3;
bodyend
documentend
documentstart
7666
topicstart
topicend
bodystart
2;

MARINE MIDLAND 
<
MM> SELLS CAPITAL NOTES


    NEW YORK, March 20 - 
Marine Midland Banks Inc is offering
125 mln dlrs of subordinated capital notes due 1997 yielding
8.66 pct, said lead manager First Boston Corp.
    The notes have an 8-5/8 pct coupon and were priced at 99.80
to yield 145 basis points more than comparable Treasury
securities.
    Non-callable to maturity, the issue is rated A-3 by Moody's
and A by Standard and Poor's. Merrill Lynch and Salomon
Brothers co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
7669
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER SUPPORTS FED MONETARY POLICY


    WASHINGTON, March 20 - 
Treasury Secretary James Baker said
in a newspaper interview that he supports the current course of
Federal Reserve Board monetary policy.
    "The course of Fed policy is quite adequate as far as we are
concerned," Baker said in an interview with the New York Times.
    In the interview, Baker declined to comment about the
recent Paris accord among the six leading industrialized
democracies when he was asked why the U.S. agreed to stabilize
the dollar at current levels when the trade deficit hit a
record level last year.
    Baker said in the newspaper interview that it was "a subject
I prefer not to talk about."
    He said that if he explained why the U.S. agreed to help
maintain the dollar at current levels "I would of necessity end
up getting into some of the private agreements that support
such and agreement" on the dollar.
    Baker was optimistic about Brazil, which has stopped
interest payments on much of its outstanding debt with foreign
commercial banks.
    "They are, after all, paying on time all the debt service
and principal on their official debts, having just rescheduled
with the Paris Club," Baker said in the newspaper interview.
    Baker said that Brazilian repreentatives had explained they
intented to pay their commercial bank debts in full but needed
time.
 Reuter
3;
bodyend
documentend
documentstart
7670
topicstart
acq
topicend
bodystart
2;

UNIVERSAL RESOURCES 
<
UVR> TO VOTE ON MERGER


    DALLAS, Texas, March 20 - 
Universal Resources Corp said it
is holding a special shareholders meeting this morning to vote
on the previously-proposed merger between it and Questar Corp

<
STR>.
    Universal, whose stock was delayed this morning on the
American Stock Exchange, said it will release a statement later
in the day on the vote.
 Reuter
3;
bodyend
documentend
documentstart
7671
topicstart
gas
topicend
bodystart
2;

SONEX RESEARCH 
<
SONX> CUSTOM AUTO USES MORE GAS


    ANNAPOLIS, Md., March 20 - 
Sonex Research Inc said its
modified 1986 British Ford Escort passed the European emissions
test, but reported the engine consumed 35 pct more fuel than
the stock engine.
    Sonex said its engine is not equipped with a catalytic
converter and does not use exhaust gas recirculation or an
emission air pump. It said the company expected to realize a
reduced fuel economy, but is working on improving fuel
consumption.
    The company said after it installs the new fuel system, it
will retest the automobile.
    In a separate announcement, the company said it received
confirmation from the European Patent Office that Sonex
successfully defended its BETA European Patent from a
competitor.
 Reuter
3;
bodyend
documentend
documentstart
7672
topicstart
acq
topicend
bodystart
2;

LOUISIANA PACIFIC 
<
LPX> BUYS OREGON SAWMILL


    PORTLAND, Ore., March 20 - 
Louisiana Pacific Corp has
agreed to pay 3,475,000 dlrs for the bankrupt Harris Pine
Sawmill in Pendleton, Ore., the mill's bankruptcy trustee said.
    Louisiana Pacific refused to indicate whether it would
repoen the lumber mill which was closed after the sawmill owned
by the Seventh Day Adventist Church filed a bankruptcy petition
in Portland federal court in December.
    The trustee said the company outbid WTD Industries Inc for
the lumber mill, harvested logs and contracts to harvest timber
in the national forest. It outbidhell bankruptcy trustee said.
   
 Reuter
3;
bodyend
documentend
documentstart
7673
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL PAGURIAN HAS FIVE MONTH PROFIT


    TORONTO, March 20 - 
<
International Pagurian Corp Ltd> said
it had net profit of 3.3 mln dlrs or three cts a share for the
period August 15 to December 31, 1986, based on 55.2 mln shares
outstanding.
    Revenues for the full year ended December 31, 1986 were 5.5
mln dlrs and net assets at year end were 317.5 mln dlrs.
    The company did not disclose earnings for the 1986 period
before August 15 or prior year results. A company spokesman
said prior results were not comparable due to its August 15
issue of 30 mln common shares.
 Reuter
3;
bodyend
documentend
documentstart
7674
topicstart
money-supply
topicend
bodystart
2;

S. AFRICAN M-3 MONEY GROWTH SLOWS IN JANUARY


    PRETORIA, March 20 - 
South African year-on-year broadly
defined M-3 money supply growth slowed to 8.62 pct in January
from 9.32 pct in December, Reserve Bank figures show.
    M-3 fell to 77.98 billion rand in January from 79.31
billion in December, while preliminary February figures show
M-3 at 79.42 billion rand for a year-on-year rise of 10.63 pct.
    M-2 showed a rise of 5.09 pct for January at 55.68 billion
rand after 4.30 pct in December, M-1 16.72 pct at 5.12 billion
after 12.80 pct and M-1A 22.79 pct at 14.30 billion rand after
20.54 pct.
 REUTER
3;
bodyend
documentend
documentstart
7676
topicstart
earn
topicend
bodystart
2;

COMPUSCAN INC 
<
CSCN> 3RD QTR FEB 28 NET


    FAIRFIELD, N.J., March 20 -
    
Shr loss eight cts vs loss 20 cts
    Net loss 469,000 vs loss 1,104,000
    Revs 3,093,000 vs 3,056,000
    Nine mths
    Shr loss 19 cts vs loss 29 cts
    Net loss 1,098,000 vs 1,646,000
    Revs 9,562,000 vs 12.2 mln
 Reuter
3;
bodyend
documentend
documentstart
7678
topicstart
acq
topicend
bodystart
2;

FIRST FEDERAL 
<
FFBN> MERGING INTO BANKEAST 
<
BENH>


    NASHUA, N.H., March 20 - 
First Federal Bank FSB said it has
entered into a letter of intent to merge into BankEast Corp for
60 dlrs per First Federal share in BankEast common stock.
    First Federal said, subject to certain adjustments,
including First Federal's earnings prior to the close of the
deal, each share of its common stock shall not be converted
into less than 2.9 shares or more than 3.5 shares of BankEast
common.
    First Federal said the proposed move is also subject to
execution of a definitive agreement, regulatory approval and
the approval of First Federal shareholders.
 Reuter
3;
bodyend
documentend
documentstart
7679
topicstart
acq
topicend
bodystart
2;

ILLINOIS TOOL WORKS 
<
ITW> SELLS TWO DIVISIONS


    CHICAGO, March 20 - 
Illinois Tool Works Inc said it
completed the sale of its Drill and End Mill division, Pine
Bluff, Arkansas and Eclipse Counterbore division, Detroit, to
newly-formed Eclipse Industrial Pruducts Inc, based in St.
Louis.  Terms were not disclosed.
    All employees at both locations will be retained, it added.
 Reuter
3;
bodyend
documentend
documentstart
7681
topicstart
earn
topicend
bodystart
2;

NATIONAL PATENT DEVELOPMENT CORP 
<
NPD> IN PAYOUT


    NEW YORK, March 20 -
    
Qtly div 2-1/2 cts vs 2-1/2 cts prior
    Pay May One
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
7682
topicstart
earn
topicend
bodystart
2;

THOMPSON MEDICAL CO INC 
<
TM> SETS QUARTERLY


    NEW YORK, March 20 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 15
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
7683
topicstart
topicend
bodystart
2;

U.S. FARM CREDIT BANK TO SELL BONDS


    NEW YORK, March 20 - 
The Federal Farm Credit Banks Funding
Corp said its will offer a total of 1.7 billion dlrs worth of
bonds on March 25.
    The package includes 540 mln dlrs of three-month bonds and
1.17 billion dlrs of six-month bonds. The issues will be dated
and delivered on April 1.
     The system has 1.6 billion dlrs of bonds maturing on that
date.
 Reuter
3;
bodyend
documentend
documentstart
7684
topicstart
crude
topicend
bodystart
2;

GULF CANADA 
<
GOC> ASSERTS NO DAMAGE FROM SPILL


    Calgary, Alberta, March 20 - 
Gulf Canada Corp said a
discharge of material at its Amauligak drilling site in the
Beaufort Sea caused no danger to the environment.
    Yesterday, the federal department of energy charged Gulf
Canada with eight counts of illegal dumping for discharging
powdered cement and drilling mud between September 23 and 30
last year.
    The charges carry a maximum 50,000 dlr fine on each count.
    Gulf said the government's charges relate to discharging
materials without a permit, not to environmental damage
resulting from the action.
    Gulf said it voluntarily informed appropriate government
officials when the material was discharged.
    The company also said none of the material was discharged
within 12 miles of the closest shoreline. It added that one of
the materials cited, barite, is a naturally occurring mineral
routinely discharged into the sea during drilling operations.
 Reuter
3;
bodyend
documentend
documentstart
7686
topicstart
earn
topicend
bodystart
2;

METALLGESELLSCHAFT AG 
<
METG.F>


    FRANKFURT, March 20 - 
Year to September 30, 1986
    Domestic group net profit 69.9 mln marks vs 61.4 mln.
    Parent net profit 53.6 mln vs 43.8 mln.
    Dividend six marks vs same.
    Parent payment to disclosed reserves 20 mln vs 15 mln.
 REUTER
3;
bodyend
documentend
documentstart
7687
topicstart
earn
topicend
bodystart
2;

PUBCO 
<
PUBO> DECLARES DIVIDEND RIGHT


    CLEVELAND, March 20 - 
Pubco Corp said its board declared a
dividend distribution of one common stock purchase right on
each outstanding share of Pubco's common stock.
    It said each right will entitle shareholders to buy one
share of common stock at an exercise price of three dlrs.
    The rights will be exercisable only if a person or group
acquires 20 pct or more of Pubco's common stock or announces a
tender which would result in ownership by a person or group of
20 pct or more of the common stock, the company said.
    Pubco said it will be entitled to redeem the rights at 0.1
cts per right at any time before a 20 pct position has been
acquired and afterward in certain circumstances. It said the
exercise price will be substantially reduced in the event of an
acquisition of 25 pct or more of common stock.
    If Pubco is acquired in a merger or other transaction, each
right will entitle its holder to purchase, at the right's
then-current exercise price, a number of the acquiring
company's common shares having a market value at that time of
twice the right's exercise price, the company said.
    The dividend distribution will be made March 31, 1987,
payable to shareholders of record on that date. The rights will
expire ten years later on March 31, 1987, the company said.
    Pubco said the rights are not being distributed in response
to any specific effort to change control of Pubco, and the
board is not aware of any such effort.
 Reuter
3;
bodyend
documentend
documentstart
7690
topicstart
earn
topicend
bodystart
2;

TECH DATA 
<
TECD> SETS THREE FOR TWO SPLIT


    CLEARWATER, Fla., March 20 - 
Tech Data Corp said its board
declared a three-for-two stock split, payable April 30 to
holders of record April 1.
 Reuter
3;
bodyend
documentend
documentstart
7693
topicstart
acq
topicend
bodystart
2;

VERTEX 
<
VETX> TO BUY COMPUTER TRANSCEIVER STAKE


    CLIFTON, N.J., March 20 - 
Vertex Industries Inc and

<
Computer Transceiver Systems Inc> jointly announced an
agreement for Vertex to acquire a 60 pct interest in Computer
after it completes a proposed reorganization.
    Computer has been in reorganization proceedings under
chapter 11 since September 1986.
    The companies said the agreement would allow Computer's
unsecured creditors and debenture holders to receive new stock
in exchange for exsiting debt, and for shareholders to receive
one new share of Computer's stock for each four shares
previously held.
   
    The companies said the United States Bankruptcy court for
the Southern District of New York has given preliminary
approval for the proposal, which is subject to formal approval
by Computer's creditors and the court.
    Under the agreement, Vertex also said it would supply
Computer with 250,000 dlrs of operating funds, and arrange
renegotiation of its secured bank debt, among other things.
 Reuter
3;
bodyend
documentend
documentstart
7694
topicstart
earn
topicend
bodystart
2;

RENT-A-CENTER 
<
RENT> VOTES 3 FOR 2 SPLIT


    WICHITA, KAN., March 20 - 
Rent-A-Center Inc said its
directors approved a three-for-two stock split payable April
20, record April 3.
 Reuter
3;
bodyend
documentend
documentstart
7696
topicstart
earn
topicend
bodystart
2;

USACAFES 
<
USF> SETS HIGHER DIVIDEND


     DALLAS, March 20 - 
USACafes LP said its board declared a
quarterly dividend of 20 cts per unit -- its first since
converting to a limited partnership.
    The company, as USACafes Inc, had paid a quarterly dividend
of nine cts per share.
    It said the restructuring as a partnership has
substantially increased the cash available for distribution to
unitholders, as it had predicted.
 Reuter
3;
bodyend
documentend
documentstart
7697
topicstart
topicend
bodystart
2;

ATARI 
<
ATC> TO SELL CONVERTIBLE DEBENTURES


    NEW YORK, March 20 - 
Atari Corp said it filed with the
Securities and Exchange Commission a registration statement
covering a 75 mln dlr issue of convertible subordinated
debentures due 2012.
    Proceeds will be used to expand the company's business
through capital expenditures and acquisitions and for general
corporate purposes, Atari said.
    The company named PaineWebber Inc as lead underwriter of
the offering.
 Reuter
3;
bodyend
documentend
documentstart
7698
topicstart
acq
topicend
bodystart
2;

COOPER CANADA SAID IT RECEIVED TAKEOVER OFFERS


    Toronto, March 20 - 
<
Cooper Canada Ltd> said it has
received takeover offers from "a number of companies."
    The company also said that "discussions are continuing, but
no definitive arrangements have been made."
    It gave no further details.
 Reuter
3;
bodyend
documentend
documentstart
7700
topicstart
grain
corn
oilseed
soybean
topicend
bodystart
2;

U.S. GRAIN ANALYSTS SEE LOWER CORN, SOY PLANTING


    CHICAGO, March 20 - 
Grain analysts surveyed by the American
Soybean Association, ASA, projected acreage this year at 59.1
mln acres of soybeans and 64.7 mln acres of corn.
    In 1986, farmers planted 61.5 mln acres of soybeans and
76.7 mln acres of corn, according to the February 9 USDA
supply/demand report. The USDA is to release its 1987 planting
intentions report March 31.
    The survey included 15 soybean estimates and 13 corn
estimates and was released in the March 16 Soybean Update
newsletter sent to members.
    Estimates ranged from 56.0 mln to 63.0 mln acres of
soybeans and 59.5 mln to 68.0 mln acres of corn.
    An ASA spokesman said the association plans no survey of
farmers' planting intentions this year.
 Reuter
3;
bodyend
documentend
documentstart
7702
topicstart
earn
topicend
bodystart
2;

FREEPORT-MCMORAN OIL AND GAS 
<
FMR> PAYOUT RISES


    HOUSTON, March 20 -
    
Mthly div 14.248 cts vs 4.912 cts prior
    Pay April 10
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7704
topicstart
acq
topicend
bodystart
2;

ILLINOIS REGIONAL 
<
ILLR> MULLS AFFILIATION


    ELMHURST, ILL., March 20 - 
Illinois Regional Bancorp said
it is evaluating whether to affiliate with a larger bank
holding company or continue to remain independent.
    The 500 mln dlr-asset bank holding company said that in
view of recent investor interest in suburban Chicago banks, it
retained Merrill Lynch Capital markets to advise it on its
alternatives.
    Last year, Illinois Regional had discussions with
Milwaukee-based Marine Corp 
<
MCRP> but no agreement was
reached, a company spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
7705
topicstart
topicend
bodystart
2;

MORGAN GUARANTY SELLS FIRST REPACKAGED PERPETUAL


    LONDON, March 20 - 
Morgan Guaranty Ltd, through a special
financing subsidiary, said it is issuing the first repackaging
of perpetual floating rate notes, consisting of a repackaging
of an outstanding WestPac Banking Corp security.
    Trading in perpetual floating rate notes, about 17 billion
dlrs of which are outstanding, has come to a virtual halt as
prices plunged. Because the securities never mature, there is
no way to price them properly unless there is a liquid two-way
market for them.
    Investors have been stuck with billions of dollars of notes
on their books that no one else will buy.
    Under terms of the offer, Morgan said it has set up a
special-purpose financing company, Pacific Securities Co Ltd,
which will issue two separate securities. The unit becomes the
holder of 200 mln dlrs of Westpac floating rate notes.
    Morgan officials declined to disclose the level at which
Pacific  purchased the Westpac securities, although in late
February, they were quoted at 85 against an issue price of par.
    Pacific Securities will issue two instruments. The first is
a floating rate bond due March 29, 2002. The bond pays interest
at 50 basis points over the London Interbank Offered Rate.
    While the initial Westpac issue offered investors only 15
basis points over LIBOR, Morgan Guaranty said WestPac has
agreed with Pacific Securities that it will pay investors the
remaining 35 basis points.
    Also, WestPac has agreed to redeem to floating rate notes
after 15 years.
    The other portion of the security consists of a zero-coupon
bond, also maturing at 2002, for which the investor pays 20
cents on the dollar. Morgan officials said that by 2002, the
effective yield will be a 20 pct return.
    However, Morgan officials said, holders of the zero-coupon
bonds will not be paid in cash when the securities mature.
    Instead, they will be paid in an equivalent amount of
zero-coupon Westpac perpetual floating rate notes.
    As part of the agreement, Pacific Securities has agreed to
place proceeds of the sale of the new securities on deposit at
WestPac and earnings from the deposit will be used to subsidise
the payment of the additional interest to investors.
    Also as part of the issue, there is an option for issuance
of a 70 mln dlr tap to be offered the following year.
    The tap will consist of 70 mln dlrs in floating rate notes
paying and an additional equivalent amount of zero coupon bonds
also at a deep discount of 20 cents on the dollar.
    Fees consist of a one pct selling concession and 0.50 pct
combined underwriting and management.
    Westpac itself has agreed to be co-lead manager of both
tranches and two small syndicates are being formed, Morgan
Guaranty said.
 REUTER
3;
bodyend
documentend
documentstart
7707
topicstart
earn
topicend
bodystart
2;

SHELDAHL 
<
SHEL> VOTES THREE-FOR-TWO STOCK SPLIT


    NORTHFIELD, MINN., March 20 - 
Sheldahl Inc said its
directors approved a three-for-two stock split, payable April
24, record April 3.
 Reuter
3;
bodyend
documentend
documentstart
7708
topicstart
topicend
bodystart
2;

HECHINGER 
<
HECHA> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 20 - 
Hechinger Co is raising 125 mln dlrs
through an offering of convertible subordinated debentures due
2012 with a 5-1/2 pct coupon and par pricing, said sole
underwriter Morgan Stanley and Co Inc.
    The debentures are convertible into the company's common
stock at 27.84 dlrs per share, representing a premium of 28 pct
over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated Baa-3 by
Moody's and BBB-plus by Standard and Poor's. The issue was
increased from an initial offering of 100 mln dlrs. Earlier
this week, Moody's and S and P upgraded the company's debt.
 Reuter
3;
bodyend
documentend
documentstart
7709
topicstart
earn
topicend
bodystart
2;

RUSS TOGS INC 
<
RTS> SETS QUARTERLY


    NEW YORK, March 20 -
    
Qtly div 19 cts vs 19 cts prior
    Pay April 15
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
7710
topicstart
money-fx
topicend
bodystart
2;

BANK OF FINLAND TO TRADE IN BANKS' CERTIFICATES


    HELSINKI, March 20 - 
The Bank of Finland said it has
started dealings in banks' certificates of deposits (CDs) with
immediate effect and that it was prepared to issue its own
paper to stimulate operations on the domestic money market.
    Bank of Finland Governor Rolf Kullberg told a news
conference the Bank will also limit credits on the call money
market from March 30, 1987, by introducing a maximum credit
amount and a penalty rate if banks exceed this ceiling.
    "The recent introduction of three-month money and these new
regulations are decreasing the role of the call money market
and the discount rate as monetary instruments," Kullberg said.
    Bankers welcomed the central bank measures saying these
were needed to accelerate the domestic money market. The Bank
of Finland had never before been allowed to issue its own CDs,
they said.
    "The central bank for the first time has an instrument with
which it really can influence the price of money in this
country," one banker said.
    Under the new rules banks are limited to call money credits
to a maximum of 7.5 pct of the total of their equity capital
and cash reserves. A penalty rate of interest of 19 pct is now
introduced if the limit is exceeded.
    Director Sixten Korkman at the Bank of Finland's monetary
department said he expected the bank to pursue an active policy
on the interbank market as an issuer of own-CDs.
    "We are free to do it, so maybe on Monday we will issue the
first, just to see how the system functions. Overall I think we
will issue at least a few times a week," Korkman told Reuters.
    He said the bank was likely to aim at CDs with a
three-month maturity at first as the market was best developed
for paper of that maturity.
    The Bank of Finland introduced last December three-month
credits and deposits at rates determined by the central bank
and the commercial banks as a shift away from the traditional
overnight call money market.
    Liquidity on the call credit market has fallen from around
nine billion markka in early December to 167 mln last week,
while three-month credits have risen to three to four billion.
    On the interbank market there has been an increasing trade
in banks' CDs, estimated to be some eight billion markka. In
addition, commercial paper accounts for around five billion
markka and Treasury Bills two billion.
 REUTER
3;
bodyend
documentend
documentstart
7711
topicstart
topicend
bodystart
2;

DENMARK ISSUES 200 MLN ECU EUROBOND DUE 1992


    LONDON, March 20 - 
Denmark is issuing a 200 mln ECU
eurobond due April 23, 1992 paying 7-1/4 pct and priced at
101-3/8 pct, lead manager Morgan Stanley International said.
    The bond is available in denominations of 1,000, 10,000 and
250,000 ECU and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting. Payment date is April 23.
 REUTER
3;
bodyend
documentend
documentstart
7715
topicstart
acq
topicend
bodystart
2;

CARTERET SAVINGS
<
CBC> COMPLETES SALE OF BRANCHES


    MORRISTOWN, N.J., March 20 - 
Carteret Savings Bank said it
has completed the previously announced sale of six Virginia
branches to Charter Federal Savings and Loan Association

<
CHFD>.
    Carteret said it has opened a retail banking office in
Vienna, Va., as the next step in its move to build a strong
presence in the Washington, D.C., Baltimore, Md., area.
    Carteret said the new bank has two offices outside
Baltimore, which were acquired last June when Carteret merged
with Admiral Builders Savings and Loan Association.
    The company said it plans to open a retail banking office
in downtown Washington this summer, plus several more offices
in Baltimore County and others in Fairfax County, Va. Carteret
said it may open more loan offices in Virginia and Maryland.
 Reuter
3;
bodyend
documentend
documentstart
7716
topicstart
interest
money-fx
topicend
bodystart
2;

FED EXPECTED TO SET CUSTOMER REPURCHASES


    NEW YORK, March 20 - 
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves indirectly via 1.5-2.0 billion dlrs of customer
repurchase agreements, economists said.
    Federal funds, which averaged 6.06 pct yesterday, opened at
6-1/16 pct and remained there in early trading.
 Reuter
3;
bodyend
documentend
documentstart
7717
topicstart
topicend
bodystart
2;

ON-LINE 
<
OSII> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 20 - 
On-Line Software International Inc is
raising 40 mln dlrs through an offering of convertible
subordinated debentures due 2002 with a 6-1/4 pct coupon and
par pricing, said lead manager Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 27.61 dlrs per share, representing a premium of 25.5
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the debt is rated B-3 by
Moody's and CCC-plus by Standard and Poor's. Donaldson Lufkin
co-managed the deal, which was increased from an initial
offering of 30 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7719
topicstart
topicend
bodystart
2;
******
MEXICO SIGNS 7.7 BILLION DLR LOAN AGREEMENT WITH COMMERCIAL BANKS

Blah blah blah.
3;


bodyend
documentend
documentstart
7722
topicstart
earn
topicend
bodystart
2;

MCDONALD'S 
<
MCD> UP ON REAFFIRMED RECOMMENDATION


    NEW YORK, MARCH 20 - 
The stock of McDonald's Corp rose
sharply this morning after analyst Daniel Lee of Drexel Burnham
Lambert Inc reiterated his recommendation of the stock, traders
said.
    McDonald's, an operator of fast food restaurants, rose
1-5/8 to 77-3/8.
    "Comparable store sales are up 5.6 pct in 1986 vs 1985,"
Lee said, "and the stock is trading below the market multiple."
He said "not many companies have a consistent 15 pct annual
earnings growth rate, return on equity above 20 pct, but trade
at less than the market multiple."
    Analyst Lee said "the introduction of a new line of salads
this spring, at about the time we are all trying to squeeze
into bathing suits, should boost sales."
    He also noted that "the average McDonald's does about 1.369
mln dlrs in revenues a year. That compares with 1.1 mln dlrs a
year for the average Burger King and 800,000 dlrs a year for
the average Wendy's." Since it cost about the same to build a
single store for any one of these chains, he said, "McDonald's
can well justify their expansion."
    Lee expects McDonald's to earn 4.40 dlrs a share in 1986
and 5.15 dlrs in 1988. Last year it earned 3.72 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
7723
topicstart
earn
topicend
bodystart
2;

ICN PHARMACEUTICAL INC 
<
ICN> 1ST QTR FEB 28 NET


    COSTA MESA, Calif., March 20 -
    
Oper shr 14 cts vs four cts
    Oper net 2,959,000 vs 1,103,000
    Sales 22.5 mln vs 25.2 mln
    Note: oper data does not include extraordinary gains of
3,686,000 dlrs, or 17 cts per shr, in current quarter and
975,000 dlrs, or eight cts per shr, in year ago quarter from
sales of certain marketable securities.
 Reuter
3;
bodyend
documentend
documentstart
7725
topicstart
earn
topicend
bodystart
2;

AMERICAN FEDERAL COLORADO 
<
AFSL> HALVES PAYOUT


    DENVER, March 20 - 
American Federal Savings and Loan
Association of Colorado said its board cut the quarterly
dividend to 7-1/2 cts per share from 15 cts.
    The dividend is payable April 14 to holders of record March
31.
    The company said earnings will continue under pressure this
year due to the weakness of the Colorado economy and a high
level of nonearning assets.
 Reuter
3;
bodyend
documentend
documentstart
7726
topicstart
earn
topicend
bodystart
2;

TEXAS UTILITIES CO 
<
TXU> 12 MTHS FEB 28 NET


    DALLAS, March 20 -
    
Shr 4.50 dlrs vs 4.30 dlrs
    Net 637.4 mln vs 588.5 mln
    Revs 3.95 billion vs 4.10 billion
    Avg shrs 141.7 mln vs 136.9 mln
 Reuter
3;
bodyend
documentend
documentstart
7727
topicstart
topicend
bodystart
2;

HARLEY-DAVIDSON 
<
HDI> UNIT TO SELL 10-YEAR NOTES


    NEW YORK, March 20 - 
Holiday Rambler Corp, a unit of
Harley-Davidson Inc, said it filed with the Securities and
Exchange Commission a registration statement covering a 70 mln
dlr issue of subordinated notes due 1997.
    Proceeds will be used to repay 60 mln dlrs of debt. The
remainder will be applied toward reducing any outstanding
borrowings under the company's revolving credit loan agreement
and for working capital, Holiday Rambler said.
    The company named Dean Witter Reynolds Inc as sole
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
7728
topicstart
earn
topicend
bodystart
2;

<
GUARDIAN TRUSTCO INC> 4TH QTR NET


    MONTREAL, March 20 -
    
Shr 15 cts vs nine cts
    Net 528,000 vs 374,000
    Revs not given
    Year
    Shr 1.25 dlrs vs 42 cts
    Net 2,853,000 vs 1,579,000
    Revs 55.3 mln vs 46.8 mln
    Note: shr after preferred dividends
 Reuter
3;
bodyend
documentend
documentstart
7729
topicstart
acq
topicend
bodystart
2;

ENVIROPACT 
<
VIRO> TO MAKE ACQUISITION


    MIAMI, March 20 - 
Enviropact Inc said it has signed a
letter of intent to acquire Willms Trucking Co Inc for about
12.5 mln dlrs, with completion expected in 45 days.
    In the year ended September 30, Willms had revenues of
about 15 mln dlrs.  It transports hazardous waste, sand and
gravel.
 Reuter
3;
bodyend
documentend
documentstart
7730
topicstart
earn
topicend
bodystart
2;

VIRATECK INC 
<
VIRA> 1ST QTR FEB 28 OPER LOSS


    COSTA MESA, Calif., March 20 -
    
Oper shr loss 23 cts vs profit 16 cts
    Oper loss 1,868,000 vs profit 1,293,000
    Revs 183,000 vs 3,400,000
    Note: Oper data does not include year ago extraordinary
gain of 750,000 dlrs, or nine cts per shr.
 Reuter
3;
bodyend
documentend
documentstart
7731
topicstart
topicend
bodystart
2;

MEXICO SIGNS 7.7 BILLION DLR LOAN AGREEMENT


    NEW YORK, March 20 - 
Mexican officials and representatives
of about 360 creditor banks worldwide started to sign
agreements for 7.7 billion dlrs in new loans, Citibank said as
co-chairman of Mexico's bank advisory committee.
    The package, which was agreed in principle with the
committee last October 16, is built on a core loan of six
billion dlrs, of which five billion dlrs will be lent for 12
years with five years' grace.
    The remaining one billion dlrs is in the form of a
co-financing with the World Bank, which will guarantee 500 mln
dlrs. This loan is for 15 years with nine years' grace.
    The package also includes two contingency facilities
totalling 1.7 billion dlrs.
    One is a growth-contingency co-financing with the World
Bank for 500 mln dlrs, of which half will be guaranteed by the
World Bank.
    The loan may be drawn to fund high-priority investment
projects if Mexican economic growth fails to reach certain
growth targets for the first quarter of 1987.
    Disbursements would be for 12 years with seven years'
grace. Bankers said they expect the loan, which is available
until March 1988, will be drawn down.    
    The second contingency facility, for 1.2 billion dlrs, is
designed to support investment in the public and private
sectors.
    The loan may be drawn down until April 1988 but only if
Mexico experiences a shortfall in public-sector external
receipts and provided that Mexico first qualifies for drawings
under a 600 mln sdr oil-contigency facility from the
International Monetary Fund.
    This IMF loan would be triggered if the price of oil falls
below nine dlrs a barrel for three months.
    Because of the level of public sector external receipts in
the fourth quarter of 1986 and the first quarter of 1987,
Mexico will not draw the first two tranches of the continency
facility, totalling 451 mln dlrs, Citibank said.
    As previously reported, bank commitments to the new money
package will also be reduced by 250 mln dlrs, representing the
interest payments that Mexico will save this year, thanks to
the reduced spread on the rescheduling.
    Under the rescheduling, Mexico is restructuring 43.7
billion dlrs of previously rescheduled debt over 20 years with
seven years' grace.
    Maturities on another 8.6 billion dlrs of loans granted in
1983 and 1984 will remain the same. The interest rate will be
at 13/16 pct over Eurodollar deposit rates - the margin that
applies to the entire package.
    Rounding out the deal, the banks have agreed to prolong six
billion dlrs of trade lines and to refinance some 10 billion
dlrs of private-sector debt that comes under the Mexican
government's exchange-guarantee scheme, Ficorca.
    The size of the package thus comes to about 76 billion
dlrs, the largest ever assembled in the international credit
markets, Citibank said.
    The loan is still only 99 pct subscribed and the loan books
will be kept open for several more weeks to round up the final
100 mln dlrs and the approximately 60 banks that have so far
refused to join the deal.
 
 Reuter
3;
bodyend
documentend
documentstart
7732
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earn
topicend
bodystart
2;

PARKWAY CO 
<
PKWY> SETS QUARTERLY


    JACKSON, Miss., March 20 -
    
Qtly div 20 cts vs 20 cts prior
    Pay May 20
    Record May Four
 Reuter
3;
bodyend
documentend
documentstart
7733
topicstart
acq
topicend
bodystart
2;

ITALY SETS RULES FOR COMPANY HOLDINGS IN BANKS


    ROME, March 20 - 
Companies will henceforth be able to own
stakes in banks, but these should not constitute a "dominant"
holding, an Italian government committee ruled.
    The Interministerial Committee on Credit and Savings,
headed by Treasury Minister Giovanni Goria, said its decision
reflected the "need to safeguard the principle of separation
between banks and non-financial concerns."
    It did not quantify what might constitute a "dominant"
holding.
    The committee also set conditions for the allocation of
credits by banks to companies or individuals holding stakes in
them, and stipulates conditions under which the Bank of Italy
could exercise its powers of control in the case of stakes held
by banks in companies or other banks.
    Under the ruling, credits given by banks or their
subsidiaries to groups or individuals holding five pct or more
of the bank's capital must not exceed defined limits.
    The value of credits given cannot exceed either one-fifth
of the combined capital and reserves of the bank itself or
two-fifths of the value of the stake owned in the bank by the
group or individual concerned.
    Exceptions to these conditions include credits to concerns
in which the bank itself has a stake and to branches of foreign
banks. Credits made by foreign companies or banks to
subsidiaries which have their legal base in Italy will also be
excluded from the conditions.
    The Bank of Italy will request banks to insert rules in
their statutes to ensure that companies or individuals holding
five pct or more of the bank's capital are not given privileged
treatment with regard to credit allocation and terms.
    With regard to bank holdings in companies, the Bank of
Italy can exercise supervisory controls when information on a
bank's consolidated activities show single shareholdings in a
company or another bank of 25 pct or more, owned directly or
indirectly.
    Such controls can also be exercised even if the stake held
is below 25 pct if it can be considered a controlling interest.
    The controls will not be exercised in cases where the value
of the bank's stake in a concern is below the lesser of two
predefined limits.
    These limits are set at 15 billion lire or two pct of the
total assets of the parent company of the shareholding bank.
 REUTER
3;
bodyend
documentend
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7734
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earn
topicend
bodystart
2;

PARISIAN INC 
<
PASN> 4TH QTR JAN 31 NET


    BIRMINGHAM, Ala., March 20 -
    
Shr 58 cts vs 57 cts
    Net 4,313,000 vs 3,824,000
    Sales 72.8 mln vs 61.5 mln
    Avg shrs 7,492,000 vs 6,740,000
    Year
    Shr 1.33 dlrs vs 1.23 dlrs
    Net 9,592,000 vs 8,257,000
    Sales 226.4 mln vs 184.4 mln
    Avg shrs 7,228,000 vs 6,740,000
 Reuter
3;
bodyend
documentend
documentstart
7735
topicstart
earn
topicend
bodystart
2;

SPI PHARMACEUTICALS INC 
<
SPIP> 1ST QTR OPER NET


    COSTA MESA, Calif., March 20 - 
Qtr ended Feb 28
    Oper shr 31 cts vs 14 cts
    Oper net 3,203,000 vs 1,357,000
    Revs 13.0 mln vs 15.6 mln
    Note: Oper data does not include year ago extraordinary
gain of 821,000 dlrs, or eight cts per shr.
 Reuter
3;
bodyend
documentend
documentstart
7736
topicstart
earn
topicend
bodystart
2;

GUARDIAN TRUSTCO SEES MODEST 1987 OUTLOOK


    MONTREAL, March 20 - 
<
Guardian Trustco Inc>, earlier
reporting a 198 pct increase in full year earnings per share,
said the outlook for 1987 is more modest.
    The company said it has started a number of long-term
growth projects which have a payback period exceeding one year.
Guardian Trustco did not give a specific earnings forecast.
    The company earlier reported 1986 net profit rose to
2,853,000 dlrs or 1.25 dlrs a share, from year-earlier
1,579,000 dlrs or 42 cts a share.
 Reuter
3;
bodyend
documentend
documentstart
7737
topicstart
acq
topicend
bodystart
2;

COGECO BUYS FM STATION, PLANS SHARE ISSUE


    MONTREAL, March 20 - 
<
Cogeco Inc> said it agreed to acquire
100 pct of Quebec City radio station CJMF-FM and will issue
subordinated voting shares of the company to cover a portion of
the purchase price.
    It said the purchase price and other terms of the
transaction have not been disclosed. The transaction is subject
to approval of the Canadian Radio-Television and
Telecommunications Commission.
 Reuter
3;
bodyend
documentend
documentstart
7738
topicstart
earn
topicend
bodystart
2;
******
NESTLE 1986 NET 1.79 BILLION SWISS FRANCS VS 1.75 BILLION, DIV UNCHANGED 145 FRANCS

Blah blah blah.
3;


bodyend
documentend
documentstart
7739
topicstart
earn
topicend
bodystart
2;

TEXAS INDUSTRIES INC 
<
TXI> 3RD QTR FEB 28 NET


    DALLAS, March 20 -
    
Shr loss 50 cts vs profit one ct
    Net loss 4,419,000 vs profit 276,000
    Sales 126.8 mln vs 151.3 mln
    Nine mths
    Shr loss 42 cts vs profit 1.27 dlrs
    Net loss 3,160,000 vs profit 11.2 mln
    Sales 429.9 mln vs 477.5 mln
    NOTE: Current year net includes tax credits of 2,164,000
dlrs in quarter and 328,000 dlrs in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
7741
topicstart
topicend
bodystart
2;

WESTCORP 
<
WCRP> UNIT OFFERS AUTO BONDS


    ORANGE, Calif., March 20 - 
Westcorp's Western Financial
Auto Loans 2 Inc said it has commenced an offering of 125 mln
dlrs of AAA-rated automobile receivable collateralized bonds.
    The bonds will be due March 1, 1990 and are priced at
99.9375 pct to yield 6.86 pct.
    This is the third such offering the company has made and
the second in the past four months.
 Reuter
3;
bodyend
documentend
documentstart
7742
topicstart
earn
crude
topicend
bodystart
2;

TALKING POINT/FIRST CITY BANCORPORATION 
<
FBT>


    By Julie Vorman, Reuters


    HOUSTON, March 20 - 
First City Bancorporation's sale of 54
mln dlrs in oil loans to Prudential-Bache should significantly
reduce its energy problems, but the bank's losses are still
virtually guaranteed to continue, analysts said.
    The package of energy loans was sold at book value, so
First City did not to show a gain or loss, said bank spokesman
James Day. He added it was possible First City would sell more
of the bank's remaining 1.4 billion dlrs in oil-related loans
to raise cash.
    The loans had been made by First City to oil producers and
to oilfield service and supply companies. Day said some had
already been classified as nonperforming, or charged off as a
loss, but he could not identify how many were included in those
categories.
    The loans were purchased by Prudential Bache's Energy
Growth Fund, a limited partnership created last month with 90
mln dlrs in funding to invest in oil and gas properties.
    First City, the big Texas bank hit hardest by the downturn
in oil prices, lost a record 402 mln dlrs in fiscal year 1986
and has said it is seeking a merger partner or some other
capital assistance. The Houston-based bank's nonperforming
assets totaled 897.1 mln dlrs at yearend, up from 563.1 mln
dlrs at the end of 1985
    Analysts have said no buyer is likely to be interested in
the troubled bank unless government assistance is available.
    "Their problems are not just limited to energy. They have a
substantial portfolio in real estate. This sale in and of
itself won't make the company look better to a potential
buyer," said Ray Archibold, a banking analyst with McCarthy,
Crisanti and Maffei Inc.
    "It does reduce the bank's exposure in energy loans and 54
mln dlrs is a substantial amount," Archibold said, "but the
deal represents only about four pct of their energy loans."
    Of First City's total loan portfolio of 9.9 mln dlrs, about
14 pct or 1.4 billion dlrs were made to energy producers or
suppliers, analysts said. Its record losses have been caused by
its past status as one of the nation's top lenders to oil and
gas producers and suppliers during the boom days of the late
1970s and early 1980s.
    First City said about half of the loans sold to Prudential
came from its Energy Finance Co., an entity formed in 1982 to
loan money to "more venturesome" oil borrowers that promised a
higher potential return. The other half of the loans were from
First City's lead bank in Houston.
    Chris Kotowski, an analyst with Oppenheimer and Co., said
the sale of the package of energy loans was the first
encouraging news from First City in months.
    "It's not going to solve all of First City's problems but
it's a good transaction for them. It may be possible for them
to sell additional loans," Kotowski said. "Prudential can fund
these things more cheaply than First City and there's an
incentive to invest in troubled energy companies right now as
values are depressed"
    In a statement, First City chairman J.A. Elkins said the
bank's strategy was to reduce the proportion of energy loans to
total loans. "This move, which we believe is the first
transaction of its kind, helps us further, and we were able to
make it without suffering a loss."
 Reuter
3;
bodyend
documentend
documentstart
7743
topicstart
earn
topicend
bodystart
2;
******
SUNSHINE MINING CO 4TH QTR SHR LOSS 64 CTS VS LOSS 57 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7744
topicstart
ipi
topicend
bodystart
2;
CORRECTION - ROME - ITALIAN JANUARY PRODUCTION
    In story headlined ITALIAN JANUARY INDUSTRIAL OUTPUT FALLS
3.4 PCT, in second paragraph please read,
    ... The fall follows ...
    (changing rise to fall)
 REUTER
3;


bodyend
documentend
documentstart
7746
topicstart
earn
topicend
bodystart
2;

GRACO INC 
<
GGG> VOTES QUARTERLY DIVIDEND


    MINNEAPOLIS, MINN., March 20 -
    
Qtly div 15 cts vs 15 cts prior qtr
    Pay 6 May
    Record 8 April
 Reuter
3;
bodyend
documentend
documentstart
7747
topicstart
acq
topicend
bodystart
2;

AUDIO/VIDEO 
<
AVA> SUES OVER CYCLOPS 
<
CYL> BID


    DAYTON, Ohio, March 20 - 
Audio/Video Affiliates Inc said it
has filed suit against 
<
Dixons Group PLC>, Cyclops Corp,
Alleghany Corp 
<
Y> and others in connection with Dixons'
recently completed tender offer in which it raised its
ownership of Cyclops to 56 pct.
    The company said the suit, filed in U.S. District Court for
the Southern District of Ohio, seeks a temporary restraining
order and preliminary injunction requiring Dixons, for 10
business days, to permit any Cyclops shareholder who previously
tendered and now wishes to withdraw to do so.
    The company said the order and injunction would also
prohibit Dixons from exercising a "lockup" option granted it by
Cyclops and prohibit Dixons for 10 business days from
attempting to exercise any control over Cyclops.
    Audio/Video said the suit also requests the court to order
Cyclops to immediately provide to all potential bidders for
Cyclops all information given to Dixons.
    Audio/Video and Citicorp 
<
CCI> have been tendering for all
Cyclops shares in a competing offer at 80.00 dlrs per share but
said it could raise its bid to 92.50 dlrs under certain
circumstances.  Dixons offered 90.25 dlrs in its tender.
    In February Alleghany agreed to buy Cyclops' steel and
nonresidential construction business for 111.6 mln dlrs in cash
and the assumption of liabilities.
 Reuter
3;
bodyend
documentend
documentstart
7748
topicstart
topicend
bodystart
2;

DATA GENERAL 
<
DGN> DEBT DOWNGRADED BY S/P


    NEW YORK, March 20 - 
Standard and Poor's Corp said it cut
to BBB-plus from A-minus Data General Corp's 184 mln dlrs of
senior debt.
    S and P cited expectations of continued profit pressure for
this maker of minicomputer products. The rating agency noted
that incoming orders remain lackluster and will probably
inhibit any significant rebound in profits this year from the
recent near breakeven levels.
    In the longer term, S and P said an adequate generation of
returns on capital would depend on Data General's successful
broadening of its customer base.
 Reuter
3;
bodyend
documentend
documentstart
7749
topicstart
acq
topicend
bodystart
2;

DIXONS SAYS SEC MOVING ON CYCLOPS 
<
CYL> TENDER


    NEW YORK, March 20 - 
<
Dixons Group PLC> said the 
Securities and Exchange Commission has authorized, but not
commenced, the filing of an action against it concerning its
waiver of a condition in its tender offer for Cyclops Corp.
    Dixons has offered to buy about 80 pct of Cyclops shares.
The SEC action deals with a waiver by Dixons of a condition in
the tender offer which was made without an appropriate
extension of the offer, Dixons said.
    Dixons also said it is currently discussing the matter with
the SEC. The SEC has a standing policy of never confirming
or denying investigations or upcoming legal action.
 Reuter
3;
bodyend
documentend
documentstart
7752
topicstart
earn
topicend
bodystart
2;

SUNSHINE MINING CO 
<
SSC> 4TH QTR LOSS


    DALLAS, March 20 -
    
Shr loss 64 cts vs loss 57 cts
    Net loss 34.9 mln vs loss 22.1 mln
    Revs 31.5 mln vs 60.2 mln
    Avg shrs 60.1 mln vs 45.2 mln
    Year
    Shr loss 2.27 dlrs vs loss 1.66 dlrs
    Net loss 103.2 mln vs loss 57.6 mln
    Revs 129.8 mln vs 169.5 mln
    Avg shrs 51.2 mln vs 38.1 mln
    NOTE: Per share results after preferred dividend
requirements of 3.3 mln dlrs vs 3.5 mln dlrs in quarter and
12.9 mln dlrs vs 5.7 mln dlrs in year
    1986 4th qtr loss includes accruals, writedowns and
non-recurring charges aggregating 13.9 mln dlrs including costs
anticipated in 1987 for the reopening of the Sunshine Mine and
a writedown of the capitalized costs at the Sixteen-to-One Mine
by 4.2 mln dlrs
    1986 year loss includes charges totaling 100 mln dlrs
 Reuter
3;
bodyend
documentend
documentstart
7755
topicstart
earn
topicend
bodystart
2;

SCAT HOVERCRAFT INC 
<
SCAT> YEAR LOSS


    MIAMI, March 20 -
    
Shr loss not given
    Net loss 1,300,000
    Sales 3,300,000
    NOTE: Company incorporated in June 1985.
    Fourth quarter loss 895,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7756
topicstart
topicend
bodystart
2;

HYPONEX 
<
HYPX> DEBT DOWNGRADED BY S/P


    NEW YORK, March 20 - 
Standard and Poor's Corp said it
downgraded to CCC-plus from B-minus Hyponex Corp's 30 mln dlrs
of subordinated debt.
    It assigned a CCC-plus rating to Hyponex's 150 mln dlrs of
senior subordinated debentures due 1999 that were priced
Wednesday for offering. The implied senior debt rating is B.
    S and P cited an increase in debt leverage to 86 pct of
capitalization from 56 pct. While the company's operating
record has been successful, S and P said the action also
reflected uncertainties and risks associated with management's
new business and investment strategies.
 Reuter
3;
bodyend
documentend
documentstart
7757
topicstart
earn
topicend
bodystart
2;

NESTLE SA 
<
NESZ.Z> YEAR 1986


    VEVEY, Switzerland, March 20 -
    
Div 145 Swiss francs per share and 29 francs per
participation certificate (unchanged)
    Net 1.79 billion vs 1.75 billion
    Shr 526 vs 515
    Turnover 38.05 billion vs 42.23 billion
    Addition to reserves 170 mln vs 95 mln.
 Reuter
3;
bodyend
documentend
documentstart
7761
topicstart
earn
topicend
bodystart
2;

SOUTHEAST BANKING CORP 
<
STB> SETS QUARTERLY


    MAIMI, March 20 -
    
Qtly div 22 cts vs 22 cts prior
    Pay April 10
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
7762
topicstart
earn
topicend
bodystart
2;

BALANCE COMPUTER CORP 3RD QTR JAN 31 LOSS


    BALTIMORE, March 20 -
    
Shr loss one ct vs profit five cts
    Net loss 34,496 vs profit 207,165
    Rev 102,691 vs 297,813
    Nine months
    Shr profit one ct vs profit five cts
    Net profit 69,018 vs profit 230,188
    Rev 641,823 vs 666,319
    NOTE: The company was delisted from the NASDAQ in November
1985. Third qtr 1986 net includes extraordinary credit of
76,400 dlrs, or four cts a share.
 Reuter
3;
bodyend
documentend
documentstart
7763
topicstart
earn
topicend
bodystart
2;

RECOMMENDATION REITERATED ON WANG LABS 
<
WANB>


    NEW YORK, MARCH 20 - 
Analyst Thomas McCrann of Merrill
Lynch said he reiterated a "buy" recommendation of Wang
Laboratories Inc, noting that a successful cost cutting
campaign could reduce the earnings loss expected for the third
quarter ending in March.
    Wang was the most actively traded stock on the American
Stock Exchange, rising 3/4 to 16-5/8.
    McCrann said that "Wang is a little bit ahead of where they
were expected to be in their cost reductions, and as a result,
the odds have increased that the loss for the quarter will be
less than had been expected."
    McCrann said he expects Wang to report break even earnings
per share or only a small loss per share for the third quarter.
    He said for the year, however, the company should report a
loss of about 50 cts a share compared with earnings of about 35
cts a share a year ago.
 Reuter
3;
bodyend
documentend
documentstart
7764
topicstart
money-fx
interest
topicend
bodystart
2;
******
FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7765
topicstart
acq
topicend
bodystart
2;

JAPAN, BRITAIN DISAGREE ON TELECOM MERGER


    TOKYO, March 20 - 
Cable and Wireless Plc 
<
CAWL.L> is
resisting attempts to merge two Japan-based telecommunications
firms in the hope that overseas political pressure will force a
change in those plans, a company executive said.
    Cable and Wireless, which holds a 20 pct stake in one of
the two Japanese firms, is opposed to plans to reduce its share
to three pct in the merged firm, director of corporate strategy
Jonathan Solomon told reporters.
    That plan, put forward by a senior member of the powerful
business organization Keidanren with the tacit backing of the
Post and Telecommunications Ministry, has caused a storm of
protest from abroad that Japan is seeking to exclude foreign
firms from a meaningful position in the market.
    Pacific Telesis Group 
<
PAC.N> of the United States also
holds a 20 pct stake in one of the newly formed consortia,

<
International Digital Communications Inc> (IDC).
    Solomon said that both British Prime Minister Margaret
Thatcher and U.S. Secretary of State George Schultz have
written to the Japanese government about the planned merger.
    A key U.S. Senate committee, Commerce Secretary Malcolm
Baldrige and Trade Representative Clayton Yeutter have also
expressed opposition to the merger, he said.
    The Post and Telecomunications Ministry reiterated again
that it sees no need for two competitors to 
<
Kokusai Denshin
Denwa Co Ltd>, which holds a monopoly on international calls
from Japan. The ministry has also suggested that foreign
shareholders not hold managerial positions in the new firm.
    In an attempt to hammer out an agreement, Solomon today met
Fumio Watanabe, the senior Keidanren officer trying to arrange
the merger. But the two sides remained deadlocked.
    At stake is C and W's 400 mln dlr project to lay fibre
optic cables between Japan and Alaska, to form part of its
global network.
    "C and W wants to start right away on the project, such as
application and other procedures," said Watanabe, who is also
chairman of 
<
Tokio Marine and Fire Insurance Inc>. The Japanese
side is saying that the decision on such a plan should be left
with the new firm, after the merger.
    "These decisions (on the merger) were made in consideration
of Japan's economic conditions and legal systems. I told him we
are not a colony or something," said Watanabe.
 Reuter
3;
bodyend
documentend
documentstart
7766
topicstart
earn
topicend
bodystart
2;

WINTHROP INSURED MORTGAGE II 
<
WMI> SETS PAYOUT


    BOSTON, March 20 -
    
Qtly div 35 cts vs 35 cts prior
    Pay April 15
    Record March 31
    NOTE: Winthrop Insured Mortgage Investors II.
 Reuter
3;
bodyend
documentend
documentstart
7767
topicstart
money-supply
topicend
bodystart
2;

GERMAN MONEY SUPPLY GROWTH SLOWS IN FEBRUARY


    FRANKFURT, March 20 - 
West Germany's money supply growth
slowed in February after January's sharp rise but the trend is
still definitely upward, the Bundesbank said in a statement.
    Growth in the traditionally broad M3 aggregate was only
moderate in February. While cash in circulation, deposits with
statutory withdrawal notice and sight deposits grew sharply,
short-term time deposits fell after expanding unusually
strongly in January.
    In the six months to February, M3, which excludes holdings
of German non-banks abroad, grew at a seasonally adjusted
annual rate of 8.5 pct after 9.8 in the six months to January.
    Compared with February 1986, M3 rose 7-1/2 pct.
    In the six months to February, M2, which excludes time
deposits with statutory withdrawal notice, rose at a seasonally
adjusted annual rate of 8.8 pct and M1, which consists of cash
and sight deposits, rose seven pct.
    International transactions of non-banks again led to a
significant inflow of funds, the Bundesbank said.
    Net claims of commercial banks and the Bundesbank against
foreigners, refecting these foreign payments, increased by 9.1
billion marks in February, little changed from January's rise.
    But in contrast to January, the dampening effect of the
inflow on domestic credit demand outweighed the expansionary
effect on money growth, the Bundesbank said.
    Outstanding bank credits to companies and private
individuals remained virtually unchanged in February.
    A sharp drop in short-term company credits, which reflected
the foreign funds inflow, was balanced by a moderate rise in
long-term credits and a sharp rise in credits for securities.
    At the end of February total bank credits to the private
sector were 4-1/2 pct above the February 1986 level.
    The effect of public authority cash movements on the money
supply was slightly expansive, the Bundesbank said.
    Although banks acquired large amounts of public authority
paper, public authorities drew down book credits at commercial
banks and the Bundesbank.
    Capital formation strengthened in February and slowed money
supply growth to a larger extent than in January.
    A total of 7.7 billion marks in long-term funds was placed
with banks after 6.6 billion the previous month.
 REUTER
3;
bodyend
documentend
documentstart
7768
topicstart
earn
topicend
bodystart
2;

ENTEX ENERGY DEVELOPMENT LTD 
<
EED> SETS PAYOUT


    HOUSTON, March 20 -
    
Qtly div 15 cts vs 15 cts prior
    Pay May 29
    Record March 31
                                                    
 Reuter
3;
bodyend
documentend
documentstart
7769
topicstart
money-fx
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 20 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-1/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
7770
topicstart
topicend
bodystart
2;

DUFF/PHELPS LOWERS DELMARVA POWER AND LIGHT
<
DEW>


    CHICAGO, March 20 - 
Duff and Phelps said it lowered its
rating on Delmarva Power and Light Co first mortgage bonds to
DP-3 (middle AA) from DP-2 (high AA) and on preferred stock to
DP-4 (low AA) from DP-3, affecting approximately 646 mln dlrs
in debt securities.
    The rating change reflects expectations of lower fixed
charge coverages and lower internal funding over the next
several years, Duff and Phelps said.
    An interim cut in electric rates in Delaware and Maryland
to reflect a lower allowed return on equity was made in the
second half of 1986. A final decision is expected in April.
 Reuter
3;
bodyend
documentend
documentstart
7771
topicstart
trade
topicend
bodystart
2;

 EC SAYS U.S. BROKE TRADE RULES IN AKZO-DUPONT ROW


    BRUSSELS, March 20 - 
The European Community Commission has
charged the United States with breaking international trade
rules by excluding Dutch-made fibres from the U.S. Market and
said it would take the issue to the world trade body GATT.
    In the latest of a series of trade disputes with
Washington, the executive authority alleged that a section of
the U.S. Tariff Act was incompatible with the GATT (General
Agreement on Tariffs and Trade) because it discriminated
against imported products in favour of domestically-produced
goods.
    The Commission said it would ask Geneva-based GATT to rule
on whether the section in question, which officials said had
proved a barrier to many EC exporters, conformed to its rules.
    Commission officials did not rule out retaliatory measures
if, after a GATT decision against it, Washington failed to
bring the disputed section into line with international rules.
    The executive's decision to go to GATT follows a complaint
to it by the Dutch company Akzo 
<
AKZO.AS>, whose "aramid"
synthetic fibres have been banned from the U.S. Market because
of charges by the U.S. Firm 
<
Dupont> that the fibres violate
the American company's patents.
    Akzo alleged that the ban, imposed by the U.S.
International Trade Commission (ITC), was discriminatory and
incompatible with GATT provisions.
    The dispute centres on the fact that section 337 of the
U.S. Tariff Act gives the ITC jurisdiction  over imported
products. The EC Commission charged that EC producers did not
have the same possibilities for defending themselves before the
ITC as they would have in a normal U.S. Court.
    "Consequently the procedure followed...Is less favourable
than that which takes places in normal courts of law for goods
produced in the United States," it said in a statement.
 Reuter
3;
bodyend
documentend
documentstart
7772
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES STANDARD CHARTERED PLC, AFFECTS 1.6 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
7773
topicstart
acq
topicend
bodystart
2;
******
U.S. AGENCY TO ALLOW U.S. AIR TO BUY 51 PCT OF PIEDMONT PENDING FINAL OKAY OF MERGER

Blah blah blah.
3;


bodyend
documentend
documentstart
7774
topicstart
earn
topicend
bodystart
2;

FINAL TEST INC 
<
FNLT> 4TH QTR LOSS


    DALLAS, March 20 -
    
Shr loss six cts vs loss 88 cts
    Net loss 128,141 vs loss 1,298,377
    Sales 1,332,218 vs 385,146
    Year
    Shr profit six cts vs loss 1.47 dlrs
    Net profit 120,571 vs loss 2,171,011
    Sales 4,617,034 vs 2,959,141
 Reuter
3;
bodyend
documentend
documentstart
7775
topicstart
silver
copper
lead
zinc
gold
strategic-metal
topicend
bodystart
2;

HOUSTON METALS' MINE YIELDS POSITIVE RESULTS


    VANCOUVER, March 20 - 
<
Houston Metals Corp> said the
the first phase of the underground rehabilitation, extensive
drilling and bulk sampling program at its Silver Queen Mine has
yielded positive results.
    Houston said representative assays from the 2,750 ft and
2,600 ft levels at the south end of the mine established ore
deposits in the following ranges: copper, 3.7 pct to 5.08 pct,
lead .99 pct to 1.5 pct, zinc six pct to 9.6 pct, silver 15.63
pct to 79.92 oz per ton, gold .062 to .19 oz per ton, germanium
93 to 103 grams per ton, gallium five to 18 grams per ton.
    In addition, Houston Metals said the weighted average of 25
diamond-drilled holes 375 ft below the 2,600 foot level and 800
ft along the strike assayed gold at .237 oz per ton, silver at
10.91 oz per ton and zinc at 8.99 pct.
    An apparent parallel vein structure at the 2,600 ft level
returned similar values, the company said.
    It added that preliminary metallurgical tests from
representative bulk ore samples indicate the commercial
feasability of producing a zinc and a copper-lead concentrate.
    Houston Metals said gold, silver and the base metals have
recoveries of 90 pct to 95 pct, with 95 pct of gold recovered
from better gold ores, while gallium, germanium and indium have
recoveries of between 66 pct to 82 pct and are included in the
zinc concentrate.
    The company's 1987 program of diamond drilling, underground
drifting and metallurgical evaluation is scheduled to start on
April.
    Houston Metals said it has a 60 pct interest in the Silver
Queen mines.
    It added that funds for the program have been provided by
First Exploration Fund, a Canadian limited partnership
sponsored by Merrill Lynch Canada Inc and Dominion Securities
Inc.
 Reuter
3;
bodyend
documentend
documentstart
7776
topicstart
earn
topicend
bodystart
2;

MICHIGAN NATIONAL CORP 
<
MNCO> VOTES DIVIDEND


    FARMINGTON HILLS, MICH., March 20 -
    
Qtly div 30 cts vs 30 cts prior qtr
    Pay 15 April
    Record 1 April
 Reuter
3;
bodyend
documentend
documentstart
7782
topicstart
earn
topicend
bodystart
2;

AUTOCLAVE ENGINEERS INC 
<
ACLV> QTLY DIVIDEND


    ERIE, Pa., March 20 - 
    
Qtly div four cts vs four cts prior
    Pay April 15
    Record March 31
.
 Reuter
3;
bodyend
documentend
documentstart
7784
topicstart
acq
topicend
bodystart
2;
*****
WASTE MANAGEMENT AMENDS CHEMLAWN OFFER, RAISING IT TO 35 DLRS A SHARE FROM 33 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7785
topicstart
acq
topicend
bodystart
2;
******
AMERICAN MOTORS SAID DIRECTORS TOOK NO ACTION ON CHRYSLER PROPOSAL, POSTPONES ANNUAL MEETING

Blah blah blah.
3;


bodyend
documentend
documentstart
7787
topicstart
topicend
bodystart
2;

MOODY'S DOWNGRADES STANDARD CHARTERED 
<
STCH>


    NEW YORK, March 20 - 
Moody's Investors Service Inc said it
downgraded 1.6 billion dlrs of debt of Standard Chartered PLC
and its units, Standard Chartered Bank and Union Bancorp.
    Moody's cited concerns over the asset quality of Standard
Chartered Bank.
    Cut were the parent's junior subordinated debt to A-3 from
A-2 and Standard Chartered Bank's long-term deposit rating to
Aa-3 from Aa-2. Moody's lowered Union Bancorp's senior debt and
preferred stock to A-1 from Aa-3, subordinated debt to A-2 from
A-1 and long-term deposits to A-1 from Aa-3. Union's commercial
paper and short-term deposits were unchanged.
    Also left unchanged were Standard Chartered Bank's ratings
for short-term deposits.
    Although Moody's cited Standard Chartered Bank's
long-standing position in a number of regional markets and
improved risk control procedures, it pointed out that the bank
still lacks the stabilizing effect of a more significant
presence in the U.K. market.
    The rating agency reiterated that it is concerned about the
relative levels of risk in the bank's widely dispersed asset
portfolio.
 Reuter
3;
bodyend
documentend
documentstart
7789
topicstart
acq
topicend
bodystart
2;

WASTE MANAGEMENT
<
WMX> HIKES CHEMLAWN 
<
CHEM> BID


    OAK BROOK, ILL., March 20 - 
Waste Management Inc said it
amended its offer to buy the outstanding shares of ChemLawn
Corp to 35 dlrs a share.
    On Thursday the company said it was prepared to bid 33 dlrs
a share, up from its original 27 dlrs a share offer.
    As a result of the price increase, made through Waste
Management's wholly owned subsidiary, WMX Acquisition Corp, the
offer has been extended and the withdrawal rights will not
expire at midnight EDT April Two, unless further extended.
    Waste Management also said it amended its offer to provide
that the tender offer price will not be reduced by ChemLawn's
10 cts a share dividend payable to holders of record April 1,
1987.
 Reuter
3;
bodyend
documentend
documentstart
7790
topicstart
earn
topicend
bodystart
2;

ENTEX ENERGY DEVELOPMENT LTD 
<
EED> YEAR LOSS


    HOUSTON, March 20 - 
    
Unit loss 4.36 dlrs vs loss 4.27 dlrs
    Net loss 37.4 mln vs 32.9 mln
    Revs 19.3 mln vs 30.3 mln
    Avg units 8,413,000 vs 7,557,000
    Note: Net includes writedown of oil and gas properties of
21.0 ln dlrs vs 16.5 mln dlrs and writedown of geothermal
property of 10.4 mln dlrs vs 10.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7791
topicstart
acq
topicend
bodystart
2;

U.S. SAYS USAIR 
<
U> MAY BUY 51 PCT OF PIEDMONT


    WASHINGTON, March 20 - 
The Department of Transportation
said it will allow USAIR Group to acquire up to 51 pct of
Piedmont Aviation 
<
PIE> voting stocks pending final approval of
the proposed merger of the two airlines.
    The agency said the stock would have to be held in a voting
trust controlled by an independent trustee.
    An agency spokesman said that if USAIR, which has proposed
to buy all of Piedmont shares, controls more than 51 pct of the
firm's outstanding stock, it will have one week to sell those
excess shares.
    USAIR asked the Department of Transporation earlier this
month to approve a voting trust.
    An agency spokesman said this is a device that airlines use
to get majority control of a company it is trying to acquire
while their application before the government is pending
approval.
    The spokesman said the firm had asked the transporation
agency permission to buy all of Piedmont's voting stock, the
but agency decided to give approval for 51 pct of shares.
    The spokesman said agency action on the proposed merger
application could take as long as six months.
 Reuter
3;
bodyend
documentend
documentstart
7792
topicstart
grain
corn
ship
topicend
bodystart
2;

USDA NOT PLANNING ANY MAJOR PRICING CHANGES


    WASHINGTON, March 20 - 
The Agriculture Department is not
considering any major changes in its pricing system for posted
county prices, an Agriculture Department offical said.
    "We do not have current plans to make any major adjustments
or changes in our pricing," said Bob Sindt, USDA assistant
deputy administrator for commodity operations.
    U.S. grain traders and merchandisers said earlier this week
USDA might act soon to reduce the cash corn price premium at
the Gulf versus interior price levels by dropping ASCS posted
prices to encourage interior PIK and roll movement.
    But Sindt denied USDA is planning any such changes.
    "If people are suggesting that we are going to make
wholesale changes in pricing, we are not considering this," he
said.
    Sindt, however, did not rule out the possiblity of
implementing more minor changes in its pricing system.
    "We are continually monitoring the whole nationwide
structure to maintain its accuracy," he said. "If we become
convinced that we need to make a change, then appropriate
adjustments will be made."
    Sindt acknowledged that concern has been voiced that USDA's
price differentials between the New Orleans Gulf and interior
markets are not accurate because of higher than normal barge
freight rates.
    He said commodity operations deputy administrator Ralph
Klopfenstein is currently in the midwest on a speaking tour and
will meet with ASCS oficials in Kansas City next week.
    Sindt said a number of issues will be discussed at that
meeting, including the current concern over the gulf corn
premiums.
    He defended the USDA differentials, saying that these price
margins reflect an average of prices throughout the year and
that seasonal factors will normally cause prices to increase or
decrease.
    The USDA official also said that only those counties that
use the Gulf to price grain are being currently affected by the
high barge freight tariffs and increased gulf prices.
    When asked if the USDA emergency storage program which
allows grain to be stored in barges was taking up barge space
and accounting for the higher freight rates, Sindt discounted
the idea.
    He said USDA has grain left in only about 250 barges and
that, under provisions of the program, these all have to be
emptied by the end of March.
 Reuter
3;
bodyend
documentend
documentstart
7795
topicstart
acq
topicend
bodystart
2;
******
AFFILIATED PUBLICATIONS TO BUY BILLBOARD PUBLICATIONS  FOR 100 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7796
topicstart
acq
topicend
bodystart
2;

AMC 
<
AMO> TAKES NO ACTION ON CHRYSLER 
<
C> BID


    CHICAGO, March 20 - 
American Motors Corp said its directors
reviewed a Chrysler Corp merger proposal but took no action on
it.
    The company said its directors met in New York today at a
regularly scheduled meeting. The board's review is continuing
with the company's independent legal and financial advisers,
American Motors said in a statement issued from New York.
    American Motors' board voted to postpone its annual
shareholders meeting scheduled for April 29 in Southfield,
Michigan.
    The next regularly scheduled meeting of American Motors
board will be April 29, although it is expected that directors
will meet again prior to that date, according to the statement.
    Early last week, Chrysler said it agreed to buy the 46.1
pct interest owned by Regie Nationale des Usines Renault in
American Motors and acquire the balance of American Motors in a
transaction valued at 1.11 billion dlrs.
    Later that week, AMC said it had retained financial and
legal advisers and expected to meet periodiocally over the next
several weeks to consider the proposal.
 Reuter
3;
bodyend
documentend
documentstart
7797
topicstart
earn
topicend
bodystart
2;

NESTLE SEEKING AUTHORISATION FOR CERTIFICATE ISSUE


    VEVEY, Switzerland, March 20 - 
Nestle SA 
<
NESZ.Z> said it
would seek shareholder approval to issue participation
certificates up to 20 pct of share capital, instead of the
current limit of 10 pct.
    It said it wanted this authorisation in view of future
certificate issues. Nestle's nominal capital amounts to 330 mln
Swiss francs.
    Nestle reported net profits of 1.79 billion francs for
1986, up 2.2 pct from 1985, while turnover fell 9.9 pct to
38.05 billion as the Swiss franc strengthened against other
currencies.
    The parent company's net profit rose to 666.6 mln francs
from 592.9 mln in 1985, and the company planned an unchanged
dividend of 145 francs per share and 29 francs per certificate
after placing 170 mln francs in reserves, against 95 mln last
year.
    The payout represented 27.6 pct of group net profit,
against 28.2 pct last year.
    Nestle said it had also invited Fritz Leutwiler, former
president of the Swiss National Bank and currently chairman of
BBC AG Brown Boveri und Cie 
<
BBCZ.Z>, to join the Nestle board.
 Reuter
3;
bodyend
documentend
documentstart
7799
topicstart
topicend
bodystart
2;

THERMO ELECTRON 
<
TMO> TO SELL CONVERTIBLE DEBT


    NEW YORK, March 20 - 
Thermo Electron Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 75 mln dlr issue of convertible
subordinated debentures due 2012.
    Proceeds will be used principally for acquisitions of
companies that complement or expand Thermo's existing line of
business and for general corporate purposes, it said.
    The company said the offering will be sold through Shearson
Lehman Brothers Inc, Drexel Burnham Lambert Inc and Tucker,
Anthony and R.L. Day Inc. They have an over-allotment option to
purchase an additional 11.25 mln dlrs of the debt.
 Reuter
3;
bodyend
documentend
documentstart
7802
topicstart
trade
topicend
bodystart
2;

GATT TO DEBATE U.S. CHARGES OF AIRBUS SUBSIDIES


    GENEVA, March 20 - 
The U.S. Will pursue its complaint that
European governments unfairly subsidise the Airbus Industrie
aircraft consortium in proceedings at the GATT civil aircraft
committee, a GATT spokesman said today.
    The U.S. Presented its case for the first time to the
aircraft committee of the General Agreement on Tariffs and
Trade (GATT) during a special two-day session ending today.
GATT rules cover some 80 pct of world commerce.
    The 20-member committee agreed to open debate on the U.S.
Complaint, starting with informal consultations and then
holding a special session in July, trade officials said.
    "The tension has eased," the permanent trade ambassador of
the 12-member European Community Tran Van Thinh told reporters.
"The U.S. Has decided to go through proper channels."
    U.S. Trade officials again made clear their anger over what
they call unfair government support for Airbus, voiced during a
visit to European capitals in February.
    In a letter calling for the special committee meeting,
Washington charged France, West Germany, the U.K., Spain and
the EC Commission with unfair practices on behalf of Airbus.
    The U.S. Charges that the Europeans are violating rules
laid down in the 1979 Agreement on Trade in Civil Aircraft.
    Washington presented its reading of rules on inducement to
purchase aircraft and support for development of airlines
during the special session and asked the committee to confirm
its view.
    Official sources in the delegations said the U.S. Views
would be considered during the informal consultations but the
Europeans would also be free to bring up any complaints against
American civil aircraft practices.
    Some delegates said the U.S. Position appeared to give such
broad interpretation to the rules as to suggest that the civil
aircraft accord needed re-negotiating. All these matters would
be considered during the informal meetings.
 Reuter
3;
bodyend
documentend
documentstart
7804
topicstart
trade
money-fx
topicend
bodystart
2;

LEADING ECONOMISTS CALL FOR MORE GROWTH ABROAD


    WASHINGTON, March 20 - 
A panel of four leading economists
told a congressional hearing today that foreign economies will
need to expand to avoid recession as the U.S. trade deficit
declines.
    C. Fred Bergsten, a former senior Treasury Department
official, and Robert Solomon of the Brookings Institution told
the Senate Foreign Relations Committee, the major exporting
countries risk recession if they do not expand because U.S.
demand for imports is expected to fall.
    "They need to beef up domestic demand as their trade
surplus falls," or unemployment will keep growing, Bergsten
said.
    Bergsten predicted the U.S. trade deficit, which hit 169
billion dlrs last year, will fall 30-40 billion dlrs a year for
the next two years as a result of the dollar's 35-40 pct
decline since September 1985.
    The government should intervene to push the dollar down
further if the previous declines do not lead to an improvement
in the trade picture, if the U.S. budget deficit is not reduced
and if foreign expansion does not occur, he added.
    Solomon said the dollar must fall further to compensate for
the huge interest payments required on U.S. foreign debt. The
Paris agreement between the major industrialized countries
provided only for a pause in its decline, he said.
    Rimmer de Vries, senior vice president of Morgan Guaranty
Trust Co., said the U.S. trade deficit problem is a problem of
lagging growth in industrial economies, prolonged currency
misalignment, debt problems of the developing countries, and
unbalanced growth in the Asian industrializing countries.
    John Makin of the American Enterprise Institute, suggested
foreign tax cuts to increase demand and pick up the slack from
the U.S. trade deficit fall.
 Reuter
3;
bodyend
documentend
documentstart
7805
topicstart
earn
topicend
bodystart
2;
******
MONFORT OF COLORADO INC 2ND QTR SHR 1.03 DLRS VS 1.34 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7807
topicstart
money-supply
topicend
bodystart
2;
******
CANADIAN MONEY SUPPLY M-1 FALLS 1.16 BILLION DLRS IN WEEK, BANK OF CANADA SAID               

Blah blah blah.
3;


bodyend
documentend
documentstart
7809
topicstart
lead
topicend
bodystart
2;

NO FORCE MAJEURE ON LEAD FROM CAPPER PASS


    LONDON, March 20 - 
U.K. Smelter Capper Pass denied rumours
that the company had declared, or was about to declare, force
majeure on lead deliveries.
    This followed trader talk on the London Metal Exchange,
LME, after broker bids were made at increased premiums for
Capper Pass brand material.
    Traders said some slight production problems seem to exist
but are unlikely to have any impact on the market. Lead values
on the LME today were unchanged around 299 stg per tonne for
three months delivery after thin business in a one stg range.
 Reuter
3;
bodyend
documentend
documentstart
7810
topicstart
acq
topicend
bodystart
2;

AFFILIATED PUBLICATIONS 
<
AFP> TO BUY BILLBOARD


    BOSTON, March 20 - 
Affiliated Publications Inc said it
agreed to acquire all the outstanding stock of 
<
Billboard
Publications Inc> for 100 mln dlrs in cash from a shareholder
group led by 
<
Boston Ventures Limited Partnership.>
    Affiliated, which owns the company that publishes the
Boston Globe, said the acquisition will give it a strong
position in the growing market for specialty magazines.
    Under a separate agreement, Affiliated said that certain
members of Billboard's management plan to buy up to 10 pct of
the equity in Billboard following Affiliated's acquisition of
the company.
    Billboard publishes eight specialty magazines, including
Billboard magazine, and 15 annual directories. It also
publishes and distributes speciality books under four imprints
and operates two book clubs.
    Affiliated is the parent company of Globe Newspaper Co,
publisher of the Boston Globe. It also has interests in
cellular telephone and paging services providers.
 Reuter
3;
bodyend
documentend
documentstart
7811
topicstart
topicend
bodystart
2;

UNIQUE EXPORT FINANCING BEING ARRANGED FOR MEXICO


    By Marguerite Nugent, Reuters


    LONDON, March 20 - 
A single purpose company, 
<
Italfunding
Ltd>, has been created for the purpose of obtaining funds on
the international capital markets to refinance 44.3 mln dlrs of
Mexico's official debt to Italy at very attractive rates,
Morgan Grenfell and Co Ltd said as lead manager and arranger.
    The transaction will be accomplished by Italfunding
obtaining a 44.3 mln dlr euronote facility in the market and
then using the proceeds to provide a loan for the same amount
to Mexico. The loan will be 100 pct guaranteed by SACE, the
official Italian export credit agency.
    Morgan Grenfell has used special purpose vehicles in the
past to help refinance export credits for other indebted
countries, such as Brazil and Ecuador.
    The Brazil financing, for example, involved the use of a
floating rate note. This transaction makes use of another
sector of the capital markets -- that for short-term note
facilities -- to finance a medium term credit.
    The financing is being arranged in connection with a
bilateral agreement between Mexico and SACE earlier this year
to refinance Mexico's official debt to Italy.
    The bilateral accord followed a multilateral rescheduling
agreement reached last September of Mexico's official debt to
the Paris Club of western creditor governments.
    The Paris Club accord, in turn, was part of a broad-based
rescheduling package covering 77 billion dlrs of Mexico's
foreign debt.
    That package -- heralded as the first to incorporate all
aspects of U.S. Treasury Secretary James Baker's plan to aid
indebted countries -- included a 7.7 billion dlr loan, which
was signed today in New York.
     The new financing for
Italfunding, being syndicated among about five major
international banks, will be a fully underwritten, revolving
facility with an average life of seven years and the facility
will fund the loan.
    All Paris Club agreements contain a generally accepted
outline for a rescheduling, but the specific terms must then be
negotiated on a bilateral basis.
    Banking sources noted that the use of a special-purpose
vehicle will provide Mexico with particularly attractive
financing at a rate of about 1/4 to 1/2 pct over the London
Interbank Offered Rate (Libor).
    The cost of the new financing compares with a spread of
13/16 pct on the loans in the new commercial bank package.
    This is because the intermediary providing the funds, in
this case Italfunding, can obtain its funds relatively cheaply
on the international markets. At the same time, the deal
benefits the banks, which will still get a reasonable return on
the note facility, which is pure Italian risk.
    The bankers noted that if the financing had been arranged
in Italy, the cost to Mexico and the Italian banks would have
been higher since the Italian banks would use a different
source of funding.
 REUTER
3;
bodyend
documentend
documentstart
7812
topicstart
topicend
bodystart
2;

D AND P LIFTS GENERAL PUBLIC UTILITIES
<
GPU> UNIT


    CHICAGO, March 20 - 
Duff and Phelps today raised the
ratings on General Public Utilities' Pennsylvania Electric Co.
subsidiary fixed income securities.
    First mortgage bonds and collateralized pollution control
revenue bonds have been raised to D
&
P-6 (middle A) from D
&
P-7
(low A), debentures raised to D
&
P-7 from D
&
P-8 (high BBB), and
preferred stock raised to D
&
P-8 from D
&
P-9 (middle BBB).
    About 766 mln dlrs of debt is affected.
    The upgrade reflects general improvement in the company's
financial condition, Duff and Phelps said, citing the partial 
restoration of service, and rates, to Three Mile Island.
 Reuter
3;
bodyend
documentend
documentstart
7813
topicstart
acq
topicend
bodystart
2;

FIRM HAS ALLEGHENY INT'L 
<
AG> PREFERRED STAKE


    WASHINGTON, March 20 - 
Spear, Leeds and Kellogg, a New York
brokerage partnership, said it has acquired 136,300 shares of
Allegheny International Inc's 11.25 dlr convertible preferred
stock, or 7.1 pct of the total outstanding.
    In a filing with the Securities and Exchange Commission,
Spear Leeds said it bought the stake for 11.7 mln dlrs as part
of its normal trading activities.
 Reuter
3;
bodyend
documentend
documentstart
7814
topicstart
acq
topicend
bodystart
2;

WTD INDUSTRIES 
<
WTDI> SAWMILL OFFER REJECTED


    PORTLAND, Ore., March 20 - 
WTD Industries Inc said its
offer to buy the bankrupt Harris Pine sawmill in Pendleton,
Oregon was rejected by the bankruptcy court trustee.
    The company said the bid was rjected in favor of a higher
offer.
 Reuter
3;
bodyend
documentend
documentstart
7816
topicstart
acq
topicend
bodystart
2;

CELINA 
<
CELNA> SHAREHOLDERS APPROVE SALE


    CELINA, OHIO, March 20 - 
Celina Financial Corp said
shareholders at a special meeting approved a transaction in
which the company transferred its interest in three insurance
companies to a wholly owned subsidiary which then sold the
three companies to an affiliated subsidiary.
    It said the company's interests in West Virginia Fire and
Casualty Co, Congregation Insurance co and National Term Life
Insurance Co had been transferred to First National Indemnity
Co, which sold the three to Celina Mutual for cash, an office
building and related real estate.
 Reuter
3;
bodyend
documentend
documentstart
7817
topicstart
acq
topicend
bodystart
2;

GROUP HAS 5.1 PCT OF UNICORP AMERICAN 
<
UAC>


    WASHINGTON, March 20 - 
Two affiliated New York investment
firms and an investment advisor told the Securities and
Exchange Commission they have acquired 555,057 shares of
Unicorp American Corp, or 5.1 pct of the total outstanding.
    The group, which includes Mutual Shares Corp, said it
bought the stake for 5.3 mln dlrs for investment purposes and
has no intention of seeking control of Unicorp American.
 Reuter
3;
bodyend
documentend
documentstart
7818
topicstart
money-supply
topicend
bodystart
2;

CANADIAN MONEY SUPPLY FALLS IN WEEK


    OTTAWA, March 20 - 
Canadian narrowly-defined money supply
M-1 fell 1.16 billion dlrs to 32.94 billion dlrs in week ended
March 11, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, fell 1.31 billion dlrs to 75.39 billion
dlrs and M-2, which is M-1-A plus other notice and personal
fixed-term deposit fell 1.01 billion dlrs to 177.70 billion
dlrs.
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, fell 1.29 billion dlrs to 216.33 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7819
topicstart
acq
topicend
bodystart
2;
******
REVLON BUYS GERMAINE MONTEIL COSMETICS FROM BEECHAM GROUP FOR UNDISCLOSED TERMS

Blah blah blah.
3;


bodyend
documentend
documentstart
7820
topicstart
acq
topicend
bodystart
2;

REVLON 
<
REV> BUYS BEECHAM'S COMSMETICS UNIT


    NEW YORK, March 20 - 
Revlon Group Inc said it bought
Germaine Monteil's cosmetics business in the U.S. from the
Beecham Group PLC.
    Terms of the sale were not disclosed.
    The sale includes the rights to Germaine Monteil in North
and South America and in the Far East, as well as the worldwide
rights to the Diane von Furstenberg cosmetics and fragrances
lines and the U.S. distribution rights to Lancaster beauty
products.
    Meanwhile in London a statement from Beecham said the
business was sold to Revlon for 2.5 mln dlrs in cash and a
royalty payment.
 Reuter
3;
bodyend
documentend
documentstart
7821
topicstart
earn
topicend
bodystart
2;

MONFORT OF COLORADO INC 
<
MNFT> 2ND QTR NET


    GREELEY, Colo., March 20 - 
Qtr ended Feb 28
    Shr 1.03 dlrs vs 1.34 dlrs
    Net 4,385,000 vs 5,792,000
    Revs 474.4 mln vs 381.4 mln
    Six mths
    Shr 2.46 dlrs vs 2.71 dlrs
    Net 10.5 mln vs 11.7 mln
    Revs 906.0 mln vs 757.6 mln
 Reuter
3;
bodyend
documentend
documentstart
7823
topicstart
gold
topicend
bodystart
2;

GEODOME RESOURCES 
<
GOEDF> TO PROCEED WITH MINE


    HAILEY, Idaho, Calif., March 20 - 
Geodome Resources Ltd
said based on a feasibility study of its Sunbeam Mine it will
proceed with contruction and pre-production stripping as
rapidly as possible.
    The company said eight of nine holes drilled on the new ore
zone have an average grade of 0.046 ounces of gold per ton and
2.1 ounces of silver per ton.
    The deposit is 400 to 500 yards from the newly designed
Sunbeam pits, has large tonnage and will be drilled off this
summer, the company said.
    The study said ore reserves including dillution were
3,302,000 tons at 0.77 ounces of gold per ton at a cut off
grade of 0.026 ounces per ton and stripping ratio of 4.24 to
one.
    It said gold production will average 41,000 ounces per year
for the mine life and 99,000 ounces of silver per year.
    It said gold production in the first three years should
average 50,000 ounces per year.
    Operating costs are expected to average 201 dlrs per ounce
of gold for the mine life and 171 dlrs per ounce in the first
three years.
 Reuter
3;
bodyend
documentend
documentstart
7824
topicstart
acq
topicend
bodystart
2;

MARK IV CORRECTS AGREEMENT WITH BAIRD 
<
BATM>


    WASHINGTON, March 20 - 
Mark IV Industries Inc 
<
IV>, which
has said it may consider a bid to seek control of Baird Corp,
said Baird has not agreed to hold off on any defensive measures
without giving Mark IV at least 24 hours notice.
    In a filing with the Securities and Exchange Commission,
Mark IV corrected a statement it made yesterday in another SEC
filing in which it listed several agreements reached with
Baird, including that Baird would not take any anti-takeover
steps without providing at least 24 hours notice.
    Mark IV said it was later told by Baird that Baird had
given no such assurance.
 Reuter
3;
bodyend
documentend
documentstart
7825
topicstart
acq
topicend
bodystart
2;

GENERALE DE BANQUE, HELLER BUY FACTORING UNIT


    BRUSSELS, March 20 - 
Generale de Banque SA 
<
GENB.BR> and

<
Heller Overseas Corp> of Chicago have each taken 50 pct stakes
in factoring company SA Belgo-Factors, Generale de Banque said
in a statement.
    It gave no financial details of the transaction. SA
Belgo-Factors' turnover in 1986 was 17.5 billion Belgian
francs.
 Reuter
3;
bodyend
documentend
documentstart
7826
topicstart
earn
topicend
bodystart
2;

<
OSHAWA GROUP LTD> 4TH QTR NET


    Toronto, March 20 -
    
Shr 52 cts vs 51 cts
    Net 16.5 mln vs 16.2 mln
    Revs 870.2 mln vs 800.7 mln
    Year
    Shr 1.48 dlrs vs 1.29 dlrs
    Net 47.3 mln vs 41.0 mln
    Revs 3.53 billion vs 3.10 billion
    Avg shrs 31,867,658 vs 31,831,050
 Reuter
3;
bodyend
documentend
documentstart
7827
topicstart
topicend
bodystart
2;

HARLEY-DAVIDSON 
<
HDI> UNIT FILES NOTE OFFERING


    WAKARUSA, IND., March 20 - 
Harley-Davidson Inc said its
wholly owned subsidiary, Holiday Rambler Corp, filed a
registration statement covering 70 mln dlrs of subordinated
notes due 1997.
    Holiday-Rambler, which manufactures recreational vehicles,
was acquired by Harley-Davidson in December 1986.
    Proceeds of the offering will be used to repay 60 mln dlrs
of debt, with the balance to reduce any outstanding borrowings
under the company's revolving credit loan agreement and for
working capital purposes.
 Reuter
3;
bodyend
documentend
documentstart
7828
topicstart
earn
topicend
bodystart
2;
******
PAN AM CORP 4TH QTR LOSS 197.5 MLN DLRS VS PROFIT 241.4 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7829
topicstart
topicend
bodystart
2;

WESTPAC PERPETUAL FRN NO INSTANT CURE, DEALERS SAY


    LONDON, March 20 - 
Morgan Guaranty Ltd's novel and complex
repackaging of Westpac Banking Corp's perpetual floating rate
note (FRN) may attract some investors, but is unlikely to aid
current holders of the Westpac securities or the FRN market,
FRN traders said.
    "It actually does nothing for anyone who has been stuffed
and right now, that's the problem," said a trader at one U.K.
Clearing bank that has also issued its own perpetuals.
    Trading in perpetual issues, which pay interest but never
mature, has come to a virtual halt. Prices have fallen so far
that only about five firms still make markets in them.
    The Westpac perpetual notes are technically now the
property of a newly formed single-purpose finance subsidiary,
Pacific Securities. If Morgan tried to find a home for the
actual Westpac notes, as is, they would be paid no more than 85
cents on the dollar, at most, traders said.
    But the repackaging allows them to target a new class of
investor for the notes and take the old issues off their books
without registering a loss, the traders said.
    "The only one the repackaging favours is Morgan," a trader
said.
    Meanwhile, the end-holders of perpetual notes, most of whom
are Japanese banks, must still find a way to value them by
year-end, now a week away.
    From Morgan's point of view, the repackaging does aid the
present holders of the notes as well as offering value to a new
class of investors.
    "At least we've put a floor under the price of the notes.
We've created a way to set a real value for them," one Morgan
official said. Morgan had earlier attempted, but abandoned,
another plan to repackage the Westpac securities.
    Morgan's holdings of Westpac paper create special problems
for it because of the way U.S. Regulators view bank holdings of
the primary capital of other banks, traders said. Therefore, it
is crucial that a vehicle for selling the paper be found.
    And indeed, note traders said, the FRN portion of the
repackaged securities -- which Westpac has offered to redeem
for cash in 15 years -- does have real value.
    For one thing, traders noted, it pays about the highest
rate over the London Interbank Offered Rate of virtually any
newly issued security. The spread is 50 basis points.
    However, the other portion of the security, in which the
investor pays 20 cents on the dollar for a zero coupon 15-year
bond, is of dubious value unless the Westpac perpetual assumes
a market value near par 15 years from now, traders said.
    The zero-coupon portion could provide value for an account
which for tax purposes, wants to take a large capital loss, the
traders said. In the 15-year period between the time the note
is purchased and the time it is redeemed, no interest is paid.
    When repayment finally occurs, it is not in cash like an
ordinary zero-coupon bond. Instead, the investor receives one
of the Westpac perpetual floaters.
 REUTER
3;
bodyend
documentend
documentstart
7830
topicstart
earn
topicend
bodystart
2;

VIRCO MANUFACTURING CORP 
<
VIR> 4TH QTR NET


    LOS ANGELES, March 20 - 
Qtr ended Jan 31
    Shr 67 cts vs 69 cts
    Net 1,525,000 vs 1,570,000
    Revs 41.2 mln vs 40.2 mln
    Year
    Shr 1.75 dlrs vs 1.54 dlrs
    Net 4,001,000 vs 3,522,000
    Revs 172.3 mln vs 168.7 mln
    Note: figures include losses from discontinued operations
in qtr of 309,000 dlrs, vs 253,000 dlrs a year earlier and for
the year of 309,000 dlrs vs 1,559,000 dlrs a year ago.
 Reuter
3;
bodyend
documentend
documentstart
7831
topicstart
acq
topicend
bodystart
2;

COOPER 
<
CBE> ASKS FTC TO END ACQUISITION LIMITS


    WASHINGTON, March 20 - 
Cooper Industries Inc asked the
Federal Trade Commission to vacate a 1979 order that requires
the company to get FTC approval before making certain
acquisitions, the FTC said.
    The order was issued as part of a settlement of FTC charges
that Cooper's merger with Gardner-Denver Co would lessen
competion and increase concentration in the gas compressor and
industrial air tool industries, the FTC said.
    The order requires that, until 1989, Cooper must get FTC
approval before acquiring companies in the natural gas
compressor or hand-held industrial pneumatic tool businesses.
 Reuter
3;
bodyend
documentend
documentstart
7833
topicstart
topicend
bodystart
2;

EIB ISSUES 300 MLN LUXEMBOURG FRANC PLACEMENT


    LUXEMBOURG, March 20 - 
The European Investment Bank is
issuing a 300 mln Luxembourg franc, seven-year private
placement with a coupon of 7-3/8 pct and priced at par, lead
manager Caisse d'Epargne de l'Etat, Banque de l'Etat said.
    Payment date is April 9 and coupon date April 10 annually,
with final maturity on that date in 1994. The issue can be
redeemed early on April 10, 1991, 1992 or 1993 with 45 days'
notice.
 REUTER
3;
bodyend
documentend
documentstart
7834
topicstart
topicend
bodystart
2;

ZUERCHER ZIEGELEIEN SETS 60 MLN SFR WARRANT BOND


    ZURICH, March 20 - 
Zuercher Ziegeleien AG plans a 60 mln
Swiss franc, 2-1/4 pct domestic bond with warrants for
participation certificates, lead manager Swiss Bank Corp said.
    The 10-year par-priced bonds of 5,000 francs' face value
carry two warrants (A and B), each of which entitle holders to
acquire one certificate of 100 francs' nominal value.
    The A warrants may be exercised from June 1, 1987, to March
30, 1990, at 800 francs, and the B warrants from June 1, 1987,
to March 30, 1992, at 820 francs. The exercise prices remain in
force after the dilution through an announced rights issue to
be conducted on May 11.
 REUTER
3;
bodyend
documentend
documentstart
7835
topicstart
earn
topicend
bodystart
2;

THOMPSON MEDICAL CO INC 
<
TM> DECLARES QTLY DIV


    NEW YORK, March 20 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 15
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
7836
topicstart
earn
topicend
bodystart
2;

NEW ENGLAND ELECTRIC SYSTEM 
<
NES> TWO MONTHS NET


    WESTBOROUGH, Mass., March 20 - 
ended February
    Shr 69 cts vs 66 cts
    Net 37.7 mln vs 34.9 mln
    Revs 255.8 mln vs 288.8 mln
    Avg shrs 54.7 mln vs 53.2 mln
    12 mths ended Feb
    Shr 3.23 dlrs vs 3.17 dlrs
    Net 174.8 mln vs 166.3 mln
    Revs 1.4 billion vs 1.5 billion
    Avg shrs 54.1 mln vs 52.4 mln
 Reuter
3;
bodyend
documentend
documentstart
7837
topicstart
earn
topicend
bodystart
2;

DILLARD DEPT STORES INC 
<
DDS> DECLARES QTLY DIV


    LITTLE ROCK, Ark., March 20 -
    
Qtly div three cts vs three cts prior
    Pay May 1
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7838
topicstart
earn
topicend
bodystart
2;

PAN AM CORP 
<
PN> 4TH QTR LOSS


    NEW YORK, March 20 - 
    
Shr loss 1.44 dlrs vs profit 1.79 dlrs
    Net loss 197.5 mln dlrs vs profit 241.4 mln
    Revs 797.3 mln vs 906.7 mln
    12 mths
    Shr loss 3.42 dlrs vs profit 45 cts
    Net loss 462.8 mln vs profit 51.8 mln
    Revs 3.04 billion vs 3.48 billion
    Note: Net includes special charges of 65 mln dlrs vs
special gain of 341 mln dlrs for the qtr and year.
 Reuter
3;
bodyend
documentend
documentstart
7839
topicstart
acq
topicend
bodystart
2;

FTC EASES ALLIED-SIGNAL 
<
ALD> UNIT RESTRICTIONS


    WASHINGTON, March 20 - 
The Federal Trade Commission said it
eased a requirement that Allied-Signal Inc's Allied Corp
subsidiary get prior FTC approval before making certain
acquisitions in the high-purity acid market.
    The FTC said it ended the prior approval requirement
because Allied no longer has businesses covered by the order.
Other restrictions still apply, it said.
    The restrcitions stem from a 1983 order by the FTC settling
charges that Allied's 1981 acquisition of Fisher Scientific Co
reduced competition in three high-purity acid markets.
 Reuter
3;
bodyend
documentend
documentstart
7840
topicstart
earn
topicend
bodystart
2;

SAN JUAN BASIN ROYALTY 
<
SJT> HIKES DISTRIBUTION


    FORT WORTH, Tex., March 20 -
    
Cash distribution 4.2621 cts vs 3.2384 cts prior
    Pay April 14
    Record March 31
    NOTE: Company's full name is San Juan Basin Royalty Trust.
 Reuter
3;
bodyend
documentend
documentstart
7841
topicstart
earn
topicend
bodystart
2;

SHL SYSTEMHOUSE INC 
<
SHKIF> 2ND QTR FEB 28 NET


    OTTAWA, March 20 -
    
Shr 23 cts vs nine cts
    Net 5,700,000 vs 1,920,000
    Revs 35.5 mln vs 19.8 mln
    1st half
    Shr 41 cts vs 17 cts
    Net 10.0 mln vs 3,100,000
    Revs 69.3 mln vs 36.7 mln
    NOTE: Share adjusted for two-for-one stock split approved
in December 1986.
    Net includes tax credits of 2,970,000 dlrs vs 980,000 dlrs
in quarter and 5,210,000 dlrs vs 1,590,000 dlrs in half.
    Backlog 230 mln dlrs vs 147 mln dlrs at start of fiscal
year and 148 mln dlrs at the end of the first quarter.
 Reuter
3;
bodyend
documentend
documentstart
7842
topicstart
lead
zinc
topicend
bodystart
2;

U.K. LEAD AND ZINC OFFTAKE RISES IN JANUARY


    LONDON, March 20 - 
U.K. Consumption of lead and zinc in all
forms during January rose to 26,314 and 18,778 tonnes, from
24,967 and 17,929 tonnes respectively in December, latest
figures by the World Bureau of Metal Statistics (WBMS) show.
    Refined lead consumption rose to 23,992 tonnes from 23,194,
while scrap offtake was 2,322 tonnes against 1,773.
    Slab zinc consumption was 14,257 tonnes against 14,190
during December, while offtake of scrap and re-melted metal was
4,521 tonnes against 3,739.
    Meanwhile production of refined lead in January rose to
28,188 tonnes from 23,693 in December, but slab zinc production
fell to 4,490 tonnes from 5,793, the WBMS figures showed.
    Stocks of slab zinc totalled 14,780 tonnes, down from
December's 15,008.
 Reuter
3;
bodyend
documentend
documentstart
7843
topicstart
earn
topicend
bodystart
2;

PHOTRONIC LABS INC 
<
PLAB> 1ST QTR JAN 31 NET


    BROOKFIELD CENTER, Conn., March 20 -
    
Shr 10 cts vs seven cts
    Net 249,143 vs 175,476
    Sales 3,034,010 vs 2,745,288
 Reuter
3;
bodyend
documentend
documentstart
7845
topicstart
earn
topicend
bodystart
2;

PERMIAN BASIN ROYALTY 
<
PBT> HIKES DISTRIBUTION


    FORT WORTH, Tex., March 20 -
    
Cash distribution 3.9737 cts vs 3.0577 cts
    Pay April 14
    Record March 31
    NOTE: Trust's full name is Permian Basin Royalty Trust.
 Reuter
3;
bodyend
documentend
documentstart
7847
topicstart
acq
topicend
bodystart
2;

UNIVERSAL RESOURCES 
<
UVR>HOLDERS APPROVE MERGER


    DALLAS, March 20 - 
Universal Resources Corp said its
shareholders approved the merger of the company with Questar
Corp 
<
STR>.
    Separately, Universal said it will redeem its 15.75 pct
debentures due December 15, 1996, on April 19, at 104.8 pct of
face amount plus accrued interest.
    Universal said it will operate as a wholly owned unit of
Questar under its current name. Under terms of the merger,
which took effective today, Universal said its shareholders
will receive three dlrs a share in cash.
    It said its stock will no longer trade on the AMEX.
 Reuter
3;
bodyend
documentend
documentstart
7848
topicstart
earn
topicend
bodystart
2;

ENDOTRONICS 
<
ENDO> HALTED PENDING NEWS RELEASE


    MINNEAPOLIS, March 20 - 
Endotronics Inc, halted at 1-3/4 on
NASDAQ pending release of a news report, on Monday said it was
expecting "substantial losses" for the quarter ending March 31,
1987 and the fiscal year ending Sept 30, 1987.
    The company had cited a dispute over payment by Yamaha Inc,
one of its Japanese distributors, over payment of a promissory
note for 3,686,000 dlrs in overdue accounts.
 Reuter
3;
bodyend
documentend
documentstart
7850
topicstart
earn
topicend
bodystart
2;

TEXAS INSTRUMENTS INC 
<
TXN> SETS QUARTERLY


    DALLAS, MArch 20 -
    
Qtly div 50 cts vs 50 cts prior
    Pay April 20
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7851
topicstart
earn
topicend
bodystart
2;

SOUTHEAST BANKING CORP 
<
STB> DECLARES QTLY DIV


    MIAMI, Fla., March 20 -
    
Qtly div 22 cts vs 22 cts prior
    Pay April 10
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
7852
topicstart
topicend
bodystart
2;

SWISS BANKS MEET CHURCHES OVER S. AFRICA LOANS


    ZURICH, March 20 - 
Swiss banks are holding talks with
Protestant and Roman Catholic officials to hear church
complaints about lending to South Africa, the Swiss Bankers'
Association said.
    In a statement the Association said the parties had
disagreed over economic sanctions.
    But all participants -- representatives of the three
biggest Swiss banks, the Bankers' Association itself, the
churches and church charities -- agreed to condemn South
Africa's apartheid policy both publicly and in contacts with
business and government offices there.
    After two private sessions last August and on March 10,
they agreed the meetings should continue.
    Swiss banks are criticised by the churches who say they are
in effect lending support to the South African government.
    The banks assured the churchmen that their lending had
declined substantially last year and that they had no intention
of building it up as banks from other countries withdrew.
    Pius Haffner of the Catholic charity Justitia et Pax told
Reuters, "It is at least a small step forward when the banks say
publicly they will not jump in when other banks pull out."
 REUTER
3;
bodyend
documentend
documentstart
7854
topicstart
gas
crude
topicend
bodystart
2;

FTC URGES VETO OF GEORGIA GASOLINE STATION BILL


    WASHINGTON, March 20 - 
The Federal Trade Commission said
its staff has urged the governor of Georgia to veto a bill that
would prohibit petroleum refiners from owning and operating
retail gasoline stations.
    The proposed legislation is aimed at preventing large oil
refiners and marketers from using predatory or monopolistic
practices against franchised dealers.
    But the FTC said fears of refiner-owned stations as part of
a scheme of predatory or monopolistic practices are unfounded.
It called the bill anticompetitive and warned that it would
force higher gasoline prices for Georgia motorists.
 Reuter
3;
bodyend
documentend
documentstart
7855
topicstart
acq
topicend
bodystart
2;

ARMSTRONG WORLD 
<
ACK> UNIT BUYS PLANT


    THOMASVILLE, N.C., March 20 - 
Armstrong World Industries
Inc said its Gilliam Furniture affiliate has purchased a
130,000 square foot building in Troutman, N.C., for undisclosed
terms.
    It said the new plant is expected to be in operation before
year-end and and will more than double Gilliam's production
capacity for upholstered furniture.
 Reuter
3;
bodyend
documentend
documentstart
7857
topicstart
earn
topicend
bodystart
2;
******
HUDSON'S BAY CO YEAR OPER SHR PROFIT 32 CTS VS LOSS 1.23 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7858
topicstart
earn
topicend
bodystart
2;
******
COOK UNITED INC EXPECTS LOSS OF 16 MLN DLRS FOR FISCAL 1987

Blah blah blah.
3;


bodyend
documentend
documentstart
7859
topicstart
earn
acq
topicend
bodystart
2;
******
HUDSON'S BAY CO HAD 1986 WRITEDOWN OF 40.4 MLN DLRS MAINLY ON STAKE IN DOME PETROLEUM

Blah blah blah.
3;


bodyend
documentend
documentstart
7860
topicstart
rubber
topicend
bodystart
2;
******
U.N. Conference formally adopts new International Natural Rubber Agreement - chairman

Blah blah blah.
3;


bodyend
documentend
documentstart
7861
topicstart
earn
topicend
bodystart
2;

YORK FINANCIAL CORP 
<
YFED> DECLARES QTLY DIV


    YORK, Pa., March 20 -
    
Qtly div 17 cts vs 17 cts prior
    Pay May five
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
7862
topicstart
acq
topicend
bodystart
2;
******
COOK UNITED INC IN TALKS TO SELL STAKE TO PRIVATE INVESTORS

Blah blah blah.
3;


bodyend
documentend
documentstart
7864
topicstart
earn
topicend
bodystart
2;

COMBINED INT'L 
<
PMA> RAISES PAYOUT, VOTES SPLIT


    CHICAGO, March 20 - 
Combined International Corp said its
board voted to increase the quarterly dividend  7.1 pct to 60
cts a share from 56 cts payable May 26, record May 12.
    It said directors also approved a two-for-one stock split,
subject to approval by shareholders of a proposed capital stock
amendment at the annual meeting in April. The record and pay
dates would be announced later, it said.
 Reuter
3;
bodyend
documentend
documentstart
7865
topicstart
acq
topicend
bodystart
2;

AMERICAN CABLESYSTEMS 
<
ACN> TO BUY CABLE SYSTEM


    BEVERLY, Mass., March 20 - 
American Cablesystems Corp said
it agreed in principal to buy a cable television system in Los
Angeles County from Heritage Communications Inc 
<
HCI> for 15.5
mln dlrs.
    The company said the system being purchased serves about
12,000 subscribers in the towns of Compton, South El Monte,
Hawaiian Gardens and the communities of Willowbrook, Athens,
Firestone, Florence and East Compton.
    It said the acquisition will bring to seven the number of
cable systems it owns, manages or has agreed to buy in the Los
Angeles area.
 Reuter
3;
bodyend
documentend
documentstart
7866
topicstart
earn
topicend
bodystart
2;

YORK FINANCIAL 
<
YFED> SPLITS STOCK


    YORK, Pa., March 20 - 
York Financial Corp, parent company
of York Federal Savings and Loan Association, said its board of
directors declared a five-for-four stock split in the form of a
25 pct stock dividend.
    The company said it will distribute the split on May 5, to
shareholders of record April 20.
 Reuter
3;
bodyend
documentend
documentstart
7867
topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM> HAS NO COMMENT ON NEW OFFER


    NEW YORK, March 20 - 
ChemLawn Corp said it had no comment
on a sweetened offer from Waste Management Inc 
<
WMX>.
    Waste Management amended its 27 dlr per share tender offer,
raising it to 35 dlrs per share.
    ChemLawn had rejected Waste Management's earlier 27 dlr per
share offer, saying it was an undervalued bid. ChemLawn earlier
told its shareholders not to tender to Waste Management.
    ChemLawn rose 1-7/8 to 36 in over-the-counter trading.
 Reuter
3;
bodyend
documentend
documentstart
7869
topicstart
earn
topicend
bodystart
2;

ESSO SAF 
<
ESSF.PA> YEAR ENDED DEC 31 1986


    PARIS, March 20 -
    
Net profit 305 mln francs vs 258 mln.
    Net dividend 25 francs vs 20 francs.
    Operating loss 696 mln francs vs 1.46 billion.
    Note - The company, which is the French subsidiary of Exxon
Corp. 
<
XON.N>, said its net profit result included the
reintegration of 1.2 billion francs of provisions for exchange
fluctuations.
 Reuter
3;
bodyend
documentend
documentstart
7870
topicstart
earn
topicend
bodystart
2;

PAN AM'S 
<
PN> MAIN UNIT TO REPORT SMALLER LOSS


    NEW YORK, March 20 - 
Pan Am Corp said its largest division,
the Atlantic, will report a first quarter loss that will be
substantially lower than that reported a year ago.
    In the 1986 1st qtr, Pan Am reported a net loss of 118.4
mln dlrs, which included foreign exchange losses of 19.3 mln.
The company did not say how much the Atlantic division lost.
    Pan Am also said it is encouraged by passenger traffic
results so far this year as well as booking trends.
    In January and February, the airline said total systemwide
revenue passenger miles were up five pct and 11 pct,
respectively, over the same months last year.
    It also said that based on current trends, its largest
division should report vastly improved second-quarter traffic
compared to last year, which resulted in a load factor of 45.7
pct for the second quarter of 1986.
    Pan Am also said its principal subsidiary, Pan American
World Airways, had a 1986 net loss of 469.3 mln dlrs, compared
with a profit of 38.7 mln dlrs in 1985, which included a gain
of 341 mln dlrs for the sale of its Pacific Division. It said
the airline's operating loss for the year was 325.5 mln dlrs
compared with a operating profit of 196.5 mln dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
7871
topicstart
earn
acq
topicend
bodystart
2;

COOK 
<
CCF> TO POST LOSS, SELL STAKE


    CLEVELAND, OHio, march 20 - 
Cook United INc said it expects
to report a loss a loss of 16 mln dlrs, before an extraordinary
credit of 44 mln dlrs resulting from its Chapter 11
reorganization, on sales of 217 mln dlrs for the year ended
January 31, 1987.
    For 1986, Cook reported a loss of 30.8 mln dlrs on sales of
257 mln dlrs for the prior year.
    Cook also said it began preliminary talks with private
investors looking to buy a stock position in order to provide
Cook with additional cash and assist its posture in its
negotation with its banks.
    Cook is negotiating with its bank lenders and private
sources for a borrowing facility to relieve its current working
capital requirements.
    Cook said it believes the reasons for its losses since
OCtober have been identified and are mostly non-recurring.
    Shutting down 12 unprofitable stores since November has   
effectuated cost controls and improved merchandising, it said.
    It anticipates the turnaround will contine and that
profitability with be restored. Cook now operates a total of 29
stores.
 Reuter
3;
bodyend
documentend
documentstart
7872
topicstart
earn
topicend
bodystart
2;

ENDOTRONICS 
<
ENDO> TARGET OF INVESTIGATION


    MINNEAPOLIS, March 20 - 
Endotronics Inc said it is the
target of a formal private investigation by the Securities and
Exchange Commission as well as the Federal Bureau of
Investigation.
    The company also said its independent accounts, Peat,
Marwick, Mitchell and Co, served notice that its report on
Endotronics' financial statements as of Sept 30, 1986 and for
the year then ended should no longer be relied upon.
    Endotronics said the notice from its accountants stated 
"we cannot satisfy ourselves as to the true facts of the
situation to a degree necessary to continue to be associated
with such consolidated financial statements."
    Endotronics recently reported that it was reviewing the
need to establish a reserve for all or a portion of
approximately 3,686,000 dlrs in overdue accounts receivable and
to assess the impact, if any, on prior period financial
statements in light of a dispute with one of its Japanese
distributors over payment of the overdue accounts.
    Endotronics said it was providing documentation to the
Securities and Exchange Commission in connection with that
agency's investigation.
    It also said Michael Gruenberg resigned from the company's
board of directors.

 Reuter
3;
bodyend
documentend
documentstart
7873
topicstart
rubber
topicend
bodystart
2;

UN CONFERENCE FORMALLY ADOPTS NEW RUBBER PACT


    GENEVA, March 20 - 
A new International Natural Rubber
Agreement, INRA, was formally adopted by a United Nations
Conference today.
    The new accord is due to replace the current one, which
expires in October.
    Conference chairman Manaspas Xuto of Thailand said the
formal adoption represented "a historic moment."
    The latest round of talks, which began March 9, represented
the fourth attempt to negotiate a new INRA in nearly two years.
Xuto described the negotiations as "by no means easy, and we
often faced problems."
    The new pact is due to enter into force provisionally when
ratified by countries accounting for 75 pct of world net
exports and 75 pct of net imports.
    The new INRA will enter into force definitively when
governments accounting for at least 80 pct of net exports and
80 pct of net imports have ratified it.
    It will be open for signature from May 1 to December 31
this year.
    It is expected that provisional entry into force will take
at least 12 to 14 months from now, delegates said.
    During the hiatus between the two agreements buffer stock
operations will be suspended, but the International Natural
Rubber Council will remain in place.
    Xuto told the conference both the 1979 agreement and its
successor were aimed at meeting the needs of producers and
consumers of natural rubber over the long term.
    Both had interest in stabilising prices and supplies, Xuto
added. He also praised "the spirit of 'give' and 'take' that
prevailed throughout this session."
    Ahmed Farouk of Malaysia, speaking on behalf of producers,
said the conclusion of the new pact showed that the mutuality
of interests between producers and consumers is now as valid as
it was when negotiations of the first agreement began in the
1970s.
    Farouk said the ability to manage inventories on the basis
of predictable stable prices is "a vital consideration for
multinational tire companies, whether or not consuming
countries as a whole claimed to be no longer so seriously
concerned about security of the rubber supply."
    He said producers considered that the 1979 agreement had
served the purpose for which it was created.
    Farouk urged consuming countries to promote early accession
to the new pact "to avoid an undue gap between the old and the
new.
    Gerard Guillonneau of France, speaking for consumers,
agreed that the 1979 agreement had worked relatively well.
    But as economic conditions had changed, he said, consumers
had been led to make proposals for improving its functioning.
    He added that the adoption of the new agreement "attests to
the importance of rubber and confidence in the rubber industry."
 Reuter
3;
bodyend
documentend
documentstart
7874
topicstart
earn
topicend
bodystart
2;

ADVANCED INSTITUTIONAL 
<
AIMS> CUTS WORKFORCE


    SYOSSET, N.Y., March 20 - 
Advanced Institutional Management
Software Inc said it has cut its workforce to 53 from 74 and
closed its Atlanta office to cut expenses and improve
profitability.
    The company said it is also in the process of reducing its
office space in four of its six offices nationwide.
    Advanced also said it has named executive vice president
Steven B. Sheppard chief operating officer.
    The company said president and chief executive officer
Morris Moliver had been chief operating officer as well.
 Reuter
3;
bodyend
documentend
documentstart
7875
topicstart
earn
topicend
bodystart
2;

SUN STATE SAVINGS 
<
SSSL> SEES HIGHER EARINGS


    PHOENIX, Ariz., March 20 - 
Sun State Savings and Loan
expects to report an earnings increase this year over 1986,
Chairman Edward Janos told shareholders at the company's annual
meeting.
    In a statement, Janos said core earnings are expected to
average 1.5 mln dlrs per quarter, or six mln dlrs for the year,
while sales of real estate joint ventures will add another five
mln during the year.
    In 1986, Sun State reported earnings of 9,427,000 dlrs, or
2.05 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
7876
topicstart
earn
topicend
bodystart
2;

ATT 
<
T> CHAIRMAN SAYS DIVIDEND WILL NOT BE CUT


    BOSTON, March 20 - 
American Telephone and Telegraph Co does
not plan to reduce its regular quarterly dividend of 30 cts a
share on its common stock, said James E. Olson, chairman.
    "It has been the intent to set the dividend at a level so
that it could be sustained through the ups and downs of the
business cycle," Olson told a meeting of securities analysts.
    "We see no reason to change that policy," he said.
    Although ATT will maintain its current dividend, Olson said
the company wants to decrease the percentage of earnings paid
in dividends by increasing earnings.
    Industry analysts had speculated that ATT might cut its
common dividend, especially after the company posted a fourth
quarter net loss of 1.17 billion dlrs and earned only five cts
a share for the full year.
    The loss included a one-time restructuring charge of 1.7
billion dlrs.
    Olson said he expects ATT's cash flow to remain strong
despite the poor earnings.
 Reuter
3;
bodyend
documentend
documentstart
7877
topicstart
tin
topicend
bodystart
2;

MAJOR TIN CENTERS PARALYSED BOLIVIA UNION SAYS


    LA PAZ, March 20 - 
A strike by 9,000 miners employed by the
state corporation Comibol has paralysed tin production in the
major centers of Huanuni, Corocoro, Siglo, Catavi and Colquiri,
the Conflicts Secretary of the Bolivian Miners Federation,
Cristobal Aranibar, told Reuters.
     The strike began at midnight to press demands for higher
wages and more funds for the nationalised mining industry.
     The miners federation left the door open to negotiations
with the government but "only if the authorities show their
intention to find solution to our demands", Aranibar said.
    The government of president Victor Paz Estenssoro, faced
with mounting social unrest against its economic policies, has
said the miners strike was part of a campaign to discredit it
during the visit of West German president, Richard von
Weizsaecker, who arrives today for a four-day official visit.
    The government froze salaries as part of its efforts to
pull Bolivia out of a deep economic crisis. According to
central bank forecasts inflation will reach an annual 10 pct
rate versus up to 20,000 pct in 1985.
     In addition to the miners' strike, about 1,000 railway
factory workers of the bolivian labour organization (COB) began
a second day of a hunger strike in the country's main cities to
press for substantial wage increases, a union leader said.
 Reuter
3;
bodyend
documentend
documentstart
7878
topicstart
earn
topicend
bodystart
2;
******
ECHLIN INC 2ND QTR SHR 24 CTS VS 20 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
7879
topicstart
earn
topicend
bodystart
2;

ALLIED-LYONS SEES HIRAM WALKER PROFITS RISING


    TORONTO, March 20 - 
<
Allied-Lyons PLC> sees rising profits
from 51-pct-owned liquor producer Hiram Walker-Gooderham and
Worts in the current fiscal year ending in early March, 1988,
chairman Derrick Holden-Brown said in a speech prepared for
delivery to Toronto analysts.
    "We anticipate that Hiram Walker profits will be well above
those of the plateau years," he said, referring to the four
years up to 1985.
    "In other words, we will have regained the 1985 position
and improved on it," Holden-Brown said.
    Allied-Lyons won control of Hiram Walker-Gooderham last
year in a battle against Gulf Canada Corp, which finally got a
49 pct stake after an out-of-court settlement.
    Hiram Walker Resources Ltd, the previous owner, reported
liquor profits of 282 mln Canadian dlrs in the fiscal year
ending Sept. 30, 1985, 278 mln dlrs in 1984, 267 mln in 1983,
294 mln in 1982 and 280 mln in 1981.
    Holden-Brown said Allied-Lyons' financial results for the
fiscal year just ended March seven would include three months
of Hiram Walker-Gooderham profits, but he did not provide
actual figures.
    He said Hiram Walker-Gooderham's profit improvement in the
current year will come from a previously announced
reorganization put into effect March 1, 1987 and a close
partnership with Allied-Lyons' existing Allied Vintners
division.
 Reuter
3;
bodyend
documentend
documentstart
7880
topicstart
earn
topicend
bodystart
2;

ECHLIN INC 
<
ECH> 2ND QTR FEB 28 NET


    BRANFORD, Conn., March 20 -
    
Shr 24 cts vs 20 cts
    Net 11,784,000 vs 8,302,000
    Rev 269.1 mln vs 211.9 mln
    Six months
    Shr 48 cts vs 40 cts
    Net 23,191,000 vs 16,556,000
    Rev 517.5 mln vs 429.3 mln
   
 Reuter
3;
bodyend
documentend
documentstart
7881
topicstart
earn
topicend
bodystart
2;
******
AMERICAN CAN SEES HIGHER 1ST QTR, YR NET

Blah blah blah.
3;


bodyend
documentend
documentstart
7883
topicstart
earn
topicend
bodystart
2;

<
HUDSON'S BAY CO> 4TH QTR NET


    Toronto, March 20 - 
ended January 31
    Oper shr profit 3.98 dlrs vs profit 4.35 dlrs
    Oper net profit 123.6 mln vs profit 108.3 mln
    Revs 1.88 billion vs 1.76 billion
    Year
    Oper shr profit 32 cts vs loss 1.23 dlrs
    Oper net profit 33.0 mln vs loss 9,055,000
    Revs 5.69 billion vs 5.27 billion
    Note: 1986 excludes writeoff of 40.4 mln dlrs, primarily
due to investment in Dome Petroleum Ltd 
<
DMP>.
 Reuter
3;
bodyend
documentend
documentstart
7884
topicstart
earn
topicend
bodystart
2;

<
GENDIS INC> 4TH QTR JAN 31 NET


    WINNIPEG, Manitoba, March 20 -
    
Shr 53 cts vs 61 cts
    Net 9,909,000 vs 11,489,000
    Revs 185.9 mln vs 161.5 mln
    Year
    Shr 1.20 dlrs vs 1.37 dlrs
    Net 22,522,000 vs 25,667,000
    Revs 588.5 mln vs 521.7 mln
 Reuter
3;
bodyend
documentend
documentstart
7887
topicstart
earn
topicend
bodystart
2;

<
BIFLYX> 2ND QTR DEC 31 NET


    GARDEN GROVE, Calif., March 20 -
    
Shr nil vs nil
    Net profit 24,000 vs loss 66,000
    Revs 235,000 vs 93,000
    Six mths
    Shr nil vs nil
    Net profit 40,000 vs loss 153,000
    Revs 394,000 vs 99,000
 Reuter
3;
bodyend
documentend
documentstart
7888
topicstart
coffee
topicend
bodystart
2;

IBC PRESIDENT LEAVES FOR PRODUCER MEETING - IBC


    SAO PAULO, March 20 - 
Jorio Dauster, president of the
Brazilian Coffee Institute, IBC, left Brazil early today to
attend a weekend meeting of Latin American coffee producers in
Managua, an IBC official said.
    Carlos Brasil, an adviser to the IBC president, said
Dauster had left Rio de Janeiro for Managua early this morning.
    There were rumours on the London coffee market earlier
today that Dauster would not attend the meeting.
 Reuter
3;
bodyend
documentend
documentstart
7889
topicstart
topicend
bodystart
2;

BANCO DI ROMA UNIT ARRANGES EURO-PAPER PROGRAM


    LONDON, March 20 - 
Banco di Roma (London branch) has
arranged a 200 mln dlr nominal Euro-commercial paper program,
Swiss Bank Corporation International Ltd said as sold dealer.
    The borrower will be able to issue paper with maturities of
seven to 365 days in other avialable currencies, such as
European Currency Units. However, it could not issue sterling
commercial paper because Bank of England rules prohibit an
issuer of certificates of deposit to issue paper denominated in
stg. Banco di Roma (London branch) has a certificate of deposit
program in the market under which the securities are traded.
The program will be aimed at end investor placement.
 Reuter
3;
bodyend
documentend
documentstart
7891
topicstart
acq
topicend
bodystart
2;

MOUNTAIN VIEW ACQUIRES MARATECH COMMUNICATIONS


    GOLDEN VALLEY, MINN., March 20 - 
(Mountain View Investment
Corp), Phoenix, Ariz., said it acquired Maratech Communications
Cos Inc.
    Under terms of the transaction, the present directors of
Mountain View have resigned and have elected directors of
Maratech as new directors of Mountain View.
    It said a combined shareholders' meeting will soon be held
to vote on the acquisition.
 Reuter
3;
bodyend
documentend
documentstart
7892
topicstart
topicend
bodystart
2;

MEXICO WARNS OF WORSENING THIRD WORLD DEBT WOES


    By Alan Wheatley, Reuters


    NEW YORK, March 20 - 
High interest rates, sluggish global
economic growth and creeping protectionism are deepening the
third world debt crisis, senior Mexican officials said.
    Finance minister Gustavo Petricioli said today's signing of
a 76 billion dlr new-loan and rescheduling package for Mexico
was the most comprehensive and far-reaching effort in debt
management yet achieved for a sovereign borrower.
    But, in remarks prepared for the signing ceremony, he
warned against complacency. "The debt problem is not solved. If
anything, it has been exacerbated by recent events."
    "The inequities of the international economic environment
conspire against the welfare and stability of developing
countries," Petricioli added. The debt problem will not be
solved unless developing countries are allowed to grow, he
argued. "There will be no solution without the further
development of trade throughout the world.".
    Director of public credit Angel Gurria told reporters that
Mexico's economy should resume growth this year, but he said
external conditions are not favorable. Latin America is
grappling with adverse terms of trade, for instance, as
underlined by the recent slide in coffee prices.
    Interest rates remain unacceptably high in real terms,
Gurria added. "Inflation has literally disappeared from the
face of the earth in the industrialized world, but interest
rates are still near seven pct."
    Industrial powers must also improve the coordination of
their economic policies to boost unacceptably low growth rates
and to keep export markets open, said Gurria, who is Mexico's
chief debt negotiator.
    The officials also had a blunt warning for those banks that
refuse to participate in the loan package: Do not expect to get
much business with Mexico in the future.
    About 60 of Mexico's 430 or so creditor banks worldwide
have still to join the loan, but four more acceptances were
received today, according to senior Citibank executive William
Rhodes, who is co-chairman of Mexico's advisory committee.
    "Those who supported us today can be sure that Mexico will
continue to be open and willing to share with them the business
opportunities which its future growth will create.
    "Those few who have denied their responsibility have turned
their backs on this remarkable effort of international
cooperation, on the financial system and on their enlightened
colleagues," Petricioli said.
    One way that Mexico could punish recalcitrant banks would
be to deny, or at least slow down, applications to convert
Mexican debt into equity investments within the country.
    "We will be a lot more expeditious in processing the
requests of banks that have supported us," Gurria said, adding,
"We have long memories."
    Debt-equity conversions are an attractive way for banks to
provide clients with subsidized pesos for investment in Mexico
and to collect handsome brokerage fees or reduce their own
Mexican exposure in the process.    
    The growing popularity of the scheme was underlined this
week when American Express Bank, which has joined the new
Mexican package, said it plans to convert 100 mln dlrs of its
own loans into an equity stake in hotel projects in Mexico.
    Mexico halted the debt-equity program on Feb. 25 to force
banks to concentrate on wrapping up the financing pakcage, and
Gurria said it would resume once the first part of the six
billion dlr loan that forms the core of the deal is disbursed.
    The loan is now 99 pct subscribed. Gurria said Mexico hopes
to close the books by the middle of April in time for a
drawdown by the end of April.
    Although the agreements were signed in the sumptuous
surroundings of a midtown Manhattan hotel, the atmosphere of
the signing ceremony was rather subdued, with bankers and
officials showing little of the elation and relief that
normally follows the conclusion of a mammoth deal.
    After five months of arduous work syndicating the loan,
debt fatigue was apparent and the talk was of ways to make the
financing process less cumbersome.
    "This (package) has been harder than all the others... I
hope we find a way that's not so debilitating for the people
who have to put them together," Gurria said.
 Reuter
3;
bodyend
documentend
documentstart
7893
topicstart
earn
topicend
bodystart
2;

AMERICAN CAN 
<
AC> SEES HIGHER YEAR NET


    NEW YORK , March 20 - 
American Can Co chairman Gerald Tsai
said the company will record higher earnings in the first
quarter and for the full year.
    Addressing analysts, Tsai said "First quarter results have
been extremely encouraging and results for all of 1987 will
show significant improvement over 1986."
    American Can earned 196.3 mln dlrs, or 3.21 dlrs per share,
adjusted for a two-for-one stock split, in 1986.
    In the 1986 first quarter, the company reported net income
of 67.5 mln dlrs, including one-time gains from sale of assets,
or 2.30 dlrs per share, before the stock adjustment.
    In the 1987 first quarter, American Can will record a
one-time gain of 28 cts per share from the sale of shares in
its Musicland Group subsidiary. The gain is slightly higher
than the expected gain the company predicted in February
because additional shares of the unit were sold.
    In response to a question, Tsai said American Can's
investment in Jefferies and Co is "very small".
    "We treat it as just another passive investment," he said.
According to press reports, American Can owns 20 pct of
Jefferies and is its largest single shareholder.
    Yesterday, Boyd Jefferies, chairman and founder of the
brokerage firm bearing his name, resigned from the firm and
said he would plead guilty to two felony charges for breaking
securities laws.
    Responding to another question, Tsai said AIDS-related
claims were a small portion of claims made with American Can's
insurance subsidiaries in 1986.
 Reuter
3;
bodyend
documentend
documentstart
7894
topicstart
earn
topicend
bodystart
2;

CENTRAL BANKING SYSTEM INC 
<
CSYS> QTLY DIVIDEND


    SAN FRANCISCO, March 20 -
    
Qtly div ten cts vs ten cts
    Pay April 15
    Record April 1
 Reuter
3;
bodyend
documentend
documentstart
7895
topicstart
acq
topicend
bodystart
2;

CHARTER-CRELLIN 
<
CRTR> TO ACQUIRE SEBRO PLASTICS


    NEW YORK, March 20 - 
Charter-Crellin Inc said it signed a
letter of intent to acquire all outstanding shares of 
<
Sebro
Plastics Inc's> capital stock.
    Charter-Crellin, a molded plastic product maker, said Sebro
is a precision molder of engineered specialty plastic products
for the automotive industry.
    The company said the deal is subject to the execution of a
definitive purchase agreement.
 Reuter
3;
bodyend
documentend
documentstart
7896
topicstart
acq
topicend
bodystart
2;

NEW YORK STATE ELECTRIC 
<
NGE> ENDS ACQUISITION


    BINGHAMTON, N.Y., March 20 - 
New York State Electric and
Gas Corp said it has terminated its effort to acquire Corning
Natural Gas Corp.
    It cited as reasons the uncertain regulatory climate in New
York State and the depresed price of New York State Electric
stock which has been caused by the delay in the Nine Mile Point
Unit Two nuclear plant.
    The company had said in December that it had been
interested in acquiring Corning Natural Gas.
 Reuter
3;
bodyend
documentend
documentstart
7897
topicstart
acq
topicend
bodystart
2;

BLACK HAWK MINING CAN'T EXPLAIN STOCK RISE


    TORONTO, March 20 - 
<
Black Hawk Mining Inc> said it knows
of "no major activities" to account for the recent rise in the
company's stock price.
    The shares rose 11 cts to 88 cts on the Toronto Stock
Exchange yesterday.
    The company added that its application for its proposed
acquisition of 
<
Platinova Resources Ltd> and financings are
still before the listing committee of the stock exchange.
 Reuter
3;
bodyend
documentend
documentstart
7899
topicstart
acq
topicend
bodystart
2;

SENATOR WANTS STRONGER AIR MERGER REGULATION


    WASHINGTON, March 20 - 
The chairman of the Senate antitrust
subcommittee said the Transportation Department was allowing
too many airline mergers and proposed its authority be
transfered to the Justice Department.
    "The Transportation Department's antitrust enforcement has
been disastrous, permitting rampant merger mania," Ohio
Democrat Howard Metzenbaum said in a statement.
    "The nine largest airlines now control 94 per cent of the
market. That's bad for competition and bad for the consumer,"
he said.
    Metzenbaum said he introduced a bill to transfer antitrust
authority over airline mergers to the Justice Department in
hopes it would more restrictive than the Transportation
Department.
 Reuter
3;
bodyend
documentend
documentstart
7901
topicstart
earn
topicend
bodystart
2;

GPU 
<
GPU> SEES TMI-2 FUEL PROBLEMS RESOLVED


    PARSIPPANY, N.J., March 20 - 
General Public Utilities Corp
said the water-clarity problem delaying the removal of fuel
from the damaged Unit Two of the Three Mile Island nuclear
power plant appears to have been resolved.
    The company said the slower than expected removal of the
fuel, which has been primarily due to the water-clarity
problems, is now expected to extend fuel removal into 1988.
    A spokesman said the company had previously expected this
to be completed by the end of 1987 and has not estimated how
far into 1988 the process will extend. It still expects to
complete the entire clean-up by the end of 1988, he added.
    GPU said its auditors, Coopers and Lybrand, again qualified
its opinion of GPU's financial statements, adding the recovery
of TMI-2 decommissioning costs to the unresolved issues leading
to the qualified opinion.
    GPU said its operating subsidiaries will seek to recover
the costs of decommissioning TMI-2 in future rate proceedings.
    As in past years, the qualified opinion continues to list
other uncertainties associated with the accident, which damaged
TMI-2 -- the recovery of cleanup costs and any payments for
damages that might exceed available insurance proceeds.
 Reuter
3;
bodyend
documentend
documentstart
7902
topicstart
earn
topicend
bodystart
2;

ECHLIN
<
ECH> EXPECTS CONTINUED PROFIT GROWTH


    BRANFORD, Conn., March 20 - 
Echlin Inc said it expects
further earnings increases for the second half of fiscal 1987
ending in August due to unit sales growth and improved
operations.
    "As expected, market conditions have improved so that
demand for automotive replacement parts is gradually and
steadily expanding," Echlin president Frederick Mancheski said.
    Earlier, Echlin reported first half fiscal 1987, ended Feb
28, earnings of 23.2 mln dlrs, or 48 cts a share, up from 16.6
mln, or 40 cts a share, in the prior year's first half.
    Also, Echlin said it had second quarter net income of 11.8
mln dlrs, or 24 cts per share, compared with net income of 8.3
mln dlrs, or 20 cts a share, in fiscal 1986's second quarter.
 Reuter
3;
bodyend
documentend
documentstart
7903
topicstart
earn
topicend
bodystart
2;

ATT 
<
T> COST-CUTTING EFFORTS ON TARGET


    BOSTON, March 20 - 
American Telephone and Telegraph Co
chairman James E. Olson said he is very pleased with the
company's efforts so far to cut costs.
    He told a meeting of securities analysts that, although the
company is not yet at point in its cost-cutting drive to
improve profit margins, it is "on the right track."
    Olson said ATT's cash flow was "very strong in the first
two months of the year, better than budgeted."
    While Olson does not know if the company's earnings and
revenues will improve by yearend, he said ATT is "moving in the
proper direction."
    For 1986, ATT's earnings dropped to 139 mln dlrs, or five
cts a share, on revenues of 34.1 billion dlrs, from 1.56
billion dlrs, or 1.37 dlrs a share, on revenues of 34.4 billion
dlrs in 1985.
    During 1986 ATT took 3.2 billion dlrs in charges from
expenses related to reducing its work force by 32,000.
 Reuter
3;
bodyend
documentend
documentstart
7904
topicstart
earn
acq
topicend
bodystart
2;

HUDSON'S BAY WRITEOFF MAINLY DUE TO DOME STAKE


     Toronto, March 20 - 
<
Hudson's Bay Co> said a writeoff of
40.4 mln dlrs, or 1.39 dlrs per share, that it took in 1986 was
mainly due to its investment in Dome Petroleum Ltd 
<
DMP>.
     The company reported an operating profit of 33.0 mln dlrs,
or 32 cts per share, for fiscal 1986, compared to an operating
loss of 9,055,000 dlrs, or 1.23 dlrs per share, in the previous
year.
     Hudson's Bay holds about four mln shares of Dome's 10 pct
series one cumulative subordinate convertible preferred shares.
    Last March, Dome suspended payment of dividends on all
preferred shares until June 1, 1987. The shares give the holder
the right to convert to Dome common shares at 3.33 dlrs per
share.
    Dome has the right to force conversion if Dome common
reaches 3.885 dlrs per share. Dome is trading at 1.12 dlrs per
share, down one ct, today on the Toronto Stock Exchange.
    Hudson's Bay also said it had an increase in 1986 in retail
operating profit to 185.3 mln dlrs from 111.4 mln dlrs, but
that was partially offset by an increase of 14.9 mln dlrs in
interest costs and 25.3 mln dlrs in taxes.
     Hudson's Bay also said its Markborough properties
subsidiary had an operating profit of 108.6 mln dlrs, up from
98.8 mln dlrs the year before.
    Profit from non-Markborough real estate was 23.5 mln dlrs
in 1986, down from 27.6 mln dlrs a year ago.
    Operating profit from natural resources was 4.2 mln dlrs,
up 1.2 mln dlrs from the prior year. Pensions costs were
reduced by 34.9 mln dlrs due to an accounting change. Total
debt declined during the year by 251 mln dlrs to 2.28 billion
dlrs and debt to equity ratio improved to 1.8 to one from 2.1
to one.
 Reuter
3;
bodyend
documentend
documentstart
7907
topicstart
trade
topicend
bodystart
2;

JAPAN OPENS HOME MARKET TO U.S. FISH


    WASHINGTON, March 20 - 
Japan has agreed to drop barriers to
American-caught herring and pollock, opening the way for
shipments that could reach 300 mln dlrs annually, U.S. Trade
Representative Clayton Yeutter announced.
    Yeutter said the accord was reached after extensive
bilateral negotiations that ended earlier today in Tokyo.
    He said the Commerce Department estimated U.S. shipments of
processed pollock products and herring should rise to 85 mln
dlrs this year and to more than 300 mln dlrs annually in later
years.
    There was no immediate assessment of the value of current
U.S. shipments, but officials said the pact would lift quotas
to the point that Americans would be able to ship nearly all
the pollock and herring ordered by Japanese firms.
    At the same time, Yeutter said Washington was temporarily
suspending a complaint with the General Agreement on Tariffs
and Trade (GATT) that Japan was unfairly curbing imports of the
two fish.
    He said the complaint would be reviewed later this year
after an assessment to see if Japan lived up to the agreement.
 Reuter
3;
bodyend
documentend
documentstart
7912
topicstart
acq
topicend
bodystart
2;

FIRST FINANCIAL 
<
FFMC> ACQUIRES TEL-A-DATA


    ATLANTA, March 20 - 
First Financial Management Corp said it
acquired the data processing contracts and certain related
assets of Tel-A-Data L.P. for about 5.7 mln dlrs cash plus the
assumption of certain liabilities of about 2.5 mln dlrs.
    Tel-A-Data serves about 50 bank and thrift institutions
through a processing center in Lombard, Illinois.
    First Financial offers data processing services to over 800
financial institutions through 35 data processing centers.
 Reuter
3;
bodyend
documentend
documentstart
7913
topicstart
earn
topicend
bodystart
2;

MCM CORP 
<
MCMC> SETS QUARTERLY


    RALEIGH, N.C., March 20 -
    
Qtly div six cts vs six cts prior
    Pay April 10
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
7914
topicstart
earn
topicend
bodystart
2;

THACKERAY CORP 
<
THK> YEAR LOSS


    NEW YORK, March 20 -
    
Oper shr loss 22 cts vs loss 20 cts
    Oper net profit 1,013,000 vs profit
    2,219,000
    Sales 77.0 mln vs 74.0 mln
    Avg shrs 5,107,401 vs 5,361,793
 Reuter
3;
bodyend
documentend
documentstart
7917
topicstart
grain
rice
corn
cotton
topicend
bodystart
2;

CONCERN OVER "EL NINO" IN PERU - USDA REPORT


    WASHINGTON, March 20 - 
There are heightened fears that "El
Nino" may be returning to Peru with an intensity approaching the
1983 disaster, which affected the weather on several continents
and caused widespread damage through floods and drought, the
U.S. Agriculture Department's officer in Lima said in a field
report.
    Continued heavy rains in the northern coastal area,
flooding of several major rivers and mud slides have led to
increased concern, the report, dated March 17, said.
    However, it said official sources still believe that this
year's El Nino will have only weak to moderate intensity.
    EL Nino is a phenomenon involving a shift in winds and
waters in the pacific.
    The USDA report said that so far the El Nino now being
experienced has not had an overall negative impact on
agricultural production.
    Excessive rains in the Piura Pima cotton area may reduce
yields by about 20 pct due to excessive growth too early in the
crop cycle.
    Also insect damage to crops could be more extensive where
excessive moisture exists, it said.
    However, the El Nino has resulted in a much improved supply
of irrigation water in the major dams which will improve
prospects for many crucial crops such as rice and corn, and
slow the decline in sugar production, it said.
    If El Nino picks up momentum, Peru's fishing industry could
receive a setback. But trade sources still believe the fish
catch for industrial processing will reach 5.5 mln tonnes in
1987, almost 20 pct above last year, the report said.
    Water temperatures in the northern fishing areas are three
to four degrees centigrade above normal but still not high
enough to drive the fish to cooler southern waters, it said.
    It said there is still the outside chance that El Nino will
intensify and carry on through late March, April and May
causing problems as crops approach harvest.
    "There appears to be no way to project the course of El Nino
-- only time will tell," the report said.
 Reuter
3;
bodyend
documentend
documentstart
7918
topicstart
earn
topicend
bodystart
2;

ALLIED-LYONS SEES SUBSTANTIAL SECOND HALF GROWTH


    TORONTO, March 20 - 
<
Allied-Lyons PLC> will report
substantial growth in the second half of fiscal 1987 ended
March 7, chairman Derrick Holden-Brown said in answer to
reporters' queries.
    "You will certainly see substantial growth in Allied-Lyons
in the second half," Holden-Brown said following a presentation
to Toronto securities analysts.
    Holden-Brown declined to say whether second half growth in
profit before taxes would exceed the 20.7 pct rise reported in
the first half. Allied-Lyons had first half profit of 148.0 mln
stg, up from 122.6 mln stg in the prior year.
    Allied-Lyons will also have a full year extraordinary cost
of slightly more than seven mln stg for defence costs
associated with Elders IXL Ltd's failed take-over bid for the
company, Holden-Brown also said.
    But that cost will be more than offset by an extraordinary
gain of about 60 mln stg on Allied-Lyons' sale of its 24.9 pct
interest in Australian brewers Castlemaine Toohey, he said.
    "So with Australians, you win some and you lose some. But
hopefully you win them all in the end," Holden-Brown said.
    Asked if he thought Allied-Lyons is vulnerable to other
take-over attempts, Holden-Brown replied: "No, I don't."
    "We must never be complacent and we must always be very
watchful, but I think we would be very expensive," he said.
    Holden-Brown said Allied-Lyons' share price to corporate
earnings ratio is now comparable with other leading companies
in the food and beverage industry.
    "That was not the case two years ago. If the Australians had
come a little bit earlier, they might have had more luck, I
think," Holden-Brown said.
    Holden-Brown said Allied-Lyons' move to acquire Hiram
Walker-Gooderham and Worts Ltd in March, 1986 during Elders
take-over bid for the company was "100 pct a growth action."
    "We knew when we did it that it could be misconstrued, and
that people almost inevitably would say (the acquisition was)
defensive, but it never was," Holden-Brown told reporters.
    Asked by securities analysts if Allied-Lyons plans a share
issue in Canada after acquiring a 51 pct interest in Hiram
Walker, Holden-Brown responded: "Plan might be too strong a
word. But I must say I do feel the need for Allied-Lyons to be
better known in Canada."
 Reuter
3;
bodyend
documentend
documentstart
7919
topicstart
topicend
bodystart
2;
******
FIRST INTERSTATE BANCORP FILES SHELF REGISTRATION FOR 1.5 BILLION DLRS IN DEBT SECURITIES

Blah blah blah.
3;


bodyend
documentend
documentstart
7920
topicstart
orange
topicend
bodystart
2;
******
U.S. FROZEN ORANGE JUICE STOCKS - MARCH 1  102,618,000 GALLONS VS 97,111,000 YEAR AGO

Blah blah blah.
3;


bodyend
documentend
documentstart
7921
topicstart
livestock
pork-belly
topicend
bodystart
2;
******
U.S. COLD STORAGE STOCKS - MARCH 1 FROZEN PORK BELLIES - LBS - 34,471,000, VS A REVISED 34,900,000 ON FEB 1 AND 51,218,000 A YEAR AGO.

Blah blah blah.
3;


bodyend
documentend
documentstart
7922
topicstart
earn
topicend
bodystart
2;

<
DRYCLEAN USA> YEAR NET


    MIAMI, March 20 -
    
Shr 82 cts vs 63 cts
    Net 1,661,000 vs 1,251,000
    Revs 14.8 mln vs 11.6 mln
 Reuter
3;
bodyend
documentend
documentstart
7924
topicstart
livestock
pork-belly
topicend
bodystart
2;

COLD STORAGE REPORT FOR BELLIES NEUTRAL/NEGATIVE


    CHICAGO, March 20 - 
Chicago Mercantile Exchange floor
traders' immediate reaction to the cold storage report for pork
bellies was neutral to slightly negative.
    Frozen pork belly stocks at 34.5 mln lbs on March 1
compared with a revised 34.9 mln lbs on February 1 for a net
out movement of 0.5 mln lbs.
    The number on hand compared with trade guesses of 33.5 to
36 mln lbs and the year ago figure of 51.2 mln lbs.
    Traders said the figure was toward the upper end of
expectations and may provide slight downward pressure because
of recent sharp gains in futures.
 Reuter
3;
bodyend
documentend
documentstart
7926
topicstart
topicend
bodystart
2;

S/P UPGRADES AMERICAN SECURITY 
<
ASEC> AND UNIT


    NEW YORK, March 20 - 
Standard and Poor's Corp said it
raised to A-1 from A-2 American Security Corp's commercial
paper.
    S and P also upgraded, to A and A-1 from BBB-plus and A-2
respectively, the certificates of deposit of American
Security's lead bank, American Security Bank N.A.
    The rating agency said the actions reflected the firm's
merger with what it termed a stronger Maryland National Corp,
as well as American's improving performance. S and P said the
merger would allow American Security to diversify its wholesale
funding base.
 Reuter
3;
bodyend
documentend
documentstart
7927
topicstart
earn
acq
topicend
bodystart
2;

BALLY 
<
BLY> SEEN SELLING OFF HEALTH UNIT


    BY SUSAN ZEIDLER, Reuters


    NEW YORK, March 20 - 
Bally Manufacturing Corp's proposed
public offering of 24 pct of its Health and Tennis Corp unit is
seen as the first step towards the sale of the entire unit,
analysts said.
    "In the longer-term horizon, Bally wants to concentrate on
its gaming businesses," said analyst Dennis Forst of Seidler
Amdec Securities Inc.
    Last week, Bally said it was considering the sale of
another non-casino unit, its Six Flags amusement park unit,
which analysts said could fetch about 300 mln dlrs.
    Bally spokesman Bill Peltier said "the company currently
has no hard plans to the sell any more of the health club
company, but in the long term we'll wait and see how the
offering goes."
    Once Bally's biggest revenue producer, the health club unit
had 1986 operating income of 60 mln dlrs on revenues of 456.2
mln dlrs, 28 pct of Bally's revenues. Analysts estimate the
unit could be sold for for 300-500 mln dlrs.
    Analysts said Bally's decision to offer shares in the unit
could be the first step to selling it.
    "It would seem obvious that an offering would decrease the
health club unit's debt, increase its cash flow and operating
income, making it an attractive buy to a third party," Steven
Eisenberg of Bear Stearns said.
    On Monday, Bally said it filed with the Securities and
Exchange Commission for an initial offering of 24 pct, or 5.8
mln shares, of the unit's common stock at 13-15 dlrs a share.
   About half the proceeds, 40 mln dlrs, will be used to reduce
parent Bally Manufacturing's debt which has swelled to 1.6
billion dlrs due to recent hotel acquisitions and the purchase
of shares from Donald Trump who had threatened a hostile
takeover, according to Bally treasurer Paul Johnson.
    Remaining proceeds from the stock offering and from a
separate offering of 50 mln dlrs of 20-year convertible
subordinated debt would be used to repay about 75 mln dlrs of
short term senior bank debt of the health chain unit, a Bally
spokesperson said.
    Analysts said Bally's health club unit's profits have
remained strong, but are skeptical about the industry's long
range prospects.
    "The fitness club industry, over the last 10 years, has
grown tremendously, but the question is whether its a fad or a
permanent part of our lifestyle," said Eisenberg of Bear
Stearns.
    Analysts said fitness clubs will likely flourish if the
public stays at its peak of health consciousness, but that
overcapacity is likely to occur as consumer enthusiasm wanes.
     In addition, "the returns in the fitness club industry are
just not as high as they are in the gaming industry," said one
analyst.
     There are about 6,500 fitness clubs in the U.S., excluding
clubs run by not-for-profit organizations, according to the
Association of Physical Fitness Centers who estimates it to be
an 8.0-billion-dlr-a-year industry.
     Asked if anyone has offered to buy the unit, which is the
nation's largest health club chain, Peltier said, "no one has
the money to offer to buy it."
    "The fitness industry is a fragmented industry with no
leader and there is a great opportunity for growth through
acquisition and then standardization," said Wayne LaChapelle,
chief financial officer of Livingwell INc 
<
WELL>, the nation's
second largest fitness chain operator whih
    LaChapelle said Livingwell is always interested in
acquisition opportunities but "could not afford an acquisition
the size of Bally at this time."
 Reuter
3;
bodyend
documentend
documentstart
7928
topicstart
acq
topicend
bodystart
2;

COMMERCIAL CREDIT 
<
CCC> UNIT SELLS DIVISION


    BALTIMORE, Md., March 20 - 
Commercial Credit Co said its
American Health and Life Insurance Co sold its ordinary life
insurance business to American National Insurance Co 
<
ANAT>.
    American National will assume the business no later than
August 31, 1987, Commercial Credit said.
    The sale is part of a restructuring program begun by
Commercial Credit's subsidiary in late 1986, the company said.
 Reuter
3;
bodyend
documentend
documentstart
7930
topicstart
acq
topicend
bodystart
2;

DELTA SAYS COURT ORDER WILL NOT DELAY MERGER


    ATLANTA, March 20 - 
Delta Air Lines 
<
DAL> said a court
order requiring Western Air Lines 
<
WAL> to arbitrate with two
of its unions will not delay the April 1 merger between the two
airlines.
    The order, which was issued by the Ninth Circuit Court of
Appeals, requires Western to discuss with its two unions
whether Western's labor contracts will be binding for Delta,
Delta said.
    "Nevertheless, the court order could cause significant
personnel problems, including the possible delay of wage
increases Delta had planned to give the Western personnel on
April 1," Ronald Allen, Delta's president, said.
    Delta said it feels the court has erred and should
reconsider the order.
 Reuter
3;
bodyend
documentend
documentstart
7934
topicstart
grain
wheat
corn
topicend
bodystart
2;

ANALYST SAYS USSR WINTER GRAINS HURT BY WEATHER


    MILWAUKEE, Wis., March 20 - 
The Soviet Union's winter grain
crop is likely to have suffered losses due to dry planting
conditions last fall and severe cold this winter, an analyst of
world weather and crop conditions said.
    Grain analyst and meteorologist Gail Martell, author of the
EF Hutton publication "Global Crop News," said in her latest
report that the Soviets may import more grain, possibly wheat,
from the U.S. due to potential crop damage.
    "Compared with last year, the outlook (for the Soviet
winter grain crop) is far more pessimistic," she said. "But
it's still too early to talk about disastrous losses. A lot
will depend on spring weather, not only for the outcome of the
troubled winter grain crop, but also for spring planting."
    Martell said the dry weather conditions last fall probably
prevented optimal seed germination for winter grains. Key wheat
growing areas of the southern Ukraine and North Caucasus
received on 25-35 pct of autumn precipitation, she said.
    The bitter winter cold temperatures -- which broke record
lows that had stood for four decades -- also may have taken its
toll on Soviet winter crops, she said.
    However, she noted that most of the southern grain belt had
ample snow cover, which should have well-insulated the majority
of crop areas from severe frost damage.
    The USSR has already bought 20 to 21 mln tonnes of grains
in the July 1986/June 1987 marketing year, primarily from
Canada, the European Community, Argentina and Australia,
Martell said.
    She cited a number of reasons besides possible crop
problems that might point to additional Soviet import demand.
    Last fall's dry weather may limit livestock grazing on
moisture-depleted pastures, while the cold winter weather
necessitated supplemental feeding to keep livestock healthy.
    Martell was also skeptical of a Soviet claim for a 1986
grain harvest of 210 mln tonnes, and said the Chernobyl
accident may have contaminated more grain than originally
thought and have to be made up with imports.
    However, she said the U.S. remains a supplier of last
resort for the Soviet Union, noting that the Soviets have only
just recently begun their first U.S. grain purchases of the
1986/87 season by buying 2.25 mln tonnes of corn.
    Martell cited USDA statistics showing that since the 1980
grain embargo the U.S. is only a major supplier of grain to the
USSR during years of heavy Soviet demand.
    In 1984/85, the U.S. supplied 41 pct of record Soviet grain
imports of 55.5 mln tonnes. But in 1985/86, the Soviet Union
bought 29.9 mln tonnes of grain and turned to the U.S. for only
24 pct of that total.
    While the USDA Soviet import target for grain for 1986/87
was 22 mln tonnes, many U.S. grain analysts have revised their
estimates of Soviet imports up to 25-28 mln tonnes, she said.
 Reuter
3;
bodyend
documentend
documentstart
7935
topicstart
acq
topicend
bodystart
2;

INTEGRATED GENERICS 
<
IGN> MAY SELL 10 PCT OF UNIT


    BELLPORT, N.Y., March 20 - 
Integrated Generics Inc said it
is discussing with an unnamed pharmaceutical distributor the
sale of 10 pct of its A.N.D.A. Development Corp subsidiary for
200,000 dlrs.
    Integrated said its subsidiary, Biopharmaceutics, is
negotiating with the same unnamed distributor to sell it five
prescription drugs.
    The company said it can release no other details at this
time.
 Reuter
3;
bodyend
documentend
documentstart
7937
topicstart
reserves
topicend
bodystart
2;

MEXICO'S RESERVES REACH EIGHT BILLION DLRS


    NEW YORK, March 20 - 
Additional capital inflows of 1.5
billion dlrs so far this year have boosted Mexico's reserves to
about eight billion dlrs, director of public credit Angel
Gurria told reporters.
    Money has been coming back to Mexico because of improved
investor confidence and because a tight monetray policy has
forced credit-starved industries to repatriate capital. Inflows
totalled a billion dlrs in fourth-quarter 1986.
    Gurria said Mexico is not accumulating reserves for the
sake of it. He said its new loans will increase the pool of
funds available for badly needed investment.
    Once the first tranche of its new six billion dlr loan is
drawn down in the second quarter, Mexico will still only have
enough reserves to pay for imports and debt service for four or
five months, Gurria noted.
    Nevertheless, Gurria said Mexico does not expect to draw on
the commercial banks' 1.2 billion dlr investment-support
contingency facility. That money will be available until April
1988 if Mexico's export receipts and the price of oil fall
below certain levels. But Mexico failed to qualify for the
first two drawings totalling 451 mln dlrs, and Gurria said
today, "We expect we'll never have to use it."
    Gurria said Mexico will know by June whether it can draw on
the second contingency facility included in the bank financing
package - a 500 mln dlr growth co-financing loan with the World
Bank.
    Finance minister Gustavo Petricioli said he had signed
yesterday a 250 mln dlr loan with the World Bank to support the
development of exports of manufactured goods.
    He also said the first 250 mln dlr tranche of a one billion
dlr loan from the Japanese government to support steel, oil and
export promotion will be disbursed at the end of the month.
    Mexico is also due to make the third drawing from its
International Monetary Fund standby credit in the next few days
based on a successful review of end-1986 economic results.
    Petricioli said Mexico is in the final stages of
discussions which will determine quantitative economic targets
for 1987 which will allow it to continue to draw from the IMF
for the rest of 1987.
    Petricioli reported that Mexico has so far concluded eight
bilateral accords with government creditors within the Paris
Club.
    Sixteen governments signed the Paris Club umbrella
agreement last September, which restructured 1.8 billion dlrs
of official debt, and Petricioli said he hopes to finalize
pacts with the remaining eight countries in the next few weeks.
    In keeping with the spirit of the September agreement, he
said all countries from the Organization of Economic
Cooperation and Development have continued to provide export
credit facilities for Mexico, despite the debt restructuring.
 Reuter
3;
bodyend
documentend
documentstart
7938
topicstart
topicend
bodystart
2;

FIRST INTERSTATE BANCORP 
<
I> FILES DEBT OFFER


    LOS ANGELES, March 20 - 
First Interstate Bancorp said it
has filed a shelf registration with the Securities and Exchange
Commission for up to 1.50 billion dlrs principal amount of its
debt securities.
    The filing consists of 1.00 billion dlrs of senior debt
securities and 500 mln dlrs of subordinated debt securities,
including capital securities.
    The securities may be offered from time to time through
underwriters or by the company directly, or through agents, it
said.
    First Interstate said net proceeds would be used
principally to fund investments in, or extensions of credit to,
the company's subsidiaries, or to repay loans incurred for such
purposes.
    It called the filing part of the company's "regularly
scheduled funding activities."
    First Interstate said the filing brings to 5.45 billion
dlrs the total amount of debt securities covered under this and
eight earlier shelf registrations.
 Reuter
3;
bodyend
documentend
documentstart
7939
topicstart
earn
topicend
bodystart
2;

NAVISTAR 
<
NAV> UP ON HIGHER EARNINGS OPINION


    NEW YORK, MARCH 20 - 
Navistar International Corp's stock
rose after brokerage house Sanford C. Bernstein and Co raised
its earnings estimate of the company based on expectations of
better truck orders and truck tonnage, traders said.
    Navistar led the active list with a gain of 1/4 to 7-1/4 on
volume of 4.2 mln shares.
    Traders familiar with the opinion said that David
Eisenberg, director of Sanford C. Bernstein and Co's
institutional strategy committee, raised his earnings estimates
to 80 cts a share for the current fiscal year ending in
October. He expects Navistar to earn 1.20 dlrs a share next
year. In 1986, the company lost 14 cts a share.
    Eisenberg was unavailable for comment.
 Reuter
3;
bodyend
documentend
documentstart
7940
topicstart
acq
topicend
bodystart
2;

ICN PHARMACEUTICALS 
<
ICN> SEEKING ACQUISITION


    COSTA MESA, Calif., March 20 - 
ICN Pharmaceuticals Inc  has
about 500 mln dlrs in cash and another 1.50 billion dlrs in
available credit, which it intends to use to buy a
pharmaceutical company, Chairman Milan Panic said.
    At the company's annual meeting, he said an acquisition
could take place in the next 24 months.
    "The company has nearly two billion dlrs available for
acquisition today," Panic said, adding, "We are investigating a
number of companies." One company being studied could possibly
be acquired on a friendly basis, he said.
    Panic also said he intends to seek board approval today to
repurchase up to three mln ICN common shares.
    Discussing the possibility of an acquisition, Panic said
the such a purchase is necessary because ICN's current
marketing capability would not be sufficient to support
distribution of the company's products, given ICN's
expectations for market growth worldwide.
    ICN's principal product is ribavirin, also known as
Virazole. The drug is marketed in a number of countries and
described as a broad-based anti-viral.
    The company has said its possible applications include
treatment of some types of hepatitis, herpes, influenza,
childhood diseases and hemorrhagic fevers.
    ICN has been the focus of consirable investor attention in
recent months because of Virazole, which has undergone clinical
trials as a possible treatment of some AIDS-related diseases.
    Panic said today he would not discuss the drug with regard
to AIDS until the Food and Drug Administration completes its
review of data submitted by the company.
    He said an investigation of the drug being conducted by a
House Subcommittee is continuing.
    The subcommittee and the FDA have acknowledged they are
conducting separate investigations to determine whether or not
ICN witheld data from the FDA on adverse reactions to the drug.
    Virazole is approved for marketing in the U.S. in aerosol
form as a treatment for an infection that strikes infants,
called respiratory syncytial virus.
 Reuter
3;
bodyend
documentend
documentstart
7942
topicstart
earn
topicend
bodystart
2;

JUSTIN INDUSTRIES INC 
<
JSTN> SETS DIVIDEND


    FORT WORTH, March 20 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 10
    Record March 27
 Reuter
3;
bodyend
documentend
documentstart
7943
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 150,000 TONNES CORN  CORN SWITCHED FROM UNKNOWN TO USSR FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
7945
topicstart
topicend
bodystart
2;

SECURITY PACIFIC 
<
SPC> UNIT OFFERS CERTIFICATES


    LOS ANGELES, March 20 - 
Security Pacific Corp's Security
Pacific Merchant Bank said acting as lead manager it has
offered 270 mln dlrs in 30-year and 35 mln dlrs in 15-year
mortgage pass-through certificates.
    The offering is the second this year under an 800-mln-dlr
shelf registration. The first was for 310 mln dlrs.
    The mortgages were originated by Security Pacific in
California.
    The offering is co-managed by Kidder, Peabody and Co and
Shearson Lehman Brothers.
 Reuter
3;
bodyend
documentend
documentstart
7946
topicstart
topicend
bodystart
2;

MERRY LAND AND INVESTMENT 
<
MERY> TO OFFER STOCK


    AUGUSTA, Ga., March 20 - 
Merry Land and Investment Co Inc
said it will offer two million shares of common stock for sale.
    Merry Land said it filed a registration statement with the
Security and Exchange Commission. It also said the sale will be
offered through an underwriting group managed by 
<
Johnson,
Lane, Space, Smith and Co Inc>, and Interstate Securities Corp

<
IS>.
    Proceeds will be used to reduce short-term debt, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
7948
topicstart
earn
topicend
bodystart
2;

SCHOLASTIC INC 
<
SCHL> 3RD QTR FEB 28 NET


    NEW YORK, March 20 -
    
Shr 1.55 dlrs vs 70 cts
    Net 3,409,000 vs 1,455,000
    Rev 54.1 mln vs 45.3 mln
    Nine months
    Shr 1.60 dlrs vs 10 cts
    Net 3,517,000 vs 211,000
    Rev 144.4 mln vs 127.0 mln
    NOTE: Qtr net includes extraordinary gain of 1.2 mln dlrs,
versus 155,000 dlrs for fiscal 1986's third quarter, and a
non-recurring pre-tax gain of 720,000 dlrs.

 Reuter
3;
bodyend
documentend
documentstart
7949
topicstart
earn
topicend
bodystart
2;

KLEINWORT BENSON 
<
KBA> UNIT SETS FIRST DIVIDEND


    NEW YORK, March 20 - 
Kleinwort Benson International
Investment Ltd's subsidiary, Kleinwort Benson Australian Income
Fund, a closed end management investment company, declared its
first quarterly dividend of 36.5 cts payable April 16 to
shareholders of record April 1.
   
 Reuter
3;
bodyend
documentend
documentstart
7950
topicstart
money-fx
topicend
bodystart
2;

G-10 FINANCE OFFICIALS DISCUSS DEBT, CURRENCIES


    PARIS, March 20 - 
Deputy Finance Ministers from the Group
of 10 leading western industrialised countries met here to
discuss the world debt crisis, trade imbalances and currency
stability today following last month's Paris monetary accord,
sources close to the talks said.
    The officials met at the offices of the International
Monetary Fund (IMF) to discuss broad aspects of world monetary
policy in preparation for the IMF's interim committee meeting
in Washington in April.
    The talks were the first high-level international review of
the monetary situation since the accord last month reached by
the U.S., West Germany, France, Britain, Japan and Canada to
stabilise world currency markets at around present levels
following the 40 pct slide in the dollar since mid-1985.
    Other countries represented at today's talks were Italy,
which refused to attend last month's meeting on the grounds
that it was being excluded from the real discussions, the
Netherlands, Belgium and Switzerland.
    Many of the officials had met earlier today and yesterday
within the framework of the Organisation for Economic
Cooperation and Development (OECD) to review the slow progress
being made in cutting the record 170 billion dlr U.S. Trade
deficit and persuading West Germany and Japan to open their
economies to more foreign imports.
 Reuter
3;
bodyend
documentend
documentstart
7951
topicstart
oilseed
meal-feed
topicend
bodystart
2;

CCC GUARANTEES TO TURKEY SWITCHED TO MEALS-USDA


    WASHINGTON, March 20 - 
The Commodity Credit Corporation,
CCC, has reallocated 15.0 mln dlrs in credit guarantees to
Turkey previously earmarked for sales of U.S. oilseeds to
provide coverage for sales of U.S. protein meals in fiscal year
1987, the U.S. Agriculture Department said.
    The department said the action reduces the guarantee line
authorized for sales of oilseeds to 5.0 mln dlrs from 20.0 mln
dlrs and creates the new line for protein meals.
    All sales under the credit lines must be registered and
exports completed by September 30, 1987, it said.
 Reuter
3;
bodyend
documentend
documentstart
7953
topicstart
earn
topicend
bodystart
2;

VERNITRON CORP 
<
VRN> 4TH QTR AND YEAR LOSS


    LAKE SUCCESS, N.Y., March 20 -
    
Oper shr loss 49 cts vs loss 10 cts
    Oper net loss 3,014,000 vs loss 656,000
    Revs 22.7 mln vs 23.6 mln
    12 mths
    Oper shr loss 19 cts vs profit 40 cts
    Oper net loss 1,142,000 vs profit 2,476,000
    Revs 93.3 mln vs 99.0 mln
    NOTE: qtr 1986 and prior qtr excludes loss discontinued
operations 2,441,000 and 4,078,000, respectively.
    Year 1986 and prior excludes loss discontinued operations
3,509,000 and 5,278,000, respectively.
    qtr and year 1986 excludes tax loss 1,557,000 and loss
151,000, respectively.
    qtr and year prior excludes tax gain 833,000 and 3,346,000,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
7954
topicstart
earn
topicend
bodystart
2;

GOODY PRODUCTS INC 
<
GOOD> YEAR END OPER NET


    KEARNY, N.J., March 20 -
    
Oper shr 1.21 vs 88 cts
    Oper net 7,767,000 vs 5,494,000
    Revs 163.7 mln vs 133.5 mln
    NOTE: 1986 and 1985 oper net excludes a loss of 1,332,000
dlrs and a profit of 319,000 dlrs, respectively, for
discontinued operations.
    Earnings per shr are restated to reflect 3-for-2 stock
split effective July one, 1986.
 Reuter
3;
bodyend
documentend
documentstart
7955
topicstart
earn
topicend
bodystart
2;

VMS MORTGAGE INVESTORS L.P. 
<
VMLPZ> MONTLY DIV


    CHICAGO, March 20 -
    
DIst nine cts vs nine cts prior
    Payable May 14
    Record April one
 Reuter
3;
bodyend
documentend
documentstart
7956
topicstart
earn
topicend
bodystart
2;

PEPS BOYS-MANNY, MOE AND JACK 
<
PBY> SET PAYOUT


    PHILADELPHIA, March 20 -
    
Qtly div 5.5 cts vs 5.5 cts prior
    Pay April 27
    Record April one.
 Reuter
3;
bodyend
documentend
documentstart
7957
topicstart
grain
wheat
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS ON SEMOLINA TO EGYPT


    WASHINGTON, March 20 - 
The Commodity Credit Corporation,
CCC, has accepted a bid for an export bonus to cover a sale of
6,000 tonnes of semolina to Egypt, the U.S. Agriculture
Department said.
    The department said the semolina is for shipment
April-October, 1987, and the bonus awarded was 224.87 dlrs per
tonne.
    The bonus was made to International Multifoods Corp and
will paid to the exporter in the form of commodities from CCC
stocks, the department said.
    An additional 7,000 tonnes of semolina are still available
to Egypt under the Export Enhancement Program initiative
announced August 1, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
7958
topicstart
earn
topicend
bodystart
2;

VMS MORTGAGE INVESTORS 
<
VMTGZ> RAISES PAYOUT


    CHICAGO, March 20 - 
VMS Mortgage Investors LP II said it
raised its first quarter 1987 cash dividend to 21 cts from 20
cts the prior quarter payable May 14, 1987, to shareholders of
record April One, 1987.
 Reuter
3;
bodyend
documentend
documentstart
7959
topicstart
acq
ship
topicend
bodystart
2;

REGENCY CRUISES 
<
SHIP> SELLS SHIP INTEREST


    NEW YORK, March 20 - 
Regency Cruises Inc said it agreed to
sell a 40 pct interest in the corporation that owns the M/V
Regent Sea cruise ship for 2.1 mln dlrs to Monmouth
International SA, which owns the other 60 pct.
    The company said it also extended a 1.7 mln dlr secured
loan to Monmouth to finance completion of the renovation of
another vessel, the M/V Regent Star, which is scheduled to
begin operating in late June.
    Regency Cruises, which operates both ships, received a
five-year extension, to November 1995, to the Regent Sea's
original charter agreement, it said. It also received a
reduction, to 600,000 dlrs from 1.6 mln dlrs, of its total
charter guarantee for the Regent Sea and Regent Star.
    Regency also reported 1986 earnings of 5,695,000 dlrs or 37
cts a share on revenues of 40.9 mln dlrs. It began operations
in November 1985.
    In addition, the company said its bank, Irving Bank Corp

<
V>, agreed to waive a one mln dlr counter guarantee for the
bank to provide a 2.6 mln dlrs guarantee for Regency's Federal
Maritime Commission bond.
    The company said after April 3 the exercise price of its
warrants will return to two dlrs until they expire April 21.
The price had been reduced to 1.50 dlrs for the three weeks
ending April 3.
 Reuter
3;
bodyend
documentend
documentstart
7961
topicstart
ship
topicend
bodystart
2;

FREIGHT, INSURANCE PROPOSED FOR CCC SALES - USDA


    WASHINGTON, March 20 - 
the U.S. Agriculture Department is
proposing to permit coverage of freight cost and marine and war
risk insurance for sales  of all agricultural commodities sold
on credit terms under the Commodity Credit Corporation's, CCC,
credit guarantee programs.
    The proposal only applies to commodities that are sold by
exporters on a cost and freight, C and F, or cost, insurance
and freight, CIF, basis, since these costs would be included in
the exporter's sale price to the foreign buyer, it said.
    Under current programs, freight costs can be covered only
for export sales of U.S. breeding animals.
    It asked for comments on the proposal by April 20.
 Reuter
3;
bodyend
documentend
documentstart
7962
topicstart
livestock
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS FOR CATTLE TO EGYPT


    WASHINGTON, March 20 - 
The U.S. Commodity Credit
Corporation (CCC) has accepted a bid for an export bonus to
cover a sale of 186 head of dairy cattle to Egypt, the U.S.
Agriculture Department said.
    The department said the cattle are for delivery May 7-June
7, 1987, and the bonus awarded was 1,888.06 dlrs per head.
    The bonus was made to First Interstate Trading Co and will
be paid to the exporter in the form of commodities from CCC
stocks, the department said.
    An additional 7,959 head of dairy cattle are still
available to Egypt under the Export Enhancement Program
initiative announced September 12, 1986, it said.
 Reuter
3;
bodyend
documentend
documentstart
7963
topicstart
acq
topicend
bodystart
2;

CLARK EQUIPMENT 
<
CKL> BUYS 1.3 MLN SHARES


    SOUTH BEND, IND., March 20 - 
Clark Equipment Co said it has
purchased 1,339,000 shares of its common stock from an investor
group led by Arthur M. Goldberg for 26.375 dlrs a share.
    It said the purchase reduces the number of shares of Clark
common stock to be purchased under its stock repurchase plan
announced March 10. At the time the company said it would buy
back 3.0 mln shares, or 16 pct of the outstanding stock.
     Clark Equipment also said the investor group agreed to
enter into a standstill agreement which prohibits members of
the group from purchasing shares of voting securities of Clark
for 10 years.
 Reuter
3;
bodyend
documentend
documentstart
7964
topicstart
acq
topicend
bodystart
2;

YANKEE COS 
<
YNK> UNIT TO SELL ASSSETS


    COHASSET, N.Y., March 20 - 
Yankee Cos Inc's Eskey Inc 
<
ESK>
subsidiary said it reached an agreement in principle to sell
its Eskey's Yale E. Key Inc subsidiary to a new concern formed
by Key's management and a private investor for about 15.5 mln
dlrs.
    As part of sale, Eskey said the buyers will assume the 14.5
mln dlrs of publicly held Eskey 10-3/4 pct debentures due 2003.
It said the debentures will continue to be converted into
Yankee preferred. The remainder of the price will be a one mln
dlr note to Eskey. Yankee said the sale will result in a loss
of 1.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7965
topicstart
topicend
bodystart
2;

COURT APPROVES LTV 
<
QLTV> BANK CREDIT AGREEMENT


    DALLAS, March 20 - 
LTV Corp said a credit agreement between
the company and its 22-member bank group has been approved by
the U.S. Bankruptcy Court for the Southern District of New
York.
    The company said the agreement provides an additional 100
mln dlrs of credit that may be borrowed by the company or used
to cover the issuance of new letters of credit.
    Under athe agreement, LTV said, it will convert about 435
mln dlrs of outstanding secured debt of certain subsidiaries
into a new revolving credit facility.
    LTV said the bank credit agreement also provides for the
funding, on a revolving credit basis, of about 160 mln dlrs of
outstanding secured lines of credit in the event such letters
of credit should be drawn in the future.
    The company said it has the option under the agreement to
fund the borrowings at the prime reate or at rates related to
certificates of deposit or London Interbank Borrowing Rates.
    It said outstanding loans, as well as amounts which could
be drawns under issued letters of credit, will be securited by
accounts receivable and inventories of certain LTV subsidiaries.
 Reuter
3;
bodyend
documentend
documentstart
7966
topicstart
acq
topicend
bodystart
2;

WENDY'S 
<
WEN> DECLNES COMMENT ON MARKET RUMORS


    CHICAGO, March 20 - 
Wendy's International Inc declined to
comment on vague rumors by traders that it might be a takeover
target.
    Wendy's is currently trading up one at 11-3/4 on turnover
of more than 1.6 mln shares.
    A Wendy's spokesman said it was corporate policy not to
comment on market rumors.
    He further declined to attribute active trading in Wendy's
stock to a published report which stated Wall Street
professionals believe that Wendy's was possibly being studied
by Coca Cola Co (KO) with view to a possible acquisition.
 Reuter
3;
bodyend
documentend
documentstart
7967
topicstart
acq
topicend
bodystart
2;

GOODY 
<
GOOD> TO SELL UNIT TO UNION CAMP 
<
UCC>


    KEARNY, N.J., March 20 - 
Goody Products Inc said it entered
into an agreement to sell its J. and P.B. Myers packaging
business to Union Camp Corp to focus on its consumer products
and automated distribution system businesses.
    Terms of the agreement were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7968
topicstart
acq
topicend
bodystart
2;

CHAMPION PARTS
<
CREB> ASKS DECLARATORY JUDGMENT


    OAK BROOK, ILL., March 20 - 
Champion Parts Rebuilders Inc
said it asked the Federal District Court in Chicago for a
declaratory judgment upholding its recent 5.4 mln dlr sale of
common shares and warrants to Echlin Inc 
<
ECH>.
    Champion said in hearings Thursday morning before the
federal judge on its lawsuit charging federal securities law
violations against Cormier Corp, Odilon Cormier, Morris Navon
and other defendants, the Cormier-Navon defendants indicated
they would challenge the transaction.
    Champion's suit claims that various Champion investors
alligned themselves with Cormier and Navon who failed to
disclose properly under federal laws that they were acting in
concert and they intended to spin off parts of the company and
sell the balance within two years once they got control.
 Reuter
3;
bodyend
documentend
documentstart
7969
topicstart
acq
topicend
bodystart
2;
******
CYACQ RAISES OFFER FOR CYCLOPS TO 92.50 DLRS/SHARE FROM 80 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
7970
topicstart
earn
topicend
bodystart
2;

GREAT COUNTRY BANK 
<
GCBK> 3RD QTR NET


    ANSONIA, Conn., March 20 - 
Qtr ends Feb 28
    Shr 53 cts vs N/A
    Net 1,165,000 vs 575,000
    Nine mths
    Shr 1.54 dlrs vs N/A
    Net 3,363,000 vs 1,535,000
    Assets 375.2 mln vs 320.7 mln
    Deposits 313.8 mln vs 264.2 mln
    Loans 286.3 mln vs 235.9 mln
    NOTE: earnings per share data not presented for 1986 as
Great Country Bank converted from a mutual to a capital stock
savings bank on Jan 14, 1986. Such information is misleading
and inappropriate, the company said.
 Reuter
3;
bodyend
documentend
documentstart
7971
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BUSINESS LOANS FALL 660 MLN DLRS IN MARCH 11 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
7972
topicstart
gas
topicend
bodystart
2;

EC AGREES REDUCTION OF DIESEL EXHAUST EMISSIONS


    BRUSSELS, March 20 - 
The European Community (EC) agreed
tough new rules to cut diesel exhaust emissions from trucks and
buses in an attempt to reduce air pollution threatening vast
stretches of the region's forests.
    Diplomats said EC environment ministers meeting here agreed
member states would have to reduce by 20 pct over the next few
years the emission of nitrogen oxide, widely seen as the main
source of acid rain endangering forests and lakes.
    The reduction would be compulsory for heavy vehicles, with
tougher standards imposed for new models from April 1988 and
for all new vehicles from October 1990.
    The EC's executive Commission says the emission level of
nitrogen oxide was expected to drop to 2.4 mln tonnes a year
from three mln tonnes within the 12-nation Community if all
heavy vehicles applied to the new standards.
    There are an estimated nine mln lorries and buses in use in
the EC, according to Commission figures.
    The ministers also gave West Germany a go-ahead to move
towards a ban on the sale of leaded regular petrol, after Bonn
requested permission to do so to encourage the use of
low-pollution cars, diplomats said.
    West Germany will still need ministers' final approval for
such a plan. Diplomats said this was expected when EC
environment ministers meet next on May 21.
    But the ministers added that the go-ahead for West Germany
did not mean there would automatically follow a Community-wide
ban on the sale of regular leaded petrol.
    Bonn intends to keep leaded premium petrol pumps, diplomats
said. They added that, of the 97 mln cars in the EC, only 20
mln now ran on regular leaded petrol and these would risk no
damage if they switched over to premium leaded petrol.
    Under EC law, ministers have to give member states special
permission if they wish to be exempt from Community competition
laws. This would be the case if West Germany were to implement
a ban on the sale of leaded regular petrol.
 Reuter
3;
bodyend
documentend
documentstart
7973
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 20 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Weyerhaeuser Co 
<
WY> - Offering of four mln shares of
convertible exchangeable preference shares through Morgan
Stanley and Co Inc.
    Kansas City Power and Light Co 
<
KLT> - Shelf offering of up
to 100 mln dlrs of mortgage bonds.
    J and J Snack Foods Corp - Initial public offering of 25
mln dlrs of convertible subordinated debentures due April 1,
2012.
    Federal Paper Board Co Inc 
<
FBO> - Offering of 2.8 mln
shares of cumulative convertible preferred stock through an
underwriting group led by First Boston Corp.
    Virginia Electric and Power Co, subsidiary of Dominion
Resources Inc 
<
D> - Shelf offering of up to 1,350,000 shares of
100 dlr preferred stock.
 Reuter
3;
bodyend
documentend
documentstart
7974
topicstart
earn
topicend
bodystart
2;

MARCUS 
<
MRCS> VOTES 50 PCT STOCK DIVIDEND


    MILWAUKEE, WIS., March 20 - 
Marcus Corp said its board
voted a 50 pct stock dividend to be distributed May 1, record
April 15.
    It said the dividend applies equally to holders of its
common stock and Class B common.
 Reuter
3;
bodyend
documentend
documentstart
7975
topicstart
earn
topicend
bodystart
2;

VMS MORTGAGE 
<
VMTGZ> CASH DISTRIBUTION RISES


    CHICAGO, March 20 - 
VMS Mortgage Investors L.P. II said it
declared a first-quarter 1987 cash distribution of 21 cts a
depositary unit, up five pct from the prior quarter.
    It said the distribution will be payable May 14, record
January 1.
 Reuter
3;
bodyend
documentend
documentstart
7977
topicstart
acq
topicend
bodystart
2;

AUDIO/VIDEO 
<
AVA>SWEETENS BID FOR CYCLOPS 
<
CYL>


    DAYTON, Ohio, March 20 - 
An investment group led by
Audio/Video Affiliates Inc said it raised its tender offer to
acquire Cyclops Corp to 92.50 dlrs a share from 80 dlrs a
share.
    The group, Cyacq Acquisition Corp, also said it extended
the offer until April three, from March 20.
    The group said it added several conditions to its offer,
including receipt of all non-public information about Cyclops
that was provided to 
<
Dixons Group PLC> in connection with
Dixon's competing tender offer for Cyclops.
    Cyacq's sweetened offer, totaling about 398 mln dlrs, tops
Dixon's offer of 92.25 dlrs a share, or about 388 mln dlrs.
    On Wednesday Dixon said it had bought 54 pct of Cyclops'
4.3 mln shares outstanding, boosting its stake in the company
to 56 pct.
    Earlier today, however, the Securities and Exchange
Commisssion ordered Dixons to extended its tender offer until
March 24.
    Cyacq said it hopes Cyclops shareholders "will withdraw
previously tendered shares from Dixons' tender offer to take
advantage of Cyacq's higher offer."
    The SEC's order came after Cyacq filed suit to block Dixons
from taking control of Cyclops and to force an extension of
Dixons' tender offer.
    A Cyclops spokeswoman said the company had no immediate
comment on the sweetened bid from Cyacq.
    Cyacq said its new offer is also subject to Cyclops
rescinding any agreements with Dixons under which the
U.K.-based firm would receive "break-up fees" or expenses from
Cyclops or could buy Cyclops common stock from the
Pittsburgh-based company.
 Reuter
3;
bodyend
documentend
documentstart
7978
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES BAKER INTERNATIONAL AND UPGRADES HUGHES TOOL

Blah blah blah.
3;


bodyend
documentend
documentstart
7979
topicstart
earn
topicend
bodystart
2;

EMERALD HOMES 
<
EHP> SETS INITIAL DISTRIBUTION


    PHOENIX, Ariz., March 20 - 
Emerald Homes L.P. said its
general partners declared an initial 30-ct per unit
distribution payable May 15 to unitholders of record March 31.
    Emerald made its initial public offering February 6.
 Reuter
3;
bodyend
documentend
documentstart
7980
topicstart
money-supply
topicend
bodystart
2;

U.S. BUSINESS LOANS FALL 660 MLN DLRS


    WASHINGTON, March 20 - 
Business loans on the books of major
U.S. banks, excluding acceptances, fell 660 mln dlrs to 277.93
billion dlrs in the week ended March 11, the Federal Reserve
Board said.
    The Fed said that business loans including acceptances
declined 492 mln dlrs to 280.56 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
7982
topicstart
topicend
bodystart
2;

WATER SPORTS NETWORK BUYS DEBT FROM NTN


    CARLSBAD, Calif., March 20 - 
<
Water Sports Network> said it
purchased 750,000 dlrs in convertible debentures from 
<
NTN
Communications Inc>.
    The companies said they are exploring ways to mutually
market the programs and properties of each company.
 Reuter
3;
bodyend
documentend
documentstart
7983
topicstart
acq
topicend
bodystart
2;

JEFFERIES MAKES MARKET IN CYCLOPS 
<
CYL>


    NEW YORK, MARCH 20 - 
Jefferies and Co said it is making a
market in the stock of Cyclops Corp at 92-1/2 to 95.
    Cyclops received a sweetened offer of 92.50 dlrs per share
from Cyacq Acquisition Corp, led by Audio/Video Affiliates Inc

<
AVA>.
      
 Reuter
3;
bodyend
documentend
documentstart
7984
topicstart
acq
topicend
bodystart
2;

BEI 
<
BEIH> ACQUIRES IVEY-ROWTON AND ASSOCIATES


    ATLANTA, March 20 - 
BEI Holdings Ltd said it acquired
Ivey-Rowton and Associates, a Nashville, Tenn.-based bank
marketing firm.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
7985
topicstart
gold
topicend
bodystart
2;

LAC MINERALS 
<
LAC> TO CLOSE LAKE SHORE MINE


    TORONTO, March 20 - 
LAC Minerals Ltd said it will suspend
underground mining and exploration at its Lake Shore Mine at
Kirkland Lake, Ontario, on April 30, pending results of a
surface exploration drilling program.
    LAC said it does not expect the decision to affect
earnings, but 44 employees will be affected.
    The company said it has completed mining the crown pillar
which has produced 71,000 ounces of gold since 1983. In 1986,
the mine produced 10,600 ounces. LAC said it will continue
surface drilling in 1987 to determine if further underground
exploration work is warranted.
   
 Reuter
3;
bodyend
documentend
documentstart
7987
topicstart
earn
topicend
bodystart
2;

SOUTHERN HOME SAVINGS BANK 
<
SHSB> YEAR NET


    PENSACOLA, Fla., March 20 -
    
Shr 1.86 dlrs vs 1.85 dlrs
    Net 1,923,304 vs 1,897,998
 Reuter
3;
bodyend
documentend
documentstart
7990
topicstart
earn
topicend
bodystart
2;

BINKS MFG CO 
<
BIN> REGULAR DIVIDEND SET


    FRANKLIN PARK, ILL., March 20 -
    
Qtly div 25 cts vs 25 cts previously
    Pay April 17
    Record March 30
 Reuter
3;
bodyend
documentend
documentstart
7991
topicstart
earn
topicend
bodystart
2;
WEST CO INC 
<
WST> SETS REGULARY PAYOUT
    PHOENIXVILLE, Pa., March 20
    Qtrly div 13 cts vs 13 cts prior
    Pay May 5
    Record April 21
 Reuter
3;


bodyend
documentend
documentstart
7992
topicstart
acq
topicend
bodystart
2;

FIRM SELLS ENTIRE ALLEGHENY INT'L 
<
AG> STAKE


    WASHINGTON, March 20 - 
Southeastern Asset Management Inc
and its two controlling shareholders said they sold their
entire 5.6 pct stake in Allegheny International Inc.
    In a filing with the Securities and Exchange Commission,
Southeastern, a Memphis, Tenn. investment advisor, said it sold
the entire 604,000-share stake between March 13 and 16 at
prices ranging from 24.25 to 24.625 dlrs each.

 Reuter
3;
bodyend
documentend
documentstart
7993
topicstart
acq
topicend
bodystart
2;

JAPANESE FIRM HAS 10.7 PCT OF SHELDAUL 
<
SHEL>


    WASHINGTON, March 20 - 
Sumitomo Bakelite Co Ltd, a Japanese
company, told the Securities and Exchange Commission it has
acquired 325,000 shares of Sheldahl Inc, or 10.7 pct of the
total outstanding common stock.
    Sumitomo Bakelite said it bought the stock for 4.9 mln dlrs
for investment purposes.
    Under an between Sumitomo Bakelite and Sheldahl, as long as
its stake is more than five pct, Sumitomo said it has
preemptive rights for 60 days following notice of issuance of
new Sheldahl common stock. As long as its stake is over 10 pct,
it said it is entitled to Sheldahl board representation.
 Reuter
3;
bodyend
documentend
documentstart
7994
topicstart
earn
topicend
bodystart
2;

COMMONWEALTH EDISON CO 
<
CWE> 12 MONTHS NET


    CHICAGO, March 20 - 
Period ended Feb 28
    Shr 4.66 dlrs vs 4.40 dlrs
    Net 1,048,884,000 vs 959,626,000
    Revs 5.43 billion vs 5.04 billion
    Avg shrs 200,242,000 vs 191,840,000
    NOTE: Per-share earnings reflect payment of preferred
dividend requirements
 Reuter
3;
bodyend
documentend
documentstart
7996
topicstart
topicend
bodystart
2;

MOODY'S CUTS BAKER 
<
BKO>, UPGRADES HUGHES 
<
HT>


    NEW YORK, March 20 - 
Moody's Investors Service Inc said it
downgraded the debt ratings of Baker International Corp and
upgraded Hughes Tool Co's debt.
    The actions affect a combined 662 mln dlrs of securities.
    Moody's said the anticipated merger of Baker and Hughes
Tool into Baker Hughes Inc would result in increased financial
leverage at a time of weak demand for the combined company's
products and services.
    The agency cut the senior debt of Baker and its finance
unit, Baker International Finance N.V., to Baa-1 from A-2. It
affirmed Baker's Prime-2 commercial paper.
    Moody's upgraded Hughes Tool's senior debt to Baa-1 from
B-2 and subordinated debt to Baa-2 from B-3.
    The rating agency said that a poor outlook for the oil
services industry would pressure earnings and cash flow for
Basker Hughes over the intermediate term.
    However, Moody's noted that the combined company would
benefit from cost reductions and consolidations made possible
by the merger. Also, the company's competitive position should
be substantially strengthened by the merger, Moody's said.
 Reuter
3;
bodyend
documentend
documentstart
7997
topicstart
acq
topicend
bodystart
2;

JOHN HANCOCK UNITS DUMP STAKE IN PRICE 
<
PR>


    WASHINGTON, March 20 - 
Subsidiaries of John Hancock Mutual
Life Insurance Co told the Securities and Exchange Commission
they sold their entire 13.1 pct stake in Price Communications
Corp back to the company.
    The Hancock subsidiaries said they sold their entire
1,627,603-share stake in Price Communications to the company
for 11 dlrs a share on Feb 23.
 Reuter
3;
bodyend
documentend
documentstart
7998
topicstart
topicend
bodystart
2;

AMERICAN ELECTRIC 
<
AEP> UNIT TO BUY BACK BONDS


    NEW YORK, March 20 - 
Ohio Power Co, a unit of American
Electric Power Co, said it will redeem 34.4 mln dlrs of its
first mortgage bonds on June one.
    It will buy back at par 33 mln dlrs of its outstanding 10
pct bonds of 2016 and 1.4 mln dlrs of its outstanding 12-7/8
pct bonds due 2013. Also, the utility will pay accrued interest
for the 10 pct series.
    Transfer books for both series will be closed at the close
of business on April 10 to allow for selection by lot of the
bonds to be redeemed, Ohio Power said. The books will be
reopened around April 24 when redemtion notices are mailed.
 Reuter
3;
bodyend
documentend
documentstart
8000
topicstart
earn
topicend
bodystart
2;

NIAGARA MOHAWK 
<
NMK> TO CUT COSTS


    SYRACUSE, N.Y., March 20 - 
Niagara Mohawk Corp said it is
"cautiously optimistic" about results improvements for 1987 and
said it is studying measures to cut operating costs.
    These measures include freezing management salaries,
abolishing vacant positions and reducing overtime.
    A spokesman said the company had no current plans to lay
off workers. The company declined to say how much the cost
savings would amount to.
    A five year forecast is expected to be issued in early
summer, a spokesperson said.
    The company said it has redeemed about 273 mln dlrs in high
cost debt during 1986 and hopes to redeem more debt this year.
    For 1986, Niagara Mohawk's earnings per share fell to 2.71
dlrs from 2.88 dlrs in 1985..
    The company said earnings reduced primarily as a result of
a reduction early in 1986 in earnings return on equity allowed
by the N.Y. State Public Service COmmission.
    Niagara said it is concerned about the continued lowering
of authorized return and has reinforced petitions to grant a 
fair return on equity.
 Reuter
3;
bodyend
documentend
documentstart
8001
topicstart
earn
topicend
bodystart
2;

GANTOS INC 
<
GTOS> 4TH QTR JAN 31 NET


    GRAND RAPIDS, MICH., March 20 -
    
Shr 43 cts vs 37 cts
    Net 2,276,000 vs 1,674,000
    Revs 32.6 mln vs 24.4 mln
    Year
    Shr 90 cts vs 69 cts
    Net 4,508,000 vs 3,096,000
    Revs 101.0 mln vs 76.9 mln
    Avg shrs 5,029,000 vs 4,464,000
    NOTE: 1986 fiscal year ended Feb 1, 1986
 Reuter
3;
bodyend
documentend
documentstart
8002
topicstart
acq
topicend
bodystart
2;
******
CHEMLAWN CORP, ECHOLAB INC SIGN DEFINITIVE MERGER AGREEMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
8003
topicstart
grain
wheat
oilseed
soybean
veg-oil
topicend
bodystart
2;

LDC FOOD AID NEEDS DECLINE IN 1986/87 - USDA


    WASHINGTON, March 20 - 
Total food aid needs in 69 of the
least developed countries declined in 1986/87, as requirments
fell in many countries in Africa, the Middle East and Asia, the
U.S. Agriculture Department said.
    In a summary of its World Agriculture Report, the
department said grain production in sub-Saharan Africa was a
record high in 1986, with gains in almost every country.
    However, food needs in Central America rose, worsened by
drought-reduced crops and civil strife.
    Record wheat production in 1986/87 is pushing global wheat
consumption for food to a new high, and higher yielding
varieties have been particularly effective where spring wheat
is a common crop, it said.
    However, may developing countries in tropical climates,
such as Sub-Saharan Africa, Southeast Asia, and Central
America, are not well adapted for wheat production, and
improved varieties are not the answer to rising food needs, the
department said.
    World per capita consumption of vegetable oil will rise in
1986/87 for the third straight year.
    Soybean oil constitutes almost 30 pct of vegetable oil
consumption, while palm oil is the most traded, the department
said.
 Reuter
3;
bodyend
documentend
documentstart
8004
topicstart
sugar
grain
corn
topicend
bodystart
2;

U.S. SUGAR PROGRAM CUT SENT TO CONGRESS BY USDA


    WASHINGTON, MARCH 20 - 
The U.S. Agriculture Department 
formally transmitted to Congress a long-awaited proposal to
drastically slash the sugar loan rate and compensate growers
for the cut with targeted income payments.
    In a letter to the Congressional leadership accompanying
the "Sugar Program Improvements Act of 1987", Peter Myers,
Deputy Agriculture Secretary, said the Reagan administration
wants the sugar loan rate cut to 12 cents per pound beginning
with the 1987 crop, down from 18 cts now.
    Sugarcane and beet growers would be compensated by the
government for the price support cut with targeted income
payments over the four years 1988 to 1991. The payments would
cost an estimated 1.1 billion dlrs, Myers said.
    The administration sugar proposal is expected to be
introduced in the House of Representatives next week by Rep.
John Porter, R-Ill.
    Congressional sources said the program cut is so drastic it
is unlikely to be adopted in either the House or Senate because
politically-influential sugar and corn growers
and high fructose corn syrup producers will strongly resist.
    The direct payment plan outlined by the administration 
targets subsidies to small cane and beet growers and gradually
lowers payments over four years. It also excludes from payment
any output exceeding 20,000 short tons raw sugar per grower.
    For example, on the first 350 tons of production, a grower
would receive 6 cts per lb in fiscal 1988, 4.5 cts in 1989, 3
cts in 1990 and 1.5 cts in 1991.
    The income payments would be based on the amount of
commercially recoverable sugar produced by a farmer in the 1985
or 1986 crop years, whichever is less, USDA said.
    Myers said the administration is proposing drastic changes
in the sugar program because the current high price support is
causing adverse trends in the sugar industry.
    He said the current program has artificially stimulated
domestic sugar and corn sweetener production which has allowed
corn sweeteners to make market inroads.
    U.S. sugar consumption has declined which has resulted in a
"progressive contraction" of the sugar import quota to only one
mln short tons this year, he said. This has hurt cane sugar
refiners who rely on imported sugar processing.
    Furthermore, USDA said the current sugar program gives
overseas manufacturers of sugar-containing products a
competitive advantage. The result has been higher imports of
sugar-containing products and a flight of U.S. processing
facilities overseas to take advantage of cheaper sugar.
    USDA also said the current program imposes a heavy cost on
U.S. consumers and industrial users. In fiscal 1987, USDA said
consumers are paying nearly two billion dlrs more than
necessary for sugar.
    "Enactment of this bill will reduce the price gap between
sweeteners and help to correct or stabilize the many adverse
impacts and trends which the sugar industry is currently
facing," Myers said.
    The following table lists the rate of payments, in cts per
lb, to growers and the quantity covered, in short tons
recoverable raw sugar, under the administration's proposal to
compensate sugar growers with targeted payments.
    QUANTITY            1988     1989      1990      1991
First 350 tons         6.000    4.500     3.000     1.500
Over 350 to 700        5.750    4.313     2.875     1.438
Over 700 to 1,000      5.500    4.125     2.750     1.375
Over 1,000 to 1,500    5.000    3.750     2.500     1.250
Over 1,500 to 3,000    4.500    3.375     2.250     1.125
Over 3,000 to 6,000    3.500    2.625     1.750     0.875
Over 6,000 to 10,000   2.250    1.688     1.125     0.563
Over 10,000 to 20,000  0.500    0.375     0.250     0.125
Over 20,000 tons        nil      nil       nil       nil 
 Reuter
3;
bodyend
documentend
documentstart
8005
topicstart
earn
topicend
bodystart
2;

<
OE INC> 4TH QTR NET


    MONTREAL, March 20 -
    
Shr 24 cts vs 26 cts
    Net 1.5 mln vs 1.3 mln
    Revs 40.5 mln vs 33.5 mln
    Year
    Shr 80 cts vs 82 cts
    Net 4.9 mln vs 4.1 mln
    Revs 143.0 mln vs 121.1 mln
    Avg shrs 6.1 mln vs 5.0 mln
 Reuter
3;
bodyend
documentend
documentstart
8007
topicstart
earn
topicend
bodystart
2;

VMS MORTGAGE LP 
<
VMLPZ> MONTHLY CASH PAYOUT


    CHICAGO, March 20 - 
VMS Mortgage L.P. said it declared a
regular monthly cash distribution of nine cts a depositary unit
for the month of March, payable May 14, record April One.
 Reuter
3;
bodyend
documentend
documentstart
8008
topicstart
livestock
pork-belly
topicend
bodystart
2;

LITTLE EFFECT SEEN FROM COLD STORAGE REPORT


    CHICAGO, March 20 - 
The USDA monthly cold storage report
for meats is expected to have little, if any, effect on
livestock and meat futures at the Chicago Mercantile Exchange
Monday and daily fundamentals will likely provide the bulk of
direction, livestock analysts said.
    The increase of 66.4 mln lbs in total poultry offsets the
22.6 mln lbs decline in total red meats. Fundamentals may
provide most of the direction in futures on Monday, they said.
    "I think the market is going to be looking at some other
things and accentuate whatever the action of cash markets might
be early next week," Jerry Gidel, livestock analyst for GH
Miller, said.
    Shearson Lehman livestock analyst Chuck Levitt said futures
will be in the shadow of a little larger seasonal hog
marketings pace next week. Also, Easter ham business was
completed this week and there may be less aggressive interest
for pork in general next week.
    "We needed some help from the cold storage report to avert
a possible setback next week in the pork complex," Levitt said.
    Analysts agreed with CME floor traders and called the belly
figure neutral to slightly negative. Although belly stocks were
down 33 pct from last year, they exceeded the average
expectation and actually showed a lighter than expected decline
from last month due to an adjustment to last month's holdings,
they said.
    However, analysts noted that the amount of bellies put in
storage has been light since the beginning of March and this is
a potentially bullish situation.
    Glenn Grimes, agronomist at the University of Missouri,
said, "I would not look for (belly) storage during the next
month or two to be heavier than a year ago - I think it will be
less."
 Reuter
3;
bodyend
documentend
documentstart
8009
topicstart
ship
grain
topicend
bodystart
2;

STRIKE THREAT, LOWER TRAFFIC MAR SEAWAY OPENING


    By Jane Arraf, Reuters


    MONTREAL, March 20, Reuter - 
The St. Lawrence Seaway, set
to reopen March 31 after the winter, faces another tough year
because of depressed traffic levels and the possibility of the
first strike in 20 years on the Great Lakes, seaway officials
said.
    Depressed grain exports, rising costs, and competing modes
of transportation are all expected to result in only a marginal
increase over last year's traffic levels -- and revenues -- on
the 2,300 mile waterway, officials said.
    In 1986, a season that ran from April 3 to December 27, the
seaway moved 37.6 mln metric tons of freight between Montreal
and Lake Ontario and 41.6 mln tons on the Welland Canal,
linking Lake Erie and Lake Ontario.
    By comparison, in 1985 about 37 mln tons of cargo traveled
through the Montreal-Lake Ontario section and 42 mln through
the eight-lock canal.
    The waterway is expected to lose 9-10 mln Canadian dlrs
this year, about the same as the estimated deficit for fiscal
1986-87 ending March 31, said William Blair, an executive
member of Canada's St Lawrence Seaway Authority.
    The seaway moves about one-half of Canada's exported grain.
Those exports of the single most important commodity carried on
the waterway have been depressed by world surpluses.
    The Seafarers' International Union, which represents about
2,300 workers on the Great Lakes and the ocean coasts, has said
it will likely go on strike this spring to protest employers'
demands for wage rollbacks and other concessions.
    "It's 99.9 pct (certain)--I guarantee you a strike," Roman
Gralewicz, head of the Seafarers' Canadian branch, has said.
    The Canadian government has called in a labor conciliator
to try to hammer out a contract agreement between the two
sides. The seaway authority said a walkout tying up ships on
the Great Lakes would badly hurt traffic.
    "We haven't had a strike on the seaway for years...a
prolonged strike would have a disasterous effect," Seaway
Authority spokeswoman Gay Hemsley said.
    "These are the heaviest contract talks in the history of the
St Lawrence Seaway," George Miller, vice-president of the
Canadian Lake Carriers Association, an association of major
Canadian shipping companies, said recently.
    The workers' current contract expires May 31. The
association said it is asking for a five per cent cut in wages
for the next three years, reduced crew levels and the power to
restructure crew dispatching.
    The association said its members recorded about a 6 mln dlrs
(U.S.) loss in each of 1985 and 1986 due to lower traffic and
freight rates and increasing competition. The seaway said 1985
was its worst year in two decades.
    Hemsley said the seaway authority plans to raise tolls on
the Welland Canal by eight pct this year, compared to last
year's 15 pct rise, while maintaining a freeze on tolls
throughout the rest of the waterway.
    Canada is responsible for 13 of the seaway's 15 locks and
about 85 pct of its revenues and maintenance costs.
    "We may see and hope for a steady upward climb...but we
won't see a major increase for a number of years," Hemsley said.
    A Canada-U.S. delegation to promote the seaway to shippers
in Western Europe should result in some increased traffic this
season but the full benefits won't be felt for several years,
Blair said.
 Reuter
3;
bodyend
documentend
documentstart
8010
topicstart
acq
topicend
bodystart
2;

CHEMLAWN 
<
CHEM>, ECOLAB 
<
ECON> IN MERGER PACT


    COLUMBUS, Ohio, March 20 - 
Chemlawn Corp and Ecolab Inc
said they signed a definitive merger agreement under which
Ecolab will buy all outstanding Chemlawn common stock for 36.50
dlrs a share in cash, for a total of about 370 mln dlrs.
    Under terms of the agreement, Chemlawn said it rescinded
its previously announced rights dividend plan.
    Chemlawn previously rejected a 27 dlr a share offer from
Waste Management Inc 
<
WMX>.
    Yesterday, the Oak Brook, Ill.-based waste disposal company
said it was prepared to offer 33 dlrs a share, or about 330 mln
dlrs, for Chemlawn, a lawn-care company.
    Chemlawn had said last week that it was negotiating with
other possible suitors, which it did not identify.
    A Chemlawn spokesman said further details on the merger
would be issued later.
    Ecolab is a maker of commercial laundry detergent based in
St. Paul, Minn. For its first six months ended December 31, the
company earned 20.4 mln dlrs, or 76 cts a share, on sales of
421.8 mln dlrs.
    Officials at Waste Management could not be reached for
immediate comment.
 Reuter
3;
bodyend
documentend
documentstart
8011
topicstart
earn
topicend
bodystart
2;
******
LILCO REVISES 1986 NET TO INCLUDE 16 MLN DLR LOSS PROVISION

Blah blah blah.
3;


bodyend
documentend
documentstart
8012
topicstart
earn
topicend
bodystart
2;

FALCON CABLE 
<
FAL> SETS INITIAL DISTRIBUTION


    PASADENA, Calif., March 20 - 
Falcon Cable Systems Co said
its set an initial quarterly cash distribution of 53.75 cts per
unit, payable May 15 to unitholders of record March 31.
    The partnership made its initial public offering in
December, 1986.
    Falcon said it expects to pay cash distributions to limited
partners at an annual rate of 2.15 dlrs per unit, through
December 31, 1989.
 Reuter
3;
bodyend
documentend
documentstart
8014
topicstart
topicend
bodystart
2;

SONAT 
<
SNT> UNIT FILES FOR DEBENTURE OFFERING


    NEW YORK, March 20 - 
Southern Natural Gas Co, a unit of
Sonat Inc, said it filed with the Securities and Exchange
Commission a registration statement covering a 100 mln dlr
issue of debentures due 1999.
    Proceeds will be used, together with funds from the
company's operations, to redeem Southern Natural's 15 pct
sinking fund debentures of 1991.
    The company named Goldman, Sachs and Co, Lazard Freres and
Co and Merrill Lynch Capital Markets as managing underwriters
of the offering.
 Reuter
3;
bodyend
documentend
documentstart
8015
topicstart
crude
topicend
bodystart
2;

BIDS AWARDED FOR ELK HILLS CRUDE OIL


    LOS ANGELES, March 20 - 
The U.S. Department of Energy said
it has awarded bids for about 90,000 barrels per day, bpd, of
crude oil from the Elk Hills Naval Petroleum Reserve in
California. The contract period runs from April one through
July one, the DOE said.
    Successful bidders, the amount of crude oil and the price
per bbl according to the DOE are as follows - 
    Texaco Inc's 
<
TX> Texaco Trading and Transport 15,000 bpd
at 15.79 dlrs and 2,200 bpd at 15.19 dlrs, Beacon Oil Co 7,000
bpd at 15.66 dlrs and 2,500 bpd at 16.04 dlrs, Golden West
Refining 8,110 bpd at 15.42 dlrs.
    Successful bidders, the amount of oil and price per bbl,
according to the DOE continue as follows -
    Chevron's 
<
CHV> Chevron USA Inc 3,000 bpd at 14.51 dlrs and
4,000 bpd at 14.61 dlrs, Chevron International Oil Co 2,600 bpd
at 14.41 dlrs and 2,800 bpd at 14.51 dlrs, Newhall Refining Co
6,000 bpd at 15.82 dlrs, Caljet Inc 4,000 bpd at 15.32 dlrs,
Casey Co 4,000 bpd at 15.45 dlrs.
    Also, Cryssen Refining Inc 4,000 bpd at 15.47 dlrs,
Edgington Oil Co 4,000 bpd at 15.54 dlrs, Sound Refining Inc
3,100 bpd at 15.51 dlrs, Atlantic Richfield Co 
<
ARC> 3,000 bpd
at 15.75 dlrs.
    Successful bidders, the amount of crude oil and the price
per bbl according to the DOE continue as follows -
    Orkin Inc 2,679 bpd at 15.24 dlrs, Lunday-Thagard Co 2,511
bpd at 15.27 dlrs, Golden Eagle Refining 2,500 bpd at 15.37
dlrs, MacMillan Ring-Free Oil Co 1,000 bpd at 15.81 dlrs, 1,000
bpd at 15.71 dlrs and 230 bpd at 16.02 dlrs, Mock Resources
2,000 bpd at 15.76 dlrs, Petro-Diamond 2,000 bpd at 15.46 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8016
topicstart
earn
topicend
bodystart
2;

MONTGOMERY STREET INCOME 
<
MTS> MONTHLY DIVIDEND


    SAN FRANCISCO, March 20 -
    
Mthly div 15 cts vs 15 cts
    Pay April 15
    Record April 1
 Reuter
3;
bodyend
documentend
documentstart
8017
topicstart
earn
topicend
bodystart
2;

<
SULLIVAN MINES INC> YEAR LOSS


    MONTREAL, March 20 -
    
Oper shr loss 12 cts vs profit four cts
    Oper loss 1,069,000 vs profit 339,000
    Revs 12.8 mln vs 10.9 mln
    Note: 1986 shr and net exclude extraordinary gain of
382,000 dlrs or four cts share. 1985 shr and net exclude
extraordinary gain of 183,000 dlrs or two cts share
 Reuter
3;
bodyend
documentend
documentstart
8020
topicstart
acq
topicend
bodystart
2;

INVESTMENT FIRM HAS 7.1 PCT OF CYCLOPS 
<
CYL
<


    WASHINGTON, March 20 - 
Halcyon Investments, a New York risk
arbitrage and securities dealing partnership, told the
Securities and Exchange Commission it has acquired 288,000
shares of Cyclops Corp, or 7.1 pct of the total outstanding.
    Halcyon said it bought the stake for 26.1 mln dlrs as part
of its ordinary risk arbitrage and securities trading business.
Other than that, the firm said there was no specific purpose in
its purchases.
    Halcyon said it might buy more stock or sell some or all of
its current stake. It said it bought the bulk of its stake
between Feb 6 and March 13.
 Reuter
3;
bodyend
documentend
documentstart
8021
topicstart
acq
topicend
bodystart
2;

CHRYSLER'S 
<
C> CREDIT CANADA PLACED ON CREDITWATCH


    Montreal, March 20 - 
Canadian Bond Rating Service said it
placed Chrysler Credit Canada Ltd, a subsidiary of Chrysler
Corp 
<
C>, on creditwatch until all financial details concerning
the proposed acquisition of American Motors Corp 
<
AMO> are
finalized.
    The creditwatch affects Chrysler Credit Canada's short term
notes, guaranteed notes, debentures and the recently completed
75 mln dlr 9.25 Eurobond issue due April 15, 1993.
    Canadian Bond Rating Service said that, based on facts
currently available on the proposed transaction, it does not
anticipate the necessity of a downgrade.
    Canadian Bond Rating Service said Chrysler Credit Canada
short term notes are now rated A-2 (high) and guaranteed notes
and debentures are rated B plus plus (high).
 Reuter
3;
bodyend
documentend
documentstart
8022
topicstart
earn
topicend
bodystart
2;

LILCO 
<
LIL> REVISES 1986 NET TO INCLUDE LOSS


    HICKSVILLE, N.Y., March 20 - 
Long Island Lighting Co said
it revised its preliminary 1986 net income to include a 16 mln
dlrs after tax provision for its investment in the Jamesport
Nuclear units.
    Due to the provision, it said its revised 1986 net income
was 316.7 mln dlrs or 2.13 dlrs per share after deducting for
preferred stock dividend requirements, which were not paid in
either 1986 or 1985.
    It had earlier reported 1986 income of 332.7 mln dlrs or
2.28 dlrs per share.
    LILCO also said its board authorized contracts for its 
corporate officers calling for payment of one year's salary,
and continuation of insurance and retirement benefits if the
company changes hands and these officers lose their jobs.
    LILCO said none of these contracts will result in
additional costs to its customers.
    Lilco said the downward revision in its 1986 earnings is a
reserve established to reflect a settlement agreement with the
staff of New York State's Public Service Commission respecting
the utility's spending on a nuclear power station planned for,
but never built at, Jamestown, N.Y.
    The company declined to detail the settlement, explaining
the settlement has not been approved by the commission. Lilco
was seeking to include costs totaling 118 mln dlrs for the
abandoned nuclear power plant project in its rate base, a
spokeswoman said.
 Reuter
3;
bodyend
documentend
documentstart
8023
topicstart
acq
topicend
bodystart
2;

ROGERS 
<
ROG> ADOPTS RIGHTS PLAN


    ROGERS, Conn., March 20 - 
Rogers Corp said its board
approved a shareholder rights plan designed to protect its
shareholders in the event of an attempted hostile takeover.
    Rogers said the plan is not being adopted in response to
any specific takeover attempt.
    Under the plan, shareholders may buy one share of common
stock at 65 dlrs for each share held. The rights will be
exercisable only if a person or group acquires 20 pct or more
of Rogers' shares or announces an offer for 30 pct or more.
    The dividend distribution will be made March 30 to holders
or record on that date.
 Reuter
3;
bodyend
documentend
documentstart
8025
topicstart
earn
topicend
bodystart
2;
EASTGROUP PROPERTIES 
<
EGP> DIVIDEND
    JACKSON, MISS., May 20
    Qtly div 65 cts vs 65 cts prior
    Payable APril 22
    REcord April 10
    NOTE:Company paid 30 cts special dividend along with prior
quarter's dividend
 Reuter
3;


bodyend
documentend
documentstart
8026
topicstart
earn
topicend
bodystart
2;

SUNBELT NURSERY GROUP INC 
<
SBN> 2ND QTR FEB 28


    FORT WORTH, Texas, March 20 -
    
Shr loss 40 cts vs loss 29 cts
    Net loss 1.5 mln vs loss 1.1 mln
    Revs 28.9 mln vs 28.5 mln
    Six months
    Shr loss 99 cts vs loss 69 cts
    Net loss 3.7 mln vs loss 2.6 mln
    Revs 52.5 mln vs 51.7 mln
   
 Reuter
3;
bodyend
documentend
documentstart
8027
topicstart
earn
topicend
bodystart
2;

MARCOM TELECOMMUNICATIONS 
<
MRCM> 2ND QTR JAN 31


    WEST PALM BEACH, Fla., March 20 -
    
Oper shr loss five cts vs loss six cts
    Oper net loss 157,688 vs loss 96,573
    Revs 1,094,331 vs 1,378,973
    Avg shrs 3,315,654 vs 1,661,023
    Six mths
    Oper shr loss seven cts vs loss 24 cts
    Oper net loss 198,555 vs loss 394,589
    Net 2,243,377 vs 2,440,850
    Avg shrs 2,796,848 vs 1,637,592
    NOTE: Current year 2nd qtr and six mths excludes a loss
10,767 dlrs for discontinued operations.
    Prior year 2nd qtr and six mths excludes a loss of 54,686
dlrs and 112,565 dlrs for discontinued operations.
    Full name of company is Marcom Telecommunications Inc.
 Reuter
3;
bodyend
documentend
documentstart
8028
topicstart
earn
topicend
bodystart
2;

EASTPARK REALTY TRUST 
<
ERT> QTLY DIV


    JACKSON, MISS, March 20 -
    
Qlty div 25 cts vs 25 cts prior
    Payable April 22
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
8029
topicstart
trade
topicend
bodystart
2;

CANADA'S CLARK SEES TRADE AS MOST URGENT PROBLEM


    By Dean Lokken, Reuters


    SAN FRANCISCO, March 20 - 
Trade is the most urgent problem
facing U.S.-Canadian relations because of a pressing need to
reach a new bilateral pact within the coming months, Joe Clark,
Canadian secretary of state for external affairs, said.
    Negotiators for the two countries have been meeting for
more than a year in an effort to work out an agreement.
    "The most urgent problem now is the trade question because
that has to be decided within the next 10 months," Clark told
the Commonwealth Club of California. "We have a fast track
authority from your Congress for approval or rejection of
whatever the negotiators achieve."
    Clark said that, as a practical matter, an initial
agreement must be reached by late September or early October.
    He listed environmental questions, particularly acid rain,
and defense as the second and third most important bilateral
issues facing Ottawa and Washington.
    On Wednesday, President Reagan announced that he will seek
2.5 billion dlrs from Congress to address the acid rain
problem. Some interpreted the move as a goodwill gesture in
advance of his annual meeting, on April 5-6 in Ottawa, with
Prime Minister Brian Mulroney.
    In a question-and-answer session with the public affairs
group, Clark said that the two countries must find better
mechanisms for resolving their trade disputes.
    "This rash of countervailing actions, where we acted on
corn and you acted on soft wood and we both said they were
quasijudicial -- the dispute resolution mechanisims in place
now are not working adequately in either of our interests," he
said.
    Ottawa also is seeking to change some of Washington's rules
on government procurement that penalize Canadian businesses, he
said.
    "There are a number of Canadian companies that, in order to
secure substantial contracts in the United States, have had to
move their head offices out of our country into your country
because you have national procurement requirements," he said.
    In turn, he added, the United States would like to change
some of the procurement requirements that exist at the
provincial government level in Canada.
    Clark declined to forecast the outcome of the discussions.
    "What will come out of it remains for the negotiators, in
the first instance, to propose, and then governments and
congresses will have judge," he said.
    In his prepared remarks, Clark said that the United States
has tended to take Canada for granted, although it exports to
its northern neighbor more than twice what it exports to Japan.
"Yet you bought almost 10 per cent more from Japan last year
than you bought from Canada," he said. REUTER
 Reuter
3;
bodyend
documentend
documentstart
8030
topicstart
earn
topicend
bodystart
2;

ESSEX CORP 
<
ESEX> YEAR END LOSS


    ALEXANDRIA, Va., March 20 -
    
Oper shr loss 11 cts vs profit 33 cts
    Oper net loss 132,000 vs profit 408,000
    Revs 25.2 mln vs 23.0 mln
    NOTE: 1986 and 1985 oper net excludes a loss of 636,000
dlrs or 52 cts per share and a loss of 994,000 dlrs or 80 cts
per share for discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
8032
topicstart
earn
topicend
bodystart
2;

<
SULPETRO  LTD> YEAR OCT 31 LOSS


    CALGARY, Alberta, March 20 -
    
Shr loss 19.22 dlrs vs loss 3.90 dlrs
    Net loss 276.4 mln vs loss 45.6 mln
    Revs 85.4 mln vs 113.3 mln
    NOTE: Shr results after deducting preferred share dividends
of 13.1 mln dlrs in both periods.
    Current loss includes a 125 mln dlr writedown of oil and
gas properties, a 67 mln dlr writeoff of deferred charges, a
22.5 mln dlr loss on disposal of U.K. properties, a 21.2 mln
dlr equity loss from affiliate Sulbath Exploration ltd and a
4.6 mln dlr loss on other investments.
 Reuter
3;
bodyend
documentend
documentstart
8034
topicstart
topicend
bodystart
2;

WISCONSIN ELECTRIC 
<
WTC> OFFERS PREFERRED


    NEW YORK, March 20 - 
Wisconsin Electric Power Co said it
began a public offering of 700,000 shares of serial preferred
stock, 6-3/4 pct series, 100 dlrs par value, at a price of 100
dlrs per share.
    The shares are being offered pursuant to a shelf
registration covering 700,000 sahres of serial preferred stock
which the company filed on February 19, 1987.
    Proceeds will be used to redeem outstanding preferred stock
or for repayment of short-term indebtedness.
 Reuter
3;
bodyend
documentend
documentstart
8035
topicstart
topicend
bodystart
2;

TEXAS AIR 
<
TEX> UNIT SELLS EQUIPMENT-BACKED DEBT


    NEW YORK, March 20 - 
Continental Airlines Inc, a unit of
Texas Air Corp, is offering 350 mln dlrs of equipment-backed
debt securities in three tranches and another 150 mln dlrs of
senior notes due 1997, said lead manager Drexel Burnham.
    A 100 mln dlr offering of first priority secured equipment
certificates due 1992 was given a 10 pct coupon and par
pricing. This tranche is non-callable to maturity.
    A 125 mln dlr issue of second priority secured equipment
certificates due 1995 has an 11 pct coupon and par pricing and
an equal-sized offering of third priority certificates due 1999
was given an 11-3/8 pct coupon and par pricing.
    The second two tranches of the equipment-backed deal are
non-callable for five years, Drexel said.
    Continental's 10-year notes were assigned an 11-1/2 pct
coupon and priced at par. They are non-callable for five years.
Texas Air has guaranteed the scheduled payments of interest and
principal for the senior notes.
    The securities are rated B-2 by Moody's and B by Standard
and Poor's. Kidder Peabody, Merrill Lynch and Smith Barney
co-managed the issues. Proceeds, estimated at 486 mln dlrs,
will be used to repay about 254 mln dlrs of bank debt, with the
remainder added to working capital, Continental said.
 Reuter
3;
bodyend
documentend
documentstart
8036
topicstart
earn
topicend
bodystart
2;

STANWOOD CORP 
<
SNW> 4TH QTR JAN 3


    NEW YORK, March 30 -
    
Shr loss 1.12 dlrs vs profit one cts
    Net loss 1.7 mln vs profit 8,000 dlrs
    Revs 31.8 mln vs 42.1 mln
    Year
    Shr loss 51 cts vs profit 57 cts
    NEt loss 780,000 vs profit 876,000
    Revs 117.8 mln vs 117.3 mln
    NOTE:1986 4th qtr includes loss of 911,000 for termination
of licensing agreement and loss of 319,000 dlr for termination
of womens wear operation.
 Reuter
3;
bodyend
documentend
documentstart
8038
topicstart
topicend
bodystart
2;

CONABLE SAYS BRAZIL DEBT MORATORIUM IS TEMPORARY


    WASHINGTON, March 20 - 
World Bank President Barber Conable
said he believed Brazil's decision to suspend foreign debt
interest payments is temporary.
    Conable in a wide-ranging television interview to be shown
on public broadcasting tomorrow said Brazil now has the
attention of its creditors and must come up with a plan
designed to reform its economy.
    "I think the Brazilians have the attention of many of their
creditors, but they must come up with a plan that will persuade
people that the Brazilian economy is going to be put on a
course that will result in some growth."
    Turning to Japan, Conable said the role of that country has
been increasing in the World Bank and is expected to continue
to do so.
    He said that Japan had made an additional 450 mln dlr
pledge to the International Development Association, an
indication that it agrees that it must provide more help in
line with its economic position.
    Conable said there was no indication that the Soviet Union
was serious about joining the International Monetary Fund and
World Bank. He said they would have to get convertible currency
and open their books and the Soviets "don't usually do that."
 REUTER
3;
bodyend
documentend
documentstart
8039
topicstart
earn
topicend
bodystart
2;

SULPETRO LOSS DUE TO WRITEDOWNS, ASSET DISPOSALS


    Calgary, Alberta, March 20 - 
<
Sulpetro Ltd> said its 1986
fiscal year net loss of 276.4 mln dlrs, or 19.22 dlrs per
share, was due to several factors, the largest of which was a
writedown of 125.0 mln dlrs of oil and gas properties.
    Sulpetro also recorded a writeoff of deferred charges
amounting to 67.0 mln dlrs, a loss of 22.5 mln dlrs on the
disposal of all properties in the United Kingdom and an equity
loss of 21.2 mln dlrs from affiliate Sulbath Exploration Ltd.
    There was also a loss on other investments of 4.6 mln dlrs
and a loss on operations of 36.1 mln dlrs after interest,
depletion, depreciation and income tax recoveries.
    In the fiscal year ended October 31, 1985, Sulpetro had a
net loss of 45.6 mln dlrs, or 3.90 dlrs per share.
    The company also said its non-recourse project financing
for the Irish-Lindergh heavy oil field remains in default due
to continuing low oil prices.
 Reuter
3;
bodyend
documentend
documentstart
8040
topicstart
acq
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> TO DISCUSS SHEARSON DEAL


    New York, March 20 - 
American Express Co's board of
directors Monday will discuss the company's arrangement to sell
13 pct of Shearson Lehman Brothers Inc to Nippon Life Insurance
Co, a company spokesman said.
    The spokesman would not say whether the board is planning
to vote on the understanding between American Express and
Nippon Life. The Shearson stake is to be sold for 530 mln dlrs,
American Express has said.
    The spokesman also would not comment on speculation that
the board was to discuss a sale of securities to the public.
    Monday's board meeting is a regular monthly meeting. The
plan to sell part of Shearson to Nippon Life must be approved
by the American Express board and Japan's Ministry of Finance.
    Earlier, American Express and Shearson said they were
subpoenaed by the Securities and Exchange Commission. American
Express said it was subpoenaed for documents pertaining to
securities transactions of American Express and Fireman's Fund.
Shearson was subpoenaed for documents related to transactions
with Jefferies and Co and others.
    The American Express spokesman said he could not comment on
whether any officials of the firm were subpoenaed.
 Reuter
3;
bodyend
documentend
documentstart
8041
topicstart
crude
nat-gas
fuel
topicend
bodystart
2;

NATURAL GAS SEEN RECAPTURING SOME MARKET SHARE


    By NAILENE CHOU-WIEST, Reuters


    NEW YORK, March 17 - 
Higher crude oil prices will raise
demand for natural gas, helping it to reclaim market share lost
to heavy oil when prices plunged in 1986, analysts said.
    The analysts said that these efforts will be most
successful in the industrial sectors of the economy with large
and growing energy requirements.
    "Natural gas stands a good chance to recapture the share of
oil supplied to electric utilities that it lost to the residual
fuel industry last year," Michael Smolinski, an energy
economist with Data Resources Inc, told Reuters.
    An estimated 200,000 barrels per day of residual fuel went
into the utilities market at the expense of natural gas last
year when world oil prices plunged, Smolinski said. 
    Assuming oil prices hold above 15 dlrs a barrel, national
average gas prices delivered to the utilities at a projected
2.10 to 2.25 dlrs per mln Btu would be very competitive,
Michael German, vice president of economic analysis at American
Gas Association said.
    The average delivered prices at the end of January were
2.10 dlrs per mln Btu, compared with 3.26 dlrs a year ago.
    "We expect natural gas to regain 250 to 400 billion cubic
feet (of demand) in the overall energy market in the second and
third quarter (1987)," he said.
    In addition to price competitiveness, availability will be
an important factor persuading energy users to switch to gas,
Frank Spadine, senior energy economist with Bankers Trust Corp.
in New York noted.
    Spadine said the mild winter in many parts of the North
American continent has led to a build up of gas inventories and
less would be necessary to replenish underground storage this
spring freeing gas for spot sales.
    These forecasts develop a strong counterpoint to the fears
that natural gas suplies would be tight and prices
significantly higher given a sharp decline in drilling last
year.
    AGA's German contended that despite the drilling decline,
much of U.S. proved reserves could be brought to production
quickly through developments such as the infill drilling which
permits more wells to be drilled in proved reserve basins.
    Citing recent EIA statistics, German said, the gas surplus
was likely to contract from three trillion cubic feet in 1986
to two trillion cubic feet in 1987, but the surplus would not
go away until 1990.
    Smolinski of Data Resources agreed that the surplus would
persist until 1990. While gas supplies may tighten in certain
consuming areas, notably in California and in the Northeast
U.S., an overall shortfall appeared remote.
 Reuter
3;
bodyend
documentend
documentstart
8042
topicstart
topicend
bodystart
2;

LOUISIANA LAND 
<
LLX> ASSUMES INEXCO'S DEBT


    NEW ORLEANS, March 20 - 
Louisiana Land and Exploration Co
said it assumed the obligation to pay the principal and
interest on the 8-1/2 pct convertible subordinated debentures
due September 1, 2000 of Inexco Oil Co, a unit of Louisiana
Land.
    Effective March 23, the debentures will be listed as the
debentures of Louisiana Land, LLXOO.
 Reuter
3;
bodyend
documentend
documentstart
8043
topicstart
topicend
bodystart
2;

MACMILLAN BLOEDEL 
<
MMBLF> TO REDEEM DEBENTURES


    VANCOUVER, British Columbia, March 20 - 
MacMillan Bloedel
Ltd said it will redeem all outstanding nine pct series J
debentures on April 27, 1987 for 34.9 mln U.S. dlrs, plus a
premium of one pct and accrued and unpaid interest.
    The series J debentures were issued in Europe in 1977 and
were due February 1992, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8044
topicstart
trade
topicend
bodystart
2;

U.S. SENATORS SAY SANCTIONS LIKELY ON MICROCHIPS


    By Jacqueline Frank, Reuters


    WASHINGTON, March 20 - 
The United States will likely impose
sanctions soon on imports of Japanese microchips, senators said
today after a private meeting with Commerce Secretary Malcolm
Baldrige.
    Although the senators said Baldrige told them no decision
would be taken until a final determination is made on whether
Japanese microchips were dumped in the United States, they said
they were virtually sure Japan would face penalties.
    President Reagan's trade policy advisory group, of which
Baldrige is a member, will meet on the issue Wednesday.
    "I am confident we will see action taken," Sen. John McCain,
an Arizona Republican, told reporters.
    "I am expecting sanctions at least, and even more than
sanctions," Sen. Pete Domenici, a New Mexico Republican, said.
    The senators, several congressmen and U.S. semiconductor
industry representatives met with Baldrige and State Department
officials to discuss Japan's alleged violations of a September
1986 agreement to stop dumping its microchips in the United
States and other countries.
    They recommended Japanese firms be penalized through
tariffs or import duties over the next six to 12 months for
continuing to dump microchips. The violations were worth 100
mln dls to the Japanese semiconductor industry, they said.
    Asked if Baldrige intended to recommend sanctions, Sen.
Pete Wilson told reporters, "The clear import of what he said is
that there will be."
    "Japan can't just say they will comply. We think sanctions
must be applied," for past violations of the agreement, the
California Republican said.
    The semiconductor industry produces microprocessor chips
which are used in high technology products ranging from radios
to defence missile guidance systems.
    Sen. James McClure, an Idaho Republican, said Baldrige told
them the administration had not made a final determination that
Japanese companies had dumped semiconductor microchips below
the cost of production in the United States or other countries.
    But McClure said senators told him, "There is no doubt
dumping is going on," based on evidence such as invoices of
purchases of the Japanese products.
    The two countries signed a pact last September in which
Japan agreed to stop selling its microchips in the United
States and other countries below production costs and to allow
the U.S. semiconductor industry access to the Japanese market.
    In return, the United States waived its right to impose
import duties on the Japanese microchips.
    Japanese officials have said they have lived up to the pact
and have asked Japanese chip-makers to further slash output to
save the pact.
    Japan has frequently been the target of congressional
discouragement over last year's record 169-billion-dlr trade
deficit. Tokyo had a 59-billion-dlr surplus with the United
States last year and had large surpluses with other countries.
    The Senate yesterday unanimously passed a resolution
calling for action against Japan for violations of the pact
since September. The resolution will be introduced in the House
next week by Rep. Bob Matsui, a California Democrat.
 Reuter
3;
bodyend
documentend
documentstart
8045
topicstart
earn
topicend
bodystart
2;

MULTI-MEDIA SEES YEAR END LOSS


    NEW YORK, March 20 - 
Multi-Media Barter Ltd said it expects
to report a net loss of 820,000 dlrs or 17 cts a share for the
year ended December 31, compared to a loss of 553,000 or 11 cts
a share in the prior year.
    The fourth quarter resulted in a net loss of 227,000 or
four cts compared to a loss of 330,000 or six cts a shares last
year.
    It said it is currently in the process of restructuring by
reducing expenses and streamlining operations and has cut
expenses from 50,000 dlrs to less than 15,000 dlrs a month.
 Reuter
3;
bodyend
documentend
documentstart
8047
topicstart
earn
topicend
bodystart
2;

NATIONAL HMO CORP 
<
NHMO> 2ND QTR JAN 31


    MELBOURNE, Fla, March 20 -
    
Shr loss nine cts vs profit nine cts
    Net loss 478,000 vs profit 371,000
    Revs 3.4 mln vs 2.6 mln
    Six months
    Net loss 466,000 vs profit 685,000
    Revs 6.2 mln vs 5.0 mln
    NOTE:1987 net loss includes writeoff of deferred start up
costs totaling 490,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8048
topicstart
earn
topicend
bodystart
2;

MINORCO 
<
MNRCY> HALF YEAR DEC 31


    TORONTO, ONtario, March 20 -
    
Shr 26 cts vs 38 cts
    Net 44.0 mln vs 65.0 mln
    NOTE:1986 net includes one mln dlr extraordinary gain and
1985 net icludes four mln dlrs extraordinary loss.
 Reuter
3;
bodyend
documentend
documentstart
8049
topicstart
topicend
bodystart
2;

PHILIPPINE DEBT TALKS TO CONTINUE ON SATURDAY


    NEW YORK, March 20 - 
The Philippines and its bank advisory
committee completed another round of debt rescheduling talks 
and will meet again on Saturday, a senior banker said.
    Although today's negotiations did not produce a final
agreement, the decision to meet at the weekend appears to be a
signal that the two sides are making progress.
    The Philippines seeks to restructure 9.4 billion dlr of its
27.2 billion dlr foreign debt. The interest rate to be charged
on the debt and Manila's proposal to pay interest partly with
investment notes instead of cash have been the main sticking
points in the talks.
 Reuter
3;
bodyend
documentend
documentstart
8050
topicstart
earn
topicend
bodystart
2;

MINORCO 
<
MNRCY> SEES IMPROVED SECOND HALF


    TORONTO, Ontario, March 20 - 
Minorco said it expects net
earnings to be substantially stronger than the 44.0 mln dlrs
reported for the first half.
    In reporting that first half results declined from 65.0 mln
dlrs, Minorco said the contributions from its 50 pct investment
in December 1985 in Adobe Resources Corp was negative as a
result of low oil and gas prices.
 Reuter
3;
bodyend
documentend
documentstart
8051
topicstart
earn
topicend
bodystart
2;

MINORCO 
<
MNRCY> SEES IMPROVED SECOND HALF


    TORONTO, Ontario, March 20 - 
Minorco said it expects net
earnings to be substantially stronger than the 44.0 mln dlrs
reported for the first half.
    In reporting that first half results declined from 65.0 mln
dlrs, Minorco said the contributions from its 50 pct investment
in December 1985 in Adobe Resources Corp was negative as a
result of low oil and gas prices.
 Reuter
3;
bodyend
documentend
documentstart
8055
topicstart
tin
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - BOLIVIA


    By Paul Iredale, Reuters


    LA PAZ, March 20 - 
Bolivia, once Latin America's most
delinquent debtor, is preparing for a second International
Monetary Fund agreement after an economic stabilisation program
has effectively slowed inflation and reduced public spending.
    A fund spokesman said an IMF team would visit La Paz
shortly to discuss terms of the new agreement.
    He said the IMF had disbursed 130 mln dlrs here and 20 mln
dlrs are pending under the one year agreement that ends this
month. The accord provided for a stand-by loan, a compensatory
financing facility and a structural adjustment facility.
    The spokesman said that if the agreement is renewed,
Bolivia can expect a further 60-mln-dlr stand-by loan over the
next 12 months.
    Bolivia's agreement with the IMF, its first since 1980,
opened the door to rescheduling negotiations with the Paris
Club and Argentina and Brazil, which hold 2.5 billion dlrs of
Bolivia's 4.0-billion-dlr foreign debt.
    Central Bank President Javier Nogales told Reuters the
negotiations with the Paris Club, which have yet to be
finalised, had been extremely successful.
    Nogales said the Paris Club had agreed to reschedule
Bolivia's debt over 10 years with five to six years grace and
had waived all interest payments until the end of 1988.
    Bilateral discussions on interest rates continue, he said.
    Nogales said Bolivia was expecting some 400 mln dlrs in
disbursements this year from lender countries and international
agencies, including the World Bank and the Inter-American
Development Bank, although diplomatic and banking sources put
the figure at closer to 300 mln dlrs.
    Nogales said Bolivia's net international reserves are
around 250 mln dlrs, up from one mln dlrs when President Ictor
Paz Estenssoro took office in august 1985. Nogales said the
capital flow on Bolivia's debt servicing versus new credits had
changed from a net outflow of 200 mln dlrs in 1985 to a net
inflow of 130 mln dlrs in 1986.
    Bolivia's return from the financial wilderness follows paz
estenssoro's economic stabilisation program. He inherited
inflation of 23,000 pct a year, state enterprises that were
losing hundreds of mlns of dlrs and a currency that traded on
the black market at up to 16 times its official rate.
    Paz estenssoro froze public sector wages, set a market-
related rate for the peso, introduced tax reforms and laid off
thousands of workers in state corporations.
    Inflation has been running at 10 pct a year for the past
six months, according to the Central Bank, and the government 
expects the economy to grow three pct this year after a 14 pct
contraction over the last six years.
    The government is also proposing a novel solution to its
debt to commercial banks, some 900 mln dlrs, on which interest
has not been paid since March, 1984.
    Nogales said that over the next few months Bolivia would
make a one-time offer to buy back all its commercial debt at
the price it trades on the international secondary market -- 
10-15 cents on the dlr. He said Bolivia's commercial bank
steering committee agreed at a meeting in New York to consider
the proposal, but it is still unclear what proportion of the
country's creditor banks will take up the offer.
    One foreign banker speculated that Bolivia might be able to
buy back up to 30 pct of its commercial debt paper under the
deal, mostly from small banks who have written off their loans
to the country.
    But he said the larger creditors were more interested in a
scheme of debt-equity swaps, similar to that which has operated
in Chile for the past two years.
    The Bolivian government has yet to draw up proposals for
debt-equity swaps, but the banker said it was planning to
privatise more than 100 state companies and these could serve
as a basis for such a scheme.
    Foreign bankers said this type of proposal might prove
attractive to Bolivia in the long run, especially as the
government realises that it will have to attract a large amount
of new capital in order to grow.
    Planning Minister Gonzalo Sanchez de Lozada told Reuters
that Bolivia was hoping for five to six billion dlrs in new
investment over the next 10 to 12 years.
    The government realises that in order to remain viable,
Bolivia will need to develop new exports.
    The price of tin, which accounted for some 45 pct of
Bolivia's exports in 1984, has collapsed on the world markets,
and gas, the country's major revenue earner, is in abundant
supply in the region.
 Reuter
3;
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8056
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earn
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2;

NEOAX INC 
<
NOAX> 4TH QTR


    LAWRENCEVILLE, N.J., March 20 -
    
Shr loss 13 cts vs loss six cts
    Net loss 1.4 mln vs loss 635,000
    Revs 40.3 mln vs 28.5 mln
    Year
    Shr profit 40 cts vs profit 26 cts
    Net profit 4.2 mln vs 2.6 mln
    Revs 166.4 mln vs 94.6 mln
    NOTE:1986 4th qtr and year net reflects dividend
requirements of 1.5 mln dlrs and 3.3 mln dlrs, and charges of
257,000 dlrs and 4.6 mln dlrs respectively which is not
accruable or payable because of pre-reorganization tax loss
carryforwards.
    1985 4th qtr and year net reflects dividend requirement of
1.1 mln dlrs and 2.3 mln dlrs, respectively, and charges of
472,000 dlrs and 2.9 mln dlrs respectively which is not
accruable or payable because of pre-organization tax loss
carryforwards.
 Reuter
3;
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8060
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rubber
topicend
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2;

MAIN FEATURES OF NEW RUBBER PACT


    GENEVA, March 21 - 
The new International Natural Rubber
Agreement (INRA), like the 1979 pact, will use a buffer stock
as the sole instrument for market intervention -- excluding
export quotas or production controls.
    The new INRA was adopted yesterday at a session held under
the auspices of the United Nations Conference on Trade and
Development (UNCTAD).
    In many respects the main features in the new pact resemble
those contained in the present one.
    The reference price, currently 201.66 Malaysian/Singapore
cts per kilo, will be maintained -- unless between now and
October 22, when the 1979 INRA expires, the average of the
daily market indicator price remains above the upper
intervention ("may sell") price (231 cts) or below the lower
intervention ("may buy") price (171 cts) for six months.
    If this happened -- but delegates said it was unlikely
considering that the present indicator price averages 196 cts
-- the price would be revised under the current accord by five
pct or by whatever amount the International Natural Rubber
Council decides.
    The new reference price would then be taken over for the
new agreement.
    Under the same circumstances in the new pact the reference
price would be automatically revised by five pct unless the
Council decides on a higher percentage.
    Similarly, if buffer stock purchases or sales amounting to
300,000 tonnes have been made since the last revision, the
reference price will be lowered or raised by three pct unless
the Council decides on a higher percentage.
    Another change introduced in the new INRA is that price
reviews will be held at 15-month intervals instead of 18.
    Those changes are intended to make the reference price more
responsive to market trends.
    As in the present accord the "may buy" and "may sell" levels
are set at plus or minus 15 pct of the reference price, and the
"must buy" and "must sell" levels at 20 pct of it.
    The lower and upper indicative prices (floor and ceiling
prices) will remain fixed at 150 and 270 cents, unless the
Council decides to revise them at reviews held every 30 months.
    During the negotiations, consumers abandoned a proposal
that the floor price be adjusted downward if the buffer stock,
currently 360,000 tonnes, rose to 450,000 tonnes.
    The maximum size of the buffer stock in the new pact is the
same as under the present one -- 400,000 tonnes, with provision
for an additional contingency buffer stock of 150,000 tonnes.
    Under the new accord, the contingency buffer stock will be
brought in at 152 cts to defend the floor price.
    At last Friday's session, Ahmed Farouk, speaking for
producers, said producing nations considered that the 1979 pact
had served the purpose for which it had been created.
    Gerard Guillonneau of France, who spoke for consumers,
agreed that the current agreement had worked "relatively well."
    Asked about the chances of success of the new INRA,
delegates noted that for nearly its whole life, the 1979 accord
had maintained the average price above the "must buy" level.
    They said the agreement until now did not appear to have
encouraged excessive production of rubber.
    In addition, provisions for borrowing to finance the buffer
stock have now been eliminated, ruling out speculation. "It is a
sort of middle-of-the-road agreement," one delegate said.
    The new pact will be open for signature at U.N.
Headquarters in New York from May 1 to December 31 this year.
    To become operational, it will require ratification by
countries accounting for 75 pct of world exports and 75 pct of
world imports.
    Delegates estimate that this will take 12 to 14 months from
now. During the hiatus between the two agreements, the
International Natural Rubber Council will remain in place.
    The pact will enter into force definitively when
governments accounting for 80 pct of world exports and 80 pct
of world imports have ratified it.
 REUTER
3;
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ipi
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2;

TAIWAN INDUSTRIAL OUTPUT FALLS, CURRENCY BLAMED


    TAIPEI, March 21 - 
Taiwan's industrial production index,
fell, largely as the result of the rising Taiwan dollar, by
8.18 pct to 140.06 (base 1981) in February from a revised
152.53 in January, the Economy Ministry said.
    It was the second consecutive monthly fall, after dropping
nine pct in January, but it was still 26.49 pct up on February
1986 following a very extended rise last year.
    The January figure was revised from a preliminary 154.82.
    A ministry official attributed the decline to falling
production of non-metal products, textiles and transportation
equipment, and less mining and house construction.
    The official said the decline was also caused by falling
exports in February due to the climb of the Taiwan dollar,
which has made Taiwanese products more expensive.
    He expected the decline to continue in the next few months
because of further appreciation of the local dollar against the
U.S. Currency.
    The Taiwan dollar advanced more than 15 pct against the
U.S. Dollar since September 1985. It closed at 34.40 to the
U.S. Dollar today, and is expected to rise to about 32 to the
dollar by the end of this year, foreign bankers and economists
said.
 REUTER
3;
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8064
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money-fx
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2;

NO ZIMBABWE DOLLAR DEVALUATION - CENTRAL BANK


    HARARE, March 21 - 
Zimbabwe's Reserve Bank, the nation's
central bank, has denied the Zimbabwe dollar would be devalued.
    Bank Governor Kombo Moyana told The Herald daily newspaper
"unfortunate and completely unfounded speculation that a
depreciation of the Zimbabwe dollar was about to occur" had
aggravated a serious foreign exchange shortage.
    "During February and the early part of March this
(speculation) caused importers to bring forward their payments
and exporters to delay as long as possible the inward
remittance of export receipts, resulting in a significant
slowdown in net foreign exchange inflows," he added.
 REUTER
3;
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2;

CHINA, HONG KONG FIRMS SIGNS LOAN AGREEMENT


    PEKING, March 21 - 
<
China Sports Service Corp> of China and

<
Seylla Corp> of Hong Kong signed an agreement to borrow five
billion yen from an international syndicate of banks led by the
Bank of China, the New China News Agency said.
    It said the two firms will use the money to construct the
Olympic Hotel, with 14 storeys and 380 rooms, near Peking's
largest indoor stadium, to cater for participants at
international competitions and tourists.
    Construction of the hotel is under way and due to be
completed by June 1988, the agency added but gave no more
details.
 REUTER
3;
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8068
topicstart
gold
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2;

FORMER GOLD FIRM EXECUTIVES ARRESTED IN JAPAN


    OSAKA, Japan, March 21 - 
The public prosecutors and police
here arrested five former senior executives of a bankrupt gold
deposit business group for defrauding about 450 clients of
about 1.5 billion yen for gold bars which were never delivered,
police said.
    The case involving the Toyota Shoji Company was highlighted
when its 32-year-old Chairman Kazuo Nagano was stabbed to death
here in public view in June, 1985.
    Television crews which had been waiting outside Nagano's
home filmed two men smashing their way into the home and later
emerging with a bloodstained bayonet.
    The company, established here in 1981, undertook to hold
gold on deposit for investors. It grew into a nationwide
business operation with 87 branch offices and 7,000 employees
at its peak in early 1985.
    Toyota Shoji's business group collected an estimated 200
billion yen from about 30,000 clients, many of them pensioners
and housewives, before the firm went bankrupt in July, 1985,
according to lawyers.
    Of them, some 18,000 clients cla127;imed they could get back
neither gold or money, suffering an aggregate loss of 150
billion yen, local press reports said.
    Police said the five arrested on charge of fraud today
included Hiroshi Ishikawa, 47, former Toyota Shoji president,
and a sixth former executive was placed on a wanted list.
    They were suspected of having collaborated with the late
Nagano in swindling about 1.5 billion yen from about 450 people
in Osaka and n127;earby Kobe during a six month period just before
the firm's bankruptcy, they said.
    To127;127;day's arre127;st came a127;127;fter narly two years of joint127;
investigation by the public prosecutors and police, who 127;had
questioned about 3,000 of127;127; the firm's former employees127;,
police sou127;rces 127;127;said.
 REUTER
3;
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crude
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2;

WORLD BANK LIKELY TO URGE CHANGES ON JAKARTA


    By Jeremy Clift, Reuters


    JAKARTA, March 22 - 
World Bank President Barber Conable is
expected to press Indonesia, the Third World's sixth largest
debtor, to maintain the momentum of economic policy changes to
tackle the slump in its oil revenues, western diplomats said.
    Conable, who flew to Indonesia yesterday from Tokyo, will
meet with President Suharto and senior economic ministers.
    He said on arrival that the economy of South-East Asia's
largest nation was being managed well, but the slump in world
oil prices called for major policy adjustments.
    Today the World Bank chief will visit Bank-funded projects
in the eastern section of Java, Indonesia's most populous
island. He will see Suharto on Tuesday after a day of detailed
discussions with ministers tomorrow.
    Indonesia, the only Asian member of OPEC, has been severely
hit by last year's crash in oil prices, which cut its oil and
gas revenues in half.
    Japan's state Export-Import Bank last month agreed to
provide around 900 mln dlrs in untied credits to help Indonesia
pay for its share of 21 World Bank development projects.
    Indonesia, a country of 168 mln people, has responded to
the oil slump by cutting spending, devaluing its currency by 31
pct, and trying to boost exports, while using foreign loans to
bridge its deficit.
    Diplomats said that Conable was expected to press Suharto
and leading economic ministers to maintain the pace of policy
change, particularly in dismantling Indonesia's high-cost
protected economy.
    "Oil prices, the debt crisis, the world recession, all call
for major policy adjustments and external support," Conable said
in his arrival statement.
    But with Indonesia facing parliamentary elections next
month, he is likely to avoid anything which would imply that
the Bank is demanding specific changes.
    "We believe there has been wise leadership here and the
economy is being very well managed," Conable told reporters at
Jakarta airport.
    Indonesia has official and private overseas debts totalling
37 billion dlrs, according to the Bank, which makes it the
Third World's sixth biggest debtor. It has received 10.7
billion dlrs from the World Bank since 1968.
    Conable did not spell out what further changes he would
like to see. Last month the Bank endorsed economic changes
already introduced by Indonesia, but implied it wanted more.
    Giving a 300 mln dlr loan in balance of payments support,
the Bank said it will monitor progress on implementation of the
government's trade reform measures, and supported its
determination to promote efficiency and longer-term growth.
    Indonesia has introduced a series of measures since last
May to boost non-oil exports, liberalise trade and encourage
outside investment.
    Suharto has also ordered a government committee to look
into which of Indonesia's 215 state-run companies could be
sold.
    But in a report last month, the U.S. Embassy said the
government appeared divided over how far to take its reforms.
    Western analysts say that in particular the government is
unsure how far to go with dismantling Indonesia's high-cost
monopolies, which control core areas of the economy.
    Central bank governor Arifin Siregar said this week that
Indonesia faced very limited economic choices.
    It could not spend its way out of trouble because this
would increase the balance of payments deficit and domestic
inflation.
     He said the main objective was to raise exports outside
the oil and natural gas sector.
    Indonesia's current account deficit is projected by the
government to fall to 2.64 billion dlrs in the coming financial
year which starts on April 1, from an estimated 4.1 billion in
1986/87.
 REUTER
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money-fx
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2;

NIGERIA CHANGES AUCTION RULES TO DEFEND THE NAIRA


    By Nick Kotch, Reuters


    LAGOS, March 22 - 
Nigeria's Central Bank has changed the
rules governing its foreign exchange auctions in what analysts
see as a means of defending the naira currency, which has
depreciated steadily.
    The bank said in a statement that from April 2, banks
bidding for foreign exchange would have to pay at the rate they
offered and not, as presently, at the rate of the lowest
successful bid made at the auction.
    This should discourage banks from bidding high to ensure
that they were successful while paying the lower "marginal" rate,
analysts said.
    "It should act as a brake because banks will know that if
they bid high they will have to pay what they offered," a
Western diplomat commented.
    The naira has depreciated against the dollar by 62 pct
since the auctions, known as the Second-Tier Foreign Exchange
Market (SFEM), began last September 26.
    At last week's session the Nigerian currency was fixed at
4.0 to the dollar, the third fall in a row.
    "They were clearly worried... And this is the logical way of
trying to stop the trend," the diplomat said.
    The Central Bank also announced the auctions would be
fortnightly, not weekly, beginning on April 2.
    It was not immediately clear whether next Thursday's
scheduled session would still take place, nor if the bank was
planning to double the 50 mln dlrs which are normally on offer
at each auction.
    Demand for foreign exchange has consistently outstripped
supply, encouraging banks to bid high and thus further
weakening the naira.
    If the normal weekly allocation is not doubled at the
fortnightly session, high demand could undermine the objective
of the new system, analysts said.
    Although bidding banks will now pay what they offered, the
official exchange rate for the naira applying to business
transactions will continue to be the marginal rate -- the
lowest successful bid.
    SFEM is a central part of Nigeria's structural adjustment
program, which is considered to be the most ambitious economic
recovery plan in Black Africa.
    The program involves setting a realistic exchange rate for
the naira, which was over-valued for many years, liberalising
imports, boosting agriculture, removing subsidies and reducing
inefficient government participation in the economy.
    The World Bank has played a prominent part in designing
this dramatic blue-print and in selling it to an often
sceptical public which fears inflation and lower living
standards.
    Ishrat Husain, the World Bank's representative in Nigeria,
said yesterday he was satisfied both with the adjustment
program as a whole and the foreign exchange auctions.
    "So far so good" he told a meeting of bankers in Lagos,
adding that only members of Nigeria's import-dependent elite
would suffer hardship while the common man would benefit.
    Fears that the program would encourage inflation were
incorrect, he said.
    Bumper harvests had reduced rural inflation and urban
prices had already reflected the naira's black market value
before the currency was allowed to find its true level last
September.
 REUTER
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2;

ECONOMIST CALLS BRAZIL DEBT REQUEST MODEST


    SAN FRANCISCO, March 22 - 
Brazil's attempt to seek better
terms for paying off its 109 billion dlr foreign debt is
responsible and modest, a former chairman of President Reagan's
Council of Economic Advisers said.
    "I think that what Brazil is calling for -- limiting its
debt payments to two and one half pct of GNP -- is a
responsible request on their part," economist Martin Feldstein
said at a news conference.
    "It requires additional money on the part of the banks, but
rather modest additional amounts."
    Feldstein is attending the annual meeting of the Trilateral
Commission, a foreign policy group of more than 300 business
and government leaders from North America, Europe and Japan.
    Feldstein, one of four members of a task force on Third
World debt, said that Brazil's request would mean an additional
credit of three billion to four billion dlrs from banks and
international agencies.
    "Brazil's debt would increase in dollar terms but remain
constant in real terms. The four billion dlr increase in
Brazil's 100 billion dlr debt would represent no increase in
the real inflation-adjusted size of its liability," he said.
    Feldstein said he believed current Third World debt
problems were less serious than those faced by the
international monetary system in 1983 and 1985.
    However, the European representative on the task force,
Herve de Carmoy, chief executive international for Midland Bank
PLC, disagreed.
    He called the present situation more difficult and, in a
draft proposal included in the task force's report, suggested
setting up an institution, possibly within the World Bank, with
a fund that could deal with a future debt crisis.
    Commission discussions were closed to reporters but it was
apparent from the news conference that task force members did
not agree on all points in their report.
    One point of agreement, Feldstein said, was that debtor
countries would need additional credit in the coming years if
they are to enjoy satisfactory growth.
    Feldstein said the task force, which also included Koei
Narusawa, economic adviser to the president of the Bank of
Toyko, and Paul Krugman, professor of economics at the
Massachusetts Institute of Technology, did not agree on how
much credit would be needed.
    He said they also did not reach a consensus on how willing
international banks, particularly those in Japan and Europe,
would be to lend the money.
    The Trilateral Commission was set up in 1973 by David
Rockefeller, former head of Chase Manhattan bank, and others to
promote closer cooperation among the three regions.
 REUTER
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2;

SARNEY MEETS BRAZIL BUSINESS LEADERS


    By Stephen Powell, Reuters


    SAO PAULO, March 22 - 
President Jose Sarney, whose handling
of the economy is under attack at home and abroad, has held
private talks with Brazilian business leaders worried that
government policies are leading to recession.
    Over an informal barbecue at a farm outside Sao Paulo owned
by millionaire entrepreneur Matias Machline, Sarney met more
than 20 businessmen for discussion on Brazil's economic crisis.
    Business leaders said before the meeting they would be
pressing for less government interference in what they describe
as a tightly regulated economy.
    Their concerns include the country's high rates of interest
and tough restrictions on imports.
    Machline, president of the Sharp electronics group and a
personal friend of Sarney's, told television reporters outside
his farm that he wanted "less government participation in the
economy."
    When the government announced a month ago that it was
suspending interest payments on Brazil's 68 billion dlr debt to
commercial banks, it said this was a means of ensuring growth
and avoiding recession.
    But business leaders and economic analysts say there are
growing signs that Brazil's economy, the eighth biggest in the
non-communist world, is heading for a downturn after 8 pct
growth last year.
    Businessmen are deeply concerned about the effect on
industry of import restrictions introduced earlier this year
because of the country's deteriorating trade balance.
    Cacex, the foreign trade department of the federally owned
Banco do Brasil, has told companies they must limit their
imports to 90 pct of what they imported in 1985.
    Business sources say that in practice importing even this
amount is difficult and they have to haggle with Cacex on a
case-by-case basis.
    The business daily Gazeta Mercantil reported that in many
sectors of the economy there was a real fear that production
lines would grind to a halt next month.
    One of those attending the talks was Mario Amato, head of
the powerful Sao Paulo State Industries' Federation (FIESP).
    Business sources said he would argue that unless there were
a relaxation in import controls a sharp downturn in industrial
activity was inevitable.
    Relations between Sarney and the business community have at
times been strained and the existence of these tensions pointed
up the importance of the meeting.
    In one bizarre dispute in January, Sarney surprised
Brazilian business leaders by declaring that they were allies
of the 19th century anarchist Mikhail Bakunin. This outburst
came after Amato warned that companies might start disobeying
government regulations on price controls.
    Brazilian press reports made much of the fact that Finance
Minister Dilson Funaro, chief architect of the government's
economic policy, had not been invited to the gathering.
 REUTER
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SPAIN GIVES CUBA 25 MLN DLR CREDIT LINE


    HAVANA, March 22 - 
Spain has granted Cuba a 25 mln dlr
credit line for the purchase of Spanish goods and services in
the iron and steel industry, the repair of fishing boats and
development of industrial projects, Prensa Latina said.
    The credit line was agreed by a joint economic/industrial
commission.
    The commission also discussed the possible participation of
spanish companies in the Cuban tourist industry.
 REUTER
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8080
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trade
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2;

NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ


    By Christopher Pritchett, Reuters


    TAUPO, New Zealand, March 22 - 
Ministers from more than 20
nations were told by New Zealand that the next international
negotiations on liberalising trade would be the last this
century and the cost of failure could not be measured.
    Trade minister Mike Moore told his colleagues at a
welcoming ceremony before two days of talks here that great
progress had been made in preparing for the negotiations which
must not be sidetracked.
    "We live in troubled and dangerous times for the world
trading system," he said.
    "We have seen that the failure of the world trading system
has caused great depression and conflict in the past. Our
failure to maintain the momentum will be at great cost to us
all," Moore said.
    He added: "The cost of failure is beyond calculation. It is
our last hope and best opportunity this century. We will not
get another chance before the year 2000."
    The ministers are in New Zealand to review world trade
since the "Uruguay round" talks last Sepember. The meeting is
also part of preparations for a full-scale conference of the
General Agreement on Tariffs and Trade (GATT) in Venice in
June.
    The Uruguay meeting is considered by most countries to have
been particularly successful, with northern hemisphere
countries managing to have service industries such as banking
and insurance included in the next full round.
    The southerners' goal of including agricultural and
tropical products also was met.
    The meeting at this North Island tourist resort is
described by participants as informal and no declaration is
expected.
    Moore said one aim was to "instil a sense of political
urgency to avert potential economic tragedy."
    Another was to seek ways of popularising freer trade to
people who felt the pain of readjustment but could not see the
benefits, as well as preventing "bush fires of confrontation
while we proceed with orderly negotiations."
    The meeting is being attended by 25 overseas delegations
including representatives of GATT and the Economic Community.
    The delegates include U.S. Trade Representative Clayton
Yeutter.
    American sources say he is ready to state that the best way
to reverse protectionist sentiment in the United States is to
implement four key Uruguay proposals:
    -- an end to agricultural subsidies;
    -- inclusion of trade in services and investments in GATT
regulations;
    -- tightening of restrictions on pirating of so-called
intellectual property such as trademarks, patents and
copyrights;
    -- new rules to resolve trade disputes among GATT's 92
member states.
    Earlier, New Zealand sources had said French Foreign Trade
Minister Michel Noir had pulled out of the informal GATT talks
for domestic political reasons.
    Cabinet chief Bernard Prauge will lead the French
delegation.
 REUTER
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acq
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2;

AUSTRALIAN OFFER FOR SAN MIGUEL SHARES


    MANILA, March 22 - 
Diversified investment company, 
<
Ariadne
Australia Ltd>, has offered 3.8 billion pesos for 38 mln shares
in the Philippine brewing firm 
<
San Miguel>, a Manila newspaper
reported.
    The Sunday Times quoted a letter sent yesterday to
President Corazon Aquino from Ariadne's chairman, New Zealander
Bruce Judge, that he was offering cash equivalent to five pct
of the nation's yearly budget to buy the shares from the
government.
    The presidential office and Ariadne representatives in
Manila were not available for comment on the report.
    The shares are the entire block seized by the government
from the United Coconut Planters Bank (UCPB) on suspicion that
the real owner was Eduardo Cojuangco, the former chairman of
San Miguel and UCPB and a close associate of deposed president
Ferdinand Marcos.
    The 38 mln shares consist of 24 mln class A stock and 14
mln class B shares.
    Government officials have said earlier that the more
valuable class A shares would not be sold to foreigners.
    The offer values each share at 100 pesos -- the price at
which the Philippine Social Security System suggested it might
buy eight mln class A shares last week.
    "Judge's offer of 3.8 billion pesos is about five pct of the
Philippines' yearly budget," Ariadne's Philippine agent Domingo
Panganiban was quoted as telling reporters yesterday.
    "Mr Judge's objective in this investment is to make his
corporation's management expertise available to San Miguel so
that the company's assets can be fully utilised."
    San Miguel, the country's largest brewer, is also one of
the major manufacturers of grocery lines.
    Panganiban is quoted as saying that San Miguel could tap
food and liquor distribution lines in Australia, Britain, the
U.S., New Zealand and Hong Kong through 
<
Barwon Farmlands Ltd>,
a listed Australian firm in which it has 30 pct equity.
    Ariadne, with about one billion dlrs in assets and turnover
of about two billion, has interests also in mining, real estate
and agricultural products.
 REUTER
3;
bodyend
documentend
documentstart
8086
topicstart
veg-oil
topicend
bodystart
2;

INDONESIA PROTESTS AGAINST EC VEGETABLE OIL DUTY


    JAKARTA, March 22 - 
Indonesia has protested to the European
Community (EC) about its plan to raise import duties on
vegetable oils, which will affect the country's palm oil
exports to the EC, Trade Minister Rachmat Saleh said.
    "Indonesia, both individually and together with other
members of the Association of South-East Asian Nations (ASEAN),
has protested against the EC plan to increase duties on
vegetable oil imports," he told Indonesian reporters.
    "We very much regret the community's plan," he added.
    He did not say in what form the Indonesian protest was
made.
    Indonesia is a major palm oil producer.
    According to central bank figures, Indonesia exported
362,700 tonnes of crude palm oil to EC countries in calendar
1985 and 301,400 tonnes in the first 10 months of 1986.
Complete 1986 figures are not yet available.
    Finance Minister Radius Prawiro said recently that the
increase in EC duties would add a new burden to ASEAN countries
at a time when they were trying to strengthen their economies
in the face of lower commodity prices.
 REUTER
3;
bodyend
documentend
documentstart
8087
topicstart
earn
topicend
bodystart
2;

ALITALIA SPA 
<
AZPI.MI> CALENDAR 1986


    SANREMO, March 22 -
    
Provisional net profit 55 billion lire vs 48 billion
    Turnover 3,750 billion vs 3,369 billion.
    NOTE -  Official results for Alitalia, Italy's national
airline which is controlled by the state industrial holding
company (Istituto per la Ricostruzione Industriale -IRI), are
expected to be announced at an annual shareholders meeting in
April.
 REUTER
3;
bodyend
documentend
documentstart
8088
topicstart
pet-chem
topicend
bodystart
2;

RAIMOND EXPECTS EC-GULF PROBLEMS WILL BE SOLVED


    ABU DHABI, March 22 - 
French Foreign Minister Jean-Bernard
Raimond predicted in a published interview a successful end to
negotiations to admit Gulf petrochemical exports into the
European Community (EC).
    Negotiations have been under way between the Community and
the six-nation Gulf Cooperation Council (GCC) for three years.
    Raimond, due here tomorrow from Oman for his first official
visit to the United Arab Emirates (UAE), told the semi-official
daily Al-Ittihad he was confident a solution would soon be
reached.
    "I am confident that problems between the two big partners,
the GCC and the EC, will find a solution. I will work to reach
that solution," he said in the interview conducted in Paris.
    An EC decision to impose tariffs on Gulf petrochemical
exports over a set quota has strained trade relations between
the two sides.
    GCC members Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE
and Oman are threatening to impose heavy customs duties on
European exports to the Gulf if no solution is reached.
    Raimond said negotiations between the two groups took a
long time because there were 20 countries involved. But added:
"Time is now ripe and all circumstances are appropriate for
making crucial progress."
    Referring to the Iran-Iraq war, he said efforts should
continue to find a solution despite prevailing difficulties.
    He said France was continuing negotiations with Iran. Some
problems were solved as a result of the contacts while others
remained unresolved. He gave no details but said: "France wishes
to have normal relations with Iran."
 REUTER
3;
bodyend
documentend
documentstart
8089
topicstart
crude
topicend
bodystart
2;

EXPLOSION AT BP OIL REFINERY IN SCOTLAND


    GRANGEMOUTH, Scotland, March 22 - 
An explosion followed by
a fire ripped through a British Petroleum (BP) oil refinery,
killing one man.
    A BP spokesman said the fire was confined to one plant at
the 700-acre refinery at Grangemouth, 25 miles west of
Edinburgh. The cause and extent of the damage had yet to be
determined.
    Two people were killed in a previous explosion and fire at
the plant on March 13. That incident is still being
investigated, the spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
8091
topicstart
acq
topicend
bodystart
2;

AUSTRALIAN PLANS PHILIPPINE BRANCH FOR TAKEOVER


    HONG KONG, March 22 - 
The Australia based 
<
Ariadne
Australia Ltd>, plans to set up a branch in the Philippines to
fulfill a prerequisite for the takeover of the Philippine
brewing firm, 
<
San Miguel Corp>, a Hong Kong newspaper said.
    The Hong Kong Economic Journal quoted a spokesman of
Australian stock broker Jacksons Ltd as saying that 
<
Barwon
Farmlands Ltd>, a listed Australian firm of which Ariadne owns
a 30 pct stake, is planning a branch in the Philippines.
    He added Jacksons is arranging an offer by Barwon to pay a
total 3.8 billion pesos in cash for 38 mln San Miguel shares.
    Barwon is offering 100 pesos each for 24 mln class A San
Miguel shares and 14 mln class B stock. But the Jacksons
spokesman noted that the more valuable A stock would only be
sold to Filipinos or companies registered in the Philippines.
    He said Barwon has approached the Philippine government
which seized the block of shares from the United Coconut
Planters Bank, which is believed to be linked with the
country's deposed President Ferdinand Marcos.
    He added he expects a deal to be concluded between Barwon
and the Philippine Government in 14 days as it is the only
offer in cash, the newspaper reported.
    Hong Kong Economic Journal also noted stock market rumours
that 
<
Neptunia Corp>, a Hong Kong registered company which
controlled by San Miguel's president Andres Soriano, is the
other party keen on the block of San Miguel shares.
    The Philippine's Commission on Good Government ruled last
May against a move of Neptunia to acquire 33 mln San Miguel
shares controlled by the brewery firm's former chairman Eduardo
Cojuangco, who is also chairman of United Coconut.
    Commissioner Ramon Diaz said at the time the government
would not allow a subsidiary to buy into a parent firm, adding
San Miguel could have offered the shares to other parties.
    The Manila newspaper Sunday Times published a letter sent
yesterday to President Corazon Aquino from Ariadne's chairman,
New Zealander Bruce Judge, that he was offering cash equivalent
to five pct of the nation's yearly budget to buy the shares
from the government.
    "Judge's offer of 3.8 billion pesos is about five pct of the
Philippines' yearly budget," Ariadne's Philippine agent Domingo
Panganiban was quoted as telling reporters yesterday.
    Spokesmen of Ariadne, Jacksons and Neptunia were not
available for comment, nor any officials of the Philippines.
    
<
San Miguel Brewery Ltd>, a Hong Kong listed company which
is 69.65 pct held by Neptunia on behalf of San Miguel Corp,
closed 40 cents higher at 15.50 H.K. Dlrs on Friday.
 REUTER
3;
bodyend
documentend
documentstart
8094
topicstart
earn
topicend
bodystart
2;

ALITALIA REPORTS HIGHER NET PROFITS


    SANREMO, March 22 - 
Italy's national airline, Alitalia Spa

<
AZPI.MI>, reporting a 14.6 pct rise in provisional 1986 net
profit, said it carried seven pct more passengers on domestic
routes last year, but 11.5 pct fewer passengers on flights from
North America and Canada.
    Alitalia said the drop in North American traffic had been
due to a general fall in the numbers of American tourists
visiting Europe caused by fears of terrorism.
    The airline reported provisional net profit rose to 55
billion lire from 48 billion in 1985.
    A spokesman said Alitalia was hoping for an increase in
traffic with the U.S. In 1987.
    It planned to increase the number of flights from Italy to
New York to 19 per week, to reinstate flights to Boston and to
re-open the direct Rome-Milan-Los Angeles service.
    The spokesman announced that from March 29, Alitalia would
be starting a new weekly service to Shanghai.
    For its summer 1987 programme, it would be adding 127 extra
flights to European destinations -- an increase of 27 pct.
 REUTER
3;
bodyend
documentend
documentstart
8096
topicstart
earn
topicend
bodystart
2;

RAFIDAIN BANK'S JORDAN BRANCH RAISES CAPITAL


    AMMAN, March 22 - 
The Jordan branch of Iraq's Rafidain Bank
said it will raise paid-up capital to comply with the country's
minimum requirement of five mln dinars by drawing on profits
from its operations in the country.
    Jordan's government asked banks in early 1985 to comply
with the new capital requirement -- raised from three mln
dinars -- by the start of 1986.
    Rafidain's Area Manager Adnan Abdul Karim al-Azzawi told
Reuters the branch had now registered its capital at the higher
level but did not say how long it would take to pay it in. The
bank's 1986 balance shows paid-up capital of 3.1 mln dinars.
    Banks in Jordan have generally complied with the higher
capital requirement except Chase Manhattan which decided
instead to close its operation, banking sources said.
    Local banks floated shares to raise extra capital, while
the branches of foreign banks brought in additional cash.
    Banking sources said it appeared that Jordan had made an
exception in Rafidain's case, allowing it longer to comply.
They said the gesture refelcted close political ties between
Jordan and Iraq as well as Baghdad's financial difficulties.
    The Jordan branch saw pre-tax profit rise 80 pct in 1986 to
550,332 dinars on assets of 12.6 mln dinars.
 REUTER
3;
bodyend
documentend
documentstart
8097
topicstart
dlr
money-fx
topicend
bodystart
2;

BAKER DENIES DOLLAR TARGET EXISTS


    LONDON, March 23 - 
U.S. Treasury Secretary James Baker
again said the meeting of six major industrial nations in Paris
last month did not establish a target exchange rate for the
dollar.
    Baker said in a television interview aired here yesterday:
"We don't have a target for the dollar." He declined to comment
on what might be a desired level for the dollar, saying: "We
really don't talk about the dollar."
    He said protectionism was becoming "extremely strong" in the
U.S. In response to widening U.S. Trade deficits and import
barriers in other countries.
    "The mood in the United States is extremely disturbing. It's
extremely strong," he said.
    "As I've said before, we sort of see ourselves as engaged
here in a real struggle to preserve the world's free trading
system, because if the largest market in the world (the U.S.)
goes protectionist we run the risk of moving down the same path
that the world did in the late 1930s," he said.
    While relative exchange rates had a role to play in
defusing the threat of protectionism, it alone did not offer
any solution, he said.
    "You must address this problem on the exchange rate side,
but it cannot be solved on the exchange rate side alone. It's
far more comprehensive and broad than that, and the solution of
it requires a comprehensive approach," Baker said in the
interview.
    Baker said it would be necessary for other countries to
adjust their currencies upwards, as well as remove their
barriers to U.S. Imports. But he did not elaborate or name any
countries.
 REUTER
3;
bodyend
documentend
documentstart
8098
topicstart
money-fx
topicend
bodystart
2;

U.S. CREDIT MARKET OUTLOOK - MINI-REFUNDING


    By Claire Miller, Reuters


    NEW YORK, March 23 - 
A hefty slice of new U.S. Treasury
supply is not the most welcome prospect for a slumbering credit
market, but at least this week's offerings should provide it
with some focus, economists said.
    "Banks and mutual funds have cash that should be put to
work, so the auctions should breathe some life into the market,"
said economists at Merrill Lynch Capital Markets Inc.
    The Treasury will place a 25 billion dlr package of
two-year, four-year and seven-year notes on the sales block
this week.
    The "mini-refunding," which will raise 9.27 billion dlrs in
new cash, comprises 10 billion dlrs of two-year notes for
auction on Tuesday, 7.75 billion dlrs of four-year notes on
Wednesday and 7.25 billion dlrs of seven-year notes on
Thursday. The market also faces the regular weekly three- and
six-month bill auction today, amounting to 12.8 billion dlrs.
    The mini-refunding does not come at a particularly
auspicious time for the market. Bond prices have been drifting
sideways in a narrow range against the backdrop of a cloudy
U.S. Economic outlook, diminished chances of a change in
Federal Reserve Board policy and a stable dollar.
    Moreover, the bond market's inertia has compared
unfavourably with the rash of activity taking place in
high-yield markets overseas, like the U.K., As well as in U.S.
Equities.
    But according to the Merrill Lynch economists, there are
signs the pall hanging over the U.S. Bond market is lifting a
bit.
    "Customer activity has been light, but all on the buy-side,
and there is a marked absence of selling," they said in a weekly
report.
    Philip Braverman of Irving Trust Securities Inc believes
banks will snap up the two- and four-year issues at this week's
sales.
    "The banks are in need of investments that provide earnings.
Though the yield spread to the cost of carrying these
maturities has been wider, it is still positive," he said in a
weekly market review.
    But economists agreed not even the auctions will generate
enough impetus for a major move. This will only come once the
overseas markets have had their run.
    "Based on last week's events, there is little to indicate
that the appetite for yield has begun to wane," said economists
at Salomon Brothers Inc.
    Indeed, talk persisted last week that Japanese investors
are planning to re-weight their portfolios in favour of the
higher-yielding markets at the start of Japan's new fiscal year
on April 1.
    And while traditionally the Japanese have not been big
buyers of the shorter-dated issues on offer at this week's U.S.
Auctions, such reports undermine market confidence.
    Even actions by the British, Australian and Canadian
monetary authorities to curb the rise of their currencies
should also enhance the attractiveness of their respective bond
markets, the Salomon Brothers' economists said.
    Meanwhile, ecomomic releases are unlikely to enliven the
U.S. Market unless they deviate widely from expectations,
economists said.
    This week's economic calendar begins on Tuesday with
February durable goods orders. Economists expect a rebound from
January's depressed levels.
    Peter Greenbaum of Smith, Barney, Harris Upham and Co said
several areas, including transport equipment, should have
bounced back. But a decline in military capital goods will cap
total new orders. He forecasts a rise of two pct after
January's 6.7 pct slump. Some other economists foresee a gain
as large as five pct.
    Friday's consumer price report for February is expected to
show an increase of about 0.3 pct after a 0.7 pct January gain.
Economists said energy prices -- the driving force behind the
January rise -- rose more moderately last month, while food
prices declined.
    Meanwhile, economists warned that the federal funds rate
will be subject to volatility in the weeks ahead due to the
approach of quarter-end and the mid-April tax date.
    Some economists expect the Fed to execute a bill pass this
week because its adding requirement increases sharply in the
new statement period beginning on Thursday.
    Fed funds traded at 6-1/16 pct late Friday and are expected
to open near that level.
 REUTER
3;
bodyend
documentend
documentstart
8100
topicstart
acq
crude
nat-gas
topicend
bodystart
2;

SANTOS BIDS FOR OIL AND GAS COMPANY TMOC RESOURCES


    ADELAIDE, March 23 - 
Cooper Basin oil producer Santos Ltd

<
STOS.S> said it will bid 4.00 dlrs a share for the 96.03 pct
it does not already hold in diversified oil and gas company

<
TMOC Resources Ltd>.
    Santos said the bid values TMOC at 248.5 mln dlrs. It said
it already holds 1.91 mln of TMOC's 25 cent par shares.
    TMOC held interests outside the Cooper Basin region of
South Australia and Queensland and the acquisition would
further the Santos objective of developing as a broadly based
oil and gas company with interests outside its existing base in
the Cooper Basin, the company said in a statement.
    Santos said TMOC holds several important domestic oil and
gas production, exploration and pipeline interests.
    In the Northern Territory it has a 43.75 pct stake in and
operates the Mereenie oil and gas field in the Amadeus Basin
and owns 32 pct of 
<
N.T. Gas Pty Ltd>, owner and operator of
the Alice Springs to Darwin gas pipeline.
    In Queensland, TMOC has extensive interests in the Surat
Basin, including the 100 pct owned and operated Moonie oil
field and 33 pct of the Boxleigh gas field.
    TMOC owns 80 pct of the 
<
Moonie Pipeline Co Pty Ltd> which
owns and operates the Moonie to Brisbane oil pipeline.
    TMOC also holds 25 pct of the Jackson to Moonie oil
pipeline, 20 pct owned by Santos. Output from the Naccowlah
block, 40 pct owned by Santos, provides the bulk of the
throughput of both pipelines.
    TMOC has exploration interests in a number of areas in the
Amadeus, Surat, Eromanga and Canning basins.
    It also has oil and gas interests in Britain's North Sea,
Ecuador, and the U.S., Along with gold and base metal
production through its associate 
<
Paringa Mining and
Exploration Co Plc>, Santos said.
 REUTER
3;
bodyend
documentend
documentstart
8102
topicstart
trade
topicend
bodystart
2;

GATT SUCCESS WILL TAKE PRESSURE, N.Z. MINISTER


    TAUPO, New Zealand, March 23 - 
Long term pressure by trade
ministers is necessary if the current Uruguay round of talks on
the General Agreement on Trade and Tariffs (GATT) is to
succeed, New Zealand's Overseas Trade minister Mike Moore said.
    Moore told the opening meeting of trade ministers from 22
nations gathered for informal talks on the GATT that ministers
"need opportunities to keep in touch and to consider how the
political problems inherent in an exercise like this one can be
faced and resolved."
    Moore said the Taupo meeting is one of a series of such
international gatherings, which includes the OECD ministerial
meeting in May and the G-7 meeting in Venice in June, enabling
ministers to maintain contact.
    World trade conditions are getting better not worse, he
said.
    He said New Zealand is "moving rapidly and of our own
initiative in the direction of liberalisation, and I warn you
we shall be looking for partners."
 REUTER
3;
bodyend
documentend
documentstart
8103
topicstart
interest
topicend
bodystart
2;

JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON


    TOKYO, March 23 - 
Japan's long-term banks will soon cut
their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
percentage point in response to falling secondary market yields
on their five-year debentures, long-term bankers said.
    The long-term prime rate is customarily set 0.9 percentage
point above the coupon on five-year bank debentures issued by
the long-term banks every month.
    The latest bank debentures, at 4.6 pct, have met strong
end-investor demand on the prospect of further declines in yen
interest rates, dealers said. The current 5.5 pct prime rate
has been in effect since February 28.
 REUTER
3;
bodyend
documentend
documentstart
8104
topicstart
topicend
bodystart
2;

RESERVE BANK CANCELS WEEKLY N.Z. T-BILL TENDER


    WELLINGTON, March 23 - 
The Reserve Bank said it is
cancelling its regular weekly treasury bill tender scheduled
for tomorrow.
    The Bank said in a statement forecasts indicate a net cash
withdrawal from the system through the week.
    The Bank expects to be conducting open market operations as
usual, and after these operations daily cash balances should
fluctuate around 30 mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
8105
topicstart
coffee
topicend
bodystart
2;

COFFEE CONFERENCE ENDS WITH CALL TO CONTINUE TALKS


    MANAGUA, March 22 - 
A meeting of eight Latin American
coffee producers ended with a call for continued talks aimed at
arriving at an agreement to stabilize international prices.
    A statement delivered by the conference's president,
Nicaragua's External Trade Minister Alejandro Martinez Cuenca,
said the object of future meetings would be to seek
negotiations leading to basic export quotas.
    The meeting was attended by representatives from Brazil,
Mexico, Guatemala, El Salvador, Honduras, Costa Rica and
Nicaragua. A Panamanian representative attended the meeting as
an observer.
    Representatives at the meeting said efforts would continue
to be made to reach a regional consensus on export quotas which
could be presented to the International Coffee Organization.
    In opening the meeting, Nicaraguan President Daniel Ortega
said the lack of an accord on export quotas was behind falling
coffee prices, which he said have caused billions of dollars in
losses to countries in the region.
    Jorio Dauster, president of the Brazilian Coffee Institute,
said his government is committed to working towards an
producers accord in order to bring about higher prices.
 REUTER
3;
bodyend
documentend
documentstart
8106
topicstart
trade
topicend
bodystart
2;

YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT


    TAUPO, New Zealand, March 23 - 
The United States and Japan
are on the brink of serious conflict on trade, especially over
semiconductors, Japanese unwillingness for public bodies to buy
U.S. Super-computers, and barriers to U.S. Firms seeking to
participate in the eight billion dlr Kansai airport project,
U.S. Trade Representative Clayton Yeutter said.
    He was talking to reporters yesterday on the eve of a
two-day meeting of trade ministers which will review progress
made by committees set up after the Uruguay meeting last
September launched a new round of GATT (General Agreement on
Tariffs and Trade) talks.
    European Community (EC) commissioner Willy de Clercq
meanwhile told reporters conflict between the world's three
major trading and economic powers -- the EC, the U.S. And Japan
-- set a poor example for other members of GATT.
    Australian Trade Minister John Dawkins told the reporters
bilateral retaliation at the enormous expense of the rest of
the world was no way to solve trade disputes.
    New Zealand trade minister Mike Moore told his colleagues
great progress had been made in preparing for the current round
of GATT negotiations which must not be sidetracked.
    The ministers have said they want to maintain the momentum
towards fresh negotiations or avert serious trade conflicts.
    Yeutter said the problem with international trade talks was
that they tended to get bogged down for years. "Countries don't
get very serious about negotiating until the end of the day
which is, maybe, five or six years in the future."
    He also said he did not consider the new U.S. Congress as
protectionist as it was 18 months ago. "That's a very healthy
development," he added."If you asked me about that a year or 18
months ago I would have said that it was terribly
protectionist."
    "Members of Congress, that is the contemplative members of
Congress, have begun to realise protectionism is not the answer
to the 170 billion dlr trade deficit," Yeutter said.
    "They've also begun to realise that you cannot legislate
solutions to a 170 billion dollar trade deficit so they are
more realistic and, in my judgement, more responsible on that
issue than they were 12 or 18 months ago."
    He added, "Whether that will be reflected in the legislation
that eventually emerges is another matter."
 REUTER
3;
bodyend
documentend
documentstart
8108
topicstart
nat-gas
topicend
bodystart
2;

NEW COOPER BASIN GAS POOL DISCOVERY REPORTED


    ADELAIDE, March 23 - 
<
Delhi Petroleum Pty Ltd> said a
second gas flow has been recorded in the Epsilon formation of
the Toolachee Block on PEL five and six signifying a new pool
discovery.
    The Kerna Four appraisal well flowed gas at 235,038 cubic
meters a day with four kiloliters of condensate through a 13mm
surface choke over an interval of 2,374 to 2,399 meters.
    DST 1, in the Epsilon formation, was earlier reported as
flowing gas at 237,862 cm/day, Delhi said in a statement.
    The well is two km south south east of Kerna 3, 15 km south
east of the Dullingari field and 75 km east of Moomba.
    Delhi said the remaining objective of the well is the
Patchawarra formation.
    Other interest holders in the Kerna Four well are: Santos
Ltd 
<
STOS.S> 50 pct, Delhi 30, 
<
Vamgas Ltd> 10, 
<
South
Australian Oil and Gas Corp Pty Ltd> 10 pct.
 REUTER
3;
bodyend
documentend
documentstart
8109
topicstart
ship
topicend
bodystart
2;

IRAN SAYS IT INTENDS NO THREAT TO GULF SHIPPING


    LONDON, March 23 - 
Iran said reports that it intended to
threaten shipping in the Gulf were baseless, and warned the
U.S. And other countries not to interfere in the region.
    Tehran radio, monitored by the BBC, quoted a Foreign
Ministry spokesman as saying any attempt at interference would
be met by "a strong response from Iran and other Moslems in the
world."
     U.S. Defence Secretary Caspar Weinberger, in remarks
apparently unrelated to the broadcast, said the U.S. Would do
whatever was necessary to keep shipping lanes open in the face
of new Iranian anti-ship missiles in the Gulf.
    The U.S. State Department said two days ago Tehran had been
told of U.S. Concern that Iranian anti-ship missiles posed a
threat to the free flow of oil from the Gulf.
    U.S. Officials have said Iran has new Chinese-made
anti-ship "Silkworm" missiles, which pose a greater threat to
merchant ships than missiles used before.
    The Iranian spokesman said the reports that Iran intended
to attack ships were "misleading propaganda."
    He said Iraq's President Saddam Hussein was the main cause
of tension in the Gulf and said Iran would continue to use "all
its legitimate means to stem the cause of tension."
    Weinberger said in a television interview in the U.S. "We
are fully prepared to do what's necessary to keep the shipping
going and keep the freedom of navigation available in that very
vital waterway."
    "We aren't going into any disclosures or discussions of what
might happen, but we are certainly very sympathetic to and
listening carefully to any suggestions for our assistance in
keeping navigation free in that area," he said.
    Weinberger said U.S warship movements in the Gulf area were
not unusual.
    A U.S. Navy battle group led by the aircraft carrier Kitty
Hawk is currently in the northern Arabian Sea.
    The Iranian spokesman was quoted by Tehran radio as saying
the U.S. Was trying to build up its military presence in the
region.
 REUTER
3;
bodyend
documentend
documentstart
8111
topicstart
gnp
ringgit
topicend
bodystart
2;

MALAYSIAN 1987 ECONOMIC GROWTH SEEN ABOVE FORECAST


    SINGAPORE, March 23 - 
The Development Bank of Singapore Ltd
(DBS) said Malaysia's real gross domestic product growth (gdp)
in 1987 could be 1.5 to two pct, above a budget target of one
pct.
    It said in a report that because of an economic recovery
and higher foreign exchange reserves, the Malaysian ringgit is
unlikely to face devaluation in the near future.
    The report was presented at a two-day investment conference
organised by the DBS, one of Singapore's four major banks.
    The report said rising commodity prices and the continued
expansion of the manufacturing sector coupled with rigorous
fiscal restraints and a more stable currency are grounds for
cautious optimism about the Malaysian economy.
    It forecast the ringgit will remain stable at between 2.60
and 2.70 Malaysian dlrs to the U.S. Dollar for the rest of the
year.
    But the report said the growth rate of Malaysia's external
debt remains worrying and should be controlled. It said
Malaysia's external debt totals 48 to 49 billion Malaysian dlrs
and its debt service ratio exceeds 20 pct.
 REUTER
3;
bodyend
documentend
documentstart
8112
topicstart
oilseed
coconut
topicend
bodystart
2;

PHILIPPINE COCONUT PRODUCT EXPORTS FALL IN JANUARY


    MANILA, March 23 - 
Coconut product exports fell to 163,924
copra tonnes in January from 196,610 tonnes in December and
167,747 tonnes in January last year, government figures show.
    Coconut product sales earned 44.54 mln dlrs compared with
45.30 mln in December and 49.09 mln a year earlier.
 REUTER
3;
bodyend
documentend
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8113
topicstart
iron-steel
topicend
bodystart
2;

GERMAN STEEL SUBSIDIES CANNOT CONTINUE - MINISTER


    BONN, March 22 - 
Economics Minister Martin Bangemann said
the state could not continue to pour money into West Germany's
ailing steel and coal industries because the subsidies
endangered other parts of the economy.
    "The situation is completely absurd from an economic point
of view," Bangemann told the newspaper Die Welt in an interview
released ahead of publication tomorrow.
    "We are subsidising the production of mineral coal and steel
to an enormous extent and at the same time putting a huge
burden on all other branches of industry and making them
uncompetitive," he said.
    Bangemann said the steel and coal industries were no longer
capable of being competitive. Continued state subsidies would
not save them but would only prolong their lives artifically
for a few years, he said.
    "That is why I have refused to continue subsidising them in
the way that we have done in the past," he said.
    Several steel firms have announced plans to reduce their
workforces, citing weak prices and lower exports due to the
strength of the mark and tough foreign competition.
    Bangemann said everything possible would be done to find
new jobs for the workers affected by the cuts.
 REUTER
3;
bodyend
documentend
documentstart
8114
topicstart
inventories
topicend
bodystart
2;

AUSTRALIAN MANUFACTURERS EXPECT DOWNTURN - SURVEY


    MELBOURNE, March 23 - 
A majority of Australian
manufacturers expect a deterioration in the business climate,
according to the March survey of industrial trends by Westpac
Banking Corp and the Confederation of Australian Industry.
    After expecting improvements in two previous quarterly
surveys, 56 pct of respondents reported working at less than
satisfactory levels, with insufficient orders nominated by 70
pct as the major constraint.
    Other constraints were capacity, 11 pct, and labour nine
pct, the survey said.
    Inflationary pressure increased during the quarter and
investment plans for the next year were scaled down, which the
survey said could limit activity in the medium to short term.
    Respondents reporting an increase in orders fell to 22 pct
in March from 30 pct in December, while those with orders
accepted but not yet delivered fell to 14 pct from 21 pct.
    Stocks of finished goods and raw materials fell sharply in
the March quarter and further depletion was forecast for the
June quarter, the survey said.
    Respondents said finance was harder to obtain, which
Westpac chief economist Bob Graham said was probably because of
high interest rates rather than the availability of money.
    Graham said he thought expectations would gradually improve
later this year, when the dollar might consolidate and interest
rates ease slightly.
    He believed some manufacturers were not investing because
they feared the Australian dollar would get stronger.
    "We do not believe the dollar will revalue, the (economic)
fundamentals are for it to slip away if anything," he said.
 REUTER
3;
bodyend
documentend
documentstart
8115
topicstart
acq
topicend
bodystart
2;

DART GROUP FLEXIBLE ON SUPERMARKETS 
<
SGL> BID


    NEW YORK, March 22 - 
<
Dart Group Corp> said it told
Supermarkets General Corp 
<
SGL> it was flexible on the price it
would pay to acquire the company.
    Dart has said it would offer 41.75 dlrs cash for each SGL
share if the SGL board recommended the offer to shareholders.
    SGL has termed the 1.62 billion dlr offer unsolicited.
    In a letter to SGL dated March 20, Dart also said it was
denied confidential information on SGL that would be given to
other potential bidders.
    SGL officials could not be reached for comment.
    Dart said it was advised that a selling brochure for the
sale of SGL had been distributed to about 20 potential buyers,
but not itself. These purchasers would also be given access to
SGL's books and records and the opportunity to talk with key
employees.
    "We suspect that one or more of the 20 are leveraged buyout
firms," said a source close to Dart. Analysts have said SGL
management may be considering a leveraged buyout.
    Dart said it remains interested in acquiring SGL on a
friendly basis and reiterated its willingness to negotiate all
the terms of its offer.
    Dart said SGL representatives said the company has not
received any other offer.
    It said it requested the confidential information to better
understand SGL, but was denied this because it refused to sign
an agreement prohibiting it from making a bid for SGL without
SGL's approval.
    The agreement would also have limited its ability to buy
SGL shares, Dart said. It considered those conditions
unreasonable in the interest of trying to negotiate a friendly
transaction, it said.
    Dart has just under five pct of SGL shares.
    Dart said it requested the information before its meeting
with SGL representatives, but held the meetings in the hope
representatives would reach an agreement.
    It said it indicated it was flexible on price, but was told
there were certain issues important to SGL management and while
they were not conditions to the deal, Dart was expected to take
them into account in putting together its package.
    It said the issues include an immediate payment of 5.7 mln
dlrs to SGL chairman Leonard Lieberman, executive vice
president James Dougherty and financial officer Murray Levine.
    Dart said this payment was intended for the three officers'
severance agreements, although there was an implication that
Lieberman and Dougherty would be leaving the company of their
own volition.
    Dart said under their present agreements, none of these
officers have any right to such accelerated payments. Also,
Dart said Lieberman, Dougherty and Levine are to be paid 2.6
mln dlrs to pay their taxes. It also said top management's
incentive shares were to be accelerated and paid for at a cost
of six mln dlrs although there are restrictions on the shares
unless waived by the company's compensation committee.
    Dart said it was to fund up to five mln dlrs for top
management's supplemental retirement plan.
    Dart said another issue was to agree to future severance
obligations and future salary guarantees for top management,
estimated at more than 15 mln dlrs in excess of obligations
under the company's present policy.
    Dart said despite such management payments, it agreed to
discuss all aspects of its offer and in fact did try to
negotiate a transaction at the March 18 meeting with SGL.
    Supermarkets General owns the Path Mark supermarket chain
and Rickels home centres.
    Dart also released a copy of a lawsuit that was being filed
by an SGL shareholder, seeking to stop SGL from taking such
actions as paying greenmail or enacting a poison pill defence.
    The suit also sought to have directors carry out their
fiduciary duty.
    Greenmail is the payment at a premium for shares held by an
unwanted suitor and a poison pill is typically the issue of
securities to shareholders which make a takeover more
expensive.
 REUTER
3;
bodyend
documentend
documentstart
8117
topicstart
crude
topicend
bodystart
2;

AUSTRALIA SAID TO RELY TOO MUCH ON OIL TAXES


    SURFERS PARADISE, Australia, March 23 - 
The government's
over-reliance on revenue from crude oil is adversely affecting
Australia's economic performance, Australian Petroleum
Exploration Association (APEA) chairman Dennis Benbow said.
    Over one-third of Australia's indirect tax income is
derived from oil at a time of falling domestic output and weak
crude prices, he told the APEA annual conference here.
    This dependence on oil-generated revenue distorts the
country's economic performance directly by acting as a
disincentive to new exploration and indirectly by affecting
trading competitiveness through high energy costs, he said.
    Australia's medium-term liquid fuel self-sufficiency
position is posing a major economic threat, yet the
government's response has been to load new tax burdens on the
oil industry, Benbow said.
    Domestic oil output from existing fields is expected to
fall to 280,000 barrels per day (bpd) in fiscal 1992/93 from
546,000 bpd in 1985/86, reflecting mainly the decline of the
Bass Strait fields, he said.
    Bass Strait reserves are now two-thirds depleted, with the
three largest fields 80 pct depleted, he said.
    By 1992/93, Bass Strait output is expected to be just over
half the 1985/86 level, assuming a number of so far undeveloped
fields are brought on stream and enhanced recovery from
existing fields goes ahead, Benbow said.
    Government projections of output from as yet undiscovered
fields range from 40,000 to 130,000 bpd, he said.
    Australian liquid fuel demand is forecast to rise to
680,000 bpd in 1992/93 from 565,000 in 1985/86, implying a
crude oil gap of between 270,000 and 360,000 bpd in five years
time, he said.
    At present world oil prices and the current value of the
Australian dollar, annual oil imports in 1992/93 would cost
between 3.2 billion and 3.6 billion dlrs, Benbow said.
    Despite intensive exploration in the early 1980's, the
addition to reserves has been inadequate, he said.
    For example, the 409 mln barrels discovered in the five
years 1980-84 represent about two years' consumption, he said.
    He called on the government to review its tax policies to
restore incentive to exploration.
 REUTER
3;
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documentstart
8118
topicstart
topicend
bodystart
2;

BAKER WARNS AGAINST FORGIVENESS OF LATIN DEBT


    MIAMI, March 22 - 
U.S. Treasury Secretary James Baker said
any attempt to declare blanket debt forgiveness for major Latin
American debtor nations might damage the world economy.
    In an article in Monday's edition of the Miami Herald,
Baker also criticised the concept of short-term debt relief,
calling it a "dramatic, overnight solution."
    "While these ideas may be well-intentioned and have some
political appeal, they are impractical and counterproductive in
the long run," he said.
    The article was published to coincide with a three-day
meeting here of the Inter-American Development Bank (IADB).
    Baker is the chief architect of the U.S. Strategy on Third
World debt.
    Brazil, the Third World's largest debtor, last month
declared a moratorium on interest repayments. It has given no
indication of when it may resume interest payments, prompting
fears that some large U.S. Banks may be forced into substantial
debt writedowns and calling into question the viability of the
U.S. Strategy.
    Baker, defending the strategy, said private commercial
banks have rescheduled nearly 70 billion dlrs in debt since
October 1985 at longer maturities and lower interest rates.
    "Together with expected progress in commercial bank
discussions with Argentina and, we hope, Brazil, this should
add up to substantial new lending for the major Latin debtors
in 1987," Baker wrote.
    He estimated that debt-equity conversion plans accounted
for 2.5 billion dlrs last year in four of the region's major
debtor states. Such plans allow foreign bank creditors to sell
Third World debt at a discount to investors who then become
stockholders in firms in these countries. "These swaps aren't a
panacea, but they do demonstrate how a creative free market can
make progress in reducing the debt burden," he said.
 REUTER
3;
bodyend
documentend
documentstart
8119
topicstart
cpi
topicend
bodystart
2;

MINISTER PREDICTS ONE PCT INFLATION FOR SINGAPORE


    SINGAPORE, March 23 - 
Singapore will have an inflation rate
of one pct in 1987, up from a negative 1.4 pct in 1986, Trade
and Industry Minister Lee Hsien Loong told Parliament.
    He said the 1986 drop in the inflation rate, the first fall
in a decade, was due largely to lower world prices for oil and
oil-related items.
    But Lee said the negative inflation rate is unlikely to be
repeated this year because of projected higher prices for
primary commodities and oil.
 REUTER
3;
bodyend
documentend
documentstart
8120
topicstart
earn
topicend
bodystart
2;
******
WOOLWORTHS LTD REPORTS 9.27 MLN DLR NET PROFIT YR END FEB 1 VS 63.20 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
8121
topicstart
topicend
bodystart
2;

BRAZIL SEEKS TO REASSURE BANKS ON DEBT SUSPENSION


    MIAMI, March 23 - 
Brazil wants to resume interest payments
on its medium- and long-term foreign debt as soon as possible
and is willing to discuss ways of softening the impact of the
payments suspension on bank earnings, central bank governor
Francisco Gros said.
    Gros, speaking to reporters yesterday after his first
meeting with Brazil's bank advisory committee since he was
appointed last month, also promised a clear statement of
Brazil's economic policy would be made in the next few days.
    But bankers who attended the meeting with Gros said it was
inconclusive.
    The bankers also expressed disappointment Gros could not
give assurances as to when interest payments on the 68 billion
dlrs of medium- and long-term debt would restart.
    "It was all very tentative. You can't expect to get very far
at the first meeting," one banker said.
    The meeting took place on the eve of the annual meeting
here of the Inter-American Development Bank.
    The most urgent item on yesterday's agenda was the need for
a legal rollover of some 16 billion dlrs in trade and interbank
credit lines extended to Brazilian banks which expire at the
end of March.
    Brazil has already frozen the lines to ensure it has enough
credit to finance its day-to-day trade and commerce, but needs
to request a formal extension of the commitments to head off
possible lawsuits from disgruntled creditors.
    The issue is whether the 14-bank steering committee will
endorse Brazil's request to the 700 creditor banks worldwide or
simply relay it without comment.
    This delicate question was not resolved at yesterday's
meeting, but lawyers from both sides will try to draft suitable
language for a telex by midweek, Gros and the bankers said.
    Gros said he will also formally ask the banks for a 90-day
rollover of some 9.6 billion dlrs of debt which originally
matured in 1986 and is now due to be repaid on April 15.
Bankers said the request is a legal nicety since the money is
subject to the moratorium.
    Once interest on Brazil's debts becomes more than 90 days
overdue, U.S. And Canadian banks must put the loans on
non-performing basis and may book payments only as and when
they are received instead of accruing the interest in advance.
    Citicorp has estimated its profits for the first quarter
would be cut by 50 mln dlrs if it put Brazil on a cash basis.
Other U.S. Banks have also warned of earnings setbacks.
    Gros said he wished the 90-day rule was more flexible and
said he would be willing to sit down with the banks to see if
there was a way round the problem.
    He did not elaborate. But, asked whether a bridge loan
might be arranged to pay the interest, he said, "It could
happen."
    Bankers said this possibility had not been raised at the
committee meeting and dismissed it as inconsistent with
Brazil's determination to find a long-term solution to the
problem of servicing its 110 billion dlr foreign debt.
    Gros himself said pushing the problem away for 90 days at a
time is not very useful. Only if Brazil has access to new loans
can it grow, export and pay its debts over the longer term.
    "If the flow of funds dries up, a country like Brazil can't
meet all its obligations," he said.
    Gros defended Brazil's recent economic record, noting
inflation slowed in February, the trade surplus rose and the
public sector budget was in operational surplus.
    But he said there was a need to spell out government
policy, especially on prices.
    "It's necessary to clarify policy for internal and external
reasons," he said, but declined to say what economic measures
might be introduced.
    Once policy is in place, Gros said financing talks with the
banks are likely to be tough and protracted, a sentiment echoed
by the country's creditors.
 REUTER
3;
bodyend
documentend
documentstart
8123
topicstart
acq
topicend
bodystart
2;
******
Bell Resources says it buys 57.6 mln BHP shares, taking holding to 29.93 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
8125
topicstart
earn
topicend
bodystart
2;

WOOLWORTHS LTD 
<
WLWA.S> YR ENDED FEB 1


    SYDNEY, March 23 -
    
Shr 4.16 cents vs 28.80
    Final Div nil vs 10.5 cents making six for year vs 16.5
    Pre-tax profit 2.68 mln dlrs vs 107.71 mln
    Net 9.27 mln vs 63.20 mln
    Turnover 5.47 billion vs 4.83 billion
    Other income 65.33 mln vs 51.68 mln
    Shrs 222.94 mln vs 219.54 mln.
    NOTE - Net is after tax credit 6.6 mln vs tax paid 43.39
mln, depreciation 41.18 mln vs 34.10 mln, interest 42.42 mln vs
36.23 mln and minorities 11,000 vs 1.12 mln but before
extraordinary net profit 24.98 mln vs loss 51.71 mln
 REUTER
3;
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documentend
documentstart
8126
topicstart
acq
topicend
bodystart
2;

BELL RESOURCES BOOSTS STAKE IN BHP


    PERTH, March 23 - 
<
Bell Resources Ltd> said it has executed
an underwriting agreement with 
<
Equiticorp Tasman Ltd> to
acquire 57.6 mln ordinary shares in The Broken Hill Pty Co Ltd

<
BRKN.S> for 540 mln dlrs.
    Bell said in a statement that it now holds 29.93 pct of
BHP's 1.2 billion shares.
 REUTER
3;
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8128
topicstart
topicend
bodystart
2;

IADB DISPUTE HIGHLIGHTS LATIN DEBT CONFLICTS


    By Keith Grant, Reuters


    MIAMI, March 23 - 
Controversy surrounding U.S.-backed
reforms in the Inter-American Development Bank (IADB)
underscores the mounting challenge to Washington's current debt
strategy, according to Latin American officials and delegates
to the IADB meeting that begins here today.
    The bank's policy-making board on Saturday postponed a
decision on the reforms until June in view of strong Latin
American opposition to U.S. Proposals to strengthen its control
over lending to the region.
    Washington wants to involve the IADB in its debt strategy
through increased lending, but as the bank's largest single
shareholder it also wants to require countries to adopt
far-reaching economic reforms to qualify for loans.
    The U.S. Push for IADB reforms, which began at last year's
meeting in Costa Rica, is particularly sensitive in an
institution Latin Americans have traditionally thought of as
their own.
    "It's almost an issue of sovereignty for the Latin
Americans," one IADB official said.
    With a 54.2 per cent voting bloc, Latin American nations
have had relatively easy access to 35 billion dlrs in project
loans since the bank's founding in 1959.
    The bank has also been run for the past 12 years by a
Mexican, Antonio Ortiz Mena, who has been increasingly critical
of U.S. Debt strategy in the last two years.
    Ortiz Mena says commercial banks must renew lending to the
region if debtors are to grow and repay creditors. At a news
conference last week he warned that Latin defaults were a
distinct possibility in the long run.
    Brazil insists its debt service obligations should in no
way interfere with growth priorities, a position putting the
issue of debt relief squarely into focus for the first time,
officials and delegates said.
    They said creditors are not ready to discuss debt
forgiveness and prefer to look at schemes such as debt-equity
swaps in combination with a continuing emphasis on economic
reforms.
    Washington wants the IADB to impose greater conditions on
lending, and has threatened to block increased appropriations
for the bank if it does not get its way.
    Latin America, while retaining reservations, now accepts
the principle of setting greater conditions on loans, but is
unwilling to countenance U.S. Demands for greater veto powers
on lending, officials and delegates said.
    Washington has pushed for veto power to be lowered to 35
pct from a simple majority as at present. Latin Americans are
unwilling to go below 40 pct, which would oblige the U.S. To
line up two other voters or voting blocs on its side.
    This attempt to weaken Latin America's voting power, and
particularly a threat by Washington to reduce funds to the IADB
unless its reforms are accepted, has created considerable
resentment among Latin Americans.
    "Debtors have already shown considerable willingness to
sacrifice over the last five years so economic adjustment is
not at issue," one Latin American official said.
    The region has been hoping for a seventh replenishment of
IADB resources of at least 20 billion dlrs for 1987-90, as
against 15.7 billion for the previous four-year period.
 REUTER
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8129
topicstart
topicend
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2;

PAPER ASKS CONABLE TO PROD INDONESIA INTO CHANGES


    JAKARTA, March 23 - 
World Bank President Barber Conable
should prod the government of President Suharto towards further
economic change, the Jakarta Post newspaper said.
    "Conable could do Indonesia a great service if he is
straightforward enough to point his finger at shortcomings that
could be corrected," it said in an editorial.
    The English-language paper said the bureacracy was not
aggressive or imaginative in responding to Indonesia's economic
problems, which include fiscal restraints due to drastically
declining oil revenues, increasing unemployment, and marketing
problems for its major export commodities.
    The paper said Indonesia must boost the scope for private
business initiative as well as stepping up its use of aid money
already committed. The World Bank has lent Indonesia 10.7
billion dlrs over the past 20 years.
    Conable arrived here on Saturday and will have talks with
Suharto tomorrow. Today he was returning to Jakarta from a
visit to World Bank-funded projects in eastern Java, and was
scheduled to meet leading economic ministers in the afternoon.
    Western diplomats said they expected Conable to press
Indonesia to maintain the pace of its present economic reforms
to cope with the slump in its oil revenues.
 REUTER
3;
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8130
topicstart
acq
topicend
bodystart
2;

ARIADNE UNIT CONFIRMS BID FOR SAN MIGUEL


    HONG KONG, March 23 - 
Ariadne group unit 
<
Barwon Farmlands
Ltd> confirmed it offered 3.8 billion pesos in cash for the 38
mln shares of Philippine brewing company 
<
San Miguel Corp>.
    The Australia-based Barwon, 30 pct owned by New Zealander
Bruce Judge's Ariadne group, said in a statement released in
Hong Kong that a formal offer had been made to the Philippines
government, which holds the shares.
    It said it was confident the offer will be reviewed
favourably.
    Newspapers in Manila and Hong Kong reported at the weekend
that an offer had been made.
    Barwon said it was represented by Australian stockbroker

<
Jacksons Ltd>, which forwarded a formal offer to Philippine
President Corazon Aquino of 100 pesos for each of the 38.1 mln
A and B shares of San Miguel.
    The Philippine government seized the shares, which
represent a 31 pct stake in the brewery firm, from the 
<
United
Coconut Planters Bank>, alleged by the government to be linked
with the country's deposed President Ferdinand Marcos.
    The Barwon statement said a deal is expected to be
concluded between Barwon and the Philippines government in 14
days.
    Barwon also said it made recommendations to the government
on how it could purchase the class A shares, which can only be
held by a Philippine national or a firm which is at least 60
pct held by a member of the country. It did not elaborate.
    The Hong Kong Economical Journal quoted a spokesman of
Jacksons as saying Barwon plans to set up a branch in the
Philippines to meet the criteria.
    
<
San Miguel Brewery Ltd>, a locally listed firm 69.65 pct
held by San Miguel's 
<
Neptunia Corp> affiliate, was last traded
at 16.30 H.K. Dlrs against 15.50 dlrs on Friday.
 REUTER
3;
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documentend
documentstart
8131
topicstart
crude
topicend
bodystart
2;

EXXON OFFICIAL URGES PLANNING FOR NEXT OIL SURGE


    SURFERS PARADISE, Australia, March 23 - 
World governments
should prepare for an inevitable significant increase in the
price of oil as non-Middle East supplies diminish, Exxon Corp

<
XON> director and senior vice-president Donald McIvor said.
    Policymakers must also face up to the reality that the bulk
of world oil reserves lies in the Middle East, he said in a
speech prepared for delivery to the Australian Petroleum
Exploration Association (APEA) annual conference.
    It appears ever more likely that new discoveries elsewhere
will not change this fact, he said.
    McIvor said 37 of the world's 30,000 oil fields contain
about 35 pct of all oil ever discovered.
    Only 11 of these 37 super-giant fields lie outside the
Middle East and only five of the 37 have been discovered in the
last 20 years, three of them in the Middle East, he said.
    He also said that since 1970, the world has been consuming
20 to 25 billion barrels a year while making discoveries at the
rate of only 10 to 15 billion barrels a year.
    More than half of remaining proved reserves are in the
Middle East, he said.
    McIvor said it was important to continue to search for oil
outside the Middle East because each addition contributes to a
diversity of supply desirable for global political and economic
stability.
    "It is important to enhance the likelihood of home-country
discoveries with measures such as non-discriminatory and stable
taxation, and minimum regulation, together with opening up of
acreage for exploration," he said.
    Increasing reliance on the Middle East will also boost the
incentive to use natural gas and synthetic sources of
petroleum, he added.
 REUTER
3;
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documentend
documentstart
8132
topicstart
trade
oilseed
grain
topicend
bodystart
2;

TAIWAN TO BOOST FARM IMPORTS FROM U.S., EUROPE


    TAIPEI, March 23 - 
Taiwan is expected to boost agricultural
imports from the U.S. And Europe in calendar 1987 to help
balance trade, the Council of Agriculture said.
    A council official, who declined to be named, told Reuters
the imports, which will include about seven mln tonnes of
oilseeds, grains and dairy products, would be worth some four
billion U.S. Dlrs against 3.72 billion in 1986 and 3.38 billion
in 1985.
    Taiwan's surplus with the U.S. Rose to 13.6 billion dlrs
last year from 10.2 billion in 1985, government figures show.
    Government figures also show Taiwan's surplus with Europe
rose to 1.53 billion dlrs last year from 543 mln in 1985.
    Taiwan's imports of U.S. Farm produce last year amounted to
1.41 billion dlrs against 1.52 billion in 1985.
    Imports from Europe rose to 182 mln U.S. Dlrs from 148 mln,
the official said.
    He attributed the decline in the value of U.S. Imports to
falling agricultural products prices last year.
 REUTER
3;
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8134
topicstart
crude
topicend
bodystart
2;

AUSTRALIAN OIL TAX CUT SEEN BOOSTING OUTPUT


    SURFERS PARADISE, Australia, March 23 - 
A 10 percentage
point reduction in the Australian government's maximum crude
oil levy on old oil would stabilize Bass Straits oil output,
resources analyst Ian Story said here.
    A reduction to 70 pct from 80 pct would enable Bass Strait
output to be maintained at the current rate of 420,000 barrels
per day (BPD) for the next year rather than falling to 380,000
BPD in 1987/88, he told the Australian Petroleum Exploration
Association annual conference.
    Story is an analyst with and a director of Sydney
stockbroker Meares and Philips Ltd.
    Windfall profits taxes on Bass Strait crude are no longer
appropriate in the current economic climate, Story said.
    The maximum 80 pct levy on old oil -- that discovered
before September 1975 -- is now forcing the Broken Hill Pty Co
Ltd 
<
BRKN.S>/Exxon Corp 
<
XON> partnership to shut-in
production, accelerating the decline in output and reducing
government revenue, he said.
    He said the producer return per barrel at a price of 30
Australian dlrs a barrel would rise to 2.07 dlrs from 0.80 dlrs
if the levy was cut to 70 pct.
    "The economics at an 80 pct levy are simply not attractive
at oil prices below 30 dlrs," Story said.
    Cutting the maximum levy rate to 70 pct would create higher
levels of self-sufficiency, increase government revenue, boost
exports and provide incentives for exploration and development,
he said.
    The government is currently reviewing the oil tax
structure.
 REUTER
3;
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8135
topicstart
interest
gnp
trade
topicend
bodystart
2;

GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF


    TAUPO, New Zealand, March 23 - 
Debt among African countries
will continue to grow and their economies remain stifled unless
developed countries lower their interest rates, Nigerian Trade
Minister Samaila Mamman said.
    He told an informal General Agreement on Tariffs and Trade
(GATT) meeting the widening gap between developed and
developing countries and an inequitable international economic
system were major impediments to growth in developing
countries.
    Delegates from 23 countries are attending the GATT talks in
the New Zealand resort of Taupo.
    "I wish to emphasise that the growth in the volume of the
external indebtedness of African countries reflects the full
effect of the deflationary monetary and trade policies of the
developed market economy countries," Mamman said.
    "The developed market economy countries have slowed down
output growth thereby drying up markets for the commodity
exports of African countries."
    Mamman said the World Bank estimated 35.3 billion dlrs a
year would be needed over the next five years for the African
continent to be able to achieve a gross domestic product growth
(GDP) rate of three to four pct by 1990.
    Yet at the same time Africa's debt service was estimated at
24.5 billion dlrs a year between 1986 and 1990.
    "With the best of intentions Africa cannot attain a three to
four pct GDP growth rate if the current high level of debt
persists," Mamman said. Developed countries must seek
alternatives to policies that resulted in the transfer of
resources and more indebtedness, he said.
    "The international community cannot fail to respond
positively to the collapse of the international market for
commodities ... And act quickly to stabilize demand and prices
of our commodity exports," he added.
 REUTER
3;
bodyend
documentend
documentstart
8137
topicstart
interest
topicend
bodystart
2;

GERMAN BOND YIELDS SEEN FALLING IN NEAR TERM 


    By Alice Ratcliffe, Reuters


    FRANKFURT, March 23 - 
West German bond yields could decline
over the next few months if recent efforts to stabilize
exchange rates, as seen in last month's Paris pact, extend to
keeping down European interest rates, banking economists said.
    But in the longer term domestic yields could rise under
agreements to stimulate West Germany's economy, they said.
    The Paris agreement has so far successfully stabilized
currencies with the threat of central bank intervention,
economists said.
    Economists speculated that G-7 countries may try to bolster
the pact by uncoupling U.S. and West German interest rates
further when they meet for the IMF Interim Committee in April.
"The recent round of monetary accommodation by the Bundesbank
and the Bank of Japan and the firming of the Federal Funds rate
are significant. They mark an uncoupling of movements in U.S.
and foreign interest rates," Salomon Bros Inc said in a recent
study.
    It said narrowing of international interest rate spreads
was a major factor in the dollar's fall. These spreads will
have to be widened if the dollar is to be stabilized.
    West German Bundesbank President Karl Otto Poehl encouraged
the U.S. not to cut interest rates in January when the
Bundesbank cut its own rates by half a point, to avoid
weakening the dollar.
    West German economists see room for further cuts in leading
West German rates if the dollar resumes its decline.
    "It's not a taboo," Peter Pietsch, spokesman for Commerzbank
AG said.
    But most economists see room for a cut in West German rates
only in the first half of the year, as re-emerging inflation
will limit room for manoeuvre later in the year.
    The Bundesbank's average yield of public paper is already
nearing last year's low. Last week, yields fell to around 5.50
pct, not far from the 1986 low of 5.35 pct posted in mid-April.
 Economists said the trend may cause domestic investors to
shift some funds from short to longer-term paper. Such a move
would tend to flatten the yield curve between short and
long-term rates, which has become more pronounced since the
Bundesbank lowered its discount rate.
    It might also facilitate a further cut in leading rates, as
the shift out of savings accounts into securities would slow
growth of the Bundesbank's central bank money stock aggregate.
    But conflicting with this trend are plans to increase West
German tax cuts, part of the Paris currency pact designed to
meet U.S. demands for faster West German growth. This move may
force interest rates up by creating a revenue vacuum which must
be filled by higher government borrowing.
    This may not occur if private sector demand for credit
remains weak, but demand could emerge if rates begin rising.
    Economists said it appeared the government had already
stepped up borrowing this year to accomodate revenue loss from
other sources, including tax losses resulting from weaker than
expected economic growth, and higher than expected spending.
    Josef Koerner, chief economist of the West German
Ifo-Institut, said in a newspaper interview he expected 1987
tax revenue to be some 11 billion marks below estimates by the
West German government in November.
    Any tax shortfall in itself is unlikely to push yields up.
But coupled with other factors such as waning foreign
speculative buying of mark bonds on the dollar's decline, long
term yields may to have to rise, economists said.
    Public authority borrowing in 1988 may also rise owing to
increases in the second phase of Bonn's tax reform package.
    The West German government is raising its total tax cuts in
1988 by 5.2 billion marks to 14.4 billion.
    West German chancellor Helmut Kohl said last week increased
borrowing to finance the tax reform is acceptable.
    Finance minister Gerhard Stoltenberg said last Thursday he
was looking for other ways to finance the reform, such as
raising indirect taxes.
    But few economists believe the government will be able to
go through with its tax measures without increasing net
borrowing.
    The Bundesbank said in its February report that it was
wrong to believe that the first stage of the tax reform in 1986
could be managed without increasing deficits.
    The Bundesbank said West German public authorities borrowed
a large 21.9 billion marks in credit markets in the 1986 final
quarter compared with 14.8 billion in fourth quarter 1985.
    The federal government took up nearly 10 billion marks of
the fourth quarter 1986 figures, and also drew on two billion
marks of Bundesbank advances at the end of the year, when it
had not required such a credit in the 1985 quarter.
 Reuter
3;
bodyend
documentend
documentstart
8138
topicstart
trade
topicend
bodystart
2;

PHILIPPINES POSTS 68 MLN DLR JANUARY TRADE DEFICIT


    MANILA, March 23 - 
The Philippines posted a trade deficit
of 68 mln dlrs in January, compared with deficits of 57 mln in
January 1986 and 28 mln in December, government figures show.
    The National Census and Statistics Office (NCSO) said
imports of 436 mln dlrs in January were up from 371 mln in
January 1986 and 393 mln dlrs in December, while exports of 368
mln were up on the 314 mln in January 1986 but lower than
December's 421 mln.
    The country's 1987-92 medium-term development plan targets
a 9.8 pct average annual growth in exports and a 10.7 pct
growth in imports, the NCSO said.
 REUTER
3;
bodyend
documentend
documentstart
8140
topicstart
meal-feed
grain
corn
sorghum
oilseed
soybean
topicend
bodystart
2;

JAPANESE COMPOUND FEED OUTPUT FALLS IN JANUARY


    TOKYO, March 23 - 
Japanese compound feed output fell to
2.06 mln tonnes in January from 2.57 mln in December, against
2.04 mln a year earlier, Agriculture Ministry statistics show.
    January sales totalled 2.07 mln tonnes against 2.59 mln in
December and 2.04 mln a year earlier, while end-month stocks
were 233,003 tonnes against 230,764 and 241,567.
    Base mixes for the January compound feed output included
corn, sorghum and soybean meal.
    Corn use totalled 993,156 tonnes, against 1.20 mln in
December and 896,718 a year earlier, and its compounding ratio
was 48.1 pct against 46.6 pct and 43.1 pct.
    Sorghum use totalled 339,013 tonnes in January against
459,067 in December and 412,743 a year earlier, and its
compounding ratio was 16.4 pct against 17.8 pct and 19.8 pct,
the ministry's figures shows.
    Soybean meal use amounted to 202,546 tonnes against 253,498
and 213,287 and its compounding ratio was 9.8 pct against 9.8
pct and 10.2 pct.
 REUTER
3;
bodyend
documentend
documentstart
8141
topicstart
trade
topicend
bodystart
2;

JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND


    TAUPO, New Zealand, March 23 - 
Japan has assured a meeting
of trade ministers it is making every effort to expand domestic
demand and restructure its economy.
    Japanese trade representative Tsomu Hata told an informal
General Agreement on Tariffs and Trade (GATT) meeting that, in
addition to demand boosting measures adopted last September, a
comprehensive economic program will be prepared after the
1987/88 budget is approved.
    Hata, speaking at the first session of the two-day meeting,
said agriculture is no exception to the goal of restructuring
the economy, but did not elaborate.
    Hata said protectionist pressures in the international
economy are as strong as ever, reflecting financial deficits,
payment imbalances and serious unemployment in many countries.
    Despite great potential, developing economies are still
confronted by grave difficulties, particularly debt, he added.
    The basis for the talks is the GATT ministerial declaration
last September in Punta del Este, Uruguay, and the subsequent
trade negotiating plan agreed in Geneva.
    "It is essential that we first reaffirm here our commitment
to implementing that plan as scheduled," Hata said.
    Hata added it is not constructive to speed up negotiations
in some areas at the expense of others.
    In order to rebuild the free trade system, it is important
for each participant to have domestic policies that will serve
this end.
    As part of its contribution, Japan plans in April to
fundamentally improve its generalised system of preferences for
industrial and mining products to make Japan's domestic market
more open to developing countries, he said.
 REUTER
3;
bodyend
documentend
documentstart
8144
topicstart
interest
topicend
bodystart
2;
******
 Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
8145
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK SETS NEW REPURCHASE TENDER


    FRANKFURT, March 23 - 
The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a fixed rate of 3.80 pct, a central bank
spokesman said.
    Banks must make their bids by 1000 GMT tomorrow, and funds
allocated will be credited to accounts on Wednesday. Banks must
repurchase securities pledged on April 22.
 REUTER
3;
bodyend
documentend
documentstart
8146
topicstart
topicend
bodystart
2;

LSI LOGIC ISSUES 100 MLN DLR CONVERTIBLE BOND


    LONDON, March 23 - 
LSI Logic Corp is issuing a 100 mln dlr
convertible eurobond due April 14, 2002 with an indicated
coupon of 5-3/4 to 6-1/4 pct and priced at par, Morgan Stanley
International said as lead manager.
    Terms will be fixed within five days and the conversion
premium is expected to be 24 to 26 pct above the share price.
The bonds are non-callable before April 14, 1990 unless the
share price exceeds 130 pct of the conversion price for 20
consecutive trading days.
    Any calls will be at 100 plus the coupon in year one,
declining in equal amounts to 100 in 1997.
    Gross fees are 2-1/2 pct, with one pct for management and
underwriting and 1-1/2 pct for selling, Morgan Stanley said.
    The bonds will be issued in denominations of 1,000 and
10,000 dlrs and listed in Luxembourg.  Pay date is April 14.
    Co-lead is Pru-Bache Securities.
 REUTER
3;
bodyend
documentend
documentstart
8147
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG


    LONDON, March 23 - 
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
around 1.18 billion stg while bankers balances below target
will take out some 20 mln stg.
    Partly offseting these outflows, a fall in note circulation
and exchequer transactions will add some 355 and 55 mln stg to
the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
8148
topicstart
topicend
bodystart
2;

NORD-EST ISSUES 392.9 MLN FRENCH FRANC BOND


    PARIS, March 23 - 
Financial holding company Nord-Est is
issuing a 392.9 mln franc, 6.25 pct, five year domestic bond
convertible into shares, an announcement in the Official
Bulletin (BALO) said.
    From March 26 to April 8, subscription for 1.63 mln of the
1.64 mln bonds of 240 francs nominal each will be reserved for
shareholders holding 13.09 mln shares of 50 francs nominal,
representing the company's capital of 654.85 mln francs, on the
basis of one bond for eight shares held.
    The bonds will be exchangeable from July 1 for shares on a
one for one basis.
 REUTER
3;
bodyend
documentend
documentstart
8149
topicstart
trade
coffee
rubber
palm-oil
topicend
bodystart
2;

INDONESIA'S NON-OIL EXPORTS DECLINE IN 1986


    JAKARTA, March 23 - 
Indonesia's non-oil and gas exports
fell to 5.79 billion dlrs in calendar 1986 from 5.98 billion in
1985, according to Bank Indonesia figures.
    Coffee exports rose to 753 mln dlrs from 580 mln in 1985,
but rubber shipments fell to 625 mln from 720 mln and tin to
180.6 mln from 246 mln, weekly central bank figures show.
    Indonesia hopes to boost its non-oil exports to make up for
oil revenue lost because of lower prices. But the lower value
of commodities such as timber, rubber, palm oil and tea on
world markets has prevented this, despite a 31 pct devaluation
of the rupiah against the dollar in September.
 REUTER
3;
bodyend
documentend
documentstart
8151
topicstart
trade
topicend
bodystart
2;

AUSTRALIAN MINISTER SAYS AGRICULTURE GATT PRIORITY


    TAUPO, New Zealand, March 23 - 
Australian Trade Minister
John Dawkins said if the General Agreement on Tariffs and Trade
(GATT) does not give high priority to agricultural trade reform
it will be neglecting the area of greatest crisis.
    In a statement to the informal GATT trade ministers
conference here he said agriculture is a problem which involves
all countries and seriously affects the debt servicing
abilities of a number of developing countries.
     He said major countries should be showing leadership on
this problem.
    "We will be giving close attention to the processes in the
OECD (Organisation of Economic Cooperation and Development) and
elsewhere leading to the Venice economic summit where we will
be looking to the participants to adopt a strong commitment to
agricultural trade reform," Dawkins said.
    The Venice summit is scheduled for June.
    He said Australia's interests in the Uruguay Round, the
eighth under the GATT, are wide ranging. Dawkins said he sees
the round as providing a timely opportunity to secure further
meaningful trade liberalisation in all sectors and to restore
confidence in the multilateral system.
    Dawkins said initial meetings of the negotiating groups
established in Geneva after the GATT declaration last September
in Punta del Este, Uruguay, have made a reasonable start, but
it is vital that trade ministers maintain the pressure on these
processes.
    "We must see that the commitments made at Punta del Este on
standstill and rollback are carried into practice."
    The standstill and rollback of protection offers the global
trading system a chance to hold and wind back protection during
the negotiations which are expected to last up to four years,
he said.
 REUTER
3;
bodyend
documentend
documentstart
8153
topicstart
gnp
interest
money-fx
trade
topicend
bodystart
2;

JAPAN ECONOMY SEEN GROWING 3.6 PCT IN 1987/88


    TOKYO, March 23 - 
Japan is expected to post a 3.6 pct rise
in real gross national product in 1987/88, higher than the
official 3.5 pct target, a private economic institute said.
    The Research Institute on National Economy said in a report
the economy will start picking up in the April-June quarter,
partly because of an improvement in earnings performance and
capital spending in manufacturing industries.
    The institute assumed an average exchange rate in the year
starting April 1 of 150 yen to the dollar. It predicted the
Bank of Japan will not change the official discount rate in the
year.
    The institute forecast that Japan's exports will gradually
rise in the year in volume terms as the dollar's fall in the
past 18 months is likely to help prop up the U.S. Economy.
    Japan's trade surplus is expected to narrow slightly to
90.2 billion dlrs in 1987/88 ending March 31 from an estimated
98 billion in the current fiscal year, it said.
 REUTER
3;
bodyend
documentend
documentstart
8155
topicstart
earn
topicend
bodystart
2;

BOOKER PLC 
<
BOKL.L> 1986 YEAR


    LONDON, March 23 -
    
Shr 27.89p vs 24.24p
    Div 9.0p vs 7.75p making 13.75p vs 12.0p
    Turnover 1.26 billion stg vs 1.19 billion
    Pretax profit 54.6 mln vs 46.5 mln
    Tax 16.5 mln vs 13.5 mln
    Interest paid 2.2 mln vs 2.4 mln
    Minority interests 2.3 mln debit vs same
    Extraordinary items 42.3 mln profit vs 5.4 mln loss
    Pretax profit includes -
    Agribusiness 28.3 mln vs 22.5 mln
    Health products 6.5 mln vs 5.4 mln
    Wholesale food distribution 8.3 mln vs 7.3 mln
    Retail food distribution 4.2 mln vs 5.9 mln
    U.K. 28.7 mln vs 27.2 mln
    U.S. 21.1 mln vs 16.1 mln
 REUTER
3;
bodyend
documentend
documentstart
8156
topicstart
trade
veg-oil
topicend
bodystart
2;

PHILIPPINES CRITICISES EC FOR VEGETABLE OIL LEVY


    TAUPO, New Zealand, March 23 - 
Philippines Trade and
Industry Secretary Jose Concepcion told world trade ministers
he wondered if their agreement was of any real value after the
European Community (EC) imposed a levy on vegetable oils.
    Concepcion, speaking at an informal meeting of the General
Agreement on Tariffs and Trade (GATT) here, said ministers
declared in Uruguay last September that the trade of
less-developed nations should not be disrupted.
    He said the EC not only ignored Manila's request for lower
tariffs on coconut oil but introduced a levy on vegetable oils
and fats that are vital exports for Southeast Asian countries.
    Concepcion said while the levy might be rejected by the EC
Council of Ministers, he noted that "I cannot help but wonder
whether the agreements we produce in meetings like this are of
any real value."
    He also said industrialised nations saved about 65 billion
U.S. Dlrs in 1985 through low commodity prices, but this had
affected the ability of developing nations to import goods and
services.
    "The health and the growth of world trade requires that the
new development of developing countries losing their share of
world trade be arrested and reversed," he said.
 REUTER
3;
bodyend
documentend
documentstart
8158
topicstart
reserves
trade
topicend
bodystart
2;

BURMA SAYS DEBT SERVICE RATIO FALLS TO 48.8 PCT


    RANGOON, March 23 - 
Burma's debt service ratio will have
fallen to 48.8 pct in the fiscal year to end-March 1987 from 50
pct in 1985-1986, the official Council of People's Inspectors
(CPI) reported.
    Western diplomats in Rangoon estimate the figure at above
70 pct and say the country can no longer depend on foreign
exchange reserves to cover more than a few weeks' imports.
    The CPI, which oversees government spending, said in its
latest report to parliament that foreign currency reserves fell
to a record low of 407.9 mln kyats in September 1986 from 430.3
mln in March 1986. Earlier figures were not available.
    Debt servicing cost Burma 1.62 billion kyats in 1985-1986
while foreign exchange earnings -- export revenues plus loans
and aid -- totalled 3.23 billion kyats in the same period, the
council said.
    Later figures were not available.
    Burma, which diplomats here say now has foreign debts of up
to 3.4 billion dlrs, has applied to the United Nations to be
reclassified as one of the world's least developed countries in
order to qualify for softer loan and grant aid.
 REUTER
3;
bodyend
documentend
documentstart
8159
topicstart
veg-oil
palm-oil
rape-oil
ship
topicend
bodystart
2;

INDIA BOUGHT 24,000 TONNES OF RBD OLEIN AT TENDER


    LONDON, March 23 - 
The Indian State Trading Corporation
(STC) bought four cargoes of rbd palm olein totalling 24,000
tonnes at its vegetable oil import tender last week, traders
said. Market reports on Friday said the STC had booked two
cargoes.
    The business comprised three 6,000 tonne cargoes for June
at 346 dlrs and 6,000 tonnes for July at 340 dlrs per tonne
cif.
    It also secured a 20,000 tonne cargo of optional origin
rapeseed oil for May 15/Jun 15 shipment at 321 dlrs cif.
 REUTER
3;
bodyend
documentend
documentstart
8160
topicstart
crude
topicend
bodystart
2;

BP GRANGEMOUTH REFINERY SHUT, HYDROCRACKER DAMAGED


    LONDON, MARCH 23 - 
The entire British Petroleum Co PLC
refinery at Grangemouth in Scotland has been shut down
following the explosion and fire that severely damaged the
hydrocracker at the site, a refinery spokesman said.
    He said the rest of the 178,500 bpd refinery, including the
19,000 bpd catalytic cracker, was undamaged. The whole refinery
was closed pending enquiries but a decision when to reopen the
main units will be taken in the next couple of days, he said.
    But there was extensive damage to the central part of the
32,000 bpd hydrocracker, which upgrades heavy oil products to
gasoline, and it will be out of operation for some months.
    The spokesman said BP will not suffer supply shortages as a
result of the explosion as it will be able to bring in product
from other sources. BP has a 437,000 bpd refinery in Rotterdam,
a 181,900 bpd unit at Ingolstadt, West Germany, a 181,900 bpd
plant at Lavera in France and a smaller Swedish plant.
    He said the explosion and fire, in which one worker was
killed, occurred when the hydrocracker was not in operation.
    The refinery as a whole had been operating at about half of
its capacity since the end of January while an extensive
overhaul was carried out on the North Side of the complex where
the hydrocracker is sited, he said.
    This work was scheduled to be completed by mid-April, but
this is now being assessed following the hydrocracker accident.
    Two people were killed in an explosion and fire in a flare
line at the Grangemouth refinery on March 13, but the spokesman
said this incident was some 100 yards from the latest accident.
 REUTER
3;
bodyend
documentend
documentstart
8161
topicstart
grain
corn
rice
topicend
bodystart
2;

DENG SETS LIMIT TO CHINA GRAIN IMPORTS, PAPER SAYS


    PEKING, March 23 - 
China's top leader Deng Xiaoping said
China must not import more than 10 mln tonnes of grain, Ming
Pao newspaper of Hong Kong said.
    Customs figures show that China imported 7.73 mln tonnes of
grain in 1986, up from 5.97 mln in 1985 but down from a record
16.15 mln in 1982.
    The newspaper quoted Deng as saying that grain output is
one of several key issues that will influence the whole
development of the economy. It did not give the context of his
remarks. The 1987 grain production target is 405 mln, up from
391 mln in 1986.
    The newspaper quoted Deng as saying that the situation has
reached the point where "pigs are not fed, there is not enough
grain and increases in output have slowed."
    "We should in our overall economic planning put agriculture
in its proper place to reach our target of 480 mln tonnes by
the year 2000," he said. "We must avoid the situation in recent
years of importing more than 10 mln tonnes of grain."
    The paper quoted Deng as saying that the State Council has
decided to raise the price of five grains, including corn and
rice, unchanged since 1978, but it gave no details.
 REUTER
3;
bodyend
documentend
documentstart
8162
topicstart
earn
topicend
bodystart
2;

AUSTRALIA'S WOOLWORTHS LOOKS TO IMPROVED PROFITS


    SYDNEY, March 23 - 
Woolworths Ltd 
<
WLWA.S> said policy,
management and financial changes initiated during the 1986/87
business year should cause profits to reach more acceptable
levels in 1987/88 end-February 1.
    Net profit reported earlier fell 85.3 pct in the year ended
February 1.
    Results for the first month of the new year were
encouraging after a period of uncertain consumer confidence and
difficult trading conditions, it said in a statement.
    The Big W discount store division and New South Wales
supermarkets produced very disappointing results, it added.
    Woolworths earlier reported a fall in net profit to 9.27
mln from 63.20 mln on sales of 5.47 billion against 4.83
billion. Capital spending for the year was 119 mln dlrs against
105 mln for the previous year with 50 new stores opened, but
total sales were below target, Woolworths said.
    The company provided 20 mln dlrs against operating profit
for the year to cover mark-downs on stock.
    Extraordinary items included a 53 mln dlr profit on the
sale of properties and investments less a 28 mln provision for
reorganising the Big W chain.
    Woolworths is unrelated to the U.S. Group F.W. Woolworth

<
Z.N>. It has been the subject of takeover speculation since

<
Industrial Equity Ltd> acquired a 20 pct stake last year.
    New Zealand's diversified investment group 
<
Rainbow Corp
Ltd> bought Safeway Stores Inc's 
<
SA> 20 pct holding in
Woolworths for 190 mln dlrs late last year.
    Safeway put its stake up for tender just in time to take
advantage of changes in U.S. Tax laws effective from the end of
December, informed sources said.
    Woolworths shares closed on Australian stock exchanges
today at 3.50 dlrs, down five cents from Friday.
 REUTER
3;
bodyend
documentend
documentstart
8163
topicstart
earn
topicend
bodystart
2;

BOOKER SAYS 1987 STARTS WELL


    LONDON, March 23 - 
Booker Plc 
<
BOKL.L> said 1987 had
started well and the group had the resources to invest in its
growth business both organically and by acquisition.
    It was commenting on figures for 1986 which showed pretax
profits rising to 54.6 mln from 46.5 mln previously. Profits
from the U.S. Accounted for 39 pct of the total. The results
were broadly in line with analysts' forecasts and the company's
shares firmed in morning trading to 421p from 413p at Friday's
close.
    The group ended the year with a cash surplus higher at 54
mln stg, compared to 26 mln previously, after capital
expenditure which rose to 54 mln from 43 mln.
    In a statement, the company said the U.K. Agribusiness
group reported excellent profits growth while health products
profits rose to 6.5 mln from 5.4 mln.
 REUTER
3;
bodyend
documentend
documentstart
8164
topicstart
gnp
cpi
reserves
grain
topicend
bodystart
2;

BANGLADESH FORECASTS GDP GROWTH OF 4.4 PCT


    DHAKA, March 23 - 
Gross domestic product is expected to
grow by 4.4 pct in the year ending June 30, Finance Minister
Mohammad Syeduzzaman told reporters.
    Inflation fell to an estimated 12 pct this fiscal year from
17 pct in 1981/82, he said last night.
    The World Bank and other independent sources have said
inflation would be around 15 pct in 1986/87.
    Syeduzzaman said remittances from expatriates would rise to
600 mln dlrs this year from 425 mln in 1981/82.
    Foreign exchange reserves at end-June are projected at 680
mln dlrs compared with 105 mln in 1981/82, he said.
    Syeduzzaman said the export target has been set at 900 mln
dlrs this year against 626 mln in 1981/82. Commitments for
foreign loans and grants total more than five billion dlrs in
1986/87, against 3.54 billion five years previously, he said.
    The government's liberal industrial policy has attracted
investment commitments totalling 250 mln dlrs, he said
    Foodgrain output is estimated at 16.4 mln tonnes this year,
up from 16.12 mln in 1985/86 and 14.4 mln in 1981/82.
    Government officials have said Bangladesh must import
nearly two mln tonnes of grain annually up to 1990, when the
government expects to attain self-sufficiency in food.
 REUTER
3;
bodyend
documentend
documentstart
8165
topicstart
topicend
bodystart
2;
******
 Belgian three-month treasury certificate rate cut 0.10 points to 7.40 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
8166
topicstart
acq
grain
corn
topicend
bodystart
2;

BEGHIN-SAY INCREASES CAPITAL TO FINANCE EXPANSION


    PARIS, March 23 - 
French sugar group Beghin-Say, which is
49.6 pct owned by Italy's Gruppo Ferruzzi, is to raise its
capital to 703 mln francs from 527 mln through a three-for-one
issue of shares and investment certificates to finance
expansion, president Jean-Marc Vernes told analysts.
    For the first stage Beghin-Say will issue some 2.05 mln new
65 franc shares at 500 francs to increase capital to 660 mln
francs. The share currently trades at 734 francs. Then 658,000
new 65 franc investment certificates will be issued at 400
francs, raising capital to 703 mln francs.
    The capital increase will bring the group around 1.2
billion francs in new funds to finance its expansion plans.
These include the possible acquisition of the Corn Products
maize starch plant at Haubourdin in northern France, Vernes
said.
    Ferruzzi is one of several groups bidding to buy all of
Corn Products' installations in Europe. Apart from the French
plant, these include three factories in each of Italy and West
Germany, two in Britain and Spain and one in the Netherlands
and Denmark.
    Corn Products has put a 650 mln dlr price tag on the
installations, and Beghin-Say estimates that acquisition of the
Haubourdin plant would cost between 80 and 100 mln dlrs, Vernes
said.
    If this bid fails, Beghin-Say would consider acquiring and
developing two other French plants, either in the maize or
wheat starch sector.
    Beghin-Say is also planning to finance European expansion
for its Kaysersberg subsidiary, another major reason for its
capital increase.
    Kaysersberg, which was transformed from a division of
Beghin-Say into a fully-fledged chemical subsidiary last year,
has been holding talks with other European companies on
possible accords, Vernes said. He added the company could be
introduced onto the Paris Bourse in the near future.
 REUTER
3;
bodyend
documentend
documentstart
8167
topicstart
crude
topicend
bodystart
2;

IRAQ REPORTS RAIDS IRAN'S NOWRUZ OIL FIELD


    BAGHDAD, March 23 - 
Iraq said its warplanes launched two
bombing raids on Iran's offshore Nowruz oilfield in the
northern Gulf today.
    A military spokesman, quoted by the official Iraqi news
agency, said platforms at the field were reduced "to rubble."
    He said attacks on the field, 55 miles northwest of Iran's
Kharg Island oil terminal, were carried out at 0600 GMT. He
said today's raids "fall within Iraq's policy to deprive Iranian
rulers of oil revenue used to serve their aggressive aims."
    Iraqi planes yesterday raided the nearby Ardeshir oil
field, resuming attacks on Iranian targets after a month-long
lull.
 REUTER
3;
bodyend
documentend
documentstart
8168
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE SAYS NO MONEY MARKET TENDER TODAY


    PARIS, March 23 - 
The Bank of France will not hold a money
market intervention tender today, ruling out a further cut in
its 7-3/4 pct intervention rate, central bank sources said.
    At the tenders, depending on market conditions, the Bank
injects liquidity into the market by buying up first category
paper. But market sources said that while the recent franc
performance leaves room for a further quarter point cut in the
intervention rate there was plenty of market liquidity.
    The Bank cut its rate to 7-3/4 pct from eight pct on March
9, the first change since January 2. Interest rates also fell
the same week in Britain, Belgium and Italy.
 REUTER
3;
bodyend
documentend
documentstart
8169
topicstart
earn
topicend
bodystart
2;

<
ZAMBIA COPPER INVESTMENTS LTD> JOHANNESBURG, March 23
-Halfyear ended december 31
    Shr net 53 U.S. Cents vs loss 3.67
    Pre-tax 677,000 dlrs vs 857,000
    Net earnings 646,000 vs loss 4.50 mln
    Foreign tax gain 31,000 vs 30,000
    Extraordinary items nil vs loss 5.33 mln period
 REUTER
3;


bodyend
documentend
documentstart
8170
topicstart
topicend
bodystart
2;

TASMANIAN PUBLIC FINANCE HAS AUSTRALIAN DLR BOND


    LONDON, March 23 - 
The Tasmanian Public Finance Corp,
guaranteed by the state of Tasmania, is issuing a 46 mln
Australian dlr eurobond due April 23, 1992 paying 14-3/4 pct
and priced at 101-1/8 pct, lead manager Deutsche Bank Capital
Markets said.
    The bond will be available in denominations of 1,000 and
10,000 dlrs and will be listed in Luxembourg and Frankfurt.
    Fees comprise 1-3/8 pct selling concession and 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
8171
topicstart
topicend
bodystart
2;

FINNISH EXPORT CREDIT ISSUES YEN BONDS


    London, March 23 - 
Finnish Export Corp is issuing a 20
billion yen bond maturing April 23, 1992 carrying a 4-3/8 pct
coupon and priced at 102-3/4, said Yamaichi Securities
International (Europe) Ltd.
    The bond are payable April 23, 1987 and are available in
denominations of one mln yen. They will be listed on the London
Stock Exchange.
    There is a 1-1/4 pct selling concession and 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
8172
topicstart
gnp
topicend
bodystart
2;

BALLADUR SEES ONLY TWO PCT FRENCH GROWTH IN 1987


    PARIS, March 23 - 
French 1987 growth will probably be about
two pct, the same as last year, due to an international
environment that is less favourable than expected, Finance
Minister Edouard Balladur was quoted as saying.
    Treasury director Daniel Lebegue said last month that gross
domestic product is expected to grow by between two and 2.5 pct
this year, against an original target of 2.8 pct.
    Although in line with the latest Organisation for Economic
Cooperation and Development (OECD) estimate of 2.1 pct growth,
the forecast will be balanced by growth in investments and
exports, Balladur said in an interview with the daily Les
Echos.
    Last month Balladur said French GDP had grown by just two
pct last year, compared with an initial 1986 target of 2.5 pct
and 1.1 pct growth in 1985.
    He told Les Echos he aims to reduce the 1988 budget deficit
to 115 billion francs from this year's figure of 129 billion
and compared with a 141 billion deficit in 1985.
    He has already announced his intention of cutting the
deficit to 100 billion francs in 1989.
 REUTER
3;
bodyend
documentend
documentstart
8173
topicstart
gnp
trade
jobs
retail
topicend
bodystart
2;

FRENCH GDP SHOULD RISE 2.3 PCT IN 1988 - MINISTRY


    PARIS, March 23 - 
French gross domestic product should grow
by 2.3 pct in 1988 after two pct growth this year and 2.1 pct
in 1986, the Finance Ministry said.
    The latest forecast, prepared by the National Accounts and
Budget Commission, assumed an exchange rate of 6.20 francs to
the dollar this year and next and an average oil import price
rising to 18.9 dlrs a barrel next year from 17.4 dlrs this year
and 14.7 in 1986.
    The Commission, headed by Finance minister Edouard
Balladur, forecast a fall in consumer price inflation to two
pct year-on-year at end-1988 from 2.4 pct at end 1987 and 2.1
pct last year.
    In annual average terms inflation would fall to two pct in
1988 from 2.5 pct this year and 2.7 pct last year, it said.
    Trade should show a one billion franc annual surplus this
year and next after last year's 0.5 billion surplus, it added.
    Employment should rise by 0.1 pct a year over the next two
years while the state budget deficit should be cut to 2.2 pct
of GDP in 1988 from 2.6 pct this year and 2.9 pct in 1986.
    Other forecasts prepared by the Commission indicated a 1.8
pct 1988 rise in household purchasing power, up from 1.1 pct
this year but less than last year's 2.9 pct, and a 1.6 pct rise
in household consumption, compared with this year's 1.5 pct and
last year's 2.9 pct.
    Business investment is forecast to rise four pct a year
this year and next after 3.7 pct last year, with private sector
productive investment rising 4.9 pct in 1988 after a six pct
rise this year and 5.5 pct in 1986.
    The Ministry said updated forecasts would be prepared
before the autumn to serve as the basis for the 1988 budget,
which the government is now preparing for presentation in
September.
 REUTER
3;
bodyend
documentend
documentstart
8174
topicstart
trade
bop
topicend
bodystart
2;

DANISH TRADE IN BALANCE IN FEBRUARY


    COPENHAGEN, March 23 - 
Denmark's balance of payments on
current account was provisionally put at zero in February,
against a 181 mln crown surplus in January and a 1.5 billion
deficit in February 1986, the National Statistics Office said.
    Exports rose to 13.94 billion crowns in February from 12.53
billion in January, against 14.16 billion in February last
year. February imports rose to 13.94 billion from 12.35 billion
in January, against 15.67 billion in February 1986.
    The February figure provisionally gives a trade surplus for
1987 of 180 mln crowns, against a 3.04 billion deficit in the
same 1986 period.
 REUTER
3;
bodyend
documentend
documentstart
8176
topicstart
sugar
topicend
bodystart
2;

BEGHIN-SAY SEES SOLUTION TO EC SUGAR DISPUTE


    PARIS, March 23 - 
A settlement could soon be reached in the
dispute between European sugar producers and the European
Community over EC export licencing policies, Jean-Marc Vernes,
president of French sugar producer Beghin-Say, which is leading
the protest, told journalists today.
    "Our contacts with the EC authorities over the past few days
indicate that we are moving towards a solution," he said, adding
that if this happened the producers would withdraw the 854,000
tonnes of sugar they have offered into intervention.
    Vernes said that the protest, involving 770,000 tonnes of
sugar from French producers alone, was prompted by the EC's
policy since mid-1986 of offering export rebates which failed
to give producers an equivalent price to that they would obtain
by offering sugar into EC intervention.
    At last week's tender the EC Commission made an apparent
concession by offering a maximum rebate only 1.3 European
currency units (Ecus) per 100 kilos below the level producers
say is needed, compared with the previous week's rebate which
was 2.5 Ecus below the necessary level.
    Vernes would not say what form any compromise between the
producers and the EC would take, but he reaffirmed the
long-term desire of producers to export to the world market,
providing they were not losing money by doing so.
    Producers can withdraw their intervention offer after April
1, when the sugar will officially enter intervention stores, or
at any time over the following five weeks before the official
payment date.
    The EC has threatened to put the sugar back on the internal
market if the producers refuse to withdraw their offers.
 REUTER
3;
bodyend
documentend
documentstart
8177
topicstart
earn
topicend
bodystart
2;

DRESDNER DECLINES COMMENT ON SCRIP SHARE REPORT


    FRANKFURT, March 23 - 
A Dresdner Bank AG 
<
DRSD.F> spokesman
said the bank had no comment on newspaper reports that
shareholders would be offered free subscription shares.
    Dresdner shares surged to open 10.50 marks higher at
319.50, before climbing further. Other bank stocks also rose
strongly and dealers cited speculation already in the market
that Deutsche Bank AG 
<
DBKG.F> would make a similar move. Such
"scrip" issues, if they occurred, would mark the first time
German banks had ever issued free shares.
    The varying reports said Dresdner shareholders may be
offered one free share for every 15, 18 or 20 already held.
 REUTER
3;
bodyend
documentend
documentstart
8178
topicstart
lei
topicend
bodystart
2;

U.K. LONGER CYCLICAL INDICATOR RISES IN FEBRUARY


    LONDON, March 23 - 
The U.K. Longer leading cyclical
indicator rose in February by 5.8 pct after January's 1.9 pct
rise, figures from the Central Statistical Office show.
    The indicator, base 1980, which shows trends in the economy
12 months ahead, was put at 108.7 in February compared with
102.7 in January and 99.5 in February 1986.
    The shorter leading indicator, signalling trends six months
ahead, was put at 97.1 for January, the latest month for which
data were available, after December's 96.5. This compared with
98.4 in January 1986.
    The coincident indicator, designed to signal current
turning points in the economy, was put at 91.2 in January, down
from 91.9 in December and 91.6 in january 1986.
    The lagging index, which the CSO says shows a turning point
in the economy about a year after it happens, was at 92.4 in
January, down from 92.5 in December and 93.0 a year earlier.
    The Office said leading indicators still do not show a
consistent picture of the likely future developments of the
business cycle in Britain.
    It said the strong rise in the longer leading index between
December and February was due mainly to rises in share prices.
 REUTER
3;
bodyend
documentend
documentstart
8179
topicstart
grain
wheat
topicend
bodystart
2;

AUSTRALIAN WHEAT AREA TO FALL, FORECASTER SAYS


    MELBOURNE, March 23 - 
Australian wheat plantings are
forecast to fall to 10.40 mln hectares in 1987/88 from 11.72
mln sown in 1986/87, Australian Wheat Forecasters Pty Ltd (AWF)
said in its first preliminary crop forecast.
    But there was no reason to expect Australian production in
1987/88 would be less than the 16.5 mln tonnes of last year,
the private forecaster said, as crops in New South Wales and
Queensland suffered from poor yields last season.
    Most of the fall in plantings was expected in Western
Australia while state average yields would be assisted by
growers sowing wheat on fallows and rest paddocks, it said.
    The main reason for a low Western Australia estimate was a
poor profit outlook under cost, credit and yield pressures. But
in the eastern states the wheat area should hold up provided
that rainfall between now and June is not less than average,
AWF said.
    Although some farmers were saying they intended to cut back
wheat area by 20 pct, AWF said this was unlikely since they
needed cash flow and there were problems with alternative
crops.
    "The lack of statutory marketing for oilseeds, pulses and
oats is a cause for concern if those crops are to comprise a
high proportion of growers' income," AWF said.
    AWF's state area forecasts in mln hectares, with 1986/87
production in mln tonnes, are as follows (crop forecasts were
not given for the new wheat year)
                   Area         Crop
             1987/88  1986/87  1986/87
 Queensland    0.82     0.82     0.95
 N.S.W.        3.07     3.17     4.40
 Victoria      1.53     1.63     3.25
 S.Australia   1.45     1.64     2.30
 W.Australia   3.53     4.46     5.60
 REUTER
3;
bodyend
documentend
documentstart
8180
topicstart
ipi
topicend
bodystart
2;
******
FRENCH JANUARY INDUSTRIAL PRODUCTION FELL 1.98 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
8182
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN


    LONDON, March 23 - 
The Bank of England said it revised down
its forecast of the deficit in the money market today to 750
mln stg from 800 mln.
 REUTER
3;
bodyend
documentend
documentstart
8183
topicstart
topicend
bodystart
2;

DEBT SOLUTION REQUIRES OPEN MARKETS, GERMAN BANKER


    FRANKFURT, March 23 - 
The solution of the world's debt
crisis requires open markets but a possible resurgence of
protectionism is the biggest danger, the president of the
Federal Association of German Banks, Wolfgang Roeller, said.
    Roeller, who is also management board spokesman of Dresdner
Bank AG, said in a radio interview it is unlikely Brazil's
suspension last month of part of its interest payments would
lead to a chain reaction in Latin America.
    It is important to increase the efficiency of debtor
countries to such an extent they earn sufficient currency from
exports to repay foreign debt, he said.
    Brazil had taken a unilateral step, Roeller said, but
Brazil had a strong and broad economic base. With the help of
appropriate economic programmes there should be a way to bring
back financial stability to that country.
    Roeller said action on the debt situation had to be taken
now. It could not be expected debtor countries would be able to
repay debts in the short run, even if economic conditions
improved. Programmes had to be developed which would strengthen
the economic position of these countries, to ensure world
economic growth so they are able to sell their products at
adequate prices.
    Roeller said the debt crisis could only be solved in
coordination with governments, international organisations such
as the World Bank and the International Monetary Fund, and
creditor banks.
    "This is not a topic which can be solved by creditor banks
alone," he said. One aim had to be to raise the credit standing
of debtor countries to such a degree they are able to raise
funds on international credit markets again. He said a whole
set of new ideas had been developed and he was convinced the
international banking system would provide more funds, but the
problem is not just economic but also political.
 REUTER
3;
bodyend
documentend
documentstart
8184
topicstart
interest
topicend
bodystart
2;

JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON


    TOKYO, March 23 - 
Japan's long-term banks will soon cut
their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
percentage point in response to falling secondary market yields
on their five-year debentures, long-term bankers said.
    The long-term prime rate is customarily set 0.9 percentage
point above the coupon on five-year bank debentures issued by
the long-term banks every month.
    The latest bank debentures, at 4.6 pct, have met strong
end-investor demand on the prospect of further declines in yen
interest rates, dealers said. The current 5.5 pct prime rate
has been in effect since February 28.
 REUTER
3;
bodyend
documentend
documentstart
8186
topicstart
trade
topicend
bodystart
2;

YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT


    TAUPO, New Zealand, March 23 - 
The United States and Japan
are on the brink of serious conflict on trade, especially over
semiconductors, Japanese unwillingness for public bodies to buy
U.S. Super-computers, and barriers to U.S. Firms seeking to
participate in the eight billion dlr Kansai airport project,
U.S. Trade Representative Clayton Yeutter said.
    He was talking to reporters yesterday on the eve of a
two-day meeting of trade ministers which will review progress
made by committees set up after the Uruguay meeting last
September launched a new round of GATT (General Agreement on
Tariffs and Trade) talks.
    European Community (EC) commissioner Willy de Clercq
meanwhile told reporters conflict between the world's three
major trading and economic powers -- the EC, the U.S. And Japan
-- set a poor example for other members of GATT.
    Australian Trade Minister John Dawkins told the reporters
bilateral retaliation at the enormous expense of the rest of
the world was no way to solve trade disputes.
    New Zealand trade minister Mike Moore told his colleagues
great progress had been made in preparing for the current round
of GATT negotiations which must not be sidetracked.
    The ministers have said they want to maintain the momentum
towards fresh negotiations or avert serious trade conflicts.
    Yeutter said the problem with international trade talks was
that they tended to get bogged down for years. "Countries don't
get very serious about negotiating until the end of the day
which is, maybe, five or six years in the future."
    He also said he did not consider the new U.S. Congress as
protectionist as it was 18 months ago. "That's a very healthy
development," he added."If you asked me about that a year or 18
months ago I would have said that it was terribly
protectionist."
    "Members of Congress, that is the contemplative members of
Congress, have begun to realise protectionism is not the answer
to the 170 billion dlr trade deficit," Yeutter said.
    "They've also begun to realise that you cannot legislate
solutions to a 170 billion dollar trade deficit so they are
more realistic and, in my judgement, more responsible on that
issue than they were 12 or 18 months ago."
    He added, "Whether that will be reflected in the legislation
that eventually emerges is another matter."
 REUTER
3;
bodyend
documentend
documentstart
8187
topicstart
topicend
bodystart
2;

PREMIER SAYS YUGOSLAVIA WILL PAY ITS DEBTS


    By Peter Humphrey, Reuters


    BELGRADE, March 23 - 
Yugoslavia, whose economic crisis is
under close scrutiny by foreign creditors, will not follow
Brazil by suspending repayments on its large foreign debt,
Prime Minister Branko Mikulic was quoted as saying.
    Mikulic was speaking to West German journalists in an
interview published yesterday by the Tanjug news agency.
    He said Yugoslavia had always paid its debts and would
continue to do so, but he said creditors and international
institutions should show more "understanding" for Yugoslavia's
situation.
    Mikulic said Yugoslavia had "understanding" for what Brazil
had done.
    Yugoslavia has almost 100 pct annual inflation, lagging
exports and low productivity. This month Makulic imposed
partial freezes on wages and prices which led to widespread
strikes. Tanjug said in the interview Mikulic warned the army
could be called in if Yugoslavia's political system was
threatened. Official reports show Yugoslavia ended 1986 with
hard currency debt of 19.7 billion dlrs. In 1986 it repaid a
record 5.97 billion in capital and interest, reducing its
overall debt by 996 mln dlrs.
    Government ministers told reporters last week they
regretted Yugoslavia made such an effort in 1986. They said the
cost to the economy had been too great.
    Earlier this month deputy prime minister Janos
Milosavljevic said Yugoslavia needed new credits. Foreign
Minister Raif Dizdarevic said in Caracas, "radical changes" in
interest rates and repayment times were needed.
    Western economists said Mikulic's remarks, taken with those
of his ministers, could be a signal some problems were seen
ahead in financing the debt repayments.
    Yugoslavia's debt refinancing timetable is to be considered
by the Paris club at the end of this month.
    The International Monetary Fund, which recently reviewed
the Yugoslav economy, is said by Western diplomats to be
alarmed at what it sees as a deteriorating economic crisis here
and the possibility of balance of payments problems later this
year.
    Mikulic visits West Germany next week, and debt is expected
to figure high on the agenda of his talks with Chancellor
Helmut Kohl.
 REUTER
3;
bodyend
documentend
documentstart
8188
topicstart
crude
ship
topicend
bodystart
2;

IRAN SAYS IT INTENDS NO THREAT TO GULF SHIPPING


    LONDON, March 23 - 
Iran said reports that it intended to
threaten shipping in the Gulf were baseless, and warned the
U.S. And other countries not to interfere in the region.
    Tehran radio, monitored by the BBC, quoted a Foreign
Ministry spokesman as saying any attempt at interference would
be met by "a strong response from Iran and other Moslems in the
world."
     U.S. Defence Secretary Caspar Weinberger, in remarks
apparently unrelated to the broadcast, said the U.S. Would do
whatever was necessary to keep shipping lanes open in the face
of new Iranian anti-ship missiles in the Gulf.
    The U.S. State Department said two days ago Tehran had been
told of U.S. Concern that Iranian anti-ship missiles posed a
threat to the free flow of oil from the Gulf.
    U.S. Officials have said Iran has new Chinese-made
anti-ship "Silkworm" missiles, which pose a greater threat to
merchant ships than missiles used before.
    The Iranian spokesman said the reports that Iran intended
to attack ships were "misleading propaganda."
    He said Iraq's President Saddam Hussein was the main cause
of tension in the Gulf and said Iran would continue to use "all
its legitimate means to stem the cause of tension."
    Weinberger said in a television interview in the U.S. "We
are fully prepared to do what's necessary to keep the shipping
going and keep the freedom of navigation available in that very
vital waterway."
    "We aren't going into any disclosures or discussions of what
might happen, but we are certainly very sympathetic to and
listening carefully to any suggestions for our assistance in
keeping navigation free in that area," he said.
    Weinberger said U.S warship movements in the Gulf area were
not unusual.
    A U.S. Navy battle group led by the aircraft carrier Kitty
Hawk is currently in the northern Arabian Sea.
    The Iranian spokesman was quoted by Tehran radio as saying
the U.S. Was trying to build up its military presence in the
region.
 REUTER
3;
bodyend
documentend
documentstart
8189
topicstart
money-fx
dlr
trade
topicend
bodystart
2;

BAKER DENIES DOLLAR TARGET EXISTS


    LONDON, March 23 - 
U.S. Treasury Secretary James Baker
again said the meeting of six major industrial nations in Paris
last month did not establish a target exchange rate for the
dollar.
    Baker said in a television interview aired here yesterday:
"We don't have a target for the dollar." He declined to comment
on what might be a desired level for the dollar, saying: "We
really don't talk about the dollar."
    He said protectionism was becoming "extremely strong" in the
U.S. In response to widening U.S. Trade deficits and import
barriers in other countries.
    "The mood in the United States is extremely disturbing. It's
extremely strong," he said.
    "As I've said before, we sort of see ourselves as engaged
here in a real struggle to preserve the world's free trading
system, because if the largest market in the world (the U.S.)
goes protectionist we run the risk of moving down the same path
that the world did in the late 1930s," he said.
    While relative exchange rates had a role to play in
defusing the threat of protectionism, it alone did not offer
any solution, he said.
    "You must address this problem on the exchange rate side,
but it cannot be solved on the exchange rate side alone. It's
far more comprehensive and broad than that, and the solution of
it requires a comprehensive approach," Baker said in the
interview.
    Baker said it would be necessary for other countries to
adjust their currencies upwards, as well as remove their
barriers to U.S. Imports. But he did not elaborate or name any
countries.
 REUTER
3;
bodyend
documentend
documentstart
8190
topicstart
ipi
topicend
bodystart
2;

FRENCH INDUSTRIAL PRODUCTION FALLS IN JANUARY


    PARIS, March 23 - 
French industrial production fell a
seasonally adjusted 1.98 pct in January after revised unchanged
output in December, the National Statistics Institute (INSEE)
said.
    The figure, which excludes construction and public works,
put the January index, base 1980, at 99 after 101 in December.
January output was 1.98 pct down on January 1986.
    INSEE, which from January changed its base year to 1980
from 1970, originally had December output down 2.2 pct on
November, using the old base year.
    INSEE said production in January was affected by rail
strikes and severely cold weather.
    It said output of gas and electricity was very high but
activity slowed on construction sites, in quarries and in
certain base industries.
 REUTER
3;
bodyend
documentend
documentstart
8192
topicstart
topicend
bodystart
2;

BRAZIL BUSINESS LEADERS CALL FOR TALKS WITH IMF


    By Stephen Powell, Reuters


    SAO PAULO, March 22 - 
Brazilian business leaders attending
a weekend meeting with President Jose Sarney called on the
government to seek help from the International Monetary Fund
(IMF) in resolving its debt problems.
    The government has so far rejected suggestions that it let
the IMF play a role in rescheduling its 109 billion dlr debt,
the biggest in the Third World.
    Finance Minister Dilson Funaro has said an IMF program for
Brazil, adopted four years ago, caused a recession and he
believes another IMF program would stifle growth.
    Sarney last month suspended interest payments on Brazil's
68 billion dlr commercial debt, a move which has found little
favour among the country's business community.
    Several businessmen called for a return to the IMF, arguing
this would give the country access to new funds and allow the
economy to grow. Both sides in the IMF debate say the course
they favour will enable Brazil to avoid recession.
    "We have to discuss the foreign debt like Mexico does, if
necessary going to the IMF," Mario Amato, president of the Sao
Paulo State Industries' Federation, was quoted as saying.
     An about-turn on the IMF issue would be politically very
difficult for the Sarney government and there are no firm
indications such a policy reversal is in the offing.
    The person most closely associated with the anti-IMF stance
is Finance Minister Dilson Funaro, who was not present at
yesterday's meeting. Brazilian newspapers highlighted his
absence and reported that several of the 24 businessmen present
seized the opportunity to tell Sarney they would like to see
Funaro leave his job.
 REUTER
3;
bodyend
documentend
documentstart
8193
topicstart
coffee
topicend
bodystart
2;

GOOD DEMAND FOR COLOMBIANS ON BREMEN MARKET


    BREMEN, March 23 - 
The Bremen green coffee market attracted
good buying interest for Colombian coffee last week, while
Brazils were almost neglected, trade sources said.
    Buyers were awaiting the opening of Brazil's export
registrations for May shipment, which could affect prices for
similar qualities, they said.
    Colombia opened export registrations and good business
developed with both the FNC and private shippers. Prices were
said to have been very attractive, but details were not
immediately available.
    Central Americans were sought for spot and afloat.
    In the robusta sector nearby material was rather scarce,
with turnover limited, the sources said.
    The following offers were in the market at the end of last
week, first or second hand, sellers' ideas for spot, afloat or
prompt shipment in dlrs per 50 kilos fob equivalent, unless
stated (previous week's prices in brackets) -
    Brazil unwashed German quals 100 (102), Colombia Excelso
105 (110), Salvador SHG 110 (108), Nicaragua SHG 109 (same),
Guatemala HB 111 (same), Costa Rica SHB 113 (112), Kenya AB FAQ
142 (134), Tanzania AB FAQ 120 (same), Zaire K-5 105 (unq),
Sumatra robusta EK-1 91 CIF (same).
 REUTER
3;
bodyend
documentend
documentstart
8194
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 97 MLN STG ASSISTANCE


    LONDON, March 23 - 
The Bank of England said it provided the
money market with help of 97 mln stg in the morning session.
    This compares with the Bank's revised estimate of a 750 mln
stg shortage in the system today.
    The central bank bought bank bills outright comprising 12
mln stg in band one at 9-7/8 pct and 85 mln stg in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
8195
topicstart
topicend
bodystart
2;

BAKER WARNS AGAINST FORGIVENESS OF LATIN DEBT


    MIAMI, March 23 - 
U.S. Treasury Secretary James Baker said
any attempt to declare blanket debt forgiveness for major Latin
American debtor nations might damage the world economy.
    In an article in Monday's edition of the Miami Herald,
Baker also criticised the concept of short-term debt relief,
calling it a "dramatic, overnight solution."
    "While these ideas may be well-intentioned and have some
political appeal, they are impractical and counterproductive in
the long run," he said.
    The article was published to coincide with a three-day
meeting here of the Inter-American Development Bank (IADB).
    Baker is the chief architect of the U.S. Strategy on Third
World debt.
    Brazil, the Third World's largest debtor, last month
declared a moratorium on interest repayments. It has given no
indication of when it may resume interest payments, prompting
fears that some large U.S. Banks may be forced into substantial
debt writedowns and calling into question the viability of the
U.S. Strategy.
    Baker, defending the strategy, said private commercial
banks have rescheduled nearly 70 billion dlrs in debt since
October 1985 at longer maturities and lower interest rates.
    "Together with expected progress in commercial bank
discussions with Argentina and, we hope, Brazil, this should
add up to substantial new lending for the major Latin debtors
in 1987," Baker wrote.
    He estimated that debt-equity conversion plans accounted
for 2.5 billion dlrs last year in four of the region's major
debtor states. Such plans allow foreign bank creditors to sell
Third World debt at a discount to investors who then become
stockholders in firms in these countries. "These swaps aren't a
panacea, but they do demonstrate how a creative free market can
make progress in reducing the debt burden," he said.
 REUTER
3;
bodyend
documentend
documentstart
8196
topicstart
topicend
bodystart
2;

BRAZIL SEEKS TO REASSURE BANKS ON DEBT SUSPENSION


    MIAMI, March 23 - 
Brazil wants to resume interest payments
on its medium- and long-term foreign debt as soon as possible
and is willing to discuss ways of softening the impact of the
payments suspension on bank earnings, central bank governor
Francisco Gros said.
    Gros, speaking to reporters yesterday after his first
meeting with Brazil's bank advisory committee since he was
appointed last month, also promised a clear statement of
Brazil's economic policy would be made in the next few days.
    But bankers who attended the meeting with Gros said it was
inconclusive.
    The bankers also expressed disappointment Gros could not
give assurances as to when interest payments on the 68 billion
dlrs of medium- and long-term debt would restart.
    "It was all very tentative. You can't expect to get very far
at the first meeting," one banker said.
    The meeting took place on the eve of the annual meeting
here of the Inter-American Development Bank.
    The most urgent item on yesterday's agenda was the need for
a legal rollover of some 16 billion dlrs in trade and interbank
credit lines extended to Brazilian banks which expire at the
end of March.
    Brazil has already frozen the lines to ensure it has enough
credit to finance its day-to-day trade and commerce, but needs
to request a formal extension of the commitments to head off
possible lawsuits from disgruntled creditors.
    The issue is whether the 14-bank steering committee will
endorse Brazil's request to the 700 creditor banks worldwide or
simply relay it without comment.
    This delicate question was not resolved at yesterday's
meeting, but lawyers from both sides will try to draft suitable
language for a telex by midweek, Gros and the bankers said.
    Gros said he will also formally ask the banks for a 90-day
rollover of some 9.6 billion dlrs of debt which originally
matured in 1986 and is now due to be repaid on April 15.
Bankers said the request is a legal nicety since the money is
subject to the moratorium.
    Once interest on Brazil's debts becomes more than 90 days
overdue, U.S. And Canadian banks must put the loans on
non-performing basis and may book payments only as and when
they are received instead of accruing the interest in advance.
    Citicorp has estimated its profits for the first quarter
would be cut by 50 mln dlrs if it put Brazil on a cash basis.
Other U.S. Banks have also warned of earnings setbacks.
    Gros said he wished the 90-day rule was more flexible and
said he would be willing to sit down with the banks to see if
there was a way round the problem.
    He did not elaborate. But, asked whether a bridge loan
might be arranged to pay the interest, he said, "It could
happen."
    Bankers said this possibility had not been raised at the
committee meeting and dismissed it as inconsistent with
Brazil's determination to find a long-term solution to the
problem of servicing its 110 billion dlr foreign debt.
    Gros himself said pushing the problem away for 90 days at a
time is not very useful. Only if Brazil has access to new loans
can it grow, export and pay its debts over the longer term.
    "If the flow of funds dries up, a country like Brazil can't
meet all its obligations," he said.
    Gros defended Brazil's recent economic record, noting
inflation slowed in February, the trade surplus rose and the
public sector budget was in operational surplus.
    But he said there was a need to spell out government
policy, especially on prices.
    "It's necessary to clarify policy for internal and external
reasons," he said, but declined to say what economic measures
might be introduced.
    Once policy is in place, Gros said financing talks with the
banks are likely to be tough and protracted, a sentiment echoed
by the country's creditors.
 REUTER
3;
bodyend
documentend
documentstart
8197
topicstart
ship
topicend
bodystart
2;

IRANIAN TANKER ATTACKED OVER WEEKEND - LLOYDS


    LONDON, March 23 - 
The Iranian steam tanker Avaj, 316,379
tonnes dw, was attacked and hit at 1715 hours on March 21,
Lloyds Shipping Intelligence service reported.
    One person was killed. The tanker is owned by the National
Iranian Tanker Co.
 REUTER
3;
bodyend
documentend
documentstart
8198
topicstart
trade
topicend
bodystart
2;

NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ


    By Christopher Pritchett, Reuters


    TAUPO, New Zealand, March 23 - 
Ministers from more than 20
nations were told by New Zealand that the next international
negotiations on liberalising trade would be the last this
century and the cost of failure could not be measured.
    Trade minister Mike Moore told his colleagues at a
welcoming ceremony before two days of talks here that great
progress had been made in preparing for the negotiations which
must not be sidetracked.
    "We live in troubled and dangerous times for the world
trading system," he said.
    "We have seen that the failure of the world trading system
has caused great depression and conflict in the past. Our
failure to maintain the momentum will be at great cost to us
all," Moore said.
   "The cost of failure is beyond calculation. It is our last
hope and best opportunity this century. We will not get another
chance before the year 2000," he added.
    The ministers are in New Zealand to review world trade
since the "Uruguay round" talks last September. The talks are 
also part of preparations for a full-scale June meeting of the
General Agreement on Tariffs and Trade (GATT) in Venice.
    The Uruguay meeting is considered by most countries to have
been particularly successful, with northern hemisphere
countries managing to have service industries such as banking
and insurance included in the next full round.
    The southerners' goal of including agricultural and
tropical products also was met.
    The meeting at this North Island tourist resort is
described by participants as informal and no declaration is
expected.
    Moore said one aim was to "instil a sense of political
urgency to avert potential economic tragedy."
    Another was to seek ways of popularising freer trade to
people who felt the pain of readjustment but could not see the
benefits, as well as preventing "bush fires of confrontation
while we proceed with orderly negotiations."
    The meeting is being attended by 25 overseas delegations
including representatives of GATT and the Economic Community.
    The delegates include U.S. Trade Representative Clayton
Yeutter.
    American sources say he is ready to state that the best way
to reverse protectionist sentiment in the United States is to
implement four key Uruguay proposals:
    -- an end to agricultural subsidies;
    -- inclusion of trade in services and investments in GATT
regulations;
    -- tightening of restrictions on pirating of so-called
intellectual property such as trademarks, patents and
copyrights;
    -- new rules to resolve trade disputes among GATT's 92
member states.
    Earlier, New Zealand sources had said French Foreign Trade
Minister Michel Noir had pulled out of the informal GATT talks
for domestic political reasons.
    Cabinet chief Bernard Prauge will lead the French
delegation.
 Reuter
3;
bodyend
documentend
documentstart
8199
topicstart
money-fx
topicend
bodystart
2;

SWISS SIGHT DEPOSITS RISE 743.7 MLN FRANCS


    ZURICH, March 23 - 
Sight deposits of commercial banks at
the Swiss National Bank rose 743.7  mln Swiss francs in the
second 10 days of March to 8.40 billion, the National Bank
said.
    Foreign exchange reserves fell 392.1 mln francs to 33.55
billion.
    Sight deposits are a major indicator of money market
liquidity in Switzerland.
 REUTER
3;
bodyend
documentend
documentstart
8200
topicstart
coffee
ship
topicend
bodystart
2;

CASH CRISIS HITS UGANDAN COFFEE BOARD


    KAMPALA, March 23 - 
Uganda's state-run Coffee Marketing
Board (CMB) has been suffering a cash crisis for the past two
months due to a bottleneck in export shipments and
administrative delays in handling payments, trade sources said.
    The CMB needs between 10 and 15 billion shillings (the
equivalent of seven to 10 mln dlrs) to pay farmers and
processors for coffee already delivered, but its present export
revenue is insufficient to cover such expenditure, they said.
    The board's cash crisis has serious implications for the
economy as a whole, since coffee accounts for 95 pct of
Uganda's total exports.
    The CMB's financial difficulties first started in January
following delays in rail-freighting export consignments of
coffee to the ports of Mombasa, Dar es Salaam and Tanga.
    These delays were caused by a shortage of railway wagons in
Uganda and bottlenecks on the ferries which transport Ugandan
wagons across Lake Victoria to link up with the Kenyan and
Tanzanian railway systems, the sources said
    Marketing Minister John Sebaana-Kizito publicly
acknowledged on February 19 that the CMB had run up arrears to
local suppliers as a result of the shortage of transport for
moving exports.
    Sebaana-Kizito said at the time that the payments squeeze
would be resolved in two weeks.
    However, an accident to the rail ferry which plies between
the Ugandan lake port of Jinja and Kisumu in Kenya put it out
of action between February 21 and March 15, causing fresh
delays in cargo movements.
    Coffee exports are especially sensitive to the disruption
of rail transport since president Yoweri Museveni has banned
their haulage by road in a drive to save transport costs.
    Transport difficulties meant that by early February the CMB
was holding unsold coffee stocks of around 750,000 bags.
    These stocks were equivalent to one quarter of Uganda's
expected three mln 60-kilo bag 1986/87 (October-September)
crop, the sources said.
    According to the sources, the board's financial problems
have been aggravated by long delays in processing export
receipts.
    The coffee board was taking about eight weeks to recycle
export receipts into payments to local producers, whereas
export bills handled by local banks took half that time to
process, they said.
    The sources said the CMB's price structure had been
overtaken by Uganda's high inflation rate, unofficially
estimated at about 200 pct, and that this was a further
disincentive to producers, already owed large arrears.
    "The coffee pricing structure is wrong and three months
behind, the foreign exchange rate is unrealistic, and the
sooner the so-called economic package is put in top gear, the
better for the coffee industry and the economy as a whole," one
of the sources said.
    The government is currently negotiating a package of
economic reforms with the World Bank and International Monetary
Fund aimed at underpinning a renewed inflow of foreign aid to
help Uganda's economic recovery after 15 years of political
strife.
 REUTER
3;
bodyend
documentend
documentstart
8201
topicstart
topicend
bodystart
2;

U.S. ECONOMIST CALLS BRAZIL DEBT REQUEST MODEST


    SAN FRANCISCO, March 23 - 
Brazil's attempt to seek better
terms for paying off its 109 billion dlr foreign debt is
responsible and modest, a former chairman of President Reagan's
Council of Economic Advisers said.
    "I think that what Brazil is calling for -- limiting its
debt payments to two and one half pct of GNP -- is a
responsible request on their part," economist Martin Feldstein
said at a weekend news conference.
    "It requires additional money on the part of the banks, but
rather modest additional amounts."
    Feldstein is attending the annual meeting of the Trilateral
Commission, a foreign policy group of more than 300 business
and government leaders from North America, Europe and Japan.
    Feldstein, one of four members of a task force on Third
World debt, said that Brazil's request would mean an additional
credit of three billion to four billion dlrs from banks and
international agencies.
    "Brazil's debt would increase in dollar terms but remain
constant in real terms. The four billion dlr increase in
Brazil's 100 billion dlr debt would represent no increase in
the real inflation-adjusted size of its liability," he said.
    Feldstein said he believed current Third World debt
problems were less serious than those faced by the
international monetary system in 1983 and 1985.
    However, the European representative on the task force,
Herve de Carmoy, chief executive international for Midland Bank
PLC, disagreed.
    He called the present situation more difficult and, in a
draft proposal included in the task force's report, suggested
setting up an institution, possibly within the World Bank, with
a fund that could deal with a future debt crisis.
    Commission discussions were closed to reporters but it was
apparent from the news conference that task force members did
not agree on all points in their report.
    One point of agreement, Feldstein said, was that debtor
countries would need additional credit in the coming years if
they are to enjoy satisfactory growth.
    Feldstein said the task force, which also included Koei
Narusawa, economic adviser to the president of the Bank of
Toyko, and Paul Krugman, professor of economics at the
Massachusetts Institute of Technology, did not agree on how
much credit would be needed.
    He said they also did not reach a consensus on how willing
international banks, particularly those in Japan and Europe,
would be to lend the money.
    The Trilateral Commission was set up in 1973 by David
Rockefeller, former head of Chase Manhattan bank, and others to
promote closer cooperation among the three regions.
 Reuter
3;
bodyend
documentend
documentstart
8202
topicstart
topicend
bodystart
2;

U.S., LATIN NATIONS DELAY DECISION ON IADB


    By Peter Torday, Reuters


    MIAMI, March 23 - 
The United States and major Latin
American nations agreed to set aside sharp differences over
control of the Inter-American Development Bank (IADB) and
reconsider the issue this summer.
    The bank's policy-making board of governors, meeting here
ahead of this week's IADB annual meetings, put off any
decisions when it became apparent differences between
Washington and the Latin countries ware too great.
    IADB officials said Washington had indicated, however, it
might be prepared to compromise in the future.
    The United States is the principal donor nation and has
pressed the bank, controlled by the Latin American borrowing
nations, to cede virtual veto power over loans to Washington.
    The Reagan administration wants to make the bank part of
its controversial strategy to resolve the debt crisis.
    The U.S. Plan calls for loans from multilateral banks like
the IADB to be tied to economic reforms in debtor nations which
would promote open markets, reduced government intervention and
inflation-free economic growth.
    Brazil, which declared an interest payments moratorium last
month, is leading a challenge to Washington's strategy and
officials here obviously feared any decisions that might deepen
rifts between the United States and Third World nations.
    IADB officials also said Washington hinted at future
compromise. "The U.S. Said it remains hopeful they can reach an
agreement and expressed optimism that such a consensus could be
reached," said an official who asked not to be named.
    Washington has threatened to scuttle a 20-25 billion dlr,
four-year capital replenishment for the bank if the veto issue
is not resolved.
    But it has asked Congress to give it authority to finance
its one-third share in the event agreement on voting power is
reached. The United States controls 34.5 pct of the vote and
wants a loan veto to exist at the 35 pct level.
    Currently, a simple majority can approve or disapprove
loans giving the borrowing nations control of the purse strings
and resulting in loan conditions too lax for Washington's
taste.
    The U.S. Strategy for dealing with the debt crisis is
expected to be repeated by Treasury Secretary James Baker in a
speech to the bank's annual meeting today (Monday).
    But monetary sources expect Baker to suggest the United
States has some room for compromise and also to fend off other
challenges to its strategy by signalling Washington is open to
innovative solutions to the debt problem.
 Reuter
3;
bodyend
documentend
documentstart
8203
topicstart
topicend
bodystart
2;

BAKER EXPECTED TO DEFEND DEBT STRATEGY


     By Peter Torday, Reuters


     MIAMI, March 23 - 
Treasury Secretary James Baker, facing
the toughest challenge to his Third World debt plan so far, is
expected today to stoutly defend the strategy.
     At an opening address to the annual meeting of the
Inter-American Development Bank here Baker is likely once again
to bluntly reject alternative approaches like wholesale debt
relief.
     The speech comes after Washington delayed its bid to wrest
control of IADB lending from Latin nations.
     The Treasury Secretary is also expected, U.S. officials
say, to portray that attempt as a crucial element in his plan
to promote inflation-free economic growth, open markets, and a
much-reduced government role in the economies of Latin America.
     "We have already seen substantial progress," Baker said in
a Miami Herald article and argued the plan was never meant to
be a "quick fix".
     But Brazil, Ecuador, Peru, Nicaragua and Bolivia have all
ceased servicing some or all of their debt. Brazil's interest
payments moratorium, announced last month, is being seen as a
major challenge to the Baker plan.
     Owing foreigners 109 billion dlrs, Brazil called an
indefinite interest payments moratorium on 68 billion dlrs of
commercial bank debt.
     Brazilian Central Banker Francisco Gros met bankers last
night to begin what U.S. officials predict will be months of
extremely tough negotiations.
     The scale of the problem is immense. Owing some 382
billion dlrs of foreign debt, Latin nations have since the
start of the decade paid out some  200 billion dlrs in interest
and principal and received about 28 billion dlrs in new loans.
     In addition, upwards of 100 billion dlrs in capital flight
is estimated to have left the region during that time.
     The Baker plan, unveiled in October, 1985, calls on
commercial and multilateral banks to increase lending by about
29 billion dlrs in the three subsequent years to the 15 major
debtors engaging in fundamental economic reform.
     The theory runs that once a debtor nation has reformed its
economy, it can service its debt comfortably and without an
atmosphere of crisis.
     U.S. officials emphasize some 8.5 billion dlrs has been
paid out in the first 14 months of the plan, payments of over
70 billion dlrs of debt has been stretched out into the future 
and Washington  is embracing new and innovative ideas to keep
debtor-creditor negotiations afloat.
     Baker is expected to underscore these points in his
address today.
 Reuter
3;
bodyend
documentend
documentstart
8204
topicstart
acq
topicend
bodystart
2;

GENERAL PARTNERS IN GENCORP 
<
GY> PROXY FIGHT


    NEW YORK, March 23 - 
General Partners, the group tendering
for all GenCorp Inc shares at 100 dlrs each, said it has
started soliciting proxies against GenCorp's proposals to
increase its number of authorized shares outstanding, create a
board with staggered election dates and eliminate cumulative
voting.
    The proposals are to be voted on at the March 31 annual
meeting.
    General Partners, a partnership of privately-held 
<
Wagner
and Brown> and AFG Industries Inc 
<
AFG>, made the disclosure in
a newspaper advertisement.
    The partnership has already filed suit in U.S. District
Court in Columbus, Ohio, seeking to block a vote on the
proposals and to invalidate GenCorp's defensive preferred share
purchase rights.
    General Partners asked shareholders to either vote against
the proposals or abstain from voting on them.                  
   
 Reuter
3;
bodyend
documentend
documentstart
8205
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> CUTS PIEDMONT 
<
PIE> SHARES SOUGHT


    NEW YORK, March 23 - 
USAir Group Inc said it has amended
its 69 dlr per share tender offer for shares of Piedmont
Aviation Inc to reduce the maximum number it will accept to
9,309,394. Previously it had sought all shares.
    In a newspaper advertisement, USAir said the offer and
withdrawal rights have not been extended and will still expire
April 3, along with the new proration period.
    On Friday, the U.S. Department of Transportation approved
USAir's acquisition of 51 pct of Piedmont. If USAir were to
acquire more than 51 pct in the tender, it would be required to
sell the excess within one week.
    USAir said receipt of the 9,309,394 shares -- which is also
the minimum amount it will accept -- would give it a total of
about 61 pct of Piedmont shares currently outstanding and 50.1
pct on a fully diluted basis.
    The company said even if the purchase of the 9,309,394
Piedmont shares caused it to exceed the 51 pct limit, USAir
would waive the condition to the offer that the Transportation
Department approve a voting trust agreement permitting USAir to
buy and hold shares under the offer pending review of USAir's
application to gain control of Piedmont, subject to the order
not being rescinded or modified in an adverse way.
 Reuter
3;
bodyend
documentend
documentstart
8206
topicstart
rubber
topicend
bodystart
2;

NEW RUBBER PACT ADOPTED AT GENEVA CONFERENCE


    GENEVA, March 23 - 
Producers and consumers representing
most of world trade in natural rubber adopted a new
International Natural Rubber Agreement (INRA) aimed at
stabilizing world prices over the next five years.
    Negotiations for a new INRA, to succeed the present one
which runs out next October, began nearly two years ago.
    Agreement on the new five-year pact, which uses a buffer
stock to keep prices stable by selling or buying rubber as
rates rise or fall, was reached at a two-week session here
under the auspices of the United Nations Conference on Trade
and Development (UNCTAD).
 Reuter
3;
bodyend
documentend
documentstart
8208
topicstart
topicend
bodystart
2;

(CORRECTED) - BANCO DI ROMA UNIT ARRANGES


    LONDON, March 20 - 
Banco di Roma (London branch) has
arranged a 200 mln dlr Euro-certificate of deposit program,
Swiss Bank Corporation International Ltd said as sole dealer.
    The borrower also will have the option to issue
certificates in other available currencies, including sterling.
 REUTER
3;
bodyend
documentend
documentstart
8209
topicstart
crude
topicend
bodystart
2;

STUDY SAYS OIL PRICE FALL SPURS BANKRUPTCIES


    WASHINGTON, March 23 - 
The sharp drop in world oil prices
the past year triggered a 60 pct increase in bankruptcies in
the country's oil states, according to a study released by the
American Petroleum Institute (API).
    API said the Dunn and Bradstreet study found that business
failures rose nationally by 6.9 pct in 1986 over 1985, but in
the "oil patch" of the Southwest the increase was 59.9 pct.
    It said bankruptcies in Texas were up 57.4 pct, Oklahoma,
55.9 pct, Colorado, 55.8 pct and Louisiana, 46.6 pct.
    In Alaska, failures rose by 66.2 per cent, it said.
    API also said that three of the states with the highest
number of bank failures last year were large oil and gas
producers - Texas, Oklahoma and Kansas.
 Reuter
3;
bodyend
documentend
documentstart
8210
topicstart
crude
nat-gas
topicend
bodystart
2;

WORLD DEPENDENCY ON MIDEAST OIL SAID INEVITABLE


    By TED d'AFFLISIO, Reuters


    NEW YORK, March 23 - 
The world's dependency on the Mideast
as the source for its petroleum is growing and nothing is going
to stop it, Donald K. McIvor, an Exxon Corp 
<
XON> Director and
senior vice president told Reuters in an interview.
    "Non-OPEC production will begin to decline and the gap
between demand and supply will widen so that the trend to
increasing dependence on OPEC and the Middle East is
inevitable," McIvor said.
    Decreased supplies will firm prices for crude oil but are
not likely to change a growing dependence, McIvor said.
    McIvor, Exxon's senior vice president responsible for oil
and gas exploration and production said that dependence would
result from the Mideast's large spare capacity at a time when
the rest of the world consumes more oil than it was finding.
    "Since 1970 we've been consuming oil at rates of 20-25
billion barrels per year while making new discoveries of only
about 10-15 bilion barrels per year," McIvor said.
    "The bulk of the inventory and more than half of the
remaining proved reserves lies in the middle east which is
producing at much less than current capacity," he added.
    McIvor said that of the some 30,000 oil fields discovered
so far only 37 "one-one thousandth of the total number contained
about 35 pct of all the oil ever discovered."
    McIvor said, in response to a question, that he did not
believe there were any more "super giants", or oil fields with
reserves greater than five billion barrels, to be found which
would change the conclusion of the world's growing dependency.
    "Of those 37 super giants only 11 lie outside the Middle
East. Only five of the 37 have been discovered in the past 20
years and only two of these lie outside the middle east
(Cantarell in Mexico and Alaska's North Slope)." McIvor said.
    McIvor said that many of the large fields outside the U.S.
like Alaska's Prudhoe Bay and the North Sea were reaching a
peak and would soon begin to decline.
    But the Exxon executive said that there were still plenty
of opportunities to be explored and developed outside of the
Middle east, particulartly in Canada, the North Sea, and
Australia and Africa.
    McIvor said that decisions to explore and drill in those
areas would be depedent upon both the expectations of a higher
price of oil as well as the legal regime affecting the
companies.
    "The ideal regime is a stable one not one where there is a
constant change in policies," McIvor said.
    McIvor said he opposed import subsidies or tariffs used to
increase exploration as these only benefit one part of the
economy at the expense of other parts of the economy.
    Asked about the options offered this week by U.S. Energy
Secretary Herrington to increase U.S. production McIvor said he
could not comment on subjects like the oil depletion allowance
now but "the thrust of his (Herrington) report is valid. It has
highlighted the growing dependency on the Middle east and the
need to increase U.S. production."
    McIvor also said that he expected natural gas to play a
greater role in the future in meeting energy needs.
    "Natural gas will have the opportunity to become an
increasingly important part of the worlkd's energy supply,"
McIvor said.
    "Crude oil will be used more and more as a transportation
fuel and natural gas will be used more to generate heat, as an
industrial fuel," he added.
 Reuter
3;
bodyend
documentend
documentstart
8211
topicstart
cpi
topicend
bodystart
2;

S. AFRICAN CONSUMER PRICE INFLATION RISES SLIGHTLY


    PRETORIA, March 23 - 
South African year-on-year consumer
price inflation rose slightly to 16.3 pct in February after
falling sharply to 16.1 pct in January from 18.1 pct in
December, Central Statistics Office figures show.
    The monthly rise in the all items index (base 1980) was
1.09 pct to 251.0 in February after a 1.4 pct increase to 248.3
in January.
    A year ago the index stood at 215.8 and year on year
consumer price inflation at 18.05 pct.
 REUTER
3;
bodyend
documentend
documentstart
8212
topicstart
trade
topicend
bodystart
2;

FINLAND FEBRUARY TRADE SURPLUS AT 641 MLN MARKKA


    HELSINKI, March 23 - 
Finland had a 641 mln markka trade
surplus in February following an 80 mln markka surplus in
January and a 614 mln surplus in February 1986, Customs Board
preliminary figures showed.
    Exports in February were 6.38 billion markka and imports
5.74 billion compared with exports of 6.72 billion and imports
of 6.64 billion in January and exports of 6.92 billion and
imports of 6.31 billion in February last year.
 REUTER
3;
bodyend
documentend
documentstart
8213
topicstart
grain
barley
oilseed
rapeseed
topicend
bodystart
2;

WEST GERMAN BARLEY, RAPE AFFECTED BY WINTER KILL


    HAMBURG, March 23 - 
Winter kill has probably affected West
German winter barley and rapeseed to an above average degree
this season, West German grain trader Alfred C. Toepfer said in
its latest report.
    It is too soon to assess the extent of the damage, but it
is likely that northern West German crops are particularly at
risk because of insufficient snow cover, it said.
    The soil needs to warm up rapidly and moisture content must
improve to avoid further delays to spring field work, it added.
 REUTER
3;
bodyend
documentend
documentstart
8214
topicstart
ship
topicend
bodystart
2;

N.Z. PORTS REOPEN, BUT FURTHER DISRUPTION LIKELY


    WELLINGTON, March 23 - 
New Zealand ports reopened at 0730
hrs local time (1930 GMT March 22) after being closed since
March 19 because of a strike over pay claims by watersiders, a
Waterside Federation spokesman said.
    But industrial action by other port workers is likely to
cause further disruption, Harbour Workers union secretary Ross
Wilson told Reuters.
    Wilson said his members are holding stopwork meetings this
morning to consider further stoppages over their pay claim.
    The two disputes are not related.
    Harbour Workers around the country went on strike for 24
hours on March 16, but Wilson said any further action will
occur on a port-by-port basis.
 Reuter
3;
bodyend
documentend
documentstart
8217
topicstart
acq
topicend
bodystart
2;

<
MICROTEL INC> MAKES ACQUISITION


    BOCA RATON, Fla., March 23 - 
Microtel Inc said it has
completed the acquisition of 
<
American Teledata Corp> and its
US Dial subsidiary, which provide long distance telephone
service in northeast Florida. Terms were not disclosed.
    Microtel's shareholders include Norfolk Southern Corp

<
NSC>, M/A-Com Inc 
<
MAI>, Centel Corp 
<
CNT>, Alltel Corp 
<
AT>
and E.F. Hutton Group Inc 
<
EFH>.
 Reuter
3;
bodyend
documentend
documentstart
8218
topicstart
earn
topicend
bodystart
2;
******
JAMESWAY CORP SETS 2-FOR-1 STOCK SPLIT, UPS CASH PAYOUT 33 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
8219
topicstart
earn
topicend
bodystart
2;

<
AMERICAN VARIETY INTERNATIONAL INC> NINE MTHS


    LOS ANGELES, March 23 - 
March 31, 1986 end
    Shr loss seven cts vs loss 11 cts
    Net loss 76,888 vs profit 106,885
    Revs 752,234 vs 922,036
 Reuter
3;
bodyend
documentend
documentstart
8220
topicstart
acq
topicend
bodystart
2;

AMERICAN VARIETY ACQUISITION PACT TERMINATED


    LOS ANGELES, March 23 - 
<
American Variety International
Inc> said its agreement to acquire 
<
First National
Entertainment Corp> has been terminated because First National
was not able to fulfill terms of the agreement.
    It said due to protracted negotiations with First National,
several American Variety divisions were inoperative in 1986.
    American Variety said it is reevaluating its record and
tape library for possible conversion to compact discs.
 Reuter
3;
bodyend
documentend
documentstart
8221
topicstart
earn
topicend
bodystart
2;

JAMESWAY 
<
JMY> SETS SPLIT, HIGHER CASH PAYOUT


    SECAUCUS, N.J., March 23 - 
Jamesway Corp said its board
declared a two for one stock split and increased the quarterly
cash dividend by 33 pct.
    The company said the dividend on the pre-split shares was
increased to four cts from three cts.
    It said both the split and the dividend are payable May 23
to holders of record April 20, adding the company will have
about 13,860,000 shares outstanding after the split.
 Reuter
3;
bodyend
documentend
documentstart
8222
topicstart
acq
topicend
bodystart
2;

HARPER/ROW 
<
HPR> GETS EXPRESSIONS OF INTEREST


    NEW YORK, March 23 - 
Harper and Row Publishers Inc said its
special committee of independent directors has received
expressions of interest from a considerable number of domestic
and foreign firms with respect to restructuring or acquisition
transactions with the company.
    Winthrop Knowlton, chairman of special committee said "no
determination has been made by the full board as to any
transaction."
    He said the special committee and Kidder Peabody and Co Inc
intend to engage in discussions with interested parties in an
effort to come to a conclusion in the near future.
    Formation of the special committee was announced early last
week when Harper and Row said its board had taken no action on
two pending acquisition proposals.
    At that time, directors also indefinately postponed a
planned special shareholders vote on a restructuring proposal
which would have created a Class B common with 10 votes a share
and limited transferability.
    The acquisition proposals had come from Theodore L. Cross,
owner of about six pct of the company's stock who offered 34
dlrs a share, and Harcourt Brace Jovanovich Inc 
<
HBJ>, which
offered 50 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
8223
topicstart
earn
topicend
bodystart
2;
******
HUMANA INC 2ND QTR SHR 44 CTS VS 54 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8224
topicstart
acq
topicend
bodystart
2;

FRUIT/LOOM 
<
FTL> TO SELL UNIT FOR 145 MLN DLRS


    CHICAGO, March 23 - 
Fruit of the Loom Inc said it agreed to
sell its General Battery Corp subsidiary to Exide Corp for
about 145 mln dlrs in cash.
    The proposed sale will complete Fruit of the Loom's
previously announced plan to divest itself of unrelated
businesses.
    Proceeds from the proposed transaction are more than the
price projected in the company's recent initial public
offering, it said.
    Completion of the transaction is subject to a definitive
agreement, regulatory approvals, financing and certain other
conditions and is expected to close May one, 1987, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
8225
topicstart
acq
topicend
bodystart
2;

CITYQUEST MAKES 120 MLN STG BID FOR WICKES


    LONDON, March 23 - 
<
Cityquest Plc>, a newly formed company,
is making a recommended 120 mln stg offer for builders
merchants and DIY (do-it-yourself) company 
<
Wickes Plc>, Wickes
said in a statement.
    Undertakings to accept what is effectively a management
buyout have been accepted by holders of 88.9 pct of the shares.
    The statement said the offer was due to a decision by
Wickes International Corp, a member of the U.S. Wickes
Companies 
<
WIX.A> Inc group, which holds an 80.5 pct stake, to
realise much of its investment.
    The offer would enable Wickes to become fully independent
and once the bid succeeded all the Wickes directors would
become members of the Cityquest board.
    The offer will be of 345p cash for every Wickes share.
Wickes was last quoted at 345p compared with 275p at Friday's
close.
    Wickes shareholders will also have the option of taking one
Cityquest share or 205p in loan notes for every 205p of the
cash consideration.
    Henry Sweetbaum is chairman and chief executive of both
Cityquest and Wickes, and it was intended that Cityquest's name
would be changed to Wickes in due course.
    Wickes came to the U.K. Unlisted Securities Market in
January, 1986 with a capitalisation of about 96 mln stg.
    Cityquest has a fully paid share capital of one mln stg. S
G Warburg Securities has organised commitments from a group of
investors to subscribe for 65 mln stg in shares and 28.2 mln
stg in subordinated convertible loan stock. Lead investor is
Investors in Industry Plc
    Cityquest also has loan facilities of 30 mln stg.
 Reuter
3;
bodyend
documentend
documentstart
8226
topicstart
earn
topicend
bodystart
2;

HUMANA INC 
<
HUM> 2ND QTR FEB 28 NET


    LOUISVILLE, Ky., March 23 -
    
Shr 44 cts vs 54 cts
    Net 42.9 mln vs 53.7 mln
    Revs 983.3 mln vs 858.8 mln
    Six mths
    Shr 85 cts vs 1.11 dlrs
    Net 83.1 mln vs 109.8 mln
    Revs 1.91 billion vs 1.66 billion
 Reuter
3;
bodyend
documentend
documentstart
8227
topicstart
earn
topicend
bodystart
2;

WINCHELL'S DONUT 
<
WDH> SETS INITIAL QUARTERLY


    LA MIRADA, Calif., March 23 - 
Winchell's Donut Houses LP
said it has declared an initial quarterly dividend of 45 cts
per unit on Class A and Class B limited partnership units,
payable May 29 to holders of record March 31.
 Reuter
3;
bodyend
documentend
documentstart
8229
topicstart
earn
topicend
bodystart
2;

TRITON GROUP LTD 
<
TRRO> 4TH QTR JAN 31 NET


    LA JOLLA, Calif., March 23 -
    
Oper shr profit nil vs loss nil
    Oper net profit 671,000 vs loss 138,000
    Sales 104.3 mln vs 70.8 mln
    Avg shrs 101.2 mln vs 66.8 mln
    Year
    Oper shr profit six cts vs profit five cts
    Oper net profit 6,309,000 vs profit
    5,144,000
    Sales 349.8 mln vs 303.4 mln
    Avg shrs 85.0 mln vs 76.3 mln
    NOTE: Net excludes discontinued operations nil vs gain
196,000 dlrs in quarter and loss 293,000 dlrs vs gain 407,000
dlrs in year.
    Net excludes tax loss carryforward 1,423,000 dlrs vs
reversal of tax credit 625,000 dlrs in quarter and credits
5,437,000 dlrs vs 7,261,000 dlrs in year.
    Results include U.S. Press Inc from November Three
acquisition.
 Reuter
3;
bodyend
documentend
documentstart
8234
topicstart
money-fx
topicend
bodystart
2;

NIGERIA CHANGES AUCTION RULES TO DEFEND NAIRA


    LAGOS, March 23 - 
Nigeria's Central Bank has changed the
rules governing its foreign exchange auctions in what analysts
see as a means of defending the naira currency, which has
depreciated steadily.
    The bank said in a statement that from April 2, banks
bidding for foreign exchange would have to pay at the rate they
offered and not, as presently, at the rate of the lowest
successful bid made at the auction.
    This should discourage banks from bidding high to ensure
that they were successful while paying the lower "marginal" rate,
analysts said.
    The Central Bank also announced the auctions would be
fortnightly, not weekly, beginning on April 2.
 Reuter
3;
bodyend
documentend
documentstart
8236
topicstart
earn
topicend
bodystart
2;

AAR CORP 
<
AIR> 3RD QTR FEB 28 NET


    ELK GROVE VILLAGE, ILL., March 23 - 
    
Shr 37 cts vs 32 cts
    Net 3,892,000 vs 2,906,000
    Sales 71.8 mln vs 64.5 mln
    Nine mths
    Shr 1.08 dlrs vs 91 cts
    Net 10,946,000 vs 8,206,000
    Sales 214.1 mln vs 179.4 mln
    Avg Shrs 10.5 mln vs 9.1 mln
 Reuter
3;
bodyend
documentend
documentstart
8239
topicstart
topicend
bodystart
2;

NIGERIA OPENS TALKS WITH U.K. TO RESCHEDULE DEBT


    LONDON, March 23 - 
Representatives from Nigeria are meeting
today and tomorrow with officials of Britain's Export Credits
Guarantee Department (ECGD) in the first of what could be a
series of bilateral talks to reschedule Nigeria's official
debts, banking sources said.
    The talks follow an agreement reached between Nigeria and
the Paris Club of western creditor governments in December to
reschedule some 7.5 billion dlrs of medium and long-term debt
due between September, 1986 and end 1987 over 10 years with
five years grace. Nigeria's official debts to the U.K., Its
major trading partner, are estimated at 2.5 to three billion
dlrs.
    If the talks prove successful, the Nigerian team, headed by
Finance Minister Che Okongwu and Central Bank Governor
Abdulkadir Ahmed, will hold similar talks with French export
credit officials in Paris later this week, the sources said.
    An agreement could pave the way for ECGD to resume
insurance cover for exports to Nigeria, which was suspended in
1983.
    The rescheduling of Nigeria's official debts was one of the
demands required under a rescheduling of part of the country's
estimated 19 billion dlrs of commercial bank debt, for which
agreement also was reached in December between Nigeria and a
steering committee representing the commercial banks.
    The commercial bank rescheduling has yet to be finalised
because of the reluctance of Japanese banks to participate in
the agreement, despite a recent trip to Japan by senior
Nigerian officials and representatives of the steering
committee.
    The entire package also is being held up because of the
need to reach an agreement to satisfy arrears due on short-term
insured and uninsured debts. However, bankers are hopeful that
an accord will be struck by May 31.
    The Nigerians also are attempting to reconcile creditors'
claims with their own receipts on some two billion dlrs of
letters of credit contained in the commercial bank
rescheduling.
    Bankers said that it was hoped that the ECGD would resume
cover fairly soon as this could encourage other official
creditors to begin bi-lateral talks as well.
    Under the structural adjustment program supporting the debt
reschedulings Nigeria is due to receive 900 mln dlrs in fresh
export credits this year from official export credit agencies.
    British exports to Nigeria were 565 mln stg in 1986, down
from 960 mln in 1985, while Nigeria's exports to Britain, which
do not include oil, were 328 mln stg and 647 mln, respectively.
 REUTER
3;
bodyend
documentend
documentstart
8240
topicstart
trade
topicend
bodystart
2;

GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF


    TAUPO, New Zealand, March 23, Reuter - 
Debt among African
countries will continue to grow and their economies will remain
stifled unless developed countries lower their interest rates,
Nigerian Trade Minister Samaila Mamman said today.
    He told an informal meeting of the General Agreement on
Tariffs and Trade the widening gap between industrialized and
developing countries and an unfair international economic
system were major obstacles to growth in developing countries.
    "I wish to emphasize that the growth in the volume of the
external indebtedness of African countries reflects the full
effect of the deflationary monetary and trade policies of the
developed market economy countries," Mamman said.
    Delegates from 23 countries are attending the talks of the
world trade body in the New Zealand resort of Taupo.
 Reuter
3;
bodyend
documentend
documentstart
8244
topicstart
trade
topicend
bodystart
2;

JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND


    TAUPO, New Zealand, March 23 - 
Japan has assured a meeting
of trade ministers it is making every effort to expand domestic
demand and restructure its economy.
    Japanese trade representative Tsomu Hata told an informal
General Agreement on Tariffs and Trade (GATT) meeting that, in
addition to demand boosting measures adopted last September, a
comprehensive economic program will be prepared after the
1987/88 budget is approved.
    Hata, speaking at the first session of the two-day meeting,
said agriculture is no exception to the goal of restructuring
the economy, but did not elaborate.
    Hata said protectionist pressures in the international
economy are as strong as ever, reflecting financial deficits,
payment imbalances and serious unemployment in many countries.
 Reuter
3;
bodyend
documentend
documentstart
8245
topicstart
earn
topicend
bodystart
2;
******
SUPERMARKETS GENERAL CORP 4TH QTR 50 CTS VS 52 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8246
topicstart
ship
topicend
bodystart
2;

WEST GERMAN SHIP SINKS OFF WEST AFRICA


    LAS PALMAS, March 23 - 
The West German-registered motor
vessel Stefan E. Sank off the West African coast early today
and one of its eight crew members was killed, a Spanish navy
spokesman said.
    He said the captain of the Singapore-registered tanker Nord
Pacific reported in a radio message that he had picked up the
remaining seven crewmen of the 2,223 tonnes dw Stefan E.,
Together with the body of the dead man.
 Reuter
3;
bodyend
documentend
documentstart
8247
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 485 MLN STG HELP


    LONDON, March 23 - 
The Bank of England said it had given
the money market a further 485 mln stg assistance in the
afternoon session. This takes the Bank's total help so far
today to 582 mln stg and compares with its forecast of a 750
mln stg shortage in the system today.
    The central bank bought bank bills outright comprising 345
mln stg in band one at 9-7/8 pct and 75 mln stg in band two at
9-3/16 pct. It also purchased 65 mln stg of treasury bills in
band one at 9-7/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
8248
topicstart
topicend
bodystart
2;

REYNOLDS METALS 
<
RLM> REGISTERS DEBENTURES


    RICHMOND, Va., March 23 - 
Reynolds Metals Co said it filed
a registration statement with the securities and exchange
commission covering a planned offering of 200 mln dlrs of
convertible subordinated debentures due April 1, 20012.
    The company said underwriters, led by Goldman Sachs and Co,
will be granted an option to purchase up to an additional 30
mln dlrs of debentures to cover over allotments.
    Reynolds said its proceeds will be used to refinance
certain long-term debt. Application has been made to list the
debentures on the New York Stock Exchange.
    Reynolds said the debentures, which will be offered in
denominations of 1,000 dlrs, may be converted into Reynolds
common and are redeemable in whole or in part at the option of
the company after Apil 1, 1989. They have a sinking fund
requirement starting in 1998 calculated to retire at least 70
pct of the debentures prior to maturity.
 Reuter
3;
bodyend
documentend
documentstart
8252
topicstart
trade
topicend
bodystart
2;

JAPAN IN LAST DITCH EFFORT TO SAVE CHIP PACT


    By Rich Miller, Reuters


    TOKYO, March 23 - 
Japan has launched a last-ditch effort to
salvage its computer micro-chip pact with the United States -
sending a letter to top American policy makers setting out its
case and instructing its producers to cut output further.
    "We must make our utmost effort to ward off any catastrophe,"
Ministry of International Trade and Industry (MITI) Deputy
Director General Masaji Yamamoto told reporters.
    "If hasty action is taken in the United States, it will
create very serious problems."
    The Reagan Administration's Economic Policy is expected to
meet Thursday to review Japanese compliance with the bilateral
agreement hammered out last year. Under the pact, Tokyo agreed
to stop selling cut-price chips in world markets and to
increase its imports of American semiconductors.
    Washington has accused Japan of reneging on the deal by
selling low priced chips in Asia and by failing to boost
American imports, and has threatened to take retaliatory
action.
    In an effort to save the agreement, MITI is asking Japanese
chip makers to limit production in the hope that will boost
domestic demand and reduce the incentive to export.
    Yamamoto said that Japan will slash output of 256 kilobit
dynamic random access and erasable programmable read only
memory chips by 11 pct in the second quarter. This follows a
cutback of more than 20 pct in the first three months of the
year.
    He said the cutbacks were already drying up the supply of
chips available for export through unregulated distributors in
the so-called grey market.
    "We have almost no grey market," he said. "Supply is
diminishing."
    To help ensure that the cutbacks are implemented, MITI
called in the president of Japan's largest semiconductor maker,
NEC Corp 
<
NIPN.T> last week, he said. It is also issuing
specific instructions on production to the Japanese subsidiary
of 
<
Texas Instruments Inc>.
    Trade and Industry Minister Hajime Tamura spelled out the
steps Japan was taking to salvage the pact and appealed for
U.S. Understanding in a letter to top American policy makers.
    The letter was sent today to U.S. Secretary of State George
Schultz, Treasury Secretary James Baker, Commerce Secretary
Malcolm Baldrige and U.S. Trade Representative Clayton Yeutter.
    The four, who make up the Economic Policy Council, are
expected to consider evidence presented by U.S. Chip maker
Micron Technology Inc 
<
DRAM.O> of cut-price Japanese sales in
Hong Kong.
    Yamamoto admitted that 
<
Oki Electric Industry Co>'s Hong
Kong subsidiary had sold chips at an inappropriate level but
denied that it was dumping chips at rock-bottom prices.
    "If the United States uses this as proof of dumping...We
will present our rebuttal," he said.
    The sales though were inappropriate in the light of MITI's
advice to semiconductor makers to sell chips at well above
production costs to avoid any hint of dumping, he said.
    He also called the case "strange," but he stopped short of
endorsing Japanese newspaper accusations that Oki had been
trapped into making the sales. He did say though that Micron
publicized the invoice documenting the sales on the same day
they were made and that Oki was unable to locate the person who
had bought the chips when it tried to buy them back last week.
 Reuter
3;
bodyend
documentend
documentstart
8253
topicstart
earn
topicend
bodystart
2;
******
AMERICAN MOTORS CORP GETS QUALIFIED AUDIT ON 1986 FINANCIAL STATEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8254
topicstart
earn
topicend
bodystart
2;

<
ST . CLAIR PAINT AND WALLPAPER CORP> YEAR NET


    Toronto, March 23 -
    
Shr 66 cts vs 55 cts
    Net 2,422,000 vs 1,906,000
    Revs 59.3 mln vs 47.4 mln
 Reuter
3;
bodyend
documentend
documentstart
8255
topicstart
acq
topicend
bodystart
2;

ALCO STANDARD 
<
ASN> COMPLETES ACQUISITION


    ORLANDO, Fla., March 23 - 
Delta Business Systems Inc said
it has completed a previously-announced merger into Alco
Standard Corp.
    Delta said it expects sales of about 30 mln dlrs for the
year ending in April.
 Reuter
3;
bodyend
documentend
documentstart
8256
topicstart
topicend
bodystart
2;

SPAIN GIVES CUBA 25 MLN DLR CREDIT LINE


    HAVANA, March 23 - 
Spain has granted Cuba a 25 mln dlr
credit line for the purchase of Spanish goods and services in
the iron and steel industry, the repair of fishing boats and
development of industrial projects, Prensa Latina said.
    The credit line was agreed by a joint economic/industrial
commission.
    The commission also discussed the possible participation of
spanish companies in the Cuban tourist industry.
 Reuter
3;
bodyend
documentend
documentstart
8257
topicstart
grain
corn
barley
topicend
bodystart
2;

RAINS PROMISE BOUNTIFUL CROPS IN ETHIOPIA


    ADDIS ABABA, March 23 - 
Rain over wide areas has raised the
prospect of good food crops throughout Ethiopia, which suffered
a disastrous drought and famine two years ago.
    Aweke Aynalem, head of the government's Agriculture
Development Department, told reporters prospects were good for
attaining the target of 250,000 tonnes of grain in the present
growing season, one of two each year in Ethiopia.
    Normal crop production in Ethiopia is about 648,000 tonnes
a year, of which 250,000 tonnes are produced from the "belg"
(small) rains which fall at this time of year.
    The belg rains are used to plant quick-maturing crops like
maize and barley. Any shortfall during this period affects
production in the main rainy season, because farmers eat their
stocks of seed.
    Aweke said peasants in Wello, Tigre and Hararghe -- regions
which suffered severely from drought -- were now able to sow
their crops because of the favourable rains.
    The government had distributed large quantities of seed and
fertiliser, and the rains should ensure a good crop.
 Reuter
3;
bodyend
documentend
documentstart
8258
topicstart
earn
topicend
bodystart
2;

AMERICAN MOTORS 
<
AMO> STATEMENT QUALIFIED


    DETROIT, March 23 - 
American Motors Corp said its auditors
qualified the company's 1986 financial report.
    The report was qualified due to uncertainties surrounding
the previously announced arbitration award against American
Motors' former subsidiary, AM General Corp. The award is being
contested.
    The report was filed today with the Securities and Exchange
Commission along with a copy of Chrysler Corp's 
<
C> proposal to
take over American Motors.
    American Motors said earlier than an arbitration award,
made to Emerson Electric Co 
<
EMR> in February, amounted to 60
mln dlrs plus legal expenses. American Motors has challenged
the award.
    The automaker sold the AM General unit to LTV Corp 
<
QLTV>
in 1983, the same year it was awarded a five-year, 1.2 billion
dlr procurement contract with the military. LTV and AM General
last year sought protection under Chapter 11.
    The arbitration proceeding was called after Emerson
Electric charged AM General violated an agreement covering the
development of certain components in the contract.
    The components were for the military's "High Mobility
Multi-Purpose Wheeled Vehicle" (HMMWV), American Motors said.
    In selling AM General to LTV, American Motors agreed to
indemnify LTV against losses incurred by LTV resulting from the
Emerson Electric claims.
    AMC also said the award has not been confirmed by a court,
and faces additional legal challenges. It said that, because of
the LTV and Am General reorganizations, the final amount of a
confirmed award and the amount of any loss to LTV is uncertain.
 Reuter
3;
bodyend
documentend
documentstart
8259
topicstart
acq
topicend
bodystart
2;

ANACOMP 
<
AAC> GETS FUNDS TO BUY DATAGRAPHIX


    INDIANAPOLIS, IND., March 23 - 
Anacomp Inc said it
finalized the financing of its 128 mln dlrs purchase of
DatagraphiX Inc from General Dynamics Corp 
<
GD>.
    The financing, arranged by Drexel Burnham Lambert, consists
of 90 mln dlrs of bank financing, the private placement of 71
mln dlrs of senior subordinated notes and 25 mln dlrs of
convertible preferred stock, it said.
    DatagraphiX, a manufacturer of microgrpahics equipment has
been merged into Anacomp and will be operated as a separate
division, Anacomp said.  The division is expected to improve
results for Anacomp this year.
 Reuter
3;
bodyend
documentend
documentstart
8262
topicstart
earn
topicend
bodystart
2;

SUPERMARKETS GENERAL CORP 
<
SGL> 4TH QTR JAN 31


    WOODBRIDGE, N.J., March 23 -
    
Oper shr 50 cts vs 52 cts
    Oper net 19.2 mln vs 18.8 mln
    Sales 1.43 billion vs 1.30 billion
    Avg shrs 38.6 mln vs 36.0 mln
    Year
    Oper shr 1.65 dlrs vs 1.73 dlrs
    Oper net 62.7 mln vs 61.8 mln
    Sales 5.51 billion vs 4.96 billion
    Avg shrs 38.1 mln vs 35.8 mln
    NOTES: Sales are from continuing operations
    Operating net excludes results from discontinued operations
of nil vs profit 2,815,000 dlrs, or eight cts a share, in
quarter and loss 308,000 dlrs, or one cent a share, vs profit
1,880,000 dlrs, or five cts a share, in year
    Latest year operating net also excludes loss of 1,536,000
dlrs, or four cts a share, on disposal of discontinued
department store segment
    Share data adjusted to reflect two-for-one stock split paid
to holders of record August 1, 1986
    Operating net includes pre-tax LIFO credit 700,000 dlrs vs
credit 2.0 mln dlrs in quarter and charge 2.8 mln dlrs vs
charge 4.9 mln dlrs in year
 Reuter
3;
bodyend
documentend
documentstart
8263
topicstart
topicend
bodystart
2;
******
 Belgian three-month treasury certificate rate cut 0.10 points to 7.40 pct - official

Blah blah blah.
3;


bodyend
documentend
documentstart
8264
topicstart
acq
topicend
bodystart
2;

ENERGY FACTORS 
<
EFAC> TO BUY ALLIED 
<
ALD> UNITS


    SAN DIEGO, March 23 - 
Energy Factors Inc said it has signed
an agreement to acquire GWF Power Systems Co and Combustion
Power Co Inc from Allied-Signal Inc for undisclosed terms.
    The two Allied units operate and are developing
cogeneration projects and small petroleum-coke fueled power
plants.
 Reuter
3;
bodyend
documentend
documentstart
8269
topicstart
earn
topicend
bodystart
2;

RYLAND GROUP INC 
<
RYL> SETS QUARTERLY


    COLUMBIA, Md., March 23 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
8270
topicstart
earn
topicend
bodystart
2;

H.B. FULLER CO 
<
FULL> 1ST QTR FEB 28 NET


    ST. PAUL, MINN., March 23 -
    
Shr 38 cts vs 30 cts
    Net 3,649,000 vs 2,789,000
    Sales 137.4 mln vs 119.2 mln
 Reuter
3;
bodyend
documentend
documentstart
8271
topicstart
topicend
bodystart
2;

IADB PLANS TO MATCH 1986 LENDING LEVEL


    WASHINGTON, March 23 - 
The Inter-American Development Bank
said it intended this year to match the over three billion dlrs
it lent to Latin America in 1986, despite growing pressures on
its capital.
    In its annual report and in a briefing for reporters, the
Bank made it clear, however, that the Latin countries needed
vast amounts of new investment if they are to strengthen their
ailing economies in the period ahead. The report said Latin
America continued to emerge slowly from the deep recession that
began in the early 1980s, with Gross Domestic Product edging up
to nearly four pct from 3.5 pct in 1985.
    The report said the region's improved economic growth last
year was based on a rise in internal demand and fuller
utilization previously underused production capacity.
    "This situation will be difficult to duplicate in 1987 and
beyond because no significant new investments are being made,"
the report said.
    The Bank's lending last year consisted of 63 loans totaling
3.04 billion dlrs, bringing the agency's cumulative lending to
35.44 billion dlrs.
    Of last year's loans, 2.26 billion dlrs was actually
disbursed, bringing total disbursements to 24.03 billion dlrs.
    To assist in loan activities, the Bank said it borrowed
1.91 billion dlrs in the capital markets in 1986, bringing its
total outstanding borrowings to 12.11 billion dlrs.
    In a briefing for reporters, Bank President Antonio
Ortiz-Mena said that this year lending by the bank "will be at a
similar level to last year."
    He noted that bank lending in 1986 was directed
particularly to projects in energy, agriculture, and
environmental and public health, education and urban
development. The annual report was released as the Bank's
annual meeting is being held in Miami.
    Ortiz-Mena told reporters that the bank's member countries
will discuss a plan by the United States to reduce the loan
veto power from the current majority to 35 pct.
    Such a plan would allow the United States to block any loan
it did not like with the assistance of only one other country.
    The proposal, which is tied to any U.S. backing for a new
financing for the bank, is sure to run into rough going as the
Latin countries view it as a move by the Reagan administration
to control the agency's critical loans.
    The U.S. position is that it is not seeking veto power
although it believes the bank's largest contributors should
have greater influence within the institution.
   
 Reuter
3;
bodyend
documentend
documentstart
8272
topicstart
topicend
bodystart
2;

U.S. CORPORATE FINANCE - NOVEL GMAC FINANCING


    By John Picinich, Reuters


    NEW YORK, March 23 - 
Because its novel financing deal sold
quickly last week, General Motors Corp's 
<
GM> General Motors
Acceptance Corp unit plans to do more multi-tiered financings,
said Michael Mangan of GMAC.
    "We are certainly happy with the transaction. We plan to do
more," said Mangan, director of corporate financing.
    Offered on Wednesday, the 100 mln dlr issue had three price
levels to attract a wide range of retail investors and small
regional institutions, said officers of P.W. Korth and Co Inc
and PaineWebber Inc, which shared bookrunning duties.
    "We will continue to look at multi-tiered financings,"
Mangan said.
    "GMAC plans to talk to Korth and PaineWebber and get their
thoughts on the deal. We want to see how it went and where the
securities were placed," the GMAC officer added.
    Mangan and the co-lead managers said the three different
pricings enabled the finance arm of General Motors to borrow at
attractive rates. "GMAC saved some basis points with this
technique," said an officer on Korth's syndicate desk.
    "Our all-in-cost was comparable. If the deal had not made
sense, obviously we would not have done it," Mangan noted.
    The GMAC seven-year notes were given a coupon of 7.45 pct.
    For investors buying less than 100,000 dlrs of the notes,
the offering was priced at par to yield 45 basis points over
comparable Treasury securities.
    Those buying 100,000 to 250,000 dlrs pay 99.60 for a yield
of 7.52 pct, or 53 basis points over Treasuries. For purchases
of more than 250,000 dlrs, the notes carried a price of 99.20
to yield 7.599 pct, or 61 basis points over Treasuries.
    In contrast, Ford Motor Co's 
<
F> Ford Motor Credit Co unit
last month sold 300 mln dlrs of same-maturity notes priced to
yield 7.62 pct, or 62.5 basis points over Treasuries.
    "Retail investors generally do not see new issue product,"
said an officer on PaineWebber's corporate syndicate desk.
"They have to buy the securities in the secondary market."
    Bond traders said many corporates rose well above par in
the secondary market this year. They attributed this to a huge
number of bond redemptions by the issuing companies.
    "Institutions and mutual funds are seeing some of their
holdings called away. They're scrambling to replace them," said
one trader. As a result, underwriters said retail investors
would gladly sacrifice some of the yield spread over Treasuries
if they could buy debt issues at or below par.
    "The GMAC financing seemed tailor-made for those retail
investors," commented one underwriter away from the syndicate.
    GMAC's Mangan said his firm also wanted to sell securities
that were aimed at the retail sector.
    "Access to retail investors was the driving force behind
the multi-tiered financing. This is a new market for us, so to
speak," Mangan said.
    "There is a lot of GMAC paper out there," the executive
added, referring to the unit's past offerings. "One of our
basic strategies is to target securities to specific investors
and hopefully attain a broader distribution."
    Officers of Korth and PaineWebber said the GMAC notes were
selling quickly last week, although the issue had not sold out
by Friday afternoon.
    "In selling to retail investors or smaller institutions,
you have to make a lot more telephone calls," an investment
banker pointed out.
    Underwriters noted that Korth and PaineWebber, along with
co-managers A.G. Edwards and Thomson McKinnon, have strong
retail bases. "They can carve out a niche here," one said.
    "We plan to underwrite more of these deals," said a Korth
official. An officer with PaineWebber echoed that sentiment.
    Multi-tiered financings are a relatively new wrinkle on
Wall Street. An officer with Korth said he belives his firm
underwrote the first such issue eight or nine months ago for
Citicorp 
<
CCI>.
    GMAC's Mangan said his company issued through Korth in
October 1986 a 50 mln dlr issue that carried two different
price levels.
    "But the price gap between the first and second tier was
large," Mangan said. In our conversations with the
underwriters, we thought three different tiers would make more
sense because the prices would not be far apart."
    Meanwhile, underwriting syndicates are scheduled to bid
competitively tomorrow for 250 mln dlrs of first and refunding
mortgage bonds due 2017 of Philadelphia Electric Co 
<
PE>.
Non-refundable for five years, the debt is rated Baa-3 by
Moody's and BBB-minus by Standard and Poor's.
    Southern Railway Co, a unit of Norfolk Southern Corp 
<
NSC>,
will hold accept bids on Wednesday for 20 mln dlrs of serial
equipment trust certificates. The debt is rated a top-flight
AAA by both Moody's and S and P.
    IDD Information Services said the 30-day corporate visible
supply rose to 3.98 billion dlrs from 3.28 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8273
topicstart
trade
cotton
grain
corn
wheat
oilseed
topicend
bodystart
2;

MARKET LOAN COULD BE PINNED TO U.S. TRADE BILL


    BOCA RATON, Fla., March 23 - 
Sen. David Pryor, D-Ark., said
he was considering amending the Senate Finance Committee's
trade bill with a provision to require a marketing loan for
soybeans, corn and wheat.
    Pryor told the Futures Industry Association that there was
great reluctance among members of the Senate Agriculture
Committee to reopen the 1985 farm bill, and that a marketing
loan might have a better chance in the Finance panel.
    The Arkansas senator said the marketing loan -- which in
effect allows producers to pay back their crop loans at the
world price -- had led to a 300 pct increase in U.S. cotton
exports in 14 months and a 72 pct increase in rice exports.
    Pryor serves on both the Senate Finance and Agriculture
Committees.
 Reuter
3;
bodyend
documentend
documentstart
8274
topicstart
topicend
bodystart
2;

WESTLB RAISES AUSTRALIAN DLR BOND TO 75 MLN


    DUESSELDORF, March 23 - 
Westdeutsche Landesbank
Girozentrale (WestLB said it is raising the amount of a 14-3/8
pct five-year bullet Australian dlr eurobond, priced at
101-1/2, to 75 mln dlrs from 50 mln.
    The bond, for WestLB's WestLB Finance NV subsidiary, also
will have an additional co-manager to the 20 already accepted
into the deal, WestLB said. WestLB is lead manager, with
Hambros Bank Ltd as co-lead.
    Other terms of the bond, launched on March 19, remain the
same, the bank said.
 REUTER
3;
bodyend
documentend
documentstart
8275
topicstart
earn
topicend
bodystart
2;

COOPER DEVELOPMENT CO 
<
BUGS> 1ST QTR JAN 31 NET


    PALO ALTO, Calif., March 23 -
    
Shr profit seven cts vs loss 16 cts
    Net profit 2,144,000 vs loss 4,110,000
    Sales 121.3 mln vs 20.3 mln
    Avg shrs 29.4 mln vs 25.3 mln
    NOTE: Current year net includes pretax gain on sale of
product line of 11.4 mln dlrs and charge 4,711,000 dlrs posttax
on expensing of a portion of unamorized debt issuance costs of
unit.
    Current year results include Technicon Corp, acquired in
August 1986.
 Reuter
3;
bodyend
documentend
documentstart
8276
topicstart
earn
topicend
bodystart
2;

CITIZENS GROWTH 
<
CITGS> OMITS QUARTERLY DIVIDEND


    JACKSON, Miss., March 20 - 
Citizens Growth Properties said
it ommitted its regular quartelry dividend as a result of
decreased earnings, principally attributable to the default by
a borrower of the trust's laargest mortgage loan.
    The trust last paid 12 cts on January 28.
    The trust said it also reaffirmed a limited share
repurchase program subject to available cash flow in light of
the defaulted mortgage.               
 Reuter
3;
bodyend
documentend
documentstart
8277
topicstart
topicend
bodystart
2;

IADB BANK SAYS IT WILL MATCH 1986 LENDING


    WASHINGTON, March 23 - 
The Inter-American Development Bank
said it intended this year to match the over three billion
dollars it lent to Latin America in 1986 despite growing
pressures on its capital.
    In its annual report and in a briefing for reporters, the
Bank made it clear, however, that the Latin countries needed
vast amounts of new investment if they are to strengthen their
ailing economies in the period ahead.
    The report said that Latin America continued to emerge
slowly from the deep recession that began in the early 1980s,
with Gross Domestic Product (GDP) edging up to nearly four pct
from 3.5 pct in 1985.
    The report said the region's improved economic growth last
year was based on a rise in internal demand and fuller
utilization of previously underused production capacity.
    "This situation will be difficult to duplicate in 1987 and
beyond because no significant new investments are being made,"
the report said.
    The Bank's lending last year consisted of 63 loans totaling
3.04 billion dlrs, bringing the agency's cumulative lending to
35.44 billion dlrs.
    Of last year's loans, 2.26 billion dlrs was actually
disbursed, bringing total disbursements to 24.03 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8279
topicstart
acq
topicend
bodystart
2;
******
PATRICK PETROLUEM HAS DEFINITIVE ACCORD TO BUY BAYOU RESOURCES

Blah blah blah.
3;


bodyend
documentend
documentstart
8285
topicstart
topicend
bodystart
2;

GENERAL SYSTEMS RESEARCH IN PRIVATE PLACEMENT


    Edmonton, Alberta, March 23 - 
<
General Systems Research
Inc> said it concluded a 15 mln dlr private placement with the
government of Alberta.
    The provincial government purchased 15 mln dlrs of the
company's class A preferred shares.
    The government of Alberta also converted a 2.5 mln dlr
debenture into common shares and converted about 2.5 mln dlrs
of shareholders' loans into common shares, the company said.
Conversion price for both transactions was 1.75 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
8286
topicstart
earn
topicend
bodystart
2;

DYNAMIC HOMES INC 
<
DYHM> 4TH QTR NET


    DETROIT LAKES, MINN., March 23 -
    
Shr profit 0.2 cts vs loss 2.2 cts
    Net profit 2,900 vs loss 43,500
    Sales 1,660,000 vs 950,000
    Year
    Shr loss 30 cts vs loss 37 cts
    Net loss 578,900 vs 713,300
    Sales 5,112,100 vs 3,659,600
 Reuter
3;
bodyend
documentend
documentstart
8287
topicstart
acq
topicend
bodystart
2;

SAFEGUARD SCIENTIFIC 
<
SFE> UNIT BUYS SUBSIDIARY


    KING OF PRUSSIA, Pa., March 23 - 
Safeguard Scientific Inc
said its subsidiary, Coherent Communications Systems Corp,
purchased a telecommunications equipment business for an
undisclosed amount of cash, notes and Coherent common stock.
    Safeguard said it bought the business unit from Comsat
TeleSystems Inc, a subsidiary of Communications Satellite Corp

<
CQ>.
 Reuter
3;
bodyend
documentend
documentstart
8288
topicstart
crude
acq
topicend
bodystart
2;

PATRICK PETROLEUM 
<
PPC> TO BUY BAYOU


    JACKSON, Mich., March 23 - 
Patrick Petroleum Co said it
signed a definitive agreement to buy Bayou Resources Inc.
    As previously announced, the transaction is valued at about
8.8 mln dlrs, including 2.8 mln dlrs in debt.
    Under the agreement, Patrick will pay six dlrs per share
for each Bayou share, with additional value being given for
Bayou's preferred and options. Bayou has 827,000 shares out.
    Depending upon the results of the re-evaluation of a
significant Bayou well as of Jan. 1, 1988, Bayou stockholders
may receive up to an additional two mln dlrs in stock and cash,
which has not been included in the 8.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8289
topicstart
earn
topicend
bodystart
2;

WESTWORLD COMMUNITY HEALTH 
<
WCHI> 4TH QTR LOSS


    LAKE FOREST, Calif., March 23 -
    
Shr loss 15.23 dlrs vs profit 12 cts
    Net loss 124,634,000 vs profit 882,000
    Revs 38.4 mln vs 41.0 mln
    Year
    Shr loss 15.46 dlrs vs profit 48 cts
    Net loss 126,434,000 vs profit 3,555,000
    Revs 187.0 mln vs 133.2 mln
    Avg shrs 8,177,000 vs 7,450,000
    Note: Current year results include charges related to
closing or divestitures of facilities and other assets.
    Full name Westworld Community Healthcare Inc.
 Reuter
3;
bodyend
documentend
documentstart
8291
topicstart
earn
topicend
bodystart
2;

KINGS ROAD ENTERTAINMENT INC 
<
KREN> 3RD QTR NET


    LOS ANGELES, March 23 -
    
Shr loss seven cts vs loss 64 cts
    Net loss 367,000 vs 3,009,000
    Revs 2,516,000 vs 8,787,000
    Avg shrs 4,941,000 vs 4,714,000
    Nine mths
    Shr loss 73 cts vs loss 1.17 dlrs
    Net loss 3,545,000 vs loss 4,573,000
    Revs 6,788,000 vs 13.3 mln
    Avg shrs 4,856,000 vs 3,908,000
    NOTE: Prior year net includes tax credits of 63,000 dlrs in
quarter and 1,395,000 dlrs in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
8292
topicstart
earn
topicend
bodystart
2;

PAYCHEX INC 
<
PAYX> 3RD QTR FEB 28 NET


    ROCHESTER, N.Y., March 23 -
    
Shr 13 cts vs 10 cts
    Net 1,109,000 vs 875,000
    Revs 16.6 mln vs 13.2 mln
    Nine mths
    Shr 44 cts vs 33 cts
    Net 3,770,000 vs 2,851,000
    Revs 46.9 mln vs 36.9 mln
    NOTE: Share adjusted for three-for-two stock split in June
1986.
 Reuter
3;
bodyend
documentend
documentstart
8293
topicstart
acq
topicend
bodystart
2;

IC INDS 
<
ICX> TO SELL CERTAIN ASSETS TO MLX 


    CHICAGO, March 23 - 
IC Industries Inc said its Abex Corp
subsidiary agreed to sell its sintered friction materials
business in Italy to Troy, Michigan-based MLX Corp, for
undisclosed terms.  Completion of the proposed transaction is
subject to approval by the Italian government, it said.
 Reuter
3;
bodyend
documentend
documentstart
8294
topicstart
earn
topicend
bodystart
2;

RELIABLE LIFE INSURANCE CO 
<
RLIFA> YEAR NET


    ST. LOUIS, March 23 -
    
Shr 4.87 dlrs vs 2.21 dlrs
    Net 14.6 mln vs 6,639,540
    NOTE: 1986 net includes gain 2,578,887 dlrs from chjange in
accounting for pension plans and investment gaions of over
three mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8296
topicstart
earn
topicend
bodystart
2;

RAVEN INDUSTRIES INC 
<
RAV> 4TH QTR JAN 31 NET


    SIOUX FALLS, S.D., March 23 -
    
Shr profit six cts vs loss nine cts
    Net profit 101,000 vs loss 142,000
    Sales 12.6 mln vs 8,736,000
    Year
    Shr profit 1.34 dlrs vs profit 1.02 dlrs
    Net profit 2,122,000 vs profit 1,611,000
    Sales 52.3 mln vs 41.9 mln
 Reuter
3;
bodyend
documentend
documentstart
8297
topicstart
earn
topicend
bodystart
2;

HEMODYNAMICS INC 
<
HMDY> YEAR LOSS


    BOCA RATON, Fla., March 23 -
    
Shr loss 24 cts vs loss 41 cts
    Net loss 148,070 vs loss 251,225
    Sales 1,298,257 vs 319,588
 Reuter
3;
bodyend
documentend
documentstart
8298
topicstart
acq
topicend
bodystart
2;

DELOITTE HASKINS SELLS GETS STAKE IN COMPANY


    NEW YORK, March 23 - 
<
Deloitte Haskins and Sells>, an
accounting and consulting firm, said it bought a stake in

<
Holland Systems Corp>, a software and services company.
    The company also said it set up a venture with Holland
Systems to develop and market an integrated line of information
management products and services.
    It said products from the venture are expected to be
introduced within the next year.
 Reuter
3;
bodyend
documentend
documentstart
8299
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO SET CUSTOMER REPURCHASES


    NEW YORK, March 23 - 
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves indirectly via 1.5 to 2.5 billion dlrs of customer
repurchase agreements, economists said.
    They said that while the Fed has only a moderate add need
over the next few days, it will probably intervene in an
attempt to counteract an elevated federal funds rate.
    Fed funds, which averaged 6.09 pct on Friday, opened at
6-3/16 pct and remained at that level in early trading.
 Reuter
3;
bodyend
documentend
documentstart
8300
topicstart
earn
topicend
bodystart
2;

MOTO PHOTO INC 
<
MOTO> 4TH QTR NET


    DAYTON, Ohio, March 23 -
    
Oper shr profit one ct vs loss six cts
    Oper net profit 148,628 vs loss 249,192
    Revs 3,772,639 vs 1,101,633
    Avg shrs 5,235,233 vs 4,371,795
    Year
    Oper shr loss 10 cts vs loss 19 cts
    Oper net profit 5,760 vs loss 788,042
    Revs 9,899,038 vs 3,819,678
    Avg shrs 4,837,361 vs 4,163,006
    NOTE: Share after poreferred dividends.
    Current year net both periods excludes 15,000 dlr tax loss
carryforward.
 Reuter
3;
bodyend
documentend
documentstart
8301
topicstart
topicend
bodystart
2;

CANCAPITAL SAYS IT SOLD POCO SHARES


    Calgary, Alberta, March 23 - 
CanCapital Corp said it sold
four mln common shares and one mln common share purchase
warrants of 
<
Poco Petroleums Ltd> to Merrill Lynch Canada Inc
and First Marathon Securities Ltd for resale to public
investors.
    The common shares will be resold at 15.875 dlrs per share
and the warrants will be resold at 7.25 dlrs per warrant.
    Each warrant may be converted into one common shares of
Poco at 9.50 dlrs per share through January 15, 1989. Gross
proceeds of 70.8 mln dlrs will be added to the working capital
CanCapital Corp.
 Reuter
3;
bodyend
documentend
documentstart
8302
topicstart
money-fx
topicend
bodystart
2;
******
U.S. TREASURY'S BAKER SAYS CURRENCIES WITHIN RANGES THAT BETTER REFLECT FUNDAMENTALS

Blah blah blah.
3;


bodyend
documentend
documentstart
8303
topicstart
topicend
bodystart
2;
******
BAKER URGES BANKS TO MULL NEW IDEAS FOR CUTTING 3RD WORLD DEBT BURDEN

Blah blah blah.
3;


bodyend
documentend
documentstart
8304
topicstart
topicend
bodystart
2;
******
BAKER CONFIDENT BANKS WILL MAKE BIG NEW LOANS TO MAJOR DEBTORS IN '87

Blah blah blah.
3;


bodyend
documentend
documentstart
8306
topicstart
sugar
topicend
bodystart
2;

GREECE SEEKING EC SUGAR NEXT MONTH AT TENDER


    LONDON, March 23 - 
Greece will hold a buying tender on
April 8, for reply by April 10, for 40,000 tonnes of white
sugar from EC member countries, for delivery in four equal
tranches in May, June, July and August, traders said.
 Reuter
3;
bodyend
documentend
documentstart
8308
topicstart
zinc
topicend
bodystart
2;

ZINC PRODUCERS APPROACH EC ON VOLUNTARY CLOSURES


    BRUSSELS, March 23 - 
A number of individual zinc producing
companies have approached the European Commission to sound out
its reaction to a possible industry plan for a voluntary
reduction of smelting capacity, Commission sources said.
    The companies have been told that the Commission could not
judge whether a plan would be acceptable under European
Community, EC, competition rules until it had full details,
they said.
    In 1983, the industry drew up a plan envisaging the loss of
about 130,000 tonnes of annual capacity, or about 10 pct of the
total.
    However, the industry did not proceed with this plan as
zinc market conditions improved in 1984, the sources noted.
    They said the companies which approached the Commission
recently -- and which they did not name -- appeared to envisage
a loss of productive capacity similar to that proposed in 1983.
 Reuter
3;
bodyend
documentend
documentstart
8309
topicstart
money-fx
topicend
bodystart
2;

CURRENCIES BETTER REFLECT FUNDAMENTALS - BAKER


    MIAMI, March 23 - 
Treasury Secertary James Baker said
currencies were now within ranges that better reflected
economic fundamentals.
    In a speech to the annual meeting of the Inter-American
Development Bank, he said, "Excchange have moved into ranges
that better reflect economic fundamentals."
    He noted that in particular that dollar has fallen from its
high point in early 1985 helping to moderate protectionist
pressures in the U.S.
 Reuter
3;
bodyend
documentend
documentstart
8310
topicstart
topicend
bodystart
2;

BAKER SAYS U.S. MAKING PROGRESS REFORMING IADB


    MIAMI, March 23 - 
U.S. Treasury Secretary James Baker said
he was making progress negotiating reform of the Inter-American
Development Bank with other member nations.
    In a speech prepared for delivery to the annual meeting of
the IADB, Baker said, "We are making progress in negotiating
reforms."
    And he added that if succesful, Washington would be ready
to put up an additional nine billion dlrs to the seventh IADB
four-year capital replenishment, an increase of 75 pct.
    It was not immediately clear what the overall size of the
capital replenishment would be if the U.S. went ahead with such
a capital increase.
    But Baker's statement that he had made progress in
negotiating reforms came after a weekend meeting of the bank's
policy making board of governors at which the reform issue was
put off until next June because of deep differences between
Washington and Latin borrowing countries.
    Baker said the U.S. increase would account for 70 pct of
the bank's useable financial resources.
    Currently Washington is only allowed to vote 34.5 pct in
IADB board meetings considering loans to Latin American
countries.
    But the Latin borrowing nations control 54 pct of the vote
and frequently approve loans to which economic reform
conditions are not tied.
    Baker pointed out that Western nations which provide 95 pct
of the bank's financial resources represent just 46 pct of the
vote.
    Baker said the U.S seeks a greater say in bank decisions
for itself and other creditor countries.
    "In view of this imbalance we don't believe it is
unreasonable to ask for a change," Baker said. He said the
changes sought by the U.S. would require loan approval by a
greater majority of shares than a simple majority.
    But he stopped short of reaffirming the original U.S.
position that veto power should exist with a 35 pct vote.
    Enlarging on reforms Washington would like to see, Baker
said he wanted the IADB to play a much greater role in the U.S.
debt strategy for promoting inflation free economic growth,
open markets and a reduced government role in the economies of
debtor nations.
    Under reforms he said the U.S. wants the IADB to adopt a
major program of lending to specific economic sectors in debtor
countries on condition the countries carried out policy reforms
in those areas of their economies.
    Such reforms would include, among other things, more
concern for natural resource management.
    Baker said this lending should help debtors make a
transition to more open economies and freer markets.
    He also said the bank could double its current lending
volume from capital and triple its concessional loans to the
poorest nations.
    The Treasury Secretary also called for the IADB to improve
its analysis of the policies of debtor countries, strengthening
its process for assessing the specific needs of debtor nations.
He urged a wholesale reorganization of bank personnel. Baker
said, "We simply believe that more discretion and policy
influence should lie with the parties which contribute the
lion's share of resources."
    He pointed out that despite tight budget problems the
Reagan administration has asked Congress to finance the IADB
and other multilateral development banks.
    Pointing out that such funding was difficult today in the
best of circumstances, he said it would be impossible if
Congress did not have confidence in bank lending policies.
 Reuter
3;
bodyend
documentend
documentstart
8311
topicstart
earn
topicend
bodystart
2;

TONKA 
<
TKA> SEES LOWER FISCAL FIRST QUARTER NET


    MINNETONKA, MINN., March 23 - 
Tonka Corp said it expects
results for its fiscal first quarter to end April four, to
decline from the record earnings of 3.8 mln dlrs or 57 cts a
share and revenues of 53.2 mln dlrs.
    The toy manufacturer attributed its anticipated lower
financial results to an an expected moderate decline in
shipments of its Pound Puppies product line.
    Tonka also said it expects revenues and earnings to remain
lower through the 1987 first half compared with 1986 record
results of 125.4 mln dlrs in revenues and 10.3 mln dlrs in net
earnings or 1.47 dlrs a share.
    The company said its level of shipments is good despite a
conservative buying pattern on the part of retailers industry
wide. Tonka's first quarter shipments will be down somewhat
from 1986 record levels and gross profit margins will be down
slightly from a year ago, it said.
    Second half sales are expected to be stronger based on a
return to a more traditional seasonal shipping pattern in which
retailers order and stock conservatively early in the year and
time large shipments for the second half, it said.
    Tonka said that while the pace of order writing is trailing
last year's, bookings are "very good" for orders on several of
its new product introductions for 1987.
 Reuter
3;
bodyend
documentend
documentstart
8312
topicstart
topicend
bodystart
2;

BRAZIL DEBT OFFICIAL OFFERS RESIGNATION


    SAO PAULO, March 23 - 
A senior Brazilian debt negotiator,
Antonio de Padua Seixas, has offered to resign from his post as
Director for External Debt Management at the Central Bank, a
bank spokesman said.
    The spokesman told Reuters by telephone from Brasilia that
Seixas had offered to resign last week but the government had
not yet responded.
    Seixas, who has played a leading role in negotiations with
creditors over Brazil's 109 billion dlr foreign debt, is not
attending current debt discussions in Miami.
    Brazil is talking to bank creditors at Miami during a
meeting of the Inter-American Development Bank, its first
discussions with these creditors since it suspended interest
payments last month on its 68 billion dlr debt to commercial
banks.
    The Central Bank spokesman said he did not know why Seixas
wanted to leave his job.
 REUTER
3;
bodyend
documentend
documentstart
8313
topicstart
earn
topicend
bodystart
2;

CHILD WORLD INC 
<
CWLD> 4TH QTR JAN 31 NET


    AVON, Mass., March 23 -
    
Shr 1.34 dlrs vs 1.09 dlrs
    Net 15.4 mln vs 12.6 mln
    Sales 323.6 mln vs 240.2 mln
    Avg shrs 11.5 mln vs 11.5 mln
    Year
    Shr 95 cts vs 91 cts
    Net 10.9 mln vs 9,368,000
    Sales 628.8 mln vs 513.1 mln
    Avg shrs 11.5 mln vs 10.3 mln
    NOTE: Latest year net cut on mln dlrs by investment tax
credit loss.
 Reuter
3;
bodyend
documentend
documentstart
8314
topicstart
earn
topicend
bodystart
2;

BAYERNVEREIN EXPECTS UNCHANGED DIVIDEND FOR 1987


    MUNICH, March 23 - 
Bayerische Vereinsbank AG 
<
BVMG.F>
expects to pay an unchanged dividend of 13 marks on 1987
earnings but profits will only barely reach last year's record
levels, management board spokesman Maximilian Hackl said.
    He told the annual news conference that possible credit
risks, especially those associated with foreign nations, had
largely been covered. Risk provisions in 1987 were therefore
unlikely to reach the same high level as in 1986.
    Group bank net profit rose to 275.52 mln marks in 1986 from
222.73 mln the previous year and parent bank net profit
increased to 187.63 mln marks from 161.58 mln.
    Hackl said that interest margins in the banking business
had declined to 2.71 pct last year from 2.78 pct the previous
year. But in the mortgage sector, the margins had increased
slightly and stood around 0.7 pct.
    Parent bank commission surplus in the securities business
had risen almost 15 pct to 358 mln marks in 1986.
    Expenses for personnel had increased 7.5 pct to 782 mln
marks and others costs had increased 9.4 pct to 272 mln marks.
    The parent bank's 1986 partial operating profit, which
excludes earnings from trading on its own account, had climbed
two pct to 671 mln marks.
    The parent bank's balance sheet total rose 5.3 pct to 81.5
billion marks at end-1986 compared with end-1985, Hackl said.
    It was boosted by a three billion mark rise in mortgage
business and a 1.1 billion mark increase in banking business.
    The mortgage sector's share in total parent bank business
volume rose to 46 pct from 45.
    Hackl said that in January and February this year, the
bank's credit business had not livened up. But despite the
sharp downturn on German bourses, profits from trading on own
account had increased in the first two 1987 months compared
with the same year-ago period. He gave no detailed figures.
 REUTER
3;
bodyend
documentend
documentstart
8315
topicstart
topicend
bodystart
2;

BAKER URGES BANKS TO MULL NEW LOAN PLANS


    MIAMI, March 23 - 
Treasury Secretary James Baker urged
commercial banks to be open to new ideas for reducing the third
world debt burden.
    "I believe the commercial banks need to be open to creative
ideas for reducing the debt burden," Baker told the annual
meeting of the Inter-American Development Bank.
    But he said that he was confident banks would make
"substantial new lending" to the major debtors this year.
    He pointed out principal debtor nations are expected to
grow an average 3.5 pct this year, the fastest real rate of
growth since 1980.
    Saying the U.S. debt strategy was making "substantial
headway", Baker said import volumes of debtor countries are
forecast to jump over six pct in 1987 and export volumes almost
five pct -- the best performance in three years.
    He also said economic growth has kept pace with or
surpassed the growth in debt for nine of the 15 major debtors
since 1983.
    "This is a start -- and I venture to say a good one," the
Treasury Secretary said, and he urged the audience of Western
and Latin finance officials and bankers to stand fast against
suggestions of solutions like debt relief.
    While such ideas have political appeal, Baker said, they
would mean a drying up of capital flowing to debtors.
    And even if free market reforms followed, debt fogiveness
would frighten away investors who would not "risk their capital
in a country which abandoned its obligations."
    And he said, "A debt forgiveness plan that damages
commercial banks also weakens confidence in world financial
stability."
    He cautioned that resolving the debt situation would be a
"gradual and painstaking" process, varying from country to
country.
    Reporting on the U.S. debt strategy, Baker said attitudes
in debtor nations have changed and there is much greater
acceptance of free market reforms than hitherto.
    Some countries like Argentina are pursuing anti-inflation
programs. Others, like the Philippines and Chile, are
privatizing companies and swapping debt for equity.
    The International Monetary Fund and World Bank, meanwhile,
have committed nearly 12 billion dlrs in loans for the 15 major
debtor nations since late 1985, official creditors have
rescheduled 14.5 billion dlrs in outstanding loans through the
Paris club, while commercial banks are making new loans.
    Baker pointed out the banks have rescheduld nearly 70
billion dlrs of debt, reaching agreements recently with Chile,
Venezuela and Mexico.
    Elsewhere in his speech, Baker outlined the progress
industrial nations are making in promoting moderate global
growth, low inflation and efforts to reduce massive trade
imbalances.
    He maintained world economic conditions were "continuuing to
improve" a development that would provide a positive backdrop
for debtor nations.
 Reuter
3;
bodyend
documentend
documentstart
8316
topicstart
topicend
bodystart
2;

TOKAI BANK DOUBLES STERLING CD FACILITY


    LONDON, March 23 - 
The Tokai Bank Ltd, London Branch, is
doubling the size of a sterling certificate of deposit issuance
facility established last year to 200 mln stg from the original
100 mln, Chemical Bank International Ltd said as arranger.
    The increase reflects active use of the facility from the
first month after signing and growing international interest
from institutional investors at sub-LIBOR (London Interbank
Offered Rates) levels.
    Barclay's de Zoete Wedd Ltd has been added to the group of
dealers for the program.
 REUTER
3;
bodyend
documentend
documentstart
8317
topicstart
earn
topicend
bodystart
2;

DYNAMIC HOMES INC 
<
DYHM> 4TH QTR NET


    DETROIT LAKES, Minn., March 23 -
    
Shr nil vs loss two cts
    Net profit 2,900 vs loss 43,500
    Revs 1,660,300 vs 950,000
    12 mths
    Shr loss 30 cts vs loss 37 cts
    Net loss 578,900 vs loss 713,300
    Revs 5,112,100 vs 3,659,600
 Reuter
3;
bodyend
documentend
documentstart
8318
topicstart
earn
topicend
bodystart
2;

<
CANADA LEASE FINANCING LTD> 3RD QTR DEC 31 NET


    Toronto, March 23 -
    
Shr 30 cts vs 12 cts
    Net 727,000 vs 266,000
    Revs 27.8 mln vs 21.1 mln
    Nine mths
    Shr 59 cts vs 48 cts
    Net 1,355,000 vs 1,098,000
    Revs 69.4 mln vs 59.1 mln
 Reuter
3;
bodyend
documentend
documentstart
8319
topicstart
ship
grain
oilseed
topicend
bodystart
2;

ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE


    ROTTERDAM, March 23 - 
Graan Elevator Mij (GEM) said its
balance in port of grains, oilseeds and derivatives rose to
70,000 tonnes on March 21 compared with 10,000 a week earlier
after arrivals of 192,000 tonnes and discharges of 132,000
tonnes last week.
    The balance comprised 25,000 tonnes of grains plus oilseeds
and 45,000 tonnes of derivatives.
    This week's estimated arrivals total 487,000 tonnes, of
which 107,000 are grains/oilseeds and 380,000 derivatives.
    The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
 Reuter
3;
bodyend
documentend
documentstart
8320
topicstart
earn
topicend
bodystart
2;

PUBLIC SERVICE N.C. 
<
PSNC> RAISES PAYOUT


    GASTONIA, N.C., March 23 - 
Public Service Co of North
Carolina Inc said its board raised the quarterly dividend to 23
cts per share from 22-1/2 cts previously, as adjusted for a
two-for-one stock split that takes effect April 27.
    The dividend is payable July One to holders of record June
16.
    The company also said it plans to file soon for an offering
of  up to one mln new shares, which would give it a total of
about 8,850,000 post-split shares.
 Reuter
3;
bodyend
documentend
documentstart
8321
topicstart
topicend
bodystart
2;
******
MITSUBISHI BANK'S NY BRANCH SETS ONE BILLION DLR U.S. MEDIUM-TERM NOTE PROGRAM

Blah blah blah.
3;


bodyend
documentend
documentstart
8322
topicstart
earn
topicend
bodystart
2;

WICKES 
<
WIX> PLANS REVERSE SPLIT, CALLS DEBT


    SANTA MONICA, Calif., March 23 - 
Wickes Cos Inc said its
board authorized a one-for-five reverse stock split and plans
to call the company's its 12 pct senior subordianted debentures
due 1994.
    The company said it will seek shareholder approval of the
reverse stock split at the annual shareholders meeting
scheduled for June 18.
    At January 31 Wickes had 239 mln shares outstanding, the
company also said.
    Wickes also said it will call the debentures on Dec 1,
1987, assuming market conditions remain essentially the same.
 Reuter
3;
bodyend
documentend
documentstart
8325
topicstart
topicend
bodystart
2;

ARGENTINA EXPECTS QUICK AGREEMENT WITH BANKS


    MIAMI, March 23 - 
Argentina expects to reach agreement with
its commercial bank creditors in the near future on a new
financing package including 2.15 billion dlrs in new loans,
Treasury Secretary Mario Brodersohn said.
    Addressing Argentine businessman during the Inter-American
Development Bank (IADB) meeting here, he said the two sides
will meet again next Thursday in New York.
    "We have made significant progress over the last 30 days
and we should have an agreement in a shorter lapse of time than
managed by Mexico, Venezuela or Chile," he said.
    Brodersohn reiterated that Argentina's goal is to reach an
agreement which permits four pct growth this year, following
last year's 5.5 pct and negative growth in 1985.
    He said discussions were still continuing on
debt-capitalization plans and schemes for on-lending, in the
light of certain Argentine concerns.
    The government is anxious that debt that is capitalized
should represent new investment in the country on a dollar
invested per dollar capitalized basis, rather than a simple
transfer of ownership of the debt, he said.
    At the same time, it wants to avoid an expansionary
monetary impact from on-lending schemes, whereby debt
repayments are recycled by banks into new loans.
    Brodersohn said also agreement was close on the proposal
for so-called exit bonds, whereby creditors can sell out their
debt.
    Argentina's 1987 financing needs come to 3.53 billion dlrs,
including the 2.15 billion from banks and a 1.38 billion dlr
IMF loan already agreed. It is projecting a current account
deficit of 2.2 billion dlrs after one of 2.4 billion last year.
    It estimates export earnings will have dropped by 7.1
billion dlrs between 1985-87 as a result of falling commodity
prices.
    Argentina, owing 50 billion dlrs, is Latin America's fourth
biggest debtor.
 Reuter
3;
bodyend
documentend
documentstart
8326
topicstart
cocoa
topicend
bodystart
2;
******
ICCO PUTS 1986/87 WORLD COCOA SURPLUS  94,000 TONNES VS 118,000 IN 1985/86 - DELEGATES

Blah blah blah.
3;


bodyend
documentend
documentstart
8327
topicstart
acq
topicend
bodystart
2;

INVESTOR ACQUIRES 9.9 PCT OF MUNFORD 
<
MFD>


    WASHINGTON, March 23 - 
A joint venture controlled by Dallas
investor Bradbury Dyer said it had acquired 377,000 shares, or
9.9 pct, of the common stock of Munford Inc.
    In a filing with the Securities and Exchange Commission,
the concern, which comprises Paragon Associates and Paragon
Associates II, said it bought the stake for 7,659,000 dlrs and
may buy more shares.
    Paragon said it bought the shares for investment purposes.
 Reuter
3;
bodyend
documentend
documentstart
8329
topicstart
topicend
bodystart
2;

MITSUBISHI NY BRANCH SETS U.S. CD NOTE PROGRAM


    NEW YORK, March 23 - 
The New York branch of Mitsubishi Bank
Ltd said it set a one billion dlr U.S. medium-term certificate
of deposit note program.
    The bank said this will be the largest such program ever
established by a U.S. or foreign commercial bank.
    Proceeds of the continuous offering of the medium-term CD
notes will be used for general funding purposes of the New York
bank. The firm named Morgan Stanley and Co Inc as lead agent of
the program, with Merrill Lynch Capital Markets and Salomon
Brothers Inc as co-agents. The parent company had total assets
of 210 billion dlrs as of September 30, 1986.
 Reuter
3;
bodyend
documentend
documentstart
8331
topicstart
gold
topicend
bodystart
2;

BP 
<
BP> UNIT TO BUILD GOLD EXTRACTION PLANT


    DENVER, March 23 - 
Amselco Minerals Inc, a unit of British
Petroleum Co PLC, said it approved construction of a new plant
with Nerco Minerals Co to process carbon ore to recover
microscopic gold reserves.
    The plant, to be located at the Alligator Ridge Mine near
Ely, Nev., will process 1,000 tons a day of carbon-bearing ore
to recover 70,000 ounces of gold over three years, it said.
    The plant will use a chemical process called leaching to
extract the residual gold, which could not otherwise be
economically recovered. Operation of the plant, to be jointly
owned by Amselco and Nerco, is set to start in October.
    The Alligator Ridge Mine is jointly owned by Amselco and
Nerco, a unit of Nerco Inc 
<
NER>, which is 90.5 pct owned by
Pacificorp 
<
PPW>, a Portland, Ore., holding company.
    The mine has produced about 60,000 ounces of gold a year
since 1981 using another leaching process, a BP spokesman said.
The open pit oxide ore reserves of Alligator Ridge will be
exhausted by August 1987, as expected, when the work force will
be reduced to about 72 from 127, the company said.
    The employees remaining after that will operate the new
plant, it said.
 Reuter
3;
bodyend
documentend
documentstart
8334
topicstart
earn
topicend
bodystart
2;

MOTO PHOTO 
<
MOTO> SEES BETTER 1ST QUARTER 1987


    DAYTON, Ohio, March 23 - 
Moto Photo Inc  president, Michael
Adler, said he expects the company's first quarter earnings for
fiscal 1987 to be better than the same quarter a year ago.
    Adler said, however, that the quarter would still be a
loss, primarily because it is the low season for the imaging
business.
    Photo Moto recored a net loss for the first quarter 1986
ending March 31 of 328,889 dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
8335
topicstart
earn
topicend
bodystart
2;

CANADA SOUTHERN PETROLEUM LTD
<
CSW> 2ND QTR LOSS


    CALGARY, Alberta - 
Qtr ends Dec 31
    Shr loss one ct vs profit two cts
    Net loss 52,922 vs profit 220,041
    Revs 481,832 vs 824,554
    Six mths
    Shr loss one ct vs profit four cts
    Net loss 104,129 vs profit 345,515
    Revs 934,685 vs 1,465,153
 Reuter
3;
bodyend
documentend
documentstart
8337
topicstart
earn
topicend
bodystart
2;

RECOTON CORP 
<
RCOT> 4TH QTR LOSS


    LONG ISLAND CITY, N.Y., March 23 -
    
Shr loss 14 cts vs profit 26 cts
    Net loss 384,000 vs profit 714,000
    Revs 8,367,000 vs 9,909,000
    Year
    Shr profit 19 cts vs profit 57 cts
    Net profit 518,000 vs profit 1,547,000
    Revs 28.7 mln vs 26.7 mln
    NOTE: Includes income tax credits of 302,000 dlrs and 1.3
mln dlrs in 1986 and 1985, respectively, and 602,000 dlrs in
1985 qtr. Current qtr after tax provision of 452,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8338
topicstart
earn
topicend
bodystart
2;

SANFORD CORP 
<
SANF> 1ST QTR FEB 28 NET


    BELLWOOD, Ill., March 23 -
    
Shr 28 cts vs 13 cts
    Net 1,898,000 vs 892,000
    Sales 16.8 mln vs 15.3 mln
 Reuter
3;
bodyend
documentend
documentstart
8339
topicstart
earn
topicend
bodystart
2;

<
CANADA SOUTHERN PETROLEUM LTD> 2ND QTR LOSS


    CALGARY, Alberta, March 23 -
    
Period ended December 31, 1986
    Shr loss one ct vs profit two cts
    Net loss 52,922 vs profit 220,041
    Revs 481,832 vs 824,554
    Six mths
    Shr loss one ct vs profit four cts
    Net loss 104,129 vs profit 345,515
    Revs 937,685 vs 1,460,000
 Reuter
3;
bodyend
documentend
documentstart
8340
topicstart
earn
topicend
bodystart
2;

HOSPOSABLE PRODUCTS INC 
<
HOSP> 4TH QTR NET


    BOUND BROOK, N.J., March 23 -
    
Shr 12 cts vs eight cts
    Net 102,002 vs 59,396
    Sales 3,024,423 vs 2,437,489
    Avg shrs 1,032,000 vs 746,004
    Year
    Shr 64 cts vs 45 cts
    Net 570,491 vs 340,852
    Sales 11.1 mln vs 10.6 mln
    Avg shrs 1,032,000 vs 753,948
 Reuter
3;
bodyend
documentend
documentstart
8341
topicstart
topicend
bodystart
2;

DUFF/PHELPS LOWERS BENEFICIAL CORP 
<
BNL> DEBT


    CHICAGO, March 23 - 
Duff and Phelps said it lowered the
ratings on Beneficial Corp's senior debt to DP-7 (low A) from
DP-6 (middle A) and preferred stock to DP-8 (High BBB) from
DP-7, affecting approximately four billion dlrs in debt.
    The changes reflect the restruction of Beneficial which
include the sale of subsidiaries Western National Life,
American Centennial Insurance Co and Beneficial National Bank
USA. Charges taken last year as a result of reserve
inadequacies in the property and casualty subsidiary sharply
reduced the equity base and increased the financial leverage of
the company, Duff and Phelps said.
 Reuter
3;
bodyend
documentend
documentstart
8342
topicstart
iron-steel
topicend
bodystart
2;

BANGEMANN DENIES NEWSPAPER INTERVIEW ON SUBSIDIES


    BONN, March 23 - 
The West German Economics Minister today
denied giving a newspaper interview which quoted him as saying
the state could not continue to pour money into the country's
ailing steel and coal industries.
    Economics Ministry spokesman Dieter Vogel said in a
statement Bangemann had contacted him from New Zealand, where
he is attending a General Agreement on Trade and Tariffs (GATT)
ministerial meeting, to deny giving the interview to the
conservative daily Die Welt. The paper quoted Bangemann as
saying that continued subsidies would endanger other parts of
the German economy by making them uncompetitive.
    Vogel said Bangemann had pledged that everything possible
would be done to minimize the effects of reduced coal and steel
production on the workforces and regions concerned.
    Die Welt said the interview with Bangemann had taken place
at a meeting of his Free Democratic Party (FDP) in Darmstadt
last Friday, adding that it had a tape recording of his
comments which it would publish tomorrow.
 Reuter
3;
bodyend
documentend
documentstart
8343
topicstart
interest
topicend
bodystart
2;
******
FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8344
topicstart
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 23 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
8346
topicstart
topicend
bodystart
2;

IRT PROPERTY 
<
IRT> MAY SELL CONVERTIBLE DEBT


    ATLANTA, March 23 - 
IRT Property Co said it is in talks on
the issucne in Europe of 30 mln dlrs of 15-year two pct
debentures convertible into common stock at 23.50 dlrs per
share.
    It said investors would have the right to require the
company to redeem half of the issue during the 49th month of
the term of the bonds and the remainder during the 73rd month.
    On exercise of the redemption right, the investors would be
entitled to repayment of the bond at a premium to par that
would provide a total rate of return equal to the yield on the
issue date of four or six-year U.S. Treasury bonds.
    IRT said conversion would be permitted at any time after 90
days after completion of the distribution of the debentures. 
It said the conversion price might be adjusted or the offering
discontinued based on fluctuations in the market price of IRT
common before distribution of the debentures.
 Reuter
3;
bodyend
documentend
documentstart
8347
topicstart
gnp
topicend
bodystart
2;

SWEDISH GNP ROSE LESS THAN EXPECTED, FIGURES SHOW


    STOCKHOLM, March 23 - 
Sweden's Gross National Product rose
1.3 pct last year against 2.3 pct in 1985, mainly due to a
lower than forecast growth in exports and a sharp fall in total
investments, the Central Bureau of Statistics reported.
    Private consumption rose 4.1 pct during 1986 against 2.7
pct in 1985 whereas the Finance Ministry had expected an
increase of only 3.6 pct. Total investments fell 0.7 pct
against a rise of 6.3 pct in 1985. The Finance Ministry had
forecast a rise of 0.3 pct in 1986.
    Exports rose 2.1 pct last year against 2.3 pct in 1985, but
the Finance Ministry had predicted a growth of 2.8 pct.
 REUTER
3;
bodyend
documentend
documentstart
8349
topicstart
earn
topicend
bodystart
2;

MCDONALD'S 
<
MCD> UP ON REAFFIRMED RECOMMENDATION


    NEW YORK, MARCH 23 - 
McDonald's Corp rose sharply today
after receiving a second recommendation in as many sessions,
traders said.
    Today, analyst Richard Simon of Goldman Sachs and Co
reaffirmed his recommendation of the stock and put it on his
"focus list," traders familiar with the recommendation said.
    Simon was unavailable for comment.
    The stock jumped 2-3/4 to 79-7/8.
    On Friday, analyst Daniel Lee of Drexel Burnham Lambert Inc
reiterated a recommendation of the stock focusing on increased
comparable store sales and consistent annual earnings growth.
Friday, the stock closed 1-5/8 points higher.
    Wendy's, another operator of fast food restaurants, rose
one to 12-3/4 in active trading. Vague rumors that Wendy's is a
takeover candidate continued to circulate Wall Street, traders
said.
 Reuter
3;
bodyend
documentend
documentstart
8350
topicstart
earn
topicend
bodystart
2;

ALLIED PRODUCTS CORP 
<
ADP> YEAR NET


    CHICAGO, March 23 -
    
Shr 3.36 dlrs vs 3.33 dlrs
    Net 16,173,000 vs 10,603,000
    Sales 420.8 mln vs 276.1 mln
    Avg shrs 4.4 mln vs 3.2 mln
    NOTE: 1985 net includes tax credits of 6.9 mln dlrs or 2.19
dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
8351
topicstart
acq
topicend
bodystart
2;

AMERICAN TELEVISION 
<
ATCMA> BUYS TIME 
<
TL> UNIT


    ENGLEWOOD, Colo., March 23 - 
American Television and
Communications Corp said it has completed the acquisition of
Manhattan Cable Television Inc from Time Inc for about
9,400,000 Class B common shares.
    American Television was spun off from Time in August 1986.
The company said following this transaction, Time now owns 82
pct of American Television.
 Reuter
3;
bodyend
documentend
documentstart
8353
topicstart
acq
topicend
bodystart
2;

DWG 
<
DWG> COMPLETES SALE OF UNIT


    MIAMI, March 23 - 
DWG Corp said it has completed the
previously-announced sale of its Texsun Corp subsidiary to
Texsun Corp subsidiary to Sundor Brands Inc for 27.5 mln dlrs
and the assumption of liabilities.
    It said proceeds have been placed in escrow pending the
outcome of talks with lenders.
 Reuter
3;
bodyend
documentend
documentstart
8355
topicstart
acq
topicend
bodystart
2;

ALLIED 
<
ASU> SELLING MICHIGAN UNITS


    DETROIT, March 23 - 
Allied Supermarkets Inc said it entered
into a definitive agreement to sell its Michigan operations for
about 46 mln dlrs in cash and debt plus assumption of
substantially all of Allied's liabilities other than senior
subordinated debentures.
    It said the operations will be sold to Meadowdale Foods
Inc, a corporation formed by members of its existing
management, including Chairman David Page and President Lon
Makanoff.
    The transaction is conditioned on  Allied's pending merger
with the Vons Cos Inc.
 Reuter
3;
bodyend
documentend
documentstart
8356
topicstart
topicend
bodystart
2;

BANK OF FINLAND ISSUES CDS FOR FIRST TIME


    HELSINKI, March 23 - 
The Bank of Finland issued for the
first time a small amount of its own certificates of deposit
following its decision last Friday to enter the interbank
market by buying and selling CDs, a Central Bank official said.
    The official said the volume of the Central Bank CDs, which
had a maturity of three months, was still small as today's
transactions were seen as an exercise for what is still a new
market for the Bank of Finland.
 REUTER
3;
bodyend
documentend
documentstart
8359
topicstart
acq
topicend
bodystart
2;

KLM SAYS IT IS NOT SEEKING AIR ATLANTA STAKE


    AMSTERDAM, March 23 - 
KLM Royal Dutch Airlines 
<
KLM.AS> is
discussing marketing cooperation with U.S. regional carrier Air
Atlanta Inc but it is not seeking to take a stake in the
airline, a KLM spokesman said.
    "We're not considering taking either a majority or minority
stake in Air Atlanta, but we are thinking of providing them
with a loan," the spokesman told Reuters in a comment on a Wall
Street Journal report saying debt-laden Air Atlanta could sell
as much as 25 pct of its stock to the Dutch airline.
    KLM last week denied a Dutch press report saying it was
discussing a takeover of Air Atlanta.
    The KLM spokesman said Air Atlanta's regional route
network, centred on Atlanta, Ga, could serve as a feeder to
KLM's international network, which includes direct flights
between Atlanta and Amsterdam.
    KLM and Air Atlanta had been talking "for some time," he
said, but declined to elaborate further on the talks or give
details of the loan to Air Atlanta.
 Reuter
3;
bodyend
documentend
documentstart
8361
topicstart
acq
topicend
bodystart
2;

GENCORP SUES GENERAL PARTNERS


    AKRON, OHIO, March 23 - 
Gencorp Inc said it filed suit
against the unsolicited 100 dlr-a-share tender offer of Wagner
and Brown and AFG INdustries.
    Gencorp said it is seeking an injunction against the offer
because it is violates federal securities laws and margin
regulations.
    Gencorp also said its board is carefully studying the offer
and will make a decision on whether or not shareholders should
accept or reject it by March 31.
 Reuter
3;
bodyend
documentend
documentstart
8363
topicstart
ipi
topicend
bodystart
2;

IRISH INDUSTRIAL PRODUCTION INDEX UP 6.2 PCT


    DUBLIN, March 23 - 
Ireland's industrial production index
stood at 132.8 in December, a year-on-year rise of 6.2 pct, the
Central Statistics Bureau reported.
    In November the index, base 1980, stood at 144.8, showing a
rise of 4.3 pct on a year-on-year basis.
 REUTER
3;
bodyend
documentend
documentstart
8364
topicstart
earn
topicend
bodystart
2;

NEW BRUNSWICK SCIENTIFIC CO INC 
<
NBSC> 4TH QTR


    EDISON, N.J., March 23 -
    
Shr 22 cts vs six cts
    Net 819,000 vs 201,000
    Revs 9.3 mln vs 7.7 mln
    Year
    Shr 40 cts vs 20 cts
    Net 1.5 mln vs 728,000
    Revs 31.5 mln vs 26.6 mln
 Reuter
3;
bodyend
documentend
documentstart
8366
topicstart
earn
topicend
bodystart
2;

INTELLIGENT BUSINESS 
<
IBCC> 1ST QTR JAN 31


    HAUPPAUGE, N.Y., March 23 -
    
Shr three cts vs nil
    Net 328,112 vs 6,374
    Revs 1,401,155 vs 846,253
    NOTE: Full name is Intelligent Business Communications Corp
 Reuter
3;
bodyend
documentend
documentstart
8367
topicstart
acq
topicend
bodystart
2;

PRINCIPAL NEO-TECH SELLS UNIT


    TORONTO, March 23 - 
<
Principal Neo-Tech Inc> said it
completed the sale of its subsidiary, Neo-Tech Inc, to Seismic
Holdings Inc and Energy Holdings Inc, of Denver, Colo.
    As part of the price, Principal Neo-Tech received notes and
preferred shares of Energy Holdings. However, terms were not
disclosed.
 Reuter
3;
bodyend
documentend
documentstart
8368
topicstart
acq
topicend
bodystart
2;
******
CHARTER FEDERAL, JEFFERSON SAVINGS AGREE TO MERGE

Blah blah blah.
3;


bodyend
documentend
documentstart
8370
topicstart
acq
topicend
bodystart
2;

PHH 
<
PHH> BUYS TWO DESIGN FIRMS


    HUNT VALLEY, MD, March 23 - 
PHH Group Inc said it acquired
two design firms for undisclosed terms.
    In 1986, the two firms, Neville Lewis Associates of New
York and Walker Associates Inc of L.A., produced 15.6 mln dlrs
in total fees.
 Reuter
3;
bodyend
documentend
documentstart
8371
topicstart
topicend
bodystart
2;

MERRILL 
<
MER> SELLS NEW ZEALAND DLR NOTES


    NEW YORK, March 23 - 
Merrill Lynch and Co Inc is offering
in the domestic debt market 75 mln dlrs of New Zealand
dollar-denominated notes due 1988, said sole manager Merrill
Lynch Capital Markets.
    The notes were assigned a 20 pct coupon and priced at par
to yield 150 basis points below comparable New Zealand rates.
    Non-callable for life, the issue is rated A-1 by Moody's
and AA by Standard and Poor's Corp. The notes have an annual
interest coupon instead of paying interest semi-annually,
Merrill said.
 Reuter
3;
bodyend
documentend
documentstart
8373
topicstart
acq
topicend
bodystart
2;

CHARTER FEDERAL 
<
CHFD>, JEFFERSON TO MERGE


    BRISTOL, Va, March 23 - 
Charter Federal Savings and Loan
Association of Bristol, Va., said it has agreed to acquire
Jefferson Savings and Loan Association of Warrenton, Va.
    Under terms of the transaction, which would result in a 1.3
billion dlr thrift institution, stockholders of Jefferson will
get 30.50 dlrs per share, half in cash and half in shares of
Charter.
    The resulting association will operate under the name of
Charter and will be based in Bristol.
    The transaction is valued at about 16.3 mln dlrs, a
Jefferson spokesman said.
    Charter said the merger is subject to approval of the
Federal Home Loan Bank Board.
    Jefferson reported a 1.5 mln dlrs loss and assets of 360
mln dlrs for the year ended September 30, 1986.
    For the year ended June 30, Charter reported net income of
7.9 mln dlrs. Assets totaled about 844.0 mln dlrs as of
December 31.
 Reuter
3;
bodyend
documentend
documentstart
8374
topicstart
grain
topicend
bodystart
2;

TRADE PROPOSES NEW EC GRAIN INTERVENTION RULES


    BRUSSELS, March 23 - 
The European Community (EC) cereals
trade lobby organisation Coceral said it has written to EC Farm
Commissioner Frans Andriessen to propose a new system for sales
into intervention, which it claims could save the EC budget
money.
    It proposes that applications for intervention be made
through a certificate valid for execution three months later.
If during the three months the trader found a market elsewhere,
he could buy back the certificate on payment of a one pct
premium.
    Coceral argues that this would restore the original
function of intervention as a safety net and would end the
present situation in which produce is often sold into
intervention as a precaution.
 Reuter
3;
bodyend
documentend
documentstart
8375
topicstart
topicend
bodystart
2;

COMMUNAUTE URBAINE DE MONTREAL ISSUES NOTES


    LONDON, March 23 - 
Communaute Urbaine de Montreal is
issuing a 75 mln Canadian dlr bond due April 22, 1997 carrying
a coupon of 8-7/8 pct and priced at 101-5/8, Banque Nationale
de Paris said as lead manager.
    The notes are available in denominations of 1,000 and
10,000 dlrs and will be listed on the Luxembourg Stock
Exchange. Payment date is April 22, 1987. The issuers'
outstanding securities are rated A-plus by Standard and Poor's
Corp.
    There is a 1-1/4 pct selling concession and 5/8 combined
management and underwriting fee.
 REUTERS
3;
bodyend
documentend
documentstart
8378
topicstart
earn
topicend
bodystart
2;

LOWE'S COS INC 
<
LOW> QTLY DIV


    NORTH WILKESBORO, N.C., March 23 -
    
Qtly div 10 cts vs 10 cts prior
    Payable April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
8382
topicstart
topicend
bodystart
2;
******
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.46 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
8386
topicstart
topicend
bodystart
2;

TANDY BRANDS 
<
TAB> PLACES CONVERTIBLE NOTES


    FORT WORTH, Texas, March 23 - 
Trandy Brands Inc said 8.0
mln dlrs of 8.5 pct, 10-year subordinated convetible notes were
placed with a private institutional investor by Goldman Sachs
and Co.
    Tandy Brands also said it completed a new two year credit
agreement Citicorp's 
<
CCI> Citibank and MCorp's 
<
M> MBank Fort
Worth providing working capital lines and letters of credit of
15 mln dlrs in year one and 21 mln dlrs in year two.
    Tandy Brands said the notes are convertible at 10 dlrs a
share, noting a previous announcement the price was negotiated
when the company's common was trading at 7.75 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
8387
topicstart
acq
topicend
bodystart
2;
******
COCA COLA SPOKESMAN SAID RUMORS COKE SEEKING TAKEOVER OF WENDY'S ARE NOT CORRECT

Blah blah blah.
3;


bodyend
documentend
documentstart
8388
topicstart
earn
topicend
bodystart
2;

COMPUTER DEVICES INC 4TH QTR


    NUTTING LAKE, Mass, March 23 -
    
Shr loss one cnt vs profit one cnt
    Net loss 35,000 vs profit 42,000
    Revs 881,000 vs 1.3 mln
    Year
    Shr profit seven cts vs profit nine cts
    Net profit 291,000 vs profit 366,000
    Revs 4.4 mln vs 5.9 mln
    NOTE:1985 4th qtr and year includes gain of 7,000 dlrs and
147,000 dlrs respectivley. 1986 year includes gain of 35,000
dlrs from tax loss carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
8390
topicstart
topicend
bodystart
2;

YUGOSLAVIA SEEKS TWO BILLION DLR REFINANCING


    BELGRADE, March 23 - 
Deputy Prime Minister Janez Zemljaric,
speaking before a meeting with the Paris Club of creditor
nations, said Yugoslavia was seeking to refinance two billion
dlrs of debt.
    The official Tanjug news agency quoted Zemljaric as saying
Yugoslavia expected a "definite measure of understanding" from 16
western creditor countries when they meet on March 30.
    Zemljaric was not quoted as saying whether the two billion
dlrs referred to principal or interest or both. Yugoslavia's
hard currency debt stands between 19 and 20 billion dlrs.
    Zemljaric said the International Monetary Fund criticised
Yugoslavia for not regulating consumption, not having real
interest rates or market exchange rates, for its inability to
control monetary policy and slow pace of reform.
    He said the criticisms were in a report by an IMF
commission which visited Yugoslavia last December and January.
    "We cannot accept this assessment because we have made not
inconsiderable progress under difficult conditions, even though
we are aware of our own weaknesses," Zemljaric said.
    He said the report favourably assessed some trends in the
Yugoslav economy but did not say which.
    Milos Milosavljevic, also a Deputy Prime Minister, said
last Friday that Yugoslavia had repaid 640 mln dlrs of
principal and 325 mln dlrs of interest so far in 1987.
    According to official Yugoslav figures, Yugoslavia repaid a
record 5.97 billion dlrs in capital and interest in 1986.
    In an interview with the West German weekly magazine Der
Spiegel, Prime Minister Branko Mikulic said last weekend
Yugoslavia had repaid 28.3 billion dlrs in principal and
interest between 1981 and 1986.
 REUTER
3;
bodyend
documentend
documentstart
8391
topicstart
earn
topicend
bodystart
2;

DUCOMMON INC 
<
DCO> 4TH QTR LOSS


    CYPRESS, Calif., March 23 -
    
Oper shr loss 5.60 dlrs vs loss 1.10 dlrs
    Oper net loss 18,688,000 vs loss 3,662,000
    Sales 107.3 mln vs 108.7 mln
    Year
    Oper shr loss 5.76 dlrs vs loss 98 cts
    Oper net loss 19,213,000 vs loss 3,263,000
    Sales 455.2 mln vs 417.0 mln
    Note: Prior qtr and year figures exclude losses from
discontinued operations of 279,000 dlrs and 555,000 dlrs,
respectively and respective losses on sale of discontinued
operations of 14.6 mln dlrs and 15.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8394
topicstart
earn
topicend
bodystart
2;

MEM COM INC 
<
MEM> 4TH QTR NET


    NORTHVALE, N.J., March 23 -
    
Oper shr 93 cts vs 32 cts
    Oper net 2,443,810 vs 847,609
    Revs 30.3 mln vs 21.0 mln
    12 mths
    Oper shr 1.16 dlrs vs 85 cts
    Oper net 3,066,407 vs 2,250,781
    Revs 70.9 mln vs 61.8 mln
    NOTE: qtr 1985 excludes gain 96,327 dlrs for discontinued
operations of Lebanon Packaging.
    Year 1986 and year prior excludes loss 62,216 dlrs, and
gain 281,367 dlrs, respectively, for discontinued operations on
Lebanon sale.
 Reuter
3;
bodyend
documentend
documentstart
8396
topicstart
acq
topicend
bodystart
2;

COCA COLA 
<
KO> SAYS RUMORS INCORRECT


    NEW YORK, March 23 - 
A Coca Cola Co spokesman said rumors
the company is interested in acquiring Wendy's International

<
WEN> are not true.
    "Those rumors are not correct," said Carlton Curtis, an
assistant vice president at Coke. "We have stated many times
that Coca Cola Co has no interest in an acquisition in the food
service industry and thereby becoming a competitor to our food
service customers."
    Wendy's stock has been flying high on the rumors for two
days. Today, Wendy's hit a high of 13-3/8 before dropping back
to 12-3/8, up 5/8 in heavy trading.
 Reuter
3;
bodyend
documentend
documentstart
8399
topicstart
earn
topicend
bodystart
2;

SWEET VICTORY INC 
<
SVIC> YEAR


    NEW YORK, March 23 -
    
Shr loss 1.16 dlrs vs loss 61 cts
    Net loss 3.5 mln vs loss 1.3 mln
    Revs 943,938 dlrs vs 480,333 dlrs
 Reuter
3;
bodyend
documentend
documentstart
8400
topicstart
grain
corn
topicend
bodystart
2;

PORTUGUESE GRAIN AGENCY BAN OPPOSED BY MINISTER


    LISBON, March 23 - 
Portugal's Agriculture Minister Alvaro
Barreto said he disagreed with a court order barring the state
grain buying agency EPAC from taking part in cereals import
tenders open to private traders.
    Barreto told reporters his aim was to have EPAC readmitted
to the tenders.
    Under the terms of Portugal's January 1986 accession to the
European Community (EC), a grain import monopoly held by EPAC
(Empresa Publica de Abastecimento de Cereais) is being reduced
by 20 pct annually until all imports are liberalised in 1990.
    Following legal proceedings by private importers, Lisbon's
civil court decided in a preliminary ruling earlier this month
that EPAC should not be allowed to take part, as it had done,
in tenders for the liberalised share of annual grain imports.
    As a result of this ruling, EPAC was excluded from a March
12 tender for the import of 80,000 tonnes of maize.
    Barreto said, "My objective is put EPAC into the tenders
because it has a right to take part." He added the government
would be studying the court order to see whether or not the
ruling could stop EPAC from participating in future tenders.
    Barreto said there was no reason to exclude any operator,
whether public or private, from the tenders. Private traders
had argued that EPAC, given its dominant position in the
Portuguese grain market, had an unfair advantage over them.
    "There is no reason to make EPAC a martyr of the system,"
Barreto said. He said the EC's executive commission had
accepted the government's view that EPAC should be eligible.
    The Lisbon court ruling stated that EPAC's participation in
the public tenders was unfair competition and violated the
clauses of Portugal's EC accession treaty dealing with the
gradual dismantling of the state agency's import monopoly.
 Reuter
3;
bodyend
documentend
documentstart
8401
topicstart
interest
topicend
bodystart
2;

STANDARD FEDERAL 
<
SFB> OFFERS ZERO-POINT LOAN


    TROY, Mich, March 23 - 
Standard Federal Bank said it
introduced a zero-point fixed rate mortgage loan.
    The loan program offers borrowers home mortgage financing
with no discount fees charged.
    Standard said that fees charged will include an application
fee, commitment fee and out-of-pocket expenses such as title
work, survey, recording fees and private mortgage insurance.
    
 Reuter
3;
bodyend
documentend
documentstart
8402
topicstart
crude
topicend
bodystart
2;
******
IRAQ OIL MINISTER QASSEM AHMED TAQI REPLACED, IRAQI NEWS AGENCY REPORTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8405
topicstart
crude
topicend
bodystart
2;

IRAQI OIL MINISTER REPLACED - OFFICIAL


    BAGHDAD, March 23 - 
Iraq's Oil Minister Qassem Ahmed Taqi
has been moved to the Heavy Industries ministry, the official
Iraqi news agcny INA said tonight.
    It quoted a Presidential decree appointing Oil Ministry
undersecretary Isam Abdul-Rahim Al-Chalaby as the new Oil
Minister.
    The Ministers of Industry and Communication and Transport
had both been relieved of their posts, the news agency said.
    No immediate explanation was given for the changes.
    Al-Chalaby is the head of the Iraqi National Oil Company.
    INA said the decree, signed by President Saddam Hussein,
relieved the Minister of Heavy Industries, Subhi Yassin Khadeir
of his post and appointed him a Presidential adviser.
    His ministry was formerly known as the Industry and Mineral
Resources Ministry. The Minister of Communications and
Transport, Abdel-Jabbar Abdel-Rahim al-Asadi was also relieved
of his post and replaced by a member of the ruling Baath party
regional command, Mohammed Hamza al-Zubeidi. Al-Zubedei is also
a Presidential adviser. All three ministers involved in the
reshuffle had spent more than four years in their posts.
 Reuter
3;
bodyend
documentend
documentstart
8406
topicstart
acq
topicend
bodystart
2;

ALLEGHENY 
<
AI> SUED OVER PROPOSED BUYOUT


    PITTSBURGH, March 23 - 
Allegheny International Inc said it
and First Boston Inc's 
<
FBC> Sunter Holdings Corp subsidiary
have been named as defendants in a class action filed in the
Court of Common Pleas for Allegheny County, Pa., which seeks an
injunction against Allegheny's proposed merger into Sunter.
    The company said its board and some former directors and
First Boston were also named as defendants.
    It said it and Sunter intend to vigorously oppose the
action.
    Allegheny said the class action suit alleges the price to
be paid in the transaction is grossly unfair. The company said
the suit's allegations are similar to those contained in an
earlier federal court suit.
 Reuter
3;
bodyend
documentend
documentstart
8407
topicstart
earn
topicend
bodystart
2;

ASTROCOM CORP 
<
ACOM> 4TH QTR NET


    ST. PAUL, March 23 -
    
Shr one ct vs five cts
    Net 19,174 vs 118,671
    Revs 3,127,162 vs 2,936,330
    Year
    Shr eight cts vs 30 cts
    Net 198,290 vs 712,087
    Revs 12.4 mln vs 11.6 mln
    Avg shrs 2,603,588 vs 2,376,604
 Reuter
3;
bodyend
documentend
documentstart
8409
topicstart
earn
topicend
bodystart
2;

JUNO LIGHTING INC 
<
JUNO> 1ST QTR FEB 28 NET


    DES PLAINES, ILL., March 23 -
    
Shr 43 cts vs 32 cts
    Net 1,991,000 vs 1,485,000
    Sales 11.7 mln vs 9,479,000
 Reuter
3;
bodyend
documentend
documentstart
8411
topicstart
topicend
bodystart
2;

LSI LOGIC 
<
LLSI> SETS 100-MLN-DLR DEBT OFFER


    MILPITAS, Calif., March 23 - 
LSI Logic Corp said it intends
to offer 100 mln dlrs of convertible subordinated debentures
due 2002, outside the U.S., through Morgan Stanley
International and Prudential-Bache Capital Funding.
    The company said it is issuing the debentures with an
indicated coupon range of 5-3/4 pct to 6-1/4 pct and an
indicated conversion premium range of 24-26 pct.
    The debentures will be convertible into common stock
through the life of the bonds.
    The company said the debt is expected to be listed on the
Luxembourg Stock Exchange.
 Reuter
3;
bodyend
documentend
documentstart
8413
topicstart
grain
wheat
cotton
rice
topicend
bodystart
2;

U.S. FARM POLICY DEBATE COULD HIT SENATE SOON


    WASHINGTON, March 23 - 
The Senate this week might take up
proposed legislation that could serve as a lightning rod to
expose broad initiatives to change U.S. farm policy.
    The Senate could consider a House-passed bill that would
allow wheat and feedgrains farmers to receive at least 92 pct
of their income support payments if flooding last year
prevented, or will prevent, them from planting their 1987
crops, Senate staff members told Reuters.
    Also pending is a bill extend the life of the National
Commission on Dairy Policy.
    Sen. Rudy Boschwitz, R-Minn., intends to offer an amendment
to one of the bills that would suspend the minimum planting
requirement for all 1987 wheat, feedgrain, cotton and rice
producers, an aide said.
    Under current law, producers must plant at least 50 pct of
their base acreage to be eligible for 92 pct of their
deficiency payments.
    Most major U.S. farm groups have lobbied hard against
making any fundamental changes in the 1985 farm bill out of
fear a full-scale debate could expose agricultural problems to
budget-cutting pressures.
    Representatives of these farm groups have said they also
fear efforts by Midwestern Democrats to force a floor vote on a
bill that would require large acreage set-asides in return for
sharply higher support prices.
    However, Sen. Tom Harkin, D-Iowa, sponsor of the bill, told
Reuters he did not intend to offer his measure as a floor
amendment but to bring it through the committee.
 Reuter
3;
bodyend
documentend
documentstart
8415
topicstart
tin
topicend
bodystart
2;

TIN PACT SPECIAL SESSION THIS WEEK ROUTINE


    LONDON, March 23 - 
A further special session of the
International Tin Council, ITC, held here tomorrow, March 24,
will give member countries an update on the latest debate over
the hundreds of millions of sterling lost when its buffer stock
price support scheme failed in October 1985, delegates said.
    But the ITC quarterly session scheduled for April 8-9 will
be important, as the council will by then be wanting to decide
on whether the current pact should be extended beyond June 30
or just allowed to expire, delegates said. A two year extension
is possible.
 Reuter
3;
bodyend
documentend
documentstart
8416
topicstart
tin
topicend
bodystart
2;

TIN COUNCIL WINDING-UP VERDICT APPEALED


    LONDON, March 23 - 
Amalgamated Metal Trading, AMT, today
lodged an appeal against the ruling which prevented its
petition to wind up the International Tin Council, ITC.
    The verdict was given by Mr Justice Millett on January 22,
when AMT led an effort by ITC creditors to recover sums claimed
by banks and London Metal Exchange brokers as a result of the
collapse of the ITC's buffer stock operations in October 1985.
AMT had until March 26 to lodge its appeal.
    The grounds for the appeal are that the judge erred on
three points when giving his verdict, Michael Arnold, head of
the broker creditors group Tinco Realisations, told Reuters.
    The judge ruled that the U.K. Court had no jurisdiction to
wind up the Tin Council, that the ITC was not an association
within the meaning of the Companies Act, and that the
winding-up petition was not a proceeding in respect of an
arbitration award. AMT will contest all three points.
    The U.K. Companies Act allows the possibility of the
winding-up of what it defines as an association, and AMT will
argue that the Tin Council falls within this definition, Arnold
said.
    The ITC has immunity except for the enforcement of an
arbitration award, and thus it is important for AMT that the
court accepts that the winding-up petition represents a move to
enforce an arbitration ruling.
    The court originally decided that the winding-up petition
went wider than the enforcement of such a debt, an AMT
spokesman said.
    The appeal is unlikely to be heard for several months, but
a case brought by fellow ITC creditor Maclaine Watson is to be
heard on April 28. This is a move by the metal broker to have a
receiver appointed over the ITC's assets.
    Since similar arguments will be used in this case, it is
possible that any appeal in the Maclaine Watson case could be
consolidated with AMT's appeal, Arnold said.
    Other ITC creditors have brought direct actions against the
Council's member states and an application by the governments
to strike out the first of these, brought by J.H. Rayner
(Mincing Lane) Ltd, is to be heard on May 11.
    Shearson Lehman Brothers action against the LME's tin
"ring-out" in March 1986 is also scheduled to be heard in the
near future. The hearing date has now been put back slightly to
June 8.
 Reuter
3;
bodyend
documentend
documentstart
8421
topicstart
crude
ship
topicend
bodystart
2;

U.S. PREPARED TO ESCORT KUWAITI TANKERS


    By CHARLES ALDINGER, Reuters


    WASHINGTON, March 23 - 
The United States has offered Navy
warships to escort Kuwaiti oil tankers into and out of the 
Gulf where they could be threatened by new Iranian anti-ship
missiles, U.S. defense officials said today.
    "We believe the Kuwaitis have also approached the Soviet
Union about the possibility of using Soviet tankers" to ship
their oil, one of the officials told Reuters. "But if there is
superpower protection, we would rather it come from us," the
official said.
    The officials, who asked not to be identified, said Kuwait
had asked about possible protection for a dozen vessels, most
of them oil tankers, which could be supplied by three U.S. Navy
guided missile destroyers and two guided missile frigates now
in the southern part of the Gulf.
    "We told them we would give them help and we are waiting to
hear the Kuwaiti response to our offer," one official said.
    In addition to a half dozen ships in the U.S. Navy's small
Mideast Task Force near the Straits of Hormuz, the Pentagon has
moved 18 warships -- including the Aircraft Carrier Kitty Hawk
-- into the northern Indian Ocean in the past month.
    White House and defense officials said today that massing
of the fleet was routine and had nothing to do with the
Iran-Iraq war or Iran's recent stationing of Chinese-made 
anti-ship missiles near the mouth of the Gulf.
    The land-based missiles have increased concern in Kuwait
and other Middle East countries that their oil shipments might
be affected. Several hundred vessels have been confirmed hit in
the  Gulf by Iran and Iraq since early 1984. White House
spokesman Marlin Fitzwater told reporters today that it was in
the U.S. strategic interest to keep the free flow of oil in the
gulf and through the Straits of Hormuz.
    But he said U.S. ships in the region were on routine
maneuvers.
    Defense Secretary Caspar Weinberger on Sunday declined to
discuss specifics, but said the United States would do whatever
was necessary to keep the Gulf shipping open in the face of new
Iranian anti-ship missiles in the region.
    "We are fully prepared to do what's necessary to keep the
shipping going and keep the freedom of navigation available in
that very vital waterway of the world," he said on NBC
television's "Meet the Press."
    The State Department said Friday Iran has been informed
about U.S. concern over the threat to oil shipments in the
Gulf. The communciation was sent through Switzerland, which
represents American interests in Iran.
     Iran on Sunday denied as baseless reports that it intended
to threaten shipping in the gulf and warned the United States
that any interference in the region would meet a strong
response from Tehran, Tehran Radio said.
    An Iranian Foreign Ministry spokesman, quoted in a
broadcast monitored by the BBC in London, said reports that
Iran intends to threaten shipping in the Gulf were baseless.
    "In conjunction with this misleading propaganda, America has
already paved the ground to achieve its expansionist and
hegemonistic intentions, aiming to build up its military
presence in the region," he was quoted as saying.
 Reuter
3;
bodyend
documentend
documentstart
8422
topicstart
lumber
topicend
bodystart
2;

TIMBER REALIZATION 
<
TRX> TO SELL REMAINING ACRES


    CHICAGO, Ill., March 23 - 
Timber Realization Co said it has
agreed to sell its remaining 50,000 acres of timberland
property in Mississippi for about 11.3 mln dlrs in cash.
    Timber Realization, a limited partnership formed to dispose
of timberlands and related properties transferred to it by the

<
Masonite Corp>, said that when this sale is completed the
partnership will have received about 15.2 mln dlrs in cash and
notes from the sale of its properties since December 23, 1986.
    The partnership said it will terminate before August 3,
1987.
    Prior to that date, the partnership said it expects to form
a liquidating trust to provide for unresolved claims and
liablities.
    Timber Realization said the amount retained in that trust
will depend on its experience in resolving open items up to the
termination date, but it added it expects to retain a
substantial amount in the trust.
    The partnership said it anticipates making a cash
distribution of an as yet undetermined amount to unitholders at
or before the liquidation trust's funding date.
   
 Reuter
3;
bodyend
documentend
documentstart
8424
topicstart
earn
topicend
bodystart
2;

PIONEER SYSTEMS INC 
<
PAE> YEAR NOV 29 LOSS


    NEW YORK, March 23 -
    
Oper shr loss five cts vs loss 1.28 dlrs
    Oper net loss 155,000 vs loss 3,982,000
    Sales 37.1 mln vs 34.2 mln
    NOTE: Net excludes losses from discontinued fabric
finishing operations of 3,431,000 dlrs vs 5,910,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8425
topicstart
earn
topicend
bodystart
2;

AMERICAN SHARED HOSPITAL SERVICES 
<
AMSH> YEAR


    SAN FRANCISCO, March 23 - 
Period ended December 31.
    Shr profit 11 cts vs loss 24 cts
    Net profit 224,271 vs loss 511,349
    Revs 7,258,688 vs 7,200,349
 Reuter
3;
bodyend
documentend
documentstart
8426
topicstart
earn
topicend
bodystart
2;

GEO. A. HORMEL AND CO 
<
HRL> 


    AUSTIN, MINN., March 23 -
    
Qtly div 15 cts vs 15 cts previously
    Pay May 15
    Record April 18
 Reuter
3;
bodyend
documentend
documentstart
8427
topicstart
tin
topicend
bodystart
2;

BOLIVIA'S TOP UNION LEADER JOINS MINERS FAST


    LA PAZ, March 23 - 
Bolivia's top union leader today joined
a hunger strike by 1,300 state employed miners and workers to
press for higher wages he said.
    Juan Lechin Oquendo, the veteran secretary general of the
Bolivian Labour Organization, COB, told reporters: "I am
joining the fast to abide with our call for a hunger strike".
    Lechin, 83, became one of 12 COB leaders to join a hunger
strike to protest against the austerity programme of the
government of president Victor Paz Estenssoro.
    The striking leader began his fast as leaders of 9,000
miners employed by the state corporation COMIBOL were due to
star negotiations on ways to solve their conflict over pay.
    About 1,300 miners and workers entered today their fourth
day of fast in union offices and Roman Catholic churches to
press for a substantial hike in Bolivia's minimum monthly wage,
which is 40 bolivianos (about 20 dlrs), COB leader Walter
Degadillo said.
    "I will take part in the miners' negotiations because that
does not force me to suspend my fast," Lechin told reporters.
    The COMIBOL miners' strike entered its fifth day to press
for higher wages and more funds for the mining nationalised
industry.
    About 20,000 miners, or two-thirds of the working force,
have been laid off through the government's decision to
streamline the deficit-ridden state corporation following a
collapse in the international tin price.
    The government, faced with mounting social unrest against
its economic policies, has called the miners' strike and fasts
part of a campaign aimed at discrediting it during the visit of
West German president Richard von Weizsaecker, who began a
four-day visit last Friday.
    "I regret not being able to attend an invitation by
president Weizsaecker to a dinner tonight because I am on a
hunger strike," Lechin told reporters. "I also have to orga-
nise the strike."
    Weizsaecker is hosting a dinner tonight for Paz Estenssoro
and had invited both Lechin and Victor Lopez, the miners'
federation top leader. Although lopez has not joined the fast,
union sources said its unlikely he would attend the dinner.
 Reuter
3;
bodyend
documentend
documentstart
8428
topicstart
acq
topicend
bodystart
2;

TWO U.S. BANCORP 
<
USBC> UNITS MERGE


    PORTLAND, Ore., March 23 - 
U.S. Bancorp's Pacific State
Bank of Lincoln City said it plans to merge with U.S. Bancorp's
U.S. National Bank of Oregon.
    Under the pact, Pacific State will become part of the U.S.
Bank branch system.
    The company said the merger is expected to be completed
after mid-year, following regulatory approval.
    All local staff and management will remain the same, it
said.
 Reuter
3;
bodyend
documentend
documentstart
8429
topicstart
acq
topicend
bodystart
2;
******
MTS ACQUISITION HAS NEGLIGIBLE NUMBER OF CAESARS WORLD SHARES

Blah blah blah.
3;


bodyend
documentend
documentstart
8430
topicstart
acq
topicend
bodystart
2;

WOLVERINE 
<
WWW> TO SELL TWO SUBSIDIARIES


    ROCKFORD, MICH., March 23 - 
Wolverine World Wide Inc said
it signed a letter of intent to sell to an investment group two
subsidiaries, Kaepa Inc, an athletic footwear maker, and its
international marketing arm, Kara International Inc.
    Terms were not disclosed.
    Wolverine said the action continues the restructuring
operation begun last July to make the company more competitive
and profitable. Wolverine said it will concentrate its effort
in the athletic footwear market in its Brooks footwear
division.
    Wolverine said it expects "favorable results in the second
half as a result" of its restructuring. In 1986 it said
restructuring helped improve its financial capabilities.
    The company reported a 12.6 mln dlr loss, or 1.75 dlrs a
share, in 1986 due largely to a 9.0 mln dlr restructuring
charge and a 4.0 mln dlr inventory evaluation readjustment
taken in the second quarter.
    Since that time, it has sold two small retail operations,
closed and consolidated five domestic footwear factories and
closed about 15 retail locations.
 Reuter
3;
bodyend
documentend
documentstart
8431
topicstart
topicend
bodystart
2;

U.S. THRIFTS CUT LIABILITIES IN JANUARY


    WASHINGTON, March 23 - 
The Federal Home Loan Bank Board
said thrift institutions insured by the Federal Savings and
Loan Insurance Corp reduced their liabilities at a 4.1 pct
annual rate during January.
    It was the first drop in liabilities in a year and resulted
from repayments of borrowings, the bank board said.
    Mortgage loans closed by thrifts in January totaled 15.2
billion dlrs, down from 31.6 billion dlrs in December. Net new
deposit withdrawals were up to 2.2 billion dlrs from 1.9
billion dlrs in December.
    Total liabilities in January were 1.108 trillion dlrs,
compared with 1.112 trillion dlrs in December. Capital rose to
53.51 billion dlrs from 53.17 billion dlrs in December.
    The bank board said thrifts were net repayers of 4.4
billion dlrs of borrowings in January, in contrast to their 6.3
billion dlr net increase in borrowings in December.
 Reuter
3;
bodyend
documentend
documentstart
8432
topicstart
acq
topicend
bodystart
2;

PACIFICARE 
<
PHSY> IN TALKS TO ACQUIRE HMO


    CYPRESS, Calif., March 23 - 
PacifiCare Health Systems Inc
said it is in negotiations to acquire Capital Health Care, a
40,000 member health maintenance organization servicing Salem
and Corvallis, Ore.
    The company said it will not disclose terms or other
details of the acquisition until negotiations are completed.

 Reuter
3;
bodyend
documentend
documentstart
8433
topicstart
acq
topicend
bodystart
2;
******
MTS ACQUISITION HAD TALKS WITH PRATT HOTEL, SOUTHMARK ON CAESARS WORLD PURCHASE

Blah blah blah.
3;


bodyend
documentend
documentstart
8435
topicstart
earn
topicend
bodystart
2;

INITIALS PLUS 
<
IINC> SEES SHARP SALES INCREASE


    NEW YORK, March 23 - 
Initials Plus said it expects sales in
the year ending January 31, 1988 to exceed 10 mln dlrs.
    The company had sales last year of 256,000 dlrs.
    Initials said it expects to turn profitable some time in
1988 and sees sales of 100 mln dlrs annually by the end of
1989.
    The company said it now has over 100 personal retailers
marketing its products and expects to have more than 1,000 by
the end of 1987.
 Reuter
3;
bodyend
documentend
documentstart
8438
topicstart
acq
topicend
bodystart
2;

SOSNOFF HAS SMALL NUMBER OF CAESARS 
<
CAW> SHARES


    NEW YORK, March 23 - 
Martin T. Sosnoff said his 
<
MTS
Acquisition Corp> to date has received only a "negligible"
number of Caesars World Inc shares in response to its 28-dlr-
per-share tender offer for all shares.
    Sosnoff also said he has held preliminary talks with Pratt
Hotel Corp 
<
PRAT> and Southmark Corp 
<
SM> on forming a joint
venture to enter into talks to acquire Caesars in a friendly
transaction in which Sosnoff would have a 50 pct interest and
Pratt and Southmark the remainder.
    Sosnoff said the talks with Pratt and Southmark are not
being actively pursued at the presentand may or may not be
continued in the future.  He said there could be no assurance
that a joint venture would be formed or that Caesars would
agreed to talks.  "Several preliminary contacts with
representatives of Caesars have not resulted in any indication
that it wishes to enter into such negotiations," Sosnoff said.
    He said based on talks with staff members of gaming
authorities, there can be no assurance that the necessary
regulatory review of its bid for Caesars World can be completed
by the original April Three expiration date.
    Sosnoff said it has extended the tender until May 15.  The
bid remains subject to regulatory approvals and the arrangement
of financing.
    Pratt, which owns the Sands Hotel and Casino in Atlantic
City, N.J., where Caesars operates the Boardwalk Regency Hotel
and Casino, recently waged an apparently unsuccessful campaign
to acquire control of Resorts International Inc 
<
RTA> against
New York developer Donald Trump.  Southmark owns about 37 pct
of Pratt Hotel.
    Caesars World's boasrd has urged rejection of the offer on
the grounds that it is inadequate and has said it would
investigate alternative transactions.  Sosnoff currently owns
about 13.3 pct of Caesars World.
 Reuter
3;
bodyend
documentend
documentstart
8440
topicstart
crude
ship
topicend
bodystart
2;

IRAQ REPORTS ATTACKS ON SUPERTANKER, OIL TARGETS


    By MAAMOUN YOUSSEF, Reuters


    BAGHDAD, March 23 - 
Iraq said today its warplnes had
attacked a supertanker and four Iranian oil sites and vowed to
keep up such raids until the Gulf war ends.
    The surprise escalation of attacks on oil installations
broke more than a month-long lull in Iraqi air force action.
    It also followed celebrations yesterday of what Baghdad
hailed as Iran's failure to achieve victory during the Iranian
year which ended on Saturday.
    A high command communique said warplanes hit the western
jetty at Iran's Kharg island oil terminal in the afternoon and
struck a supertanker nearby at the same time.
    The Kharg terminal, attacked about 135 times since August
1985, was last raided in January.
    The communique did not identify the supertanker, but said
columns of smoke were seen billowing from it.
    In London, Lloyds insurance said the 162,046-ton Iranian
tanker Avaj was hit on Saturday, when Iraq reported an earlier
Gulf attack.
    But there has been no independent confirmation of today's
supertanker attack nor of other raids on shipping reported by
Baghdad in the past 24 hours.
    The last confirmed Iraqi attack took place on March eight,
when the Iranian tanker Khark-5 was hit south of Kharg.
    Iraqi warplanes also struck Iran's offshore oilfields at
Nowruz, Cyrus and Ardeshir in northern gulf, some 80 km (50
miles) west of Kharg island, today's communique said.
    The three oilfields have been raided several times in the
past three years. Oil sources said they were not crucially
important to Iran's oil export trade.
    A second high command communique today said Iraqi warplanes
flew 94 sorties against Iranan targets and positions at the war
front.
    It also reported a clash between Iraqi naval units and
several Iranian boats carrying men to attack an Iraqi oil
terminal at the northen tip of the Gulf.
    Two Iranian boats wer destroyed and sunk with their
occupants and the others fled, it said.
 Reuter
3;
bodyend
documentend
documentstart
8441
topicstart
acq
topicend
bodystart
2;

TALKING POINT/WENDY'S INTERNATIONAL 
<
WEN>


    By Patti Domm, Reuters


    New York, March 23 - 
Takeover speculation buoyed Wendy's
International Inc's stock, even after Coca Cola Co took the
fizz out of market rumors by denying it was an interested
suitor.
    Wendy's retreated from an earlier high of 13-3/8, and lost
a point when Coca Cola 
<
KO> said the rumors were untrue.
However, Wendy's remained up 5/8 at 12-3/8 on volume of more
than three mln shares.
    Several analysts were skeptical of the rumors, yet they
said they could not conclude a takeover of the fast food
restaurant chain was impossible.
    Wendy's declined comment on takeover rumors of all kinds.
Yet, a Wendy's spokesman said the company was aware of a
Business Week article, which named Coke as a potential suitor
and which market sources said helped ignite the rumor mill.
    Market sources mentioned Anheuser-Busch Inc 
<
BUD> and
Pepsico Inc 
<
PEP> as alternatives to Coke as acquirers. Neither
of those companies would comment, nor would the Wendy's
official.
    "It doesn't happen every day, every week, every month, but
its not unusual for us to be linked with those companies," said
Denny Lynch, Wendy's vice president of communications.
    However, Lynch would not comment specifically on the
current market rumors.
    Even before Coke denied the rumors, analysts had been
skeptical of a takeover since Atlanta-based Coke has stated it
views fast food chains as customers and does not want to become
a competitor to them.
    "I can't put another name on it," said Kidder peabody
analyst Jay Freedman as vaguer rumors continued to hold up
Wendy's stock. "It very well could be someone's interested."
    But Freedman said he doesn't believe now is the right time
for Wendy's to be sold.
    "They're obviously having operational difficulties. I've
always believed at the right price Wendy's would consider (an
offer), but I can't believe this is the right price at the
right time," Freedman said.
    "If a transaction takes place, the buyer's going to control
the situation," Freedman said.
    "I just don't think there's anything going on. I don't
think it's worth much more than where it is," said Joseph Doyle
of Smith Barney.
    Analysts said Wendy's has suffered largely from the "burger
wars" between itself, McDonald's Corp 
<
MCD> and Pillsbury Co's

<
PSY> Burger King chain. Wendy's, the third largest fast food
hamburger chain in the U.S., lost about 11 pct in same store
sales last year, analysts said.
    Wendy's also fumbled when it introduced a high-priced
breakfast, which it has since withdrawn, analysts said. Some
analysts said the company should be bringing in new products,
but it is too soon to predict a significant turnaround.
    There are analysts, however, who believe Wendy's may be
vulnerable to a takeover.
    James Murren of C.J. Lawrence said Wendy's could be worth
14 to 15 dlrs on a break-up basis. He said the company has
improved its debt-to-equity ratio and Wendy's owns a high
percent of its own restaurants - 38 pct of 3,500.
    "They also have some attractive leaseholds on their
restaurants," Murren said.
    Murren said that despite the downturn in sales last year,
Wendy's real sales, store for store, turned upwards in the
fourth quarter. "That was about the first time in seven
quarters," he said.
    Caroline Levy of E.F. Hutton also believes something could
be going on with Wendy's. "My gut feeling is something's going
to happen. I don't know what," she said.
    She estimated a takeover price would be at least 15 dlrs
per share.
    One analyst speculated that Coke became the rumored suitor
because Wendy's decided to sell Coke at its fountains instead
of Pepsi.
    Wendy's is currently embroiled in litigation brought by
Pepsi, which holds a contract with the company, analysts said.
Pepsi's soda is still sold in the Wendy's restaurants.
 Reuter
3;
bodyend
documentend
documentstart
8443
topicstart
grain
oilseed
corn
topicend
bodystart
2;
******
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS  SOYBEANS 13,417 WHEAT 12,003 CORN 27,623

Blah blah blah.
3;


bodyend
documentend
documentstart
8445
topicstart
topicend
bodystart
2;

SOVIET CLAIMS TO BE TREATED EQUALLY - ACCOUNTANTS


    LONDON, March 23 - 
All claims to be settled under a
U.K./Soviet pact agreed last year in connection with
pre-revolutionary Russian bonds and seized assets will be
treated equally, Price Waterhouse and Co (PW) said.
    It said that the treatment for the bonds had not actually
been determined, although it had been estimated that holders
would receive about 10 pct of the nominal value of the bonds,
which was the percentage to be assigned to property claims.
Now, "the face value of the bond will be added to the value of
the property. A dividend will then be calculated and all claims
will be treated equally," PW said.
    PW administers the Russian Compensation Fund, which was set
up by the Foreign Office in 1917 to oversee some 45 mln stg in
pre-revolutionary reserves for claimants of assets seized
during the Revolution.
    PW, which is currently accepting applications for the
claims, said that to date, 2,000 bond application forms and 600
property application forms have been returned.
    Because the number of applications and bonds returned is
increasing rapidly, a special office where the claims are being
processed will remain open beyond the close of business until
midnight on March 31, the deadline for claims to be submitted.
 Reuter
3;
bodyend
documentend
documentstart
8446
topicstart
grain
corn
sorghum
topicend
bodystart
2;

EC COMMISSION SET TO DETAIL GRAIN IMPORT PLAN


    BRUSSELS, March 23 - 
The EC Commission will decide shortly
precisely how to arrange the import of third country maize and
sorghum into the EC in fulfilment of its agreement with the
United States, Commission sources said.
    Under the accord, reached following U.S. complaints about
the impact on its agricultural exports of Spanish EC
membership, the EC will import two mln tonnes of maize and
300,000 tonnes of sorghum a year up to end of 1990.
    All this produce will be imported into Spain at special
levy levels likely to be below those applying for imports into
other EC countries.
    The sources said it was possible that the Spanish
intervention board would be asked to buy the produce directly
this year, as it was rather late to make other arrangements.
    They added that the choice for future years appears to lie
between a system of regular tenders and the setting of a daily
special levy applicable to Spanish imports.
    There will initially be no tax on re-exports of maize and
sorghum from Spain to other EC countries, although such a tax
could be imposed later, the sources added.
 Reuter
3;
bodyend
documentend
documentstart
8447
topicstart
earn
topicend
bodystart
2;

PATIENT TECHNOLOGY INC 
<
PTI> YEAR LOSS


    HAUPPAUGE, N.Y., March 23 -
    
Shr loss 12 cts vs loss 63 cts
    Net loss 596,000 vs loss 2,934,000
    Revs 7,261,000 vs 6,600,000
    Year
    Oper shr loss 14 cts vs loss 1.28 dlrs
    Oper net loss 683,000 vs loss 5,824,000
    Revs 29.8 mln vs 22.7 mln
    Avg shrs 4,930,000 vs 4,546,000
    NOTE: Year net excludes losses from discontinued operations
of 764,000 dlrs vs 5,152,000 dlrs.
                        
 Reuter
3;
bodyend
documentend
documentstart
8448
topicstart
earn
topicend
bodystart
2;

GEMINI TECHNOLOGY INC 
<
GMTIF> YEAR LOSS


    VANCOUVER, British Columbia, March 23 -
    
Shr loss 74 cts
    Net loss 4,192,613
    Revs 2,928,021
    Note: 1986 net includes 3,095,000 dlr write-off tied to
discontinuation of emulator board production.
    Co's 1st fl-yr of operation.
 Reuter
3;
bodyend
documentend
documentstart
8449
topicstart
earn
topicend
bodystart
2;

SOCIETE GENERALE REPORTS HIGHER 1986 PROFITS


    PARIS, March 23 - 
France's Societe Generale 
<
SGEN.PA> bank,
which will be sold to the private sector in the second half of
this year, reported increased profits for last year.
    Societe Generale, one of the three largest state-owned
banking groups, said in a statement that its parent company
profit for 1986 totalled 800 mln francs, up 21.2 pct on 1985's
660 mln profit.
    This was in line with earlier forecasts of profit of
between 770 and 800 mln francs.
    The bank's parent company gross operating profits were up
5.4 pct at 21.34 billion francs against 20.24 billion in 1985.
    The increase in the bank's gross operating profits was
mostly due to a rise in french franc deposits and personal
loans as well as the development of its financial activities,
Societe Generale said.
    Parent company net banking earnings last year were also up
at 13.9 billion francs compared with 13.57 billion in 1985
while operating costs totalled 7.44 billion francs against 6.67
billion the previous year.
    Societe Generale President Marc Vienot said in December he
expected group 1986 consolidated profits to rise to between 2.5
billion and 2.6 billion francs from 1.62 billion in 1985.
 Reuter
3;
bodyend
documentend
documentstart
8451
topicstart
retail
topicend
bodystart
2;

FRENCH HOUSEHOLD CONSUMPTION FALLS IN FEBRUARY


    PARIS, March 23 - 
French household consumption of
industrial goods fell 1.1 pct seasonally adjusted to 21.32
billion francs last month from 21.55 billion in January, the
National Statistics Institute (INSEE) said.
    This brought consumption back down to the December 1986
level, it added.
    INSEE said that the fall was due to a sharp decline in
purchases of clothing, which were high in January due to the
cold weather. The decline was partly compensated by a small
rise in purchases of durable goods.
 Reuter
3;
bodyend
documentend
documentstart
8453
topicstart
gnp
topicend
bodystart
2;

FRENCH ECONOMIC COUNCIL PESSIMISTIC ON 1987 GROWTH


    PARIS, March 23 - 
France's Economic and Social Council
(CES), an advisory body comprising industrialists, trade
unionists and representatives of other sectors of the French
economy, said the country's annual growth may not reach two pct
in 1987.
    French gross domestic product risks not reaching the two
pct growth registered last year, the Council said in a report
on first quarter 1987 economic activity without giving any
specific forecasts. Finance Minister Edouard Balladur was
quoted today as saying that French 1987 growth will probably be
about two pct.
    Balladur said in an interview with the financial daily Les
Echos that the country's economic growth will probably be about
the same as last year due to a less favourable international
environment.
    CES President Philippe Neeser said one of the major fears
for the French economy this year was a resurge in inflation.
    Disinflation was an absolute priority, Neeser told
journalists, adding that a failure to do this would be
extremely serious as if would be very difficult to reverse for
many years.
 Reuter
3;
bodyend
documentend
documentstart
8454
topicstart
earn
topicend
bodystart
2;

UNIFORCE TEMPORARY 
<
UNFR> SETS SPLIT


    NEW HYDE PARK, N.Y., March 23 - 
Uniforce Temporary
Personnel Inc said it declared a three-for-two stock split,
payable May 15 to stockholders of record April 14.
 Reuter
3;
bodyend
documentend
documentstart
8457
topicstart
earn
topicend
bodystart
2;

MANHATTAN NATIONAL CORP 
<
MLC> 4TH QTR LOSS


    NEW YORK, March 23 -
    
Oper shr loss 20 cts vs loss 81 cts
    Oper net loss 1,042,000 vs loss 4,077,000
    Revs 38.5 mln vs 50.3 mln
    12 mths
    Oper shr loss six cts vs loss 43 cts
    Oper net loss 336,000 vs loss 2,176,000
    Revs 137.8 mln vs 209.1 mln
    NOTE: qtrs 1986 and prior exclude net realized investment
gains of 74,000 dlrs and 644,000 dlrs, respectively, and years
1986 and prior exclude realized investment gains of 642,000
dlrs and 1,979,000 dlrs, respectively.
 Reuter
3;
bodyend
documentend
documentstart
8458
topicstart
earn
topicend
bodystart
2;

KIDDIE PRODUCTS INC 
<
KIDD> YEAR NET


    AVON, Mass., March 23 -
    
Shr 1.25 dlrs vs 1.14 dlrs
    Net 472,254 vs 446,805
    Revs 21.4 mln vs 19.4 mln
 Reuter
3;
bodyend
documentend
documentstart
8460
topicstart
topicend
bodystart
2;

U.S. HOME 
<
UH> IN NEW CREDIT AGREEMENT


    HOUSTON, March 23 - 
U.S. Home Corp said it combined two
existing credit and term loan contracts into a new credit
agreement totalling 222.3 mln dlrs with 18 commerical banks.
    The new maturity date is April 30, 1988, it said.

 Reuter
3;
bodyend
documentend
documentstart
8464
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES TEXAS AIR, AFFIRMS THE EASTERN AIR LINES UNIT

Blah blah blah.
3;


bodyend
documentend
documentstart
8467
topicstart
acq
topicend
bodystart
2;

BELLSOUTH 
<
BLS> COMPLETES PURCHASE FOR SHARES


    ATLANTA, March 23 - 
BellSouth Corp said it completed its
previously-announced agreement to acquire 
<
Dataserv Inc> for an
exchange of shares.
    BellSouth said under the Nov 25, 1986, agreement, it
exchanged one of its common shares for every 13.3 Dataserv
common shares. The exchange reflects the Feb 23 three-for-two
BellSouth stock split, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8469
topicstart
topicend
bodystart
2;

MOODY'S CUTS TEXAS AIR 
<
TEX>, AFFIRMS EASTERN


    NEW YORK, March 23 - 
Moody's Investors Service Inc said it
downgraded Texas Air Corp's 410 mln dlrs of debt and affirmed
the unit Eastern Air Lines Inc's 703.4 mln dlrs of debt.
    The agency cut Texas Air's senior secured debt to B-3 from
B-2, but affirmed the company's Caa subordinated debt and B-3
junior preferred stock.
    Moody's affirmed Eastern Air's B-3 senior secured debt and
Caa subordinated debt and junior preferred stock.
    The parent's downgrade recognized risks associated with
Texas Air's investment in operating companies that will require
substantial external financing to buy aircraft.
    Moody's also cited Texas Air's secondary position to the
cash flow and assets of its subsidiaries, relative to its
subsidiaries' creditors, and the insufficiency of the holding
company's cash flow to meet fixed charges.
    The agency noted that Texas Air has adequate liquidity to
service its obligations, but cautioned there is no guarantee
that its liquidity will remain stable.
    Moody's said it affirmed Eastern's debt ratings amid
expectations that recent improvements in the unit's operating
measures would be maintained. But it added that a substantial
decline in financial leverage is unlikely.
 Reuter
3;
bodyend
documentend
documentstart
8472
topicstart
acq
topicend
bodystart
2;

REXHAM 
<
RXH> GETS TAKEOVER OFFER


    CHARLOTTE, N.C., March 23 - 
Rexham Corp, a maker of
packaging materials and machinery, said it received an
unsolicited offer of 43 dlrs a share from Nortek Inc 
<
NTK>.
    Nortek, a Providence, R.I., textile manufacturer, has
disclosed it holds 381,050 Rexham shares, or about 9.1 pct of
the outstanding, the company said.
    Rexham said it does not welcome the proposal but added its
board will study the offer and respond in due course.
    Nortek has proposed paying half cash and half Nortek
convertible preferred stock for Rexham, which has about 4.2 mln
shares outstanding.
    The cash portion would include the amount previously paid
for the Rexham stake and the terms of the convertible preferred
stock would be negotiated, the company said.
    Rexham said it received the takeover offer in a letter from
Nortek.
 Reuter
3;
bodyend
documentend
documentstart
8473
topicstart
topicend
bodystart
2;

BANKERS HOPEFUL ON PHILIPPINE DEBT TALKS


    MIAMI, March 23 - 
The Philippines and its commercial bank
advisory committee will resume talks tomorrow on what bankers
hope will be the final leg of negotiations for a 9.4 billion
dlr debt rescheduling package.
    Bankers, attending the Inter-American Development Bank
annual meeting here, said the two sides are still working on a
plan that embraces Manila's proposal to pay interest partly
with Philippine investment notes (PIN) instead of cash.
    One senior banker said he hoped that final agreement would
be reached this week but cautioned that a number of major
issues are still outstanding.
    The senior banker said that the remaining issues include
interest rates and the exact form of the investment notes plan.
    However, bankers did not anticipate any accounting problems
for this novel interest payment method.
    Deputy U.S. Comptoller of the Currency Robert Bench said
last week that U.S. bank regulators also had no objection in
principle to the PINs concept because Manila has guaranteed
their ready conversion into cash.
 Reuter
3;
bodyend
documentend
documentstart
8474
topicstart
topicend
bodystart
2;

CCC INVESTMENT IN LOANS, INVENTORIES UP - USDA


    WASHINGTON, March 23 - 
The Commodity Credit Corporation,
CCC, had 33.2 billion dlrs invested in commodity loans and
inventories on November 30, 1986, compared to 25.0 billion a
year earlier, the U.S. Agriculture Department said.
    The department said the November 30 loans outstanding
amounted to 20.0 billion dlrs and inventories 13.2 billion. A
year earlier outstanding loans amounted to 17.0 bilion dlrs and
inventories 8.0 billion dlrs, it said.
    The CCC's total net realized loss from operations amounted
to 1,946.32 mln dlrs for the two months ended November 30, 1986
compared to 1,201.6 mln in the same period a year ago.
    As of November 30, CCC's borrowings from the U.S. Treasury
amounted to 13.2 billion dlrs, leaving a statutory borrowing
authority available of 11.8 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8475
topicstart
earn
topicend
bodystart
2;

BANCA D'AMERICA E D'ITALIA 1986 YEAR


    MILAN, March 23 - 
Net profits for year ended December 31
1986 1.3 billion lire vs 47.3 billion
    Deposits from clients 3,691.0 billion lire vs 3,419.0
billion
    Loans to clients 2,448.0 billion lire vs 2,181.5 billion
    Note: The bank, sold by Bankamerica Corp 
<
BK.N> last
December to West Germany's Deutsche Bank AG 
<
DBKG.F>, said the
sharp fall in net profit reflected various factors including
higher set-asides for risk coverage and a high tax burden.
 Reuter
3;
bodyend
documentend
documentstart
8476
topicstart
topicend
bodystart
2;

MOODY'S CONTINUES REVIEW OF TEXAS AIR 
<
TEX> UNIT


    NEW YORK, March 23 - 
Moody's Investors Service Inc said the
debt ratings of People Express Airlines Inc remain under review
for possible downgrade.
    The agency said that People Express has not legally merged
with Continental Airlines Inc, a unit of Texas Air Corp, even
though the two have integrated their flight operations. Moody's
also cited significant litigation against People.
    Moody's pointed out that neither Texas Air nor Continental
have assumed the debt service obligations of People Express,
which currently carries B-3 senior secured debt and Caa senior
unsecured debt.
 Reuter
3;
bodyend
documentend
documentstart
8478
topicstart
crude
topicend
bodystart
2;

ENERGY ANALYST PROPOSES U.S. OIL TARIFF


    WASHINGTON, March 23 - 
Energy analyst Edward Krapels said
the United States should consider an oil tariff to keep U.S.
dependence on imports below 50 pct.
    "On the supply side, the argument in favor of a contingent,
variable import tariff is most persuasive," Krapels, president
of Energy Security Analysis, Inc said in a statement at a House
Energy and Power subcommittee hearing.
    "An optimal tariff would be one implemented only if the
international price of crude oil falls below, say, 15 dlrs a
barrel. On the demand side, the obvious policy is an excise tax
on transportation fuels," Krapels said.
    But William Johnson of the Jofree Corp disagreed with the
oil tariff proposal, saying Congress should remove price
controls on natural gas, repeal the windfall profits tax on oil
companies, allow exports of Alaskan oil and provide tax
incentives for U.S. oil production, or, at the least, preserve
exisiting tax incentives for drilling. He also urging filling
the Strategic Petroleum Reserve at a faster rate.
    Richard Adkerson of Arthur Andersen and Co told the
subcommittee oil imports were expected to increase because
funds for exploration and development of domestic oil sources
cannot now be economically justified due to low oil prices.
 Reuter
3;
bodyend
documentend
documentstart
8479
topicstart
earn
topicend
bodystart
2;

SECURITY CAPITAL 
<
SCC> SUSPENDS DIVIDENDS


    NEW YORK, March 23 - 
Security Capital Corp said it has
suspended quarterly cash dividend payments indefinitely.
    The company also said its board has withdrawn authroization
for the company to buy its stock on the open market. Its
previous dividend payment was five cts on February 24.
    Security Capital said this action was taken in response to
its continuing operating losses, primarily at Benjamin Franklin
Savings Association, a Houston-based subsidiary.
 Reuter
3;
bodyend
documentend
documentstart
8480
topicstart
earn
topicend
bodystart
2;

AUDITORS LIFT QUALIFICATION ON BRUNSWICK 
<
BC>


    CHICAGO, March 23 - 
Auditors of Brunswick Corp lifted a
four year qualification on the company's financial statements,
vice president-finance Frederick Florjancic told securities
analysts here.
    The financial results for the diversified leisure and
defense/aerospace company had been qualifed by Arthur Andersen
and Co since 1982.
    The qualification related to certain tax liabilities,
amounting to 65 mln dlrs, associated with a medical division
sold by Brunswick in 1982, he said.
 Reuter
3;
bodyend
documentend
documentstart
8481
topicstart
earn
topicend
bodystart
2;

ALC COMMUNICATIONS CORP 
<
ALCC> 1986 LOSS


    BIRMINGHAM, Mich., March 23 -
    
Shr loss 4.63 vs loss 2.43
    Net loss 60,780,000 vs loss 28,898,000
    Rev 499.7 mln vs 432.1 mln
    NOTE: 1986 net includes loss of 49.9 mln dlrs for
restructuring charges.
   
 Reuter
3;
bodyend
documentend
documentstart
8483
topicstart
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - BRAZIL DEBT DEADLINES LOOM


    By Alan Wheatley, Reuters


    MIAMI, March 23 - 
Slow progress in talks between Brazil and
its major foreign creditors has increased the likelihood that
U.S. banks will declare their loans to Brazil non-performing at
the end of the quarter, bankers said.
    Several banks, citing Brazil's suspension of interest
payments on 68 billion dlrs of its 108 billion dlr foreign debt
and the absence of a coherent economic plan, have already said
they might take such a step, even though it would cost them
tens of millions of dollars in profits.
    An inconclusive meeting here March 22 between central bank
governor Francisco Gros and Brazil's bank advisory committee
can only have stiffened that resolve.
    A nasty row is also looming over 16 billion dlrs of trade
and money-market lines which Brazil froze last month.
    The legal commitment to maintain these credits runs out on
March 31, and the worried talk at the Inter-American
Development Bank annual meeting here is that some disgruntled
bank will sue for repayment, raising the specter of a cascade
of lawsuits and tit-for-tat asset seizures.
    "My gut feeling is that common sense will prevail. But is
there a risk? Yes, the mood out there is pretty nasty," one New
York banker commented.
    Two or three years ago, a showdown between the world's
largest debtor and its largest creditors would have sent shock
waves through the financial markets. But no longer.
    Some U.S. money-center bank stocks fell by about 10 pct in
the immediate aftermath of Brazil's payments halt. But, in the
Eurodeposit markets, which bankers consider to be the most
sensitive gauge of confidence, there was no discernible flight
out of bank instruments and into safer government bonds.
    In fact, the system has calmly withstood the suspension, in
part or in full, of interest payments by countries owing about
150 billion dlrs of the region's total foreign debt of 380
billion.
    Peru, Ecuador, Bolivia, Costa Rica, Honduras, Guatemala and
Nicaragua had all curtailed payments before Brazil.
    The explanation for the fairly relaxed view is that net new
bank lending to Latin America has dried up at the same time as
banks have steadily bolstered their capital base. As a result,
exposure relative to capital has fallen and few now fear for
the collapse of a major bank.
    That is why, banking analysts have said, Citicorp 
<
CCI>
felt emboldened to state early in the day that it might put
Brazil on a cash basis even before interest becomes 90 days
overdue. It would forfeit 190 mln dlrs of profits this year as
a result, but for a company which earned over a billion dlrs in
1986 the setback would be manageable.
    Some other banks are not as strong, however, and a
protracted confrontation with Brazil could still seriously
erode depositor and investor confidence, especially if other
debtors are emboldened to follow suit and press for debt relief.
    Bankers are thus working hard to isolate Brazil. Financing
agreements were reached recently with Chile and Venezuela, an
accord with the Philippines seems to be close at hand, and a
deal with Argentina on new loans and a debt restructuring could
be reached in the next two weeks, bankers say.
    In taking a hard line against wholesale debt relief, the
banks have the clear backing of the Reagan Administration. "All
of us have a stake in the stability of the world banking system
- a debt forgiveness plan that damages commercial banks also
weakens confidence in world financial stability," U.S. Treasury
Secretary James Baker told the IADB meeting.
    Some European bankers, however, argue that capitalization
of interest is already happening in practice and that the banks
ought to face up to the fact and work with the debtors on
longer-term solutions that recognize that not all the interest
can be paid back right away.
    Rigid accounting rules have prevented U.S. banks from
seriously considering adding interest to the principal of a
loan because they would have to declare the loan
non-performing. But, Brazilian central bank governor Gros said,
if the banks are now volunteering to take that step, they might
be more willing to discuss new ideas for debt relief.
    "It's not necessarily an unfavorable development," Gros
said when asked about the prospect of Brazilian loans being put
on a cash basis.
    "We find more room to discuss these things (innovations)
with European banks which have already bitten the bullet."
     What is clear, however, is that banks are so angry and
frustrated with Brazil that they are in no mood to offer quick
concessions.
    A long war of attrition on the debt front lies ahead.
 Reuter
3;
bodyend
documentend
documentstart
8484
topicstart
topicend
bodystart
2;

COCA-COLA ENTERPRISES 
<
CCE> SELLS DEBT


    NEW YORK, March 23 - 
Coca-Cola Enterprises Inc is raising
600 mln dlrs through offerings of 10-year notes and debentures
due 2017, said lead manager Salomon Brothers Inc.
    A 300 mln dlr issue of notes was given a 7-7/8 pct coupon
and priced at 99.65 to yield 7.926 pct, or 70 basis points over
Treasuries. The notes are non-callable for seven years.
    An equal-sized offering of debentures was assigned an 8-3/4
pct coupon and priced at 99.40 to yield 8.807 pct, or 115 basis
points over the off-the-run 9-1/4 pct Treasury bonds of 2016.
Non-refundable for 10 years, the debentures will be subject to
a sinking fund beginning in 1998.
    The sinking fund for the debentures will retire five pct of
them a year. The issuer has an option to increase the sinker by
200 pct, giving the debentures an estimated average life of
21.5 years, Salomon said.
    Moody's Investors Service Inc rates the issue A-2, compared
to a AA-minus rating by Standard and Poor's Corp.
    Allen and Co Inc and Merrill Lynch Capital Markets
co-managed the two issues, which were each increased from
initial offerings of 250 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8487
topicstart
earn
topicend
bodystart
2;

LESCO INC 
<
LSCO> 1ST QTR FEB 28 LOSS


    CLEVELAND, March 23 -
    
Shr loss 24 cts vs profit three cts
    Net loss 982,779 vs profit 104,418
    Revs 11.2 mln vs 12.3 mln
 Reuter
3;
bodyend
documentend
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8488
topicstart
earn
topicend
bodystart
2;

SEISMIC ENTERPRISES INC 
<
SEIS> 4TH QTR LOSS


    HOUSTON, March 23 -
    
Shr loss eight cts vs profit 10 cts
    Net loss 714,905 vs profit 889,679
    Revs 1,091,461 vs 3,156,569
    Year
    Shr loss five cts vs profit 22 cts
    Net loss 422,037 vs profit 1,850,637
    Revs 6,642,490 vs 7,948,312
    Avg shrs 8,808,323 vs 8,412,822
 Reuter
3;
bodyend
documentend
documentstart
8489
topicstart
earn
topicend
bodystart
2;

ALC 
<
ALCC> ANTICIPATES 1ST QTR PROFIT


    BIRMINGHAM, Mich., March 23 - 
ALC Communications Corp said
that because of strong traffic growth and cost reductions it
anticipates reporting a profit for the first quarter of 1987,
versus a loss of 1.4 mln dlrs, or 15 cts a share, for the first
quarter of 1986.
    Earlier, the company reported a net after-tax loss for 1986
of 60.8 mln dlrs, or 4.63 dlrs a share, compared with a loss of
28.9 mln dlrs, or 2.43 dlrs a share, in 1985.
   
 Reuter
3;
bodyend
documentend
documentstart
8490
topicstart
earn
topicend
bodystart
2;

VARLEN CORP 
<
VRLN> DECLARES QTLY DIVIDEND


    NAPERVILLE, Ill., March 23 -
    
Qtly div 15 cts vs 15 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
8491
topicstart
earn
topicend
bodystart
2;

ANALYSIS AND TECHNOLOGY INC 
<
AATI> HIKES PAYOUT


    NORTH STONINGTON, Conn., March 23 -
    
Annual div 11 cts vs 10 cts prior
    Pay April 24
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
8492
topicstart
topicend
bodystart
2;
CORRECTION - MOODY'S CUTS TEXAS AIR
    In New York item headlined "Moody's Cuts Texas Air 
<
TEX>,
Affirms Eastern," Moody's corrects that it lowered Texas Air's
senior unsecured debt to B-3 from B-2, not the company's senior
secured debt.
 Reuter
3;


bodyend
documentend
documentstart
8493
topicstart
crude
topicend
bodystart
2;

IRAQ REPLACES OIL MINISTER IN BIG GOVT SHUFFLE


    BAGHDAD, March 23 - 
Iraqi President Saddam Hussein carried
out his first major government shakeup in five years tonight,
naming a new oil minister in shuffling three posts.
    One minister was dropped in the shuffle, announced in a
presidential decree. It gave no reason for the changes in the
government of the Arab Baath Socialist Party which has ruled
Iraq since a revolution in 1968.
    The decree named the head of the Iraqi National Oil Company
(INOC), Isam Abdul-Rahim al-Chalaby, to take over as oil
minister replacing Qassem Ahmed Taqi.
    Taqi, appointed oil minister in the last significant
government reorganization in 1982, was moved to be minister of
heavy industries.
 Reuter
3;
bodyend
documentend
documentstart
8495
topicstart
topicend
bodystart
2;

MOODY'S MAY CUT ECOLAB 
<
ECL>, UP CHEMLAWN 
<
CHEM>


    NEW YORK, March 23 - 
Moody's Investors Service Inc said it
may downgrade the ratings of Ecolab Inc's 25 mln dlrs of debt
and upgrade ChemLawn Corp's 15 mln dlrs of debt.
    The agency cited Ecolab's definitive agreement to acquire
ChemLawn for 370 mln dlrs.
    "The acquisition should be financed initially with bank
debt that, together with the assumption of ChemLawn's debt,
could raise significantly Ecolab's leverage.
    Under review are Ecolab's A-3 convertible subordinated
debentures and the convertible Eurodebt of its unit, E.L.
International Ltd. ChemLawn has B-1 convertible debt.
 Reuter
3;
bodyend
documentend
documentstart
8496
topicstart
acq
topicend
bodystart
2;

CAESARS 
<
CAW> HAS NO COMMENT ON MTS TALKS


    LOS ANGELES, March 23 - 
Caesars World Inc declined
immediate comment on news that Martin Sosnoff's 
<
MTS
Acquisition Corp> has held preliminary talks with two companies
on the possibility of forming a joint venture to pursue the
acquisition of Caesars.
    Earlier today MTS said it held talks with Pratt Hotel Corp

<
PRAT> and Southmark Corp 
<
SM> on forming a venture to acquire
Caesars.
    MTS also reported that it received a "negligible" number of
Caesars World shares in response to its 28 dlr per share tender
offer.
    Earlier this month Caesars World rejected the Sosnoff
takeover bid and said it is considering alternatives that
include a restructuring or sale of the company to another
party.
 Reuter
3;
bodyend
documentend
documentstart
8497
topicstart
acq
topicend
bodystart
2;

DIXONS SAYS CITICORP TO WITHDRAW CYCLOPS OFFER


    NEW YORK, March 23 - 
<
Dixons Group PLC> said it received a
letter on March 19 from Citicorp Capital Investors Ltd, part of
the Cyacq investor group making a rival bid for Cyclops Corp

<
CYL>, proposing to drop the group's offer if Dixons would sell
Cyclops industrial businesses to Citicorp.
    "Cyacq's main equity investor appears ready to pull out and
deal directly with us for merely part of the company" said
Dixons. "It raises questions as to the strength of their
consortium and the purpose of their offer."
    Dixons also said a U.S. Federal Court had refused a request
by counsel for Cyacq, Audio/Video Affiliates Inc 
<
AVA> and a
shareholder plaintiff to prevent Dixons from
completing its tender offer for Cyclops. It also said the court
refused to require Cyclops to provide Cyacq with confidential
information previously provided to Dixons.
    On Friday Cyacq Corp, an investor group led by Audio/Video
Affiliates and Citicorp, raised their offer for Cyclops to
92.50 dlrs per share from 80 dlrs per share, if certain
conditions were satisfied.
    Last week Dixons said it won out over rival bidders for
Cyclops after getting 54 pct of Cyclop's oustanding with a
90.25 dlr or 384 mln dlr tender offer that expired March 18.
    On Friday, Dixons agreed to reopen its tender offer until
March 25, Wednesday.
    Dixons today called Cyacq's higher 92.50 dlr a share offer
for Cyclops "highly conditional."
 Reuter
3;
bodyend
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8501
topicstart
earn
topicend
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2;

PRIMARK CORP 
<
PMK> REGULAR DIVIDEND


    MCLEAN, Va., March 23 -
    
Qtly div 32.5 cts vs 32.5 cts in prior qtr
    Payable Mary 15
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
8502
topicstart
earn
topicend
bodystart
2;

SAXON OIL DEVELOPMENT PARTNERS 
<
SAX> IN PAYOUT


    DALLAS, March 23 -
    
Qtly div two cts vs two cts prior
    Pay May 15
    Record March 31
    NOTE: Full name Saxon Oil Development Partners LP.
 Reuter
3;
bodyend
documentend
documentstart
8503
topicstart
topicend
bodystart
2;

W. GERMANY, BOLIVIA SIGN TWO COOPERATION PACTS


    LA PAZ, March 23 - 
West Germany and Bolivia signed two
cooperation treaties today expected to nearly double the amount
of overall aid the south american country receives from its
european trade partner, german officials said.
    Paul Resch, economic attache for the west german embassy,
told reuters that Germany had become the biggest european
community lender to bolivia.
    West german aid to Bolivia last year totalled 50 mln marks
and officials travelling with President Richard Von Weizsaecker
said overall aid to Bolivia is expected to reach 91 mln marks
this year.
    Weizsaecker is expected to announce the figure in a major
speech later today at the bolivian congress, the officials
said.
 Reuter
3;
bodyend
documentend
documentstart
8504
topicstart
topicend
bodystart
2;

SECURITY PACIFIC 
<
SPC> REGISTERS DEBT


    LOS ANGELES, March 23 - 
Security Pacific Corp said it filed
a registration statement with the Securities and Exchange
Commission covering 500 mln dlrs of subordinated debt
securities.
    Terms of the debt securities will be determined by market
conditions at the time of sale, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8505
topicstart
topicend
bodystart
2;

UNOCAL 
<
UCL> SELLS SEVEN AND 10-YEAR NOTES


    NEW YORK, March 23 - 
Unocal Corp is raising 450 mln dlrs
through a two-tranche offering of notes, said lead manager
Merrill Lynch Capital Markets.
    A 150 mln issue of seven-year notes was given an 8-1/2 pct
coupon and par pricing to yield 145 basis points more than
comparable Treasuries. They are non-callable for life.
    A 300 mln dlr offering of notes due 1997 was assigned an
8-3/4 pct coupon and priced at 99.447 to yield 8.834 pct, or
160 basis points over Treasuries. Non-callable for seven years,
this issue was doubled from an initial offering of 150 mln
dlrs, Merrill said.
    Moody's Investors Service Inc rates the Unocal notes Baa-3
and Standard and Poor's Corp rates them BBB-minus.
    Shearson Lehman Brothers Inc co-managed the two-tranche
deal.
 Reuter
3;
bodyend
documentend
documentstart
8506
topicstart
earn
topicend
bodystart
2;

IBM 
<
IBM> REBOUND SEEN BY BERNSTEIN ANALYST


    NEW YORK, March 23 - 
International Business Machines Corp,
hit by a two-year earnings slump, should begin a come-back by
the end of 1987 and post strong growth in 1988, analyst Rick
Martin of Sanford C. Bernstein Co Inc said.
    "There will be increasing momentum in earnings, albeit not
until later this year," Martin said at a technology conference
sponsored by the investment firm.
    Martin said the coming rebound reflects new product
introductions in the mid-range area, rather than any drastic
improvement in economic growth or U.S. capital spending.
    IBM, whose stock hit a 52-week low of 115-3/4 dlrs in
mid-January, has come back lately. IBM was trading up 7/8 at
149-1/2 dlrs.
    Analysts, computer industry executives, and the company
itself, have highlighted the external economic factors
hampering IBM's growth.
    But Martin said the product cycle was key to understanding
the rise and fall of IBM and other computer companies, and
pointed to Digital Equipment Corp 
<
DEC> to support his view.
"By replacing the product line, earnings have soared," he said
of DEC's line of VAX computers.
    In contrast to DEC, IBM faultered with an incompatible
mid-range product line. A new computer code-named "Fort Knox"
was supposed to tie together a number of IBM's mid-range
systems, but the product never got off the ground, he said.
    Instead, aspects of the computer were integrated into the
IBM 9370 machine introduced last year, and other aspects should
be unwrapped by 1988, Martin said. "The major story will be a
rebound in its mid-range business."
    He said sales of IBM's mid-range computers fell about 13
pct in 1986. But the new products will lead to 5.8 pct growth
in mid-range computers this year and 30.7 pct growth in 1988.
    High-end computers, primarily the Sierra line, are coming
to the end of their product life cycle. Although growing 22.5
pct in the midst of IBM's sharply lower 1986 year, growth will
drop to 1.5 pct in 1987 and 1.9 pct in 1988, he said.
    By 1988, overall revenue growth should rise to about 16
pct, against 5.8 pct growth in 1987 and 2.4 pct in 1986, Martin
said. Last year, IBM earned 4.8 billion dlrs on revenues of
51.3 billion dlrs.
    Investors asked what this all meant to DEC, whose earnings
and stock have been propelled by a strong slew of product
introductions in the mid-range area.
    In response, Martin said he did not view IBM as a threat to
DEC, nor DEC as a threat to IBM, because both companies were
catering largely to existing customer bases, rather than
stealing market share from one another.
 
 Reuter
3;
bodyend
documentend
documentstart
8508
topicstart
topicend
bodystart
2;
******
U.S. SELLS 3-MO BILLS AT 5.55 PCT, STOP 5.56 PCT, 6-MO 5.55 PCT, STOP 5.55 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
8509
topicstart
acq
topicend
bodystart
2;

CITICORP (CCI) SEEKS CYCLOPS 
<
CYL> STEEL UNIT


    WASHINGTON, March 23 - 
Citicorp Capital Investors Ltd, a
unit of Citicorp, said it wants to buy Cyclops Corp's steel
assets from Dixons Group PLC and is willing to pay 124.4 mln
dlrs, nearly 13 mln dlrs more than had been offered for the
assets by Alleghany Corp.
    The disclosure of the Citicorp unit's interest in Cyclops'
Industrial Group came in disclosure documents filed by Dixons
Group with the Securities and Exchange Commission.
    Alleghany's MSL Industries Inc unit had agreed to buy the
steel assets from Dixons Group for 111.6 mln dlrs.
    Dixons Group has tendered for all outstanding Cyclops
shares at 90.25 dlrs a share in cash.
    The Citicorp unit said its higher offer came to about three
dlrs more for each Cyclops share outstanding.
    As a condition of its offer, it said Dixons would have to
increase the cash price it was to pay for each Cyclops share to
93.25 dlrs in cash.
    Dixons on Friday extended the expiration time of its tender
offer until midnight (EST) March 24.
 Reuter
3;
bodyend
documentend
documentstart
8510
topicstart
earn
topicend
bodystart
2;

BRUNSWICK 
<
BC> SEES HIGHER 1987 FIRST QUARTER


    CHICAGO, March 23 - 
Brunswick Corp expects 1987 first
quarter sales to be up "dramatically" and profits to "do well,"
chairman and president Jack Reichert said after a securities
analysts meeting.
    He declined to be more specific.
    In the 1986 first quarter, Brunswick reported earnings of
23.8 mln dlrs or 57 cts a share on sales of 396.7 mln dlrs.
    Reichart noted that results of its two newly-acquired boat
manufacturing companies will be included in the company's first
quarter report.
    Brunswick expects its recreation centers to benefit from
increased attention to the sport of bowling resulting from
acceptance in the 1988 Summer Olympics of bowling as an
exhibition sport and as a medal sport in the 1991 Pan American
Games, he said.
    He said field testing of a new bowling concept involving
electronic features is being readied for test marketing this
summer, and if successful, could "materially benefit"
operations.
    Brunswick is currently test marketing in California a
health club facility adjoining a bowling center, he said.
    Turning to its defense operations, Reichert said he expects
the division to receive significant contracts in the near
future. At 1986 year end, Brunswick's defense contract backlog
stood at 425 mln dlrs.
    Frederick Florjancic, vice president-finance, told analysts
Brunswick was disappointed two credit rating services recently
downgraded the company's debt which stood at about 665.4 mln
dlrs at 1986 year end.
    "We are confident we can service our debt and bring it down
in the very near term," based on strong cash flow from
Brunswick's expanded boat operations, Florjancic said.
    Shareholders at the company's April 27 annual shareholders
meeting will be asked to approve an increase in the authorized
common shares outstanding to 200 mln from 100 mln shares, a
company spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
8512
topicstart
acq
topicend
bodystart
2;

MARK IV 
<
IV> UNIT TO BEGIN CONRAC 
<
CAX> TENDER


    NEW YORK, March 23 - 
Mark IV Industries Inc said it plans
to begin a tender offer at 25 dlrs a share for all outstanding
shares of Conrac Corp 
<
CAX>, a Stamford, Conn., maker of
control instruments and telecommunications products.
    Mark IV said it owns about 670,400 shares or about 9.9 pct
of Conrac's outstanding shares.
    The offer, to be made through Mark IV Acquisition Corp, a
wholly owned subsidiary, will not be conditioned on any minimum
number of shares being tendered, the company said.
    The tender offer will be conditioned upon, among other
things, the completion of financing arrangements.
    The terms and conditions of the offer will be described in
documents to be filed with the Securities and Exchange
Commission and mailed to Conrac shareholders as soon as
possible.
    Bear Stearns and Co is expected to act as dealer manager
for the offer, it said.
    A Conrac spokesman declined comment.
    Conrac has about 6.75 mln shares outstanding. Its shares
closed off 1-3/8 at 21-1/8 as about 84,400 shares changed
hands.
    Mark IV is a Williamsville, N.Y., maker of pastic products
and industrial control equipment.
 Reuter
3;
bodyend
documentend
documentstart
8513
topicstart
earn
topicend
bodystart
2;

WEATHERFORD 
<
WII> SUSPENDS PREFERRED PAYOUTS


    HOUSTON, March 23 - 
Weatherford International said it
suspended indefinitely payment of its regular quarterly
dividend of 65.6 cts per share on its 2.625 convertible
exchangeable cumulative preferred stock.
    Weatherford said this will be the sixth non-payment of the
dividend on the stock. It said payment would have been on April
15, 1987.
    Weatherford also said the holders of the preferred stock
will have the right to elect two additional directors to the
board of directors.
 Reuter
3;
bodyend
documentend
documentstart
8514
topicstart
acq
topicend
bodystart
2;

MHI GROUP 
<
MH> AFFILIATED WITH CEMETARY OFFER


    TALLAHASSEE, Fla., March 23 - 
MHI Group Inc said it is
affiliated with several investors who have entered into a
letter of intent providing for the purchase of Star of David
Memorial Gardens and Cemetery.
    The company said those investors will, under certain
circumstances, cede their rights under the letter of intent and
any definitive agreement to purchase the Fort Lauderdale, Fla.,
funeral home and cemetery business to MHI.
 Reuter
3;
bodyend
documentend
documentstart
8516
topicstart
ship
crude
topicend
bodystart
2;

IRAQ REPORTS ATTACKS ON SUPERTANKER, OIL TARGETS


    BAGHDAD, March 23 - 
Iraq said its warplanes had attacked a
supertanker and four Iranian oil sites and vowed to keep up
such raids until the Gulf war ends.
    The surprise escalation of attacks on oil installations
broke more than a month-long lull in Iraqi air force action.
    It also followed celebrations yesterday of what Baghdad
hailed as Iran's failure to achieve victory during the Iranian
year which ended on Saturday.
    A high command communique said warplanes hit the western
jetty at Iran's Kharg island oil terminal in the afternoon and
struck a supertanker nearby at the same time.
    The Kharg terminal, attacked about 135 times since August
1985, was last raided in January.
    The communique did not identify the supertanker, but said
columns of smoke were seen billowing from it.
    In London, Lloyds insurance said the 162,046-ton Iranian
tanker Avaj was hit on Saturday, when Iraq reported an earlier
Gulf attack.
    But there has been no independent confirmation of today's
supertanker attack nor of other raids on shipping reported by
Baghdad in the past 24 hours.
    The last confirmed Iraqi attack took place on March 8, when
the Iranian tanker Khark-5 was hit south of Kharg.
    Iraqi warplanes also struck Iran's offshore oilfields at
Nowruz, Cyrus and Ardeshir in northern gulf, some 80 km (50
miles) west of Kharg island, today's communique said.
 Reuter
3;
bodyend
documentend
documentstart
8518
topicstart
acq
topicend
bodystart
2;

HARCOURT 
<
HBJ> DISAPPOINTED WITH HARPER 
<
HPR>


    NEW YORK, March 23 - 
Harcourt Brace Jovanovich Inc said it
is disappointed that no negotiations with Harper and Row
Publishers Inc are underway.
    Harcourt made a 50 dlrs a share unsolicited bid on March
11.
    On March 17, Harcourt said three of its officers met with
Harper's financial advisor but has had no discussions since
then.
    Harcourt said it does not plan to increase its bid.
    Harcourt's bid was preceded by an earlier 34 dlrs a share
bid by Theodore Cross.
    Harper had no response to Harcourt's announcement. Earlier
today, Harper said a recently appointed special committee of
independent directors had received expressions of interest from
several domestic and foreign firms with respect to
restructuring or acquisition transactions.
    Harper said no determination had been made as to any
transaction and that its special committee is continuing in
talks with interested parties in an effort to come to a
conclusion in the near future.
 Reuter
3;
bodyend
documentend
documentstart
8519
topicstart
topicend
bodystart
2;

CANADA PLANS TWO BOND AUCTIONS


    OTTAWA, March 23 - 
Canada plans an auction of three-year
bonds March 31 and an auction of seven-year bonds April 1, the
finance department said.
    Further details would be announced March 25 on the bonds
that will be dated and delivered April 16, 1987.
    The department said the issues are contingent upon final
Parliamentary authority being given to Bill C-40, a previously
announced act to give the government supplementary borrowing
authority for fiscal 1987 (March 31) and borrowing authority
for fiscal 1988.
 Reuter
3;
bodyend
documentend
documentstart
8520
topicstart
earn
topicend
bodystart
2;

CLUB MED INC 
<
CMI> 1ST QTR JAN 31 NET


    NEW YORK, March 23 -
    
Shr 41 cts vs 38 cts
    Net 5,630,000 vs 5,152,000
    Revs 97.1 mln vs 85.4 mln
    
 Reuter
3;
bodyend
documentend
documentstart
8521
topicstart
earn
topicend
bodystart
2;

DRIVER-HARRIS CO 
<
DRH> 4TH QTR NET


    HARRISON, N.J., March 23 -
    
Shr profit 22 cts vs loss 2.15 dlrs
    Net profit 271,000 vs loss 2,530,000
    Revs 16.3 mln vs 15.2 mln
    Avg shr 1,238,000 and 1,177,000
    12 mths
    Shr profit 82 cts vs loss 2.14 dlrs
    Net profit 982,000 vs loss 2,517,000
    Revs 66.5 mln vs 64.5 mln
    Avg shrs 1,193,000 vs 1,177,000
    NOTE: net loss 1985 yr and qtr includes a charge of
1,042,000, or 89 cts per share, for expenses related to
restructuring of company's domestic alloy business.
 Reuter
3;
bodyend
documentend
documentstart
8522
topicstart
oilseed
soybean
topicend
bodystart
2;

1987 U.S. SOYBEAN LOAN SHOULD STAY SAME-AMSTUTZ


    WASHINGTON, MARCH 23 - 
Congress should give the U.S.
Agriculture Secretary the authority to keep the 1987 soybean
loan rate at the current effective rate of 4.56 dlrs per bushel
in order to help resolve the problem of soybean export
competitiveness, USDA undersecretary Dan Amstutz said.
    Speaking to reporters following a Senate Agriculture
Appropriations hearing, Amstutz suggested that one way out of
the current soybean program "dilemma" would be for Congress to
allow the loan rate to remain at 4.56 dlrs. He indicated if the
loan rate were 4.56 dlrs, USDA could then consider ways to make
U.S. soybeans more competitive such as using certificates to
further buydown the loan rate.
    Under current law, the 1987 soybean loan rate cannot be
less than 4.77 dlrs per bu.
    Amstutz' suggestion would be for Congress to change the
farm bill to allow USDA to leave the soybean loan rate at 4.56
dlrs in crop year 1987 rather than increase it to 4.77 dlrs.
    The 1986 effective loan rate is 4.56 dlrs because of the
4.3 pct Gramm-Rudman budget cut.
    Amstutz stressed that a major factor in any decision on
soybean program changes will be the budget costs.
    He told the hearing that the problem in soybeans is that
the U.S. loan rate provides an "umbrella" to foreign production
and causes competitive problems for U.S. soybeans.
    Asked about the American Soybean Association's request for
some form of income support, Amstutz said "the competitive
problem is the most severe." He said USDA is still studying the
situation and "no resolution" has yet been found.
 Reuter
3;
bodyend
documentend
documentstart
8526
topicstart
earn
topicend
bodystart
2;

COOPER DEVELOPMENT 
<
BUGS> RESTATES RESULTS


    PALO ALTO, Calif., March 23 - 
Cooper Development Co said it
revised results for the year ended October 31 to a loss of 61.7
mln dlrs, or 2.33 dlrs per share, down from the
previously-reported loss of 12.1 mln dlrs, or 46 cts per share.
    The restatement was made because of change in the method of
accounting for a combination of several company-controlled
concerns that resulted in a 53.5 mln dlr charge, Cooper
Development said.
    Last August Cooper Development combined its Cooper
Biomedical Inc unit and its Cooper Laboratories subsidiary with
Technicon Instruments Corp, a company acquired from Revlon Inc

<
REV>, a Cooper spokesman said.
    The spokesman said the transaction was accounted for as an
acquisition, but the Securities and Exchange Commission took
issue with the accounting method and said it should be
accounted for as a reorganization of entities under common
control.
    This treatment requires that the costs associated with the
transaction be expanded rather than capitalized as an
intangible asset, the company said.
    It also said that, since the charged required an expensing
of previously accrued liabilities, the company will experience
no resulting material change it its cash flow.
 Reuter
3;
bodyend
documentend
documentstart
8528
topicstart
earn
topicend
bodystart
2;

AMBRIT INC 
<
ABI> 4TH QTR JAN 31 NET


    CLEARWATER, Fla., March 23 -
    
Shr 28 cts vs nil
    Net 3,614,000 vs 7,000
    Revs 37.5 mln vs 7,835,000
    Year
    Shr 13 cts vs nil
    Net 1,601,000 vs 30,000
    Revs 145.5 mln vs 51 mln
    NOTE: Per share amounts are after payment of preferred
stock dividends.
 Reuter
3;
bodyend
documentend
documentstart
8529
topicstart
topicend
bodystart
2;

ECOLAB 
<
ECL> DEBT MAY BE DOWNGRADED BY S/P


    NEW YORK, March 23 - 
Standard and Poor's Corp said it may
downgrade Ecolab Inc's 10 mln dlrs of BBB-plus subordinated
debt.
    The agency cited Ecolab's proposed acquisition of ChemLawn
Corp 
<
CHEM> for 370 mln dlr. S and P said there are uncertain
returns on such a large investment for Ecolab as well as
increased credit risk, with debt leverage rising to more than
60 pct from 25 pct currently.
    But S and P noted that the acquisition would broaden
Ecolab's services. S and P said it would review management's
plans to sell assets and use proceeds to reduce debt.
 Reuter
3;
bodyend
documentend
documentstart
8530
topicstart
earn
topicend
bodystart
2;

<
ATLANTIS INTERNATIONAL LTD> YEAR LOSS


    CALGARY, Alberta, March 23 -
    
Shr loss 35 cts vs profit six cts
    Net loss 3,555,293 vs profit 649,715
    Revs 4,451,732 vs 3,910,652
    Note: 1986 net includes 3.7 mln dlr writedown of oil and
gas properties.
 Reuter
3;
bodyend
documentend
documentstart
8531
topicstart
topicend
bodystart
2;

S/P UPGRADES WEYERHAUSER 
<
WY> MARKET PREFERRED


    NEW YORK, March 23 - 
Standard and Poor's Corp said it
raised to A-plus from A Weyerhauser Co's 150 mln dlrs of market
auction preferred stock, series A and B.
    S and P assigned an A rating to the company's 200 mln dlrs
of convertible exchangeable preference stock, and affirmed its
A-plus senior debt and A-1 commercial paper. Weyerhauser has
about 1.6 billion dlrs of debt securities outstanding.
    It said the action reflected the preferred's diminished
importance in the capital structure following the recent
conversion of 2.80 dlr convertible cumulative preferred shares,
which had a 200 mln dlr liquidiating value.
 Reuter
3;
bodyend
documentend
documentstart
8533
topicstart
earn
topicend
bodystart
2;
******
AMERICAN EXPRESS DECLARED A TWO-FOR-ONE STOCK SPLIT 

Blah blah blah.
3;


bodyend
documentend
documentstart
8534
topicstart
earn
topicend
bodystart
2;
******
AMERICAN EXPRESS RAISES QTLY DIVIDEND TO 38 CTS FROM 36 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
8535
topicstart
grain
wheat
corn
topicend
bodystart
2;

U.S. WILLING TO TALK TO MOSCOW ON WHEAT PRICE


    WASHINGTON, MARCH 23 - 
U.S. Agriculture undersecretary Dan
Amstutz indicated the United States is willing talk with the
Soviet Union about the competitiveness of U.S. wheat prices but
would not discuss making U.S. wheat prices "cheap."
    "There sometimes is a difference between being competitive
and being cheap," Amstutz told a Senate Agriculture
Appropriations hearing.
    Amstutz said the difference of opinion between Moscow and
Washington last summer on the level of the U.S. subsidy offered
on wheat to the Soviet Union, was over whether the U.S. wheat
price was competitive or cheap.
    "I think there is a (U.S.) willingness to explore this
issue as it pertains to competitiveness," Amstutz said.
    However, Amstutz added that the United States would not be
willing to discuss wheat prices with Moscow "if the issue is
being cheap."
    Asked later by a reporter what he meant by the distinction
between competitive and cheap, Amstutz would not elaborate.
    Amstutz said it is the U.S. judgment that the long-term
grain agreement between the two countries calls for Moscow to
buy at least four mln tonnes each of wheat and corn annually at
"prices in effect in this country."
    Amstutz made the comments in response to a question from
Sen. Charles Grassley, R-Iowa, about expanding the export
enhancement program to include grain sales to the Soviet Union.
 Reuter
3;
bodyend
documentend
documentstart
8536
topicstart
acq
topicend
bodystart
2;
******
AMERICAN EXPRESS BOARD APPROVED NIPPON LIFE PURCHASE OF SHEARSON INTEREST

Blah blah blah.
3;


bodyend
documentend
documentstart
8539
topicstart
topicend
bodystart
2;

FEDERAL PAPER BOARD 
<
FBP> UPGRADED BY MOODY'S


    NEW YORK, March 23 - 
Moody's Investors Service Inc said it
upgraded Federal Paper Board Co Inc's 290 mln dlrs of debt.
    Raised were the company's senior debt to Ba-1 from Ba-2 and
subordinated debt to Ba-3 from B-1. Moody's assigned a Ba-3
rating to its convertible preferred stock.
    Moody's cited reduced leverage, a strengthened equity base
and increased fixed-charge coverage. Federal Paper Board's
outstanding 125 mln dlrs of subordinated debt will be redeemed
with the proceeds from the convertible preferred issue, the
agency noted. Moody's also said it expects the company to have
strong earnings this year.
 Reuter
3;
bodyend
documentend
documentstart
8540
topicstart
earn
topicend
bodystart
2;

UNITED ILLUMINATING CO 
<
UIL> TWO MONTHS FEB 28


    NEW HAVEN, Conn., March 23 -
    
Shr 1.51 dlr  vs 1.08 dlr
    Net 23.1 mln vs 18.2 mln
    Oper revs 81.1 mln vs 86.5 mln
    12 mths
    Shr 6.41 dlrs vs 5.77 dlrs
    Net 106.5 mln vs 99.2 mln
    Oper revs 465.8 mln vs 509.8 mln
    NOTE: 1987 periods do not reflect the terms of earnings
stipulation agreement among the company and various departments
submitted for approval on March 18.
   
 Reuter
3;
bodyend
documentend
documentstart
8541
topicstart
earn
topicend
bodystart
2;

DATA CARD 
<
DATC> SEES LOWER YEAREND RESULTS


    MINNEAPOLIS, March 23 - 
Data Card Corp said it does not
expect to meet its earnings and revenue targets for the fiscal
year ending March 28.
    Earlier, the company said it expected earnings per share
from continuing operations to be 35 to 45 cts a share. Now it
sees that figure at 15 cts a share, or about 1.5 mln dlrs.
    Data Card said it expects revenues for the year in the
range of 170 mln to 175 mln dlrs, down from a previous estimate
of 180 mln to 185 mln dlrs.
    It said integration of Addressograph Farrington Inc, a
private company acquired on Aug 25, 1986, is proving more
difficult than expected. The company reported revenues of 154
mln dlrs and net income of 10.6 mln dlrs in fiscal 1986 ended
March 26, 1986.

 Reuter
3;
bodyend
documentend
documentstart
8543
topicstart
acq
topicend
bodystart
2;

DU PONT 
<
DD> UPS STAKE IN PERCEPTIVE SYSTEMS


    HOUSTON, March 23 - 
Du Pont Co has increased its equity
stake in 
<
Perceptive Systems Inc> to 33.5 pct from 20 pct,
Perceptive Systems said.
    Perceptive Systems, a venture capital firm based in
Houston, makes digital imaging equipment.
 Reuter
3;
bodyend
documentend
documentstart
8544
topicstart
acq
topicend
bodystart
2;

QUAKER OATS 
<
OAT> SELLS VERNELL'S FINE CANDIES


    CHICAGO, March 23 - 
Quaker Oats Co said Keystone Partners
Inc has purchased Vernell's Fine Candies Inc, previously an
indirect subsidiary of Quaker. The price was not disclosed.
    It said Vernell's, based in Bellevue, Wash., had annual
sales exceeding 30 mln dlrs. Vernell's was acquired by Quaker
in its acquisition of Golden Grain Macaroni Co in August 1986.
 Reuter
3;
bodyend
documentend
documentstart
8545
topicstart
earn
topicend
bodystart
2;

LINCOLN SAVINGS 
<
LNSB> SETS FIRST PAYOUT


    CARNEGIE, Penn., March 23 - 
Lincoln Savings Bank said its
board declared an initial dividend of 10 cts per share, payable
April 17 to shareholders of record April 10.
 Reuter
3;
bodyend
documentend
documentstart
8546
topicstart
acq
topicend
bodystart
2;

GRAPHIC INDUSTRIES 
<
GRPH> ENDS BUYOUT TALKS


    ATLANTA, March 23 - 
Graphics Industries Inc said it
terminated negotiations for the acquisition of 
<
Holladay-Tyler
Printing Corp>, Rockville, Md.
    The companies on March 10 announced that they had signed an
agreement in principle for the acquisition.
    No reason was given termination of the negotiations.
 Reuter
3;
bodyend
documentend
documentstart
8547
topicstart
earn
topicend
bodystart
2;

UNITED 
<
UIL> PACT MAY LOWER NONCASH INCOME


    NEW HAVEN, Conn., March 23 - 
United Illuminating Co said
that if the Department of Utility Controls approves an earnings
stipulation agreement submitted March 18, it will reduce
through accounting procedures its 1987 noncash earnings by 16
mln dlrs or 1.15 dlr per share.
    For the two month period ended February 28, 1987, it said
the amount of the reduction would amount to 19 cts per share.
Earlier, it reported net income for the two-month period of
23.1 mln dlrs of 1.51 dlr a share.
    United said the approval would lead it to an equity return
level comparable with the electric utility industry average.
 Reuter
3;
bodyend
documentend
documentstart
8548
topicstart
topicend
bodystart
2;

BAKER SAYS LATINS BALK AT U.S. IADB COMPROMISE


    MIAMI, March 23 - 
U.S. Treasury Secretary James Baker said
leading Latin American nations have delayed accepting a U.S.
compromise proposal on major reforms of the Inter-American
Development Bank.
    In an interview with a small group of reporters, Baker said
discussions on far-reaching reforms of the bank would resume
around the fringes of the semiannual meeting of the
International Monetary Fund in two weeks time.
    But Baker said his compromise proposal, which he would not
disclose, was no longer on the table.
    "I made it clear that the proposal was not one that I
expected to leave out there if we could not resolve it at this
meeting," Baker said.
    The U.S. had pressed for virtual veto power over IADB loans
which were made on terms Washington considers far too lax.
    In a bid to integrate the Bank into the U.S. debt strategy,
Washington has suggested it would be ready to subscribe nine
billion dlrs to a new four-year capital replenishment of the
Bank.
    In return Latin nations would have to give up their 54 pct
simple majority voting power over IADB lending.
    Baker said, "In my view, they have not rejected it out of
hand at all and that it will be considered, should we choose to
advance it at the April meeting."
    A U.S. contribution of that size would lead to an effective
four-year lending program by the Bank of 22.9 billion dlrs.
    The actual capital increase would amount to 27 billion
dlrs, but usable resources would be less because the callable
capital of Latin debtors is theoretical and does not take place
in practice, U.S. officials explained.
    In return Latin nations would have to give up their 54 pct
simple majority voting power over IADB lending.
    Initially, the U.S. wanted 65 pct of votes to proceed with
a loan, a position that would have given the U.S. a virtual
veto since it holds almost 35 pct of the votes.
    But it seemed clear from Baker's remarks he was at one
point ready to concede an increased voting power, such as 62.5
pct or 60 pct as the majority for approving loans, that would
amount to a compromise between the original U.S. and Latin
American positions.
    Baker said, "In my view, they have not rejected it out of
hand at all and that it will be considered, should we choose to
advance it at the April meeting."
    Baker made clear that since Mexico, Brazil, Venezuela and
Argentina, representing the Latins, had declined to accept the
plan today, the U.S. had reverted to its original position, but
he added, "It's possible the proposal could be revived."
    U.S. officials, who asked not to be named, said they
believed a decision was not forthcoming because several top
Latin finance officials were absent from the IADB annual
meetings here.
    And one official added that the key Latin officials would
be present at the semi-annual meetings of the IMF and the World
Bank.
    The Treasury Secretary warned that if the issue is left
unresolved "we can't look towards a greater (capital)
replenishment here."
    That would mean the U.S. would use another multilateral
development bank, like the World Bank, as its principal vehicle
for lending tied to fundamental economic reforms in debtor
nations.
    The IADB has tended to make loans for projects rather than
sectoral loans aimed at reforming Latin economies and hence has
never fully participated in Baker's third world debt plan.
 Reuter
3;
bodyend
documentend
documentstart
8553
topicstart
crude
topicend
bodystart
2;

HUGHES' U.S. RIG COUNT RISES TO 784


    HOUSTON, March 23 -  
U.S. drilling activity rose last week
with the number of working rotary rigs up by 23 to 784, against
1,063 working rigs one year ago, Hughes Tool Co. said.
    The improvement was the first increase this year in the
weekly rig count, which had dropped steadily since early
January when a total of 962 rotary rigs were working.
    Among individual states, Texas and Oklahoma reported the
biggest gains in drilling last week with increases of 21 and
11, respectively. California and Louisiana were each up by
three and Wyoming gained two additional working rigs.
    Hughes Tool said it counted a total of 692 rigs drilling on
land, 74 rigs active offshore and 18 drilling in inland waters.
In Canada, the rig count was up by two to 183, against 324 one
year ago.
 Reuter
3;
bodyend
documentend
documentstart
8554
topicstart
trade
topicend
bodystart
2;

AMSTUTZ SAYS FARM TRADE ACCORD POSSIBLE IN 1988


    WASHINGTON, MARCH 23 - 
U.S. Agriculture undersecretary
Daniel Amstutz said it is possible to reach a global agreement
to scale-back agricultural supports in calendar 1988.
    Speaking to a Senate Agriculture Appropriations committee
hearing, Amstutz said "I think we can reach agreement in
calendar 1988."
    Amstutz said the U.S. places a high priority on the Uruguay
round of global trade talks.
    His comments followed a statement by Secretary of State
George Shultz last week urging agriculture be the highest
priority item during the upcoming summit of western heads of
state in Venice, Italy.
 Reuter
3;
bodyend
documentend
documentstart
8555
topicstart
earn
topicend
bodystart
2;

CAMPBELL RED LAKE MINES LTD 
<
CRK> QTLY DIV


    TORONTO, March 23 - 
    
Qtly div 10 Canadian cts vs 10 Canadian cts prior
    Pay May 25
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
8556
topicstart
earn
topicend
bodystart
2;

STOKELY USA INC 
<
STKY> REGULAR DIVIDEND SET


    OCONOMOWOC, WIS., March 23 -
    
Qtly div three cts vs three cts previously
    Pay April 15
    Record April One
 Reuter
3;
bodyend
documentend
documentstart
8558
topicstart
acq
topicend
bodystart
2;

COOPER SAYS OFFER MUST INCLUDE CLASS A SHARES


    TORONTO, March 23 - 
<
Cooper Canada Ltd> said it told those
who have expressed interest in acquiring control of the company
that it would entertain no offer unless it were made to holders
both of class A non-voting shares and voting common.
 Reuter
3;
bodyend
documentend
documentstart
8559
topicstart
earn
topicend
bodystart
2;

KINGS ROAD ENTERTAINMENT 
<
KREN> 3RD QTR LOSS


    LOS ANGELES, March 23 - 
Qtr ended Jan 31
    Shr loss seven cts vs loss 64 cts
    Net loss 367,000 vs loss 3,009,000
    Revs 2,516,000 vs 8,787,000
    Nine mths
    Shr loss 73 cts vs loss 1.17 dlrs
    Net loss 3,545,000 vs loss 4,573,000
    Revs 6,768,000 vs 13.3 mln
 Reuter
3;
bodyend
documentend
documentstart
8561
topicstart
acq
earn
topicend
bodystart
2;

AMERICAN EXPRESS 
<
AXP> APPROVES SHEARSON OFFER


    New York, March 23 - 
American Express Co said its board
approved a public offering of about 18 pct of its wholly owned
Shearson Lehman Brothers Inc brokerage unit.
    American Express also approved the previously announced
plan to sell about 13 pct, or 13 mln convertible preferred, of
the unit to Nippon Life insurance co for 538 mln dlrs. The
preferred shares are convertible to the same number of common
shares following Hart-Scott-Rodino and FDIC approvals.
    American Express said it will maintain 60 pct, or 60 mln of
the 100 mln shares of Shearson that will be outstanding.
    American Express said it had agreed with Nippon life that
American Express will hold a minimum of 40 pct of Shearson
until January, 1999.
   American Express said 7.5 mln Shearson shares would be held
by certain employees of Shearson and one mln by a Shearson
stock ownership plan to be formed.
    American Express said it anticipates a registration
statement for the public offering will be filed with the
Securities and Exchange Commission shortly.
    American Express also declared a two-for-one stock split
and raised its quarterly dividend to 38 cts per share from 36
cts on a pre-split basis. Both dividends are payable May 8, to
shareholders of record April 3. There are currently 215 mln
American Express shares outstanding.
    The transaction with Nippon Life remains subject to
approval by the Japanese ministry of finance, which is expected
in April.
    American Express also said an agreement was reached by
Shearson and Nippon Life providing for a joint venture in
London.
    The venture will focus on investment advisory asset
management, market research and consulting on financing. It
also said it expects the relationship to extend to selected
projects involving American Express, Shearson Lehman and Nippon
Life in key financial centers of Asia and other regions, and to
future personnel exchanges.
    Under the agreement, Nippon will receive 13 mln cumulative
preferred shares with a five pct dividend rate. The cumulative
preferred stock will become convertible with voting powers to
an equal number of common shares following the U.S. government
approvals.
    American Express said that assuming conversion of the
preferred stock held by Nippon, 100 mln shares of Shearson
Lehman common stock would be outstanding. For the public
offering, it said there will be an underwriters overallotment
option to purchase 1.8 mln shares.
    American Express will also grant Nippon Life a five-year
warrant to purchase one mln American Express common shares at
100 dlrs per share. There are currently 215 mln American
Express shares outstanding.
    Nippon Life would be entitled to nominate two directors to
the Shearson board and one representative to serve as an
adviser to the American Express board of directors.
    "These proposed transactions are yet another signal that
american express intends to stay in the forefront of the
financial services industry worldwide," said American Express
Chairman James D. Robinson. "The implementation of our plans,
moreover, will enable us to maintain a majority interest in
shearson while enhancing the strength of our balance sheet by
tapping additional capital resources for shearson outside
american express."
Reuter...
3;
bodyend
documentend
documentstart
8562
topicstart
earn
topicend
bodystart
2;

STERIVET LABS 
<
STVTF> SETS STOCK SPLIT


    TORONTO, March 23 - 
Sterivet Laboratories Ltd said it
authorized a three-for-one split of its common stock.
    The company said the stock split is subject to approval by
its shareholders at its upcoming annual meeting.
 Reuter
3;
bodyend
documentend
documentstart
8563
topicstart
money-fx
topicend
bodystart
2;

CHICAGO FUTURES LEADER SAYS MARKETS CAN ADAPT


    By Nelson Graves, Reuter


    BOCA RATON, Fla., March 23 - 
Foreign currency futures
markets would not be harmed if the leading industrial countries
agreed to restrict currency movements to within a narrow band,
said Leo Melamed, chairman of the Chicago Mercantile
Exchange's, CME, executive committee.
    "The target zone would not affect our market I think at
all.... A 10 pct range in the Deutsche mark gives us a healthy
market," Melamed told Reuters in an interview.
    "We were willing to live in the old Smithsonian era with a
four pct shift," he said, referring to permitted currency
fluctuations in the early 1970s. "One thing you can adjust is to
make each contract a larger value."
    As chairman of the CME in 1969-71, Melamed was instrumental
in the development of currency futures, which now are crucial
to the Chicago exchange.
    Melamed said capital flows -- which he estimated can
approach 200 billion dlrs a day -- would overwhelm efforts by
governments to control currency fluctuations.
    "They can do it for a day, in terms of intervention, an
hour, a week maybe, but not over a period of time. So it's
unrealistic and it doesn't work and it's unnecessary."
    The CME's top policymaker also said a decision by the
exchange to advance the quarterly settlement time of its stock
index futures contract to the morning from the afternoon would
help eliminate dramatic price gyrations in futures and equity
markets on so-called "triple-witching" day.
    "We think that the settlement in the morning will have a
salutary effect so that over a longer period of time I think
this issue (triple witching) will go away because of the change
in the structure as of next June," when the move is scheduled to
go into effect, he said.
    Melamed said proposed changes in floor practices by traders
of the popular Standard and Poor's 500 stock index future would
address complaints of trading abuses and stimulate trading.
    Two weeks ago, the CME board of directors proposed barring
brokers on the top step of the pit from trading for their own
account. The board also proposed requiring brokers engaged in
dual trading elsewhere in the pit to record personal trades to
the nearest minute and curbing trading between broker groups.
    The changes "will in time have an extremely positive effect
on the marketplace. That's going to prove very, very
instrumental in increasing volume over time," he said,
predicting the increase would come within a year.
    Melamed, also chairman of Dellsher Investment Co Inc, said
the CME last week withdrew a proposal to put a 12-point limit
on the S and P 500 index's daily price movement when the
Commodity Futures Trading Commission told the exchange it could
not be a temporary program.
    The CME also received "many negative comments, many more
than we anticipated," Melamed conceded. Many futures commission
merchants predicted sell orders would accelerate in the event
the price approached the bottom limit.
 Reuter
3;
bodyend
documentend
documentstart
8564
topicstart
topicend
bodystart
2;

GTE 
<
GTE> FILES AUCTION PREFERRED SHARE OFFER


    WASHINGTON, March 23 - 
GTE Corp filed with the Securities
and Exchange Commission for a shelf offering of four mln shares
of auction preferred stock on terms to be set at the time of
sale.
    The dividend rate on the shares is reset by auction every
49 days. The shares will be offered in units of 1,000 and each
unit will have a liquidation preference of 100,000 dlrs. An
underwriting group will be led by Goldman, Sachs and Co.
    GTE said proceeds will be used to reduce short-term debt
and to partially fund repurchases of common stock.
 Reuter
3;
bodyend
documentend
documentstart
8565
topicstart
earn
topicend
bodystart
2;

TCBY ENTERPRISES INC 
<
TCBY> 1ST QTR FEB 28 NET


    LITTLE ROCK, ARK., March 23 -
    
Shr eight cts vs five cts
    Net 1,370,898 vs 823,988
    Sales 7,786,730 vs 4,383,825
    Avg shrs 17,744,333 vs 17,071,236
    NOTE: Per-share amounts adjusted for three-for-two stock
splits in April and July, 1986
 Reuter
3;
bodyend
documentend
documentstart
8566
topicstart
topicend
bodystart
2;

SPACE MICROWAVE 
<
SMLI> SETS SECURITIES OFFERING


    SANTA ROSA, Calif., March 23 - 
Space Microwave Laboratories
Inc said it registered with the Securities and Exchange
Commission a secondary offering of 2,200 units of its
securities at 1,000 dlrs per unit.
    Each unit consists of shares of common stock, common stock
purchase warrants and 1,000-dlr principal amount of convertible
subordinated debentures.
    RLR Securities Group Inc will underwrite the offering.
 Reuter
3;
bodyend
documentend
documentstart
8567
topicstart
acq
topicend
bodystart
2;

HECLA 
<
HL> BUYS STAKE IN GREENS CREEK VENTURE


    DENVER, March 23 - 
Hecla Mining Co said it agreed to buy a
28 pct stake in the Greens Creek joint venture from Amselco
Minerals Inc, a unit of British Petroleum PLC's 
<
BP> BP North
America Inc unit.
    The Greens Creek venture is engaged in final project
engineering of a gold-silver-lead-zinc ore body on Admiralty
Island, about 15 miles southwest of Juneau, Alaska.
    Hecla said it estimates its total investment in the
project, including its share of production costs, will be about
45 mln dlrs.

 Reuter
3;
bodyend
documentend
documentstart
8569
topicstart
earn
topicend
bodystart
2;

SPRINT OPTIMISTIC DESPITE LOSSES


    By Peter Elsworth


    DALLAS, March 23 - 
US Sprint, the 50-50 telephone venture
of GTE Corp 
<
GTE> and United Telecommunications Inc 
<
UT> set up
last June, is optimistic despite expecting to report a net loss
of about 500 mln dlrs this year.
     David M. Holland, president of US Sprint's Dallas-based
Southwest Division, told Reuters in an interview that he did
not know what it would report for the first quarter, but agreed
that for the year the company should have about the same
results as last year when it lost "about 500 mln dlrs."
     He noted the company was slated to spend 2.3 billion dlrs
over "two plus years" to set up its network.

    Holland added that Sprint was still paying almost 500 mln
dlrs a year to American Telephone and Telegraph Co (T) in order
to lease its lines.
     He said 16,000 miles of its 23,000 mile fiber optic
telephone line are now "in the ground," and 7,000 miles are
operable.
     By the end of the year, he said, 90 pct of the company's
subscribers will be carried on its fiber optic lines (instead
of leased ATT lines), compared with 60 pct by the end of the
second quarter.
    Fiber optic lines, which send digital light impulses along
microscopic glass lines, is quicker, more accurate and more
economical than traditional copper cables. A fiber optic line
the diameter of a dime can carry the same amount of information
as a copper cable 20 feet in diameter.
     "By the end of the year, we will have the capacity to
carry 50 pct of all U.S. long distance phone calls," Holland
said.
    He said ATT currently controls about 80 pct of the U.S.
long distance market, with MCI Communications Corp 
<
MCIC> about
10 to 12 pct and Sprint five to seven pct.
     Holland said Sprint's rates, which were 50 pct lower than
ATT when it did not pay to gain access to local telephone
exchanges, were now about 10 to 12 pct lower now that all the
companies have equal access. He said the company was cutting
back its advertising by about 30 pct this year.
     At the same time, he said Sprint had increased its total
number of customers to four mln from two mln from July 1986 to
last January.
    "We've captured the fiber high ground, shown the importance
of it," he said.
     Concerning the deregulation of ATT, Holland said he
believed ATT "should be given some flexibility, but should be
regulated on pricing plans."
     "They're so dominant in the market place," he said, adding
that ATT should be deregulated when "there is true competition
in the marketplace."
     "It takes time to prove ourselves and a lot of money," he
said, adding, "maybe two to four years out, it's hard to say."
    Holland said he was not concerned about talk that Sprint's
two owners might be squabbling or that corporate raiders, such
as the Belzberg family in Canada, might be putting pressure on
them to sell off their loss-making Sprint holdings.
     "They are two excellent partners who have stated time and
time again their support of US Sprint," he said, adding that he
was "amazed" at industry talk that the two companies might be
arguing. "There's no evidence of that," he said.
     He said Sprint's progress in such areas as revenues,
number of customers and construction was on track, even "ahead
in many areas."
    Looking beyond the United States, Holland said Sprint
currently had direct access to 34 countries and aimed to be in
90 pct of the Free World nations by 1988.
    "We want to be in every country that ATT serves," he said.
    He said Sprint currently does not have access to Mexico but
was working on it.
     He noted negotiations between Mexico and GTE Sprint, the
forerunner of US Sprint, had been broken off by the September
1985 earthquake which had devastated the nation's telephone
network.
 Reuter
3;
bodyend
documentend
documentstart
8571
topicstart
acq
topicend
bodystart
2;

AVALON 
<
AVL> STAKE SOLD BY DELTEC


    NEW YORK, March 23 - 
Avalon Corp said that 
<
Deltec
Panamerica SA> has arranged to sell its 23 pct stake in Avalon
and that Deltec's three representatives on Avalon's board had
resigned.
    An Avalon spokeswoman declined to indentify the buyer of
Deltec's stake or give terms of the sale.
    In addition, Avalon said three other directors resigned. It
said Benjamin W. Macdonald, a director of 
<
TMOC Resources Ltd>,
the principal holder of Avalon stock, and Hardwick Simmons, a
vice chairman of Shearson Lehman Bros Inc, were then named to
the board.
 Reuter
3;
bodyend
documentend
documentstart
8572
topicstart
acq
topicend
bodystart
2;

QUAKER OATS 
<
OAT> SELLS UNIT TO KEYSTONE


    SEATTLE, Wash., March 23 - 
The Quaker Oats Co said it sold
its Vernell's Fine Candies Inc unit to privately-held Keystone
Partners Inc for an undisclosed price.
    The company said Vernells had sales of around 30 mln dlrs
in the year ended in August, 1986.
    Quaker Oats acquired Vernells in August, 1986 when it
purchased Golden Grain Macaroni Co.
   
 Reuter
3;
bodyend
documentend
documentstart
8574
topicstart
livestock
carcass
topicend
bodystart
2;

U.S. TO ASK JAPAN TO DROP BEEF RESTRICTIONS


    STILLWATER, Okla., March 23 - 
U.S. Agriculture Secretary
Richard Lyng will ask the Japanese Government to remove all
beef import restrictions when he visits there next month.
    Lyng's remarks came in a speech at Oklahoma State
University today.
    "We think Japanese consumers should have the same freedom
of choice as our consumers. Look at all the Japanese cameras
and tape recorders in this room. We know they'd buy more beef
if they had the opportunity," Lyng said.
 Reuter
3;
bodyend
documentend
documentstart
8577
topicstart
earn
topicend
bodystart
2;

CLABIR CORP 
<
CLG> 4TH QTR JAN 31 NET


    GREENWICH, Conn., March 23 - 
    
Shr profit 26 cts vs loss two cts
    Net profit 6,194,000 vs loss 170,000
    Revs 100.0 mln vs 7,854,000
    Avg shrs 10.7 mln vs 8,787,977
    Year
    Shr profit two cts vs loss 17 cts
    Net profit 7,169,000 vs loss 1,461,000
    Revs 421.4 mln vs 51.1 mln
    Avg shrs 9,604,474 vs 8,807,709
   
Reuter...
3;
bodyend
documentend
documentstart
8578
topicstart
money-fx
topicend
bodystart
2;

U.K. PROFITTED FROM AUTUMN INTERVENTION - LAWSON


    LONDON, March 23 - 
Britain has reaped profits by using a
stronger pound to buy back dollars used by the government last
autumn to support sterling during a currency crisis, Chancellor
of the Exchequer Nigel Lawson said.
    He said in a parliamentary debate, "I can now tell the House
(of Commons) that the dollars that were sold from the reserves
in September and October (1986) have subsequently all been
repurchased - at a profit of some tens of millions of pounds."
    Hindsight had proved him right to resist market pressures
then for a two percentage point interest rate rise, he said.
The increase in base rates was instead limited then to one
point.
    During a debate on the 1987/88 British budget which Lawson
unveiled last week, he said that "during the period of foreign
exchange market turbulence which followed the somewhat
inconclusive Group of Five and Group of Seven meetings at the
end of September, I authorised the Bank of England to intervene
unusually heavily in order to buy breathing space that would
enable me to confine the interest rate rise to one pct rather
than the two pct the market was then pressing for."
    He said that that one percentage point increase, effected
in October 1986, had been reversed by this month's two half
point cuts in banks' base lending rates. They are now at 10
pct.
    Treasury figures show that the underlying change in British
reserves - seen as a guide to possible Bank of England
intervention on foreign exchange markets - suggest that the
authorities sold around 1.0 billion dlrs during September and
October 1986, government sources said.
 Reuter
3;
bodyend
documentend
documentstart
8579
topicstart
earn
topicend
bodystart
2;

BAY FINANCIAL CORP 
<
BAY> 3RD QTR FEB 28


    BOSTON, March 23 -
    
Shr loss 1.34 dlrs vs profit two cts
    Net loss 4.5 mln vs profit 46,000
    Revs 7.6 mln vs 8.9 mln
    Nine months
    Shr loss 1.41 dlrs vs loss two cts
    Net loss 4.7 mln vs loss 76,000
    Revs 30.2 mln vs 23.8 mln
    NOTE:1986 includes gain on disposition of investments of
2,454 dlrs in 3rd qtr and 5,306 dlrs in nine months
respectively. 1987 includes gain on disposition of investments
of five dlrs in 3nd qtr and 7,052 dlrs in nine months.
 Reuter
3;
bodyend
documentend
documentstart
8580
topicstart
earn
topicend
bodystart
2;

CORRECTED - MANHATTAN NATIONAL
<
MLC>4TH QTR LOSS


    NEW YORK, March 23 -
    
Oper shr loss 20 cts vs loss 81 cts
    Oper net loss 1,042,000 vs loss 4,077,000
    Revs 38.5 mln vs 50.3 mln
    12 mths
    Oper shr profit six cts vs loss 43 cts
    Oper net profit 336,000 vs loss 2,176,000
    Revs 137.8 mln vs 209.1 mln
    (Company corrects to show profit rather than a loss for
current 12 mths oper shr and oper net.)
 Reuter
3;
bodyend
documentend
documentstart
8581
topicstart
earn
topicend
bodystart
2;

AMBRIT INC 
<
ABI> 4TH QTR JAN 31 NET


    CLEARWATER, Fla., March 23 - 
    
Shr 28 cts vs nil
    Net 4,568,000 vs 7,000
    Revs 37.5 mln vs 7,835,000
    Year
    Shr 13 cts vs nil
    Net 5,011,000 vs 30,000
    Revs 145.5 mln vs 51.0 mln
    Note: Current year results includes revs of 87.2 mln dlrs
from Chocolate Co Inc, which was acquired in March 1986.
    Note: Shr results after preferred dividend payments of
954,000 dlrs for current qtr and 3,410,000 dlrs for current
year.
    Net includes gains from sale of investment in Sheraton
Securities International of 5,807,000 dlrs vs 928,000 dlrs for
qtr and 8,705,000 dlrs vs 928,000 dlrs for year.
    Net also includes extraordinary loss from early retirement
of debt of 303,000 dlrs for year-ago 12 mths.
 Reuter
3;
bodyend
documentend
documentstart
8582
topicstart
earn
topicend
bodystart
2;

COMMUNICATIONS CORP OF AMERICA 2ND QTR DEC 31


    DALLAS, March 23 -
    
Shr loss 33 cts vs loss 48 cts
    Net loss 1.7 mln vs loss 2.5 mln
    Revs 6.3 mln vs 10.2 mln
    Six months
    Shr loss 54 cts vs loss 75 cts
    Net loss 2.8 mln vs loss 3.9 mln
    Revs 15.2 mln vs 23.4 mln
       
 Reuter
3;
bodyend
documentend
documentstart
8584
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Dollar hits record low of 149.78 yen - Tokyo dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
8585
topicstart
ipi
topicend
bodystart
2;

CBI SURVEY POINTS TO SURGE IN U.K. OUTPUT


    LONDON, March 24 - 
British manufacturers expect output to
grow rapidly in the four coming months, a Confederation of
British Industry (CBI) survey shows.
    The CBI's monthly trends survey for March shows that 43 pct
of the 1,685 polled U.K. Firms expect to raise output in the
next four months. Only nine pct expect output to fall while 47
pct said production would likely remain unchanged.
    The CBI said the positive balance between firms expecting
production to rise and those forecasting a fall, at 34 pct, was
the highest such figure recorded since 1977.
    In the CBI's February survey, 37 pct of companies expected
a rise in output while 54 pct forecast production would remain
at present levels and eight pct expected production to drop.
    The survey also showed that 23 pct of the polled companies
consider current order books to be above normal while 58 pct
view them as normal and only 19 pct regard them as below
normal.
    This was the highest positive balance since the question
was first asked more than 10 years ago, the CBI said.
    In February, the figures were 24 pct, 22 pct and 54 pct
respectively.
    Companies also rated their export possibilities higher. Of
all polled companies, 23 pct rated their export order books to
be above normal and 53 pct described them as normal while only
23 pct believed export orders were below normal levels.
    In February, 25 pct thought their export books were below
normal and 50 pct believed them to be about normal. At 23 pct,
the proportion of companies rating their export books above
normal was unchanged between February and March.
    On prices, the survey showed that 62 pct of companies
expect average prices at which domestic orders are booked will
remain unchanged in the coming four months, up from 57 pct in
February.
    From 38 pct in February, only 31 pct of firms now expect
prices to rise before July. Six pct forecast prices will fall,
against four pct a month earlier.
    Commenting on the survey, CBI economic situation committee
chairman David Wigglesworth said sterling's more competitive
level against many European currencies had improved exports.
    "But interest rates are still much higher than in our
competitor countries and British manufacturers will still have
to work hard to win new business both in overseas markets and
in the substitution of British-made goods for imports here at
home," he said.
 REUTER
3;
bodyend
documentend
documentstart
8586
topicstart
money-fx
topicend
bodystart
2;
******
TOKYO - Bank of Japan buys small amount of dollars, dealers said

Blah blah blah.
3;


bodyend
documentend
documentstart
8587
topicstart
money-fx
topicend
bodystart
2;
******
Miyazawa says time has come for major nations to act on exchange rates

Blah blah blah.
3;


bodyend
documentend
documentstart
8588
topicstart
money-fx
topicend
bodystart
2;

MAJOR NATIONS MUST ACT ON CURRENCIES - MIYAZAWA


    TOKYO, March 24 - 
Finance Minister Kiichi Miyazawa said the
time has come for major industrialised nations to take action
on exchange rates in line with their agreement last month in
Paris.
    In Paris, Britain, Canada, France, Japan, the U.S. And West
Germany agreed to coooperate to hold currency rates around
their then current levels.
    Miyazawa would not say what specific measures major nations
would take, but told reporters the measures had been discussed
in Paris. The dollar fell to a record low against the yen this
morning, piercing the 150 yen barrier.
 REUTER
3;
bodyend
documentend
documentstart
8590
topicstart
money-fx
dlr
topicend
bodystart
2;
******
BANK OF JAPAN RE-ENTERS MARKET AND STEPS UP DOLLAR BUYING, DEALERS SAY

Blah blah blah.
3;


bodyend
documentend
documentstart
8591
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF JAPAN STEPS UP DOLLAR BUYING


    TOKYO, March 24 - 
The Bank of Japan stepped up its dollar
buying as it re-entered the market after the midday Tokyo lunch
break, dealers said.
    They said the bank seemed more determined to support the
dollar than it did this morning.
    Several dealers said the central bank intervened this
afternoon when the dollar stood around 149 yen.
    One said it purchased 150 to 200 mln dlrs in the half-hour
since the market re-opened after its lunchtime closure. Another
said the bank still has buying orders in the market.
 REUTER
3;
bodyend
documentend
documentstart
8592
topicstart
trade
topicend
bodystart
2;

YEUTTER SEES GATT CONSENSUS ON FARM TRADE REFORM


    By Graham Hillier, Reuters


    TAUPO, New Zealand, March 24 - 
U.S. Trade Representative
Clayton Yeutter said trade ministers meeting here have reached
a general consensus on agricultural trade reform under the
latest Uruguay round of the General Agreement on Tariffs and
Trade (GATT).
    Yeutter gave no precise details of the understanding but
told journalists the consensus covers the principles involved
in agricultural trade reform and what needs to be done to
improve the global situation in agriculture.
    Delegates from 22 countries are meeting informally to
discuss progress made since the latest GATT round was launched
in Punta del Este, Uruguay, last September.
    Yeutter said "at least people seem to be going down the same
road...But how that translates ultimately into negotiations is
another matter entirely."
    There seems to be an understanding of the need to deal with
the problem quickly and "a more common understanding of how we
are going to get from here to there," Yeutter said.
    However, the hard work is still to come, with a couple of
years of tough negotiations ahead, he said.
    "It is ludicrous for the nations of the world to plough
immense amounts of financial resources into the production of
items that nobody wants to buy," he said.
    He said the long-term answer is to switch some of the
financial resources now committed to agriculture to other more
productive areas. This would help agriculture because some its
inefficient non-productive segments would stop operating, he
said.
    Individual segments in many countries may lose in the
process, but it should result in a more rational system of
world-wide production within 10 or 15 years, he said.
    It is important that the agriculture negotiations reach a
relatively early conclusion because the U.S. Is spending 26
billion dlrs a year and the European Community probably more
than that, which is an ineffective use of financial resources,
he said.
    Asked about the prospect of a priority for agriculture in
the negotiations, he said "one has to be politically
realistic... If there is any chance of getting it (agricultural
trade reform) done in two to three years it's going to have to
be as part of a larger package."
 REUTER
3;
bodyend
documentend
documentstart
8594
topicstart
topicend
bodystart
2;

WEST GERMANY SHARPLY BOOSTS AID TO BOLIVIA


    LA PAZ, March 24 - 
West German aid to Bolivia will rise to
91 mln marks in 1987 from 50 mln in 1986, West German President
Richard Von Weizsaecker said.
    Weizsaecker, speaking to the Bolivian Congress yesterday,
said of Latin America's 380 billion dlr foreign debt, "Debtor
countries and creditors must cooperate with the banks and
international financial organizations to find long-term
solutions." Bolivia's debts total 4.4 billion dlrs.
    "We wish to reach a reasonable agreement with Bolivia so
that the country can experience a significant financial
respite," Weizsaecker said.
    The two countries earlier signed two technical and
financial cooperation treaties. West German officials said aid
last year included 35 mln marks in financial cooperation.
    Bolivian Foreign Minister Guillermo Bedregal told reporters
West Germany would provide 300 mln marks to help fight
Bolivia's cocaine trade.
    The illegal trade in cocaine is West Germany's most
worrisome drug problem, West German officials said.
 REUTER
3;
bodyend
documentend
documentstart
8595
topicstart
earn
topicend
bodystart
2;

SWIRE SEEN REPORTING 20 PCT RISE IN 1986 PROFIT


    By Allan Ng, Reuters


    HONG KONG, March 24 - 
Swire Pacific Ltd 
<
SWPC.HKG> is
likely to show a more than 20 pct rise in 1986 operating
profits when it reports results tomorrow, reflecting gains in
its aviation and property businesses, share analysts said.
    Analysts polled by Reuters estimated after-tax profits from
operations will be between 1.525 billion and 1.8 billion dlrs
compared with 1.23 billion in 1985.
    They also said Swire will have an extraordinary gain of
about 1.38 billion dlrs from the flotation of its Cathay
Pacific Airways Ltd 
<
CAPH.HKG> unit last May.
    Swire had an extraordinary gain of 59.1 mln dlrs in 1985.
    Share analysts said Swire will set a 36 cent final dividend
for its "A" shares, making a total of 54 cents, after 47 cents
adjusted for a two-for-one bonus issue in 1985.
    Aviation and properties together account for 75 pct of the
company's net asset value and about 85 pct of its net profits,
analysts said.
    The company's aviation division consists of its majority
stake in Cathay Pacific Airways Ltd and its 25 pct interest in

<
Hongkong Aircraft Engineering Co Ltd>, which is also 25 pct
owned by Cathay.
    Cathay last week reported 1986 profits climbed to 1.23
billion dlrs from 777 mln in 1985, partly because of lower fuel
costs and greater traffic.
    Swire's share of Cathay, which stood at 70 pct before the
flotation, fell to 54.25 pct at the end of last year and has
since slipped to 50.23 pct.
    Hongkong Aircraft reported this month its 1986 net profits
rose 29.5 pct to 115.5 mln dlrs.
    Tony Measor, an analyst at Hong Leong Securities Ltd,
estimates Swire's profits will be 1.525 billion dlrs.
    "Much depends on properties," said Measor. "And they did a lot
better in the second half of the year."
    Estimates of profits from the firm's wholly owned Swire
Properties Ltd unit range widely from 500 mln dlrs to 700 mln
compared with 570 mln dlrs in 1985.
    Swire Properties recorded an interim profit of 120 mln dlrs
for the first half of 1986, well below 260 mln dlrs for the
same 1985 period, but analysts said that was due mainly to the
low level of completion of new residential flats. The firm's
properties consist mainly of the Taikoo Shing residential
development and two luxury housing projects.
    Hoare Govett Asia Ltd said the completion of 1,100 flats in
Taikoo Shing will have yielded profits of 300 mln dlrs in
second-half 1986.
    During the year property prices continued to rise as more
people bought real estate, benefiting from low interest rates,
analysts said.
    "At the end of last year, flats in Taikoo Shing were selling
at 1,100 dlrs per square foot, up by about 20 pct from a year
ago," said Frederick Tsang of Mansion House Securities (F.E.)
Ltd.
    Swire is developing a large commercial and hotel complex in
the central business district of Hong Kong but it will not
provide income until the first stage is completed next year.
    The company also sold three properties and a part interest
in a proposed hotel development, which should result in
extraordinary gains of 60 mln dlrs in 1986, according to James
Capel (Far East) Ltd.
    Swire's trading and manufacturing operations are expected
to earn 300 mln dlrs, up 22 pct from 1985 but its shipping and
offshore services are likely to post a small loss of about 10
mln dlrs because of depressed market conditions.
 REUTER
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bodyend
documentend
documentstart
8596
topicstart
trade
veg-oil
coconut-oil
topicend
bodystart
2;

(CORRECTED) - PHILIPPINES CRITICISES EC FOR OIL LEVY


    TAUPO, New Zealand, March 23 - 
Philippines Trade and
Industry Secretary Jose Concepcion told world trade ministers
he wondered if their agreement was of any real value after the
European Community (EC) proposed a levy on vegetable oils.
    Concepcion, speaking at an informal meeting of the General
Agreement on Tariffs and Trade (GATT) here, said ministers
declared in Uruguay last September that the trade of
less-developed nations should not be disrupted.
    He said the EC not only ignored Manila's request for lower
tariffs on coconut oil but proposed a levy on vegetable oils
and fats that are vital exports for Southeast Asian countries.
    Concepcion said while the levy might be rejected by the EC
Council of Ministers, he noted that "I cannot help but wonder
whether the agreements we produce in meetings like this are of
any real value."
    He also said industrialised nations saved about 65 billion
U.S. Dlrs in 1985 through low commodity prices, but this had
affected the ability of developing nations to import goods and
services.
    "The health and the growth of world trade requires that the
new development of developing countries losing their share of
world trade be arrested and reversed," he said.
 REUTER
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bodyend
documentend
documentstart
8597
topicstart
reserves
trade
money-fx
topicend
bodystart
2;

TAIWAN COMPLAINS ABOUT SIZE OF RESERVES


    By Chen Chien-kuo, Reuters


    TAIPEI, March 24 - 
Taiwan's foreign exchange reserves,
swollen by strong trade surpluses to a record 53 billion U.S.
Dlrs, are becoming a problem, government officials said.
    Official figures show the latest level compares with the
previous record of 51 billion dlrs on March 4 and about 26
billion in late March 1986.
    Central bank Governor Chang Chi-cheng told reporters the
increase in reserves was the result of heavy intervention by
the bank on the local interbank market. It bought nearly two
billion U.S. Dlrs between March 5 and 23, he said.
    Wang Chao-ming, vice chairman of the government's Council
for Economic Planning and Development, told Reuters the rising
reserves were "a big headache for Taiwan."
    He said the government expects heavier pressure from the
U.S., Where protectionist bills are being proposed against
nations such as Taiwan and Japan with large trade surpluses
with the U.S.
    Wang said the government would launch new measures within
the next two months to further reduce import tariffs and open
the market wider to foreign products, especially those from the
U.S.
    Wang said the measures aim at helping reduce Taiwan's trade
surplus, which rose to 2.73 billion U.S. Dlrs in the first two
months of 1987 from 2.02 billion a year earlier. Nearly 90 pct
of the surplus was with the U.S.
    Vice Economic Minister Wang Chien-shien agreed with Wang's
remarks and said efforts to avert U.S. Protectionism were
running out of time. "We must do it quickly or face retaliation
from Washington," he said.
    He said the measures would include removal of trade
barriers on insurance and inland services for U.S. Companies.
    Chang Chi-cheng said the central bank could not stop buying
U.S. Dollars because of heavy sales by local exporters who fear
the strong local dollar will cause them exchange losses.
    He said the bank is studying revision of the foreign
exchange rules in hope of further reducing currency controls,
but declined to give details.
    The Taiwan dollar has risen about 15 pct against the U.S.
Dollar since September 1985. It opened at 34.38 to the U.S.
Dollar today and is expected to rise further to 33 in June and
to 32 by end-year, some foreign bankers said.
 REUTER
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bodyend
documentend
documentstart
8598
topicstart
crude
topicend
bodystart
2;

AUSTRALIAN MINISTER SEES TARGETED OIL TAX STRATEGY


    SURFERS PARADISE, Australia, March 24 - 
Australia's crude
oil tax strategy is probably best tackled in terms of a
targeted rather than broadly-based approach, Federal Resources
and Energy Minister Gareth Evans told a meeting here.
    He told the Australian Petroleum Exploration Association
(APEA) annual conference there was a prospect of developing a
package that would recognise the government's economic
priorities while also meeting some of the industry's concerns.
    Evans was referring to a nearly completed government review
of oil taxation.
    Evans said there were plenty of examples where targeted
approaches to oil industry taxation had produced good results
in recent years.
    These include the reduction in the top marginal crude
excise rate on 'old' Bass Strait oil found before September
1975 to 80 pct from 87 pct, and the waiver of excise on onshore
oil announced last September, he said.
    The industry, through the APEA, has been calling for the
elimination of secondary taxation on oil in order to boost
incentives for prospecting against a background of weak prices
and Australia's relatively low exploration levels.
    "While nobody wants to add further unnecessary complexity to
an already complex taxation regime, I am inclined to favour
these kinds of tailored approaches ahead of sweeping changes,
which leave (government) revenue much reduced and may still
leave a lot of uncertainty as to what individual companies are
going to do in major areas," Evans said.
    He said the government did not intend to change its
resource rent taxation (RRT) legislation, now before
parliament, in response to industry calls to allow all
exploration expenditure in a given area to be deductible.
    As previously reported, RRT is a tax of 40 pct limited to
highly prospective offshore areas, based on profits after a
certain rate of return has been achieved for individual
projects.
    APEA has said it is not a true profit-based tax because
exploration deductibility is limited to successful projects.
    Evans said the decision not to change RRT was based more
than anything on the government's desire to ensure the
certainty and stability of the new regime, adding that major
investments have already been planned on the existing ground
rules.
 REUTER
3;
bodyend
documentend
documentstart
8599
topicstart
trade
topicend
bodystart
2;

GATT ROUND MAY STOP GROWING TRADE PROBLEMS - U.S.


    TAUPO, New Zealand, March 24 - 
A successful new GATT
(General Agreement on Tariffs and Trade) round is needed to
halt growing bilateral trade problems between major trading
partners, U.S. Trade Representative Clayton Yeutter said.
    Yeutter, in New Zealand for informal GATT ministerial
talks, told Reuters bilateral trade disputes are increasing
because the multilateral system is inefficient.
    "That is really a strong rationale why we need a new GATT
round," he said. "The very existence of all these bilateral
irritants clearly emphasises the need to develop multilateral
solutions to some of these problems."
    The eighth GATT round of negotiations was launched at Punta
del Este in Uruguay in September 1986. Agriculture and services
were included in the negotiations for the first time.
    The growing debt burden of Latin American and African
nations will also provide impetus for the GATT round to
succeed, he said.
    "Clearly those countries need to develop their export
endeavours and they need open markets for that to happen and
that's the basic objective of the new GATT round," he said.
    But he said the GATT round is a long term endeavour. It
will not give any short term relief for debt ridden countries,
but it will make a difference in 10 to 15 years.
    "It's a worthwhile activity from their standpoint because
these debts are not going to go away in the next year or two,"
he said.
    "They ought to be very strongly supported in the GATT round
as a mechanism for relieving their debt burdens or making
possible debt amortisation in the future," he said.
 REUTER
3;
bodyend
documentend
documentstart
8600
topicstart
earn
crude
topicend
bodystart
2;

SHELL AUSTRALIA REPORTS 45.79 MLN DLR 1986 PROFIT


    MELBOURNE, March 24 - 
Royal Dutch/Shell Group 
<
RD.AMS> unit

<
Shell Australia Ltd>, said its net profit fell to 45.79 mln
dlrs in 1986 from 66.76 mln in 1985.
    Revenue fell to 4.55 billion dlrs from 4.91 billion, in an
extremely competitive and over-regulated environment, chairman
and chief executive Kevan Gosper said in a statement. A 26.25
mln dlr annual dividend would be paid to the parent after a
very disappointing year.
    "A return of 2.2 pct on funds employed represents a very
meagre return ... In an economy suffering from inflation of
around 10 pct," he said.
    Gosper said the results reflected heavy reliance on
downstream oil and chemicals, poor coal and metal returns and
the financial burden of the North-West Shelf gas project.
    Duties, royalties and taxes rose to 1.37 billion dlrs
against 852.72 mln in 1985 and Gosper urged the government to
move quickly to lift costly and unnecessary regulation.
    "It is just as important for Australia to maintain a
financially healthy, technically advanced refining and
marketing industry as it is to sustain oil exploration and
production," he said.
    "The Australian oil industry has the experience and the
capacity to serve the nation and its shareholders well if the
government would stop putting roadblocks in our way," he said.
    Shell invested 500 mln dlrs over the past five years to
upgrade its oil refining and marketing business, but further
investment required an appropriate rate of return, he said.
    Exploration and evaluation spending in 1986 fell to 18.77
mln dlrs from 26.35 mln, while investment in property and plant
rose to 374.25 mln from 353.94 mln a year earlier.
    Gosper said oil companies would be under intense pressure
in 1987 because of forecast slow economic growth.
 REUTER
3;
bodyend
documentend
documentstart
8602
topicstart
trade
topicend
bodystart
2;

NAKASONE INTERVENES IN MICROCHIP DISPUTE WITH U.S.


    TOKYO, March 24 - 
Prime Minister Yasuhiro Nakasone
intervened to try to resolve Japan's escalating dispute with
the U.S. Over semiconductor trade, government officials said.
    At today's Cabinet meeting, Nakasone told Trade and
Industry Minister Hajime Tamura to redouble his efforts to calm
U.S. Anger over what it sees as Japan's unfair trade practices
in semiconductors.
    Nakasone intervened only two days before a scheduled
meeting of the Reagan administration's Economic Policy Council
to consider whether Japan is reneging on its microchip pact
with the U.S.
    That pact, agreed last year after months of negotiations,
calls on Japan to stop selling cut-price chips in world markets
and to raise its imports of U.S. Semiconductors.
    Senior U.S. Officials have accused Tokyo of failing to live
up to the accord and have threatened retaliatory action.
    Yesterday, Tamura's Ministry of International Trade and
Industry (MITI) launched a last-ditch attempt to salvage the
pact by writing letters to U.S. Policy makers setting out
Japan's case and telling Japanese chip makers to cut output.
    In his letter, the contents of which were released today,
Tamura said a MITI survey carried out at the beginning of March
showed Japanese producers were not selling at cut-rate prices
in Asian markets.
    In a separate letter sent to senior U.S. Officials, MITI
vice minister for international affairs Makoto Kuroda suggested
the two countries could conduct a joint investigation into
allegations of Japanese chip dumping in such markets.
 REUTER
3;
bodyend
documentend
documentstart
8603
topicstart
rubber
topicend
bodystart
2;

NORTHEAST, EASTERN THAILAND FACE SEVERE DROUGHT


    BANGKOK, March 24 - 
Thirteen provinces, mainly in northeast
and eastern Thailand, have been suffering a worse than average
drought since mid-February and the dry spell is expected to
last until early May, Deputy Interior Minister Santi
Chaiviratana said.
    Santi told reporters the government is launching a drought
relief operation mainly involving the use of water trucks to
send water to affected farming areas.
    He did not say what crops have been damaged in northeast
Thailand but said large durian orchards in eastern Chanthaburi
province have suffered heavy losses.
    The Minister said the affected areas include eight
provinces in the northeast, two in eastern Thailand and three
rubber growing provinces in the south near the Malaysian
border.
 REUTER
3;
bodyend
documentend
documentstart
8604
topicstart
grain
wheat
topicend
bodystart
2;

U.K., AUSTRALIA OFFER WHEAT TO BANGLADESH


    DHAKA, March 24 - 
Britain and Australia have offered a
total of 129,250 tonnes of wheat to Bangladesh as grants to
contain rising cereal prices and help support rural employment
projects, officials said.
    They said 79,250 tonnes of wheat promised by Britain would
be shipped next week and used for the government's "Food for
Work" program in the villages.
    Under the program, workers building roads, digging
irrigation canals and engaged in other rural development
activities get their daily wages in wheat instead of money.
    The 50,000 tonnes of Australian wheat would arrive in
Bangladesh next month and be sold under open-market operations
designed to stop price increases, the officials said.
    Prices of rice and wheat have risen at least 15 pct in the
past month, market sources said. But the government expects
prices to fall after the wheat harvest next month.
 REUTER
3;
bodyend
documentend
documentstart
8605
topicstart
money-fx
topicend
bodystart
2;
******
Sumita says Bank of Japan will intervene if necessary

Blah blah blah.
3;


bodyend
documentend
documentstart
8606
topicstart
crude
topicend
bodystart
2;

WORLD BANK CHIEF PLEDGES SUPPORT TO INDONESIA


    JAKARTA, March 24 - 
World Bank president Barber Conable
pledged the Bank's support to help Indonesia adjust to lower
world oil prices, but said further deregulation of its
protected economy was needed.
    Speaking to reporters after talks with President Suharto,
he said he expected Jakarta to do more to liberalise the
economy and deregulate trade policy.
    Indonesia, hurt by the fall in oil prices last year which
cut the value of its crude exports in half, is the Third
World's sixth largest debtor. It has received 10.7 billion dlrs
from the World Bank in the past 20 years.
    Conable said the World Bank, which granted Indonesia a 300
mln dlr loan last month to help its balance of payments, was
prepared to back Jakarta in taking the right steps to adjust to
lower oil and primary commodity prices.
    "We are prepared to support those steps which we believe are
consistent with the development of the Indonesian economy," he
said.
    He said Jakarta's willingness to move quickly after last
year's collapse in oil price saved Indonesia from some of the
difficulties now faced by other countries.
    Indonesia devalued its currency by 31 pct against the
dollar in September to avoid a balance of payments crisis, and
has announced a series of measures since May intended to
stimulate exports, encourage foreign investment and revitalise
the economy.
    However, key monopolies in areas like steel and plastics
and high tariff barriers remain in place.
    Conable arrived in Indonesia on Saturday and has since met
14 Indonesian cabinet ministers to review the country's
borrowing needs and the impact of falling oil prices on the
country.
 REUTER
3;
bodyend
documentend
documentstart
8607
topicstart
money-fx
topicend
bodystart
2;

SUMITA SAYS BANK WILL INTERVENE IF NECESSARY


    TOKYO, March 24 - 
Bank of Japan Governor Satoshi Sumita
said in a statement the central bank will intervene in foreign
exchange markets to stabilise exchange rates if necessary in
close cooperation with other major industrial nations.
    Sumita said the Bank will take adequate measures including
market intervention, if necessary, in line with the February 22
Paris agreement by six major industrial nations.
    Canada, Britain, France, Japan, the U.S. And West Germany
agreed to cooperate in stabilising exchange rates around
current levels. Sumita's statement was issued after the dollar
slipped below 150 yen to hit a record low of 148.40.
    "It is inevitable that exchange rates fluctuate under the
system of floating rates," Sumita said.
    The fact the dollar plunged below 150 yen does not mean
anything significant under the floating system, he said.
    The six nations agreed in Paris exchange rates prevailing
then were broadly consistent with underlying economic
fundamentals and further substantial rate shifts could damage
growth and adjustment prospects in their countries, the Paris
statement said.
 REUTER
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bodyend
documentend
documentstart
8608
topicstart
trade
topicend
bodystart
2;

YEUTTER SAYS U.S.-JAPAN TRADE DIFFICULTIES REMAIN


    TAUPO, New Zealand, March 24 - 
U.S. Trade Representative
Clayton Yeutter said he was unsure whether some of the trade
issues straining U.S.-Japanese relations would be resolved
before the two countries open trade talks in late April.
    "We are having high level discussions on them (the issues)
within the United States...The relationship on some of those is
very strained between us (Japan) at the moment and we need to
relieve those strains at the earliest possible date," he said.
    "I am not sure we can wait until late April," he added.
    Yeutter is in New Zealand for a two-day informal meeting of
trade ministers who are reviewing the Uruguay round of the
General Agreement on Trade and Tariffs (GATT).
    He said he will meet the Japanese delegation over the next
few days but declined to discuss methods of relieving the
strain between the two countries.
    Yeutter said earlier the three most contentious trade
issues were semiconductors, Japanese government unwillingness
to allow public entities to buy U.S. Super-computers and the
barring of U.S. Firms from the eight billion U.S. Dlr Kansai
airport project near Osaka.
    The Japanese delegation to the GATT talks said in a
statement yesterday they are making major efforts to dismantle
trade barriers in their country.
    "I am convinced that they are attempting to move their
policies in the right direction. The question is how far and
how fast," Yeutter said.
 REUTER
3;
bodyend
documentend
documentstart
8609
topicstart
earn
topicend
bodystart
2;
******
P AND O 1986 PRETAX PROFIT 174.1 MLN STG VS 125.6 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
8610
topicstart
crude
topicend
bodystart
2;

KUWAIT SAYS OPEC 2.4 MLN BPD BELOW CEILING


    KUWAIT, March 24 - 
Kuwaiti oil minister Sheikh Ali
al-Khalifa al-Sabah said OPEC was producing well below its oil
output ceiling and this would help prices move higher,
according to a Kuwaiti newspaper interview.
    The al-Rai al-Aam newspaper quoted him as saying OPEC was
pumping 2.4 mln barrels per day (bpd) less than its 15.8 mln
bpd ceiling, while consumers were drawing down their petroleum
stocks at a rate of 4.5 mln bpd.
    As long as OPEC maintains its output curbs, demand for its
oil will rise in April and May, Sheikh Ali said, adding that
Kuwait was strongly committed to its OPEC quota.
 REUTER
3;
bodyend
documentend
documentstart
8611
topicstart
earn
topicend
bodystart
2;

PENINSULAR AND ORIENTAL 1986 YEAR


    LONDON, March 24 -
    
Earnings per one stg of deferred stock 41.7p vs 34.9
    Div 11.5p making 19.0 vs 16.0
    Turnover 1.95 billion stg vs 1.63 billion
    Pretax profit 174.1 mln vs 125.6 mln
    Tax 49.4 mln vs 34.9 mln
    NOTE - Company's full name is Peninsular and Oriental Steam
Navigation Co Plc 
<
PORL.L>
    Net operating costs 1.77 billion stg vs 1.51 billion
    Share of profits of associates 21.1 mln vs 37.9 mln
    Operating profit 206.3 mln vs 154.2 mln
    Investment income 1.7 mln vs 3.6 mln
    Net interest payable 29.5 mln vs 29.2 mln
    Employee profit sharing 4.4 mln vs 3.0 mln
    Minority interests 2.5 mln debit vs 2.4 mln debit
    Extraordinary items 29.8 mln credit vs 0.1 mln credit
    Group operating profit includes -
    Service industries 40.7 mln vs 34.4 mln
    Passenger shipping 19.5 mln vs 13.1 mln
    Housebuilding, construction/development 50.1 mln vs 30.0
mln
    Container and bulk shipping 43.8 mln vs 34.4 mln
    P and O Australia 6.6 mln vs 9.4 mln
    Banking nil vs 7.7 mln
    Investment property income 45.6 mln vs 25.2 mln
 REUTER
3;
bodyend
documentend
documentstart
8612
topicstart
earn
topicend
bodystart
2;
******
Woolworth Holdings pretax profit 115.3 mln stg vs 81.3 mln, year to end-January

Blah blah blah.
3;


bodyend
documentend
documentstart
8613
topicstart
grain
topicend
bodystart
2;

CHINA SAYS POSSIBLE GOOD HARVEST DESPITE DROUGHT


    PEKING, March 24 - 
China's summer grain harvest may be good
despite a serious drought because the State Council (cabinet)
has spent one billion yuan on irrigation and other anti-drought
work, a Hong Kong newspaper said.
    Wen Hui Bao said the drought, which has affected Shanxi,
Hebei, Henan and Shandong the most, has eased with March rains
in south China and March snowfall in the north and as some new
irrigation projects have come into use.
    "If the drought does not worsen, there is hope for a bumper
harvest," it quoted experts of the Ministry of Electric Power as
saying. They gave no figures.
    The 1986 summer grain harvest was a record 93 mln tonnes,
up from 92 mln in 1985, out of a total 1986 grain harvest of
391 mln. The 1987 target is 405 mln.
 REUTER
3;
bodyend
documentend
documentstart
8614
topicstart
earn
topicend
bodystart
2;

WOOLWORTH HOLDINGS PLC 
<
WLUK.L> YR TO END-JANUARY


    LONDON, March 24 -
    
Shr 47.1p vs 37.7
    Shr fully diluted 42.2p vs 33.6
    Div 11p vs 7 making 16 vs 10
    Turnover 1.83 billion stg vs 1.76 billion
    Pretax profit 115.3 mln vs 81.3 mln
    Tax 30.5 mln vs 16.2 mln
    Retail profit -
    B and Q 45.5 mln vs 33.1 mln
    Comet 17.4 mln vs 11.9 mln
    Woolworth 38.7 mln vs 17.6 mln
    Other 4.6 mln loss vs 600,000 loss
    Property income 49.4 mln vs 48.0 mln
    Net interest payable 31.1 mln vs 28.7 mln
    Extraordinary debit 16.0 mln vs 29.1 mln
 REUTER
3;
bodyend
documentend
documentstart
8615
topicstart
acq
topicend
bodystart
2;

TMOC TELLS SHAREHOLDERS NOT TO ACCEPT SANTOS BID


    BRISBANE, March 24 - 
<
TMOC Resources Ltd> told shareholders
not to accept Santos Ltd's 
<
STOS.S> 4.00 dlr a share takeover
bid pending advice from Macquarie Hill Samuel Corporate
Services, its corporate advisor.
    It said in a statement the Santos bid was below the
underlying value of the shares as assessed by Macquarie Hill
Samuel at between 4.08 dlrs and 4.72.
    TMOC, formerly the Moonie Oil Co Ltd, said the valuation
was made in response to an earlier and still current bid of
2.55 dlrs a share by 
<
Elders Resources Ltd>. Elders Resources
holds 19.9 pct of TMOC's 62 mln shares.
    TMOC said it did not know Elders Resources' response to the
bid or that of its other major shareholder the 
<
Australian Gas
Light Co>. The latter has a 10.5 pct stake in TMOC.
    
<
Avalon Corp> of the U.S. Has a 17 pct stake in TMOC
through an option agreement.
    Santos, which is 15 pct owned by Elders Resources,
yesterday said its bid valued TMOC at 248.5 mln dlrs.
    TMOC said today this was not a premium over the share price
before the bid and that TMOC had traded at up to 4.06 dlrs a
share in the last two weeks.
    TMOC said in the statement that the bid was unsolicited and
that Santos had only a 3.07 pct stake despite paying up to four
dlrs a share on-market.
    TMOC has oil and gas interests and pipelines which
complement the operations of Santos, the major Cooper Basin oil
and gas producer.
    TMOC shares today closed five cents up at 4.15 dlrs on
turnover of 182,000 shares while Santos, due to release its
profit result today, rose eight cents to 4.50 dlrs on volume of
245,000 shares.
 REUTER
3;
bodyend
documentend
documentstart
8616
topicstart
earn
topicend
bodystart
2;
******
SANTOS LTD 
<
STOS.S> YEAR END DEC 31 NET PROFIT 88.67 DLRS VS 144.04 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
8617
topicstart
acq
topicend
bodystart
2;
******
WILLIAMS HOLDINGS SAYS IT BIDDING 542.2 MLN STG FOR NORCROS ORDINARY SHARES

Blah blah blah.
3;


bodyend
documentend
documentstart
8618
topicstart
acq
topicend
bodystart
2;

WILLIAMS HOLDINGS BIDS 542.2 MLN STG FOR NORCROS


    LONDON, March 24 - 
Industrial holding company Williams
Holdings Plc said it was bidding 542.2 mln stg for the ordinary
shares of building products and packaging group Norcros Plc.
    The offer would be made on the basis of 29 new Williams
shares for every 50 in Norcros, or 432.7p a share
    Norcros shares firmed to 410p at 0914 GMT from a close last
night of 397p.
    A statement by Williams said it was confident of the merits
of the proposed merger and it had therefore taken care to
propose from the outset the right terms, including a full cash
alternative.
    The offer will include a partial convertible alternative
under which shareholders would receive up to a total of 205.69
mln new second convertible shares in Williams instead of their
ordinary share allocations.
    The offer for Norcros preferential shares offers one
Williams preferential share for each one of Norcros, for a
value of 130p each and a total of 2.9 mln stg.
    Last week Williams reported that pretax profits for 1986
rose to 22.9 mln stg from 6.3 mln.
    Speculation about a bid for Norcros had been circulating in
the market for several months, dealers said. Initially it
centred on 
<
Bunzl Plc>, which once held a 2.6 pct stake, then
switched to Williams when it began accumulating shares.
    Earlier this year, Williams suggested holding talks with
Norcros on a possible merger but was rebuffed by Norcros which
replied that any benefits that could be achieved could also
result from normal trading.
    In the six months to end-September, Norcros reported a rise
in pretax profits to 20.14 mln stg from 18.55 mln on turnover
that lifted to 311.82 mln from 303.91 mln
    Williams Holdings began expanding from 1982 when it had a
market capitalisation of around one mln stg. A series of
acquisitions in the next four years has pushed its
capitalisation up to around 380 mln.
    The convertible offer would be on the basis of four
Williams convertibles for every Norcros share, worth 428p a
share. The cash alternative would offer the equivalent of
400.2p a share.
    The announcement of the bid pushed Williams share price
down to 733p from last night's close at 750p.
    Williams said it held a total 850,000 shares in Norcros, or
0.7 pct, while an associate held a further 1.99 mln or 1.6 pct.
    There was no immediate response from Norcros.
 REUTER
3;
bodyend
documentend
documentstart
8619
topicstart
earn
topicend
bodystart
2;

SANTOS LTD 
<
STOS.S> YEAR ENDING DEC 31


    ADELAIDE, March 24 -
    
Shr 37.0 cents vs 60.0
    Final div deferred vs 11 cents (1985 full year 20.0)
    Pre-tax 171.05 mln vs 239.97 mln
    Net 88.67 mln vs 144.04 mln
    Turnover 400.42 mln vs 506.51 mln
    Other income 85.44 mln vs 71.04 mln
    Shrs 238.99 vs same.
    NOTE - Final div deferred for tax advantage until after
July 1 but not expected to be less than nine cents (interim
seven). Net after tax 82.38 mln vs 95.92 mln, depreciation and
amortisation 93.29 mln vs 76.19 mln, interest 90.94 mln vs
116.49 mln, minorities nil vs loss 10,000 but before
extraordinary loss 6.49 mln vs loss 53.40 mln.
 REUTER
3;
bodyend
documentend
documentstart
8620
topicstart
topicend
bodystart
2;
******
FRENCH BOND COMMITTEE APPROVES DOMESTIC ISSUES TOTALLING 4.45 BILLION FRANCS

Blah blah blah.
3;


bodyend
documentend
documentstart
8621
topicstart
money-fx
dlr
topicend
bodystart
2;

DOUBTS ABOUT ACCORD SEEN WEAKENING DOLLAR FURTHER


    By Kunio Inoue, Reuters


    TOKYO, March 24 - 
The dollar is expected to decline further
in coming days as scepticism mounts about the effectiveness of
last month's Paris accord to stabilise currency exchange rates,
senior foreign exchange dealers said.
    Following its fall today to a record 148.40 yen, dealers
said they expect the dollar to establish a new trading range of
147 to 150 yen before the market again tries to push it down.
Behind the latest dollar fall lies the belief that last month's
accord was no longer enough to stop operators pushing the
dollar down, the dealers said.
    "The recent remark by U.S. Treasury Secretary James Baker
that the Paris accord did not set any target ranges for major
currencies has cast a shadow on the agreement," said Koji
Kidokoro, general manager of Mitsui Bank Ltd's treasury
division.
    He said the market interpreted this as indicating the U.S.
Would favour a weaker dollar and it had little intention of
intervening to support the currency.
    "This eliminated the widespread market caution against
possible joint central bank intervention," Kidokoro said.
    Dealers said the dollar had gathered renewed downward
momentum and that Bank of Japan intervention alone could hardly
contain a further slide in the currency.
    They said the central bank bought between one to 1.5
billion dlrs today, including direct purchases through brokers,
and yesterday it might have bought a small amount of dollars
through the U.S. Central bank in New York.
    Most dealers said they doubted the U.S. Federal Reserve
would intervene on its own account to support the dollar, but
some said this might occur if the dollar fell much below 148
yen.
    "If the dollar drops to that low level, it could reduce the
flow of foreign capital into U.S. Securities, which the
Americans don't want," said Haruya Uehara, chief money market
manager of Mitsubishi Trust and Banking Corp.
    He said the dollar may return to around 152 yen next month
when corporations reduce their dollar sales after they close
their books for the 1986/87 business year ending on March 31.
    But dealers said the longer-term outlook for the dollar
remained bearish. This was due to the lacklustre performance of
the U.S. Economy, the continuing U.S. Trade deficit and
Japanese delays in announcing an economic stimulation package.
    "The Americans are getting frustrated at Japan's inertia in
stimulating its economy," said Hirozumi Tanaka, assistant
general manager of Dai-Ichi Kangyo Bank Ltd's international
treasury division.
    In the Paris currency accord Japan promised a package of
economic measures, after the fiscal 1987 budget was passed, to
boost domestic demand, increase imports, and thus reduce its
trade surplus. The package was expected in April, but debate on
the budget has been delayed by an opposition boycott of
parliamentary business over the proposed introduction of a
sales tax.
    In the circumstances the government had only a slim chance
of producing a meaningful economic package in the near future,
Dai-Ichi Kangyo's Tanaka said.
    Dealers said if steps are not taken to stimulate the
Japanese economy protectionist sentiment in the U.S. Congress
would grow and put more downward pressure on the dollar.
 REUTER
3;
bodyend
documentend
documentstart
8622
topicstart
topicend
bodystart
2;

AMERICAN CAN ISSUING 150 MLN DLR CONVERTIBLE BOND


    LONDON, March 24 - 
American Can Co 
<
AC.N> is issuing a 150
mln dlr convertible eurobond due April 22, 2002 carrying an
indicated coupon of 5-1/2 to 5-7/8 pct priced at par, lead
manager Morgan Stanley International said.
    Terms will be set this week with a conversion premium of 25
to 28 pct. The bond is available in denominations of 1,000 and
10,000 dlrs and be listed in Luxembourg.
    There is no call for three years, subsequently at par plus
the coupon, declining by equal amounts per annum until 1997.
    Fees comprise 1-1/2 pct selling concession and one pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
8623
topicstart
crude
topicend
bodystart
2;

AUSTRALIAN OIL INDUSTRY TO CONTINUE TAX CAMPAIGN


    SURFERS PARADISE, Australia, March 24 - 
The council of the
Australian Petroleum Exploration Association (APEA) said it
will press on with its campaign for major improvements to
Australia's petroleum taxation structure.
    The council said in a statement the industry was bitterly
disappointed by the Australian government's position on
taxation, as presented in a speech by Resources and Energy
Minister Gareth Evans to the APEA conference.
    As earlier reported, Evans said he was inclined to target
any tax changes rather than take a broad-based approach to
secondary taxation of petroleum.
    APEA had expected the government to make positive responses
to detailed industry submissions seeking the removal of
existing secondary tax disincentives to exploration and
development, the council said.
    It said it plans to reply in detail to issues raised by
Evans, but its immediate concern was the decision to proceed
with the current resource rental tax (RRT) legislation.
    Evans told the conference the government did not plan to
accept industry pleas for changes in the legislation to allow
deductibility of unsuccessful exploration expenditure.
    "The government's unwillingness to allow the deduction of
unsuccessful exploration expenditure within the whole offshore
area in which RRT applies negates any claim that the tax is
profit based," the APEA council said.
    The government missed a major opportunity to persuade oil
exploration companies that it had realistic answers to the
industry's concerns, despite its recognition of the industry's
problems, the council said.
    The industry has called for the end of all discriminatory
secondary taxation of petroleum, citing them as major
disincentives at a time of low oil prices.
 REUTER
3;
bodyend
documentend
documentstart
8624
topicstart
trade
topicend
bodystart
2;

GERMAN FEBRUARY IMPORT PRICES FALL


    WIESBADEN, March 24 - 
Import prices in West Germany fell
0.7 pct in February from January to stand 15.6 pct below their
level in February 1986, the Federal Statistics Office said.
    In January the import price index, base 1980, was unchanged
compared with December but 17.8 pct lower against January 1986.
    February export prices, same base as import prices, were
unchanged compared with January and 2.5 pct lower than in
February 1986.
    In January export prices fell 0.3 pct against December to
stand 3.0 pct lower than in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
8625
topicstart
topicend
bodystart
2;

FRENCH BONDS FOR 4.45 BILLION FRANCS APPROVED


    PARIS, March 24 - 
French domestic bond issues totalling
4.45 billion francs have been approved by the bond issuing
committee for publication in the Official Bulletin of March 30,
the committee announced.
    The largest of the issues will be a three-billion franc
bond for the Caisse d'Aide a l'Equipement des Collectivites
Locales (CAECL), comprising a two-billion franc fixed-rate
tranche and a one billion franc variable-rate tranche.
    Financement Local et Regional (FLORAL), a finance house
managed by CAECL, will issue an 800 mln franc bond and Caisse
Nationale de l'Energie will issue a 650 mln franc bond, of
which one of the lead-managers will be Banque Nationale de
Paris.
    Details will be released later, the committee said.
 REUTER
3;
bodyend
documentend
documentstart
8626
topicstart
topicend
bodystart
2;

CHINA'S FIFTH SECURITIES MARKET TO OPEN


    PEKING, March 24 - 
China's fifth securities market will
open on April 1 in the industrial port city of Tianjin, the
People's Daily overseas edition said.
    It said the market will in its first phase trade four
bonds, two issued by banks, one by a well-known city bicycle
factory and one issued by the city government to finance
construction of a road.
    Buyers and sellers can either agree on a price between them
and register the deal with the Industrial and Commercial Bank
that will run the new market or entrust the bank to make the
deal, it said.
    The paper said that only financial organisations and not
other firms or individuals could handle such trading.
    China's first securities market opened last year in the
northeast city of Shenyang and, since then, others have opened
in Shanghai, Peking and Harbin.
 REUTER
3;
bodyend
documentend
documentstart
8628
topicstart
acq
topicend
bodystart
2;

NIPPON LIFE, SHEARSON TIE-UP SEEN SETTING TREND


    By Steven Brull, Reuters


    TOKYO, March 24 - 
Nippon Life Insurance Co's 538 mln dlr
purchase of a 13 pct stake in Shearson Lehman Brothers Inc
brokerage unit is a shrewd move that other Japanese insurers
are likely to follow, securities analysts said.
    The investment in one of Wall Street's top brokerage houses
is likely to pay off in dollars and international market
position, they said. "It's part of a trend towards growing
capital participation by Japanese insurance firms in foreign
financial institutions," said Simon Smithson, an analyst with
Kleinwort Benson International Inc in Tokyo.
    The investment in Shearson Lehman, a growing firm described
by some analysts as the top U.S. Retail brokerage, will give
Nippon Life a ringside seat and possibly lower commissions on
Wall Street, where it invests an increasing percentage of its
assets of 90.2 billion dlrs, they said.
    Nippon Life staff will also acquire expertise in business
sectors which have not yet opened up in Japan, they added.
    The agreement between the two companies calls for a 50-50
joint venture in London focussing on investment advisory asset
management, market research, and consulting on financing.
    Nippon Life is Japan's largest insurance company and the
world's biggest institutional investor, analysts said.
    The Japanese finance ministry is expected to approve the
deal in April, making Nippon Life the first Japanese life
insurance firm to take a stake in a U.S. Financial firm.
    The limit on foreign assets as a proportion of Japanese
insurers' assets was increased to 25 pct from 10 pct last year.
Since then, they have stepped up purchases of foreign stocks
and sought to deepen their understandng of foreign markets and
instruments.
    Last year, a Sumitomo Life Insurance Co official was
appointed to E.F. Hutton Group Inc unit E.F. Hutton and Co's
board and Sumitomo Bank Ltd spent 500 mln dlrs to become a
limited partner in Goldman, Sachs and Co.
    Smithson said Japanese banks started buying smaller and
problem-plagued banks in 1984. "But now Japanese are going for
blue-chip organisations," he said.
    "It's a reflection of what has happened in manufacturing
industries," said Brian Waterhouse at James Capel and Co. "With a
historically high yen, and historically low interest rates,
there's an increasing disincentive to invest in Japan."
    Competition in fund management has grown along with greater
Japanese savings. The typical salaried employee has 7.33 mln
yen in savings, reflecting an annual average savings rate of 17
to 18 pct, he said.
    To stay competitive, fund managers must invest overseas and
gain experience with financial instruments which are likely to
spread to Japan with further deregulation. "The high regulatory
environment has delayed (life insurance firms')
diversification. Now there's a growing number of new products
in an environment of increasing competition for performance on
fund management," Smithson said.
 REUTER
3;
bodyend
documentend
documentstart
8629
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 300 MLN STG


    LONDON, March 24 - 
The Bank of England said it forecast a
shortage of around 300 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 338 mln stg while bankers' balances below target will take
out around 25 mln stg.
    Partly offsetting these outflows, a fall in note
circulation and exchequer transactions will add some 45 mln stg
and 25 mln stg to the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
8630
topicstart
earn
crude
nat-gas
topicend
bodystart
2;

SANTOS SAYS PROFITS HIT BY OIL PRICE FALL


    ADELAIDE, March 24 - 
Leading Australian onshore oil and gas
producer, Santos Ltd 
<
STOS.S>, said its 1986 results were hit
by sharp reductions in prices for crude oil, condensate and
liquefied petroleum gas (LPG).
    The Cooper Basin producer earlier reported a fall in net
profit to 88.67 mln dlrs from 144.04 mln in 1985.
    Santos chairman Sir Brian Massy-Greene said in a statement
that increased production, particularly of oil and LPG, along
with reduced operating costs and reduced or deferred oil
exploration and development outlays, were helping Santos deal
with an adverse business climate.
    Santos said it remained financially strong with an
injection of 84 mln dlrs from the second instalment of a 1985
rights issue, and had cash reserves of 381.3 mln dlrs at the
end of 1986 against 401.9 mln a year earlier.
    It said it had also made significant progress in repaying
debts and at year end the ratio of debt to shareholders' funds
had fallen to 1.01 from 1.54.
    Santos yesterday announced a 4.00 dlr a share takeover bid
for the 96.93 pct it did not already hold in oil and gas
company 
<
TMOC Resources Ltd> -- valuing the target at 248.5 mln
dlrs.
    Santos said 75 pct of its loans were U.S. Dollar
denominated and significant currency purchases were made during
the year to maintain that natural hedge. At year end it held
145 mln U.S. Dlrs, enough to meet all 1987 repayments.
    Santos said it had a successful gas exploration program,
finding 172 billion cubic feet in South Australia, but oil
exploration was less successful with 1.62 mln barrels added to
reserves -- less than depletion during the year.
    Cooper Basin producers are committed to a two-year scheme
to double gas exploration while Santos said its 1987 budget for
oil exploration had been boosted 20 pct.
    Santos said the outlook for 1987 depended on prices and
production volumes but with extra oil exploration and
encouraging gas finds there were grounds for optimism.
    But it called on the goverment to continue fostering
domestic producers through the Import Parity Price scheme.
    "It makes no sense to abandon this policy now when
exploration is at its lowest level for many years and when
Australia's oil self-sufficency is expected to decline rapidly,"
Massy-Green said.
 REUTER
3;
bodyend
documentend
documentstart
8632
topicstart
earn
topicend
bodystart
2;

P AND O PLANS WARRANT ISSUE TO MARK ANNIVERSARY


    LONDON, March 24 - 
Peninsular and Oriental Steam Navigation
Co Plc 
<
PORL.L>, P and O, said it plans a free warrant issue on
the basis of 10 warrants for every 150 stg nominal of deferred
stock already held, to mark the 150th anniversary of the
company.
    Each warrant will give the right to subscribe for one stg
nominal of deferred stock at 750p during a specified period in
the five years starting in 1988.
    P and O deferred shares were last quoted at 629p, down 1p
since yesterday, after the company reported 1986 pre-tax profit
of 174.1 mln stg against 125.6 mln for 1985.
    P and O said 1986 produced an acceptable level of growth,
though ground has to be made up in one or two areas.
    The company has a strong balance sheet and considerable
flexibility for 1987, it added. P and O will concentrate on
expanding in its established market sectors.
    Commenting on the recent ferry disaster in the North Sea
off Zeebrugge, the statement said the precise cause is unknown.
The company has instituted an immediate investigation and both
the British and Belgian governments are conducting inquiries.
    The stricken ferry, the Herald of Free Enterprise, belongs
to Townsend Thoresen, which became part of P and O in January.
    P and O is considering listing its shares in Japan and
other important overseas financial centres, the statement
added.
 REUTER
3;
bodyend
documentend
documentstart
8634
topicstart
topicend
bodystart
2;
KYUSHU ELECTRIC POWER ISSUES YEN BONDS LONDON, March 24 -
Kyushu Electric Power Co Inc is issuing a 20 billion yen bond
due April 22, 1994 carrying a coupon of 4-3/4 pct and priced at
101-5/8 pct, said Nomura Securities Co Ltd as lead manager.
    The securities are available in denominations of one mln
yen each and will be listed on the Luxembourg stock exchange.
Payment date is April 22, 1987.
    There is a 1-1/4 pct selling concession and combined
management and underwriting fees total 5/8 pct.
 REUTER
3;


bodyend
documentend
documentstart
8635
topicstart
trade
topicend
bodystart
2;

CANADA OUTLINES GATT AGRICULTURAL REFORM PLAN


    TAUPO, New Zealand, March 24 - 
Canadian Trade Minister Pat
Carney said that agricultural policies should not hurt world
international trade and should therefore become more price
responsive over time.
    She told delegates at the informal meeting of trade
ministers that this was one of five principles Canada wanted
adopted in reforming agriculture in the General Agreement on
Tariffs and Trade (GATT). Secondly, support for agriculture
should avoid production incentives, and thirdly, countries
should freeze and seek to reduce government aid measures that
distorted world prices, Carney said.
    Carney said the fourth principle was that countries should
not introduce new import barriers not mandated by existing
legislation and the fifth was that these basic principles must
be implemented collectively.
    Carney later told Reuters the Canadian guidelines are
basically compatible with the seven point Australian proposals
announced in Davos, Switzerland, in January.
    European trade sources said the conference welcomed the
Canadian initiative but some delegates, and not only the
European Community, voiced reservations about some of the
principles.
    Carney said there was a lot of political will among the
ministers here to complete the Uruguay Round of GATT in under
four years and that there is also a realisation that it has to
be done in a balanced way.
    "The consensus view was to proceed as fast as we can on a
broad front and see what areas emerge where we can get early
conclusion," she said.
    However, the meeting did not identify what those areas are,
Carney said.  She said Canada/U.S. Bilateral trade
negotiations, which must be concluded at least in draft form by
October, are progressing well.
 REUTER
3;
bodyend
documentend
documentstart
8636
topicstart
money-supply
topicend
bodystart
2;

TAIWAN ISSUES MORE CERTIFICATES OF DEPOSITS


    TAIPEI, March 24 - 
The Central Bank said it issued 4.96
billion dlrs worth of certificates of deposit (CDs) today,
after issuing 4.03 billion of similar CDs yesterday, bringing
the total value of CD issues in 1987 to 139.46 billion.
    The new CDs, with maturities of six months, one year and
two years, carry interest rates ranging from 4.07 pct to 5.12
pct, a bank official told Reuters.
    The issues are designed to help curb the growth of m-1b
money supply, which is expanding as a result of large foreign
exchange reserves.
    The reserves hit a record 53 billion U.S. Dlrs yesterday.
 REUTER
3;
bodyend
documentend
documentstart
8637
topicstart
trade
topicend
bodystart
2;

PHILIPPINE TRADE SECRETARY PLEASED WITH GATT TALKS


    By Christopher Pritchett, Reuters


    TAUPO, New Zealand, March 24 - 
Philippine Secretary of
Trade and Industry Jose Concepcion, who two days ago expressed
doubts about agreements produced at international conferences,
said he was pleased with the latest gathering here.
    Concepcion told Reuters in an interview that the informal
General Agreement on Tariffs and Trade (GATT) meeting gave
ministers from more than 20 nations the chance to examine
issues with which GATT did not have the political will to deal.
    "Also, the role of the developing countries has been
emphasised in this particular meeting. Somehow it has been the
perception of developing countries that GATT is a club of rich
countries," he added in an interview with Reuters.
    "In fact many of the issues that have been tabled for
discussion (in the Uruguay round of trade negotiations) will be
of more benefit to the developed countries," he said.
    Concepcion said at the start of the Taupo meeting that the
Uruguay round was meant to be a "shining act of faith" in the
world trade system.
    Concepcion said the Philippines would address the issues of
trade in tropical fruit and the improvement of GATT machinery
to make it more responsive.
    He said tropical fruit came from developing countries but
faced non-tariff barriers, quantitative restrictions or very
high duties in other nations. Concepcion named Japan and South
Korea as examples.
    He said he would go to Wellington for talks with New
Zealand, which had a surplus in trade with the Philippines, to
encourage it to switch imports from other countries. He noted
that New Zealand bought its bananas from Ecuador.
 REUTER
3;
bodyend
documentend
documentstart
8638
topicstart
rubber
topicend
bodystart
2;

DROUGHT HITS THAI RUBBER AND FRUIT GROWERS


    BANGKOK, March 24 - 
A drought that began seven weeks ago is
hurting orchards and rubber plantations in Thailand and
officials said it could last until May.
    The government is trucking water into parched farms in
parts of northeastern, eastern and southern provinces, but not
enough to satisfy farmers, according to press reports.
    There has been no official estimate of damage.
    Officials of Thailand's rain-making institute said its
airplanes could help little because few clouds were forming for
them to seed with rain-making chemicals. Thailand has a rainy
season that normally starts in May and lasts to October.
 REUTER
3;
bodyend
documentend
documentstart
8639
topicstart
topicend
bodystart
2;

BARBADOS SEEKING 25 MLN STG REVOLVING CREDIT


    LONDON, March 24 - 
Barbados is making its annual trip to
the international capital markets a bit earlier this year and
has mandated Barclays Bank Plc to arrange a 25 mln stg
revolving credit, Barclays said.
    The financing will be for seven years, with four years
grace, and will allow the borrower to make drawings in U.S.
Dollars. The credit will be transferable and carry interest at
1-1/8 pct over the London Interbank Offered Rate. There is a
commitment fee of 1/2 pct.
    Banks are being invited to join at four mln stg for 50
basis points and at 2.5 mln stg for 40 basis points.
    The terms represent an improvement over those obtained last
year, when Barbados tapped the market for a 25 mln dlr
transferable loan facility, which carried the same maturity but
had interest at 1-1/4 pct over Libor. The facility was
subsequently increased to 40 mln dlrs.
    However, the loan was not signed until November 5, and
bankers said that this year Barbados wanted to have the
financing in place early to give it greater flexibility in
drawing the funds over the course of the year.
    Last year Barbados boosted its capital market borrowings
with a small private yen placement in the Japanese market.
    At the signing of the 40 mln dlr facility, Winston Cox,
advisor to the Central Bank of Barbados, said he was looking to
make greater use of the international capital markets to reduce
the country's dependence on multi-national orgainsations.
    However, bankers believe this will be the country's only
major financing for this year, although another small private
placement in Japan could be arranged later in the year.
 REUTER
3;
bodyend
documentend
documentstart
8641
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SAYS U.S. LIKELY TO INTERVENE


    TOKYO, March 24 - 
Finance Minister Kiichi Miyazawa told
Parliament's Lower House Finance Committee that the U.S. Is
expected to intervene in the foreign exchange market to
stabilise exchange rates, political sources said.
    Asked if the U.S. Federal Reserve Board agreed in Paris
last month to intervene to stabilise exchange rates, Miyazawa
said yes, the sources said.
    Miyazawa was also quoted as saying that he is sceptical
about the effectiveness of currency reference ranges even if
major nations agree on such an idea as it is extremely
difficult to set such ranges.
 REUTER
3;
bodyend
documentend
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8642
topicstart
topicend
bodystart
2;

SKANDINAVISKA ENSKILDA ISSUES YEN BONDS


    LONDON, March 24 - 
Skandinaviska Enskilda Banken is issuing
a 10 billion yen bond due October 23, 1992 carrying a coupon of
4-1/2 pct and priced at 101-3/8, lead manager Daiwa Securities
International (Europe) Ltd said.
    The securities wil be listed on the London Stock Exchange
and will be available in denominations of one mln yen each.
Payment date is April 23, 1987.
    There is a 1-1/4 pct selling concession and a 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
8643
topicstart
earn
topicend
bodystart
2;
******
British Aerospace 1986 pretax profit 182.2 mln stg vs 150.5 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
8644
topicstart
earn
topicend
bodystart
2;

BRITISH AEROSPACE PLC 
<
BAEL.L> 1986 YEAR


    LONDON, March 24 -
    
Shr 51.4p vs 56.4p
    Div 11.0p making 17.4p, a 10 pct increase on 1985
    Turnover 3.14 billion stg vs 2.65 billion
    Pretax profit 182.2 mln vs 150.5 mln
    Tax 53.8 mln vs 23.5 mln
    Note - comparisons restated.
    Trading profit 217.2 mln vs 211.1 mln
    Launching costs 47.6 mln vs 51.6 mln
    Share of profit of related companies 3.6 mln vs 3.4 mln
    Net interest receivable 9.0 mln vs 12.4 mln payable
    Extraordinary debit 44.1 mln vs nil
    Trading profit includes  -
    Civil aircraft 7.7 mln loss vs 2.5 mln loss
    Military aircraft and support services 146.0 mln vs 148.3
mln
    Guided weapon and electronic systems 139.7 mln vs 127.8 mln
    Space and communications 1.9 mln vs 2.0 mln loss
    Company funded research and development 62.7 mln loss vs
54.9 mln
    Reorganisation costs nil vs 5.6 mln loss
    Launch costs include -
    BAe 146 17.1 mln vs 27.3 mln
    Airbus 19.4 mln vs 6.9 mln
    BAe 125-800 0.3 mln vs 1.5 mln
    ATP 10.8 mln vs 15.9 mln
 REUTER
3;
bodyend
documentend
documentstart
8646
topicstart
topicend
bodystart
2;
******
S.AFRICA DISCLOSING NEW ARRANGEMENT FOR FOREIGN DEBT REPAYMENT TODAY, FINANCE MINISTRY SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
8648
topicstart
topicend
bodystart
2;

COPENHAGEN TELEPHONE 600 MLN FRENCH FRANC ISSUE


    PARIS, March 24 - 
Copenhagen Telephone Co Ltd is issuing a
600 mln French franc 15-year retractable adjustable bond, lead
manager Credit Commercial de France (CCF) said.
    The bond will have an issue price of 101-1/8 pct and for
the first five years it will carry a nine pct coupon.
    The final due date will be April 28, 2002 and the issue
will be both puttable and callable on April 28, 1992 and 1997
at par.
    It will be denominated in 10,000 franc units and be listed
in Luxembourg. Co-lead will be Privatbanken.
 REUTER
3;
bodyend
documentend
documentstart
8649
topicstart
topicend
bodystart
2;

SOUTH AFRICA SETS NEWS CONFERENCE ON DEBT


    PRETORIA, March 24 - 
South Africa will disclose later today
new arrangements for its repayment of foreign debt, the Finance
Ministry said.
    Finance Minister Barend du Plessis will announce details at
a news conference at 1500 gmt, a spokesman said.
    Sources close to the ministry said South African
negotiators had worked out a favorable agreement on repayment
of 13 billion dlrs of debt after a standstill agreement expires
on June 30.
    The sources said a South African delegation led by chief
debt negotiator Chris Stals, director-general of finance, was
completing meetings in London today with foreign creditor
banks.
    "As far as South Africa is concerned, it looks like very
good news," one source said.
 REUTER
3;
bodyend
documentend
documentstart
8650
topicstart
topicend
bodystart
2;

ASEA CAPITAL ISSUES 10 BILLION YEN BOND


    LONDON, March 24 - 
ASEA Capital Corp BV is issuing a 10
billion yen bond due April 23, 1992 carrying a coupon of 4-1/2
pct and priced at 102-3/8, Mitsui Finance International Ltd
said as lead manager.
    The securities, which are guaranteed by parent company ASEA
Capital, will be listed on the Luxembourg Stock Exchange.
    There is a put and a call option in 1990 at par. The
securities are available in denominations of one mln yen each
and are payable on April 23, 1987.
    The company's outstanding issues are rated AA-minus by
Standard and Poor's Corp.
    There is a 1-1/4 pct selling concession and a 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
8654
topicstart
sugar
topicend
bodystart
2;

GERMAN FEB SUGAR STOCKS UP IN YEAR, DOWN IN MONTH


    BONN, March 24 - 
West German sugar stocks rose to 2.60 mln
tonnes, white value, at the end of February from 2.50 mln at
the same time a year earlier, the sugar industry association
WVZ said.
    However, stocks were well below the 2.82 mln held at the
end of January.
    Sugar exports between October 1 and February 28 rose to
449,253 tonnes from 435,727 in the same period of 1985/86.
Sales to non-European Community countries rose to 419,541
tonnes from 349,511, while sales within the EC fell sharply to
29,712 tonnes from 86,216.
    Imports in October-February fell to 59,605 tonnes from
76,044 in the same months a year earlier, the sugar industry
association said.
    Human sugar consumption in October-February rose to 817,856
tonnes from 799,128 in the year-ago period.
 REUTER
3;
bodyend
documentend
documentstart
8656
topicstart
grain
topicend
bodystart
2;

PORTUGUESE GRAIN AGENCY BAN TO REMAIN - EC SOURCES


    BRUSSELS, March 24 - 
A ban by a Portuguese court on the
state buying agency EPAC taking part in cereals import tenders
open to private traders will remain unless it is reversed in
Portugal or challenged in the European Court of Justice,
European Commission sources said.
    They denied a statement yesterday by Portuguese Agriculture
Minister Alvaro Barreto that the commission had accepted that
EPAC should be eligible, saying it had taken no view in the
matter.
    Under the terms of Portugal's accession to the European
Community, a grain import monopoly held by EPAC is being
reduced by 20 pct annually until all imports are liberalised in
1990.
    Lisbon's civil court decided in a preliminary ruling
earlier this month that EPAC should not be allowed to take
part, as it had done in the past, in tenders for the
liberalised share of annual grain imports.
 REUTER
3;
bodyend
documentend
documentstart
8657
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF JAPAN STEPS UP DOLLAR BUYING


    TOKYO, March 24 - 
The Bank of Japan stepped up its dollar
buying as it re-entered the market after the midday Tokyo lunch
break, dealers said.
    They said the bank seemed more determined to support the
dollar than it did this morning.
    Several dealers said the central bank intervened this
afternoon when the dollar stood around 149 yen.
    One said it purchased 150 to 200 mln dlrs in the half-hour
since the market re-opened after its lunchtime closure. Another
said the bank still has buying orders in the market.
 REUTER
3;
bodyend
documentend
documentstart
8658
topicstart
money-fx
topicend
bodystart
2;

SUMITA SAYS BANK WILL INTERVENE IF NECESSARY


    TOKYO, March 24 - 
Bank of Japan Governor Satoshi Sumita
said in a statement the central bank will intervene in foreign
exchange markets to stabilise exchange rates if necessary in
close cooperation with other major industrial nations.
    Sumita said the Bank will take adequate measures including
market intervention, if necessary, in line with the February 22
Paris agreement by six major industrial nations.
    Canada, Britain, France, Japan, the U.S. And West Germany
agreed to cooperate in stabilising exchange rates around
current levels. Sumita's statement was issued after the dollar
slipped below 150 yen to hit a record low of 148.40.
    "It is inevitable that exchange rates fluctuate under the
system of floating rates," Sumita said.
    The fact the dollar plunged below 150 yen does not mean
anything significant under the floating system, he said.
    The six nations agreed in Paris exchange rates prevailing
then were broadly consistent with underlying economic
fundamentals and further substantial rate shifts could damage
growth and adjustment prospects in their countries, the Paris
statement said.
 REUTER
3;
bodyend
documentend
documentstart
8659
topicstart
topicend
bodystart
2;

AMERICAN CAN ISSUING 150 MLN DLR CONVERTIBLE BOND


    LONDON, March 24 - 
American Can Co 
<
AC.N> is issuing a 150
mln dlr convertible eurobond due April 22, 2002 carrying an
indicated coupon of 5-1/2 to 5-7/8 pct priced at par, lead
manager Morgan Stanley International said.
    Terms will be set this week with a conversion premium of 25
to 28 pct. The bond is available in denominations of 1,000 and
10,000 dlrs and be listed in Luxembourg.
    There is no call for three years, subsequently at par plus
the coupon, declining by equal amounts per annum until 1997.
    Fees comprise 1-1/2 pct selling concession and one pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
8661
topicstart
ipi
topicend
bodystart
2;

CBI SURVEY POINTS TO SURGE IN U.K. OUTPUT


    LONDON, March 24 - 
British manufacturers expect output to
grow rapidly in the four coming months, a Confederation of
British Industry (CBI) survey shows.
    The CBI's monthly trends survey for March shows that 43 pct
of the 1,685 polled U.K. Firms expect to raise output in the
next four months. Only nine pct expect output to fall while 47
pct said production would likely remain unchanged.
    The CBI said the positive balance between firms expecting
production to rise and those forecasting a fall, at 34 pct, was
the highest such figure recorded since 1977.
    In the CBI's February survey, 37 pct of companies expected
a rise in output while 54 pct forecast production would remain
at present levels and eight pct expected production to drop.
    The survey also showed that 23 pct of the polled companies
consider current order books to be above normal while 58 pct
view them as normal and only 19 pct regard them as below
normal.
    This was the highest positive balance since the question
was first asked more than 10 years ago, the CBI said.
    In February, the figures were 24 pct, 22 pct and 54 pct
respectively.
    Companies also rated their export possibilities higher. Of
all polled companies, 23 pct rated their export order books to
be above normal and 53 pct described them as normal while only
23 pct believed export orders were below normal levels.
    In February, 25 pct thought their export books were below
normal and 50 pct believed them to be about normal. At 23 pct,
the proportion of companies rating their export books above
normal was unchanged between February and March.
    On prices, the survey showed that 62 pct of companies
expect average prices at which domestic orders are booked will
remain unchanged in the coming four months, up from 57 pct in
February.
 Reuter
3;
bodyend
documentend
documentstart
8662
topicstart
trade
topicend
bodystart
2;

YEUTTER SEES GATT CONSENSUS ON FARM TRADE REFORM


    By Graham Hillier, Reuters


    TAUPO, New Zealand, March 24 - 
U.S. Trade Representative
Clayton Yeutter said trade ministers meeting here have reached
a general consensus on agricultural trade reform under the
latest Uruguay round of the General Agreement on Tariffs and
Trade (GATT).
    Yeutter gave no precise details of the understanding but
told journalists the consensus covers the principles involved
in agricultural trade reform and what needs to be done to
improve the global situation in agriculture.
    Delegates from 22 countries are meeting informally to
discuss progress made since the latest GATT round was launched
in Punta del Este, Uruguay, last September.
    Yeutter said "at least people seem to be going down the same
road...But how that translates ultimately into negotiations is
another matter entirely."
    There seems to be an understanding of the need to deal with
the problem quickly and "a more common understanding of how we
are going to get from here to there," Yeutter said.
    However, the hard work is still to come, with a couple of
years of tough negotiations ahead, he said.
    "It is ludicrous for the nations of the world to plough
immense amounts of financial resources into the production of
items that nobody wants to buy," he said.
    He said the long-term answer is to switch some of the
financial resources now committed to agriculture to other more
productive areas. This would help agriculture because some its
inefficient non-productive segments would stop operating, he
said.
    Individual segments in many countries may lose in the
process, but it should result in a more rational system of
world-wide production within 10 or 15 years, he said.
    It is important that the agriculture negotiations reach a
relatively early conclusion because the U.S. Is spending 26
billion dlrs a year and the European Community probably more
than that, which is an ineffective use of financial resources,
he said.
    Asked about the prospect of a priority for agriculture in
the negotiations, he said "one has to be politically
realistic... If there is any chance of getting it (agricultural
trade reform) done in two to three years it's going to have to
be as part of a larger package."
 REUTER
3;
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8663
topicstart
trade
topicend
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2;

NAKASONE INTERVENES IN MICROCHIP DISPUTE


    TOKYO, March 24 - 
Prime Minister Yasuhiro Nakasone
intervened to try to resolve Japan's escalating dispute with
the U.S. Over semiconductor trade, government officials said.
    At today's Cabinet meeting, Nakasone told Trade and
Industry Minister Hajime Tamura to redouble his efforts to calm
U.S. Anger over what it sees as Japan's unfair trade practices
in semiconductors.
    Nakasone intervened only two days before a scheduled
meeting of the Reagan administration's Economic Policy Council
to consider whether Japan is reneging on its microchip pact
with the U.S.
    That pact, agreed last year after months of negotiations,
calls on Japan to stop selling cut-price chips in world markets
and to raise its imports of U.S. Semiconductors.
    Senior U.S. Officials have accused Tokyo of failing to live
up to the accord and have threatened retaliatory action.
    Yesterday, Tamura's Ministry of International Trade and
Industry (MITI) launched a last-ditch attempt to salvage the
pact by writing letters to U.S. Policy makers setting out
Japan's case and telling Japanese chip makers to cut output.
    In his letter, the contents of which were released today,
Tamura said a MITI survey carried out at the beginning of March
showed Japanese producers were not selling at cut-rate prices
in Asian markets.
    In a separate letter sent to senior U.S. Officials, MITI
vice minister for international affairs Makoto Kuroda suggested
the two countries could conduct a joint investigation into
allegations of Japanese chip dumping in such markets.
 REUTER
3;
bodyend
documentend
documentstart
8664
topicstart
money-fx
dlr
topicend
bodystart
2;

DOUBTS ABOUT ACCORD SEEN WEAKENING DOLLAR FURTHER


    By Kunio Inoue, Reuters


    TOKYO, March 24 - 
The dollar is expected to decline further
in coming days as scepticism mounts about the effectiveness of
last month's Paris accord to stabilise currency exchange rates,
senior foreign exchange dealers said.
    Following its fall today to a record 148.40 yen, dealers
said they expect the dollar to establish a new trading range of
147 to 150 yen before the market again tries to push it down.
Behind the latest dollar fall lies the belief that last month's
accord was no longer enough to stop operators pushing the
dollar down, the dealers said.
    "The recent remark by U.S. Treasury Secretary James Baker
that the Paris accord did not set any target ranges for major
currencies has cast a shadow on the agreement," said Koji
Kidokoro, general manager of Mitsui Bank Ltd's treasury
division.
    He said the market interpreted this as indicating the U.S.
Would favour a weaker dollar and it had little intention of
intervening to support the currency.
    "This eliminated the widespread market caution against
possible joint central bank intervention," Kidokoro said.
    Dealers said the dollar had gathered renewed downward
momentum and that Bank of Japan intervention alone could hardly
contain a further slide in the currency.
    They said the central bank bought between one to 1.5
billion dlrs today, including direct purchases through brokers,
and yesterday it might have bought a small amount of dollars
through the U.S. Central bank in New York.
    Most dealers said they doubted the U.S. Federal Reserve
would intervene on its own account to support the dollar, but
some said this might occur if the dollar fell much below 148
yen.
    "If the dollar drops to that low level, it could reduce the
flow of foreign capital into U.S. Securities, which the
Americans don't want," said Haruya Uehara, chief money market
manager of Mitsubishi Trust and Banking Corp.
    He said the dollar may return to around 152 yen next month
when corporations reduce their dollar sales after they close
their books for the 1986/87 business year ending on March 31.
    But dealers said the longer-term outlook for the dollar
remained bearish. This was due to the lacklustre performance of
the U.S. Economy, the continuing U.S. Trade deficit and
Japanese delays in announcing an economic stimulation package.
    "The Americans are getting frustrated at Japan's inertia in
stimulating its economy," said Hirozumi Tanaka, assistant
general manager of Dai-Ichi Kangyo Bank Ltd's international
treasury division.
    In the Paris currency accord Japan promised a package of
economic measures, after the fiscal 1987 budget was passed, to
boost domestic demand, increase imports, and thus reduce its
trade surplus. The package was expected in April, but debate on
the budget has been delayed by an opposition boycott of
parliamentary business over the proposed introduction of a
sales tax.
    In the circumstances the government had only a slim chance
of producing a meaningful economic package in the near future,
Dai-Ichi Kangyo's Tanaka said.
    Dealers said if steps are not taken to stimulate the
Japanese economy protectionist sentiment in the U.S. Congress
would grow and put more downward pressure on the dollar.
 REUTER
3;
bodyend
documentend
documentstart
8665
topicstart
earn
topicend
bodystart
2;
******
Prudential Corp 1986 pretax profit 178.1 mln stg vs 110.1 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
8666
topicstart
acq
topicend
bodystart
2;

NIPPON LIFE, SHEARSON TIE-UP SEEN SETTING TREND


    By Steven Brull, Reuters


    TOKYO, March 24 - 
Nippon Life Insurance Co's 538 mln dlr
purchase of a 13 pct stake in Shearson Lehman Brothers Inc
brokerage unit is a shrewd move that other Japanese insurers
are likely to follow, securities analysts said.
    The investment in one of Wall Street's top brokerage houses
is likely to pay off in dollars and international market
position, they said. "It's part of a trend towards growing
capital participation by Japanese insurance firms in foreign
financial institutions," said Simon Smithson, an analyst with
Kleinwort Benson International Inc in Tokyo.
    The investment in Shearson Lehman, a growing firm described
by some analysts as the top U.S. Retail brokerage, will give
Nippon Life a ringside seat and possibly lower commissions on
Wall Street, where it invests an increasing percentage of its
assets of 90.2 billion dlrs, they said.
    Nippon Life staff will also acquire expertise in business
sectors which have not yet opened up in Japan, they added.
    The agreement between the two companies calls for a 50-50
joint venture in London focussing on investment advisory asset
management, market research, and consulting on financing.
    Nippon Life is Japan's largest insurance company and the
world's biggest institutional investor, analysts said.
    The Japanese finance ministry is expected to approve the
deal in April, making Nippon Life the first Japanese life
insurance firm to take a stake in a U.S. Financial firm.
    The limit on foreign assets as a proportion of Japanese
insurers' assets was increased to 25 pct from 10 pct last year.
Since then, they have stepped up purchases of foreign stocks
and sought to deepen their understandng of foreign markets and
instruments.
    Last year, a Sumitomo Life Insurance Co official was
appointed to E.F. Hutton Group Inc unit E.F. Hutton and Co's
board and Sumitomo Bank Ltd spent 500 mln dlrs to become a
limited partner in Goldman, Sachs and Co.
    Smithson said Japanese banks started buying smaller and
problem-plagued banks in 1984. "But now Japanese are going for
blue-chip organisations," he said.
    "It's a reflection of what has happened in manufacturing
industries," said Brian Waterhouse at James Capel and Co. "With a
historically high yen, and historically low interest rates,
there's an increasing disincentive to invest in Japan."
    Competition in fund management has grown along with greater
Japanese savings. The typical salaried employee has 7.33 mln
yen in savings, reflecting an annual average savings rate of 17
to 18 pct, he said.
    To stay competitive, fund managers must invest overseas and
gain experience with financial instruments which are likely to
spread to Japan with further deregulation. "The high regulatory
environment has delayed (life insurance firms')
diversification. Now there's a growing number of new products
in an environment of increasing competition for performance on
fund management," Smithson said.
 REUTER
3;
bodyend
documentend
documentstart
8667
topicstart
trade
topicend
bodystart
2;

CANADA OUTLINES GATT AGRICULTURAL REFORM PLAN


    TAUPO, New Zealand, March 24 - 
Canadian Trade Minister Pat
Carney said that agricultural policies should not hurt world
international trade and should therefore become more price
responsive over time.
    She told delegates at the informal meeting of trade
ministers that this was one of five principles Canada wanted
adopted in reforming agriculture in the General Agreement on
Tariffs and Trade (GATT). Secondly, support for agriculture
should avoid production incentives, and thirdly, countries
should freeze and seek to reduce government aid measures that
distorted world prices, Carney said.
    Carney said the fourth principle was that countries should
not introduce new import barriers not mandated by existing
legislation and the fifth was that these basic principles must
be implemented collectively.
    Carney later told Reuters the Canadian guidelines are
basically compatible with the seven point Australian proposals
announced in Davos, Switzerland, in January.
    European trade sources said the conference welcomed the
Canadian initiative but some delegates, and not only the
European Community, voiced reservations about some of the
principles.
    Carney said there was a lot of political will among the
ministers here to complete the Uruguay Round of GATT in under
four years and that there is also a realisation that it has to
be done in a balanced way.
    "The consensus view was to proceed as fast as we can on a
broad front and see what areas emerge where we can get early
conclusion," she said.
    However, the meeting did not identify what those areas are,
Carney said.  She said Canada/U.S. Bilateral trade
negotiations, which must be concluded at least in draft form by
October, are progressing well.
 REUTER
3;
bodyend
documentend
documentstart
8668
topicstart
earn
topicend
bodystart
2;

PRUDENTIAL CORP PLC 
<
PRUL.L> 1986 YEAR


    LONDON, March 24 -
    
Shr 34.5p vs 24.5p adjusted
    Div 19p making 29p vs 24.8p adjusted
    Pretax profit 178.1 mln vs 110.1 mln
    Tax and minorities 60.5 mln vs 32.7 mln
    Profit attributable 117.6 mln vs 77.4 mln
    Pretax profit includes -
    Long term business 145.5 mln vs 137.7 mln
    General insurance business -
    Underwriting loss 99.9 mln vs 131.6 mln
    Investment income 94.8 mln vs 78.2 mln
    Trading loss 5.1 mln vs 53.4 mln
    Investment management, U.K. 6.4 mln vs 1.6 mln
    Shareholders' other income 31.3 mln vs 24.2 mln
    Pretax profit by division includes -
    U.K. Individual division 97.1 mln vs 89.5 mln
    U.K. Group pensions 10.5 mln vs 10.6 mln
    International 13.4 mln vs 12.4 mln
    Mercantile and General 24.5 mln vs 25.2 mln
    Prudential Portfolio managers 6.4 mln vs 1.6 mln
    Prudential Property Services 2.1 mln loss vs nil
 REUTER
3;
bodyend
documentend
documentstart
8669
topicstart
topicend
bodystart
2;

PHILIPPINES SAID TO RAISE INTEREST OFFER TO BANKS


    MANILA, March 24 - 
Prospects of an agreement on
rescheduling about 9.4 billion dlrs of Philippine foreign debt
have increased following the offer of a higher interest rate by
Manila officials, foreign banking sources said.
    The sources said Finance Secretary Jaime Ongpin made the
proposal to a 12-bank advisory committee, chaired by
Manufacturers Hanover Trust Co as the talks entered their
fourth week in New York.
    They said the Philippines was now willing to pay a spread
of 7/8 percentage points over London Interbank Offered Rates
(Libor), up from the 5/8 points it originally proposed.
    The sources said the proposal was made in a bid to break a
deadlock with the banks, who were insisting on a minimum
interest spread of one full percentage point over Libor.
    They noted that the latest plan marked a compromise between
the two sides' demands, but fell short of Ongpin's assertion
that the Philippines would insist on a deal better than the
13/16 percentage points offered to Mexico last year by its
creditor banks.
    The sources added that two key members of the negotiating
team returned to Manila last night, indicating agreement was
likely to be hammered out by this weekend.
    The sources said Finance Undersecretary Ernest Leung and
Deputy Central Bank Governor Edgardo Zialcita left New York
after Ongpin and Central Bank Governor Jose Fernandez started
talks with the banks to put finishing touches to the accord.
    "The talks are now in a make-or-break phase," the sources
said. "All that is left are the wrinkles -- unless some bank
again decides to hang tough."
    They were referring to the last round of negotiations in
November 1986, when one bank, identified as Citibank NA,
refused to endorse the committee's proposal of 1-1/8 points
over Libor.
 REUTER...
3;
bodyend
documentend
documentstart
8670
topicstart
money-fx
topicend
bodystart
2;

MAJOR NATIONS MUST ACT ON CURRENCIES - MIYAZAWA


    TOKYO, March 24 - 
Finance Minister Kiichi Miyazawa said the
time has come for major industrialised nations to take action
on exchange rates in line with their agreement last month in
Paris.
    In Paris, Britain, Canada, France, Japan, the U.S. And West
Germany agreed to coooperate to hold currency rates around
their then current levels.
    Miyazawa would not say what specific measures major nations
would take, but told reporters the measures had been discussed
in Paris. The dollar fell to a record low against the yen this
morning, piercing the 150 yen barrier.
    Asked if major nations were now negotiating on what
measures to take, Miyazawa said they were not as measures had
already been agreed in Paris.
 REUTER
3;
bodyend
documentend
documentstart
8671
topicstart
ipi
trade
topicend
bodystart
2;

JAPAN ECONOMY MAY START BOTTOMING OUT SOON -AGENCY


    TOKYO, March 24 - 
Japan's economy remains sluggish but is
beginning to show signs it may bottom out soon, the Economic
Planning Agency said in a monthly report submitted to Cabinet
ministers.
    But a bottoming out of the economy depends largely on the
yen's exchange rate trend in the immediate future, Agency
officials said.
    The officials told reporters industrial production, down
0.5 pct in January from December, is likely to turn positive in
February and to rise thereafter, raising hopes for a brighter
economic outlook.
    The Agency predicted industrial production will grow 2.5
pct in the current January/March quarter after falling 0.7 pct
in the previous quarter.
    A rise of this size would be the largest since the fourth
quarter of 1984 when industrial output rose 2.7 pct, the
officials said.
    They also said an expected upturn in exports would be a
mixed blessing as it would contribute to economic growth but
would increase the chance of trade friction.
    Japanese exports contracted five pct in February from
January but are likely to grow from March if the yen stabilizes
around current levels, the officials said.
    They predicted exports will increase by 2.3 pct in the
January/March quarter from the October/December quarter.
    "But the problem is imports are not expanding," said one
official. Imports fell by 9.4 pct in February from January.
 REUTER
3;
bodyend
documentend
documentstart
8672
topicstart
crude
topicend
bodystart
2;

KUWAIT SAYS OPEC 2.4 MLN BPD BELOW CEILING


    KUWAIT, March 24 - 
Kuwaiti oil minister Sheikh Ali
al-Khalifa al-Sabah said OPEC was producing well below its oil
output ceiling and this would help prices move higher,
according to a Kuwaiti newspaper interview.
    The al-Rai al-Aam newspaper quoted him as saying OPEC was
pumping 2.4 mln barrels per day (bpd) less than its 15.8 mln
bpd ceiling, while consumers were drawing down their petroleum
stocks at a rate of 4.5 mln bpd.
    As long as OPEC maintains its output curbs, demand for its
oil will rise in April and May, Sheikh Ali said, adding that
Kuwait was strongly committed to its OPEC quota.
 REUTER
3;
bodyend
documentend
documentstart
8673
topicstart
interest
topicend
bodystart
2;
******
 Bundesbank allocates 6.5 billion marks in 28-day repurchase pact at 3.80 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
8674
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SAYS U.S. LIKELY TO INTERVENE


    TOKYO, March 24 - 
Finance Minister Kiichi Miyazawa told
Parliament's Lower House Finance Committee that the U.S. Is
expected to intervene in the foreign exchange market to
stabilise exchange rates, political sources said.
    Asked if the U.S. Federal Reserve Board agreed in Paris
last month to intervene to stabilise exchange rates, Miyazawa
said yes, the sources said.
    Miyazawa was also quoted as saying that he is sceptical
about the effectiveness of currency reference ranges even if
major nations agree on such an idea as it is extremely
difficult to set such ranges.
 REUTER
3;
bodyend
documentend
documentstart
8675
topicstart
crude
ship
topicend
bodystart
2;

U.S. OFFERS TO ESCORT KUWAITI TANKERS IN GULF


    WASHINGTON, March 24 - 
The U.S. Has offered warships to
escort Kuwaiti tankers in the Gulf past Iranian anti-ship
missile batteries, Defence Department officials said.
    The officials told Reuters yesterday the offer was made
last week by Navy Admiral William Crowe, chairman of the
Pentagon Joint Chiefs of Staff, during a Middle East visit.
    Reagan administration officials said later that Washington
did not seek military confrontation with Tehran, but would not
let Iran use Chinese-made "Silkworm" anti-ship missiles, capable
of covering the narrow entrance to the Gulf, to choke oil
shipments to the West.
    Defence officials said Kuwait had asked if protection for
up to a dozen vessels, most of them tankers, could be provided
by three U.S. Navy destroyers and two frigates now in the
southern Gulf and the Gulf of Oman.
    In addition to a half dozen ships in the U.S. Navy's small
Mideast Task Force near the Straits of Hormuz, the Pentagon has
moved 18 warships, including the aircraft carrier Kitty Hawk,
into the northern Arabian Sea in the past month.
    White House and defence officials said that massing the
fleet was routine and had nothing to do with the Iran-Iraq war
or Iran's stationing of missiles near the mouth of the Gulf.
    The State Department said on Friday that Iran has been told
about U.S. Concern over the threat to oil shipments in the
Gulf. The communication was sent through Switzerland, which
represents U.S. Interests in Iran.
    Iran denied as baseless reports that it intended to
threaten shipping in the Gulf and said any U.S. Interference in
the region would meet a strong response, Tehran Radio said on
Sunday.
    Several hundred vessels have been confirmed hit in the Gulf
by Iran and Iraq since early 1984 in the so-called tanker war,
an offshoot of their 6-1/2-year-old ground conflict.
 REUTER
3;
bodyend
documentend
documentstart
8676
topicstart
trade
topicend
bodystart
2;

YEUTTER SAYS U.S.-JAPAN TRADE DIFFICULTIES REMAIN


    TAUPO, New Zealand, March 24 - 
U.S. Trade Representative
Clayton Yeutter said he was unsure whether some of the trade
issues straining U.S.-Japanese relations would be resolved
before the two countries open trade talks in late April.
    "We are having high level discussions on them (the issues)
within the United States...The relationship on some of those is
very strained between us (Japan) at the moment and we need to
relieve those strains at the earliest possible date," he said.
    "I am not sure we can wait until late April," he added.
    Yeutter is in New Zealand for a two-day informal meeting of
trade ministers who are reviewing the Uruguay round of the
General Agreement on Trade and Tariffs (GATT).
    He said he will meet the Japanese delegation over the next
few days but declined to discuss methods of relieving the
strain between the two countries.
    Yeutter said earlier the three most contentious trade
issues were semiconductors, Japanese government unwillingness
to allow public entities to buy U.S. Super-computers and the
barring of U.S. Firms from the eight billion U.S. Dlr Kansai
airport project near Osaka.
    The Japanese delegation to the GATT talks said in a
statement yesterday they are making major efforts to dismantle
trade barriers in their country.
    "I am convinced that they are attempting to move their
policies in the right direction. The question is how far and
how fast," Yeutter said.
 REUTER
3;
bodyend
documentend
documentstart
8677
topicstart
interest
topicend
bodystart
2;

BUNDESBANK ALLOCATES 6.5 BILLION MARKS IN TENDER


    FRANKFURT, March 24 - 
The Bundesbank accepted bids for 6.5
billion marks at today's tender for a 28-day securities
repurchase pact at a rate of 3.80 pct, a central bank spokesman
said.
    Banks, which bid for a total 8.6 billion marks liquidity,
will be credited with the funds allocated tomorrow and must buy
back securities pledged on April 22.
    The allocation was in line with market expectations the
Bundesbank would provide more than the 3.4 billion marks
draining from this week as an earlier facility expires.
    Call money fell to 3.60/70 pct ahead of the allocation from
3.75/85 pct yesterday, dealers said.
    The excess allocation compensates for public funds leaving
the system which the Bundesbank added last week via
government-owned banks.
    However major tax payments by banks on behalf of customers
drew to a close this week, lessening the need for liquidity.
    The call money declines surprised some dealers, who
speculated it was because the Bundesbank disbursed further
government funds today. However, most said this had not
occurred.
    Banks were well stocked with liquidity, having 47.1 billion
marks in minimum reserves at the Bundesbank on Friday, up from
49.9 billion on Thursday. Average daily reserves over the first
20 days of the month fell to 52.6 billion from 53.1 billion.
For all of March, banks would be required to hold net daily
average reserves of 50.7 billion marks, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
8678
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 115 MLN STG ASSISTANCE


    LONDON, March 24 - 
The Bank of England said it had provided
the money market with 115 mln stg assistance in the morning
session. This compares with the Bank's forecast of a 300 mln
stg shortage in the system today.
    The central bank bought bills outright in band two at
9-13/16 pct comprising 73 mln stg bank bills and 42 mln stg
local authority bills.
 REUTER
3;
bodyend
documentend
documentstart
8680
topicstart
topicend
bodystart
2;

SOUTH AFRICA SETS NEWS CONFERENCE ON DEBT


    PRETORIA, March 24 - 
South Africa will disclose later today
new arrangements for its repayment of foreign debt, the Finance
Ministry said.
    Finance Minister Barend du Plessis will announce details at
a news conference at 1500 gmt, a spokesman said.
    Sources close to the ministry said South African
negotiators had worked out a favorable agreement on repayment
of 13 billion dlrs of debt after a standstill agreement expires
on June 30.
    The sources said a South African delegation led by chief
debt negotiator Chris Stals, director-general of finance, was
completing meetings in London today with foreign creditor
banks.
    "As far as South Africa is concerned, it looks like very
good news," one source said.
 REUTER
3;
bodyend
documentend
documentstart
8681
topicstart
jobs
topicend
bodystart
2;

FRENCH EMPLOYERS CHIEF SEES HOPE FOR GROWTH


    PARIS, March 24 - 
The 1992 deadline for abolishing economic
barriers within the European Community should help French
economic growth and create jobs, president of the French
employers' federation CNPF Francois Perigot said.
    "Having a market at our disposal which is as homogeneous and
accessible as that of Europe is an incredible piece of luck," he
told Le Figaro in an interview.
    He said that the majority of French business leaders were
enthusiastic about the abolition of barriers and saw it as an
opportunity rather than a danger for their companies.
    "It can permit us to return to a growth rate which is much
better than we could achieve in isolation. We know that we have
to reestablish growth at three pct a year to solve the enormous
problems confronting us -- and I am referring mainly to
unemployment," Perigot added.
    Finance Minister Edouard Balladur said yesterday that
French growth would be just two pct this year, the same as last
year and compared with the government's original 2.8 pct
target.
 REUTER
3;
bodyend
documentend
documentstart
8682
topicstart
topicend
bodystart
2;

EUROFIMA ISSUES 125 MLN ECU 10-YEAR EUROBOND


    PARIS, March 24 - 
Eurofima is issuing a 125 mln ECU, 7-3/8
pct bond due March 3, 1997 at 101-1/2 pct, lead manager Societe
Generale said.
    Fees are 1-1/4 pct for selling and 3/8 pct each for
management and underwriting including a 1/8 pct praecipuum.
    The non-callable deal of unsecured, unsubordinated debt is
in denominations of 1,000 and 10,000 ECUs and will be listed in
Luxembourg. Payment date is April 21 giving a short first
coupon. Co-lead managers are DBCM and SBCI.
 REUTER
3;
bodyend
documentend
documentstart
8683
topicstart
sugar
topicend
bodystart
2;

SOVIET SUGAR IMPORTS HIGHER IN OCT/NOV


    LONDON, March 24 - 
Soviet sugar imports in October and
November were significantly higher than in the same period of
the year before, according to figures received by the
International Sugar Organization.
    Imports in October totalled 23,803 tonnes, compared with
4,685 tonnes in the same month of 1985, while November imports
were up to 136,029 tonnes from 46,541.
    For the first 11 months of 1986, Soviet imports totalled
5.12 mln tonnes, against 4.30 mln in the same period of 1985.
    The October 1986 import figure consisted entirely of whites
from Cuba, while the November total was made up of 84,037
tonnes Cuban whites and 51,992 tonnes whites from Thailand. Of
the imports in the January/November period, those from Cuba
were up to 3.81 mln tonnes from 3.65 mln and from Thailand to
292,808 tonnes from 22,800.
    Soviet exports also increased in 1986. The January/November
export total of 289,232 compares with 165,859 tonnes in the
first 11 months of 1985. Exports in October 1986 were 20,064,
down from 38,853 a year earlier, while November exports were up
from 32,796 to 50,855 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
8684
topicstart
sugar
topicend
bodystart
2;

WEST GERMAN 1986 SUGAR OUTPUT RISES


    HAMBURG, March 24 - 
West German sugar production last year
rose 38,000 tonnes to an estimated 3.17 mln tonnes, the
Agricultural Ministry said.
    It said the increase was exclusively due to higher beet
sugar content, which went up to 17.93 pct from 17.3 pct in
1985.
    Last year's beet deliveries totalled 20.22 mln tonnes, down
554,000 tonnes from the previous year.
    The ministry estimates West Germany's sugar
self-sufficiency during the current agricultural year
(July/June) unchanged at 137 pct.
 REUTER
3;
bodyend
documentend
documentstart
8685
topicstart
acq
topicend
bodystart
2;

NORCROS REJECTS 542.2 MLN STG BID FROM WILLIAMS


    LONDON, March 24 - 
Norcros Plc 
<
NCRO.L> the building
products and packaging group said its board had no hesitation
in unanimously rejecting this morning's 542.2 mln stg bid from

<
Williams Holdings Plc>, the industrial holding firm.
    The company said Williams' 432.7p per share offer was
unsolicited and unwelcome and significantly undervalues
Norcros. By 1228 gmt Norcros shares were quoted at 418p, up
from 397p at yesterday's close. Williams was 15p higher at 765.
    The Norcros board's detailed views will be sent to
shareholders when the formal offer document has been issued by
Williams.
 REUTER
3;
bodyend
documentend
documentstart
8686
topicstart
grain
topicend
bodystart
2;

NO PROOF OF MORE CHERNOBYL GRAIN DAMAGE-DIPLOMATS


    MOSCOW, March 24 - 
Western agricultural attaches in Moscow
said they had no evidence to substantiate rumours that last
April's Chernobyl nuclear disaster had a worse effect on Soviet
grain than first reported.
    Current Soviet interest in chartering ships to carry grain
from the U.S. Helped prompt the rumours on world markets. But
the diplomats said they had seen no reports in the state press
and heard no comments from officials to substantiate them.
    The official media was initially slow in reporting the
accident but, under Kremlin leader Mikhail Gorbachev's campaign
for openness, gradually gave more and more details.
    Land around the nuclear plant was contaminated to varying
degrees. Some is now being used to grow industrial crops
instead of grain.
 REUTER
3;
bodyend
documentend
documentstart
8687
topicstart
topicend
bodystart
2;

SCHLESWIG HOLSTEIN LB ISSUES AUSTRALIAN DLR BOND


    London, March 24 - 
Schleswig-Holstein Landesbank (LB)
Finance BV is issuing a 30 mln Australian dlr bond due April
30, 1990 carrying a coupon of 14-5/8 pct and priced at 101-3/8,
said ANZ Merchant Bank Ltd as lead manager.
    The securities are guaranteed by parent company,
Schleswig-Holstein Landesbank Girozentrale and will be listed
on the Luxembourg Stock Exchange. They are available in
denominations of 1,000 dlrs.
    Payment date is April 30. There is a one pct selling
concession and a 1/2 pct combined underwriting and management
fee.
 REUTER
3;
bodyend
documentend
documentstart
8688
topicstart
ship
topicend
bodystart
2;

IRAN SAID TO TEST FIRE SILKWORM MISSILE IN HORMUZ


    BAHRAIN, March 24 - 
Iran has test-fired its newly acquired
Silkworm anti-shipping missile in the Strait of Hormuz and has
set up at least two land-based launching sites in the area, a
British naval source in the Gulf said.
    The source, who declined to be identified, said Iran had
fired the Chinese-made missile at a hulk off its southern Gulf
naval port of Bandar Abbas and scored a hit.
    "These missiles pack a fairly big punch," he told Reuters.
"There is no doubt they could be used to target (shipping)
across the Strait of Hormuz."
    Tension in the Gulf has risen since U.S. Officials last
week broke the news that Iran had acquired the Silkworm
missiles.
    The U.S. Has said it will not allow Iran to use the
missiles to choke off oil shipments and has offered its
warships to escort Kuwaiti tankers past the missile batteries.
    But Tehran denied last Sunday it intended to threaten Gulf
shipping and warned the U.S. Any interference in the region
would meet a strong response.
    The British naval source said the Silkworms were in place
at at least two sites around the Strait of Hormuz, but would
not give the exact location.
 REUTER
3;
bodyend
documentend
documentstart
8689
topicstart
acq
topicend
bodystart
2;

MERRILL LYNCH 
<
MER> IN TALKS ON CANADA PURCHASES


    NEW YORK, March 24 - 
Merrill Lynch and Co Inc is holding
talks on acquiring Canadian brokerage firms, a company
spokesman told Reuters.
    He said one of the firms with which Merrill Lynch is
negotiating is 
<
Burns Fry Corp> of Toronto, which has already
received an offer from Security Pacific Corp's 
<
SPC> 83 pct
owned 
<
Hoare Govett Ltd> London-based brokerage unit.  The
Hoare Govett bid is valued at about 210.4 mln U.S. dlrs.
    The spokesman said the talks are the result of a change in
Ontario securities laws that takes effect June 30.
    Currently, companies outside the Canadian securities
industry are prohibited from owning more than 10 pct of a
Canadian broker.  On June 30, 1987, foreign brokers will be
allowed to own up to 50 pct of Canadian brokers, and the
percentage will rise to 100 pct a year later.
 Reuter
3;
bodyend
documentend
documentstart
8690
topicstart
acq
topicend
bodystart
2;

MARK IV 
<
IV> STARTS BID FOR CONRAC 
<
CAX>


    NEW YORK, March 24 - 
Mark IV Industries Inc said it has
started the 25 dlr per share tender offer for all shares of
Conrac Corp that it announced yesterday afternoon.
    In a newspaper advertisement, the company said the offer
and withdrawal rights expire April 20 unless extended.  The
offer is not conditioned on receipt of any minimum number of
shares but is conditioned on the arrangement of financing.
    Mark IV already owns about 9.9 pct of Conrac's 6.8 mln
shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
8691
topicstart
acq
topicend
bodystart
2;

ECOLAB 
<
ECL> STARTS BID FOR CHEMLAWN 
<
CHEM>


    NEW YORK, March 24 - 
Ecolab Inc said it has started its
previously-announced tender offer for all shares of ChemLawn
Corp at 36.50 dlrs each.
    In a newspaper advertisement, the company said the offer
and withdrawal rights expire April 20 unless extended.  The
ChemLawn board has approved the tender and a merger at the same
price that is to follow.
    Ecolab said the offer is conditioned on receipt of at least
5,325,000 shares.  ChemLawn now has about 10.0 mln shares
outstanding.
    Ecolab said ChemLawn has granted it a conditional option to
buy all authorized but unissued and unreseved ChemLawn shares
at 36.50 dlrs each.  The option is exercisable in the event
that another party were to acquire 20 pct or more of ChemLawn
by means other than a tender offer for all shares at a higher
price than Ecolab is offering.
    The company said if the merger agreement is terminated
under certain circumstasnces, it will be entitled to receive 20
mln dlrs in damages from ChemLawn.
    Ecolab said officers and directors of ChemLawn have granted
it options to acquire an aggregate of 2,535,435 ChemLawn shares
or about 24.8 pct for the tender price, again unless a higher
tender were to be made by another party.
    Waste Management Inc 
<
WMX> had originally made a hostile
tender offer of 27 dlrs per share for ChemLawn which ChemLawn
rejected as inadequate.  On Friday, Waste Management said it
would raise its bid to 35 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
8692
topicstart
trade
topicend
bodystart
2;

TAIWAN PROPOSES FURTHER TARIFF CUTS


    TAIPEI, March 24 - 
Taiwan said it plans another round of
tariff cuts, possibly within a month, to try to narrow its
trade surplus with the U.S.
    Vice Finance Minister Ronald Ho said a high-level economic
committee recommended tariff cuts on 66 products requested by
Washington, including apples, chocolates and fruit juice.
    Ho said the cuts may come into effect by the end of next
month.
    Taiwan's trade surplus with the U.S. Widened in the first
two months of this year to 2.35 billion dlrs from 1.87 billion
dlrs in the same period last year.
 REUTER
3;
bodyend
documentend
documentstart
8694
topicstart
cpi
wpi
topicend
bodystart
2;

PAKISTAN CONSUMER PRICE INDEX FALLS IN JANUARY


    KARACHI, March 24 - 
Pakistan's consumer price index (base
1975/76) fell to 231.93 in January 1987 from 233.26 in December
1986, and compared with  223.66 a year ago, the federal Bureau
of Statistics said.
    The wholesale price index (same base) rose to 229.83 in
January from 229.06 in December and compared with  217.97 in
January 1986.
 REUTER
3;
bodyend
documentend
documentstart
8696
topicstart
ship
topicend
bodystart
2;

IRAN SAID TO TEST FIRE SILKWORM MISSILE IN HORMUZ


    BAHRAIN, March 24 - 
Iran has test-fired its newly acquired
Silkworm anti-shipping missile in the Strait of Hormuz and has
set up at least two land-based launching sites in the area, a
British naval source in the Gulf said.
    The source, who declined to be identified, said Iran had
fired the Chinese-made missile at a hulk off its southern Gulf
naval port of Bandar Abbas and scored a hit.
    "These missiles pack a fairly big punch," he told Reuters.
"There is no doubt they could be used to target (shipping)
across the Strait of Hormuz."
 Reuter
3;
bodyend
documentend
documentstart
8699
topicstart
trade
topicend
bodystart
2;

TAIWAN PROPOSES FURTHER TARIFF CUTS


    TAIPEI, March 24 - 
Taiwan said it plans another round of
tariff cuts, possibly within a month, to try to narrow its
trade surplus with the U.S.
    Vice Finance Minister Ronald Ho said a high-level economic
committee recommended tariff cuts on 66 products requested by
Washington, including apples, chocolates and fruit juice.
    Ho said the cuts may come into effect by the end of next
month.
    Taiwan's trade surplus with the U.S. Widened in the first
two months of this year to 2.35 billion dlrs from 1.87 billion
dlrs in the same period last year.
 REUTER
3;
bodyend
documentend
documentstart
8701
topicstart
retail
topicend
bodystart
2;
******
U.S. FEB DURABLE GOODS ORDERS ROSE 6.0 PCT, NONDEFENSE DURABLES ROSE 3.8 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
8702
topicstart
earn
topicend
bodystart
2;

STANDARD CHARTERED PLC 
<
STCH.L> 1986 YEAR


    LONDON, March 24 -
    
Shr 97.0p vs 85.3p
    Div 22.5p vs 20.0p making 35.0p vs 30.5p
    Pretax profit 253.9 mln stg vs 267.9 mln
    Tax 96.3 mln vs 125.6 mln
    Operating income 1.15 billion vs 998.8 mln
    Operating expenses 759.3 mln vs 692.7 mln
    Trading profit before charge for bad and doubtful debts
    394.4 mln stg vs 306.1 mln
    Charge for bad and doubtful debts 184.2 mln vs 100.7 mln
    Share of profits of associates 43.7 mln vs 62.5 mln
    Minority interests 6.6 mln debit vs 9.6 mln debit
    Extraordinary items 8.7 mln debit vs 15.7 mln credit
    Operating income includes -
    Interest income 2.49 billion vs 2.33 billion
    Interest expenses 1.77 billion vs 1.64 billion
    Other operating income 428.8 mln vs 313.2 mln
    Operating expenses include -
    Staff 405.9 mln vs 376.0 mln
    Premises and equipment 197.0 mln vs 155.2 mln
    Others 156.4 mln vs 161.5 mln
    Pretax profit includes -  North America 65.8 mln vs 49.6
mln
    Asia Pacific 0.9 mln vs 31.8 mln
    Middle East and south Asia 17.7 mln vs 2.3 mln
    Tropical Africa 47.5 mln vs 44.7 mln
    U.K. 107.6 mln vs 135.7 mln
    South Africa 36.8 mln vs 35.6 mln
 Reuter
3;
bodyend
documentend
documentstart
8703
topicstart
topicend
bodystart
2;

WORLD BANK CHIEF PLEDGES SUPPORT TO INDONESIA


    JAKARTA, March 24 - 
World Bank president Barber Conable
pledged the Bank's support to help Indonesia adjust to lower
world oil prices, but said further deregulation of its
protected economy was needed.
    Speaking to reporters after talks with President Suharto,
he said he expected Jakarta to do more to liberalise the
economy and deregulate trade policy.
    Indonesia, hurt by the fall in oil prices last year which
cut the value of its crude exports in half, is the Third
World's sixth largest debtor. It has received 10.7 billion dlrs
from the World Bank in the past 20 years.
 Reuter
3;
bodyend
documentend
documentstart
8704
topicstart
acq
topicend
bodystart
2;

KDI 
<
KDI> TO BUY TRIANGLE MICROWAVE 
<
TRMW>


    EAST HANOVER, N.J., March 24 - 
KDI Corp said it has agreed
in principle to acquire Triangle Microwave Inc for 6.50 dlrs
plus a contingent payment for each Triangle share.
    It said holders of the contingent payment units will be
entitled to receive annual payments to the extent that the
predepreciation gross profits of Triangle Microwave in each of
the years 1987 through 1991 exceed threshholds ranging from
eight mln dlrs in 1987 to 14 mln dlrs in 1991.
    The company said holders of Triangle Microwave options and
warrants will be entitled to receive the difference between
6.50 dlrs and their exercise price, plus contingent payments.
    KDI said completion of the transaction is subject to
governmental approvals and the approval of Triangle Microwave
shareholders, and the transaction is valued at over 35 mln
dlrs.
    It said shareholders of Triangle Microwave controlling
about 30 pct of the company's stock have agreed to vote in
favor of the deal and to give KDI an option to buy their shares
under certain components.
    Triangle Microwave makes microwave components.  KDI, a
diversified company, produces electronic components, technical
products and swimming pool equipment.                
 Reuter
3;
bodyend
documentend
documentstart
8705
topicstart
livestock
topicend
bodystart
2;

STORM BRINGS HEAVY SNOWS TO U.S. PLAINS


    Kansas City, March 24 - 
The National Weather Service said a
powerful winter storm centered over north central Oklahoma was
spreading snow from western and central Kansas across much of
Nebraska to southern and eastern South Dakota.
    Rain was reported across parts of Minnesota, Iowa, eastern
Kansas, Missouri and eastern Oklahoma, with showers and a few
thundershowers extending from Arkansas through the lower
Mississippi Valley to Alabama and northwest Florida.
    Strong winds of 20 to 35 mph with some stronger gusts were
reported across much of the Plains, causing considerable
blowingand drifting snow. A blizzard warning continued this
morning across most of western Kansas. A winter storm warning
was issued this morning over central and northeast Nebraska.
    Weather advisories were posted for this morning over
central Kansas and central and southeast sections of South
Dakota where two to five inches of snow could accumulate.
    Locally heavy rains accompanied the storm over portions of
the central Plains. Flash flood watches were issued for this
morning across the eastern half of Kansas.
    A flood warning continues today for eastern Nebraska.
Widespread lowland and small stream flooding is expected to
continue over most of eastern Nebraska through Wednesday.
    Due to cold, damp and windy conditions, livestock
advisories were posted this morning across central and
southeast portions of South Dakota.
    As the storm moves north across the central Plains, winter
storm watches were issued over south central South Dakota, late
tonight and Wednesday over west central Minnesota.
    Elsewhere, a travelers advisory remains in effect this
morning over northeast New Mexico and the Oklahoma and Tecas
Panhandle for blowing snow and slick roadways and across the
mountains and deserts of southern California for strong gusty
winds of 25 to 40 mph. Gale warnings were issued for today
along the central California Coast.
    Mostly clear skies extended from the Great Lakes and Ohio
Valley through the central Appalachians to the central Atlantic
Coast and New England.
 Reuter
3;
bodyend
documentend
documentstart
8706
topicstart
retail
topicend
bodystart
2;

U.S. FEB DURABLE GOODS ROSE 6.0 PCT


    WASHINGTON, March 24 - 
New orders for durable goods
received by U.S. manufacturers rose 5.7 billion dlrs, or 6.0
pct, in February to 101.2 billion dlrs, the Commerce Department
said.
    Excluding defense, orders rose 3.8 pct, compared with a
revised January decline of 7.7 pct.
    In January, durable goods fell a revised 9.9 pct instead of
the previously reported 7.5 pct. Durables excluding defense
were reported originally as having fallen 9.9 pct in January.
    The Commerce Department on Monday revised orders statistics
for 1982 to 1986 to reflect more current inventory valuation
methods, and the February orders statistics are consistent with
the revisions, officials said.
    The February order increase was led by transportation
equipment, up 11.1 pct after an 18.0 pct decline in January.
    Orders for defense capital goods rose 48.9 pct to 6.9
billion dlrs, following a 38.8 pct decline in January.
    Non-defense capital goods orders fell 1.6 pct in February
to 26.3 billion dlrs after falling 8.7 pct in January, the
department said.
    Electrical machinery orders rose in February by 8.2 pct to
17.2 billion dlrs after falling 15.4 pct in January.
    Primary metals orders were up 13.9 pct to 8.4 billion dlrs
after a 20 pct decline in January, the department said.
    New orders for non-electrical machinery were up in February
by 3.9 pct to 16.6 billion dlrs after a three pct orders
decline in January.
 Reuter
3;
bodyend
documentend
documentstart
8707
topicstart
earn
topicend
bodystart
2;

WOOLWORTH U.K. SAYS GROWTH PROSPECTS EXCITING


    LONDON, March 24 - 
Woolworth Holdings Plc 
<
WLUK.L> which
earlier announced a 1986 pre-tax profits rise of 42 pct over
1985, said its prospects for growth were very exciting.
    The profit figure of 115.3 mln stg exceeded a forecast by
some 10 pct made during the hostile bid by Dixons Group Plc

<
DXNS.L> last year and the company said the results were a
major step towards the aim of making Woolworth the most
profitable retailing group in the U.K.
    It aimed to produce growth from all its businesses and look
for opportunities to acquire specialist retail businesses.
    Earlier this month the group said that tentative merger
talks with the high street pharmacist 
<
Underwoods Plc> had been
called off and recently announced a 19.2 mln stg recommended
offer for 
<
Charlie Browns Car Part Centres Plc>.
    The B and Q Do it Yourself centres raised sales by 31 pct
and retail profit by 37 pct, with its pretax contribution of
45.5 mln making it the largest single component.
    The company said that the improvement had been achieved by
substantial organic growth in existing stores as well as by the
opening of a further 29 new outlets and enhanced margins.
    In other sectors, the Comet electrical chain raised retail
profits by 46 pct to 17.4 mln stg, while the Woolworth chain
reported a 120 pct improvement to 38.7 mln.
    The company said its property operations would increase
substantially following the start of a joint venture deal with
developers 
<
Rosehaugh Plc>.
    The defence costs against the 1.9 billion stg bid from
Dixons resulted in a 16.0 mln stg extraordinary charge.
    The results were 10 mln stg up on most analysts forecasts.
As a result, the group's shares rose strongly, peaking at 865p
from last night's 842p before easing to 860p at 1155 GMT.
 Reuter
3;
bodyend
documentend
documentstart
8708
topicstart
earn
topicend
bodystart
2;

NATIONAL SEMICONDUCTOR CORP 
<
NSM> 3RD QTR LOSS


    SANTA CLARA, Calif., March 24 - 
March Eight
    Shr loss 31 cts vs loss 47 cts
    Net loss 25.6 mln vs loss 39.4 mln
    Sales 398.1 mln vs 322.3 mln
    Avg shrs 91.6 mln vs 90.0 mln
    Nine mths
    Shr loss 44 cts vs loss one dlr
    Net loss 32.7 mln vs loss 84.4 mln
    Sales 1.36 billion vs 1.08 billion
    Avg shrs 91.2 mln vs 89.6 mln
    NOTE: Twelve and 40-week periods.
    Prior year results restated for change in method of
recognizing revenue on distributor shipments.  Quarter net loss
originally reported as 32.0 mln dlrs or 38 cts shr on sales of
328.9 mln dlrs and nine mth loss as 120.3 mln dlrs or 1.40 dlrs
shr on sales of 1.11 billion dlrs.
    Prior nine mths net includes 51.2 mln dlr gain from
cumulative effect of accounting change.
    Prior year net includes extraordinary credits of 1,100,000
dlrs in quarter and 3,300,000 dlrs in nine mths.
    Current year net both periods includes 15.0 mln dlr pretax
charge from previously-announced restructuring of Datachecker
Systems and Semiconductor Group manufacturing operations.
     
 Reuter
3;
bodyend
documentend
documentstart
8709
topicstart
acq
topicend
bodystart
2;
******
COMDATA NETWORK AGREES TO HIGHER OFFER FROM WELSH CARSON ANDERSON

Blah blah blah.
3;


bodyend
documentend
documentstart
8710
topicstart
money-fx
topicend
bodystart
2;

SUMITA SAYS BANK WILL INTERVENE IF NECESSARY


    TOKYO, March 24 - 
Bank of Japan Governor Satoshi Sumita
said in a statement the central bank will intervene in foreign
exchange markets to stabilise exchange rates if necessary in
close cooperation with other major industrial nations.
    Sumita said the Bank will take adequate measures including
market intervention, if necessary, in line with the February 22
Paris agreement by six major industrial nations.
    Canada, Britain, France, Japan, the U.S. And West Germany
agreed to cooperate in stabilising exchange rates around
current levels. Sumita's statement was issued after the dollar
slipped below 150 yen to hit a record low of 148.40.
    "It is inevitable that exchange rates fluctuate under the
system of floating rates," Sumita said.
    The fact the dollar plunged below 150 yen does not mean
anything significant under the floating system, he said.
    The six nations agreed in Paris exchange rates prevailing
then were broadly consistent with underlying economic
fundamentals and further substantial rate shifts could damage
growth and adjustment prospects in their countries, the Paris
statement said.
 Reuter
3;
bodyend
documentend
documentstart
8711
topicstart
acq
topicend
bodystart
2;

COMDATA 
<
CDN> ACCEPTS NEW WELSH CARSON BID


    NASHVILLE, Tenn., March 24 - 
Comdata Network Inc said it
has entered into a definitive agreement to merge into a company
formed by 
<
Welsh, Carson, Anderson and Stowe IV> for either
16.50 dlrs in cash or 10.00 dlrs in cash and a unit of
securities per Comdata share.
    The company said each unit of securities would consist of
1.25 common shares in the new company and three dlrs principal
amount of the new company's 11 pct subordinated debentures due
1997.
    It said the 16.50 dlr cash alternative is an improvement
over the 15.00 dlr per share price contemplated under an
agreement in principle with Welsh Carson announced on March
Five.
    Comdata said the cash and securities alternaitcve is
subject to Welsh Carson-affiliated investors owning at least 60
pct of the stock of the new company.
    The company said investment bankers 
<
Drexel Burnham Lambert
Inc> and Alex. Brown and Sons Inc 
<
ABSB> found the proposal to
be fair from a financial point of view.
    It said the transaction is subject to approval by its
shareholders and to Welsh Carson obtaining up to 230 mln dlrs
in debt financing. Comdata said it may terminate the agreement
if financing is not arranged by April Three.
    On Thursday, First Financial Management Corp 
<
FFMC> offered
to acquire Comdata for 18.00 dlrs per share in stock and cash,
subject to approval by the Comdata board.
    Under the First Financial proposal, Comdata holders would
receive no more than four dlrs per share in cash and could
receive all stock.
    Comdata had originally planned a recapitalization under
which it would have repurchased up to six mln common shares at
14.50 dlrs each.
 Reuter
3;
bodyend
documentend
documentstart
8713
topicstart
potato
topicend
bodystart
2;

IRELAND PUT ON COLORADO BEETLE ALERT


    DUBLIN, March 24 - 
The Irish Agriculture Department issued
a Colorado beetle alert today after three of the beetles were
found in a box of parsley imported from France.
    Officials said a colony of the black and amber coloured
beetles can destroy a potato field in a day. The females lay up
to 2,500 eggs each.
    Some of the 80 boxes in the parsley consignment had already
been distributed to markets and the department called on all
shopkeepers and the catering trade to be on the alert.
 Reuter
3;
bodyend
documentend
documentstart
8714
topicstart
money-fx
dlr
topicend
bodystart
2;

DOLLAR DROP SEEN AS TEST OF PARIS AGREEMENT


    By Franz-Josef Ebel, Reuters


    FRANKFURT, March 24 - 
The sharp drop in the value of the
dollar against the yen and the mark is the first serious test
of last month's Group of Five (G-5) plus Canada agreement to
stabilise currencies, dealers and bank economists said.
    "The dollar will be pushed down until there is coordinated
central bank intervention," one dealer for a German bank said,
echoing widepread sentiment in the market.
    But opinion was divided on whether the united front forged
in Paris still exists. Some dealers said there were growing
signs the United States wanted the dollar to fall further.
    Despite repeated Bank of Japan intervention, the dollar
plunged to a post-war low in Tokyo today. It was quoted as low
as 148.40 yen in the Far East and dealers here said they
expected the U.S. Currency to decline further.
    "The dollar is now firmly within a broad 140 to 150 yen
range," Chase Bank AG's senior dealer Eckhart Hager said.
    Others said there were technical reasons for the sharp
dollar drop. "Window-dressing" operations by some Japanese
companies who were selling dollars and buying yen before the
end of the Japanese fiscal year on March 31 were undermining
the U.S. Currency.
    Dealers said main reason for the sell-off was not
technical. U.S. Treasury Secretary James Baker's comment the
Paris accord did not have fixed dollar targets was seen as a
renewed attempt by the U.S. Administration to talk the dollar
down.
    "Suddenly, support levels which had existed for fear of
central bank intervention disappeared," one dealer said.
    The Bank of Japan was believed to have bought some 1.5
billion dlrs, and this with comments by Japanese officials
indicated Tokyo was unhappy about the plunge, dealers said.
Bank of Japan governor Satoshi Sumita threatened central bank
intervention if necessary.
    Japanese Finance Minister Kiichi Miyazawa said today the
time had come for the six nations who agreed in Paris last
month to stabilise currencies - Japan, Britain, Canada, France,
the U.S. And West Germany - to take action in line with the
pact.
    But the Bundesbank and other European central banks were
not detected in the open market during the European morning.
Opinion here was divided on when the Bundesbank would act.
    While some said the West German central bank would support
the dollar once it fell below 1.80 marks, others said the
Bundesbank would only intervene after a fall below 1.75 marks
or if the decline accelerated.
    The Bundesbank last intervened on January 27, when the
dollar threatened to fall below 1.81 marks.
    "The Japanese seem to be on their own at the moment," one
dealer said. Others said cooperation between central banks and
governments was easier said than done.
    Some said Baker's remarks and U.S. Trade Representative
Clayton Yeutter's warning that the U.S. And Japan were on the
verge of a serious trade conflict showed there was a rift.
    "It's hard to tell whether the G-6 agreement still stands," a
dealer said. Another added, "If the Americans do not get what
they want, they will push the dollar down, regardless of G-6."
    Citibank AG also cast doubt on the chances of success for
the Paris agreement in its latest investment letter.
    "It is hard to see that Japan and Germany are willing or
able to loosen fiscal policy sufficiently to offset the
necessary U.S. Fiscal contraction," Citibank said.
    It added, "Markets should therefore be aware that 1.80 marks
is not the lower limit for the dollar -- a rate of 1.70 marks
or even less is expected this year."
    And London Broker Hoare Govett said in its March 1987
economic report, "We are looking for a further, more gradual,
fall, possibly to 1.60 marks by the end of the year."
    But opinion about whether the Paris accord was still in
force was not universal. Some dealers said not too much should
be read into Baker's and Yeutter's comments.
    "There is no reason to believe the Paris pact has broken
down," a senior dealer said.
 REUTER
3;
bodyend
documentend
documentstart
8716
topicstart
earn
topicend
bodystart
2;

TRANSNATIONAL INDUSTRIES 
<
TRSL> SEES LOSS


    NEW YORK, March 24 - 
Transnational Industries Inc said due
to continuing manufacturing difficulties at its AlloyTek Inc
jet engine component subsidiary, it expects to report a net
loss of about 300,000 dlrs or 12 cts per share for the fourth
quarter ended January 31.
    It said revenues for the period were about 11.9 mln dlrs,
about even with those of a year earlier.
    For the full fiscal year, the company said it earned about
775,000 dlrs or 34 cts per share, down from 1,402,000 dlrs or
76 cts per share a year before.
    The company said an unexpectedly large volume of customer
inquiries at its Spitz Inc simulation products subsidiary has
caused higher than expected business development outlays.
    The company said it expects significant contract awards to
Spitz later this year.
    It said it has started implementing a plan to progressively
reduce manufacturing costs at AlloyTek over the next several
quarters.  The company said it may move AlloyTek's plant from
Grandville, Mich., to a lower labor cost area.
    The company said it discovered the extent of the AlloyTek
problems during a year-end review of subcontracts and related
work in progress for production of jet engine components for
General Electric Co 
<
GE>.
    It said it will release annual results around April 15.
 Reuter
3;
bodyend
documentend
documentstart
8717
topicstart
acq
topicend
bodystart
2;

GREAT WESTERN 
<
GWF> SELLS INSURANCE UNIT


    BEVERLY HILLS, Calif., March 24 - 
Great Western Financial
Corp said it agreed to sell its John Alden Life Insurance Co
and its affiliated operations for 280 mln dlrs to a
newly-formed company onwed by the John Alden Management Group.
    General Electric Credit Corp delivered a commitment letter
arranged by the GECC Capital Markets Group Inc for the
financing.
    Great Western said the pre-tax gain on the sale will be
approximately 65 mln dlrs, and after tax gain will be 
approximately 15 mln.
 Reuter
3;
bodyend
documentend
documentstart
8722
topicstart
earn
topicend
bodystart
2;

STERIVET 
<
STVTF> SETS THREE-FOR-ONE SHARE SPLIT


    TORONTO, March 24 - 
Sterivet Laboratories Ltd said the
board authorized a three-for-one split of its outstanding
common shares, subject shareholder approval at the annual
meeting.
 Reuter
3;
bodyend
documentend
documentstart
8723
topicstart
money-fx
interest
money-supply
topicend
bodystart
2;

SPAIN RAISES CALL MONEY RATES ON HIGHER DEMAND


    MADRID, March 24 - 
The Bank of Spain raised overnight call
money rates by 1/4 to 14 pct on demand for 746 billion pesetas
in today's auction, which a bank spokesman termed "heavy."
    Rates stood at 12.1 pct at the start of the year and have
been increased to drain liquidity on rising demands for funds,
the spokesman said.
    He said in reply to Reuters inquiries that rates could rise
further if money supply growth rose above this year's eight pct
target for M-4, defined as liquid assets in public hands.
    Money supply rose at an annualised rate of 16.7 pct last
month against 8.1 pct in January. Growth was 11.4 pct in 1986.
    A leading Spanish broker said the central bank was applying
a more restrictive policy to keep the lid on inflation.
    The consumer price index rose 8.3 pct last year.
    "Money supply control is the government's chief weapon
against inflation," he said. "The problem is higher rates are
attracting liquidity from abroad."
    He said this was why the central bank enacted specific
measures to control the inflow of foreign capital. The Bank of
Spain earlier this month imposed a 19 pct reserve requirement
on new convertible peseta funds held by banks to curb
short-term speculative capital from abroad.
 REUTER
3;
bodyend
documentend
documentstart
8724
topicstart
earn
topicend
bodystart
2;

CAMPBELL RED LAKE 
<
CRK> SETS QUARTERLY DIVIDEND


    TORONTO, March 24 -
    
Qtly div 10 cts vs 10 cts prior
    Pay May 25
    Record April 20
    Note: Canadian funds
 Reuter
3;
bodyend
documentend
documentstart
8725
topicstart
trade
topicend
bodystart
2;

GATT ROUND MAY STOP GROWING TRADE PROBLEMS: U.S.


    TAUPO, New Zealand, March 24 - 
A successful new GATT
(General Agreement on Tariffs and Trade) round is needed to
halt growing bilateral trade problems between major trading
partners, U.S. Trade Representative Clayton Yeutter said.
    Yeutter, in New Zealand for informal GATT ministerial
talks, told Reuters bilateral trade disputes are increasing
because the multilateral system is inefficient.
    "That is really a strong rationale why we need a new GATT
round," he said. "The very existence of all these bilateral
irritants clearly emphasises the need to develop multilateral
solutions to some of these problems."
    The eighth GATT round of negotiations was launched at Punta
del Este in Uruguay in September 1986. Agriculture and services
were included in the negotiations for the first time.
    The growing debt burden of Latin American and African
nations will also provide impetus for the GATT round to
succeed, he said. "Clearly those countries need to develop their
export endeavours and they need open markets for that to happen
and that's the basic objective of the new GATT round."
    But he said the GATT round is a long term endeavour. It
will not give any short term relief for debt ridden countries,
but it will make a difference in 10 to 15 years.
    "It's a worthwhile activity from their standpoint because
these debts are not going to go away in the next year or two,"
he said.
    "They ought to be very strongly supported in the GATT round
as a mechanism for relieving their debt burdens or making
possible debt amortisation in the future," he said.
 Reuter
3;
bodyend
documentend
documentstart
8726
topicstart
cpi
topicend
bodystart
2;

BELGIAN MARCH CONSUMER PRICES RISE


    BRUSSELS, March 24 - 
Belgian consumer prices rose 0.11 pct
in March from February to stand 1.27 pct above the level in
March 1986, the Economic Affairs Ministry said in a statement.
    It said the consumer price index, base 1981, rose to 132.83
points from 132.69 in February and 131.17 in March 1985.
    Year-on-year inflation stood at 1.00 pct in February and at
1.53 pct in March 1986.
 REUTER
3;
bodyend
documentend
documentstart
8728
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 104 MLN STG HELP


   LONDON, March 24 - 
The Bank of England said it provided the
money market with assistance of 104 mln stg in the afternoon
session.
    This takes the bank's total help so far today to 219 mln
stg and compares with its estimate of a 300 mln stg shortage.
    The central bank bought outright 104 mln stg in bank bills
in band two at 9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
8730
topicstart
acq
topicend
bodystart
2;

PRINCEVILLE 
<
PVDC> GETS LETTER OF CREDIT


    NEW YORK, March 24 - 
<
Qintex Ltd> of Brisbane said 
<
Westpac
Banking Corp> of Australia has issued a commitment letter to
provide Princeville Development Corp with the letter of credit
required under Qintex's proposed acquisition of Princeville.
    The letter of credit would ensure payment of Princeville's
contingent subordinated notes to be distributed to shareholders
of record on the day immediately following completion of
Qintex's tender for 3,300,000 Princeville share. It said
issuance of the letter of credit is still subject to conditions
including appropriate documentation, but the letter is expected
to be issued around April Three.
    Qintex said as a result it has extended its tender offer
for Princeville shares until April Three.
    It said through yesterday it had received 7,424,292 shares
under the offer.
 Reuter
3;
bodyend
documentend
documentstart
8731
topicstart
earn
topicend
bodystart
2;

ADVANCED COMPUTER TECHNIQUES 
<
ACTP> YEAR NET


    NEW YORK, March 24 -
    
Shr 41 cts vs 30 cts
    Net 700,000 vs 526,000
    Revs 15.2 mln vs 14.7 mln
 Reuter
3;
bodyend
documentend
documentstart
8732
topicstart
earn
topicend
bodystart
2;

NEWS CORP 
<
NWS> UNIT CORRECTS DIVIDEND RATE


    NEW YORK, March 24 - 
News Corp Ltd's Fox Television
Stations Inc subsidiary said it will pay an accrued dividend of
5.44 dlrs per share, not the 5.83 dlrs it reported earlier, in
connection with the April 15 redemption of 230,000 shares of
increasing rate exchangeable guaranteed preferred stock for
1,000 dlrs per share plus accrued dividends.
 Reuter
3;
bodyend
documentend
documentstart
8733
topicstart
earn
topicend
bodystart
2;

MCRAE INDUSTRIES 
<
MRI-A> INCREASES PAYOUT


    MT GILEAD, N.C., March 24 - 
McCrae Industries Inc said it
raised its preferred dividend on its Class A common stock to 12
cts per share from 11 cts per share.
    It said the dividend was payable April 20, 1987, to
shareholders of record April 6.
 Reuter
3;
bodyend
documentend
documentstart
8734
topicstart
acq
topicend
bodystart
2;

COLUMBIA FIRST 
<
CFFS> TAKES OVER BANK


    WASHINGTON, March 24 - 
Columbia First Federal Savings and
Loan Association said it has acquired the insured deposits of
first Federal of Maryland, based in Hagerstown, from the
Federal Savings and Loan Insurance Corp and reopend First
Federal's six former offices as Columbia First branches.
    The Federal Home Loan Bank Board had closed First Federal
on March 20 because it was insolvent.  First Federal had assets
of 115.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8735
topicstart
money-fx
dlr
topicend
bodystart
2;

N.Y. DEALERS BELIEVE FED INTERVENED TO BUY DLRS


    NEW YORK, March 24 - 
The Federal Reserve appears to have
intervened in the U.S. foreign exchange market to buy dollars
against yen this morning, currency dealers said.
    They said the intervention occurred near the dollar's early
low of 148.50 yen and the U.S. currency subsequently firmed to
149.05/15. It closed at 150.00/05 on Monday.
    Dealers were uncertain of the amount involved and whether
the Fed's purchases were for its own account or for a customer.
But there was speculation that it may have been done in
conjunction with the Bank of Japan. Tokyo dealers said the
Japanese central bank bought dollars in Tokyo earlier today.

 Reuter
3;
bodyend
documentend
documentstart
8736
topicstart
earn
topicend
bodystart
2;

CHARMING SHOPPES INC 
<
CHRS> RAISES QUARTERLY


    BENSALEM, Pa., March 24 -
    
Qtly div three cts vs 2-1/2 cts prior
    Pay April 15
    Record April Six
 Reuter
3;
bodyend
documentend
documentstart
8738
topicstart
earn
topicend
bodystart
2;

ANGELICA CORP 
<
AGL> 4TH QTR JAN 31 NET


    ST. LOUIS, MO., March 24 -
    
Shr 47 cts vs 40 cts
    Net 4,399,000 vs 3,768,000
    Sales 76.6 mln vs 68.0 mln
    Year
    Shr 1.79 dlrs vs 1.84 dlrs
    Net 16,701,000 vs 17,159,000
    Sales 291.7 mln vs 269.1 mln
    NOTE: FiscaL 1987 year based on 53 weeks compared wqith 52
weeks a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
8740
topicstart
earn
topicend
bodystart
2;

GULL INC 
<
GLL> 3RD QTR FEB 28 NT


    SMITHTOWN, N.Y., March 24 -
    
Shr 22 cts vs 14 cts
    Net 917,000 vs 553,000
    Sales 16.1 mln vs 13.6 mln
    Avg shrs 4,195,000 vs 4,090,000
    Nine mths
    Shr 70 cts vs 29 cts
    Net 2,852,000 vs 1,086,000
    Sales 49.2 mln vs 40.7 mln
    NOTE: Prior nine mths net includes gain 250,000 dlrs from
insurance payment.
 Reuter
3;
bodyend
documentend
documentstart
8741
topicstart
earn
topicend
bodystart
2;

AMERIANA SAVINGS BANK 
<
ASBI> 4TH QTR NET


    NEW CASTLE, Ind., March 24 -
    
Shr not given
    Net 328,000 vs 99,000
    Year
    Shr not given
    Net 1,694,000 vs 998,000
    NOTE: Company went public in February 1987.
    Net includes pretax loan loss recovery 41,000 dlrs vs
provision 50,000 dlrs in quarter and provisions 135,000 dlrs vs
50,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
8742
topicstart
earn
topicend
bodystart
2;

GRIFFIN TECHNOLOGY INC 
<
GRIF> 4TH QTR NET


    VICTOR, N.Y., March 24 - 
Ended Jan 31
    Shr loss one ct vs loss eight cts
    Net loss 25,800 vs loss 157,100
    Revs 2,323,500 vs 1,930,400
    Year
    Shr profit 19 cts vs profit four cts
    Net profit 401,100 vs profit 93,100
    Revs 10.3 mln vs 8,807,000
 Reuter
3;
bodyend
documentend
documentstart
8744
topicstart
ship
livestock
topicend
bodystart
2;

HONDURAS SEEKS PL480 VESSELS FOR TALLOW DELIVERY


    WASHINGTON, March 24 - 
Honduras will tender March 26 under
PL480 for U.S. and non-U.S. flag vessels to import 1,500 tonnes
of tallow in bulk, an agent for the country said.
    The agent said delivery includes laydays of April 5-15.
    Offers are due by 1200 hrs EST, March 26, and will remain
valid until the close of business the following day, the agent
said.
 Reuter
3;
bodyend
documentend
documentstart
8745
topicstart
earn
topicend
bodystart
2;

PETRIE STORES CORP 
<
PST> 4TH QTR JAN 31 NET


    SECAUCUS, N.J., March 24 -
    
Shr 90 cts vs 97 cts
    Shr diluted 82 cts vs 88 cts
    Net 42.1 mln vs 43.0
    Revs 379.3 mln vs 352.7 mln
    Avg shrs 46.8 mln vs 44.3 mln
    Avg shrs diluted 52.6 mln vs 50.0 mln
    Year
    Shr 1.58 dlrs vs 1.81 dlrs
    Shr diluted 1.50 dlrs vs 1.76 dlrs
    Net 73.7 mln vs 77.9 mln
    Revs 1.20 billion vs 1.16 billion
    Avg shrs 46.8 mln vs 43.0 mln
    Avg shrs diluted 52.6 mln vs 45.6 mln
 Reuter
3;
bodyend
documentend
documentstart
8746
topicstart
retail
jobs
gnp
inventories
trade
cpi
topicend
bodystart
2;

U.S. ECONOMY SHOWS PROMISING SIGNS OF GROWTH


    By Donna Smith, Reuters


    WASHINGTON, March 24 - 
The U.S. economy is showing some
promising signs of accelerated expansion despite the
sluggishness of the fourth quarter last year, private
economists say.
    Some of the slowness experienced in the October-December
period had been expected to spill over into the first quarter
this year, as the tax law changes that went into effect in
January slowed business and consumer spending.
    But some of the latest economic data show signs of
surprising strength in the U.S. economy, although some
economists remain cautious about the outlook.
    The Commerce Department reported today that new orders for
durable goods in February jumped by 5.7 billion dlrs, a six pct
rise, to 101.2 billion dlrs. Even excluding volatile defense
goods, durable goods orders rose a healthy 3.8 pct, the agency
said.
    The February numbers surpassed the expectations of many
financial analysts, whose predictions ranged from flat to
increases of up to five pct.
    The January/February employment statistics suggest the
Gross National Product will show a healthy rate of growth for
the first three months of this year, said Lyle Gramley, an
economist with the Mortgage Bankers Association.
    The U.S. jobless rate in February and January was 6.7 pct,
the lowest rate since March 1980. The number of new non-farm
jobs rose by 337,000 in February after a 319,000 gain in
January and a 225,000 December increase, the government said.
    The employment data suggests a GNP annual growth rate of
about three to 3.25 pct in the first quarter, said Gramley.
    Much of that will be attributed to businesses rebuilding
their inventories and is not likely to be sustained in the
second quarter, Gramley said. He expects a slowdown in the
second quarter with smaller increases in personal consumption
and government spending. He also sees residential construction
declining mostly for multi-family housing units.
    Fidelity Bank senior economist Mickey Levy said some of the
fourth quarter slowness will continue.
    Levy predicts GNP will grow at a scant 1.5 pct rate in the
first quarter of 1987, accelerate during the second quarter and
show a brisk 4.5 pct annual rate in the third quarter.
    The key to both forecasts is a marked improvement in the
U.S. trade balance which is expected because of the decline in
the dollar's value over the last year and half.
    "The improvement will be gradual and long lasting," Levy
predicted. Most of it will be through import reduction, but at
least one-third will be due to a rise in product exports as the
prices of U.S. goods become more attractive overseas.
    The Reagan administration has predicted the trade deficit,
which soared to record levels last year, will improve this year
and the U.S. economy will grow by a respectable 3.2 pct for the
year compared with a 2.5 pct rate last year.
    As part of the effort to reduce the trade deficit, the U.S.
has been pressing West Germany and Japan to stimulate their
domestic demand for goods from the U.S. and others.
    U.S. officials believe that would help take some of the
pressure off the United States whose five years of economic
growth has been the mainstay of developing countries.
    The U.S. economy provided them with a giant market for
their goods giving them a way to earn income badly needed to
service their foreign debt.
    The government last week said the U.S. economy grew at a
modest 1.1 pct annual rate during the fourth quarter.
    There were indications of improvement in the huge imbalance
between the volume of goods imported to the United States and
those shipped abroad. The report showed a rising volume of
exports corresponding to a decline in imports despite the fact
that in current dollar terms, the U.S. trade deficit worsened
during the closing three months of 1986.
    While fourth quarter economic growth was weak, corporate
profits jumped a healthy 6.1 pct during the period, the
government said. It also reported that inflation, as measured
by the GNP price deflator, remained in check, growing a
moderate 0.7 pct in the period, the lowest rise in 19 years.
    The government also reported that consumer spending, a key
element of the five year economic recovery, jumped 1.7 pct in
February, after falling two pct in January.
    The Federal Reserve Board also reported that the
manufacturing sector, which had been one of the weaker elements
of the U.S. economy, was showing signs of recovery.
    In its latest report on current economic conditions, the
Fed said that economic activity in the various regions of the
country ranged from uneven or steady to improving.
Manufacturing activity showed signs of improvement in most
regions except Dallas where orders remained sluggish.
    Chase Econometrics Chairman Lawrence Chimerine said the
pick up in the U.S. manufacturing sector is largely due to the
drop in the dollar's value. He said he does not foresee a major
pick up in economic activity, but does not believe the economy
will slip into recession either.
    He said higher prices on imported products and wage cuts
that have helped the manufacturing sector will squeeze
consumers purchasing power.
    "That pattern is starting and will continue for a number of
years," Chimerine said. He sees economic growth hovering around
a modest two pct level for the next few years.
 Reuter
3;
bodyend
documentend
documentstart
8747
topicstart
trade
topicend
bodystart
2;

INDONESIA URGED TO DEREGULATE ITS ECONOMY


    JAKARTA, March 24 - 
World Bank President Barber Conable
linked increased borrowing by Indonesia, the Third World's
sixth largest debtor, to fresh measures to deregulate trade and
dismantle protectionist barriers.
    "We would like to see the Indonesian government continue the
adjustment process ... To move towards increased deregulation
of the economy," Conable told a press conference at the end of a
three-day visit to Jakarta.
    Conable directly linked further Bank help for Indonesia's
hard-pressed balance of payments to further measures by the
government to reduce protectionism and increase efficiency.
    The World Bank last month granted Indonesia a 300 mln dlr
trade adjustment loan. He said further loans would depend on
the economic policies Indonesia adopted.
    But he said that in meetings with both President Suharto
and leading Indonesian ministers he had not called for specific
policy changes.
    "The initiative will have to rest with the Indonesian
government. We are not here to dictate to them," he stated.
    Indonesia, the only Asian member of Opec, has been badly
hit by last year's slump in oil prices which cut its revenues
from crude exports in half.
    Conable had what he termed a frank meeting this morning
with Suharto.
    He voiced support for measures already taken, including
September's 31 pct devaluation of the rupiah, and efforts to
deregulate imports and stimulate exports.
    "The government can rely on the support of the World Bank in
a continuing program of adjustment to the economic realities of
today's world," he said.
    The Bank has loaned Indonesia 10.7 billion dlrs over the
past 20 years. Lending is now about one billion a year.
    The World Bank would probably like to see further
dismantling of tarrif barriers and measures to reduce
Indonesia's protected monopolies in areas like steel, plastics
and cement, western bankers and diplomats said.
    The government has already said it will announce further
deregulation measures, but has given no timetable. It is also
considering selling off loss-making state companies.
    Conable said the Bank would try to help Indonesia find
funds to cover its share of development projects, which
otherwise would have to be scrapped or postponed. Japan's Ex-Im
bank announced a 900 mln dlr untied credit last month.
 REUTER
3;
bodyend
documentend
documentstart
8748
topicstart
acq
topicend
bodystart
2;

ARGYLL SELLS SUBSIDIARY'S ASSETS FOR 14 MLN STG


    LONDON, March 24 - 
Food and drink retailer Argyll Group Plc

<
AYLL.L> said it has agreed to sell its U.K. Subsidiary 
<
George
Morton Ltd> to 
<
Seagram United Kingdom Ltd> for about 14 mln
stg in cash.
    The consideration for Morton's fixed assets, stocks,
debtors and goodwill is payable on completion of the sale. The
disposal will bring Argyll an extraordinary credit of some 8.4
mln stg.
    Argyll added the agreements also depend on an indication
from the U.K. Office of Fair Trading by June 23 that the sale
will not be referred to the Monopolies Commission. Argyll
shares were up 12p to 440, firming before the announcement.
 REUTER
3;
bodyend
documentend
documentstart
8749
topicstart
ship
crude
topicend
bodystart
2;

IRAN WARNS U.S. NOT TO INTERVENE IN THE GULF


    LONDON, March 24 - 
The speaker of the Iranian Parliament,
Hojatoleslam Akbar Hashemi Rafsanjani, warned the U.S. Not to
intervene in the Gulf, a day after Washington said its warships
were available to escort Kuwaiti tankers through the waterway.
    "If U.S. Intervention occurs, the entire world will become
insecure for the Americans and the events of Lebanon could be
repeated for the Americans everywhere," he said.
    U.S. Defence officials disclosed in Washington yesterday
that the U.S. Navy, which has about 24 warships in or near the
Gulf, was prepared to escort Kuwaiti tankers, regular targets
for Iranian attacks in an offshoot of its war with Iraq.
    Rafsanjani, in an interview reported by the Iranian news
agency IRNA, also commented on earlier U.S. Disclosures that
Iran had erected sites for new Chinese-made Silkworm
anti-shipping missiles at the Strait of Hormuz.
    The agency, received in London, quoted him as saying that
Iran did not need missiles to close the strait, 24 miles wide
at its narrowest, because "we can close it with artillery only."
    He added "We have the longest coasts and the highest
interest here and the small southern (Gulf) states have a
lesser interest compared with us and therefore it is natural
for us to protect the security of the Strait of Hormuz more
than others."
 REUTER
3;
bodyend
documentend
documentstart
8750
topicstart
earn
topicend
bodystart
2;

VALLEN CORP 
<
VALN> 3RD QTR FEB 28 NET


    HOUSTON, March 24 -
    
Shr 24 cts vs 33 cts
    Net 347,000 vs 469,000
    Sales 16.5 mln vs 14.0 mln
    Nine mths
    Oper shr 93 cts vs 94 cts
    Oper net 1,327,000 vs 1,342,000
    Sales 48.8 mln vs 34.5 mln
    NOTE: Current nine mths net excludes 756,000 dlr gain from
termination of pension plan.
 Reuter
3;
bodyend
documentend
documentstart
8754
topicstart
topicend
bodystart
2;

HOECHST UNIT ISSUING 130 MLN SWISS FRANC BOND


    ZURICH, March 24 - 
Hoechst Invest NV, a Dutch finance
subsidiary of Hoechst AG of West Germany, is issuing a 130 mln
Swiss franc five pct bond, lead manager Credit Suisse said.
    The par-priced, 14-year is guaranteed by Hoechst AG.
  REUTER
3;
bodyend
documentend
documentstart
8755
topicstart
crude
topicend
bodystart
2;

SHELL TO DECLARE NORWAY'S DRAUGEN FIELD COMMERCIAL


    STAVANGER, Norway, March 24 - 
<
A/S Norske Shell>, Royal
Dutch/Shell Group's 
<
RD.AS> Norwegian subsidiary, said it has
nearly concluded a 10 billion crown development scheme for
Norway's Draugen oil field and will declare the field
commercial in the near future.
    Pending government approval of the scheme, the field could
come on stream in 1992, making it Norway's northermost field
development and the first such project on the Haltenbanken
tract off central Norway.
    Work on the project could begin as early as January 1988, a
Shell spokesman said.
    Shell has not released projected output levels for the
field, where water depth is 240-270 meters.
    The spokesman said the field's partners have agreed to
develop Draugen with a 300-meter, single-leg concrete
gravity-base platform.
    The scheme also proposes using remote subsea production
wells to tap the field's reservoir, estimated to contain 375
mln barrels of oil, and an offshore buoy-loading system to
transport oil from the field by ship.
    Partners on Draugen are Shell, the operator, with a 30 pct
stake, British Petroleum Co Plc 
<
BP.L> unit 
<
BP Petroleum
Development (Norway) Ltd> (20 pct) and state-owned Den Norske
Stats Oljeselskap A/S 
<
STAT.OL> (Statoil) (50 pct).
 REUTER
3;
bodyend
documentend
documentstart
8756
topicstart
acq
topicend
bodystart
2;

BOND CORP HAS NO COMMENT ON ALLIED SPECULATION


    LONDON, March 24 - 
Bond Corp Holdings Ltd  
<
BONA.S> of
Australia said it had no comment on an article in a London
evening newspaper speculating on its plans for a bid approach
to U.K. dDrinks and food giant Allied Lyons Plc 
<
ALLD.L>.
    Tony Oates, Bond Corp's Executive Director for Finance and
Administration, said "The company does not comment on market
rumors or press conjecture." He added in all instances of this
kind problems are likely to arise whatever is said.
    Allied's shares were 3p up at 401p, which values the
company at around 2.75 billion stg.
    London stock market analysts specializing in brewery shares
viewed a bid from Bond, which they said has assets of around
two billion stg, as highly unlikely.
    They added that rumours of a possible bid for Allied have
surfaced from time to time in the press and the London equity
market ever since last year's thwarted approach from Elders IXL
Ltd 
<
ELXA.S> of Australia.
 REUTER
3;
bodyend
documentend
documentstart
8757
topicstart
gold
topicend
bodystart
2;

S. AFRICA GOLD MINING INDUSTRY HAD RECORD YEAR


    JOHANNESBURG, March 24 - 
The gold mining industry had
another "exceptional year" in 1986 with tonnage milled, revenues
and profits reaching high levels, the Chamber of Mines said.
    Nearly 108 mln tons of ore was milled, three pct higher
than the prior year, while revenues rose 17 pct to 16.5 billion
rand and profits increased 6.5 pct to 8.31 billion rand, the
Chamber reported.
    The profit rise was achieved despite substantial cost
increases and a 26.1 pct rise in capital expenditures to 2.42
billion rand, it said.
    The chamber said that a "comparatively buoyant gold price
allowed mines to continue the practise of mining lower grade
ores which has characterised recent years."
    It said the industry now mines to an average grade of 5.63
grams per ton compared with 6.09 grams per ton in 1985.
    Gold output for the year declined five pct to 638 tons
compared with the previous year's 671 tons.
 REUTER
3;
bodyend
documentend
documentstart
8758
topicstart
acq
topicend
bodystart
2;
******
CLAREMONT TELLS SEC IT SEEKS 15 PCT CHAMPION PRODUCTS STAKE, TWO BOARD SEATS

Blah blah blah.
3;


bodyend
documentend
documentstart
8759
topicstart
grain
rice
corn
cotton
wheat
sorghum
barley
oat
topicend
bodystart
2;

RICE, CORN LEAD 1987 U.S. FARM PAYMENTS - USDA


    WASHINGTON, March 24 - 
Rice and corn farmers will receive
the largest payments from the U.S. government during 1987 if
the subsidies are calculated per planted acre, the U.S.
Agriculture Department said.
    USDA said government outlays to rice farmers in 1987 are
expected to reach 403 dlrs per acre planted, followed by corn
at 135 dlrs per planted acre. Government outlays include mainly
deficiency payments and price support loans.
    On a per acre basis, cotton payments will reach 73.24 dlrs
in 1987, wheat 60.30 dlrs, sorghum 54.38 dlrs, barley 27.41
dlrs and oats 2.31 dlrs, USDA said.
    USDA estimates farm subsidies will reach 25.3 billion dlrs
in 1987. The figures were given by USDA officials at a Senate
Agriculture Appropriations hearing yesterday.
 Reuter
3;
bodyend
documentend
documentstart
8760
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 10 MLN STG LATE ASSISTANCE


    LONDON, March 24 - 
The Bank of England said it provided the
money market with late help of about 10 mln stg.
    This takes the bank's total help today to some 229 mln stg
and compares with its forecast of a 300 mln stg shortage.
 REUTER
3;
bodyend
documentend
documentstart
8761
topicstart
earn
topicend
bodystart
2;

VOLVO GROUP COMPANY PROPOSES TWO-FOR-FIVE ISSUE


    STOCKHOLM, March 24 - 
<
AB Catena>, in which AB Volvo

<
VOLV.ST> has a 48 pct stake, said it was proposing a
two-for-five stock issue that will raise the company's equity
capital to 420 mln crowns from 300 mln.
    Catena reported profits after financial income and costs up
to only 231 mln crowns from 207 mln in 1985, despite an
increase in sales to 8.54 billion crowns from 5.59 billion in
1985.
    The company said that its 1986 performance was best
reflected by earnings after writeoffs, which rose to 310 mln
from 221 mln in 1985.
    Catena's increase in sales was mainly due to the takeover
of Safveans AB in February 1986, which changed the business
profile of Catena. It had principally operated as a Volvo
dealer. With the Safveans acquisition it is now mainly a
trading and industrial company.
    In December 1986 Catena sold its share in the stockbroking
firm Jacobson och Ponsbach Fondkommission AB. This yielded a
profit of 386.7 mln crowns and was reflected in Catena's
pre-tax earnings which rose to 724 mln crowns from 204 mln in
1985.
 REUTER
3;
bodyend
documentend
documentstart
8762
topicstart
topicend
bodystart
2;
******
MOODY'S AFFIRMS RATINGS OF CHRYSLER AND UNITS, AFFECTS 12 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
8764
topicstart
topicend
bodystart
2;

INDONESIAN FOREIGN DEBTS MANAGEABLE, CONABLE SAYS


    JAKARTA, March 24 - 
Indonesia's foreign debts are a cause
for concern, but remain within manageable limits, World Bank
President Barber Conable said.
    He told a press conference before leaving for Tokyo that
Indonesia's rising debt-service ratio was a problem and cause
for concern. But he said it was not necessarily due to
imprudent borrowing and "it is still within an area of being
manageable."
    The bank estimates Indonesia has total foreign debts of
around 37 billion dlrs. The debt service ratio has risen to a
projected 33 pct for fiscal 1987/88, from 25 pct in 1986/87
ending March 31.
    Anything above 20 pct is considered high by bankers.
    Conable said the decline in world oil prices and the rise
in the value of the Japanese yen had increased the ratio by
reducing Indonesian exports and raising its debt repayments.
    Indonesian debt servicing of 6,760 billion rupiah takes up
almost one third of the 1987/88 budget.
    Payment on the principal of government debts is officially
projected at 2.73 billion dlrs in 1987/88 against 2.11 billion
in 1986/87.
    Conable linked an increase in World Bank lending to
Indonesia to implementation of further economic policy reforms.
 REUTER
3;
bodyend
documentend
documentstart
8765
topicstart
crude
topicend
bodystart
2;

U.S. ENERGY SECRETARY OPTIMISTIC ON INCENTIVES


    HOUSTON, March 24 - 
U.S. Department of Energy Secretary
John Herrington said he was "optimistic" about the chances of
providing a more generous depletion allowance for oil and gas
producers, but added that the plan faces strong opposition from
some members of the Reagan administration.
    Herrington, speaking to Houston oil executives at a
breakfast meeting, said administration debate over his plan for
a 27.5 pct annual depletion allowance was "heavy and strong"
largely because of some fears that the U.S. oil industry could
eventually become as dependent on federal subsidies as the
agriculture industry.
    Herrington's proposed tax incentives for the oil industry
were issued last week after the Department of Energy released a
comprehensive report finding U.S. national security could be
jeopardized by rising oil imports.
    In response to a question from Mitchell Energy and
Development Corp 
<
MND> chairman, George Mitchell, Herrington
said the report did not definitively rule out an oil import
tarrif. "We intend to keep that debate open," Herrington said.
    However, following his speech, Herrington told Reuters that
the new report shows an oil import fee "is not economical."
    Herrington said, for example, a 10 dlr per barrel tariff on
oil imports would cause the nation's gross national product to
drop by as much as 32 billion dlrs.
    Herrington also said he believed President Reagan, who
requested the comprehensive national security study, was
committed to some action to help the ailing U.S. oil industry.
    "I'm quite confident he understands the problems and is
prepared to do something about it," Herrington said.
 Reuter
3;
bodyend
documentend
documentstart
8767
topicstart
earn
topicend
bodystart
2;

COMMERCIAL METALS CO 
<
CMC> 2ND QTR FEB 28 NET


    DALLAS, March 24 -
    
Shr 23 cts vs 34 cts
    Net 2,091,000 vs 3,053,000
    Revs 203.5 mln vs 215.7 mln
    Avg shrs 8,967,719 vs 8,863,945
    1st half
    Shr 40 cts vs 69 cts
    Net 3,616,000 vs 6,111,000
    Revs 411.8 mln vs 418.1 mln
    Avg shrs 8,958,100 vs 8,850,656
 Reuter
3;
bodyend
documentend
documentstart
8768
topicstart
earn
topicend
bodystart
2;

GEO. A. HORMEL 
<
HRL> VOTES TWO-FOR-ONE SPLIT


    AUSTIN, MINN., March 24 - 
Geo. A. Hormel and Co said its
directors voted a two-for-one split, payable June one, record
April 18.
 Reuter
3;
bodyend
documentend
documentstart
8771
topicstart
acq
topicend
bodystart
2;

CLAREMONT TO BOOST CHAMPION PRODUCTS 
<
CH> STAKE


    WASHINGTON, March 24 - 
Claremont Group Ltd, a New York
investment banking firm, said it intends to boost its current
10 pct stake in Champion Products Inc to as much as 15 pct of
the total outstanding common stock.
    Claremont added that it asked Champion to put two
representatives on its nine-member board of directors.
    Claremont previously disclosed in December that it had
agreed to act in concert with Walsh, Greenwood and Co, an
affiliated investment firm, to acquire Champion Products.
    Claremont said it made net purchases of 7,800 Champion
Products shares between Jan. 28 and March 18.
    In a March 20 letter to Champion Chairman John Tanis,
Claremont and Walsh representatives Stephen Walsh and John
Cirigliano said they were pleased with the company's
performance but wanted to take an active management role.
    "We believe that Champion Products has just begun to evolve
into the market leader it will eventually become," they said. "As
significant shareholders with mutual interests with the
company, we would like to actively participate in this process."
    Claremont's intentions and the letter were made public in a
filing with the federal Securities and Exchange Commission.
 Reuter
3;
bodyend
documentend
documentstart
8774
topicstart
topicend
bodystart
2;

MOODY'S AFFIRMS CHRYSLER 
<
C> AND UNIT


    NEW YORK, March 24 - 
Moody's Investors Service Inc said it
affirmed the ratings on 12 billion dlrs of debt of Chrysler
Corp and its unit, Chrysler Financial Corp.
    The agency cited potential benefits of Chrysler's proposed
acquisition of American Motors Corp 
<
AMO> to its business
position and marketing and distribution capabilities.
    Moody's said it believes the acquisition will be carried
out substantially as currently structured. Affirmed were
Chrysler's Baa-1 senior debt and Chrysler Financial's Baa-1
senior debt, Baa-2 senior subordinated debt and Baa-3 junior
subordinated debt.
    Also affirmed were the Prime-2 commercial paper of
Chrysler's finance arm and the Baa-1 guaranteed Eurobonds of
Chrysler Credit Canada Ltd.
    Moody's pointed out the purchase of AMC would undercut some
of the recent progress Chrysler has made in improving its
financial condition and cost structure. The agency noted that
Chrysler would assume substantial debt and unfunded pension
liabilities, as well as two inefficient production facilities.
    But, Moody's said, the negative effect on Chrysler's
profitability and cash flow would be temporary. Meanwhile,
AMC's B-1 preferred stock remains under Moody's review.
 Reuter
3;
bodyend
documentend
documentstart
8777
topicstart
earn
topicend
bodystart
2;

<
SHELL U.K. LTD> YEAR 1986


    LONDON, March 24 -
    
Sales proceeds 6.57 billion stg vs 8.81 billion
    Duty and value added tax 1.84 billion vs 1.60 billion
    Net proceeds 4.73 billion vs 7.21 billion
    Net profit 757 mln vs 667 mln
    Average capital employed 3.63 billion vs 3.71 billion
    Capital and exploration expenditure 644 mln vs 618 mln
    Cash surplus 423 mln vs 584 mln.
    NOTE - Company is wholly owned subsidiary of Royal
Dutch/Shell Group 
<
RD.AS>
 REUTER
3;
bodyend
documentend
documentstart
8778
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL> SAYS DIXONS AGREEMENTS BINDING


    PITTSBURGH, March 24 - 
Cyclops Corp said that as it has
already stated, its agreements with 
<
Dixons Group PLC> are
binding and Dixons will not rescind or waive any provisions of
the agreements.
    The company said its agreement to merge into Dixons does
not permit it to provide nonpublic information to 
<
CYACQ>,
which is making a competing offer for Cyclops, that had been
provided to Dixons.
    It said other provisions Dixons will not waive include its
rights to recover breakup fees or expenses from Cyclops or buy
Cyclops common shares from Cyclops.
    Cyclops noted that Dixons' waiver of rights to breakup fees
or the purchase of common stock directly from Cyclops and the
provision of nonpublic information to CYACQ are conditions to
CYACQ's increased 92.50 dlr per share offer to acquire Cyclops
shares.
    Dixons is tendering for Cyclops shares at 90.25 dlrs a
share.  Yesterday Citicorp 
<
CCI>, with Audio/Video Affiliates
Inc 
<
AVA> an owner of CYACQ, said it had offered to acquire
from Dixons after the merger of Cyclops into Dixons Cyclops'
industrial businesses for 12.8 mln dlrs more than Alleghany
Corp 
<
Y> is currently scheduled to pay for them.
    Citicorp said yesterday that its proposal would allow
Dixons to raise its tender price to 93.25 dlrs per share. 
Citicorp said if Dixons accepted the proposal, CYACQ would
terminate its competing offer for Cyclops.
 Reuter
3;
bodyend
documentend
documentstart
8780
topicstart
acq
topicend
bodystart
2;

<
J.M. RESOURCES INC> IN MERGER AGREEMENT


    DENVER, March 24 - 
J.M. Resources Inc said it has acquired
a 90 pct interest in DEI Acquisition Corp from InterFirst
Venture Corp, Sam B. Myers, Neomar Resources Inc and Richard L.
Morgan, all of Dallas, for warrants to acquire 10.1 mln shares
of J.M. stock and three mln dlrs of notes.
    The warrants are exercisable at par value, currently 10 cts
per share, until March 20, 1997.  The company said if the
warrants were exercised in full, they would represent a 40.7
pct interest in J.M. common stock.  It said amounts due under
the notes are payable soleley from proceeds of the sale of
securities by J.M. and non-oil and natural gas revenues of DEI.
    J.M. said DEI provides specialty insulation installation
and asbestos removal services.
    J.M. said all of its directors except Jack E. Manning Jr.
have resigned and Myers and Morgan were named to the board.
    It said Manning has resigned as president in favor of Myers
and will service as vice president in charge of oil and natural
gas operations.
 Reuter
3;
bodyend
documentend
documentstart
8781
topicstart
acq
topicend
bodystart
2;

ASTROTECH 
<
AIX> DIRECTOR BUYS COMPANY STOCK


    PITTSBURGH, March 24 - 
Astrotech International Corp said
its director S. Kent Rockwell, who controls Rockwell Venture
Capital Inc, will buy 27 pct of the company's cumulative
preferred stock.
    It said will buy up to 302,300 shares of Astrotech's 1.80
dlrs cumulative preferred stock.
    It said the shares are owned by W.F. Rockwell Jr, chairman
and chief executive officer of Astrotech and S. Kent Rockwell's
father.
 Reuter
3;
bodyend
documentend
documentstart
8784
topicstart
earn
topicend
bodystart
2;

AMERICAN CYANAMID 
<
ACY> CHANGES RECORD DATE


    WAYNE, N.J., March 24 - 
American Cyanamid Co said subject
to approval by its board it has changed the record date for the
quarterly dividend it will pay on June 26 to May 8 from May 29
to coincide with the record date for a two-for-one stock split
that was declared at the same time.
    The dividend on a post-split basis is 26-1/4 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
8785
topicstart
earn
topicend
bodystart
2;

PNEUMATIC SCALE CO 
<
PNU> SETS QUARTERLY


    NORTH QUINCY, Mass., March 24 -
    
Qtly div 25 cts vs 25 cts prior
    Pay May 4
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
8786
topicstart
topicend
bodystart
2;

FORD 
<
F> CREDIT UNIT SELLS NOTES AT 8.13 PCT


    NEW YORK, March 24 - 
Ford Motor Credit Co, a unit of Ford
Motor Co, is raising 200 mln dlrs via an offering of notes due
1997 yielding 8.13 pct, said sole manager Salomon Brothers.
    The notes have an eight pct coupon and were priced at
99.125 to yield 88 basis points over comparable Treasuries.
    That matches the spread over Treasuries for the finance
unit's equal-sized, same-maturity offering on January 6 that
was priced to yield 7.948 pct. This deal was rated A-2 by
Moody's and AA-minus by Standard and Poor's.
    Non-callable for five years, today's issue is rated A-1 by
Moody's and AA-minus by S and P.
 Reuter
3;
bodyend
documentend
documentstart
8787
topicstart
topicend
bodystart
2;

AMER SIGNS 50 MLN DOLLAR MULTICURRENCY LOAN


    HELSINKI, March 24 - 
Finland's business group Amer-Yhtyma
Oy 
<
YHTY.HE> said it has signed a 50 mln dlr, six-year
syndicated multicurrency loan with a group of 15 international
and four Finnish banks led by Citicorp Investment Bank Ltd.
    Amer said in a statement the loan would be used mainly to
convert its overseas currency loans and expand business, but
gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
8788
topicstart
earn
topicend
bodystart
2;

CURTICE-BURNS FOODS INC 
<
CBI> RAISES PAYOUT


    ROCHESTER, N.Y., March 24 -
    
Qtly div 26 cts vs 24 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
8791
topicstart
earn
topicend
bodystart
2;

HYDRAULIC 
<
THC> SPLITS 3-FOR-2, HIKES DIVIDEND


    BRIDGEPORT, Conn., March 24 - 
The Hydraulic Co said its
board approved a three-for-two stock split of its common stock
and increased its quarterly cash dividend.
    It said the stock split will occur through a 50 pct stock
distribution on Hydraulic's common stock, payable April 30 to
stockholders of record on April 3.
    The quarterly cash dividend, payable April 15 to
stockholders of record on April 3, is to be paid on Hydraulic's
pre-split shares that are currently outstanding, the company
said.
    The dividend will be 54.75 cts per share, up from 52 cts
per share.It will represent a quarterly common stock cash
dividend of 36.50 cts per share on the share that will be
outstanding after the stock split, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8793
topicstart
earn
topicend
bodystart
2;

HUGHES SUPPLY INC 
<
HUG> 4TH QTR NET


    ORLANDO, Fla., March 24 -
    
Shr 52 cts vs 49 cts
    Shr diluted 1.95 dlrs vs 1.99 dlrs
    Net 1,751,609 vs 1,622,503
    Sales 85.9 mln vs 85.1 mln
    Year
    Shr 2.10 dlrs vs 1.99 dlrs
    Shr diluted 1.95 dlrs vs 1.99 dlrs
    Net 6,822,493 vs 6,601,717
    Sales 347.8 mln vs 324.6 mln
 Reuter
3;
bodyend
documentend
documentstart
8794
topicstart
earn
topicend
bodystart
2;

PREWAY INC 
<
PREW> 4TH QTR LOSS


    STAMFORD, CONN., March 24 - 
    
Shr loss 64 cts vs loss 1.29 dlrs
    Net loss 5,732,000 vs loss 4,924,000
    Sales 18.8 mln vs 23.6 mln
    Avg shrs 9.0 mln vs 3.8 mln
    Year
    Shr loss 1.82 dlrs vs loss 3.65 dlrs
    Net loss 12,267,000 vs loss 13,911,000
    Sales 112.8 mln vs 129.3 mln
    Avg shrs 6.7 mln vs 3.8 mln
 Reuter
3;
bodyend
documentend
documentstart
8795
topicstart
acq
ship
topicend
bodystart
2;

MOORE-MCCORMACK 
<
MMR> COMPLETES UNIT SALE


    STAMFORD, Conn., March 24 - 
Moore McCormack Resources Inc
said it has completed the previously-announced sale of its
Interlake Steamship Co and Moore McCormack Bulk Transport Inc
Great Lakes and ocean bulk shipping units to James R. Barker.
    The company said president Paul Tregurtha has succeeded
Barker as chairman and chief executive officer of Moore
McCormack.
 Reuter
3;
bodyend
documentend
documentstart
8796
topicstart
money-fx
topicend
bodystart
2;

SUDAN REJECTS IMF DEMAND FOR DEVALUATION


    CAIRO, March 24 - 
Sudan has rejected a demand by the
International Monetary Fund for a currency devaluation because
such a move would have a negative impact on its economy, the
official Sudan News Agency (SUNA) reported.
    Finance Minister Beshir Omer, quoted by SUNA, said his
government also rejected an IMF demand to lift state subsidies
on basic consumer goods.
    SUNA, monitored by the British Broadcasting Corporation,
said Omer made the remarks after a meeting in Khartoum
yesterday with IMF envoy Abdel-Shakour Shaalan.
    Sudan, burdened by a foreign debt of 10.6 billion dlrs, is
some 500 mln dlrs in arrears to the IMF, which declared it
ineligible for fresh loans in February last year.
    In February 1985, Sudan announced a 48 pct devaluation of
its pound against the dollar, adjusting the official exchange
rate to 2.5 pounds to the U.S. Currency.
    Since then, it has resisted pressure from main creditors
for more currency adjustments, arguing that past devaluations
had failed to boost exports but raised local consumer prices.
Sudan also has an incentive rate of four pounds to the dollar
for foreign visitors and remittances by expatriate workers.
    Dealers in Khartoum's thriving black market said the dollar
was sold at 5.5 pounds today.
    With stringent import regulations and the government
increasingly short of foreign currency, black market dollars
are used to finance smuggled imports from neighbouring
countries, mainly Egypt, Kenya, Ethiopia and Zaire.
    Western diplomats in Khartoum say the meetings between IMF
and Sudanese government officials do not amount to formal
talks, but rather an effort by the IMF to monitor Sudan's
economic performance.
    The diplomats said Sudan hoped a planned four-year economic
recovery program would be acceptable to the IMF as a serious
attempt to tackle the country's economic troubles and persuade
its Gulf Arab creditors to pay the IMF arrears.
    This, they said, could provide Sudan with a clean bill of
health from the IMF that it could take to Western government
creditors, grouped informally in the so-called Paris Club, to
reschedule debt payments.
    Twenty-three pct of Sudan's total foreign debt is owed to
members of the Paris Club, the diplomats said.
    Sudan's Finance Minister said last month the country's IMF
representative had told him the fund's executive board was "very
pleased with the 18.5 mln dlrs arrears we have paid in the past
couple of months."
    The representative, Omer Said, said IMF Managing Director
Michel Camdessus said he would ask Saudi Arabia, to which Sudan
owes about 1.4 billion dlrs, to help Khartoum to pay more.
    Sudan has an annual debt liability of nearly 900 mln dlrs
but set aside only some 200 mln dlrs to service debts in the
fiscal year ending next June 30.
 REUTER
3;
bodyend
documentend
documentstart
8797
topicstart
earn
topicend
bodystart
2;

SOUTHERN NATIONAL CORP 
<
SNAT> SETS STOCK SPLIT


    LUMBERTON, N.C., March 24 - 
Southern National corp said its
board declared a three-for-two stock split, payable to
shareholders of record on May 22.
    A company spokeswoman said the payable date for the split
has not yet been fixed but would be shortly after the record
date.
 Reuter
3;
bodyend
documentend
documentstart
8799
topicstart
earn
topicend
bodystart
2;

NATIONAL SEMICONDUCTOR
<
NSM> CITES IMPROVED RESULTS


    SANTA CLARA, Calif., March 24 - 
National Semiconductor Corp
said improved results at its Semiconductor Group helped reduce
losses in the third quarter and nine months.
    In the quarter ended March 8, the group had a modest sales
increase and major improvement in operating performance
compared to the year-ago quarter, the company said.
    But results softened from the prior quarter because of low
bookings last fall for third quarter shipment and holiday
shutdowns, it said.
    The semiconductor maker cut net losses to 25.6 mln dlrs or
31 cts a share from 39.4 mln dlrs or 47 cts in the quarter.
    Losses in the nine months were reduced to 32.7 mln dlrs or
44 cts from 84.4 mln dlrs or one dlr. Sales grew 23.5 pct in
the quarter to 398.1 mln dlrs and 25.5 pct in the nine months
to 1.36 billion dlrs.
    Bookings recovered in the latter part of the third quarter,
the company said. Despite the improvement in order rates and
operating results year-to-year, pricing continues to be
"aggressive for many products," it said.
    Nevertheless, it expects the semiconductor business will
continue to improve this year. The Information Systems Group
will continue strong sales growth based on recent order trends
and new product introductions, it said.
 Reuter
3;
bodyend
documentend
documentstart
8800
topicstart
grain
sugar
carcass
livestock
topicend
bodystart
2;

EC COLD AID FOOD SCHEME MAY BE MADE PERMANENT


    BRUSSELS, March 24 - 
Emergency action to distribute
European Community (EC) food surpluses to the poor has proved
so successful that the EC executive Commission may propose a
permanent scheme, a Commission spokesman said.
    Almost 60,000 tonnes of food was taken out of EC stores
between January 20, when Agriculture Ministers approved the
scheme, and March 13, according to latest commission figures.
    The food, including 30,000 tonnes of cereals, 6,000 tonnes
of sugar, 4,000 tonnes of beef and 13,300 tonnes of butter, has
been distributed to the needy through charities.
    The present scheme was approved as an emergency measure to
help poor people affected by this year's unusually cold winter
and will end on March 31.
    But the spokesman said the commission will consider whether
to propose it be replaced by an all-year-round system.
    The commission estimates that up to March 13 the temporary
scheme cost between 63 and 68 mln European currency units
(72/78 mln dlrs). This is above the 50 mln Ecu (57 mln dlr)
ceiling originally envisaged by the Ministers.
    However, commission sources said the real cost was small if
account is taken of the expense of keeping food in store until
its quality and value deteriorates.
    On the other hand, the impact of the temporary scheme on EC
food surpluses has been slight. EC surplus food stocks at
January 31 included 1.28 mln tonnes of butter, 520,000 tonnes
of beef and over 10 mln tonnes of cereals.
 Reuter
3;
bodyend
documentend
documentstart
8802
topicstart
interest
topicend
bodystart
2;

FED MAY ADD RESERVES, ECONOMISTS SAY


    NEW YORK, March 24 - 
The Federal Reserve may intervene in
the government securities market to add reserves today, some
economists said, although others felt that the Fed was likely
to refrain from any action.
    Those who believed the Fed will intervene said it would
probably add temporary reserves indirectly via 1.5 to two
billion dlrs of customer repurchase agreements.
    But others noted the Fed's current add-need is not large.
They also expected the federal funds rate to edge lower.
    Fed funds, which averaged 6.21 pct on Monday, opened at
6-1/8 pct and remained at that level in early trading.
 Reuter
3;
bodyend
documentend
documentstart
8803
topicstart
topicend
bodystart
2;

CREDIT NATIONAL ISSUES 100 MLN DLR EUROBOND


    LONDON, March 24 - 
Credit National is issuing a 100 mln dlr
eurobond, due April 23, 1992 with a 7-3/8 pct coupon and priced
at 101-5/8 pct, LTCB International said as lead manager.
    The bonds, guaranteed by the French government, will be
issued in denominations of 5,000 dlrs and will be listed in
Luxembourg. Gross fees of 1-7/8 pct comprise 5/8 pct for
management and underwriting combined and 1-1/4 pct for selling.
 REUTER
3;
bodyend
documentend
documentstart
8805
topicstart
topicend
bodystart
2;

SALOMON OFFERS UNITS OF VAN DUSEN AIRPORT L.P.


    NEW YORK, March 24 - 
Salomon Brothers Inc, acting as sole
underwriter, said it is publicly offering 50,000 units of Van
Dusen Airport Services Co, L.P.
    The offering consists of 50 mln dlrs of 12 pct senior
subordinated notes due 1997 and 50,000 contingent payment
obligations. The notes are priced at par, or 1,000 dlrs each.
    A unit has one par value note and one contingent payment
obligation. The notes are redeemable by Van Dusen after March
15, 1992, Salomon said.
    A payment obligation entitles the holder to receive a cash
payment under certain events, or to certain repurchase rights.
 Reuter
3;
bodyend
documentend
documentstart
8806
topicstart
earn
topicend
bodystart
2;

BERLINER BANK OUTLINES LOSSES


    WEST BERLIN, March 24 - 
<
Berliner Bank AG> has suffered
losses of between 25 mln and 30 mln marks on credits extended
by its Stuttgart branch by bank officials who exceeded their
powers, a bank spokesman said.
    The spokesman, replying to queries about press reports,
said he could not rule out the possibility that the final loss
figure may be slightly above this range.
    Late last week the bank said only that the losses from the
credits in Stuttgart would be in the "double-digit millions."
 Reuter
3;
bodyend
documentend
documentstart
8808
topicstart
earn
topicend
bodystart
2;

HUGHES SUPPLY INC 
<
HUG> SETS QUARTERLY


    ORLANDO, Fla., March 24 -
    
Qtly div 10 cts vs 10 cts prior
    Pay May 22
    Record May 8
 Reuter
3;
bodyend
documentend
documentstart
8810
topicstart
earn
topicend
bodystart
2;

KLEINERT'S INC 
<
KLRT> 1ST QTR ENDS FEB 28 NET


    PLYMOUTH MEETING, Pa., March 24 -
    
Shr 24 cts vs 18 cts
    Net 359,000 vs 297,000
    Revs 5,724,000 vs 6,430,000
    Avg shrs 1,475,0000 vs 1,668,000
    NOTE: qtrs include tax gain of 147,000 vs 137,000.
    Prior qtr ended March 1, 1986.
 Reuter
3;
bodyend
documentend
documentstart
8812
topicstart
crude
nat-gas
topicend
bodystart
2;
******
U.S. SUPREME COURT ALLOWS OFFSHORE ALASKAN OIL AND GAS EXPLORATION

Blah blah blah.
3;


bodyend
documentend
documentstart
8814
topicstart
earn
topicend
bodystart
2;

MICRODYME CORP 
<
MCDY> 1ST QTR FEB ONE LOSS


    OCALA, Fla., March 24 -
    
Shr loss nine cts vs profit two cts
    Net loss 397,000 vs profit 76,000
    Revs 3,763,000 vs 6,467,000
    
 Reuter
3;
bodyend
documentend
documentstart
8815
topicstart
crude
nat-gas
topicend
bodystart
2;

U.S. COURT ALLOWS OFFSHORE ALASKAN EXPLORATION


    WASHINGTON, March 24 - 
A unanimous Supreme Court ruled that
oil and gas exploration can proceed on two tracts off the
Alaska coast which were leased by the federal government to
eight major oil companies.
    The ruling was an important victory for the oil companies
and the Reagan administration's controversial off-shore leasing
program and a setback for two small Alaskan villages that
challenged the leases by claiming damage to the environment.
    The administration said that the court-ordered halt in
drilling had created uncertainty over the 4.2 billion dlrs paid
for 621 leases off the shores of Alaska since December 1980.
    A federal appeals court ordered the oil companies to halt
all exploration and remove all drilling rigs from two tracts in
the Bering Sea off Alaska because of possible harm to the
subsistence needs and culture of native Eskimos.
    But the Supreme Court said the appeals court was wrong in
issuing an injunction halting exploration.
    "Here, injury to subsistence resources from exploration was
not at all probable," Justice Byron White wrote for the court.
"And on the other side of the balance of harms was the fact
that the oil companies had committed approximately 70 mln dlrs
to exploration to be conducted during the summer of 1985 which
they would have lost without chance of recovery had exploration
been enjoined," he said.
    The oil companies, Amoco Corp 
<
AN>, ARCO, Exxon Corp 
<
XON>,
Mobil Corp 
<
MOB>, Sohio, Shell, Texaco Inc 
<
TX> and Union Oil,
had said that voiding previously granted leases would result in
staggering financial losses.
    The first lease sale in 1983 involved 2.4 mln acres and
generated 318 mln dlrs while the second lease sale in 1984
covered 37 mln acres and produced 516 mln dlrs.
    Administration officials, saying the lease sales were
preceded by an intense environmental impact study, denied that
the oil and gas exploration would hurt subsistence resources.
    The Alaskan villages of Gambell and Stebbins, along with an
organization of Eskimo natives on the Yukon Delta, argued that
the drilling would hurt native hunting and fishing.
 Reuter
3;
bodyend
documentend
documentstart
8816
topicstart
topicend
bodystart
2;
******
SOUTH AFRICA/BANKS AGREE NEW DEBT REPAYMENT PLAN, STANDSTILL EXTENDED TO 1990 - BANKERS

Blah blah blah.
3;


bodyend
documentend
documentstart
8817
topicstart
topicend
bodystart
2;
******
SOUTH AFRICA/BANKS WORK OUT DEBT PLAN, STANDSTILL EXTENDED TO 1990 - BANKERS

Blah blah blah.
3;


bodyend
documentend
documentstart
8819
topicstart
topicend
bodystart
2;

SOUTH AFRICA/BANKS AGREE NEW TERMS TO REPAY DEBT


    LONDON, March 24 - 
Representatives of South Africa's
Standstill Coordinating Committee (SCC) and its commercial bank
creditors have agreed new terms covering repayments of 14
billion dlrs of debt, banking sources said.
    The debt is covered by a standstill agreement that expires
June 30.
    Under the new accord, the standstill will be extended for
three years to June 30, 1990.
    There will be an immediate repayment of three pct to all
the banks, to be followed by various payments at six-month
intervals over the life of the agreement totalling some 1.5
billion dlrs.
    The three pct payment will be due July 15, 1987. Subsequent
repayments will be determined under a complex structure which
will be based on the maturity structure of individual banks'
loans, the bankers said.
    The bankers, who declined to be identified, said the
agreement also will give banks the option to convert their
existing debt into term loans for 10-years, with five years
grace.
    An agreement reached last year allowed for the conversion
of the short-term debt covered by the standstill into
three-year loans.
    Bankers said today's talks concluded months of intense
negotiations.
    They said the South African Finance Ministry is expected to
make a statement on the agreement later today.
    A review of South Africa's economy by the economic
subcommittee of commercial banks is nearing completion and
should be announced shortly, the bankers said.
    No further details were immediately available.
 REUTER
3;
bodyend
documentend
documentstart
8820
topicstart
earn
crude
nat-gas
topicend
bodystart
2;

LOWER TAX OFFSETS LOWER SHELL U.K. UPSTREAM PROFIT


    LONDON, March 24 - 
<
Shell U.K. Ltd's> pre-tax profit on
exploration and production operations fell to 869 mln stg in
1986 from 2.12 billion in 1985 due to the fall in oil prices
last year, Shell U.K. Finance director Nigel Haslam said.
    But he told a press conference that due to the high
marginal tax rate on North Sea operations, the main impact of
the drop in profit was absorbed by a fall in taxation to 330
mln stg from 1.45 billion in 1985.
    The bulk of tax last year was Corporation Tax, with
Petroleum Revenue Tax (PRT) representing only 16 mln stg, he
said.
    As a result, post-tax profit from the exploration and
production sector fell by only 126 mln stg to 539 mln.
    Earlier, Shell U.K., a subsidiary of Royal Dutch/Shell
Group 
<
RD.AS>, reported an overall net profit of 757 mln stg,
up from 667 mln in 1985, on sales of 6.57 billion stg against
8.81 mln.
    Shell U.K. Chairman Bob Reid said the company's crude oil
output from the North Sea was at a record 373,000 bpd in 1986,
which would almost certainly prove to be a peak for the
company. Shell expects a fall in output of around 10 pct in the
current year to around 340,000 bpd, due mainly to the decline
in output from the major Brent field, he said.
    Gas output of 5.9 billion cubic metres and natural gas
liquids output of around one mln tonnes in 1986 are expected to
be maintained in 1987, he said.
    A final decision on development of the Kittiwake and Osprey
North Sea oil fields will be made in the next 12 to 18 months,
Reid said. The Kittiwake field, originally part of the 2.5
billion stg Gannet project abandoned last year when the oil
price fell, is now estimated to cost around 350 mln stg.
    Economies on development costs for the Tern and Eider North
Sea fields, which were approved last year, have brought the
cost down to 30 to 35 pct below the original budget.
    Day to day operating costs of the exploration and
production sector had been cut 10 pct last year, and the target
is to keep costs per barrel constant.
    The company drilled 17 wells offshore, with 10 leading to
the discovery of hydrocarbons, although it is too early to
gauge the commercial viability of these discoveries, Reid said.
    Restructuring of the downstream oil sector contributed to a
profit rise to 187 mln stg in 1986 from 91 mln stg in 1985.
    Jaap Klootwijk, managing director of downstream unit 
<
Shell
U.K. Oil>, said refining margins in the first quarter of 1987
were a "bit better than the very bad fourth quarter 1986."
    In November and December in particular, refining operations
had shown negative margins following the fall in crude and oil
product prices, he said. He expected margins to continue
generally positive over the summer, although they could dip to
become negative from time to time, depending on price
movements.
    A new catalytic cracker at Shell's Stanlow refinery will
now come on stream by the end of first quarter 1988, about five
months behind schedule, following a crane accident which
severely damaged the plant last year, he said.
    Profits from the chemicals sector rose to 33 mln stg from
11 mln after the rationalisation of the Carrington chemical
site.
    Haslam said the Budget announcement on PRT relief, by which
companies will be allowed to offset up to 10 pct of qualifying
development expenditure on certain future oil fields against
PRT, was "helpful," but rather less than had been hoped for.
    Reid said his estimate of crude oil prices this year was in
the range of 15 to 18 dlrs. If prices went much above that, he
would expect some over-production above OPEC"s official 15.8 mln
bpd output ceiling which would tend to bring prices back down.
    He said it looked as if the December OPEC pact to restrain
output was holding, bringing supply and demand into balance,
but the test will come in summer when demand for OPEC oil will
fall.
 Reuter
3;
bodyend
documentend
documentstart
8822
topicstart
acq
topicend
bodystart
2;
******
CALNY INC REJECTS PEPSICO INC ACQUISITION OFFER

Blah blah blah.
3;


bodyend
documentend
documentstart
8823
topicstart
acq
topicend
bodystart
2;

DIXONS PLANS TO LET CYCLOPS 
<
CYL> OFFER EXPIRE


    NEW YORK, March 24 - 
Dixons Group PLC said it does not plan
to extend the expiration date of its tender offer for any and
all common shares of Cyclops Corp beyond tonight.
    Dixons said it would accept shares validly tendered and not
withdrawn by midnight tonight.
    Dixons, which is offering 90.25 dlrs a share for Cyclops,
said last week it had about 54 pct of Cyclops common shares.
Its offer originally was scheduled to expire March 17 but was
extended for one week.
    Yesterday Citicorp 
<
CCI>, with Audio/Video Affiliates Inc

<
AVA> an owner of CYACQ, said it had offered to acquire from
Dixons after the merger of Cyclops into Dixons, Cyclops'
industrial businesses for 12.8 mln dlrs more than Alleghany
Corp 
<
Y> is currently scheduled to pay for them.
    Citicorp said yesterday that its proposal would allow
Dixons to raise its tender price to 93.25 dlrs per share.
Citicorp said if Dixons accepted the proposal, CYACQ would
terminate its competing 92.50 dlr offer for Cyclops.
    Citicorp had suggested yesterday that Dixons extend its
tender until March 31 in connection with the price increase.
 Reuter
3;
bodyend
documentend
documentstart
8824
topicstart
topicend
bodystart
2;

S/P UPGRADES IOWA-ILLINOIS GAS 
<
IWG> PREFERRED


    NEW YORK, March 24 - 
Standard and Poor's said it upgraded
31 mln dlrs of preferred and preference stock of Iowa-Illinois
Gas and Electric Co.
    It raised the preferred stock to AA-minus from A-plus and
preference stock to A-plus from A and affirmed Iowa-Illinois'
AA senior debt, AA-minus subordinated debt and A-1-plus
commercial paper. The utility has 350 mln dlrs of debt
securities outstanding.
    S and P said the upgrade reflected the firm's overall
strong profile, high quality earnings and cash flow, and
prospects for modest preferred and preference stock usage.
 Reuter
3;
bodyend
documentend
documentstart
8825
topicstart
topicend
bodystart
2;

FINNISH EXPORT CREDIT ISSUES DANISH CROWN BONDS


    COPENHAGEN, March 24 - 
Finnish Export Credit Ltd issued
bonds for 450 mln Danish crowns in three bullet tranches each
of 150 mln crowns, an official at joint lead manager Copenhagen
Handelsbank A/S told Reuters.
    All three tranches bear an 11 pct coupon, with average
issue price of 101-1/8 and average fees of 1-1/2 pct, payment
date May 14, 1987. Denominations are 10,000 crowns and
registration is in Luxembourg.
    The bonds mature respectively in May 1989, 1990 and 1991
and are being syndicated as a package but quoted separately.
Handelsbank is joint lead with Prudential-Bache Securities Int.
 REUTER
3;
bodyend
documentend
documentstart
8826
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL CLINICAL LABORATORIES INC 
<
ICLB>


    NASHVILLE, Tenn., March 24 -
    
Shr nine cts vs seven cts
    Net 676,000 vs 509,000
    Revs 48.5 mln vs 39.9 mln
    1st half
    Shr 12 cts vs 17 cts
    Net 923,000 vs 1,248,000
    Revs 94.1 mln vs 79.5 mln
    NOTE:Current half net includes charge 500,000 dlrs from
reversal of investment tax credits.
 Reuter
3;
bodyend
documentend
documentstart
8828
topicstart
topicend
bodystart
2;

MIDAM SETS TRADING AT NEW CBT LOCATION MARCH 30


    CHICAGO, March 24 - 
The Midamerica Commodity Exchange, an
affiliate of the Chicago Board of Trade, CBT, that offers
smaller versions of several futures contracts traded on other
exchanges, will begin trading in its new quarters within the
CBT complex on March 30, the CBT announced.
    Concurrent with the move from its current site a few blocks
away, the trading hours of the Midam's Treasury bond futures
contract will expand to between 0720 and 1515 local time from
0800 to 1415 currently.
    The Midam's T-bond contract has a face value half the size
of the CBT's 100,000 dlr T-bond contract, the most active
futures contract traded.
    The Midam also offers smaller-sized futures and options on
currencies, precious metals, grains and livestock.
 Reuter
3;
bodyend
documentend
documentstart
8829
topicstart
reserves
topicend
bodystart
2;

NORWEGIAN CENTRAL BANK RESERVES FALL IN JANUARY


    OSLO, March 24 - 
Norway's Central Bank reserves totalled
91.06 billion crowns in January, against 93.07 billion in
December and 105.29 billion in January 1986, the central bank
said in its monthly balance sheet.
    Foreign exchange reserves totalled 83.68 billion crowns,
compared with 85.52 billion in December and 99.19 billion
crowns a year ago. Gold reserves totalled 284.7 mln crowns,
unchanged from the previous month and the year-ago figure.
    Central bank special drawing right holdings were 2.82
billion crowns, compared with 2.89 billion in December and 2.13
billion a year ago.
 REUTER
3;
bodyend
documentend
documentstart
8830
topicstart
acq
topicend
bodystart
2;

GNB JOINS IN LEVERAGED BUYOUT OF FRENCH UNIT


    MINNEAPOLIS, Minn., March 24 - 
<
GNB Inc> said it joined
with the management of the French company Compagnie Francaise
d'Electro-Chimie to purchase the company for an undisclosed
amount.
    The French company, which produces lead-acid batteries, had
sales in 1986 of 75 mln dlrs, GNB said.
 Reuter
3;
bodyend
documentend
documentstart
8831
topicstart
topicend
bodystart
2;

LB RHEINLAND-PFALZ ISSUES AUSTRALIA DLR BOND


    London, March 24 - 
Landesbank Rheinland-Pfalz Finance BV is
issuing a zero coupon 75 mln Australia dlr bond due May 7, 1992
priced at 52-3/4 pct for an effective yield to maturity of
14-1/4 pct, said Orion Royal Bank as lead manager.
    The issue is guaranteed by parent company Landesbank
Rheinland-Pfalz Girozentrale, which is jointly owned by the
West German state of Rheinland-Pfalz and local savings banks.
    Payment is set for May 7 and the securities will be listed
on the Luxembourg stock exchange. Denominations are 1,000 and
10,000 dlrs with a 7/8 pct selling concession and a combined
management and underwriting fee of 1/2 pct.
 REUTER
3;
bodyend
documentend
documentstart
8835
topicstart
crude
topicend
bodystart
2;

OIL TAX BREAK RIDICULED BY U.S. HOUSE TAXWRITER


    WASHINGTON, March 24 - 
A House taxwriter said Energy
Secretary James Herrington's "outrageous" plan to restore an old
tax break for oil companies was both bad tax and energy policy.
    Rep. Pete Stark, a California Democrat and senior House
Ways and Means Committee member, said Herrington's plan for a
27.5 pct depletion allowance--which in effect is a special 27.5
pct tax deduction --would cost seven billion dlrs a year.
    "He must have missed the last two years of federal tax
reform by sleeping as soundly as Rip Van Winkle," Stark said.
    He said in a statement the oil industry already pays an
effective lower rate of U.S. tax on investment, 15 pct versus
aggregate corporate tax on all investment of 34 pct, according
to a recent Congressional Research Service study.
 Reuter
3;
bodyend
documentend
documentstart
8836
topicstart
acq
topicend
bodystart
2;

CALNY 
<
CLNY> REJECTS PEPSICO ACQUISITION OFFER


    SAN MATEO, Calif, March 24 - 
Calny Inc said its board
rejected as inadequate the unsolicited offer by PepsiCo Inc

<
PEP> subsidiary Taco Bell Corp for all Calny's outstanding
common stock at 11.50 dlrs cash per share.
    Taco Bell recently acquired 9.9 pct of Calny's outstanding
stock, Calny said.
    Calny said it retained Oppenheimer and Co Inc to consider
various financial and strategic alternatives available to the
company.
 Reuter
3;
bodyend
documentend
documentstart
8837
topicstart
earn
topicend
bodystart
2;
******
K MART CORP RAISES DIVIDEND 17.6 PCT, VOTES THREE-FOR-TWO STOCK SPLIT

Blah blah blah.
3;


bodyend
documentend
documentstart
8841
topicstart
topicend
bodystart
2;

BANCA CATTOLICA IN 100 MLN DLR CD ISSUE


    VICENZA, Italy, March 24 - 
Banca Cattolica del Veneto SpA
said it had signed an accord with Manufacturers Hanover Trust
Co of New York covering a 100 mln dlr certificates of deposit
issue in London.
    Maturities on the certificates will be between seven and
365 days.
    The bank said the issue would be placed with international
institutional and private investors.
 REUTER
3;
bodyend
documentend
documentstart
8843
topicstart
topicend
bodystart
2;

BAYERISCHE VEREINSBANK SELLS WARRANTS ON BONDS


    LONDON, March 24 - 
Bayerische Vereinsbank is issuing
100,000 "naked warrants' at 15 dlrs each, which are convertible
for up to one year into a 1,000 Australia dlr bond due April
30, 1992, said Merrill Lynch capital markets as lead manager.
    Payment is due April 30, 1987 and total fees are three pct.
Of that, there is a two pct selling concession with the
remainder a combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
8844
topicstart
topicend
bodystart
2;

BANCO DI SICILIA INTERNATIONAL ISSUES EUROBOND


    LONDON, March 24 - 
Banco di Sicilia International SA is
issuing a 30 mln U.S. Dlr, zero coupon eurobond due April 15,
1992 and priced at 70.40, Nomura International Ltd said as
joint bookrunner.
    The bonds, which yield an effective 7.66 pct per annum,
will be listed in Luxembourg and will be issued in
denominations of 10,000 dlrs. They are guaranteed by Banco di
Sicilia.
    Gross fees of 1-1/4 pct comprise 1/2 pct for management and
underwriting combined and 3/4 pct for selling. Pay date is
April 15. The other joint bookrunner is Yasuda Trust and Banco
di Sicilia is co-lead.
 REUTER
3;
bodyend
documentend
documentstart
8845
topicstart
money-fx
topicend
bodystart
2;

FED GOVERNOR SUPPORTS COMMODITY PRICE GUIDE


    WASHINGTON, March 24 - 
Robert Heller, a member of the Board
of Governors of the Federal Reserve System, said commodity
prices could form a useful guide for setting domestic and
international monetary policy.
    Speaking to the conservative Heritage Foundation, Heller
said, "A broadly based commodity price index may be worth
exploring" as a guide to monetary policy.
    "In times of rising commodity prices, monetary policy might
be tightened and in times of falling commodity prices, monetary
policy might be eased," he said.
    Commodities are also standardized to avoid measurement
problems and occur at the beginning of production so as to give
"early warning" signs of wholesale and retail changes.
    "There is no need to react to every small fluctuation in
commodity prices or to do so on a daily basis," Heller said in a
prepared text.
    "But if commodity prices exhibit a broad trend, a policy
action might be considered," he said.
    Heller said using a broad-based commodity price index as an
indicator for monetary policy would also contribute to
stabilized currency exchange rates.
    Commodity prices are generally uniform worldwide and prices
for them are more consistent than for other types of goods, he
said.
    He said other beneficial effects would be to stabilize
export commodity prices for developing countries by using a
commodity basket as a guidepost for monetary policy.
 Reuter
3;
bodyend
documentend
documentstart
8846
topicstart
earn
topicend
bodystart
2;

K MART 
<
KM> RAISES PAYOUT, VOTES SPLIT


    TROY, Mich., March 24 - 
K mart Corp said its board approved
a 17.6 pct increase in the quarterly dividend and declared a
three-for-two stock split.
    The company raised its dividend to 43.5 cts a presplit
share, up from the previous 37 cts a share. After the split,
the new quarterly dividend rate is equivalent to 29 cts a
share. It is payable June Eight, record May 21.
    It said the additional shares will be distributed June
Five, record May 21.
 Reuter
3;
bodyend
documentend
documentstart
8849
topicstart
acq
topicend
bodystart
2;

SOUTHMARK 
<
SM> SELLS NATIONAL HERITAGE STAKE


    DALLAS, March 24 - 
National Heritage Inc, a unit of
Southmark Corp, said it began an initial public offering of two
mln shares of common stock at a price of 9.50 dlrs a share.
    All the shares are being offered by National Heritage,
which will trade under symbol NHER on Nasdaq, through lead
underwriter Drexel Burnham Lambert Inc.
    Proceeds will be used to increase working capital, complete
renovations at leased facilities and repay certain debts to
Southmark.
    After the offer, Southmark will retain about 82 pct of the
11 mln outstanding common shares of National Heritage, which
operates 201 long-term nursing care facilities.
 Reuter
3;
bodyend
documentend
documentstart
8850
topicstart
cocoa
topicend
bodystart
2;

GHANA COCOA PURCHASES STILL AHEAD OF LAST YEAR


    LONDON, March 24 - 
The Ghana Cocoa Board said it purchased
456 tonnes of cocoa in the 23rd week, ended March 12, of the
1986/87 main crop season, compared with 684 tonnes the previous
week and 784 tonnes in the 23rd week ended March 20 of the
1985/86 season.
    Cumulative purchases so far this season stand at 217,235
tonnes, ahead of the 203,884 tonnes purchased by the 23rd week
of last season, the board said.
 Reuter
3;
bodyend
documentend
documentstart
8852
topicstart
topicend
bodystart
2;

AMERICAN EXPRESS UNIT ISSUES NEW ZEALAND DLR BOND


    London, March 24 - 
American Express Overseas Credit Corp is
issuing a 50 mln New Zealand dlr bond due April 27, 1990
carrying a coupon of 18 pct and priced at 101-1/4, said Hambros
Bank Ltd as lead manager.
    The issue is guaranteed by American Express Co. Payment is
set for April 27, 1987 and the securities will be listed on the
Luxembourg stock exchange.
    There is a one pct selling concession and a 1/2 pct
combined underwriting and management fee.
 REUTER
3;
bodyend
documentend
documentstart
8853
topicstart
acq
topicend
bodystart
2;

OWENS-ILLINOIS 
<
OI> ACQUISITION COMPLETED


    NEW YORK, March 24 - 
OII HoLdings Corp, a concern formed by
Kohlberg Kravis Roberts and Co, said it completed its
previously announced acquisition of Owens-Illinois Inc.
    Under terms of the February 10 agreement, OII paid 60.50
dlrs per common share and 363 dlrs per 4.75 dlrs convertible
preferred share.
    OII said each common share still outstanding at the time of
the merger has been converted into the right to receive 60.50
dlrs per share and all preference shares not converted will be
redeemd on April 22 at a redemption price of 100 dlrs per
preference share plus accrued and unpaid dividends.
    OII said it has assumed Owen's 3-3/4 pct sinking fund
debentures due June 1, 1988, 9.35 pct sinking fund debentures
due November 1, 1999, and 7-5/8 pct debentures due April 1,
2001.
    OII said the New York Stock Exchange said the securities
will be delisted as a result of the merger. OII said it is
anticipated that the securities will be traded in the over-the-
counter market.
    The surviving company will be known as Owen-Illinois Inc,
it said.
 Reuter
3;
bodyend
documentend
documentstart
8854
topicstart
acq
gold
silver
zinc
lead
topicend
bodystart
2;

HECLA 
<
HL> TO BUY MINE STAKE FROM BP 
<
BP> UNIT


    COEUR D'ALENE, Idaho, March 24 - 
Hecla Mining Co said it
has agreed to purchase a 28 pct interest in the Greens Creek
Joint Venture from British Petroleum Co PLC's Amselco Minerals
Inc unit.
    The venture expects to bring into production a
gold-silver-lead-zinc ore body on Admiralty Island, Alaska,
containing about 3,500,000 short tons of ore assaying about
0.18 ounce of gold, 24.0 ounces of silver, 9.7 pct zinc and 3.9
pct zinc per short ton, Hecla said.  It said there is
significant potential for the discovery of additional ore.
    Hecla said initial production from a trackless underground
mine is scheduled for late 1988 at a rate of about 1,000 tons
or ore per day.  "At this rate, the Greens Creek mine will be
the largest domestic silver mine and is expected to be one of
the lowest cost producers."
    The company said it estimates its total investment in the
project, including its share of preproduction costs, at about
45 mln dlrs, to be funded through internally generated cash and
existing lines of credit.  It said Amselco will retain a
majority interest in the project.  Other interest holders are
CSX Corp 
<
CSX> and 
<
Exaias Resources Corp>.
 Reuter
3;
bodyend
documentend
documentstart
8855
topicstart
acq
topicend
bodystart
2;

CHRYSLER, LAMBORGHINI STILL IN JOINT VENTURE TALKS


    BOLOGNA, Italy, March 24 - 
Joint venture talks that could
lead to Chrysler Corp 
<
C> taking a stake in Italian car maker

<
Automobili Lamborghini SpA> are continuing, a Lamborghini
spokesman said.
    He told Reuters the two companies are discussing a number
of topics ranging from "a joint venture in the production area
to Chrysler becoming a shareholding partner" in the Italian
firm.
    The spokesman declined to comment on whether Chrysler was
interested in acquiring control of Lamborghini or if the two
sides were close to an accord.
    He said the two companies are discussing the possibility of
jointly developing a sports car aimed primarily at the U.S.
Market.
    The spokesman said Chrysler officials in Detroit had
already visited Lamborghini's production plant in Bologna and
another visit may be scheduled.
    Lamborghini, which is controlled by the Mimran Group of
Switzerland, broke even last year on sales of 29 billion lire,
he said.
    Chrysler also holds a 15 pct interest in Italian sports car
producer 
<
Alfieri Maserati Spa>.
 Reuter
3;
bodyend
documentend
documentstart
8856
topicstart
ship
crude
topicend
bodystart
2;

MOSCOW SUPPORTS FREE GULF NAVIGATION, ENVOY SAYS


    BAHRAIN, March 24 - 
The Soviet Union supports the freedom
of navigation in the Gulf and does not support any act which
would cause the deterioration of the situation in the region,
its ambassador to Kuwait, Ernest Zverev, told the Kuwaiti news
agency KUNA.
    "We support the freedom of navigation in the Arabian Gulf
and the Strait of Hormuz," the agency quoted Zverev as saying.
    KUNA also said the envoy had discussed the deployment of
Iranian missiles near the Strait of Hormuz with Kuwaiti Foreign
Undersecretary Suliman Majed al-Shaheen.
    A British naval source in the Gulf said today Iran had
test-fired its new Silkworm missiles and set up launching sites
in the area.
    The tests had been successful and the missiles could be
used against shipping in the strait, the source added.
    But Iranian Parliamentary Speaker Hojatoleslam Akbar
Hashemi Rafsanjani said Iran did not need missiles to close the
strait because "we can close it with artillery only."
    The U.S. Has said it will not allow Iran to use missiles to
choke off oil shipments and offered its warships to escort
Kuwaiti tankers past the missile batteries in the strait.
 REUTER
3;
bodyend
documentend
documentstart
8857
topicstart
gold
topicend
bodystart
2;

BELGIUM DETAILS PRICING PLAN FOR ECU GOLD COIN


    BRUSSELS, March 24 - 
The 50 European Currency Unit gold
coins which go on sale tomorrow in Belgium will be priced at a
premium of seven pct to the value of the gold they contain, a
Finance Ministry spokesman said. The price will be calculated
daily, based on the daily gold fixing in London.
    Belgium is minting an initial 50,000 gold coins to
celebrate the 30th anniversary of the European Community's
founding Treaty of Rome, but final production is expected to be
around 200,000. Each 17.27 gram coin will contain 55 grams of
fine metal.
    Two mln silver coins, face value five Ecus, will be sold at
500 francs each.
 REUTER
3;
bodyend
documentend
documentstart
8858
topicstart
earn
topicend
bodystart
2;

DATA ARCHITECTS INC 
<
DRCH> 1ST QTR FEB 28 NET


    WALTHAM, Mass., March 24 -
    
Shr 19 cts vs 14 cts
    Net 487,000 vs 344,000
    Revs 7,492,000 vs 5,883,000
 Reuter
3;
bodyend
documentend
documentstart
8859
topicstart
earn
topicend
bodystart
2;

PASSPORT TRAVEL INC 
<
PPTI> 1ST QTR FEB 28 NET


    OVERLAND PARK, Kan., March 24 -
    
Shr two cts vs nil
    Net 20,406 vs 2,348
    Sales 6,191,000 vs 6,249,000
 Reuter
3;
bodyend
documentend
documentstart
8860
topicstart
earn
topicend
bodystart
2;

HI-SHEAR INDUSTRIES INC 
<
HSI> 3RD QTR FEB 28 NET


    NORTH HILLS, N.Y., March 24 -
    
Oper shr 28 cts vs 33 cts
    Oper net 1,647,000 vs 1,910,000
    Revs 19.7 mln vs 17.5 mln
    Nine mths
    Oper shr 82 cts vs 84 cts
    Oper net 4,787,000 vs 8,748,000
    Revs 55.9 mln vs 53.0 mln
    NOTE: Prior year net excludes tax credits of 29,000 dlrs in
quarter and 1,761,000 dlrs in nine mths.
    Prior nine mths net includes gain from sale of real estate
of 3,820,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8861
topicstart
earn
topicend
bodystart
2;

PRUDENTIAL RECORDS BEST RESULTS IN SIX YEARS


    LONDON, March 24 - 
<
Prudential Corporation Plc>, which
earlier announced a 62 pct rise in 1986 pre-tax profits, said
it had recorded its best general insurance result for six years
but had not reached satisfactory levels of profit in other
areas.
    Group Chief Executive Brian Corby told a news conference
that despite returning to trading profits, the International
division and the Mercantile and General division had not
reached satisfactory levels.
    But he said he welcomed Mercantile and General trading
profits in 1986 and was optimistic about both that and the
International division.
    The acquisition of the U.S. Life company 
<
Jackson National>
had a small effect in 1986 but its full effect would be felt in
the 1987 results, Corby said.
    The Group also intended to expand the number of its estate
agency firms bought last year, and hoped they will comprise
between 10 and 15 pct of total company profits in the future.
    "We hope they will be very profitable very shortly. We are
looking for profits from the estate agencies themselves as well
as the insurance products associated with them," Corby said.
    Prudential's pre-tax profits rose from 1985's 110.1 mln stg
to 178.1 mln stg in 1986.
 Reuter
3;
bodyend
documentend
documentstart
8863
topicstart
earn
topicend
bodystart
2;

CRS SIRRINE 
<
DA> TO TAKE WRITE-OFF


    HOUSTON, March 24 - 
CRS Sirrine Inc said it plans a major
restructuring of its balance sheet that will include a
write-off of between 39 mln and 43 mln dlrs, most of which
would be intangible goodwill from the company's past
acquisitions.
    The company said the remainder of its write-off would
include a one-time expense for future costs related to early
retirement programs, office consolidations and an increase in
the general reserve for adjustments and contingencies.
    Bruce Wilkinson, president of the company, said the charges
to the company's third quarter earnings, for the period ending
March 31, would "significantly impact" third quarter results
but would not affect the company's cash position.
    "We expect to have the biggest operating backlog in the
company's history by June 30, 1987, the end of our fiscal
year," Wilkinson said. "We believe the action being proposed
will begin to contribute to improved earnings in the fourth
quarter of our fiscal 1987 and throughout fiscal 1988."
    The company, which is one of the nation's largest
construction firms, also said termination of its defined
benefit retirement plan would produce a pre-tax benefit of
about 10 mln dlrs due to overfunding of the plan.
    In its second quarter ended Dec. 31, CRSS had net earnings
of 800,000 dlrs on revenues of 82.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
8865
topicstart
earn
topicend
bodystart
2;

FLOWERS INDUSTRIES INC 
<
FLO> 3RD QTR MARCH 7


    THOMASVILLE, Ga., March 24 - 
March 7 end
    Shr 17 cts vs 23 cts
    Net 3,998,000 vs 5,317,000
    Sales 189.4 mln vs 159.6 mln
    Nine mths
    Shr 64 cts vs 68 cts
    Net 14.9 ln vs 15.9 mln
    Sales 540.9 mln vs 464.7 mln
    NOTE: Twelve and 36-week periods.
 Reuter
3;
bodyend
documentend
documentstart
8866
topicstart
earn
topicend
bodystart
2;

FLOWERS INDUSTRIES 
<
FLO> SEES LOWER YEAR NET


    THOMASVILLE, Ga., March 24 - 
Flowers Industries Inc said it
expects lower earnings for the current year due to operating
losses incurred by recent acquisitions and possible
nonrecurring losses resulting from its restructuring efforts.
    For the year ended June 28, Flowers earned 29.5 mln dlrs.
Today it reported nine month earnings of 14.9 mln dlrs, down
from 15.9 mln dlrs a year before.
    Flowers said it expects fiscal 1988, however, to show the
best growth in profits in its history due to the growing
profitability of ongoing businesses, cost control efforts,
higher productvitiy and lower taxes.
    Flowers said losses suffered in its West Texas operations
and in five plants acquired at the start of the third quarter
from 
<
CFS Staley Continental> and 
<
Wolf Baking Co> severely
hurt results.
    It said the CFS and Wolf plants are expected to be
contributing to profit by the end of the fiscal year and it is
seeking to bring the West Texas operations to acceptable levels
of profitability by the end of the fourth quarter as well.
 Reuter
3;
bodyend
documentend
documentstart
8867
topicstart
topicend
bodystart
2;

LEEDS PERMANENT ISSUES 50 MLN STG BOND


    LONDON, March 24 - 
Leeds Permanent Building Society is
issuing a 50 mln stg offering of notes due April 23, 1992
carrying a coupon of 9-1/4 pct and priced at 100-7/8, said
Barings Securities Co as lead manager.
    Bankers Trust International is co-lead manager.
    The issue is partly paid, with only 20 pct of the payment
due on April 23 and the remainder due October 23. The issue is
priced to yield 50 basis points over comparable maturity gilts.
    There is a 1-1/4 pct selling concession and a 5/8 pct
management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
8868
topicstart
earn
topicend
bodystart
2;

TECHNITROL INC 
<
TNL> 4TH QTR


    PHILADELPHIA, March 24 -
    
Shr 54 cts vs 47 cts
    Net 1.1 mln vs 941,000
    REvs 8.9 mln vs 10.3 mln
    Year
    Shr 1.65 dlrs vs 1.64 dlrs
    Net 3.3 mln vs 3.3 mln
    Revs 37.4 mln vs 39.0 mln
    
 Reuter
3;
bodyend
documentend
documentstart
8871
topicstart
topicend
bodystart
2;

FRANCE'S CNE ISSUES 650 MLN FRANC DOMESTIC BOND


    PARIS, March 24 - 
Caisse Nationale de l'Energie is issuing
a 650 mln franc, 8.70 pct bond, due October 13, 1997 at par,
lead managers Banque National de Paris and Union de Garantie et
de Placement said. Societe Marseillaise de Credit is co-lead.
    The issue, announced earlier today by the French bond
issuing committee, is of 5,000 franc nominal bonds. The first
coupon of 213.50 francs will be paid on October 13, 1987 and
thereafter on April 13 each year.
    Each bond is accompanied by a warrant giving the right to
subscribe, from September 1 to 30, 1987, to a new CNE 8.70 pct
bond due October 1997 with a par issue price.
 REUTER
3;
bodyend
documentend
documentstart
8873
topicstart
alum
topicend
bodystart
2;

ALCAN UPS ALUMINIUM INGOT AND BILLET PRICES


    New York, March 24 - 
Alcan Aluminium Ltd. in Montreal said
it increased yesterday its prices for unalloyed ingot and
extrusion billet by two cents a lb, effective with shipments
beginning May 1.
    The new price for unalloyed ingot is 64.5 cents a lb while
the new price for extrusion billet is 72.5 cents a lb.
    "We feel very confident about raising our prices because we
see demand over supply as being sustainable for some time,"
said Ian Rugeroni, Alcan's president of metal sales and
recycling - U.S.A.
    Rugeroni said sheet and can bookings for Alcan aluminium
were up at a time when the company's total 1.1 mln tonne North
American smelter system had less than a week's supply.
    "We're short and we're buying," he said.
    Rugeroni added that Alcan expects the International Primary
Aluminum Institute to report a drop in total non-Socialist
stocks in February and March. He estimated supply in the latter
month will have fallen 100,000 to 150,000 tonnes, based in part
on current low inventories of aluminium in Japan and on the
London Metal Exchange.
 reuter
3;
bodyend
documentend
documentstart
8877
topicstart
acq
gold
silver
lead
zinc
topicend
bodystart
2;

CORRECTED-HECLA 
<
HL> TO BUY MINE STAKE FROM BP


    COEUR D'ALENE, Idaho, March 24 - 
Hecla Minging Co said it
has agreed to purchase a 28 pct interest in the Greens Creek
Joint Venture from British Petroleum Co PLC's 
<
BP> Amselco
Minerals Inc unit.
    The venture expects to bring into production a
gold-silver-lead-zinc ore body on Admiralty Island, Alaska,
containing about 3,500,000 short tons of ore assaying about
0.18 ounce of gold, 24.0 ounces of silver, 9.7 pct zinc and 3.9
pct lead per short ton, Hecla said.  It said there is
significant potential for the discovery of additional ore.
    Corrects last assay result to lead from zinc.
 Reuter
3;
bodyend
documentend
documentstart
8878
topicstart
topicend
bodystart
2;
******
 Nigeria, Britain agree rescheduling of official debt - government sources

Blah blah blah.
3;


bodyend
documentend
documentstart
8879
topicstart
earn
topicend
bodystart
2;

GENERAL NUTRITION INC 
<
GNC> 4TH QTR NET


    PITTSBURGH, March 24 - 
Qtr ends Jan 31
    Shr profit eight cts vs loss 38 cts
    Net profit 2,466,000, vs loss 12,691,000
    Revs 111.1 mln vs 106.8 mln
    12 mths
    Shr profit 20 cts vs loss 47 cts
    Net profit 6,591,000 vs loss 15.5 mln
    Revs 342.6 mln vs 370.4 mln
    NOTE: includes provision for store closings of foreign
operations of 3,897,000 for 1986 qtr, and 1,403,000 for qtr
prior.
    includes provision for store closing costs and unproductive
inventory of 1,000,000 for 1986 qtr, and 25.1 mln for qtr
prior.
 Reuter
3;
bodyend
documentend
documentstart
8880
topicstart
acq
topicend
bodystart
2;

CP AIR, PACIFIC WESTERN AIRLINES SET NEW NAME


    VANCOUVER, B.C., March 24 - 
<
Pacific Western Airlines Corp>
said the airline resulting from the previously announced merger
of its Pacific Western Airlines Ltd unit and Canadian Pacific
Air Lines Ltd would be named Canadian Airlines International
Ltd, effective April 26.
    Pacific Western said the two airlines' services and
schedules would also be integrated on April 26. It previously
appointed management for the new airline.
    The new airline, Canada's second largest, will have 81
planes flying to 89 destinations in 13 countries.
    Pacific Western recently acquired Canadian Pacific Airlines
for 300 mln dlrs from Canadian Pacific Ltd 
<
CP>.
 Reuter
3;
bodyend
documentend
documentstart
8881
topicstart
topicend
bodystart
2;

NIGERIA, BRITAIN TO RESCHEDULE OFFICIAL DEBT


    LONDON, March 24 - 
Nigeria and Britain signed an agreement
to reschedule Nigeria's official debts in the first of an
expected series of such talks, government sources said.
    The agreement was signed by Nigerian Finance Minister Chu
Okongwu and the Export Credits Guarantee Department's (ECGD)
chief executive Jack Gill.
    The Nigerians will go on to Paris for similar bilateral
talks tomorrow with Coface, the French export credit agency.
    Today's agreement follows an agreement between Nigeria and
the Paris Club of western creditor governments in December to
reschedule some 7.5 billion dlrs of official debt.
    The Paris Club agreement was for a rescheduling of the 7.5
billion dlrs of medium and long-term debt due between September
1986 and end 1987 over 10 years with five years grace.
    But as with all Paris Club pacts, specific interest rates
and other details have to be negotiated on a bi-lateral basis
with the countries involved. None of the details contained in
today's negotiations was immediately available.
    The Nigerians are hoping that further bilateral accords can
be struck fairly soon as this could encourage official export
credit agencies to renew insurance cover for exports to
Nigeria.
    The ECGD suspended its cover for exports to Nigeria in
1983. Despite the success of the talks over the past two days,
govenment sources said there had not been any discussions on
new credits.
    Nigeria is due to receive 900 mln dlrs in fresh export
credits this year from official agencies under a structrual
adjustment program drawn up by Nigeria and the World Bank to
support a rescheduling of part of the country's 19 billion dlr
foreign debt.
    But these credits cannot be approved until the export
credit agencies agree to resume insuring the debts.
 REUTER
3;
bodyend
documentend
documentstart
8882
topicstart
crude
gas
topicend
bodystart
2;

DRAWDOWN SEEN IN U.S. DISTILLATE STOCKS


    NEW YORK, March 24 - 
Tonight's American Petroleum Institute
oil inventory report is expected to show another drawdown in
distillate stocks of between two and 7.5 mln barrels for the
week ending March 20, oil analysts and traders said.
    They said they expect gasoline inventories to be depleted
by about one to four mln barrels.
    Analysts were divided on the crude stocks. Some saw stocks
unchanged to as much as three mln barrels higher. Others said
stocks could be down one to five mln barrels. Crude throughput
volumes are expected to be unchanged to slightly higher or
lower than the week ended March 13, traders said.
    The API recorded a 7.4 mln barrel stockdraw for U.S.
distillates in the week ended March 13. Analysts see another 
draw reflecting historic seasonal trends.
    For the week ended March 13, API reported gasoline stocks
down 2.9 mln barrels.
    Those expecting a draw of as much as four mln barrels said
they are looking for fairly high consumption rates as the
spring and summer driving season gets underway this year,
because retail prices are still low compared to recent years.
    U.S. crude oil stocks were reported down by 4.4 mln barrels
for the week ended March 13. Analysts are divided over the
outcome for last week because there is uncertainty about
whether throughput levels increased or decreased last week.
    Some see crude stock levels unchanged to three mln barrels
higher, while others think inventories could be as much as five
mln barrels below the previous week.
    The lower estimates are supported by the belief that crude
runs increased and imports fell.
    The API reported crude runs 154,000 b/d higher for the week
ended March 13. Analysts are calling it unchanged to slightly
up or down for the week ended March 20.
    Expectations for product stockdraws are already being
reflected in firmer prices, traders said. But if draws are at
the higher end of the estimated range, they added, the effect
will be bullish. Any stockbuild would be a negative factor,
they said.
    Crude runs normally increase in March, and any decrease in
runs would be friendly to the market, said Peter Beutel of
Elders Energy Futures Inc.
 Reuter
3;
bodyend
documentend
documentstart
8884
topicstart
money-fx
stg
interest
topicend
bodystart
2;

STERLING OUTLOOK CLOUDED BY TEST OF PARIS ACCORD


    By Myra MacDonald, Reuters


    LONDON, March 24 - 
The move by foreign exchange markets to
test the strength of the Paris currency accord has thrown into
question the near-term outlook for sterling, until recently one
of the main beneficiaries of the agreement, analysts said.
    Since the six-nation accord last month, sterling has risen
sharply, adding almost five pct on its trade-weighted index.
    While the accord effectively stifled dollar/yen and
dollar/mark movements, the markets turned their attention to
sterling as foreign investors rushed to take advantage of
relatively high U.K. Interest rates.
    But analysts say the pound has been sidelined by the first
tentative test of the Paris accord seen yesterday.
    The market now looks set sooner or later to push the dollar
down further in a test of the willingness of central banks to
intervene. Analysts say if the banks do not intervene
effectively, the Paris accord could collapse.
    "On balance, sterling would be a net sufferer if G-6
collapses," Phillips and Drew analyst Stephen Lewis said.
    He said sterling would lose out as markets turned their
attention to capital movements whereas previously they had been
restricted to looking only at the interest yield on currencies.
    However, although most analysts and foreign exchange
dealers were forecasting a brief period of consolidation or
even retracement for sterling, none were expecting a very sharp
drop in the U.K. Currency.
    Sterling remained supported by optimism on the U.K.
Political and economic outlook, firmer oil prices and
relatively high interest rates, they said.
    Bullish sentiment on the U.K. Economic outlook has been
running especially high after last week's budget, seen as
popular both with the markets and with British voters.
    Sterling was also supported by signs of a weakening in the
West German and Japanese economies, where growth for 1987 is
trailing behind the three pct forecast for the U.K.
    Recent opinion polls showing Britain's ruling conservative
party ahead of opposition parties in popularity have also
supported the pound.
    In addition, sterling has so far shrugged off two
half-point cuts in U.K. Bank base lending rates in less than
two weeks. A further half-point cut, widely expected in the
next week or so, has already been largely discounted.
    U.K. Base rates, now running at 10 pct, are still
relatively high compared to other western countries, and
analysts said a further base rate cut to 9-1/2 pct was unlikely
to affect sterling.
    Sterling today appeared resilient to the dollar's decline,
dropping only slightly on a cross-rate basis.
    Worries about renewed turbulence in the foreign exchange
markets, however, were reflected in the U.K. Government bond
(gilt) market, where prices dropped by up to 5/16 point.
    Until now foreign investor interest in the gilt market has
been one of the major reasons behind the rise in sterling.
    Dealers said they expected the pound to hold quietly steady
for the next few days while the market awaits further
developments on the dollar and this Thursday's U.K. Current
account figures for February.
    Market forecasts are for a deficit of around 250 mln stg
after January's small surplus.
 REUTER
3;
bodyend
documentend
documentstart
8885
topicstart
topicend
bodystart
2;

U.S. EX-IM BANK TO CHANGE LENDING POLICIES


    WASHINGTON, March 24 - 
The president of the Export-Import
Bank said the Bank was changing its lending policies to reflect
changing conditions in export financing.
    President John Bohn told a House Appropriations
subcommittee hearing commercial banks have largely withdrawn
from financing exports and export projects were becoming
smaller.
    "Exporters now need financing in riskier markets and on
deals which are smaller, take longer to put together and
close," Bohn said in his testimony. "Lenders, however, want
less risk, higher profit, transaction-oriented and less
labor-intensive activities.
    "It became clear to us the EXimbank must assume a broader
range of explicitly defined country and transaction risks than
it has previously. Programs and procedures need to be
simplified, streamlined and internally consistent," he said.
    Bohn said the Bank would focus on the needs of the middle
market product or service exporter and would have essentially
one loan program and one guarantee program for both medium-term
and long-term export transactions.
    "Both programs will provide up to 85 pct financing, the
maximum permitted under the OECD consensus. Eximbank loans will
carry the minimum interest rate allowed by the OECD rate
schedule for the market and the term," he said.
    Bohn said the Bank was requesting a limitation of 1 billion
dlrs for regular loan obligations, of which up to 200 mln dlrs
may be available as tied aid credits, and a limitation of 10
billion dlrs for guarantee and insurance commitments.
    He said the Bank would have to come back to Congress later
this year to discuss its capitalization needs.
 Reuter
3;
bodyend
documentend
documentstart
8890
topicstart
earn
topicend
bodystart
2;

PLENUM PUBLISHING CORP 
<
PLEN> 4TH QTR NET


    NEW YORK, March 24 -
    
Shr 63 cts vs 45 cts
    Net 3,623,067 vs 2,607,977
    Gross income 10.1 mln vs 10.1 mln
    Year
    Shr 2.12 dlrs vs 1.74 dlrs
    Net 12.2 mln vs 10.0 mln
    Gross income 38.1 mln vs 36.8 mln
    NOTE: Share adjusted for five-for-two stock split effective
yesterday.
    Net includes gains on sale of securities pretax of
1,860,213 dlrs vs 392,975 dlrs in quarter 5,023,401 dlrs vs
3,223,008 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
8892
topicstart
earn
topicend
bodystart
2;

HONEYBEE INC 
<
HBE> 4TH QTR NET


    NEW YORK, March 24 -
    
Oper shr 11 cts vs five cts
    Oper net 248,000 vs 122,000
    Sales 7,269,000 vs 5,481,000
    Year
    Oper shr 55 cts vs 14 cts
    Oper net 1,288,000 vs 333,000
    Sales 26.2 mln vs 17.6 mln
    NOTE: Net excludes discontinued operations nil vs gain
103,000 dlrs in quarter and losses 82,000 dlrs vs 50,000 dlrs
in year.
    1986 year net excludes 133,000 dlr provision for loss on
disposal of discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
8893
topicstart
earn
topicend
bodystart
2;

SCIENTIFIC MEASUREMENT SYSTEMS INC 
<
SCMS> NET


    AUSTIN, Texas, March 24 - 
2nd qtr Jan 31
    Shr loss three cts vs loss seven cts
    Net loss 352,000 vs loss 568,000
    Revs 636,000 vs 640,000
    Avg shrs 12.7 mln vs 8,377,000
    1st half
    Shr loss six cts vs loss 10 cts
    Net loss 594,000 vs loss 865,000
    Revs 1,245,000 vs 1,063,000
    Avg shrs 10.5 mln vs 8,333,000
 Reuter
3;
bodyend
documentend
documentstart
8895
topicstart
grain
topicend
bodystart
2;

EC MEMBER STATES COOL ON CEREAL PLANS


    BRUSSELS, March 24 - 
European Community (EC) member states
have generally given a cool initial reaction to proposals by
the European Commission for cereal price changes and related
measures in the coming season, EC diplomats said.
    They said that in meetings of the EC Special Committee on
Agriculture representatives of most member states had said the
changes, taken together, would have too harsh an impact on
farmers' incomes.
    Only Britain and the Netherlands had shown willingness to
accept the commission's overall package, they said.
    As well as cuts of over two pct in common prices for most
cereals, the commission proposes a limitation of intervention
to the February to March period and reduced monthly increments
in intervention prices.
    EC Farm Ministers will have a first discussion of the
proposals at a meeting beginning next Monday.
 Reuter
3;
bodyend
documentend
documentstart
8898
topicstart
earn
topicend
bodystart
2;

PUBLIC SERVICE CO OF COLORADO 
<
PSR> IN PAYOUT


    DENVER, March 24 -
    
Qtly div 50 cts vs 50 cts prior
    Pay May One
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
8899
topicstart
earn
topicend
bodystart
2;

CORRECTED - MANHATTAN NATIONAL CORP 
<
MLC> 4TH


    NEW YORK, March 24 -
    
Oper shr loss 20 cts vs loss 81 cts
    Oper net loss 1,042,000 vs loss 4,077,000
    Revs 38.5 mln vs 50.3 mln
    12 mths
    Oper shr loss six cts vs loss 43 cts
    Oper net loss 336,000 vs loss 2,176,000
    Revs 137.8 mln vs 209.1 mln
    NOTE: In item moved March 23, company corrects its error to
show loss for current 12 mths and qtr, not profit.
 Reuter
3;
bodyend
documentend
documentstart
8901
topicstart
topicend
bodystart
2;

SOUTH AFRICA/BANKS AGREE ON DEBT REPAYMENT PLAN


    PRETORIA, March 24 - 
South Africa will repay 13 pct of its
frozen 13 billion dollar debt to foreign creditors over the
next three years under an agreement reached today in London,
Finance Minister Barend du Plessis said.
    He said South Africa already had repaid five pct of the
debt under the standstill agreement expiring on June 30, 1987.
   "These arrangements confirm South Africa's continued
willingness to maintain good relations with its foreign
creditors and to meet its foreign commitments in a orderly way,"
du Plessis told a news conference.
    Du Plessis said the new interim debt agreement was
"substantially a continuation" of the arrangement ending in June
and calls for South Africa to continue paying all interest on
its total foreign debt of 23 billion dlrs.
    The new debt standstill will extend from July 1, 1987, to
June 30, 1990, with a three pct down payment permitted on July
15, 1987, "provided such debt has already reached maturity," du
Plessis said.
    Finance Minister Barend du Plessis told a new conference
that 34 banks holding more than 70 pct of the frozen debt
agreed to the new arrangement worked out with South African
negotiators in London. About 300 other creditor banks also are
expected to approve the agreement, he said.
    Reserve Bank governor Gerhard de Kock said the agreement
was a "good deal" both for South Africa and the banks and added
that the three-year length of the agreement was of "enormous
significance" to South Africa.
    Reserve Bank governor Gerhard de Kock said the agreement
was a "good deal" both for South Africa and the banks.
    Besides the 13-billion-dlr frozen debt, South Africa also
owes ten billion dlrs of debt that includes a significant
amount of medium -term liabilities that will continue to be
repaid on normal maturity dates.
    The 13 pct to be repaid under the standstill amounts to
1.42 billion dollars.
    A total of five pct or 508 mln dlrs will be repaid in the
second half of 1987, with 3.5 pct or 400 mln dlrs in calendar
1988, three pct or 346 mln dlrs in calendar 1989 and 1.5 pct or
166 mln dlrs in the first half of 1990.
    Du Plessis said 34 banks holding more than 70 pct of the
frozen debt agreed to the new arrangement worked out with South
African negotiators in London.
    About 300 other creditor banks also are expected to approve
the agreement, he said.
    De Kock, speaking at the same news conference, said the
three-year length of the agreement was of "enormous significance"
to South Africa.
    De Kock said South Africa had negotiated from a "position of
basic economic financial strength."
    "We were never overborrowed to begin with and we are now
underborrowed by all international criteria that I've ever
heard of," he said.
    Du Plessis said available foreign reserves of the Reserve
Bank, which increased by about 800 mln dlrs in the past two
months, and a continued current account surplus "will be
sufficient" to meet terms of the new interim debt agreement.
    Du Plessis said the banks were showing much more confidence
in the South African economy and country as a whole.
    He attributed this to "restoration of law and order which
has greatly reduced not only the extent of unrest but also the
intensity of unrest."
    South Africa has been under a state of emergency since June
1986 because of black political violence that has claimed over
2,400 lives in the past three years.
    Du Plessis said no political demands were made by the banks
and South Africa was now rapidly returning to very good
relations with its foreign creditors.
    He said there were encouraging signs that some foreign
investors were again "taking a more realistic view" of South
Africa.
    Recent examples were the rise in the financial rand and the
sharp increase in foreign exchange reserves.
    Of the 13 billion dlr frozen debt, 3.5 billion dlrs was
owed by the public sector and 9.5 billion dlrs by private
industry, du Plessis said.
    The remaining 10 billion dlrs consisted of seven billion
dlrs owed by government agencies and three billion dlrs by the
private sector.
 Reuter
3;
bodyend
documentend
documentstart
8902
topicstart
earn
ship
topicend
bodystart
2;

STANDARD CHARTERED BOOSTED BAD-DEBT PROVISIONS


    LONDON, March 24 - 
Standard Chartered Plc 
<
STCH.L>, faced
with a recession in the key Singapore and Malaysian markets and
an ongoing depression in the shipping industry, boosted its
bad-debt provisions in 1986, chairman Lord Barber said.
    Barber said in a statement on the bank's 1986 results that
bad and doubtful debt provisions, both general and specific,
stood at 545.6 mln stg against 416.6 mln at end-1985.
    Bank figures showed the increase was almost exclusively in
the specific bad risk provision, which qualifies for U.K. Tax
breaks. New specific provisions rose by 111.5 mln stg while
71.2 mln stg were reallocated from the general risk provision.
    In all, a 184.2 mln stg charge was made against profits for
1986, compared with a 100.7 mln stg charge in 1985. Total
pre-tax profits fell to 254 mln after 268 mln in 1985.
    "The continuing serious recessionary conditions in Singapore
and Malaysia and the depressed condition of the shipping
industry made it necessary to provide heavily against bad and
doubtful debs arising from loans in the Asia Pacific region, on
top of the normal level of provisioning," Barber said.
    He said, "the decision was also taken to build up loan loss
reeserves by making a sizeable increase in the charges for
general provisions for commercial and cross border risks."
    Barber said due to bad-debt provisioning, the Asia Pacific
region made "a negligible contribution to pre-tax profits."
    He said the profits contribution from the U.K. Businesses
was "well maintained, although the reported result was affected
by cross border debt provisioning," while Californian subsidiary
Union Bank "showed continued growth."
    "Tropical Africa, Middle East and South Asia all turned in
excellent performances and the revival in Europe continued," he
said.
    Barber said the group, which succesfully fought off a
takeover bid by Lloyds Bank 
<
LLOY.L> last year, strengthened
its capital resources during that year to just over three
billion stg, while total assets increased to 32.2 billion.
    Capital adequacy ratios remained strong, with the primary
capital ratio standing at 7.5 pct at end 1986, he said.
 Reuter
3;
bodyend
documentend
documentstart
8903
topicstart
coffee
topicend
bodystart
2;

COLOMBIA COFFEE REVENUE SHARPLY DOWN IN JAN/FEB


    BOGOTA, March 24 - 
Colombia's coffee export revenue dropped
97 mln dlrs to 233.6 mln dlrs for the first two months of the
year against 330.9 mln dlrs in the similar period of 1986,
central bank preliminary figures show.
    Experts attributed the fall to lower world market prices
following the failure to re-introduce international coffee
export quotas, but they said Colombia could compensate the drop
with higher exports in calendar 1987.
    Coffee export revenue for 1986 was 2.33 billion dlrs,
according to the bank.
    Jorge Cardenas, manager of the National Coffee Growers'
Federation, last week estimated the recent drop of 30 cents a
lb in coffee prices would mean a net loss revenue of 457 mln
dlrs for Colombia.
    But he stressed that Colombia, with stockpiles of 10 mln
(60-kg) bags, had the capacity to export more and would use a
recently-introduced more flexible marketing policy to do so.
 Reuter
3;
bodyend
documentend
documentstart
8905
topicstart
earn
topicend
bodystart
2;

STE FRANCAISE DES PETROLES BP 
<
PBPF.PA> 1986 YEAR


    PARIS, March 24 -
    
Net result breakeven (no profit or loss) vs breakeven
    Operating loss 836 mln francs vs 654 mln
    Net turnover 12.70 billion francs vs 24.34 billion
    Sales of petroleum products 9.7 mln tonnes vs 10.6 mln
    Note - Company said in a statement 1986 results were
affected by the sharp fall in crude oil prices. Net result
included an extraordinary recovery of 731 mln francs from
provisions for currency fluctuations and 361 mln francs in
depreciation of fixed assets. Company is a subsidiary of The
British Petroleum Co Plc 
<
BP.L>.
 REUTER
3;
bodyend
documentend
documentstart
8906
topicstart
acq
topicend
bodystart
2;

OLIVETTI DOES NOT EXCLUDE STAKE IN SGS-THOMSON


    ROME, March 24 - 
Ing C Olivetti EC SpA 
<
OLIV.M> does not
exclude the possibility of investing in a semiconductor venture
currently under discussion between Italy's 
<
STET - Societa
Finanziaria Telefonica P.A.> and France's Thomson-CSF

<
TCSF.PA>, an Olivetti spokesman said.
    He said that if Olivetti were approached by the two
partners involved and the financial conditions of any proposal
were considered interesting, the company did not exclude the
possibility of investing in the venture. However, Olivetti had
made no decision on any such investment and did not have at its
disposal information to evaluate such a move.
     Stet and Thomson said last Thursday they were negotiating
an accord involving their respective subsidiaries 
<
SGS
Microelettronica SpA> and 
<
Thomson Semiconducteurs> in the
civil semiconductor field.
    They said the accord, once concluded, would be put for
approval to the French and Italian authorities.
    The Olivetti spokesman was responding to a Reuters query
about Italian press reports today saying that Olivetti might
participate in the venture with a two pct stake.
 REUTER
3;
bodyend
documentend
documentstart
8908
topicstart
earn
topicend
bodystart
2;

ENSERCH CORP 
<
ENS> SETS QUARTERLY


    DALLAS, March 24 -
    
Qtly div 20 cts vs 20 cts prior
    Pay June One
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
8909
topicstart
acq
topicend
bodystart
2;

NESTLE TO ACQUIRE NABISCO CANADA BUSINESSES


    TORONTO, March 24 - 
Swiss-based 
<
Nestle S.A.>'s Nestle
Enterprises Ltd unit said it signed a letter of intent to
acquire 
<
Nabisco Brands Ltd>'s Club, Melrose, Dickson and Chase
and Sanborn businesses for undisclosed terms.
    Nestle said the final agreement, subject to required
approvals, would be signed shortly.
    The businesses involved in the deal provide products to
hotels, restaurants and other parts of the food and beverage
industry. Nabisco is 80 pct-owned by RJR Nabisco Inc 
<
RJR>.
 Reuter
3;
bodyend
documentend
documentstart
8911
topicstart
trade
topicend
bodystart
2;
******
FED'S HELLER SAYS HE WANTS TO SEE STRONGER JAPANESE DEMAND FOR AMERICAN GOODS

Blah blah blah.
3;


bodyend
documentend
documentstart
8912
topicstart
earn
topicend
bodystart
2;

METROPOLITAN FINANCIAL CORP 
<
MFC> VOTES PAYOUT


    FARGO, N.D., March 24 -
    
Qtly div 11 cts vs 11 cts prior qtr
    Pay 30 April
    Record 15 April
 Reuter
3;
bodyend
documentend
documentstart
8914
topicstart
crude
topicend
bodystart
2;

GOODYEAR 
<
GT> UNIT TO START UP PIPELINE


    DALLAS, March 24 - 
Goodyear Tire and Rubber Co said the All
American Pipeline of its Celeron Corp subsidiary will start
line fill activities on March 30 as it begins operating.
    The company said about five mln barrels of oil will be
required to pack the completed segment of the line, which runs
1,225 miles from near Santa Barbara, Calif., to existing
pipeline connections in West Texas.  Construction has also
staqrted this week on a 43-mile, 16-inch diameter gathering
line to deliver 75,000 to 100,000 barrels a day of oil from the
San Joaquin Valley in California.  The 30-inch main underground
line can transport over 300,000 barrels daily.
 Reuter
3;
bodyend
documentend
documentstart
8915
topicstart
earn
topicend
bodystart
2;

MICROSIZE INC 
<
MSIZ> 2ND QTR ENDS FEB 28 NET


    SALT LAKE CITY, March 24 -
    
Shr profit one cent vs loss 2.6 cts
    Net profit 59,198 vs loss 132,702
    Revs 634,616 vs 485,730
    six mths
    Shr profit one cent vs loss four cts
    Net profit 49,669 vs loss 208,278
    Revs 1,056,452 vs 944,330
 Reuter
3;
bodyend
documentend
documentstart
8916
topicstart
acq
topicend
bodystart
2;

<
PAUL'S PLACE INC> CONTROL CHANGES


    DENVER, March 24 - 
Paul's Place Inc said chairman,
president and treasurer Paul D. Lambert has sold 240 mln common
shares to other board members, advisory board members Alan H.
Marcove and Gerald M. Marcove and an unaffiliated purchaser it
did not name.
    Terms were not disclosed.
    The company said Alan Marvoce has been named to replace
Lambert as chairman and chief executive officer and Michael T.
Fuller has been named president.
    Fuller was formerly president of 
<
Mr. Steak Inc>.
 Reuter
3;
bodyend
documentend
documentstart
8918
topicstart
acq
topicend
bodystart
2;
******
CYACQ AMENDS CYCLOPS OFFER CONDITIONS, SAYS CITICORP EXPANDS FINANCING 

Blah blah blah.
3;


bodyend
documentend
documentstart
8919
topicstart
acq
topicend
bodystart
2;

GORDON JEWELRY 
<
GOR> COMPLETES SALE OF UNIT


    HOUSTON, March 24 - 
Gordon Jewelry Corp said it has
completed the previously-announced sale of the assets of its
catalog showroom stores to privately-held Carlisle Capital Corp
for an undisclosed amount of cash and notes in excess of book
value.
 Reuter
3;
bodyend
documentend
documentstart
8920
topicstart
topicend
bodystart
2;

CINCINNATI GAS 
<
CIN> FILES SHELF OFFERINGS


    WASHINGTON, March 24 - 
Cincinnati Gas and Electric Co filed
with the Securities and Exchange Commission for shelf offerings
of up to 1.3 mln shares of cumulative preferred stock and of up
to 200 mln dlrs of first mortgage bonds.
    The utility said terms would be set at the time of sale.
    An underwriting group will be led by Morgan, Stanley and Co
Inc.
    Proceeds will be used for general corporate purposes,
including the financing of new construction and refunding of
cumulative preferred stock.
 Reuter
3;
bodyend
documentend
documentstart
8922
topicstart
trade
money-fx
topicend
bodystart
2;

FED'S HELLER URGES JAPANESE TO BUY U.S. GOODS


    WASHINGTON, March 24 - 
A member of the Federal Reserve
Board, Robert Heller, said he wanted to see stronger Japanese
demand for American goods.
    "What I was advocating here was more Japanese purchases of
American goods," Heller said in response to a question about the
dollar's weakness in currency markets.
    He told a Heritage Foundation forum, "I'd be very happy to
see that."
    In his formal remarks, Heller said he supported the idea of
using commodity prices as an indicator for monetary policy.
    Asked if he would raise the issue at the next Federal Open
Market Committee meeting, he said, "Even at previous meetings
commodity prices were raised."
    He added, "I would not expect future meetings to be
different from past meetings in that respect."
 Reuter
3;
bodyend
documentend
documentstart
8925
topicstart
earn
topicend
bodystart
2;

TAJON RANCH CO 
<
TRC> 4TH QTR NET


    LEBEC, Calif. March 24 -
    
Shr five cts vs nine cts
    Net 560,000 vs 1,247,000
    Revs 7,597,000 vs 4,619,000
    Year
    Shr ten cts vs 17 cts
    Net 1,225,000 vs 2,161,000
    Revs 26.5 mln vs 23.3 mln
 Reuter
3;
bodyend
documentend
documentstart
8928
topicstart
earn
topicend
bodystart
2;

CENTERIOR ENERGY CORP 
<
CX> SETS QUARTERLY


    CLEVELAND, March 24 -
    
Qtly div 64 cts vs 64 cts prior
    Pay May 15
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
8930
topicstart
earn
topicend
bodystart
2;

SUFFIELD FINANCIAL CORP 
<
SFCP> RAISES QUARTERLY


    SUFFIELD, Conn., March 24 -
    
Qtly div five cts vs three cts prior
    Pay April 10
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
8932
topicstart
acq
topicend
bodystart
2;

CYACQ CUTS CONDITIONS ON CYCLOPS 
<
CYL> BID


    NEW YORK, March 23 - 
Cyacq Corp, an investor group bidding
for Cyclops Corp, said it amended its outstanding 92.50 dlrs a
share tender offer for Cyclops to eliminate two conditions and
modify a third one.
    The group, which includes Audio/Video Affiliates Inc and a
unit of Citicorp 
<
CCI>, said it also obtained additional
financing commitments, including an increased commitment from
Citicorp Capital Investors Ltd.
    The conditions that were eliminated are Cyacq's request for
non-public information about Cyclops that was previously
provided to Dixons Group PLC and Cyacq's being satisified that
the information provides an adequate basis for Cyclop's
published financial projections.
    Cyclops has agreed to be acquired Dixons Group, which has a
90.25 dlrs a share tender offer for Cyclops outstanding. Dixons
said earlier it would allow the offer to expire tonight.
    The condition that was modified, which required Cyacq to be
satisfied that break up fees or other obligations to Dixons
were rescinded or ineffective, now says Cyclops shall not have
paid any such fees or expenses to Dixons prior to the
consummation of Cyacq's offer.
    Cyacq's amended offer expires midnight New York time on
April three, 1987, unless extended.
    Manufacturers Hanover Trust Co and CIT Group/Business
Credit Inc increased its tender offer commitment to 197 mln
dlrs from 166 mln dlrs and its merger commitment to 275 mln
dlrs from 250 mln dlrs.
    Additionally, the Citicorp unit and Audio/Video have
increased their commitments to Cyacq to 185 mln dlrs. Of the
new total, 150 mln dlrs has been committed by Citicorp.
    Cyacq said it estimates that it needs 407.5 mln dlrs to buy
all Cyclops shares that may be tendered and pay related fees
and expenses.
    It said it is seeking to arrange the balance of about 25.5
mln dlrs necessary to complete the offer.
    All previously announced conditions regarding the lending
group led by Manufacturers Hanover remain in effect, except
that the loans are subject to the concurrent receipt by Cyacq
of equity contributions and other financing of not less than
210.5 mln dlrs for the tender offer facility and 213.5 mln dlrs
for the merger facility.
    Cyacq also said the Citicorp unit had received no
indications of interest in an alternative offer it had made
from Dixons, Cyclops or Alleghany Corp 
<
Y>, which has agreed to
acquire Cyclops' industrial group from Dixons.
    Under the alternative offer, the Citicorp unit, with
Cyacq's approval, proposed to acquire the industrial group from
Dixons.
 Reuter
3;
bodyend
documentend
documentstart
8933
topicstart
tin
topicend
bodystart
2;

TIN PACT EXTENSION LIKELY - ITC DELEGATES


    LONDON, March 24 - 
An extension of the sixth International
Tin Agreement, ITA, for one or two years beyond June 30 is
increasingly likely, International Tin Council, ITC, delegates
said following a special council session today.
    A formal decision will be taken at the quarterly council
session on April 8-9 when decisions are needed on the budget
and activities for the year beginning July one, they stated.
    Delegates said most countries now favour a continued legal
ITC presence to answer the still unresolved legal disputes over
the outstanding debts of its buffer stock with court hearings
likely to continue well after the June 30 expiry of the pact.
    The ITC was informally told of the appeal made yesterday by
Amalgamated Metal Trading Ltd, AMT, against the January court
ruling against it in the legal bid it led on behalf of ITC
creditor brokers to have the ITC wound up.
    In January the judge ruled that the U.K. Court had no
jurisdiction to wind up the tin council, the ITC was not an
association within the meaning of the U.K. Companies act, and
the winding-up petition was not a proceeding in respect in
respect of an arbitration award.
    AMT is appealing on all points and has said it is important
for the court to accept that a winding-up petition is a move to
enforce an arbitration ruling.
 Reuter
3;
bodyend
documentend
documentstart
8935
topicstart
earn
topicend
bodystart
2;

SIGMA RESEARCH ONC 
<
SIGR> 2ND QTR DEC 31 LOSS


    SEATTLE, Wash., March 24 -
    
Shr loss 27 cts vs profit one ct
    Net loss 532,376 vs profit 15,584
    Revs 1,899,719 vs 2,432,256
    Six mths
    Shr loss 78 cts vs profit two cts
    Net loss 1,521,002 vs profit 30,145
    Revs 3,235,907 vs 5,276,119
    Note: year ago net includes gain from tax carryforwards of
5,000 dlrs in quarter and 9,000 dlrs in year.
   
 Reuter
3;
bodyend
documentend
documentstart
8937
topicstart
topicend
bodystart
2;

TIME 
<
TL> BEGINS DEBT TENDER, FILES SHELF


    NEW YORK, March 24 - 
Time Inc said it began a tender offer
for all of its 150 mln dlrs of outstanding 10-5/8 pct notes due
Oct 15, 1992.
    The publishing company also said it filed a shelf
registration with Securities and Exchange Commission covering a
total of 500 mln dlrs of debt securities to be offered and sold
from time to time.
    Under the tender, the company will repurchase the 10-5/8
pct notes at 1,116.50 dlrs per 1,000 dlrs principal amount plus
accrued interest to date of payment. The offer will expire 1700
New York time April 1, 1987, unless extended.
    Payment will be made not later than five business days
following expiration of the tender offer. Salomon Brothers Inc
is exclusive agent for purchase of the notes, Time said.
    Under the shelf registration, Time currently plans to issue
about 250 mln dlrs of 30-year debentures to be used in
connection with the tender offer and its previously announced
plans to redeem its Eurodollar debt issue.
    The debentures will be sold through a syndicate of
underwriters managed by Salomon Brothers Inc and First Boston
Corp.
 Reuter
3;
bodyend
documentend
documentstart
8938
topicstart
topicend
bodystart
2;

MORGAN FILES COMPLAINT AGAINST METROMEDIA


    SECAUCUS, N.J., March 24 - 
<
Metromedia Co> said Morgan
Guaranty Trust Co of New York filed a complaint against
Metromedia for default under the indenture to which its
subordinated debentures are outstanding.
    The debentures were issued in June 1984 in connection with
Metromedia's leveraged buyout. Morgan Guaranty, the trustee
under the indenture, said Metromedia's liquidation constituted
an event of default.
    It is requesting Metromedia pay 100 pct of the principal
amount plus a default amount equal to 575 dlrs per 1000 dlr
principal amount of the debentures.
    Metromedia said only five pct of the debentures remain
outstanding as a result of a November 1986 purchase offer and
previous offers under which Metromedia bought 103 mln dlrs
principal amount of debentures at 803.70 dlrs per 1,000 dlr
principal amount.
    Notwithstanding such technical default, Metromedia, which
dissolved on December 17, 1986, said it will pay all of its
liabilities.
   
 Reuter
3;
bodyend
documentend
documentstart
8940
topicstart
earn
topicend
bodystart
2;

KODAK 
<
EK> TO CUT POLYESTER FIBER OPERATIONS


    ROCHESTER, N.Y., March 24 - 
Eastman Kodak Co said it will
reduce capacity and employment levels in two polyester fiber
operations of its Eastman Chemicals division.
    A company spokesman said the company will take "some
writeoff" in connection with the action in the first quarter
and there will probably be a further "carryover" writeoff in
the second quarter.  The writeoffs will cover the costs of
plants and equipment involved, as well as expenses connected
with the staff cuts.
    Kodak said the division will discontinue production of
polyester partially-oriented filament yarn, or POY, at its
Carolina Eastman Co plant in Columbia, S.C., and will idle 100
mln pounds of older polyester staple fiber production capacity,
mostly in Columbia.
    The company said about 350 jobs will be affected in
Columbia, most of which are now performed by contract workers,
and about 225 jobs at its Tennessee Eastman Co plant in
Kingsport, Tenn.
    Kodak said part of the staff reduction will be achieved
through an enhanced voluntary separation and retirement plan
for employees of Carolina Eastman, Eastman Chemical Products
Inc and other Kodak units in Kingsport, except Holsten Defense
Corp. Most of the workforce reduction is expected to be
completed by April 30.
    Kodak said depressed prices and poor financial performance
have led to the decision. It said about 50 mln pounds of POY
production will be shut down as a result of its exit from the
business. All Kodak POY production has been at Carolina Eastman
since last year.
    The company said annual capacity for production of Kodel
polyester staple fiber will be reduced to 400 mln pounds from
500 mln due to lesser demand.
    It said it will proceed with a previous decision to phase
in a new 100 mln pound staple fiber plant at Carolina Eastman.
    Carolina Eastman employs about 1,350 and the Kingsport
units affected about 10,800.
    The company spokesman later said the charges will be
insignificant and will have no impact on earnings estimates.
 Reuter
3;
bodyend
documentend
documentstart
8941
topicstart
grain
corn
topicend
bodystart
2;

HEAVY SIGNUP SEEN IN 1987 CORN PROGRAM - USDA


    WASHINGTON, March 24 - 
With less than a week remaining to
enroll in the 1987 feedgrains program, Agriculture Department
officials said that final signup will probably exceed last
year's level of 85 pct.
    Enrollment in USDA's basic acreage reduction program will
likely total close to 90 pct, Agricultural Stabilization and
Conservation Service, ASCS, officials said, with 50 to 70 pct
of the enrolling farmers also expected to sign up for the paid
land diversion program.
    The signup period of the 1987 feedgrains program officially
ends at the close of the business day on March 30.
    USDA will release its official signup report around April
15, an official said.
    USDA personnel in the corn belt states of Iowa, Illinois,
and Indiana have been reporting heavy signup activity, an ASCS
official told Reuters.
    A surge of acitivity is expected during this final week of
signup, the official said.
    "A lot of farmers have been dragging their feet because
they were anticipating some changes in the program, but that
doesn't look very likely now," he said.
    To enroll in the 1987 feedgrains program, farmers have to
set aside 20 pct of the program acreage base, and have the
option to idle an additional 15 pct under a paid land diversion
program.
 Reuter
3;
bodyend
documentend
documentstart
8942
topicstart
topicend
bodystart
2;
******
IBM CALLS 250 MLN DLRS OF 9-7/8 PCT NOTES FOR REDEMPTION

Blah blah blah.
3;


bodyend
documentend
documentstart
8943
topicstart
grain
topicend
bodystart
2;

ILLINOIS CO-OP FUTURES DISSOLUTION VOTE SET


    By Keith Leighty


    CHICAGO, March 24 - 
The shareholders of Illinois
Cooperative Futures Co., the futures trading arm of many
Midwest farm cooperatives for more than 25 years, will vote
Wednesday on its possible dissolution.
    The directors of the company called a special meeting and
recommended its dissolution last month, citing falling volume
and increasing costs.
    Sources close to the organization told Reuters the pullout
of Growmark, Inc., which holds more than 70 pct of the capital
stock, led to the call for dissolution.
    The possible demise of the cooperative has set clearing
houses scrambling for the trading business of the 85 regional
and local cooperatives that comprise its membership.
    Ironically, it was Growmark, at that time a regional farm
cooperative with major river terminal elevators, that founded
Illinois Cooperative Futures on December 1, 1960.
    But Growmark became affiliated last year with Archer
Daniels Midland of Decatur, Ill., and markets its grain through
a joint subsidiary of the two companies, ADM/Growmark.
    With that relationship, Growmark no longer needs to trade
futures through the cooperative, said Tom Mulligan, president
of the co-op.
    Membership in the company, which Mulligan termed a
cooperative of cooperatives, has declined from 99 in 1982. A
notable loss was AgriIndustries of Iowa, which became
affiliated with Cargill, Inc.
    Illinois Co-op's other members include such regional
cooperatives as Indiana Grain, based in Indianapolis, Goldkist,
of Atlanta, Ga., Midstates in Toledo, Ohio, Farmland Industries
in Kansas City, Mo., Farmers Commodities, Des Moines, and
Harvest States in Minneapolis.
    Some observors said the demise of Illinois Cooperative
Futures Co. is a serious blow to the cooperative system.
    Instead of banding together, the individual cooperatives
are forced to go their own ways, said the floor manager of one
cash house at the Chicago Board of Trade.
    Such a move would destroy the cohesiveness that gives farm
cooperatives an advantage in the market at a time that a few
major commercial companies are growing dominant, he said.
    Don Hanes, vice president for communications with the
National Council of Farm Cooperatives, said 5,600 cooperatives
exist today, down from 6,700 five years ago.
    "The period we've gone through in the past five years has
been quite a crunch," he said. "There's been a lot of
consolidation in the marketing co-ops."
    One problem, he said, is the co-ops sell the grain to the
major commercials for export, rather than exporting it
themselves, losing potential profits.
    But exporting grain requires heavy investments, and the
multi-million-dollar loss posted six years ago by Farmers
Export Co., a co-op set up to export grains, served "to make
folks gun-shy," Hanes said.
    Mulligan said he believes the dissolution, if it is
approved, is a result of change in the futures industry rather
than a change in U.S. agricultural economics.
    A grain dealer at one member co-op said the futures arm
"was a convenience, something that saved us a little bit of
money. (Its dissolution) will force us to change our way of
doing business."
    "We're sorry to see the co-op go by the wayside," he said.
"But there are lot of people out there to do business with.
There are plenty of capable firms."
    Steven W. Cavanaugh, vice president for grain marketing
with Indiana Grain, said he would prefer to trade futures
through a Chicago-based cooperative.
    "In terms of clearing our business as a unit as opposed to
individuals, there would be economic savings," he said but
added, "The times change and with changing times, come
different opinions of what businesses ought to be around."
    Cavanaugh said the possible demise of the futures arm had
nothing to do with its profitability. "I would guarantee you
that this company is not in trouble. It is a sound, healthy
organization."
    In the year ended February 28, 1986, the Illinois
Cooperative reported income of 10.2 mln dlrs and members'
equity, or net worth, of 8.3 mln dlrs. The annual report for
the most recent year has not been filed.
    Under the cooperative system, income from operations is
returned as "patronage refunds" to the members.
    Income and refunds in the past five years have been
declining. In the year ended February 28, 1982, the co-op
reported income of 17.4 mln dlrs and patronage refunds of 17.0
mln dlrs. Patronage refunds in the year ended February 28,
1986, totalled 9.5 mln dlrs.
    "You're dealing with substantially lower volume," Mulligan
said. "Lower volume translates into higher costs."
    According to the company's 1986 annual report, Growmark
owns 90 pct of the preferred shares and four pct of the common
shares of Illinois Cooperative Futures Co.
    Mulligan declined to speculate on how much of the capital
Growmark is entitled to. He said he could not determine the
figure unless the shareholders decide in favor of dissolution.
Equity is distributed according to each member's trading volume
and, as a result, changes from year to year.
    However, Mulligan said the company could continue to meet
minimum capital requirements to trade futures even if Growmark
pulled out.
 Reuter
3;
bodyend
documentend
documentstart
8944
topicstart
acq
topicend
bodystart
2;

CONRAC 
<
CAX> SOARS FOLLOWING MARK IV 
<
IV> BID


    By Cal Mankowski, Reutersd


    NEW YORK, March 24 - 
Heavy buying by speculators boosted
Conrac Corp 7-7/8 to 29, higher than a 25-dlr-per-share cash
tender offer announced by Mark IV Industries Inc 
<
IV>.
    "It's a case of ChemLawn euphoria," said one arbitrageur,
referring to a recent hostile tender that began at 27 dlrs per
share and ended when ChemLawn Corp 
<
CHEM> found a white knight
willing to bid 36.50 dlrs.
    For Conrac, the arbitrageur said, 28 dlrs per share seemed
like an "appropriate price." Another said "it's too early to
project the outcome."
    "The market is speaking for itself and saying the 25 dlr
offer is inadequate," the second arbitrageur said. But he added
it was hard to make a case for Conrac being worth much more
than the 29 dlrs where the shares traded today.
    He noted the stock recently sold in the high teens and
there could be a downward risk of 10 dlrs or more if Conrac is
able to thwart Mark IV.
    Conrac urged shareholders to take no action while its board
studies the offer and confers with advisers. Conrac said it
would make a recommendation by April 17.
    A third arbitrageur noted Mark IV had been involved in
several takeovers previously and has proven itself to be a
determined bidder. "They're not beginners," he said.
    Another said Conrac might have trouble if it tried to find
another buyer. "It's a hodge-podge of non-related businesses,"
he said. "There is only a small universe of people who would
want to own the company as it's presently structured."
    Conrac is involved in video displays, computer software,
aircraft instruments, telephone answering machines, welding
equipment and other products.
    "I'm telling retail clients to sell and leave the rest for
those who can take the risk," said Rudolph Hokanson, analyst at
Milwaukee Co.
    He called the 25-dlr offer by Mark IV "fair value but on
the low side." "I don't think management was looking for a
buyer in any way before this offer," he said.
    Hokanson said Conrac has conservative finances and has
developed a reputation for quality products that serve niche
markets. He said management has done a good job of turning
around the telephone answering machine business.
 Reuter
3;
bodyend
documentend
documentstart
8945
topicstart
acq
topicend
bodystart
2;

LASER PHOTONICS 
<
LAZR> SELLS COMMON SHARES


    ORLANDO, Fla., March 24 - 
Laser Photonics Inc said it sold
615,385 shares of its common stock to investors for one mln
dlrs under a previously-announced agreement.
    In connection with the investment, the company said it will
restructure its board. There will be eight members, three of
whom were designated by the new investors, the company said.
The group of investors include affiliates of 
<
Radix
Organization Inc>, the company said.
    Richard Gluch Jr resigned from the board. Joining the board
were Leonard Lichter, Pierre Schoenheimer and Roger Kirk, the
investors' designates, the company added.
    Other members of the board are chairman Don Friedkin,
president and chief executive officer Mark Fukuhara, and Jay
Watnick, Ira Goldstein, Thurman Sasser and Michael Clinger.
 Reuter
3;
bodyend
documentend
documentstart
8946
topicstart
earn
topicend
bodystart
2;

CROWLEY, MILNER AND CO
<
COM> 4TH QTR JAN 31 NET


    DETROIT, March 24 -
    
Shr 4.11 dlrs vs 3.51 dlrs
    Net 2,091,000 vs 1,785,000
    Sales 38.8 mln vs 34.3 mln
    Year
    Shr 3.42 dlrs vs 3.57 dlrs
    Net 1,740,000 vs 1,815,000
    Sales 113.0 mln vs 104.1 mln
    Qtly div 25 cts vs 25 cts previously
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
8947
topicstart
acq
topicend
bodystart
2;

CONRAC 
<
CAX> URGES NO ACTION ON BID


    STAMFORD, Conn., March 24 - 
Conrac Corp said it is asking
shareholders to take no action on the 25-dlr-per-share tender
offer for all its shares launched this morning by Mark IV
Industries Inc 
<
IV>.
    The company said its board will study the offer with
financial and legal advisors and make a recommendation to
shareholders by April 17.
 Reuter
3;
bodyend
documentend
documentstart
8948
topicstart
gold
topicend
bodystart
2;

<
D'OR VAL MINES LTD> FINDS HIGH-GRADE ORDER


    VANCOUVER, March 24 - 
D'Or Val Mines Ltd said a recent
drill hole from the surfrace has intersected high-grade ore in
a downdip extension of the Discovery Vein in its D'Or Val Mine
in northern Quebec.
    The company said 42.3 feet of the hole graded 0.92 ounce
per short ton of gold, including a 17.5 foot section grading
2.17 ounces.
    It said the zone is just below the projection of the
seventh level of the mine about 1,450 feet below the surface
and 820 feet west of the shaft.
    D'Or Val said this find and other recent ones will make
substantial contributions to the mine's ore reserves and grade.
 Reuter
3;
bodyend
documentend
documentstart
8949
topicstart
topicend
bodystart
2;

LVI GROUP INC 
<
LVI> FILES PREFERRED OFFERING


    NEW YORK, March 24 - 
The LVI Group Inc said it will file 
with the Securities and Exchange Commission a registration
statement covering 30 mln dlrs of a new issue of a convertible
exchangeable preferred stock of the company.
    The company said the offering will only be made by means of
a perspectus to be filed as part of the registration statement.
 Reuter
3;
bodyend
documentend
documentstart
8950
topicstart
ship
coffee
topicend
bodystart
2;

BRAZILIAN SEAMEN SAY 14,000 NOW BACK AT WORK


    SAO PAULO, March 24 - 
About 14,000 of Brazil's 40,000
seamen are now back at work after pay accords with 21 shipping
companies but the rest are still on strike, a spokesman at
strike headquarters said today.
    The seamen began a national stoppage on February 27.
    The spokesman, talking by telephone from Rio de Janeiro,
said 126 ships were strike-bound.
    He added that because of resignations by many seamen there
were scarcely any crews left on 38 of these ships.
    The seamen have settled in general for pay rises of 120 pct
with the 21 companies. Talks with the shipowners' association
Syndarma have been deadlocked over overtime.
    While exports have been delayed by the strike, exporters
say the problems have been manageable.
    "It hasn't been critical by any means," said a coffee trader
in Santos, who noted that coffee was still moving on foreign
ships.
    Economic analysts added, however, that any delay to exports
served to aggravate Brazil's balance of payments crisis, which
last month prompted the government to suspend interest payments
on 68 billion dlrs of commercial debt.
 Reuter
3;
bodyend
documentend
documentstart
8951
topicstart
interest
topicend
bodystart
2;

FED BUYS 500 MLN DLRS OF BILLS FOR CUSTOMER


    NEW YORK, March 24 - 
The Federal Reserve purchased about
500 mln dlrs of U.S. Treasury bills for a customer, a
spokeswoman said.
    She said that the Fed bought bills maturing in June and
July, and on August 27 and September 10 for regular delivery
tomorrow.
    Dealers said that Federal funds were trading at 6-1/8 pct
when the Fed announced the operation.
 Reuter
3;
bodyend
documentend
documentstart
8952
topicstart
topicend
bodystart
2;
******
REAGAN SIGNS GINNIE MAE BILL, VOICES CONCERN ON FEES CAP

Blah blah blah.
3;


bodyend
documentend
documentstart
8953
topicstart
topicend
bodystart
2;

IBM 
<
IBM> TO REDEEM 250 MLN DLRS OF NOTES


    STAMFORD, Conn., March 24 - 
International Business Machines
Corp's IBM Credit Corp subsidiary said it is calling for
redemption on May 15 all 250 mln dlrs of its 9-7/8 pct notes
due May 15, 1988 at 101 pct of principal amount.
    It said holders will receive accrued interest through the
redemption date.
 Reuter
3;
bodyend
documentend
documentstart
8954
topicstart
topicend
bodystart
2;

PHILADELPHIA ELECTRIC 
<
PE> SELLS MORTGAGE BONDS


    NEW YORK, March 24 - 
Philadelphia Electric Co is raising
250 mln dlrs via an offering of first and refunding mortgage
bonds due 2017 yielding 9.40 pct, said lead manager Morgan
Stanley and Co Inc.
    Morgan led a group that won the bonds in competitive
bidding. It bid them at 98.859 and set a 9-3/8 pct coupon and
reoffering price of 99.75 to yield 170 basis points over the
off-the-run 9-1/4 pct Treasury bonds of 2016.
    Non-refundable for five years, the issue is rated Baa-3 by
Moody's and BBB-minus by S and P. Co-managers are Daiwa, Dillon
Read, Drexel Burnham and Wertheim Schroder.
 Reuter
3;
bodyend
documentend
documentstart
8955
topicstart
topicend
bodystart
2;

REAGAN SIGNS GNMA BILL WITH RESERVATIONS


    WASHINGTON, March 24 - 
President Reagan signed a bill
limiting fees that may be charged by the Government National
Mortgage Association (GNMA) for its guarantees of privately
issued mortgage-backed securities but voiced serious
reservations about the measure.
    He said the bill's provision barring GNMA from increasing
its current fee of .06 pct charged to issuers of single-family
mortgage backed securities "is an unnecessary and risky
congressional intrusion into GNMA's ability to respond quickly
and flexibly to changes in financial markets."
    Reagan said his reservations "must be addressed promptly
through remedial amendments."
    Reagan said the provision hampered GNMA's ability to
maintain reserves necessary to meet its obligations,
"particularly in light of a disturbing increase in claims and in
GNMA's contingent liabilities."
    Reagan said the legislative cap on fees "could well call
into question the adequacy of GNMA's  current reserve of 1.4
billion dlrs, given the 250 billion in GNMA-guaranteed
securities presently outstanding and GNMA's monthly contingent
liability of three billion dlrs."
    Reagan said he had instructed Housing Secretary Samuel
Pierce to work with Congress to draft revisions to the
legislation.
 Reuter
3;
bodyend
documentend
documentstart
8956
topicstart
earn
topicend
bodystart
2;

PENN TRAFFIC CO 
<
PNF> 4TH QTR JAN 31 NET


    JOHNSTOWN, Penn., March 24 -
    
Shr 33 cts vs 46 cts
    Net 1,350,000 vs 1,886,000
    Revs 150.1 mln vs 127.9 mln
    Year
    Shr 1.76 dlr vs 1.59 dlr
    Net 7,300,000 vs 6,567,000
    Revs 548 mln vs 510.5 mln
    NOTE: First three quarters of 1986 have been restated to
reflect adoption in 4th qtr of new pension accounting procedure
which increased net income in first three qtrs 204,000 dlrs or
five cts per share. Procedure increased fourth qtr income
73,000 dlrs or two cts per share.
 Reuter
3;
bodyend
documentend
documentstart
8958
topicstart
topicend
bodystart
2;

FNMA DELAYS DEBENTURE OFFERING ANNOUNCEMENT


    WASHINGTON, March 24 - 
The Federal National Mortgage
Association said it will announce its coming debenture offering
next Monday instead of this Friday as originally scheduled.
    It said the debentures, which are for settlement April 10,
will be priced next Tuesday and the offering will take place
April 1.
 Reuter
3;
bodyend
documentend
documentstart
8959
topicstart
earn
crude
topicend
bodystart
2;

CALUMET INDUSTRIES 
<
CALI> SEES 2ND QTR LOSS


    CHICAGO, March 24 - 
Calumet Industries Inc said it expects
to report a loss from operations for its second quarter ending
March 31, despite a strong unit sales increase.
    In the same year-ago period the company reported net income
of 366,953 dlrs, or 18 cts a share.
    Chairman S. Mark Salvino said the expected loss is
primarily due to depressed product prices not recovering the
increasing cost of crude oil.
    Salvino also said steadier crude prices and the reduced
rate of refinery production should increase product prices and
lead to a return to more normal profit margins.
    He reported that the 23 mln dlr HydroCal II system under
construction at the company's refinery in Princeton, La., is on
schedule and production will begin early in fiscal 1988.
 Reuter
3;
bodyend
documentend
documentstart
8960
topicstart
topicend
bodystart
2;

WAINOCO OIL 
<
WOL> RECAPITALIZING COMPANY


    HOUSTON, March 24 - 
Wainoco Oil Corp said it is undergoing
a recapitalization program with a proposed offering of two mln
units consisting of common shares and warrants, the planned
redemption of its shareholder value rights, and a change in its
corporate structure that substantially reduces futurer income
taxes.
    Wainoco said it had filed a registration statement with the
Securities and Exchange Commission for the offering of the two
mln units consisting of two shares of common stock and one
warrrant per unit for a total of four mln shares of common
stock and two mln warrants.
    Included in the two mln units to be offered are 280,000
shares of common stock to be sold by 
<
Waverly Oil Co>,
 a selling shareholder of Wainoco, it said.
    Proceeds of the offering will be used to reduce bank debt,
the company said. It said its outstanding 10-3/4 pct
subordinated debentures may be used at face value to pay the
exercise price of the warrants.
    Wainoco said the offering will be underwritten by  E.F.
Hutton and Co Inc, Kidder Peabody and Co Inc, and Smith Barney
harris Upham Inc.
    Simultaneous with the offering, Wainoco said it intends to
redeem its shareholder value rights attached to each common
share at 10 cts per right. Wainoco said without redemption of
the value rights, the company would not have sufficient
authorized and unissued shares of common stock to complete the
units offering.
    Due to certain covenants under the company's 10-3/4 pct
subordinated debentures, the value rights redemption is
contingent upon the success of the units offering, it said.
    Wainoco's said its shareholders purchase rights distributed
to the shareholders in June 1986 are unaffected and remain
valid.
    It said as a result of the liquidation of its Canadian
subsidiary into the parent company, it will be able to offset
all of its corporate overhead expenses and some of its
debenture interests against Canadian income for tax purposes.
    Wainoco said its pool of future Canadian tax deductions has
been increased by an amount which should generate savings that
will exceed existing deferred income tax liability.
    Existing U.S. tax loss carryforward benefits in the U.S.
are not materially affected, the company said. It added this
will considerably reduce future income taxes in Canada and add
to Wainoco's net income and cash flow for a number of years.
    John Ashmun, chairman of Wainoco, said "as a result of this
recapitalization, Wainoco will be in a strong financial
position.
    "Our net income and cash flow will benefit from lower
interest expense, lower Canadian taxes, and the considerable
savings achieved over the past few years from cost reductions,"
he said.
    Ashmun said the company will be able to "utilize enhanced
cash flow to develop its large resource base and explore for
additional reserves at a time when exploration and development
costs are low and opportunities abound rather than using a
disproportiaonate share of cash flow for debt service."
 Reuter
3;
bodyend
documentend
documentstart
8961
topicstart
cocoa
topicend
bodystart
2;

COCOA BUFFER STOCK ACCORD CLOSER, DELEGATES SAY


    By Lisa Vaughan, Reuters


    LONDON, March 24 - 
The International Cocoa Organization
(ICCO) moved closer to an agreement on buffer stock rules, with
many delegates saying they expect to reach an accord by Friday.
    "Everyone is convinced the buffer stock rules should be in
place by Friday so the buffer stock can be put into operation
Monday," a consumer delegate said. "The atmosphere is excellent."
    Other delegates said the buffer stock might not be
operational by Monday but could be in place by around April 1,
if the rules are agreed by Friday.
    A detailed package on how the buffer stock manager will buy
and sell cocoa was presented to a buffer stock working group
this afternoon -- a big step toward a "very interesting stage of
negotiations," delegates said.
    The package, based on negotiating principles informally
agreed by delegates, has been forged bit by bit during
fortnight-long meetings by ICCO Executive Director Kobena
Erbynn and a small group of other delegates.
    Producers, the European Community (EC) and consumers are
scheduled to consider the paper separately and then jointly
tomorrow.
    Under the proposal, the buffer stock manager would buy
cocoa from origins or the second-hand market on an offer
system. He would alert the market via news agencies as to when
he wanted to buy cocoa and include shipment details and tonnage
desired, delegates said.
    The manager would buy cocoa on a competitive basis, rather
than choosing the cheapest cocoa as before, giving preference
to ICCO member-country exporters. Standard price differentials
would be fixed for each origin, similar to golf handicaps, to
determine the relative competitiveness of offers of various
cocoas from different origins, they said.
    The differentials could be reviewed at the request of a
member country or recommendation of the buffer stock manager,
the delegates said. Revision would be decided by a majority
vote of the ICCO council.
    Buffer stock purchases from non-ICCO member countries would
not be allowed to exceed 10 pct of the total buffer stock, they
said.
    The purchases would be limited to 5,000 tonnes of cocoa per
day and 20,000 tonnes per week, and could be bought in nearby,
intermediate and forward positions, they added.
    One of the underlying ideas of the rules package is
"transparency," meaning virtually all the buffer stock manager's
market activities will be public and he will have as little
discretion as possible, delegates said.
    After the tin market collapse in 1985, when the
International Tin Council buffer stock ran out of funds, cocoa
delegates are anxious to install safeguards in the cocoa market
mechanism, they said.
     Earnest debate on the buffer stock proposal is expected to
begin late tomorrow, as delegations feel the pressure of the
approaching Friday deadline, when the ICCO meeting is due to
adjourn, delegates said.
    The ICCO failed to agree buffer stock rules in January when
the new International Cocoa Agreement came into force. The
existing buffer stock of 100,000 tonnes of cocoa was frozen in
place with its bank balance of 250 mln dlrs -- both untouchable
until rules are agreed.
     Though the current semi-annual council meeting is not the
last chance for delegates to cement buffer stock rules,
producers are keen to get the wheels of the market-stabilizing
mechanism turning to stem the decline in world prices,
delegates said.
 Reuter
3;
bodyend
documentend
documentstart
8962
topicstart
acq
topicend
bodystart
2;

FINANCIAL CORP 
<
FIN> NOT HOLDING BUYOUT TALKS


    IRVINE, Calif., March 24 - 
Financial Corp of America said
it is not holding discussions with anyone regarding a buyout of
the company.
    But a spokeswoman pointed out that Financial Corp has said
publicly for nearly two years that in the company's view a
merger would be one method of increasing the company's capital.
    "If an opportunity arises for us to strengthen our capital
position quickly we would be very open to it," the spokeswoman
said.
    Financial Corp would need over one billion dlrs to bring
its regulatory net worth up to Federal Savings and Loan
Insurance Corp requirements, the spokeswoman said.
    In addition, she said that the Federal Home Loan Bank
Board, in a letter dated January 26, 1987, stated that through
March 31, 1988 it will continue to support the company's
efforts to restructure its balance sheet, maintain profitable
operations and augment net worth.
 Reuter
3;
bodyend
documentend
documentstart
8963
topicstart
topicend
bodystart
2;

MEXICO SEES COMPROMISE ON IADB REFORMS


    MIAMI, March 24 - 
There is a good chance that the United
States and Latin America will agree reforms in the
Inter-American Development Bank (IADB) as a result of talks
yesterday with U.S. Treasury Secretary James Baker, Mexican
Finance Minister Gustavo Petricioli said.
    "This is a complex issue, but I am very optimistic on an
agreement, he told reporters during the IADB's annual meeting
here.
    The U.S., which holds a 34.5 pct stake in the Bank, has
proposed lowering the veto power to 35 pct, a move strongly
opposed by Latin countries which together hold 54.2 pct.
    Petricioli said he saw the basis for a compromise when the
issue comes up again during the International Monetary Fund and
World Bank interim meetings next month in Washington.
    He said Baker had indicated receptivity to Latin America's
position during talks yesterday with the so-called "A"
countries - Brazil, Argentina and Mexico - who stand to suffer
a net deficit of IADB funding unless the Bank votes a
substantial capital increase.
    Proposals are on the table for a seventh replenishment of
funds totalling 20 billion dlrs for the period 1987-90, plus
2.9 billion carried over from the sixth replenishment.
    But Washington has previously said it would not agree to a
nine billion dlr increase in its subscription unless reforms
were agreed, a position described today by Nicaragua's Central
Bank governor Joaquin Cuadra Chamorro as undemocratic.
    Petricioli nevertheless said Baker showed "flexibility in
being prepared to accommodate different proposals" and promised
to look into alternatives.
    He said an alternative now being looked at was for new
procedures for delaying IADB loan approval, to satisfy U.S.
concern that lending is currently too lax, rather than a change
in the basic voting structure.
    There would accordingly be a two-step procedure whereby it
would need just a 35 pct vote to delay loan approval for a
year, after which a second review would require a 40 pct
blocking vote.
    "Any change in the basic voting structure would require a
change in the IADB's charter, and in turn a lengthy process of
prior approval by the Congresses of each country," Petricioli
said. In common with Venezuela, he expressed reservations on
the conditions that might be placed as a result of Washington's
proposals for increased IADB sectoral lending, but welcomed a
bigger role for the Bank in U.S. debt strategy.
 Reuter
3;
bodyend
documentend
documentstart
8964
topicstart
earn
crude
gas
topicend
bodystart
2;

PDVSA INCOME ON OIL SALES FELL 45 PCT IN 1986


     CARACAS, March 24 - 
The state oil company Petroeleos de
Venezuela ended 1986 with a decrease of 45 pct in income from
oil sales even though it surpassed its own export goal by
almost 100,000 barrels a day, Minister of Energy and Mines
Arturo Hernandez Grisanti said.
    Speaking to a news conference following the PDVSA annual
assembly, Hernandez said PDVSA's income from oil sales had
dropped to 7.2 billion dlrs in 1986, down 45 pct from last
year's 13.3 billion.
    Fiscal revenue from oil sales, which was estimated at 66
billion bolivares for 1986, totalled 43.5 billion, a drop of 34
pct which Hernandez said "had a very serious impact on
Venezuela."
    PDVSA's export volume averaged 1.508 mln barrels a day, of
which 658,000 bpd were crude oil and 850,000 bpd refined
products.
    The figure surpassed PDVSA's stated goal of 1.410 mln bpd
and the 1985 export volume of 1.371 mln bpd. But it was not
enough to cover the losses from a drop in the average price
from 25.88 dlrs per barrel in 1985 to 13.90 dlrs last year.
    The 13.90 per barrel price for 1986 was 1.01 dlrs higher
than the figure originally announced by the Central Bank.
Hernandez said the increase had come from a new accounting
system which included the results of PDVSA's overseas refining
and marketing operations.
    Consumption in Venezuela's internal market increased from
323,000 bpd in 1985 to 342,000 bpd last year. However,
Hernandez stressed that the government had managed to keep
gasoline sales almost constant at 164,000 bpd.
    Exploration by PDVSA led to an increase of 675 mln barrels
in reserves of light and medium crudes, shifting the balance of
Venezuela's reserves away from heavy crude oil. The country's
production capacity at year-end 1986 was 2.562 mln bpd, of
which 1.420 mln are light and medium crudes, Hernandez said.
     Venezuela's total proven reserves as of December 31, 1986
were 55.521 billion barrels, the fourth largest amount in the
world, Hernandez said.
 Reuter
3;
bodyend
documentend
documentstart
8965
topicstart
earn
topicend
bodystart
2;

AMERICAN NETWORK INC 
<
ANWI> DEC 31 YEAR NET


    PORTLAND, Ore., March 24 -
    
Shr profit 16 cts vs loss 1.40 dlrs
    Net profit 3,000,000 vs loss 6,570,000
    Revs 91.7 mln vs 66.9 mln
    Avg shrs 19,078,072 vs 4,708,896
    Note: Current year net includes nine mln dlr net gain from
settlement of litigation.
 Reuter
3;
bodyend
documentend
documentstart
8967
topicstart
topicend
bodystart
2;

RECENT PROPOSED OFFERINGS FILED WITH SEC


    WASHINGTON, March 24 - 
The following are proposed
securities offerings filed recently with the Securities and
Exchange Commission:
    Outboard Marine Corp - Up to 200 mln dlrs of debt
securities on terms to be set at the time of sale through an
underwriting group that is expected to include Salomon Brothers
Inc and Morgan Stanley and Co Inc.
    Osborn Communications Corp - Initial offering of one mln
shares of common stock and 30 mln dlrs of senior subordinated
ten-year notes through a group led by E.F. Hutton and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
8968
topicstart
earn
topicend
bodystart
2;

SIGNET BANKING CORP REGULAR DIVIDEND


    RICHMOND, Va, March 24 -
    
Qtly div 31 cts vs 31 cts prior
    Payable APril 22
    Record April three
 Reuter
3;
bodyend
documentend
documentstart
8969
topicstart
earn
topicend
bodystart
2;

MOTT'S SUPER MARKETS INC 
<
MSM> 4TH QTR JAN 3


    EAST HARTFORD, Conn, March 24 -
    
Shr loss 15 cts vs loss 1.12 dlrs
    Net loss 414,331 vs loss 3.1 mln
    Revs 73.8 mln vs 69.1 mln
    Year
    Shr loss 99 cts vs loss 1.69 dlr
    Net loss 2.7 mln vs loss 4.7 mln
    Revs 276.9 mln vs 290.1 mnln
 Reuter
3;
bodyend
documentend
documentstart
8970
topicstart
earn
topicend
bodystart
2;

ALEXANDER'S 
<
ALX> 2ND QTR FEB 7


    NEW YORK, March 24 -     
Shr 57 cts vs 72 cts
    Net 2.7 mln vs 3.3 mln
    Six months
    Shr 45 cts vs 84 cts
    Net 2.1 mln vs 3.8 mln
    NOTE:1987 six months includes 790,000 dlr charge. 1986 six
months includes 679,000 net gain.
 Reuter
3;
bodyend
documentend
documentstart
8971
topicstart
earn
crude
pet-chem
topicend
bodystart
2;

IMPERIAL OIL 
<
IMO.A> TO FOCUS ON HIGHER PROFIT


    TORONTO, March 24 - 
Imperial Oil Ltd, 70 pct owned by Exxon
Corp 
<
XON>, will focus on maintaining its financial strength
and improving near-term earnings performance through operating
expense reductions and selective capital spending, the company
said in the annual report.
    Imperial Oil said it expects to spend about 750 mln dlrs on
capital and exploration expenditures in 1987, compared to 648
mln dlrs in 1986 and 1.16 billion dlrs in 1985.
    Imperial previously reported 1986 operating net profit fell
to 440 mln dlrs or 2.69 dlrs share from 694 mln dlrs or 4.27
dlrs share in the prior year.
    Imperial Oil said the attention to earnings results from
the desire to pursue longer term growth opportunities should
the investment climate improve and the belief that low or
volatile crude oil prices could continue during the next
several years.
    The company also said actions initiated during 1986 to
restructure and improve efficiency should continue to show
benefits in 1987.
    During 1986, the company cut operating, administrative and
marketing expenses by 91 mln dlrs and reduced the number of
workers by 16 pct to 12,500.
    Imperial chairman Arden Haynes said in the annual report
that it is too early to determine whether the recent upward
movement in international oil prices will be sustained.
    "It is still a time for prudence and caution, and the
company's actions will continue to be based on the fundamentals
of market supply and demand," he said.
    Haynes said prospects for the company's petroleum products
division are more promising than before, but are still
uncertain. Imperial's 1986 petroleum earnings rose to 174 mln
dlrs from 102 mln dlrs in 1985.
    Haynes said more satisfactory product margins on its
petroleum products could result if demand recovers as it has in
the United States.
    The company's chemicals business outlook is mixed, Haynes
said. Prospects for growth in petrochemical sales is good as
long as economic growth continues, but future large grain
surpluses could dampen fertilizer demand and maintain pressure
on prices.
    Imperial's chemical business earned 17 mln dlrs in 1986,
compared to three mln dlrs in 1985.
 Reuter
3;
bodyend
documentend
documentstart
8972
topicstart
earn
topicend
bodystart
2;

NORTHEAST UTILITIES 
<
NU> YEAR


   HARTFORD, Conn, March 24 -
    
Shr 2.78 dlrs vs 2.55 dlr
    NEt 302.0 mln vs 271.6 mln
    REvs 2.0 billion vs 2.1 billion
 Reuter
3;
bodyend
documentend
documentstart
8974
topicstart
acq
earn
topicend
bodystart
2;

CPC 
<
CPC> TO SELL EUROPEAN BUSINESS


    NEW YORK, March 24 - 
CPC International Inc said it reached
an agreement in principle to sell its European corn wet milling
business to Agricola Finanziaria SpA, a member of the Ferruzzi
Group, for a price in excess of 600 mln dlrs.
    The transaction is expected to be completed by September
30.
    CPC said it expects no material gain or loss this year from
the transaction. But the effect of the deal on 1987 earnings
can be evaluated in full only when the definitive pacts are
completed, it said.
    The long-term effect of the transaction on CPC's earnings
should be positive, it added, as it will allow capital
expenditures to be cut back and will reduce corporate and
divisional overheads as well as operating expenses in the
European business.
    The sale is an important part of a restructuring announced
in November, CPC said.
    Proceeds of the sale will be used to reduce debt incurred
in the purchase of the Arnold Foods and Old London specialty
baking businesses and the stock repurchase program that was 
part of the restructuring.
    As of December 31, CPC had bought about 15 mln of its
common shares, adjusted for a 2-for-1 split in January, for a
total cost of 621.8 mln dlrs, according to its 1986 annual
report.
    In December, CPC acquired Arnold Foods and Old London for a
total of about 170 mln dlrs.
    CPC had previously said it wanted to sell the European corn
wet milling business and use the proceeds to help reduce debt,
including that incurred under the share buyback.
    In total, CPC has bought back about 16 mln shares of common
stock, adjusted for the split, it said today. In November it
authorized a buyback of 20 mln shares, adjusted for the split.
    The buyback and the restructuring were triggered in
November, after companies controlled by Ronald Perelman,
chairman of Revlon Group Inc 
<
REV>, acquired about 7.6 pct of
CPC's then outstanding stock.
    In 1986, the European corn wet milling business had sales
of 914.1 mln dlrs, operating income before overheads of 68.8
mln dlrs and associated headquarters overhead costs of 19.7 mln
dlrs, according to CPC's 1986 annual report.
    The businesses' assets were 645.7 mln dlrs in 1986, the
report said.
 Reuter
3;
bodyend
documentend
documentstart
8975
topicstart
acq
topicend
bodystart
2;

MOBEX COMPLETES GRANT INDUSTRIES 
<
GTX> TENDER


    LOS ANGELES, March 24 - 
Mobex Corp, a private building
product concern, said as of late yesterday it had accepted
about 2.3 mln shares or 98 pct of Grant Industries Inc under a
tender offer.
    The 7.75 dlrs a share cash offer expired at 2000 EST
yesterday. Mobex said its Mobex Acquisition Corp unit accepted
2,316,940 shares of Grant common, or about 98 pct of the
2,369,799 shares presently outstanding, at the tender price.
 
 Reuter
3;
bodyend
documentend
documentstart
8976
topicstart
earn
topicend
bodystart
2;

LEUCADIA NATIONAL CORP 
<
LUK> 4TH QTR NET


    NEW YORK, March 24 -
    
Shr 3.28 dlrs vs 22 cts
    Shr diluted 2.99 dlrs vs 22 cts
    Net 46.0 mln vs 3,328,000
    Avg shrs 14.0 mln vs 15.2 mln
    Year
    Shr 5.41 dlrs vs 1.56 dlrs
    Shr diluted 4.94 dlrs vs 1.50 dlrs
    Net 78.2 mln vs 25.9 mln
    Avg shrs 14.5 mln vs 15.1 mln
    NOTE: earnings per share reflect the two-for-one split
effective January 6, 1987.
    per share amounts are calculated after preferred stock
dividends.
    Loss continuing operations for the qtr 1986, includes gains
of sale of investments in Enron Corp of 14 mln dlrs, and
associated companies of 4,189,000, less writedowns of
investments in National Intergroup Inc of 11.8 mln and BRAE
Corp of 15.6 mln.
 Reuter
3;
bodyend
documentend
documentstart
8977
topicstart
acq
topicend
bodystart
2;

TELECOM 
<
TELE> COMPLETES SALE


    BOCA RATON, Fla, March 24 - 
Telecom Plus INternational Inc
said it completed the sale of its 65 pct interest in Tel Plus
Communications Inc to Siemens Information Systems INc for about
173 mln dlrs.
    Telecom received 107 mln dlrs at closing with the balance
to be paid in installments. Siemen said it will dispute various
matters in the financial statement issues and other matters, it
said.
 Reuter
3;
bodyend
documentend
documentstart
8978
topicstart
cocoa
topicend
bodystart
2;

HAITI, CZECHOSLOVAKIA JOIN COCOA ORGANIZATION


    LONDON, March 24 - 
Haiti and Czechoslovakia have joined the
International Cocoa Organization (ICCO), bringing membership in
the United Nations charter body to 18 importing countries and
17 exporters, ICCO officials said.
    Haiti has provisionally applied to the ICCO as an exporting
member, and accounts for 0.92 pct of world cocoa exports, they
said. Czechoslovakia joined as an importer.
 Reuter
3;
bodyend
documentend
documentstart
8979
topicstart
earn
topicend
bodystart
2;

INTEGRATED RESOURCES INC 
<
IRE> 4TH QTR NET


    NEW YORK, March 24 -
    
Oper primary shr 1.03 dlr vs 2.55 dlrs
    Oper diluted shr 94 cts vs 1.76 dlrs
    Oper net 15.2 mln vs 23.4 mln
    Revs 272.0 mln vs 232 mln
    Avg shrs primary 7,625,000 vs 5,534,000
    Avg shrs diluted 12.3 mln vs 10.3 mln
    Year
    Oper shr 1.06 dlr vs 3.17 dlrs
    Oper net 39 mln vs 56.1 mln
    Revs 830.2 mln vs 657.9 mln
    Avg shrs 7,490,000 vs 5,557,000
    NOTE: 1986 oper net excludes 10.4 mln dlrs for discontinued
operations.
    1985 4th qtr excludes a loss of 4,570,000 dlrs and
6,330,000 dlrs, respectively, for discontinued operations.
    1986 oper net excludes a 10.5 mln dlr or 1.40 dlr per shr
loss from early extinquishment of notes.
    1986 and 1985 oper per share amounts are reported after
paying 31.0 mln dlrs and 38.5 mln dlrs, respectively, for
preferred stock dividends.
    1986 and 1985 4th qtr per share amounts are reported after
paying 7,292,000 dlrs and 9,333,000 dlrs, respectively, for
preferred stock dividends.
    1985's discontinued operations are restated.

 Reuter
3;
bodyend
documentend
documentstart
8980
topicstart
topicend
bodystart
2;

NEW S.AFRICA ACCORD WITH BANKS BROUGHT COMPROMISE


    By Marguerite Nugent, Reuters


    LONDON, March 24 - 
A new agreement covering the repayment
of part of South Africa's foreign debt represents a compromise
between that country and its commercial bank creditors
following several weeks of intense and difficult negotiations,
senior banking sources said.
    In Pretoria, Reserve Bank Governor Gerhard De Kock termed
the agreement a "good deal" for both South Africa and the banks.
    But as one senior banker noted, "It is probably the best we
could hope for. We (the banks) wanted more money and they (the
South Africans) didn't want to pay."
    The new agreement will extend for three years the
standstill arrangement that has been in place since August 1985
and which was due to expire on June 30.
    Depending on the maturity of the various debts, banks will
receive on July 15 repayments representing three pct of the
arrears and the overdue debt covered by the standstill.
    It also will require the repayment over the life of the
standstill of another 10 pct of the overdue debt spread over
six month invervals and depending on the maturity of the
various debts for a total of slightly more than 1.4 billion
dlrs.
    Last year South Africa repaid about 500 mln dlrs out of the
14 billion dlrs covered by the standstill. At the time, bankers
had argued - unsuccessfully - for a larger repayment given the
country's trade surplus of 2.5 billion dlrs.
    Bankers had hoped that this time they could secure an even
larger repayment of around one billion dlrs. Although there had
been speculation that the standstill would be extended for
three years, many did not believe that a long term pact would
be acceptable to U.S. banks. Those banks have taken a hard line
in the negotiations because of America's strong anti-apartheid
policies.
    The agreement reached today differs very little from the
one reached a little over a year ago. However, it does include
one moderation of an option contained in that pact which
introduces yet another "catchphrase" into the jargon for
reschedulings.
    The new agreement contains an "exit vehicle" under which
banks can convert their debt into 10 year loans. Under the
previous agreement banks were only given options for three year
loans.
    While the option may be unpalatable to the U.S. banks, it
could offer others a potential repayment of slightly more than
half their investment over the next seven years.
    To convert the debts, a bank would have to find a borrower
looking for a loan with a 10-year maturity and then negotiate
individually the interest rates to be charged.
    The loans would not represent any new money and as the loan
would be the obligation of the new borrower there would be a
repayment stream that could give the bank as much as 52 pct of
face value by year seven, one banker said.
    Bankers suggested that depending on a banks' political and
economic forecasts for South Africa, if it decided to take the
option it may not have much difficulty finding such borrowers.
They noted that South Africa's Public Investment Commission is
an active borrower in this area of the market.
    Today's agreement was reached between South Africa's chief
debt negotiator Chris Stals, who chairs its Standstill
Coordinating Commmittee and representatives of the 12 banks on
the commercial bank technical committee.
    The bankers said that telexes will be sent today to the
country's other 330 bank creditors and that documentation
covering the proposal will be mailed out shortly.
    Because of the banks' sensitivity to South Africa's
apartheid regime, the previous negotiations were conducted with
Fritz Leutwiler, the former head of the Swiss National Bank,
acting as mediator.
    Leutwiler was not involved with these talks and has not
involved himself in the negotiations since last year, the
bankers said.
    Last time, the banks sent their responses on the proposal
to Leutwiler who in turn notified the South Africans. This time
the procedure will be less structured and will be up to the
individual banks as to how they wish to handle it.
    Although talks had been held in recent weeks between the
South Africans and the banks, the completion of the agreement
on the repayments took many in the financial community by
surprise.
    A review of South Africa's economy by the technical
committee's economic sub-committee was to be held in February
while the talks for the rescheduling were due to start some
time this month or next month.
    However, the bankers said that because of all the publicity
which surrounds South African debt negotiations, the meetings
were kept secret.
 Reuter
3;
bodyend
documentend
documentstart
8981
topicstart
earn
topicend
bodystart
2;

WEAN UNITED INC 
<
WID> 4TH QTR


    PITTSBURGH, March 24 -
    
Shr loss one dlr vs profit seven cts
    Net loss 3.0 mln vs profit 349,000
    Revs 35.6 mln vs 49.3 mln
    Year
    Shr loss 2.87 dlrs vs loss 2.71 dlrs
    Net loss 8.4 mln vs loss 7.9 mln
    Revs 140.3 mln vs 169.2 mln
    NOTE:earnings reflect preferred dividend requirements, 1986
year includes one-time gain of 1.2 mln dlrs
 Reuter
3;
bodyend
documentend
documentstart
8982
topicstart
trade
topicend
bodystart
2;

U.S. HOUSE PANEL EASES SOVIET EXPORT CONTROLS


    WASHINGTON, March 24 - 
The U.S. House Foreign Affairs
Committee voted to ease restrictions on exports that are now
kept from shipment to Soviet-bloc countries but are no longer a
threat to U.S. national security.
    The Democratic-controlled committee said the
administration's export control policies, which restrict
shipment of thousands of products, contributed to last year's
record 169 billion dlr U.S. trade deficit.
    The committee said the legislation will cut government red
tape and make it easier for U.S. companies to compete with
foreign producers since many of the goods are readily available
from other countries.
    Rep. Don Bonker, chairman of the International Economic
Policy subcommittee, said the unnecessary restrictions had cost
the U.S. 17 billion dlrs in exports a year.
    "This is Congress' number one opportunity to attack the
trade deficit in a positive way by exporting more," the
Washington Democrat said.
    The legislation would order the Commerce Department to lift
controls on 40 pct of goods on the restricted export list over
the next three years unless other countries agree to comparable
controls.
    Most of these are of the least sophisticated type of
technology such as medical instruments.
    It would also give the Commerce Department primary
authority to decide which exports will be permitted and limit
the Defense Department to an advisory role in reviewing
requests to export highly-sensitive technology.
 Reuter
3;
bodyend
documentend
documentstart
8983
topicstart
grain
corn
topicend
bodystart
2;
******
U.S. EXPORTERS REPORT 200,000 TONNES CORN  SWITCHED FROM UNKNOWN TO USSR FOR 1986/87

Blah blah blah.
3;


bodyend
documentend
documentstart
8984
topicstart
money-fx
topicend
bodystart
2;
******
BALDRIGE SAYS CHANGES NEEDED IN EXCHANGE RATES OF CURRENCIES PEGGED TO DOLLAR

Blah blah blah.
3;


bodyend
documentend
documentstart
8985
topicstart
earn
topicend
bodystart
2;
******
CHARTER CO 4TH QTR NET PROFIT 118.8 MLN DLRS VS LOSS 13 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
8986
topicstart
earn
topicend
bodystart
2;

ALEXANDER'S 
<
ALX> 2ND QTR ENDS FEB 27 NET


    NEW YORK, March 24 -
    
Shr 57 cts vs 72 cts
    Shr diluted 57 cts vs 66 cts
    Net 2,699,000 vs 3,250,000
    Revs 190.8 mln vs 195.9 mln
    Six mths
    Shr 45 cts vs 84 cts
    Shr diluted 45 cts vs 79 cts
    Net 2,092,000 vs 3,784,000
    Revs 304.2 mln vs 304.6 mln
    NOTE: includes a change in accounting for investment tax
credit of 1,408,000, or 31 cts per share, in six mths prior.
    first qtr 1987 includes non-recurring charge of 1,488,000
for company's abandoning of its plan to convert to a limited
partnership.
 Reuter
3;
bodyend
documentend
documentstart
8987
topicstart
acq
topicend
bodystart
2;

STANADYNE 
<
STNA>, UNITED TECHNOLOGIES END TALKS


    WINDSOR, Conn, March 24 - 
Stanadyne Inc said it terminated
discussions about its proposed purchase of United Technologies
Corp's Diesel Systems 
<
UTX> unit.
    The reason was not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
8988
topicstart
topicend
bodystart
2;

UNOCAL 
<
UCL> UNIT OFFERS 450 MLN DLRS OF NOTES


    LOS ANGELES, March 24 - 
Unocal Corp said its Union Oil Co
of California unit is making a public offering of 450 mln dlrs
of long-term notes.
    It said the issues consist of 150 mln dlrs of non-callable
notes due April 1, 1994, which are priced at par with a coupon
rate of 8-1/2 pct and a 300 mln dlr issue of notes due April 1,
1997, with a coupon rate of 8-3/4 pct and priced at 99.447 to
yield 8.83 pct.
    The 300 mln dlr issue is callable at par after seven years,
the company said.
    It also said the issues are being drawn from Unocal's shelf
registration statement filed in December 1985.
    Merrill Lynch Capital Markets and Shearson Lehman Brothers
Inc are lead underwriters, Unocal said.
    It said proceeds will be used to pre-pay a portion of its
existing floating rate bank debt, thereby extending the
maturity of the company's overall debt structure.
 Reuter
3;
bodyend
documentend
documentstart
8990
topicstart
topicend
bodystart
2;

SOUTH AFRICA, CREDITOR BANKS AGREE ON DEBT PLAN


    PRETORIA, March 24 - 
South Africa will repay 13 pct of its
frozen 13 billion dollar debt to foreign creditors over the
next three years under an agreement reached today in London,
Finance Minister Barend du Plessis said.
    He said South Africa already had repaid five pct of the
debt under the standstill agreement expiring on June 30, 1987.
    "These arrangements confirm South Africa's continued
willingness to maintain good relations with its foreign
creditors and to meet its foreign commitments in a orderly way,"
du Plessis told a news conference.
    Du Plessis said the new interim debt agreement was
"substantially a continuation" of the arrangement ending in June
and calls for South Africa to continue paying all interest on
its total foreign debt of over 23 billion dlrs.
    Du Plessis said 34 banks holding more than 70 pct of the
frozen debt agreed to the new arrangement worked out with South
African negotiators in London. About 300 other creditor banks
also are expected to approve the agreement, he said.
    Reserve Bank governor Gerhard de Kock said the agreement
was a "good deal" both for South Africa and the banks.
    Speaking at the same news conference, de Kock said the
three-year length of the agreement was of "enormous significance"
to South Africa.
    He said South Africa had negotiated from a "position of
basic economic financial strength."
    "We were never overborrowed to begin with and we are now
underborrowed by all international criteria that I've ever
heard of," de Kock said.
    Du Plessis said available foreign reserves of the Reserve
Bank, which increased by about 800 mln dlrs in the past two
months, and a continued current account surplus "will be
sufficient" to meet terms of the new interim debt agreement.    
Du Plessis said the banks were showing much more confidence in
the South African economy and country as a whole.
    He attributed this to "restoration of law and order which
has greatly reduced not only the extent of unrest but also the
intensity of unrest."
    South Africa has been under a state of emergency since June
1986 because of black political violence that has claimed over
2,400 lives in the past three years.
    Du Plessis said no political demands were made by the banks
and South Africa was now rapidly returning to very good
relations with its foreign creditors.
    He said there were encouraging signs that some foreign
investors were again "taking a more realistic view" of South
Africa. Recent examples were the rise in the financial rand and
the sharp increase in foreign exchange reserves, he said.
    Of the 13 billion dlrs frozen debt 3.5 billion was owed by
public sector and 9.5 billion by private industry, du Plessis
said. The remaining 10 billion consists of seven billion owed
by government agencies and three billion by the private sector.
 Reuter
3;
bodyend
documentend
documentstart
8991
topicstart
interest
topicend
bodystart
2;

CITICORP 
<
CCI> RULES OUT CREDIT CARD PRICE WAR


    NEW YORK, March 24 - 
American Express Co's 
<
AXP> recent
launch of a new "OPTIMA" credit card, with relatively low
interest rates and fees, will increase competition with bank
credit-card issuers but will not lead to a pricing war, a
senior Citicorp offical said.
    "Over the next two to three years, a very interesting
marketing battle will be fought ... competition will not be on
price but on product features," Pei-yuan Chia, head of the U.S.
card products group, told a banking analysts meeting.
    Citicorp is the leading U.S. bank credit-card issuer, with
some 10 mln accounts and an 11 pct market share.
    Chia said that Citicorp would focus its credit card
marketing efforts on acceptance, noting that Visa and
Mastercard currently enjoy a two-to-one advantage over American
Express in terms of worldwide acceptance.
    He also doubted the popularity of American Express' plan to
link interest charges on the new OPTIMA card to the bank prime
lending rate. "The consumer likes to have a fixed rate
instrument," he said.
    Richard Braddock, head of the whole individual banking
division, added that when there is increased competition, "it
is not the big people who get crunched but the small ones."
 Reuter
3;
bodyend
documentend
documentstart
8992
topicstart
earn
topicend
bodystart
2;

NEW PROCESS CO 
<
NOZ> SETS QTLY PAYOUT


    WARREN, Pa., March 24 - 
New Process Co said it declared a
quarterly dividend of 12-1/2 cts, the regular dividend it pays
during the first three quarters of the year.
    The dividend is payable May 1 to shareholders of record
April 10.
    Last year, New Process paid an annual dividend of 1.18 dlrs
by paying 12-1/2 cts a share in each of the first three
quarters and a fourth quarter dividend of 80-1/2 cts.
 Reuter
3;
bodyend
documentend
documentstart
8993
topicstart
grain
corn
wheat
topicend
bodystart
2;

USDA REPORTS CORN SWITCHED TO USSR


    WASHINGTON, March 24 - 
The U.S. Agriculture Department said
private U.S. exporters reported 200,000 tonnes of corn
previously to unknown destinations have been switched to the
Soviet Union.
    The corn is for delivery during the 1986/87 marketing year
and under the fourth year of the U.S.-USSR Long Term Grain
Supply Agreement.
    The marketing year for began September 1.
    Sales of corn to the USSR for delivery during the fourth
year of the agreement -- which began October 1, 1986 -- now
total 2,600,000  tonnes, it said.
    In the third agreement year sales totaled 6,960,700 tonnes
-- 152,600 tonnes of wheat and 6,808,100 tonnes of corn.
 Reuter
3;
bodyend
documentend
documentstart
8995
topicstart
earn
topicend
bodystart
2;

PETROLEUM EQUIPMENT TOOLS CO 
<
PTCO> 4TH QTR


    HOUSTON, March 24 -
    
Shr loss 57 cts vs loss 30 cts
    Net loss 5.9 mln vs loss 3.2 mln
    Revs 5.6 mln vs 16.3 mln
    Year
    Shr loss 2.11 dlrs vs loss 95 cts
    Net loss 22.0 mln vs loss 9.9 mln
    Revs 29.3 mln vs 66.3 mln
 Reuter
3;
bodyend
documentend
documentstart
8996
topicstart
acq
topicend
bodystart
2;

SUNDOR GROUP BUYS DWG 
<
DWG> UNIT'S ASSETS


    DARIEN, Conn., March 24 - 
<
Sundor Group Inc> said it
purchased DWG Corp's Texun Inc's line of regional juice
products.
    The purchase terms were not disclosed, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8997
topicstart
earn
topicend
bodystart
2;

QUICK AND REILLY GROUP 
<
BQR> 4TH QTR FEB 28


    NEW YORK, March 24 -
    
Shr 72 cts vs 57 cts
    Net 4.5 mln vs 3.6 mln
    Revs 25.1 mln vs 21.9 mln
    Year
    Shr 2.47 dlrs vs 1.87 dlr
    Net 15.6 mln vs 11.8 mln
    Revs 89.1 mln vs 73.3 mln
   
 Reuter
3;
bodyend
documentend
documentstart
8998
topicstart
acq
topicend
bodystart
2;

HAYES-ALBION 
<
HAY> COMPLETES GOING PRIVATE DEAL


    DETROIT, March 24 - 
Hayes-Albion Corp said its shareholders
approved a plan to merge with and become a wholly onwed
subsidiary of privately held Harvard Industries Inc.
    St. Louis-based Harvard Industries, a manufacturer and
distributor of automobile supplies, held 80 pct of Hayes
following completion of a 13 dlrs a share cash tender offer in
December.
    Under the merger agreement, remaining shareholders of
Hayes, a Jackson, Mich.-based maker of auto supplies, will
receive 13 dlrs cash for their shares.
    Trading in Hayes common will cease at the close of business
today, the company said.
 Reuter
3;
bodyend
documentend
documentstart
8999
topicstart
earn
topicend
bodystart
2;

CHARTER CO 
<
QCHR> 4TH QTR OPER LOSS


    JACKSONVILLE, Fla., March 24 -
    
Oper shr loss one ct vs loss four cts
    Oper net loss 336,000 vs profit 2,631,000
    Revs 237.2 mln vs 382.3 mln
    Avg shrs 47.4 mln vs 16.5 mln
    Year
    Oper shr profit 21 cts vs profit 12 cts
    Oper profit 9,922,000 vs profit 15.1 mln
    Revs 1.1 billion vs 1.6 billion
    Avg shrs 47.4 mln vs 16.5 mln
    NOTE: 1986 4th qtr and year oper net excludes a gain of
28.6 mln dlrs and 28.5 mln dlrs or 60 cts per share,
respectively, for discontinued operations.
    1986 4th qtr and year oper net excludes a gain of 90.5 mln
dlrs or 1.91 dlr per share and 114.8 mln dlrs or 2.42 dlrs per
share, respectively, mainly for settlement of dioxin-related
claims in reorganization proceedings.
    1985 4th qtr and year oper net excludes a loss of 41.2 mln
dlrs or 2.51 dlrs per share and a loss of 36.3 mln dlrs or 2.21
dlrs per share, respectively, for discontinued operations.
    1985 4th qtr and year oper net excludes a gain of 25.6 mln
dlrs or 1.56 dlr per share and 29.4 mln dlrs or 1.79 dlrs per
share for settlement of claims and utilization of tax loss
carryforward.
    1985 year oper net also excludes a loss of seven mln dlrs
for change in inventory evaluation method.
 Reuter
3;
bodyend
documentend
documentstart
9000
topicstart
topicend
bodystart
2;

S/P MAY DOWNGRADE MARK IV INDUSTRIES 
<
IV> DEBT


    NEW YORK, March 24 - 
Standard and Poor's Corp said it may
downgrade Mark IV Industries Inc's 200 mln dlrs of B-minus
subordinated debt.
    S and P cited the firm's tender offer to acquire Conrac
Corp 
<
CAX> for 152.5 mln dlrs. Conrac has no rated debt.
    Although Mark IV has an overall favorable business
standing, the acquisition would impair earnings and cash flow
protection, S and P said.
    S and P pointed out that debt leverage would rise to about
90 pct, assuming total debt financing. It said it will review
the company's management strategy and financial plans.
             
 Reuter
3;
bodyend
documentend
documentstart
9003
topicstart
earn
topicend
bodystart
2;

NUMEREX CORP 
<
NMRX> 2ND QTR JAN 31 LOSS


    MINNEAPOLIS, MINN., March 24 - 
    
Shr loss seven cts vs profit five cts
    Net loss 149,421 vs profit 103,120
    Sales 1,698,345 vs 1,920,010
    Six Mths
    Shr loss five cts vs profit nine cts
    Net loss 100,472 vs profit 191,614
    Sales 3,836,794 vs 3,650,322
 Reuter
3;
bodyend
documentend
documentstart
9004
topicstart
topicend
bodystart
2;
******
U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 30 TO PAY DOWN 1.2 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
9005
topicstart
topicend
bodystart
2;
******
U.S. 2-YEAR NOTE AVERAGE YIELD 6.43 PCT, STOP 6.44 PCT, AWARDED AT HIGH YIELD 85 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
9007
topicstart
trade
money-fx
topicend
bodystart
2;

BALDRIGE SUPPORTS NIC TALKS ON CURRENCIES


    WASHINGTON, March 24 - 
Commerce Secretary Malcolm Baldrige
said he supported efforts to persuade newly-industrialized
countries (NICS) to revalue currencies that are tied to the
dollar in order to help the United States cut its massive trade
deficit.
    "We do need to do something with those currencies or we
will be substituting Japanese products for Taiwanese products,"
or those of other nations with currencies tied to the dollar,
Baldrige told a House banking subcommittee.
    The U.S. dollar has declined in value against the Yen and
European currencies, but has changed very little against the
currencies of some developing countries such as South Korea and
Taiwan because they are linked to the value of the dollar.
    As a result, efforts to reduce the value of the dollar over
the past year and a half have done little to improve the trade
deficits with those countries.
    Baldrige told a House Banking subcommittee that the
Treasury Department was attempting to persuade those countries
to reach agreement with the United States on exchange rates.

 Reuter
3;
bodyend
documentend
documentstart
9010
topicstart
acq
topicend
bodystart
2;
******
EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC

Blah blah blah.
3;


bodyend
documentend
documentstart
9012
topicstart
interest
topicend
bodystart
2;

TREASURY BALANCES AT FED ROSE ON MARCH 23


    WASHINGTON, March 24 - 
Treasury balances at the Federal
Reserve rose on March 23 to 3.332 billion dlrs from 3.062
billion dlrs on the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 15.513
billion dlrs from 17.257 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 18.845
billion dlrs on March 23 compared with 20.318 billion dlrs on
March 20.
 Reuter
3;
bodyend
documentend
documentstart
9014
topicstart
iron-steel
topicend
bodystart
2;

USX 
<
X> USS UNIT RAISES PRICES


    LORAIN, Ohio, March 24 - 
USX Corp's USS subsidiary said
that effective with shipments beginning July 1 prices for all
leaded grades and 1200-series grades of hot rolled bar and
semi-finished products from its Lorain, Ohio, facility will be
increased by 15 dlrs a ton over the prices in effect June 1.
    It said the increase is being made to reflect current
market conditions.
 Reuter
3;
bodyend
documentend
documentstart
9015
topicstart
trade
topicend
bodystart
2;

UNIONIST URGES RETALIATION AGAINST JAPAN


    WASHINGTON, March 24 - 
William Bywater, president of the
International Union of Electronic Workers, called on President
Reagan to retaliate against Japan for unfair practices in
semiconductor trade.
    He said in a statement a crash program was needed in the
semiconductor industry to prevent the United States from
becoming "one of the world's industrial lightweights."
    Bywater's remarks came as the White House Economic Policy
Council prepared for a Thursday meeting to decide what
sanctions if any should be taken against Japan for alleged 
violations of a U.S.-Japanese semiconductors agreement.
    The pact, agreed to last July, called for Tokyo to end
selling semiconductors at below cost and to open its home
market to U.S. goods. In return, Washington agreed to forego
antidumping duties on Japanese semiconductors.
    But U.S. officials have said that while Japan has stopped
dumping in the U.S. market, it has not ended third country
dumping; nor has it opened its market to U.S. semiconductors.
    Japan yesterday, in an effort to ward off U.S. action,
ordered a cutback in semiconductors production as a way to
force prices up and end the dumping.
    Bywater, in his statement, said he backed a Defense Science
Board task force proposal to set up a consortium to develop new
electronic products and manufacturing processes and make the
U.S. industory more competitive.
    But he added the industry could not wait for legislation to
pass and that action was required now to help the depressed
electronic industry.
    Bywater said, "I urge the Reagan Administration to take full
and severe action immediately against Japan by invoking the
retaliatory steps that are permitted under U.S. law and GATT
(General Agreement on Tariffs and Trade)."
 Reuter
3;
bodyend
documentend
documentstart
9018
topicstart
grain
rice
topicend
bodystart
2;

ZAIRE AUTHORIZED TO BUY PL 480 RICE - USDA


    WASHINGTON, March 24 - 
Zaire has been authorized to
purchase about 30,000 tonnes of U.S. rice under an existing PL
480 agreement, the U.S. Agriculture Department said.
    It may buy the rice, valued at 5.5 mln dlrs, between March
31 and August 31, 1987, and ship it from U.S. ports by
September 30, the department said.
    The purchase authorization covers the entire quantity of
rice provided under the agreement.
 Reuter
3;
bodyend
documentend
documentstart
9020
topicstart
acq
topicend
bodystart
2;

MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION


    ROANOKE, Va., March 24 - 
<
Midivest Inc> said it acquired
all the assets of 
<
Business Aviation Inc> of Sioux Falls, S.D.,
for an undisclosed amount of stock.
    Midivest said it expects to sell 10 to 20 of the renovated
Beechcraft planes next year. It said management will also lease
these airborne intensive care units to hospitals and government
subdivisions through Metropolitan Leasing, a wholly-owned
subsidiary of Midivest.
 Reuter
3;
bodyend
documentend
documentstart
9021
topicstart
grain
wheat
topicend
bodystart
2;

U.S. WHEAT CREDITS FOR JORDAN SWITCHED


    WASHINGTON, March 24 - 
The Commodity Credit Corporation
(CCC) has switched 25.0 mln dlrs in wheat credit guarantees to
Jordan under the Export Credit Guarantee Program to the
Intermediate Export Credit Guarantee Program, the U.S.
Agriculture Department said.
    The switch reduces the total value of GSM-102 guarantees
for the current fiscal year to 30.0 mln dlrs.
    The credit terms extended for export sales under the
Intermediate Export Credit Guarantee Program (GSM-103) must be
in excess of three years but not more than seven years.
    All sales must be registered and exports completed by
September 30, 1987, the department said.
 Reuter
3;
bodyend
documentend
documentstart
9022
topicstart
money-fx
dlr
topicend
bodystart
2;

DOLLAR EXPECTED TO FALL DESPITE INTERVENTION


    By Claire Miller, Reuters


    NEW YORK, March 24 - 
Central bank intervention in the
foreign exchange markets succeeded in staunching the dollar's
losses today, but senior dealers here believe the U.S. currency
is headed for a further retreat.
    Although the intervention was widespread, dealers perceive
that the six major industrial nations have differing levels of
commitment to their recent accord to stabilize currencies.
    Moreover, hard economic realities hold greater sway over
the currency market than central bank intervention and these
argue for a further dollar decline, dealers said.
    "The market can be bigger than the central banks. And
economic fundamentals will always come to the fore," said a
dealer at one major U.S. bank.
    As the dollar dropped to post-World War II lows against the
yen today foreign exchange traders said the Bank of Japan,
Federal Reserve Board and Bank of England intervened in the
markets on behalf of the U.S. currency.
    Reports of the authorities' actions helped the dollar
recover to about 149.45 yen in New York this afternoon from
the post-war low of 148.20 yen in the Far East. But it still
failed to regain Monday's U.S. closing level of 150.00/05 yen.
    Tokyo dealers said the Bank of Japan bought one to 1.5
billion dlrs in Tokyo today and may also have purchased dollars
yesterday in the U.S. via the Federal Reserve.
    Meanwhile, there were strong rumors in New York that the
Fed also bought a modest amount of dollars around 148.50 yen
today. Talk also circulated that the Bank of England purchased
a small amount of dollars for yen.
    The Fed's last confirmed intervention was on January 28
when it bought 50 mln dlrs in coordination with the Bank of
Japan. But on March 11 the Fed also was rumored to have
signalled displeasure with a dollar surge above 1.87 marks.
    The authorities' actions appeared to back up the February
22 Paris pact between the U.S., Japan, West Germany, Britain,
France and Canada under which the nations agreed to cooperate
to foster exchange rate stability around prevailing levels.
    But foreign exchange dealers were not overly impressed by
the authorities' intervention which they said can only soften
extreme moves in the market.
    For one thing, some dealers believed that the Fed's
purchases were done on behalf of the Bank of Japan rather than
for the U.S. central bank's own account, suggesting a rather  
watered-down American commitment to the currency accord.
    The Bank of England's action also was thought to be
completed on behalf of the Japanese central bank, reinforcing
the market's view that Japan is the most resolute of the six
nations in its support of the currency pact.
    "No-one doubts the Bank of Japan is serious. But the other
two central banks seem to be making more token gestures than
anything else," said Chris Bourdain of BankAmerica Corp.
    "I'm not convinced the intervention was concerted," said
Earl Johnson of Harris Trust and Savings Bank in Chicago. 
"It's a yen problem more than anything else."
    Some dealers said a rising wave of trade protectionist
sentiment in the U.S. limits the extent to which the American
authorities can endorse a stronger dollar against the yen.
    "The dollar's break below the key 150 yen level ties the
Treasury's hands behind its back. The U.S. cannot intervene on
its own account because of the strength of protectionism here,"
said Albert Soria of Swiss Bank Corp.
    Such comments reflect the view that the currency markets
are becoming increasingly politicized. Despite official
denials, some traders still feel the U.S. would countenance a
lower dollar to help trim the nation's trade deficit.
    The majority of the 170 billion dlr merchandise trade
deficit in 1986 was with Japan.
    Indeed U.S. Treasury secretary James Baker's comment on
Sunday that the February currency pact had not established
dollar targets was read by the market as a signal to sell the
U.S. currency and kicked off the latest retreat.
    "The dollar still has more room on the downside against the
yen based on the frictions in trade and financial services. The
currency market is becoming very political," said Natsuo Okada
of Sumitomo Bank Ltd.
    Okada expects the dollar to trade between 148 and 150 yen
this week but sees the chance of a drop to 140 yen by the end
of April or early May.
    Even if West Germany and Japan succeed in stimulating their
economies, it may not be enough to solve structural economic
imbalances in the near future, dealers said.
    "Even if Japan and West Germany do expand this year, it
won't be enough to help the trade situation much," said
Bourdain of BankAmerica, who also expects the dollar to drop to
148 yen in the next couple of days.
 Reuter
3;
bodyend
documentend
documentstart
9023
topicstart
topicend
bodystart
2;

U.S. TO SELL 12.8 BILLION DLRS IN BILLS


    WASHINGTON, March 24 - 
The U.S. Treasury said it will sell
12.8 billion dlrs of three and six-month bills at its regular
auction next week.
    The March 30 sale, to be evenly divided between the three
and six month issues, will result in a paydown of 1.2 billion
dlrs as maturing bills total 13.99 billion dlrs.
    The bills will be issued April 2.
 Reuter
3;
bodyend
documentend
documentstart
9025
topicstart
acq
topicend
bodystart
2;

EASTMAN KODAK 
<
EK> TO SELL HOLDINGS


    ROCHESTER, N.Y., March 24 - 
Eastman Kodak Co said it plans
to sell its 2.3 pct holding in ICN Pharmaceuticals 
<
ICN> and
part of its nine pct holdings in Viratek 
<
VIRA>.
    It said the purpose of the investments had been to lay the
groundwork for the creation of its Nucleic Acid Research
Institute.
    Since that has been achieved, there is no longer any reason
to maintain the equity positions, Kodak said.
    Kodak holds 470,000 sahres of ICN, currently trading at
about 18-3/4 and 700,000 of Viratek, trading at 44.
 Reuter
3;
bodyend
documentend
documentstart
9027
topicstart
acq
topicend
bodystart
2;

FIRM REDUCES SCEPTRE RESOURCES 
<
SRL> HOLDINGS


    WASHINGTON, March 24 - 
Montreal-based Noverco Inc told the
Securities and Exchange Commission it reduced its stake in
Sceptre Resources Ltd to 1,232,200 shares or 4.8 pct of the
total outstanding.
    Noverco said it sold off 400,500 shares "to reduce the
investment of Noverco in Sceptre."
    "Additional common shares of Sceptre may be sold or
purchased by Noverco, depending upon market conditions," Noverco
said.
 Reuter
3;
bodyend
documentend
documentstart
9029
topicstart
earn
topicend
bodystart
2;

<
ACKLANDS LTD> 1ST QTR FEB 28 NET


    TORONTO, March 24 -
    
Shr three cts vs 11 cts
    Net 126,000 vs 434,000
    Revs 84.0 mln vs 80.2 mln
    Avg shrs 4,948,731 vs 3,870,511
 Reuter
3;
bodyend
documentend
documentstart
9030
topicstart
earn
topicend
bodystart
2;

BULL AND BEAR GROUP A 
<
BNBGA> CUTS FUND PAYOUTS


    NEW YORK, March 24 - 
Bull and Bear Group A said it lowered
its monthly dividends on three of its funds.
    It said it lowered its Tax Free Income Fund 
<
BLTFX> to 10.3
cts from 10.6 cts; its U.S. Government Guaranteed Securities
Fund 
<
BBUSX> to 11.5 cts from 11.8 cts; and its High Yield Fund

<
BULHX> to 14 cts from 14.2 cts.
    All dividends are payable March 31 to shareholders of
record March 25, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9031
topicstart
crude
topicend
bodystart
2;

CALTEX TO RAISE BAHRAIN OIL PRODUCT PRICES


    NEW YORK, March 24 - 
Caltex Petroleum Corp said it will
raise
posted prices for naphtha and several grades of residual fuel
in Bahrain, effective March 25.
     Caltex, a joint venture of Chevron Corp 
<
CHV> and Texaco
INC 
<
TX>, said its naphtha posting is up four cts a gallon to
43 cts. It said it is raising its marine diesel oil posting by
30 cts a barrel to 20.24 dlrs a barrel.
    Light, medium, and heavy fuel oil postings are up 1.50 dlrs
a barrel, the company said. This will bring the light fuel oil
price to 16.90 dlrs, medium to 15.50 dlrs, and heavy to 14.60
dlrs, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9032
topicstart
pet-chem
topicend
bodystart
2;

CHARTER CO 
<
QCHR> TO COMPLETE REORGANIZATION


    JACKSONVILLE, Fla., March 24 - 
Charter Co, the huge
petrochemical concern in bankruptcy proceedings stemming from
hundreds of dioxin-related claims, said it and all of its
subsidiaries, except the Independent Petrochemical Corp, will
complete their reorganization on March 31.
    It said that on that date, it will deposit with an escrow
agent 288.8 mln dlrs in cash, 66.7 mln dlrs in notes and 31 mln
shares of its common for distribution.
    Company officials were not immediately available for
comment.
    As previously reported, Charter settled dioxin-related
claims for about 1,200 individuals and the state of Missouri,
resolving claims against it and all subsidiaries except
Independent Petrochemical.
    Charter said some of the settlements remain subject to
appeals and final court approvals and resolve claims against
charter and its subsidiaries except Independent Petrochemical.
    It said about 500 individual claims against it and certain
of its units remain pending as disputed claims in bankruptcy
court. It said about 300 of these claims have been filed since
confirmation of the joint plan of reorganization.
    Charter said its two creditors, an equity committee in its
bankruptcy proceedings and 
<
American Financial Corp>, which
will own 50.5 pct of its common after the reorganization, have
waived the requirement that Charter resolve all dioxin-related
claims against it prior to completing its reorganization.
    That requirement excludes claims against Independent
Petrochemical. Charter also said a plan for liquidation of
Independent has been approved by the bankruptcy court and will
be completed after March 31.
    Earlier, Charter reported net income for the year of 153.2
mln dlrs, which included a gain of 28.5 mln dlrs for
discontinued operations and 114.8 mln dlrs for the settlement
of claims in its reorganization proceedings.
    In 1985, it reported earnings of 1,274,000 dlrs, which
included a loss of 36.3 mln dlrs for discontinued operations
and 29.4 mln dlrs for extraordinary items.
    For the fourth quarter, it reported earnings of 118.8 mln
dlrs, including a gain of 28.6 mln dlrs for discontinued
operations and 90.5 mln dlrs mainly for claims settlements. In
the year-ago period, Charter reported a loss of 13 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9033
topicstart
acq
topicend
bodystart
2;

NASHUA 
<
NSH> TO PURCHASE PRIVATE DISC MAKER


    NASHUA, N.H., March 24 - 
Nashua Corp said it signed a
letter of intent to purchase 
<
Lin Data Corp>, a private
manufacturer of high-capacity rigid discs for storage of
computer data.
    Under the terms of the letter, Nashua said it will acquire
all classes of Lin stock for 24 mln dlrs. In addition, it said
it will loan Lin 1,200,000 dlrs to support its operations.
    The closing of the sale is set for the second quarter of
1987, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9034
topicstart
earn
topicend
bodystart
2;

ALTRON INC 
<
ALRN> 4TH QTR JAN 3


    WILMINGTON, Mass, March 24 -
    
Shr loss 56 cts vs loss five cts
    Net loss 1.9 mln vs loss 164,000
    revs 6.9 mln vs 5.4 mln
    Year
    Shr loss 1.15 dlrs vs profit 52 cts
    Net loss 3.8 mln vs profit 1.7 mln
    Revs 25.6 mln vs 29.8 mln
    NOTE: 1987 net loss includes loss 6.5 mln dlrs for
nonrecurring reserve for closing costs of facility, writeoffs
and sales of real estate.
    
 Reuter
3;
bodyend
documentend
documentstart
9036
topicstart
earn
acq
topicend
bodystart
2;

GENCORP 
<
GY> PROPOSALS WITHDRAWN FROM MEETING


    AKRON, Ohio, March 24 - 
GenCorp Inc said it withdrew from
consideration at its annual meeting on March 31 proposals aimed
at providing for a stock split and an increased dividend so
that it could focus its energies on responding to the takeover
offer made last week by a partnership of AFG Industries Inc

<
AFG> and Wagner and Brown.
    In addition to proposing an increase in the number of its
outstanding common shares, GenCorp had suggested the adoption
of a classified or "staggered" board and the elimination of
cumulative voting.
    GenCorp said these proposals could "distract energy and
attention from the real task at hand -- to respond to the
tender offer in a manner which is in the best interests of the
company, its shareholders and its other constituencies."
    GenCorp said the proposal to increase its outstanding
shares was made with the aim of declaring a stock split and a
dividend increase.
    The other proposals, it said, would provide for greater
long-term stability and cohesiveness for the GenCorp board.
    The company did not indicate when it might resubmit the
proposals for approval by its shareholders.
 Reuter
3;
bodyend
documentend
documentstart
9039
topicstart
crude
gas
topicend
bodystart
2;
******
API SAYS DISTILLATE STOCKS OFF 4.07 MLN BBLS, GASOLINE OFF 2.69 MLN, CRUDE UP 8.53 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
9040
topicstart
earn
topicend
bodystart
2;

VERMONT FINANCIAL SERVICES 
<
VFSC> SETS PAYOUT


    BRATTLEBORO, Vermont, March 24 - 
Vermont Financial Services
Corp said its board approved a regular 20 cts per share cash
dividend payable April 25 to shareholders of record March 26.
 Reuter
3;
bodyend
documentend
documentstart
9041
topicstart
acq
topicend
bodystart
2;
******
RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC

Blah blah blah.
3;


bodyend
documentend
documentstart
9044
topicstart
earn
topicend
bodystart
2;

GREAT ATLANTIC AND PACIFIC TEA CO INC 
<
GAP> DIV


    NEW YORK, March 24 -
    
Qtly div 10 cts vs 10 cts prior
    Payable May one
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
9045
topicstart
acq
topicend
bodystart
2;

GARTNER GROUP 
<
GART> ACQUIRES COMTEC PROGRAM


    STAMFORD, Conn., March 24 - 
Gartner Group Inc said it
acquired sole ownership of the COMTEC Market Research Program.
    Gartner said its wholly-owned subsidiary purchased the
interests of its former partners for an aggregate price of
1,125,000 plus a percentage of net sales proceeds on future
sales of certain products.
    Prior to the acquisition, Gartner Group owned one-third in
the COMTEC partnership, it said.
 Reuter
3;
bodyend
documentend
documentstart
9047
topicstart
acq
topicend
bodystart
2;

RESORTS INT'L 
<
RT.A> RECEIVES TAKEOVER OFFER


    ATLANTIC CITY, N.J., March 24 - 
Resorts International Inc
said it received a proposal from 
<
KSZ Co Inc> under which
holders of Resorts class B stock would receive 140 dlrs a share
in cash and one share of common stock in a new company to be
formed through the takeover.
    Under the offer, Resorts said holders of its class A shares
would receive 15 dlrs a share in cash and three shares of
common stock in the new company.
    Resorts said the offer from KSZ calls for a merger of
Resorts with RI Acquisition Co Inc, a newly formed Delaware
corporation.
    Resorts said that prior to the merger, RI Acquisition would
be capitalized with about 100 mln dlrs of debt and about 220
mln dlrs of equity.
    It said 200 mln dlrs of the equity would be in the form of
special preferred stock.
    The KSZ offer, Resorts said, indicates that KSZ has a
commitment from 
<
M. Davies Cos> to buy all of the special
preferred stock.
    Resorts said the offer will expire at 1700 EST on March 27.
It said it asked its investment advisor, Bear, Stearns and Co,
to advise its board on the offer.
    Earlier this month, the estate of James M. Crosby and
certian members of his family agreed to sell their class B
shares to New York real estate tycoon Donald Trump for 135 dlrs
a share. The estate and family members hold 78 pct of the
752,297 class B shares outstanding.
    Trump also agreed to pay 135 dlrs a share for the remaining
class B shares outstanding.
    Resorts also has about 5,680,000 shares of outstanding
class A stock. These shares carry one one-hundredth the voting
power of the class B shares.
    Trump's offer beat out a rival bid of 135 dlrs a share made
by Pratt Hotel Corp 
<
PRAT>.
    Resorts said that under the proposal made by KSZ, existing
class A and class B shareholders would control about 96 pct of
the outstanding common of the new company formed to acquire
Resorts.
    Resorts said the new company, upon completion of the
merger, would hold the 220 mln dlrs of debt and that the
special preferred stock would immediately be converted into
exchangeable participating preferred of the new company.
    This preferred, Resorts said, would pay a dividend based on
the net cash flows from the new company's Paradise Island
operations.
    A Resorts spokesman said the KSZ offer was made in a
two-page letter and that Resorts could not comment on it
because it did not contain enough information. Resorts has
asked Bear, Sterns to obtain complete data, he said.
    The spokesman said Resorts is not familiar with KSZ but
that it believes the company is controlled by Marvin Davis, the
Denver oilman.
    Calls to Davis were referred to Lee Solters, who handles
public relations for Davis. Solters, said to be travelling, was
not immediately available for comment.
    Donald Trump was also unavailable for comment, as was a
spokesman for the Crosby estate.
 Reuter
3;
bodyend
documentend
documentstart
9048
topicstart
earn
topicend
bodystart
2;

CITICORP 
<
CCI> SEES DOUBLING IN RETAIL BANK NET


    NEW YORK, March 24 - 
Citicorp expects net income in its
individual banking sector to top one billion dlrs by 1993,
compared with 462 mln dlrs in 1986, said Richard Braddock, head
of Citicorp's individual banking division.
    "We can double our earnings over the next five to seven
years," he told a banking analysts meeting, adding that this
forecast may be on the conservative side.
    He said that bank card operations and the New York branch
system would continue to turn in hefty profits but also picked
out other developing areas, such as U.S. mortgage and
international consumer, as major potential earners.
    Braddock and his sector heads made the following more
specific predictions:
    - Cost of funds and net credit loss levels in the U.S.
bankcard unit will taper off in coming years from 1986's
relatively inflated levels.
    - Customer net revenue in the mortgage banking area will
rise to 464.7 mln dlrs in 1987 from 374.3 mln in 1986.
    - The international consumer business will show 22 pct
compound annual growth in earnings between 1986 and 1992.
    - Private banking earnings will hit 100 mln dlrs in 1987
and top 200 mln dlrs in 1992.
 Reuter
3;
bodyend
documentend
documentstart
9049
topicstart
earn
topicend
bodystart
2;

WD-40 CO 
<
WDFC> 2ND QTR FEB 28 NET


    SAN DIEGO, Calif., March 24 -
    
Shr 35 cts vs 40 cts
    Net 2,642,000 vs 3,017,000
    Sales 19.1 mln vs 18.9 mln
    Six Mths
    Shr 69 cts vs 70 cts
    Net 5,178,000 vs 5,299,000
    Sales 35.6 mln vs 33.8 mln
 Reuter
3;
bodyend
documentend
documentstart
9051
topicstart
trade
topicend
bodystart
2;

BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER


    RIO DE JANEIRO, MARCH 24 - 
Brazilian Science and Technology
Minister Renato Archer said Brazil will keep its computer
market closed to foreign goods in order to give its own infant
industry time to develop.
    "Every country establishes laws to protect its interests.
The United States closed their borders at a certain stage to
some foreign goods and therefore protected its industrial
development. Now it is time for Brazil to do likewise," Archer
said at the opening of a national software conference.
    After several meetings, Brazil and the U.S. Have made no
major progress in their computer row, which they have been
trying to resolve for the past 18 months.
    The Reagan administration has objected to Brazil protecting
its computer industry from imports.
 Reuter
3;
bodyend
documentend
documentstart
9053
topicstart
earn
topicend
bodystart
2;

NORTHERN INDIANA PUBLIC SVC 
<
NI> AGAIN OMITS DIV


    HAMMIND, Ind., March 24 - 
Northern Indiana Public Service
Company said it again omitted its quarterly common stock
dividend which would have been payable in May.
    NIPSCO said it has not paid a qtly dividend since December
1985 following an adverse decision by the Indiana Supreme Court
denying amortization of about 191 mln dlrs NIPSCO invested in
its Bailly N-1 project.
 Reuter
3;
bodyend
documentend
documentstart
9054
topicstart
money-fx
dlr
topicend
bodystart
2;
******
FED'S JOHNSON SAYS DOLLAR STABILIZED AFTER FED TOOK APPROPRIATE ACTION

Blah blah blah.
3;


bodyend
documentend
documentstart
9055
topicstart
money-fx
trade
topicend
bodystart
2;

FED CHAIRMAN VOLCKER SAYS BANK PROPOSALS A WORRY


    WASHINGTON, March 24 - 
The chairman of the Federal Reserve
Board, Paul Volcker, has written to the chairman of the House
Banking Committee to raise concerns about legislative proposals
scheduled for consideration Wednesday.
    Volcker told committee chairman Fernand St. Germain a
proposal to deny primary dealer status to firms from countries
that do not grant U.S. firms equal access to their government
debt markets might invite retaliation against U.S. firms
abroad.
    He added, "even Japan, against whom this proposal seems to
be particularly directed," has started opening its markets.
    In his letter, made available at the Treasury, Volcker also
said a proposal to ease debt problems of developing countries
by setting up a public facility to buy their debts owed to
commercial banks, was a problem.
    "I believe that the prospect of debt relief would undermine
the difficult internal efforts of the borrowing countries to
achieve the structural reform that is needed regardless of the
policies that are followed on servicing external debt," Volcker
said.
    It might also cause private lenders to become reluctant to
extend more credit to the borrowing countries, he said.
    Volcker said he endorsed comments by Treasury Secretary
James Baker "about the inappropriateness of using public
resources for purchasing private commercial bank debt, which we
both see as an inherent aspect of the proposed international
debt facility."
    He also said a proposal for establishing formal procedures
for international negotiations on currency exchange rates "is
unrealistic and could well have damaging effects."
    "For example, the bill's directive to intitiate negotiations
in order to achieve a competitive exchange rate for the dollar
-- a matter upon which there can be considerable difference
among analysts -- runs the risk of building up potentially
destabilizing market expectations," Volcker said.
    He recommended "we should not lock ourselves into formalized
procedures for international negotiations" on exchange rates but
instead use other, more flexible means like the recent mmeting
in Paris between U.S. treasury and central bank representatives
and those of major trade allies.
 Reuter
3;
bodyend
documentend
documentstart
9056
topicstart
earn
topicend
bodystart
2;

BORMAN'S INC 
<
BRF> DECLARES QTLY DIVIDEND


    DETROIT, Mich., March 24 -
    
Qtly div five cts vs five cts prior
    Pay June 15
    Record May 18
 Reuter
3;
bodyend
documentend
documentstart
9058
topicstart
grain
corn
oilseed
soybean
topicend
bodystart
2;

U.S. CORN ACREAGE SEEN NEAR RECORD LOW


    by Maggie McNeil, Reuters


    WASHINGTON, March 24 - 
U.S. corn acreage this year is 
likely to drop to the lowest level since the unsurpassed
acreage reductions of the 1983 PIK year and could rank as one
of the lowest corn plantings in the United States in sixty
years, Agriculture Department officials said.
    USDA releases its official plantings report on March 31.
Agriculture Department analysts said next week's figures will
likely show a sharp drop in acreage to as low as 65 mln acres,
down 22 pct from last year's plantings of 83.3 mln acres.
    Assuming an 18 mln acre drop in plantings, U.S. corn
production will also decrease significantly. Analysts said 1987
corn production could drop by over one billion bushels to
around seven billion bushels.
    Expected signup of up to 90 pct in the 1987 feed grains
program, along with 1.9 mln acres enrolled in the conservation
program, will cause acreage to plummet, Department feedgrain
analysts said.
    "There's no question that there will be a sharp decrease in
corn acreage," one said. "It's difficult for any farmer to not
go along with the program this year."
    Soybean acreage is also expected to decline this year but
at a much slower rate of around four pct, USDA analysts said.
    Soybean plantings could drop to 59 mln acres or below, they
said, compared to last year's level of 61.5 mln acres.
    If analysts' unofficial estimates prove correct then the
drop in u.s. corn acreage will be the largest since 1983 when
farmers idled 22 mln acres in the Payment-In-Kind program.
    Farmers planted only around 60 mln acres of corn in 1983. A
severe drought that summer in major producing states caused
yields to tumble and final crop production to total only 4.2
billion bushels.
    Given normal weather conditions this year, USDA analysts
said the 1987 corn crop could end up around seven billion
bushels, down from last year's crop of 8.3 billion bushels.
    "This kind of acreage reduction will mean a significant
reduction in production," an analyst said.
    A crop of seven billion bushels is close to the annual U.S.
corn usage, so surplus stocks, while not decreasing, would not
increase significantly, a specialist said.
    High producing corn belt states are expected to show the
greatest acreage reductions, based upon historical
participation in government programs, analysts said.
    In contrast, soybean acreage is likely to be cut the most
in marginal producing areas of the southeast and the western
corn belt, a USDA soybean analyst said.
    "Soybean acreage in the eastern corn belt will not budge,"
he said. Neither does he expect any significant acreage cuts in
higher-producing delta areas.
    Soybean production could drop fractionally from last year's
2.0 billion bushels to 1.8 to 1.9 billion, he said.
    U.S. soybean acreage, after soaring to 71.4 mln acres in
1979 from only 52 mln acres five years prior to that, has
steadily declined in the 1980's.
    U.S. corn acreage, with the exception of 1983, has been in
the low to mid 80-mln acre range for the past 10 years. The
highest corn plantings reported in the 60 years that USDA has
kept such records was in 1932 when farmers planted 113 mln
acres and obtained average yields of 26.5 bushels per acre.
    Last year U.S. farmers obtained record corn yields
averaging 119.3 bushels per acre.
    "We have absolutely no trouble producing an eight billion
bushel crop on only 80 mln acres or so," an analyst said.
    Corn acreage will probably level at around 65 mln acres as
long as government program provisions remain the same, analysts
said.
    Currently farmers enrolling in the program are required to
set aside 20 pct of their base acreage and then are eligible
for payments of two dlrs per bushel by idling an additional 15
pct of their acreage.
    "To get to the PIK level of 60 mln acres, we would have to
provide more incentives," an analyst said.
 Reuter
3;
bodyend
documentend
documentstart
9059
topicstart
acq
topicend
bodystart
2;

KIRSCHNER 
<
KMDC> COMPLETES PURCHASE


    TIMONIUM, Md., March 24 - 
Kirschner Medical corp said it
completed the acquisition of Minnesota Mining and
Manufacturing's 
<
MMM> orthopedic metal implant line division.
    The acquisition price is 12.0 mln dlrs in cash, a six mln
dlr three year note and 100,000 shares of Kirschner common
stock.
    The division had sales of 11.3 mln dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
9060
topicstart
trade
hog
carcass
livestock
topicend
bodystart
2;

U.S. SENATORS SEEK TO EXPAND USDA EXPORT BONUS


    WASHINGTON, March 24 - 
Leading U.S. farm state senators are
seeking to insert into the Senate's omnibus trade bill a
provision that would broaden eligibility requirements under the
U.S. Agriculture Department's export enhancement program, EEP,
to include traditional buyers of U.S. farm products, including
the Soviet Union, Senate staff said.
    Under existing criteria, USDA can offer EEP subsidies to
recoup export markets lost to competing nations' unfair trading
practices.
    Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.)
is leading a group of farm state senators in an effort to
broaden the criteria in such a way as to enable Moscow to be
eligible for the subsidies, sources said.
    The senators -- including Senate Finance Committee Chairman
Lloyd Bentsen (D-Tex.), Max Baucus (D-Mont.), David Pryor
(D-Ark.), John Melcher (D-Mont.) and Thad Cochran (R-Miss.) --
also may fold into the trade bill a measure to shield pork
producers and processors from Canadian imports.
    The measure, sponsored by Sen. Charles Grassley (R-Iowa),
would clarify the definition of "industry" in determining whether
or not imports were causing injury to U.S. producers.
    Grassley's bill stems from a 1985 decision by the
International Trade Commission that imports from Canada of live
swine -- but not fresh, chilled and frozen pork -- were harming
U.S. producers.
    The bill's proponents have argued Canada has simply
replaced shipments of live hogs with fresh pork.
 Reuter
3;
bodyend
documentend
documentstart
9061
topicstart
money-fx
dlr
topicend
bodystart
2;

FED'S JOHNSON SAYS FED ACTED TO STABILIZE DOLLAR


    WASHINGTON, March 24 - 
Federal Reserve Board Vice Chairman
Manuel Johnson said the dollar has stabilized against other
currencies after action taken by the Fed.
    "We have taken the appropriate action and the dollar has
stabilized," Johnson said after testifying to a House Banking
subcommittee.
    He did not elaborate on the nature of the action nor when
it was taken, but said that it was in the spirit of the
agreement reached by six industrial nations in Paris recently.
    Johnson said the dollar's decline against other currencies
such as the Japanese yen has been gradual.
    Since the accord by the United States, Britain, West
Germany, Japan, France and Canada, foreign exchange markets
have been closely watching for indications of intervention by
central banks to determine the committment by those nations to
their agreement.
    The nations agreed that currency exchange rates were at
about the correct levels when the pact was signed earlier this
year.
 Reuter
3;
bodyend
documentend
documentstart
9063
topicstart
topicend
bodystart
2;

REPUBLIC AMERICAN 
<
RAWC> PLANS EXCHANGE OFFER


    ENCINO, Calif., March 24 - 
Republic American Corp said it
began an offer to exchange a new issue of 9-1/2 pct
subordinated debentures due 2002 for a portion of its common
stock.
    Republic said it is offering to acquire its stock at a rate
of 17.50 dlrs principal amount of debentures per common share.
    The offering, which expires on April 27 unless extended, is
for up to 2,250,000 shares, with the company reserving the
right to accept three mln shares, Republic also said.
 Reuter
3;
bodyend
documentend
documentstart
9064
topicstart
acq
topicend
bodystart
2;

MARYLAND NATIONAL 
<
MDNT> SEES NEW NAME


    BALTIMORE, March 24 - 
Maryland National Corp, the parent of
Maryland National Bank which earlier this month merged with
American Security Bank, said its shareholders will vote on a
new name for the regional bank holding company at its April 29
annual meeting.
    It said MNC Financial Inc is the proposed new name for the
parent company. The banks merged on March 16, and have combined
assets of about 14 billion dlrs.
    Maryland said the new name only will be used for the parent
and it does not plan to change the names of Maryland National
Bank, American Security Bank or non-bank affiliates.
 Reuter
3;
bodyend
documentend
documentstart
9065
topicstart
crude
topicend
bodystart
2;

VENEZUELA TO ANNOUCE PARTNER FOR COAL VENTURE


    CARACAS, March 24 - 
Petroleos de Venezuela S.A will
announce within two weeks the name of a foreign consortium it
has chosen to help exploit the coal deposits at Guasare in
western Zulia state, PDVSA president Juan Chacin Guzman said.
    Chacin told reporters the foreign partner will provide
capital as well as technical and marketing expertise to the
Carbozulia project, which the state oil company will manage.
    PDVSA officials said that among those who bid for the
partnership is a consortium between Agip Carbone, a subsidiary
of Italy's Ente Nazionale Idrocarburi (ENI), and Atlantic
Richfield 
<
ARC> of the United States.
    Minister of Energy and Mines Arturo Hernandez Grisanti said
discussions are currently taking place to finalize the terms of
the contract with the foreign partner.
    PDVSA vice-president Pablo Reimpell said last week the
first shipment of coal from the Carbozulia project should be
made during the final quarter of 1987, and would measure
between 100-150,000 metric tons.
    Plans call for production to eventually reach 500,000 mt
annually. Reimpell said the original investment in the project
will be approximately 8 billion bolivars.
 Reuter
3;
bodyend
documentend
documentstart
9066
topicstart
earn
topicend
bodystart
2;

GOTTSCHALKS INC 
<
GOT> 4TH QTR NET


    FRESNO, Calif, March 24 -
    
Shr 37 cts vs 50 cts
    Net 2,776,000 vs 2,756,000
    Sales 46.9 mln vs 38.8 mln
    Avg shrs 7,508,000 vs 5,550,000
    Year
    Shr 58 cts vs 55 cts
    Net 4,021,000 vs 3,005,000
    Sales 125.9 mln vs 112.8 mln
    Avg shrs 7,090,000 vs 5,500,000
 Reuter
3;
bodyend
documentend
documentstart
9067
topicstart
acq
topicend
bodystart
2;
******
BORG-WARNER SAYS IT DISCUSSED POSSIBLE TAKEOVER WITH IRWIN JACOBS

Blah blah blah.
3;


bodyend
documentend
documentstart
9068
topicstart
acq
topicend
bodystart
2;
******
CYCLOPS CORP SAYS CYACQ'S AMENDED OFFER RESTATES ORIGINAL CONDITIONS

Blah blah blah.
3;


bodyend
documentend
documentstart
9069
topicstart
sugar
topicend
bodystart
2;

U.S. SUGAR QUOTA MAY BE EASED, CONGRESSMAN SAYS


    WASHINGTON, MARCH 24 - 
The United States may soon ease its
1987 sugar import quota of one mln short tons by bringing
forward to the third quarter some shipments scheduled for the
fourth quarter of 1987, Jerry Huckaby, a leading Congressman
representing sugar growers told Reuters in an interview.
    Huckaby, a Louisiana Democrat and chairman of the House
subcommittee which deals with the sugar program, indicated the
easing of the quota might be a way to calm the concern about
the impact of the severe cut in U.S. sugar imports this year.
    "With imports coming down from 1.8 mln (last year) to one
mln, there is legitimate concern about the impacts on Caribbean
countries and the Philippines," Huckaby said.
    By bringing forward to the third quarter some imports, the
quota would effectively be eased by about 250,000 tons.
    Huckaby said by simply bringing forward to the third
quarter of the year sugar imports scheduled for the September
to December period "we could get away without having to
increase the quota."
    He noted that some in the sugar industry believe an
increase in the quota is justified.
    Earlier this month, representatives of U.S. cane sugar
refiners met with U.S. Agriculture Department officials to
request a quota increase of at least 200,000 tons. The refiners
said the increase is needed because the quota is so restrictive
there could be some spot shortages of sugar in the U.S later
this year, a refiner spokesman said.
    However, the official slaid the USDA replied only that it
would consider the request.
    Following the refiners' request, representatives of the
Florida sugarcane producers met with USDA to express opposition
to any quota expansion, industry sources said.
    The statement by Huckaby, who as a representative from a
sugar growing district in Louisiana is a leading architect of
the current sugar program, indicates at least some grower
officials are concerned enough to support an easing of the
import quota, industry officials said.
    Any final decision on easing the quota must be made by the
Reagan administration's interagency sugar policy group.
    Asked about possible quota changes, A USDA official said
"As far as I know, changing the quota volume or the quota year
is not under active consideration."
 Reuter
3;
bodyend
documentend
documentstart
9072
topicstart
earn
topicend
bodystart
2;

CALIFORNIA MICROWAVE 
<
CMIC> TAKES 3RD QTR CHARGE


    SUNNYVALE, Calif., March 24 - 
California Microwave Inc said
it will take non-recurring charges of 9.7 mln dlrs to pre-tax
earnings in the third quarter ended March 31.
    The company said earnings from operations in the second
half, ending June 30, 1987, excluding the charges, are expected
to be in the break-even range.
    In the second half of 1986 net earnings were 2,297,000
dlrs, or 29 cts per share.
    The company said the charges relate to its
telecommunications products area and three other areas.
    California Microwave previously estimated the write-downs
in the six to eight-mln-dlr range. It said it will add to that
a reserve for investment losses in Argo Communications Corp.
    Also to be included in the write-down are charges against
its advances to an Arizona-based communications electronics
firm the company has an option to acquire, it said.
    In addition, accruals are being made for costs associated
with the company's reduction in its Sunnyvale work force.
    California Microwave said the write-downs should have a
nominal cash impact, as the company already has paid for the
assets being written down.
 Reuter
3;
bodyend
documentend
documentstart
9073
topicstart
earn
topicend
bodystart
2;
******
CRS SIRRINE PLANS MAJOR RESTRUCTURING, WRITE OFF OF UP 43 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
9074
topicstart
earn
topicend
bodystart
2;

H.F. AHMANSON AND CO 
<
AHM> QTLY DIVIDEND


    LOS ANGELES, March 24 -
    
Shr 22 cts vs 22 cts prior qtr
    Pay June one
    Record May 12
 Reuter
3;
bodyend
documentend
documentstart
9075
topicstart
acq
topicend
bodystart
2;

BORG-WARNER 
<
BOR> TELLS OF TALKS WITH JACOBS


    CHICAGO, March 24 - 
Borg-Warner Corp said it has had
discussions with Irwin Jacobs on his interest in the
possibility of Minstar Inc 
<
MNST>, a Jacobs controlled company,
being given access to certain non-public information about
Borg-Warner.
    In late February, an investor group headed by Jacobs
offered 44 dlrs a share, or 3.29 billion dlrs, to take over
Borg-Warner.
    Borg-Warner said it advised Jacobs that before its board
would give Minstar access to company records Minstar would have
to provide satisfactory evidence that sufficient financing was
committed to carry out whatever transaction was proposed.
    A Borg-Warner spokesperson said the discussions with Jacobs
and other Minstar officials focused on terms and conditions
under which the company would consider granting Minstar access
to the information it was seeking.
    The Borg-Warner spokesperson said the company has not been
able to reach an agreement with Minstar, and Borg-Warner has
not granted Minstar access to any records.
    There can be no assurance that there will be further
discussions with Jacobs or that any agreement will be reached,
the company added.
 Reuter
3;
bodyend
documentend
documentstart
9076
topicstart
trade
topicend
bodystart
2;

CANADA VOWS TO FIGHT U.S. POTASH ACTION


    By Russell Blinch, Reuters


    OTTAWA, March 24 - 
External Affairs Minister Joe Clark
today vowed to do everything possible to fight the U.S. action
against Canadian potash exports, but also warned against
raising the alarm too early in the dispute.
    In the latest flashpoint in Canadian-U.S. trade relations,
the U.S. International Trade Commission ruled unanimously
Monday that Canadian potash shipments valued at 270 million
U.S. dlrs last year were injuring the U.S. industry.
    "We certainly intend to do everything we can to insure that
Canadian interests are well protected," Clark told the House of
Commons in the daily question period.
    But he said the opposition parties should be careful "not
to raise false alarms too early."
    The case now goes before the U.S. Commerce Department's
trade division to determine if a duty should be imposed. Potash
producers from New Mexico, claiming unfair government
subsidies, are seeking a 43 pct tariff on Canada's shipments.
    Canada, the world's largest potash producer, exported 9.8
mln metric tonnes of potash last year, with nearly a third
going to the U.S.
    Most of the potash, used in the production of fertilizer,
comes from provincially owned mines in Saskatchewan.
    In the Commons, Liberal member Lloyd Axworthy branded the
ruling as just another "trade harrassment" from the U.S. and
criticized Clark's assurances the country's interests would be
protected.
    "We received exactly the same kind of assurances in the
softwood lumber case that was totally fumbled and bumbled,"
Axworthy said.
    Canada's Progressive Conservative government agreed to
impose a 15 pct duty on its softwood lumber exports earlier
this year to end a long and bitter bilateral trade dispute with
the U.S.
    Axworthy urged the government to present Canada's case to
world trade authorities under the General Agreement on Tariffs 
and Trade.
    But Clark maintained the potash dispute was another example
of why Canada needs to find a new way to settle bilateral
irritants in the free trade negotiations under way with the
U.S.
    "What we are seeking to do is put in place a better
system," Clark said.
    Meanwhile, Saskatchewan Trade Minister Bob Andrew expressed
confidence Canada would win its case, claiming the problem
stems from low international commodity prices and not
government subsidies.
    "The reality of the problem and the injury is caused
worldwide," he said. "It's caused by a downturn in the
commodity price for fertilizer, whether it's potash fertilizer,
nitrogen fertilizer or whatever."
 Reuter
3;
bodyend
documentend
documentstart
9077
topicstart
pet-chem
nat-gas
topicend
bodystart
2;

TRINTOC, UNION CARBIDE TO BUILD METHANOL PLANT


    PORT OF SPAIN, TRINIDAD, March 24 - 
Trinidad and Tobago is
finalizing arrangements with Union Carbide 
<
UK> of the United
States and Snamprogetti of Italy for the construction of a
1,500 tonnes per day methanol plant, Energy Minister Kelvin
Ramnath said.
    Ramnath said the ministry is now holding talks with Union
Carbide on the price of natural gas to be used in the plant,
which will be constructed near the Trinidad and Tobago oil
company (Trintoc) refinery at Point Fortin on the west coast.
    Snamprogetti built the first methanol refinery on trinidad
five years ago.
    Trintoc is likely to put up land, refinery plant and
machinery as equity. If negotiations go smoothly, ramnath said,
construction could begin by next january.
    The government of prime minister A.N.R. Robinson is hoping
to lue new investors to the twin-island state's petrochemical
industry, in order to make use of new findings of natural gas.
 Reuter
3;
bodyend
documentend
documentstart
9078
topicstart
topicend
bodystart
2;

ORMAND INDUSTRIES 
<
OMD> UNIT TO REPAY DEBT


    LOS ANGELES, March 24 - 
Ormand Industries INc said its
General Can Co Inc unit has finalized all transactions needed
to repay about 3.3 mln dlrs of past-due accounts to its
unsecured lenders.
    The plan calls for payment of about 1.5 mln dlrs in cash
and the issuance of a new class of preferred stock by Ormand
Industries.
    The company said it anticipates full distribution to the
creditors during March.
 Reuter
3;
bodyend
documentend
documentstart
9079
topicstart
money-fx
dlr
topicend
bodystart
2;

VOLCKER CALLS DOLLAR SLIDE ENOUGH


    WASHINGTON, March 24 - 
Federal Reserve Board Chairman Paul
Volcker said that the dollar's slide in currency markets has
been enough, a Fed spokesman said.
    The spokesman confirmed that Volcker, who spoke to a group
of financial analysts, said in answer to a question about the
dollar's recent slide that "enough is enough."
    Volcker has often expressed concern about the dollar
falling too rapidly in currency markets.
 Reuter
3;
bodyend
documentend
documentstart
9081
topicstart
acq
topicend
bodystart
2;

RB INDUSTRIES 
<
RBI> COMPLETES STORE SALES


    LOS ANGELES, March 24 - 
RB Industries Inc said it completed
the sale of its W and J SLoane Division to Laurence Crink Jr
and a group of investors.
    The definitive agreement provides for a closing on April 1,
1987. The division consists of four W and J Sloane furniture
store in Los Angeles and Orange counties.
    RB Industries also said it recently secured a five-year
8.573 pct secured 9.9-mln-dlr loan on its Irvine property from
a major institution. Proceeds will be used to retire existing
bank debt, for working capital and to retire a portion of its
outstanding 12 pct debentures.
 Reuter
3;
bodyend
documentend
documentstart
9082
topicstart
topicend
bodystart
2;

TRAVELERS 
<
TIC> UNIT SELLS MORTGAGE CERTIFICATES


    New York, March 24 - 
Travelers Mortgage Services Inc, a
unit of Travelers Corp, is issuing nearly 75.2 mln dlrs of
mortgage pass-through certificates, said sole manager Morgan
Stanely and Co Inc.
    The certificates have a 6-1/2 pct coupon and initial price
of 89.6 for a bond equivalent yield of 8-1/2 pct. Morgan said
the certificates will be reoffered at various prices and have
an average life of 9.6 years.
    Principal and interest will be payed each month beginning
May 25. Standard and Poor's is expected to rate the
certificates AA, Morgan said.
     
 Reuter
3;
bodyend
documentend
documentstart
9084
topicstart
topicend
bodystart
2;

GOLDMAN SACHS SELLS SIGNET 
<
SBK> UNIT NOTES


    NEW YORK, March 24 - 
Goldman, Sachs and Co, acting as lead
manager, said it is offering 100 mln dlrs of deposit notes due
1992 that it purchased from Bank of Virginia Co, a unit of
Signet Banking Corp.
    The notes have a 7-1/2 pct coupon and were priced at 99.75
to yield 7.56 pct, or 74 basis points more than comparable
Treasury securities.
    Non-callable to maturity, the issue is rated Aa-2 by
Moody's Investors Service Inc. L.F. Rothschild co-managed the
deal.
 Reuter
3;
bodyend
documentend
documentstart
9086
topicstart
topicend
bodystart
2;

AMERICAN CAN 
<
AC> SELLS CONVERTIBLE EUROBONDS


    NEW YORK, March 24 - 
American Can Co said it is issuing in
the Euromarkets 175 mln dlrs of convertible Eurodollar bonds
due 2002 with a 5-1/2 pct coupon and par pricing.
    The Eurobonds are convertible into the company's common
stock at 66.75 dlrs per share, representing a premium of 27.5
pct over today's closing stock price, American Can said.
    Proceeds will be used for general corporate purposes, which
could include refinancing outstanding debt, business
acquisitions or investments. The debt is being offered via a
syndicate managed by Morgan Stanley International, Credit
Suisse First Boston and Salomon Brothers International.
 Reuter
3;
bodyend
documentend
documentstart
9087
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> TAKEOVER GROUP CANCELS HEARING


    NEW YORK, March 24 - 
The investor group seeking to acquire
GenCorp Inc said it agreed to cancel a court hearing after
GenCorp withdrew three proposals that, if approved, would have
made it more costly and difficult to acquire the Akron,
Ohio-based company.
    Earlier today GenCorp said it will not ask shareholders to
approve an increase in the number of its outstanding shares,
the election of a staggered board of directors and the
elimination of cumulative voting.
    However, the group said it will continue to try to block
GenCorp's poison-pill provision.
    The group, a partnership of AFG Industries Inc 
<
AFG> and

<
Wagner and Brown>, was to go to court on March 27 to block
GenCorp for having the three proposals voted on by shareholders
at its annual meeting.
    GenCorp said it withdrew the proposals so that it could
focus its attention on the takeover offer.
    The takeover partnership said it has asked to meet with
GenCorp to negotiate a repeal of the company's poison pill
plan.
 Reuter
3;
bodyend
documentend
documentstart
9088
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> FIXES RIGHTS SEPARATION DATE


    AKRON, Ohio, March 24 - 
Gencorp Inc said that because it is
continuing to evaluate General Acquisition Inc's tender offer
it has fixed April 3, subject to further extension, as the date
the rights to purchase preferred shares will trade separately
from the common stock as a result of the tender offer.
    This extension of the expiration date is conditioned on no
person acquiring beneficial ownership of 20 pct or more of
Gencorp's common stock prior to April 3, it said.
    Gencorp said it could distribute the rights certificates to
shareholders 10 to 30 days after the March 18 acquisition offer
was made.
    However, rather than leaving the expiration date in a
range, the board decided to set April 3 as the day it will
distribute the preferred share purchase rights.
   
 Reuter
3;
bodyend
documentend
documentstart
9090
topicstart
acq
topicend
bodystart
2;

AMERICAN INTERNATIONAL 
<
AIG> SELLS AFRICAN UNIT


    NEW YORK, March 24 - 
American International Group Inc said
it sold its South African subsidiary, American International
Insurance Co Ltd, to Johannesburg Insurance Holdings Ltd, a
holding company owned by a consortium of shareholders led by
Rand Merchant Bank.
    Terms were not disclosed and company officials were
unavailable for comment.
    With the conclusion of the sale, American International has
entirely divested itself of its holdings in South Africa.
 Reuter
3;
bodyend
documentend
documentstart
9091
topicstart
earn
topicend
bodystart
2;

OXFORD INDUSTRIES INC 
<
OXM> 3RD QTR FEB 27


    ATLANTA, March 24 -
    
Shr 25 cts vs 21 cts
    Net 2.8 mln vs 2.3 mln
    Revs 135.0 mln vs 119.0 mln
    Nine months
    Shr 80 cts vs 70 cts
    Net 8.9 mln vs 7.7 mln
    Revs 407.7 mln vs 403.7 mln
 Reuter
3;
bodyend
documentend
documentstart
9093
topicstart
grain
corn
topicend
bodystart
2;

PORTUGAL MAY HAVE PURCHASED U.S. CORN


    CHICAGO, March 24 - 
Portugal may have purchased a 30,000
tonne cargo at its tender today for up to 43,000 tonnes of
number two yellow corn (14.5 pct maximum moisture) for arrival
by April 30, shipment via Gulf ports, U.S. exporters said.
 Reuter
3;
bodyend
documentend
documentstart
9094
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN TENDERING THURSDAY FOR U.S. CORN


    CHICAGO, March 24 - 
Taiwan will tender Thursday, March 26,
for a total of 356,000 tonnes of U.S. number two yellow corn
(14.5 pct moisture) for various Sept/Dec shipments via Gulf or
Pacific Northwest ports, U.S. exporters said.
 Reuter
3;
bodyend
documentend
documentstart
9095
topicstart
grain
wheat
topicend
bodystart
2;

SRI LANKA TENDERING OVERNIGHT FOR WHEAT


    CHICAGO, March 24 - 
Sri lanka will tender overnight for
52,500 tonnes of U.S., Canadian and/or Australian wheats for
April 8/16 shipment, under the Export Enhancement Program if
U.S. origin, U.S. exporters said.
 Reuter
3;
bodyend
documentend
documentstart
9097
topicstart
earn
topicend
bodystart
2;

<
DIGIGRAPHIC SYSTEMS CORP> 4TH QTR OPER LOSS


    EDEN PRAIRIE, MINN., March 24 -
    
Oper shr loss one ct vs loss seven cts
    Oper net loss 80,640 vs loss 787,738
    Revs 933,183 vs 3,346,627
    Avg shrs 6,122,378 vs 8,451,578
    Year
    Oper shr loss 75 cts vs loss 1.10 dlrs
    Oper net loss 5,120,206 vs loss 9,288,996
    Revs 5,846,962 vs 18,679,090
    Avg shrs 6,805,951 vs 8,387,802
    NOTE: Earnings exclude losses from discontinued operations
of 178,437 dlrs, or three cts a share vs 154,767 dlrs, or two
cts a share in the quarter and losses of 706,984 dlrs, or 10
cts a share vs 572,100 dlrs, or seven cts a share for the year
    1986 year earnings exclude gain from early extinguishment
of debt of 11,318,289 dlrs, or 1.66 dlrs a share
 Reuter
3;
bodyend
documentend
documentstart
9098
topicstart
acq
topicend
bodystart
2;

BAYOU 
<
BYOU> IN DEFINITIE MERGER AGREEMENT


    HOUSTON, March 24 - 
Bayou Resources Inc said it reached an
definite agreement to be acquired by Patrick Petroleum Co
through a stock and cash transaction valued at six dlrs per
Bayou share.
    Bayou also reported net loss of three cts or 23,024 dlrs
for the fourth quarter compared with a net income of 10,128
dlrs or one cts a year. Revenues fell to 532,807 dlrs from
769,465 dlrs a year ago.
    For the year, Bayou reported a net loss of 14 cts or
116,793 dlrs compared to a net income of 23 cts or 203,372
dlrs. Revenues fell to 2.4 mln dlrs from 3.3 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9099
topicstart
topicend
bodystart
2;

APACHE 
<
APA> FILES FOR 100 MLN DLR OFFERING


    MINNEAPOLIS, March 24 - 
Apache Corp said it filed with the
Securities Exchange Commission a 100 mln dlr convertible
subordinated debenture offering.
    It said the offering will be underwritten by Smith Barney,
Harris Upham and Co Inc, E.F. Hutton and Co Inc, Morgan Stanley
and Co Inc, Dean Witter Reynolds Inc and Piper, Jaffray and
Hopwood Inc and will provide a security convertible into Apache
at any time prior to maturity in the year 2012 unless redeemed
earlier by the company.
    In connection with the offering, Apache said preliminary
results for the first two months of 1987 reflected a loss of
about 600,000 dlrs, or three cts a share, on consolidated
revenues of 33 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9100
topicstart
nat-gas
topicend
bodystart
2;

TRANSCONTINENTAL 
<
TGP> FILES NEW OFFER


    HOUSTON, March 24 - 
Transcontinental Gas Pipe Line Corp
said that it is not willing to accept the Federal Energy
Regulatory Commission's conditioned approval of its proposed
offer of settlement dated May 13.
    Transco said it filed a revised settlement proposal which
would permit it to become an open access transporter while
restructuring gas sales services.
    The new offer includes a gas supply inventory charge to
customers who fail to buy 60 pct of their annual contract
quantities and 35 pct of their summer contract quantities.
 Reuter
3;
bodyend
documentend
documentstart
9101
topicstart
earn
topicend
bodystart
2;

COMPUTER IDENTICS CORP 
<
CIDN> 4TH QTR


    CANTON, Mass, March 24 -
    
Shr loss 44 cts vs loss 20 cts
    Net loss 2.4 mln vs loss 880,000
    Revs 2.4 mln vs 2.6 mln
    Year
    Shr loss 87 cts vs loss 11 cts
    Net loss 4.3 mln vs loss 494,000
    Revs 9.0 mln vs 12.0 mln
    NOTE:1986 includes restructuring charges of 2.1 mln dlrs
and loss of foreign affiliates of 2.0 mln dlrs. 1985 includes
loss from foreign affiliates of 173,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9102
topicstart
acq
topicend
bodystart
2;

FLEET TO ACQUIRE ASSETS OF MARK IV 
<
IV> UNIT


    ST. CATHARINES, Ontario, March 24 - 
<
Fleet Aerospace Corp>
said it agreed in principle to acquire the assets and
operations of the Engineered Magnetics division of Gulton
Industries Inc, a unit of Mark IV Industries Inc.
    Terms were undisclosed.
    Los Angeles-based Engineered Magnetics designs and produces
custom power conversion systems mainly for use in the defense
and aerospace industries. Its revenues for the year ended
February 28 totaled about 20 mln Canadian dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9103
topicstart
earn
topicend
bodystart
2;

MIKRON INSTRUMENT CO 
<
MIKR> 1ST QTR JAN 31


    WYCKOFF, N.J., March 24 -
    
Shr three cts vs four cts
    Net 30,969 vs 18,230
    Revs 956,971 vs 702,994
 Reuter
3;
bodyend
documentend
documentstart
9104
topicstart
gold
topicend
bodystart
2;

GOLDEN NORTH HAS ENCOURAGING DRILL RESULTS


    VANCOUVER, British Columbia, March 24 - 
Golden North
Resource Corp said said surface and underground drilling on the
Canty project and Mascot fraction at its Nickel Plate Mountain
property in British Columbia returned encouraging gold assays.
    It said one Canty hole encountered several mineralized
intervals including 11 feet grading 0.342 ounce gold a short
ton from 86 to 97 feet and 17 feet grading 0.756 ounce gold ton
from 170.5 feet to 187.5 feet.
    A Mascot fraction hole returned assays including 0.190
ounce gold ton over seven feet between 57 and 64 feet, it said.
 Reuter
3;
bodyend
documentend
documentstart
9106
topicstart
topicend
bodystart
2;

HAWKEYE 
<
HWKB> ISSUES PREFERENCE STOCK


    DES MOINES, March 24 - 
Hawkeye Bancorp said it issued
2,690,877 shares of preference stock to its institutional
creditors in payment of 32.3 mln dlrs of restructured debt.
    It said the new shares, which are convertible into common
stock on a share-for-share basis at the option of the holders
at any time, represent in the aggregate 25 pct of the equity of
Hawkeye on a fully diluted basis.
    Hawkeye also said it issued 233,983 shares of common stock
in exchange for 14,766 shares of preferred upon completion of a
previously announced exchange offer to holders of preferred.
    As a result, the company said it has 6,922,949 shares of
common, 155,009 shares of preference stock which are
convertible into 1,149,681 shares ov common and 2,690,877
shares of preference stock convertible into a like number of
common shares.
    Total common stock equivalents are 10,763,507.
 Reuter
3;
bodyend
documentend
documentstart
9107
topicstart
money-supply
topicend
bodystart
2;

AUSTN FEB ANNUAL M3 MONEY SUPPLY RISES 11.2 PCT


    Sydney, March 25 - 
The annual growth of Australia's m3
money supply rose by 11.2 pct in the year ended February
compared with January's 10.7 pct, the Reserve Bank said.
    This was down from 14.0 pct in February last year.
    In February m3 rose by 0.6 pct compared with 0.8 in January
and a February 1986 rise of 0.1 pct.
 More
3;
bodyend
documentend
documentstart
9108
topicstart
acq
topicend
bodystart
2;

PS GROUP 
<
PSG>, USAIR 
<
U> MOVE UP DEADLINE


    SAN DIEGO, Calif., March 24 - 
PS Group Inc said it and
USAir Group agreed to move up the completion date of USAir's
acquisition of Pacific Southwest Airlines to April 30 from
September 30 originally.
    If the acquisition does not take place by April 30, either
party may terminate the agreement, the company said.
    The deadline has been moved up because the Department of
Transportation and PS Group shareholders have already approved
the transaction, the company said.
    A Teamsters Union agreement to certain labor contract
conditions remains to be resolved under the pact.
 Reuter
3;
bodyend
documentend
documentstart
9110
topicstart
acq
topicend
bodystart
2;

MERGERS, PUBLIC OFFERS SEEN AMONG CAR DEALERS


    By Scott Williams, Reuters


    Detroit, March 24 - 
Automobile dealerships have become
large, multi-store operations, and the largest sell more than 1
billion dlrs a year worth of vehicles a year.
    Around the auto industry there is talk of mergers and
buyouts among dealerships, and there are rumors that the
largest are considering offering shares to the public, analysts
say.
    Retail car sales "are at a point of transition. There's not
much that's off the table in terms of creative thinking" about
ways to sell cars, says David Cole, analyst with the University
of Michigan's Transportation Research Institute.
    The retail car market is "much more freeform now" than it
was in 1956, the year things began to change, says Detroit
analyst Arvid Jauppi of Arvid Jauppi and Associates.
    Thirty years ago, in 1956, the situation was different.
Dealerships sold one kind of car--a "Chevy" or a Ford or a
Studebaker. The average dealer had 17 employees and sold
738,000 dlrs worth of vehicles, according to the National
Automobile Dealers Association.
    That year a tiny car from overseas--Germany's Volkswagen
Beatle--began to gain popularity. The "Bug" caused "a
rebellion" among dealers, who demanded greater freedom from
restrictions placed on them by the major American automakers,
says Jauppi.
    One of the most visible changes in retail car sales has
been in the size of dealerships, auto analysts say. Last year,
the average dealership had 11.2 mln dlrs in sales--a 15-fold
increase from 1956--and employed 34 workers.
    "I had one of these guys tell me he makes six, seven mln
dlrs a year and didn't know what to do with all his money,"
says Cole.
    "There's a whole lot more rich guys who sell cars than that
make cars," he says.
    With the increase in size, large dealers have been buying
up other dealerships, and auto analysts see few signs the trend
will let up.
    Donald Keithley, vice president, dealer services, for J.D.
Power, a California-based market research firm, says that, by
1990, 12,000 people will own dealerships compared to 16,800
principal owners today.
    Many dealers are experimenting with owning several
franchises, some of which might compete against each other. "It
used to be a Chevrolet dealer was a Chevrolet dealer. Now a
Chevrolet dealer might handle several lines," Jauppi says.
    As dealers get bigger, industry officials are talking about
the possibility that some of them might become publicly-owned
or open international operations.
    Offering shares to the public is an option large dealers,
"are obviously thinking of very seriously," says Cole.
    Although some say the franchise system might get in the way
of a public offering, Jauppi says there are few obstacles to
trading in car dealer shares.
    "Dealers are large enough now to go public. The only thing
the manufacturer cares about is that the dealer sells those
cars. It could happen any time," Jauppi says.
    "If you look at the whole merger mania, and look at the
scale some of these dealers, it's going to be very hard to
resist taking them public," said another analyst.
    And Jauppi says that dealerships can be expected to become
international.
    "We're going to have international dealers--dealer networks
that are worldwide," he says. U.S. dealers will be attracted
particularly to Europe, where the market will expand faster
than the U.S., he says.
    "It's not totally off the wall," says Cole.
 Reuter
3;
bodyend
documentend
documentstart
9111
topicstart
earn
topicend
bodystart
2;

COMPREHENSIVE CARE CORP 
<
CMPH> 3RD QTR NET


    IRVINE, Calif., March 24 - 
Qtr ended Feb 28
    Shr 17 cts vs 22 cts
    Net 2,041,000 vs 3,329,000
    Revs 46.6 mln vs 48.9 mln
    Nine mths
    Shr 65 cts vs 82 cts
    Net 9,290,000 vs 12.7 mln
    Revs 142.7 mln vs 139.8 mln
 Reuter
3;
bodyend
documentend
documentstart
9112
topicstart
earn
acq
topicend
bodystart
2;

CHAPMAN 
<
CHPN> IN RESTRUCTURING


    DALLAS, March 24 - 
Chapman Energy INc said it is launching
a major restructuring which, if not approved, it will have no
alternative but to seek protection under Chapter 11.
    Under the plan, Chapman will exchange securities and cash
for all outstanding 12 pct senior subordinated debentures due
2000 and will sell a controlling interest to Troon Partners
Ltd.
   The agreement with Troon requires Troon to advance 6.5 mln
dlrs partially secured by a first mortgage lien on the
company's interest in its natural gas pipeline partnership and
Troon to tender 100,000 principal amount of debentures to
Chapman.
    Proceeds of the loan will be used for the cash portion of
the restructuring. Troon will acquire a majority stock interest
and control of the board.
    In addition, Chapman and Troon will establish a 10 mln dlrs
acquisition joint ventures, it said.
    The plan also contemplates establishing a restructured loan
providing for one master credit agreement having an aggregate
balance of 22.4 mln dlrs.
    The plan also contemplates the recapitalization of
preferred stock whereby each share will be converted into three
shares of common stock.
    Chapman also said it also plans to negotiate settelment and
discharge of a substantial portion of its accounts payable and
settlement of certain litigation.
    If approved by various creditors and shareholders, the
company expects the plan to be completed by May 29.
    Chapman also repoted a loss of 43.4 mln dlrs for the year,
including asset writedowns of 35.5 mln dlrs, compared to
December 31, compared to a net income of 177,243 in 1985.
    The 1986 loss resulted in shareholders' deficiency of 15
mln dlrs compared to shareholder's equity of 28.9 mln last
year.
    Total assets decreased to 35.6 mln dlrs from 81.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9113
topicstart
earn
topicend
bodystart
2;

VESTAR INC 
<
VSTR> YEAR LOSS


    PASADENA, Calif., March 24 -
    
Shr loss 98 cts vs loss 1.11 dlrs
    Net loss 3,863,000 vs loss 3,483,000
    Revs 1,081,000 vs 799,000
    Note: 4th qtr data not given.
 Reuter
3;
bodyend
documentend
documentstart
9115
topicstart
earn
topicend
bodystart
2;

<
STERLING BANCORP> YEAR NET


    LOS ANGELES, March 24 -
    
Shr 1.13 dlrs vs 87 cts
    Net 1,064,489 ca 780,712
    Assets 106.8 mln vs 102.5 mln
    Note: 4th qtr data not given.
 Reuter
3;
bodyend
documentend
documentstart
9116
topicstart
earn
topicend
bodystart
2;

FIRST NEW HAMPSHIRE BANKS INC DIV


    MANCHESTER, N.H, March 24 -
    
Qtly div 15 cts vs 15 cts prior
    Payable May one
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9117
topicstart
earn
topicend
bodystart
2;

HOUSE OF FABRICS 
<
HF> QUARTERLY DIVIDEND


    SHERMAN OAKS, Calif., March 24 -
    
Qtly div 12 cts vs 12 cts
    Pay July 1
    Record June 12
 Reuter
3;
bodyend
documentend
documentstart
9118
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Bank of Japan bought 200 to 300 mln dlrs this morning, dealers said.

Blah blah blah.
3;


bodyend
documentend
documentstart
9119
topicstart
topicend
bodystart
2;
******
MIAMI-Brazil and bank advisory committee agree to 60-day extension on credit lines

Blah blah blah.
3;


bodyend
documentend
documentstart
9120
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN BUYS MODEST AMOUNT OF DOLLARS, DEALERS SAY


    TOKYO, March 25 - 
The Bank of Japan bought a modest amount
of dollars this morning, possibly around 200 to 300 mln,
dealers said.
    One dealer said the central bank bought about 200 mln dlrs
through brokers and the rest through banks. The buying began
when the dollar was at about 149.60 yen, and helped drive the
U.S. Currency up to around 150, he said.
    Another said the central bank seemed to be trying to push
the dollar up above 150 yen. But heavy selling at around that
level quickly pushed the dollar back down towards 149 yen,
dealers said.
 REUTER
3;
bodyend
documentend
documentstart
9121
topicstart
topicend
bodystart
2;
******
Miami-Brazil says it expects to make no interest payments before March 31

Blah blah blah.
3;


bodyend
documentend
documentstart
9122
topicstart
topicend
bodystart
2;
******
CORRECTED-MIAMI-Brazil, bank committee will transmit request for 60-day credit extension

Blah blah blah.
3;


bodyend
documentend
documentstart
9123
topicstart
topicend
bodystart
2;

BRAZIL/BANK COMMITTEE AGREE ON CREDIT REQUEST


    MIAMI, March 24 - 
Brazil and its bank advisory committee
agreed to transmit a request for an extension of short-term
credit lines totalling 16 billion dlrs for 60 days until May
31, Brazilian Central Bank President Francisco Gros said.
    Speaking after talks with the committee here, Gros also
said he did not expect to make interest payment to the banks at
this moment.
    He added that "no one should expect any dramatic
developments before March 31."
    Brazil last month suspended interest payments on its 68
billion dlrs debt to commercial banks and froze short-term
trade and money market lines.
    Bankers said they would relay the Brazilian request for an
extension but declined to say whether they were specifically
endorsing it.
    Gros said the decision, which he called a "standstill"
arrangement, will be communicated to Brazil's 700 bank
creditors by telex tomorrow. Banks had been pressing Brazil to
make at least a token interest payment, but Gros said the
government was unable to comply for the moment.
    He stressed however that Brazil was willing to pay as soon
as it could, but added that a payment of interest was not
connected with the extension of the credit lines.
    "That would not be wise," he said.
    He said that the extension of the short-term lines would
not be carried out through "an official instrument" as there was
not time to complete the legal requirements.
    Gros said Brazil was likely to meet again with the 14-bank
advisory committee once Brazil had information to present on an
economic plan.
 REUTER
3;
bodyend
documentend
documentstart
9124
topicstart
sugar
topicend
bodystart
2;

JAPAN'S 1986/87 SUGAR CANE OUTPUT SEEN FALLING


    TOKYO, March 25 - 
An Agriculture Ministry survey has
estimated the nation's 1986/87 crop sugar cane output at 2.14
mln tonnes, down from 2.62 mln a year earlier.
    Ministry officials said the decline was due to bad weather
and a reduction in the land under sugar cane this season, which
totals 34,800 hectares, down from 35,700 in 1985/86, they said.
    Harvesting stretches from December 1986 to April 1987
    Japan's final output will be announced at the beginning of
June, they said.
 REUTER
3;
bodyend
documentend
documentstart
9127
topicstart
earn
topicend
bodystart
2;

WEEKS PETROLEUM LTD 
<
WPMA.MEL> CALENDAR 1986


    MELBOURNE, March 25 -
    
Shr 16.7 cents vs 29.4
    Final div nil vs same making nil vs same
    Pre-tax profit 21.31 mln dlrs vs 26.42 mln
    Net 10.84 mln vs 19.15 mln
    Turnover 17.17 mln vs 25.94 mln
    Other income 101.99 mln vs 125.18 mln
    Shrs 65.13 mln vs same.
    NOTE - Net is after tax 10.47 mln vs 7.27 mln, interest
2.58 mln vs 9.55 mln, depreciation 5.06 mln vs 7.61 mln and
minorities nil vs same. Other income: 72.39 mln from sale of
investments (103.04 mln 1985), interest 25.75 mln (21.49 mln),
and dividends 1.64 mln (nil). Co is 93.7 pct owned by 
<
Bell
Resources Ltd>.
    Note - All figures in U.S. Dollars as the company is
registered in Bermuda.
 REUTER
3;
bodyend
documentend
documentstart
9128
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Bank of Japan keeps intervening to hold dollar above 149 yen, brokers

Blah blah blah.
3;


bodyend
documentend
documentstart
9129
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN INTERVENING TO KEEP DOLLAR UP, BROKERS


    TOKYO, Mar 25 - 
The Bank of Japan is continuing to
intervene in the Tokyo market, buying small amounts of dollars
to hold the unit above 149 yen, brokers said.
    They said the Bank is coming in when the dollar is around
149.05/10 yen, the same levels as New York's close yesterday
and the midday close in Tokyo today.
    Dealers said the Bank of Japan is intervening in the market
through both banks and brokers this afternoon.
    The central bank is checking selling orders through banks
and placing matching buy orders, they said.
    The central bank started to intervene shortly after the
market opened here in the afternoon, the dealers said.
 REUTER
3;
bodyend
documentend
documentstart
9130
topicstart
topicend
bodystart
2;

BELL GROUP ISSUING 200 MLN IN CONVERTIBLE BONDS


    PERTH, March 25 - 
The Bell Group Ltd 
<
BLLA.S> said it will
make two convertible bond issues totalling 200 mln dlrs.
    An issue of about 125 mln in convertible bonds, to be
quoted on the Luxembourg Stock Exchange, would be offered in
Europe through a syndicate led by 
<
Banque Paribas Capital
Markets Ltd>, 
<
Swiss Bank Corp International Ltd> and 
<
S.G.
Warburg Securities>, Bell Group said in a statement.
    Subject to shareholder approval, at a meeting on April 22,
a further 75 mln dlrs in convertible bonds would be subscribed
by Bell Group chairman Robert Holmes a Court, it said.
    The funds would provide additional working capital.
    The bonds, maturing 10 years from the date of issue, would
carry a 10 pct per annum interest rate, payable annually in
arrears, Bell Group said.
    The bonds are convertible into ordinary shares of The Bell
Group Ltd at any time, with the issue price a premium in the
range of 20 to 25 pct above the market price of the ordinary
shares at the date of issue of the bonds, it said.
    The bonds also carry the right for the issuer to redeem
them after two years if the share price is above 130 pct of the
conversion price for more than 30 days. Bell Group made a
similar 75 mln dlr bond issue in December 1985.
 REUTER
3;
bodyend
documentend
documentstart
9131
topicstart
money-fx
topicend
bodystart
2;
******
Current exchange rates almost within levels agreed by major nations - Sumita

Blah blah blah.
3;


bodyend
documentend
documentstart
9132
topicstart
money-fx
topicend
bodystart
2;
******
Sumita says major nations cooperated to stabilise currencies.

Blah blah blah.
3;


bodyend
documentend
documentstart
9133
topicstart
reserves
topicend
bodystart
2;

THAILAND'S FOREIGN RESERVES FALL IN FEBRUARY


    BANGKOK, March 25 - 
Thailand's foreign reserves of gold,
special drawing rights and convertible currencies fell to 3.86
billion dlrs at end-February from 3.95 billion the previous
month, but were above the 3.08 billion held at the same time
last year, the Bank of Thailand said.
    It said the reserves were equal to about five months' worth
of imports.
 REUTER
3;
bodyend
documentend
documentstart
9134
topicstart
money-fx
topicend
bodystart
2;

EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA


    TOKYO, March 25 - 
Bank of Japan governor Satoshi Sumita
said that current exchange rates are almost within the levels
agreed to by six major nations last month in Paris.
    Asked whether a dollar/yen rate of 148 or 149 reflected
economic fundamentals, he said current rates almost reflect
fundamentals.
    Sumita told reporters major nations have cooperated to
bring about currency stability in line with the Paris
agreement, which stipulated that they would closely cooperate
to that end. He repeated the central bank will intervene if
necessary, adding he did not think a dollar free-fall was
likely.
    But Sumita said he could not say exactly what currency
levels would be considered in line with underlying economic
fundamentals.
    In Paris on February 22, Britain, Canada, France, Japan,
the U.S. And West Germany agreed to cooperate to hold
currencies around their then current levels.
    Sumita said he could not find any specific reasons behind
the fall of the dollar to a record low against the yen
yesterday. But he said the market rushed to sell dollars as it
nervously reacted to statements abroad and to developments
surrounding trade tensions.
    U.S. Treasury Secretary James Baker said over the weekend
that the Paris pact did not encompass fixed tragets for the
dollar. U.S. Trade Representative Clayton Yeutter called
U.S/Japan relations on certain key trade issues very strained.
    The market reacted nervously because the dollar has been
moving narrowly against the yen since mid-January, Sumita said.
He added he does not expect the yen/dollar exchange rate to
remain unstable because the market is concerned about a sharp
rise of the yen.
    The Bank of Japan will keep a close watch on exchange rates
in line with the Paris accord, he added.
 REUTER
3;
bodyend
documentend
documentstart
9135
topicstart
trade
topicend
bodystart
2;

N.Z. TRADE SURPLUS 119.1 MLN DLRS IN FEBRUARY


    WELLINGTON, March 25 - 
Preliminary trade figures for
February show an excess of exports over imports of 119.1 mln
N.Z. Dlrs, a Statistics Department statement said.
    This compares with a 3.3 mln dlr deficit (revised from 1.7
mln) in January and a 36.1 mln dlr deficit in February 1986.
    Exports rose to 998.4 mln dlrs, from 889.2 mln (revised
from 889.5) in January and 903.2 in February 1986. Imports
dropped to an estimated 879.4 mln dlrs from 892.5 (revised from
891.2) in January and 939.3 in February 1986. The deficit for
the eight months to the end of February was 15.3 mln dlrs, as
against 1.057 billion dlrs in the same period a year ago.
 REUTER
3;
bodyend
documentend
documentstart
9136
topicstart
topicend
bodystart
2;

MATSUSHITA TO ISSUE 200 BILLION YEN CONVERTIBLE


    OSAKA, March 25 - 
Matsushita Electric Industrial Co Ltd

<
MC.T> said it will issue a 200 billion yen unsecured
convertible bond in the domestic capital market through public
placement with Yamaichi Securities Co Ltd, Nomura Securities Co
Ltd, Nikko Securities Co Ltd, Daiwa Securities Co Ltd and
National Securities Co Ltd as underwriters.
    Coupon and conversion price for the par-priced bond
maturing on September 30, 1996, will be set before payment on
May 2.
    This issue equals in size a record one by Toyota Motor Corp
last December.
    Matsushita's shares closed on the Tokyo Stock Exchange at
1,640 yen, down 50 from yesterday.
 REUTER
3;
bodyend
documentend
documentstart
9137
topicstart
interest
topicend
bodystart
2;
******
Sumita says Bank of Japan has no intention of lowering its discount rate

Blah blah blah.
3;


bodyend
documentend
documentstart
9138
topicstart
interest
money-fx
topicend
bodystart
2;

JAPAN DOES NOT INTEND TO CUT DISCOUNT RATE-SUMITA


    TOKYO, March 25 - 
Bank of Japan governor Satoshi Sumita
said the central bank has no intention of cutting its discount
rate again as a way of preventing the yen's rise.
    He told a press conference that the growth of Japanese
money supply remains high.
    The bank will have to watch closely various developments
resulting from its already eased monetary stance, such as the
sharp rise in real estate and stock prices, he said.
    Although the yen's rise will have a greater deflationary
impact on the economy, the economy is not likely to slow down
much further, Sumita said.
    "I don't think we should change our economic outlook at the
moment," Sumita said.
    Sumita has said in the past that he expects the economy to
show a gradual upturn in the second half of the year.
    The governor said the six major industrial nations are
expected to review last month's pact on currency stability when
they meet next in April.
    Dealers said they expect the six - Britain, Canada, France,
Japan, the U.S. Amd West Germany - to meet just before the
IMF/World Bank interim committee meeting in Washington starting
on April 9.
 REUTER
3;
bodyend
documentend
documentstart
9139
topicstart
earn
topicend
bodystart
2;

JARDINE MATHESON PROFITS SEEN UP SHARPLY IN 1986


    By Joshua So, Reuters


    HONG KONG, March 25 - 
A strong performance by its retail
businesses and affiliates will enable Jardine Matheson Holdings
Ltd 
<
JARD.HKG> to report on Friday a big leap in net profit in
1986, stock analysts said.
    They told Reuters they expect the firm to show earnings of
between 420 mln and 450 mln H.K. Dlrs last year against 157 mln
in 1985.
    The analysts also said they expect Jardine Matheson to pay
a total dividend of 15 to 20 cents a share against 10 cents a
share in 1985.
    James Capel (Far East) Ltd estimates Jardine Matheson's
1986 profits at 450 mln dlrs and attributes most of the income
to retail sales.
    Analysts said the group's 7-Eleven retail stores and its
franchises, among them Canon cameras, Christian Dior luxury
goods and Mercedes Benz cars, produced a strong cash flow.
    Alan Hargreaves of Hoare Govett Asia Ltd also put Jardine
Matheson's 1986 net profits at 450 mln dlrs and said he
estimates pre-tax earnings from retail operations at about 465
mln dlrs against 339 mln in 1985.
    But Hargreaves said Jardine Matheson's earnings from its 35
pct stake in Hong Kong Land Co Ltd 
<
HKLD.HKG> will fall to
about 230 mln dlrs from 281 mln dlrs in 1985.
    The reduced contribution reflects the spin-off from Hong
Kong Land of 
<
Dairy Farm International Ltd> last September.
    Jardine gained a direct holding of 35 pct of Dairy Farm as
a result of the spin-off. Analysts said Jardine will book
revenues from its Dairy Farm stake for the final months of the
year as part of its retail business, which will increase its
overall retail income figures.
    Analysts said Jardine Matheson will also enjoy sharply
increased revenues from financial services, mainly its 50 pct
share of 
<
Jardine Fleming Holdings Ltd>.
    Jardine Fleming yesterday reported record profits for 1986
of 209.5 mln dlrs against 104.7 mln in 1985.
    Analysts said Jardine Matheson made net interest payments
of about 200 mln dlrs last year, slightly below the 213 mln
dlrs of 1985, while the company's term debt remained at about
the 1985 level of 2.7 billion dlrs.
    But Jardine was also subject to increased taxes of 340 mln
dlrs last year against 292 mln in 1985, they said.
    Jardine Matheson is undergoing a series of reorganisations
that will in effect turn it into a holding company for its
diverse interests.
    It previously announced a plan to sell its stakes in both
Hong Kong Land and Dairy Farm to newly created 
<
Jardine
Strategic Holdings Ltd> in which it has a 41 pct interest.
    A company statement issued last month said the firm will
use the proceeds to repay all debt, leaving it with an
additional 500 mln dlrs in cash on hand.
    Though Jardine Matheson will be deprived of a direct stake
in the high-yield Hong Kong Land and Dairy Farm units, it is
likely to develop its own business, analysts said.
    "The future of the stock will depend on the firm's ability
to creatively structure some new acquisitions," said Hargreaves
of Hoare Govett.
    He noted the firm has suggested financial services as a key
sector, and he said it may add some insurance firms to its
existing business.
 REUTER
3;
bodyend
documentend
documentstart
9141
topicstart
topicend
bodystart
2;

FOREIGN BROKERS GET MORE ACCESS TO JAPANESE BONDS


    TOKYO, March 25 - 
The Finance Ministry has accepted a
decision by the securities industry to expand the share of
foreign brokers in the 10-year bond underwriting syndicate to
5.73 pct from 1.19 pct now, a ministry spokesman said.
    Earlier this month, the ministry approved a plan to expand
the securities industry's share in the syndicate to 26.2 pct
from 26 pct from April to allow six foreign securities firms to
participate, he said.
    The banks' share in the syndicate will be cut to 73.8 pct
from 74 pct from April.
    Each of the original 17 foreign brokers had a 0.07 pct
share, but the securities industry said in a report accepted by
the ministry that it decided to raise the share of some foreign
firms due to their commitment to the Japanese market.
    Salomon Brothers Asia Ltd will have one pct, while S.G.
Warburg and Co Ltd, Goldman, Sachs International Corp, Jardine
Fleming (Securities) Ltd, First Boston Corp, Merrill Lynch
Securities Co and Morgan Stanley and Co Inc will each have 0.5
pct.
    Vickers da Costa Ltd and Smith Barney, Harris Upham
International Inc will each have 0.3 pct. Kleinwort, Benson
Ltd, Kidder, Peabody and Co Ltd, Drexel Burnham Lambert Inc,
Deutsche Bank AG and W.I. Carr, Sons and Co each get 0.1 pct.
    Bache Securities (Japan) Ltd, Hoare Govett (Far East) Ltd
and J. Henry Schroeder Bank and Trust Co and the six new
syndicate members -- E.F. Hutton International Inc, Shearson
Lehman Brothers Asia Inc, Dresdner Bank AG, Swiss Bank Corp
International Asia Inc, Sogen Security Corp and Swiss Union
Philips and Drew Ltd -- will each have a 0.07 pct share in the
securities industry.
 REUTER
3;
bodyend
documentend
documentstart
9142
topicstart
earn
topicend
bodystart
2;

CHINA'S FIRST JOINT VENTURE BANK REPORTS PROFIT


    PEKING, March 25 - 
China's first joint venture bank, Xiamen
International Bank (XIB), reported a group net profit of about
14 mln Hong Kong dlrs in 1986, the bank's first full year of
operation.
    General manager Liu Shuxun declined to give a 1987 profit
forecast, saying targets were under study.
    Assistant general manager Wang Hongshan said the group's
outstanding loans at end-1986 totalled 620 mln Hong Kong dlrs,
up from 530 mln at end-1985. Deposits and interbank borrowings
rose to 680 mln dlrs from 550 mln, he told Reuters.
    Liu said most of the group's profit came from the parent
company rather than its two wholly-owned subsidiaries 
<
Xiamen
International Finance Co Ltd> in Hong Kong and 
<
Luso
International Bank Ltd> in Macao.
    The joint venture bank began operating in September 1985
but did not officially open until March 1986.
    Liu said the share in the joint venture of the foreign
partner, Hong Kong-listed 
<
Panin Holdings Ltd>, had been cut
last year to 49 pct from 60 pct. This was done because foreign
banks felt the XIB's reputation would be improved if the three
Chinese partners collectively held a majority stake, he said.
    Liu said news reports about problems concerning Panin were
unfounded, but he did not elaborate. Panin Holdings reported a
loss of 1.99 mln Hong Kong dlrs in 1986 after a net profit of
268,000 dlrs in 1985.
    The Chinese partners are Industrial and Commercial Bank of
China, Fujian branch, whose share rose to 23.5 pct from 15,
Fujian Investment and Enterprise Corporation 17.5 pct (15) and
Xiamen Construction and Development Corporation 10 pct (10).
    One foreign banker said Xiamen International Bank faced the
same problems as foreign bank branches in trying to compete on
unequal terms with state-owned banks.
    The foreign banking market in Xiamen is thin and almost
saturated, he added.
    Officials of the joint venture bank said they benefitted
from contacts made through its three Chinese partners. But the
foreign banker, who asked not to be named, said it faced
internal competition from the Industrial and Commercial Bank.
    Apart from Xiamen International Bank and the International
Agricultural Development Bank planned by the World Bank and the
state-owned Agricultural Bank of China, Xiamen has eight
foreign bank branches or representative offices, mostly of Hong
Kong or overseas Chinese banks.
 REUTER
3;
bodyend
documentend
documentstart
9143
topicstart
trade
bop
topicend
bodystart
2;

BANGLADESH'S PAYMENTS DEFICIT NARROWS IN OCTOBER


    DHAKA, March 25 - 
Bangladesh recorded an overall balance of
payments deficit of 8.3 mln U.S. Dlrs in October against a
10.33 mln deficit in September and a 6.67 mln surplus in
October 1985, Central Bank officials said.
    The country's current account deficit narrowed to 10.69 mln
dlrs in October from 79 mln in September and 11.75 mln in
October 1985.
    The October trade deficit narrowed to 36.36 mln dlrs from
160 mln in September and 83.79 mln in October 1985.
 REUTER
3;
bodyend
documentend
documentstart
9146
topicstart
iron-steel
topicend
bodystart
2;

TWO JAPANESE STEELMAKERS TO CUT CAPITAL SPENDING


    TOKYO, March 25 - 
Nippon Steel Corp 
<
NSTC.TOK> said it will
cut its capital spending by 36.4 pct to 105 billion yen in the
year starting April 1 from a year earlier due to the
postponement of furnace improvements.
    
<
Nisshin Steel Co Ltd> said it will spend 10.7 billion yen
in 1987/88 for rationalisation and facility improvements, down
from 32.1 billion a year earlier, after completion of large
construction projects in 1986/87.
    But capital spending by Nippon Kokan K.K. 
<
NKKT.TOK> to
improve and increase its production facilities will rise to
94.90 billion yen from 64 billion, the company said.
 REUTER
3;
bodyend
documentend
documentstart
9147
topicstart
acq
topicend
bodystart
2;

NISSAN AFFILIATE TO ACQUIRE U.S. AUTOPARTS MAKER


    TOKYO, March 25 - 
<
Kokusan Kinzoku Kogyo Co Ltd> (KKK), a
Japanese autoparts maker owned 25 pct by Nissan Motor Co Ltd

<
NSAN.T>, has exchanged a memorandum to acquire over 50 pct of
U.S. Autoparts firm 
<
Master-Cast Co> to avoid losses on U.S.
Sales caused by the yen's rise against the dollar, a KKK
spokesman said.
    The final agreement should be signed this year when KKK
forms the new company 
<
Alfa K Technology>, he said.
    The new firm should supply all the U.S. Major car makers,
including Ford Motor Co 
<
F>, General Motor Corp 
<
GM> and
Chrysler Corp 
<
C>, he said.
 REUTER
3;
bodyend
documentend
documentstart
9149
topicstart
money-fx
yen
topicend
bodystart
2;

YEN MAY RISE TO 140 TO THE DOLLAR, NIKKEIREN SAYS


    TOKYO, March 25 - 
The yen could rise to 140 yen to the
dollar, a leading Japanese businessman said.
    Bumpei Otsuki, president of the influential Japan
Federation of Employers' Associations, (Nikkeiren), told
reporters: "The yen might rise as far as 140 (to the dollar).
The U.S. Economy is not good, and as long as the U.S. Economy
is not good, the U.S. Will put various pressures (on Japan)."
    "The yen's level depends on the condition of the U.S.
Economy rather than Japan's economy, and as long as the
American situation is bad, the yen will continue to rise," he
said.
    To cope with the negative impact of the strong yen,
Japanese enterprises must strive to cut costs by all means,
including holding down wages as much as possible, Otsuki said.
    He rejected recent calls from some government quarters for
wage increases this year as a means of raising private
consumption and thus boosting domestic demand.
    "We have to keep wages as low as possible," he said.
    He also said the yen's large and rapid rise is depressing
the outlook for the Japanese economy, noting that in addition
to hurting exporters it is also damaging domestic market
manufacturers through cheap imports.
    Parts of the service sector are also threatened, Otsuki
said.
    Tertiary industries provide services to manufacturers and a
downturn in manufacturing profits will adversely affect service
industries, he said.
    It is also doubtful whether the tertiary sector can fully
employ those put out of work in the manufacturing sector, he
said.
    Profits of service sector companies are likely to fall in
the business year ending in March 1988, leading to a possible
recession in the Japanese economy, he said.
    Otsuki said economic growth is unlikely to pick up beyond
levels experienced in 1986.
    The government's Economic Planning Agency said last week
the economy grew at 2.5 pct in 1986, the worst performance
since 1974 when the economy shrank 1.4 pct due to the first oil
price crisis.
    In order to stimulate domestic demand and boost the
economy, tax reforms aimed at bringing down the cost of land
and reforming the nation's housing stock are needed, along with
steps to bring down the high cost of commodities, he said.
 REUTER
3;
bodyend
documentend
documentstart
9151
topicstart
topicend
bodystart
2;

NEW DUTCH BULLET STATE LOAN AT 6-1/4 PCT DUE 1995


    AMSTERDAM, March 25 - 
The Dutch Ministry of Finance plans a
new fixed eight-year state loan at an unchanged 6-1/4 pct.
    The amount and issue price will be set at tender next
Tuesday, March 31. Payment is on May 1 and coupon date is May
1.
    No early redemption will be permitted.
    The issue is the fourth for payment this year.
 REUTER
3;
bodyend
documentend
documentstart
9152
topicstart
acq
topicend
bodystart
2;
******
 BRUSSELS - Ferruzzi says it will pay 630 mln dlrs to CPC International for European mills.

Blah blah blah.
3;


bodyend
documentend
documentstart
9153
topicstart
coffee
tea
rubber
topicend
bodystart
2;

VIETNAM TO RESETTLE 300,000 ON STATE FARMS IN 1987


    BANGKOK, March 25 - 
Vietnam will resettle 300,000 people on
state farms known as new economic zones in 1987, to create jobs
and grow more high-value export crops, the communist party
newspaper Nhan Dan said.
    Yesterday's edition, received here today, said Vietnam
would invest one billion dong, including the costs of
relocation, in 272 new economic zones. About one third of that
sum would be spent on export crops such as coffee, tea, rubber
and pepper in the Central Highlands, it said.
    Since 1975, Vietnam has resettled about three million
people from cities and crowded river deltas to the zones.
 REUTER
3;
bodyend
documentend
documentstart
9155
topicstart
crude
topicend
bodystart
2;

MADAGASCAR EXTENDS AMOCO OIL EXPLORATION AGREEMENT


    ANTANANARIVO, March 25 - 
Madagascar extended its oil
exploration agreement with the U.S. Firm Amoco Corp 
<
AN> for 17
months to allow for further studies of the Morondava basin on
the southwest coast, a government statement said.
    It said the existing five-year agreement, due to expire
this July 24, was extended until the end of 1988 to allow for
additional geological and geophysical studies.
    Amoco has so far laid 7,100 km of seismic lines and sunk
five exploration wells in the Morondava basin. It may drill a
further three wells before the end of the extended exploration
period, the statement said.
    Madagascar has signed oil exploration agreements with four
foreign oil companies since 1981. But despite promising
indications of large reserves, no commercial production plans
have yet been announced.
    The foreign firms - Amoco, Occidental Petroleum Corp 
<
OXY>,
Mobil Corp 
<
MOB> and a unit of 
<
Ente Nazionale Idrocarburi> -
are working in partnership with the National Military Office
for Strategic Industries (OMNIS).
    Roland Ratsimandresy, the director general of OMNIS, said
at a ceremenony to sign the extension of the Amoco agreement
that his department would intensify oil exploration with its
existing partners and would soon offer a new round of
exploration licences.
 REUTER
3;
bodyend
documentend
documentstart
9156
topicstart
acq
topicend
bodystart
2;

FERRUZZI DEAL WITH CPC WORTH 630 MLN DLRS


    BRUSSELS, March 25 - 
The Ferruzzi Group's holding company
Agricola Finanziara SpA will pay 630 mln dlrs for the European
corn wet milling business of CPC International Inc under the
agreement reached in principle between the two companies, a
statement by Ferruzzi released by its Brussels office said.
    When CPC announced the agreement yesterday in New York, it
said only that the price would be in excess of 600 mln dlrs.
    Ferruzzi said the deal is subject to agreement on several
clauses of the contract and needs government authorisations.
    It said the deal would involve 13 starch factories
employing about 5,000 people in eight European Community
countries plus facilities and commercial operations in other EC
states.
    The factories have a capacity to produce the equivalent of
1.6 mln tonnes of starch in starch and by-products a year, or
about one third of EC production, from about 2.7 mln tonnes of
cereals.
    Ferruzzi said the acquisition of these assets would extend
its presence in the European agro-industrial industry both
geographically and in terms of products.
    It said it is already the principal EC producer of sugar
and of soya oil and cake, and the major cereal trader.
    It noted that EC output of isoglucose is subject to maximum
quotas, of which CPC currently holds a 25 pct share, and said
it foresaw an increase in other industrial uses of starch in
the future, notably in the production of ethanol for fuel.
    Raul Gardini, president of the Ferruzzi Group, said the
present management of the CPC milling business will be asked to
remain in their posts.
 REUTER
3;
bodyend
documentend
documentstart
9158
topicstart
earn
topicend
bodystart
2;

SWIRE PACIFIC LTD 
<
SWPC.HKG> YEAR 1986


    HONG KONG, March 25 -
    
Shr "A" 138.9 H.K. Cents vs 97.4 (adjusted)
    Shr "B" 27.8 cents vs 19.5
    Final div "A" 44 cents vs 32.3, making 62 vs 47 (adjusted)
    Final div "B" 8.8 cents vs 6.5, making 12.4 vs 9.4
    Net 1.78 billion dlrs vs 1.23 billion
    Turnover 16.6 billion vs 13.7 billion
    Note - Net profits excluded extraordinary gains of 1.38
billion dlrs vs 59.1 mln. The non-recurrent earnings mainly
derived from the firm's sale of a 15.75 pct stake in Cathay
Pacific Airways Ltd 
<
CAPH.HKG> in April.
    Note - Earnings per share and dividends have been adjusted
for the firm's two-for-one bonus issue made in April.
    Note - Bonus issue one-for-five for both "A" and "B" shares
against two-for-one.
    Note - Dividends payable June 2, books close April 16 to
24.
    Note - Net asset value per "A" share 6.94 dlrs vs 4.81 and
per "B" share 1.39 dlrs vs 0.96.
 REUTER
3;
bodyend
documentend
documentstart
9159
topicstart
earn
topicend
bodystart
2;
******
BAT Industries 1986 pretax profit 1.39 billion stg vs 1.17 billion

Blah blah blah.
3;


bodyend
documentend
documentstart
9160
topicstart
earn
topicend
bodystart
2;

BAT INDUSTRIES PLC 
<
BTI.L> 1986 YEAR


    LONDON, March 25 -
    
Shr 53.51p vs 45.72p
    Div 8.8p vs 7.35p making 14.3p vs 12.1p
    Turnover 19.17 billion stg vs 17.05 billion
    Operating profit 1.48 billion vs 1.29 billion
    Pretax profit 1.39 billion vs 1.17 billion
    Tax 524 mln vs 430 mln
    NOTE - The company said shareholders would be given the
option of receiving dividend in cash, ordinary shares or
combination of the two.
    Operating profit includes -
    Commercial activities 1.08 billion vs 988 mln
    Financial services 263 mln vs 135 mln
    Share of associated companies 139 mln vs 163 mln
    Investment income 150 mln vs 166 mln
    Interest paid 238 mln vs 286 mln
    Minorities 76 mln vs 63 mln
    Extraordinary credit 75 mln vs 34 mln debit
    Transfer to revaluation reserve 85 mln vs 106 mln
    Profit attributable 793 mln vs 673 mln
    Required inflation retention 77 mln vs 147 mln
    Trading profit 1.51 billion vs 1.29 billion
    Trading profit includes -
    Tobacco 764 mln vs 738 mln
    Retailing 211 mln vs 186 mln
    Paper 217 mln vs 168 mln
    Financial services 282 mln vs 135 mln
 REUTER
3;
bodyend
documentend
documentstart
9161
topicstart
earn
topicend
bodystart
2;

SWIRE PLANS BONUS ISSUE ON HIGHER 1986 PROFITS


    HONG KONG, March 25 - 
Swire Pacific Ltd 
<
SWPC.HKG> said it
plans for a one-for-five bonus issue for both its "A" and "B"
shares following an earlier report of a 44.7 pct jump in 1986
net profits to 1.78 billion H.K. Dlrs.
    The company also announced final dividends of 44 cents per
"A" share and 8.8 cents per "B" share against 32.3 and 6.5 cents a
year ago.
    It recorded extraordinary gains of 1.38 billion dlrs which
mainly derived from the sale in April of a 15.75 pct stake in
Cathay Pacific Airways Ltd 
<
CAPH.HKG> in line with the
floatation of the airline.
 REUTER
3;
bodyend
documentend
documentstart
9162
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Japan Trade Ministry asks trade houses, exporters to reduce dlr sales, sources

Blah blah blah.
3;


bodyend
documentend
documentstart
9163
topicstart
sugar
topicend
bodystart
2;

SRI LANKAN GOVERNMENT TO STOP IMPORTING SUGAR


    COLOMBO, March 25 - 
The Food Department will no longer
import sugar from April 1, senior officials of the Food and
Cooperatives Ministry and the Department told Reuters.
    They said the decision was taken after the Sugar Importers
Association asked that the sugar trade be further liberalised.
    "The Food Department will cease trading in sugar and will no
longer hold a buffer stock," a senior official said.
    He said the government has finalised an agreement with
E.D.F.Man (Sugar) Ltd under which E.D.F.Man will hold a buffer
stock on the government's behalf of 20,000 tonnes, against the
45,000 tonne buffer stock usually held by the Department.
    Officials said the size of the buffer stock has been
reduced because the private sector will hold its own stocks.
    The agreement with E.D.F. Man includes details such as
trigger pricing mechanisms, they said.
    Four months ago the Department allowed the private sector
to import sugar without government clearance. The Department
and the private sector each imported around 115,000 tonnes of
sugar last year, when national consumption was 280,000 tonnes.
    An Importers Association official said that "even if the
Department no longer imports sugar, we would not necessarily
buy more."
    This is because the Association would still have to compete
with the Cooperatives Wholesale Establishment (CWE), he said.
    The CWE is a semi-government body and the official said
arrangements are being made for state cooperatives and holders
of food subsidy stamps to draw their sugar from it, starting
April 1.
    Ministry officials said the CWE can either import sugar or
buy it from a local bonded warehousing scheme run by E.D.F. For
the past two years.
 REUTER
3;
bodyend
documentend
documentstart
9164
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH SPECIAL ADVANCES TOTAL 4.2 BILLION


    AMSTERDAM, March 25 - 
The Dutch Central Bank said it
allocated 4.183 billion guilders at tender for the new 5.3 pct,
nine-day special advances.
    Bids were fully met for the first 200 mln guilders and for
40 pct above.
    The new advances for the period March 25 to April 4,
replace current 5.3 pct, five day advances totalling 4.003
billion guilders which expire today.
    Money brokers said yesterday they expected the Bank to
allocate about 3.5 billion guilders.
 REUTER
3;
bodyend
documentend
documentstart
9165
topicstart
cpi
topicend
bodystart
2;

DANISH FEBRUARY CONSUMER PRICES FALL 0.1 PCT


    COPENHAGEN, March 25 - 
Consumer prices fell 0.1 pct in
February, after a rise of 0.2 pct in January and no change in
February 1986, the National Statistics Office said.
    The index, base 1980, fell to 154.5 in February from 154.6
in January, against 147.4 in February 1986, giving a
year-on-year increase of 4.8 pct.
 REUTER
3;
bodyend
documentend
documentstart
9166
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN ASKS TRADERS, EXPORTERS TO CUT DOLLAR SALES


    TOKYO, March 25 - 
The Ministry of International Trade and
Industry (MITI) has asked about 30 Japanese trading houses and
exporters to refrain from excessive dollar selling, trading
house officials said.
    The officials told Reuters MITI asked them to moderate
their foreign exchange trading because the excessive rise in
the yen will have unfavourable effects on the economy. It made
the request by telephone.
    A MITI official said the ministry has conducted a survey of
foreign exchange trading by trade houses and exporters. But he
said it was not aimed at moderating dollar selling.
    The trading house officials said MITI had asked them to
undertake foreign exchange transactions with due consideration
to the adverse effects excessive exchange rate movements would
have on the economy.
    The MITI official said MITI undertakes such surveys when
exchange rates fluctuate widely. A similiar survey was made
when the currency fell to the previous record low of 149.98 on
January 19. It hit a new record low of 148.20 yen yesterday.
    He said the survey showed currency transactions by trade
houses and exporters contributed little to the dollar fall.
 REUTER
3;
bodyend
documentend
documentstart
9167
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS


    TOKYO, March 25 - 
The Bank of Japan will sell 300 billion
yen of government financing bills tomorrow under a 29-day
repurchase accord maturing April 24 to soak up a projected
money market surplus, market sources said.
    The surplus is estimated at 350 billion yen, due mainly to
excess bank holdings of yen funds after heavy dollar purchases
in the foreign exchange market yesterday, money traders said.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9495 pct against the 3.9375
pct discount rate for one-month commercial bills and the
4.58/42 pct yield on one-month certificates of deposit today.
    The operation will put the outstanding bill supply at about
1,900 billion yen, money traders said.
 REUTER
3;
bodyend
documentend
documentstart
9168
topicstart
topicend
bodystart
2;

ABBEY NATIONAL HAS ONE BILLION DLR EURO CD PACT


    LONDON, March 25 - 
Abbey National, the second largest
building society in the U.K., Said it has arranged a one
billion dlr euro-certificate of deposit program.
    It said this is the largest such program to date for a
building society and the first to be denominated in U.S.
Dollars.
    Citicorp Investment Bank Ltd is lead manager and arranger
for the program and will act as a dealer, along with Shearson
Lehman Brothers International, Swiss Bank Corp International
Ltd and S.G. Warburg and Co Ltd.
    Abbey National has been very active in the international
capital markets ever since building societies were permitted by
law to tap the wholesale markets.
    The building society's general manager, finance, James
Tyrrell, said in a statement the program is part of Abbey's
strategy of spreading its funding option from what has recently
been medium/long term into shorter term instruments.
    He said this also widens Abbey's investor base.
 REUTER
3;
bodyend
documentend
documentstart
9169
topicstart
topicend
bodystart
2;

ENSERCH ISSUES 100 MLN DLR CONVERTIBLE BOND


    LONDON, March 25 - 
Enserch Inc is issuing 100 mln dlrs of
convertible debt due October 4, 2002 carrying an indicated
coupon of six to 6-3/8 pct and priced at par, Salomon Brothers
International said as lead manager.
    Enserch's stock closed at 22-1/2 last night on the New York
Stock Exchange. The conversion premium is indicated to be 20 to
23 pct. The securities are non-callable for three years.
    There is a 1-1/2 pct selling concession and two pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
9170
topicstart
money-fx
saudriyal
topicend
bodystart
2;

MIDDLE EAST CURRENCY MARKET SEES KEY CHANGES


    By Stephen Jukes, Reuters


    BAHRAIN, March 25 - 
Middle East currency dealers meet in
Abu Dhabi this weekend at a time of fundamental change in their
business, which has seen a growing volume of trade shift from
the Arab world to London.
    The 14th congress of the Inter-Arab Cambiste Association
also comes at a time when the prospect of a unified Gulf
currency system is more real that at any time this decade.
    Foreign exchange traders and bank treasurers said these
issues, and the slide of the Lebanese pound, can be expected to
be major talking points.
    About 250 traders and treasurers from some 115 banks --
including some in London and other major non-Arab financial
centres -- are expected to attend the conference which begins
on on Saturday.
    Bankers said it is hard to avoid the impression that a
growing proportion of transactions in the Saudi riyal market,
by far the largest in the region, is being carried out in
London.
    The market had been dominated by Saudi Arabia's 11 banks,
foreign exchange houses in the Kingdom and offshore banks in
Bahrain. But bankers said more and more Saudi and Bahrain-based
banks are boosting their treasury operations in London.
    As recession hit the Middle East and the need for trade
finance in the region declined, many offshore banks in Bahrain
ran down their currency operations. None of the four major U.K.
Clearing banks now has a dealing room on the island.
    The two major Bahrain-based international banks, 
<
Arab
Banking Corp> and 
<
Gulf International Bank BSC> have increased
their presence in London and Saudi banks are busy upgrading
representative offices to branch status to allow dealing.
    One economist said: "It is cheaper to run a riyal book in
London than staff an expensive offshore operation in Bahrain...
There is now the nucleus of a two-way market in London."
    Jeddah-based 
<
Riyad Bank> set up as a licensed deposit
taker in London in 1984, while its main rival in Saudi Arabia,

<
National Commercial Bank> (NCB) won a licence in November
1986.
    The major market maker has traditionally been London-based
consortium bank 
<
Saudi International Bank> but the kingdom
joint-venture 
<
Saudi American Bank> (SAMBA) also upgraded its
London operation to deposit taker status in mid-February.
    One senior currency trader in Riyadh said: "Inevitably the
volume of business in London has gained pace with the two new
licences for NCB and SAMBA, but there is no question that most
of the liquidity still rests in Saudi Arabia."
    Currency traders said the shift to London in the Saudi
riyal market is difficult to quantify.
    Bahrain Monetary Agency figures show regional currency
deposits held by offshore banks, most in Saudi riyals, dropped
to the equivalent of 12.2 billion dlrs at end-September 1986
from 13.4 billion at end-1985 and a 1983 peak of 15.0 billion.
    The shift has prompted changes in dealing habits. Riyal
trading in the Gulf on Saturdays and Sundays has become very
quiet with London closed while some Saudi and Bahrain banks now
staff offices on Friday, the Gulf weekend. Traders also expect

<
Arab National Bank> to step up London operations.
    Traders say it is difficult to foresee the riyal market
moving completely out of the region, partly because of local
demand and partly because of what is seen as the Saudi Arabian
Monetary Agency's (SAMA) desire to moderate
internationalisation of the riyal and protect it from undue
speculation.
    There have been far fewer signs of the Kuwaiti dinar market
shifting from its natural base of Kuwait and trading in Bahrain
and London is still limited.
    But for the first time since the formation of the six
nation Gulf Cooperation Council (GCC) in 1981 there are signs
that a much mooted currency union could come into force soon.
    Currency traders said it remains unclear what form a final
currency union would take for the six states -- Saudi Arabia,
Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates.
    But plans to link the six currencies in a European Monetary
System style with a common peg have been discussed at high
level and could be a topic on the GCC's annual summit expected
to be held in Saudi Arabia late in the year.
    One dealer said: "A lot of exposure is being given to
discussions and plans appear to be quite advanced. But in the
end a political decision has to be taken to give the go-ahead."
    One open question is that of a common peg for currencies.
    The idea of linking the six currencies has been debated
since the start of the GCC. The Kuwaiti dinar is currently
linked to a basket of currencies while the other five
currencies are either officially or in practice linked to the
U.S. Dollar.
    Some traders said a currency union could mean speculation
against the Saudi riyal rubbing off on other Gulf currencies,
but plans call for a permitted divergence in the system of
7-1/4 pct, large enough to avoid sudden strains.
    Another topic for debate is expected to be the continued
slide of the Lebanese pound against the dollar and the
undermining of the effective capital base of Lebanese banks.
 REUTER
3;
bodyend
documentend
documentstart
9171
topicstart
trade
topicend
bodystart
2;

BELGOLUX TRADE SWINGS INTO JANUARY DEFICIT


    BRUSSELS, March 25 - 
The Belgo-Luxembourg Economic Union
recorded a provisional trade deficit of 9.45 billion francs in
January after a December surplus of 15.32 billion francs,
revised upwards from a provisional surplus of 11.94 billion,
the National Statistics Office said.
    In January 1986, the union recorded a deficit of 23.31
billion francs.
    January imports fell to a provisional 228.86 billion francs
from 240.24 billion in December and 281.65 billion a year
earlier, but exports were also lower, at 219.41 billion francs
against 255.56 billion and 258.34 billion respectively.
 REUTER
3;
bodyend
documentend
documentstart
9172
topicstart
acq
topicend
bodystart
2;

GUINNESS SEEKS U.K. INJUNCTION AGAINST SAUNDERS


    LONDON, March 25 - 
Guinness Plc 
<
GUIN.L> will seek an
injunction in the U.K. High Court today to freeze the assets of
former Chairman Ernest Saunders in its attempts to recover 5.2
mln stg paid to a Jersey company as part of the company's
takeover battle for 
<
Distillers Co Plc>, a spokesman said.
    He said the court move aimed to freeze Saunders' assets up
to the value of the sum it wanted to recover. It was uncertain
whether the court would reach any decision on the request
today. Guinness said last week it planned to take legal action
to recover the funds, paid to non-executive director Thomas
Ward via the Jersey company.
    Lawyers representing Ward have said he saw the funds as his
reward for services performed during the takeover of
Distillers.
    Guinness is also planning a resolution at the annual
meeting in May to remove both Saunders and Ward from the
company's board.
 REUTER
3;
bodyend
documentend
documentstart
9173
topicstart
topicend
bodystart
2;

CITIBANK LAUNCHES CURRENCY WARRANTS


    LONDON, March 25 - 
Citibank NA is issuing up to 50,000
currency warrants which give the holder a call right on U.S.
Dollars from marks or yen, Citicorp Investment Bank Ltd said as
sole manager.
    Each warrant, priced at 47.50 dlrs, gives the holder the
right to purchase a nominal sum of 500 dlrs for either 182.50
marks or 149.50 yen between March 31, 1987 and March 31, 1989.
    The warrants will be listed in Luxembourg and pay date is
March 31. Exercise, requiring one day's notice, must be for a
minimum of 100 warrants through one currency only.
 REUTER
3;
bodyend
documentend
documentstart
9174
topicstart
topicend
bodystart
2;

MALAYSIA'S FOREIGN BORROWING HELD AT 1986 LEVEL


    SINGAPORE, March 25 - 
Malaysia's net external borrowings
for 1987 are expected to be maintained at around last year's
levels of about 1.45 billion ringgit, Zain Azraai, secretary
general to the Finance Ministry, told an investment seminar
here.
    Malaysia's debt service ratio will also be maintained at "a
level no higher than 20 pct," he said. "This is well within the
capacity of the nation to service."
    Azraai said the 1986 foreign borrowing level and projected
estimates of 1987 compared favourably with the peak of around
5.5 billion ringgit in 1982.
    Malaysia's external debts total 48 to 49 billion ringgit
and its debt service ratio exceeds 20 pct, the Development Bank
of Singapore Ltd, one of Singapore's four major local banks,
said in a report released this week.
    Azraai said: "While the growth in debt has been rapid in
recent years, it is still within the limits of prudence and
conscious efforts have been made and will continue to be made
to decelerate and restrain external borrowings."
    He said the Malaysian government is urgently addressing the
twin deficits of the Federal Budget and the balance of payments
which followed two recessions in the 1980s.
    Azraai said Malaysia's public sector deficit had risen due
to the contraction in the government's resources as well as the
rapid growth in public expenditures.
    With declining incomes and export earnings, the bases for
resource generation became limited, and the government will not
raise taxes because current tax margins are high compared to
Malaysia's neighbours, he said.
    "As such the remaining avenue for rationalising and
consolidating the budget is through expenditure reductions," he
said.
    Azraai said the Malaysian government's development
expenditures were cut by about 25 pct in 1987, while those of
state enterprises were reduced by 41 pct.
    He said: "A commitment has been undertaken to reduce the
budget deficit over time and to balance the Federal
government's budget current account deficit by 1989."
    Malaysian Finance Minister Daim Zainuddin presented a
budget for 1987 which foresees a deficit of 9.4 billion
ringgit, down from 11.6 billion in 1986, with federal spending
targetted at 27.4 billion, down from 30.8 billion, and revenue
at 18 billion against 19.2 billion.
    Azraai said the government will cut the size of the public
sector and privatize those operations which may be better run
by the private sector. New measures have been introduced to
boost the private sector and attract foreign investment.
    A higher proportion of foreign ownership, even up to 100
pct, is now possible for new investments in the manufacturing
sector made between October 1986 and December 1990, he said.
    "The long term prospects of the Malaysian economy are bright
... Indications are already available to show that the economy
is recovering and that growth will be positive and stronger
than originally expected," Azraai said.
 REUTER
3;
bodyend
documentend
documentstart
9175
topicstart
earn
topicend
bodystart
2;

BASF U.S. PROFIT,TURNOVER BOOSTED BY ACQUISITIONS


    LUDWIGSHAFEN, West Germany, March 25 - 
BASF AG 
<
BASF.F>
said net profit of its U.S. Operating company, BASF Corp, rose
last calendar year to 105 mln dlrs from 39 mln in 1985.
    Turnover rose by by more than one billion dlrs to 3.6
billion, the parent company said in a statement. The rise,
however, partly reflected the inclusion of the first full
business year of three acquisitions made in 1985. Excluding
these, BASF Corp turnover rose four pct from 1985.
    Acquisitions were the high-performance connecting materials
operations of Celanese Corp, Inmont Corp bought from United
Technologies and American Enka bought from AKZO NV 
<
AKZO.AS>.
    BASF said it expected a U.S. Investment of 240 mln dlrs in
1987, part of a five-year programme totalling one billion.
    U.S. Projects completed in 1986 included the second acrylic
acid plant in Freeport, Texas, a technical centre in
Southfield, Michigan, in which paint lines from automotive
plants can be refitted, and the new agricultural research
centre in Research Triangle Park in Durham, North Carolina.
    BASF said that work this year had begun in Geismar,
Louisiana, on plants for production of special amines and
polytetrahydrofuran, as well as for expansion of capacity for
producing tetrahydrofuran.
 REUTER
3;
bodyend
documentend
documentstart
9177
topicstart
earn
topicend
bodystart
2;

BICC PLC 
<
BICC.L> 1986 YEAR


    LONDON, March 25 -
    
Shr 22.7p vs 20.3p.
    Final div 8.25p, making 11.75p vs 11p.
    Pre-tax profit 101 mln stg vs 92 mln.
    Attributable profit 45 mln vs 39 mln.
    Turnover 2.14 billion stg vs 2.11 billion.
 MORE
3;
bodyend
documentend
documentstart
9178
topicstart
money-supply
topicend
bodystart
2;

TAIWAN MONEY SUPPLY RISES 48.22 PCT IN YEAR


    TAIPEI, March 25 - 
Taiwan's M-1B money supply rose a
seasonally adjusted 48.22 pct in the year to end-February,
after rising 54.96 pct in the year to January, a central bank
spokesman said.
    Month on month, M1-B fell 5.19 pct from January.
    Unadjusted February M1-B was 1,168 billion dlrs against
1,232 billion in January and 788 billion in February 1986.
    Money supply grew faster in January because the central
bank issued more currency for bonus payments made to workers at
the Lunar New Year, which fell on January 29 this year, banking
sources said.
 REUTER
3;
bodyend
documentend
documentstart
9181
topicstart
earn
topicend
bodystart
2;

NIPPON STEEL TO REDUCE DIVIDEND


    TOKYO, March 25 - 
Nippon Steel Corp 
<
NSTC.T> plans to
reduce its dividend to three yen in the year ending March 31
1987 from the five yen of 1985/86, a company spokesman said.
    The company estimated parent company current losses at 15
billion yen in 1986/87, including a gain of 95 billion yen from
the sale of securities. This compares with a 36.07 billion yen
profit a year earlier.
    Sales in 1986/87 are seen at 2,150 billion yen, down from
2,685 billion a year ago.
    Poor business prospects were attributed to the yen's rise
and slow world steel demand. Nippon is expected to report
parent company results in late May.
    Total 1986/87 crude steel production is estimated at 25.57
mln tonnes, down from 27.98 mln a year earlier.
    Crude steel production is likely to be below 1986/87 output
but forecasts for profits and sales in the year starting April
1 are unavailable yet, he said.
 REUTER
3;
bodyend
documentend
documentstart
9182
topicstart
earn
topicend
bodystart
2;

BAT SEES STRONG PERFORMANCE FROM ALL SECTORS


    LONDON, March 25 - 
A strong performance from all BAT
Industries Plc's 
<
BTI.L> major sectors enabled the group's 1986
pretax profits to pass the one billion stg level for the third
year running, Chairman Patrick Sheehy said in a statement.
    The group earlier reported a 19 pct rise in profits to 1.39
billion, which Sheehy said was achieved without any help from
exchange rate fluctuations or acquisitions.
    Good results were achieved by its Argos and Saks Fifth
Avenue in retailing and by Wiggins Teape and Appleton in paper.
    Tobacco accounted for about 50 pct of profit with a four
pct gain to 764 mln stg and a two pct increase in world volume.
    The results were largely in line with analysts expectations
and BAT shares firmed by two pence to 537p at 0955 GMT.
    BAT said the U.S. Brown and Williamson unit held most of
its 1985 gains and increased profit 18 pct in dollar terms.
    Financial services saw profits double to 282 mln with both
Eagle Star and Allied Dunbar achieving further growth.
    Allied Dunbar reported a 51 pct rise in life annual
premiums to 39 mln stg. BAT said it increased new business by
38 pct in the last nine months after a relatively slow first
quarter. Its permanent health insurance was now the market
leader and its Unit Trust group was now the second largest in
the U.K.
    Eagle Star general premiums rose 32 pct to 1.03 billion.
Its life activities also grew 39 pct with better underwriting
results in the second half.
    Cash flow was strong and the gross debt to equity ratio
dropped to 41 pct from 51 pct. The net ratio, at 26 pct, left
the group strongly placed to pursue its further development.
    Profits from paper and pulp grew 29 pct to 217 mln stg,
nearly three times the 1982 level, with Wiggins Teape's sales
rising 36 pct to pass one billion stg.
    BAT said in 1986 it had sold 88 BATUS stores in the U.S.
For 644 mln dlrs and sold Grovewood Securities for 142 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
9184
topicstart
trade
topicend
bodystart
2;

TAIWAN SEES ITS INVESTMENT IN U.S. RISING SHARPLY


    TAIPEI, March 25 - 
Taiwanese investment in the U.S. Is
expected to nearly double to 80 mln U.S. Dlrs in calendar 1987
and rise to 400 mln dlrs a year by 1991, a five-year forecast
by the Economic Ministry showed.
    Taiwanese investment in the U.S. Last year totalled 46 mln
dlrs, the ministry document said. The investment was mainly in
electronics, trading, food and service industries.
    Lee Ming-Yi, deputy director of the ministry's Industrial
Development and Investment Centre, said the forecast rise is
due to planned government incentives and growing willingness
among Taiwanese to invest abroad.
    Lee told Reuters the incentives, to be introduced in May or
June, include bank loans and a reduction in capitalisation
requirements for businesses seeking to invest in the U.S. To 10
mln Taiwan dlrs from 20 mln.
    He said the moves to encourage investment in the U.S. Are
part of Taiwan's efforts to cut its trade surplus with
Washington, which rose to a record 13.6 billion U.S. Dlrs in
1986 from 1985's 10.2 billion.
    Taiwanese manufacturers can create jobs for Americans and
avoid import quotas if they set up plants in the U.S., He
added.
 REUTER
3;
bodyend
documentend
documentstart
9187
topicstart
earn
topicend
bodystart
2;

BABCOCK INTERNATIONAL PLC 
<
BABK.L> YEAR 1986


    LONDON, March 25 -
    
Div 4.7p making 8.7, an increase of 13.9 pct
    Shr 16.3p vs 17.9p adjusted
    Pretax profit 37.09 mln stg vs 34.55 mln
    Net 22.12 mln vs 24.13 mln
    Interest payable 8.10 mln vs 5.35 mln
    Share of associated co's 6.88 mln vs 5.42 mln
    Turnover 1.22 billion stg vs 1.10 billion
 REUTER
3;
bodyend
documentend
documentstart
9189
topicstart
earn
topicend
bodystart
2;

DELTA GROUP 
<
DLTL.L> YEAR TO JAN 3.


    LONDON, March 25 -
    
Shr net basis 24.8p vs 24.5p
    Shr nil basis 22.7p vs 20.9p
    Div 5p making 7.6p vs 6.5p
    Pretax profit 57.78 mln stg vs 50.61 mln
    Net after tax 37.47 mln vs 36.49 mln
    Outside shareholders interests 1.75 mln vs 1.32 mln
    Extraordinary debit 370,000 vs 1.93 mln
    Turnover 533.59 mln vs 555.81 mln
    Profit breakdown by activity -
    Electrical equipment 28.59 mln stg vs 27.60 mln
    Engineering 10.75 mln vs 11.13 mln
    Industrial services 18.78 mln vs 16 mln
    Corporate finance 340,000 vs 4.12 mln
    Making total pre-tax profit 57.78 mln vs 50.61 mln.
 REUTER
3;
bodyend
documentend
documentstart
9190
topicstart
gold
topicend
bodystart
2;

PLACER PACIFIC SAYS BIG BELL GOLD STUDY EXPANDING


    SYDNEY, March 25 - 
<
Placer Pacific Ltd> said it will
undertake a full feasibility study of Western Australia's Big
Bell gold prospect.
    Results of an economic evaluation of the find, in which
Placer has an option with 
<
Australian Consolidated Minerals
Ltd> (ACM) to earn a 50 pct interest, were encouraging enough
to warrant a full study, Placer said in a statement.
    Big Bell, in the Murchison goldfield 540 km north east of
Perth, was founded in 1904. Between 1937 and 1955 it yielded
22.8 tonnes of gold and 7.8 tonnes of silver while milling
about 30,000 tonnes of ore a month.
    Placer has said the prospect has an estimated 14 mln tonnes
of ore with a three-gram-per-tonne concentration accessible by
open-pit mining and a further 4.5 mln tonnes with a
4.4-gram-a-tonne concentration between 300 and 600 meters
underground.
    It said it was obliged to produce the feasibility study no
later than December 31 this year by which time it would have
spent three mln dlrs on Big Bell.
    If the results are positive and a commitment to develop
made then construction would take about 12 months, Placer said.
 REUTER
3;
bodyend
documentend
documentstart
9192
topicstart
earn
topicend
bodystart
2;

BABCOCK EXPECTS FURTHER PROGRESS IN 1987


    LONDON, March 25 - 
Babcock International Plc 
<
BABK.L> said
in a statement accompanying final results for 1986, showing
pretax profits up to 37.09 mln stg from 34.55 mln in 1985, that
overall further progress is expected in 1987.
    The predicted slowdown of the U.S. Automobile industry is
affecting the North American group although the improved
performance in the FATA European group during 1986 is expected
to continue into this year.
    In the U.K. Overall profitability will improve when the
Central Electricity Generating Board's ordering programme for
both nuclear and fossil-fired fuels starts.
 REUTER
3;
bodyend
documentend
documentstart
9193
topicstart
veg-oil
sun-oil
topicend
bodystart
2;

EGYPT BUYS 46,000 TONNES OF SUNFLOWERSEED OIL


    LONDON, March 25 - 
Egypt purchased 46,000 tonnes of
optional origin sunflowerseed oil at its import tender
yesterday, all for May arrival, traders said.
    The business comprised 41,000 tonnes of crude sunflowerseed
oil in bulk at prices ranging from 344.25 to 348 dlrs and 5,000
tonnes of refined oil in drums at from 517.50 to 522.50 dlrs
per tonne, cost and freight Alexandria, delivered quality
terms.
 REUTER
3;
bodyend
documentend
documentstart
9194
topicstart
trade
topicend
bodystart
2;

CHINA TO TIGHTEN IMPORT CONTROL, CUT EXPORT COSTS


    PEKING, March 25 - 
China should tighten imports of ordinary
goods and restrict or even forbid import of goods which can be
made domestically, Premier Zhao Ziyang said.
    He told the National People's Congress, China's parliament,
that the country's foreign exchange is limited and must be used
where it is most needed.
    "We should expand production of import substitutes and
increase their proportion," he said.
    On exports, China should increase its proportion of
manufactured goods, especially textiles, light industrial
goods, electronics and machinery, he said.
    Zhao said China should lower the cost of exports and
control the export of goods that incur too much loss. In 1986
China had a trade deficit of 11.9 billion dlrs, down from a
record 14 billion in 1985.
    Zhao said China should work to provide a more favourable
investment environment for foreign businessmen. It should use
foreign funds for production and construction, with stress on
firms making goods for export or import substitutes.
    China should also earn more foreign exchange from tourists
and contracted labour abroad, he added.
 REUTER
3;
bodyend
documentend
documentstart
9195
topicstart
silver
copper
topicend
bodystart
2;

WEST GERMANS TO MINT COMMUNITY ANNIVERSARY COIN


    BONN, March 25 - 
The West German Cabinet approved a plan to
mint a special 10-mark coin commemorating the 30th anniversary
of the European Community this year.
    The silver-copper alloy coin will be minted in an edition
of 8.35 mln, a Finance Ministry statement said.
 REUTER
3;
bodyend
documentend
documentstart
9196
topicstart
gnp
topicend
bodystart
2;

SINGAPORE GDP TO GROW SIX PCT IN FIRST QUARTER


    SINGAPORE, March 25 - 
Singapore's gross domestic product
will grow six pct in the first quarter and five pct in the
second quarter this year, with further growth expected in the
second half, Trade and Industry Minister Lee Hsien Loong told
parliament.
    The figures compared with 3.4 pct contraction and 1.2 pct
growth respectively for the first and second quarters of 1986.
    The estimates were based on a tentative leading indicator
incorporating new business orders, company inventories and
share prices used by his ministry, Lee said, without giving
further details of the new indicator.
    Singapore's economy grew 1.9 pct last year, after shrinking
1.8 pct in 1985. The government has forecast growth rate of
three to four pct for 1987.
 REUTER
3;
bodyend
documentend
documentstart
9197
topicstart
oilseed
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS TO RESUME THIS AFTERNOON


    LONDON, March 25 - 
Talks between Cargill U.K. Ltd's
management and unions, aimed at ending the prolonged strike at
its Seaforth oilseed processing plant, will resume this
afternoon, a company spokesman said.
    Yesterday's session failed to reach a compromise but some
progress was made, he said.
 REUTER
3;
bodyend
documentend
documentstart
9198
topicstart
topicend
bodystart
2;

NORWAY ISSUES 60 BILLION YEN EUROBOND


    LONDON, March 25 - 
Norway is issuing a 60 billion yen
eurobond due April 22, 1992 paying 4-1/4 pct and priced at
101-5/8 pct, lead manager Nomura International Ltd said.
    The non-callable issue will be available in denominations
of one mln yen and will be listed in London.
    The fees comprise 1-1/4 pct selling concession with 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
9200
topicstart
topicend
bodystart
2;

SAAB-SCANIA LAUNCHES 100 MLN DLR EURO-CP PROGRAM


    LONDON, March 25 - 
Saab-Scania AB is establishing a 100 mln
dlr euro-commercial paper issuance program, Enskilda Securities
said as arranger.
    Dealers will be Enskilda and Bankers Trust International
Ltd. Paper will be issued in discounted note form only and will
have maturities between seven and 365 days.
    Denominations will be 500,000 and one mln dlrs.
    Enskilda Securities said Saab-Scania hopes to activate the
program soon.
 REUTER
3;
bodyend
documentend
documentstart
9201
topicstart
meal-feed
topicend
bodystart
2;

BRITISH COMPOUND FEED PRODUCTION DETAILED


    LONDON, March 25 - 
Feed compounds, balancers and
concentrates produced in Britain in the five weeks ended
January 31 totalled 973,400 tonnes, against 966,200 tonnes
produced in the same 1986 period, Ministry of Agriculture
figures show.
    However, cattle/calf feed output, the largest single
component, was 7.2 pct down at 435,900 tonnes against 469,900
tonnes. Pig feed was 170,800 tonnes versus 171,600, and poultry
feed 287,600 compared with 256,600. Other smaller components
included in the total all showed increases.
 REUTER
3;
bodyend
documentend
documentstart
9202
topicstart
earn
topicend
bodystart
2;

KLOECKNER UND CO'S 1986 PROFIT FALLS ABOUT 20 PCT


    DUISBURG, West Germany, March 25 - 
Kloeckner 
&
 Co KGaA, the
international trading group, said its 1986 domestic group net
profit fell by around 20 pct against 1985, adding that the
profit resulted largely from a writing back of reserves.
    The company, which gave no 1986 profit figures, posted a
domestic group net profit of 41 mln marks in 1985.
    It said the 1986 profit was made possible through a 40 mln
mark write-back of reserves that had been created to cover
possible price rises. These reserves were no longer necessary
because of recent declines in raw material prices.
    Kloeckner attributed the profit decline to the fall in
prices as well as the lower value of the dollar.
    It said it would pay an unchanged dividend on its ordinary
share capital, which is entirely in private hands and held
largely by family foundations.
    Kloeckner's nominal 100 mark profit-participation
certificates, issued in October 1986, will pay a likely yield
of around 10 pct. Holders of the certificates are entitled to a
quarter of the 1986 payment, or around 2.50 marks, the company
added.
 REUTER
3;
bodyend
documentend
documentstart
9203
topicstart
rubber
topicend
bodystart
2;

MIXED ASIAN REACTION TO NEW RUBBER PACT


    By Rajan Moses, Reuters


    KUALA LUMPUR, March 25 - 
Governments of major Asian
producing countries have welcomed the conclusion of a new
International Natural Rubber Agreement (INRA), but growers and
traders are unhappy with the development, according to views
polled by Reuter correspondents.
    Officials in Malaysia, Indonesia and Thailand, which
produce the bulk of the world's rubber, said they expected the
new pact to continue to stabilise prices and help their rubber
industries remain viable in the long-term.
    But traders and growers said they were against the new pact
because its buffer stock mechanism was likely to interefere
with free market forces and prevent sharp rubber price rises.
    The new INRA, to replace the current one which expires on
October 22, was formally adopted by most of the world's
producers and consumers in Geneva last Friday.
    It will be open for signature at the U.N. Headquarters in
New York from May 1 to December 31 this year and will enter
into force provisionally when ratified by countries accounting
for 75 pct of world rubber exports and 75 pct of world imports.
    Malaysian Primary Industries Minister Lim Keng Yaik said
the formal adoption of a new pact had dispelled fears of
liquidation of some 360,000 tonnes of INRA buffer stock rubber
and a possible depression of prices.
    He expressed confidence that the new INRA would continue to
keep prices stable by selling or buying rubber as prices rose
or fell through its buffer stock system.
    Malaysia was also happy that in the new INRA financing of
purchases for the normal buffer stock of 400,000 tonnes and a
contingency buffer stock of 150,000 tonnes would be done
through direct cash contributions from members, he said.
    Under the existing pact, members can borrow from banks to
finance INRA's buffer stock purchases. This has been viewed
with concern by some members who fear the INRA may become
indebted and ultimately face collapse, like the International
Tin Agreement.
    "This will ensure the buffer stock operation is carried out
without any financial encumbrance," Lim said.
     Malaysia, the world's largest producer, was seeking
cabinet approval to join the new INRA and hoped other producers
and consumers would also become members, he said.
    Officials in Jakarta said the new pact would bring benefit
to Indonesia's rubber industry's by stabilising prices.
    It was unlikely to collapse like the tin agreement because
its new financial provisions had been tightened, they said.
    Thai officials told Reuters they were optimistic the new
pact was viable because it strictly limited the extent of debt
the INRA buffer stock manager might commit to his market
operations.
     Malaysian growers, however, said they preferred a free
rubber market because an INRA had a tendency to keep prices at
levels that were only acceptable to consumers.
    "With the INRA's ability to keep prices at a certain stable
level, consumers are assured of rubber at almost a fixed price,
while producers may never see sharp price rises," a Malaysian
Rubber Producers Council source told Reuters.
    Producers also wanted a free rubber market without the
overhang of a 360,000 tonne INRA buffer stock which had
psychologically prevented price rises, he said.
    State plantation officials in Sri Lanka said prices had
been depressed since INRA's inception and the creation of a
buffer stock, and they seemed unlikely to rise.
    Sri Lanka should not be a member of the INRA because it was
expensive to maintain a buffer stock, they added.
    Traders in the region, meanwhile, said prices might be
pressured by the new pact in the long term as its potential to
stabilise prices and buffer stock capacity would spur producers
to produce more.
    Most Malaysian and Singapore traders said the new pact's
conclusion had little impact on prices and it was unlikely to
allow sharp price fluctuations in future.
    "The 360,000 tonnes in the INRA buffer stock must be
liquidated and a free market returned," a Malaysian trader said.
    Japanese traders said the new pact had a chance for success
as most world producers and consumers had adopted it, but they
questioned the ability of some financially-strapped producers
to finance buffer stock operations.
 REUTER
3;
bodyend
documentend
documentstart
9204
topicstart
pet-chem
topicend
bodystart
2;

CIBA-GEIGY, PHILLIPS PETROLEUM IN JOINT VENTURE


    BASLE, March 25 - 
Ciba-Geigy AG 
<
CIGZ.Z> said it would
establish a joint venture with Phillips Petroleum Co. In Europe
to manufacture a high performance engineering thermoplastic.
    Initially, the Swiss chemicals firm will manufacture
polyphenylene sulfide compounds using resins from Phillips.
    The two firms will later set up a joint venture to produce
the polyphenylene resins and compounds, which will be marketed
independently under their respective trademarks. A Ciba-Geigy
spokesman declined to say how much the venture would cost.
    Polyphenylene sulfide is widely used in the electronic,
automotive, and petroleum fields.
 REUTER
3;
bodyend
documentend
documentstart
9205
topicstart
iron-steel
topicend
bodystart
2;

KRUPP TO BUILD SOUTH KOREAN STEEL PLANT


    ESSEN, West Germany, March 25 - 
Fried. Krupp GmbH said its
Krupp Industrietechnik GmbH subsidiary has won a 130 mln marks
joint order with Samsung Shipbuilding and Heavy Industries Co.
Ltd of Seoul for a steel works in Pohang, South Korea.
    It said the order, awarded by the Pohang Iron and Steel Co.
Ltd, involves a works due to go on stream in 1989 producing
250,000 tonnes of non-corrosive quality steels annually.
    The consortium partners will supply the plant, supervise
its construction and advise on product processing, with Krupp
providing a 100-tonne capacity arc furnace and a converter for
steel refining.
    The West German company will supply ladles, vehicles,
electrical and exhaust cooling apparatus and dust filters. It
will also fit out the plant's laboratory.
    Among other things Krupp said it will provide know-how for
all production phases and train the Korean workforce.
    It said Samsung will take care of the Korean part of the
engineering and electrical work, the water treatment and other
mechanical equipment, according to Krupp basic engineering.
    Extruded ingots from the plant will be converted to sheet
in an existing hot rolling mill. The sheet will be processed in
facilities which are to be erected, Krupp said.
 REUTER
3;
bodyend
documentend
documentstart
9206
topicstart
earn
topicend
bodystart
2;

SWIRE EXPECTS CONTINUED GROWTH THIS YEAR


    HONG KONG, March 25 - 
Swire Pacific Ltd 
<
SWPC.HKG> expects
continued growth in all divisions this year though it sees
problems in the marine sector, chairman Michael Miles said.
    He told reporters:"1987 has started well for Cathay Pacific
Airways which looks forward to another good year... Swire
Properties expects further good results both from properties
under development for sale and from its investment property
portfolio."
    He did not give any specific projections for earnings. The
company earlier reported 46 pct higher 1986 net profits at 1.78
billion H.K. Dlrs from a year ago.
    Swire also had an extraordinary profit of 1.38 billion dlrs
mainly from the sale of a 15.25 pct interest in Cathay Pacific
Airways Ltd 
<
CAPH.HKG>.
    Miles said the company will use the money to develop its
business, primarily in Hong Kong.
    Swire's stake in Cathay was first reduced to 54.25 pct from
70 pct when Cathay was publicly floated, and then cut to 50.25
pct when Cathay issued new shares amounting to 12 pct of the
enlarged capital to the state-owned 
<
China International Trust
and Investment Corp>. Cathay last week reported its 1986
profits rose to 1.23 billion dlrs from 777 mln a year ago.
    Miles said despite last year's rapid expansion in Cathay's
flights and fleet, load factor is still holding up at 70 pct.
    He said Cathay's growth last year was the result of "a
marginal increase in the revenue load factor coupled with
savings in fuel costs."
    "At present fuel prices are stable and will remain stable
for the rest of this year," he said, "though there might be a bit
of increase later this year.''
    Miles said Swire is not abandoning its offshore oil service
operations, even though the marine sector is generally
depressed. "Obviously the marine industry is not getting any
better," he said.
    The real estate market remained strong and Swire last year
revalued its property portfolio up 634 mln dlrs compared with
an increase of 864.4 mln dlrs the previous year.
    Miles said he expects the property market to remain firm
but said the firm has no available land for a major housing
project such as its Taikoo Shing development on Hong Kong
island now near completion.
    He said the company's 50 pct unit 
<
Hongkong United Dockyard
Ltd> is negotiating with the government for the development of
an existing petroleum storage depot into a major housing
estate. "But it's not as big as Taikoo Shing," he said.
 REUTER
3;
bodyend
documentend
documentstart
9207
topicstart
sugar
topicend
bodystart
2;

UNCERTAINTY SURROUNDS EC SUGAR TENDER RESULT-TRADE


    LONDON, March 25 - 
Considerable uncertainty surrounds the
outcome of today's EC white sugar tender, traders here said,
noting it remains overshadowed by European operator threats to
move over 800,000 tonnes of sugar into intervention.
    They said that due to the dispute between the Commission
and producers over the issue, it is not clear whether the
Commission will authorise any exports at all or grant licences
on a large tonnage.
    The subsidy is seen being set above 45.00 Ecus per 100
kilos, although traders are reluctant to predict a precise
level after prices fell yesterday.
    Earlier, traders in Paris said they expected the Commission
to award licences for around 50,000 tonnes of white sugar with
a maximum export rebate of 45.75 to 46.0 Ecus.
    Last week, the Commission granted licences to end August on
60,500 tonnes of whites at a maximum rebate of 44.819.
 REUTER
3;
bodyend
documentend
documentstart
9208
topicstart
crude
topicend
bodystart
2;

ABU DHABI TO REOPEN GULF OILFIELD HIT IN 1986 RAID


    ABU DHABI, March 25 - 
Abu Dhabi's offshore Abu al-Bukhoosh
oilfield in the Gulf, shut since an aerial attack last
November, will reopen when new anti-aircraft defences are
ready, and this could be in the next two months, oil industry
sources said.
    They said the Abu Dhabi government and Compagnie Francaise
des Petroles (Total) 
<
TPN.PA>, whose Total Abu al-Bukhoosh
subsidiary owns 51 pct of the field, have agreed on the
reopening, but that a date has not been definitely fixed.
    Unidentified planes hit the field, 100 miles off Abu Dhabi,
last November 25.
    The raid killed eight workers and destroyed the main living
quarters and a bridge linking a wellhead to the main production
platform.
    Western diplomats in the region say Iran was responsible
but Tehran has blamed its Gulf War enemy Iraq.
    Abu al-Bukhoosh was producing 57,000 barrels per day (bpd)
at the time of the attack, but the sources said it would resume
at a maximum of half that level because of reduced staff and
the fact only four of five wellheads were now operable.
    The sources said only 80 personnel can be housed in
remaining accomodations, the sources said.
    Facilities being installed to protect the field include
aircraft detection equipment, anti-aircraft missiles, housing
for military personnel and helicopter landing pads, the sources
said.
    Abu Dhabi is the largest oil producer in the United Arab
Emirates, accounting for about 800,000 bpd of its total 1.15
mln bpd production, the sources said.
    They also said Iran was working to reopen its Sassan field,
part of the same reservoir as Abu al-Bukhoosh and located only
a few miles away. Sassan was heavily damaged by an Iraqi air
raid only 10 days before Abu al-Bukhoosh was attacked.
 REUTER
3;
bodyend
documentend
documentstart
9210
topicstart
acq
topicend
bodystart
2;

RAINBOW LIFTS PROGRESSIVE STAKE TO 52 PCT


    WELLINGTON, March 25 - 
<
Rainbow Corp Ltd> said it has
lifted its stake in supermarket group 
<
Progressive Enterprises
Ltd> to 52 pct from 44 pct.
    It said in a statement it has bought an extra 9.4 mln
shares at prices ranging from 3.80 N.Z. Dlrs to 4.80.
    Progressive is currently the subject of both a proposed
merger with Rainbow and a full takeover bid from 
<
Brierley
Investments Ltd> (BIL). The BIL bid, launched on Monday, is at
4.20 dlrs a share. The Rainbow merger involves shareholders in
both Rainbow and Progressive being issued shares in a new
company, 
<
Astral Pacific Corp Ltd>, on a one-for-one basis.
    Rainbow chief executive Craig Heatley said, "In our opinion
BIL's actions over the last few days have been undertaken for
their own strategic purposes which conflict with the desire of
both companies to merge their interests."
    BIL has said it is against the merger because it sees
Progressive shares as being worth twice as as much as
Rainbow's.
    Progressive traded today at 4.42, Rainbow at 3.66 and BIL
at 4.30 at the end of morning trading on the New Zealand Stock
Exchange.
 REUTER
3;
bodyend
documentend
documentstart
9211
topicstart
topicend
bodystart
2;

BANK OF THAILAND PLANS ITS FIRST BOND ISSUE


    BANGKOK, March 25 - 
The Bank of Thailand is seeking Finance
Ministry approval to issue its first bond, central bank sources
said.
    The planned three billion baht issue would carry a term of
six months to one year as a short term move to mop up surplus
funds held by commercial banks.
    The issue would offer a coupon attractive to commercial
banks, which currently have an estimated 30 to 60 billion baht
in funds invested in low-yield securities, the sources said.
    The central bank, charged with supervision of commercial
banks, has previously issued only Finance Ministry bonds.
    Private bankers said they are awaiting a central bank
decision on whether to allow commercial banks to continue
holding up to 40 pct of their capital in foreign exchange or to
return it to 20 pct as scheduled.
    The six month 40 pct ceiling expires April 6 but the banks
want it extended for six more months.
    They said a forced cut in foreign exchange positions would
worsen the local liquidity problem as commercial banks would
have to convert about five billion baht worth of foreign
currencies in their portfolios into baht.
    Senior central bank officials suggested to reporters last
week that the foreign exchange ceiling will be lowered to
discourage banks' use of excess funds for currency speculation.
    Central bank sources said some commercial banks,
anticipating such a central bank decision, have been converting
their foreign currencies into baht this week and lending the
additional funds to the Bank of Thailand's short-term loan
repurchase facility.
    They said the Bank of Thailand's repurchase window
yesterday received offers of about three billion baht of
investment funds from commercial banks, three times its normal
daily amount.
    The repurchase window uses government bonds as an
instrument with which commercial banks can borrow from or lend
to the state bank.
    The facility is sometimes used by the central bank to set a
local short-term interest benchmark through fixing its bond
repurchase rates.
 REUTER
3;
bodyend
documentend
documentstart
9213
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

YEN MAY RISE TO 140 TO THE DLR, NIKKEIREN SAYS


    TOKYO, March 25 - 
The yen could rise to 140 yen to the
dollar, a leading Japanese businessman said.
    Bumpei Otsuki, president of the influential Japan
Federation of Employers' Associations, (Nikkeiren), told
reporters: "The yen might rise as far as 140 (to the dollar).
The U.S. Economy is not good, and as long as the U.S. Economy
is not good, the U.S. Will put various pressures (on Japan)."
    "The yen's level depends on the condition of the U.S.
Economy rather than Japan's economy, and as long as the
American situation is bad, the yen will continue to rise," he
said.
    To cope with the negative impact of the strong yen,
Japanese enterprises must strive to cut costs by all means,
including holding down wages as much as possible, Otsuki said.
    He rejected recent calls from some government quarters for
wage increases this year as a means of raising private
consumption and thus boosting domestic demand.
    "We have to keep wages as low as possible," he said.
    He also said the yen's large and rapid rise is depressing
the outlook for the Japanese economy, noting that in addition
to hurting exporters it is also damaging domestic market
manufacturers through cheap imports.
    Parts of the service sector are also threatened, Otsuki
said.
    Tertiary industries provide services to manufacturers and a
downturn in manufacturing profits will adversely affect service
industries, he said.
    It is also doubtful whether the tertiary sector can fully
employ those put out of work in the manufacturing sector, he
said.
    Profits of service sector companies are likely to fall in
the business year ending in March 1988, leading to a possible
recession in the Japanese economy, he said.
    Otsuki said economic growth is unlikely to pick up beyond
levels experienced in 1986.
    The government's Economic Planning Agency said last week
the economy grew at 2.5 pct in 1986, the worst performance
since 1974 when the economy shrank 1.4 pct due to the first oil
price crisis.
    In order to stimulate domestic demand and boost the
economy, tax reforms aimed at bringing down the cost of land
and reforming the nation's housing stock are needed, along with
steps to bring down the high cost of commodities, he said.
 REUTER
3;
bodyend
documentend
documentstart
9214
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN BUYS MODEST AMOUNT OF DOLLARS, DEALERS SAY


    TOKYO, March 25 - 
The Bank of Japan bought a modest amount
of dollars this morning, possibly around 200 to 300 mln,
dealers said.
    One dealer said the central bank bought about 200 mln dlrs
through brokers and the rest through banks. The buying began
when the dollar was at about 149.60 yen, and helped drive the
U.S. Currency up to around 150, he said.
    Another said the central bank seemed to be trying to push
the dollar up above 150 yen. But heavy selling at around that
level quickly pushed the dollar back down towards 149 yen,
dealers said.
 REUTER
3;
bodyend
documentend
documentstart
9215
topicstart
topicend
bodystart
2;

BRAZIL/BANK COMMITTEE AGREE ON CREDIT REQUEST


    MIAMI, March 25 - 
Brazil and its bank advisory committee
agreed to transmit a request for an extension of short-term
credit lines totaling 16 billion dlrs for 60 days until May 31,
Brazilian Central Bank President Francisco Gros said.
    Speaking after talks with the committee here, Gros also
said he did not expect to make interest payment to the banks at
this moment.
    He added that "no one should expect any dramatic
developments before March 31."
    Brazil last month suspended interest payments on its 68
billion dlrs debt to commercial banks and froze short-term
trade and money market lines.
    Bankers said they would relay the Brazilian request for an
extension but declined to say whether they were specifically
endorsing it.
    Gros said the decision, which he called a "standstill"
arrangement, will be communicated to Brazil's 700 bank
creditors by telex tomorrow. Banks had been pressing Brazil to
make at least a token interest payment, but Gros said the
government was unable to comply for the moment.
    He stressed however that Brazil was willing to pay as soon
as it could, but added that a payment of interest was not
connected with the extension of the credit lines.
    "That would not be wise," he said.
    He said that the extension of the short-term lines would
not be carried out through "an official instrument" as there was
not time to complete the legal requirements.
    Gros said Brazil was likely to meet again with the 14-bank
advisory committee once Brazil had information to present on an
economic plan.
 REUTER
3;
bodyend
documentend
documentstart
9216
topicstart
interest
money-fx
topicend
bodystart
2;

JAPAN DOES NOT INTEND TO CUT DISCOUNT RATE-SUMITA


    TOKYO, March 25 - 
Bank of Japan governor Satoshi Sumita
said the central bank has no intention of cutting its discount
rate again as a way of preventing the yen's rise.
    He told a press conference that the growth of Japanese
money supply remains high.
    The bank will have to watch closely various developments
resulting from its already eased monetary stance, such as the
sharp rise in real estate and stock prices, he said.
    Although the yen's rise will have a greater deflationary
impact on the economy, the economy is not likely to slow down
much further, Sumita said.
    "I don't think we should change our economic outlook at the
moment," Sumita said.
    Sumita has said in the past that he expects the economy to
show a gradual upturn in the second half of the year.
    The governor said the six major industrial nations are
expected to review last month's pact on currency stability when
they meet next in April.
    Dealers said they expect the six - Britain, Canada, France,
Japan, the U.S. Amd West Germany - to meet just before the
IMF/World Bank interim committee meeting in Washington starting
on April 9.
 REUTER
3;
bodyend
documentend
documentstart
9217
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET FORECAST REVISED TO SHOW SURPLUS


    LONDON, March 25 - 
The Bank of England said it had revised
its forecast of the liquidity position in the money market
today to a surplus of 150 mln stg after it estimated a flat
position earlier this morning.
 REUTER
3;
bodyend
documentend
documentstart
9218
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET


    LONDON, March 25 - 
The Bank of England said it had not
operated in the money market during the morning session.
    Earlier, the Bank revised its forecast of the liquidity
position in the system today to a surplus of 150 mln stg from
its original estimate of a flat position.
 REUTER
3;
bodyend
documentend
documentstart
9219
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 300 BILLION YEN IN BILLS


    TOKYO, March 25 - 
The Bank of Japan will sell 300 billion
yen of government financing bills tomorrow under a 29-day
repurchase accord maturing April 24 to soak up a projected
money market surplus, market sources said.
    The surplus is estimated at 350 billion yen, due mainly to
excess bank holdings of yen funds after heavy dollar purchases
in the foreign exchange market yesterday, money traders said.
    The yield on the bills for sales to banks and securities
houses from money houses will be 3.9495 pct against the 3.9375
pct discount rate for one-month commercial bills and the
4.58/42 pct yield on one-month certificates of deposit today.
    The operation will put the outstanding bill supply at about
1,900 billion yen, money traders said.
 REUTER
3;
bodyend
documentend
documentstart
9220
topicstart
money-fx
topicend
bodystart
2;

EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA


    TOKYO, March 25 - 
Bank of Japan governor Satoshi Sumita
said that current exchange rates are almost within the levels
agreed to by six major nations last month in Paris.
    Asked whether a dollar/yen rate of 148 or 149 reflected
economic fundamentals, he said current rates almost reflect
fundamentals.
    Sumita told reporters major nations have cooperated to
bring about currency stability in line with the Paris
agreement, which stipulated that they would closely cooperate
to that end. He repeated the central bank will intervene if
necessary, adding he did not think a dollar free-fall was
likely.
    But Sumita said he could not say exactly what currency
levels would be considered in line with underlying economic
fundamentals.
    In Paris on February 22, Britain, Canada, France, Japan,
the U.S. And West Germany agreed to cooperate to hold
currencies around their then current levels.
    Sumita said he could not find any specific reasons behind
the fall of the dollar to a record low against the yen
yesterday. But he said the market rushed to sell dollars as it
nervously reacted to statements abroad and to developments
surrounding trade tensions.
    U.S. Treasury Secretary James Baker said over the weekend
that the Paris pact did not encompass fixed tragets for the
dollar. U.S. Trade Representative Clayton Yeutter called
U.S/Japan relations on certain key trade issues very strained.
    The market reacted nervously because the dollar has been
moving narrowly against the yen since mid-January, Sumita said.
He added he does not expect the yen/dollar exchange rate to
remain unstable because the market is concerned about a sharp
rise of the yen.
    The Bank of Japan will keep a close watch on exchange rates
in line with the Paris accord, he added.
 REUTER
3;
bodyend
documentend
documentstart
9222
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

JAPAN ASKS TRADERS, EXPORTERS TO CUT DOLLAR SALES


    TOKYO, March 25 - 
The Ministry of International Trade and
Industry (MITI) has asked about 30 Japanese trading houses and
exporters to refrain from excessive dollar selling, trading
house officials said.
    The officials told Reuters MITI asked them to moderate
their foreign exchange trading because the excessive rise in
the yen will have unfavourable effects on the economy. It made
the request by telephone.
    A MITI official said the ministry has conducted a survey of
foreign exchange trading by trade houses and exporters. But he
said it was not aimed at moderating dollar selling.
    The trading house officials said MITI had asked them to
undertake foreign exchange transactions with due consideration
to the adverse effects excessive exchange rate movements would
have on the economy.
    The MITI official said MITI undertakes such surveys when
exchange rates fluctuate widely. A similiar survey was made
when the currency fell to the previous record low of 149.98 on
January 19. It hit a new record low of 148.20 yen yesterday.
    He said the survey showed currency transactions by trade
houses and exporters contributed little to the dollar fall.
 REUTER
3;
bodyend
documentend
documentstart
9224
topicstart
money-fx
dlr
topicend
bodystart
2;

CENTRAL BANKS BUY DOLLARS FOR YEN IN LONDON


    LONDON, March 25 - 
The Bank of Japan intervened to stem
strong yen rises against the dollar during London trading this
morning, dealers said.
    The Bank of Japan here declined comment.
    The Bank of England was also rumored to be buying dollars
against the yen this morning but it also declined comment.
    Dealers said the intervention halted a sudden late morning
drop to a low of 148.65 yen, holding the dollar steady until
midsession at about 148.80.
    The Bank of England was strongly rumored to have intervened
on behalf of the dollar against the yen yesterday, but it gave
no confirmation.
    Overnight reports from Tokyo said that the Bank of Japan
was aggressively supporting the dollar, but failed to push it
back to the perceived target level of 150 yen.
    Selling during the London trading morning was largely
attributed to Japanese institutions.
    Dealers here were loath to quantify the scale of Bank of
Japan action this morning. One U.S. Bank trader said it could
have been up to 500 mln dlrs, but said this was largely a
guess.
 REUTER
3;
bodyend
documentend
documentstart
9225
topicstart
topicend
bodystart
2;

BRAZIL, BANKS FAIL TO MAKE BREAKTHROUGH IN DEBT TALKS


    By Keith Grant


    MIAMI, March 25 - 
Brazil and its bank creditors failed to
achieve any breakthrough in debt talks here last night after
Brazil refused to say when it would resume interest payments.
    Central Bank governor Francisco Gros said after a meeting
with a 14-bank advisory committee that Brazil cannot make any
interest payments at this time, though it would do so "as soon
as we can."
    The talks came as the annual meeting of the 44-nation
Inter-American Development Bank (IADB), in which both Gros and
the bankers had been taking part, moved toward a close here.
    Bankers leaving the meeting with Gros declined to discuss
details of the talks, though some expressed satisfaction that
Brazil had agreed to continue working with the committee.
    At the same time, Gros told reporters not to expect any
dramatic developments before March 31, the date when some U.S.
banks have said they will take a decision whether to put Brazil
loans on a non-performing basis.
    Brazil suspended interest payments on its 68 billion dlr
foreign debt to commercial banks on February 20 and shortly
after announced it was freezing some 16 billion dlrs in
short-term credit lines.
    Banks are not obliged to declare these loans non-performing
before 90 days have elapsed, but the move to announce a
possible decision in this respect was viewed as a means of
exerting pressure on Brazil.
    The bank committee, headed by Citibank, had been pressing
Brazil to make at least a token payment of interest but Gros
said this was not possible right now.
    "We are not in a position to make a payment at this stage,"
Gros said.
    At the same time, the two sides reached a stopgap
arrangement on the short-term trade and money-market credit
lines, whereby the committee agreed to transmit a Brazilian
request to extend the lines for 60 days until May 31.
    Banks have been indicating they will not renew credit lines
in response to the Brazilian move.
 Reuter
3;
bodyend
documentend
documentstart
9228
topicstart
earn
topicend
bodystart
2;
BICC SEEKS ACCELERATED EARNINGS GROWTH LONDON, March 25 - BICC
Plc 
<
BICC.L>, which earlier announced a 10 pct rise in 1986
pre-tax profits, said it was determined to achieve higher
levels of performance, quality and service to accelerate its
improvement in earnings.
    BICC said in a statement that sales in BICC Cables were
down on 1985 due to a sharp drop in demand for cable in the oil
and chemical industries after the oil price drop. But profits
in Balfour Beatty were substantially improved.
    Profits increased in BICC Technologies and in BICC
International in local currency terms, while Associated British
Cables had another excellent year, the company said.
    BICC shares were last quoted at 357p, up from 344p at
yesterday's close, in buoyant response to results which were
ahead of market expectations, dealers said.
    BICC pre-tax profits rose to 101 mln stg in 1986 from 92
mln in 1985, with turnover rising from 2.11 billion stg in 1985
to 2.14 billion stg in 1986.
 REUTER
3;


bodyend
documentend
documentstart
9229
topicstart
earn
topicend
bodystart
2;

OCEAN TRANSPORT AND TRADING PLC 
<
OTTL.L> YEAR 1986


    LONDON, March 25 -
    
Shr net basis 21.4p vs 17.5p
    Div 6.1p making 9p vs 6.5p
    Pretax profit 37.2 mln stg vs 31.9 mln
    Net after tax 25.7 mln vs 20.3 mln
    Minority interest 700,000 vs 1.1 mln
    Extraordinary debit 1.9 mln vs 3.5 mln
    Turnover 827 mln vs 766.9 mln
    Note - The company said the sale of the minority holding in
OCL in 1986 has transformed the balance sheet and enables it to
accelerate development.
 REUTER
3;
bodyend
documentend
documentstart
9230
topicstart
acq
topicend
bodystart
2;

DART GROUP RAISES SUPERMARKETS GENERAL 
<
SGL> BID


    LANDOVER, Md., March 25 - 
<
Dart Group Corp> said it has
raised its offer to acquire Supermarkets General Corp to 42.00
dlrs in cash and three dlrs in exchangeable preferred stock per
Supermarkets General share from 41.75 dlrs per share in cash.
    The company said it would also be willing to negotiate a
plan with the Supermarkets General board under which
Supermarkets General shareholders would have a common stock
interest in the combined company.  It said it remains willing
to negotiate all terms of the proposed acquisition.
    The original bid was worth about 1.62 billion dlrs.
    Dart said the preferred stock in the new bid would be
exchangeable for a new class of Supermarkets General debt
securities that would be developed by Dart and Supermarkets.
    The new proposal would be subject to approval by the
Supermarkets General board, it said.  The new bid was contained
in a letter to the Supermarkets General board.
    In Woodbridge, N.J., Supermarkets General -- responding to
a previous letter to its board by Dart -- said "Your conduct
indicates to us that no transaction involving trust and
confidence can be entered into with you.  Your propaganda and
missstatements will not panic our board."
    Dart, in its previous letter, had alleged that Supermarkets
General executives were seeking millions of dollar in severance
and tax payments from Dart.
 Reuter
3;
bodyend
documentend
documentstart
9231
topicstart
earn
topicend
bodystart
2;

OLSON INDUSTRIES INC 
<
OLSN> 4TH QTR NET


    SHERMAN OAKS, Calif., March 25 -
    
Oper shr 28 cts vs 1.16 dlrs
    Oper net 194,000 vs 1,255,000
    Sales 27.5 mln vs 30.5 mln
    Year
    Oper shr 2.68 dlrs vs 63 cts
    Oper net 1,880,000 vs 684,000
    Sales 100.5 mln vs 115.6 mln
    Avg shrs 700,086 vs 1,079,165
    NOTE: 1986 net excludes tax credits of 1,042,000 dlrs in
quarter and 1,603,000 dlrs in year.
    Net excludes discontinued operations gain 330,000 dlrs vs
loss 385,000 dlrs in quarter and gain 485,000 dlrs vs loss
2,692,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
9232
topicstart
earn
topicend
bodystart
2;

OLSON 
<
OLSN> TO HAVE LOSS FROM EGG UNIT SALE


    SHERMAN OKAS, Calif., March 25 - 
Olson Industries Inc said
it is in final negotiations on the sale of its remaining egg
operations and expects the sale to generate a charge of about
two mln dlrs against 1987 net income.
    The company said, however, that the sale will generate
substantial cash flow to pay off bank debt and improve working
capital, eliminate unmanageable effects on profits of the price
instability of the egg business and allow it to concentrate on
its plastics packaging business.
 Reuter
3;
bodyend
documentend
documentstart
9234
topicstart
acq
topicend
bodystart
2;

E.D. And F. MAN TO BUY INTO HONG KONG FIRM


    HONG KONG, March 25 - 
The U.K. Based commodity house E.D.
And F. Man Ltd and Singapore's Yeo Hiap Seng Ltd jointly
announced that Man will buy a substantial stake in Yeo's 71.1
pct held unit, Yeo Hiap Seng Enterprises Ltd.
    Man will develop the locally listed soft drinks
manufacturer into a securities and commodities brokerage arm
and will rename the firm Man Pacific (Holdings) Ltd.
 REUTER
3;
bodyend
documentend
documentstart
9235
topicstart
earn
topicend
bodystart
2;

ORACLE CORP 
<
ORCL> 3RD QTR FEB 28 NET


    BELMONT, Calif., March 25 -
    
Shr 16 cts vs eight cts
    Net 4,834,000 vs 2,052,000
    Revs 34.9 mln vs 16.0 mln
    Avg shrs 31.1 mln vs 26.8 mln
    Nine mths
    Shr 26 cts vs 13 cts
    Net 8,006,000 vs 3,310,000
    Revs 80.9 mln vs 34.5 mln
    Avg shrs 30.8 mln vs 26.3 mln
    NOTE: Share adjusted for two for one stock split.
    Current year net includes capitalized software costs of
1,295,000 dlrs in quarter and 3,701,000 dlrs in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
9237
topicstart
earn
topicend
bodystart
2;

ENTERRA CORP 
<
EN> 4TH QTR LOSS


    HOUSTON, March 25 -
    
Shr loss 4.14 dlrs vs loss 19 cts
    Net loss 37.1 mln vs loss 1,712,000
    Revs 27.3 mln vs 33.4 mln
    Year
    Shr loss 5.51 dlrs vs loss 73 cts
    Net loss 49.3 mln vs loss 6,544,000
    Revs 109.0 mln vs 141.9 mln
    NOTE: 1986 net both periods includes 34.8 mln dlr
weritedown of assets of services segment and Southeast Asian
joint venture.
 Reuter
3;
bodyend
documentend
documentstart
9238
topicstart
earn
topicend
bodystart
2;

JOHNSTOWN/CONSOLIDATED REALTY TRUST 
<
JCT> NET


    EMERYVILLE, Calif., March 25 - 
4th qtr
    Shr 15 cts vs eight cts
    Net 1,800,000 vs one mln
    Year
    Shr 51 cts vs 1.10 dlrs
    Net 6,200,000 vs 13.2 mln
    NOTE: Net includes loan loss provisions of 14 cts shr vs 18
cts in quarter and 24 cts shr vs 36 cts in year.
 Reuter
3;
bodyend
documentend
documentstart
9239
topicstart
acq
topicend
bodystart
2;

DURIRON 
<
DURI> COMPLETES VALTEK 
<
VALT> PURCHASE


    DAYTON, Ohio, March 25 - 
Duriron Co Inc said it has
completed the acquisition of Valtek Inc for 11.75 dlrs per
share following Valtek shareholder approval yesterday.
 Reuter
3;
bodyend
documentend
documentstart
9240
topicstart
earn
topicend
bodystart
2;

WASHINGTON FEDERAL SAVINGS 
<
WFSL> QUARTERLY DIV


    SEATTLE, Wash., March 24 -
    
Qtly div 17 cts vs 17 cts
    Pay April 24
    Record April 7
    Note: year ago adjusted to reflect March 19 three-for-two
stock split.
    (Washington Federal Savings and Loans Association)
 Reuter
3;
bodyend
documentend
documentstart
9242
topicstart
earn
topicend
bodystart
2;

ROWLEY-SCHER 
<
RSCH> TO HAVE LOSS FOR YEAR


    BELTSVILLE, Md., March 25 - 
Rowley-Scher Reprographics Inc
said it expects to report an operating loss and a loss from the
sale of its Mid South Repro subsidiary for the year ending
MArch 31.
    Last year, the company reported earnings of 977,000 dlrs.
    Rowley-Scher did not disclose details of the sale of Mid
South Repro.
    It said the sale has eliminated an unprofitable operation.
    The company also said it will open two new reprographic
centers in the Washington/Baltimore area within the next three
weeks, brining the total there to 11, and a new downtown Boston
location in the same time period, brining the number in the
Boston area to four.
 Reuter
3;
bodyend
documentend
documentstart
9243
topicstart
acq
topicend
bodystart
2;
******
DIXONS SAID IT GOT AND ACCEPTED ONLY 20 PCT OF CYCLOPS SHARES IN TENDER

Blah blah blah.
3;


bodyend
documentend
documentstart
9244
topicstart
topicend
bodystart
2;

LONDON ON RISE AS TRADING CENTRE IN U.S. DEBT


    By Norma Cohen, Reuters


    LONDON, March 25 - 
London's rise as a trading centre for
U.S. Government debt has been spurred by the increasing use of
interest rate swaps, which are now arranged for most new issues
in the eurobond markets, traders and analysts said.
    Indeed, eurobond traders estimate that about 80 pct of all
new debt issued here last year -- over 186 billion dlrs worth
-- was part of either an interest rate or currency swap.
    "The U.S. Treasuries market here is swap-driven," said David
Jones, vice president at Goldman Sachs and Co international and
head of its U.S. Government bond trading desk.
    "It is commonplace to have trades of 100 mln dlrs or more in
10-years, seven years or five years, all related to an interest
rate swap or hedging of a eurobond deal," Jones said at a recent
conference on the U.S. Treasuries market.
    Just a year or so ago, he said, trades of that size going
through brokers screens in London were unthinkable.
    Traders said that over the past two weeks, while trading in
U.S. Treasuries has been almost frozen by indecision over the
direction of interest rates, swap-related deals have provided
the sole source of new business.
    Dealers said that last week, a 260 mln dlr trade involving
two and 10-year Treasuries was transacted on brokers' screens.
    The trade, they said, was swap related.
    There are no firm figures on exactly how much U.S. Treasury
debt is traded here and estimates vary widely.
    But Wrightson Economics, a U.S.-based research firm which
drew its data from U.S. Treasury reports, estimated that gross
transactions in U.S. Government securities in London rose to
341 billion dlrs in the first nine months of 1986 alone,
against 188 billion in all of 1985.
    Wrightson estimates that about 20 pct of all U.S. Treasury
trading is transacted outside the U.S., With Tokyo forming the
third major centre.
    And while figures are not yet available for the last
quarter, the anecdotal evidence suggests that the trend
continued, traders say.
    Richard Lacy, chief executive at Exco International, put
average daily Treasuries trading volume in London at about 15
billion dlrs. Exco recently purchased an 80 pct interest in RMJ
Securities inc, one of the four major brokers in U.S.
Government bonds which has offices in London, New York and
Tokyo.
    But Dick Van Splinter, president of RMJ's competitor,
Fundamental Brokers Inc's London operations, estimates average
daily turnover is no more than four to five billion dlrs.
    But even at the low range of estimates, Treasuries trading
volume is at least equal to that in the U.K.'s own government
bonds, known as gilts.
     Jeremy Ford, vice president at Bankers Trust International
Ltd, explained that U.S. Treasuries are used by intermediaries
in swap transactions to lock in the "spread," the difference
between the interest rate the borrower has to pay and the rate
that the counterparty is obliged to pay.
    But even beyond swap-related activity, dealers said the
nature of trading in London has changed.
    "The interesting thing our figures show is the transition in
London from a marketing effort to a trading effort," said Louis
Crandall, an economist at Wrightson who has been collecting the
data.
    Crandall said that previously, firms' activities were
limited to trying to sell U.S. Securities to European
investors. Now, however, they appear increasingly willing act
as principal in transactions rather than acting on behalf of
their New York offices.
    Increasingly, traders say, firms maintain separate profit
and loss sheets for their London operations so that trading
decisions can be made independently from the U.S. Headquarters.
    Many of the major U.S. Firms, including Merrill Lynch and
Co, Shearson Lehman Brothers Inc and Chemical Bank trade for
their own accounts here.
    Also, traders point out, the number of U.S. Firms operating
in London has increased sharply over the past year, as has the
number of European and Asian banks which trade U.S. Government
securities.
    Within the past few months, National
Westminster Bank Plc's County Bank subsidiary and Swiss Bank
Corp have applied to the Federal Reserve Bank of New York to
become primary dealers in U.S. Government securities and their
London offices have just recently received direct-dealing
brokers screens.
    And Donaldson Lufkin Jenrette, already a primary dealer, is
preparing to open a U.S. Treasuries trading desk in London.
    Dick Van Splinter, president of Fundamental Brokers Inc,
the largest of the four major government bond brokers here,
said he now has 45 firms using direct-dealing screens, up from
35 a year ago.
 REUTER
3;
bodyend
documentend
documentstart
9245
topicstart
topicend
bodystart
2;

MATSUSHITA TO ISSUE 200 BILLION YEN CONVERTIBLE


    OSAKA, March 25 - 
Matsushita Electric Industrial Co Ltd

<
MC.T> said it will issue a 200 billion yen unsecured
convertible bond in the domestic capital market through public
placement with Yamaichi Securities Co Ltd, Nomura Securities Co
Ltd, Nikko Securities Co Ltd, Daiwa Securities Co Ltd and
National Securities Co Ltd as underwriters.
    Coupon and conversion price for the par-priced bond
maturing on September 30, 1996, will be set before payment on
May 2.
    This issue equals in size a record one by Toyota Motor Corp
last December.
    Matsushita's shares closed on the Tokyo Stock Exchange at
1,640 yen, down 50 from yesterday.
 REUTER
3;
bodyend
documentend
documentstart
9246
topicstart
acq
topicend
bodystart
2;

DIXONS GETS ONLY 20 PCT OF CYCLOPS 
<
CYL> IN BID


    NEW YORK, March 25 - 
<
Dixons Group PLC> said only about
852,000 shares of Cyclops Corp common stock, or 20 pct on a
fully diluted basis, were tendered and not withdrawn under its
bid for all shares that expired yesterday, but the companmy has
still decided to accept all shares validly tendered.
    The company said it now has about 22 pct ownership of
Cyclops on a fully diluted basis and expects to proceeds toward
completion of its proposed acquisition of Cyclops.
    Last week, before extending its Cyclops offer for one week
at the request of the Securities and Exchange Commission,
Dixons had reported that 54 pct of Cyclops' stock had been
tendered in response to its 90.25 dlrs per share offer which
expired at 2400 EST yesterday.
    Yesterday, CAYACQ Corp dropped certain conditions of its
92.50 dlrs a share offer for Cyclops and firmed up the
financing for the proposed transaction. CAYACQ, an investor
group led by Audio/Video Affiliates Inc and Citicorp, raised
the value of its offer from 80 dlrs per Cyclops share on Friday.
 Reuter
3;
bodyend
documentend
documentstart
9249
topicstart
topicend
bodystart
2;

CITIBANK LAUNCHES CURRENCY WARRANTS


    LONDON, March 25 - 
Citibank NA is issuing up to 50,000
currency warrants that give the holder a call right on U.S.
Dollars from marks or yen, Citicorp Investment Bank Ltd said as
sole manager.
    Each warrant, priced at 47.50 dlrs, gives the holder the
right to purchase a nominal sum of 500 dlrs for either 182.50
marks or 149.50 yen between March 31, 1987 and March 31, 1989.
    The warrants will be listed in Luxembourg and pay date is
March 31. Exercise, requiring one day's notice, must be for a
minimum of 100 warrants through one currency only.
 REUTER
3;
bodyend
documentend
documentstart
9250
topicstart
earn
topicend
bodystart
2;

KAUFMAN AND BROAD HOME CORP 
<
KBH> 1ST QTR FEB 28


    LOS ANGELES, March 25 -
    
Shr 17 cts vs seven cts
    Net 4,678,000 vs 1,856,000
    Revs 110.5 mln vs 61.7 mln
    Avg shrs 27.0 mln vs 25.0 mln
 Reuter
3;
bodyend
documentend
documentstart
9252
topicstart
acq
topicend
bodystart
2;

RENOUF HAS 93.4 PCT OF BENEQUITY 
<
BH> UNITS


    NEW YORK, March 25 - 
<
Renouf Corp International> said it
now owns 93.4 pct of Benequity Holdings a California Limited
Partnership.
    Renouf  said it has accepted for payment all 3,914,968
units of Benequity Holdings tendered in response to its 31 dlrs
per unit offer. Along with the 1,449,550 units already held by
Renouf, it now owns 93.4 pct of the 5,745,706 units outstanding.
 Reuter
3;
bodyend
documentend
documentstart
9253
topicstart
crude
topicend
bodystart
2;

OIL ANALYST SEES PAPUA NEW GUINEA AS GOOD PROSPECT


    SURFERS PARADISE, Australia, March 25 - 
Papua New Guinea
(PNG) provides the most exciting new prospect in the
Asia-Pacific region for oil production, energy analyst Fereidun
Fesharaki said here.
    The recent successful find at Iagifu is likely to put PNG
on the list of major oil exporters by the early 1990s, he told
the Australian Petroleum Exploration Association annual
conference.
    Fesharaki, leader of the Energy Program at the East-West
Center in Honolulu, Hawaii, was speaking on the Asia-Pacific
petroleum outlook.
    With domestic demand of around 12,000 barrels per day (bpd)
and prospects of production of over 100,000 bpd by late 1991,
PNG would become an Ecuador-level crude exporter, Fesharaki
said.
    The Iagifu wells in the Papuan Basin have recorded the best
oil flows in more than 60 years of exploration in PNG.
    The PNG government's Geological Survey in a paper
distributed at the conference estimates Iagifu reserves at
about 500 mln barrels.
    PNG enjoys the most liberal tax regime in the region with
no secondary taxes, Fesharaki said.
    "We expect a much larger oil search in Papua New Guinea, and
discovery of much larger volumes of oil, similar in quality to
(light) Bass Strait crude," Fesharaki said.
    There are also large pockets of high quality condensates to
be produced, notably in the Juha field near Iagifu which is
capable of producing 30,000 to 40,000 bpd, he said.
    But prices should be somewhat higher than the present
levels to justify development of the Juha field, he said.
    The PNG Geological Survey paper noted there are five large
prospective but little-explored sedimentary basins in PNG.
 REUTER
3;
bodyend
documentend
documentstart
9255
topicstart
earn
topicend
bodystart
2;

USAIR GROUP INC 
<
U> SETS QUARTERLY


    WASHINGTON, March 25 -
    
Qtly div three cts vs three cts prior
    Pay April 30
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
9257
topicstart
topicend
bodystart
2;

YUGOSLAVIA SEEKS 600 MLN ECU LOAN FROM EC


    BELGRADE, March 25 - 
Yugoslavia is seeking a loan of 600
mln ECUs from the European Community for transport system
modernisation, Deputy Finance Minister Boris Skapin was quoted
by the official Tanjug news agency.
    The community has offered Yugoslavia only 380 mln ECUs, he
said. The loan is to help finance completion of Yugoslavia's
north-south motorway, railway modernisation and export-oriented
industrial projects.
    Skapin told reporters in Brussels yesterday the requested
loan accounted for only 10 pct of total funds needed for these
projects, Tanjug said.
 REUTER
3;
bodyend
documentend
documentstart
9258
topicstart
acq
topicend
bodystart
2;

MCFARLAND 
<
MCFE> TO BUY PETROMINERALS 
<
PTRO>


    SANTA FE SPRINGS, Calif., March 25 - 
McFarland Energy Inc
said its board and that of Petrominerals Corp have approved a
definitive agreement for McFarland to acquire Petrominerals in
an exchange of stock.
    McFarland said it would exchange one common share for each
5.4 Petrominerals shares.  McFarland said former holders of
Petrominerals will have a 25 pct interest in the combined
company.
    The merger is still subject to approval by shareholders of
both companies.
 Reuter
3;
bodyend
documentend
documentstart
9259
topicstart
acq
topicend
bodystart
2;

TIMMINCO ACQUIRES UNIVERSAL ADHESIVES


    TORONTO, March 25 - 
<
Timminco Ltd> said it acquired
Universal Adhesives Inc, of Memphis, for undisclosed terms, in
a move to expand Timminco's operations into the United States.
    The company said Universal Adhesives, with five U.S.
plants, has annual sales of 12 mln U.S. dlrs, which will double
Timminco's presence in the North American adhesives market.
    Timminco said Universal Adhesives will complement the
company's Canadian-based industrial adhesives division and is a
key step in its long-term goal for expansion in the specialty
chemical field.
 Reuter
3;
bodyend
documentend
documentstart
9260
topicstart
earn
topicend
bodystart
2;

<
PALOMA PETROLEUM LTD> YEAR NET


    CALGARY, Alberta, March 25 -
    
Shr 32 cts vs 29 cts
    Net 3,320,206 vs 2,990,695
    Revs 13.5 mln vs 14.9 mln
 Reuter
3;
bodyend
documentend
documentstart
9261
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET SURPLUS REVISED TO 250 MLN STG


    LONDON, March 25 - 
The Bank of England said it revised up
its forecast of today's surplus in the money markets to 250 mln
stg from its earlier estimate of a 150 mln.
    The central bank has not operated in the market today.
 REUTER
3;
bodyend
documentend
documentstart
9263
topicstart
earn
topicend
bodystart
2;

<
AMERICAN RESOURCE CORP LTD> YEAR NET


    TORONTO, March 25 -
    
Shr five cts vs 51 cts
    Net 2,300,000 vs 22,500,000
    Revs not given
    Note: Prior shr and net include 20.3 mln U.S. dlr gain on
sale of equity holdings
    Results in U.S. funds
 Reuter
3;
bodyend
documentend
documentstart
9264
topicstart
acq
topicend
bodystart
2;
******
WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN

Blah blah blah.
3;


bodyend
documentend
documentstart
9265
topicstart
coffee
topicend
bodystart
2;

WEST GERMAN JAN COFFEE IMPORTS DOWN ON YEAR-AGO


    HAMBURG, March 25 - 
West German gross green coffee imports
in January fell sharply to 38,616 tonnes from 54,576 in January
last year, figures from the Federal Statistics Office show.
    Imports of decaffeinated unroasted coffee were 396 tonnes
against nil a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
9266
topicstart
earn
topicend
bodystart
2;

ONE VALLEY BANCORP 
<
OVWV> RAISES QUARTERLY


    CHARLESTON, W.Va., March 25 -
    
Qtly div 26 cts vs 25 cts prior
    Pay April 15
    Record March 31
    NOTE: One Valley Bancorp of West Virginia Inc.
 Reuter
3;
bodyend
documentend
documentstart
9267
topicstart
earn
topicend
bodystart
2;

NATIONAL DATA CORP 
<
NDTA> 3RD QTR FEB 28 NET


    ATLANTA, March 25 -
    
Shr 31 cts vs 26 cts
    Net 3,516,000 vs 2,972,000
    Revs 40.0 mln vs 36.3 mln
    Avg shrs 11.4 mln vs 11.2 mln
    Nine mths
    Shr 89 cts vs 73 cts
    Net 10.0 mln vs 8,146,000
    Revs 116.8 mln vs 105.0 mln
    Avg shrs 11.3 mln vs 11.1 mln
 Reuter
3;
bodyend
documentend
documentstart
9268
topicstart
earn
topicend
bodystart
2;

NVHOMES 
<
NVH> SETS TWO-FOR-ONE SPLIT


    MCLEAN, Va., March 25 - 
NVHomes LP said its board declared
a two-for-one split of Class A units, payable to shareholders
of record on April 20.
    It said certificates will be distributed about two weeks
after the record date.
 Reuter
3;
bodyend
documentend
documentstart
9270
topicstart
earn
topicend
bodystart
2;

VANGUARD TECHNOLOGIES INTERNATIONAL INC 
<
VTI>


    FAIRFAX, Va., March 25 -
    
Shr 19 cts vs 10 cts
    Net 653,464 vs 287,606
    Revs 10.6 mln vs 7,600,000
    Year
    Shr 68 cts vs 46 cts
    Net 2,309,181 vs 1,408,813
    Revs 38.4 mln vs 26.0 mln
 Reuter
3;
bodyend
documentend
documentstart
9271
topicstart
earn
topicend
bodystart
2;

THOMSON MCKINNON U.S. GOVERNMENT FUND DIVIDEND


    NEW YORK, March 25 -
    
Mthly div 7.3 cts vs 7.5 cts in prior month
    Payable April six
    Record Marcxh 30
 Reuter
3;
bodyend
documentend
documentstart
9272
topicstart
earn
topicend
bodystart
2;

THOMSON MCKINNON INCOME FUND DIVIDEND


    NEW YORK, March 25 -
    
Mthly div 8.5 cts vs 9.2 cts in prior month
    Payable April six
    Record Marcxh 30
 Reuter
3;
bodyend
documentend
documentstart
9273
topicstart
earn
topicend
bodystart
2;

(OAKRIDGE HOLDINGS INC) 2ND QTR DEC 31 NET


    HILLSIDE, ILL., March 25 -
    
Shr 48 cts vs four cts
    Net 882,000 vs 82,000
    Sales 968,000 vs 784,000
    Six mths
    Shr 53 cts vs 11 cts
    Net 970,000 vs 202,000
    Sales 2,001,000 vs 1,521,000
    NOTE: 1986 net includes a gain of 26 cts a share from the
sale of a funeral home, and tax credits of 20 cts. 1985 net
includes tax credits of one cent in the quarter and 3.7 cts in
the six months period.
 Reuter
3;
bodyend
documentend
documentstart
9274
topicstart
earn
topicend
bodystart
2;

GENERAL COMPUTER CORP 
<
GCCC> 3RD QTR FEB 28 NET


    TWINSBURG, Ohio, March 25 -
    
Shr 10 cts vs 20 cts
    Net 146,000 vs 230,000
    Revs 3,766,000 vs 3,271,000
    Avg shrs 1,458,000 vs 1,125,000
    Nine mths
    Shr 15 cts vs 58 cts
    Net 212,000 vs 653,000
    Revs 10.6 mln vs 9,561,000
    Avg shrs 1,458,000 vs 1,125,000
 Reuter
3;
bodyend
documentend
documentstart
9276
topicstart
topicend
bodystart
2;

ENSERCH ISSUES 100 MLN DLR CONVERTIBLE BOND


    LONDON, March 25 - 
Enserch Inc is issuing 100 mln dlrs of
convertible debt due October 4, 2002 carrying an indicated
coupon of six to 6-3/8 pct and priced at par, Salomon Brothers
International said as lead manager.
    Enserch's stock closed at 22-1/2 last night on the New York
Stock Exchange. The conversion premium is indicated to be 20 to
23 pct. The securities are non-callable for three years.
    There is a 1-1/2 pct selling concession and two pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
9277
topicstart
acq
topicend
bodystart
2;

BRIERLEY OFFER FOR PROGRESSIVE STILL VALID


    WELLINGTON, March 25 - 
<
Brierley Investments Ltd>, (BIL),
said its offer of 4.20 N.Z. Dlrs per share for supermarket
group 
<
Progressive Enterprises Ltd> still stands, although

<
Rainbow Corp Ltd> said today it has 52 pct of Progressive.
    BIL said in a statement it will review events on a daily
basis.
    Rainbow announced earlier that it had increased its stake
in Progressive to 52 pct from 44 pct through the purchase of
9.4 mln shares at between 3.80 and 4.80 N.Z. Dlrs per share.
    BIL chief executive Paul Collins said: "All Rainbow has done
is to outlay a substantial amount of cash to purchase shares
from parties who presumably were supportive of the merger."
    Rainbow has proposed a merger with Progressive to form a
new company, 
<
Astral Pacific Corp Ltd>. Under the merger,
shareholders in both Progressive and Rainbow will be issued
shares in the new company on a one-for-one basis.
    "Quite simply, Rainbow should now bid for the balance of
Progressive Enterprises at 4.80 N.Z. Dlrs per share," Collins
said.
 Reuter
3;
bodyend
documentend
documentstart
9278
topicstart
earn
topicend
bodystart
2;

AVATAR HOLDINGS INC 
<
AVTR> YEAR NET


    CORAL GABLES, Fla., March 25 -
    
Oper shr 32 cts vs seven cts
    Oper net 2,599,000 vs 550,000
    Revs 94.4 mln vs 69.4 mln
    NOTE: Net excludes tax credits of 1,405,000 dlrs vs
3,538,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9279
topicstart
crude
topicend
bodystart
2;

NORWAY OFFERS 11TH LICENCE ROUND OFFSHORE BLOCKS


    OSLO, March 25 - 
Norway has offered 10 new offshore blocks
to foreign and domestic applicants in the first phase of the
country's eleventh concession round, government officials said.
    Company shares in each of the licences proposed by the Oil
and Energy Ministry are not final. The ministry has given the
companies 10 days to accept or decline the proposed shares.
    French companies Ste Nationale Elf Aquitaine 
<
ELFP.PA> and
Total Cie Francaise des Petroles 
<
TPN.PA>, which were expected
to receive operatorships following France's agreement last
autumn to purchase gas from Norway's Troll field, were not
offered operatorships in this round, industry sources said.
    Three eleventh round blocks were awarded in the
Haltenbanken exploration tract off central Norway, including
the Smoerbukk West field where Den Norske Stats Oljeselskap A/S

<
STAT.OL> (Statoil) was appointed operator.
    Statoil will share the licence with subsidiaries of U.S.
Oil companies Tenneco Inc 
<
TGT.N> and Texas Eastern Corp

<
TET.N> and the Italian oil company 
<
Agip SpA>'s Norwegian
subsidiary.
    E.I. Du Pont de Nemours 
<
DD.N> subsidiary Conoco Norway Inc
was named operator on Haltenbanken block 6406/8 and will share
the licence with Statoil.
    Norsk Hydro A/S 
<
NHY.OL> will operate nearby block 6407/10
with partners Statoil, Norsk Agip A/S, Royal Dutch/Shell
Group's 
<
RD.AS> A/S Norske Shell and 
<
Deminex> unit Deminex
(Norge) A/S.
    Statoil has been offered the operatorship on a new block in
the relatively unexplored Moere South exploration area south of
Haltenbanken, with A/S Norske Shell, Texas Eastern and

<
Petroleo Brasileiro SA> (Petrobras) also offered stakes in the
block.
    Norwegian companies landed operatorships on all six blocks
opened in the Barents Sea area off northern Norway. The blocks
were awarded in three licenses, each covering two blocks.
    Statoil will head exploration on blocks 7224/7 and 7224/8,
sharing the licence with Exxon Corp's 
<
XON.N> Norwegian
subsidiary Esso Norge A/S, The British Petroleum Co PLC's

<
BP.L> BP Petroleum Development (Norway) Ltd, Shell, Norsk
Hydro and Saga Petroleum A/S 
<
SAGP.OL>.
    Blocks 7219/9 and 7220/7 were awarded to Norsk Hydro, the
operator, Statoil, Mobil Corp's 
<
MOB.N> Mobil Exploration
Norway, Petrofina SA's 
<
PETB.BR> Norske Fina A/S and BP.
    The third Barents Sea licence, covering blocks 7124/3 and
7125/1, went to Saga Petroleum A/S, the operator, Statoil,
Atlantic Richfield Co's 
<
ARC.N> Arco Norge A/S, Total Marine
Norge A/S and Amerada Hess Corp 
<
AHC.N>.
    The oil ministry withheld awards on four strategic blocks
included in the eleventh round's second phase.
    The ministry is accepting applications for phase two blocks
until early April and the awards will likely be announced this
summer, officials said.
 REUTER
3;
bodyend
documentend
documentstart
9280
topicstart
earn
topicend
bodystart
2;

PERCEPTION TECHNOLOGY 
<
PCEP> TO TAKE CHARGE


    CANTON, Mass., March 25 - 
Perception Technology Corp said
it expects to take a charge of about 686,000 dlrs or 19 cts per
share against earnings for the second quarter ended March 31
due to the bankruptcy proceeding of customer T.C. of New York
Inc.
    Perception said it has outstanding lease receivables from
T.C. of about 2,480,000 dlrs.
    It said the exact amnount of the charge will depend on the
extent of recovery of the leased equipment involved and on
arrangements that might be made with the bankruptcy court on
the equipment.
 Reuter
3;
bodyend
documentend
documentstart
9281
topicstart
topicend
bodystart
2;

INSPECTORATE ISSUES 200 MLN MARK EQUITY EUROBOND


    FRANKFURT, March 25 - 
A unit of Inspectorate International
AG 
<
INSZ.Z> is raising 200 mln marks through an equity warrant
eurobond package with a two pct coupon priced at par, lead
manager Schweizerische Bankverein (Deutschland) AG said.
    The five-year bond, for Inspectorate International Finance
NV, gives investors options on two separate warrant series "A"
and "B" exercisable into participation certificates in parent and
guarantor Inspectorate International AG.
    The first "A" series carries warrants for four participation
certificates. Upon exercising the "A" warrants, investors also
get two warrants for the "B" series.
    The "A" exercise period runs from May 7, 1987, to August 6,
1987. The exercise price is 543 Swiss francs.
    Of the two "B" warrants, one entitles investors to purchase
one participation certificate in Inspectorate International AG
and the other provides seven warrants.
    Investors may pay for "B" participation certificates by
redeeming the bond issued today. In this case, the bond, issued
in denominations of 5,000 marks, will be valued at a fixed
price of 4,200 Swiss francs, or 119.05 francs per 100 marks.
    Participation certificates acquired with "B" warrants will be
priced at 597 francs, equalling the price of the first tranche,
plus a 10 pct premium. The exercise period for the "B" series is
from August 8, 1987 to May 5, 1991.
    Fees for the bond total 2-1/4 pct, with 1-1/2 points for
selling, and 1-3/4 for management and underwriting combined.
    Investors will pay for the bond on April 8, and the bond
pays annual interest on the same day. It matures on April 8,
1992. The bond and warrants will be listed in Frankfurt.
    If all participation share warrants are exercised, the
company will obtain some 300 mln marks in new equity.
    The construction allows Inspectorate to borrow at lower
cost than a comparable convertible bond and will give the
Inspectorate equity through issues of participation
certificates in West Germany, a Swiss Bank Corp spokesman said.
    Inspectorate requires funding to finance its purchase of a
51 pct stake in Harpener AG, a diversified West German group,
and other recent acquisitions.
 REUTER
3;
bodyend
documentend
documentstart
9282
topicstart
money-fx
dlr
topicend
bodystart
2;
******
 Bundesbank buys dollars for yen - Frankfurt dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
9283
topicstart
acq
topicend
bodystart
2;

REUTERS TO BUY I P SHARP OF CANADA


    LONDON, March 25 - 
Reuters Holdings Plc 
<
RTRS.L> said it
had agreed in principle to buy 
<
I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
    Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
    Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
    Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
    Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
    However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
    End-1986 net assets totalled 11.85 mln dlrs.
    A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
 REUTER
3;
bodyend
documentend
documentstart
9284
topicstart
earn
topicend
bodystart
2;

HORIZON BANK 
<
HRZB> SETS STOCK SPLIT


    BELLINGHAM, Wash., March 25 - 
Horizon Bank said its board
declared a three-for-two stock split, payable April 21 to
holders of record April Seven.
 Reuter
3;
bodyend
documentend
documentstart
9285
topicstart
acq
topicend
bodystart
2;

WASTE 
<
WMX> ENDS OFFER FOR CHEMLAWN 
<
CHEM>


    OAK BROOK, ILL., March 25 - 
Waste Management Inc said its
wholly owned subsidiary, WMX Acquisition Corp, ended its tender
offer to buy shares of ChemLawn Corp at 35 dlrs a share.
    All shares tendered to Waste Management will be returned to
shareholders as soon as practical, it said.
    Earlier this week, ChemLawn agreed to accept a merger
proposal at 36.50 dlrs a share from Ecolab Inc in a transaction
valued at about 370 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9287
topicstart
earn
topicend
bodystart
2;

<
ACKERLY COMMUNICATIONS INC> YEAR LOSS


    SEATTLE, March 25 -
    
Shr loss 1.44 dlrs vs loss 1.50 dlrs
    Net loss 10.1 mln vs loss 8,866,000
    Revs 122.3 mln vs 112.5 mln
    Avg shrs 7,671,855 vs 6,520,928
 Reuter
3;
bodyend
documentend
documentstart
9288
topicstart
acq
topicend
bodystart
2;

UNITED MEDICAL 
<
UM> TO SELL UNIT


    HADDONFIELD, N.J., March 25 - 
United Medical Corp said it
has reached a definitive agreement to sell its hospital
distribution unit to 
<
Myriad Group Inc> for undisclosed terms,
with closing expected in the next several weeks.
 Reuter
3;
bodyend
documentend
documentstart
9290
topicstart
livestock
topicend
bodystart
2;

CCC ACCEPTS BONUS BID ON CATTLE FOR EGYPT - USDA


    WASHINGTON, March 25 - 
The Commodity Credit Corporation has
accepted a bid for an export bonus to cover the sale of 760
head of dairy cattle to Egypt, the U.S. Agriculture Department
said.
    The delivery period for the cattle is April, 1987-June,
1988, it said.
    The bonus of 1,870.00 dlrs per head was made to Esmah
Nevada Inc and will be paid in the form of commodities from the
CCC inventory.
    An additional 7,199 head of dairy cattle are still
available to Egypt under the Export Enhancement Program
initiative announced September 12, 1986, the department said.
 Reuter
3;
bodyend
documentend
documentstart
9291
topicstart
topicend
bodystart
2;

INTEL 
<
INTC> UNIT SELLS NOTES AT 8.18 PCT


    NEW YORK, March 25 - 
Intel Overseas Corp, a unit of Intel
Corp, is raising 110 mln dlrs through an offering of notes due
1997 yielding 8.18 pct, said lead manager Shearson Lehman
Brothers Inc.
    The notes have an 8-1/8 pct and were priced at 99.63 to
yield 93 basis points more than comparable Treasury securities.
    Non-callable for seven years, the issue is rated A-2 by
Moody's Investors Service Inc and A by Standard and Poor's
Corp. Salomon Brothers and L.F. Rothschild co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
9293
topicstart
crude
topicend
bodystart
2;

THATCHER DEFENDS UK OIL POLICY IN SAUDI INTERVIEW


    JEDDAH, March 25 - 
British Prime Minister Margaret Thatcher
denied in an interview published in Saudi Arabia today that her
government's oil policy contributed to weakness in world oil
prices.
    She said the government was determined not to intervene to
influence production decisions by oil companies operating in
the North Sea.
    "We believe these must be a matter for the commercial
judgment of the oil companies," she told the Arabic language
daily al-Sharq al-Awsat in an interview coinciding with a visit
to London by King Fahd of Saudi Arabia.
    Thatcher said this policy had not contributed to the fall
in oil prices as North Sea production was now about the same as
in 1984 when prices were close to 30 dlrs a barrel.
    British production was on a plateau and was unlikely to
increase in the future, she said.
    "We naturally share the concern of Saudi Arabia and other
OPEC members about the harmful effects of oil market volatility
for both producer and consumer countries," Thatcher said.
    "On our part, we are careful to avoid any actions which
might add to such volatility."
 REUTER
3;
bodyend
documentend
documentstart
9294
topicstart
cpi
topicend
bodystart
2;

MARCH PRICES FELL IN GERMAN STATE ON YEAR-AGO


    DUESSELDORF, March 25 - 
The cost of living in North
Rhine-Westphalia, Germany's most populous state, fell 0.1 pct
in the month to mid-March to stand 0.5 pct lower than at the
same time a year earlier, the regional statistics office said.
    Prices had risen 0.3 pct in the month to mid-February but
had fallen 0.7 pct year-on-year.
    The regional figures are considered a good guide to
national inflation trends. The Federal Statistics Office is due
to publish provisional national figures for March by the end of
this month.
 REUTER
3;
bodyend
documentend
documentstart
9295
topicstart
money-fx
dlr
topicend
bodystart
2;

BUNDESBANK BUYS DOLLARS IN FRANKFURT - DEALERS


    FRANKFURT, March 25 - 
The Bundesbank bought large amounts
of dollars for yen in an apparent attempt to hold the dollar
above 149 yen, dealers said.
    The dollar intervention was in concert with some other
central banks, they said.
    Dealers said the Bank of Japan and Bank of England
supported the dollar against the yen earlier today and that
these two banks and the U.S. Federal Reserve were also active
yesterday.
    The Bundesbank declined to comment on the dealers' remarks.
    Dealers said the intervention underlined the determination
of central banks to keep currencies within recent ranges
following last month's agreement in Paris by six leading
countries to foster currency stability.
    One dealer said he had been repeatedly in contact with the
Bundesbank during the morning to see if it wanted to buy
dollars after the Japanese and U.K. Central bank moves.
    He said the Bundesbank told him it was observing the
situation to see if it should intervene in consultation with
other central banks.
    Since the Paris agreement on February 22 the dollar had
until yesterday traded in a 1.8150-1.8700 mark range, and above
150 yen, with traders reluctant to push the dollar down to test
central banks' resolve to defend currency stability.
    But the test came this week with the dollar falling below
1.81 marks and 150 yen. Dealers said a reviving trade dispute
between Washington and Tokyo and growing sentiment that the
dollar would have to fall further to narrow the obstinate U.S.
Trade deficit were behind the weakness.
    This week's intervention showed central banks were prepared
to cooperate to defend the Paris pact, dealers said.
    Dealers said it was significant the West German and British
central banks were supporting the dollar against the yen.
    That showed the pact involved multilateral cooperation by
central banks to foster currency stability, they said.
    But it was unclear how such cooperation was being arranged
and how frequent consultations between central banks were.
 REUTER
3;
bodyend
documentend
documentstart
9296
topicstart
acq
topicend
bodystart
2;

CROSSLAND SAVINGS 
<
CRLD>ACQUIRES WESTERN SAVINGS


    NEW YORK, March 25 - 
CrossLand Savings FSB said it has
acquired Western Savings and Loand Co with the assistance of
the Federal Savings and Loan Insurance Corp.
    CrossLand said Salt Lake City based Western has been
combined with its two Florida-based thrift subsidiaries. The
parent company contributed 50 mln dlrs in cash to the resulting
1.7 billion dlr asset subsidiary which will operate under the
name CrossLand Savings FSB with headquarters in Salt Lake City.
    CrossLand said Western, with assets of 400 mln dlrs,
operated 13 branch offices in the states of California, Oregon,
Utah and Washington.
    To facilitate the acquisition, CrossLand said, Western was
converted from a mutual to a stock association in a voluntary
supervisory conversion. Crossland and the FSLIC executived an
assistance agreement indemnifying CrossLand from certain losses
that could occur in connection with Western's loan portfolio.
    The company said James J. Heagerty, chairman and chief
executive officer of CrossLand Savings FSLA in Bradenton, Fla.,
will serve in that capacity for the new subsidiary resulting
from the merger.
    Western's president, Christopher J. Sumner, will be
president of the combined unit, CrossLand said.
 Reuter
3;
bodyend
documentend
documentstart
9299
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND DRAINS MONEY MARKET LIQUIDITY


    LONDON, March 25 - 
The Bank of England said it drained
liquidity from the money market when it sold 167 mln stg of
treasury bills due March 27 at rates between 9-9/16 and 10 pct.
    Earlier, the bank estimated a surplus of around 250 mln stg
in the system today.
 REUTER
3;
bodyend
documentend
documentstart
9301
topicstart
earn
topicend
bodystart
2;

VICORP RESTAURANTS INC 
<
VRES> 1ST QTR FEB 15 NET


    DENVER, March 25 -
    
Shr profit 1.17 dlrs vs loss 12 cts
    Net profit 11.3 mln vs loss 1,038,000
    Revs 104.6 mln vs 128.7 mln
    NOTE: Current year net includes gain 9,500,000 dlrs from
the sale of its specialty restaurants unit, charge 1,200,000
dlrs from addition to insurance reserves, 4,600,000 dlr tax
credit and 660,000 dlr charge from debt repayment.
 Reuter
3;
bodyend
documentend
documentstart
9302
topicstart
acq
topicend
bodystart
2;

COMMERZBANK TO ACQUIRE AND FLOAT LINOTYPE


    FRANKFURT, March 25 - 
Commerzbank AG 
<
CBKG.F> said it will
acquire 
<
Linotype GmbH>, Europe's largest manufacturer of
type-setting and printing communications technology from Allied
Signal Inc 
<
ALD.N> and float off the shares in the company.
    Commerzbank declined to say how much it had paid for
Linotype.
    Linotype's group turnover in 1986 rose 15 pct to more than
500 mln marks, the bank said. The group's net return on capital
was seven pct.
 Reuter
3;
bodyend
documentend
documentstart
9304
topicstart
sugar
topicend
bodystart
2;
******
EC EXPORT LICENCES FOR 59,000 TONNES WHITE  SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS

Blah blah blah.
3;


bodyend
documentend
documentstart
9305
topicstart
sugar
topicend
bodystart
2;

U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES


    LONDON, March 25 - 
A total 59,000 tonnes of current series
white sugar received export rebates of a maximum 45.678
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in West Germany received 34,750
tonnes, in the U.K. 13,000, in Denmark 7,250 and in France
4,000 tonnes, it added.
    Earlier today, London traders had expected the subsidy for
the current season whites campaign for licences to end-Aug to
be more than 45.00 Ecus per 100 kilos but Paris traders were
more precise by forecasting a rebate level of 45.75 to 46.0
Ecus.
    London traders were also reluctant earlier to predict the
likely tonnage to be authorised for export in view of the
on-going dispute between the Commission and European producers
over the threatened action by the producers to move over
800,000 tonnes to intervention.
    Last week saw 60,500 tonnes whites athuorised for export at
a maximum rebate of 44.819 Ecus per 100 kilos.
 REUTER
3;
bodyend
documentend
documentstart
9306
topicstart
earn
topicend
bodystart
2;

PIONEER-STANDARD ELECTRONICS INC 
<
PIOS> PAYOUT


    CLEVELAND, March 25 -
    
Qtly div three cts vs three cts prior
    Pay May One
    Record April Eight
 Reuter
3;
bodyend
documentend
documentstart
9308
topicstart
trade
topicend
bodystart
2;
******
HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS

Blah blah blah.
3;


bodyend
documentend
documentstart
9310
topicstart
topicend
bodystart
2;

SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT


    By Robert Ricci, Reuters


    JOHANNESBURG, March 25 - 
South Africa's new foreign debt
agreement sparked a rally in local financial markets, but
bankers and economists said the pact only removes one source of
anxiety from a still depressed economy.
    "We have not gone from "no confidence" to "full confidence" yet,"
commented one banker, who saw the agreement as having marginal
influence on fundamental economic problems.
    Money market analysts cited the debt renegotiation as the
main impetus behind increases today in both the commercial and
financial rand.
    The commercial rand, used for current account transactions,
rose 0.5 cts to 49 U.S. Cts while the financial rand jumped
nearly two cts to 33 U.S. Cts.
    All equity and fixed investment flows of foreigners take
place through the financial rand, which is considered the main
barometer of South Africa's attractiveness to overseas
investors.
    Analysts predicted the debt arrangement plus further gains
in the gold price could push the commercial rand over 50 U.S.
Cts and the financial rand to 35 cents in the next few weeks.
    They said the financial rand in particular was being driven
by a tentative provision in the new debt agreement that could
favourably affect the currency.
    Foreign creditors may get permission to convert loan
balances and short-term claims into equity investments in South
Africa.
    Finance Minister Barend du Plessis said the Reserve Bank
was "investigating the implications of such conversions in light
of terms and restrictions of the financial rand system."
    Du Plessis in disclosing the new agreement last night said
the recent sharp rise in the financial rand was an example that
"some foreign investors are again taking a more realistic view
of South Africa."
    Terms of the debt agreement call for South Africa to repay
1.42 billion dlrs of 13 billion dlrs of frozen debt over the
next three years. The agreement extends a standstill
arrangement, expiring June 30, that has been in place since
August, 1985.
    Bankers said the repayment amounts essentially confirmed
their private estimates and could be comfortably met by the
monetary authorities.
    "They (creditors) asked for the maximum amount and we
offered the minimum," said one banking source, reacting to
reports from London that creditors were hoping for larger
repayments.
    Reserve Bank governor Gerhard de Kock said South Africa
should have "no difficulty whatsoever" with the terms.
    Economists said the debt agreement would have no
significant impact on economic problems continuing to face
South Africa including high rates of inflation and
unemployment, labour unrest and political uncertainty.
    Johannesburg Stock Exchange president Tony Norton, speaking
yesterday before the debt agreement, said the economy was "in
bad shape" and there was "an awful lot of talk but little action"
to cure serious problems.
 REUTER
3;
bodyend
documentend
documentstart
9311
topicstart
earn
topicend
bodystart
2;

FABRI-CENTERS 
<
FCA> 4TH QTR ENDS JAN 31 NET


    CLEVELAND, March 25 -
    
Shr 40 cts vs 41 cts
    Net 1,979,000 vs 2,101,000
    Revs 67.7 mln vs 63.6 mln
    12 mths
    Shr 36 cts vs 20 cts
    Net 1,798,000 vs 1,034,000
    Revs 239.4 mln vs 233.2 mln
 Reuter
3;
bodyend
documentend
documentstart
9312
topicstart
earn
topicend
bodystart
2;

TSENG LABORATORIES INC 
<
TSNG> 4TH QTR NET


    NEWTOWN, Pa., March 25 -
    
Shr profit one ct vs loss nil
    Net profit 200,052 vs loss 56,782
    Revs 2,394,198 vs 706,393
    Avg shrs 17.8 mln vs 19.8 mln
    Year
    Shr profit one ct vs profit one ct
    Net profit 258,125 vs profit 164,553
    Revs 4,225,731 vs 3,027,892
    Avg shrs 17.9 mln vs 19.5 mln
 Reuter
3;
bodyend
documentend
documentstart
9313
topicstart
earn
topicend
bodystart
2;

PARK ELECTROCHEMICAL CORP 
<
PKE> SETS PAYOUT


    LAKE SUCCESS, N.Y., March 25 -
    
Qtly div three cts vs three cts prior
    Pay May 20
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
9314
topicstart
ship
topicend
bodystart
2;

BRAZIL SEAMEN SAY STRIKE NEAR END


    SAO PAULO, March 25 - 
About half of Brazil's 40,000 seamen
have returned to work after accords with 22 companies, and the
national strike which began on February 27 looks close to
ending, a union spokesman said.
    The spokesman, speaking from strike headquarters in Rio de
Janeiro, estimated that 80 ships were strike-bound.
    The seamen have settled for 120 pct pay increases with the
individual companies but are still discussing the issue of
overtime payments with the shipowners' association, Syndarma.
 REUTER
3;
bodyend
documentend
documentstart
9315
topicstart
trade
topicend
bodystart
2;

KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL


    WASHINGTON, March 25 - 
The House Ways and Means Committee
completed action on legislation to toughen U.S. trade laws,
chairman Dan Rostenkowski said.
    The committee's consideration of one of the most
controversial provisions, a plan to force major trade surplus
countries to cut their trade imbalance with the United States,
was deferred until the full House considers the trade bill, its
sponsor Rep. Richard Gephardt said.
    Gephardt, a Missouri Democrat, told Reuters he was not
certain the exact form his trade surplus reduction proposal
would take. Last year the House approved his plan to force a 10
pct surplus cutback each year for four years, by countries such
as Japan.
    The Ways and Means Committess' trade bill forces President
Reagan to retaliate against unfair trade practices that violate
international trade agreements but it allows him to wave
retaliatory tariffs or quotas if the action would hurt the U.S.
economy.
    The trade bill gives U.S. Trade Representative Clayton
Yeutter more authority in trade negotiations and in decisions
to grant domestic industries import relief.
    It also gives him authority to decide whether foreign trade
practices are unfair and violate U.S. trading rights. These
powers are currently held by President Reagan.
    The administration has strongly objected to this transfer
of authority from Reagan to Yeutter.
    The bill also extends U.S. authority to negotiate
multilateral trade agreements. The bill will be wrapped into
other trade legislation and voted on in the House in April.
 Reuter
3;
bodyend
documentend
documentstart
9316
topicstart
earn
topicend
bodystart
2;

RUSS TOGS INC 
<
RTS> 4TH QTR JAN 31 NET


    NEW YORK, March 25 -
    
Shr 82 cts vs 76 cts
    Net 4,200,000 vs 3,954,000
    Sales 58.7 mln vs 60.6 mln
    Year
    Oper shr 2.68 dlrs vs 2.47 dlrs
    Oper net 13.8 mln vs 13.0 mln
    Sales 274.3 mln vs 276.8 mln
    NOTE: Prior year net excludes loss 1,120,000 dlrs from
discontinued operations and loss on disposal of 922,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9318
topicstart
topicend
bodystart
2;

EASCO OFFERS INITIAL SALE OF SECURITIES


    WASHINGTON, March 25 - 
Easco Hand Tools Inc of Hunt Valley,
Md., filed with the Securities and Exchange Commission for the
sale of 67,275,000 dlrs in common stock, its first public stock
offering.
    It said proceeds would be used to reduce indebtedness.
    PaineWebber Inc was named underwriter.
 Reuter
3;
bodyend
documentend
documentstart
9319
topicstart
topicend
bodystart
2;

KEIHIN ELECTRIC EXPRESS ISSUES 150 MLN DLR BOND


    LONDON, March 25 - 
Keihin Electric Express Railway Co Ltd
is issuing a 150 mln dlr eurobond with equity warrants due
April 22, 1992 with an indicated coupon of 2-3/8 pct and priced
at par, lead manager Yamaichi International (Europe) Ltd said.
    The non-callable bonds are guaranteed by Fuji Bank Ltd.
    Pricing will take place on April 1 and the exercise period
is between May 18, 1987 and April 15, 1992. The indicated
premium is 2-1/2 pct.
    Total fees of 2-1/4 pct comprise 1-1/2 pct for selling and
3/4 pct for management and underwriting. The bonds will be
issued in 5,000 dlr denominations and listed in Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
9320
topicstart
topicend
bodystart
2;

BRISTOL AND WEST BUILDING SOCIETY ISSUES CDS


    LONDON, March 25 - 
The Bristol and West Building Society is
issuing a 250 mln dlr multi-currency certificate of deposit
facility, said Kleinwort, Benson Ltd, one of the appointed
dealers.
 The other dealers will be Samuel Montagu and Co Ltd and Morgan
Guaranty Ltd.
    The maturities range from 28 to 364 days and denominations
will be 500,000 and one mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
9321
topicstart
topicend
bodystart
2;

WOOLWICH BUILDING SOCIETY ISSUING 50 MLN STG BOND


    LONDON, March 25 - 
The Woolwich and Equitable Building
Society is issuing a 50 mln stg eurobond due April 27, 1992
paying 9-1/2 pct and priced at 101-5/8 pct, lead manager Chase
Investment Bank Ltd said.
    The non-callable issue is available in denominations of
5,000 stg and will be listed in London.
    Fees comprise 1-1/4 pct selling concession with 5/8 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
9324
topicstart
acq
topicend
bodystart
2;

THERMO PROCESS 
<
TPSI> ACQUISITION TERMINATED


    WALTHAM, Mass., March 25 - 
Thermo Process Systems Inc said
its proposed acquisition of the Surface Combustion Division of
privately-held 
<
Midland-Ross Corp> has been terminated because
mutually satisfactory terms could not be established.
 Reuter
3;
bodyend
documentend
documentstart
9325
topicstart
topicend
bodystart
2;

CHRYSLER FINANCE ISSUING STERLING EUROBOND


    LONDON, March 25 - 
Chrysler Financial Corp is issuing a 50
mln stg eurobond due April 30, 1992 paying 9-1/2 pct and priced
at 101-1/8 pct, lead manager Union Bank Of Switzerland
Securities said.
    The bond is available in denominations of 1,000 and 10,000
stg and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct for
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
9326
topicstart
alum
topicend
bodystart
2;

NORANDA RAISES PRIMARY ALUMINUM PRICES


    New York, March 25 - 
Noranda Aluminum Inc. said it has
increased its primary aluminum prices by two cents a lb,
effective with new orders as of March 25 and all shipments
beginning May 1.
    The new price for unalloyed ingot will be 64.5 cents a lb
while the new price for extrusion billet will be 72.5 cents a
lb.
 Reuter
3;
bodyend
documentend
documentstart
9327
topicstart
tea
orange
topicend
bodystart
2;

SOVIET PAPER DETAILS GEORGIAN FLOOD DAMAGE


    MOSCOW, March 25 - 
Floods and avalanches killed 110 people
and caused around 350 mln roubles worth of damage in the
southern Soviet republic of Georgia earlier this year, the
government daily Izvestia said.
    Some 80,000 hectares of agricultural land and gardens had
been inundated, damaging tea plantations and orange groves, the
newspaper said. It added that spring sowing in southern parts
of the country was some two weeks behind schedule because of
the late thaw but gave no precise crop estimates.
    In the most detailed report to date on the heavy snows in
January and floods in February, Izvestia said 8,200 people had
been evacuated from mountain areas, 4,500 houses had been
damaged and hundreds of kilometres of roads and power lines had
been destroyed.
    A separate article in the daily warned that a sudden thaw
was expected shortly in the Ukraine and southern parts of
Russia, which experienced record snows this winter.
    Preventive measures have already been taken in some areas
including the evacuation of cattle.
 Reuter
3;
bodyend
documentend
documentstart
9328
topicstart
earn
topicend
bodystart
2;

UTILICORP 
<
UCU> SEES HIGHER 1987 FIRST QUARTER


    SAN FRANCISCO, CALIF., March 25 - 
Utilicorp United Corp
said it expects to report 1987 first quarter earnings of about
12 mln dlrs or about 1.12 dlrs a share and revenues of about
190 mln dlrs.
    In the comparable quarter a year ago, Utilicorp earned 8.5
mln dlrs or 87 cts on revenues of 203 mln dlrs.
    There are 9.6 mln shares outstanding this year, up from the
8.5 mln shares in 1986, Utilicorp's president Richard Green
told financial analysts here.
    First quarter 1987 results include one month contribution
of West Virginia Power, which became a division on March 1,
1987, Green said in remarks prepared for delivery to analysts.
    Higher earnings for the period reflected reduced operating
and maintenenace expenses and about 10 mln dlrs in rate
increases in Iowa, Minnesota, Kansas and Colorado, he said.
    However, Utilicorp's Missouri Public Service division is
experiencing the effect of a 5.9 pct rate reduction authorized
in September 1986, he noted.
    Of Utilicorp's total revenues expected for the 1987 first
quarter, about 43 mln dlrs will be derived from electric
operations and about 147 mln dlrs will come from gas
operations, he said.
    Operating income derived from electric operations in the
first three months of 1987 is estimated to be eight mln dlrs,
while the contribution from gas operations will be about 10 mln
dlrs, Green said.
    Green told analysts that Utilicorp received regulatory
approval from various states and the Federal Energy Regulatory
Commission to reincorporate in Delaware, effective April one.
    Utilicorp signed an agreement with Cominco Ltd of Vancouver
to extend the deadline to May 31, 1987, for completion of the
company's purchase of West Kootenay Power and Light of British
Columbia, due to a longer than expected regulatory approval
process, he said.
    Hearings were completed in February and a decision by the
British Columbia Utilities Commission on the 60 mln dlrs
purchase by Utilicorp is pending, he said.
 Reuter
3;
bodyend
documentend
documentstart
9330
topicstart
earn
topicend
bodystart
2;

TSENG 
<
TSNG> SEES SALES INCREASE FIRST QTR 1987


    NEWTON, Pa., March 25 - 
Tseng Laboratories Inc said it
expects first quarter 1987 sales to exceed total sales for the
entire 1986 year, and said it expects earnings for the quarter
to grow at a faster rate than sales.
    Tseng posted total revenues for 1986 of 4,255,731, and net
income of 258,125, or 14 cts per share.
    Jack Tseng, president of the company, attributed the high
expectations to increased orders from major costomers, as well
as accelerated business from its growing reseller network.
    Tseng posted first quarter 1986 sales of 549,950, and net
income of 19,163, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9332
topicstart
acq
topicend
bodystart
2;

STOCKHOLDER SYSTEMS 
<
SSIAA> MAKES ACQUISITION


    ATLANTA, March 25 - 
Stockholder Systems Inc said it has
agreed in principle to acquire privately-held Software Concepts
Inc, which provides software for check processing, mortgage
application processing and safe deposit box accounting, for
undisclosed terms.
    Software Concepts had revenues of about 3,200,000 dlrs for
the year ended June 30.
 Reuter
3;
bodyend
documentend
documentstart
9333
topicstart
earn
topicend
bodystart
2;

CONCEPT INC 
<
CCPT> 2ND QTR FEB 28 NET


    CLEARWATER, Fla., March 25 -
    
Shr 11 cts vs five cts
    Net 656,000 vs 314,000
    Sales 8,868,000 vs 6,499,000
    Avg shrs 5,823,000 vs 5,705,000
    1st half
    Shr 22 cts vs 13 cts
    Net 1,296,000 vs 795,000
    Sales 17.3 mln vs 13.5 mln
    Avg shrs 5,809,000 vs 5,973,000
    NOTE: Share adjusted for five-for-four split in February
1987.
 Reuter
3;
bodyend
documentend
documentstart
9334
topicstart
earn
topicend
bodystart
2;

LIFE OF INDIANA CORP 
<
LIFI> 4TH QTR LOSS


    INDIANAPOLIS, March 25 -
    
Shr loss two cts vs profit six cts
    Net loss 103,000 vs profit 319,000
    Revs 4,357,000 vs 6,494,000
    Avg shrs 5,415,185 vs 5,646,185
    Year
    Shr profit 22 cts vs profit 10 cts
    Net profit 1,236,000 vs profit 570,000
    Revs 22.2 mln vs 24.8 mln
    Avg shrs 5,638,596 vs 5,646,185
    NOTE: 1986 net includes tax credits of 30,400 dlrs in
quartger and 58,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
9335
topicstart
earn
topicend
bodystart
2;

B.F. SAUL REAL ESTATE INVESTMENT 
<
BFS> PAYOUT


    CHEVY CHASE, Md., March 25 -
    
Qtly div five cts vs five cts prior
    Pay April 30
    Record April 10
    NOTE: B.F. Saul Real Estate Investment Trust.
 Reuter
3;
bodyend
documentend
documentstart
9336
topicstart
rand
topicend
bodystart
2;

SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT


    By Robert Ricci, Reuters


    JOHANNESBURG, March 25 - 
South Africa's new foreign debt
agreement sparked a rally in local financial markets, but
bankers and economists said the pact removes only one source of
anxiety from a still depressed economy.
    "We have not gone from 'no confidence' to 'full confidence'
yet," commented one banker, who saw the agreement as having
marginal influence on fundamental economic problems.
    Money market analysts cited the debt renegotiation as the
main impetus behind increases today in both the commercial and
financial rand.
    The commercial rand, used for current account transactions,
rose 0.5 cts to 49 U.S. Cts while the financial rand jumped
nearly two cts to 33 U.S. Cts.
    All equity and fixed investment flows of foreigners take
place through the financial rand, which is considered the main
barometer of South Africa's attractiveness to overseas
investors.
    Analysts predicted the debt arrangement plus further gains
in the gold price could push the commercial rand over 50 U.S.
Cts and the financial rand to 35 cents in the next few weeks.
    They said the financial rand in particular was being driven
by a tentative provision in the new debt agreement that could
favorably affect the currency.
    Foreign creditors may get permission to convert loan
balances and short-term claims into equity investments in South
Africa.
    Finance Minister Barend du Plessis said the Reserve Bank
was "investigating the implications of such conversions in light
of terms and restrictions of the financial rand system."
    Du Plessis in disclosing the new agreement last night said
the recent sharp rise in the financial rand was an example that
"some foreign investors are again taking a more realistic view
of South Africa."
    Terms of the debt agreement call for South Africa to repay
1.42 billion dlrs of 13 billion dlrs of frozen debt over the
next three years. The agreement extends a standstill
arrangement, expiring June 30, that has been in place since
August, 1985.
    Bankers said the repayment amounts essentially confirmed
their private estimates and could be comfortably met by the
monetary authorities.
    "They (creditors) asked for the maximum amount and we
offered the minimum," said one banking source, reacting to
reports from London that creditors were hoping for larger
repayments.
    Reserve Bank governor Gerhard de Kock said South Africa
should have "no difficulty whatsoever" with the terms.
    Economists said the debt agreement would have no
significant impact on economic problems continuing to face
South Africa including high rates of inflation and
unemployment, labour unrest and political uncertainty.
    Johannesburg Stock Exchange president Tony Norton, speaking
yesterday before the debt agreement, said the economy was "in
bad shape" and there was "an awful lot of talk but little action"
to cure serious problems.
 REUTER
3;
bodyend
documentend
documentstart
9337
topicstart
earn
topicend
bodystart
2;

MAYTAG 
<
MYG> SEES CAPITAL SPENDING UP IN 1987


    NEWTON, Iowa, March 25 - 
Maytag Co said it expects capital
spending in 1987 to increase to about 60 mln dlrs from 49 mln
dlrs in 1986.
    Maytag chairman and chief executive officer Daniel Krumm
said the company plans a "significant" investment at its
Admiral refrigerator plant in Galesburg, Ill., as well as
continued spending for product improvement and increased
efficiency at other Maytag facilities.
    Earlier, the company reported 1986 net income of 111.2 mln
dlrs, or 2.57 per share, versus net income of 124.9 mln dlrs,
or 2.89 dlrs a share, in 1985.
 Reuter
3;
bodyend
documentend
documentstart
9338
topicstart
acq
topicend
bodystart
2;

TRAVELERS 
<
TIC> UNIT TO BUY REALTY DIVISIONS


    CHERRY HILL, March 25 - 
The Travelers Corp's Travelers
Mortgage Services said it signed a letter of intent to buy two
subsidiaries of the privately-held 
<
Equitable Life Assurance
Society of the U.S.>
    The company said it plans to acquire the Equitable
Relocation Management Corp and the Equitable Realty Network
Inc.
    The company said the acquisitions will give it broader
distribution of its corporate relocation service and mortgage
programs.
 Reuter
3;
bodyend
documentend
documentstart
9339
topicstart
earn
topicend
bodystart
2;

COMMUNICATIONS AND CABLE INC 
<
CCAB> 1ST QTR NET


    WEST PALM BEACH, Fla., March 25 -
    
Oper shr seven cts vs loss nil
    Oper net 988,000 vs loss 52,000
    Revs 2,267,000 vs 791,000
    NOTE: Net excludes gains from discontinued operations of
65,000 dlrs vs 75,000 dlrs.
    Current year net includes gain 1,025,000 dlrs from sale of
cellular telephone investment.
    Prior year figures restated for discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
9343
topicstart
acq
topicend
bodystart
2;

DALLAS INVESTOR CUTS STAKE IN MCDERMOTT (MDR)


    WASHINGTON, March 25 - 
A group led by Dallas investor
Harold Simmons told the Securities and Exchange Commission it
had reduced its stake in McDermott International Inc by one
pct, to under five pct.
    The group had said in a March 10 filing, announcing
acquisition of 5.4 pct of the firm's stock, that it might
consider seeking control of the company.
 Reuter
3;
bodyend
documentend
documentstart
9345
topicstart
platinum
topicend
bodystart
2;

INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS


    TORONTO, March 25 - 
International Platinum Corp said it
signed a letter of intent to enter into further negotiations on
a joint venture exploration agreement with Degussa A.G., of
West Germany, regarding several North American platinum
properties.
    Conclusion of the agreement is subject to completion of
further detailed examination by Degussa, as well as board and
regulatory approvals.
    Under terms of the letter of intent, Degussa would
contribute substantially to a three year exploration budget of
4.5 mln dlrs in return for a 50 pct interest in the venture.
    Degussa's contribution to the exploration budget will be
based on it matching International Platinum's past exploration
and acquisition costs, estimated at about two mln dlrs, and
then contributing on a pro rata basis, International Platinum
said.
    Degussa's contribution would provide a major portion of
International Platinum's exploration budget, especially during
the first and second year of the proposed joint venture, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
9346
topicstart
earn
topicend
bodystart
2;

WESTWOOD ONE INC 
<
WONE> 1ST QWTR FEB 28 NET


    LOS ANGELES, March 25 -
    
Shr 12 cts vs eight cts
    Net 1,440,000 vs 830,000
    Revs 15.9 mln vs 11.2 mln
    Avg shrs 12,342,000 vs 10,826,000
 Reuter
3;
bodyend
documentend
documentstart
9348
topicstart
ship
topicend
bodystart
2;

IRAN SAYS HAS BETTER WEAPONS THAN SILKWORM


    LONDON, March 25 - 
Iranian Prime Minister Mir-Hossein
Mousavi said Iran had "more effective" missiles at its disposal
than the shore-to-sea missiles which had provoked U.S. Concern,
Tehran Radio reported.
    A U.S. State Department spokesman said last week Iran had
acquired Chinese-made Silkworm missiles which posed a greater
threat to shipping in the Gulf than the weapons previously
used.
    Tehran Radio, monitored by the British Broadcasting Corp,
quoted Mousavi as saying that Tehran officially announced after
its forces overran southern Iraq's Faw peninsula in February
last year that it had shore-to-sea missiles.
    "The fact that the Americans, after so much delay, are now
thinking of expressing their concern with panic is because
Reagan needs this sensation now," said Mousavi, speaking after a
cabinet meeting in Tehran.
    "We also announce today that these missiles are not the
limit of our war capabilities in the Gulf," he added.
    Mousavi said the security of the Gulf region had nothing to
do with the U.S. But Iran would resort to any action to defend
the Gulf, "even those actions which are not thought probable by
Westerners."
 Reuter
3;
bodyend
documentend
documentstart
9349
topicstart
sugar
topicend
bodystart
2;

EC COMMISSION DETAILS SUGAR TENDER


    BRUSSELS, March 25 - 
The European Community Commission
confirmed it granted export licences for 59,000 tonnes of
current series white sugar at a maximum export rebate of 45.678
European Currency Units (ECUs) per 100 kilos.
    Out of this, traders in West Germany received 34,750
tonnes, in the U.K. 13,000, in Denmark 7,250 tonnes and in
France 4,000 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
9352
topicstart
earn
topicend
bodystart
2;

TRICENTROL TO CONCENTRATE ON PROVEN RESERVES


    LONDON, March 25 - 
Tricentrol Plc 
<
TCT.L> said it will
concentrate most of its efforts this year on its proven oil and
gas reserves in order to maximise benefits to shareholders in
the mid to long-term.
    It said in a statement "We are confident that substantial
development funds will be available to Tricentrol and that we
will be able to minimise further disposal of our interests."
    Tricentrol wrote off 57.5 mln stg on the reorganisation of
its North American operations last year, when oil prices
plunged. The group incurred a 1986 net loss of 3.7 mln stg
against a 25.4 mln profit the previous year.
 Reuter
3;
bodyend
documentend
documentstart
9354
topicstart
earn
topicend
bodystart
2;

BROOKLYN UNION GAS CO 
<
BU> SETS PAYOUT


    NEW YORK, March 25 -
    
Qtrly div 41.5 cts vs 41.5 cts prior
    Pay May One
    Record April 6
 Reuter
3;
bodyend
documentend
documentstart
9356
topicstart
ship
topicend
bodystart
2;

ARGENTINE PORT WORKERS TAKE INDUSTRIAL ACTION


    BUENOS AIRES, March 25 - 
Argentine port workers began an
indefinite protest against safety conditions at the port of
Buenos Aires, stopping work for one hour per shift, a press
spokesman said.
    He said three port workers had died over the last month in
accidents. He said the decision to take action was made after a
port worker died yesterday after being electrocuted.
 Reuter
3;
bodyend
documentend
documentstart
9357
topicstart
acq
topicend
bodystart
2;
***
NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER

Blah blah blah.
3;


bodyend
documentend
documentstart
9359
topicstart
topicend
bodystart
2;

NEC CORP HAS 150 MLN DLR EURO-CP PROGRAM


    LONDON, March 25 - 
NEC Corp is establishing a 150 mln dlr
euro-commercial paper program with a sterling option, Morgan
Guaranty Ltd said as arranger.
    Paper will be issued by NEC Industries Netherlands BV under
the guarantee of NEC Corp.
    Dealers will be Morgan Guaranty, Chase Investment Bank Ltd,
Shearson Lehman Brothers International and Swiss Bank Corp
International Ltd.  Issuing and paying agent will be Chase
Manhattan Bank NA, London.
 REUTER
3;
bodyend
documentend
documentstart
9360
topicstart
topicend
bodystart
2;

FRANCE SETS FOUR BILLION FRANC T-BILL TENDER


    PARIS, March 25 - 
The Bank of France said it will offer
four billion francs worth of negotiable Treasury bills at its
next weekly tender on March 30.
    The total includes 1.5 billion francs worth of 13-week
bills and 2.5 billion francs of 24-week bills.
    At this week's tender on Monday the Bank sold a total of
2.98 billion francs worth of 13-week bills, 3.19 billion francs
worth of five-year bills and 2.69 billion francs worth of
two-year bills.
 REUTER
3;
bodyend
documentend
documentstart
9361
topicstart
interest
money-fx
topicend
bodystart
2;

FED EXPECTED TO ADD RESERVES IN MARKET


     NEW YORK, March 25 - 
The Federal Reserve will probably
intervene in the government securities market to add reserves
today, economists said.
    They expected the Fed will supply temporary reserves
indirectly via 1.5 to two billion dlrs of customer repurchase
agreements.
    Fed funds hovered at a relatively high 6-1/4 pct this
morning after averaging 6.14 pct on Tuesday.
    Early this afternoon the Fed also is expected to supply
reserves permanently, effective Thursday, by offering to buy
all maturities of Treasury bills.
 Reuter
3;
bodyend
documentend
documentstart
9362
topicstart
sugar
ship
topicend
bodystart
2;

INDIA REPORTED BUYING TWO WHITE SUGAR CARGOES


    LONDON, March 25 - 
India is reported to have bought two
white sugar cargoes for April/May shipment at its tender today
near 227 dlrs a tonne cost and freight and could be seeking a
third cargo, traders said.
    A British operator is believed to have sold one of the
cargoes, while an Austrian concern is thought to have featured
in the second cargo sale, they said.
 Reuter
3;
bodyend
documentend
documentstart
9363
topicstart
acq
topicend
bodystart
2;

NOVAMIN IN PROPOSED BUYOUT BY BREAWATER 
<
BWRLF>


    TORONTO, March 25 - 
<
Novamin Inc> said it received a
proposed takeover offer from Breakwater Resources Ltd involving
a swap of one Breakwater share for two Novamin common shares.
    It said the proposal also called for conversion of
outstanding Novamin warrants into Breakwater common shares on
the same basis, provided the exercise price was paid by the
warrant holders.
    Novamin, a mineral exploration company, said directors
would meet next Tuesday to deal with the proposal, which, it
said, was subject to approval by Breakwater directors.
 Reuter
3;
bodyend
documentend
documentstart
9364
topicstart
earn
topicend
bodystart
2;

LILLY INDUSTRIAL COATINGS INC 
<
LICIA> 1ST QTR


    INDIANAPOLIS, March 25 - 
Feb 28 end
    Shr 18 cts vs 13 cts
    Net 1,541,000 vs 1,122,000
    Sales 36.7 mln vs 33.5 mln
    Avg shrs 8,517,000 vs 8,441,000
    NOTE: Share adjusted for five pct stock dividend in August
1986.
 Reuter
3;
bodyend
documentend
documentstart
9365
topicstart
acq
topicend
bodystart
2;

COMMONWEALTY REALTY 
<
CRTYZ>, BAY 
<
BAY> END TALKS


    PRINCETON, N.J., March 215 - 
Commonwealth Realty Trust said
preliminary merger talks with Bay Financial Corp have been
terminated due to a failure to agree on terms.
 Reuter
3;
bodyend
documentend
documentstart
9366
topicstart
earn
topicend
bodystart
2;

MET-PRO CORP 
<
MPR> 4TH QTR ENDS JAN 31 NET


    PHILADELPHIA, March 25 -
    
Shr 19 cts vs 18 cts
    Net 362,692 vs 347,868
    Revs 6,311,808 vs 5,827,538
    12 mths
    Shr 60 cts vs 80 cts
    Net 1,152,746 vs 1,534,503
    Revs 24.7 mln vs 25.2 mln
 Reuter
3;
bodyend
documentend
documentstart
9369
topicstart
earn
topicend
bodystart
2;

CENTRAL MAINE POWER CO 
<
CTP> SETS QUARTERLY


    AUGUSTA, Maine, March 25 -
    
Qtly div 35 cts vs 35 cts prior
    Pay April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9371
topicstart
earn
topicend
bodystart
2;

PEP BOYS 
<
PBY> SETS SPLIT, RAISES QUARTERLY


    PHILADELPHIA, March 25 - Pep Boys - 
Manny, Moe and Jack Inc
said its board declared a three-for-one stock split and raised
the quarterly dividend to six cts presplit from 5-1/2 cts.
    Both are payable July 27 to holders of record July One and
the
    The split is subject to shareholder approval at the May 18
annual meeting of an increase in authorized common shares to
500 mln from 40 mln, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9372
topicstart
earn
topicend
bodystart
2;

PEP BOYS - MANNY, MOE AND JACK INC 
<
PBY> 4TH QTR


    PHILADELPHIA, March 25 - 
Jan 31 end
    Shr 45 cts vs 37 cts
    Net 8,349,000 vs 6,187,000
    Sales 126.7 mln vs 103.7 mln
    Year
    Shr 1.55 dlrs vs 1.29 dlrs
    Net 28.1 mln vs 21.1 mln
    Sales 485.9 mln vs 388.9 mln
    NOTE: Latest year net includes three cts shr gain from sale
of assets.
 Reuter
3;
bodyend
documentend
documentstart
9373
topicstart
earn
topicend
bodystart
2;

HOVNANIAN ENTERPRISES 
<
HOV> EARNINGS TO RISE


    PHOENIX, March 25 - 
Hovnanian Enterprises Inc said the
company's earnings for year would exceed the 1.65 dlrs a share
previously announced and could go as high as 1.75 dlrs for
fiscal year ended  Feb 28, 1987.
    The company posted net earnings of 11.5 mln dlrs, or 1.72
dlrs per share, on revenues of 199.3 mln dlrs for fiscal year
1986. These figures reflect two three-for-two stock splits in
March and August 1986.
    At the Annual Drexel Burnham Lambert Construction
Conference here, Hovnanian executive vice presidnt Ara
Hovnanian said the company expects an earnings range of between
2.35 dlrs and 2.55 dlrs per share for fiscal 1988.
    Total revenues for the year ending Feb 29, 1988, should be
between 320 mln and 350 mln, he said.
 Reuter
3;
bodyend
documentend
documentstart
9374
topicstart
sugar
topicend
bodystart
2;

NY TRADERS SAY TURKEY MADE LARGE SUGAR PURCHASE


    ****NEW YORK, March 25 - 
Turkey bought an estimated 100,000
tonnes of white sugar from three trade houses today for April
to June shipment, according to trade sources.
    They said a large U.K. trade house sold 50,000 tonnes, a
U.S. house traded 25,000 tonnes, and a Swiss-based dealer house
25,000 tonnes.
    Price details were unclear but reports this morning
suggested that Turkey was offered sugar at prices ranging down
to 212 dlrs a tonne, c and f basis.
 Reuter
3;
bodyend
documentend
documentstart
9375
topicstart
topicend
bodystart
2;

NORFOLK 
<
NSC> UNIT SELLS EQUIPMENT CERTIFICATES


    NEW YORK, March 25 - 
Southern Railway Co, a unit of Norfolk
Southern Corp, is raising 20.6 mln dlrs through an offering of
equipment trust certificates due 1988 to 2002, said lead
manager Morgan Stanley and Co Inc.
    Morgan headed a syndicate that won the certificates in
competitive bidding. It bid them at 98.252 and set a 7-1/4 pct
coupon and various reoffering prices for the maturities. Yields
range from 6.20 to 7-3/4 pct.
    Non-callable for life, the certificates are rated a
top-flight AAA by both Moody's and Standard and Poor's. Kidder
Peabody is co-managing the issue.
 Reuter
3;
bodyend
documentend
documentstart
9377
topicstart
money-fx
dlr
topicend
bodystart
2;
******
JOHNSON SAYS FED'S ACTIONS YESTERDAY MEANT TO STABILIZE DOLLAR AT CURRENT LEVELS

Blah blah blah.
3;


bodyend
documentend
documentstart
9378
topicstart
earn
topicend
bodystart
2;

SUNSTAR FOODS INC 
<
SUNF> 2ND QTR FEB 28 NET


    MINNEAPOLIS, MINN., March 25 -
    
Shr 23 cts vs not reported
    Net 282,000 vs 1,000
    Sales 18.6 mln vs 18.7 mln
    Six mths
    Shr 48 cts vs 17 cts
    Net 583,000 vs 213,000
    Sales 37.8 mln vs 37.5 mln
   NOTE: 1987 six months net includes a loss from discontinued
operations equal to two cts a share.
    1986 net includes losses from discontinued operations of
four cts in the quarter and six cts in the six months.
 Reuter
3;
bodyend
documentend
documentstart
9380
topicstart
topicend
bodystart
2;

NIPPON SIGNAL TO ISSUE 50 MLN SWISS FRANC NOTES


    ZURICH, March 25 - 
Nippon Signal Co Ltd is planning to
issue 50 mln Swiss franc notes with warrants, lead manager
Morgan Stanley and Co Inc said.
    It said details would be released tomorrow.
 REUTER
3;
bodyend
documentend
documentstart
9381
topicstart
acq
topicend
bodystart
2;

HADSON 
<
HADS> TO ACQUIRE 85 PCT OF SEAXE 
<
SEAX>


    OKLAHOMA CITY, March 25 - 
Hadson Corp said it has signed a
definitive agreement to acquire 85 pct of the outstanding
common stock of Seaxe Energy Corp.
    The company said it will buy the 85 pct interest in Seaxe
from shareholders owning restricted or controlled shares for
less than 200,000 Hadson common shares.
    It said closing is subject to the approval of title
assignments by the French government.  Seaxe is involved in oil
and natural gas exploration and development in the Paris Basin
of France.
 Reuter
3;
bodyend
documentend
documentstart
9382
topicstart
acq
topicend
bodystart
2;

REUTERS TO BUY I P SHARP OF CANADA


    LONDON, March 25 - 
Reuters Holdings Plc 
<
RTRS.L> said it
had agreed in principle to buy 
<
I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
    Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
    Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
    Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
    Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
    However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
    End-1986 net assets totalled 11.85 mln dlrs.
    A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
 Reuter
3;
bodyend
documentend
documentstart
9383
topicstart
earn
topicend
bodystart
2;

TCBY ENTERPRISES 
<
TCBY> SPLITS STOCK


    LITTLE ROCK, Ark., March 25 - 
TCBY Enterprises Inc said its
board has approved a three-for-two split of its common stock
with a distribution to be made on April 24 to stockholders of
record on April 9.
    The split will increase the number of outstanding shares to
over 26 mln from about 17.3 mln shares now, the company said.
    TCBY Enetrprises is a franchisor and operator of retail
stores specializing in frozen yogurt-related treats.
 Reuter
3;
bodyend
documentend
documentstart
9384
topicstart
topicend
bodystart
2;

FIRST INTERSTATE 
<
I> SELLS CAPITAL NOTES


    NEW YORK, March 25 - 
First Interstate Bancorp is offering
200 mln dlrs of subordinated capital notes due 1999 with an
8-5/8 pct coupon and par pricing, said lead manager Goldman,
Sachs and Co.
    That is 140 basis points more than the yield of comparable
Treasury securities.
    Non-callable to maturity, the issue is rated A-1 by Moody's
Investors Service Inc and A-plus by Standard and Poor's Corp.
First Boston, Salomon Brothers and Shearson Lehman co-managed
the deal.
 Reuter
3;
bodyend
documentend
documentstart
9385
topicstart
earn
topicend
bodystart
2;

RAYTHEON CO 
<
RTN> SETS QUARTERLY


    LEXINGTON, Mass., March 25 -
    
Qtly div 45 cts vs 45 cts prior
    Pay April 30
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9386
topicstart
topicend
bodystart
2;

FIAT MAY ISSUE BOND FOR LIBYAN STAKE, PAPER SAYS


    FRANKFURT, March 25 - 
Fiat Spa 
<
FIAT.MI> is considering
issuing a eurobond of up to 384 mln dlrs, convertible or with
warrants attached for exercise into its shares still with banks
after the placement of the Libyan stake last autumn, the
financial daily Handelsblatt reported, quoting bourse sources.
    The newspaper gave no other details. But dealers said
shares of Deutsche Bank AG 
<
DBKG.F> had been strong in recent
days, partly on hopes that the issue would allow the bank to
place its Fiat quota with investors at a reasonable price.
    Deutsche was lead underwriter for the 2.13 billion dlr Fiat
placement, announced on September 23.
    In Milan, a Fiat spokesman had no comment on the reports.
    A Deutsche Bank spokesman here said he had no knowledge of
a possible equity-linked Fiat bond. But German banking sources
said concern the bank had to take a hefty writedown for its
unplaced Fiat stock had weighed heavily on its share price.
    Milan share dealers also said Fiat stock had been under
pressure since the placement. Ordinary shares rose 20 lire to
12,880 today, but were well down from 16,600 on September 23.
    Sources close to Italian state-owned investment bank IMI
said earlier this month that a convertible issue was being
considered, but gave no details of the amount involved.
 REUTER
3;
bodyend
documentend
documentstart
9388
topicstart
earn
topicend
bodystart
2;

P.H. GLATFELTER CO 
<
GLP> INCREASES DIVIDEND


    SPRING GROVE, Pa., March 25 - 
P.H. Glatfelter said its
board increased its quarterly dividend on its common stock to
14 cts per share, from 12.5 cts per share the prior quarter.
    It said the dividend is payable May 1, 1987, to
shareholders of record April 15, 1987.
    In addition, the company said it authorized the repurchase
of up to an additional one mln shares of its common stock.
    On March 27, 1985, the board had authorized the repurchase
of up to two mln shares, as adjusted for a two-for-one split,
effected in April 1986, the company said.
    The company said 521,508 shares may still be repurchased
under the 1985 authorization. It added any shares repurchased
would be added to the treasury and will be available for future
issuance.
    The company said it has no present plans to issue any of
the shares which may be repurchased. The company said it
presently has 24,614,352 common shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
9389
topicstart
earn
topicend
bodystart
2;

LIFE OF INDIANA CORP 
<
LIFI> 4TH QTR LOSS


    INDIANAPOLIS, IND., March 25 - 
    
Shr loss 19 cts vs profit 57 cts
    Net loss 103,005 vs profit 319,344
    Year
    Shr profit 22 cts vs profit 10 cts
    Net profit 1,236,347 vs profit 570,222
 Reuter
3;
bodyend
documentend
documentstart
9392
topicstart
acq
topicend
bodystart
2;

CONSOLIDATED NOREX TO ACQUIRE TRIWEB RESOURCES


    CALGARY, Alberta, March 25 - 
<
Consolidated Norex Resources
Ltd> said it agreed to acquire all issued and outstanding
shares of Triweb Resources Ltd, a privately held oil and gas
company with land holdings and production base in Alberta and
Saskatchewan.
    The company said specific details relating to purchase
price and other terms will be released on closing of the
transaction, expected by May 15.
 Reuter
3;
bodyend
documentend
documentstart
9393
topicstart
sugar
topicend
bodystart
2;

THAI SUGAR PRODUCTION CONTINUES HIGH IN FEB


    LONDON, March 25 - 
Thai sugar production continued at a
high level in February, latest figures received by the
International Sugar Organization (ISO) show.
    The figures show stocks at end-February of 2.49 mln tonnes
raw value against 2.33 mln a year earlier. Analysts said this
was a new peak for the date.
    Production in February was 961,000 tonnes against 888,000
in February 1986 and took the Nov/Feb total for the current
crop to 2.25 mln tonnes. Production normally tails off sharply
after March, but in recent years production from March to the
end of the crop has been over 500,000 tonnes, analysts said.
    Thailand's exports in February were 32,800 tonnes and
consumption 57,800.
    Last month the Thai Agriculture Ministry said 1986/87
production was expected to fall to 2.3 mln tonnes from 2.48 mln
in 1985/86.
 Reuter
3;
bodyend
documentend
documentstart
9394
topicstart
topicend
bodystart
2;

SWEDISH EXPORT CREDIT ISSUES NEW ZEALAND DLR BOND


    LONDON, March 25 - 
Swedish Export Credit is issuing 75 mln
New Zealand dlr eurobonds due April 28, 1989, paying 19 pct and
priced at 101-1/4 pct, lead manager Credit Suisse First Boston
said.
    The bond is available in denominations of 1,000 and 5,000
dlrs and will be listed in Luxembourg. Fees comprise 7/8 pct
selling concession and 3/8 pct management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
9397
topicstart
acq
topicend
bodystart
2;
******
REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY

Blah blah blah.
3;


bodyend
documentend
documentstart
9398
topicstart
sugar
topicend
bodystart
2;

NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING


    NEW YORK, March 25 - 
Trade house sources said China is
expected to step up its sugar purchases following yesterday's
steep drop in world sugar prices.
    The consensus is that the Chinese will buy between 200,000
and 400,000 tonnes of raw sugar.
    "China is short of foreign exchange and a drop in prices is
usually taken as a buying opportunity by Peking," one trader
said.
    Yesterday, prices on the New York world sugar market
plummeted by 0.58 to 0.50 cent on heavy liquidation by
speculators, disenchanted over the market's lack of rallying
power.
    Speculation is that China will need the sugar for the
May/July period.
 Reuter
3;
bodyend
documentend
documentstart
9399
topicstart
earn
topicend
bodystart
2;

ROSS STORES INC 
<
ROST> 4TH QTR JAN 31 LOSS


    NEWARK, Calif., March 25 -
    
Shr loss 1.30 dlrs vs profit 29 cts
    Net loss 33.4 mln vs profit 7,386,000
    Sales 168.2 mln vs 128.4 mln
    Year
    Shr loss 1.61 dlrs vs profit 30 cts
    Net loss 41.4 mln vs profit 7,055,000
    Sales 527.5 mln vs 366.7 mln
    NOTE: Latest year net both periods includes 39.4 mln dlr
provision for closing 25 underperforming stores.
 Reuter
3;
bodyend
documentend
documentstart
9400
topicstart
topicend
bodystart
2;

ITALIAN TREASURY BILL OFFER HAS MIXED RESPONSE


    ROME, March 25 - 
Market response to the Treasury's 24,500
billion lire offer of short-term treasury bills was mixed, with
three-month paper in strong demand but six and 12-month bills
undersubscribed, Bank of Italy figures show.
    Rates were unchanged on those indicated at the time the
offer was announced.
    The market was assigned all of the 3,500 billion lire of
three-month bills on offer after requesting a total of 4,695
billion. Effective net annualised compound yield on the bills
is 9.87 pct, down from 9.98 pct on the previous issue of
three-month paper.
    Of the 9,500 billion lire of six-month paper offered,
operators requested and were assigned 7,098 billion lire at a
net annualised compound rate of 9.24 pct, down from 9.30 pct
previously.
    The market requested and was assigned 8,584 billion lire of
the 11,500 billion lire of 12-month bills offered at a net
annual rate of 9.02 pct, down from 9.05 pct previously.
    The Bank of Italy took up a total 4,200 billion lire of the
remaining six and 12-month paper, leaving 1,118 billion lire
unassigned.
    The bills replace maturing paper worth 23,442 billion lire,
of which 20,321 billion lire is in the hands of market
operators and the remainder with the Bank of Italy.
 REUTER
3;
bodyend
documentend
documentstart
9403
topicstart
earn
topicend
bodystart
2;

NAVISTAR 
<
NAV> STILL EXPECTS HIGHER 1987 NET


    CHICAGO, March 25 - 
Navistar International Corp chairman
Donald Lennox repeated that benefits from recapitalization are
likely to boost future earnings for fiscal 1987.
    Lennox told the annual meeting that future quarterly and
full year earnings from ongoing operations should be
"significantly above 1986 results."
    In his remarks, Lennox said management has no plans to
recommend reinstatement of the company's common stock dividend
in the foreseeable future.
    He said the outlook for the medium duty truck market
continues to point to little or no change. But recent order
receipts indicate a "firmer tone in the heavy duty truck
segment," which could result in a five to eight pct increase in
industry shipments for the full year, he said.
    After restructuring under the holding company format, the
company's present truck and engine subsidiary will be known as
Navistar International Transportation Corp. Neil Springer
currently president and chief operating officer of Navistar
International was named chairman of the new subsidiary.
    James Cotting, now vice chairman and chief financial
officer, was named to succeed Lennox as chairman and chief
executive officer of Navistar International Corp. Lennox will
retire March 31.
    Shareholders at the meeting approved a change in the
company's structure to a holding company format, to be
effective April 1.
 Reuter
3;
bodyend
documentend
documentstart
9405
topicstart
earn
topicend
bodystart
2;

CORRECTED-LILLY INDUSTRIAL COATINGS INC 
<
LICIA>


    INDIANAPOLIS, March 25 - 
1st qtr Feb 28 end
    Shr 18 cts vs 13 cts
    Net 1,541,000 vs 1,122,000
    Sales 39.7 mln vs 33.5 mln
    Avg shrs 8,517,000 vs 8,441,000
    NOTE: Share adjusted for five pct stock dividend in August
1986.
    Company corrects current year sales.
 Reuter
3;
bodyend
documentend
documentstart
9406
topicstart
trade
grain
topicend
bodystart
2;

U.S. SENATE PANEL APPROVES TRADE MISSION BILL


    WASHINGTON, March 25 - 
The U.S. Senate Agriculture
Committee approved a bill that would establish farm trade and
aid missions to promote the use of U.S. food aid, donation,
credit and export subsidy programs by overseas customers.
    The bill, approved by voice vote, would establish trade
missions made up of representatives of the Departments of
Agriculture and State, the Agency for International
Development, the Overseas Private Investment Corp, market
development cooperatives and private voluntary organizations.
    At least 16 missions would have to be sent within one year
after enactment of the bill. The missions would promote U.S.
programs, including PL480, Section 416 donations, Export
Enhancement Program, the dairy export incentive program, and
export credit guarantee programs (GSM-102, GSM-103).
    The panel agreed to drop a provision in the original bill,
offered by Sen. John Melcher (D-Mont.), that would have
required the U.S. Agriculture Department to donate at least one
mln tonnes of surplus commodities to developing countries.
    Current law requires USDA to donate at least 750,000 tonnes
of surplus grains and dairy products under the Section 416 food
donation program.
    The Congressional Budget Office estimated that the proposed
increase in the minimum tonnage requirement would have cost up
to 50 mln dlrs per year, Senate staff said.
    The committee also dropped a provision identifying which
countries would be the focus of the trade missions' activities.
    Under the bill adopted by the committee, countries "friendly
to the United States" would be eligible to host the trade
missions.
    Melcher originally had proposed sending missions to Mexico,
the Philippines, Indonesia, Bangladesh, Senegal, Nigeria, Peru,
Kenya, the Dominican Republic, Costa Rica, Malaysia, Venezuela,
Tunisia and Morocco.
    The bill also would require the Foreign Agricultural
Service, FAS, to have at least 850 full-time employees during
fiscal years 1987-89. As of February 28, FAS had 790 full-time
employees, a FAS spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
9408
topicstart
earn
topicend
bodystart
2;

BAT SHARES UNDERVALUED, SAY STOCK MARKET ANALYSTS


    LONDON, March 25 - 
BAT Industries Plc 
<
BTI.L> 1986 results,
which were at the upper end of market expectations, showed the
company was in a strong position and that its shares were
probably undervalued, share analysts said.
    BAT shares were down at 524p in late afternoon trading
after a previous 535p close. They touched a high of 538p
earlier on news of a 19 pct rise in annual profits to 1.39
billion pre-tax.
    Stock market analysts said today's generally weak stock
market plus unwinding of positions after heavy buying of BAT
shares in the run-up to the results caused the fall in the
share price.
    "In the current market, people almost expect companies to
beat expectations," said one analyst, adding that pretax profits
of 1.35 to 1.40 billion stg had been forecast.
    BAT's 1986 figure of 1.39 billion stg compared with a 1985
pretax profit of 1.17 billion.
    Brokers noted that BAT's shift away from its
underperforming industries and the decreasing share of the
tobacco portion of the group were seen as good signs.
    BAT Chairman Patrick Sheehy told a news conference that the
tobacco sector of the company had declined to 50 pct from 74
pct four years ago.
    Sheehy said he could see the tobacco portion of the company
declining further as other sectors increased in importance.
    He said BAT was looking to expand in the area of financial
services, in particular in the U.S.
    Sheehy also said the group had "no sizeable acquisitions" in
sight in the near future.
    Analysts said BAT's increasingly good performance in the
U.K. Insurance area was encouraging.
    Its declining debt-to-equity ratio of currently about 16
pct also made it likely that BAT would soon be looking to make
major acquisitions, they said.
 Reuter
3;
bodyend
documentend
documentstart
9410
topicstart
acq
topicend
bodystart
2;

REICHHOLD 
<
RCI> EXPLORING SALE OF EUROPEAN UNIT


    WHITE PLAINS, N.Y., March 25 - 
Reichhold Chemicals Inc said
it is exploring the sale of its stake in its European
subsidiary Reichhold Chemie AG.
    Reichhold Chemie Ag, headquartered in Rausen, Switzerland,
had sales in excess of 75 mln dlrs last year. It is 83 pct
owned by Reichhold. The rest is owned by German and Swiss
shareholders.
    Reichhold said it is seeking the sale to focus on its
adhesives business.
 Reuter
3;
bodyend
documentend
documentstart
9412
topicstart
acq
topicend
bodystart
2;
******
UAL SAID DONALD TRUMP WAS INTERESTED IN UAL STOCK "AS INVESTMENT"

Blah blah blah.
3;


bodyend
documentend
documentstart
9413
topicstart
earn
topicend
bodystart
2;

INT'L BROADCASTING 
<
IBCA> SETS REVERSE SPLIT


    MINNEAPOLIS, MINN., March 25 - 
International Broadcasting
Corp said shareholders at its annual meeting approved a one for
25 reverse stock split.
    The split will be effective after completion of filing
requirements, it said. New certificates will be needed, it
added.
    The media company said it currently has 40,950,000 common
shares issued and outstanding and, upon completion of the
reverse split, will have 1,638,000 shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
9414
topicstart
earn
topicend
bodystart
2;

BI INC 
<
BIAC> SETS REVERSE SPLIT


    BOULDER, Colo., March 25 - 
BI Inc said it is implementing a
one-for-15 reverse split to shareholders of record today.
    It said any fractional shares will be redeemed for cash,
reducing its free-trading stock in public hands to 1,300,000
shares from 20 mln and its total shares outstanding to
1,993,000 from 29.9 mln.
    Shareholders approved the reverse split in October.
 Reuter
3;
bodyend
documentend
documentstart
9415
topicstart
trade
topicend
bodystart
2;

BALDRIGE SAYS JAPAN MUST OPEN ITS MARKETS


    WASHINGTON, March 25 - 
Commerce Secretary Malcolm Baldrige
said the United States will not stand idly by and let Japan
dominate the world electronics market.
    Baldrige told the Senate Finance Committee the United
States would insist Japan open its markets to U.S. products as
the U.S. market is open to Japanese products.
    Asked after his testimony if this meant the United States
would close its markets to Japan if they did not open theirs,
Baldrige said, "I'm not prepared to say that, but it certainly
would be one of the alternatives studied."
    Baldrige said in his testimony Japan had a closed
supercomputer market and a restricted telecommunications
market.
    "I can only conclude that the common objective of the
Japanese government and industry is to dominate the world
electronics market. Given the importance of this market to U.S.
industry in general and our defense base in particular, we
cannot stand by idly," he said.
    He said it was these concerns about national security which
led him to express reservations over the proposed acquisition
of Fairchild Semiconductor by Fujitsu of Japan.
 Reuter
3;
bodyend
documentend
documentstart
9417
topicstart
earn
topicend
bodystart
2;

BASF CORP YEAR NET


    PARSIPPANY, N.J., March 25 -
    
Net 105 mln dlrs vs 39 mln
    Sales 3.6 billion vs 2.6 billion
    NOTE: Wholly-owned by 
<
BASF AG> of West Germany.
 Reuter
3;
bodyend
documentend
documentstart
9422
topicstart
earn
topicend
bodystart
2;

MONTANA POWER CO 
<
MTP> VOTES QUARTERLY DIVIDEND


    BUTTE, MONT., March 25 -
    
Qtly div 67 cts vs 67 cts prior qtr
    Pay 30 April
    Record 10 April
 Reuter
3;
bodyend
documentend
documentstart
9423
topicstart
acq
topicend
bodystart
2;

UAL 
<
UAL> SAID TRUMP TALKED WITH UAL CHAIRMAN


    New York, March 25 - 
Real estate magnate Donald Trump told
UAL Inc Chairman Richard Ferris that he was interested in UAL
stock as an investment, according to a UAL executive.
    Trump, who was unavailable for comment, is believed by
market sources to have a sizeable position in UAL, which he
began accumulating several weeks ago. UAL stock today was up
three at 63 in active trading.
    "They (ferris and Trump) talked last week. Apparently,
Trump said he was interested in it as an investment. He didn't
say how much stock he had. He didn't say what he would or
wouldn't do about it," said UAL senior vice president Kurt
Stocker.
    Trump is believed to have close to five pct of UAL's stock,
market sources said.
 Reuter
3;
bodyend
documentend
documentstart
9424
topicstart
topicend
bodystart
2;

GROLIER 
<
GLR> DEBT UPGRADED BY MOODY'S


    NEW YORK, March 25 - 
Moody's Investor Service Inc said it
upgraded Grolier Inc's nearly 116 mln dlrs of debt.
    Raised were the company's senior debentures raised to Ba-3
from B-3 and convertible subordinated debentures to B-2 from
B-3.
    The rating agency cited an improvement in profitabiliy of
Grolier's primary publishing businesses. Moody's said the
company has lowered its financial leverage as well as its
dependence on the retail sale of encyclopedias.
    Grolier has also reduced its exposure to developing
countries, Moody's noted.
 Reuter
3;
bodyend
documentend
documentstart
9425
topicstart
earn
topicend
bodystart
2;

TEAM INC 
<
TMI> 3RD QTR FEB 28 NET


    HOUSTON, March 25 -
    
Shr profit five cts vs loss 18 cts
    Net profit 91,000 vs loss 355,000
    Revs 11.5 mln vs 11.7 mln
    Nine mths
    Shr profit six cts vs loss 1.45 dlrs
    Net profit 127,000 vs loss 2,846,000
    Revs 31.8 mln vs 34.9 mln
 Reuter
3;
bodyend
documentend
documentstart
9426
topicstart
earn
topicend
bodystart
2;
******
TODD SHIPYARDS CORP OMITS QTLY COMMON DIV, SETS PREFERRED PAYOUT

Blah blah blah.
3;


bodyend
documentend
documentstart
9427
topicstart
earn
topicend
bodystart
2;

RSI CORP 
<
RSIC> 2ND QTR FEB 28 NET


    GREENVILLE, S.C., March 25 -
    
Shr 33 cts vs 13 cts
    Net 2,266,000 vs 849,000
    Revs 24.1 mln vs 16.0 mln
    1st half
    Shr 61 cts vs 24 cts
    Net 4,236,000 vs 1,619,000
    Revs 47.4 mln vs 33.5 mln
    NOTE: Share after stock splits.
    Net includes discontinued operations loss four cts shr vs
nil in quarter and loss seven cts vs gain one ct in half.
 Reuter
3;
bodyend
documentend
documentstart
9428
topicstart
earn
topicend
bodystart
2;

RCM TECHNOLOGIES INC 
<
RCMT> 1ST QTR JAN 31 LOSS


    CAMDEN, N.J., March 25 -
    
Shr loss one ct vs loss one ct
    Net loss 89,844 vs loss 85,731
    Revs 3,384,726 vs 4,646,285
 Reuter
3;
bodyend
documentend
documentstart
9429
topicstart
earn
topicend
bodystart
2;

MCCLAIN INDUSTRIES INC 
<
MCCL> 1ST QTR DEC 31 NET


    STERLING HEIGHS, Mich., March 25 -
    
Shr 24 cts vs 13 cts
    Net 380,325 vs 211,183
    Sales 5,046,578 vs 3,941,764
    NOTE: Current year net includes gain from sale of Sterling
Heights, Mich., plant of 174,000 dlrs.  Another 698,000 dlrs of
gain from sale sale has been treated as deferred income.
 Reuter
3;
bodyend
documentend
documentstart
9430
topicstart
topicend
bodystart
2;
******
FED OFFERS TO BUY ONE BILLION DLRS OF BILLS FOR CUSTOMER, AFTER NOTE AUCTION

Blah blah blah.
3;


bodyend
documentend
documentstart
9431
topicstart
acq
topicend
bodystart
2;

SYNALLOY 
<
SYO> ENDS PLANS TO SELL UNIT


    SPARTANBURG, S.C., March 25 - 
Synalloy Corp said it has
ended talks on the sale of its Blackman Uhler Chemical Division
to Intex Products Inc because agreement could not be reached.
    The company said it does not intend to seek another buyer.
 Reuter
3;
bodyend
documentend
documentstart
9432
topicstart
acq
topicend
bodystart
2;

C-I-L ACQUIRING TRIMAC'S STAKE IN TRICIL


    TORONTO, March 25 - 
<
C-I-L Inc> said it would exercise its
right to acquire 
<
Trimac Ltd>'s stake in their jointly owned
Tricil Ltd for 91 mln dlrs, with closing expected May 22.
    C-I-L added that the final price could be less, however,
depending on an Ontario court ruling resulting from a
previously reported legal action launched by C-I-L.
    Mississauga, Ontario-based Tricil is a waste management
company with operations in the U.S. and Canada.
 Reuter
3;
bodyend
documentend
documentstart
9433
topicstart
cpi
topicend
bodystart
2;

EC INFLATION STARTS TO RISE AGAIN IN FEBRUARY


    LUXEMBOURG, March 25 - 
Inflation in the European Community,
which fell to its lowest since the 1960s between November and
January, started to take off again last month, figures from the
EC statistics office Eurostat showed.
    Consumer prices were on average three pct higher than in
February 1986, the office said. This compared with a year on
year rise of 2.7 pct in January, the lowest for 25 years, and
was the highest figure since October.
    Prices rose in February by 0.3 pct from January, after
rises of 0.4 pct in January and of 0.2 pct in each of the last
three months of 1986.
 REUTER
3;
bodyend
documentend
documentstart
9434
topicstart
acq
topicend
bodystart
2;

PANTERA'S 
<
PANT> TO BUY TEN PIZZA RESTAURANTS


    ST. LOUIS, MO., March 25 - 
Pantera's Corp said it agreed to
buy ten pizza restaurants in southeastern Colorado from
creditors foreclosing on the facilities.
    The purchase price includes 1.25 mln dlrs in cash and
company stock, it said.
    Separately, Pantera's said it issued an area development
agreement with a franchisee group for northeastern Colorado,
including the Denver area, for the opening of about 20
franchised Pantera's pizza restaurants.
 Reuter
3;
bodyend
documentend
documentstart
9435
topicstart
acq
topicend
bodystart
2;
******
ALLIED-SIGNAL INC TO SELL LINOTYPE GROUP TO COMMERZBANK OF WEST GERMANY

Blah blah blah.
3;


bodyend
documentend
documentstart
9436
topicstart
crude
nat-gas
topicend
bodystart
2;

ENERGY/U.S. OIL OUTPUT


    By ROBERT TRAUTMAN, Reuters


    WASHINGTON, March 25 - 
Energy Secretary John Herrington has
proposed several ways to boost U.S. oil production, but he said
all would cost the Treasury money and will come under close
White House scrutiny before action is taken.
    One measure he said he favored would raise the depletion
allowance to 27.5 pct on new oil and gas production as well as
production using enhanced extraction methods.
    Herrington said such a plan would cost 200 mln dlrs a year.
The White House, reacting, said it did not favor amending the
tax code, but would look at the proposal.
    Herrington's proposals to spur production were made along
with the release last week of the energy department's report on
energy and the national security.
    The report said U.S. oil imports, rapidly rising, could hit
50 pct by the mid 1990s and have potentially damaging
implications for national security.
    He has said since in speeches and at news conferences that
any plan he would back to spur lagging domestic oil production
would have to meet three criteria--increase production, not
cause economic dislocation, and be low cost to the taxpayer.
    Herrington said an import fee would meet the first test,
spurring production but fail the second and third.
    He said it would raise production and return 120,000 oil 
workers to their jobs, but at the same time it lifted oil
prices, the higher prices would cost 400,000 jobs nationwide
and cut the gross national product by 32 billion dlrs.
    A tax on gasoline, he said, would fail the first criteria
by not increasing domestic production.
    In any case, U.S. officials say, President Reagan remains
firmly opposed to an import fee and a gasoline tax.
    Options which meet Herrington's criteria include:
    - Loan-price guarantees to shield banks from defaults by
borrowers because of lower oil prices. It was estimated that if
oil fell to five dlrs a barrel it could trigger defaults that
could cost the government an estimated 15 billion dlrs.
    - A five pct tax credit for exploration and development. It
would raise oil and gas production the equivalent of 325,000
barrels a day, at a cost of 740 mln dlrs a year.
    - A five pct credit only for geological and geophysical
expenditures. It would increase production by 80,000 barrels a
day, at a cost of 65 mln dlrs.
    - Lower bid minimums on outer continental shelf acreage to
spur exploration. A drop from the present 150 dlrs per acre for
the typical 5,760 acre tract to 25 dlrs per acre would lower
the cost of the standard tract lease to 144,000 dlrs.
    Herrington also pressed anew for existing Administration
proposals to deregulate natural gas, which he said would cut
the need for imported oil by 300,000 barrels daily.
    He also called again for Congressional approval to explore
off the continental shelf, which may hold more than 12 billion
barrels of oil, and the Arctic National Wildlife Refuge, which
may hold nine billion barrels.
    Herrington said he understood the Reagan's reluctance to 
amend the newly enacted tax code to fund some of these
proposals, but added he hoped his department's energy/security
study would make a strong case for the need to help the
struggling domestic oil industry.
    Another move Herrington said he will press anew, even
though it had been rejected earlier by the White House, is to
raise the fill-rate for the Strategic Petroleum Reserve to
100,000 barrels a day from its planned 1988 rate of 35,000.
    This, he said, would further bolster national security in
case of an oil-supply disruption.
   
 Reuter
3;
bodyend
documentend
documentstart
9437
topicstart
earn
topicend
bodystart
2;

TODD SHIPYARDS 
<
TOD> OMITS COMMMON DIVIDEND


    JERSEY CITY, N.J., March 25 - 
Todd Shipyards Corp said it
omitted payment of the quarterly dividend on its common stock
and lowered the dividend on its series A preferred stock to 75
cts from 77 cts a share.
    Todd said the 75 ct preferred dividend will be paid May one
to shareholders of record April 15.
    The company said it omitted the common dividend to cover
both losses from a commercial ship conversion contract and
increased reserves for previously announced discontinued
shipyard operations.
    In addition, the company said its lenders agreed to
temporarily reduce the net worth requirement of its revolving
credit and term-loan pact to 140 mln dlrs from 130 mln.
    The reduction will hold through May 15, it said.
    Todd said the reduction in the net worth requirement
allowed for the payment of the preferred dividend and prevented
it from violating covenants of its credit agreement.
    The company said it is also negotiating with its lenders to
extend the reduced net worth terms beyond May 15.
    Todd added that it has suffered financially because of the
U.S. Navy's unwillingness to release certain retentions under
completed ship construction contracts and a general decrease in
U.S. military spending.
 Reuter
3;
bodyend
documentend
documentstart
9438
topicstart
earn
topicend
bodystart
2;

IMO DELAVAL 
<
IMD> SETS INITIAL DIVIDEND


    LAWRENCEVILLE, N.J., March 25 - 
Imo Delaval said its board
declared an initial quarterly dividend of 14 cts per share,
payable April 24 to holders of record on April 6.
 Reuter
3;
bodyend
documentend
documentstart
9439
topicstart
topicend
bodystart
2;

FED TO PURCHASE TREASURY BILLS FOR A CUSTOMER


    NEW YORK, March 25 - 
The Federal Reserve will purchase
approximately one billion dlrs of U.S. Treasury bills for a
customer after the Treasury's auction of four-year notes, a Fed
spokesman said.
    The spokesman said the Fed intends to purchase bills
maturing in up to six months.
    Dealers said Federal funds were trading at 6-3/16 pct when
the Fed announced the operation. Many had expected to Fed to
buy bills for itself, thereby adding permanent reserves to the
banking system. Since it did not do so today, this Fed move is
likely tomorrow.
 Reuter
3;
bodyend
documentend
documentstart
9441
topicstart
earn
topicend
bodystart
2;

NATIONAL COMPUTER SYSTEMS INC 
<
NLCS>4TH QTR NET


    MINNEAPOLIS, MINN., March 25 - 
    
Shr 25 cts vs 31 cts
    Net 4,798,000 vs 5,380,000
    Revs 65.3 mln vs 58.2 mln 
    Avg shrs 19.2 mln vs 17.5 mln
    Year
    Shr 84 cts vs 89 cts
    Net 15,750,000 vs 15,191,000
    Revs 262.1 mln vs 215.8 mln
    Avg shrs 18.8 mln vs 17.1 mln

 Reuter
3;
bodyend
documentend
documentstart
9443
topicstart
acq
topicend
bodystart
2;

ALLIED-SIGNAL 
<
ALD> TO SELL LINOTYPE UNIT


    MORRIS TOWNSHIP, N.J., March 25 - 
Allied-Signal Inc said it
agreed to sell its Linotype Group unit to 
<
Commerzbank AG>
of West Germany for an undisclosed amount.
    Allied-Signal said Commerzbank is expected to offer shares
of the unit to the public later this year.
    The company said the agreement is subject to approval by
the government and its shareholders.
    The Linotype unit, based in Eschborn, West Germany, had
revenues in 1986 of more than 200 mln dlrs, the company said.
    The company said top management of Linotype plan to remain
with the unit, which has operations in the United States, West
Germany and the United Kingdom.
    Allied-Signal announced in December that it planned to sell
the Linotype unit as well as six other businesses in its
electronics and instrumentation segment.
    Linotype is a supplier of type and graphics composition
systems.
 Reuter
3;
bodyend
documentend
documentstart
9444
topicstart
earn
topicend
bodystart
2;

CONTINENTAL HEALTH AFFILIATES INC 
<
CTHL> 4TH QTR


    ENGLEWOOD CLIFFS, N.J., March 25 -
    
Shr 10 cts vs five cts
    Net 512,000 vs 230,000
    Revs 16.8 mln vs 9,025,000
    Year
    Shr 55 cts vs 34 cts
    Net 2,662,000 vs 1,541,000
    Revs 57.5 mln vs 32.3 mln
 Reuter
3;
bodyend
documentend
documentstart
9445
topicstart
crude
topicend
bodystart
2;

CANADA SETS OIL INDUSTRY AID PACKAGE


    EDMONTON, Alberta, March 25 - 
Canada's federal government
will provide a 350 mln dlr oil industry aid package that
includes cash incentives designed to cover one-third of a
company's oil and gas exploration and development costs, Energy
Minister Marcel Masse announced.
    The aid program will inject about 350 mln dlrs a year into
the oil and gas industry and could lead to more than one
billion dlrs in new investment, Masse told a news conference.
    The program will affect drilling done anywhere in Canada on
or after April 1, 1987.
    Masse told reporters that the government's oil industry aid
package is aimed at small and medium sized companies.
    The aid package, called the Canadian Exploration and
Development Incentive Program, will restrict the total payments
that any individual company can claim to 10 mln dlrs a year.
    Masse said the program will probably generate new
employment equivalent to 20,000 people working for a year.
    He said oil industry aid is needed because exploration and
development spending dropped by at least 50 pct since world oil
prices fell during the first half of 1986.
    Energy Minister Masse said the federal government decided
to provide cash incentives so a large number of non-tax paying
companies, mainly small Canadian firms, will receive the full
value of the incentive. Such companies would not immediately
benefit from tax benefits, he said.
    The federal government also wanted to deliver an aid
program outside the tax system. Finance Minister Michael Wilson
is now reviewing Canada's tax system and plans to announce tax
reform proposals later this spring.
    An important feature of the aid program is a decision to
let companies issue flow-through shares, allowing investors to
benefit from the subsidy rather than restricting benefits to
only participating companies, he said.
    Allowing flow-through shares under the program will make it
easier for companies to attract investors in exploration and
development, Masse said.
    He told reporters his department is still considering
whether to allow partnerships and other entities to qualify for
the subsidy.
 Reuter
3;
bodyend
documentend
documentstart
9446
topicstart
topicend
bodystart
2;

CONTINENTAL 
<
CTHL> REPURCHASES NOTES


    ENGLEWOOD CLIFFS, N.J., March 25 - 
Continental Health
Affiliates Inc said it repurchased about 30 pct of its June
1985 Swiss franc convertible bond offering at prices below par.
    The company said it continues to hedge the balance and seek
opportunities to repurchase below par an increasing percentage
of the bond issue.
    Continental said it operates and has under development
1,943 nursing home beds and 404 residential health care beds.
It said that by sustaining its growth momentum, these numbers
could more than double by the end of the year.
 Reuter
3;
bodyend
documentend
documentstart
9448
topicstart
topicend
bodystart
2;

MOUNTLEIGH GROUP SEEKS 100 MLN STG FACILITY


    LONDON, March 25 - 
<
Mountleigh Group Plc>, a U.K. Property
company, is seeking a 100 mln stg multicurrency credit
facility, Union Bank of Switzerland (London branch) said.
    The revolving, evergreen facility will be completely
underwritten and the borrower will be able to issue cash
advances, sterling bankers acceptances and sterling commercial
paper through a tender panel.
    There will be a cap of 50 basis points over the London
Interbank Offered Rate (Libor)on any drawings for advances and
a 50 basis points commission on acceptances. There will be a
facility fee of 3/16 pct.
    Banks are being invited to join at 20 to 25 mln stg for
12-1/2 basis points, at 10 to 15 mln stg for 10 basis points
and at five to 7.5 mln stg for 7.5 basis points.
    The facility, which can only be cancelled after
underwriters provide 61 months notice to the borrower, will
refinance some of Mountleigh's existing debt.
 Reuter
3;
bodyend
documentend
documentstart
9450
topicstart
cocoa
topicend
bodystart
2;

COCOA TALKS SLOW AT CRUCIAL STAGE - DELEGATES


    LONDON, March 25 - 
International Cocoa Organization (ICCO)
talks on buffer stock rules have slowed during a crucial phase
of negotiations, delegates said, but they remained confident
about prospects for reaching agreement by Friday.
    Cocoa producers, European Community (EC) consumers and all
consumers separately reviewed technical details of a buffer
stock rules package distributed yesterday.
    The buffer stock working group of consumers and producers
was set to meet later today to debate the proposal jointly for
the first time, they said.
    Delegates said major sticking points were likely to be the
amount of non-member cocoa allowed to be bought for the buffer
stock, and the fixed price differentials at which different
origin cocoas will be offered to the buffer stock manager.
    Producers would prefer that non-member cocoa not be
included in the buffer stock because, if it is, countries such
as Malaysia benefit from the cocoa agreement without joining
it, the delegates said.
 Reuter
3;
bodyend
documentend
documentstart
9451
topicstart
topicend
bodystart
2;

MACK TRUCKS 
<
MACK> DEBT AFFIRMED BY S/P


    NEW YORK, March 25 - 
Standard and Poor's Corp said it
affirmed Mack Trucks Inc's 40 mln dlrs of BB-plus senior debt.
    The agency cited expectations that Mack's profitability
will improve over the marginal levels of last year. S and P
noted that extensive cost-cutting programs are under way at
Mack, including the relocation of truck assembly operations to
a new plant in South Carolina from Allentown, Pa.
    S and P said that with an improved cost structure, Mack can
compete more vigorously for market share without reverting to a
loss position. In addition, cash flow from operations should
benefit from planned working capital reductions.
 Reuter
3;
bodyend
documentend
documentstart
9452
topicstart
topicend
bodystart
2;

EURATOM ECU BOND MARKS ROME TREATY ANNIVERSARY


    LONDON, March 25 - 
Euratom is issuing a 145 mln ECU
eurobond due April 24, 1997, paying 7-3/8 pct and priced at
101-1/8 pct, lead manager Banque Paribas Capital Markets said.
    The bond will be available in denominations of 1,000 and
10,000 ECU and will be listed in Luxembourg.
    Fees comprise 1-3/8 selling concession and 5/8 pct
management and underwriting combined.
    A Paribas official said Euratom had timed the issue to
coincide with the 30th anniversary of the Treaty of Rome.
 Reuter
3;
bodyend
documentend
documentstart
9453
topicstart
gold
topicend
bodystart
2;

NEWMONT GOLD 
<
NGC> SEES GOLD SALES RISING


    NEW YORK, March 25 - 
Newmont Gold Corp expects gold sales
in 1987 to rise about 22 pct to 577,000 ounces from 1986's
474,000 ounces, the company said in its annual report.
    Newmont Gold, 95 pct owned by Newmont Mining Corp 
<
NEM>,
said it expects significant increases in gold sales in 1988 and
1989 as well.
 Reuter
3;
bodyend
documentend
documentstart
9454
topicstart
acq
topicend
bodystart
2;

MESSIDOR TO MERGE WITH TRITON BELEGGINGEN


    NEW YORK, March 25 - 
Messidor Ltd said it signed a letter
of intent to acquire 100 pct of the outstanding shares of
Triton Beleggineng Nederland B.V., a European investment
portfolio management company.
    If approved, two mln shares of stock held by the Messidor
Ltd officers and directors would be issued to Triton
shareholders.
    Triton will become a subsidiary of Messidor, it said.
    If approved, the president of Triton, Hendrik Bokma, will
be nominated as chairman of the combined company.
    There are about 1.5 mln Messidor units issued to the public
consisting of one share of common stock, four Class A common
stock warrants, four class B common stock warrants and four
class C common stock warrants.
    In addition there are four mln restricted shares
outstanding.
    Messidor said the acquisition is expected to be completed
by June three.
 Reuter
3;
bodyend
documentend
documentstart
9456
topicstart
topicend
bodystart
2;

SMITH BARNEY ANALYST CUTS HERCULES 
<
HPC> RATING


    NEW YORK, March 25 - 
Smith Barney, Harris Upham and Co
analyst James Wilbur removed Hercules Inc from the firm's
recommended list, citing the firm's moves into the aerospace
business, traders said.
    Hercules fell 2-1/4 to 59-1/4 on 595,000 shares. Wilbur was
not immediately available for comment.
    Sources said Wilbur believes Hercules will be successful in
its diversification, but he told clients the stock market is
more receptive now to chemical companies than aerospace
companies.
 Reuter
3;
bodyend
documentend
documentstart
9457
topicstart
topicend
bodystart
2;
******
S/P UPGRADES CONSUMERS POWER'S SENIOR AND SUBORDINATED DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
9460
topicstart
topicend
bodystart
2;

CONSUMERS POWER 
<
CMS> DEBT RAISED BY S/P


    NEW YORK, March 25 - 
Standard and Poor's Corp said it
raised Consumers Power's senior debt to BBB-minus from BB-plus
and its subordinated debt to BB-plus from BB-minus.
    The rating agency also affirmed Consumers Power's BB-minus
preferred stock and B-rated preference stock. The utility has
about 3.3 billion dlrs of debt outstanding.
    S and P cited rate relief stabilization in 1985, bank debt
restructuring and the implementation of cash conservation
measures.
    Plans to retire or refinance high-cost debt should improve
the company's credit quality, S and P added.
 Reuter
3;
bodyend
documentend
documentstart
9461
topicstart
topicend
bodystart
2;
******
ENCOR ENERGY CORP PLANS 125 MLN DLR DEBENTURE OFFER

Blah blah blah.
3;


bodyend
documentend
documentstart
9463
topicstart
earn
topicend
bodystart
2;
******
ENCOR ENERGY CORP INC YR NET LOSS 406.6 MLN VS PROFIT 35.4 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
9464
topicstart
topicend
bodystart
2;

BRAZIL PLANS NEW ECONOMIC STRATEGY FOR GROWTH


    BRASILIA, March 25 - 
Brazil is preparing a new economic
strategy intended to protect domestic growth, Finance Ministry
sources said.
    A presidential spokesman said President Jose Sarney had
authorised the government's economic team to prepare the new
plan as soon as possible.
    Finance Minister Dilson Funaro said last night the plan
would reflect "an important battle to protect the country's
development and keep it from recession."
    Funaro, who helped lead the anti-inflation Cruzado Plan
launched in February 1986, has come under increasing attack
over the past few days following the resignation of Planning
Minister Joao Sayad on March 17. Observers say the plan has
failed to stabilise the country's economy.
    Sayad submitted a new package calling for a 90-day prices
and a wage freeze, but met opposition from Sarney and Funaro.
    Foreign Ministry sources said the new strategy was being
prepared by economists Persio Arida and Andre Lara Resende,
both former Central Bank officials said to have played leading
roles in the Cruzado Plan.
   The new plan will define the terms on which Brazil will seek
rescheduling of its 109 billion dlr foreign debt.
    On February 20, Brazil suspended servicing of 70 billion
dlrs of debt to private foreign banks.
    Funaro said last night Brazil wants a rescheduling program
spread over four years, and added that it had to include new
loans to keep the domestic economy growing.
    "In the past two years Brazil paid 24 billion dlrs in
servicing of its foreign debt, while only getting two billion
dlrs in new loans," Funaro said.
  REUTER
3;
bodyend
documentend
documentstart
9465
topicstart
earn
topicend
bodystart
2;

MIDDLE SOUTH 
<
MSU> TO FORM NEW DIVIDEND POLICY


    NEW YORK, March 25 - 
Middle South Utilities Inc is taking a
conversative approach to formulating a new common stock
dividend policy, chairman Edwin Lupberger said.
    He told securities analysts that when the company's common
dividend is resumed, "the initial rate will appear conservative
to you by industry standards and in relation MSU's net income
and cash flow."
    "Our progress will determine how soon we can reinstate a
dividend to our common stockholders, he said."
    The company last paid a common dividend of 44.5 cts a share
in July 1985.
    Lupberger told the analysts that the company's primary
objective is "to create financial strength, enough strength so
that what happened to us and our stockholders over the past
couple of years never happens again."
    The company has faced regulatory challenges to rates
proposed to cover the cost of its Grand Gulf nuclear plant.
    He said Middle South's net income is expected to post
"modest growth" over the next three years.
    In 1986, the company earned 451.3 mln dlrs or 2.21 dlrs a
share on revenues of 3.49 billion dlrs.
    Lupberger said, "A good portion of the improvement
projected for the next three years comes from keeping the lid
on operating and maintenance expenses."
   
 Reuter
3;
bodyend
documentend
documentstart
9467
topicstart
topicend
bodystart
2;

EMERSON RADIO 
<
EME> SELLS DEBT PRIVATELY


    NORTH BERGERN, N.J., March 25 - 
Emerson Radio Corp said it
has sold 33 mln dlrs of 8-3/8 pct senior notes due 1997 to
institutional investors.
    The company said prepayment provisions will make the
average life about seven years.  It said funds will be used to
help finance growth.
 Reuter
3;
bodyend
documentend
documentstart
9469
topicstart
acq
topicend
bodystart
2;
******
TWA SOLD FOUR MLN SHARES OF USAIR BELIEVED TO INSTITUTIONS, WALL STREET SOURCES

Blah blah blah.
3;


bodyend
documentend
documentstart
9470
topicstart
sugar
grain
corn
topicend
bodystart
2;

U.S. SUGAR POLICY MAY SELF-DESTRUCT, CONGRESSMAN


    By Greg McCune, Reuters


    WASHINGTON, March 25 - 
A leading U.S. farm-state
Congressman, Jerry Huckaby, D-La., warned he will press next
year for legislation to control domestic production of
sweeteners, perhaps including corn sweeteners, if the industry
fails to voluntarily halt output increases this year.
    "We're moving toward a direction where we could
self-destruct (the U.S. sugar program)," Rep. Huckaby, chairman
of the House agriculture subcommittee dealing with sugar
issues, told Reuters in an interview.
    Huckaby, who told U.S. sugarbeet growers earlier this year
they must halt production increases, said he will deliver the
same message to Louisiana sugarcane growers Friday. He also
said he will soon talk with corn refiners on the subject.
    Huckaby said the campaign to urge a halt to domestic
sweetener output increases is an effort to forestall further
cuts in the sugar import quota, now at one mln short tons.
    "I think if we're talking about dropping (the quota)
another half mln tons, lets say, you're getting to the point
where the program might not work," he said.
    "Ideally, I'd like to freeze things right where we are,"
said Huckaby, leading advocate for sugar growers in Congress.
    A freeze would mean domestic sugar production at about the
current level of 6.5 mln tons, the corn sweetener share of the
U.S. market staying at just over 50 pct, and U.S sugar imports
holding at about 1.2 mln tons, Huckaby said.
    A decision on whether to seek legislation will not be made
until 1987 output numbers are known late this year, he said.
    "I feel like if we didn't expand production, we could
probably hold where we are indefinitely, or at least through
the 1985 farm bill without any changes (in the sugar program),"
Huckaby said.
    However, much depends on whether high-fructose corn syrup
producers continue to expand their share of the U.S. sweetener
market from just over 50 pct, Huckaby said.
    He noted most estimates are that corn sweeteners will
capture at most only another 10 pct of the sweetener market in
the U.S.
    But he said if there were an economic breakthrough in the
production of a new crystalline corn sweetener which further
expanded the corn sweetener share, then U.S. sugar imports
might be eliminated and U.S. sugar output severely reduced.
    Huckaby said he will deliver this message to corn refiner
companies such as A.E. Staley and Archer Daniels Midland soon.
    "This program is advantageous to the corn users. They have
some natural, legitimate self-interest in seeing that the
program is preserved," Huckaby said.
    Huckaby said he has asked sugar industry representatives to
think about how domestic output could be controlled, either
through production allocations, acreage or marketing controls.
    Huckaby also said he would be seeking guidance from the
Justice Department to determine if it would be legal to ask
corn refiners to limit production.
    "I don't know if we will go this route, but if we do
there's a question in my mind at this point in time; can you do
that legally?" he said.
    Asked if he would proceed with production controls without
the support of corn refiners, Huckaby said "You build a fragile
house if you do it that way."
    Huckaby said he understands why U.S. cane and beet farmers
have expanded production, because high sugar price support
means returns from sugar are higher than competing crops such
as soybeans and grain.
    But he said for sugar growers as a whole, expansion would
not be good policy.
    Huckaby said he has tried to stress, in his speeches to
sugar industry groups, that if growers continue to expand, they
may be penalized retroactively under any production control
legislation passed next year.
    Huckaby said Congress is unlikely to approve any changes in
the sugar program this year despite a Reagan administration
proposal to drastically slash the program.
    "The administration proposal is so drastic, that I don't
think it will get up a head of steam," Huckaby said.
    He said even a more moderate proposal to reduce sugar price
support is unlikely to be approved.
    Instead of seeking to slash the domestic sugar program,
Huckaby said the Reagan administration should file a complaint
with the General Agreement on Tariffs and Trade against the
European Community's sugar policy. He said EC policies are the
major cause of the depressed world sugar market.
 Reuter
3;
bodyend
documentend
documentstart
9471
topicstart
topicend
bodystart
2;

FIAT SAYS IT NOT PLANNING TO ISSUE EUROBONDS


    Turin, Italy, March 25  - 
Fiat Spa 
<
FIAT.MI> said it had no
plans to issue Eurobonds linked to shares still held by banks
after the placement of the 15 pct Libyan stake in Fiat last
autumn, a company spokesman said.
   "An eventual issue of bonds convertible into Fiat shares is
not our responsibility," the spokesman told Reuters. "In case the
operation should be finalized, the bonds would be issued by
banks and not by Fiat, the spokesman said.
    The spokesman was commenting on West German press reports
that Fiat is considering a Eurobond issue of up to 384 mln
dlrs, convertible or with warrants attached for exercise into
its shares still held by the banks.
 REUTER
3;
bodyend
documentend
documentstart
9472
topicstart
acq
topicend
bodystart
2;

INVESTORS INCREASE STAKE IN FROST, SULLIVAN


    WASHINGTON, March 25 - 
One of a pair of private investors
in Frost and Sullivan Inc told the Securities and Exchange
Commission he increased his stake in the firm by about two pct,
to 15.4 pct.
    He is Theodore Cross, Princeton, N.J., editor of Business
and Society Review.
    The other investor is Mason Slaine, Cos Cob, Mass,
president of Dealers' Digest Inc.  He holds a 3.3 pct stake.
    Cross told the SEC he bought the new shares at between 7.75
and 8.0 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9473
topicstart
ship
topicend
bodystart
2;

LIBERIAN ORE CARRIER IN COLLISION IN RIVER ELBE


    LONDON, March 25 - 
The Liberian motor bulk carrier, Trave
Ore, 106,490 dwt, loaded with ore, and the 2,852 dwt West
German motor vessel Christa, collided late last night on the
River Elbe near buoy 129, Lloyds Shipping Intelligence said.
    The Trave Ore proceeded by its own means to Hamburg. The
Christa was taken in tow with a damaged bow.
    The Liberian vessel was concluding a trip from Seven
Islands to Hamburg.
 Reuter
3;
bodyend
documentend
documentstart
9474
topicstart
topicend
bodystart
2;

AIM TELEPHONES 
<
AIMT> SELLS DEBT TO SHAREHOLDER


    FAIRFIELD, N.J., March 25 - 
AIM Telephones Inc said it has
sold three mln dlrs of nine pct seven-year subordinated notes
to principal shareholder 
<
Quince Associates>.
    The company said it has also issued Quince seven-year
warrants to buy 500,000 common shares at six dlrs each.
 Reuter
3;
bodyend
documentend
documentstart
9475
topicstart
earn
topicend
bodystart
2;

HERSHEY OIL CORP 
<
HSO> 4TH QTR LOSS


    PASADENA, Calif., March 25 -
    
Shr loss 19 cts vs loss 2.37 dlrs
    Net loss 1,140,000 vs loss 13,608,000
    Revs 1,069,000 vs 1,940,000
    Year
    Shr loss 53 cts vs loss 2.34 dlrs
    Net loss 3,012,000 vs loss 13,433,000
    Revs 4,945,000 vs 6,705,000
 Reuter
3;
bodyend
documentend
documentstart
9476
topicstart
topicend
bodystart
2;

<
VISTA MANAGEMENT INC> GETS BOND GUARANTEES


    HIALEAH, Fla., March 25 - 
Vista Managemement Inc said it
has obtained notice of the availability of insurance guarantees
on 60 mln dlrs of leasing receivable bonds of its CBS Leasing
subsidiary from Developers Insurance Co, allowing the bonds to
be rated by leading credit rating agencies.
    The company said the guarantees are subject to the
placement of over one mln dlrs of reinsurance and to a pending
change of control of Developers Insurance.
 Reuter
3;
bodyend
documentend
documentstart
9477
topicstart
earn
topicend
bodystart
2;

EG AND G INC 
<
EGG> SETS QUARTERLY


    WELLESLEY, Mass., March 25 -
    
Qtly div 14 cts vs 14 cts prior
    Pay May Eight
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
9478
topicstart
earn
topicend
bodystart
2;

<
ENCOR ENERGY CORP INC> YEAR LOSS


    CALGARY, Alberta, March 25 - 
    
Shr not given
    Net loss 406.6 mln vs profit 35.4 mln
    Revs 138.1 mln vs 211.9 mln
    Note: 1986 net includes 545.7 mln dlr asset writedown
before 139.2 mln dlr recovery of deferred taxes.
    48 pct-owned by Dome Petroleum Ltd 
<
DMP>.
 Reuter
3;
bodyend
documentend
documentstart
9479
topicstart
ship
topicend
bodystart
2;

BRAZILIAN LABOUR UNREST SPREADS, MANY BANKS SHUT


    By Stephen Powell, Reuters


    SAO PAULO, March 25 - 
Brazil's labour unrest is spreading,
with many banks, universities and government statistical
offices on strike and more pay disputes looming.
    Bankworkers' leaders said that a national strike launched
yesterday to press for a 100 pct immediate pay rise and monthly
salary adjustments had the support of most of the 700,000
workforce.
    The strike today closed the stock exchanges of Sao Paulo
and Rio de Janeiro.
    For the government the one positive development on the
labour front was the gradual return to work of the nation's
40,000 seamen, who began a national strike on February 27.
    A union spokesman in Rio de Janeiro told Reuters about half
the seamen had returned to work after accords with 22 companies
and that the strike looked close to an end.
    Otherwise the labour scene looked bleak, with the bank
strike posing the most serious problems for Brazil's
crisis-laden economy.
    "If this goes on for more than a few days it will have a
serious effect because normal financial operations will grind
to a halt," said a western diplomat in Sao Paulo.
    Today Brazil's 50,000 university teachers in the 42 federal
universities launched a national strike, with a broad political
demand as well as a pay claim.
    David Fleischer, head of the political science department
in Brasilia university, told Reuters the National Association
of Higher Education Teachers wanted a full congressional
inquiry into what had happened to government education funds.
    He said the universities were strapped for cash and that
the association suspected the junior partner in the coalition
government, the Liberal Front Party, PFL, of using education
funds for projects which had helped their candidates in
elections. The PFL holds the Education Ministry.
    Hardly any sectors of the economy are proving immune to the
current labour unrest, caused by the return of high inflation,
officially pegged at 33 pct for January-February.
    Other possible strikes looming include stoppages by oil
industry workers and social security workers.
 Reuter
3;
bodyend
documentend
documentstart
9480
topicstart
topicend
bodystart
2;

OAK INDUSTRIES 
<
OAK> SETS DEBT EXCHANGE OFFER


    SAN DIEGO, Calif., March 25 - 
Oak Industries said it will
commence an exhcange offer for any or all of certain of its
debentures and notes.
    It said it is offering to exchange 660 shares of common
stock for each 1,000-dlr principal amount of its 4,139,000 dlrs
of outstanding 11-5/8 pct notes due September 15, 1990.
    It will also exchange 698 shares of common for each
1,000-dlr principal amount of 5,557,000 dlrs of outstanding
13-1/2 pct senior notes due May 15, 1990 and 612 common shares
for each 1000 dlrs of its 12,788,000 dlrs in 9-5/8 pct
convertible notes due September 15, 1991.
    The company said it is also offering 678 common shares for
each 1,000 dlrs of its 753,000 dlrs of outstanding 11-7/8 pct
subordinated debentures due May 15, 1998 and 595 common shares
for each 1,000 dlrs principal amount of its 6,572,000 dlrs of
10-1/2 pct convertible subordinated debentures due Feb 1, 2002.
    Oak said it will not make any cash payments to the
tendering holders.
    It said the common stock amounts have taken into account
accrued interest on the notes and debentures.
 Reuter
3;
bodyend
documentend
documentstart
9481
topicstart
topicend
bodystart
2;

COLLINS FOODS 
<
CF> TO REDEEM DEBENTURES


    LOS ANGELES, March 25 - 
Collins Foods International Inc
said that on April 30 it will redeem all of its outstanding 12
pct subordinated debentures due December 15, 2008.
    There are currently 30 mln dlrs principal amount of the
debentures outstanding, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9484
topicstart
earn
topicend
bodystart
2;

<
ASTA GROUP INC> UNIT IN LOAN PURCHASE


    YONKERS, N.Y., March 25 - 
Asta Group Inc said its 50 pct
owned Liberty Service Corp affiliate has purchased about 50 mln
dlrs face value of credit card installment receivables from a
major financial institution it did not name for a significant
discount from face value.
    It said the portfolio consists mostly of charged off loans.
    The company also said it expects to realize a profit of
about 300,000 dlrs on its 25 pct interest in the Briarcliff
Manor condominium project in New York, with about 140,000 dlrs
of the profit being reflected in the year ending September 30.
 Reuter
3;
bodyend
documentend
documentstart
9485
topicstart
topicend
bodystart
2;

ENCOR PLANS 125 MLN DLR DEBENTURE OFFERING


    CALGARY, Alberta, March 25 - 
<
Encor Energy Corp Inc> said
it planned an issue in Canada of 125 mln dlrs of 6.75 pct
subordinated debentures, convertible any time into Encor common
shares for a price of 10 dlrs a share.
    Encor, 48 pct-owned by Dome Petroleum Ltd 
<
DMP>, said
investment dealers McLeod Young Weir Ltd and Pemberton Houston
Willoughby Bell Gouinlock Inc agreed to purchase the issue for
resale to the public.
    It said the debentures would pay interest semi-annually and
be callable after five years at par plus accrued interest.
    Encor earlier reported a 1986 net loss of 406.6 mln dlrs.
    Encor last year earned 35.4 mln dlrs. The 1986 net loss
included a 545.7 mln dlr asset writedown before a 139.2 mln dlr
recovery of deferred taxes.
    The company said 1986 results were seriously affected by
lower oil and gas prices, but did not reflect its recent
acquisition of 
<
Aberford Resources Ltd>.
    It said that while oil prices had improved in early 1987,
it would remain cautious and base capital spending on
conservative price assumptions.
    Encor will use proceeds from the debenture offer to retire
bank debt incurred in the Aberford deal, it said.
 Reuter
3;
bodyend
documentend
documentstart
9486
topicstart
earn
topicend
bodystart
2;

ARDEN INTERNATIONAL 
<
AIKI> 4TH QTR DEC 27 NET


    LARKVILLE, MINN., March 25 -
    
Oper shr one ct vs two cts
    Oper net 30,000 vs 62,000
    Revs 2,315,000 vs 2,355,000
    Year
    Oper shr four cts vs nine cts
    Oper net 95,000 vs 204,000
    Revs 9,214,000 vs 9,950,000
    Avg shrs 2,492,000 vs 2,351,000
    NOTE: Full name is Arden International Kitchens Inc
 More
3;
bodyend
documentend
documentstart
9487
topicstart
acq
topicend
bodystart
2;

TWA 
<
TWA> SELLS POSITION IN USAIR 
<
U>


    New York, March 25 - 
Trans World Airlines Inc sold four mln
shares it held in USAir Group Inc, Wall Street sources said.
The sources said the buyers are believed to be a group of
institutions.
    Bear Stearns handled the trade. It crossed the four mln
shares at 45, off 1/8. Bear Stearns would not comment on buyers
or sellers.
    USAir and TWA had no immediate comment.
    USAir later said it did not buy the stock. A company
spokesman would not comment further.
    TWA earlier this month reported holding slightly more than
four mln shares, or about 15 pct of USAir. It had also proposed
a takeover of USAir, which at the time was negotiating its
proposed merger with Piedmont Aviation Inc.
    On March 16, TWA withdrew its bid, saying it did not intend
to seek control of USAir Group or to acquire more of its stock
at the time.
    TWA also said in the filing with the Securities and
Exchange Commission that its chairman, Carl Icahn is the target
of an SEC probe of alleged violations of securities laws.
    In its filings with the SEC, TWA said it paid 178.2 mln
dlrs for its USAir stock.
    "With this out of the way, if it indeed was bought by
institutions, it paves the way for better value for USAir stock
later," said Janney Montgomery analyst Louis Marckesano of
TWA's sale of its stock.
    "Technically, as long as that block was overhanging the
market you didn't know what was going to happen," he said.
    USAir stock was trading at 44-3/8, off 3/4 on volume of 4.4
mln shares. TWA stock rose one to 28-1/4.
 Reuter
3;
bodyend
documentend
documentstart
9488
topicstart
earn
topicend
bodystart
2;

COMBUSTION ENGINEERING
<
CSP> SEES 1ST QTR NET OFF


    STAMFORD, Conn., March 25 - 
Combustion Engineering Inc said
it expects first quarter earnings to be 20 to 25 pct below the
year-ago 13.6 mln dlrs, mainly due to financing costs resulting
from the January 1987 acquisition of AccuRay Corp.
    The company said it has filed for an offering of four mln
common shares and 150 mln dlrs of subordinated debentures due
2017, with proceeds to be used to refinance the short-term bank
debt incurred for the AccuRay acquisition, to finance other
costs of the transaction and for general corporate purposes.
    Combustion said 3,500,000 shares will be sold in the U.S.
and the remainder overseas.
    Combustion paid about 218 mln dlrs for AccuRay, a maker of
computer-based measurement and control systems used in pulp and
paper mills.
    The company said it expects to release first quarter
results in the third week in April.
    Combustion said it expects further restructuring of core
businesses -- particularly Lummus Crest -- this year through
staff reductions downsizings and the consolidation of
facilities.
    Combustion said the restructuring at Lummus Crest is
expected to substantially reduce but not eliminate this year
losses in the Engineering and Construction segment.
    But it said improvement at Lummus Crest is expected to be
approximately offset by a number of factors, including a
somewhat lower level of earnings in the Power Generation
segment than in 1986, financing costs of the AccuRay
acquisition, costs associated with integrating AccuRay
technology and operations and delays in waste to energy
projects.
 Reuter
3;
bodyend
documentend
documentstart
9489
topicstart
gold
topicend
bodystart
2;

NEWMONT GOLD SEES ITS SALES RISING 22 PCT


    NEW YORK, March 25 - 
Newmont Gold Corp expects gold sales
in 1987 to rise about 22 pct to 577,000 ounces from 1986's
474,000 ounces, the company said in its annual report.
    Newmont Gold, 95 pct owned by Newmont Mining Corp, said it
expects significant increases in gold sales in 1988 and 1989 as
well.
 Reuter
3;
bodyend
documentend
documentstart
9491
topicstart
earn
topicend
bodystart
2;
ARDEN INTERNATIONAL 
<
AIKI> =2 LARKVILLE
    NOTE: 1985 period ended December 28
    Earnings exclude losses from discontinued operations of
30,000 dlrs, or one ct a share vs 71,000 dlrs, or three cts a
share for the year
    Earnings exclude gains from tax loss carryforwards of
13,000 dlrs, or one ct a share vs 45,000 dlrs, or two cts a
share in the quarter and 28,000 dlrs, or one ct a share vs
105,000 dlrs, or four cts a share for the year
 Reuter
3;


bodyend
documentend
documentstart
9493
topicstart
trade
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS EXCHANGE RATE CHANGES WILL REDUCE TRADE DEFICIT THIS YEAR

Blah blah blah.
3;


bodyend
documentend
documentstart
9495
topicstart
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS "THROWING MONEY" AT DEBTOR NATIONS WON'T WORK

Blah blah blah.
3;


bodyend
documentend
documentstart
9497
topicstart
acq
topicend
bodystart
2;

GATEWAY SPORTING BUYS INNOVATIVE DENTAL


    NEW YORK, March 25 - 
Gateway Sporting Goods Co said it
acquired all of the shares of stock of Innovative Dental
Services Inc for an undisclosed amount of cash.
    Gateway said the acquired company has contracts with 102
dentists in 144 locations.
 Reuter
3;
bodyend
documentend
documentstart
9498
topicstart
trade
money-fx
topicend
bodystart
2;

TREASURY'S BAKER SEES CUT IN TRADE DEFICIT


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
the administration is confident the effect of exchange rate
changes will bring about a cut in the trade deficit this year.
    In testimony before the Senate Committee on Governmental
Affairs, Baker conceded that the effect thus far has "not yet
proved as quick or as strong as had been expected from past
experience."
    He told the committee, however, that the "initial signs are
encouraging."
 Reuter
3;
bodyend
documentend
documentstart
9499
topicstart
acq
topicend
bodystart
2;
******
CYCLOPS CORP REFORMS BOARD AFTER DIXONS GROUP FAILS TO GET MAJORITY OF CYCLOPS STOCK

Blah blah blah.
3;


bodyend
documentend
documentstart
9502
topicstart
earn
topicend
bodystart
2;

PAN ATLANTIC RE INC 
<
PNRE> 4TH QTR NET


    WHITE PLAINS, N.Y., March 25 -
    
Oper shr 15 cts vs 1.07 dlrs
    Oper net 372,000 vs 2,601,000
    Year
    Oper shr 80 cts vs 61 cts
    Oper net 1,952,000 vs 1,491,000
    NOTE: Net excludes realized investment loss 13,000 dlrs vs
gain 986,000 dlrs in quarter and gains 1,047,000 dlrs vs
1,152,000 dlrs in year.
    1986 year net excludes tax credit 919,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9503
topicstart
earn
topicend
bodystart
2;

QUAKER CHEMICAL CORP 
<
QCHM> SETS QUARTERLY


    CONSHOHOCKEN, Pa., March 25 -
    
Qtly div 12-1/2 cts vs 12-1/2 cts prior
    Pay April 30
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
9505
topicstart
earn
topicend
bodystart
2;

MIDDLE SOUTH 
<
MSU> TO CONSIDER DIVIDEND


    NEW YORK, March 25 - 
Middle South Utilities Inc will not
consider payment of a common stock dividend until there is
another ruling on a Mississippi Supreme Court order rolling
back rates at the company's Mississippi Power and Light Co
subsidiary, chairman Edwin Lupberger said.
    He told security analysts Middle South was close to
recommending resumption of the common stock dividend when the
Mississippi court ordered the rate rollback. Following the
order, he noted, the unit cancelled a planned sale of preferred
stock. Middle South has petitioned the court for a rehearing or
a stay of the order while it is being appealed.

 Reuter
3;
bodyend
documentend
documentstart
9509
topicstart
acq
topicend
bodystart
2;

BELGIUM PLANS TO OUTLAW INSIDER TRADING


    BRUSSELS, March 25 - 
A Belgian finance ministry spokesman
said new rules planned on insider trading would enable
offenders to be fined and imprisoned for up to a year, and be
compelled to forfeit gains.
    The new rules require parliamentary approval, and
government sources said it was unclear when they would come
into force. Insider trading is currently not an offence in this
country.
    The cabinet approved a separate bill that analysts said
includes provisions to make more difficult the build-up of
major new stakes in Belgian companies.
    The bill would make obligatory the declaration of major
stakes in companies quoted on the bourse with own resources of
more than 200 mln francs.
    The Minister for Economic Affairs would need to be informed
in advance of deals under which foreign interests planned to
buy a new stake of more than ten pct of the voting shares in a
large Belgian company, or to increase an existing stake to more
than 20 pct.
 REUTER
3;
bodyend
documentend
documentstart
9510
topicstart
acq
topicend
bodystart
2;

OWENS-CORNING FIBERGLAS 
<
OCF> SELLS FOAM UNIT


    TOLEDO, Ohio, March 25 - 
Owens-Corning Fiberglas Corp said
it sold its controlling interest in its French foam insulation
producing subsidiary to a Lafarege Corp 
<
LAF> subsidiary.
    Owens-Corning said it sold its interest in Sentuc Porxpan
SA for an undisclosed price.
 Reuter
3;
bodyend
documentend
documentstart
9511
topicstart
earn
topicend
bodystart
2;
******
U.S. SHOE INC 4TH QTR SHR 31 CTS VS 56 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9515
topicstart
trade
topicend
bodystart
2;

TREASURY'S BAKER OUTLINES TRADE BILL CRITICISMS


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
that some of the trade bills proposed by Congress conflict
significantly with certain basic principles the Reagan
administration considers critical.
    Baker told a Senate committee that the administration would
resist such measures as a general import surcharge,
sector-specific protection such as import quotas for individual
products, mandatory retaliation, and limits on presidential
discretion in negotiating more open markets abroad and other
trade steps.
 Reuter
3;
bodyend
documentend
documentstart
9516
topicstart
topicend
bodystart
2;
CORRECTION - LONDON - CITIBANK LAUNCHES WARRANTS
    In London item "Citibank Launches Currency Warrants" please
read second paragraph as follows
    "Each warrant, priced at 47.50 dlrs, gives the holder the
right to purchase a nominal sum of 500 dlrs against marks at
1.8250 marks to the dollar or at 149.50 yen to the dollar
between March 31, 1987 and March 31, 1989."
    (Corrects dollar/mark exchange rate to 1.8250 and makes
clear that dollar purchase is against marks or yen.)
 REUTER
3;


bodyend
documentend
documentstart
9519
topicstart
earn
topicend
bodystart
2;

U.S. SHOE CORP 
<
USR> 4TH QTR JAN 31 NET


    CINCINNATI, March 25 -
    
Shr 31 cts vs 56 cts
    Net 13.7 mln vs 25.2 mln
    Sales 610.9 mln vs 575.9 mln
    Avg shrs 45.0 mln vs 44.8 mln
    Year
    Shr 57 cts vs 1.46 dlrs
    Net 25.5 mln vs 64.9 mln
    Sales 2.00 billion vs 1.92 billion
    Avg shrs 45.0 mln vs 44.5 mln
    NOTE: Current year net both periods includes gain five cts
shr from sale of Just for Kids! and Giggletree mail order
catalogs and charges of 10 cts shr from writedowns of assets
related to the closing of linens and domestics stores and
leased departments and of leased shoe departments.
    Year net includes LIFO inventory charges six cts shr vs two
cts shr.
 Reuter
3;
bodyend
documentend
documentstart
9521
topicstart
grain
corn
oilseed
soybean
sorghum
sunseed
topicend
bodystart
2;

ARGENTINE SOYBEAN YIELD ESTIMATES DOWN FURTHER


    By Manuel Villanueva, Reuters


    BUENOS AIRES, March 25 - 
Argentine grain producers again
reduced their estimates for the total yield of the 1986/87
soybean crop, which will begin to be harvested in mid-April,
trade sources said.
    They said growers now forecast soybean production this
season at between 7.5 and 7.8 mln tonnes, down from last week's
estimate of 7.7 to eight mln tonnes and the 8.0 to 8.4 mln
tonnes forecast in mid-February.
    The new forecast is still higher than last season's record
total production.
    Private sources put 1985/86 production at a record 7.2 to
7.3 mln tonnes -- 4.2 to 6.4 pct lower than the new forecast
for the current crop. The official figure for 1985/86 is 7.1
mln tonnes, 5.6 to 9.9 pct below this season's new estimates.
    Growers in the past week discovered more empty soybean pods
in the main producing areas of southern Cordoba and Santa Fe
provinces and northern Buenos Aires.
    The crop since January has been hit by high temperatures
and inadequate rainfall. Growers fear they may find more empty
pods and have to further reduce their forecasts of total yield.
    The area sown to soybeans this season was a record 3.7 to
3.8 mln hectares, 10.8 to 13.8 pct higher than the 1985/86
record of 3.34 mln hectares.
    The state of the crop continued to be good in general until
last week but intense, heavy rains since could have caused
damage in areas where rainfall was higher than 100 mm.
    Where the rains were less heavy they were considered
beneficial although too late to improve yield estimates.
    The rains also benefitted maize and sorghum crops in
southern Buenos Aires province but are not expected to
influence production forecasts.
    In other areas, especially western Buenos Aires, where
rainfall was more than 200 mm, parts of the sunflower, maize
and sorghum crops not yet harvested may have been damaged.
    The coarse grain crop harvest was interrupted last week by
rains which also reached over 100 mm in parts of Cordoba, La
Pampa and Santa Fe and almost 90 mm in parts of Entre Rios.
    The area sown with maize this season was between 3.58 and
3.78 mln hectares, two to seven pct less than the 3.85 mln
hectares in 1985/86.
    The yield of 1986/87 maize continued to be forecast at
between 9.9 and 10.1 mln tonnes.
    This estimate is 19.8 to 20.2 pct lower than the 12.4 to
12.6 mln tonnes at which private sources put 1985/86 production
and 21.1 to 22.7 pct lower than the official 12.8 mln tonnes.
    The sunflowerseed harvest has covered 23 to 26 pct of the
area sown and continues in parts of central Buenos Aires
although at a standstill elsewhere due to rain and floods.
    A resumption of full harvesting and assessment of damage is
impossible until rains stop and a spell of a week to 10 days of
sunshine dries the fields.
    The area sown this season was 2.0 to 2.2 mln hectares, down
29.9 to 36.3 pct on last year's record 3.14 mln hectares.
    Sunflowerseed 1986/87 production is still forecast at 2.3
to 2.6 mln tonnes, 34.1 to 41.5 pct below the 1985/86 record of
4.1 mln tonnes.
    The grain sorghum harvest was the least affected by the
rains, advancing steadily in Santa Fe and Cordoba and starting
in La Pampa to cover 14 to 16 pct of the total area sown.
    The area sown was 1.23 to 1.30 mln hectares, 10.3 to 15.2
pct less than the 1.45 mln hectares the previous season.
    Yield estimates remained at 3.2 to 3.5 mln tonnes, 16.7 to
22 pct down on 1985/86 production of 4.1 to 4.2 mln tonnes.
 Reuter
3;
bodyend
documentend
documentstart
9524
topicstart
topicend
bodystart
2;

TREASURY'S BAKER SAYS NEW MONEY NOT PANACEA


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
that massive new lending to the debtor nations could actually
increase their difficulties in the period ahead without
protections.
    In testimony before a Senate committee, Baker said that
"throwing money at the debtor nations won't solve their
problems."
    He said it might seem like an easy solution to the debt
problems and might appear a simple way to boost U.S. exports
and growth in the debtor nations.
    Baker told the committee that such an approach could "worsen
their difficulties unless the new financing can be productively
absorbed and is consistent with their ability to grow and
service debt."
    He said that the debt initiative that bears his name is a
long-term approach and that further progress "will be gradual
and will vary among nations, depending upon their own
determination to implement growth-oriented reforms and the
continued active support of the international community."
 Reuter
3;
bodyend
documentend
documentstart
9525
topicstart
earn
topicend
bodystart
2;

VERTEX INDUSTRIES INC 
<
VETX> 2ND QTR JAN 31 NET


    CLIFTON, N.J., March 25 -
    
Oper shr loss three cts vs loss four cts
    Oper loss 40,870 vs loss 39,827
    Revs 584,855 vs 727,432
    Six mths
    Oper shr loss two cts vs loss two cts
    Oper loss 24,311 vs loss 26,947
    Revs 1,246,992 vs 1,497,251
    NOTE: Current periods exclude net gain of 150,865 dlrs from
termination of retirement plan for salaried employees. Also
excludes gain of 83,100 dlrs from in current qtr and gain
90,400 dlrs in six mths from benefit of tax loss carryforwards.
    Company went public in September 1986.
 Reuter
3;
bodyend
documentend
documentstart
9526
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL> SAYS DIXONS APPOINTEES RESIGN


    PITTSBURGH, Pa., March 25 - 
Cyclops Corp said the three
members of its board appointed last week by 
<
Dixons Group PLC>
had resigned and that it named three Cyclops executives to
replace them.
    Cyclops said the moves followed the announcement earlier
today by Dixons that it received only 20 pct of Cyclops
outstanding common stock under an extended tender offer that
expired yesterday.
    Dixons initially ended its 90.25 dlr a share tender offer
on March 17 after receiving 54 pct of Cyclops shares.
    However, the Securities and Exchange Commission last Friday
pressed Dixons to reopen the offer because the U.K.-based
company had dropped a condition that at least 80 pct of Cyclops
stock be tendered by the close of the offer.
    Dixons then extended the offer until yesterday and earlier
today indicated that a substantial number of tendered Cyclops
shares had been withdrawn, leaving it with only 852,000 shares,
or just over 20 pct of the roughly 4.26 mln Cyclops shares
outstanding.
    Dixons said today that it purchased the tendered shares,
which, when combined with the shares it already holds, gives it
a 21.7 pct stake in Cyclops.
    Cyclops said its reconstituted board includes the three
newly named directors and five outside directors, all of whom
were on the board prior to Dixons tender offer.
    The three Cyclops directors were replaced by Dixons
appointees on March 17 under an agreement reached between the
two companies.
 Reuter
3;
bodyend
documentend
documentstart
9527
topicstart
crude
topicend
bodystart
2;

ECUADOR NEGOTIATES WITH NIGERIA FOR LENDING OIL


    QUITO, March 25 - 
Earthquake-stricken Ecuador is
negotiating with Nigeria to have the African country lend it
10,000 barrels per day (bpd) of crude for export, Deputy Energy
Minister Fernando Santos Alvite told Reuters.
    He said Ecuador was negotiating a shipments schedule and
the terms of repaying the loan. Ecuador has suspended crude
exports for about five months until it repairs a pipeline
ruputured by a March five tremor.
    Santos Alvite added Ecuador is finalizing details for a
program under which Venezuela would temporarily lend the
country 50,000 bpd for export.
 Reuter
3;
bodyend
documentend
documentstart
9529
topicstart
topicend
bodystart
2;
CORRECTION - LONDON - CITIBANK LAUNCHES WARRANTS
    In London item "Citibank Launches Currency Warrants" please
read second paragraph as follows
    "Each warrant, priced at 47.50 dlrs, gives the holder the
right to purchase a nominal sum of 500 dlrs against marks at
1.8250 marks to the dollar or at 149.50 yen to the dollar
between March 31, 1987 and March 31, 1989."
    (Corrects dollar/mark exchange rate to 1.8250 and makes
clear that dollar purchase is against marks or yen.)
 Reuter
3;


bodyend
documentend
documentstart
9530
topicstart
earn
topicend
bodystart
2;

NORTHERN STATES POWER CO 
<
NSP> VOTES QUARTERLY


    MINNEAPOLIS, MINN., March 25 -
    
Qtly div 47-1/2 cts vs 47-1/2 cts prior qtr
    Pay 20 April
    Record 6 April
 Reuter
3;
bodyend
documentend
documentstart
9531
topicstart
earn
topicend
bodystart
2;

SUMMIT TAX EXEMPT BOND FUND 
<
SUA> SETS PAYOUT


    NEW YORK, March 25 -
    
Qtrly div 40 cts vs 40 cts prior
    Pay  Aug  14, 1987
    Record April One, 1987
 Reuter
3;
bodyend
documentend
documentstart
9532
topicstart
trade
topicend
bodystart
2;

U.S. SENATE TRADE LEADER CONCERNED ABOUT CANADA


    WASHINGTON, March 25 - 
The chairman of the U.S. Senate
committee with jurisdiction over trade said he was concerned
about a resolution on bilateral trade negotiations adopted by
the Canadian House of Commons last week.
    The resolution supports negotiation of a bilateral trading
agreement with the United States while protecting Canadian
political sovereignty, social programs, agricultural marketing
systems, the auto industry and Canada's cultural identity.
    Senate Finance Committee chairman Lloyd Bentsen said the
resolution may jeopardize the viability of the proposed free
trade agreement between the two countries, which are each
other's largest trading partners.
    "We need a truly free trade agreement, which means both
countries have to work toward a deal that is mutually
beneficial and comprehensive, a large agreement," the Texas
Democrat said in a statement.
    "I do not question Canada's right to protect its political
sovereignty or cultural identity. However, if these phrases
mean the government of Canada means to take important economic
issues off the table in these negotiations, I am deeply
concerned," he added.
    Bentsen said Canada restricts trade 15 different ways while
the United States uses only six trade restriction methods. He
said if Canada proposes an agreement where both countries get
rid of six methods of trade restriction, it would not be fair
and might not win Senate approval.
    "I am deeply concerned that when the President visits Prime
Minister (Brian) Mulroney next month, he will be presented with
this kind of argument, and I hope he makes it clear -- as I did
when I was in Canada -- that only a mutually beneficial
agreement will be successful," Bentsen said.
    Reagan and Mulroney are scheduled to meet April 5-6 in
Ottawa.
    Bentsen urged Mulroney to withdraw a proposal that would
ban imports of independently produced films into Canada by
non-Canadians, which the senator called a protectionist
measure.
 Reuter
3;
bodyend
documentend
documentstart
9533
topicstart
topicend
bodystart
2;

TREASURY'S BAKER SAYS NEW MONEY NOT DEBT PANACEA


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
massive new lending to debtor nations could actually increase
their difficulties in the period ahead without protections.
    In testimony before the Senate Committee on Governmental
Affairs, Baker said, "throwing money at the debtor nations won't
solve their problems."
    Baker told the committee such an approach could "worsen
their difficulties unless the new financing can be productively
absorbed and is consistent with their ability to grow and
service debt."
    He said the debt initiative associated with his name is a
long-term approach and further progress "will be gradual and
will vary among nations, depending upon their own determination
to implement growth-oriented reforms and on the continued
active support of the international community."
 Reuter
3;
bodyend
documentend
documentstart
9534
topicstart
money-fx
topicend
bodystart
2;
******
BAKER SAYS U.S. WILLING TO COOPERATE TO STABILIZE EXCHANGE RATES

Blah blah blah.
3;


bodyend
documentend
documentstart
9535
topicstart
money-fx
topicend
bodystart
2;

BAKER SAYS U.S. WANTS TO STABILIZE EXCHANGE RATES


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
the United States and other nations were willing to cooperate
to stabilize foreign exchange rates at the levels that existed
at the time of an international agreement last month.
    "Our position with respect to the dollar goes back to the
Paris Agreement that the currencies were within ranges broadly
consistent with underlying economic conditions," Baker told a
Senate committee.
    Baker continued, "We said further that we and others are
willing to cooperate closely to foster stability in exchange
rates around those levels."
    He referred to a February agreement by six leading
industrial nations to cooperate on monetary matters.
    Baker refused to answer a question whether Japan and
Germany had done enough to stimulate their domestic economies
for the United States to support the dollar.
    "I will not comment because the foreign exchange market
reads more or less than is intended in my statements," Baker
said.
    Baker said that the other signatories recognized that they
must carry their share of the load of correcting external
imbalances that have hindered the world's economy.
    He cited news reports that Germany would increase a
proposed tax cut for 1988 by about five billion marks to
stimulate domestic growth.
    Japan also agreed to consider stimulative measures after
the Japanese budget was made final.
    Baker said those nations were stimulating their economies
in a manner consistent with gains against inflation.
 Reuter
3;
bodyend
documentend
documentstart
9537
topicstart
topicend
bodystart
2;

U.S. GOVERNMENT EXPANDS CRACKDOWN ON BAD DEBTS


    WASHINGTON, March 25 - 
The administration is expanding its
crackdown on bad debts, officials of the White House Office of
Management and Budget (OMB) told reporters.
    OMB Deputy Director Joseph Wright said the administration
this year plans to turn over to private credit rating firms
data on about 3.5 mln "deadbeats" who are seriously behind or in
default in their payments on federal loans.
    Next year, the government will turn over to private
collection bureaus four billion dlrs in bad education loans and
three billion dlrs in other bad government loans, Wright said.
    The government is also considering letting individuals make
payments on their student loans with credit cards, officials
told reporters.
    The Internal Revenue Service is already studying the use of
credit cards to pay income taxes, but this usage would require
a change in federal law while no congressional action would be
needed for credit cards to be used for student loans, the
officials said.
    The officials disclosed these plans in releasing the third
annual OMB report to Congress on management of the U.S.
government.
    The report details steps to be taken by the administration
to increase federal efficiency and to continue President
Reagan's highly publicized "war on waste, fraud and abuse."
    According to the report, elinquent U.S. debt had soared to
68.3 billion dlrs, or 18.8 pct of total receivables, by the end
of the fiscal year that ended last Sept. 30. At the end of
fiscal 1981, when Reagan took office, bad debt stood at 29.8
billion dlrs or 12.3 pct of total debt.
    But OMB officials said other Reagan administration efforts
had already saved taxpayers 84 billion dlrs and would save
another 25 billion dlrs or so by the time Reagan left office.
 Reuter
3;
bodyend
documentend
documentstart
9538
topicstart
acq
topicend
bodystart
2;

FIRST FEDERAL DELAWARE AGREEMENT EXTENDED


    WILMINGTON, Del., March 25 - 
<
First Federal Savings Bank>
of Delaware said its agreement to negotiate exclusively for its
sale with 
<
Oxford Financial Group> has been extended until
April 8 from March 18.
    The company said it is in the final stages of talks with
Oxford over the terms of the proposed acquisition.  Under a
nonbinding letter of intent signed in June 1986, Oxford would
pay 11 dlrs per First Federal share, subject to First Federal
shareholder approval.
 Reuter
3;
bodyend
documentend
documentstart
9539
topicstart
acq
topicend
bodystart
2;

EDELMAN GROUP IN PLAN TO BUY MORSE SHOE 
<
MRS>


    WASHINGTON, March 25 - 
A group led by New York investor
Asher Edelman said Morse Shoe Inc agreed to provide it
confidential company information and that his group would make
an offer to buy Morse only in a friendly, negotiated deal.
    The group also said in a filing with the Securities and
Exchange Commission that its members would not, without Morse
approval, buy or offer to buy any company securities giving the
group a 10 pct or more stake in the company.
    Edelman and his group said his terms held until the earlier
of 90 days from March 3 or the date on which Morse announces a
definite agreement for its sale.
    At the same time, the Edelman group said it cut its stake
in Morse to 8.4 pct from 9.7 pct.
 Reuter
3;
bodyend
documentend
documentstart
9540
topicstart
topicend
bodystart
2;

PHILIP MORRIS' 
<
MO> OSCAR MAYER SETS REDEMPTION


    MADISON, WIS., March 25 - 
Oscar Mayer and Co Inc, a unit of
Philip Morris Cos Inc, said it will redeem all of its
outstanding 7.85 pct debentures due January 15, 1996 on April
30, 1987, at 1,014.50 dlrs plus accrued interest for each 1,000
dlrs prinicpal amount.
    A notice of redemption will be mailed to noteholders March
27, it said.
 Reuter
3;
bodyend
documentend
documentstart
9543
topicstart
earn
topicend
bodystart
2;

JOHN LABATT SEES GOOD FOURTH QUARTER, YEAR


    MONTREAL, March 25 - 
<
John Labatt Ltd> anticipates a good
fourth quarter and a new peak in sales and earnings for the
fiscal year ending April 30, president Peter Widdrington told
financial analysts.
    He would not make any specific forecast, but said he was
optimistic for further growth in fiscal 1988 in the company's
brewing and food products operations.
    Labatt's earnings rose to 92.8 mln dlrs in the nine months
ended January 31 from year-earlier 78 mln dlrs. Revenue for the
nine months rose to 3.20 billion dlrs from 2.70 billion dlrs.
    Widdrington said Labatt's three-year business plan, now
being updated, targets total sales of about six billion dlrs,
including 2.50 billion dlrs in the U.S.
    Labatt, Canada's leading brewer, has expanded in the U.S.
food products industry by acquisitions.
    Widdrington said Labatt's strategy for U.S. expansion
stemmed partly from its strong market position in the Canadian
food and beverage industry. The U.S. share of revenues for this
year will be about 35 pct, rising to 40 pct in fiscal 1988, he
said.
 Reuter
3;
bodyend
documentend
documentstart
9544
topicstart
acq
topicend
bodystart
2;

HUSKY 
<
HYO> SETS MEETING TO APPROVE MERGER


    CALGARY, Alberta, March 25 - 
Husky Oil Ltd said the board
called a special meeting for April 22 for shareholders to vote
on its previously announced agreement for Hong Kong-based
Hutchison Whampoa Ltd and Hongkong Electric Holdings Ltd to
acquire a 43 pct interest in the company.
    The acquisition requires two-thirds approval by Husky
shareholders other than 
<
Nova, An Alberta Corp>, which owns a
57 pct interest in Husky.
    If approved by shareholders, the amalgamation will take
effect April 30, Husky said.
    Following completion, Oil Term Holdings Ltd, a new company
controlled by Nova, will hold a 43 pct stake in Husky.
Hutchison and Hongkong will indirectly hold 43 pct, Victor T.K.
Li will own nine pct and 
<
Canadian Imperial Bank of Commerce>
will have a five pct interest.
    Husky said a special committee of five outside directors
recommended the board approve the transaction after determining
that the deal was in the best interests of Husky and fair to
shareholders.
    Husky previously announced shareholders will have the
option to receive 11.80 Canadian dlrs cash for each common, or
6.726 dlrs cash and one common share of Oil Term Investment
Ltd, which will be controlled by Nova through Oil Term Holdings
and own an insterest in Husky.
    U.S. shareholders will be restricted to the right to
receive 11.80 Canadian dlrs cash per share, which will be paid
in U.S. funds, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9545
topicstart
topicend
bodystart
2;

BALTIMORE GAS AND ELECTRIC 
<
BGE> FILES DEBT


    NEW YORK, March 25 - 
Baltimore Gas and Electric Co said it
filed a registration with the Securities and Exchange
Commission to sell 100 mln dlrs of unsecured debt.
    The debt filing was registered under the SEC's shelf
procedure which gives the utility up to two years to sell its
debt.
    Once the registration becomes effective Baltimore Gas and
Electric will be able to issue debt on short notice as market
or corporate conditions warrant.
   
 Reuter
3;
bodyend
documentend
documentstart
9547
topicstart
earn
topicend
bodystart
2;

WASHINGTON GAS LIGHT CO 
<
WGL> HIKES PAYOUT


    WASHINGTON, March 25 -
    
Qtly div 45 cts vs 44 cts prior
    Pay May one
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9549
topicstart
earn
topicend
bodystart
2;

FERC DECISION COULD CUT COLUMBIA GAS 
<
CG> NET


    WILMINGTON, Del., March 23 - 
Columbia Gas System Inc said a
Federal Energy Regulatory Commission decision today on natural
gas cost recovery could reduce its 1987 earnings by about 1.25
dlrs a share.
    The company said "this could bring earnings for 1987 below
Columbia's stated goal of earning no less than its 3.18 dlrs
per share dividend." It earned 2.12 dlrs a share in 1986.
    It said management expects to recommend to the board that
the dividend rate be maintained in 1987.
    Columbia Gas said the impact of the FERC decision may be
offset by a one-time accounting change rleated to future tax
liabilities under the new federal tax laws.
    The company recorded these liabilities based on older,
higher tax rates, but an action being considered by the
Financial Accounting Standards Board could result in a gain of
about 1.20 dlrs a share in 1987, it explained.
    "Thus there is a good chance that we will attain our 1987
earnings goal -- although not in the way originally planned,"
Columbia Gas said.
    Columbia Gas said the FERC decision would limit the
recovery of certain gas contract costs by Columbia Gas
Transmission Corp, the company's principal pipeline subsidiary.
    It said the decision specifically excluded from a purchased
gas adjustment filing by the pipeline costs related to
amortizing payments made to producers to reform gas purchase
contracts. These were excluded on the grounds the subsidiary
failed to sufficiently support cost recovery.
    The company said its subsidiary is not precluded from
making a new filing to provide sufficient support.
 Reuter
3;
bodyend
documentend
documentstart
9550
topicstart
veg-oil
topicend
bodystart
2;

U.S. OFFERS MORE CREDITS FOR VEG OIL TO N. YEMEN


    WASHINGTON, March 25 - 
The U.S. Commodity Credit
Corporation (CCC) has authorized an additional 10.0 mln dlrs in
credit guarantees to cover sales of U.S. vegetable oils to
North Yemen, the U.S. Agriculture Department said.
    The department also said at the request of the North Yemen
Government five mln dlrs in credit guarantees previously
earmarked for sales of wheat have been switched to cover sales
of mixed poultry feed.
    The actions increase the value of credit guarantees for
vegetable oil for the current fiscal year to 38 mln dlrs,
reduce the guarantee coverage for sales of wheat to eight mln
dlrs and increase the coverage for sales of mixed poultry feed
to 10 mln dlrs.
    All exports must be completed by September 30, 1987.
 Reuter
3;
bodyend
documentend
documentstart
9551
topicstart
earn
topicend
bodystart
2;

PUERTO RICAN CEMENT CO 
<
PRN> SETS PAYOUT


    NEW YORK, March 25 -
    
Qtly div five cts vs five cts prior
    Pay May 13
    Record April 14
    NOTE: Company said up to 20 pct of dividend payment may be
withheld in accordance with Puerto Rico tax law.
 Reuter
3;
bodyend
documentend
documentstart
9554
topicstart
iron-steel
topicend
bodystart
2;

CANADA MAY MONITOR STEEL SHIPMENTS


    OTTAWA, March 26 - 
Canada may begin monitoring steel
flowing in and out of the country to determine if any steel is
being illegally "trans-shipped" to the U.S., senior government
trade officials said.
    The officials, asking not to be identified, said the
government will investigate an industry contention that steel 
imported from countries such as South Korea and Taiwan is being
diverted to the U.S. and ultimately exasperating concerns about
the level of Canadian exports south of the border.
    But the senior officials, asking not to be indentified,
said that despite intense pressure from the Reagan
Administration, Ottawa was not considering any kind of formal
limits on Canadian shipments to the U.S.
    "In a sense what I hope we are doing is buying some time,"
said one official who claimed Canadian companies were "fair
traders" in the big American market.
    If approved by the Canadian cabinet, the officials said a 
monitoring system will be established in the next three or four
months.
    "I guess if we find trans-shipment is a problem, we would
have to do something about it," said a trade official.
    Canadian steel shipments to the U.S. have risen to 5.7 pct
of the U.S. market in recent months, almost double the level
just two years ago.
    The increase in Canadian shipments comes at a time of
growing anger in the U.S. over rising steel imports from
several countries in the face of a decline among domestic steel
producers.
    Some U.S. lawmakers have proposed Canada's share of the
American market be limited to 2.4 per cent.
    The Ontario Government has urged Ottawa to require foreign
companies to obtain permits to import steel into the country.
Currently, import licences are required only for carbon or raw
steel, which makes up less than half the steel market.
    Canada exported two billion Canadian dlrs worth of steel in
1986, while importing 944-mln dlrs worth of the product in the
same year.
 Reuter
3;
bodyend
documentend
documentstart
9555
topicstart
topicend
bodystart
2;

MEXICO SIGNS 100 MLN DLR IADB TOURISM LOAN


    MIAMI, March 25 - 
Mexican officials, led by Finance
Minister Gustavo Petricioli, signed a 100 mln dlr loan with the
Inter-American Development Bank to help finance the promotion
of foreign tourism.
    The loan is for 15 years with 4-1/2 years grace at a
variable interest rate.
    The IADB has approved previous loans totaling 207.5 mln
dlrs to help finance investments of some 580 mln dlrs in
Mexico's tourism sector.
    The total cost of the program announced today is about 334
mln dlrs, of which the IADB loan will cover 29.9 pct.
 Reuter
3;
bodyend
documentend
documentstart
9556
topicstart
earn
topicend
bodystart
2;

WESCO FINANCIAL CORP 
<
WSC> 4TH QTR NET


    PASADENA, Calif., March 25 -
    
Shr 79 cts vs 5.05 dlrs
    Net 5,628,000 vs 35,936,000
    Revs 41.8 mln vs 39.4 mln
    Year
    Shr 2.32 dlrs vs 7.24 dlrs
    Net 16,524,000 vs 51,541,000
    Revs 160.2 mln vs 114.9 mln
    Note:  Current qtr figures include securities gain of 2.1
mln dlrs, or 29 cts per share, vs gain of 34.3 mln dlrs, or
4.81 dlrs per share.
    Current year figures include security gain of 4.6 mln dlrs,
or 64 cts per share, vs gain of 41.5 mln dlrs, or 5.83 dlrs per
share.
 Reuter
3;
bodyend
documentend
documentstart
9557
topicstart
acq
topicend
bodystart
2;

HELM 
<
H> SELLS ADDITIONAL SHARES IN BAMBERGER


    NEW YORK, March 25 - 
Helm Resources Inc said that, pursuant
to the exercise of an overallotment option by underwriters in
Bamberger Polymers INc's initial public offering, it has sold
another 35,000 Bamberger shares and reduced its ownership in
Bamberger to 51 pct from 55 pct.
    To date, Helm has sold 435,000 Bamberger's for 3.5 mln
dlrs.
    Bamberger has sold a total of 600,000 shares and received
net proceeds of about 4.8 mln dlrs since the February 1987
offering.
 Reuter
3;
bodyend
documentend
documentstart
9558
topicstart
earn
topicend
bodystart
2;

AMPAL-AMERICAN ISRAEL CORP 
<
AIS.A> YEAR NET


    NEW YORK, March 25 -
    
Shr 27 cts vs 25 cts
    Net 6,416,000 vs 5,988,000
    Revs 112.2 mln vs 99.8 mln
    NOTE: 1985 includes extraordinary income of 647,000 dlrs or
three cts/shr. 1985 restated.
 Reuter
3;
bodyend
documentend
documentstart
9559
topicstart
cocoa
topicend
bodystart
2;

COCOA COUNCIL CHAIRMAN SEEKS BUFFER COMPROMISE


    LONDON, March 25 - 
International Cocoa Organization, ICCO,
Council chairman, Denis Bra Kanon, said he will attempt to
reach a compromise on buffer stock rules for the International
Cocoa Agreement.
    Bra Kanon called for bilateral consultations among
producers and consumers Thursday morning to resolve outstanding
differences on how much non-member cocoa the buffer stock can
purchase and differentials to be fixed for different origin
cocoa, consumer delegates told reporters.
    Bra Kanon is expected to meet with about eight delegations
individually in attempt to iron out remaining problems.
    Producers and consumers indicated support "in principle" for
the draft buffer stock rules package formulated over the past
week by a small working group, consumer delegates said.
    Despite remaining differences delegates remained confident
a buffer stock accord would be agreed to by Friday when the
council session ends, but certain technical points need further
clarification, the delegates said.
    Certain consumers are concerned that differentials included
in the draft buffer stock package are out of line with market
realities, consumer delegates said.
    Unless these are modified there are fears it would promote
purchases of quality cocoas, such as Ghana origin, which are
normally required by manufacturers, they said.
    Restrictions on buffer stock purchases of non-member cocoa
might lead to a supply overhang in Malaysian cocoa, which would
depress prices, they added.
 Reuter
3;
bodyend
documentend
documentstart
9560
topicstart
earn
topicend
bodystart
2;

SNC GROUP EXPECTS HIGHER 1987 EARNINGS, SALES


    MONTREAL, March 25 - 
<
SNC Group Inc> expects 1987 earnings
to rise to 1.20-1.40 dlrs a share from 91 cts a share last
year, with revenues climbing to about 430 mln dlrs from last
year's 350 mln dlrs, president Alex Taylor said before the
annual meeting.
    SNC, Canada's second biggest engineering and construction
group, became the country's largest ammunition manufacturer
last year with its 90 mln dlr acquisition of Canadian Arsenals
Ltd from the Canadian government.
    The impact of that and several smaller deals will be felt
fully in 1987, Taylor said.
    Defense preoducts and other manufacturing operations will
account for more than half SNC's total 1987 revenues, helping
to counterbalance the more cyclical engineering and
construction acivities, Taylor said.
    Last year, SNC earned 8.7 mln dlrs, including a small
extraordinary gain.
    In 1987, a total manufacturing activities will generate
about 235 mln dlrs in revenues, and engineering and
construction about 200 mln dlrs, he said, adding that defense
products operations should be a major contributor to earnings.
 Reuter
3;
bodyend
documentend
documentstart
9561
topicstart
acq
topicend
bodystart
2;

MINE SAFETY 
<
MNES> SELLS SOUTH AFRICA UNIT


    PITTSBURGH, March 25 - 
Mine Safety Appliances Co said it
will sell through its German subsidiary, Auergesellschaft, its
controlling interest in MSA (Africa), (PTY) Ltd, of
Johannesburg, South Africa to Boart International, a wholly-
owned subsidiary of Anglo American Corp of South Africa Ltd

<
ANGL>.
    The company said the terms of the sale were not disclosed.
    The company will operate as Boart-MSA (PTY) Ltd, it said.
    L.N. Short Jr, president of the company, said it sold the
unit because of slumping profits due to South Africa's economic
decline.
 Reuter
3;
bodyend
documentend
documentstart
9562
topicstart
earn
topicend
bodystart
2;

MEDAR INC 
<
MDXR> 4TH QTR DEC 31 LOSS


    FARMINGTON HILLS, Mich., March 25 -
    
Shr loss 10 cts vs loss nine cts
    Net loss 558,800 vs loss 469,200
    Sales 5.5 mln vs two mln
    Nine mths ended Dec 31
    Shr profit two cts vs loss four cts
    Net profit 91,045 vs loss 207,000
    Sales 17.3 mln vs 8.4 mln
    Avg shrs 5,465,433 vs 5,037,819
    Year ended March 31
    Shr loss 28 cts vs profit 19 cts
    Net loss 1,356,321 vs profit 818,723
    Sales 10.9 mln vs 12.2 mln
    Avg shrs 4,862,499 vs 4,683,591
    Note: Medar changed end of fiscal year to December 31 to be
more in phase with business cycle of its major customers.
 Reuter
3;
bodyend
documentend
documentstart
9563
topicstart
earn
topicend
bodystart
2;

MEDAR 
<
MDXR> CHANGES FISCAL YEAR


    FARMINGTON HILLS, Mich., March 25 - 
Medar Inc said it
changed the end of its fiscal year to December 31 from March
31.
    The company, in reporting its annual results, said the
change was made to bring its financial reporting in phase with
the order cycle of its major customers.
    Medar earlier said it lost 558,800 dlrs in its final 1986
quarter, compared to a loss of 469,200 dlrs in the same 1985
quarter.
 Reuter
3;
bodyend
documentend
documentstart
9564
topicstart
topicend
bodystart
2;

EPSILON DATA 
<
EPSI> GETS NEW CREDIT AGREEMENT


    BURLINGTON, Mass., March 25 - 
Epsilon Data Management Inc
said it had executed a new revolving credit and term loan
agreement with the Shawmut Bank N.A.
    It said the total credit available under the newly-signed
agreement is six mln dlrs.
    It said the new agreement will, at its option, convert to a
four-year term loan in September 1988.
 Reuter
3;
bodyend
documentend
documentstart
9565
topicstart
acq
topicend
bodystart
2;
******
U.S. SECURITIES INDUSTRY ASSN BACKS RESTRAINTS ON TAKEOVERS, INSIDER TRADING

Blah blah blah.
3;


bodyend
documentend
documentstart
9566
topicstart
earn
topicend
bodystart
2;

CHEMFIX TECHNOLOGIES INC 
<
CFIX> 2ND QTR NET


    NEW ORLEANS, March 25 - 
Ended Feb 28
    Shr profit one ct vs loss four cts
    Net profit 53,040 vs loss 255,568
    Revs 2,252,246 vs 755,605
    Six mths
    Shr profit three cts vs loss eight cts
    Net profit 217,884 vs loss 517,538
    Revs 4,895,720 vs 1,569,662
 Reuter
3;
bodyend
documentend
documentstart
9569
topicstart
topicend
bodystart
2;

FEDERAL PAPER 
<
FBO> OFFERS PREFERENTIAL SHARES


    MONTVALE, N.J., March 25 - 
Federal Paper Board Co Inc said
its is offering 2,800,000 shares, or 140 mln dlrs, of its 2.875
cumulative convertible preferred stock at 50 dlrs per share.
    The company said it is applying to list the preferred stock
on the New York Stock Exchange.
    The First Boston Corp, Morgan Stanley and Co Inc and
PaineWebber Inc are underwriting the issues, the company said.
    The preferred stock has a liquidation preference of 50 dlrs
per share and is convertible at any time into common stock at
55 dlrs per share subject to adjustment.
    The preferred stock is redeemable starting at 52.875 dlrs
per share on March 15, 1987, and declining on each March 15 to
50 dlrs on and after March 15, 1997.
    The company said it intends to used the proceeds from the
sale to redeem its entire 125 mln dlrs of its outstanding 13
pct subordinated debentures due 2000, with the balance to be
added to the company's general funds.
 Reuter
3;
bodyend
documentend
documentstart
9570
topicstart
acq
topicend
bodystart
2;

ALLIS-CHALMERS 
<
AH> SELLS SWISS UNIT


    MILWAUKEE, Wisc., March 25 - 
Allis-Chalmers Corp said it
has sold its Elex Ag unit in Zurich, Switzerland, to private
investors for an undisclosed amount.
    The company said Elex produces electrostatic precipitators
used in air pollution control.
 Reuter
3;
bodyend
documentend
documentstart
9572
topicstart
earn
topicend
bodystart
2;

FLORIDA EMPLOYERS INSURANCE CO 
<
FLAE> YEAR 1986


    GEORGETOWN, Grand Cayman, British West Indies, March 25 -
    
Shr 29 cts vs nine cts
    Net 651,000 vs 214,000
    NOTE: 1986 net includes loss of 500,000 dlrs for
extraordinary item.
 Reuter
3;
bodyend
documentend
documentstart
9573
topicstart
jet
topicend
bodystart
2;

SHELL OIL GETS 104.3 MLN DLR CONTRACT


    WASHINGTON, March 25 - 
Shell Oil Co of Houston has been
awarded a 104.3 mln dlr contract for jet fuel, the Defense
Logistics Agency said.
 REUTER
3;
bodyend
documentend
documentstart
9574
topicstart
topicend
bodystart
2;
******
U.S. 4-YEAR NOTE AVERAGE YIELD 6.79 PCT, STOP 6.79 PCT, AWARDED AT HIGH YIELD 95 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
9575
topicstart
topicend
bodystart
2;
******
DETROIT EDISON FILES SHELF REGISTRATION FOR ONE BILLION DLRS IN BONDS

Blah blah blah.
3;


bodyend
documentend
documentstart
9576
topicstart
earn
topicend
bodystart
2;

NIKE INC 
<
NIKE> 3RD QTR FEB 28 NET


    BEAVERTON, Ore., March 25 -
    
Shr 12 cts vs 30 cts
    Net 4,255,000 vs 11.5 mln
    Revs 199.4 mln vs 258.7 mln
    Nine mths
    Shr 64 cts vs 1.19 dlrs
    Net 24.4 mln vs 45.5 mln
    Revs 639.7 mln vs 824.3 mln
 Reuter
3;
bodyend
documentend
documentstart
9577
topicstart
earn
topicend
bodystart
2;

ZENITH NATIONAL INSURANCE 
<
ZNAT> QTLY DIVIDEND


    ENCINO, Calif., March 25 -
    
Shr 20 cts vs 20 cts prior qtr
    Pay May 14
    Record April 30
    Note: Full name Zenith National Insurance Corp.
 Reuter
3;
bodyend
documentend
documentstart
9578
topicstart
earn
topicend
bodystart
2;

REDKIN LABORATORIES INC 
<
RDKN> QTLY DIVIDEND


    CANOGA PARK, Calif., March 25 -
    
Shr five cts vs five cts prior qtr
    Pay April 17
    Record April 3.
 Reuter
3;
bodyend
documentend
documentstart
9580
topicstart
earn
topicend
bodystart
2;

COOPERVISION INC 
<
EYE> QTLY DIVIDEND


    PALO ALTO, Calif., March 25 -
    
Shr 10 cts vs 10 cts prior qtr
    Pay April 17
    Record April 9.

 Reuter
3;
bodyend
documentend
documentstart
9582
topicstart
acq
topicend
bodystart
2;

U.S. SECURITIES GROUP BACKS INSIDER RESTRAINTS


    WASHINGTON, March 25 - 
The Securities Industry Association
backed a variety of restraints on insider trading and hostile
corporate takeovers and asked Congress to define insider
trading in law.
    The industry trade association called on U.S. securities
firms to take steps to protect sensitive corporate secrets to
guard against illegal trading by employees.
    The association also backed broad federal restrictions on a
variety of tactics used in hostile corporate takeovers.
    But it said investment banking firms should be allowed to
continue to engage in both arbitrage and merger and acquisition
activities so long as those functions were kept separate.
    The SIA, in a report adopted yesterday by its board of
directors, backed a higher enforcement budget for the federal
Securities and Exchange Commission and called on U.S. stock
exchanges to beef up their supervision of member brokerages.
    The report said securities firms "should be more rigorous in
restricting sensitive information on a need-to-know basis."
    It said firms should train their employees to understand
the need for confidentiality of market-sensitive information.
    It said legislation to define insider trading should avoid
expanding current law in a way that would impede the market.
    It said an insider trading definition should exempt a
securities firm from liability for law violations by its
employees unless the firm had participated in or was aware of
the wrongdoing.
    In the mergers and acquisitions area, the association
advocated a ban on greenmail payments or poison pill takeover
protection plans without prior shareholder approval.
    It said a group or individual buying up a company's stock
should be required to file a public disclosure statement before
acquiring more than five pct of the company's shares. Under
current law, disclosure may be made as late as ten days after
exceeding the five pct limit.
    The association said all purchases exceeding 20 pct of a
company's voting stock shouls be made only through a tender
offer open to all shareholders. Under current law there is no
limit on open market purchases.
    The group said the federal government should preempt state
regulation of defensive takeover tactics.
    The group said all tender offers should remain open for at
least 30 calendar days.
    The current requirement is expressed in business days.
    It said so-called "lockup" devices, in which securities are
issued to a friendly investor to seal a takeover deal or fend
off an unfriendly predator should be limited to 18.5 pct of the
target company's total common stock.
    Association president Edward O'Brien said the group acted
out of concern over the ad hoc restructuring of corporate
America on Wall Street and investor fears about insider trading
and fairness in the marketplace.
 Reuter
3;
bodyend
documentend
documentstart
9583
topicstart
crude
nat-gas
topicend
bodystart
2;

TEXACO 
<
TX> RESERVES DOWN DESPITE LOWER OUTPUT


    NEW YORK, March 25 - 
Texaco Inc's oil and gas reserves
declined in 1986 despite reduced production and upward
revisions in the company's previous reserve estimates, its
annual report said.
    The statement of the report's auditor was qualified -- as
was the previous one -- because of the unkonwn final impact of
the judgement won by Pennzoil Co 
<
PZL> against Texaco on
charges Texaco interfered with Pannzoil's contract to acquire
Getty Oil Co.
    The auditor's point out, as Texaco has in the past, the
company's loss of any of several pending court decisions in
this case could cause it "to face prospects such as having to
seek protection of its assets and business pursuant to the
bankruptcy and reorganization provisions of Chapter 11" of the
federal bankruptcy code.
    Commenting on a Texas Court of Appeals ruling which reduced
Pennzoil's judgement by two billion dlrs, to 9.1 billion dlrs,
Texaco said it will file a motion for a rehearing by the
appeals court no later than March 30.
    Texaco said the proven crude oil reserves of the company
and its consolidated subsidiaries totaled 2.54 billion barrels
at the end of 1986, down from 2.69 billion a year earlier.
    However, inclusion of Texaco's equity in the Eastern
Hemisphere reserves of a nonsubsidiary company limited the
decline to 2.91 billion barrels from 3.00 billion at the end of
1985.
    Worldwide production by the consolidated subsidiaries
declined to 341 mln barrels last year from 362 mln in 1985 and
upward revisions in previous reserve estimates rose to 143 mln
barrels from 117 mln, respectively.
    Texaco said the largest drop in reserves came in the United
States -- where the total dropped to 1.46 billion barrels from
1.55 billion.
    The company said U.S. liquids production averaged 660,000
barrels per day last year, down from 714,000 in 1985, with
about 44 pct of the decline -- some 24,000 barrels per day --
representing high-cost production shut-in or curtailed in
response to the decline in crude oil prices during 1986.
    Texaco said its natural gas reserves totaled 8.16 trillion
cubic feet at year end, down from 8.87 trillion cubic feet at
the end of 1985.
 Reuter
3;
bodyend
documentend
documentstart
9585
topicstart
livestock
hog
topicend
bodystart
2;

INT'L MINERALS PROJECT TO BOOST HOG LEAN WEIGHT


    NORTHBROOK, ILL., March 25 - 
International Minerals and
Chemical Corp said its board approved a 50 mln dlrs budget over
the next several years to build production facilities for a
newly developed product to be used to improve the lean weight
of hogs.
    The new product, porcine somatotropin (PST) is described as
a natural bio-synthetic protein that improves the lean weight
and rate of weight gain, as well as reduces the cost of feed
for market hogs, the company said.
    Specific details of the PST production project, including
sites for proposed facilities and engineering plans, were not
disclosed. International Minerals said it set a completion
target for the spring of 1989, by which time necessary Food and
Drug Administration approvals are expected to be obtained.
 Reuter
3;
bodyend
documentend
documentstart
9587
topicstart
earn
topicend
bodystart
2;

PULITZER PUBLISHING CO 
<
PLTZC> DECLARES QTLY DIV


    ST. LOUIS, March 25 -
    
Qtly div 10 cts vs 10 cts prior
    Pay May 1
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9588
topicstart
earn
topicend
bodystart
2;

FEDERAL CO 
<
FFF> SETS REGULAR PAYOUT


    MEMPHIS, Tenn., March 25 -
    
Qtly 29-1/2 cts vs 29-1/2 cts prior
    Payable June 1 
    Record May 1.
 Reuter
3;
bodyend
documentend
documentstart
9590
topicstart
earn
topicend
bodystart
2;

SOUTHWESTERN BELL 
<
SBC> SEES EARNINGS DILUTION


    ST. LOUIS, Mo., March 25 - 
Southwestern Bell Corp said that
its planned acquisitions of cellular telephone and paging
systems, including those of 
<
Metromedia Inc>, will result in
some initial earnings dilution and an increase in debt ratio.
    In a letter to shareholders in its 1986 annual report, the
regional Bell company did not indicate the degree of earnings
dilution it expects from the acquisitions, which total some
1.38 billion dlrs. However, the company said the rise in its
debt ratio will be temporary and will leave its debt level
within an acceptable range.
    In its 1986 yearend financial statement, Southwestern Bell
listed a debt-to-equity ratio of 43.4 pct, down slightly from
43.7 pct in 1985.
    In 1986, the company earned 1.02 billion dlrs, or 10.26
dlrs a share, compared with 996.2 mln dlrs, or 10 dlrs a share
in 1985. Revenues dipped to 7.90 billion dlrs from 7.93 billion
dlrs.
    Southwestern Bell said it expects the new tax law to have a
negative impact on its cash flow, due mainly to the loss of
investment tax credits.
    By mid-year, however, the company said a reduced corporate
tax rate should have a positive impact on its net income and
cash flow.
    In addition, the company said it is projecting a 1.7 pct
gain in customer telephone lines and a three to four pct
increase in long distance calling volumes.
    Southwestern Bell said 1987 capital expenditures will be
lower that the 1.97 billion dlrs spent in 1986, a year in which
expenditures were held below budget.
 Reuter
3;
bodyend
documentend
documentstart
9591
topicstart
topicend
bodystart
2;

BOLIVIAN DEBT BUYBACK PLAN SAID GAINING GROUND


    MIAMI, March 25 - 
Bolivia's proposal to repurchase at a
deep discount the 900 mln dlrs it owes to foreign commercial
banks is likely to be accepted, bolivian central bank governor
Javier Nogales Iturri said.
    Speaking to reporters at the annual meeting of the Inter-
American Development Bank, Nogales said Bolivia's bank advisory
committee, led by Bank of America, is seeking permission from
creditor banks worldwide to go ahead with the scheme.
    More than 50 pct of the banks must approve, and Nogales
said he is confident this threshold will be reached.
    "It's working out very well, and I think we'll get a clear
majority," Nogales said.
    A senior banker working on the deal also said that banks
are responding positively and said all the legal waivers
necessary could be obtained within two months.
    Bolivia halted all payments on its commercial bank debt in
March 1984. Hyperinfltion has been curbed and public spending
trimmed, but the country's debt still trades as low as 10 cts
on the dollar on the secondary market, and many banks have
written off most, if not all, of their loans to the country.
    Few bankers see little chance for a subtantive recovery in
Bolivia's economic fortunes and so are willing to collect what
they can on the loans.
    Nogales said Bolivia would offer to buy back the debt at a
market price. He said some banks might want to hold out for a
higher price, but others would see the repurchase offer as an
opportunity to cut their losses.
    Bolivia intends to pay for the repurchase with aid that
foreign goernments, especially the United States and West
Germany, are providing to help finance the eradication of coca
crops. Cocaine, although illegal, is Bolivia's largest export.
    The campaign to persuade farmers to grow legal crops
instead of coca would be financed instead using local currency,
Nogales said.
    Because the fiscal deficit has been reduced to some four
pct of gross domestic product, money supply could be increased
to pay for the drug-eradication drive without too much of n
impact on inflation, he added.
    Nogales said he does not expect Bolivia's debt repurchase
to become a model for other debtors in dire straits. "We're not
seeking a universal solution," he said."
 Reuter
3;
bodyend
documentend
documentstart
9592
topicstart
trade
iron-steel
topicend
bodystart
2;

BRAZIL WANTS TO INCREASE STEEL EXPORTS TO U.S.


    RIO DE JANEIRO, MARCH 25 - 
Brazil wants to increase its
steel exports to the United States, now limited because of
tough import restraints set in 1984 by the Reagan
administration, a spokeswoman for the Brazilian Steel Institute
(IBS) said.
    Brazilian and U.S. Trade officials held the first of a
three-day meeting today in Brasilia to discuss the issue.
    In 1984, after three months of painstaking negotiations,
the U.S. Government reached accords with seven steel-exporting
nations - Australia, Brazil, Japan, Mexico, Spain, South Africa
and South Korea - to reduce their shipments to the United
States by about 30 pct in 1985.
    The 1984 restraints established that for 1987 Brazil's
steel exports to the U.S. Could not exceed 632,000 tonnes,
increasing to 640,000 tonnes in 1988 and 670,000 tonnes in
1989, the last of the five-year deadline set by the agreements.
    Brazilian officials are trying to increase Brazil's export
share of non-flat products to the U.S. Market.
    The spokeswoman said there were reports of domestic supply
problems in the United States.
 Reuter
3;
bodyend
documentend
documentstart
9594
topicstart
topicend
bodystart
2;

DETROIT EDISON 
<
DTE> REGISTERS BONDS


    DETROIT, March 25 - 
Detroit Edison Co said it filed a shelf
registration for the proposed offering of one billion dlrs in
general and refunding mortgage bonds.
    The offering will be underwritten by Morgan Stanley and Co
Inc. Detroit Edison said the bonds will be offered to the
public this year and next, with the first bond sale scheduled
for early next month.
    Net proceeds from the sale will be used to refund
obligations under the company's Belle River Project financing
and to refund or replace funds utilized by the company for the
purpose of meeting debt and equity obligations.
 Reuter

3;
bodyend
documentend
documentstart
9595
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES DANA CORP'S 900 MLN DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
9597
topicstart
acq
topicend
bodystart
2;
*****
LEAR SIEGLER HOLDING CORP PLANS TO DIVEST AEROSPACE SUBSIDIARY

Blah blah blah.
3;


bodyend
documentend
documentstart
9598
topicstart
earn
topicend
bodystart
2;
******
VARITY CORP YEAR SHR LOSS 21 CTS VS LOSS 16 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9599
topicstart
earn
topicend
bodystart
2;

NORDSON 
<
NDSN> SETS 3-FOR-2 SPLIT


    WESTLAKE, Ohio, March 25 - 
Nordson Corp said its board
declared a 3-for-2 stock split to be paid as a 50 pct stock
dividend on April 30 to shareholders of record April 10.
    As a result, the number of shares outstanding will increase
to 10.2 mln from 6.8 mln, the maker of industrial equipment
said.
 Reuter
3;
bodyend
documentend
documentstart
9600
topicstart
trade
topicend
bodystart
2;
******
BALDRIGE SEES U.S. TRADE DEFICIT STARTING TO DECLINE IN FEB OR MARCH DATA

Blah blah blah.
3;


bodyend
documentend
documentstart
9601
topicstart
topicend
bodystart
2;

S/P MAY UPGRADE WAINOCO OIL 
<
WOL>


    NEW YORK, March 25 - 
Standard and Poor's Corp said it may
upgrade Wainoco Oil Corp's 25 mln dlrs of C-rated subordinated
debentures due 1998.
    S and P cited the company's proposed offering of two mln
units of common stock and warrants, which would raise 25 mln to
30 mln dlrs that would be used to retire bank debt.
    The offering would also result in a significant
strengthening of the company's capital structure, S and P
pointed out. However, the agency said it would also consider
depressed industry conditions and Wainoco's ability to operate
in that environment. Its implied senior debt rating is CCC.
 Reuter
3;
bodyend
documentend
documentstart
9603
topicstart
trade
topicend
bodystart
2;

BALDRIGE SEES U.S. TRADE GAP DROPPING SOON


    WASHINGTON, March 25 - 
Commerce Secretary Malcolm Baldrige
said the U.S. trade deficit should start to decline soon,
possibly in the figures for February or March.
    "We could see the trade deficit start down in February or
March," Baldrige said in an appearance before the Senate
Governmental Affairs Committee.
    He predicted the trade deficit, which was 170 billion dlrs
in 1986, would decline by 30 to 40 billion dlrs in 1987 and in
1988.
    Baldrige said he was making his prediction without having
seen the February trade figures, but he said that the volume of
imports has dropped beginning with the fourth quarter of 1986
and will continue to drop in this quarter.
    The eventual turnaround in the monthly trade figures will
reflect the impact of the decline in the dollar, Baldrige said.
    Ealier, Treasury Secretary James Baker told the committee
that the trade deficit had levelled off, but Baldrige said he
was more optimistic, adding, "I think we turned the corner in
February."
 Reuter
3;
bodyend
documentend
documentstart
9604
topicstart
ship
topicend
bodystart
2;

NORMAL WORK RESUMES AT NEW ZEALAND PORTS


    WELLINGTON, March 26 - 
Normal work has resumed at New
Zealand ports as negotiations between harbour board workers and
employers continue.
    Wellington Harbour Board Workers' Union secretary Ross
Wilson told reporters talks late yesterday ended with agreement
to take unresolved issues before an industrial conciliator.
    Wilson said the only remaining issue is the length of the
union award. The dispute originally was about wage rates and
the form of industry negotiations.
    Cook Strait ferry sailings resumed after Marlborough
Harbour Board workers returned to work this morning, ending
their industrial action a day early.
    The Waterside Workers' Federation, which struck for most of
last week and held more than one mln tonnes of shipping in
ports, meets on Monday and Tuesday in conciliation with the
Waterfront Employers' Association.
    Union Secretary Sam Jennings said: "We've got two days of
talks. If it's not all cleaned up by then ... I don't know what
will happen."
 Reuter
3;
bodyend
documentend
documentstart
9605
topicstart
earn
topicend
bodystart
2;

VARITY CORP 
<
VAT> 4TH QTR JAN 31 LOSS


    TORONTO, March 25 -
    
Shr loss 13 cts vs loss one ct
    Net loss 18,600,000 vs profit 3,300,000
    Revs 394.0 mln vs 351.0 mln
    YEAR
    Shr loss 21 cts vs loss 16 cts
    Net loss 23,300,000 vs profit 3,900,000
    Revs 1.36 billion vs 1.29 billion
    Note: Current yr loss includes reorganization charge of
15.2 mln dlrs vs yr-ago reorganization charge of 17.6 mln dlrs.
    Shr after preferred divs.
    U.S. dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9606
topicstart
earn
topicend
bodystart
2;

INDIANA FEDERAL 
<
IFSL> 4TH QTR NET


    VALPARAISO, Ind., March 25 -
    
Net 492,000 vs 677,000
    Year
    Net 2,650,000 vs 2,566,000
    NOTE: Company's full name is Indiana Federal Savings and
Loan Association. Per share information not available. Bank
went public on February 11, 1987.
 Reuter
3;
bodyend
documentend
documentstart
9607
topicstart
acq
topicend
bodystart
2;

LEAR-SIEGLER HOLDING TO DIVEST AEROSPACE UNIT


    NEW YORK, March 25 - 
Forstmann Little and Co said Lear
Siegler Holding Corp plans to divest its aerospace group
subsidiary, comprised of the Defense Electronics Group and the
Components Group.
    Divestitures had been expected since Lear-Siegler, a
diversified conglomerate, was acquired last December in a 2.1-
billion-dlr-leveraged buyout by the Wall Street firm of
Forstmann Little.
    Lear's aerospace group revenues for fiscal 1987 are
expected to be about 700 mln dlrs, said Forstmann.
    The Defense Electronics Group designs and manufactures
weapons, management systems, flight control systems, remotely
piloted vehicles and reference and navigation systems, mainly
for military markets.
    The Defense Group subsidiaries are Astronics Corp, which is
based in Santa Monica, Calif., and employs 1,076 people;
Instrument and Avionic Systems Corp, based in Grand Rapids,
Mich., and employs 3,479 people; International Corp, based in
Stamford, Conn., and employs 266 people; and Development
Sciences Corp, based in Ontario, Calif., and employs 237
people.
    The Components Group manufactures pumps, bearings, and
other industrial components as well as nuclear control drive
rod mechanisms and valves.
    The Group's subsidiaries include Power Equipment Corp,
based in Cleveland, which employs 880 people; Energy Products
Corp, based in Santa Ana, Calif., which employs 755 people; 
Romek Corp, based in Elyria, Ohio, which employs 262 people;
and Transport Dynamics in Santa Ana, which employs 254 people.
    Overall, Lear's Aerospace Group's eight subsidiaries
employs 7,200 people.
    Lear Siegler said it plans to retain Management Services
Corp, engaged in aircraft maintenance modification for various
Department of Defense agencies.
    Morgan Stanley and Co will act as financial advsiors for
the group's divestitures.
    Last month, Lear Siegler said it planned to sell its Smith
and Wesson handgun business, Starcraft Recreational Products
Ltd, the Peerless truck trailer operations, and other units, as
part of its restructuring plans.
    Lear apparently will retain its Piper Aircraft unit.
     Reuter
3;
bodyend
documentend
documentstart
9608
topicstart
acq
topicend
bodystart
2;

RUBBERMAID 
<
RBD> COMPLETES ACQUISITIONS


    WOOSTER, Ohio, March 25 - 
Rubbermaid Inc said it completed
the previously announced acquisitions of Viking Brush Ltd, a
Canadian maker of brushes, brooms and other cleaning aids, and
the Little Tikes' manufacturing licensee in Ireland.
    Terms were not disclosed.
    The acquisition of the Tikes' licensee is part of the
expansion of Little Tikes in the European toy market.
 Reuter
3;
bodyend
documentend
documentstart
9610
topicstart
earn
topicend
bodystart
2;

CRYSTAL OIL CO 
<
COR> 4TH QTR LOSS


    NEW YORK, March 25 - 
    
Oper shr loss 16 cts vs loss 44 cts
    Oper net loss 8,926,000 vs loss 14.4 mln
    Revs 9,920,000 vs 21.2 mln
    Year
    Oper shr loss 4.30 dlrs vs loss 2.24 dlrs
    Oper net loss 221.8 mln vs loss 53.7 mln
    Revs 51.4 mln vs 94.4 mln
    Note: Oper net excludes losses from discontinued operations
of 228,000 dlrs vs 4,253,000 dlrs for qtr and 10.4 mln dlrs vs
14.2 mln dlrs for year.
 Reuter
3;
bodyend
documentend
documentstart
9611
topicstart
earn
topicend
bodystart
2;

CHEMFIX TECHNOLOGIES 
<
CFIX> 2ND QTR FEB 28 NET


    NEW ORLEANS, March 25 -
    
Shr profit one ct vs loss four cts
    Net profit 53,040 vs loss 255,568
    Rev 2,252,246 vs 755,605
    Six months
    Shr profit three cts vs loss eight cts
    Net profit 217,884 vs loss 517,538
    Rev 4.9 mln vs 1.6 mln
    NOTE: Company's full name is Chemfix Technologies Inc.
 Reuter
3;
bodyend
documentend
documentstart
9612
topicstart
earn
topicend
bodystart
2;

FEDERAL-MOGUL CORP 
<
FMO> SETS REGULAR DIVIDEND


    SOUTHFIELD, Mich., March 25 - 
    
Qtly div 40 cts vs 40 cts prior
    Pay June 10
    Record May 27
 Reuter
3;
bodyend
documentend
documentstart
9613
topicstart
earn
topicend
bodystart
2;

IOWA RESOURCES INC 
<
IOR> DECLARES QTLY DIVIDEND


    DES MOINES, March 25 -
    
Qtly div 41 cts vs 41 cts prior
    Pay May 1
    Record April 8
 Reuter
3;
bodyend
documentend
documentstart
9614
topicstart
crude
gas
topicend
bodystart
2;
******
EIA SAYS DISTILLATE STOCKS OFF 3.2 MLN BBLS, GASOLINE UP 2.2 MLN, CRUDE UP 7.5 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
9615
topicstart
housing
topicend
bodystart
2;

U.S. HOME RESALES UP IN FEBRUARY, REALTORS SAY


    WASHINGTON, March 25 - 
The National Association of Realtors
said sales of previously owned homes rose six pct during
February from January levels to a seasonally adjusted annual
rate of 3.69 mln units.
    The realtors' group said the sales rise was apparent across
the country and reflected lower mortgage interest rates as well
as more housing demand.
    Actual resales of homes during February totaled 241,000, up
11.6 pct from the January total of 216,000, the association
said.
 Reuter
3;
bodyend
documentend
documentstart
9616
topicstart
topicend
bodystart
2;

EL PASO ELECTRIC 
<
ELPA> TO BUY BACK BONDS


    NEW YORK, March 25 - 
El Paso Electric Co said it plans to
redeem its 40 mln dlrs of 16.35 pct first mortgage bonds of
1991 and 60 mln dlrs of 16.20 pct first mortgage bonds of 2012.
    It will buy back at par plus accrued interest the 16.35 pct
issue in May and the 16.20 pct bonds after August one.
    El Paso Electric will use proceeds of about 684.4 mln dlrs
from sales and leasebacks, completed in 1986, of its entire
ownership interest in Palo Verde nuclear generating station
Unit 2 to redeem the double-digit debt.
 Reuter
3;
bodyend
documentend
documentstart
9617
topicstart
oilseed
soybean
topicend
bodystart
2;

LOWER U.S. SOYBEAN LOAN IDEA SHARPLY CRITICIZED


    WASHINGTON, March 25 - 
U.S. soybean lobbyists and
congressional aides criticized a proposal from a senior
Agriculture Department official that Congress allow the U.S.
soybean loan level to be officially lowered to 4.56 dlrs per
bushel next year.
    "I don't know who in Congress would propose that happening.
Politically it would be totally unacceptable," an aide to a
senior farm-state senator said.
    USDA undersecretary Daniel Amstutz said this week that
Congress should give USDA authority to keep the soybean loan 
at its current effective rate of 4.56 dlrs per bushel rather
than increasing it to its minimum allowed level of 4.77 dlrs.
    "I'm convinced that Congress will not go along with this,"
American Soybean Association President Dave Haggard said.
    Amstutz told reporters following a senate hearing that if
the soybean loan rate were 4.56 dlrs, USDA could then consider
ways to make U.S. soybeans more competitive.
    His comments were seen as possibly indicating what the  the
administration's position is in the debate over what should be
done to make soybeans competitive and at the same time protect
soybean farmers' income.
    Using soybean specific certificates to further buydown the
loan rate or implementation of a marketing loan have been
pointed to as the most effective ways to get soybean prices
competitive. USDA secretary Richard Lyng, however, continues to
maintain his opposition to a marketing loan, saying such a move
would be too costly.
    "There will be alot of other options that will be
considered before Congress looks at that one (the Amstutz
proposal," said Bill O'Conner, aide to Rep. Edward Madigan
(R-Ill), ranking minority leader of the Agriculture Committee.
    "Anybody representing large groups of soybean producers
would not be very excited about supporting a lower soybean
loan," O'Conner said.
    Congress may very likely look at the soybean loan and
decide that they cannot increase it from its current 5.02 dlr
basic rate, but that there has to be something mandated to
increase soybean's competitiveness, David Graves, aide to Sen.
Thad Cochran (R-Miss) said. Cochran, a staunch supporter of a
soybean marketing loan, would support a soybean loan of 5.02 or
4.77 dlrs with a certificate buydown, Graves said.
 Reuter
3;
bodyend
documentend
documentstart
9618
topicstart
earn
topicend
bodystart
2;

FIDUCIARY TRUST CO IN FIVE-FOR-ONE STOCK SPLIT


    NEW YORK, March 25 - 
<
Fiduciary Trust Co International>
said its shareholders at the annual meeting approved a
five-for-one stock split effective May 15, 1987, to holders of
record on April 15, 1987.
    The company said the split would increase the number of
authorized common shares from 440,000 to 2,200,000 shares
issued. In addition, the company said it authorized another
800,000 shares, but would not issue them at this time.
    The company also changed the stock's par value from 10 dlrs
a share to 2.50 dlrs a share.
    It explained it transferred 1,100,000 dlrs from its
undivided profits account to its capital account in order to
raise the new par value from two dlrs, under the five-for-one
split, to 2.50 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9619
topicstart
acq
topicend
bodystart
2;

MODULAIRE 
<
MODX> BUYS BOISE HOMES PROPERTY


    SAN FRANCISCO, March 25 - 
Modulaire Industries said it
acquired the design library and manufacturing rights of
privately-owned Boise Homes for an undisclosed amount of cash.
    Boise Homes sold commercial and residential prefabricated
structures, Modulaire said.
 Reuter
3;
bodyend
documentend
documentstart
9623
topicstart
topicend
bodystart
2;

DANA CORP 
<
DCN> DEBT LOWERED BY S/P


    NEW YORK, March 25 - 
Standard and Poor's Corp said it
downgraded Dana Corp's 900 mln dlrs of debt securities.
    Cut were Dana's senior debentures, industrial revenue bonds
and medium-term notes to A-minus from A, and commercial paper
of Dana and its unit Dana Credit Corp to A-2 from A-1.
    S and P said Dana's management plans an aggressive stock
repuchase which would result in a significantly more leveraged
capital structure. The combination of higher debt levels and
ongoing stock repurchases, about 12 mln shares in the past two
years financed mainly with debt, bring debt leverage to 48 pct
as of December 31, 1986 from 30 pct the year earlier.
 Reuter
3;
bodyend
documentend
documentstart
9624
topicstart
topicend
bodystart
2;

MINNESOTA POWER 
<
MPL> SELLS SEVEN-YEAR BONDS


    NEW YORK, March 25 - 
Minnesota Power and Light Co is
raising 55 mln dlrs through an offering of first and refunding
mortgage bonds due 1994 with a 7-3/4 pct coupon and par
pricing, said sole manager PaineWebber Inc.
    That is 68 basis points more than the yield of comparable
Treasury securities.
    Non-callable for five years, the issue is rated A-2 by
Moody's Investors Service Inc and A-plus by Standard and Poor's
Corp.
 Reuter
3;
bodyend
documentend
documentstart
9625
topicstart
earn
topicend
bodystart
2;

LA QUINTA MOTOR INNS INC
<
LQM>3RD QTR FEB 28 NET


    SAN ANTONIO, Texas, March 25 - 
    
Shr profit 25 cts vs loss nine cts
    Net profit 3,433,000 vs loss 1,310,000
    Revs 37.1 mln vs 39.0 mln
    Nine mths
    Shr profit 28 cts vs profit 27 cts
    Net profit 3,883,000 vs profit 3,908,000
    Revs 133.2 mln vs 132.0 mln
    Avg shrs 13.8 mln vs 14.2 mln
    Note: Current net includes gain on sale of 31 inns of
7,719,000 dlrs for qtr and 7,975,000 dlrs for nine mths.
 Reuter
3;
bodyend
documentend
documentstart
9626
topicstart
acq
topicend
bodystart
2;
******
KANSAS CITY SOUTHERN INDUSTRIES SAYS IT EAGER TO PURCHASE SOUTHERN PACIFIC RAILROAD

Blah blah blah.
3;


bodyend
documentend
documentstart
9627
topicstart
topicend
bodystart
2;

FNMA ANNOUNCES 10 AND 20-YEAR MORTGAGE PRODUCTS


    WASHINGTON, March 25 - 
The Federal National Mortgage
Association said it will begin purchasing 10 and 20-year fixed
rate mortgages in addition to 15 and 30 year mortgages.
    It said the new intermediate term mortgage purchase
programs are designed to offer home buyers more home financing
flexibility.
    Edward J. Pinto, FNMA's Senior Vice President, said
intermediate term mortgages offer "lower interest rates,
substantial interest savings, lower inflation rates and, in
many cases, faster equity build-up" than longer-term mortgages.
 Reuter
3;
bodyend
documentend
documentstart
9628
topicstart
trade
topicend
bodystart
2;

U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN


    WASHINGTON, March 25 - 
The Semiconductor Industry
Association urged the U.S. government to impose trade sanctions
against Japan for violating the U.S.-Japan Semiconductor Trade
Agreement.
    In a letter to Treasury Secretary James Baker the group
said sanctions should be imposed against Japanese chipmakers as
of April 1 and should continue until the United States is
satisfied that there is full compliance with the agreement.
    The group said action by Japan to cut back on semiconductor
exports is not what is required.
    "America's interests require that agreements be honored and
that U.S. industries not bear the burden for the persistent
unwillingness or inability of the government of Japan to
deliver on its commitments," the trade group said.
    The White House Economic Policy Council is expected to
discuss possible sanctions against Japan at a meeting scheduled
for Thursday.
    The trade group said Japan has not lived up to the terms of
the agreement last year which was aimed at ending Japanese
dumping of semiconductors and at opening Japanese markets to
foreign-based manufacturers.
 Reuter
3;
bodyend
documentend
documentstart
9630
topicstart
topicend
bodystart
2;

BOLIVIAN DEBT BUYBACK PLAN GAINS GROUND


    MIAMI, March 25 - 
Bolivia's proposal to repurchase at a
deep discount the 900 mln dlrs it owes to foreign commercial
banks is likely to be accepted, central bank governor Javier
Nogales Iturri said.
    Speaking to reporters at the annual meeting of the
Inter-American Development Bank (IADB) here, Nogales said
Bolivia's bank advisory committee, led by Bank of America, is
seeking permission from creditor banks worldwide to go ahead
with the scheme. More than 50 pct of the banks must give their
approval, and Nogales said he is confident that this threshold
will be reached.
    "It's working out very well, and I think we'll get clear
majority," Nogales said.
    A senior banker working on the deal also said that banks
are responding positively and said all the legal waivers
necessary could be obtained within two months.
    Bolivia halted all payments on its commercial bank debt in
March 1984. Hyperinflation has been curbed and public spending
trimmed, but its debt is still trading as low as 10 cts on the
dollar on the secondary market and many banks have written off
most, if not all, of their loans to the country.
    Bankers see little chance for a substantive recovery in
Bolivia's economic fortunes and so are willing to collect what
they can on the loans.
    Nogales said Bolivia would offer to buy back the debt at a
market price. He said some banks might want to hold out for a
higher price, but others would see the repurchase offer as a
window of opportunity to cut their losses.
    Bolivia intends to pay for the repurchase with aid that
foreign governments, especially the United States and West
Germany, are providing to help finance the eradication of coca
crops. Cocaine, although illegal, is Bolivia's largest export.
    The campaign to persuade farmers to grow legal crops
instead of coca would be financed instead using local currency,
Nogales said.
    Because the fiscal deficit has been reduced to some four
pct of gross domestic product, money supply could be increased
to pay for the drug-eradication drive without too much of n
impact on inflation, he added.
    Nogales said he did not expect Bolivia's debt repurchase to
become a model for other debtors in dire straits. "We're not
seeking a universal solution," he said."             
 Reuter
3;
bodyend
documentend
documentstart
9632
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES CHASE, CHEMICAL, IRVING, MANUFACTURERS, MELLON AND SECURITY PACIFIC

Blah blah blah.
3;


bodyend
documentend
documentstart
9634
topicstart
crude
gas
topicend
bodystart
2;

RECENT U.S. OIL DEMAND UP 0.1 PCT FROM YEAR AGO


    WASHINGTON, March 25 - 
U.S. oil demand as measured by
products supplied rose 0.1 pct in the four weeks ended March 20
to 16.16 mln barrels per day from 16.15 mln in the same period
a year ago, the Energy Information Administration (EIA) said.
    In its weekly petroleum status report, the Energy
Department agency said distillate demand was off 0.1 pct in the
period to 3.258 mln bpd from 3.260 mln a year earlier.
    Gasoline demand averaged 6.72 mln bpd, off 1.2 pct from
6.80 mln last year, while residual fuel demand was 1.38 mln
bpd, off 2.1 pct from 1.41 mln, the EIA said.
    Domestic crude oil production was estimated at 8.35 mln
bpd, down 7.8 pct from 9.06 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.44 mln
bpd, up 16.3 pct from 2.95 mln, the EIA said.
    Refinery crude runs in the four weeks were 11.90 mln bpd,
up 1.4 pct from 11.74 mln a year earlier, it said.
    In the first 78 days of the year, refinery runs were up 1.8
pct to an average 12.25 mln bpd from 12.04 mln in the year-ago
period, the EIA said.
    Year-to-date demand for all petroleum products averaged
16.32 mln bpd, up 1.8 pct from 16.04 mln in 1986, it said.
    So far this year, distillate demand rose 0.1 pct to 3.31
mln bpd from 3.30 mln in 1986, gasoline demand was 6.60 mln
bpd, up 0.1 pct from 6.59 mln, and residual fuel demand fell
0.4 pct to 1.42 mln bpd from 1.43 mln, the EIA said.
    Year-to-date domestic crude output was estimated at 8.41
mln bpd, off 7.7 pct from 9.11 mln a year ago, while gross
crude imports averaged 3.96 mln bpd, up 28.1 pct from 3.09 mln,
it said.
 Reuter
3;
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9635
topicstart
acq
topicend
bodystart
2;
******
FED APPROVES CHEMICAL BANK ACQUISITION OF TEXAS COMMERCE BANCSHARES

Blah blah blah.
3;


bodyend
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9636
topicstart
topicend
bodystart
2;

S/P DOWNGRADES SIX U.S. MONEY CENTER BANKS


    NEW YORK, March 25 - 
Standard and Poor's Corp said it
downgraded six U.S. money center bank holding companies,
affecting about 13.3 billion dlrs of debt securities.
    They are Chase Manhattan Corp 
<
CMB>, Chemical New York Corp

<
CHL>, Irving Bank Corp 
<
V>, Manufacturers Hanover Corp 
<
MHC>,
Mellon Financial Corp 
<
MEL> and Security Pacific Corp 
<
SPC>.
    S and P said the action on Chase, Chemical, Irving and
Manufacturers primarily reflected continued vulnerability to
lesser developed countries and median financial performance.
    Standard and Poor's said its downgrade of Chemical also
reflected that holding company's acquisition of Texas Commerce
Bancshares 
<
TCB>, which was just now approved by the Federal
Reserve.
    For Mellon and Security Pacific, S and P cited higher
non-performing assets and weaker operating earnings.
    The rating agency said it completed a review, based on 1986
results, of the largest U.S. bank holding companies. It paid
special attention to reassessing the effect of exposures to
lesser developed countries on the holding companies' earnings
and capital.
    "Brazil's unilateral moratorium on debt service payments
underscored the potential for polarization between bankers and
debtor countries," S and P said.
    S and P noted that while Argentina, Brazil, Mexico and
Venezuela each face unique economic problems, the lack of
progress toward moderating their debt service burdens has been
disappointing.
    However, the agency pointed out that a substantive
improvement in the large banks' financial positions has acted
as a counter-balance to the Latin American debt situation.
    Citing increasing financial strength, S and P said it
affirmed the debt ratings of Citicorp 
<
CCI>, Bankers Trust New
York Corp 
<
BT>, Bank of Boston Corp 
<
BKB> and J.P. Morgan and
Co Inc 
<
JPM>.
    S and P noted that most U.S. bank holding companies have
what it termed easily realizable capital resources available to
them, such as undervalued real estate, appreciated portfolio
securities and overfunded pension plans.
    "Most bank managements appear committed to improving the
quality of their balance sheets," S and P said, noting many now
emphasize long-term strategies over short-term earnings.
    Standard and Poor's reduced Chase Manhattan's senior debt
to AA-minus from AA, subordinated debt to A-plus from AA-minus
and preferred stock to A from A-plus. The commercial paper of
the parent and its unit Chase Manhattan Bank of Canada were
affirmed at A-1-plus.
    Chase has 3.2 billion dlrs of debt outstanding. It has 6.4
billion dlrs of loans to Argentina, Brazil, Mexico and
Venezuela - one of the highest exposures to lesser developed
countries among U.S. money centers.
    Chase's underlying profitability remains at median levels
because of its high expense structure, S and P said.
    S and P cut Chemical's and the unit Chemical New York
N.V.'s senior debt to AA-minus from AA and subordinated debt to
A-plus from AA-minus.
    About 1.2 billion dlrs of long-term debt was affected.
    The agency cited Chemical's relatively large exposure to
Latin American borrowers, particulary Brazil and Mexico,
continued high levels of nonperforming assets and the pending
acquisition of Texas Commerce.
    Aggregate exposure to Argentina, Brazil, Mexico and
Venezuela was almost four billion dlrs at year-end 1986, or 105
pct of equity and reserves, S and P pointed out.
    Irving's senior debt was reduced to A-plus from AA-minus,
with subordinated debt and preferred stock lowered to A from
A-plus. Its commercial paper was affirmed at A-111-1plus.
    Irving has about 500 mln dlrs of debt outstanding. Its
approximately 1.4 billion dlrs of loans to the four major Latin
debtor countries account for 110 pct of year-end equity and
reserves.
    S and P downgraded Manufacturers Hanover's senior debt to A
from A-plus, subordinated debt to A-minus from A and preferred
stock to BBB-plus from A-minus but affirmed its A-1 commercial
paper. The bank has 3.8 billion dlrs of debt.
    S and P noted that Manufacturers has about 6.7 billion dlrs
of loans to the major Latin debtor nations and has experienced
weak earnings.
    However, the unit CIT Group Holdings Inc's AA-minus senior
debt and A-1-plus commercial paper were affirmed.
    The rating agency cut Mellon's senior debt to A-plus from
AA and preferred stock to A from AA-minus. It has 1.1 billion
dlrs of debt securities.
    The commercial paper programs of Mellon Bank Canada and
Mellon Australia Ltd, guaranteed by the parent company, were
lowered to A-1 from A-1-plus.
    S and P cited continued lower operating earnings and rising
nonperforming assets and charge-offs for Mellon.
    Security Pacific's 1.7 billion dlrs of debt was downgraded.
Cut were its senior debt to AA from AA-plus, and subordinated
debt and preferred stock to AA-minus from AA.
    Security Pacific Overseas Finance N.V.'s debt issues were
reduced to AA from AA-plus. Affirmed were the parent's A-1-plus
commercial paper and the BBB-rated debt of the unit Security
Pacific Financial Systems.
    These actions reflected Security Pacific's continued high
levels of nonperforming assets and charge-offs, S and P said.
 Reuter
3;
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9637
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acq
topicend
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2;

KANSAS CITY 
<
KSU> READY TO BUY SOUTHERN PACIFIC


    NEW YORK, March 25 - 
Kansas City Southern Industries Inc
said it is ready to promptly purchase the Southern Pacific
Transportation Co from Santa Fe Southern Pacific Corp 
<
SFX> if
the Interstate Commerce Commission rejects Sante Fe's attempt
to reopen the merger of Southern and the Atchison, Tokepa and
Santa Fe Railway.
    In a filing with the ICC late today, the company outlined
four conditions of its offer to acquire Southern Pacific.
    Among the conditions are that Santa Fe enter into an
agreement to indemnify Kansas City for any contigent liabilites
of Southern Pacific existing as of the closing date, and that
the financial condition of Southern remain largely unchanged
from today onward.
    "We are willing, even eager, to make a fair market value
offer in cash for the Southern Pacific," said Kansas City
Southern president and chief executive officer Landon H.
Rowland.
    "This offer disproves the constant derogation of the
Sourthern Pacific by SFSP management, best exemplified by SFSP
Chief Executive John Schmidt's comment in ICC hearings that the
Southern Pacific was 'bankrupt,'" said Rowland.
    He said that merging Southern with Kansas City will achieve
the benefits of an end-to-end merger while preseving the
independece of the Southern Pacific versus its existing prime
competitor, Santa Fe.
    Kansas said that Southern's management had estimated the
value of the railroad in 1983 in the range of 281 mln dlrs to
1.2 billion dlrs.
    It said that Morgan Stanley and Co Inc and Salomon Brothers
Inc, hired in 1983 to advise Southern and Santa Fe in their
merger, appraised Southern as worth between 500 mln dlrs and
800 mln dlrs less than Southern's own internal valuations.
    Kanasa City Southern said it will make an offer for
Southern after its books, records and properties are examined.
    "Once that examination has been completed (and even in the
absence of a willingnes of SFSP to negotiate) KCSI will make an
offer in writing...." said the company.
    Kansas also said it argued in the ICC filing that Santa Fe
had not met the legal requirements justifying the Commission's
reconsideration of the proposed merger of Santa Fe and Southern
Pacific, two railroads that it said basically parallel each
other throughout their routes.
    ICC voted four to one last summer to reject the merger as
inherently anticompetitive. Kansas said Santa Fe in petitioning
for reconsideration now argues that the trackage agreements
with the Union Pacific, the Denver and Rio Grande Western and
other railroads, adds to the value of the merger.
 Reuter
3;
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9638
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> BID COULD BE RAISED, GROUP SAYS


    BY CAL MANKOWSKI, Reuters


    NEW YORK, March 25 - 
An investor group said it might be
willing to raise its 100 dlr per share offer for GenCorp but so
far the company has turned down requests for a meeting.
    "We might be able to see some additional value if we could
meet" and get more financial data, said Joel Reed, speaking for
the investor group.
    Reed told Reuters that GenCorp chairman A. William Reynolds
"was not interested in sitting down and talking with us at this
time." Cyril Wagner sought the meeting in a recent telephone
conversation with Reynolds, Reed said.
    Wagner and Brown, along with AFG Industries Inc 
<
AFG>,
recently launched a surprise tender offer for GenCorp. The
offer is worth 2.23 billion dlrs.
    Reed said under the circumstances the 100 dlr per share
tender offer, which expires April 15, is a fair offer. GenCorp
gained 3-1/2 to 114 today on the NYSE.
    Reed outlined a plan to reshape GenCorp in the event his
group wins control. He said aerospace, soft drink bottling and
entertainment units are potential divestiture candidates. He
said the tire business, which the group wants to keep, may be
more viable if merged with another tire company.
    "One option would be to try to grow the tire business
through combination or an acquisition," Reed said. He said he
believes such a merger could create a stronger force in the
tire industry.
    Gary Miller, chief financial officer of AFG, said his
company has a record of acquiring mature businesses and
boosting productivity. Automation and incentives tied to profit
sharing have been used with success, he said.
    In the case of GenCorp's RKO General broadcasting stations,
Reed said the plan of the partners is to step into GenCorp's
shoes and proceed with plans to  sell the stations.
    The partners said if they succed in acquiring GenCorp they
intend to consummate sale of WOR-TV in New York to MCA Inc

<
MCA>. GenCorp last year entered into an agreement to sell the
station for 387 mln dlrs.
    The partners also said if they acquire Gencorp they would
also proceed with the proposed sale of KHJ-TV in Los Angeles to
Walt Disney Co 
<
DIS>. RKO General would receive 217 mln dlrs
and Fidelilty Television, which challenged the license, would
get about 103 mln dlrs.
    The partners also said the Federal Communications
Commission established an expedited schedule for receiving
comments on their request for special temporary authorization
of proposed trust arrangements while the FCC considers a formal
application for transfer of the broadcast unit.
    Reed said he was pleased with the expedited schedule
because it provides time for the agency to act on the request
before the expiration of the tender offer.
    He said it was the aim of the partners to move as quickly
as possible to eliminate uncertainty surrounding the stations.
    Asked about criticism of the takeover attempt voiced by
some municipal officials in Akron, Ohio, where GenCorp is
headquartered, Reed said, "the plan of the partners offers long
term growth for Ohio."
    He noted that the aerospace business, slated for
divestiture under the partners' plan, is located in California.
"Our program is one that overall would provide the greatest
long term growth for all segments," he said.
 Reuter
3;
bodyend
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documentstart
9639
topicstart
crude
nat-gas
topicend
bodystart
2;

UNOCAL 
<
UCL> PLANS INCREASE IN CAPITAL SPENDING


    LOS ANGELES, March 25 - 
Unocal Corp said it intends to
increase its spending for capital projects to 929 mln dlrs in
1987, eight pct more than the 862 mln spent in 1986.
    The company said in its annual report that it would
increase spending for exploration and development of petroleum
resources by about three pct to 614 mln dlrs from 1986's 595
mln dlrs, assuming oil prices hold around current levels.
    The planned spending for exploration and production in 1987
remains well below the 1.1 billion dlrs spent in 1985, Unocal
said.
    The company's proved developed and undeveloped reserves of
crude oil rose slightly in 1986, Unocal said. Net crude oil and
condensate reserves were 752 mln bbls as of Dec 31, 1986,
compared to 751 mln bbls at the end of 1985, Unocal said.
    The company said its net crude oil and condensate
production averaged 248,200 barrels per day in 1986 compared to
251,300 bpd in 1985.
    Unocal said its worldwide natural gas reserves were 6.07
billion cubic feet in 1986 compared to 1985's 6.19 billion. Net
natural gas output averaged 976 mln cubic feet per day in 1986,
down 10 pct from 1985's 1,084 mln, the company said.
    Unocal said its average sales prices for crude oil was
12.67 dlrs a barrel worldwide in 1986 compared to 23.81 dlrs in
1985, and its average sales price for natural gas was 2.03 dlrs
per thousand cubic feet in 1986 against 2.24 dlrs in 1985.
    Average production costs for crude oil and natural gas
declined nearly 30 pct to 3.41 dlrs per bbl of oil equivalent
in 1986 from 4.81 dlrs in 1985, Unocal said.
    In the annual report, the company called for imposition of
an oil import fee by the U.S. government to set a floor price
of about 25 dlrs a barrel for crude oil.
    "Simply stabilizing prices at about 18 dlrs per barrel    
will not materialy slow the drop in U.S. production or the rise
in imports," Chairman Fred Hartley said in the annual report.
    "Without decisive action in Washington, this nation will
once again become a hostage to OPEC's plans and policies,"
Hartley said.
 Reuter
3;
bodyend
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9640
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acq
topicend
bodystart
2;

FED APPROVES CHEMICAL NEW YORK 
<
CHL> MERGER


    NEW YORK, March 25 - 
Chemical New York Corp and Texas
Bancshares Inc 
<
TCB> said the Federal Reserve Board approved
their proposed 1.19 billion dlr merger.
    The companies also said the Securities and Exchange
Commission declared effective as of March 24 the registration
statement covering the securities Chemical will issue to Texas
Bancshares shareholders as part of the merger.
    The companies said they expect to complete the merger,
which will create a bank with 80 billion dlrs of assets, by the
end of the second quarter. The merger still requires
shareholder approval.
   
 Reuter
3;
bodyend
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9641
topicstart
earn
topicend
bodystart
2;

VARITY
<
VAT> SEES IMPROVED RESULTS AFTER 1ST QTR


    TORONTO, March 25 - 
Varity Corp, earlier reporting a full
year loss against a prior year profit, said improvement is
expected in the balance of fiscal 1987 as new products fill the
inventory pipeline, cutbacks in operating costs are realized
and its newly acquired Dayton Walther business is fully
integrated.
    However, operating results are likely to remain under
pressure in the first quarter ending April 30, it said.
    Varity earlier reported a loss for fiscal 1986 ended
January 31 of 23.3 mln U.S. dlrs, compared to a year-earlier
profit of 3.9 mln dlrs.
    Varity said continued deterioration in major markets, a
weakening U.S. dollar and unforeseen delays in launching major
new lines of tractors contributed to the full year loss.
    Industry demand for farm machinery continued to erode
during the latest fiscal year, with worldwide industry retail
sales of tractors sliding more than 10 pct below last year's
depressed levels, the company said.
    However, Varity increased its share of the global tractor
market by more than one pct to 18.2 pct, it said.
    The combined impact of costly sales incentives and foreign
exchange adjustments on margins was substantial, Varity said.
 Reuter
3;
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9642
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acq
topicend
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2;

CAMPBELL RESOURCES 
<
CCH> UPS MESTON LAKE STAKE


    TORONTO, March 25 - 
Campbell Resources Inc said it raised
its voting stake in 
<
Meston Lake Resources Inc> to about 64 pct
from 52 pct through acquisition of another 870,000 Meston Lake
shares in its previously reported takeover bid.
    Campbell, in its bid that expired March 23, offered 80 cts
cash and 1.25 "legended" Campbell shares for each Meston share.
The legended shares are not tradeable for one year.
    It said the 3.4 mln Meston shares not tendered in the offer
were held by about 550 stockholders, including Quebec's La
Societe de developpement de la Baie James, with 1.3 mln shares.
 Reuter
3;
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9644
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acq
topicend
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2;

METROBANC 
<
MTBC> SHAREHOLDERS APPROVE MERGER


    GRAND RAPIDS, Mich., March 25 - 
Metrobanc, a federal
savings bank, said its shareholders approved the previously
announced merger with Comerica Inc 
<
CMCA>, a bank holding
company.
    Metrobanc said the merger is still subject to regulatory
approval.
 Reuter
3;
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9647
topicstart
earn
topicend
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2;

PLAINS RESOURCES INC 
<
PLNS> YEAR LOSS


    OKLAHOMA CITY, March 25 - 
    
Oper shr loss 31 cts vs profit three cts
    Oper net loss 887,886 vs profit 646,250
    Revs 9,724,418 vs 10.8 mln
    Note: Year-ago oper net excludes tax credit of 230,000
dlrs.
 Reuter
3;
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9648
topicstart
topicend
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2;

ECUADOR SIGNS 280 MLN DLR IADB LOAN


    MIAMI, March 25 - 
Ecuador signed four loans from the
InterAmerican Development Bank (IADB) totaling 280 mln dlrs,
the IADB said.
    Ecuador's finance minister, Domingo Cordovez, and IADB
President Antonio Ortiz Mena, signed the loans after the IADB's
annual meeting here.
    A 57 mln dlr loan is for urban development, 80 mln dlrs for
industrial programs, 96 mln dlrs for highway rehabilitation
and 46 mln for farm research.
 Reuter
3;
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9649
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2;

PERU'S DEBT OBLIGATIONS HIT 6.3 BILLION DLRS IN 1987


    MIAMI, March 25 - 
Peru's foreign debt obligation this year
totaled 6.3 billion dlrs, including maturities falling due and
overdue payments, equivalent to almost twice its expected
exports of goods and services, Central Bank President Leonel
Figueroa said.
    He told the InterAmerican Development Bank (IADB) annual
meeting here that Peru will have to maintain its 10 pct limit
on debt payments to preserve growth.
    Figueroa said gdp grew by almost nine pct in 1986, while
inflation dropped to 63 pct from an annual rate of 280 pct in
the first half of 1985.
 Reuter
3;
bodyend
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9650
topicstart
crude
nat-gas
topicend
bodystart
2;

PENNZOIL (PZL) WILLING TO SETTLE TEXACO (TX) LAWSUIT


    HOUSTON, March 25 - 
Pennzoil Co said it had not yet
received any "meaningful settlement offer" from Texaco Inc but
added that the company remained willing to consider proposals
to settle the 10.2 billion dlr jury judgment it won against
Texaco.
    In its newly-released annual report to shareholders,
Pennzoil said it expected the Texas state court judgment, which
was upheld by a state appeals court on February 12, to be
upheld if appealed again.
    "To date, Pennzoil has yet to receive any meaningful
settlement offer from Texaco, though it remains open to any
realistic effort to settle the matter," Pennzoil chairman Hugh
Liedtke said in the annual report.
    Pennzoil also said it had budgeted 212 mln dlrs for capital
spending in 1987, a drop from the 233 mln dlrs spent last year.
    Proved U.S. and foreign reserves of natural gas declined to
964 billion cubic feet last year, from 1.01 trillion cubic feet
in 1985, because of a virtual halt in its exploration program,
Pennzoil said. Its crude oil reserves dropped to 140 mln
barrels from 158 mln barrels in 1985.
     The Houston-based company said it sold an average of 339
mln cubic feet of domestic natural gas each day last year, a 17
pct drop from 1985. The average sales price for gas dropped by
60 cents per mcf to 2.16 dlrs per mcf, Pennzoil said.
    U.S. crude oil and gas liquids production last year fell to
an average of 33,290 barrels per day from 34,102 barrels per
day in 1985.
    The company's total revenues in 1986 declined to 482.3 mln
dlrs, from 762.5 mln dlrs the previous year. Operating income
in 1986 fell more than 80 pct, to 38.0 mln dlrs.
    Pennzoil said its goals for 1987 included development of
its Point Arguello oilfield off the California coast, to
maintain current production levels in its Bluebell-Altamont
Field in Utah and to drill for prospects in the Gulf of
Mexico's Mobile Bay area.
    "Production should begin late in the year from the Harvest
Platform in the Santa Maria Basin offshore California," the
company said. "Pennzoil's share of this production initially
should be five thousand barrels a day, increasing to a peak of
15 thousand barrels a day, net, by 1989."
    In its sulphur business, Pennzoil said production totaled
2.1 mln long tons last year, a decline of 18 pct from 1985. The
average sales price also declined, to 138.25 dlrs per long ton
from 141.05 dlrs in 1985.
    "The long term outlook for our sulphur operations remains
bright," the company said. "We expect sulphur's pricing
structure to strengthen during the current year, probably in
the third and fourth quarters."
            
 Reuter
3;
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9652
topicstart
earn
topicend
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2;

GV MEDICAL INC 
<
GVMI> 4TH QTR LOSS


    MINNEAPOLIS, Minn., March 25 -
    
Shr loss 20 cts vs loss 26 cts
    Net loss 798,289 vs loss 777,667
    Rev 262,738 vs nil
    Avg shares 3,930,360 vs 2,959,029
    Year
    Shr loss 96 cts vs loss 1.25 dlrs
    Net loss 3,202,355 vs loss 3,060,407
    Rev 676,341 vs nil
    Avg shares 3,339,174 vs 2,445,423
 Reuter
3;
bodyend
documentend
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9654
topicstart
coffee
topicend
bodystart
2;

IBC PRESIDENT NOT TO ATTEND ICO EXECUTIVE BOARD


    RIO DE JANEIRO, MARCH 25 - 
Brazilian Coffee Institute (IBC)
president Jorio Dauster said he will not attend the ICO
executive board meeting and was surprised to hear that a report
of his absence had a slightly depressing effect on the New York
coffee market today.
    "I have too much work to accomplish here in Brazil at the
moment. Besides the presence of the IBC president at an ICO
executive board meeting is not a tradition," Dauster said.
    Dauster said except in rare cases, Brazil has always sent
its London-based representative to ICO board meetings.
Ambassador Lindenberg Sette will attend the meeting, he said.
 Reuter
3;
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9655
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topicend
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2;

COLOMBIA TO MAINTAIN FOREIGN BORROWING LEVELS


    MIAMI, March 25 - 
Colombia plans to maintain foreign
borrowing at levels similar to the 1982-86 period, during which
it received a net 1.3 billion dlrs net of repayments, Finance
Minister Cesar Gaviria said.
    He told the Inter-American Development Bank (IADB) annual
meeting here that despite Latin America's debt crisis, Colombia
continues to achieve positive credit flows reflecting the
strength of its economy that grew five pct last year.
    Public Credit Director Mauricio Cabrera said Colombia plans
to launch a foreign bond issue in the second half of 1987,
possibly for 60 mln dlrs.
    Cabrera said a 50 mln dlr floating rate note (FRN) issue by
Colombia is expected to close next month. It carries a 1-1/8
pct margin over Libor, with a seven year maturity and four
years grace.
    He also told Reuters he did not expect any increase in
Colombia's financing needs as a result of current falling
coffee prices, after a surge last year doubled export income
from this source to around three billion dlrs.
    "The drop will simply bring us back to 1985 levels, with a
loss of no more than about 100 mln dlrs," he said.
    Colombia, with a total foreign debt of around 13 billion
dlrs, has a foreign borrowing programme of around three billion
dlrs this year, of which about one billion is new credits.
    Its foreign reserves ended 1986 at 3.5 billion dlrs,
equivalent to more than nine months of imports and
non-financial services, and GDP growth is again expected to
reach five pct this year, Gaviria said.

 Reuter
3;
bodyend
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9656
topicstart
money-fx
interest
topicend
bodystart
2;

EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL


    WASHINGTON, March 25 - 
The House Banking Committee adopted
legislation to direct the U.S. Treasury to begin negotiations
aimed at seeking regular adjustment of exchange rates by  
countries such as Taiwan and South Korea, whose currencies are
pegged to the value of the U.S. dollar.
    The measure was adopted as part of a wide-ranging trade
bill that will be considered by the full House in April before
it moves on to the Senate.
    The bill's many provisions also set as a priority for the
U.S. the negotiation of stable exchange rates and urge
government intervention as necessary to offset fluctuations.
    In addition, the Banking Committee bill would authorize
U.S. banks to use a variety of means to deal with the debt
problems of developing countries, such as lowering interest
rates on existing debt, renegotiating loans or debt
forgiveness. The bill would give a blanket waiver of any
federal banking regulations that bar such actions.
    The bill would direct Treasury Secretary James Baker to
discuss with debt-ridden developing countries the possibility
of the U.S. setting up a public debt management agency that
would purchase their debt at a discount and negotiate the
restructuring of the debt.
    The Banking bill authorizes U.S. participation in a
multilateral investment guarantee agency (MIGA) as requested by
the administration. Congress would approve an initial U.S.
subscription of 22 mln dlrs.
    And, it sets up a council on industrial competitiveness
composed of industry and administration members to explore ways
to make the U.S. more competitive in world markets.
 Reuter
3;
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documentend
documentstart
9657
topicstart
trade
topicend
bodystart
2;

U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN


    WASHINGTON, March 25 - 
The Semiconductor Industry
Association urged the U.S. government to impose trade sanctions
against Japan for violating the U.S.-Japan Semiconductor Trade
Agreement.
    In a letter to Treasury Secretary James Baker the group
said sanctions should be imposed against Japanese chipmakers as
of April 1 and continue until the U.S. is satisfied there is
full compliance with the agreement.
    The group said action by Japan to cut back on semiconductor
exports is not what is required.
    "America's interests require that agreements be honored and
that U.S. industries not bear the burden for the persistent
unwillingness or inability of the government of Japan to
deliver on its commitments," the trade group said.
    The White House Economic Policy Council is expected to
discuss possible sanctions against Japan at a meeting scheduled
for Thursday.
    The trade group said Japan has not lived up to the terms of
the agreement last year which was aimed at ending Japanese
dumping of semiconductors and at opening Japanese markets to
foreign-based manufacturers.
 Reuter
3;
bodyend
documentend
documentstart
9659
topicstart
topicend
bodystart
2;

WORLD BANK AFFILIATE PROVIDES CREDIT FOR HAITI


    WASHINGTON, March 25 - 
The World Bank today approved a 40
million mln dlr loan to assist an economic reform program under
way in Haiti.
    The bank said the loan is being made through its affiliate,
the International Development Association, and will be used to
restore economic confidence, approve the allocation of
resources, and stimulate economic growth.
    The bank said the the 50-year credit, which is interest
free, comes as there is growing evidence that reforms already
underway have improved the country's economic situation.
 REUTER
3;
bodyend
documentend
documentstart
9661
topicstart
acq
topicend
bodystart
2;

CLABIR 
<
CLG>, AMBRIT 
<
ABI> CALL OFF MERGER


    GREENWICH, Conn., March 25 - 
Clabir Corp and AmBrit Corp
said they called off their plans for Clabir to buy the 16 pct
voting interest in AmBrit that it does not already own.
    The companies said they agreed not to pursue the merger
because several actions recently taken by AmBrit would mean
substantial delays in completing the deal.
    They said they might revive merger plans at a later date or
seek other ways for Clabir to increase its holdings in AmBrit.
 Reuter
3;
bodyend
documentend
documentstart
9665
topicstart
topicend
bodystart
2;

MOODY'S DOWNGRADES ZENITH ELECTRONICS 
<
ZE> DEBT


    NEW YORK, March 25 - 
Moody's Investors Services Inc said it
downgraded 200 mln dlrs of long-term debt of Zenith Electronics
Corp.
    Cut were Zenith's senior debt to Ba-2 from Baa-3,
convertible subordinated debt to B-1 from Ba-2 and commercial
paper to Not-Prime from Prime-3.
    Moody's cited the company's overall losses.
    The agency also said it believes that future profits in the
consumer electronics business will be limited because of
intense competition from international market participants.
    Moody's pointed out that Zenith's total debt increased
sharply over the past year and is being serviced by weak cash
flow.
    A spokesman for Zenith criticized the action.
    "The company believes the downgrade is unwarranted.
Operating results for 1986 improved over 1985 and Zenith was
profitable in the second half of 1986," he said.
 Reuter
3;
bodyend
documentend
documentstart
9667
topicstart
grain
corn
topicend
bodystart
2;

COST OF PIK CERTIFICATES TO BE EYED BY CONGRESS


    By Nelson Graves, Reuters


    WASHINGTON, March 25 - 
Congress, eager to find budget
savings, launches a review of the U.S. Agriculture Department's
generic commodity certificate program tomorrow, amid signs USDA
and the General Accounting Office, GAO, are at odds over how
much the program has cost U.S. taxpayers.
    The GAO concluded in a preliminary report last week that
payment-in-kind, or PIK, certificates cost between five and 20
pct more than cash outlays, administration officials who asked
not to be identified said.
    USDA officials, however, took issue with the report, saying
it did not take into account storage, handling and transport
savings that accrue to the government. The GAO then decided to
re-examine the costs, sources said.
    The issue is an important one, because congressional budget
committees are known to be considering limiting the use of
certificates as a means of cutting spending.
    Agriculture Under Secretary Daniel Amstutz and GAO Senior
Associate Director Brian Crowley are set to testify before the
Senate Agriculture Committee tomorrow.
    Amstutz is expected to tell the committee that there are
uncertainties in determining the cost of certificates compared
to cash outlays, and that savings to the Commodity Credit Corp,
CCC, almost equal costs, department sources said.
    USDA estimates that it costs the government about 75 cents
to store, handle and transport each bushel of commodity put in
government storage.
    It was unclear whether the GAO, Congress' investigative
arm, would stick by its original analysis that it costs the
government more to use certificates instead of cash in farm
price and income support programs, Reagan administration
sources said.
    The GAO is expected to point out that use of
payment-in-kind, PIK, certificates has helped relieve tight
storage by moving grain that otherwise might not have been
sold.
    The testimony by Amstutz and GAO Senior Associate Director
Brian Crowley comes as congressional budget committees
intensify their efforts to pinpoint ways to cut the federal
budget deficit -- including considering limits on the use of
PIK certificates.
    The CCC issues dollar-denominated PIK certificates, or
certs, as a partial substitute for direct cash outlays to
farmers or cash subsidies to exporters. Certs can be used to
repay nonrecourse loans or exchanged for CCC commodities or
cash.
    Between April and December 1986, CCC issued 3.8 billion
dlrs worth of certificates, according to USDA. Up to another
6.7 billion dlrs worth could be issued between January and
August 1987, according to USDA.
    Certs can cost the government more than cash primarily
because recipients can use the certificates to pay back
government loans at levels below the loan rate.
    Eliminating this practice, called "PIK and roll," would save
the government 1.4 billion dlrs between 1988-92, according to
the Congressional Budget Office, CBO. That estimate, according
to a CBO official, was based on an assumption that certificates
cost the government about 15 pct more than cash payments.
    The Senate and House Budget Committees are known to be
considering curbs on PIK-and-roll transactions among other
savings alternatives.
    The GAO last week reached the tentative conclusion that the
estimated three billion dlrs of certificates redeemed to date
have cost the federal government between 150 mln and 600 mln
dlrs, or between five and 20 pct, more than cash outlays, one
administration official said.
    However, the GAO has decided to reassess those estimates
based in part on USDA criticism, department officials said.
    The broad range of the cost estimate is partly attributable
to the different effect certificates can have on market prices
over the course of a crop year.
    USDA's Economic Research Service, for example, has found
that between June and August last year, the 215 mln bushels of
corn exchanged for certificates lowered the price of corn by
between 35 and 45 cents per bushel.
    Between September and November, however, certificates had
only a marginal impact on corn prices, according to the ERS
study, obtained by Reuters.
 Reuter
3;
bodyend
documentend
documentstart
9668
topicstart
acq
topicend
bodystart
2;

DAILY TELEGRAPH IN DEAL WITH NEWS INTERNATIONAL


    TORONTO, March 25 - 
<
Hollinger Inc> said 58 pct-owned 
<
The
Daily Telegraph PLC>, of London, agreed to form a joint venture
printing company in Manchester, England with 
<
News
International PLC>. Financial terms were undisclosed.
    It said the deal involved News International's acquisition
of a 50 pct stake in the Telegraph's Trafford Park Printing Ltd
subsidiary. The joint company will continue to print northern
editions of the Telegraph and Sunday Telegraph, with spare
capacity used to print The Sun and News of the World.
    The arrangement will significantly cut Telegraph costs,
Hollinger said.
 Reuter
3;
bodyend
documentend
documentstart
9671
topicstart
earn
topicend
bodystart
2;

FRIEDMAN INDUSTRIES INC 
<
FRD> QUARTERLY DIV


    HOUSTON, March 25 - 
    
Qtly div seven cts vs seven cts prior
    Pay June one
    Record May four
 Reuter
3;
bodyend
documentend
documentstart
9673
topicstart
topicend
bodystart
2;

IADB MEETING ENDS WITH U.S. ISOLATED ON REFORM


     By Keith Grant


    MIAMI, March 25 - 
The United States remained isolated among
the Inter-American Development Bank's 44 members as the Bank
ended its annual meeting here today without agreement on U.S.
proposals to reform the regional lending institution.
    The three-day meeting was dominated by the dispute and by
the failure of Brazil and its creditor banks to make any
breakthrough on debt talks after Brasilia suspended interest
payments last month.
    Brazil's Central Bank governor Francisco Gros said after
talks with its 14-bank advisory committee here yesterday that
it could not make a token interest payment now, as sought by
banks, but would maintain contact with the banks.
    Delegates agreed to shelve discussion of IADB reforms until
the half-yearly International Monetary Fund and World Bank
meetings in two weeks time in Washington at which a decision
will be urgently sought in order to maintain credit flows to
the recession-hit region.
    "The Bank cannot maintain an adequate lending level unless
it is given increased resources," IADB president Antonio Ortiz
Mena told a press conference.
    Ortiz Mena said 42 countries opposed Washington's proposal
to lower veto power over loans to 35 pct of the Bank's voting
shares from a simple majority as at present.
    U.S. Treasury Secretary James Baker said Monday the United
States, as 34.5 pct shareholder and provider of the bulk of the
Bank's resources, should have more say in approving loans and
conditioned a nine billion dlr increase in its contribution on
approving the reforms.
    But Ortiz Mena said Latin America and the non-regional
members including Europe and Japan had all supported a 40 pct
veto level. Canada declined to state a position.
    Behind the dispute was a U.S. attempt to radically change
the direction of the Bank, which has lent 35 billion dlrs to
Latin America in its 28 years, and give it a bigger role in the
current debt strategy with increased lending but more stringent
conditions attached.
    But Ortiz said the Bank cannot divert too much of its
resources to so-called sectoral lending, whereby loans to
specific sectors are tied to economic reforms, because this
could affect the Bank's Triple A rating as a borrower in world
markets.
    "For this reason we have agreed to limit sectoral loans to
25 pct of the total, leaving the rest for investment in
projects," he said.
    Ortiz Mena earlier told the Bank's closing session that as
a result of negotiations here, the Bank can expect a new
injection of about 25 billion dlrs for the period 1987-90.
    The United States has said it will only be able to support
a level close to the sixth replenishment of funds, which came
to 15.7 billion dlrs, unless its proposals are accepted.
    But despite the impasse, some Latin American delegates
including Mexican Finance Minister Gustavo Petricioli said they
were optimistic a compromise agreement could be reached next
month.
 Reuter
3;
bodyend
documentend
documentstart
9674
topicstart
crude
topicend
bodystart
2;

LATIN OIL PRODUCERS TO MEET IN CARACAS


    CARACAS, March 25 - 
Five regional oil producing nations
will gather in Caracas tommorrow for a two-day meeting expected
to center on ways to combat proposals for a U.S. tax on
imported petroleum, the Venezuela's ministry of energy and
mines said.
    Oil ministers from Mexico, Trinidad and Tobago, Ecuador and
Venezuela will be on hand for the fifth meeting of the informal
group of Latin American and Caribbean Petroleum Exporters,
formed in 1983, it said. Colombia will also attend for the
first time, as an observer nation, the ministry said.
    Energy and Mines Minister Arturo Hernandez Grisanti said
the conference has no set agenda but one entire session Friday
will be devoted to proposals for a tax on imported oil.
    Two of the group's members, Venezuela and Mexico, are
second and third largest foreign suppliers of oil to the United
States, respectively, following Canada.
    Venezuela, concerned about the effect such a tax would have
on its exports, undertook a diplomatic push to coordinate
strategy against such measures. In February, Canadian Energy
Minister Marcel Masse was invited to Caracas for talks with
Hernandez on proposals for an oil import tax.
 Reuter
3;
bodyend
documentend
documentstart
9675
topicstart
interest
topicend
bodystart
2;

AUSTRALIAN RESERVE BANK CUTS REDISCOUNT RATE


    SYDNEY, Mar 26 - 
The Reserve Bank of Australia this morning
cut the rediscount rate from 17.30 pct to 17.00 pct.
    The rediscount is the rate at which the bank buys back
treasury notes.
    Market sources said the cut reflected the recent easing in
market interest rates. They also pointed to yesterday's
treasury note tender where the 400 mln dlrs of 13-week notes
went at an average yield of 15.473 pct, down from 15.870 last
week. The 100 mln dlrs of 26-week notes went at an average
15.414 from 15.790 last week.
 Reuter
3;
bodyend
documentend
documentstart
9676
topicstart
topicend
bodystart
2;

ARGENTINA SAYS COULD FOLLOW BRAZILIAN DEBT MOVE


    BUENOS AIRES, March 25 - 
Central Bank President Jose Luis
Machinea said Argentina could adopt the same posture as Brazil
and suspend payments on its foreign debt if it failed to meet
creditor bank demands.
    "If Argentina had the same difficulties in being unable to
refinance (its debt) under the desired (creditor) conditions,
that (Brasil's) is a path to take," Machinea said.
    Brasil last month suspended payments on a large part of its
109-billion dlr debt, the highest in the developing world.
    Machinea said Brasil did not suspend payments because it
wanted to but because it lacked reserves.
    Argentina has since last month been negotiating a 2.15
billion dlr loan with the steering committee for its
international creditor banks to meet 1987 growth targets.
    But Machinea said the talks were difficult and Argentina
wanted to conclude them as soon as possible.
    "What the (creditor) banks are demanding is not the same as
what Argentina is prepared to concede," Machinea said.
    Argentina has a global foreign debt of 50 billion dlrs. Its
debt with private banks is about 30 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9677
topicstart
acq
topicend
bodystart
2;

GENOVA 
<
GNVA> SIGNS DEFINITIVE MERGER AGREEMENT


    DAVISON, Mich., March 25 - 
Genova Inc said it signed a
definitive agreement for the previously announced merger with

<
Genova Products Inc>.
    Under the agreement, Genova Products will pay 5-3/8 dlrs a
share for the 29 pct of Genova's outstanding common shares it
does not already own.
    The company said it plans to complete the transaction,
which requires shareholder approval, by the end of March.
 Reuter
3;
bodyend
documentend
documentstart
9678
topicstart
earn
topicend
bodystart
2;

PENOBSCOT SHOE CO 
<
PSO> 1ST QTR FEB 27 NET


    OLD TOWN, Me., March 25 - 
    
Shr 69 cts vs six cts
    Net 421,306 vs 44,132
    Revs 3,721,178 vs 3,125,935
    Note: Current qtr net includes a gain of 281,000 dlrs,
mostly from the sale of securities and property.
 Reuter
3;
bodyend
documentend
documentstart
9680
topicstart
coffee
topicend
bodystart
2;

DAUSTER SAYS NO CHANGE IN BRAZIL'S COFFEE POLICY


    RIO DE JANEIRO, MARCH 25 - 
Brazil will not announce any
changes to its coffee export policy, Brazilian Coffee Institute
(IBC) president Jorio Dauster said.
    He told Reuters Brazil was not planning to modify the
position it held before the recent International Coffee
Organisation meeting.
    Earlier this month, talks in London to set new ICO export
quotas failed.
    Commenting on the outcome of a coffee producers' meeting in
Managua last weekend, Dauster said that they discussed nothing
involving the market.
    "In the meeting we agreed to work on behalf of the union of
the producers in matters related to an international agreement,"
Dauster said.
    The Managua meeting was attended by representatives from
Brazil, Mexico, Guatemala, El Salvador, Honduras, Costa Rica,
Nicaragua and Panama, the latter represented at the meeting
merely as an observer.
 Reuter
3;
bodyend
documentend
documentstart
9681
topicstart
money-fx
topicend
bodystart
2;

EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL


    WASHINGTON, March 25 - 
The House Banking Committee adopted
legislation to direct the U.S. Treasury to begin negotiations
aimed at seeking regular adjustment of exchange rates by  
countries such as Taiwan and South Korea whose currencies are
pegged to the value of the U.S. dollar.
    The measure was adopted as part of a wide-ranging trade
bill that will be considered by the full House in April before
it moves onto the Senate.
    The bill's many provisions also set as a priority for the
U.S. the negotiation of stable exchange rates and urge
government intervention as necessary to offset fluctuations.
 Reuter
3;
bodyend
documentend
documentstart
9682
topicstart
earn
topicend
bodystart
2;

CONSOLIDATE CAPITAL TRUST 
<
CIOTS> 4TH QTR NET


    EMERYVILLE, Calif., March 25 - 
    
Shr 32 cts vs nil
    Net 1.2 mln vs 100,000
    Avg shrs 3,692,000 vs 3,148,000
    Year
    Shr 1.02 dlrs vs 54 cts
    Net 3.7 mln vs 800,000
    Avg shrs 3,607,000 vs 1,461,000
    Note: Net is after depreciation.
    Full name is Consolidated Captial Income Opportunity
Trust/2.
 Reuter
3;
bodyend
documentend
documentstart
9683
topicstart
topicend
bodystart
2;

SARNEY REITERATES THAT BRAZIL WILL NOT GO TO IMF


    BRASILIA, March 25 - 
President Jose Sarney rejected calls
from foreign creditors and from some Brazilian businessmen that
the government talk to the International Monetary Fund.
    In a speech to about 3,000 mayors and local officials,
Sarney reiterated that the government would not accept any
monitoring of its economy by the IMF.
    He said, "We are going to struggle with courage for Brazil
and its growth. For this reason I have said that Brazil will
accept no monitoring by the IMF."
    In highly-publicized talks with Sarney near Sao Paulo last
Saturday, several Brazilian business leaders said they favoured
a return to the IMF, arguing that it would make debt
negotiations easier and bring new money into the country.
 Reuter
3;
bodyend
documentend
documentstart
9686
topicstart
money-fx
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT TO FOSTER STABLE CURRENCIES

Blah blah blah.
3;


bodyend
documentend
documentstart
9689
topicstart
money-fx
topicend
bodystart
2;

BAKER SAYS HE STANDS BY PARIS CURRENCY AGREEMENT


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
he stood by the Paris agreement among leading industrial
nations to foster exchange rate stability around current
levels.
    "I would refer you to the Paris agreement which was a
recognition the currencies were within ranges broadly
consistent with economic fundamentals," Baker told The Cable
News Network in an interview.
    "We were quite satisfied with the agreement in Paris
otherwise we would not have been a party too it," he said.
    Baker also noted the nations agreed in the accord to
"co-operate to foster greater exchange rate stability around
those levels."
    He refused to comment directly on the current yen/dollar
rate but said flatly that foreign exchange markets recently
tended "to draw unwarranted inferences from what I say."
    Baker was quoted on British Television over the weekend as
saying he has no target for the U.S. currency, a statement that
triggered this week's renewed decline of the dollar.
    "I think the Paris agreement represents evidence that
international economic policy co-ordination is alive and well,"
Baker said.
    The Treasury Secretary stressed however it was very
important for the main surplus countries to grow as fast as
they could consistent with low inflation to resolve trade
imbalances.
    He added that Federal Reserve Board chairman Paul Volcker
has also "been very outspoken" in suggesting main trading
partners grow as fast as they can.
    Baker noted that the J-curve, the delayed beneficial effect
of a weakening of a currency on that country's trade balance,
takes 12 to 18 months to work its way through to the trade
deficit and it is now 18 months since the Plaza agreement to
lower the dollar's value.
    He also said improvements in the trade deficit should come
from other sources besides the exchange rate, and pointed out
the administration's package to improve U.S. Competitiveness
was now before Congress.
 REUTER
3;
bodyend
documentend
documentstart
9692
topicstart
topicend
bodystart
2;

GUYANA FINANCE MINISTER OPTIMISTIC BUT SEEKS HELP


    MIAMI, March 25 - 
Guyana hopes to overcome its financial
problems within three to five years and is now seeking help
from donor governments, Finance Minister Carl Greenidge said.
    He said Guyana took its problems in January to the
Caribbean Group for Cooperation and Development, which includes
governments and multilateral agencies, with a view to finding a
long-term recovery plan.
    Guyana's arrears to the International Monetary Fund (IMF)
are now 70 mln dlrs and it would not be eligible for new loans
in the near future, Greenidge told Reuters during the
Inter-American Development Bank (IADB) annual meeting here. MORE
    Greenidge also said a World Bank mission would visit
Georgetown this week to assess prospects for a rescue plan that
would enable Guyana to revive its economy. But he said the
government does not expect to be able to reduce its arrears
this year.
    Arrears to the IMF and the World Bank are projected to rise
to 100 mln dlrs by the end of 1987. About 90 mln dlrs of this,
equivalent to nearly half Guyana's annual exports, would be
owed to the IMF.
    "Expecting us to pay arrears is like asking a dying man to
give a pint of blood," Greenidge said.
    But Greenidge said Guyana has taken steps to reduce its
fiscal deficit, which now amounts to 65 pct of GDP. It has
increased taxes, reduced public expenditure and refinanced its
internal debt.
    He said the World Bank would meanwhile look at investment
requirements for potential export-earning projects such as gold
mining, timber, oil and kaolin.
    Because of its arrears, Guyana has been unable to draw down
a 40 mln dlr World Bank loan for a bauxite industry
rehabilitation project. Bauxite accounts for 90 mln dlrs of
exports, or 40 pct of the total.
 REUTER
3;
bodyend
documentend
documentstart
9694
topicstart
topicend
bodystart
2;

BAKER SEEKS MORE BANK LOANS TO DEVELOPING NATIONS


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
banks must do more lending to developing countries.
    Baker, in an interview on Cable News Network, was asked
about such loans after Standard and Poor's Corp today
downgraded the debt of six major money centre bank holding
companies, largely because of their heavy loan exposure to
developing nations.
    Baker said developing countries must adopt free market
economic policies such as that of the United States. He said
capital flows will be required to support the needed reforms in
those countries' economic systems.
    The money must come either through equity or debt and Baker
said developing nations' "investment regimes do not support
enough equity investment, so you've got to have some debt
there."
 REUTER
3;
bodyend
documentend
documentstart
9697
topicstart
trade
topicend
bodystart
2;

BAKER SEES 15 TO 20 BILLION DLR DROP IN TRADE GAP


    WASHINGTON, March 25 - 
Treasury Secretary James Baker said
he expected the U.S. Trade deficit to fall by 15 billion to 20
billion dlrs in 1987.
    Commenting on the deficit during an interview on Cable News
Network, Baker said "I think you're going to see a 15 to 20
billion dlr reduction this year." The deficit was 170 billion
dlrs in 1986.
    Baker noted that the benefits of a weaker currency take 12
to 18 months to affect the trade balance, and said it is now 18
months since the Plaza agreement to lower the dollar's value.
 REUTER
3;
bodyend
documentend
documentstart
9698
topicstart
money-fx
yen
topicend
bodystart
2;
******
Sumita says further yen rise would adversely affect Japanese economy

Blah blah blah.
3;


bodyend
documentend
documentstart
9699
topicstart
money-fx
topicend
bodystart
2;
******
Sumita says major nations will continue to cooperate to stabilize currencies

Blah blah blah.
3;


bodyend
documentend
documentstart
9700
topicstart
money-supply
topicend
bodystart
2;

N.Z. MONEY SUPPLY RISES 2.4 PCT IN JANUARY


    WELLINGTON, March 26 - 
New Zealand's broadly defined,
seasonally adjusted M-3 money supply grew an estimated 2.4 pct
in January against a 3.4 pct (revised from 3.6) rise in
December and a 0.7 pct rise in January 1986.
    It said unadjusted M-3 increased to an estimated 30.13
billion N.Z. Dlrs from 30.08 (revised from 30.06) billion in
December and 25.18 billion in January 1986.
    Year-on-year M-3 rose 19.66 pct in January from 17.80 pct
(revised from 17.77) in December and 20.10 pct in January 1986.
    Narrowly defined year-on-year M-1 growth was 21.94 pct in
January against 15.89 pct in December and 14.10 pct a year
earlier.
    M-1 grew to an estimated 4.72 billion dlrs against 5.03
billion in December and 3.87 billion in January 1986.
    Year-on-year private sector credit, PSC, grew 31.07 pct in
January against 30.64 pct (revised from 30.68) in December and
21.40 pct in January 1986. PSC grew to 22.69 billion dlrs from
22.24 billion in December and 17.31 billion in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
9701
topicstart
money-fx
yen
interest
topicend
bodystart
2;

FURTHER YEN RISE WOULD HURT JAPAN ECONOMY, SUMITA


    TOKYO, March 26 - 
Bank of Japan Governor Satoshi Sumita
said a further yen rise would have adverse effects on the
Japanese economy.
    He told Japanese business leaders the Bank of Japan will
continue to take adequate measures, including market
intervention, to stabilize exchange rates if necessary, in
close cooperation with other major industrialized nations. He
said the current instability of exchange rates will not last.
    Six major nations - Britain, Canada, France, Japan, the
U.S. And West Germany - agreed in Paris last month to act
together to hold currencies stable.
    Sumita said the Bank of Japan will continue to pursue
adequate and flexible monetary policies while watching economic
and financial developments in and outside Japan.
    He said the decision to cut the discount rate on February
20 was a hard choice for the Bank because monetary conditions
had already been sufficiently eased.
    To prevent a resurgence of inflation, the Bank will take a
very cautious stance regarding developments stemming from easy
credit conditions, he said.
    He said the latest discount rate cut to 2.5 pct should
stabilize exchange rates and expand domestic demand.
    Commenting on the dollar's fall below 150 yen, Sumita
reiterated he cannot find any specific reason for the
currency's weakness.
    The market undertook speculative dollar selling by reacting
to overseas comments by monetary authorities and trade tension,
he said.
    Sumita repeated that the Japanese economy may gradually
recover in the latter half of the 1987/88 fiscal year ending
April 1, 1988, provided exchange rates stabilize.
 REUTER
3;
bodyend
documentend
documentstart
9704
topicstart
trade
topicend
bodystart
2;

EC LINKS AGRICULTURAL TRADE TALKS TO OTHER REFORM


    SYDNEY, March 25 - 
The European Community (EC) considers
talks on agricultural trade reform to be inseperable from talks
on other trade reform in the present GATT round, Willy de
Clercq, external relations commissioner of the EC, said.
    He told reporters here the EC would not bow to pressure to
reach an early, seperate agreement on agricultural trade.
    He said the EC wanted to stick to the four-year schedule
agreed by members of the General Agreement on Tariffs and Trade
(GATT) in Punta del Este, Uruguay, last year. That included
agricultural trade liberalisation for the first time in the
lengthy program to re-negotiate the GATT.
    Other trade issues being discussed in the current GATT
round include reform of trade in merchandise and services.
    De Clercq is on his way to China after attending a two-day
conference for 22 GATT trade ministers held in New Zealand.
    Several of those ministers criticised the EC for what they
saw as restrictive agricultural trade practices and called for
urgent reforms. U.S. Trade representative, Clayton Yeutter,
also said it was important agreement on agricultural trade
reform was reached as early as possible.
    But de Clercq said the GATT program had been reached after
long and hard negotiations, and the EC did not want changes.
    "We just want to stick to the agreement which was reached,
and that was very clear -- that the new round would be one
undertaking. It is a global negotiation with no two tracks, no
fast track, no slow track. It has just one track, the track -
and that's all," de Clercq said.
    "If you start selecting priorities, your priority is not my
priority. We say that agriculture is urgent, but it's not the
only urgent thing," he said.
    He said the Punte del Este agreement had taken eight months
to prepare and eight days of negotiations.
 REUTER
3;
bodyend
documentend
documentstart
9705
topicstart
grain
rice
topicend
bodystart
2;

VIETNAM'S ARMY ORDERED TO GROW MORE FOOD


    BANGKOK, March 26 - 
Vietnam has ordered its army to grow
more food to ease shortages and meet economic recovery goals
set for 1990.
    The army newspaper Quan Doi Nhan Dan, monitored here, said
soldiers must work harder to care for rice, vegetables and
other crops endangered by the present unusually hot weather.
    The paper said the 1.6-mln strong regular army contributed
less than one pct to the nation's 18.2 mln tonne food output.
    North Vietnam has set a 1990 food target of 23 to 24 mln
tonnes.
 REUTER
3;
bodyend
documentend
documentstart
9706
topicstart
earn
topicend
bodystart
2;

LINDE TURNOVER UP IN FIRST TWO MONTHS OF 1987


    WIESBADEN, West Germany, March 26 - 
Engineering group Linde
AG's 
<
LING.F> world group turnover rose to 518.6 mln marks in
the first two months of 1987, 5.2 pct more than in the same
1986 period, management board chairman Hans Meinhardt said.
    But world group incoming orders fell 2.2 pct to 587.3 mln
marks, Meinhardt told the annual news conference. Excluding
exchange rate movements, world group turnover rose 8.9 pct and
incoming orders increased 1.0 pct.
    Linde expects satisfactory results and increased sales this
year but Meinhardt gave no detailed forecast. Domestic group
1986 net profit rose to 105.79 mln marks from 80.71 mln.
    Meinhardt said domestic group turnover rose 6.7 pct to
394.1 mln marks in the first two 1987 months against the same
period last year but incoming orders fell 5.2 pct to 456.6 mln.
    Linde will ask shareholders at the annual meeting on May 13
to raise authorised share capital by a maximum 30 mln marks
nominal for the issue of share warrant bonds with a maximum
issue volume of 200 mln marks. Linde's authorised share capital
currently stands at a nominal 49.6 mln marks.
    Meinhardt said the authorisation would give the company the
necessary flexibility in case Linde needed additional funds for
acquisitions. He declined to give further details.
    While world group turnover rose 7.2 pct to 3.88 billion
marks in 1986, incoming orders were barely changed at 3.91
billion marks. Meinhardt said without the sharp appreciation of
the mark against major trading partner currencies, incoming
orders would have been four pct above the prior year's level.
    World group turnover in heavy plant construction rose 7.4
pct to 777 mln marks, but incoming orders dropped 5.7 pct to
739 mln marks in the wake of the dollar and oil price plunge.
    World sales for technical gases rose 5.1 pct to 1.05
billion marks and incoming orders gained 5.2 pct to 1.05
billion marks.
    Meinhardt said Linde strengthened its market position in
the refrigeration sector, with particularly strong turnover and
order gains in Austria, Italy and Norway. World group sales in
the sector fell 2.5 pct to 493 mln marks, but incoming orders
rose 2.5 pct to 513 mln marks.
    The fork lift truck and hydraulic sector saw world group
sales rising 12.4 pct to 1.52 billion marks and incoming orders
gaining 8.0 pct to 1.57 billion marks.
    Domestic group turnover rose 8.2 pct to 2.93 billion marks
and incoming orders increased 1.9 pct to 2.92 billion marks.
The company was producing at full capacity in 1986.
 REUTER
3;
bodyend
documentend
documentstart
9707
topicstart
earn
topicend
bodystart
2;

LINDE AG 
<
LING.F> 1986 YEAR


    WIESBADEN, West Germany, March 26 -
    
Domestic group net profit 105.79 mln marks vs 80.71 mln
    Turnover 2.93 billion marks vs 2.71 billion
    Incoming orders 2.92 billion marks vs 2.86 billion
    Order book at end December 2.28 billion vs 2.37 billion
    Tax payments 104.98 mln marks vs 88.67 mln
    Depreciation of fixed assets 107.25 mln marks vs 150.75 mln
    New investment in fixed assets 148.88 mln vs 148.22 mln
    Dividend already announced 12 marks vs 11
    DVFA earnings per share 32.22 marks vs 27.54 marks
    Shareholders annual meeting May 13, dividend date May 14
    World group turnover 3.88 billion marks vs 3.62 billion
    Incoming orders 3.91 billion marks vs 3.91 billion
    New investment in fixed assets 247 mln marks vs 252 mln
    No world group profit figures given
    Parent company net profits 95.04 mln marks vs 74.91 mln
    Turnover 2.28 billion marks vs 2.14 billion
 REUTER
3;
bodyend
documentend
documentstart
9710
topicstart
topicend
bodystart
2;

JAPAN SEEN CUTTING APRIL BOND COUPON FROM FIVE PCT


    TOKYO, March 26 - 
The underwriting syndicate expects the
Finance Ministry to propose a 0.2 to 0.3 percentage point cut
in the coupon of the 10-year government bond to be issued in
April from the five pct March issue, underwriting sources said.
    The expected proposal is likely to await passage of a
provisional budget for 1987/88 starting April 1 by the Lower
House of Parliament on March 30, the sources said.
    Issue volume is likely to be 1,200 to 1,400 billion yen
against 475 billion in March, they said. Projected issue price
is around par against 99.50 for the March bond, they said.
 REUTER
3;
bodyend
documentend
documentstart
9712
topicstart
trade
topicend
bodystart
2;

TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA


    TOKYO, March 26 - 
Bank of Japan Governor Satoshi Sumita
said it is in Japan's national interest to make greater efforts
to reduce its trade surplus.
    He told business executives the most important issues for
the world economy are the correction of international trade
imbalances and a solution to the world debt problem.
    To this end, Japan and the U.S. Must make medium- and
long-term efforts to alter economic structures which have
expanded the trade gap between the two nations. World economic
growth and therefore an expansion of debtor countries' export
markets are needed to solve the debt issue, he added.
 REUTER
3;
bodyend
documentend
documentstart
9714
topicstart
topicend
bodystart
2;

PHILIPPINE DEBT TALKS PROCEED WITH NARROWER FOCUS


    NEW YORK, March 26 - 
The latest round of talks between
Philippine officials and the country's commercial bank
creditors on the rescheduling of 9.4 billion dlrs worth of debt
are still proceeding, but with a narrower focus, Philippine
Finance Secretary Jaime Ongpin said.
    He told a press briefing Wednesday that Manila has dropped
a two-tier interest payment offer, which would have given banks
a higher return if they took partial payment in new Philippine
investment notes (PINs) instead of in cash.
    "The PINs proposal has been laid aside.... The discussion is
now on pricing (of just the cash payments)," he said.
    Foreign banking sources in Manila said on Tuesday that the
Philippines had raised its basic interest rate offer to 7/8
over the London interbank offered rate (LIBOR) but Ongpin would
not discuss details of the pricing negotiations.
    He also refused to speculate on when an overall agreement
might be reached. The talks have been going on for more than
three weeks.
    Manila originally offered to pay interest in cash at 5/8
over LIBOR or in a mixture of cash and PINs -- tradeable,
dollar-denominated, zero coupon notes that could potentially
yield up to one point over LIBOR.
    The PINs option was subsequently modified to guarantee at
least a 7/8 point spread over LIBOR but many bankers still had
grave reservations, seeing it as a possible precedent for other
large debtors to avoid paying interest in cash.
    The PINs proposal has now been left on the table as a
separate option for those banks, which might want to fund their
own investments in the Philippines or sell the notes in the
secondary market, Ongpin said.
    Under Manila's plan, the PINs would be redeemable at full
face value in Philippine pesos to fund local equity investments
at any time prior to their six-year maturity date.
    While the commercial banks had their doubts about the PINs
proposal, Ongpin said there was great interest on the part of
certain investment banks which are already active in the
secondary market for sovereign debt.
    Unlike current debt/equity schemes, Ongpin said, the PINs
would include no government fees and would be free from
"administrative hassles."
    He said about six investment banks had been approached and
four had replied so far. One even showed interest in buying 45
mln dlrs worth of notes, he said.
    Ongpin said that by funding current interest payments in
the secondary market through the PINs scheme, the Philippines
could conserve at least one to 1.5 billion dlrs of foreign
exchange reserves during its planned seven-year restructuring
period.
 REUTER
3;
bodyend
documentend
documentstart
9715
topicstart
topicend
bodystart
2;

GARCIA SAYS PERU NOT TRYING TO EXPORT DEBT STANCE


    MEXICO CITY, March 26 - 
Peruvian President Alan Garcia said
his government was not trying to convince other nations to
follow its decision to limit foreign debt repayments.
    "We do not want to export a model," Garcia told a press
conference at the end of an official two-day visit to Mexico
yesterday. He was referring to Peru's policy of limiting
payments on its 14 billion dlr debt to 10 pct of its export
earnings.
    Peru's attitude contrasts with that of Mexico, which
followed a more conciliatory route and last week signed a 7.7
billion dlr loan package with its creditor banks.
    Since it decided to put a ceiling on debt payments, Peru
has been barred from International Monetary Fund lending.
    Despite their different approaches to debt, Garcia and
Mexican President Miguel de la Madrid issued a joint
declaration yesterday calling the foreign debt problem an
"expression of the present unjust international economic order."
But the declaration said that no Latin American debtors' club
was about to appear.
    "We affirm the sovereignty of our economic decisions and the
capacity for mobilising our own resources," it said.
    The two presidents also signed a variety of agreements
aimed at boosting trade and tourism between their countries as
well a number of technical cooperation pacts.
    Garcia was scheduled to return to Lima tomorrow.
 REUTER
3;
bodyend
documentend
documentstart
9718
topicstart
crude
ship
topicend
bodystart
2;

GULF ESCORTS STILL UNDER DISCUSSION - WEINBERGER


    FORT WORTH, Texas, March 26 - 
No action has been taken yet
on the Reagan Adminstration's offer to escort Kuwaiti oil
tankers through the Gulf, but the issue is being discussed,
U.S. Secretary of Defence Caspar Weinberger said.
    The offer was made to Kuwait in light of Iran's deployment
of Chinese-built missiles to cover the entrance to the Gulf.
    Weinberger told reporters prior to a speech at Texas
Christian University that he did not think Iran and the United
States were moving towards a potential conflict, adding that
the Straits of Hormuz at the mouth of the Gulf were still "free
water."
 REUTER
3;
bodyend
documentend
documentstart
9720
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SAYS MAJOR NATIONS ACTING ON PARIS ACCORD


    TOKYO, March 26 - 
Finance Minister Kiichi Miyazawa said
major nations are taking action to stabilise exchange rates in
line with their agreement in Paris last month, government
sources said.
    Miyazawa told an Upper House session the six nations --
Britain, Canada, France, Japan, the U.S. And West Germany --
are abiding by the Paris accord. The six agreed to cooperate to
stabilise exchange rates at around current levels.
    Miyazawa said he wishes to attend a meeting of seven major
nations (G-7) expected just before the IMF/World Bank Interim
Committee meeting in Washington starting on April 9.
    The sources quoted Miyazawa as saying Japan is trying to
prevent a further rise of the yen. Japan is taking the matter
seriously, he added.
    Asked if the six nations had agreed to stabilise the dollar
at about 153 yen, the rate prevailing at the time of the Paris
talks, Miyazawa declined to give specific figures and said any
mention of specific rates would create an "unexpected situation."
 REUTER
3;
bodyend
documentend
documentstart
9721
topicstart
topicend
bodystart
2;

U.S. HOUSE PANEL APPROVES 400 MLN DLRS FOREIGN AID


    WASHINGTON, March 26 - 
The House of Representatives
Appropriations Committee yesterday approved 300 mln dlrs in
economic aid for four Central American states, 50 mln dlrs to
black-led states neighbouring South Africa and 50 mln dlrs in
military assistance for the Philippines.
    The programmes, part of 1.3 billion dlr supplemental budget
request by the Reagan administration to restore funds cut
earlier by Congress, must be approved by Congress.
    The committee rejected the administration's request for
21.6 mln dlrs as the U.S. Contribution to U.N. Peace-keeping
troops in Lebanon.
    The 300 mln dlrs will go to El Salvador, Honduras,
Guatemala and Costa Rica while another 12 mln dlrs was
allocated to replace the earthquake-damaged U.S. Embassy in San
Salvador.
    The 50 mln dlrs approved for a "Southern Africa" initiative
is part of a larger programme promised by the Reagan
administration last year when it tried unsuccessfully to block
sanctions approved by Congress against South Africa's
white-minority government.
 REUTER
3;
bodyend
documentend
documentstart
9723
topicstart
earn
topicend
bodystart
2;
******
Hoechst AG 1986 world group pretax profit 3.21 billion marks vs 3.16 billion

Blah blah blah.
3;


bodyend
documentend
documentstart
9724
topicstart
topicend
bodystart
2;

AIDC ISSUES FIRST AUSTRALIAN DLR MEDIUM TERM NOTES


    CANBERRA, March 26 - 
The Australian Industry Development
Corp (AIDC) said it issued 20 mln Australian dlrs of five-year
notes in London.
    The notes, issued in denominations of 50,000 dlrs, were
part of a 10-year, one billion U.S. Dlr multicurrency facility
established last December, it said in a statement.
    Medium-term Euronotes had previously only been issued in
U.S. Dlrs, it said.
    The AIDC last week said it issued under the same facility
the first of several five mln Australian dlr-denominated
Euro-commercial paper tranches in Asia.
    Dealers for the one billion U.S. Dlr borrowing program were
the AIDC, 
<
Credit Suisse First Boston Ltd>, 
<
Merrill Lynch
International and Co>, 
<
Morgan Stanley International>, 
<
Salomon
Brothers International Ltd> and 
<
Swiss Bank Corp International
Ltd>, the AIDC said.
    
<
Citibank N.A.> was the issuing and paying agent.
 REUTER
3;
bodyend
documentend
documentstart
9727
topicstart
money-fx
topicend
bodystart
2;
******
BANK OF FRANCE LAUNCHES MONEY MARKET INTERVENTION TENDER - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
9728
topicstart
earn
topicend
bodystart
2;

HOECHST AG 
<
HFAG.F> YEAR 1986


    FRANKFURT, March 26 - 
Year ended December 31.
    World group pretax profit 3.21 billion marks vs 3.16
billion.
    Turnover 38.01 billion marks vs 42.72 billion.
    World group turnover comprised domestic sales 10.83 billion
vs 10.80 billion, foreign sales 27.18 billion vs 31.92 billion.
    Parent pretax profit 1.82 billion marks vs 1.62 billion.
    Turnover 14.09 billion vs 15.35 billion.
    Parent turnover comprised domestic sales 6.47 billion vs
6.84 billion, foreign sales 7.62 billion vs 8.51 billion.
    Parent investment in fixed assets 960 mln marks vs 831 mln.
    Depreciation of fixed assets 935 mln marks vs 847 mln.
    Investment in new participations 2.53 billion marks vs 294
mln.
 REUTER
3;
bodyend
documentend
documentstart
9729
topicstart
trade
bop
topicend
bodystart
2;

GERMAN TRADE, CURRENT ACCOUNT DATA DUE TODAY


    WIESBADEN, March 26 - 
The Federal Statistics Office will
today publish trade and current account figures for February, a
spokeswoman said in reply to queries.
    In January the current account surplus provisionally
narrowed to 4.9 billion marks from 8.5 billion in December. The
provisional January trade surplus narrowed to 7.2 billion marks
from a record 11.6 billion marks the month before.
    In February 1986 the current account had shown a 6.85
billion mark surplus and the trade account a 6.84 billion
surplus.
 REUTER
3;
bodyend
documentend
documentstart
9730
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE LAUNCHES MONEY MARKET TENDER


    PARIS, March 26 - 
The Bank of France said it set a money
market intervention tender today to inject funds to the market
against first category paper.
    Money market sources said the surprise announcement might
herald a quarter percentage point cut in the central bank
intervention rate from the 7-3/4 pct level set March 10, but
they added such a cut was relatively unlikely.
    The intervention rate was cut from eight pct on March 10
after being raised from 7-1/4 pct on January 2 to head off
speculative pressure against the franc.
    Dealers said market fundamentals could justify a further
easing, but a combination of technical factors and renewed
currency uncertainties surrounding the dollar had put
short-term upside pressure on interest rates in recent
sessions.
    Call money rose yesterday to 7-7/8 eight pct from 7-3/4 7/8
pct. Today it was first indicated at 8-1/8 1/4 before easing on
news of the tender to 7-13/16 7/8 pct.
    Technical factors making for a slight shortage of liquidity
in the market included the settlement yesterday of the latest
monthly treasury tap stock tender, on March 5, market sources
said.
 REUTER
3;
bodyend
documentend
documentstart
9731
topicstart
acq
topicend
bodystart
2;
******
BP says it will tender for remaining 45 pct of Standard Oil at 70 dlrs a share cash

Blah blah blah.
3;


bodyend
documentend
documentstart
9733
topicstart
acq
topicend
bodystart
2;

BP TO OFFER 7.4 BILLION DLRS FOR STANDARD SHARES


    LONDON, March 26 - 
British Petroleum Co Plc 
<
BP.L> said it
intended to make a tender offer for the 45 pct of Standard Oil
Co 
<
SRD.N> it does not already own at 70 dlrs a share cash, for
a total of 7.4 billion if the offer is fully accepted.
    The offer would be made through its 
<
BP North America Inc>
unit and was intended to commence not later than April 1. The
offer would not be conditional on any minimum number of shares
being tendered.
    BP said in a statement the 70 dlr a share price was based
on its own valuation as well as those of its financial
advisers. It took into account reviews of both public and
non-public information.
    Standard closed in New York last night at 64-7/8 dlrs, down
1-3/4 dlrs.
    BP shares dropped on the announcement to 877p from 888p at
last night's close.
    About a third of the cash payable would be met from BP's
own resources.
    The remainder would come from new borrowings, partly from
banks under a four-year committed revolving credit facility and
partly from a a new U.S. Dlr commercial paper programme. The
company said it was in the course of arranging these
facilities.
    BP Chairman Sir Peter Walters said that the group's
investment in Standard was its largest single asset. Full
ownership would enable investment and operating decisions to be
made without the limitations of a minority interest.
    BP also believed the acquisition represented the optimum
use of its financial resources. It was confident oil prices
were likely to remain within a range sufficient to justify the
investment.
    Walters added that it also felt that, due to management
changes in 1986, Standard could now operate successfully even
in a lower oil price environment.
    Standard's net assets at end-1986 were 7.02 billion dlrs
and in the year it reported a loss of 1.08 billion dlrs before
tax and before an extraordinary item of 608 mln dlrs.
    Analysts said that the move by BP had come as a surprise.
One noted that it was not immediately clear why the group
should spend so much money buying a company it already
controlled.
    BP could also have bought up the remainder of Standard
shares considerably cheaper had it moved six months ago.
    It was also unclear what effect the tender would have on
the U.K. Government's recent announcement that it intended to
dispose of its remaining 31.7 pct stake in BP sometime in the
1987/88 financial year, analysts said.
    Analyst Paul Spedding of brokers Kleinwort Grieveson noted
that any effect on the government sale of its stake in BP would
depend on the reaction of the markets.
    The deal would probably push BP's gearing up to around 59
pct from 20 pct currently, he said.
    However, with the likelihood that oil prices would not
repeat last year's rapid drop the prospects for Standard
returning to profitability this year -- and BP benefitting from
its cash flow -- were good.
    Standard was a high cost oil producer, the analysts noted.
    Spedding noted that it needed about 12 dlrs a barrel to
make money, and at about 15 dlrs a barrel revenue from
production and its downstream activities would push it
comfortably into surplus.
    BP initially took a stake in Standard following the
discovery of oil in Alaska's Prudhoe bay in 1969. BP had
inadequate distribution facilities in the U.S. While Standard,
which was strong on marketing and refining, was short on crude
oil.
    The analysts said that BP had promoted a major management
reorganisation of Standard in the past year.
    The probability that much of the shake-up at Standard was
now complete was one possible factor behind the timing of the
tender offer, Spedding said.
    BP's willingness to take hard decisions such as major
balance sheet write offs and the sale of assets had been well
received in the markets.
    The lower costs that should now be possible -- especially
after the rationalisation of the loss making minerals division
-- should allow the benefits of an oil price recovery to come
straight through to 1987 profits without being cut back by
other sectors.
 REUTER
3;
bodyend
documentend
documentstart
9734
topicstart
earn
topicend
bodystart
2;

HOECHST RAISES PROFITS ON LOWER SALES


    FRANKFURT, March 26 - 
Hoechst AG 
<
HFAG.F> said in a
statement it increased its pretax profits in 1986 despite a
fall in turnover due to lower foreign sales.
    The lower sales were due to the fall in the dollar and
other currencies against the mark. Other factors were pressure
on selling prices because of a sharp fall in the prices of
crude oil and petrochemical raw materials and the sale of
polystyrene business in the U.S. And Netherlands.
    World group pretax profit rose to 3.21 billion marks in
1986 from 3.16 billion in 1985, with sales falling to 38.01
billion from 42.72 billion.
    Within group turnover, foreign sales fell to 27.18 billion
marks in 1986 from 31.92 billion in 1985, a drop of 14.9 pct.
    The statement made no mention of net profit figures.
Hoechst will announce its dividend proposal on April 23.
    In the first quarter of this year sales were hit by the
cold weather at the start of the year. If the dollar continues
at present low levels, 1987 sales will again be below the
previous year, although in volume terms they are unchanged from
1986, Hoechst said.
    Sales of paints and dyes, fibres, sheeting and information
technology all rose in 1986 but plant construction sales fell.
    Hoechst attributed its good results to the performance of
the parent company, other units in West Germany, and to

<
American Hoechst Corp>.
    Improved earnings in the U.S. Largely reflected the
restructuring of styrene and polystyrene activities.
    Roussel Uclaf 
<
RUCF.PA> and most domestic non-consolidated
partners did not perform as well as in 1985.
    Hoechst attributed the 12 pct rise in parent company pretax
profits to 1.82 billion marks above all to a rise in earnings
from interest and holdings in other companies, and a fall in
extraordinary costs.
    The fall in raw material prices was not enough to
compensate for the decline in turnover due to lower prices and
currencies, Hoechst said.
    The bulk of the 2.53 billion marks investment in new
projects, up from 294 mln marks in 1985, went on the capital
increase of Hoechst Capital Corp in connection with the
acquisition of 
<
Celanese Corp>.
    Celanese was merged with American Hoechst in February to
form 
<
Hoechst Celanese Corp>.
 REUTER
3;
bodyend
documentend
documentstart
9735
topicstart
interest
topicend
bodystart
2;
******
Danish overnight money market rate cut to 10 pct from 10.5 - central bank

Blah blah blah.
3;


bodyend
documentend
documentstart
9736
topicstart
earn
topicend
bodystart
2;

BHP NET SEEN AROUND 600 MLN DLRS FOR NINE MONTHS


    SYDNEY, March 26 - 
Australia's largest company, The Broken
Hill Pty Co Ltd 
<
BRKN.S> (BHP), is expected to report a net
profit of around 600 mln to 620 mln dlrs tomorrow for the first
nine months ended February 28, share analysts polled by Reuters
said.
    This would be well below the 813.0 mln dlrs earned in the
first three quarters of 1985/86. In the full year ended May 31
1986 the group earned a record 988.2 mln dlrs.
    The analysts estimated that the group would report a third
quarter net in the region of 200 mln to 220 mln dlrs, against
238.6 mln a year earlier and 220.3 mln in the second quarter.
    BHP's earnings in the first half ended November 30 amounted
to 397.0 mln dlrs, sharply down from 589.3 mln a year earlier.
    The analysts predicted that BHP will report an upturn in
petroleum earnings compared with the first quarter, reflecting
some improvement in crude oil prices from the Bass Strait
fields, but these gains would be offset by lower mineral and
steel earnings.
    They said the mineral group has been hit by lower coal
prices and shipments to Japan while the steel division has been
affected by industrial and production problems.
    The analysts noted that the third quarter is normally BHP's
lowest-earning period owing to a number of seasonal factors,
and they predicted a sharp rise in fourth quarter net to around
300 mln dlrs.
    One key factor in the fourth quarter is expected to be a
tax break of some 70 mln dlrs for the investment allowance on
capital expenditure in the steel division, they said.
    They said they saw BHP's full year earnings at around 900
mln to 920 mln dlrs. They added that such a decline from
1985/86 would be no surprise, noting BHP has said that it would
be difficult to equal its record 1985/86 net profit.
 REUTER
3;
bodyend
documentend
documentstart
9737
topicstart
acq
topicend
bodystart
2;
******
 BP units seek five billion dlr revolving credit to support Standard Oil tender

Blah blah blah.
3;


bodyend
documentend
documentstart
9738
topicstart
alum
topicend
bodystart
2;

INDIAN PLANT SIGNS FIRST ALUMINA EXPORT CONTRACT


    NEW DELHI, March 25 - 
An unnamed Norwegian firm agreed to
buy 100,000 tonnes of alumina a year from a refinery in eastern
Orissa state due to start operations in the next 12 months, a
Commerce Ministry official told Reuters.
    He said the state-owned National Aluminium Co, which owns
the plant, and the state-owned Mineral and Metals Trading Corp
signed its first long-term export agreement with the company,
but gave no further details.
    Of the plant's 800,000 tonnes annual capacity, 425,000 will
be smelted into 218,000 tonnes of aluminium and the remaining
375,000 will be exported, the official said.
 REUTER
3;
bodyend
documentend
documentstart
9740
topicstart
topicend
bodystart
2;

NORDIC INVESTMENT BANK HAS ZERO COUPON BOND


    LONDON, March 26 - 
The Nordic Investment Bank is issuing a
zero coupon 100 mln Australian dlr bond due April 24, 1992
priced at 53-1/2 pct for an effective yield at launch of 13.33
pct, lead manager Chemical Bank International Ltd said.
    The bond will be available in denominations of 1,000 and
10,000 dlrs and will be listed in Luxembourg.
    Fees comprise 3/4 pct selling concession and 1/2 pct for
management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
9741
topicstart
earn
topicend
bodystart
2;

LUCAS INDUSTRIES PLC 
<
LUCS.L> HALFYEAR ENDED JAN 31


    LONDON, March 26 -
    
Shr 22.9p vs 26.9p.
    Interim div 2.6p vs same.
    Pre-tax profit 40.0 mln stg vs 38.0 mln.
    Net profit before minorities 29.6 mln vs 30.9 mln.
    Turnover 825.0 mln vs 791.6 mln.
    Trading profit 52.8 mln stg vs 52.5 mln.
    Related companies profit 3.1 mln vs 1.4 mln.
    Interest payable 12.3 mln vs 14.6 mln.
    Reorganisation and redundancy costs 3.6 mln vs 1.3 mln.
    Tax 10.4 mln vs 7.1 mln.
    Minorities 1.5 mln vs 2.4 mln.
    Extraordinary charges 1.3 mln vs 34.2 mln.
 REUTER
3;
bodyend
documentend
documentstart
9742
topicstart
acq
topicend
bodystart
2;

BP UNITS SEEK FIVE BILLION DLR REVOLVING CREDIT


    LONDON, March 26 - 
BP International and BP North America
are seeking a five billion dlr, four year syndicated credit
facility in support of British Petroleum Co Plc's tender offer
for the 45 pct of Standard Oil Co it does not already own,
Morgan Guaranty Trust Co of New York said as arranger.
    The facility, to be guaranteed by British Petroleum Co Plc

<
BP.L> is probably the largest credit facility ever arranged in
Europe, bond analysts said. Full terms will be announced either
later today or tomorrow morning. BP said earlier it planned a
tender offer for the 45 pct of Standard it does not already own
for 70 dlrs a share cash.
    The financing being arranged by Morgan Guaranty will take
the form of a fully committed revolving credit. As announced
earlier, BP also is arranging a U.S. Commercial paper program
in connection with the tender and part of the revolver will be
used to support that program.
    The exact size of the U.S. Program has not been decided and
the dealers have not yet been chosen.
    The credit facility will also allow the borrower to issue
cash advances with maturities of one, three or six months
through a tender panel, which will be comprised of banks
committed to the facility.
    Despite the unprecedented size of this euromarket facility,
Morgan Guaranty said that it was being syndicated only among
BP's relationship banks.
    As a result, banks were being offered lead manager status
at 200 mln dlrs, co-lead management at 125 mln and manager at
75 mln.
    Although pricing on many credit facilities has become
extremely fine in recent years because of the keen competition
to win mandates, Morgan Guaranty said banks would be
compensated fairly since this is a special purpose facility
which must be completed quickly, with signing expected in about
10 days.
 REUTER
3;
bodyend
documentend
documentstart
9743
topicstart
topicend
bodystart
2;

EUROFIMA LAUNCHING 40 MLN SWISS FRANC NOTES


    ZURICH, March 26 - 
Eurofima of Basle is launching 40 mln
Swiss francs of six year notes with a 4-3/8 pct coupon and
100.25 issue price, lead manager Zurich Cantonal Bank said.
    Payment is due April 22.
 REUTER
3;
bodyend
documentend
documentstart
9744
topicstart
earn
topicend
bodystart
2;

CLUB MEDITERRANEE 
<
CMI.PA> - YEAR ENDED OCTOBER 31


    PARIS, March 26 -
    
Parent company 1986 net profit 202.55 mln francs vs 171.31
mln
    Dividend 13.02 francs vs same, including 4.34 francs tax
credit.
    (Note -  company earlier reported consolidated net profit
315.9 mln francs vs 302.08 mln and consolidated attributable
profit of 293.3 mln vs 266.6 mln.)
 REUTER
3;
bodyend
documentend
documentstart
9745
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET LIQUIDITY POSITION EXPECTED FLAT


    LONDON, March 26 - 
The Bank of England said it has forecast
a flat position in the money market today.
    Among the main factors, maturing assistance and take-up of
treasury bills will drain 545 mln stg and a rise in note
circulation 35 mln stg but the outflow will be offset by 490
mln stg exchequer transactions and bankers balances above
target 70 mln.
 REUTER
3;
bodyend
documentend
documentstart
9746
topicstart
sugar
topicend
bodystart
2;

EC SUGAR TENDER SEEN AS FURTHER CONCESSION


    BRUSSELS, March 26 - 
The rebates granted at yesterday's EC
sugar tender represent a further concession to producers'
complaints that they are losing money on exports outside the
bloc, trade sources said.
    They said the maximum rebate of 45.678 European currency
Units (Ecus) per 100 kilos was 0.87 Ecus below what producers
claim is needed to obtain the equivalent price to that offered
for sales into intervention.
    The rebate at last week's tender was 1.3 Ecus short of the
level producers thought necessary and that of the previous week
was 2.5 Ecus below this level.
    But the sources said producers who have offered a total of
854,000 tonnes of sugar into intervention in an apparent
attempt to persuade the Commission to set higher maximum
rebates have given no formal indication to the Commission that
they intend to withdraw these offers.
    The French and German operators involved would be able to
withdraw the offers up to five weeks after April 1 when the
sugar will officially enter intervention stores.
    The five-week period is the normal delay between sugar
going into intervention and payment being made for it.
    EC officials have said that if the Commission has to buy
the sugar, it is determined immediately to resell it, a move
which could drive down market prices further.
 REUTER
3;
bodyend
documentend
documentstart
9747
topicstart
bop
topicend
bodystart
2;
******
 German Feb current account surplus 6.6 billion marks (Jan surplus 4.8 billion) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
9748
topicstart
trade
topicend
bodystart
2;
******
 German February trade surplus 10.4 billion marks (Jan surplus 7.2 billion) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
9749
topicstart
bop
trade
topicend
bodystart
2;

GERMAN CURRENT ACCOUNT SURPLUS WIDENS IN FEBRUARY


     WIESBADEN, March 26 - 
West Germany's current account
surplus widened to a provisional 6.6 billion marks in February
from a slightly downwards revised 4.8 billion in January, a
spokeswoman for the Federal Statistics Office said.
    The trade surplus in February widened to a provisional 10.4
billion marks from 7.2 billion in January, she added.
    The Statistics Office had originally put the January
current account surplus at 4.9 billion marks.
    The February trade surplus was well up on the 6.84 billion
mark surplus posted in the same month of 1986. But the current
account surplus was down slightly from the 6.85 billion surplus
recorded in February 1986.
    A Statistics Office statement said the widening of the
February current account surplus compared with January was due
to seasonal factors. Neither the trade nor current account
figures are seasonally adjusted.
    February imports, measured in terms of value, totalled
32.11 billion marks, a decline of 10 pct against February 1986
but a rise of 5.5 pct against January.
    Exports in February, also in value terms, totalled 42.56
billion marks, 0.5 pct less than in February 1986 but up 13 pct
compared with January.
    The Statistics Office said it was not yet able to calculate
the real change in exports and imports in February. But for
comparison purposes it noted that in January the average value
of imports had fallen 15 pct year-on-year while the average
value of exports had declined by only 4.4 pct.
    Within the current account, the services account had 300
mln marks deficit, supplementary trade items a 200 mln mark
surplus while transfer payments posted a 3.7 billion mark
deficit.
    Taking the first two months of 1987 together, imports in
value terms fell 14 pct to 62.6 billion marks compared with a
year earlier. The value of exports totalled 80.2 billion marks,
a decline of 7.4 pct against the same months of 1986.
    The resulting trade surplus of 17.6 billion marks for
January/February compares with a cumulative surplus of 14.1
billion marks in the year-ago period.
    The cumulative current account surplus for January and
February 1987 totalled 11.3 billion marks against 11.4 billion
marks a year earlier, the Statistics Office said.
    Bank economists said the rise in the February trade surplus
reflected an improvement in the terms of trade as well as
seasonal factors. The Federal Statistics Office said earlier
this week that February import prices fell 0.7 pct against
January while export prices were unchanged.
    "The rise in the nominal figures masks a lower export trend
that is not expected to change for several months at least,"
said an economist. He said the nominal trade surplus for 1987
as a whole is likely to fall only slightly from the record
112.2 billion marks in 1986 but other economists said the
surplus could fall to around 80 billion marks.
    An economist at the Bank fuer Gemeinwirtschaft (BfG) in
Frankfurt said a two-month comparison of trade figures gave a
more accurate picture of West Germany's trade position.
    He noted the 17.6 billion mark surplus for January and
February together was lower than the 21.6 billion mark surplus
posted in November and December.
    "The trend is clearly lower," he said.
    This economist, who declined to be named, said the February
rise was also partly explained by special factors in January,
when there had been a number of public holidays as well as
extremely cold weather, both of which hindered trade.
 REUTER
3;
bodyend
documentend
documentstart
9750
topicstart
topicend
bodystart
2;

MONTREAL TRUSTCO ISSUES CANADIAN DOLLAR EUROBOND


    PARIS, March 26 - 
Montreal Trustco Inc is issuing a 100 mln
Canadian dlr, 8-1/2 pct bond due May 6, 1992 at 101 pct, lead
manager Societe Generale said.
    The non-callable issue is of unsecured, unsubordinated
debt. Denominations are of 1,000 and 10,000 Canadian dlrs and
listing is in Luxembourg. Payment date is May 5.
    Fees are 1-1/4 pct for selling, 3/8 pct for underwriting
and 1/4 pct for management including a 1/8 pct praecipuum.
 REUTER
3;
bodyend
documentend
documentstart
9751
topicstart
jobs
trade
topicend
bodystart
2;

KEATING REVISES DOWN AUSTRALIAN GROWTH FORECAST


    CANBERRA, March 26 - 
Treasurer Paul Keating forecast
economic growth at slightly under two pct in the financial year
ending June this year, down from the 2.25 pct forecast
contained in the 1986/87 budget delivered last August.
    Australia's terms of trade also fell, by 18 pct, over the
past two years, he told Parliament. Terms of trade are the
difference between import and export price indexes.
    Despite the figures, the budget forecast of about 1.75 pct
annual growth in employment would be met, Keating said.
    Unemployment is currently at 8.2 pct of the workforce.
    "This government is dragging Australia through a trading
holocaust the kind of which we have not seen since the Second
World War," Keating said.
    "We are not pushing this place into a recession. We are not
only holding our gains on unemployment, we are bringing
unemployment down," he said, adding that the government had help
the country avoid recession.
 REUTER
3;
bodyend
documentend
documentstart
9752
topicstart
money-supply
topicend
bodystart
2;

TAIWAN'S SAVINGS AT RECORD HIGH


    TAIPEI, March 26 - 
Taiwan has over one trillion Taiwan dlrs
in savings, official statistics show.
    Figures released yesterday show all forms of savings by
individuals and public and private firms, including bank
deposits, certificates of deposits and bond's, are running at
about 37 pct of gross national product (GNP).
    GNP rose by 14.35 pct in 1986 to 2.74 trillion dlrs.
    Taiwan's strict foreign exchange controls and lack of
incentives to invest abroad mean its huge export earnings are
mainly deposited in bank savings accounts, earning below four
pct interest each year.
 REUTER
3;
bodyend
documentend
documentstart
9753
topicstart
saudriyal
money-fx
topicend
bodystart
2;

SHORT-DATED SAUDI RIYAL RATES FIRM IN QUIET MARKET


    BAHRAIN, March 26 - 
Short-dated Saudi riyal interest rates
firmed but other rates were steady in quiet trading, dealers
said.
    "Day-to-day money is a bit tighter," one trader said.
    Overnight rose two points to six pct, while most quotes for
tomorrow/next and spot/next were 1/2 point higher at around
six, 5-1/2 pct.
    The periods were essentially steady at 5-7/8, 5/8 pct for
one month, 6-1/2, 3/8 pct for three, and 6-7/8, 11/16 for six
months.
    The spot riyal stood at 3.7500/05 to the dollar after
3.7506/09 yesterday.
 REUTER
3;
bodyend
documentend
documentstart
9754
topicstart
livestock
carcass
topicend
bodystart
2;

JAPAN BEEF PRICE SUPPORT CUT WILL NOT RAISE DEMAND


    By Fumiko Fujisaki, Reuters


    TOKYO, March 26 - 
Japan's plan to cut beef intervention
prices for the fiscal year starting April 1 will not boost
demand because of strict supply controls and a complex
distribution system, Japanese and U.S. Industry sources said.
    "Government beef policy protects farmers rather than meeting
consumers' demands and the cutback ... Is too marginal," a
Housewives Association of Japan official said.
    Despite mounting U.S. Pressure on Japan to open farm
markets, beef is strictly controlled by the government, which
maintains a price stabilisation zone to protect farmers.
    Under the plan, expected to be announced this month, the
standard or bottom price of castrated wagyu -- known as marbled
beef -- will be set at 1,370 yen per kilo for 1987/88 against
1,400 now, and the ceiling at 1,780 yen against 1,820.
    The standard price of other beef, mainly produced from
dairy steers, is set at 1,020 yen against 1,090 and the ceiling
at 1,325 against 1,420.
    Ministry officials said the semi-government Livestock
Industry Promotion Corp (LIPC) conducts buffer stock operations
to help keep wholesale beef prices within the intervention
price zone.
    The LIPC is allowed to import most beef, with the amount
set by the government under a quota system. When wholesale
prices go above the ceiling, the LIPC releases its beef stocks,
both domestic and imported, and buys locally produced beef when
prices are below.
    But the LIPC has often been criticised for releasing beef
stocks when the prices are higher than the ceiling.
    Phillip Seng, Asian Director of the U.S. Meat Export
Federation, told Reuters the two pct cut in prices is a step
toward closing the gap with European Community prices, about
half those in Japan.
    But Seng said the cut will not benefit consumers or U.S.
Meat exporters because of Japan's rigid and complicated
distribution system and strict supply control by the LIPC.
    The Housewives Association official said retail beef prices
are high mainly because of distribution problems and high
production costs, as well as poor operations by the LIPC.
    American meat packers see Japan as a promising market. F.C.
Beatty, of U.S. Packer John Morrell and Co, told the Japan
Times beef cuts, which sell for 1.20 to 3.00 dlrs a pound in
the U.S., Are sold at 15 to 30 dlrs in Japan.
    But Seng said the cut will not benefit consumers or U.S.
Meat exporters because of Japan's rigid and complicated
distribution system and strict supply control by the LIPC.
    The Housewives Association official said retail beef prices
are high mainly because of distribution problems and high
production costs, as well as poor operations by the LIPC.
    American meat packers see Japan as a promising market. F.C.
Beatty, of U.S. Packer John Morrell and Co, told the Japan
Times beef cuts, which sell for 1.20 to 3.00 dlrs a pound in
the U.S., Are sold at 15 to 30 dlrs in Japan.
    But industry sources said it is unclear how much demand
will pick up if retail beef prices drop following any sharp
reduction in intervention prices.
    U.S. Agriculture Secretary Richard Lyng said this week he
will ask Japan to remove all beef import restrictions when he
visits here next month.
    In 1984, Japan decided to increase its beef import quota by
9,000 tonnes a year until March 31, 1988.
    In 1987/88, the quota will rise to 177,000 tonnes from
168,000 in 1986/87, ministry officials said, adding Japan wants
to keep self-sufficiency in beef at around 70 pct.
 REUTER
3;
bodyend
documentend
documentstart
9755
topicstart
acq
topicend
bodystart
2;

FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY


    TOKYO, March 26 - 
One of two rival firms seeking to enter
Japan's international telecommunications market said it will
offer a stake in the company to 10 foreign firms.
    President of 
<
International Telecom Japan Inc> (ITJ), Nobuo
Ito, decline to specify what share the firms would take, but
told Reuters they would not participate in its management.
    ITJ and 
<
International Digital Communications Planning Inc>
(IDC), in which both Cable and Wireless Plc 
<
CAWL.L> and
Pacific Telesis Group 
<
PAC.N> own 20 pct stakes, are set to
merge into a new entity to compete against 
<
Kokusai Denshin
Denwa Co Ltd> (KDD).
    The Ministry of Posts and Telecommunications has urged the
two rival firms to merge so KDD would have only a single
competitor. The ministry has also rejected foreign management.
    Japan's law limits foreign ownership of any new
international telecommunications entrant to 33 pct, so C and
W's and Pacific's stakes could be three pct in the merged firm,
sources said. Those seeking to join are General Electric Co

<
GE.N>, Ford Motor Co 
<
F.N>, 
<
Citibank NA>, BankAmerica Corp

<
BAC.NYSE>, 
<
Shearson Lehman Bros Inc>, 
<
Saloman Brothers>,

<
Asia Boeing Computer Service>, Unisys Corp 
<
UIS.N>, 
<
Societe
Generale> and Deutsche Bank AG 
<
DBKG.FRA>.
    The merger plan has been criticised for excluding foreign
firms from a meaningful position in the market.
    The U.K.'s Prime Minister Margaret Thatcher, U.S. Secretary
of State George Shultz, U.S. Commerce Secretary Malcolm
Baldrige and U.S. Trade Representative Clayton Yeutter have all
expressed such opposition.
    Japanese Prime Minister Yasuhiro Nakasone will draft a
reply to the criticism following further discussion, a Posts
and Ministry official said.
 REUTER
3;
bodyend
documentend
documentstart
9756
topicstart
veg-oil
meal-feed
oilseed
topicend
bodystart
2;

U.K. OILMEAL/VEG OIL PRODUCTION ROSE IN 1986


    LONDON, March 26 -  
The U.K. Produced 820,400 tonnes of
oilcake and meal and 431,000 tonnes of crude vegetable oil in
calendar 1986, Ministry of Agriculture figures show.
    They compare with 785,800 tonnes of oilcake and meal and
407,400 tonnes of crude vegetable oil produced in 1985.
    Total oilseeds crushed rose to 1.27 mln tonnes from 1.21
mln in 1985.
 REUTER
3;
bodyend
documentend
documentstart
9757
topicstart
topicend
bodystart
2;

BNP PLANS 100 MLN H.K. DLR CD ISSUE


    HONG KONG, March 26 - 
Banque Nationale de Paris Hong Kong
branch is planning a 100 mln H.K. Dlr certificate of deposit
issue with BT Asia Ltd as lead manager, banking sources said.
    They said this is the first capped FRCD issue in Hong Kong.
It is in two equal tranches. Tranche A, which matures January
9, 1993, is payable April 9 this year. Tranche B, which matures
September 15, 1992, is payable April 15.
    Interest on both tranches is 1/8 percentage point over
three months Hong Kong interbank offered rate, subject to a
14-3/8 pct ceiling. Management fee is 25 basis points. The CDs
will be issued at par in denominations of 100,000 dlrs each.
 REUTER
3;
bodyend
documentend
documentstart
9759
topicstart
topicend
bodystart
2;

SINGAPORE LAWS TO LIBERALISE LOCAL CAPITAL MARKET


    By Lai Kwok Kin, Reuters


    SINGAPORE, March 26 - 
Parliament passed laws increasing the
amounts and frequency of treasury bill issues and allowing the
government to raise up to 35 billion dlrs through issues of
registered stock, bearer bonds and book-entry securities.
    Both steps are aimed at establishing a wider domestic
capital market as part of Singapore's plans to expand its
financial sector, Finance Minister Richard Hu said.
    Banking sources said the new government securities market,
scheduled to have been launched on March 2, had been delayed
pending legislative approval of these bills.
    The 35 billion dlrs maximum which may be raised under the
Development Loan Bill (1987), against a ceiling of 15 billion
under current laws, is expected to satisfy demand for
government securities over the next four years, Hu said.
    He said 6.1 billion dlrs of the 15 billion has so far been
raised as development loans. The rest will be used up when
bonds are issued to absorb advance deposits of 13.9 billion
dlrs from the Central Provident Fund (CPF), a mandatory pension
savings scheme. Workers and employers contribute a respective
25 pct and 10 pct of a worker's salary to the CPF, which had
funds totalling 29.3 billion at end-1986.
    Regular government securities issues are needed to meet the
demand of banks, insurance companies, other financial
institutions and corporate and individual investors, Hu said.
    The Monetary Authority of Singapore (MAS) had said it
planned to launch trading by issuing taxable instruments
grossing seven billion dlrs in the first year and a gross 38
billion dlrs of paper over the next five years.
    Funds raised in excess of the government's budgetary needs
will not be channelled into increased spending, but will be
recycled back to the financial system, largely through the MAS,
Hu said.
    Hu said the current government securities market is
rudimentary, with the CPF holding three-quarters of the
outstanding debt and banks, discount houses and insurance
companies holding the rest. "The concentration of securities in
the hands of such long-term holders has left little scope for
trading activity," he said.
    "Moreover, the maturity of the bonds, mostly 20 years, was
not attractive to other investors who might have been expected
to deal more actively in the market. The infrequency of bond
issues exacerbated the lack of liquidity necessary for the
development of a market," Hu said.
    Hu said these obstacles have been resolved and regular
issues of government securities will be made, initially
carrying terms of up to five years and market-related yields.
    The minimum denomination is 1,000 dlrs for notes and bonds
-- aimed at individual investors -- and 10,000 dlrs for the
treasury bills, which are directed at corporate investors.
    Eight primary and registered dealers have undertaken to
make markets in order to ensure liquidity, he said.
    Hu said while the new government securities market will be
essentially domestic, non-residents are free to invest, but
interest earned will be subject to withholding tax.
    Hu said under the new Treasury Bills (Amendment) Bill, all
book entries of borrowings through treasury bill issues must be
made in records maintained by MAS.
    Hu said that instead of physical certificates having to
travel back and forth at each transaction, with side trips to
the MAS for registration, the MAS will maintain a computerised
system for updating records in a central register.
    Commercial banks and primary and registered government
securities dealers will each have two securities accounts with
the MAS, one for their own holdings and the other for holdings
on behalf of all their customers, Hu said.
    All trades will be reflected daily in changes in these
accounts, Hu said.
    "These institutions will in turn act as custodians of
government securities for their customers, rendering each an
individual accounting of his holdings."
    Hu said the new system will cut storage and handling costs
and paper work, reduce the danger of loss, theft, destruction
and counterfeiting, and permit greater speed and efficiency in
handling large volumes of transactions.
 REUTER
3;
bodyend
documentend
documentstart
9760
topicstart
earn
topicend
bodystart
2;

SIEMENS SEES SALES NEAR 52 BILLION MARKS THIS YEAR


    MUNICH, March 26 - 
World group turnover of Siemens AG

<
SIEG.F> should rise to 51 or 52 billion marks in the current
year to September 31 after a 19 pct upturn in the first five
months, management board chairman Karlheinz Kaske said.
    Siemens reported world group turnover in 1985/86 of 47.02
billion marks.
    Kaske told the annual shareholders meeting turnover rose to
21.2 billion marks in the first five months of 1986/87, about
19 pct above the same year-ago period. The rise was mainly due
to payment in January for a West German nuclear power station
which led to a jump in domestic sales of 36 pct.
    In the first five 1986/87 months, turnover abroad showed a
three pct increase, Kaske said, without giving figures.
    In the same period incoming orders rose five pct to 21.8
billion marks against the same 1985/86 period.
    For the year as a whole incoming orders should rise between
one and two billion marks to around 51 or 52 billion.
    Apart from payments for the nuclear power station, the
communications and telecommunications sectors in particular
should contribute to growth this year, Kaske said.
    But it was not possible to make a profit forecast for
1986/87 because of uncertainty about the direction of the
dollar, Kaske said.
    Siemens already reported that first quarter 1986/87 group
net profit fell marginally to 296 mln marks from 298 mln in the
same period in the previous year.
    Turnover in the first five months rose particularly
strongly in the installations and automotive technology,
communications and telecommunications sectors, but components
and energy and automation showed a sharp decline.
    Kaske said domestic orders rose to 10.2 billion marks in
the first five months of this year, or nine pct above their
level in the same 1985/86 period, boosted in particular by
orders for the fully owned Kraftwerk Union AG subsidiary.
    Foreign orders grew one pct to 11.6 billion marks. An
increase in orders through newly acquired subsidiaries abroad
was balanced by the decline in the dollar.
    While the installations and automotive technology sector
showed a sharp rise in orders, energy and automation and
communications orders were below the level achieved in the same
period of 1985/86.
    Telecommunications orders remained at roughly the same
level.
    Kaske said investments were expected to remain around six
billion marks in 1986/87 after a 50 pct increase the previous
year. Research and development were likely to rise 13 pct to
6.1 billion marks or around 12 pct of turnover.
 REUTER
3;
bodyend
documentend
documentstart
9761
topicstart
earn
topicend
bodystart
2;

KRUPP HAS SATISFACTORY 1986 RESULTS


    ESSEN, West Germany, March 26 - 
The Fried. Krupp GmbH

<
KRPG.D> steel and engineering group said it had a satisfactory
1986 despite a provisional 12 pct fall in total group sales to
18.1 billion marks from 20.7 billion the previous year.
    Third party turnover declined to 15.9 billion from 18.5
billion in 1985 while orders slipped to 15.5 billion marks from
16.9 billion, it said in a preliminary statement.
    Despite these figures, which reflected the dollar's
weakness against the mark and oil and raw materials price
falls, it said 1986 was a satisfactory year.
    The reason was the continued expansion of the machinery and
plant sector, which accounted for 42 pct of total sales.
    Krupp added that some areas of the mechanical engineering
business achieved notable growth rates and acquisitions had
underpinned machinery and component activities.
    An orders decline in the steel and, in particular, the
trading and services sectors, affected the group's total order
figures.
    However, "all business sectors contributed to the positive
results achieved in 1986," Krupp added, without giving details.
    Domestic orders decreased by five pct to 9.6 billion marks
from the previous year and foreign orders fell 14 pct to 5.9
billion, it said. Foreign business accounted for 38 pct of
orders against 40 pct in 1985.
    Orders received by the machinery and plant sector, 11
member companies which comprise the core area of the group,
rose by four mln marks last year to 6.9 billion, Krupp said.
    The group's orders in hand amounted to 9.1 billion marks at
end-December 1986 from 10.3 billion at the start of the year.
    Orders received by the steel sector last year decreased by
three pct to 6.2 billion marks from 1985, it said.
    The steel market weakened increasingly over the year,
mainly because of exchange rate movements, the deterioration in
foreign trade and a downturn in a number of customer
industries.
    The difficult market for sections and flats of quality
steel depressed order tonnages by around seven pct, Krupp said.
But special steel boosted by strong demand for stainless
cold-rolled flats, grew by five pct in tonnage terms.
 REUTER
3;
bodyend
documentend
documentstart
9763
topicstart
trade
topicend
bodystart
2;

NO PESSIMISM FOR GERMAN EXPORTERS, MINISTRY


    BONN, March 26 - 
Firms need not be pessimistic about export
prospects even though foreign markets have become more
difficult because of the mark's strength the Economics Ministry
said.
     The ministry's parliamentary state secretary Ludolf Georg
von Wartenberg, told a business conference German exports could
start rising again in real terms during 1987, reversing the
lower export trend which emerged in mid-1986.
    But even if the turnaround did not occur, there would be no
need to worry about the economy as long as the weakness of
exports did not affect currently good domestic demand.
    Von Wartenberg said consumer demand remained quite good but
noted there had been a cooling in the investment climate. "This
is certainly a reason for heightened watchfulness but not for
stimulative steps," he said.
    The best way for Bonn to help its exporters is to work
actively to promote free world trade, he added.
    Von Wartenberg said the economy still had good export
opportunities. Price alone was not the only factor in
international competitiveness, he said, adding German firms
have a reputation for high quality standards, prompt delivery
times and good service.
    Von Wartenberg said the government was in a difficult
position on its trade figures.  It faced international pressure
to reduce its trade surplus, but West Germans were worried
about the effect of the mark's strength on the country's
exporters.
    Reports about the trade surplus, especially overseas,
tended to concentrate on nominal trade figures, which rose to a
record 112.2 billion marks in 1986, he said. But this rise was
due entirely to the lower value of imports caused by the
decline of both the dollar and oil prices. German exports have
in fact been falling in real terms for sometime, he said.
 REUTER
3;
bodyend
documentend
documentstart
9764
topicstart
money-fx
topicend
bodystart
2;

MONETARY AUTHORITIES SAID TO LOSE CREDIBILITY


    By Etsuko Yamamoto, Reuters


    TOKYO, March 26 - 
The monetary authorities of the major
industrialised countries lost their credibility this week as
the dollar was sold off despite pleas from ministers and
widespread central bank intervention, dealers said.
    The dollar's fall below 150 yen, which follows last month's
Paris currency stabilisation agreement by the U.S., Japan, West
Germany, Britain, France and Canada, is a dramatic reversal of
the success of the Group of Five (G-5) 1985 New York Plaza
meeting to weaken the dollar, they said.
    The G-5 and the market agreed in 1985 that the dollar was
overvalued but this time the market and the authorities are on
different sides, dealers said.
    Apparent confusion in the ranks of the G-5 nations has
encouraged the market to challenge the authorities despite
concerted intervention by the central banks of the United
States, Japan, Britain and West Germany, they said.
    Pleas by Japanese Finance Minister Kiichi Miyazawa for
action to stabilise the dollar were matched over the weekend by
comments by U.S. Treasury Secretary James Baker that there was
no target zone for the dollar. The dollar was sold anyway.
    Yesterday's comment by Baker that he stood by the Paris
accord did nothing to reverse sentiment, dealers said.
    The intervention, backed by remarks by Fed Chairman Paul
Volcker and Japanese central bank governor Satoshi Sumita,
which a few months ago would have brought the dollar fall to a
halt, has done little but slow the rate of its decline, they
noted.
    The situation has again raised the question of whether
intervention can succeed against the trend in today's huge
currency markets. Dealers said the market's cool response to
intervention reflected a basic oversupply of dollars.
    "This means that the current dollar selling is not of a
sheer speculative nature but backed by real demand," said Koichi
Miyazaki, deputy general manager at Sanwa Bank.
    Dealers said the dollar will remain weak despite the
intervention and it is only a matter of time before some
operators try to push it below 148 yen. The dollar closed in
Tokyo today at 149.40 against New York's 149.30/40. Its record
low was 148.40 in Tokyo last Tuesday.
    Dealers said the dollar will gain only temporary support to
rise above 150 yen toward early April when the Group of Seven
industrial nations meets to discuss currencies again.
    The market expects the seven nations (the Paris six plus
Italy) to try to agree on another way to stabilise currencies
apart from intervention, a chief dealer at a U.S. Bank said.
    Dealers said they were unsure what other methods could be
used and they are sceptical anyway about how long the Paris
accord nations, particulary the U.S., Will remain willing to
prevent a further dollar fall given the continuing high U.S.
Trade deficit, especially with Japan.
    Further pressure from a protectionist U.S. Congress for a
lower dollar is also limiting Washington's options, they said.
    The market now thinks the central bank action is to slow
the dollar fall, not to push it back over 150 yen, said
Tadahiko Nashimoto, manager at Long Term Credit Bank of Japan.
    Another bearish factor for the dollar is expected large
forward dollar sales from April to June for export bills
falling due for Japanese exporters from April to September.
    The exporters had delayed in expectation of a further yen
depreciation, dealers said.
    Yesterday's request to 30 trading houses by the Ministry of
International Trade and Industry to restrict dollar sales looks
ineffective in light of this real demand, they said.
    The market is also anticipating active institutional dollar
sales to hedge currency risks on bond holdings from the new
business year starting April 1, dealers said.
    "The market seems to have established a new dollar trading
range between 147 and 149 yen," one dealer said.
    The dollar traded between 151 and 153 yen after the Paris
accord on February 22 and 150 yen was then considered the low
end for the dollar against the yen, he said.
    Some dealers now believe that if the dollar falls below 148
yen, it will pick up renewed downward momentum and slide to
145.
 REUTER
3;
bodyend
documentend
documentstart
9765
topicstart
topicend
bodystart
2;

AUSTRIA MAKES TWO BILLION SCHILLING NOTE ISSUE


    VIENNA, March 26 - 
Austria is making a two billion
schilling issue of floating rate treasury notes carrying
interest of 1/8th of a point over the three-month Vienna
Interbank Offered Rate (VIBOR), lead manager Oesterreichische
Laenderbank AG [OLBV.VI] said.
    The issue, to be made at par, carries a placing fee of 20
basis points and will be listed in Vienna, a Laenderbank
official told Reuters.
    The issue will have an initial three-year life and the
issuer has the right to make two three-year extensions and a
further one-year extension to 1997.
    Payment and closing date is April 23 and redemption will be
on the same date at the end of each of the periods.
    The notes, in one mln schilling denominations, may not be
offered in Austria, Britain or the United States.
 REUTER
3;
bodyend
documentend
documentstart
9766
topicstart
topicend
bodystart
2;

FRANCE'S CAECL ISSUES THREE BILLION FRANC BOND


    PARIS, March 26 - 
Caisse d'Aide a l'Equipement des
Collectivites Locales (CAECL) is issuing a three billion franc
two-tranche domestic bond, the lead managers said.
    The first two billion franc tranche at a fixed rate of 8.90
pct is led by Credit Lyonnais, Banque Indosuez and Union de
Garantie et de Placement, with Credit Lyonnais as book-runner.
    The non-callable, 13 year and 80 days bond is issued at
100.419 pct. Payment date is May 28 with the first coupon
payment in 1988.
    The second one billion franc, variable-rate tranche is led
by Banque Indosuez, Credit Lyonnais and UGP, with Indosuez as
book-runner.
    The 12 year 94 day bond is issued at 98.672 pct. Interest
is based on average state bond yields (TME), with a margin of
less 0.24 pct on the basis of TME at 8.45 pct. Payment date
will be May 28 with the first coupon payment in 1988.
 REUTER
3;
bodyend
documentend
documentstart
9767
topicstart
trade
topicend
bodystart
2;
******
UK FEB TRADE DEFICIT 224 MLN STG VS DEFICIT 527 MLN IN JAN - OFFICIAL.

Blah blah blah.
3;


bodyend
documentend
documentstart
9768
topicstart
bop
trade
topicend
bodystart
2;
******
U.K. FEB CUURENT ACCOUNT SURPLUS 376 MLN STG VS JAN SURPLUS 73 MLN - OFFICIAL.

Blah blah blah.
3;


bodyend
documentend
documentstart
9769
topicstart
gnp
topicend
bodystart
2;

MALAYSIAN CENTRAL BANK SEES HIGHER 1987 GROWTH


    KUALA LUMPUR, March 26 - 
Gross domestic product (GDP)
growth in 1987 is expected to grow by between 1.5 and two pct,
up from one pct in 1986, the central bank said.
    The forecast compares with the one pct GDP growth forecast
made by the Treasury last October.
    Bank Negara also said in its annual report that gross
national product (GNP) is expected to grow by 3.5 to four pct,
after declining 7.3 pct in 1986.
    It said that a turnaround in investor confidence since last
November had been spurred by a moderate improvement in oil and
commodity prices and a rise in manufacturing exports.
    Growth in 1987 is expected to come from the anticipated
rise in export earnings if the industrialised countries sustain
their average GNP growth at 2.5 to three pct, it added.
    Bank Negara said its forecast assumes that crude oil will
average 15.50 dlrs a barrel, rubber at 210 cents a kilo, palm
oil at 850 ringgit a tonne, tin at 17 ringgit a kilo and a rise
of 12 pct in manufacturing exports.
    It said Malaysia's international terms of trade will turn
around to rise by two pct in 1987 after declining 12 pct in
1986 and five pct in 1985.
    "In 1987, income will be higher, private consumer spending
is likely to recover and expand... The budget will remain under
strict control... The resource gap in the government's finances
on current account will be bridged over the near term," Bank
Governor Jaafar Hussein said in the report.
    The current account deficit is expected to narrow to 1.19
billion ringgit in 1986 or 1.8 pct of GNP from 1.79 billion or
2.5 pct of the GNP the previous year.
    The bank forecasts the inflation rate will increase by 1.5
pct, after its 0.7 pct rise in 1986.
 REUTER
3;
bodyend
documentend
documentstart
9770
topicstart
trade
bop
topicend
bodystart
2;

U.K. VISIBLE TRADE DEFICIT NARROWS IN FEBRUARY


    LONDON, March 26 - 
Britain's visible trade deficit narrowed
to a seasonally adjusted provisional 224 mln stg in February
from 527 mln in January, The Trade and Industry Department
said.
    The current account balance of payments in February showed
a seasonally adjusted provisional surplus of 376 mln stg
compared with a surplus of 73 mln in January.
    Invisibles in February were put provisionally at a 600 mln
surplus, the same as in January.
    Seasonally adjusted, imports rose in February to 7.16
billion stg from 6.73 billion in January. Exports rose to a
record 6.93 billion last month from 6.20 billion in January.
    Trade Department officials said the improvement in
Britain's current account contrasted with most private
forecasts and they attributed much of the strength to imports
rising less quickly in February than might otherwise have been
expected.
    The Department said exceptionally cold weather in January
reduced exports that month and that there had been an element
of catching up in the February figures.
    The seasonally adjusted volume index, base 1980, a guide to
underlying non-oil trade, showed exports rising to 131.0 from
114.6 in January and imports rising to 142.2 from 136.5.
    The value of British oil exports in February rose to 751
mln stg from 723 mln in Jnauary while oil imports rose to 425
mln from 352 mln.
    The Department said the upward trend in non-oil export
volume continues and the underlying level of non-oil import
volume seems to have stablised.
    The Departnment said exports to the U.S. May be benefiting
from fluctuations in the mark and yen exchange rates.
 REUTER
3;
bodyend
documentend
documentstart
9771
topicstart
earn
topicend
bodystart
2;

LUCAS SEES CONTINUED GROWTH IN SECOND HALF


    LONDON, March 26 - 
Lucas Industries Plc 
<
LUCS.L> said its
underlying performance would continue to improve in the second
half but profits would be restrained by low activity in U.K.
Commercial vehicle and tractor markets as well as in North
American electronics.
    The company earlier reported a two mln stg rise in pretax
profit to 40 mln in the six months to end-January. The figure
was some five mln below forecasts and Lucas shares dropped
sharply to 557.5p at 1130 GMT from last night's close of 590p.
    It said it would continue with plans for all its activities
to be internationally competitive and profitable.
    Costs of restructuring, reorganisation, employee training
and retraining, particularly in the UK automotive businesses,
together with high research and development spending would
affect profits in the short term.
    But Lucas said it was exploiting growth opportunities in
automotive markets, especially in vehicle breaking and engine
management systems. Recent acquisitions in North America had
strengthened Lucas Aerospace and Lucas Industrial systems.
 REUTER
3;
bodyend
documentend
documentstart
9772
topicstart
grain
topicend
bodystart
2;
******
IWC ups Soviet grain 1986/87 import estimate three mln tonnes to 29 mln - official

Blah blah blah.
3;


bodyend
documentend
documentstart
9773
topicstart
grain
wheat
topicend
bodystart
2;
******
IWC lifts 1986/87 world wheat, coarse grain estimate one mln tonnes to record 1,377 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
9775
topicstart
topicend
bodystart
2;

MONTREAL TRUSTCO ISSUES CANADIAN DOLLAR EUROBOND


    PARIS, March 26 - 
Montreal Trustco Inc is issuing a 100 mln
Canadian dlr, 8-1/2 pct bond due May 6, 1992 at 101 pct, lead
manager Societe Generale said.
    The non-callable issue is of unsecured, unsubordinated
debt. Denominations are of 1,000 and 10,000 Canadian dlrs and
listing is in Luxembourg. Payment date is May 5.
    Fees are 1-1/4 pct for selling, 3/8 pct for underwriting
and 1/4 pct for management including a 1/8 pct praecipuum.
 REUTER
3;
bodyend
documentend
documentstart
9777
topicstart
trade
topicend
bodystart
2;

TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA


    TOKYO, March 26 - 
Bank of Japan Governor Satoshi Sumita
said it is in Japan's national interest to make greater efforts
to reduce its trade surplus.
    He told business executives the most important issues for
the world economy are the correction of international trade
imbalances and a solution to the world debt problem.
    To this end, Japan and the U.S. Must make medium- and
long-term efforts to alter economic structures which have
expanded the trade gap between the two nations. World economic
growth and therefore an expansion of debtor countries' export
markets are needed to solve the debt issue, he added.
 REUTER
3;
bodyend
documentend
documentstart
9779
topicstart
acq
topicend
bodystart
2;

COMMISSION APPROVES RAINBOW/PROGRESSIVE MERGER


    WELLINGTON, March 26 - 
The Commerce Commission has approved
a proposed merger between 
<
Progressive Enterprises Ltd> and

<
Rainbow Corp Ltd>, Rainbow said in a statement.
    The merger involves the formation of a new company 
<
Astral
Pacific Corp Ltd> which will acquire all shares in both
companies on a one-for-one share exchange basis.
    Rainbow earlier this week lifted its stake in Progressive
to 52 pct from 44 pct. The statement said a new private
company, 
<
Transcapital Corp Ltd>, fully owned by Rainbow
directors Craig Heatley, Gary Lane and Ken Wikeley, will
purchase this stake for an undisclosed cash sum.
    The Commission has also approved Transcapital acquiring up
to 45 pct of Astral Pacific, Rainbow said.
    
<
Brierley Investments Ltd>, which has been a frequent
critic of the merger, launched a full bid for Progressive at
4.20 N.Z. Dlrs a share last Monday.
 REUTER
3;
bodyend
documentend
documentstart
9781
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET FORECAST REVISED TO DEFICIT


    LONDON, March 26 - 
The Bank of England said it revised its
estimate of today's money market shortfall to around 350 mln
stg from a flat position.
 REUTER
3;
bodyend
documentend
documentstart
9782
topicstart
grain
wheat
topicend
bodystart
2;

IWC LIFTS WORLD GRAIN OUTPUT ESTIMATE TO RECORD


    LONDON, March 26 - 
The International Wheat Council (IWC)
lifted its estimate for 1986/87 world wheat and coarse grain
production by one mln tonnes to a record 1,377 mln, compared
with 1,351 mln tonnes the previous season.
    In its monthly market report, the IWC said it is leaving
unchanged its forecast of world wheat production for the coming
1987/88 season at between 520 and 530 mln tonnes against a
record 534 mln in 1986/87. The one mln tonne upward revision in
1986/87 wheat production reflects several minor adjustments.
The IWC raised the 1986/87 coarse grain trade figure two mln to
87 mln tonnes. It left wheat trade unchanged at 86 mln.
    The IWC 1986/87 estimate for world trade in wheat and
coarse grain is thus estimated two mln tonnes higher at 173 mln
against 169 mln the previous season with the forecast three mln
rise in Soviet imports offset by small reductions elsewhere.
    The IWC said the area harvested for wheat in 1987/88 is
likely to be down from last year as low world prices and
restrictive national policies measures begin to take effect.
    At least four of the five major exporters expect to see a
drop in wheat sowings without offset in other countries. There
is still potential for even higher average wheat yields but the
IWC said there are increasing signs world output may level off.
    Although it is still early to assess the coarse grain
outlook, the IWC said barley acreage is likely to fall in the
European Community but increase in Canada. U.S. Maize area is
expected lower but oat sowings could rise.
    After damage to its maize crop last year, the Soviet Union
plans to expand this area by as much as 50 pct to over six mln
hectares in a year when many frost damaged wheat fields are
likely to be resown to this and other spring crops. Improved
weather and a further increase in the use of intensive
cultivation methods could therefore see a marked rise in Soviet
maize output in 1987, the IWC said.
    Any reduction in world coarse grain output would be
bolstered by the large carryover stocks from 1986/87, the IWC
said.
    It left its estimates of wheat and coarse grain stocks at
end127;of different marketing years unchanged at 178 and 210 mln
tonnes, respectively, against 160 and 167 mln a year earlier.
    After record world durum wheat production of 218.8 mln
tonnes last season, the IWC said there are already signs of
another large crop this coming season with higher output
expected in the EC, Canada, the U.S. And North Africa.
 REUTER
3;
bodyend
documentend
documentstart
9783
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF JAPAN BUYS SMALL QUANTITY DOLLARS -DEALERS


    TOKYO, March 26 - 
The Bank of Japan was thought to have
bought a small amount of dollars at around 149.30/40 yen,
dealers said.
    The dollar fluctuated marginally after the small-scale
intervention, believed to total several tens of mlns of dlrs,
they said. Large-scale buying by foreign banks or by a life
insurance company earlier pushed the dollar upwards, they said.
    Trading was not very active and dealers were watching for
further central bank intervention to smooth out any sharp
movements, but underlying dollar sentiment is still bearish.
 REUTER
3;
bodyend
documentend
documentstart
9784
topicstart
trade
bop
interest
money-fx
topicend
bodystart
2;

U.K. TRADE FIGURES BUOY HOPES OF INTEREST RATE CUT


    By Rowena Whelan, Reuters


    LONDON, March 26 - 
The release of U.K. February trade data
showing that the current account surplus was a provisional 376
mln stg, up from a 73 mln surplus in January, has boosted hopes
of an early cut in interest rates, analysts said.
    Market forecasts had been for a worse outcome, with
expectations of a deficit in visible trade averaging about 750
mln stg, against the official figure of 224 mln stg, sharply
narrower than January's 527 mln deficit.
    "The figures are unreservedly good," Chase Manhattan
Securities economist Andrew Wroblewski said.
    Sterling rebounded on the trade figures, reversing a weaker
morning trend, to stand at 72.1 pct of its trade weighted index
against a basket of currencies at midday, unchanged from
yesterday's close but 0.3 points above the 1100 GMT level.
    The market had feared that a deteriorating non-oil trade
pattern would undermine international support for sterling,
which has been the motor behind the recent fall in U.K.
Interest rates. Money market sources said the market had begun
to doubt that a widely expected drop in bank base lending rates
to 9.5 pct from the present 10.0 pct was really on the cards.
    But sentiment now looks to have turned about again.
    There now looks to be no danger that the Chancellor of the
Exchequer Nigel Lawson's forecast of a 1987 current account
deficit of 2.5 billion stg will be exceeded, Wroblewski said.
    Seasonally adjusted figures showed imports rose in February
to 7.16 billion stg from 6.73 billion in January.
    Exports rose to a record 6.93 billion from 6.20 billion.
    However, Chris Tinker, U.K. Analyst at brokers Phillips and
Drew said the faster rise in exports than imports would prove
partly aberrational in coming months. He forecast the
Chancellor's Budget tax cuts would increase consumer
expenditure on imported goods.
    However, Warburg Securities economist Ian Harwood said his
firm was sharply revising its 1987 current account deficit
forecast in the light of the latest data, cutting one billion
stg off the expected full year total to about 1.75 billion stg.
    He said news of strong growth in exports of non-oil goods
confirmed recent bullish surveys among members of the
Confederation of British Industry.
    The growth in imports appears to be flattening, even if
January's bad weather had curbed consumer spending on overseas
goods and import-intensive stock building among manufacturers,
Harwood said.
    U.K. Government bonds, or gilts, surged by more than 1/2
point on the better-than-expected news, as earlier worries
about the figures evaporated.
    Sterling peaked at a high of 1.6075 dlrs, before settling
to a steady 1.6050 about 1300 GMT, nearly a cent higher than
the European low of 1.5960.
    However, analysts noted that the turnabout in market
sentiment still looks highly vulnerable to political news.
    Morning weakness in sterling and the gilt market was
largely attributed to a newspaper opinion poll showing that the
Conservative government's support was slipping.
    LONDON, March 26 - The Bank of England said it provided 15
mln stg in assistance to the money market this morning, buying
bank bills in band two at 9-13/16 pct.
    Earlier the Bank revised its money market liquidity
forecast from a flat position to a deficit of around 350 mln
stg.
 REUTER
3;
bodyend
documentend
documentstart
9787
topicstart
reserves
topicend
bodystart
2;

GERMAN NET CURRENCY RESERVES RISE


    FRANKFURT, March 26 - 
West German net currency reserves
rose by 300 mln marks in the third week of March to 82.0
billion, following a fall of 5.4 billion marks in the previous
week, the Bundesbank said.
    Non-currency reserves were unchanged at about 2.5 billion
marks, bringing net monetary reserves to 84.5 billion.
 REUTER
3;
bodyend
documentend
documentstart
9788
topicstart
topicend
bodystart
2;

WORLD BANK CHIEF CONCERNED ABOUT BRAZIL ECONOMY


    TOKYO, March 26 - 
World Bank president Barber Conable said
he was concerned about the state of Brazil's economy and urged
the country to come up with a plan soon to put its economic
house in order.
    "I am very concerned about the Brazilian economy," he told
reporters after a news conference in Tokyo.
    He said Brazil had caught the attention of the world with
its decision last month to stop paying interest on its loans
from commercial banks but warned it not to sqaunder the time it
gained by failing to come up with a new economic program.
    Brazil's decision jolted the world's financial community as
the country is 108 billion dlrs in debt, including some 68
billion owed to commercial banks.
    Brazilian Finance Ministry sources said in Brasilia
yesterday that the country was preparing a new economic
strategy designed to ensure domestic economic growth.
    Despite mounting domestic and overseas pressure, Brazil has
said repeatedly that it will not go to the International
Monetary Fund (IMF) for help in drawing up a new plan for fear
that will only throw its economy into recession.
    Conable said the country may be able to get away with not
going to the IMF for help, but will need an IMF-type economic
program if it wants to regain the confidence of lenders.
    Outsiders like the World Bank are reluctant to suggest
possible solutions to Brazil's economic problems because of the
delicate political situation there, he added.
    While the World Bank has a role to play in helping Brazil,
it can127;ot replace the IMF as an overseer of the economy,
Conable said. He added that the Fund can be very flexible in
its dealings with developing countries, adjusting its approach
to the political realities.
    Brazil still seems willing to talk to the Fund under the
annual discussions that all IMF members undertake, Conable
said, adding that this could partially solve the current
stalemate.
    During his news conference, Conable said the World Bank
backed U.S. Treasury Secretary James Baker's Third World debt
initiative, which calls for stepped up lending to heavily
indebted Third World countries adopting economic policies.
    "The World Bank believes the Baker initiative is the best
approach," he said. "Debt forgiveness is difficult to design in
any fair way and also will tend to discourage further
investment and development."
    He cited the recent multi-billion dollar debt package for
Mexico, the Third World's most indebted country after Brazil.
    "Will it work?" he asked. "We don't know...But we think it
more likely to work than any of the alternatives suggested."
    Conable, who is here to meet government and business
leaders, expressed confidence that Japan will make increasing
use of its huge trade surplus to help developing countries.
    "We are quite confident Japan will make an increasing
investment in development because of their willingness to
support institutions like ours in increasing ways with each
passing year," he said.
 REUTER
3;
bodyend
documentend
documentstart
9789
topicstart
topicend
bodystart
2;

ITALIAN TREASURY ANNOUNCES CERTIFICATE OFFER


    ROME, March 26 - 
The Italian Treasury said it would offer
an undetermined amount of 10-year variable-coupon certificates
(CCTs) at a rate unchanged on that of the preceding offer in
late February.
    The Treasury said that, unlike the previous offer, the
amount had not been prefixed. It would be in line with market
demand unless this was considered excessive.
    The CCTs will be priced at 99.00 pct for an effective net
annual yield on the first coupon, payable April 1, 1988, of
9.85 pct.
    Subsequent yields on the certificates will be calculated by
adding 0.75 point to average rates on short-term Treasury
bills.
    Subscriptions to the issue open April 1 and are scheduled
to close April 7.
    The Treasury said it reserved the right to close the issue
early.
 REUTER
3;
bodyend
documentend
documentstart
9790
topicstart
topicend
bodystart
2;

GUINNESS PEAT HAS CASH ADVANCE FACILITY


    LONDON, March 26 - 
Guinness Peat Group Plc 
<
GNSP.L> has
arranged to receive a 125 mln dlr five year cash advance
facility, said Barclays de Zoete Wedd Ltd and Guinness Mahon
and Co Ltd as joint arrangers.
    The two firms said the terms of the facility will be
reviewed after the third year with a view to considering
extension by a further two years.
    The facility will include a tender panel to bid for
multi-currency cash advances at a maximum rate of 0.1875 pct
over the London Interbank Offered Rate.
    The facility will incorporate an underwriting fee of 0.10
pct in addition to a fee of 0.05 to 0.10 pct depending on the
participation amount. In addition, Barclays and Guinness Mahon
have been named joint dealers for a complementary 100 mln dlr
euro-commercial paper program.
    Funds will be used to refinance the cost of the recent
Forstmann-Leff Associates acquisition as well as for general
corporate purposes.
 REUTER
3;
bodyend
documentend
documentstart
9791
topicstart
topicend
bodystart
2;

SUMITOMO BANK HAS 500 MLN STG CD PROGRAM


    LONDON, March 26 - 
Sumitomo Bank Ltd said it established a
500 mln stg certificate of deposit (CD) issuance program,
arranged by Morgan Grenfell and Co Ltd.
    Dealers will be Morgan Grenfell, Lloyds Merchant Bank Ltd,
Samuel Montagu and Co Ltd, Salomon Brothers International Ltd,
Sumitomo Finance International and S.G. Warburg and Co Ltd.
    Maturities will be between seven days and five years and
paper will be issued in denominations of 250,000, 500,000 and
one mln stg.
 REUTER
3;
bodyend
documentend
documentstart
9792
topicstart
money-fx
topicend
bodystart
2;

CURRENCY EXCHANGE LOSS PUSHES MALAYSIA'S DEBT UP


    KUALA LUMPUR, March 26 - 
An exchange loss of 7.6 billion
ringgit in 1986 pushed Malaysia's outstanding external debt up
to 50.99 billion ringgit, from 1985's 42.3 billion, the Central
Bank said in its annual report.
    Bank Negara said although Malaysia's net borrowing dropped
in 1986, its external debt rose due to the 30 pct appreciation
of the basket of currencies against which the ringgit is
pegged.
    The basket comprises principally the U.S. Dollar, yen,
mark, Swiss franc, French franc, sterling, guilder, Canadian
and Singapore dollars, it added.
    Bank Negara said growth in external debt, which declined
progressively from a peak of 58 pct in 1982 to 13.6 pct in
1985, rose by 20.2 pct in 1986.
    Malaysia's debt serving ratio of 17.6 pct of its exports in
1986 is within the prudency limit of 20 pct, Bank Negara
Governor Jaafar Hussein told reporters.
 REUTER
3;
bodyend
documentend
documentstart
9793
topicstart
grain
wheat
topicend
bodystart
2;

IWC SAYS EFFECT OF LOWER SUPPORT PRICES LIMITED


    LONDON, March 26 - 
Efforts by governments to control wheat
surpluses by cutting support prices have met with only partial
success, the International Wheat Council (IWC) says in its
latest monthly report.
    Faster results could be achieved by a policy of reducing
both price and areas, as employed in the United States, the IWC
says in a survey of support prices in the five main wheat
exporters - Argentina, Australia, Canada, the EC and the U.S.
    In some countries, for example Australia and Argentina,
which are highly dependent on wheat shipments for export
income, there may be problems in reducing production.
    A policy of cutting wheat production could lead to
unemployment, with job prospects outside agriculture limited.
Alternative crops may offer inferior returns which could then
lead to lost export revenue and balance of payments problems.
    The IWC outlines three courses of action open to
governments in wheat exporting countries.
    They could continue to support prices in the hope that when
the world economy improves demand for wheat will rise and
surpluses wil be reduced or eliminated.
    Alternatively, support could be limited to wheat which
could be easily sold, without needing to be stored for a long
period.
    This option may prove to be the most politically
unattractive and would result in many producers abandoning
wheat production, the report said.
    The third option would be for governments to distinguish
between the commercial and social aspects of agriculture,
possibly varying support prices according to farm size or
overall production.
    The IWC review covers support prices in the major exporting
countries since 1982. At some time during that period all the
producers cut support prices in response to growing surpluses.
    These changes did not always result in lower export
subsidies as on several occasions currency fluctuations more
than offset lower prices in the domestic currency.
    For example between 1985/86 and 1986/87 the EC intervention
price for bread wheat fell from 209.30 to 179.44 European
currency units (Ecus). It dollar terms, the currency in which
most export transactions are denominated, the intervention
price however rose to 193 dlrs from 168. The high cost of
supporting farm prices has put a strain on national exchequers
and some governments are now searching for ways to cut
expenditure, the report says.
    The proportion of world wheat output produced by the five
major exporters declined in the period covered by the survey
from 40 pct in 1982 to 35 pct in 1987. This was partly due to
increased production in China and India.
    The period saw an upward trend in yields, although this was
countered in the Argentina, the U.S. And Australia by lower
acreages.
    In Argentina a reduction in the sown area of about 20 per
cent was put down to low prices causing producers to switch to
other enterprises, particularly livestock while lower U.S.
Acreages are attributed to official incentives.
 REUTER
3;
bodyend
documentend
documentstart
9794
topicstart
topicend
bodystart
2;

SANDOZ HAS 50 MLN DLR EURO-CP PROGRAM


    LONDON, March 26 - 
Sandoz Corp, a U.S. Subsidiary of Sandoz
AG, is establishing a 50 mln dlr euro-commercial paper (CP)
program, Morgan Guaranty Ltd said as one of the dealers.
    The other dealer is Swiss Bank Corp International Ltd and
Morgan Guaranty Trust Co of New York is issuing and paying
agent.
    Paper will have maturities between seven and 183 days and
will be issued in global and definitive form.
 REUTER
3;
bodyend
documentend
documentstart
9795
topicstart
trade
topicend
bodystart
2;

U.S. TREASURY'S BAKER OPPOSES TAX INCREASE


    NEW YORK, March 26 - 
U.S. Treasury Secretary James Baker
said that he opposes a Federal tax increase to help reduce the
budget deficit and favors spending cuts instead.
    "I don't think it's (a tax increase) is a very good idea
and I'm quite confident that President Reagan doesn't think
it's a very good idea," Baker said in an interview on Cable
News Network's "Moneyline" television program.
    He said U.S. taxpayers are taxed at a rate of 19 pct of GNP
which is traditionally where it has been, but the Federal
Government is spending at a rate of 24 pct of GNP. Baker said
spending cuts are clearly the best way to cut budget deficits.
    Baker said he opposed a stock transactions tax proposed by
House Speaker Jim Wright, D-Tex, or other special taxes.
    "The stock transfer tax would be a particularly unfortunate
approach to take," the Treasury Secretary said. He said the
United States has some of the most efficient capital markets in
the world and new taxes would impair efficiency.
    On the international front, Baker said banks must do more
lending to developing countries. He was questioned about this
after the Standard and Poor's Corp downgrading today of the
debt of six major money center bank holding companies, largely
because of their heavy developing nation loan exposure.
    Baker said that developing countries must adopt free market
economic policies such as in the United States. He said capital
flows will be required to support the needed reforms in the
economic systems of those countries.
    The money must come either through equity or debt and Baker
said that developing nations' "investment regimes do not
support enough equity investment, so you've got to have some
debt there."
    Commenting on the U.S. trade deficit, Baker said "I think
you're going to see a 15 to 20 billion dlr reduction this
year."
 Reuter
3;
bodyend
documentend
documentstart
9796
topicstart
topicend
bodystart
2;

PHILIPPINE DEBT TALKS PROCEED WITH NARROWER FOCUS


    NEW YORK, March 26 - 
The latest round of talks between
Philippine officials and the country's commercial bank
creditors on the rescheduling of 9.4 billion dlrs worth of debt
are still proceeding, but with a narrower focus, Philippine
Finance Secretary Jaime Ongpin said.
    He told a press briefing Wednesday that Manila has dropped
a two-tier interest payment offer, which would have given banks
a higher return if they took partial payment in new Philippine
investment notes (PINs) instead of in cash.
    "The PINs proposal has been laid aside.... The discussion is
now on pricing (of just the cash payments)," he said.
    Foreign banking sources in Manila said on Tuesday that the
Philippines had raised its basic interest rate offer to 7/8
over the London interbank offered rate (LIBOR) but Ongpin would
not discuss details of the pricing negotiations.
    He also refused to speculate on when an overall agreement
might be reached. The talks have been going on for more than
three weeks.
    Manila originally offered to pay interest in cash at 5/8
over LIBOR or in a mixture of cash and PINs -- tradeable,
dollar-denominated, zero coupon notes that could potentially
yield up to one point over LIBOR.
    The PINs option was subsequently modified to guarantee at
least a 7/8 point spread over LIBOR but many bankers still had
grave reservations, seeing it as a possible precedent for other
large debtors to avoid paying interest in cash.
    The PINs proposal has now been left on the table as a
separate option for those banks, which might want to fund their
own investments in the Philippines or sell the notes in the
secondary market, Ongpin said.
    Under Manila's plan, the PINs would be redeemable at full
face value in Philippine pesos to fund local equity investments
at any time prior to their six-year maturity date.
    While the commercial banks had their doubts about the PINs
proposal, Ongpin said there was great interest on the part of
certain investment banks which are already active in the
secondary market for sovereign debt.
    Unlike current debt/equity schemes, Ongpin said, the PINs
would include no government fees and would be free from
"administrative hassles."
    He said about six investment banks had been approached and
four had replied so far. One even showed interest in buying 45
mln dlrs worth of notes, he said.
    Ongpin said that by funding current interest payments in
the secondary market through the PINs scheme, the Philippines
could conserve at least one to 1.5 billion dlrs of foreign
exchange reserves during its planned seven-year restructuring
period.
 REUTER
3;
bodyend
documentend
documentstart
9797
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT


    WASHINGTON, March 26 - 
Treasury Secretary James Baker said
he stood by the Paris agreement among leading industrial
nations to foster exchange rate stability around current
levels.
    "I would refer you to the Paris agreement which was a
recognition the currencies were within ranges broadly
consistent with economic fundamentals," Baker told The Cable
News Network in an interview.
    "We were quite satisfied with the agreement in Paris
otherwise we would not have been a party too it," he said.
    Baker also noted the nations agreed in the accord to
"co-operate to foster greater exchange rate stability around
those levels."
    He refused to comment directly on the current yen/dollar
rate but said flatly that foreign exchange markets recently
tended "to draw unwarranted inferences from what I say."
    Baker was quoted on British Television over the weekend as
saying he has no target for the U.S. currency, a statement that
triggered this week's renewed decline of the dollar.
    "I think the Paris agreement represents evidence that
international economic policy co-ordination is alive and well,"
Baker said.
    The Treasury Secretary stressed however it was very
important for the main surplus countries to grow as fast as
they could consistent with low inflation to resolve trade
imbalances.
    He added that Federal Reserve Board chairman Paul Volcker
has also "been very outspoken" in suggesting main trading
partners grow as fast as they can.
   
 Reuter
3;
bodyend
documentend
documentstart
9799
topicstart
gold
topicend
bodystart
2;

GERMAN ANALYSTS SEE GOLD RISING IN 2ND HALF 1987


    FRANKFURT, March 26 - 
The price of gold bullion is likely
to rise in the second half of the year on increased private
investor demand, West German analysts said.
    Gold could rise as high as 500 dlrs per ounce later this
year, said Peter Witte, director of Westdeutsche Landesbank
Girozentrale's trading division, after a presentation by the
U.S. Mint to promote its gold and silver Eagle series coins.
    "A lot will depend on oil prices and developments on stock
exchanges," Witte said, adding he saw gold positioned for
further rises once it breaks out above 450 dlrs.
    Gold was fixed this morning in London at 411.30 dlrs.
    Despite current strong interest in gold mine stocks, many
investors still want to buy physical gold, Witte said.
    Interest in gold mine stocks may also wane if stock
exchange rallies under way in many countries start to waver.
    Hermann Strohmeyer, vice president of Commerzbank AG's
foreign exchange trading and treasury department, said gold is
poised to rise to 460 to 470 dlrs an ounce in the second half
of this year.
    The price is unlikely to fall much below 380 or 390 dlrs an
ounce, and probably will continue in a range between 380 and
430 dlrs in the first half of this year, he said.
 REUTER
3;
bodyend
documentend
documentstart
9800
topicstart
topicend
bodystart
2;

CAMBRIAN AND GENERAL NOTES RELISTED IN LONDON


    LONDON, March 26 - 
<
Cambrian and General Securities Plc>
said the London Stock Exchange has restored the listing of its
50 mln dlrs of secured floating rate notes dated 1992 at the
company's request.
    The notes are fully secured and therefore have a prior
claim over Cambrian's assets in the event of other claims
arising from litigation, it added.
    Dealings in Cambrian's securities have been suspended since
late 1986 following the disclosure of insider trading
activities by former chairman Ivan Boesky. Cambrian officials
were not immediately available for further comment on today's
statement.
 REUTER
3;
bodyend
documentend
documentstart
9801
topicstart
crude
ship
topicend
bodystart
2;

GULF ESCORTS STILL UNDER DISCUSSION - WEINBERGER


    FORT WORTH, Texas, March 26 - 
No action has been taken yet
on the Reagan Adminstration's offer to escort Kuwaiti oil
tankers through the Gulf, but the issue is being discussed,
U.S. Secretary of Defence Caspar Weinberger said.
    The offer was made to Kuwait in light of Iran's deployment
of Chinese-built missiles to cover the entrance to the Gulf.
    Weinberger told reporters prior to a speech at Texas
Christian University that he did not think Iran and the United
States were moving towards a potential conflict, adding that
the Straits of Hormuz at the mouth of the Gulf were still "free
water."
 REUTER
3;
bodyend
documentend
documentstart
9802
topicstart
topicend
bodystart
2;

AUSTRIA TREASURY NOTE ISSUE LIKELY TO BE INCREASED


    VIENNA, March 26 - 
A floating rate treasury note issue by
the Republic of Austria is likely to be raised to 2.5 billion
schillings from two billion due to heavy demand, lead manager
Oesterreichische Laenderbank AG 
<
OLBV.VI> said.
    Laenderbank managing board member Herbert Cordt told
Reuters that demand had been strong throughout Europe. The
issue, carrying interest of 1/8th of a point over the
three-month Vienna Interbank Offered Rate, is the second of its
kind. The first was made last October 23.
    The issue, made at par, has an initial three-year life and
the borrower has the right to make extensions up to 1997.
 REUTER
3;
bodyend
documentend
documentstart
9804
topicstart
earn
topicend
bodystart
2;

FIRST INTERSTATE 
<
I> ESTIMATES LOSS ON BRAZIL


    LOS ANGELES, March 26 - 
First Interstate Bancorp Chairman
Joseph Pinola said the bank holding company would lose about 16
mln dlrs per year, after taxes, if it had to put its medium and
long-term debt on non-accrual status.
    In an interview, he said that could result in about a 4.5
pct decline in annual earnings per share.
    Pinola said First Interstate, like other banks, has not yet
decided to put the loans, which Brazil stopped paying interest
on last month, on non-accrual status.
    "None of us really wants to injure negotiations that might
be going on," he said.
    First Interstate reported to the Securities and Exchange
Commission last week that it has about 339 mln dlrs in
medium-to long-term loans to Brazil.
    It said on December 31, 1986 its nonperformind Brazilian
outstanding debt totaled about 4.1 mln dlrs.
    First Interstate also has about 168 mln dlrs in short-term
loans or trade lines to Brazil.
    Pinola said he believes the solution to the Brazilian debt
crisis will be more political than economic, which he said he
finds, "very disquieting and discomforting."
 Reuter
3;
bodyend
documentend
documentstart
9805
topicstart
jobs
topicend
bodystart
2;
******
FRENCH UNEMPLOYMENT RISES TO SEASONALLY ADJUSTED 2.65 MLN IN FEBRUARY - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
9807
topicstart
earn
topicend
bodystart
2;

MICKELBERRY CORP 
<
MBC> 4TH QTR NET


    NEW YORK, March 26 -
    
Shr profit 61 cts vs loss 45 cts
    Net profit 3,568,000 vs loss 2,598,000
    Revs 34.6 mln vs 31.6 mln
    Avg shrs 5,861,000 vs 5,776,000
    Year
    Shr profit 56 cts vs loss 32 cts
    Net profit 3,374,000 vs loss 1,759,000
    Revs 132.0 mln vs 131.6 mln
    NOTE: 1985 quarter net includes 665,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
9809
topicstart
acq
topicend
bodystart
2;

MICKELBERRY 
<
MBC> COMPLETES SALE OF UNIT


    NEW YORK, March 26 - 
Mickelberry Corp said it has completed
the previously-announced sale of the 51 pct of its C and W
Group subsidiary that it had retained to N W Ayer Inc for
undisclosed terms.
    Ayer bought the other 49 pct next year.
    Mickelberry said it will report a gain on the transaction.
 Reuter
3;
bodyend
documentend
documentstart
9810
topicstart
earn
topicend
bodystart
2;

FLUOROCARBON CO 
<
FCBN> 4TH QTR JAN 31 NET


    LAGUNA NIGUEL, Calif., March 26 -
    
Shr 26 cts vs 24 cts
    Net 1,144,000 vs 1,063,000
    Sales 23.2 mln vs 24.8 mln
    Year
    Shr 93 cts vs 1.40 dlrs
    Net 4,046,000 vs 6,111,000
    Sales 97.8 mln vs 104.0 mln
    NOTE: Prior year net includes gain 286,000 dlrs from
discontinued operations in year and loss 375,000 in quarter and
gain 260,000 dlrs in year from disposal of discontinued.
 Reuter
3;
bodyend
documentend
documentstart
9812
topicstart
jobs
topicend
bodystart
2;

FRENCH FEBRUARY UNEMPLOYMENT HITS RECORD 2.65 MLN


    PARIS, March 26 - 
French unemployment rose to a record
seasonally adjusted 2.65 mln in February from 2.61 mln in
January and 2.57 mln at the end of last year, the Labour
Ministry said.
    The rise took the percentage of the workforce out of a job
to 11.0 pct last month from 10.9 pct in January and 10.7 pct at
the end of 1986.
    In unadjusted terms unemployment fell by around 30,000 last
month to 2.70 mln.
 REUTER
3;
bodyend
documentend
documentstart
9814
topicstart
acq
topicend
bodystart
2;

PHILIPS ELECTRICAL SELLS STAKE IN UNIDARE


    LONDON, March 26 - 
<
Philips Electrical (Ireland) Ltd> has
arranged the sale of the one mln ordinary shares it holds in
its subsidiary 
<
Unidare Aluminium Ltd>, Unidare said.
    The placing has been arranged through 
<
Allied Irish
Investment Bank Plc> at an ex-dividend price of 371 Irish pence
per share.
 REUTER
3;
bodyend
documentend
documentstart
9815
topicstart
earn
topicend
bodystart
2;
******
AMERICAN MEDICAL INTERNATIONAL INC 2ND QTR SHR PROFIT 32 CTS VS LOSS 95 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9816
topicstart
trade
bop
topicend
bodystart
2;

BAKER SEES 15 TO 20 BILLION DLR DROP IN TRADE GAP


    WASHINGTON, March 26 - 
Treasury Secretary James Baker said
he expected the U.S. Trade deficit to fall by 15 billion to 20
billion dlrs in 1987.
    Commenting on the deficit during an interview on Cable News
Network, Baker said "I think you're going to see a 15 to 20
billion dlr reduction this year." The deficit was 170 billion
dlrs in 1986.
    Baker noted that the benefits of a weaker currency take 12
to 18 months to affect the trade balance, and said it is now 18
months since the Plaza agreement to lower the dollar's value.
            
 Reuter
3;
bodyend
documentend
documentstart
9818
topicstart
earn
topicend
bodystart
2;

AMERICAN MEDICAL INTERNATIONAL INC 
<
AMI> NET


    BEVERLY HILLS, Calif., March 26 - 
2nd qtr
    Shr profit 32 cts vs loss 95 cts
    Net profit 28.0 mln vs loss 82.2 mln
    Revs 950.2 mln vs 862.0 mln
    1st half
    Shr profit 65 cts vs loss 62 cts
    Net profit 56.6 mln vs loss 53.5 mln
    Revs 1.88 billion vs 1.67 billion
    Avg shrs 92.2 mln vs 86.7 mln
    NOTE: Period ended February 28.
    Prior year net both periods includes pretax asset
writedowns of 114.6 mln dlrs and additions to reserves of 60.0
mln dlrs.
    Prior year net includes tax credits of 53.7 mln dlrs in
quarter and 32.9 mln dlrs in half.
 Reuter
3;
bodyend
documentend
documentstart
9821
topicstart
trade
bop
topicend
bodystart
2;

U.K. VISIBLE TRADE DEFICIT NARROWS IN FEBRUARY


    LONDON, March 26 - 
Britain's visible trade deficit narrowed
to a seasonally adjusted provisional 224 mln stg in February
from 527 mln in January, The Trade and Industry Department
said.
    The current account balance of payments in February showed
a seasonally adjusted provisional surplus of 376 mln stg
compared with a surplus of 73 mln in January.
    Invisibles in February were put provisionally at a 600 mln
surplus, the same as in January.
    Seasonally adjusted, imports rose in February to 7.16
billion stg from 6.73 billion in January. Exports rose to a
record 6.93 billion last month from 6.20 billion in January.
    Trade Department officials said the improvement in
Britain's current account contrasted with most private
forecasts and they attributed much of the strength to imports
rising less quickly in February than might otherwise have been
expected.
    The Department said exceptionally cold weather in January
reduced exports that month and that there had been an element
of catching up in the February figures.
    The seasonally adjusted volume index, base 1980, a guide to
underlying non-oil trade, showed exports rising to 131.0 from
114.6 in January and imports rising to 142.2 from 136.5.
    The value of British oil exports in February rose to 751
mln stg from 723 mln in Jnauary while oil imports rose to 425
mln from 352 mln.
 Reuter
3;
bodyend
documentend
documentstart
9822
topicstart
reserves
topicend
bodystart
2;

FRENCH RESERVES FALL ON DEBT REPAYMENT


    PARIS, March 26 - 
French reserves fell in the week ended
March 19 following repayment of the bulk of the debt contracted
during January with the European Monetary Cooperation Fund, the
Bank of France said in its weekly statement.
    The repayment of capital and interest on this loan, taken
out during the strong pressure on the franc which preceded the
European Monetary System (EMS) realignment and the subsequent
Group of Five meeting in Paris, took place on March 13.
    It comprised the repayment of 11.25 billion francs' worth
of European Currency Units (ECUs), 9.72 billion francs' worth
of foreign currency and 1.72 billion francs' worth of special
drawing rights (SDRs), the Bank said.
    As a result foreign currency reserves fell to 114.69
billion francs on March 19 from 120.82 billion on March 12,
while ECU reserves fell to 62.02 billion francs from 73.23
billion.
    Gold reserves remained stable at 218.32 billion francs.
 REUTER
3;
bodyend
documentend
documentstart
9823
topicstart
acq
topicend
bodystart
2;
******
FOOTE MINERAL CO IN LETTER OF INTENT TO MERGE INTO RIO TINTO-ZINC

Blah blah blah.
3;


bodyend
documentend
documentstart
9824
topicstart
cpi
topicend
bodystart
2;
******
 German March cost of living 0.2 pct below year ago (Feb 0.5 pct below) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
9825
topicstart
earn
topicend
bodystart
2;

<
TRIZEC CORP LTD> 1ST QTR JAN 31 NET


    CALGARY, Alberta, March 25 -
    
Shr 12 cts vs 10 cts
    Net 19.6 mln vs 17.6 mln
    Revs 276 mln vs 170.4 mln
    Avg shrs 85.3 mln vs 84.8 mln
    NOTE: Company owns 65 pct of 
<
Bramalea Ltd>.
                           
 Reuter
3;
bodyend
documentend
documentstart
9827
topicstart
earn
topicend
bodystart
2;

BOSTON EDISON CO 
<
BSE> REGULAR DIVIDEND


    BOSTON, March 26 -
    
Qtly div 44.5 cts vs 44.5 cts in prior qtr
    Payable May one
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
9828
topicstart
topicend
bodystart
2;

NIPPON SIGNAL ISSUES 50 MLN SWISS FRANC NOTES


    ZURICH, March 26 - 
Nippon Signal Co Ltd is issuing 50 mln
Swiss franc of five year notes with warrants, paying an
indicated 1-3/8 pct, lead manager Morgan Stanley said.
    Terms will be fixed on April 2 with payment due April 22.
The notes are guaranteed by Fuji Bank Ltd.
 REUTER
3;
bodyend
documentend
documentstart
9829
topicstart
cpi
topicend
bodystart
2;

GERMAN COST OF LIVING FALLS IN MARCH ON YEAR-AGO


    WIESBADEN, March 26 - 
The cost of living in West Germany
was provisionally unchanged in March compared with February but
fell 0.2 pct against March 1986, the Federal Statistics Office
said.
    In February the cost of living rose 0.1 pct from January
but fell 0.5 pct compared with February 1986.
    The office said final figures for March will be released in
about 10 days.
 REUTER
3;
bodyend
documentend
documentstart
9830
topicstart
topicend
bodystart
2;
******
BRITISH BANKS RESIST SIGNING MEXICO PACKAGE, SEEK MORE EQUITABLE CONTRIBUTIONS - LLOYDS

Blah blah blah.
3;


bodyend
documentend
documentstart
9832
topicstart
topicend
bodystart
2;
******
BRITISH BANKS SEEK MORE EQUITABLE CONTRIBUTIONS ON MEXICO PACKAGE - LLOYDS

Blah blah blah.
3;


bodyend
documentend
documentstart
9833
topicstart
acq
topicend
bodystart
2;

FOOTE MINERAL 
<
FTE> TO MERGE INTO RIO TINTO


    EXTON, Pa., March 26 - 
Foote Mineral Co said it has signed
a letter of intent to merge into 
<
Rio Tinto-Zinc Corp PLC> for
cash.
    The company said at the time of the acquisition, its assets
will include only lithium and ferrosilicon operations. Foote,
which is 83 pct owned by Newmont Mining Corp 
<
NEM>, has signed
a letter of intent to sell its Cambridge operations and said it
is in talks on the sale of its manganese operations with
several companies.  Foote said Newmont has informally indicated
it would vote in favor of the Rio Tinto proposal.
    Foote said terms of the agreement, including price for the
proposed cash transaction, have not been released because they
are subject to a continuing due diligence investigation.
    The company said a definitive merger agreement is expected
to be negotiated within six weeks and shareholders are expected
to vote on the deal at a meeting expected to be held in June or
July.
 Reuter
3;
bodyend
documentend
documentstart
9834
topicstart
jobs
topicend
bodystart
2;

U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK


    WASHINGTON, March 26 - 
New applications for unemployment
insurance benefits rose to a seasonally adjusted 341,000 in the
week ended March 14 from 340,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,454,000 in the week ended
March 7, the latest period for which that figure was available.
    That was up from 2,507,000 the previous week.
     
 Reuter
3;
bodyend
documentend
documentstart
9835
topicstart
topicend
bodystart
2;

BRITISH BANKS RESIST SIGNING MEXICO PACKAGE


    By Marguerite Nugent, Reuters


    LONDON, March 26 - 
British banks are resisting signing a 76
billion dlr rescheduling package for Mexico in a last ditch
effort to get all participants to contribute equally to a new
7.7 billion dlr loan contained in the package.
    Christopher Brougham, regional manager, rescheduling unit,
at Lloyds Bank Plc, said in response to a Reuter enquiry, that
the six major U.K. Clearing banks last week sent a telex to
Citibank saying they would contribute what was requested
provided all other major lenders did the same and that the U.S.
Banks contribute at least 90 pct of the amount required by
them.
    Other bankers, who declined to be identified, said other
groups of banks particularly those in Switzerland, France and
Canada, were equally reluctant to sign, although they had not
sent any telex to Citibank, which chairs Mexico's 13-bank
advisory group.
    However, they said it was likely that if and when the
British banks sign the accord, the others are likely to follow.
    Under the agreement, for which the signing began on Friday,
commercial banks are being asked to contribute 12.9 pct of
their exposure to Mexico as of August 1982. That was the date
of the first Mexican debt crisis.
    After months of haggling, a proposed rescheduling agreement
for Mexico was struck last September during the annual meeting
of the World Bank and International Monetary Fund in
Washington.
    Ever since then the advisory group, of which Lloyds is a
member, has been attempting to round up the needed signatories.
    However, there has been considerable resistance to the
package, partly because of some of the clauses it contains and
partly because many small U.S. Regional banks do not want to
increase their exposure to any Latin American countries.
    Brougham said, "We (British banks) have always played along
for Mexico and will do so as long as others share equally."
    The decision to send the telexes was agreed on by the six
clearers jointly, but each sent its own telex.
    In addition to Lloyds, telexes were sent by National
Westminster Bank Plc, Barclays Bank Plc, Midland Bank Plc,
127;tandard Chartered Bank Plc and Royal Bank of Scotland Plc.
    Brougham noted that so far the U.S. Banks have only reached
83-1/2 pct of the total that is expected from them, while the
level of contributions from the U.K. Banks is well in excess of
90 pct. "The U.S. Figure should be closer to ours," he said.
    Many bankers have been angered by the resistance of the
regional U.S. Banks, noting that even if they don't contribute
to the new loan they still will be receiving interest on the
existing loans.
    The banks still have three weeks to sign the agreement and
bankers are hoping all will go according to plan.
    In the meantime, bankers expect further pressure will be
exercised on the regional banks and the major U.S. Banks to
find a solution to the problem. Many have suggested that the
larger U.S. Banks should take on the additional obligations,
but so far they have resisted this.
    Bankers expect that much of the pressure on the U.S. Banks
will come from U.S. Regulators, notably the Federal Reserve.
    Bankers prefer to view the stance taken by the British
banks and other national groups as "a matter of principal, and
burden sharing" rather than as a "pressure tactic" to force the
U.S. Banks to make up their share.
    The bankers are not the only ones to be upset by the
protracted negotiations surrounding the agreement.
    The Mexicans themselves have been angered by the delays. At
the signing in New York last Friday, Finance Minister Gustavo
Petricioli sounded a warning to the recalcitrant banks.
    "Those who supported us today can be sure that Mexico will
continue to be open and willing to share with them the business
opportunities which its future growth will create," Petricioli
said.
    Conversion of bank debt into equity investments in Mexico
is one option banks can take advantage of to reduce their
exposure. But Mexico halted its debt for equity program in
February in an effort to concentrate on finalising the package.
    On Friday, Petricioli said "We will be a lot more
expeditious in processing the requests of banks that have
supported us."
    The pressure on the U.S. Banks comes at a time when other
major Latin American debtors are in the process of crucial debt
negotiations.
    Brazil, the third world's largest debtor, has suspended all
interest payments on its 109 billion dlrs of foreign debt. Many
of the major U.S. Banks, including Citibank, have already said
they might have to put their Brazil loans on a cash basis and
take the financial losses, which could total billions of
dollars.
    This would be required by U.S. Banking regulations if the
interest payments are more than 90 days overdue.
    However, the U.S. Banks are not the only ones threatened by
regulations. In the U.K., A proposed Inland Revenue ruling
would affect the tax treatment of certain types of loans, many
of which are made to Latin American countries.
    Basically, the ruling wants to limit the tax credit a bank
can claim for tax withheld by foreign governments on loan
interest payments.
    The British banks are planning to fight the proposals as
their implementation could prove extremely costly, not just in
terms of compliance but in limiting future business.
 REUTER
3;
bodyend
documentend
documentstart
9836
topicstart
trade
bop
topicend
bodystart
2;

HONG KONG FEBRUARY TRADE SWINGS INTO DEFICIT


    HONG KONG, March 26 - 
Hong Kong recorded a 3.51 billion
H.K. Dlr deficit in February after a 2.54 billion dlr surplus
in January as imports climbed and exports slid, the Census and
Statistics Department said.
    The deficit compared with a deficit of 1.76 billion dlrs in
February 1986.
    Imports rose to 24.12 billion dlrs, up 2.6 pct from
January's 23.52 billion dlrs and 42 pct above the 16.98 billion
dlrs recorded in February 1986.
    Total exports for the month fell 20.9 pct to 20.61 billion
dlrs from 26.06 billion in January.
    February exports were still 35.4 pct above the 15.22
billion dlrs recorded in the same month last year.
    Re-exports, the territory's traditional entrepot trade,
outpaced domestically produced exports for the first time since
March 1985.
    Re-exports fell 11.6 pct to 10.62 billion dlrs from 12.0
billion dlrs in January but were 54 pct above February 1986's
6.88 billion dlrs. Domestic exports slid 28.9 pct to 9.99
billion dlrs from January's 14.05 billion dlrs but were up 19.7
pct over the 8.35 billion dlrs recorded in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
9837
topicstart
earn
topicend
bodystart
2;
******
BEST PRODUCTS CO INC 4TH QTR SHR 1.44 DLRS VS 83 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9839
topicstart
earn
topicend
bodystart
2;

BEST PRODUCTS CO 
<
BES> 4TH QTR JAN 31 NET


    RICHMOND, Va., March 26 -
    
Shr profit 1.44 dlrs vs profit 83 cts
    Net profit 39.0 mln vs profit 22.5 mln
    Sales 816.1 mln vs 865.3 mln
    Year
    Shr loss 95 cts vs profit eight cts
    Net loss 25.6 mln vs profit 2,223,000
    Sales 2,142,118 vs 2,234,768
    NOTE: Current year net both periods includes prtax
provisions for restructuring operations of 4,868,000 dlrs in
quarter and 38.1 mln dlrs in year.
    Latest year net includes 1,825,000 dlr tax credit and
2,600,000 dlr posttax loss from debt extinguishment.
 Reuter
3;
bodyend
documentend
documentstart
9841
topicstart
interest
topicend
bodystart
2;

BANK OF SPAIN PROVIDES YEAR RECORD ASSISTANCE FUNDS


    MADRID, March 26 - 
The Bank of Spain provided 1,145 billion
pesetas in assistance funds which bankers said reflected fears
of fresh increases in overnight rates.
    The daily auction was the biggest of the year and comes
after the previous record set last June 6 of 1,240 billion
pesetas.
    A spokesman for one of Spain top five banks said higher
overnight call money rates were expected in the short term in
view of disappointing money supply figures for February.
    The M-4 money supply, measured as liquid assets in public
hands, rose 16.7 pct last month against 8.1 pct in January and
compared with this year's eight pct target. Money supply growth
was 11.4 pct last year.
    The central bank on Tuesday raised overnight rates by a
quarter of a percentage point to 14 pct on demand for 746
billion pesetas. Rates stood at 12.1 pct at the start of the
year and have been increased to drain liquidity on rising
demand for funds. "The policy is proving counter-productive and
rates will have to come down in the long-term," the bank
spokesman said in reply to Reuters enquiries.
    He said higher rates were fuelling an influx of short-term
speculative capital from abroad.
    "At least 800 mln dlrs of current excess liquidity in the
system is convertible pesetas from West Germany and other
countries with much lower rates," he said.
 REUTER
3;
bodyend
documentend
documentstart
9842
topicstart
topicend
bodystart
2;

GREAT WESTERN 
<
GWF> TO REDEEM DEBENTURES


    BEVERLY HILLS, Calif., March 26 - 
Great Western Financial
Corp said it has called for redeemption a 150 mln dlr issue of
8.5 pct convertible subordinate debentures due 2010 on May 15.
    The company said each 1,000 dlrs principal amount of the
debentures will be redeemed at 1,068 dlrs plus 7.08 dlrs of
accrude interest.
    It said each 1,000 dlrs principal amount of the debentures
is convertible into about 30.075 common shares at the
conversion price of 33.25 dlrs a share. The stock closed at
53-3/4 yesterday.
 Reuter
3;
bodyend
documentend
documentstart
9844
topicstart
acq
topicend
bodystart
2;

ETHYL CORP 
<
EY> UNITS COMPLETE ACQUISITON


    RICHMOND, Va., March 26 - 
Ethyl Corp said its subsidiaries
completed the acquisiton of Nelson Research and Development Co

<
NELR>.
    The merger was approved following completion on Jan 27 of a
tender offer valued at approximately 55 mln dlrs, the company
said.
    It added that Nelson, based in Irvine, Calif., will be
operated as a wholly-owned subsidiary of Ethyl.
    Nelson designs and develops new drugs, Ethyl said.
 Reuter
3;
bodyend
documentend
documentstart
9847
topicstart
trade
topicend
bodystart
2;

BRITISH POLITICIANS URGE JAPAN TRADE SANCTIONS


    LONDON, March 26 - 
One hundred members of Britain's ruling
Conservative Party have signed a motion calling for trade
sanctions against Japan to force Tokyo to open its domestic
market to British goods.
    The government announced last week that Japan had a 5.9
billion dlr trade surplus with Britain in 1986.
    The Department of Trade and Industry said the government
was drawing up contingency plans to force Japan into opening up
its domestic markets but a spokesman said such moves were very
much a last resort.
    Ideas being considered included blocking Japanese companies
from trading in Britain and revoking licenses of Japanese
operations in the London financial district.
 Reuter
3;
bodyend
documentend
documentstart
9848
topicstart
trade
bop
interest
stg
money-fx
topicend
bodystart
2;

U.K. TRADE FIGURES BUOY HOPES OF INTEREST RATE CUT


    By Rowena Whelan, Reuters


    LONDON, March 26 - 
The release of U.K. February trade data
showing that the current account surplus was a provisional 376
mln stg, up from a 73 mln surplus in January, has boosted hopes
of an early cut in interest rates, analysts said.
    Market forecasts had been for a worse outcome, with
expectations of a deficit in visible trade averaging about 750
mln stg, against the official figure of 224 mln stg, sharply
narrower than January's 527 mln deficit.
    "The figures are unreservedly good," Chase Manhattan
Securities economist Andrew Wroblewski said.
    Sterling rebounded on the trade figures, reversing a weaker
morning trend, to stand at 72.1 pct of its trade weighted index
against a basket of currencies at midday, unchanged from
yesterday's close but 0.3 points above the 1100 GMT level.
    The market had feared that a deteriorating non-oil trade
pattern would undermine international support for sterling,
which has been the motor behind the recent fall in U.K.
Interest rates. Money market sources said the market had begun
to doubt that a widely expected drop in bank base lending rates
to 9.5 pct from the present 10.0 pct was really on the cards.
    But sentiment now looks to have turned about again.
    There now looks to be no danger that the Chancellor of the
Exchequer Nigel Lawson's forecast of a 1987 current account
deficit of 2.5 billion stg will be exceeded, said Wroblewski.
    Seasonally adjusted figures showed that imports rose in
February to 7.16 billion stg from 6.73 billion in January.
    Exports rose to a record 6.93 billion from 6.20 billion.
    However, Chris Tinker, U.K. Analyst at brokers Phillips and
Drew said that the faster rise in exports than imports would
prove partly aberrational in coming months. He forecast the
Chancellor's Budget tax cuts would increase consumer expediture
on imported goods.
    However, Ian Harwood, economist at Warburg Securities, said
his firm was sharply revising its 1987 current account deficit
forecast in the light of the latest data, cutting one billion
stg off the expected full year total to about 1.75 billion stg.
    He said news of strong growth in exports of non-oil goods
confirmed recent bullish surveys among members of the
Confederation of British Industry.
    The growth in imports appears to be flattening, even if
January's bad weather had curbed consumer spending on overseas
goods and import-intensive stock building among manufactureres,
Harwood said.
    U.K. Government bonds, or gilts, surged by more than 1/2
point on the better-than-expected news, as earlier worries
about the figures evaporated.
    Sterling peaked at a high of 1.6075 dlrs, before settling
to a steady 1.6050 dlrs about 1300 GMT, nearly a cent higher
than the European low of 1.5960.
    However, analysts noted that the turnabout in market
sentiment still looks highly vulnerable to political news.
    Morning weakness in sterling and the gilt market was
largely attributed to a newspaper opinion poll showing that the
Conservative government's support was slipping.
    The Marplan poll, published in "Today," showed Conservative
support had fallen to 36 pct, from 38 pct last month, while the
Alliance of Liberals and Social Democrats had rallied to 31
pct, from 21 pct, to run neck and neck with the Labour Party,
whose own support fell from 38 pct.
    The poll was taken after the Budget, which was greeted
enthusiastically by financial markets but seems to have left
the voters indifferent, political observers said.
    Another regular poll is due tomorrow, and eonomists warn
that today's improved sentiment could be dented if support for
Prime Minister Margaret Thatcher slips again.
    This upsetting of the markets' political perceptions, which
are all but discounting a Conservative victory in the upcoming
general election, made them more sensitive to the trade data,
Harwood said. "The news did come as a very, very substantial
relief," he said.
    However, on the interest rate front, economists caution
that Lawson might be wary of leaving sterling vulnerable by
encouraging another base rate fall. They noted Lawson had
already got an inflation-reducing cut in mortgage rates in
response to lower base rates, so domestic political reasons for
lower rates have been curtailed.
 REUTER
3;
bodyend
documentend
documentstart
9849
topicstart
trade
crude
topicend
bodystart
2;

S. KOREA MAY BUY U.S. OIL TO AID TRADE BALANCE


    SEOUL, March 26 - 
South Korea is studying a plan to buy
more coal from the United States and to start importing Alaskan
crude oil to help reduce its huge trade surplus with the United
States, Energy Ministry officials said today.
    They said the plan would dominate discussions at two-day
energy talks between officials of the two countries in
Washington from April 1.
    Huh Sun-yong, who will attend the talks with three other
Seoul government officials, told Reuters that Seoul was
"positively considering buying a certain amount of Alaskan oil
beginning this year as part of our government's overall plan to
reduce a widening trade gap between the two countries."
    Huh said however that South Korean refineries considered
the Alaskan oil economically uncompetitive.
 Reuter
3;
bodyend
documentend
documentstart
9850
topicstart
acq
topicend
bodystart
2;

BP 
<
BP> TO HOLD NEW YORK PRESS CONFERENCE


    NEW YORK, March 26 - 
British Petroleum Co PLC said it has
scheduled a New York press conference for 1300 EST/1800 gmt
today at which senior management will discuss the company's
proposed acquisition of the 45 pct of Standard Oil Co 
<
SRD>
that it does not already own for 70 dlrs per share.
    The offer is worth about 7.4 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9851
topicstart
money-fx
topicend
bodystart
2;
******
U.S. TREASURY'S MULFORD REAFFIRMS G-6 PACT TO FOSTER CURRENCY STABILITY AROUND CURRENT LEVELS

Blah blah blah.
3;


bodyend
documentend
documentstart
9852
topicstart
money-fx
topicend
bodystart
2;
******
TREASURY'S MULFORD SAYS G-6 HAS NO CURRENCY TARGET ZONES, RANGES

Blah blah blah.
3;


bodyend
documentend
documentstart
9853
topicstart
gold
topicend
bodystart
2;

GERMAN ANALYSTS SEE GOLD FIRMING LATER THIS YEAR


    FRANKFURT, March 26 - 
The price of gold bullion is likely
to rise in the second half of the year on increased private
investor demand, West German analysts said.
    Gold could rise as high as 500 dlrs per ounce later this
year, said Peter Witte, director of Westdeutsche Landesbank
Girozentrale's trading division, after a presentation by the
U.S. Mint to promote its gold and silver Eagle series coins.
    "A lot will depend on oil prices and developments on stock
exchanges," Witte said, adding he saw gold positioned for
further rises once it breaks out above 450 dlrs.
    Gold was fixed this morning in London at 411.30 dlrs.
    Despite current strong interest in gold mine stocks, many
investors still want to buy physical gold, Witte said.
    Interest in gold mine stocks may also wane if stock
exchange rallies under way in many countries start to waver.
    Hermann Strohmeyer, vice president of Commerzbank AG's
foreign exchange trading and treasury department, said gold is
poised to rise to 460 to 470 dlrs an ounce in the second half
of this year.
    The price is unlikely to fall much below 380 or 390 dlrs an
ounce, and probably will continue in a range between 380 and
430 dlrs in the first half of this year, he said.
 Reuter
3;
bodyend
documentend
documentstart
9854
topicstart
topicend
bodystart
2;

ESSEX CHEMICAL 
<
ESX> SELLS CONVERTIBLE DEBT


    NEW YORK, March 26 - 
Essex Chemical Corp is raising 60 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a six pct coupon and par pricing, said lead manager
Thomson McKinnon Securities Inc.
    The debentures are convertible into the company's common
stock at 40 dlrs per share, representing a premium of 23.6 pct
over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-1 by
Moody's Investors Service Inc and B by Standard and Poor's
Corp. PaineWebber Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
9855
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET RECEIVES 226 MLN STG ASSISTANCE


    LONDON, March 26 - 
The Bank of England said it operated in
the money market this afternoon, buying 226 mln stg in bills.
    In band one, the central bank bought 37 mln stg treasury
bills and 72 mln stg bank bills at 9-7/8 pct together with 117
mln stg band two bank bills at 9-13/16 pct.
    This brings total money market help so far today to 241 mln
stg and compares with the Bank's revised estimate of a 350 mln
stg shortfall.
 REUTER
3;
bodyend
documentend
documentstart
9857
topicstart
money-fx
topicend
bodystart
2;
******
BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
9858
topicstart
acq
topicend
bodystart
2;

MCO 
<
MCO>, MAXXAM 
<
MXM> HOLDERS APPROVE MERGER


    LOS ANGELES, March 26 - 
MCO Holdings Inc said its
shareholders and those of MAXXAM Group Inc have approved the
proposed merger of the two companies.
    MCO said one MAXXAM shareholder has filed an objection to
the proposed settlement of shareholder actions related to the
merger in the Delaware Court of Chancery. A hearing on the
settlement proposal is scheduled for March 27... The merger is
subject to court approval of the settlement as well as to other
conditions.
 Reuter
3;
bodyend
documentend
documentstart
9859
topicstart
topicend
bodystart
2;

CANADA DETAILS TWO BOND AUCTIONS


    OTTAWA, March 26 - 
The finance department said it will sell
500 mln dlrs of three-year 3-1/2 month bonds to primary
distributors in a previously announced auction March 31.
    It said another 400 mln dlrs of seven-year 3 month bonds
will be auctioned April 1.
 Reuter
3;
bodyend
documentend
documentstart
9860
topicstart
earn
topicend
bodystart
2;

PRICE CO 
<
PCLB> 2ND QTR MARCH 15 NET


    SAN DIEGO, March 26 -
    
Shr 34 cts vs 29 cts
    Net 16.7 mln vs 13.3 mln
    Sales 678.7 mln vs 531.0 mln
    Avg shrs 48.9 mln vs 45.8 mln
    1st half
    Shr 81 cts vs 69 cts
    Net 39.5 mln vs 31.7 mln
    Sales 1.71 billion vs 1.35 billion
    Avg shrs 48.9 mln vs 45.8 mln
    NOTE: Twelve and 28-week periods.
 Reuter
3;
bodyend
documentend
documentstart
9861
topicstart
earn
topicend
bodystart
2;

CAROLIAN SYSTEMS SEES LOWER FISCAL 1987 PROFIT


    TORONTO, March 26 - 
<
Carolian Systems International Inc>
said it anticipates profit for fiscal 1987 ending June 30 will
be lower than fiscal 1986 earnings of 410,000 dlrs, despite an
expected revenue increase of 37 pct to more than 3.5 mln dlrs.
    After an extraordinary expense associated with the
December, 1986 withdrawal of a planned common share offering,
"we expect to be modestly profitable for the year, but below the
410,000 dlrs earned in fiscal 1986," the company said.
    Carolian previously reported fiscal six month profit of
12,933 dlrs, excluding an extraordinary loss of 17,210 dlrs,
compared to earnings of 69,829 dlrs in the prior year.
    The company said it anticipated fiscal 1987 earnings to be
lower due to withdrawal of its share offering, computer
equipment shipment delays and costs associated with sales staff
expansion.
    A strengthening Canadian dollar against U.S. currency will
also adversely affect revenues and earnings, since 85 pct of
revenues are generated by sales outside Canada, said Carolian,
a leading supplier of utility software for Hewlett-Packard
computer systems.
 Reuter
3;
bodyend
documentend
documentstart
9862
topicstart
money-fx
dlr
topicend
bodystart
2;
******
BANK OF FRANCE BUYS DOLLARS, SELLS YEN - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
9864
topicstart
money-fx
trade
topicend
bodystart
2;

U.S TREASURY'S MULFORD REAFFIRMS G-6 AGREEMENT


    WASHINGTON, March 26 - 
Treasury Assistant Secretary David
Mulford reaffirmed U.S. backing for the Paris Agreement among
six industrial nations to cooperate closely to foster exchange
rate stability around current levels.
    In testimony prepared for delivery before a Senate banking
subcommittee, Mulford said there was broad recognition in Paris
that "further substantial exchange rate shifts could damage
growth and adjustment prospects."
    But he also said while there are clear understandings among
the countries regarding cooperation, "We have refrained from
establishing a system of target zones or ranges."
    Mulford also said the six nations have not spelled out the
way in which they intend to deal with possible market
developments.
    He said governments must retain flexibility in dealing with
exchange market pressures and efforts to establish rigid
exchange rate objectives "or to specify too precisely the goals
of intervention" would hurt official attempts to react to
market pressures, he said.
    Accordingly, Mulford said setting specific currency
objectives and intervention to achieve those objectives would
be counterproductive.
    Commenting on the trade deficit, Mulford reiterated the
Treasury position that the current account deficit will decline
from 148 billion dlrs last year to around 130 billion dlrs this
year, due to the exchange rate adjustments of the past 18
months.
    But he added trade imbalances would also be corrected by
commitments from West Germany and Japan to stimulate their
economies and by U.S. efforts to cut the budget deficit and
enhance U.S. competitiveness.
    He also said some newly industrialized countries should let
their currencies appreciate.
 Reuter
3;
bodyend
documentend
documentstart
9865
topicstart
grain
corn
wheat
barley
topicend
bodystart
2;

FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED


     PARIS, March 26 - 
French operators have requested licences
to export 675,500 tonnes of maize, 245,000 tonnes of barley,
22,000 tonnes of soft bread wheat and 20,000 tonnes of feed
wheat at today's European Community tender, traders said.
    Rebates requested ranged from 127.75 to 132.50 European
Currency Units a tonne for maize, 136.00 to 141.00 Ecus a tonne
for barley and 134.25 to 141.81 Ecus for bread wheat, while
rebates requested for feed wheat were 137.65 Ecus, they said.
 Reuter
3;
bodyend
documentend
documentstart
9866
topicstart
gold
topicend
bodystart
2;

U.S. GOLD EAGLE SALES PROJECTED AT 3.1 MLN OUNCES


    FRANKFURT, March 26 - 
American Eagle gold bullion coin
sales are projected at 3.1 mln troy ounces in their first year
on the market, well above the target of 2.2 mln, Donna Pope,
director of the U.S. Mint, told journalists.
    World sales, which began on October 20, 1986, reached 2.193
mln ounces in less than six months of sales. This made it world
market leader with a share of 37 pct in 1986, Pope said.
    Pope said that in volume terms, nearly half of all gold
Eagle sales were within North America, roughly 40 pct were in
Europe and about eight pct in Asia.
    She said despite introduction of several new gold bullion
coins on the market recently, the Mint is aiming to preserve
the Eagle's strong market share with extensive publicity.
    The Mint uses mainly newly mined U.S. Gold for the coins,
as long as this is available at market prices. The remaining
gold is taken either from U.S. Treasury stocks, or from the
open market, Pope said.
    Gold analysts said the Eagle is facing competition here
from the Canadian Maple Leaf, and also to a lesser extent from
the South African Krugerrand. Some estimated the Maple Leaf's
West German market share at 60 pct.
    The figures may be distorted, as many German investors buy
gold bullion in Switzerland or Luxembourg to escape the 14 pct
value-added tax imposed here. Including the tax, the one-ounce
coins traded today at 906 marks, they said.
    Competition may also come from new gold coins, including
Belgium's ECU, which began sales today. Britain and Australia
also have plans to mint gold bullion coins, the analysts said.
 REUTER
3;
bodyend
documentend
documentstart
9867
topicstart
acq
topicend
bodystart
2;

NEOAX 
<
NOAX> TO SELL NOVATRONICS FOR 20 MLN DLRS


    LAWRENCEVILLE, N.J., March 26 - 
Neoax Inc said it has
agreed to sell the assets and business of its Novatronics
Division to Veeco Instruments Inc 
<
VEE> for 20 mln dlrs.
    Neoax said it expects a gain of about nine mln dlrs on the
transaction which is expected to becomleted during the second
quarter, adding the gain will be sheltered by its tax loss
carryforwards.
    Novatronics makes military-specification power supplies and
avionics components for various prime government defense
contractors. It had 1986 sales of 21 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9868
topicstart
earn
topicend
bodystart
2;

PONCE FEDERAL BANK FSB 
<
PFBS> RAISES DIVIDEND


    PONCE, P.R., March 26 -
    
Qtly div nine cts vs 7.5 cts in prior qtr
    Payable April 15
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
9869
topicstart
earn
topicend
bodystart
2;

FOOTHILL GROUP 
<
FGI> SEES BETTER FIRST QUARTER


    NEW YORK, March 26 - 
Don Gevirtz, chairman of The Foothill
Group Inc, told Reuters the company's first quarter results
will be up sharply over last year's eight cents a share.
    "First quarter results will be dramatically better," he
said following a presentation to analysts. He cited a sharp
drop in non-earning assets, healthy asset growth and lower
expenses.
    He declined to predict specific results for the first
quarter. In the 1986 first quarter, the commerical finance
company earned 606,000 dlrs, or eight cts per share.
    Gevirtz also declined to predict full year results, but
said, "We expect an excellent year." In 1986 Foothill earned
3,239,000 dlrs, or 41 cts per share.
    Analysts expect Foothill to record earnings of 65 cts to 85
cts a share in 1987.
    During the presentation Gevirtz said Foothill has reduced
to less than five pct the company's level of non-performing
assets, which was as high as eight pct in previous years.
    David Hilton, chief financial officer, said the company's
general and administrative expenses in 1987 will be reduced to
about 3.0 to 3.5 pct of average assets from 4.3 pct in 1986.
    The company had average assets of 399.8 mln dlrs from
continuing operations and 29.8 mln dlrs from discontinued
operations in 1986, according to its annual report.
 Reuter
3;
bodyend
documentend
documentstart
9871
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF FRANCE BUYS DOLLARS, SELLS YEN - DEALERS


    PARIS, March 26 - 
The Bank of France intervened on the
market to buy dollars and sell yen to support the U.S.
Currency, dealers said.
    A major French bank said it acted for the central bank in
buying between five and 15 mln dlrs against yen.
    A dealer at another bank said his bank had been asked to
publicise the intervention, to send a clear signal to the
markets that central banks were acting in concert to maintain
the exchange rates agreed to be appropriate at last month's
meeting of the Group of Five and Canada in Paris.
    The dollar was being quoted at 6.0950/70 francs in early
afternoon dealings after a fix of 6.09425 francs.
    The major French bank said it sold yen at a rate of 149.28
against the dollar.
    The U.S. Currency was subsequently being quoted at
149.25/35.
    The Bank of Japan was reported in the market overnight to
bolster the credibility of the Paris accord following several
days of pressure against the dollar.
    Pressure developed after U.S. Treasury Secretary James
Baker repeated earlier statements that the Reagan
administration had no targets for the dollar, apparently
undermining the assumption that the agreement in Paris had
fixed broad fluctuation ranges for major currencies.
    Baker later said his remark had been misinterpreted.
 REUTER
3;
bodyend
documentend
documentstart
9872
topicstart
acq
topicend
bodystart
2;

STANDARD 
<
SRD> REFERRING BP 
<
BP> BID TO GROUP


    CLEVELAND, March 26 - 
Standard Oil Co said British
Petroleum Co Plc's proposed offer of 70 dlrs a share for the 45
pct of Standard's stock not held by BP is being referred to a
special committee of the company's board.
    This committee, which is composed of the independent,
non-exective directors of the company, was formed in April 1986
for the purpose of monitoring the relationship between Standard
Oil and BP.
    Standard said the group will consider BP's offer in due
course noting the committee has retained the First Boston Corp
and Cravath Swaine and Moore as advisers.               
 Reuter
3;
bodyend
documentend
documentstart
9873
topicstart
topicend
bodystart
2;

MULFORD SEES MORE BANK LOANS TO DEBTORS IN 1987


    WASHINGTON, March 26 - 
U.S. Treasury Assistant Secretary
David Mulford said he foresaw substantial net new commercial
loans to the major debtor countries in 1987.
    In testimony before a Senate banking subcommittee, Mulford
said he based this prediction on progress in talks between
banks and Mexico, Chile, and Venezuela, as well as progress in
negotiations with the Philippines.
    "These agreements, together with others for Argentina and
we hope Brazil," should assure substantial new loans this year,
Mulford said.
    Mulford defended the U.S. strategy for handling the debt
crisis and added additional steps, like development by
commercial banks of a menu of options to support debtor reform,
can be undertaken.
    That particular development would maintain broad bank
participation in new financing packages to debtors.
    Mulford stessed that greater flexibility in devising new
money packages may be essential for future bank syndications.
    "The commercial banks have much to gain from taking the
lead themselves to develop the kinds of ideas that help assure
the concerted lending process works," he said.
    In particular, Mulford said banks and debtor nations will
increasingly move toward repricing, retiming or rescheduling
agreements as an alternative to new loans.
    "The benefits of such approaches may be substantial and
may, in the right circumstances, be easier to achieve than new
money packages," he said.
    But for debtors with substantial financing needs, new
lending will still be necessary, he said.
    Mulford rejected congressional ideas for a debt facility as
being far too costly to creditor governments, and ultimately
taxpayers.
    Mulford urged further development of debt-equity swaps as
well as broader mutual funds for conversion into equity.
    As in the past, Mulford said progress must be founded on
economic reforms and sufficient new financing for debtors both
to support those reforms and generate new growth.
 Reuter
3;
bodyend
documentend
documentstart
9874
topicstart
earn
topicend
bodystart
2;

ANCHOR GLASS 
<
AGLS> NOW SEES HIGHER 1ST QTR NET


    TAMPA, Fla., March 26 - 
Anchor Glass Container Corp said
first quarter net income is now expected to exceed the 3.1 mln
dlrs earned before extraordinary items in the year earlier
quarter.
    Previously, the company had said first quarter results
would likely be lower than for the 1986 period due to
production disruptions caused by the large number of production
line changes scheduled during the first quarter, its statement
pointed out.
    While the disruptive effects of the production line changes
had occurred in line with expectations, Anchor Glass said,
first quarter operating results were helped by lower than
anticipated operating costs and improved margins on sales as a
result of a more favorable product mix.
    The company said its income performance for the full year
remains very good.
    It also said Anchor Hocking Corp 
<
ARH> has converted the
entire principal balance of its Anchor Glass convertible
subordinated note to 576,694 Anchor Glass common shares.
    Anchor Glass said the conversion decreased its total debt
and increased stockholders' equity by about 9.4 mln dlrs and
increased common shares outstanding to 13,902,716.
    It said the conversion will also reduce its annualized net
interest expense by about 1.1 mln dlrs, or 600,000 dlrs after
taxes.
 Reuter
3;
bodyend
documentend
documentstart
9875
topicstart
earn
topicend
bodystart
2;

MACNEAL-SCHWENDLER CORP 
<
MNS> RAISES PAYOUT


    LOS ANGELES, March 26 -
    
Qtly div five cts vs 2-1/2 cts prior
    Pay June 10
    Record May 29
    NOTE: Prior payment adjusted for two-for-one stock split
declared recently.
 Reuter
3;
bodyend
documentend
documentstart
9877
topicstart
topicend
bodystart
2;

CREDIT LYONNAIS UNIT HAS AUSTRALIAN DOLLAR BOND


    LONDON, March 26 - 
Credit Lyonnais Australia is issuing a
40 mln Australian dlr eurobond paying 14-1/2 pct and priced at
101-1/8 pct, lead manager Hambros Bank Ltd said.
    The bond is due April 24, 1990 and is guaranteed by Credit
Lyonnais. It will be available in denominations of 1,000 dlrs
and will listed in Luxembourg.
    Fees comprise one pct selling concession with 1/2 pct
management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
9878
topicstart
earn
topicend
bodystart
2;

VIACOM INTERNATIONAL INC 
<
VIA> SETS QUARTERLY


    NEW YORK, March 26 -
    
Qtly div seven cts vs seven cts prior
    Pay May Eight
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
9879
topicstart
topicend
bodystart
2;

WALT DISNEY ISSUES 60 MLN AUS DLR EUROBOND


    LONDON, March 26 - 
Walt Disney Co Ltd is issuing a 60 mln
Australian dlr eurobond due May 7, 1990 with a 14-1/2 pct
coupon and priced at 101-3/8 pct, Warburg Securities said as
lead manager.
    The non-callable bonds will be issued in denominations of
1,000 Australian dlrs and will be listed in Luxembourg.
    Gross fees of 1-1/2 pct comprise one pct for selling and
1/2 pct for management and underwriting combined.
 REUTER
3;
bodyend
documentend
documentstart
9880
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GETS 25 MLN STG LATE HELP


    LONDON, March 26 - 
The Bank of England said it provided
about 25 mln stg in late help to the money market, bringing the
total assistance today to 266 mln stg.
    This compares with the bank's revised estimate of a 350 mln
stg money market shortfall.
 REUTER
3;
bodyend
documentend
documentstart
9884
topicstart
earn
topicend
bodystart
2;

PHLCORP 
<
PHX> HAS BREAKEVEN RESULTS


    PHILADELPHIA, March 26 - 
PHLCORP Inc said for November 14
through December 31, its first reporting period after emerging
from reorganization proceedings, it earned 86,000 dlrs on
revenues of 47 mln dlrs, excluding 2,300,000 dlrs in gains on
the sale of real estate and 800,000 dlrs in tax credits.
    The company is the successor to Baldwin-United Corp.
 Reuter
3;
bodyend
documentend
documentstart
9886
topicstart
topicend
bodystart
2;

STONE CONTAINER 
<
STO> TO REDEEM DEBT


    CHICAGO, March 26 - 
Stone Container Corp said it has
elected to redeem 200 mln dlrs of convertible debt.
    The paperboard and packaging producer said the debt
consists of the entire outstanding principal amount of its
6-3/4 pct convertible subordinated debentures due April 15,
2011, and all of its outstanding series C cumulative
convertible exchangeable preferred shares, both issued in the
principal amount of 100 mln dlrs each.
    Stone said April 10 is the redemption date for the
convertible debentures and April 27 is the redemption date for
the series C preferred.
    Stone Container said the convertible debentures' redemption
price is 1067.50 dlrs plus accrued interest of 32.81 dlrs for a
total of 1100.31 dlrs for each 1,000 dlrs prinicipal amount of
the debentures. Interest on the debentures will stop accruing
on and after its redemption date, the company said.
    Stone Container added that the series C preferred's
redemption price is 53.15 dlrs plus accrued and unpaid
dividends of 12 cts for a total of 53.27 dlrs a share.
Dividends on the shares will stop accruing on and after their
redemption date as well, Stone Container said.
    Stone Container said shareholders also have the right to
convert any or all of the debt into common shares at the
conversion price of 56 dlrs a common share, or about 17.857
shares for each 1,000 dlrs of debentures ,and .893 shares for
each series C share.
    The company said the conversion right will terminate after
1700 EST April 9 for the debentures and 1700 EST April 13 for
the series C.
    Stone said that those electing to convert their holdings to
common shares, becoming holders of record by May 22, will be
entitled to the 20 cts per share quarterly cash dividend
payable June 12, as well as the additional shares from the
previously announced two-for-one stock split to be issued on
June 12.
 Reuter
3;
bodyend
documentend
documentstart
9887
topicstart
topicend
bodystart
2;

FARM CREDIT SYSTEM REQUESTS U.S. CREDIT LINE


    WASHINGTON, March 26 - 
The financially-troubled Farm Credit
System today formally asked that the Treasury Department
provide a line of credit to the system and that Congress take
steps to guarantee stock held by borrowers.
    In testimony prepared for delivery to a Senate agriculture
subcommittee hearing, Brent Beesley, president of the Farm
Credit Corp, said "In order to avoid the need for continued
appropriations, the Farm Credit System Capital Corp should have
a line of credit from the Treasury."
    Beesley said in April the system would recommend a dollar
amount of aid needed.
    In addition, Beesley urged Congress to immediately take
steps to reassure borrowers from the system that their stock is
secure.
    We urged the Congress to go on record through a resolution
stating its commitment to protect the stock," Beesley said.
    Borrowers from the system own some four billion dlrs in
stock that could be jeopardized by the mounting losses of the
Farm Credit System.
    Beesley also said that if Congress takes action to reduce
interest rates offered to farmers to below-market levels, "The
government should provide this interest rate relief.
 Reuter
3;
bodyend
documentend
documentstart
9888
topicstart
topicend
bodystart
2;

OAKWOOD HOMES 
<
OH> SELLS CONVERTIBLE DEBENTURES


    NEW YORK, March 26 - 
Oakwood Homes Corp is raising 25 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a 6-1/2 pct coupon and par pricing, said lead manager
Donaldson, Lufkin and Jenrette Securities Corp.
    The debentures are convertible into the company's common
stock at 21.25 dlrs per share, representing a premium of 23.19
pct over the stock price when terms on the debt were set.
    Non-callable for three years, the issue is rated B-2 by
Moody's Investors and B by Standard and Poor's. J.C. Bradford
and Legg Mason co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
9889
topicstart
topicend
bodystart
2;

EMCO SETS 75 MLN DLR DEBENTURE OFFERING


    TORONTO, March 26 - 
<
Emco Ltd> said the board approved a
public offering of 75.0 mln dlrs principal amount of 7-1/4 pct
convertible subordinated debentures, maturing April 30, 2002,
subject to regulatory approvals.
    The debentures will be convertible into common shares at
any time up to April 30, 1992 at a price of 17.50 dlrs a share,
and then up to April 30, 1997 at 18.50 dlrs a share.
    Masco Corp 
<
MAS>, holding 44 pct of Emco, has agreed to
purchase 33.0 mln dlrs of the debentures. Underwriters are
Gordon Capital Corp, Midland Doherty Ltd, Merrill Lynch Canada
Inc and Levesque Beaubien Inc.
 Reuter
3;
bodyend
documentend
documentstart
9891
topicstart
acq
topicend
bodystart
2;

FOOTE MINERAL TO MERGE INTO RIO TINTO


    EXTON, Pa., March 26 - 
Foote Mineral Co said it signed a
letter of intent to merge into Rio Tinto-Zinc Corp PLC for
cash.
    Foote, 83 pct owned by Newmont Mining Corp, said Newmont
has informally indicated it would vote in favor of the Rio
Tinto proposal.
    Foote said terms of the agreement, including price for the
proposed cash transaction, have not been released because they
are subject to a continuing due diligence investigation.
    The company said a definitive merger agreement is expected
to be negotiated within six weeks and shareholders are expected
to vote on the deal at a meeting expected to be held in June or
July.
 Reuter
3;
bodyend
documentend
documentstart
9892
topicstart
alum
topicend
bodystart
2;

ALUMINIUM SCRAP RECOVERY AND USAGE TO RISE


    LONDON, March 26 - 
Aluminium scrap recovery and usage and
output of secondary metal will continue to rise, said Shearson
Lehman Brothers in a review of the secondary aluminium market
which details cost and demand factors.
    Although primary smelting costs have declined generally in
recent years, the still substantial energy cost savings offered
by secondary smelters will continue to make re-melted material
increasingly attractive.
    It takes around 15,000 kilowatt hours (kwh) of electricity
to produce one tonne of primary aluminium compared with around
550 kwh for one tonne of secondary metal, Shearson said.
    On the demand side, developments in automobiles and
packaging bode well for secondary aluminium consumption.
    Automobile production, although expected to fall this year,
is still on an upward trend and will continue to be so for the
foreseeable future and, in addition, use of aluminium castings
is gaining wider acceptance in the automobile industry,
particularly in the U.S.
    In packaging, Shearson does not expect aluminium to
dominate the beverage can market in any of the other major
economies to the extent it does in the U.S., But says there is
evidence recycling is on the increase in other countries.
    In addition to the cost savings involved, technology
advances now enable alloys of higher purity to be produced by
the secondary aluminium industry, Shearson said.
    There is not likely to be a problem of availability as the
U.S. Has a huge scrap reservoir and this is also true of
several European countries, albeit on a smaller scale.
 Reuter
3;
bodyend
documentend
documentstart
9893
topicstart
acq
topicend
bodystart
2;

CROSS AND TRECKER 
<
CTCO> BUYS AUTOMATION UNIT


    BLOOMFIELD, MICH., March 26 - 
Cross and Trecker said it
agreed to acquire the Alliance Automation Systems division of
Gleason Corp 
<
GLE> for an undisclosed amount of cash.
    It said the Gleason division manufactures automated
assembly and test systems used in the production of small to
medium size components for a number of industries, including
automotive, electronic and appliance.
    Alliance Automation had 1986 sales of about 35 mln dlrs and
employs 200.
 Reuter
3;
bodyend
documentend
documentstart
9894
topicstart
earn
topicend
bodystart
2;

SALANT CORP 
<
SLT> 1ST QTR FEB 28 NET


    NEW YORK, March 26 -
    
Oper shr profit seven cts vs loss 12 cts
    Oper net profit 216,000 vs loss 401,000
    Sales 21.4 mln vs 24.9 mln
    NOTE: Current year net excludes 142,000 dlr tax credit.
    Company operating in Chapter 11 bankruptcy.
 Reuter
3;
bodyend
documentend
documentstart
9896
topicstart
earn
topicend
bodystart
2;

HEALTHMATE INC 
<
HMTE> 4TH QTR LOSS


    NORTHBROOK, ILL., March 26 -
    
Shr loss five cts vs loss six cts
    Net loss 473,784 vs loss 489,257
    Revs 268.8 mln vs 81.7 mln
    Avg shrs 9,245,247 vs 8,035,326
    Year
    Shr loss 17 cts vs loss 20 cts
    Net 1,512,534 vs loss 1,553,592
    Revs 1,448,310 vs 515,225
    Avg shrs 8,745,132 vs 7,619,863
 Reuter
3;
bodyend
documentend
documentstart
9897
topicstart
trade
jobs
topicend
bodystart
2;

KEATING REVISES DOWN AUSTRALIAN GROWTH FORECAST


    CANBERRA, March 26 - 
Treasurer Paul Keating forecast
economic growth at slightly under two pct in the financial year
ending June this year, down from the 2.25 pct forecast
contained in the 1986/87 budget delivered last August.
    Australia's terms of trade also fell, by 18 pct, over the
past two years, he told Parliament. Terms of trade are the
difference between import and export price indexes.
    Despite the figures, the budget forecast of about 1.75 pct
annual growth in employment would be met, Keating said.
    Unemployment is currently at 8.2 pct of the workforce.
    "This government is dragging Australia through a trading
holocaust the kind of which we have not seen since the Second
World War," Keating said.
    "We are not pushing this place into a recession. We are not
only holding our gains on unemployment, we are bringing
unemployment down," he said, adding that the government had help
the country avoid recession.
 REUTER
3;
bodyend
documentend
documentstart
9901
topicstart
earn
topicend
bodystart
2;

NATIONAL BANC OF COMMERCE CO 
<
NBCC> SETS PAYOUT


    CHARLESTON, W.Va., March 26 -
    
Qtly div 14 cts vs 14 cts prior
    Pay April Eight
    Record March 26
 Reuter
3;
bodyend
documentend
documentstart
9902
topicstart
earn
topicend
bodystart
2;

HARSCO CORP 
<
HSC> SETS REGULAR PAYOUT


    CAMP HILL, Pa., March 26 -
    
Qtrly div 25 cts vs 25 cts
    Pay May 15
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
9903
topicstart
cocoa
topicend
bodystart
2;

MADAGASCAR COCOA PRODUCTION ESTIMATED HIGHER


    ANTANANARIVO, March 26 - 
Madagascar's cocoa production is
estimated 13 pct higher this year at 2,720 tonnes, up from
2,400 in 1986, Agriculture Ministry officials said.
    This improvement reflects the government's efforts over the
last seven years to extend existing cocoa plantations and plant
new higher yielding varieties, particularly at the northern tip
of the island, they said.
    Last year, Madagascar exported 2,189 tonnes of high quality
cocoa, up from 1,624 in 1985, the Trade Ministry said.
    This year's exports are estimated at 2,400 tonnes.
 Reuter
3;
bodyend
documentend
documentstart
9904
topicstart
earn
topicend
bodystart
2;

COMPUTER ASSOCIATES 
<
CA> SETS TWO FOR ONE SPLIT


    GARDEN CITY, N.Y., March 26 - 
Computer Associates
International Inc said its board has declared a two-for-one
stock split, payable May Seven, record April Seven.
 Reuter
3;
bodyend
documentend
documentstart
9905
topicstart
reserves
topicend
bodystart
2;

SWISS NET CAPITAL EXPORTS RISE IN 1986


    ZURICH, March 26 - 
Increased activity by Switzerland's
banks pushed net capital exports to a provisional 11.7 billion
francs last year from 10.0 billion in 1985, the National Bank
said in a pre-publication copy of its annual report.
    It also said the current account surplus of the Swiss
balance of payments reached a provisional 13.5 billion francs
last year, from 12.8 billion in 1985.
    The National Bank's currency reserves rose by 1.8 billion
francs, against a 2.8 billion rise in 1985. However, taking
into accounts effects of the shift in exchange rates, reserves
actually fell in value by 1.9 billion.
    The banks' net capital exports climbed to 5.4 billion
francs, from 5.1 billion in 1985, while capital exports by
domestic non-banks fell to 5.0 billion from 9.1 billion.
    The National Bank gave the following figures (1985 in
brackets)
    Current Account +13.5 billion (+12.8 in 1985), made up of:
    Goods                     -7.1 (-8.7)
    Services                  +10.1 (+9.8)
    Factor Income             +12.5 (+13.7)
    Transfers                 -2.0 (-2.0)
 Capital Account -11.7 billion (-10.0 in 1985) made up of
    Direct Investment                          N/A  (-6.3)
    Portfolio Investment                       N/A  (-2.8)
    Capital Traffic of Banks                  -10.4 (-14.2)
    Other Capital Traffic Included             N/A  (+5.6)
    Traffic not Included and Statistical Error N/A  (+7.7)
    Change in Currency Reserves of the National Bank +1.8
(+2.8)
    Interest Income on Foreign Currency        +2.4 (+3.4)
    Foreign Currency Transactions              -0.6 (-0.6)
 REUTER
3;
bodyend
documentend
documentstart
9906
topicstart
ship
topicend
bodystart
2;

ST LAWRENCE SEAWAY OPENING STILL MARCH 31


    CHICAGO, March 26 - 
The St Lawrence Seaway between Lake
Ontario and Montreal is still scheduled to open for the
shipping season on March 31, a Seaway official said.
    The Great Lakes could have been open for traffic earlier
this month due to the mild Winter, but scheduled repairs to the
Welland Canal joining Lake Erie with Lake Ontario will keep
that section closed until the April 1 opening, she said.
    One lock system in the four-lock Soo Canal joining Lake
Superior with Huron was opened on the morning of March 22, but
only three commercial vessels have been locked through so far,
according to an U.S. Army Corps of Engineers official.
    The Soo Canal is currently only open for daylight vessel
movement, with 24 hour movement allowed beginning March 29, she
added.
 Reuter
3;
bodyend
documentend
documentstart
9907
topicstart
grain
topicend
bodystart
2;

DUTCH GRAIN LEVY TEST CASE TO START IN APRIL


    ROTTERDAM, March 26 - 
A large Dutch animal feed compounder
will begin formal legal proceedings early next month as a test
case on the way the EC grain co-responsibility levy is applied,
a spokesman for Dutch grain and feed trade association, Het
Comite, told Reuters.
    Het Comite has been co-ordinating national actions against
alleged distortions caused by currency factors in the levy and,
since December, has lodged more than 80 individual cases with
the Business Appeal Court in The Hague.
    The basic complaint is that the levy does not take account
of currency cross-rates of exchange and therefore compounders
in countries with strong currencies may have to pay more in
their own currency than is paid to them by producers in another
country.
    Het Comite has obtained a temporary agreement that
companies can pay the amount they receive toward the levy
rather than paying a full guilder amount to the Dutch grain
commodity board.
    The spokesman said Het Comite will provide financial and
legal backing to the test case in the Business Administration
Court in the Hague. Oral proceedings are to begin on April 10.
    The spokesman said Het Comite finally selected the company
for the test case from among the 80 lodged "because the bill
(the firm) received from the commodity board for payment of the
levy contained significant currency distortions and involved
grain from a wide variety of origins." The name of the company
is not being made public.
    The Administration Court is not expected to make a final
ruling on the case in the near future. The Het Comite spokesman
said it was very likely it would refer questions to the Appeal
Court in Luxembourg, and "as a result it could easily be another
nine to 12 months before the matter is finally resolved."
    Meanwhile, the actions by Dutch animal feed compounders are
putting pressure on the commodity board to urge the Dutch
government to follow through on earlier statements and seek a
complete review in Brussels of the way in which the levy is
collected, the spokesman said.
    Het Comite, as a member of FEFAC, the association of
European animal feed manufacturers, is also a party to actions
protesting the whole levy in the Luxembourg appeal court.
 Reuter
3;
bodyend
documentend
documentstart
9908
topicstart
topicend
bodystart
2;

IDB APPROVES TRADE, PROJECT LOANS TO MEMBERS


    ISTANBUL, March 26 - 
The Executive Directors of the Islamic
Development Bank (IDB) approved a total of 115 mln dlrs of
trade and project financing loans to its member countries in
the first two days of its meetings here, a bank statement said.
    Two Turkish iron and steel companies were lent a total of
14.5 mln dlrs for modernisation projects to be paid over 10
years with a two-year grace period.
    Libya is to receive 8.9 mln dlrs for a plant to produce
concrete blocks, North Yemen 5.5 mln dlrs for roads and
Maldives 1.8 mln dlrs for school construction.
    The board approved a 4.2 mln dlrs loan to Benin for the
construction of the Cotonou port, to be repaid in 25 years with
a five year grace period, the statement said.
    The directors also approved 15 mln dlrs of loans each for
Turkey, Morocco and Jordan, 16 mln dlrs for Algeria, 10 mln
dlrs for South Yemen, six mln dlrs for Tunisia and 3.1 mln dlrs
for Malaysia to finance the import of commodities including
crude oil, petroleum products and basic computer components.
    The directors are expected to end their meetings later
today and the IBD Governors will start a two-day annual meeting
in Istanbul on Saturday.
 REUTER
3;
bodyend
documentend
documentstart
9909
topicstart
earn
topicend
bodystart
2;

Z-SEVEN FUND SEES HIGHER 1987 NET


    NEW YORK, March 26 - 
<
Z-Seven Fund Inc> said it expects to
earn six dlrs a share in 1987, up from 4.20 dlrs a share in
1986.
    The company said the 1986 net earnings were up 30 pct from
3.22 dlrs in 1985. Net asset value in 1986 rose 35 pct to 16.09
dlrs a share from 11.89 a year earlier, adjusted for a
three-for-two stock split.
 Reuter
3;
bodyend
documentend
documentstart
9912
topicstart
gas
topicend
bodystart
2;

SPANISH REFINER PLANS GASOLINE ADDITIVE PLANT


    MADRID, March 26 - 
Spain's state refiner Empresa Nacional
de Petroleo S.A. (EMP) plans to build its second unit for
production of methyl tertiary butyl ether (MTBE), a gasoline
additive replacing lead, company sources said.
    The Coruna-based plant, with an annual capacity of 27,000
tonnes, and a 55,000-tonnes-per-year facility that EMP will
start up in Tarragona next year, will make the state refiner
Spain's biggest producer of MTBE.
    Petroleos del Norte S.A. (Petronor) runs a 45,000 tonne a
year plant in Bilbao and Cia Espanola de Petroleos S.A. (Cepsa)
plans to put a similar unit onstream next year in Algeciras.
 Reuter
3;
bodyend
documentend
documentstart
9913
topicstart
acq
crude
topicend
bodystart
2;

WALL STREET STOCKS/U.S. OIL COMPANIES


    NEW YORK, March 26 - 
British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co 
<
SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
    "It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
    Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
 More
3;
bodyend
documentend
documentstart
9914
topicstart
earn
topicend
bodystart
2;

ROY F. WESTON INC 
<
WSTNA> 4TH QTR NET


    WEST CHESTER, Pa., March 26 -
    
Shr 15 cts vs 11 cts
    Net 900,334 vs 482,705
    Revs 28.7 mln vs 18.8 mln
    Avg shrs 6,195,527 vs 4,551,105
    Shr 51 cts vs 31 cts
    Net 2,713,912 vs 1,402,696
    Revs 98.7 mln vs 67.9 mln
    Avg shrs 5,369,833 vs 4,551,105
    NOTE: Share adjusted for three-for-two stock split
effecitive March 2, 1987.
    Weston said earnings for the firstg quarter will be about
flat due to the recent substantial addition of management and
technical staff and an expansion in the Southeastern and
Northwestern U.S.
    The company said full-year earnings and revenues are
expected to be higher.  The company today reported 1986
earnings of 2,713,912 dlrs, up from 1,402,696 dlrs in 1985, and
revenues of 98.7 mln dlrs, up from 67.9 mln dlrs.
    Weston earned 492,000 dlrs in last year's first quarter.
 Reuter
3;
bodyend
documentend
documentstart
9915
topicstart
gas
topicend
bodystart
2;

MOBIL 
<
MOB> TO UPGRADE REFINERY UNIT


    NEW YORK, March 26 - 
Mobil Corp said it will spend over 30
mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
Texas, refinery.
    It said the unit is a catalytic reformer, which converts
low-octane components of gasoline into high-octane components
for use in Super Unleaded gasoline.
    The company said the modernization will allow the unit to
regenerate catalysts on a continuous basis without shutdown.
Currently, it must be shut twice a year.  The unit produces
46,000 barrels of gasoline components a year.  Construction
will start late this year, with completion set for mid-1989.
 Reuter
3;
bodyend
documentend
documentstart
9918
topicstart
acq
topicend
bodystart
2;

BLOCKBUSTER 
<
BBEC> TO ACQUIRE LICENSEE


    DALLAS, March 26 - 
Blockbuster Entertainment Corp said it
agreed to buy 
<
Southern Video>, a Blockbuster licensee in San
Antonio.
    Blockbuster said it will issue 80,460 shares of its common
stock for all the net assets of Southern Video.
    The company said after the acquisition is complete, it
intends to open additional Blockbuster Video Superstores in the
San Antonio market.
 Reuter
3;
bodyend
documentend
documentstart
9919
topicstart
oilseed
soybean
topicend
bodystart
2;

BRAZIL SOY HARVEST 13 PCT COMPLETE - NEWSLETTER


    ****SAO PAULO, March 26 - 
Brazil's soybean harvest was 13
pct complete by March 20, the Safras e Mercado newsletter said.
    This compares with an historic average for this time of
year of 20 pct.
    The newsletter gave the following figures for the progress
of the harvest in the main producer states:
    Parana: 40 pct
    Mato Grosso do Sul: 15 pct
    Mato Grosso: five pct
    Rio Grande do Sul: two pct
 Reuter
3;
bodyend
documentend
documentstart
9920
topicstart
acq
topicend
bodystart
2;

CONTEL 
<
CTC> TO BUY WALKER COUNTY TELEPHONE


    ATLANTA, March 26 - 
Contel Corp said it has agreed in
principle to acquire 
<
Walker County Telephone Co> of LaFayette,
Ga., for an undisclosed amount of common stock.
    Walker has 7,600 customers in northeast Georgia.
    The company said the agreement is subject to approval by
regulatory agencies, both boards and Walker shareholders.
 Reuter
3;
bodyend
documentend
documentstart
9923
topicstart
money-fx
topicend
bodystart
2;

MULFORD SAYS G-6 WANTS STABILITY


    WASHINGTON, March 26 - 
Treasury Assistant Secretary David
Mulford said the Paris agreement among leading industrial
nations is intended to produce "reasonable stability" in exchange
markets over the next few months.
    He told a Senate Banking subcommittee the Group of Five
nations and Canada agreed in Paris to "see if there can't be a
period of reasonable stability instead of volatility" to give
time for the committments in Paris to take place.
    Asked by Sen Phil Gramm (R-Tex) whether U.S. intervention
was not in fact overvaluing the dollar, Mulford replied that
the administration judged that after economic adjustments,
current exchange rates reflect underlying economic
fundamentals.
    In particular, the stability sought by the nations would
allow West Germany and Japan to stimulate their economies
domestically and the U.S. to cut its budget deficit, Mulford
said in his testimony.
    He stressed that a further sharp fall in the dollar would
hurt the ability of Germany and Japan to boost growth.
    Mulford noted that half of West Germany's economy was
affected by international developments.
    He also said increased Japanese domestic growth would
result in more U.S. exports to Japan and would not necessarily
lead to greater Japanese capital flows to the U.S., as Gramm
asserted, if Japan reformed its domestic capital market.
    Commenting on the Paris agreement, Mulford said, "I think
exchange rates ought to be stabilized so (Germany's and
Japan's) efforts can be carried out.
    Mulford rejected Gramm's argument that faster domestic
growth in Germany and Japan would result in an even lower
dollar.
    Mulford said the administration wanted to achieve a pattern
of higher growth overseas as a way of improving the U.S. trade
deficit.
    Otherwise, he said, the trade deficit would be resolved
either through a much lower dollar or a U.S. recession, both
alternatives he termed unacceptable and undesirable.
 Reuter
3;
bodyend
documentend
documentstart
9925
topicstart
acq
topicend
bodystart
2;

THERMO PROCESS 
<
TPSI> COMPLETES ACQUSITION


    WALTHAM, Mass, March 26 - 
Thermo Process Systems Inc said
it completed its purchase of Thermo Process Services Inc, a
subsidiary of Thermo Electron Corp 
<
TMO>.
    Thermo Process Systems said it issued 2,590,000 shares of
its common stock to Thermo Electron in connection with the
sale.
 Reuter
3;
bodyend
documentend
documentstart
9926
topicstart
acq
topicend
bodystart
2;

SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.


    MUNICH, West Germany, March 26 - 
Siemens AG's 
<
SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in Telecom Plus Communications Inc. By 65 pct
to 100 pct, a Siemens spokesman said.
    He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had achieved a turnover of 234 mln dlrs in 1986.
   The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price of the remaining stake totalled
173 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9927
topicstart
earn
topicend
bodystart
2;

FRUEHAUF POSTS 20.3 MLN DLR 1986 LOSS


    DETROIT, March 26 - 
Fruehauf Corp, which went private in
December through a leveraged buyout, said the predecessor
company had a 1986 loss of 60.9 mln dlrs compared to earnings
of 70.5 mln dlrs in 1985.
    Sales of the predecessor company were 2.68 billion dlrs
compared to 2.56 billion dlrs in 1985, including the sales by
the operations which are divestiture candidates.
    Fruehauf said in connection with the buyout acquisition,
the predecessor company incurred about 97 mln dlrs in expenses
charged against 1986 operations.
    In addition to the direct expenses, Fruehauf said operating
results were adversely affected by an unquantifiable amount due
to the disruption related to a proxy contest and attempted
hostile takeover which started in early 1986.
    Fruehauf said its board rescheduled the annual meeting to
June 18 from May 7 to allow for completion and distribution of
the 1986 results to shareholders.
 Reuter
3;
bodyend
documentend
documentstart
9928
topicstart
acq
topicend
bodystart
2;

MICHIGAN GENERAL 
<
MGL> TO SELL KRESTMARK UNIT


    SADDLE BROOK, N.J., March 26 - 
Michigan General Corp said
it agreed to sell substantially all of the assets and certain
liabilities of its Krestmark subsidiaries to LCB Holdings Inc
for 6.5 mln dlrs cash.
    Sale of Texas-based Krestmark, a maker of doors, door
frames and other products, will allow Michigan General to
concentrate on retailing through its Diamond Lumber and
Savannah Wholesale units.
    Proceeds of the sale will be used to reduce debt. The deal
is subject to execution of a definitive agreement.
    Krestmark had revenues of about 40 mln dlrs and operating
losses of three mln dlrs in 1986, the company said. It has been
accounted for as a discontinued operation since last September.
    Dallas-based LCB is a privately-held maker of structural
steel joists and rack and storage handling systems.
    Michigan General also said its Diamond Lumber homebuilding
products retail unit closed nine unprofitable stores in the
first quarter and reduced its headquarters staff by 10 pct. The
nine closed stores, which had pretax operating losses of 1.7
mln dlrs in 1986, are being sold to provide cash for
operations.
    About 4.5 mln dlrs of inventory from the stores is being
transferred to other locations, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9929
topicstart
acq
topicend
bodystart
2;

RABBIT SOFTWARE 
<
RABT> TO MERGE WITH CTI DATA


    MALVERN, Penn., March 26 - 
Rabbit Software Corp said it
agreed in principle to merge with 
<
CTI Data Inc>, a privately
owned communications company.
    According to terms, CTI holders and employees will receive
200,000 shares of Rabbit stock and royalties on sales of CTI
Products. CTI will become a wholly owned subsidiary of Rabbit.
    The deal is subject to completion of a definitive merger
agreement, receipt of third party approvals and other
conditions, the company said.
 Reuter
3;
bodyend
documentend
documentstart
9930
topicstart
earn
topicend
bodystart
2;

COMSTOCK GROUP INC 
<
CSTK> 4TH QTR LOSS


    DANBURY, Conn., March 26 -
    
Shr loss 60 cts vs loss 43 cts
    Net loss 3,012,000 vs loss 2,114,000
    Revs 102.8 mln vs 134.9 mln
    Year
    Shr loss 1.48 dlr vs loss four cts
    Net loss 7,338,000 vs loss 180,000
    Revs 354.9 mln vs 469.2 mln
    NOTE: 1986 4th qtr and year net includes a loss of 623,000
dlrs and a gain 1,910,000 dlrs or 39 cts per share for an
extraordinary item.

 Reuter
3;
bodyend
documentend
documentstart
9931
topicstart
topicend
bodystart
2;

TIME 
<
TL> SINKING FUND DEBENTURES YIELD 8.84 PCT


    NEW YORK, March 26 - 
Time Inc is raising 250 mln dlrs via
an offering of sinking fund debentures due 2017 yielding 8.84
pct, said lead manager Salomon Brothers Inc.
    The debentures have an 8-3/4 pct coupon and were priced at
99.055 to yield 115 basis points over the off-the-run 9-1/4 pct
Treasury bonds of 2016. First Boston co-managed the deal.
    The issue is non-refundable for 10 years. A sinking fund
starting in 1998 to retire annually five pct of the debentures
can be upped by 200 pct at the company's option, giving them an
estimated minimum life of 13.85 years and maximum of 20.5
years. The debt is rated Aa-3 by Moody's and A-plus by S/P.
 Reuter
3;
bodyend
documentend
documentstart
9933
topicstart
veg-oil
topicend
bodystart
2;

U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION


    WASHINGTON, March 26 - 
The Senate voted to condemn the
proposed European common market tax on vegetable and marine
fats and oils and said it would result in retaliation.
    The non-binding Senate resolution, a sense of Senate
sentiment, was approved on a 99 to 0 vote.
    "The administration should communicate to the European
Community the message that the United States will view the
establishment of such a tax as inconsistent with the European
Community's obligations under the General Agreement on Tariffs
and Trade that will result in the adoption of strong and
immediate countermeasures," the resolution stated.
    The resolution said the European Community Commission has
proposed establishing a consumption tax on vegetable and fish
oils and fats in conjunction with the setting of farm prices
for the 1987/1988 EC marketing year.
    The Senate said the tax would amount to almost 90 pct of
the current price of soyoil and "have a restrictive effect" on
U.S. exports of soybeans and vegetable oils to the EC.
    It would be "blatantly inconsistent" with obligations of the
EC under the General Agreement on Tariffs and Trade, GATT, the
resolution said, and "constitute another egregious attempt" to
impose EC agricultural costs on trading partners.
 Reuter
3;
bodyend
documentend
documentstart
9934
topicstart
earn
topicend
bodystart
2;
******
HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9936
topicstart
earn
topicend
bodystart
2;

HARSCO CORP 
<
HSC> SETS QUARTERLY


    HARRISBURG, Pa., March 26 -
    
Qtly div 25 cts vs 25 cts prior
    Pay May 15
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
9937
topicstart
earn
topicend
bodystart
2;

MILASTAR CORP 
<
MILA> 3RD QTR JAN 31 LOSS


    PALM BEACH, Fla., March 26 -
    
Shr loss two cts vs loss four cts
    Net loss 44,000 vs loss 85,000
    Sales 370,000 vs 299,000
    Nine mths
    Shr loss seven cts vs loss three cts
    Net loss 134,000 vs loss 56,000
    Sales 1,211,000 vs 1,069,000
    NOTE: Prior nine mths net includes 10,000 dlr loss on sale
of marketable securities.
    Prior quarter net includes 1,000 dlr tax credit.
    Current year net includes provisions for loss on investment
in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in
nine mths.
 Reuter
3;
bodyend
documentend
documentstart
9939
topicstart
earn
topicend
bodystart
2;
******
BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
9940
topicstart
earn
topicend
bodystart
2;

BANK OF BOSTON 
<
BKB> SEES IMPROVED 1ST QUARTER


    BOSTON, March 26 - 
Bank of Boston Corp expects first
quarter earnings will range between 90 cts and one dlr a share,
up from 79 cts a share last year, Chairman William Brown said.
    He told shareholders the company has a 190 mln dlr exposure
in loans to Brazil if that country defaults on its debt
payments. If a default does occur, it would first quarter
earnings by about five cts a share, which would bring the
bank's in the lower level of the estimated range, he added.
    Brown noted the 1986 first quarter net included a 17 cts
gain from loan restructurings which will not appear this year.
    Brown said the bank's other nonperforming assets, not
including its Brazilian exposure, could rise to over 700 mln
dlrs at the end of this quarter compared with 669 mln dlrs a
year earlier and 614 mln dlrs at the end of 1986.
    He said the increase includes all of its Equadorian loans
which he expects will be ultimately repaid after the company
recovers from an earthquake earlier this year.
    Brown said the increase also includes some Mexican and
Venezuelan loans as those nations are also facing credit
problems.
    Brown said the Bank of Boston remains "cautiously optimitic
about the full year even if our Brazilian exposure were to be
on nonaccural all year." In 1986, the bank earned 3.69 dlrs a
share, or 232.8 mln dlrs on net interest revenues of 1.08
billion dlrs.
    President Ira Stepanian told the shareholders's meeting the
bank's total loans to Argentina, Brazil and Mexico totaled 875
mln dlrs at the end of 1986, 37 pct of its primary capital.
Brazil loans total 300 mln dlrs, of which about two-thirds are
affected by its suspension of interest payments on its medium
and long term foreign debt.
 Reuter
3;
bodyend
documentend
documentstart
9941
topicstart
sugar
topicend
bodystart
2;

LIBYA REPORTEDLY BOUGHT WHITE SUGAR


    ****LONDON, March 26 - 
Libya is reported to have recently
bought two cargoes of white sugar from operators at around
229/230 dlrs a tonne cost and freight, traders said.
    The shipment period required was not specified.
 Reuter
3;
bodyend
documentend
documentstart
9942
topicstart
acq
topicend
bodystart
2;
******
USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER

Blah blah blah.
3;


bodyend
documentend
documentstart
9943
topicstart
interest
topicend
bodystart
2;

FED EXPECTED TO ADD RESERVES


    NEW YORK, March 26 - 
The Federal Reserve is expected to
enter the U.S. government securities market to add reserves
during its usual intervention period today, economists said.
    With federal funds trading at a steady 6-3/16 pct, most
economists expect an indirect injection of temporary reserves
via a medium-sized round of customer repurchase agreements.
    However, some economists said the Fed may arrange more
aggressive system repurchase agreements.
    Economists would also not rule out an outright bill pass
early this afternoon. Such action had been widely anticipated
yesterday but failed to materialize.
 Reuter
3;
bodyend
documentend
documentstart
9946
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

DOLLAR/YEN INTERVENTION RESPONDS TO PRESSURE


    By Brian Childs, Reuters


    PARIS, March 26 - 
The Bank of France intervened to buy
small amounts of dollars and sell yen in Paris today to
stabilise the exchange rates agreed at last month's meeting of
Finance Ministers of the Group of Five and Canada, foreign
exchange dealers said.
    But they said recent central bank intervention in the
foreign exchange markets appeared to be a limited reaction to
temporary pressures rather than a major defence operation.
    A Bank of France spokesman declined all comment but sources
close to the central bank said it had also intervened
yesterday.
    Dealers said the earlier intervention was in concert with
the Bundesbank and Bank of Japan.
    The sources said the French central bank could have been in
the market again today in two-way operations, not necessarily
on its own account, but to counter short-term pressures arising
from the end of the Japanese financial year on March 31.
    One major French bank said it bought between five and 15
mln dlrs for the central bank and sold yen at 149.28 to the
dollar.
    Another bank said it had been asked by the Bank of France
to say it was in the market, a departure from the central
bank's usual insistence on confidentiality.
    But other banks said they had seen no sign of intervention,
which they said appeared to be on a very limited scale.
    "Even if 10 banks were buying five to 15 mln dlrs, you would
still be talking of a small overall amount," said one dealer.
    Recent intervention by the Bank of Japan appeared mainly to
have been required to meet year-end window dressing demand for
yen. "This is a specific short term phenomenon rather than a
wider trend," the dealer said.
    Operators have been extremely cautious about testing the
dollar's trading ranges against the West German mark and
Japanese yen.
    These ranges were set in February's stabilisation agreement
reached here by U.S. Treasury Secretary James Baker and the
Finance Ministers of Japan, Germany, France, Britain and
Canada.
    But speculative pressures started to build again this week
after Baker was quoted on British television at the weekend as
repeating earlier statements that Washington had no target for
the dollar.
    Baker yesterday moved to defuse speculation he was talking
the dollar down, telling a Cable News Network interviewer and a
Senate committee he stood by the Paris agreement. Foreign
exchange markets had been misreading his comments, he said.
 REUTER
3;
bodyend
documentend
documentstart
9947
topicstart
acq
crude
topicend
bodystart
2;

WALL STREET STOCKS/U.S. OIL COMPANIES


    NEW YORK, March 26 - 
British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co 
<
SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
    "It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
    Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
    Philips Petroleum 
<
P> gained 3/4 to 15-7/8, Occidental
Petroleum 
<
OXY> one to 34-5/8, USX Corp 
<
X>, with its Marathon
Oil Co unit, rose 1/2 to 28-3/8. Exxon 
<
XON> climbed one to
88-3/8, Mobil 
<
MOB> one to 50-1/4, Atlantic Richfield 
<
ARC>
3-1/8 to 80-1/2, Amoco 
<
AN> 1-7/8 to 84-1/8, and Amerada Hess
one to 33-5/8. BP gained 2-3/8 to 59-3/4.
    Both analysts said the rise in Standard's price this
morning to above the proposed tender price of 70 dlrs a share,
is an indication that investors expect the bid to be sweetened.
Standard gained 6-3/4 to 71-5/8.
    The analysts cited Royal Dutch/Shell Group's 
<
RD> 
<
SC> bid
for Shell Oil Co, which was sweetened before its successful
conclusion.
    Margoshes said the BP action "is an articulation of the
underlying value of oil companies in the marketplace." But he
expressed skepticism that this will necessarily lead to
heightened merger or buyout activity in the oil group.
 Reuter
3;
bodyend
documentend
documentstart
9951
topicstart
topicend
bodystart
2;

FRANK B. HALL 
<
FBH> DEBT MAY BE CUT BY MOODY'S


    NEW YORK, March 26 - 
Moody's Investors Service Inc said it
may downgrade about 65 mln dlrs of Frank B. Hall and Co Inc's
B-1 subordinated notes.
    Moody's said its focus will be on Hall's brokerage business
and contingent liabilities associated with the unit Union
Indemnity Insurance Co.
    The agency cited a 140 mln dlr lawsuit by the New York
State Insurance Department against Hall in connection with the
insolvency of the Union Indemnity subsidiary, which was
liquidated by New York Insurance in 1985.
 Reuter
3;
bodyend
documentend
documentstart
9952
topicstart
earn
topicend
bodystart
2;

NORCEN SEES IMPROVEMENT IN 1987 EARNINGS


    CALGARY, Alberta, March 26 - 
<
Norcen Energy Resources Ltd>,
41 pct owned by 
<
Hees International Corp>, said earnings and
cash flow will improve in 1987, even if oil and gas prices
remain at 1986 levels.
    The improvement will result from production increases,
lower taxes and royalties, reduced financing costs and from
operating efficiencies and downsizing put into place during
1986, the company said in the annual report.
    Norcen previously reported 1986 earnings, excluding a 20.1
mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from
119.7 mln dlrs in in 1985.
    Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from
228.9 mln dlrs in the prior year.
    It said the sharp decline in oil prices during 1986 was the
most significant factor for Norcen's reduced performance.
    "While financial results are far from the previous year's
record levels, it is clear that Norcen has withstood declining
prices and remains financially and operationally strong," Norcen
said. It did not give a specific 1987 profit forecast.
    The company said it is well positioned to capitalize on
profitable opportunities in its core business areas, and will
continue to invest to increase revenue and asset values.
 Reuter
3;
bodyend
documentend
documentstart
9953
topicstart
cocoa
topicend
bodystart
2;

COCOA COUNCIL HEAD TO PRESENT BUFFER COMPROMISE


    LONDON, March 26 - 
International Cocoa Organization, ICCO,
council chairman Denis Bra Kanon will present a compromise
proposal on buffer stock rules to producer and consumer
delegates either later today or tomorrow morning, delegates
said.
    Bra Kanon held private bilateral consultations with major
producers and consumers this morning to resolve outstanding
differences, mostly on the issues of how much non-member cocoa
the buffer stock can purchase and price differentials for
different varieties.
    Delegates were fairly confident the differences could be
worked out in time to reach agreement tomorrow.
    Some consuming member nations, including Britain and
Belgium, favour the buffer stock buying more than 10 pct
non-member cocoa, delegates have said.
    The consumers argue that buying cheaper, lower quality
non-member cocoas, particularly Malaysian, will most
effectively support prices because that low quality cocoa is
currently pressuring the market.
    Producers, meanwhile, say non-member cocoa should make up
at most a very small percentage of the buffer. They say
Malaysia should not be able to benefit from the ICCO unless it
is a member, and if the buffer stock bought Malaysian cocoa
Malaysia would have no incentive to join, delegates said.
    As to differentials, Ghana apparently wanted a higher
differential for its cocoa than is outlined in the most recent
proposal, so it would have a better chance of having its cocoa
bought for the buffer stock, producer delegates said.
    Some consumers wanted differentials to be adjusted in a way
that would not promote buffer stock purchases of the more
expensive cocoas, such as Ghanaian and Brazilian, they said.
    Other technical points need to be sorted out, including
limits on how much cocoa the buffer stock manager can buy in
nearby, intermediate and forward positions and the consequent
effect on prices in the various deliveries, delegates said.
 Reuter
3;
bodyend
documentend
documentstart
9954
topicstart
acq
topicend
bodystart
2;

SIEMENS REBUTTS U.S. CRITICISM ON CGCT OFFER


    MUNICH, March 26 - 
Siemens AG 
<
SIEG.F> rebutted U.S.
Criticism it is blocking American Telephone and Telegraph
Corp's 
<
T.N>, AT and T, entry into French telecommunications
firm 
<
Compagnie Generale Constructions Telephoniques>, CGCT.
    Management board member Hans Baur told journalists that the
acquisition of a joint 20 pct stake in CGCT by AT and T and
Philips Gloeilampenfabrieken NV 
<
PGLO.AS> had not been decided
on two years ago as claimed by AT and T.
    The French government, which owns CGCT, had asked Siemens
at the start of 1986 to submit an offer for the stake in CGCT.
The result of the negotiations was still open.
    Baur said Siemens had first made an offer last summer.
    The Handelsblatt newspaper today quoted AT and T chairman
James E. Olson as saying that Siemens' attempt to stop AT and T
and Philips could lead to a resurgence of protectionism in the
U.S.
    Baur said he expected the French government to decide on
the winning bid by the end of April. CGCT's share of the French
switchboard market amounts to around 16 pct.
    The French government has limited CGCT participation by
foreign companies to 20 pct and set a price of 500 mln francs
for the whole company.
    Bauer said the 20 pct limitation would only apply to the
initial stake. He did not rule out a stake increase later but
said Siemens' aim was to introduce its technology.
    Bauer said Siemens and French telecommunications firm

<
Jeumont-Schneider SA> submitted a joint offer at the start of
March because of the 20 pct limitation. Both companies will
form a joint venture to take over the whole of CGCT.
   Siemens will have a 20 pct stake in the new company while
Jeumont-Schneider will own 80 pct. Apart from investing 100 mln
francs for the modernisation of CGCT, a new research centre
with was also being planned.
 REUTER
3;
bodyend
documentend
documentstart
9955
topicstart
money-fx
topicend
bodystart
2;
******
MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES

Blah blah blah.
3;


bodyend
documentend
documentstart
9956
topicstart
earn
topicend
bodystart
2;

FORD 
<
F> NEARS GM 
<
GM> IN EXECUTIVE BONUSES


    DETROIT, March 26 - 
Ford Motor Co neared General Motors
Corp last year in executive bonuses, while it topped the larger
automaker in profit sharing payments to workers.
    Ford, which outstripped GM in earnings last year, said its
1986 incentive bonuses totaled 167 mln dlrs, slightly behind
General Motors' 169.1 mln.
    General Motors, however, did not make any profit-sharing
payments to its workers, while Ford made a profit-sharing
distribution of 372 mln dlrs, or 2,100 dlrs per worker.
    General Motors, which saw its earnings drop to 2.94 billion
dlrs from 1985's 3.99 billion, said the 1986 profit was "not
sufficient to generate a payout under the profit-sharing
formula."
    Ford, which earned 3.28 billion dlrs in 1986, up from 2.51
billion in 1985, said it "recognizes employees' efforts and
fulfills its commitment to them in many ways, including
profit-sharing."
 Reuter
3;
bodyend
documentend
documentstart
9957
topicstart
trade
money-fx
topicend
bodystart
2;

MULFORD SAYS GERMANY, JAPAN SHOULD DO MORE


    WASHINGTON, March 26 - 
Treasury Assistant Secretary David
Mulford said he did not believe that West Germany and Japan
have yet carried out their international responsibilities.
    "I do not believe they have up to this time," Mulford told
a Senate banking subcommittee.
    He said that for the U.S. trade deficit to continue
improving in the next two years, "We need more policy actions"
across the entire front of U.S. trade relations, including
Canada and the newly-industrialized countries (NICS).
    In particular, he said, efforts by South Korea and Taiwan
to strengthen their currencies were still disappointing.
    Mulford also said that OECD nations need to grow an average
three pct to help resolve the international debt crisis.
    He noted that Japanese and European imports from Latin
nations were significantly smaller than imports into the U.S.
    He stressed both Germany and Japan must continue to take
economic and structural measures to ensure stronger sustained
economic growth.
 Reuter
3;
bodyend
documentend
documentstart
9958
topicstart
grain
corn
barley
topicend
bodystart
2;
******
EC GRANTS EXPORT LICENCES 197,000 TONNES  FREE MARKET MAIZE, ZERO BARLEY - PARIS TRADERS

Blah blah blah.
3;


bodyend
documentend
documentstart
9959
topicstart
earn
topicend
bodystart
2;

PIER 1 IMPORTS 
<
PIR> DECLARES STOCK SPLIT


    FORT WORTH, Tex., March 26 - 
Pier 1 Imports Inc said its
board declared a three-for-two split of its common stock and
its 25 cents preferred stock, and declared a regular quarterly
dividend of two cents per share on the pre-split shares of
common stock outstanding.
    Pier 1 also declared a 12.5 pct annual dividend increase
for the post-split common shares. The split will be effected in
the form of a 50 pct stock dividend on both classes.
    The company said shareholder approval is required for an
increase in authorized shares of common stock to 100 mln from
25 mln.
    It said approval is also needed for an increase in
authorized shares of preferred stock from one million to five
million. It said voting will be conducted at its annual
shareholder meeting on June 24.
    Pier 1 said there are currently 19.1 million shares of
common stock and 960,000 shares of 25 cts preferred stock
outstanding.
    The split shares will be distributed on June 29 to
shareholders of record May 13. The two cts per share quarterly
cash dividend will be payable May 29 to shareholders of record
May 13.
    "The increase in shares outstanding will broaden the base
of stock ownership in the company, and the dividend increase
reflects the directors' positive outlook for the future
prospects of Pier 1 Imports," said Clark Johnson, president and
chief executive officer.
 Reuter
3;
bodyend
documentend
documentstart
9961
topicstart
earn
topicend
bodystart
2;

LANCER CORP 
<
LACR> 4TH QTR NET


    SAN ANTONIO, Texas, March 26 -
    
Shr 12 cts vs 15 cts
    Net 282,000 vs 360,000
    Revs 5,261,000 vs 5,348,000
    Avg shrs 2,336,000 vs 2,335,000
    Year
    Shr 91 cts vs 1.04 dlrs
    Net 2,149,000 vs 2,075,000
    Revs 28.2 mln vs 28.3 mln
    Avg shrs 2,356,000 vs 2,001,000
    NOTE: 1986 quarter net includes 72,000 dlr charge from
repal of investment tax credit.
 Reuter
3;
bodyend
documentend
documentstart
9963
topicstart
earn
topicend
bodystart
2;

MACNEAL-SCHWENDLER CORP 
<
MNS> 4TH QTR JAN 31 NET


    LOS ANGELES, March 26 -
    
Shr 16 cts vs 11 cts
    Net 1,888,000 vs 1,307,000
    Revs 7,365,000 vs 5,877,000
    Year
    Oper shr 58 cts vs 40 cts
    Oper net 7,005,000 vs 4,866,000
    Revs 27.1 mln vs 21.1 mln
    NOTE: Prior year net excludes 263,000 dlr loss from
discontinued operations and 2,073,000 dlrs on disposal.
    Share adjusted for stock dividends.
 Reuter
3;
bodyend
documentend
documentstart
9964
topicstart
earn
topicend
bodystart
2;

NICHOLS INSTITUTE 
<
LAB> 1ST QTR FEB 28 NET


    SAN JUAN CAPISTRANO, Calif., March 26 -
    
Shr two cts vs one ct
    Net 83,000 vs 32,000
    Revs 11.2 mln vs 7,625,000
 Reuter
3;
bodyend
documentend
documentstart
9965
topicstart
earn
topicend
bodystart
2;

FIRST MEDICAL DEVICES CORP 
<
FMDC> YEAR LOSS


    BELLEVUE, Wash., March 26 -
    
Shr loss 97 cts
    Net loss 1,364,453
    Sales 737,971
    NOTE: Company in development stage.
 Reuter
3;
bodyend
documentend
documentstart
9967
topicstart
earn
topicend
bodystart
2;

HEALTHMATE 
<
HMTE> EXPECTS QUALIFIED OPINION


    NORTHBROOK, ILL., March 26 - 
HealthMate Inc said its
auditors, Laventhol and Horwath, indicated they will issue a
qualified opinion on the company's financial statements.
    The company, which went public in March 1985, earlier
reported losses for the fourth quarter.
    It said the auditor's statement, known as a "subject to"
opinion, cautions that, because of continuing operating losses
and negative cash flow, it must achieve profitable operations
or acquire additional equity capital or other financing to
continue in existence.
    HealthMate reported a loss for the year of 1,512,534 dlrs,
or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it
had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of
515,225 dlrs.
    It said the increased sales reflect initial shipments of
its FluoroScan Imaging Systems, low radiation X-ray imaging
devices that recently were classified by Underwriters
Laboratories Inc.
 Reuter
3;
bodyend
documentend
documentstart
9969
topicstart
topicend
bodystart
2;

BRAZIL ASKS 60-DAY EXTENSION SHORT-TERM CREDIT


    BRASILIA, MARCH 26 - 
Brazil today suggested to its foreign
bank creditors an extension of short-term credit lines for 60
days until May 31, a spokesman for the Central Bank said.
    He said that with the move, called a "standstill"
arrangement, Brazil was only trying to avoid difficulties to
pay its 109 billion dlrs debt in the future.
    The spokesman told Reuters that Brazil's suggestion will be
communicated by telex to Brazil's 700 bank creditors.
    The spokesman declined to give details of what was included
in the statement, but said Central Bank president Francisco
Gros was seeking a 60-day extension of the short-term credit
lines from its commercial bank creditors.
    The amount of these credit lines totals 15 billion dollars,
and deadline for payment is set for March 31.
    Finance Minister Dilson Funaro said in a television
interview it was "absolutely important" for Brazil and its
creditors to renew the short-term credit lines, as Brazil must
finance its exports.
    "If these credit lines were cut, we would face difficulties
to honour our foreign debt in the future," Funaro said.
    "There is evidently a common interest in the matter," he said.
    Funaro said, however, he was told creditors understand
Brazil's position and do not wish to turn the negotiation for
the renewal of the credit lines more difficult.
    Brazil last month suspended interest payments on its 68-
billion dlrs debt to commercial banks and froze short-term
trade and money market lines.
    He said Brazil's suggestion is part of its demands "before
the need to renew the mechanisms of loans in the world."
    Funaro said currently debt negotiations are "very complex
and complicated," mentioning cases of countries which had to
wait some 10 months before getting a reply from creditors.
    "We are not interested in confrontation, but we would like
the loan mechanisms to show that the crisis belongs to both
sides," Funaro said.
    Funaro denied rumours that he had offered his resignation
to President Jose Sarney.
    "Who decides whether to keep or dismiss his ministers is the
president. Everything else is nothing but speculation," he said.
 Reuter
3;
bodyend
documentend
documentstart
9970
topicstart
earn
topicend
bodystart
2;

HEALTHMATE INC 
<
HMTE> 4TH QTR LOSS


    NORTHBROOK, ILL., March 26 -
    
Shr loss five cts vs loss six cts
    Net loss 473,784 vs loss 489,257
    Revs 268,797 vs 81,725
    Avg shrs 9,245,247 vs 8,035,326
    Year
    Shr loss 17 cts vs loss 20 cts
    Net 1,512,534 vs loss 1,553,592
    Revs 1,448,310 vs 515,225
    Avg shrs 8,745,132 vs 7,619,863
 Reuter
3;
bodyend
documentend
documentstart
9971
topicstart
acq
topicend
bodystart
2;

USAIR 
<
U> CLEARED TO BUY PIEDMONT 
<
PIE> SHARES


    WASHINGTON, March 26 - 
USAir Group Inc said the U.S.
Department of Transportation has issued an order allowing it to
purchase and hold in a voting trust the 9,309,394 Piedmont
Aviation Inc shares USAir is seeking in its current 69 dlr per
share tender offer.
    The company said the new order supersedes an order issued
by the department last Friday that would have required USAir to
sell within one week of expiration of the tender any Piedmont
shares it held in excess of 51 pct of the Piedmont stock then
outstanding.
    The company said the 9,309,394 Piedmont shares, together
with the 2,292,599 Piedmont shares already owned by USAir,
constitute about 50.1 pct of Piedmont's shares on a
fully-diluted basius but about 61.0 pct of shares currently
outstanding.
    The shares are to be held in a voting trust pending the
department's review of USAir's application to obtain control of
Piedmont.
 Reuter
3;
bodyend
documentend
documentstart
9972
topicstart
interest
topicend
bodystart
2;
******
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
9973
topicstart
earn
topicend
bodystart
2;

HOUSE OF FABRICS INC 
<
HF> 4TH QTR JAN 31 NET


    SHERMAN OAKS, Calif., March 26 -
    
Shr 34 cts vs 20 cts
    Net 2,253,000 vs 1,332,000
    Sales 89.7 mln vs 85.9 mln
    Year
    Shr 94 cts vs 64 cts
    Net 6,191,000 vs 4,257,000
    Sales 316.4 mln vs 286.7 mln
    NOTE: Prior year net both periods includes 2,100,000 dlr
charge from sale of Craft Showcase stores.
 Reuter
3;
bodyend
documentend
documentstart
9974
topicstart
retail
topicend
bodystart
2;

GERMAN RETAILERS EXPECT GOOD 1987


    BONN, March 26 - 
West German retailers expect another good
year in 1987 even though they will not be able to repeat the
sharp increase in turnover they enjoyed in 1986, the General
Association of the German Retail Trade (HDE) said.
    HDE President Wolfgang Hinrichs said retailers would be
satisfied with a real turnover increase of between 2.5 pct to
three pct in 1987 after last year's steep 3.7 pct rise.
    Hinrichs said the 1986 turnover increase had brought the
first hesitant signs of improvement in earnings in the West
German retail sector.
 REUTER
3;
bodyend
documentend
documentstart
9975
topicstart
money-fx
topicend
bodystart
2;

GERMAN WAGE ROUND SAID TO LIMIT MONETARY OPTIONS


    By Allan Saunderson, Reuters


    FRANKFURT, March 26 - 
The Bundesbank's options for West
Germany monetary policy are limited for the foreseeable future
by the delicate stage of wage negotiations between unions and
employers, economists and money market dealers said.
    Call money fell in quite active trading today, dropping to
3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 pct
treasury bill rate as a difficult month-end approached.
    But dealers and economists said the Bundesbank was unlikely
to encourage lower rates in the foreseeable future largely for
fear of upsetting the current wage round.
    One money market dealer for a major foreign bank said, "I
don't think the Bundesbank wants rates to go up whatever
happens. But it also does not want them to fall. Above all it
wants to wait to see how the unions wage round goes."
    In West Germany, unions and employers prepare the ground
for triennial wage negotiations based on detailed assessments
of growth and inflation, economists said.
    Ute Geipel, economist with Citibank AG, said if the
Bundesbank became more accommodating in monetary policy,
raising fears in some quarters of a return in inflation in the
medium term, unions would be obliged to curtail wage demands.
    As a result the Bundesbank was concerned to make no move
that would interfere in the negotiating process, Geipel said.
    In the current round, the country's most powerful union,
the IG Metall representing metalworkers and engineers, is
demanding a shortening of the working week to 35 hours from the
present 38-1/2 and an accompanying five pct increase in wages.
    The engineering employers' association, Gesamtmetall, is
offering to bring in a 38-hour-week from July 1, 1988, and give
a two stage wage increase -- a 2.7 pct rise from April 1 this
year and another 1.5 pct from July 1, 1988.
    The agreement forged by IG Metall -- Europe's largest
union, with 2.5 mln members -- and the employers would set the
benchmark for settlements in other industries such as the
public sector, banks and federal post office. Negotiations
began in December and unions are hopeful they may conclude by
early April, ahead of the traditional holiday period in June.
    Though many economists said the unions' current warning
strikes and rhetoric were part of the negotiating strategy and
would not lead to a repeat of 1984's damaging seven-week
strikes, others said unions would not compromise greatly on
their positions and there could still be conflict.
    This could extend the length of time in which the
Bundesbank would keep its activity low-key, economists said.
    The money market head said the unions' humiliation by the
protracted financial problems of the Neue Heimat cooperative
housing venture would contribute to union obstinacy.
    "The unions haven't forgotten that and they will put this
squarely onto the account in the negotiations," he said.
    In addition, the newly-elected chairman of the IG Metall
union, Franz Steinkuehler, was more radical and determined than
his predecessor Hans Meyer and may be set for a longer battle
to achieve the best possible settlement for his membership.
    More than 16,000 engineering workers at 45 firms, mainly in
south Germany, held warning strikes lasting up to two hours
yesterday. Firms hit included Zahnradfabrik Passau GmbH and
aerospace group Messerschmitt-Boelkow-Blohm GmbH.
    Today, 28,000 employees from 110 companies came out in
warning strikes, a statement from IG Metall said.
    Money market dealers said that overnight call money rates
would rise in the near future in any case and did not depend on
a politically-inhibited Bundesbank.
    About eight billion marks were coming into the market
tomorrow from salary payments by the federal government.
    As a result, some banks fell back on the Bundesbank's offer
to mop up liquidity via the sale of three-day treasury bills,
anticipating still lower rates before the month-end.
    But a pension payment date by banks on behalf of customers
was due on Monday, other dealers noted. If banks were short of
liquidity until the bills matured on Tuesday, rates could soar,
perhaps to the 5.50 pct Lombard ceiling.
    Banks were well stocked up with funds, having an average
52.1 billion marks in Bundesbank minimum reserves in the first
24 days of March, well above the 50.7 billion requirement.
 REUTER
3;
bodyend
documentend
documentstart
9976
topicstart
acq
topicend
bodystart
2;

FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY


    TOKYO, March 26 - 
President Nobuo Ito of International
Telecom Japan Inc (ITJ), one of two rival firms seeking to
enter Japan's international telecommunications market, said it
will offer a stake in the company to 10 foreign firms.
      But he declined to specify what share the firms would
take, and told Reuters they would not participate in its
management.
    ITJ and International Digital Communications Planning Inc
(IDC), in which both Cable and Wireless Plc and Pacific Telesis
Group own 20 pct stakes, are set to merge into a new entity to
compete against Kokusai Denshin Denwa Co Ltd.
 Reuter
3;
bodyend
documentend
documentstart
9977
topicstart
acq
topicend
bodystart
2;

SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.


    MUNICH, West Germany, March 26 - 
Siemens AG's 
<
SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in 
<
Telecom Plus Communications Inc.> by 65
pct to 100 pct, a Siemens spokesman said.
    He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had turnover of 234 mln dlrs in 1986.
   The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price totalled 173 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
9978
topicstart
acq
topicend
bodystart
2;

FIRST INTERSTATE SEEKS ACQUISITION


    by Janie Gabbett


    LOS ANGELES, March 26 - 
Less than two months after First
Interstate Bancorp withdrew its bold attempt to buy BankAmerica
Corp, Chairman Joseph Pinola is still looking for a good buy,
but he is also looking at ways to avoid being bought.
    In a wide-ranging interview, Pinola said he's looking for
ways to improve profitability and capital between now and 1991,
"so as to resist any potential look at us...to maintain our
independence, if possible."
    In 1991 federal regulatory changes will allow the major
East Coast banks to buy banks in California.
    First Interstate, the fourth largest California bank, and
the nineth largest nationwide, owns 24 banks in 12 western
states and has franchise operations in four additional states.
    Bank industry sources say it is an attractive target for
large U.S. or foreign banks, looking to quickly move into the 
lucrative California market and the West Coast region.
    While declining specifics on his corporate strategy, when
asked if acquisitions will be part of the plan, Pinola replied,
"That's undoubtedly a fair statement...it would be almost naive
not to think that."
    Pinola characterized his acquisition strategy as
"opportunistic".
    He said he will look for banks in management trouble that
he can get at a bargain, then add management to restore
profitability, or for banks in states where First Interstate
already operates, then cut costs by combining resources.
    The exception, he said, would be Texas, where he said most
of the banks are already well managed, but might be purchased
at a discount because of the depressed regional economy.
    Pinola declined comment on what circumstances might move
him to rekindle his bid for BankAmerica, saying only, "We
continue to monitor and look at a lot of things and a lot of
people continue to monitor and look at us."
    Banking analysts, however, consider another First
Interstate bid at BankAmerica a long shot, not likely to happen
any time soon.
    Pinola called his decision last month to withdraw his 3.25
billion dlr bid at the nation's second largest bank, "a very,
very difficult decision."
    With that decision made, however, he acknowledged First
Interstate may now have a difficult time keeping its number
four position in the California banking community.
    "The competition in this state is tough," he said, noting
CityBank's recent purchase of 50 financial service branches
from Sears Roebuck company. "CityBank is moving rapidly to move
us down to fifth and Wells Fargo down to fourth," he said.
    Outside California, Pinola acknowledged that Security
Pacific Corp, with its recent acquisitions in Arizona,
Washington and Oregon, is quickly becoming a regional
competitor in areas where First Interstate has long dominated.
    "Security is, has been and continues to be a highly
profitable and obviously well managed company," he said.
    He added, however, First Interstate, at the moment, has the
advantages of having owned and managed regional banks longer
and has the recognition advantage of having given its regional
banks a common name.
    Pinola said while its coastal state banks are in good
financial condition, First Interstate continues to sustain
serious loan losses in its Rocky Mountain states, where energy,
real estate and agriculture dominate the economy.
    Asked if he thought loan losses in those areas had peaked,
he said, "I don't think it has bottomed out, because I think
most of the problems are real estate-related and the real
estate problems are going to be with us for several years."
    Pinola said another failing economic sector, agriculture in
the Midwest, has slowed expansion of First Interstate's
franchise operation.
    First Interstate has 42 franchise banks that offer First
Interstate financial services in ten states.
    While a year ago he was considering taking his franchise
operation east of the Mississippi River, Pinola said because
most of the franchise banks are now in the West, expansion into
the Midwest must come first.
    Calling the franchise system, "moderately profitable,"
Pinola said, "It is going to take a rejuvenation of the
agriculture sector for us to commence franchising at the speed
we were generating before the last year or two."
    On the banking industry in general, Pinola said he thinks
1987 will be another bad year for loan losses, with only banks
with minimal holdings in real estate able to improve profits.
 Reuter
3;
bodyend
documentend
documentstart
9981
topicstart
earn
topicend
bodystart
2;

HOUSE OF FABRICS 
<
HF> SEES RESULTS IMPROVING


    SHERMAN OAKS, Calif., March 26 - 
House of Fabrics Inc said
it expects growth in earnings and revenues as the current
fiscal year progresses.
    It said it will open about 50 super stores this year. 
House of Fabrics now operates 703 stores.
    The company today reported earnings for the year ended
January 31 of 6,191,000 dlrs on sales of 316.4 mln dlrs, up
from prior year earnings of 4,257,000 dlrs on sales of 286.7
mln dlrs.  The prior year earnings included a 2,100,000 dlr
charge for the disposition of Craft Showcase stores.
 Reuter
3;
bodyend
documentend
documentstart
9982
topicstart
veg-oil
topicend
bodystart
2;

U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION


    WASHINGTON, March 26 - 
The Senate voted to condemn the
proposed European common market tax on vegetable and fish fats
and oils and said it would result in retaliation.
    The non binding Senate resolution, a sense of Senate
sentiment, was approved on a 99 to 0 vote.
    "The administration should communciate to the European
Community the message that the United States will view the
establishment of such a tax as inconsistent with the European
Community's obligations under the General Agreement on Tariffs
and Trade that will result in the adoption of strong and
immediate countermeasures," the resolution stated.
 Reuter
3;
bodyend
documentend
documentstart
9984
topicstart
acq
topicend
bodystart
2;

KODAK 
<
EK> BUYS STAKE IN BIOTECHNOLOGY COMPANY


    ROCHESTER, N.Y., March 26 - 
Eastman Kodak Co said it has
reached an agreement to acquire new stock representing a 16 pct
interest in industrial biotechnology company 
<
Genencor Inc> for
undisclosed terms.
    Other Genencor shareholders include Staley Continental Inc

<
STA>, Corning Glass Works 
<
GLW> and Genentech Inc 
<
GENE>.
    The company said it has been granted options to increase
its equity stake during 1987.  It said it has agreed to make a
multiyear, multimillion dollar commitment to Genecor research
products related to food additivies and pharmaceutical
intermediates.
 Reuter
3;
bodyend
documentend
documentstart
9985
topicstart
earn
topicend
bodystart
2;

AVERY 
<
AVY> 1ST QTR FEB 28 NET


    PASADENA, Calif., March 26 -
    
Shr 33 cts vs 30 cts
    Net 13.0 mln vs 11.9 mln
    Sales 330.8 mln vs 249.7 mln
 Reuter
3;
bodyend
documentend
documentstart
9986
topicstart
topicend
bodystart
2;

FORD 
<
F> CREDIT UNIT SELLS NEW ZEALAND DLR FRNS


    NEW YORK, March 26 - 
Ford Motor Credit Co, a unit of Ford
Motor Co, is offering in the domestic debt market 100 mln New
Zealand dlrs of floating-rate notes due 1990, said sole manager
Bear, Stearns and Co.
    The initial rate for the notes will be set on April 15 at
200 basis points below the 90-day New Zealand bank bill rate.
After that, the rate will be reset quarterly.
    Non-callable to maturity, the issue pays quarterly and is
rated A-1 by Moody's and AA-minus by S and P. Underwriters said
floaters denominated in a foreign currency are a new wrinkle on
Wall Street.
 Reuter
3;
bodyend
documentend
documentstart
9988
topicstart
interest
topicend
bodystart
2;

FED SETS TWO BILLION DLR CUSTOMER REPURCHASE


    NEW YORK, March 26 - 
The Federal Reserve entered the U.S.
government securities market to arrange two billion dlrs of
customer repurchase agreements, a spokeswoman for the New York
Fed said.
    Federal funds were trading at 6-3/16 pct at the time of the
indirect injection of temporary reserves.
 Reuter
3;
bodyend
documentend
documentstart
9989
topicstart
grain
corn
topicend
bodystart
2;

SENATE SEEKS U.S. PROBE OF CANADIAN CORN LEVY


    WASHINGTON, March 26 - 
The Senate voted unanimously to seek
an expedited U.S. probe of Canadian tariffs on corn imports to
determine if the United States should retaliate.
    By 99 to 0, the Senate went on record against the 84.9
cents per bushel tariff approved by the Canadian Import
Tribunal.
    The non binding measure asked for a probe by the U.S. Trade
Representative to determine within 30 days whether the tariff
violates the General Agreement on Tariffs and Trade, and if so
recommend within 60 days to President Reagan retaliatory action
against Canada.
 Reuter
3;
bodyend
documentend
documentstart
9992
topicstart
earn
topicend
bodystart
2;

KNIGHT-RIDDER INC 
<
KRN> SETS QUARTERLY


    MIAMI, March 26 -
    
Qtly div 25 cts vs 25 cts prior
    Pay April 13
    Record April Six
 Reuter
3;
bodyend
documentend
documentstart
9993
topicstart
earn
topicend
bodystart
2;

TECHNITROL INC 
<
TNL> SETS QUARTERLY


    PHILADELPHIA, March 26 -
    
Qtly div 12 cts vs 12 cts prior
    Pay April 21
    Record April Seven
 Reuter
3;
bodyend
documentend
documentstart
9994
topicstart
earn
topicend
bodystart
2;

NATIONWIDE CELLULAR SERVICE INC 
<
NCEL> 4TH QTR


    VALLEY STREAM, N.Y., March 26 -
    
Shr loss six cts vs loss 18 cts
    Net loss 89,478 vs loss 178,507
    Revs 3,894,844 vs 1,964,141
    Avg shrs 1,582,790 vs one mln
    Year
    Shr loss 43 cts vs loss 81 cts
    Net loss 534,099 vs loss 811,836
    Revs 12.2 mln vs 5,167,573
    Avg shrs 1,251,337 vs one mln
 Reuter
3;
bodyend
documentend
documentstart
9995
topicstart
earn
topicend
bodystart
2;

<
A.H.A. AUTOMOTIVE TECHNOLOGIES CORP> YEAR NET


    BRAMPTON, Ontario, March 26 -
    
Shr 43 cts vs 52 cts
    Shr diluted 41 cts vs 49 cts
    Net 1,916,000 vs 2,281,000
    Revs 32.6 mln vs 22.6 mln
 Reuter
3;
bodyend
documentend
documentstart
9996
topicstart
topicend
bodystart
2;

BRAZIL SUGGESTS 60-DAY SHORT-TERM CREDIT EXTENSION


    BRASILIA, March 26 - 
Brazil today suggested to its foreign
bank creditors an extension of short-term credit lines for 60
days until May 31, a spokesman for the Central Bank said.
    He said that with the move, called a "standstill"
arrangement, Brazil was only trying to avoid difficulties in
paying its 109 billion dlrs of debt in the future.
    The spokesman told Reuters that Brazil's suggestion will be
communicated by telex to Brazil's 700 bank creditors. He
declined to give details of the statement, but said Central
Bank president Francisco Gros was seeking a 60-day extension of
short-term credit lines from its commercial bank creditors.
    The amount of these credit lines totals 15 billion dlrs,
and deadline for payment is set for March 31.
    Finance Minister Dilson Funaro said in a television
interview that it was "absolutely important" for Brazil and its
creditors to renew the short-term credit lines, as Brazil must
finance its exports.
    "If these credit lines were cut, we would face difficulties
to honour our foreign debt in the future," Funaro said.
    "There is evidently a common interest in the matter," he
said.
    Funaro said, however, he was told creditors understand
Brazil's position and do not wish to make the negotiation for
the renewal of the credit lines more difficult.
    Funaro explained that Brazil's suggestion is part of its
demands "before the need to renew the mechanisms of loans in the
world."
    He said that the current negotiating process is "very
complex and complicated," mentioning cases of countries which
had to wait some 10 months before getting a reply from
creditors.
    "We are not interested in confrontation, but we would like
the loan mechanisms to show that the crisis belongs to both
sides," Funaro said.
    Funaro denied rumours that he had offered his resignation
to President Jose Sarney.
    "Who decides whether to keep or dismiss his ministers is the
president. Everything else is nothing but speculation," he said.
    Brazil last month suspended interest payments on its 68-
billion dlrs of debt to commercial banks and froze short-term
trade and money market lines.
 REUTER
3;
bodyend
documentend
documentstart
9998
topicstart
topicend
bodystart
2;

FLUOR 
<
FLR> AND UNITS DOWNGRADED BY S/P


    NEW YORK, March 26 - 
Standard and Poor's Corp said it
downgraded 360 mln dlrs of debt of Fluor Corp and its units
Fluor Finance N.V. and St. Joe Minerals Corp.
    Cut were the firms' senior debt to BB from BBB and the
parent's commercial paper to B from A-2.
    S and P cited industry overcapacity and weak pricing
conditions in Fluor's core businesses. It said profitability
and cash flow protection are not expected to rebound in the
foreseeable future to levels that would support the former
ratings. Restructuring has not compensated for a greater than
anticipated deterioration in market conditions, S and P said.
 Reuter
3;
bodyend
documentend
documentstart
9999
topicstart
topicend
bodystart
2;

BRUNSWICK CORP 
<
BC> SELLS NOTES AT 8.199 PCT


    NEW YORK, March 26 - 
Brunswick Corp is raising 100 mln dlrs
through an offering of notes due 1997 yielding 8.199 pct, lead
manager Shearson Lehman Brothers Inc said.
    The notes have an 8-1/2 pct coupon and were priced at 99.50
to yield 96 basis points over comparable Treasury securities.
    The issue is non-callable for life and rated Baa-1 by
Moody's Investors Service Inc and BBB-plus by Standard and
Poor's Corp.
    Salomon Brothers co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
10000
topicstart
earn
topicend
bodystart
2;

ROGERS 
<
ROG> SEES 1ST QTR NET UP SIGNIFICANTLY


    HARTFORD, Conn., March 26 - 
Rogers Corp said first quarter
earnings will be up significantly from earnings of 114,000 dlrs
or four cts share for the same quarter last year.
    The company said it expects revenues for the first quarter
to be "somewhat higher" than revenues of 32.9 mln dlrs posted
for the year-ago quarter.
    Rogers said it reached an agreement for the sale of its
molded switch circuit product line to a major supplier.
    The sale, terms of which were not disclosed, will be
completed early in the second quarter, Rogers said.
 Reuter
3;
bodyend
documentend
documentstart
10002
topicstart
earn
topicend
bodystart
2;

ISLAND TELEPHONE SHARE SPLIT APPROVED


    CHARLOTTETOWN, Prince Edward Island, March 26 - 
<
Island
Telephone Co Ltd> said the previously announced two-for-one
common share split was approved by shareholders at the annual
meeting.
 Reuter
3;
bodyend
documentend
documentstart
10005
topicstart
trade
acq
topicend
bodystart
2;

U.K. GROWING IMPATIENT WITH JAPAN - THATCHER


    LONDON, March 26 - 
Prime Minister Margaret Thatcher said
the U.K. Was growing more impatient with Japanese trade
barriers and warned that it would soon have new powers against
countries not offering reciprocal access to their markets.
    She told Parliament that the bid by the U.K.'s Cable and
Wireless Plc 
<
CAWL.L> to enter the Japanese telecommunications
market was being regarded by her government as a test case.
    "I wrote to the prime minister of Japan, Mr Nakasone, on the
fourth of March to express our interest on the Cable and
Wireless bid. I have not yet had a reply. We see this as a test
on how open the Japanese market really is," Thatcher said.
    Thatcher told Parliament that "shortly ... We shall have
more powers than we have now, when, for example the powers
under the Financial Services Act and the Banking Act become
available, then we shall be able to take action in cases where
other countries do not offer the same full access to financial
services as we do."
    Cable and Wireless is seeking a stake in the proposed
Japanese telecommunications rival to Kokusai Denshin Denwa.
    But the Japanese minister for post and telecommunications
was reported as saying that he opposed Cable and Wireless
having a managerial role in the new company.
 REUTER
3;
bodyend
documentend
documentstart
10008
topicstart
earn
topicend
bodystart
2;

QUESTECH INC 
<
QTEC> YEAR NET


    MCLEAN, Va., March 26 - 
    
Shr loss nil vs profit 19 cts
    Net loss 3,175 vs profit 284,945
    Revs 13.6 mln vs 10.6 mln
    Year
    Shr profit 13 cts vs profit 56 cts
    Net profit 195,202 vs profit 857,006
    Revs 47.5 mln vs 42.9 mln
    Note: Current year net includes charge against discontinued
operations of 1,060,848 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10009
topicstart
topicend
bodystart
2;

ASLK-CGER FINANCE ISSUES 10 BILLION YEN BOND


    LONDON, March 26 - 
ASLK-CGER Finance NV is issuing a 10
billion yen eurobond due April 10, 1994 with a 5-1/2 pct coupon
and priced at 101-1/2 pct, lead manager IBJ International Ltd
said.
    The bonds are guaranteed by Belgian savings bank ASLK-CGER
Bank and have all been pre-placed. They will be issued in
denominations of one mln yen and listed in Luxembourg.
    Fees comprise 5/8 pct for management and underwriting
combined, with a 1/8 pct praecipuum, and 1-1/4 pct for selling.
Pay date is April 10.
 REUTER
3;
bodyend
documentend
documentstart
10011
topicstart
crude
nat-gas
topicend
bodystart
2;

CANADA OIL EXPORTS RISE 20 PCT IN 1986


    OTTAWA, March 26 - 
Canadian oil exports rose 20 pct in 1986
over the previous year to 33.96 mln cubic meters, while oil
imports soared 25.2 pct to 20.58 mln cubic meters, Statistics
Canada said.
    Production, meanwhile, was unchanged from the previous year
at 91.09 mln cubic feet.
    Natural gas exports plunged 19.4 pct to 21.09 billion cubic
meters, while Canadian sales slipped 4.1 pct to 48.09 billion
cubic meters.
    The federal agency said that in December oil production
fell 4.0 pct to 7.73 mln cubic meters, while exports rose 5.2
pct to 2.84 mln cubic meters and imports rose 12.3 pct to 2.1
mln cubic meters.
    Natural gas exports fell 16.3 pct in the month 2.51 billion
cubic meters and Canadian sales eased 10.2 pct to 5.25 billion
cubic meters.
 Reuter
3;
bodyend
documentend
documentstart
10014
topicstart
coffee
cocoa
sugar
topicend
bodystart
2;

COFFEE, SUGAR AND COCOA EXCHANGE NAMES CHAIRMAN


    NEW YORK, March 26 - 
The New York Coffee, Sugar and Cocoa
Exchange (CSCE) elected former first vice chairman Gerald
Clancy to a two-year term as chairman of the board of managers,
replacing previous chairman Howard Katz.
    Katz, chairman since 1985, will remain a board member.
    Clancy currently serves on the Exchange board of managers
as chairman of its appeals, executive, pension and political
action committees.
    The CSCE also elected Charles Nastro, executive vice
president of Shearson Lehman Bros, as first vice chairman.
Anthony Maccia, vice president of Woodhouse, Drake and Carey,
was named second vice chairman, and Clifford Evans, president
of Demico Futures, was elected treasurer.
 Reuter
3;
bodyend
documentend
documentstart
10015
topicstart
veg-oil
topicend
bodystart
2;

MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX


    BRUSSELS, March 26 - 
A majority of European Community (EC)
member states are either against or have strong reservations
over a tax on both imported and domestically-produced oils and
fats proposed by the European Commission, senior diplomats
said.
    They said a special committee of agricultural experts from
EC member states had voiced strong objections over the measure
during a meeting charged with preparing the ground for the
annual EC farm price-fixing which begins next Monday.
    They added that only France and Italy had indicated they
would support the Commission proposal which would lead to a tax
initially of 330 Ecus per tonne during the 1987/88 price round.
 Reuter
3;
bodyend
documentend
documentstart
10016
topicstart
topicend
bodystart
2;

ROWNTREE SEEKS 200 MLN STG FACILITY, CP PROGRAM


    LONDON, March 26 - 
Rowntree Mackintosh Plc is seeking a 200
mln stg, five year multiple option facility, of which 150 mln
stg will be committed, and a 200 mln stg commercial paper
program, County Natwest Capital Markets Ltd said as arranger.
    The facility includes options for sterling acceptances,
multi-currency advances, sterling and dollar notes via tender
panels and there is also a sterling swingline.
    The committed portion carries a facility fee of five basis
points and a margin of ten.  A 2-1/2 basis point utilisation
fee is payable on drawings of more than half the committed
portion.
    The 200 mln stg commercial paper program will include a
dollar option, County Natwest said.
    A County Natwest official said the facility, launched
earlier this week, seemed to be progressing well in
syndication.
 REUTER
3;
bodyend
documentend
documentstart
10018
topicstart
acq
topicend
bodystart
2;

GOULD
<
GLD> COMPLETES SALE OF FRENCH BATTERY UNIT


    ROLLING MEADOWS, Ill., March 26 - 
Gould Inc said it has
completed the sale of its French battery business, Compagnie
Francaise D'Electro Chimie, to a group of investors including
the unit's employees and 
<
GNB Inc> of Minnesota.
    Gould did not disclose terms of the deal.
    Gould said the move is part of its previously announced
plan to divest assets unrelated to its computer and electronics
businesses.
 Reuter
3;
bodyend
documentend
documentstart
10023
topicstart
earn
topicend
bodystart
2;

SHOE TOWN INC 
<
SHU> YEAR ENDED JAN THREE 1987


    TOTOWA, N.J., March 26 -
    
Shr 51 cts vs 75 cts
    Net 5,524,000 vs 8,094,000
    Revs 142.4 mln vs 137.2 mln
    NOTE: 1986 and 1985 year net includes loss 785,000 dlrs or
eight cts a share and 59,000 dlrs or one ct a share,
respectively, for discontinued operations.
    1985 year ended December 28, 1985.
 Reuter
3;
bodyend
documentend
documentstart
10025
topicstart
acq
topicend
bodystart
2;

FIRST WISCONSIN 
<
FWB> TO BUY MINNESOTA BANK


    MILWAUKEE, Wis., March 26 - 
First Wisconsin Corp said it
plans to acquire Shelard Bancshares Inc for about 25 mln dlrs
in cash, its first acquisition of a Minnesota-based bank.
    First Wisconsin said Shelard is the holding company for two
banks with total assets of 168 mln dlrs.
    First Wisconsin, which had assets at yearend of 7.1 billion
dlrs, said the Shelard purchase price is about 12 times the
1986 earnings of the bank.
    It said the two Shelard banks have a total of five offices
in the Minneapolis-St. Paul area.
 Reuter
3;
bodyend
documentend
documentstart
10027
topicstart
earn
topicend
bodystart
2;

AMERICAN NURSERY PRODUCTS 
<
ANSY> 3RD QTR NET


    TAHLEQUAH, OKLA., March 26 - 
Period ended Feb 28
    Shr profit five cts vs profit four cts
    Net profit 191,000 vs profit 108,000
    Sales 6,561,000 vs 5,896,000
    Nine mths
    Shr loss 28 cts vs loss 40 cts
    Net loss 871,000 vs loss 990,000
    Sales 9,310,000 vs 8,894,000
    Avg shrs 3,086,386 vs 2,465,996
    NOTE: Full name is American Nursery Products Inc
 Reuter
3;
bodyend
documentend
documentstart
10032
topicstart
earn
topicend
bodystart
2;

DISCUS CORP 
<
DISC> 4TH QTR LOSS


    BLOOMINGTON, Minn., March 26 -
    
Shr loss six cts vs loss seven cts
    Net loss 125,000 vs loss 140,000
    Rev 2.4 mln vs 2.2 mln
    Year
    Shr loss 13 cts vs loss 14 cts
    Net loss 271,000 vs loss 211,000
    Rev 10.1 mln vs 8.2 mln
 Reuter
3;
bodyend
documentend
documentstart
10035
topicstart
earn
topicend
bodystart
2;
*****
ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL

Blah blah blah.
3;


bodyend
documentend
documentstart
10037
topicstart
earn
topicend
bodystart
2;

PAY 'N PAK STORES INC 
<
PNP> 4TH QTR FEB 28 NET


    KENT, Wash., March 26 -
    
Shr 11 cts vs 13 cts
    Net 1,129,000 vs 1,301,000
    Revs 83.2 mln vs 74.5 mln
    Year
    Shr 57 cts vs 82 cts
    Net 5,686,000 vs 8,168,000
    Revs 398.4 mln vs 333.8 mln
 Reuter
3;
bodyend
documentend
documentstart
10038
topicstart
gas
topicend
bodystart
2;

(CORRECTED) - MOBIL 
<
MOB> TO UPGRADE REFINERY UNIT


    NEW YORK, March 26 - 
Mobil Corp said it will spend over 30
mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
Texas, refinery.
    It said the unit is a catalytic reformer, which converts
low-octane components of gasoline into high-octane components
for use in Super Unleaded gasoline.
    The company said the modernization will allow the unit to
regenerate catalysts on a continuous basis without shutdown.
Currently, it must be shut twice a year.  The unit produces
46,000 barrels of gasoline components a day.  Construction will
start late this year, with completion set for mid-1989.
    (Correcting unit's output to barrels/day from barrels/year)
 Reuter
3;
bodyend
documentend
documentstart
10040
topicstart
earn
topicend
bodystart
2;

AMERICAN NURSERY PRODUCTS 
<
ANSY> 3RD QTR NET


    TAHLEQUAH, Okla., March 26 - 
Qtr ends Feb 28
    Shr profit five cts vs profit four cts
    Net profit 191,000 vs profit 108,000
    Revs 6,561,000 vs 5,896,000
    Avg shrs 3.6 mln vs 2.5 mln
    Nine mths
    Shr loss 28 cts vs loss 40 cts
    Net loss 871,000 vs loss 990,000
    Revs 9,310,000 vs 8,894,000
    Avg shrs 3.1 mln vs 2.5 mln
    NOTE: Full name American Nursery Products Inc.
 Reuter
3;
bodyend
documentend
documentstart
10041
topicstart
earn
topicend
bodystart
2;

VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985


    STOCKHOLM, March 26 - 
AB Volvo 
<
VOLV.ST> said the weakening
dollar caused the drop in its 1986 profits, but company chief
executive Pehr Gyllenhammar said 1986 was one of Volvo's best
years ever.
    In its final report released earlier, the company said the
group's 1986 profits before allocations and taxes was 7.53
billion crowns  compared with 1985's 7.60 billion.
    Despite the fall, Gyllenhammar said, "Sales of industrial
products have never been higher, and Volvo Cars and Volvo
Trucks were both completely sold out at year-end. Operating
income was slightly higher than a year earlier."
    He said the company's financial strength gave it
exceptional opportunities to invest for the future.
    Although industrial sales were up, the company's yearend
report said total sales were 84.09 billion crowns against
1985's 86.19 billion.
 Reuter
3;
bodyend
documentend
documentstart
10042
topicstart
acq
topicend
bodystart
2;

<
MERIDIAN ENERGY>, CASTONE END LETTER OF INTENT


    CHICAGO, March 26 - 
<
Meridian Energy Inc> and Castone
Development Corp, a privately-held company, jointly announced
that they have decided to terminate the letter of intent under
which Meridian would have acquired Castone.
 Reuter
3;
bodyend
documentend
documentstart
10043
topicstart
iron-steel
ship
topicend
bodystart
2;

REPORT EXPECTS SHARP DROP IN WORLD IRON IMPORTS


    LONDON, March 26 - 
World seaborne iron ore imports will
fall sharply by the year 2000 with declining imports to the EC
and Japan only partially offset by increased demand from South
East Asia, a report by Ocean Shipping Consultants said.
    The report predicts annual world seaborne iron ore imports
of 267.7 mln tonnes by 2000 versus 312.4 mln tonnes in 1985.
    It estimates that total bulk shipping demand from the iron
ore sector will fall by almost 10 pct, or 200 billion tonne
miles, with shipping demand associated with the coking trade
down about 17 pct or 130 billion tonne miles.
    The report sees EC imports falling to 91.7 mln tonnes in
2000 from 123.6 mln in 1985 with Japanese imports falling to 89
mln from 124.6 mln tonnes. Imports to South East Asia are seen
rising to 58.6 mln from 32.6 mln tonnes in 1985.
    It predicts that EC steel production will fall to 109 mln
tonnes in 2000 from 135.7 mln in 1985 with Japanese production
falling to 92 mln from 105.3 mln.
    South Korea and Taiwan are expected to double their output
to 40 mln tonnes with Chinese production increasing by 25 mln
tonnes to 80 mln, it added.
 Reuter
3;
bodyend
documentend
documentstart
10046
topicstart
earn
topicend
bodystart
2;

GOLDFIELD CORP 
<
GV> 4TH QTR NET LOSS


    MELBOURNE, Fla., March 26 -
    
Shr loss four cts vs loss five cts
    Net loss 527,065 vs loss 1,204,080
    Revs 622,470 vs 613,205
    Year
    Shr profit four cts vs loss 13 cts
    Net profit 1,099,778 vs loss 3,282,478
    Revs 7,579,547 vs 6,068,254
    NOTE: 1985 excludes loss from discontinued operations of
four cts per share in the quarter and loss 10 cts in the year.
1986 year excludes extraordinary gain of two cts a share.

 Reuter
3;
bodyend
documentend
documentstart
10048
topicstart
money-fx
topicend
bodystart
2;

BRITISH, FRENCH MINISTERS DISCUSS PUBLIC SPENDING


    LONDON, March 26 - 
French Finance Minister Edouard Balladur
discussed the need to control public spending in talks here
today with British Chancellor of the Exchequer Nigel Lawson, a
Treasury spokesman said.
    The spokesman said the ministers reviewed their economies,
and public spending, domestic and European Community-wide.
    He declined to comment on whether the subject of concerted
action to shore up the dollar had arisen. The U.S. Currency
dipped sharply earlier this week after a month of relative
stability after an agreement by six major industrialised
nations in Paris on February 22 to stabilise their currencies.
REUTER
3;
bodyend
documentend
documentstart
10049
topicstart
acq
topicend
bodystart
2;

FED'S HELLER URGES BROAD REFORM TO AID BANKING


    WASHINGTON, March 26 - 
Federal Reserve Board Governor
Robert Heller said the banking system could be strengthened by
permitting formation of financial services holding companies
involved in areas like banking, insurance, real estate and
securities.
    In a speech prepared for delivery in New York to the Bank
and Financial Analysts' Association, Heller said, "I believe
that increased diversification along geographic and product
lines is the key to strengthening the American banking system."
    He said he supported the idea of financial services holding
companies advocated by the Association of Bank Holding
Companies in which regulation of various bank, thrift,
insurance, investment, securities and real estate subsidiaries
would be handled on functional lines.
    "Limits would be placed on the extension of credit by the
bank to the associated institutions, and all transactions would
have to be on an arms-length basis," Heller said.
    Measures would be necessary to avoid abuse of the banks'
special position by such holding companies or subsidiaries.
    Heller said he "would require the holding company to serve
as a 'source of strength' to the bank by making a commitment to
maintain the bank's capital.
    "In other words, the bank would not be allowed to fail as
long as the holding company has a positive net worth."
    Heller also said commercial enterprises should be permitted
to own a financial services holding company, again with the
provision that capital would flow to the financial enterprise
if necessary.
    Heller said the effects of these actions "would be banks
that are at least as strong as the corporations holding them" in
which customer deposits were assured while any incentive to
"loot the bank" was removed.
    Such diversification would give access to national and
international financial services to corporations across the
United States.
    Heller said that would mean "the steady decline of America's
banks in the world financial league tables would be arrested" by
permitting them to become more competitive.
 Reuter
3;
bodyend
documentend
documentstart
10050
topicstart
earn
topicend
bodystart
2;
******
FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT

Blah blah blah.
3;


bodyend
documentend
documentstart
10051
topicstart
topicend
bodystart
2;

OUTBOARD MARINE 
<
OM> SELLS 9.15 PCT DEBENTURES


    NEW YORK, March 26 - 
Outboard Marine Corp is raising 100
mln dlrs via an offering of sinking fund debentures due 2017
yielding 9.15 pct, said lead manager Salomon Brothers Inc.
    The debentures have a 9-1/8 pct coupon and were priced at
99.75 to yield 146 basis points over comparable Treasury bonds.
Morgan Stanley co-managed the deal.
    The issue is non-refundable for 10 years.  A sinking fund
beginning in 1998 to retire annually five pct of the debt may
be increased by 200 pct at the company's option, giving it an
estimated minimum life of 13.85 years and maximum of 20.5
years. The debt is rated Baa-2 by Moody's and BBB-plus by S/P.
 Reuter
3;
bodyend
documentend
documentstart
10052
topicstart
acq
topicend
bodystart
2;

GOULD 
<
GLD> SELLS FRENCH BATTERY UNIT


    ROLLING MEADOWS, March 26 - 
Gould Inc said it sold its
French Battery unit, Cie Francaise d'Electro Chimie, to a group
of investors including the unit's employees and 
<
GNB Inc> of
Minnesota.
    Terms of the sale were not disclosed. The unit had 1986
sales of 65 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10053
topicstart
earn
topicend
bodystart
2;

ADVANCED GENETIC SCIENCES 
<
AGSI> YEAR LOSS


    OAKLAND, Calif., March 26 -
    
Shr loss 30 cts vs loss 73 cts
    Net loss 3,895,267 vs loss 8,250,222
    Revs 3,237,235 vs 234,745
    Note: 4th qtr data not available
 Reuter
3;
bodyend
documentend
documentstart
10054
topicstart
earn
topicend
bodystart
2;

FEDERATED DEPARTMENT 
<
FDS> RAISES QTLY DIVIDEND


    CINCINNATI, March 26 - 
Federated Department Stores Inc said
it raised its quarterly common stock dividend to 74 cts a
share, from 67 cts, an increase of 10.5 pct.
    The company said it also approved a two-for-one stock split
in the form of a 100 pct stock dividend.
    At the same time, Federated said it will ask shareholders
to approve an increase in the number of authorized shares to
400 mln, from 200 mln.
    Federated said the dividend is payable on a pre-split basis
on April 24 to shareholders of record April 10.
    New shares from the stock split will be distributed May 11,
it said.
   
 Reuter
3;
bodyend
documentend
documentstart
10056
topicstart
topicend
bodystart
2;

TRINITY INDUSTRIES 
<
TRN> AND UNIT CUT BY S/P


    NEW YORK, March 26 - 
Standard and Poor's Corp said it cut
to BB-minus from BB-plus Trinity Industries Inc's 275 mln dlrs
of liquid yield option notes.
    Also downgraded were the unit Trinity Industries Leasing
Co's 60 mln dlrs of convertible debentures due 2006 to BB-plus
from BBB-minus.
    S and P said the actions reflected Trinity's weakened
earnings due to depressed demand in several key markets, the
likelihood that a significant sustained improvement would not
occur in the near-term, as well as heightened financial risk
from a series of debt-financed acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
10057
topicstart
earn
topicend
bodystart
2;

DANZAR INVESTMENT 
<
DNZR> SETS SPECIAL DIVIDEND


    DALLAS, March 26 - 
Danzar Investment Group Inc said it 
received 60 mln shares of 
<
Commonwealth Capital Ltd> in
settlement of a debt and that it will distribute the shares to
its stockholders as a dividend.
    Danzar said the dividend will also include 18,750,000
Commonwealth shares it already holds.
    The dividend of 39.9 shares per Danzar share held will be
paid to shareholders of record April 15, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10058
topicstart
acq
topicend
bodystart
2;

FIDELITY 
<
FNF> UNIT ACQUIRES CALIFORNIA CONCERN


    SCOTTSDALE, Ariz., March 26 - 
Fidelity National Financial
Inc said its Fidelity National Title Insurance Co subsidiary
acquired the operations of Safeco Title Insurance Co in the
northern California counties of Alameda, Contra Costa and San
Mateo.
    Terms of the acquisition were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
10060
topicstart
topicend
bodystart
2;
******
Saint Gobain U.S. Subsidiary seeks 150 mln dlr, five year facility - arranger Chemical

Blah blah blah.
3;


bodyend
documentend
documentstart
10061
topicstart
earn
topicend
bodystart
2;

HOME SAVINGS BANK 
<
HMSB> SETS INITIAL DIVIDEND


    NEW YORK, March 26 - 
    
Qtly div nine cts
    Pay April 30
    Record April six
 Reuter
3;
bodyend
documentend
documentstart
10062
topicstart
cotton
topicend
bodystart
2;

FINAL 1986 CROP U.S. COTTON GINNINGS


    WASHINGTON, March 26 - 
Final 1986 crop U.S. cotton ginnings
totaled 9,438,425 running bales, vs 12,987,834 bales at the end
of the 1985 season and 12,544,866 bales at end-1984 season, the
U.S. Census Bureau said.
    The bureau said upland cotton ginnings from the final 1986
crop totaled 9,237,296 bales, vs 12,837,088 bales in 1985 and
12,418,749 bales in 1984.
    American Pima ginnings from the final 1986 crop totaled
201,129 bales, vs 150,746 bales in the 1985 crop and 126,117
bales in 1984, the bureau said.
 REUTER
3;
bodyend
documentend
documentstart
10064
topicstart
earn
topicend
bodystart
2;
******
AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS

Blah blah blah.
3;


bodyend
documentend
documentstart
10065
topicstart
acq
topicend
bodystart
2;
******
BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER     

Blah blah blah.
3;


bodyend
documentend
documentstart
10066
topicstart
acq
topicend
bodystart
2;

SECURITY 
<
SPC>, USERS, END MERGER TALKS


    VALLEY FORGE, Penn., March 26 - 
Security Pacific Corp and

<
Users Inc>, a credit union data processing concern, said they
have mutually agreed to withdraw from further merger
negotiations.
    Users said that since it signed a letter of intent to merge
with Security in November, it has received a strong show of
support for continuing the credit union ownership of the
company with credit unions committing themselves to purchase
additional Users common.
    Users also said it is in the strongest financial position
in its 24-year history.
 Reuter
3;
bodyend
documentend
documentstart
10067
topicstart
earn
topicend
bodystart
2;

ENTERTAINMENT PUBLICATIONS 
<
EPUB> SEES LOSS


    BIRMINGHAM, Mich., March 26 - 
Entertainment Publications
Inc said it expects an after-tax loss of 31 cts a share in its
third quarter from the disposal of three units it closed.
    The company said its board approved a plan to discontinue
the operations of three subsidiaries, which are primarily
involved in direct mail marketing.
    "The discontinued units were not likely to meet the growth
and profit goals of the company in the future," Entertainment
Publications said.
    The three units lost 900,000 dlrs, or 19 cts a share in the
six months ended December 31.
 Reuter
3;
bodyend
documentend
documentstart
10068
topicstart
earn
topicend
bodystart
2;

CHRIS-CRAFT INDUSTRIES INC 
<
CCN> REGULAR PAYOUT


    NEW YORK, March 26 - 
Chris-Craft Industies Inc said it
declared a regular two pct stock dividend on both its common
stock and class B common stock, which is equal the two pct
stock dividends the company paid for the prior quarter.
    The dividends are payable on April 20 to shareholders of
record April six.
 Reuter
3;
bodyend
documentend
documentstart
10071
topicstart
acq
topicend
bodystart
2;

DENNISON MANUFACTURING 
<
DSN> TO SELL PAPER UNIT


    FRAMINGHAM, Mass., March 26 - 
Dennison Manufacturing Co
said it has signed a letter of intent to sell its Dunn Paper Co
subsidiary to James River Corp 
<
JR> for an undisclosed amount
of cash, resulting in a first quarter charge against earnings.
    The company saiud the loss on the sale may be partly
reduced by contingent payments over the next five years and
will in the first quarter be more than offset by the gain from
the previously-announced sale of its Hygeia Sciences Inc
shares.
    Dunn had sales last year of about 65 mln dlrs.
    In Richmond, Va., James River said closing is expected by
the end of April, subject to approval by both boards and on the
reaching of satisfactory labor agreements.
 Reuter
3;
bodyend
documentend
documentstart
10072
topicstart
topicend
bodystart
2;
******
CANADA 91-DAY T-BILLS AVERAGE 6.80 PCT, MAKING BANK RATE 7.05 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
10073
topicstart
acq
earn
topicend
bodystart
2;

PILLSBURY 
<
PSY> FILES FOR SECOND BURGER KING MLP


    MINNEAPOLIS, Minn., March 26 - 
The Pillsbury Co said it
filed a registration statement with the Securities and Exchange
Commission for the sale of limited partnership interests in a
second master limited partnership of its Burger King unit's
restaurant properties.
    Pillsbury said it expects the offering to yield 73-82 mln
dlrs, resulting in an after-tax gain of 20-23 mln dlrs.
    A spokesman for Pillsbury said the company is aiming to get
this after-tax gain in the fourth fiscal quarter ending in May.
    Pillsbury said the sale will occur as soon as practicable,
considering the business and legal contigencies.
    The company said Burger King and another Pillsbury unit,
QSV Properties, will be the master limited partnership's
general partner.
    Pillsbury said it expects the interests to be sold to
public investors and listed for trading on the New York Stock
Exchange.
    Merrill Lynch will lead the underwriting, Pillsbury said.
    Pillsbury first sold limited partnership interests in
Burger King Investors L.P. in February 1986.
 Reuter
3;
bodyend
documentend
documentstart
10074
topicstart
earn
topicend
bodystart
2;

OLD REPUBLIC INT'L CORP 
<
OLDR> HIKES DIVIDEND


    CHICAGO, Ill., March 26 -
    
Qtly div 20 cts vs 19-1/2 cts prior
    Pay June 20
    Record June 5
 Reuter
3;
bodyend
documentend
documentstart
10075
topicstart
money-fx
dlr
topicend
bodystart
2;
******
FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE

Blah blah blah.
3;


bodyend
documentend
documentstart
10076
topicstart
earn
topicend
bodystart
2;

CARSON PIRIE SCOTT AND CO 
<
CRN> SETS DIVIDEND


    CHICAGO, March 26 -
    
Qtly div 17-1/2 cts vs 17-1/2 cts prior
    Pay June 5
    Record May 22
 Reuter
3;
bodyend
documentend
documentstart
10078
topicstart
acq
crude
topicend
bodystart
2;

BP 
<
BP> DOES NOT PLAN TO HIKE STANDARD 
<
SRD> BID


    NEW YORK, March 26 - 
British Petroleum Co Plc does not
intend to raise the price of its planned 70 dlr per share offer
for the publicly held 45 pct of Standard Oil Co, BP Managing
Director David Simon said.
    "We don't seen this as any progressive bidding game," he
told reporters at a news conference. BP now owns 55 pct of
Standard's stock.
    Simon said BP had carefully considered the amount of its
planned bid and he quoted an oil analyst, whom he would not
identify, as saying BP's careful evaluation means the company
is not going to raise its offer.
    "I think that (an increase) would be totally wrong. I think
the price is very fair and it is much to early to speculate
about ligigation," he said. "Let's wait and see how the offer
runs."
    Another official declined to speculate under what
circumstances BP might raise its bid.
    The BP official said the 70 dlrs a share offer is 7.2 times
Standard's 1986 cash flow and 56 pct above an independent
evaluation of the company's assets, including the value of its
oil, natural gas liquids and natural gas reserves.
    He said the price Royal Dutch/Shell Group 
<
RD> 
<
SC> paid
for publicly held Shell Oil Co shares in 1985 was 5.1 times
cash flow.
    The BP official also said the 70 dlr bid is a 40 pct
premium over Standard's stock price over the past year.
    BP Group Treasurer Rodney Chase said more than half to as
much as two-third's of the 7.4 billion dlrs BP needs for its
offer will come from existing sources. The rest will be
financed by new debt.
    BP will draw in cash from its operating companies around
the world and is also arranging a five billion dlr line of
credit, he explained.
    The company's debt to equity ratio will rise 11 or 12
percentage points from the current 33 pct if the offer is
completed, Chase said. But the ratio will be back below 40 pct
within 12 months, he added.
    Chase also said 50 to 60 pct of Standard Oil's publicly
held shares are held by financial institutions.
    Simon said Standard's board was informed of the offer on
March nine and has been considering it since that time.
    He said BP does not expect any regulatory problems that
would delay completion of the acquisition. "We have informed
Washington of our intentions and we've already been an integral
part of ownership of U.S. oil reserves," he pointed out.
    Simon said there is a good chance that current world oil
prices of about 18 dlrs a barrel could be maintained, and that
the more stable market is due mostly to changes in policy in
Saudi Arabia and other OPEC members to control oil production.
    "We think there are signals that current conditions are
more favorable than they have been for sometime," Simon said.
    "We have hopes for greater stability, but we do not see
prices going much higher," he added.
 Reuter
3;
bodyend
documentend
documentstart
10079
topicstart
money-supply
topicend
bodystart
2;
******
MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10080
topicstart
crude
topicend
bodystart
2;

BP
<
BP> OFFER RAISES EXPECTATIONS FOR OIL VALUES


    By PATTI DOMM, Reuters


    NEW YORK, March 26 - 
British Petroleum Plc's plan to pay
7.4 billion dlrs for less than half of Standard Oil Co has
signalled higher values in the U.S. oil patch, analysts said.
    "I think that BP's bid is a very strong affirmation and
clear signal that they have confidence in the U.S., and they
think the barrel of oil in the ground is going to go higher,"
said Sanford Margoshes of Shearson Lehman Brothers Inc.
    BP earlier today said its U.S. unit planned to tender at 70
dlrs per share for the 45 pct of Standard it does not already
own.
    "It's a 7.4 billion dlr price that (shows) OPEC has won the
war and oil prices are not going to crack," said Prescott, Ball
and Turben analyst Bruce Lazier.
    "Behind that is a huge implication for the rest of the
energy issues out there in the stock market, particularly those
that are acquisition targets," Lazier said.
    One of those mentioned by Lazier was USX Corp, an
energy-steel concern which had been courted by investor Carl
Icahn and drew the attention of Australian Robert Holmes a
Court last year. Rumors continue to swirl around its stock.
    Margoshes said he does not foresee major U.S. oil firms
falling into takeover situations for several years, with the
exception of possibly Amerada Hess Corp 
<
AHC>. He said most of
the majors found partners in the last round of matchmaking
which ended two years ago, and others restructured to the point
that they have become unattractive.
    U.S. oil stocks rallied in response to the offer. Exxon
Corp 
<
XON> rose 1-1/8 to 88-1/2. Chevron Corp 
<
CHV> jumped
1-1/8 to 58-7/8, and Texaco 
<
TX> climbed 1/4 to 37-3/4. Unocal
Corp 
<
UCL> rose 1-3/4, while Occidental Petroleum Corp 
<
OXY>
climbed 1-1/8 to 34-3/4. Amoco Corp 
<
AN> rose 1-3/8 to 83-3/4.
    Standard Oil's stock was up 6-1/4 in heavy trading to
71-1/8. Earlier in the session it had been at a high of 72-1/4.
Wall Street has speculated British Petroleum may boost its
offer by several dlrs per share, but the company maintained it
would not raise the 70 dlr bid.
    British Petroleum stock rose 2-1/4 to 59-5/8.
    Analysts said the fact British Petroleum made such a bid in
the first place indicates that the British oil giant has
changed its outlook for the oil industry.
    Analysts said last year British Petroleum held one of the
more bearish positions on oil prices.
    "They said the real price of oil would stay at 15 dlrs (a
barrel) for several years, and I think they beat a hasty
retreat from that point of view," Margoshes said.
    "They are more appropriately today looking more
optimistically. I believe they are looking at 18 dlrs
(long-term)...also in their heart of hearts they believe that
will be exceeded," Margoshes said.
    The U.S. benchmark crude West Texas Intermediate was
trading today around 18.60 dlrs per barrel.
    Analysts said British Petroleum might have been able to buy
up the rest of Standard Oil for about 50 dlrs per share when
oil prices were falling last year.
    They said Standard Oil's brightest asset is its slightly
more than 50 pct ownership of the Alaskan Prudhoe Bay oil
field. Analysts also said the company has other interests in
the Alaskan North Slope.
    Analysts said the Standard investment is extremely
attractive to BP because the U.S. is the largest oil market and
has hard-to-replace reserves.
    "I think it just fits in with their long-range plans to
increase their position in the U.S. market," Dean Witter
analyst Eugene Nowak said.
    Analysts said it also raises BP's visibility ahead of the
British government's announced disposal of 31.7 pct of BP
stock. The U.K. government said it would dispose of the holding
sometime in the year beginning April one.
    After acquiring all of Standard, most of BP's reserves
would be in the U.S., but only about six pct of its stock is
held in the U.S.
    "The only way they can sell all that stock is to move it
into the United States. No other market can handle all that
stock," said L.F. rothschild analyst Rosario Ilacqua.
    In 1986, Standard Oil had net losses of 345 mln dlrs on
revenues of 10.02 billion dlrs, compared to a profit the year
earlier of 308 mln dlrs on revenues of 13.82 billion dlrs.
    
 Reuter
3;
bodyend
documentend
documentstart
10081
topicstart
money-fx
dlr
topicend
bodystart
2;

FED'S HELLER SAYS DOLLAR'S LEVEL IS APPROPRIATE


    NEW YORK, March 26 - 
Federal Reserve Board governor Robert
Heller said that the dollar's current level is appropriate but
declined to comment on widespread market reports of concerted
central bank intervention this week.
    "The dollar is stable again... The current level is the
appropriate level," Heller told reporters after a speech to a
meeting of financial services analysts.
    He said last month's six-nation currency accord in Paris
did not include target ranges for the dollar in an "academic
way."
    Heller also said that it was too early to determine whether
the parties to the six-nation accord were taking appropriate
steps to carry out the longer-term economic adjustments agreed
to in Paris.
    "Clearly, they've not been implemented yet... No one
expects implementation within a week or two," he said.
    Earlier today, U.S. Treasury assistant secretary told a
Senate banking subcommittee that he did not believe that West
Germany and Japan have yet carried out their international
responsibilities.
 Reuter
3;
bodyend
documentend
documentstart
10083
topicstart
earn
topicend
bodystart
2;

FALCON CABLE SYSTEMS 
<
FAL> 4TH QTR LOSS


    PASADENA, Calif., March 26 -
    
Shr loss 3.49 dlrs vs loss 15 cts
    Net loss 10.8 mln vs loss 459,000
    Revs 4,384,000 vs 2,542,000
    Year
    Shr loss 4.41 dlrs vs loss seven cts
    Net loss 13.7 mln vs loss 218,000
    Revs 13.9 mln vs 8,864,000
    Note: net losses included extraordinary losses of 4,904,000
in 4th qtr vs 232,000 year ago and extraordinary losses for
year of 2,056,000 vs 460,000 a year ago.
 Reuter
3;
bodyend
documentend
documentstart
10085
topicstart
earn
topicend
bodystart
2;

HOME SAVINGS BANK 
<
HMSB> SETS INITIAL QUARTERLY


    NEW YORK, March 26 - 
Home Savings Bank said its board
declared an initial quarterly dividend of nine cts per share,
payable April 30, record April Six.
 Reuter
3;
bodyend
documentend
documentstart
10086
topicstart
acq
topicend
bodystart
2;

LOUISIANA-PACIFIC 
<
LPX> TO SELL SAWMILL


    PORTLAND, Ore., March 26 - 
Louisiana-Pacific Corp said it
plans to sell its sawmill in Lakeview, Oregon and 18,000 acres
of timberland to Ostrander Construction Co.
    The company said the transaciton shoould be finalized in
early April. Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
10088
topicstart
acq
topicend
bodystart
2;

SUBURBAN BANCORP 
<
SUBBA> MERGER APPROVED


    PALATINE, Ill., March 26 - 
Suburban Bancorp Inc said it
received approval from the Federal Reserve Board to acquire

<
Valley National Bank of Aurora> for an undisclosed price.
    Suburban said it has received shareholder tenders for 100
pct of Valley National's stock.
 Reuter
3;
bodyend
documentend
documentstart
10089
topicstart
earn
topicend
bodystart
2;

UNIVERSAL HOLDING CORP 
<
UHCO> 4TH QTR LOSS


    JERICHO, N.Y., March 26 - 
    
Shr profit nil vs profit nine cts
    Net profit 2,000 vs profit 195,000
    Revs 2,623,000 vs 2,577,000
    Year
    Shr loss 21 cts vs profit 13 cts
    Net loss 425,000 vs profit 278,000
    Revs 15.4 mln vs 8,637,000
    Note: Net includes capital gains of 63,000 vs 211,000 for
qtr and 304,000 vs 292,000 for year. Current year net includes
charge of 716,000 from contract obligation to former chairman.
 Reuter
3;
bodyend
documentend
documentstart
10090
topicstart
earn
topicend
bodystart
2;

FREEDOM FEDERAL 
<
FRFE> TO RECOGNIZE GAIN


    OAK BROOK, ILL., March 26 - 
Freedom Federal Savings Bank
said it will recognize in its first-quarter earnings a
previously deferred 1.5 mln dlr gain which resulted from the
sale of an apartment complex in 1983.
    It said the recognition comes as a result of repayment of a
loan which was granted when the complex was sold.
 Reuter
3;
bodyend
documentend
documentstart
10091
topicstart
money-fx
interest
topicend
bodystart
2;

PARIS G-6 MEET SET NO TARGETS - LEIGH-PEMBERTON


    LONDON, March 26 - 
Bank of England Governor Robin
Leigh-Pemberton said the Paris pact agreed between six leading
industrialised nations set no nominal exchange rate targets.
    Leigh-Pemberton said in oral evidence to a select committee
that "we did not swap numbers - we reached an understanding" on
how to cooperate towards stabilizing currencies at around their
current levels.
    He said the accord had brought Britain into a form of joint
currency float - but one which let it still purse an
independent monetary policy. "I would concede that, since the
Louvre Accord, we are acting as if we are in something,"
Leigh-Pemberton said.
    "The Louvre and Plaza accords show there is a very effective
role for the (Group of) seven central banks to operate together"
towards stabilising exchange rates," Leigh-Pemberton said.
    He did not mention this week's intervention by central
banks to support the dollar, after markets decided to test the
accord.
     Leigh-Pemberton said that "the effectiveness of this
(cooperation) is actually larger than many of us had thought in
the pre-Plaza days" before September 1985.
    He did not indicate what exchange rate levels were broadly
sought by the six nations, and noted that "we are more effective
in our agreement if we can leave the markets guessing."
    He did not indicate what exchange rate levels were broadly
sought by the six nations, and noted that "we are more effective
in our agreement if we can leave the markets guessing."
    Leigh-Pemberton said that, in principle, the Bank of
England favoured full EMS membership for sterling, provided
such a move did not endanger U.K. Anti-inflation monetary
policy. Asked whether he wanted to see U.K. Interest rates
lower, he said "the two half point cuts (this month in banks'
base lending rates) have been appropriate up until now."
    Leigh-Pemberton said he preferred a "cautious step-by-step
approach" to reducing short term interest rates, not least
because "we have a potential problem with inflation."
    Underlying U.K. Inflation was currently around 4.0 pct, "one
of the highest" among industrialised nations, he added.
    Leigh-Pemberton said the Bank of England had not wanted
base rates to fall before the unveiling of the 1987/88 budget
on March 17, but he said pressure from financial markets for
such a move had proved irresistible. Base rates are now at 10
pct.
    Regarding sterling's relationship with oil, Leigh-Pemberton
said that the pound could be seen being undervalued overall.
    He said the current oil price of some 18 dlrs a barrel
might suggest a level of 74 on the Bank of England's sterling
index, when compared with the index's level before oil prices
dropped from around the 30 dlr level. The index, base 1975,
closed here today at 72.1, unchanged from the previous close.
 Reuter
3;
bodyend
documentend
documentstart
10092
topicstart
earn
topicend
bodystart
2;

COMMERCE CLEARING HOUSE INC 
<
CCLR> HIKES DIV


    CHICAGO, March 26 -
    
Qtly div 32 cts vs 30 cts prior
    Pay April 29
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
10094
topicstart
earn
topicend
bodystart
2;

QUANTECH ELECTRONICS CORP 
<
QANT> 3RD QTR DEC 31


    LEVITTOWN, N.Y., March 26 -
    
Shr loss 28 cts vs loss six cts
    Net loss 561,029 vs loss 114,712
    Revs 3,464,269 vs 4,083,833
    Nine mths
    Shr loss 56 cts vs loss 13 cts
    Net loss 1,104,472 vs loss 261,791
    Revs 10.5 mln vs 11.6 mln
    NOTE: Prior year net includes losses from discontinued
operations of 99,209 dlrs in quarter and 202,097 dlrs in nine
mths. 
 Reuter
3;
bodyend
documentend
documentstart
10095
topicstart
earn
topicend
bodystart
2;

QUANTECH 
<
QANT> NEEDS ADDITIONAL FUNDS


    ALEVITTOWN, N.Y., March 26 - 
Quantech Electronics Corp said
it is investigating available means of raising additional funds
needed to finance continuing operations, but there is no
assurance that it will succeed.
    The company said it continues to experience negative cash
flow.  Today it reported a loss for the third quarter ended
December 31 of 561,029 dlrs, compared with a 114,712 dlr loss a
year before.
    Quantech said it has received waivers from Marine Midland
Banks Inc 
<
MM> through May 26 on covenants in its loan
agreement.
    The company said Marine Midland has agreed to advance it an
additional working capital loan that will be personally
guaranteed by chairman Henry Ginsburg.  Loans from Marine
Midland are secured by substantially all company assets.
    Quantech also said Bernard Weinblatt has rsigned as
president and a director, and until a replacement is found,
Ginsberg will act as chief executive and Leonard N. Hecht,
formerly chief executive, will act as chief operating officer.
 Reuter
3;
bodyend
documentend
documentstart
10096
topicstart
earn
topicend
bodystart
2;

PDA ENGINEERING 
<
PDAS> HALTS SOFTWARE SHIPMENTS


    COSTA MESA, Calif., March 26 - 
PDA Engineering said it has
temporarily deferred shipmetns of its PATRAN software for IBM
computers, due to a technical problem with the program.
    The company said the deferral will reduce its thrid quarter
revenues and earnings.
    PDA said it anticipates resuming shipments in the fourth
quarter.
 Reuter
3;
bodyend
documentend
documentstart
10097
topicstart
earn
topicend
bodystart
2;

P AND F INDUSTRIES INC 
<
PFINA> 4TH QTR NET


    FARMINGDALE, N.Y., March 26 -
    
Oper shr 16 cts vs 29 cts
    Oper net 453,924 vs 726,816
    Revs 12.0 mln vs 11.2 mln
    Avg shrs 2,695,206 vs 2,562,160
    Year
    Oper shr 50 cts vs 50 cts
    Oper net 1,365,655 vs 1,268,847
    Revs 40.1 mln vs 33.1 mln
    Avg shrs 2,695,206 vs 2,562,160
    NOTE: Net excludes tax credits of 571,000 dlrs vs 496,000
dlrs in quarter and 1,347,000 dlrs vs 1,107,000 dlrs in year.
    Share adjusted for one-for-five reverse split in October
1986.
 Reuter
3;
bodyend
documentend
documentstart
10098
topicstart
acq
topicend
bodystart
2;

FAIR LANES 
<
FAIR> SHAREHOLDERS APPROVE MERGER


    BALTIMORE, March 26 - 
Fair Lanes Inc said its shareholders
approved the previously announced merger with Maricorp Inc, a
unit of 
<
Northern Pacific Corp>.
    Under terms of the merger, Fair Lanes said each of its
shares of common stock will be converted into the right to
receive 1.3043 shares of 
<
BTR Realty Inc>, which is owned by
Fair Lines.
 Reuter
3;
bodyend
documentend
documentstart
10099
topicstart
earn
topicend
bodystart
2;

ALLIED RESEARCH ASSOCIATES INC 
<
ARAI> YEAR NET


    SEVERNA PARK, Md., March 26 -
    
Shr 63 cts vs 64 cts
    Net 2,463,214 vs 2,509,832
    Sales 34.4 mln vs 30.6 mln
    NOTE: Backlog as of February 28 47.4 mln dlrs vs 34.9 mln
dlrs a year before.
 Reuter
3;
bodyend
documentend
documentstart
10100
topicstart
coffee
topicend
bodystart
2;

CARDENAS SEES NO MAJOR DECISIONS AT ICO MEETING


    BOGOTA, March 26 - 
Jorge Cardenas, manager of Colombia's
coffee growers' federation, said he did not believe any
important decisions would emerge from an upcoming meeting of
the International Coffee Organization (ICO).
    The ICO executive board is set to meet in London from March
31 and could decide to call a special council session by the
end of April to discuss export quotas.
    "It's going to be a routine meeting, an update of what has
been happening in the market, but it's unlikely any major
decisions are taken," Cardenas told journalists.
    Earlier this month, talks in London to re-introduce export
quotas, suspended in February 1986, ended in failure.
    Colombian finance minister Cesar Gaviria, also talking to
reporters at the end of the weekly National Coffee Committee
meeting, said the positions of Brazil and of the United States
were too far apart to allow a prompt agreement on quotas.
    Brazil's coffee chief Jorio Dauster said yesterday Brazil
would not change its coffee policies.
    Cardenas said the market situation was getting clearer
because the trade knew the projected output and stockpile
levels of producers.
    He said according to ICO statistics there was a shortfall
of nine mln (60-kg) bags on the world market between October,
the start of the coffee year, and February.
 Reuter
3;
bodyend
documentend
documentstart
10102
topicstart
acq
topicend
bodystart
2;

CB AND T 
<
CBTB> TO MAKE ACQUISITION


    COLUMBUS, Ga., March 26 - 
CB and T Bancshares Inc said the
board of Carrolton State Bank of Carrolton, Ga., has approved a
merger into CB and T for an undisclosed amount of stock,
subject to approval by regulatory agencies and Carrolton
shareholders.
    Carrolton has 26 mln dlrs in assets.
 Reuter
3;
bodyend
documentend
documentstart
10103
topicstart
topicend
bodystart
2;

BANK OF MONTREAL HOPEFUL ON BRAZIL - PRESIDENT


    TORONTO, March 26 - 
<
Bank of Montreal> is confident a
solution will be found to Brazil's foreign debt problem and is
not considering declaring its Brazilian loans non-performing,
president Grant Reuber said.
    Speaking to reporters after a speech to a Toronto business
group, Reuber said: "I think at this stage it is really too
early to say very much about (the Brazilian debt situation) but
we're pretty confident that things will work out."
    He declined to comment on when such a settlement was
likely. Bank of Montreal had 1.98 billion dlrs in loans to
Brazil as of last September 30, the most of any Canadian bank.
     Brazil last month suspended interest payments on its 68
billion U.S. dlr foreign bank debt.
     Asked if Bank of Montreal were considering declaring its
Brazil loans non-performing, Reuber replied: "We haven't really
got to that point because we don't think we will have to face
that issue."
    Some bankers in the U.S. said earlier this week that slow
progress in talks between Brazil and its major foreign lenders
has increased the likelihood that U.S. banks will declare their
Brazil loans non-performing at the end of the quarter.
     Reuber told reporters the bank was still pondering its
strategy regarding possible entry into the securities business
after June 30 when banks and other financial institutions will
be allowed full participation in the Ontario securities
industry.
    He said price would help determine if the bank formed its
own securities unit or acquired an existing investment dealer,
adding that asking prices for some dealers seem "fairly high."
    Asked about plans for wholly owned Harris Bankcorp Inc, of
Chicago, Reuber said Harris might consider acquiring more small
community banks around Chicago.
    "In addition, I think we are giving some consideration to
the possibility of extension into other states," Reuber said of
Harris, although he added that any such move was unlikely this
year.
    In his speech, focusing on current free trade talks between
the U.S. and Canada, Reuber said failure to reach a deal would
not represent a calamity for Canada but could lower Canada's
standard of living, raise unemployment and reduce the country's
world trading influence.
 Reuter
3;
bodyend
documentend
documentstart
10104
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES BANKAMERICA, AFFIRMS UNITS, AFFECTS 5.5 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
10105
topicstart
earn
topicend
bodystart
2;

AMERICAN BRANDS 
<
AMB> SEES HIGHER 1ST QTR NET


    NEW YORK, March 26 - 
American Brands Inc said it expects
first quarter net earnings to exceed the record 118.7 mln dlrs
or 1.05 dlrs a share it earned for the year-ago quarter.
    The company also said it believes sales in the first
quarter will surpass record sales of 2.1 billion dlrs last
year.
    The company said unit sales of American Tobacco's Lucky
Strike Filter line rose 20 pct last year, which led to a gain
for he Lucky franchise.
    American Brands said it will introduce a new low-priced
brand of cigarettes called Malibu.
    The company's U.K.-based Gallaher Ltd unit had a strong
performance in 1986 and became the second-largest contributor
to operating earnings, American Brands said.
 Reuter
3;
bodyend
documentend
documentstart
10106
topicstart
acq
crude
topicend
bodystart
2;

USX 
<
X> SAYS TALKS ENDED WITH BRITISH PETROLEUM


    HOUSTON, March 26 - 
USX Corp chairman David Roderick said
the company had ended talks with British Petroleum Co Plc 
<
BP>
about the possible sale of some energy assets and said USX has
no immediate restructuring plans for its oil businesses.
    "We have terminated our discussions," Roderick told Reuters
after a speech to the Petroleum Equipment Suppliers Association
here. He said USX was not conducting talks with any other
possible buyer of its energy assets.
    Earlier today, BP said it planned to offer 70 dlrs per
share for the Standard Oil Co's 
<
SRD> publicly held stock.
    USX said in December the company had held formal
discussions with BP about the potential sale of some of its
overseas oil assets and USX had received expressions of
interest from a half dozen other oil companies.
    Roderick, in response to a question, said USX had no
immediate plans to restructure its Marathon Oil Co, or Texas
Oil and Gas Corp. He said USX also did not plan to sell any of
its 49 pct interest in the giant Yates Field in west Texas.
    "We want to maintain our production in the Yates Field
during these difficult times," Roderick added.
    In response to a question, Roderick also said he did not
know whether Australian investor Robert Holmes a Court was
accumulating USX stock. In recent days, traders have suggested
Holmes a Court was buying additional shares.
    Roderick said Carl Ichan, who terminated an eight billion
dlr hostile takeover plan for USX in January, continued to hold
a sizable interest in the company. "Mr. Ichan still apparently
has 11.4 pct. He hasn't bought any more stock or sold any,"
Roderick said. "He's a very satisfied shareholder right now. I
talk with him monthly."
    In his speech, Roderick predicted the fall in the value of
the dollar would set the stage for the U.S. to solve its trade
deficit problem which totaled 170 billion dlrs in 1986.
    "I expect by the early 1990s the U.S. will be running a net
trade surplus," Roderick said. "I think the worst is over and
we can look forward to stability and upward movement ahead."
    However, the USX chairman warned that European trading
partners may resist the turn in the U.S. trade deficit. "Some
economic discomfort must be transferred from the United States
to our friends, trading partners and allies."
 Reuter
3;
bodyend
documentend
documentstart
10107
topicstart
sugar
topicend
bodystart
2;

NY TRADERS SAY SOVIETS MADE LARGE SUGAR PURCHASE


    NEW YORK, March 26 - 
The Soviet Union bought almost 90,000
tonnes of raw sugar from international trade houses last night,
with some of the sugar changing hands at discounts to the spot
May world sugar contract, according to trade sources.
    They said Japanese trade houses sold up to three cargoes of
Thai sugar for relatively nearby delivery.
    British and European-based trade houses sold the remaining
six cargoes for shipment between April/May/July, they said.
    Traders said this week's sharp fall in world sugar prices
helped to provoke the Soviet Union into covering nearby needs.
    Yesterday, spot May sugar closed at 7.18 cents a pound.
 Reuter
3;
bodyend
documentend
documentstart
10108
topicstart
earn
topicend
bodystart
2;

MARTIN LAWRENCE LIMITED EDITIONS 
<
MLLE> YEAR NET


    LOS ANGELES, March 26 -
    
Shr 20 cts vs six cts
    Net 861,000 vs 266,000
    Revs 10.2 mln vs 6,036,000
    Note: 4th qtr data not given.
 Reuter
3;
bodyend
documentend
documentstart
10109
topicstart
earn
topicend
bodystart
2;

COMMONWEALTH ENERGY SYSTEM 
<
CES> DIVIDEND


    CAMBRIDGE, Mass., March 26 -
    
Qtly div 68 cts vs 68 cts in prior qtr
    Payable May one
    Record April 14
 Reuter
3;
bodyend
documentend
documentstart
10110
topicstart
earn
topicend
bodystart
2;

TRANSWORLD TRUST 
<
TWT> SETS INITIAL PAY DATE


    NEW YORK, March 26 - 
Transworld Liquidating Trust said it
will distribute proceeds from the sale of Hilton International
Co to UAL Inc 
<
UAL> to its holders on April 8.
    The deal is expected to close March 31, the day trading
ceases in the Liquidating Trust shares.
    UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL
common stock and 200 mln dlrs worth of UAL debentures to
Transworld, but it may substitute cash for the securities. The
initial distribution will include all the cash, stock and
debentures received in connection with the sale, the company
said.
    The shares in the Trust formerly represented shares of
Transworld Corp common stock.
    The company said the balance of cash in the Trust will be
used to satisfy all liabilities and obligations of the Trust.
After satisfaction of the payments, the company will make a
second distribution around April 29, it said.
 Reuter
3;
bodyend
documentend
documentstart
10112
topicstart
earn
topicend
bodystart
2;

ELECTRO-SENSORS INC 
<
ELSE> VOTES EXTRA PAYOUT


    MINNEAPOLIS, March 26 - 
Electro-Sensors Inc said its board
voted an extraordinary cash dividend on its common stock of 10
cts a share payable May 15, record April 30.
    The company paid an extraordinary dividend of 10 cts in May
1986.

 Reuter
3;
bodyend
documentend
documentstart
10114
topicstart
earn
topicend
bodystart
2;

U.S. HOME 
<
UH> SEES BEST FIRST QTR SINCE 1983


    HOUSTON, March 26 - 
U.S. Home Corp said its first quarter
ending March 31, 1987, will be its most profitable first
quarter since 1983.
    The company said in 1983, it recorded a profit of 8,600,000
dlrs for its first quarter. The three following first quarters
resulted in losses of 3,200,000 dlrs, 3,500,000 dlrs and
1,800,000 dlrs, respectively, the company said.
    U.S. Home declined to put a specific figure on what its net
earnings would be for the coming first quarter, but said it
would definitely record a profit.
    In other news, U.S. Home said its shareholders approved an
amendment to its company's certificate of incorporation
relating to the liability of the company's directors.
 Reuter
3;
bodyend
documentend
documentstart
10115
topicstart
earn
topicend
bodystart
2;

ROCKEFELLER CENTER PROPERTIES 
<
RCP> UPS PAYOUT


    NEW YORK, March 26 - 
Rockefeller Center Properties Inc said
it raised its quarterly dividend to 45 cts from 44 cts a share.
    The dividend is payable April 27 to shareholders of record
April 7.
 Reuter
3;
bodyend
documentend
documentstart
10116
topicstart
topicend
bodystart
2;

SMITH BARNEY CUTS RATING ON MCGRAW-HILL 
<
MHP>


    NEW YORK, March 26 - 
Smith Barney, Harris Upham and Co
analyst Edward Atorino lowered his rating on McGraw-Hill Inc
from a strong buy to a buy, saying earnings this year will be a
little less than he previously expected.
    McGraw Hill fell 2-1/4 to 68-1/4 on 223,000 shares.
    Atorino said his decision reflected mainly non-operating
factors and a recent gain in the share price. He said after
several acquisitions last year good will charges are up. Also,
the company faces a higher tax rate.
    Atorino expects earnings of 3.55 dlrs per share this year,
up from 3.04 dlrs last year.
 Reuter
3;
bodyend
documentend
documentstart
10117
topicstart
topicend
bodystart
2;

MOODY'S DOWNGRADES BANKAMERICA 
<
BAC>


    NEW YORK, March 26 - 
Moody's Investors Service Inc said it
downgraded BankAmerica Corp and the unit BankAmerica Overseas
Finance Corp but affirmed ratings of the units Bank of America
N.T. and S.A., Seafirst Corp and Seattle-First National Bank.
    The actions affect 5.5 billion dlrs of debt.
    Moody's said the downgrade reflected its concern over
prospects for material improvement in the holding company's
operating profitability in the medium term.
    Cut were BankAmerica's senior debt to Ba-1 from Baa-3,
subordinated debt to Ba-3 from Ba-1, preferred stock to B-1
from Ba-3 and commercial paper to Not-Prime from Prime-3.
    BankAmerica is the second-largest bank holding company in
the U.S.
    Moody's reduced the subsidiary BankAmerica Overseas
Finance's senior debt to Ba-1 from Baa-3 and subordinated debt
to Ba-3 from Ba-1. That debt is guaranteed by the parent.
    The rating agency also cited the holding company's
continuing high level of problem assets, including significant
exposure to Latin American debtor countries, that will continue
to pressure profitability.
    However, Moody's noted that BankAmerica Corp remains liquid
and owns considerable marketable assets.
    Moody's said it affirmed the ratings of the Bank of America
unit because of that bank's franchise value, significant core
deposit base and an expectation of regulatory support if
further stresses develop.
    The agency confirmed Bank of America's Baa-1 long-term
rating and Prime-2 short-term rating, as well as Seafirst's
Ba-1 senior debt and Seattle-First's short and long-term
ratings of Baa-1 and Prime-2 respectively.
 Reuter
3;
bodyend
documentend
documentstart
10118
topicstart
topicend
bodystart
2;

U.S. BANK PAPER UNDER LIGHT PRESSURE IN MARKET


    NEW YORK, March 26 - 
Debt securities of major U.S. banks
came under light selling pressure in secondary trading on the
heels of Standard and Poor's Corp's downgrade of six money
center banks late yesterday, analysts and traders said.
    But they described market response as muted because the S
and P action came as no surprise. Besides, many participants
had already shied away from bank issues following Brazil's
suspension of interest payments last month, traders added.
    "The downgrades were expected for some time. In fact, you
can argue that S and P is lagging the market," commented one
trader.
    On February 20, Brazil said it would suspend interest
payments on about 68 billion dlrs owed to foreign commercial
banks. No date was established for the renewal of payments.
    In its action, Standard and Poor's cited the exposure to
major Latin American debtor countries of Chase Manhattan Corp

<
CMB>, Chemical New York Corp 
<
CHL>, Irving Bank Corp 
<
V> and
Manufacturers Hanover Corp 
<
MHC>.
    The rating agency also downgraded Mellon Financial Corp

<
MEL> and Security Pacific  Corp 
<
SPC>, but said this reflected
higher non-performing assets and weaker operating results
rather than the international debt problem.
    "The S and P downgrades were a non-event," a trader said.
"Anyone who was caught unaware was not on top of the situation
anyway."
    Said another trader, "People talked about this before and
after S and P's announcement. There was not much reaction among
bank issues today, though prices are still below par."
    Still, market watchers said the action further undermined
sentiment for bank paper.
    Because of Brazil's suspension of interest payments, U.S.
bank paper has underperformed such other sectors as utilities,
telephones and industrials, analysts pointed out.
    Even though Standard and Poor's affirmed the debt ratings
of Citicorp 
<
CCI>, Bankers Trust New York 
<
BT>, Bank of Boston
Corp 
<
BKB> and J.P. Morgan and Co Inc 
<
JPM>, few buyers can be
found for securities issued by those banks, traders said.
    "Let's face it. Investors believe these banks are also
exposed to Latin and other debtor countries. And investors buy
on perceptions," said one broker.
    About the only bright spots in an otherwise dull banking
sector of the secondary corporate market are U.S. regional
banks and Japanese banks because investors perceive them as
less exposed to the debtor nations, analysts pointed out.
 Reuter
3;
bodyend
documentend
documentstart
10119
topicstart
earn
topicend
bodystart
2;

SANDUSTRY PLASTICS INC 
<
SPI> 4TH QTR NET


    NEW YORK, March 26 -
    
Shr seven cts vs 26 cts
    Net 200,000 vs 450,000
    Revs 7,291,000 vs 1,177,000
    12 mths
    Shr 37 cts vs 77 cts
    Net 801,000 vs 1,329,000
    Revs 26 mln vs 28.6 mln
    NOTE: 1985 year includes extraordinary gain of 10 cts per
share.
 Reuter
3;
bodyend
documentend
documentstart
10120
topicstart
grain
wheat
corn
topicend
bodystart
2;

CHINA SWITCHES U.S. WHEAT TO 1987/88 FROM 86/87


    WASHINGTON, March 26 - 
China has switched purchases of U.S.
wheat totaling 60,000 tonnes from the 1986/87 season, which
began June 1, to 1987/88 season delivery, the U.S. Agriculture
Department said.
    The department said outstanding wheat sales to China for
the current season amount to 90,000 tonnes and sales for
delivery in the 1987/88 season amount to 910,000 tonnes.
    Total corn commitments for the 1986/87 season total
1,015,800 tonnes, the department said.
 Reuter
3;
bodyend
documentend
documentstart
10122
topicstart
cocoa
topicend
bodystart
2;

COCOA CHAIRMAN WORKS TOWARDS BUFFER COMPROMISE


    LONDON, MARCH 26 - 
International Cocoa Organization's,
ICCO, council chairman Denis Bra Kanon continued work towards a
compromise plan on how the ICCO buffer stock should buy cocoa,
consumer delegates said.
    Consumer delegates said Bra Kanon had not formally
presented the compromise plan to producers and consumers, and
it was unlikely he would do so before Friday, they said.
    There was widespread confidence a result on the outstanding
items could be reached by Friday, when the council session is
due to end, consumers said.
    Bra Kanon completed bilateral consultations with several
delegations today on the main sticking points in the draft
buffer stock rules package, they said.
    Certain delegations wanted further discussion on the amount
of non-member cocoa the buffer stock will be permitted to buy,
differentials for different origin cocoas and limits on buffer
stock purchases of nearby, and forward material, the delegates
said.
    The buffer stock working group finalized the remaining
buffer stock rules, with only minor modifications to the
original draft buffer stock package produced last week, the
delegates said.
    The ICCO council is due to elect a new executive director
when it reconvenes Friday, producer delegates said.
    Producers intend to present a single candidate for the
post, and this is most likely to be Edouard Kouame from Ivory
Coast, they said.
    Earlier, the existing executive director, Kobena Erbynn
from Ghana, was expected to re-nominated, but he is now likely
to withdraw, the delegates said.
    The executive committee is due to meet Friday at 1100 GMT,
with the council unlikely to reconvene until late Friday,
consumers said.
 Reuter
3;
bodyend
documentend
documentstart
10124
topicstart
grain
sugar
livestock
carcass
topicend
bodystart
2;

FRANCE WILL FIGHT EC FARM PROPOSALS - MINISTER


    VERSAILLES, FRANCE, March 26 - 
French Agricultural Minister
Francois Guillaume warned that France would flatly reject
proposed reforms of the European Community, EC, cereals, sugar
and oilseeds sectors, which he said would disrupt these
markets.
    The EC Commission's proposals to shorten the intervention
period and lower monthly premiums for cereals and increase the
financial burden on the sugar producers will also result in
lower real prices for producers, he told farmers here.
    "I give you my word that France, while it will not reject
technical adjustments or serious discussion, will simply reply
in the negative to these bad reforms," Guillaume told the annual
conference of the country's major farm union, FNSEA 
(Federation Nationale des Syndicats Dexploitants Agricoles).
    Community agricultural ministers are due to meet again
Monday to try and agree a package of reforms to curb spiralling
EC output and fix farm prices for 1987/88.
    Relations between the government and farmers have become
strained in France in recent months.
    There have been sporadic but frequent demonstrations by
farmers protesting over sharp falls in meat and pork prices and
further cutbacks in Community milk output.
    But Guillaume's warning that he would reject reorganisation
of the EC cereal and sugar markets -- France being a major
producer of both crops -- won him warm applause from the
FNSEA's farmers.
    His pledge to fight the EC proposals and push for the
complete dismantling of the system of cross border taxes
designed to smooth out currency differences known as Monetary
Compensatory Amounts, MCA's, however, are unlikely to avoid
further protests by producers.
    Farm leader Raymond Lacombe said the union planned to go
ahead with a series of major protests both in France and abroad
against the EC Commission's proposals to overhaul the farm
sector.
    "The Minister's proposals back up our determination to
organise union action in the coming weeks," he told reporters,
adding that this could also act in Guillaume's favour on a
ministerial level.
    Guillaume was head of the FNSEA for many years before being
appointed farm minister last spring.
    Lacombe refused to say whether the farmers felt that
Guillaume was doing a good job as farm minister.
    There have been certain advances on cutting production
costs, reducing fiscal costs and awarding drought aid, but
there are still areas where more could be done such as on
farmers' indebtedness, he said.
    Guillaume told the conference the government will make
available 2.4 billion francs (396 mln dlrs) to help producers
reduce milk output and to encourage older farmers to retire.
    The government has already announced financial aid for the
milk sector and it was not clear how much of the package
announced today was new aid, Lacombe said.
 Reuter
3;
bodyend
documentend
documentstart
10128
topicstart
acq
topicend
bodystart
2;

FIRST FINANCIAL 
<
FFMC> BUYS CONFIDATA


    ATLANTA, March 26 - 
First Financial Management Corp said it
acquired Confidata Corp, a unit of 
<
North Ridge Bank>, paying
500,000 dlrs in cash and pledging a guarantee on a 500,000 dlr
Confidata note held by North Ridge.
    First Financial, which provides data processing services to
community banks and other financial institutions, said the
acquisition will expand its customer base.
 Reuter
3;
bodyend
documentend
documentstart
10129
topicstart
acq
topicend
bodystart
2;

COMBUSTION ENGINEERING 
<
CSP> UNIT IN BUYOUT


    STAMFORD, Conn., March 26 - 
Combustion Engineering Inc said
its C-E Environmental Systems and Services Inc unit agreed in
principle to acquire 
<
E.C. Jordan and Co>, a privately held
firm based in Portland, Me.
    Terms of the acquisition were mot disclosed.
    Combustion Engineering said C-E Environmental, which
provides environmental sciences and management services, had
1986 sales of about 24 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10130
topicstart
earn
topicend
bodystart
2;

PEPCO 
<
POM> TWO MTHS FEB 28 NET


    WASHINGTON, D.C., March 26 -
    
Shr 49 cts vs 57 cts
    Net 25.1 mln vs 28.9 mln
    Revs 202.8 mln vs 220.9 mln
    12 mths
    Shr 4.05 dlrs vs 3.66 dlrs
    Net 223.9 mln vs 186.4 mln
    Revs 1.35 billion vs 1.34 billion
    NOTE: Full name Potomac Electric Power Co
    1987 year includes extraordinary gain of 21.7 mln, or 46
cts per share, for the June 1986 sale of the company's Virginia
service territory to Virginia Power.
 Reuter
3;
bodyend
documentend
documentstart
10133
topicstart
topicend
bodystart
2;

BANKERS SEE GOOD RECEPTION OF BP CREDIT FACILITY


    LONDON, March 26 - 
A huge five billion dlr credit facility
being syndicated for two subsidiaries of British Petroleum Co
Plc 
<
BP.L> should be well received in the market, given the
relatively generous terms it carries, banking sources said.
    The sources said they believe the committed four year
revolving credit - the largest of its kind in the euromarkets -
carries a facility fee of 1/8 pct and that drawings will be at
1/8 pct over the London Interbank Offered Rate (Libor).
    Morgan Guaranty Trust Co of New York, which is arranging
the financing in conjunction with its London operation, was not
available to commment on the terms.
    BP announced it was arranging the financing earlier today
as part of its planned tender offer for the 45 pct of Standard
Oil Co that it does not own already.
    In addition to the revolving credit, BP also is arranging a
U.S. commercial paper program for an as yet undetermined
amount, which will be supported by the revolver.
    Bankers noted that the terms on the new facility compare
extremely favourably to those on other short-term facilities
for which pricing has turned extremely fine due to competition
for the mandates. It also contrasts with the 1/16 pct fee BP
paid on a recent 1.5 billion dlr refinancing of some existing
debt.
    Earlier today a Morgan Guaranty official, while declining
to reveal the pricing on the facility said that banks would be
"compensated fairly" since this is a special purpose facility
which must be completed quickly, with the signing expected in
about 10 days.
    The facility is only being syndicated among BP's
relationship banks and therefore has large individual
commitments from the banks. Lead managers are being recruited
at the 200 mln dlr level, co-lead managers at 125 mln and
managers at 75 mln.
    However, bankers said that despite the size it is likely
the financing will get done quickly since banks will want to be
seen as supporting the relationship.
    The financing is being arranged in the name of BP
International and BP North America.
 Reuter
3;
bodyend
documentend
documentstart
10135
topicstart
gnp
jobs
topicend
bodystart
2;

ITALIAN 1986 GDP UP 2.7 PCT, UNEMPLOYMENT RISES


    ROME, March 26 - 
Extracts from a report by Italy's Budget
Ministry on the country's economic development in 1986 showed
gross domestic product (GDP) 2.7 pct higher in real terms than
in 1985 but a rise in unemployment.
    GDP calculated at 1980 prices rose to 434,682 billion lire
last year from 423,064 billion in 1985. On a current prices
basis, GDP was up 11 pct, totalling 894,362 billion lire in
1986 against 805,754 billion in 1985.
     But growth was insufficient to prevent a rise in
unemployment to 11.1 pct last year from 10.3 pct in 1985, the
ministry said.
    The report said falling oil prices and the depreciation of
the dollar during 1986 had favoured oil-importing countries
such as Italy.
    These factors helped Italy cut inflation to an average 6.3
pct in 1986, down from 9.3 pct in 1985.
    They also helped a major improvement in the trade balance.
    On the basis of data recently recalculated by the national
statistics institute Istat, Italy had a trade deficit in 1986
of 3,722 billion lire, the report said. This slightly revises a
previous deficit figure of 3,717 billion issued by Istat and
compares with a negative balance of 23,085 billion for 1985.
 Reuter
3;
bodyend
documentend
documentstart
10136
topicstart
money-fx
topicend
bodystart
2;
VOLCKER REAFFIRMS G
-6 NEGOTIATING PROCESS
    WASHINGTON, March 26 - Federal Reserve Board Chairman Paul
Volcker urged Congress to allow the government to continue its
flexible negotiations on exchange rates through procedures such
as the recent Paris meeting of industrialized countries.
    In a letter to House Banking Committee chairman Fernand St.
Germain, Volcker said he opposed legislation to formalize
international negotiations on exchange rates and to require
Treasury Secretary James Baker to disclose plans for currency
intervention.
    Volcker's letter was written March 24 in advance of the
committee's March 25 approval of the proposed legislation.
    "The fundamental policy objectives of the United States can
best be implemented in a more flexible framework, such as
through the recent meeting in Paris of Finance Ministers and
Central Bank governors," Volcker said.
    He recommended Congress not lock the administration into
formal procedures for international exchange rate negotiations
to achieve specific exchange rate goals.
    "The achievement of a sustainable pattern of U.S.
international transactions and more stability in exchange rates
are ones with which I remain sympathetic," he said.
    The Banking Committee's bill directs the administration to
to start negotiations to reach a competitive exchange rate for
the U.S. dollar "runs the risk of build up potentially
destabilizing market expectations," Volcker said.
    A requirement that Baker disclose his intervention policy
could reduce the usefulness of intervention as a tool to deal
with exchange rate volatility, Volcker added.
    Baker has also opposed the legislation which will be
wrapped into a major trade bill for consideration in the House
in late April. The Senate will consider its version of the
trade bill in May.
 Reuter
3;


bodyend
documentend
documentstart
10137
topicstart
topicend
bodystart
2;
******
MOODY'S MAY DOWNGRADE BRITISH PETROLEUM AND STANDARD OIL 

Blah blah blah.
3;


bodyend
documentend
documentstart
10139
topicstart
acq
grain
corn
topicend
bodystart
2;

FERRUZZI PARIS UNIT SEEN ABSORBING CPC PURCHASE


    MILAN, March 26 - 
Sources close to Italy's 
<
Gruppo
Ferruzzi> said 
<
European Sugar (France)>, a French company
owned by Ferruzzi, would take over control of 
<
CPC Industrial
Division>, the corn wet milling business acquired by the
Italian group earlier this week from CPC International Inc

<
CPC>.
    The sources told Reuters that European Sugar, owned by
Ferruzzi subsidiary Eridania Zuccherifici Nazionali SpA

<
ERDI.MI>, planned to seek a listing on the Paris bourse and
make a share offering there.
    CPC International announced Tuesday it had agreed in
principle to sell its European corn wet millng business to
Ferruzzi. The deal is worth 630 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10140
topicstart
earn
topicend
bodystart
2;

DECISION INDUSTRIES 
<
DIC> SEES 1ST QTR LOSS


    HORSHAM, Penn., March 26 - 
Decision Industries Corp said it
expects to report an operating loss of 19-24 cts a share for
the first quarter ending March 31 mainly due to lower profit
margins and higher sales and marketing costs.
    In the 1st quarter of last year, when the company's quarter
ended Feb 28, 1986, it earned 957,000 dlrs or 10 cts a share on
revenues of 45 mln dlrs.
    Decision also said it entered into an agreement to sell its
International Computerized Telemarketing Inc subsidiary to an
investor group headed by the unit's senior management. Terms
were not disclosed.
    Decision also said it consolidated its Decision Development
Corp subsidiary into Decision Data Computer Corp, the unit
which designs, manufactures and sells its System/3X peripheral
products.
    It said this restructuring will adversely affect its first
quarter earnings, but it said it expects to realize a
"significant savings" in operating expenses through the
remainder of the year.
 Reuter
3;
bodyend
documentend
documentstart
10142
topicstart
topicend
bodystart
2;
******
S/P AFFIRMS CHRYSLER AND UNITS, AFFECTS 19 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
10144
topicstart
topicend
bodystart
2;
******
U.S. 7-YEAR NOTE AVERAGE YIELD 7.04 PCT, STOP 7.04 PCT, AWARDED AT HIGH YIELD 62 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
10146
topicstart
acq
topicend
bodystart
2;

LOMAK 
<
LOMK>, STRATA 
<
STRATA> IN MERGER PACT


    HARTVILLE, Ohio, March 26 - 
Lomak Petroleum Inc and Strata
Corp, based in Columbus, Ohio, jointly said they entered into a
merger agreement for Strata to become a wholly owned subsidiary
of Lomak.
    Under the merger's terms, Strata shareholders will receive
5.7 cts per share of Strata common and warrants to buy about
.06 shares of Lomak common at 37.5 cts per share on or before
December 31, 1990, for each Strata common share.
    The merger is subject to approval by the companies' boards
and shareholders and agreement of certain Strata creditors,
among other things, said the companies.
 Reuter
3;
bodyend
documentend
documentstart
10147
topicstart
topicend
bodystart
2;

ANADARKO 
<
APC> FILES TO OFFER CONVERTIBLE DEBT


    NEW YORK, March 26 - 
Anadarko Petroleum Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 100 mln dlr issue of convertible
subordinated debentures due 2012.
    Proceeds will be used for the partial repayment of
outstanding indebtedness, Anadarko said.
    The company named Kidder, Peabody and Co Inc as underwriter
of the offering.
 Reuter
3;
bodyend
documentend
documentstart
10150
topicstart
topicend
bodystart
2;

MOODY'S MAY CUT B.P. 
<
BP>, STANDARD OIL 
<
SRD>


    NEW YORK, March 26 - 
Moody's Investors Service Inc said it
may downgrade British Petroleum Co PLC's 3.5 billion dlrs of
debt and Standard Oil Co's 3.8 billion dlrs of debt.
    The agency cited British Petroleum's 7.4 billion dlr tender
offer today for the remaining 45 pct of Standard Oil shares it
does not already own.
    Moody's said that while British Petroleum has greatly
strengthened its capital structure over the past few years,
this acquisition would seriously affect the company's
liquidity, leverage and interest coverage.
    Moody's noted that British Petroleum would use more than
two billion dlrs of excess cash and marketables and about five
billion dlrs of new acquisition debt to fund the transaction.
    In addition, the minority interest and deferred income
taxes attributable to Standard Oil would be excluded from
British Petroleum's capitalization. That would result in a
total debt to capital ratio of nearly 50 pct, Moody's said.
    The rating agency said it would study B.P.'s strategy to
restore financial flexibility after the acquisition. Moody's
said that may include divestiture of various petroleum and
non-petroleum assets and operations of B.P. and Standard.
    But Moody's noted that after the major asset writedown and
divestiture progress achieved by Standard Oil in 1985, fewer
non-petroleum assets are available for sale.
    Under review are the A-1 senior debt of issues guaranteed
by British Petroleum, including Eurobonds of BP Capital B.V.,
debentures of BP North America Finance Corp, Eurodebt of
British Petroleum B.V., BPCA Finance Ltd and BP Canadian
Holdings Ltd, debentures and medium-term notes of BP North
America Inc. Also, the A-1 debt of Standard Oil and Sohio
Pipeline, and debentures of Sohio/BP Trans-Alaska Pipeline
guaranteed severally and not jointly by B.P. and Standard.
 Reuter
3;
bodyend
documentend
documentstart
10151
topicstart
strategic-metal
topicend
bodystart
2;

CALIFORNIA MICRO 
<
CAMD>, GRUMMAN 
<
GQ> SET PACT


    MILPITAS, Calif., March 26 - 
California Micro Devices Corp
said it has signed an agreement with Grumman Corp's Tachonics
Corp unit to develop and product gallium arsenide
seminconductor chips.
    Under the pact, California Micro Devices will design the
chips and Tachonics will manufacture them.
    Initial products to be developed will be gate arrays with
500 to 2,500 gate complexity and radiation hardening
capabilities, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10153
topicstart
money-supply
topicend
bodystart
2;
******
N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10154
topicstart
money-supply
topicend
bodystart
2;
******
U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10155
topicstart
money-supply
topicend
bodystart
2;

NEW YORK BUSINESS LOANS FALL 222 MLN DLRS


    NEW YORK, March 26 - 
Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 222 mln dlrs to 64.05 billion in the week ended March 18,
the Federal Reserve Bank of New York said.
    Including acceptances, loans fell 390 mln dlrs to 64.74
billion.
    Commercial paper outstanding nationally rose 35 mln dlrs to
339.04 billion.
    National business loan data are scheduled to be released on
Friday.
 Reuter
3;
bodyend
documentend
documentstart
10156
topicstart
interest
topicend
bodystart
2;

N.Y. BANK DISCOUNT BORROWINGS NIL IN WEEK


    NEW YORK, March 26 - 
The eight major New York City banks
did not borrow from the Federal Reserve in the week ended
Wednesday March 25, a Fed spokesman said.
    It was the second half of a two-week bank statement period
that ended on Wednesday. The banks did not borrow in the first
week of the period.
 Reuter
3;
bodyend
documentend
documentstart
10157
topicstart
topicend
bodystart
2;

UAL 
<
UAL> UNIT'S EIGHT-YEAR NOTES YIELD 8.06 PCT


    NEW YORK, March 26 - 
Hertz Corp, a unit of UAL Inc, is
raising 100 mln dlrs through an offering of notes due 1995
yielding 8.06 pct, said lead manager Shearson Lehman Brothers
Inc.
    The notes have an eight pct coupon and were priced at 99.65
to yield 102 basis points more than comparable Treasury
securities.
    Non-callable to maturity, the issue is rated A-3 by Moody's
Investors and A-minus by Standard and Poor's. Merrill Lynch and
Morgan Stanley co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
10158
topicstart
acq
topicend
bodystart
2;

AMERICANTURE 
<
AAIX> BUYS AMERICAN ADVENTURE


    LOS ANGELES, March 26 - 
Americanture Inc said it has
purchased American Adventure Inc 
<
GOAQC> for cash, the
assumption of liabilities and the issuance of American
Adventure Inc common and preferred stock to creditors,
shareholders and members.
    The acquisition was pursuant of a Chapter 11 reorganization
plan of American Adventure.
    The company said the transaction involved assets valued at
more than 83 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10162
topicstart
earn
topicend
bodystart
2;

CAMPBELL SOUP CO 
<
CPB> SETS QUARTERLY DIVIDEND


    CAMDEN, N.J., March 26 -
    
Qtly div 36 cts vs 36 cts
    Pay April 30
    Record April 7
 Reuter
3;
bodyend
documentend
documentstart
10163
topicstart
earn
topicend
bodystart
2;

EQUITABLE RESOURCES INC 
<
EQT> IN REGULAR PAYOUT


    PITTSBURGH, March 26 -
    
Qtly div 30 cts vs 30 cts prior
    Pay June one
    Record May eight
    NOTE: Current dividend is equivalent to previous quarterly
dividend of 45 cts per share, after giving effect to 3-for-2
stock split effective March 3, 1987.
 Reuter
3;
bodyend
documentend
documentstart
10165
topicstart
earn
topicend
bodystart
2;

ELECTROSOUND GROUP INC 
<
ESG>3RD QTR FEB 28 LOSS


    HAUPPAUGE, N.Y., March 26 - 
    
Oper shr loss one cts vs loss five cts
    Oper net loss 15,000 vs loss 79,000
    Revs 6,244,000 vs 8,148,000
    Avg shrs 1,912,000 vs 1,537,000
    Nine mths
    Oper shr profit 19 cts vs profit 22 cts
    Oper net profit 347,000 vs profit 341,000
    Revs 22.6 mln vs 28.5 mln
    Avg shrs 1,840,000 vs 1,537,000
   
    Note: Oper excludes tax losses of 13,000 vs 85,000 for qtr
and tax credits of 258,000 vs 235,000 for nine mths.
 Reuter
3;
bodyend
documentend
documentstart
10168
topicstart
acq
crude
topicend
bodystart
2;

BP 
<
BP> MAY HAVE TO RAISE BID -  ANALYSTS


    By STEVEN RADWELL, Reuters


    NEW YORK, March 26 - 
British Petroleum Co PLC may have to
raise its planned 70 dlrs a share tender offer for the publicly
traded shares of Standard Oil Co 
<
SRD>, analysts said.
    "There's a lot of speculation here that someway or other
they would be forced to come up with another bid," said Rosario
Ilaqua of L.F. Rothschild.
    And despite BP managing director David Simon's denial today
that BP would raise the offer, the analysts said that remained
a distinct possibility.
    Analysts said they base their thinking on Royal Dutch/Shell
Group's 
<
RD> 
<
SC> bid to buy the outstanding stake of Shell Oil
Co in 1984 and 1985. Royal Dutch/Shell eventually raised its
initial 55 dlrs a share offer to 60 dlrs a share, after
lawsuits by minority shareholders.
    "I think they're going to have to go a little higher
eventually, just as Royal Dutch/Shell had to go a little higher
for the Shell Oil minority shares," Bruce Lazier of Prescott
Ball and Turben said. He estimated a price of 75 dlrs a share.
    Royal Dutch/Shell offered 55 dlrs a share for the 30.5 pct
of Shell Oil it did not already own in January of 1984. After
objections from minority shareholders about the price, Royal
Dutch/Shell raised its bid and began a 58 dlrs a share tender
offer in April 1984.
    But shareholders sued and a court blocked completion of the
offer. After months of wrangling over the worth of Shell Oil,
Royal Dutch/Shell agreed to another two dlrs increase.
    It ended up paying 5.67 billion dlrs for the outstanding
Shell Oil stake, a significant premium to its original bid of
about 5.2 billion dlrs.
    The analysts made their comments before Simon's remarks at
a BP press conference in New York this afternoon.
    Sanford Margoshes of Shearson Lehman Brothers Inc told
clients this morning that a sweetened offer was possible. The
analyst said the bid could be raised by two dlrs a share.
    Analysts do not expect regulatory hurdles because of the
Royal Dutch/Shell group precedent. But there may be shareholder
lawsuits for the same reason, they said.
    Goldman Sachs and Co, BP's investment advisor, advised the
Shell Oil board in 1984 and 1985.
 Reuter
3;
bodyend
documentend
documentstart
10171
topicstart
acq
topicend
bodystart
2;

VIACOM 
<
VIA> SETS RECORD DATE FOR MERGER VOTE


    NEW YORK, March 26 - 
Viacom International Inc said it set
April 6 as the record date for shareholders entitled to vote at
a special meeting to be held to vote on the proposed merger of
Arsenal Acquiring Corp, a wholly-owned subsidiary of 
<
Arsenal
Holdings Inc> into Viacom.
    It said the date of the special meeting has not yet been
determined.
 Reuter
3;
bodyend
documentend
documentstart
10172
topicstart
grain
corn
wheat
oilseed
soybean
topicend
bodystart
2;

NO GRAIN SHIPMENTS TO THE USSR -- USDA


    WASHINGTON, March 26 - 
There were no shipments of U.S.
grain or soybeans to the Soviet Union in the week ended March
19, according to the U.S. Agriculture Department's latest
Export Sales report.
     The USSR has purchased 2.40 mln tonnes of U.S. corn for
delivery in the fourth year of the U.S.-USSR grain agreement.
     Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
 Reuter
3;
bodyend
documentend
documentstart
10173
topicstart
earn
topicend
bodystart
2;

COURIER 
<
CRRC> SEES SECOND QUARTER LOSS


    LOWELL, Mass., March 26 - 
Courier Corp said it expects to
report a small loss for the second fiscal quarter against a
profit of 828,000 dlrs a year ago.
    The company attributed the loss to competitive pressures
which have cut gross margins. In addition, it said it is
incurring significant expenses from management programs aimed
at reducing costs and boosting productivity.
    It said its Murray Printing Co unit has undertaken a
program of extended work hours, and salary and job cuts which
will save more than 1.5 mln dlrs annually.
 Reuter
3;
bodyend
documentend
documentstart
10174
topicstart
earn
topicend
bodystart
2;

CONTINUING CARE ASSOCIATES 
<
CONC> 4TH QTR NET


    CANTON, Mass., March 26 -
    
Shr four cts vs two cts
    Net 59,700 vs 27,300
    Revs 3,123,900 vs 1,911,900
    12 mths
    Shr six cts vs nine cts
    Net 94,100 vs 81,600
    Revs 9,802,000 vs 5,922,000
    NOTE: qtr 1986 and qtr prior includes tax gain 9,000 and
1,900, respectively; and year 1986 and year prior includes tax
gain 18,000 and 21,000, respectively.
 Reuter
3;
bodyend
documentend
documentstart
10175
topicstart
grain
corn
wheat
oilseed
soybean
meal-feed
veg-oil
soy-oil
sorghum
barley
topicend
bodystart
2;

USDA COMMENTS ON EXPORT SALES REPORT


    WASHINGTON, March 26 - 
Corn sales of 2,806,300 tonnes in
the week ended March 19 were the highest level since
mid-November, 1979, the U.S. Agriculture Department said.
    The department said the USSR dominated the week's activity
with purchases of 1.4 mln tonnes (which were earlier reported
under the daily reporting system). Other large increaes were
posted for Japan and unknown destinations, it said.
    Taiwan purchased 296,300 tonnes for the 1986/87 season and
170,000 tonnes for the 1987/88 season, it said.
    Wheat sales of 317,200 tonnes for the current season and
125,000 tonnes for the 1987/88 season were down about one-third
from the preceding week and the four-week average.
    Wheat sales to China of 60,000 tonnes were switched from
1986/87 to the 1987/88 season, it noted.
    Soybean sales of 483,100 tonnes were 11 pct above the prior
week and two-thirds above the four-week average.
    Japan, the Netherlands, Mexico and Portugal were the main
buyers, the department said.
    Soybean cake and meal sales of 289,400 tonnes were
two-thirds above the previous week and the largest of the
marketing year, with Venezuela the dominant purchaser.
    Sales activity in soybean oil resulted in decreases of
4,400 tonnes, as reductions for unknown destinations more than
offset increases for Canada, the Dominican Republic and Panama,
the department said.
    Cotton sales of 57,900 running bales -- 43,800 bales for
the current year and 14,200 bales for the 1987/88 season --
were off 25 pct from the previous week and 50 pct from the
four-week average.
    Turkey, Thailand, South Korea and Canada were the major
buyers for the current season, while Thailand, Britain and
Japan were the major purchasers from the upcoming season, the
department said.
     Sorghum sales of 178,800 tonnes were two-thirds above the
prior week and 75 pct over the four-week average.
    Venezuela was the leading buyer it said.
    Sales of 41,800 tonnes of barley were 10 times the previous
week and 10 pct greater than  the four-week average. Israel,
Cyprus and Saudi Arabia were the main buyers, it said.
 Reuter
3;
bodyend
documentend
documentstart
10176
topicstart
money-supply
topicend
bodystart
2;
******
U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION  DLRS IN MARCH 16 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10177
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK DISCOUNT BORROWINGS AVERAGE 302 MLN DLRS A DAY IN MARCH 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10178
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BANK NET FREE RESERVES 603 MLN DLRS IN TWO WEEKS TO MARCH 25, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10180
topicstart
earn
topicend
bodystart
2;

VALLEY FEDERAL 
<
VFED> SPLITS STOCK TWO-FOR-ONE


    VAN NUYS, Calif., March 26 - 
Valley Federal Savings and
Loan Association said its board declared a two-for-one stock
split for its common stock.
    The split will be effected in the form of a 100 pct stock
dividend, to be issued April 30 to stockholders of record March
31.
 Reuter
3;
bodyend
documentend
documentstart
10181
topicstart
earn
topicend
bodystart
2;

ATCOR 
<
ATCO> CUTS DIVIDEND


    HARVEY, Ill., March 26 - 
Atcor Inc said it cut its
quarterly dividend to three cts per share from 12 cts because
of depressed earnings.
    The dividend is payable April 15 to holders of record April
6.
    It said it will continue to review the dividend on a
quarterly basis.
 Reuter
3;
bodyend
documentend
documentstart
10183
topicstart
money-supply
topicend
bodystart
2;

U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION DLR


    NEW YORK, March 26 - 
U.S. M-1 money supply rose 1.2 billion
dlrs to a seasonally adjusted 740.2 billion dlrs in the March
16 week, the Federal Reserve said.
    The previous week's M-1 level was revised to 739.0 billion
dlrs from 738.7 billion, while the four-week moving average of
M-1 rose to 739.1 billion dlrs from 738.3 billion.
    Economists polled by Reuters said that M-1 would rise
anywhere from 700 mln dlrs to three billion dlrs. The average
forecast called for a 1.8 billion dlr increase.
 Reuter
3;
bodyend
documentend
documentstart
10185
topicstart
earn
topicend
bodystart
2;

TERRANO CORP 
<
TRNO> YEAR DEC 31 OPER NET


    LINCOLN, NEB., March 26 -
    
Oper shr profit 12 cts vs loss 1.15 dlrs
    Oper net profit 300,286 vs loss 2,855,887
    Revs 2,456,616 mln vs 2,979,206
    Avg shrs 2,527,720 vs 2,482,197
    NOTE: 1986 earnings exclude extraordinary gain from
forgiveness of debt through reorganization under Chapter 11 of
280,505 dlrs, or 11 cts a share
 Reuter
3;
bodyend
documentend
documentstart
10186
topicstart
earn
topicend
bodystart
2;

ATCOR INC 
<
ATCO> CUT DIVIDEND


    HARVEY, Ill., March 26 -
    
Qtly div three cts vs 12 cts prior
    Pay April 15
    Record April 6
 Reuter
3;
bodyend
documentend
documentstart
10187
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> AND UNITS AFFIRMED BY S/P


    NEW YORK, March 26 - 
Standard and Poor's Corp said it
affirmed the ratings on 19 billion dlrs of debt of Chrysler
Corp and related entities.
    S and P cited the acquisition of AMC as strongly negative.
It questioned the long-term srategic value, as well as a high
price of about two billion dlrs.
    Affirmed were the BBB senior debt of Chrysler and its unit
Chrysler Financial, Chrysler Financial's A-2 domestic and
Eurocommercial paper, Chrysler Capital Realty Inc's A-2
commercial paper and Chrysler Financial's BBB-minus
subordinated debt.
    The BBB senior debt of two international units, Chrysler
Credit Canada Ltd and Chrysler Overseas Capital Corp, was also
affirmed.
    Chrysler's debt issues were put on creditwatch on March
nine after the automaker announced plans to acquire American
Motors Corp 
<
AMO>. AMC's debt is still on creditwatch with
positive implications pending the deal's outcome.
    The AMC purchase shows a strongly aggressive move on
Chrysler's part to increase market share at a time when
industry competition is intensely competitive, S and P said.
This is a change in the company's previous strategy.
 Reuter
3;
bodyend
documentend
documentstart
10190
topicstart
acq
crude
nat-gas
topicend
bodystart
2;

STANDARD OIL 
<
SRD> SEES BOOST IN 1987 CASH FLOW


    CLEVELAND, March 26 - 
Standard Oil Co expects the sale of
assets and federal tax refunds resulting from last year's loss
to add about one billion dlrs to its normal cash flows from
operations in 1987, its annual report said.
    Last year, the report noted, the cash flow from operations
dropped to 1.8 billion dlrs from 3.5 billion dlrs in 1985 and
3.2 billion dlrs in 1984 due principally to lower oil prices.
    The report, prepared before British Petroleum Co Plc 
<
BP>
disclosed plans to seek the rest of Standard's stock, put 1987
capital spending at 1.6 billion dlrs, down from the 1.7 billion
dlrs projected in January.
    Standard's capital spending totaled 1.77 billion dlrs in
1986.
    The report showed a decline in proven oil reserves to 2.41
billion barrels at the end of 1986 from 2.65 billion barrels a
year earlier as discoveries and other additions dropped to 11.4
mln barrels last year from 23.2 mln in 1985.
    But it said gas reeserves rose to 7.31 trillion cubic feet
from 7.22 trillion at the end of 1985 despite a 30.9 mln cubic
feet downward revision in previous reserve estimates during
1986. Discoveries and other additions totaled 200.5 billion
cubic feet last year, up from 175.9 billion in 1985, it added.
    Standard said both oil and gas production increased last
year -- to 726,600 barrels per day from 719,700 barrels the
previous day and to 154.4 mln cubic feet daily from 10.1 mln in
1985.
    But the average sales price of both dropped -- to 13.83
dlrs per barrel from 26.43 dlrs for oil in 1985 and to 1.49
dlrs per thousand cubic feet from 2.18 dlrs a year earlier.
    Standard said its refined product sales also rose last
year, to 644,500 barrels per day from 604,200 barrels daily in
1985.
 Reuter
3;
bodyend
documentend
documentstart
10191
topicstart
money-fx
topicend
bodystart
2;

FORMER HERSTATT DEALER CAN BE SUED, COURT RULES


    KASSEL, West Germany, March 26- 
The former chief currency
dealer of Herstatt Bank, which collapsed in 1974 on foreign
exchange speculation in West Germany's biggest banking crash,
can stand trial for damages, a court ruled.
    The court overturned a claim by Danny Dattel that a case
for damages should not be allowed after such a long interval.
    Herstatt creditors are seeking 12.5 mln marks from Dattel,
whom they accuse of causing losses at the bank of over 500 mln
marks by manipulating forward foreign exchange contracts.
    The crash of the private Herstatt bank with losses of over
one billion marks stunned West Germany's business community,
and led to a tightening of banking regulations.
    The losses were even greater than the 480 mln marks
announced recently by Volkswagen as a result of fraud in
currency transactions.
    Ivan Herstatt, managing director of the bank when it
collapsed, was sentenced to four and a half years in prison in
1984 but appealed. Six other people associated with the bank
were jailed in 1983.
    But Dattel was freed from prosecution after he produced
medical evidence of paranoia caused by Nazi persecution during
his childhood, which might have led him to take his own life.
 Reuter
3;
bodyend
documentend
documentstart
10192
topicstart
crude
topicend
bodystart
2;

NEXT FEW MONTHS CRUCIAL FOR OIL - HERNANDEZ


     CARACAS, March 26 - 
Energy and Mines Minister Arturo
Hernandez Grisanti today told a meeting of regional oil
exporters the next few months will be critical to efforts to
achieve price recovery and stabilize the market.
     Hernandez said while OPEC and non-OPEC nations have
already made some strides in their efforts to strengthen the
market, the danger of a reversal is always present.
    "March and the next two or three months will be a really
critical period," Hernandez said. He said, "We will be able to
define a movement, either towards market stability and price
recovery or, depending on the market, a reversal."
    Earlier this week, Hernandez said Venezuela's oil price has
averaged just above 16 dlrs a barrel for the year to date. If
OPEC achieves its stated goal of an 18 dlrs a barrel average
price, he said, Venezuela's should move up to 16.50 dlrs.
    Hernandez spoke today at the opening of the fifth
ministerial meeting of the informal group of Latin American and
Caribbean oil exporters, formed in 1983.
    Ministers from member states Ecuador, Mexico,
Trinidad-Tobago and Venezuela are attending the two day
conference, while Colombia is present for the first time as an
observer.
    Hernandez defined the meeting as an informal exchange of
ideas about the oil market. However, the members will also
discuss ways to combat proposals for a tax on imported oil
currently before the U.S. Congress.
    Following the opening session, the group of ministers met
with President Jaime Lusinchi at Miraflores, the presidential
palace. The delegations to the conference are headed by
Hernandez of Venezuela, Energy Minister Javier Espinosa of
Ecuador, Energy Minister Kelvin Ramnath of Trinidad-Tobago,
Jose Luis Alcudiai, assistant energy secretary of Mexico and
Energy Minister Guilermno Perry Rubio of Colombia.
 Reuter
3;
bodyend
documentend
documentstart
10196
topicstart
earn
topicend
bodystart
2;

HOWARD B. WOLF INC 
<
HBW> 3RD QTR FEB 28 NET


    DALLAS, March 26 -
    
Shr two cts vs three cts
    Net 21,080 vs 35,393
    Revs 2,026,017 vs 2,476,068
    Nine mths
    Shr five cts vs six cts
    Net 48,567 vs 59,527
    Revs 6,231,242 vs 6,519,473
 Reuter
3;
bodyend
documentend
documentstart
10197
topicstart
earn
topicend
bodystart
2;

BURR-BROWN 
<
BBRC> SEES LOWER 1ST QTR EARNINGS


    TUCSON, Ariz., March 26 - 
Burr-Brown Corp said its first
quarter 1987 results will show profits significantly below the
1,058,000 dlrs, or 11 cts per share, earned in the first
quarter last year.
    The company said the profit decline will be the result of
an increase in reserves for inventory valuation. The increase
will be to cover potential write-downs of certain inventories
or products used in compact-disc stereo systems.
    Burr-Brown said the possible write-down is being
precipitated by a shift in market demand toward higher
performance products.
 Reuter
3;
bodyend
documentend
documentstart
10200
topicstart
crude
topicend
bodystart
2;

BRAZIL OIL OUTPUT FELL IN FEBRUARY, USAGE UP


    RIO DE JANEIRO, March 26 - 
Brazilian crude oil and
liquefied natural gas production fell to an average 583,747
barrels per day in February from 596,740 in the same 1986
month, the state oil company Petrobras said.
    The drop was due to operating problems in the Campos Basin,
the country's main producing area, where output was down to
346,011 bpd from 357,420, a Petrobras statement said.
    Consumption of oil derivatives totalled 1.14 mln bpd in
February, 16.7 pct up on February last year but down from the
record 1.22 mln bpd used in October last year. Use of alcohol
fuel in February was 208,600 bpd, 42 pct above February, 1986.
 Reuter
3;
bodyend
documentend
documentstart
10201
topicstart
earn
topicend
bodystart
2;
******
MEDIA GENERAL INC UPS QTLY DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT

Blah blah blah.
3;


bodyend
documentend
documentstart
10202
topicstart
topicend
bodystart
2;

HAWKEYE ENTERTAINMENT 
<
SBIZ> COMPLETES OFFERING


    LOS ANGELES, March 26 - 
Hawkeye Entertainment Inc said it
completed its initial public offering at the maximum
subscription level of 14 mln shares at 25 cts per share, for
proceeds of 3.5 mln dlrs.
    The company said the proceeds will be used to create,
acquire, develop, produce and package entertainment properties,
primarily in film and television and secondarily in music.
 Reuter
3;
bodyend
documentend
documentstart
10207
topicstart
earn
topicend
bodystart
2;
******
CORRECTED - MEDIA GENERAL INC UPS ANNUAL DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT (CORRECTS TO SHOW RAISE IN ANNUAL DIV, NOT QTLY)

Blah blah blah.
3;


bodyend
documentend
documentstart
10208
topicstart
earn
topicend
bodystart
2;

CENTRAL CAPITAL PLANS THREE-FOR-TWO STOCK SPLIT


    TORONTO, March 26 - 
<
Central Capital Corp> said it planned
a three-for-two split of its common and class A subordinate
voting shares, subject to shareholder approval at the April 23
annual meeting.
    It said the split would raise the amount of common shares
to about 25.2 mln from 16.8 mln and subordinate voting shares
to about 23.9 mln from 15.9 mln.
 Reuter
3;
bodyend
documentend
documentstart
10209
topicstart
trade
topicend
bodystart
2;

WHITE HOUSE UNIT DECIDES ON SEMICONDUCTORS


    WASHINGTON, March 26 - 
The White House Economic Policy
Council made a recommendation to President Reagan whether to
retaliate against Japan for alleged unfair practices in
semiconductor trade, U.S. officials said.
    They would not disclose the council's recommendation, but
the officials said earlier it was likely the council would call
for retaliation and urge that curbs be imposed on Japanese
exports to the United States.
    The officials said it might be several days before Reagan
would act and his moves made public.
    The Senate last week unanimously called on Reagan to impose
penalities on Japanese exports. Retaliation was also called for
by the semiconductor industry and its chief trade union, both
hard hit by Japanese semiconductor trade.
    In a pact last summer, Japan summer agreed to stop dumping
its semiconductors at less than cost in the United States and
other nations and to open its own market to the U.S. products.
    In return, the United States agreed to hold up imposing
anti-dumping duties on Japanese semiconductor shipments.
    U.S. officials say that while Japan has stopped dumping
semiconductors on the American market, they have continued to
dump them in third countries and that the Japanese market has
remained all but closed to the U.S. semiconductors.
semiconductors on the American market, they have continued to
dump them in third countries and that the Japanese market has
remained all but closed to the U.S. semiconductors.
 reuter
3;
bodyend
documentend
documentstart
10211
topicstart
earn
topicend
bodystart
2;

NORTHERN INDIANA 
<
NI> 12 MTHS FEB 28 LOSS


    HAMMOND, IND., March 26 -
    
Shr loss 66 cts vs profit 1.07 dlrs
    Net loss 20,957,000 vs profit 11,041,000
    Revs 1.54 billion vs 1.85 billion
    Avg shrs 73.2 mln vs 71.7 mln
    NOTE: 1986 net excludes charge of 94.8 mln dlrs or 1.32
dlrs a share from abandonment of Bailly nuclear plant.
    Northern Indiana Public Service Co is full name of company.
 Reuter
3;
bodyend
documentend
documentstart
10213
topicstart
acq
topicend
bodystart
2;

CHAVIN RAISES STAKE IN MYERS (MYR)


    WASHINGTON, March 26 - 
Chicago real estate developer
Leonard Chavin told the Securities and Exchange Commission he
had raised his stake in the L.E. Meyers Co Group to 11 pct from
9.7 pct.
    He also said an investment banker repesenting him met with
Myers' officers, telling them of his plans for a takeover and
that he may solicit proxies for a seat on Myers' board.
    Chavin also said if he takes control of the firm, it could
result in delisting Meyers' from the New York Stock Exchange.
    He told the SEC that while he is trying to buy or acquire
the firm, he still may only hold the shares for an investment.
 reuter
3;
bodyend
documentend
documentstart
10214
topicstart
gold
topicend
bodystart
2;

CANAMAX, PACIFIC TRANS-OCEAN APPROVE PRODUCTION


    TORONTO, March 26 - 
<
Canamax Resources Inc> and 
<
Pacific
Trans-Ocean Resources Ltd> said they conditionally approved
starting production at their jointly owned Ketza River gold
deposit in the Yukon after a study recommended the move.
    They said production was conditional on approval of a water
license and arrangement of appropriate financing. They
estimated development costs for the mine and mill would total
21.1 mln dlrs, including three mln dlrs of working capital.
    The feasibility study anticipated gold production of 49,600
ounces a year at a cost of 129 Canadian dlrs a short ton, they
said.
    Canamax and Pacific Trans-Ocean said the project would
yield a 40 pct after-tax real rate of return at a gold price of
400 U.S. dlrs an ounce.
    They said they would mine 460,000 tonnes of proven and
probable mineable reserves of oxide ore grading 0.45 ounce gold
ton at a yearly rate of 112,000 tonnes for a mine life of 4.25
years.
    Possible reserves of 75,000 tonnes grading 0.38 ounce gold
ton at the break zone would extend mine life by a year, with
considerable potential for development of further oxide ore
reserves at the deposit, they said.
 Reuter
3;
bodyend
documentend
documentstart
10215
topicstart
earn
topicend
bodystart
2;
******
CAMPBELL RED LAKE MINES LTD 4TH QTR SHR 21 CTS VS 10 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
10216
topicstart
gold
topicend
bodystart
2;

GOLD PRODUCTION TO START AT KETZA RIVER


    TORONTO, March 26 - 
Canamax Resources Inc and Pacific
Trans-Ocean Resources Ltd said they conditionally approved
starting production at their jointly owned Ketza River gold
deposit in the Yukon after a study recommended the move.
    They said production was conditional on approval of a water
license and arrangement of appropriate financing. They
estimated development costs for the mine and mill would total
21.1 mln dlrs, including three mln dlrs of working capital.
    The feasibility study anticipated gold production of 49,600
ounces a year at a cost of 129 Canadian dlrs a short ton, they
said.
    Canamax and Pacific Trans-Ocean said the project would
yield a 40 pct after-tax real rate of return at a gold price of
400 U.S. dlrs an ounce.
    They said they would mine 460,000 tonnes of proven and
probable mineable reserves of oxide ore grading 0.45 ounce gold
per ton at a yearly rate of 112,000 tonnes for a mine life of
4.25 years.
    Possible reserves of 75,000 tonnes grading 0.38 ounce gold
per ton at the break zone would extend mine life by a year,
with considerable potential for development of further oxide
ore reserves at the deposit, they said.
 Reuter
3;
bodyend
documentend
documentstart
10217
topicstart
topicend
bodystart
2;

CECO CORP REPURCHASES 20 MLN DLRS IN NOTES


    OAK BROOK, Ill., March 26 - 
<
The Ceco Corp> said it
repurchased the 20 mln dlr 13-1/4 pct senior subordinate notes
due November 30, 1996 issued last December nine as part of the
financing for its leveraged buyout.
    Ceco said it financed the purchase through an increase in
its existing credit line.
    Ceco said Drexel Burnham Lambert Inc acted as Ceco's agent
in this transaction.
 Reuter
3;
bodyend
documentend
documentstart
10218
topicstart
acq
earn
topicend
bodystart
2;

HONEYWELL 
<
HON> DEBT RISES ON SPERRY BUYOUT


    MINNEAPOLIS, March 26 - 
Honeywell Inc said its total debt
rose by more than 85 pct in 1986, mainly due to its 1.02
billion dlr acquisition of the Sperry Aerospace Group.
    At yearend, according to the company's 1986 annual report,
Honeywell's total debt stood at 1.44 billion dlrs, compared
with 776.6 mln dlrs in 1985.
    Honeywell said that if it had acquired the Sperry unit at
the beginning of 1986, its loss for the full year would have
been 9.88 dlrs a share.
    Honeywell's actual loss in 1986 was 8.33 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
10219
topicstart
acq
topicend
bodystart
2;

MCINTYRE MINES 
<
MP> COMPLETES UNIT SALE


    TORONTO, March 26 - 
McIntyre Mines Ltd said it completed
the previously announced sale of all shares of wholly owned
Smoky River Coal Ltd and certain related assets to Smoky River
Holdings Ltd for a nominal cash consideration.
    McIntyre did not specify the cash amount of the sale.
    Smoky River Holdings is an Alberta company controlled by
Michael Henson, former president and chief executive of
McIntyre, the company said.
    McIntyre said it retained an unspecified royalty interest
in Smoky River Coal based on net operating cash flows from the
company's coal properties.
    McIntyre also said it provided a three mln dlr last
recourse letter of credit to the Alberta government for Smoky
River Coal's reclamation obligations.
    The credit letter expires either when Smoky River completes
three mln dlrs of reclaiming activities or December 31, 1992,
which ever occurs first.
    McIntyre said it also remains contingently liable for
certain obligations now totalling about seven mln dlrs, which
will reduce over time as Smoky River continues to operate.
    McIntyre's principal asset continues to be its 14 pct
interest in Falconbridge Ltd 
<
FALCF>.
 Reuter
3;
bodyend
documentend
documentstart
10222
topicstart
earn
topicend
bodystart
2;

MEDIA GENERAL 
<
MEG.A> UPS DIVIDEND, SETS SPLIT


    RICHMOND, Va., March 26 - 
Media General Inc said it raised
the annual dividend on its class A and class B common stock to
68 cts a share from 64 cts.
    The company said it also declared a two-for-one stock split
of both stock issues, which is subject to shareholder approval
of an increase in the number of authorized class A shares.
    Media General said the increased dividend is payable June
12 to shareholders of record May 29.
    The proposed stock split will be paid May 29 in shares of
class A shares, the company said.
    The company said it also approved an amendment to its
articles of incorporation allowing class B shares to be
coverted into class A shares at the option of the holder.
    Media General said the moves should broaden investor
interest in its class A stock.
 Reuter
3;
bodyend
documentend
documentstart
10224
topicstart
acq
topicend
bodystart
2;

INVESTMENT GROUP UPS STAKE IN SCANDINAVIA 
<
SCF>


    WASHINGTON, March 26 - 
A multinational shareholder group
told the Securities and Exchange Commission it increased its
stake in Scandinavia Fund Inc to 35.5 pct, from 30.5 pct.
    The investors include Ingemar Rydin Industritillbehor AB,
of Sweden, and VBI Corp, of the West Indies.
 Reuter
3;
bodyend
documentend
documentstart
10225
topicstart
earn
topicend
bodystart
2;

CAMPBELL RED LAKE MINES LTD 
<
CRK> 4TH QTR NET


    TORONTO, March 26 -
    
Shr 21 cts vs 10 cts
    Net 10,798,000 vs 4,704,000
    Revs 47.4 mln vs 32.9 mln
    YEAR
    Shr 58 cts vs 54 cts
    Net 29.1 mln vs 25.8 mln
    Revs 187.7 mln vs 134.7 mln
    Note: 1986 net includes 2.8 mln dlr extraordinary gain in
4th qtr and 6.5 mln dlr fl-yr extraordinary loss involving
provision for decline in market value of marketable securities
partly offset by gain from sale of stake in Dome Petroleum Ltd

<
DMP>.
   
 Reuter
3;
bodyend
documentend
documentstart
10227
topicstart
earn
topicend
bodystart
2;

(CORRECTED)-
<
AMERICAN VARIETY INTERNATIONAL INC>


    LOS ANGELES, March 23 -
    
Shr loss seven cts vs profit 11 cts
    Net loss 76,888 vs profit 106,885
    Revs 752,234 vs 922,036
    (corrects year ago per share to profit, instead of loss in
item that ran on March 23)
 Reuter
3;
bodyend
documentend
documentstart
10228
topicstart
crude
nat-gas
topicend
bodystart
2;

OIL EXECUTIVES SEE GRADUAL RISE IN PRICES


     HOUSTON, March 26 - 
Top executives with Tenneco Corp 
<
TGT>
and Sabine Corp 
<
SAB> said they expected world oil prices to
gradually increase over the next two years as U.S. reliance on
imports of oil from the Middle East grows.
     "I believe we have bottomed out and can look forward to a
trend of gradually increasing prices," C.W. Nance, president of
Tenneco Oil Exploration and Production, told a meeting of the
Petroleum Equipment Suppliers Association.
     Nance predicted that by 1990, the Organization of
Producing and Exporting Countries would be producing at the
rate of 80 pct of capacity.
    The gain will come largely through increased imports to the
United States, he said.
    "They will be able to raise the price again but I do not
think they will raise it as much as they did in 1979," Nance
said. He did not say how much of a price hike he expected.
     Andrew Shoup, chairman of Dallas-based Sabine, predicted
that world oil prices would increase from a range of 15 to 20
dlrs a barrel in 1987 to a range of 17 to 22 dlrs a barrel in
1988. Natural gas prices, Shoup said, should similarly climb
from a range of 1.30 to 1.70 dlrs per mcf this year to between
1.50 and 1.90 dlrs per mcf in 1988.
     "Fuel switching could help us as much as five pct in
increased demand," Shoup said, referring to the gas industry's
outlook for 1987. Repeal of the Fuel Use Act, a federal law
prohibiting the use of natural gas in new manufacturing plants
and utilities, could increase demand for gas by as much as 15
pct, he said.
     Tenneco's Nance also said that some U.S. cities may
experience peak day shortages in natural gas supplies next
winter because of the industry's reduced deliverability.
     Tenneco's gas deliverability, for example, dropped by 20
pct during 1986, he said.
     "This does not mean the gas bubble is gone," Nance said.
"We believe gas prices have bottomed out. The real question is
how broad the valley is -- is it one year, two years or three
years before we start to climb out?"
      J.C. Walter of 
<
Walter Oil and Gas Corp>, said the recent
improvement in oil prices was not enough for independent
producers to begin new onshore drilling projects.
     "If crude oil stays below 20 dlrs a barrel and 1.50 dlr
per mcf for natural gas prevails, the prospects for onshore
exploration at deeper depths in the Texas Gulf Coast by
independents in the 1990s are pretty dismal," Walter said.
     He suggested that some independents may instead turn to
exploration in shallow federal offshore leases. Farm-out
agreements, cheap rig rates and less competition have held
finding costs in those areas to five or six dlrs a barrel,
Walter said.
 Reuter
3;
bodyend
documentend
documentstart
10230
topicstart
ipi
topicend
bodystart
2;

REPORT SAYS SOVIET ECONOMIC PLANS TOO OPTIMISTIC


    by Robert Green, Reuters


    WASHINGTON, March 26 - 
The Soviet economy has grown at an
increased rate under Mikhail Gorbachev's leadership, but his
goals may be too ambitious, according to a report from U.S.
intelligence agencies.
    The report was prepared jointly by the Central Intelligence
Agency and the Defense Intelligence Agency for the
Congressional Joint Economic committee, which released it.
    It said the Soviet economy grew by 4.2 pct in 1986,
Gorbachev's first full year in power, twice the average rate of
growth over the previous 10 years.
    Gorbachev's policies to improve worker attitudes, remove
incompetent officials, reduce corruption and alcoholism and
modernize the country's industrial equipment accounted for some
of the gains, the report said.
    "Although many of the specific policies Gorbachev has
adopted are not new, the intensity Gorbachev has brought to his
efforts and his apparent commitment to finding long-term
solutions are attributes that his immediate predecessors
lacked. Nonetheless, Gorbachev's program appears too ambitious
on a number of counts," the report said.
    Earlier this week, two U.S. experts on the Soviet Union
said Gorbachev was likely to be ousted in three to four years
if he continues his reform policies.
    "I don't think he can last four years," Marshall Goldman of
Harvard University told a Congressional hearing. "He's moving so
fast, he's stepping on so many toes."
    A similar comment came from Peter Reddaway of the
Smithsonian Institution's Kennan Institute for Advanced Russian
studies.
    The economic report said meeting targets for commodity
output would require unrealistic gains in productivity and
industrial output targets appear too high to allow time to
install more advanced equipment.
    None of Gorbachev's proposals would change the system of
economic incentives that has discouraged innovation and
technological change, the report added.
    "The first significant resistance to specific policies,
although not overall goals, surfaced (in 1986) in both the
massive government and party bureaucracy, particularly among
enterprise managers who complained that they were being asked
to carry out conflicting goals -- such as to raise quality
standards and output targets simultaneously," the report said.
    The CIA-DIA report predicted two to three pct growth in the
Soviet economy over the next several years. It said the Soviet
Union trailed the U.S. by seven to 12 years in advanced
manufacturing technologies, such as computers and
microprocessors.
 Reuter
3;
bodyend
documentend
documentstart
10231
topicstart
earn
topicend
bodystart
2;
******
GREAT AMERICAN CORP SEES 1ST QTR CHARGE OF 14.1 MLN DLRS AGAINST LOAN LOSS ALLOWANCE

Blah blah blah.
3;


bodyend
documentend
documentstart
10233
topicstart
earn
topicend
bodystart
2;

GREAT AMERICAN 
<
GTAM> SEES CHARGE, WRITEDOWN


    BATON ROUGE, LA., March 26 - 
Great American Corp said
preliminary findings by regulatory examiners of its AMBANK
subsidiary will result in a first quarter charge of 14.1 mln
dlrs and a writedown of 1.4 mln dlrs.
    The charge will be made against the allowance for possible
loan losses, and the writedown is of other real estate.
    Great American said the examiners were conducting a regular
examination and a final report is not expected for several
weeks. Management intends to include the charge and writedown
in response to the preliminary findings.
    Great American said regulatory authorities are not
requiring an adjustment of the previously reported financial
results for Great American for 1986.
    However, Great American has revised its previous estimates
of provisions for possible losses and has added 9.9 mln dlrs to
the allowance account as of December 31, 1986. It said it took
the action since the charge-offs will significantly deplete its
allowance for possible loan losses and the economic environment
does not show signs for significant improvement in the near
future.
    It said the additional provision increases the allowance to
26.4 mln dlrs, representing 6.63 pct of the outstanding loan
portfolio and 83.2 pct of non-performing loans at year-end.
    Great American said its revised net loss for the fourth
quarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a
net loss of 2.4 mln dlrs or 1.06 dlrs per share the year
earlier.
 Reuter
3;
bodyend
documentend
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10235
topicstart
earn
topicend
bodystart
2;

<
MARATHON NATIONAL BANK> YEAR NET


    LOS ANGELES, March 26 -
    
Shr 78 cts vs 51 cts
    Net 725,000 vs 451,000
    Assets 98.5 mln vs 85.9 mln
    Loans 40.5 mln vs 28.8 mln
    Deposits 90.4 mln vs 78.7 mln
 Reuter
3;
bodyend
documentend
documentstart
10237
topicstart
earn
topicend
bodystart
2;

MACMILLAN BLOEDEL 
<
MMBLF> STOCK SPLIT APPROVED


    VANCOUVER, British Columbia, March 26 - 
MacMillan Bloedel
Ltd said shareholders approved the company's previously
reported proposed three-for-one stock split.
 Reuter
3;
bodyend
documentend
documentstart
10238
topicstart
acq
topicend
bodystart
2;

CTC DEALER TO APPEAL CANADIAN TIRE DECISION


    TORONTO, March 26 - 
CTC Dealer Holdings Ltd said it would
appeal a previously reported Ontario court ruling upholding an
Ontario Securities Commission decision to block CTC's bid for
49 pct of 
<
Canadian Tire Corp Ltd> common shares.
    CTC, a group of Canadian Tire dealers, added that it also
extended its tender offer to March 31 and was seeking approval
to extend its bid while the appeal court heard the case.
    It said Alfred and David Billes, two of Canadian Tire's
controlling shareholders, backed the appeal and would seek
leave to appeal while third controlling shareholder Martha
Billes supported the appeal but would not join an appeal
motion.
 Reuter
3;
bodyend
documentend
documentstart
10240
topicstart
earn
topicend
bodystart
2;

URS CORP 
<
URS> REGULAR STOCK DIVIDEND


    SAN MATEO, Calif., March 26 - 
    
Qtly div five pct stock vs five pct stock
    Pay April 16
    Record April six
 Reuter
3;
bodyend
documentend
documentstart
10242
topicstart
earn
topicend
bodystart
2;

DUCOMMUN INC 
<
DCO> QUARTERLY DIVIDEND


    CYPRESS, Calif., March 26 -
    
Qtly div five cts vs five cts
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
10243
topicstart
earn
topicend
bodystart
2;

TEKTRONIX INC 
<
TEK> QUARTERLY DIVIDEND


    BEAVERTON, Wash., March 26 -
    
Qtly div 15 cts vs 15 cts
    Pay May 4
    Record April 10
    Note: previous dividend restated to reflect January 26
two-for-one stock split.
 Reuter
3;
bodyend
documentend
documentstart
10245
topicstart
earn
topicend
bodystart
2;

<
MCM CORP> TO DELAY YEAREND REPORT


    RALEIGH, N.C., March 26 - 
McM Corp said it has been forced
to delay the release of its fourth quarter and yearend results
until it can determine the effects on its balance sheet of a
possible increase in liabilities at a unit.
    Earlier this month, the company's Occidental Fire and
Casualty Co unit paid 26 mln dlrs to a unit of 
<
Mutual of
Omaha> under a commutation agreement.
    However, McM said it now believes it is possible that the
unit's liabilities may exceed 26 mln dlrs.
    It said a finding on any possible increase should be
completed by April 15.
 Reuter
3;
bodyend
documentend
documentstart
10246
topicstart
money-supply
interest
topicend
bodystart
2;

FED DATA INDICATE POLICY LIKELY TO STAY ON HOLD


    By Martin Cherrin, Reuters


    NEW YORK, March 26 - 
Federal Reserve data released today
indicate that there has been no policy change in recent weeks
and that none is likely at next week's Federal Open Market
Committee (FOMC) meeting, economists said.
    "The Fed continues to be accommodative in its provision of
reserves, indicating that there has been no policy shift since
the beginning of this year," said Harold Nathan, economist at
Wells Fargo Bank.
    "These numbers and other things suggest the FOMC will not
change policy," said Robert Brusca of Nikko Securities Co.
    "The Fed is sitting fairly pretty now. There's no real
reason for it to change policy," said Joseph Liro of S.G.
Warburg and Co Inc.
    Liro said the economy is showing moderate growth and does
not require immediate policy easing and the money aggregates
may well end March at the bottom of their target ranges.
    All of the economists agreed that the Fed's major concern
now is recent weakness in the dollar which early this week was
heavily supported by central banks. They said fear of hurting
the dollar will cause the Fed to be cautious in lowering
interest rates further.
    Numbers released by the Fed today were all in line with
expectations and similar to the data for most of this year.
    The Fed said that banks' net free reserves averaged 603 mln
dlrs in the two-week statement period that ended on Wednesday
versus 749 mln dlrs in the previous period.
    In the single week to Wednesday, banks' borrowings at the
discount window, less extended credits, averaged 302 mln dlrs
compared with 228 mln dlrs in the first week of the statement
period. Meanwhile the Federal funds rate average edged up to
6.14 pct from 6.08 pct.
    The Fed's failure to add reserves in the market on Tuesday
and Wednesday surprised some, but economists said the data
released today suggest it had no real need to add reserves.
    The Fed's absence may be explained by the lack of any
pressing need for it to supply reserves and by a desire to
boost borrowings in the second week of the statement period to
meet its borrowings target, said Liro of Warburg.
    Liro said the Fed probably is shooting for a two-week
borrowings average of 300-325 mln dlrs. The borrowings actually
averaged 265 mln dlrs in the latest statement period and that
was up from 191 mln dlrs in the prior period.
    Brusca of Nikko agreed that the Fed probably is aiming for
two-week average discount window borrowings of around 300 mln
dlrs. He said that would correspond to a Federal funds rate of
around 6.10 pct.
    It is nearly impossible for the Fed to hit any borrowings
target since the demand for excess reserves is erratic, said
Wells Fargo's Nathan. He said the Fed is focusing instead on
the funds rate and is trying to keep it roughly within a six to
6-1/4 pct band.
    Upward funds rate pressure and a big reserve-adding need
are anticipated for the statement period that began today.
 More
    Brusca believes the Fed will have to add 3.5 to four
billion dlrs a day in reserves in this statement period. Liro
puts the add need at around 3.9 billion dlrs.
    To partly address this requirement, many expect the Fed to
add permanent reserves with effect next Thursday by offering to
buy all maturities of Treasury bills on Wednesday. A similar
coupon "pass" may be required later.
    There will be a greater demand for funds in this statement
period because it includes the close of the quarter. Further
upward pressure on the Federal funds rate may come from window
dressing demand as the Japanese fiscal year ends on March 31.
 Reuter
3;
bodyend
documentend
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10250
topicstart
topicend
bodystart
2;

IDA APPROVES 114 MLN DLR CREDIT FOR INDIA


    WASHINGTON, March 26 - 
The International Development
Association said it approved a 114 mln dlr credit for India to
support several water irrigation projects.
    IDA, the World Bank arm which lends to the poorest
countries, said the projects are designed to increase
agricultural productivity and farm incomes.
    Irrigation development has been a major factor in improving
agricultural performance and yields in many areas but fall
short of their potential due to unreliable water supply and
often inequitable distribution, it noted.
    IDA said the credit supports a 7-year program to plan,
implement and monitor improved operation of selected projects. 
   In addition to the 50-year credit, the Indian government and
participating states will provide 43 mln dlrs to the plan.
 Reuter
3;
bodyend
documentend
documentstart
10253
topicstart
earn
topicend
bodystart
2;

BLASIUS INDUSTRIES INC 
<
BLAS> 3RD QTR LOSS


    ERIE, Pa., March 26 - 
Qtr ended Feb 28
    Oper shr loss one ct vs profit 12 cts
    Oper net profit 3,000 vs profit 218,000
    Revs 12.0 mln vs 10.6 mln
    Avg shrs 2,421,000 vs 1,602,000
    Nine mths
    Oper shr profit 28 cts vs profit 24 cts
    Oper net profit 639,000 vs profit 500,000
    Revs 34.6 mln vs 31.2 mln
    Avg shrs 1,928,000 vs 1,620,000
    Note: Oper excludes tax credits of 180,000 and 415,000 for
year-ago qtr and nine mths.
    Oper includes writeoff related to subordinated note
exchange of 185,000 for current qtr and nine mths.
 Reuter
3;
bodyend
documentend
documentstart
10254
topicstart
earn
topicend
bodystart
2;

GAINSCO INC 
<
GAIN> 4TH QTR NET


    FORT WORTH, Texas, March 26 - 
    
Shr nil vs four cts
    Net 12,000 vs 140,000
    Revs 4,446,000 vs 3,998,000
    Avg shrs 4,364,000 vs 3,461,000
    Year
    Shr 60 cts vs 22 cts
    Net 2,257,000 vs 774,000
    Revs 18.3 mln vs 21.1 mln
    Avg shrs 3,788,000 vs 3,461,000
   
    Note: Net includes realized gains on investments of 50,000
vs 105,000 for qtr and 174,000 vs 202,000 for year.
    Net also includes tax credit of 64,000 for year-ago 12
mths.
 Reuter
3;
bodyend
documentend
documentstart
10255
topicstart
trade
topicend
bodystart
2;

GATT WARNS U.S. ON FEDERAL BUDGET, PROTECTIONISM


     GENEVA, March 27 - 
The United States' emphasis on its
foreign trade deficit is misplaced and the country's real
problem lies in its large federal budget deficit, the General
Agreeement on Tariffs and Trade (GATT) said.
     By stressing its record trade deficit of 169.8 billion
dlrs last year, the U.S. Was fuelling protectionist pressure
which threatens the world trading system, it said in an annual
report.
    The fundamental problem, the size of the U.S. Federal
budget deficit, could be remedied only by cutting government
spending or encouraging personal savings to finance the debt,
it said.
    GATT also predicted world trade would grow by only 2.5 pct
in 1987 -- a full percentage point lower than in each of the
previous two years.
    GATT experts urged Washington to resist protectionism and
instead seek macroeconomic changes to reduce the current
account payments deficit -- higher private savings, lower
investment and a smaller federal budget deficit.
    Raising U.S. Trade barriers "would result in little or no
reduction in the current account deficit. It would, however,
increase inflation and reduce world trade," it said.
    "The basic cause -- some combination of insufficient
domestic savings and an excessive budget deficit -- would
remain," the report said.
    GATT economists said trade expansion would slow this year
because of slower growth forecasts in Japan and some West
European nations as they adjust production and workforces to a
low dollar, risk of higher U.S. Inflation, concerns over Third
World debt management and looming protectionism.
    The report also said imbalances in the current accounts of
Japan, West Germany and the U.S. Had increased in 1986.
    The most likely explanation was that exchange rate changes
were not backed by changes in macroeconomic policies, it added.
    "Thus the prediction that these imbalances would be reduced
as a result of the major realignment of exchange rates was not
borne out last year," the report said.
    GATT warned there was a risk of a sizeable increase in the
U.S. Inflation rate under the combined impact of a rapidly
expanding money supply and low dollar.
    "Such a development could worsen the business climate by
increasing uncertainty and pushing up interest rates, which, in
turn, would adversely affect world trade."
    But the report noted a surprising rise in imports to the
United States, despite the dollar's depreciation which makes
foreign products more expensive.
    It suggested that resources idle in the U.S., Both human
and in underutilised factories, were not geared to produce the
goods and services sought from abroad.
    World trade in manufactures grew by only three pct in 1986,
about half of the rate of the previous year.
    Trade in agricultural goods expanded by just one pct,
continuing a stagnant pattern in that sector this decade, GATT
said.
    Developing countries' exports declined significantly, while
their imports increased moderately, although full statistics
are not available yet, GATT said.
    The combined export earnings of 16 major indebted nations
were sharply lower, and only five of them (Chile, Colombia,
Philippines, South Korea, and Thailand) had higher exports.
 REUTER
3;
bodyend
documentend
documentstart
10258
topicstart
alum
topicend
bodystart
2;

OREGON ALUMINUM SMELTER INCREASING OUTPUT


    THE DALLES, Ore., March 26 - 
Northwest Aluminum Co said it
will open a second pot line in mid-May, bringing the smelter
here to 80 pct of its production capacity.
    Northwest Aluminum President Brett Wilcox, who leased the
30-year-old smelter from Martin Marietta Corp., said production
would increase from around 45 tons a year at present to just
over 70 tons.
    Martin Marietta closed and mothballed the smelter in 1984.
Northwest Aluminum reopened it last December.
    Wilcox said a good aluminum market and several months of
successful operation led to the decision to expand production.

 Reuter
3;
bodyend
documentend
documentstart
10259
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 400 BILLION YEN IN BILLS


    TOKYO, March 27 - 
The Bank of Japan will sell today 400
billion yen of government financing bills in a 24-day
repurchase agreement due April 20 to soak up a projected money
market surplus, money traders said.
    The yield on the bills for sale to banks and securities
houses from money houses will be 3.9505 pct against the 3.9375
pct discount rate on one-month commercial bills and the 4.50/37
pct yield on one-month certificates of deposit today.
    Today's surplus is seen at 480 billion yen, mainly excess
bank holdings due to big Bank of Japan dollar purchases on
March 25. Outstanding bills will total some 2,300 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
10260
topicstart
cpi
topicend
bodystart
2;
******
Japan February consumer prices unchanged (0.4 pct January drop) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
10261
topicstart
cpi
topicend
bodystart
2;

JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY


    TOKYO, March 27 - 
Japan's consumer price index (base 1985)
was unchanged at 99.7 in February from a month earlier, the
government's Management and Coodination Agency said.
    The index showed a 0.4 pct drop in January.
    The February index was down one pct from a year earlier for
the third consecutive year-on-year drop.
    In January, the index fell 1.1 pct from a year earlier, the
first drop of over one pct since a 1.3 pct drop in September
1958.
    In February petrol prices increased but winter clothing
prices stayed low and vegetable prices fell.
    The February year on year fall was due to lower vegetable,
fuel oil, petrol, electricity and gas prices, and despite
higher housing, education, footwear and clothing costs.
    The unadjusted consumer price index for the Tokyo area
(base 1985) in mid-March rose 0.4 pct from a month earlier to
100.6, reflecting higher vegetable prices.
    The index fell 0.3 pct year on year, the third consecutive
yearly drop, reflecting lower food and utility costs.
 REUTER
3;
bodyend
documentend
documentstart
10262
topicstart
reserves
topicend
bodystart
2;

N.Z. FOREIGN RESERVES FALL SLIGHTLY IN FEBRUARY


    WELLINGTON, March 27 - 
New Zealand's official foreign
reserves fell slightly to 7.13 billion N.Z. Dlrs in February
from 7.15 billion in January but were sharply above 2.85
billion in February 1986, the Reserve Bank said in its weekly
statistical release.
 REUTER
3;
bodyend
documentend
documentstart
10263
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Bank of Japan buys dollars around 149.00 yen - Tokyo dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
10264
topicstart
trade
topicend
bodystart
2;

WHITE HOUSE PANEL SAID URGING JAPAN RETALIATION


    WASHINGTON, March 26 - 
The White House Economic Policy
Council decided to recommend trade sanctions against Japan for
violations of the U.S.-Japanese semiconductor agreement,
industry sources said.
    They would give no details, noting that the White House had
not commented on the decision. The administration has been
under pressure to retaliate.
    There was no immediate announcement on the council's
decision, but U.S. Officials said it was likely the senior
policy group's move on curbs reflected growing American
frustration over alleged unfair Japanese trade practices.
    U.S. Officials said President Reagan would probably act on
the recommendations in a day or so, after consulting with aides
on the foreign policy implications of retaliation.
    The officials said Reagan might delay retaliation for a
last try to persuade Japan to abide by the agreement reached
last July governing trade in semiconductors.
    Under a pact reached last July, Japan was to stop dumping
semiconductors in world markets and to open its own market to
U.S.-made semiconductors.
    In return, the U.S. Agreed to hold up imposing anti-dumping
duties on Japanese semiconductor shipments.
    The United States said that dumping has stopped in the U.S.
Market but has continued in third countries, and that the
Japanese market remains closed.
    The pressure on Reagan to retaliate included a unanimous
call by the Senate last week to impose penalties on Japanese
high technology products containing semiconductors.
    A call for retaliation also came from the semiconductor
industry and from its chief trade union.
    U.S. Officials said the most likely move against Japan
would involve duties on semiconductor-based goods, such as
televisions, video cassette recorders and computers.
 REUTER
3;
bodyend
documentend
documentstart
10265
topicstart
trade
topicend
bodystart
2;

NAKASONE TO VISIT WASHINGTON IN LATE APRIL


    TOKYO, March 27 - 
Prime Minister Yasuhiro Nakasone will
make an official week-long visit to the United States from
April 29 and hold talks in Washington with President Reagan,
Chief Cabinet Secretary Masaharu Gotoda told reporters.
    Government sources said Nakasone would try to resolve
growing bilateral trade friction and discuss the June Venice
summit of Western industrial democracies.
    Foreign Minister Tadashi Kuranari will accompany Nakasone,
ministry officials said.
    U.S. Industry sources in Washington said the White House
Economic Policy Council was recommending trade sanctions
against Japan for violating the two countries' agreement on
semiconductor trade.
    Under the pact, Japan pledged to stop dumping microchips in
the U.S. And Asia and open its domestic market to U.S.
Semiconductors.
 REUTER
3;
bodyend
documentend
documentstart
10266
topicstart
topicend
bodystart
2;

MEXICO DENIES BRITISH BANKS BALKING AT DEBT DEAL


    MEXICO CITY, March 26 - 
Mexico denied reports that British
banks are resisting signing a 76 billion dlr new loan and
rescheduling package.
    In a statement, the Finance Ministry said the process for
formalizing the package was going as planned.
    Banking sources in London had been quoted earlier as saying
the British banks were balking at signing the package in an
effort to get all participants to contribute equally to a new
7.7 billion dlr loan contained in the deal.
    However, the Finance Ministry statement said all the
British banks had promised their participation in the loan.
    "The contribution of each one of them corresponds exactly to
the request of the Mexican government," the statememt said.
    The ministry said Citibank, which chairs Mexico's bank
advisory committee, has received cables from the British banks
"confirming said commitment."
    The ministry said the books on the package would be closed
by mid-April and the first 3.5 billion dlrs of the new money
should arrive by the end of the month.
    It also said French, Swiss and "some" Canadian banks had
subscribed to the package and that the remaining Canadian banks
would sign the accord in the next few days.
 REUTER
3;
bodyend
documentend
documentstart
10267
topicstart
topicend
bodystart
2;

TAIWAN TO ISSUE 12 BILLION DLRS WORTH OF BONDS


    TAIPEI, March 27 - 
Taiwan's Central Bank will issue 12
billion Taiwan dlrs worth of savings bonds on April 13 to help
curb M-1b money supply, which rose by a seasonally adjusted
48.22 pct in the year to end-February, a bank spokesman told
Reuters.
    He said the new bonds, repayable in one to two years, carry
interest rates ranging from five to 5.25 pct.
    The bank issued 20 billion dlrs of similar bonds between
February 16 and March 9.
 REUTER
3;
bodyend
documentend
documentstart
10268
topicstart
trade
grain
wheat
tea
coffee
iron-steel
crude
topicend
bodystart
2;

INDIA STEPS UP COUNTERTRADE DEALS TO CUT TRADE GAP


    By Ajoy Sen, Reuters


    NEW DELHI, March 27 - 
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
    Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
    Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
    "The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
    One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports.
    However, countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
    Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
    However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
    Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87,
against three billion in 1985/86.
    Indian countertrade, which is being promoted mainly to help
narrow the country's large trade deficit, is still
insignificant compared with agreements reached by Indonesia,
Venezuela and Brazil, the trade sources said.
    The trade deficit, which hit an estimated record 6.96
billion dlrs in 1985/86, is expected to decline to 5.6 billion
in the current fiscal year.
    But the push to include non-communist countries in
countertrade is also due to other factors, including the slow
growth of foreign reserves, a tight debt repayment schedule,
shrinking aid and trade protectionism, businessmen said.
    One source said India is showing more dynamism in promoting
countertrade deals than in the past, when the deals were made
discreetly because they break GATT rules. As a member of the
General Agreement on Tariffs and Trade (GATT), India cannot
officially support bartering.
    The MMTC's recent countertrade deals include iron ore
exports to Yugoslavia for steel structures and rails.
    "MMTC's recent global tenders now include a clause that
preference will be given to parties who accept payment in kind
for goods and services sold to India," a trade official said,
adding that the policy remains flexible.
    "We also take into account other factors such as prices at
which the goods and services are offered to India," the trade
official said.
    Early this year the commerce ministry quietly told foreign
companies interested in selling aircraft, ships, drilling rigs
and railway equipment to India that they stood a better chance
if they bought Indian goods or services in return, the trade
sources said.
    Illustrating the point, the official said a South Korean
firm recently agreed to sell a drilling platform worth 40 mln
dlrs to the state-run Oil and Natural Gas Commission.
    In return, the South Koreans gave a verbal assurance to buy
Indian goods worth 10 pct of the contract, against the 25 pct
sought by New Delhi, the trade official said.
    "We selected the Korean firm because its bid was the lowest,"
he added.
    Countertrade is helping African countries short of foreign
currency to import goods. India has signed a trade protocol to
buy up to 15,000 tonnes of asbestos fibre from Zimbabwe in
exchange for Indian goods, including jute bags and cars.
    But despite India's new drive, countertrade has some
inherent problems, they added.
    "It is not always easy to meet the basic requirement that
the trade should always be balanced," one trade source said. "The
other problem is it is often difficult to supply or buy
commodities which the other party wants."
    Another added, "Barter is also restrictive. We look upon it
as a temporary measure to get over the current balance of
payments difficulty.
    "This is why countertrade has not been made a law in India.
It does not even figure in the country's foreign trade policy."
 REUTER
3;
bodyend
documentend
documentstart
10272
topicstart
earn
topicend
bodystart
2;

BP AUSTRALIA REPORTS 16.15 MLN DLR YEAR LOSS


    MELBOURNE, March 27 - 
The 
<
British Petroleum Co of
Australia Ltd> reported a 16.15 mln dlr net loss for 1986
against a 73.38 mln dlr profit in 1985 after sales fell to 2.27
billion dlrs from 2.94 billion.
    The British Petroleum Co Plc 
<
BP.L> unit attributed the
deficit to stock losses arising from the drop in crude prices
in the first half, when it made a 119.93 mln dlr loss.
    It said government compensation, in the form of subsidies
to refiners to partially cover stock losses, together with
improved crude prices in the second half, enabled the group's
oil business to make a modest pre-tax profit.
    BP Australia said it had not recommended a dividend.
    Commenting on the year's performance, the company said it
suspended operations at the 60 pct-owned Agnew Nickel mine
because of losses sustained from declining nickel prices.
    The results also included an 11.3 mln dlr extraordinary
writedown on the value of the laid-up oil exploration drillship
Regional Endeavour.
    BP Australia said it had sold its 33-1/3 stake in chemical
maker 
<
CSBP and Farmers Ltd> yielding an extraordinary profit
of 18.9 mln dlrs and expected to finalise the sale of the 80
pct-owned 
<
Kwinana Nitrogen Co> in the first half of 1987.
 REUTER
3;
bodyend
documentend
documentstart
10275
topicstart
iron-steel
trade
topicend
bodystart
2;

JAPAN SEAMLESS PIPE MAKERS TO FORM EXPORT CARTEL


    TOKYO, March 27 - 
Four major Japanese steelmakers plan to
form a seamless pipe export cartel for markets other than the
U.S. And the European Community for a year from April to keep
prices above output costs, company officials involved said.
    The companies are Nippon steel Corp 
<
NSTC.T>, Sumitomo
Metal Industries Ltd 
<
SMIT.T>, Nippon Kokan KK 
<
NKKT.T> and
Kawasaki Steel Corp 
<
KAWS.T>, which together account for some
95 pct of Japan's total seamless pipe exports.
    The firms will apply to form the cartel to the Ministry of
International Trade and Industry today and approval is expected
later this month, the officials said.
    Under the plan, the four companies will set floor prices
for exports as prices have fallen sharply due to the yen's
appreciation against the dollar, reduced world demand caused by
lower oil prices and excess domestic capacity which resulted in
price-cutting competition, the officials said.
    In calendar 1986, seamless pipe exports fell to 2.34 mln
tonnes from 2.99 mln in 1985 and 3.12 mln in 1981.
    The officials declined to give any idea of floor prices,
saying it depends partly on volume, but industry sources
estimate average export prices would rise by around 20 pct to
some 800 dlrs a tonne.
 REUTER
3;
bodyend
documentend
documentstart
10277
topicstart
interest
topicend
bodystart
2;
******
ANZ BANK SAYS IT WILL CUT AUSTRALIAN PRIME TO 18.25 PCT FROM 18.5 ON MARCH 30

Blah blah blah.
3;


bodyend
documentend
documentstart
10280
topicstart
earn
topicend
bodystart
2;

JARDINE MATHESON HOLDINGS LTD 
<
JARD.HKG> YEAR 1986


    HONG KONG, March 27 -
    
Shr 126 H.K. Cents vs 42 (adjusted)
    Final div 30 cents vs 10, making 40 vs 10
    Net 479 mln dlrs vs 157 mln
    Turnover 10.4 billion vs 10.5 billion
    Note - Profits excluded extraordinary items 52 mln dlrs vs
losses 426 mln. Dividend payable after general meeting on June
4, books close April 22 to May 5.
    Note - Bonus issue of four new "B" shares of par value 20
cents each for every one share of par value two dlrs each,
books close August 3 to 10.
 REUTER N
3;
bodyend
documentend
documentstart
10281
topicstart
earn
topicend
bodystart
2;
******
BHP CO LTD NET PROFIT 603.0 MLN DLRS FIRST THREE QTRS VS 813.0 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
10282
topicstart
earn
topicend
bodystart
2;

JARDINE MATHESON HOLDINGS LTD 
<
JARD.HKG> YEAR 1986


    HONG KONG, March 27 -
    
Shr 126 H.K. Cents vs 42 (adjusted)
    Final div 30 cents vs 10, making 40 vs 10
    Net 479 mln dlrs vs 157 mln
    Turnover 10.4 billion vs 10.5 billion
    Note - Profits excluded extraordinary items 52 mln dlrs vs
losses 426 mln. Dividend payable after general meeting on June
4, books close April 22 to May 5.
    Note - Bonus issue of four new "B" shares of par value 20
cents each for every one share of par value two dlrs each,
books close August 3 to 10.
 REUTER
3;
bodyend
documentend
documentstart
10283
topicstart
ipi
topicend
bodystart
2;
******
Japan February industrial production rose 0.3 pct (0.5 pct January drop) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
10284
topicstart
earn
topicend
bodystart
2;

THE BROKEN HILL PTY CO LTD 
<
BRKN.S> NINE MONTHS


    MELBOURNE, March 27 - 
First nine months ended Feb 28
    Shr 47.4 cents vs 65.2
    Net 603.0 mln dlrs vs 813.0 mln
    Sales 6.52 billion vs 6.53 billion
    Other income 454.9 mln vs 160.2 mln
    Shrs 1.27 billion vs 1.03 billion.
    Final div 20 cents vs same, making 37.5 vs same.
    One-for-five bonus issue
    Third qtr net 206.0 mln dlrs vs 238.6 mln
    Third qtr sales 2.11 billion vs 2.10 billion.
    NOTE - Div pay May 27. Div and bonus reg May 1. Nine months
net is after tax 499.1 mln dlrs vs 722.6 mln, depreciation
509.5 mln vs 427.3 mln, interest 366.8 mln vs 215.8 mln and
minorities 15.3 mln vs 15.7 mln but before net extraordinary
profit 60.7 mln vs profit 43.2 mln.
    Nine month divisional net earnings before minorities were.
    Petroleum 184.9 mln dlrs vs 472.4 mln
    Minerals 254.6 mln vs 241.0 mln
    Steel 148.2 mln vs 191.1 mln
    Corporate items and investments profit 30.6 mln vs loss
75.8 mln.
 REUTER
3;
bodyend
documentend
documentstart
10285
topicstart
ipi
topicend
bodystart
2;

JAPAN INDUSTRIAL PRODUCTION RISES IN FEBRUARY


    TOKYO, March 27 - 
Japan's industrial production index (base
1980) rose 0.3 pct to a seasonally adjusted 122.7 in February
from the previous month, the Ministry of International Trade
and Industry said.
    Output fell 0.5 pct in January from a month earlier.
    The preliminary, unadjusted February index rose 0.6 pct
from a year earlier after a 0.5 pct year-on-year rise in
January
    The adjusted February producers' shipment index (base 1980)
rose 0.7 pct to 118.5 from January when it fell 0.7 pct from
December.
    The unadjusted shipment index rose 1.4 pct from a year
earlier after a 1.0 pct year-on-year January gain.
    The adjusted February index of producers' finished goods
(base 1980) fell 1.3 pct to 104.5 from January when it fell 0.3
pct from December.
    The unadjusted index fell 3.5 pct from a year earlier after
a 2.3 pct year-on-year drop in January.
    A 2.7 pct rise by the electronics industry on higher output
of facsimile machines and video tape recorders was a major
contributor to the rise in February industrial output, though
car production fell from January.
    The official said industrial production is expected to rise
3.2 pct in March on higher production by machinery, steel and
chemical makers but will drop 3.4 pct in April on a downturn in
the output of those industries. He gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
10288
topicstart
topicend
bodystart
2;

TELECOM AUSTRALIA OFFERS 40 MLN DLR BONDS


    MELBOURNE, March 27 - 
The Australian government
telecommunications authority, Telecom Australia, said it will
offer two bond maturities totalling 40 mln Australian dlrs for
tender next week.
    Telecom said in a statement that it will offer 12.5 pct
March 1990 bonds and 13.0 pct February 1993 stock.
    Bids close mid-morning local time on Monday.
    Telecom said 52 mln dlrs of 1990 bonds and 10 mln dlrs of
1993 bonds are already on issue.
 REUTER
3;
bodyend
documentend
documentstart
10289
topicstart
gnp
topicend
bodystart
2;

SOUTH KOREA PLANS 11-12 PCT BUDGET RISE IN 1988


    SEOUL, March 27 - 
South Korea plans to increase the size of
its budget in 1988 by 11 to 12 pct from this year's 15,596
billion won, Economic Planning Board officials said.
    The proposed boost is based on a government forecast that
gross national product (gnp) will grow by more than 7.5 pct and
the gnp deflator by 3.5 pct in 1988, against targets of 8.0 pct
and 3.5 pct respectively this year, they said.
    Details of the 1988 budget, in which spending will match
revenue, have yet to be worked out, the officials said.
    The balanced budget in 1986 totalled 13,800.5 billion won.
 REUTER
3;
bodyend
documentend
documentstart
10291
topicstart
earn
topicend
bodystart
2;

JARDINE MATHESON PLANS FOUR-FOR-ONE BONUS ISSUE


    HONG KONG, March 27 - 
Jardine Matheson Holdings Ltd

<
JARD.HKG> said it planned a bonus issue of four new "B" shares
of 20 H.K. Cents each for every ordinary share of par value two
dlrs.
    A company statement said the firm expects to pay a total
1987 dividend of four cents per "B" share, while the "A" share
dividend will be maintained at last year's level of 40 cents a
share.
    Jardine Matheson announced earlier a 205 pct jump in 1986
net profits to 479 mln dlrs from 157 mln in 1985.
    Shareholders' funds increased to 5.02 billion dlrs from
4.77 billion in 1985, the statement said.
    It quoted chairman Simon Keswick as saying Jardine Matheson
achieved the good performance through satisfactory results in
most sections, especially Hong Kong Land Co Ltd 
<
HKLD.HKG>,
Jardine Fleming Co Ltd, and its business in Japan.
    He said the group's stake of about 35 pct in Hong Kong
Land, which will be lowered to 26 pct after the completion of a
reorganisation, is "a long term investment and now stands at a
level which causes us no financial strain or problems of asset
imbalance."
    Keswick said the issue of new "B" shares will give the group
"the flexibility in the future to issue ordinary shares for
expansion without jeopardising the shareholding stability which
has been brought about through the group's recent
restructuring."
    He said the new issue is pending approval from both the
firm's shareholders and warrant holders, adding an appropriate
adjustment will be made to the warrant exercise price.
    The Jardine group has nearly completed its reorganisation,
with Jardine Matheson transferring its control of Hk Land to
the new unit 
<
Jardine Strategic Holdings Ltd>.
    Jardine Strategic will also hold majority stakes in the two
companies spun off from Hk Land -- 
<
Mandarin Oriental
International Ltd> and 
<
Dairy Farm International Holdings Ltd>
-- plus cross holdings with Jardine Matheson.
    Jardine Matheson, which had debts of about 2.7 billion dlrs
last year, will become debt free after the restructuring.
    "A positive cash flow from operations and disposals,
continuing into 1987, has transformed our balance sheet,"
Keswick said. He noted the firm last year sold interests in
airfreight operations, Australian properties and trucking
business, and its remaining U.S. Oil and gas activities.
    Jardine Matheson decided to make a provision against its
general trading business in the Middle East in view of the
continuing weakness of oil prices, Keswick said. But he said
the operations would be profitable in the longer term.
    He said the firm's function "has evolved into one primarily
of strategy, structure and financial and personnel policy."
    He said Jardine Matheson will reduce the size of the board
of directors but will simultaneously create a new Pacific
regional board. He gave no further details of the change.
    Jardine Matheson shares rose 20 cents to 24.90 dlrs at
midday on the Hong Kong stock market. In early trading it had
fallen to 24.30 dlrs because of rumours yesterday that the firm
planned a rights issue.
 REUTER
3;
bodyend
documentend
documentstart
10292
topicstart
earn
topicend
bodystart
2;

BHP SEES STRONG FOURTH QUARTER BUT LOWER YEAR NET


    MELBOURNE, March 27 - 
The Broken Hill Pty Co Ltd 
<
BRKN.S>
said it expects a strong full year result, helped by sigificant
investment allowance credits in the fourth quarter, but net
will fall short of the record 988.2 mln dlrs earned in 1985/86
ended May 31.
    The group earlier reported its net earnings dropped to
603.0 mln dlrs in the first three quarters ended February 28
from 813.0 mln a year earlier.
    Third quarter net fell to 206.0 mln dlrs from 238.6 mln a
year earlier and 220.3 mln in the second quarter ended November
31, BHP said in a statement.
    Earnings in the first nine months were at the lower end of
share analysts' forecasts yesterday of a range of 600 mln to
620 mln dlrs.
    BHP held its annual dividend unchanged at 37.5 cents after
declaring a steady final dividend of 20 cents and announced a
one-for-five bonus issue to shareholders registered May 1.
    The bonus is being made from reserves which will not
qualify for tax-free distribution after the introduction of
dividend imputation next July 1.
    The bonus shares will not rank for the final dividend, BHP
said.
    BHP said it should not be expected that the present rate of
dividend will be maintained on the increased capital.
    The level of future dividends will be influenced by the
implications of the proposed dividend imputation legislation,
it said.
    As previously reported, dividends will become tax-free in
shareholders' hands provided they are paid out of profits that
have borne the full 49 pct company tax rate.
    BHP, which confined comment to the third quarter, said
petroleum net earnings dropped to 98.8 mln dlrs from 139.6 mln
a year earlier, and steel profit to 27.0 mln from 48.8 mln.
    BHP said the petroleum division earnings fall reflected
generally lower oil prices and sales volumes from Bass Strait
while the steel decline was due to a five pct fall in domestic
sales and higher costs associated with the commissioning of new
plant and some operational difficulties.
    The rise in third quarter minerals net to 95.7 mln dlrs
from 81.5 mln a year earlier largely reflected the increase in
ownership of the Mt Newman iron ore project, it said.
    The 60.7 mln dlr extraordinary gain, all in the third term,
reflected a 240.7 mln profit on the sale of 
<
Blue Circle
Southern Cement Ltd> offset by a U.S. Oil acreage writedown.
 REUTER
3;
bodyend
documentend
documentstart
10294
topicstart
bop
topicend
bodystart
2;
******
Japan Feb current account surplus 7.38 billion dlrs (Jan 4.95 billion surplus)

Blah blah blah.
3;


bodyend
documentend
documentstart
10295
topicstart
bop
topicend
bodystart
2;
******
Japan February trade surplus 8.14 billion dlrs (January 5.70 billion surplus)

Blah blah blah.
3;


bodyend
documentend
documentstart
10296
topicstart
topicend
bodystart
2;

NO AUSTRALIAN TREASURY NOTE TENDER NEXT WEEK


    SYDNEY, March 27 - 
The Reserve Bank said it will not offer
any treasury notes for tender next week.
    Last week the Bank offered 400 mln dlrs of 13-week notes
and 100 mln dlrs of 26-week notes.
    Analysts said the Bank's decision not to offer stock next
week reflects the higher demand for funds at the start of the
system of provisional tax payments.
 REUTER
3;
bodyend
documentend
documentstart
10297
topicstart
bop
trade
topicend
bodystart
2;

JAPAN FEBRUARY CURRENT ACCOUNT, TRADE SURPLUS JUMP


    TOKYO, March 27 - 
Japan's current account surplus rose to
7.38 billion dlrs in February from 3.89 billion a year ago and
from 4.95 billion in January, the Finance Ministry said.
    The trade surplus rose to 8.14 billion dlrs in February
from 4.77 billion a year earlier and 5.70 billion in January.
    The long-term capital account deficit widened to 11.40
billion dlrs from 8.06 billion a year ago, but it narrowed from
12.32 billion in January, the Ministry said.
    Japan's February exports rose to 16.74 billion dlrs from
14.89 billion in February 1986 and from 14.65 billion in
January, the Ministry said. Imports fell to 8.61 billion from
10.12 billion a year earlier and 8.94 billion in January.
    The invisible trade deficit fell to 617 mln dlrs in
February from 693 mln a year earlier, but was up from a 527 mln
deficit in January.
    Figures do not tally exactly because of rounding.
    Transfer payments narrowed to a 140 mln dlr deficit last
month from a 185 mln deficit a year earlier and a 225 mln
deficit in January.
    The basic balance of payments deficit in February fell to
4.02 billion dlrs from 4.17 billion in February 1986 and 7.37
billion in January. Short-term capital account payments swung
to a 1.28 billion dlr deficit in February from a 1.60 billion
surplus a year earlier and a 1.44 billion dlr surplus in
January.
    Errors and omissions were 2.65 billion dlrs in surplus,
compared with a 1.27 billion surplus a year earlier and a 1.10
billion deficit in January. The overall balance of payments
deficit rose to 2.65 billion dlrs from 1.30 billion a year
earlier but was down from 7.04 billion in January.
    The seasonally adjusted trade surplus fell to 9.16 billion
dlrs in February from the record 9.58 billion in January, the
Ministry said.
    The seasonally adjusted current account surplus also
dropped to 8.4 billion dlrs in February from the record 8.83
billion set in January.
 REUTER
3;
bodyend
documentend
documentstart
10299
topicstart
sugar
topicend
bodystart
2;

PHILIPPINES TO LOBBY U.S. FOR HIGHER SUGAR QUOTA


    MANILA, March 27 - 
The Philippines will ask the U.S.
Agriculture Department (USDA) to increase its 1987 sugar import
quota following market reports that Taiwan will not be able to
fulfil its quota, Sugar Regulation Administration (SRA)
chairman Arsenim Yulo said.
    Yulo told Reuters the SRA would also protest a USDA move to
award Taiwan's shortfall to the Dominican Republic.
    The Dominican Republic already has a larger sugar quota,
Yulo said. "Any Taiwanese shortfall should be awarded to the
Philippines or at the least we should share a hike with the
Dominican Republic."
    The USDA last December listed 1987 sugar import quota
allocations for the Dominican Republic at 160,160 short tons
and for Taiwan at 10,920 short tons.
    The Philippines has said it was badly hit by a cut in its
quota to 143,780 short tons from 231,660 in 1986.
 REUTER
3;
bodyend
documentend
documentstart
10300
topicstart
oilseed
veg-oil
castorseed
castor-oil
topicend
bodystart
2;

INDIA'S 1986/87 CASTOR OIL EXPORTS FALL - TRADERS


    NEW DELHI, March 27 - 
India's castor oil exports are
provisionally estimated at 30,000 tonnes in fiscal 1986/87,
ending March 31, against 54,000 tonnes in 1985/86 due to a
shortfall in the domestic castorseed crop, private traders
said.
    Drought in parts of the country is expected to reduce the
castorseed crop to a provisionally estimated 350,000 tonnes in
1986/87 from 550,000 tonnes in 1985/86, they told Reuters.
 REUTER
3;
bodyend
documentend
documentstart
10302
topicstart
ship
topicend
bodystart
2;

UNITED STATES LINES LAYS OFF FAR EAST STAFF


    HONG KONG, March 27 - 
<
United States Lines Inc> has laid
off 260 employees, almost its entire Far East staff, its Hong
Kong office general manager Elliott Burnside told Reuters.
    He also said calls by two of its container ships to Busan,
South Korea and Kaohsiung, Taiwan, had been cancelled.
    He declined comment on local press reports that U.S. Lines
planned to suspend operations because of failure to restructure
its 1.27 billion U.S. Dlr debt, but said the firm would make an
announcement later today.
    U.S. Lines filed for protection from its creditors under
Chapter Eleven of the U.S. Federal law last November.
    The English-language South China Morning Post said U.S.
Lines decided yesterday to sell its two remaining transpacific
service fleets and assets and those of its U.S.-South America
operation.
    It quoted a letter by company's chief executive Charles
Hiltzheimer that said the ships and assets will be bought by
rival U.S. Shipping companies, subject to approval by their
boards.
    U.S. Lines' Far East operations comprise offices in Hong
Kong, Singapore, Manila, Busan, Seoul, Tokyo, Yokohama, Kobe
and Osaka, Burnside said.
 REUTER
3;
bodyend
documentend
documentstart
10304
topicstart
topicend
bodystart
2;

U.S. ENVOY SAYS MANILA WILL PAY ITS DEBTS


    MANILA, March 27 - 
Outgoing United States Ambassador
Stephen Bosworth told a news conference he did not think the
Philippines would follow Brazil's example and suspend interest
payments on foreign loans from commercial banks.
    "I see no evidence that the Philippine government even
contemplates doing that. It has said at the outset that it
accepts the legitimacy of these debts and it is determined over
time to meet its obligations fully," he said.
    Philippine officials and a 12-bank committee have been
meeting for the past four weeks in New York in a bid to
reschedule 9.4 billion dlrs of foreign debt.
    Bosworth said the United States strongly supports Manila's
bid to put its international financial situation in order and
that the private bank creditors were aware of that.
    "I think there is no question that the private banks are
aware of the views of the U.S. Government ... I am confident
they will take those views into account when they make their
own decisions," Bosworth said.
    He added: "These are private banks. They are responsible to
their shareholders and they have to make their decisions on
their own. But I am confident they understand the views of the
United States and our strong support."
 REUTER
3;
bodyend
documentend
documentstart
10305
topicstart
grain
wheat
topicend
bodystart
2;

USDA REJECTS SRI LANKA'S 80 U.S. DLR WHEAT PRICE


    COLOMBO, March 27 - 
Sri Lankan Food Department officials
said the U.S. Department of Agriculture rejected a U.S. Firm's
offer of 80 U.S. Dlrs per tonne CAF to supply 52,500 tonnes of
soft wheat to Colombo from the Pacific Northwest.
    They said Sri Lanka's Food Department subsequently made a
counter-offer to five U.S. Firms to buy wheat at 85 U.S. Dlrs
CAF for April 8-16 delivery.
    The company which obtains USDA approval for the proposed
price must inform the Department before 1330 gmt, they said.
 REUTER
3;
bodyend
documentend
documentstart
10306
topicstart
sugar
topicend
bodystart
2;

PHILIPPINE SUGAR CROP SET AT 1.6 MLN TONNES


    By Chaitanya Kalbag, Reuters


    MANILA, March 27 - 
Philippine sugar production in the
1987/88 crop year ending August has been set at 1.6 mln tonnes,
up from a provisional 1.3 mln tonnes this year, Sugar
Regulatory Administration (SRA) chairman Arsenio Yulo said.
    Yulo told Reuters a survey during the current milling
season, which ends next month, showed the 1986/87 estimate
would almost certainly be met.
    He said at least 1.2 mln tonnes of the 1987/88 crop would
be earmarked for domestic consumption.
    Yulo said about 130,000 tonnes would be set aside for the
U.S. Sugar quota, 150,000 tonnes for strategic reserves and
50,000 tonnes would be sold on the world market.
    He said if the government approved a long-standing SRA
recommendation to manufacture ethanol, the project would take
up another 150,000 tonnes, slightly raising the target.
    "The government, for its own reasons, has been delaying
approval of the project, but we expect it to come through by
July," Yulo said.
    Ethanol could make up five pct of gasoline, cutting the oil
import bill by about 300 mln pesos.
    Yulo said three major Philippine distilleries were ready to
start manufacturing ethanol if the project was approved.
    The ethanol project would result in employment for about
100,000 people, sharply reducing those thrown out of work by
depressed world sugar prices and a moribund domestic industry.
    Production quotas, set for the first time in 1987/88, had
been submitted to President Corazon Aquino.
    "I think the President would rather wait till the new
Congress convenes after the May elections," he said. "But there
is really no need for such quotas. We are right now producing
just slightly over our own consumption level."
    "The producers have never enjoyed such high prices," Yulo
said, adding sugar was currently selling locally for 320 pesos
per picul, up from 190 pesos last August.
    Yulo said prices were driven up because of speculation
following the SRA's bid to control production.
    "We are no longer concerned so much with the world market,"
he said, adding producers in the Negros region had learned from
their mistakes and diversified into corn and prawn farming and
cloth production.
    He said diversification into products other than ethanol
was also possible within the sugar industry.
    "The Brazilians long ago learnt their lessons," Yulo said.
"They have 300 sugar mills, compared with our 41, but they
relocated many of them and diversified production. We want to
call this a 'sugarcane industry' instead of the sugar industry."
    He said sugarcane could be fed to pigs and livestock, used
for thatching roofs, or used in room panelling.
    "When you cut sugarcane you don't even have to produce
sugar," he said.
    Yulo said the Philippines was lobbying for a renewal of the
International Sugar Agreement, which expired in 1984.
    "As a major sugar producer we are urging them to write a new
agreement which would revive world prices," Yulo said.
    "If there is no agreement world prices will always be
depressed, particularly because the European Community is
subsidising its producers and dumping sugar on the markets."
    He said current world prices, holding steady at about 7.60
cents per pound, were uneconomical for the Philippines, where
production costs ranged from 12 to 14 cents a pound.
    "If the price holds steady for a while at 7.60 cents I
expect the level to rise to about 11 cents a pound by the end
of this year," he said.
    Yulo said economists forecast a bullish sugar market by
1990, with world consumption outstripping production.
    He said sugar markets were holding up despite encroachments
from artificial sweeteners and high-fructose corn syrup.
    "But we are not happy with the Reagan Administration," he
said. "Since 1935 we have been regular suppliers of sugar to the
U.S. In 1982, when they restored the quota system, they cut
ours in half without any justification."
    Manila was keenly watching Washington's moves to cut
domestic support prices to 12 cents a pound from 18 cents.
    The U.S. Agriculture Department last December slashed its
12 month 1987 sugar import quota from the Philippines to
143,780 short tons from 231,660 short tons in 1986.
    Yulo said despite next year's increased production target,
some Philippine mills were expected to shut down.
    "At least four of the 41 mills were not working during the
1986/87 season," he said. "We expect two or three more to follow
suit during the next season."
 REUTER
3;
bodyend
documentend
documentstart
10308
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN SETS ASIDE YEN FUNDS TO PREVENT DLR FALL


    TOKYO, March 27 - 
The 50-day provisional 1987/88 budget,
adopted today by the government, allows the Finance Ministry to
issue up to 14,600 billion yen worth of foreign exchange fund
financing bills, government sources said.
    Foreign exchange dealers said the yen funds would be used
to buy dollars, to prevent a further dollar fall.
    The government sources said the amount, covering the first
50 days of the year starting April 1, accounts for more than 90
pct of the 16,000 billion yen in bills incorporated in the full
budget.
 REUTER
3;
bodyend
documentend
documentstart
10309
topicstart
topicend
bodystart
2;

JAPANESE FOREIGN STOCK PURCHASES JUMP IN FEBRUARY


    TOKYO, March 27 - 
Japanese net purchases of foreign stocks
jumped to a near-record 1.52 billion dlrs in February from 113
mln in January, the Finance Ministry said.
    Net buying hit a record 1.55 billion dlrs last December.
    Gross purchases of foreign stocks rose to 4.48 billion dlrs
in February from 2.67 billion in January, while gross sales
were 2.96 billion against 2.56 billion.
    All figures are subject to rounding.
    Japanese net purchases of foreign bonds, excluding bills,
dropped to 9.41 billion dlrs in February from 10.46 billion in
January, the ministry said.
    The ministry said gross purchases of foreign bonds were
115.53 billion dlrs in February, down from 118.04 billion in
January, while foreign bond sales fell to 106.12 billion from
107.58 billion.
    Foreign investors sold a net 427 mln dlrs of Japanese
bonds, excluding bills, after buying 227 mln dlrs in January.
    They took a gross 26.59 billion dlrs of Japanese bonds, up
from 14.16 billion in January, and sold 27.02 billion, up from
13.94 billion.
    They sold a net 153 mln dlrs of stocks, down from 681 mln
in the previous month.
    Gross foreign purchases of Japanese shares rose to 13.64
billion dlrs in February from 9.54 billion in January, while
gross sales rose to 13.76 billion from 10.22 billion.
 REUTER
3;
bodyend
documentend
documentstart
10310
topicstart
acq
topicend
bodystart
2;

MITSUBISHI BUYS INTO DANISH DAIRY PRODUCT FIRM


    TOKYO, March 27 - 
Mitsubishi Corp 
<
MITT.TOK> said it has
taken a 25 pct stake worth five mln krone in 
<
Danish Dairy
Farms Ltd> and will jointly market its produce from April.
    The company was set up last year by three major Danish
livestock cooperative federations to expand markets for their
dairy products, a Mitsubishi official said.
    This is the first time a Japanese trading house has traded
non-Japanese dairy products in the world market, he said.
    He said Mitsubishi expects the Danish company's annual
sales to be 10 billion yen in its first year, from April 1.
 REUTER
3;
bodyend
documentend
documentstart
10311
topicstart
acq
topicend
bodystart
2;

JAPAN ACTS TO COOL U.S. ANGER ON TELECOMS DISPUTE


    TOKYO, March 27 - 
Japan has sought to assure the U.S. It is
not trying to keep foreign equity in a new Japanese
international telecommunications company below the legal limit
of 33 pct, a Post and Telecommunications ministry official
said.
    In a letter sent yesterday, Postal Minister Shunjiro
Karasawa told U.S. Commerce Secretary Malcolm Baldrige that the
ministry does not object to foreign participation by those U.S.
Firms that have expressed interest.
    But it does oppose any foreign international
telecommunications carrier having a management role, he said.
    The move appears to be an effort to dampen U.S. Opposition
to the planned merger of two rival firms seeking to compete
with the current monopoly 
<
Kokusai Denwa Denshin Co Ltd>, and
to reduce the share held in any KDD rival by U.K.'s Cable and
Wireless Plc 
<
CAWL.L>, industry analysts and diplomats said.
    One of the rival firms, 
<
International Telecom Japan Inc>
(ITJ) has offered a stake in the company to eight U.S. Firms
including General Electric Co 
<
GE>, Ford Motor Co 
<
F> and
Citibank NA 
<
CCI), and two European companies, ITJ president
Nobuo Ito said yesterday.
    Cable and Wireless holds a 20 pct share in a second
potential KDD rival, 
<
International Digital Communications
Planning Inc>, along with 
<
C Itoh and Co>. Merrill Lynch and Co
Inc 
<
MER> and Pacific Telesis International Inc 
<
PAC>, both of
the U.S., Hold three and 10 pct shares respectively.
    The Post and Telecommunications Ministry has urged the
merger of the two firms because it says the market can only
support a single KDD competitor.
    It has also rejected management participation by an
international common carrier, such as Cable and Wireless,
arguing no international precedent for such a stake exists.
    Cable and Wireless Director of Corporate Strategy, Jonathan
Solomon, yesterday again told ministry officials he opposes a
merger proposal that would limit Cable and Wireless' share to
less than three pct and total foreign participation to about 20
pct, the ministry official said.
    Channeling the U.S. Firms into a single merged competitor
would most probably result in diluting Cable and Wireless'
share, industry analysts said.
    "Eventually the ministry will get what it wants -- one
combined competitor," Bache Securities (Japan) Ltd analyst
Darrell Whitten said.
    "Political ... Leverage may get the total foreign share up
to a certain amount, but you won't find any one company with an
extraordinarily large holding," Whitten said.
    Western diplomatic sources were more blunt.
    "They (the ministry) don't want to see Cable and Wireless
with a reasonable share and they think of all sorts of
strategies to reduce that share," one said.
    Fumio Watanabe, a senior Keidanren (a leading business
organization) official who has been trying to arrange the
merger, will present a new outline of his proposal on Thursday,
the ministry official said.
 REUTER
3;
bodyend
documentend
documentstart
10312
topicstart
topicend
bodystart
2;

IBM AUSTRALIA CREDIT ISSUES AUS DLR EUROBOND


    LONDON, March 27 - 
IBM Australia Credit Ltd is issuing a 75
mln Australian dlr eurobond due April 24, 1990 with a 14-1/8
pct coupon and priced at 101-1/4, Salomon Brothers
International Ltd said as lead manager.
    The non-callable bonds will be issued in denominations of
1,000 and 10,000 dlrs and will be listed in Luxembourg. Gross
fees of 1-1/2 pct comprise 1/2 pct for management and
underwriting combined and one pct for selling.
    There will be co-leads. The borrower is wholly owned by
International Business Machines Corp 
<
IBM.N>.
 REUTER
3;
bodyend
documentend
documentstart
10313
topicstart
acq
topicend
bodystart
2;

ASSOCIATED NEWSPAPERS HAS 10 PCT OF NORTHERN STAR


    SYDNEY, March 27 - 
<
Northern Star Holdings Ltd> said
Britain's 
<
Associated Newspapers Holdings Plc> will hold 9.99
pct of its enlarged issued capital after applying to acquire
15.9 mln shares in its recently announced placement.
    Associated was one of the major investors participating in
the previously reported placement of 128.9 mln shares at 3.75
dlrs each, Northern Star said in a statement.
    The northern New South Wales regional group is emerging as
a national media force in the wake of the industry
restructuring sparked by the News Corp Ltd 
<
NCPA.S> takeover of
the Herald and Weekly Times Ltd 
<
HWTA.S> group.
    Associated now holds 3.3 pct of Northern Star's current
issued capital, a company official said.
    As previously reported, Northern Star is raising 623 mln
dlrs through placements and a subsequent one-for-four rights
issue at 2.95 dlrs a share.
    Of the placements, 56.9 mln shares will go to a number of
investors and 72 mln to investment group 
<
Westfield Capital
Corp Ltd>, which arranged Northern Star's purchase of News
Corp's television assets, three newspapers and three radio
stations for 842 mln dlrs. Westfield will increase its stake in
Northern Star to about 45 pct from 20 as a result.
 REUTER
3;
bodyend
documentend
documentstart
10314
topicstart
ipi
topicend
bodystart
2;

BELGIAN DECEMBER INDUSTRIAL OUTPUT FALLS


    BRUSSELS, March 27 - 
Industrial production, excluding
construction and adjusted for the number of working days, fell
1.5 pct in December from year earlier levels, the National
Statistics Office said.
    It was also a sharp 16.8 pct below the November level, it
said.
    The office said the production index, base 1980, stood at
97.3 in December against an adjusted 116.9 in November and 98.8
in December 1985.
 REUTER
3;
bodyend
documentend
documentstart
10315
topicstart
iron-steel
topicend
bodystart
2;

TWO JAPANESE STEELMAKERS' CAPITAL SPENDING FALLS


    TOKYO, March 27 - 
Kawasaki Steel Corp 
<
KAWS.T> said its
parent company's capital spending in the year from April 1 will
fall to 75 billion yen from 110 billion in the current year,
and Sumitomo Metal Industries Ltd 
<
SMIT.T> said its capital
spending will drop to 70 billion yen from 85 billion.
    Both companies said they do not plan to start new large
construction projects linked to production increases in the
coming year, because of the yen's appreciation and slow world
steel demand.
 REUTER
3;
bodyend
documentend
documentstart
10316
topicstart
topicend
bodystart
2;

MITSUBISHI BANK PLANS 300 MLN H.K. DLR CD FACILITY


    HONG KONG, March 27 - 
The Hong Kong branch of 
<
Mitsubishi
Bank Ltd> is planning a 300 mln H.K. Dlr revolving certificate
of deposit (CD) issuance facility, banking sources said.
    The facility is 200 mln dlrs underwritten at a maximum of
five basis points over the Hong Kong interbank offered rate.
The underwritten portion allows CDs to be issued in tenures of
one, three and six months. The non-underwritten portion allows
the issuance of one-year CDs as well. Denominations are one mln
dlrs.
    The underwriting fee is five basis points.
    The facility is being syndicated by the arranger,
Mitsubishi Finance (Hong Kong) Ltd. Lead managers underwriting
20 to 25 mln dlrs will receive a five basis point management
fee. Managers underwriting 10 to 15 mln dlrs will receive three
basis points. There will be no management fee for participants.
    Mitsubishi Finance is also dealer of the facility, which is
the first of its kind for a Japanese bank in Hong Kong.
 REUTER
3;
bodyend
documentend
documentstart
10318
topicstart
earn
topicend
bodystart
2;

AVANA DEFENCE DOCUMENT FORECASTS PROFITS RISE


    LONDON, March 27 - 
<
Avana Group Plc>, defending itself
against a bid from Ranks Hovis McDougall Plc 
<
RHML.L>, RHM,
forecast a 3.4 mln stg rise in profits in the 1986/87 year.
    It said pretax profit should rise to 23.0 mln stg in the
year to April 2, 1987 from 19.6 mln previously, and reach 27.5
mln in 1987/88. It expects share earnings to rise to 46.9p from
38.7p and to 51.2p in 1987/88, and the 1986/87 dividend to be
17.0p net, a 41.6 pct increase.
    The bid from RHM, rejected by the food and bakery group, is
worth about 270 mln stg. RHM currently has a 22.9 pct stake in
purchases and acceptances.
 REUTER
3;
bodyend
documentend
documentstart
10319
topicstart
grain
corn
topicend
bodystart
2;

TAIWAN BUYS 340,000 TONNES OF U.S. MAIZE


    TAIPEI, March 27 - 
The joint committee of Taiwan's maize
importers awarded contracts to five U.S. Companies for seven
shipments totalling 340,000 tonnes of maize for delivery
between September 1 and December 20, a committee official said.
    United Grain Corp of Oregon won two contracts for the
supply of 110,000 tonnes, priced between 92.44 and 96.00 dlrs
per tonne, for September 1-15 and November 5-20 delivery.
    Cargill Inc of Minnesota also took two shipments totalling
110,000 tonnes, priced between 93.45 and 94.65 dlrs per tonne,
for October 1-15 and December 5-20 delivery.
    ADM Export Co of Minnesota received a 54,000 tonne cargo,
at 93.75 dlrs per tonne, for November 1-15 delivery.
    Cigra Inc of Chicago won a contract to supply 33,000
tonnes, at 96.89 dlrs per tonne, for November 25-December 10
delivery.
    Elders Grain Inc of Kansas took a 33,000 tonne shipment, at
96.06 dlrs per tonne, for December 1-15 delivery.
    All shipments are c and f Taiwan.
 REUTER
3;
bodyend
documentend
documentstart
10320
topicstart
topicend
bodystart
2;

PROPERTY FIRM RAISES ONE BILLION H.K. DLR LOAN


    HONG KONG, March 27 - 
<
Sunyou Intercontinental (H.K.) Ltd>
has finalised the one billion H.K. Dlr loan for its hotel and
office complex in the Kowloon tourist district, lead manager
Standard Chartered Asia Ltd said.
    Standard Chartered and co-lead Mitsui Trust Finance (Hong
Kong) Ltd will take up some 60 pct of the loan. There are seven
co-managers for the remainder: Bank of Communications, Bank of
East Asia, Dai-Ichi Kangyo Bank, Daiwa Bank, Hang Seng Bank,
Sumitomo Bank and Wing Lung Bank.
    The 12-year loan, guaranteed by parent company 
<
Sun's
Enterprise Ltd> of Japan, is to be signed by mid-April.
 REUTER
3;
bodyend
documentend
documentstart
10321
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 700 MLN STG


    LONDON, March 27 - 
The Bank of England said it forecast a
shortage of around 700 mln stg in the money market today.
    Among the main factors affecting liquidity, bills maturing
in official hands will drain some 501 mln stg while a rise in
note circulation and bankers' balances below target will take
out around 285 mln stg and 45 mln stg respectively.
    Partly offsetting these outflows, exchequer transactions
will add some 120 mln stg to the system today.
 REUTER
3;
bodyend
documentend
documentstart
10322
topicstart
alum
topicend
bodystart
2;

JAPAN ALUMINIUM OUTPUT FALLS IN FEBRUARY


    TOKYO, March 27 - 
Japanese aluminium output fell to 5,298
tonnes in February from 7,472 in January and 14,280 a year
earlier, preliminary International Trade and Industry Ministry
figures show.
    Output fell sharply from a year ago as most aluminium firms
stopped smelting in the past year due to cheap imports,
industry sources said.
    Sales and end-month stocks in tonnes were:
            Feb 87   Jan 87   Feb 86
    Sales   36,557   38,678   75,687
    Stocks  53,248   56,620  127,083
 REUTER
3;
bodyend
documentend
documentstart
10323
topicstart
money-fx
dlr
topicend
bodystart
2;
******
 Bank of France buying dollars for yen - banking sources

Blah blah blah.
3;


bodyend
documentend
documentstart
10324
topicstart
alum
topicend
bodystart
2;

JAPAN ALUMINIUM IMPORTS RISE IN FEBRUARY


    TOKYO, March 27 - 
Japanese primary aluminium imports rose
to 98,170 tonnes in February from 91,157 in January and 94,926
a year earlier, the Japan Aluminium Federation said.
    This brought total imports in 1986/87, ending March 31, to
1.09 mln tonnes against 1.25 mln a year earlier.
    The February total included 19,102 tonnes from the U.S.
Against 16,577 in January and 9,933 a year ago, 24,391 from
Australia against 19,585 and 21,208, and 12,611 from Indonesia
against 5,891 and 16,601.
 REUTER
3;
bodyend
documentend
documentstart
10326
topicstart
topicend
bodystart
2;

TAIWAN ISSUES MORE CERTIFICATES OF DEPOSITS


    TAIPEI, March 27 - 
The Central Bank issued 2.47 billion
Taiwan dlrs worth of certificates of deposit (CDs), raising CD
issues so far this year to 141.93 billion, a bank spokesman
told Reuters.
    The new CDs, repayable from six months to one year, carry
interest rates ranging from 4.07 pct to five pct, he said.
    The issues are intended to help curb the growth of the M-1b
money supply, which has expanded as a result of large foreign
exchange reserves.
    The reserves hit a record 53 billion U.S. Dlrs this week.
 REUTER
3;
bodyend
documentend
documentstart
10328
topicstart
earn
topicend
bodystart
2;

MITSUBISHI MOTORS AUSTRALIA MAKES 19 MLN DLR LOSS


    ADELAIDE, March 27 - 
<
Mitsubishi Motors Australia Ltd>
(MMAL) reported a 19.64 mln dlr net loss in calendar 1986 from
a 5.80 mln dlr profit in 1985 on turnover of 837.79 mln dlrs
from 942.89 mln.
    MMAL, 99 pct-owned by Mitsubishi Motors Corp 
<
MIMT.T> and
Mitsubishi Corp 
<
MITT.T>,  said a tight market meant it had
failed to recover 19 mln dlrs in costs sustained because of a
weak Australian dollar.
    The company said its Magna car dominated its market segment
with sales of 30,500 units against 26,900 in 1985. Total sales
were 64,100, down 15,900.
    In addition, export of components to Japan increased with
15 mln dlrs invested in 1986 to expand output of aluminium
cylinder heads to 26,000 per month from 6,000, MMAL said.
    Imported passenger car, light commercial and heavy vehicle
sales suffered while local-manufacturing profitability was
eroded by sales substantially below production capacity, it
said.
    Australian car sales fell to 530,000 in 1985 from 696,000
in 1985, although MMAL said it lifted its market penetration to
12.1 pct from 11.5 pct.
    No dividend was recommended.
 REUTER
3;
bodyend
documentend
documentstart
10330
topicstart
veg-oil
rape-oil
topicend
bodystart
2;

INDIA BUYS 20,000 TONNES OF RAPESEED OIL


    LONDON, March 27 - 
The Indian State Trading Corporation
(STC) bought a 20,000 tonne cargo of optional origin rapeseed
oil at its vegetable oil import tender yesterday, traders said.
The oil was for June 20/July 20 shipment at 321 dlrs per tonne
cif.
    Traders said the STC attempted to buy eight cargoes of
processed palm oil but its price ideas were too low for
exporters. It also failed to secure soyoil for the same reason,
they said.
 REUTER
3;
bodyend
documentend
documentstart
10332
topicstart
tin
topicend
bodystart
2;

THAI TIN EXPORTS FALL IN FEBRUARY


    BANGKOK, March 27 - 
Thailand exported 1,120 tonnes of tin
metal in February, down from 1,816 tonnes the previous month
and 2,140 tonnes a year ago, the Mineral Resources Department
said.
    It said major buyers last month were Britain, Japan, the
Netherlands, West Germany and the U.S.
 REUTER
3;
bodyend
documentend
documentstart
10333
topicstart
topicend
bodystart
2;

SYNDICATION FOR ELDERS NOTE FACILITY CLOSES


    HONG KONG, March 27 - 
Syndication for Elders IXL Ltd's

<
ELXA.S> 100 mln Australian dlr note issuance facility has been
completed, arranger Westpac Finance Asia Ltd said.
    It said the facility, which is half underwritten and half
non-underwritten, has been over-subscribed and underwriters'
allocations are reduced from the original commitments.
    The managers of the facility are Westpac, Bank of Montreal
Asia Ltd, BOT International (HK) Ltd, Commonwealth Bank of
Australia and Credit Industriel et Commercial de Paris. They
will be underwriting six mln dlrs each instead of 10 mln dlrs.
    Co-managers are Banque Bruxelles Lambert, Ka Wah Bank,
Kyowa Bank, Saitama Bank, Sanwa Bank and Yasuda Trust and
Banking Co Ltd. They will be underwriting three mln dlrs each
instead of five mln dlrs. BT Asia Ltd is junior co-manager with
a two mln dlr commitment.
    Westpac launched the facility early this month at 200 mln
dlrs but soon reduced it to 100 mln dlrs and amended the terms
due to the market's cool response. The underwriting margin was
raised to 10 basis points over the Australian dlr bank bill
rate. Originally the margin was set at 6.25 basis points for up
to 50 mln dlrs and at 2.5 basis points for the remainder.
 REUTER
3;
bodyend
documentend
documentstart
10334
topicstart
carcass
topicend
bodystart
2;

BOTSWANA BANS ZIMBABWE MEAT PRODUCTS, AGENCY SAYS


    GABORONE, March 27 - 
Botswana has stopped importing almost
all meat products from Zimbabwe after reports of a suspected
outbreak of foot and mouth disease in the neighbouring country.
    Botswana's official news agency, BOPA, announcing the ban
last night, quoted Agriculture Minister Daniel Kwelagobe as
saying only sterilised and canned animal products would be
allowed into the country, with immediate effect.
    He said Zimbabwean veterinary officials had notified him
that they suspected foot and mouth disease had broken out at
Insiza, 100 km northeast of Bulawayo, capital of the mainly
cattle-ranching southwestern province of Matabeleland.
    Zimbabwean officials were not immediately available for
comment.
    The ban will affect products such as uncanned meat, milk,
ham, butter and bacon, BOPA reported.
    Botswana exports much of its high-grade beef to the
European Community and augments its local supplies with meat
imports from Zimbabwe.
 REUTER
3;
bodyend
documentend
documentstart
10335
topicstart
acq
topicend
bodystart
2;

ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND


    SYDNEY, March 27 - 
Alcan Australia Ltd 
<
AL.S> said it will
make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of

<
Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a
four-for-three share alternative.
    Both are 70 pct owned by Canada's Alcan Aluminium Ltd 
<
AL>
which will take the share swap option, Alcan Australia deputy
chairman Jeremy Davis said in a statement. The remainder of
Alcan New Zealand's totalled issued 21.84 mln shares are
broadly held while Alcan Australia's are primarily held by
institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan
Australia today ended four cents down at 1.15 dlrs.
    Davis said the offer, which is subject to approval by the
New Zealand Overseas Investment Commission, was a response to
the integration of the two countries' markets under the
Australia-New Zealand Closer Economic Relations treaty.
    Alcan New Zealand shareholders who accept the offer would
also receive the final dividend of 10 cents a share normally
payable on May 27.
    Alcan Australia would invite New Zealand representation to
its board and would apply to list its shares on the New Zealand
Stock exchange, Davis said.
 REUTER
3;
bodyend
documentend
documentstart
10336
topicstart
topicend
bodystart
2;

COMMONWEALTH BANK ISSUES DUAL CURRENCY BOND


    LONDON, March 27 - 
Commonwealth Bank of Australia is
issuing a 15 billion yen dual currency bond due April 24, 1992
with an eight pct coupon and priced at 101-3/4 pct, Salomon
Brothers International said as lead manager.
    The issue is payable and redeemable in Australian dollars
although coupon payments will be in yen.
    Upon redemption, holders will be repaid at a rate of 83.91
yen per Australian dollar. Salomon said that the current
exchange rate is 103.62 yen to the Australian dollar.
    Payment date is April 25, and the securities are available
in denominations of five mln yen. They will be listed on the
London Stock Exchange.
    There is a 1/14 pct selling concession and a 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
10337
topicstart
money-fx
dlr
topicend
bodystart
2;
******
 Bundesbank bought dollars against yen in Frankfurt - dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
10338
topicstart
earn
topicend
bodystart
2;

ESSILOR INTERNATIONAL 
<
ESSI.PA> YEAR ENDED DEC 31


    PARIS, March 27 -
    
Provisional consolidated net attributable profit 242.1 mln
francs vs 240.1 mln.
    Investments 318 mln vs 317 mln.
    Dividend on ordinary shares 45 francs vs 42 francs.
    Dividend on priority shares 51 francs vs 48 francs.
 REUTER
3;
bodyend
documentend
documentstart
10339
topicstart
grain
corn
topicend
bodystart
2;

SOUTH AFRICAN MAIZE ESTIMATE CALLED CONSERVATIVE


   JOHANNESBURG, March 27 - 
The South African government's
maize production estimate of 7.8 mln tonnes for the current
year is "rather too conservative," leading grain and produce
merchants Kahn and Kahn Pty Ltd said.
    The company, in a detailed report, estimated the harvest as
high as 8.3 mln tonnes and said if this forecast is met the
ostensible surplus for export will be approximately 2.25 mln
tonnes.
    "This paradoxically is creating a problem for the Maize
Board," Kahn and Kahn said.
    It said the maize export price currently is depressed and
the board is "probably confronted with the necessity to maintain
or slightly increase the internal price of maize again...To
offset the ostensible loss which must be faced" on exporting
surplus amounts.
 REUTER
3;
bodyend
documentend
documentstart
10340
topicstart
gnp
money-fx
topicend
bodystart
2;

ITALIAN 1987 GDP GROWTH FORECAST AT THREE PCT


    MILAN, March 27 - 
Italy's gross domestic product (GDP) will
grow three pct in real terms this year and 2.7 pct in 1988,
said economic information company Data Resources Europe Inc
(DRI).
    Michel Girardin, DRI Europe's senior economist, said at a
conference that Italian GDP growth this year "will be mainly
driven by consumption and especially investment."
    Girardin said the driving force behind GDP growth next year
will shift from domestic demand to exports as a result of
expected depreciation of the lira against the major currencies.
    Italy's budget ministry said yesterday that GDP rose 2.7
pct in real terms in 1986.
    DRI forecast that inflation, which was an average 6.3 pct
in 1986, will be under five pct this year and that interest
rates should drop two pct.
    Girardin said the lira is expected to appreciate 14 pct
against the dollar this year following last year's 22 pct
appreciation. An expected German mark appreciation against the
dollar means that the lira should lose about six pct of its
value relative to the German currency, he said.
    DRI estimates that foreign demand for Italian products
should grow by a 3.2 pct this year following last year's 6.2
pct increase.
 REUTER
3;
bodyend
documentend
documentstart
10341
topicstart
trade
bop
topicend
bodystart
2;

TRADE SURPLUS WILL POSE ADDED PRESSURES FOR JAPAN


    By Kunio Inoue, Reuters


    TOKYO, March 27 - 
Japan today announced another mammoth
monthly trade surplus that economists said would be sure to
intensify already mounting pressure on the country for action.
    "The world has every reason to be furious with Japan for not
moving more quickly," Jardine Fleming (Securities) Ltd economist
Eric Rasmussen said.
    The Finance Ministry said today that the trade surplus
soared to 8.14 billion dlrs in February from 5.7 billion in
January and 4.77 billion a year ago.
    The current account surplus, which includes trade in
services as well as goods, climbed to 7.38 billion dlrs last
month from 4.95 billion in January and 3.89 billion a year ago.
    After being adjusted for seasonal fluctuations, the figures
look a bit better, but not much. On that basis, the trade
surplus declined slightly in February to 9.16 billion dlrs from
a record 9.58 billion in January.
    "In the medium term we expect this modest improvement to
continue but the pace of progress may be too slow to ward off
further protectionism or further yen strength," said William
Stirling, economist at Merrill Lynch Japan Inc.
    A strong yen would make Japanese goods more expensive on
world markets while making imports into the country cheaper.
    "On a seasonally adjusted basis, we appear to be making some
progress on getting exports down," Jardine's Rasmussen said.
    But imports do not seem to be picking up much because the
Japanese economy remains sluggish, he said.
    Finance Ministry officials blamed last month's slower
import growth on a decline in oil imports as refiners worked
off stocks they had built up in January.
    The officials took comfort from a decline in the volume of
exports last month, after an unexpected year-on-year increase
in January.
    This means the effects of the two-year rise of the yen
against the U.S. Dollar are finally beginning to have an impact
on exports, they said.
    But economists warned that may not be soon enough for
Japan's trading partners.
 REUTER
3;
bodyend
documentend
documentstart
10342
topicstart
earn
topicend
bodystart
2;

THYSSEN SEES GOOD 1987 PROFIT DESPITE STEEL LOSSES


    DUISBURG, West Germany, March 27 - 
Thyssen AG 
<
THYH.F> said
it expects to post a good profit in 1987 despite anticipated
losses in its mass steel-making operations this year.
    Managing board chairman Dieter Spethmann told the annual
meeting the group was satisfied with profit developments in the
first half of the 1986/87 financial year to September 30.
    The group's other three divisions -- specialty steel,
capital goods and trading -- had made a profit so far in
1986/87, he added.
    Spethmann said income from associate companies had also
been good in early 1986/87.
    In 1985/86 Thyssen's world group profit fell to 370.1 mln
marks from 472.4 mln in 1984/85, reflecting costs linked to its
steel operations. The company's dividend was an unchanged five
marks.
    A Thyssen spokesman told Reuters that planned job cuts at
subsidiary Thyssen Stahl AG would be higher than announced
earlier. Total job losses by 1989 were now expected to total up
to 7,800 against original projections of 5,900. Thyssen Stahl
employs some 40,000 people.
 REUTER
3;
bodyend
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10343
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topicend
bodystart
2;

WALT DISNEY INCREASES EUROBOND TO 75 MLN AUST DLRS


    LONDON, March 27 - 
The amount of a eurobond issued
yesterday by Walt Disney Co Ltd has been raised to 75 mln
Australian dlrs from an original 60 mln, lead manager Warburg
Securities said.
    The issue, which matures on May 7, 1990, has a 14-1/2 pct
coupon and is priced at 101-3/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
10344
topicstart
money-fx
dfl
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - DUTCH EXCHANGE RATE POLICY


    By Marcel Michelson, Reuters


    AMSTERDAM, March 27 - 
Recent slackness on Dutch capital
markets has led some bankers to question the Central Bank's
policy of pegging the guilder firmly to the West German mark
and to ask for more flexiblility in exchange rate policy.
    While agreeing with the Bank's commitment to defend the
guilder strongly, some bankers want the Bank to make more use
of the range within which the guilder and the mark can
fluctuate against each other in the European Monetary System
(EMS).
    Roelof Nelissen, chairman of Amsterdam-Rotterdam Bank NV
(Amro) said the Central Bank's policy was overcautious.
    "I would like to suggest that the Bank use more freely the
range given to the guilder in the EMS," Nelissen said at the
presentation of Amro's 1986 annual report last week.
    Within the EMS, the mark is allowed to fluctuate against
the guilder between 110.1675 and 115.235 guilders per 100.
    The Central Bank maintains a stricter policy and tries to
keep the mark below the 113.00 guilders per 100. It regards a
stable exchange rate as its main target, using interest rate
policies to influence the exchange rate.
    The preference of exchange rate goals above interest rate
aims goes almost undisputed in the Netherlands.
    Critics say the Bank keeps the reins unnecessarily short.
    Rabobank Nederland said in its latest economic bulletin: "By
maintaining the 113.00 limit, the Central Bank raises the
expectation it will always intervene above that level. If it
suddenly needs more flexibility it will find it very hard to
obtain."
    Amro's Nelissen said relatively small changes in interest
rates and exchange rates could cause substantial flows of
securities business and sharp fluctuations on the Dutch capital
market. Large interest rate changes were often needed to bring
about small changes in the guilder/mark exchange rate, he
added.
    Unlike Amro, Algemene Bank Nederland NV (ABN) says this is
a price the Dutch have to pay. It fully agrees with the Central
Bank's policy, director-general Julien Geertsema told Reuters,
noting a 1983 decision not to revalue the guilder fully with
the mark in the EMS hurt confidence in the Dutch currency.
    "It is a pity we need such a wide interest rate difference
between West Germany to maintain the exchange rate," he added.
    Interest rate differentials between West Germany and the
Netherlands are the main factors that trigger capital flows
between the two countries, as the economic performance of the
two does not differ much, economists said.
    Data on 1986 capital flows between West Germany and the
Netherlands have not yet been released, but in 1985 they
accounted for only 10 pct of total trade flows between the two
countries, put at 110 billion guilders for 1986 by the
Dutch-German Chamber of Commerce earlier this month.
    Economists say capital flows are more sensitive to interest
and exchange rates.
    West Germany is the Netherlands' largest single trading
partner, taking 28 pct of Dutch exports and providing 26 pct of
imports in the last quarter of 1986, Central Bureau of
Statistics figures show.
    At the moment, the rates for three month euromark deposits
trade around 4.0 pct while the same deposits in guilders have a
rate of around 5-7/16 pct.
    Amro bank argues that the Dutch real interest rate will
even rise further because of expectations of deflation here in
1987, contrasting with slight inflation in West Germany.
    In the Netherlands, the cost of living is expected to
decrease by 1.5 pct at a GNP growth rate of two pct, the Dutch
Central Planning Agency said in its 1987 forecast last month.
German GNP is seen rising by two to 2.5 pct, but with inflation
between zero and 1.0 pct, according to most German forecasts.
    But despite this upward push on real Dutch rates, money
dealers do not expect the Central Bank to cut official rates
independently without prior moves by the Bundesbank.
    Following the West German interest rate cuts on January 22,
the Dutch Central Bank did not lower its rates but set a 0.5
pct lower tariff for special advances and abandoned its credit
surcharge. Most traders were surprised by this move as they had
expected the Bank to follow suit unconditionally, they said.
    The Bank said it lowered the rate with the largest impact
on the money market as far as the exchange rate permitted.
    While not entirely unsympathetic to critics of its
policies, the Central Bank keeps its grip firm and the range
narrow.
    "The European Monetary System is not only a relationship
between the guilder and the mark. Many times widening of the
margin between the two would implicate we have to buy or sell
large amounts of a third currency," Central Bank vice-director
Jan-Hendrik Du Marchie Sarvaas said.
    "If we allowed the guilder to become a little cheaper, the
markets would start to believe it was weak. We don't want that.
We want to make clear that the guilder is just as strong as the
mark," he said.
 REUTER
3;
bodyend
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documentstart
10347
topicstart
trade
topicend
bodystart
2;

WORLD BANK CHIEF URGES MORE JAPANESE INVESTMENT


    TOKYO, March 27 - 
World Bank President Barber Conable
called on Japan to boost investment in developing nations, for
its own sake as well as that of the world economy.
    "Japan has the means to make a major contribution to
development in the Third World," he told about 500 Japanese
businessmen and academics. "I would be pleased with additional
support."
    With 25 pct of the world's total banking assets, Japan
could do more to help assist indebted Third World countries
develop roads, bridges and other infrastructure, he said.
    Conable said additional commercial bank investment would
also be to Japan's advantage.
    It would profit from rechannelling its huge trade surplus
into Third World economies -- notably those in South America,
China and India -- that are likely to expand faster than those
in the developed world, he said.
    Japan is now the second largest shareholder in the Bank's
concessionary lending affiliate, the International Development
Association (IDA). It has also agreed recently to expand its
contribution to another affiliate, the International Bank for
Reconstruction and Development (IBRD), Conable noted.
    Conable said the World Bank was expanding its structural
adjustment loans, designed to encourage developing countries to
open their economies more to free competition and trade.
    "Adjustment loans could rise to 30 pct (of total World Bank
loans) in the near future, though maybe not this year," Conable
told Reuters after his speech.
    Such loans currently account for slightly over 20 pct.
 REUTER
3;
bodyend
documentend
documentstart
10348
topicstart
acq
topicend
bodystart
2;

HENKEL SELLS HAMBURG OIL AND FATS SUBSIDIARY


    HAMBURG, March 27 - 
Applied chemicals group Henkel KGaA

<
HNKG.F> said it is selling its Hamburg vegetable oil and fats
subsidiary Noblee und Thoerl GmbH to Oelmuehle Hamburg AG.
    A company spokesman declined to give the purchase price.
Noblee, a supplier of specialised refined oils and fats to the
food processing industry, had turnover of 161 mln marks last
year.
    A Henkel statement said the divestment was part of the
company's strategy of concentrating on its core businesses. For
Oelmuehle, the acquisition of Noblee means access to new
markets, the statement added.
 REUTER
3;
bodyend
documentend
documentstart
10349
topicstart
earn
topicend
bodystart
2;

<
ELDERS RESOURCES LTD> FIRST HALF ENDED DEC 31


    MELBOURNE, March 27 -
    
Net shr 7.6 cents vs 3.0
    Int div 3.0 cents vs nil
    Net 16.93 mln vs 5.47 mln
    Sales 160.14 mln vs 2.35 mln.
    Other income 6.29 mln vs 10.05 mln
    Shrs 223.16 mln vs 183.68 mln.
    NOTE - Two-for-seven non-renounceable rights issue of 8.0
pct five-year subordinated convertible redeemable unsecured
notes at 2.50 dlrs each. Each note is convertible into one
share. Div pay May 1. Div and issue reg April 16.
    Net is after tax 7.04 mln dlrs vs 3.82 mln, interest 2.52
mln vs 1.14 mln, depreciation 2.43 mln vs 123,000 and
minorities 3.41 mln vs 2.91 mln but before net extraordinary
loss 821,000 vs nil.
    Company is owned 46.99 pct by Elders IXL Ltd 
<
ELXA.S>.
 REUTER
3;
bodyend
documentend
documentstart
10351
topicstart
topicend
bodystart
2;

IBM AUSTRALIA CREDIT ISSUES AUS DLR EUROBOND


    LONDON, March 27 - 
IBM Australia Credit Ltd is issuing a 75
mln Australian dlr eurobond due April 24, 1990 with a 14-1/8
pct coupon and priced at 101-1/4, Salomon Brothers
International Ltd said as lead manager.
    The non-callable bonds will be issued in denominations of
1,000 and 10,000 dlrs and will be listed in Luxembourg. Gross
fees of 1-1/2 pct comprise 1/2 pct for management and
underwriting combined and one pct for selling.
    There will be co-leads. The borrower is wholly owned by
International Business Machines Corp 
<
IBM.N>.
 REUTER
3;
bodyend
documentend
documentstart
10352
topicstart
trade
topicend
bodystart
2;

NAKASONE TO VISIT WASHINGTON IN LATE APRIL


    TOKYO, March 27 - 
Prime Minister Yasuhiro Nakasone will
make an official week-long visit to the United States from
April 29 and hold talks in Washington with President Reagan,
Chief Cabinet Secretary Masaharu Gotoda told reporters.
    Government sources said Nakasone would try to resolve
growing bilateral trade friction and discuss the June Venice
summit of Western industrial democracies.
    Foreign Minister Tadashi Kuranari will accompany Nakasone,
ministry officials said.
    U.S. Industry sources in Washington said the White House
Economic Policy Council was recommending trade sanctions
against Japan for violating the two countries' agreement on
semiconductor trade.
    Under the pact, Japan pledged to stop dumping microchips in
the U.S. And Asia and open its domestic market to U.S.
Semiconductors.
 REUTER
3;
bodyend
documentend
documentstart
10353
topicstart
topicend
bodystart
2;

MEXICO DENIES BRITISH BANKS BALKING AT DEBT DEAL


    MEXICO CITY, March 26 - 
Mexico denied reports that British
banks are resisting signing a 76 billion dlr new loan and
rescheduling package.
    In a statement, the Finance Ministry said the process for
formalizing the package was going as planned.
    Banking sources in London had been quoted earlier as saying
the British banks were balking at signing the package in an
effort to get all participants to contribute equally to a new
7.7 billion dlr loan contained in the deal.
    However, the Finance Ministry statement said all the
British banks had promised their participation in the loan.
    "The contribution of each one of them corresponds exactly to
the request of the Mexican government," the statememt said.
    The ministry said Citibank, which chairs Mexico's bank
advisory committee, has received cables from the British banks
"confirming said commitment."
    The ministry said the books on the package would be closed
by mid-April and the first 3.5 billion dlrs of the new money
should arrive by the end of the month.
    It also said French, Swiss and "some" Canadian banks had
subscribed to the package and that the remaining Canadian banks
would sign the accord in the next few days.
 REUTER
3;
bodyend
documentend
documentstart
10354
topicstart
money-fx
topicend
bodystart
2;

BANK OF SPAIN SUSPENDS ASSISTANCE


    MADRID, March 27 - 
The Bank of Spain suspended its daily
money market assistance obliging borrowers to take funds from
the second window, where on Wednesday rates were raised to 16
pct compared with 14 pct for normal overnight funds.
    Money market sources said in view of high borrower demand
the suspension was likely to remain in effect until April 3,
the start of the next 10-day accounting period for reserve
requirements. The suspension comes after the Bank yesterday
gave 1,145 billion pesetas assistance, a record high for this
year.
    It said 90 billion pesetas was provided at the second
window.
 REUTER
3;
bodyend
documentend
documentstart
10355
topicstart
trade
topicend
bodystart
2;

NAKASONE HARD-PRESSED TO SOOTHE U.S ANGER ON TRADE


    By Rich Miller, Reuters


    TOKYO, March 27 - 
Prime Minister Yasuhiro Nakasone will
visit Washington next month in a bid to defuse mounting U.S.
Anger over Japanese trade policies, but Western diplomats said
they believed his chances of success were slim.
    Boxed in by powerful political pressure groups and
widespread opposition to his tax reform plans, Nakasone will be
hard-pressed to come up with anything new to tell U.S.
President Ronald Reagan and key U.S. Congressmen, they said.
    News of the week-long visit starting April 29 coincided
with news that Japan recorded a 8.14 billion dlr trade surplus
last month, more than 70 pct higher than a year earlier.
    It also came one day after the Reagan Administration's
Economic Policy Council decided to take retaliatory action
against Japan for its alleged failure to live up to a joint
trade agreement on computer microchips.
    Nakasone wants to go armed with two separate packages - one
designed to pep up Japan's sagging economy and imports in the
short-term, the other to redirect the country in the medium
term away from its over-dependence on exports for growth.
    But government officials said political infighting could
rob both packages of much of their punch and might even prevent
one from seeing the light of day.
    Nakasone has insisted that the government would not draw up
a package of short-term economic measures until after its
1987/88 budget passed parliament because he feared that would
amount to a tacit admission that the budget was inadequate.
    But his hopes for quick passage of the budget in time for
his trip have been shattered by a parliamentary boycott by
opposition parties protesting over the sales tax plan.
    Faced with the possibility that he might have to go to the
U.S. Virtually empty-handed, Nakasone today ordered his ruling
Liberal Democratic Party (LDP) to come up with its own
measures.
    He can then tell Reagan the LDP package will form the basis
of the government's plans, without losing face in parliament
over the budget, political analysts said.
    Officials working on the government's short-term economic
package said it would probably include interest rate cuts on
loans by government corporations, deregulation, measures to
pass on some of the benefits of the strong yen to consumers in
the form of lower prices, and accelerated public investment.
    They said a record portion of state investment planned for
the entire 1987/88 fiscal year will take place in the first
half, probably over 80 pct.
    Diplomats said that was unlikely to be enough to satisfy
Reagan, who is under pressure from the Democrat-controlled U.S.
Congress to take greater action to cut the huge American trade
deficit.
    To complement the short-term measures, Nakasone is also
likely to present Reagan with details of Japan's longer-term
economic plans.
    A high-ranking advisory body headed by former Bank of Japan
governor Haruo Maekawa is expected to come up with a final
report outlining concrete steps to redirect the economy days
before Nakasone is scheduled to leave for Washington.
    Its recommendations are designed as a follow-up to
Maekawa's report last year on economic restructuring and are
likely to cover such potentially politically explosive areas as
agricultural reform and land policy, officials said.
    While wanting to make the report as explicit and detailed
as possible, they said the political realities might force them
to water down some of the committee's recommendations.
    A subcommittee is considering what the Japanese economy
might look like in the medium to longer term after it undergoes
massive restructuring, officials said. The subcommittee
projects that the current account surplus will fall to less
than two pct of Japan's total output, or gross national
product, around 1993 or 1995. Last year the surplus, which
measures trade in goods and services, amounted to over four pct
of gnp.
    The subcommittee also projects annual economic growth for
Japan of nearly four pct over that period and a very gradual
appreciation of the yen, to about 130 to the dollar by around
1993, from 150 now.
 REUTER
3;
bodyend
documentend
documentstart
10356
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 265 MLN STG ASSISTANCE


    LONDON, March 27 - 
The Bank of England said it provided the
money market with 265 mln stg in assistance this morning.
    This compares with the bank's estimate of the shortage in
the system of 750 mln stg, earlier revised up from 700 mln.
    The central bank purchased bank bills outright comprising
119 mln stg in band one at 9-7/8 pct, 144 mln stg in band two
at 9-13/16 pct and two mln stg in band three at 9-3/4 pct.
 REUTER
3;
bodyend
documentend
documentstart
10357
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF JAPAN INTERVENES TO STEM DOLLAR FALL


    TOKYO, March 27 - 
The Bank of Japan intervened in the
market to keep the dollar above 149 yen but the unit was under
strong selling pressure by an investment trust, dealers said.
    The central bank stepped into the market when the dollar
fell towards 149.00 yen, but a trust bank aggressively sold
dollars to hedge currency risks, and the Bank intervened again
at 149.00, they said.
    The trust bank apparently changed its earlier view that the
dollar would rise and started selling relatively large amounts
of dollars, pushing the unit down to 148.80 at one point,
brokers said.
    One dealer estimated that the Bank bought 400 mln to 500
mln dlrs as it tried to keep the U.S. Currency above 149 yen.
 REUTER
3;
bodyend
documentend
documentstart
10358
topicstart
money-fx
topicend
bodystart
2;

BANK OF FRANCE AGAIN BUYING DOLLARS, SOURCES SAY


    PARIS, March 27 - 
The Bank of France intervened in the
Paris foreign exchange market this morning for the third
successive day, banking sources said.
    Like yesterday, it bought dollars and sold yen in small
amounts, they said.
    One dealer said it was seen in the market twice in early
dealing, buying five mln dlrs each time.
    Other dealers also reported small-scale intervention to
stabilise the dollar after aggressive selling overnight in
Tokyo, where the Bank of Japan also intervened again.
    The dollar steadied at around 6.0650/0700 francs after
easing in early trading to 6.0615/35 from an opening 6.0700/50.
It closed yesterday at 6.0800/30.
    One major french bank said it bought 10 mln dlrs for the
central bank, selling yen, within a trading range of 148.20/30
yen to the dollar, compared with yesterday's 149.28 rate at
which intervention was carried out here.
    The yen later firmed to around 147.90/148.00.
 Reuter
3;
bodyend
documentend
documentstart
10359
topicstart
money-fx
topicend
bodystart
2;

BUNDESBANK BOUGHT DOLLARS AGAINST YEN, DEALERS SAY


    FRANKFURT, March 27 - 
The Bundesbank entered the open
market in the late morning to buy dollars against yen in
concert with the Bank of France, dealers said.
    The Bundesbank came into the market when the dollar was
around 148.10 yen just after it had fallen below 148 to touch
147.80 at 1027 GMT. The move had little effect, with the dollar
still testing 148 yen ahead of the official fixing.
    Dealers said the intervention was for fairly small amounts,
in contrast to the Bundesbank's activity on Wednesday when
dealers reported it bought about 100 mln dlrs.
    The Bundesbank had no comment.
 REUTER
3;
bodyend
documentend
documentstart
10361
topicstart
acq
topicend
bodystart
2;

BRIERLEY BIDS 4.35 DOLLARS/SHARE FOR PROGRESSIVE


    WELLINGTON, March 27 - 
<
Brierley Investments Ltd> (BIL)
launched a full takeover bid for the supermarket group

<
Progressive Enterprises Ltd> at 4.35 dlrs a share.
    BIL said in a statement the offer is conditional on minimum
acceptances totalling 30 mln shares, just under 25 pct of the
120.4 mln Progressive shares on issue.
    Progressive is currently involved in a proposed merger with

<
Rainbow Corp Ltd>. Rainbow earlier this week raised its stake
in Progressive to 52 pct. BIL opposes the Rainbow merger and
analysts say BIL needs a 25 pct stake in Progressive to prevent
it occurring.
    The merger involves shareholders in Progressive and Rainbow
both receiving shares in a new company 
<
Astral Pacific Corp
Ltd> on a one-for-one exchange basis.
    The BIL bid is higher than the 4.20 dlrs BIL said it would
offer when it first announced on Monday it would make a full
bid for Progressive, and it follows much public debate between
BIL and Rainbow.
    BIL Chief Executive Paul Collins said last week that he
opposes the Rainbow/Progressive merger because BIL sees
Progressive shares as being worth twice as much as Rainbow's.
BIL has not disclosed how many Progressive shares it holds.
    Rainbow has said the merger is soundly based. Chairman
Allan Hawkins said last week that BIL's actions were aimed only
at dirsrupting the merger and were not in the interests of
Progressive shareholders.
    Both Rainbow's and Progressive's boards have approved the
merger proposal. It has also been approved by the Commerce
Commission, but BIL's bid is still subject to the Commission's
scrutiny.
    Progressive shares ended at 4.35 dlrs, Rainbow at 3.42 and
BIL at 4.17 at the close of New Zealand Stock Exchange trading
today.
 REUTER
3;
bodyend
documentend
documentstart
10362
topicstart
bop
trade
topicend
bodystart
2;
******
 S. African Feb trade surplus 1.62 billion rand vs Jan surplus 906.2 mln - official

Blah blah blah.
3;


bodyend
documentend
documentstart
10364
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

JAPAN SETS ASIDE YEN FUNDS TO PREVENT DLR FALL


    TOKYO, March 27 - 
The 50-day provisional 1987/88 budget,
adopted today by the government, allows the Finance Ministry to
issue up to 14,600 billion yen worth of foreign exchange fund
financing bills, government sources said.
    Foreign exchange dealers said the yen funds would be used
to buy dollars, to prevent a further dollar fall.
    The government sources said the amount, covering the first
50 days of the year starting April 1, accounts for more than 90
pct of the 16,000 billion yen in bills incorporated in the full
budget.
 REUTER
3;
bodyend
documentend
documentstart
10365
topicstart
topicend
bodystart
2;

WALT DISNEY INCREASES EUROBOND TO 75 MLN AUST DLRS


    LONDON, March 27 - 
The amount of a eurobond issued
yesterday by Walt Disney Co Ltd has been raised to 75 mln
Australian dlrs from an original 60 mln, lead manager Warburg
Securities said.
    The issue, which matures on May 7, 1990, has a 14-1/2 pct
coupon and is priced at 101-3/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
10367
topicstart
sugar
topicend
bodystart
2;

SUGAR MARKET SEES GOOD RECENT OFFTAKE


    By Peter Read


    LONDON, March 27 - 
Reports the Soviet Union has lately
extended its recent buying programme by taking five to eight
raws cargoes from the free market at around 30/40 points under
New York May futures highlight recent worldwide demand for
sugar for a variety of destinations, traders said.
    The Soviet buying follows recent whites buying by India,
Turkey and Libya, as well as possible raws offtake by China.
    Some 300,000 to 400,000 tonnes could have changed hands in
current activity, which is encouraging for a sugar trade which
previously saw little worthwhile end-buyer enquiry, they added.
    Dealers said a large proportion of the sales to the Soviet
Union in the past few days involved Japanese operators selling
Thai origin sugar.
    Prices for nearby shipment Thai sugars have tightened
considerably recently due to good Far Eastern demand, possibly
for sales to the Soviet Union or to pre-empt any large block
enquiries by China, they said.
    Thai prices for March/May 15 shipments have hardened to
around 13/14 points under May New York from larger discounts
previously, they added.
    Traders said the Soviet Union might be looking to buy more
sugar in the near term, possibly towards an overall requirement
this year of around two mln tonnes. It is probable that some
1.8 mln tonnes have already been taken up, they said.
    Turkey was reported this week to have bought around 100,000
tonnes of whites while India had further whites purchases of
two to three cargoes for Mar/Apr at near 227 dlrs a tonne cost
and freight and could be seeking more. Libya was also a buyer
this week, taking two cargoes of whites which, for an
undisclosed shipment period, were reported priced around
229/230 dlrs a tonne cost and freight, they added.
    Futures prices reacted upwards to the news of end-buyer
physicals offtake, although much of the enquiry emerged
recently when prices took an interim technical dip, traders
said.
    Pakistan is lined up shortly to buy 100,000 tonnes of
whites although traders said the tender, originally scheduled
for tomorrow, might not take place until a week later.
    Egypt will be seeking 20,000 tonnes of May arrival white
sugar next week, while Greece has called an internal EC tender
for 40,000 tonnes of whites to be held in early April, for
arrival in four equal parts in May, June, July and August.
 REUTER
3;
bodyend
documentend
documentstart
10368
topicstart
money-fx
topicend
bodystart
2;
******
BANK OF FRANCE BUYS DOLLARS AT PARIS FIXING - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
10370
topicstart
money-fx
dlr
topicend
bodystart
2;
******
 swiss national bank says bought dollars against yen

Blah blah blah.
3;


bodyend
documentend
documentstart
10371
topicstart
acq
topicend
bodystart
2;

UNION MINIERE TAKES STAKE IN PANCONTINENTAL


    BRUSSELS, March 27 - 
<
Union Miniere SA> said in a statement
that it has acquired an eight pct interest in Pancontinental
Mining Ltd 
<
PANA.S> for a sum equivalent to 1.2 billion Belgian
francs.
    Pancontinental operates gold and coal mines in Australia
and natural gas and oil fields in Canada.
    Union Miniere said the location of its interest within the
Pancontinental group will be decided later. It did not
elaborate.
    Union Miniere is a wholly owned subsidiary of Societe
Generale de Belgique 
<
BELB.BR>.
 REUTER
3;
bodyend
documentend
documentstart
10372
topicstart
trade
bop
topicend
bodystart
2;

S. AFRICAN TRADE SURPLUS RISES SHARPLY IN FEBRUARY


    JOHANNESBURG, March 27 - 
South Africa's trade surplus rose
to 1.62 billion rand in February after falling to 906.2 mln in
January, Customs and Excise figures show.
    This compares with a year earlier surplus of 958.9 mln
rand.
    Exports rose slightly to 3.36 billion rand in February from
3.31 billion in January but imports fell to 1.74 billion from
2.41 billion.
    This brought total exports for the first two months of 1987
to 6.67 billion rand and imports to 4.15 billion for a total
surplus of 2.52 billion rand against 1.71 billion a year
earlier.
 REUTER
3;
bodyend
documentend
documentstart
10373
topicstart
carcass
sugar
topicend
bodystart
2;

EC EXTENDS PARTS OF FREE FOOD FOR POOR SCHEME


     BRUSSELS, March 27 - 
A scheme to distribute surplus food
free to the poor in the European Community (EC), which was due
to expire next Tuesday, will be partially extended for a
further month, an EC Commission spokesman said.
    He added the executive Commission has not yet decided
whether the scheme should become a permanent feature of the
EC's struggle to find a use for its massive stocks of farm
produce.
    Almost 60,000 tonnes of cereals, sugar, beef, butter and
other food have been authorised for distribution under an
operation sanctioned by EC farm ministers on January 20 in
which charities act as executive Commission agents.
    The original idea was to help the needy survive this year's
unusually cold European winter.
    The spokesman said the Commission was extending the scheme
fully in Greece, which has recently been hit by unseasonal
snowstorms, for the month of April.
    Other EC countries would be authorised to use stocks of
food for which they have already applied under the scheme up to
April 30. The spokesman said this would enable distribution of
flour, semolina, sugar and olive oil at a relatively high rate
next month.
    He said the Commission, which has powers to continue most
aspects of the scheme without consulting ministers further,
will be considering soon whether it should be made permanent.
    Cost, which has already reached around 65 mln European
currency units, would be a major consideration.
    End-January stocks included 1.28 mln tonnes of butter,
520,000 tonnes of beef and over 10 mln tonnes of cereals.
 REUTER
3;
bodyend
documentend
documentstart
10375
topicstart
trade
topicend
bodystart
2;

INDIA STEPS UP COUNTERTRADE DEALS TO CUT TRADE GAP


    By Ajoy Sen, Reuters


    NEW DELHI, March 27 - 
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
    Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
    Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
    "The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
    One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports.
    However, countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
    Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
    However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
    Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87,
against three billion in 1985/86.
    Indian countertrade, which is being promoted mainly to help
narrow the country's large trade deficit, is still
insignificant compared with agreements reached by Indonesia,
Venezuela and Brazil, the trade sources said.
    The trade deficit, which hit an estimated record 6.96
billion dlrs in 1985/86, is expected to decline to 5.6 billion
in the current fiscal year.
    But the push to include non-communist countries in
countertrade is also due to other factors, including the slow
growth of foreign reserves, a tight debt repayment schedule,
shrinking aid and trade protectionism, businessmen said.
    One source said India is showing more dynamism in promoting
countertrade deals than in the past, when the deals were made
discreetly because they break GATT rules. As a member of the
General Agreement on Tariffs and Trade (GATT), India cannot
officially support bartering.
    The MMTC's recent countertrade deals include iron ore
exports to Yugoslavia for steel structures and rails.
    "MMTC's recent global tenders now include a clause that
preference will be given to parties who accept payment in kind
for goods and services sold to India," a trade official said,
adding that the policy remains flexible.
    "We also take into account other factors such as prices at
which the goods and services are offered to India," the trade
official said.
    Early this year the commerce ministry quietly told foreign
companies interested in selling aircraft, ships, drilling rigs
and railway equipment to India that they stood a better chance
if they bought Indian goods or services in return, the trade
sources said.
    Illustrating the point, the official said a South Korean
firm recently agreed to sell a drilling platform worth 40 mln
dlrs to the state-run Oil and Natural Gas Commission.
 Reuter
3;
bodyend
documentend
documentstart
10376
topicstart
trade
bop
topicend
bodystart
2;

JAPAN FEBRUARY CURRENT ACCOUNT, TRADE SURPLUS JUMP


    TOKYO, March 27 - 
Japan's current account surplus rose to
7.38 billion dlrs in February from 3.89 billion a year ago and
from 4.95 billion in January, the Finance Ministry said.
    The trade surplus rose to 8.14 billion dlrs in February
from 4.77 billion a year earlier and 5.70 billion in January.
    The long-term capital account deficit widened to 11.40
billion dlrs from 8.06 billion a year ago, but it narrowed from
12.32 billion in January, the Ministry said.
    Japan's February exports rose to 16.74 billion dlrs from
14.89 billion in February 1986 and from 14.65 billion in
January, the Ministry said. Imports fell to 8.61 billion from
10.12 billion a year earlier and 8.94 billion in January.
    The invisible trade deficit fell to 617 mln dlrs in
February from 693 mln a year earlier, but was up from a 527 mln
deficit in January.
    Figures do not tally exactly because of rounding.
    Transfer payments narrowed to a 140 mln dlr deficit last
month from a 185 mln deficit a year earlier and a 225 mln
deficit in January.
    The basic balance of payments deficit in February fell to
4.02 billion dlrs from 4.17 billion in February 1986 and 7.37
billion in January. Short-term capital account payments swung
to a 1.28 billion dlr deficit in February from a 1.60 billion
surplus a year earlier and a 1.44 billion dlr surplus in
January.
    Errors and omissions were 2.65 billion dlrs in surplus,
compared with a 1.27 billion surplus a year earlier and a 1.10
billion deficit in January. The overall balance of payments
deficit rose to 2.65 billion dlrs from 1.30 billion a year
earlier but was down from 7.04 billion in January.
 REUTER
3;
bodyend
documentend
documentstart
10377
topicstart
cpi
topicend
bodystart
2;

JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY


    TOKYO, March 27 - 
Japan's consumer price index (base 1985)
was unchanged at 99.7 in February from a month earlier, the
government's Management and Coodination Agency said.
    The index showed a 0.4 pct drop in January.
    The February index was down one pct from a year earlier for
the third consecutive year-on-year drop.
    In January, the index fell 1.1 pct from a year earlier, the
first drop of over one pct since a 1.3 pct drop in September
1958.
 Reuter
3;
bodyend
documentend
documentstart
10381
topicstart
earn
topicend
bodystart
2;

COSTCO WHOLESALE CORP 
<
COST> 2ND QTR FEB 16 NET


    SEATTLE, March 27 -
    
Oper shr five cts vs six cts
    Oper net 1,100,000 vs 1,463,000
    Revs 177.8 mln vs 331.5 mln
    Avg shrs 21.9 mn vs 25.7 mln
    First half
    Oper shr six cts vs five cts
    Oper net 1,121,000 vs 1.090,000
    Revs 315.3 mln vs 567.4 mln
    Avg shrs 20.6 mln vs 25.6 mln
    NOTE: Operating net excludes gains of 659,000 dlrs, or
three cts a share, vs 599 dlrs, or two cts a share, in quarter
and 676,000 dlrs, or three cts a share, vs 599,000 dlrs, or two
cts a share, in year from tax loss carryforward.
 Reuter
3;
bodyend
documentend
documentstart
10382
topicstart
money-fx
dlr
topicend
bodystart
2;

SWISS NATIONAL BANK SAYS IT BOUGHT DOLLARS


    ZURICH, March 27 - 
The Swiss National Bank bought dollars
against yen today, a spokesman for the bank said.
    He declined to say how many dollars the bank bought or when
precisely it intervened.
    Swiss foreign exchange dealers described the National
Bank's purchases as modest, perhaps amounting to no more than
20 or 30 mln dlrs.
    The Bank of France, which was reported buying dollars
against the yen in Paris, had made inquiries with Swiss banks
as well, and the Bundesbank had also intervened. Bank of Japan
dollar purchases today were perhaps 1.2 to 1.5 billion dlrs.
    Dealers said this tended to confirm the market's impression
that major industrial countries had agreed at the Paris meeting
on an effective floor for the dollar of 148 yen, and the market
seemed ready to test it.
    Commercial clients were also selling dollars against the
yen as the end of the Japanese fiscal year on March 31 drew
closer. Today's dealings in spot currencies are booked for
March 31.
    One dealer said he had the feeling Japanese companies had
been asked by the Bank of Japan not to sell dollars at this
point, but some, while sticking to the letter of that request,
were offering dollars forward today, rather than lose out if
the dollar fell further.
    The run on the dollar against the yen came in a market
thinned by the absence of many dealers for a Forex Club meeting
in Hamburg.
    Trading was, in fact, rather light against currencies other
than the yen, the dollar holding little changed through the
day.
    The market now expected the U.S. Federal Reserve to
intervene in support of the dollar. "But they will probably do
it only half-heartedly, so I don't think it will matter too
much on rates," one dealer said.
 REUTER
3;
bodyend
documentend
documentstart
10384
topicstart
cpi
topicend
bodystart
2;
******
U.S. FEBRUARY CONSUMER PRICES ROSE 0.4 PCT AFTER 0.7 PCT RISE IN JANUARY

Blah blah blah.
3;


bodyend
documentend
documentstart
10385
topicstart
cpi
topicend
bodystart
2;

U.S. CONSUMER PRICES ROSE 0.4 PCT IN FEBRUARY


    WASHINGTON, March 27 - 
U.S. consumer prices, as measured by
the Consumer Price Index for all urban consumers (CPI-U), rose
a seasonally adjusted 0.4 pct in February after a 0.7 pct
January gain, the Labor Department said.
    The CPI for urban wage earners and clerical workers (CPI-W)
rose to 329.0 in February, the department said.
    Prices for petroleum-based energy rose sharply for a second
consecutive month during February but by less than in January,
the department said.
    Energy prices rose 1.9 pct last month after a 3.0 pct rise
in January, accounting for one-third of the overall CPI rise.
    For the 12 months ended in February, the CPI rose an
unadjusted 2.1 pct.
    Transportation prices rose 0.5 pct in February after a 1.5
pct increase in January. Smaller price rises for motor fuels
and declines in new car prices and finance charges were
responsible for the moderation.
    Gasoline prices rose 4.2 pct last month after increasing
6.6 pct in January, but were still 18 pct below levels of a
year ago, the department said.
    Housing prices rose 0.4 pct in February after a 0.5 pct
January increase, largely due to a rise in fuel oil prices.
    Fuel oil prices were up 4.4 pct in February after
increasing 9.8 pct in January, but were still 15 pct below
price levels of February 1986.
    Food prices rose 0.2 pct last month after a 0.5 pct January
increase. Grocery store food prices were up 0.4 pct, the same
as in January, but meat, poultry, fish and eggs cost less for a
third consecutive month, the department said.
    Medical care rose 0.3 pct in February to a level 7.1 pct
above one year ago, because of higher costs for prescription
and non-prescription drugs and medical supplies, the department
said.
    The index for apparel and upkeep rose 0.7 pct in February
after a 0.4 pct increase in January. The department said the
introduction of higher priced spring merchandise, particularly
men's clothing, was responsible for the advance.
    Prices for other goods and services rose 0.7 pct in
February following a 1.1 pct increase in January. Tobacco
prices, up 0.9 pct after a 2.0 pct January increase, accounted
for 30 pct of the index rise, the department said.
 Reuter
3;
bodyend
documentend
documentstart
10387
topicstart
earn
topicend
bodystart
2;

MACMILLAN BLOEDEL 
<
MMB> STOCK SPLIT APPROVED


    VANCOUVER, British Columbia, March 27 - 
MacMillan Bloedel
Ltd said shareholders authorized a previously announced
three-for-one stock split, applicable to holders of record
April nine.
    The company said its stock will begin trading on a split
basis on April 3, subject to regulatory approvals.
 Reuter
3;
bodyend
documentend
documentstart
10388
topicstart
ship
topicend
bodystart
2;

STORMY WEATHER TO DISRUPT NORTH SEA SHIPPING


    STATE COLLEGE, PA., March 27 - 
Very stormy weather is
likely in the North Sea through Saturday, disrupting shipping
in the region, private forecaster Accu-Weather Inc said.
    Rain will accompany the strong winds that are expected over
the North Sea today into tonight. Saturday will also be very
windy and cooler with frequent showers.
    Winds today will be southwest at 30 to 60 mph, but will
become west to northwest tonight and Saturday at 25 to 50 mph.
    Waves will build to 20 to 30 feet today and tonight and
continue Saturday. Wind and waves will not diminish until late
in the weekend.
 Reuter
3;
bodyend
documentend
documentstart
10389
topicstart
topicend
bodystart
2;

JAPAN TO INTRODUCE YEN COMMERCIAL PAPER IN OCTOBER


    TOKYO, March 27 - 
The Finance Ministry is expected to
introduce yen commercial paper, CP, from October 1 in response
to growing calls from corporations, ministry sources said.
    Around 200 corporations satisfy financial standards set by
securities houses for non-collateral straight bond issues,
including electric power companies, 
<
Nippon Telegraph and
Telephone Corp> and Kokusai Denshin Denwa Co Ltd, securities
managers said.
    Most eligible firms would have to set up special reserves
for CP issues called backup lines, or be guaranteed by
financial institutions to protect investors, they said.
    The legal status of yen CP would be the same as yen
commercial bills and it would be placed by an intermediary bank
or securities house, securities managers said.
    The minimum issue unit will be 100 mln yen, and maturities
will be from 30 days and six months, they said.
    Securities houses, banks, insurance companies and consumer
credit companies are barred from CP issues, they said.
    Only banks may be commissioned to handle the clerical
business of principle payments, they added.
 REUTER
3;
bodyend
documentend
documentstart
10390
topicstart
earn
topicend
bodystart
2;
******
NATIOONAL MEDICAL ENTERPRISES INC 3RD QTR OPER SHR 46 CTS VS 51 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
10391
topicstart
ship
topicend
bodystart
2;

LIBERIAN SHIP GROUNDED IN SUEZ CANAL REFLOATED


    LONDON, March 27 - 
A Liberian motor bulk carrier, the
72,203 dw tonnes Nikitas Roussos, which was grounded in the
Suez canal yesterday, has been refloated and is now proceeding
through the the canal, Lloyds Shipping Intelligence said.
 Reuter
3;
bodyend
documentend
documentstart
10393
topicstart
earn
topicend
bodystart
2;

NATIONAL MEDICAL ENTERPRISES INC 
<
NME> 3RD QTR


    LOS ANGELES, March 27 - 
Periods ended Feb 28
    Oper shr 46 cts vs 51 cts
    Oper shr diluted 43 cts vs 50 cts
    Oper net 34.2 mln vs 39.8 mln
    Revs 823.3 mln vs 794.3 mln
    Avg shrs 74.9 mln vs 78.7 mln
    Nine mths
    Oper shr 1.29 dlrs vs 1.46 dlrs
    Oper shr diluted 1.20 dlrs vs 1.43 dlrs
    Oper net 99.4 mln vs 114.5 mln
    Revs 2.50 billion vs 2.22 billion
    Avg shrs 77.0 mln vs 78.3 mln
    NOTE: Year ago nine months operating net excludes loss of
2.0 mln dlrs, or two cts a share, from discontinued operations
 Reuter
3;
bodyend
documentend
documentstart
10394
topicstart
ship
topicend
bodystart
2;

ABIDJAN PORT ACTIVITY RISES


    ABIDJAN, March 27 - 
The tonnage of goods passing through
Ivory Coast's main port of Abidjan rose 2.3 pct last year,
according to the Ivorian Chamber of Commerce.
    Its monthly report said 9.47 mln tonnes of goods passed
through the port last year compared with 9.26 mln the year
before. Exports fell to 3.75 mln from 3.89 mln tonnes while
imports rose to 5.72 mln from 5.37 mln.
 Reuter
3;
bodyend
documentend
documentstart
10395
topicstart
crude
ship
topicend
bodystart
2;

PAPANDREOU SAYS GREEKS READY FOR AGGRESSORS


    ATHENS, March 27 - 
Greek Prime Minister Andreas Papandreou
said today that the Greek armed froces were ready to tackle any
aggressors following the sailing of a Turkish research vessel
and warships towards disputed waters in the Aegean Sea.
    Papandreou told an emergency cabinet meeting in Athens "the
military readiness of our country is able now to give a very
hard lesson if our neighbours (Turkey) were to carry out
military actions."
    He said the activities of the research vessel could be
aimed at partitioning the Aegean.
    "The air force, navy and army are in a state of alert,"
General Guven Ergenc, Secretary General of the Turkish General
Staff, told a news conference.
    He said the Turkish research ship Sismik 1, escorted by an
unspecified number of warships, would sail into disputed waters
in the Aegean Sea tomorrow morning.
    Ergenc told Reuters later that all leave had been cancelled
for members of the armed forces in the Aegean coast area.
    The Turkish government said yesterday it had licensed the
state-owned Turkish Petroleum Corp to explore for oil in
international waters around three Greek islands off Turkey.
     Greece and Turkey have long-standing disputes over areas
of the Aegean and the presence of Turkish troops in Cyprus.
    The latest row erupted when the Greek government said last
month that it was taking control of a Canadian-led consortium
which was already producing oil off the Greek island of Thassos
and would drill in the same area after the takeover.
    Ergenc told the news conference the alert followed a
government decision that Turkey should protect its interests
"because of measures Greece has been taking in the Aegean in
violation of international agreements."
    Asked how Turkey would react if Greece attacked any of the
vessels, he said "If there is an attack, it is clear what has to
be done. An attack on a warship is a cause for war." But he
added "We are not in a state of war. The measures taken by the
military are directed towards protecting our rights."
    Greece said yesterday it would defend its national rights
in the Aegean and urged Turkey to accept reference of the
dispute to the International Court of Justice in The Hague.
    Turkish Foreign Ministry spokesman Yalim Eralp told
reporters today this was unacceptable because of preconditions
Athens had attached.
    In Athens, Greek Prime Minister Papandreou said that if the
Turkish vessel Sismik 1 began research operations "we will
hinder it, of course not with words, as it cannot be stopped
with words."
    Greek newspapers said the armed forces were on alert and
navy ships had gone to the Aegean. But government spokesman
Yannis Roubatis did not confirm the move, saying only "The Greek
fleet is not at its naval base."
    Papandreou said that a map issued in Turkey showed 95 pct
of the areas proposed for research were on the Greek
continental shelf.
    Papandreou told the U.S. And NATO that if they had a part
in orchestrating the present crisis in order to force Greece to
negotiate with Turkey, the Greek government would not accept
it.
    Papandreou has maintained in the past that he will not
negotiate with Ankara until Turkey recognises Greek rights in
the Aegean and withdraws its troops from Cyprus.
    He said that in the case of war with Turkey it would not be
possible for Greece to discuss the future of American military
bases here. Asked by reporters if he would close the U.S. Bases
in Greece in the event of war, Papandreou replied "Obviously,
and perhaps even before the war."
 REUTER
3;
bodyend
documentend
documentstart
10396
topicstart
topicend
bodystart
2;

EDF ISSUES SWISS FRANC NOTES WITH GOLD WARRANTS


    ZURICH, March 27 - 
Electricite de France is issuing 100 mln
Swiss francs of 3-3/8 pct notes with warrants issued by Credit
Suisse attached to buy gold, lead manager Credit Suisse said.
    Each eight-year note of a 50,000-franc face value has 15
warrants, two of which entitle the holder to acquire 100 grams
of gold at a price of 2,350 francs. The strike price represents
a premium of about 15 pct over the current market price of
gold.
    The warrants may be exercised from April 30, 1987, to April
30, 1990. The notes, callable starting 1992 at 101.50, have a
final maturity on April 30, 1995.
 REUTER
3;
bodyend
documentend
documentstart
10397
topicstart
interest
topicend
bodystart
2;
******
 Top discount rate at U.K. Bill tender rises to 9.3456 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
10398
topicstart
earn
topicend
bodystart
2;

PORSCHE EXPECTS IMPROVEMENT IN U.S. SALES


    STUTTGART, March 27 - 
Sports carmaker Dr. Ing. H.C.F.
Porsche AG 
<
PSHG.F> said it expects to post a satisfactory
profit in 1986/87, with domestic volume sales seen lower but
U.S. Sales anticipated higher.
    Managing board chairman Peter Schutz said domestic sales
were expected to fall to 9,000 in the year ending July 31 from
11,340 in 1985/86. U.S. Sales should rise to more than 30,000
from 28,670 last year.
    Schutz made no specific profit or sales forecasts. Last
month the company said it expected net profit to fall below 70
mln marks this year from 75.3 mln marks in 1985/86.
    For sales, Porsche expects its overall world volume this
year to be above 50,000. Sales last year stood at 53,254,
Schutz said. His expectations of a satisfactory profit were
based on a combination of price rises and cost-cutting, he
added.
    The expected drop in West German sales this year would be
the result of the so-called "grey market" for Porsche cars, he
said. When the dollar was strong against the mark, many
Porsches had been bought locally in West Germany for illegal
export to the U.S.
    Porsche has previously said domestic sales in the 1986/87
first half fell to 3,267 from 5,387 in the same 1985/86 period.
    The fact that U.S. Sales will account for a larger
percentage of overall sales this year than before does not pose
problems for profit, the Porsche board said.
    In the last 12 months it has raised U.S. Prices by around
20 pct without suffering any decline in sales. At the same time
Porsche has hedged its dollar-denominated business for the
1986/87 business year, finance director Heinz Branitzki.
    Branitzki put Porsche's hedging costs in 1985/86 at 28 mln
marks.
    In a speech to the annual meeting, Schutz said third-party
orders placed with Porsche's engineering research centre in
Weissach were rising and should top 100 mln marks this year for
the first time.
    Porsche's net profit dropped sharply to 75.3 mln marks in
1985/86 from 120.4 mln marks in 1984/85.
 REUTER
3;
bodyend
documentend
documentstart
10399
topicstart
acq
topicend
bodystart
2;
******
DIXONS GROUP PLC BUYS 2,455,000 CYCLOPS SHARES, NOW OWNS 83 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
10401
topicstart
earn
topicend
bodystart
2;
******
TEKTRONIX INC 3RD QTR SHR 48 CTWS VS 39 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
10402
topicstart
earn
topicend
bodystart
2;

AMERICAN MEDICAL INTERNATIONAL INC 
<
AMI> PAYOUT


    BEVERLY HILLS, Calif., March 27 -
    
Qtly div 18 cts vs 18 cts in prior qtr
    Payable May one
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
10403
topicstart
cocoa
topicend
bodystart
2;

COCOA BUFFER STOCK COMPROMISE GAINING ACCEPTANCE


    By Lisa Vaughan, Reuters


    LONDON, March 27 - 
A final compromise proposal on cocoa
buffer stock rules presented by International Cocoa
Organization, ICCO, council chairman Denis Bra Kanon is swiftly
gaining acceptance by consumer and producer members, delegates
said.
    "We are close, nearer than ever to accepting it, but we
still have some work to do," producer spokesman Mama Mohammed of
Ghana told Reuters after a producers' meeting.
    European Community, EC, delegates said EC consumers
accepted the package in a morning meeting and predicted "no
problems" in getting full consumer acceptance.
    Delegates on both sides are keen to come to some agreement
today, the last day of the fortnight-long council meeting, they
said.
    The compromise requires that buffer stock purchases from
non-ICCO member countries cannot exceed 15 pct of total buffer
stock purchases, delegates said. The non-member cocoa issue has
been among the most contentious in the rules negotiations.
    The 15 pct figure, up five percentage points from earlier
proposals, represents a concession to consumers, delegates
said. They have demanded a larger allowance for non-member
cocoa in the buffer stock than producers have wanted.
    Another problem area, delegates said, was the question of
price differentials for different origins of cocoa bought into
the buffer stock, by which the buffer stock manager could
fairly compare relative prices of different cocoas offered to
him.
    The compromise narrowed the range of differentials between
the origins from what previous proposals had detailed -- a move
some delegates described as "just fiddling."
    But the adjustments may prove significant enough to appease
some countries that were not satisfied with the original
proposed differentials assigned to them, delegates said.
    The compromise also stated buffer stock purchases on any
day would be limited to 40 pct each in nearby, intermediate or
forward positions, delegates said.
    If the compromise is accepted by the council, most
consumers and producers want buffer stock rules to take effect
next week, or as soon as practically possible.
    The full council is scheduled to meet around 1500 GMT to
discuss the compromise, and could agree on it then if all
parties are satisfied, they said. Consumers are due to meet
before the council.
 Reuter
3;
bodyend
documentend
documentstart
10404
topicstart
acq
topicend
bodystart
2;

DIXONS BOOSTS CYCLOPS 
<
CYL> OWNERSHIP TO 83 PCT


    NEW YORK, March 27 - 
<
Dixons Group Plc> said it bought
about 2,445,000 Cyclops Corp common shares, boosting its
holdings of the company's stock to about 83 pct of those now
outstanding and 79 pct on a fully diluted basis.
    Dixons said the stock was purchased in a single block
transaction at 95 dlrs per share.
    The company said it expects to proceed with a merger and
has advised Cyclops it intends to increas the per-share amount
to be paid in the merger to 95 dlrs, form 90.25 dlrs, for each
of the about 880,000 remaining Cyclops shares outstanding on a
fully diluted basis.
 Reuter
3;
bodyend
documentend
documentstart
10405
topicstart
topicend
bodystart
2;

DENMARK IN 600 MLN CROWN EUROBOND DEAL


    COPENHAGEN, March 27 -  
One Luxembourg and three Danish
banks are tapping the Euro-Danish crown market in a three
tranche zero coupon eurobond deal of 600 mln Danish crowns
nominal for Denmark, senior vice-president Lars Thuesen of
Privatbanken, which is the lead manager, told Reuters.
    The three 200 mln crown tranches are tranche A, due May 16,
1989 priced at 82 1/8, tranche B, due May 15, 1990 priced at 73
7/8 and tranche C, due May 15, 1991, priced 66 1/2.
    Fees are 3/4 pct for selling and 5/8 pct for management and
underwriting combined with 1/8 pct praecipium.
    The payment date was given as April 24, 1987 with
denominations at 10,000 crowns and listing in Luxembourg.
    The co-leaders in the new Danish eurobond deal are
Copenhagen Handelsbank, Den Danske Bank and Kredietbank
Luxembourg, Thuesen added.
 REUTER
3;
bodyend
documentend
documentstart
10406
topicstart
trade
grain
wheat
coffee
tea
iron-steel
crude
topicend
bodystart
2;

INDIA STEPS UP COUNTERTRADE DEALS


    NEW DELHI, March 27 - 
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
    Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
    Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
    "The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
    One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports. But countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
    Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
    However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
    Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87.
 Reuter
3;
bodyend
documentend
documentstart
10407
topicstart
topicend
bodystart
2;

ELDERS RESOURCES ISSUE TO RAISE 161 MLN DLRS


    MELBOURNE, March 27 - 
<
Elders Resources Ltd> said its
two-for-seven convertible unsecured notes issue will raise
161.32 mln dlrs for group expansion and development.
    The 46.99 pct-owned Elders IXL Ltd 
<
ELXA.S> offshoot
announced the issue at 2.50 dlrs each with its first-half
results statement.
    The group lifted net earnings to 16.93 mln dlrs in the half
ended December 31 from 5.47 mln a year earlier when it was
still in its formative stages.
    The 8.0 pct notes are convertible to one share on May 1 and
November 1 of each year from next November.
 Reuter
3;
bodyend
documentend
documentstart
10408
topicstart
topicend
bodystart
2;

VENEZUELA PREPARES DEBT TERM SHEET FOR BANKS


    CARACAS, MARCH 27 - 
Venezuela will shortly send creditor
banks a term sheet specifying the changes agreed last month in
the country's 20.3 billion dlr public sector debt rescheduling,
finance minister Manuel Azpurua said.
    Azpurua told reporters yesterday the document is in its
"final phase' of preparation, and will be soon be sent to banks
for approval.
    "We expect that once the term sheet is received and analysed
by the banks, it will be approved in a relatively short time,'
Azpurua said.
    Under the new rescheduling agreement reached February 27,
payments on Venezuela's public debt were extended from 12 to 14
years and the interest rate dropped from 1 and 1/8 to 7/8 of a
pct above LIBOR.
    In addition, payments for the 1987-1989 period were lowered
from 3.82 billion dlrs to 1.350 billion dlrs. Venezuelan
officials said this amounted to an effective grace period,
something the banks had refused to grant.
    The agreement replaced a February, 1986 rescheduling accord
which Venezuela asked banks to revise, citing a 40 pct drop in
oil revenues last year.
 REUTER
3;
bodyend
documentend
documentstart
10409
topicstart
topicend
bodystart
2;

SYNDICATION FOR ELDERS NOTE FACILITY CLOSES


    HONG KONG, March 27 - 
Syndication for Elders IXL Ltd's

<
ELXA.S> 100 mln Australian dlr note issuance facility has been
completed, arranger Westpac Finance Asia Ltd said.
    It said the facility, which is half underwritten and half
non-underwritten, has been over-subscribed and underwriters'
allocations are reduced from the original commitments.
    The managers of the facility are Westpac, Bank of Montreal
Asia Ltd, BOT International (HK) Ltd, Commonwealth Bank of
Australia and Credit Industriel et Commercial de Paris. They
will be underwriting six mln dlrs each instead of 10 mln dlrs.
    Co-managers are Banque Bruxelles Lambert, Ka Wah Bank,
Kyowa Bank, Saitama Bank, Sanwa Bank and Yasuda Trust and
Banking Co Ltd. They will be underwriting three mln dlrs each
instead of five mln dlrs. BT Asia Ltd is junior co-manager with
a two mln dlr commitment.
    Westpac launched the facility early this month at 200 mln
dlrs but soon reduced it to 100 mln dlrs and amended the terms
due to the market's cool response. The underwriting margin was
raised to 10 basis points over the Australian dlr bank bill
rate. Originally the margin was set at 6.25 basis points for up
to 50 mln dlrs and at 2.5 basis points for the remainder.
 REUTER
3;
bodyend
documentend
documentstart
10410
topicstart
topicend
bodystart
2;

DENMARK IN 600 MLN CROWN EUROBOND DEAL


    COPENHAGEN, March 27 -  
One Luxembourg and three Danish
banks are tapping the Euro-Danish crown market in a three
tranche zero coupon eurobond deal of 600 mln Danish crowns
nominal for Denmark, senior vice-president Lars Thuesen of
Privatbanken, which is the lead manager, told Reuters.
    The three 200 mln crown tranches are tranche A, due May 16,
1989 priced at 82 1/8, tranche B, due May 15, 1990 priced at 73
7/8 and tranche C, due May 15, 1991, priced 66 1/2.
    Fees are 3/4 pct for selling and 5/8 pct for management and
underwriting combined with 1/8 pct praecipium.
 Reuter
3;
bodyend
documentend
documentstart
10411
topicstart
earn
topicend
bodystart
2;

TEKTRONIX INC 
<
TEK> 3RD QTR NET


    BEAVERTON, Ore., March 27 - 
Qtr ends March 7
    Shr 48 cts vs 39 cts
    Net 18.7 mln vs 15.6 mln
    Revs 415.4 mln vs 384.5 mln
    Nine mths
    Shr 1.31 dlrs vs 78 cts
    Net 50.7 mln vs 31.8 mln
    Revs 1.04 billion vs 1.01 billion
    NOTE: per share for yr and qtr prior restated to reflect
two-for-one stock split in Jan 1987.
 Reuter
3;
bodyend
documentend
documentstart
10412
topicstart
earn
topicend
bodystart
2;
******
WESTINGHOUSE SAYS IT EXPECTS AT LEAST 10 PCT EARNINGS/SHR GROWTH THROUGH 89

Blah blah blah.
3;


bodyend
documentend
documentstart
10414
topicstart
acq
topicend
bodystart
2;

METROPOLITAN FINANCIAL
<
MPC> TO ACQUIRE COMPANY


    FARGO, N.D., March 27 - 
Metropolitan Financial Corp said it
signed an agreement to acquire the stock of closely held
Rothschild Financial Corp, St. Paul, Minn.
    Details of the purchase were withheld.
    It said Rothschild in 1986 originated 500 mln dlrs of
mortgage loans, and its loan servicing portfolio stands at 1.4
billion dlrs. Officials of both companies estimated their
combined efforts could produce originations of 800 mln dlrs and
a loan servicing portfolio "well over 2.0 billion dlrs by
yearend."
 Reuter
3;
bodyend
documentend
documentstart
10416
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 663 MLN STG HELP


    LONDON, March 27 - 
The Bank of England said it gave the
money market a further 663 mln stg assistance in the afternoon
session. This takes the Bank's total assistance so far today to
928 mln stg and compares with its forecast shortage which it
earlier revised up to 850 mln stg from 750 mln.
    The central bank purchased bills in band one at 9-7/8 pct
comprising 267 mln stg bank bills, four mln stg local authority
bills and one mln stg treasury bills. It also bought 378 mln
stg bank bills and 13 mln stg of treasury bills in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
10417
topicstart
topicend
bodystart
2;

MADAGASCAR NEGOTIATING 180 MLN FRANC FRENCH LOAN


    ANTANANARIVO, March 27 - 
A French government team has
arrived in Antananarivo to negotiate a new 180 mln franc
structural adjustment credit for the Madagascar government,
diplomatic sources said.
    Officials of the French treasury and Caisse Centrale de
Cooperation Economique aid agency will remain in Madagascar
until Tuesday, they added.
    Last year, France provided its former Indian Ocean colony
with a structural adjustment loan of 160 mln francs.
 REUTER
3;
bodyend
documentend
documentstart
10418
topicstart
money-fx
topicend
bodystart
2;

AUSTRIA DOES NOT INTERVENE TO SUPPORT DOLLAR


    VIENNA, March 27 - 
The Austrian National Bank did not
intervene on the foreign exchange markets today to support the
dollar, deputy banking department chief Herbert Danzinger told
Reuters.
    He denied a suggestion by a dealer at one Vienna bank that
the National Bank had sold marks to support the U.S. Currency.
    Senior dealers at Creditanstalt and Girozentrale, Austria's
two largest banks, said they would have been aware of any
National Bank intervention. Any dollar purchases by the Bank
today were for purely day-to-day purposes, they said.
 REUTER
3;
bodyend
documentend
documentstart
10419
topicstart
acq
topicend
bodystart
2;

HANSON TRUST 
<
HAN> U.S. ARM SELLS CHEMICAL UNIT


    NEW YORK, March 27 - 
Hanson Trust Plc 
<
HAN> said its U.S.
subsidiary, Hanson Industries, sold PCR Inc, a specialty
chemicals unit, for 6.25 mln dlrs in cash to 
<
Chemical Partners
Inc>.
    Hanson Industries said it acquired PCR Inc in 1986 as part
of its purchase of 
<
SCM Corp>.
    PCR Inc posted an operating loss in 1986 of 381,000 dlrs on
sales of 13.2 mln dlrs, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10420
topicstart
topicend
bodystart
2;

PLENUM PUBLISHING 
<
PLEN> REGISTERS DEBENTURES


    NEW YORK, March 27 - 
Plenum Publishing Corp 
<
plen> said it
filed with the Securities and Exchange Commission a
registration covering the planned offering of 50 mln dlrs
principal amount of convertible subordinated debentures due
April 15, 2007.
    The company said it will grant the underwriter, Bear
Stearns and Co Inc, a  30 day option to buy up to 7.5 mln dlrs
principal amount of additional debentures to cover
overallotment.
    It said proceeds will be used for acquisitions.
 Reuter
3;
bodyend
documentend
documentstart
10422
topicstart
topicend
bodystart
2;

COMMERCIAL UNION GETS MEDIUM-TERM NOTE PROGRAM


    LONDON, March 27 - 
Commercial Union Assurance 
<
CUAC.L>, a
composite insurance company in the U.K., Said it is arranging a
financing facility totalling 750 mln European Currency Units
(ECUs) which will now include a medium term note program.
    Barry Cameron-Smail, Commercial Union's treasurer, said the
new financing will not increase its debt outstanding but rather
act as an umbrella for all its financing needs.
     Commercial Union has had a Euro-commercial paper program
since the autumn of 1985 and a guilder commercial paper program
since January 1986.
    Cameron-Smail said Commercial Union decided on having the
financing denominated in ECUs because it is more stable than
most major currencies, and because it would give greater
flexibility in its financings as it expands operations abroad.
    Although banks are anxious to develop a market for medium
term notes, only a few companies such as Electrolux AB and
Pepsico Inc have gone so far as to arrange one. Commercial
Union is the first U.K. Company to set up such a program.
    Cameron-Smail said the company seeks to help the
development of such a market as it would provide a new funding
base for its medium term assets.
     Cameron-Smail said that aside from traditional lines of
business, Commercial Union would like to move into other areas
where it may not be able to fund the assets itself. "This (the
medium term note program) will be the platform for developing
those assets," he said.
    He said Commercial Union will work closely with dealers for
the note program to find the right pricing level to satisfy
investor demands. The program will be investor driven, he
noted, adding that the company wants the notes placed with end
investors and not traded in the secondary market.
    Commercial Union will be able to issue medium term notes in
U.S. Dollars or sterling, with the dollar notes listed in
Luxembourg, while the sterling notes will be listed in London.
    Bankers expect that the maturities will be concentrated in
the one to five year area.
    The dealers for the program are Barclays de Zoete Wedd,
Credit Suisse First Boston Ltd, Goldman Sachs International,
Swiss Bank Corporation International Ltd and S.G. Warburg and
Co Ltd.
 REUTER
3;
bodyend
documentend
documentstart
10423
topicstart
acq
topicend
bodystart
2;

ELDERS EXTENDS OFFER FOR CARLING O'KEEFE 
<
CKB>


    TORONTO, March 27 - 
<
Elders IXL Ltd>, of Australia, said
wholly owned IXL Holdings Canada Inc extended its previously
announced offer to acquire all outstanding shares of Carling
O'Keefe Ltd to midnight April 23, 1987, from March 25.
    The 18-dlr-a-share offer is being extended for Elders to
obtain Canadian federal government approval for the acquisition
of control of Carling. Elders said its application to
Investment Canada is still being processed under normal review
procedures.
    Up to March 26, 19,962,000 shares or 92 pct of Carling's
stock has been deposited under the offer, Elders said.
    Elders also said it arranged for a credit facility of up to
390 mln dlrs, shared equally between two Canadian banks, which
would be available to acquire shares under the offer.
 Reuter
3;
bodyend
documentend
documentstart
10426
topicstart
topicend
bodystart
2;

UNION ELECTRIC SEEKS 150 MLN DLR LOAN FACILITY


    LONDON, March 27 - 
The Missouri-based energy service
company, Union Electric Co, is seeking a 150 mln dlr, four-year
euro-term loan facility, Swiss Bank Corporation International
Ltd said as arranger.
    The loan will carry a margin of 20 basis points over London
Interbank Offered Rate (LIBOR).
    Amounts pre-paid under the loan may, at the option of the
borrower, be converted into a revolving credit commitment with
an equivalent maturity to the original maturity on the loan.
    There will be a 12.5 basis point commitment fee on the
revolving credit.
 REUTER
3;
bodyend
documentend
documentstart
10427
topicstart
earn
topicend
bodystart
2;

STANDARD BRED PACERS 
<
STBD> YR LOSS


    GREAT NECK, N.Y., March 27 -
    
Shr loss 35 cts vs loss seven cts
    Net loss 718,269 vs loss 145,216
    Revs 1,394,080 vs 2,608,083
    NOTE: full name of company is standard bred pacers and
trotters Inc.
 Reuter
3;
bodyend
documentend
documentstart
10428
topicstart
topicend
bodystart
2;

MORGAN GUARANTY JOINS DEALERS FOR BSAF PROGRAM


    LONDON, March 27 - 
Morgan Guaranty Ltd said it has been
added to the group of dealers for the euro-commercial paper
program for BASF Corp that was launched last year.
    The program is for an unspecified amount and is guaranteed
by the parent BASF Ag.
    The other dealers are Union Bank of Switzerland and Morgan
Stanley International.
 REUTER
3;
bodyend
documentend
documentstart
10429
topicstart
acq
topicend
bodystart
2;

MULTIVEST 
<
MVST> ENDS MERGER TALKS,SETS PURCHASE


    NEW YORK, March 27 - 
Multivest Corp said it has ended talks
on 
<
Oryx Capital Corp>'s possible acqusition of Multivest and
is starting an offer of 1.51 dlrs a share for all the
oustanding shares of 
<
T.B.C. Industries Inc>.
    Multivest said its T.B.C. tender offer is scheduled to
expire April 30.
 Reuter
3;
bodyend
documentend
documentstart
10430
topicstart
earn
topicend
bodystart
2;

MOBILE COMMUNICATIONS CORP 
<
MCCAA> YR NET


    JACKSON, Miss., March 27 -
    
Shr 77 cts vs 37 cts
    Net 13.5 mln vs 4.8 mln
    Revs 70.8 mln vs 60.8 mln
    Avg shrs 17.5 mln vs 12.9 mln
    NOTE: 1986 net includes gain of 18 mln dlrs from sale in
Dec 1986 of a 50 pct interest in its cellular telephone
operations to BellSouth Corp.
    Net income also reflects non-recurring charges of 8,400,000
dlrs recorded in the fourth qtr 1986, primarily reflecting
revaluation of assets.
    Full name of company is mobile communications corp of
america.
 Reuter
3;
bodyend
documentend
documentstart
10431
topicstart
earn
topicend
bodystart
2;

TOKHEIM CORP 
<
TOK> 1ST QTR FEB 28 NET


    FORT WAYNE, Ind., March 27 -
    
Shr 23 cts vs 12 cts
    Net 1,535,000 vs 783,000
    Rev 40.0 mln vs 28.7 mln
 Reuter
3;
bodyend
documentend
documentstart
10432
topicstart
earn
topicend
bodystart
2;

SPARTECH
<
SPTN> SETS REVERSE SPLIT,DEBENTURE SALE


    NEW YORK, March 27 - 
Spartech Corp said it plans a one for
five reverse stock split and has filed a registration statement
with the Securities and Exchange Commission covering a planned
25 mln dlr offering of convertible subordinated debentures due
1999.
    Spartech said the debenture offering will be underwritten
by Kidder Peabody and Co.
    The company said the split will be effective on stock of
record April eight.
 Reuter
3;
bodyend
documentend
documentstart
10433
topicstart
topicend
bodystart
2;

MOTOR WHEEL SELLS SENIOR SUBORDINATED NOTES


    NEW YORK, March 27 - 
Motor Wheel Corp is raising 100 mln
dlrs through an offering of senior subordinated notes due 1997
with an 11-3/8 pct coupon and par pricing, said lead manager
PaineWebber Inc.
    Proceeds will be used to finance the company's
management-led buyout from Goodyear Tire and Rubber Co 
<
GT>,
the underwriter said.
    Non-callable for five years, the issue is rated B-3 by
Moody's Investors and B by Standard and Poor's. Prescott, Ball
and Turben co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
10434
topicstart
acq
topicend
bodystart
2;

RESTAURANT ASSOCIATES 
<
RA.A> SETS 1ST QTR GAIN


    NEW YORK, March 27 - 
Restaurant Associates Industries Inc
said it expects to record a pretax gain of 3.3 mln dlrs in the
first quarter from the sale and lease of real estate.
    The company said it received a 2.5 mln dlrs partial payment
in connection with the sale of property in Manhattan and an
additional one mln dlrs for early termination of the lease for
its headquarters, which was relocated in February.
    The outstanding balance of about 8.5 mln dlrs on the sale
of the property will be paid at closing scheduled for Sept 28,
1987, it said.
    In the first quarter ended March 31, 1986, Restaurant
Associates reported net income of 313,000 dlrs or seven cts a
share on sales of 40.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10435
topicstart
acq
topicend
bodystart
2;

HUDSON'S BAY TO SELL WHOLESALE UNIT


    TORONTO, March 27 - 
<
Hudson's Bay Co> said it signed a
letter of intent to sell its Hudson's Bay Wholesale unit to a
private investment group. Terms were not disclosed.
    The company said Normal Paul, a member of the private
investment group, will head Hudson's Bay Wholesale management.
    The unit's existing management group, headed by Ron
McArthur, will also participate in ownership, the company said
without elaborating.
    The wholesale unit is a major distributor of tobacco,
confectionary and other products through 34 wholesale and 28
vending branches in Canada. 1986 sales were 798 mln dlrs.
    Hudson's Bay said the sale of its wholesaling unit is part
of a program to concentrate financial and management resources
on its core business of department stores and real estate.
 Reuter
3;
bodyend
documentend
documentstart
10436
topicstart
earn
topicend
bodystart
2;

HENLEY GROUP INC 
<
HENG> 4TH QTR LOSS


    LA JOLLA, Calif., March 27 -
    
Shr loss 3.41 dlrs
    Net loss 354 mln vs loss 53 mln
    Revs 825 mln vs 830 mln
    Avg shrs 103.8 mln
    Year
    Shr loss 5.33 dlrs
    Net loss 426 mlnm vs loss 66 mln
    Revs 3.17 billion vs 1.83 billion
    Avg shrs 80 mln
    NOTE: The company had no shares outstanding in 1985. On
March 16, it had 109,244,315 shares oustanding.
    Losses include pre-tax restructuring charges of 286 mln
dlrs in both 1986 periods vs 47 mln dlrs in both 1985 periods
    1986 year loss also includes charge of about 100 mln dlrs
for amortization of good will
 Reuter
3;
bodyend
documentend
documentstart
10437
topicstart
topicend
bodystart
2;

LONE STAR INDUSTRIES 
<
LCE> PROMISARY NOTES


    NEW YORK, March 27 - 
Lone Star Industries Inc said it has
arranged 150 mln dlrs of financing through the issuance of
promisary notes to a consortium of 22 lenders.
    Lone Star said the 8.75 pct notes will mature on March 26,
1992. The proceeds will be used to refinance and retire debt,
and other general corporate purposes, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10439
topicstart
earn
topicend
bodystart
2;

BAYBANKS INC 
<
BBNK> RAISES QTLY DIVIDEND


    BOSTON, March 27 -
    
Qtly div 36 cts vs 33 cts prior
    Pay May one
    Record April 14
 Reuter
3;
bodyend
documentend
documentstart
10440
topicstart
earn
topicend
bodystart
2;

TOKHEIM 
<
TOK> SEES IMPROVING SALES IN 1987


    FORT WAYNE, Ind., March 27 - 
Tokheim Corp, manufacturer of
electronic petroleum marketing systems, said it expects
shipments of Tokheim Convenience Systems (TCS), its new family
of dispensers, to improve its sales trend throughout 1987.
    Tokheim said shipments of TCS will begin in the second
quarter.
    Earlier, the company reported first quarter, ended February
28, earnings of 1.5 mln dlrs, or 23 cts a share, up from
783,000 dlrs, or 12 cts a share, in last year's first quarter.
Sales rose as well, it said, to 40.0 mln dlrs, from 28.7 mln
dlrs in the prior first quarter.
 Reuter
3;
bodyend
documentend
documentstart
10442
topicstart
acq
topicend
bodystart
2;

SAFETY-KLEEN 
<
SK> TO BUY MCKESSON 
<
MCK> UNIT


    ELGIN, ILL., March 27 - 
Safety-Kleen Corp said it agreed in
principle to acquire McKesson Envirosystems Co, a subsidiary of
McKesson Corp.
    It said McKesson Envirosystems' current annual gross
revenues are about 14 mln dlrs.
    The company collects flammable solvents from its industrial
customers for a fee, after which it analyzes and processes the
solvents before they are burned.
 Reuter
3;
bodyend
documentend
documentstart
10444
topicstart
grain
wheat
topicend
bodystart
2;

CCC ACCEPTS BIDS ON BONUS WHEAT TO ALGERIA-USDA


    WASHINGTON, March 27 - 
The Commodity Credit Corporation,
CCC, has accepted bids for export bonuses on 36,000 tonnes of
durum wheat to Algeria, the U.S. Agriculture Department said.
    The department said the bonuses awarded averaged 40.42 dlrs
per tonne and will be paid to exporters in the form of
commodities from CCC inventories.
    The bonuses were made to Cam USA, Inc, the department said.
    The wheat is for shipment May 1-10, 1987.
    An additional 264,000 tonnes of durum wheat are still
avaiable to Algeria under the Export Enhancement program
initiative announced on March 16.
 Reuter
3;
bodyend
documentend
documentstart
10445
topicstart
earn
topicend
bodystart
2;

WESTINGHOUSE 
<
WX> SEES HIGHER EARNINGS GROWTH


    NEW YORK, MARCH 27 - 
Westinghouse Electric Corp said
earnings per share growth will exceed sales growth and will be
in the double digit range through 1989.
    In 1986, the company earned 4.42 dlrs a share on revenues
of 10.7 billion dlrs.
    Speaking at a meeting for securities analysts, Douglas
Danforth, Westinghouse's chairman, said the company's sales
growth target is about 8.5 pct a year for 1988 and 1989, "given
an economic environment that remains on a moderate growth
course." He also said the company will make acquisitions, but
he did not specify particular targets.
    Paul E. Lego, senior executive vice president told the
analysts "our plans do not call for a multibillion dlr
acquisition, even though our balance sheet can handle one.
Despite this disclaimer, if we identify a major acquisition
that has significnt value-creating for Westinghouse...we will
consider it." He said the company would consider an acquisition
candidate that is in an area compatable with Westinghouse's
primiary businesses.
    Danforth said the corportation was focused in several key
areas including defense electronics, financial services,
broadcasting, electrical products and services for construction
and industrial and utility markets.
    Danforth added that he expects Westinghouse's sales to grow
faster than the markets the corportation serves and "surely
faster than GNP."
    He said earnings per share growth is expected to
consistently exceed the Standard and Poor's 500 index and
return on equity will remain in the 18 to 21 pct range.
    Leo W. Yochum, senior executive vice president for finance,
told the analysts "we will consider buying back stock" but
there are no current plans for such a buyback.
    Yochum said that at the company's current level of earnings
it could comfortably maintain higher debt levels and that
Westinghouse will use its debt capacity to improve shareholder
value.
    Last year, Westinghouse established a 790 mln dlrs
restructuring reserve to be used for plant consolodation,
assett writedowns and other items. Yochum said, the company
spent 306 mln dlrs of that reserve in 1986 and will spend 344
mln dlrs of the reserves in 1987. The balance will be used in
1988. He also said, capital expenditures should be about 400
mln dlrs in 1987.
 Reuter
3;
bodyend
documentend
documentstart
10446
topicstart
acq
topicend
bodystart
2;

CLEARWATER FINE FOODS ACQUIRES CHANNEL FOODS


    NEW YORK, March 27 - 
Clearwater Fine Foods Inc, a Canadian
company minority owned by Hillsdown Holdings PLC of London, has
acquired Channel Foods Ltd, a Cornwall, England producer of
chilled smoke fish and pate products, Hillsdown said.
    Privately held Clearwater was sold for three mln stg, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
10447
topicstart
earn
topicend
bodystart
2;

GALACTIC RESOURCES LTD 
<
GALCF> YEAR LOSS


    VANCOUVER, British Columbia, March 27 -
    
Shr loss 1.30 dlrs
    Net loss 25.6 mln
    Revs 20.5 mln
    Note: Prior results not given.
    Shr and net include change in accounting policy, resulting
in loss of 22.8 mln dlrs or 1.16 dlrs share.
    Results in U.S. funds
 Reuter
3;
bodyend
documentend
documentstart
10448
topicstart
topicend
bodystart
2;

PHILIP MORRIS 
<
MO> UNIT SELLS SUBORDINATED NOTES


    NEW YORK, March 27 - 
Seven-Up Cos, a unit of Philip Morris
Cos Inc, is raising 155.78 mln dlrs via an offering of senior
subordinated notes due 1997 yielding 12-1/8 pct, said lead
underwriter Donaldson, Lufkin and Jenrette Securities Corp.
    The notes have a 7-1/2 pct coupon and were priced at 89.87.
    Non-callable for three years, the debt is rated B-3 by
Moody's Investors Service Inc and CCC-plus by Standard and
Poor's Corp.  The issue was raised from an initial offering of
140 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10449
topicstart
cocoa
topicend
bodystart
2;

COCOA CONSUMERS ACCEPT COMPROMISE BUFFER PLAN


  LONDON, March 27 - 
Consumer members of the International
Cocoa Organization, ICCO, accepted a final buffer stock rules
compromise, "on the condition that producers also agree,"
consumer spokesman Peter Baron said.
    The full council was meeting at 1530 GMT to discuss the
compromise, which was put together yesterday by ICCO chairman
Denis Bra Kanon.
    Consumer delegates said they were optimistic the council
could reach agreement on the rules fairly quickly.
 Reuter
3;
bodyend
documentend
documentstart
10450
topicstart
topicend
bodystart
2;

RABOBANK ISSUE IN HEAVY DEMAND ON AMSTERDAM BOURSE


    AMSTERDAM, March 27 - 
A new Rabobank mortgage bond, whose
terms dealers considered extremely generous, was in heavy
demand on the Amsterdam bourse today, bond dealers said.
    Rabobank, not anticipating a strong two-day rally in Dutch
bonds, on Wednesday set an issue price of 99.50 pct for a 6.25
pct eight-year open mortgage bond, giving it a yield about 1/4
pct higher than the market average.
    Rabobank stopped trading in the bond five minutes after the
bourse opened, but already between 200 and 300 mln guilders
worth had been sold, a Rabobank spokesman said. One Japanese
investor took 50 mln guilders alone, a dealer said.
    Later, the bank proposed to allot only 30 pct of
subscriptions, causing a general outcry among traders. Rabobank
finally gave in to bourse demands to honour all subscriptions.
    "We simply did not expect prices to rise so much," a Rabobank
spokesman said." Since the pricing, the bond price index has
risen 0.9 to 117.3, and the average state loan yield has fallen
accordingly to 6.04 pct.
    Two weeks ago, Rabobank issued a 250 mln guilder 6.75 pct
bond at par, giving it a yield 0.40 above the average bank loan
yields that day of 6.35 pct. The issue was heavily
over-subscribed.
 REUTER
3;
bodyend
documentend
documentstart
10452
topicstart
crude
ship
topicend
bodystart
2;

NATO HOLDS EMERGENCY MEETING ON AEGEAN CRISIS


    BRUSSELS, March 27 - 
NATO ambassadors met in emergency
session today to discuss tension between members Greece and
Turkey over a disputed area of the Aegean Sea on the Western
Alliance's southern flank, Greek diplomatic sources said.
    They said no information had yet emerged from the meeting,
called after statements from both countries that they were
prepared to back rival oil exploration teams with warships.
    General Guven Ergenc, Secretary General of the Turkish
General Staff, said today the Turkish research ship Sismik 1,
escorted by an unspecified number of warships, would sail into
disputed waters in the Aegean Sea tomorrow morning.
    Greek Prime Minister Andreas Papandreou said "The military
readiness of our country is able now to give a very hard lesson
if our neighbours (Turkey) were to carry out military actions."
    The row erupted when the Greek government said last month
that it was taking control of a Canadian-led consortium which
was already producing oil off the Greek island of Thassos and
would drill in the same area after the takeover.
 REUTER
3;
bodyend
documentend
documentstart
10453
topicstart
acq
topicend
bodystart
2;

HANSON TRUST TO SELL U.S. CHEMICALS UNIT


    LONDON, March 27 - 
Hanson Trust Plc 
<
HNSN.L> said its U.S.
Subsidiary, Hanson Industries Inc, is to sell PCR Inc, a
speciality chemicals unit, for 6.25 mln dlrs cash to 
<
Chemical
Partners Inc>.
    PCR had sales of 13.2 mln dlrs in fiscal 1986 and an
operating loss of 381,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10454
topicstart
acq
topicend
bodystart
2;
******
INVESTOR PAUL BILZERIAN HAS 7.2 PCT PAY 'N PAK STAKE, MAY SEEK CONTROL

Blah blah blah.
3;


bodyend
documentend
documentstart
10455
topicstart
trade
topicend
bodystart
2;

UK MAY REVOKE JAPANESE FINANCIAL LICENSES


    By Sten Stovall, Reuters


    London, March 27 - 
The British government may revoke the
licences of selected Japanese banks and securities companies
operating in London's financial City when they come up for
renewal next summer if progress is not made towards opening up
Japan's markets to foreign competition, government sources
said.
    "We can't say "yes, we are going to do it (revoke licences)"
but this is definitely being considered," an official said.
    His comments came after the government was formally urged
today by a cross-section of influential MPs to take joint
retaliatory action with the United States against Japan.
    Britain has grown increasingly impatient with Japanese
trade practices. "There's a sense of urgency here now, but the
emphasis is on securing - not undermining - our interests in
Japan," another government official told Reuters.
    Prime Minister Margaret Thatcher said on Thursday that
Britain would not hesitate to use new powers contained in the
Financial Services Act 1986 and the Banking Bill to retaliate
against countries that do not offer reciprocal market access.
    She clearly had Japan in mind, government sources said.
    The U.K. Last year showed a trade defict with Japan of 3.7
billion stg, official figures show.
    A parliamentary motion, signed by 98 MPs, today urged the
U.K. Government to "coordinate action with the President of the
United States, and through the Department of Trade and
Industry, to suspend all further applications from Japanese
communications companies for equipment approval by the British
Approvals Board for Telecommunications, and all further
applications from Japanese financial institutions for licences"
until authorities in Japan stopped imposing what the MPs called
"restrictive conditions" on the bid by (Cable and Wireless PLC)
(cawl.L) and its U.S. And Japanese partners for a stake in
Japan's international telecommunications market.
    The motion for retaliatory steps came from a cross-section
of MPs, reflecting the strength of feeling inside Parliament.
Parliamentarians said their action would increase pressure on
the Conservative government to take firm action.
    Officials said another option now being considered by the
U.K. Is to refuse issuing new banking licences to Japanese
institutions. That could be done under the government's
proposed Banking Bill now moving through parliament.
    58 Japanese financial institutions are authorised to deal
in London, of which 29 are banks. In Tokyo, 14 London-based
firms are authorised to do financial business, officials said.
    The new financial services and banking acts offer Britain
an alternative for retaliation which would be otherwise denied
under legally-binding international trade agreements.
    "The Financial Services Act gives (Trade and Industry
Secretary Paul) Channon power to stop firms from engaging in
investment, banking and insurance," one official said.
    "This point has been made to the Japanese at official level
a number times," the official added.
    Britain and France are now working together to urge that
the European Community take collective action against Japan,
but by working within EC treaties, another official said.
    British Trade Minister Alan Clark said this week in a radio
interview that the European Community should build barriers
against Japanese imports through certification procedures
similar to those facing European exporters in Japan.
    "There comes a point where you cannot resist any longer," he
said, adding "(such barriers) can't be put in place overnight."
Clark said the issue of reciprocity regarding visible trade
"strikes at the basis of whether British industry is to have a
fair access to an extremely large market (Japan) which is
itself in a very dominant position (in) certain aspects of our
own domestic market ... It is really a question of fairness."
    The situation is only likely to worsen following news that
Japan's trade surplus with the rest of the world rose by more
than 70 pct in February, year-on-year, to 8.14 billion dlrs
from 5.7 billion in January, political sources said.
    But Clark said in his interview that the issues of visible
trade and access to financial markets should be kept separate.
    Should Britain decide to act against Japanese financial
institutions, it would most likely focus on the smaller, rather
than larger ones, to minimise any risks to its role as a global
business centre, government sources said. Japan's four largest
securities houses are members of the London Stock Exchange.
    In Washington, White House officials said President Reagan
was ready to impose retaliatory trade action against Japan for
breaking its semiconductor agreement with the United States.
    There was no immediate indication when Reagan might act on
the recommendations of his Economic Policy Council to curb
Japanese exports to the United States but officials said the
move could come today or early next week.
    Trade sources said the actions being weighed by Reagan
included tariffs on a wide variety of Japanese exports which
use semiconductors.
 REUTER


3;
bodyend
documentend
documentstart
10458
topicstart
acq
topicend
bodystart
2;

LSB INDUSTRIES 
<
LSB> AGREES TO ACQUIRE BANK


    OKLAHOMA CITY, March 27 - 
LSB Industries Inc said it agreed
to acquire Northwest Federal Savings and Loan Association for
1,500,000 dlrs.
    As part of the agreement, LSB said it also would transfer
assets valued of not less than 30 mln dlrs to Northwest
Federal, which is located in Woodward, Okla.
 Reuter
3;
bodyend
documentend
documentstart
10459
topicstart
earn
topicend
bodystart
2;

UNIVERSAL HOLDING CORP 
<
UHCO> 4TH QTR NET


    JERICHO, N.Y., March 27 -
    
Shr NA
    Net profit 2,000 vs profit 195,000
    Revs 2,623,000 vs 2,577,000
    Year
    Shr NA
    Net loss 425,000 vs profit 278,000
    Revs 15.4 mln vs 8,637,000
 Reuter
3;
bodyend
documentend
documentstart
10461
topicstart
topicend
bodystart
2;

U.K. ISSUES 250 MLN STG IN INDEX-LINKED BONDS


    LONDON, March 27 - 
The U.K. Treasury issued to the Bank of
England 250 mln stg in two tranches of existing index-linked
stocks, for first dealings on Monday, the Bank said.
    The issues are 150 mln stg of 2-1/2 pct index-linked
Treasury stock due 2011 and 100 mln of 2-1/2 pct index-linked
Treasury due 2024. The latter stock is free of tax to residents
abroad (FOTRA).
    The bonds will be available to the U.K. Government bond
market from Monday at certified prices of 113.00 stg pct for
the 2-1/2s of 2011 and 85-24/32 stg pct for the 2-1/2s of 2024.
    Several dealers had expected the Bank of England to
announce further issues of index-linked bonds today in the
light of strength seen in this sector of the market over the
past few days. Some prices advanced by as much as 1-1/2 points
yesterday as the rest of the market eased back further.
    However, one or two traders expressed surprise that the
authorities had issued further bonds of any kind in the light
of the nervous conditions prevailing in the market.
    In such relatively small amounts, the new issues were
unlikely to have a significantly harmful effect on Government
bond prices in general, dealers said.
    Prices of index-linked bonds fell back slightly after the
stock tranches were announced, with the 2-1/2 pct index-linked
stock due 2016 quoted at 102-25/32 stg pct after 102-29/32
shortly before the announcement.
 REUTER
3;
bodyend
documentend
documentstart
10462
topicstart
acq
topicend
bodystart
2;

BILZERIAN MAY SEEK CONTROL OF PAY 'N PAK 
<
PNP>


    WASHINGTON, March 27 - 
Investor Paul Bilzerian disclosed he
holds a 7.2 pct stake in Pay 'N Pak Stores Inc common stock and
is considering seeking control of the retail building material
firm.
    Bilzerian said he and a Tampa, Fla., investment firm he
controls called Bicoastal Financial Corp "may acquire additional
shares, or they may seek to acquire one or more positions on
(Pay 'N Pak's) Board of directors or to acquire a controlling
interest in the (company's) shares, by tender offer or
otherwise." The statement was made in a filing with the
Securities and Exchange Commission.
    Bilzerian said his course of action would depend on the
company's prospects, market conditions and other factors.
    Bilzerian said he and Bicoastal made net purchases of
515,600 shares on the New York Stock Exchange Jan 26-March 25.
    His 7.2 pct stake makes up a total of 722,000 shares.
 Reuter
3;
bodyend
documentend
documentstart
10463
topicstart
topicend
bodystart
2;
******
S/P DOWNGRADES UNITED TECHNOLOGIES AND UNITS, AFFECTS 1.7 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
10464
topicstart
interest
topicend
bodystart
2;

FED EXPECTED TO ADD RESERVES, ECONOMISTS SAY


    NEW YORK, March 27 - 
The Federal Reserve is expected to
enter the U.S. government securities market to add reserves
today, economists said.
    They said the Fed would probably supply temporary reserves
indirectly by arranging one to two billion dlrs of customer
repurchase agreements.
    After averaging 6.21 pct yesterday, federal funds were
opened at 6-1/8 pct and remained at that level.
 Reuter
3;
bodyend
documentend
documentstart
10466
topicstart
topicend
bodystart
2;

SOCIETE GENERALE ISSUES 15 BILLION YEN BOND


    LONDON, March 27 - 
Societe Generale is issuing a 15 billion
yen bond due April 21, 1992 carrying a coupon of 4-1/2 pct for
the first four years and priced at 102, Mitsui Trust
International Ltd said as joint book runner.
    In the fifth year, the coupon rises to 7-1/2 pct but the
bond is callable after four years.
    Japan's Ministry of Finance does not permit the issuance of
euroyen bonds with maturities shorter than five years.
    Daiwa International (Europe) Ltd is the other joint book
runner. Payment is due April 21.
    The securities are available in denoninations of 10 mln yen
each and will be listed on the Luxembourg Stock Exchange.
    There is a 1-1/4 pct selling concession and a 5/8 pct
combined management and underwriting fee.
 REUTER
3;
bodyend
documentend
documentstart
10467
topicstart
acq
topicend
bodystart
2;

ALLEGHENY INT'L 
<
AG> SELLS THREE OVERSEAS UNITS


    PITTSBURGH, Pa., March 27 - 
Allegheny International Inc
said it sold three overseas subsidiaries to Reil Corp Ltd, a
North Sydney, Australia, investment group.
    Terms were not disclosed.
    The units sold were Sunbeam Corp Ltd Australia, Sunbeam New
Zealand Ltd and Victa (U.K.) Ltd. The units make and distribute
various products, including lawn mowers, small appliances and
sheep shearing equipment. They employ a total of about 1,750.
 Reuter
3;
bodyend
documentend
documentstart
10468
topicstart
topicend
bodystart
2;

WEYERHAEUSER 
<
WY> OFFERS PREFERRED SHARES


    NEW YORK, March 27 - 
Weyerhaeuser Co is offering 200 mln
dlrs of convertible exchangeable preferred stock at 50 dlrs a
share, said Morgan Stanley and Co, underwriter.
    Morgan Stanley said each share of preferred may be
converted at any time into 0.6944 share of the company's common
stock.
    Morgan Stanley said Weyerhaeuser may exchange the
preferred, on any dividend date beginning June 15, 1990, for
its 5-1/4 pct convertible subordinated debentures due 2017.
    Weyerhaeuser will use proceeds from the offering to reduce
outstanding commercial paper.
    Morgan Stanley said the Weyerhaeuser preferred stock will
not be redeemable prior to June 15, 1989, unless the closing
price of the common stock reaches or exceeds 150 pct of the
then effective conversion price for at least 20 trading days  
within 30 consecutive trading days that end within five trading
days prior to the notice of redemption.
    The redemption price will be 52.63 dlrs a share, declining
to 50 dlrs a share on or after June 15, 1997, plus accrued and
unpaid dividends, the underwriter said.
/
 Reuter
3;
bodyend
documentend
documentstart
10469
topicstart
topicend
bodystart
2;

UNITED TECHNOLOGIES 
<
UTX> DEBT DOWNGRADED BY S/P


    NEW YORK, March 27 - 
Standard and Poor's Corp said it
downgraded 1.7 billion dlrs of debt of United Technologies Corp
and subsidiaries.
    S and P cut to AA-minus from AA the senior debt, and to
A-plus from AA-minus the subordinated debt, of the parent and
units UT Financial Services Corp, UT Credit Corp, UT Finance
N.V. and Carrier Corp. A-1-plus commercial paper was affirmed.
    The agency said new management would be challenged to
reverse operational problems that hurt profitability and cash
flow in the past two years. And business risk will be greater
because of stricter government procurement practices.
 Reuter
3;
bodyend
documentend
documentstart
10470
topicstart
earn
topicend
bodystart
2;

GALACTIC 
<
GALCF> ADOPTS CONSERVATIVE ACCOUNTING


    VANCOUVER, British Columbia, March 27 - 
Galactic Resources
Ltd, earlier reporting a 1986 loss of 25.6 mln U.S. dlrs, said
it adopted a more conservative accounting policy, similar to
other gold producers' accounting for exploration costs.
    As a result, the company retroactively charged all past
exploration and related administration costs incurred on its
properties against expenses in 1986, 1985 and 1984.
    Under the new policy, all future exploration and related
administration costs will be written off to expenses rather
than capitalized as an intangible asset, it said.
    Galactic said the accounting change resulted in a 22.8 mln
U.S. dlr charge against 1986 earnings. It did not immediately
disclose the affect of the change on prior years' results.
    The new accounting policy is not expected to adversely
affect working capital position, future cash flows or the
company's ability to conduct ongoing business operations, it
said.
    Galactic said the charge includes 9.9 mln U.S. dlrs of
costs concerning its Summitville Mine leach pad and 8.9 mln
U.S. dlrs in waste removal costs, dyke construction and other
mine developments.
    Galactic said under the prior accounting policy, the
Summitville mine expenses would have been amortized over the
life of the mine and charged against future earnings.
    The change will also result in lower depreciation and
amortization charges against income of about 52 U.S. dlrs an
ounce of gold produced in future periods, based on total
estimated reserves of 617,000 ounces.
    Galactic said March leaching production at Summitville is
expected to exceed 2,500 ounces, raising gold equivalent
production since the June 5, 1986 start of leaching to 65,000
ounces.
 Reuter
3;
bodyend
documentend
documentstart
10471
topicstart
cocoa
topicend
bodystart
2;
******
Cocoa Council agrees new buffer stock  rules - delegates

Blah blah blah.
3;


bodyend
documentend
documentstart
10472
topicstart
earn
topicend
bodystart
2;

MARS STORE 
<
MXXX> SEES QTR, YEAR LOSS AND CHARGE


    NORTH DIGHTON, MA., March 27 - 
Mars Store Inc said it
expects to report a loss of about 800,000 dlrs for the fourth
quarter and about 1.1 mln dlrs for the fiscal year ended
January 31.
    As a result of the loss, the company said it has decided to
discontinue the operations of its Big Value Outlets division,
which will result in a yet undisclosed one time charge against
earnings for the year.
    The estimated 1.1 mln dlrs year loss or about 50 cts a
share, compares with earnings of 871,000 dlrs or 42 cts a share
recorded last year.
    "The fourth quarter loss was affected by an abnormally high
inventory shrinkage, lower than planned sales and higher
markdowns related to increased promotional activity, all of
which reduced fourth quarter gross margins," the company said.
    In order to concentrate on the company's core business, the
operation of discount and promotional department stores, Mars
said, it has decided to close the Big Value division.
 Reuter
3;
bodyend
documentend
documentstart
10473
topicstart
acq
topicend
bodystart
2;

HONEYWELL 
<
HON> COMPLETES COMPUTER BUSINESS SALE


    MINNEAPOLIS, Minn., March 27 - 
Honeywell Inc said it has
completed the sale of 57.5 pct of its Honeywell Information
Systems 
<
HIS> computer business to 
<
Compagnie des Machines
Bull> of France and 
<
NEC Corp> of Japan for 527 mln dlrs in
cash.
    Honeywell said it will use much of the money to reduce
short-term debt incurred last December when the company
purchased the Sperry Aerospace Group.
    Honeywell said the sale of HIS has created a new dedicated
computer company jointly owned by Bull, NEC and Honeywell.
    The new privately held company, named Honeywell Bull, is
42.5 pct owned by Honeywell Inc, 42.5 pct by Bull and 15 pct by
NEC, the new company said.
    Honeywell added that terms of the agreement with NEC and
Bull allow it to reduce its current 42.5 pct stake in the new
company to 19.9 pct at the end of 1988 by selling just over
half its shares to Bull. Book value at the time will determine
the move's pricing, Honeywell said.
    Honeywell chairman and chief executive officer, Edson
Spencer, said the move is the last major step in Honeywell's
restructuring.
    "As the leading worldwide supplier of of automation and
controls for buildings, industry, aerospace and defense,
Honeywell is now focusing its management, technical and
financial resources on high market share business," Spencer
said.
    Honeywell said it expects to be Honeywell Bull's largest
customer, purchasing computers for its own internal data
processing, for integration into Honeywell buidling and
industrial automation systems and for resale to the U.S.
governement.
    Honeywell said HIS's Federal Systems Division is now a
wholly owned unit of Honeywell Inc, and has been named
Honeywell Federal Systems Inc.
    Honeywell said it accounted for HIS as a discontinued
operation in 1986, and will account for its future interest on
a cost basis, recording any dividends as received.
    Honeywell Bull said it will continue to develop its product
line and build its business in integrated systems for
networking, database management and transaction processing.
    The new company said its board will have nine members,
including the chairman and chief executive officer.
    Bull will have four members, Honeywell two and NEC one, the
new company, which began worldwide operations today, said.
    It added that Jacques Stern, Bull's chairman and chief
executive officer, will serve as Honeywell Bull's chairman of
the board, while Jerome Meyer, formerly executive vice
president of Honeywell Information Systems, was named president
and chief executive officer.
 Reuter
3;
bodyend
documentend
documentstart
10475
topicstart
money-fx
dlr
topicend
bodystart
2;

DEALERS SAY FED INTERVENED BUYING DOLLARS IN U.S.


    NEW YORK, March 27 - 
U.S. dealers said the New York Federal
Reserve Bank has intervened in the foreign exchange market
today buying dollars against yen.
    Fed officials do not comment on such intervention, but
dealers said it appeared that the Fed had intervened when the
dollar reached 147.50 yen in New York.
    The dollar subsequently hovered at 147.55/65 yen.
    Dealers said they were uncertain about the size of the
intervention, but some said it was only for a small amount.
They were also uncertain whether the Fed intervened on its own
account, or if it executed orders for the Bank of Japan.
 Reuter
3;
bodyend
documentend
documentstart
10478
topicstart
earn
topicend
bodystart
2;

<
INNOPAC INC> SIX MTHS FEBRUARY 28 NET


    TORONTO, March 27 -
    
Shr 22 cts vs 45 cts
    Net 3,100,000 vs 5,100,000
    Revs 103.4 mln vs 98.2 mln
 Reuter
3;
bodyend
documentend
documentstart
10480
topicstart
topicend
bodystart
2;

CHOCK FULL O'NUTS 
<
CHF> SELLS CONVERTIBLE DEBT


    NEW YORK, March 27 - 
Chock Full O'Nuts Corp is raising 60
mln dlrs through an offering of convertible subordinated
debentures due 2012 with a seven pct coupon and par pricing,
said lead manager Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 10.75 dlrs per share, representing a premium of 24.6
pct over the stock price when terms on the debt were set.
    Non-callable for three years, the issue is rated B-2 by
Moody's Investors and B-minus by Standard and Poor's. Bear
Stearns and Ladenburg Thalmann co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
10484
topicstart
earn
topicend
bodystart
2;

CORNERSTONE FINANICAL CORP 
<
CSTN> SETS PAYOUT


    DERRY, N.H., March 27 -
    
Qtrly div eight cts vs eight cts prior
    Pay May 15
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
10485
topicstart
gold
silver
zinc
lead
topicend
bodystart
2;

PEGASUS GOLD 
<
PGULF> STARTS MILLING IN MONTANA


    JEFFERSON CITY, Mont., March 27 - 
Pegasus Gold Inc said
milling operations have started at its Montana Tunnels open-pit
gold, silver, zinc and lead mine near Helena.
    The start-up is three months ahead of schedule and six mln
dlrs under budget, the company said. Original capital cost of
the mine was 57.5 mln dlrs, but came in at 51.5 mln dlrs, the
company said.
    After a start-up period, the mill is expected to produce 
106,000 ounces of gold, 1,700,000 ounces of silver, 26,000 tons
of zinc and 5,700 tons of lead on an annual basis from
4,300,000 tons of ore, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10487
topicstart
grain
corn
topicend
bodystart
2;

LOWER ASCS CORN PRICES TO AFFECT TEN STATES


    WASHINGTON, March 27 - 
The Agriculture Department's
widening of Louisiana gulf differentials will affect county
posted prices for number two yellow corn in ten states, a USDA
official said.
    All counties in Iowa will be affected, as will counties
which use the gulf to price corn in Illinois, Indiana,
Tennessee, Kentucky, Missouri, Mississippi, Arkansas, Alabama
and Louisiana, said Ron Burgess, Deputy Director of Commodity
Operations Division for the USDA.
    USDA last night notified the grain industry that effective
immediately, all gulf differentials used to price interior corn
would be widened on a sliding scale basis of four to eight cts,
depending on what the differential is.
    USDA's action was taken to lower excessively high posted
county prices for corn caused by high gulf prices.
    "We've been following this Louisiana gulf situation for a
month, and we don't think it's going to get back in line in any
nearby time," Burgess said.
    Burgess said USDA will probably narrow back the gulf
differentials when and if Gulf prices recede. "If we're off the
mark now because we're too high, wouldn't we be as much off the
mark if we're too low?" he said.
    While forecasting more adjustments if Gulf prices fall,
Burgess said no other changes in USDA's price system are being
planned right now.
    "We don't tinker. We don't make changes lightly, and we
don't make changes often," he said.
 Reuter
3;
bodyend
documentend
documentstart
10489
topicstart
corn
grain
topicend
bodystart
2;

GREECE BUYS 55,000 TONNES FRENCH MAIZE - TRADE


    PARIS, March 27 - 
Greece bought a total of 55,000 tonnes of
French maize when it tendered yesterday, initially for 30,000
tonnes of April delivery, trade sources said.
    They said 25,000 tonnes, to be shipped from Bordeaux, were
sold at 1,603 francs per tonne fob, 15,000 tonnes from Rouen at
1,596 francs fob and 15,000 tonnes from Sete at 1,607 francs
fob.
 Reuter
3;
bodyend
documentend
documentstart
10491
topicstart
cocoa
topicend
bodystart
2;
******
COCOA BUFFER STOCK RULES TO TAKE EFFECT  IMMEDIATELY - DELEGATES

Blah blah blah.
3;


bodyend
documentend
documentstart
10494
topicstart
grain
wheat
topicend
bodystart
2;

DROUGHT CUTS CHINESE WHEAT CROP -- USDA REPORT


    WASHINGTON, March 27 - 
Drought has resulted in a reduction
in China's estimated wheat crop this year to 87.0 mln tonnes,
2.0 mln below last year's harvest, the U.S. Agriculture
Department's officer in Peking said in a field report.
    The report, dated March 25, said imports in the 1987/88
season are projected at 8.0 mln tonnes, 1.0 mln tonnes above
the the current season's estimate.
    Imports from the United States are estimated at 1.5 mln
tonnes compared to only 150,000 tonnes estimated for the
1986/87 year, it said.
    After travelling to major wheat producing areas and
obtaining more information on the planted area, the total
planted area was estimated down 290,000 hectares due to the dry
fall, it said.
    The report said to compensate for the below normal
precipitation irrigation has increased as has the use of
fertilizer.
    While there are pockets where irrigation is not possible,
most of the wheat crop has access to some water and therefore
has emerged from dormancy and is doing well, the report said.
    It said scattered rain in many parts of China in the past
10 days has improved the situation but information on hail
damage in Anhui is incomplete.
 Reuter
3;
bodyend
documentend
documentstart
10496
topicstart
topicend
bodystart
2;

RENT-A-CENTER 
<
RENT> FILES DEBENTURE OFFERING


    NEW YORK, March 27 - 
Rent-A-Center Inc said it filed a
registration statement with the Securities and Exchange
Commission covering a 35 mln dlr offering of 25-year
convertible subordinated debentures.
    Proceeds will be used to finance a business expansion over
the next one or two years by opening or acquiring additional
stores, Rent-A-Center said.
    The company named Morgan Stanley and Co Inc as lead
underwriter of the offering.
 Reuter
3;
bodyend
documentend
documentstart
10498
topicstart
earn
topicend
bodystart
2;

CISTRON BIOTECHNOLOGY 
<
CIST> SETS DIVIDEND


    PINE BROOK, N.J., MARCH 27 - 
Cistron Biotechnology Inc said
it will pay a stock dividend declared prior to the initial
public offering of its common stock in August 1986 to
stockholders of record prior to the common offering.
    Payment of the dividend was contingent on the closing bid
price of the common stock averaging two dlrs or more per shares
for the trading days within any consecutive ten day period
ending before February 29, 1988. The company said that the
contingency has been fulfilled.
    Payment of the stock dividend increases Cistron's
outstanding common stock to 21,390,190 shares from 16,185,354
shares.
 Reuter
3;
bodyend
documentend
documentstart
10499
topicstart
earn
topicend
bodystart
2;

WERNER ENTERPRISES INC 
<
WERN> 4TH QTR, YR NET


    OMAHA, Neb., March 27 - 
Qtr ends Feb 28
    Shr 18 cts vs 10 cts
    Net 2,051,000 vs 901,000
    Revs 25.8 mln vs 19.2 mln
    Avg shrs 10.7 mln vs 9,059,600
    12 mths
    Shr 87 cts vs 63 cts
    Net 9,020,000 vs 5,680,000
    Revs 94.4 mln vs 73.7 mln
    Avg shrs 10.3 mln vs 9,059,600
 Reuter
3;
bodyend
documentend
documentstart
10500
topicstart
earn
topicend
bodystart
2;

<
REVENUE PROPERTIES CO LTD> YEAR LOSS


    TORONTO, March 27 -
    
Shr loss eight cts vs loss 24 cts
    Net loss 1,150,000 vs loss 3,450,000
    Revs 55.7 mln vs 78.1 mln
 Reuter
3;
bodyend
documentend
documentstart
10503
topicstart
interest
money-fx
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 27 - 
The Federal Reserve entered the U.S.
Government securities market to arrange one billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-1/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
10505
topicstart
cocoa
topicend
bodystart
2;

ICCO COUNCIL AGREES COCOA BUFFER STOCK RULES


    LONDON, March 27 - 
The International Cocoa Organization
(ICCO) Council reached agreement on rules to govern its buffer
stock, the device it uses to keep cocoa off the market to
stabilise prices, ICCO delegates said.
    The date on which the new rules will take effect has not
been decided but delegates said they expected them to come into
force early next week, after which the buffer stock manager can
begin buying or selling cocoa.
    Since prices are below the "may-buy" level of 1,655 Special
Drawing Rights a tonne set in the cocoa pact, the manager is
likely to buy cocoa sooon to support the market, they said.
    Delegates and traders said they expected the manager,
Juergen Plambeck, to intervene in the market within three weeks
of the pact coming into force.
    The rules permit him to buy and sell cocoa from origins or
the second hand market on an offer system, not by means of a
posted price as in the previous cocoa accord.
    The cocoa will be priced according to a fixed set of
differentials, ranging from 137 stg for most expensive Ghana
cocoa to zero for Malaysian cocoa.
    Purchases from non-members, such as Malaysia, will be
limited to 15 pct of the total stock and those on any one day
should be limited to 40 pct each in nearby, intermediate and
forward positions.
    The council meeting, which is expected to conclude two
weeks of sessions involving various working groups and the
council itself, was continuing, the delegates said.
    The current cocoa agreement came into force on January 20
during a previous meeting of the council which was unable to
agree on the rules to implement buffer stock operations.
 REUTER
3;
bodyend
documentend
documentstart
10506
topicstart
cocoa
topicend
bodystart
2;

COCOA BUFFER STOCK RULES EFFECTIVE IMMEDIATELY


    LONDON, March 27 - 
The cocoa buffer stock rules just
decided by the International Cocoa Organization, ICCO, council
will take effect immediately, delegates said.
    That means the buffer stock manager is likely to begin
buying cocoa within two or three weeks, after organizing
communication systems and assessing the market, they said.
 Reuter
3;
bodyend
documentend
documentstart
10508
topicstart
acq
topicend
bodystart
2;

SOUTHAM TO SELL 49 PCT INTEREST IN BRANDON SUN


    TORONTO, March 27 - 
<
Southam Inc> said it agreed to sell
its 49 pct interest in Sun Publishing Co Ltd, which publishes
The Brandon Sun, to majority shareholder publisher Lewis D.
Whitehead.
    Terms were not disclosed.
    Southam said the proposed sale resulted from an offer made
by Whitehead, whose family has had majority control of the
newspaper since 1905.
    The Brandon Sun has daily circulation of 19,100.
 Reuter
3;
bodyend
documentend
documentstart
10509
topicstart
earn
topicend
bodystart
2;

GLAMIS GOLD 
<
GLGVF> SETS COMMON STOCK SPLIT


    VANCOUVER, British Columbia, March 27 - 
Glamis Gold Ltd
said it will ask shareholders at an April 1 extraordinary
general meeting to approve a one-and-one-half for one common
share split.
    Record date for the split will be set in the near future,
the company said.
 Reuter
3;
bodyend
documentend
documentstart
10512
topicstart
topicend
bodystart
2;

MARINE MIDLAND 
<
MM> MAY RECLASSIFY BRAZIL LOANS


    WASHINGTON, March 27 - 
Marine Midland Banks Inc said in a
filing with the Securities and Exchange Commission that it may
reclassify as "nonperforming" 359 mln dlrs of medium- and
long-term loans to Brazil.
    The company added that it expects first quarter 1987
earnings to be "down moderately" from year-earlier levels.
    "Continued suspension of interest payments on the medium-
and long-term debt could result in such loans being classified
as nonperforming and placed on nonaccrual," it said.
    However, it added its belief that it was "premature to
decide at this time" whether to reclassify the loans.
    Brazil announced Feb. 20 that it was temporarily suspending
interest payments on all its medium- and long-term foreign bank
debt.
    Marine Midland said its total Brazil outstandings as of the
end of 1986 were 653 mln dlrs, including 359 mln dlrs of
medium- and long-term loans and 294 mln dlrs of short-term
outstandings.
    As of Dec. 31, it had interest receivable of about five mln
dlrs on its medium- and long-term Brazil outstandings.
    If debt restructuring talks between Brazil and its creditor
banks are not completed by the end of the third quarter, the
company estimated Brazil's action would reduce its net income
for the year by about 22 mln dlrs.
    In the first quarter of 1986, Marine Midland reported 
record earnings of 38.2 mln dlrs, bolstered by certain
non-recurring securities gains.
    It said it expected lower first quarter 1987 earnings
because the money market cost of funds had increased, "narrowing
net interest spreads somewhat." It said the earnings projection
was based on "preliminary" 1987 data.
 Reuter
3;
bodyend
documentend
documentstart
10515
topicstart
earn
topicend
bodystart
2;

NUCLEAR METALS 
<
NUCM> HAS DELAY IN ORDERS


    CONCORD, Mass., March 27 - 
Nuclear Metals Inc said a delay
in receiving certain new orders will result in negligible
earnings per share for its fiscal second quarter.
    However, the company said it has been assured that the
orders will be placed beginning in its fiscal third quarter and
that it expects a strong rebound in earnings for the third and
fourth quarters.
 Reuter
3;
bodyend
documentend
documentstart
10518
topicstart
acq
topicend
bodystart
2;

FIRST SARASOTA HOLDERS APPROVE ACQUISITIONS


    JACKSONVILLE, Fla, March 27 -  
First Sarasota Bancorp said
its shareholders approved the acquisition of its City
Commercial Bank subsidiary by First Union Corp's 
<
FUNC> First
Union National Bank of Florida.
    The purchase price of the outstanding shares is about 8.6
mln dlrs.
    The transaction, subject to regulatory approval, is
expected to be completed during the second quarter of 1987.
    After completing the City Commercial acquisition and four
other acquisitions having combined assets of 248 mln dlrs,
First Union will have assets of 28.6 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10519
topicstart
grain
corn
wheat
rice
topicend
bodystart
2;

JAMAICA BUYS U.S. PL-480 CORN, WHEAT AND RICE


    CHICAGO, March 27 - 
Jamaica bought U.S. corn, wheat and
rice at its tender earlier this week using PL-480 funds, a U.S.
Department of Agriculture official said.
    The purchase consisted of the following cargoes -
 - Cargill sold 1,503.5 tonnes of number two soft red winter
(SRW) wheat for May 5/30 shipment at 117.44 dlrs per tonne FOB
Gulf ports.
 - Continental Grain 8,250 tonnes of number two northern
spring/dark northern spring (NS/DNS) wheat (14.5 pct protein)
for April 15/May 10 at 123.97 dlrs FOB Gulf, excluding
Brownsville.
 - Nichemen 10,000 tonnes number two SRW wheat for June 12/July
7 at 103.43 dlrs FOB Gulf.
 - Nichemen 10,000 tonnes number two NS/DNS wheat (14.0 pct
protein) for May 25/June 20 at 121.89 dlrs FOB Gulf.
 - Cargill 10,000 tonnes number two SRW wheat for April 10/May
5 at 120.88 dlrs FOB Gulf.
 - Cargill 8,469.5 tonnes number two SRW wheat for May 5/30 at
117.44 dlrs FOB Gulf.
 - Louis Dreyfus 4,500 tonnes number three yellow corn (15.0
pct maximum moisture) for April 10/May 5 at 76.09 dlrs FOB
Gulf.
 - Louis Dreyfus 5,300 tonnes same corn April 20/May 15 at
75.89 dlrs FOB Gulf.
 - Louis Dreyfus 5,300 tonnes same corn May 10/June 5 at 75.49
dlrs FOB Gulf.
 - Louis Dreyfus 5,300 tonnes same corn June 1/25 at 75.49 dlrs
FOB Gulf.
 - Loius Dreyfus 3,700 tonnes number two yellow corn (14.5 pct
maximum moisture) for Apirl 10/May 5 at 76.29 dlrs FOB Gulf.
 - Louis Dreyfus 3,700 tonnes same corn for May 10/June 5 at
75.68 dlrs FOB Gulf.
    Exporters have not received final PL-480 approval on their
sale of a total of 9,500 tonnes of U.S. number five or better
long grain brown rice (10 pct maximum broken) for April 10/May
25 shipments.
    But the USDA official said he saw no hold-up in obtaining
that approval.
 Reuter
3;
bodyend
documentend
documentstart
10520
topicstart
ipi
trade
topicend
bodystart
2;

HUNGARIAN ECONOMY CONTINUES UNFAVOURABLE TREND


    BUDAPEST, March 27 - 
Hungary's economy and hard currency
trade have failed so far this year to reverse a two-year
unfavourable trend, the official Hungarian news agency MTI
said.
    Industrial production in January and February was only 1.3
pct up on the same 1986 period, MTI said, while hard currency
exports fell six pct as imports rose 10 pct.
    Hungary's hard currency trade fell into a deficit of 539.4
mln dlrs last year from a surplus of 295.3 mln in 1985 and 1.2
billion in 1984.
    MTI quoted a government spokesman saying last December's
wage freeze decree would expire on April 1 as envisaged.
    Gross domestic product grew a sluggish one pct in 1986
after stagnating in 1985 and growing 2.6 pct in 1984.
 REUTER
3;
bodyend
documentend
documentstart
10521
topicstart
nat-gas
topicend
bodystart
2;

NOBLE AFFILIATES 
<
NBL> FINDS NATURAL GAS


    ARDMORE, Okla., March 27 - 
Noble Affiliates Inc said it
found natural gas on Ship Shoal 80, located about 10 miles
offshore Louisiana in the Gulf of Mexico.
    The discovery well, Samedan Oil Corp's OCS-G 5537 Well
Number One, was drilled in 25 feet of water to a total depth of
7,500 feet and found 38 feet of net gas pay in a 48-foot gross
sand interval, the company said.
    The well tested gas at a rate of 6.2 mln cubic feet a day
through a 26/64-inch choke with 1,548 pounds flowing tubing
pressure. Gas sales should begin in the first quarter of 1988,
it said.
    Samedan, a Noble unit, is operator and owns a 60 pct
working interest in the well. Other owners are a New England
Electric System 
<
NES> unit, with a 25 pct stake, and
Southwestern Energy Production Co, with 15 pct.
 Reuter
3;
bodyend
documentend
documentstart
10523
topicstart
topicend
bodystart
2;

NORTH HILLS 
<
NOHL> GETS CONSTRUCTION FUNDING


    GLEN COVE, N.Y., March 27 - 
North Hills Electronics Inc
said its North Hills Israel Ltd unit received a commitment for
1,500,000 dlrs in financing from the 
<
Overseas Private
Placement Corp>.
    The company said the money will be used to construct and
equip a 14,000-square-foot manufacturing plant in Israel.
    North Hills said construction of the plant, which will make
electronic power supplies and interconnect devices for computer
local area networks, will be completed by the second quarter of
its current fiscal year.
 Reuter
3;
bodyend
documentend
documentstart
10524
topicstart
earn
topicend
bodystart
2;

SOURCE VENTURE CAPITAL INC YEAR


    ENGLEWOOD, Colo., March 27 -
    
Shr profit nil vs loss nil
    Net profit 68,895 vs loss 160,893
    Revs 3.3 mln vs 104,801
 Reuter
3;
bodyend
documentend
documentstart
10525
topicstart
topicend
bodystart
2;

NIGERIA, FRANCE TO RESCHEDULE OFFICIAL DEBT


    PARIS, March 27 - 
Nigeria and France have signed a
bilateral agreement to reschedule Nigeria's
official debt to France, government sources said.
    The accord was signed here yesterday by Nigerian Finance
Minister Chu Okongwu and senior French Treasury officials after
talks with CoFACE, the French export credit agency, they said.
    The agreement came after a similar agreement with Britain
this week and follows an accord between Nigeria and the Paris
Club of western creditor governments in December to reschedule
some 7.5 billion dlrs of official debt.
    The Paris Club multilateral agreement concerned medium and
long-term debt due between September 1986 and end-1987 over 10
years with five years grace.
    As with all Paris Club rescheduling accords, specific
interest rates and other details have to be negotiated on a
bilateral basis with the creditor countries involved. No
details of the discussions here were immediately available.
    The agreement signed on Tuesday with Britain's Export
Credits Guarantee Department was the first in Nigeria's tour of
creditor nations. Okongwu left Paris today for London and is
due back in Nigeria on Monday, diplomatic sources said.
    Nigeria is hoping that further bilateral accords can be
concluded soon as this could encourage official export credit
agencies to renew insurance cover for exports to Nigeria.
    CoFACE suspended its cover for medium and long-term export
contracts with Nigeria in 1983, but maintained its cover for
current trade deals involving consumer goods with six-month
credit periods, CoFACE sources said.
    "We have an open position regarding Nigeria," the sources
said, adding that it was for French Finance Minister Edouard
Balladur to decide whether to renew full insurance cover.
    Nigeria is due to receive 900 mln dlrs in fresh export
credits this year from official agencies under a structural
adjustment program drawn up by Nigeria and the World Bank to
reschedule part of the country's 19 billion dlr foreign debt.
    But these credits cannot be approved until the export
credit agencies agree to resume insuring the credits.
    French exports to Nigeria were 3.42 billion francs in 1986,
down from 4.94 billion in 1985, while Nigeria's exports to
France were 5.63 billion francs in 1986, down from 15.33
billion in 1985. Details of Nigeria's official debts to France
were not immediately available.
 REUTER
3;
bodyend
documentend
documentstart
10526
topicstart
topicend
bodystart
2;

SYNERGY GROUP SELLS SUBORDINATED NOTES


    NEW YORK, March 27 - 
Synergy Group is offering 85 mln dlrs
of senior subordinated notes due 1997 with an 11-5/8 coupon and
par pricing, said sole manager L.F. Rothschild, Unterberg,
Towbin Inc.
    Non-redeemable for five years, the notes are rated B-3 by
Moody's Investors Service Inc and B-plus by Standard and Poor's
Corp.  The issue was increased from an initial offering of 75
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10527
topicstart
acq
topicend
bodystart
2;

LSB 
<
LSB> IN PACT TO ACQUIRE NORTHWEST FEDERAL


    OKLAHOMA CITY, OK., March 27 - 
LSB Industries Inc said it
entered into an agreement to acquire Northwest Federal Savings
and Loan Association of Woodward, Oklahoma.
    Upon completion of the acquisition, LSB would pay about 1.5
mln dlrs to the shareholders of Northwest and transfer to
Northwest Federal certain assets having a net current appraised
value of not less than 30 mln dlrs.
    At completion of this transaction, Northwest Federal would
be a subsidiary of LSB's non-consolidated wholly-owned
financial subsidiary.
    The acquisition is subject to obtaining approvals, waivers
and forbearances from the Federal Home Loan Bank Board and
other government approvals.
 Reuter
3;
bodyend
documentend
documentstart
10529
topicstart
earn
topicend
bodystart
2;

<
BRAMALEA LTD> YEAR NET


    TORONTO, March 27 -
    
Shr 73 cts vs 55 cts
    Net 26.0 mln vs 17.1 mln
    Revs 673.3 mln vs 394.5 mln
    Avg shrs 29.3 mln vs 22.4 mln
 Reuter
3;
bodyend
documentend
documentstart
10530
topicstart
trade
topicend
bodystart
2;

REAGAN READY TO IMPOSE TRADE CURBS AGAINST JAPAN


    WASHINGTON, March 27 - 
President Reagan was ready to impose
retaliatory trade action against Japan for breaking its
semiconductor agreement with the United States, White House
officials said.
    There was no immediate indication when Reagan might act on
the recommendations of his Economic Policy Council to curb
Japanese exports to the United States, but officials said the
move could come today or early next week.
    Trade sources said the actions being weighed by Reagan
include tariffs on a wide variety of Japanese exports which use
semiconductors.
    The sources said the tariffs could be slapped on personal
computers, television receivers and laser-printers, with the
aim of penalizing Japan's major electronic firms, including NEC
Corp, Hitachi Ltd, Toshiba Corp and Fujitsu Ltd.
    They said Reaan could also delay invoking sanctions for a
week or two, giving Japan a final opportunity to end the
dumping practice, but added that negotiators had already held
extensive talks with the Japanese to no avail.
 Reuter
3;
bodyend
documentend
documentstart
10531
topicstart
gnp
reserves
topicend
bodystart
2;

SOUTH AFRICA GDP UP 4.7 PCT IN 1986 LAST QUARTER


    PRETORIA, March 27 - 
The South African Reserve Bank,
confirming previous estimates, said real gross domestic product
in the 1986 fourth quarter grew at a seasonally adjusted annual
rate of 4.7 pct versus 4.6 pct in the third quarter and 1.3 pct
in the 1985 final quarter.
    The bank, in its latest quarterly review, said the nominal
growth rate for the year did not quite reach one pct after a
1.5 pct contraction in 1985.
    But it said when the strengthening of the terms of trade is
taken into account, the real GNP in 1986 advanced by 1.5 pct
compared with a decrease of 0.5 pct in 1985.
    GDP is the total value of goods and services produced by an
economy but omits income from abroad.  GNP includes such
payments or outflows.
    The bank also said there were indications the country's
economic recovery was becoming more broadly based.
    With the exception of commerce all major sectors of the
economy contributed to the fourth quarter rise in domestic
production.
    The bank said major increases in foreign reserves were
recorded in January, February and the first half of March 1987.
Reserves rose by 1.70 billion rand during January and February.
    Total reserves in 1986 declined by 189 mln rand to 5.70
billion rand and were equivalent to about 14.5 pct of the total
annual value of import payments.
    The current account surplus amounted to 7.20 billion rand
in 1986 versus 5.90 mln the previous year.
    The bank said continuing strength of the current account
has allowed foreign reserves to be "rebuilt to more comfortable
levels."
    "This has strengthened the authorities' hands in lending
support to the exchange rate of the rand if such action were to
be called for," the bank said.
 REUTER
3;
bodyend
documentend
documentstart
10532
topicstart
earn
topicend
bodystart
2;

SOUTHWESTERN PUBLIC SERVICE CO
<
SPS> 2ND QTR NET


    AMARILLO, Texas, March 27 -
    
Shr 42 cts vs 42 cts
    Net 19.1 mln vs 19.5 mln
    Revs 184.9 mln vs 185.1 mln
    12 mths
    Shr 2.17 dlrs vs 2.53 dlrs
    Net 97.0 mln vs 111.8 mln
    Revs 793.3 mln vs 828.8 mln
    Avg shrs 40.9 mln vs 40.5 mln
    NOTE: Year-ago restated.
 Reuter
3;
bodyend
documentend
documentstart
10534
topicstart
earn
topicend
bodystart
2;

<
L.B. NELSON CORP> 4TH QTR NET


    MENLO PARK, Calif., March 27 -
    
Shr loss two cts vs loss 1.38 dlrs
    Net profit 34,000 vs loss 3,296,000
    Revs 3,121,000 vs 1,546,000
    Year
    Shr profit 28 cts vs loss 1.61 dlrs
    Net profit 1,088,000 vs loss 3,546,000
    Revs 5,266,000 vs 4,169,000
    Note: Current qtr per share figure adjusted to reflect
provision for preferred stock dividends.
 Reuter
3;
bodyend
documentend
documentstart
10535
topicstart
topicend
bodystart
2;

SVENSKA FINANS GETS 100 MLN DLR EURO-CP PROGRAM


    LONDON, March 27 - 
A 100 mln dlr euro-commercial paper
program has been arranged for Svenska Finans International BV,
Manufacturers Hanover Ltd said as one of two arranger/dealers.
    The other arranger/dealer is Svenska Handelsbanken Plc.
    The borrower is the wholly owned international holding
company subsidiary of Svenska Finans AB, a subsidiary of
Svenska Handelsbanken, Sweden.
    In connection with the program, the parent has issued a
letter of intent, which is not a guarantee but states the
parent's intention to make sure a subsidiary meets its
financial obligations.
 REUTER
3;
bodyend
documentend
documentstart
10536
topicstart
earn
topicend
bodystart
2;
******
SOUTHWESTERN BELL VOTES THREE-FOR-ONE STOCK SPLIT, 8.8 PCT DIVIDEND INCREASE

Blah blah blah.
3;


bodyend
documentend
documentstart
10537
topicstart
cotton
topicend
bodystart
2;

ANALYSTS PEG U.S. COTTON SEEDINGS 10.6 MLN ACRES


    By Michelle Bolar, Reuters


    New York, March 27 - 
U.S. cotton farmers are likely to
plant about 10.6 mln acres in the coming season, based on an
average of estimates offered by cotton market analysts gearing
up for the U.S. Agriculture Department's 1987 planting
intentions report next Tuesday.
    The annual report gives cotton traders their first glimpse
of what U.S. production might be in the 1987/88 season, which
begins August 1.
    Trade and commission house forecasts ranged from 10.2 to
10.9 mln acres.
    On March 18 of last year, the USDA reported that cotton
farmers in 1986 intended to plant 9.71 mln acres.
    Four months later, the USDA estimated that 9.67 mln acres
had been planted as of June 1. By January, its estimate of 1986
planted acreage nationwide was 10.06 mln.
    Analysts said their forecasts for even greater acreage in
1987 were spurred in part by belief that this year's good
demand and firm prices will be repeated next year. Analysts
said those factors make cotton a profitable crop.
    "With cotton more attractive price-wise, I think there is
going to be a switch in acreage from soybeans to cotton.
Soybeans are dirt cheap," said Lisbeth Keefe of Cargill
Investor Services, whose comments were echoed by other cotton
market specialists.
    Changes in the U.S. cotton program also could lead to
increased acreage, analysts said.
    They recalled that under the 1986 program, cotton farmers
who used part of their crop as collateral for government loans
were not responsible for the cost of storing that cotton in
government warehouses. But under the 1987 plan, the government
will not pick up the tab for storage.
    Analysts said the change will discourage some farmers from
participating in the program, which could result in more
cotton. "The cotton program stipulates a mandatory set-aside of
25 pct of a farmer's base acreage," noted Judy Weissman of
Shearson Lehman Brothers. But farmers who elect not to
participate in the program are free to plant all the acreage 
they have.
    Some analysts said cotton farmers in the high-yielding
Western states would be most likely to steer clear of the
program. "Western acreage should be up at least 20 pct," said
one commission house analyst, whose estimate was based in part
on forecasts made by the National Cotton Council during its
annual meeting in late January.
    But others disagreed. "I think some Western growers have
decided they should be in the program for security reasons.
There's a lot of comfort in knowing you'll be guaranteed the
government's loan price of 52.25 cents a lb. Anyone outside the
program is subject to the wiles of the market," said Walter
Brown, market analyst for a major California cotton producer.
    Some cotton specialists said their expectations for
increased acreage might not be verified in Tuesday's planting
intentions report. "Anything the USDA is announcing now is
based on information they gathered before their cotton program
was announced (on March 20)," one analyst cautioned. She said
traders will get a better idea of next year's cotton output
when the USDA's planted acreage report is released on July 9.
    Brown took that opinion a step further. "I don't think
planted acreage is important. What counts is the abandonment
rate," the difference between acreage planted and acreage
harvested.
    Brown said the abandonment rate this year was "pretty high"
at 15.5 pct because of weather problems in key producing
states. "More normal would be about six pct," he said.
 Reuter
3;
bodyend
documentend
documentstart
10538
topicstart
earn
topicend
bodystart
2;

IMATRON INC 
<
IMAT> 4TH QTR LOSS


    SAN FRANCISCO, March 27 -
    
Shr loss 16 cts vs loss seven cts
    Net loss 3,450,000 vs loss 1,508,000
    Sales 56,000 vs 1,187,000
    Avg shrs 22,568,000 vs 20,591,000
    Year
    Shr loss 38 cts vs loss 29 cts
    Net loss 7,977,000 vs loss 6,005,000
    Sales 3,699,000 vs 2,391,000
    Avg shrs 21,111,000 vs 20,578,000
 Reuter
3;
bodyend
documentend
documentstart
10539
topicstart
crude
ship
topicend
bodystart
2;

NATO CALLS ON GREECE AND TURKEY TO AVOID FORCE


    BRUSSELS, March 27 - 
Greece and Turkey's NATO allies today
called on both countries to avoid any action that could
aggravate an explosive situation in the Aegean and "avoid
recourse to force at all costs."
    After an emergency meeting of NATO ambassadors, a statement
was issued saying "the present situation damages the interests
of Greece and Turkey, and of the Alliance as a whole."
    Secretary-General Lord Carrington also offered himself as a
mediator in the dispute on the Western Alliance's southern
flank.
    The meeting was called after reports that warships of both
countries were sailing towards a disputed oil exploration zone
of the Aegean.
    The statement said the tensions in the area had reached a
serious level and called on both countries to begin immediate
discussions. "Any intensification would make things worse," it
added.
    No attempt was made at the meeting to resolve the complex
dispute which was aimed at damage-limitation. Carrington said,
"I am of course anxious to help in any way I can, provided that
both Greece and Turkey, and the other allies, wish me to do so."
 REUTER
3;
bodyend
documentend
documentstart
10541
topicstart
acq
topicend
bodystart
2;

PLAZA GROUP COMPLETES MERGER TRANSACTION


    CHICAGO, March 27 - 
<
Plaza Group> said it completed a
transaction in which it merged its wholly owned subsidiary,
Flyfaire International Inc, into Shefra Inc, a public company,
in return for a controlling interest in Shefra.
    With completion of the merger, Shefra changed its name to
Flyfaire International Inc.
    Flyfaire, with annual sales of 100 mln dlrs, is engaged in
the wholesale vacation travel business.
 Reuter
3;
bodyend
documentend
documentstart
10542
topicstart
earn
topicend
bodystart
2;

CONAGRA INC 
<
CAG> REGULAR DIVIDEND SET


    OMAHA, NEB., March 27 -
    
Qtly div 14-1/2 cts vs 14-1/2 cts prior
    Pay June One
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
10544
topicstart
earn
topicend
bodystart
2;

LLC 
<
LLC>, AMALGAMATED REPORT SIX MONTHS NET


    DALLAS, March 27 - 
Valhi Inc reported earnings of LLC Corp
and the Amalgamated Sugar Co for the six month period ended
December 31.
    Effective March 10, Amalgamated merged into LLC, which
changed its name to Valhi. The following results reflect the
operations of the companies prior to the merger.
    LLC Corp reported net income of 18.4 mln dlrs or 60 cts a
share on revenues of 55.6 mln dlrs compared to 23.2 mln dlrs or
75 cts a share on revenues of 79.3 mln dlrs a year ago.
   This year's net includes an extraordinary loss of 201,000
dlrs and a gain of 4.7 mln dlrs. 1985's net included an
extraordinary gain of 6.3 mln dlrs, Valhi said.
    Amalgamated reported net income of 10.65 dlrs per share or
69.7 mln dlrs on revenues of 371.3 mln dlrs compared to a net
loss of 700,000 dlrs or 10 cts a share on revenues of 254.7 mln
dlrs last year.
    Valhi said effective December 31, it changed its fiscal
year-end from June 30 to December 31.

 Reuter
3;
bodyend
documentend
documentstart
10545
topicstart
interest
topicend
bodystart
2;

GROS DENIES COURT ACTION AGAINST BRAZIL


    BRASILIA, March 27 - 
Central Bank president Francisco Gros
denied rumours that foreign creditors had filed court actions
against Brazil to seek payment of its 109-billion dlr debt.
    "There is no court action against Brazil," Gros said in a
television interview.
    Brazil last month suspended interest payments on its 68
billion dlr debt to commercial banks and yesterday suggested an
extension of short-term credit lines for 60 days until May 31.
    Media reports said some banks rated as small among Brazil's
700 creditors had filed lawsuits against the decision to
suspend interest payments.
    Gros said negotiations with the commercial creditors would
start within two weeks, when he and Finance Minister Dilson
Funaro attend council meetings of the International Monetary
Fund (IMF) in Washington.
    "Brazil is facing the issue very carefully. We are seeking a
negotiation that will give the country space to grow, because
only with growth will we be able to meet our commitments," Gros
said.
 REUTER
3;
bodyend
documentend
documentstart
10546
topicstart
gold
money-fx
topicend
bodystart
2;

TALKING POINT/GOLD


    By Solange De Santis


    Toronto, March 27 - 
The price of gold bullion and share
prices of North American gold stocks are benefiting from
continued weakness in the U.S. dollar, analysts said.
    "There's been a tug of war between the (currency)
speculators and the central banks over the U.S. dollar and it
looks like the game has gone to the speculators," said John Ing
at Maison Placements Canada Inc.
    The dollar remained close to post-World War II lows today
against the Japanese yen despite buying by several central
banks, including the Federal Reserve, dealers said.
    A drop in the dollar means uncertainty and gold is the
traditional hedge against uncertainty, Ing noted.
    Another analyst, Richard Cohen at Brown Baldwin Nisker Ltd,
noted that "a lot of foreign investors are holding U.S. dollars.
If they see they are losing money, they move back into gold."
    A dollar decline also has inflationary implications, Ing
said, adding that Maison Placements sees inflation rising to a
four pct annual rate from the current level of about three pct.
    Ing predicts gold will peak at 510 dlrs this year from its
current level of about 416 dlrs per ounce. Cohen sees an
average price of 425 dlrs, and another analyst, Michael
Pickens, at Yorkton Securities, puts the average at 450 dlrs,
with a possible spike above 500 dlrs.
    However, gold stocks in the U.S. and Canada have risen far
faster in recent months than the price of the metal itself,
causing concern among analysts that a correction lies somewhere
in the future. But for now, all analysts say there is no sign
the buying pressure is slowing down. "The stocks have run an
incredible way," Cohen said.
    On U.S. markets today, ASA Ltd 
<
ASA> rose 4-1/8 to 61-1/2,
Campbell Red Lake Mines 
<
CRK> was up 1-3/8 and Newmont Gold

<
NGC> increased 1-1/2 to 31-1/4.
    The Toronto Stock Exchange gold index today was up 268
points at 8067.90. Hemlo Gold gained 1-1/4 at 26-3/4, LAC
Minerals was up 1-5/8 at 41, Placer Development rose 1-1/4 at
43-3/8 and Lacana Mining gained 1 at 18.
    Ing pointed out that the TSE gold index has gained 51 pct
since December 31, 1986, while the price of bullion has
increased six pct. "Canadian golds have been the top performing
index this year," he noted.
    In the U.S., there is "too much money chasing too few
stocks," Pickens said. And many investing institutions such as
pension funds and insurance companies still have excess cash,
he added.
    Cohen also noted that today's silver price break through
six dlrs an ounce indicates small investors are entering the
precious metals market and he expects the ratio between gold
and silver prices to narrow.
 Reuter
3;
bodyend
documentend
documentstart
10547
topicstart
earn
topicend
bodystart
2;

SOUTHWESTERN BELL
<
SBC> VOTES SPLIT, UPS PAYOUT


    ST. LOUIS, March 27 - 
Southwestern Bell Corp said its board
voted a three-for-one stock split and increased the dividend
8.8 pct to 1.60 dlrs a share.
    On a post-split basis, the increased dividend will be 58
cts a share, payable May One to holders of record April 10.
    Southwestern Bell said the stock split is
its first. It said shares will be mailed May 22, record May
Four.
 Reuter
3;
bodyend
documentend
documentstart
10548
topicstart
earn
topicend
bodystart
2;

HONEYWELL BULL SEES REVENUE GROWTH


    NEW YORK, March 27 - 
Honeywell Bull Inc, owned by Honeywell
Inc 
<
HON>, 
<
Cie des Machines Bull> and 
<
NEC Corp>, said it
expects its 1987 revenues to increase 15 to 20 pct over its
current level of about 1.9 billion dlrs.
    Honeywell Bull president Jerome Meyer also told the press
conference the company was profitable, adding the company aimed
to improve profits over time.
    Honeywell Inc earlier today received 527 mln dlrs in cash
for the sale of 57.5 pct of its computer business to Bull and
NEC. Honeywell will retain a 42.5 pct interest in Honeywell
Bull and Bull will own an equal amount.
    NEC owns 15 pct of the company.
    Meyer, who had been executive vice president of Honeywell
Information Systems, said Honeywell Bull would work closely
with NEC and Bull in both developing new products and marketing
computers to multi-national companies.
    "We haven't been growing as fast as we'd like, but we are
going to turn that around," Meyer said. He said business was 
soft in the U.S.
    He said the company was reorganizing its distribution
programs and its staff, reassigning and laying off selected
employees. He also said the company was hiring new workers.
    Honeywell Bull chairman Jacques Stern, who is also chairman
of Bull, said he believed the computer industry could be a fast
growing market for companies that provide the type of computers
customers want. "I don't believe in the slump of the market,"
he said.
    The computer company would offer open systems so that
customers would not be tied to a specific vendor or
architecture, and it will also focus on tying computers
together through communications networks.
 Reuter
3;
bodyend
documentend
documentstart
10550
topicstart
topicend
bodystart
2;

MOODY'S DOWNGRADES GELCO 
<
GEL> AND UNIT'S DEBT


    NEW YORK, March 27 - 
Moody's Investors Service Inc said
that it downgraded Gelco Corp's variable rate notes and
convertible debentures to Ba-3 from Ba-2.
    It also lowered the ratings of Gelco unit CTI International
Inc's senior debt to Ba-3 from Ba-2 and CTI's
subordinated debt to B-2 from B-1. About 486 mln dlrs if
affected.
    Moody's said the changes reflect the reduced levels of debt
protection resulting from Gelco's restructuring efforts.
Moody's said it is not adjusting Gelco's B-2 subordinated debt
rating because it remains an appropriate assessment of risk.
 Reuter
3;
bodyend
documentend
documentstart
10551
topicstart
acq
topicend
bodystart
2;

HANSON 
<
HAN> TO SELL BOND'S DELIVERY SERVICE


    NEW YORK, March 27 - 
Hanson Industries, the U.S. arm of
Hanson Trust PLC, said contracts have been exchanged in London
for the sale of Bond's Delivery Service to Rockwood Holdings
PLC for about 6.0 mln dlrs in cash.
    Completion is subject to Rockwood shareholder approval.
    In its most recent financial year, Bond's which was
purchased
by Hanson Trust Plc in its acquisition of Imperial Group PLC in
April 1986, made 960,000 dlrs pre-tax profit on sales of 13.6
mln dlrs.
    Net tangible assets are 5.2 mln dlrs, Hanson said.
 Reuter
3;
bodyend
documentend
documentstart
10552
topicstart
topicend
bodystart
2;

BULL TO ISSUE 800 MLN FRANCS STOCK OPTION BONDS


    PARIS, March 27 - 
French state computer group Cie des
Machines Bull 
<
BULP.PA> will issue 800 mln French francs worth
of stock option bonds, the Finance Ministry said.
    Each bond of 1,000 francs nominal and six pct interest,
will carry three "A" warrants and three "B" warrants giving the
right to subscribe to Bull shares.
    Bull is on the government's list of companies scheduled to
be privatised over the next five years but no date has been
set.
    This operation will reinforce Bull's capital and reduce the
state's stake, prior to privatisation, the Ministry said in a
press release.
    The three "A" warrants will give the right to subscribe to
five Bull shares at a price of 46 francs until November 30,
1988 and the three "B" warrants the right to subscribe to five
shares at a price of 52 francs until November 30, 1989.
    The eight-year bond, which will be issued at par, will have
a payment date of April 28 and will increase Bull's capital by
1.2 billion francs in 1989.
    Bull shares were quoted at a close of 55.45 francs on the
Paris stock exchange today.
    The privatisation commission values Bull at a minimum of
six billion francs, the press release said.
 REUTER
3;
bodyend
documentend
documentstart
10553
topicstart
cpi
topicend
bodystart
2;

U.S. PRICE DATA SUGGEST MODERATE INFLATION


    NEW YORK, March 27 - 
Latest consumer price data indicate
U.S. inflation will be moderate in 1987 even though it will be
above last year's pace, economists said.
    "Inflation is not such a constructive factor as this time
last year, but it's not building up a large head of steam,"
said Allan Leslie of Discount Corp.
    U.S. consumer prices, as measured by the consumer price
index for all urban consumers, rose a seasonally adjusted 0.4
pct in February after a 0.7 pct January gain. Energy prices,
which fired January's data with a three pct rise, advanced a
more moderate 1.9 pct last month.
    The CPI came within the range of economists' expectations
and had little direct impact on U.S. financial markets.
    Among the key components of the report, transportation
prices rose 0.5 pct in February after a 1.5 pct January gain
reflecting smaller price appreciation for motor fuels and
declines in new car prices and finance charges.
    "There are no pronounced pressures at the retail level,"
said William Sullivan of Dean Witter Reynolds Inc.
    Economists said the latest CPI supports existing
expectations for an inflation rate of 3.5 to four pct in 1987.
    The CPI rose 1.1 pct from December 1985 to December 1986.
Without last year's energy price drop, it rose 3.8 pct.
    Economists said that upward pressure on import prices as a
result of the dollar's drop as well as the volatile energy
component warrant attention in case gains in these areas become
factored into the wider economic picture.
    "As long as those price rises do not become entrenched in
cost of living adjustments contained in labor contracts, thus
reducing international competitiveness, then the Federal
Reserve would probably be willing to tolerate four pct
inflation," said Larry Leuzzi of S.G. Warburg and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
10555
topicstart
acq
topicend
bodystart
2;

WESTINGHOUSE INTERESTED IN MERGER OF RADIO UNIT


    NEW YORK, March 27 - 
Westinghouse Electric Corp 
<
WX> said
it is still open to a merger of its radio operations with
General Electrics Co's 
<
GE> NBC radio operations.
    "We have left the door open and GE is reassessing the
merger and so are we," Westinghouse chairman Douglas Danforth
told Reuters at the conclusion of a meeting before analysts.
    Danforth said he continues to see value in a merger between
Westinghouse's radio operation and those of NBC. 
    Discussions with NBC on the merger of the two companies'
radio units were suspended in December.
    Danforth reaffirmed that Westinghouse is interested in
acquisitions, saying the company is leaning toward acquisitions
in the 300 mln to 500 mln dlr range. He said, however, that
larger acquisitions are possible if they are the right fit.
    Danforth, who earlier today said he expects earnings growth
in the double-digit range through 1989, said he is comfortable
with analysts' predictions of 4.80 dlrs to 5.30 dlrs a share
this year. In 1986 the company earned 4.42 dlrs a share.
    He said the company has targeted waste energy systems and
hazardous waste removal, as some of the emerging growth areas
for the company.
 Reuter
3;
bodyend
documentend
documentstart
10556
topicstart
earn
topicend
bodystart
2;

COMPUTER NETWORK TECHNOLOGY 
<
CMNT> 4TH QTR LOSS


    MINNEAPOLIS, March 27 -
    
Shr loss eight cts vs loss eight cts
    Net loss 655,457 vs loss 566,429
    Rev 258,712 vs nil
    Year
    Shr loss 31 cts vs loss 26 cts
    Net loss 2,725,882 vs loss 1,759,675
    Rev 349,070 vs nil
    NOTE: Company's full name is Computer Network Technology
Corp. 1985 revenues n.a. because 1986 was initial year of
product revenue.
 Reuter
3;
bodyend
documentend
documentstart
10559
topicstart
ship
topicend
bodystart
2;

BIFFEX LOOKING TO JOIN NEW FUTURES EXCHANGE


    LONDON, March 27 - 
The Baltic International Freight Futures
Exchange (BIFFEX) said it agreed to pursue negotiations with
other futures markets on the Baltic Exchange with a view to
merging into a new futures exchange.
    Legal advisers have already been instructed to implement
amalgamation of the London Potato Futures Association, the Soya
Bean Meal Futures Exchange and the London Meat Futures
Exchange.
    The London Grain Futures Market has also discussed merging
with the other markets.
    The aim of the merger is to seek Recognised Investment
Exchange status as required by the 1986 Financial Services Act.
 Reuter
3;
bodyend
documentend
documentstart
10561
topicstart
earn
topicend
bodystart
2;

<
CANADIAN SATELLITE COMMUNICATIONS> SIX MTHS NET


    MONTREAL, March 27 -
    
Period ended February 28
    Oper shr profit six cts vs loss 15 cts
    Oper profit 474,000 vs loss 1,175,000
    Revs 17,946,000 vs 9,271,000
    Note: Current shr and net exclude tax gain of 513,000  dlrs
or five cts share
    full name 
<
Canadian Satellite Communications Inc>
 Reuter
3;
bodyend
documentend
documentstart
10562
topicstart
topicend
bodystart
2;

CABOT 
<
CBT> CALLS NOTES FOR REDEMPTION


    WALTHAM, Mass., March 27 - 
Cabot Corp said it called for
redemption its outstanding 12-1/4 pct notes due November 1,
1994 and 10-3/4 pct notes due September 1, 1995, aggregating 89
mln dlrs at face amount.
    It said the redemption is part of a restructuring in which
it has said it would divest itself of certain discontinued
businesses, repurchase shares and reduce long-term debt.
    The 12-1/4 pct notes will be redeemed at 108.47 pct plus
interest from November 1, 1986. The 10-3/4 pct notes will be
redeemed at 108.96 pct plus accrued interest from March 1,
1987.
 Reuter
3;
bodyend
documentend
documentstart
10563
topicstart
acq
topicend
bodystart
2;

FRENCH MINISTERIAL MEETING HELD ON CGCT SALE


    PARIS, March 27 - 
Finance Minister Edouard Balladur,
Industry Minister Alain Madelin and Telecommunications Minister
Gerard Longuet met for more than an hour today to discuss the
imminent sale of the French telephone switching group 
<
Cie
Generale de Constructions Telephoniques>, a spokesman for
Longuet said.
    No decision was announced as a result of the meeting, and
the French government has given itself until the end of next
month to choose between the candidates.
    The sale of CGCT, which controls 16 pct of France's
telephone market, has been priced at 500 mln francs, and three
international consortia are battling for the right to buy it.
    West Germany's Siemens AG 
<
SIEG.F> has teamed up with the
French group Jeumont-Schneider, in opposition to a bid from the
U.S. Group ATT 
<
T.N> and the Dutch Philips Telecommunications
BV 
<
PGLO.AS> in association with the French telecommunications
firm SAT 
<
Societe Anonyme de Telecommunications>.
    A third bid has been lodged by Sweden's AB LM Ericsson

<
ERIC.ST>, allied with French defence electronics group Matra

<
MATR.PA> and Bouygues SA 
<
BOUY.PA>.
 Reuter
3;
bodyend
documentend
documentstart
10564
topicstart
earn
topicend
bodystart
2;

DEAN FOODS CO 
<
DF> 3RD QTR NET


    CHICAGO, March 27 -
    
Shr 35 cts vs 40 cts
    Net 9,246,000 vs 10,719,000
    Sales 367.9 mln vs 315.1 mln
    Nine mths
    Shr 1.03 dlrs vs 1.13 dlrs
    Net 27,490,000 vs 30,160,000
    Sales 1.06 billion vs 915.3 mln
 Reuter
3;
bodyend
documentend
documentstart
10565
topicstart
earn
topicend
bodystart
2;

DEAN FOODS CO 
<
DF> RAISES DIVIDEND


    CHICAGO, March 27 -
    
Qtly div 13-1/2 cts vs 11-1/2 cts prior
    Pay June 15
    Record May 22

 Reuter
3;
bodyend
documentend
documentstart
10566
topicstart
earn
topicend
bodystart
2;

DOSKOCIL 
<
DOSK> SHAREHOLDERS VOTE REVERSE SPLIT


    HUTCHINSON, Kan., March 27 - 
Doskocil Cos Inc said its
shareholders approved a one-for-10 reverse stock split, which
is expected to become effective by April 30.
    The company said the reverse split will reduce the its
outstanding shares to about six mln from 60 mln.
 Reuter
3;
bodyend
documentend
documentstart
10567
topicstart
cpi
crude
nat-gas
heat
propane
topicend
bodystart
2;

U.S. ENERGY COSTS ROSE IN FEBRUARY BY 1.9 PCT


    WASHINGTON, March 27 - 
Consumer energy costs rose 1.9 pct
in February following a sharp rise last month, the Labor
Department said.
    The February increase in the overall energy costs,
including petroleum, coal and natural gas, followed a 0.2 pct
drop in December and a 3.0 pct rise in January, it said.
    Energy prices were 12.2 pct below year-ago levels.
    The department's Consumer Price Index showed that the cost
of gasoline rose in February by 4.2 pct, after a 6.6 pct rise
in January.
    Gasoline prices were nonetheless 18.0 pct below their
levels as of February 1986.
    Also, the category including fuel oil, coal and bottled gas
rose in February by 3.8 pct, putting it 14.9 pct under the
year-ago figure.
    The index also showed that natural gas and electricity were
unchanged last month, but down 3.5 pct from the February 1986
figure, the department said.
    The index has been updated  o reflect 1982-84 consumption
patterns; previously, the index was based on 1972-73 patterns.
 Reuter
3;
bodyend
documentend
documentstart
10568
topicstart
topicend
bodystart
2;

PHILIPPINES CLINCHES DEBT DEAL, SOURCE SAYS


    NEW YORK, March 27 - 
The Philippines has reached agreement
with its bank advisory committee on a debt-rescheduling
agreement after four weeks of talks, a source close to the
Philippine delegation said.
    No details were available and bankers were not available to
comment because meetings with the Philippine negotiators were
still in progress.
    But a spokesman for Manufacturers Hanover Trust Co, which
chairs the 12-bank Philippine advisory committee, said a press
conference with finance minister Jaime Ongpin will begin at the
bank's headquarters at 1430 EST/1930 GMT.
    "There is an agreement," the source close to the Philippine
delegation said, adding that details would be announced at the
press conference.
    Manila wants to reschedule about 3.6 billion dlrs of debt
that falls due between 1987 and 1992 and to obtain easier terms
on 5.8 billion dlrs of previously restructured debt.
    The talks have dragged on because of the banks' reluctance
to accept interest payments partly in Philippine Investment
Notes, PINs, instead of cash and because of Manila's insistence
on an interest rate margin close to the 5/8 pct spread over
Eurocurrency rates that it initially demanded.
 Reuter
3;
bodyend
documentend
documentstart
10569
topicstart
wheat
grain
topicend
bodystart
2;

COLD AIR A THREAT TO SOME U.S. HARD WHEAT AREAS


    KANSAS CITY, March 27 - 
A cold air mass working its way
south from Canada may pose a threat to developing hard red
winter wheat in Oklahoma, according to Eugene Krenzler, wheat
specialist for the Oklahoma Cooperative Extension.
    "There is some threat. Some of the crop is far enough along
so that it's probably vulnerable," Krenzler said.
    Accu Weather meteorologist Dale Mohler said cold air moving
from the north could put temperatures in the middle 20's
fahrenheit as early as tonight, depending on development of a
low pressure area over southeast Colorado which could stall the
system.
    If impeded by the low-pressure area, the cold air could hit
Oklahoma and Texas as late as Monday morning. Temperatures
could stay in the mid-20's for up to eight hours, Mohler said.
    Krenzler said less than 10 pct of the Oklahoma wheat crop
has advanced to boot stage. The closer to that stage the more
vulnerable the head of the wheat is to cold weather, he said.
    "We can handle probably an hour or so down to 25 or 26
degrees (fahrenheit)," Krenzler said, "as long as we don't have
a lot of wind."
    "If we do get six hours down below 25 degrees I'd say we
have a good chance of significant damage to the heads," he
said.
    Krenzler said early planted stands in the north-central and
southwestern parts of the state are probably most vulnerable.
Crops in the panhandle of Oklahoma and Texas are less developed
and have some snow cover protection from the cold, he noted.
 Reuter
3;
bodyend
documentend
documentstart
10573
topicstart
earn
topicend
bodystart
2;

EDUCATION SYSTEMS 
<
ESPC> YEAR NET


    BELLEVILLE, N.J., March 27 - 
    
Shr 27 cts vs 34 cts
    Net 174,390 vs 222,720
    Revs 4,948,622 vs 4,516,042
    Note: Current net includes non-recurring loss on
investments of 82,034.
    Full name is Education Systems and Publications Corp.
 Reuter
3;
bodyend
documentend
documentstart
10576
topicstart
acq
topicend
bodystart
2;
******
BORG-WARNER UP AMID RUMORS IRWIN JACOBS SOLD STOCK, ARBITRAGEURS SAY

Blah blah blah.
3;


bodyend
documentend
documentstart
10579
topicstart
topicend
bodystart
2;

FRENCH AEROSPATIALE TO MAKE EURO-CP ISSUE


    PARIS, March 27 - 
State-owned aerospace group Aerospatiale
said it will make an issue of Euro-commercial paper next month,
backed by a 400 mln dlr seven-year revolving credit facility
granted by 44 banks in December 1986.
    The company said in a statement that Societe Generale,
Bankers Trust, Chase Investment Bank and Credit Suisse First
Boston would place the paper.
    Aerospatiale gave no details of the amount of paper to be
issued but said the offering had been rated A1 by Standard and
Poors and /P1 by Moodys, reserved for the best investment
risks.
 Reuter
3;
bodyend
documentend
documentstart
10580
topicstart
topicend
bodystart
2;

FRENCH SKI EQUIPMENT MAKER SEEKS EURO-CP/CREDIT


    LONDON, March 27 - 
Salomon SA, the French maker of ski
bindings and boots, said it is seeking a 75 mln dlr
euro-commercial paper program that will be supported by a 75
mln dlr committed syndicated revolving credit.
    The launch of the program is still subject to final
approval of the French authorities.
    Morgan Guaranty Ltd is the arranger for the program and the
revolving credit and will act as one of the dealers for the
commercial paper along with Credit Suisse First Boston Ltd.
Morgan Guaranty Trust Co of New York, London branch, will be
issuing and paying agent. None of the terms were disclosed.
 REUTER
3;
bodyend
documentend
documentstart
10581
topicstart
pet-chem
topicend
bodystart
2;

HENLEY GROUP 
<
HENG> UNIT WINS TAIWAN CONTRACT


    HOUSTON, March 27 - 
Henley Group Inc's M.W. Kellogg Co unit
said it was selected by 
<
Chinese Petroleum Corp> to design,
engineer and build a ethylene plant at Chinese
Petroleum's Kaohsiung refinery in Taiwan.
    Terms of the contract were not disclosed, but Kellogg said
the total cost of the plant will be 300 mln dlrs.
    Kellogg said engineering of the plant, which will have a
capacity of 400,000 tonnes a year, is already underway and
construction will begin in 1988.
    The plant will go into operation in 1990, Kellogg said.
 Reuter
3;
bodyend
documentend
documentstart
10582
topicstart
ship
acq
topicend
bodystart
2;

MCLEAN'S 
<
MII> U.S. LINES SETS SALE OF ASSETS


    CRANFORD, N.J., March 27 - 
McLean Industries Inc said its
two shipping subsidiaries -- UNITED States Lines Inc and United
States Lines (S.A.) Inc -- have agreed in principle to dispose
of substantially all their remaining operating shipping assets.
    The units have been operating under protection of Chapter
11 of the U.S. Bankruptcy Code since last November.
    McLean said U.S. Lines has a letter of intent with CSX
Corp's 
<
CSX> Sea-Land Corp subsidiary to transfer assets of its
Transpacific/Hawaii/Guam Service to Sea-Land.
    McLean said Sea-Land has tentatively agreed to pay 125 mln
dlrs for six vessels, certain port facilities, and various
other equipment used in U.S. Lines' Transpacific service and
theree Lancer class vessels and subsidy rights owned by the two
McLean subsidiaries.
    As previously announced, U.S. Lines (S.A.) will transfer
its South American Service to 
<
Crowley Maritime Corp>'s
American Transport Lines Inc subsidiary in return for a fixed
lease payment for the four Lancer class vessels and a
participation based on American Transport's South American
revenues.
    McLean said the agreement also calls for Crowley to release
U.S. Lines (S.A.) for any damages and unpaid charter hire for
three vessels leased to U.S. Lines (S.A.) by Crowley which have
been returned to Crowley.
    McLean said the minimum lease payments will be seven mln
dlrs and estimated revenue participation during the first four
years at about 16 mln dlrs. In addition, U.S. Lines (S.A.)
subsidiaries in Brazil and Argentina will be sold to American
Transport.
    The company said both agreements in principle have been
approved by directors of the companies involved, but still need
court, regulatory and lender approval.
    McLean said it is requesting the bankruptcy court to
schedule a hearing on its motion to approve the agreements,
adding that the court has granted the company's request to
extend for 90 days the period for the shipping companies to
file a proposed plan of reorganization.
    It said the planned transactions will leave McLean with no
significant shipping assets except 12 New York class vessels,
which are not in operation and are expected to be sold.
    McLean said its shipping units are returning the vessels
operating in foreign commerce to United States ports to permit
the planned transfer to purchasers.
    The company said U.S. Lines will maintain its weekly
service from the U.S. West Coast to Hawaii and Guam until the
vessels are transferred and the transaction is completed.
 Reuter
3;
bodyend
documentend
documentstart
10584
topicstart
cocoa
topicend
bodystart
2;

COCOA BUFFER DIFFERENTIALS DETAILED


    LONDON, March 27 - 
The International Cocoa Organization
(ICCO) council agreed standard price differentials for
different origin cocoas to form part of the buffer stock buying
and selling procedure, consumer delegates said.
    The buffer stock manager will accept offers for different
origin cocoas according to a sliding scale of price
differentials, under which Ghana cocoa will be pegged at a 137
stg premium to Malaysian.
    Thus, if the buffer stock manager was buying cocoa based on
a Malaysian price of 1,200 stg a tonne, he would accept Ghana
offers up to 1,337 stg.
    Differentials were fixed as follows,
 Country       Differential stg/tonne
 Malaysia           0
 Brazil            55
 Ivory Coast       67
 Cameroun          77
 Nigeria          120
 Togo             130
 Ghana            137
    Nigeria's differential is on "landed weight" terms. Shipping
weight terms will be accepted at a 15 stg discount to this
rate.
 Reuter
3;
bodyend
documentend
documentstart
10585
topicstart
acq
topicend
bodystart
2;
******
MINSTAR INC SAID IT SOLD ALL 10 MLN OF ITS BORG-WARNER SHARES

Blah blah blah.
3;


bodyend
documentend
documentstart
10586
topicstart
cocoa
topicend
bodystart
2;

COCOA COUNCIL MEETING ENDS AFTER AGREEING RULES


    LONDON, March 27 - 
The International Cocoa Organization
(ICCO) council adjourned after agreeing buffer stock rules for
the 1986 International Cocoa Agreement, an ICCO spokesman said.
    The buffer stock will begin operations immediately, he
said.
    He confirmed delegate reports that the buffer stock manager
will trade cocoa by means of an offer system, and according to
fixed differentials for cocoa from different origins.
    Purchases from non-members will be limited to 15 pct of the
total and buying or selling operations in any one day will be
restricted to a maximum of 40 pct each for nearby, intermediate
and forward positions, he said.
 Reuter
3;
bodyend
documentend
documentstart
10587
topicstart
acq
topicend
bodystart
2;
******
MINSTAR INC SAID IT IS STILL INTERESTED IN ACQUIRING BORG-WARNER

Blah blah blah.
3;


bodyend
documentend
documentstart
10588
topicstart
crude
ship
topicend
bodystart
2;

U.S. URGES RESTRAINT IN AEGEAN


    WASHINGTON, March 27 - 
The United States said it was doing
what it could to ease tension in the Aegean as Greek and
Turkish warships headed for a possible clash over oil drilling
rights on the sea's continental shelf.
    State Department spokesman Charles Redman told reporters,
"We have urged both sides to exercise restraint and avoid any
actions which might exacerbate the situation."
    "In the light of the most recent developments, we are
consulting with the parties and with other interested allies on
means to reduce tensions," he added.
    Redman declined to elaborate on what Washington was doing,
but he said an emergency meeting of NATO ambassadors in
Brussels on the subject was only one path it was pursuing.
    He also refused to say which side was to blame for the
renewed confrontation, saying Washington was still trying to
ascertain all the facts, as Prime minister Andreas Papanderou
said Greece was prepared to tackle any aggressor.
    "The crucial point here is that these are two friends and
allies. We don't want to see tension rise and we are doing what
we can to see if we can help here," Redman said.
 Reuter
3;
bodyend
documentend
documentstart
10590
topicstart
oilseed
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS ADJOURN TO TUESDAY


    LONDON, March 27 - 
Talks between management and unions at
Cargill U.K. Ltd's oilseed processing plant at Seaforth
adjourned today without a solution to the three month old
strike, a company spokesman said.
    Negotiations will resume next Tuesday, he said.
 Reuter
3;
bodyend
documentend
documentstart
10592
topicstart
money-supply
topicend
bodystart
2;
******
CANADIAN MONEY SUPPLY M-1 FALLS 555 MLN DLRS IN WEEK, BANK OF CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
10593
topicstart
alum
topicend
bodystart
2;

NEW LME ALUMINIUM CONTRACT WELCOMED BY TRADE


    By Martin Hayes, Reuters


    LONDON, March 27 - 
The London Metal Exchange's, LME,
decision to introduce a dollar-denominated aluminium contract,
with the Port of Singapore listed as a delivery point, is a
positive move, physical traders and LME dealers said.
    Earlier this week the LME declared that a 99.70 pct minimum
purity aluminium contract would commence trading on June 1,
1987, alongside its long-established sterling-based 99.50 pct
contract.
    This is the LME's first dollar contract and non-European
delivery point, and the Board and Committee are looking at
Singapore as a delivery point for other contracts.
    Trade sources said the LME's new contract will conform with
existing industry practice, where 99.70 standard re-melt
material, priced in dollars, is most commonly traded.
    The location of a warehouse in Singapore is also a positive
move by the LME, given its ideal location for Australian and
Japanese traders, who would be able to place metal on to
warrant speedily and relatively inexpensively, they said.
    Hedging during the LME ring sessions becomes much simpler
with a dollar contract. At present pre-market trading is almost
exclusively dollar-based, but currency conversions have to be
done during the sterling rings, they added.
    LME ring dealers said the new contract would match more
closely trade requirements and possibly alleviate some of the
recent wide backwardations.
    Very little physical business is now done in 99.50 pct
purity metal, nearly all of which is produced in Eastern Bloc
countries, such as Romania.
    The Soviet Union also produces 99.50 pct, but has declined
as an exporter recently, they said.
    Some dealers said the new 99.70 contract may suffer from
liquidity problems initially, as business may continue to
centre on the present good ordinary brand (gob) contract, where
there are many holders of large short positions on the LME.
    But others said the new contract would soon attract trading
interest, given that much 99.70 metal has already been
attracted to the LME's warehouses by backwardations.
    The LME also has a much more viable liquidity base for a
new contract, compared to the Comex market in New York, where
high grade aluminium futures are not particularly active, they
said.
    Thus, it seems likely that the sterling contract will
eventually lose trading interest and volumes will decline. Like
standard zinc, which was superseded by a high grade contract,
gob aluminium will probably be replaced, although the process
in this case may take longer, they added.
    Forming a new contract and establishing a Singapore
warehouse are constructive moves by the LME but backwardations,
which make physical trading difficult, would not totally
disappear as a result, the trade sources said.
    These premiums for prompt metal have become a
semi-permanent feature over the last year, due to increased
business and volatility in traded options, and are presently
around 50 stg.
    Increasingly large granting of option positions has been
taking place. When some of these are declared and exercised at
the end of the relevant month, physical tightness and squeezes
around these dates are commonplace, they said.
    Listing Singapore as a delivery point allows Far Eastern
operators to deliver aluminium into a LME warehouse instead of
having to cover.
    But tightness and backwardations are seen continuing, even
though the LME's new option contracts widen the gap between the
declaration and prompt dates.
    These will be due on the first and third Wednesday of the
month, whereas at present most fall on the 20th and 25th.
    Backwardations will remain while operators continue to
grant options where potential tonnage to be delivered exceeds
aluminium stock levels, an LME option trader said.
 Reuter
3;
bodyend
documentend
documentstart
10594
topicstart
money-supply
topicend
bodystart
2;

CANADIAN MONEY SUPPLY FALLS IN WEEK


    OTTAWA, March 27 - 
Canadian narrowly defined money supply
M-1 fell 555 mln dlrs to 32.42 billion dlrs in week ended March
18, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, fell 559 mln dlrs to 74.86 billion dlrs
and M-2, which is M-1-A plus other notice and personal
fixed-term deposit fell 439 mln dlrs to 177.30 billion dlrs.
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, fell 696 mln dlrs to 215.74 billion dlrs. MORE
 More
3;
bodyend
documentend
documentstart
10596
topicstart
acq
topicend
bodystart
2;

CORNING GLASS WORKS
<
GLW> BUYS FIBER-OPTIC STAKE


    CORNING, N.Y., March 27 - 
Corning Glass Works said it
bought a 50 pct interest in Technology Dynamics Inc, a
Woodinville, Wash., company involved in research and
development of fiber-optic sensors.
    The purchase price was not disclosed.
    Privately held Technology Dynamics plans to introduce its
first line of fiber-optic sensors later this year, Corning
Glass said.
  
 Reuter
3;
bodyend
documentend
documentstart
10597
topicstart
earn
topicend
bodystart
2;

FIRST NATIONAL CORP 
<
FTNC> 4TH QTR


    DELAWARE, Ohio, March 27 -
    
Shr loss 29 cts vs loss 15 cts
    Net loss 513,542 vs loss 263,708
    Revs 38,000 vs nil
    Year
    Shr loss 24 cts vs loss 10 cts
    Net loss 417,552 vs loss 142,010
    Revs 171,000 vs nil
 Reuter
3;
bodyend
documentend
documentstart
10598
topicstart
earn
topicend
bodystart
2;

BEARD CO 
<
BEC> YEAR LOSS


    OKLAHOMA CITY, March 27 - 
    
Shr loss 57 cts vs profit 3.02 dlrs
    Net loss 3,606,000 vs profit 8,294,000
    Revs 15.3 mln vs 23.9 mln
    Note: Net includes gains from sale of USPCI Inc 
<
UPC> stock
of 1.5 mln vs 20.5 mln
    Year-ago net includes loss from discontinued operations of
10.3 mln.
 Reuter
3;
bodyend
documentend
documentstart
10599
topicstart
earn
topicend
bodystart
2;

ESSEX COMMUNICATIONS CORP 
<
ESSXA> YEAR LOSS


    GREENWICH, Conn., March 27 - 
    
Shr loss 47 cts vs loss 63 cts
    Net loss 1,450,000 vs loss 1,930,000
    Revs 14.7 mln vs 13.3 mln
    Note: Year-ago resulted restated to exclude Michigan cable
systems sold in 1985.
 Reuter
3;
bodyend
documentend
documentstart
10600
topicstart
earn
topicend
bodystart
2;

DENNING MOBILE ROBOTICS INC 
<
GARD> 4TH QTR LOSS


    WOBURN, Mass., March 27 - 
    
Shr loss nine cts loss 12 cts
    Net loss 585,866 vs loss 455,866
    Avg shrs 6,841,638 vs 3,651,505
    Year
    Shr loss 34 cts vs loss 54 cts
    Net loss 2,158,709 vs loss 1,931,397
    Avg shrs 6,296,701 vs 3,586,914
    Note: Company has no revs as it is in product development
stage. Shr and avg shrs data reflect 1-for-25 reverse split in
November 1986.
 Reuter
3;
bodyend
documentend
documentstart
10601
topicstart
earn
topicend
bodystart
2;

SCOTT'S LIQUID GOLD INC YEAR OPER NET


    DENVER, March 27 -
    
Oper shr two cts vs 10 cts
    Oper net 162,300 vs 773,400
    Revs 16.6 mln vs 16.5 mln
    Avg shrs 8,282,480 vs 8,045,493
    NOTE: Excludes gains of 138,000 dlrs or two cts/shr vs
733,000 dlrs or nine cts from benefit of tax loss
carryforwards.
 Reuter
3;
bodyend
documentend
documentstart
10602
topicstart
income
topicend
bodystart
2;
******
LABOR DEPT REPORTS U.S. REAL EARNINGS ROSE 0.6 PCT IN FEB AFTER BEING UNCHANGED IN JAN

Blah blah blah.
3;


bodyend
documentend
documentstart
10604
topicstart
income
topicend
bodystart
2;

U.S. REAL EARNINGS ROSE 0.6 PCT IN FEBRUARY


    WASHINGTON, March 27 - 
The average weekly earnings of U.S.
workers after adjustment for inflation and seasonal changes
rose 0.6 pct in February after being unchanged in January, the
Labor department said.
    The department had earlier reported that real earnings fell
0.3 pct in January but revised the figure to show earnings
unchanged.
    Between February this year and February, 1986, real
earnings rose 0.5 pct, the department said.
    The rise in February real earnings resulted from a 0.5 pct
increase in average hourly earnings and a 0.6 pct increase in
average weekly hours. That was partly offset by a 0.4 pct rise
in the consumer price index, which measures inflation, the
department said.
    Before seasonal adjustment, weekly earnings last month
averaged 307.59 dlrs, up from 305.13 dlrs in January and up
from 300.66 dlrs in February, 1986.
 Reuter...
3;
bodyend
documentend
documentstart
10606
topicstart
money-fx
topicend
bodystart
2;

TAIWAN TO STUDY SUSPENDING FOREX CONTROLS


    TAIPEI, March 28 - 
Premier Yu Kuo-Hua ordered financial
officials to quicken the pace of relaxing foreign exchange
controls and study the possibility of suspending the controls,
a cabinet statement said.
    The statement quoted Yu as telling Finance Ministy and
Central Bank officials the relaxation was needed to help reduce
Taiwan's surging foreign exchange reserves, which reached a
record 53 billion U.S. Dollars this month.
    Finance Minister Robert Chien told reporters his ministry
and the Central Bank would work jointly on new measures to ease
the controls, but he did not give details.
    Yu said the government could maintain the framework of the
foreign exchange controls while finding ways to ease them. The
controls would be used during emergency.
    Taiwan's reserves have resulted largely from its trade
surplus, which hit 15.6 billion dlrs in 1986 and 10.6 billion
in 1985. About 95 pct of the surplus was from Taiwan's trade
with the United States, according to official figures.
    But he said that while easing the controls would help
reduce the reserves, it would not do so substantially in a
short time.
    Economists and bankers said the new decision resulted from
growing pressure from the United States, Taiwan's largest
trading partner, which buys almost half the island's exports.
    Lu Ming-Jen, economic professor at Soochow University, told
Reuters: "The decision came a little bit late. But it was better
than never."
    Ko Fei-Lo, Vice President at First Commercial Bank, said
the government should rapidly relax its foreign exchange
controls and open its market wider to help balance trade with
its trading partners, especially the United States.
    "The liberalisation in both imports and foreign exchange
controls will not only help our trading partners, but also help
our own economic problems," he said.
    He said the mounting foreign exchange reserveshelped boost
Taiwan's money supply by 48.22 pct in the year to end-February.
 REUTER
3;
bodyend
documentend
documentstart
10608
topicstart
trade
topicend
bodystart
2;

JAPAN'S CHIP MAKERS ANGERED BY U.S. SANCTION PLANS


    TOKYO, March 28 - 
Japanese computer chip makers reacted
angrily to news the United States plans to take retaliatory
action against them for allegedly failing to live up to an
agreement on trade in computer microchips.
    Electronic Industries Association of Japan (EIAJ) Chairman
Shoichi Saba stated: "EIAJ believes that it is premature and
even irrational to attempt an assessment of the impact of the
agreement and our efforts to comply with it only six months
after concluding the agreement."
    "We urge U.S. Governmental authorities to reconsider the
decision made, to evaluate fairly the results of Japanese
efforts in implementing the objectives of the agreement, and to
resist emotional biases," he said.
    Yesterday, Washington announced plans to slap as much as
300 mln dlrs in tariffs on Japanese imports in retaliation for
what is sees as Japan's failure to comply with the terms of the
pact.
    The agreement, struck late last year after months of heated
negotiations, called on Japan to stop selling cut-price chips
on world markets and to buy more American-made semiconductors.
    To salvage the pact, Tokyo has instructed its chip makers
to slash production and has helped establish a multi-lateral
organisation designed to promote chip imports.
    Saba said that Japanese chip companies have pledged three
mln dlrs over the next five years to the new organisation and
expressed regret that no American company has seen fit to join.
    "This suggests that American semiconductor manufacturers may
not be really interested in participating in the Japanese
market," he said.
 REUTER
3;
bodyend
documentend
documentstart
10609
topicstart
earn
topicend
bodystart
2;

OVERSEA-CHINESE BANKING CORP LTD 
<
OCBM.SI> YEAR


    SINGAPORE, March 28 -
    
Shr 21 cts vs 20 cts
    Fin Div 8.0 cts gross vs 9.0 cts
    Group net 104.8 mln dlrs vs 100.9 mln
    Note - Fin div pay June 6, record May 19.
 REUTER
3;
bodyend
documentend
documentstart
10610
topicstart
earn
topicend
bodystart
2;

UNITED OVERSEAS BANK LTD 
<
UOBM.SI> YEAR


    SINGAPORE, March 28 -
    
Shr 26.9 cts vs 25.1 cts
    Fin Div 8.0 pct gross vs 8.0 pct
    Group net 106.1 mln dlrs vs 99.0 mln
    Note - Fin div pay May 25, record April 18.
 REUTER
3;
bodyend
documentend
documentstart
10611
topicstart
earn
topicend
bodystart
2;

STRAITS TRADING CO LTD 
<
STCM.SI> YEAR


    SINGAPORE, March 28 -
    
Shr 8.7 cts vs 7.7 cts
    Fin div 9.0 cts vs 9.0 cts
    Group net 23.5 mln dlrs vs 20.8 mln
    Turnover 212.7 mln dlrs vs 595.4 mln
    Note - Fin div pay May 27, record May 23. REUTER
3;
bodyend
documentend
documentstart
10612
topicstart
earn
topicend
bodystart
2;

SINGAPORE LAND LTD 
<
LNDH.SI> FIRST HALF FEB 28


    SINGAPORE, March 28 -
    
Shr 8.43 cts vs 9.61 cts
    Int div nil vs nil
    Group net 7.8 mln dlrs vs 8.9 mln
    Turnover 30.6 mln dlrs vs 33.5 mln
    Note - The company said group net profits for the year
ending this Aug 31 should amount to 13.5 mln dlrs.
 REUTER
3;
bodyend
documentend
documentstart
10613
topicstart
cocoa
topicend
bodystart
2;

IVORIAN CHOSEN COCOA COUNCIL EXECUTIVE DIRECTOR


    LONDON, March 28 - 
Edouard Kouame, Ivorian delegate to the
International Cocoa Organization (ICCO), was chosen Executive
Director of the ICCO, effective October 1, ICCO officials said.
    Kouame will succeed Dr. Kobena Erbynn of Ghana in the post.
 REUTER
3;
bodyend
documentend
documentstart
10614
topicstart
topicend
bodystart
2;

SOUTH KOREA SIGNS FOR 44.6 BILLION YEN CREDIT


    SEOUL, March 28 - 
South Korea signed with Japan for a 44.6
billion yen credit facility, part of a four billion dlr aid
package for South Korea's economic development plan to 1988,
Foreign Ministry officials here said.
    The facility, to be used mostly for building a
multi-purpose dam and modernising educational and medical
facilities and for sewer projects, bears interest of 4.25 pct
per year and is repayable over 18 years after a grace period of
seven years.
 REUTER
3;
bodyend
documentend
documentstart
10615
topicstart
rubber
topicend
bodystart
2;

MALAYSIA EXPECTS RUBBER SHORTAGE IN APRIL/MAY


    KUALA LUMPUR, March 28 - 
Malaysia said it expects a natural
rubber shortage in April and May because of the effects of
current wintering on rubber trees.
    The expected shortage and stronger demand for rubber goods,
especially condoms and surgical gloves by consumers, is likely
to push up prices, the Malaysian Rubber Exchange and Licensing
Board said in its latest monthly bulletin.
    During the annual wintering period from February to April
rubber trees shed their leaves and latex output is very low.
 REUTER
3;
bodyend
documentend
documentstart
10616
topicstart
livestock
carcass
topicend
bodystart
2;

ZIMBABWE CONFIRMS HOOF-AND-MOUTH DISEASE


    HARARE, March 28 - 
Zimbabwe has confirmed an outbreak of
the animal-borne hoof-and-mouth disease, which prompted
Botswana on Thursday to stop imports of almost all Zimbabwean
meat products.
    Agriculture Ministry Permanent Secretary Robbie Mupawose
said it had been found at a ranch in southwestern Matabeleland
province and that all measures were being taken to contain it
from spreading. "The effect of this outbreak on Zimbabwe's beef
exports is being examined," he added in a statement.
    Zimbabwe exports a wide range of meat products to
neighbouring states and some 8,000 tonnes of high-grade beef to
the European Community annually worth about 48 mln U.S. Dlrs.
 REUTER
3;
bodyend
documentend
documentstart
10617
topicstart
money-fx
dlr
topicend
bodystart
2;

U.S. BANKER PREDICTS FURTHER DOLLAR FALL THIS YEAR


    ABU DHABI, March 28 - 
A leading U.S. Banker said the dollar
was likely to fall another five to 10 pct this year and an
improvement in the huge American trade deficit would be only
temporary at current world exchange rate levels.
    Kurt Viermetz, Worldwide Treasurer of 
<
Morgan Guaranty
Trust Co>, told Arab currency traders meeting here that the
steady depreciation of the dollar had not gone far enough to
rein in U.S. Deficits on a lasting basis.
    Speaking at the 14th annual congress of the Interarab
Cambist Association, Viermetz said an agreement reached last
month among major industrial nations to steady the dollar
around current levels left many questions unanswered.
    "I cannot see any chance for a real turnaround (rise) in the
dollar," Viermetz said. "I believe there is room for a further
fall of five to 10 per cent in 1987."
    The United States, West Germany, Japan, France, Great
Britain and Canada -- G-6 -- agreed in Paris in late February
to stabilise major currencies around current levels.
    The accord came after months of transatlantic argument,
with Tokyo and Bonn claiming Washington's policy of talking the
dollar lower had made life impossible for West German and
Japanese exporters.
    The Paris accord also brought a pause to the continued
slide of the dollar engineered by a meeting in New York in
September 1985 when industrial nations agreed to depress the
value of the currency to help redress global trade imbalances.
    But Viermetz said Morgan Guaranty's economic models showed
that with no further change in exchange rates -- and continued
sluggish growth in West Germany and Japan -- the U.S. Trade
deficit would improve only temporarily.
    He said the deficit might fall to 145 billion dlrs this
year from 165 billion in 1986 and further improve to 120
billion in 1988 but by 1990, it would be back around 160
billion dlrs.
    "This is clearly unacceptable for the monetary authorities
and politicians in Washington," he said.
    Viermetz said it was only natural that markets should
attempt to test the credibility of the Paris accord, struck
when the dollar was trading at about 1.83 marks and 152.50 yen.
    Immediately before the historic 1985 New York agreement or
"Plaza Accord," the dollar had been trading at 2.84 marks and 240
yen.
    Viermetz said he believed major nations in Paris wanted to
see the dollar hold within a "loose range" of 1.75 to 1.90 marks
and 145 to 155 yen, with any attempt to push the U.S. Currency
lower being countered by central bank intervention.
    The dollar ended in New York yesterday at 147.15/25 yen --
its lowest level against the Japanese currency in roughly 40
years. It closed at 1.8160/70 marks.
    Viermetz also said he did not see the U.S. Federal funds
rate falling below six pct for fear of provoking an
uncontrolled fall in the dollar.
    But at the same time, worries about the international debt
crisis would mean there was little chance of a rise above 6-3/4
pct since this would increase loan costs to the third world.
    The Middle East foreign exchange conference brings together
more than 200 traders and bank treasury chiefs from the Arab
world and Arab banks in European and U.S. Financial centres.
    Formal discussions, which end today, have also centred on
the role of Arab banks in world financial markets, with bankers
urging them to adapt to a new global trend towards
securitisation of  business.
    Hikmat Nashashibi, President of the Arab Bankers
Association, said Arab banks have to shake off their old
mentality of commercial banking and concentrate more on
investment banking.
 REUTER
3;
bodyend
documentend
documentstart
10618
topicstart
money-fx
topicend
bodystart
2;

OFFICIAL WANTS ARAB FUND TO HELP LEBANESE POUND


    ABU DHABI, March 28 - 
Lebanese central bank Vice Governor
Meguerditch Bouldikian called for the establishment of an Arab
fund to assist the Lebanese pound, which has lost more than 80
pct of its value against the dollar since January 1986.
    Bouldikian told an Arab exchange dealers conference the
bank would continue to take measures to defend the currency.
    But he said Lebanon needed foreign support for its
war-battered economy now more than ever before. "We expect a
common effort between the central bank and Arab central banks
and monetary authorities to create an Arab fund to support and
preserve the value of the currency when needed," he said.
    Twelve years of civil war have devastated productive
sectors of the Lebanese economy and created gaping trade and
budget deficits.
    Bouldikian said recent government measures had succeeded in
reducing demand for imports and increasing exports. "These are
encouraging factors, but the war has not ended yet," he said.
    "We believe that with a just political solution acceptable
to all sides, confidence will return and this will benefit the
Lebanese pound and Lebanon."
    In the meantime, he said the central bank had four main
goals:
    1) to use surplus liquidity to finance the budget deficit
    2) to increase the role of commercial banks and non-bank
financing institutions in financing the deficit
    3) to limit the transfer of Lebanese pounds into foreign
currency deposits
    4) to protect the financial health of commercial banks.
 REUTER
3;
bodyend
documentend
documentstart
10619
topicstart
cocoa
topicend
bodystart
2;

JAPAN JOINING INTERNATIONAL COCOA AGREEMENT


    LONDON, March 28 - 
Japan is in the process of joining the
International Cocoa Organisation (ICCO), which will bring the
number of members in the body to 36, ICCO officials said.
    Japan is completing constitutional procedures necessary to
its accession to the ICCO and is expected to become an
importing member in three to four months, they said.
 REUTER
3;
bodyend
documentend
documentstart
10620
topicstart
ship
crude
topicend
bodystart
2;

TURKISH SHIP IN OIL ROW HEADS FOR AEGEAN


    ANKARA, March 28 - 
A Turkish research ship, escorted by
warships and air force planes, left for the Aegean to press
Ankara's case in an escalating row with Greece over oil rights,
the semi-official Anatolian News Agency said.
    The ship set off this morning from the Dardanelles port of
Canakkale with flags flying and watched by sightseers, the
agency said.
    Prime Minister Turgut Ozal said last night the ship would
not go into international waters unless Greece did the same.
    "We are waiting for the first move from them," he told
Turkish Radio in London.
 REUTER
3;
bodyend
documentend
documentstart
10621
topicstart
crude
ship
topicend
bodystart
2;

PAPANDREOU SHOWS "RESTRICTED OPTIMISM" OVER CRISIS


    ATHENS, March 28 - 
Greek Prime Minister Andreas Papandreou
expressed "restricted optimism" about a crisis with Turkey over
disputed oil rights in the Aegean Sea.
    Papandreou was speaking to reporters after briefing
opposition political leaders on the latest developments in the
row as a Turkish research ship escorted by warships and combat
aircraft headed for the Aegean.
    He and other political leaders spoke of qualified optimism
following a statement by Turkish Premier Turgut Ozal last night
that the research vessel would not enter disputed waters as
previously annnounced unless Greek vessels did so.
    The Prime Minister declined to answer reporters' questions
about an announcement last night that Greece had asked the
United States to suspend operations at one of the American
military bases here due to the crisis.
    But Opposition leader Constantine Mitsotakis told reporters
he thought the suspension would be temporary until the crisis
is resolved. A U.S. Defence Department official in Washington
said the station was still functioning.
    Communist Party leader Harilaos Florakis said here "the
climate is calmer today."
    Greek newspapers reported that the Greek army, navy and air
force had been moved to strategic Greek islands in the Aegean
and to the land border with Turkey at the Evros River.
    But there was no official word on military movements apart
from a comment by the government spokesman that the Greek navy
was no longer in port.
    The United States, NATO and the United Nations all called
on Greece and Turkey to exercise restraint.
    Greek U.N. Representative Mihalis Dounas said in a letter
to the secretary-general that the dispute was of a legal nature
and could be settled in the International Court in the Hague.
 REUTER
3;
bodyend
documentend
documentstart
10622
topicstart
money-fx
topicend
bodystart
2;

CHINA POSTPONES PLAN TO SCRAP PARALLEL CURRENCY


    PEKING, March 28 - 
Chinese Vice-Premier Tian Jiyun said
plans to scrap the country's parallel currency, Foreign
Exchange Certificates (FECs), had been postponed due to
objections from foreign businessmen and others.
    But Tian told a news conference the Chinese government
still considered FECs unsatisfactory.
    Asked about the current state of plans to abolish the FECs,
Tian said: "We have decided to postpone the question. As to
whether it will be done in the future, it will be done
according to the evolution of the situation."
    He said many people, including foreign businessmen, had
raised objections to the plan to abolish the certificates, and
added: "It is rather complicated."
    The FECs were introduced in 1980 for use by foreigners in
China. But they now circulate widely among local residents and
there is a big black market in the currency, though it is
theoretically at par with the ordinary Chinese currency,
renminbi.
    Tian said the government still considered that the FECs had
"many demerits and negative influences."
    Bank of China President Wang Deyan told Reuters earlier
this month that he thought it unlikely that the certificates
would be scrapped this year.
    Western diplomats and economists have said the Chinese
authorities are having trouble finding a suitable alternative.
    Vice-Premier Yao Yilin announced at a similar press
conference last year that the FECs would be abolished, saying
the government had decided it was ideologically unacceptable to
have two currencies circulating in China at the same time.
 REUTER
3;
bodyend
documentend
documentstart
10623
topicstart
trade
topicend
bodystart
2;

NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE


    TOKYO, March 28 - 
Prime Minister Yasuhiro Nakasone sounded
a conciliatory note in Japan's increasingly bitter row with the
United States over trade in computer microchips.
    "Japan wants to resolve the issue through consultations by
explaining its stance thoroughly and correcting the points that
need to be corrected," he was quoted by Kyodo News Service as
saying.
    While expressing regret over America's decision to impose
tariffs on imports of Japanese electrical goods, Nakasone said
Tokyo was willing to send a high-level official to Washington
to help settle the dispute.
    Government officials said Japan would make a formal request
next week for emergency talks and that the two sides would
probably meet the week after, just days before the April 17
deadline set by Washington for the tariffs to take effect.
    Tokyo is expected to propose a joint U.S./Japan
investigation of American claims that Japanese companies are
dumping cut-price chips in Asian markets.
    Yesterday, Washington announced plans to put as much as 300
mln dlrs in tariffs on imports of certain Japanese electronic
goods in retaliation for what it sees as Tokyo's failure to
live up to their bilateral chip pact.
    That agreement, hammered out late last year after months of
heated negotiations, called on Japan to stop selling cut-price
chips in world markets and to buy more American-made chips.
    Nakasone's comments seemed distinctly more conciliatory
than those of his Trade and Industry Minister, Hajime Tamura,
who earlier today said Japan was ready to take "appropriate
measures" if Washington went ahead with the sanctions.
    Ministry of International Trade and Industry (MITI)
officials later sought to downplay the significance of Tamura's
remark and said that his main message was that the two sides
need to talk urgently about the issue.
    But they admitted that Japan was considering taking the
United States to GATT, the Geneva-based international
organization which polices world trade, if Washington imposed
the tariffs.
    Any Japanese action would probably be taken under Article
23 of the General Agreement on Tariffs and Trade (GATT), they
said. If that article were invoked, GATT would set up a panel
to consider the legality of the U.S. Action.
    But officials here said they hope that can be avoided. "It
may be wishful thinking but there is a possibility the United
States may lift its decision at an early date," Tamura said.
    In announcing the U.S. Sanctions yesterday, President
Ronald Reagan said he was prepared to lift them once he had
evidence that Japan was no longer dumping chips in world
markets and had opened up its own market to imports.
    Japanese government officials said they are confident they
can make the pact work.
    They said that the export of cut-price Japanese chips
through unregulated distributors has all but dried up after
MITI instructed domestic makers to cut output.
    While acknowledging that it is harder to increase Japanese
imports of American chips, MITI officials said that the
ministry is doing all it can to ensure that happens.
    The Ministry recently called on Japan's major chip users,
some of whom are also leading producers, to step up their
purchases of foreign semiconductors.
    A spokesman for one of the companies, Toshiba Corp 
<
TSBA.T>
said his firm would do just that and could announce its plans
in the next week or so. He expects other Japanese companies to
do likewise.
 REUTER
3;
bodyend
documentend
documentstart
10624
topicstart
topicend
bodystart
2;

ISLAMIC BANK MAKES 12.3 MLN DLRS OF LOANS


    ISTANBUL, March 28 - 
The Islamic Development Bank (IDB)
approved a total of 12.3 mln dlrs of project loans and
technical assistace to member countries, a bank statement said.
    It said Senegal was given a 5.5 mln dlrs loan for a rice
cultivation project, Guinea 4.6 mln dlrs for construction of
schools and 1.2 mln dlrs for Comoros for petroleum facilities.
    Sudan, Sierra Leone and Gabon were given a total of 980,000
dlrs of technical assistance. The bank also extended a 10 mln
dlrs line of leasing to a Malaysian Bank and 1.9 mln dlrs to a
Tunisian-Saudi Investment Company, the statement said.
 REUTER
3;
bodyend
documentend
documentstart
10625
topicstart
trade
topicend
bodystart
2;

ISLAMIC BANKS ESTABLISH 50 MLN DLR TRADE PORTFOLIO


    ISTANBUL, March 28 - 
The Islamic Development Bank (IDB) and
20 Islamic Banks signed an agreement to establish a 50 mln dlr
trade portfolio to finance trade among Islamic countries, IDB
sources said.
    They said IDB's share in the portfolio, which will only
finance exports and imports of the private sector, was limited
to up to 25 mln dlrs.
    The sources said shares in the porfolio could be traded or
redeemed by the IDB, adding that this was a major step in
establishing an Islamic financial market.
 REUTER
3;
bodyend
documentend
documentstart
10627
topicstart
ship
crude
topicend
bodystart
2;

TURKISH-GREEK AEGEAN TENSION ABATES


    ANKARA, March 29 - 
Turkey"s standoff with Greece over Aegean
oil rights appeared at an end after the government said it had
been assured Athens would not start prospecting in disputed
waters.
    A Foreign Ministry statement last night hinted Turkey was
claiming victory. A Greek-based international consortium, North
Aegean Petroleum Co., Had given up plans to start searching for
oil in international waters east of Thasos island, it said.
    "In the same way it has been understood that Greece will
also not undertake oil activities outside its territorial
waters," the statement added.
    An Ankara Radio report monitored in London said Foreign
Minister Vahit Halefolu had called on Greece to engage in
dialogue over the dispute. It was impossible to resolve the
dispute by crises, he was quoted as saying.
    "We call on Greece to come and engage in a dialogue with us
- let us find a solution as two neighbours and allies should,"
he said.
    The radio said Halefoglu had briefed the leaders of a
number of the country"s political parties on the latest
developments.
    Turkey sent the survey ship Sismik 1 into the Aegean
yesterday, flanked by warships, to press its case but having
earlier said it would go into disputed waters, declared the
vessel would stay in Turkish areas.
    Prime Minister Turgut Ozal, in London on his way home after
heart surgery in the United States, is expected to receive an
ecstatic welcome from thousands of Turks when he returns today.
    He was in defiant mood last night, telling Turkish radio:
"We can never accept that Greece should confine us to the
Anatolian continent. If there are riches under the sea, they
are for mankind."
    Despite the end of the crisis, Turkish officials
acknowledged that the underlying dispute over delimiting the
continental shelf in the Aegean remained unsolved.
    Turkey alleged that the consortium"s plans would have
infringed the 1976 Berne agreement between the two countries,
which called for a moratorium on any activities until the
delimitation was agreed. Greece earlier this month declared it
considers the accord inoperative.
 REUTER
3;
bodyend
documentend
documentstart
10632
topicstart
crude
topicend
bodystart
2;

BANK SEES MODEST RECOVERY IN GULF ARAB ECONOMIES


    ABU DHABI, March 29 - 
The Emirates Industrial Bank has
predicted a modest economic recovery in the Gulf Arab states
following higher oil revenues.
    A bank study, carried by the Emirates news agency WAM, said
total oil revenues of the six Gulf Cooperation Council (GCC)
countries were likely to reach 39 billion dlrs this year from
33.5 billion in 1986.
    The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
and the United Arab Emirates (UAE).
    The bank said the improvement would result from higher oil
prices made possible by last December's OPEC accord to restrain
overall group production.
    These curbs have pushed up oil prices from around eight
dollars a barrel in mid-1986 to around 18 dlrs.
    "All signs point to the possibility of a modest recovery in
the economies of these (GCC) countries, although this expected
growth will not be similar to that of the (1970s) boom years,"
the study said.
    It added, however, that GCC states would experience higher
budget deficits this year because of needs arising from past
recession and the difficulty of making fresh spending cuts.
    The study said the combined GCC bugdet deficits would rise
to 23.2 billion dlrs from 17.9 billion last year.
    It said lower oil exports cut the GCC states' combined
trade surplus to 18 billion dlrs in 1986 from 21.5 billion in
1985.
    The UAE suffered a 19.5 pct drop in gross domestic product
to 77.6 billion dirhams last year from 96.4 billion in 1985, it
added.
 REUTER
3;
bodyend
documentend
documentstart
10633
topicstart
money-fx
topicend
bodystart
2;

ARAB BANKER SAYS TOO SOON FOR SINGLE CURRENCY


    ABU DHABI, March 29 - 
Gulf Arab states must coordinate
economic policies more closely before moving towards their goal
of a unified currency system, the President of the Arab Bankers
Association said.
    Hikmat Nashashibi told a news conference at the end of an
Arab currency traders meeting: "We have to start with
coordination of fiscal policies as a prerequisite for a common
system of currencies ... There is quite a substantial way to go
yet."
    He said only then would a unified Gulf currency system be a
plausible project.
    The six nations of the Gulf Cooperation Council -- Saudi
Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab
Emirates --  have held a series of meetings this year to
examine linking their currencies to a single peg in a system
which bankers say could be modelled on the European Monetary
System (EMS).
    At present, five currencies are linked either officially or
in practice to the U.S. Dollar, while the Kuwaiti dinar is
pegged to a trade-weighted basket of currencies.
    A common currency system or EMS-style "grid" would, in
theory, foster regional trade by providing a basis for stable
exchange rates, but Nashashibi said inter-Arab trade is at a
very low ebb and capital flows between Gulf states remain
small. "Capital markets in the Arab world are still in their
infancy," he said.
    Nashashibi said lack of experience among Arab banks, a
paucity of financial instruments and a legal framework that
often does not recognise the western banking concept of
interest have hampered the growth of Arab markets.
 REUTER
3;
bodyend
documentend
documentstart
10634
topicstart
reserves
topicend
bodystart
2;

CHINA FOREIGN RESERVES EXCEED 10 BILLION DLRS


    PEKING, March 29 - 
China's foreign exchange reserves are
more than 10 billion dlrs, enough to cover import payments for
three to four months, Vice Premier Tian Jiyun said.
    He told a news conference that China also has considerable
reserves of gold. He gave no figure.
    The last published figure for foreign exchange reserves was
10.37 billion dlrs at end-September 1986, down from 10.47
billion at end-June and 12.59 billion at end-September 1985.
 REUTER
3;
bodyend
documentend
documentstart
10636
topicstart
money-fx
lit
topicend
bodystart
2;

ITALY RELAXES RESTRICTIONS ON LIRA IMPORTS


    ROME, March 29 - 
Italy is to modify restrictions limiting
the amount of lira cash that can be brought in and out of the
country, the Foreign Trade Ministry said.
    A statement said Foreign Trade Minister Rino Formica has
signed a measure lifting currency regulations that currently
impose a 400,000 lire limit on the value of lira bank notes
that can be brought into Italy. It did not say when the new
measure would come into force.
    In future, there will be no limit to the amount of lira
bank notes both residents and non-residents can bring into
Italy.
    The statement said the 400,000 lire limit would remain for
Italian residents wishing to take cash out of the country, but
non-residents could re-export lira cash if they made
appropriate declarations at customs points.
    It said the lifting of the restrictions "reinforces the
international status of the lira and meets the requirements
expressed several times by foreign exchange dealers."
 REUTER
3;
bodyend
documentend
documentstart
10638
topicstart
money-fx
topicend
bodystart
2;

ARAB FOREX ASSOCIATION ELECTS NEW CHAIRMAN


    ABU DHABI, March 28 - 
The Inter-Arab Cambist Association
(ICA) elected Abdullah al-Dakhil of Kuwait's Burgan Bank its
new chairman, succeeding Hani Ramadan of Beirut Riyad Bank for
a three-year term, ICA officials said
    The annual meeting elected three Vice-Chairmen -- Ezzedine
Saidane of Banque Internationale Arabe de Tunis, Mohammed Osman
of Societe Bancaire du Liban and Walid Nasouli of Morgan
Guaranty Trust Co of New York.
    Ibrahim Buhindi of the Saudi National Commercial Bank in
Bahrain and Imad Bata of Finance and Credit Corp of Jordan were
elected Secretary and Treasurer, respectively.
 REUTER
3;
bodyend
documentend
documentstart
10640
topicstart
coffee
topicend
bodystart
2;

COFFEE PRICES BAD NEWS FOR LATIN AMERICA -MINISTER


    By Lisa Vaughan, Reuters


    LONDON, March 29 - 
A senior Nicaraguan official said a
recent plunge in coffee prices was economically and politically
disastrous for Latin American coffee-producing countries.
    Nicaraguan Foreign Trade Minister Alejandro Martinez Cuenca
was in London to brief International Coffee Organisation (ICO)
executive board producer members after a meeting last weekend
in Managua attended by eight Latin American coffee producers to
discuss the fall in coffee prices.
    London coffee prices slid 300 stg per tonne in March, to
1,279 stg from 1,580 stg at end-February.
    Martinez told reporters the price fall since the ICO failed
to agree export quotas on March 1 has had disastrous results on
Latin America, both economically and politically.
    He urged continued negotiations among coffee producers to
pave the way for a coffee export quota agreement by September.
    Coffee export quotas, used to regulate coffee prices under
an International Coffee Agreement, were suspended a year ago
when prices soared in response to a drought in Brazil.
    Central American economic ministers have estimated the
region will lose 720 mln dlrs in foreign exchange earnings in
1987 if coffee prices are not rescued by a quota arrangement,
Martinez said.
    He said ICO quota talks broke down last month because
consumer members lack the political will to fully support
commodity agreements, and because consumers tried to dictate to
producers.
 REUTER
3;
bodyend
documentend
documentstart
10641
topicstart
ship
crude
topicend
bodystart
2;

TURKEY LIFTS SURVEY SHIP ESCORT AS TENSION ABATES


    ANKARA, March 29 - 
Turkey pulled warships back from close
escort of its Sismik 1 survey ship as the threat of conflict
with Greece over oil rights in the Aegean Sea abated.
    The semi-official Anatolian Agency said naval vessels ended
their close protection of the ship as it continued work in
Turkish waters but were following it at a distance.
    Popular newspapers headlined what they saw as Turkish
resolve and international pressure forcing Greece to pull back
from planned exploration in disputed international waters.
    "Intense United States and NATO efforts bore fruit: Greece
will stay in its national waters," said the daily Gunes. The
top-selling Hurriyet topped its front page with: "Our resolute
stand made Greece see reason."
    But two newspapers, Cumhuriyet and Milliyet, noted in
identical headlines -- "Crisis Frozen" -- that the basic
disagreement over exploration rights remained unsolved.
    The confrontation eased after the Turkish government said
it had been assured Athens would not begin prospecting in
disputed waters.
 REUTER
3;
bodyend
documentend
documentstart
10642
topicstart
trade
topicend
bodystart
2;

TOKYO BIDS TO STOP CHIP ROW TURNING INTO TRADE WAR


    By Rich Miller, Reuters


    TOKYO, March 29 - 
Japan is seeking to prevent its computer
chips dispute with the U.S. From erupting into a full-scale
trade war, government officials said.
    "We hope that the dispute on this specific issue won't have
an adverse effect on our overall relationship with the United
States," a Ministry of International Trade and Industry (MITI)
official said.
     On Friday, Washington announced plans for as much as 300
mln dlrs in tariffs on Japanese electronic goods for Tokyo's
alleged failure to live up to a bilateral computer chip pact.
    That agreement, reached last year after heated
negotiations, called on Japan to stop selling cut-price chips
in world markets and to buy more American-made semiconductors.
    Foreign Ministry officials immediately tried to isolate the
fall-out from the dispute by seeking to separate it from Prime
Minister Yasuhiro Nakasone's planned trip to Washington at the
end of April.
    While Japan has already done about all it can to make sure
the chip pact is working, the government is studying measures
it can take in other fields to defuse American anger and ensure
the trip's success, they said.
    "The perception of Japan in the (U.S.) Congress is very bad,"
one official told Reuters. "We would very much like to do
something to respond to that."
    In an apparent effort to prevent the chip dispute from
spreading to other areas, MITI officials sought to depict the
U.S. Action as a severe warning to Japanese semiconductor
makers, not to the government.
    Faced with a belligerent domestic chip industry and an
angry American Congress, the Japanese government has been
forced to walk an increasingly fine line in the semiconductor
dispute, trade analysts said.
    They said that it was an open secret that Japan's largest
chip maker, NEC Corp, was not happy with what it viewed as the
draconian measures MITI was taking to implement the pact,
included enforced production cuts.
    The angry response of Japanese chip makers yesterday to the
announcement of the U.S. Tariffs highlighted the difficulties
the government faces in taking further action.
    "Japanese semiconductor manufacturers have complied with the
U.S./Japan agreement," said Shoichi Saba, Chairman of the
Electronic Industries Association of Japan.
    He accused the U.S. Of being "irrational." He said the U.S.
Action had made the bilateral chip pact "meaningless."
    Saba's comments contrasted with those of Prime Minister
Yasuhiro Nakasone, who said Tokyo wanted to solve the dispute
through consultations.
    Japan is expected to send a high-level official to
Washington early next month to try to convince the U.S. Not to
go ahead with the tariffs on April 17.
    Trade analysts say Tokyo is likely to outline industry
plans to step up purchases of U.S. Chips and to propose a joint
investigation into Washington's allegations of chip dumping.
 REUTER
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bodyend
documentend
documentstart
10643
topicstart
trade
grain
topicend
bodystart
2;

U.S. SEES MORE HARMONY IN TALKS WITH FRANCE


    WASHINGTON, March 29 - 
The U.S. Expects more harmonious
talks than usual during French Prime Minister Jacques Chirac's
first official visit this week as frequently rancorous disputes
between the two countries begin to fade.
    "The Libyan bombing is a thing of the past, the trade war
didn't happen and we have reached reasonably good cooperation
on terrorism," one U.S. Official told Reuters.
    "It looks like a reasonably harmonious visit in prospect,
more harmonious than usual."
    Since taking office a year ago, Chirac has been obliged to
deal with a series of potentially serious disputes with the
United States.
    During the U.S. Bombing of alleged terrorist targets in
Libya last April, France refused to allow British-based U.S.
Planes to overfly its territory, forcing them to take a
circuitous route. That angered Washington.
    The U.S. Officials, who asked not to be identified, said a
year ago Washington felt the French were not taking strong
enough action against terrorism. "Now they are. We're pleased
and they are pleased that we are pleased," one said.
    More recently, a dispute over U.S. Access to the grain
markets of Spain and Portugal after they joined the European
Community  threatened to become a trade war.
    In retaliation for what Washington saw as deliberate
Community moves to exclude U.S. Grain, the United States was
poised to impose swingeing tariffs on European Community food
imports and a major trade war was averted at the last minute.
    Last week, the forces of President Hissene Habre of Chad,
supported, trained and armed by Paris and Washington, scored a
major success by pushing Libyan troops out of their last bases
in northern Chad.
    A French official added: "There is also a common interest in
getting Japan to cut its trade surplus with the rest of the
world by opening up its markets."
    Although relations have improved markedly between the two
countries, many irritants remain. At the top of the list is the
Community's common agricultural policy (CAP).
    To Washington, as one official put it, "CAP is the root of
all evil" in international food trade because it subsidises
farmers and sells vast amounts of excess produce at below world
prices, thereby eating into U.S. Markets.
 REUTER
3;
bodyend
documentend
documentstart
10644
topicstart
earn
topicend
bodystart
2;

BANK FUER GEMEINWIRTSCHAFT AG 
<
BKFG.F> YEAR 1986


    FRANKFURT, March 29 - 
Year ended December 31, 1986.
    Group net profit 30 mln marks vs 35 mln.
    Balance sheet total 61.50 billion marks vs 63.67 billion.
    Credit volume 42.00 billion marks vs 43.15 billion.
    Parent bank net profit 20 mln marks vs 20 mln.
    Transfer to trades union holding co 80 mln marks vs 80 mln.
    Payment to open reserves 20 mln marks vs 20 mln.
    Balance sheet total 48.67 billion marks vs 49.01 billion.
    Partial operating profit 182.6 mln marks vs 313.7 mln.
    Interest surplus 897.9 mln marks vs 981.1 mln.
    Surplus on commission 208.8 mln marks 188.1 mln.
    Ordinary expenditure 969.7 mln marks vs 909.7 mln.
    Earnings from subsidiaries through profit transfer
agreements 494.2 mln marks vs 54.2 mln.
    Earnings from writing back provisions 326.5 mln marks vs
65.6 mln.
    Published risk provisions 736.3 mln marks vs 224.0 mln.
    Credit volume 32.63 billion marks vs 33.51 billion.
    Group figures for 1986 exclude 
<
BSV Bank fueer Sparanlagen
und Vermoegensbildung AG> which no longer consolidated.
 REUTER
3;
bodyend
documentend
documentstart
10648
topicstart
earn
topicend
bodystart
2;

BFG PARTIAL OPERATING PROFITS FALL SHARPLY IN 1986


    FRANKFURT, March 29 - 
Bank fuer Gemeinwirtschaft AG

<
BKFG.F>, BfG, partial operating profits fell to 182.6 mln
marks in 1986 from 313.7 mln in 1985, new majority shareholder
Aachener und Muenchener Beteiligungs-AG 
<
AMVG.F>, AMB, said.
    But total operating and extraordinary profits, including
earnings from currency and securities trading on the bank's own
account and earnings from the sale of holdings in other firms,
were more than double the previous year's level, AMB said.
    BfG's 1986 accounts were included in a prospectus for AMB's
capital increase, which is to finance the insurance company's
acquisition of 50 pct plus one share of BfG.
    Despite the fall in partial operating profits, BfG paid an
unchanged 20 mln marks into open reserves and transferred an
unchanged 80 mln marks to its trade union holding company,

<
Beteiligungsgesellschaft fuer Gemeinwirtschaft AG>, from which
AMB has acquired the majority stake.
    The bank has said its business last year suffered from the
turbulence around the troubled trade-union-owned housing
concern Neue Heimat.
    AMB said the 500 mln mark drop in BfG's business volume to
50.1 billion marks affected the interest surplus.
    The interest surplus, which fell to 897.9 mln marks from
981.1 mln, was also depressed by the 0.1 point fall in the
interest margin to 1.9 pct.
    A rise in the surplus on commission to 208.8 mln marks from
188.1 mln was not enough to compensate for this.
    The rise in total operating profits enabled BfG to step up
risk provisions, with country risks particularly emphasised
because of the continuing difficulties of some countries.
    Disclosed risk provisions, which under West German
accounting rules do not necessarily reflect the full amount,
rose to 736.3 mln marks from 224.0 mln.
    BfG's parent credit volume eased to 32.63 billion marks in
1986 from 33.51 billion. Foreign debtors accounted for 24 pct
of this credit volume, and Latin American debtors accounted for
14.7 pct of total lending to foreigners.
    BfG posted extraordinary earnings from the sale of 25.01
pct of 
<
Volksfuersorge Deutsche Lebensversicherung AG>, 74.9
pct of 
<
BSV Bank fuer Sparanlagen und Vermoegensbildung AG> and
five pct of 
<
Allgemeine Hypothekenbank AG>. The sale was linked
to AMB's acquisition of a majority of BfG.
    These sales show up as 494.2 mln marks from profit transfer
agreements and 326.5 mln from writing back risk provisions.
 REUTER
3;
bodyend
documentend
documentstart
10649
topicstart
topicend
bodystart
2;

ISLAMIC DEVELOPMENT BANK LOANS FALL


    ISTANBUL, March 29 - 
The Jeddah-based Islamic Development
Bank (IDB) said in an annual report its loans during the last
Islamic year fell 24 pct due to world economic recession.
    Total financing approved by the bank for projects, trade,
and technical and special assistance fell to 756.9 mln Islamic
dinars in the year ended September 4, 1986, from 1,001.4 mln
the previous year.
    "Due to a general recession in the world economy, the demand
for development funds was low and there was a scarcity of
processable projects in most member countries during 1406
(September 1985-86)," the report said.
    It said a steep decline in oil prices had led to a major
transfer of resources from oil-producing countries to
industrial nations.
    "The oil exporting member nations of the IDB faced a major
adjustment problem arising from a sizable decline in oil prices
and loss of export earnings, affecting their position as
potential suppliers of capital," the report said.
    Project financing and technical assistance loans fell to
175.7 mln Islamic dinars in the year ended last September from
269.4 mln the previous year.
    The report said although there was a reduction in foreign
trade financing loans in the past year due to a sharp decline
in the price of oil and various primary commodities, the
quantity financed in physical terms of imports was higher.
    Foreign Trade financing declined to 572.8 mln dinars from
668.2 million dinars the previous year. Disbursements of loans,
including previously-approved loans, fell to 557.2 mln dinars
from 783.9 mln.
    The Bank in 1986 decided to establish a fund under the name
"IDB Unit Trust" to introduce and market financial instruments in
line with the principles of Islam, the report said.
    "This experience will provide a foundation for the floating
of other financial instruments in the near future through which
the bank expects to mobilise even larger resources," the report
said.
    The IDB was established by the 46-member Islamic Conference
Organisation and opened in October 1975.
 REUTER
3;
bodyend
documentend
documentstart
10650
topicstart
money-fx
dlr
topicend
bodystart
2;
******
DOLLAR OPENS AT A RECORD LOW FOR TOKYO AT 145.80 YEN - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
10651
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Bank of Japan intervenes, buys dollars around 145.90-95 yen -- Tokyo dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
10652
topicstart
money-fx
dlr
topicend
bodystart
2;
******
DOLLAR FALLS BELOW 145.00 YEN IN TOKYO -- DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
10653
topicstart
money-fx
dlr
topicend
bodystart
2;
******
BANK OF JAPAN ALREADY PURCHASED ONE BILLION DLRS IN MORNING INTERVENTION - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
10654
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN CENTRAL BANK BUYS ONE BILLION DLRS IN TOKYO


    TOKYO, March 30 - 
The Bank of Japan has already purchased
more than one billion dlrs in intervention since the opening
and continues to buy the U.S. Currency, dealers said.
    The central bank was supporting the dollar against the yen
amid heavy selling pressure from investment trusts and
securities houses which had pushed the dollar as low as 144.75
yen earlier this morning, they said.
    The dollar recovered slightly from the intervention and was
trading around 145.00, they added.
    It had opened in Tokyo at 145.80 yen.
 REUTER
3;
bodyend
documentend
documentstart
10656
topicstart
topicend
bodystart
2;

NEW ZEALAND TREASURY BILL TENDER CANCELLED


    WELLINGTON, March 30 - 
New Zealand's Reserve Bank said it
has cancelled the regular weekly Treasury bill tender scheduled
for tomorrow.
    The bank said in a statement that it forecasts a small net
cash injection into the system over the settlement week.
    However, it said it will conduct open market operations
during the week. After these the cash balance should fluctuate
around 30 mln N.Z. Dlrs.
 REUTER
3;
bodyend
documentend
documentstart
10657
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Sumita says he does not repeat not expect dollar to fall further.

Blah blah blah.
3;


bodyend
documentend
documentstart
10658
topicstart
money-fx
dlr
topicend
bodystart
2;
******
Japan will continue to cooperate with other nations to stabilize dlr, Sumita

Blah blah blah.
3;


bodyend
documentend
documentstart
10659
topicstart
money-fx
dlr
topicend
bodystart
2;

SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL


    TOKYO, March 30 - 
Bank of Japan governor Satoshi Sumita
said he does not expect the dollar to remain unstable and fall
further.
    He told a Lower House Budget Committee in Parliament that
the Bank of Japan would continue to cooperate closely with
other major nations to stabilize exchange rates.
    The central bank has been keeping extremely careful watch
on exchange rate movements since last week, he said.
    He said the dollar would not continue to fall because of
underlying market concern about the rapid rise of the yen.
    Sumita said the currency market has been reacting to
overseas statements and to trade tension between Japan and the
U.S. Over semiconductors.
    The yen's tendency to rise will prevent Japan from
expanding domestic demand and undertaking necessary economic
restructuring, he said.
 REUTER
3;
bodyend
documentend
documentstart
10660
topicstart
money-fx
dlr
topicend
bodystart
2;

DLR FALLS ON FEAR TOKYO WON'T HIKE DEMAND-MIYAZAWA


    TOKYO, March 30 - 
Finance Minister Kiichi Miyazawa said
that the dollar's drop today to 145 yen is partly attributable
to the perception inside and outside Japan that the country has
failed to fulfill its promise to expand domestic demand.
    He told a Lower House budget committee in Parliament that
it was natural for other nations to think that Japan is not
doing enough because of the delay in the passage of the 1987/88
budget.
    The budget has been delayed by opposition boycotts of
Parliament to protest government plans for a new sales tax.
 REUTER
3;
bodyend
documentend
documentstart
10661
topicstart
money-fx
topicend
bodystart
2;

JAPAN CAREFULLY CONSIDERING MONEY POLICY -- SUMITA


    TOKYO, March 30 - 
Bank of Japan governor Satoshi Sumita
said the central bank will carefully consider its monetary
policy in light of the recent sharp fall of the dollar.
    Asked if the Bank of Japan will consider a further cut in
its discount rate, he said he now thinks the bank will have to
carefully consider its future money policy.
    He told a Lower House Budget Committee in Parliament that
credit conditions have been eased by the five discount rate
cuts by Japan since the beginning of last year.
    Japan must now be especially careful about a flare-up in
inflation, with money supply growth accelerating, he said.
    Sumita said the central bank would continue to make a
judgement on monetary policies while watching consumer prices,
exchange rates and economic and financial conditions both in
and outside Japan.
    Asked if the September 1985 Plaza agreement was a failure
because the dollar had fallen too far, Sumita said he still
thought the pact was a good one in the sense that it had
corrected the overvaluation of the dollar. But the Plaza accord
did not set any target for the dollar's fall, he said.
    The dollar's steep fall stems from the market's belief that
the trade imbalance will continue to expand, he said.
 REUTER
3;
bodyend
documentend
documentstart
10662
topicstart
gold
topicend
bodystart
2;

PERU SAYS NEW GOLD DEPOSITS WORTH 1.3 BILLION DLRS


    LIMA, March 29 - 
President Alan Garcia said Peru has found
gold deposits worth an estimated 1.3 billion dlrs in a jungle
region near the Ecuadorean border about 1,000 km north of here.
    He told reporters the deposits, located at four sites near
the town of San Ignasio, contained the equivalent of 100 tonnes
of gold.
    Garcia said the government would soon install a two mln dlr
treatment plant at Tomaque. It will extract enough ore to
provide an estimated 25 mln dlr profit by the end of this year,
he added.
    Garcia said the other gold-bearing deposits are located at
Tamborapa, Pachapidiana and a zone between the Cenepa and
Santiago rivers.
 REUTER
3;
bodyend
documentend
documentstart
10665
topicstart
trade
topicend
bodystart
2;

BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE


    WASHINGTON, March 29 - 
The United States and Japan will
soon settle their trade dispute over semiconductors, U.S.
Commerce secretary Malcolm Baldrige said on television.
    Baldrige, referring to the U.S.-Japan trade agreement on
semiconductors, said: "Their government wants to live up to it.
Their industries haven't been doing it, and I think we'll have
a good settlement to spare both sides."
    "I think the Japanese understand full well that they haven't
lived up to this commitment," he said.
    He added: "I do not think there will be a trade war at all."
    On Friday, Washington announced plans to put as much as 300
mln dlrs in tariffs on Japanese electronic goods from April 17,
because of Tokyo's failure to observe the agreement.
    The officials said the tariffs would be ended as soon as
Japan started adhering to the agreement. But they said there
was little chance Japan could react quickly enough to avert the
higher tariffs.
    Baldrige said the Reagan administration hoped the strong
U.S. Action against Japan would convince Congress to tone down
protectionist trade legislation now being drafted.
    He denied the action had been taken for that reason.
 REUTER
3;
bodyend
documentend
documentstart
10669
topicstart
crude
topicend
bodystart
2;
IRAQ SAYS IRANIAN OIL NETWORK ATTACKED
    BAGHDAD, MarcKraq said its warplanes attacked the pipeline
network through which oil is pumped to Iran's main oil terminal
at Kharg Island in the northern Gulf.
    "Large numbers of our warplanes attacked the installations
where the pipelines .... Pump oil from Ganaveh to Kharg island,
turning them into rubble and setting them ablaze ...," a
military spokesman said.
    He did not give the exact location of the area attacked but
Ganaveh terminal is on the Iranian Gulf coast some 30 miles
northeast of Kharg Island, which itself has been attacked at
least 135 times since August 1985.
 REUTER
3;


bodyend
documentend
documentstart
10674
topicstart
acq
topicend
bodystart
2;

BTR NYLEX RAISES OFFER FOR BORG-WARNER AUSTRALIA


    SYDNEY, March 30 - 
<
BTR Nylex Ltd> said it will increase
its takeover offer for Borg-Warner Corp's 
<
BOR> listed unit,

<
Borg-Warner (Australia) Ltd> (BWA) to five dlrs each from four
dlrs for all issued ordinary and preference shares.
    The new offer values the diversified auto parts
manufacturer's 27.22 mln ordinary shares and 13.22 mln first
participating preference shares at 202.2 mln dlrs.
    Formal documents will be sent to shareholders as soon as
possible, it said in a brief statement.
    BTR Nylex, which manufactures rubber and plastic products,
first bid for BWA in late January.
    As previously reported, Borg-Warner Corp, which owns 65 pct
of BWA's ordinary shares and 100 pct of the preferences,
advised a month ago that it would not accept the offer.
    This meant BTR Nylex's 50.1 pct acceptance condition could
not be met, BWA said in a statement reporting its parent's
decision.
    BWA advised shareholders to ignore the offer and said other
parties had expressed interest in bidding for it.
    But no other bid has yet emerged.
    BTR Nylex is a 59.5 pct-owned listed subsidiary of
Britain's BTR Plc 
<
BTRX.LON>.
 REUTER
3;
bodyend
documentend
documentstart
10675
topicstart
topicend
bodystart
2;

JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS


    By Yoshiko Mori, Reuters


    TOKYO, March 30 - 
The dollar's tumble to a record low of
144.70 yen in Tokyo today motivated some major Japanese
investors to lighten their U.S. Bond inventory further and is
expected to spur diversification into investment assets
including foreign and domestic shares, dealers said.
    The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low
of 96.08-12 in early Tokyo trade against the 98.05-06 New York
finish, then recovered to 96.20-22.
    Some trust bank pension fund acccounts and investment
trusts were seen selling several hundred million dollars on the
foreign exchange market here today, accentuating the unit's
tumble, securities house dealers said.
    They seem undecided on what to do with the fresh yen cash
positions resulting from their dollar sales today, and are
sidelined until the currency market stabilises and the interest
rates outlook clarifies, a Nikko Securities Co Ltd currency
trader said.
    The dollar's plunge and low yields on U.S. Bonds will
further promote diversification into other foreign investments,
as well as call back funds into the domestic bond and stock
markets from overseas bond markets, securities bond managers
said.
    They said major Japanese investors in the past two years
are estimated to have held 50 to 80 pct of their foreign
portfolios in U.S. Bonds but many have lightened their U.S.
Bond inventory to as low as 40 pct.
REUTER...
3;
bodyend
documentend
documentstart
10676
topicstart
acq
topicend
bodystart
2;

INVESTOR GROUP PUTS PRESSURE ON GENCORP 
<
GY>


    NEW YORK, March 30 - 
An investor group trying to acquire
GenCorp Inc said it would move to unseat the board of directors
and take other action if GenCorp refuses to discuss a 2.3
billion dlr takeover bid.
    General Acquisition Co, a partnership of Wagner and Brown
and AFG Industries Inc 
<
AFG>, reiterated in a statement sent to
GenCorp on Friday that it was willing to negotiate its earlier
offer of 100 dlrs a share for the tire, broadcasting, plastics
and aerospace conglomerate.
    Analysts have speculated GenCorp could fetch at least 110
to 120 dlrs per share if broken up.
    GenCorp officials declined to comment on the statement, but
a spokesman reiterated a request to shareholders to wait until
the board renders an opinion before making a decision on the
offer. GenCorp has said a statement would be made on or before
the company's annual meeting on Tuesday.
    General Acquisition said the board could not carry out its
duties to shareholders and make an informed decision until it
has, "... Explored with us the ways in which our offer can be
revised to provide greater value to your shareholders."
    General Acquisition added it was aware the board may be
reviewing alternative transactions, which might provide GenCorp
shareholders with a payment other than cash.
    "If that is the case, you should recognise that our
additional equity capital may very well enable us to offer cash
and securities having greater value than GenCorp could provide
in any similarly structured transaction," it said.
    It added GenCorp's board had an obligation to present any
alternative proposal to shareholders in a way that allowed
competing offers.
    General Acquisition requested it be given a chance to bid
on a competitive and fair basis before any final decision was
made on any other buyout proposal.
    The statement repeated the request GenCorp remove a "poison
pill" preferred share purchase rights to shareholders, making
any takeover more expensive.
    It said it might take legal action, or seek the support of
shareholders in calling a special meeting to replace the board
and consider other proposals.
    GenCorp should not accept any other proposal containing
defensive features, it said.
 REUTER
3;
bodyend
documentend
documentstart
10677
topicstart
topicend
bodystart
2;

JAPAN WANTS GOVERNMENTS TO BUY ITS T-BILLS


    TOKYO, March 30 - 
The Finance Ministry is trying to
eliminate technical obstacles so as to encourage purchases of
Japanese Treasury bills by foreign governments and central
banks, in order to increase overseas holdings of yen assets, a
senior Finance Ministry official said.
    The official declined to give details but securities
sources said they expect the 16 pct withholding tax on T-bills
to be repaid immediately when governments and central banks buy
bills. The current practice of filing tax redemption claims is
time consuming, they said.
    Securities houses here have had difficulty selling
six-month debt-financing paper, called tankoku, to overseas
governments and central banks because of the tax system and the
Bank of Japan's book entry system, which demands the accounts
be kept with the houses rather than by the Bank.
    Tankoku, introduced in February 1986, were designed as a
key short-term instrument to promote internationalization of
the yen. But since the introduction of a complicated book-entry
system for bill purchases in January 1986, foreign governments
and central banks have shied away from buying the bills, the
sources said.
    Foreign governments and central banks are therefore
expected to be allowed to hold their accounts at the Bank of
Japan, the securities sources said.
    Relevant measures are likely to be announced at the next
U.S.-Japan yen-dollar committee meeting on the deregulation of
Tokyo's financial market, expected in May, they said.
 REUTER
3;
bodyend
documentend
documentstart
10678
topicstart
nickel
topicend
bodystart
2;

SUMITOMO MINING 
<
SMIT.T> RAISES NICKEL OUTPUT


    TOKYO, March 30 - 
Sumitomo Metal Mining Co said it will
raise its monthly nickel output to around 1,750 tonnes from
April 1 from 1,650 now because of increased domestic demand,
mainly from stainless steel makers.
    Sumitomo produced 1,800 tonnes of a nickel a month until
end-1986, but cut output in January because of stagnant demand,
a company official said.
    Calendar 1987 production is likely to fall to around 20,000
tonnes from 22,000 in 1986 as a result of the first quarter
reduction, he said.
    Sumitomo is Japan's only nickel producer.
 REUTER
3;
bodyend
documentend
documentstart
10679
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
Nakasone says major nations committed in Paris to stable dlr above 150 yen

Blah blah blah.
3;


bodyend
documentend
documentstart
10681
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
Miyazawa says major nations have intervened aggressively since dlr fell below 150 yen

Blah blah blah.
3;


bodyend
documentend
documentstart
10682
topicstart
coffee
topicend
bodystart
2;

PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER


    NEW YORK, March 30 - 
U.S. roastings of green coffee in the
week ended March 21 were about 250,000 (60-kilo) bags,
including that used for soluble production, compared with
195,000 bags in the corresponding week of last year and about
300,000 bags in the week ended March 14, George Gordon Paton
and Co Inc reported.
    It said cumulative roastings for calendar 1987 now total
3,845,000 bags, compared with 4,070,000 bags by this time last
year.
 Reuter
3;
bodyend
documentend
documentstart
10684
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE


    TOKYO, March 30 - 
Prime Minister Yasuhiro Nakasone said
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
    He told a Lower House Budget Committee in Parliament that
the six nations have taken measures, including market
intervention, to support the dollar above that level.
    Finance Minister Kiichi Miyazawa told the same committee
that the six - Britain, Canada, France, Japan, the U.S. And
West Germany - had intervened aggressively since the dollar
fell below 150 yen.
    Miyazawa said major nations are trying hard to stabilize
exchange rates.
    Asked if there had been any change in the fundamentals of
each nation since the February 22 Paris accord, he said he did
not think the fundamentals themselves had changed
substantially.
    But he said the market is sensitively looking at what is
happening in major nations. He did not elaborate.
    Miyazawa added that it was difficult to say why there has
been such speculative dollar selling in the market.
 REUTER
3;
bodyend
documentend
documentstart
10685
topicstart
earn
topicend
bodystart
2;
******
BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion

Blah blah blah.
3;


bodyend
documentend
documentstart
10687
topicstart
sugar
topicend
bodystart
2;

AUSTRALIAN SUGAR AREAS SAID RECEIVING SOME RAIN


    SYDNEY, March 30 - 
Dry areas of the Australian sugar cane
belt along the Queensland coast have been receiving just enough
rain to sustain the 1987 crop, an Australian Sugar Producers
Association spokesman said.
    The industry is not as worried as it was two weeks ago, but
rainfall is still below normal and good soaking rains are
needed in some areas, notably in the Burdekin and Mackay
regions, he said from Brisbane.
    Elsewhere, in the far north and the far south of the state
and in northern New South Wales, the cane crop is looking very
good after heavy falls this month, he said.
    The spokesman said it is still too early to tell what
effect the dry weather will have on the size of the crop, which
is harvested from around June to December.
    He said frequent but light falls in the areas that are
short of moisture, such as Mackay, mean they really only need
about three days of the region's heavy tropical rains to
restore normal moisture to the cane.
    But rainfall in the next two or three weeks will be crucial
to the size of the crop in the dry areas, he said.
    "It's certainly not a disastrous crop at this stage but it
might be in a month without some good falls," he said.
 REUTER
3;
bodyend
documentend
documentstart
10688
topicstart
earn
topicend
bodystart
2;

BASF AG 
<
BASF.F> 1986 YEAR


    LUDWIGSHAFEN, West Germany, March 30 - 
Year to December 31.
    World group pre-tax profit 2.63 billion marks vs 3.04
billion.
    World group turnover 40.47 billion vs 44.38 billion.
    World group investment in fixed assets 2.66 billion vs 2.46
billion.
    Parent company pre-tax profit 1.97 billion vs 1.91 billion.
    Parent turnover 18.72 billion vs 20.46 billion.
    Parent domestic turnover 7.10 billion vs 8.14 billion.
    Parent foreign turnover 11.62 billion vs 12.32 billion.
    Parent investment in fixed assets 1.14 billion vs 884 mln.
 REUTER
3;
bodyend
documentend
documentstart
10689
topicstart
money-fx
yen
dlr
topicend
bodystart
2;

JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED


    By Eric Hall, Reuters


    TOKYO, March 30 - 
Japan is becoming dangerously isolated
again as the U.S. And Europe feel they have been cheated by
Japanese promises to switch from export to domestic-led growth,
officials and businessmen from around the world said.
    As the dollar today slipped to a record low below 145 yen,
making Japanese exporters and holders of dollar investments
grit their teeth harder, Finance Minister Kiichi Miyazawa said
there was a perception Japan had reneged on its promise.
    The problem goes deep and centres on misunderstandings by
both sides over the key Maekawa report of April, last year.
    The document was prepared by a private committee formed by
Prime Minister Yasuhiro Nakasone and led by former Bank of
Japan head Haruo Maekawa. It recommended that to stop friction
due to its large trade surpluses, Japan must "make a historical
transformation in its traditional policies on economic
management and the nation's lifestyle. There can be no further
development for Japan without this transformation."
    Americans and Europeans took the report to heart and have
looked in vain for clear signs of this historic change. But the
Japanese remain doubtful about the short, or even medium term
prospects of totally transforming their economic habits.
    The bubble of frustration against what appears as Japanese
prevarication burst last week. The U.S. Said it intended to
raise tariffs of as much as 300 mln dlrs on Japanese exports to
the U.S. On the grounds Japan had abrogated a bilateral
semiconductor pact.
    British Prime Minister Margaret Thatcher threatened to
block Japanese financial firms from London after the Japanese
placed what the British say are restrictive conditions on a bid
by British firm Cable and Wireless to join a domestic
telecommunications joint venture.
    On Friday, European currency dealers said European central
banks, annoyed at restrictive Japanese trade practises, might
leave Japan alone to intervene to staunch the rise of the yen.
    Eishiro Saito, head of top Japanese business group
Keidanren, spotted the dangers inherent in such contradictory
views last November when he visited the European Community.
"Related to this matter of (trade) imbalance, the point that I
found to be of great cause for alarm during this trip to Europe
was the excessive degree of hope placed by the Europeans in the
results of the Maekawa report," he said.
    "We explained that the process of restructuring the economy
away from its dependence on exports toward a balance between
domestic and external demand...Would take time," Saito said.
    Saito's words were ignored. In February, EC Industrial
Policy Director Heinrich von Moltke came to Japan and said "I
only know that your government, under the leadership of
Maekawa, points to restructuring your economy into a less
outward looking, more inward looking one. It is the Maekawa
report which has attracted the most attention in Europe."
    And Europeans and Americans want quick action. "A far better
answer than protectionism would be structural change within the
Japanese economy, the kind suggested by the Maekawa report. And
we hope to see changes occur in the near future," visiting
Chairman of General Motors Roger Smith said in March.
    Such expectations are now ingrained, which was partly the
fault of Nakasone, who heralded Maekawa's report as a sea of
change in Japanese affairs, said U.S. Officials.
    Months before the report was issued, U.S. And EC business
leaders met their Japanese colleagues to discuss the trade
problem.
    "We are more anxious than ever that the new approach of the
Maekawa committee does lead to speedy and effective action,"
said EC Industrial Union leader Lord Ray Pennock.
    "The important implication of the Maekawa report is that it
is finally looking to let Japanese enjoy the fruits of their
labour," said Philip Caldwell, Senior Managing Director of
Shearson Lehman Brothers.
    Contents of the report were leaded well ahead of issuance.
    Japanese officials say they are implementing the report as
fast as they can, said a European ambassador who has travelled
the country asking about this issue.
    He said People mentioned many things in line with the
spirit of the report, including restructuring of the coal and
steel industries.
    A major misunderstanding is that the private report was
government policy. Europeans are confused about this,
underlined by von Moltke's reference to the "leadership" of the
Maekawa report. Even so, Japanese officials point to last
September's government programme of new economic measures.
"Without endorsing the report as policy, officials point out
that the government has put its signature to a programme
designed to implement the report," the ambassador said.
 REUTER
3;
bodyend
documentend
documentstart
10690
topicstart
topicend
bodystart
2;

JAPAN SEEKS RECORD LOW 4.7 PCT APRIL BOND COUPON


    TOKYO, March 30 - 
The Finance Ministry said it proposed to
the underwriting syndicate a record low 4.7 pct coupon on the
10-year government bond to be issued in April, down from the
previous record low five pct March issue.
    The bond would be priced at 99.75 to yield 4.736 pct
compared with 99.50 and 5.075 pct in March, and proposed issue
volume is 1,400 billion yen against 475 billion, it said.
    The syndicate is expected to accept the terms immediately,
underwriters said.
 REUTER
3;
bodyend
documentend
documentstart
10691
topicstart
topicend
bodystart
2;

SSANGYONG CONSTRUCTION RAISES 48 MLN U.S. DOLLARS


    HONG KONG, March 30 - 
<
Ssangyong Construction Co Ltd> of
South Korea has signed a 48.3 mln U.S. Dlr financing package to
fund the construction of a hotel and commercial complex in
Jakarta, the agent, Wardley Ltd, said.
    The package, guaranteed by the parent firm, 
<
Ssangyong
Cement Industrial Co Ltd>, includes a 25 mln dlr medium term
loan, a five mln dlr revolving letter of credit facility and an
18.3 mln dlr bonding facility. The three year loan carries
interest at 1/2 point over three or six month Singapore
interbank offered rate (Sibor). The LC facility costs 10 basis
points over Sibor and the bonding facility 50 basis points.
    The facility is being lead managed by Hongkong and Shanghai
Banking Corp. Managers are Arab Banking Corp, Bank of Nova
Scotia, Gulf International Bank, Istituto Bancario San Paolo di
Torino, National Bank of Kuwait, Standard Chartered Asia Ltd
and Sumitomo Finance (Asia) Ltd. Co-managers are Australian
European Finance Corp Ltd and Cho Heung Bank.
    A Wardley spokesman said the loan was well received by
international banks which have a keen appetite for increasingly
scarce Korean assets. The loan was approved by the Korean
Finance Ministry because it is for use outside Korea and will
not raise the country's indebtedness, he said.
 REUTER
3;
bodyend
documentend
documentstart
10692
topicstart
acq
topicend
bodystart
2;
******
Woolworth Holdings says it bidding 244 mln stg for Superdrug stores

Blah blah blah.
3;


bodyend
documentend
documentstart
10693
topicstart
crude
topicend
bodystart
2;

INDONESIA LIMITS OIL PRICE IMPACT-FINANCE MINISTER


    JAKARTA, March 30 - 
Indonesia has minimised the economic
impact of falling oil prices, kept inflation within limits and
boosted exports, Finance Minister Radius Prawiro said.
    Indonesia was badly hit by last year's steep plunge in
crude prices, which cut revenue from oil exports by half.
    But Prawiro was quoted by Indonesian newspapers as telling
President Suharto that inflation was kept to around nine pct in
the financial year ending tomorrow, against around 4.3 pct the
previous year.
    Exports were estimated to have risen by seven pct, he said,
although he did not give complete figures.
    The depressed economy forms the main backdrop to general
elections next month in Indonesia, a major producer of rubber,
palm oil, tin, timber and coffee.
    Prawiro said 1986/87 had also been difficult because of the
appreciation of currencies like the yen and the mark against
the dollar, which increased Indonesia's debt repayments.
    He said the economy would have suffered more from the world
economic recession if the government had not devalued the
rupiah by 31 pct last September.
    In an editorial on the economic outlook, the Jakarta Post
said the government must press ahead with measures to
deregulate the economy to help boost non-oil exports.
    The English-language daily said bigger export earnings were
needed to finance not only imports but also the country's
growing foreign debt, estimated at around 37 billion dlrs.
    "About 50 pct of our foreign debt obligations fall due
within the next three to five years and will steadily increase
the debt servicing burden," the paper said.
    However, end-investors were seen bargain hunting in
expectation of a further yen interest rate decline, dealers
said.
    Most dealers were cautious in the face of the dollar's
nosedive today and the possibility of a U.S. Interest rate
rebound to halt further dollar depreciation.
    A 4.7 pct coupon and volume of 1,400 billion yen for the
April 10-year bond proposed by the Finance Ministry this
afternoon were taken favourably by the market.
 REUTER
3;
bodyend
documentend
documentstart
10694
topicstart
acq
topicend
bodystart
2;

WOOLWORTH BIDS 244 MLN STG FOR SUPERDRUG


    LONDON, March 30 - 
Woolworth Holdings Plc 
<
WLUK.L> said it
would make a 244 mln stg agreed bid for 
<
Superdrug Stores Plc>
valuing the company's shares at about 696p each.
    The offer would be made on the basis of 17 new Woolworth
ordinary shares for every 20 in Superdrug.
    Woolworth said it had received acceptances from the holders
of 61 pct of Superdrug shares.
    The bid is Woolworth's second attempt in recent months to
acquire a retail chemist chain. Earlier this year it negotiated
a possible bid for 
<
Underwoods Plc> buit the talks were broken
off two weeks ago.
    Full acceptance of the offer would involve the issue of
about 29.8 mln new Woolworth shares, or 14 pct of the enlarged
share capital. A cash alternative would offer 646p for each
share in Superdrug. Members of the Goldstein family have
accepted the offer for 11.7 mln shares, which have not been
underwritten.
    Another major shareholder, Rite Aid Corp's Rite Investments
Corp unit, had accepted the offer for 9.9 mln shares, and would
take the cash alternative for 9.0 mln of these.
    In the year to end-January, Woolworth reported pretax
profits sharply higher at 115.3 mln stg after 81.3 mln
previously.
    In the year to end-February, Superdrug reported pretax
profits of 12.26 mln after 10.36 mln previously on turnover
that rose to 202.9 mln from 164.3 mln. Superdrug shares firmed
to 670p from 480p on Friday. Woolworth eased to 813p from 830p.
 REUTER
3;
bodyend
documentend
documentstart
10695
topicstart
trade
topicend
bodystart
2;

JAPAN HAS LITTLE NEW TO OFFER IN MICROCHIP DISPUTE


    By Linda Sieg, Reuters


    TOKYO, March 30 - 
The Japanese government appears to have
little new to offer to settle a dispute with the U.S. Over
computer chips, trade analysts and government officials said.
    The U.S. Has threatened to impose tariffs worth up to 300
mln dlrs on Japanese electronics exports to the U.S., In
retaliation for Japan's alleged failure to keep a pact on the
microchip trade signed last September.
    A Foreign Ministry official told Reuters "Japan has done
what it can, and now we must persuade the United States to wait
for those steps to take effect."
    The U.S. Alleges that, in defiance of the September
agreement, Japan is still selling microchips at below cost in
non-U.S. Markets and refusing to open Japan further to U.S.
Chip sales. U.S. Tariffs are due to take effect on April 17.
     Analysts noted Japan's Ministry of International Trade and
Industry (MITI) has already ordered chipmakers to cut
production in order to dry up the source of cheap chips sold in
third countries at non-regulated prices.
    "I'm not sure MITI can do much more than it has," said
Jardine Fleming (Securities) Ltd analyst Nick Edwards.
    A MITI official said the Ministry was not planning to call
for production cuts beyond those already sought, although it
would continue to press chip users to buy more foreign goods.
    Spokesmen for some Japanese electronics firms said they
would consider buying more U.S. Chips. But a Matsushita
Electric Industrial Co spokesman said a rapid increase in
imports was not likely.
    Most analysts said Japanese exporters would be hard hit if
the United States did implement the tariffs, which would be
levied on consumer electronics products rather than on
microchips themselves.
    "If the tariffs remain in place for any length of time,
there will be complete erosion of exports to the United States,"
said Tom Murtha, analyst at James Capel and Co.
    "The Japanese electronics industry is too powerful to be
stopped altogether, but recovery for the industry will be
delayed for another year," he said.
    Some analysts said tariffs would also harm U.S. Industry by
stepping up offshore production and by reducing demand in Japan
for semiconductors U.S. Firms are trying to sell here.
    "The American approach is full of contradictions," Jardine
Fleming's Edwards said.
    "If they want to expand (U.S.) exports, the last thing they
want to do is hit the makers of the final products because that
hurts the final market," Edwards said.
    But other analysts said the dispute reflects not just U.S.
Concern over what it sees as a strategic industry, but also
frustration with Japan's vast trade surplus. Some analysts
argued that to solve the semiconductor problem Japan may have
to take action beyond that pledged in the semiconductor pact.
    Carole Ryavec, an analyst at Salomon Brothers Asia Ltd,
said "The major overall issue is to stimulate the domestic
economy and move away from an export-dependent economy."
 REUTER
3;
bodyend
documentend
documentstart
10696
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE


    By Joshua So, Reuters


    HONG KONG, March 30 - 
Remarks by Japan's Prime Minister
Yasuhiro Nakasone that last month's G-6 meeting agreed to
stabilize the dollar above 150 yen have come too late to
influence currency trading, dealers said.
    After Nakasone's statement the dollar rose to 146.40/50 yen
from an initial low of 144.20/40 and New York's Friday finish
of 147.15/25. But the rebound was largely on short-covering,
they said.
    "I think (Nakasone's) desperate," said a U.S. Bank foreign
exchange manager.
    Nakasone told a Lower House Budget Committee in Parliament
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
    Finance Minister Kiichi Miyazawa told the same committee
that the six - Britain, Canada, France, Japan, the U.S. And
West Germany - had intervened aggressively since the dollar
fell below 150 yen.
    "His (Nakasone) remarks should have been made and should
have had a bigger influence when the dollar was still above 150
yen," said P.S. Tam of Morgan Guaranty Trust.
    Tam said the dollar has hit short-term chart targets  and
is likely to rebound. But he warned of another dip to below 145
yen.
    Dealers said the worsening trade relations between the U.S.
And Japan will continue to depress the dollar.
    The trade issue has now become a political issue since the
Reagan Administration is facing uproar in Congress over
th3pYgks in cutting the country's 169.8 billion dlr trade
deficit, they said.
 REUTER
3;
bodyend
documentend
documentstart
10697
topicstart
topicend
bodystart
2;

JAPANESE KEEN TO ENTER GERMAN PRIMARY BOND MARKET


    By Alice Ratcliffe, Reuters


    FRANKFURT, March 30 - 
Japanese securities houses and banks
are eager to enter the market for lead-management of mark
eurobonds when the ban on Japanese institutions is lifted, but
the entry may be difficult, Japanese bankers said.
    Most Japanese securities houses and banks established here
said they have concrete plans to enter lead-management
business, as soon as terms are cleared, probably this year.
    Japan's largest bank, The Dai-Ichi Kangyo Bank Ltd, is also
considering expanding its business here, bankers said.
    Japanese banks were excluded from lead management of mark
eurobonds when the Bundesbank opened that market to foreign
banks in May 1985, due to the lack of reciprocity for German
banks in the Japanese market.
    Last year, the Japanese began a slow opening by granting
West German banks investment licences.
    Pressure on Tokyo stepped up last week when U.K. Government
sources said Britain may revoke the licences of some Japanese
banks and securities firms operating in London when they come
up for renewal if progress is not made towards opening Japan's
markets to foreign competition.
    A spokesman for the Dai-Ichi Kangyo representative office
here said the bank was naturally considering options such as
expanding its mark securities trading operations to Frankfurt.
    Sources at the bank's London branch said the bank was
already seriously planning such a move.
    Expanding secondary operations would also improve the
placement capacity of Japanese houses intending to move into
lead management of mark eurobonds.
    But even Japanese banks already established in secondary
markets here face a host of problems in lead management. One is
finding borrowers.
    One banker at Nikko Securities Co Ltd's The Nikko
Securities Co (Deutschland) GmbH said the cost of mark issues
may be too high for some Japanese firms.
    "For the moment, for Japanese borrowers, marks are
expensive," he said. Many prefer Swiss francs or eurodollars.
    A Japanese borrower with a five-year equity warrant
eurodollar bond issued at 2-1/2 pct can now swap into domestic
yen rates of one pct. But mark swap opportunities are limited.
    In addition, many Japanese companies are committed already
to large German banks.
    To avoid souring relations with German banks they now
cooperate with, Japanese houses may prefer finding borrowers so
far not seen in the mark sector.
    Names may include Sanyo Electric Co Ltd and Nishimatsu
Construction Co Ltd, which both count Yamaichi Securities Co
Ltd as their house bank, or Hokkaido Electric Power Co Inc,
which recently gave a presentation here with the Industrial
Bank of Japan's unit here.
    Japanese banks are also faced with finding local personnel,
which is not easy. "They are definitely going to have a manpower
problem," one Swiss banker said.
    Swiss and American banks had no trouble attracting top
German managers. But Japanese cultural differences will be
harder for Germans to overcome. Success may depend on whether
Japanese parents allow German subsidiaries independence to
operate without interference.
    Once established, more problems are expected if extra
competition shaves margins.
    Extra competition could cut management fees in the mark
sector. Separate management and underwriting fees common here
may also be eroded, which now make German underwriting business
profitable compared with other centres.
    A few banks are unsure if they really want to get involved
in the business. "I don't think Sumitomo has 100-pct concrete
plans at this moment unless there is a new development," a
banker at the West German commercial branch of Sumito Bank Ltd
in Duesseldorf said.
    Apart from the commercial branch in Duesseldorf Sumitomo
has a rep office in Frankfurt, but both are primarily engaged
in commercial banking. If Sumitomo were to set up a securities
operation, it would have to set up a full subsidiary, he said.
 REUTER
3;
bodyend
documentend
documentstart
10699
topicstart
earn
topicend
bodystart
2;

ARBED SA 
<
ARBB.BR> YEAR 1986


    LUXEMBOURG, March 30 - 
Net profit 890 mln Luxembourg francs
vs 1.12 billion.
    Turnover 57.8 billion francs vs 65.3 billion.
    Cash flow 5.72 billion francs vs 6.70 billion.
    Steel production 3.74 mln tonnes, down seven pct.
    Board will decide on April 24 whether to pay a dividend. No
dividend has been paid since 1984.
 REUTER
3;
bodyend
documentend
documentstart
10701
topicstart
grain
corn
topicend
bodystart
2;

JAPAN ACTIVELY BOUGHT U.S. CORN LAST WEEK - TRADE


    TOKYO, March 30 - 
Japanese feed and starch makers actively
bought U.S. Corn last week, C and F basis, for July/September
shipment in view of bullish freight rates following active
inquiries by the Soviet Union, trade sources said.
    Some said the makers were seen buying some 30 pct of their
requirements, estimated at about three mln tonnes for the
three-month shipment period.
    "Belief is growing that freight rates will not decline
sharply from current high levels even in the usually sluggish
summer season because the Soviet Union's chartering is seen
continuing five to seven months from April," one source said.
    The sources said Japanese trading houses were seen covering
a total of 500,000 tonnes of Chinese corn for shipment in May
to October. But they are believed to have not yet sold most of
the corn to end-users in anticipation of further corn price
rises in the world market.
    Supply from Argentina and South Africa for July/September
is still uncertain. But the sources forecast supplies from
Argentina may fall to 400,000 to 500,000 tonnes from an
anticipated 800,000 in calendar 1987 and from South Africa to
700,000 to 800,000 tonnes from an estimated one mln in light of
tighter export availability.
 REUTER
3;
bodyend
documentend
documentstart
10702
topicstart
earn
topicend
bodystart
2;

ARBED SEES NEED TO MAINTAIN PRESSURE ON COSTS


    LUXEMBOURG, March 30 - 
The recent deterioration in the
steel market makes it important for Arbed SA 
<
ARBB.BR> to
maintain efforts to reduce costs, the company said in a
statement.
    It reported that its competitive position had weakened
considerably in the second half of 1986, leading to a seven pct
cut in steel output over the whole of the year to 3.74 mln
tonnes.
    Arbed had managed to make a 890 mln franc net profit,
slightly down from the 1.12 billion profit in 1985, thanks to
lower raw material costs and prudent management, the company
said.
    Arbed said the early months of 1987 had seen the market
deteriorate further, but the decision of the European Community
to maintain anti-crisis measures, at least provisionally,
should under normal circumstances have a beneficial effect.
    EC ministers have agreed to extend a quota production
system while discussions continue on an industry plan for
capacity reductions.
    Arbed said in current conditions, cost cutting efforts
remain necessary to avoid any weakening of resources which have
been built up over the last three years.
 REUTER
3;
bodyend
documentend
documentstart
10703
topicstart
earn
topicend
bodystart
2;

BASF 
<
BASF.F> SAYS 1986 RESULTS AFFECTED BY DLR


    RPT --LUDWIGSHAFEN, West Germany, March 30 - 
BASF AG said
the volatile currency situation last year, particularly the
fall of the dollar, led to sharp drops in turnover denominated
in marks and to price reductions for exports from domestic
production.
    But in a statement accompanying year-end figures, the group
said it expected satisfactory business development over the
next months. "At the moment we do not expect any extraordinary
influences such as there were last year," it said. Orders in
hand and incoming orders were steady at a high level.
    BASF reported 13.6 pct lower 1986 world group pre-tax
profit at 2.63 billion marks compared to 1985.
    The unusual situation on the crude oil market last year
also produced a clear sales slide in the oil and gas sector and
forced price declines for petrochemical products, BASF said.
    The fall in pre-tax profit corresponded to the losses on
stocks in the oil and gas sector at the beginning of 1986. In
the parent company, the positive earnings development
continued, it said, where pre-tax profit rose by 3.2 pct to
1.97 billion marks. The decline in parent company turnover was
balanced out by increased capacity use and price declines in
raw materials. 
    In 1986, world group turnover was off 8.8 pct at 40.47
billion marks compared to 1985, BASF said. Parent turnover fell
8.5 pct to 18.72 billion.
    Turnover increases, with the exceptions of the sectors fine
chemicals and informations systems, had only been achieved in
those areas widened last year through acquisition in 1985.
    Results from these had been taken only partly into the
fourth quarter of that year but fully included in 1986 data.
    So far in the current year, the investment volume of the
parent company and the world group is exceeding that in 1986,
BASF said, without giving concrete figures.
 REUTER
3;
bodyend
documentend
documentstart
10704
topicstart
money-fx
topicend
bodystart
2;

BAHRAIN INTRODUCES NEW MONEY MARKET REGIME


    BAHRAIN, March 30 - 
Bahrain is introducing a new domestic
money market regime to provide dinar liquidity aid centred on
the island's newly launched treasury bill programme.
    The Bahrain Monetary Agency has issued a circular to all
commercial banks outlining a new policy from April 1 which
gives liquidity aid through sale and repurchase agreements in
treasury bills, or through discounting them.
    The circular, released officially to Reuters, said current
arrangements for providing liquidity aid will no longer be
valid except "in quite exceptional circumstances."
    Under the current system, the agency provides the island's
20 commercial banks with dinar liquidity by means of short-term
swaps against U.S. Dollars and, less frequently, by short-term
loans secured against government development bonds.
    "The agency considers that it is now appropriate to replace
these operations with short-term assistance based on Government
of Bahrain treasury bills," the circular to banks states.
    The agency said it will repurchase treasury bills with a
simultaneous agreement to resell them to the same bank at a
higher price which will reflect an interest charge.
    The agency said it envisages the repurchase agreements will
normally be for a period of seven days.
    Bahrain launched a weekly tender for two mln dinars of
91-day treasury bills in mid-December last year and has since
raised a total of 26 mln dinars through the programme.
    Bahrain's commercial banks are currently liquid and have
been making little use of the traditional dollar swaps offered
by the agency. But banking sources said the new regime from
April 1 will mean banks cannot afford not to hold treasury
bills in case they need funds from the central bank.
    Banking sources said more than half of the 20 banks hold
treasury bills, although the need by others to take up paper
could increase demand at weekly tenders and push down allotted
yields slightly.
    Last week's yield was six pct, although the programme had
started at the end of last year with rates as low as 5.60 pct.
    Banking sources said the cost of liquidity through
repurchase accords will not differ much from that on dollar
swaps. But a bank using dollars to obtain liquidity would
foresake interest on the U.S. Currency while the underlying
treasury bill investment is unaffected in a repurchase accord.
 REUTER
3;
bodyend
documentend
documentstart
10705
topicstart
oilseed
soybean
topicend
bodystart
2;

JAPAN BUYS LARGE AMOUNT OF BRAZILIAN SOYBEANS


    TOKYO, March 30 - 
Japanese crushers have bought some
214,000 tonnes of Brazilian soybeans for late April/early July
shipment and may buy up to 140,000 to 190,000 tonnes more for
June to August shipment, trade sources said.
    Japan imported 128,089 tonnes of Brazilian beans in
calendar 1986, Finance Ministry customs-cleared statistics
show.
    The sources said Brazilian beans were cheaper than U.S.
Origin which may account for the heavy purchases, but added
there were concerns about deliveries from Brazil in the near
term due to labour problems there.
    The Japanese purchases comprise 30,000 tonnes for April
20/May 10 shipment, 102,000 for May, 15,000 for late May/early
June, 36,000 for June, and 31,000 for late June/early July
shipment, the sources said.
    As a result of the large volumes of Brazilian beans
purchased, Japanese crushers will buy a total of only 150,000
tonnes of U.S. Beans for May shipment. Some 100,000 of this
shipment has already been purchased, the sources added.
    They said crushers bought some 270,000 to 280,000 tonnes of
U.S. Beans for April shipment.
 REUTER
3;
bodyend
documentend
documentstart
10708
topicstart
money-supply
topicend
bodystart
2;

DUTCH MONEY SUPPLY HARDLY CHANGED IN DECEMBER


    AMSTERDAM, March 30 - 
Dutch seasonally adjusted M2 money
supply was hardly changed in December at 169.49 billion
guilders compared to 169.56 billion in November, Central Bank
data show.
    The figure was 2.6 pct higher than in December 1985.
    In November, M2 fell 1.9 pct from its level in October and
was 3.9 pct above its level a year before.
    Seasonally adjusted M1 money supply was also hardly changed
at 97.21 billion guilders in December, compared to 97.05
billion guilders in November. It was up 9.4 pct on its level a
year before.
 REUTER
3;
bodyend
documentend
documentstart
10709
topicstart
alum
topicend
bodystart
2;

SINGAPORE WELCOMES NEW LME ALUMINIUM CONTRACT MOVE


    SINGAPORE, March 30 - 
Singapore welcomed the London Metal
Exchange's (LME) decision to list Singapore as a delivery point
for the LME's new dollar-denominated aluminium contract.
    Tay Thiam Peng, manager for international trading at the
Trade Development Board, said the decision would boost
Singapore's image as a major delivery port.
    "We hope this will encourage more metal traders to set up
shop here and that Singapore can become a delivery port for
other metals as well," he said.
    The new contract, to start trading on June 1, is LME's
first dollar-contract.
 REUTER
3;
bodyend
documentend
documentstart
10710
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND FORECASTS SURPLUS IN MONEY MARKET


    LONDON, March 30 - 
The Bank of England said it forecast a
liquidity surplus of around 100 mln stg in the money market
today.
    Among the main factors affecting liquidity, exchequer
transactions will add some 985 mln stg to the system today
while a fall in note circulation and bankers' balances above
target will add around 360 mln stg and 110 mln stg
respectively.
    Partly offsetting these inflows, bills for repurchase by
the market will drain some 785 mln stg while bills maturing in
official hands and the treasury bill take-up will remove about
546 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
10711
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 500 BILLION YEN IN BILLS


    TOKYO, March 30 - 
The Bank of Japan will sell 500 billion
yen of financing bills via a 32-day repurchase agreement to
help mop up a money market surplus of around 1,750 billion yen
tomorrow, short-term money houses said.
    The bill, to mature on May 2, will produce a 3.8995 pct
yield on the sales, made by the Bank of Japan to banks and
seucurities houses through money houses, they said.
    The repurchase agreement yield compares with the 3.9375 pct
one-month commercial bill discount rate today and the 4.40 pct
rate on one-month certificates of deposit.
    The surplus is due largely to government tax allocations to
local governments and public entities at the end of fiscal
1986/87 tomorrow.
    The operation will put outstanding bill supplies at about
2,500 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
10712
topicstart
oilseed
coconut
topicend
bodystart
2;

PHILIPPINE COCONUT AGENCY GETS NEW ADMINISTRATOR


    MANILA, March 30 - 
Newly-installed Philippine Coconut
Authority Chairman Jose Romero has announced the appointment of
lawyer Leandro Garcia as administrator, replacing Colonel Felix
Duenas who is returning to military duty.
    The new constitution does not allow military men to hold
positions in civilian agencies.
    Duenas and four other military men who were assigned to the
authority in 1978, will return to the ministry of defence where
they worked prior to their appointments at the coconut agency.
 REUTER
3;
bodyend
documentend
documentstart
10714
topicstart
acq
topicend
bodystart
2;

TESCO BUYS 5.4 PCT OF HILLARDS


    LONDON, March 30 - 
Tesco Plc 
<
TSCO.L> said 
<
County Bank
Ltd> had bought 165,000 shares in 
<
Hillards Plc> on its behalf,
increasing its stake to 5.4 pct. The shares were bought at
313.25p each.
    Tesco is making an opposed 151 mln stg bid for Hillards.
    Hillards shares at 0900 GMT were quoted one penny firmer at
317p while Tesco was one penny easier at 479p.
 REUTER
3;
bodyend
documentend
documentstart
10715
topicstart
earn
topicend
bodystart
2;

ROYALE BELGE 
<
RBVB.BR> YEAR 1986


    BRUSSELS, March 30 - 
Non-consolidated net profit 3.435
billion francs vs 2.330 billion.
    Turnover 39.3 billion francs (no direct comparison)
    Own funds 20 billion francs vs 9.2 billion after transfer
of 1.28 billion francs from profits and 8.5 billion from sale
of securities.
    Note - company said the figure is slightly lower because
French branches have become group subsidiaries).
    Proposed net dividend on ordinary shares 100 francs,
including 20 franc supplement due to the exceptional character
of results, vs 71.9 francs.
    Note - Company was created in May 1986 by the merger of
(Royale Belge Vie-Accidents) and (Royale Belge
Incendie-Reassurance).
    Vie-Accidents shareholders received eight new shares and
Incendie-Reassurance shareholders six for every share held in
the old companies.
    Comparisons are therefore company calculations.
 REUTER
3;
bodyend
documentend
documentstart
10716
topicstart
topicend
bodystart
2;

SRI LANKAN MINISTER SEEKS LOAN FACILITY FROM IMF


    COLOMBO, March 30 - 
Finance and Planning Minister Ronnie De
Mel has left for Washington to discuss Sri Lanka's request for
an International Monetary Fund (IMF) loan facility of up to 6.5
billion rupees, ministry officials told Reuters.
    They said De Mel will propose to IMF officials that Sri
Lanka trim its budget deficit and control its balance of
payments by cutting back on development projects and other
government spending. He hopes to get approval for a structural
adjustment facility and compensatory financing facility
starting in June. De Mel will also attend a Washington meeting
of the Group of 24 from April 5 to 8.
 REUTER
3;
bodyend
documentend
documentstart
10717
topicstart
ship
topicend
bodystart
2;

JAPANESE SHIPYARDS TO FORM CARTEL, CUT OUTPUT


    TOKYO, March 30 - 
Japan's ailing shipyards have won
approval from the Fair Trade Commission to form a cartel to
slash production to about half of total capacity for one year,
effective April 1, industry sources said.
    The approval follows an act of parliament passed last week
designed to help the industry regroup and shed 20 pct of
capacity by March 31, 1988, Transport Ministry officials said.
    The cartel, comprising 33 yards capable of constructing
ships of more than 10,000 gross tonnes, will limit newbuilding
output to a maximum of three mln compensated gross registered
tonnes in 1987/88, the Shipbuilders Association of Japan said.
    Industry sources said the 33 will seek to renew the cartel
in 1988/89 in the belief demand will remain sluggish.
    Last week's temporary act of parliament also allows
shipbuilders to receive favourable taxation terms plus up to 50
billion yen in compensation for liabilities incurred through
job losses and the sale of excess capacity.
    Up to 30 billion yen has been allocated for purchasing
redundant land and equipment from shipbuilders.
    The Ministry will start drawing up its restructuring
guidelines from April 1 and the yards will implement the
guidelines from September, industry sources said.
 REUTER
3;
bodyend
documentend
documentstart
10718
topicstart
money-fx
rupiah
dmk
yen
topicend
bodystart
2;

INDONESIAN RUPIAH SLIPS AGAINST MARK AND YEN


    JAKARTA, March 30 - 
The Indonesian rupiah has held steady
since its 31 pct devaluation against the dollar six months ago,
but has slipped against the mark and to a lesser extent against
the yen, according to central bank figures.
    In the past month, the rupiah has fallen five pct against
the yen. Today's middle rate per 100 yen was 1,129.78 against
1,075.20 at end-February and 1,058.6 at devaluation in
September.
    Bank Indonesia's quoted rate for the dollar, the main
currency for Indonesia's oil and gas exports, was 1,644.0
today, the same rate fixed at the time of devaluation.
    The rate for the West German mark was 913.28 today, a sharp
drop from September when it was 786.06.
    The British pound has risen to 2,657.93 against 2,429.83.
   The value of the rupiah is set daily against a basket of
currencies by the central bank.
    The rise in the value of the mark and the yen has hit
Indonesia by increasing its debt servicing levels. Its total
disbursed foreign debt is estimated by the World Bank at 37
billion dlrs.
    Japan is one of Indonesia's key trading partners, taking
half its oil exports.
 REUTER
3;
bodyend
documentend
documentstart
10719
topicstart
topicend
bodystart
2;

GILLETTE CANADA ISSUES 500 MLN FRENCH FRANC BOND


    LONDON, March 30 - 
Gillette Canada Inc is launching a 500
mln French franc bond, due April 30, 1992, paying nine pct and
priced at 101-5/8, Banque Paribas said on behalf of Banque
Paribas Paris, the lead manager.
    Morgan Guaranty Ltd will co-lead manage the issue, which
will be sole in denominations of 10,000 francs and be listed in
Luxembourg.
    Fees are 1-1/4 pct for selling and 5/8 pct for management
and underwriting combined. The bonds are non-callable and
payment is April 29.
 REUTER
3;
bodyend
documentend
documentstart
10720
topicstart
oilseed
coconut
topicend
bodystart
2;

PHILIPPINE COCONUT INDUSTRY WORRIED BY EC TAX


    MANILA, March 30 - 
Philippine coconut oil exports to Europe
would be virtually wiped out if the European Community (EC)
implements a new tax on vegetable oils, Philippine Coconut
Authority (PCA) chairman Jose Romero said.
    But he told reporters he did not think the EC would impose
the tax because of objections from the U.S.
    "There's just so much flak coming from many countries,
spearheaded by the United States, whose soybean exports would
be adversely affected. This would spark a trade war," he said.
    The tax, to be imposed from July, would add about 375 dlrs
a tonne to vegetable oils entering the EC.
    The Philippines exported 43,540 tonnes of coconut oil worth
11.7 mln dlrs to Europe in January, against total exports of
86,959 tonnes worth 23.8 mln. It also exports copra and copra
meal.
    Agriculture Secretary Carlos Dominguez has also raised
objections to the proposed EC tax.
    He said it could cause the collapse of world demand and
prices and destroy the domestic industry.
 REUTER
3;
bodyend
documentend
documentstart
10721
topicstart
acq
topicend
bodystart
2;

WALLENBERG GROUP RAISES STAKE IN ERICSSON


    STOCKHOLM, March 30 - 
Sweden's Wallenberg group said it
raised its holding in telecommunications maker Telefon AB L.M.
Ericsson 
<
eric.St.> to 37.5 of the voting rights from 28.9 pct.
    The move by the Knut and Alice Wallenberg Foundation, one
of the institutions at the core of the group of companies
formed by the late industrialist Marcus Wallenberg, further
consolidated group control over one of its key firms, analysts
said.
    The foundation now controls 14.1 pct of Ericsson's voting
rights with 22.3 pct held by the group's investment companies

<
AB Investor> and 
<
Forvaltnings AB Providentia>.
    The move comes after the Wallenberg group fought off a
hostile takeover bid earlier this month for match and packaging
conglomerate Swedish Match AB 
<
smbs.St> from arms and chemical
concern Nobel Industrier AB 
<
NOBL.ST> by increasing its stake
in Swedish Match to 85 pct from 33 pct.
 REUTER
3;
bodyend
documentend
documentstart
10724
topicstart
cpi
topicend
bodystart
2;

FRENCH FEBRUARY INFLATION CONFIRMED AT 0.2 PCT


    PARIS, March 30 - 
French retail prices rose a confirmed 0.2
pct in February, in line with provisional figures released two
weeks ago showing a rise of between 0.1 and 0.2 pct, the
National Statistics Institute said.
    The rise compared with a 0.9 pct rise in January.
    Year-on-year retail price inflation was confirmed at 3.4
pct for February compared with a three pct rise year-on-year in
January.
 REUTER
3;
bodyend
documentend
documentstart
10725
topicstart
topicend
bodystart
2;

PHILIPPINE DEBT PACT SEEN AS GOOD FOR ECONOMY


    By Chaitanya Kalbag, Reuters


    MANILA, March 30 - 
The Philippines' restructuring of 13.2
billion dlrs of foreign debt will provide a welcome boost for
the economy, but last Friday's accord with the country's
12-bank advisory committee does not imply an overnight boom,
bankers and businessmen polled by Reuters said.
    "The successful negotiations form an important piece in the
mosaic," Christian Roeher, Secretary-General of the European
Chamber of Commerce, said. "Now is really the time for the
government to start implementing its ideas. There has been a
lot of talking and loud thinking."
    Business leaders said the 17-year rescheduling of
commercial bank debt would give President Corazon Aquino some
badly-needed breathing space, but warned her government was
still in the midst of political consolidation.
    "There is a lot of interest among foreign investors in the
country, but now they are waiting to see what happens in the
congressional and local elections later this year," said
American Chamber of Commerce president George Drysdale.
    The government is serious about getting down to work, but
there are many individual agendas for growth and no consensus.
But each step brings a unanimity of opinion closer, he said.
    Aurelio Periquet, President of the Philippine Chamber of
Commerce and Industry, told Reuters the debt accord had
positively translated the international banking community's
confidence in the country's economy and Aquino's government.
    "This government needs less pressure and more time and
happily our creditors seem to see it that way," he said. "This
accord may not result in an immediate boom, but at least it
enhances the image of the country for foreign investors."
    But Periquet said domestic and foreign investments fell
short of targets in 1986. "The accord does not solve all our
problems," he added.
    Periquet said the question of political stability no longer
worried Filipino businessmen, who had already started expanding
existing businesses or investing in new areas.
    "A number of us have already put in new money and there are
plans for the export market," he said. "President Aquino has
shown her ability to pull the nation out of one crisis after
another."
    Roeher said foreign investment would probably be held back
until after the congressional polls in May and the local
elections in August. "The two elections will probably have a
more decisive effect on the way business reacts," he said.
    "Some foreign companies are not waiting, but they are more
the exception than the rule," Roeher said.
    He said it was important the government ensure the creation
of more jobs was not just a transitory development.
    "The absorption of enormous aid given to the Philippines is
also poor. A lot of it has not been put to use. The government
should act without further delay to absorb the 1.7 billion dlrs
of development aid it will receive in 1987," he said.
    A foreign banker close to the debt negotiations said he did
not foresee any real boom until 1989.
    "The problem is that Aquino has inherited her political
system from (former President Ferdinand) Marcos," the banker
said. "There is still a clamour for the sharing of benefits,
different sectors claiming their rights and duties. If they go
too fast there could be another bust two years down the road."
    Businessman Raul Concepcion, whose brother Jose is the
country's trade and industry minister, said everyone could
heave a sigh of relief. "Now that the debt agreement is out of
the way, our economic and financial officials can concentrate
on their work, like increasing government revenue and
efficiency," he said.
 REUTER
3;
bodyend
documentend
documentstart
10727
topicstart
topicend
bodystart
2;

UAE CENTRAL BANK CD YIELDS HIGHER


    ABU DHABI, March 30 - 
Yields on certificates of deposit
offered by the United Arab Emirates central bank were higher
than last Monday's offering, the bank said.
    One-month maturity rose 1/16 point to 6-3/16 pct, two-month
1/8 point to the same level, and three- and six-month issues
3/16 point to 6-1/4 pct each.
 REUTER
3;
bodyend
documentend
documentstart
10728
topicstart
topicend
bodystart
2;

CREDIT AGRICOLE OFFERS TO SWAP BONDS


    PARIS, March 30 - 
Credit Agricole announced an offer to
swap the 1,889,000 francs of bonds outstanding on its original
4.25 mln franc, 10-year, 14 pct July 1980 issue for its new
four billion franc, two tranche, 8.30 pct, 1987 issue.
    The swap will be on the basis of two 2,000 franc nominal
1980 bonds for one 5,000 franc nominal bond of the 1987 issue.
 REUTER
3;
bodyend
documentend
documentstart
10729
topicstart
rubber
topicend
bodystart
2;

SRI LANKA TO UPROOT OR BUD DISEASED RUBBER TREES


    By Marilyn Odchimar, Reuters


    COLOMBO, March 30 - 
Sri Lanka will uproot rubber trees that
are more than two years old and affected by the leaf disease
corynespora, the head of the government's Rubber Research
Institute told Reuters.
    Rodney De Mel said affected trees less than two years old
would undergo base-budding -- attaching a clone as close as
possible to the trunk's base and cutting off the top of the
tree once the bud has taken. Uprooted or base-budded trees
mature later, causing an output loss estimated at 350 kilos per
hectare from the sixth year when they begin producing.
    About 7,000 acres are planted with the high yielding RIC
103 variety, the clone afflicted by corynespora.
    Only about 2,000 acres are affected by the disease, which
causes leaves to fall off, De Mel said.
    Sri Lanka has 508,000 acres planted with rubber trees.
    De Mel said the disease was detected in nurseries as early
as in middle 1985, but it was only in August-September 1986
that it became widespread.
    The Institute is conducting a survey to determine how many
trees will be uprooted or base-budded. Healthy trees will be
sprayed and remain under observation.
    T.P. Lilaratne, head of the government's Rubber Controller
Department, which monitors the industry, told Reuters
replanting and base-budding would have to be undertaken before
late May when the monsoon rains begin.
    De Mel said clones in the nurseries which are susceptible
to corynespora, identified as RIC 103, RIC 52, RIC 104, RIC
106, RIC 107 and RIC 118, will be uprooted and burned.
    The same procedures will be undertaken for the foreign
clones indentified as NAB 12, RRIM 725, FX25, PPN 2444, PPN
2447, KRS 21 and PPN 2058.
    Lilaratne said the susceptible clones would be replaced by
PB 86, RRIM 600, RRIC 110, RRIC 121, RIC 100 and RIC 102.
    These six varieties would also be used to replace trees
uprooted or base-budded, De Mel said.
    Lilaratne said planters would receive 10,000 rupees per
hectare for replanting and plants would be free of charge.
    "But no compensation is contemplated at the moment," he
added.
    De Mel said a drought in Sri Lanka has helped control the
spread of the disease.
    "The drought has not stopped the disease, but probably
helped in some way because trees have not been affected in
areas that are dry," he said.
    Brokers said the disease had not affected prices because it
has not caused a drop in production.
    Prices for the best latex crepe at the Colombo auction last
week firmed to 20.19 rupees per kilo from 20.05 rupees at the
previous sale.
 REUTER
3;
bodyend
documentend
documentstart
10730
topicstart
topicend
bodystart
2;

KANSALLIS-OSAKE-PANKKI LAUNCHES 100 MLN DLR BONDS


    HELSINKI, March 30 - 
Finland's 
<
Kansallis-Osake-Pankki>
said in a statement it is issuing 100 mln dlrs subordinated
bonds due 1994 with equity warrants in international markets
with maximum interest rate of 4-5/8 pct.
    Pricing will probably be April 7, the statement said.
    The new issue could raise the bank's share capital by 200
mln Finnish marks from the present 2.26 billion, it said.
    The statement said the issue followed up the 1986 tender
issuance involving the first non-restricted or free shares,
which can be held by aliens.
    The warrants entitle holders to subscribe for a maximum of
10 mln free shares. Eight mln of the Bank's current 113 mln
shares are free shares, a spokeswoman said.
    The float follows the signing by Finnish President Mauno
Koivisto last Friday of legislation entitling aliens with
effect from next June 1 to own up to two fifths of the shares
in Finnish companies, with consent of the Council of State, as
against one fifth although voting rights will be restricted.
 REUTER
3;
bodyend
documentend
documentstart
10731
topicstart
money-fx
dlr
topicend
bodystart
2;
******
 Miyazawa expects dollar to rebound soon, spokesman says

Blah blah blah.
3;


bodyend
documentend
documentstart
10732
topicstart
topicend
bodystart
2;

QUEBECOR ISSUES 60 MLN DLR CONVERTIBLE BOND


    LONDON, March 30 - 
Quebecor Inc 
<
PQB.A>, the Canadian
publishing concern, is issuing a 60 mln dlr convertible bond
due May 14, 1997 bearing an indicated coupon of 5-3/4 to six
pct, said Merrill Lynch Capital Markets as lead manager.
    The issue will be priced to have a conversion premium of 22
to 25 pct, with final terms to be set on Monday, April 6. The
company's stock last traded on the Toronto Stock Exchange at
19-3/8. The securities will be listed in Luxembourg and are
available in denominations of 1,000 and 10,000 dlrs.
    Fees include a one pct combined management and underwriting
and a one pct selling concession.
 REUTER
3;
bodyend
documentend
documentstart
10733
topicstart
topicend
bodystart
2;

ONGPIN SAYS "PINS" WILL REVIVE BAKER PLAN


    MANILA, March 30 - 
Finance Secretary Jaime Ongpin said
Philippine Investment Notes (PINs), to be offered to commercial
bank creditors as part of the country's 13.2 billion dlr debt
rescheduling, would revive the Baker Plan.
    PINs are tradable, foreign currency-denominated financial
instruments with a six-year maturity, designed for conversion
into pesos to fund government-approved equity investments
within the Philippines.
    Ongpin told reporters after a meeting with businessmen the
government was planning to issue between 100 and 150 mln dlrs
worth of PINs at a discount of about 12.5 pct this year.
    The plan, outlined by U.S. Treasury Secretary James Baker
18 months ago, stalled because commercial banks balked at the
idea of lending additional money, Ongpin said. It had called
for substantial new commercial bank lending and development
bank aid in order to help debtor countries grow out of their
economic troubles.
    The PINs provide a mechanism to finance the growth needed
by these debtor nations, provided they are willing to welcome
foreign equity investment into their economies, Ongpin told a
businessmen's meeting. "And this can now be achieved without
forcing commercial banks into involuntary new money lending."
    Bankers in New York said given the booming market in
debt-equity swaps, PINs ought to work if Manila issues the
notes at an appropriate discount.
    Ongpin said the use of PINs would result in anticipated
savings of one billion pesos over the debt agreement's 17-year
life.
    The accord restructured 5.8 billion dlrs of previously
rescheduled debt, 3.5 billion dlrs of debt falling due between
January 1987 and December 1992, and 925 mln dlrs of new money
lent by the banks in 1985 at a spread of 7/8 percentage points
over London Interbank Offered Rates (LIBOR).
    It also rolled over trade credits worth 2.9 billion dlrs.
    Ongpin said the Philippines' 7-1/2 year grace period was
better than Mexico's seven-year grace period, while the PINs
proposal would result in savings of foreign exchange and
generate pesos which would be reinvested in domestic
enterprises.
    Ongpin said the restructuring of commercial bank debt, as
well as of 870 mln dlrs of debt by the Paris Club of Western
creditor governments in January, was expected to reduce the
country's debt-service ratio to between 25 and 30 pct from its
current level of 40 to 45 pct.
    He said the country's balance of payments was now projected
at a surplus of about 1.2 billion dlrs in 1987, compared with a
surplus of about 1.1 billion dlrs in 1986 and a previous
projected deficit of 1.2 billion dlrs this year.
    The Philippine negotiating team refined the PINs idea three
times before the final agreement was struck last Friday, Ongpin
said. "What we have now is PINs IV," he said.
    Ongpin told the meeting he had kept his promise to gain
terms better than those granted last year to Mexico, which won
a 20-year repayment at 13/16 points over LIBOR.
    "And they (Mexico) are a long way from seeing any money
cross the table even as of today," Ongpin said, adding he
expected much quicker approval from all the Philippines' 483
creditor banks worldwide.
    He said he had been in almost daily telephone contact with
President Corazon Aquino, particularly when the banks began to
take a very tough stance on pricing.
    "But the President's instructions were unequivocal and
unwavering, 'Do not yield one more millimetre and I don't care
how long it takes. Get a green card if you have to, but don't
come home without a deal we can all be proud of'," he said.
 REUTER
3;
bodyend
documentend
documentstart
10734
topicstart
money-fx
topicend
bodystart
2;

PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA


    SYDNEY, March 30 - 
The Philadelphia Stock Exchange (PHLX),
a leading trader of currency options, plans to extend its
trading hours to serve Australasian and Far Eastern markets,
exchange president Nicholas Giordano said.
    He told reporters the PHLX will open a new session between
1900 and 2300 hours U.S. EST from the beginning of the third
quarter this year.
    The PHLX is also opening an office in Hong Kong to serve
clients in the region and educate financial markets about the
advantages of currency options, Giordano said.
    Giordano was in Sydney to start an Asian-Pacific tour by
exchange executives promoting the hedging benefits of the
exchange-trade currency option market against existing
over-the-counter option trading during the local working day.
    Currency options pioneered by the PHLX in 1982 had become
an accepted means of hedging against foreign exchange risk and
had grown in popularity, he said.
    The PHLX now offered options in eight currencies, including
a new Australian dollar option, and traded an average 42,000
contracts daily with underlying open interest of more than 30
billion U.S. Dlrs.
    Giordano said the exchange had been impressed with the
performance of its Australian dollar contract, which since its
introduction last year had regularly topped the French franc as
the third most popular traded option, with up to 8,000
contracts traded daily.
    Having the Philadelphia exchange open during the
Asia-Pacific market day would open new hedging opportunities,
set a truer level for over-the-counter option trading, increase
arbitraging opportunities and give corporations and treasuries
access to a currency option market of much greater depth and
liquidity with the security of a clearing house, he said.
 REUTER
3;
bodyend
documentend
documentstart
10735
topicstart
topicend
bodystart
2;

YIELD FALLS ON 91-DAY SAMA DEPOSITS


    BAHRAIN, March 30 - 
The yield on 91-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency, SAMA, fell to 6.18376 pct from 6.34322 a week ago,
bankers said.
    SAMA increased the offer price on the 500 mln riyal issue
to 98.46094 from 98.42188 last Monday. Three month interbank
riyal deposits were quoted today at 6-1/2, 3/8 pct.
    SAMA offers a total 1.9 billion riyals in 30, 91 and
180-day agreements to banks in the Kingdom each week.
 REUTER
3;
bodyend
documentend
documentstart
10736
topicstart
money-fx
dlr
topicend
bodystart
2;

MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN


    TOKYO, March 30 - 
Japanese Finance Minister Kiichi Miyazawa
expects the dollar to rebound soon, a Ministry spokesman said.
    He quoted Miyazawa as telling Japanese reporters that major
industrial nations are aggressively intervening in currency
markets worldwide to prevent a dollar free-fall.
    The minister believes that market forces will push the
dollar back up from its record low of 144.70 yen today,
according to the spokesman.
    Miyazawa told the Japanese reporters the U.S. Unit fell
because Japanese investors sold dollars to hedge currency risks
before the close of the 1986/87 fiscal year on March 31.
 REUTER
3;
bodyend
documentend
documentstart
10737
topicstart
money-supply
topicend
bodystart
2;

U.K. CONFIRMS FEBRUARY STERLING M3 RISE


    LONDON, March 30 - 
The Bank of England said the broad
measure of U.K. Money supply, Sterling M3, rose a seasonally
adjusted 2.2 pct in February after a 1.1 pct rise in January.
    The unadjusted year on year rise was 18.9 pct after 17.6
pct in the year to January, the Bank said.
    The narrow measure of money supply, M0, fell by a
seasonally adjusted 0.8 pct in February, and rose by a
non-adjusted 4.1 pct year on year. In January, M0 fell by an
adjusted 0.6 pct, and rose by a non-adjusted 4.1 pct year on
year.
    The figures confirm provisional data issued by the Bank on
March 19.
    The Bank said sterling bank lending grew by a seasonally
adjusted 2.91 billion stg in February, after a 1.70 billion stg
adjusted rise in January.
    The measure of private sector liquidity, PSL2, rose an
unadjusted 0.9 pct in February, making a year-on-year
unadjusted 13.1 pct rise. Adjusted, PSL2 rose by 1.2 pct in
February, against a 0.6 pct rise in January, the Bank said.
    It said the public sector contribution to the growth in
Sterling M3 was contractionary by about 40 mln stg after a
contractionary contribution of 2.3 billion stg in January.
    Within this, the Public Sector Borrowing Requirement showed
a repayment of 380 mln stg after a 3.7 billion stg repayment in
January, while the non-bank private sector's holdings of
government debt fell by about 260 mln stg after a 1.1 billion
stg fall in January.
    There was a 50 mln stg rise in notes and coins in
circulation in February after a 290 mln stg fall in January,
the Bank said.
    Non-interest bearing sight deposits rose by 460 mln stg
after a 1.5 billion stg fall in January and interest-bearing
deposits fell 200 mln stg after a 1.6 billion rise in January.
 REUTER
3;
bodyend
documentend
documentstart
10738
topicstart
earn
topicend
bodystart
2;

SLOUGH ESTATES VIEWS 1987 PROSPECTS CONFIDENTLY


    LONDON, March 30 - 
Slough Estates Plc 
<
SLOU.L> said it
views the prospects during 1987 with confidence.
    In a statement accompanying its 1986 results, it reported a
rise of over 10 mln stg in 1986 pretax profit to 49.6 mln stg
and said there are signs that the existing threat of excess
supply may be lessened in 1987. There has also been a return of
interest in industrial investment.
    An external appraisal of the group's investment properties
was carried out last year which found their gross value to be
851.3 mln stg as at Dec 31.
 REUTER
3;
bodyend
documentend
documentstart
10742
topicstart
cocoa
topicend
bodystart
2;

EC COMMISSIONER WELCOMES COCOA ACCORD


    BRUSSELS, March 30 - 
The new International Cocoa Agreement
should lead to a stabilisation of prices, both benefitting
producer countries and promoting an equilibrium in
international economic relations, European Community
Development Commissioner Lorenzo Natali said.
    He said in a statement welcoming the agreement on buffer
stock rules reached last week in London that it resulted in
large part from initiatives taken by the EC Commission after
consumers and producers had reached deadlock in initial
negotiations.
 REUTER
3;
bodyend
documentend
documentstart
10743
topicstart
earn
topicend
bodystart
2;

RUGBY WELL PREPARED FOR NEW CEMENT COMPETITION


    LONDON, March 30 - 
Rugby Portland Cement Plc 
<
RBYL.L> said
it was well placed to operate in the new circumstances
following the ending in February of the 53-year old cement
manufacturers common price and marketing arrangements.
    In a statement following the release of its 1986 results,
IT stated that the current year had started well. It reported
that pretax profits in the year rose to 35.46 mln stg from
21.84 mln previously on turnover higher at 313.3 mln after
252.2 mln.
    The strong recovery of the first six months continued into
the second half, although U.K. Cement demand rose only
modestly. Results benefitted from cost cutting and higher
volumes.
    The decision by the Cement Makers Federation to end the
pricing agreement reflected pressure from higher competition
due to growing imports and the possibility that the system
would be taken to the Restrictive Practices Court by the U.K.
Government. It stated that its John Carr unit benefitted from
strong organic growth, although overseas its Cockburn operation
had a difficult period with high maintenance costs and
increased depreciation charges.
    The company is proposing to change its name at the next
annual meeting to 
<
Rugby Group Plc>.
    Rugby said it spent 27 mln stg on acquisitions in 1986. It
noted that its Western Australia hotels company had agreed to
sell the Parmelia hotel for 31.5 mln Australian dlrs, some
seven mln stg above end-1986 book value.
    The results were largely in line with forecasts and Rugby
shares were little changed at 242p after 241 at Friday's close.
 REUTER
3;
bodyend
documentend
documentstart
10744
topicstart
acq
topicend
bodystart
2;

MANNESMANN BUYS INDIRECT MAJORITY STAKE IN SACHS


    DUESSELDORF, March 30 - 
Mannesmann AG 
<
MMWG.F> said it has
reached a series of agreements giving it an indirect majority
stake in the 
<
Fichtel und Sachs AG> car parts group.
    The takeover is contingent on approval from the Federal
Cartel Office in West Berlin, a spokesman said, adding that
Mannesmann was confident the authorities would not block the
purchase.
    Mannesmann is buying 75 pct of 
<
MEC Sachs
Vermoegensholding> which owns 37.5 pct of Sachs AG, which in
turn holds 96.5 pct of Fichtel und Sachs. The MEC shares will
be bought from the granddaughters of the firm's founder.
    Mannesmann is also purchasing a 25.01 pct stake in Fichtel
und Sachs from Commerzbank AG 
<
CBKG.F> and has an option to buy
the bank's remaining 10 pct stake, a company statement said.
    In addition to these firm agreements, Mannesmann is also
talking with the state-owned steel group Salzgitter AG
 
<
SALG.H> on buying its 24.98 pct stake in Fichtel und Sachs.
 This would give Mannesmann around 75 pct of Fichtel und Sachs.
    Salzgitter said it decided to give up its own original
plans to seek a majority stake in Sachs after holding talks
with the government in Bonn.
    Earlier this month Mannesmann disclosed that it might want
a majority stake in Sachs after previously saying it was
seeking to buy only a minority holding in the company, which
has annual turnover of 2.2 billion marks and employs 17,000.
    The acquisition is part of Mannesmann's efforts to
diversify into high-technology areas and away from its previous
reliance on steel and pipe-making. More
    A spokesman for the Federal Statistics Office later said
the anti-cartel authorities would probably rule on the takeover
in the new few weeks.
 REUTER
3;
bodyend
documentend
documentstart
10745
topicstart
topicend
bodystart
2;

CHINESE CHEMICAL PLANT TO ISSUE DOMESTIC BOND


    HONG KONG, March 30 - 
A chemical plant in the south China
province of Guangdong will raise 30 mln yuan by a domestic bond
issue, the China News Service, monitored here, said.
    It said the Shantou Photosensitive Chemicals Plant will
issue three-year bonds of fixed interest at 11 pct a year in
denominations of 50, 100 and 500 yuan.
    A subsidiary of the China Commercial and Industrial Bank is
arranger for the issue.
    The plant will use the proceeds to finance its expansion.
 REUTER
3;
bodyend
documentend
documentstart
10746
topicstart
money-supply
topicend
bodystart
2;

SINGAPORE M-1 MONEY SUPPLY 2.7 PCT UP IN JANUARY


    SINGAPORE, March 30 - 
Singapore's M-1 money supply  rose
2.7 pct in January to 10.09 billion Singapore dlrs after a 3.7
pct increase in December, the Monetary Authority of Singapore
said.
    Year on year, M-1 grew by 15.6 pct in January compared with
an 11.8 pct growth in December.
    The January rise was largely seasonal, reflecting an
increase in currency in active circulation prior to the Lunar
New Year. Currency in active circulation rose to 5.42 billion
dlrs from 5.03 billion in December and 4.84 billion a year ago.
    The demand deposit component of M-1 dropped in January by
4.67 billion dlrs from 4.79 billion in December and compared
with 3.89 billion in January, 1986.
    Broadly-based M-2 money supply rose 1.1 pct to 31.30
billion dlrs in January, after a 1.6 pct rise in December,
bringing year on year growth to 12.1 pct in January against
10.0 pct in the previous month.
 REUTER
3;
bodyend
documentend
documentstart
10748
topicstart
ship
topicend
bodystart
2;

B AND C REORGANISES COMMERCIAL OPERATIONS


    LONDON, March 30 - 
British and Commonwealth Shipping Co Plc

<
BCOM.L> said that it would reorganise its commercial and
service operations into a single public grouping with
autonomous management.
    The group has expanded rapidly in the past year through the
672.5 mln stg acquisition of 
<
Exco International Plc> and 90
mln bid for 
<
Steel Brothers Holdings Plc>.
    It noted that its operations were now divided between
financial services, including money broking, investment
management and forfaiting, and more traditional areas such as
aviation, hotels, commodity trading and office equipment.
    It said that each sector had exciting prospects but
required different methods of management and financing.
    B and C planned to form a new public company to hold the
commercial operations and envisaged it operating with a capital
of between 400 mln and 600 mln stg.
    It has retained Barclays de Zoete Wedd to advise on the
introduction of independent investors to subscribe for
additional capital, and believes that the proportion of equity
capital held by outside investors would not exceed 20 pct of
the total.
    The statement said that with the continued support of B and
C, together with outside capital, the new grouping would emerge
as a major group in its own right with the ability to take
advantages of opportunities as they arose. However, the group
would not seek a listing for the time being.
    B and C also said that its chairman, Lord Cayzer, planned
to retire in June. The company proposed that he be appointed
life president and that current chief executive John Gunn
should take over as chairman.
    B and C shares eased 11p to 459p at 1040 GMT.
 REUTER
3;
bodyend
documentend
documentstart
10749
topicstart
money-fx
topicend
bodystart
2;

JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS


    TOKYO, March 30 - 
A Finance Ministry official said the
ministry has recently conducted a survey on foreign exchange
transactions by institutional investors but declined to say if
it was aimed at moderating their dollar sales.
    However, financial market sources said they had heard the
ministry has asked life insurance and securities firms to
refrain from selling dollars, but they were unable to confirm
this directly.
    Dealers said life insurance firms were not major sellers of
dollars in recent trading sessions because they had already
sold them to hedge risks.
    Dealers said securities houses and trust banks on the other
hand have aggressively sold the dollar.
 REUTER
3;
bodyend
documentend
documentstart
10750
topicstart
crude
topicend
bodystart
2;

BP U.K. REFINERY DUE TO PARTLY RE-OPEN NEXT WEEK


    LONDON, March 30 - 
The British Petroleum Co PLC (BP.L) oil
refinery at Grangemouth, closed after an explosion and fire
eight days ago, is expected to partially reopen next week, a
refinery spokesman said.
    He said the entire 178,500 bpd refinery has been shut since
the accident which killed one person and damaged the site's
hydrocracker. The main units will resume operation next week
but the hydrocracker will be closed for an unspecified period.
The spokesman said the refinery had been operating at about
half its capacity since end-January due to overhaul work on
part of the complex. The overhaul is expected to end by late
April.
 REUTER
3;
bodyend
documentend
documentstart
10751
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

NO INTERVENTION, DOLLAR FIXED AT 1.8063 MARKS


    FRANKFURT, March 30 - 
The Bundesbank did not intervene as
the dollar was fixed lower at 1.8063 marks after 1.8231 on
Friday, dealers said.
    Business calmed down after a hectic start, with European
operators sidelined because of uncertainty about the short-term
direction of the dollar, dealers said. "At the moment, all the
action is taking place in New York and Tokyo," one said.
    The U.S. Currency traded within a 145 basis point range in
Europe, touching a low of 1.7940 and a high of 1.8085 marks.
But it remained within a narrow 40 basis point span around
1.8050 marks after the first hour of European trading.
    Comments by Japanese officials and Bank of Japan dollar
support had pushed it above 145 yen and 1.80 marks after
falling as low as 144.50 and 1.7860 respectively in Tokyo.
 REUTER
3;
bodyend
documentend
documentstart
10752
topicstart
coffee
topicend
bodystart
2;

TOP QUALITIES SOUGHT ON HAMBURG COFFEE MARKET


    HAMBURG, March 30 - 
The green coffee market saw some demand
for high quality coffees in the past week, but business was
described as generally unsatisfactory, trade sources said.
    Especially sought were spot East African and Ethiopian and
some Brazils, they said, adding that some high grade robustas
also met some demand.
    Sporadic business was noted in the second hand which
offered Kenya coffee for May/June shipment up to 25 dlrs below
origin levels.
    Roasters are said to be well covered and are not expected
to enter the market for larger purchases in the near term.
 REUTER
3;
bodyend
documentend
documentstart
10753
topicstart
topicend
bodystart
2;

CERTAINTEED SEEKS 150 MLN DLR CREDIT FACILITY


    LONDON, March 30 - 
CertainTeed Corp is seeking a 150 mln
dlr multiple facility, which will incorporate a revolving
credit and allow the borrower to issue short-term advances,
euronotes and euro-commercial paper on an uncommitted basis,
Chemical Bank International said as arranger.
    The revolving credit will be for five years and drawings
will be at 10 basis points over the London Interbank Offered
Rate (Libor). There also will be a 150 mln dlr swingline option
available under which drawings will be at 10 basis points over
the U.S. Prime rate.
    The euronotes will have maturities of one, three and six
months and be sold in denominations of 500,000 and one mln
dlrs, while the commercial paper will have maturities of up to
183 days.
    There will be a facility fee of 10 basis points and
utilisation fees of five basis points for up to 33 pct, 7.5
basis points for between 34 and 66 pct and 10 basis points for
the remainder.
    CertainTeed, a U.S. Building products company, is 57 pct
owned by Cie de Saint-Gobain 
<
SGEP.PA>, the recently privatised
French glass and materials group.
 REUTER
3;
bodyend
documentend
documentstart
10754
topicstart
money-supply
topicend
bodystart
2;

SINGAPORE BANK CREDIT RISES IN JANUARY


    SINGAPORE, March 30 - 
Total loans and advances extended by
banks in Singapore rose in January to 36.01 billion Singapore
dlrs from 35.79 billion in December but fell from 36.93 billion
a year ago, the Monetary Authority of Singapore said.
    It said the increase was concentrated in loans to the
manufacturing and real estate sectors, while loans to the
commerce sector declined.
    Deposits of non-bank customers also fell in January to
30.44 billion dlrs from 30.61 billion in December but rose from
28.33 billion in January, 1986.
    Total assets and liabilities of banks rose to 77.60 billion
dlrs in January from 76.83 billion in the previous month and
69.45 billion a year ago.
    Assets and liabilities of finance companies fell to 6.87
billion dlrs from 6.95 billion and compared with 6.85 billion,
respectively.
    Loans extended by finance companies rose to 4.77 billion
dlrs from 4.74 billion in December and against 5.34 billion in
January last year, while deposits placed with them dropped to
4.68 billion against 4.89 and 4.79 billion.
 REUTER
3;
bodyend
documentend
documentstart
10755
topicstart
money-fx
topicend
bodystart
2;

BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET


    LONDON, March 30 - 
The Bank of England said it had not
operated in the money market during the morning session.
    Earlier, the Bank revised its forecast of the liquidity
position to flat from its original estimate of a 100 mln stg
surplus.
 REUTER
3;
bodyend
documentend
documentstart
10756
topicstart
money-fx
topicend
bodystart
2;

ASIAN DOLLAR MARKET ASSETS FALL IN JANUARY


    SINGAPORE, March 30 - 
The gross size of the Asian dollar
market contracted to 197.2 billion U.S. Dlrs in January, down
3.4 billion dlrs from December, reflecting a decline in
interbank activity, the Monetary Authority of Singapore (MAS)
said in its latest monthly bulletin.
    The assets stood at 151.7 billion dlrs in January last
year.
    MAS said interbank lending fell in January to 140.9 billion
dlrs from 146.6 billion in December but rose from 102.0 billion
in january 1986 and interbank deposits to 154.0 billion against
159.4 and 117.1 billion, respectively.
    Loans to non-bank customers increased to 40.1 billion dlrs
in January from 38.7 billion in December and 36.9 billion in
January, 1986.
    Deposits of non-bank customers also increased in January to
34.9 billion from 33.8 billion a month ago and 27.7 billion a
year ago. REUTER
3;
bodyend
documentend
documentstart
10757
topicstart
money-supply
topicend
bodystart
2;

H.K. M3 MONEY SUPPLY RISES 1.4 PCT IN FEBRUARY


    HONG KONG, March 30 - 
Hong Kong's broadly defined M-3 money
supply rose 1.4 pct in February to 615.59 billion H.K. Dlrs
from January when it rose 2.2 pct, the government said.
    Total M3 rose 22.4 pct from February, 1984. Local currency
M3 rose 0.6 pct to 282.11 billion dlrs from January, and 16.8
pct on the year.
    Total M2 rose 2.0 pct to 545.71 billion dlrs in February
from January, when it increased by 3.3 pct.
    Local currency M2 rose 1.0 pct to 251.49 billion dlrs last
month after it rose 4.7 pct in January. Total M2 and local M2
rose 32.0 pct and 24.9 pct respectively from February, 1984.
    Total M1 fell 5.3 pct to 59.52 billion dlrs in February
after a 12 pct rise in the previous month. Local M1 dropped 6.0
pct to  54.47 billion dlrs after January's rise of 12.3 pct.
    Year on year growth in total M1 and local M1 was 26.3 pct
and 27.6 pct, respectively.
    Total loans and advances rose 1.3 pct to 523.74 billion
dlrs from January, when they were up 3.3 pct. However, loans
for financing Hong Kong's visible trade fell 1.3 pct to 36.23
billion dlrs after a 3.4 pct rise in the previous month.
 REUTER
3;
bodyend
documentend
documentstart
10758
topicstart
oilseed
sunseed
rapeseed
veg-oil
sun-oil
rape-oil
topicend
bodystart
2;

ALGERIA SETS TENDER FOR RAPE/SUNFLOWERSEED OIL


    LONDON, March 30 - 
Algeria will tender on April 3 for
20,000 tonnes of optional origin sunflowerseed oil/rapeseed oil
for Apr/May loading, traders said.
    Meanwhile, the market is awaiting results of an Algerian
import tender which took place over the weekend for about
10,000 tonnes of refined vegetable oils in drums, traders
added.
 REUTER
3;
bodyend
documentend
documentstart
10759
topicstart
topicend
bodystart
2;

ICN MARK EUROBOND ISSUE NOW UNCERTAIN


    FRANKFURT, March 30 - 
Plans by the U.S.-based ICN
Pharmaceuticals Inc 
<
ICN.N> to issue a mark eurobond soon are
in doubt owing to uncertainties about future expansion, Arab
Banking Corp - Daus and Co GmbH (ABC DAUS) said.
    During a presentation in February ICN had said it would
issue its first mark eurobond sometime this spring
    ICN planned to issue a bond to provide funds to acquire
pharmaceuticals firms and expand its marketing base, Daus said
in a statement. But uncertainty about an acquisition, coupled
with Eastman Kodak Co's 
<
EK.N> announcement it plans to sell
its 2.3 pct stake in ICN, had made a launch date uncertain.
 REUTER
3;
bodyend
documentend
documentstart
10760
topicstart
cocoa
topicend
bodystart
2;

COCOA DEAL SEEN POSITIVE, BUT NO PRICE GUARANTEE


    By Lisa Vaughan, Reuters


    LONDON, March 30 - 
The buffer stock rules agreement reached
on Friday by the International Cocoa Organization (ICCO) is an
improvement on previous arrangements but the price-support
mechanism is unlikely to do more than stem the decline in cocoa
prices, many ICCO delegates and trade sources said.
    The accord was reached between producers and consumers of
the 35-member ICCO council after two weeks of talks.
    European chocolate manufacturers and delegates said the
accord may boost cocoa prices immediately, but world surpluses
overhanging the market will pull prices down again before long.
    "If the buffer stock operation is successful, I doubt it
will do anything more than stop the price from falling further,
and it will have no relevance at all to retail chocolate
prices," a European dealer said.
    And if the buffer stock manager delays too long in buying,
or is not seen to be using his purchasing power when the market
is relying on him to do so, the bearish trade reaction could
pressure prices dramatically, dealers said.
    The buffer stock is the market-regulating tool of the ICCO,
into which cocoa can be bought or from which it can be sold to
manoeuvre prices into a pre-set stabilization range.
    A new cocoa agreement came into force in January but
delegates could not agree buffer stock rules at that time.
    The new rules take effect immediately. The buffer stock
manager is expected to begin buying cocoa within the next three
weeks, after organizing communications with cocoa producing
countries and assessing the market, since prices are below the
"must-buy" level of 1,600 Special Drawing Rights per tonne
specified in the agreement, the sources said.
    The buffer stock theoretically has funds to buy a maximum
100,000 tonnes within a five week period, but its approach will
be more cautious, buffer stock manager Juergen Plambeck said.
    The buffer stock has around 250 mln dlrs in funds and a
buying limit of 250,000 tonnes of cocoa, 100,000 tonnes of
which are already in the buffer stock.
    ICCO council chairman and Ivorian Agriculture Minister
Denis Bra Kanon said the new rules have a good chance of
stabilizing prices. Ivory Coast is the world's largest cocoa
producer.
    "We have established rules which will permit us to withdraw
immediately the surplus of cocoa on the world market," Bra Kanon
told reporters after the council adjourned. Bra Kanon reckoned
the world cocoa surplus could be less than half the 94,000
tonnes estimated by the ICCO statistics committee.
    However, some producer and consumer members emerged from
the final ICCO council meeting with reservations about the
pact.
    Ghana, whose high-quality cocoa is the world's most
expensive and provides 60 pct of the country's export earnings,
made a formal protest to the council about the price
differentials assigned to its cocoa, saying they were too high
for Ghanaian cocoa to be bought for the buffer stock.
    According to consumer spokesman Peter Baron of West
Germany, "Consumers weren't perfectly happy with the buffer
stock rules. We reached a very sensitive compromise...There
were no real winners or losers."
    Some European Community delegates were not satisfied that
important points were fully discussed during the talks, and as
a result, doubted the rules can deal with world surpluses as
effectively as they could have, delegates said.
    Under the new rules, the buffer stock manager would seek
offers of different origin cocoas, using price differentials to
reflect different qualities. Non-ICCO member cocoa can comprise
up to 15 pct of the total buffer stock.
    London cocoa prices traded today around 1,300 stg per
tonne, down from around 1,450 stg in January 1987 and 1,750 stg
in January 1986.
    A cocoa withholding scheme can take a further 120,000
tonnes of cocoa off the market if a special council session
decides market conditions warrant it, according to the
agreement.
    The withholding scheme can only be used if prices fall
below the 1,600 SDR lower intervention price for more than five
days and if 80 pct of the maximum buffer stock capacity has
been filled, or if the buffer stock runs low on funds, it says.
    The ICCO will discuss withholding scheme rules at an
executive committee meeting on June 9/12, ICCO officials said.
 REUTER
3;
bodyend
documentend
documentstart
10761
topicstart
topicend
bodystart
2;

JAPAN WANTS GOVERNMENTS TO BUY ITS T-BILLS


    TOKYO, March 30 - 
The Finance Ministry is trying to
eliminate technical obstacles so as to encourage purchases of
Japanese Treasury bills by foreign governments and central
banks, in order to increase overseas holdings of yen assets, a
senior Finance Ministry official said.
    The official declined to give details but securities
sources said they expect the 16 pct withholding tax on T-bills
to be repaid immediately when governments and central banks buy
bills. The current practice of filing tax redemption claims is
time consuming, they said.
    Securities houses here have had difficulty selling
six-month debt-financing paper, called tankoku, to overseas
governments and central banks because of the tax system and the
Bank of Japan's book entry system, which demands the accounts
be kept with the houses rather than by the Bank.
    Tankoku, introduced in February 1986, were designed as a
key short-term instrument to promote internationalization of
the yen. But since the introduction of a complicated book-entry
system for bill purchases in January 1986, foreign governments
and central banks have shied away from buying the bills, the
sources said.
    Foreign governments and central banks are therefore
expected to be allowed to hold their accounts at the Bank of
Japan, the securities sources said.
    Relevant measures are likely to be announced at the next
U.S.-Japan yen-dollar committee meeting on the deregulation of
Tokyo's financial market, expected in May, they said.
 REUTER
3;
bodyend
documentend
documentstart
10762
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE


    TOKYO, March 30 - 
Prime Minister Yasuhiro Nakasone said
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
    He told a Lower House Budget Committee in Parliament that
the six nations have taken measures, including market
intervention, to support the dollar above that level.
    Finance Minister Kiichi Miyazawa told the same committee
that the six - Britain, Canada, France, Japan, the U.S. And
West Germany - had intervened aggressively since the dollar
fell below 150 yen.
    Miyazawa said major nations are trying hard to stabilize
exchange rates.
    Asked if there had been any change in the fundamentals of
each nation since the February 22 Paris accord, he said he did
not think the fundamentals themselves had changed
substantially.
    But he said the market is sensitively looking at what is
happening in major nations. He did not elaborate.
    Miyazawa added that it was difficult to say why there has
been such speculative dollar selling in the market.
 REUTER
3;
bodyend
documentend
documentstart
10763
topicstart
topicend
bodystart
2;

GILLETTE CANADA ISSUES 500 MLN FRENCH FRANC BOND


    LONDON, March 30 - 
Gillette Canada Inc is launching a 500
mln French franc bond, due April 30, 1992, paying nine pct and
priced at 101-5/8, Banque Paribas said on behalf of Banque
Paribas Paris, the lead manager.
    Morgan Guaranty Ltd will co-lead manage the issue, which
will be sole in denominations of 10,000 francs and be listed in
Luxembourg.
    Fees are 1-1/4 pct for selling and 5/8 pct for management
and underwriting combined. The bonds are non-callable and
payment is April 29.
 REUTER
3;
bodyend
documentend
documentstart
10764
topicstart
topicend
bodystart
2;

QUEBECOR ISSUES 60 MLN DLR CONVERTIBLE BOND


    LONDON, March 30 - 
Quebecor Inc 
<
PQB.A>, the Canadian
publishing concern, is issuing a 60 mln dlr convertible bond
due May 14, 1997 bearing an indicated coupon of 5-3/4 to six
pct, said Merrill Lynch Capital Markets as lead manager.
    The issue will be priced to have a conversion premium of 22
to 25 pct, with final terms to be set on Monday, April 6. The
company's stock last traded on the Toronto Stock Exchange at
19-3/8. The securities will be listed in Luxembourg and are
available in denominations of 1,000 and 10,000 dlrs.
    Fees include a one pct combined management and underwriting
and a one pct selling concession.
 REUTER
3;
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10766
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money-fx
dlr
yen
topicend
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2;

MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN


    TOKYO, March 30 - 
Japanese Finance Minister Kiichi Miyazawa
expects the dollar to rebound soon, a Ministry spokesman said.
    He quoted Miyazawa as telling Japanese reporters that major
industrial nations are aggressively intervening in currency
markets worldwide to prevent a dollar free-fall.
    The minister believes that market forces will push the
dollar back up from its record low of 144.70 yen today,
according to the spokesman.
    Miyazawa told the Japanese reporters the U.S. Unit fell
because Japanese investors sold dollars to hedge currency risks
before the close of the 1986/87 fiscal year on March 31.
 REUTER
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10767
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trade
topicend
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2;

NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE


    TOKYO, March 30 - 
Prime Minister Yasuhiro Nakasone sounded
a conciliatory note in Japan's increasingly bitter row with the
United States over trade in computer microchips.
    "Japan wants to resolve the issue through consultations by
explaining its stance thoroughly and correcting the points that
need to be corrected," he was quoted by Kyodo News Service as
saying.
    While expressing regret over America's decision to impose
tariffs on imports of Japanese electrical goods, Nakasone said
Tokyo was willing to send a high-level official to Washington
to help settle the dispute.
    Government officials said Japan would make a formal request
next week for emergency talks and that the two sides would
probably meet the week after, just days before the April 17
deadline set by Washington for the tariffs to take effect.
    Tokyo is expected to propose a joint U.S./Japan
investigation of American claims that Japanese companies are
dumping cut-price chips in Asian markets.
    On Friday, Washington announced plans to put as much as 300
mln dlrs in tariffs on imports of certain Japanese electronic
goods in retaliation for what it sees as Tokyo's failure to
live up to their bilateral chip pact.
 Reuter
3;
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10768
topicstart
acq
topicend
bodystart
2;

AMYLUM CHAIRMAN DISAPPOINTED BY FERRUZZI-CPC DEAL


    LONDON, March 30 - 
Belgian starch manufacturer 
<
Amylum NV>
is surprised and disappointed that its 675 mln dlr offer for
the European business of CPC International Inc 
<
CPC.N> was
apparently rejected in favour of a lower 630 mln dlr bid by
Italy's 
<
Gruppo Ferruzzi>, chairman Pierre Callebaut said.
    Callebaut told Reuters that Amylum, a leading starch and
isoglucose manufacturer in which Britain's Tate and Lyle Plc

<
TATL.L> holds a 33.3 pct stake, had made an undisclosed
initial takeover offer for CPC's European corn wet milling
business by the close of CPC's tender on March 17.
    The offer was raised on March 24 to a final 675 mln dlrs in
cash after CPC told Amylum its initial bid was below Ferruzzi's
630 mln stg offer, Callebaut said.
    On the same day, CPC announced it had agreed in principle
to sell its European business to Ferruzzi in a 630 mln dlr
deal.
    Noting that Ferruzzi was studying a public offering of
shares in its unit 
<
European Sugar (France)> to fund the CPC
takeover, Callebaut said Amylum may still succeed in its bid.
    "For the time being we just await developments. But I note
that whereas our higher offer was in cash, Ferruzzi apparently
is still organising finance," Callebaut said.
 REUTER
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10769
topicstart
money-fx
dlr
yen
topicend
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2;

SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL


    TOKYO, March 30 - 
Bank of Japan governor Satoshi Sumita
said he does not expect the dollar to remain unstable and fall
further.
    He told a Lower House Budget Committee in Parliament that
the Bank of Japan would continue to cooperate closely with
other major nations to stabilize exchange rates.
    The central bank has been keeping extremely careful watch
on exchange rate movements since last week, he said.
    He said the dollar would not continue to fall because of
underlying market concern about the rapid rise of the yen.
    Sumita said the currency market has been reacting to
overseas statements and to trade tension between Japan and the
U.S. over semiconductors.
    The yen's tendency to rise will prevent Japan from
expanding domestic demand and undertaking necessary economic
restructuring, he said.
 Reuter
3;
bodyend
documentend
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10770
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money-fx
dlr
yen
topicend
bodystart
2;

DLR FALLS ON FEARS, MIYAZAWA SAYS


    TOKYO, March 30 - 
Finance Minister Kiichi Miyazawa said
that the dollar's drop today to 145 yen is partly attributable
to the perception inside and outside Japan that the country has
failed to fulfill its promise to expand domestic demand.
    He told a Lower House budget committee in Parliament that
it was natural for other nations to think that Japan is not
doing enough because of the delay in the passage of the 1987/88
budget.
    The budget has been delayed by opposition boycotts of
Parliament to protest government plans for a new sales tax.
 Reuter
3;
bodyend
documentend
documentstart
10771
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trade
money-fx
topicend
bodystart
2;

JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED


    By Eric Hall, Reuters


    TOKYO, March 30 - 
Japan is becoming dangerously isolated
again as the U.S. And Europe feel they have been cheated by
Japanese promises to switch from export to domestic-led growth,
officials and businessmen from around the world said.
    As the dollar today slipped to a record low below 145 yen,
making Japanese exporters and holders of dollar investments
grit their teeth harder, Finance Minister Kiichi Miyazawa said
there was a perception Japan had reneged on its promise.
    The problem goes deep and centres on misunderstandings by
both sides over the key Maekawa report of April, last year.
    The document was prepared by a private committee formed by
Prime Minister Yasuhiro Nakasone and led by former Bank of
Japan head Haruo Maekawa. It recommended that to stop friction
due to its large trade surpluses, Japan must "make a historical
transformation in its traditional policies on economic
management and the nation's lifestyle. There can be no further
development for Japan without this transformation."
    Americans and Europeans took the report to heart and have
looked in vain for clear signs of this historic change. But the
Japanese remain doubtful about the short, or even medium term
prospects of totally transforming their economic habits.
    The bubble of frustration against what appears as Japanese
prevarication burst last week. The U.S. Said it intended to
raise tariffs of as much as 300 mln dlrs on Japanese exports to
the U.S. On the grounds Japan had abrogated a bilateral
semiconductor pact.
    British Prime Minister Margaret Thatcher threatened to
block Japanese financial firms from London after the Japanese
placed what the British say are restrictive conditions on a bid
by British firm Cable and Wireless to join a domestic
telecommunications joint venture.
    On Friday, European currency dealers said European central
banks, annoyed at restrictive Japanese trade practises, might
leave Japan alone to intervene to staunch the rise of the yen.
    Eishiro Saito, head of top Japanese business group
Keidanren, spotted the dangers inherent in such contradictory
views last November when he visited the European Community.
"Related to this matter of (trade) imbalance, the point that I
found to be of great cause for alarm during this trip to Europe
was the excessive degree of hope placed by the Europeans in the
results of the Maekawa report," he said.
    "We explained that the process of restructuring the economy
away from its dependence on exports toward a balance between
domestic and external demand...Would take time," Saito said.
    Saito's words were ignored. In February, EC Industrial
Policy Director Heinrich von Moltke came to Japan and said "I
only know that your government, under the leadership of
Maekawa, points to restructuring your economy into a less
outward looking, more inward looking one. It is the Maekawa
report which has attracted the most attention in Europe."
    And Europeans and Americans want quick action. "A far better
answer than protectionism would be structural change within the
Japanese economy, the kind suggested by the Maekawa report. And
we hope to see changes occur in the near future," visiting
Chairman of General Motors Roger Smith said in March.
    Such expectations are now ingrained, which was partly the
fault of Nakasone, who heralded Maekawa's report as a sea of
change in Japanese affairs, said U.S. Officials.
    Months before the report was issued, U.S. And EC business
leaders met their Japanese colleagues to discuss the trade
problem.
    "We are more anxious than ever that the new approach of the
Maekawa committee does lead to speedy and effective action,"
said EC Industrial Union leader Lord Ray Pennock.
    "The important implication of the Maekawa report is that it
is finally looking to let Japanese enjoy the fruits of their
labour," said Philip Caldwell, Senior Managing Director of
Shearson Lehman Brothers.
    Contents of the report were leaded well ahead of issuance.
    Japanese officials say they are implementing the report as
fast as they can, said a European ambassador who has travelled
the country asking about this issue.
    He said People mentioned many things in line with the
spirit of the report, including restructuring of the coal and
steel industries.
    A major misunderstanding is that the private report was
government policy. Europeans are confused about this,
underlined by von Moltke's reference to the "leadership" of the
Maekawa report. Even so, Japanese officials point to last
September's government programme of new economic measures.
"Without endorsing the report as policy, officials point out
that the government has put its signature to a programme
designed to implement the report," the ambassador said.
 REUTER
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10773
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money-fx
topicend
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2;

PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA


    SYDNEY, March 30 - 
The Philadelphia Stock Exchange (PHLX),
a leading trader of currency options, plans to extend its
trading hours to serve Australasian and Far Eastern markets,
exchange president Nicholas Giordano said.
    He told reporters the PHLX will open a new session between
1900 and 2300 hours U.S. EST from the beginning of the third
quarter this year.
    The PHLX is also opening an office in Hong Kong to serve
clients in the region and educate financial markets about the
advantages of currency options, Giordano said.
    Giordano was in Sydney to start an Asian-Pacific tour by
exchange executives promoting the hedging benefits of the
exchange-trade currency option market against existing
over-the-counter option trading during the local working day.
    Currency options pioneered by the PHLX in 1982 had become
an accepted means of hedging against foreign exchange risk and
had grown in popularity, he said.
    The PHLX now offered options in eight currencies, including
a new Australian dollar option, and traded an average 42,000
contracts daily with underlying open interest of more than 30
billion U.S. Dlrs.
    Giordano said the exchange had been impressed with the
performance of its Australian dollar contract, which since its
introduction last year had regularly topped the French franc as
the third most popular traded option, with up to 8,000
contracts traded daily.
    Having the Philadelphia exchange open during the
Asia-Pacific market day would open new hedging opportunities,
set a truer level for over-the-counter option trading, increase
arbitraging opportunities and give corporations and treasuries
access to a currency option market of much greater depth and
liquidity with the security of a clearing house, he said.
 REUTER
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10774
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money-fx
topicend
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2;

JAPAN CAREFULLY CONSIDERING MONEY POLICY - SUMITA


    TOKYO, March 30 - 
Bank of Japan governor Satoshi Sumita
said the central bank will carefully consider its monetary
policy in light of the recent sharp fall of the dollar.
    Asked if the Bank of Japan will consider a further cut in
its discount rate, he said he now thinks the bank will have to
carefully consider its future money policy.
    He told a Lower House Budget Committee in Parliament that
credit conditions have been eased by the five discount rate
cuts by Japan since the beginning of last year.
    Japan must now be especially careful about a flare-up in
inflation, with money supply growth accelerating, he said.
    Sumita said the central bank would continue to make a
judgement on monetary policies while watching consumer prices,
exchange rates and economic and financial conditions both in
and outside Japan.
    Asked if the September 1985 Plaza agreement was a failure
because the dollar had fallen too far, Sumita said he still
thought the pact was a good one in the sense that it had
corrected the overvaluation of the dollar. But the Plaza accord
did not set any target for the dollar's fall, he said.
    The dollar's steep fall stems from the market's belief that
the trade imbalance will continue to expand, he said.
 Reuter
3;
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10778
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topicend
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2;

DUTCH BONDS SEEN RALLYING FURTHER THIS WEEK


    By Emma Robson, Reuters


    AMSTERDAM, March 30 - 
A further rally in Dutch bonds is
likely this week, due to a lower dollar and a slightly firmer
guilder against the mark attracting investors back to guilders
from marks, bond analysts said.
    The rally began last week, as proceeds from a sell-off in
dollar paper flooded into stronger currencies.
    The state tender of a new 6.25 pct eight-year bullet
indicates a week of active trading, dealers said.
    "We've not had trade like this since last year's boom around
the May elections," said Wim Moret of Banque Paribas.
    Moret was referring to the strong demand for Dutch bonds up
to and following last year's election of Prime Minister Ruud
Lubbers, whose centre-right coalition government was pledged to
a tight economic programme which bolstered the guilder.
    Last week, a wide sell-off of dollar and sterling boosted
demand for mark and guilder paper. Japanese corporate investors
were active buyers as the end of their accounting year, March
31, approached.
    Dutch prices and trade volume reached their highest level
this year. Total turnover topped four billion guilders, after
3.5 billion in the previous active trading week.
    While volume was considerable, prices rose more moderately.
The bourse bond index rose to 117.3 last Friday, a rise of 1.9
against its level two week's earlier.
    Foreign investors took the lion's share of trade last week,
but dealers noted considerable switching by domestic investors
as the yield differential between mark and guilder issues
enticed arbitrage activity.
    The dollar, mark and sterling started this week even lower,
heightening the chances of lively foreign demand for
guilder-denominated paper, dealers said.
    Today's declines could also be partly attributed to
investors selling in a bid to force down prices ahead of the
state loan tender tomorrow.
    "This is quite a normal situation. It's natural for
investors to want the highest yield for the lowest price. It
ensures firm demand at tomorrow's tender," one dealer said.
     The terms of the new issue are seen drawing firm domestic
and foreign demand, especially since the yield premium on Dutch
long maturities has grown to 0.45 pct over similar mark issues.
    The loan will be the fourth state issue for payment this
year, and also the fourth with a 6.25 pct coupon, since Dutch
interest rates have changed little this year.
    Bond analysts said that in view of the state's practice of
weighting the bulk of its capital market borrowing in the first
half of the year, it would be likely to raise at least four
billion guilders.
    Dutch merchant bank Pierson, Heldring en Pierson, said the
state has raised about 15.3 billion of its 1987 capital market
requirement of an estimated 32 billion guilders. Of this total,
7.3 billion was raised on the public capital market.
    Basing their judgement on today's market conditions,
dealers expected the loan to be priced at 101.00 pct for a
yield of 6.09 pct.
    "But everything hinges on tomorrow. If prices decline and
yields rise, it may be priced at a fraction below that," one
dealer said.
    On the domestic front, dealers say investors are amply
covered by a 4.2 billion guilder nine-day special advance by
the Dutch central bank, which has given the money market
sufficient liquidity until Friday, when the provision expires.
 REUTER
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10779
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trade
topicend
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2;

TOKYO BIDS TO STOP CHIP ROW BECOMING TRADE WAR


    By Rich Miller, Reuters


    TOKYO, March 30 - 
Japan is seeking to prevent its computer
chips dispute with the U.S. From erupting into a full-scale
trade war, government officials said.
    "We hope that the dispute on this specific issue won't have
an adverse effect on our overall relationship with the United
States," a Ministry of International Trade and Industry (MITI)
official said.
     On Friday, Washington announced plans for as much as 300
mln dlrs in tariffs on Japanese electronic goods for Tokyo's
alleged failure to live up to a bilateral computer chip pact.
    That agreement, reached last year after heated
negotiations, called on Japan to stop selling cut-price chips
in world markets and to buy more American-made semiconductors.
    Foreign Ministry officials immediately tried to isolate the
fall-out from the dispute by seeking to separate it from Prime
Minister Yasuhiro Nakasone's planned trip to Washington at the
end of April.
    While Japan has already done about all it can to make sure
the chip pact is working, the government is studying measures
it can take in other fields to defuse American anger and ensure
the trip's success, they said.
    "The perception of Japan in the (U.S.) Congress is very bad,"
one official told Reuters. "We would very much like to do
something to respond to that."
    In an apparent effort to prevent the chip dispute from
spreading to other areas, MITI officials sought to depict the
U.S. Action as a severe warning to Japanese semiconductor
makers, not to the government.
    Faced with a belligerent domestic chip industry and an
angry American Congress, the Japanese government has been
forced to walk an increasingly fine line in the semiconductor
dispute, trade analysts said.
    They said that it was an open secret that Japan's largest
chip maker, NEC Corp, was not happy with what it viewed as the
draconian measures MITI was taking to implement the pact,
included enforced production cuts.
    The angry response of Japanese chip makers yesterday to the
announcement of the U.S. Tariffs highlighted the difficulties
the government faces in taking further action.
    "Japanese semiconductor manufacturers have complied with the
U.S./Japan agreement," said Shoichi Saba, Chairman of the
Electronic Industries Association of Japan.
    He accused the U.S. of being "irrational." He said the U.S.
action had made the bilateral chip pact "meaningless."
    Saba's comments contrasted with those of Prime Minister
Yasuhiro Nakasone, who said Tokyo wanted to solve the dispute
through consultations.
    Japan is expected to send a high-level official to
Washington early next month to try to convince the U.S. Not to
go ahead with the tariffs on April 17.
    Trade analysts say Tokyo is likely to outline industry
plans to step up purchases of U.S. chips and to propose a joint
investigation into U.S. allegations of chip dumping.
 Reuter
3;
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10780
topicstart
money-fx
trade
topicend
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2;

U.S. APPEARS TO TOLERATE FURTHER DLR DECLINE


    By Peter Torday, Reuters


    WASHINGTON, March 30 - 
In a bid to hasten Japan's promise
to speed up its economic growth and open markets to foreign
trade, top U.S. officials appear once again to have signaled
their tolerance of a lower dollar.
    Treasury Secretary James Baker and one of his top aides,
Assistant Secretary David Mulford, said last week there was no
target for the dollar, a statement that sent the yen soaring
against the dollar, despite massive central bank intervention.
    "That was no slip of the tongue," said one western monetary
official, who asked not to be identified.
    For now, the strategy appears to be working. Japanese
officials said late last week a package to bolster domestic
demand will be ready in early April. Until last week, there
were few indications the package would be ready anytime soon.
    The Reagan administration, facing an uproar in Congress
over the apparent lack of progress in cutting the 169.8 billion
dlr trade deficit, is learning now that to extract results from
Japan, dramatic action is required.
    Last week the White House imposed unprecedented tariffs on
certain Japanese electronic goods after Tokyo failed to adhere
to a semi-conductor pricing accord between the two countries.
    The shift in U.S. strategy, in part designed to appease
mounting Congressional anger over Japanese policies, comes just
two weeks before industrial nations reconvene here to review
the Paris agreement to stabilize currencies.
    And news that Japan earned a record 18 billion dlr trade
surplus in the first two months this year just underscored the
need for urgent action, in the view of U.S. officials.
    Nonetheless, U.S. officials see signs of improvement in the
deficit. "I'd be stunned if we were not going to derive some
benefits (from the lower dollar) soon," said one.
    In Paris, leading industrial nations agreed to cooperate
closely to foster currency stability within ranges reflecting
"underlying economic fundamentals" or economic reality.
    The agreement envisages those fundamentals to include Japan
and West Germany stimulating their economies and the United
States cutting its budget deficit.
    The three nations, joined by France, Britain and Canada,
agree these policies are essential to redress huge global trade
imbalances.
    But analysts say markets have signalled the underlying
fundamentals imply a lower dollar, rather than a stable one.
    Markets, in effect, are less confident than governments
that these measures -- including U.S. budget deficit cuts
agreed by Congress and the White House --will be carried out.
    Nonetheless, the dollar's sharp fall has not undermined 
cooperation. A U.S. economic policymaker said the accord was on
track and Tokyo and Bonn seem "to want more stimulative measures
which is what the Paris accord calls for."
    International monetary sources said exchange market
developments generally have not unsettled policymakers,
although Japan is an obvious exception. "Everybody feels it can
still be managed," one source said of market developments.
    But last week, the Bank of Japan spent an estimated five
billion dlrs intervening to halt the rise in the yen, and other
central banks about one billion dlrs.
    Another monetary source said Japan was upset with America's
half-hearted attempt to halt the falling dollar, flouting the
Paris accord outright.
    The source, close to the top levels of Japanese economic
policymaking, said Japan's understanding of the accord was that
the yen would be kept at around 154 to the dollar, the level it
stood at when the accord was struck.
    The source said Tokyo was extremely worried by Washington's
use of the exchange rate to change Japanese policies. It was a
"pointed reminder" to Japan to do something about the trade
issues, the source said of the dollar's fall against the yen.
    By departing last Sunday from the language of the Paris
accord -- that nations agreed to foster currency stability
around current levels -- Baker triggered a run on the dollar.
    Later in the week, Mulford too said there was no target for
the dollar and called on Japan and West Germany to live up to
their international responsibilities and stimulate growth.
    But U.S. officials said recent market developments will not
unravel the spirit of the Paris agreement.
    "There's a realisation now that you cannot leave things
alone, everyone agrees that the external (trade) imbalances
ought to be adjusted," one official said.
    "While no-one is going to cede national sovereignty, we
certainly seem to be moving towards much closer co-operation,"
another U.S. official said.
    The officials said the meeting here, where the six will be
joined by Italy, will be a status report.
    "Japan will have to explain what the state of their program
is and Germany will report on its plans. Maybe there's a need
to move faster," one source said.
    Mulford told Congress last week the Paris accord called, in
effect, for currency stability for several months. This would
buy time for Japan and West Germany to speed up their economic
growth and help bring down the U.S. trade deficit.
    His comments appeared to serve notice on other major
nations that Washington cannot wait too long for action to
reduce the gap between the Japanese and German trade surpluses
and the U.S. trade deficit.
 Reuter
3;
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10781
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trade
topicend
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2;

BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE


    WASHINGTON, March 30 - 
The United States and Japan will
soon settle their trade dispute over semiconductors, U.S.
Commerce secretary Malcolm Baldrige said on television.
    Baldrige, referring to the U.S.-Japan trade agreement on
semiconductors, said: "Their government wants to live up to it.
Their industries haven't been doing it, and I think we'll have
a good settlement to spare both sides."
    "I think the Japanese understand full well that they haven't
lived up to this commitment," he said.
    He added: "I do not think there will be a trade war at all."
    On Friday, Washington announced plans to put as much as 300
mln dlrs in tariffs on Japanese electronic goods from April 17,
because of Tokyo's failure to observe the agreement.
    The officials said the tariffs would be ended as soon as
Japan started adhering to the agreement. But they said there
was little chance Japan could react quickly enough to avert the
higher tariffs.
    Baldrige said the Reagan administration hoped the strong
U.S. Action against Japan would convince Congress to tone down
protectionist trade legislation now being drafted.
    He denied the action had been taken for that reason.
 REUTER
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documentend
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10782
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money-fx
dlr
topicend
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2;

U.S. BANKER PREDICTS FURTHER DOLLAR FALL THIS YEAR


    ABU DHABI, March 30 - 
A leading U.S. Banker said the dollar
was likely to fall another five to 10 pct this year and an
improvement in the huge American trade deficit would be only
temporary at current world exchange rate levels.
    Kurt Viermetz, worldwide treasurer of Morgan Guaranty Trust
Co, told Arab currency traders meeting here that the steady
depreciation of the dollar had not gone far enough to rein in
U.S. deficits on a lasting basis.
 Reuter
3;
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documentend
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10784
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acq
topicend
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2;

INVESTOR GROUP PUTS PRESSURE ON GENCORP 
<
GY>


    By Patti Domm, Reuters


    NEW YORK, March 30 - 
An investor partnership, seeking to
acquire GenCorp Inc, said it would attempt to unseat the
company's board of directors and take other hostile actions if
the firm refuses to discuss its 2.3 billion dlr takeover bid.
    General Acquisition Co, comprising investors Wagner and
Brown and glass-maker AFG Industries, also reiterated its
willingness to negotiate with Gencorp.
    The partnership has earlier offered 100 dlrs per share for
GenCorp -- a tire, broadcasting, plastics and aerospace
conglommerate.
    Analysts have speculated that GenCorp, on a break-up basis,
could fetch more than 110 to 120 dlrs per share.
    GenCorp officials had no comment on General Acquisition's
statement but a spokesman reiterated an earlier request to
shareholders to wait until its board renders an opinion before
making a decision on the General Acquisition tender.
    Gencorp said its statement would be made on or before the
company's annual meeting, scheduled for Tuesday.
    General Acquisition made its statement in a letter sent to
the GenCorp board on Friday.
    The partnership said it was willing to negotiate all points
of its offer, including price.
    The group the board cannot fully carry out its fiduciary
duties to GenCorp shareholders and make a fully informed
decision about its offer until it has "thoroughly explored with
us the ways in which our offer can be revised to provide
greater value to your shareholders."
    General Acquisition said it is aware the board may be
reviewing alternative transactions which might provide GenCorp
shareholders with a payment other than cash.
    "If that is the case, you should recognize that our
additional equity capital may very well enable us to offer cash
and securities having greater value than GenCorp could provide
in any similarly structured transaction," the partnership said.
    General Acquisition also said it believes that GenCorp's
board has an obligation to present any alternative transaction
it may propose to shareholders in a manner that would allow for
competing offers.
    The partnership requested that if any other proposal is
under consideration that it be given the same information
available to GenCorp's managers and advisers in constructing a
proposal.
     General Acquisition said that if GenCorp agrees to accept
another buyout proposal that it also be given an opportunity to
bid on a competitive and fair basis before any final decision
is made.
    General Acquisition repeated its request that GenCorp
remove its "poison pill" or shareholders rights plan.
    General Acquisition said if GenCorp does not allow an
"environment for fair competition," it will take all steps
necessary to create such an enviroment.
    It said it may take legal action or seek the support of
shareholders in calling a special meeting to replace the board
and to consider other proposals it might develop.
    General Acquisition also said if the board decides to
accept an alternate proposal it asked that it not accept a plan
that would include defensive features.
 Reuter
3;
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documentend
documentstart
10786
topicstart
acq
topicend
bodystart
2;

UNITED BANKS COLORADO 
<
UBKS> ACQUISITION CLEARED


    DENVER, March 30 - 
United Banks of Colorado Inc said it has
received Federal Reserve Board approval to acquire IntraWest
Financial Corp 
<
INTW> in an exhcnmage of 0.7234 United share
for each IntraWest share.
    The company said the acquisition is still subject to 30-day
review by the U.S. Justice Department and is expected to be
completed in the second quarter.
 Reuter
3;
bodyend
documentend
documentstart
10787
topicstart
acq
topicend
bodystart
2;

SUFFIELD'S 
<
SSBK> COASTAL 
<
CSBK> BUY CLEARED


    SUFFIELD, Conn., March 30 - 
Suffield Financial Corp said it
has received approvcal from the Maine Bureau of Banking for its
proposed acquisition of Coastal Bancorp of Portland, Maine, and
the acquisition is expected to close around April One.
    The approval was the last regulatory clearance required for
the transaction.
 Reuter
3;
bodyend
documentend
documentstart
10788
topicstart
acq
topicend
bodystart
2;

MARKETING SYSTEMS 
<
MASY> SEEKS ACQUISITIONS


    HARRISON, N.Y., March 30 - 
Marketing Systems of America Inc
said it has retained Richter, Cohen and Co to assist in efforts
to redirect its business through merger or acquisition.
    The company said as consideration for services to be
renedered, it has agreed to grant Richter five-year warrants to
buy 231,000 common shares at 32 cts each, exercisable starting
in March 1988, and a negotiated fee on completion of any
transaction.  It said it has the right to cancel the warrants
after one year if no transaction has been completed.
 Reuter
3;
bodyend
documentend
documentstart
10790
topicstart
earn
topicend
bodystart
2;

ORACLE SYSTEMS 
<
ORCL> FILES FOR OFFERING


    BELMONT, Calif., March 30 - 
Oracle Systems Corp said it has
filed for an offering of 2,300,000 common shares, after
adjustment for a recent two-for-one stock split, including
800,000 to be sold by shareholders.
    The company said lead underwriters are Alex. Brown and Sons
Inc 
<
ABSB> and 
<
Donaldson, Lufkin and Jenrette Securities
Corp>.  The offering is expected to be made in early April,
with company proceeds used to repay all short-term debt, for
working capital and for possible acquisitions.
    Oracle said after the offering it will have about 28.5 mln
shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
10791
topicstart
topicend
bodystart
2;

YORK RESEARCH 
<
YORK> GETS EQUITY FINANCING


    STAMFORD, Conn., March 30 - 
York Research Corp said it has
completed the arrangement of 11 mln dlrs of common stock to
European investors.
    York said it will use the 11 mln dlrs as a construction
pool to initially fund a series of cogeneration projects which
it willk design, build, partially own and operate, with six
projects already committed.  Gross revenues from the first six
projects are expected to exceed 500 mln dlrs over their life
cycle, York said, with revenue and income expected to start
flowing in 1988.  Each project consists of a 20-year energy
sale agreement, it said.
 Reuter
3;
bodyend
documentend
documentstart
10794
topicstart
acq
topicend
bodystart
2;

SKANSKA TO TAKE STAKE IN CANADIAN FIRM


    STOCKHOLM, MARCH 30 - 
Swedish construction and real estate
company Skanska AB 
<
skbs.St.> said it will sell its 49 pct
holding in Canadian building firm 
<
Canadian Foundation Company
Ltd> to rival 
<
Banister Continental Ltd>.
    A company spokeswoman told Reuters Skanska will receive
Banister shares as payment, giving the Swedish group 15 pct of
the stock in the expanded Banister firm.
    She said Skanska will also be appointing two board members
to the Canadian company.
 REUTER
3;
bodyend
documentend
documentstart
10795
topicstart
topicend
bodystart
2;

BRITISH GAS REPAYS 750 MLN STG DEBT


    LONDON, March 30 - 
British Gas Plc 
<
BRGS.L> said it repaid
750 mln stg debt to the government, the first tranche of 2.5
billion stg unsecured debentures issued as part of the process
of privatisation last year.
    The repayment of the funds for the year to end-March was in
line with details given in the prospectus last year.
    Before the sale, the government added the debt onto the
British Gas balance sheet. In the year to end-March 1988 BGC
will pay back a further 250 mln stg, followed by 400 mln in
both 1988/89 and 1989/90 and the remainder in equal instalments
of 350 mln over the next two years.
 REUTER
3;
bodyend
documentend
documentstart
10796
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 129 MLN STG ASSISTANCE


    LONDON, March 30 - 
The Bank of England said it had provided
the money market with assistance worth 129 mln stg in the
afternoon session. This compares with the Bank's forecast of a
shortage in the system today of around 100 mln stg.
    The central bank purchased 129 mln stg bank bills in band
one at 9-7/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
10797
topicstart
crude
ship
topicend
bodystart
2;

GREECE SCRAPS U.S. BASE CLOSURE REQUEST


    ATHENS, March 30 - 
Prime Minister Andreas Papandreou has
withdrawn a request to Washington to suspend operations at an
American army base near Athens as a Greek-Turkish row over oil
rights in the Aegean eased.
    A Turkish research ship which Greece had threatened to
tackle if it sailed into disputed waters in the Aegean Sea kept
to Turkish territorial waters yesterday, avoiding a potential
clash.
    Papandreou expressed qualified optimism after briefing
opposition leaders on Aegean developments early yesterday.
    The Greek government later withdrew Friday's request to
Washington to close down its telecommunications base at Nea
Makri, north of Athens, saying that the reasons which had
prompted it to make the request were no longer valid.
    Under the terms of the U.S.-Greek bases accord, Greece has
the right to ask for suspension of operations at times when its
national interests are threatened.
    The row in the Aegean erupted after Turkey said it would
search for oil round three Greek islands off its coast
following an announcement from Greece that it planned to drill
east of Thassos island after taking control of a Canadian-led
oil consortium operating in the northern Aegean.
    Turkey accused Greece of breaching the 1976 Berne Agreement
under which both sides agreed to preserve the status quo in the
Aegean until their continental shelf dispute was settled.
Athens says it considers the accord inactive.
    The Turkish Foreign Ministry said in a statement it had
received an assurance from Greece that it would not carry out
oil activities outside its territorial waters. Greece declined
comment on the statement.
    Papandreou repeated an invitation to Turkey to take the
long-standing continental shelf dispute to the International
Court of Justice at The Hague.
    Conservative opposition leader Constantine Mitsotakis said
he had urged Papandreou to accept an offer from NATO General
Secretary Lord Carrington to help resolve the row.
 REUTER
3;
bodyend
documentend
documentstart
10799
topicstart
topicend
bodystart
2;

ONGPIN SAYS "PINS" WILL REVIVE BAKER PLAN


    MANILA, March 30 - 
Finance Secretary Jaime Ongpin said
Philippine Investment Notes (PINs), to be offered to commercial
bank creditors as part of the country's 13.2 billion dlr debt
rescheduling, would revive the Baker Plan.
    PINs are tradable, foreign currency-denominated financial
instruments with a six-year maturity, designed for conversion
into pesos to fund government-approved equity investments
within the Philippines.
    Ongpin told reporters after a meeting with businessmen the
government was planning to issue between 100 and 150 mln dlrs
worth of PINs at a discount of about 12.5 pct this year.
    The plan, outlined by U.S. Treasury Secretary James Baker
18 months ago, stalled because commercial banks balked at the
idea of lending additional money, Ongpin said. It had called
for substantial new commercial bank lending and development
bank aid in order to help debtor countries grow out of their
economic troubles.
    The PINs provide a mechanism to finance the growth needed
by these debtor nations, provided they are willing to welcome
foreign equity investment into their economies, Ongpin told a
businessmen's meeting. "And this can now be achieved without
forcing commercial banks into involuntary new money lending."
    Bankers in New York said given the booming market in
debt-equity swaps, PINs ought to work if Manila issues the
notes at an appropriate discount.
    Ongpin said the use of PINs would result in anticipated
savings of one billion pesos over the debt agreement's 17-year
life.
    The accord restructured 5.8 billion dlrs of previously
rescheduled debt, 3.5 billion dlrs of debt falling due between
January 1987 and December 1992, and 925 mln dlrs of new money
lent by the banks in 1985 at a spread of 7/8 percentage points
over London Interbank Offered Rates (LIBOR).
    It also rolled over trade credits worth 2.9 billion dlrs.
    Ongpin said the Philippines' 7-1/2 year grace period was
better than Mexico's seven-year grace period, while the PINs
proposal would result in savings of foreign exchange and
generate pesos which would be reinvested in domestic
enterprises.
    Ongpin said the restructuring of commercial bank debt, as
well as of 870 mln dlrs of debt by the Paris Club of Western
creditor governments in January, was expected to reduce the
country's debt-service ratio to between 25 and 30 pct from its
current level of 40 to 45 pct.
    He said the country's balance of payments was now projected
at a surplus of about 1.2 billion dlrs in 1987, compared with a
surplus of about 1.1 billion dlrs in 1986 and a previous
projected deficit of 1.2 billion dlrs this year.
    The Philippine negotiating team refined the PINs idea three
times before the final agreement was struck last Friday, Ongpin
said. "What we have now is PINs IV," he said.
    Ongpin told the meeting he had kept his promise to gain
terms better than those granted last year to Mexico, which won
a 20-year repayment at 13/16 points over LIBOR.
    "And they (Mexico) are a long way from seeing any money
cross the table even as of today," Ongpin said, adding he
expected much quicker approval from all the Philippines' 483
creditor banks worldwide.
    He said he had been in almost daily telephone contact with
President Corazon Aquino, particularly when the banks began to
take a very tough stance on pricing.
    "But the President's instructions were unequivocal and
unwavering, 'Do not yield one more millimetre and I don't care
how long it takes. Get a green card if you have to, but don't
come home without a deal we can all be proud of'," he said.
 REUTER
3;
bodyend
documentend
documentstart
10802
topicstart
topicend
bodystart
2;

WEDGESTONE REALTY 
<
WDG> ISSUES WARRANTS


    BOSTON, March 30 - 
Wedgestone Realty Investors Trust said
it has issued institutional investors 10-year warrants to buy
575,000 shares at 16.50 dlrs each in connection with the
previously-announced sale of 10-year promissory notes to the
investors.
    It said the exercise price of the warrants may be reduced
and the number of shares increased in certain circumstances.
 Reuter
3;
bodyend
documentend
documentstart
10803
topicstart
sugar
ship
topicend
bodystart
2;

PANAMA SUGAR VESSEL SAFELY DOCKED AT GREENOCK


    LONDON, March 30 - 
The Panamanian motor vessel Northern 1,
4,217 dwt, was safely towed into Greenock over the weekend
after having its crankshaft broken off the Scottish coast
during severe weather, Lloyds Shipping Intelligence said.
    Northern 1 was loaded with 3,000 tons of sugar from
Demerara.
 Reuter
3;
bodyend
documentend
documentstart
10804
topicstart
money-fx
yen
topicend
bodystart
2;

JAPAN SET TO RIDE OUT YEN RISE, OFFICIALS SAY


    By Rich Miller, Reuters


    TOKYO, March 30 - 
The government is determined to ride out
the latest sharp rise of the yen without taking panic measures
because it expects the currency's appreciation to prove
temporary, senior officials said.
    "The market has already located a ceiling (for the yen) and
market forces are pushing the dollar back up a bit," one senior
Finance Ministry official said.
    He attributed the dollar's fall in recent days to special
factors, in particular, selling by Japanese investors ahead of
the March 31 end to their fiscal year.
    That selling largely came to an end this morning after
about one hour of trading here, the senior official said. "They
(the investors) became more or less quiet after 10 o'clock
(0100 GMT)," he said.
    After falling to a record low of 144.70 yen this morning,
the dollar edged back up in late trading to end at 146.20.
Dealers attributed the late rise to remarks by Prime Minister
Yasuhiro Nakasone that major nations had agreed to stabilise
the dollar above 150 yen.
    Several officials said they did not see any fundamental
reason for the dollar's recent sharp fall.
    One official even called the market's recent actions
irrational. If anything, the U.S. Decision to slap tariffs on
Japanese electronics goods should support the dollar against
the yen because it will cut Japanese exports to the U.S., He
said.
    As a result, several officials said they saw no reason to
alter the broad thrust of government policy agreed to at last
month's meeting of major nations in Paris.
    "We don't see any substantial reason to change our policy
stance," one senior official said.
3;
bodyend
documentend
documentstart
10805
topicstart
earn
topicend
bodystart
2;

SAGE ANALYTICS 
<
SAII> SETS STOCK SPLIT


    PROVO, Utah, March 30 - 
Sage Analytics International Inc
said its board has declared a three-for-two stock split,
payable June 22 to holders of record on June Eight.
    The company also said it will redeem warrants till
outstanding on June Two at 10 cts each.  Each two warrants
allow the purchase of one common share at six dlrs through June
One.  There are presently 800,000 warrants outstanding.
 Reuter
3;
bodyend
documentend
documentstart
10807
topicstart
money-fx
trade
topicend
bodystart
2;

H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE


    By Joshua So, Reuters


    HONG KONG, March 30 - 
Remarks by Japan's Prime Minister
Yasuhiro Nakasone that last month's G-6 meeting agreed to
stabilize the dollar above 150 yen have come too late to
influence currency trading, dealers said.
    After Nakasone's statement the dollar rose to 146.40/50 yen
from an initial low of 144.20/40 and New York's Friday finish
of 147.15/25. But the rebound was largely on short-covering,
they said.
    "I think (Nakasone's) desperate," said a U.S. Bank foreign
exchange manager.
    Nakasone told a Lower House Budget Committee in Parliament
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
    Finance Minister Kiichi Miyazawa told the same committee
that the six - Britain, Canada, France, Japan, the U.S. And
West Germany - had intervened aggressively since the dollar
fell below 150 yen.
    "His (Nakasone) remarks should have been made and should
have had a bigger influence when the dollar was still above 150
yen," said P.S. Tam of Morgan Guaranty Trust.
    Tam said the dollar has hit short-term chart targets  and
is likely to rebound. But he warned of another dip to below 145
yen.
    Dealers said the worsening trade relations between the U.S.
And Japan will continue to depress the dollar.
    The trade issue has now become a political issue since the
Reagan Administration is facing uproar in Congress over
th3pYgks in cutting the country's 169.8 billion dlr trade
deficit, they said.
 REUTER
3;
bodyend
documentend
documentstart
10808
topicstart
money-fx
topicend
bodystart
2;

JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS


    TOKYO, March 30 - 
A Finance Ministry official said the
ministry has recently conducted a survey on foreign exchange
transactions by institutional investors but declined to say if
it was aimed at moderating their dollar sales.
    However, financial market sources said they had heard the
ministry has asked life insurance and securities firms to
refrain from selling dollars, but they were unable to confirm
this directly.
    Dealers said life insurance firms were not major sellers of
dollars in recent trading sessions because they had already
sold them to hedge risks.
    Dealers said securities houses and trust banks on the other
hand have aggressively sold the dollar.
 REUTER
3;
bodyend
documentend
documentstart
10809
topicstart
money-fx
topicend
bodystart
2;

JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS


    By Yoshiko Mori, Reuters


    TOKYO, March 30 - 
The dollar's tumble to a record low of
144.70 yen in Tokyo today motivated some major Japanese
investors to lighten their U.S. Bond inventory further and is
expected to spur diversification into investment assets
including foreign and domestic shares, dealers said.
    The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low
of 96.08-12 in early Tokyo trade against the 98.05-06 New York
finish, then recovered to 96.20-22.
    Some trust bank pension fund acccounts and investment
trusts were seen selling several hundred million dollars on the
foreign exchange market here today, accentuating the unit's
tumble, securities house dealers said.
    They seem undecided on what to do with the fresh yen cash
positions resulting from their dollar sales today, and are
sidelined until the currency market stabilises and the interest
rates outlook clarifies, a Nikko Securities Co Ltd currency
trader said.
    The dollar's plunge and low yields on U.S. Bonds will
further promote diversification into other foreign investments,
as well as call back funds into the domestic bond and stock
markets from overseas bond markets, securities bond managers
said.
    They said major Japanese investors in the past two years
are estimated to have held 50 to 80 pct of their foreign
portfolios in U.S. Bonds but many have lightened their U.S.
Bond inventory to as low as 40 pct.
    Since late last year, Japanese investors, seeking
substantial liquidity and attractive yields, have used fresh
funds to buy mark and Canadian dollar bonds and, after the
Paris currency pact, actively bought French franc bonds and
gilts while gradually lightening U.S. Bond inventories, the
managers said.
    Dealers said funds tied up in foreign assets had flowed
into local bond and stock markets as well.
    The yield of the key 5.1 pct 89th bond dropped to a record
low of 4.080 pct today from the 4.140 Saturday finish and
compared with 4.25 pct on three-month certificates of deposit.
    The key bond has fluctuated less than five basis points for
more than a month here, suggesting most dealers could not
satisfy their needs for capital gains, dealers said.
    A market survey by Reuters showed some active accounts in
U.S. Treasuries are currently dealing on Tokyo's stock market.
The stock market's bullishness late last week was partly due to
funds transferred from U.S. Treasuries, dealers said.
    Japanese net purchases of foreign securities in the first
half of March fell an estimated one billion dlrs compared with
average monthly net purchases of 7.7 billion for the whole of
1986, Finance Ministry sources said.
    The steep fall is due to Japanese investors' cool attitude
towards U.S. Bonds, which had amounted to more than 80 pct of
total foreign securities purchased, securities houses managers
said.
    Foreign stock buying in March is expected to exceed the
record high of 1.5 billion dlrs seen in December, they said.
    "Diversification of foreign portfolios is underway and we
have bought bonds in currencies such as marks, the Canadian
dollar, the ECU and French franc," a fund manager at 
<
Yasuda
Trust and Banking Co Ltd> said.
 REUTER
3;
bodyend
documentend
documentstart
10810
topicstart
topicend
bodystart
2;

IDEC IZUMI ISSUES 35 MLN DLR EQUITY WARRANT BOND


    LONDON, March 30 - 
Idec Izumi Corp is issuing a 35 mln dlr
Eurobond with equity warrants, due April 23, 1992 with an
indicated coupon of 2-3/8 pct and priced at par, lead manager
Daiwa Europe Ltd said.
    The non-callable bonds are guaranteed by Fuji Bank Ltd and
final terms will be set on April 6. The warrants will be
exercisable between June 1, 1987 and April 2, 1992.
    Gross fees of 2-1/4 pct comprise 3/4 pct for management and
underwriting and 1-1/2 pct for selling. Listing will be in
Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
10811
topicstart
gold
topicend
bodystart
2;

PERU ANNOUNCES LARGE NEW GOLD FIND


    LIMA, March 30 - 
President Alan Garcia said Peru has found
gold deposits worth an estimated 1.3 billion dlrs in a jungle
region near the Ecuadorean border about 1,000 km north of here.
    He told reporters yesterday the deposits, located at four
sites near the town of San Ignasio, contained the equivalent of
100 tonnes of gold.
    Garcia said the government would soon install a two mln dlr
treatment plant at Tomaque. It will extract enough ore to
provide an estimated 25 mln dlr profit by the end of this year,
he added.
    Garcia said the other gold-bearing deposits are located at
Tamborapa, Pachapidiana, and a zone between the Cenepa and
Santiago rivers.
 Reuter
3;
bodyend
documentend
documentstart
10812
topicstart
topicend
bodystart
2;

BRITISH GAS REPAYS 750 MLN STG DEBT


    LONDON, March 30 - 
British Gas Plc 
<
BRGS.L> said it repaid
750 mln stg debt to the government, the first tranche of 2.5
billion stg unsecured debentures issued as part of the process
of privatisation last year.
    The repayment of the funds for the year to end-March was in
line with details given in the prospectus last year.
    Before the sale, the government added the debt onto the
British Gas balance sheet. In the year to end-March 1988 BGC
will pay back a further 250 mln stg, followed by 400 mln in
both 1988/89 and 1989/90 and the remainder in equal instalments
of 350 mln over the next two years.
 Reuter
3;
bodyend
documentend
documentstart
10814
topicstart
topicend
bodystart
2;
******
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.35 PCT FROM 7.37 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
10815
topicstart
acq
topicend
bodystart
2;
******
NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE

Blah blah blah.
3;


bodyend
documentend
documentstart
10816
topicstart
acq
topicend
bodystart
2;

CANADIAN WORLDWIDE ENERGY BUYS TRITON
<
OIL> UNIT


    CALGARY, Alberta, March 30 - 
<
Canadian Worldwide Energy
Ltd> said it acquired Triton Energy Corp's wholly owned
Canadian subsidiary, Triton Petroleum Ltd, for the issue of
3.75 mln common shares of Canadian Worldwide, subject to
regulatory approvals.
    The company said the transaction will increase Triton
Energy's holding in Canadian Worldwide to 13.25 mln shrs or a
60 pct fully diluted interest from 9.5 mln shares.
    Triton Petroleum's assets consist of proven oil reserves of
1.3 mln barrels, exploratory acreage, and unspecified working
capital and a significant tax loss carryforward.
    Canadian Worldwide said it is optimistic the Triton
Petroleum Ltd acquisition will strengthen its financial and
production base and permit acceleration of its conventional oil
exploration program.
 Reuter
3;
bodyend
documentend
documentstart
10817
topicstart
earn
topicend
bodystart
2;

CLABIR 
<
CLG> DIVIDENDS NOT TAXABLE


    GREENWICH, Conn., March 30 - 
Clabir Corp said it has
determined all dividends paid on its Class A common in 1986 are
not taxable as dividend income.
    While this is a preliminary estimate, the company said, it
may be used by shareholders when preparing 1986 income tax
returns.
 Reuter
3;
bodyend
documentend
documentstart
10821
topicstart
topicend
bodystart
2;

PHILIPPINES, WORLD BANK SIGN 310 MLN DLR PACKAGE


    MANILA, March 30 - 
The Philippines and the World Bank have
signed a 300 mln dlr loan and 10 mln dlr worth of technical
assistance to help Manila in its economic recovery efforts,
bank officials said .
    The loan, to be disbursed in three equal tranches, is
repayable over 20 years, including a five-year grace period,
with a variable interest rate, currently at 7.92 pct.
    The loan was signed by Finance Minister Jaime Ongpin and A.
Karasmasoglu, World Bank vice-president for East Asia and the
Pacific. Ongpin said the first tranche of 100 mln dlrs was
expected within a month.
 REUTER
3;
bodyend
documentend
documentstart
10822
topicstart
earn
topicend
bodystart
2;

LENNAR 
<
LEN> SEES STRONG EARNINGS FOR 1987 YEAR


    MIAMI, March 30 - 
Lennar Corp chairman and president,
Leonard Miller, said the current backlog of orders and the
strong economy point to strong revenues and earnings for the
balance of fiscal 1987.
    He said the company's backlog of sales deposits on Feb 28
was 2,416, an increase of 976 units over the previous year.
    Lennar recorded net earnings for the first quarter 1987 of
4,403,000, or 51 cts per share, compared to 1,775,000, or 20
cts per share the prior first quarter. It recorded net earnings
of 12.5 mln dlrs, or 1.43 dlrs per share, for fiscal 1986.
    The company also said that at its April 29 annual meeting,
shareholders will vote on increasing the company's authorized
common stock to 45 mln shares from 15 mln. This will include 30
mln shares of common stock and 15 mln shares of class B common
stock, it added.
    Those shareholders who elect to convert their shares into
class B stock will be entitled to 10 votes per share while
other shareholders will retain one vote per share, Lennar said.
    The company said if this is approved, it intneds to pay
holders of Class B stock a quarterly cash dividend of five cts
per share and holders of the other common stock a quarterly
cash dividend of six cts per share.
 Reuter
3;
bodyend
documentend
documentstart
10823
topicstart
topicend
bodystart
2;
******
FORD MOTOR CREDIT UNIT FILES FOR TWO BILLION DLR DEBT SHELF OFFERING

Blah blah blah.
3;


bodyend
documentend
documentstart
10825
topicstart
trade
topicend
bodystart
2;

YUGOSLAV TRADE FALLS SHARPLY  STATISTICS SHOW


    BELGRADE, March 30 - 
Yugoslav trade is declining rapidly
this year in hard currency terms, according to the latest
Federal Statistics Office (FSO) figures.
    The FSO figures showed total exports from January 1 to
March 23 valued at 875.59 billion dinars, compared with 667.18
billion dinars in the same period last year.
    These figures were down by 12.5 pct on last year in dollar
terms due to exchange rate fluctuations and changes in how the
figures were calculated, FSO sources said.
    This year current exchange rates were used for the first
time instead of a fixed rate of 24.53 dinars to the dollar.
    BELGRADE, March 30 - Yugoslav trade is declining rapidly
this year in hard currency terms, according to the latest
Federal Statistics Office (FSO) figures.
    The FSO figures showed total exports from January 1 to
March 23 valued at 875.59 billion dinars, compared with 667.18
billion dinars in the same period last year.
    These figures were down by 12.5 pct on last year in dollar
terms due to exchange rate fluctuations and changes in how the
figures were calculated, FSO sources said.
    This year current exchange rates were used for the first
time instead of a fixed rate of 24.53 dinars to the dollar.
3;
bodyend
documentend
documentstart
10826
topicstart
earn
topicend
bodystart
2;

WALBRO 
<
WALB> SEES STRONG 1ST QTR RESULTS


    CASS CITY, MICH., March 30 - 
Walbro Corp said it expects
its first-quarter results to reach "all-time highs."
    It projected sales exceeding 32 mln dlrs, or up 21 pct from
the 26,488,000 dlrs reported for the 1986 first quarter. It
said the previous high for a single quarter was 27,179,000 dlrs
for the 1986 fourth quarter.
    Walbro estimated income for the quarter will exceed
first-quarter 1986 income, which was 1,953,000 dlrs, or 66 cts
a share, by at least 40 pct. It said the first quarter of 1986
had been the previous income record for a single quarter.
    Walbro cited strong demand for its fuel systems products,
especially automotive electronic fuel injection components and
carburetors for lawn and garden applications.
    However, it said it is unlikely the company will sustain
the same record pace of sales and income throughout 1987, due
to an expected reduction in throttle body sales.
    "It now appears likely that the company's throttle body
business with General Motors Corp 
<
GM> will peak in the first
six months of 1987, continue at reduced levels to July 1988 and
suffer an interruption for the period from July 1988 to July
1989," Walbro added.
 Reuter
3;
bodyend
documentend
documentstart
10827
topicstart
gnp
topicend
bodystart
2;

CANADA GDP UP 0.1 PCT IN JANUARY


    OTTAWA, March 30 - 
Canada's gross domestic product rose 0.1
pct, seasonally adjusted, in January after gaining 1.0 pct in
December but falling 0.1 pct and 0.3 pct in November and
October, Statistics Canada said.
    January's rise, in 1981 prices, was fueled largely by a 0.5
pct gain in the goods producing sector. Output in
services-producing industries declined 0.1 pct from December's
level.
    January's level was 1.29 pct higher than the same month a
year ago.
    The federal agency said it was the second straight gain for
goods producing industries. Most of the growth occurred in
manufacturing and construction.
    Within manufacturing, strong gains were posted in the wood,
machinery, non-metallic mineral and food product groups.
Significant declines were recorded in the output of automobiles
and parts, however.
    In the services sector, increases in finance, insurance and
communication were more than offset by declines in
transportation, storage and the retail trade.
 Reuter
3;
bodyend
documentend
documentstart
10830
topicstart
grain
wheat
rice
topicend
bodystart
2;

SRI LANKA APPEALS FOR DROUGHT RELIEF AID


    COLOMBO, March 30 - 
Sri Lanka has appealed to 24 countries
for emergency aid to help 2.4 mln villagers affected by the
country's worst drought in 36 years, government officials said.
    Embassies received letters over the weekend outlining aid
needed for a sixth of Sri Lanka's population in 13 districts.
    The letter said the government had to step in "to avert
serious economic hardship" and because the Social Services
Ministry had already used up its entire 1987 budget provision
of 23 mln rupees by distributing help to the worst hit areas.
    The letter said 548.76 mln rupees were needed for a six
month period, at least until the May-September (Yala) rice crop
was harvested. Over 25,000 tonnes of wheat, rice, flour and
other cereals were required, it said, along with supplies of
sugar, lentils, dried or canned fish and milk.
    In some of the most seriously affected districts, the Maha
(October 1986-April 1987) crop had been "almost completely
devastated," the letter said. Maha paddy output was now
estimated at 70 mln bushels, 20 mln less than originally
expected.
    There were two scenarios for the Yala crop, with a high
forecast of around 40 mln bushels conditional on adequate
rainfall within the next three to four weeks.
    "Should the present drought continue, however, production is
estimated at around 20 mln bushels," the letter added.
    Total estimated paddy output for 1987 would be between 90
and 110 mln bushels, or 1.35 to 1.65 mln tonnes of rice. Last
year's output was 124 mln bushels, down from 127 mln in 1985.
    The letter said villagers in most seriously affected
districts had been deprived of any means of subsistence because
subsidiary crops had also failed.
    It said the government's current budget did not permit it
to provide sustained and adequate relief to those affected.
"Revenue has been adversely affected by depressed commodity
prices and slowing of the economy. Defence commitments continue
to exert pressure on the expenditure side."
    The 548.76 mln cash would cover payments of 150 rupees per
month for each family, as well as handling, transport and
distribution of emergency food. But such an outlay of funds by
the government would not be possible without seriously
impairing development projects, or "greatly fuelling inflation"
in the economy, the letter said.
    The letter said the Food Department would be able to
release wheat and rice from the buffer stock to meet the
immediate cereal requirements "provided such stocks are replaced
subsequently."
    The Meteorological Department said the country was
experiencing its worst drought since 1951 and the four-month
dry spell prevailing in most of the areas would only break when
the monsoon rains fell in late May.
    The letter said some areas had been experiencing the
drought since August, and in the rice growing district of
Kurunegala there had been no effective rainfall since June
1986.
 Reuter
3;
bodyend
documentend
documentstart
10831
topicstart
acq
topicend
bodystart
2;

MOBIL FRANCE TO TAKE 10 PCT STAKE IN PRIMAGAZ


    PARIS, March 30 - 
Mobil Corp's 
<
MOB> Mobil Oil Francaise
unit said it will take a stake of about 10 pct in the French
butane and propane gas distribution company 
<
Primagaz> in
exchange for the transfer to Primagaz of Mobil's small and
medium bulk propane activity.
    Small and medium bulk propane sales totalled 55,000 tonnes
in 1986 and the transfer will increase total business of
Primagaz by about 12 pct, equal to 32,000 extra customers.
    A Primagas spokesman said Mobil will take the stake by
means of a capital increase, terms of which have not yet been
established.
3;
bodyend
documentend
documentstart
10832
topicstart
earn
topicend
bodystart
2;

METROMAIL 
<
MTML> SEES FLAT YEAR NET


    LINCOLN, Neb., March 30 - 
Metromail Corp said it expects
earnings for the year to be about flat due to higher expenses
caused by an expansion of data processing capabilities and
startup costs associated with new cooperative programs that
will continue into the fourth quarter.
    The company today reported earnings for the nine months
ended March One of 7,214,900 dlrs, down from 7,752,800 dlrs a
year before.  For all of last year it earned 10.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10833
topicstart
earn
topicend
bodystart
2;

REGENCY CRUISTS 
<
SHIP> CORRECTS EARNINGS


    NEW YORK, March 30 - 
Regency Cruises Inc said its earnings
per share for the year 1986 were 36 cts per share, not the 37
cts it reported on March 11.
    The company lost 10 cts per share in 1985.
 Reuter
3;
bodyend
documentend
documentstart
10834
topicstart
acq
topicend
bodystart
2;

MORRISON INC 
<
MORR> ACQUIRES CUSTOM MANAGEMENT


    MOBILE, Ala., March 30 - 
Morrison Inc, a diversified food
service company, said it acquired Custom Management Corp, based
in Kingston, Penn., for an undisclosed amount.
    Custom manages some 215 food contract management operations
and about 65 environmental service accounts, producing about
100 mln dlrs in annual revenues.
 Reuter
3;
bodyend
documentend
documentstart
10836
topicstart
topicend
bodystart
2;

PETER MILLER PLANS 2.2 MLN DLR DEBENTURE ISSUE


    TORONTO, March 30 - 
<
Peter Miller Apparel Group Inc> said
it signed a letter of intent to issue 2.16 mln dlrs of
convertible debentures, subject to regulatory and board
approvals.
    The company said a newly incorporated merchant banking
subsidiary of Greyvest Financial Corp has agreed to purchase
the debenture issue and closing is expected in April.
    The debenture carries a three year term and is convertible
from April 1, 1987 to March 31, 1989 at 1.35 dlrs a share, and
from April 1, 1989 to March 30, 1990 at 1.50 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
10837
topicstart
topicend
bodystart
2;
******
NYNEX'S NEW YORK TELEPHONE FILES 500 MLN DLR DEBT SECURITIES SHELF REGISTRATION

Blah blah blah.
3;


bodyend
documentend
documentstart
10839
topicstart
earn
topicend
bodystart
2;

ANECO REINSURANCE CO LTD 
<
ANECF> YEAR NET


    NEW YORK, March 30 -
    
Shr profit 80 cts vs loss 1.60 dlrs
    Net profit 1,673,960 vs loss 3,292,663
    NOTE: 1986 net includes gain on bond portfolio of 1,160,000
dlrs and 5,600,000 dlr provision for losses on discontinued
liability and multi-peril lines of reinsurance.
 Reuter
3;
bodyend
documentend
documentstart
10840
topicstart
earn
topicend
bodystart
2;

TEXAS INTERNATIONAL CO 
<
TEI> 4TH QTR LOSS


    OKLAHOMA CITY, March 30 -
    
Shr loss 36 cts vs loss 36 cts
    Net loss 20.1 mln vs loss 12.6 mln
    Revs 12.5 mln vs 24.9 mln
    Avg shrs 55.8 mln vs 34.7 mln
    Year
    Shr loss 1.11 dlrs vs loss 1.05 dlrs
    Net loss 50.8 ln vs loss 31.9 mln
    Revs 63.7 mln vs 106.9 mln
    Avg shrs 45.8 mln vs 30.2 mln
    NOTE: Net includes extraordinary gains of 247,0000 dlrs vs
nil in quarter and 809,000 dlrs vs 425,000 dlrs in year.
    1985 year net includes 6,700,000 dlr credit for previous
overpayments of windfall profits taxes.
 Reuter
3;
bodyend
documentend
documentstart
10841
topicstart
earn
topicend
bodystart
2;

SCIENTIFIC MICRO 
<
SMSI> SEES HIGHER REVENUES


    MOUNTAIN VIEW, Calif., March 30 - 
Scientific Micro Systems
Inc said it expects first quarter revenues to rise by about 60
pct to 24 mln dlrs, compared with the 15 mln reported for the
first quarter last year.
    The company said it experienced revenue growth across all
product lines during the quarter.
    It also said revenue growth should continue during the year
and the company should experience improved profitability in the
second half when acquisition and new product introduction costs
will not have a significant impact on earnings.
 Reuter
3;
bodyend
documentend
documentstart
10842
topicstart
topicend
bodystart
2;

NYNEX 
<
NYN> UNIT FILES TO OFFER DEBT SECUTITIES


    NEW YORK, March 30 - 
New York Telephone Co, a unit of NYNEX
Corp, said it filed with the Securities and Exchange Commission
a shelf registration statement covering up to 500 mln dlrs of
debt securities.
    Proceeds will be to refinance outstanding debt or for
general corporate purposes, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10843
topicstart
acq
topicend
bodystart
2;

BOLT BERANEK 
<
BBN> FILES FOR DEBENTURE OFFERING


    NEW YORK, March 30 - 
Bolt Beranek and Newman Inc said it
filed with the Securities and Exchange Commission a
registration statement covering a 75 mln dlr issue of
convertible subordinated debentures due 2012.
    A portion of the proceeds will be used to acquire all of
the outstanding capital stock of Network Switching Systems Inc.
 Another part will allow Bolt to exercise its option to
purchase all of the limited partnership interests in BBN
RS/Expert Limited Partnership, with the rest used for general
corporate purposes. The company named PaineWebber, Merrill
Lynch and Montgomery Securities as underwriters.
 Reuter
3;
bodyend
documentend
documentstart
10844
topicstart
acq
topicend
bodystart
2;
******
HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
10845
topicstart
crude
topicend
bodystart
2;

MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS


    MEXICO CITY, March 30 - 
The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
    It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
    Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
 REUTER
3;
bodyend
documentend
documentstart
10847
topicstart
earn
topicend
bodystart
2;

TEXAS INTERNATIONAL 
<
TEI> HAS UNQUALIFIED AUDIT


    OKLAHOMA CITY, March 30 - 
Texas International Inc said it
has received an unqualified audit opinion from auditor Arthur
Andersen and Co.
    The company had received a qualified opinion on 1985
financial statements subject to its ability to resolve
negotiations with its U.S. bank group.  Subsequently, it sold
almost all its domestic oil and natural gas properties and
retired all U.S. bank debt in March 1987 with part of the
proceeds.
 Reuter
3;
bodyend
documentend
documentstart
10848
topicstart
acq
topicend
bodystart
2;

TENNECO 
<
TGT> BUYS UNISYS 
<
UIS> UNIT


    NEWPORT NEWS, Va., March 30 - 
Tenneco Inc said its Newport
News Shipbuilding subsidiary has completed the purchase of the
Sperry Marine Systems division of Unisys Corp for about 70 mln
dlrs.
    Sperry Marine has annual revenues of about 100 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10849
topicstart
acq
topicend
bodystart
2;

BIOGEN 
<
BGENF> MAY SELL EUROPEAN OPERATIONS


    CAMBRIDGE, Mass., March 30 - 
Biogen NV said as part of a
program to reduce expenses, it is in talks on the sale of its
Geneva, Switzerland operations.
    The company gave no details.
 Reuter
3;
bodyend
documentend
documentstart
10851
topicstart
earn
topicend
bodystart
2;

MILTOPE GROUP INC 
<
MILT> 4TH QTR NET


    NEW YORK, March 30 -
    
Shr 10 cts vs 29 cts
    Net 584,000 vs 1,688,000
    Sales 19.8 mln vs 16.9 mln
    Avg shrs 5,959,000 vs 5,762,000
    Year
    Shr 68 cts vs 96 cts
    Net 4,013,000 vs 5,430,000
    Sales 68.1 mln vs 61.3 mln
    Avg shrs 5,934,000 vs 5,679,000
    Backlog 67.9 mln vs 60.6 mln
 Reuter
3;
bodyend
documentend
documentstart
10853
topicstart
earn
topicend
bodystart
2;

ALOETTE COSMETICS INC 
<
ALET> 4TH QTR DEC 31 NET


    PHILADELPHIA, March 30 -
    
Shr 12 cts vs 12 cts
    Net 337,000 vs 235,000
    Revs 3,350,000 vs 1,642,000
    Avg shrs 2,935,734 vs 2,000,000
    Year
    Shr 69 cts vs 56 cts
    Net 1,815,000 vs 1,112,000
    Revs 12.1 mln vs 7,709,000
    Avg shrs 2,648,257 vs 2,000,000
 Reuter
3;
bodyend
documentend
documentstart
10854
topicstart
topicend
bodystart
2;

TRADE BODY SETS NEW RULES FOR EURODOLLAR MANAGERS


    London, March 30 - 
The International Primary Market Makers
Association, a trade organisation, said its board last week
adopted new rules recommending lead managers of eurodollar bond
issues make a market in that security for 12 months.
    Currently, while there is an implied obligation on the part
of firms to make markets in issues they underwrite, there is no
formal obligation to do so.
    Christopher Sibson, secretary general of IPMA, in
explaining why the recommendation was adopted, said "It is aimed
at the problem of the lead manager who does a deal and
disappears."
    Sibson said the organization cannot force its members to
adhere to the rule. "We're under no illusions about the legal
binding force of these recommendations," he said.
    Lead managers have occasionally abandoned efforts to
support an unprofitable issue just a short while after it has
been offered, leaving investors and smaller firms with no one
to buy it back from them.
    Most recently, when prices of perpetual floating rates
notes (FRNs) suddenly plunged, most market makers abandoned the
securities altogether, leaving investors stuck with about 17
billion dlrs worth of unmarketable securities on their books.
     Sibson noted that the recommendation adopted by the board
only applies  to fixed-rate dollar issues and would not have
helped the floating rate sector out of its current crisis.
    Among other measures, the IPMA also decided that the
criteria for membership should be tightened to exclude some of
the smaller firms.
    Under the new rules, a firm must be the book running lead
manager during the two preceding years of 12 internationally
distributed debt issues denominated in U.S. Dlrs or in one of
eight other major currencies.
    The former requirement called for three lead-managed
issues. Sibson said he expects the tighter entrance
requirements to pare 3he current list of 67 members down by six
to 10 members.
    Smaller firms have criticized IPMA's efforts to restrict
membership to the larger firms, saying it is anti-competitive
and that it reinforces the big firms' already large market
share.
    "Belonging to IPMA carries a certain amount of prestige with
borrowers," said a dealer at a small foreign bank. "The borrower
says to himself, "Well I can travel economy or I can travel
first class,'" he said.
    Sibson defended the new rules saying "We have to steer a
course between representing the interests of the major market
makers and the less desirable goal of representing everybody."
    In any event, he said, the size of the market has expanded
to the point where the former minimum size requirements were
just too small.
    Also, IPMA members will be required to register with the
Association of International Bond Dealers as reporting dealers,
submitting daily information on prices on issues in which they
are market makers. The effective date of the rule has yet to be
determined.
    Dealers said that the rule would enable investors and
secondary market makers to better evaluate the appropriate
market price for their securities. Such a rule would make
investors more confident of trading in the eurobond market and
would increase liquidity, they said.
    Dealers said that the form of the reporting has not yet
been spelled out. But previous discussion of the reporting
requirement considered firms listing the closing price of a
given security as well as the high and low for the day.
     Members also agreed at the IPMA meeting on the
implementation of a new communications system which enables a
lead manager to invite all potential management group members
in to a deal at the same time.
 REUTER
3;
bodyend
documentend
documentstart
10855
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL PROTEINS CORP 
<
PRO> YEAR NET


    NEW YORK, March 30 -
    
Oper shr 49 cts vs 22 cts
    Oper net 1,018,000 vs 468,000
    Sales 95.0 mln vs 98.3 mln
    NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10856
topicstart
earn
topicend
bodystart
2;

CSM SYSTEMS INC 
<
CSMS> YEAR ENDED DEC 31 LOSS


    NEW YORK, March 30 -
    
Shr loss 20 cts vs profit 24 cts
    Net loss 173,578 vs profit 211,324
    Revs 4,558,244 vs 5,595,644
    NOTE: Earnings per share restated retroactively for all
periods to reflect 20 pct stock dividend in April 1984 and 25
pct stock split September 1985.
    Revenues include progress receivables on long-term
contracts not billed to customers, and reflect the
proportionate elements of profit as revenues based on stage of
completion of long term contracts.
 Reuter
3;
bodyend
documentend
documentstart
10857
topicstart
hog
livestock
topicend
bodystart
2;
**
Ia-So Minn direct hogs estimated rcpts 95,000 vs actual week ago 93,000 and actual year ago 93,000.

Blah blah blah.
3;


bodyend
documentend
documentstart
10859
topicstart
money-fx
topicend
bodystart
2;
******
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
10860
topicstart
fuel
topicend
bodystart
2;

GLOBAL RAISES HEAVY FUELS PRICES


    New York, March 30 - 
Global Petroleum Corp said today it
raised its posted prices for numbers six fuel cargoes in the
new york harbor 70 cts to 1.60 dlrs per barrel, depending on
grade.
    Effective today, the new prices are: 0.3 pct sulphur 22.50
dlrs, up 1.25; 0.5 pct sulphur 21.85 dlrs, up 1.60; one pct
sulphur 20.10 dlrs, up 70 cts; two pct sulphur 19.85, up 75
cts; 2.2 pct sulphur 19.25 dlrs, up 90 cts; 2.5 pct sulphur
18.80 dlrs, up 1.20, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10863
topicstart
topicend
bodystart
2;

U.K. GOVERNMENT BONDS PLUMMET WITH U.S. ISSUES


    LONDON, March 30 - 
The U.K. Government bond market closed
showing severe losses ranging to almost 1-1/2 points as sharp
falls for U.S Treasury bonds resulting from pronounced dollar
weakness exacerbated existing uncertainty, dealers said.
    Selling was described as relatively modest, although very
few buyers appeared to take up the slack. Much of the momentum
was derived from the futures market, where a high 33,074 lots
were traded in the long gilt June contract.
    The Treasury 13-1/2 pct stock due 2004/08 closed 1-7/16
point lower at 135-20/32 stg pct while the Treasury 10 pct due
1991 ended at 105-12/32 for a fall of 1-3/16.
    Dealers noted that market confidence had already been at a
low ebb, with much of the recent impressive rise whittled away
last week as investors reacted nervously to opinion polls
showing unexpectedly strong gains for the centrist
Liberal/Social Democratic alliance.
    The market had been sustained in large part during its
recent rally by a virtual conviction that the ruling
Conservative party would first call and then win a general
election early this summer.
    However, advances credited to the alliance last week have
cast doubt on both assumptions.
    "Turnover in the cash market has actually been quite small,"
one dealer said, adding that price movements had been very
volatile at times.
    After losing ground heavily in the Far East in tandem with
the flagging dollar, U.S. Bonds fell further in London trading
but showed some signs of recovery late in the U.S. Morning as
the dollar steadied a little against the yen. The latest period
of weakness for the dollar has accentuated fears that currency
risk might induce Japanese investors in particular to undertake
dramatic reductions in their portfolios of U.S. Treasury
issues.
    Dealers noted that early strength in the index-linked
sector of the market, which had enabled the Government broker
to supply some of both index-linked stock tranches announced on
Friday, had soon fallen prey to the general depression
affecting gilts.
    The Treasury 2-1/2 pct index-linked stock due 2020 closed
just under one point lower at 100-11/32 stg pct.
 REUTER
3;
bodyend
documentend
documentstart
10864
topicstart
money-fx
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 30 - 
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
10867
topicstart
acq
topicend
bodystart
2;

BOW VALLEY INDUSTRIES
<
BVI> SETS SECONDARY ISSUE


    CALGARY, Alberta, March 30 - 
Bow Valley Industries Ltd said
it filed a preliminary short form prospectus in Canada and the
United States for a secondary offering of 22.8 pct of
outstanding common stock, or 9,362,197 common shares, being
sold by certain shareholders.
    The company said Bowcan Holdings Inc, a holding company
principally owned by the Seaman brothers of Calgary and Charles
Rosner Bronfman Trust of Montreal, is offering to sell all of
its holding of 8,279,665 Bow Valley common shares.
    The balance of the offering is owned directly and
indirectly by various trusts of Jean and Charles deGunzberg.
    Proceeds and expenses from the secondary offering of Bow
Valley Industries common shares are for the account of the
selling shareholders, the company said.
    The shareholders will engage Salomon Brothers Inc for
distribution of the shares in the United States and McLeod
Young Weir Ltd for distribution in Canada.
 Reuter
3;
bodyend
documentend
documentstart
10868
topicstart
gold
topicend
bodystart
2;

<
CORNUCOPIA RESOURCES LTD> IN DRILLING PROGRAM


    VANCOUVER, March 30 - 
Cornucopia Resources Ltd said an
extensive drill and sampling program will begin in mid-April at
its Ivanhoe gold property in north central Nevada.
    It said it will seek to increase the present reserves of
eight mln short tons grading 0.045 ounce of gold per ton that
had been found by USX Corp 
<
X> on a small portion of the
13,.000 acre property, determine the location of possible
high-grade ore zones at depth and test other targets.
 Reuter
3;
bodyend
documentend
documentstart
10870
topicstart
earn
topicend
bodystart
2;

COGNITRONICS CORP 
<
CGN> 4TH QTR LOSS


    STAMFORD, Conn., March 30 -
    
Shr loss 78 cts vs loss 18 cts
    Net loss 1,671,000 vs loss 382,000
    Revs 3,261,000 vs 4,427,000
    Year
    Shr loss 1.35 dlr vs loss 15 cts
    Net loss 2,902,000 vs loss 331,000
    Revs 13.5 mln vs 16.1 mln
    NOTE: 1986 and 1985 4th qtr net includes charges of 867,000
dlrs or 40 cts a share and 222,000 or 10 cts a share,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
10871
topicstart
acq
topicend
bodystart
2;
******
ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
10872
topicstart
acq
topicend
bodystart
2;

HENLEY 
<
HENG> HAS SANTA FE SOUTHERN 
<
SFX> STAKE


    NEW YORK, March 30 - 
Henley Group said in a 10-K filing
with the Securities and Exchange Commission that it has 7.9 mln
shares or close to five pct of Santa Fe Southern Pacific Corp,
a spokesman said.
    In response to questions from Reuters, the Henley spokesman
said the filing was as of December 31, 1986, but that the
company still holds the shares.
    "It's an investment and we're very happy with it. Beyond
that, I have no comment," the spokesman said.
   
 Reuter
3;
bodyend
documentend
documentstart
10873
topicstart
crude
topicend
bodystart
2;

MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS


    MEXICO CITY, March 30 - 
The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
    It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
    Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
 REUTER
3;
bodyend
documentend
documentstart
10874
topicstart
acq
topicend
bodystart
2;

COMBUSTION 
<
CSP> COMPLETES ACCURAY 
<
ACRA> BUY


    STAMFORD, Conn., March 30 - 
Combustion Engineering Inc said
it has completed the previously-announced acquisition of
AccuRay Corp in a merger trasaction that closed Friday at 45
dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
10876
topicstart
coffee
topicend
bodystart
2;

U.S. SEES NO NEW COFFEE AGREEMENT TALKS SOON


    WASHINGTON, March 30 - 
The United States does not expect
the executive board meeting of the International Coffee
Organization, ICO, to call for a new round of negotiations on
reinstating coffee quotas, a U.S. government official said.
    The official, a member of the U.S. delegation to ICO talks
earlier this year, said no new coffee agreement talks are
expected because there is no indication the negotiating
positions of major producers and consumers have changed.
    The U.S. still demands, as a condition of reimposition of
coffee quotas, that "objective criteria" be set for
establishing quotas, said the U.S. official, who asked not to
be identified. Brazil, the major producer, insists on quotas
based on a traditional formula.
    The U.S. remains open to a negotiating meeting but only if
some new flexibility is apparent from major countries, the
official said.
    The ICO executive board meets tomorrow in London.
 Reuter
3;
bodyend
documentend
documentstart
10877
topicstart
earn
topicend
bodystart
2;

INTELLIGENT SYSTEMS 
<
INP> SETS INITIAL PAYOUT


    NORCROSWS, Ga., March 30 - 
Intelligent Systems Master
Limited Partnership said its board declared an initial
quarterly dividend of 25 cts per unit, payable April 10 to
holders of record March 31.
    The partnership, formed at year-end by the conversion of
Intelligent Systems Corp from corporate form, said its board
has approved in principle quarterly dividend of 15 to 25 cts
per quarter for calendar 1987.
    It said as part of its restructuring it may sell some of
its assets this year, with unitholders receiving either cash
from the sale or stock in the acquiring company.
 Reuter
3;
bodyend
documentend
documentstart
10879
topicstart
earn
topicend
bodystart
2;

QUEST MEDICAL INC 
<
QMED> 4TH QTR LOSS


    DALLAS, March 30 -
    
Shr loss six cts vs profit two cts
    Net loss 463,473 vs profit 126,835
    Revs 3,506,066 vs 3,082,499
    Year
    Shr loss four cts vs profit three cts
    Net loss 323,214 vs profit 187,893
    Revs 13.8 mln vs 10.8 mln
 Reuter
3;
bodyend
documentend
documentstart
10880
topicstart
topicend
bodystart
2;

CREDITANSTALT ARRANGES 100 MLN STG CD PROGRAM


    LONDON, March 30 - 
Creditanstalt-Bankverein 
<
CABV.VI>, the
largest commercial bank in Austria, has arranged a 100 mln stg
certificate of deposit program, banking sources said.
    The dealers for the program will be S.G. Warburg and Co Ltd
and County NatWest Capital Markets Ltd.
 REUTER
3;
bodyend
documentend
documentstart
10882
topicstart
grain
wheat
corn
oilseed
soybean
topicend
bodystart
2;

TRADE SEES U.S. CORN EXPORTS UP, WHEAT/BEANS OFF


    CHICAGO, March 30 - 
Grain traders and analysts expect lower
wheat and soybean exports and higher corn exports than a year
ago in the USDA's export inspection report today.
    Corn export guesses ranged from 27.0 mln to 32.0 mln
bushels, compared with the 27.6 mln inspected last week and
20.5 mln a year ago.
    Soybean export guesses ranged from 14.0 mln to 16.0 mln, up
from the 13.4 mln inspected last week but below the 25.5 mln
reported a year ago.
    Wheat estimates ranged from 11.0 mln to 14.0 mln bushels,
compared with 12.0 mln reported last week and 18.3 mln a year
ago.
 Reuter
3;
bodyend
documentend
documentstart
10883
topicstart
acq
topicend
bodystart
2;

OPPENHEIMER HAS SIX PCT OF CYCLOPS 
<
CYL>


    WASHINGTON, March 30 - 
Oppenheimer, the brokerage and
investment subsidiary of Oppenheimer Group Inc, told the
Securities and Exchange Commission it has acquired 243,400
shares of Cyclops Corp, or 6.0 pct of the total outstanding.
    Oppenheimer said it bought the stake in connection with
risk arbitrage and other investment activities in the ordinary
course of its business. It said it has no plans to seek control
of the company.
    As of Friday, 
<
Dixons Group PLC> had acquired 2,455,000
Cyclops shares, giving it 83 pct of the total.
 Reuter
3;
bodyend
documentend
documentstart
10884
topicstart
earn
topicend
bodystart
2;

DUNE RESOURCES LTD 
<
DNLAF> 4TH QTR NET


    OKLAHOMA CITY, March 30 -
    
Shr profit one ct vs loss two cts
    Net profit 27,000 vs loss 69,000
    Revs 295,000 vs 264,000
    Year
    Shr loss eight cts vs loss three cts
    Net loss 262,000 vs loss 88,000
    Revs 1,004,000 vs 1,248,000
 Reuter
3;
bodyend
documentend
documentstart
10885
topicstart
earn
topicend
bodystart
2;

AW COMPUTER SYSTEMS INC 
<
AWCSA> YEAR END DEC 31


    MT LAUREL, N.J., March 30 -
    
Shr 18 cts vs 17 cts
    Net 584,493 vs 540,977
    Revs 4,685,930 vs 4,524,315
 Reuter
3;
bodyend
documentend
documentstart
10886
topicstart
rubber
pet-chem
topicend
bodystart
2;

DOW
<
DOW> RAISES STYRENE-BUTADIENE LATEX PRICES


    MIDLAND, MICH., March 30 - 
Dow Chemical Co said it
increased prices by nine cts a pound (solids) for
styrene-butadiene latex and plastic pigments, effective May
One. Dow did not release the percentage increase.
    It said the increase will affect the floor covering
markets, paper, paperboard and specialty markets.
    It said the increase is in addition to a previously
announced seven cts a pound (solids) increase, effective March
One.
 Reuter
3;
bodyend
documentend
documentstart
10887
topicstart
acq
topicend
bodystart
2;

ALLEGHENY INTERNATIONAL 
<
AG> SELLS WILKINSON


    PITTSBURGH, March 30 - 
Allegheny International Inc said it
sold its Wilkinson Sword Consumer Group to the 
<
Swedish Match
Co> of Stockholm for for 230 mln dlrs.
    After settlement of intercompany transactions between the
Wilkinson Sword groups and Allegheny, the net payment by
Swedish Match will amount to about 160 mln dlrs.
    The Wilkinson Sword Group was transferred to the Swedish
Match Co today except for companies in certain countries where
approval from government authorities is required, the company
said.
    Allegheny said it acquired a 44 pct interest in Wilkinson,
then known as Wilkinson Match Ltd, in 1978, and the remaining 
share in 1980.
    This divestiture is part of Allegheny's overall
restructuring program and strategy to concentrate primarily on
its North American consumer products business, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
10891
topicstart
earn
topicend
bodystart
2;

DATRON CORP 
<
DATR> 4TH QTR NET


    MINNEAPOLIS, March 30 -
    
Shr 19 cts vs 13 cts
    Net 166,000 vs 118,000
    Rev 3.2 mln vs 2.5 mln
    Year
    Shr 34 cts vs 30 cts
    Net 303,000 vs 269,000
    Rev 10.8 mln vs 10.2 mln
 Reuter
3;
bodyend
documentend
documentstart
10892
topicstart
acq
topicend
bodystart
2;

C.O.M.B. 
<
CMCO> SELLS THREE RETAIL STORES


    MINNEAPOLIS, March 30 - 
C.O.M.B. Co said it sold three of
its retail stores in Omaha to Bob Cummins Enterprises Inc, a
retail closeout merchandiser.
    It said the sale is consistent with its previously
announced Retail Division restructuring plans.

 Reuter
3;
bodyend
documentend
documentstart
10893
topicstart
earn
topicend
bodystart
2;

CENTRONICS 
<
CEN> SETS PREFERRED PURCHASE RIGHTS


    NASHUA, N.H., March 30 - 
Centronics Corp said its board
declared a dividend distribution of one preferred share
purchase right on each outstanding common share payable to
holders of record April 9.
    The rights, which will expire 10 years later, will entitle
shareholders to buy one-hundredth of a share of a new series of
preferred at an exercise price of 20 dlrs.
    The rights will be exercisable only if some one acquires 30
pct or more of Centronic's common or announces an offer which
would result in ownership of 30 pct or more of the stock.
    Centronics said its board will be entitled to redeem the
rights at two cts per right at any time before a 30 pct
position has been acquired.
    If the rights become exercisable, the company said, those
held by shareholders other than the owner of 30 pct or more of
the stock will entitle the holder to purchase a number of
common shares having a market value twice the right's exercise
price.
 Reuter
3;
bodyend
documentend
documentstart
10894
topicstart
earn
topicend
bodystart
2;

MCCLAIN INDUSTRIES 
<
MCCL> SETS STOCK SPLIT


    STERLING HEIGHTS, Mich., March 30 - 
McClain Industries Inc
said its board declared a four-for-three stock split, payable
30, record April 15.
    The company also said it plans to open within the next 90
days a 114,000 square foot plant in Macon, Ga., that will allow
it to expand production of transfer trailers and other
products.
 Reuter
3;
bodyend
documentend
documentstart
10895
topicstart
acq
topicend
bodystart
2;

HERITAGE COMMUNICATIONS 
<
HCI> IN SPECIAL MEETING


    DES MOINES, Iowa, March 30 - 
Heritage Communications Inc
said it expects to hold a special shareholder meeting in May to
consider its proposed acquisition by an investor group
including members of senior management and Tele-communications
Inc 
<
TELE>.
    The company said it is seeking to obtain all regulatory
approvals needed to complete the transaction before or shortly
after the special meeting.  Heritage said it has filed
preliminary proxy materials with the Securities and Exchange
Commission and has applied for a change of control of its
broadcast licenses with the Federal Communications Commission.
    Heritage it and Tele-Communications made required
Hart-Scott-Rodino filings with the Federal Trade Commission and
Justice Department on March 11 and 12, respectively.
 Reuter
3;
bodyend
documentend
documentstart
10897
topicstart
earn
topicend
bodystart
2;

CHEROKEE GROUP INC 
<
CHKE> 1ST QTR FEB 28 NET


    NORTH HOLLYWOOD, Calif., March 30 -
    
Shr 22 cts vs 16 cts
    Net 2,460,000 vs 1,730,000
    Sales 37.0 mln vs 27.3 mln
    NOTE: Share adjusted for two-for-one stock split in
February 1987.
 Reuter
3;
bodyend
documentend
documentstart
10899
topicstart
acq
topicend
bodystart
2;

LOUISIANA PACIFIC 
<
LPX> TO BUY WALLBOARD PLANT


    PORTLAND, Ore., March 30 - 
Louisiana Pacific Corp said it
reached a non-binding agreement in principle to buy a gypsum
wallboard plant in Seattle from Norwest Gypsum.
    Purchase price and other details of the agreement were not
disclosed.
 Reuter
3;
bodyend
documentend
documentstart
10901
topicstart
acq
topicend
bodystart
2;

NOBEL'S BOFORS TO SELL ITS SINGAPORE HOLDING


    STOCKHOLM, March 30 - 
Nobel Industries Sweden SA 
<
NOBL.ST>
said its arms subsidiary, 
<
AB Bofors>, plans to sell its 40 pct
stake in 
<
Allied Ordnance Co of Singapore Ltd> because of its
part in weapons exports which contravene Swedish law.
    "The events we have uncovered are unacceptable and highly
regrettable incidents in our company's history," Nobel chairman
Lars-Erik Thunholm told a news conference.
    Nobel managing director Anders Carlberg said an internal
inquiry has revealed an extensive network of international arms
smuggling.
 Reuter
3;
bodyend
documentend
documentstart
10902
topicstart
coffee
topicend
bodystart
2;

ICO BOARD SEEN UNLIKELY TO SET NEW COFFEE TALKS


    By Lisa Vaughan, Reuters


    LONDON, March 30 - 
Chances that the International Coffee
Organization, ICO, executive board meeting this week will agree
to resume negotiations on export quotas soon look remote, ICO
delegates and trade sources said.
    ICO observers doubted Brazil or key consuming countries are
ready to give sufficient ground to convince the other side that
reopening negotiations again would be worthwhile, they said.
    ICO talks on quotas last month broke down after eight days
when producers and consumers failed to reach agreement.
     "Since we have not seen signs of change in other positions,
it's difficult to see a positive outcome at this stage,"
Brazilian delegate Lindenberg Sette said. But quotas must be
negotiated sometime, he said.
     The U.S. has indicated it is open to dialogue on quotas
but that Brazil must be flexible, rather than refuse to lower
its export share as it did in the last negotiations, delegates
said.
     At this week's March 31-April 2 meeting, the 16-member ICO
board is scheduled to discuss the current market situation, the
reintroduction of quotas, verification of stocks and some
administrative matters, according to a draft agenda.
    The fact that Brazilian Coffee Institute president Jorio
Dauster, Assistant U.S. Trade Representative Jon Rosenbaum and
chief Colombian delegate Jorge Cardenas are not attending the
meeting has signalled to most market watchers that it will be a
non-event as far as negotiating quotas is concerned.
    "I would imagine there will be a lot of politicking among
producers behind closed doors to work up some kind of proposal
by September (the next scheduled council meeting)," Bronwyn
Curtis of Landell Mills Commodities Studies said.
    Traders and delegates said they have seen no sign that a
date will be set for an earlier council meeting.
    If the stalemate continues much longer, analysts expect the
coffee agreement will end up operating without quotas for the
remainder of its life, to September 30, 1989.
    When talks broke down, the U.S. and Brazil, the largest
coffee consumer and producer respectively, blamed one another
for sabotaging negotiations by refusing to compromise.
    Brazil wanted to maintain the previous export quota shares,
under which it was allocated 30 pct of world coffee exports,
but consumers and a small group of producers pressed for shares
to be redistributed using "objective criteria," which would have
threatened Brazil's share.
    At a recent meeting in Managua of Latin American producers,
Costa Rica and Honduras said they were willing to put their
objections as members of the group of eight ICO "dissident"
producers aside, in order to stem the damaging decline in
prices, Nicaraguan External Trade Minister Alejandro Martinez
Cuenca told reporters Saturday. He was in London to brief
producers on the Managua meeting.
    However, other producers said they were not aware of this
move toward producer solidarity.
    London coffee prices closed at 1,276 stg a tonne today,
down from around 1,550 at the beginning of March.
 Reuter
3;
bodyend
documentend
documentstart
10903
topicstart
veg-oil
topicend
bodystart
2;

MINISTER SEES ENOUGH EC STATES AGAINST OILS TAX


    BRUSSELS, March 30 - 
Enough European Community (EC) states
appear to be opposed to the proposals by the EC Commission for
a 330 European currency unit (Ecu) a tonne tax on vegetable
oils, fats and marine oils to block adoption by EC ministers,
British Farm Minister Michael Jopling said.
    He told a news conference held during a meeting here of EC
agriculture ministers that Britain, West Germany, the
Netherlands, Denmark, and Portugal were all against the tax.
    Between them, these five countries had more than enough
votes in the weighted voting system used in EC ministers'
meetings to block a decision, Jopling said.
 Reuter
3;
bodyend
documentend
documentstart
10904
topicstart
earn
topicend
bodystart
2;

DRAVO 
<
DRV> TO HAVE FIRST QUARTER LOSS


    PITTSBURGH, March 30 - 
Dravo Corp said it expects a first
quarter loss of about 30 cts per share, compared with a
year-earlier profit of one ct, and said operating earnings for
all of 1987 may not match 1986's earnings of 61 cts per share
from continuing operations.
    Dravo saidperformance so far this year in its engineering
and construction segment has not met earlier expectations.
    It said the first quarter will be impacted by writedowns
resulting fromn revised estimates of costs required to complete
projects and by delays in starting work on jobs originally
forecasted to contribute to first quarter earnings.
    Dravo further said it has given the investor group buying
Dravo's river transportation, stevedoring and pipe frabrication
businesses additional time to structure the necessary
permanenty financing, and closing is now expected in the third
quarter.
 Reuter
3;
bodyend
documentend
documentstart
10905
topicstart
trade
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - U.S. CONGRESS RAPS JAPAN


    By Jacqueline Frank, Reuter


    WASHINGTON, March 30 - 
The U.S. Congress is making Japan,
with its enormous worldwide trade surplus, the symbol of the
U.S. trade crisis and the focus of its efforts to turn around
America's record trade deficit.
    "Japan has come to symbolize what we fear most in trade: the
challenge to our high technology industries, the threat of
government nutured competition, and the multitude of barriers
to our exports," Senate Democratic Leader Robert Byrd said.
    "If we can find a way to come to terms with Japan over trade
problems, we can manage our difficulties with other countries,"
the West Virginia Democrat said at a Senate Finance Committee
hearing on the trade bill.
    Byrd and House Speaker Jim Wright, a Texas Democrat, have
made trade legislation a priority this year and a wide-ranging
bill is being readied for probable House approval next month.
    Japan's bilateral trade surplus jumped from 12 billion dlrs
in 1980 to 62 billion dlrs last year. Its surplus rose to 8.14
billion dlrs in February from 5.7 billion dlrs in January.
    Congress points to the record 169 billion dlrs U.S. trade
deficit in 1986 and the slow response in the trade imbalance to
the dollar's decline in world currency markets as a reason to
press Japan to buy more U.S. goods.
    They are particularly dismayed by the rapid deterioration
in U.S. exports of sophisticated computer technology.
    In response to the growing anger and pressure by the U.S.
semiconductor industry, President Reagan Friday announced he
intended to raise tariffs as much as 300 mln dlrs on Japanese
electronic goods in retaliation for Japan's failure to abide by
a 1986 U.S.-Japanese semiconductor agreement.
    Congress also has been been angered by the administration's
lack of success with Japan on a host of other trade issues
including beef, citrus, automobile parts, telecommunications
goods, and financial services.
    The bulk of the House trade bill was written last week in
four committees. It is a package of trade sanctions and
measures to force the administration take tough action against
foreign trade barriers and unfair competition.
    Although most provisions do not single out Japan, in many
cases their impact would be to restrict imports of Japanese
products or make them more expensive with higher duties.
    The cornerstone of the trade legislation passed the House
Ways and Means Committee by a vote of 34 to 2. Its focus is to
force President Reagan to retaliate against unfair foreign
competition and to make it easier for U.S. industries to win
temporary relief from surges in imports.
    The most controversial issue, an amendment to restrict
imports if countries such as Japan with large surpluses do not
buy more U.S. goods was left for an April vote by the House.
    Rep. Richard Gephardt, a Democratic presidential aspirant
from Missouri, has the support of Wright and other key
Democrats to press for passage of the amendment.
    The measure would have the most impact on Japan, West
Germany, Taiwan and South Korea. If Japan, for example, does
not reduce its barriers by mid-1988, the United States would
set import quotas or tariffs to cut Japanese surplus by ten per
cent a year for three years.
    "I'm tired of going into companies and having managers say
to me, 'We're not over competing in Japan because we can't
compete in the marketplace.' That argument needs to be taken
away from American business," Gephardt said.
    The administration has said it could not support a trade
bill containing such a provision.
    
3;
bodyend
documentend
documentstart
10907
topicstart
earn
topicend
bodystart
2;

GENERAL PUBLIC UTILITIES CORP 
<
GPU> TWO MTHS NET


    PARSIPPANY, N.J., March 30 -
    
Shr 97 cts vs 81 cts
    Net 60.8 mln vs 51.1 mln
    Revs 487.4 mln vs 529.7 mln
    12 mths
    Shr 3.42 dlrs vs 2.18 dlrs
    Net 215.0 mln vs 137.2 mln
    Revs 2.74 billion vs 2.88 billion
    NOTE: 1986 results restated for change in accounting.
 Reuter
3;
bodyend
documentend
documentstart
10908
topicstart
acq
topicend
bodystart
2;

KAUFMAN, BOARD 
<
KB> UNITS CUT QUAKER 
<
KSF> STAKE


    WASHINGTON, March 30 - 
Kaufman and Board Inc and its
insurance subsidiaries said they lowered their stake in Quaker
State Oil Refining Corp to 1,795,908 shares, or 6.9 pct of the
total outstanding, from 2,120,908 shares, or 8.1 pct.
    In a filing with the Securities and Exchange Commission,
the Kaufman and Board group, which includes Sun Life Group,
said it sold 325,000 Quaker State common shares between Feb 27
and March 23 at prices ranging from 28.00 to 31.00 dlrs each.

 Reuter
3;
bodyend
documentend
documentstart
10909
topicstart
acq
topicend
bodystart
2;

BUSINESSMAN HAS 5.7 PCT OF ARDEN GROUP 
<
ARDNA>


    WASHINGTON, March 30 - 
Saul Brandman, a California business
executive, told the Securities and Exchange Commission he has
acquired 118,714 shares of Arden Group Inc, or 5.7 pct of the
total outstanding common stock.
    Brandman, chairman of Domino of California Inc, a Los
Angeles garment maker, said he bought the stake for 3.1 mln
dlrs for investment purposes.
    He said he may buy more Arden Group shares, or he may sell
some or all of his current stake. He also said he has no plans
to seek control of the company.
 Reuter
3;
bodyend
documentend
documentstart
10912
topicstart
topicend
bodystart
2;

ITALY'S CIR PLANS CONVERTIBLE BOND ISSUES


    TURIN, March 30 - 
CIR (Comagnie Riunite Industriali SpA)

<
IRRI.MI> said it will ask shareholders to approve two
five-year bond issues carrying warrants convertible into shares
of its subsidiaries 
<
Buitoni SpA> and 
<
Sasib SpA>.
    Neither the value nor the terms of the planned issues was
released.
    Shareholders are scheduled to vote on the bond issues at an
extraordinary meeting called for April 27.
 REUTER
3;
bodyend
documentend
documentstart
10913
topicstart
money-fx
topicend
bodystart
2;

FED WILL BUY BILLS FOR CUSTOMER AFTER AUCTION


    NEW YORK, March 30 - 
The Federal Reserve said it will enter
the U.S. Government securities market after the 1300 EST weekly
bill auction to purchase around 900 mln dlrs of Treasury bills
for customers, a spokesman said.
    He said the Fed will purchase bills with maturities from
May through September 10.
    Dealers said Federal funds were trading at 6-3/8 pct when
the Fed announced the operation.
 Reuter
3;
bodyend
documentend
documentstart
10917
topicstart
earn
topicend
bodystart
2;

METROMAIL CORP 
<
MTML> 3RD QTR MARCH 1 NET


    LINCOLN, Neb., March 30 -
    
Shr 25 cts vs 32 cts
    Net 2,414,500 vs 3,027,500
    Rev 26.2 mln vs 23.5 mln
    Nine months
    Shr 76 cts vs 82 cts
    Net 7,214,900 vs 7,752,800
    Rev 69.2 mln vs 64.9 mln
 Reuter
3;
bodyend
documentend
documentstart
10918
topicstart
acq
topicend
bodystart
2;

ORANGE 
<
OJAY> IN DEFINITIVE PACT TO SELL UNITS


    NEW YORK, March 30 - 
Orange Julius International Inc said
it entered into a definitive agreement to sell Orange Julius of
America and Orange Julius Canada Limited to H.C. Holdings Inc,
owned by Branford Castle Inc, a merchant banker, members of its
management and certain of its shareholders.
    Orange said the purchase price will consist of 19 mln dlrs
in cash and 10 pct redeemable preferred, 10 pct of HC's common
equity, and the right for it to prospectively receive 20 pct of
certain royalties under a proposed licensing program.
    It said HC also agreed to lend up to 600,000 dlrs to it in
advance of closing and it had already received 300,000 dlrs.
    Orange Julius announced the proposed sale of the units when
a letter of intent was signed February 17.
    The company said it is reviewing other offers to buy the
units and if it decides to accept another offer it will pay HC
an agreed upon amount and reimburse HC for its expenses.
 Reuter
3;
bodyend
documentend
documentstart
10919
topicstart
earn
topicend
bodystart
2;

SIERRACIN CORP 
<
SER> 4TH QTR NET


    SYLMAR, Calif., March 30 -
    
Oper shr profit nine cts vs loss 26 cts
    Oper net profit 313,000 vs loss 860,000
    Revs 18.8 mln vs 16.4 mln
    Year
    Oper shr profit 45 cts vs loss 47 cts
    Oper net profit 1,543,000 vs loss 1,582,000
    Revs 72.7 mln vs 61.4 mln
    Note: Current qtr and year figures exclude losses from
discontinued operations of 179,000 dlrs, or five cts per share
and 901,000 dlrs, or 27 cts per share, respectively.
    Prior qtr and year figures exclude losses from discontinued
operations of 600,000 dlrs, or 17 cts per share and 1.1 mln
dlrs, or 33 cts per share, respectively.

 Reuter
3;
bodyend
documentend
documentstart
10921
topicstart
earn
topicend
bodystart
2;

COMPUTER MICROFILM CORP 
<
COMI> YEAR NET


    ATLANTA, March 30 -
    
Shr 23 cts vs 14 cts
    Net 439,100 vs 259,948
    Revs 9,918,413 vs 9,683,392
    NOTE: Share adjusted for five pct stock dividend.
 Reuter
3;
bodyend
documentend
documentstart
10922
topicstart
earn
topicend
bodystart
2;

COMPUTER MICROFILM 
<
COMI> SEES HIGHER 1987 NET


    ATLANTA, March 30 - 
Computer Microfilm corp said it expects
revenues of over 12.5 mln dlrs and higher earnings in 1987.
    The company today reported 1986 earnings of 439,100 dlrs on
revenues of 9,918,413 dlrs, up from earnings of 259,948 dlrs
and revenues of 9,683,392 dlrs a year before.
 Reuter
3;
bodyend
documentend
documentstart
10923
topicstart
earn
topicend
bodystart
2;

KEVLIN MICROWAVE CORP 
<
KVLM> 3RD QTR FEB 28 NET


    WOBURN, Mass., March 30 -
    
Shr profit nil vs profit five cts
    Net profit 9,879 vs profit 118,852
    Revs 1,581,894 vs 1,878,052
    Avg shrs 2,627,952 vs 2,617,090
    Nine mths
    Shr loss two cts vs profit 24 cts
    Net loss 51,001 vs profit 619,860
    Revs 4,006,024 vs 6,646,587
    Avg shrs 2,532,959 vs 2,621,397
    NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and
backlog at end of period 4,906,670 dlrs, up 83 pct from a year
before.
 Reuter
3;
bodyend
documentend
documentstart
10924
topicstart
earn
topicend
bodystart
2;

UNIFAST INDUSTRIES INC 
<
UFST> YEAR NET


    NEW YORK, March 30 -
    
Shr 62 cts vs 19 cts
    Net 961,826 vs 226,429
    Sales 22.8 mln vs 16.1 mln
    Avg shrs 1,543,230 vs 1,172,039
 Reuter
3;
bodyend
documentend
documentstart
10925
topicstart
earn
topicend
bodystart
2;

AZTEC MANUFACTURING CO 
<
AZTC> 4TH QTR LOSS


    CROWLEY, Texas, March 30 -
    
Shr loss 77 cts vs loss 1.49 dlrs
    Qtly div two cts vs two cts prior
    Net loss 3,860,000 vs loss 7,541,000
    Sales 2,538,000 vs 3,648,000
    Year
    Shr loss 78 cts vs loss 1.58 dlrs
    Net loss 3,935,000 vs loss 7,999,000
    Sales 10.5 mln vs 16.3 mln
    NOTE: Dividend pay April 24, record April 10.
    1986 net both periods includes pretax charge 2,944,000 dlrs
from writedown of assets and provision 726,000 dlrs for
obsolete and nonproductive inventory and other items.
 Reuter
3;
bodyend
documentend
documentstart
10926
topicstart
earn
topicend
bodystart
2;

GAC LIQUIDATING TRUST 
<
GACTZ> YEAR NET


    CORAL GABLES, Fla., March 30 -
    
Shr 1.05 dlrs vs 27 cts
    Net 4,193,000 vs 1,070,000
    Revs 9,377,000 vs 9,444,000
    NOTE: 1986 net includes gain two mln dlrs from reduction of
loss allowance on undeveloped land.
 Reuter
3;
bodyend
documentend
documentstart
10928
topicstart
acq
topicend
bodystart
2;

INVESTOR HAS 8.0 PCT OF ALLEGHENY INT'L 
<
AG>


    WASHINGTON, March 30 - 
A group of firms and funds
controlled by New York investor Mario Gabelli said it has
acquired the equivalent of 882,507 shares of Allegheny
International, or 8.0 pct of the total outstanding.
    In a filing with the Securities and Exchange Commission,
the Gabelli group said it bought the stake as part of its 
business and not in an effort to seek control of the company.
    It said it may by more shares or sell some or all of its
current stake. The stake includes 782,000 common shares and
cumulative convertible preferred stock which could be converted
into 100,507 common shares.
 Reuter
3;
bodyend
documentend
documentstart
10929
topicstart
topicend
bodystart
2;

MCDONALD'S 
<
MCD> TO BUY 10-7/8 PCT DEBENTURES


    OAK BROOK, ILL., March 30 - 
McDonald's Corp said it is
offering to buy the 25 mln dlrs in its outstanding 10-7/8 pct
debentures due July 15, 2015.
    It said debentures will be purchased at 1,118.30 dlrs per
1,000 dlrs principal amount, plus accrued interest. The
original debenture issue was for 100 mln dlrs.
    It said the buyback offer expires April Eight, unless
extended.
 Reuter
3;
bodyend
documentend
documentstart
10930
topicstart
topicend
bodystart
2;

SIERRACIN 
<
SER> PAYS DEBT, GETS NEW LOAN PACT


    SYLMAR, Calif., March 30 - 
Sierracin Corp said it completed
the repayment of its entire 14 mln dlr bank debt and entered a
new, unsecured revolving credit term loan agreement.
    The new arrangement provides for borrowings of up to 10 mln
dlrs at the bank's prime rate and replaces a secured credit
line which expired in February, Sierracin also said.
 Reuter
3;
bodyend
documentend
documentstart
10931
topicstart
nzdlr
austdlr
topicend
bodystart
2;

U.S. CORPORATE FINANCE - NEW ZEALAND DLR FRNS


    By John Picinich, Reuters


    NEW YORK, March 30 - 
Floating-rate notes denominated in a
foreign currency, a relatively new wrinkle on Wall Street, will
probably be issued infrequently because the so-called "window
of opportunity" opens and closes quickly, traders say.
    "In just two days we had as many issues. As a result, the
market became glutted," said one trader.
    He said the window depends more on supply than on foreign
exchange or interest rate risk, at least for the moment.
"Obviously, currency risk is important. But there is a limited
number of investors right now for the paper," he said.
    On Thursday, Bear, Stearns and Co sole-managed a 100 mln
New Zealand dlr offering of three-year floating-rate notes
issued by Ford Motor Credit Co, a unit of Ford Motor Co 
<
F>.
    The initial rate for the notes will be set on April 15, and
quarterly after that, at 200 basis points below the 90-day New
Zealand bank bill rate. They are non-callable for life.
    This followed by a week another Bear Stearns-led offering
of the same amount of New Zealand dollar notes for Dow Chemical
Co 
<
DOW>. The initial rate was also to be initially set on
April 15, and quarterly after that, at 340 basis points below
the same 90-day New Zealand rate.
    Because the Dow Chemical notes carried an interest rate
floor of 17 pct, the issue saw strong investor demand,
underwriters said.
    But the Ford Credit notes and Friday's offering of 130 mln
New Zealand dlrs of floating-rate notes due 1990 issued by
General Electric Co's 
<
GE> General Electric Credit Corp via
Prudential-Bache Securities Inc, did not have such a floor.
    "Obviously, the two firms did not want to issue floaters
and face the risk of New Zealand rates falling sharply," an
underwriter away from the syndicates said. He and others noted
that the New Zealand 90-day rate was 27 pct late last week.
    An underwriter familiar with the Dow Chemical deal pointed
out that because of the interest rate and currency swaps Dow
did, the issuer felt comfortable setting a rate floor.
    Domestic offerings of foreign currency denominated date
first surfaced in Fall 1985. By using currency and rate swaps,
companies can sell debt that pays a high interest rate in a
foreign currency like Australian or New Zealand dollars. But
the issuers actually realize savings on borrowing costs.
    "I would say that every company which issued foreign
currency debt saved some basis points when compared to
same-maturity plain vanilla U.S. issues," an analyst said.
    Investors, mainly institutions, were attracted to the early
issues because of the high interest rates. They were willing to
absorb foreign currency risk until mid-1986, when sharp slides
posted by the Australian and New Zealand dollars brought such
issuance to a quick halt.
    It was not until late last year, after the currencies
stabilized, that companies again started issuing debt
denominated in Australian and New Zealand dollars.
    But many investors have still shied away from the debt,
remembering the mid-1986 downturn of the Australian and New
Zealand dollars, analysts noted.
    To attract some of those investors back to the fold,
underwriters like Bear Stearns decided to structure the foreign
currency issues as floating rate debt, sources said.
    This occurred against a backdrop of uncertainty over the
course of U.S. interest rates for the intermediate term, and
predictions by a number of economists that Treasury yields
would rise in the second half of the year, the sources noted.
    A Bear Stearns officer said more than half of the Ford
Credit notes were sold by late Friday afternoon, the second day
of offering. "That is quicker than some recent fixed-rate New
Zealand dollar note issues," he said.
    However, underwriters away from the Bear Stearns syndicate
said the issue may have sold even faster if Prudential-Bache
did not offer the General Electric Credit notes on Friday.
    They pointed out that the Ford notes were rated A-1 by
Moody's Investors and AA-minus by Standard and Poor's, while
the General Electric notes, which had the same interest rate
terms and were also non-callable to maturity, carried
top-flight AAA ratings by both agencies.
    "We have sold 20 to 25 pct of the GE notes. For first-day
sales on a Friday afternoon, I'm happy with the results," an
officer on Prudential-Bache's syndicate desk said.
    Investors pay the U.S. dollar equivalent of the foreign
currency-denominated notes, underwriters said.
    Investment bankers said the next floating-rate issue of New
Zealand or Australian dollar-denominated debt is probably a few
weeks away.
    "I would like to underwrite a deal a day. But with the Dow,
Ford and GE offerings, the marketplace has had enough for the
time being," the Prudential-Bache officer admitted.
    Meanwhile, IDD Information Services said the 30-day
corporate visible supply fell to 3.29 billion dlrs last week
from 3.98 billion dlrs in the previous week.
 Reuter
3;
bodyend
documentend
documentstart
10932
topicstart
topicend
bodystart
2;

U.S. BILL SALES SEEN AT 5.74/72, 5.82/81 PCT


    NEW YORK, March 30 - 
The U.S. Treasury's regular weekly
bill auction is expected to produce an average yield of about
5.74/72 pct for the three-month maturities and 5.82/81 pct for
the six-month, dealers said.
    The current issues were yielding 5.71/70 and 5.76/75 pct
respectively in early afternoon trading.
 Reuter
3;
bodyend
documentend
documentstart
10933
topicstart
topicend
bodystart
2;

FRENCH TREASURY DETAILS PLANNED TAP ISSUE


    PARIS, March 30 - 
The French Treasury will issue between
eight and 12 billion francs worth of tap stock depending on
market conditions at its next monthly tender on Thursday,
banking sources said.
    The planned issue will be of two fixed rate tranches, of
the 8.50 pct 1997 and the 8.50 pct 2002 stock, and one tranche
of the 1999 variable-rate stock. The minimum amount of each
tranche to be sold will be one billion francs.
    At its last tender on March 4, the Bank of France sold
11.05 billion francs of tap stock.
 REUTER
3;
bodyend
documentend
documentstart
10941
topicstart
acq
topicend
bodystart
2;

<
CLAYTON AND DUBILIER INC> SELLS BURPEE


    NEW YORK, March 30 - 
Privately-held Clayton and Dubilier
Inc said it has sold W. Atlee Burpee Co to a new company formed
by Wicks Capital Corp, Bankers Trust New York Corp 
<
BT> aND
Burpee management for undisclosed terms.
    The garden supply company was acquired from ITT Corp 
<
ITT>
in December along with O.M. Scott and Sons Co.
 Reuter
3;
bodyend
documentend
documentstart
10943
topicstart
earn
topicend
bodystart
2;

GCA CORP 
<
GCA> YEAR


    ANDOVER, Mass., March 30 -
    
Shr loss 1.77 dlrs vs loss 10.47 dlrs
    Net loss 24.9 mln vs loss 123.1 mln
    Revs 123.1 mln vs 156.5 mln
    NOTE:1985 loss includes loss of 51.2 mln dlrs from
discontinued operations. 1986 loss includes gain of 6.8 mln
dlrs from discontinued operations.
 Reuter
3;
bodyend
documentend
documentstart
10944
topicstart
earn
topicend
bodystart
2;

DOW 
<
DOW> SEES RECORD ANNUAL PROFITS IN 1987


    HOUSTON, March 30 - 
Dow Chemical Co believes strong margins
for chemical products could result in record earnings this
year, Chairman Paul Oreffice said.
    "I'm hoping we will have the best year in our history
profit-wise," he told reporters following a speech at The
American Institute of Chemical Engineers meeting.
    "I believe the entire chemical industry is headed for a
record year, or close to it," Oreffice said.
    In 1986, Dow earned 741 mln dlrs an increase from 1985's 58
mln dlrs brought about by falling oil prices and resulting
cheaper feedstock costs.
    Oreffice also said Dow's profit margins on chemical
products would improve this year over last year.
    He said reduced capacity in the chemical industry and the
weakened U.S. dollar would also contribute to the company's
improved performance.
    Dow will spending about 650 mln dlrs on research and
development in 1987 with an emphasis on new specialty
chemicals, Oreffice said.
 Reuter
3;
bodyend
documentend
documentstart
10946
topicstart
earn
topicend
bodystart
2;

CHEROKEE GROUP 
<
CHKE> 1ST QTR FEB 28 NET


    NORTH HOLLYWOOD, Calif., March 30 -
    
Shr 22 cts vs 16 cts
    Net 2,460,000 vs 1,730,000
    Sales 37.0 mln vs 27.3 mln
    Per share figures adjusted for two-for-one stock split of
February 1987.
 Reuter
3;
bodyend
documentend
documentstart
10947
topicstart
crude
topicend
bodystart
2;

CRUDE OIL NETBACKS UP IN U.S., MEDITERRANEAN


    NEW YORK, March 30 - 
Crude oil netback values in complex
refineries rose slightly in the U.S. and the Mediterranean 
last Friday from the previous week but were lower elsewhere,
according to calculations by Reuters Pipeline.
    The soft tone to refining margins reflects large worldwide
stocks of petroleum products and thin trading activity, traders
said.
    In the U.S. Gulf, sweet crudes rose in value by as much as
26 cts a barrel for West Texas Intermediate, an increase of 1.4
pct from the previous Friday, while sour crudes, such as
Alaska North Slope, were up one pct.
    In the Mediterranean, netback values were up 17 cts to 22
cts a barrel, with Arab Light up 17 cts a barrel to 18.62 dlrs,
a 0.9 pct increase from the previous Friday and Urals were up
22 cts a barrel to 19.16 dlrs, a 1.2 pct increase.
    But netbacks for crude oil refined in Northern Europe was
generally lower with Brent valued at 18.89 dlrs, off 30 cts
from the previous friday, and Bonny Light was off 17 cts to
19.58 dlrs a barrel.
    Refinery netbacks in Singapore were also lower, with
heavier and sour crudes weakest. Arab Heavy dropped 10 cts to
16.63 dlrs a barrel and Dubai was off 12 cts to 18.09 dlrs.
    On the U.S. West Coast, however, netback values for ANS CIF
L.A. were weaker with weak gasoline prices sending the yield at
cracking plants down 68 cts to 18.42 dlrs from the previous
Friday, as shown below in dlrs a barrel.
TOPPING.........15.63......16.10......14.30
CRACKING........18.42......19.10......16.86
    The Mediterranean region also showed netback values rising
last Friday over the previous week with the largest gains shown
by Es Sider and the heavier Urals crude oil, which were each up
22 cts a barrel last Friday to 19.40 dlrs and 19.16 dlrs a
barrel, respectively.
    Netback values for the mediterranean region are shown below
in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ES SIDER........19.40......19.18......16.44
ARAB LIGHT......18.61......18.44......15.52
IRAN LT.........19.25......19.08......16.16
KUWAIT..........18.51......18.33......15.42
URALS cif.......19.16......18.94......16.07
    Netbacks in Northern Europe's refinery region were lower
last friday from the previous week with Brent falling 1.6 pct
to 18.89 dlrs a barrel.
     Netbacks for other grades of oil refined in Northern
Europe are shown below in dlrs a barrel.
................MAR 27.....MAR 20.....FEB 27
BRENT...........18.89......19.19......16.77
BONNY LIGHT.....19.58......19.75......17.15
ARAB LIGHT......18.49......18.52......16.07
URALS CIF.......19.02......18.98......16.54
    Refinery netbacks in Singapore were also lower with heavier
and sour crudes weakest.
    Arab Heavy dropped 10 cts to 16.63 dlrs a barrel and Dubai
was off 12 cts to 18.09 dlrs.
     Netbacks for other grades of oil refined in Singapore  are
shown below in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ATTAKA..........19.23......19.24......16.72
ARAB LIGHT......18.00......18.10......15.55
OMAN............18.21......18.25......16.31
DUBAI...........18.09......18.21......15.86
ARAB HEAVY......16.63......16.73......14.24
 Reuter
3;
bodyend
documentend
documentstart
10950
topicstart
acq
topicend
bodystart
2;

INVESTOR GROUP HAS CIRCLE EXPRESS 
<
CEXX> STAKE


    WASHINGTON, March 30 - 
An investor group controlled by New
York Investor David Rocker told the Securities and Exchange
Commission it has acquired 291,400 shares of Circle Express
Inc, or 6.1 pct of the total outstanding common stock.
    The group, Rocker Partners Ltd and Compass Investments Ltd,
said it bought the stake for investment purposes and not as
part of an effort to seek control of the company.

 Reuter
3;
bodyend
documentend
documentstart
10956
topicstart
grain
wheat
corn
topicend
bodystart
2;

FRENCH 1986/87 SOFT WHEAT EXPORTS FALL


    PARIS, March 30 - 
Exports of French soft wheat for the
period July 1, 1986, to March 1, 1987, fell 27.6 pct to 8.21
mln tonnes from 11.34 mln tonnes in the same 1985/86 period,
the national cereals office ONIC said quoting customs figures.
    Of this total, exports to non-EC countries totalled 3.76
mln tonnes, 34 pct down on 5.70 mln, and exports to EC nations
4.45 mln tonnes, 21.1 pct down on a previous 5.64 mln.
    Main EC destinations were Italy with two mln tonnes versus
1.9 mln, Belgium 500,000 tonnes (one mln), Netherlands 500,000
(600,000), West Germany 500,000 (800,000), Spain 300,000
(zero), Britain 300,000 (700,000), Greece 200,000 (300,000),
and Ireland 100,000 (200,000).
    In flour, exports totalled 980,000 tonnes, up 6.5 pct on a
previous 920,000 tonnes.
    Exports of maize totalled 4.11 mln tonnes, 37.4 pct up on a
previous 2.99 mln. Exports to non-EC countries were 190,000
tonnes against 140,000 and to EC countries 3.92 mln tonnes
against 2.84 mln.
    Main EC desinations were Netherlands 900,000 (600,000),
Belgium 800,000 (one mln), Britain 700,000 (500,000), West
Germany 400,000 (same), Italy 300,000 (200,000) and Greece
300,000 (zero).
 Reuter
3;
bodyend
documentend
documentstart
10959
topicstart
coffee
topicend
bodystart
2;

IBC EXPECTED TO MAINTAIN COFFEE EXPORT FORMULA


    RIO DE JANEIRO, March 30 - 
The Brazilian Coffee Institute,
IBC, is expected to maintain its previous pricing system when
it reopens export registrations, probably later this week,
exporters said.
    They said IBC President Jorio Dauster is likely to leave
the basic formula for the minimum registration price unchanged
but raise the contribution quota to partially offset the
effects of cruzado devaluation since April registrations were
closed in mid-February.
    To fully compensate for devaluation the quota would have to
be around 28 dlrs per bag against 7.0 when registrations closed.
    However, even a 21 dlr per bag rise in the contribution
quota would make Brazil coffees uncompetitive on world markets,
and an increase to around 15 dlrs a bag is more likely, the
exporters said.
    They added that Dauster is keen to raise the contribution
quota as the Institute needs money to repay Central Governmnet
funds released to finance IBC purchases at the guaranteed
producer price.
    Although a vote in the Monetary Council to provide more
funds for such purchases was deferred on technical grounds last
week, funds are still being released for subsequent approval.
    The sources said it is still unclear when registrations
will be reopened, although most expect it to be by the end of
this week.
    "Brazil owes it to its customers to make its intentions
know. A country like Brazil cannot afford to be permanently
closed down," one exporter said.
    However, before announcing its export policy the IBC is
likely to wait to see if tomorrow's meeting of the
International Coffee Organisation, ICO, executive board in
London decides to call a full council meeting to discuss
reintroduction of export quotas, sources said.
    There is also talk of the announcement this week of new
measures to adjust the Brazilian economy, and the IBC could be
awaiting clarification before making any move, the exporters
said.
    Another factor which could be delaying the opening of
registrations is the current strike by bank workers which,
while not affecting current shipments, could affect
documentation and currency operations for new sales.
    This would certainly be the case if the IBC was considering
obliging exporters to pay the contribution quota within two or
three days of registering a sale.
3;
bodyend
documentend
documentstart
10960
topicstart
acq
topicend
bodystart
2;

<
VISTA MANAGEMENT INC> TO MAKE ACQUISITION


    HIALEAH, Fla., March 30 - 
Vista Management Inc said it has
agreed to acquire General Energy Development Inc for over
2,200,000 dlrs in cash, with financing to come from mortgage
loans on the National Auto Service Centers General Energy
operates.
 Reuter
3;
bodyend
documentend
documentstart
10961
topicstart
acq
topicend
bodystart
2;

GOLDEN POULTRY 
<
CHIK> TO MAKE ACQUISITION


    ATLANTA, March 30 - 
golden Poultry Co Inc said it has
signed a letter of intent to purchase privately-held food
distributor Don Lowe Foods Inc of Pompano Beach, Fla., for
undisclosed terms, subject to approval by both boards.
    It said Tampa operations of Lowe are not involved in the
sale.
 Reuter
3;
bodyend
documentend
documentstart
10962
topicstart
acq
topicend
bodystart
2;

WILLCOX AND GIBBS 
<
WG> TO MAKE ACQUISITION


    NEW YORK, March 30 - 
Willcox and Gibbs Inc said it has
agreed to acquire Atlantia electric parts distributor B and W
Electric Supply Co for an undisclosed amount of cash.
    B and W had sales of about eight mln dlrs in its most
recent year.
    Willcox said it plans further expansion in the Atlanta area.
 Reuter
3;
bodyend
documentend
documentstart
10963
topicstart
earn
topicend
bodystart
2;

MISCHER CORP 
<
MSHR> 4TH QTR LOSS


    HOUSTON, March 30 -
    
Shr loss 67 cts vs profit 60 cts
    Net loss 1,398,000 vs profit 1,250,000
    Revs 8,834,000 vs 20.9 mln
    Year
    Shr loss 2.81 dlrs vs loss 15 cts
    Net loss 5,864,000 vs loss 310,000
    Revs 52.1 mln vs 82.7 mln
 Reuter
3;
bodyend
documentend
documentstart
10964
topicstart
earn
topicend
bodystart
2;

WICHITA INDUSTRIES INC 
<
WRO> 4TH QTR NET


    DENVER, March 30 -
    
Shr profit 32 cts vs profit eight cts
    Net profit 936,000 vs profit 249,000
    Revs 348,000 vs 1,150,000
    Year
    Shr loss 2.15 dlrs vs loss 19 cts
    Net loss 6,095,000 vs loss 469,000
    Revs 1,554,000 vs 4,254,000
    NOTE: Results include credits of 556,000 and 1,141,000 for
the latest qtr and yr vs 112,000 and 656,000 for prior periods
from tax loss carryforwards.
    Results include after-tax gains of 567,000 for both 1986
periods vs loss of 45,000 for prior periods on disposal of
discontinued operations.
    Prior periods restated to reflect sale of discontinued
operations.
 Reuter
3;
bodyend
documentend
documentstart
10966
topicstart
earn
topicend
bodystart
2;

INFODATA SYSTEMS INC 
<
INFD> 4TH QTR NET


    ROCHESTER, N.Y., March 30 - 
    
Shr profit 20 cts vs loss 33 cts
    Net profit 376,470 vs loss 1,555,469
    Revs 3,615,550 vs 2,896,000
    Year
    Shr profit 14 cts vs loss 66 cts
    Net profit 382,014 vs loss 1,128,160
    Revs 11.2 mln vs 11.0 mln
 Reuter
3;
bodyend
documentend
documentstart
10969
topicstart
acq
gold
topicend
bodystart
2;

CITY RESOURCES 
<
CCIMF> TO SELL PROPERTY STAKE


    VANCOUVER, March 30 - 
City Resources Ltd said it has agreed
in principle to sell a 50 pct interest in a group of mineral
properties in the southwest Pacific to a buyer it did not name
for 30 mln Canadian dlrs.
    The company said a preliminary estimate of the geological
resources of one of the properties to a depth of 200 meters
indicates a potential of 1.2 mln ounces of gold, and by the
middle of 1987 it expects to establish proven ore reserves
containing at least 500,000 ounces of gold.  It said mining
could start in 1988, subject to a satisfactory prefeasibility
study.
    The company said completion of the transaction is subject
to regulatory and shareholder approvals.
    City Resources is controlled by City Resources Ltd of
Australia.
 Reuter
3;
bodyend
documentend
documentstart
10971
topicstart
acq
topicend
bodystart
2;

HUGHES SUPPLY 
<
HUG> TO MAKE ACQUISITION


    ORLANDO, Fla., March 30 - 
Hughes Supply Inc said it has
signed a letter of intent to acquire most of the assets of Tri
State Supply Inc, a wholesale distributor of electrinical
fixtures and supplies with sales for the year ending tomorrow
of about 13 mln dlrs.
    Terms were not disclosed.
    It said clopsing is expected around April 30, subject to
approval by Tri State's board and shareholders.
 Reuter
3;
bodyend
documentend
documentstart
10972
topicstart
earn
topicend
bodystart
2;

JMB REALTY TRUST 
<
JMBRS> 2ND QTR FEB 28 NET


    CHICAGO, March 30 -
    
Shr 31 cts vs 41 cts
    Net 436,981 vs 583,715
    Six months
    Shr 63 cts vs 82 cts
    Net 901,648 vs 1,160,178
 Reuter
3;
bodyend
documentend
documentstart
10973
topicstart
earn
topicend
bodystart
2;

REPUBLIC PICTURES CORP 
<
RPICA> 4TH QTR LOSS


    LOS ANGELES, March 30 -
    
Oper shr loss two cts vs profit eight cts
    Oper net loss 77,000 vs profit 285,000
    Revs 3,781,000 vs 4,721,000
    Year
    Oper shr profit 23 cts vs profit 26 cts
    Oper net profit 904,00 vs profit 952,000
    Revs 19.0 mln vs 15.1 mln
    Note: Current qtr and year figures exclude losses from
discontinued operations of 303,000 dlrs, or seven cts per share
and 354,000 dlrs, or nine cts per share, respectively.
    Net earnings for first three months of 1986 restated to
reflect reduction of 148,000 dlrs resulting from increase in
effvective income tax rate.
 Reuter
3;
bodyend
documentend
documentstart
10974
topicstart
earn
topicend
bodystart
2;

EQUIPMENT CO OF AMERICA 
<
ECOA> 4TH QTR NET


    HIALEAH, Fla., March 30 -
    
Oper shr seven cts vs four cts
    Oper net 159,000 vs 94,000
    Sales 4,528,000 vs 3,683,000
    Avg shrs 2,376,000 vs 2,189,000
    Year
    Oper shr 19 cts vs 15 cts
    Oper net 435,000 vs 339,000
    Sales 15.7 mln vs 14.4 mln
    NOTE: Net excludes tax credits of 17,000 dlrs vs 39,000
dlrs in quarter and 268,000 dlrs vs 294,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
10978
topicstart
acq
topicend
bodystart
2;

OHIO MATTRESS 
<
OMT> IN ACQUISITION, SETTLEMENT


    CLEVELAND, March 30 - 
Ohio Mattress Co said itr has
executed a definitive agreement to acquire Sealy Mattress Co of
Michigan Inc, the Detroit licensee of Ohio Mattress's 82 pct
owned Sealy Inc subsidiary in a transaction that also involves
a settlement between Sealy and Michigan Sealy.
    The company said on completion of the acquisition, the
Sealy stock owned by Michigan Sealy will be redeemed, raising
Ohio Mattress' interest in Sealy to 93 pct.  Michigan Sealy has
been in litigation against Sealy, alleging violations of
antitrust laws, and Sealy was recently found liable for 45 mln
dlrs in damages to Michigan Sealy.
    Under the acquisition agreement, the company said Sealy
will enter into a cash settlement of its litigation with
Michigan Sealy.
    The company said shareholders of Michigan Sealy will
receive a total of 48.6 mln dlrs, subject to adjustment, from
the acquisition and the settlement, both of which are subject
to regulatory approvals.
    Michigan Sealy had sales of about 12.5 mln dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
10979
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 30 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Wells Fargo and Co 
<
WFC> - Shelf offering of up to 250 mln
dlrs of subordinated capital notes.
    Chicago Pacific Corp 
<
CPAC> - Offering of 150 mln dlrs of
convertible subordinated debentures due April 1, 2012, through
an underwriting group led by Goldman, Sachs and Co.
    Integrated Genetics Inc 
<
INGN> - Offering of two mln shares
of convertible exchangeable preferred stock through Alex. Brown
and Sons Inc and PaineWebber Inc.
    Allegheny Ludlum Corp - Initial public offering of
5,165,000 shares of common stock, including 765,000 by current
holders, at an estimated 21 to 24 dlrs a share through Goldman,
Sachs and Co.
     Michael Foods Inc - Initial public offering of two mln
shares of common stock at an estimated 13 to 15 dlrs a share
through an underwriting group led by William Blair and Co.
    Plenum Publishing Corp 
<
PLEN> - Offering of 50 mln dlrs of
convertible subordinated debentures due April 15, 2007 through
Bear, Stearns and Co Inc.
    International Mobile Machines Corp 
<
IMMC> - Offering of one
mln shars of cumulative convertible preferred stock through
Drexel Burnham Lambert Inc and Butcher and Singer Inc.
    Stage II Apparel Corp - Initial public offering of one mln
shares of common stock at an estimated 10 to 12 dlrs a share.
    AmVestors Financial Corp 
<
AVFC> - Offering of 2.5 mln
shares of common stock through Smith Barney, Harris Upham and
Co Inc and Morgan Keegan and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
10980
topicstart
earn
topicend
bodystart
2;

<
TOROMONT INDUSTRIES LTD> YEAR NET


    TORONTO, March 30 -
    
Oper shr 49 cts vs 47 cts
    Oper net 1,475,000 vs 1,474,000
    Revs 85.8 mln vs 90.6 mln
    Note: Current shr and net exclude extraordinary loss of
3,413,000 dlrs or 1.13 dlrs shares, versus extraordinary loss
of 63,000 dlrs or two cts share in prior year
 Reuter
3;
bodyend
documentend
documentstart
10983
topicstart
earn
topicend
bodystart
2;

AMERON INC 
<
AMN> 1ST QTR FEB 28 LOSS


    MONTEREY PARK, Calif., March 30 -
    
Shr loss 11 cts vs profit six cts
    Net loss 515,000 vs profit 294,000
    Sales 62.8 mln vs 65.4 mln
 Reuter
3;
bodyend
documentend
documentstart
10985
topicstart
acq
topicend
bodystart
2;

YORK INTERNATIONAL 
<
YRK> TO MAKE ACQUISITIONS


    YORK, Pa., March 30 - 
York International Corp said it has
agreed to acquire Frick Co and Frigid Coil/Frick Inc for
undisclosed terms.
    The company said Frick makes refrigeration equipment and
compressors and Frigid Coil also makes refrigeration equipment.
 Together the two had revenues of about 50 mln dlrs in 1986.
    The company said it hopes to complete the acquisition in
May, subject to its review of Frick and Frigid and regulatory
approvals.
 Reuter
3;
bodyend
documentend
documentstart
10988
topicstart
acq
topicend
bodystart
2;

NUCLEAR SUPPORT 
<
NSSI> TO BUY ITT 
<
ITT> HENZE


    CAMPBELLTOWN, Pa., March 30 - 
Nuclear Support Services Inc
said it agreed in principle to buy the business and assets of
ITT Henze Service from ITT Corp for an undisclosed amount.
    Henze, which is engaged in performing nuclear plant repair
work, had revenues of 12.7 mln dlrs for the year ended December
31, 1986.
    For 1986, Nuclear Support, a supplier of support personnel
and services to the nuclear power industry, had net income of
2.4 mln dlrs on sales of 30.6 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10989
topicstart
acq
topicend
bodystart
2;

COLONIAL BANCGROUP 
<
CLBGA> BUYS FARMERS


    MONTGOMERY, Ala., March 30 - 
Colonial BancGroup said it
acquired Farmers and Merchants Bank, a Baldwin County bank with
assets of 103 mln dlrs, through an exchange of stock valued at
about 12 mln dlrs.
    Colonial said it also signed letters of intent to acquire
First Federal Bank in Opelika, Athens-Limestone Bank in Athens,
Jackson County Bank in Scottsboro and Commercial National Bank
in Demopolis, with aggregate assets totaling 130 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
10992
topicstart
acq
topicend
bodystart
2;

ROCHESTER TELEPHONE 
<
RTC> COMPLETES ACQUISITION


    ROCHESTER, N.Y., March 30 - 
Rochester Telephone Corp said
it completed its acquisition of the Enterprise Telephone Co,
based in New Holland, Pa., in exchange for stock valued at 26.3
mln dlrs.
    Enterprises serves about 16,000 access lines in Lancaster
County. Enterprise becomes the third operating telephone
subsidiary of Rochester Telephone in Pennsylvania and its sixth
largest overall, the company said.
 Reuter
3;
bodyend
documentend
documentstart
10993
topicstart
topicend
bodystart
2;

PRUDENTIAL BORROWS FROM MINORITY BANKS


    NEWARK, N.J., March 30 - 
<
Prudential Insurance Co of
America> said it has obtained a 35 mln dlr line of credit from
a group of minority-owned banks led by Freedom National Bank of
New York.
    It said funds will be used for general corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
10994
topicstart
acq
gold
topicend
bodystart
2;

CITY RESOURCES TO SELL GOLD PROPERTY STAKE


    VANCOUVER, March 30 - 
City Resources Ltd said it has agreed
in principle to sell a 50 pct interest in a group of mineral
properties in the southwest Pacific to a buyer it did not name
for 30 mln Canadian dlrs.
    The company said a preliminary estimate of the geological
resources of one of the properties to a depth of 200 meters
indicates a potential of 1.2 mln ounces of gold, and by the
middle of 1987 it expects to establish proven ore reserves
containing at least 500,000 ounces of gold. Mining could start
in 1988, subject to a satisfactory feasibility study.
    The company said completion of the transaction is subject
to regulatory and shareholder approvals.
    City Resources is controlled by City Resources Ltd of
Australia.
 Reuter
3;
bodyend
documentend
documentstart
10998
topicstart
acq
topicend
bodystart
2;

HOME SHOPPING 
<
HSN> TO PURCHASE TV STATION


    CLEARWATER, Fla, March 30 - 
Home Shopping NEtwork Inc said
its Silver King Broadcasting Co INc unit entered a definitive
contract to buy the broadcasting assets of TV station KWVT,
Channel 22 in the Portland/Salem, Ore. area for undisclosed
terms.
    Additionally, the company said KWVT, which serves 785,000
homes, began broadcasting Home Shopping Network full time this
morning under an affiliation agreement.
    Home Shopping also said it entered a definitive contract to
buy TV Station KPST, Channel 66 in San Francisco and KLTJ,
Channel 49 in Dallas.
 Reuter
3;
bodyend
documentend
documentstart
10999
topicstart
earn
topicend
bodystart
2;

COVINGTON TECHNOLOGIES INC 
<
COVT> YEAR NET


    FULLERTON, Calif., March 30 -
    
Oper shr profit eight cts vs loss 20 cts
    Oper net profit 1,115,000 vs loss 2,729,000
    Revs 83.0 mln vs 37.9 mln
    Note: Current year figures exclude operating loss
carryforward gain of 888,000 dlrs and loss from discontinued
operations of 73,000 dlrs.
    Prior year figures exclude loss from discontinued
operations of 3.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11000
topicstart
money-fx
stg
topicend
bodystart
2;

PARIS MEET AGREED NOT TO PUBLISH BANDS - LAWSON


    LONDON, March 30 - 
U.K. Chancellor of the Exchequer Nigel
Lawson said the meeting of six major industrial nations in
Paris last month agreed not to publish any bands in connection
with their pact to stabilise currencies.
    Questioned by a parliamentary select committee about why
the participating countries had not announced any bands, Lawson
replied, "we all agreed it would be much more sensible not to."
When asked whether that meant an informal joint currency float
with set ranges was arranged in Paris, Lawson said "I do not
want to reveal the precise nature of the agreement, so as not
to make it easy for" speculation against the accord.
    Lawson said the Paris accord presumed that individual
countries would take corrective action if their currency began
reacting significantly to domestic macroeconomic factors.
    But if such movements were due to extraneous factors,
Lawson said the other pact countries would come to its aid
through concerted intervention on the foreign exchanges.
    "It is clear that both Germany and Japan are having
difficulty adjusting to their very large exchange rate
appreciations and making their economies more domestically
oriented, just as it is taking time for the United States to
make its own economy more export oriented," Lawson said.
    In his oral evidence to Parliament's Select Treasury
Committee, Lawson repeated that he was happy with the pound's
current level, adding that "It is an objective ... To try to
keep it around that level."
    He said the perception of sterling on foreign exchanges had
changed since the steep drop in oil prices, largely because the
pound had weathered that period so successfully. "There has been
a reassessment of sterling's fundamentals," Lawson said.  He
disagreed with what he termed "the grossly exaggerated claim"
that real U.K. Interest rates were much higher than those of
other major industrialsed countries.
    Using as a reference the key three-month sterling interbank
rate as quoted in London, Lawson said Britain now had a real
interest rate level of 5.75 pct - the same as Japan did and
only a 0.75 percentaage point above the Group of Five average.
    Lawson confirmed that "over the medium and longer term, the
government's objective is zero inflation."
    He said the government's intention of its PSBR constant at
1.0 pct of GDP "is the modern equivalent of the balanced budget
doctrine."  He added that "to allow the debt/GDP ratio to remain
constant on anything other than zero inflation basis is simply
a recipe for accelerating inflation."
 Reuter
3;
bodyend
documentend
documentstart
11006
topicstart
acq
topicend
bodystart
2;
******
BASS GROUP SAYS IT HAS HAD TALKS ON SEEKING CONTROL OF TAFT BROADCASTING

Blah blah blah.
3;


bodyend
documentend
documentstart
11007
topicstart
crude
topicend
bodystart
2;

LOWER REFINERY OPERATIONS SEEN PRODUCING PROFITS


    By BERNICE NAPACH, Reuters


    SAN ANTONIO, TEXAS, March 30 - 
U.S. refiners will have to
reduce operations if they want to be profitable this year, said
industry officials attending the National Petroleum Refiners
Association meeting here.
     "If the refining sector can discipline itself to refine
about 12 mln barrels of crude oil a day, we have a chance to
pull down inventories to acceptable levels by the second
quarter, said Archie Dunham, executive vice president of
petroluem products at Conoco Inc
    "If not, the industry will have a tough 1987," he added.
     Last week's American Petroleum Institute report said that
U.S. refining capacity rose three pct to 78.7 pct of capacity,
with crude oil runs at 12.2 mln barrels per day for the week
ended March 20.
     The API said that with the higher crude oil runs, 
distillate and gasoline inventories were sharply above year-ago
levels. Gasoline stocks were at 245.6 mln barrels, some 17.2
mln barrels above year-ago levels. Distillate stocks, at 108.7
mln barrels, are 10.9 mln barrels above last year's level, the
API said.
     Henry Rosenberg, chairman of Crown Central Petroleum Corp

<
CNP> told Reuters that unless refining and marketing return to
profitability, oil companies will have to rely on downstream
operations to produce an acceptable level of earnings.
     "The jump in refining capacity is a concern if it
continues," said Kenneth Buckler, executive vice president of
refining and marketing at 
<
Total Petroleum Co>, a U.S.
subsidiary of Cie Francaise Des Petroles of France.
     Refineries should operate near 75 pct of capacity given
the current level of demand but the operating level should
increase as gasoline demand picks up in the next quarter,
Buckler said.
     Dunham said the potential operable capacity of U.S.
refineries should also be cut about 500,000 barrels of crude
per day. "I expect to see the shutdown of more small refineries
over the next five years," he said, adding that these
facilities refine between 10,000 and 30,000 barrels of crude
oil per day. The API said U.S. operations have the capacity to
refine 15.6 mln bpd of crude.
 Reuter
3;
bodyend
documentend
documentstart
11008
topicstart
topicend
bodystart
2;

NYNEX 
<
NYN> UNIT FILES 500 MLN DLR DEBT OFFERING


    WASHINGTON, March 30 - 
New York Telephone Co, a subsidiary
of NYNEX Corp, filed with the Securities and Exchange
Commission for a shelf offering of up to 500 mln dlrs of debt
securities on terms to be determined at the time of the sale.
    Proceeds from the offering, which is in addition to 50 mln
dlrs of debt securities already registered with the SEC but
unsold, will be used to refinance outstanding long-term debt,
to repay short-term debt and for other general corporate
purposes, the company said.
    The company did not name an underwriter for the sale.
 Reuter
3;
bodyend
documentend
documentstart
11011
topicstart
topicend
bodystart
2;

SALOMON SA EURO-CP/CREDIT TERMS DETAILED


    LONDON, March 30 - 
A seven-year credit facility for Salomon
SA, the French ski bindings and boots maker, will have a
facility fee of 7.5 basis point, banking sources said.
    The financing involves a 75 mln dlr euro-commercial paper
program which will be supported by a 75 mln dlr committed
syndicated revolving credit. Morgan Guaranty Ltd is the
arranger.
    Drawings on the revolving credit will be at a margin of 10
basis points over the London Interbank Offered Rate (LIBOR).
Banks are being invited to join at 7.5 mln dlrs for 10 basis
points and at five mln dlrs for eight basis points.
 Reuter
3;
bodyend
documentend
documentstart
11012
topicstart
grain
wheat
corn
oilseed
soybean
topicend
bodystart
2;
******
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS  SOYBEANS 17,683 WHEAT 20,717 CORN 36,581

Blah blah blah.
3;


bodyend
documentend
documentstart
11015
topicstart
earn
topicend
bodystart
2;

NEWMONT MINING 
<
NEM> PLANS 2-FOR-1 STOCK SPLIT


    NEW YORK, March 30 - 
Newmont Mining Corp's board has
proposed a two-for-one stock split subject to shareholder
approval of an increase to 120 mln from 60 mln in authorized
common shares, the proxy for the company's annual meeting said.
    If holdings voting at the May six meeting in Wilmington,
Del., approve the increase in authorized shares the split will
be paid in the form of a stock dividend on June 10 to holders
of record May 20, the proxy said.
    Newmont said it will also ask shareholders to approve
amendments to its certificate of incorporation limiting certain
liabilities of its directors.
 Reuter
3;
bodyend
documentend
documentstart
11018
topicstart
earn
topicend
bodystart
2;

DENPAC CORP 
<
DNPC> YEAR LOSS


    HACKENSACK, N.J., March 30 -
    
Shr loss one ct vs loss one ct
    Net loss 483,518 vs loss 220,582
    Sales 381,841 vs 400,518
    NOTE: 1985 net includes 196,868 dlr gain from forgiveness o
accrued interest due to affiliates.
 Reuter
3;
bodyend
documentend
documentstart
11019
topicstart
earn
topicend
bodystart
2;

<
AIN LEASING CORP> 3RD QTR JAN 31 LOSS


    GREAT NECK, N.Y., March 30 -
    
Shr loss six cts vs profit 22 cts
    Net loss 133,119 vs profit 496,391
    Revs 136,918 vs 737,917
    Nine mths
    Shr loss 21 cts vs profit 15 cts
    Net loss 478,991 vs profit 340,210
    Revs 324,011 vs 841,908
 Reuter
3;
bodyend
documentend
documentstart
11025
topicstart
crude
topicend
bodystart
2;

VENEZUELA WANTS TO BOOST ITS REFINING CAPACITY


    SAN ANTONIO, TEXAS, March 30 - 
Venezuela's state oil
company Petroleos de Venezuela S.A. wants to raise its
worldwide refining capacity by 150,000 barrels of per day, a
company official attending the National Petroleum Refiners
Association meeting here said.
    He declined to be identified but said PdVSA has the
capacity to refine about 650,000 bpd of crude oil from refining
centers
in Venezuela, Sweden, West Germany, Belgium, and the United
States. The company recently purchased a 50 pct stake in the
Corpus Christi, Texas refinery of Champlin Petroleum Co, a
subsidiary of Union Pacific Corp 
<
UNP>.
    Earlier it bought a similar stake in the Lake Charles, La
refinery owned by Citgo Petroleum Corp, a unit of Southland
Corp 
<
SLC>.
     According to the official, Venezuela is searching
worldwide for the additional refining capacity but he did not
mention where the company was looking. 
    Refineries abroad, he said, guarantee a refining outlet for
Venezuelan crude oil while ensuring stability of supply to
refiners.
    He said Venezuela currently  produces about 1.4 mln bpd of
crude oil, which is in line with its 1.495 bpd OPEC ceiling.
 Reuter
3;
bodyend
documentend
documentstart
11027
topicstart
earn
topicend
bodystart
2;

PRIMEBANK 
<
PMBK> SETS 10 PCT STOCK DIVIDEND


    GRAND RAPIDS, Mich., March 30 - 
PrimeBank Federal Savings
Bank said its board declared a 10 pct stock dividend to be
distributed about April 15 to holders or record March 31.
 Reuter
3;
bodyend
documentend
documentstart
11028
topicstart
earn
topicend
bodystart
2;

AMERICAN LOCKER GROUP INC 
<
ALGI> 4TH QTR NET


    JAMESTOWN, N.Y., March 30 -
    
Shr profit 23 cts vs loss six cts
    Net profit 319,564 vs loss 84,203
    Sales 6,419,230 vs 5,583,560
    Year
    Shr profit 1.11 dlrs vs profit 43 cts
    Net profit 1,582,125 vs profit 654,083
    Sales 26.2 mln vs 22.6 mln
    NOTE: Full year 1985 includes gains of two cts per share
from discontinued operations and four cts per share from
disposal of assets.
 Reuter
3;
bodyend
documentend
documentstart
11029
topicstart
acq
topicend
bodystart
2;

BASS GROUP SAYS IT HAS HAD TALKS ON TAFT 
<
TFB>


    WASHINGTON, March 30 - 
A group led by members of the
wealthy Bass family of Fort Worth, Texas, which holds a 24.9
pct stake in Taft Broadcasting Co, said it has had talks about
taking part in a move to take control of the company.
    In a filing with the Securities and Exchange Commission,
the group said it has had discussions with other Taft
stockholders and some company managers and directors
"concerning participation in a group to acquire control" of the
company.
    The Bass group, which did not identify any of the other
people with whom it said it has had talks, said it plans to
continue evaluating Taft and "will be involved in further
discussions relating to the future control and direction" of
the company.
    The group, which holds 2,291,210 Taft common shares, said
its members may buy more shares of Taft common stock, or may
decide to sell some or all of its stake.
    On Friday Taft said it would negotiate with a group led by
its vice chairman, Dudley Taft, and a Rhode Island investment
firm, which had offered 150 dlrs a share for the company.
    The Dudley Taft group, Theta Corp, which also includes
Narragansett Capital Corp, a Providence, R.I., investment firm,
is seeking to take the company private in a leveraged buyout
valued at 1.38 billion dlrs.
    Besides the Bass group, another major Taft shareholder,
Cincinnati, Ohio, financier Carl Lindner, has also said he has
had talks about increasing his stake in the company, taking
part in a takeover effort, or launching one himself.
    Lindner controls 1,489,298 shares of Taft common stock, or
16.2 pct of the total.
 Reuter
3;
bodyend
documentend
documentstart
11030
topicstart
iron-steel
topicend
bodystart
2;

U.S. STEEL PRODUCTION ROSE 1.3 PCT IN WEEK


   New York, March 30 - 
Steel production rose
1.3 pct to 1,696,000 short tons in the
week ended March 28 from 1,675,000 short
tons, the American Iron and Steel Institute
reported
   Production so far this year was 18,810,000 tons adjusted off
14.6 pct from 22,016,000 tons
produced by the nations mills a year ago.
    Utilization for the week of March 28 was   78.7 pct and for
the week of March 21 was      was 77.8 pct.      
 Reuter
3;
bodyend
documentend
documentstart
11031
topicstart
earn
topicend
bodystart
2;

NORTH AMERICAN GROUP 
<
NAMG> 4TH QTR OPER LOSS


    CHICAGO, March 30 -
    
Oper shr loss 12 cts vs loss 10 cts
    Oper net loss 474,270 vs loss 369,848
    Revs 202,500 vs 111,210
    Avg shrs 3,904,373 vs 3,495,579
    Year
    Oper shr loss 28 cts vs loss 46 cts
    Oper net loss 1,069,550 vs loss 893,612
    Revs 408,031 vs 438,933
    Avg shrs 3,785,607 vs 1,944,627
    NOTE: Full name is North American Group Ltd
    Earnings exclude losses on reorganization expenses of
33,453 dlrs, or one ct a share vs 59,520 dlrs, or two cts a sh
are in the quarter and losses of 237,859 dlrs, or six cts a
share vs 413,444 dlrs, or 21 cts a share for the year
    Earnings exclude gains on discontinued operations of
147,671, or four cts a share in the 1985 quarter and gains of
760,603 dlrs, or 20 cts a share vs 520,200 dlrs, or 27 cts a
share for the year
 Reuter
3;
bodyend
documentend
documentstart
11033
topicstart
topicend
bodystart
2;

SOCIETY FOR SAVINGS 
<
SOCS> TO OFFER NOTES


    NEW YORK, March 30 - 
Society for Savings said it will offer
up to 100 mln dlrs of medium-term notes with maturites of one
to five years through Goldman, Sachs and Co and Shearson Lehman
Brothers Inc.
    The notes will be supported by an irrevocable letter of
credit by the Federal Home Loan Bank of Boston. Each note will
bear interest at a fixed-rate or variable rate formula
established at the time of issuance, Society for Savings said.
    Bankers Trust Co will act as fiscal and paying agent.
Non-redeemable to maturity, the notes will be issued only in
registered form and in minimum denomiations of 100,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11034
topicstart
earn
topicend
bodystart
2;

<
OXOCO INC> YEAR LOSS


    HOUSTON, March 30 -
    
Oper shr loss 6.68 dlrs vs loss 9.95 dlrs
    Oper net loss 53.9 mln vs loss 69.8 mln
    Revs 16.5 mln vs 33.2 mln
    Avg shrs 8,329,492 vs 7,271,668
    NOTE: 1986 excludes loss 12.9 mln for discontinued
compressor operations vs loss 14.9 mln year prior.
    1986 excludes gain of 98.7 mln for extinguishment of debt
from company's chapter 11 filing and subsequent reorganization.
 Reuter
3;
bodyend
documentend
documentstart
11035
topicstart
earn
topicend
bodystart
2;

TEECO PROPERTIES L.P. OPER INCOME DOWN


    NEW YORK, March 30 - 
<
Teeco Properties L.P.> said the
partnership recorded income from operations for 1986 of 140,000
dlrs, or two cts a unit.
    The partnerhsip said this compared to 1985 figures of
660,000 dlrs, or 10 cts a unit.
    Results of operations between both years is not comparable
since the partnership's principle objective is to sell or
dispose of its assets and distribute proceeds to unit holders,
according to the partnership.
    It said the number of units outstanding for both years is
6,479,516.

 Reuter
3;
bodyend
documentend
documentstart
11036
topicstart
earn
topicend
bodystart
2;

BROUGHER INSURANCE GROUP INC
<
BIGI> 4TH QTR LOSS


    GREENWOOD, Ind., March 30 -
    
Shr loss nine cts vs profit 20 cts
    Net loss 257,157 vs profit 414,890
    Year
    Shr profit 54 cts vs profit 1.05 dlrs
    Net profit 1,295,104 vs profit 2,140,673
 Reuter
3;
bodyend
documentend
documentstart
11038
topicstart
topicend
bodystart
2;

TRADE BODY SETS NEW RULES FOR EURODLR MANAGERS


    London, March 30 - 
The International Primary Market Makers
Association, a trade organisation, said its board last week
adopted new rules recommending lead managers of eurodollar bond
issues make a market in that security for 12 months.
    Currently, while there is an implied obligation on the part
of firms to make markets in issues they underwrite, there is no
formal obligation to do so.
    Christopher Sibson, secretary general of IPMA, in
explaining why the recommendation was adopted, said "It is aimed
at the problem of the lead manager who does a deal and
disappears."
    Sibson said the organization cannot force its members to
adhere to the rule. "We're under no illusions about the legal
binding force of these recommendations," he said.
    Lead managers have occasionally abandoned efforts to
support an unprofitable issue just a short while after it has
been offered, leaving investors and smaller firms with no one
to buy it back from them.
    Most recently, when prices of perpetual floating rates
notes (FRNs) suddenly plunged, most market makers abandoned the
securities altogether, leaving investors stuck with about 17
billion dlrs worth of unmarketable securities on their books.
     Sibson noted that the recommendation adopted by the board
only applies  to fixed-rate dollar issues and would not have
helped the floating rate sector out of its current crisis.
    Among other measures, the IPMA also decided that the
criteria for membership should be tightened to exclude some of
the smaller firms.
    Under the new rules, a firm must be the book running lead
manager during the two preceding years of 12 internationally
distributed debt issues denominated in U.S. Dlrs or in one of
eight other major currencies.
    The former requirement called for three lead-managed
issues. Sibson said he expects the tighter entrance
requirements to pare 3he current list of 67 members down by six
to 10 members.
    Smaller firms have criticized IPMA's efforts to restrict
membership to the larger firms, saying it is anti-competitive
and that it reinforces the big firms' already large market
share.
    "Belonging to IPMA carries a certain amount of prestige with
borrowers," said a dealer at a small foreign bank. "The borrower
says to himself, "Well I can travel economy or I can travel
first class,'" he said.
 Reuter
3;
bodyend
documentend
documentstart
11039
topicstart
iron-steel
topicend
bodystart
2;

CSC INDUSTRIES UNIT TO INCREASE PRICES


    WARREN, Ohio, March 30 - 
Copperweld Steel Co 
<
CPSL>, a
subsidiary of CSC Industries Inc., said it will increase from
market price levels its bar, semi-finished and leaded products
effective July One.
    Hot rolled and cold finished bar wil be increase 25 dlrs
per net ton, while semi-finished products will be increased 15
dlrs per net ton, the company said.
    Anticipated higher energy and raw material costs, combined
with current market trends, were cited by the company as
reasons for the increases.
 Reuter
3;
bodyend
documentend
documentstart
11040
topicstart
grain
wheat
topicend
bodystart
2;

USDA TO UPDATE WINTER WHEAT ACREAGE TOMORROW


    WASHINGTON, March 30 - 
The U.S. Agriculture Department said
it will update its estimate of winter wheat seeded acreage in
the prospective planting report, scheduled for release at 1500
est (2100 gmt) tomorrow, March 31.
    The original estimate of seedings of winter wheat was
published in January.
    It said the new survey is possible because of the new
integrated nationwide survey program that uses probability
sampling procedures that combine information from farmers
operating in selected areas and farmers identified on special
lists.
 Reuter
3;
bodyend
documentend
documentstart
11041
topicstart
acq
topicend
bodystart
2;

SANTA FE 
<
SFX> AWARE OF HENLEY 
<
HENG> STAKE


    CHICAGO, March 30 - 
Santa Fe Southern Pacific Corp said it
has discussed with Henley Group that company's almost five pct
stake and was told the holdings are for investment purposes.
    "We have confirmed with the Henley Group that they own
approximately 7.9 mln shares of Santa Fe Southern Pacific
common stock. They have informed me that they like our company
and purchased the stock last year for investment purposes,"
Santa Fe chairman John Schmidt said in a statement.
    Henley late Friday filed a 10-K report with the Securities
and Exchange Commission concerning the Santa Fe stake.
    Earlier Santa Fe's stock was up 4-7/8 to 41 before slipping
to be up 1-7/8 at 38.
 Reuter
3;
bodyend
documentend
documentstart
11043
topicstart
sugar
topicend
bodystart
2;

U.S. SUGAR IMPORTS DOWN IN LATEST WEEK - USDA


    WASHINGTON, March 30 - 
Sugar imports subject to the U.S.
sugar import quota during the week ended March 6 totaled 25,192
short tons versus 29,043 tons the previous week, the
Agriculture Department said.
    Cumulative imports now total 130,804 tons, it said.
    The sugar import quota for the 1987 quota year
(January-December) has been set at 1,001,430 short tons
compared with 1,850,000 tons in the 1986 quota year, which was
extended three months to December 31.
    The department said the Customs Service reported that
weekly and cumulative imports are reported on an actual weight
basis and when final polarizations are received, cumulative
import data are adjusted accordingly.
 Reuter
3;
bodyend
documentend
documentstart
11046
topicstart
earn
topicend
bodystart
2;

TEMPLETON ENERGY INC 
<
TMPL> 4TH QTR NET


    HOUSTON, March 30 -
    
Shr profit four cts vs loss six cts
    Net profit 967,000 vs loss 1,219,000
    Revs 10.1 mln vs 4.5 mln
    Year
    Shr profit three cts vs loss five cts
    Net profit 688,000 vs 982,000
    Revs 24.6 mln vs 16.3 mln
    NOTE: 1986 includes results of Louisiana Energy and
Development Corp acquired in November 1986.
 Reuter
3;
bodyend
documentend
documentstart
11047
topicstart
earn
topicend
bodystart
2;

AEL INDUSTRIES 
<
AELNA> 4TH QTR FEB 27 NET


    LANSDALE, Pa., March 30 -
    
Shr 66 cts vs 33 cts
    Net 2,955,000 vs 1,563,000
    Revs 26.1 mln vs 23.9 mln
    12 mths
    Shr 74 cts vs 1.01 dlrs
    Net 3,321,000 vs 4,739,000
    Revs 108.4 mln vs 104.9 mln
    NOTE: year 1987 includes charge of 818,000 dlrs, or 18 cts
per share, for sale of Elisra Electronic Systems Ltd.
 Reuter
3;
bodyend
documentend
documentstart
11048
topicstart
acq
topicend
bodystart
2;

AMOSKEAG 
<
AMKG> TAKEOVER BLOCKED BY COURT


    MANCHESTER, N.H., March 30 - 
Amoskeag Bank Shares Inc said
the New Hampshire Supreme Court overturned its proposed
acquisition of Portsmouth Savings Bank in a three-two vote.
    The acquisition had been opposed by some depositors, who
filed an action to block the takeover.
    "We will respond to this news as soon as we have had an
opportunity to analyze the decision, and any and all options
available to us," chairman William Bushnell said in a
statement.
 Reuter
3;
bodyend
documentend
documentstart
11049
topicstart
earn
topicend
bodystart
2;

METROMAIL 
<
MTMA> PREDICTS FLAT EARNINGS


    LINCOLN, Neb., March 30 - 
Metromail Corp said it expects
flat operating profits for its 1987 fiscal year ending May 31
with last fiscal year's earnings from operations of 9,943,000
dlrs, or 1.05 dlrs a share.
    The company said the flat results will be due to higher
than normal expenditures during the fourth quarter for
expansion of its data processing capabilities.
    Earlier, Metromail reported fiscal 1987 third quarter
earnings of 2.4 mln dlrs, or 25 cts a share, versus three mln
dlrs, or 32 cts a share, the prior third quarter, and nine
months net of 7.2 mln dlrs, or 76 cts a share, versus 7.8 mln
dlrs, or 82 cts a share the prior nine months.
 Reuter
3;
bodyend
documentend
documentstart
11051
topicstart
acq
topicend
bodystart
2;

BALL 
<
BLL> ENDS TALKS WITH MONSANTO 
<
MTC>


    MUNCIE, IND., March 30 - 
Ball Corp said it was unable to
complete negotiations to acquire the plastic container business
of Monsanto Co.
    It said the two companies had entered into exclusive
negotiations last October.
    Neither company provided details on why the talks were
terminated.
 Reuter
3;
bodyend
documentend
documentstart
11052
topicstart
oilseed
rapeseed
topicend
bodystart
2;

JAPAN BUYS CANADIAN RAPESEED


    WINNIPEG, March 30 - 
Japanese crushers bought 2,000 tonnes
of Canadian rapeseed in export business overnight for May
shipment, trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
11055
topicstart
topicend
bodystart
2;

S/P AFFIRMS BANNER 
<
BNR>, LOWERS REXNORD 
<
REX>


    NEW YORK, March 30 - 
Standard and Poor's Corp said it
affirmed Banner Industries Inc's 135 mln dlrs of B-minus
subordinated debt following its purchase of Rexnord Inc. 
    Rexnord's 50 mln dlrs of 12-3/4 pct debentures of 1994 were
cut to B from A-minus to reflect the merger with Banner.
    While increasing Banner's size and diversity, S and P said
the transaction heightens financial risk, with debt to capital
rising to more than 90 pct.
    Near-term earnings and cash flow protection will weaken
from the acquisition, though Banner's plans to sell some
Rexnord assets will reduce debt for the medium term.
 Reuter
3;
bodyend
documentend
documentstart
11056
topicstart
acq
topicend
bodystart
2;

REEF ENERGY 
<
RFEN> ENTERS PIPELINE AGREEMENT


    TRAVERSE CITY, MICH., March 30 - 
Reef Energy Corp said its
board entered into agreements with Penteco Corp, a private
Tulsa-based company, to buy a 12-pct interest in the general
partnership of Penteco East Central Pipeline and a 10-pct
interest in Lincoln Gas and Marketing Corp.
    Penteco East is a gas gathering and transmission system in
southern Kansas and northern Oklahoma.
    It said Penteco in turn has purchased one mln shares of
Reef common and taken options for the purchase of another two
mln shares over the next 36 months.
 Reuter
3;
bodyend
documentend
documentstart
11057
topicstart
earn
topicend
bodystart
2;

AMERON INC 
<
AMN> QTLY DIVIDEND


    MONTEREY PARK, Calif., March 30 -
    
Shr 24 cts vs 24 cts prior qtr
    Pay May 15
    Record April 24
            
 Reuter
3;
bodyend
documentend
documentstart
11058
topicstart
earn
topicend
bodystart
2;

JOHNSON ELECTRONICS INC 
<
JHSN> 4TH QTR LOSS


    WINTER PARK, Fla., March 30 -
    
Shr loss three cts vs profit eight cts
    Net loss 35,000 vs profit 128,000
    Revs 1,133,000 vs 1,528,000
    Year
    Shr profit four cts vs profit 21 cts
    Net profit 72,000 vs profit 339,000
    Revs 4,837,000 vs 4,500,000
    NOTE: 1985 net income included an after tax gain of 195,000
or 12 cts per share on sale of real property.
 Reuter
3;
bodyend
documentend
documentstart
11059
topicstart
money-fx
topicend
bodystart
2;

TREASURY BALANCES AT FED FELL ON MARCH 27


    WASHINGTON, March 30 - 
Treasury balances at the Federal
Reserve fell on March 27 to 2.424 billion dlrs from 2.508
billion dlrs on the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 9.706
billion dlrs from 10.786 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 12.131
billion dlrs on March 27 compared with 13.283 billion dlrs on
March 26.
 Reuter
3;
bodyend
documentend
documentstart
11060
topicstart
earn
topicend
bodystart
2;

MORRISON INC 
<
MORR> 3RD QTR FEB 28 NET


    MOBILE, Ala., March 30 -
    
Shr 35 cts vs 29 cts
    Qtly div 12 cts vs 12 cts prior qtr
    Net 5,036,000 vs 4,165,000
    Revs 147.6 mln vs 132.4 mln
    Nine mths
    Shr 1.12 dlrs vs one dlr
    Net 16.1 mln vs 14.4 mln
    Revs 433.4 mln vs 385 mln
    NOTE: Per share data reflect March 1986 five pct stock
distribution. Cash dividend is payable April 30 to holders of
record April 15.
 Reuter
3;
bodyend
documentend
documentstart
11063
topicstart
acq
topicend
bodystart
2;

VANDERBILT 
<
VAGO> TO RAISE COMMON, MERGE


    LAS VEGAS, March 30 - 
Vanderbilt Gold Corp said
shareholders at a special meeting approved its reincorporation
in Delaware, an increase in authorized common to 25 mln shares
from 12 mln shares, and a non-qualified stock option plan.
    It also said shareholders approved the merger of Morning
Star Mine interests held by six corporations in exchange for
issuing 2,098,602 shares of its common. It said the acquisition
brings its ownership in Morning to over 94 pct and it intends
to acquire the remaining interests before mid year.
    It said its plans call for 1987 production of 30,000 ounces
of gold with product costs per ounce at about 200 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11064
topicstart
cotton
topicend
bodystart
2;

LITTLE RISK SEEN FOR TEXAS COTTON FROM COLD


    New York, March 30 - 
Texas' cotton crop stands little
chance of damage from frigid temperatures expected tonight in
that state, as very little cotton has been planted, according
to Texas agricultural sources and cotton market analysts.
    "It's still pretty early for cotton planting. Only six pct
of the crop was planted as of last week," said Doug Stillmann,
a statistician at the Texas Agricultural Statistic Service in
Austin, a division of the U.S. Agriculture Department.
    Stillmann and other cotton market sources said planting had
begun in the Rio Grande Valley and South Texas areas only, with
planting in the crucial high and low plains areas not slated to
begin until next month. The high and low plains accounted for
60 pct of the 2.5 mln bales produced in Texas last year,
Stillmann said.
    Temperatures tonight in most of Texas are expected to drop
to freezing to the low 20s, although the lower Rio Grande
Valley may see more moderate readings in the middle 30s,
according to meteorologists at Accu-Weather Inc.
    The price of new-crop cotton on the New York cotton futures
market rallied today on weather-related fears.
 Reuter
3;
bodyend
documentend
documentstart
11065
topicstart
grain
topicend
bodystart
2;

REPORT ON EXPORT MARKETS FOR U.S. GRAIN DELAYED


    WASHINGTON, March 30 - 
The U.S. Agriculture Department's
report on Export Markets for U.S. Grain, scheudled for release
today, has been delayed until Wednesday, April 1, a department
spokeswoman said.
    No reason was given for the delay in releasing the monthly
report.
 Reuter
3;
bodyend
documentend
documentstart
11066
topicstart
acq
topicend
bodystart
2;
******
BILZERIAN TELLS SEC HE UPS PAY 'N PAK STAKE TO 9.9 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
11070
topicstart
fuel
topicend
bodystart
2;

ROYAL DUTCH 
<
RD> UNIT RAISES HEAVY FUEL PRICES


    NEW YORK, March 30 - 
Scallop Petroleum Corp, a subsidiary
of Royal Dutch/Shell group, said today it raised contract
prices for heavy fuel 25 cts to 1.75 dlrs a barrel, effective
today.
    The increase brings the price for 0.3 pct sulphur to 22.50
dlrs, up 1.75, 0.5 pct sulphur to 21.50 dlrs, up 1.50, 0.7 pct
sulphur to 20.25 dlrs, up 75 cts, one pct sulphur to 19.50
dlrs, up 25 cts, two pct sulphur to 18.75 dlrs, up 75 cts, 2.2
pct sulphur to 18.50 dlrs, up 75 cts, 2.8 pct sulphur to 18.00
dlrs, up 75 cts.
 Reuter
3;
bodyend
documentend
documentstart
11071
topicstart
orange
topicend
bodystart
2;

FLORIDA WEEKLY CROP REPORT


    ORLANDO, FLA, March 30 - 
Florida's citrus groves continue
in very good condition, acccording to the latest report by the
U.S. Department of Agriculture's Florida Agricultural
Statistics Service. Late-week rains and thunderstorms came at
an opportune time. Warm daytime temperatures and good soil
moisture have produced an abundance of new growth and bloom.
    Most trees are in some stage of bloom development with
petal drop already taking place in many south Florida groves.
    Harvest of late-type valencia oranges is increasing rapidly
with the near completion of the early and midseason varieties.
Rain during the week caused some delay in picking.
    For the week ended March 29, there were an estimated 77,000
boxes of early and midseason and 945,000 boxes of late season
oranges harvested, the USDA said.
 Reuter
3;
bodyend
documentend
documentstart
11073
topicstart
topicend
bodystart
2;
******
U.S. SELLS 3-MO BILLS AT 5.72 PCT, STOP 5.74 PCT, 6-MO 5.80 PCT, STOP 5.80 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
11074
topicstart
acq
topicend
bodystart
2;

BASS GROUP EMERGES AS POSSIBLE TAFT
<
TFB> BIDDERS


    By Patti Domm, Reuters


    New York, March 30 - 
The Bass Group, once thought by
analysts to be eager to sell its holdings in Taft Broadcasting
Co, emerged as another potential bidder for the Ohio
broadcasting company.
    The Bass Group, which holds 24.9 pct of Taft, said it had
talked with other taft stockholders and some company managers
and directors "concerning participation in a group to acquire
control" of the company.
    The Bass group said it had talks with other Taft
stockholders and members of Taft management about participating
in a group to acquire control. The group, which is led by the
wealthy bass brothers of Fort Worth, Texas, did not identify
any of the other people with whom it had talks.
    Taft said Friday it would negotiate with its vice Chairman
Dudley Taft on his group's 150 dlr per share or 1.38 billion
dlr offer for the company.
    At the time, the company said it authorized its adviser,
Goldman, Sachs and Co, to explore other takeover proposals and
to supply financial data to other interested bidders.
    "If indeed, the reason Dudley Taft is no longer president
is because the bass group tossed him out, I couldn't see them
backing him on any deal," said one analyst, who asked not to be
identified.
    "I think they wanted a way out. Now, this sounds like
they're going to join the group and buy themselves out," said
Edward Atorino, media analyst with Smith Barney, Harris Upham
and Co.
    Analysts have speculated that Carl Lindner may be
interested in acquiring the company. they speculated he may be
one of the shareholders in talks with the bass group.
    Lindner, chairman of American Financial Corp, holds 16.2
pct of Taft. He was not immediately available for comment.
    Analysts have said they are baffled by the strength of
Taft's stock price compared to what they see as breakup values
for the company.
    Several analysts had estimated a break up value of less
than 150. One analyst said he believes it has a breakup value
of 160 to 165 dlrs per share.
    Taft stock closed at 156-1/2, up 1-3/4.
    "They (investors) are saying here's another one - another
family dispute," said Dennis McAlpine of Oppenheimer.
 Reuter
3;
bodyend
documentend
documentstart
11076
topicstart
trade
topicend
bodystart
2;

U.S. TRADE OFFICIAL SAYS JAPAN ACTION FOOLISH


    By Jacqueline Frank, Reuters


    WASHINGTON, March 30 - 
A high level U.S. trade official
said it would be foolish for Japan to strike back against the
United States for its sanctions on Japanese semiconductor
electronics products.
    Asked by reporters if Japan was expected to retaliate
against U.S. exports, Deputy Under Secretary of Commerce Bruce
Smart replied, "That would be the height of foolishness."
    In addition, he doubted Japan could show enough progress in
meeting the conditions of the agreement to avoid the actual
imposition of the 300 mln dlrs in tariffs on April 17.
    Japan's 58.6 billion dlr trade surplus with the United
States last year has come under fire in Congress concerned
about the loss of jobs to foreign competition and with the
record 169 billion dlrs U.S. trade deficit in 1986.
    President Reagan's sanctions decision won praise today from
the two Democratic leaders of Congress.
    "I think it's about time," Senate Democratic Leader Robert
Byrd of West Virginia told reporters. House Speaker Jim Wright
of Texas told reporters before the opening of the House
session, "It just shows we were right all along when we said
something needs doing."
    Smart testified before a Senate Labor Committee hearing
that last Friday's U.S. trade action would help U.S.
negotiations on access to Japan for U.S. auto parts.
    Since last August Smart has been leading talks to open up
Japan to purchases of more U.S.-made automotive parts. Last
year, Japan racked up a 3.6 billion dlr trade surplus with the
United States in these products.
    Both countries expect to conclude the talks by August 1987.
    "It's amazing to me that the Japanese were surprised. I
hope it will persuade them we're serious," Smart said of the
White House trade sanctions.
    The United States has tried to convince Japanese car
companies of the quality of American-made parts and to draw
them away from their traditional Japanese suppliers.
    "All we ask is a chance. We have a job to do persuading them
we can do better than our reputation seems to be," he said.
    Measured per car, each American-made car contained about
700 dlrs in Japanese auto parts while each Japanese-made car
contained about 26 dlrs in U.S. auto parts, Smart said.
 Reuter
3;
bodyend
documentend
documentstart
11078
topicstart
acq
topicend
bodystart
2;

BILZERIAN UPS PAY 'N PAK 
<
PNP> STAKE TO 9.9 PCT


    WASHINGTON, March 30 - 
Investor Paul Bilzerian, who has
said he may seek control of Pay 'n Pak Stores Inc, said he
raised his stake in the company to one mln shares, or 9.9 pct
of the total, from 721,900 shares, or 7.2 pct.
    In a filing with the Securities and Exchange Commission,
Bilzerian and Bicoastal Financial Corp, a Tampa, Fla.,
investment firm he controls, said they bought 278,000 shares of
Pay 'n Pak common stock on March 26 and 27 at prices ranging
from 13.29 to 17.04 dlrs a share.
    Bilzerian last week said he was considering raising his
stake in the company, seeking a board seat or control.
 Reuter
3;
bodyend
documentend
documentstart
11080
topicstart
topicend
bodystart
2;

U.S. BILL AUCTION RATES AVERAGE 5.72, 5.80 PCT


    WASHINGTON, March 30 - 
The U.S. Treasury said its weekly
auction of bills produced an average rate of 5.72 pct for the
three-month and 5.80 pct for six-month bills.
    These rates compared with averages of 5.55 pct for each of
the three- and six-month bills sold last week.
    The bond-equivalent yield on three-month bills was 5.90
pct. Accepted bids ranges from 5.70 pct to 5.74 pct and 14 pct
of the bids at the high, or stopout rate, were taken. For six
months, the yield was 6.07 pct and the bids were at 5.80 pct.
    The Treasury said it received 24.9 billion dlrs of bids for
the three-month bills, including 1.0 billion dlrs in
non-competitive bids from the public. It accepted 6.4 billion
dlrs of bids, including 2.0 billion dlrs from the Federal
Reserve and 161 mln dlrs from foreign and international
monetary authorities.
    Some 28.0 billion dlrs in bids for six-month bills were
received, including 780 mln dlrs in non-competitives. The
Treasury accepted 6.4 billion dlrs, including 1.8 billion dlrs
from the Fed and 1.1 billion dlrs from foreign and
international authorities.
    The average price for the three-month bills was 98.554 and
prices ranged from 98.559 to 98.549.  The average price for the
six-months bills was 97.068.
    The average yield on the three-month bills was the highest
since February 9, when it was also 5.72 pct. The average yield
on the six-month bills was the highest since 5.89 pct on July
28 last year.
 Reuter
3;
bodyend
documentend
documentstart
11083
topicstart
interest
gnp
topicend
bodystart
2;

FED'S POLICY EASE MAY END WITH 2ND QTR RATE CUT


    By Martin Cherrin, Reuters


    NEW YORK, March 30 - 
The Federal Reserve's move to easier
monetary policy, begun with four quick half-point discount rate
cuts in 1986, will likely end with a final rate drop in the
second quarter, analysts said.
    A poll of 10 economists shows most expect interest rates to
edge lower, with the Fed likely to drop its basic lending rate
from 5-1/2 pct late next quarter to help the economy.
    "The Fed is not likely to ease policy much further without
a full-blown recession," said Raymond Stone, chief financial
economist at Merrill Lynch Capital Markets.
    Stone said economic data available by late June may be just
weak enough to prompt one more discount rate cut. But he said
it may only be a quarter-point drop instead of the usual half
point, to avoid hurting the dollar further.
    All of the economists agreed that the Federal Open Market
Committee tomorrow will leave Fed policy unchanged.
    The average forecast of those surveyed projects roughly
quarter-point drops by the end of June in both the Treasury
bond yield, to 7-1/2 pct, and the Federal funds rate at which
banks lend to one another, to 5-7/8 pct. Most expect the prime
lending rate at major banks to remain at 7-1/2 pct.
    Other broad predictions of the survey, relating mainly to
the April-June quarter, follow:
    - The dollar is likely to decline five to 10 pct further
against other major currencies because of a large U.S. budget
deficit and a wide, but narrowing, trade gap. Contacted after
the dollar's steep drop in the last two business days, the
economists reaffirmed this view but stressed the risk is that
the dollar will fall more, rather than less, than they expect.
    - Oil prices in the second quarter are likely to continue
trading roughly between 16 and 19 dlrs a barrel and could well
test the lower end of that range.
    - Stocks will continue to outperform bonds next quarter and
probably for all of 1987. Stocks should gain on strong
foreign demand and a modest second-half economic rise. The
outlook for bonds also is less favorable later in the year
since both inflation and interest rates may be edging up.
    - Inflation as measured by the GNP implicit price deflator
will rise to around 3.3 pct this year from 2.7 pct in 1986. The
sharp fall in the dollar to date will add to inflation, as will
a mild economic pickup in the second half of this year.
    - U.S. real gross national product, which grew at a two pct
annual rate in the 1986 second half, should expand at
respective rates of about 2.3 pct and 2.5 pct in the 1987 first
and second halves. First-quarter growth is put at a 2.4 pct
annual
rate, slowing to 2.1 pct next quarter.
    Robert Brusca of Nikko Securities Co International sees
both the strongest economy and the highest interest rates among
those surveyed. He expects real GNP, which grew at a 1.1 pct
rate in fourth-quarter 1986, to expand at a 3.3 pct rate this
quarter and 3.5 pct next quarter.
    "The economy will bounce back more strongly than many
expect," Brusca said. He said an involuntary buildup in
inventories, largely in autos, will add to first-quarter
economic growth, with consumer spending helping later.
    "We're running out of special factors to keep the economy
afloat," said Philip Braverman of Irving Securities Corp. His
interest rate and economic forecasts were among the lowest.
    Braverman said tax law changes and inventory accumulation
helped lift fourth and first quarter GNP growth, respectively.
He expects 2.5 pct first quarter growth but said that second
quarter growth could be zero or negative.
    Braverman said economic activity next quarter will suffer
from a paring of inventories, lower capital investment, slow 
government spending and less construction. Only a marginally
narrower trade deficit will add to growth.
    He sees a 7.10 pct end-of-June yield on Treasury bonds,
with Federal funds and prime rates at 5.50 and seven pct,
respectively. Nikko's Brusca projects rates of 8.25 pct for
bonds, 6.15 pct for funds and 7.75 pct for the prime rate.
    Two of the 10 economists revised rate forecasts up mildly
after the dollar's fall to 40-year lows versus the yen in past
days and news of pending U.S. trade sanctions against Japan.
    David Resler of Nomura Securities Co International Inc
raised his end-June bond yield forecast to 7.50 pct from 7.20
pct and a Fed funds rate estimate to six pct from 5.80 pct.
    Raul Nicho, president of Money Market Services Inc, lifted
his forecast of bond and Fed funds rates an eighth of a point
to eight pct for bonds and 6-1/4 pct for funds. Both Nicho and
Resler left their end-June prime rate forecast at 7-1/2 pct.
    The higher rate forecasts reflected a belief that Japanese
investors will be less eager to buy U.S. bonds because of fear
about further dollar erosion and perhaps in response to U.S.
trade sanctions. Yields may have to rise to lure other buyers.
......END-JUNE U.S. INTEREST RATE FORECASTS....
....................T-bonds..Fed funds..Prime..
Nikko Securities.....8.25......6.15......7.75..
Money Mkt Services...8.00......6.25......7.50..
Discount Corp........7.75......6.25......7.50..
Merrill Lynch........7.30......5.75......7.50..
Bankers Trust........7.25......5.50......7.50..
Wells Fargo Bank.....7.30......5.60......7.00..
Irving Securities....7.10......5.50......7.00..
Dean Witter..........7.00......5.50......7.00..
.FORECAST AVERAGE....7.50......5.875.....7.50..
.CURRENT LEVELS......7.80......6.125.....7.50..
 Reuter
3;
bodyend
documentend
documentstart
11085
topicstart
grain
wheat
corn
topicend
bodystart
2;

LOUISIANA WEEKLY CROP REPORT


    Alexandria, March 30 - 
The Louisiana weekly USDA state crop
report said there were 2.4 days suitable for fieldwork.
    Soil moisture supplies rated 41 pct adequate and 59 pct
surplus.
    Winter Wheat - fair to good condition. eight pct headed vs
27 pct a year ago and 17 pct average.
    Corn - eight pct planted vs 64 pct a year ago and 51 pct
average. two pct emerged vs 45 y/a and 23 avg.
    Spring Plowing - seventeen pct completed vs 66 pct a year
ago and 48 pct avg.
 Reuter
3;
bodyend
documentend
documentstart
11086
topicstart
acq
topicend
bodystart
2;

SERVICE RESOURCES 
<
SRC> UNIT SETS PURCHASE


    NEW YORK, March 30 - 
Service Resources Corp's Chas. P.
Young Co subsidiary said it agreed to acquire Atwell Fleming
Printing Ltd, a Canadian financial printer, for about 3.2 mln
dlrs.
    Young said the acquisition, which is expected to close in
April, is subject to due dilligence review.
 Reuter
3;
bodyend
documentend
documentstart
11087
topicstart
earn
topicend
bodystart
2;

LLE ROYALTY 
<
LRT> SETS MONTHLY PAYOUT


    HOUSTON, March 30 - 
LL and E Royalty Trust said its monthly
dividend, for January, to unitholders will be 8.37 cts per unit
payable April 15 to holders of record April six.
    As previously reported, pending a ruling from the Internal
Revenues Service, the trust's distribution may be reduced by
1.09 dlr per unit, plus interest, spread out over the life of
the productive properties in which the trust has an interest.
    LLE said the working interest owner, to which the IRS sent
a notice about a deficiency in the owner's 1983 tax return, is
evaluating the necessity of escrowing some funds, which would
significantly reduce royalties paid to the trust.
 Reuter
3;
bodyend
documentend
documentstart
11088
topicstart
acq
topicend
bodystart
2;

GENOVA 
<
GNVA> TO MERGE INTO GENOVA PRODUCTS


    DAVISON, Mich., March 30 - 
Genova Inc said its shareholders
approved a merger into 
<
Genova Products Inc>, which will be
consumated within a few days. Under the agreement, Genova said
each of its shareholders will receive 5.375 dlrs per share in
cash.
 Reuter
3;
bodyend
documentend
documentstart
11089
topicstart
topicend
bodystart
2;

COLUMBIA GAS 
<
CG> IN SINKING FUND REDEMPTION


    WILMINGTON, Del., march 30 - 
Columbia Gas System INc said
that on June 1 it will redeem 1.4 mln dlrs principal amount of
its 9-7/8 pct debentures, series due June 1999, to meet
mandatory sinking fund requirements.
    The debentures w, issued in 1974, will be redeemed at a
price equal to 100 pct of the principal amount plus accrued
interest.
    Following redemption, 27.4 mln dlrs of the debentures will
be outstanding.
 Reuter
3;
bodyend
documentend
documentstart
11090
topicstart
earn
topicend
bodystart
2;

IMPERIAL BANCORP 
<
IBAN> SETS FIVE PCT DIVIDEND


    LOS ANGELES, March 30 - 
Imperial Bancorp said it declared a
five pct stock dividend, payable May 29 to shareholders of
record April 17.
 Reuter
3;
bodyend
documentend
documentstart
11091
topicstart
grain
wheat
corn
sorghum
cotton
topicend
bodystart
2;

TEXAS WEEKLY CROP REPORT


    AUSTIN, March 30 - 
The Texas weekly USDA state crop report
said stormy winter weather limited fieldwork before conditions
improved later in the week.
    A snowstorm caused some cattle deaths in the Panhandle, and
cold, wet weather covered many areas. Windy weather followed to
dry fields and limit planting delays.
    Small grains made good progress despite cool temperatures
which slowed growth. Additional moisture was needed in some
areas. Many fields were booting and some were beginning to
head. Wheat was rated 16 pct fair, 56 pct good and 28 pct
excellent.
    Corn and sorghum planting progressed, and land preparation
was ahead of schedule in the Plains despite snowy weather.
Cotton planting progressed in the Lower Valley.
 Reuter
3;
bodyend
documentend
documentstart
11093
topicstart
nat-gas
topicend
bodystart
2;

ARKLA 
<
ALG> PROPOSAL TO SETTLE DISPUTE


    LITTLE ROCK, Ark., March 30 - 
Arkla Inc said it and
International Paper Co 
<
IP> filed a proposal with the Arkansas
Public Service Commission designed to resolve the dispute
between the two over IP's plan to build natural gas pipelines
for its paper mill facilities at Pine Bluff and Camden.
    Arkla's pipeline division, Arkla Energy Resources,
currently delivers all of the natural gas consumed at the two
mills.
    Under the proposal, Arkla will support IP's plan to build
the alternate pipelines, while IP will allow Arkla's pipeline
division to deliver an equal quantity of competitively priced
supplies to other IP facilities.
 Reuter
3;
bodyend
documentend
documentstart
11094
topicstart
topicend
bodystart
2;

BASIC AMERICAN 
<
BAMI> NOTE ISSUE CANCELED


    INDIANAPOLIS, March 30 - 
Basic American Medical Inc said a
proposed 82 mln dlr note issue will not take place "at this
time."
    The company announced on Jan 5, 1987 that it received a
proposal from Irving Trust Co under which Irving would issue
its direct pay letter of credit for up to 83.5 mln dlrs to
secure the proposed note.
    Basic American also said it engaged the Health Care Capital
Market Groups of Thomson McKinnon Securities Inc to act as
investment banker in placement of its proposed notes. The
company said it will continue to pursue actively the proposed
note issue and will seek alternative financing in place of the
note issue.
 Reuter
3;
bodyend
documentend
documentstart
11095
topicstart
acq
topicend
bodystart
2;

SERVICE RESOURCES 
<
SRC> UNIT IN ACQUISITION


    NEW YORK, March 30 - 
Chas. P. Young Co, a subsidiary of
Service Resources Corp, said it signed a definitive agreement
to acquire Atwell Fleming Printing Ltd, of Canada, for about
3.2 mln dlrs.
    The transaction is expected to close in April.
    ON February 23, Chas. P. Young said it had aquired 19.05
pct of the shares of Sorg INc 
<
SRG> to facilitate a newgotiated
business combination.
 Reuter
3;
bodyend
documentend
documentstart
11098
topicstart
earn
topicend
bodystart
2;

AEC INC 
<
AECE> SETS REGULAR PAYOUT


    ELK GROVE VILLAGE, Ill., March 30 -
    
Qtrly div eight cts vs eight cts prior
    Pay April 30
    Record April 8
 Reuter
3;
bodyend
documentend
documentstart
11099
topicstart
topicend
bodystart
2;

TIME 
<
TL> UNIT TO REDEEM 100 MLN DLRS IN NOTES


    NEW YORK, March 30 - 
Time Inc said its wholly-owned
subsidiary, Time-Life Overseas Finance Corp, NV, has called for
redemption of all 100 mln dlrs in principal amount of its
10-3/4 pct guaranteed notes due January 26, 1990.
    The redemption date is May 5, 1987, it said. The notes will
be redeemed at 101.5 pct of their principal amount, plus
accrued interest through the redemption date.
    Time said after the redemption date, interest on the notes
will cease to accrue and any coupons attached to the notes
maturing subsequent to the redemption date will be void.
    The company said it is redeeming these notes as part of its
continuing effort to reduce the average cost of its debt.
 Reuter
3;
bodyend
documentend
documentstart
11100
topicstart
crude
topicend
bodystart
2;

SHELL CANADA SCHEDULES ANNUAL REFINERY SHUTDOWN


    CALGARY, Alberta, March 30 - 
Shell Canada Ltd, 72 pct owned
by Royal Dutch/Shell Group 
<
RD> 
<
ST>, scheduled its annual
maintenance refinery shutdowns during the next two months,
company spokeswoman Judy Wish said.
    Wish said refineries will stockpile production before the
shutdowns to maintain normal supply while maintenance is
carried out.
    Production at Shell's major refinery at Strathcona Alberta,
will be closed for about one month, Wish said.
    There will be no layoffs associated with the refinery
maintenance, she added.
 Reuter
3;
bodyend
documentend
documentstart
11101
topicstart
acq
topicend
bodystart
2;

DIXONS GROUP, AUDIO/VIDEO 
<
AVA> END LITIGATION


    NEW YORK, March 30 - 
Dixons Group PLC said that pursuant to
an agreement with Audio/Video Affiliates Inc, part of an
investor group that made a rival bid for Cyclops Corp 
<
CYL>,
all litigation between them has been dismissed.
    As part of the agreement, Dixons said Cyacq Corp, the
Audio/Video investor group that includes Citicorp Capital
Investors Ltd, agreed to "promptly" terminate its existing
tender offer for all outstanding Cyclops common at 92.50 dlrs
per share.
    Dixons said it agreed to pay an additional 4.75 dlrs per
share, or 95 dlrs per share, to each shareholder whose shares
were purchased under its offer for Cyclops at 90.25 dlrs per
share.
    On Friday, Dixons announced that it had increased its
holdings in Cyclops Corp to about 83 pct of the currently
outstanding shares and that it intended to increase to 95 dlrs
from 90.25 dlrs the amount per share paid in the merger of a
Dixons subsidiary with Cyclops.
 Reuter
3;
bodyend
documentend
documentstart
11102
topicstart
acq
topicend
bodystart
2;

U.S. DOT APPROVES AMERICAN 
<
AMR>-ACI 
<
ACF> PACT


    WASHINGTON, March 30 - 
The U.S. Department of
Transportation (DOT) said it gave final clearance to the
proposed 225 mln dlr acquisition of AirCal Inc by American
Airlines Inc.
    "The acquisition is not likely to substantially lessen
competition or to be inconsistent with the public interest," the
DOT said in a statement.
    AirCal is a unit of ACI Holdings Inc while American is a
unit of AMR Corp.
    The DOT had given tentative approval to the merger plan
Feb. 20.
    American is the third largest U.S. airline in terms of
revenue passenger miles while AirCal--a relatively small
carrier that primarily serves West Coast cities--is the
nation's 17th largest passenger carrier. Their merger would not
alter American's third-place ranking, according to data
compiled by Aviation Daily, a leading industry trade magazine.
    The combination would incrase American's share of the U.S.
market to 15.4 pct from its current 14.7 pct, the DOT said.
    The DOT said the merger was unlikely to substantially
reduce competition on the four routes on which both carriers
provide either nonstop or single-plane service.
    At 13 of the 14 terminals served by both carriers, the DOT
said it found no evidence that other carriers could not
increase or begin service that competed with a merged
American-AirCal.
    Concerning the 14th, "While entry may not be possible at the
Orange County Airport in the near future, DOT found that the
service provided at other airports in the Los Angeles area,
especially at the Los Angeles International Airport, will
provide effective competition for Orange County travelers in
long-haul markets," the DOT said.
    The merger would give American control of 37 pct of the
authorized takeoff and landing slots at the Orange County
terminal, where environmental concerns and a small terminal
building limit future opportunities for expansion.
    The DOT said the Air Line Pilots Association filed comments
opposing the merger but "raised no new facts or arguments."
    Under the merger terms, announced Nov. 17, American will
pay 15 dlrs a share for the outstanding stock of ACI Holdings.
 Reuter
3;
bodyend
documentend
documentstart
11103
topicstart
money-fx
topicend
bodystart
2;

U.S. CREDIT MARKETS END UNDER EXTREME PRESSURE


    NEW YORK, March 30 - 
The U.S. credit market ended under
extreme pressure as the dollar's continued slide on the
currency markets triggered an avalanche of U.S. securities
sales, pushing prices to 1987 lows, dealers and analysts said.
    "This was a bloodbath," said one money market economist.
"We've been trading in a state of total panic at times today,"
said another.
    Mirroring the dollar's fall to a 40-year low against the
yen, the key 7-1/2 pct 30-year Treasury bond price fell nearly
two points to close at 96-7/32, compared with 98-5/32 on
Friday. The corresponding yield jumped to 7.83 pct from 7.66.
 Reuter
3;
bodyend
documentend
documentstart
11104
topicstart
iron-steel
topicend
bodystart
2;

STEEL TECHNOLOGIES 
<
STTX>, MITSUI SET VENTURE


    LOUISVILLE, March 30 - 
Steel Technologies Inc said it
agreed to form a 50-50 joint venture with 
<
Mitsui and Co Ltd>
to make steel products.
    The venture, called Mi-Tech Steel Inc, will be set up to
serve Japanese and domestic automobile and appliance parts
makers in the U.S.
    A plant will be located near Murfreesboro, Tenn., and
production is expected to begin in the fall 1987, the company
said.

 Reuter
3;
bodyend
documentend
documentstart
11105
topicstart
earn
topicend
bodystart
2;

INLAND VACUUM 
<
IVAC> SETS STOCK SPLIT


    UPPER SADDLE RIVER, March 30 - 
Inland Vacuum Inc said is
board proposed a two-for-one stock split payable to
shareholders of record April 30.
    The board also elected Phillip Frost chairman, succeeding
John Durkin, who remains president and chief executive officer.
Frost in early February bought 49 pct of the company, Durkin
said.
    Stockholders at the annual meeting approved a measure to
change the company's name to IVACO Industries Inc. Five new
directors were also elected to the company's board. Durkin was
re-elected to the board, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11106
topicstart
earn
topicend
bodystart
2;

JOHNSON PRODUCTS INC 
<
JPC> 2ND QTR FEB 28 LOSS


    CHICAGO, March 30 -
    
Shr loss three cts vs loss 39 cts
    Net loss 115,000 vs loss 1,544,000
    Rev 6.9 mln vs 7.3 mln
    Six months
    Shr profit four cts vs loss 44 cts
    Net profit 141,000 vs loss 1,772,000
    Rev 13.9 mln vs 14.5 mln
    NOTE: Net includes loss from discontinued operations of
78,000 dlrs, or two cts a share, versus 597,000, or 15 cts a
share in the prior 2nd qtr.
    Six months net includes gain from discontinued operations
of 104,000 dlrs, or three cts a share, versus a loss of 588,000
dlrs, or 15 cts a share, in the prior six months.
 Reuter
3;
bodyend
documentend
documentstart
11107
topicstart
iron-steel
topicend
bodystart
2;

STEEL TECHNOLOGIES 
<
STTX> IN JOINT VENTURE


    LOUISVILLE, Ky., March 30 - 
Steel Technologies Inc said it
signed an agreement with Mitsui and Co Ltd 
<
MITSY> and its
subsidiaries to establish a joint venture corporation to be
called Mi-Tech Steel Inc.
    Mitsui, through its subsidiaries, Mitsui and Co USA Inc and
Mitsui Steel Development Co Inc, and Steel Technologies each
will own 50 pct of the new company, the company said.
    Mi-tech Steel will construct, own and operate steel service
centers. The facilities will be established to serve Japanese
and domestic automobile and appliance parts manufactures in the
U.S., the company said.
    The initial processing center will be located near
Murfreesboro, Tenn., and is expected to begin operations in the
fall of 1987, Steel Technologies said.
    Daryl Elser, president of Steel Technologies, will be
president of the new company, it said.
 Reuter
3;
bodyend
documentend
documentstart
11108
topicstart
topicend
bodystart
2;

SALLIE MAE ANNOUNCES AUSTRALIAN DLR NOTE OFFER


    WASHINGTON, March 30 - 
The Student Loan Marketing
Association announced an offering of Australian 100 mln dlrs
(approx. U.S. 70 mln) in two-year fixed rate notes priced at
par and bearing interest at 14 pct per annum.
    Sallie Mae said semiannual interest payments and principal
at maturity will be paid in Australian dollars, adding it will
enter into a separate currency and interest exchange agreement
to convert its payment obligations to U.S. dollars.
    The notes, offered in U.S. capital markets by Salomon
Brothers Inc, are due April 14, 1989, and are for settlement
April 14 with the first interest payment being made Oct 14.
 Reuter
3;
bodyend
documentend
documentstart
11109
topicstart
earn
topicend
bodystart
2;

MAYNARD OIL CO 
<
MOIL> YEAR LOSS


    DALLAS, March 30 -
    
Oper shr loss 44 cts vs profit 58 cts
    Oper net loss 2.7 mln vs profit four mln
    Revs 13.3 mln vs 28.4 mln
    Avg shrs 6.1 mln vs seven mln
    NOTE: Prior year excludes extraordinary gain of 21 cts per
share.
 Reuter
3;
bodyend
documentend
documentstart
11111
topicstart
earn
topicend
bodystart
2;

KANSAS GAS AND ELECTRIC CO 
<
KGE> FEBRUARY NET


    WICHITA, Kan., March 30 -
    
Shr 13 cts vs 5 cts
    Net 5,568,319 vs 2,968,437
    Rev 36.5 mln vs 34.0 mln
    12 months
    Shr 1.60 dlrs vs 1.79 dlrs
    Net 72,865,101 vs 85,198,853
    Rev 521.3 mln vs 420.3 mln
    NOTE: Twelve months includes the cumulative effect of a
change in accounting methods for accruing unbilled revenues of
11.4 mln dlrs, or 28 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
11112
topicstart
earn
topicend
bodystart
2;

<
JOURNEY'S END MOTEL CORP> SIX MTHS JAN 31 NET


    Toronto, March 30 -
    
Shr 13 cts vs 14 cts
    Net 1,329,000 vs 1,054,000
    Revs 20.7 mln vs 11.4 mln
    Avg shrs 10,100,000 vs 7,500,000
 Reuter
3;
bodyend
documentend
documentstart
11113
topicstart
acq
topicend
bodystart
2;

NEOAX 
<
NOAX> BUYS REXNORD 
<
REX> UNIT


    LAWRENCEVILLE, N.J., March 30 - 
Neoax Inc said it bought
Rexnord Inc's Fairfield Manufacturing Co for 70.5 mln dlrs
cash.
    The unit makes custom gears for industrial use and had
sales of 84 mln dlrs in its Oct. 31, 1986 fiscal year.
 Reuter
3;
bodyend
documentend
documentstart
11115
topicstart
earn
topicend
bodystart
2;

<
R.L. CRAIN INC> 4TH QTR NET


    OTTAWA, March 30 -
    
Shr 80 cts vs 79 cts
    Net 4,212,000 vs 4,142,000
    Sales 111.1 mln vs 107.1 mln
 Reuter
3;
bodyend
documentend
documentstart
11118
topicstart
crude
topicend
bodystart
2;

EXXON (XON) SEES SYNFUELS ROLE BY YEAR 2000


    HOUSTON, March 30 - 
Development of costly shale oil,
liquified coal and other kinds of synthetic fuels, halted in
recent years because of cheap and abundant petroleum supplies,
will become economic again when world oil prices top 30 dlrs a
barrel, an Exxon Co USA executive said.
    Joe McMillan, a senior vice president, told Reuters after
addressing a Houston meeting of the American Institute of
Chemical Engineers, "By early in the next century, synthetics
should play a significant role in this country's energy
supply."
    McMillan also told reporters at a news conference that he
believed synthetic fuels would become economic to develop when
world oil prices reached a 30 to 40 dlr a barrel price range.
    "You're talking about a 50 pct increase in crude oil
prices, but I think that time is coming and we've got to be
prepared," McMillan said.
    He predicted U.S. oil demand would rise by about one pct
annually in the next few years while the nation fails to
replace its oil reserves through exploration. By the turn of
the century, world oil prices will be significantly higher
because of declining supplies, McMillan said.
    Ashland Oil, Inc. chairman John Hall, who also spoke at the
meeting, advocated some form of federal tax incentives to help
spur development of synthetic fuels.
    The United States, Hall said, has nearly 500 billion tons
of demonstrated coal reserves, an amount more than triple that
of all the world's known oil reserves.
    "We must encourage research now in order to make synfuels
competitive later," Hall said. The average lead time for
development of a shale oil or liquified coal project is between
five and ten years.
    Until last year, the federal government had subsidized
synfuels development through the U.S. Synthetic Fuels Corp., a
research program created during the Carter Administration with
the goal of developing replacements for up to two mln barrels
of oil.
    The corporation was shut down last April when Congress
refused to continue funding its eight billion dlr budget
because of uneconomic projects based on forecasts of 50 dlrs a
barrel oil and 10 dlr per mcf natural gas during this decade.
 Reuter
3;
bodyend
documentend
documentstart
11119
topicstart
grain
wheat
topicend
bodystart
2;

OKLAHOMA WEEKLY CROP REPORT


    OKLAHOMA CITY, March 30 - 
The Oklahoma weekly USDA crop
report said cold weather slowed crop development and caused
some cattle deaths.
    Wheat growth was halted by cold weather, and rain early in
the week prevented fertilizer application and weed spraying.
Fields in the west were short of nitrogen, and moderate insect
activity was noted in the southwest region.
    Wheat condition was rated 15 pct fair, 84 pct good and one
pct excellent.
    Row crop activity was very slow amid wet conditions.
Topsoil moisture was rated 30 pct adequate and 70 pct surplus,
and subsoil moisture was rated 100 pct adequate. Only two days
were suitable for fieldwork.
 Reuter
3;
bodyend
documentend
documentstart
11120
topicstart
dlr
money-fx
topicend
bodystart
2;

BRAZIL TEMPORARILY LEGALISES DLR PARALLEL MARKET


    By Rene Villegas, Reuters


    BRASILIA, March 30 - 
Brazilian President Jose Sarney
announced a move which temporarily legalises the purchase of
U.S. dollars in the parallel currency market, aimed at
promoting imports of foreign goods.
    In a speech, Sarney justified his measure as a need to face
"current well known difficulties to obtain foreign loans for the
purchase of goods."
    The parallel market, although officially tolerated, is
technically illegal in Brazil. For the past year, the dollar in
the parallel market has sold at between 25 and 100 pct above
the official rate.
    Sarney's decision means Brazilian importers of machinery
and industrial equipment can buy dollar currency in the
parallel market without having to wait for an official order
from the Banco do Brasil's Foreign Trade Department (Cacex).
    Sarney also announced measures to boost exports in an
effort to strengthen the country's trade balance and alleviate
the risk of a reduction of foreign loans for this sector of the
economy.
    The president authorised the National Foreign Trade Council
(CONEX) to resume operating as the ruling body of Brazil's
trade policy, with participation of the private sector.
    The Council had been closed three years ago by the military
government of former President Joao Figueiredo.
 Reuter
3;
bodyend
documentend
documentstart
11121
topicstart
iron-steel
topicend
bodystart
2;

USX 
<
X> UNIT RAISES SOME STEEL PRICES


    PITTSBURGH, March 30 - 
USX Corp said its USS steelmaking
division increased prices on plate and H-pile products.
    Effective with May three shipments, it said the price base
on carbon and high-strength low-alloy, or HSLA, H-piles will
increase by 1-1/2 cts per pound.
    Effective with shipments beginning June 28, the price on
carbon, HSLA, and alloy plates will increase by 1-1/4 cts per
pound. Strip mill plate prices will rise by 3/4 cts per pound.
    It said the price increases on plate and H-pile products
will apply to all shipments from USS plants.
 Reuter
3;
bodyend
documentend
documentstart
11123
topicstart
earn
topicend
bodystart
2;

CANADA BANKS COULD SEE PRESSURE ON BRAZIL LOANS


     By Peter Cooney, Reuters


    TORONTO, March 30 - 
Canada's major banks will likely face
stiff pressure to declare their Brazilian loans non-performing
if, as expected, major U.S. banks take similar action after the
end of their first quarter tomorrow, analysts said.
    American bankers said last week that slow progress in debt
talks with Brazil increased the likelihood that U.S. banks
would soon declare their Brazilian loans non-performing.
    Such action "would put a lot of pressure on the Canadian
banks to do the same," Levesque, Beaubien Inc Toronto-based bank
analyst Donna Pulcine told Reuters.
    "They (banks) like to appear to be conservative," said
Pulcine, "and if a major bank puts loans on a non-performing
basis and the Canadian banks don't, there is going to be a lot
of pressure from shareholders as to why one bank is considering
the loans non-performing and another bank is not."
    Wood Gundy Inc bank analyst Patricia Meredith said any
willingness by a major Brazilian bank creditor such as Citicorp

<
CCI> to declare its Brazilian loans non-performing rather than
let Brazil dictate settlement terms would provide a compelling
example for other creditor banks.
    "In order to make that strategy work, they (Citicorp) have
to have the support of the other banks," said Meredith.
    Bank analyst Michael Walsh at First Marathon Securities Ltd
said at least one Canadian bank, which he declined to identify,
"wants to put (the Brazilian loans) on a non-performing basis
and is trying to encourage the others to take that position."
    Canadian banks are owed about seven billion Canadian dlrs
by Brazil, which late last month suspended interest payments on
its 68 billion U.S. dlr foreign bank debt.
    Banks in Canada, although allowed to wait up to 180 days
before declaring loans on which they are receiving no interest
as non-performing, usually move on such loans within 90 days.
They could therefore delay action on the Brazilian loans until
late May, which falls in Canadian banks' third quarter ending
July 31.
    
<
Bank of Montreal>, Brazil's largest Canadian bank
creditor, said last week it was not currently considering
declaring its 1.98 billion dlrs of Brazilian loans as
non-performing.
    "I think that is just for the benefit of the public," Walsh
said of Bank of Montreal's statement. 
    Some analysts predicted minimal earnings impact on Canadian
banks from a move to declare the Brazilian loans
non-performing.
    They said Brazil would likely resume interest payments by
the banks' fiscal year-end on October 31, thus allowing banks
to recoup their lost interest income.
    "From what Brazil has said, it is quite likely the banks
will get the money," said Meredith. "My outlook at this point is
optimistic that there will be no adjustment for the full-year's
earnings."
    Meredith forecast 1987 fully diluted per share earnings of
3.80 dlrs for 
<
Royal Bank of Canada> compared with 3.74 in
1986; 4.30 dlrs for 
<
Bank of Montreal> compared with 3.59; 2.25
dlrs for 
<
Canadian Imperial Bank of Commerce> compared with
2.23;  2.15 dlrs for 
<
Bank of Nova Scotia> compared with 1.94,
and 2.85 dlrs for 
<
Toronto Dominion Bank> against 2.74.
    She forecast 1.90 dlrs for 
<
National Bank of Canada>
against 3.30 dlrs before a two for one stock split.
    Analyst Pulcine said she might lower full-year earnings
estimates for the banks by between two cts and 10 cts a share,
assuming a possible settlement reduced Brazil's interest costs.
    "If the banks didn't receive anything for the rest of the
fiscal year, the impact could range from 16 cts to 70 cts a
share. But I don't see that as a likely scenario," Pulcine said.
    Walsh at First Marathon suggested, however, that the
Brazilian debt situation was so complex that "it could drag on
beyond one full fiscal year."
    He said he foresaw having to lower his 1987 fiscal earnings
forecasts for the banks. He estimated that Brazil's yearly
interest payments to Canadian banks totaled about 575 mln dlrs
or about 10 pct of their total 1986 pre-tax earnings.
 Reuter
3;
bodyend
documentend
documentstart
11124
topicstart
iron-steel
alum
earn
topicend
bodystart
2;

VENEZUELA PLANS METALS INVESTMENT FOR 1987-89


    CARACAS, March 30 - 
The Venezuela Guayana Corporation, CVG,
which oversees the state steel, iron, aluminum and other
industries, will invest 75 billion bolivars in new projects
during 1987-89, CVG president Leopoldo Sucre Figarella
announced.
    The investments will go to plant expansion, infrastructure
and the extension of hydroelectric facilities in the
mineral-rich Guayana region, south of the Orinoco river.
    Sucre Figarella told a news conference the CVG's 12
companies showed an overall increase of 120 pct in profits,
which rose from 1.732 billion bolivars in 1985 to 3.926 billion
bolivars last year.
    Among the best performers was steel company Sidor which
earned 1.019 billion bolivars, the first time since 1978 Sidor
turned a profit.
    The gain was made possible in part by the refinancing of
1.619 mln dollars of foreign debt.
    CVG's three aluminum companies also showed substantial
gains. Interalumina, which makes the intermediate material
alumina, had an increase in profits from 116 to 217 mln
bolivars, Alcasa earned 487 mln bolivars, as compared to 1985's
412 mln and Venalum's profits rose by around half, from 1.042
to 1.504 bln bolivars.
    Meanwhile, the state iron company Ferrominera saw its
profits rise from 156 mln bolivars in 1985 to 204 mln bolivars
last year.
 Reuter
3;
bodyend
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documentstart
11126
topicstart
acq
topicend
bodystart
2;

INFINITY 
<
INFTA> TO PURCHASE AM/FM STATION


    NEW YORK, March 30 - 
Infinity Broadcasting Corp said it
entered an agreement to acquire radio stations KVIL AM/FM from
Sconninx Broadcasting Co for 82 mln dlrs.
    Upon completion of the transaction, Infinity will own nine
FM and four AM stations in 10 major markets.
    The transaction is subject to FCC approval.
 Reuter
3;
bodyend
documentend
documentstart
11127
topicstart
bop
topicend
bodystart
2;
******
N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT 78 MLN V 93 MLN JAN - GOVT

Blah blah blah.
3;


bodyend
documentend
documentstart
11128
topicstart
earn
topicend
bodystart
2;

BULL AND BEAR GROUP INC 
<
BNBGA> YEAR END DEC 31


    NEW YORK, March 30 -
    
Shr loss 45 cts vs profit 25 cts
    Net loss 641,000 vs profit 352,000
    Revs 5,747,000 vs 3,038,000
 Reuter
3;
bodyend
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documentstart
11129
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 30 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Bank of New England 
<
BKNE> - Offering of 200 mln dlrs of
subordinated capital notes due 1999 through an underwriting
group led by Morgan Stanley and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
11131
topicstart
topicend
bodystart
2;

NAPLES FEDERAL 
<
NAF> REVISES LOAN AGREEMENT


    NAPLES, Fla, March 30 - 
NAFCO Financial Group Inc's Naples
Federal Savings and Loan Association said it revised a loan
agreement with Punta Gorda Isles.
    Naples agreed to extend the maturity and increase 20.7 mln
dlrs in PUnta's outstanding loans by nine mln dlrs.
    The new loan will enable Punta to pay off 10.4 mln dlrs of
indebtedness to another lender and provide it with working
capital.
    As a result of the payoff of the other loan, Naples will
have a first lien position on all of Punta's holdings.
 Reuter
3;
bodyend
documentend
documentstart
11132
topicstart
earn
topicend
bodystart
2;

FRETTER INC 
<
FTTR> 4TH QTR JAN 31 NET


    LIVONIA, Mich., March 30 -
    
Shr loss five cts vs profit 36 cts
    Net loss 784,000 vs profit 4,793,000
    Revs 90 mln vs 79 mln
    Year
    Shr profit 27 cts vs profit 65 cts
    Net profit 4,010,000 vs profit 8,539,000
    Revs 273 mln vs 214 mln
 Reuter
3;
bodyend
documentend
documentstart
11133
topicstart
acq
topicend
bodystart
2;

AMFAC 
<
AMA> TO SELL STORE


    SAN FRANCISCO, March 30 - 
Amfac Inc said it entered an
agreement to sell the last remaining store of its original
Liberty House of California operation to H and S - San Mateo
Inc.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
11134
topicstart
acq
topicend
bodystart
2;

HARPER INTERNATIONAL 
<
HNT> IN ACQUISITION


    SAN ANTONIO, Texas, March 30 - 
Harper International Inc
said it intends to buy the major asset, patents and trade name
of Demarkus Corp, a designer and installer of process gas
systems for the soft drink and brewing industries.
    The purchase price is about 125,000 dlrs.
    Demarkus' sales were 470,000 dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
11135
topicstart
dlr
money-fx
topicend
bodystart
2;

SARNEY TEMPORARILY LEGALISES DLR PARALLEL MARKET


    By Rene Villegas, Reuters


    BRASILIA, MARCH 30 - 
Brazilian President Jose Sarney
announced a move which temporarily legalises the purchase of
U.S. Dollar currency in the parallel market, aimed at promoting
imports of foreign goods.
    In a speech, Sarney justified his measure as a need to face
"current well known difficulties to obtain foreign loans for the
purchase of goods."
    The parallel market, although tolerated, is technically
illegal. For the past year, the dollar in the parallel market
is being sold at 25 to 100 pct above the official rate.
    Sarney's decision means that Brazilian importers of
machinery and industrial equipment can buy dollar currency in
the parallel market without having to wait for the issuing of
an official order from the Banco do Brasil's Foreign Trade
Department (Cacex).
    Sarney also announced measures to boost exports in an
effort to strengthen the country's trade balance and alleviate
the risk of a reduction of foreign loans for this sector of the
economy.
    The president authorised the National Foreign Trade Council
(CONEX) to resume operating as the ruling body of Brazil's
trade policy, with participation of the private sector.
    The Council had been closed three years ago by the military
government of former President Joao Figueiredo.
    Tomorrow, Brazil was due to fulfill payment of 15 billion
dollars in short range credit lines, but its economic officials
have suggested a 60-day extension in the deadline in order to
seek a renegotiation with its creditors.
    Sarney told members of the Council that for Brazil it is a
must to recover its annual trade balance surplus to the 12
billion dollars average recorded in 1984 and 1985, and which
dropped sharply last year to 8 billion dollars.
    He attributed the poor performance of Brazil's trade
balance in 1986 to protectionist moves by industrialised
countries, the fall in the prices of basic goods and the crisis
faced by several of Brazil's Third World trade partners.
 Reuter
3;
bodyend
documentend
documentstart
11136
topicstart
acq
topicend
bodystart
2;

OLSON INDUSTRIES 
<
OLSN> TO SELL EGG OPERATIONS


    SHERMAN OAKS, Calif, March 30 - 
Olson Industries Inc said
it signed a letter of intent to sell substantially all of its
remaining egg operations to Sunny Fresh Foods inc.
    Olson said it expects to receive about nine mln dlrs from a
combination of a sale of tangible assets to Sunny Fresh and
realization of intangible and other assets by Olson.
    The transaction is expected to result in a charge for
discontinued operations of about two mln dlrs but is also
expected to generate substantial cash flow to pay off
egg-related indebtedness of about 7.5 mln dlrs and to further
improve working capital.
 Reuter
3;
bodyend
documentend
documentstart
11137
topicstart
bop
topicend
bodystart
2;

N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT NARROWS


    WELLINGTON, March 31 - 
New Zealand's current account
deficit narrowed to 78 mln dlrs in February from 93 mln in
January and 233 mln in February 1986, in a smoothed seasonally
adjusted measurement, the statistics department said.
    This is the first time current account figures have
appeared in a seasonally adjusted form.
    Non-seasonally adjusted but smoothed figures show a deficit
of 112 mln dlrs against 144 mln in January and 281 mln in
February 1986.
    Totally unadjusted figures show a deficit of 47 mln dlrs
against 168 mln in January and 227 mln in February 1986.
    The smoothed seasonally adjusted series shows a surplus on
merchandise trade of 174 mln dlrs after 161 mln in January and
33 mln in February 1986.
    Smoothed but non-seasonally adjusted figures show a
merchandise trade surplus of 114 mln dlrs against 81 mln in
January and a 47 mln dlr deficit in February 1986.
    Unadjusted merchandise figures show a surplus of 168 mln
against 36 mln in January and 22 mln in February 1986.
    The deficit on invisibles was 241 mln dlrs against 242 mln
in January and 250 mln in February 1986.
    The smoothed but not seasonally adjusted deficit on
invisibles was 226 mln dlrs against 225 mln in January and 234
mln in February 1986.
    The unadjusted deficit on invisibles was 215 mln dlrs
against 204 mln in January and 249 mln in February 1986.
    Seasonally adjusted export and import figures were not
available but the department said they will be included in
future current account data.
    Smoothed but non-seasonally adjusted exports were 924 mln
dlrs, unchanged from January, against 843 mln in February 1986.
    Smoothed but non-seasonally adjusted imports were 810 mln
dlrs against 843 mln in January and 890 mln in February 1986.
 Reuter
3;
bodyend
documentend
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11139
topicstart
acq
topicend
bodystart
2;
******
GENCORP REJECTS UNSOLICITED TAKEOVER BID FROM AFG INDUSTRIES/WAGNER AND BROWN

Blah blah blah.
3;


bodyend
documentend
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11142
topicstart
topicend
bodystart
2;

SOCIETY FOR SAVINGS 
<
SOCS> TO OFFER NOTES


    HARTFORD, Conn, March 30 - 
Society for Savings said it will
offer up to 100 mln dlrs aggregate principal amount of its
medium-term notes, with maturities from one year up to five
years from the date of issue.
    Each note will bear interest at a fixed rate or variable
rate formula established at the time of issuance, it said.
 Reuter
3;
bodyend
documentend
documentstart
11143
topicstart
acq
topicend
bodystart
2;

GROUP SELLS STAKE IN COMDATA NETWORK 
<
CDN>


    WASHINGTON, March 30 - 
A group of investment firms which
had once sought control of Comdata Network Inc, told the
Securities and Exchange Commission it sold its remaining
1,113,500-share, or 5.9 pct, stake in the company.
    The group, which had owned as much as 9.5 pct of the total,
said it sold the stake on March 27 at 15-3/4 dlrs a share. Last
week it sold 455,000 Comdata shares.
    Group members are CNI Partners, an investment partnership,
Mason Best Co, a Texas investment partnership, and Houston
Imperial Corp, a real estate development firm.
 Reuter
3;
bodyend
documentend
documentstart
11144
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> REJECTS UNSOLICITED TAKEOVER BID


    AKRON, OHio, March 30 - 
Gencorp Inc said its board urged
shareholders to reject the hostile unsolicited 100 dlr a share
tender offer made March 18 by General Acquisition Inc, an
affiliate of Wagner and Brown and AFG Industries INc.
    Gencorp also said it is developing a financially superior
alternative that would enable shareholders to benefit from the
full value of the company.
    In a letter to shareholders, Chairman A. William Reynolds 
said the offer is a "highly conditional, contingently financed
bust-up offer" that seeks to deny shareholders the true value
of their investment in Gencorp.
    Reynolds said the board reached its decision to reject the
offer after careful study with legal and financial advisers. He
said the board has authorized management to explore
alternatives aimed at providing shareholders with a
"financially superior" alternative to the general acquisition
offer.
    A Gencorp spokesman, in response to questions, would not
comment on market speculation that the company's management may
develop a leveraged buyout offer of its own. He would also not
comment on when a better alternative might be developed.
    Gencorp's stock has traded well above the 100 dlr offer
price since the tender was made. Today, Gencorp closed at
114-1/4, up 1-5/8.
    Reynolds said in the letter that for the last few years,
Gencorp management has taken action to enhance shareholder
value, and the stock price and earnings have improved since he
joined the company.
    Gencorp said the partnership's offer is a "bargain price"
acquisition that was "using financing from a syndicate of banks
that does not yet exist and a bridge loan from Shearson Lehman
brothers that shearson is not obligated to provide."
    Reynolds also said the offer would result in a radical
alteration and selloff of Gencorp's assets, including Aerojet
General to refinance General Acquisition's borrowings with the
profits going to Wagner and Brown and AFG instead of
shareholders.
    The letter also said the General Acquisition offer
"jeopardizes the security and interests" of its shareholders,
employees, customers, suppliers and the communities throughout
the country where the company's facilities are located.
 Reuter
3;
bodyend
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11145
topicstart
earn
topicend
bodystart
2;

DOME MINES LTD 
<
DM> 4TH QTR NET


    TORONTO, March 30 -
    
Shr profit 17 cts vs loss three cts
    Net profit 14,918,000 vs loss 2,732,000
    Revs 74.8 mln vs 54.7 mln
    YEAR
    Shr profit 80 cts vs profit 15 cts
    Net profit 71.6 mln vs profit 12.2 mln
    Revs 293.4 mln vs 222.8 mln
    Note: 1986 fl-yr net includes extraordinary gain of 56.3
mln dlrs from investment sales, gain on share issue by 57
pct-owned Campbell Red Lake Mines Ltd 
<
CRK> and provision for
decline in value of marketable securities. 1985 fl-yr net
includes gain of 10.1 mln dlrs.
    1985 revs restated to exclude revenues from discontinued
coal mining operations.
    Under U.S. accounting practises, Dome Mines would have
reported 1986 loss of 192.9 mln dlrs or 2.17 dlrs shr vs yr-ago
loss of 24.9 mln dlrs or 32 cts shr, reflecting different
principles in accounting for 22 pct stake in Dome Petroleum Ltd

<
DMP> and 1986 oil and gas writedown.
 Reuter
3;
bodyend
documentend
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11148
topicstart
topicend
bodystart
2;

PHILIPPINES TO REPAY SOME PRINCIPAL IN 1987-89


    By Alan Wheatley, Reuters


    NEW YORK, March 30 - 
The Philippine government has quietly
agreed to make token payments of principal in each of the next
three years as part of its 10.3 billion dlr commercial bank
debt rescheduling package finalized last Friday, bankers said.
    Manila will pay foreign banks 37 mln dlrs a year in 1987,
1988 and 1989, representing four pct of a 925 mln dlr loan
signed in 1985. Amortizations on the loan were not due to begin
until 1990, but the Philippines agreed to make the extra 111
mln dlr prepayment in order to win a relatively low interest
margin of 7/8 pct over Eurodollar rates, bankers said.
    Bankers said they insisted on the principal repayments so
that they could justify a margin of 7/8 pct by drawing a direct
parallel between the Philippines and Venezuela, which won a 7/8
pct spread on a 21 billion dlr debt rescheduling package last
month.
    After the Venezuelan deal was clinched, leading New York
bankers hurried to argue that 7/8 pct was the new benchmark
spread for a debtor nation that was current on interest, was
not seeking new money and was amortizing loan principal.
    Previously, the 13/16 pct margin granted to Mexico was seen
by debtors as the margin to strive for.
    The Philippines, which met the first two Venezuelan
criteria but not the third, was adamant that it could not
accept a spread higher than 7/8 pct.
    Bankers could not back down either because they would have
had to sacrifice millions of dollars in profits and may have
thrown the door open to other debtors, notably Argentina and
Brazil, to claim even finer spreads than Mexico's.
    In the end, the compromise saved face for the banks. "The
banks were agonizing how to reconcile this package with
Venezuela's. This allowed them to walk out and say, We've kept
faith with the Venezuelan precedent," one source said.
    The prepayments, although modest, were not apparently
something that the Philippine negotiators wanted to dwell upon
as they sought to portray their 17-year rescheduling agreement
as better than Mexico's.
    Finance minister Jaime Ongpin did not refer to the
prepayments at a news conference he held in New York on Friday
to announce the rescheduling agreement.
    And an accompanying press release referred only obliquely
to the fact that the 7/8 pct margin will increase to one pct
"as long as the Philippines pays amortizations as agreed with
the banks."
    The threat of a higher margin gives the Philippines every
incentive to make the extra payments, and the government has
indicated that it will in fact do so, bankers said.
    Furthermore, by paying back ahead of schedule some of the
last loan it raised, the Philippines will be hoping to make a
good impression on the international banking community.
    Ongpin said the country should not have a financing gap
before the end of next year at the earliest, depending on the
success of the Philippine Investment Note issues which are
planned, but some bankers say they are already braced for new
loan requests for 1988 and 1989.
 Reuter
3;
bodyend
documentend
documentstart
11149
topicstart
crude
topicend
bodystart
2;

U.S. SHOULD REASSESS MIDEAST POLICY - ANALYST


     SAN ANTONIO, TEXAS, March 30 - 
The U.S. should reassess
its Mideast policy in light of its rising dependence on
imported oil, according to Charles Ebinger of the Center for
Strategic and International Studies.
     "The prospect of rising dependence on oil imports from the
Gulf, and the recent revelations of the Tower Commission
report, mandate more than ever before the need for a
fundamental reassessment of U.S. interests in the Middle East,"
Ebinger said.
     He remarks were made in an address to the National
Petroleum Refiners Association meeting.
     "Although in the short run it is difficult to see a direct
link between Arab anger and threats to oil supplies, in the
current environment it will be increasingly difficult for
moderate Arab leaders to be seen as friendly to U.S.
interests," Ebinger said.
     Oil traders said threats to oil supplies has kept crude
oil prices strong recently although some believe prices will be
weaker if demand falls in the spring.
    But William Randol, analyst at First Boston Corp, said
crude oil prices will hold  near current levels this spring.
    There will be no spring downturn, said Randol, speaking at
the annual refiner meeting. He said there is a 40 pct chance
that crude oil prices could move higher in the second half of
the year, following an OPEC meeting scheduled for late June.
    He said he expects OPEC will extend its current agreement
to restrict production.
    OPEC will renew its production pricing agreement in June
because the value of the oil exports of the OPEC producers  has
declined along with the U.S. dollar, Randol said.
    OPEC oil exports are priced in U.S. dollars, and the dollar
has fallen about 30 pct in the last 18 months.
    Randol said U.S. crude oil imports will increase 3.5 to
four mln barrels per day by 1990 as consumption rises 1.5 to
two mln bpd, and supplies decline two mln bpd.
 Reuter
3;
bodyend
documentend
documentstart
11153
topicstart
earn
topicend
bodystart
2;

ENVIROSURE MANAGEMENT CORP 
<
ENVS> 1ST QTR LOSS


    BUFFALO, N.Y., March 30 - 
Qtr ended Nov 30
    Shr loss nil vs profit nil
    Net loss 1,321,940 vs profit 128,164
    Revs 4,582,260 vs 5,115,456
 Reuter
3;
bodyend
documentend
documentstart
11154
topicstart
earn
topicend
bodystart
2;

COMMERCIAL METALS CO 
<
CMC> SETS QTLY DIVIDEND


    DALLAS, March 30 - 
    
Qtly div eight cts vs eight cts prior
    Pay April 24
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
11156
topicstart
earn
topicend
bodystart
2;

IMPERIAL 
<
ICA> DECLARES FIRST DIV SINCE 1981


    SAN DIEGO, Calif, March 30 - 
Imperial Corp of America said
it declared a 10 cts dividend and four pct stock dividend on
APril 25 to holders of record April 10.
    This is the first dividend payment since 1981, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
11158
topicstart
earn
topicend
bodystart
2;
SMITH INTERNATIONAL INC 
<
SII> 4TH QTR LOSS
    NEWPORT BEACH, Calif.
    Shr loss 1.95 dlrs vs loss 9.10 dlrs
    Net loss 44.4 mln vs 206.8 mln
    Revs 84.1 mln vs 172.4 mln
    Year
    Shr loss 6.56 dlrs vs loss 11.66 dlrs
    Net loss 149.0 mln vs loss 265.1 mln
    Revs 415.2 mln vs 697.3 mln
    Note: Current qtr net includes pretax charges of 10.7 mln
dlrs against inventory adjustments and currency costs related
to fluctuations of Italian lira.
    Current year net includes pretax charges of 46.6 mln dlrs
for provision to reduce carrying value of excess capital assets
and to writedown certain inventories and other assets. Also
includes charges of 18 mln dlrs covering costs of workforce
reductions, relocation and Chapter 11.
     Year-ago net includes pretax charges related to judgment
against company in litigation with Hughes Tool Co of 189.1 mln
for qtr and 216.9 mln dlrs for 12 mths.
 Reuter
3;


bodyend
documentend
documentstart
11159
topicstart
jobs
topicend
bodystart
2;
******
Japan February unemployment falls to 2.9 pct (3.0 pct in January) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
11160
topicstart
jobs
topicend
bodystart
2;

JAPAN UNEMPLOYMENT FALLS IN FEBRUARY


    TOKYO, March 31 - 
Japan's seasonally adjusted unemployment
rate fell to 2.9 pct in February from the record 3.0 pct in
January, the government's Management and Coordination Agency
said.
    The January level was the worst since the Goverment started
compiling unemployment statistics under the current system in
1953.
    Unemployment was up from 2.8 pct a year earlier.
    Unadjusted February unemployment totalled 1.86 mln people,
up from 1.82 mln in January and 1.64 mln a year earlier.
    Male unemployment in February remained at 2.9 pct, equal to
the second-highest level set in January and December. Record
male unemployment of 3.1 pct was set in July 1986.
    Female unemployment rose to a record 3.1 pct in February
from the previous record 3.0 pct marked in January 1987 and in
April, August, September and December last year.
    "Japan's employment condition was still severe in February
as the non-rounded rate of unemployment in February fell only
0.03 percentage points to 2.93 pct from 2.96 pct in January," an
agency official said.
    Employment in manufacturing industries fell 430,000 from a
year earlier to 14.22 mln people in February due to the yen's
continued appreciation, while employment in non-manufacturing
industries rose 380,000 to 12.11 mln.
    In manufacturing industries, employment in the textile
industry fell 180,000 to 1.94 mln in February, while in
ordinary and precision machinery industries it fell 160,000 to
1.50 mln.
 REUTER
3;
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11161
topicstart
acq
topicend
bodystart
2;

PARTNERS CALL GENCORP
<
GY> RESPONSE UNPRODUCTIVE


    NEW YORK, March 30 - 
General Acquisition Co said it was
disappointed by Gencorp's response to its tender offer and
questioned how the company might give better value to
shareholders.
    Gencorp earlier urged shareholders to reject a 100 dlr per
share tender offer from the partnership, which includes Wagner
and Brown and AFG Industries Inc. The company said it was
studying financially superior alternatives.
   The partnership called the response inflammatory and
unproductive, particularly since it had attempted to discuss
the offer with Gencorp.
     The partnership said Gencorp failed to say how it would
provide a "superior value yet they continue their attempt to
prevent a satisfactory offer by failing to redeem their poison
pill." Poison pills are shareholder rights plan that make
takeovers more expensive.
    Gencorp said in its statement earlier that the date its
rights will trade separately from the common stock was extended
to April six from April three. It said the extension was
subject to further extensions by the board and is conditioned
on no person aquiring beneficial ownership of 20 pct or more of
Gencorp prior to April six.
    General Acquisition said it is confident its offer can be
completed in a timely manner using its financial arrangements.
    The partnership in its statement again urged management to
work with it to facilitate a transaction.
   
 Reuter
3;
bodyend
documentend
documentstart
11162
topicstart
dlr
topicend
bodystart
2;
******
MIYAZAWA SAYS DOLLAR BELOW 150 YEN IS COUNTER TO PARIS ACCORD

Blah blah blah.
3;


bodyend
documentend
documentstart
11163
topicstart
dlr
topicend
bodystart
2;

DLR BELOW 150 YEN COUNTER TO PARIS PACT - MIYAZAWA


    TOKYO, March 31 - 
Finance Minister Kiichi Miyazawa said he
regards a U.S. Dollar below 150 yen as counter to the agreement
struck by major nations in Paris last month.
    He told the Upper House Budget Committee in Parliament that
Japan intervened in the market when the dollar went below 150
yen, as it considered the dollar's fall below that level
counter to the spirit of the Paris accord.
    Commenting on current foreign exchange movements, Miyazawa
said Japan would watch developments for another couple of days.
    Institutional investors appeared to have sold dollars to
hedge currency risks ahead of the end of the financial year
today, Miyazawa said.
    Behind the recent dollar fall lies the market perception
that major nations were not doing enough to implement their
policies under the Paris pact, he said, noting that passage of
Japan's 1987/88 budget has been delayed.
    He said that now was the time for major nations to act
under the Paris accord. The U.S., West Germany, France,
Switzerland and Britain have intervened on their own account to
prop up the dollar, he said. This was a concerted action.
 REUTER
3;
bodyend
documentend
documentstart
11164
topicstart
dlr
topicend
bodystart
2;
******
BANK OF JAPAN BUYS DOLLARS AROUND 145.75 YEN - DEALERS

Blah blah blah.
3;


bodyend
documentend
documentstart
11166
topicstart
sugar
topicend
bodystart
2;

PAKISTAN BIDS FOR IMPORT OF 100,000 TONNES SUGAR


    KARACHI, March 30 - 
Trading Corp of Pakistan Ltd said it
had invited tenders up to April 11, 1987 for the import of
100,000 tonnes of white refined crystal sugar up to June.
    It said each cargo should consist of 15,000 tonnes. Four
cargoes should reach Port Bin Qasim or Karachi Port (buyers
option) by May 31 and the balance by June 30, 1987, it added.
 REUTER
3;
bodyend
documentend
documentstart
11168
topicstart
earn
topicend
bodystart
2;

WOODSIDE PETROLEUM LTD 
<
WPLA.S> 1986 YEAR


    MELBOURNE, March 31 -
    
Shr nil vs same
    Final and yr div nil vs same
    Pre-tax, pre-minorities loss 3.53 mln dlrs vs profit 17.40
mln.
    Net attributable loss 17.14 mln dlrs vs loss 8.73 mln
    Sales 220.84 mln vs 173.50 mln
    Other income 17.77 mln vs 12.02 mln
    Shrs 666.67 mln vs same.
    NOTE - Attributable net loss is after tax 10.04 mln dlrs vs
18.59 mln, interest 82.36 mln vs 65.94 mln, depreciation 64.77
mln vs 35.74 mln and minorities 3.57 mln vs 7.55 mln but before
net extraordinary loss 1.22 mln vs loss 3.91 mln.
 REUTER
3;
bodyend
documentend
documentstart
11170
topicstart
housing
topicend
bodystart
2;

JAPAN HOUSING STARTS RISE IN FEBRUARY


    TOKYO, March 31 - 
Japan's housing starts in February rose
13.4 pct from a year earlier to 109,254, the 10th successive
year-on-year gain, the Construction Ministry said.
    February housing starts were up 16.8 pct from 93,554 in
January when they fell 27.4 pct from a month earlier but rose
10.3 pct from a year earlier.
    Higher housing starts were mainly due to a 26.8 pct
year-on-year rise in apartment building starts to 51,829 for
the 56th consecutive gain, spurred primarily by lower domestic
interest rates.
 RUTER
3;
bodyend
documentend
documentstart
11171
topicstart
earn
topicend
bodystart
2;

WOODSIDE SAYS LOSS REFLECTS LOWER OIL PRICES


    MELBOURNE, March 31 - 
Woodside Petroleum Ltd 
<
WPLA.S> said
its 1986 net loss largely reflected the drop in oil prices
combined with a large tax provision.
    Woodside earlier reported attributable net loss rose to
17.14 mln dlrs in 1986 from 8.73 mln in 1985, although group
revenue rose to 220.84 mln from 173.50 mln.
    It said it should have received a 1.7 mln dlr tax credit
but instead made a 10.04 mln dlr tax provision. This largely
related to its 
<
Vamgas Ltd> unit, non-allowable exchange losses
and tax benefits from the North-West Shelf project not
recognised in the accounts.
    Woodside said the rise in revenue largely reflected full
year sales of gas and condensate from the domestic phase of the
Shelf project, against six month sales in 1985.
    Offsetting this was a 23 pct fall in the Cooper Basin gas
and liquids revenue of its 50.6 pct-owned Vamgas unit.
    Since the balance date Woodside has accepted a Santos Ltd

<
STOS.S> takeover offer for Vamgas.
    Woodside said a 92.8 mln dlr capital profit on the sale
would be included in the 1987 accounts.
    It said it lifted capital spending on fixed assets to 269.6
mln dlrs from 178.3 mln, mostly on the Shelf project.
 REUTER
3;
bodyend
documentend
documentstart
11173
topicstart
sugar
topicend
bodystart
2;

THAILAND EXPECTS SMALLER SUGARCANE OUTPUT


    BANGKOK, March 31 - 
Thailand's sugarcane output will fall
to about 23.55 mln tonnes in the 1986/87 (November-October)
season from 24.09 mln in 1985/86, the Agriculture Ministry
said.
    It said a January survey put the total area under sugarcane
at 545,528 hectares, down from 556,860 hectares the previous
year.
    The national average yield is expected to fall to 43.17
tonnes/hectare from 43.22 tonnes in 1985/86, it said.
 REUTER
3;
bodyend
documentend
documentstart
11174
topicstart
trade
topicend
bodystart
2;

EUROPEAN COMMUNITY TO SET UP OFFICE IN PEKING


    PEKING, March 31 - 
China and the European Community (EC)
signed an agreement on the establishment of an EC office here.
    Chinese vice-foreign minister Zhou Nan and the EC's
external relations commissioner, Willy De Clercq, signed the
accord. EC sources said the office was likely to open in the
second half of this year.
    In 1986 the EC was China's third largest trading partner,
with Chinese imports from the EC worth 5.7 billion dlrs and
exports worth 2.6 billion dlrs.
    De Clercq told the official China Daily that more joint
ventures should be set up in China as a way of reducing China's
trade deficit with the EC.
    The EC's affairs in China are currently looked after by
whichever country holds the group's six-monthly rotating
presidency, now held by the Belgians until the Danes take over
in July.
 REUTER
3;
bodyend
documentend
documentstart
11175
topicstart
trade
topicend
bodystart
2;

TRADE FRICTION THREATENS TO TOPPLE NAKASONE


    By Linda Sieg, Reuters


    TOKYO, March 31 - 
Prime Minister Yasuhiro Nakasone may have
been dealt a fatal political blow by the yen's renewed rapid
rise and the threat of a trade war with the United States,
political analysts said.
    Nakasone, already under fire over an unpopular tax reform
plan, may now be forced to resign before the June economic
summit of seven industrialised nations if local elections later
next month go against candidates from his ruling Liberal
Democratic Party (LDP), they said.
    "The close relationship between Nakasone and President
Reagan was an important element of Nakasone's power base,"
Waseda University Political Science Professor Mitsuru Uchida
told Reuters. "So the emergence of U.S. Criticism damages
Nakasone."
    Even before the latest trade friction flared, Nakasone was
encountering criticism not only from opposition parties but
also within his own LDP over his proposal to levy a sales tax.
    "Many factions within the LDP are distancing themselves from
Nakasone," Uchida said. "His position within the LDP itself is
not so strongly established today."
    Nakasone, who has been more popular with the general public
than with many LDP members, is now seeing his public support
eroded, the analysts said.
    The yen's rise to record highs and the U.S. Threat on
Friday to impose tariffs on Japanese electronics goods in
retaliation for Japan's alleged violation of a microchip trade
pact are now giving Nakasone's critics fresh ammunition, the
analysts said.
    "Apparently the special relationship between Reagan and
Nakasone hasn't worked effectively," Rei Shiratori, director of
the Institute for Political Studies in Japan, said.
    This is making the Japanese people doubt Nakasone's
credibility, Shiratori told Reuters.
    The cumulative impact of the sales tax issue, the yen's
rise and mounting trade friction could mean serious LDP losses
in the April 11 and 26 local elections, analysts said.
    "If the elections go against the LDP, Nakasone may have to
resign early," Shiratori said.
    But Nakasone still has a chance to soothe U.S. Tempers
before or during his week-long Washington visit from April 29,
some analysts said.
    However, "unless the Japanese political system can move more
quickly to give Nakasone some nice present to take to
Washington on smouldering trade issues, he will face a very
hostile audience," said Merrill Lynch Securities economist
William Sterling.
    "If the trip is a major disaster, it would seem to put the
final nail in his coffin," he said.
    Reagan's own weakened domestic position, and growing
Republican as well as Democratic anger with Japan, argue
against a quick settlement to the trade dispute, the analysts
said.
    But a desire on both sides to find some solution, coupled
with uncertainty at home and abroad over likely successors to
Nakasone, could still lead to an attempt to paper over the
differences and aid Nakasone, they said.
    "One factor against a trade war may be that Washington is
not anxious to push Nakasone into his grave," Sterling said.
 REUTER
3;
bodyend
documentend
documentstart
11177
topicstart
acq
topicend
bodystart
2;

CSR SELLING DELHI TO EXXON UNIT, DROPS DELHI FLOAT


    SYDNEY, March 31 - 
CSR Ltd 
<
CSRA.S> and Exxon Corp 
<
XON>
unit 
<
Esso Exploration and Production Australia Inc> said CSR
has agreed to sell its 
<
Delhi Australia Fund> (DAF) to Esso for
985 mln Australian dlrs.
    The sale is effective from tomorrow, they said in a joint
statement.
    The previously announced float of part of its Delhi
interest will not now proceed, CSR said in the statement.
    Delhi Australia Fund owns 
<
Delhi Petroleum Pty Ltd>, which
holds an average of 25 pct in the Santos Ltd 
<
STOS.S>-led
Cooper and Eromanga Basin gas and liquids projects.
    In addition to the purchase price, CSR will share equally
in any returns due to increases in crude oil and condensate
prices over certain levels for liquids produced from Delhi's
interests in the next two years, the statement said.
    "The Esso proposal to purchase all the Delhi interest will
be more beneficial to our shareholders than proceeding with the
float," CSR chief executive Bryan Kelman said in the statement.
    Kelman said the sale of Delhi would enable CSR to focus
efforts on expanding business areas such as sugar and building
materials in which CSR has had long and successful management
experience and strong market leadership.
    With the sale, CSR will be able to expand those businesses
more aggressively and earlier, he said.
    As reported separately, soon after announcing the Delhi
sale CSR launched a takeover bid for the 68.26 pct of 
<
Pioneer
Sugar Mills Ltd> that it does not already hold, valuing its
entire issued capital at 219.6 mln dlrs.
    After Bass Strait, the onshore Cooper and Eromanga Basin is
Australia's largest oil and gas producing area with current
gross oil production of 45,000 barrels per day (BDP), gas
liquids output of 30,000 BPD and gas sales of 480 mln cubic
feet a day, the CSR-Esso statement said.
    The purchase gives Esso, a 50/50 partner with The Broken
Hill Pty Co Ltd 
<
BRKN.S> in the Bass Strait, its first onshore
production in Australia, they said.
    Esso's chairman Stuart McGill said he hoped Esso can assist
in maintaining the high rate of oil and gas discoveries in the
Cooper-Eromanga area.
    "These discoveries will help Australia's self-sufficiency in
oil reserves thereby offsetting in part the decline in Bass
Strait production now under way," McGill said.
    In a separately released letter to CSR shareholders, Kelman
said CSR was within days of completing plans for the float of
CSR Petroleum when it received an offer from Esso.
    He said CSR is convinced the sale was the correct decision
in view of the risks associated with the oil business.
    The price-sharing arrangement provides for CSR to share
equally with Esso in higher returns if oil prices average more
than 20 U.S. Dlrs a barrel in the next two years, he said.
    Kelman said a revaluation of CSR's investment in Delhi to
net realisable value as of today, CSR's annual balance-date,
will result in an extraordinary loss of 97 mln dlrs.
    However, revaluations and profits on sales of other assets
will significantly reduce this loss, he said.
    He also said that CSR is sufficiently encouraged by future
prospects and the opportunity to reposition the group in core
businesses to foreshadow an increase in final dividend payable
in July to 10 cents from nine to make an annual 19 cents
against 18 in 1985/86.
 REUTER
3;
bodyend
documentend
documentstart
11179
topicstart
iron-steel
topicend
bodystart
2;

JAPAN TO PAY FIVE PCT LESS FOR INDIAN IRON ORE


    NEW DELHI, March 31 - 
Japan will pay five pct less for the
Indian iron ore it imports in fiscal 1987/88 starting April 1
than the average 18 dlrs a tonne it paid in 1986/87, a
government trade official told Reuters.
    He said India had agreed to export to Japan about 23 mln
tonnes of iron ore in 1987/88, about the same as in the current
year.
    The official described the agreement as satisfactory
overall. He said it was signed by an official Indian trade
delegation and Japanese businessmen in Tokyo last week.
    The official said it was encouraging that Japan had agreed
not to reduce ore imports from India although Japan's total
iron ore imports would be lower in the coming year because of
the recession in the Japanese steel industry.
    He said Japanese ore imports in calendar 1987 would total
96 mln tonnes, compared with 103.5 mln in 1986.
    Government officials said India's total ore exports are
likely to rise to between 33 and 34 mln tonnes in 1987/88,
against a provisionally estimated 31 mln in 1986/87.
 REUTER
3;
bodyend
documentend
documentstart
11181
topicstart
earn
topicend
bodystart
2;

COMMERZBANK INCREASES DIVIDEND, PARENT NET PROFIT


    FRANKFURT, March 31 - 
Commerzbank AG 
<
CBKG.F> said a
dividend of nine marks would be proposed for ordinary
shareholders on 1986 earnings after eight in 1985.
    It added in a statement that parent net profit rose to
288.2 mln marks in 1986 from 221.7 mln the prior year.
    A Commerzbank spokesman noted the figures were,however,
preliminary and required approval of the bank's supervisory
board which meets today.
    The Commerzbank statement added the distributable profit
last year rose to 228.2 mln marks from 161.7 mln in 1985.
    With inclusion of the corporate tax allowance, qualifying
domestic shareholders would receive an effective dividend of
14.06 marks per share.
    Total dividend payout would rise to 186.8 mln marks from
142.0 mln on 1985 earnings due to the increase in the dividend
and in equity capital, it added.
    From the parent net profit, 60 mln marks would be placed in
published reserves, unchanged from the two prior years.
    The shareholders' meeting take place on May 22 in Hamburg.
    The statement said holders of Commerzbank participation
certificates in a total nominal value of 425 mln marks would
receive the remaining 41.4 mln marks of the distributable
profit. Aside from the basic payment of 8.25 pct of nominal
value, certificate holders would receive an additional 1.5 pct.
    The management board of the bank would also propose two
capital measures to shareholders in order to be able to react
quickly to new challenges.
    It would ask for authorised capital of a nominal 200 mln
marks for the issue of new shares and for 300 mln for the issue
of warrant bonds, both for the period until April 30, 1992.
 REUTER
3;
bodyend
documentend
documentstart
11183
topicstart
coffee
topicend
bodystart
2;

INDIA REDUCES EXPORT DUTY ON COFFEE


    NEW DELHI, March 31 - 
India cut the export duty on coffee
to 330 rupees per 100 kg from 600 rupees, effective March 23, a
Coffee Board official said.
    The reduction should help India reach its coffee export
target of 90,000 tonnes in fiscal 1987/88 ending March 31,
against provisionally estimated exports of 75,000 tonnes in
1986/87 and an actual 99,254 tonnes in 1985/86, he said.
    India is likely to press for international export quotas at
a meeting of coffee producers in London this week because of
depressed prices, he added.
    The International Coffee Organisation, which represents
both consumers and producers, has so far failed to reach
agreement on quotas.
    India feels it will be useful to have quotas now because
the slide in prices is unlikely to be halted immediately, he
said.
    Export quotas were suspended in February 1986 when market
prices surged after a drought devastated Brazil's coffee crop.
 REUTER
3;
bodyend
documentend
documentstart
11184
topicstart
topicend
bodystart
2;

PHILIPPINES CONFIRMS PREPAYMENTS ON NEW DEBT PACT


    By Chaitanya Kalbag, Reuters


    MANILA, March 31 - 
Finance Secretary Jaime Ongpin has
confirmed the Philippines agreed to make token prepayments of
principal to foreign banks as part of a 10.3 billion dlr debt
restructuring package.
    A Reuters report from New York yesterday quoted bankers as
saying Manila will pay 111 mln dlrs over 1987, 1988 and 1989.
    But Ogpin denied Manila was playing down the prepayment
aspect of the restructuring.
    "They are public documents and there is nothing secret about
it," he told Reuters.
    The debt accord, announced last Friday, stretched
repayments of 10.3 billion dlrs over a 17-year period with a
seven and a half year grace period and an interest rate margin
of 7/8 percentage points over Eurodollar rates.
    Ongpin said the prepayments were part of "seven different
scenarios" Philippine negotiators prepared before the talks.
    "It was one of the many options we offered the banks in
order to win an attractive pricing," he said.
    The prepayments were on a 925 mln dlr nine-year loan signed
in 1985, which carried a four-year grace period. Principal
repayments were not due until 1990.
    Ongpin said the prepayments would hardly affect the
Philippines' balance of payments position.
    "There is no problem in financing it -- the prepayments
constitute about 1.5 pct of current international reserves of
2.5 billion dlrs," he said.
    "We do plan to cover the costs by selling Philippine
Investment Notes (PINs) worth about 150 mln dlrs a year."
    PINs are negotiable, foreign-currency denominated
instruments that will be offered to creditor banks and are
designed for conversion into pesos to fund government-approved
equity investments within the Philippines.
    Ongpin said Manila would have to repay about 200 mln dlrs a
year when amortisations on the 925 mln dlr loan came up.
    He said the 12-bank advisory committee sent telexes of the
accord to the country's 483 creditor banks and he expected
documentation and agreement from all of them by July.
    Foreign bankers here said the pact gave Manila the largest
interest rate cut among major debtor nations.
    They said Mexico's new debt package last October marked a
1/16 point drop from its 1985 debt agreement, while Manila's
new pact slashed its 1985 agreement by up to 3/4 percentage
points.
    Venezuela's new margin last month was only a 1/4 point drop
from the rate agreed in a rescheduling accord in 1986, the
bankers said.
    "Add to this the fact that Manila has frozen principal
repayents since 1983, while Venezuela has amortised six billion
dlrs in foreign debt since 1984 and will have paid back more
than eight billion dlrs by the end of this year," one added.
    Ongpin said Manila's 7/8 margin meant the Philippines would
pay about 100 mln dlrs a year in interest when its grace period
ended.
 REUTER
3;
bodyend
documentend
documentstart
11185
topicstart
bop
topicend
bodystart
2;

SWEDISH CURRENT ACCOUNT DEFICIT RISES IN JANUARY


    STOCKHOLM, March 31 - 
Sweden's balance of payments on
current account showed a deficit of 500 mln crowns in January
after a shortfall of 100 mln in December, Central Bank figures
showed.
    This compared with a deficit of 1.3 billion in January
1986, the Bank said.
 REUTER
3;
bodyend
documentend
documentstart
11189
topicstart
topicend
bodystart
2;

NORTH RHINE-WESTPHALIA TO ISSUE BOND TODAY


    DUESSELDORF, West Germany, March 31 - 
The West German
federal state of North Rhine-Westphalia will issue a domestic
mark bond this afternoon, a syndicate manager for the
Westdeutsche Landesbank Girozentrale, WestLB, said.
    The most recent issue for the state traded today at a yield
of 6.24 pct, one bank dealer said.
    Dealers expect today's issue to have a coupon of 6-1/8 pct.
The volume of the issue is expected to be one billion marks.
    The last issue for one billion marks carried a 6-1/4 pct
coupon for 10 years with a price of 99.65 for an issue yield of
6.30 pct.
 REUTER
3;
bodyend
documentend
documentstart
11190
topicstart
zinc
topicend
bodystart
2;

WORLD ZINC STOCKS FALL 7,700 TONNES IN FEBRUARY


    EINDHOVEN, March 31 - 
World closing stocks of primary zinc
at smelters, excluding Eastern Bloc countries, fell 7,700
tonnes in February to 459,100 tonnes from 466,800 (revised from
449,600) in January, compared with 403,700 in February 1986,
provisional European Zinc Institute figures show.
    February closing stocks of primary zinc at European
smelters, excluding Yugoslavia, fell 4,500 tonnes to 160,000
from 164,500 (revised from 164,300) in January, compared with
126,700 in February 1986.
    Total world zinc production, excluding Eastern Bloc
countries, fell to 390,800 tonnes in February from 419,900
(revised from 419,600) in January. February 1986 production was
378,600 tonnes.
    European zinc production, including estimates for
Yugoslavia, fell to 152,900 tonnes in February from 164,200 in
January, compared with 156,400 in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
11191
topicstart
gnp
topicend
bodystart
2;

FINNISH ECONOMIC GROWTH PUT AT THREE PCT IN 1987


    HELSINKI, March 31 - 
Finland's gross national product is
expected to rise by three pct in 1987 against two pct in 1986
and inflation will be unchanged at about 3.5 pct, the private
business survey office ETLA predicted.
    Unemployment in 1987 is put at 5.5 pct, in line with last
year, the office predicted in its regular review.
    The balance of payments would show a five billion markka
deficit in 1987, against a 4.2 billion deficit in 1986.
 REUTER
3;
bodyend
documentend
documentstart
11192
topicstart
acq
topicend
bodystart
2;

SHANDWICK BUYS LOS ANGELES PR COMPANY


    LONDON, March 31 - 
Public Relations consultancy 
<
Shandwick
Plc> said it had agreed to buy the Los Angeles-based 
<
Rogers
and Cowan Inc> which specialises in the entertainment industry.
    A total of 2.25 mln dlrs is payable on completion, 1.5 mln
will be injected into the business through an interest free
loan and the expenses of the acquisition amount to 660,000 stg.
    Shandwick said it would raise 5.1 mln stg through the
placing of 1.16 mln shares to finance the deal, with the
balance of 2.04 mln stg used to strengthen the balance sheet
and in anticipation of future performance-related payments.
    In the year to end-September Rogers' operating income was
more than 10 mln dlrs. After the acquisition Shandwick's U.S.
Operating income will be comparable to that it earns in the
U.K.
    Rogers' estimated that pretax profit in the year to
end-1987 would exceed 900,000 dlrs. An extraordinary loss of
504,000 dlrs in 1986 resulted from the write off of assets.
    Net tangible assets at end-September were 363,000 dlrs.
    Shandwick shares were unchanged at 460p.
 REUTER
3;
bodyend
documentend
documentstart
11193
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, March 31 - 
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a very large shortage of around 1.75 billion stg in
the money market today.
 MORE
3;
bodyend
documentend
documentstart
11194
topicstart
topicend
bodystart
2;

SMITH AND NEPHEW ISSUES CONVERTIBLE EUROBOND


    LONDON, March 31 - 
Smith and Nephew Associated Companies
Plc is issuing an 85 mln stg convertible eurobond due May 7,
2002 paying a fixed coupon of four pct and priced at par, lead
manager Credit Suisse First Boston Ltd said.
    The issue is callable at 106 pct declining by one pct per
annum to par thereafter but is not callable until May 7, 1993
unless the share price exceeds the conversion price by 130 pct
or the issue is more than 95 pct converted.
    There is a put option on May 7, 1993 which will give the
investor an indicated annual yield to the put of 8-1/2 to 8-3/4
pct. Final terms will be fixed on, or before, April 8.
    The selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct. The payment date is May 7.
    The expected conversion premium is eight to 12 pct and the
issue is convertible into Smith and Nephew ordinary shares.
 REUTER
3;
bodyend
documentend
documentstart
11195
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS


    TOKYO, March 31 - 
The Bank of Japan will sell tomorrow a
total of 800 billion yen worth of financing bills from its
holdings to help absorb a projected money market surplus of
1,700 billion yen, money traders said.
    Of the total, 300 billion yen will yield 3.8992 pct on
sales from money houses to banks and securities houses in a
23-day repurchase accord maturing on April 24.
    The remaining 500 billion yen will yield 3.8990 pct in a
31-day repurchase pact maturing on May 2, they said.
    The repurchase agreement yields compare with the 3.8750 pct
one-month commercial bill discount rate today and the 4.28/11
pct rate on one-month certificates of deposit.
    Tomorrow's surplus is attributable to excess bank holdings
from sales of yen to buy dollars and to huge cash amounts to be
redeposited at banks after the current financial year-end
today, the traders said.
    The operation will put the outstanding bill supply at about
3,200 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
11196
topicstart
earn
topicend
bodystart
2;

HUTCHISON ANNOUNCES BONUS ISSUE OF NEW "B" SHARES


    HONG KONG, March 31 - 
Hutchison Whampoa Ltd 
<
HWHH.H>
announced a bonus issue of one new "B" share of 2.5 H.K. Cents
each for every two existing ordinary shares of 25 cents a share
par value.
    A company statement said Hutchison forecast 1987 dividends
for existing shares of not less than 32.5 cents a share and not
less than 3.25 cents for each "B" share.
    Hutchison said the new issue will help increase flexibility
when it is planning future expansion moves or making
acquisitions without affecting the existing control structure
of the group.
    "The move will provide long term stability to ensure
continuity of overall control of the Hutchison group in that it
provides Hutchison with a stable framework within which
management, development and the planned growth of the group's
businesses can take place," it added.
    Hutchison shares lost one dlr to end at 53 dlrs each today.
 REUTER
3;
bodyend
documentend
documentstart
11197
topicstart
cpi
topicend
bodystart
2;

ITALIAN CONSUMER PRICES RISE 0.4 PCT IN MARCH


    ROME, March 31 - 
Italy's consumer price index rose 0.4 pct
in March compared with February after an identical increase in
February over January, the national statistics institute Istat
said.
    The year-on-year rise in March was 4.2 pct, unchanged on
February and compared with 7.2 pct in March 1986.
    Istat said its consumer price index for the families of
workers and employees, base year 1985 equals 100, registered
109.5 in March 1987 compared with 109.1 in February this year
and 105.1 in March 1986.
 REUTER
3;
bodyend
documentend
documentstart
11198
topicstart
trade
topicend
bodystart
2;

 EUROPE ON SIDELINES IN U.S-JAPAN MICROCHIP ROW


    By David Ress, Reuters


    LONDON, March 31 - 
Rising imports of Japanese-made cars and
electronic goods may upset West European officials, but they
generally seem prepared to stay on the sidelines in the latest
trade row between the United States and Japan.
    Japan's huge trade surplus is a sore point in West Europe,
as it is in the United States. But U.S. Charges of unfair trade
practices involving computer microchips leave Europeans cold.
    The European Community ran a 18.2 billion dlr trade deficit
with Japan last year, and seeks redress when it feels Japanese
trade policy hurts Europeans, diplomats and economists said.
    But only in Britain has there been any suggestion of acting
with the U.S. To do something about Japan's huge trade surplus.
    "The EC is no more illiberal on trade issues than is the
U.S.," said Martin Wolf, director of studies at the Trade Policy
Research Centre in London. "Basically, their policies are pretty
much the same."
    But that did not mean Europe would support the U.S., Or
that the EC would climb on the bandwagon to take advantage of
the U.S. Dispute to press its own claims, Wolf said.Basically,
Europeans have a different approach to trade problems, he said.
    "In the U.S., People talk about fair trade, but not here," he
added. "In the U.S., It all has to do with the general ethic of
free competition, while in Europe, the general approach is that
liberal trade is good because it makes countries rich."
    Wolf said this basic U.S. Attitude explains Washington's
tendency to impose so-called "countervailing duties" - an import
tax designed to offset advantages alleged to be unfair.
    In Western Europe, the approach to trade disputes tends to
be to try to reach a settlement through negotiation, Wolf said.
    In the latest U.S.-Japan trade row, President Reagan has
threatened to raise tariffs on selected Japanese electronic
goods by as much as 300 mln dlrs, alleging that Japan has
failed to abide by a 1986 U.S.-Japan pact on microchip trade.
    But the European Community has challenged the agreement as
a violation of General Agreement on Tariffs and Trade (GATT)
practices that discriminates against its microchip producers.
    "It follows that they're not likely to rally to the side of
the United States in defence of the agreement," said Wolf.
    Although British parliamentarians are pushing for a tough
line on Japanese trade issues, government officials in the rest
of Europe told Reuter correspondents they would let the EC take
the lead in any response to the U.S.-Japan trade row.
    A spokeswoman for the EC Commission in Brussels told
Reuters there has been no change in the Community's position
since a March 16 meeting of foreign ministers which sent a
strong warning to Tokyo on trade imbalances.
    In a statement issued after that meeting, EC foreign
ministers deplored Japan's continued trade imbalance and
appealed for a greater Japanese effort to open up its markets.
    EC External Trade Commissioner Willy De Clercq said after
the talks there was a growing impatience with Japan in the EC.
    Diplomats accredited to the EC in Brussels said they saw no
signs of any immediate intention to impose any broad-ranging
sanctions against Japan. The EC is anxious to avoid provoking a
trade war, they said.
    Instead, the Community is trying to target problem areas in
European trade with Japan, including wines and spirits,
cosmetics, and financial services, and will continue talking to
try to improve the situation, the diplomats said.
    In Britain, where the government is angered over the
difficulties telecommunications giant Cable and Wireless has
faced in its bid to crack the Japanese market, officials said
last week that retaliatory action is being considered.
    But government officials said last night, "We are not
talking about days or weeks. This is going to take time."
    They said the government would consider its options at a
cabinet meeting on Thursday, but added that no final decisions
were expected. The main thing the British would threaten the
Japan with is denial of access to London's booming financial
markets, government officials said.
 REUTER
3;
bodyend
documentend
documentstart
11200
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GETS 1.14 BILLION STG EARLY HELP


    LONDON, March 31 - 
The Bank of England said it had provided
the money market with 1.143 billion mln stg assistance in
response to an early round of bill offers from the discount
houses.
    Earlier, the Bank forecast the system would face a very
large deficit today of around 1.75 billion stg.
    The central bank purchased bank bills outright comprising
393 mln stg in band one at 9-7/8 pct, 649 mln stg in band two
at 9-13/16 pct and 85 mln stg in band three at 9-3/4 pct.
    In addition it bought 16 mln stg of local authority bills
in band two at 9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
11201
topicstart
acq
topicend
bodystart
2;

LONDON INT'L SELLING HOT WATER BOTTLE UNIT


    LONDON, March 31 - 
London International Group Plc 
<
LONL.L>
said it had agreed to sell its 
<
Haffenden Moulding Co Ltd> unit
to 
<
Melton Medes Ltd> for 2.1 mln stg.
    Haffenden is a moulder of hot water bottles and also
produces a variety of rubber and plastic mouldings. The book
value of its assets is 4.4 mln stg.
    LIG said the disposal was part of its strategy of
concentrating on its core activities.
    LIG shares were one penny firmer at 277p.
 REUTER
3;
bodyend
documentend
documentstart
11202
topicstart
acq
topicend
bodystart
2;

CABLE SHARES FIRM ON JAPAN SPECULATION


    LONDON, March 31 - 
Shares in Cable and Wireless Plc

<
CAWL.L> firmed in morning trading on market speculation that
its participation in a joint telecommunications venture in
Japan would not be curtailed, dealers said.
    The company's shares were quoted at 372p at 0915 GMT
compared with 364p last night.
    The dealers said the speculation appeared to originate in
Japan. Cable has said it is resisting attempts by the
Federation of Economic Organisations to merge two Japan-based
telecommunications firms, a move which would have cut Cable's
stake from 20 pct in one to three pct in the merged unit.
    However, the dealers were uncertain exactly how the dispute
over the shareholdings had been resolved.
    British prime minister MargaretThatcher said in parliament
last week that she regarded Cable and Wireless's participation
in the Japanese venture as a test case of how open the Japanese
telecommunications market really was.
    A spokesman for Cable said he was unaware if the
speculation had any foundation. Cable itself had issued no
statement today on the issue.
 REUTER
3;
bodyend
documentend
documentstart
11203
topicstart
money-fx
yen
topicend
bodystart
2;

BANK OF JAPAN MULLS OTHER OPTIONS TO STOP YEN RISE


    By Kunio Inoue, Reuters


    TOKYO, March 31 - 
Today's liberalised financial markets are
making it extremely difficult for Japan's monetary authorities
to prevent the yen's rise against the dollar, but they have
several options other than normal intervention, Bank of Japan
sources said.
    A senior central bank official said that such methods as
controlling foreign exchange deals and invoking currency swap
agreements with other central banks, which have not been
invoked since 1978, are all being considered.
    "But the time may not be ripe," he said.
    "In this era of financial liberalisation, it's almost
impossible to control the flow of capital in and out of Japan,"
said another senior bank official.
    But the first official said: "From a technical viewpoint,
the Bank of Japan could activate swap agreements immediately
after other central banks involved agreed to do so."
    A swap agreement, an exchange of currency between two
nations, allows both sides to acquire a ready source of the
other's currency in case of need.
    "If the Bank invokes such swaps, both parties would announce
the decision jointly," said the first official.
    The sources said they believed the limit of currency market
intervention may be being reached after they saw recent
concerted market action by central banks of major industrial
nations was increasingly ineffective in propping up the
battered dollar.
    But intervention is at least an option, they said. Further
easing of monetary policy will be very difficult with an
official discount rate already at a record low of 2.5 pct, they
said.
    Bank of Japan Governor Satoshi Sumita has repeatedly ruled
out another rate cut due to fears it could revive inflation.
    One bank official said he could not deny the possibilty of
the Bank of Japan activating currency swap agreements with the
U.S. And other central banks, if these banks continue
intervening to sell the yen in support of the dollar and run
out of their yen cash positions.
    "But we don't think they have become short of yen quite yet,"
he said.
    The bank has established a five billion dlr swap limit with
the U.S. Federal Reserve and another 2.5 billion mark and 200
billion yen limit with the West German and Swiss central banks,
according to the sources.
    Foreign exchange dealers estimate the Fed had sold two
billion dlrs worth of yen from its own account to support the
dollar in New York last week.
    The central bank sources also said Japan may arrange other
currency swap agreements with Britain and France if they find
it necessary, but added they are not actually talking with each
other towards that end.
 REUTER
3;
bodyend
documentend
documentstart
11205
topicstart
earn
topicend
bodystart
2;

AKZO REVISES 1986 PROFIT UP SLIGHTLY


    ARNHEM, The Netherlands, March 31 - 
Dutch chemicals group
Akzo NV 
<
AKZO.AS> said in its annual report it had revised its
1986 net profit figure up to 842 mln guilders from a
provisional 840 mln guilders announced in January.
    The turnover figure was unchanged at 15.62 billion
guilders.
    Akzo said it would be difficult to maintain this profit
level in 1987 but it expected positive developments "in the
longer term."
    Profits in 1985 totalled 843 mln guilders on a turnover of
18.01 billion.
 REUTER
3;
bodyend
documentend
documentstart
11207
topicstart
topicend
bodystart
2;

FRENCH EUROFRANC COMMITTEE APPROVES THREE ISSUES


    PARIS, March 31 - 
The eurofranc issuing committee, which
groups major French banks and the Treasury, has approved three
bonds for issue in April, bond market sources said.
    The first is likely to be for Cie Generale des
Etablissements Michelin possibly led by Credit Lyonnais.
Mcdonalds Corp will be coming to the eurofranc market for the
first time with an issue likely to be led by Societe Generale
and a third will be for an unidentified international borrower.
    The sources said the 500 mln franc, nine pct, five-year
bond for Gillette Canada led by Banque Paribas announced
yesterday had been on the April calendar and was brought
forward.
 REUTER
3;
bodyend
documentend
documentstart
11208
topicstart
grain
wheat
barley
topicend
bodystart
2;

U.K. WHEAT AND BARLEY EXPORTS ADJUSTED UPWARDS


    LONDON, March 31 - 
The U.K. Exported 612,000 tonnes of
wheat and 498,800 tonnes of barley in February, the Home Grown
Cereals Authority (HGCA) said.
    Based on the previous provisional figures issued for
February, wheat exports were increased by 480,200 tonnes and
barley by 283,800 tonnes.
    The new figures bring cumulative wheat exports for the
period July 1-March 13 to 3.66 mln tonnes and barley to 3.50
mln, compared with 1.47 and 2.09 mln tonnes respectively last
season.
 REUTER
3;
bodyend
documentend
documentstart
11209
topicstart
money-fx
trade
topicend
bodystart
2;

S. KOREA MINISTER TO VISIT U.S. FOR CURRENCY TALKS


    SEOUL, March 31 - 
South Korea's Finance Minister Chung
In-yong will visit U.S. Treasury Secretary James Baker next
week to discuss U.S. Requests for an appreciation of South
Korea's won against the dollar, finance ministry officials
said.
    They said Chung would leave for Washington on Monday to
attend the International Monetary Fund's (IMF) Interim
Committee meeting and for talks with U.S. Officials on ways of
reducing Seoul's trade surplus with Washington.
    The dates for the Baker-Chung meeting have yet to be set.
    The IMF committee meeting, scheduled for April 9, is
expected to review the resolution reached by the six top
industrialised nations in Paris last month calling for newly
industrialised countries, such as South Korea and Taiwan, to
allow their currencies to rise.
    The official said Chung is expected to outline Seoul's
efforts to increase imports of U.S. Goods and to stress the
need for South Korea to maintain a trade surplus in the next
few years in order to cut foreign debts totalling some 44.5
billion dlrs.
    South Korea has ruled out a major revaluation of the won,
but is allowing its currency to appreciate slowly.
    Trade Minister Rha Woong-bae told the U.S. Chamber of
Commerce earlier this month a sudden won revaluation could
result in South Korea running a large trade deficit and being
forced to renege on its international debt repayments.
    The Bank of Korea, the central bank, today fixed the won at
a two-year high of 846.90. The won has gained 5.1 pct since the
beginning of 1986.
    South Korea's trade surplus with the U.S. Rose to 7.1
billion dlrs last year from 4.3 billion in 1985.
 REUTER
3;
bodyend
documentend
documentstart
11210
topicstart
acq
topicend
bodystart
2;

ADSTEAM TO ACQUIRE 49 PCT OF U.K. PROPERTY COMPANY


    ADELAIDE, March 31 - 
The Adelaide Steamship Co Ltd 
<
ADSA.S>
(Adsteam) said it will subscribe to 30 mln shares in listed
British property developer, 
<
Markheath Securities Plc>, at 60p
each, subject to shareholder approval.
    The subscription, expected to take place in May, will give
Adsteam 49 pct of Markheath, Adsteam said in a statement.
    Adsteam's managing director John Spalvins will become
chairman of Markheath and two other Adsteam nominees will join
its board. "We hope that in time Markheath will become a
significant property and industrial company in the same style
as Adsteam," Spalvins said in the statement.
 REUTER
3;
bodyend
documentend
documentstart
11211
topicstart
earn
topicend
bodystart
2;

NIPPON COLUMBIA TO MAKE BONUS STOCK ISSUES


    TOKYO, March 31 - 
Nippon Columbia Co Ltd 
<
NCOL.T> will make
a one-for-20 bonus stock issue on July 14 to pay back remaining
premiums accumulated by 4.5 mln shares issued at market price
through public placement in September 1980, a spokesman said.
    The bonus issue will bring its outstanding capital shares
to 65.02 mln from 61.92 mln as at March 31 1987. It is open to
shareholders registered on May 31.
    Nippon Columbia's share price fell 20 to 1,260 yen on the
Tokyo Stock Exchange today.
 REUTER
3;
bodyend
documentend
documentstart
11212
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

BUNDESBANK HAS NOT INTERVENED TODAY, DEALERS


    FRANKFURT, March 31 - 
The Bundesbank declined to comment on
rumours in Tokyo that it was intervening heavily to support the
dollar, but dealers here said they had not seen the German
central bank in the market all morning.
    The dollar was quoted at around 1.8040 marks shortly after
midday in nervous but quiet trading, up from its 1.7975/85
opening.
    Spreads against the mark remained around 10 basis points,
with some banks quoting only five point spreads. Dealers said
spreads would widen and the dollar would move more sharply if
the Bundesbank did intervene.
 REUTER
3;
bodyend
documentend
documentstart
11213
topicstart
acq
sugar
crude
topicend
bodystart
2;

ANALYSTS APPLAUD CSR'S BOLD MOVE TO SELL DELHI


    By Peter Bale, Reuters


    SYDNEY, March 31 - 
CSR Ltd 
<
CSRA.S> has made a bold move in
selling its oil and gas interests for almost a billion dlrs and
ploughing 150 mln into its traditional sugar business, share
analysts said.
    "It sounds like a good deal," Stuart McKibbin of 
<
A.C. Goode
and Co> told Reuters.
    CSR said it had dropped plans to float its oil and gas
interests held in the 
<
Delhi Australia Fund> and would instead
sell it to Exxon Corp 
<
XON> unit 
<
Esso Exploration and
Production Australia Inc> for 985 mln dlrs.
    In a twin announcement CSR, already Australia's largest
sugar refiner, made a 2.20 dlr a share bid for the 70 pct it
does not already hold in 
<
Pioneer Sugar Mills Ltd>.
    "This will be a big shock to the market, which was under the
impression that CSR was well down the road to floating Delhi,"
McKibbin said.
    A float of part of Delhi would have raised between 200 and
300 mln dlrs, but in opting to sell outright, CSR had given
itself the cash to practically eliminate its debt and embark on
an ambitious expansion programme in its best-performing
divisions of sugar and building products, analysts said.
    CSR not only gets the 985 mln dlrs but also has the right
to share equally with Esso any higher returns resulting from an
oil price over 20 U.S. Dlrs a barrel in the next two years.
    Delhi is one of Australia's largest onshore oil producers
yielding about six mln barrels a year from the Cooper Basin.
Analysts said the deal could net CSR as much as three mln dlrs
for every dollar rise in the oil price above 20 dlrs.
    Neale Goldston-Morris of Sydney broker 
<
Bain and Co Ltd>
said the move out of Delhi and investment in the sugar industry
was a sensible one but added that it represented the loss of
Australian-owned assets to a foreign company.
    "The farm they bought back a few years ago is being sold
back to the Americans," Goldston-Morris said.
    The Pioneer Sugar investment would make CSR by far the
largest player in Australia's 850 mln dlr a year sugar industry
and would give it access to some of the best sugar properties
and mills in the country, analysts said.
    They said Pioneer Sugar was expected to recommend
acceptance of the bid through which CSR would benefit from the
bottom out of a cyclical downturn in sugar prices.
    Sugar prices are forecast to rise to 340 dlrs a tonne next
season from an estimated 270 dlrs this year, they said.
    Selling Delhi meant CSR has finally quit a damaging
investment, made in 1981, which has dragged down the company's
overall performance, analysts said.
    CSR last year wrote off more than 550 mln dlrs in losses on
what had been a 591 mln U.S. Dlr investment financed entirely
from U.S. Dollar debt, they said.
    "It was a bad investment for them. They financed it entirely
with debt, the currency collapsed on them and then the oil
price collapsed on them," Owen Evans of Sydney broker 
<
Meares
and Philips Ltd> said.
    Esso not only picked up Delhi's oil and gas output but also
gained as much as 300 mln dlrs in transferable tax losses
accumulated in exploration allowances and other concessions.
    Analysts said Esso also gained its first real onshore stake
in Australia in its first major diversification from the 50/50
Bass Strait partnership with The Broken Hill Pty Co Ltd

<
BRKN.S>.
    "Esso has been very keen to diversify from the Gippsland
Basin. They haven't found too much oil in Bass Strait lately
and Esso needed a large pool of ongoing production,"
Goldston-Morris said.
 REUTER
3;
bodyend
documentend
documentstart
11216
topicstart
grain
rice
topicend
bodystart
2;

DROUGHT THREAT EASES IN SOUTH CHINA PROVINCE


    PEKING, March 31 - 
Rainfall in the past few days has eased
the threat of drought in the south China province of Guangdong,
the New China News Agency said.
    It said 75 pct of early rice fields are ready to be planted
and seedlings have already been transplanted on 90 pct of rice
fields in Hainan island. Some 840,000 hectares of farmland have
been planted with cash crops including sugar cane, peanuts and
soybeans, 67,000 ha more than in 1986.
    The provincial government has increased investment in grain
and taken effective measures to combat natural disasters this
year, the agency said, but gave no further details.
 REUTER
3;
bodyend
documentend
documentstart
11218
topicstart
topicend
bodystart
2;

CHUAN HUP ISSUES 28 MLN DLR FRN


    SINGAPORE, March 31 - 
<
Chuan Hup Holdings Ltd> said it has
signed a 28 mln U.S. Dlr guaranteed floating rate note due 1990
with a group of banks to refinance the company's existing
borrowings and to provide medium term funds.
    Chuan Hup said the issue has been arranged and managed by
Singapore International Merchant Bankers Ltd (SIMBL).
    SIMBL has invited Commonwealth Bank of Australia, National
Australia Merchant Bank (Singapore) Ltd, Bank of China, the
Bank of Comunications Co Ltd, DG Bank-GZB (Asia) Ltd, Kleinwort
Benson (Singapore) Ltd, Malayan Banking Bhd and N.M. Rothschild
and Sons (Singapore) Ltd to subscribe at a price of 100 pct.
    The notes will be guaranteed by the Commonwealth Bank of
Australia and will be placed with investors in the Asian Dollar
Market.
    The interest rate will be 1/10 point above the Singapore
inter-bank offered rate for six month U.S. Dlr deposits.
    The notes will be in bearer form in denominations of
100,000 dlrs and will be listed on the Stock Exchange of
Singapore Ltd, Chuan Hup said.
 REUTER
3;
bodyend
documentend
documentstart
11219
topicstart
topicend
bodystart
2;

GMAC TO LAUNCH EURO NOTE PROGRAM APRIL 7


    LONDON, March 31 - 
General Motors Acceptance Corp (GMAC),
the financing arm of General Motors Corp of the U.S., Will
launch its planned one billion U.S. Dlr medium term note
program in the international capital markets on April 7, said
Wendy Dietz, a vice-president at Salomon Brothers Inc, New
York.
    She told a conference here on medium term notes that GMAC
is looking to obtain as fine pricing on the paper as it does
with its program in the U.S.
    The notes will be sold on a continuously offered basis, the
most popular structure so far in the U.S.
 REUTER
3;
bodyend
documentend
documentstart
11220
topicstart
earn
topicend
bodystart
2;

KLEINWORT BENSON LONSDALE PLC 
<
KBLL.L> YEAR 1986


    LONDON, March 31 -
    
Shr 53.05p vs 45.79p adjusted
    Div 8.7p making 14p vs 12p adjusted
    Pretax profit 78.84 mln stg vs 60.31 mln
    Net after tax 50.71 mln vs 40.54 mln
    Extraordinary credit after tax 43.19 mln vs nil
    Note - The extraordinary credit represents substantitally
the after tax profit on sale of company's interest in M and G
Group Plc. After providing for the final dividend, retained
earnings were 80.07 mln vs 29.90 mln in 1985.
    Merchant and investment banking 81.47 mln vs 63.22 mln
    Bullion broking 4.75 mln vs 3.02 mln
    U.S. Government security dealing 2.94 mln vs loss 329,000
    Investment management and unit trusts 10.62 mln vs 7.88 mln
    Other activities loss 3.12 mln vs profit 1.42  mln
    Interest on loan capital 17.82 mln vs 14.90 mln.
    Disclosed shareholders funds 365 mln vs 286 mln
    Disclosed capital resources available 626 mln vs 467 mln.
 REUTER
3;
bodyend
documentend
documentstart
11221
topicstart
earn
topicend
bodystart
2;

<
CGEE ALSTHOM> YEAR TO END-DECEMBER 1986


    PARIS, March 31 -
    
Dividend 24 francs vs 30
    Consolidated net profit 115.7 mln francs vs 108.3 mln of
which attributable to group 110.8 mln vs 102.5 mln
    Consolidated net turnover 11.16 billion francs vs 11.42
billion
    Parent company net profit 115.5 mln vs 95.0 mln
    Parent co net turnover 9.99 billion vs 9.91 billion
    Note - The electrical contracting company is 99.9 pct owned
by the state-run Compagnie Generale d'Electricite 
<
CGE>.
 REUTER
3;
bodyend
documentend
documentstart
11222
topicstart
trade
topicend
bodystart
2;

THATCHER SAYS TRADE TARGETS SET WITH MOSCOW


    MOSCOW, March 31 - 
British Prime Minister Margaret Thatcher
said she and Soviet Premier Nikolai Ryzhkov had set targets for
increased trade between the two countries during talks earlier
today.
    She said she hoped more economic exchanges between Britain
and the Soviet Union "will also lead to increased friendship and
increased understanding."
    Earlier, she told a meeting of Soviet and British
businessmen that she had agreed with Ryzhkov that they would
work to achieve a total volume of 2.5 billion roubles in
bilateral trade by 1990.
    This would entail an increase by each side of 350 to 400
mln stg over their present export levels.
    "Mr Ryzhkov handed me a list of import and export
opportunities which I hope you will all jump at," she told the
meeting to mark the opening of new offices of the British-
Soviet Chamber of Commerce.
    After her talks with Ryzhkov, Thatcher and the Soviet
Premier were joined for the signing of agreements covering new
scientific and cultural exchanges by Kremlin leader Mikhail
Gorbachev, who had nine hours of talks with her yesterday.
 REUTER
3;
bodyend
documentend
documentstart
11224
topicstart
tin
sugar
grain
wheat
cocoa
coffee
rubber
topicend
bodystart
2;

COMMODITY PACTS MORE ORIENTED TOWARDS MARKET


    LONDON, March 31 - 
Consuming countries, chastened by the
collapse of International Tin Council (ITC) price support
operations in 1985, are insisting more than ever before that
commodity pacts reflect the reality of the markets they are
serving, a Reuter survey showed.
    They want price ranges to be more responsive to market
trends - to avoid overstimulating output and straining the
accords' support operations - and intervention rules that avoid
the risk of exports by non-members undermining the pacts.
Consumers and producers, mindful of ITC buffer stock losses,
have also sought strict conditions for buffer operations.
    Importers and some key exporting countries have shunned a
generalised approach to commodity price stabilisation and
prefer to assess each commodity case by case, the survey
showed.
    The International Cocoa Organization (ICCO) last week set
precise limits on what the Buffer Stock Manager (BSM) could do
under the new agreement. It imposed daily and weekly purchase
limits, prohibited the BSM from operating on futures markets
and stipulated, after consumer insistence, that up to 15 pct of
total buffer stock purchases could be of non-member cocoa. This
will help prevent lower quality cocoa from Malaysia, the
world's fourth largest producer, undermining the market.
    The cocoa pact establishes precise differentials the Buffer
Stock Manager must use when purchasing varying grades.
    A new International Natural Rubber Agreement (INRA) was
adopted earlier this month in Geneva. Importing and exporting
countries agreed several changes to make the reference price
more responsive to market trends and they eliminated provisions
under which the buffer stock could borrow from banks to finance
operations. Direct cash contributions from members will fund
buffer stock purchases. Bank financing was a particular feature
of the failed ITC buffer stock which suffered losses running
into hundreds of millions of sterling. Legal wrangles continue.
    Recent International Coffee Organization (ICO) negotiations
in London exemplified the degree to which consumers insist that
agreements reflect market reality, commodity analysts said.
    Consumers and a small group of producers argued that
"objective criteria" should be used to define export quota
shares, which would have meant a reduction in the share of
Brazil, the world's leading producer. Brazil wanted to maintain
its previous quota share of 30 pct. The talks broke down and,
although an ICO executive board meeting starts in London today,
delegates and trade sources see chances of any near term
negotiations on export quota distribution as remote.
    International agreements exist for sugar and wheat. These
do not have any economic clauses but provide a forum for
discussions on possible future economic agreements, collect
statistics and draw up market analyses. Analysts said
differences between sugar exporting countries have held up any
progress towards an accord with economic teeth, while sheer
competition between major exporters amid a world grain glut
militate against any pact with economic provisions for wheat.
    An alternative focus for commodity discussions are
international study groups, made up of governments with advice
from industry, such as those for lead and zinc and rubber.
    The U.N. Common fund for commodities, with a planned
directly contributed capital of 470 mln dlrs, has failed to
become operational because neither the U.S. Nor the Soviet
Union has ratified it. U.S. Officials in Washington said the
U.S. Doubts the fund would be able to fulfil its objectives,
citing the lack of widespread support.
    U.S. Officials in Washington and Malaysian officials in
Kuala Lumpur expressed a policy of looking at each commodity
pact case by case. U.S. Officials said it has been willing to
study individual cases for economically sound, market-oriented
commodity accords balancing producer and consumer interests.
    "We see little to be gained by attempting to increase the
price of a commodity whose long-term trend is downward,"
official Administration policy states. The U.S. Currently
belongs to only two international commodity agreements that
have economic clauses - the International Coffee Agreement
(ICA) and INRA - but it is also a member of the sugar and wheat
pacts.
    The U.S. Did not join the International Cocoa Agreement
because it considered its proposed price ranges unrealistic and
not designed to protect the interests of consuming countries,
the State Department said. U.S. Officials singled out the INRA
as the one commodity agreement that seems to be working.
    U.S. Negotiators were successful in getting other members
of the pact to agree that the price review and adjustment
mechanism of the rubber agreement would accurately reflect
market trends and also to continue the accord as a market
oriented agreement, U.S. Officials said.
    Canadian officials in Ottawa also said they have
consistently tried to look at membership of commodity pacts on
the merits of each case. Malaysian Primary Industries Minister
Lim Keng Yaik told Reuters in Kuala Lumpur his country, the
world's top producer of rubber, tin and palm oil, decides its
participation in international commodity pacts case by case.
    Malaysia is a member of the Association of Tin Producing
Countries (ATPC) which produce 65 pct of world tin. The ATPC
launched a plan to limit member tin exports to 96,000 tonnes
for a year from March to cut the tin surplus to 50,000 from
70,000.
    Economist in the West German Ministry of Agriculture and
delegate to cocoa, wheat and sugar agreements Peter Baron told
Reuters in London, "Agreements with economic clauses to
stabilise prices could function if fixed price ranges were
close to market reality, if there was full participation by
producers and consumers, and if participants were prepared to
take their obligations in the framework of the agreement
seriously."
    But Baron added, "No real sanctions are available for a
country that doesn't stick to its obligations...The German
approach is sceptical. We don't think agreements are the best
instrument to help developing countries. They were never meant
to be a vehicle for the transfer of resources and that is how
developing countries often interpret them."
    Traditionally Britain has always been supportive of
commodity agreements, reflecting its strong links with Third
World producing countries. But recently demands for more
stringent and justifiable pacts with emphasis placed on the
need for "intellectual honesty" and "objective criteria" have
grown.
    British officials stress the need for commodity pacts to be
a two way partnership in trade rather than a disguise for aid.
    It is now seen as essential that any pacts involving direct
market participation through a buffer stock have a high degree
of transparency and do not contain the risk of open-ended
borrowing that occurred in the tin pact, they said. U.K.
Delegates talk of stabilisation and the need for prices to
reflect changes in market structure and price trends rather
than dictate what prices should be.
    A Foreign Ministry official in Tokyo said Japan urges price
realism in commodity pacts, adding high prices inflate supply.
    A government spokesman in Paris said France is favourable
to commodity pacts. France, a large consumer and producer of
sugar, favours a sugar pact as long as it reflects the real
market situation, particularly regarding stocks.
    Indonesia's Foreign Minister Mochtar Kusumaatmadja told
Reuters in Jakarta: "These agreements can work as long as the
problems are cyclical..But it's another matter when there are
structural problems..But we are still committed to commodity
agreements as an act of faith." Nicaraguan External Trade
Minister Alejandro Martinez Cuenca said in London producers
cannot afford not to give their backing to commodity
agreements.
    "The political will is not there on the part of some
consumers to make agreements work," Martinez Cuenca said.
    The head of the economics department in the Brazilian
Foreign Ministry, Sebastiao do Rego Barros, told Reuters an
agreement can be successful if it keeps a link with market
reality. If you have an agreement such as coffee with a system
of quotas, with a link between prices practised inside the pact
and actual market prices, it can work. UNCTAD spokesman Graham
Shanley said consuming countries realise steady export earnings
enhance developing countries' ability to service debt and mean
greater demand for industrialised nations' capital goods.
 REUTER
3;
bodyend
documentend
documentstart
11225
topicstart
trade
topicend
bodystart
2;

JAPAN TO CUT MICROCHIP OUTPUT, BOOST IMPORTS


    By Steven Brull, Reuters


    TOKYO, March 31 - 
Leading domestic semiconductor makers
will boost imports and cut production of key memory microchips
from next month in line with government attempts to ward off
U.S. Trade sanctions, company spokesmen said.
    The moves might persuade the U.S. To call off the
sanctions, despite obstacles to full implementation of the
plans, analysts said.
    The tariffs will affect about 300 mln dlrs worth of
products and are in retaliation for Japan's alleged failure to
honour a semiconductor trade pact.
    In announcing the sanctions last Friday, President Reagan
said Japan had not fulfilled its promise to halt predatory
pricing and open Japan's market to foreign products.
    But U.S. Trade representative Clayton Yeutter said
yesterday on U.S. Television that the U.S. Is willing to drop
the tariffs if Japan shows a "clear indication" that it will open
its markets to U.S. Goods.
    The Ministry of International Trade and Industry (MITI) has
urged producers to slash output of the chips by 11 pct in the
second quarter, following a call to reduce production by more
than 20 pct the previous quarter.
    MITI also urged makers to boost chip imports.
    Analysts said the moves could encourage Washington to
cancel the tariffs ahead of next month's meeting between Prime
Minister Yasuhiro Nakasone and President Reagan.
    "The U.S. Wants to be satisfied. It has rattled its sword
and shown that it can and will do business," said analyst Nick
Edwards at Jardine Fleming Securities Ltd in Tokyo.
    But analysts cautioned that although Japanese producers can
cut output, boosting imports -- the key to U.S. Withdrawal of
the sanctions -- is more difficult.
    "The U.S. Does not have the low-end consumer IC's
(integrated circuits) that the Japanese need for consumer
products. They're well supplied here," said Richard May, senior
analyst at Barclays de Zoete Wedd Ltd in Tokyo.
    The U.S. Leads in production of medium and high-end IC's,
but Japanese makers are keen to develop their own high-end
production skills, the analysts said.
    "The Japanese must be prepared to trade some losses on
semiconductors in return for free access to other areas," said
Edwards.
    A spokesman for Hitachi Ltd 
<
HIT.T>, said the firm's
reduced output of 256 kilobit dynamic random access memory
(256K DRAM) was unrelated to MITI's efforts to ward off the
trade sanctions. Decreased production was a natural result of
the company increasing output of one-mln bit DRAM's, he said.
    Company officials unveiled the following plans -
    - NEC Corp 
<
NESI.T>, Japan's largest chipmaker, plans to
slash production of 256K DRAM semiconductors by 29.41 pct to
six mln per month from a monthly average of 8.5 mln last
quarter.
     In the year beginning April 1, NEC will boost chip
imports, which comprised some 20 pct of all NEC chip
consumption the year before.
    - Hitachi Ltd's 
<
HIT.T> April output of 256K DRAM's will
fall by 25.93 pct to four mln compared to 5.4 mln in March. The
company is trying to boost imports but has not set a specific
target. Imports are currently very low.
    - Toshiba Corp 
<
TSBA.T> will reduce April 256K DRAM
production by 16.67 pct to just over four mln and is
considering ways to boost imports, a company official said.
    Toshiba has an agreement with Motorola Inc (MOT.N) to sell
the U.S. Firm's chips in Japan. The firms are planning a
joint-venture production of memory chips in Sendai, northern
Japan.
    - Mitsubishi Electric Corp (MIET.T) will trim second
quarter output by about 10 pct to between 5.5 mln to 5.6 mln
chips compared to the first quarter. Plans call for increased
imports but an official said "boosting imports will be difficult
as it depends on sales demand."
    - Fujitsu Ltd (ITSU.T) will cut production in accord with
MITI guidelines and boost imports from currently low levels.
    - Oki Electric Industry Co Ltd (OKIE.T) will reduce April
production by 10 pct from March's 3.2 mln. Oki is studying ways
to increase imports by 10 pct in the fiscal year beginning
April 1 from the previous year's total of more than five
billion yen, a company official said.
 REUTER
3;
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documentend
documentstart
11226
topicstart
topicend
bodystart
2;

K-O-P EQUITY WARRANT BOND EXPECTED TO BE SWAPPED


    LONDON, March 31 - 
The proceeds from yesterday's 100 mln
dlr equity warrant for Kansallis-Osake-Pankki (K-O-P) will
probably be swapped into floating rate dollars once the final
terms have been set for the deal, executive vice-president
Erkki Karmila told a press conference.
    The seven-year issue has an indicated coupon of 4-1/8 to
4-5/8 pct and is priced at par. Final terms will be set on
April 7.
    Karmila said that in the short term K-O-P did not need
additional capital funds but the issue "gives us access to
attractive funds."
 REUTER
3;
bodyend
documentend
documentstart
11227
topicstart
earn
topicend
bodystart
2;

LONDON AND SCOTTISH MARINE OIL PLC 
<
LASL.L>


    LONDON, March 31 - 
Year 1986
    Div 7.0p vs 12.2p
    Shr 9.6p vs 31.3p
    Pretax profit 4.4 mln stg vs 118.0 mln
    Net 17.6 mln vs 37.7 mln
    Total turnover 183.8 mln vs 348.0
    Amortisation 71.4 mln vs 86.3
    Traded oil purchases 41.2 mln vs 44.5 mln Administration
expenses 6.2 mln vs 8.0 mln
    Net interest payable 6.4 mln vs 4.8 mln
    Related company's credit 6.1 mln vs nil
 REUTER
3;
bodyend
documentend
documentstart
11228
topicstart
money-fx
topicend
bodystart
2;

UK MONEY MARKET GIVEN FURTHER 570 MLN STG HELP


    LONDON, March 31 - 
The Bank of England said it provided the
market with a further 570 mln stg assistance during the morning
after revising its estimate of the liquidity shortage to 1.85
billion stg, before taking account of its early round of bill
purchases.
    Initially, the Bank put the likely shortage at some 1.75
billion and to help offset this gave early assistance of 1.143
billion.
    Its total help so far today amounts to 1.713 billion stg.
 MORE
3;
bodyend
documentend
documentstart
11229
topicstart
trade
topicend
bodystart
2;
(CORRECTION) - MARCH 30 - YUGOSLAV TRADE FALLS
    In Belgrade item  of yesterday "Yugoslav trade falls in 1st
qtr on year ago" please read on page one "This year current
exchange rates were used for the first time instead of a fixed
rate of 264.53 dinars to the dollar."
    (corrects from 24.53).
 REUTER
3;


bodyend
documentend
documentstart
11230
topicstart
sugar
topicend
bodystart
2;

MAURITIAN SUGAR EXPORTS FALL IN FEBRUARY


    LONDON, March 31 - 
Mauritius exported 47,144 tonnes of
sugar (tel quel) in February, down from 57,911 tonnes (tel
quel) shipped in January and 89,351 in February 1986, the
Mauritius Chamber of Agriculture's Sugar News Bulletin said.
    Opening stocks at the beginning of last month totalled
320,057 tonnes, against 288,406 tonnes at the start of February
last year. Closing stocks at the end of February were 270,212
tonnes, up from 196,309 tonnes at end-February 1986.
    The estimate for 1986 sugar production was unchanged from
last month at 748,472 tonnes, raw value, the Chamber said.
 REUTER
3;
bodyend
documentend
documentstart
11231
topicstart
crude
nat-gas
sugar
topicend
bodystart
2;

CSR SELLS OIL/GAS INTERESTS, BIDS TO EXTEND SUGAR


    SYDNEY, March 31 - 
CSR Ltd has made a bold move in selling
its oil and gas interests for almost a billion dlrs and
ploughing 150 mln into its traditional sugar business, share
analysts said.
    CSR said it had dropped plans to float its oil and gas
interests held in the Delhi Australia Fund and would instead
sell them to Exxon Corp unit Esso Exploration and Production
Australia Inc for 985 mln dlrs.
    In a twin announcement CSR, already Australia's largest
sugar refiner, made a 2.20 dlr a share bid for the 70 pct it
does not already hold in Pioneer Sugar Mills Ltd.
    A float of part of Delhi would have raised between 200 and
300 mln dlrs, but in opting to sell outright CSR had given
itself the cash to all but eliminate its debt and embark on an
ambitious expansion programme in its best-performing divisions
of sugar and building products, analysts said.
    The Pioneer Sugar investment would give CSR by far the
largest stake in Australia's 850 mln dlr a year sugar industry
and access to some of the best sugar properties and mills in
the country, they said. Pioneer Sugar was expected to recommend
acceptance of the bid, through which CSR would benefit from the
bottoming out of a cyclical downturn in sugar prices.
 REUTER
3;
bodyend
documentend
documentstart
11232
topicstart
earn
topicend
bodystart
2;

LASMO SET TO BENEFIT FROM FUTURE OIL PRICE RISES


    LONDON, March 31 - 
London and Scottish Marine Oil Plc
(Lasmo) 
<
LASL.L> will have an advantage when oil prices rise
again and it is confident this will happen early in the next
decade, the company said in a statement accompanying results.
    Lasmo said its advantage comes from its reserves of oil and
gas which at the end of 1986 stood at 210 mln barrels of oil
equivalent, a group record. Reserves have increased every year
since 1983 at a compounded rate of 10 pct a year.
    The company reported a 1986 pretax profit of 4.4 mln stg,
down from 118 mln in 1985.
    It said falling oil prices caused the downturn.
    The company said it reacted swiftly to the sharp drop in
oil prices which began over a year ago. Capital expenditure,
which had been budgeted at over 150 mln stg, was cut to 51 mln
stg net of disposals. Managers responded well to the demand for
lower operating costs and this has been achieved worldwide.
    The company said had very few exploration wells committed
for 1987 and therefore retains maximum flexibility in its
exploration program. Even without further success, the existing
fields and recent discoveries will contribute significantly to
profit and cash flow for some years to come, it said.
    Lasmo shares were down 2p at 251 after the announcement.
 REUTER
3;
bodyend
documentend
documentstart
11233
topicstart
oilseed
topicend
bodystart
2;

CHINA BUYS MALAYSIAN RBD PALM STEARINE


    LONDON, March 31 - 
China bought 6,000 tonnes of Malaysian
refined bleached deodorised palm stearine today for May
shipment at prices equivalent to around 270 to 275 dlrs per
tonne fob, traders said.
 REUTER
3;
bodyend
documentend
documentstart
11234
topicstart
money-fx
topicend
bodystart
2;

CALL MONEY PRESSURE FROM LARGE GERMAN BANKS


    By Allan Saunderson, Reuters


    FRANKFURT, March 31 - 
One or two large West German banks
effectively drained the domestic money market of liquidity at
the end of the month in order to achieve higher rates from
their overnight deposits, money dealers said.
    As a result, call money soared in active trading to around
the Lombard rate of five pct from 3.70/80 pct yesterday as
banks found themselves short of minimum reserve funds.
    Bundesbank figures showed that banks held an average daily
51 billion marks in interest-free minimum reserve assets at the
central bank over the first 29 days of the month.
    Though this was above the March requirement of 50.7
billion, actual holdings at the weekend were 44.2 billion.
    To meet the daily average, dealers said, banks must raise
holdings by two billion marks to 46.3 billion today and
tomorrow. But liquidity was tight in early business because
banks excessively took up the Bundesbank's offer for sale of
Treasury bills on Friday. This provides a rate of 3.50 pct for
three-day deposits and is an effective floor to the market.
    Though some liquidity, from bills bought on Thursday,
flowed back into the market today, the bulk would not return
until tomorrow, the start of the new month, dealers said.
    Dealers said the large banks, which they did not name,
commanded short-term money requirements of as much as five
billion marks or so.
    With a knowledge of their own needs until the end of the
month, the banks bought excessive amounts of treasury bills,
draining liquidity for three days. When other banks sought
funds, rates rose and large banks were able to place excess
funds on deposit at a considerably higher average return.
    One senior dealer said the Bundesbank, with advanced
knowledge of the market's needs, should have curtailed its
sales of treasury bills on Friday.
    Though dealers only late in the day learn of the total
minimum reserve holdings of the previous day, the Bundesbank
has an immediate overview of the situation and could anticipate
the strength of demand for funds the following day, he said.
    "(Bundesbank dealers) could easily have said we are not
selling any treasury bills or we're not selling them in this
amount," he said. "If the Bundesbank wants to finely steer the
market then they should avoid such excesses. Tomorrow it will
be different. Call money will fall back to 4.0 pct or so."
    But the Bundesbank would not approve of the sharp jump in
rates, given the delicate state of currency markets.
    International central banks have been at pains to prevent a
dollar fall against major currencies, including the mark.
Dealers said a rise in call money gives the mark a firmer
undertone, contributing to downward pressure on the dollar.
    "The whole tender policy is to have a call money of between
three and four pct. In that case the excesses as we have today
cannot be very popular," the senior dealer said.
    Dealers said the large banks probably achieved average
rates of return on their excess funds of between 3.75 pct or
four pct. This is a higher return than they would have earned
without the excessive draining through the treasury bill
mechanism.
    Because of the currency situation and the wage negotiations
between Germany's major employers and the unions, the
Bundesbank would be very unlikely to make any changes to
monetary policy at its council meeting on Thursday, they said.
    Bundesbank figures showed that banks fell back on the
Lombard emergency funding facility to draw down 1.5 billion
marks yesterday as rates began to tighten in late business.
 REUTER
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bodyend
documentend
documentstart
11236
topicstart
acq
topicend
bodystart
2;

CSR SELLING DELHI TO EXXON UNIT, DROPS DELHI FLOAT


    SYDNEY, March 31 - 
CSR Ltd 
<
CSRA.S> and Exxon Corp 
<
XON>
unit 
<
Esso Exploration and Production Australia Inc> said CSR
has agreed to sell its 
<
Delhi Australia Fund> (DAF) to Esso for
985 mln Australian dlrs.
    The sale is effective from tomorrow, they said in a joint
statement.
    The previously announced float of part of its Delhi
interest will not now proceed, CSR said in the statement.
    Delhi Australia Fund owns 
<
Delhi Petroleum Pty Ltd>, which
holds an average of 25 pct in the Santos Ltd 
<
STOS.S>-led
Cooper and Eromanga Basin gas and liquids projects.
    In addition to the purchase price, CSR will share equally
in any returns due to increases in crude oil and condensate
prices over certain levels for liquids produced from Delhi's
interests in the next two years, the statement said.
    "The Esso proposal to purchase all the Delhi interest will
be more beneficial to our shareholders than proceeding with the
float," CSR chief executive Bryan Kelman said in the statement.
    Kelman said the sale of Delhi would enable CSR to focus
efforts on expanding business areas such as sugar and building
materials in which CSR has had long and successful management
experience and strong market leadership.
    With the sale, CSR will be able to expand those businesses
more aggressively and earlier, he said.
    As reported separately, soon after announcing the Delhi
sale CSR launched a takeover bid for the 68.26 pct of 
<
Pioneer
Sugar Mills Ltd> that it does not already hold, valuing its
entire issued capital at 219.6 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11237
topicstart
acq
topicend
bodystart
2;

CSR BIDS 2.20 DLRS A SHARE FOR PIONEER SUGAR MILLS


    SYDNEY, March 31 - 
CSR Ltd 
<
CSRA.S> said it will offer 2.20
dlrs cash each for the shares it does not already hold in

<
Pioneer Sugar Mills Ltd>.
    CSR already holds 31.74 pct of Pioneer's 99.80 mln issued
shares, it said in a statement.
    The offer price values the entire Pioneer Sugar share
capital at 219.6 mln dlrs and compares with today's closing
market level of 1.85 dlrs a share.
    CSR said it will announce further details of the offer
soon, including an alternative offer of CSR shares for Pioneer
Sugar stock.
    It said the offer is generous since it will give Pioneer
Sugar shareholders a price equivalent to 29 times Pioneer's net
earnings last financial year and a premium of 22 pct over
yesterday's market price which CSR said it believed already
contained an element of takeover speculation.
    It also gives a premium of 91 pct over Pioneer's last
reported net tangible assets per share, CSR said.
    CSR said the generous offer price reflects the cost savings
which will flow from integrated management of CSR's and
Pioneer's raw sugar mills and building materials businesses.
    These economies can only be achieved through CSR control
and management of Pioneer Sugar, it added.
    The takeover announcement came soon after CSR's earlier
reported statement that it will sell its 
<
Delhi Petroleum Pty
Ltd> unit to an Exxon Corp 
<
XON> unit for 985 mln dlrs and not
proceed with the previously announced float of part of Delhi.
 REUTER
3;
bodyend
documentend
documentstart
11238
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK HAS NOT INTERVENED TODAY, DEALERS


    FRANKFURT, March 31 - 
The Bundesbank declined to comment on
rumours in Tokyo that it was intervening heavily to support the
dollar, but dealers here said they had not seen the German
central bank in the market all morning.
    The dollar was quoted at around 1.8040 marks shortly after
midday in nervous but quiet trading, up from its 1.7975/85
opening.
    Spreads against the mark remained around 10 basis points,
with some banks quoting only five point spreads. Dealers said
spreads would widen and the dollar would move more sharply if
the Bundesbank did intervene.
 REUTER
3;
bodyend
documentend
documentstart
11239
topicstart
acq
topicend
bodystart
2;

FLETCHER CHALLENGE DISAPPOINTED AT NZ FOREST MOVES


    WELLINGTON, March 31 - 
<
Fletcher Challenge Ltd> (FCL)
Managing Director Hugh Fletcher said he was disappointed that

<
Rada Corp Ltd> had decided to sell its shares in 
<
N.Z. Forest
Products Ltd> (NZFP) to Australia's 
<
Amcor Ltd>.
    He said in a statement that FCL had made an offer for the
24 pct of NZFP held by Rada. He said the FCL offer was better
than Amcor's because it would have been made to all NZFP
shareholders, but he gave no further details.
    Amcor and NZFP said earlier today they were merging their
pulp and paper interests in a joint partnership and were
increasing their existing cross-shareholdings.
    The plan involves NZFP increasing its current holding in
Amcor to about 20 pct from four pct. Amcor will acquire Rada's
NZFP stake to add to its existing 11 pct and will seek
statutory approval to increase its holding to 50 pct.
    Rada bought its stake for 505.5 mln dlrs from 
<
Wattie
Industries Ltd> last year, but it has not disclosed the price
to be paid by Amcor.
    FCL originally launched a takeover bid for NZFP late last
year with a scrip and/or cash offer at 3.90 dlrs a share,
valuing the company at 1.3 billion dlrs. NZFP shares ended at
3.88 dlrs today.
 REUTER
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bodyend
documentend
documentstart
11240
topicstart
topicend
bodystart
2;

PHILIPPINES CONFIRMS PREPAYMENTS ON NEW DEBT PACT


    By Chaitanya Kalbag, Reuters


    MANILA, March 31 - 
Finance Secretary Jaime Ongpin has
confirmed the Philippines agreed to make token prepayments of
principal to foreign banks as part of a 10.3 billion dlr debt
restructuring package.
    A Reuters report from New York yesterday quoted bankers as
saying Manila will pay 111 mln dlrs over 1987, 1988 and 1989.
    But Ogpin denied Manila was playing down the prepayment
aspect of the restructuring.
    "They are public documents and there is nothing secret about
it," he told Reuters.
    The debt accord, announced last Friday, stretched
repayments of 10.3 billion dlrs over a 17-year period with a
seven and a half year grace period and an interest rate margin
of 7/8 percentage points over Eurodollar rates.
    Ongpin said the prepayments were part of "seven different
scenarios" Philippine negotiators prepared before the talks.
    "It was one of the many options we offered the banks in
order to win an attractive pricing," he said.
    The prepayments were on a 925 mln dlr nine-year loan signed
in 1985, which carried a four-year grace period. Principal
repayments were not due until 1990.
    Ongpin said the prepayments would hardly affect the
Philippines' balance of payments position.
    "There is no problem in financing it -- the prepayments
constitute about 1.5 pct of current international reserves of
2.5 billion dlrs," he said.
    "We do plan to cover the costs by selling Philippine
Investment Notes (PINs) worth about 150 mln dlrs a year."
    PINs are negotiable, foreign-currency denominated
instruments that will be offered to creditor banks and are
designed for conversion into pesos to fund government-approved
equity investments within the Philippines.
    Ongpin said Manila would have to repay about 200 mln dlrs a
year when amortisations on the 925 mln dlr loan came up.
    He said the 12-bank advisory committee sent telexes of the
accord to the country's 483 creditor banks and he expected
documentation and agreement from all of them by July.
    Foreign bankers here said the pact gave Manila the largest
interest rate cut among major debtor nations.
    They said Mexico's new debt package last October marked a
1/16 point drop from its 1985 debt agreement, while Manila's
new pact slashed its 1985 agreement by up to 3/4 percentage
points.
    Venezuela's new margin last month was only a 1/4 point drop
from the rate agreed in a rescheduling accord in 1986, the
bankers said.
    "Add to this the fact that Manila has frozen principal
repayents since 1983, while Venezuela has amortised six billion
dlrs in foreign debt since 1984 and will have paid back more
than eight billion dlrs by the end of this year," one added.
    Ongpin said Manila's 7/8 margin meant the Philippines would
pay about 100 mln dlrs a year in interest when its grace period
ended.
 REUTER
3;
bodyend
documentend
documentstart
11241
topicstart
earn
topicend
bodystart
2;

SUMITOMO CHEMICAL CO LTD 
<
SUCH.T> YEAR TO DEC 31


    OSAKA, March 31 -
    
Group shr 4.91 yen vs 6.59
    Net 7.72 billion vs 10.38 billion
    Current 16.81 billion vs 20.84 billion
    Operating 45.56 billion vs 52.02 billion
    Sales 734.50 billion vs 996.15 billion
    NOTE - Company forecast for current year is group net 14
billion, current 30 billion and sales 740 billion based on
rationalisation efforts and expected market price increases in
agricultural chemicals and petrochemical products following the
recovery in world oil prices.
 REUTER
3;
bodyend
documentend
documentstart
11242
topicstart
acq
topicend
bodystart
2;

CHINA'S CITIC BUYS H.K. HOTEL FROM CHEUNG KONG


    HONG KONG, March 31 - 
The Peking-owned China International
Trust and Investment Corp (Citic) bought the unfinished City
Garden Hotel in Hong Kong from a subsidiary of Cheung Kong
(Holdings) Ltd 
<
CKGH.HKG> for 235 mln H.K. Dlrs, Cheung Kong
director Albert Chow said.
    Cheung Kong's subsidiary 
<
International City Holdings Ltd>
will complete work on the hotel by the end of 1988, when it
will be handed over to Citic. The deal does not include the
decoration or fitting out of the interior of the hotel.
    The 600-room hotel stands on a 26,700 sq ft site on the
eastern side of Hong Kong island.
 REUTER
3;
bodyend
documentend
documentstart
11243
topicstart
earn
topicend
bodystart
2;

MANNESMANN SEES DIFFICULT YEAR FOR CAPITAL GOODS


    HANOVER, March 31 - 
Mannesmann AG 
<
MMWG.F> expects a
difficult year for the capital goods industry in 1987, chief
executive Werner Dieter told a news conference.
    Dieter said West German producers would see a downturn in
foreign business because of lower energy prices and the higher
mark, as well as a deterioration of the economies of customer
nations.
    Domestic business was also declining and orders for West
German engineering goods have been falling since July 1986,
Dieter said.
    Mannesmann's profit fell by an undisclosed amount in 1986.
    Dieter said Mannesmann's pipe activities would suffer a
set- back, although measures to cut costs, which were started
last year, were now having an effect.
    Dieter noted, however, that pipes and related products
accounted for less than 30 pct of Mannesmann's turnover. The
company saw good chances in the automation sector, which Dieter
said had become one of Mannesmann's "strategic aims."
    He said the company's drive to combine activities in
mechanical and electronic engineering was a particular "plus
point" for Mannesmann.
    Mannesmann, which yesterday announced it had agreed to take
a majority stake in the Fichtel und Sachs AG car parts group
for an undisclosed sum, saw third party group turnover fall
nine pct in 1986 to 16.60 billion marks. Its world group net
profit in 1985 was 255.9 mln marks.
    It has blamed the fall in 1986 profits on the weaker dollar
and lack of demand for steel pipe.
    Dieter said there were signs that prices for steel pipe
were bottoming out and would slowly start to rise, but he added
the company would continue to cut personnel in this sector this
year.
 REUTER
3;
bodyend
documentend
documentstart
11244
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS


    TOKYO, March 31 - 
The Bank of Japan will sell tomorrow a
total of 800 billion yen worth of financing bills from its
holdings to help absorb a projected money market surplus of
1,700 billion yen, money traders said.
    Of the total, 300 billion yen will yield 3.8992 pct on
sales from money houses to banks and securities houses in a
23-day repurchase accord maturing on April 24.
    The remaining 500 billion yen will yield 3.8990 pct in a
31-day repurchase pact maturing on May 2, they said.
    The repurchase agreement yields compare with the 3.8750 pct
one-month commercial bill discount rate today and the 4.28/11
pct rate on one-month certificates of deposit.
    Tomorrow's surplus is attributable to excess bank holdings
from sales of yen to buy dollars and to huge cash amounts to be
redeposited at banks after the current financial year-end
today, the traders said.
    The operation will put the outstanding bill supply at about
3,200 billion yen.
 REUTER
3;
bodyend
documentend
documentstart
11246
topicstart
topicend
bodystart
2;

GMAC TO LAUNCH EURO NOTE PROGRAM APRIL 7


    LONDON, March 31 - 
General Motors Acceptance Corp (GMAC),
the financing arm of General Motors Corp of the U.S., Will
launch its planned one billion U.S. Dlr medium term note
program in the international capital markets on April 7, said
Wendy Dietz, a vice-president at Salomon Brothers Inc, New
York.
    She told a conference here on medium term notes that GMAC
is looking to obtain as fine pricing on the paper as it does
with its program in the U.S.
    The notes will be sold on a continuously offered basis, the
most popular structure so far in the U.S.
 REUTER
3;
bodyend
documentend
documentstart
11249
topicstart
earn
topicend
bodystart
2;

 BRITISH CALEDONIAN GROUP ANNOUNCES BIG LOSSES


    LONDON, March 31 - 
<
British Caledonian Group>, Britain's
second largest airline, has announced a 19.3 mln stg pretax
loss for the financial year ending last October, compared with
a record pre-tax profit of 21.7 mln stg in 1985, chairman Sir
Adam Thomson told reporters.
    A decline in U.S. Transatlantic traffic following terrorist
attacks in Europe, the U.S. Bombing of the Libya, the Chernobyl
disaster and a slump in the oil industry which affected Middle
East traffic were the main causes of the loss, Thomson said.
    He said the poor results were caused by "a range of
exceptional circumstances wholly outside our direct control" and
predicted a return to profitability this year.
    Last year, the airline was forced to axe 1,000 jobs, sell
some of its assets and cut the number of its flights across the
Atlantic and to the Middle East following the fall in business
.
 REUTER
3;
bodyend
documentend
documentstart
11251
topicstart
ship
topicend
bodystart
2;

HAPAG ORDERS NEW CONTAINER SHIP FROM CHINA


    HAMBURG, March 31 - 
<
Hapag Lloyd AG> said it ordered a new
container vessel from China for its Australia service.
    The order was given to the 
<
Hudong shipyards> in Shanghai
after lengthy negotiations with West German shipbuilders, the
company said in a statement.
    The Chinese firm offered to build the vessel at over 30 mln
marks less than West German yards, despite government subsidies
which Bonn pays its ailing shipbuilding industry, Hapag said. A
company spokesman would not comment on the total order value
but said the new vessel would replace the 33,333 dwt Sydney
Express in 1989 and would carry 2,700 container units.
 REUTER
3;
bodyend
documentend
documentstart
11252
topicstart
acq
topicend
bodystart
2;

FRENCH CGE UNIT TAKES 34 PCT STAKE IN ESCA CORP


    PARIS, March 31 - 
State-owned 
<
Cie Generale
d'Electricite>'s electrical contracting unit 
<
CGEE ALSTHOM> has
taken a 34 stake in the U.S. Computer firm 
<
ESCA Corp>, CGEE
ALSTHOM chairman Philippe Boisseau told a press conference.
    According to an agreement in principle between the two
companies CGEE ALSTHOM could take a majority stake in the
future but no time-scale has been set, he added.
    ESCA, which had a turnover of 13.6 mln dlrs in 1986 and is
expected to see this rise to 20 mln this year, is one of the
leading U.S. Suppliers of electric despatching and telecontrol
systems.
 REUTER
3;
bodyend
documentend
documentstart
11253
topicstart
acq
topicend
bodystart
2;

PARTNERS CALL GENCORP 
<
GY> RESPONSE UNPRODUCTIVE


    NEW YORK, March 31 - 
General Acquisition Co said it was
disappointed by Gencorp's response to its tender offer and
asked how the company might give better value to shareholders.
    Gencorp had earlier urged shareholders to reject a 100 dlr
per share tender offer from General Acquisition, an affiliate
of Wagner and Brown and AFG Industries Inc, and said it was
studying financially superior alternatives.
    The General Acquisition partnership called the response
inflammatory and unproductive, particularly since it had tried
to discuss the offer with Gencorp.
    The partnership said Gencorp failed to say how it would
provide a "superior value yet they continue their attempt to
prevent a satisfactory offer by failing to redeem their poison
pill." Poison pills are shareholder rights plans that make
takeovers more expensive.
    Gencorp said in its statement earlier that it planned to
put off the date its rights will trade separately from the
common stock to April 6 from April 3. It said the extension was
subject to further extensions by the board and is conditional
on no person acquiring beneficial ownership of 20 pct or more
of Gencorp before April 6.
    General Acquisition said it is confident its offer can be
completed in a timely manner using its financial arrangements.
    The partnership in its statement again urged Gencorp
management to work with it to facilitate a transaction.
 REUTER
3;
bodyend
documentend
documentstart
11254
topicstart
trade
yen
dlr
topicend
bodystart
2;

U.S. MAY DROP TARIFFS IF JAPAN OPENS - YEUTTER


    NEW YORK, March 31 - 
The U.S. Is willing to drop tariffs on
Japanese electronic imports if Japan shows it will abide by an
agreemement opening its markets to American goods, U.S. Trade
Representative Clayton Yeutter said in a TV interview.
    "But there has to be a clear indication that they are
willing to act," he said.
    Yeutter said difficulties in the Japanese economy caused by
the U.S. Tariffs and the yen's rise against the dollar are
problems "they have brought on themselves."
    The dollar fell to 40-year lows against the yen today.
    "Certainly the movement of the yen is causing some economic
turmoil in Japan," he said. "My only response is that we have
gone through about five years with the dollar going in just the
opposite direction. Although I can sympathise, it's occurred
for only a few weeks or months in Japan."
    The tarriffs, announced on Friday by President Reagan, will
affect about 300 million dlrs worth of products, only a tiny
fraction of Japan's total exports to the U.S.
    Even so, Reagan's decision "doesn't give us any joy. We
don't want to take retaliatory action here if we don't have to,"
Yeutter said.
    Yeutter said the meetings scheduled next month in
Washington between Reagan and Prime Minister Yasuhiro Nakasone
will include "some difficult items on the agenda."
    Japan has failed to implement two parts of a three-part
semiconductor agreement, Yeutter said.
    Japan has stopped dumping chips in the U.S. But it has
failed to open its domestic markets to U.S.-made chips and has
failed to end predatory pricing in Third World countries,
undercutting U.S. Products, he said.
 REUTER
3;
bodyend
documentend
documentstart
11255
topicstart
acq
topicend
bodystart
2;

SEDGWICK BUYS BSI INCORP


    LONDON, March 31 - 
Sedgwick Group Plc 
<
SDWK.L> said its
wholly-owned Canadian subsidiary Sedgwick Tomenson Inc had
acquired BSi Incorp for a maximum eight mln Canadian dlrs.
    The funds will be raised through the issue of up to 1.16
mln ordinary Sedgwick shares to the vendors of BSi by no later
than 31 January 1991. Some 427,054 shares already have been
issued.
    BSi is a privately-held Canadian company involved in
actuarial, employee and executive benefits consulting and
administration. Its 1986 pretax profits excluding extraordinary
items totalled 1.14 mln Canadian dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11256
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP


    LONDON, March 31 - 
The Bank of England said it had revised
its estimate of the deficit in the money market today up to a
record two billion stg, before taking account of its morning
operations, from 1.85 billion at midday.
    The Bank has provided the system with around 1.71 billion
stg assistance so far today.
 REUTER
3;
bodyend
documentend
documentstart
11257
topicstart
acq
topicend
bodystart
2;

REXNORD 
<
REX> SELLS UNIT TO NEOAX 
<
NOAX>


    CHICAGO, March 31 - 
Rexnord Inc, 96 pct owned by Banner
Industries Inc 
<
BNR> following a recent tender offer, said it
has completed the sale of its Fairfield Manufacturing Co
subsidiary to NEOAX Inc for 70.5 mln dlrs in cash.
    Rexnord said it still plans to sell its Process Machinery
Division and Mathews Conveyor Co as part of its planned program
to divest five businesses with 200 mln dlrs in assets.
Bellofram Corp and Railway Maintenance Equipment Co have
already been sold.
 Reuter
3;
bodyend
documentend
documentstart
11259
topicstart
lei
topicend
bodystart
2;
******
U.S. LEADING INDICATORS ROSE 0.7 PCT IN FEB AFTER REVISED 0.5 PCT JAN FALL

Blah blah blah.
3;


bodyend
documentend
documentstart
11260
topicstart
trade
topicend
bodystart
2;

JAPAN WILL ASK COMPANIES TO BOOST IMPORTS


    TOKYO, March 31 - 
Japan's Minister of International Trade
and Industry, Hajime Tamura, will meet representatives from 151
of the nation's largest companies next week and appeal to them
to do their best to increase imports, ministry officials said.
    The meeting was unveiled as part of a plan to boost imports
and help head off protectionist legislation in the U.S.
    Senior officials from the Ministry of International Trade
and Industry told reporters that such personal appeals appeared
to have paid off in the past, as Japanese imports of
manufactured goods have climbed.
    Leading domestic semiconductor makers will boost imports
and cut production of key memory microchips next month in an
attempt to help ward off U.S. Trade sanctions, company
spokesmen said.
    The officials also said they expect the government's new
trade insurance law to boost imports and encourage Japanese
companies to set up production facilities overseas.
    Under the new law, the government will insure Japanese
companies who pre-pay for imports against loss arising from
everything from war to bankruptcy of the foreign firm they are
dealing with. MITI estimated that it would help solve Japan's
trade problem to the tune of about $10 billion dlrs a year.
 REUTER
3;
bodyend
documentend
documentstart
11261
topicstart
lei
topicend
bodystart
2;

U.S. LEADING INDEX ROSE 0.7 PCT IN FEBRUARY


    WASHINGTON, March 31 - 
The U.S. index of leading indicators
rose a seasonally adjusted 0.7 pct in February after a revised
0.5 pct January fall, the Commerce Department said.
    The department previously said the index fell 1.0 pct in
January.
    The February increase left the index at 187.1 over its 1967
base of 100, and was led by a rise in stock prices.
    A total of four of nine indicators available for February
contributed to the increase in the index.
    Besides stock prices, they were manufacturers' new orders
for consumer goods and materials, average work week and
building permits.
    Five of nine indicators were negative. They were change in
sensitive materials prices, money supply, vendor performance,
average weekly initial claims for state unemployment insurance,
and contracts and orders for plant and equipment.
    The main factor in the January revision was contracts and
orders for plant and equipment, the department said.
    December also was revised to a 2.4 pct rise from an earlier
2.3 pct rise due to a change in outstanding credit.
    The index of coincident indicators, which measures the
current economy, rose 0.9 pct in February after a decline of
1.3 pct in January and a rise of 0.9 pct in December.
    The index of lagging indicators, which measures past
economic activity, decreased 0.3 pct in February after
increasing 1.7 pct in January and falling by 0.5 pct in
December.
    The department said it has suspended net business formation
from the leading indicators index because it has deteriorated
as a measure of change in the business population.
 Reuter
3;
bodyend
documentend
documentstart
11263
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 168 MLN STG HELP


    LONDON, March 31 - 
The Bank of England said it had provided
the money market with a further 168 mln stg assistance in the
afternoon session. This takes the Bank's total help so far
today to 1.88 billion stg and compares with its estimate of a
record two billon stg shortage in the system.
    The central bank purchased bank bills outright comprising
25 mln stg in band one at 9-7/8 pct, 138 mln stg in band two at
9-13/16 pct and three mln stg in band three at 9-3/4 pct.
    It also bought two mln stg of treasury bills in band two at
9-13/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
11265
topicstart
coffee
topicend
bodystart
2;

ICO BOARD PASSES OVER COFFEE QUOTA ISSUE


    By Lisa Vaughan, Reuters


    LONDON, March 31 - 
Executive board members of the
International Coffee Organization, ICO, passed over the issue
of export quota negotiations at its regular meeting here,
delegates said.
    No move was made to reopen dialogue on export quotas and no
further discussion on the issue is likely during the three-day
talks, they said.
    Producer and consumer members of the ICO council failed to
agree export quota shares in early March.
    Neither Brazil, the largest producer, nor the U.S., the
largest consumer, are ready to be flexible, delegates said.
    "The situation is unchanged," consumer spokesman Abraham Van
Overbeeke told reporters. "As long as Brazil sticks to its
position there will not be quotas -- there is no point in
meeting."
    At the last council meeting, Brazil wanted to maintain its
previous quota share of around 30 pct of the market. Consumers
and a splinter group of eight producers favoured redistribution
of export shares using "objective criteria," which would likely
have reduced Brazil's share.
    Brazilian delegate Lindenberg Sette said that, if quota
negotiations were to resume, the 1.0 mln bag shortfall Brazil
was willing to give up in early March if the producer proposal
was accepted would no longer be on the table.
    "As we said from the start...No agreement, no one million
bags," he told Reuters.
    Shortfalls of 200,000 bags offered by OAMCAF, the African
and Malagasy Coffee Organization, and 20,000 bags offered by
Angola, are also no longer valid, delegates said.
    The closest the board came to discussing quotas was a
briefing by the Guatemalan ICO delegate Rene Montes on a recent
Latin American producers meeting in Managua, delegates said.
    There, the producers expressed their political will to
negotiate basic quotas, particularly in the face of the
damaging drop in coffee prices after the council failed to
agree quotas, Montes said.
    The ICO board also reviewed export statistics and stock
verification. They expected talks on stock verification to take
up the remainder of today's session, delegates said.
 Reuter
3;
bodyend
documentend
documentstart
11268
topicstart
acq
topicend
bodystart
2;

HUDSON FOODS 
<
HFI> TO MAKE ACQUISITION


    ROGERS, Ark., March 31 - 
Hudson Foods Inc said it has
agreed in principle to acquire Thies Cos Inc, a poultry, beef
and pork products provider to midwest supermarkets and food
distributors with sales of about 69 mln dlrs for the year ended
November One.
    The company said a definitive agreement is expected to be
signed in April.  Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
11269
topicstart
grain
corn
topicend
bodystart
2;

IVORY COAST BOOSTS MAIZE OUTPUT


    ABIDJAN, March 31 - 
Ivory Coast maize output has risen
steadily during the last two decades and the country aims to
produce two mln tonnes annually "very rapidly," the official
daily Fraternite Matin reported.
    It said the country reached self-sufficiency in maize three
years ago and harvested a record 530,000 tonnes in 1985
compared with only 200,000 tonnes 20 years earlier.
    The daily did not detail 1986 output but said further
production increases are anticipated in the years ahead as part
of a policy of boosting domestic output to cut grain imports.
 Reuter
3;
bodyend
documentend
documentstart
11270
topicstart
earn
topicend
bodystart
2;

ESSO MALAYSIA REPORTS HIGHER PROFIT IN 1986


    KUALA LUMPUR, March 31 - 
Esso Malaysia Bhd, a unit of Exxon
Corp of the U.S., Reported net profit of 70 mln ringgit from
its petroleum and ammonia operations in 1986 compared with 48.7
mln in 1985. Chairman Gerald F Cox said the improved
performance was mainly due to product prices falling more
slowly than crude prices during the year.
    He added that total sales volume increased as a result of
higher offtake by affiliated companies, while inland market
sales were maintained at around the previous year's levels.
    But growth prospects in 1987 remained weak and 1986 results
are unlikely to be repeated in the current financial year.
 REUTER
3;
bodyend
documentend
documentstart
11271
topicstart
ship
topicend
bodystart
2;

THAILAND BUYS YUGOSLAV CRANES IN BARTER DEAL


    BANGKOK, March 31 - 
The Cabinet approved a plan for the
Port Authority of Thailand to buy six gantry cranes from
Metalna Co of Yugoslavia for about 13.4 mln dlrs, a government
spokesman said.
    He said Thailand will pay for 25 pct of the cost of the
cranes in U.S. Dlrs and the rest by sales of rice, textiles and
other commodities to Yugoslavia.
    The Bangkok Shipowners and Agents Association has appealed
to the government to scrap the purchase plan. It said it would
be an unnecessary expense as most vessels calling at the port
already have their own cargo handling equipment.
 Reuter
3;
bodyend
documentend
documentstart
11272
topicstart
earn
topicend
bodystart
2;

JEWELMASTERS 
<
JEM> SEES NET BELOW ESTIMATES


    NEW YORK, March 31 - 
Jewelmasters Inc said it expects to
report net income for the year ended January 31 20 to 25 pct
below analysts' estimates of 1,750,000 dlrs or 95 cts per share.
    Jewelmasters sales sales for the year just ended were about
52.5 mln dlrs. In the prior year it earned 1,650,000 dlrs on
sales of 45.1 mln dlrs.
    Jewelmasters said net income for the year was hurt by
disappointing sales in December and January, a high level of
advertising spending in the fourth quarter, higher than
expected opening expenses for 34 additional units and an
adjustment to inventory associated with a shift to a more
comprehensive inventory system.
    Jewelmasters said it expects to report audited results for
the fourth quarter and year in about three weeks.
 Reuter
3;
bodyend
documentend
documentstart
11273
topicstart
alum
topicend
bodystart
2;

ALUMINIUM CAPACITY GROWTH TREND SEEN INSUFFICIENT


    LONDON, March 31 - 
Aluminium capacity expansion planned for
the period after 1990 will be insufficient to supply any
acceleration in demand growth, let alone an increase on the
scale which seems likely, according to analyst Anthony Bird
Associates' 1987 Aluminium Review.
    By 1995 non-socialist world primary capacity will need to
be around 18 mln tonnes, whereas on current plans only 15 mln
tonnes are scheduled, Bird said.
    Bird forecast higher economic growth after 1990 and
increased imports by less developed countries.
    Aluminium consumption growth is not expected to accelerate
by as much as general growth, but non-socialist world
consumption is nevertheless forecast to increase sharply from
13.77 mln tonnes in 1990 to 17.25 mln tonnes in 1995, Bird
said.
    Aluminium companies were slow to adjust to the pace of
change after 1973, the review said, and now they have completed
this transition they may be in danger of remaining preoccupied
with the strategies of retrenchment and survival which have
served them well in recent years.
    In order to encourage the construction of additional
smelters aluminium prices will need to settle at a higher
level.
    Production costs are likely to rise again in the years
ahead as the glut of alumina capacity vanishes and electricity
suppliers take a more aggressive line with aluminium companies,
according to the review.
    At March 1987 prices the three most likely cost-price
scenarios call for a long-run aluminium price of between 73 and
89.5 cents a lb, depending on exchange rates, Bird said.
    Such a price development is not expected to cause any
marked competitive problems for the metal because of the likely
rise in commodity prices as a whole and cost pressures in the
pipeline for steel and copper.
    In the short term, however, the outlook is dull, Bird said,
as the world economy has not responded well to the
opportunities offered by cheap oil.
    Its 1987 consumption forecast of 13.01 mln tonnes is 0.4
pct down on 1986, while production is forecast six pct higher
in 1987 at 12.67 mln tonnes.
 Reuter
3;
bodyend
documentend
documentstart
11274
topicstart
acq
topicend
bodystart
2;

ALPHA INDUSTRIES 
<
AHA> SELLS DIVISION


    WOBURN, Mass., March 31 - 
Alpha Industries Inc said it has
sold its Microelectronics Division to Triax Corp for
undisclosed terms, retroactive to February One.
    It said the division has yearly revenues of about 12 mln
dlrs and makes RF microwave components for the defense
electronics industry.
    Alpha said it plans to concentrate on the high frequency
portion of the electromagnetic spectrum.
 Reuter
3;
bodyend
documentend
documentstart
11276
topicstart
jobs
topicend
bodystart
2;

NORWEGIAN UNEMPLOYMENT FALLS IN MARCH


    OSLO, March 31 - 
Unemployment fell in March to 36,510, or
1.7 pct of the workforce, compared with 39,700 (1.9 pct) in
February and 38,839 (2.2 pct) in March 1986, the Labour
Directorate said.
 REUTER
3;
bodyend
documentend
documentstart
11277
topicstart
earn
topicend
bodystart
2;
******
J.C. PENNEY DECLARES TWO FOR ONE SPLIT, RAISES QUARTERLY

Blah blah blah.
3;


bodyend
documentend
documentstart
11278
topicstart
carcass
topicend
bodystart
2;

LONDON MEAT FUTURES NEED MARKETING - CHAIRMAN


    LONDON, March 31 - 
Pigmeat and beef futures, which have
been thinly traded on the London Meat Futures Exchange, LMFE,
despite lower physical prices and the introduction of new
contracts, need more effective marketing, LMFE chairman Pat
Elmer said in his annual report.
    In 1986 the Exchange introduced live cattle and pig cash
settlement contracts, representing a move away from the
problems of cash distortions and squeezes, which initial
deliverable "buyers option" contracts created, he said.
    Although the physical industry is aware of the market and
follows its prices keenly, this has not been reflected in
market volume, Elmer said.
    "If we are to achieve our true potential the floor members
must give the market much more time and attention," he added.
 Reuter
3;
bodyend
documentend
documentstart
11279
topicstart
acq
topicend
bodystart
2;

INTERLINK SAYS NOT PLANNING BID FOR PUROLATOR


    LONDON, March 31 - 
British package courier 
<
Interlink
Express Plc> does not plan to bid for the whole or part of  
Purolator Courier Corp 
<
PCC.N>, a spokesman said.
    "There is no intention of making any sort of approach to
Purolator," the spokesman told Reuters, adding, "it would be a
case of David versus Goliath."
    Interlink shares started trading in the U.K. Unlisted
Securities Market in October 1986. It posted pre-tax profits of
2.13 mln stg on turnover of 9.6 mln stg in the six months to
December 31, 1986. Purolator last year topped turnover of 465
mln dollars, the spokesman said.
between Purolator and Interlink in view of a takeover or
participation. He categorically denied press reports suggesting
Interlink was developing a buyout bid.
    The reports said the proposed bid would be a price above
the 35 dlrs per share offered by 
<
E.F. Hutton LBO Inc>. The
Hutton offer expires tomorrow.
    The spokesman said Interlink was seeking to expand
business, first in continental Europe and later in the U.S. But
the company did not expect to gain foothold in the U.S. Market
until 1989 at the earliest, he said.
 Reuter
3;
bodyend
documentend
documentstart
11281
topicstart
money-fx
trade
topicend
bodystart
2;

SOUTH KOREA TO RESIST CURRENCY REVALUATION


    SEOUL, March 31 - 
South Korean Finance Minister Chung
In-yong will resist pressure for a currency revaluation to cut
South Korea's trade surplus with the United States when he
meets Treasury Secretary James Baker next week, Finance
Ministry officials said.
    They said Chung would leave Monday to attend the
International Monetary Fund's Interim Committee meeting and to
hold talks with Baker and other U.S. officials on ways to
reduce the surplus.
    The April 9 committee meeting is expected to review the
agreement by six industrialized nations in Paris last month
that newly-industrialized countries, such as South Korea and
Taiwan, should allow their currencies to increase in value.
 Reuter
3;
bodyend
documentend
documentstart
11282
topicstart
earn
topicend
bodystart
2;

PENNEY 
<
JCP> SETS STOCK SPLIT, RAISES QUARTERLY


    NEW YORK, March 31 - 
J.C. Penney Co Inc said its board
declared a two-for-one stock split and raised the quarterly
dividend 12 cts per share on a presplit basis to 74 cts.
    Both are payable May One to holders of record April 10.
 Reuter
3;
bodyend
documentend
documentstart
11283
topicstart
earn
topicend
bodystart
2;

HILLENBRAND INDUSTRIES INC 
<
HB> 1ST QTR FEB 28


    BATESVILLE, Ind., March 31 -
    
Shr 31 cts vs 28 cts
    Net 11.9 mln vs 10.9 mln
    Revs 167.2 mln vs 154.0 mln
 Reuter
3;
bodyend
documentend
documentstart
11284
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 215 MLN STG LATE HELP


    LONDON, March 31 - 
The Bank of England said it had provided
the money market with late assistance of around 215 mln stg.
This takes the bank's total help today to some 2.096 billion
stg and compares with its forecast of a two billion stg
shortage in the system today.
 REUTER
3;
bodyend
documentend
documentstart
11285
topicstart
acq
topicend
bodystart
2;

CABLE SAYS CONSORTIUM PROPOSALS NOT ACCEPTABLE


    LONDON, March 31 - 
Cable and Wireless Plc 
<
CAWL.L> said
proposals to resolve a dispute over entry to Japan's
telecommunications market were not acceptable.
    A company spokesman said the proposals appear to have been
made in today's edition of the Japanese daily Asahi by Fumio
Watanabe, head of a telecommunications committee with the
Federation of Economic Organisations.
    However, the suggestion still recommended a merger between
the two consortia tendering for contracts and would give Cable
a five pct stake, more than the three pct originally proposed
but less than the 20 pct it holds in its original venture, he
said.
    The proposal would also offer a Cable nominee a seat on the
board of the merged company.
    The spokesman said he believed Japan should accept
applications from the two rivals for fair review.
    Earlier today Cable shares firmed on market speculation
that the dispute -- which is being treated by Britain's
government as a test case of how open the Japanese
telecommunications market is -- was near settlement.
    Cable shares at 1350 GMT were quoted at 375p compared with
a close last night at 364p.
 REUTER
3;
bodyend
documentend
documentstart
11286
topicstart
topicend
bodystart
2;
******
USAIR GROUP IN DEFINITIVE AGREEMENT FOR TWO BILLION DLRS IN CREDIT

Blah blah blah.
3;


bodyend
documentend
documentstart
11287
topicstart
trade
topicend
bodystart
2;

U.S./JAPAN TRADE WAR NOT IN UK'S INTEREST - LAWSON


    LONDON, March 31 - 
U.K. Chancellor of the Exchequer Nigel
Lawson said the United States and Japan must work to avert a
possible trade war, and he added that a trade war would not be
in the interests of Britain.
    Lawson told journalists that "the prospects for the (U.K.)
economy look very very good - providing we can avoid a trade
war." He stressed that "a heavy responsiblity in different ways
lies on Japan and the United States to ensure that we do avoid
such a trade war."
    Asked whether he believed such a trade war could be
averted, Lawson replied, "I very much hope so."
    Britain last week warned that it would retaliate if Japan
did not move soon to open its markets to outside competition.
    Prime Minister Margaret Thatcher gave notice that the U.K.
Would fight the Japanese government's attempt to prevent (Cable
and Wireless Plc) (CAWL.L) from taking a significant position
in a new Japanese international telecommunications venture.
    But British officials are now trying to dampen
anti-Japanese rhetoric, to try to keep developments under
control.
    The British Conservative government will on Thursday
consider what legal options are available to it to try to
increase U.K. Access to Japanese markets, officials said.
 REUTER
3;
bodyend
documentend
documentstart
11289
topicstart
acq
topicend
bodystart
2;
******
GAF CORP OFFERS 36 DLRS A SHARE CASH FOR BORG-WARNER

Blah blah blah.
3;


bodyend
documentend
documentstart
11291
topicstart
gnp
topicend
bodystart
2;

ECONOMISTS CUT AUSTRIAN GDP GROWTH FORECAST


    VIENNA, March 31 - 
The Institute for Economic Research
(WIFO) said it has cut its forecast for Austria's 1987 gross
domestic product growth to a real one pct from a two pct
forecast made last December.
    WIFO chief Helmut Kramer told a new conference that he saw
the one pct figure, which compares with 1.8 pct last year, as
the upper limit of growth. The institute had made the revision
due to poor prospects for Austrian exports, he added.
    A collapse in sales to the Eastern European and oil
producing states, combined with the effects of the dollar's
fall, mean exports overall are unlikely to rise this year.
    Kramer said domestic demand alone would fuel growth this
year. After last year's 2.8 pct rise in real incomes, private
consumption was likely to rise 2.25 pct in 1987 after 1.9 pct
in 1986, despite a present trend towards higher savings.
    Unemployment was likely to rise to almost six pct from 5.2
pct last year due to the slack economic activity.
    Kramer said the current account was likely to run a deficit
of about four billion schillings compared with a 2.6 billion
surplus recorded last year. The National Bank, Austria's
central bank, last month forecast the current account would be
roughly in balance this year.
    However, Kramer said the lower economic growth should have
no notable effect on the government's attempts to cut the
budget deficit. This year's aim of reducing the deficit to 4.9
pct of GDP from 5.1 pct in 1986 could still be achieved, he
said.
 REUTER
3;
bodyend
documentend
documentstart
11292
topicstart
acq
topicend
bodystart
2;

FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT


    RAVENNA, Italy, March 31 - 
<
Gruppo Ferruzzi> is studying a
project which could result in a public share offer of up to 49
pct of its French unit 
<
European Sugar (France)> and could
raise around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
    Gardini told Reuters the operation under consideration was
aimed at "international markets" and that the figure of 400 mln
dlrs given in some press reports "was probably about right."
    European Sugar, wholly-owned by Ferruzzi unit Eridania
Zuccherifici Nazionali SpA 
<
ERDI.M>, is expected to absorb the
European corn wet milling business of CPC International Inc

<
CPC.N> which Ferruzzi recently agreed to buy.
    Ferruzzi announced last week it had agreed in principle to
buy the CPC operation for 630 mln dlrs.
    A Ferruzzi spokesman later confirmed that the group was
studying the transfer of the CPC business to European Sugar
along with a possible share offering in the Paris unit, but
gave no details.
    The flotation plan has been interpreted by financial
analysts as a means of helping finance the acquisition of the
CPC business.
    In London yesterday, chairman of Belgian starch producer

<
Amylum NV> Pierre Callebaut told Reuters that since Ferruzzi
was "apparently still organising finance," his company might
still succeed with its rival bid for the CPC business.
    Gardini, commenting on Callebaut's remarks, said the 630
mln dlrs agreed for the CPC acquisition would be paid "at the
date foreseen in the preliminary contract."
    Gardini could not reveal the date in question nor give any
indication of the likely timing of an offering of shares in
European Sugar, but it was announced last week that Ferruzzi's
purchase of the CPC business was expected to be completed by
September 30.
    Callebaut said yesterday that Amylum was surprised and
disappointed that its 675 mln dlr bid cash offer for CPC's
European business was apparently rejected in favour of
Ferruzzi's lower bid.
    Gardini, commenting on Callebaut's remarks, said "Amylum
should know that one succeeds in a bid by making the right
offer at the right moment - exactly as Ferruzzi did in the case
of the acquisition of CPC's European business."
    Gardini said it was not Callebaut's business to concern
himself with the European Sugar capital raising operation under
study, he added.
    Asked about press reports that Ferruzzi might follow up the
European Sugar flotation with the sale of 49 pct of the CPC
business, Gardini said: "We do not exclude having minority
partners in the CPC business." He declined to elaborate.
 REUTER
3;
bodyend
documentend
documentstart
11295
topicstart
acq
topicend
bodystart
2;
******
CORRECTED - GAF CORP OFFERS 46 DLRS A SHARE CASH FOR BORG-WARNER (CORRECTING AMOUNT)

Blah blah blah.
3;


bodyend
documentend
documentstart
11297
topicstart
money-fx
topicend
bodystart
2;

U.S. TREASURY'S BAKER SEES RATE STABILITY


    WASHINGTON, March 31 - 
Treasury Secretary James Baker said
the agreement among the industrial countries reached in Paris
last month should foster stability of exchange rates at around
current levels.
    In testimony before the House Appropriations Committee,
Baker outlined many of the measures taken designed to achieve
more balanced growth and a reduction of trade imbalances during
the Paris meeting.
    "These measures should also foster greater stability of
exchange rates around current levels," he said.
    Baker reiterated that the ministers at the Paris meeting
agreed that their currencies were within ranges "broadly
consistent with underlying economic fundamentals and that
further substantial exchange rate shifts could damage growth
and adjustment prospects."
    He added: "In these circumstances, we agreed to cooperate
closely to foster stability of exchange rates around current
levels."
 Reuter
3;
bodyend
documentend
documentstart
11298
topicstart
topicend
bodystart
2;

USAIR 
<
U> IN CREDIT PACT WITH COMMERCIAL BANKS


    WASHINGTON, March 31 - 
USAir Group Inc said it entered into
a credit agreement with a group of commercial banks to provide,
on a secured basis, up to two billion dlrs to finance its
pending acquisitions of Piedmont Aviation Inc 
<
PIE> and

<
Pacific Southwest Airlines> .
 Reuter
3;
bodyend
documentend
documentstart
11299
topicstart
acq
topicend
bodystart
2;

GAF 
<
GAF> SEEKS ALL OF BORG-WARNER 
<
BOR>


    WAYNE, N.J., March 31 - 
GAF Corp said it has made an all
cash merger proposal to Borg-Warner Corp at 46 dlrs per share
for all the company's common stock.
    Following a meeting yesterday with Borg-Warner officials
and investment bankers, GAF said, it is today delivering a
letter to the Borg-Warner board outling the terms of the
proposal that would be made by tender offer, pursuant to a
mutually acceptable merger agreement to be approved by the
Borg-Warner board and conditioned on that board's
recommendation of the tender offer and merger.
    GAF, in its letter, stated it intends to finance the
proposed acquisition entirely with its own funds and bank
borrowings under a syndicated bank loan from a group of banks
led by Chase Manhattan Corp's 
<
CMB> Chase Manhattan Bank.
    Last week, GAF increased its ownership of Borg-Warner
shares to 19.9 pct of those outstanding Minstar Inc 
<
MNST> sold
its 12.4 pct holding.
    GAF emphasized "the amicable nature of the proposed
transaction," which it characterized as a partnership.
    GAF said it wanted to discuss with the Borg-Warner board 
key roles for Borg-Warner's senior management in the new
organization, board representation for Borg-Warner directors on
a newly constituted board, and a company name change.
    GAF said it will be filing an amendment to its 13-D with
the U.S. Securities and Exchange Commission.
    Borg-Warner has about 85.6 mln common shares outstanding.
    Minstar chairman Irwin L. Jacobs sold his stake after
Borg-Warner after the company failed to respond to his
mid-February offer for a negotiated agreement at a minimum
price of 44 dlrs a share.
    In November, Jacobs had offered to enter into acquisition
talks with Borg-Warner based on a price of between 43 and 48
dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
11300
topicstart
earn
topicend
bodystart
2;

<
TRANS CANADA GLASS LTD> 4TH QTR LOSS


    Vancouver, British Columbia, March 31 -
    
Shr loss 11 cts vs loss eight cts
    Net loss 500,000 vs loss 500,000
    Sales 47.4 mln vs 37.5 mln
    Year
    Shr profit 70 cts vs profit 89 cts
    Net profit 4.4 mln vs profit 5.3 mln
    Sales 195.5 mln vs 148.3 mln
 Reuter
3;
bodyend
documentend
documentstart
11301
topicstart
earn
topicend
bodystart
2;

GEOTHERMAL RESOURCES INTERNATIONAL INC 
<
GEO>


    SAN MATEO, Calif., March 31 - 
Year
    Oper shr 1.23 dlrs vs 1.85 dlrs
    Oper shr diluted 1.23 dlrs vs 1.79 dlrs
    Oper net 6,799,000 vs 9,321,000
    Revs 7,474,000 vs 12.4 mln
    Avg shrs 4,503,000 vs 4,350,000
    Avg shrs diluted 4,508,000 vs 5,206,000
    NOTE: Net excludes gains from discontinued operations of
386,000 dlrs vs 903,000 dlrs.
    1986 year net excludes gain 1,910,000 dlrs from sale of
discontinued operations.
    Net includes tax credits of 9,450,000 dlrs vs 11.9 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11302
topicstart
earn
topicend
bodystart
2;

FIRST CITY INDUSTRIES INC 
<
FCY> 4TH QTR NET


    BEVERLY HILLS, Calif., March 31 -
    
Opoer shr profit 17 cts vs loss 96 cts
    Oper net profit 2,293,000 vs loss 7,110,000
    Sales 116.0 mln vs 108.3 mln
    Year
    Oper shr loss 2.03 dlrs vs loss 2.12 dlrs
    Oper net loss 13.8 mln vs loss 11.6 mln
    Sales 454.0 mln vs 446.4 mln
    NOTE: Net excludes gains from discontinued operations of
10.2 mln dlrs vs 1,985,000 dlrs in quarter and 4,262,000 dlrs
vs 1,320,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
11305
topicstart
earn
topicend
bodystart
2;

MAGELLAN PETROLEUM CORP 
<
MPET> 3RD QTR JAN 31


    HARTFORD, Conn., March 31 -
    
Shr loss nil vs profit nil
    Net loss 90,656 vs profit 892
    Revs 2,194,242 vs 2,481,784
    Avg shrs 19.5 mln vs 16.1 mln
    Nine mths
    Shr profit nil vs loss one ct
    Net profit 42,824 vs loss 149,150
    Revs 6,364,992 vs 6,503,811
    Avg shrs 19.5 mln vs 16.1 mln
    NOTE: Net includes tax credits of 98,338 dlrs vs 81,492
dlrs in quartrer and 193,193 dlrs vs 226,560 dlrs in nine mths.
 Reuter
3;
bodyend
documentend
documentstart
11306
topicstart
earn
topicend
bodystart
2;

TERRA MINES LTD 
<
TMEXF> YEAR LOSS


    Edmonton, Alberta, March 31 -
    
Shr loss 89 cts vs loss 17 cts
    Net loss 13.9 mln vs loss 1,996,000
    Revs 204,000 vs 2,087,000
    Note: 1986 includes writedown of 12.5 mln dlrs for the
costs of mineral properties and deferred exploration and
development Bullmoose Lake in the Northwest Territories.
 Reuter
3;
bodyend
documentend
documentstart
11307
topicstart
earn
topicend
bodystart
2;

MERRILL CORP 
<
MRLL> 4TH QTR JAN 31 NET


    ST. PAUL, March 31 -
    
Shr 17 cts vs 17 cts
    Net 777,000 vs 595,000
    Revs 12.9 mln vs 11.7 mln
    Year
    Shr 68 cts vs 48 cts
    Net 2,957,000 vs 1,614,000
    Revs 49.4 mln vs 38.6 mln
    Avg shrs 4,344,204 vs 3,337,284
 Reuter
3;
bodyend
documentend
documentstart
11308
topicstart
earn
topicend
bodystart
2;

D.O.C. OPTICS CORP 
<
DOCO> 4TH QTR LOSS


    SOUTHFIELD, MICH., March 31 -
    
Shr loss 11 cts vs profit 12 cts
    Net loss 286,817 vs profit 292,014
    Revs 9,972,379 vs 9,413,304
    Year
    Shr profit 63 cts vs profit 57 cts
    Net profit 1,547,893 vs profit 1,481,703
    Revs 43.9 mln vs 41.0 mln
    Avg shrs 2,474,820 vs 2,617,768
 Reuter
3;
bodyend
documentend
documentstart
11314
topicstart
interest
topicend
bodystart
2;

U.S. TREASURY'S BAKER SEES EXPANSION CONTINUING


    WASHINGTON, March 31 - 
Treasury Secretary James Baker said
that the current expansion, which he noted was in its fifth
year, will continue in the period ahead.
    He told the House Appropriations Committee that "there is
every prospect that the current expansion will continue
unabated through 1987 and the years beyond."
    Baker said interest rates over the period have continued to
decline and that "policies of the Federal Reserve assure that
ample credit was available.
    He said that the administration's longer term forecast
envisioned that "we will maintain and improve upon our progress
in bringing down the rate of inflation."
 Reuter
3;
bodyend
documentend
documentstart
11315
topicstart
trade
topicend
bodystart
2;

EC APPROVES MEDITERRANEAN FINANCIAL PACKAGES


    BRUSSELS, March 31 - 
EC ministers have approved financial
packages for several Mediterranean states totalling 1.6 billion
European currency units, an EC official said.
    The packages, part of special EC trade agreements with
Tunisia, Egypt, Lebanon, Israel, Algeria, Morocco and Jordan
until 1992, include 615 mln Ecus in grants, he said.
    They include one billion Ecus in loans from the European
Investment Bank, the EC long-term financing arm. The framework
for the transfers was signed yesterday by EC farm ministers
after being agreed in principle by foreign ministers earlier.
 Reuter
3;
bodyend
documentend
documentstart
11316
topicstart
grain
wheat
barley
topicend
bodystart
2;

SOVIET UNION FEATURES IN U.K. GRAIN EXPORTS


    LONDON, March 31 - 
The Soviet Union featured prominently in
U.K. Grain exports outside the EC for the period July 1/March
13, taking a combined total of 1.10 mln tonnes of wheat and
barley out of all-destination U.K. Exports of 7.16 mln tonnes,
the Home Grown Cereals Authority said, quoting provisional
Customs and Excise figures.
    The Soviet total comprises 634,000 tonnes of wheat and
472,000 tonnes of barley. Grain traders said the figures
understate shipments already made by several thousand tonnes
and they expect total U.K. Grain exports to the USSR this
season to reach 2.5 mln tonnes, comprising 1.5 mln wheat/1.0
mln barley.
 Reuter
3;
bodyend
documentend
documentstart
11317
topicstart
earn
topicend
bodystart
2;

SOUTHERN HOSPITALITY CORP 
<
SHOS> 3RD QTR FEB 28


    NASHVILLE, Tenn., March 31 -
    
Shr loss 23 cts vs loss 11 cts
    Net loss 1,128,412 vs loss 548,054
    Sales 9,827,784 vs 12.1 mln
    Nine mths
    Shr loss 19 cts vs profit 11 cts
    Net loss 926,924 vs profit 527,004
    Sales 32.3 mln vs 37.5 mln
 Reuter
3;
bodyend
documentend
documentstart
11319
topicstart
topicend
bodystart
2;

NORTH-RHINE WESTPHALIA ISSUES 1.2 BILLION MARK BOND


    DUESSELDORF, West Germany, March 31 - 
North-Rhine
Westphalia is raising 1.2 billion marks through a 10-year
domestic bond with a coupon of 6-1/8 pct and priced at 100.20,
lead manager Westdeutsche Landesbank Girozentrale, WestLB,
said.
    The bonds yield 6.10 pct at issue, and will be sold from
April 2 to 7. Payment date is April 17, and the bond matures on
the same date in 1997. Some one billion marks will be issued
for immediate sale, and the remaining 200 mln marks will be set
aside for market regulation.
    Listing will be on all eight West German exchanges.
 REUTER
3;
bodyend
documentend
documentstart
11320
topicstart
earn
topicend
bodystart
2;

ELDER-BEERMAN STORES CORP 
<
ELDR> 4TH QTR FEB ONE


    DAYTON, Ohio, March 31 -
    
Oper shr 89 cts vs 1.31 dlrs
    Oper net 3,345,000 vs 4,885,000
    Sales 126.8 mln vs 120.1 mln
    Year
    Oper shr 1.67 dlrs vs 2.15 dlrs
    Oper net 6,299,000 vs 8,013,000
    Sales 380.9 mln vs 352.1 mln
    NOTE: Share adjusted for five pct stock dividend.
    Prior year net both periods excludes gain 1,998,000 dlrs
from reversion of overfunded pension plans.
    Year net includes pretax LIFO inventory charge 600,000 dlrs
vs credit 900,000 dlrs.*Tax rate 40.6 pct vs 32.0 pct due to
impact of Tax Reform Act of 1986.
    Bad debt writeoffs for year up one mln dlrs pretax from the
year before.
 Reuter
3;
bodyend
documentend
documentstart
11322
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER SAYS COOPERATION WORKING


    WASHINGTON, March 31 - 
Treasury Secretary James Baker said
that the agreement in Paris to cooperate in exchange rate
changes showed that the process of coordination agreed to at
the Tokyo summit was working.
    He told the House Appropriations Committee the meeting
"demonstrated that the process is working."
    He noted that the industrial surplus countries committed
themselves to strengthen their growth prospects while the
deficit countries agreed to reduce their domestic imbalances.

    Baker said that for its part, Japan announced a cut in its
discount rate to 2.5 pct and committed itself to prepare a
comprehensive economic program to stimulate domestic demand
after the Diet completes action on the current budget.
    He said the United States must also do its share pressing
for reductions in the federal budget deficit through spending
cuts.
    "And we must continue to oppose protectionist pressures,"
he added.
 Reuter
3;
bodyend
documentend
documentstart
11324
topicstart
acq
topicend
bodystart
2;

AKZO PLANNING US INVESTMENTS


    ARNHEM, Netherlands, March 31 -  
Dutch chemicals group Akzo
NV 
<
AKZO.AS> said it hoped to consolidate its core activities
this year by making small acquisitions in the US.
   Akzo chairman Aarnoud Loudon told a news conference on its
1986 report that the company wanted to achieve the same level
of US investments it had before it divested its fibre firm
American Enka in December 1985, when US investments represented
20 pct of Akzo's total capital.
   The US expansion plans were not an attempt to compensate for
losses in guilder income through the lower dollar, Loudon said.
    He said a more important factor was the speed of growth in
the US, adding "It's the largest industrial market in the world."
But he said the company would also be looking at possible
acquisitions in Europe.
    Despite its highly liquid cash flow, Akzo did not plan
acquisitions on a scale that would negatively influence the
company's debt/equity ratio, Loudon said.
   The chairman said in the past two years Akzo had spent 1.1
billion guilders on acquisitions, of which nearly two thirds
were in the United States.
REUTER...
3;
bodyend
documentend
documentstart
11327
topicstart
gnp
topicend
bodystart
2;

OECD SEES MAJOR ADJUSTMENT FOR AUSTRALIA


    PARIS, March 31 - 
Australia faces a major medium term
adjustment to reduce debt and improve its economic performance,
the Organisation for Economic Cooperation and Development said
in its latest annual review of the Australian economy.
    It said Australia had a current external deficit of 5-3/4
pct of gross domestic product, high and rapidly rising external
debt equal to 30 pct of GDP, growing servicing costs and
inflation above nine pct, far higher than that of other OECD
countries.
    A major policy change in early 1985 helped lay the basis
for sustained non-inflationary growth and external
competitiveness had improved, but economic performance overall
had sharply deteriorated since June 1985.
    A major shift of real resources to the external sector --
about 4-1/2 pct of GDP by 1990-91 -- was required for the
economy to expand in line with potential, for employment to
grow, and for the debt/GDP ratio to stabilize, it said.
    Success depended on the setting of right policies including
tighter fiscal policy, a reduction in the public sector
borrowing requirement and on private sector behaviour.
    Looking ahead over the next 18 months, the OECD expected
economic performance to improve, partly as a result of tighter
fiscal and monetary policy, and a substantial improvement in
trade volumes.
    It said positive GDP growth of three pct might be restored,
the current external deficit could fall to some 4-1/2 pct of
GDP by the first half of next year, while inflation was
projected to decelerate to around five to 5-1/2 pct by
mid-1988.
    Continued real wage moderation was essential to maintain
the competitive edge created by the Australian dollar's
depreciation, and to maintain if not boost profit shares in
order to encourage business investment.
    The report urged Australia to broaden its export base by
developing viable and competitive service and manufacturing
industries, and not count on a recovery of commodity markets to
correct its external imbalances.
    It added Australia should reduce protection levels in
manufacturing, even though faster trade liberalisation would no
doubt hurt the most protected sectors of industry.
 REUTER
3;
bodyend
documentend
documentstart
11330
topicstart
sugar
topicend
bodystart
2;

U.S. SUGARBEET PLANTINGS SEEN RISING IN 1987


    WASHINGTON, MARCH 31 - 
Representatives of U.S. sugar grower
organizations said they expect some increase the area planted
to sugarbeets this year and said the prospects for the 1987
cane sugar crop also are good.
    Dave Carter, president of the U.S. beet sugar association,
said plantings may be up in two major beet growing states,
California and Michigan, while sowings could be down slightly
in the largest producing state of Minnesota.
    Overall, Carter predicted beet plantings would rise in the
midwest, and this coupled with increases in California would
increase U.S. sugarbeet plantings slightly from the 1.232 mln
acres sown last year.
    USDA later today releases its first estimate of 1987 U.S.
sugarbeet plantings in the prospective plantings report.
    The main reason for the expected increase in beet sowings
is that returns from competing crops such as soybeans and
grains are "just awful," said Carter.
    In the midwest, bankers are strongly encouraging farmers to
plant sugarbeets because the U.S. sugar program offers a loan
rate of 18 cents per pound and because payments to farmers from
beet processors are spread evenly over the growing season, said
Luther Markwart, executive vice president of the American
sugarbeet growers association.
    "The banks are putting a lot of pressure on these guys,"
Markwart said.
    In some areas there are waiting lists of farmers seeking a
contract with processors to plant beets, Markwart said.
    USDA's report today will not include any harvested area
estimates for sugarcane, but representatives of Florida, Hawaii
and Louisiana growers said crop prospects are good.
    Horis Godfrey, a consultant representing Florida and Texas
cane growers, said Florida cane is off to a good start  because
for the first time in several years there was no winter freeze.
Although area to be harvesteed is about the same as last year,
cane production may be up in Florida this year, he said.
    In Hawaii, area harvested may decline slightly this year,
but likely will be offset again in 1987 by increased yields,
said Eiler Ravnholt, vice president of the Hawaiian Sugar
Planters Association.
    The acreage planted to sugarbeets will receive more than
the usual amount of attention this year because of mounting
concern that continued increases in domestic sugar production
threaten the U.S. sugar program, industry sources said.
    The increases in beet plantings have especially caused
concern among cane growers who have not expanded plantings,
particularly in Hawaii, industry officials said.
    "We haven't had a good weather year throughout the beet and
cane areas in more than five years," said Godfrey, adding that
the U.S. may be due for a good weather year.
    Rep. Jerry Huckaby, D-La., chairman of the House
agriculture subcommittee responsible for the sugar program, has
threatened to offer legislation next year to curb domestic
sweetener output if growers fail to restrain output in 1987.
 Reuter
3;
bodyend
documentend
documentstart
11332
topicstart
topicend
bodystart
2;

NEW PLAN REALTY TRUST 
<
NPR> TO REDEEM NOTES


    NEW YORK, March 31 - 
New Plan Realty Trust said it plans to
redeem on April 30 all of its outstanding 8-3/8 pct convertible
subordinated debentures due Nov 15, 2000.
    As of March 30, there were 55.6 mln dlrs of debentures
outstanding. The redemption price will be 107.179 pct of the
principal amount plus accrued interest, the company said.
    Holders will have the right to convert the notes up to the
close of business on April 30. The current adjusted conversion
price is 11.49 dlrs a share.
    Of the total original issue of 66.7 mln dlrs, 50 mln dlrs
of notes were sold to the public and 16.7 mln dlrs were sold to
the Merchant Navy Officers Pension Fund of Great Britian.
    Bankers Trust is the trustee for the debentures.
 Reuter
3;
bodyend
documentend
documentstart
11333
topicstart
earn
topicend
bodystart
2;

HECK'S INC 
<
HEX> 4TH QTR JAN THREE NET


    NITRO, W.Va., March 31 -
    
Shr losses not given
    Net loss 7,800,000 vs loss 5,400,000
    Sales 181.2 mln vs 182.0 mln
    Year
    Shr losses not given
    Net loss 17.8 mln vs loss 4,900,000
    Sales 566.3 mln vs 523.3 mln
    NOTE: Company operating in Chapter 11 bankruptcy.
    1986 year net includes four mln dlr LIFO charge and
3,400,000 dlr credit from pension plan termination.
 Reuter
3;
bodyend
documentend
documentstart
11335
topicstart
earn
topicend
bodystart
2;

CAPITAL BANCORP 
<
CAPB> SEES GAIN ON UNIT SALE


    BOSTON, March 31 - 
Capitol Bancorp said it has sold its 80
pct interest in CAP Mortgage Co Inc for 3.1 mln dlrs, adding
this is expected to result in an after tax gain of about
900,000 dlrs to be reported in the first quarter.
    Capitol Bancorp said the CAP Mortgage interest was sold to
Michael M. Bronstein, president of CAP Mortgage, and Robert
Fox, president of Fox Properties Inc. Bronstein already held
the other 20 pct of CAP Mortgage's stock.
 Reuter
3;
bodyend
documentend
documentstart
11336
topicstart
earn
topicend
bodystart
2;

4G DATA SYSTEMS 
<
GGGG> 3RD QTR NET


    NEW YORK, March 31 -
qtr ends Jan 31
    Shr nil vs nil
    Net 2,213 vs 16,288
    Revs 1,418,019 vs 795,522
    Avg shrs 6,650,000 vs 4,150,000
    Nine mths
    Shr two cts vs three cts
    Net 118,984 vs 103,384
    Revs 4,066,605 vs 2,741,241
    Avg shrs 6,650,000 vs 3,969,444
 Reuter
3;
bodyend
documentend
documentstart
11338
topicstart
earn
topicend
bodystart
2;

<
NIKI-LU INDUSTRIES INC> YEAR NET


    HIALEAH, Fla., March 31 -
    
Oper shr profit 18 cts vs loss 38 cts
    Oper net profit 577,000 vs loss 1,147,000
    Revs 16.3 mln vs 19.8 mln
    Avg shrs 3,227,625 vs 3,057,206
    NOTE: 1986 net excludes 485,000 dlr tax credit.
 Reuter
3;
bodyend
documentend
documentstart
11340
topicstart
earn
topicend
bodystart
2;

COLOROCS CORP 
<
CLRX> YEAR LOSS


    NORCROSS, Ga., March 31 -
    
Shr loss 28 cts vs loss 29 cts
    Net loss 2,086,477 vs loss 1,466,907
    Revs 218,864 vs 60,000
    Avg shrs 7,510,781 vs 4,990,168
 Reuter
3;
bodyend
documentend
documentstart
11341
topicstart
coffee
sugar
cocoa
topicend
bodystart
2;

CSCE RESTRUCTURES COFFEE FUTURES DAILY LIMITS


    New York, March 31 - 
The Coffee, Sugar and Cocoa Exchange
has expanded the normal daily trading limit in Coffee "C"
contracts to 6.0 cents a lb, from the previous 4.0 cents,
effective today, the CSCE said.
    The new daily limits apply to all but the two nearby
positions, currently May and July, which trade without limits.
    In addition, the 6.0 cent limit can be increased to 9.0
cents a lb if the first two limited months both make limit
moves in the same direction for two consecutive sessions,
according to the CSCE announcement.
    Before the rule change today, the CSCE required two days of
limit moves in the first three restricted contracts before
expanding the daily trading limit.
    Under new guidelines, if the first two restricted
deliveries move the 6.0 cent limit for two days the Exchange
will expand the limit. The expanded 9.0 cent limit will remain
in effect until the settling prices on both of the first two
limited months has not moved by more than the normal 6.0 cent
limit for other contracts in two successive trading sessions,
the CSCE said.
 Reuter
3;
bodyend
documentend
documentstart
11343
topicstart
grain
wheat
topicend
bodystart
2;

KANSAS EXCHANGE HITS CFTC POSITION LIMIT PLAN


    WASHINGTON, March 31 - 
The Kansas City Board of Trade,
KCBT, has asked federal futures regulators to modify a proposal
to raise the Chicago Board of Trade's, CBT, speculative
position limits on wheat futures contracts, saying the plan
would put the the Kansas exchange "at a serious competitive
disadvantage."
    The Commodity Futures Trading Commission, CFTC, last month
proposed raising CBT wheat speculative limits to 1,200
contracts all months net from 600 contracts, and to 900
contracts for any single month from 600 contracts.
    At the same time, CFTC proposed leaving KCBT's wheat
speculative position limits unchanged.
    "Higher limits for CBT wheat than for KCBT wheat would
significantly impair the KCBT's ability to compete with the CBT
for speculative interest," Michael Braude, president of the
Kansas exchange, said in a letter to CFTC.
    A CFTC spokesman said the commission took into account open
interest affected by existing speculative limits in proposing
to raise CBT's limits.
    KCBT said the CFTC proposal would reduce hedging
efficiency, constrain growth of intermarket spreading and of
the exchange's wheat options contract and impair its ability to
attract large speculators.
    The Kansas City exchange asked the commission to amend its
proposal to change the limits for KCBT wheat to the exact same
bushel amount as specified for CBT wheat.
    CFTC will consider public comments on the proposal until
June 3.
 Reuter
3;
bodyend
documentend
documentstart
11344
topicstart
acq
topicend
bodystart
2;

FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT


    RAVENNA, Italy, March 31 - 
Gruppo Ferruzzi is studying a
project which could result in a public share offer of up to 49
pct of its French unit European Sugar (France) and could raise
around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
    Gardini told Reuters the operation under consideration was
aimed at "international markets" and that the figure of 400 mln
dlrs given in some press reports "was probably about right."
    European Sugar, wholly-owned by Ferruzzi unit Eridania
Zuccherifici Nazionali SpA, is expected to absorb the European
corn wet milling business of CPC International Inc which
Ferruzzi recently agreed to buy.
    Ferruzzi announced last week it had agreed in principle to
buy the CPC operation for 630 mln dlrs.
    A Ferruzzi spokesman later confirmed that the group was
studying the transfer of the CPC business to European Sugar
along with a possible share offering in the Paris unit, but
gave no details.
    The flotation plan has been interpreted by financial
analysts as a means of helping finance the acquisition of the
CPC business.
 Reuter
3;
bodyend
documentend
documentstart
11346
topicstart
topicend
bodystart
2;

SILICON GRAPHICS 
<
SGIC> SELLS CONVERTIBLE DEBT


    NEW YORK, March 31 - 
Silicon Graphics Inc is raising 35 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a 5-3/4 pct coupon and par pricing, said lead manager
Morgan Stanley and Co Inc.
    The debentures are convertible into the company's common
stock at 30.35 dlrs per share, representing a premium of 25.15
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-2 by
Moody's Investors Service Inc and CCC-plus by Standard and
Poor's Corp. Alex Brown and Sons Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
11347
topicstart
topicend
bodystart
2;

TAMURA CORP ISSUES 70 MLN SWISS FRANC NOTES


    ZURICH, March 31 - 
Tamura Corp is issuing 70 mln Swiss
francs of five-year straight notes with a 4-3/4 pct coupon and
par issue price, lead manager Swiss Bank Corp said.
    Payment is due April 15.
    The notes are guaranteed by the Sumitomo Bank Ltd.
 REUTER
3;
bodyend
documentend
documentstart
11348
topicstart
acq
topicend
bodystart
2;

GANDALF 
<
GANDF> ACQUIRES STAKE IN DATA/VOICE


    OTTAWA, March 31 - 
Gandalf Technologies Inc said it
acquired a significant minority equity interest in privately
held Data/Voice Solutions Corp, of Newport Beach, Calif., for
undisclosed terms.
    Gandalf did not specify the size of the interest.
    Data/Voice is a three-year-old designer and manufacturer of
a multiprocessor, multiuser MS-DOS computing system that
Gandalf plans to integrate with its private automatic computer
exchange information system, Gandalf said.
 Reuter
3;
bodyend
documentend
documentstart
11349
topicstart
acq
topicend
bodystart
2;

KEYCORP 
<
KEY> AGREES TO ACQUIRE UTAH BANK


    ALBANY, N.Y., March 31 - 
Keycorp said it has signed a
definitive agreement to acquire Commercial Security Bancorp

<
CSEC> by exchanging Keycorp common valued at 63 dlrs for each
Commercial Securities share.
    Keycorp said this gives the transaction an indicated value
of 102 mln dlrs.
    Keycorp said the amount of its stock to be exchanged will
be based on the daily average closing price of the shares for
an unspecified period prior to the closing of the acquisition.
    Based on a maximum of about 2.75 Keycorp shares and a
minimum of about 1.8 Keycorp to be exchanged, the agreement
provides that if the average price of Keycorp common is less
than 21.50 dlrs a share during the pricing period, the
agreement will terminate unless a new conversion ratio can be
negotiated.
    Keycorp said the transaction is designed to be tax free to
Commercial Security shareholders. The company said it will
treat the merger as a pooling of interests.
    It said the proposal is subject to approval by Commercial
Security shareholders and various regulators.
    Keycorp said the merger is expected to become effective as
soon as possible after December 31, 1987, the date Utah's
interstate banking law becomes operational.
    Keycorp said Richard K. Hemingway and certain members of
the Hemingway family who own about 30 pct of Commercial
Security's outstanding shares have agreed to vote in favor of
the transaction and not dispose of their stock.
     Based in Salt Lake City, Commercial Security ended 1986
with assets of 830.3 mln dlrs, net loans of 496.6 mln dlrs and
deposits of 707.9 mln dlrs. It had net income of 5.1 mln dlrs
or 3.16 dlrs a share on 1.6 mln average shares outstanding last
year.                        
 Reuter
3;
bodyend
documentend
documentstart
11350
topicstart
crude
nat-gas
topicend
bodystart
2;

EXXON 
<
XON> OIL AND GAS PRODUCTION ROSE IN 1986


    NEW YORK, March 31 - 
Exxon Corp said in its annual report
that it raised production in 1986 although it did not replace
all oil and gas produced.
    The company said that it added about four pct to production
bringing it to 1.8 mln bpd, the highest level since 1979, based
largely on increased production of oil overseas but additions
to its reserves from new discoveries and reserve acquisitions
did not replace all of the oil and gas produced.
    The company said that the average price for oil and gas
declined 41 pct in 1986 from the previous year sparking a 38
pct decline in its earnings from exploration and production.
    Exxon's earnings from exploration and production in 1986
fell to 3.1 billion dlrs from 4.9 billion dlrs in 1985.
    Exxon said that its principal gains in production came from
the Gulf of Mexico, Alaska, the North Sea, Malaysia and from
oil sands in Canada.
    Exxon also said that it acquired 11.2 mln acres for
expoloration spread over 10 countries including the U.S, Europe
and the Far East.
    But capital expenditures for exploration and production
were cut to 4.6 billion dlrs from 7.6 billion the previous year
and further reductions were expected in 1987.
    Exxon said that its net share of crude oil and natural gas
liquids produced from offshore fields in the North Sea reached
a new high of 422,000 bpd.
    The light, sweet crudes produced from these North Sea
fields also gave the company trading gains as Exxon was able to
sell much of this crude and replace it with cheaper, lower
quality crude oil for its refineries which have been upgraded
over the past several years.
    The trading gains and lower acquisition costs gave Exxon
more of a spread in its refinery operations and added to
earnings gains from refining and marketing.
    Exxon said earnings from refining and marketing operations
rose to nearly two billion dlrs in 1986, up from 872 mln dlrs
in 1985.
    The company said petroleum sales slipped slightly to 4.043
mln barrels per day from 4.082 mln bpd in 1985 while crude runs
rose to 3.0 mln bpd from 2.9 mln bpd the previous year.
    Exxon's refinery operations benefited from a three year 500
mln dlr upgrading program to its Baytown, Texas refinery
completed last October and an 850 mln dlr upgrading project in
Rotterdam both of which emphasize utilizing lower grade crudes
to extract higher proportions of light products.
 Reuter
3;
bodyend
documentend
documentstart
11352
topicstart
trade
topicend
bodystart
2;

SOVIET UNION SEEN WATCHING CHINA GATT APPLICATION


    PEKING, March 31 - 
China's application to join the General
Agreement on Tariffs and Trade (GATT) is seen as a test case by
the Soviet Union, which will probably demand to follow China, a
top European Community official said.
    Willy de Clercq, External Relations Commissioner of the
European Communities, told a news conference that China's
application would involve long and difficult negotiations.
    China formally applied to join GATT in July 1986 and in
February presented a memorandum backing its application, which
De Clercq said was now being studied. Questions would then be
presented to China.
    "After China, other important state-trading countries
including the Soviet Union, will probably demand accession.
China's application could be considered a test case," he said.
    He said the EC strongly backed China's application, but
others among GATT's 92 contracting parties took a tougher line.
    Among the numerous problems of a huge centrally-run economy
entering a free trade system are tariffs and reciprocity and
the expectation that China will practice an open-trade policy
without trade discrimination, de Clercq added.
    De Clercq noted the different dimensions of the Chinese
economy and those of Hungary and Yugoslavia, the two current
Socialist GATT members.
    On China's import potential, he said a foreign exchange
shortage would force China to import less this year and next
than in the past, with an emphasis on technological equipment
and capital.
    During his visit, De Clercq has met top Chinese leaders and
today signed an agreement to open a European Community
Commission office in Peking.
 REUTER
3;
bodyend
documentend
documentstart
11354
topicstart
earn
topicend
bodystart
2;

ROCKY MOUNT UNDERGARMENT 
<
RMUC> 4TH QTR LOSS


    ROCKY MOUNT, N.C., March 31 -
    
Shr loss 53 cts vs loss 32 cts
    Net loss 1,548,000 vs loss 929,000
    Revs 9,362,000 vs 11.3 mln
    12 mths
    Shr loss 82 cts vs profit 17 cts
    Net loss 2,408,000 vs profit 452,000
    Revs 40.9 mln vs 39.5 mln
    NOTE: full name of company is Rocky Mount Undergarment Co
Inc.
 Reuter
3;
bodyend
documentend
documentstart
11356
topicstart
gnp
lei
topicend
bodystart
2;

U.S. COMMERCE SECRETARY SEES HIGHER GNP GROWTH


    WASHINGTON, March 31 - 
Commerce Secretary Malcolm Baldrige
said a 0.7 pct rise in February's index of leading indicators
pointed to stronger economic growth in the first half of 1987.
    In a statement commenting on the rise last month after a
0.5 pct January decline, Baldrige noted the leading index was
rising at an 8.0 pct annual rate in the six months to the end
of February.
    "Based on past relationships, that gain is consistent with
stepped up growth in real GNP during the first half of 1987,"
Baldrige said.
 Reuter
3;
bodyend
documentend
documentstart
11357
topicstart
trade
topicend
bodystart
2;

U.S. SENATE LEADERS SEE NO TRADE WAR BREWING


    WASHINGTON, March 31 - 
The Senate's Democratic and 
Republican leaders praised President Reagan for retaliating
against Japan for violating a semiconducter accord but dashed
cold water on ideas it was the first shot in a trade war.
    Senate Democratic Leader Robert Byrd and Republican leader
Bob Dole both told the Senate Reagan's decision was long
overdue and urged Japan to open its markets to U.S. goods and
stop dumping on world markets.
    Each noted in separate speeches that they saw no trade war
over the issue, despite concerns in financial markets.
    "That fear has no basis in fact," Byrd said.
 Reuter
3;
bodyend
documentend
documentstart
11358
topicstart
earn
topicend
bodystart
2;

DYR LIQUIDATING 
<
DYR> SETS LIQUIDATING PAYOUT


    SCOTTSDALE, Ariz., March 31 - 
DYR Liquidating Corp,
formerly Dyneer Corp, said its board declared a third
liquidating dividend of one dlr per share payable to
shareholders of record on April 14 and said it will file a
certificate of dissolution on that date.
    The company said shareholders of record on that date will
acquire beneficial interests in the liquidating trust that will
be formed to hold all of the company's assets.
    It said it has asked the American Stock Exchange to suspend
trading in its common stock at the close on April 6 to ensure
settlement of all traded by April 14.
    DYR said it expects its stock to be withdrawn from
registration under the Securities Exchange Act of 1934 shortly
after April 14.
    DYR said the pay date for the dividend will be April 28.
 Reuter
3;
bodyend
documentend
documentstart
11359
topicstart
earn
topicend
bodystart
2;

NETWORK SECURITY CORP 
<
NTWK> YEAR NET


    DALLAS, March 31 -
    
Shr 1.24 dlrs vs 19 cts
    Shr diluted 1.11 dlrs vs 19 cts
    Net 11.9 mln vs 1,830,000
    Revs 79.3 mln vs 46.1 mln
    NOTE: 1986 net includes pretax charge 8,300,000 dlrs from
increases and reserves and writeoffs of low-yielding assets and
pretax gain 20.8 mln dlrs from sale of Multi-Family subsidiary.
 Another 3,800,000 dlrs of gain from the Multi-Family sale will
be recognized in 1987 if Multi-Family meets targeted operating
results.
 Reuter
3;
bodyend
documentend
documentstart
11362
topicstart
acq
topicend
bodystart
2;

PEAT MARWICK, KMG MAIN HURDMAN TO COMPLETE MERGER


    NEW YORK, March 31 - 
Peat Marwick and KMG Main Hurdman said
their merger will be completed tomorrow.
    The new firm, to be known as KPMG Peat Marwick, will rank
among the largest public account and consulting firms in the
U.S. based on combined 1986 revenues of 1.35 billion dlrs,
1,825 partners and a total staff of 16,500 in 136 offices.
    KPMG was created as part of the merger announced last
September of Peat Marwick International Klynveld Main Goerdeler
to form Klynveld Peat Marwick Goerdeler.
 Reuter
3;
bodyend
documentend
documentstart
11364
topicstart
topicend
bodystart
2;
CORRECTION - DUESSELDORF - NORTH-RHINE WESTPHALIA
    In Duesseldorf item "North-Rhine Westphalia issues 1.2
billion mark bond" please read in second paragraph ".... Payment
date is April 7, and the bond matures ..."
    (Corrects payment date from April 17).
 REUTER
3;


bodyend
documentend
documentstart
11365
topicstart
money-fx
interest
topicend
bodystart
2;

DUTCH MONEY MARKET DEBT EASES IN WEEK


    AMSTERDAM, March 31 - 
Loans and advances from the Dutch
Central Bank to the commercial banks fell 1.01 billion guilders
to 9.5 billion guilders in the week ending March 30, the Bank's
weekly return showed.
    Dealers said payments by the Dutch state, partly in the
form of civil service wages, had outweighed payments to the
State, causing the money market deficit to ease.
    The Treasury's account with the Bank dropped 960 mln
guilders to 6.5 billion guilders.
    Liabilities in gold or foreign currency rose 200 mln to
11.9 billion guilders.
    Dealers said it was more likely that the alteration in this
item on the weekly return indicated normal commercial foreign
exchange business rather than intervention by the Central Bank.
     The Bank itself does not disclose information on
intervention.
    Seasonal variation brought bank notes in circulation up 190
mln guilders to 29.7 billion guilders.
    Total gold and currency reserves rose 173 mln guilders to
56.4 billion guilders.
    Call money and period rates were barely changed in the
week. Today all were traded at 5-3/8 to 5-1/2 pct.
 REUTER
3;
bodyend
documentend
documentstart
11368
topicstart
topicend
bodystart
2;

MOODY'S LAUNCHES U.S. CORPORATE BOND INDEX


    NEW YORK, March 31 - 
Moody's Investors Service Inc said it
launched today a new index of investment grade U.S. corporate
bonds based on 100 issues.
    The rating agency noted that Commodity Exchange Inc, Comex,
filed with the Commodity Futures Trading Commission in October
1986 a proposal to list a futures contract based on the index.
Trading is expected to start later this year.
    Moody's said it calculated end-of-month index values back
to December 1979. Corporate bond prices closed on Friday at
274.01, up from the index's initial value of 100.00 on December
31, 1979, the agency said.
    The Moody's index includes a sample of liquid bonds Moody's
chose to mirror the credit quality, maturity, duration and
coupon distribution of bonds in the industrial, utility and
financial sectors of the U.S. secondary market.
    However, it excludes convertible subordinated debenture
issues and tax-exempt bonds, as well as bonds with maturities
under five years or with variable-rate coupons.
    The rating agency said the index has been designed to
reflect changes in corporate bond prices as they occur
throughout the trading day.
 Reuter
3;
bodyend
documentend
documentstart
11369
topicstart
acq
topicend
bodystart
2;

BORG-WARNER 
<
BOR> EXAMINING GAF 
<
GAF> PROPOSAL


    CHICAGO, March 31 - 
Borg-Warner Corp in a statement said it
has received GAF Corp's 46 dlrs a share acquisition proposal
and will have no comment until its board of directors has had a
chance to examine it thoroughly.
 Reuter
3;
bodyend
documentend
documentstart
11370
topicstart
earn
topicend
bodystart
2;

CRI INSURED II 
<
CII> ESTIMATES DIVIDENDS


    ROCKVILLE, Md., March 31 - 
CRI Insured Mortgage Investments
II Inc said it expects to distribute about 1.55 to 1.65 dlrs
per share from operations for all of 1987 and about 1.68 to
1.75 dlrs including the proceeds of the gain from the sale of
the Brighton Meadows mortgage through January 31.
    The company today paid a dividend of 1.1646 dlrs per share.
 Its first two quarterly payments, in September and December,
were 42.5 cts each.
    CRI said it has not yet declared a distribution on the Park
Meadows loan disposition.
 Reuter
3;
bodyend
documentend
documentstart
11371
topicstart
alum
topicend
bodystart
2;

LME LISTS BRAZILIAN ALUMINIUM BRAND


    LONDON, March 31 - 
The London Metal Exchange (LME) has
listed the aluminium brand "CBA' produced by Cia Brasileira de
Aluminio at its Mairinque, Sao Paulo, plant.
    The brand will constitute good delivery from April 1, the
LME said.
 Reuter
3;
bodyend
documentend
documentstart
11372
topicstart
coffee
topicend
bodystart
2;

GUATEMALA TO HOST OTHER MILDS COFFEE MEETING


    LONDON, March 31 - 
Guatemala will host a meeting of other
milds coffee producers probably in May to discuss basic export
quotas, the Guatemalan delegate to the International Coffee
Organization, ICO, said.
    No firm date has been set for the talks, Ambassador Rene
Montes told reporters at the ICO executive board meeting here.
    Producer countries Brazil, Colombia, and a member of
OAMCAF, the African and Malagasy Coffee Organization, may also
be invited for consultation, he said.
    ICO producers and consumers could not agree on how to
calculate export quota shares at a recent council meeting here.
    Other milds coffee producers include Costa Rica, Dominican
Republic, Ecuador, El Salvador, Guatemala, Honduras, India,
Mexico, Nicaragua, Papua New Guinea, and Peru.
 Reuter
3;
bodyend
documentend
documentstart
11373
topicstart
acq
topicend
bodystart
2;

AUDIO/VIDEO 
<
AVA> TO GET EXPENSES FROM DIXONS


    DAYTON, Ohio, March 31 - 
Audio/Video Affiliates Inc said it
will receive an undisclosed amount from 
<
Dixons Group PLC> in
connection with the termination of Cyacq Corp's 92.50 dlr per
share tender offer for Cyclops Corp 
<
CYL>.
    The company said the amount from Dixons is in lieu of
reimbursement expenses for the Cyacq tender.  Citicorp 
<
CCI>
was the other partner in Cyacq.
    The payment was in connection with Dixons' previously
-announced agreement to increase its tender price for Cyclops
to 95.00 dlrs per share, Cycacq's ending of its competing bid
and the ending of litigation between the parties.
 Reuter
3;
bodyend
documentend
documentstart
11374
topicstart
acq
topicend
bodystart
2;

REPUBLIC 
<
RSLA> TO MERGE WITH PIONEER SAVINGS


    MILWAUKEE, Wis., March 31 - 
Republic Savings and Loan
Association and 
<
Pioneer Savings> of Racine, Wis., said they
have signed a definitive agreement to combine the two
associations into a publicly held holding company to be called
Republic Capital Group Inc.
    The associations said they would form the company by
exchanging Republic's stock for shares in the holding company,
which Pioneer savers could purchase when Pioneer converts from
mutual to stock ownership.
    The associations added that they would remain independent,
but wholly owned, units of the holding company.
    The associations said they would continue to do business
using their present names and management.
    The combination of Republic's 459 mln dlrs in assets with
Pioneer's 125 mln dlrs would make the new holding company the
fifth largest savings and loan organization in Wisconsin, they
said.
    The associations said the move is subject to approval by
the Federal Home Loan Bank Board and the Wisconsin Commissioner
of Savings and Loan, as well as Republic's shareholders and
Pioneer's depositors.
 Reuter
3;
bodyend
documentend
documentstart
11375
topicstart
topicend
bodystart
2;

AANCOR UNIT FILES AMENDED REGISTRATION STATEMENT


    NEW YORK, March 31 - 
National Gypsum Co, a unit of Aancor
Holdings Inc, said it filed with the Securities and Exchange
Commission an amended registration statement covering up to 300
mln dlrs of 10-year priority senior subordinated notes.
    It previously filed a statement covering up to 600 mln dlrs
of such notes, National Gypsum said. The notes are part of a
refinancing plan that includes a new credit agreement with
domestic and foreign banks for 300 mln dlrs.
    Proceeds from the new notes and bank facility will be used
to terminate the company's current revolving credit facility by
repaying the approximate 400 mln dlr balance, it said.
    A total of 620 mln dlrs was originally drawn down under the
revolving credit facility on April 29, 1986, when National
Gypsum was acquired by a management-led investors group in a
leveraged buyout, the company said.
    National Gypsum said that the new credit agreement will
convert in 1990 to a term loan that will be amortized over four
years.
    It said the new notes will rank senior to the company's
existing 14-1/2 pct senior subordinated debentures of 2001 and
15-1/2 pct discount debentures due 2004.
 Reuter
3;
bodyend
documentend
documentstart
11376
topicstart
topicend
bodystart
2;

POLAND RENEWS PARIS CLUB DEBT TALKS


    PARIS, March 31 - 
Poland met the Paris Club of western
creditor nations for renewed talks on rescheduling its debt
repayments but no conclusive result was expected, diplomatic
sources said.
    They said the discussions, led on the Polish side by deputy
Finance Minister Andrzej Doroscz, were to renew contacts agreed
after an inconclusive meeting in January and the talks were
described as a "technical meeting."
    The January talks focussed on the rescheduling of about 500
mln dlrs of interest and principal due by end-1986 and also
touched upon delays in debt repayments recheduled previously.
    Poland has a 33.5 billion dollar debt to western creditor
countries and commercial banks and has already indicated it
will not be able to meet interest payments this year after
falling behind for the past two years.
    "The Paris Club is demanding repayment but Poland needs new
credits and has made certain supplementary proposals, but it is
up to the Club to show an initiative," one of the diplomatic
sources said without elaborating.
    Poland is still continuing a dialogue with the
International Monetary Fund but this is progressing slowly, the
source said.
    One diplomatic source said the key to Poland's debt problem
lay in London, saying that the commercial bank creditors there
must take a practical position before a Paris Club decision.
    "But their position seems to be hardening," the source said.
"One really cannot expect a positive conclusion to today's
talks," the source added.
 REUTER
3;
bodyend
documentend
documentstart
11377
topicstart
earn
topicend
bodystart
2;

<
NEW HARDING GROUP INC> 1ST QTR JAN 31 NET


    BRANTFORD, Ontario, March 31 -
    
Shr 19 cts
    Net 653,000
    Revs 45.6 mln
    Note: Prior results not given due to November, 1986
acquisition of 56 pct stake in Continuous Colour Coat Ltd
 Reuter
3;
bodyend
documentend
documentstart
11378
topicstart
acq
topicend
bodystart
2;

BROUGHER 
<
BIGI> TO SELL 40 PCT OF SUBSIDIARY


    GREENWOOD, Ind., March 31 - 
Brougher Insurance Group Inc
said it plans to sell 40 pct of the stock of its subsidiary,
Intercontinental Corp, for one mln dlrs to three European
insurance companies.
    The parent company said it signed a letter of intent to
sell the stock to 
<
WASA Europeiska Forsakrings AB> of Sweden,

<
Europeiske Reiseforsikring A/S> of Norway, and 
<
Europeiska
Rejseforsikrings A/S> of Denmark.
    Brougher said it expects to realize a net after-tax gain of
approximately 330,000 dlrs, or 12 cts per share, from issuing
stock of Intercontinental.
 Reuter
3;
bodyend
documentend
documentstart
11379
topicstart
ipi
topicend
bodystart
2;

CANADA INDUSTRY PRICES FALL 0.2 PCT IN MONTH


    OTTAWA, March 31 - 
The Canadian industrial product price
index, base 1981, fell 0.2 pct in February after rising 0.2 pct
in January, Statistics Canada said.
    "A significant part of this monthly decrease was
attributable to the impact of the increase of the Canadian
dollar on prices for wood pulps, newspaper, aluminum, nickel
and motor vehicles," the federal agency said.
    On a year-over-year basis, the index was down 0.8 pct,
little change from the 0.9 pct decline posted in January.
 Reuter
3;
bodyend
documentend
documentstart
11380
topicstart
grain
wheat
topicend
bodystart
2;

KANSAS LEGISLATOR PREDICTS EEP WHEAT TO SOVIETS


    WASHINGTON, March 31 - 
Rep. Pat Roberts, R-Kan., predicted
the Reagan administration within the next ten days to two weeks
will offer subsidized wheat to the Soviet Union under the
Export Enhancement Program, EEP.
    Roberts made the comment at a press conference held by
Republican members of the House Agriculture Committee.
    He did not say on what he based the comment, but an aide
said Roberts had been in touch with top Republican officials
recently.
    The possibility of an expansion of EEP to include wheat to
Moscow has been rumored for some time, and some industry
sources believe a decision on the issue will be made by the
Reagan administration before Secretary of State George Shultz
goes to Moscow in April.
 Reuter
3;
bodyend
documentend
documentstart
11381
topicstart
earn
topicend
bodystart
2;

SUN CITY INDUSTRIES 
<
SNI> SEES HIGHER NET


    MIAMI, March 31 - 
Sun City Industries Inc said preliminary
unaudited results of ongoing operations for the fiscal year
ended January 31, 1987 are expected to rise over 580 pct to
700,000 dlrs or 70 cts per share from the 125,313 dlrs or 12
cts reported last year.
    Total net income is expected to reach 2.4 mln dlrs, which
includes 1.7 mln dlrs of net income realized from sale of
property. The combination will result in record earnings of
2.40 dlrs a share, the wholesale distributor and processor of
eggs said.
 Reuter
3;
bodyend
documentend
documentstart
11382
topicstart
topicend
bodystart
2;

FED EXPECTED TO SUPPLY TEMPORARY RESERVES


    NEW YORK, March 31 - 
The Federal Reserve is expected to
enter the U.S. government securities market to add temporary
reserves, economists said.
    They said the Fed probably will add the reserves indirectly
by arranging around two billion dlrs of customer repurchase
agreements. A direct reserve supply through System repurchase
agreements is possible instead.
    Federal funds, which averaged 6.33 pct yesterday, opened at
6-3/4 pct and traded between there and 6-3/8 pct. End of
quarter demand pressures are pushing up the funds rate.
 Reuter
3;
bodyend
documentend
documentstart
11384
topicstart
trade
topicend
bodystart
2;
******
YEUTTER SAYS STOCK MARKET OVERREACTED TO JAPAN TRADE DISPUTE

Blah blah blah.
3;


bodyend
documentend
documentstart
11385
topicstart
ship
topicend
bodystart
2;

ST LAWRENCE SEAWAY OPENS SHIPPING SEASON


    MONTREAL, March 31 - 
The St Lawrence Seaway said the first
ship of the season passed through the St Lambert lock here this
morning, officially opening the 2,300-mile-long waterway's 1987
shipping season.
    The seaway has said it expects little increase in freight
levels this year from last year when it moved 37.6 mln tonnes
of freight between Montreal and Lake Ontario and 41.6 mln
tonnes on the Welland Canal, which links Lake Erie and Lake
Ontario. The canal is scheduled to open tomorrow.
    Officials expect the waterway to lose nine to ten mln
Canadian dlrs this year, about the same as the estimated
deficit for fiscal 1986-87, which ends today.
 Reuter
3;
bodyend
documentend
documentstart
11386
topicstart
acq
topicend
bodystart
2;

ACTON 
<
ATN> TO SELL UNIT FOR GAIN


    ACTON, Mass., March 31 - 
Acton Corp said it has agreed to
sell its five Michigan cable television systems to Wisconsin
Cablevision Inc for about 9,500,000 dlrs, resulting in a gain
of about six mln dlrs.
    The company said the sale is subject to review by local
authorities.  The systems have about 7,500 subscribers.
    Acton said proceeds will be used to retire bank debt.
    The company said it has also entered into a 15.5 mln dlr
bank credit agreement that will allow it to complete the
prepayment of all its obligations to members of its present
bank syndicate.
    The company said the new credit will also allow it to
prepay some other debt and redeem its Class C Series Two
preferred stock.
    It said the new facility has allowed it to take full
advantage of an early payment discount of about 13 mln dlrs in
principal and interest which was negotiated with its banking
syndicate in connection with an April 1986 financial
restructuring.
 Reuter
3;
bodyend
documentend
documentstart
11387
topicstart
sugar
topicend
bodystart
2;

BEGHIN-SAY SAYS SUGAR OFFER TO EC STILL STANDS


    PARIS, March 31 - 
A plan by European producers to sell
854,000 tonnes of sugar to European Community intervention
stocks still stands, Andrea Minguzzi, an official at French
sugar producer Beghin-Say, said.
    Last week Beghin-Say president Jean-Marc Vernes said a
possible settlement of a row with the EC would lead producers
to withdraw their offer, which was made as a protest against EC
export licensing policies.
    The EC policy is to offer export rebates, which fail to
give producers an equivalent price to that which they would get
by offering sugar into intervention stocks, Vernes said.
    But Minguzzi said the offer was a commercial affair and
that producers had no intention of withdrawing the sugar offer
already lodged with intervention boards of different European
countries. He said final quality approval for all the sugar
offered could come later this week. Some 95 pct had already
cleared quality specifications.
    The EC can only reject an offer to sell into intervention
stocks on quality grounds. Minguzzi added that under EC
regulations, the Community has until early May to pay for the
sugar. He declined to put an exact figure on the amount of
sugar offered by Beghin-Say, but said it was below 500,000
tonnes.
 Reuter
3;
bodyend
documentend
documentstart
11388
topicstart
earn
crude
topicend
bodystart
2;

EXXON 
<
XON> GAINS DUE TO STREAMLINED OPERATIONS


    NEW YORK, March 31 - 
Exxon Corp said that 1986's 15 pct
increase in earnings per share to 7.42 dlrs a share were
partially based on its streamlined operations which compensated
for the weakness in its exploration earnings and the lowest
crude oil prices in a decade.
    Exxon said economies introduced in its operations from
reductions in personnel and other savings, such as reductions
in exploration expenses, were reflected in an 880 mln dlr
reduction in consolidated operating costs from 1985.
    The company said its more efficient operations would be
necessary to offset more adverse oil market conditions ahead.
    The company also said that its share repurchase plan
contributed to the per share gains over 1985.
    In a breakdown of costs, Exxon said that operating expenses
slipped to 9.2 billion dlrs in 1986 from 9.7 billion dlrs the
previous year and exploration expenses, including dry holes,
slipped back to 1.2 billion dlrs from 1.5 billion dlrs over the
same period as the number of wells drilled was lower.
    The company was also able to use lower interest rates to
reduce its interest expenses to 614 mln dlrs in 1986 from 627
mln dlrs the previous year.
    Exxon said that the ratio of debt to capital was cut by 1.6
pct in 1986 from the previous year to 19 pct.
    On December 31, 1986 Exxon's total debt of 7.87 billion
dlrs was down slightly from the previous year's 7.9 billion
dlrs and long term debt stood at 4.3 billion dlrs, down from
4.8 billion dlrs in 1985.
    Exxon's policy of repurchasing shares on the market for its
treasury also contributed to earnings results by a reduction of
shares to 722.6 mln shares from 754.1 mln shares the previous
year.
 Reuter
3;
bodyend
documentend
documentstart
11390
topicstart
trade
topicend
bodystart
2;

U.S. STOCK MARKET OVERREACTS TO TARIFFS - YEUTTER


    WASHINGTON, March 31 - 
U.S. Trade Representative Clayton
Yeutter said the stock market overreacted to a U.S. decision
last week to proceed with tariffs on some Japanese computer
products.
    Speaking to reporters prior to testifying at a House
Agriculture Committee hearing, Yeutter said it is "difficult to
comprehend" that a trade decision affecting only 300 mln dlrs
in goods caused the stock market collapse yesterday.
    "I have a hunch a lot of other things were involved in that
(stock market fall), including simple profit-taking," Yeutter
said.
    Yeutter said Japan would be sending a senior official from
its trade ministry to Washington next week for talks on the
computer chip dispute.
    "We will be glad to have him here, but that's not going to
affect a decision that's already been made," Yeutter said.
    The decision announced last week would apply higher tariffs
on a range of Japanese products in retaliation for the alleged
failure of Tokyo to honor an agreement with the U.S. on
semiconductor trade.
 Reuter
3;
bodyend
documentend
documentstart
11392
topicstart
grain
wheat
corn
topicend
bodystart
2;

WEATHER HURTING YUGOSLAV WHEAT - USDA REPORT


    WASHINGTON, March 31 - 
Unfavorable late winter weather
conditions in the main wheat growing areas of Yugoslavia
indicate dimmed prospects for the emerging winter wheat crop,
the U.S. embassy's agricultural officer in Belgrade said.
    The officer, who travelled through an area from Belgrade to
Subotica, said in a field report dated March 27 the wheat crop
had been set back at least three weeks because of a cold spell
that followed a period of warm weather.
    He said unseasonably warm weather in late February that
brought the wheat crop out of winter dormancy early was
followed by three weeks of unusually cold weather.
    Damaging effects were seen in the fields, most of which
show stands with a yellow-brown cast indicating extensive leaf
and possible root damage from repeated freezings, he said.
    The report said that since much of the early growth in
February was from late seeding rather than from normal
development, his view was that the damage may be more extensive
than some local observers say.
    The most seriously affected fields were late-seeded fields
on normal maize soils. Stands in these fields were thin and
chances of recovery appeared less favorable, he said.
    However, he said soil moisture conditions were favorable
and many of the fields had already been top-dressed, which
would aid recovery.
 Reuter
3;
bodyend
documentend
documentstart
11393
topicstart
acq
topicend
bodystart
2;

USX 
<
X>, CONSOLIDATED NATURAL 
<
CNG> END TALKS


    DALLAS, March 31 - 
USX Corp's Texas Oil and Gas Corp
subsidiary and Consolidated Natural Gas Co have mutually agreed
not to pursue further their talks on Consolidated's possible
purchase of Apollo Gas Co from Texas Oil.
    No details were given.
 Reuter
3;
bodyend
documentend
documentstart
11394
topicstart
earn
topicend
bodystart
2;
******
ARVIN INDUSTRIES SEES FLAT 1ST QTR PER SHARE NET COMPARED WITH 59 CTS LAST YEAR

Blah blah blah.
3;


bodyend
documentend
documentstart
11395
topicstart
earn
topicend
bodystart
2;

ROCKY MOUNT 
<
RMUC> EXPECTS PROFIT IN FIRST QTR


    ROCKY MOUNT, N.C., March 31 - 
Hal Weiss, chairman,
president and chief executive officer, of Rocky Mount
Undergarment Co Inc, said he expects the company to show a
profit for the first quarter fiscal 1987.
    Weiss said sales for 1987 have been strong following a net
loss of 1,548,000 dlrs, or 53 cts a share, for the fourth
quarter of fiscal 1986. The company reported a net loss for the
year of 2,408,000 dlrs, or 82 cts a share.
    Rocky Mount recorded net income of 248,000 dlrs, or eight
cts per share, for the first quarter of fiscal 1986.
    Weiss attributed the poor year to problems involving
management, manufacturing operations, financial condition and
credibility among its suppliers.
    Weiss predicted the pattern of quarterly lossses which
characterized 1986 will be reversed and 1987 will see the
company return to profitability.
 Reuter
3;
bodyend
documentend
documentstart
11396
topicstart
acq
topicend
bodystart
2;

CHUBB CORP 
<
CB> COMPLETES ACQUISITION


    NEW YORK, March 31 - 
The Chubb Corp said it completed the
previously-announced merger of its subsidiary with and into
Sovereign Corp 
<
SOVR>, a life insurance holding company.
    Under the terms of the merger, Sovereign stockholders
wil receive, in a tax free exchange, 0.1365 of a share of Chubb
common stock for each share of Sovereign held, the company
said. 
    This equals 9.11 dlrs per share of Sovereign stock based on
the closing price of Chubb common stock on March 30.
   
 Reuter
3;
bodyend
documentend
documentstart
11397
topicstart
trade
topicend
bodystart
2;

ENVOY ADVISES NAKASONE TO PREPARE FOR U.S. VISIT


    TOKYO, March 31 - 
The Japanese ambassador to the U.S.
Suggested that Prime Minister Yasuhiro Nakasone make efforts to
present "advanced' proposals on trade issues when he visits
Washington next month.
    Ambassador Nobuo Matsunaga made the recommendation at a
meeting with Nakasone, Kyodo News Service said.
    Matsunaga also advised that the prime minister should be
prepared to discuss U.S.-Japan economic issues.
    Matsunaga cited issues such as a U.S.-Japan micro chip
trade pact, foreign access to the Kansai international airport
project, and a new international telecommunications firm.
    Matsunaga returned on Sunday to report to Japanese leaders
on recent U.S. Developments over trade, in preparation for
Nakasone's visit to Washington, April 29 to May 5.
    Kyodo quoted Nakasone as telling reporters after meeting
the envoy, "I entirely accept what ambassador Matsunaga
recommended." Nakasone did not elaborate.
    The U.S.-Japan trade dispute intensified last week when
President Ronald Reagan said the U.S. Would impose heavy
tariffs on Japanese imports in retaliation against alleged
Japanese breach of the computer chip trade pact.
    Meanwhile, Nakasone's ruling Liberal Democratic Party (LDP)
is to consider measures to boost imports and open up the
Japanese market, such as government purchase of supercomputers
and expanding foreign access to the Kansai airport project,
party sources said.
    The LDP international economic affairs council was
responding to Nakasone's request for measures to reduce Japan's
increasing trade surpluses with the U.S. And Europe, they said.
 REUTER
3;
bodyend
documentend
documentstart
11398
topicstart
topicend
bodystart
2;

WESTON 
<
WESTON> FILES CONVERTIBLE OFFERING


    NEW YORK, March 31 - 
Roy F Weston Inc said it filed with
the Securitites and Exchange Commission a registration
statement covering a 30 mln dlr issue of convertible
subordinated debentures due 2002.
    Plans for the proceeds include capital expenditures such as
new office buildings, equipment and facilities, the company
said.  Weston also anticipates using the proceeds for possible
acquisitions of related businesses as well as for general
corporate purposes.
    Weston named Drexel Burnham Lambert Inc as sole manager of
the offering.
 Reuter
3;
bodyend
documentend
documentstart
11399
topicstart
grain
wheat
topicend
bodystart
2;

LYNG HAS NO COMMENT ON WHEAT SUBSIDY TO SOVIETS


    WASHINGTON, March 31 - 
U.S. Agriculture Secretary Richard
Lyng declined to confirm statements made today by a farm state
congressman that the United States will offer subsidized wheat
to the Soviet Union within the next 10 days to two weeks.
    When asked to clarify comments by Rep. Pat Roberts of
Kansas that the administration would soon offer Export
Enhancement wheat to the Soviet Union Lyng said, "well it won't
be today," and then added, "we have no official comment one way
or the other."
    Lyng would not comment on whether a wheat subsidy offer to
the USSR is under more active consideration at the USDA, saying
that any remarks by him would be tantamount to an official
announcement and could be construed inappropriately.
 Reuter
3;
bodyend
documentend
documentstart
11400
topicstart
earn
topicend
bodystart
2;

NEW HARDING GROUP SETS FIRST PAYOUT SINCE 1978


    BRANTFORD, Ontario, March 31 - 
<
New Harding Group Inc>,
formerly Harding Carpets Ltd, said it declared its first
dividend since fiscal 1978 of 10 cts per subordinate voting
share and multiple voting share, pay April 15, record April 8.
    The company said the dividend establishes a new policy for
the payment of quarterly dividends.
    New Harding earlier reported profit of 653,000 dlrs or 19
cts a share for first quarter ended January 31. It said prior
results were not comparable due to the company's November, 1986
acquisition of a 57 pct stake in Continuous Colour Coat Ltd.
 Reuter
3;
bodyend
documentend
documentstart
11402
topicstart
acq
topicend
bodystart
2;

LAROCHE DROPS CONDITION TO NECO 
<
NPT> OFFER


    NEW YORK, March 31 - 
Investor David F. Laroche said he has
decided to drop the condition to his tender offer for 170,000
shares of NECO Enterprises Inc at 26 dlrs each that at least
170,000 shares be tendered.
    He said he has extended the expiration of the offer until
April 14.
    Thorugh March 27, he said 45,696 NECO shares had been
tendered.
    Laroche said he may obtain a short-term loan of up to one
mln dlrs from Amoskeag Bank to help finance the purchase of
shares under the offer, bearing interest of up to nine pct.
 Reuter
3;
bodyend
documentend
documentstart
11403
topicstart
crude
topicend
bodystart
2;

CHEVRON 
<
CHV>, NIPPON OIL FORM JOINT VENTURE


    SAN FRANCISCO, March 31 - 
Chevron Corp said its Chevron
U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
conduct a joint-venture oil exploration and development program
on selected Chevron leaseholds in the United States.
    About 50 onshore and offshore exploratory wells will be
drilled under the agreement and Chevron will be the operator of
the project and pay some costs, the company said.
    It said Nippon will contribute an initial investment of
more than 100 mln dlrs.
    The Japanese government will also participate in the
venture by providing financing to Nippon through the Japanese
Oil Corp, Chevron said.
    It said drilling will begin during the second quarter.
    Properties to be evaluated are located in California,
Colorado, Kansas, Oklahoma, Mississippi, Montana, North Dakota,
Texas, Utah, and Wyoming, along with Federal Outer Continental
Shelf leases offshore Southern California and in the Gulf of
Mexico, Chevron said.
 Reuter
3;
bodyend
documentend
documentstart
11405
topicstart
acq
topicend
bodystart
2;

TELECAST 
<
TCST> COMPLETES ACQUISITION FINANCING


    FRASER, Mich., March 31 - 
Telecast Inc said it closed on
the financing portion of its previously-announced acquisition
of approximately 14,600 hotel rooms from 
<
Dynavision Inc>.
    The three mln dlr financing package was provided by Sanwa
Business Credit Corp, a subsidiary of 
<
Sanwa Bank Ltd> of
Japan, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11406
topicstart
gas
topicend
bodystart
2;

NEW GASOLINE GRADE TO RAISE U.S. REFINING COSTS


     SAN ANTONIO, March 31 - 
A new grade of unleaded gasoline
now being test marketed will increase refining costs when
refiners can least afford it, according to officials attending
the National Petroleum Refiners Association conference here.
    The new grade of unleaded gasoline has an octane level of
89 compared with over 90 for super unleaded and 87 for regular
unleaded gasoline.
     Amoco Corp 
<
AN> has test-marketed the new mid-grade
gasoline and hopes to sell it on a regular basis in the South,
East and Midwest by the beginning of June, according to Paul
Collier, executive vice president of marketing.
    Phillips Petroleum 
<
P> expects to begin marketing the new
89 octane unleaded gasoline in May, sources said.
    Converting current refinery operations to produce the 89
octane unleaded gsoline could cost hundreds of millions of
dollars per refinery but that depends on the present capacity
and intensity of the refinery, said Amoco's Collier.
    But not all oil company's welcome the introduction of
another grade of unleaded gasoline.
    "Three grades are not warranted," said Henry Rosenberg,
chairman of Crown Central Petroleum 
<
CNP>. "Refiners will have
to upgrade again," he added.
    "An investment will have to be made," said Archie Dunham,
executive vice president of petroleum products at Conoco, an
operating subsidiary of DuPont Corp 
<
DD> in order to upgrade
refinery operations.
 Reuter
3;
bodyend
documentend
documentstart
11407
topicstart
earn
topicend
bodystart
2;

CHARTER POWER SYSTEMS INC 
<
CHP> 4TH QTR JAN 31


    PLYMOUTH MEETING, Pa., March 31 -
    
Shr profit 18 cts vs loss 21 cts
    Net profit 766,000 vs loss 510,000
    Sales 32.4 mln vs 25.5 mln
    Year
    Shr profit 71 cts vs loss 23 cts
    Net profit 2,337,000 vs loss 747,000
    Sales 132.1 mln vs 119.6 mln
    NOTE: Prior year results pro forma for acquisition of C and
D Power Systems divisions of Allied-Signal Inc 
<
ALD>.
 Reuter
3;
bodyend
documentend
documentstart
11413
topicstart
earn
topicend
bodystart
2;

RENAULT 
<
RENA.PA> YR ENDED DEC 31 1986


    PARIS, March 31 -
    
Consolidated net loss 5.54 billion francs vs loss 10.93
billion.
    Consolidated net turnover 131.06 billion francs vs 122.14
billion.
    Consolidated debt 54.3 billion francs vs 61.9 billion.
    Net loss car making 4.14 billion francs vs loss 10.99
billion.
    Net loss industrial vehicles 990 mln vs loss 1.54 billion.
    Note - The company said the consolidated net loss was after
costs and provisions for restructuring of 3.90 billion francs,
which includes exceptional items arising from the planned sale
of its stake in American Motors Corp 
<
AMO> to Chrysler Corp

<
C>.
    Full company name is Regie Nationale des Usines Renault.
 Reuter
3;
bodyend
documentend
documentstart
11415
topicstart
grain
wheat
topicend
bodystart
2;

TUNISIA TENDER EXPECTED FOR 100,000 TONNES WHEAT


    PARIS, March 31 - 
Tunisia is expected to tender shortly for
100,000 tonnes of soft wheat for shipment between April and
June, covered by COFACE export credits, trade sources said.
    Over 300,000 tonnes of French soft wheat have been sold to
Tunisia since the beginning of the 1986/87 campaign, of which
225,000 to 250,000 tonnes have already been shipped, they said.
 Reuter
3;
bodyend
documentend
documentstart
11416
topicstart
earn
topicend
bodystart
2;

PIZZA INN INC 
<
PZA> 4TH QTR LOSS


    DALLAS, March 31 -
    
Shr loss 48 cts vs loss 35 cts
    Net loss 1,587,000 vs loss 1,063,000
    Revs 45.3 mln vs 50.9 mln
    Avg shrs 3,322,032 vs 3,054,457
    Year
    Shr profit three cts vs loss 19 cts
    Net profit 112,000 vs loss 587,000
    Revs 211.2 mln vs 199.3 mln
    Avg shrs 3,220,163 vs 3,038,361
    NOTE: Net includes tax credits 1,411,000 dlrs vs 929,000
dlrs in quarter and tax provision 689,000 dlrs vs credit
1,288,000 dlrs in year.
    1986 year revenues include 18.7 mln dlrs from gain on sale
of Quality Sausage Co Inc.
    1986 net includes costs of 900,000 dlrs in quarter and
1,200,000 dlrs in year from proposed merger.
 Reuter
3;
bodyend
documentend
documentstart
11417
topicstart
money-fx
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS U.S. REMAINS PREPARED TO FOSTER EXCHANGE RATE STABILITY

Blah blah blah.
3;


bodyend
documentend
documentstart
11418
topicstart
earn
topicend
bodystart
2;

ARVIN 
<
ARV> SES FLAT 1ST QTR RESULTS


    COLUMBUS, Ind., March 31 - 
Arvin Industries Inc said higher
interest costs from borrowings to make acquisitions will
produce earnings flat with last year's 59 cts a share results.
    Arvin said it might earn 57 cts to 60 cts a share in the
quarter.
    These results also reflect the seasonally low sales pattern
of automotive replacement parts in that period.
    Arvin forecast about 85 cts a share net in the second
quarter compared with 68 cts in last year's period.
    The company said revenues for full year 1987 it will exceed
1.4 billion dlrs, net earnings will increase more than 30 pct,
while per share earnings should increase 12 to 18 pct.
    Arvin's 1986 revenues were 995.6 mln, net reached 41.2 mln
and earnings per share 2.46 dlrs.
    It based these forecasts due to the addition of Schrader
Automotive Inc and Maremont Corp, both acquired last year.
    Chairman James Baker said 1987 quarterly comparisons will
not conform to historical patterns for the year because the
acquisitions of Schrader and Maremond occurred in different
quarters.
    He said Arvin will complete the purchase of Systems
Research Laboratories in the second quarter of 1987. This will
also increase revenues.
 Reuter
3;
bodyend
documentend
documentstart
11420
topicstart
trade
topicend
bodystart
2;
******
TREASURY'S BAKER SEES 15-20 BILLION DLR U.S. TRADE DEFICIT REDUCTION THIS YEAR

Blah blah blah.
3;


bodyend
documentend
documentstart
11421
topicstart
crude
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS REAGAN UNLIKELY TO ALTER OPPOSITION TO OIL IMPORT FEE

Blah blah blah.
3;


bodyend
documentend
documentstart
11422
topicstart
interest
topicend
bodystart
2;
******
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
11424
topicstart
earn
topicend
bodystart
2;

CORTRONIC CORP 
<
CTRN> YEAR LOSS


    RONKONKOMA, N.Y., March 31 -
    
Shr loss 23 cts vs loss 15 cts
    Net loss 1,121,664 vs loss 640,862
    Sales 37,485 vs nil
    NOTE: Company in development stage.
 Reuter
3;
bodyend
documentend
documentstart
11425
topicstart
interest
topicend
bodystart
2;

FED ADDS RESERVES VIA CUSTOMER REPURCHASES


    NEW YORK, March 31 - 
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
    Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
 Reuter
3;
bodyend
documentend
documentstart
11427
topicstart
grain
wheat
topicend
bodystart
2;

WINTER WEATHER HURTS EAST GERMAN GRAIN - USDA


    WASHINGTON, March 31 - 
Shifts from mild to very cold
weather in East Germany damaged winter barley and late sown
winter wheat in central regions and barley north of Berlin, the
U.S. agricultural officer in East Berlin said.
    In a field report, the officer said indications were that
winter kill might well be more than 100,000 hectares compared
with 38,000 last year.
    He said the damage was probably more limited in southern
and central regions and most widespread in the north.
    Damage was most severe on plants above the ground where
little or no snow cover was present, he added.
    The officer said heavy frosts at night followed by sunshine
during the day led to some heaving, particularly for well
developed plants and for winter barley.
    Furthermore, as the ground surface thawed, some standing
water occurred in the fields.
    The officer said repairing damage will probably call for
special measures this spring in fields with damaged plants and
where stands are thin. Harrowing, as well as well-timed
applications of nitrogen, will be necessary, he added.
 Reuter
3;
bodyend
documentend
documentstart
11428
topicstart
earn
topicend
bodystart
2;

WATSO INC 
<
WSOA> SETS REGULAR PAYOUTS


    COCONUT GROVE, Fla., March 31 -
    
Qtrly Class A div five cts vs five cts prior
    Qtrly Class B div four cts vs four cts prior
    Pay May 29
    Record April 30
    NOTE: company changed date for its annual shareholders'
meeting to June 24 from June 15 due to a scheduling conflict.
 Reuter
3;
bodyend
documentend
documentstart
11429
topicstart
earn
topicend
bodystart
2;

EATERIES INC 
<
EATS> YEAR NET


    OKLAHOMA CITY, March 31 -
    
Shr profit 10 cts vs loss two cts
    Net profit 140,332 vs loss 21,290
    Revs 4,202,305 vs 1,692,976
    Avg shrs 1,400,945 vs 1,106,500
 Reuter
3;
bodyend
documentend
documentstart
11430
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER SAYS U.S. BACKS STABILITY


    WASHINGTON, March 31 - 
Treasury Secretary James Baker said
the United States and the five other industrialized nations
signing the recent Paris Accord remain committed to fostering
the exchange rate at around current levels.
    But he declined to comment on what he believed to be an
appropriate level of the dollar in world markets.
    "I'm not going to comment on that because invariably the
exchange markets read either more or less into my remarks than
I might intend," he said in response to a question from the
House Appropriations Committee.
    Baker said the six nations participating in the Paris
meeting in February had "acknowledged that the currencies are
within ranges that are broadly consistent with the economic
fundamentals and we and the others as well remain prepared to
cooperate closely to foster stability in exchange rates around
those levels."
 Reuter
3;
bodyend
documentend
documentstart
11431
topicstart
acq
topicend
bodystart
2;

MAY 
<
MA> TO SELL SYCAMORE DIVISION


    ST. LOUIS, March 31 - 
The May Department Stores Co said it
has signed an agreement to sell its Sycamore Specialty Store
Division to an investment group that includes Syacmore senior
management.
    May said it expects to close the deal, which includes the
entire division and its 1,000 employees, in April.
    Sycamore has 111 women's apparel stores in Indiana, Ohio,
Illinois, Kentucky and Michigan, May said.
    May added that the Indiana National Bank of Indianapolis
provided a portion of the deal's financing.
 Reuter
3;
bodyend
documentend
documentstart
11433
topicstart
earn
topicend
bodystart
2;

CPL REAL ESTATE 
<
CNTRS> CUTS REGULAR PAYOUT


    DAVENPORT, Iowa, March 31 -
    
Qtrly div 26 cts vs 27 cts prior
    Payable April 27
    Record April 10
    NOTE: full name of company is cpl real estate trust
investment.
 
 Reuter
3;
bodyend
documentend
documentstart
11435
topicstart
earn
topicend
bodystart
2;

NATIONAL BANCSHARES 
<
NBCT> TO HAVE GAIN ON SALE


    SAN ANTONIO, March 31 - 
National Bancshares Corp of Texas
said it has completed the previously-announced sale of 90,000
credit card accounts of to Lomas and Nettleton Financial Corp

<
LNF> for 45.6 mln dlrs, resulting in a gain of 5,800,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11436
topicstart
grain
corn
topicend
bodystart
2;

TRADERS EXPECT SHARP DROP IN U.S. CORN ACREAGE


    CHICAGO, March 31 - 
Grain trade analysts expect a sharp
drop in corn acreage, with most expecting a more modest decline
in soybeans, in the U.S. Agriculture Department, USDA,
plantings intentions report due out at 1500 est (2100 gmt).
    The average trade guess for 1987 planted corn acreage was
66.06 mln acres, ranging from 60.7 to 69.0 mln, all well below
the 76.67 mln planted last year due to improved incentives by
the USDA for farmers to retire acres. Corn acres totalled only
60.22 mln in 1983, when the PIK program was introduced.
    The average soybean planted acreage quesstimate was 59.49
mln, ranging from 58.0 to 63.0 mln and compared with the 61.48
mln planted in 1986
    With substantial grain stocks, less interest was expressed
among analysts in the USDA stocks report also scheduled today.
 Reuter
3;
bodyend
documentend
documentstart
11437
topicstart
veg-oil
topicend
bodystart
2;

USDA'S AMSTUTZ CONFIDENT OF EC OILS TAX DEFEAT


    WASHINGTON, March 31 - 
U.S. Agriculture Undersecretary
Daniel Amstutz said he was confident that a European Community,
EC, proposal to tax vegetable and marine oils and fats would
not be approved by the Community.
    Asked by Reuters if he was confident the plan eventually
would be defeated, Amstutz said, "Yes, I am, but I also know
that things like this take constant vigilance."
    The USDA official said the EC Council of Ministers held an
ad hoc meeting yesterday.
    Commenting on that meeting, he said, "So far, so good."
    Yesterday British Farm Minister Michael Jopling said enough
EC states appeared to be opposed to the proposals by the
commission for a 330 European Currency Unit a tonne tax on
vegetable oils, fats and marine oils for the moves to be
defeated.
 Reuter
3;
bodyend
documentend
documentstart
11440
topicstart
earn
topicend
bodystart
2;

CPL REAL ESTATE 
<
CNTRS> SEES LOWER DIVIDENDS


    DAVENPORT, Iowa, March 31 - 
CPL Real Estate Trust
Investment said its regular quarterly dividend distribution
will be lower than its present 26 cts per share, and could be
significantly lower starting with the third quarter of 1987.
    The company, which lowered the payout from 27 cts to 26 cts
this current quarter, said it did not know how low the payout
would go.
    The company said the reason for the cutbacks was because it
would not be purchasing a property it had anticipated, and
alternative investments will produce significantly lower yields
than anticipated.

 Reuter
3;
bodyend
documentend
documentstart
11441
topicstart
acq
topicend
bodystart
2;

HANSON TRUST 
<
HAN> SELLS UNIT


    WHITE PLAINS, N.Y., March 31 - 
Reichhold Chemicals Inc said
it is part of a group that has purchased PCR Inc from Hanson
Trust PLC's SCM Corp subsidiary.
    It said other group members include Jacksonville, Fla.,
businessman Jack C. Demetree and managers of PCR.
    Reichhold said it made a "modest" cash investment.  PCR
makes high-performance materials for a variety of industries.
 Reuter
3;
bodyend
documentend
documentstart
11443
topicstart
earn
topicend
bodystart
2;

AMERICAN RECREATION CENTERS INC 
<
AMRC> 3RD QTR


    SACRAMENTO, Calif, March 31 -
    
Shr 13 cts vs 17 cts
    Net 553,000 vs 728,000
    Revs 6.9 mln vs 7.5 mln
    Nine months
    Shr 17 cts vs 18 cts
    Net 732,000 vs 776,000
    Revs 18.5 mln vs 18.2 mln
    NOTE:Share earnings reflect 5-for-4 stock split effective
July 31.
 Reuter
3;
bodyend
documentend
documentstart
11444
topicstart
crude
topicend
bodystart
2;

TREASURY'S BAKER SEES REAGAN OPPOSING OIL TAX


    WASHINGTON, March 31 - 
Treasury Secretary James Baker told
the House Appropriations Committee that he believes the
president remains opposed to an oil import fee.
    He said Reagan last year rejected the idea and he added:
    "In my personal view he is not likely to change his thinking
on that."
    He said Reagan last year opposed the idea because the
energy industry was divided on the issue, a tax would require a
new bureacracy to administer and the resulting higher energy
prices would harm U.S. competitiveness.
 Reuter
3;
bodyend
documentend
documentstart
11445
topicstart
grain
wheat
topicend
bodystart
2;

FRENCH MARKET TALK OF SYRIAN WHEAT PURCHASES


    PARIS, March 31 - 
Syria may have bought 80,000 tonnes of
French soft wheat, some traders here said.
    But others said it may instead have given payment
guarantees to allow for the shipping of an old contract to go
ahead.
    Syria has bought around 320,000 tonnes of soft French wheat
since the beginning of the 1986/87 campaign, of which only
121,000 tonnes had been exported by the end of last month.
    The country also bought around 30,000 tonnes of EC soft
wheat 12 days ago at 80 to 81 dlrs a tonne, fob, they said.
 Reuter
3;
bodyend
documentend
documentstart
11446
topicstart
trade
topicend
bodystart
2;

TREASURY'S BAKER SEES SMALLER TRADE DEFICIT


    WASHINGTON, March 31 - 
Treasury secretary James Baker
predicted the U.S. trade deficit would decline 15-20 billion
dlrs this year.
    However, he acknowledged signs were still lacking on such a
decline.
    "We think we are beginning to see changes," he told the House
Appropriations Committee.
    "It has begun to level off (but) we don't see it beginning
to go down yet," he told the panel.
 Reuter
3;
bodyend
documentend
documentstart
11447
topicstart
money-fx
topicend
bodystart
2;

BANGEMANN CALLS FOR CURRENCY CALM


    HANOVER, March 31 - 
West German Economics Minister Martin
Bangemann urged a halt to the talking down of the dollar by
both official and private institutions in the U.S., Saying calm
was needed on the foreign exchanges.
    Speaking at the opening of the 40th Hanover Industry Fair,
Bangemann said radical changes in foreign exchange parities had
left their mark on exports and investments. He added that
without these external difficulties, West Germany's economy
would have grown by 3.5 pct last year instead of the 2.5 pct
reported.
    Bangemann said he could not deny that the economic climate
in West Germany had cooled, but he stressed the country was not
in a downtrend.
    The minister also criticised state subsidies, which he said
mainly favoured large companies and created a tax burden for
smaller and medium sized firms.
    Bangemann referred specifically to subsidies in the steel
industry, which he said had to be fought with all legal means
when they did not correspond to European Community guidelines
on grants.
    He added that in light of the declining demand for steel
capacities had to be adjusted, saying the Bonn government would
not successfully be able to stand in the way of any change in
this industry.
    Bangemann also spoke out against protectionism and called
for more competition, citing as an example the Federal Post
Office.
    The Post Office enjoys a monopoly in West Germany,
especially as far as deciding who is able to provide
telecommunications equipment.
 REUTER
3;
bodyend
documentend
documentstart
11448
topicstart
topicend
bodystart
2;

DUTCH STATE LOAN RAISES 3.25 BILLION GUILDERS


    AMSTERDAM, March 31 - 
The Dutch Finance Ministry said it
accepted bids totalling 3.25 billion guilders on its 6.25 pct
bullet bond due 1995, which it priced at 100.8 pct at tender
today for an effective yield of 6.12 pct.
    The ministry accepted 50 pct of bids at the issue price.
Higher bids were met in full.
    The loan, which has a May 1 coupon and paydate, will go
towards the government's financing of an estimated 1987
borrowing requirement of about 42 billion guilders.
    The 1987 budget deficit is some 29 billion guilders and
early repayments on state loans are estimated at 13 billion.
    Because of projected early redemptions to the state of
loans by building corporations, analysts predict the state has
to raise 32 billion guilders on the capital markets this year,
of which it has found 4.5 billion guilders on the private
placement market.
   The finance ministry described today's tender as successful
and said the amount raised reflected a change in market
circumstances since the last loan issue together with
international demand for guilder-denominated paper.
    Following today's tender, the fourth state loan for payment
in 1987, a nominal 10.55 billion guilders has been raised by
public issues, bringing the total raised this year to 18.55
billion guilders, or some 44.2 pct of the state's 1987
borrowing requirement.
    The previous state loan, a 6.25 pct issue due 1998/2002
last month, raised a mere 300 mln guilders.
    Analysts said the small amount raised on the last issue was
because it was a return to a split maturity issue, seen as only
attractive to domestic institutions, from bullet loans.
    The finance ministry said then the amount was low but noted
a number of unfavourable market conditions at the time.
    Bullet loans have only been permitted in the Dutch market
since January, 1986, as part of a financial liberalization
plan.
    Bullet loans have attracted considerable foreign demand but
have also given rise to worries their fixed repayment date
might interfere with intricate redemption schemes built up
around previously issued split maturity bonds, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
11449
topicstart
acq
topicend
bodystart
2;

NECO 
<
NPT> BIDDER EXTENDS TENDER OFFER


    WASHINGTON, March 31 - 
Investor David LaRoche said he has
extended his cash offer to buy 170,000 shares of NECO
Enterprises Inc at 26 dlrs each until April 14. The tender
offer was to have expired yesterday.
    In a filing with the Securities and Exchange Commission,
LaRoche, a North Kingstown, R.I., investor who already holds
nearly one-third of NECO's total outstanding commonstock, also
waived a condition of his offer that a minimum of 170,000
shares actually be tendered.
    NECO has 957,000 shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
11450
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS


    WASHINGTON, March 31 - 
Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the dollar.
    "We have seen some strengthening of those currencies (but)
not as much as we would like," he said.
    "We have been somewhat disappointed in the results so far,
but we intend to continue these discussions," he said.
 Reuter
3;
bodyend
documentend
documentstart
11451
topicstart
earn
topicend
bodystart
2;

PIER 1 IMPORTS 
<
PIR> AMENDING DATES ON SPLIT


    FORT WORTH, Tex., March 31 - 
Pier 1 Imports Inc said it
amended its record and distribution dates for its previously-
announced three-for two common and 25 cts preferred stock
split.
    The split common and 25 cts preferred shares will be
distributed on July 2, 1987, to shareholders of record June 24,
1987.
    The stock split requires shareholder approval of an
increase in authorized shares of common stock to 100 mln from
25 mln and an increase of authorized shares of preferred stock
to five mln from one mln, the company said.
    The change in the dates was based on the company's desire
to have the additional common and 25 cts preferred shares trade
for the shortest practical period of time on a "when issued"
basis following a favorable shareholder vote at the annual
meeting June 24, it said.
    The previously announced record and distribution dates were
May 13, 1987, and June 29, 1987, respectively, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
11452
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL BIOTECHNOLOGIES 
<
IBIO> 4TH QTR


    NEW HAVEN, Conn, March 31 -
    
Shr loss 34 cts vs loss 14 cts
    Net loss 798,000 vs loss 213,000
    Revs 1.5 mln vs 1.5 mln
    Year
    Shr loss 61 cts vs loss 2.08 dlrs
    Net loss 1.4 mln vs 1.0 mln
    Revs 6.8 mln vs 6.0 mln
    NOTE:1986 net loss includes non-recurring charges of
132,000 dlrs and 270,000 dlrs. Full name is INternational
Biotechnologies Inc.
 Reuter
3;
bodyend
documentend
documentstart
11455
topicstart
crude
topicend
bodystart
2;

U.S. OFFICIALS DEFEND OIL RESERVE SALE PLAN


    WASHINGTON, March 31 - 
Treasury Secretary James Baker and
Office of Management and Budget chief James Miller defended an
administration plan to sell the U.S. Naval Petroleum Reserves.
    In response to hostile questioning from a member of the
House Appropriations Committee, the officials said the plan was
justified to help bring the fiscal 1988 budget deficit and to
get the government out of the oil business.
    Miller acknowleged the estimated sale proceeds at 3.3
billion dlrs would actually bring down the deficit by about 2.2
billion dlrs because of the loss of revenues from the sale of
oil from the reserves.
    Miller said the sale price may end up higher.
    "We'd sell it to the highest bidder," Miller said.
    "If we can get more we'll take it."
 Reuter
3;
bodyend
documentend
documentstart
11459
topicstart
cocoa
topicend
bodystart
2;

TRADERS CUT BAHIA TEMPORAO COCOA CROP ESTIMATE


    RIO DE JANEIRO, March 31 - 
Trade estimates of the coming
May/September temporao harvest in Brazil's main cocoa growing
state of Bahia are now in the 1.5 mln to 2.0 mln 60-kilo bag
range against 2.0 mln to 2.5 mln two weeks ago.
    Traders in the state capital Salvador told Reuters the
effects of a dry period in the first six weeks of the year had
been harsher than thought earlier.
    Although good flowering had followed the onset of rains in
mid-February subsequent pod setting was dissappointing.
    Last year's temporao, also hit by a dry spell, was 2.77 mln
bags. In 1984 severe drought cut the crop to 1.79 mln bags.
    The traders said another factor leading to lower crop
predictions is that many farmers are not caring properly for
plantations because of low returns on their investment.
    Manpower, fertiliser and other costs have been cut back as
farmers feel the pinch of the rise in interest rates over the
past six months coupled with low bean prices.
    If such economies continue into the winter months both the
temporao and the developing October/April main crop could face
serious damage from pod rot attacks on trees which would
normally be treated against the disease.
    Recent very wet weather has already caused some isolated
incidences of pod rot but reports from the growing regions say
these are not yet significant.
    The traders said they expect very low deliveries of
temporao beans in the first three months of the harvest and the
bulk will not appear until the last month, September.
    Despite the low loads, trees are said to be in excellent
condition and recent flowering and pod setting - which will
lead to late temporao/early main crop beans - has been good.
 Reuter
3;
bodyend
documentend
documentstart
11460
topicstart
trade
topicend
bodystart
2;

TREASURY'S BAKER NOT CONCERNED BY BOND DECLINES


    WASHINGTON, March 31 - 
Treasury Secretary James Baker,
asked whether he was concerned about yesterdays precipitous
decline in bond prices, said he was not.
    Questioned by reporters as he left a House committee
hearing, Baker said "no," when asked about the bond decline,
adding that it was a reflection of concern about the
possibility of a trade war.
    "It is what the markets think would be the adverse
consequences of a trade war."
    He said the administration was concerned that protectionism
would lead to international trade problems adding that he
thought the action against the Japanese was still consistent
with this policy.
 Reuter
3;
bodyend
documentend
documentstart
11461
topicstart
trade
topicend
bodystart
2;

U.S.-JAPAN NOT IN TRADE WAR, YEUTTER SAYS


    WASHINGTON, March 31 - 
The United States and Japan are not
involved in a trade war, despite U.S. sanctions announced last
week against Japanese semiconductors, U.S. Trade Representative
Clayton Yeutter said.
    "In my judgement, we're not even close to a trade war,"
Yeutter told a House Agriculture Committee hearing.
    Yeutter said if Japan takes action to honor its agreement
with the U.S. on semiconductor trade, "Then the retaliatory
response will last a relatively short period."
    Yeutter said Japan must stop dumping chips in third
countries and buy more American computer chips.
 Reuter
3;
bodyend
documentend
documentstart
11462
topicstart
coffee
sugar
cocoa
topicend
bodystart
2;

CSCE ALTERS RULES ON TRADING LIMITS


    New York, March 31 - 
The Coffee, Sugar and Cocoa Exchange
amended regulations governing expanded trading limits on
coffee, cocoa and sugar contracts to provide uniformity.
    Effective today, the exchange will permit normal daily
price limits in those commodities to expand whenever the first
two limited contract months move the limit in the same
direction for two consecutive sessions.
    The normal daily limits will be reinstated once the first
two limited deliveries close by less than the normal limit for
two successive trading days.
    Previously exchange rules required the first three limited
months to move the limit in coffee and cocoa. It had required
the first two limited sugar deliveries to make such moves for
three consecutive sessions.
 reuter
3;
bodyend
documentend
documentstart
11464
topicstart
acq
topicend
bodystart
2;

UAL 
<
UAL> COMPLETES BUY OF HILTON INT'L


    CHICAGO, March 31 - 
UAL Inc said it completed the
acquisition of Hilton International from Transworld Corp 
<
TWT>,
paying 982.5 mln dlrs in cash and securities.
    Hilton International will add 90 hotels to UAL's Westin
hotel unit, which operates 61 hotels. The two chains will have
a total of 151 hotels with 67,000 rooms and 71,000 employees,
it said.
    Harry Mullikin, chairman and chief executive of UAL's
Westin Hotel unit, has been elected to the additional post of
chairman and chief executive of Hilton International.
    UAL will change its name to Allegis at its annual meeting.
 Reuter
3;
bodyend
documentend
documentstart
11465
topicstart
acq
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> SELLS UNIT TO 
<
HENKEL KGAA>


    MINNEAPOLIS, March 31 - 
Henkel KGaA of Dusseldorf, West
Germany, said it has completed the acquisition of the Process
Chemicals Division of Occidental Petroleum Corp's 
<
OXY>
Occidental Chemical Corp subsidiary for undisclosed terms.
    Process Chemicals, acquired from Diamond Shamrock Corp

<
DIA> in September, makes specialty chemicals for a variety of
industrial markets and has annual sales of about 160 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11466
topicstart
nat-gas
topicend
bodystart
2;

SOUTHWESTERN ENERGY 
<
SWN>, ARKLA 
<
ALG> SET PACT


    FAYETTEVILLE, Ark., March 31 - 
Southwestern Energy Co said
it reached an agreement with Arkla Energy Resources for Arkla
to carry gas owned by Southwestern subsidiaries.
    Under the agreement, the interstate pipeline division of
Arkla Inc will carry up to 25 mln cubic feet of gas a day until
Dec 31, 1987, and, subject to capacity, up to 50 mln cubic feet
a day in 1988 and 75 mln feet a day for the rest of the pact.
    Payment terms vary depending on the type of service
provided, a Southwestern spokesman said.
    The deal is effective March one, 1987, expires July one,
1997, and is renewable yearly thereafter, he said.
    The pact calls for transmission of gas owned by Arkansas
Western Gas Co, Seeco Inc, Arkansas Gas Gathering Co and
Southwestern Energy Production Co, Southwestern Energy said.
 Reuter
3;
bodyend
documentend
documentstart
11468
topicstart
acq
topicend
bodystart
2;

AMERICAN 
<
AMR> SETS SCHEDULE FOR AIRCAL MERGER


    DALLAS, March 31 - 
AMR Corp's American Airlines unit said
it plans to complete the integration of AirCal into its
operations within four to five months.
    American's merger with AirCal, announced last November,
received final approval from the Department of Transportation
yesterday.
    American said Richard D. Pearson, coordinator of the
airline's merger activities, will become chairman and chief
executive officer of AirCal during the period up to completion
of the merger.
    American said Pearson succeeds William Lyon, who has been
elected to AMR's board.
    It added that David A. Banmiller will continue as AirCal's
president and chief operating officer.
 Reuter
3;
bodyend
documentend
documentstart
11469
topicstart
acq
topicend
bodystart
2;
******
GENCORP SAYS IT EXPECTS TO COMPLETE SALE OF WOR TV THIS WEEK, ALL CHALLENGES RESOLVED

Blah blah blah.
3;


bodyend
documentend
documentstart
11470
topicstart
earn
topicend
bodystart
2;

SYMS CORP 
<
SYM> 4TH QTR


    NEW YORK, March 31 -
    
Shr 43 cts vs 25 cts
    Net 7.6 mln vs 4.4 mln
    Revs 72.0 mln vs 66.9 mln
    Year
    Shr 84 cts vs 72 cts
    Net 14.8 mln vs 12.7 mln
    Revs 223.1 mln vs 215.2 mln
    NOTE: 1986 4th qtr inludes gain of 2.6 mln dlrs on sale of
real estate.
 Reuter
3;
bodyend
documentend
documentstart
11473
topicstart
topicend
bodystart
2;

CALIFORNIA ENERGY 
<
CECI> GETS PRIVATE FUNDING


    SANTA ROSA, Calif., March 31 - 
California Energy Co Inc
said Drexel Burnham Lambert Inc is highly confident it can
provide the company with 160 mln dlrs of private financing,
subject to certain conditions.
    California Energy said that as part of the financing, it
received a letter of commitment for 133 mln dlrs of project
funding from Credit Suisse.
    The company said proceeds of the financing will be used by
its China Lake joint venture for the purchase of equipment and
construction of an 80-megawatt power plant at a
company-developed geothermal site at China Lake, Calif.
 Reuter
3;
bodyend
documentend
documentstart
11475
topicstart
earn
topicend
bodystart
2;

NPS TECHNOLOGIES GROUP 
<
NPSGU> 4TH QTR


    SECAUCUS, N.J., March 31 -
    
Shr N.A. vs N.A.
    Net 46,000 vs 106,000
    Revs 19.8 mln vs 19.0 mln
    YEar
    Shr 26 cts vs 26 cts
    NEt 1.3 mln vs 1.3 mln
    Revs 82.1 mln vs 105.3 mln
    NOTE:1986 net includes 870,000 dlrs charge. 1985 net
includes 788,000 credit. No share amounts provided for 4th qtr
as NPS completed initial offering in August.
 Reuter
3;
bodyend
documentend
documentstart
11476
topicstart
earn
topicend
bodystart
2;

FREEPORT-MCMORAN RESOURCE LP 
<
FRP> QTLY PAYOUT


    NEW ORLEANS, March 31 - 
    
Qtly cash distribution 60 cts vs 60 cts prior
    Pay May 15
    Record April 30
    Note: Full name is Freeport-McMoRan Resources Partners LP.
 Reuter
3;
bodyend
documentend
documentstart
11477
topicstart
acq
topicend
bodystart
2;

BUTLER 
<
BTLR> TO BUY SKYLIGHT MANUFACTURER


    KANSAS CITY, MO., March 31 - 
Butler Mfg Co said it signed a
memorandum of intent to acquire Naturalite Inc, a manufacturer
of skylights.
    It said Garland, Texas-based Naturalite had sales in 1986
of about 20 mln dlrs.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
11478
topicstart
earn
topicend
bodystart
2;

DATA MEASUREMENT CORP 
<
DMCB> 4TH QTR


    GAITHERSBURG, Md, march 31 -
    
Shr 83 cts vs 60 cts
    Net 516,063 vs 328,468
    Revs 8.3 mln vs 5.7 mln
    NOTE:Shrs reflect 3-for-2 stock split.
 Reuter
3;
bodyend
documentend
documentstart
11479
topicstart
earn
topicend
bodystart
2;

PUBCO CORP 
<
PUBO> YEAR NET


    CLEVELAND, March 31 - 
    
Oper shr 12 cts vs nine cts
    Oper net 4,027,852 vs 3,200,837
    Revs 100.2 mln vs 46.0 mln
    Note: Oper net excludes tax credits of 517,916 vs 198,000
    Current year results include proceeds from termination of a
pension plan.
 Reuter
3;
bodyend
documentend
documentstart
11480
topicstart
topicend
bodystart
2;
******
belgrade - tanjug says yugoslavia reaches paris pact on refinancing part of debt

Blah blah blah.
3;


bodyend
documentend
documentstart
11481
topicstart
earn
topicend
bodystart
2;

<
MONTREAL TRUSTCO INC> YEAR NET


    MONTREAL, March 31 -
    
Shr 94 cts vs 75 cts
    Net 27.0 mln vs 18.4 mln
    Revs 631.6 mln vs 409.5 mln
    Avg shrs 27.1 mln vs 22.6 mln
 Reuter
3;
bodyend
documentend
documentstart
11483
topicstart
topicend
bodystart
2;

GULL 
<
GLL> IN PRIVATE SALE OF NOTES


    SMITHTOWN, N.Y., March 31 - 
Gull Inc said it sold 20 mln
dlrs of senior notes due March 31, 1999, to two institutional
investors through Oppenheimer and Co.
    Proceeds will be used to reduce long term debt and to
convert other debt to fixed from floating rates, the maker of
high technology instruments and other products said.
 Reuter
3;
bodyend
documentend
documentstart
11484
topicstart
acq
topicend
bodystart
2;

TRADESTAR 
<
TIRR> ACQUIRES IMAGE VIDEO


    TULSA, Okla., March 31 - 
Tradestar Corp said it acquired

<
Image Video Inc> for an undisclosed sum.
    The company said Image Video produces and distributes
videos for the home market.
    Image Video is scheduled to release 20 video projects in
1987, it said.
 Reuter
3;
bodyend
documentend
documentstart
11486
topicstart
topicend
bodystart
2;

YUGOSLAVIA REACHES PARIS PACT ON PART DEBT


    BELGRADE, March 31 - 
Yugoslavia has reached an agreement
with Western creditors on refinancing a portion of its 19.7
billion dollar hard currency debt.
    The official Tanjug news agency said the agreement was
reached in Paris today in talks between Yugoslav delegation
headed by Finance Minister Svetozar Rikanovic and 16 Western
creditor countries, but it gave no precise figures for the
amount to be rescheduled.
    However, before the talks began, Tanjug said the agreement
should cover 1.6 billion dollars of debt due this year and 3.5
billion due in 1988.
    The agreement covered a second phase of multi-year
refinancing of Yugoslavia's debt, based on a protocol signed in
May last year, which provided for the enhanced monitoring of
economic trends in Yugoslavia by International Monetary Fund.
    Tanjug said the agreement was reached after hearing the
IMF's report on the state of Yugoslav economy and a +long and
lively debate between creditors and members of the Yugoslav
delegation.+
    It said the talks with commercial bank creditors on
realisation of the second phase of Yugoslavia's multi-year debt
refinancing will follow in April this year.
 REUTER
3;
bodyend
documentend
documentstart
11487
topicstart
trade
topicend
bodystart
2;

CHIRAC, REAGAN DISCUSS ARMS CONTROL, TRADE


    WASHINGTON, March 31 - 
French Prime Minister Jacques Chirac
opened talks with President Ronald Reagan expected to focus on
superpower arms control moves and trade issues.
    French officials said a major aim of Chirac's visit was to
present France's concern that the United States might ignore
European security interests in any accord with Moscow on
removing medium-range nuclear missiles from the continent.
    But Reagan was expected to assure Chirac that he will not
agree to a deal at the Geneva superpower talks that would give
the Russians superiority in shorter-range systems, diplomats
said.
    France has expressed doubts about removing U.S. missiles
from Europe so long as the Soviet Union maintains an edge in
other weaponry, particularly shorter-range rockets,
conventional forces and chemical weapons.
    Speaking last night, Chirac set out the French position
saying: "Any agreement on intermediate nuclear forces should
mention how equality can be achieved in short-range missiles."
    Reagan and Chirac meanwhile signed an agreement ending a
dispute between two leading research institutes over patent
rights to a blood screening test for the deadly disease AIDS.
    In a joint statement, Chirac and Reagan said the Pasteur
Institute in Paris and the National Cancer Institute, of
Bethesda, Maryland, agreed to give part of the royalties from
the test to a new foundation dedicated to the wordwide fight
against AIDS (Acquired Immune Deficiency Syndrome).
    "This agreement opens a new era in Franco-American
cooperation, allowing France and the United States to join
their efforts to control this terrible disease in the hopes of
speeding the development of an AIDS vaccine and cure," Reagan
said at the signing ceremony. 
    He said the two parties would share the patent and give 80
per cent of the royalties received to the new foundation.
    The foundation would also raise private funds and would
donate 25 per cent of its money to combat AIDS in less
developed countries. 
    Both leaders stressed the long ties between France and the
United States during a welcoming ceremony in the White House
East Room, with Reagan describing France as "America's oldest
ally in war and peace." 
    "I have come to tell you that we are remain motivated by the
same ideals of freedom, by the same will to face the dangers
which we both confront -- terrorism, war, hunger, poverty, new
diseases and drugs," Chirac replied.
    But the two countries are likely to have less to agree on
over the issue of trade, where Chirac is worried about a rise
in protectionism in the U.S. Congress. 
    A senior U.S. official yesterday dismissed a French idea to
sell cut-price grain to poor countries in Africa as a way of
lessening surplus stocks.
    Chirac is expected to canvass support for the idea, first
proposed by French Agriculture Minister Francois Guillaume,
during his two-day visit to Washington.
    The U.S. official described the idea as a "grain producers'
OPEC" -- a reference to the Organization of Petroleum Exporting
Countries -- and said it went against the Reagan
administration's desire to lessen government intervention in
trade.
 Reuter
3;
bodyend
documentend
documentstart
11488
topicstart
acq
topicend
bodystart
2;
******
GENCORP SAYS ALTERNATIVE TO HOSTILE TENDER TO BE ANNOUNCED WITHIN A WEEK

Blah blah blah.
3;


bodyend
documentend
documentstart
11490
topicstart
earn
topicend
bodystart
2;

CANADA'S AIRLINE PROFITS SEEN HIGHER


    By Claudia Van Riesen, Reuters


    TORONTO, March 31 - 
Canada's airline industry, shaken up by
a recent merger that creates a powerful new competitor for
government-owned Air Canada, has begun its first serious drive
for profitability in 50 years, industry analysts said.
    "Now we've got a company that can compete with Air Canada,"
said Thomas Bradley of Richardson Greenshields of Canada Ltd.
"Clearly, it can go head-to-head in any market."
    The new airline, which arose from the 300-mln-Canadian-dlr
takeover of Canadian Pacific Air Lines Ltd by the small but
cash-rich Pacific Western Airlines Corp, was launched last week
as Canadian Airlines International Ltd.
    Canadian Airlines will have 35-40 pct of the
6-billion-Canadian-dlr domestic market, against Air Canada's
50-55 pct. Wardair International Ltd is third with about nine
pct.
    Analysts believe Pacific Western's aggressive and
cost-conscious chairman Rhys Eyton will develop the true
potential of the former CP Air, which floundered for four
decades inside the bureaucracy of conglomerate Canadian Pacific
Ltd.
    They said CP Air's management style had been not much
different from that of Air Canada, formed 50 years ago, because
neither airline was held accountable to its owners.
    "Not that long ago, maybe even just six months ago, these
two airlines were totally fiscally irresponsible. Neither
seemed that concerned about the bottom line," said Bradley.
    "But with CP Air being run by Eyton, it will be very
conscious of profitability and shareholder return. And Air
Canada is on the verge of going that way," he said.
    CP Air, always fighting for market share rather than
profits, was "a perennial money-loser," analyst Wilfred Hahn of
Bache Securities Inc said in a recent report.
    Prior to its takeover in December, it had accumulated
long-term debt of 600 mln Canadian dlrs. From 1981 to 1985, its
losses totaled 87 mln Canadian dlrs.
    Air Canada, widely expected to be privatized later this
year in a public share offering, lost 14.8 mln Canadian dlrs on
revenues of 2.72 billion dlrs in 1985. It has a debt of more
than 2 billion dlrs.
    Although only a minority interest is likely to be sold to
the public, the prospect of privatization at a time of
increased competition is forcing Air Canada to pay more
attention to finances, analysts said.
    It recently disclosed that it expects to report a profit "in
excess of 35 mln to 40 mln dlrs" for 1986. However, this profit
recovery was due less to management skill than the fact that
all Canadian airlines had a good year in 1986, analysts said.
    Tourists came to Canada in record numbers last year,
attracted by the relatively weak Canadian dollar and Expo 86 in
Vancouver, which alone had more than 22 mln visitors.
    For the next few years, most analysts see three-six pct air
traffic growth, and they expect profits will come from
cost-cutting and careful spending.
    Peter Friend of Walywn Stodgell Cochran Murray Ltd said
institutional buyers will be eager to add Air Canada to their
portfolios as a blue-chip investment, but warned that new
competition makes profit growth less certain.
    "The airline with something to lose will be Air Canada. At
one time, it had a fixed system which was theirs and nobody
else's," Friend said.
    Many analysts recommend that investors buy and hold airline
shares for at least a year.
    Analysts said Air Canada's immediate concern ahead of a
public stock offering will be unloading unprofitable air routes
without setting off a political storm.
    It also will be faced with an expensive but necessary
updating of its aging fleet of 111 aircraft.
    Wardair, preferring strong medicine now instead of later,
already has embarked on a one-billion-Canadian-dlr purchase of
a dozen aircraft from Europe's Airbus Industrie.
    Canadian Airlines, which has 81 aircraft, last week ordered
six commuter planes from British Aerospace and said it would
soon buy as many as six wide-bodied aircraft from Airbus or the
Boeing Co.
    Analysts said Canadian Airlines, with its newer fleet,
needs to make fewer replacements and can afford these without
hurting profits.
    Steven Garmaise of Wood Gundy Inc expects Canadian
Airlines' profit in 1988 will more than double last year's 29.8
mln Canadian dlrs by Pacific Western.
 Reuter
3;
bodyend
documentend
documentstart
11491
topicstart
crude
gas
heat
topicend
bodystart
2;

U.S. DISTILLATE, GASOLINE INVENTORIES SEEN LOWER


    NEW YORK, March 31 - 
Tonight's American Petroleum Institute
weekly inventory report is expected to show moderate drawdowns
in distillates and gasoline stocks for the week ended March 27,
analysts and traders said.
    They said they expect gasoline stocks to fall three mln
barrels or less and heating oil inventories to drop between 1.3
and four mln barrels.
    Some analysts see crude stocks falling by as much as six
mln barrels, while others think they could go up as much as 3.5
mln barrels. Crude oil runs are expected to be unchanged from
the previous week or slightly higher or lower.
    For the week ended March 20, the API said gasoline stocks
fell 2.7 mln barrels. Mosts analysts expect a modest draw for
the week ended March 27. They said stocks could fall between
700,000 and three mln barrels. Some said there is also a chance
gasoline stocks will be unchanged.
    API said distillate stocks dropped four mln barrels for the
week ended March 20. Analysts and traders generally predict a
similar or smaller depletion for last week. They said stock
levels could drop 1.3 to four mln barrels.
    The analysts attribute product stockdraws to seasonal
factors but they said crude direction is harder to call.
    Crude inventories rose 8.5 mln barrels in the week ended
March 20, API said. Analysts are looking for build of between
3.5 mln barrels to a six mln barrel draw for the week ended
March 27.
    API reported the amount of refinery capacity utilized up
three pct for the week ended March 20. Analysts said
utilization could have remained unchanged, or rose or fell by
less than one pct for the week ended March 27.
    Moderate product stockdraws would strengthen the market
slightly, analysts said. But bullish expectations are already
partially reflected in today's gains, they added.
 Reuter
3;
bodyend
documentend
documentstart
11492
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> ALTERNATIVE PLAN DUE WITHIN A WEEK


    AKRON, Ohio, March 31 - 
A. William Reynolds, chairman and
chief executive of GenCorp Inc, told shareholders he expects to
announce a company alternative to a 100-dlr-per-share hostile
tender within a week.
    Last night the company urged shareholders to reject the
tender. Reynolds urged shareholders to be patient, saying the
group sponsoring the tender offer had months to evaluate
GenCorp while "we have had only 10 days to respond."
    Reynolds also disclosed the company has resolved legal
challenges to its planned sale of WOR TV, serving the New York
City market, and expects to complete the sale by Friday.
    Reynolds said the company expects to book an after tax gain
of 250 mln dlrs from the sale of WOR TV. The company plans to
sell the station to MCA Inc 
<
MCA> for 387 mln dlrs.
    Reynolds did not specify whether the legal challenges were
dropped or dismissed. The Federal Communications Commission has
already approved the station's sale.
    Money from the sale of the station will play a role in
helping develop an alternative to the tender offer co-sponsored
by AFG Industries Inc 
<
AFG> and Wagner and Brown, Reynolds
said. He provided no other details.
    Randall Hubbard, chairman of AFG, and Joel Reed, chief
financial officer of Wagner and Brown, attended the meeting,
which was shifted from a tire plant to a downtown hotel. About
300 people were present despite an overnight snowstorm.
    Hubbard and Reed chatted briefly with Reynolds after the
meeting but declined to discuss their proposal with reporters.
    Reynolds told the shareholders friends and family members
have been telling him "Bill, just don't pay greenmail" to end
the takeover threat. Greenmail describes a buyout of a minority
shareholder at a price not available to other holders. Reynolds
said he considers it a "repugnant device."
    Shareholders elected management's slate of 11 directors.
Mario Gabelli, head of a New York investment firm which owns a
large block of stock, proposed one nominee for the board.
Gabelli said the unsuccessful attempt was designed to "stiffen
the backbone of the board to discourage greenmail."
    Hubbard and Reed reiterated previous statements that they
are open to negotiations with GenCorp.
    Asked about severance contracts for key executives in the
event of a shift in control of the company, Reynolds asserted
"we're developing alternatives that would not result in a
change in control."
    Asked whether the company's plan would be superior to any
proposal of AFG and Wagner and Brown, Reynolds commented, "We
know the company, we know the values and we know the
opportunities better than any outside group."
    In response to a question about whether any units are up
for sale, he said only that GenCorp is evaluating alternatives.
 Reuter
3;
bodyend
documentend
documentstart
11493
topicstart
topicend
bodystart
2;

COMPUTER PRODUCTS 
<
CPRD> TO SELL CONVERTIBLES


    NEW YORK, March 31 - 
Computer Products Inc said it signed a
letter of intent for an underwritten public offering of 30 mln
dlrs of convertible subordinated debentures.
    It plans to file by mid-May with the Securities and
Exchange Commission a registration statement covering the
securities, Computer Products said.
    Proceeds will be used primarily to retire bank debt.
    The offering will include an underwriters' over-allotment
option of up to 15 pct of the principal amount, the company
said.
 Reuter
3;
bodyend
documentend
documentstart
11494
topicstart
earn
topicend
bodystart
2;

ILLINOIS POWER CO
<
IPC> TWO MONTHS FEBRUARY NET


    DECATUR, ILL., March 31 -
    
Shr 65 cts vs 67 cts
    Net 49,517,000 vs 47,732,000
    Revs 229.2 mln vs 245.7 mln
    Avg shrs 65,994,142 vs 63,293,867
    NOTE: Per-share results reflect payment of preferred
dividend requirements
 Reuter
3;
bodyend
documentend
documentstart
11496
topicstart
trade
topicend
bodystart
2;
******
REAGAN RENEWS ANTI-PROTECTIONISM STAND, WHITE HOUSE SAYS TRADE WAR UNLIKELY

Blah blah blah.
3;


bodyend
documentend
documentstart
11497
topicstart
earn
topicend
bodystart
2;

AVERY 
<
AVRY> SEES QTR, YEAR LOSS


    NEW YORK, March 31 - 
Avery Inc said the company will not
show a profit in the next quarter and will probably not show a
profit in 1987.
    Speaking at the annual shareholders meeting, chairman
Nelson Peltz declined to estimate when the company would become
profitable.
    Peltz said Uniroyal Chemical Co, acquired last year, would
increase Avery's operating earnings but that associated
acquisition costs would prevent Avery from posting net profits
for some time.
    At the meeting, stockholders approved an increase in the
authorized number of common shares to 200 mln from 15 mln.
    In the fiscal year ended May 30, 1986, Avery reported a
loss of 489,000 dlrs. The company has changed its fiscal year
to end Sept 30.
    The increase in common shares would cover, among other
things, the exercise of Triangle Industries Inc's 
<
TRI> and
Drexel Burnham Lambert Inc's warrants issued in relation to
Avery's 710 mln dlr acquisition of Uniroyal Chemical late last
year.
 Reuter
3;
bodyend
documentend
documentstart
11498
topicstart
trade
topicend
bodystart
2;

TRADE WAR FEARS MAY PROMPT STOCK MARKETS' DOWNTURN


    By David Ress, Reuters


    LONDON, March 31 - 
The threatened trade war between the
United States and Japan is just the kind of shock that
economists say could send world stock markets into a tailspin.
    But they are not so sure if that would be a brief
corrective dip, or whether this week's falling share prices
mark the start of a "bear" market.
    "It's the billion dollar question," said Richard O'Brien,
economist at American Express International Bank in London.
    Japan's trade surplus -- 92.7 billion dlrs last year -- has
poured into share and bond markets around the world, and funded
a good chunk of the huge U.S. Budget deficit. Around a third of
any new sale of U.S. Treasury bonds has been bought by the
Japanese. However, Japanese investors have lost money as the
dollar falls and will lose more if the United States lets it
fall further to cut the trade deficit. The counterpart of
improving the trade deficit either through a lower dollar or
because the U.S. Increases duties on Japanese electronic goods,
may be to hit the capital inflow which has financed the budget
deficit.
   And if the U.S. Trade deficit does fall, the Japanese will
have less money to invest. To entice U.S. Investors to fill the
gap that would be left if the Japanese stopped buying U.S.
Bonds, interest rates would have to soar, O'Brien said. The
subsequent shift from shares to bonds could cause major falls
on the world stock markets.
    "A year ago, we could be pretty confident about the markets,"
said O'Brien. "Now, it is much less certain."
    Buoyant share prices are supposed to reflect a booming
economy. But the world economy, with sluggish growth at best in
the industrial nations, a massive load of Third World debt and
huge trade imbalances is not in good shape, said O'Brien.
    Nevertheless, New York analyst William Raferty, of Smith
Barney Harris Upham said  "We're still in a bull market," adding
that corrections are a normal part of a rising market and "The
bear usually strikes slowly."
    Economist Evelyn Brody, at Morgan Grenfell and Co in
London, said the huge sums of money going through the world
financial system will keep a floor under share and bond prices.
    Although interest by the Japanese in putting their money in
non-dollar denominated bonds and stocks has increased it's very
difficult to see where else they can put their money than in
U.S. Dollars and especially the U.S. Treasury (bond) market,
according to David Butcher, a senior executive at Yamaichi
Securities Co Ltd's bond operation in London.
    He said the Japanese are paying much closer attention now
to the French franc and West German mark.
    In the longer run, he worries about what trade tensions and
the dollar's slide will mean for securities markets.
 REUTER
3;
bodyend
documentend
documentstart
11499
topicstart
earn
topicend
bodystart
2;

BIG BEAR INC 
<
BGBR> 2ND QTR FEB 28 NET


    COLUMBUS, Ohio, March 31 - 
    
Shr 46 cts vs 31 cts
    Net 3,608,000 vs 2,448,000
    Revs 223.5 mln vs 218.2 mln
    Six mths
    Shr 87 cts vs 64 cts
    Net 6,788,000 vs 4,992,000
    Revs 441.5 mln vs 439.5 mln
 Reuter
3;
bodyend
documentend
documentstart
11500
topicstart
earn
topicend
bodystart
2;

NORTHVIEW CORP 
<
NOVC> YEAR NET


    SAN DIEGO, Calif., March 31 -
    
Shr 30 cts vs 51 cts
    Net 966,000 vs 1,470,000
    Revs 39.8 mln vs 41.3 mln
 Reuter
3;
bodyend
documentend
documentstart
11501
topicstart
earn
topicend
bodystart
2;
******
PENNZOIL SEES LOWER 1ST QTR NET BEFORE UNUSUAL ITEM AGAINST YEAR AGO LOSS 49 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
11503
topicstart
earn
topicend
bodystart
2;

SCEPTRE RESOURCES LTD 
<
SRL> YEAR NET


    CALGARY, Alberta, March 31 -
    
Shr seven cts vs two cts
    Net 5,500,000 vs 4,300,000
    Revs 69.1 mln vs 115.3 mln
    Note: Shr after preferred divs.
 Reuter
3;
bodyend
documentend
documentstart
11504
topicstart
acq
topicend
bodystart
2;

TALKING POINT/BORG-WARNER CORP 
<
BOR>


    By Patti Domm, Reuters


    New York, March 31 - 
Borg-Warner Corp will vigorously
resist GAF Corp's 46-dlr-per-share takeover offer, but the
Midwest conglomerate may fall prey to another offer,
either from GAF or its own management, analysts believe.
    Analysts also said Borg-Warner may attempt to escape GAF
through a restructuring. The speculation pushed Borg-Warner's
stock up 1-3/8 to 48-1/2 in heavy trading.
    Analysts predicted feisty GAF Chairman Samuel Heyman will
stage a tough campaign to gain control of Borg-Warner so he can
add its profitable plastics and chemical business to GAF.
    "It seems from at least their dealing with (raider Irwin)
Jacobs that they don't want to be taken over. The question is
now do they acquiesce to GAF. I think instinctively, they want
to remain independent," said Dudley Heer of Duff and Phelps.
    Borg-Warner has been under siege by takeover speculation
for almost a year. Last week, Jacobs' investment vehicle,
Minstar Inc, and an investor group sold its 10.1 mln
Borg-Warner shares. The same day, GAF Corp raised its stake by
9.1 mln shares to 19.9 pct of the outstanding.
    Jacobs was interested in buying the company, but took no
steps toward a transaction.
    "Their (Borg-Warner) policy has been to stonewall them for
the last nine months. It's been one of the dullest corporate
battles I've seen," said one analyst.
    The battle, however, has heated up, and the range of
breakup values on Wall Street span from the current market
price to almost 60 dlrs per share. Most analysts said they
think a price in the low 50s would be appropriate.
    Arbitragers speculate that GAF will not give up easily on
its 3.16 billion dlr offer to buy the balance of Borg-Warner.
    Analysts who know GAF predict Heyman will either end up
with Borg-Warner or enrich his chemicals and building materials
company in some other way. Heyman two years ago attempted an
unsuccessful takeover of Union Carbide Corp, but GAF benefited
from that company's restructuring.
    "Borg Warner can't quibble that it's not a legitimate
offer. It seems to me the short of it is Borg Warner is kind of
between a rock and a hard place. They either have to accept a
46 dlr proposal or perhaps work a deal where it's sweetened. I
personally think the company is (worth) around 55 dlrs per
share," said Pershing analyst Richard Henderson.
    Henderson also speculated the company might attempt a
restructuring such as the one carried out by Goodyear Tire and
Rubber Co last year when it was being courted by Sir James
Goldsmith. The company bought back the financier's stock and
carried out a wider share repurchase.
    Arbitragers, however, said they do not believe Heyman is
seeking "greenmail," or the repurchase of his stock by the
company at a premium.
    Analysts noted that Heyman seems to have no problems with
financing the transaction.
    Previously associated with "junk bond" experts, Drexel
Burnham Lambert Inc, GAf said it would finance its Borg-Warner
takeover with bank financing. GAF said it would make a tender
offer following a merger agreement approved by the Borg-WArner
board and conditioned on the board's recommendation of the
tender offer and merger.
    Heyman said in a letter to Borg-Warner that he expects a
merger would provide job security for Borg-Warner employees
since the two companies businesses overlap. Analysts, however,
believe Heyman would sell off assets he did not want to repay
debt from the transaction.
    GAF's stock rose 1-5/8 today, to 48-5/8.
   "I believe, obviously, if GAF takes over Borg-Warner at the
level it is proposing it would enhance GAF share values
substantially," said Oppenheimer analyst Charles Rose.
    He said at 46 dlrs per share, Heyman's average cost for the
company's stock would be 44 dlrs per share based on GAF's
current holdings.
    Rose said the Borg-Warner plastics and chemical business,
which makes thermo-plastics is the asset attracting Heyman.
Analysts said it accounts for a third of Borg's earnings.
    The plastics are used in telephone equipment, office
equipment and appliances. "Borg has half the market in the U.S.
and is the leading technical player and the leading innovator,"
Rose said. Its competitors are Dow Chemical Co 
<
DOW> and
Monsanto Corp 
<
MTC>, he said.
    Borg-Warner also has an automotive parts business, and a
protective systems business, which includes Wells Fargo
security guards. It also has an information services business,
and is trying to sell its financial services business.
    Borg-Warner earned 206.1 mln dlrs or 2.35 dlrs per share on
revenues of 3.62 billion dlrs in 1986. Smaller GAF, in 1986,
earned on an operating basis 80.7 mln dlrs or 2.22 dlrs per
share on sales of 753.8 mln dlrs.
    GAF's net earnings included an after tax gain of 201.4 mln
from its participation in a Union Carbide exchange offer, a
special union carbide dividend, and the sale of its Union
Carbide shares.
 Reuter
3;
bodyend
documentend
documentstart
11505
topicstart
acq
topicend
bodystart
2;

MANHATTAN NAT'L 
<
MLC> HOLDERS VOTE STOCK SALE


    NEW YORK, March 31 - 
Manhattan National Corp said its
shareholders overwhelmingly approved a proprosal through which

<
Union Central Life Insurance Co> took control of the company
by acquiring about 3.6 mln shares of newly issued Manhattan
National common stock for 43.2 mln dlrs.
    The company said the transaction gives Union Central, a
Cincinnati-based mutual insurance company, a total of 8,804,397
shares of Manhattan National stock, or 52.2 pct of the total
outstanding.
    Manhattan National said about three mln dlrs of the
invested funds will be used to repay short-term debt and two
mln dlrs has been earmarked for other short-term needs.
    The remainder will be available for the company's insurance
units, or for other business purposes, it said.
    Charles C. Hinkley, president and chief executive officer
of Union Central, is expected to be named chairman, president
and chief executive of Manhattan National, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11506
topicstart
earn
topicend
bodystart
2;

PENNZOIL 
<
PZL> SEES LOWER FIRST QTR


    NEW YORK, March 31 - 
Pennzoil Co Chairman J. Hugh Liedtke
told a meeting of analysts that the company expects its first
quarter net to be down considerably, before an unusual item,
from the loss of 49 cts a share reported a year ago.
    Liedtke did not say how large the unusual item would be.
"We're still closing our books on the first quarter, so I don't
have final numbers for you," he said.
 Reuter
3;
bodyend
documentend
documentstart
11507
topicstart
cotton
topicend
bodystart
2;

U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA


    WASHINGTON, March 31 - 
Cotton planting began in California
and was expected to proceed rapidly in the week ended March 28,
the Joint Agriculture Weather Facility of the U.S. Agriculture
and Commerce Departments said.
    In a summary of its Weather and Crops Bulletin, the agency
said winds and low soil temperature retarded growth and
hampered seeding in Arizona.
    Planting moved into Mohave and Pinal Counties.
    Cotton planting progressed well in the Lower Valley,
Coastal Bend and along the Upper Coast of Texas.
    However, bad weather continued hampering cotton seedbed
preparations in Oklahoma.
 Reuter
3;
bodyend
documentend
documentstart
11508
topicstart
acq
topicend
bodystart
2;

QUANTUM VENTURE UPS COMPUTER NETWORK
<
CMNT> STAKE


    MINNEAPOLIS, March 31 - 
Computer Network Technology Corp
(CNT) said that 
<
Quantum Venture Partners LP>, a private
investment limited partnership, has acquired an additional
600,000 shares of CNT common stock, raising its stake in CNT to
15.3 pct from 9.6 pct of the currently outstanding shares.
    CNT said Quantum bought the shares by exercising 1.5 mln
dlrs in warrants, bringing its total investment in CNT to 2.5
mln dlrs.
    CNT also said 
<
Sand Technology Systems Inc> of Canada
bought two of its CHANNELink networking units for a data
processing service for major health care facilities in Canada.
 Reuter
3;
bodyend
documentend
documentstart
11510
topicstart
earn
topicend
bodystart
2;

ELCOR 
<
ELK> UPS QTLY DIV, SETS STOCK SPLIT


    MIDLAND, Texas, March 31 - 
Elcor Corp said it raised its
quarterly common stock dividend to 11 cts a share from nine cts
and declared a two-for-one common stock split.
    The company said the increased dividend will be paid on May
13 to shareholders of record April 16.
    The stock split, Elcor said, will paid in the form of a 100
pct stock dividend on May 28 to shareholders of record may 14.
 Reuter
3;
bodyend
documentend
documentstart
11514
topicstart
acq
topicend
bodystart
2;

QUEST 
<
QBIO> SIGNS PACT WITH ALZA 
<
AZA>


    DETROIT, March 31 - 
Quest Biotechnology Inc said its Quest
Blood Substitute Inc subsidiary executed an agreement with Alza
Corp 
<
AZA> which will make Alza a preferred shareholder of its
subsidiary.
    Quest said the agreement also offers Alza the right to
acquire up to 25 pct of the unit's equity in exchange for the
acquisition of patent rights to Alza technology in an area
where Quest has an interest.
    Quest also said its signed a merger agreement with 
<
Hunt
Research Corp> and its affiliate 
<
ICAS Corp>. Quest said it
expects to complete the merger within the next several weeks.
 Reuter
3;
bodyend
documentend
documentstart
11515
topicstart
acq
topicend
bodystart
2;

CHUBB 
<
CB> COMPLETES SOVEREIGN 
<
SOVR> BUYOUT


    NEW YORK, March 31 - 
Chubb Corp said it completed the
previously announced acquisition of Sovereign Corp.
    Under terms of the acquisition, Sovereign shareholders will
receive, in a tax-free exchange, 0.1365 share of Chubb common
for each Sovereign share held.
    Chubb said the transaction was valued at 9.11 dlrs a share
based on the closing price of its stock on March 30.
 Reuter
3;
bodyend
documentend
documentstart
11518
topicstart
topicend
bodystart
2;

FED ADDS PERMANENT RESERVES BY BUYING COUPONS


    NEW YORK, March 31 - 
The Federal Reserve is offering to buy
all maturities of Treasury notes and bonds for its own account
for regular delivery, a spokeswoman for the New York Fed said.
    Fed funds were trading at 6-1/8 pct at the time of the
"coupon pass," which adds permanent reserves to the banking
system.  Economists had predicted an outright purchase of
securities this week to counteract a seasonal drain of
reserves, but many had expected the Fed to buy bills instead of
coupon issues. Bond prices jumped as much as 1/4 point in the
initial reaction to the news.
 Reuter
3;
bodyend
documentend
documentstart
11519
topicstart
lumber
topicend
bodystart
2;

USDA'S AMSTUTZ "SYMPATHETIC" TO WOOD CREDITS


    WASHINGTON, March 31 - 
U.S. Agriculture Undersecretary
Daniel Amstutz said he was "totally sympathetic" with U.S. wood
producers' desire to have their exports eligible for government
credit guarantees.
    But he told the Senate Appropriations Agriculture
subcommittee that including wood products in the department's
short- or intermediate-term export guarantee programs would
conflict with U.S. multilateral trade obligations.
    Currently, U.S. wood products are not eligible for
government export credit guarantee because they are considered
"manufactured products," Amstutz said.
    He said USDA had devoted an "enormous amount" of time to
considering making wood products eligible for the guarantees
and that Congress was considering a measure to do so.
 Reuter
3;
bodyend
documentend
documentstart
11522
topicstart
acq
topicend
bodystart
2;

INVERNESS BUYS ASSETS FROM PARENT SILVERTON


    CALGARY, Alberta, March 31 - 
<
Inverness Petroleum Ltd> said
it acquired the oil and gas assets of its controlling
shareholder 
<
Silverton Resources Ltd> for 26.4 mln dlrs,
effective March 3, 1987.
    Inverness said it issued 2,640,000 class A convertible
retractable redeemable preferred shares in exchange for the
assets, which include all Silverton's oil and gas properties,
undeveloped acreage and its shares of Australian subsidiary
S.R.L. Exploration Pty Ltd.
    The preferred shares were immediately retracted for cash,
the company said.
    The transaction resulted in a discharge of Silverton's bank
debt of 21.0 mln dlrs and a three mln dlr loan to Inverness
from Silverton, Inverness said.
    As a result of the acquisition, Inverness has bank debt of
18.0 mln dlrs, it said.
 Reuter
3;
bodyend
documentend
documentstart
11523
topicstart
acq
topicend
bodystart
2;

BRISTOL-MYERS TRUST 
<
BYU> EXTENDS EXPIRATION


    NEW YORK, March 31 - 
<
Americus Shareowner Service Corp>
said the Americus Trust for Bristol-Myers will continue to
accept tendered Bristol-Meyers Co 
<
BMY> shares until December
one, extending the original expiration date of April one for
eight months.
    If the common stock price exceeds the trust's termination
price of 110 dlrs, Americus Shareowner Service said, the trust
will be temporarily closed until the price of the underlying
stock falls below the termination price.
 Reuter
3;
bodyend
documentend
documentstart
11526
topicstart
acq
topicend
bodystart
2;

QUEST BIOTECHNOLOGY 
<
QBIO> UNIT IN MERGER PACT


    DETROIT, March 31 - 
Quest Biotechnology Inc said its new
subsidiary, Quest Blood Substitute Inc, signed the agreement
and plan of merger with Hunt Research Corp and its affiliate,
ICAS Corp.
    It said Quest Blood expects to complete the merger within
the next several weeks. Terms were not disclosed.
    In a related transaction, Quest Blood said it executed an
agreement with Alza Corp, which will make Alza a preferred
shareholder of Quest Blood and offer Alza the right to acquire
a total equity position of up to 25 pct of Quest Blood in
exchange for acquisition of patent rights to Alza technology.
 Reuter
3;
bodyend
documentend
documentstart
11527
topicstart
acq
topicend
bodystart
2;

LINCOLN FOODSERVICE 
<
LINN> COMPLETES PURCHASE


    FORT WAYNE, Ind, March 31 - 
Lincoln Foodservice Products
Inc said it completed purchasing certain assets of Redco
product line of food slicers, cutters and wedgers from the
Dean/Alco Food Prep division of 
<
Alco Foodservice Equipment
Co.>
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
11528
topicstart
earn
topicend
bodystart
2;

I.R.E. FINANCIAL CORP 
<
IF> YEAR


    CORAl GABLES, Fla, March 30- 
    
Shr 94 cts vs 77 cts
    Net 2.1 mln vs 1.7 mln
    Revs 7.8 mln vs 8.8 mln
    NOTE:Per share data reflects elimination of 500,000 shares
owned by 50 pct owned subsidiary and reflect one-for-three
reverse stock split effective march 5, 1986.
 Reuter
3;
bodyend
documentend
documentstart
11529
topicstart
earn
topicend
bodystart
2;

ENERGY VENTURES CINC 
<
ENGY> 4TH QTR NET


    NEW YORK, March 31 - 
    
Net profit 510,000 vs loss 5,700,000
    Revs 875,000 vs 4,100,000
    Year
    Net profit 871,000 vs loss 4,100,000
    Revs 4,700,000 vs 14.1 mln
 Reuter
3;
bodyend
documentend
documentstart
11530
topicstart
topicend
bodystart
2;

PERU GOVERNMENT ASSUMES DEBT OF ELECTROPERU


    Lima, march 31 - 
the peruvian government announced it would
assume 1.36 billion dlrs of foreign medium- and long- term debt
of the state electrical power firm electroperu sa and its nine
regional subsidiaries.
    An economy ministry decree published in the official
gazette said that the amount comprised 472 mln drs in arrears
in principal which matured between 1982 and 1986 inclusive and
and 888 mln dlrs in principal which were to mature between 1987
and 1996 inclusive.
    Electroperu sa would repay the government the amount over
20 years, with one year grace, at zero pct interest.
    The government would require electroperu, which has often
run losses since its creation in 1972, to generate a profit of
four pct annually beginning next year.  The decree did not say
specify if this was net or gross profits.
    Electroperu would also to submit a plan within 60 days to
reduce its costs.
    Peru's total foreign debt on december 31, 1986 was 14.46
billion dollars, the central bank said. Out of the total, 11.04
billion dlrs correspnds to the medium-and-long-term debt owed
by the public sector to foreign creditors.
 Reuter
3;
bodyend
documentend
documentstart
11535
topicstart
topicend
bodystart
2;

VENEZUELA TO ANNOUNCE NEW DEBT CONVERSION PLAN


    Caracas, march 31 - 
venezuela will shortly announce a new
plan to allow private companies to repay their foreign debts
with equity and for public debt to be converted into private
sector investments, cntral bank president hernan anzola said.
    Anzola told a meeting of the banking association yesterday
the new plan, to be called exchange agreement no. 4, will be
announced in mid-april.
    He said it will allow foreign creditors to convert unpaid
private sector debts into bolivar-denominated shares of stock
in the debtor companies. the plan would be similar to those
already in effect in other latin american nations, he said.
    at least a half dozen such debt-equity swaps have already
taken place in venezuela. In 1984, a group of 17 U.S. Banks led
by citibank converted 18.3 mln dlrs of debt from the cervecera
nacional, into 30 pct of the beer company'stock.
    Anzola said exchange agreement no. 4 will also allow for
conversion of public sector debt into investments in venezuelan
private industry.
    Holders of venezuelan public debt bonds would be able to
exchange them for bolivar-denominated bonds at up to 100 pct of
their nominal value, which could be turned into private
investment in priority areas.
    This, anzola said, would mean a reduction in the amount of
the public sector debt and an increase in foreign investment.
He stressed that the public sector debt bonds will not be
exchanged for shares of stock in state-owned companies.
    Anzola said exchange rates for these transactions will
depend the type of investment the creditor intends to make,
with export-oriented companies to be favored.
    Venezuela issued a new plan in december for the repayment
of 7.8 billion dlrs in private sector foreign debt. Under the
scheme, debtors are able to buy dollars at the preferential
7.50 bolivars rate, but must also pay a premium.
 Reuter
3;
bodyend
documentend
documentstart
11536
topicstart
grain
rice
topicend
bodystart
2;

CHINA CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, March 31 - 
Moderate to heavy rain continued
over early double-crop rice areas in eastern Guangxi,
Guanghdong, eastern Hunan, Jiangxi, Fujian, and Zhejiang in the
week ended March 28, the Joint Agricultural Weather Facility of
the U.S. Agriculture and Commerce Departments said.
    In its International Weather and Crop summary, the agency
said The moisture lessened the need for irrigation. Moisture
for early rice planting is adequate to abundant in most areas,
and inundative rain in Guangdong and southern Jiangxi may have
washed out some rice fields requiring replanting.
     Light showers in southern Sichuan increased topsoil
moisture for corn planting, which likely is off to a slow start
due to earlier dryness, it said.
    In the North China Plain, dry weather covered winter wheat
in the vegetative stage, and rain is needed to meet increasing
crop moisture requirements, it said.
    Weekly temperatures in the North China Plain were near
normal, the agency noted.
 Reuter
3;
bodyend
documentend
documentstart
11539
topicstart
acq
topicend
bodystart
2;

WILSON BROTHERS COMPLETES SALE


    MIAMI, Fla., March 31 - 
Wilson Brothers said it completed
the sale of most of the assets of its Enro Shirt Co Inc,
Enro-At-Ease Inc and Foxcroft Shirt Ltd subsidiaries to Enro
Acquisition Corp for about 24.2 mln dlrs, half in cash and half
in subordinated promissory notes.
    Enro Acquisition is a newly formed corporation and owns
Ramar Intercapital Corp and Wilson's chief operating officer,
V. Jerome Kaplan, and other managers.
    Enro Acquisition also assumed most of the units'
liabilities including a 6.2 mln dlrs term loan.
    Completion of the sale and recent sales of substantially
all the assets of the company's 50 pct owned affiliate GMW
Industries INc, are expected to result in a net gain of about
nine mln dlrs in the first quarter of 1987.
    For the year ago first quarter, Wilson reported net income
of 28,000 dlrs, including a 103,000 dlrs credit, on sales of
15.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11540
topicstart
earn
topicend
bodystart
2;

ELSINORE CORP 
<
ELX> YEAR LOSS


    LAS VEGAS, Nev., March 31 -
    
Shr loss 4.05 dlrs vs loss 2.47 dlrs
    Net loss 39,598,000 vs loss 24,152,000
    Revs 96.0 mln vs 87.9 mln
    Note: Current year figures include 7.2 mln dlr provision
for anticipated loss on note receivable, 25.4 mln dlr writedown
on asset carrying value and 8.5 mln dlr provision for future
operating losses at Elsinore Shore Associates.
    Prior year figures include 10.5 mln dlr provision for
future losses at Elsinore Shore Associates.
 Reuter
3;
bodyend
documentend
documentstart
11541
topicstart
oilseed
topicend
bodystart
2;

EC MINISTER SEES OILS TAX STILL IN NEGOTIATION


    BRUSSELS, March 31 - 
The outcome of negotiations on
proposals by the European Commission for a 330 Ecus a tonne tax
on EC-produced and imported oilseeds and marine oils remains
difficult to predict, Belgian agriculture minister Paul de
Keersmaeker told a news conference.
    De Keersmaeker, who chaired a meeting of EC farm ministers
which ended today, was asked about reports enough countries
were against the tax to ensure that it would be defeated in
negotiations on the EC farm price package for 1987/88.
    He said it was true some countries were strongly opposed,
but others were less so and others basically in favour.
    "I think there is room for negotiations, and I would not
want to make any predictions at this stage," de Keersmaeker
said.
    Yesterday, British minister Michael Jopling said Britain,
West Germany, Portugal, the Netherlands and Denmark were
opposed to the measure. Between them these countries have more
than enough voting power to block it.
    Diplomatic sources said at today's meeting the Spanish
delegation also expressed strong reservations about the idea.
 Reuter
3;
bodyend
documentend
documentstart
11543
topicstart
earn
topicend
bodystart
2;

GRUNTAL FINANCIAL 
<
GRU> 2ND QTR FEB 27 NET


    NEW YORK, March 31 -
    
Shr primary 33 cts vs 33 cts
    Shr diluted 27 cts vs 32 cts
    Net 3,669,000 vs 3,556,000
    Revs 58.2 mln vs 56.6 mln
    Avg shrs primary 11.2 mln vs 11.1 mln
    Avg shrs diluted 15.1 mln vs 11.1 mln
    Six mths
    Shr primary 43 cts vs 46 cts
    Shr diluted 37 cts vs 45 cts
    Net 4,711,000 vs 4,879,000
    Revs 101.9 mln vs 95.7 mln
    Avg shrs primary 11.2 mln vs 10.9 mln
    Avg shrs diluted 15.1 mln vs 10.9 mln
 Reuter
3;
bodyend
documentend
documentstart
11544
topicstart
carcass
topicend
bodystart
2;

EC MINISTERS EXTEND BEEF, MILK MARKETING YEARS


    BRUSSELS, March 31 - 
European Community agriculture
ministers agreed to extend the 1986/87 milk and beef marketing
years to the end of May, Belgian minister Paul de Keersmaeker
told a news conference.
    He said the reason for the two-month extension of the only
EC farm product marketing years which end during the spring
months was that it would be impossible for ministers formally
to agree 1987/88 farm price arrangements before May 12.
    This is when the European Parliament is due to deliver its
opinion on price proposals from the EC Commission.
 Reuter
3;
bodyend
documentend
documentstart
11545
topicstart
trade
topicend
bodystart
2;

WHITE HOUSE DISCOUNTS THREAT OF TRADE WAR


    WASHINGTON, March 31 - 
President Reagan has reaffirmed his
opposition to protectionism and his chief spokesman said trade
sanctions imposed on Japan were unlikely to start a trade war.
    "We don't want to go down that road," Reagan was quoted as
telling Prime Minister Jacques Chirac after the visiting French
official expressed concern about the rising tide of
protectionist sentiment in the United States.
    Later, White House spokesman Marlin Fitzwater defended the
new sanctions against Japan and said administration officials
"do not believe this will result in a trade war."
    "It is the first time that the United States has taken an
action of this type and it is significant but it is nothing to
be alarmed about," the presidential spokesman added.
    "We do not want protectionism ... We do not want a trade
war," he said.
    Fitzwater said the president was forced to act in the
Japanese microchip case because Tokyo had failed to fulfill "an
agreement to make some corrections."
    Noting that there are "enormous pressures in the Congress
and the land" for the United States to take a tough stand, he
said, "This was a case where we felt we simply had to act."
    Fitzwater said the decision to impose sanctions was "well
considered by this administration and not taken lightly."
    While the White House official held open the possibility
that Washington and Tokyo will settle their trade dispute, he
indicated a settlement probably would not come in time to head
off the sanctions.
    "We are always open to negotations ... Whether it (a
settlement) could occur in time to prevent this (the sanctions)
from going into effect is questionable at this point," the
spokesman said.
    The sanctions take effect in mid-April.
 REUTER
3;
bodyend
documentend
documentstart
11546
topicstart
lei
topicend
bodystart
2;

WHITE HOUSE WELCOMES RISE IN INDICATORS


    WASHINGTON, March 31 - 
The White House welcomed last
month's 0.7 pct increase in the Index of Leading Economic
Indicators, the government's key barometer of future economic
growth.
    The increase reversed a decline in January of 0.5 pct.
    Presidential spokesman Marlin Fitzwater said the new
figures signalling more economic growth in coming months showed
that the index was "back on track" after its downturn at the
first of the year.
 REUTER
3;
bodyend
documentend
documentstart
11547
topicstart
topicend
bodystart
2;
******
FNMA SETS 7.20, 7.65 PCT COUPONS, PAR, 99.875 PRICES ON 1.5 BILLION DLR OFFER

Blah blah blah.
3;


bodyend
documentend
documentstart
11548
topicstart
topicend
bodystart
2;

U.S. FARM CREDIT BANKS DEFER APRIL 20 OFFERING


    NEW YORK, March 31 - 
The Farm Credit Funding Corp said it
will not issue bonds as scheduled on April 21 because of a
decline in borrower needs for term credit.
    A total of 1.461 billion dlrs of bonds maturing on April 20
will be retired with excess cash and internally generated
funds.
    The next term debt offering is scheduled for June 1, with
an announcement covering the terms due on May 21.
    The farm credit system's reduced need for medium- to
long-term financing also enabled it to cancel bond issues
scheduled for January 20 and last October 20.
 Reuter
3;
bodyend
documentend
documentstart
11549
topicstart
earn
topicend
bodystart
2;

CENTURI INC 
<
CENT> YEAR NET


    BINGHAMTON, N.Y., March 31 -
    
Oper shr 13 cts vs six cts
    Oper net 2,124,013 vs 909,158
    Revs 168.6 mln vs 157.6 mln
    NOTE: 1986 and 1985 years exclude loss discontinued
operations 6,974,554 dlrs, and 268,000 dlrs, respectively.
 Reuter
3;
bodyend
documentend
documentstart
11550
topicstart
acq
topicend
bodystart
2;

STANDEX INTERNATIONAL 
<
SXI> BUYS BRITISH FIRM


    SALEM, N.H., March 31 - 
Standex International Corp said it
acquired 
<
Alan Duffy Engineering Ltd> of Blackburn, Lancashire,
England, for an undisclosed amount of cash.
    The newly-acquired company will operate as part of
Standex's Perkins division, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11551
topicstart
money-fx
topicend
bodystart
2;

TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS


    WASHINGTON, March 31 - 
Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the U.S. currency.
    "We have seen some strengthening of those currencies (but)
not as much as we would like," he said.
    "We have been somewhat disappointed in the results so far,
but we intend to continue these discussions," he said.
 Reuter
3;
bodyend
documentend
documentstart
11553
topicstart
acq
topicend
bodystart
2;

STERLING DRUG 
<
STY> SELLS ASSETS OF SUBSIDIARY


    NEW YORK, March 31 -  
Sterling Drug Inc said it sold the
assets of its subsidiary Greene Dental Products Inc to Rinn
Corp, of Elgin, Ill.
    The cash purchase price was not disclosed.
    Greene produces and sells dental X-ray tabs, mount products
and record systems.
 Reuter
3;
bodyend
documentend
documentstart
11554
topicstart
trade
topicend
bodystart
2;
******
BALDRIGE SAYS U.S. TO GO AHEAD WITH JAPANESE SANCTIONS

Blah blah blah.
3;


bodyend
documentend
documentstart
11555
topicstart
trade
topicend
bodystart
2;

BALDRIGE SAYS U.S. TO IMPOSE JAPANESE SANCTIONS


    WASHINGTON, March 31 - 
Commerce Secretary Malcolm Baldrige
said the United States would go ahead with planned 300 mln dlr
sanctions against Japanese semiconductor exports, despite any
U.S. Japanese talks to avert the trade curbs.
    He said in a speech to an export-import group that he was
sure the United States and Japan could work out their dispute
over unfair Japanese trade practices in semiconductor trade,
but "I am sure the sanctions will go in before we work it out."
    Sanctions are to be imposed on April 17.
    He also said he did not think there would be a trade war
with Japan, because Japan had too much value in exports to the
United States to risk such a war.
    "Those fears are unfounded," he said.
    He told reporters later that the sharp drop in the
securities market was not due to fears of a trade war, but fear
of inflation and that the Federal Reserve may act on that fact.
    Market reaction was also due, he said, to the drop in the
value of the dollar, although trade issues did have some
effect.
    Baldrige said that observers who were attributing the drop
in the market to trade sanctions were "barking up the wrong
tree."
    He said the market observers will realize this shortly.
    Baldrige said his remarks did not mean to suggest anything
about the market or the exchange rate of the dollar.
 Reuter
3;
bodyend
documentend
documentstart
11558
topicstart
trade
topicend
bodystart
2;

SENIOR U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS


    WASHINGTON, March 31 - 
Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include discussions of a growing
trade row over Japanese semiconductor electronics products.
    He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dls on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
    The trip is set for April 6-8, the state department said.
   
 Reuter
3;
bodyend
documentend
documentstart
11559
topicstart
crude
topicend
bodystart
2;

UNION PACIFIC 
<
UNP>CLOSES VENEZUELAN PARTNERSHIP


    NEW YORK, March 31 - 
Union Pacific Corp said it has closed
the previously announced 50-50 partnership with Petroleos de
Venezuela SA, Venezuela's national oil company, to own a
160,000 barrel per day refinery in Corpus Christi, Texas.
    Union Pacific said the partnership, called Champlin
Refining Co, will acquire the refining and distribution system
owned and operated by Union Pacific's Champlin Petroleum Co
subsidiary. The Venezuelan company also signed a 25-year
feedstock agreement with the partnership to supply at least
140,000 barrels a day of Venezuelan crude oil and naphtha at
market related prices.
 Reuter
3;
bodyend
documentend
documentstart
11563
topicstart
acq
topicend
bodystart
2;

SCAN-GRAPHICS, CAPTIVE VENTURE CAPITAL MERGE


    BROOMALL, Pa., March 31 - 
<
Scan-Graphics Inc> said it has
completed a merger with 
<
Captive Venture Capital Inc> in which
former shareholders of Scan-Graphics have beome majority
shareholders of the merged company and the Scan-Graphics board
has been named the board of the merged company.
    It said the merged company is now known as Scan-Graphics
Inc and expects to be listed on the NASDAQ system soon.
    It said Captive Venture issued 1,600,000 restricted
preferred shares convertible into 16 mln common shares for
Scan-Graphics.  Captive had 2,649,500 common shares outstanding
before the merger.
 Reuter
3;
bodyend
documentend
documentstart
11564
topicstart
earn
topicend
bodystart
2;

NODAWAY VALLEY CO 
<
NVCO> 4TH QTR JAN 31 NET


    CLARINDA, Ia., March 31 -
    
Shr 16 cts vs 23 cts
    Net 385,747 vs 549,928
    Revs 10.5 mln vs 9,037,596
    Year
    Shr 40 cts vs 58 cts
    Net 946,024 vs 1,352,709
    Revs 36.2 mln vs 30.6 mln
 Reuter
3;
bodyend
documentend
documentstart
11565
topicstart
earn
topicend
bodystart
2;

<
LIGHTNING MINERALS INC> YEAR LOSS


    Edmonton, Alberta, March 31 -
    
Shr loss four cts vs loss six cts
    Net loss 92,917 vs loss 104,038
    Revs 21.9 mln vs 5,091,000
 Reuter
3;
bodyend
documentend
documentstart
11566
topicstart
earn
topicend
bodystart
2;

BOBBIE BROOKS INC 
<
BBKS> YEAR NET


    CLEVELAND, March 31 -
    
Oper shr profit 41 cts vs loss 1.13 dlrs
    Oper net profit 3,093,000 vs loss 7,000,000
    Revs 35.9 mln vs 31.1 mln
    Avg shrs 7,508,096 vs 6,207,723
    NOTE: Current year excludes gain of about 2.5 mln dlrs or
33 cts/shr from benefit of tax loss carryforward and includes
pretax gain of about 1.2 mln dlrs from sale of export quota
rights.
    Year-ago includes charge of five mln dlrs from discontinued
operations.
    1985 is for eight mths ended Dec 31, 1985. In that year,
company changed to calendar year from previous fiscal year
ended April 27, 1985.
 Reuter
3;
bodyend
documentend
documentstart
11567
topicstart
earn
topicend
bodystart
2;

CELLULAR COMMUNICATIONS INC 
<
COMM> NINE MTHS


    NEW YORK, March 31 - 
Dec 31 end
    Shr loss 1.26 dlrs vs loss six cts
    Net loss 11.4 mln vs loss 400,000
    Revs 12.5 mln vs 4,049,000
    NOTEL Company changed fiscal year to December 31 end.
    Prior year net includes gain 4,454,031 dlrs from sale of
minority interests in Connecticut partnerships.
 Reuter
3;
bodyend
documentend
documentstart
11568
topicstart
earn
topicend
bodystart
2;

WILSON BROTHERS 4TH QTR


    MIAMI, Fla, March 31 -
    
Shr loss 30 cts vs loss 31 cts
    Net loss 1.0 mln vs loss 1.0 mln
    Revs 2.3 mln vs 1.7 mln
    Year
    Shr profit 0 10 cts vs loss 45 cts
    Net profit 508,000 vs loss 1.5 mln
    Revs 5.8 mln vs 6.7 mln
    NOTE:1986 year and qtr net includes loss of 37,000 dlrs and
538,000 dlrs, respectively from from discontinued operations.
1986 net includes 1.7 mln dlr credit. 1985 year and qtr
includes gain of 1.0 mln dlrs and loss of 190,000, respectively
from discontinued operations.

 Reuter
3;
bodyend
documentend
documentstart
11569
topicstart
earn
topicend
bodystart
2;

(POLORON PRODUCTS INC) YEAR OPER NET


    MIDDLEBURG, Pa., March 31 -
    
Oper shr 26 cts vs 16 cts
    Oper net 948,000 vs 480,000
    Revs 25.4 mln vs 19.9 mln
    NOTE: Excludes loss of 6.7 mln dlrs or 1.82 dlrs/shr vs
gain of 453,000 dlrs or 15 cts from discontinued operations.
1985 also excludes extraordinary gain equal to 34 cts/shr.
    1986 ended Dec 31 and 1985 ended Nov 30. In 1986, company
changed fiscal year end to Dec 31.
 Reuter
3;
bodyend
documentend
documentstart
11570
topicstart
earn
topicend
bodystart
2;

GENEX CORP 
<
GNEX> YEAR LOSS


    GAITHERSBURG, Md., March 31 -
    
Shr loss 94 cts vs loss 1.25 dlrs
    Net loss 12.1 mln vs loss 15.9 mln
    Revs 3,307,000 vs 16.2 mln
    NOTE: Current year includes writedown of 8.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11571
topicstart
earn
topicend
bodystart
2;

BIC CORP 
<
BIC> SETS QUARTERLY


    MILFORD, Conn., March 31 -
    
Qtly div 15 cts vs 15 cts prior
    Pay April 30
    Record April 14
 Reuter
3;
bodyend
documentend
documentstart
11572
topicstart
earn
topicend
bodystart
2;

CULP INC 
<
CULP> SETS QUARTERLY


    HIGH POINT, N.C., March 31 -
    
Qtly div two cts vs two cts prior
    Pay May 26
    Record April 21
 Reuter
3;
bodyend
documentend
documentstart
11574
topicstart
trade
topicend
bodystart
2;

BROADER U.S. EEP SOUGHT BY REPUBLICAN LAWMAKERS


    WASHINGTON, MARCH 31 - 
Republican members of the House
Agriculture Committee said they will propose amendments
tomorrow to a pending trade bill increasing funding for the
export enhancement program, EEP, and significantly expanding
the scope of the program.
    At a press conference, Republican lawmakers said they would
propose expanding EEP to include all countries "willing to
purchase additional commodities at reasonable prices."
    In addition, the Congressmen said they would propose
extending the life of EEP to five years from the current three
years and increasing the EEP funding ceiling to 2.5 billion
dlrs from 1.5 billion at present.
    The Agriculture committee tomorrow will begin drafting
amendments to an omnibus trade bill now before the House.
    Responding to the Republican plan, Agriculture Secretary
Richard Lyng and Trade Representative Clayton Yeutter said they
favor a flexible, targeted use of EEP instead of an
across-the-board program which they termed too costly.
    The Republican Congressmen also said they will offer an
amendment to the trade bill instructing the U.S. Agriculture
Department to value the bonus commodities used for EEP at the
market value, rather than the cost of acquisition.
    But Lyng said USDA already plans to change to market value
accounting rather than acquisition value, in order to avoid
hitting a funding ceiling for eep of 1.5 billion dlrs.
    Lyng said under market value accounting only about 700 mln
dlrs of EEP commodities have been used to date. Using
acquisition value, USDA officials said the value is higher.
 Reuter
3;
bodyend
documentend
documentstart
11575
topicstart
earn
topicend
bodystart
2;

WALL STREET STOCKS/AMES DEPT STORES 
<
ADD>


    NEW YORK, March 31 - 
Ames Department Stores Inc fell 1-7/8
to 23 in what analysts said was a reaction to a surprise
announcement earlier today by the company that earnings in the
fiscal year ended January 31 will decline sharply.
    Ames said it expects to report earnings of between 72 and
77 cts per share compared with 1.19 dlrs per share in the
previous year.
    "We were looking for 1.15 dlrs," said an analyst at a major
Wall Street firm who declined to be identified. Ames said most
of the decline resulted from an inventory shortage at its
Secaucus, N.J. distribution center.
    "The obvious suspicion is that there has been some kind of
fraud or theft," said Ralph Shulansky, senior vice president of
Ames. "We do not have hard evidence we are still putting things
together."
    He said it would take several weeks for the company to
complete an investigation. He said there are no law enforcement
officials involved at this time.
    He declined to quantify the inventory shortage but said it
was the major reason for the decline in earnings. A decline in
gross margin percentage and an increase in the effective tax
rate also contributed to the downturn, Ames said.
 Reuter
3;
bodyend
documentend
documentstart
11578
topicstart
earn
topicend
bodystart
2;

TARO VIT INDUSTRIES LTD 
<
TAROF> YEAR LOSS


    MAMARONECK, N.Y., March 31 -
    
Shr loss eight cts vs profit nil
    Net loss 488,759 vs profit 14,289
    Sales 6,067,676 vs 5,047,383
 Reuter
3;
bodyend
documentend
documentstart
11579
topicstart
acq
topicend
bodystart
2;

TRIBUNE 
<
TRB>, SCRIPPS 
<
SCRP> EXCHANGE PAPERS


    CHICAGO, March 31 - 
Tribune Co said it exchanged cash and
the assets of eight of its Sunbelt Publishing Co community
publications circulated in the Naples and Fort Myers, Fla.,
area for assets of nine community papers in suburban Tampa and
St. Petersburg published by Gulf Coast Newspapers Inc.
    Gulf Coast is a subsidiary of the E.W. Scripps Co (doing
business as Scripps Howard).
    No additional financial details were disclosed.
 Reuter
3;
bodyend
documentend
documentstart
11580
topicstart
trade
topicend
bodystart
2;

U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS


    WASHINGTON, March 31 - 
Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include talks on the growing
trade row over Japanese semiconductor electronics products.
    He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dlrs on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
    Deputy State Department spokeswoman Phyllis Oakley said the
trip is set for April 6 to 8.
    U.S.-Japanese talks of this kind are regularly held each
year at this time, she told reporters.
    The Armacost discussions with Deputy Foreign Minister
Ryohei Murata and other senior Japanese officials will focus on
U.S.-Japanese foreign aid programs and political security
issues of mutual concern, she added.
    "Although an exchange of views on bilateral relations is
expected, the talks are not directly related to U.S.-Japanese
trade relations," she insisted.
    But, in response to questions, Oakley acknowledged that
trade will be discussed.
   Japan's 58.6 billion dlrs trade surplus with the United
States last year has come under fire in Congress, which is
concerned about the loss of jobs to foreign competition and
with the record 169 billion dlrs U.S. Trade deficit in 1986.
 Reuter
3;
bodyend
documentend
documentstart
11582
topicstart
topicend
bodystart
2;

CALIFORNIA ENERGY 
<
CECI> NEGOTIATES FINANCING


    SANTA ROSA, Calif., March 31 - 
California Energy Co Inc
said it negotiated a 160 mln dlr private financing with Drexel
Burnham Lambert Inc.
    As part of the financing, it received a commitment letter,
subject to standard conditions, for 133 mln dlrs of project
financing from Credit Suisse.
    Proceeds from the financing will be used for equipment
procurement and construction of an 80-megawatt power plant by
its China Lake Joint Venture, the company said. It said the
plant will be built on a geothermal site at China Lake, Calif.,
on property leased from the federal government.
 Reuter
3;
bodyend
documentend
documentstart
11584
topicstart
acq
topicend
bodystart
2;
******
ROYEX OFFERS 50 DLRS/SHR AND 40 DLRS/WARRANT FOR INTERNATIONAL CORONA

Blah blah blah.
3;


bodyend
documentend
documentstart
11587
topicstart
ship
topicend
bodystart
2;

U.S. CARGO PREFERENCE SQUABBLE CONTINUES


    WASHINGTON, March 31 - 
The U.S. Agriculture Department said
it will begin charging interest tomorrow on the over 12 mln
dlrs the Department of Transportation, DOT, owes USDA to pay
for its share of the cost of shipping food aid on U.S. vessels.
    USDA General Sales Manager Melvin Sims told the Senate
Appropriations Agriculture Subcommittee his department had
billed DOT 12 mln dlrs, and that interest on that amount and an
additional charge would begin accruing April 1.
    USDA's Foreign Agricultural Service Administrator Thomas
Kay told Reuters DOT could owe USDA as much as 20 mln dlrs.
    The two departments are trying to hammer out an accord on
how to fund the increasing share of food aid required to be
shipped on U.S. flag vessels under a 1985 farm bill provision
on cargo preference.
    Sims said the agencies were near to reaching a memorandum
of understanding governing how DOT would pay for its share of
the cargo preference costs.
    Under the 1985 bill, the percentage of food aid shipments
carried on U.S. vessels was to increase gradually over three
years to 75 pct in 1988 from 50 pct.
    Although the increased cost was to be funded by DOT, Sims
said that department to date has contributed no money.
 Reuter
3;
bodyend
documentend
documentstart
11588
topicstart
earn
topicend
bodystart
2;

BARUCH-FOSTER CORP 
<
BFO> 4TH QTR LOSS


    DALLAS, March 31 -
    
Shr loss 92 cts vs profit one ct
    Net loss 2,487,439 vs profit 48,709
    Revs 1,788,141 vs 4,167,070
    Year
    Shr loss 1.50 dlrs vs profit 48 cts
    Net loss 4,073,724 vs profit 1,309,412
    Revs 8,193,455 vs 15.7 mln
    NOTE: 1986 year net includes 3,095,305 dlr writedown of oil
properties and reserves.
 Reuter
3;
bodyend
documentend
documentstart
11590
topicstart
topicend
bodystart
2;

BURLINGTON 
<
BUR> FILES TWO DEBT OFFERINGS


    NEW YORK, March 31 - 
Burlington Industries Inc said it
filed with the Securities and Exchange Commission registration
statements covering two offerings of debt securities.
    One issue will be 100 mln dlrs of sinking fund debentures
due 2017. Proceeds will be used for general corporate purposes,
including the reduction of short-term borrowings, acquisitions,
stock repurchases and capital expenditures.
    The other offering will be 75 mln dlrs of convertible
subordinated debentures due 2012. Proceeds will be used to
redeem the company's outstanding 8-3/4 pct convertible
subordinated debentures of 2008, Burlington said.
 Reuter
3;
bodyend
documentend
documentstart
11591
topicstart
topicend
bodystart
2;

YUGOSLAVIA, WESTERN CREDITORS IN DEBT ACCORD


    BELGRADE, March 31 - 
Yugoslavia has reached an agreement
with Western creditors on refinancing a portion of its 19.7
billion dollar hard currency debt.
    The official Tanjug news agency said the agreement was
reached in Paris today in talks between Yugoslav delegation
headed by Finance Minister Svetozar Rikanovic and 16 Western
creditor countries, but it gave no precise figures for the
amount to be rescheduled.
    However, before the talks began, Tanjug said the agreement
should cover 1.6 billion dollars of debt due this year and 3.5
billion due in 1988.
    It said the talks with commercial bank creditors on
realisation of the second phase of Yugoslavia's multi-year debt
refinancing will follow in April this year.
 Reuter
3;
bodyend
documentend
documentstart
11595
topicstart
topicend
bodystart
2;
******
MANUFACTURERS HANOVER FILES FOR 822.25 MLN DLR DEBT OFFERING

Blah blah blah.
3;


bodyend
documentend
documentstart
11597
topicstart
acq
topicend
bodystart
2;

GOULD 
<
GLD> DIVISION GETS FINANCING


    PHILADELPHIA, March 31 - 
Gould Inc's systems protection
division said it selected Merrill Lynch Interfunding INc to
provide financing for the purchase of the division from the
parent company.
    Terms were not disclosed. The agreement was announced in
February and Gould expects the transaction to be completed by
the end of April.
    The agreement assures the retention of more than 600 jobs
at a northeast Philadelphia plant which had been in jeapardy
when Gould had accepted a tentative offer from Westinghouse INc
which was later terminated.
 Reuter
3;
bodyend
documentend
documentstart
11598
topicstart
acq
topicend
bodystart
2;

WELBILT 
<
WELB> COMPLETES ACQUISITIONS


    NEW HYDE PARK, N.Y., March 31 - 
Welbilt Corp said it
completed the previously announced acquisitions of the assets
of L and M Manufacturing Co and Food Machinery Engineering Co,
two manufacturers of automated bakery production equipment
headquartered in Toronto.
 Reuter
3;
bodyend
documentend
documentstart
11599
topicstart
acq
topicend
bodystart
2;

SCHWAB COMPLETES PURCHASE OF SCHWAB AND CO


    SAN FRANCISCO, March 31 - 
Charles Schwab announced the
completion of the 280-mln-dlr purchase from BankAmerica Co of
Charles Schwab and Co Inc and its holding company Charles
Schwab Corp.
    The leveraged buyout is being financed by a syndicate of
seven banks led by the Security Pacific National Bank unit of
Security Pacific Corp 
<
SPC>, the announcement said.
    Charles Schwab and Co is the nation's largest discount
brokerage firm.
    The Schwab announcement said BankAmerica received 175 mln
dlrs in cash, 50 mln of 10 pct senior subordinated debentures,
55 mln dlrs of nine pct junior subordinated debentures and the
right to receive 15 pct of the appreciated value of the common
equity of the new company over a maximum period of eight years.
    Security Pacific also acquired a stock appreciation right,
equal to 1.8 pct of the value of the new company's fully
diluted common stock, Schwab said.
    The right is exchangeable into warrants upon transfer to a
Security Pacific non-affiliate, Schwab said.
    BankAmerica originally acquired Schwab in 1983 for 57 mln
dlrs worth of BankAmerica common stock.
    The sale of the profitable discount brokerage firm back to
Charles Schwab was aimed at raising capital and was seen by
banking analysts as a means of heading off a hostile takeover
attempt by First Interstate Bancorp 
<
I>.
 Reuter
3;
bodyend
documentend
documentstart
11602
topicstart
acq
topicend
bodystart
2;

ROYEX MAKES BID FOR INTERNATIONAL CORONA


    TORONTO, March 31 - 
<
Royex Gold Mining Corp> said it is
making an offer for 
<
International Corona Resources Ltd> of 50
dlrs per share and 40 dlrs per warrant.
    The offer covers four mln Corona common shares and all
outstanding 9.50 dlr Corona share purchase warrants expiring
August 31, 1987, Royex said.
    Royex said that if it gains four mln Corona common shares,
its interest in Corona will increase to 50 pct from 38 pct. It
also said that if more than four mln shares are tendered, it
will pay for them on a pro rata basis.
    Royex said the purchase price for each Corona share
consists of one Royex convertible retractable zero coupon
Series B first preference share at 20 dlrs nominal value, one
Royex convertible 6-1/2 pct Series C first preference share at
20 dlrs nominal value, one five-year 7.50 dlr Royex share
purchase warrant and four dlrs in cash.
    The price for each Corona warrant consists of 1.75
convertible retractable zero coupon Series B first preference
share at 35 dlrs nominal value and one five-year 7.50 Royex
share purchase warrant.
     Royex said both series of preference shares will be
convertible into Royex common shares, initially on a basis of
3.33 common shares for each preference share converted.
 Reuter
3;
bodyend
documentend
documentstart
11603
topicstart
topicend
bodystart
2;

MANUFACTURERS HANOVER 
<
MHC> FILES FOR DEBT OFFER


    WASHINGTON, March 31 - 
Manufacturers Hanover Corp filed
with the Securities and Exchange Commission for a shelf
offering of up to 822.25 mln dlrs of debt securities on terms
to be determined at the time of the sale.
    Proceeds from the offering, which will be combined with the
sale of another 177.75 mln dlrs of debt securities already
registered with the SEC but unsold, will be used for general
corporate purposes, including repayment of debt and loans or
investments to its subsidiaries, the company said.
    Manufacturers Hanover did not name an underwriter for the
offering.
 Reuter
3;
bodyend
documentend
documentstart
11606
topicstart
topicend
bodystart
2;

U.S. TREASURY SETS DATE FOR NEW STRIPS MEASURE


    WASHINGTON, March 31 - 
The Treasury said it would expand on
May 1 its computerized program for separate trading of
registered interest and principal securities, called STRIPS, to
permit reconstituting of securities.
    Reconstitution is the term used to describe reassembling a
treasury security into a book-entry security after it has been
separated into its principal and interest components.
    In order to reconstitute a treasury security, a
deposit-taking institution will have to obtain the appropriate
principal component and all unmatured interest components, the
Treasury said.
    The Federal Reserve Bank of New York will act as the
central processing site for reconstituting securities, the
Treasury said.
    It said reconstitution would enhance the flexibility,
liquidity and marketability of treasury securities.
 Reuter
3;
bodyend
documentend
documentstart
11607
topicstart
grain
corn
oilseed
soybean
topicend
bodystart
2;
******
U.S. 1987 CORN, SOYBEAN ACREAGE ESTIMATES  CORN 67,556,000 ACRES, BEANS 56,885,000 - USDA

Blah blah blah.
3;


bodyend
documentend
documentstart
11608
topicstart
grain
wheat
topicend
bodystart
2;
******
U.S. 87 WINTER WHEAT PLANTINGS 48,195,000  ACRES, DURUM 3,137,000, OTHER SPRING 13,515,000

Blah blah blah.
3;


bodyend
documentend
documentstart
11609
topicstart
cotton
sorghum
topicend
bodystart
2;
******
U.S. 1987 COTTON, SORGHUM ACRES ESTIMATED ALL COTTON 10,353,700, SORGHUM 11,844,000 USDA

Blah blah blah.
3;


bodyend
documentend
documentstart
11610
topicstart
grain
wheat
topicend
bodystart
2;
******
USDA PUTS MARCH 1 U.S. WHEAT STOCKS AT  2,253,143,000 BU

Blah blah blah.
3;


bodyend
documentend
documentstart
11611
topicstart
sugar
topicend
bodystart
2;
******
U.S. 1987 SUGARBEET ACREAGE ESTIMATED BY  USDA AT 1,249,000 ACRES VS 1,232,500 IN 1986

Blah blah blah.
3;


bodyend
documentend
documentstart
11612
topicstart
grain
corn
oilseed
soybean
topicend
bodystart
2;
******
USDA PUTS MARCH 1 U.S. CORN STOCKS AT  8,246,849,000 BU, SOYBEANS - 1,384,208,000

Blah blah blah.
3;


bodyend
documentend
documentstart
11614
topicstart
earn
topicend
bodystart
2;

OVERLAND EXPRESS INC 
<
OVER> YEAR LOSS


    INDIANAPOLIS, March 31 -
    
Shr loss 9.31 dlrs vs loss 1.62 dlrs
    Net loss 16.2 mln vs loss 2,770,243
    Revs 99.4 mln vs 96.2 mln
 Reuter
3;
bodyend
documentend
documentstart
11617
topicstart
earn
topicend
bodystart
2;

A.H. ROBINS 
<
QRAH> FILES MONTHLY REPORT


    RICHMOND, Va., March 31 - 
A.H. Robins Co said it filed its
consolidated net earnings report for February, which amounted
to 6,720,000 dlrs, compared to 4,646,000 for the comparable
month the year prior.
    Consolidated net earnings for the two months ended Feb 28,
1987, amounted to 23.9 mln dlrs, compared to 15.4 mln dlrs for
the comparable period a year earlier, it said.
    A.H. Robbins, which is in Chapter 11, said it filed the
report with the U.S. trustee overseeing its case.
 Reuter
3;
bodyend
documentend
documentstart
11619
topicstart
acq
topicend
bodystart
2;

BUTLER 
<
BTLR> TO PURCHASE NATURALITE


    KANSAS CITY, Mo, March 31 - 
Butler Manufacturing Co said it
signed a letter of intent to purchase 
<
Naturalite Inc>, a
designer of skylights.
    Terms were not disclosed.
    Naturalite had sales of about 20 mln dlrs in 1986. The
transaction is expected to be completed in May and subject to
both boards' approvals.
 Reuter
3;
bodyend
documentend
documentstart
11620
topicstart
topicend
bodystart
2;

CSAR 
<
CSAR> IN TERM LOAN AGREEMENT


    EDINA, Minn, March 31 - 
Calstar INc said it entered a new
term loan agreement with national City Bank of Minneapolis.
    The new long term note for 1.9 mln dlrs was primarily the
balloon portion of a 4.1 mln dlrs loan agreement signed in
February 1985 as part of a Chapter 11 reorganization plan.
    calstar also obtained a 500,000 dlr revolving line of
credit.
 Reuter
3;
bodyend
documentend
documentstart
11621
topicstart
earn
topicend
bodystart
2;

MECHTRON INTERNATIONAL CORP 
<
MCHT> YEAR NET


    ORLANDO, Fla., March 31 -
    
Shr three cts vs 80 cts
    Net 46,000 vs 1,220,000
    Revs 11.5 mln vs 13.0 mln
    Avg shrs 1,608,000 vs 1,530,000
 Reuter
3;
bodyend
documentend
documentstart
11622
topicstart
earn
topicend
bodystart
2;

DEVON RESOURCE INVESTORS 
<
DIN> YEAR END DEC 31


    OKLAHOMA CITY, March 31 -
    
Shr loss 14 cts vs profit 23 cts
    Net loss 835,000 vs profit 950,000
    Revs 8,617,000 vs 11.8 mln
 Reuter
3;
bodyend
documentend
documentstart
11623
topicstart
acq
topicend
bodystart
2;

SAFETY-KLEEN 
<
SK> COMPLETES ACQUISITION


    ELGIN, Ill., March 31 - 
Safety-Kleen Corp said it has
completed the acquisition of McKesson Envirosystems Co, a unit
of McKesson Corp 
<
MCK> for an undisclosed amount.
    Safety-Kleen, an industrial, automotive parts cleaning
service, said McKesson Envirosystems has solvent recycling
plants in Illinois, Kentucky and Puerto Rico.
 Reuter
3;
bodyend
documentend
documentstart
11625
topicstart
pet-chem
topicend
bodystart
2;

DOW 
<
DOW> AMENDS RESINS PRICE INCREASE


    MIDLAND, Mich., March 31 - 
Dow Chemical Co's Thermoplastic
Resin Department said it is amending a recent price increase
for Magnum ABS (A) resins announced March 3 for an effective
date of April 1.
    Dow said that effective April 15 the selling prices for
most grades of Magnum ABS resins for the injection molding,
custom sheet and automotive markets will rise six cts a pound,
instead of the three cts a pound announced previously.
    Dow also said that the selling prices for performance
grades of the resins to the same markets will increase eight
cts a pound, rather than five cts as announced before.
    The company said that Magnum ABS resins for pipe extension
will increase three cts a pound, effective April 9, as
previously reported.
    Dow said it altered the increase to reflect changes in the
industry over the past month.
 Reuter
3;
bodyend
documentend
documentstart
11627
topicstart
gold
topicend
bodystart
2;

ECHO BAY HAS NEVADA GOLD DISCOVERY


    EDMONTON, Alberta, March 31 - 
Echo Bay Mines Ltd said it
discovered a gold deposit in the Cove area near its McCoy gold
mine in Nevada.
    Echo Bay said it encountered gold in 39 of 42 drill holes
at Cove. It said seven holes averaged 0.185 ounce gold a short
ton and 1.8 ounces of silver, with the seven intersections
averaging 118 feet in thickness beneath 25 feet of overburden.
    The discovery is on the McCoy property, one mile northeast
of the McCoy open pit, heap leach gold mine, which is expected
to produce about 85,000 ounces of gold this year, Echo Bay
said.
 Reuter
3;
bodyend
documentend
documentstart
11628
topicstart
earn
topicend
bodystart
2;

BOWL AMERICA INC 
<
BWLA> UPS PAYOUT


    ALEXANDRIA, Va., March 31 -
    
Qtly div 11 cts vs 10 cts prior
    Pay May 14
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
11629
topicstart
earn
topicend
bodystart
2;

CONCORD FABRICS INC 
<
CIS> 2ND QTR NET


    NEW YORK, March 31 - 
    
Shr 62 cts vs 38 cts
    Net 1,110,484 vs 677,192
    Revs 36.6 mln vs 31.1 mln
    Six mths
    Shr 92 cts vs 68 cts
    Net 1,649,453 vs 1,211,597
    Revs 68.2 mln vs 58.5 mln
    
 Reuter
3;
bodyend
documentend
documentstart
11630
topicstart
earn
topicend
bodystart
2;

AMERICAN PACESETTER 
<
AEC> 4TH QTR NET


    NEWPORT BEACH, Calif., March 31 -
    
Oper shr profit 92 cts vs loss six cts
    Oper net profit 1,351,000 vs loss 112,000
    Revs 22.8 mln vs 28.7 mln
    Avg shrs 1,465,926 vs 1,968,601
    Year
    Oper shr profit 1.81 dlrs vs profit three cts
    Oper net profit 2,837,000 vs profit 59,000
    Revs 84.8 mln vs 69.9 mln
    Avg shrs 1,569,287 vs 1,980,432
    Note: Current qtr figures exclude gain from discontinued
operations of 533,000 dlrs, or 37 cts per share vs loss of
480,000 dlrs, or 24 cts per share.
    Current year figures exclude gain from discontinued
operations of 752,000 dlrs, or 48 cts per share vs loss of
452,000 dlrs, or 23 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
11632
topicstart
crude
nat-gas
topicend
bodystart
2;

DEVON 
<
DIN> REPORTS INCREASE IN RESERVES


    OKLAHOMA CITY, March 31 - 
Devon Resource Investors said as
of January one, its estimated proven reserves increased
by 443,000 net equivalent barrels to 32.4 billion cubic feet of
natural gas and 660,000 barrels of oil, compared with 29.5 bcf
of gas and 700,500 barrels of oil as of Jan one, 1986.
    Devon said that its estimated future net revenues
attributable to reserves is about 58 mln dlrs with a present
value, discounted at 10 pct, of 38 mln dlrs.
    It also said that it expects to have sufficient cash flow
to cover its annual payout of 60 ct per unit and expand its
drilling budget in 1987.
 Reuter
3;
bodyend
documentend
documentstart
11633
topicstart
earn
topicend
bodystart
2;

CORRECTED-ELDER-BEERMAN STORES CORP
<
ELDR>4TH QTR


    DAYTON, Ohio, March 31 - 
Feb One end
    Oper shr 89 cts vs 1.31 dlrs
    Oper net 3,348,000 vs 4,885,000
    Sales 126.8 mln vs 120.1 mln
    Year
    Oper shr 1.67 dlrs vs 2.15 dlrs
    Oper net 6,302,000 vs 8,013,000
    Sales 380.9 mln vs 352.1 mln
    NOTE: Prior year net both periods excludes gain 1,998,000
dlrs from reversion of overfunded pension plans.
    Corrects current year operating net.
 Reuter
3;
bodyend
documentend
documentstart
11634
topicstart
trade
topicend
bodystart
2;
CORRECTION  - SENIOR U.S. OFFICIAL
    In WASHINGTON story headlined "SENIOR U.S. OFFICIAL TO VISIT
JAPAN AS TRADE ROW GROWS" please read in 2nd graf ... tariffs
worth up to 300 mln dlrs ... correcting amount
 Reuter
3;


bodyend
documentend
documentstart
11635
topicstart
earn
topicend
bodystart
2;

GETTY PETROLEUM 
<
GTY> YEAR NET


    PLAINVIEW, N.Y., March 31 -
    
Shr 1.54 dlrs vs 1.09 dlrs
    Qtly div four cts vs four cts prior
    Net 17.1 mln vs 11.5 mln
    Revs 953.2 mln vs 1.33 billion
    Avg shrs 11.1 mln vs 10.5 mln
    NOTE: Cash dividend payable April 21 to holders of record
April 10. Shr figures adjusted for five pct stock dividend
declared March 31.
 Reuter
3;
bodyend
documentend
documentstart
11636
topicstart
earn
topicend
bodystart
2;

GETTY PETROLEUM 
<
GTY> SETS STOCK DIVIDEND


    PLAINVIEW, N.Y., March 31 - 
Getty Petroleum Corp said its
board declared a five pct stock dividend payable on April 21 to
shareholders of record April 10.
    The company also declared a regular cash dividend of four
cts a share and reported 1986 net income rose to 17.1 mln dlrs
from 11.5 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11637
topicstart
earn
topicend
bodystart
2;

1ST CENTRAL FINANCIAL 
<
FCC> SEES HIGHER EARNINGS


    NEW YORK, March 31 - 
First Central Financial Corp said it
expects earnings to rise significantly in 1987 and said it is
actively seeking an acquisition.
    The property and casualty insurance company's chairman and
chief executive officer, Martin J. Simon, told Reuters in an
interview that he expects earnings of 33 cts a share in 1987
compared with 25 cts a year ago.
    He said, "the company currently has the sufficient momentum
to achieve those earnings and the successful completion of
licensing applications to operate in Pennsylvania, Delaware,
Connecticut and Ohio should fuel our earnings."
    The company is currently licenced to operate only in New
York state.
    Simon estimated that the company would earn seven cts a
share in the first quarter compared to three cts in the same
quarter a year ago, and eight cts a share in the second quarter
compared to five cts earned in 1986. He expects the company to
earn nine cts a share for each of the final two quarters of
1987.
    In addition, Simon said, First Central Financial "is
actively looking for, and has several acquisition brokers
looking for a small life insurance company to acquire."
    He said the acquisition should be in the 10 mln dlr range
and will be part of a strategy of expanding the company into a
"wide spectrum of insurance services." No specific company has
been targeted as yet, "but I would like to make my first
acquisition in 1987," he said.
    He said First Central Financial would not itself be an easy
takeover target. It wants to remain independent, he said, and
has implemented a staggered board of directors system. In
addition, Simon, the company's biggest shareholder, holds about
960,000 of the 6.2 mln ouitstanding shares.
 Reuter
3;
bodyend
documentend
documentstart
11638
topicstart
gold
topicend
bodystart
2;

ECHO BAY 
<
ECO> HAS NEVADA GOLD DISCOVERY


    EDMONTON, Alberta, March 31 - 
Echo Bay Mines Ltd said it
discovered a gold deposit in the Cove area near its McCoy gold
mine in Nevada.
    Echo Bay said it encountered gold in 39 of 42 drill holes
at Cove. It said seven holes averaged 0.185 ounce gold a short
ton and 1.8 ounces of silver, with the seven intersections
averaging 118 feet in thickness beneath 25 feet of overburden.
    The discovery is on the McCoy property, one mile northeast
of the McCoy open pit, heap leach gold mine, which is expected
to produce about 85,000 ounces of gold this year, Echo Bay
said.
 Reuter
3;
bodyend
documentend
documentstart
11639
topicstart
crude
topicend
bodystart
2;

IMPERIAL OIL 
<
IMO.A> IN TALKS WITH SUPPLIERS


    TORONTO, March 31 - 
Imperial Oil Ltd, 70 pct-owned by Exxon
Corp 
<
XON>, is negotiating with it major crude oil suppliers
concerning the effects of a trial deregulation of Alberta's
shut-in crude oil production, scheduled to be implemented on
June 1, a company spokesman said.
    "From our point of view, it's a question of entering into
negotiations or discussions to make appropriate changes to
contracts to reflect the changes that are going to take place
on June 1," spokesman John Cote told Reuters in reply to a
query.
    Commenting on published reports that Imperial had suspended
its oil supply contracts, Cote said: "It's not a question of
cancelling or suspending any of the agreements at this point."
    On June 1, Alberta's Energy Resources Conservation Board
will lift its crude oil marketing prorationing system,
regulating shut-in light and medium crude production, on a
trial basis to the end of 1987.
    Under the new system, producers and refiners will be
allowed to negotiate volumes of shut-in oil to be delivered
under purchase contracts.
    Shut-in crude is the surplus between the total amount of
oil being produced and the amount being purchased by refiners.
    "We have talked to a number of our major suppliers, and
we've discussed the upcoming change with them, but nothing has
been finalized," Imperial's manager of western crude supply Gary
Strong said.
    Under Alberta's trial system, Imperial wants to match a
reasonable supply of crude against the company's forecast
demand for its refineries, Strong said.
    "We have to know what they have and how that relates to what
we need in total," he said.
    Strong said figures on the amount of crude production
Imperial purchases from outside suppliers were not immediately
available.
 Reuter
3;
bodyend
documentend
documentstart
11640
topicstart
grain
rice
cotton
topicend
bodystart
2;

USDA AGAIN EXTENDS FARM OPERATING PLAN DEADLINE


    WASHINGTON, March 31 - 
The U.S. Agriculture Department said
it has extended until April 17 the date by which Agricultural
Stabilization and Conservation county offices must determine
eligibility of individuals or other entities for payments under
1987 farm programs.
    Jerome Sitter, director of ASCS's Cotton, Grain and Rice
Price Support Division, said the decision meant farmers have
until April 17 to file a farm operating plan indicating how
many persons would be involved in their farming operations.
    Earlier this year USDA extended the deadline to April 1
from March 1, Sitter said.
    ASCA Administrator Milton Hertz said in a statement that
the extension was necessary because of heavy workloads at
county ASCS offices.
    Hertz said ASCS county officials "have had to make a large
number of eligibility determinations for individuals and other
entities, such as corporations and partnerships, in preparation
for imposing the 50,000-dlr-per-entity cap."
    "These offices already had a very heavy workload due to the
large number of applications for both the 1987 farm programs
and the Conservation Reserve Program," Hertz said.
 Reuter
3;
bodyend
documentend
documentstart
11641
topicstart
topicend
bodystart
2;

CONCORD FABRICS 
<
CIS> RESTRUCTURING DEBT


    NEW YORK, March 31 - 
Concord Fabrics Inc said it has
restructered its long-term debt with an institutional lender.
    The company said it extended its debt by borrowing 15 mln
dlrs and paying off its existing term loan of 3,100,000 dlrs,
resulting in a new debt of 11.9 mln dlrs.
    The company said the remaining funds will be used to equip
a prooduction facility in Chino, Calif., and provide working
capital.
 Reuter
3;
bodyend
documentend
documentstart
11643
topicstart
earn
topicend
bodystart
2;

HARVARD INDUSTRIES 
<
HAVA> ANNOUNCES STOCK SPLIT


    ST. LOUIS, March 31 - 
Harvard Industries Inc said its board
approved a two-for-one stock split in the form of a special
stock dividend of its outstanding common stock.
    The special dividend is payable May 28, 1987, to
stockholders of record April 24, 1987.
    The split will be effected by one additional share for each
common share held, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11644
topicstart
earn
topicend
bodystart
2;

OVERLAND EXPRESS INC 
<
OVER> YEAR LOSS


    INDIANAPOLIS, March 31 -
    
Shr loss 9.31 dlrs vs loss 1.62 dlrs
    Net loss 16.2 mln vs loss 2.8 mln
    Revs 99.4 mln vs 96.5 mln
    NOTE: 1986 includes loss of 3.9 mln dlrs from
restructuring.
    NOTE: loss 1986 includes 3.9 mln dlrs for restructuring
costs associated with disposal of property.
    Loss also includes the sale-at-a-loss of the company's
aircraft.
 Reuter
3;
bodyend
documentend
documentstart
11645
topicstart
grain
wheat
topicend
bodystart
2;

USDA ACCEPTS BID FOR BONUS WHEAT TO ALGERIA


    WASHINGTON, March 31 - 
The U.S. Agriculture Department said
it had accepted a bid for an export bonus to cover a sale of
durum wheat to Algeria.
    USDA General Sales Manager Melvin Sims said the Commodity
Credit Corp accepted one bid from Cam USA Inc on a sale of
18,000 tonnes of durum wheat.
    Sims said the bonus was 42.44 dlrs per tonne and shipment
was scheduled for June 20-30, 1987.
    An additional 246,000 tonnes of durum wheat are still
available to Algeria under the export enhancement program.
 Reuter
3;
bodyend
documentend
documentstart
11646
topicstart
topicend
bodystart
2;

INTERNATIONAL PROTEINS 
<
PRO> REPLACES CREDIT


    FAIRFIELD, N.J., March 31 - 
International Proteins Corp
said it replaced its existing credit line with a new 10 mln dlr
facility consisting of a three mln dlr term loan and a
revolving credit line provided by Citicorp 
<
CCI>.
    The company said the new credit line significantly improves
the company's working capital position and provides the company
with additional funds to finance growth of its domestic
operations.
 Reuter
3;
bodyend
documentend
documentstart
11649
topicstart
earn
topicend
bodystart
2;

ARTRA GROUP INC 
<
ATA> 4TH QTR OPER LOSS


    NORTHFIELD, Ill., March 31 -
    
Oper shr loss 1.60 dlrs vs loss 1.17 dlrs
    Oper net loss 4,261,000 vs loss 2,816,000
    Revs 28.9 mln vs 11.7 mln
    Avg shrs 2,817,616 vs 2,685,592
    Year
    Oper shr profit 23 cts vs loss 1.10 dlrs
    Oper net profit 863,000 vs loss 2,390,000
    Revs 85.9 mln vs 60.4 mln
    Avg shrs 2,754,258 vs 2,541,967
    NOTE: Excludes loss of 1.9 mln dlrs vs loss 3.5 mln dlrs in
qtr and gain 46,000 dlrs vs loss 3.9 mln dlrs in year from
discontinued operations.
    Also excludes loss of 1.7 mln dlrs in current qtr from
reversal of tax loss carryforwards.
    Includes gain of 6.6 mln dlrs in current year from purchase
of Envirodyne Industries Inc shares and charge of 1.4 mln dlrs
in current qtr from research and development costs.
    1986 both periods includes operations of Sargent-Welch
Scientific Co, acquired on Nov 30, 1986 and interest in
Rosecraft Inc since June 4 and Lawrence Jewelry Corp since Oct
22.
    1985 both periods includes interest in R.N. Koch Inc since
Feb 8, 1985.
 Reuter
3;
bodyend
documentend
documentstart
11652
topicstart
topicend
bodystart
2;

HOME SHOPPING 
<
HSN> AFFIRMED BY MOODY'S


    NEW YORK, March 31 - 
Moody's Investors Service Inc said it
affirmed Home Shopping Network Inc's 350 mln dlrs of Ba-3
senior notes and B-2 convertible subordinated Eurodebentures.
    Moody's said Home Shopping leads the shop-at-home industry
and is profitable, but noted that a newly emerging industry is
associated with risk. A proposed 300 mln dlr debt offering will
increase leverage, though proceeds will be used to redeem high
interest cost debt.
     It also cited Home's plans to expand its customer base,
product line and pending plans to acquire Baltimore Federal
Financial FSA as factors that would increase financial risk.
 Reuter
3;
bodyend
documentend
documentstart
11655
topicstart
grain
wheat
rice
topicend
bodystart
2;

CCC CREDITS FOR MEXICO SWITCHED TO WHEAT--USDA


    WASHINGTON, March 31 - 
The Commodity Credit Corporation
(CCC) has switched 10 mln dlrs in credit guarantees to Mexico
to cover purchases of U.S. wheat, the U.S. Agriculture
Department said.
    The credit guarantees were previously earmarked for sales
of U.S. dry edible beans and rice, it said.
    The action reduces the guarantee lines previously
authorized of dry edible beans to by five mln dlrs to 45 mln
dlrs and for rice from five mln to zero and increases coverage
for wheat sales from five mln to 15 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11657
topicstart
acq
topicend
bodystart
2;

ALLIED-SIGNAL 
<
ALD> COMPLETES UNIT SALE


    MORRIS TOWNSHIP, N.J., March 31 - 
Allied-Signal Inc said it
completed the previously announced sale of its Linotype Group
to Commerzbank AG of West Germany.
    The purchase price was not disclosed.
    Eschborn, West Germany-based Linotype had 1986 sales of
more than 200 mln dlrs, the company said.
 Reuter
3;
bodyend
documentend
documentstart
11658
topicstart
trade
topicend
bodystart
2;

U.S. OFFICIAL SEES EVIDENCE OF EXPORT GROWTH


    WASHINGTON, March 31 - 
Beryl Sprinkel, chairman of the
White House Council of Economic Advisers, said he sees "growing
but incomplete evidence that (U.S.) export volumes are finally
strengthening."
    In remarks prepared for a speech today in Los Angeles,
Sprinkel said the decline in the dollar's value since 1985 had
"largely" restored U.S. cost competitiveness in world markets and
appeared to signal an end to U.S. trade imbalances.
    "I am confident that further improvements in our trade
performance will contribute significantly to U.S. growth in
1987," he said.
 Reuter
3;
bodyend
documentend
documentstart
11660
topicstart
interest
topicend
bodystart
2;
******
CITIBANK SAYS IT RAISES BASE RATE TO 7-3/4 PCT FROM 7-1/2 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
11661
topicstart
acq
topicend
bodystart
2;

GAF 
<
GAF> PLANS NO CHANGES IF OFFER ACCEPTED


    HOUSTON, March 31 - 
GAF Corp chairman Samuel Heyman told
Reuters he did not foresee major changes in Borg-Warner 
<
BOR>
if GAF's 46 dlr-per-share offer to acquire Borg-Warner is
successful.
    "We have great respect for Borg-Warner mangagement," Heyman
said, following a speech at the American Institute of Chemical
Engineers annual meeting. "We don't have any particular changes
in mind."
    Earlier today, GAF announced that a 3.16-billion-dlr-offer
was presented to the board of directors of the Chicago-based
company.
    Last week, GAF had purchased additional shares of the
company for 40-1/8 dlrs, increasing its stake in Borg-Warner to
19.9 pct.
    In 1985, GAF made an unsuccessful effort to acquire Union
Carbide Corp for five billion dlrs, and has since expressed an
interest in acquiring a chemical company that would complement
its own chemical business.
    When asked whether GAF would consider selling the
non-chemical assets of Borg-Warner if its takeover offer is
accepted, Heyman declined to comment.
    He also refused to say whether GAF would consider
increasing its the dollar value of its takeover offer if the
initial proposal is rejected.
    Heyman emphasized that he considered the GAF offer to
Borg-Warner to be a friendly one.
    "We think we made a fair offer that is good for Borg-Warner
management and good for its shareholders," Heyman said.
     In his speech, Heyman said he feared too many chemical
companies were attempting to specialize in the same high margin
niche products.
    He said they were turning their backs on core commodity
chemical businesses. 
    Heyman said the chemical industry has taken a total of
seven billion dlrs in pre-tax writeoffs during the past two
years to trim balance sheets.
    He predicted that the U.S. chemical industry, which
reported a total of 13 billion dlrs in 1986 profits, would see
a 20 pct gain in earnings this year because of increasing
exports, cheaper feedstock costs and the weakened U.S. dlr.
 Reuter
3;
bodyend
documentend
documentstart
11663
topicstart
earn
topicend
bodystart
2;

TRANSWORLD LIQUIDATING 
<
TWT> TO DISTRIBUTE


    NEW YORK, March 31 - 
Transworld Corp Liquidating Trust said
it expects to make an initial distribution to beneficiaries
valued at 20.10 dlrs per unit from the proceeds of the sale of
Hilton International Co.
    The value of the distribution assumes yesterday's closing
price of UAL's common stock of 56.50 dlrs per share.
    Earlier, UAL announced that it completed the purchase of
Hilton International Co for 835.7 mln dlrs in cash and 2.5 mln
shares of UAL Inc common stock.
    Total value of the sale is about 977.2 mln dlrs, Transworld
said.
    Pursuant to the sale, UAL exercised its option to
substitute cash for 200 mln dlrs of debentures and 55,493
shares of common stock, Transworld Liquidating said.
    Each unit of beneficial interest in the trust will be
allocated 0.051675 shares of UAL common stock.
    The aggregate value of the distribution is 975.8 mln dlrs.
The balance of the cash in the trust will be held by the Trust
until April 29 and will be used to satisfy all ouststanding
liabilities and obligations of the trust.
    After satisfaction of its liabilities and obligations, the
trust would make a second distribution to its beneficiaries of
any remaining cash on or about April 29.
    Trading in the beneficial interests, which are listed on
the New York Stock Exchange, will cease after today. In order
to receive the distribution, beneficiaries must surrender the
certificates representing their beneficial interests.
    The trust was formed at year end 1986 to facilitate the
sale of Hilton International.
 Reuter
3;
bodyend
documentend
documentstart
11664
topicstart
earn
topicend
bodystart
2;

MOBILE AMERICA CORP 
<
MAME> YEAR END DEC 31


    JACKSONVILLE, Fla., March 31 -
    
Shr 2.25 dlrs vs 1.35 dlr
    Net 1,199,791 vs 724,755
    Revs 11.7 mln vs 9,105,952
 Reuter
3;
bodyend
documentend
documentstart
11665
topicstart
housing
topicend
bodystart
2;

U.S. SENATE PASSES HOUSING BILL


    WASHINGTON, March 31 - 
The Senate passed a two year
extension of federal housing programs, including 15 billion
dlrs for lower income housing assistance over two years. The
vote was 71 to 27.
    Total value of the bill was estimated at 31 billion dlrs.
The bill permanently extended the authorization for Federal
Housing Authority mortgage insurnce.
    The bill also extended the urban development grant program,
the national flood insurance act, the rural housing program as 
well as several other housing programs. The bill now goes to
the House.
 Reuter
3;
bodyend
documentend
documentstart
11666
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL DAIRY QUEEN 
<
INDQA> 1ST QTR NET


    MINNEAPOLIS, March 31 - 
Ended February 28.
    Shr 18 cts vs 13 cts
    Net 1,706,601 vs 1,226,609
    Rev 42.7 mln vs 36.3 mln
    Avg shares 9,695,444 vs 9,537,043
    NOTE: Company's full name is International Dairy Queen Inc.
 Reuter
3;
bodyend
documentend
documentstart
11667
topicstart
earn
topicend
bodystart
2;

DE TOMASO INDUSTRIES INC 
<
DTOM> YEAR NET


    RED BANK, N.J., March 31 -
    
Shr 2.90 dlrs vs 1.44 dlrs
    Net 8,862,000 vs 4,391,000
    Revs 221.6 mln vs 265.3 mln
    NOTE: Translated from Italian lire in U.S. dollar
equivalents at the exchange rate prevailing at Dec 31, 1986.
 Reuter
3;
bodyend
documentend
documentstart
11668
topicstart
earn
topicend
bodystart
2;
******
COLEMAN SEES 23 CTS A SHR 1ST QTR CHARGE FROM HEAT EXCHANGER REPLACEMENT PROGRAM 

Blah blah blah.
3;


bodyend
documentend
documentstart
11670
topicstart
topicend
bodystart
2;

CONTROL DATA 
<
CDA> UNIT SELLS FIVE-YEAR NOTES


    NEW YORK, March 31 - 
Commercial Credit Co, a unit of
Control Data Corp, is raising 150 mln dlrs through an offering
of notes due 1992 with an eight pct coupon and par pricing,
said lead manager First Boston Corp.
    That is 97 basis points more than the yield of comparable
Treasury securities. Non-callable to maturity, the issue is
rated Baa-2 by Moody's and BBB-plus by Standard and Poor's.
    Morgan Stanley and Shearson Lehman co-managed the deal.
    On January 9 the company sold 100 mln dlrs of same-rated,
same-maturity notes yielding 7-3/4 pct, or 115 basis points
over Treasuries, via a Shearson Lehman-led syndicate.
 Reuter
3;
bodyend
documentend
documentstart
11671
topicstart
veg-oil
grain
wheat
cotton
topicend
bodystart
2;

U.S. CREDITS FOR ECUADOR SWITCHED TO VEG OIL


    WASHINGTON, March 31 - 
The Commodity Credit Corporation
(CCC) switched five mln dlrs in credit guarantees to Ecuador to
provide for more sales of U.S. vegetable oil, the U.S.
Agriculture Department said.
    The credit guarantees were previously earmarked for sales
of U.S. cotton, feedgrains and wheat.
    The action reduces the guarantee lines previously
authorized for sales of cotton from 1.5 mln dlrs to 500,000
dlrs, for feedgrains from four mln to two mln and for wheat
from 45 mln dlrs to 43 mln dlrs and increases coverage for
vegetable oil sales from two mln to seven mln dlrs, the
department said.
 Reuter
3;
bodyend
documentend
documentstart
11674
topicstart
earn
topicend
bodystart
2;

COLEMAN 
<
CLN> SEES 1ST QTR CHARGE


    WICHITA, KAN., March 31 - 
Coleman Co said it expects a
first-quarter charge against earnings of 1.6 mln dlrs, or 23
cts a share, as a result of its voluntary program to replace
condensing heat exchangers in its early Model 90 series
high-efficiency residential gas furnaces.
    The company said extensive testing indicates a problem
found in the furnaces is not safety related. Coleman said it
noted an increasing number of heat exchangers in certain
furnaces made from March 1984 through December 1985 were
returned because of corrosion.
 Reuter
3;
bodyend
documentend
documentstart
11677
topicstart
topicend
bodystart
2;

OVERLAND EXPRESS 
<
OVER> NEGOTIATES NEW DEBT


    INDIANAPOLIS, March 31 - 
Overland Express Inc said it
negotiated a restated debt moratorium agreement with its
principal secured lender banks.
    The company said the new agreement extends a prior debt
moratorium on principal and interest payments on approximately
30 mln dlrs of long-term debt to June one, 1987.
    It is subject to repayment of the debt on or before that
date at a discount of approximately 8,600,000 dlrs in principal
and cancellation of approximately 1,800,000 dlrs of current and
deferred interest, the company said.
    Overland also said it negotiated a 3,000,000 dlr interim
credit agreement with its majority owner, 
<
Continental Training
Services Inc>.

 Reuter
3;
bodyend
documentend
documentstart
11679
topicstart
acq
topicend
bodystart
2;

PHILADELPHIA SUBURBAN 
<
PSC> BUYS SOFTWARE FIRM


    BRYN MAWR, Pa., March 31 - 
Philadelphia Suburban Corp said
it acquired Mentor Systems Inc, a Lexington, Ky., computer
software company, for common stock.
    Detailed terms were not disclosed.
    Mentor specializes in public sector accounting systems. It
has 73 employees at its Lexington facility, four branch offices
in the Midwest and one in New York.
 Reuter
3;
bodyend
documentend
documentstart
11682
topicstart
earn
topicend
bodystart
2;
******
PACIFIC GAS SAID ACCOUNTING CHANGE WILL REDUCE 1987 NET BY 470 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
11683
topicstart
earn
topicend
bodystart
2;

TRIBUNE/SWAB-FOX COS INC 
<
TSFC> 4TH QTR LOSS


    TULSA, OKLA., March 31 -
    
Shr loss 15 cts vs nil
    Net loss 4,356,285 vs profit 300,000
    Year
    Shr loss 12 cts vs profit five cts
    Net loss 2,744,826 vs profit 2,490,262
    NOTE: 1985 earnings restated for discontinued operations
    Per-share results reflect payment of preferred dividends
    Company did not release revenues
 Reuter
3;
bodyend
documentend
documentstart
11684
topicstart
earn
topicend
bodystart
2;

BARRINGER RESOURCES INC 
<
BARR> YEAR END DEC 31


    DENVER, March 31 -
    
Shr profit 70 cts vs loss 33 cts
    Net profit 2,598,000 vs loss 687,000
    Revs 7,438,000 vs 6,467,000
    NOTE: 1986 net includes 2,168,000 dlrs or 61 cts a share
for gain on cancellation of long-term debt through a debenture
offer.
 Reuter
3;
bodyend
documentend
documentstart
11685
topicstart
earn
topicend
bodystart
2;

CONCORD FABRICS INC 
<
CIS> 2ND QTR OPER NET


    NEW YORK, March 31 - 
Ended March one
    Oper shr 47 cts vs 41 cts
    Oper net 840,484 vs 732,000
    Revs 36.6 mln vs 31.1 mln
    Six mths
    Oper shr 77 cts vs 75 cts
    Oper net 1,379,453 vs 1,338,346
    Revs 68.2 mln vs 58.5 mln
    NOTE: Excludes net gain of 27,000 dlrs or 15 cts/shr in
current qtr and six mths from disposal of discontinued
operations.
    Year-ago excludes loss of 54,808 dlrs or three cts in qtr
and 126,749 dlrs or seven cts in six mths from discontinued
operations.
 Reuter
3;
bodyend
documentend
documentstart
11686
topicstart
topicend
bodystart
2;
******
U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS APRIL 6 TO PAY DOWN 1.65 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
11687
topicstart
earn
topicend
bodystart
2;

P.C. QUOTE INC 
<
PCQT> YEAR LOSS


    CHICAGO, March 31 -
    
Shr loss 30 cts vs loss 44 cts
    Net loss 1,135,805 vs loss 1,461,792
    Sales 3,398,893 vs 2,075,260
 Reuter
3;
bodyend
documentend
documentstart
11689
topicstart
earn
topicend
bodystart
2;

<
EXECUTIVE HOUSE INC> YEAR LOSS


    CHICAGO, March 31 -
    
Shr loss 26 cts vs loss six cts
    Net loss 535,110 vs loss 129,433
    Revs 787,000 vs 622,130
 Reuter
3;
bodyend
documentend
documentstart
11690
topicstart
earn
topicend
bodystart
2;

LORI CORP 
<
LRC> 4TH QTR OPER NET LOSS


    NORTHFIELD, Ill., March 31 -
    
Oper shr loss 14 cts vs loss 49 cts
    Oper net loss 22,000 vs loss 441,000
    Revs 22.6 mln vs 13.6 mln
    Year
    Oper shr profit 14 cts vs profit 47 cts
    Oper net profit 1,952,000 vs profit 2,794,000
    Revs 76.2 mln vs 56.4 mln
    NOTE: 1986 4th qtr and year oper net excludes a loss of
54,000 dlrs for discontinued operations, and a a gain of
218,000 dlrs and 2,393,000 dlrs, respecitvely, for
extraordinary item.
    1985 4th qtr and year oper net excludes a loss of 77,000
dlrs and about 54,000 dlrs, respectively, for discontinued
operations and a loss of 285,000 dlrs and a gain of 2,757,000
dlrs, respectively, for extraordinary item.
 Reuter
3;
bodyend
documentend
documentstart
11691
topicstart
topicend
bodystart
2;
******
U.S. TREASURY SELLING 17 BILLION DLRS OF 9-DAY and 20-DAY CASH MANAGEMENT BILLS ON APRIL 2

Blah blah blah.
3;


bodyend
documentend
documentstart
11694
topicstart
ship
grain
wheat
topicend
bodystart
2;

HONDURAS SEEKING VESSELS FOR BULK WHEAT SHIPMENT


    WASHINGTON, March 31 - 
Honduras will tender April 2 for
U.S. and non-U.S. flag vessels to import 19,369 tonnes of wheat
in bulk, an agent for the country said.
    The agent said Honduras is seeking vessels to deliver 
7,369 tonnes during a period that includes laydays of April
15-30, and 12,000 tonnes with laydays of May 15-30.
    Offers are due no later than 1200 hrs EST, April 2, and
will remain valid through the close of business the following
day, the agent said.
 Reuter
3;
bodyend
documentend
documentstart
11696
topicstart
earn
topicend
bodystart
2;

OTF EQUITIES INC 
<
OTFE> 4TH QTR NET


    DETROIT, March 31 -
    
Shr profit 28 cts vs loss 32 cts
    Net profit 1,190,000 vs loss 686,000
    Revs 40.8 mln vs 2.2 mln
    Year
    Shr profit 20 cts vs loss 49 cts
    Net profit 2,021,000 vs loss 1,162,000
    Revs 103 mln vs 9.5 mln
    Avg shrs 4,206,371 vs 2,124,967
   
REUTER
3;
bodyend
documentend
documentstart
11697
topicstart
earn
topicend
bodystart
2;
******
DOME PETROLEUM LTD YEAR OPER SHR LOSS 6.94 DLRS VS LOSS TWO CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
11698
topicstart
topicend
bodystart
2;

INTEGRATED RESOURCES 
<
IRE> FILES NOTE OFFERING


    NEW YORK, March 31 - 
Integrated Resources Inc said it filed
with the Securities and Exchange Commission a registration
statement covering 150 mln dlrs of senior notes.
    The notes are to be sold in three equal-sized issues of 50
mln dlrs. The maturities will be 1990, 1992 and 1994.
    Proceeds will be used to repay short-term debt incurred
primarily for working capital, Integrated Resources said.
    The company named Drexel Burnham Lambert Inc as sole
manager of the offerings.
 Reuter
3;
bodyend
documentend
documentstart
11699
topicstart
crude
gas
topicend
bodystart
2;
******
API SAYS DISTILLATE STOCKS OFF 2.52 MLN BBLS, GASOLINE OFF 260,000, CRUDE OFF 4.23 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
11700
topicstart
earn
topicend
bodystart
2;

SALEM CORP 
<
SBS> 4TH QTR LOSS


    MIAMI, March 31 -
    
Shr loss 1.82 dlrs vs loss 16 cts
    Net loss 2,285,000 vs loss 264,000
    Revs 23.0 mln vs 14.6 mln
    Year
    Shr loss 1.59 dlrs vs profit seven cts
    Net loss 2,467,000 vs profit 112,000
    Revs 77.3 mln vs 75.8 mln
    NOTE: Includes loss of 1.1 mln dlrs or 70 cts/shr from
asset writedowns and cost reductions.
 Reuter
3;
bodyend
documentend
documentstart
11701
topicstart
earn
topicend
bodystart
2;
******
CONSUMERS POWER SEES ONE-TIME 1ST QTR LOSS OF SEVEN CTS/SHR FROM SUIT

Blah blah blah.
3;


bodyend
documentend
documentstart
11702
topicstart
earn
topicend
bodystart
2;
******
DOME PETROLEUM TAKES 1986 WRITEDOWNS TOTALLING 2.08 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
11703
topicstart
topicend
bodystart
2;

U.S. SELLING 17 BILLION DLRS OF 9-, 20-DAY BILLS


    WASHINGTON, March 31 - 
The U.S. Treasury said it will
auction 17 billion dlrs of 9-day and 20-day cash management
bills on April 2.
    The auction will consist of 11 billion dlrs in 9-day bills
and six billion dlrs in 20-day bills.
    Bids for the bills will be received at all Federal Reserve
Banks and branches. Tenders must be for a minimum of one mln
dlrs, and non-competitive tenders from the public will not be
accepted. Bids will not be received at the Treasury Department.
The 9-day bills will be issued April 7 and mature April 16,
while the 20-day bills will be issued April 3 and mature April
23.
 Reuter
3;
bodyend
documentend
documentstart
11704
topicstart
topicend
bodystart
2;

U.S. TO SELL 13.2 BILLION DLRS IN BILLS


    WASHINGTON, March 31 - 
The U.S. Treasury said it will sell
13.2 billion dlrs of three and six-month bills at its regular
auction next week.
    The April 6 sale, to be evenly divided between the three
and six month issues, will result in a paydown of 1.65 billion
dlrs as maturing bills total 14.85 billion dlrs.
    The bills will be issued April 9.
 Reuter
3;
bodyend
documentend
documentstart
11705
topicstart
earn
topicend
bodystart
2;

DOME PETROLEUM LTD 
<
DMP> YEAR LOSS


    CALGARY, Alberta, March 31 -
    
Shr loss 6.94 dlrs vs loss two cts
    Net loss 2.20 billion vs profit 7.0 mln
    Revs 1.55 billion vs 2.44 billion
    Note: 1986 shr and net include writedowns totalling 2.08
billion dlrs before a reduction in deferred income taxes of 571
mln dlrs. Net also includes 214 mln dlrs in accumulated foreign
exchange losses
    Canadian funds
    Note continued: shr after preferred dividends
 Reuter
3;
bodyend
documentend
documentstart
11706
topicstart
iron-steel
topicend
bodystart
2;

U.S. STEELMAKERS, UNION SEEK RENEWED IMPORT CURB


    WASHINGTON, March 31 - 
The U.S. specialty steel industry
and its union said they will seek a three-year extension of
President Reagan's import restraint program to give the
industry more time to restore competitiveness.
    They said they will tell the U.S. International Trade
Commission (ITC) Thursday that "termination will have disastrous
consequences for American companies and workers."
    The current four-year voluntary program reached with
foreign exporters ends this summer and the ITC must advise
President Reagan on the economic effect of its termination.
    The Specialty Steel Industry of the United States and the
United Steelworkers Union said in statement that imported steel
was still flooding the domestic market and continued curbs were
needed to restore the industry's health.
    Reagan is to decide by July 19 whether to renew the
restraint program.
 Reuter
3;
bodyend
documentend
documentstart
11707
topicstart
acq
topicend
bodystart
2;

HOLDER COMMUNICATIONS 
<
HOLD> TO BUY FIVE FIRMS


    TAMPA, Fla., March 31 - 
Holder Communications Corp said it
agreed to buy five privately held companies with combined 1987
revenues expected to be about 25 mln dlrs.
    Holder plans to issue 32 mln common shares to buy the
Nashville-based companies, all of which are owned by Jack
Norman and Joe Shaw, their families and employees.
    The companies include radio stations WKXC-AM and WWKZ-FM,
which operate in the New Albany/Tupelo, Miss., market, and
General Masonry Inc, a contractor in the Southeast.
    The acquisitions are subject to approval by Holder
shareholders and the Federal Communications Commission.
 Reuter
3;
bodyend
documentend
documentstart
11708
topicstart
earn
topicend
bodystart
2;

CHELSEA 
<
CHD> SEES LOWER 2ND QTR NET


    BOSTON, March 31 - 
Chelsea Industries Inc said earnings for
its fiscal second quarter ended March 30 will be "sharply
lower" than the 1,414,000 dlrs or 55 cts a share it earned for
the same quarter last year.
    It also said it lowered its earnings forecasts for the
remainder of the fiscal year. In fiscal 1986, the company
earned 7,206,000 dlrs or 2.78 dlrs a share.
    The company cited intensely competitive market conditions
in its polyethelyne trash liner business and startup costs
related to its acquisition of Artisan Plastic for the reduced
earnings outlook.
   
 Reuter
3;
bodyend
documentend
documentstart
11709
topicstart
topicend
bodystart
2;

DANA CORP 
<
DCN> AND UNIT DOWNGRADED BY MOODY'S


    NEW YORK, March 31 - 
Moody's Investors Service Inc said it
downgraded 700 mln dlrs of debt of Dana Corp and its unit Dana
Credit Corp.
    Cut were the parent's senior debt and industrial revenue
bonds to A-3 from A-2. Moody's reduced to Prime-2 from Prime-1
the commercial paper of Dana and its credit unit.
    Moody's cited deterioration in capital structure and debt
protection measurements due to aggressive balance sheet
management.  Moreover, Dana's financial leverage rose to
43 pct from 22 pct in 1984 and may climb even more after
completing its ongoing stock repurchase program, Moody's said.
 Reuter
3;
bodyend
documentend
documentstart
11711
topicstart
earn
topicend
bodystart
2;

DOME PETE
<
DMP> TAKES 2.08 BILLION DLR WRITEDOWN


    CALGARY, Alberta, March 31 - 
Dome Petroleum Ltd, earlier
reporting a 2.20 billion dlr 1986 loss compared to year-earlier
profit of 7.0 mln dlrs, said the loss was mainly due to write
downs totalling 2.084 billion dlrs before a reduction in
deferred income taxes of 571 mln dlrs.
    The loss also includes 214 mln dlrs in accumulated foreign
exchange losses, the company said.
    "The dramatic drop in energy prices in early 1986 reverses
much of the progress the company has made in the two previous
years," Dome chairman J. Howard Macdonald said in a statement.
    "But even a net loss of this magnitude has very little
bearing on the day-to-day operations of Dome," chairman
Macdonald said.
    "It merely reflects the realistic carrying value of the
company's assets in today's economic environment, and the
absolute need for reaching a timely agreement with our lenders
on a debt restructuring plan to assure the company's continued
existence," he added.
    Dome is now trying to reach agreement on a complex plan for
restructuring debt of more than 6.10 billion dlrs.
    Dome said it charged the 214 mln dlrs in accumulated
foreign exchange losses to current expenses because of the
uncertainty arising from its proposed restructuring plan.
    Normally the expenses would be amortized over the remaining
period of the loans to which they apply, it said.
    Dome also said the write downs included a fourth quarter
reduction in the value of its oil and gas properties of 1.20
billion dlrs, before a reduction in deferred income taxes of
305 mln dlrs. The fourth quarter writedown was in addition to a
charge of 880 mln dlrs on certain other assets, taken mainly in
the third quarter.
    Dome said the 1.20 billion dlr fourth quarter charge
resulted from a year-end accounting change made under new full
cost accounting guidelines by the Canadian Institute of
Chartered Accountants.
    The company said it previously determined a write down of
conventional oil and gas properties was not required at
September 30, under the previous method of calculating the
limitation of oil and gas values.
    Dome said the most significant accounting change under the
new guidelines is using current oil and gas prices in
calculations instead of escalating price forecasts.
    Terms of Dome's proposed debt restructuring plan preclude
the company from making an accurate estimate of future
financing costs, which are used in the new accounting
calculations, it said.
    As a result, Dome adopted current prices and costs and a 10
pct discount factor in the calculations, which substantially
conform with accounting rules prescribed by the U.S. Securities
and Exchange Commission, the company said.
    Dome said operating income from its crude oil and natural
gas segments fell by 2.50 billion dlrs to a 1986 loss of 1.71
billion dlrs from prior year earnings of 737.0 mln dlrs.
    Dome said the steep drop in crude oil and natural gas
operating income was due to write downs totalling 1.93 billion
dlrs and lower energy prices that sharply reduced revenue.
    Reduced production of natural gas and lower utilization of
Dome's offshore drilling fleet in the Beaufort Sea also
contributed to the decline, it said.
    Earnings from its natural gas liquids business fell by 79
pct to 42.0 mln dlrs from 199 mln dlrs in 1985.
    Cash from operations dropped to 5.0 mln dlrs from year-ago
542.0 mln dlrs and unrestricted cash balance declined to 202.0
mln dlrs from 466.0 mln dlrs.
    Dome said 1986 crude oil production in 1986 was maintained
at prior year's levels through new drilling activity and
improvements in productivity.
    Natural gas production fell by nine pct as a result of
lower domestic and export sales, it said.
    Oil and field natural gas liquids production totalled
86,000 barrels a day, compared to 87,000 bpd in the prior year.
    Natural gas production fell to 536.0 mln cubic feet a day
from 591.0 mcf a day.
 Reuter
3;
bodyend
documentend
documentstart
11713
topicstart
earn
topicend
bodystart
2;

ORION CAPITAL CORP 
<
OC> 4TH QTR LOSS


    NEW YORK, March 31 - 
    
Shr loss 9.42 dlrs vs loss 3.85 dlrs
    Net loss 55.5 mln vs loss 21.4 mln
    Revs 114.9 mln vs 120.0 mln
    Avg shrs 6,460,000 vs 5,719,000
    Year
    Shr loss 6.80 dlrs vs loss 4.77 dlrs
    Net loss 36.0 mln vs loss 26.2 mln
    Revs 478.9 mln vs 437.9 mln
    Avg shrs 6,016,000 vs 5,713,000
    Note: Net includes realized capital gains of 2,610,000 vs
2,442,000 for qtr and 18.1 mln vs 13.6 mln for year.
    1986 net also includes gain on termination of pension plan
of 2,614,000 for qtr and year, and tax loss of 3,605,000 for
qtr. Includes pretax gain from sale of common stock in Guaranty
National Corp of 5,722,000 for year.
    Revised estimated calculation of workers compensation
earned premiums decreased 1986 earned premiums by 10 mln.
    Year-ago results restated to reflect deconsolidation of
Guaranty National.
 Reuter
3;
bodyend
documentend
documentstart
11714
topicstart
earn
topicend
bodystart
2;

AVON PRODUCTS 
<
AVP> SEES HIGHER 1987 EARNINGS


    NEW YORK, March 31 - 
Avon Products Inc, the diversifed
conglomerate that had a strong turn around in 1986, said it
expects sales and earnings to climb higher this year.
    In its annual report, the company also said it expects to
maintain its current annual two dlr dividend on the basis of
continued upward earnings.
    In 1986, Avon's operational earnings rose 24 pct to 158.7
mln dlrs from 128.2 mln dlrs a year earlier, and sales rose 17
pct to 2.88 billion dlrs. It said the 2.23 dlrs a share earned
last year was the highest in five years, but still well below
the company's all-time high of 4.06 dlrs a share in 1979.
 Reuter
3;
bodyend
documentend
documentstart
11716
topicstart
interest
topicend
bodystart
2;
******
CHASE MANHATTAN RAISES PRIME RATE TO 7-3/4 PCT FROM 7-1/2, EFFECTIVE TODAY

Blah blah blah.
3;


bodyend
documentend
documentstart
11717
topicstart
earn
topicend
bodystart
2;

PACIFIC GAS 
<
PCG> ACCOUNTING CHANGE TO CUT NET


    SAN FRANCISCO, March 31 - 
Pacific Gas and Electric Co said
it expects to record a 470 mln dlr, or 1.25 dlr per share,
reduction in 1987 earnings because of the company's decision to
change the method used to record Diablo Canyon Nuclear Power
Plant revenues.
    The accounting change will not affect the company's cash
position and the company intends to continue paying its
dividend at the annual rate of 1.92 dlrs per share.
    Last year Pacific Gas reported earnings of 925 mln dlrs, or
2.60 dlrs per share.
    Pacific Gas said the accounting change was prompted by
delays in the receipt of a California Public Utilities
Commission decision on the company's 1984 application for rate
relief to recover the 5.8 billion dlr cost of constructing
units one and two of the Diablo Canyon Nuclear Power Project.
    It said the commission is currently allowing the company to
recover 40 pct of the cost of owning and operating the plants.
    As a result, 63 mln dlrs has been accumulating each month
as deferred non-cash account receivable, which has been
included in current income.
    But the accounting change, effective January 1, will
reflect only cash received through interim rates approved by
the commission, Pacific Gas and Electric said.
    It also said the commission is now awaiting its Public
Staff Division's report which will recommend how much of the
5.8 billion dlr investment Pacific Gas should be allowed to
recover in rates.
    The company further stated that it is confident it will
receive an objective review of the facts.
    It also said it intends to seek additional interim rates.
    Pacific Gas began construction of the two nuclear power
units in 1969. After a number of construction delays, unit one
went into operation in May 1985 and unit two went on line in
March last year.
 Reuter
3;
bodyend
documentend
documentstart
11719
topicstart
topicend
bodystart
2;

BLACK AND DECKER 
<
BDK> SELLS 10-YEAR NOTES


    NEW YORK, March 31 - 
Black and Decker Corp is raising 100
mln dlrs via an offering of notes due 1997 yielding 8.40 pct,
said lead manager First Boston Corp.
    The notes have an 8-3/8 pct coupon and were priced at 99.83
to yield 86 basis points over comparable Treasury securities.
    Non-callable for seven years, the issue is rated Baa-2 by
Moody's Investors Service Inc and A-minus by Standard and
Poor's Corp.  Salomon Brothers Inc co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
11721
topicstart
earn
topicend
bodystart
2;

GIANT FOOD INC 
<
GFS.A> 4TH QTR FEB 28 NET


    WASHINGTON, March 31 - 
    
Shr 50 cts vs 66 cts
    Net 15.0 mln vs 20.0 mln
    Revs 861.2 mln vs 725.9 mln
    Year
    Shr 1.55 dlrs vsd 1.90 dlrs
    Net 46.5 mln vs 57.0 mln
    Revs 2.53 billion vs 2.25 billion
    Note: 1986 had 53 weeks vs 52 weeks in 1985. 4th qtr 1986
had 17 weeks vs 16 weeks in 1985.
 Reuter
3;
bodyend
documentend
documentstart
11722
topicstart
acq
topicend
bodystart
2;

INNOVEX 
<
INVX> COMPLETES PURCHASE OF LUCHT


    MINNEAPOLIS, March 31 - 
Innovex  Inc said it has completed
the purchase of substantially of the interest in Lucht
Engineering Inc that it did not already own.
    Prior to this move Innovex owned 79 pct of Lucht, the
company said.
    Innovex said it bought the shares by exchanging 293,101
shares of unregistered Innovex common stock. Innovex president,
Thomas Haley, said the exchange is non-dilutive and will cause
a slight increase in Innovex's fully diluted earnings per share
during the last half of fiscal 1987.
    Lucht will continue to function as a unit of Innovex,
Innovex said.
 Reuter
3;
bodyend
documentend
documentstart
11723
topicstart
crude
topicend
bodystart
2;

OIL PRICES SAID NOW BASED ON FUTURES PRICE


     SAN ANTONIO, TEXAS, March 31 - 
Energy futures now set the
standard for oil pricing, said Arnold Safer, president of The
Energy Futures Group Inc, a consulting firm.
     "Petroleum futures trading at the New York Mercantile
Exchange literally set spot market prices in the U.S.," he
said, adding that some oil products sellers now offer contracts
based on a daily average of NYMEX prices.
     He also said that petroleum futures are a major market for
oil companies as well as for commodity traders. His remarks
were made at the National Petroleum Refiners Association.
 Reuter
3;
bodyend
documentend
documentstart
11724
topicstart
earn
topicend
bodystart
2;

MCO RESOURCES INC 
<
MCR> 4TH QTR LOSS


    HOUSTON, March 31 - 
    
Shr loss 1.37 dlrs vs 1.59 dlrs
    Net loss 38.6 mln vs 42.5 mln
    Revs 31.4 mln vs 59.4 mln
    Note: 1986 net includes pretax writedown of 23 mln on oil
and gas properties and a 30.3 mln non-cash provision for
impairment of geothermal property.
 Reuter
3;
bodyend
documentend
documentstart
11725
topicstart
earn
topicend
bodystart
2;

LINEAR FILMS 
<
LNER> SEES LOWER FOURTH QTR NET


    TULSA, March 31 - 
Linear Films Inc said it sees lower
earnings in the fourth quarter ending March 31 compared with a
year ago due to lower profit margins on stretch film from price
increases of polyethelene resin, a key raw material.
    In last year's fourth quarter it earned 1,235,000 dlrs or
19 cts a share, a spokesman said.
    The company said it is raising its stretch film prices by
six pct as of April 15 to reflect the higher costs of
polyethelene resin. It also said sale volume of stretch film in
the fourth quarter was lower than anticipated, although it has
returned to normal in recent weeks.
 Reuter
3;
bodyend
documentend
documentstart
11726
topicstart
earn
topicend
bodystart
2;

AUDITORS QUALIFY MCO RESOURCES 
<
MCR> REPORT


    HOUSTON, March 31 - 
MCO Resources Inc said its independent
auditors have qualified their opinion on the company financial
statements for 1986, in which it posted a net loss of 38.6 mln
dlrs or 1.37 dlrs a share on revenues of 31.4 mln.
    MCO said the qualfied opinion related to its realization of
the carrying amount of its geothermal property and its ability
to continue as an ongoing concern, which is dependent upon the
restructuring of the company's bank debt and other obligations,
resolution of the uncertainties surrounding its geothermal
operations and the success of future operations.
    The company said its capital spending for 1987 has been
virtually eliminated and that an additional staff reduction of
about 20 pct is being implemented today.
 Reuter
3;
bodyend
documentend
documentstart
11727
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL LEASE FINANCE 
<
ILFC> 1ST QTR NET


    BEVERLY HILLS, Calif., March 31 -
    
Shr 22 cts vs 13 cts
    Net 7,121,000 vs 4,481,000
    Revs 37.4 mln vs 22.8 mln
    Avg shrs primary 30,067,000 vs 29,735,000
 Reuter
3;
bodyend
documentend
documentstart
11728
topicstart
earn
topicend
bodystart
2;

ARCO 
<
ARC> SAYS NET TO COVER DIVIDEND PAYOUT


    LOS ANGELES, March 31 - 
Atlantic Richfield Oil Co said it
expects first quarter net income to cover its dividend
requirements in the quarter.
    The company paid a quarterly dividend of one dlr a share
earlier this month.
 Reuter
3;
bodyend
documentend
documentstart
11729
topicstart
grain
corn
topicend
bodystart
2;

EGYPT TENDERS THURSDAY FOR OPTIONAL ORIGIN CORN


    KANSAS CITY, March 31 - 
Egypt will tender Thursday for
200,000 tonnes of optional origin corn, U.S. number two or
equivalent, 14.5 pct moisture, for late April shipment, private
export sources said.
    Shipment will be from the Gulf or Great Lakes if U.S.
origin, they said.
 Reuter
3;
bodyend
documentend
documentstart
11730
topicstart
earn
topicend
bodystart
2;

SERVOTRONICS 
<
SVT> SETS 10 PCT STOCK DIVIDEND


    BUFFALO, N.Y., March 31 - 
Servotronics Inc said it declared
a 10 pct stock dividend, payable May 15 to shareholders of
record April 21.
    The company last declared a stock dividend, also 10 pct, in
March 1986.
 Reuter
3;
bodyend
documentend
documentstart
11731
topicstart
crude
topicend
bodystart
2;
******
STANDARD OIL RAISES ALASKA NORTH SLOPE BY 1.50 DLRS, effective APRIL ONE

Blah blah blah.
3;


bodyend
documentend
documentstart
11733
topicstart
earn
topicend
bodystart
2;

SERVOTRONICS INC 
<
SVT> YEAR NET


    BUFFALO, N.Y., March 31 - 
    
Oper shr 50.4 cts vs 48.7 cts
    Oper net 688,000 vs 665,000
    Revs 12.3 mln vs 10.7 mln
    Note: Oper excludes tax credits of 559,000 vs 537,000
 Reuter
3;
bodyend
documentend
documentstart
11734
topicstart
money-fx
topicend
bodystart
2;

CURRENCY FUTURES CLIMB LIKELY TO BE CHECKED


    By Leslie Adler, Reuters


    CHICAGO, March 31 - 
The surge in currency futures since
Friday on the heels of the Reagan administration's proposed
tariffs on Japanese imports is likely to be curtailed in the
coming week, financial analysts said.
    "The market is taking a breather now, and I would expect it
to last a little longer," said Craig Sloane, a currency analyst
with Smith Barney, Harris, Upham and Co.
    Profit-taking, which robbed the currency futures of some
momentum today, is likely to continue, he said.
    Central banks are likely to play a role in halting the
advance in currencies through intervention, the analysts said,
even though the dollar fell to a 40-year low against the
Japanese yen on Monday despite Bank of Japan intervention.
    Treasury Secretary James Baker's comments that the G-6
nations remain committed to the Paris accord, coupled with his
refusal to give any targets for exchange rates, provided a note
of stability to the market Tuesday, the analysts said.
    Furthermore, Merrill Lynch Economics analyst David Horner
said G-6 central banks haven't yet shown the full force of
their commitment to the Paris accord.
    "I'm among those who believe the G-6 have a plan behind the
scenes," Horner said.
    Horner said more forceful central bank intervention will
firm the dollar and cap the rise in currency futures.
    "Coordinated, punishing intervention" by the central banks
-- in contrast to the recent rolling intervention which has
only smoothed out the market -- is in the offing, according to
Horner.
    "I think we're near the top of the range in the Europeans
(currencies)," he said.
     On the other hand, the upside target for the yen, which
set a new contract high today at 0.006916 in the June contract,
is at 0.007050, Horner said.
    Still, other analysts believe currency futures have yet to
peak.
    "The basic trend in the currencies is higher," said Anne
Parker Mills, currency analyst with Shearson Lehman Brothers
Inc. "The market wants to take the dollar lower."
    Uncertainty over central bank action and nervousness over a
G-5 meeting next week in advance of a meeting of the
International Monetary Fund could make for choppy price
activity the remainder of the week, Mills said.
    In addition, although the market shrugged off relatively
healthy gains in February U.S. leading economic indicators and
factory orders Tuesday, economic data could play a larger role
in coming sessions, the analysts said.
    Friday's employment statistics in particular will be
closely watched, Sloane said, adding that a forecast rise of
250,000 in non-farm payroll jobs should underpin the dollar.
 Reuter
3;
bodyend
documentend
documentstart
11736
topicstart
earn
topicend
bodystart
2;

<
POCO PETROLEUMS LTD> 1ST QTR JAN 31 NET


    CALGARY, Alberta, March 31 -
    
Shr eight cts vs 30 cts
    Net 1,100,000 vs 3,900,000
    Revs 14.9 mln vs 20.7 mln
 Reuter
3;
bodyend
documentend
documentstart
11737
topicstart
topicend
bodystart
2;

TACO VILLA
<
TVLA> IN DEBT TALKS, MAY SELL ASSETS


    DALLAS, March 31 - 
Taco Villa Inc said it is holding talks
with RepublicBank Corp 
<
RPT> to restructure its loan payments
and waive some financial convenants on its debt.
    It also said it may sell certain assets to repay the bank
borrowings, and is holding talks with interested parties. It
expects to write down some previously acquired assets, but the
company did not say by how much.
    At the end of 1986 it had 11 mln dlrs in bank debt
outstanding with a 1.7 mln dlr payment due May one. It is also
seeking to extend 1.2 mln dlrs of mortgage payments due this
year, and is in talks to extend other debt payments.
    The company said it previously reported special charges of
nine mln dlrs in the fourth quarter from losses on restaurant
closings, lease termination costs, contract settlements and
severance arrangements.
    Since it has not yet decided how to treat the additional
writedowns and debt, it has delayed its 1986 financial
statement. It said it expects to file an amendment to its form
10-K but did not say when the amended filing would be made.
    The company said it hoped to resolve its debt problems in
the near future.
 Reuter
3;
bodyend
documentend
documentstart
11738
topicstart
acq
topicend
bodystart
2;

LILLY 
<
LLY> CUTS LIPOSOME CO 
<
LIPO> STAKE


    WASHINGTON, March 31 - 
Eli Lilly and Co told the Securities
and Exchange Commission it cut its stake in Liposome Co Inc to
500,000 shares, or 4.0 pct of the total outstanding common
stock, from 900,000 shares or 7.3 pct.
    Lilly said it sold 400,000 Liposome common shares on March
17 at eight dlrs each.
    As long as Lilly's stake in Liposome is below five pct, it
is not required to report any further dealings it has in the
company's stock.
 Reuter
3;
bodyend
documentend
documentstart
11739
topicstart
grain
corn
oilseed
soybean
topicend
bodystart
2;

GRAIN REPORTS IMPROVE U.S. FARM OUTLOOK-ANALYSTS


    CHICAGO, March 31 - 
The U.S. grain planting intentions and
stocks reports bear optimistic news for U.S agriculture, a
grain analyst on a Chicago Board of Trade panel said.
    The decline in intended soybean acreage and lower stocks
are "the first report we've had for a long time that shows any
optimism for anybody," said John "Bud" Frazier, grain analyst
and executive vice president for Balfour MacLaine, Inc.
    "I'm really excited about it," Frazier said.
    The U.S. Department of Agriculture said farmers intend to
plant 67.6 mln acres of corn, down from 76.7 mln planted last
year, and 56.8 mln acres of soybeans, down from 61.5 mln.
    The report showed March 1 stocks of 1.4 billion bushels of
soybeans, 8.3 billion bushels of corn, and 2.3 billion bushels
of wheat, all below trade guesses.
    Frazier was joined by Susan Hackmann, senior grain analyst
with AgriAnalysis, and Mark Meyer, a grain analyst with
Shearson Lehman Brothers, Inc., on a Chicago Board of Trade
panel to discuss the reports.
    Frazier said the stocks reports in particular were friendly
for the market, and soybean prices would jump three to five
cents a bushel "if the bell rang right now."
    "We're getting our disappearance up. We have less (corn and
soybeans) than we thought we had," he said, noting that hog and
poultry production is up.
    "We're seeing low prices generate some interest in demand,"
said Meyer, adding that feed use was up 13 pct last quarter and
15 pct in the preceding quarter.
    However, Hackmann said production could continue to exceed
consumption.
    She noted that most of the reductions in soybean acres came
in southeastern states, where yields are usually low.
    "We have the potential for record breaking soybean yields
this year, (which) will temper the enthusiasm on tomorrow's
opening," she said.
    Hackmann said record corn yields also are possible, and the
crop could reach 7.1 billion bushels, which would be down from
last year's 8.25 billion bushels.
    "We'll need very good disappearance next year to reduce
stocks," she said. The USDA estimated disappearance last year
at 6.7 billion bushels.
    Hackmann said the stocks report was positive for the long
term, "But we still have a long way to go to bring stocks down
to where we could start rebuilding prices."
    Frazier also cautioned that the soybean acreage report
could prompt farmers to change their plans and plant more
soybeans.
    The panelists agreed that the reports should discourage
talk of revising the 1985 farm bill.
    "There seems to be no desire ... to change the farm law
we're working under today, and this report should reinforce
that," Frazier said.
    "We are seeing the program beginning to work," said Meyer.
 Reuter
3;
bodyend
documentend
documentstart
11741
topicstart
topicend
bodystart
2;

SHARON STEEL EXTEND EXCHANGE OFFERS


    MIAMI, March 31 - 
<
Sharon Steel Corp> said it extended to
April 30 the expiration date of the offers to exchange its
outstanding 13.5 pct subordinated sinking fund debentures due
2000 and outstanding 14.25 pct subordinated sinking fund
debentures due 1999.
    The company said it extended the offers to allow more time
to complete the previously announced sale of its Mueller Brass
Co unit, to conclude a definitive agreement with the United
Steel Workers Union and to meet the conditions of the Mueller
sale and exchange offers.
 Reuter
3;
bodyend
documentend
documentstart
11742
topicstart
topicend
bodystart
2;

LEADING BRAZILIAN PARTY SUPPORTS MORATORIUM


    BRASILIA, MARCH 31 - 
Brazil's leading political party has
expressed full support to President Jose Sarney's decision
suspending interest payment of 68 billion dollars owed to
private foreign banks.
    Besides expressing its support, the government's Brazilian
Democratic Movement Party (PMDB) urged Sarney to keep on with
his decision "up to the last consequences."
    Conducted by veteran party leader Ulysses Guimaraes, head
of Brazil's Constituent Assembly, the PMDB praised Finance
Minister Dilson Funaro for his courage to propose suspension of
interest payment of the debt for an indefinite period.
    The Brazilian government announced suspension of interest
payment on part of its 109-billion dlrs foreign debt on
February 20.
    "The road to dignity has no return," said a document issued
by the PMDB.
    The party said the government's decision also had the
support of all sectors of society, including the governors of
22 Brazilian states.
    The statement said Brazil had two ways to take: "A return,
by way of submission to manoeuvres and outside pressure... Or
the way which leads the country to its independence."
 Reuter
3;
bodyend
documentend
documentstart
11743
topicstart
acq
topicend
bodystart
2;

ACCELERATION 
<
ACLE> CUTS STAKE IN UNITED COASTS


    DUBLIN, Ohio, March 31 - 
Acceleration Corp said it sold a
24.9 pct stake in the common stock of 
<
United Coasts Corp> to
the 
<
Sheet Metal Workers' National Pension Fund>.
    The company said it agreed to sell the fund an additional
5.1 pct of Hartford, Conn.-based United when the fund receives
approval from the director of insurance of the state of
Arizona.
   The company said today's sale reduced its holdings in United
to 25 pct. The second sale, when completed, will lower its
stake to 19.9 pct, Acceleration said.
    The company said the proceeds from both sales will be
roughly equal to the 3,330,000 dlrs it originally invested in
United Coasts in late 1985 even though it will retain a 19.9
pct stake.
    Acceleration said it plans to include gains from the stock
sales in its results for the first and second quarters of 1987.
 Reuter
3;
bodyend
documentend
documentstart
11744
topicstart
acq
topicend
bodystart
2;

OPPENHEIMER SELLS SIX PCT CYCLOPS 
<
CYL> STAKE


    WASHINGTON, March 30 - 
Oppenheimer, the brokerage and
investment subsidiary of Oppenheimer Group Inc, told the
Securities and Exchange Commission it sold its entire 6.0 pct,
stake of Cyclops Corp.
    Oppenheimer said it sold the 243,400-share stake on March
27 at 95.00 dlrs a share.
    It said it initially bought the stock in connection with
risk arbitrage and other investment activities in the ordinary
course of its business.
 Reuter
3;
bodyend
documentend
documentstart
11746
topicstart
interest
topicend
bodystart
2;

ANALYSTS SEE SLOW MOVE TO HIGHER U.S. PRIME RATE


    By Martin Cherrin, Reuters


    NEW YORK, March 31 - 
Quarter-point prime rate increases to
7-3/4 pct by Citibank and Chase Manhattan Bank today will be
followed by other banks only after they see clearer signs of
the Federal Reserve's policy intentions, economists said.
    "Based on the spread between banks' cost of funds and the
prime rate, it probably makes sense for others to follow, but
no rush is likely," said Paul McCulley of E.F. Hutton and Co.
    Citibank's surprise base rate increase, quickly followed by
Chase, sent U.S. bond prices lower and the dollar higher.
    McCulley said that once the spread between three-month
certificates of deposit and the prime rate narrows to less than
1-1/2 percentage points, there is a strong chance of a prime
rate increase. It has been under 1-1/4 points recently.
    However, banks are likely to hold rate increases until they
see what the Fed intends to do about interest rates in the near
term, analysts said. They noted that banks historically like to
follow Fed rate movements, rather than lead them. For example,
the last prime rate increase occurred in June 1984 when banks
lifted the rate to 13 pct from 12-1/2 pct after a Fed discount
rate increase in April of that year.
    Major banks had been posting a 7-1/2 pct prime rate since
last August 26/27, when they lowered the rate from eight pct
shortly after the Fed's half-point discount rate cut to the
current 5-1/2 pct level on August 20.
    "The banks will not rush to raise their prime rates. There
should be a split prime for a while with some posting a 7-1/2
pct rate and others 7-3/4 pct," said David Jones of Aubrey G.
Lanston and Co.
    Jones said the Federal Open Market Committee at today's
meeting voted no change in Fed policy. But he said the Fed may
well foster higher interest rates soon.
    Jones said that, while the FOMC probably voted no policy
change today, it may have decided to apply slight upward rate
pressure later if the dollar weakens, inflation pressures heat
up or the economy shows sign of strong recovery.
    "The Fed clearly indicated that they did not intend to
tighten policy when they did today's coupon pass," said Joseph
Liro of S.G. Warburg and Co.
    In a move that came a day earlier than most expected, the
Fed today supplied permanent reserves to the banking system by
offering to buy all maturities of Treasury notes and bonds for
its own account. This seasonal reserve add is called a "pass."
    "The Fed demonstrated that there has been no policy
change," said Elizabeth Reiners, economist at Dean Witter
Reynolds Inc. 
    She said the spread between banks' cost of funds and the
prime rate is now around 137 basis points compared with a 153
basis point average in 1986. Reiners said the spread is not
really narrow enough to present a clear need for a prime rate
increase.
    The Dean Witter economist said that today's prime rate rise
"may have been less a response to interest rates than an
attempt to enhance the (balance sheet) bottom line."
    Reiners said that, given recent problems with loans to
developing countries, large money center banks with heavy
exposures might be the first to match the higher prime rate in
an effort to get more profitable spreads on other loans.
    The Federal funds rate at which banks lend overnight money
to one another could help determine how many banks match the
higher prime rate and also how quickly they move.
    In raising their prime rates, banks cited a higher cost of
funds. In the three business days through Monday, the Federal
funds rate at which banks lend to one another averaged nearly
6-1/4 pct. But quarter end pressures helped push up funds.  
    The Fed funds rate was extremely volatile today, reflecting
demand pressure associated with the end of the quarter and the
close of the Japanese fiscal year. Funds traded between five
and 6-3/4 pct.
    Once the special distortions end, analysts said the funds
rate probably will return to its recent trading level in the
6-1/8 pct area. They said that, if it stabilizes near there,
banks may not quickly boost their prime rates.
    But a consistently higher funds rates would suggest to many
that the Fed was fostering somewhat higher interest rates to
help the dollar. Then banks would lift prime rates quickly.
 Reuter
3;
bodyend
documentend
documentstart
11748
topicstart
acq
topicend
bodystart
2;

TISCH BROTHERS LOWER TOSCO 
<
TOS> STAKE


    WASHINGTON, March 31 - 
An investment partnership led by
four sons of Loews Corp 
<
LTR> Chairman Lawrence Tisch said it
cut its Tosco Corp stake to the equivalent of 1,499,985 shares,
or 4.95 pct of the total, from 1,666,650 shares, or 5.5 pct.
    In a filing with the Securities and Exchange Commission,
the partnership, FLF Associates, said it sold 10,000 shares of
Serier E convertible preferred stock on March 26 for 34.125
dlrs each and 5,000 shares of preferred stock on March 27 at
35.25 dlrs each. The sales leave the Tisch brothers with
135,000 shares of preferred stock which can be converted into
1,499,985 shares of common stock.
 Reuter
3;
bodyend
documentend
documentstart
11750
topicstart
earn
topicend
bodystart
2;

NATURE'S BOUNTY INC 
<
NBTY> YEAR LOSS


    BOHEMIA, N.Y., March 31 - 
    
Shr loss 10 cts vs loss 38 cts
    Net loss 393,241 vs loss 1,384,334
    Revs 43.6 mln vs 40.3 mln
 Reuter
3;
bodyend
documentend
documentstart
11751
topicstart
acq
topicend
bodystart
2;

COMINCO 
<
CLT> SELLS STAKE IN CANADA METAL


    VANCOUVER, British Columbia, March 31 - 
Cominco Ltd said it
sold its 50 pct stake in Canada Metal Co Ltd to Canada Metal
senior management for an undisclosed sum.
    Cominco said the sale was part of its previously announced
policy of divesting non-core businesses.
    Canada Metal is a Toronto-based producer of lead alloys and
engineered lead products.
    Canada Metal production figures were not immediately
available.
 Reuter
3;
bodyend
documentend
documentstart
11752
topicstart
earn
topicend
bodystart
2;

AUDITORS GIVE FIRST CITY 
<
FBT> QUALIFIED OPINION


    HOUSTON, March 31 - 
First City Bancorp of Texas, which lost
a record 402 mln dlrs in 1986, said in its annual report it
expected operating losses to continue "for the foreseeable
future" as it continues to search for additional capital or a
merger partner.
    The Houston-based bank's 1986 financial statements received
a qualified opinion from its auditors, Arthur Andersen and Co.
The auditors said their opinion was subject to First City
eventually obtaining additional capital.
    "The company believes that in order to address its
long-term needs and return to a satisfactory level of
operations, it will ultimately need several hundred million
dollars of additional capital, or a combination with a more
strongly capitalized entity," First City said in a note to its
financial statements included in the annual report.
    "Management believes that sufficient resources should be
available to cover interim capital concerns while additional
capital is being sought," the bank said.
    To raise cash in the near-term, First City said it may sell
or mortgage non-strategic assets, recover excess contributions
to its pension plan and obtain special dividends from some of
its member banks.
    "The losses for 1987 are expected to be substantially less
than in 1986," First City chairman J.A. Elkins said in a letter
included in the annual report. "However, the ultimate return to
satisfactory operating conditions is dependent on the
successful resolution of the related problems of credit
quality, funding and the eventual need for substantial
additional capital."
    First City said it anticipated that certain covenants of a
credit agreement with unaffiliated banks requiring most of
First City's excess cash to be applied to debt repayments would
be modified by the end of the first quarter in order to avoid
default.
    The banks agreed to similar amendments to the covenants
last year and First City has reduced its borrowings from 120
mln dlrs at 1986 yearend to 68.5 mln dlrs in recent weeks.
    Although the parent company's capital adequacy ratios
exceeded regulatory minimum requirements at the end of 1986,
First City said its two largest subsidiaries did not. First
City National Bank of Houston had a primary capital ratio of
5.34 pct and First City Bank of Dallas had a 4.75 pct ratio.
    Hard-hit by the collapse in oil and Texas real estate
prices, First City's net loan chargeoffs totaled 366 mln dlrs
last year, up from 261 mln dlrs in 1985. The bank more than
doubled its loan loss provision to 497 mln dlrs at the end of
1986.
    First City said chargeoffs and paydowns reduced its total
energy loan portfolio by 32 pct during 1986, to 1.4 billion
dlrs at year-end, adding that future energy chargeoffs "should
be more modest." The amount represented 15 pct of First City's
total loans.
    In real estate, First City said its nonperforming assets
nearly doubled last year to 347 mln dlrs at year-end.
Chargeoffs of real estate loans rose to 32 mln dlrs, or nine
pct of total loan chargeoffs, and the bank said the amount
could go higher.
    "The company still faces uncertainties in the real estate
market and anticipates further deterioration in the pportfolio
so long as the regional recession persists," First City said.
"Because the carrying value of many of these loans is
collateral dependent, a further decline in the overall value of
the collateral base could cause an increase in the level of
real estate-related chargeoffs."
 Reuter
3;
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11753
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money-fx
topicend
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2;

U.S. FED EXPLORES COMMODITY BASKET INDEX


    By Alver Carlson, Reuters


    WASHINGTON, MARCH 31 - 
The complex task of wielding control
over monetary policy in an increasingly fast-moving global
economy could be aided by tying policy to commodity prices, the
newest member of the Federal Reserve Board says.
    Commodity prices are already considered by the Fed in the
making of monetary policy. But they would be given a much
greater role under an idea being floated by Governor Robert
Heller, who joined the board last August.
    He conceeds that much more study of the idea is needed, but
argues that such an arrangement, particularly if it were
adopted by other major industrial countries, could reduce the
volatility of exchange rates.
    Moreover, it could help stabilize of the prices of
commodities themselves, slowing changes in inflation.
    His idea, which many conservative economists find
appealing, has some backing among board members appointed in
recent years by President Reagan.
    It would complement the present system of opening or
closing the monetary screws based on the pattern of inflation,
key indicators such as unemployment, and the rise or fall of
the money supply. Changes in the money supply can lead to
changes in interest rates and affect economic activity
directly.
    Discussed on and off for a long time, the commodity concept
is part of a growing search for a system that anchors monetary
policy and widely-fluxtuating currency prices to a more solid
base.
    "What is needed is an anchor or reference point that can
serve as a guide for both domestic and international monetary
purposes," says Heller.
    In the past, this anchor was gold but the United States
went off the gold standard because the global economy had
vastly outstripped gold supplies.
    A return to the gold standard is generally dismissed out of
hand by most policymakers on the grounds that the largest
producers of gold are the Soviet Union and South Africa.
    The so-called fixed rate system, scuttled in the early
1970s, is still considered unworkable in the present world.
    But the current system of floating currencies in which
currencies can fluxtuate widely, adding vast pressures to the
monetary system, is also being widely questioned.
    Some have suggested that the system might benefit from a
formal approach that mandates intervention by countries when
currencies wander above or below agreed to levels but there are
major problems with this also.
    For one thing, there is justifiable concern that countries
might be relunctant to intervene if they felt it might be
detrimental to their own domestic economy.
    Moreover, some question whether concerted intervention can
make much of an inpact if the overall market does not agree
with the fundamental judgement.
    The poorest countries have called for a monetary conference
to work out a new system that, not surprisingly, helps them
cope with their overpowering debt problems.
    Treasury Secretary James Baker, the Reagan administration's
chief economic architect, has preferred to use the so-called
Group of Five industrial countries or sometimes, Seven, as a
forum to work out cooperative agreements on currency and other
economic matters.
   He appears convinced that officials from West Germany,
France, Britain, Japan, Italy and Canada talking quietly behind
closed doors can reached reasoned decisions away from public
posturing.
   The Heller approach, while extremely complex, could have a
profound impact on the system, ideally stabalizing prices and
international exchange rates.
    As envisioned by Heller, a basket of say, 30 major
commodities ranging from wheat to oil, would be put together
and prices would be measured on a regular basis.
    "In times of rising commodity prices, monetary policy might
be tightened and in times of falling commodity prices, montary
policy might be eased," he says.
    He notes that commodity prices are traded daily in auction
markets, and a commodity price index can be calculated on a
virtually continuous basis.
    Moreover, most commodity prices are produced, consumed and
traded on a world-wide basis, so "that an index has a relevance
for the entire world," he says.
    In addition, commodity prices are at the beginning of the
production chain and serve as an imput into virtually all
production processes.
    "Focusing on commodity prices as an early and sensitive
indicator of current and perhaps also future prices pressures,
the monetary authorities may take such an index into account in
making their monetary policy decisions," he says.
    However, he says that any major change in a basic commodity
such as occurred in oil during the 1970s because of action by
the OPEC cartel, would have to be discounted in such a system.
    He says the worst thing that could happen is to allow
monetary policy to spread a freakish increase in one commodity
to the rest of the system and to other commodities.
 Reuter
3;
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documentstart
11754
topicstart
earn
topicend
bodystart
2;

MICROBIOLOGICAL SCIENCES INC 
<
MBLS>4TH QTR LOSS


    DALLAS, March 31 - 
    
Oper shr loss 10 cts vs profit nine cts
    Oper net loss 387,000 vs profit 313,000
    Revs 6,486,000 vs 5,613,000
    Year
    Oper shr loss two cts vs profit four cts
    Oper net loss 96,000 vs profit 120,000
    Revs 23.8 mln vs 21.3 mln
    Note: 1986 oper excludes extraordinary gains of 299,000 for
qtr and year.
 Reuter
3;
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documentstart
11755
topicstart
acq
topicend
bodystart
2;

INVESTOR GROUP CUTS DBA SYSTEMS 
<
DBAS> STAKE


    WASHINGTON, March 31 - 
A group led by New York investors
David Bellet and Chester Siuda said it lowered its stake in DBA
Systems Inc to 100,000 shares, or 3.7 pct of the total
outstanding, from 170,000 shares, or 6.3 pct.
    In a filing with the Securities and Exchange Commission,
the group said it sold 70,000 DBA common shares between Feb 13
and March 23 at prices ranging from 18.25 to 20.00 dlrs a
share.
    So long as the group's stake in DBA is below five pct, it
is no longer required to report its further dealings in the
company's common stock.
 Reuter
3;
bodyend
documentend
documentstart
11756
topicstart
earn
topicend
bodystart
2;

LOWELL INSTITUTION FOR SAVINGS 
<
LIFS> QTLY DIV


    LOWELL, Mass., March 31 - 
    
Qtly div 7.5 cts vs 7.5 cts prior
    Pay May 19
    Record April 24
 Reuter
3;
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11757
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topicend
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2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, March 31 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Mississippi Power Co, subsidiary of Southern Co 
<
SO> -
Shelf offering of up to 200,000 shares of 100-dlr preferred
stock.
    Roy F. Weston Inc 
<
WSTNA> - Offering of 30 mln dlrs of
convertible subordinated debentures due April 15, 2002 through
Drexel Burnham Lambert Inc.
 Reuter
3;
bodyend
documentend
documentstart
11758
topicstart
earn
topicend
bodystart
2;

EARTHWORM TRACTOR CO INC 
<
WORM> YEAR LOSS


    ARDSLEY, N.Y., March 31 - 
    
Oper shr loss 11 cts vs profit two cts
    Oper net loss 1,058,585 vs profit 282,998
    Revs 24.4 mln vs 23.7 mln
    Note: 1986 oper includes accrued interest of 686,914 from
financing of capital goods transaction with Prudential Bache
Trade Corp.
    Year-ago oper excludes extraordinary gain of 121,000.
 
 Reuter
3;
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11761
topicstart
topicend
bodystart
2;

BRAZIL TO MEET BANK CREDITORS ON APRIL 10


    NEW YORK, March 31 - 
A Brazilian delegation, led by central
bank president Francisco Gros, will meet Brazil's bank advisory
committee here on April 10, said Citibank's William Rhodes as
Chairman of the 14-bank committee.
    Rhodes said in a statement that the parties are expected to
discuss Brazil's economic plans and "interim arrangements." He
did not elaborate further.
    This meeting will be the first here since Brazil's
unilateral suspension of interest payments on 68 billion dlrs
of commercial bank debt on February 20. The two sides held
inconclusive talks in Miami on March 22, bankers said.
 Reuter
3;
bodyend
documentend
documentstart
11762
topicstart
acq
topicend
bodystart
2;
******
EMERY AIR FREIGHT CORP TO OFFER 40 DLRS/SHR FOR PUROLATOR COURIER CORP

Blah blah blah.
3;


bodyend
documentend
documentstart
11763
topicstart
acq
topicend
bodystart
2;

EMERY AIR 
<
EAF> TO BID FOR PUROLATOR 
<
PCC> 


    WILTON, Conn., March 31 - 
Emery Air Freight Corp said it
plans to begin tomorrow a 40 dlr a share tender offer for 83
pct of the outstanding common stock of Purolator Courier Corp.
    The company said the tender offer is the first step in a
plan to buy 100 pct of the Purolator shares.
    Following the tender offer, Emery said it would offer 40
dlrs of junior subordinated debentures for each remaining
Purolator share outstanding.
    On March one, Purolator agreed to a 35 dlr a share
leveraged buyout by eight Purolator executives and EF Hutton
LBO Inc, a unit of EF Hutton Group Inc.
    Emery said it had tried unsuccessfully to open merger
discussions with Purolator before the company accepted the
management-led buyout offer.
    In a letter to Purolator's chairman, Nicholas F. Brady,
Emery's chairman, John C. Emery, said the company would still
prefer to negotiate with Purolator.
    But he said the imminent expiration of the leveraged buyout
group's offer has forced the company to make an unsolicited
tender offer of its own.
    Emery said its offer is scheduled to expire at 2400 EST on
April 28, unless extended.
    The company said conditions of the offer include the
receipt of at least two-thirds of Purolator's shares
outstanding, on a fully diluted basis, and the repeal of its
share purchase rights plan.
    Emery said the offer is also subject to completion of the
previously announced sale of Purolator's Canadian operations.
    Emery said Chemical Bank, Bankers Trust, Morgan Guaranty
Trust Co and Salomon Bros had agreed to provide financing for
the tender offer.
    It said the junior subordinated debentures to be issued in
the subsequent merger will carry a 13 pct annual interest rate,
payable twice a year.
    For the first three years after the notes are issued,
interest will be paid, at Emery's option, in cash or in
additional notes, Emery said.
    It added that the notes will not be subject to redemption
for one year after they are issued.
    Emery said Purolator would operate as a wholly owned unit
of the company after the merger. It said it hoped Purolator's
management would continue with the company.
    "We believe that our two companies provide an excellent fit
with each other and that the combination will enable each of us
to better serve our existing customers and meet the challenges
of the future," Emery's chairman said in his letter.
    He said a merger would significantly enhance the financial
turnaround that Purolator's management had previously forecast.
    Officials at Purolator could not immediately be reached for
comment on the offer, which was released several hours after
the stock market had closed.
    Emery's stock closed up 1/2 at 12-5/8.
    Purolator closed at 34-7/8, off 5/8.
 Reuter
3;
bodyend
documentend
documentstart
11764
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
Bank of Japan buys dollars around 146.30 yen, dealers say

Blah blah blah.
3;


bodyend
documentend
documentstart
11765
topicstart
money-supply
topicend
bodystart
2;

AUSTRALIAN BROAD MONEY GROWTH 10.3 PCT IN FEBRUARY


    SYDNEY, April 1 - 
Australian annual broad money growth rose
10.3 pct in February, unchanged from January, but down from the
corresponding February growth rate of 13.9 pct, the Reserve
Bank said.
    February broad money growth was steady at 0.7 pct from the
previous month and unchanged from February last year.
    Borrowings from the private sector by non-bank financial
intermediaries rose by 8.8 pct in the February year from
January's 9.5 pct rise, compared with a 13.6 pct increase in
the previous February year.
    In February, borrowings from the private sector by non-bank
financial intermediaries rose by 1.0 pct compared with
January's 0.2 pct increase and the previous February rise of
1.7 pct.
    At the end of February, broad money stood at 177.1 billion
dlrs up from January's 175.84 billion and compared with the
previous February level of 160.60 billion.
    The Reserve Bank last week reported a February M3 growth
rate of 11.2 pct from January's 10.7 pct rise and a previous
annual February increase of 14.0 pct.
 REUTER
3;
bodyend
documentend
documentstart
11767
topicstart
alum
topicend
bodystart
2;

ALCAN AUSTRALIA LIFTS ALUMINIUM INGOT PRICE


    SYDNEY, April 1 - 
Alcan Australia Ltd said it increased the
list price of 99.5 pct purity aluminium ingot to 2,050 dlrs a
tonne from 1,950 dlrs, effective immediately.
 REUTER
3;
bodyend
documentend
documentstart
11768
topicstart
grain
topicend
bodystart
2;

ECONOMIC SPOTLIGHT - CHINA MUST PRESERVE FARMLAND


    By Mark O'Neill, Reuters


    FENGBANG COUNTY, China, April 1 - 
"If we go on using up
farmland as we have done since 1980, there will be none left in
20 years to grow grain on."
    Xu Jinfeng, a middle-aged official in Fengbang village on
the edge of Shanghai, sums up the dilemma China faces as it
tries to feed its more than one billion people and at the same
time let them get richer by building factories and new homes.
    China has to feed one quarter of the world's population,
but only one seventh of its land is arable.
    Sharp increases in farm output since 1979 turned China into
a net grain exporter for the first time in 1985, and again in
1986.
    But the rapid industrialisation of the countryside which
has occurred at the same time, has gobbled up arable land for
factories and homes for peasants who can now afford them.
    Official figures show that China lost just under one pct of
its arable land to other uses in 1985 and a slightly smaller
amount last year. It gained 26 mln new mouths to feed during
the two years.
    "We lost very little land prior to 1980 when the
industrialisation began," official Xu said. "Since then, nearly
all the families in the county have built new homes and many
factories have gone up."
    "Last year we lost land to a new railway line," Xu said. But
land losses in future should fall because nearly all families
already have new houses, she added.
    The issue of land loss is a matter of major concern to the
Peking leadership, which announced earlier this month that
China will issue nationwide quotas for conversion of grain land
for the first time this year.
    "The present situation of abusing, occupying unlawfully,
wasting and destroying land and land resources is serious," said
an article in the official press explaining the new measures.
    "It has resulted in great losses of cultivated farmland," it
said. "China has a large population and its land resources are
badly deficient."
    An official of the Shanghai city government said county
authorities could approve conversion of only 0.3 hectares of
arable land to other uses, while anything more than that must
be approved by the city government.
   The Peking government faces another major obstacle in its
efforts to ensure China's people get enough grain to eat. The
prices the state pays to farmers for grain are too low, making
it more profitable for them to grow other crops.
    To offset this, the state offers farmers cheap fertiliser
and diesel oil and payment in advance for grain it contracts to
buy. The state then sells the grain at subsidised prices to
China's 200 mln city residents. Rural factories also subsidise
grain output, paying farmers bonuses to grow it.
    Some officials argue that the simplest solution to the
problem would be for the state to raise city grain prices.
    Chen Zuyuan, Communist Party secretary of a village in the
eastern province of Zhejiang, said the government listened too
much to the demands of "selfish city people" and could raise city
grain prices without any problem.
    But the government has ruled out a price rise. "Raising the
price of grain would directly conflict with the goal of social
stability," said a China Daily editorial this month.
    The Shanghai official said prices must be reformed over the
long term. "We must be very careful. We have a very large
population which is used to price stability and will object to
price rises," he said. "The problem is how to do it."
    The Shanghai official said a rise in grain prices might
also affect the prices of hundreds of food products made with
grain and consumed by city residents.
    In addition, the state faces the problem of inadequate
investment by farmers in land and in grain in particular.
    The official press has reported that farmers fear farm
policy may change and they are putting their new wealth into
building graves, memorial halls for ancestors and homes.
    Under reforms introduced in the late 1970s, farmers sign
contracts with the state requiring them to grow certain crops,
but they have considerable freedom in how to use their land.
    "As the expiration date of the 15-year contract is almost at
the halfway mark, farmers are beginning to worry about the
future," the China Daily said in an editorial last month.
    Their anxieties stem from the fact that they are allowed to
use the land but not own it. For most of the period of
Communist rule, the land was organised into collectives where
there was little room for individual initiative.
    "New measures are needed to reassure them of the consistency
of government policies and make them interested in long-term
investment," the newspaper said.
 REUTER
3;
bodyend
documentend
documentstart
11769
topicstart
grain
corn
cotton
topicend
bodystart
2;

CHINA OFFICIAL CONDEMNS GOVERNMENT GRAIN POLICY


    PEKING, April 1 - 
The grain output of a major Chinese
grain-producing province is not increasing, because farmers
lack incentives, production costs are rising, storage
facilities are poor and there is not enough state investment in
grain, the province's vice-governor said.
    The China Daily quoted Yang Jike, vice-governor of Anhui,
as saying farmers could earn twice as much growing cotton as
they could growing grain, and three times as much growing cash
crops like flax. He said production costs had risen to 40 pct
of farmers' earnings, from 20 pct in 1982, and lower investment
had caused the area of irrigated land to fall.
    Yang said investment in agriculture fell in 1985 to 9.9 pct
of the province's total investment, from 26 pct in 1978.
    He said an estimated 1.5 billion yuan worth of grain was
hit by mildew or rot in state granaries every year, and a
further 1.5 mln tonnes was eaten annually by rats.
    He said government measures to deal with the problem dealt
with trifles, rather than the essentials. He called for more
investment in grain production, an immediate ban on illegal use
of or damage to farmland and a reversal of what he called the
tendency to rely on grain imports.
    The New China News Agency quoted Zhang Yan, a delegate to
the National People's Congress, attacking grain policy. He said
the government had cut agricultural investment to three to four
pct from 11 pct.
    "With the abundance of grain and cotton in the past few
years, some people got carried away, relaxing their attention
to grain and cotton production," he said.
    On Saturday, vice-premier Tian Jiyun said China aimed to be
self-sufficient in grain. Now it exports corn from the
northeast, but it imports wheat.
    "Grain consumption is rising every year. Even if we reach
the 1987 target of (405 mln tonnes), it cannot be considered
adequate," Tian said.
 REUTER
3;
bodyend
documentend
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11771
topicstart
trade
topicend
bodystart
2;

TAIWAN'S SECOND QUARTER IMPORTS SEEN RISING


    TAIPEI, April 1 - 
Taiwan's imports in the second quarter of
1987 are expected to rise to 7.75 billion U.S. Dlrs from 5.82
billion a year earlier and from 6.95 billion in the first
quarter of this year, the statistics department said.
    A department official attributed the increase to growing
domestic investment by the private and public sectors. It is
expected to rise to 4.68 billion U.S. Dlrs from 3.79 billion a
year earlier and 3.41 billion during the first quarter.
    Taiwan's exports in the April-June quarter are expected to
rise to 12.03 billion U.S. Dlrs from 9.63 billion a year
earlier and 11.28 billion in the first quarter.
    The official said Taiwan's trade surplus is expected to
climb to 4.28 billion U.S. Dlrs in the second quarter of 1987
from 3.81 billion a year earlier. It was 4.33 billion in the
first quarter of this year.
    Most of the surplus is expected to come from trade with the
U.S., Taiwan's largest trading partner and importer of nearly
50 pct of Taiwan's total exports, he said.
    He said he expected Taiwan's imports, including grains,
machinery and power plant equipment, from the U.S. To rise
sharply because of government efforts to balance trade with
Washington. He declined to give figures.
 REUTER
3;
bodyend
documentend
documentstart
11772
topicstart
money-fx
dlr
yen
topicend
bodystart
2;
******
Bank of Japan intervenes buying dollars at around 147.30 yen - dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
11773
topicstart
earn
topicend
bodystart
2;

COMMERZBANK SEES LOWER OPERATING PROFIT THIS YEAR


    FRANKFURT, April 1 - 
Commerzbank AG 
<
CBKG.F> management
board chairman Walter Seipp said that from the present
viewpoint the bank must expect 1987 full operating profit to be
lower than in 1986.
    In the first two months of the year, partial operating
profit -- excluding trading on the bank's own account -
declined, he said, without giving details.
    The interest surplus fell 2.8 pct compared with 2/12ths of
1986 results, while the commission surplus, because of the
quiet stock exchange business, fell back still more strongly.
By contrast the personnel and fixed asset expenses increased.
    German banks do not report full operating profit. But Seipp
said last year the figure for the first time had topped one
billion marks for the parent bank, and the group result was
around 50 pct higher than this.
    Commenting on 1986, Seipp said, "we were able to raise the
full operating profit...Slightly above the record result of
1985 because own account profits increased slightly."
    He gave no concrete details but added that in January and
February, good own account trading profits meant that the drop
in full operating earnings was more modest than that in the
partial operating figure.
    The bank would, as a result, be more profit-oriented in
future, developing, for example, more into investment banking,
keeping a tight rein on personnel costs and dampening
expenditures on fixed assets.
    Turning to 1986 results, Seipp said by year end there had
been a strong growth in business volume.
    Over the year business volume rose by 9.9 pct to 93.2
billion marks compared with 1985, Seipp added.
    Group balance sheet volume rose by 8.0 pct to 148.15
billion. It would have been around five billion marks higher
still if currency relationships had remained unchanged.
    In the parent bank, the interest surplus rose nine pct in
the year, while the interest margin held roughly at 1985's 2.56
pct despite pressure on credit rates.
    The surplus on commission business, which had soared by a
quarter in 1985, rose by 11.6 pct last year thanks almost
exclusively to growth in securities commissions, Seipp said.
    Personnel expenditure was up 11.9 pct last year, at more
than 1.5 billion marks. Fixed asset expenditure rose by 9.6 pct
to more than 650 mln.
    As a result, the parent bank partial operating profit rose
by 3.2 pct to 752 mln marks.
    Parent bank tax payment rose to 244 mln marks last year
from 233 mln in 1985.
    Seipp said extraordinary earnings included a "high
two-figure million" in profit from the sale of the bank's AEG AG

<
AEGG.F> shares to Daimler-Benz AG 
<
DAIG.F> during the latter's
majority stake purchase booked last year.
    The ability of the bank to write off depreciations in
credit business against profits from securities trading and
earnings on the sale of stakes had been utilised, as in prior
years, to its full extent.
    Because of numerous insolvencies at home, by far the
largest part of the provisions were set aside for individual
write-downs from domestic business. Abroad, the circle of
problem debtor countries rose last year, although the ratio of
credit exposure to provisions improved further.
    Seipp said that because about half the group's exposure to
problem nations was in dollars, the bank had swapped into
dollars individual provisions hitherto held primarily in marks.
    "This means that no open currency positions exist any longer
on the amount of the provision that is made against an actual
default," he added.
    Despite the increase in concern over debtor nations in the
last few weeks, he said, the international banking community is
better armed than it was against payment problems.
    All banks had significantly strengthened their capital
base, most European banks had made considerable provisions
against bad debts while goverments and central banks were
better prepared for unforseen difficulties.
    He described debt-equity swaps as a very interesting new
approach to indebted nations' problems. There was a lot of
interest in direct investment via an equity participation in
Latin America, particularly from West German firms.
 Reuter
3;
bodyend
documentend
documentstart
11774
topicstart
dlr
money-fx
topicend
bodystart
2;

BANK OF JAPAN INTERVENES IN EARLY TOKYO AFTERNOON


    TOKYO, April 1 - 
The Bank of Japan intervened in the market
in the early afternoon, buying dollars around 147.30 yen and
continuing to buy them as high as 147.50 yen, dealers said.
    The Bank intervened just after the dollar started rising on
buying by securities houses at around 147.05 yen, and hoped to
accelerate the dollar's advance, they said.
    The dollar rose as high as 147.50 yen.
  REUTER
3;
bodyend
documentend
documentstart
11775
topicstart
rubber
topicend
bodystart
2;

MALAYSIA CUTS GAZETTED RUBBER PRICE


    KUALA LUMPUR, April 1 - 
Malaysia said it cut the gazetted
price of rubber to 202-7/8 cents per kg from 213-1/2 cents in
March, effective immediately.
    No export duty is applicable at this level, against 3/8
cent per kg last month, because the government raised the
export duty threshold price to 210 cents per kg in early 1985.
    The cess for rubber research and replanting remained
unchanged at 3.85 and 9.92 cents per kg respectively.
 REUTER
3;
bodyend
documentend
documentstart
11776
topicstart
interest
gnp
money-fx
topicend
bodystart
2;

SEIPP SAYS GERMAN INTEREST RATES SHOULD FALL


    FRANKFURT, April 1 - 
The Bundesbank should take further
steps to reduce German interest rates to protect the mark from
further appreciation and to persuade investors to bring
long-term yields lower, Commerzbank AG 
<
CBKG.F> management
board chairman Walter Seipp said.
    But he told the bank's annual news conference this did not
mean a cut in leading interest rates, rather a reduction in
money market rates through bringing the allocation rates down
for Bundesbank securities repurchase agreements.
    "Leading interest rates are not the decisive rates," he said.
"The money market rates are the important ones."
    Seipp said the Bundesbank should move away from allocating
money market liquidity at a fixed 3.8 pct as it has in recent
tender allocations.
    An easier monetary policy would not mean a loss of
credibility for the Bundesbank in its containment of monetary
growth. A fall in short rates would make the public aware of
the high yields in bonds and lead to a longer-term capital
formation, braking the expansion of money supply.
    "Thus, you can have lower rates and also a normalisation of
monetary growth both at the same time," he added.
    Seipp said there were no grounds to paint too black a
picture of the German economy, since company profitability had
improved over recent years and domestic oriented firms were
profiting from cheaper imports because of the rise in the mark.
    Growth this year should be at least one pct, he said,
describing the downturn in production in the first months as a
false start, unrepresentative of the rest of the year.
    After an economic contraction in the first quarter, the
economy should show an uptrend in the last three. "We don't
believe that the economy has tipped over, but see it more as a
'growth dip,'" Seipp said.
    But Seipp also called for support for growth from fiscal
policy, saying the top rate of income and corporate tax should
be brought down to 49 pct. The current peak rate is 56 pct.
    The additional tax cuts brought forward to next January
were no substitute for support for growth.
    Seipp added the federal government should make "further
courageous steps to decrease the state's proportion of the
German economy and to increase its flexibility."
 Reuter
3;
bodyend
documentend
documentstart
11777
topicstart
topicend
bodystart
2;

COMMERZBANK TO FOUND NEW YORK INVESTMENT BANK


    FRANKFURT, April 1 - 
Commerzbank AG 
<
CBKG.F> management
board chairman Walter Seipp said he hoped the bank would this
year found a 100 pct investment bank subsidiary in New York.
    He told the annual news conference that the move would be
an important and necessary widening of business activities in
the U.S.. This is now mainly represented by a 40 pct stake in
EuroPartners Securities Corp, New York, owned along with other
European banks in a consortium.
    It would also be a further step in Commerzbank's full entry
into global investment banking around the clock.
    Seipp also said securities trading activities had been
considerably strengthened in London. The founding of Commerz
Securities (Japan) Co. Ltd, which would begin business in the
first half of 1987, widened the bank's activity in Tokyo.
    In 1987 also, Commerzbank planned to open a representative
office in Istanbul. Currency trading had begun in the Los
Angeles branch, he added.
    At home, Commerzbank would probably bring the automotive
supply group Boge and clothing manufacturer Ahlers to a stock
exchange flotation in the first half of this year.
    But the placement of shares in the print communications
technology group 
<
Linotype GmbH>, to be bought from Allied
Signal Inc 
<
ALD.N> would likely come later since several parts
of the business had to be consolidated first.
    Seipp said the purchase price had been "several hundred
million dollars." But he gave no further details.
 Reuter
3;
bodyend
documentend
documentstart
11778
topicstart
palm-oil
palmkernel
oilseed
veg-oil
topicend
bodystart
2;

MALAYSIA RAISES PALM OIL EXPORT DUTIES


    KUALA LUMPUR, April 1 - 
The Malaysian government said it
raised the export duty on processed palm oil (ppo) to 70.90
ringgit per tonne from 64.06 in March, effective today.
    Export duty on crude palm oil (cpo) rose to 38.30 ringgit
per tonne from 16.06 last month.
    The gazetted price for ppo rose to 819.6600 ringgit per
tonne from 796.8604 a month earlier and that on cpo to 711.0037
ringgit from 617.8238.
    The export duty and gazetted price of palm kernel stood
unchanged at 191.15 and 955.75 ringgit per tonne respectively.
 REUTER
3;
bodyend
documentend
documentstart
11783
topicstart
money-fx
dlr
topicend
bodystart
2;

CURRENCY INSTABILITY WILL NOT LAST - SUMITA


    TOKYO, April 1 - 
Bank of Japan Governor Satoshi Sumita said
the present foreign exchange market instability will not last
long as there is caution in the market regarding the rapid
decline of the U.S. Unit.
    He told reporters the major currency nations are determined
to continue their concerted intervention whenever necessary to
stave off speculative dollar selling in line with their
February 22 currency stability agreement in Paris.
    Sumita also said he did not see the recent dollar drop as
anything like a free-fall.
 REUTER
3;
bodyend
documentend
documentstart
11784
topicstart
topicend
bodystart
2;

H.K. STOCK EXCHANGE BARS NEW 'B' SHARE ISSUES


    HONG KONG, April 1 - 
The Hong Kong Stock Exchange said it
will not accept further proposals by listed firms to issue new
shares with reduced par value but equal voting rights.
    It said in a statement the exchange will review the
previously announced proposals of bonus issues of "B" shares by
Jardine Matheson Holdings Ltd 
<
JARD.HK>, Cheung Kong (Holdings)
Ltd 
<
CKGH.HK> and Hutchison Whampoa Ltd 
<
HWHH.HK>.
    It added the exchange's Listing Committee will meet later
today to consider these proposals.
    The Exchange statement said: "Any such proposals (other than
the three) will not be considered until a general principle has
been established by the Stock Exchange after consultation with
the Securities Commission."
    An official of the Securities Commissioner's office told
Reuters the decision to bar the new share issues was made by
the Exchange, adding the Commissioner is closely watching
developments.
    The Hong Kong market fell sharply yesterday and today as
both Cheung Kong and Hutchison announced a one-for-two bonus
issue of "B" shares.
    The Cheung Kong companies' move followed Friday's
announcement by Jardine Matheson of a four-for-one bonus issue
of similar "B" shares with a reduced par value and equal voting
rights.
    Brokers also noted market speculation that 
<
Evergo
Industrial Enterprise Ltd> will make a similar move after the
firm requested to suspend share trading this morning. Evergo
officials were not immediately available for comment.
    Analysts said controlling shareholders might use the "B"
shares to retain corporate control while selling some of their
existing holdings to finance new investments.
 REUTER
3;
bodyend
documentend
documentstart
11786
topicstart
topicend
bodystart
2;

SMITH AND NEPHEW COMVERTIBLE INCREASED, FIXED


    LONDON, April 1 - 
Smith and Nephew Associated Companies
Plc's 15-year convertible eurobond has been increased to 90 mln
stg from the initial 85 mln and the final terms have been set,
lead manager Credit Suisse First Boston Ltd said.
    The conversion price was set at 177-1/2 pence representing
a premium of 11.99 pct over yesterday's closing price of Smith
and Nephew shares of 158-1/2 pence. The investor put option on
May 7, 1993 has been fixed at 133-1/2 pct to give the investor
an annual yield to the put of 8-1/2 pct.
    The issue pays four pct and is priced at par. Yesterday on
the grey market it was quoted at around 102-1/2 103-1/2 pct.
 REUTER
3;
bodyend
documentend
documentstart
11787
topicstart
earn
topicend
bodystart
2;

SKYLARK CO LTD 
<
SKLK.T> 1986 YEAR


    TOKYO, April 1 -
    
Group shr 65.44 yen vs 73.30
    Net 4.48 billion vs 4.19 billion
    Current 10.85 billion vs 9.77 billion
    Operating 9.65 billion vs 9.54 billion
    Sales 103.53 billion vs 94.39 billion
    NOTE - Company forecast for current year is group shr 70.05
yen, net 4.80 billion, current 11.20 billion and sales 113
billion.
 REUTER
3;
bodyend
documentend
documentstart
11788
topicstart
topicend
bodystart
2;

SUMITOMO METAL SETS UP LONDON, OSAKA FINANCE FIRMS


    TOKYO, April 1 - 
<
Sumitomo Metal Industries Ltd> has set up
two finance firms, one in Osaka and one in London, a company
spokesman said.
    
<
Sumitomo Metal International Finance Plc> in London is
wholly-owned. 
<
Fuso Finance Co Ltd> in Osaka, is owned 50 pct
by Sumitomo with the rest equally shared by two small Sumitomo
Metal subsidiaries.
    The two new companies will work for the Sumitomo Metal
group on fund raising and investment in financial markets.
 REUTER
3;
bodyend
documentend
documentstart
11789
topicstart
gnp
topicend
bodystart
2;

GERMAN 2.2 PCT GROWTH AVERAGE SEEN TO 1991


    DUESSELDORF, April 1 - 
The economy will grow by an average
rate of 2.2 pct a year in real terms between now and the end of
1991, Westdeutsche Landesbank Girozentrale (WestLB) said in an
annual report.
    A year ago WestLB had forecast average growth of just under
three pct for 1986-1990.
    The 1987 report said gross national product would only
expand a real 1.7 pct this year -- below previous expectations
-- because of weaker exports. Growth rates will pick up later,
however, producing a 2.2 pct increase on average for the
five-year period.
 MORE
3;
bodyend
documentend
documentstart
11790
topicstart
acq
topicend
bodystart
2;
******
SWEDEN'S BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER
TODAY - OFFICIAL.

3;


bodyend
documentend
documentstart
11791
topicstart
acq
topicend
bodystart
2;

COURT BLOCKS DELTA-WESTERN AIRLINES MERGER


    SAN FRANCISCO, April 1 - 
A U.S. Appeals court last night
blocked the 860 mln dlr merger of Delta Airlines Inc 
<
DAL.N>
and 
<
Western Airlines> just hours before it was to go into
effect because of a dispute over union representation.
    The ruling came in a lawsuit in which the Air Transport
Employees union said Western's management should fulfil a
promise to honour union contracts if a merger took place.
    The airlines argued that Western's promise could not be
enforced in a takeover by a larger company. Airlines officials
could not be reached for comment on the ruling, which halts the
merger until arbitration on the dispute is completed.
 REUTER
3;
bodyend
documentend
documentstart
11792
topicstart
topicend
bodystart
2;

ALCOA AUSTRALIA PLANS 100 MLN AUS DLR FACILITY


    HONG KONG, April 1 - 
The 
<
Alcoa of Australia Ltd> is
planning a 100 mln Australian dlr note issuance facility, lead
manager Westpac Finance Asia Ltd said.
    The three year facility is half underwritten and half
non-underwritten. The underwriting margin is 10 basis points
over Australian dlr bank bill rate and the underwriting fee is
7.5 basis points. There is an issuance fee of 2.5 basis points
and an utilisation fee of 7.5 basis points if the underwriters
are required to pick up 51 pct or more of the notes issued.
    The notes, in denominations of 100,000 dlrs, will have
maturities ranging from one to six months.
 REUTER
3;
bodyend
documentend
documentstart
11793
topicstart
acq
topicend
bodystart
2;

BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER - OFFICIAL


    STOCKHOLM, April 1 - 
Boliden AB 
<
BLDS ST> mining and metals
group said it will announce a major foreign corporate takeover
today involving a company with an annual turnover of two
billion crowns.
    A Boliden spokesman told Reuters details of the
announcement would be given at a news conference by chairman
Rune Andersson at 1030 gmt today. He said the company involved
employed 4,000 people, but declined to name the takeover price
or say what field the firm operated in.
    Share analysts said they expected Boliden to announce it
will be taking over the U.S. Allis-Chalmers Corp 
<
AH.O> but
company officials refused to confirm the reports ahead of the
news conference.
 REUTER
3;
bodyend
documentend
documentstart
11794
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET OFFERED EARLY ASSISTANCE


    LONDON, April 1 - 
The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage of around 1.2 billion stg in the money
market today.
    Among the main factors affecting liquidity, bills for
repurchase by the market will drain some 526 mln stg while
bills maturing in official hands and the take-up of treasury
bills will remove around 1.79 billion stg. A rise in note
circulation will take out a further 105 mln stg.
    Partly offsetting these outflows, exchequer transactions
will add around 1.01 billion stg and bankers' balances above
target some 185 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
11795
topicstart
gnp
topicend
bodystart
2;

TURKEY ESTIMATES 1986 GROWTH AT EIGHT PCT


    ANKARA, April 1 - 
Turkey's Gross National Product grew an
estimated 8.0 pct in 1986 at fixed 1968 prices, compared with
5.1 pct in 1985, the State Statistics Institute said.
    Reporting full-year data, it also said Gross Domestic
Product rose 8.3 pct compared with 5.1 pct in 1985. An earlier
estimate from nine-month data put full-year GNP and GDP growth
both at 7.9 pct.
    The government's GNP growth target for 1987 is five pct,
the same level it had set for 1986.
    The institute estimated per capita GNP for 1986 at 1,116.6
dlrs, up from 1,045.3 dlrs in 1985.
    Officials blame the high 1986 GNP growth on a surge in
domestic demand stemming partly from poorly controlled
municipal expenditures in the early part of the year.
    Industry grew at 11.1 pct in real terms in 1986 compared
with 6.6 pct in 1985 while agriculture expanded 7.4 pct
compared with 2.8 pct.
 REUTER
3;
bodyend
documentend
documentstart
11796
topicstart
topicend
bodystart
2;

KONTROLLBANK ISSUES 150 MLN MARK PRIVATE EUROBOND


    FRANKFURT, April 1 - 
Oesterreichische Kontrollbank AG is
raising 150 mln marks through a private placement for five
years with a 5-1/2 pct coupon and priced at 100-1/4 pct, lead
manager Deutsche Girozentrale - Deutsche Kommunalbank said.
    The bond, guaranteed by Austria, will be issued in
denominations of 1,000 and 10,000 marks. No fees were
disclosed. Investors pay for the bond on May 21. The bond pays
yearly interest on that day, and expires on that day in 1992.
    The bond is callable for tax reasons only, with a premium
of one pct on May 21, 1988 and 1989, with a premium of 1/2 pct
on May 21, 1990, and at par on May 21, 1991.
 REUTER
3;
bodyend
documentend
documentstart
11798
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 689 MLN STG EARLY HELP


    LONDON, April 1 - 
The Bank of England said it had provided
the money market with early assistance of 689 mln stg in
response to an early round of bill offers from the discount
houses. This compares with the Bank's estimate that the system
would face a shortage of around 1.2 billion stg today.
    The central bank made outright purchases of bank bills
comprising 347 mln stg in band one at 9-7/8 pct, 207 mln stg in
band two at 9-13/16 pct and 135 mln stg in band three at 9-3/4
pct.
 REUTER
3;
bodyend
documentend
documentstart
11799
topicstart
topicend
bodystart
2;

EIB PLANS 300 MLN GUILDER BOND ISSUE DUE 1995


    AMSTERDAM, April 1 - 
The European Investment Bank is
planning a 300 mln guilder 6.25 pct bullet bond due 1995, lead
manager Amsterdam-Rotterdam Bank NV said.
    The issue will be priced April 7 and subscriptions close
April 9. The payment date is May 14 and the coupon date May 15,
Amro Bank said.
 REUTER
3;
bodyend
documentend
documentstart
11800
topicstart
topicend
bodystart
2;

GMAC UNIT ISSUES 50 MLN AUSTRALIAN DLR BOND


    LONDON, April 1 - 
GMAC (Australia) Finance Ltd is issuing a
50 mln Australian dlr eurobond due May 6, 1991 paying 14-1/4
pct and priced at 101 pct, sole lead manager Hambros Bank Ltd
said.
    The issue is guaranteed by General Motors Acceptance Corp.
The non-callable bond is available in denominations of 1,000
Australian dlrs and will be listed in London.
    The selling concession is 1-1/8 pct while management and
underwriting combined pays 5/8 pct. The payment date is May 6.
 REUTER
3;
bodyend
documentend
documentstart
11801
topicstart
tin
topicend
bodystart
2;

MALAYSIAN MINERS SAY U.S. SELLING TOO MUCH TIN


    KUALA LUMPUR, April 1 - 
Malaysian miners criticised the
U.S. For violating an agreement with Southeast Asian producers
by selling more stockpiled tin in 1986 than agreed.
    The U.S. General Services Administration sold 5,490 tonnes
of tin in 1986, well above an agreed upon annual limit of 3,000
tonnes, the States of Malaya Chamber of Mines said.
    In its latest annual report, it said the U.S. Had promised
to limit sales of tin in a memorandum of understanding signed
with the six-member Association of Southeast Asian Nations
(ASEAN) in December 1983.
    "The U.S. Appears to have lost sight of the U.S./ASEAN
Memorandum of Understanding," the Chamber said.
    The Chamber estimated the U.S. Strategic stockpile held
180,444 tonnes of tin in December 1986, 137,744 tonnes in
excess of of its original stockpile goal of 42,700.
    The main ASEAN tin producers are Malaysia, Indonesia and
Thailand, which produce the bulk of the world's tin.
 REUTER
3;
bodyend
documentend
documentstart
11802
topicstart
earn
topicend
bodystart
2;

GROUPE BRUXELLES LAMBERT PROFIT UP


    BRUSSELS, April 1 - 
Net consolidated profit after deduction
for minorities 6.52 billion francs vs 5.40 billion.
    Non-consolidated net profit 3.46 billion francs vs 3.05
billion.
    Note - Results for year 1986. Company's full name is Groupe
Bruxelles Lambert SA 
<
LAMB.BR>.
    Proposed net final dividend on ordinary shares 70 francs vs
65 to take total net payment for year to 120 francs vs 110.
 REUTER
3;
bodyend
documentend
documentstart
11804
topicstart
topicend
bodystart
2;

YUGOSLAV POWER INDUSTRY MAKES NEW BOND ISSUE


    BELGRADE, April 1 - 
The Yugoslav power industry yesterday
floated its second issue of domestic bonds in three months,
after an experimental issue in January, official sources said.
    Associated Electric Power Enterprises in the Yugoslav
republic of Serbia issued the bonds to raise eight billion
dinars for the construction of new power facilities.
    The sources said the bonds mature in eight months with 55
pct interest but no further details were available.
    January's bonds were oversubscribed as their interest rate
was two points above savings deposit rates and were the first
bonds that could be exchanged or converted before maturity.
 REUTER
3;
bodyend
documentend
documentstart
11806
topicstart
topicend
bodystart
2;

CNT ISSUES 20 BILLION YEN EUROBOND


     LONDON, April 1 - 
Caisse Nationale des Telecommunications
is issuing a 20 billion yen eurobond due May 29, 1992 paying
4-3/8 pct and priced at 101-1/2 pct, lead manager IBJ
International Ltd said.
    The non-callable bond is available in denominations of one
mln yen and is guaranteed by France. The selling concession is
1-1/4 pct while management and underwriting combined pays 5/8
pct.
    The payment date is May 29 and the issue will be listed in
Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
11807
topicstart
topicend
bodystart
2;

EAST ASIATIC ISSUES 150 MLN MARK EUROBOND


    FRANKFURT, April 1 - 
The East Asiatic Company Ltd A/S is
raising 150 mln marks through a 5-1/2 pct bullet eurobond
priced at 100-1/4, lead manager Commerzbank AG said.
    Investors will pay for the bond on May 6, and the bond pays
annual interest on the same day. The bond matures on May 6,
1992. The bond will be issued in denominations of 1,000 and
10,000 marks. Fees total two pct, with 1-1/4 points for selling
and 3/4 for management and underwriting combined. Listing will
be in Frankfurt.
 REUTER
3;
bodyend
documentend
documentstart
11808
topicstart
acq
topicend
bodystart
2;

AJINOMOTO TO BUY OUT JOINT FOOD VENTURE PARTNER


    TOKYO, April 1 - 
Ajinomoto Co Inc 
<
AJIN.T> said it will
sign around end-April to buy the 50 pct of 
<
Knorr Foods Co
Ltd>, capitalised at four billion yen, that it does not already
own from its U.S. Partner 
<
CPC International Inc>.
    Ajinomoto will also acquire 50 pct each of CPC's two sales
subsidiaries and six production units in Hong Kong, the
Philippines, Singapore, Malaysia, Taiwan and Thailand, he said.
    The total cost of the acquisition is 340 mln dlrs, the
spokesman said.
 REUTER
3;
bodyend
documentend
documentstart
11809
topicstart
topicend
bodystart
2;

RURAL BANKING AND FINANCE ISSUES ZERO COUPON BOND


    LONDON, April 1 - 
The Rural Banking and Finance Corporation
of New Zealand is issuing a zero coupon eurobond with a total
redemption amount of 19 billion yen, lead manager Nomura
International Ltd said.
    The issue matures on April 15, 1992 and is priced at 81.22
pct. The deal is being sold through the Bank of New Zealand and
is guaranteed by New Zealand. The selling concession is 85
basis points while management pays 70 basis points.
    The payment date is April 15 while listing will be in
Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
11810
topicstart
topicend
bodystart
2;

TOSHIBA UNIT TO ENTER U.K. TELECOMS MARKET


    LONDON, April 1 - 
<
Toshiba Information Systems (U.K.) Ltd>,
a unit of Japan's Toshiba Corp 
<
TSBA.T> said it planned to
enter the U.K. Business facsimile and key telephone market, and
forecast a turnover of 100 mln stg by 1990 for its full range
of office automation equipment.
    The announcement comes in the middle of a dispute between
the U.K. And Japan over the entry of Cable and Wireless Plc

<
CAWL.L> into the Japanese market.
    Toshiba said the introduction of the products indicated its
commitment to the U.K. Although the market was competitive, the
facsimile segement was showing excellent growth.
    In Japan, Cable is battling against proposals to merge a
consortium in which it has a 20 pct stake with another group
seeking telecommunications contracts.
    Initial proposals would have given Cable a three pct stake.
A later suggestion increased this to five pct, but Cable said
yesterday the idea was still unacceptable.  The dispute is
being treated by the U.K. Government as a test case of the
openness of the Japanese telecommunications market.
    Analysts said the coincidence of the timing of the
announcement by Toshiba with Cable's dispute could increase
pressure from the U.K. On Japan.
    However, they noted that it was not a major move. Toshiba
already has a sizeable presence in the U.K. While other
Japanese companies, such as NEC Corp 
<
NIPN.T> has a presence in
the key telephone -- telephone systems for businesses --
market.
    Cable shares were quoted seven pence lower in morning
trading at 367p.
 REUTER
3;
bodyend
documentend
documentstart
11811
topicstart
cocoa
topicend
bodystart
2;

GHANA COCOA PURCHASES SLOW


    LONDON, April 1 - 
The Ghana Cocoa Board said it purchased
214 tonnes of cocoa in the 24th week, ended March 19, of the
1986/87 main crop season, compared with 456 tonnes the previous
week and 372 tonnes in the 24th week ended March 27 of the
1985/86 season.
    Cumulative purchases so far this season stand at 217,449
tonnes, ahead of the 204,256 tonnes purchased by the 24th week
of last season.
 REUTER
3;
bodyend
documentend
documentstart
11812
topicstart
acq
topicend
bodystart
2;

U.K. MERGER CLEARANCES


    LONDON, April 1 - 
The Secretary of State for Trade and
Industry said he had decided not to refer the proposed
acquisition by Reed International Plc 
<
REED.L> of 
<
Technical
Publishing Company Inc> to the Monopolies and Mergers
Commission.
    The proposed acquisition by 
<
Rosehaugh Plc> of 
<
The General
Funds Investment Trust Plc> was also cleared.
 REUTER
3;
bodyend
documentend
documentstart
11813
topicstart
ship
iron-steel
topicend
bodystart
2;

TAIWAN SEES SHARP DECLINE IN SHIPBREAKING


    By Chen Chien-kuo, Reuters


    TAIPEI, April 1 - 
Taiwan's shipbreaking industry is
expected to decline sharply this year despite the boom in 1986
because of keener competition from South Korea and China, the
rising Taiwan dollar and U.S. Import curbs on steel products,
industry sources said.
    Last year, Taiwanese breakers demolished a record 344
vessels totalling 3.69 million light displacement tons (ldt),
up on 165 of 2.97 million ldt in 1985, Lin Chung-jung, a Taiwan
Shipbreaking Industry Association (TSIA) spokesman, told
Reuters.
    China scrapped vessels of some 1.1 mln ldt last year while
South Korea demolished ships of 910,000 ldt, he said.
    Yao Liu, president of Chi Shun Hwa Steel Co, a leading
shipbreaker and steel producer in Kaohsiung, told Reuters, "We
expect to scrap fewer ships this year because of an expected
decline in our steel product exports."
    Lin said many breakers predicted a 20 pct decline in
scrapping operations this year due to falling demand from the
U.S., Japan and Southeast Asia for Taiwanese steel.
    Taiwan agreed last year to voluntarily limit its steel
product exports to the U.S. To 120,000 tonnes in the first half
of 1987 from about 260,000 tonnes in the first half of 1986, a
Taiwan Steel and Iron Association official said.
    Yao said the rising Taiwan dollar means Taiwan's steel
exports are more expensive than South Korea's and China's.
    The Taiwan dollar has strengthened by some 16 pct against
the U.S. Unit since September 1985 and some bankers and
economists said it could appreciate to 32 to the U.S. Dollar by
the end of the year from 34.23 today, Yao said.
    In comparison, the won rose by about five pct and yuan
remained stable during the same period, he added.
    "We have lost some orders to South Korea and mainland China
because foreign importers have switched their purchases," he
said.
    Taiwan's steel exports to the U.S., Japan and Southeast
Asia slipped to 148,000 tonnes in the first two months of 1987
from about 220,000 tonnes a year earlier, the Taiwan Steel and
Iron Association official said.
    He said he expected further declines in later months but
did not give figures.
 REUTER
3;
bodyend
documentend
documentstart
11814
topicstart
topicend
bodystart
2;

NIXDORF EXPANDS BOARD TO INCLUDE FINANCE DIRECTOR


    PADERBORN, West Germany, April 1 - 
Nixdorf Computer AG

<
NIXG.F> said its supervisory board has appointed Sven Kado to
the new position of deputy member of the managing board,
increasing the number of board members to seven.
    Kado, 42, will be responsible for finance and purchasing.
Until now finance has been the responsibility of Klaus Luft,
who was named chairman of the board following the death of
company founder Heinz Nixdorf in March 1986.
    Kado, whose appointment takes effect from today, joined
Nixdorf in 1984 and was previously the company's head of
controlling and purchasing.
 REUTER
3;
bodyend
documentend
documentstart
11815
topicstart
wheat
grain
topicend
bodystart
2;

U.K. INTERVENTION FEED WHEAT TENDER RESULT AWAITED


    LONDON, April 1 - 
Grain traders said they were still
awaiting results of yesterday's U.K. Intervention feed wheat
tender for the home market.
    The market sought to buy 340,000 tonnes, more than double
the remaining 150,000 tonnes available under the current
tender. However, some of the tonnage included duplicate bids
for supplies in the same stores.
    Since the tenders started last July 861,000 tonnes of
British feed wheat have been sold back to the home market.
 REUTER
3;
bodyend
documentend
documentstart
11816
topicstart
coffee
acq
topicend
bodystart
2;

SINGAPORE'S UIC TO BUY INTO TECK HOCK COFFEE FIRM


    SINGAPORE, April 1 - 
Singapore's United Industrial Corp Ltd
(UIC) has agreed in principle to inject 16 mln dlrs in
convertible loan stock into 
<
Teck Hock and Co (Pte) Ltd>, a
creditor bank official said.
    UIC is likely to take a controlling stake in the troubled
international coffee trading firm, but plans are not finalised
and negotiations will continue for another two weeks, he said.
    Teck Hock's nine creditor banks have agreed to extend the
company's loan repayment period for 10 years although a
percentage of the new capital injection will be used to pay off
part of the debt.
    Teck Hock owes more than 100 mln Singapore dlrs and since
last December the banks have been allowing the company to
postpone loan repayments while they try to find an investor.
    The nine banks are Oversea-Chinese Banking Corp Ltd, United
Overseas Bank Ltd, Banque Paribas, Bangkok Bank Ltd, Citibank
N.A., Standard Chartered Bank Ltd, Algemene Bank Nederland NV,
Banque Nationale de Paris and Chase Manhattan Bank NA.
 REUTER
3;
bodyend
documentend
documentstart
11817
topicstart
interest
topicend
bodystart
2;

H.K. BANKS TO RAISE PRIME RATES SOON, DEALERS SAY


    HONG KONG, April 1 - 
Banks in Hong Kong are likely to raise
prime rates by half a percentage point to 6-1/2 pct following a
one-quarter point prime rate increase by two major U.S. Banks
yesterday, dealers said.
    They told Reuters local banks may decide on the increase at
this weekend's routine meeting of the Hong Kong Association of
Banks.
    G.C. Goh, chief dealer of the Standard Chartered Bank, said
prime rate increases by Citibank and Chase Manhattan Bank to
7-3/4 pct from 7-1/2 may prompt Hong Kong banks to follow suit.
    Goh said local banks want to restore the prime to 6-1/2
pct, the level at beginning of 1987.
    The banks raised the prime to the current six pct from five
pct on February 28 after cutting it 1-1/2 points from 6-1/2 on
January 15 in response to upside pressure on the Hong Kong
dollar, he said.
    The medium and longer term interbank rates firmed today,
with three months ending at 5-1/16 to 4-7/8 pct against
yesterday's five to 4-13/16 close. The overnight rate, however,
fell to 3-1/2 to three pct from 4-1/2 to four because of
increased liquidity for a local stock issue.
 REUTER
3;
bodyend
documentend
documentstart
11818
topicstart
topicend
bodystart
2;

MARK EUROBOND ISSUES FALL IN SECOND MARCH HALF


    FRANKFURT, April 1 - 
The volume of mark eurobond issues
fell in the period March 16 to 31 to 900 mln marks from 1.37
billion in the period March 1 to 15, the Bundesbank said.
    Issues comprised three bonds, including two fixed-interest
bonds totaling 700 mln marks and one equity warrant bond
totaling 200 mln marks. In addition, one Australian dollar bond
was issued totaling 220 mln dlrs, with a portion of interest
and principal payments to be met in marks.
 REUTER
3;
bodyend
documentend
documentstart
11819
topicstart
topicend
bodystart
2;

NATIONWIDE ISSUING INDEX-LINKED LOAN STOCK


    LONDON, April 1 - 
Nationwide Building Society said it is
issuing 30 mln stg of index-linked loan stock due 2021 by way
of a placing on a yield basis in the domestic sterling market.
    The issue's real rate of return, price and the amount of
the first interest payment will be fixed at 1400 gmt today. The
real rate of return will be the sum of 0.60 pct plus the gross
real rate of return on the 2-1/2 pct index-linked Treasury
stock due 2020.
    The issue will be partly paid with 25 stg pct payable on
acceptance and the balance on July 1, 1987.
 REUTER
3;
bodyend
documentend
documentstart
11820
topicstart
money-fx
interest
topicend
bodystart
2;

GERMAN CALL MONEY DROPS BACK AT MONTH START


    FRANKFURT, April 1 - 
Call money rates fell to 3.85/95 pct
from five pct yesterday in moderate trading as month end
tightness disappeared and operators took positions for April.
    Dealers said they expected rates to remain within a 3.70 to
four pct range this month. A minor tax payment period on behalf
of customers mid-month, the long Easter weekend and pension
payments were unlikely to tighten rates significantly.
    Next Wednesday, 14.9 billion marks are leaving the system
on the expiry of a securities repurchase pact. But dealers said
they expected the Bundesbank to fully replace the outflow with
a new tender at a fixed rate of 3.80 pct.
    Commerzbank AG's management board chairman Walter Seipp
called on the Bundesbank to reduce interest rates to protect
the mark through bringing the allocation rate for securities
repurchase agreements down.
    But dealers said the Bundesbank was unlikely to ease credit
policies at the moment. There was little domestic and foreign
pressure for lower rates and no signs of a change.
    Yesterday one or two large West German banks effectively
drained the domestic money market of liquidity in order to
achieve higher rates from their overnight deposits, dealers
said.
    Bundesbank figures showed banks held an average daily 50.7
billion marks in minimum reserves at the central bank over the
first 30 days of March, the exact requirement needed just one
day before the end of the month.
    Actual holdings on Monday were 42.0 billion marks.
    Because rates soared to the level of the Lombard emergency
funding rate yesterday, banks fell back on the loan facility to
draw down a high 5.3 billion marks in an attempt to meet
Bundesbank needs, the data showed.
 REUTER
3;
bodyend
documentend
documentstart
11821
topicstart
acq
topicend
bodystart
2;
****
SWEDEN'S BOLIDEN AB TAKES OVER U.S. ALLIS-CHALMERS CORP FOR
600 MLN CROWNS - OFFICIAL

3;


bodyend
documentend
documentstart
11822
topicstart
acq
topicend
bodystart
2;

MITSUBISHI HEAVY, C. ITOH TO SELL TRIGUNA STAKES


    TOKYO, April 1 - 
Mitsubishi Heavy Industries Ltd 
<
MITH.T>
(MHI) and C. Itoh and Co Ltd 
<
CITT.T> have decided to sell
their combined 65 pct stake in Indonesia's 
<
Pt Triguna Utama
Machinery Industries> to 
<
Caterpillar Tractor Co>,  spokesmen
for the two Japanese companies said.
   Triguna, set up in 1982, is owned 40 pct by MHI and 25 pct
by C. Itoh and 35 pct by an Indonesian company. It makes about
10 forklift trucks and a similar number of excavators each
month in technological cooperation with MHI.
    The spokesmen said the sale results from an expected
restructuring later this year of the 50/50 Caterpillar/MHI
joint venture Japanese company 
<
Caterpillar Mitsubishi Ltd>,
formed in 1963.
    They said the venture will be renamed 
<
Shin Caterpillar
Mitsubishi Ltd> and capitalised at 23 billion yen. It will
still be owned equally by MHI and Caterpillar and will be set
up with the aim of centralising MHI's excavator business.
 REUTER
3;
bodyend
documentend
documentstart
11823
topicstart
topicend
bodystart
2;

TURKISH BANKS ANNOUNCE HIGHER PROFITS FOR 1986


    By Ragip Erten, Reuters


    ISTANBUL, April 1 - 
Turkey's banks are reporting a strong
recovery in 1986 profits, but a government drive to liberalise
capital markets poses new challenges to a banking industry
seeking to broaden its earnings base.
    A dozen of Turkey's 55 banks have announced higher 1986
profits so far, a trend bankers in the financial capital of
Istanbul expect to be reflected through most of the industry.
    But while Ankara's policy of liberalising markets offers
new opportunites to expand operations, some bankers see dangers
attached to a related drive to push down Turkish interest
rates.
    Bankers said the government's policy of fostering lower
interest rates could lead to a consumer boom and reignite
inflation, currently running at about 30 pct. They worry that
this could further reduce the industry's shrinking deposit
base.
    This has given added urgency to bank moves to build up
their capital market operations as Turkey's market-oriented
Prime Minister Turgut Ozal liberalises the financial system.
    Bankers said the 1986 recovery in earnings stemmed partly
from foreign exchange operations and trade finance. But a
growing volume of trading in government securities is now also
a major source of revenue for banks.
    Bankers said the proportion of bank profits generated from
the traditional financing of commerce and industry is falling,
and some have even been making a loss on these operations.
    The major challenge to bank profits in Turkey came in 1980
when the government, faced with its worst financial crisis in
50 years, raised domestic interest rates sharply to fight an
inflation rate of over 100 pct and launched an export drive.
    Deniz Gokce, associate professor of economics at the
Bosphorus University, told Reuters that banks were forced to
pay depositors real interest rates for the first time and
profits started to fall. Previously, rates had been below
inflation.
    Turkey's domestic banks also partly missed out on the
export drive as foreign banks moved into Istanbul and reaped
the benefits of trade finance with their added expertise. The
number of foreign banks has risen to 16 from just two in 1981.
    Although local banks tried to follow suit, Turkey's exports
declined last year to 7.4 billion dlrs from 7.9 billion in 1985
and bankers doubt there is enough business to go round.
    As a result banks, including a few foreign operations, have
started moving into capital market operations to broaden their
earnings base and take advantage of the relaunch just over a
year ago of the Istanbul Stock Exchange.
    "When we saw that there was a demand and supply of money
outside the banking system, we could not envisage ourselves
excluded from these transactions," said Osman Erk, deputy
general manager of the private bank Yapi ve Kredi Bankasi AS.
    The number of banks active at the exchange, mainly trading
government securities, went up to 28 this year from 23 when the
market was revived in December 1985.
    Liberalisation went one step further last week when
parliament passed a law encouraging companies to go public.
Last month, Yapi ve Kredi Bankasi launched the country's first
commercial paper programme, for a joint-venture chemical firm.
    Medium-sized private Pamukbank AS announced a strong
recovery in 1986 pre-tax profit to 12.9 billion lira from 603
mln in 1985, while Yapi ve Kredi Bankasi profits increased to
30.6 billion lira from 6.1 billion. Bankers said both benefited
from trade finance and increased capital market operations.
    Turkey's second biggest bank, the private Turkiye Is
Bankasi, announced a profit rise to 35 billion from 32.3
billion in 1985.
    However, bankers said some banks have been "window dressing"
their balance sheets to mask non-performing loans which are
variously estimated by bankers at between 20 to 50 pct of the
industry's 9,026 billion lira in total credits.
    Non-performing loans began to mount in the early 1980s as
industry failed to cope with higher interest rates and started
to default. Some banks continued to count loans as performing.
    "After 1984 all banks started to be more careful in giving
credits, so the non-performing loans is a problem of the period
between 1980 to 1984," Erk said.
    But the problem of bad loans led to a rescue by three state
banks of medium-sized Turkiye Ogretmenler Bankasi AS earlier
this year when the Treasury, which acts as a watchdog body over
banks, discovered that the its assets were to a large extent
made up of non-performing loans.
    Some 51 billion lira out of the bank's 69 billion lira loan
portfolio was non-performing. But the bank had reported a 1986
pre-tax profit of 65 mln lira.
    Bankers cited this as a typical example of how balance
sheets could hide problems despite a drive by the central bank
to standardise accounting.
    Gokce said the only solution would be for compulsory
auditing by international accounting companies.
 REUTER
3;
bodyend
documentend
documentstart
11824
topicstart
topicend
bodystart
2;

GLAVERBEL SHARE OFFER OVER 100 TIMES OVERSUBSCRIBED


    BRUSSELS, April 1 - 
The public offer by Glaverbel SA,
Europe's third biggest glassmaker, of 755,000 shares was more
than 100 times oversubscribed, a statement by banks and share
dealers responsible for the issue said.
    Glaverbel offered the shares at 1,850 francs in an
operation under which its parent company, Asahi Glass Ltd

<
ASGL.T> will reduce its participation to 56.7 pct from 73.6
pct previously.
    Asahi is selling 500,000 shares in Glaverbel while the
company itself is issuing 340,000 new shares. Over 10 pct of
the total available shares has been reserved for staff.
    The statement said applicants for over 5,000 shares will
receive 30. There is a sliding scale which gives relatively
modest applications a higher proportion and those who sought
between 101 and 500 shares will receive five. No shares will be
given to applicants for fewer than 100 shares.
    Glaverbel's net consolidated profit rose to 542 mln francs
last year from 137 mln in 1985 and the group is to pay a 29
franc gross dividend, its first for over 10 years.
    As a result of the offer, some 45 pct of Glaverbel's
capital, or two mln shares, will be listed on the Brussels
bourse.
    Share dealers said some of the weakness on the bourse
recently probably has been due to the amount of money tied up
in Glaverbel applications.
 REUTER
3;
bodyend
documentend
documentstart
11825
topicstart
acq
topicend
bodystart
2;
******
SWEDEN'S BOLIDEN AB TAKES OVER MINING GEAR UNITS OF
ALLIS-CHALMERS CORP FOR 600 MLN CROWNS

3;


bodyend
documentend
documentstart
11826
topicstart
sugar
topicend
bodystart
2;

SUGAR TRADERS FORECAST LIKELY EC SUGAR REBATE


    LONDON, April 1 - 
London traders say the European Community
is likely to award a maximum rebate of 46.80 European currency
units per 100 kilos at today's tender, while traders in Paris
predict a maximum award of 46.40 Ecus.
    Last week the EC awarded licences for 59,000 tonnes at a
rebate of 45.678 Ecus.
    Trade views differed on the amount of sugar likely to be
released today.
    London traders said the EC Commission will probably
endeavour to release a large tonnage, and as much as  100,000
tonnes may be authorised for export under licences up to
end-September.
    Paris traders put the likely tonnage at around 60,000.
  REUTER
3;
bodyend
documentend
documentstart
11827
topicstart
topicend
bodystart
2;

BUEHRMANN-TETTERODE PLANS FURTHER EXPANSION


    AMSTERDAM, APRIL 1 - 
Dutch paper, packaging and graphical
equipment group Buehrmann-Tetterode NV 
<
BVTN.AS> said its
policy in this and coming years will be aimed at further
expansion by autonomous growth and takeovers at home and
abroad.
    In the statement on its official results for 1986 it also
confirmed provisional results given on March 2, stating a 1986
net profit of 93.2 mln guilders against 57.3 mln in 1985.
Turnover rose by 4.4 pct to 3.25 billon guilders.
    Net profit per share, corrected for a share issue and stock
split, was 3.92 guilders in 1986 against 3.28, and dividend
1.55 guilders per nominal five guilder share against 1.30
guilders.
    Buehrmann-Tetterode said its international expansion will
be aimed at the United States in particular, adding that the
company was pursuing wider geographical spread of assets and
profits.
    Joint-ventures might in some cases be preferable to
starting new activities on their own, the statement said.
    The firm said its financial position enables it to achieve
its goals and it has confidence for 1987.
    Buehrmann's board chairman, Adriaan Overwater, told
reporters he expected 1987 turnover to grow more rapidly than
in 1986 when net sales posted only a 4.4 pct rise to 3.4
billion guilders while profits were up 63 pct to 93.2 mln.
    He said 1986 profits surged mainly after acquisitions and
reorganisations aimed at reducing costs and solving operational
problems, such as unsatisfactory management in the firm's
stationary, office equipment and leisure articles division.
    Overwater said he was optimistic about 1987 prospects but
said he would await first quarter results before quantifying
growth expectations.
 REUTER
3;
bodyend
documentend
documentstart
11828
topicstart
topicend
bodystart
2;

BANK OF TOKYO ISSUES CONVERTIBLE EUROBOND


    LONDON, April 1 - 
The Bank of Tokyo Ltd is issuing a 100
mln dlr convertible eurobond due March 31, 2002 paying an
indicated coupon of two pct and priced at par, lead manager
Bank of Tokyo International Ltd said.
    The coupon will be fixed on April 8 while the conversion
price and foreign exchange rate will be set on April 9. The
selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct.
    The issue is available in denominations of 5,000 dlrs and
is convertible from May 20, 1987 until March 20, 2002. The
payment date is April 30 and there will be a short first coupon
period.
 REUTER
3;
bodyend
documentend
documentstart
11829
topicstart
acq
topicend
bodystart
2;

BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION


    STOCKHOLM, April 1 - 
Swedish mining and metals group
Boliden AB 
<
BLDS ST> said it would buy the mining equipment
operations of the U.S. Allis-Chalmers Corp 
<
AH.O>, amounting to
more than 50 pct of group sales, for 600 mln crowns.
    Boliden president Kjell Nilsson told a news conference the
acquisition of the Allis-Chalmers unit, which he described as
the world's leading producer of equipment for the mineral
processing industry, would yield positive synergy effects for
Boliden mining, metals and engineering operations.
    Nilsson said the takeover also will provide opportunities
to cooperate with the mining and materials handling operations
of Boliden's parent company, 
<
Trelleborg AB>.
    He said Allis-Chalmers was selling out because it needed
new cash after suffering big losses in its farm equipment
operation.
    The deal is subject to approval by Allis-Chalmers' annual
meeting, company officials said.
 REUTER
3;
bodyend
documentend
documentstart
11830
topicstart
gold
topicend
bodystart
2;

PROPOSED JAPAN TAX MAY DAMPEN TOKYO GOLD TRADING


    TOKYO, April 1 - 
A proposed sales tax on gold transactions
could put a damper on the Tokyo market and encourage a shift of
trading to Hong Kong and Singapore, senior vice president and
Tokyo branch manager of Credit Suisse Paul Hofer told a press
conference.
    "If you impose five pct on both buy and sell transactions,
Tokyo participants in the gold market could be out of business,"
he said. The tax would create such a spread that Japanese would
be unable to compete in the international market, he added.
    "How can the government really raise taxes if the system
they impose is prohibitive of generating business?" he said.
    The government now imposes a 15 pct tax on physical trades
exceeding 37,500 yen for gold jewellery and coins and a 2.5 yen
tax per 10,000 yen on futures transactions, gold dealers said.
    The new five pct tax would be imposed on companies trading
more than 100 mln yen a year and apply to paper gold trades,
gold deposits with banks and trading of gold bars as well as
that of jewellery and coins, dealers said.
    However, the tax would lower the rate on jewellery and
coins to only five pct from the current 15 pct, they said.
    Hofer said in 1982 Switzerland had imposed a 5.6 pct gold
turnover tax on Jan 1, 1980, but abolished it on Oct 1, 1986.
    A study by one of the Swiss banks showed that in early
1980, the first year of the tax, the volume for all Swiss banks
fell by up to 25 pct compared with 1978 and 1979, Hofer said.
    Transactions of paper gold also fell up to 75 pct of the
volume prior to imposition of the tax, he said.
    While gold transactions in Switzerland decreased, the
volume of trades outside the country, particularly in London
and Luxembourg, increased between 10-25 pct, Hofer said.
    Japan is a major importer of gold, buying a yearly average
just under 200 tonnes, gold dealers said.
    Last year Japan imported about 600 tonnes of gold, but the
government had bought about 300 tonnes for minting coins to
commemorate the 60th year of Emperor Hirohito's reign, dealers
said.
    Gold trading in Tokyo is dominated mainly by Japanese
trading companies, while Credit Suisse is the major foreign
participant.
    Daily turnover in the Tokyo spot market ranges between one
and 10 tonnes with the average around three tonnes, while
futures turnover amounts to about four tonnes, gold dealers
said.
    "All of us are concerned daily with the fact that the Tokyo
market is growing, that Japan is becoming one of the three
major financial markets in the world ... And in my personal
opinion I think it would be a very big mistake to put a damper
on this positive growth or developments by imposing such a tax,"
Hofer said.
    "I don't think it fits the philosophy of an
internationalising market," he added.
    Officials of several major Japanese trading houses,
attending the press conference, said they supported Credit
Suisse's call for the government not to impose the gold tax.
 REUTER
3;
bodyend
documentend
documentstart
11831
topicstart
interest
topicend
bodystart
2;

INDIAN RATE CUTS TO SPARK INDUSTRY, AGRICULTURE


    NEW DELHI, April 1 - 
The Indian Finance Ministry's
announcement in Parliament yesterday, changing the nation's
interest rate structure, will benefit industry and agriculture
by providing loans at lower interest, bankers and brokers said.
    The changes, effective today, included reducing commercial
bank lending rates that have ranged between 15 pct and 17.5 pct
by one percentage point.
    New rates, which affect both Indian and foreign banks, also
include a one percentage point gain, to an annual 10 pct, on
deposits of two years or more but less than five.
    Bank deposits of five years or more carrying 11 pct
interest have been abolished.
    Bankers said the interest rate modifications reflect the
government's concern to reduce the costs of borrowing and help
improve world competitiveness of Indian goods.
    There is likely to be a shift to short-term bank deposits
by long-term depositors, bankers predicted. This will create
the flexibility to draw and re-invest funds in either equity
shares or short-term bank deposits, they said.
    A merchant banker also said reduced manufacturing costs due
to lower lending rates are likely to boost the share market.
    Tata Steel, a trend setter on the Bombay Stock Exchange,
opened today higher at 1,040 rupees against yesterday's closing
of 1,012.50 rupees.
    A stockbroker said investors may be less enthusiastic now
to buy convertible and non-convertible debentures because the
Finance Ministry has reduced the annual interest rate to 12.5
pct and 14 pct respectively from 13.5 and 15 pct respectively.
    "But overall debenture prospects remain bright because the
rates of interest on them will still be higher than what banks
pay for deposits of similar maturity," a merchant banker said.
 REUTER
3;
bodyend
documentend
documentstart
11832
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP


    LONDON, April 1 - 
The Bank of England said it had revised
its estimate of the shortage in the money market up to 1.3
billion stg from 1.2 billion before taking account of its early
operations.
    The Bank has provided 689 mln stg assistance so far today.
 REUTER
3;
bodyend
documentend
documentstart
11833
topicstart
acq
topicend
bodystart
2;

INTERNATIO-MUELLER ACQUIRES CANADIAN COMPANY


    ROTTERDAM, April 1- 
Internatio-Mueller NV 
<
INTN.AS> said it
will acquire 
<
Promac Controls Inc> of Canada but declined to
comment on the amount of the payment, which will be in cash.
    Promac, which produces measurement and regulating
equipment, has a work force of 50 and had 1986 turnover of five
mln guilders, an Internatio spokesman said.
    He said the takeover fits into the company's drive for
expansion in the U.S and Canada and further acquisitions are
possible.
    Promac Controls will be part of Internatio's
electrotechnical sector.
 REUTER
3;
bodyend
documentend
documentstart
11834
topicstart
wheat
grain
topicend
bodystart
2;

U.K. INTERVENTION FEED WHEAT SOLD TO HOME MARKET


    LONDON, April 1 - 
A total of 126,031 tonnes of U.K.
Intervention feed wheat was sold to the home market at this
week's tender, provisional results show, the Home Grown Cereals
Authority (HGCA), said.
    Actual prices were not reported but the wheat was sold at,
or above, the March intervention price of 119.17 stg per tonne.
    Grain traders sought to buy about 340,000 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
11835
topicstart
topicend
bodystart
2;

KEPPEL CORP CONVERTIBLE INCREASED TO 75 MLN DLRS


    LONDON, April 1 - 
The U.S. Dollar convertible eurobond for
Keppel Corp has been increased to 75 mln dlrs from the initial
60 mln, bookrunner Morgan Grenfell and Co Ltd said.
    The coupon was set at four pct compared with an indication
of four to 4-1/4 pct. The conversion price was set at 3.12
Singapore dlrs per share, a premium of 5.05 pct. The foreign
exchange rate was set at 2.1381 Singapore dlrs to the U.S.
Dollar.
 REUTER
3;
bodyend
documentend
documentstart
11836
topicstart
coconut
oilseed
topicend
bodystart
2;

SRI LANKA TO UPGRADE QUALITY OF COCONUT PRODUCTS


    COLOMBO, April 1 - 
The Sri Lankan cabinet approved
recommendations to upgrade the quality of coconut fibre
products, the government said.
    It said the recommendations also suggested that
encouragement be given for the manufacture of value-added
products from coconut fibre and a market development programme
be launched for traditional and value-added products.
    It also suggested the setting up of a marketing mission on
coconut fibre to be sent this month to principal target
markets.
    Sri Lanka is the world's second largest exporter of
dessicated coconut after the Philippines.
 REUTER
3;
bodyend
documentend
documentstart
11837
topicstart
acq
topicend
bodystart
2;

HOOGOVENS CONCLUDES TAKEOVER OF PHILIPS CIREX UNIT


    IJMUIDEN, Netherlands, April 1 - 
Dutch steel concern

<
Hoogovens Groep BV> said it had reached agreement with NV
Philips Gloeielampenfabrieken 
<
PGLO.AS> on its takeover of
Cirex, a specialised Philips precision wax moulding unit.
    Neither party would reveal financial details of the deal,
initially announced in October.
    Hoogovens said Cirex turnover had grown in recent years to
30 mln guilders in 1986 and it expected further expansion.
    The unit delivers mainly to the car industry.
    Hoogovens said the acquisition would strengthen its
position as a supplier to industry of high-value metal
products.
 REUTER
3;
bodyend
documentend
documentstart
11839
topicstart
gold
silver
topicend
bodystart
2;

PRECIOUS METALS CLIMATE IMPROVING, SAYS MONTAGU


    LONDON, April 1 - 
The climate for precious metals is
improving with prices benefiting from renewed inflation fears
and the switching of funds from dollar and stock markets,
brokers Samuel Montagu and Co Ltd said.
    Silver prices in March gained some 15 pct in dlr terms due
to a weak dollar and silver is felt to be fairly cheap relative
to gold, Montagu said in its monthly silver newsletter. In
March the gold/silver ratio narrowed from 74 to less than 67.
    The supply/demand position has improved in the past year,
and despite a silver market surplus, the quantity of silver is
modest enough to be absorbed by investors, it added.
    The report said the firmness in oil prices was likely to
continue in the short term.
    A period of consolidation might be necessary before prices
attempted to move significantly higher,it said, but so long as
the dollar remains under pressure then the outlook for silver
was positive.
    However silver was less likely to continue to outpace the
other metals by such a margin, Montagu said.
 REUTER
3;
bodyend
documentend
documentstart
11840
topicstart
ship
grain
oilseed
veg-oil
meal-feed
topicend
bodystart
2;

ROTTERDAM GRAIN HANDLERS STAGE LIGHTNING STRIKES


    ROTTERDAM, April 1 - 
Lightning strikes hit the grain sector
of the port of Rotterdam today after employers turned down
union demands for shorter working hours in a new labour
agreement, transport union FNV spokesman Bert Duim said.
    Around 140 grain handlers stopped work, 125 of them at the
two Europoort locations of Graan Elevator Mij (GEM), which
handles about 95 pct of grain, oilseeds and derivatives passing
through Rotterdam.
    GEM managing director Pieter van der Vorm said the
facilities were 40 pct operational.
    The employers had invited the unions for talks later today,
but details of the labour agreement would not be on the agenda,
Van der Vorm said.
    It is barely one month since the end of an eight-week
campaign of lightning strikes against redundancies in
Rotterdam's general cargo sector, which stevedoring companies
said cost them millions of guilders.
 REUTER
3;
bodyend
documentend
documentstart
11841
topicstart
acq
topicend
bodystart
2;

BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION


    STOCKHOLM, April 1 - 
Swedish mining and metals group
Boliden AB said it would buy the mining equipment operations of
the U.S. Allis-Chalmers Corp, amounting to more than 50 pct of
group sales, for 600 mln crowns.
    Boliden president Kjell Nilsson told a news conference the
acquisition of the Allis-Chalmers unit, which he described as
the world's leading producer of equipment for the mineral
processing industry, would yield positive synergy effects for
Boliden mining, metals and engineering operations.
    Nilsson said the takeover will provide opportunities to
cooperate with the mining and materials handling operations of
Boliden's parent company, Trelleborg AB.
    He said Allis-Chalmers was selling out because it needed
new cash after suffering big losses in its farm equipment
operation.
    The deal is subject to approval by Allis-Chalmers' annual
meeting, company officials said.
 REUTER
3;
bodyend
documentend
documentstart
11842
topicstart
topicend
bodystart
2;

KIDNAPPED BUSINESSMAN RELEASED


    MANILA, April 1, Reuter - 
Kidnapped Japanese businessman
Nobuyuki Wakaoji has been released after four months in
captivity, Presidential spokesman Teodoro Benigno said.
    Benigno told reporters the 53-year-old Mitsui and Co Ltd
executive was freed yesterday and is being held in an
undisclosed hospital.
    He gave no further details on the release, which was
confirmed minutes earlier by a Mitsui spokesman in Tokyo.
 Reuter
3;
bodyend
documentend
documentstart
11843
topicstart
cocoa
topicend
bodystart
2;

MALAYSIA DECLINES TO STATE POSITION ON COCOA PACT


    By Rajan Moses, Reuters


    KUALA LUMPUR, April 1 - 
Government officials in Malaysia, a
major cocoa producer, have declined to say whether it will join
the International Cocoa Agreement (ICCA) for which buffer stock
rules were agreed in London last week.
    Ministry of Primary Industries officials said in January
the cabinet would decide on Malaysia's participation, but so
far a decision has not been announced. The government is said
to be in favour of joining the pact, but local cocoa growers
and traders told Reuters they are against the idea because
certain provisions in it may be to their disadvantage.
    Malaysia is the world's fourth largest cocoa producer. The
government feels that the pact, through its buffer stock
mechanism, can help stabilise prices in a market which is
labouring under surpluses, officials said.
    But growers and traders are concerned Malaysia's
participation in the pact will require them to pay a levy for
exports of cocoa to non-member countries of the ICCA.
    They estimate the levy at around 100 ringgit a tonne at
current prices and said they are not prepared to accept it
because a big portion of Malaysia's cocoa exports, officially
estimated at 112,000 tonnes in 1986, goes to non-members.
    Most growers and traders added they are also against a
buffer stock measure under the agreement which requires
withholding of cocoa stocks when prices slump.
    Malaysia, which produced 117,000 tonnes of cocoa last year,
might be forced to withhold up to 70,000 tonnes worth some 30
mln ringgit under such a measure in the long-term, and this
might affect their economic viability, they said.
    "The cost of maintaining such a stock can be high and it
will be a real messy business for the government and the trade
if it ever occurs," an industry source said.
    The growers and traders also said that under new buffer
stock rules Malaysia can continue to benefit even if it is not
a member of the pact, as the buffer stock manager is also
allowed to buy from non-members for the stockpile.
    Under the new rules purchases from non-members, such as
Malaysia, will be limited to 15 pct of the total stock.
    Malaysia has come under pressure from some producers to
join the pact soon, officials said, but they noted that it need
not rush to do so as there are provisions which allow countries
to join the agreement even at a later date.
 REUTER
3;
bodyend
documentend
documentstart
11844
topicstart
dlr
money-fx
topicend
bodystart
2;

CURRENCY INSTABILITY WILL NOT LAST - SUMITA


    TOKYO, April 1 - 
Bank of Japan Governor Satoshi Sumita said
the present foreign exchange market instability will not last
long as there is caution in the market regarding the rapid
decline of the U.S. Unit.
    He told reporters the major currency nations are determined
to continue their concerted intervention whenever necessary to
stave off speculative dollar selling in line with their
February 22 currency stability agreement in Paris.
    Sumita also said he did not see the recent dollar drop as
anything like a free-fall.
 REUTER
3;
bodyend
documentend
documentstart
11845
topicstart
topicend
bodystart
2;

GMAC UNIT ISSUES 50 MLN AUSTRALIAN DLR BOND


    LONDON, April 1 - 
GMAC (Australia) Finance Ltd is issuing a
50 mln Australian dlr eurobond due May 6, 1991 paying 14-1/4
pct and priced at 101 pct, sole lead manager Hambros Bank Ltd
said.
    The issue is guaranteed by General Motors Acceptance Corp.
The non-callable bond is available in denominations of 1,000
Australian dlrs and will be listed in London.
    The selling concession is 1-1/8 pct while management and
underwriting combined pays 5/8 pct. The payment date is May 6.
 REUTER
3;
bodyend
documentend
documentstart
11847
topicstart
acq
topicend
bodystart
2;

BOND CORP COMPLETES CONSOLIDATED PRESS PURCHASE


    PERTH, April 1 - 
Bond Corp Holdings Ltd 
<
BONA.S> said it
has completed the 1.05 billion dlr purchase of the electronic
media interests of unlisted 
<
Consolidated Press Holdings Ltd>.
    The new company 
<
Bond Media Ltd> now holds the television,
broadcasting and associated businesses previously held by Kerry
Packer's Consolidated, Bond Corp said in a statement.
    Packer, who made the sale in January, will be a director of
Bond Media. As previously reported, Bond Media will be publicly
floated with a rights issue to Bond Corp shareholders. Bond
Media will be 50 pct owned by Bond Corp and is expected to be
listed by the end of May, it said.
 REUTER
3;
bodyend
documentend
documentstart
11848
topicstart
interest
topicend
bodystart
2;

H.K. BANKS TO RAISE PRIME RATES SOON, DEALERS SAY


    HONG KONG, April 1 - 
Banks in Hong Kong are likely to raise
prime rates by half a percentage point to 6-1/2 pct following a
one-quarter point prime rate increase by two major U.S. Banks
yesterday, dealers said.
    They told Reuters local banks may decide on the increase at
this weekend's routine meeting of the Hong Kong Association of
Banks.
    G.C. Goh, chief dealer of the Standard Chartered Bank, said
prime rate increases by Citibank and Chase Manhattan Bank to
7-3/4 pct from 7-1/2 may prompt Hong Kong banks to follow suit.
    Goh said local banks want to restore the prime to 6-1/2
pct, the level at beginning of 1987.
    The banks raised the prime to the current six pct from five
pct on February 28 after cutting it 1-1/2 points from 6-1/2 on
January 15 in response to upside pressure on the Hong Kong
dollar, he said.
    The medium and longer term interbank rates firmed today,
with three months ending at 5-1/16 to 4-7/8 pct against
yesterday's five to 4-13/16 close. The overnight rate, however,
fell to 3-1/2 to three pct from 4-1/2 to four because of
increased liquidity for a local stock issue.
 REUTER
3;
bodyend
documentend
documentstart
11850
topicstart
earn
topicend
bodystart
2;

GUARDIAN ROYAL PROFIT UP SHARPLY AT 143.8 MLN STG


    LONDON, April 1 - 
Year to Dec 31
    Shr profit 63.6p vs loss 8.7p
    Final div 24p making 34p vs total 28.75p
    Pretax profit 143.8 mln stg vs 3.5 mln
    General underwriting loss on short-term business 79.8 vs
154.3
    NOTE - Company's full name is Guardian Royal Assuance Plc

<
GREX.L>
    Underwriting profit on long-term insurance business 21.6
mln stg vs 19.1 mln
    Loss on discontinued international professional indemnity
business nil vs 40.6 mln stg
    Investment income 213.8 mln stg vs 193.6 mln
    Less interest payable 11.8 mln stg vs 14.3 mln
    Tax 38.8 mln stg vs 15.0 mln Minorities 3.3 mln stg vs 2.3
mln
    Extraordinary item - contingency claims provisions on
discontinued international business nil vs 55.0 mln stg
 REUTER
3;
bodyend
documentend
documentstart
11851
topicstart
topicend
bodystart
2;

EIB ISSUES 300 MLN DANISH CROWN BOND


    COPENHAGEN, April 1 - 
The Luxembourg-based European
Investment Bank issued a 300 mln Danish crown bullet Eurobond,
an official at lead manager Den Danske Bank af 1871 A/S told
Reuters.
    The seven-year bond pays 11 pct and is being issued at 101
of par, payment date is May 20.
    Denominations are 20,000 crowns, the bond is registered in
Luxembourg and total fees are 1 7/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
11852
topicstart
gold
silver
topicend
bodystart
2;

PRECIOUS METALS CLIMATE IMPROVING, SAYS MONTAGU


    LONDON, April 1 - 
The climate for precious metals is
improving with prices benefiting from renewed inflation fears
and the switching of funds from dollar and stock markets,
brokers Samuel Montagu and Co Ltd said.
    Silver prices in March gained some 15 pct in dlr terms due
to a weak dollar and silver is felt to be fairly cheap relative
to gold, Montagu said in its monthly silver newsletter. In
March the gold/silver ratio narrowed from 74 to less than 67.
    The supply/demand position has improved in the past year,
and despite a silver market surplus, the quantity of silver is
modest enough to be absorbed by investors, it added.
    The report said the firmness in oil prices was likely to
continue in the short term.
    A period of consolidation might be necessary before prices
attempted to move significantly higher,it said, but so long as
the dollar remains under pressure then the outlook for silver
was positive.
    However silver was less likely to continue to outpace the
other metals by such a margin, Montagu said.
 REUTER
3;
bodyend
documentend
documentstart
11853
topicstart
topicend
bodystart
2;

BANK OF TOKYO ISSUES 100 MLN SFR CONVERTIBLE


    ZURICH, April 1 - 
The Bank of Tokyo Ltd is issuing 100 mln
Swiss francs of convertible notes due September 30, 1992,
paying an indicated 1-1/4 pct, lead manager Swiss Bank Corp
said.
    Terms will be set on April 9 with payment due April 30.
    The conversion period is from May 20, 1987 until September
20, 1992.
 REUTER
3;
bodyend
documentend
documentstart
11854
topicstart
acq
topicend
bodystart
2;

SWEDISH MATCH SELLS PORTUGUESE UNIT


    STOCKHOLM, April 1 - 
Swedish Match AB 
<
SMBS.ST> said it was
selling one of its Portuguese subsidiaries, 
<
Sociedade de
Iniciativa e Aproveitamentos Florestais Sarl> (SIAF), to the
Porto-based 
<
Sonae Group> for an undisclosed price.
    SIAF, a subsidiary of Swedish Match since 1946, had a
turnover last year of 62 mln crowns, the Swedish group said in
a statement.
 REUTER
3;
bodyend
documentend
documentstart
11855
topicstart
earn
topicend
bodystart
2;

SUN LIFE ASSURANCE profit up


    LONDON, April 1 - 
Year 1986
    DIV 18.1p making 28.5p vs 23.74p
    PROFIT AFTER TAX 17.4 mln stg vs 14.1 mln
    TAX 0.7 mln stg vs 0.2 mln
    Bonus distribution rose to new record level of 125.1 mln
stg vs 114.9 mln in 1985
    Full name of company is Sun Life Assurance Society Plc

<
SULL.L>.
    REUTER
3;
bodyend
documentend
documentstart
11856
topicstart
earn
topicend
bodystart
2;
******
SUN ALLIANCE PRETAX PROFIT 180.4 MLN STG VS 37.7 MLN FOR
1986

3;


bodyend
documentend
documentstart
11857
topicstart
topicend
bodystart
2;

LUFTHANSA LAUNCHES FLIGHTS TO WASHINGTON, RIYADH


    FRANKFURT, April 1 - 
Deutsche Lufthansa AG 
<
LHAG.F> said it
launched today regular scheduled services from Frankfurt to
Washington D.C. And Riyadh.
    The four weekly flights to Washington will be increased to
five at the end of the month, a statement said.
    The twice weekly flights to the Saudi capital will fill a
hole in its Middle East network, it said.
    Lufthansa said it carried 1.3 mln passengers on North
Atlantic routes in 1986, a rise of 14 pct over 1985. Freight
transported westward over the Atlantic rose seven pct to 94,300
tonnes while eastbound volume rose 31 pct to 74,600 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
11858
topicstart
interest
topicend
bodystart
2;

LOWER INTEREST RATES SEEN FOLLOWING IRISH BUDGET


    By Paul Majendie, Reuters


    DUBLIN, April 1 - 
Financial markets welcomed public
spending cuts announced by Ireland's new minority government in
its budget, saying the move would lead to lower interest rates.
    Finance Minister Ray MacSharry, making cuts across the
board, reduced the Exchequer Borrowing Requirement to 1.85
billion punts, 10.7 pct of GNP, compared with 2.15 billion
punts or 13 pct of GNP last year.
    Allied Irish Banks foreign exchange dealer John Kearney
commented: "I would see interest rates coming down by two to 2.5
pct in the next three months."
 REUTER
3;
bodyend
documentend
documentstart
11859
topicstart
earn
topicend
bodystart
2;

SUN ALLIANCE reports sharp profit rise


    LONDON, April 1 - 
Year 1986
    Shr 64.2p vs 14p
    Div 16p making 23.5p vs 17.5p
    Pretax profit 180.4 mln stg vs 37.7 mln
    Net after tax 137.1 mln vs 34.9 mln
    Minorities 10.5 mln vs 7.2 mln
    General premium income 1.99 billion stg vs 1.78 billion
    Long term premium income 704.5 mln vs 576.6 mln
    General insurance underwritng loss 78.3 mln vs 183.4 mln
    Long term insurance profits 27.3 mln vs 20.9 mln
    Investment and other income 231.4 mln vs 200.2 mln.
    Company's full name is Sun Alliance and London Insurance
Plc 
<
SUNL.L>.
3;
bodyend
documentend
documentstart
11860
topicstart
acq
topicend
bodystart
2;

BOLIDEN SAYS IT NOW LEADER IN MINING GEAR


    By Per Isaksson, Reuters


    STOCKHOLM, April 1 - 
Swedish mining and metals group
Boliden AB 
<
BLDS.ST> said the takeover of the U.S.
Allis-Chalmers Corp's 
<
AH.O> mining machinery division made it
the world's leading maker of such equipment.
    President Kjell Nilsson, announcing the 600 mln crown deal,
told a news conference Boliden would now become a truly
international concern with operations in Brazil, Chile and
other big minerals-producing nations.
    He said the Allis-Chalmers' division, accounting for some
50 pct of the U.S. Group's sales, would fit in well into
Boliden.
 REUTER
3;
bodyend
documentend
documentstart
11861
topicstart
interest
topicend
bodystart
2;

U.S. CREDIT MARKET OUTLOOK - PRIME RATE


    NEW YORK, April 1 - 
The prospect that other banks will
follow industry leaders Citibank and Chase Manhattan in raising
their prime rate is likely to cast a pall over the credit
markets today, economists said.
    Bond prices had been making a smart recovery from two days
of heavy selling when Citibank surprised the market by
announcing a quarter-point increase in its prime rate to 7-3/4
pct. Chase Manhattan quickly followed.
    Prices quickly fell by a full point, even though the dollar
- the market's overriding concern of late - rose sharply on the
news.
    Citibank cited the higher cost of money, especially in the
Euromarket, as the reason for raising its prime rate.
    Part of this rise in market rates has been caused by fears
of a tighter Federal Reserve policy to defend the dollar, but
economists said it is too early to tell whether the Fed, whose
policy-making federal open market committee, FOMC, meets this
week, is already tightening its grip on credit.
    "The Fed seems to have been a bit slow in meeting the
banking system's reserve needs this statement period, but I
wouldn't conclude anything until I've seen the Fed data," said
Jeffrey Leeds of Chemical Bank.
 REUTER^M
3;
bodyend
documentend
documentstart
11862
topicstart
grain
topicend
bodystart
2;

CEREALS MCAS TO BE UNCHANGED NEXT WEEK


    BRUSSELS, April 1 - 
Monetary compensatory amounts, MCA's,
will be unchanged for the week starting April 6, EC Commission
officials said.
    Cereals MCA's are plus 2.4 points for West Germany and the
Netherlands, minus two points for Denmark, minus eight points
for France, minus nine for Ireland, minus 5.7 for Italy, minus
25.7 for Britain, minus 44.1 for Greece and minus 10.5 for
Spain.
 Reuter
3;
bodyend
documentend
documentstart
11863
topicstart
acq
topicend
bodystart
2;

U.S. SUPREME COURT ALLOWS DELTA-WESTERN MERGER


    WASHINGTON, April 1 - 
U.S. Supreme Court Justice Sandra Day
O'Connor early this morning lifted an Appeals Court injunction
blocking the planned merger of Delta 
<
DAL> Airlines
Inc and Western Airlines 
<
WAL>, the Court said.
    O'Connor's action came hours after a three-judge panel of
the 9th U.S. Circuit Court of Appeals in San Francisco had
blocked the merger until a dispute over union representation
had been settled by arbitration.
    A Supreme Court spokesman said O'Connor granted a stay of
the injuction, allowing the merger, worth nearly 860 mln dlrs,
to go through as planned later today.
    The Supreme Court spokesman provided no other details. Each
of the nine Supreme Court justices has jurisdiction over a
particular regional Appellate circuit and has the power to
provisionally overturn its rulings without comment.
    The Appeals Court ruling surprised officials of
Atlanta-based Delta, which had been preparing for the merger
for months and had already painted Delta logos on airplanes
belonging to Western, which has headquartera in Los Angeles.
    "Our plans were to finalize the merger at midnight tonight,"
Delta spokesman Bill Berry told the Atlanta Constitution late
last night. "There was really very little that remained to be
done."
    The ruling in San Francisco came in a lawsuit that had been
filed in a Los Angeles federal court in which the Air Transport
Employees union sought to force Western's management to fulfill
a promise that it would honor union contracts if a merger took
place.
    The airlines argued that Western's promise could not be
enforced in a takeover by a larger company.
    After learning of the appeals court ruling, Delta officials
last night spread the word by telephone that Western employees
should report for work today in their old uniforms, not in new
Delta outfits.
    Delta announced last September that it was purchasing
Western. The merger took place in December, and Western has
been operated as a Delta subsidiary since then. The Western
name was to have disappeared at midnight last night.
    At issue is whether the Western unions would continue to
represent Western employees after the integration of the two
airlines.
    While all but eight pct of Western's 11,000 employees are
unionized, only Delta's pilots are union members.
    Delta had maintained that the three unions having contracts
with Western -- The Association of Flight Attendants and the
Teamsters, as well as the Air Transport Employees -- would be
"extinguished" after today.
 Reuter
3;
bodyend
documentend
documentstart
11864
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT REVISED DOWNWARDS


    LONDON, April 1 - 
The Bank of England said it has revised
its estimate of today's shortfall to around 1.25 billion stg
from 1.3 billion before taking account of 775 mln stg morning
assistance.
 REUTER
3;
bodyend
documentend
documentstart
11866
topicstart
coffee
topicend
bodystart
2;

ICO COFFEE PRODUCERS TO DISCUSS MARKET SITUATION


    LONDON, April 1 - 
International Coffee Organization, ICO,
producers will meet at 1500 GMT (0900 est) for a general
discussion of the market situation, producer spokesman
Lindenberg Sette said.
    The Brazilian delegate said several producers requested the
meeting but Brazil was not among them. The ICO executive
board's regular session this week has so far been confined to
routine matters, with no attempt by producers or consumers to
revive export quota negotiations, delegates said.
    Talks to restore quotas collapsed early last month when
producers and consumers failed to resolve differences on how
quotas should be allocated.
    Producer delegates said there was no sense of urgency among
producers to reopen quota talks with consumers, with most
countries now prepared to wait for the ICO's annual September
council session to restart negotiations.
    Members of the Inter-African Coffee Organization called for
today's producer meeting to exchange views on the market
situation, the producer delegates said.
    The lack of a new debate on export quotas here this week
was cited as the reason for renewed weakness in coffee prices
in London and New York futures, traders said.
    Near May in London hit a five-year low this morning at
1,220 stg, about 50 stg below last night's close, they said.
    The executive board session looks set to end today,
following a final session at 1600 GMT (1000 est) when a
consultancy report of the operation of the ICO will be
presented to producers and consumers, delegates added.
 Reuter
3;
bodyend
documentend
documentstart
11867
topicstart
acq
topicend
bodystart
2;

CITADEL 
<
CDL> SETTLES WITH GREAT WESTERN 
<
GWF>


    GLENDALE, Calif., April 1 - 
Citadel Holding Corp said it
has settled its litigation with Great Western Financial corp.
    The company said under the terms, Great Western has agreed
not to acquire or seek to acquire any voting securities of
Citadel or propose a merger with Citadel for five years, and
Citadel has paid Great Western six mln dlrs.
    Citadel said it is continuing to pursue its claims against
Salomon Inc 
<
SB>, which represented it in connection with the
disputed proposed merger with Great Western that was the
subject of the litigation.
 Reuter
3;
bodyend
documentend
documentstart
11868
topicstart
topicend
bodystart
2;

EIGHT CALABRIAN BANK OFFICIALS RELEASED FROM JAIL


    REGGIO CALABRIA, Italy, April l - 
Eight banking officials
arrested on embezzlement charges nine days ago have been
released from jail on provisional liberty, pending a hearing of
charges in court, judicial sources said.
    The president, vice-president, former president,
director-general and four other managers at the southern
Italian 
<
Cassa di Risparmio di Calabria e Lucania - Carical>
had been released but were still under investigation for an
alleged embezzlement conspiracy. Three other bank officials are
still being held in custody.
    Those released include former Carical president Francesco
Del Monte, who was vice-president of one of Italy's largest
state banks 
<
BNL - Banca Nazionale del Lavoro> at the time of
his arrest. BNL said last week it had appointed another member
of the board to take on the role of vice-president temporarily.
    The arrests followed the appointment by the Bank of Italy
of three commissioners to run Carical temporarily following
investigations revealing serious irregularities at the bank.
    Police sources say the embezzlement charges relate to loans
given by the bank to the southern Italian-based food processing
firm Jonicagrumi.
 REUTER
3;
bodyend
documentend
documentstart
11870
topicstart
topicend
bodystart
2;

VW'S CREDIT BANK SUBSIDIARY OPTIMISTIC FOR 1987


    BRUNSWICK, West Germany, April 1 - 
V.A.G. Kredit Bank GmbH,
the credit bank subsidiary of Volkswagen AG 
<
VOWG.F>, said it
was optimistic for 1987 after raising turnover and balance
sheet total in 1986.
    V.A.G., Which finances the purchase of new and used cars
for VW customers, said 1986 profits met expectations but gave
no details.
    Financing turnover rose by 4.2 billion marks to 24.4
billion in 1986. Balance sheet total increased by 228 mln marks
to 2.84 billion.
 REUTER
3;
bodyend
documentend
documentstart
11871
topicstart
acq
topicend
bodystart
2;
******
SOSNOFF ENDS DEAL WITH PRATT, SOUTHMARK ON POSSIBLE
VENTURE FOR CAESARS BID    

3;


bodyend
documentend
documentstart
11872
topicstart
acq
topicend
bodystart
2;

BP 
<
BP> STARTS BID FOR STANDARD OIL 
<
SRD> SHARES


    NEW YORK, April 1 - 
British Petroleum Co PLC said it has
started its previously announced 7.4 billion dlr offer to
purchase the 45 pct interest in Standard Oil Co that it does
not already own for 70 dlrs per share.
    In a newspaper advertisement, the company said the offer,
which is not conditioned on receipt of any minimum number of
shares, and associated withdrawal rights will expire April 28
unless extended.
    BP said it is asking Standard Oil for the use of its
shareholder list in disseminating the offer, on which the
Standard board has not yet taken a position.
 Reuter
3;
bodyend
documentend
documentstart
11873
topicstart
acq
topicend
bodystart
2;

VISUAL TECHNOLOGY 
<
VSALC> CONTROL CHANGES


    LOWELL, Mass., April 1 - 
Visual Technology Inc said a group
led by 
<
Hambrecht and Quist Group> has acquired majority
ownership of Visual for 9,250,000 dlrs in equity financing.
    The company said Hambrecht and Quist president William R.
Hambrecht and three other Hambrecht and Quist representatives
have been named to the Visual board, with Robert M. Morrill,
managing partner of the Boston office of Hambrecht's Hambrecht
and Quist Venture Partners unit named chairman.  Clifford G.
Zimmer Jr. remains president and chief executive officer.
    Visual also said about nine mln dlrs of its debt has been
converted to equity.
 Reuter
3;
bodyend
documentend
documentstart
11874
topicstart
topicend
bodystart
2;

<
C.H. BEAZER HOLDINGS PLC> TO OFFER U.S. SHARES


    NEW YORK, April 1 - 
C.H. Beazer Holdings PLC said it has
filed with the U.S. Securities and Exchange Commission for an
offering of 6,250,000 American Depositary Shares representing
25.0 mln ordinary shares, or a 9.5 pct interest in Beazer,
through underwriters led by American Express Co's 
<
AXP>
Shearson Lehman Brothers Inc and Robinson-Humphrey Co Inc.
    The company said the ADS's are expected to be traded on the
NASDAQ system.  Beazer will grant underwriters an option to
purchase another 937,500 ADS's to cover overallotments.
    Beazer said it will use proceeds initially to reduce debt
and then for acquisitions and capital spending.
 Reuter
3;
bodyend
documentend
documentstart
11875
topicstart
topicend
bodystart
2;

ANTONOVICH 
<
FURS> INITIAL OFFERING UNDER WAY


    NEW YORK, April 1 - 
Antonovich Inc said an initial offering
of 750,000 Class A common shares is under way at 9.625 dlrs
each through underwriters led by Evans and Co Inc.
    It said it is selling 500,000 shares and shareholders the
rest.
 Reuter
3;
bodyend
documentend
documentstart
11876
topicstart
acq
topicend
bodystart
2;
******
CPC INTERNATIONAL TO SELL STAKES IN ASIAN UNITS FOR 340
MLN DLRS TO AJINOMOTO   

3;


bodyend
documentend
documentstart
11877
topicstart
earn
topicend
bodystart
2;

CAREPLUS INC 
<
CPLS> 4TH QTR NET


    MIAMI, April 1 -
    
Shr loss nil vs profit nil
    Net loss 17,000 vs profit 31,000
    Revs 5,429,000 up 27 pct
    Year
    Shr profit four cts vs profit five cts
    Net profit 523,000 vs profit 421,000
    Revs 18.3 mln vs 11.6 mln
    Avg shrs 15.2 mln vs 8,941,000
    NOTE: Year net includes tax credits of 131,000 dlrs vs
194,000 dlrs.
    1986 net both periods includes charge 264,000 dlrs from
settlement of overtime wage dispute and addition to provision
for uncollectible accounts.
 Reuter
3;
bodyend
documentend
documentstart
11878
topicstart
earn
topicend
bodystart
2;

JOHN ADAMS LIFE CORP 
<
JALC> 4TH QTR LOSS


    LOS ANGELES, April 1 -
    
Oper shr loss 24 cts vs profit 24 cts
    Oper net loss 716,000 vs profit 729,000
    Revs 3,673,000 vs 7,826,000
    Avg shrs 2,930,000 vs 2,930,000
    Year
    Oper shr profit nil vs profit 1.31 dlrs
    Oper net profit 10,000 vs profit 3,200,000
    Revs 12.9 mln vs 26.3 mln
    Avg shrs 2,930,000 vs 2,454,521
    NOTE: Net excludes realized investment gains of 2,000 dlrs
vs 13,000 dlrs quarter and 104,000 dlrs vs 6,000 dlrs year.
    1985 net both periods excludes 57,000 dlr extraordinary
gain.
 Reuter
3;
bodyend
documentend
documentstart
11879
topicstart
earn
topicend
bodystart
2;

TEMPO ENTERPRISES INC 
<
TPO> YEAR NET


    TULSA, April 1 -
    
Shr 40 cts vs 36 cts
    Net 2,309,000 vs 2,076,000
    Revs 28.2 mln vs 30.4 mln
 Reuter
3;
bodyend
documentend
documentstart
11880
topicstart
heat
gas
topicend
bodystart
2;

SWEDEN RAISES FUEL TAXES TO FUND DEFENCE SPENDING


    STOCKHOLM, April 1 - 
Sweden announced tax increases on
petrol and heating oil from July 1, 1987 to help finance a 1.7
pct rise in defence spending over the next five years.
    A Finance Ministry statement said the increase should boost
the price of petrol by 0.13 crowns to an average of 4.21 crowns
per litre while light-grade heating oil would go up by 30
crowns per cubic metre to an average of 1,665 crowns.
    It said oil companies should absorb part of the tax rise
internally and not pass it on to consumers as compensation for
a reduction in the stocks that the industry is required to keep
for Sweden's national petroleum reserve.
 REUTER
3;
bodyend
documentend
documentstart
11882
topicstart
gnp
coffee
bop
topicend
bodystart
2;

KENYAN MINISTER FORECASTS ECONOMIC EXPANSION


    NAIROBI, April 1 - 
Kenya's economy will continue to expand
this year and the government will do more to encourage
investment by foreign firms and the local private sector,
Planning Minister Robert Ouko said.
    He told a news conference that the government would soon
create a special bureau to expedite processing of investment
applications by local and foreign investors.
    Praising the role of multinational companies and local
entrepreneurs in Kenya's economy, the minister promised to
maintain a close working contact with the private sector.
    The economy grew by 5.3 pct last year, up from 4.1 pct in
1985, Ouko said.
    This was owing to high prices for the country's coffee
exports, low oil prices, low inflation and rising real incomes,
he added.
    "Despite rising petroleum prices and falling coffee prices,
Kenya's economy is still expected to improve in 1987," the
planning minister said.
    "High aggregate demand arising from low inflation, trade
liberalisation and disciplined financial management are
expected to increase output in the manufacturing sector," he
said.
    Agriculture would expand significantly if favourable
weather continued and farmers responded to producer price rises
announced in February, the minister added.
    Kenyan farmers are anxiously awaiting the arrival of the
long rainy season, which is due to start about now.
    Ouko said the production of Kenya's main cash crops
increased during the second half of last year.
    Coffee deliveries to the state-run Coffee Board of Kenya
rose 17 pct and tea deliveries rose four pct during the period,
he said.
    Ouko paid tribute to the private sector for its
contribution to the economy and promised to improve government
cooperation with businessmen by maintaining regular contact
with them.
    "I wish to pay tribute to the private sector for its
contribution to the economy in 1986 and challenge it to
maintain the same spirit this year ... The manufacturing sector
grew by an estimated 5.8 pct in 1986, in line with the same
period the previous year," he said.
    Ouko said the "one stop" bureau was intended to stimulate
investment and cut the time and bureacracy currently involved
in processing applications.
    The planning minister presented a review of the Kenyan
economy during the second half of 1986 which showed inflation
falling to 4.3 pct from 10.2 a year earlier.
    This was owing to higher agricultural production and the
Kenyan shilling's relative strength against other major
currencies, the report said.
    The average exchange rate was 16.23 shillings per U.S. Dlr
last year, a fall of only 1.2 pct from 16.432 in 1985. The half
yearly report said exports increased about 30 pct in
July-December 1986, while imports rose by only six pct during
the period.
    This gave Kenya an overall balance of payments surplus of
780 mln Kenya shillings (48 mln dlrs) during the period,
compared with a 1.4 billion shilling (87 mln dlr) deficit in
the second half of 1985, it said.
 REUTER
3;
bodyend
documentend
documentstart
11883
topicstart
earn
topicend
bodystart
2;

PEOPLES BAN CORP 
<
PEOP> SEES 1ST QUARTER NET UP


    SEATTLE, April 1 - 
Peoples Ban Corp said it expects to
report first quarter earnings of over six mln dlrs, including a
gain of 1,600,000 dlrs from the settlement of a dispute with
the Internal Revenue Service and the sale of four banking
offices in Vancouver, Wash.
    The company said it expects to report "normal" earnings for
the rest ofd the year of 4,500,000 to five mln dlrs per
quarter.
    Peoples earned 105,000 dlrs in last year's first quarter
and in all of 1986 lost 1,768,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11884
topicstart
earn
topicend
bodystart
2;

MAXXAM GROUP INC 
<
MXM> 4TH QTR LOSS


    NEW YORK, April 1 -
    
Shr loss 1.61 dlrs vs loss 47 cts
    Net loss 19.2 mln vs loss 5,716,000
    Revs 46.4 mln vs 11.0 mln
    Year
    Shr loss 2.01 dlrs vs loss 29 cts
    Net loss 24.5 mln vs loss 3,548,000
    Revs 150.2 mln vs 24.4 mln
    NOTE: 1985 net includes tax credits of 7,336,000 dlrs in
quarter and 10.2 mln dlrs in year.
    Results include 64.7 pct stake in Pacific Lumber Co from
December 1985 through February 1987 and 100 pct thereafter.
 Reuter
3;
bodyend
documentend
documentstart
11885
topicstart
wheat
barley
corn
rapeseed
grain
oilseed
ship
topicend
bodystart
2;

FRENCH CEREAL EXPORTS THROUGH ROUEN UP IN MARCH


    PARIS, April 1 - 
French cereals exports through Rouen port
rose to 751,563 tonnes between March 1 and March 25 from
603,413 tonnes in the same 1986 period, freight sources said.
    The Soviet Union took 263,051 tonnes of wheat and barley,
Saudi Arabia 90,944 tonnes barley, China 87,259 wheat, Algeria
64,896 wheat, Bangladesh 30,000 wheat, Morocco 27,500 maize,
Greece 26,700 wheat and barley, Spain 25,124 wheat, Poland
24,683 wheat, Brazil 24,082 wheat, Italy 21,659 wheat, Cyprus
20,700 wheat and maize, Israel 16,500 maize and the U.K. 8,797
tonnes wheat.
    Six ships are loading 120,000 tonnes of wheat, the sources
said. They include 30,000 tonnes for China, 31,000 for the
Soviet Union, 25,000 for Turkey, and 35,000 for Italy. Another
ship is loading 17,000 tonnes of colza for the Soviet Union.
    Another 12 ships should arrive to load 344,000 tonnes of
cereals by the end of the week. Six are to load 186,000 tonnes
of wheat for the Soviet Union. Two will load 60,000 tonnes of
barley for Saudi Arabia, one 28,000 tonnes of wheat for China,
two 25,000 tonnes of wheat each for Algeria and Turkey and one
20,000 tonnes of wheat for Italy. Another is expected to load
20,000 tonnes of colza for the Soviet Union.
    Flour exports through Rouen rose to 23,457 tonnes in the 25
day period from 5,500 in the equivalent 1986 period, the
sources said.
    Sudan took 19,327 tonnes and west coast Africa 4,130.
    Four ships are currently loading 32,000 tonnes, including
24,000 for Egypt, 6,000 for Tanzania and 2,000 for Mauritania.
    A ship is expected later this week to load 12,000 tonnes
for China.
 Reuter
3;
bodyend
documentend
documentstart
11886
topicstart
wheat
grain
veg-oil
topicend
bodystart
2;

FAO APPROVES EMERGENCY FOOD AID FOR ETHIOPIA


    ROME, April 1 - 
The United Nations Food and Agriculture
Organization, FAO, said it approved emergency food aid worth
more than 14.3 mln dlrs for drought victims in Ethiopia.
    The aid will include 30,000 tonnes of wheat and 1,200
tonnes of vegetable oil for farmers in the Wollo and Illubabor
regions.
    FAO said it has also approved more than 1.4 mln dlrs of
food aid for 8,000 families in Sri Lanka. In addition, 583,225
dlrs of aid will be made available to Malawi to feed 96,700
people displaced from Mozambique and a further 340,200 dlrs for
cyclone victims in Vanuatu in the South Pacific.
 Reuter
3;
bodyend
documentend
documentstart
11888
topicstart
acq
topicend
bodystart
2;

SOSNOFF ENDS PRATT 
<
PRAT>/SOUTHMARK 
<
SM> DEAL


    NEW YORK, April 1 - 
Investor Martin T. Sosnoff said
Southmark Corp and affiliate Pratt Hotels Corp have ended talks
with his MTS Acquisition Corp on a possible joint venture for
the acquisition of Caesars World Inc.
    Sosnoff said the talks had not been actively pursued since
they were announced March 20, but it had been agreed that
unless the discussions were formally terminated, Pratt and
Southmark would not initiate a competing tender offer for
Caesars World or take any other action that would hamper
Sosnoff's current offer to acquire all Caesars shares he does
not now own for 28 dlrs each.
    Sosnoff said his 28 dlr per share bid for Caesars, which is
scheduled to expire May 15, still stands, and he remains
receptive to negotiating a transaction to buy Caesars on
friendly terms.
    Pratt recently made an apparently unsuccessful bid to
acquire control of Resorts International Inc 
<
RTB>, seeming to
lose out to Donald Trump.
 Reuter
3;
bodyend
documentend
documentstart
11889
topicstart
topicend
bodystart
2;

JAPAN REBUFFS BRITAIN IN TELECOMS ROW


    TOKYO, April 1 - 
Japan has reiterated it has no plans to
bow to pressure to give foreign telecommunications companies a
major role in a planned new firm.
    An official at the Ministry of Post and Telecommunications
told Reuters the ministry's position is unchanged despite
mounting pressure from London and Washington. He declined
comment on local press reports which said the ministry would
back a plan aimed at cooling British anger on the issue.
    The press reports said Fumio Watanabe, head of the
Federation of Economic Organisations, would propose that
Britain's Cable and Wireless Plc be given a five pct stake in a
telecommunications firm and a seat on the board.
    Watanabe was unavailable for comment. He has the tacit
backing of the government in his efforts to merge two
telecommunications companies into one competitor to Kokusai
Denwa Denshin (KDD), which has a monopoly on international
telephone services here, industry analysts said.
    In London yesterday, a Cable and Wireless spokesman said
the latest reported proposals are unacceptable.
    Cable and Wireless has a 20 pct stake in one of the two
companies involved in the mooted merger.
    British Prime Minister Margaret Thatcher has personally
taken up the company's cause, charging that Japan is
discriminating against foreigners.
    The United States also has vented its anger at what it sees
as Japanese attempts to limit foreign participation.
    Watanabe originally proposed Cable and Wireless be given up
to 3.0 pct of the merged firm. The press reports said this
could be raised to 5.0 pct, equal to the largest share of any
Japanese firm. Britain opposes the proposed merger. REUTER
3;
bodyend
documentend
documentstart
11891
topicstart
acq
topicend
bodystart
2;

CPC INTERNATIONAL 
<
CPC> TO SELL ASIAN STAKES


    ENGLEWOOD CLIFFS, N.J., April 1 - 
CPC International Inc
said said it has agreed in principle to sell interests in its
grocery products operations in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand to 
<
Ajinomoto Co
Inc> of Japan for 340 mln dlrs.
    The company said the move will reduce Asian overhead and a
substantial part of the proceeds will be used to reduce debt.
    It said as part of the agreement, its current direct
investment in its existing non-consolidated joint venture with
Ajinomoto will be converted into a cooperative arrangement for
the long-term utilization of technology and trademarks.
    The company said the change in the Japanese arrangement
will give Ajinomoto full equity ownership while leaving CPC a
continuing earnings stream and cash flow.
    The transactions are subject to definitive agreements and
government approvals.
    CPC said not included in the 340 mln dlr consideration are
proceeds from the sale of some smaller Asian investments,
including a 51 pct equity interest in an oat-based food venture
to an Australian partner.
    The company said the actions being taken under its
restructuring program, including the sale of its European corn
wet milling business and other assets, overhead reductions and
other expense items and the Asian transactions, will have a
one-time positive effect on 1987 earnings.
    CPC said "Although the extent cannot yet be determined, the
company expects that 1987 earnings per share will increase by
substantially more than the previously estimated 20 pct
increase over 1986."  In 1986 CPC earned 2.30 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
11892
topicstart
acq
topicend
bodystart
2;

ENERGY DEVELOPMENT 
<
EDP> COMPLETES MAY 
<
MEP> BUY


    LOS ANGELES, April 1 - 
Energy Development Partners Ltd said
it has completed the acquisition of May Energy Partners Ltd for
1,817,697 depositary units following approval yesterday by May
Energy unitholders.
    Energy Development said May Petroleum Inc 
<
MAYP>, general
partner of May Energy, will distribute about 35 Energy
Development units for each 100 May Energy Partners units to
holders of 100 May Energy Partnners units or more and cash to
others.
    Energy Development said the transaction increases its units
outstanding to 12.6 mln and raises total proved reserves as of
the end of 1986 27 pct.  Angeles Corp 
<
ANG> is general partner
of Energy Development.
 Reuter
3;
bodyend
documentend
documentstart
11893
topicstart
sugar
topicend
bodystart
2;

U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES


    LONDON, April 1 - 
A total 102,350 tonnes of current series
white sugar received export rebates of a maximum 46.864
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
    Out of this, traders in France received 31,000 tonnes, in
West Germany 21,000, in Belgium 19,050, in the U.K. 15,800, in
Denmark 8,500, in the Netherlands 6,000 and in Spain 1,000
tonnes, it added.
    Earlier today, London traders had expected the subsidy for
the current season whites campaign for licences to end-Sep to
be around 46.80 Ecus per 100 kilos while French traders had put
the rebate at around 46.40 Ecus.
    Traders here had also forecast today's total authorised
sugar tonnage export awards up to 100,000 tonnes versus 59,000
last week when the restitution was 45.678 Ecus.
    Total export authorisations for the 1985/86 campaign (42
 weeks) now stand at 2,076,620 tonnes.
 REUTER
3;
bodyend
documentend
documentstart
11894
topicstart
cpi
topicend
bodystart
2;

TURKISH INFLATION INCREASES IN MARCH


    ANKARA, April 1 - 
Inflation in Turkey was 3.7 pct in March
compared with 1.7 pct in February and 1.3 pct in March 1986,
the State Statistics Institute said.
    The annual rate rose to 34.7 pct in March compared with
31.7 pct in February and 34.2 pct in March 1986. The
government's target is to reduce inflation this year to an
annual 20 pct.
    The consumer price index, base 1978/79, was 1,957.3
compared with 1,886.8 in February and 1,452.7 in March, 1986.
 REUTER
3;
bodyend
documentend
documentstart
11895
topicstart
acq
topicend
bodystart
2;

SCHERING-PLOUGH 
<
SGP> MULLS DR. SCHOLL'S SALE


    MADISON, N.J., April 1 - 
Schering-Plough corp said it is
considering the sale of its Dr. Scholl's businesses in Europe,
Latin America and the Far East, which had sales of about 150
mln dlrs in 1986.
    The company said the transaction is not expected to have a
material impact on earnings.  It said it has engaged Merrill
Lynch and Co Inc 
<
MER> to assist in the sale process.
    Schering said it will retain Dr. Scholl's businesses in the
U.S., Canada and Puerto Rico, which had sales of about 135 mln
dlrs last year.
 Reuter
3;
bodyend
documentend
documentstart
11896
topicstart
earn
topicend
bodystart
2;

FAMILY DOLLAR STORES INC 
<
FDO> 2ND QTR FEB 28


    MATTHEWS, N.C., April 1 -
    
Shr 28 cts vs 31 cts
    Net 8,117,095 vs 8,954,904
    Sales 146.7 mln vs 133.0 mln
    Avg shares 29.0 mln vs 28.9 mln
    First half
    Shr 48 cts vs 53 cts
    Net 13.8 mln vs 15.2 mln
    Sales 273.0 mln vs 242.1 mln
    Avg shrs 29.0 mln vs 28.9 mln
 Reuter
3;
bodyend
documentend
documentstart
11897
topicstart
topicend
bodystart
2;

UNION CARBIDE 
<
UK> UNIT TO BUY BACK NOTES


    NEW YORK, April 1 - 
Union Carbide Overseas Finance Corp
N.V., a unit of Union Carbide Corp, said it plans to redeem on
May one all outstanding 14-3/4 pct notes due May 1, 1989.
    The notes will be bought back at par. Interest will cease
to accrue on May one, the unit said.
 Reuter
3;
bodyend
documentend
documentstart
11898
topicstart
earn
topicend
bodystart
2;

MCO HOLDINGS INC 
<
MCO> 4TH QTR LOSS


    LOS ANGELES, April 1 -
    
Oper shr loss 2.27 dlrs vs loss 1.62 dlrs
    Oper net loss 12.7 mln vs loss 12.1 mln
    Revs 60.0 mln vs 26.2 mln
    Year
    Oper shr loss 5.16 dlrs vs loss 1.56 dlrs
    dOper net loss 29.0 mln vs loss 12.4 mln
    Revs 139.3 mln vs 110.0 mln
    NOTE: 1985 operating losses exclude profits of 19.5 mln
dlrs, or 2.64 dlrs a share, in quarter and 20.6 mln dlrs, or
2.74 dlrs a share, in year from discontinued operations
    1985 loss in both periods includes pre-tax charge of 16.9
mln dlrs on write down of oil properties.
    1986 year loss includes pre-tax charge of 23.0 mln dlrs for
write down of oil and gas properties.
 Reuter
3;
bodyend
documentend
documentstart
11899
topicstart
topicend
bodystart
2;

<
ANCHOR SAVINGS BANK> TO TRADE ON NASDAQ


    NEW YORK, April 1 - 
Anchor Savings Bank said it expects to
start trading on the NASDAQ system on a when-issued basis on
April Seven under the ticker symbol 
<
ABKR>.
    Anchor recently went public in a subscription offering of
17,595,000 shares that was oversubscribed and increased by
2,295,000 shares from the number originally planned.
 Reuter
3;
bodyend
documentend
documentstart
11900
topicstart
interest
topicend
bodystart
2;

BUNDESBANK WILL NOT HOLD PRESS CONFERENCE TOMORROW


    FRANKFURT, April 1 - 
The Bundesbank will not hold a press
conference after its regular fortnightly council meeting
tomorrow, a spokesman said in answer to enquiries.
    Bundesbank vice-president Helmut Schlesinger will chair the
meeting, as president Karl Otto Poehl has a private engagement.
    The next meeting is scheduled for April 16.
 REUTER
3;
bodyend
documentend
documentstart
11901
topicstart
topicend
bodystart
2;

MCDONALDS ISSUES 75 MLN CANADIAN DLR EUROBOND


    LONDON, April 1 - 
McDonalds Corporation is issuing a 75 mln
Canadian dlr eurobond due May 14, 1992 paying 8-1/2 pct and
priced at 101-5/8 pct, lead manager Morgan Guaranty Ltd said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Canadian dlrs and will be listed in
Luxembourg. The selling concession is 1-1/4 pct while
management and underwriting combined pays 5/8 pct.
    The payment date is May 14.
 REUTER
3;
bodyend
documentend
documentstart
11902
topicstart
topicend
bodystart
2;

DUTCH BANK PLANS 50 MLN AUSTRALIAN DLR EUROBOND


    AMSTERDAM, April 1 - 
Nederlandsche Middenstandsbank NV said
it planned a 50 mln Australian dollar 14.5 pct three-year
bullet eurobond issue at 101.5 pct.
    Lead manager is Swiss Bank Corp International Ltd, heading
a syndicate with co-lead managers NMB, Hambros Bank Limited,
Morgan Guaranty Limited and S.G. Warburg Securities.
    An Amsterdam Bourse listing will be requested for the
bonds.
 REUTER
3;
bodyend
documentend
documentstart
11903
topicstart
interest
topicend
bodystart
2;
******
MANUFACTURERS HANOVER RAISES PRIME RATE TO 7-3/4 PCT FROM
7-1/2, EFFECTIVE TODAY

3;


bodyend
documentend
documentstart
11904
topicstart
earn
topicend
bodystart
2;

RANSBURG CORP 
<
RBG> 1ST QTR FEB 28 LOSS


    INDIANAPOLIS, April 1 -
    
Oper shr loss 19 cts vs profit one ct
    Oper net loss 1,495,000 vs profit 50,000
    Revs 52.3 mln vs 48.9 mln
    NOTE: Earnings exclude gains from utilization of tax loss
carryforwards of 82,000 dlrs, or one ct a share vs 300,000
dlrs, or three cts a share
 Reuter
3;
bodyend
documentend
documentstart
11905
topicstart
acq
topicend
bodystart
2;
******
CONRAC CORP REJECTS MARK IV INDUSTRIES TENDER OFFER,
EXPLORES ALTERNATIVES

3;


bodyend
documentend
documentstart
11906
topicstart
topicend
bodystart
2;

NATIONAL INTERGROUP 
<
NII> UNIT FILES FOR OFFER


    PITTSBURGH, April 1 - 
National Intergrup Inc said its
Permian Partners LP subsidiary, recently formed to take over
the business of its Permian Corp unit, plans to make a public
offering of cumulative convertible preferred partnership units.
    Permian buys, transports and resells crude oil.
    Lead underwriters are American Express Co's 
<
AXP> Shearson
Lehman Brothers Inc and 
<
Donaldson, Lufin and Jenrette
Securities Corp> will be lead underwriters.
 Reuter
3;
bodyend
documentend
documentstart
11907
topicstart
interest
topicend
bodystart
2;

MANUFACTURERS HANOVER 
<
MHC> RAISES PRIME RATE


    NEW YORK, April 1 - 
Manufacturers Hanover Trust Co became
the third major U.S. bank to increase its prime rate to 7-3/4
pct from 7-1/2, matching a move initiated yesterday by Citibank
and Chase Manhattan.
    The bank, the main subsidiary of Manufacturers Hanover
Corp, said the new rate is effective today.
 Reuter
3;
bodyend
documentend
documentstart
11908
topicstart
earn
topicend
bodystart
2;

SNYDER OIL PARTNERS LP 
<
SOI> SETS QUARTERLY


    FORT WORTH, Texas, April 1 -
    
Qtly div 30 cts vs 30 cts prior
    Pay April 30
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
11909
topicstart
acq
topicend
bodystart
2;

MEDAR 
<
MDXR> ACQUIRES OWENS-ILLINOIS 
<
OI> UNIT


    FARMINGTON HILLS, MICH., April 1 - 
Medar Inc said it
acquired Automatic Inspection Devices Inc, a subsidiary of
Owens-Illinois Inc, Toledo, Ohio, through an exchange of stock
for 80 pct of the company.
    Automatic Designs and manufactures a line of machine vision
systems for the packaging, pharmaceutical, electronics and
consumer goods industries.
 Reuter
3;
bodyend
documentend
documentstart
11910
topicstart
acq
topicend
bodystart
2;

ALLIS-CHALMERS 
<
AH> ESTIMATES PROCEEDS OF SALE


    MILWAUKEE, WIS., April 1 - 
Allis-Chalmers Corp said it
expects cash proceeds from the proposed sale of its solids
processing equipment and minerals systems businesses to exceed
90 mln dlrs, with no material gain or loss anticipated from the
planned sale.
    Closing of the sale to Boliden AB of Sweden would be part
of the overall restructure of Allis-Chalmers, which was
announced on March Four, the company said.
    Allis-Chalmers said the business entities included in the
transaction had total sales of about 250 mln dlrs in 1986, with
total employment of about 4,300.
    The solids processing equipment business involves
manufacture of crushing and related equipment for mining. It
consists of operations in Sweden, Australia, Brazil, France,
Great Britain, Spain and Appleton, Wis.
    The minerals systems business has operations in West Allis,
Wis., and Lachine, Quebec, Canada.
 Reuter
3;
bodyend
documentend
documentstart
11911
topicstart
ship
grain
oilseed
topicend
bodystart
2;

ARGENTINE GRAIN SHIPPING SITUATION


    BUENOS AIRES, April 1 - 
One grain vessel was awaiting berth
at Bahia Blanca, four at Buenos Aires and five at Rosario, on
March 31, National Grain Board figures show.
    The situation at these ports was as follows, giving the
number of ships loading, awaiting berth and expected
respectively.
    Bahia Blanca - 4, 1, 1
    Buenos Aires - 1, 4, 9
    Rosario -      6, 5, 7
    The tonnage of grain and oilseeds to be loaded onto ships
loading, awaiting berth and expected at each port was as
follows.
    Bahia Blanca - Wheat 161,360.
    Buenos Aires - Maize 104,304, Wheat 14,330.
    Rosario - Wheat 50,400, maize 157,040, subproducts 50,100,
sunflowerseed 1,000 and millet 3,100.
 REUTER
3;
bodyend
documentend
documentstart
11913
topicstart
interest
topicend
bodystart
2;

IRVING TRUST 
<
V> RAISES PRIME RATE


    NEW YORK, April 1 - 
Irving Trust Co said it is raising its
prime rate to 7-3/4 pct from 7-1/2, effective immediately.
    It becomes the fourth U.S. bank to raise the rate,
following Citibank, Chase Manhattan and Manufacturers Hanover
Trust.
 Reuter
3;
bodyend
documentend
documentstart
11914
topicstart
hog
livestock
topicend
bodystart
2;

HOG REPORT SHOWS MORE HOGS ON FARMS


    By Jerry Bieszk, Reuters


    Chicago, April 1 - 
The USDA quarterly hogs and pig report
yesterday showed more hogs on U.S. farms compared to last year
as profitability resulting from low grain prices encouraged
producers to step up production, analysts said.
    Most analysts seemed to agree with Chicago Mercantile
Exchange floor traders that the report will be viewed as
bearish to pork futures and futures prices may open sharply
lower today. Some traders and analysts expect limit declines in
nearby contracts, with spillover selling likely in cattle.
    University of Missouri agronomist Glen Grimes said,"The
report shows that hog producers have responded to a very
desirable feeding ratio that they enjoyed for the past 10
months."
    Shearson Lehman analyst Chuck Levitt said hog futures
prices are above producers' break even points. Even if futures
fell the daily limit of 1.50 cents today, producers could still
lock in a profit, which increases the likelihood of heavy
selling pressure today.
    "We have not had a period of profitability of this
magnitude since last summer," Levitt said. "In fact, hog
operations on many mixed livestock/grain enterprises have been
so profitable that it actually enabled some farmers to get back
on their feet and refinance their loans just based on the hog
operation alone."
    Levitt said the weight breakdown in the report also was
negative, in that some lead time was anticipated before the
slaughter increased from the previous year.
    We expected farmers to increase hog operations, but we
didn't expect this degree of expansion to show up in a 10-state
spring report, Levitt added.
    High hog corn ratios (the number of bushels of corn that
could be bought for 100 lbs of hog) and the resulting increased
profits, encouraged farmers and confinement operations to
increase production starting late last year.
    Analysts also noted that part of the increase in the hog
herd resulted from a revision of the December report and
without the revision, the March report might have been very
close to average expectations.
    Robin Fuller of Agri Analysis said the USDA made a major
upward revision of 105,000 head in the size of the breeding
herd in the December 1 report. So the December report was more
bearish than initially indicated.
    But Fuller, as well as other analysts, expected the report
to be less negative on deferred futures contracts. Distant
contracts are already at a sharp discount to cash because
traders anticipated high farrowing intentions, she noted.
    Discounts in the October and December contracts take into
consideration a six to seven pct increase in March/May
farrowing intentions, which was borne out in the March 1
report, Fuller said.
    Grimes said, "As far as the distant months are concerned,
if our first quarter pig crop is up only six pct and under 60
lb inventories actually up only five pct, it would take a
tremendous discount in price for each percent increase for us
to push down to the prices that the current futures show for
the July and August period."
    Jerry Abbenhaus, analyst for AGE Clearing noted that
distant futures prices are already 15 to 20 dlrs lower than
they were last summer.
    "If cash hogs at the 7-markets last year averaged 61 dlrs
during July, that doesn't mean hogs have to be 15 dlrs cheaper
this year because we have six pct more numbers," he said.
 Reuter
3;
bodyend
documentend
documentstart
11915
topicstart
acq
topicend
bodystart
2;

CONRAC 
<
CAX> REJECTS MARK IV 
<
IV> OFFER


    STAMFORD, Conn., April 1 - 
Conrac Corp said its board has
rejected MArk IV Industries Inc's tender offer for all Conract
shares at 25 dlrs each, and no Conract director of officer
plans to tender any shares.
    The company said financial advisor 
<
Goldman, Sachs and Co>
determined the price to be inadequate.
    It said its board has instructed management to explore and
develop with financial and legal advisors alternative courses
of action to maximize shareholder values.
 Reuter
3;
bodyend
documentend
documentstart
11916
topicstart
acq
topicend
bodystart
2;

TAFT 
<
TFB> HAD NOT COMPLETED TV STATION SALE


    CINCINNATI, Ohio, April 1 - 
Taft Broadcasting Co said the
sale of its independent television stations to TVX Broadcast
Group, which had been set for yesterday, did not occur.
    TVX and its investment bankers, Salomon Inc's 
<
SB> Salomon
Brothers, advised Taft the closing would not be consumated as
scheduled, the company said.
    TVX and Salomon also advised Taft they hope to be able to
close in near future, the company said, adding it is prepared
to close at any time.
    A Taft spokeswoman referred all questions to TVX and
Salomon.
    Taft agreed in November to sell the stations in
Philadelphia, Washington, Miami, Fort Worth-Dallas and Houston
TVX Broadcast for 240 mln dlrs.
    At the time, Taft said the transaction would result in an
after tax charge of 45 to 50 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11918
topicstart
earn
iron-steel
topicend
bodystart
2;

THYSSEN SEES UP TO 20 PCT LOWER SALES IN 1986/87


    HANOVER, April 1 - 
Thyssen AG 
<
THYH.F> expects a fall of
between 15 and 20 pct in consolidated turnover in 1986/87,
chief executive Dieter Spethmann said.
    He told journalists the exact decline would depend on
dollar developments. The Thyssen group did over 50 pct of its
business outside West Germany.
    Spethmann made no comment on 1986/87 group earnings. World
group net profit fell to 370.1 mln marks in the year ended
September 1986 from 472.4 mln a year earlier on group sales
which fell to 40.00 billion marks from a previous 44.32
billion.
    Last week Spethmann told the annual meeting Thyssen
expected to post a good profit in 1986/87 despite expected
losses in the mass steel-making operations this year.
    Spethmann said engineering turnover would not be lower this
year, but lower steel prices would result in a drop in steel
turnover and sales volume. This would also affect Thyssen's
trading operations, he said.
    Spethmann also categorically denied a magazine article
published this week which spoke of a dispute between him and
Heinz Kriwet, management board chairman of Thyssen Stahl AG,
over planned job cuts in steel plants in the Ruhr area.
 Reuter
3;
bodyend
documentend
documentstart
11919
topicstart
topicend
bodystart
2;

FRENCH GROUP ISSUES TWO BONDS FOR 700 MLN FRANCS


    PARIS, April 1 - 
Groupement pour le financement des
Ouvrages de Batiment, Travaux Publics et activites annexes
(GOBTP) plans to launch two variable-rate domestic bonds
totalling 700 mln francs, lead managers Credit Commercial de
France (CCF) and Caisse Centrale des Banques Populaires (CCBP)
said.
    The first 500 mln franc 12-year bond, led by CCF, will be
issued at 99 pct with interest based on the annualised money
market rate (TAM) and payable on April 21 every year with the
first coupon paid next year.
    The second 200 mln franc 12-year bond, led by CCBP, will be
issued at 99 pct with interest also based on TAM with the same
coupon payment date.
    Both bonds will in principle be redeemable at par on April
21, 1999.
 REUTER
3;
bodyend
documentend
documentstart
11920
topicstart
acq
topicend
bodystart
2;

CYCLOPS 
<
CYL> NAMES DIXONS OFFICIALS TO BOARD


    PITTSBURGH, April 1 - 
Cyclops corp said it has
reconstituted its board to include three 
<
Dixons Group PLC>
executives following Dixons' acquisition of 83 pct of Cyclops'
4,061,000 shares in a 95 dlr per share tender offer.
    Cyclops said remaining on the six-member board are chairman
and chief executive W.H. Knoell, president and chief operating
officer James F. Will and senior vice president William D.
Dickey.
 Reuter
3;
bodyend
documentend
documentstart
11922
topicstart
topicend
bodystart
2;

BANK NEW ENGLAND 
<
BKNE> FILES NOTE OFFERING


    NEW YORK, April 1 - 
Bank of New England Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 200 mln dlr issue of subordinated capital
notes due 1999.
    Proceeds will be used primarily to retire short-term debt,
finance possible acquisitions and fund investments in or
extensions of credit to its subsidiaries, the company said.
    Bank of New England said Morgan Stanley, Keefe Bruyette,
Goldman Sachs and Merrill Lynch will underwrite the issue.
 Reuter
3;
bodyend
documentend
documentstart
11923
topicstart
acq
topicend
bodystart
2;

SOUTHMARK 
<
SM> COMPLETES ACQUISITION


    DALLAS, April 1 - 
Southmark Corp said it has completed the
purchase of Georgia International Life Insurance Co from
Capital Holding Corp 
<
CPH> for cash and Southmark securities
worth over 85 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11924
topicstart
topicend
bodystart
2;

BIOTHERAPEUTICS 
<
BITX> IN NASDAQ EXPANSION


    FRANKLIN, Tenn., April 1 - 
Biotherapeutics Inc said its
common stock will be included in the NASDAQ National Market
System starting April Seven.
    As a result, it said the stock will become marginable.
 Reuter
3;
bodyend
documentend
documentstart
11925
topicstart
earn
topicend
bodystart
2;

VALHI 
<
VHI> REPORTS PRO-FORMA EARNINGS


    DALLAS, April 1 - 
Valhi Inc, formed by the March 10 merger
of Amalgamated Sugar Co into LLC Corp, said it had unaudited
pro-forma earnings of 72 mln dlrs, or 61 cts a share, for the
six months ended December 31.
    Valhi said these results were prepared as if the merger had
occurred July 1, 1986, and on substantially the same basis as
the pro-forma financial information in LLC's and Amalgamated's
joint proxy statement dated February 10.
    Valhi said it has about 117 mln common shares outstanding
with about 85 pct held by 
<
Contran Corp>.
 Reuter
3;
bodyend
documentend
documentstart
11926
topicstart
topicend
bodystart
2;

PATTEN 
<
PAT> CALLS CONVERTIBLE DEBENTURES


    NEW YORK, April 1 - 
Patten Corp said it called for
redemption on May one its outstanding 23 mln dlrs of 7-1/4 pct
convertible subordinated debentures of 2001.
    It will buy back the debt at 1,105.93 dlrs per 1,000 dlr
face amount, including accrued interest.
    Debenture holders can convert the securities into the
company's common stock at 12.976 dlrs per share until the close
of business on April 17, Patten said.
    The company's common is currently trading at 25 dlrs a
share on the New York Stock Exchange, down 3/4.
 Reuter
3;
bodyend
documentend
documentstart
11927
topicstart
topicend
bodystart
2;

SHOWBOAT 
<
SBO> GETS APPROVAL FOR LOW-BET DAY


    ATLANTIC CITY, N.J., April 1 - 
Showboat Inc said the New
Jersey Casino control commission has directed its new Altnatic
City Showboat Casino, Hotel and Bowling Center to conduct a
limited bet day today, in accordance with commission
regulations.
    Each new casino must conduct a limited bet day before
opening for regular gaming.  Showboat has saiud it expects to
open for regular gaming on Friday.
 Reuter
3;
bodyend
documentend
documentstart
11928
topicstart
topicend
bodystart
2;

DIVI HOTELS 
<
DVH> WARRANT PRICE ADJUSTED


    NEW YORK, April 1 - 
Divi Hotels NV of Aruba said the
exercise price of its warrants has been cut to 11 dlrs per
share from 12 dlrs until September 17 and to 13 dlrs from 14
dlrs thereafter due to the impact of a recent 1,500,000 share
offering.
 Reuter
3;
bodyend
documentend
documentstart
11929
topicstart
topicend
bodystart
2;

FIRST NATIONAL HOLDERS APPROVE HOLDING COMPANY


    MOUNT CLEMENS, MICH., April 1 - 
First National Bank in
Mount Clemens, Mich., said it is seeking final regulatory
approval to form First National Bank Corp, a bank holding
company, following shareholder approval Tuesday.
    It said formation of First National Bank Corp will result
in a one-for-one stock exchange for shareholders of First
National Bank in Mount Clemens.
    First National Bank Corp is the parent company of First
National Bank in Mount Clemens and Bankers Life Insurance Co, a
newly created insurance subsidiary.
    At the shareholders' meeting, the bank also reported 1986
First National Bank earnings of 2,008,000 dlrs, or 2.22 dlrs a
share, up 11 pct from 1985's earnings of 1,811,000 dlrs, or
2.00 dlrs a share.
    Bank assets climbed to 276 mln dlrs from 240 mln dlrs in
1985, it said.
 Reuter
3;
bodyend
documentend
documentstart
11930
topicstart
earn
topicend
bodystart
2;

ACME-CLEVELAND CORP 
<
AMT> SETS QUARTERLY


    CLEVELAND, April 1 -
    
Qtly div 10 cts vs 10 cts prior
    Pay May 13
    Record April 29
 Reuter
3;
bodyend
documentend
documentstart
11931
topicstart
topicend
bodystart
2;

AMEX BEGINS TRADING HARCOURT BRACE 
<
HBJ> OPTIONS


    NEW YORK, April 1 - 
The American Stock Exchange said it
today opened put and call options trading in the common stock
of Harcourt Brace Jovanovice Inc.
    The exchange said Harcourt Brace is a replacement selection
for LTV Corp.
    The Amex said the initial expiration months for HBJ options
are April, May, July and October.
 Reuter
3;
bodyend
documentend
documentstart
11932
topicstart
veg-oil
topicend
bodystart
2;

U.S. OIL/LARD STATISTICS


    WASHINGTON, April 1 - 
U.S. Census Bureau figures released
here showed factory and warehouse stocks on Feb 28 included the
following, with comparisons, in mln lbs --
          02/28/87    01/31/87  02/28/86
 Soybean Oils --
   Crude  1,663.3-x  1,542.6      893.7
 Refined    300.5-x    294.7-r    287.4
   Total  1,963.8-x  1,837.3-r  1,181.1
Cotton Oils --
   Crude     65.7       55.8-r     64.5
 Refined    122.3      109.6-r    119.6
   Total    188.0      165.4-r    184.1
 X-Revised from preliminary data released in the bureau's
oilseeds report of March 23. R-Revised.

     Factory and Warehouse Stocks, continued -
         02/28/87  01/31/87   02/28/86
 Corn Oils --
     Crude   32.5    32.3-r   44.2
   Refined   65.8    54.4-r   39.9
     Total   98.3    86.7-r   84.1
      Lard   31.4    31.5-r   36.4
  R-Revised.
 reuter
3;
bodyend
documentend
documentstart
11933
topicstart
earn
topicend
bodystart
2;

VMS STRATEGIC LAND TRUST 
<
VLANS> SETS PAYOUT


    CHICAGO, April 1 - 
VMS Strategic Land Trust declared an
initial dividend of 30 cts a share payable May 15 to
shareholders of record April 20.
    The dividend represents a 12 pct annual return based on the
company's original offering price in December of 10 dlrs a
share. The return is guaranteed through December 31, 1988, the
company said.
    The trust invests in short term junior preconstruction
mortgage loans and has total principal amount of investments of
approximately 105.7 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11934
topicstart
interest
topicend
bodystart
2;

CHEMICAL 
<
CHL> RAISES PRIME RATE TO 7-3/4 PCT


    NEW YORK, April 1 - 
Chemical Bank, the main bank subsidiary
of Chemical New York Corp, said it is raising its prime lending
rate to 7-3/4 pct from 7-1/2 pct, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
11935
topicstart
lead
topicend
bodystart
2;

<
COMINCO LTD> LOWERS PRICE OF LEAD METAL


    VANCOUVER, British Columbia, April 1 - 
Cominco Ltd said its
Cominco metals division lowered the price for lead metal sold
in Canada by 1/2 Canadian cts per pound to 34 Canadian cts per
pound.
   
 Reuter
3;
bodyend
documentend
documentstart
11936
topicstart
grain
oilseed
corn
soybean
topicend
bodystart
2;

MIDWEST CASH GRAIN - SLOW COUNTRY MOVEMENT


    CHICAGO, April 1 - 
Cash grain dealers reported slow country
movement of corn and soybeans across the Midwest, with even
corn sales from PIK-and-roll activity seen earlier this week
drying up.
    Some dealers said the USDA may further adjust the posted
county price at the Gulf to take into account high barge
freight rates as a way to keep corn sales flowing, but added
the current plan probably will be given a few weeks to see if
it will work as hoped.
    Corn and soybean basis values continued to drop on the
Illinois and MidMississippi River due to the strong barge
freight rates. Toledo and Chicago elevators were finishing
loading the first corn boats of the new shipping season,
supporting spot basis values at those terminal points.

                  CORN             SOYBEANS
 TOLEDO         5 UND MAY UNC   1 UND MAY UNC
 CINCINNATI     1 UND MAY UNC   1 OVR MAY UP 2
 NEW HAVEN     12 UND MAY UNC   2 UND MAY DN 1
 N.E. INDIANA  10 UND MAY UNC   2 OVR MAY DN 1
 CHICAGO      1/2 OVR MAY UNC   5 UND MAY UNC
 SENECA       51/2 UND MAY DN 1 7 UND MAY UNC
 DAVENPORT 61/2UND MAY DN61/2 61/2UND MAY DN11/2
 CLINTON        5 UND MAY DN 3       UA
 CEDAR RAPIDS  11 UND MAY DN 3 13 UND MAY DN 2
                  HRW WHEAT
 TOLEDO  58 LB 35 OVR MAY UP 1
 CHICAGO 57 LB 25 OVR MAY UNC
 CINCINNATI DP 10 OVR MAY UNC
 NE INDIANA DP  8 OVR MAY UNC
 PIK CERTIFICATES - 103/104 PCT - UNC/ DN 2
 NC - NO COMPARISON  UA - UNAVAILABLE
 UNC - UNCHANGED DP - DELAYED PRICING

 Reuter
3;
bodyend
documentend
documentstart
11938
topicstart
money-fx
topicend
bodystart
2;
******
FED BUYING ONE BILLION DLRS OF BILLS FOR CUSTOMER
ACCOUNT, FED SAYS

3;


bodyend
documentend
documentstart
11939
topicstart
grain
oilseed
corn
soybean
topicend
bodystart
2;

MIDWEST CASH GRAIN - SLOW COUNTRY MOVEMENT


    CHICAGO, April 1 - 
Cash grain dealers reported slow country
movement of corn and soybeans across the Midwest, with even
corn sales from PIK-and-roll activity seen earlier this week
drying up.
    Some dealers said the USDA may further adjust the posted
county price at the Gulf to take into account high barge
freight rates as a way to keep corn sales flowing, but added
the current plan probably will be given a few weeks to see if
it will work as hoped.
    Corn and soybean basis values continued to drop on the
Illinois and MidMississippi River due to the strong barge
freight rates. Toledo and Chicago elevators were finishing
loading the first corn boats of the new shipping season,
supporting spot basis values at those terminal points.

 Reuter
3;
bodyend
documentend
documentstart
11940
topicstart
interest
topicend
bodystart
2;

MARINE MIDLAND 
<
MMB> RAISES PRIME RATE


    NEW YORK, April 1 - 
Marine Midland Banks Inc said it is
raising its prime lending rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
11941
topicstart
interest
topicend
bodystart
2;

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 1 - 
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
   30-69 days  5.00 pct  5.00 pct   30-124 days
   70-88 days  5.92 pct  5.90 pct  125-150 days
  89-123 days  5.00 pct  5.00 pct  151-173 days
 124-150 days  5.93 pct  5.92 pct  174-182 days
 151-349 days  5.00 pct  5.00 pct  183-349 days
 350-360 days  5.98 pct  5.94 pct  350-360 days
 Reuter
3;
bodyend
documentend
documentstart
11942
topicstart
topicend
bodystart
2;

SOUTHEAST BANKING 
<
STB> FILES FOR NOTE OFFERING


    NEW YORK, April 1 - 
Southeast Banking Corp said it filed
with the Securities and Exchange Commission a registration
statement covering a 50 mln dlr issue of convertible
subordinated capital notes due 1999.
    The notes are designed to qualify as primary capital for
Federal Reserve Board regulatory purposes, the bank said.  It
will apply to list the notes on the New York Stock Exchange.
    The company named Lazard Freres and Co as lead manager of
the deal.
 Reuter
3;
bodyend
documentend
documentstart
11943
topicstart
topicend
bodystart
2;

COASTAL 
<
CGP> SEEKS OK OF TRANSAMERICAN PLANS


    HOUSTON, April 1 - 
Coastal Corp said its board will be
asked to approve the company's plan to reorganize

<
Transamerican Natural Gas Corp> at its April 14 meeting.
    Coastal said the plan is expected to be filed with the
federal Bankruptcy Court on April 15.
    Transamerican has been operating under Chapter 11 of the
federal bankruptcy code since January 1983. Owned by John R.
Stanley, it was formerly known as GHR Energy Corp. The
bankruptcy arose from the collapse of GHR's Good Hope
Refineries Inc, which operated a refinery at Good Hope, La.
    Coastal also said it will file detailed objections to the
disclosure statement filed earlier by Transamerican.
    Coastal has requested its plan and disclosure statement be
set for hearing in Bankruptcy Court Judge Manuel Leal's court
on April 28 and 29 along with the Transamerican plan.
    Coast said a ruling this week by Judge Leal freed the
company to work with Transamerican's creditors and other
interested parties in developing a reorganization plan.
 Reuter
3;
bodyend
documentend
documentstart
11944
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES


    ANKARA, April 1 - 
The Turkish Central Bank set a
lira/dollar rate for April 2 of 780.00/783.90 to the dollar,
down from the previous 777.00/780.89. The Bank also set a
lira/mark rate of 429.15/431.30 to the mark, up from the
previous 430.50/432.65.
 REUTER
3;
bodyend
documentend
documentstart
11945
topicstart
copper
topicend
bodystart
2;

ASARCO LOWERS COPPER PRICE 1.50 CTS TO 67 CTS


    NEW YORK, April 1 - 
Asarco Inc said it is decreasing its
domestic delivered copper cathode price by 1.50 cents to 67.0
cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
11946
topicstart
money-fx
topicend
bodystart
2;

FED BUYS ONE BILLION DLRS OF BILLS FOR CUSTOMER


    NEW YORK, April 1 - 
The Federal Reserve is buying one
billion dlrs of Treasury bills for customer account for
delivery today, a spokesman for the bank said.
    Fed funds were trading at 6-3/16 pct at the time of the
purchase, which came several hours before the Fed normally
transacts business for its customers.
    Economists said the purchase was almost certainly related
to the investment of proceeds from recent central bank
intervention in the foreign exchanges.
    The Bank of Japan alone is estimated to have bought about
six billion dlrs in March in a bid to prop up the dollar.
 Reuter
3;
bodyend
documentend
documentstart
11947
topicstart
earn
topicend
bodystart
2;
******
GEORGIA-PACIFIC TO HAVE 60 MLN DLR PRETAX GAIN FROM SALE
OF GEORGIA GULF STAKE

3;


bodyend
documentend
documentstart
11948
topicstart
topicend
bodystart
2;

FRANCE SETS SEVEN BILLION FRANC T-BILL TENDER


    PARIS, April 1 - 
The Bank of France said it will offer
seven billion francs' worth of negotiable Treasury bills at its
next weekly tender on April 6.
    The total includes 3.5 billion francs' worth of 13-week
bills and 3.5 billion francs of 26-week bills.
    At this week's tender on Monday the Bank sold a total of
4.84 billion francs' worth of 13- and 24-week bills against an
original offer of four billion francs' worth and demand for
14.14 billion francs.
 REUTER
3;
bodyend
documentend
documentstart
11949
topicstart
gnp
coffee
topicend
bodystart
2;

KENYAN MINISTER FORECASTS ECONOMIC EXPANSION


    NAIROBI, April 1 - 
Kenya's economy will continue to expand
this year and the government will do more to encourage
investment by foreign firms and the local private sector,
Planning Minister Robert Ouko said.
    He told a news conference that the government would soon
create a special bureau to expedite processing of investment
applications by local and foreign investors.
    Praising the role of multinational companies and local
entrepreneurs in Kenya's economy, the minister promised to
maintain a close working contact with the private sector.
    The economy grew by 5.3 pct last year, up from 4.1 pct in
1985, Ouko said. This was owing to high prices for the
country's coffee exports, low oil prices, low inflation and
rising real incomes, he added.
    "Despite rising petroleum prices and falling coffee prices,
Kenya's economy is still expected to improve in 1987," the
planning minister said.
    Agriculture would expand significantly if favourable
weather continued and farmers responded to producer price rises
announced in February, the minister added.
    Kenyan farmers are anxiously awaiting the arrival of the
long rainy season, which is due to start about now.
    Ouko said the production of Kenya's main cash crops
increased during the second half of last year.
    Coffee deliveries to the state-run Coffee Board of Kenya
rose 17 pct and tea deliveries rose four pct during the period,
he said.
 Reuter
3;
bodyend
documentend
documentstart
11952
topicstart
topicend
bodystart
2;

FINLAND ORDERS MCDONNELL DOUGLAS MD-11S


    HELSINKI, April 1 - 
The Finnish national airline 
<
Finnair>
said in a statement today it ordered two McDonnell Douglas Corp

<
MD.N> MD-11 passenger planes for delivery in October 1990 and
May 1991 and had taken an option to buy on two more.
    Finnair chief Gunnar Korhonen would not discuss the price
further than telling reporters the planes were "inexpensive,"
though market sources said the airline could expect a price cut
as an earlier customer.
   Korhonen said Finnair had not opted for Europe's A-340 plane
because of uncertainty about the manufacturing of its engines,
which may have delayed production of the jet.
 Reuter
3;
bodyend
documentend
documentstart
11953
topicstart
veg-oil
topicend
bodystart
2;

U.S. VEGETABLE OIL PRODUCTS OUTPUT IN FEBRUARY


    WASHINGTON, April 1 - 
U.S. factories used 1,053.0 mln lbs
of various vegetable oils in the production of edible products
during February, the Census Bureau reported.
    That compared with a revised usage of 1,075.0 mln lbs in
January and 1,084.2 mln lbs in February, 1986.
    February production of selected products included the
following, with comparisons, in mln lbs --
                 Feb 87    Jan 87    Feb 86
     Baking or
   Frying Fats -- 355.5    387.6-r   427.4
 Soybean Salad and
   Cooking Oil -- 388.1    373.3-r   351.7
 R-Revised.

    Production, continued (in mln lbs --)
                   Feb 87    Jan 87   Feb 86
 Other Salad and
    Cooking Oils   111.2    111.4-r   114.3
       Margarine   218.8    216.9-r   214.4
       Glycerine --
           Crude    21.5     25.9      31.3
         Refined    23.5     23.6-r    25.4
     Fatty Acids   102.9    112.5-r   113.1
       Meat/Meal
         Tankage   410.2    458.2-r   446.2
 R-Revised.
REUTER^M
3;
bodyend
documentend
documentstart
11954
topicstart
acq
topicend
bodystart
2;

BEECHAM GROUP 
<
BHAMY> TO SELL UNIT


    GREENWICH, Conn., April 1 - 
Privately-held investment firm

<
Dubin Clark and Co> said it has signed a definitive agreement
for an investment group it heads to acquire Roberts
Consolidated Industries from 
<
Beecham Group PLC> for 45 mln
dlrs.
    Roberts makes and distributes accessories, adhesives and
tools used in carpet installation.
    Dubin Clark said its group includes Roberts management and
London investment company 
<
J. Rothschild Holdings PLC>.  It
said Ronald J. Dubin will become vice chairman of Roberts and
J. Thomas Clark chairman.
REUTER^M
3;
bodyend
documentend
documentstart
11957
topicstart
livestock
topicend
bodystart
2;

U.S. TALLOW PRODUCTION AND STOCKS


    WASHINGTON, April 1 - 
U.S. factory production of inedible
tallow and grease amounted to 421.5 mln lbs in February, vs a
revised 471.5 mln lbs the previous month and 419.2 mln lbs in
the year-ago period, the Census Bureau said.
    The bureau placed February factory production of edible
tallow at 96.9 mln lbs, vs a revised 111.4 mln lbs the previous
month and 122.7 mln lbs in February a year earlier.
    It estimated factory and warehouse stocks of inedible
tallow on February 28 at 410.7 mln lbs, vs a revised 351.6 mln
the previous month and 361.9 mln in February, 1986.
    End-Feb stocks of edible tallow amounted to 41.9 mln lbs,
vs a revised 40.1 mln lbs and 48.6 mln lbs in their respective
periods.
    Factory consumption of inedible tallow and grease in
February was assessed at 238.3 mln lbs, vs a revised 250.4 mln
lbs a month earlier and 220.5 mln lbs in the year-ago period.
    During February, factories used 65.3 mln lbs of edible
tallow, vs a revised 71.8 mln and 84.6 mln, respectively.
    Total factory production and consumption of tallow in the
1987 marketing season, which began Jan 1, vs the 1986 season,
were as follows, in mln lbs -- 
  Production -- 1987     1986
    Inedible    893.0    920.1
      Edible    208.3    274.7
 Consumption --
    Inedible    488.7    473.7
      Edible    137.1    176.4
 Reuter
3;
bodyend
documentend
documentstart
11958
topicstart
lead
topicend
bodystart
2;

COMINCO LTD CUTS LEAD PRICE IN CANADA


    Vancouver, British Columbia, April 1 - 
Cominco Ltd said its
Cominco metals division lowered the price for lead metal sold
in Canada by 1/2 Canadian cts per pound to 34 Canadian cts per
pound.
 Reuter
3;
bodyend
documentend
documentstart
11960
topicstart
interest
topicend
bodystart
2;

MERCANTILE BANK N.A. 
<
MTRC> RAISES PRIME RATE


    ST. LOUIS, April 1 - 
Mercantile Bancorp said its Mercantile
Bank N.A. raised its prime rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
11961
topicstart
livestock
topicend
bodystart
2;

U.S. LARD CONSUMPTION IN FEBRUARY


    WASHINGTON, April 1 - 
U.S. factory usage of lard in the
production of both edible and inedible products during February
totaled 22.0 mln lbs, vs a revised 20.2 mln lbs in January,
according to Census Bureau figures.
    In the year-earlier period, usage, which includes
hydrogenated vegetable and animal fats and other oils in
process, amounted to 31.4 mln lbs.
    Usage in February comprised 16.6 mln lbs of edible products
and 5.4 mln lbs of inedible products.
    Total lard usage in the 1986/87 marketing season, which
began October 1, amounted to 125.2 mln lbs, vs 185.6 mln lbs in
the year-ago period.
 Reuter
3;
bodyend
documentend
documentstart
11962
topicstart
acq
topicend
bodystart
2;

AUTOSPA 
<
LUBE> TO BUY CONTROL OF CARDIS 
<
CDS>


    NEW YORK, April 1 - 
Autospa Corp said it has signed an
agreement to purchase 2,400,000 shares of eight pct convertible
preferred stock of Cardis Corp -- representing voting control
-- for 15 mln dlrs.
    The company said the preferred purchase will be financed by
an investment group led by Autospa.
    It said it will also receive from Cardis five-year options
to buy 2,400,000 Cardis common shares at 6.25 to seven dlrs
each, depending on the time of exercise, and warrants to
purchase about 3,200,000 shares at 6.60 to 7.60 dlrs each.
    The company said the exercise of all options and warrants
by Autospa would result in a tital investment of 50 to 55 mln
dlrs.  Execution of a definitive agreement is expected by April
22, it said, subject to the completion of financing
arrangements, and closing is expected by May 15.
 Reuter
3;
bodyend
documentend
documentstart
11963
topicstart
topicend
bodystart
2;

CENTURY BUSINESS CREDIT 
<
CPY> TO MAKE STATEMENT


    NEW YORK, April 1 - 
Century Business Credit Corp said it
will make an announcement concerning its delay on the American
Stock Exchange this morning.
    President Andrew Tananbaum said the announcement will
follow a regularly-scheduled board meeting.
   
 Reuter
3;
bodyend
documentend
documentstart
11964
topicstart
corn
sunseed
soybean
grain
oilseed
topicend
bodystart
2;

FRENCH FARMERS PLAN TO CUT MAIZE PLANTINGS


    PARIS, April 1 - 
French farmers are planning to cut their
maize sowings by between 100,000 and 150,000 hectares this year
from the 1.87 mln ha harvested in 1986, the French Maize
Producers' Association, AGPM, said.
    It said its first estimate of planting intentions indicated
cuts of 15 to 20 pct in plantings in the northern region of
Picardy and the Paris Basin, which harvested 192,000 ha last
year.
    In the centre-west region of Poitou-Charentes, plantings
were estimated four to seven pct up on last year's harvested
244,000 ha.
    Planting intentions in the south-east ranged between nine
pct less and two pct more than last year's 125,000 ha. In the
south-west the AGPM said producers intended to plant a similar
area to last year's 671,100 harvested hectares, provided water
supplies are adequate in the Midi-Pyrenees region after the
last two years of drought.
    Meanwhile, the oilseed plant breeding association, AMSOL,
said sunflower plantings in France this year are indicated at
between 900,000 and 950,000 ha against 829,000 harvested last
year, while soya plantings are indicated at 80,000 ha against
last year's harvested 48,000.
 Reuter
3;
bodyend
documentend
documentstart
11966
topicstart
earn
topicend
bodystart
2;

WEATHERFORD INTERNATIONAL INC 
<
WII> 4TH QTR LOSS


    HOUSTON, April 1 -
    
Shr loss 40 cts vs loss 1.30 dlrs
    Net loss 3,619,000 vs loss 11.3 mln
    Revs 24.1 mln vs 34.1 mln
    Year
    Shr loss 4.36 dlrs vs loss 2.09 dlrs
    Net loss 38.7 mln vs loss 16.8 mln
    Revs 104.6 mln vs 133.9 mln
              
 REUTER
3;
bodyend
documentend
documentstart
11967
topicstart
earn
topicend
bodystart
2;

PROGRESSIVE SAVINGS 
<
PRSL> 4TH QTR LOSS


    ALHAMBRA, Calif., April 1 -
    
Shr loss 1.05 dlrs vs profit three cts
    Net loss 4,477,000 vs profit 107,818
    Revs 10.9 mln vs 13.8 mln
    Year
    Shr loss 79 cts vs profit three cts
    Net loss 3,364,058 vs profit 123,880
    Revs 50.9 mln vs 57.2 mln
    Note: Full name Progressive Savings and Loan Association.
    Current year figures include 5.1 mln dlr incrase to
reserves for estimated real estate and loan losses.
 Reuter
3;
bodyend
documentend
documentstart
11968
topicstart
acq
topicend
bodystart
2;

ALLIED SUPERMARKETS 
<
ASU> FILES PROPOSED MERGER


    DETROIT, April 1 - 
Allied Supermarkets Inc said it filed a
registration statement with the Securities and Exchange
Commission for a proposed merger with 
<
The Vons Companies>, a
supermarket, combination store operator.
    Allied said the statement covers 140 mln dlrs of senior
subordinated discount debentures and 100 mln dlrs of
subordinated debentures, principal amounts, with a proposed
aggregate offering price of about 100 mln dlrs for each issue.
    Drexel Burnham Lambert Inc and Donaldson, Lufkin and
Jenrette Securities Inc are co-underwriters of both issues,
which Allied expects to offer in early June, Allied said.
 Reuter
3;
bodyend
documentend
documentstart
11970
topicstart
cotton
topicend
bodystart
2;

CERTIFICATED COTTON STOCKS


    NEW YORK, April 1 - 
Certificated cotton stocks deliverable
on the New York Cotton Exchange No 2 cotton futures contract as
of March 31 were reported at 36,659 bales, unchanged from the
previous day's figure. There were no bales awaiting review and
985 bales awaiting decertification.
 Reuter
3;
bodyend
documentend
documentstart
11971
topicstart
topicend
bodystart
2;

TEXAS INSTRUMENTS 
<
TXN> OPINION REAFFIRMED


    NEW YORK, April 1 - 
Texas Instruments Inc, one of the few
U.S. semiconductor producers expected to benefit directly from
the Reagan Administration's actions to curtail Japanese dumping
of chips, received a reaffirmed buy recommendation from Smith
Barney today.
    The stock rose four points to 189.
    Traders said the recommendation by Smith Barney analyst
James Barlage, which focused on the relief the company will get
from the dumping situation and the subsequent earnings momentum
as a result of that action, helped to propel the stock higher
today.
REUTER^M
3;
bodyend
documentend
documentstart
11972
topicstart
money-fx
dlr
stg
skr
nkr
dkr
dmk
topicend
bodystart
2;

FINLAND REVISES CURRENCY BASKET


    HELSINKI, April 1 - 
The Bank of Finland said it has revised
the weightings in its currency basket with effect from today.
Weightings  match the respective country's share in Finland's
foreign trade.
    Weights in percentages compared with former weights.
    Dollar  9.0 (8.8)
    Sterling 14.3 (13.8)
    Swedish crown 20.4 (20.6)
    Norwegian crown 5.2 (5.2)
    Danish crown 5.2 (5.3)
    German mark 19.3 (19.6)
REUTER^M
3;
bodyend
documentend
documentstart
11973
topicstart
topicend
bodystart
2;

AMES 
<
ADD> NAMES NEW CHIEF FINANCIAL OFFICER


    ROCKY HILL, Conn., April 1 - 
Ames Department Stores Inc
said Duane Wolter has been named executive vice president and
chiedf financial officer, succeeding as chief financial officer
Ralph M. Shulansky.
    The company said Shulansky remains senior vice
president-administration and investor relations.
    Ames said yesterday that inventory shortages found at its
Secaucus, N.J., distribution center would hurt results for the
year ended January 31.
    Wolter had been senior vice president, finance, and chief
financial officer of 
<
Rapid-American Corp's> McCrory Corp unit.
 Reuter
3;
bodyend
documentend
documentstart
11974
topicstart
topicend
bodystart
2;

BALDWIN PIANO 
<
BPAO> FILES SECONDARY OFFERING


    CINCINNATI, April 1 - 
Baldwin Piano and Organ Co said it
filed a registration statement covering a proposed public
offering of 630,000 common shares.
    Of the shares being offered, 490,000 shares will be sold by
General Electric Credit Corp and 140,000 by other shareholders.
    William Blair and Co and McDonald and Co will manage the
underwriting group, Baldwin said.
 Reuter
3;
bodyend
documentend
documentstart
11975
topicstart
topicend
bodystart
2;

JARDINE DECLINES COMMENT ON HONGKONG LAND REPORT


    LONDON, April 1 - 
A spokesman for Jardine Matheson Holdings
Ltd 
<
JARD.HK> said he could neither confirm nor deny a
newspaper report which said Jardine was thinking of moving its
listed property subsidiary 
<
Hongkong Land Ltd> to Bermuda.
    "I don't know how the report was originated ... I cannot
comment," the spokesman at Jardine's London office said when
asked to react to a report in the Daily Telegraph newspaper.
    The report said Jardine, which moved its place of domicile
from Hong Kong to Bermuda in the wake of the agreement to
transfer the British colony back to China in 1997, was
contemplating a similar move for Hongkong Land.
    The Daily Telegraph quoted Jardine chairman Simon Keswick
as saying Hongkong Land was at a crossroads now that all its
non-property assets as well as its major residential properties
in Hong Kong are being sold off.
    This left the company to focus its attention on prime site
commercial property in Hong Kong's city centre only, it said.
    "If we can't find any opportunities here we may have to look
abroad ... If we look abroad the structure of the company
becomes very important," Keswick was quoted as saying.
 REUTER
3;
bodyend
documentend
documentstart
11976
topicstart
earn
topicend
bodystart
2;

JOHN O. BUTLER CO 
<
BUTC> 2ND QTR FEB 28 NET


    CHICAGO, April 1 -
    
Shr 19 cts vs 18 cts
    Net 1,230,041 vs 1,153,280
    Sales 10,909,729 vs 9,675,355
    Six mths
    Shr 31 cts vs 29 cts
    Net 2,019,930 vs 1,857,357
    Sales 21.0 mln vs 17.8 mln
 Reuter
3;
bodyend
documentend
documentstart
11977
topicstart
earn
topicend
bodystart
2;

<
GUILLEVIN INTERNATIONAL INC> YEAR JAN 31 NET


    Montreal, April 1 -
    
Shr 51 cts vs 36 cts
    Net 2,543,285 vs 1,686,559
    Sales 153.2 mln vs 120.7 mln
 Reuter
3;
bodyend
documentend
documentstart
11978
topicstart
earn
topicend
bodystart
2;

COSMO COMMUNICATIONS CORP 
<
CSMO> YEAR LOSS


    MIAMI, April 1 -
    
Shr loss one ct vs loss 2.16 dlrs
    Net loss 30,000 vs loss 12.4 mln
    Revs 27.4 mln vs 38.3 mln
 Reuter
3;
bodyend
documentend
documentstart
11979
topicstart
earn
topicend
bodystart
2;

LINEAR 
<
LNER> SEES LOWER COMPARABLE 4TH QTR NET


    TULSA, Okla., April 1,  - 
Linear Films Inc said its fourth
quarter earnings for the period ended March 31, will be lower
than the 1,235,000 dlrs or 19 cts a share reported in the
year-ago quarter on sales of 11.8 mln dlrs.
    The company attributed the lower earnings to narrowing
profit margins on stretch film.
    Linear also said it is increasing its stretch film prices
by six pct effective April 15.
 Reuter
3;
bodyend
documentend
documentstart
11980
topicstart
earn
topicend
bodystart
2;

STAODYNAMICS INC 
<
SDYN> 4TH QTR NET


    LONGMONT, Colo., April 1 -
    
Shr three cts vs six cts
    Net 54,965 vs 106,147
    Revs 2,124,983 vs 1,915,928
    Avg shrs 2,206,017 vs 1,878,438
    Year
    Shr 14 cts vs eight cts
    Net 302,388 vs 157,690
    Revs 7,952,360 vs 7,495,936
    Avg shrs 2,139,991 vs 2,051,178
 Reuter
3;
bodyend
documentend
documentstart
11981
topicstart
acq
topicend
bodystart
2;

1ST SOURCE 
<
SRCE> COMPLETES MERGER


    SOUTH BEND, Ind., April 1 - 
1st Source Bank said it
completed its merger with 
<
Community State Bank> of North
Liberty, Ind.
    The bank said Community State Bank's shareholders approved
the merger at a meeting last Saturday, while Monday the
directors of 1st Source also approved the move.
    The merger would add Community Bank's 20 mln dlrs in assets
to 1st Source's more than one billion dlrs in assets, 1st
Source said.
 Reuter
3;
bodyend
documentend
documentstart
11982
topicstart
acq
topicend
bodystart
2;

FIRST NATIONAL BANK CORP TO BUY BRANCH


    MOUNT CLEMENS, MICH., April 1 - 
First National Bank Corp,
the newly formed parent of First National Bank in Mount
Clemens, Mich., and Bankers Fund Life Insurance Co, said it
reached an agreement to buy a branch in Clinton Township from a
nonrelated financial institution.
    It said the acquisition brings to 10 the number of bank
branches in Macomb County. Terms were not disclosed.
    Separately, the newly formed holding company also said it
named Arie Guldemond as chairman and Harold Allmacher as
president and chief executive officer.
 Reuter
3;
bodyend
documentend
documentstart
11983
topicstart
earn
topicend
bodystart
2;

GEORGIA PACIFIC 
<
GP> SEES GAIN FROM SALE


    ATLANTA, April 1 - 
Georgia-Pacific Corp said its second
quarter results will include a gain of 60 mln dlrs pre-tax, or
34 cts per share after-tax, from the sale of its interest in

<
Georgia Gulf Corp>.
    The company said it is selling warrants for about 1.8 mln
shares of Georgia Gulf common stock to Goldman Sachs and Co in
connection with the 4.8 mln share offering of Georgia Gulf.
    It said it received the warrants when it agreed to sell its
commmodity chemical operations to Georgia Gulf in 1984.
 Reuter
3;
bodyend
documentend
documentstart
11984
topicstart
soybean
oilseed
topicend
bodystart
2;

U.S., ARGENTINA SETTLE SOYPRODUCT CASE - YEUTTER


    WASHINGTON, April 1 - 
U.S. Trade Representative Clayton
Yeutter said the United States and Argentina have settled a 
case brought by the U.S. soybean crushing industry alleging
unfair subsidies to Argentina's crushing industry.
    Speaking to an Agribusiness Education forum here late
yesterday, Yeutter said the case was resolved at a meeting with
Argentine Agriculture Secretary Ernesto Figuerras during a
trade ministers' meeting in New Zealand last week.
    Under a verbal understanding between the two ministers,
Argentina will soon abolish export taxes on soybeans and
products, U.S. and Argentine officials said.
    The U.S. case brought by the U.S. National Soybean
Processors Association alleged Argentina, through differential
export taxes, implicitly subsidized domestic soybean crushers.
    The U.S. crushing industry, in its complaint under Section
301 of trade law, said higher Argentine export taxes on
soybeans than on products encourage the export of products and
represented an unfair trade practice.
    Yeutter told Figuerras that all agencies of the U.S.
government supported the U.S. complaint and unless Argentina
took steps to eliminate the taxes, the United States would
consider taking further action in the case, U.S. and Argentine
officials said.
    An Argentine official here said no timetable was given for
removal of the Argentine export taxes.
 Reuter
3;
bodyend
documentend
documentstart
11985
topicstart
topicend
bodystart
2;

M/A-COM 
<
MAI> EXPANDS BUYBACK, NAMES PRESIDENT


    BURLINGTON, Mass., April 1 - 
M/A-Com Inc said its board
authorized the repurchase of up to five mln of the company's
common shares from time to time in the open market or private 
transactions.
    The company also said its board named Thomas Burke
president and chief executive officer.
    The buyback authorization is in addition to a previous
approval last September to repurchase 12 mln shares.
    The company currently has about 32.2 mln shares
outstanding, after completion of the buyback of nearly all of
the 12 mln shares, a spokesman said.
    The repurchase of the additional five mln shares will
depend on market conditions, the telecommunications and
microwave components company said.
    Burke, 57, has been chief operating officer of M/A-Com
since last November. Before that he was executive vice
president, finance and administration.
    In February 1986, M/A-Com's former chairman, president and
chief executive, Richard DiBona, suffered a stroke. After that,
director Frank Brand, who had been executive vice president,
was named acting chief executive and director Irving Hellman
was named acting chairman.
    Brand and Hellman gave up their interim posts yesterday,
the spokesman said, adding the company will have no chairman
for the time being.
    In a statement, Burke said he plans to announce a major
change in the company's organization in the next few days. The
spokesman declined to elaborate.
 Reuter
3;
bodyend
documentend
documentstart
11986
topicstart
topicend
bodystart
2;

CIBA-GEIGY UNIT SPINS OFF INTO OPERATING GROUP


    NEW YORK, April 1 - 
<
Ciba-Geigy Ltd> announced the
formation of its Ciba Vision Group, becoming the first group
within the corporate structure to carry the Ciba name.
    The Swiss-based pharmaceutical giant said the new group,
which formerly operated under its U.S. pharmaceutical division,
represents the first time Ciba has developed an operating group
from within its corporate structure.
    It said other operating groups have been established
through acquisitions.
    Ciba's Vision Group will be headed by James MacDonald,
president and chief operating officer.
    MacDonald said the group will be based outside of
Frankfurt, W. Germany, near its research and development
facility.
    Sales from the group in 1986 were approximately 160 mln
dlrs, the company said.
    "The designation of Ciba Vision as an independent operating
group underscores Ciba-Geigy's anticipation of continued
growth," MacDonald told a group of reporters. 
    Silvano Ghirardi, head of the group's international
marketing operations, said he expects Ciba Vision to become
possibly the second leading vision care products company in the
industry by the end of the year. Bausch and Lomb 
<
BOL>, he
said, was the industry leader.
    "Right now we are trying to solidify the group and bring it
together under one group," Ghirardi said.
    Ghiirardi told Reuters the group considered Japan one of
the prime markets in which it intends to expand.
    MacDonald told reporters the group planned to expand
through acquisition and internal growth.
    He said Ciba Vision's sales have grown an average of more
than 200 pct a year since 1981, the year after the group was
formed.
 Reuter
3;
bodyend
documentend
documentstart
11988
topicstart
topicend
bodystart
2;

ASARCO 
<
AR> OFFERS 3.5 MLN SHARES COMMON STOCK


    NEW YORK, April 1 - 
Asarco Inc said it made a public
offering of 3,500,000 shares of its common stock today through
an underwriting group led by The First Boston Corp.
    This is an increase of 500,000 shares from the
previously-announced registration, the company said.
    The stock is being offered at 22.50 dlrs per share, the
company said. The proceeds will be used to reduce the company's
outstanding indebtedness, it added.
   
 Reuter
3;
bodyend
documentend
documentstart
11989
topicstart
interest
topicend
bodystart
2;

CONTINENTAL ILLINOIS 
<
CIL> RAISES PRIME RATE


    CHICAGO, April 1 - 
Continental Illinois Corp said it has
raised its prime rate to 7-3/4 from 7-1/2.
 Reuter
3;
bodyend
documentend
documentstart
11990
topicstart
earn
topicend
bodystart
2;

THOUSAND TRAILS INC 
<
TRLS> YEAR LOSS


    BELLEVUE, Wash., April 1 -
    
Shr loss 4.87 dlrs vs profit 16 cts
    Net loss 50,422,000 vs profit 1,788,000
    Revs 113.4 mln vs 173.7 mln
    Note: Current year figures include 33.3 mln dlr after-tax
writedown of land and improvements, a 5.6 mln dlr increase in
allowance for doubtful accounts and after-tax gain of three mln
dlrs on debt retirement.
 Reuter
3;
bodyend
documentend
documentstart
11991
topicstart
topicend
bodystart
2;

GENETICS 
<
GENI>, WELLCOME NAME SITE FOR VENTURE


    CAMBRIDGE, Mass., April 1 - 
Genetics Institute Inc and
Wellcome PLC, a British-based pharmaceutical company, jointly
announced the selection of a site for their joint venture,
WelGen Manufacturing Inc, formed last September.
    The companies said they choose a 77-acre site in West
Greenwich R.I. for the venture's manufacturing facility, which
will make biotechnology-based pharmaceuticals. The plant should
be completed in 1989, and will employ about 200 people.
 Reuter
3;
bodyend
documentend
documentstart
11993
topicstart
earn
topicend
bodystart
2;

VISTA ORGANIZATION LTD 
<
VISA> YEAR NET


    NEW YORK, April 1 -
    
Shr profit one ct vs loss nine cts
    Net profit 177,061 vs loss 1,364,878
    Revs 5,913,334 vs 487,121
    Avg shrs 18.6 mln vs 15.9 mln
 Reuter
3;
bodyend
documentend
documentstart
11994
topicstart
earn
topicend
bodystart
2;

TCA CABLE TV INC 
<
TCAT> SETS QUARTERLY


    TYLER, Texas, April 1 -
    
Qtly div six cts vs six cts prior
    Pay April 23
    Record April Nine
 Reuter
3;
bodyend
documentend
documentstart
11995
topicstart
topicend
bodystart
2;

GEORGIA GULF SECONDARY OFFERING UNDERWAY


    ATLANTA, April 1 - 
Four mln common shares of 
<
Georgia Gulf
Corp> common stock are being sold at 34.25 dlrs a share, said
sole manager of the underwriting, Goldman Sachs and Co.
    In addition, 800,000 shares will be offered overseas in an
offering managed by Goldman Sachs International Corp.
    It said General Electric Co's 
<
GE> General Electric Credit
Corp and Georgia-Pacific Corp 
<
GP> are selling the shares.
 Reuter
3;
bodyend
documentend
documentstart
11996
topicstart
acq
topicend
bodystart
2;

MONSANTO 
<
MTC> INVESTS IN BIOTECHNOLOGY 
<
BIOD>


    NEWTON, Mass., April 1 - 
Biotechnology Development Corp
said its Medicontrol Corp subsidiary received a 500,000 dlr
investment by Monsanto Co's G.D. Searle and Co subsidiary.
    The company said the investment was made pursuant to an
option Searle held, and increases Searle's stake in Medicontrol
to 19.8 pct with a total investment of one mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
11997
topicstart
acq
topicend
bodystart
2;

CHASE 
<
CMB> BUYS BORG-WARNER 
<
BOR> UNIT


    NEW YORK, April 1 - 
Chase Manhattan Corp said Chase
Trans-Info, a subsidiary of its Chase Manhattan Bank N.A. unit,
has bought Borg-Warner Corp's Traffic Services business,
including an Illinois processing center, for an undisclosed
sum.
    Borg Warner Traffic Services provides freight bill
pre-audit, payment and information services to industry through
Borg-Warner Acceptance Corp.
    Chase Trans-Info, which offers similar services, is now the
largest provider of information services for the transportation
industry.
 Reuter
3;
bodyend
documentend
documentstart
11999
topicstart
acq
strategic-metal
topicend
bodystart
2;

MOUNTAIN STATES 
<
MTSR> ADDES TWO PROPERTIES


    SALT LAKE CITY, April 1 - 
Mountain States Resources Corp
said it acquired two properties to its strategic minerals
holdings.
    The acquisitions bring to its land position a total of
5,100 acres of titanium, zirconium and rare earth resources,
the company said.
    Both properties, located in southern Utah, consist of
approximately 1,430 acres of unpatented mining claims and one
state lease, it said.
    The company also announced the formation of Rare Tech
Minerals Inc, a wholly-owned subsidiary.
 Reuter
3;
bodyend
documentend
documentstart
12000
topicstart
topicend
bodystart
2;

BORDEN 
<
BN> CALLS 4-3/8 PCT DEBENTURES


    NEW YORK, April 1 - 
Borden Inc said it called for
redemption on May one its outstanding 605,000 dlrs of 4-3/8 pct
sinking fund debentures due 1991.
    It will buy back the debentures at par plus accrued
interest of 18.23 dlrs for each 1,000 dlr debenture.
    The trustee is Chase Manhattan Bank N.A. and the paying
agency is Chemical Bank, the company said.
 Reuter
3;
bodyend
documentend
documentstart
12001
topicstart
earn
topicend
bodystart
2;

REPUBLIC SAVINGS AND LOAN 
<
RSLA> SETS DIVIDEND


    MILWAUKEE, Wis., April 1 -
    
Qtly div 30 cts vs 30 cts prior
    Pay April 27
    Record April 13
    NOTE: Company's full name is Republic Savings and Loan
Association of Wisconsin.
 Reuter
3;
bodyend
documentend
documentstart
12002
topicstart
wheat
corn
soybean
grain
oilseed
topicend
bodystart
2;

SHULTZ USSR TRIP FUELS TALK OF EEP WHEAT OFFER


    By Nelson Graves, Reuters


    WASHINGTON, April 1 - 
Speculation the United States will
offer subsidized wheat to the Soviet Union appears to have
reached a new level of intensity in the run-up to Secretary of
State George Shultz' visit later this month to Moscow.
    Rumors of an impending deal have coursed through wheat
markets since officials from the two countries held their
customary, semi-annual grain talks in February. Moscow's
decision at that time to reenter the U.S. corn market
strengthened the perception of warming farm trade prospects.
    Shultz is set to arrive in Moscow April 13.
    Shultz' statement two weeks ago that he would not stand in
the way of a wheat subsidy offer under the Export Enhancement
Program, EEP, coupled with the announcement of his visit to
Moscow, was interpreted by many grain trade representatives
here as a clear signal that the Reagan administration was
preparing an offer.
    Administration officials -- in and out of the U.S.
Agriculture Department -- have been extremely tight-lipped
about the prospects of a subsidy offer.
    But USDA officials for the most part have abandoned the
contention the proposal is dormant, suggesting that an offer,
while not a "done deal," is a live possibility.
    Prominent U.S. grain trade representatives -- many of whom
asked not to be identified -- continue to maintain that an
offer to subsidize four mln tonnes of wheat is imminent.
    Others, who one month ago claimed a deal was not possible,
are saying they would not rule one out.
    Rep. Pat Roberts, R-Kan., yesterday went so far as to
predict a subsidy offer would be made within the next ten days
to two weeks.
    Aides to Roberts said he had spoken to Republican leaders
who had been in contact with administration officials.
    Richard Fritz, director of international marketing at U.S.
Wheat Associates, said he was confident an export enhancement
offer would be made by the middle of this month.
    Fritz also said he thought the value of the bonus would end
up being close to the offer Washington made Peking earlier this
year when USDA approved subsidies to China of around 36 dlrs
per tonne on one mln tonnes of wheat.
    Some grain trade representatives say a four-mln-tonne wheat
subsidy offer might help stimulate more Soviet purchases of
U.S. corn and open the door to U.S. sales of soybeans.
    As ever, one of the crucial sticking points in a wheat deal
would appear to be price.
    Last summer the administration took the controversial step
of offering the Soviets subsidized wheat -- but were
embarrassed when Moscow spurned the proposal on the grounds
that the 15-dlr-per-tonne subsidy still left U.S. wheat prices
far above world market prices.
    The administration's decision to set the subsidy level up
front instead of accepting bids from exporters appeared to be a
means of controlling the price while attempting to dampen
criticism, grain trade sources said.
    Nonetheless, the pricing procedure did not prevent Shultz
from saying the Soviets were "chortling" because Washington was
offering Soviet housewives cheaper grain than that available to
U.S. housewives.
    The conventional wisdom among grain trade representatives
here is that a general warming of relations between the two
countries since last summer, combined with continued hard times
in the U.S. grain belt, would favor a subsidy offer.
    In addition, the USSR has made it clear it would consider
buying U.S. wheat if it were priced more competitively.
    However, observers have not forgotten the circumstances
surrounding the administration's announcement of the wheat
subsidy offer last summer.
    Up until the time of the announcment, congressional and
industry leaders were led to believe the White House had
decided to expand the Export Enhancement Program to include not
only the Soviets, but also a much broader list of countries.
    Instead, the administration scaled back the offer to
include only the Soviets.
    That last-minute change of heart adds a measure of
uncertainty even to the predictions of those most convinced
that the administration will not now pass up the opportunity to
sell four mln tonnes of wheat to the Soviet Union.
 Reuter
3;
bodyend
documentend
documentstart
12003
topicstart
sugar
topicend
bodystart
2;

KAINES CONFIRMS WHITE SUGAR SALES TO INDIA


    LONDON, April 1 - 
London-based sugar operator Kaines Ltd
confirmed it sold two cargoes of white sugar to India out of an
estimated overall sales total of four or five cargoes in which
other brokers participated.
    The sugar, for April/May and April/June shipment, was sold
at between 214 and 218 dlrs a tonne cif, it said.
 Reuter
3;
bodyend
documentend
documentstart
12004
topicstart
topicend
bodystart
2;

LUXTEC 
<
LUXT> CUTS WARRANT EXERCISE PRICE


    STURBRIDGE, Mass., April 1 - 
Luxtec Corp said it has
reduced the exercise price of its Class B common stock purchase
warrants to one dlr from two dlrs from today through June 30.
 Reuter
3;
bodyend
documentend
documentstart
12005
topicstart
earn
topicend
bodystart
2;

<
THL HOLDINGS INC> YEAR JAN 31 NET


    CANTON, Mass., April 1 -
    
Oper net 94.4 mln vs 74.1 mln
    Revs 1.3 bilion vs 1.2 billion
    NOTE: THL is parent to SCOA Industries Inc, acquired in a
leveraged buyout in December 1985.
 Reuter
3;
bodyend
documentend
documentstart
12006
topicstart
topicend
bodystart
2;

GUARDIAN ROYAL SEES EXPANSION IN LIFE ASSURANCE


    LONDON, April 1 - 
Insurance group Guardian Royal Exchange
Plc 
<
GREX.L> said it would expand its life assurance business
and push further into European markets, but that U.K.
Underwriting losses remained a heavy drag on profits.
    Earlier, the group had announced sharply increased pre-tax
profits of 143.8 mln stg for calendar 1986, versus 3.5 mln the
previous year.
    "We are anxious to develop our life assurance business,"
group managing director Peter Dugdale told a news conference.
"If we have a thrust for the coming years, it is probably best
to spend more time on life in the U.K. And abroad," he said.
 Reuter
3;
bodyend
documentend
documentstart
12007
topicstart
acq
strategic-metal
topicend
bodystart
2;

MOUNTAIN STATES ADDS TWO MINERALS PROPERTIES


    SALT LAKE CITY, April 1 - 
Mountain States Resources Corp
said it acquired two properties to add to its strategic
minerals holdings.
    The acquisitions include a total of 5,100 acres of
titanium, zirconium and rare earth resources, the company said.
    Both properties, located in southern Utah, consist of
approximately 1,430 acres of unpatented mining claims and one
state lease, it said.
    The company also announced the formation of Rare Tech
Minerals Inc, a wholly-owned subsidiary.
 Reuter
3;
bodyend
documentend
documentstart
12008
topicstart
coffee
topicend
bodystart
2;
******
RESTORATION OF COFFEE EXPORT QUOTAS BEFORE
 OCTOBER SEEMS UNLIKELY - ICO PRODUCER DELEGATES

3;


bodyend
documentend
documentstart
12009
topicstart
wheat
grain
topicend
bodystart
2;

SHULTZ USSR TRIP FUELS TALK OF EEP WHEAT OFFER


    WASHINGTON, April 1 - 
Speculation the United States will
offer subsidized wheat to the Soviet Union appears to have
reached a new level of intensity in the run-up to Secretary of
State George Shultz' visit later this month to Moscow.
    Rumors of an impending deal have coursed through wheat
markets since officials from the two countries held their
customary, semi-annual grain talks in February. Moscow's
decision at that time to reenter the U.S. corn market
strengthened the perception of warming farm trade prospects.
    Shultz is set to arrive in Moscow April 13.
 Reuter
3;
bodyend
documentend
documentstart
12010
topicstart
interest
topicend
bodystart
2;

FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES


    WASHINGTON, April 1 - 
The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
   MATURITY   RATE       OLD RATE  MATURITY
    32 days   6.00 pct   6.10 pct   1 day
  
 Reuter
3;
bodyend
documentend
documentstart
12011
topicstart
coffee
topicend
bodystart
2;

ICO QUOTAS BEFORE OCTOBER UNLIKELY - DELEGATES


    LONDON, April 1 - 
The restoration of coffee export quotas
before the end of the current 1986/87 coffee year (Oct 1/Sept
30) now seems unlikely, given reluctance by International
Coffee Organization, ICO, producers and consumers to resume
negotiations on an interim quota accord, producer delegates
told reporters.
    Consumers and most producers see no point in reopening the
quota dialogue while Brazil's position remains unchanged, they
said.
    Brazil's refusal to accept a reduction in its previous 30
pct share of the ICO's global export quota effectively
torpedoed talks here last month aimed at restoring quotas
before October, the delegates noted.
    Disappointment at the lack of progress on quotas forced
coffee futures in London and New York to new lows today,
traders here said. Near May in New York fell below one dlr in
early trading at around 99.10 cents per pound, traders said.
    Producer delegates said that while the possibility of
reimposing quotas before October remained on the ICO agenda, in
practice the idea had effectively been discarded.
    The ICO's executive board session here this week has so far
barely touched on the quota debate, demonstrating general
unwillingness to revive talks while chances of success are
still remote, producer delegates said.
    Some producers are in no hurry to see quotas restored,
despite the price collapse seen since the failure of last
month's negotiations, they said.
    "With Brazil's frost season approaching, who wants to
negotiate quotas," one leading producer delegate said.
    Coffee prices normally rise during Brazil's frost season
(mainly June-August) as dealers and roasters build up stocks as
insurance against possible severe frost damage to Brazil's
crop.
    Many producers are more interested in working towards
reimposing quotas from October 1, based on a new system of
quota allocations valid until the International Coffee
Agreement expires in 1989, they said.
    Guatemala has already proposed the "other oilds" producer
group should meet in the next two months to begin talks on how
to allocate quota shares.
    Producers still seem divided on how to overhaul the quota
distribution system, with some producer delegates reporting
growing support for a radical reallocation, based on the
principle of "objective criteria" favoured by consumers.
    At last month's council session a splinter group of small
producers backed consumer demands for new quota shares based on
exportable production and stocks, while Brazil, Colombia and
the rest of the producers favoured leaving quota allocations
unchanged, except for some temporary adjustments.
    A delegate from one of the eight said more producers now
supported their cause.
    The delegate said unless major producers like Brazil showed
readiness to negotiate new quota shares, prospects for a quota
accord in October also looked bleak.
    The U.S. and most other consumers are still determined to
make reimposition of quotas conditional on a redistribution of
quota shares based on "objective criteria."
    ICO observers remained sceptical that Brazil would be
prepared to accept a quota reduction when the ICO council meets
in September.
    Brazil has adopted a tough stance with banks on external
debt negotiations and is likely to be just as tough on coffee,
they said.
    They said Brazil's reluctance to open coffee export
registrations might reflect fears this would provoke another
price slide and force an emergency ICO council session, which
would most likely end in failure.
    Producers met this afternoon to review the market situation
but had only a general discussion about how further
negotiations should proceed, a producer delegate said.
    Producers plan to hold consultations on quotas, and then
may set a date for a formal producer meeting, but plans are not
fixed, he said.
    The ICO executive board reconvened at 1650 hours local time
to hear a report from consultants on ICO operations. The board
meeting looks set to end today, a day earlier than scheduled,
delegates said.
 Reuter
3;
bodyend
documentend
documentstart
12012
topicstart
topicend
bodystart
2;
******
AMERICAN MOTORS MARCH U.S. CAR OUTPUT DOWN TO 2,578 FROM
5,922

3;


bodyend
documentend
documentstart
12014
topicstart
earn
topicend
bodystart
2;

(GEOFFRION LECLERC INC) SIX MTHS NET


    MONTREAL, April 1 -
    
Shr 39 cts vs 26 cts
    Net 3,466,000 vs 1,913,000
    Revs 27.7 mln vs 19.4 mln
    Note: period ended February 28. REUTER
 Reuter
3;
bodyend
documentend
documentstart
12015
topicstart
topicend
bodystart
2;

ALLIED SUPERMARKETS 
<
ASU> FILES FOR OFFERING 


    NEW YORK, April 1 - 
Allied Supermarkets Inc said it filed
with the Securities and Exchange Commission a registration
statement covering 240 mln dlrs of debt securities.
    The company plans to offer 140 mln dlrs of senior
subordinated discount debentures and 100 mln dlrs of
subordinated debentures.
    Proceeds will be used to finance Allied's acquisition of
Vons Cos Inc.
    Allied named Drexel Burnham Lambert Inc and Donaldson,
Lufkin and Jenrette Securities Corp as co-underwriters of both
offerings.
 Reuter
3;
bodyend
documentend
documentstart
12016
topicstart
interest
topicend
bodystart
2;

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 1 - 
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
                         5.00 pct    30-69 days
                         5.92 pct    70-88 days
  30-123 days  5.00 pct  5.00 pct   89-123 days
 124-150 days  5.93 pct  5.93 pct  124-150 days
 151-349 days  5.00 pct  5.00 pct  151-349 days
 350-360 days  5.98 pct  5.98 pct  350-360 days
 Reuter
3;
bodyend
documentend
documentstart
12017
topicstart
earn
topicend
bodystart
2;

TOWLE MANUFACTURING CO 
<
QTOW> YEAR LOSS


    BOSTON, April 1 -
    
Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
    Oper loss 22 mln vs loss 67.2 mln
    NOTE: 1986 loss excludes gain on the sale of Gold Lance
Corp of 12.1 mln dlrs. Company is operating under chapter 11.
 Reuter
3;
bodyend
documentend
documentstart
12018
topicstart
acq
topicend
bodystart
2;
******
DELTA AIR LINES COMPLETES ACQUISITION OF WESTERN AIR

3;


bodyend
documentend
documentstart
12019
topicstart
interest
topicend
bodystart
2;
******
TREASURY'S BAKER SAYS HE HOPES PRIME RATE INCREASES
TEMPORARY

3;


bodyend
documentend
documentstart
12020
topicstart
topicend
bodystart
2;

NEW MONTREAL NEWSPAPER FOLDS


    MONTREAL, April 1 - 
Le Matin, the French-language tabloid
launched here in February, said it is shutting down its
operations because it can no longer get financing.
    The paper, launched by private investors, was Montreal's
fourth French-language newspaper and was aimed at readers with
above average incomes and educations. It had a daily
circulation of about 20,000 copies.
    Le Matin was printed and distributed by (Southam Inc)'s
Montreal Gazette newspaper. A Gazette spokesman said his
newspaper is Le Matin's biggest creditor but he declined to
reveal the amount of debt
    Acting publisher Jean-Pierre Bordua said the newspaper's
bank blocked its lines of credit after three of the paper's
senior managers resigned Friday.
 Reuter
3;
bodyend
documentend
documentstart
12021
topicstart
topicend
bodystart
2;

TOWLE 
<
QTOW> STOCK MAY BE DILUTED, CANCELED


    BOSTON, Mass., April 1 - 
Towle Manufacturing Co, in Chapter
11 of the U.S. bankruptcy code, said any plan of reorganization
would likely lead to a dilution or cancellation of its common
and preferred stock.
    The company also said claims for subordinated debentures
would likely be paid at less than their 100 pct of their face
value, and general unsecured claims would likely be paid
without interest. The company has not yet filed a plan of
reorganization.
    The company said it lost 22 mln dlrs from operations in
1986 against a loss of 67.2 mln dlrs a year ago.
    The company also said its independent accountants
disclaimed an opinion on the financial statements for 1986
because of questions about its contination as a going concern.
    The company said, however, it substantially restructured
its business, reducing borrowings on an outstanding credit line
to 16.5 mln dlrs in 1986 from 57 mln dlrs a year ago. The
company also cut its staff to 820 employees at the end of 1986
from 2,500 a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
12022
topicstart
earn
topicend
bodystart
2;

SOUTH ATLANTIC FINANCIAL CORP 
<
SOAF> 4TH QTR


    STAMFORD, Conn., April 1 -
    
Shr 12 cts vs 33 cts
    Net 699,037 vs 1,349,077
    Year
    Shr 54 cts vs 55 cts
    Net 2,748,280 vs 1,833,766
    NOTE: Per shr amounts reported after preferred stock
dividend requirements.
 Reuter
3;
bodyend
documentend
documentstart
12023
topicstart
topicend
bodystart
2;

AMERICAN MOTORS 
<
AMO> MARCH OUTPUT FALLS


    SOUTHFIELD, Mich., April 1 - 
American Motors Corp said it
produced 2,578 U.S. cars in March, down from 5,922 in the same
1986 month.
    The automaker's March U.S. Jeep output was 21,390, up from
16,215 in the same month last year.
    Year-to-date U.S. car production by American Motors through
the end of March was 8,647 vehicles compared to 12,553 in the
same 1986 period. Year-to-date Jeep output was 58,597 compared
to 56,801.
                                     
 Reuter
3;
bodyend
documentend
documentstart
12024
topicstart
copper
topicend
bodystart
2;

CYPRUS LOWERS COPPER PRICE 1.25 CTS TO 67 CTS


    DENVER, April 1 - 
Cyprus Minerals Company said it is
decreasing its electrolytic copper cathode price by 1.25 cents
to 67.0 cents a pound, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12025
topicstart
topicend
bodystart
2;

TOSHIBA COULD BE FIRST TO FEEL U.K. TRADE ANGER


    By Sten Stovall, Reuters


    LONDON, April 1 - 
Toshiba Corp 
<
TSBA.T>, the Japanese
electronics group which plans to enter Britain's liberalised
telecommunications equipment market, risks becoming the first
casualty in the current war of words over trade between Japan
and the U.K., Government and industry sources said.
    U.K. Authorities have lost patience with Japanese trading
practices and said they are seeking ways to retaliate without
unleashing a damaging trade war. "Toshiba's timing seems most
unfortunate for the company, as it comes exactly when we are
looking for someone to punch," one official told Reuters.
    Earlier, 
<
Toshiba Information Systems (U.K.) Ltd> said it
wanted to enter the British business facsimile and key
telephone market. A facsimile machine sends printed data over
telephone lines, while a key telephone system is used for
switching calls within a business, industry sources said.
    The move by Toshiba comes in the middle of a dispute over
Japan's refusal to open up its telecommunications market to
foreign companies. "Toshiba's timing is most extraordinary," one
official at the Department of Trade and Industry (DTI) said.
    Tomorrow, the U.K. Government will consider what legal
action it can possible take to press for Japanese reform.
    Prime Minister Margaret Thatcher has given notice that the
U.K. Would fight the Japanese government's attempt to prevent
Cable and Wireless Plc 
<
CAWL.L> from taking a significant
position in a new Japanese international telecommunications
venture. "We regard this as a test case," she told Parliament.
    But while the U.K. Is keen to see some movement on the
issue by Japan, it is also worried that recent anti-Japanese
rhetoric may cause developments to get out of hand, officials
said.
    Japanese officials in Tokyo today reiterated that Japan had
no plans to bow to U.K. And U.S. Pressure to give foreign
telecommunications firms a bigger role there.
    The government, for which competition and the deregulation
of markets are major political themes, is unlikely to make
final decisions tomorrow on how to act against Japan, officials
said.
    Detailed consideration of the issue has been shelved during
Thatcher's official visit to the Soviet Union, which ends
today.
    "We are waiting for the Prime Minister to decide what to do.
The DTI will pass the ball to her as soon as she returns
tonight," a DTI official said.
    He said Toshiba's application would be considered by the
Office of Telecommunications (OFTEL). An OFTEL spokeswoman said
"a decision on this application will take weeks, maybe months."
    Asked whether Toshiba's bid would fall victim to British
retaliation, the OFTEL spokeswoman said: "Who knows what's going
to happen given the current situation!"
    A Toshiba executive, who asked not to be named, told
Reuters: "We do not anticipate any special problems."
    Some analysts queried by Reuters questioned the basis of
Britain's strong stand on the Cable and Wireless bid. One said
that the company's proposal was equivalent to a Japanese
company wanting to take a stake in Mercury International, the
subsidiary of Cable and Wireless that is the only real
competitor of British Telecommunications Plc 
<
BTY.L>.
    British Corporate Affairs minister Michael Howard leaves
for Japan on Saturday.
    The minister will seek a clear timetable from Japan for
easier access for British institutions to Japanese financial
markets, reciprocating the easy access Japanese securities
houses and banks have to the City of London.
    Britain has threatened to use its new Financial Services
Act to revoke or deny licences to Japanese brokerage houses if
it does not get satisfaction.
    But British authorities would be far from happy if forced
to use that weapon, government sources said.
    Sir Nicholas Goodison, Chairman of the London Stock
Exchange, said in New York yesterday that sanctions against
Japanese financial institutions operating in the U.K. Would set
back London's ambition to become a leading centre for corporate
financing and securities trading.
    Chancellor of the Exchequer Nigel Lawson also warned
yesterday of the negative effects that a trade war could have
on the British economy. Such a development could hit U.K.
Exports and sharply alter the outlook for the next general
election in which economic recovery will be one of the
government's main themes, political analysts said.
 REUTER
3;
bodyend
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12026
topicstart
topicend
bodystart
2;

DOLLAR EUROBONDS END EASIER ON PRIME RATE RISES


    By Christopher Pizzey, Reuters


    LONDON, April 1 - 
The dollar straight sector of the
eurobond market ended easier after a subdued day's trading as
U.S. Banks began to match yesterday's surprise 1/4 point prime
rate hikes by Citibank and Chase Manhattan Bank, dealers said.
    The prime rates were raised to 7-3/4 from 7-1/2 pct and the
timing of the moves puzzled many dealers. However, reaction
here was limited, with shorter dated paper ending steady to 1/4
point easier, while longer dates dipped by 1/4 to 1/2 point.
    In the primary market, activity again centred on currencies
other than the U.S. Dollar, dealers noted.
    One dollar straight dealer at a U.S. Securities house
commented "There was, in fact, the odd retail buyer today, but
only in small sizes." He added that, ironically, the prime rate
rises may help the market to stabilise since the dollar rose on
the back of the news.
    The only U.S. Dollar deal launched during the day was, as
has been the case recently, equity linked. The 15-year
convertible bond was for the Bank of Tokyo Ltd and has an
indicated coupon of two pct. One source at a house involved in
the deal said, "It's got to be a blow-out. With a name like this
you're talking about Japan Inc."
    The lead manager was the Bank of Tokyo International (BOTI)
and the deal ended far above the par issue price at 108 109
pct. A BOTI official said "We've had worldwide interest in the
deal."
    She noted the Tokyo stock market had experienced a mild
correction at the beginning of the week but that bank stocks
were hardly affected.
    The yen sector edged slightly firmer and one new straight
deal was launched, a 20 billion yen bond for France's Caisse
Nationale des Telecommunications. The state guaranteed five
year bond pays 4-3/8 pct and was priced at 101-1/2 pct.
    The issue was lead managed by IBJ International Ltd and was
quoted on the grey market at less 1-7/8 less 1-3/4 pct compared
with the total fees of 1-7/8 pct. One syndicate official at a
firm not involved in the deal said "It's tight, but overall I
would say its fairly priced."
    Also launched was a five-year zero coupon bond with a total
redemption amount of 19 billion yen for Rural Banking and
Finance Corp of New Zealand. It was priced at 81.22 pct and
lead managed by Nomura International.
    In the Australian dollar sector, GMAC (Australia) Finance
Ltd issued a 50 mln Australian dlr bond.
    Hambros Bank Ltd was lead manager for the four-year deal
which pays 14-1/4 pct and was priced at 101 pct. It was
guranteed by General Motors Acceptance Corp and was quoted on
the 1-3/4 pct fees at less 1-3/4 pct bid.
    McDonalds Corp issued a 75 mln Canadian dlr bond paying
8-1/2 pct over five years and priced at 101-5/8 pct. It was
quoted around the 1-7/8 pct fees at less two less 1-3/4 and was
led by Morgan Guaranty Ltd.
    The European Investment Bank launched a 300 mln Danish
Crown, seven-year, bond withan 11 pct coupon and pricing of 101
pct. It was lead managed by Den Danske Bank.
    The floating rate note sector basically ended easier
following the increase in period eurodollar deposit rates
prompted by the prime rate increases, dealers said. But they
noted that mis-match deals - issues whereby the coupon is
re-fixed on a monthly basis - were firmer.
 REUTER
3;
bodyend
documentend
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12027
topicstart
interest
topicend
bodystart
2;

TREASURY'S BAKER HOPES PRIME RATE RISE TEMPORARY


    WASHINGTON, April 1 - 
Treasury Secretary James Baker said
he hopes yesterday's small increase in two major money center
banks' prime rate was a temporary phenomenon.
    "I hope it was a temporary blip upward," he told a House
Appropriations subcommittee.
    He said the decline in interest rates since President
Reagan took office remains "one of the significant
accomplishments, in the economic area, of this administration."
 Reuter
3;
bodyend
documentend
documentstart
12028
topicstart
acq
topicend
bodystart
2;

DELTA 
<
DAL> COMPLETES WESTERN AIR 
<
WAL> BUY


    ATLANTA, April 1 - 
Delta Air Lines Inc said it completed
the acquisition of Western Air Lines Inc this morning.
    The action follows U.S. Supreme Court Justice Sandra Day
O'Connor's overnight granting of Delta and Western's request to
stay an earlier injunction against the deal issued by the U.S.
Court of Appeals for the Ninth Circuit.
 More
3;
bodyend
documentend
documentstart
12029
topicstart
topicend
bodystart
2;

NATIONAL DISTILLERS AND CHEMICAL 
<
DR> EXPANDING


    NEW YORK, April 1 - 
National Distillers and Chemical Corp
said its board approved a modernization and expansion program
from its petrochemical division, USI Chemical Co, its
polyethylene producer.
    The program will add 600 mln pounds per year to USI's
existing capacity of 3.2 billion pounds, the company said. The
increase will result from the addition of two linear reactors
based on fluid bed gas phase technology for the production of
linear low density or high density polyethylene at locations in
the Midwest and Gulf Coast, it said.
    Plans are in the engineering stage with completion expected
in mid 1989, the company said. In addition, USI is presently
constructing a 300 mln pound linear low density polyethylene
facility, scheduled to come on stream in early 1988 at its Port
Author, Texas, plant.
 Reuter
3;
bodyend
documentend
documentstart
12030
topicstart
topicend
bodystart
2;

BALDWIN PIANO 
<
BPAO> FILES FOR SECONDARY


    CINCINNATI, April 1 - 
Baldwin Piano and Organ Co said it
has filed for a secondary offering of 630,000 common shares,
including 490,000 to be sold by General Electric Co 
<
GE> and
140,000 by other shareholders.
    Lead underwriters are William Blair and Co and McDonald and
Co Investments 
<
MDD>.
 Reuter
3;
bodyend
documentend
documentstart
12031
topicstart
earn
topicend
bodystart
2;

AMERICAN OIL AND GAS CORP 
<
AOG> 4TH QTR LOSS


    HOUSTON, April 1 -
    
Shr loss 34 cts vs loss 2.14 dlrs
    Net loss 2,275,000 vs loss 9,560,000
    Revs 17.0 mln vs 19.9 mln
    Year
    Shr loss 49 cts vs loss 2.11 dlrs
    Net loss 2,661,000 vs loss 9,283,000
    Revs 73.5 mln vs 93.6 mln

    NOTE: Results have been restated to reflects equity
investment in WellTech Inc for one month ended Dec 31, 1986 and
its investment in American Well Servicing for the 11 months
ended Nov 30, 1986 and full year 1985.
    1986 and 1985 net include loss of 3,512,000 dlrs and
5,944,000 dlrs, respectively, for equity in WellTech and
predecessor operations.
 Reuter
3;
bodyend
documentend
documentstart
12032
topicstart
acq
topicend
bodystart
2;
******
MACANDREWS/FORBES UNIT BEGINS OFFER TO BUY ALL REVLON
GROUP NOT ALREADY OWNED

3;


bodyend
documentend
documentstart
12033
topicstart
earn
topicend
bodystart
2;

<
NEWPARK RESOURCES INC> YEAR ENDED DEC 31 LOSS


    NEW ORLEANS, April 1 -
    
Oper shr loss 1.99 dlr vs loss 4.88 dlrs
    Oper net loss 29.1 mln vs 70.8 mln
    Revs 34.8 mln vs 84.8 mln
    NOTE: 1986 and 1985 oper net excludes a loss of 5.5 mln
dlrs or 37 cts a share and 64.6 mln dlrs or 4.43 dlrs a share,
respectively, for discontinued operations.
    1986 net also excludes a gain of 66.4 mln dlrs or 4.50 dlrs
a share for credit on debt restructuring.
 Reuter
3;
bodyend
documentend
documentstart
12034
topicstart
topicend
bodystart
2;

CARDIS 
<
CDS> EXPECTS SIGNIFICANT YEAR LOSS


    BEVERLY HILLS, Calif., April 1 - 
Cardis Corp said it
anticipates reporting a loss from continuing operations of
approximately 17.7 mln dlrs on revenues of 228 mln dlrs for
fiscal year 1986.
    In addition, the company said it expects to report a
year-end loss on the discontinued operations of its engine
rebuilding divisions of approximately 1,100,000 mln dlrs.
    Cardis also said it expects to report a loss in excess of
five mln dlrs for its first fiscal quarter ended Jan 31, 1987,
on approximate revenues of 58 mlns dlrs.
    For fiscal 1985 Cardis reported operating income of
8,680,000 and net income of 1,150,000 dlrs, and in the first
quarter of fiscal 1986, it reported a 495,000 dlr loss from
continuing operations.
    The company said its auditor, Touche Ross and Co, has
indicated to it that any opinion it issues on the company's
soon-to-be completed year-end audit will be qualified.
    The company also said it expects to conclude soon its
current negotiations with its primary lenders for extension of
its loan agreements and expansion of its credit lines.
 Reuter
3;
bodyend
documentend
documentstart
12035
topicstart
earn
topicend
bodystart
2;

TIERCO GROUP INC 
<
TIER> YEAR ENDED DEC 31 LOSS


    OKLAHOMA CITY, April 1 -
    
Shr loss 72 cts vs loss 1.57 dlr
    Net loss 1,526,359 vs loss 3,315,834
    Revs 8,032,798 vs 7,276,517
 Reuter
3;
bodyend
documentend
documentstart
12036
topicstart
earn
topicend
bodystart
2;

MICRODYNE CORP 
<
MCDY> SETS PAYOUT


    OCALA, Fla., April 1 -
    
Semi div three cts vs three cts prior
    Pay June 12
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
12039
topicstart
topicend
bodystart
2;

TOSHIBA COULD BE FIRST TO FEEL U.K. TRADE ANGER


    By Sten Stovall, Reuters


    LONDON, April 1 - 
Toshiba Corp 
<
TSBA.T>, the Japanese
electronics group which plans to enter Britain's liberalised
telecommunications equipment market, risks becoming the first
casualty in the current war of words over trade between Japan
and the U.K., Government and industry sources said.
    U.K. Authorities have lost patience with Japanese trading
practices and said they are seeking ways to retaliate without
unleashing a damaging trade war. "Toshiba's timing seems most
unfortunate for the company, as it comes exactly when we are
looking for someone to punch," one official told Reuters.
    Earlier, 
<
Toshiba Information Systems (U.K.) Ltd> said it
wanted to enter the British business facsimile and key
telephone market. A facsimile machine sends printed data over
telephone lines, while a key telephone system is used for
switching calls within a business, industry sources said.
    The move by Toshiba comes in the middle of a dispute over
Japan's refusal to open up its telecommunications market to
foreign companies. "Toshiba's timing is most extraordinary," one
official at the Department of Trade and Industry (DTI) said.
    Tommorrow, the U.K. Government will consider what legal
action it can possible take to press for Japanese reform.
    Prime Minister Margaret Thatcher has given notice that the
U.K. Would fight the Japanese government's attempt to prevent
Cable and Wireless Plc 
<
CAWL.L> from taking a significant
position in a new Japanese international telecommunications
venture. "We regard this as a test case," she told Parliament.
    But while the U.K. Is keen to see some movement on the
issue by Japan, it is also worried that recent anti-Japanese
rhetoric may cause developments to get out of hand, officials
said.
    Japanese officials in Tokyo today reiterated that Japan had
no plans to bow to U.K. And U.S. Pressure to give foreign
telecommunications firms a bigger role there.
reuter^M
3;
bodyend
documentend
documentstart
12040
topicstart
interest
topicend
bodystart
2;

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 1 - 
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
                                                               
                              30-123 days  5.00 pct  5.00 pct  
30-123 days
 124-150 days  5.90 pct  5.93 pct  124-150 days
 151-349 days  5.00 pct  5.00 pct  151-349 days
 350-360 days  5.96 pct  5.98 pct  350-360 days
 Reuter
3;
bodyend
documentend
documentstart
12042
topicstart
earn
topicend
bodystart
2;

CROWNAMERICA INC 
<
CRNA> 2ND QTR ENDED FEB 28


    DALTON, Ga., April 1 -
    
Shr two cts vs 29 cts
    Net 23,000 vs 338,000
    Revs 20.2 mln vs 21.5 mln
    Six mths
    Shr 64 cts vs 97 cts
    Net 741,000 vs 1,113,000
    Revs 43.2 mln vs 44.3 mln
    NOTE: 1986 2nd qtr and six mths ended March one.
 Reuter
3;
bodyend
documentend
documentstart
12043
topicstart
topicend
bodystart
2;

QUANTUM DIAGNOSTICS 
<
QTMCU> GETS PATENT


    HAUPPAUGE, N.Y., April 1 - 
Quantum Diagnostics Ltd said it
has been granted a patent for a new imaging technology it has
developed that uses electrmagnetic radiation.
    It said it sees applications in airport security screening
devices, medical diagnostic imaging systems and quality control
devices.
 Reuter
3;
bodyend
documentend
documentstart
12044
topicstart
earn
topicend
bodystart
2;

DIAMOND SHAMROCK 
<
DIA> SEES BETTER 1987 EARNINGS


    NEW YORK, APRIL 1 - 
Diamond Shamrock Corp, which will split
this month into two separate companies, expects to show
improved earnings in 1987 over last year, executives of the new
company told Reuters.
    Charles Blackburn, president and chief executive officer of
Diamond Shamrock and the new company, which will emphasize
exploration and production, said, "Earnings wil be better than
in 1986." He declined to say how much better.
    In 1986 Diamond Shamrock reported a loss of 115.6 mln dlrs
on total revenues of 2.543 billion dlrs. Exploration and
production lost 18.5 mln dlrs on revenues of 593.5 mln dlrs.
    Roger Hemminghaus, Diamond Shamrock vice president and
soon-to-be chief executive of the spin-off Diamond Shamrock
Refining and Marketing Co, said, "Refining and marketing is a
margin business. The margins will return and this will be a
better year than 1986."
    In 1986, refining and marketing showed operating profits of
40.1 mln dlrs on revenues of 1.636 billion dlrs.
    "We are also expecting to be in the black in the first
quarter (1987)," Heminghaus added. In the first quarter of 1986,
the refining and marketing segment showed a loss of 27.1 mln
dlrs on revenues of 492.1 mln dlrs.
   
    The executives were in New york for meetings with
institutional investors aimed at increasing interest in the
company's stock.
    On the New York Stock Exchange, Diamond Shamrock was
trading at 16-1/4, down 1/4.
    Earlier this year, T. Boone Pickens offered 15 dlrs a share
for Diamond Shamrock, and management countered with an offer at
17 dlrs and a decision to split off the refining and marketing
operation to its shareholders.
    "Our advisors convinced us the market would give higher
multiples for pure plays," Blackburn said.
 Reuter
3;
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documentend
documentstart
12045
topicstart
earn
topicend
bodystart
2;

VMS STRATEGIC 
<
VLANS> SETS INITIAL DIVIDEND


    CHICAGO, April 1 - 
VMS Strategic Land Trust said it
delcared an initial quarterly cash dividend of 30 cts a share,
payable May 15 to shareholders of record April 20.
    The company also said that effective today it will be
trading on the NASDAQ system under the symbol 
<
VLANS>.
 Reuter
3;
bodyend
documentend
documentstart
12046
topicstart
iron-steel
topicend
bodystart
2;

BETHLEHEM STEEL 
<
BS> SETS PLATE PRICE INCREASES


    BETHLEHEM, Pa., April 1 - 
Bethlehem Steel Corp said its
base price for carbon plates and high-strength and low-alloy
plates will be increased by 25 dlrs to 405 dlrs a short ton,
effective July one.
    The company said its composite prices for alloy plates will
also be increased 25 dlrs per ton on the same date, adding it
does not publish its prices for this product.
    Bethlehem Steel said its composite prices for strip mill
plates will be increased 15 dlrs a ton.
 Reuter
3;
bodyend
documentend
documentstart
12048
topicstart
earn
topicend
bodystart
2;

EQUICOR SEES YEAR REVENUES TO TOP TWO BILLION


    NASHVILLE, Tenn., April 1 - 
Equicor, Equitable HCA Corp,
said that the company will likely attain revenues in excess of
two billion dlrs in its first year of operations.
    The company, created last October with initial equity of
400 mln dlrs, is owned equally by the Equitable Life Assurance
Society of the U.S. and Hospital Corp of America 
<
HCA>.
    Financial results for the first six months of the company's
operations were not disclosed. Equicor provides employee group
plans to 1,500 corporations nationwide. It said it aims to
double its marketshare in five years from the about 3.5 pct of
the employee benefits industry it controls.
 Reuter
3;
bodyend
documentend
documentstart
12049
topicstart
acq
topicend
bodystart
2;

MACANDREWS/FORBES BEGINS REVLON 
<
REV> OFFER


    NEW YORK, April 1 - 
MacAndrews and Forbes Group Inc said it
began an 18.50-dlr-a-share cash offer for all common stock of
Revlon Group Inc it does not already own.
    The offer, which is being made by a wholly owned
subsidiary, Revmac Acquisition Corp, is subject to financing
and at least 28.5 mln shares being tendered, the company said.
    MacAndrews and Forbes, wholly owned by Ronald Perelman,
chairman of Revlon Group, held about 31.8 pct of the voting
power of Revlon as of March 27, a spokesman said. The stake
includes about 15.1 pct of Revlon common and 95 pct of its
series A preferred stock, he said.
 More
3;
bodyend
documentend
documentstart
12050
topicstart
earn
topicend
bodystart
2;

ARCO 
<
ARC> UP ON HIGHER EARNINGS ESTIMATE


    NEW YORK, April 1 - 
Atlantic Richfield Co's stock rose
sharply after analyst Eugene Nowak of Dean Witter Reynolds Inc
raised his earnings estmates of the company, traders said.
    ARCO jumped 1-3/4 to 81-3/4.
    Nowak said that based on an average oil price of 17 dlrs a
barrel in 1987, the company should earn about 4.50 dlrs a
share. Next year, based on an average oil price of 18 dlrs a
barrel, ARCO should earn about five dlrs a share. The company
earned 3.38 dlrs a share in 1986. "If oil prices should rise to
an average of 20 dlrs a barrel," he said, "ARCO could record
earnings of 6.50 dlrs a share.
    Nowak said his increased estimates come after the company
told analysts yesterday that its first quarter earnings will
comfortably cover its quarterly dividend requirement of one dlr
a share.
    Nowak said, "The company has done an outstanding job
reducing expenses, and ARCO is poised to generate greater
earnings power." He said first quarter earnings will likely
exceed the company's expectations stated yesterday and be in
the 1.15-1.20 dlr-a-share range.
 Reuter
3;
bodyend
documentend
documentstart
12052
topicstart
corn
sorghum
grain
topicend
bodystart
2;

U.S. SAID PROMISED BULK OF MAIZE EXPORT TO SPAIN


    BRUSSELS, April 1 - 
The U.S. Has been promised a near
monopoly of maize exports to Spain from third countries
guaranteed under an agreement with the European Community, an
EC official said.
    The official, who asked not to be named, told Reuters that
the guarantee was given in an unpublished clause of the
agreement.
    Under the accord, which began in January, third countries
were guaranteed access for the next four years for two mln
tonnes a year of maize to the Spanish market, as well as
300,000 tonnes of sorghum.
    However, the official said the U.S. Had been assured that
almost all the exports would be reserved for its traders.
    The EC Commission is to ask member states to agree either a
tender system to fix reduced import levies for the maize or to
authorise direct imports by the Spanish intervention board.
    EC sources noted that under a tender system maize from
outside the U.S. Would sometimes be offered on more favourable
terms than that from the U.S.
    No Commission spokesman was immediately available for
comment.
 Reuter
3;
bodyend
documentend
documentstart
12053
topicstart
acq
topicend
bodystart
2;

DEAK INTERNATIONAL BUYS JOHNSON MATTHEY


    NEW YORK, APRIL 1 - 
Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
    The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said.
    The New York firm will be known as Deak International
Trading Ltd, the company said.
    Arkadi Kuhlmann, president and chief executive officer of
Deak International said the purchase will expand Deak's
operations into the precious metals and wholesale non-ferrous
metals trading arenas.
 Reuter
3;
bodyend
documentend
documentstart
12054
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/PUROLATOR COURIER 
<
PCC>


    NEW YORK, April 1 - 
Purolator Courier Corp stock jumped
5-3/8 on a 40 dlr per share takeover offer from Emery Air
Freight Corp 
<
EAF>, traders said.
    Purolator was trading at 40-1/4, 1/4 above the offer price.
The Emery offer tops a 35 dlr per share buyout agreement E.F.
Hutton LBO Inc reached with Purolator February 27.
    That offer was to have expired today. Neither Hutton nor
Purolator had any immediate comment.
    "There's probably some speculation out there that there
might be another offer," said one analyst.
 Reuter
3;
bodyend
documentend
documentstart
12055
topicstart
corn
grain
topicend
bodystart
2;

ARGENTINE CORN SALES TO USSR LOWER - USDA REPORT


    WASHINGTON, April 1 - 
Total corn sales by Argentina to the
Soviet Union are only 1.5 to 1.8 mln tonnes, with delivery
spread out from March to June, the U.S. Agriculture
Department's Counselor in Buenos Aires said in a field report.
    The report, dated March 27, said many sources have stated
that the Soviet Union was initially interested in purchasing
2.3 mln tonnes lof corn from Argentina.
    However, Soviet purchases from the United States have
tended to displace additional Argentine purchases, the report
said.
    The USDA has to date reported USSR purchases of 2.6 mln
tonnes of U.S. corn for delivery in the current U.S.-USSR grain
agreement year, which ends this September 30, it said.
 Reuter
3;
bodyend
documentend
documentstart
12056
topicstart
topicend
bodystart
2;

GPU'S 
<
GPU> THREE MILE ISLAND POWER REDUCED


    MIDDLETOWN, Pa., April 1 - 
General Public Utilities corp
said its Three Mile Island Unit One's power output has been cut
to 81 pct of reactor power, or 730 megawatts of electricity,
due to mineral deposits on the secondary or non-nuclear side of
its two steam generators.
    The company said the deposits do not affect the safe
operation of the plant but interfere with the production of
steam.
    It said the unit was similarly limited in power in late
1985. 
 Reuter
3;
bodyend
documentend
documentstart
12057
topicstart
topicend
bodystart
2;

CYPRUS MINERALS 
<
CYPM> WINS COAL CONTRACT


    DENVER, April 1 - 
Cyprus Minerals Co said it was awarded a
five year contract to supply 360,000 tons of steam coal to
Niagara Mohawk Power Co 
<
NMK>.
    The company is currently shipping 240,000 tons of steam
coal a year to Niagara Mohawk under a contract signed in 1985.
The coal comes from the Emerald mine in Southwestern
Pennsylvania.

 Reuter
3;
bodyend
documentend
documentstart
12058
topicstart
topicend
bodystart
2;
QUANTECH 
<
QANT> SAYS THREE DIRECTORS RESIGN
    LEVITTOWN, N.Y., April 1, Quantech Electronics Corp said
Leonard N. Hecht, Jack Goldfarb and Harold V. Wallace resigned
as directors.
    On March 26, the company announced the resignations of 
Bernard Weinblatt as president and a director, and Hecht as
chief executive officer. It said Hecht will serve as a
consultant for an interim period.
    Quantech said its remaining directors are Henry Ginsberg
and David Siegel. Ginsberg, who is chairman, has been named
president and chief executive officer, and Siegel has been
named chief operating officer, the company said.
 Reuter
3;


bodyend
documentend
documentstart
12059
topicstart
earn
topicend
bodystart
2;

BARNES GROUP 
<
B> EXPECTS SALES TO GROW MODESTLY


    HARTFORD, Conn., April 1 - 
Barnes Group said it expects
sales and net income for 1987 will be up slightly over 1986.
    Without supplying specific figures, Barnes told
shareholders at its annual meeting it expected net income to
improve at a rate exceeding its growth in sales, which was two
pct higher than 1985.
    The company said it recorded income from continuing
operations of 16.6 mln dlrs, or 2.57 dlrs per share, on sales
of 440 mln dlrs in 1986. It said it recorded income from
continuing operations of 16.4 mln dlrs, or 2.27 dlrs per share,
in the previous year.
 Reuter
3;
bodyend
documentend
documentstart
12060
topicstart
topicend
bodystart
2;

UNITED CITIES 
<
UCIT> PRIVATELY PLACES BONDS


    NEW YORK, April 1 - 
United Cities Gas Co said it placed
privately on March 18 20 mln dlrs of 8.69 pct first mortgage
bonds.
    Proceeds will be used to retire short-term debt and fund
the company's current construction program, United Cities said.
    The company said more than 30 lending institutions
participated in the bidding for the bonds and that 25 pct of
the issue was placed with the U.S. unit of a Canadian firm.
 Reuter
3;
bodyend
documentend
documentstart
12061
topicstart
earn
topicend
bodystart
2;

ROADWAY MOTOR PLAZAS INC 3RD QTR JAN 31


    ROCHESTER, N.Y., April 1 -
    
SHr two cts vs one cts
    Net 116,843 vs 41,400
    Revs 17.3 mln vs 12.3 mln
    Nine months
    SHr 15 cts vs 10 cts
    Net 639,448 vs 301,000
    REvs 37.6 mln vs 35.8 mln
 Reuter
3;
bodyend
documentend
documentstart
12062
topicstart
topicend
bodystart
2;

AKZO UNIT CONCLUDES LICENCE AGREEMENT WITH BASF


    ARNHEM, the Netherlands, April 1 - 
Enka BV, a subsidiary of
Akzo NV 
<
AKZO.AS> said it has concluded a licence agreement
with the fibres division of 
<
BASF Corp> of Delaware, a unit of
BASF AG 
<
BASF.F> of West Germany in the U.S. On the Colback
industrial non-woven fibres.
    Enka will supply know-how on the production of non-woven
fibres and Basf will also purchase the right for production and
sale of the Colback products. BASF will start non-woven fibre
production in the U.S. In 1988, Enka said.
    A spokesman for Enka declined to comment on the financial
details of the deal.
 REUTER
3;
bodyend
documentend
documentstart
12063
topicstart
earn
topicend
bodystart
2;

DIONICS INC 
<
DION> YEAR NET


    WESTBURY, N.Y., April 1 - 
    
Shr seven cts vs 10 cts
    Net 127,000 vs 168,100
    Revs 2,807,400 vs 3,042,900
 Reuter
3;
bodyend
documentend
documentstart
12064
topicstart
earn
topicend
bodystart
2;

WINN-DIXIE STORES INC 
<
WIN> SETS MONTHLY PAYOUT


    JACKSONVILLE, Fla., April 1 -
    
Mthly div 15 cts vs 15 cts prior
    Pay April 30, May 29, June 24
    Record April 15, May 15, June 10
 Reuter
3;
bodyend
documentend
documentstart
12066
topicstart
topicend
bodystart
2;

ALASKA HOUSING FINANCE GETS CREDIT, EURO-CP PACT


    LONDON, April 1 - 
Alaska Housing Finance Corp signed a 150
mln dlr revolving credit facility and a 150 mln dlr
euro-commercial paper program, Merrill Lynch Capital Markets
said.
    The borrower is a state backed, public corporation which
provides 70 to 85 pct of the single-family residential
mortgages in Alaska. It is the first U.S. Municipality to
arrange these types of facilities in the international capital
markets.
    The seven-year revolving credit has a commitment fee of
0.10 pct per annum, under which drawings will be at 5/16 pct
over the London Interbank Offered Rate (Libor).
    The facility also incorporates a swing-line facility, which
would allow for same day drawings in the U.S. Market for up to
three business days at the floating U.S. Prime rate. Credit
Lyonnais is acting as coordinator for this facility.
    Merrill Lynch is agent for the revolving facility, which
was lead managed by Swiss Bank Corporation (San Francisco
branch).
    The facility will allow the borrower to issue direct
unsecured advances in U.S. Dlrs with maturities of up to six
months. It also will be able to issue on an uncommitted basis
euronotes with maturities of up to six months, which will be
priced under the issuer-set margin system.
    Although Alaska Housing Finance will set the interest rates
relative to Libor for the euronotes, Merrill Lynch noted that
it would not seek to issue the notes with a margin in excess of
0.2125 pct per annum.
    The euro-commercial paper program allows for the issuance
of notes with maturities of up to 183 days. Merrill was the
arranger for that program and will act as one of the dealers
along with Salomon Brothers International Ltd and Swiss Bank
Corporation International Ltd.
 REUTER
3;
bodyend
documentend
documentstart
12067
topicstart
earn
topicend
bodystart
2;

WAXMAN INDUSTRIES INC 
<
WAXM> REGULAR PAYOUT


    BEDFORD HEIGHTS, Ohio, April 1 -
    
Qtly div class A two cts vs two cts prior
    Qtly div class B one ct vs one ct prior
    Pay April 17
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
12068
topicstart
acq
topicend
bodystart
2;

DEAK BUYS JOHNSON MATTHEY COMMODITIES


    NEW YORK, APRIL 1 - 
Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
    The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said.
    The New York firm will be known as Deak International
Trading Ltd, the company said.
    Arkadi Kuhlmann, president and chief executive officer of
Deak International, said the purchase will expand Deak's
operations in the precious metals and wholesale non-ferrous
metals trading arenas.
 Reuter
3;
bodyend
documentend
documentstart
12069
topicstart
topicend
bodystart
2;

LOUVEM PLANS OPTION TO BUY BACK OWN SHARES


    QUEBEC, April 1 - 
<
Societe Miniere Louvem Inc> said its
board of directors has offered to buy an option to buy back its
owns shares from provincially-owned SOQUEM, its major
shareholder.
    Louvem said the option to buy the 3.1 mln shares would be
valid until December 15 at a purchase price of 3.15 dlrs a
share. Louvem said it could exercise the option for itself or 
for a third party.
    The company said SOQUEM is considering the offer.
 Reuter
3;
bodyend
documentend
documentstart
12071
topicstart
topicend
bodystart
2;
******
UAL INC OFFERING 5.5 MLN SHARES OF COMMON STOCK AT 56.50
DLRS PER SHARE

3;


bodyend
documentend
documentstart
12072
topicstart
topicend
bodystart
2;

ALASKA HOUSING FINANCE GETS CREDIT, EURO-CP PACT


    LONDON, April 1 - 
Alaska Housing Finance Corp signed a 150
mln dlr revolving credit facility and a 150 mln dlr
euro-commercial paper program, Merrill Lynch Capital Markets
said.
    The borrower is a state backed, public corporation which
provides 70 to 85 pct of the single-family residential
mortgages in Alaska. It is the first U.S. Municipality to
arrange these types of facilities in the international capital
markets.
    The seven-year revolving credit has a commitment fee of
0.10 pct per annum, under which drawings will be at 5/16 pct
over the London Interbank Offered Rate (Libor).
    The facility also incorporates a swing-line facility, which
would allow for same day drawings in the U.S. Market for up to
three business days at the floating U.S. Prime rate. Credit
Lyonnais is acting as coordinator for this facility.
    Merrill Lynch is agent for the revolving facility, which
was lead managed by Swiss Bank Corporation (San Francisco
branch).
    The facility will allow the borrower to issue direct
unsecured advances in U.S. Dlrs with maturities of up to six
months. It also will be able to issue on an uncommitted basis
euronotes with maturities of up to six months, which will be
priced under the issuer-set margin system.
    Although Alaska Housing Finance will set the interest rates
relative to Libor for the euronotes, Merrill Lynch noted that
it would not seek to issue the notes with a margin in excess of
0.2125 pct per annum.
    The euro-commercial paper program allows for the issuance
of notes with maturities of up to 183 days. Merrill was the
arranger for that program and will act as one of the dealers
along with Salomon Brothers International Ltd and Swiss Bank
Corporation International Ltd.
 Reuter
3;
bodyend
documentend
documentstart
12073
topicstart
interest
topicend
bodystart
2;

IIF EXECUTIVE SEES INTEREST RATES DECLINING


    WASHINGTON, April 1 - 
Institute of International Finance
Managing Director Horst Schulmann said that his orgnaization
has been forecasting further declines of interest rates in the
first half this year and then a levelling off and there is no
reason to change that.
    Speaking to reporters, the bank research group said that
the increase in interest rates announced yesterday and other
activity in the foreign exchange markets did not indicate a
fundamental change in the outlook.
    Schulmann, speaking broadly about the global debt problem,
said that the International Monetary Fund should increase its
assistance to third world countries.
    The remarks come just before next week's meeting of the
IMF's Interim Committee and the Joint Development Committee of
the IMF and World Bank.
    In a letter to the committee's, the bank group said,
"Commercial banks cannot be the dominant supplier of balance of
payments finance."
    Schulmann said that IMF exposure peaked in 1985 and has
declined a bit since then.
 Reuter
3;
bodyend
documentend
documentstart
12074
topicstart
topicend
bodystart
2;

BROWN GROUP 
<
BG> DEBT DOWNGRADED BY S/P


    NEW YORK, April 1 - 
Standard and Poor's Corp said it
lowered 128 mln dlrs of Brown Group Inc's senior debt to
A-minus from A and commercial paper to A-2 from A-1.
    The agency said a decline in sales and profits were little
offset from the company's retail business. Also, foreign
producers eroded Brown's assets by gaining market share.
    Brown's debt ratio increased to 49.8 pct by year-end 1986
as higher inventories, and a four-year stock repurchase program
has required additional financing, S and P said.
    Restructuring efforts should improve productivity but not
in the forseeable future, the agency added.
 Reuter
3;
bodyend
documentend
documentstart
12075
topicstart
topicend
bodystart
2;

PROVINSBANKEN INCREASES EURO-CP PROGRAM


    LONDON, April 1 - 
A euro-commercial paper program for
Provinsbanken A/S of Denmark has been increased to 250 mln dlrs
from the original 100 mln, Merrill Lynch Capital Markets said.
    The program allows the Danish bank to issue
euro-certificates of deposit with maturities of up to 365 days.
    Merrill Lynch will continuue to act as dealer for the
program, with Shearson Lehman Brothers International and S.G.
Warburg and Co Ltd as co-dealers.
 REUTER
3;
bodyend
documentend
documentstart
12076
topicstart
rapeseed
oilseed
topicend
bodystart
2;

JAPANESE CRUSHERS BUY CANADIAN RAPESEED


    WINNIPEG, April 1 - 
Japanese crushers bought 5,000 to 6,000
tonnes of Canadian rapeseed for May shipment in export business
overnight, trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
12077
topicstart
earn
topicend
bodystart
2;

WALKER TELECOMMUNICATIONS CORP 
<
WTEL> 4TH QTR


    HAUPPAUGE, N.Y., April 1 -
    
Shr loss 58 cts vs loss nil
    Net loss 2.9 mln vs loss 17,818
    Revs 5.0 mln vs 7.4 mln
    Year
    Shr loss 45 cts vs profit four cts
    Net loss 2.0 mln vs profit 174,562
    REvs 28.5 mln vs 25.2 mln
   
    NOTE:1986 4th qtr loss includes loss of 2.2 mln dlrs from
discontinuance of operations. 1985 4th qtr includes loss of
79,395 dlrs from discontinued operations.
    1986 4th qtr includes 3.5 mln dlr provision for costs
anticipated in connection with disposal of division and 500,000
dlrs in adjustments related to write-downs. 1985 4th qtr
includes gain of 178,000 dlrs for exchange of telephone
inventory for barter credits.
 Reuter
3;
bodyend
documentend
documentstart
12078
topicstart
earn
topicend
bodystart
2;

BROKERS SECURITIES INC 
<
BKRS> 4TH QTR LOSS


    NORFOLK, Va., April 1 - 
    
Shr loss 16 cts vs profit 23 cts
    Net loss 97,600 vs profit 91,980
    Revs 302,745 vs 359,699
    Avg shrs 621,036 vs 388,536
    Year
    Shr profit seven cts vs profit 36 cts
    Net profit 36,400 vs profit 140,980
    Revs 1,610,286 vs 763,071
    Avg shrs 512,235 vs 388,536
   
    Note: Year-ago net includes extraordinary gains of 33,654
for qtr and 42,654 for the year.
 Reuter
3;
bodyend
documentend
documentstart
12079
topicstart
earn
topicend
bodystart
2;

FIRST WORLD CHEESE INC 
<
FWCH> 4TH QTR LOSS


    SOUTH ORANGE, N.J., April 1 - 
    
Shr loss 15 cts vs profit nil
    Net loss 392,428 vs profit 1,255
    Revs 6,371,092 vs 3,031,091
    Avg shrs 2,544,000 vs 1,440,000
    Year
    Shr loss 13 cts vs profit seven cts
    Net loss 274,951 vs profit 100,534
    Revs 18.1 mln vs 10.8 mln
    Avg shrs 2,072,153 vs 1,440,000
 Reuter
3;
bodyend
documentend
documentstart
12080
topicstart
cpi
topicend
bodystart
2;

YUGOSLAV RETAIL PRICES UP 7.0 PCT IN MARCH


    BELGRADE, April 1 - 
Yugoslav retail prices in March rose
7.0 pct from February, to stand 93.2 pct higher than in March
1986, Federal Statistics Office (FSO) figures show.
    In February, retail prices rose 7.2 pct from January to
stand 91.6 pct higher than in February 1986.
    The cost of living, which includes rents and costs such as
utilities and transport, was up 7.8 pct in March from February
to stand 94.8 pct higher than in March 1986, the FSO said.
    In February the cost of living increased 7.3 pct from
January and stood 93.6 pct higher than in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
12081
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS WAITING AT NEW ORLEANS


    New Orleans, April 1 - 
Ten grain ships were loading and 18
were waiting to load at New Orleans elevators, trade sources
said.
 ELEVATOR                     LOADING  WAITING
 Continental Grain, Westwego     1      3
 Mississippi River, Myrtle Grove 2      0
 ADM Growmark                    1      4
 Bunge Grain, Destrehan          1      0
    ELEVATOR                LOADING  WAITING
 ST CHARLES DESTREHAN         1      3
 RESERVE ELEVATOR CORP        0      1
 PEAVEY CO, ST ELMO           1      2
 CARGILL GRAIN, TERRE HAUTE   1      4
 CARGILL GRAIN, PORT ALLEN    1      0
 ZEN-NOH                      1      1
 reuter
3;
bodyend
documentend
documentstart
12082
topicstart
topicend
bodystart
2;

UAL
<
UAL> OFFERING 5.5 MLN SHARES OF COMMON STOCK


    CHICAGO, April 1 - 
UAL Inc said it is offering 5.5 mln
shares of its common stock at 56.50 dlrs a share for a total
aggregate value of 310.8 mln dlrs.
    UAL said it made the move principally to broaden its equity
base, thereby making additional borrowing for ongoing capital
requirements easier.
    UAL said it will add the offering's net proceeds to general
corporate funds, adding that it expects to invest the money in
short term cash instruments initially.
    UAL said Morgan Stanley and Co Inc and Merrill Lynch
Capital Markets have underwritten the issue in the U.S., where
four mln shares are being offered.
    The remaining one mln shares is being offered overseas
through underwriters Morgan Stanley International and Merrill
Lynch Capital Markets, UAL said.
    It added that an additional 500,000 shares is for
overallotments.
 Reuter
3;
bodyend
documentend
documentstart
12083
topicstart
acq
topicend
bodystart
2;

J.C. PENNEY 
<
JCP> TO BUY EQUITY IN BEEBA'S


    NEW YORK, April 1 - 
J.C. PEnney Co Inc said it signed a
letter of intent to acquire one mln shares, or a 20 pct equity
interest, of Beeba's Creations Inc 
<
BEBA> for 18.75 dlrs a
share.
    Penney said the agreement also calls for Beeba's, a major
supplier of junior sportswear, to work with Penny in the
establishment of junior specialty shops to be created in about
100 Penney stores in early 1988.
    Freestanding stores are also being planned, the company
said. Beeba's will be the principal source of merchandise to
the shops, it said.
    For the six months ended February 28, Beeba's reported net
income of 1.2 mln dlrs on sales of 39.4 mln dlrs.
    Penney said it will establish an independent merchandising
and marketing organization to manage and support the shops
which will be staffed by personnel both from within and outside
the company.
    The company said the new agreement would have no impact on
its current supplier base and it will continue to work with as
braod base of suppliers of junior sportswear as it does in its
other merchandise areas.
 Reuter
3;
bodyend
documentend
documentstart
12084
topicstart
interest
topicend
bodystart
2;

AUSTRIAN BANKS DIVIDED OVER INTEREST RATE CUT


    VIENNA, April 1 - 
Calls for a cut in Austrian interest
rates have grown in recent days but bank chiefs are divided
over the issue.
    Karl Vak, General Director of the Zentralsparkasse und
Kommerzialbank, Wien, called today for a cut of up to half a
percentage point in interest rates across the board. But Hannes
Androsch, head of Creditanstalt-Bankverein 
<
CABV.VI> told
Reuters he opposed a cut because it would hurt small savers.
    Vak told a news conference that last January's cut in
lending rates for commercial customers and for all depositors
by a quarter point had been insufficient.
    The January cut followed the National Bank's lowering of
its discount and Lombard rates by half a point in line with a
similar Bundesbank move. Prime lending rate is now 8.75 pct and
deposit rates vary between 3.25 and 5.75 pct.
    Yesterday Hellmuth Klauhs, head of the Genossenschaftliche
Zentralbank AG, said rates could fall at least a quarter of a
point, or even half a point if German rates dropped further.
    Vak noted that inflation had fallen below one pct. A
widening gap between Austrian rates and cheaper West German
credit along with forecasts of slow Austrian economic growth
this year also justified a further interest drop, he said.
    Karl Pale, head of Girozentrale und Bank der
oesterreichischen Sparkassen AG [GIRV.VI] has also called for
lower deposit rates but said lending rates should remain
unchanged at the moment. Interest margins were too small,
particularly when compared with other West European countries.
    But Hans Haumer, head of the Erste Oesterreichische
Spar-Casse-Bank told Reuters that no cut should be made unless
West German rates came down first.
    Banking sources said no bank seemed ready to lower rates
alone and supporters of a cut would have difficulty overcoming
opposition from Creditanstalt, Austria's biggest bank.
 REUTER
3;
bodyend
documentend
documentstart
12085
topicstart
earn
topicend
bodystart
2;

A.G. EDWARDS INC 
<
AGE> 4TH QTR FEB 28 NET


    ST. LOUIS, April 1 -
    
Shr 81 cts vs 63 cts
    Net 16,900,000 vs 13,100,000
    Revs 152.5 mln vs 118.1 mln
    Year
    Shr 2.59 dlrs vs 1.85 dlrs
    Net 53,700,000 vs 38,100,000
    Revs 526.3 mln vs 404.3 mln
    NOTE: Prior year earnings reflect a three-for-two stock
split distributed in May, 1986
 Reuter
3;
bodyend
documentend
documentstart
12086
topicstart
topicend
bodystart
2;

GRUMMAN 
<
GQ> WINS 28 MLN DLR CONTRACT


    BETHPAGE, N.Y., April 1 - 
Grumman Corp said it was awarded
a 28 mln dlr contract by McDonnell Douglas Corp 
<
MD> to develop
flight control surfaces for the United States Air Force's new
C-17 transport aircraft.
    Grumman said it will design, develop and build the 
ailerons, rudders and elevators for the transport.
    The company said the production phase of the contract has a
potential value of about 300 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12087
topicstart
acq
topicend
bodystart
2;

PERIPHERAL SYSTEMS 
<
PSIX> AGRESS TO BUY COMPANY


    PORTLAND, Ore., April 1 - 
Peripheral Systems Inc said it
agreed in principle to acquire the outstanding shares of

<
Nucell Inc>.
    The agreement calls for an exchange of one share of
Peripheral for each share of Nucell, subject to approval by
both companies' boards, it said.
    Peripheral said its increased involvement in the
development of Nucell's nuclear battery technology made the
merger practical.
 Reuter
3;
bodyend
documentend
documentstart
12088
topicstart
topicend
bodystart
2;

TEXAS EASTERN 
<
TET> UNIT TO REDEEM DEBENTURES


    NEW YORK, April 1 - 
Texas Eastern Transmission Corp, a unit
of Texas Eastern Corp, said it plans to redeem on April 30 its
outstanding 100 mln dlrs of 13 pct debentures due 2009 and 100
mln dlrs of 12-3/4 pct debentures of 2008.
    It will buy back the 13 pct issue at 111.70 pct of the
principal amount, plus accrued interest. It will redeem the
12-3/4s at 110.52 pct of principal plus accrued interest.
    The unit will use part of the proceeds from the recent sale
of units of Petrolane Partners L.P. to finance the early
redemptions.
 Reuter
3;
bodyend
documentend
documentstart
12090
topicstart
topicend
bodystart
2;

PACKARD 
<
HWP> CUTS PERSONAL COMPUTER PRICES


    PALO ALTO, Calif., April 1 - 
Hewlett-Packard Co said it
reduced prices by up to 15 pct on two models of its HP Vectra
PC, an International Business Machines Corp PC/AT-compatible
personal computer.
    The company said the move reflects lower material costs,
streamlined production processes and reduced manufacturing
costs.
    Hewlett-Packard said it cut the price for its Vectra PC
Model 50 to 3,995 dlrs from 4,695 dlrs and lowered the price
for its Model 60 to 4,795 dlrs from 5,495 dlrs.
    In addition, the company said it reduced prices by up to 29
pct for pre-configured HP Vectra systems used in specific
applications.
 Reuter
3;
bodyend
documentend
documentstart
12091
topicstart
interest
topicend
bodystart
2;

MANUFACTURERS NATIONAL 
<
MNTL> UNIT LIFTS RATE


    DETROIT, April 1 - 
Manufacturers National Corp's
Manufacturers Bank-Wilmington said it increased the interest
rate on its no-fee variable rate MasterCard to 13.6 pct from
13.3 pct.
    The new interest rate applies to the second quarter. The
rate on the card is set quarterly.
 Reuter
3;
bodyend
documentend
documentstart
12093
topicstart
acq
topicend
bodystart
2;

FIRST CHICAGO 
<
FNB> UNIT BUYS BANKS


    CHICAGO, April 1 - 
First Chicago Corp's American National
Bank unit said it completed the acquisition of four suburban
Chicago banks with combined assets of about 231 mln dlrs.
    The banks are National Bank of North Evanston, Elgin
National bank, First National Bank of Schiller Park and
Merchants and Manufacturers State Bank in Melrose Park.
    American National now owns nine banks.
 Reuter
3;
bodyend
documentend
documentstart
12094
topicstart
acq
topicend
bodystart
2;

CENTERRE 
<
CTBC> ACQUIRES BENEFIT PLAN SERVICES


    ST. LOUIS, April 1 - 
Centerre Bancorp said it completed the
acquisition of Benefit Plan Services Inc, Maryland Heights,
Mo., which specializes in designing and administering small and
moderately sized pension plans.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
12095
topicstart
topicend
bodystart
2;

DIAMOND-STAR MOTORS NAMES ADDITIONAL SUPPLIERS


    BLOOMINGTON, ILL., April 1 - 
Diamond-Star Motors Corp, the
joint-venture company owned by Chrysler Corp 
<
C> and Mitsubishi
Motors, named additional production suppliers for the new
vehicle to be produced at the company's plant under
construction in Bloomington, Ill.
    It said Amtex Inc, Sidney, Ohio, was selected to supply
trunk floor carpets and Bluewater Plastics Inc, Marysville,
Mich., duct assemblies and column covers.
 Reuter
3;
bodyend
documentend
documentstart
12096
topicstart
stg
topicend
bodystart
2;
******
LAWSON TELLS PANEL  HE WANTS STERLING TO STAY AROUND 1.60
DLRS, 2.90 MARKS.

3;


bodyend
documentend
documentstart
12097
topicstart
topicend
bodystart
2;

NASD DENIES APPLICATION


    WASHINGTON, April 1 - 
The National Association of
Securities Dealers Inc. denied Kirk Knapp's application to
become a registered member of the firm.
    NASD's board of governors said it denied the application of
Knapp to become registered with K.A. Knapp and Co, located in
Grand Rapids, Mich. The board said it based its decision on two
statutory disqualifications.
    In the first case, the board said it found Knapp failed to
maintain rquired net capital, filed inaccurate Focus Part 1
reports and inaccurately calculated the amount required to be
on deposit in the Special Reserve Account.
    The second case involved Knapp being enjoined from
violations of sections of the Securities Exchange Act, the NASD
said.
 Reuter
3;
bodyend
documentend
documentstart
12098
topicstart
earn
topicend
bodystart
2;

CONOLOG CORP 
<
CNLG> 2ND QTR JAN 31 NET


    SOMERVILLE, N.J., April 1 - 
    
Shr two cts vs two cts
    Net 69,831 vs 107,773
    Revs 1,068,905 vs 2,401,518
    Six mths
    Shr three cts vs three cts
    Net 129,649 vs 155,089
    Revs 2,673,141 vs 4,666,104
 Reuter
3;
bodyend
documentend
documentstart
12099
topicstart
topicend
bodystart
2;

FIRST OF AMERICA 
<
FABK>, MICHIGAN BANK AFFILIATE


    KALAMAZOO, Mich., April 1 - 
First of America Bank Corp said
it completed its affiliation with Lewiston State Bank of
Lewiston, Mich.
    The Lewiston bank, which has been renamed First of America
Bank-Lewiston, has assets of 54.9 mln dlrs. First of America
has assets of more than 7.9 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12100
topicstart
topicend
bodystart
2;

REYNOLDS AND REYNOLDS 
<
REYNA> TO FIGHT SUIT


    DAYTON, Ohio, April 1 - 
The Reynolds and Reynolds Co said
it will fight a suit filed against it by 
<
Advanced Voice
Technologies> alleging misappropriation of trade secrets.
    The company reiterated its denial of the charges, stating
there was no merit for the suit. The company said it will file
a response to the suit with Federal court in Detroit by April
7.
 Reuter
3;
bodyend
documentend
documentstart
12101
topicstart
interest
topicend
bodystart
2;

BANKERS TRUST 
<
BT> RAISES PRIME LENDING RATE


    NEW YORK, April 1 - 
Bankers Trust Co said it has raised its
prime lending rate to 7-3/4 pct from 7-1/2, effective
immediately.
    This move is the latest in a series of similar actions by
leading U.S. money center banks, including Citibank NA and
Chase Manhattan Bank NA, over the last 24 hours.
    AmeriTrust Corp of Ohio also raised its prime lending rate
to 7-3/4 pct from 7-1/2, effective tomorrow.     
 Reuter
3;
bodyend
documentend
documentstart
12102
topicstart
interest
topicend
bodystart
2;

BOATMEN'S NATIONAL BANK 
<
BOAT> RAISES PRIME


    ST. LOUIS, April 1 - 
Boatmen's Bancshares said its
Boatmen's National Bank raised the prime rate to 7-3/4 pct from
7-1/2 pct, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12103
topicstart
topicend
bodystart
2;

HOMESTEAD 
<
HFL> BEGINS PUBLIC SHARE OFFERING


    BURLINGAME, Calif., April 1 - 
Homestead Financial Corp said
it began a public offering of 3,500,000 shares of its class A
common at 10.875 dlrs per share, through an underwriting group
managed by Drexel Burnham Lambert Inc and Merrill Lynch Capital
Markets.
 Reuter
3;
bodyend
documentend
documentstart
12104
topicstart
topicend
bodystart
2;

S/P UPGRADES TEXAS AIR 
<
TEX> UNIT'S CERTIFICATES


    NEW YORK, April 1 - 
Standard and Poor's Corp said it raised
to B from CCC 268.9 mln dlrs of equipment trust certificates of
Texas Air Corp's Eastern Air Lines Inc unit.
    S and P cited its new policy on rating secured airline debt
with special protection under Section 1110 of the Bankruptcy
Code. But the agency cautioned this did not reflect a change in
the unit's underlying credit strength.
    The certificates and 225.9 mln dlrs of CC subordinated debt
remain on S/P creditwatch with positive implications. Eastern
lost 130.8 mln dlrs in 1986 because of competition and customer
uncertainty over its future, S and P noted.
 Reuter
3;
bodyend
documentend
documentstart
12105
topicstart
topicend
bodystart
2;

FINNAIR TO BUY TWO MCDONNELL DOUGLAS AIRCRAFTS


    LONG BEACH, Calif, April 1 - 
McDonnell Douglas Corp 
<
MD>
said Finnair, the national airline of Finland, will purchase
two McDonnell Douglas MD-11 advanced long-range tri-jets with
options for two more.
    Terms were not immediately disclosed.
    The first of the aircraft will be delivered in October 1990
and the second in May 1991.
 Reuter
3;
bodyend
documentend
documentstart
12106
topicstart
acq
topicend
bodystart
2;

UNICORP VOTING STAKE HIKED IN UNION ENTERPRISES


    TORONTO, April 1 - 
<
Union Enterprises Ltd> said holders of
7.2 mln or 80 pct of its class A series one preferred shares
requested to retract their shares under terms of the issue,
thus raising 
<
Unicorp Canada Corp>'s voting stake in Union to
58 pct from 50.
    Union said it paid about 90 mln dlrs on April 1 for the
retraction, using existing credit lines.
 Reuter
3;
bodyend
documentend
documentstart
12108
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, April 1 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Southeast Banking Corp 
<
STB> - Offering of 50 mln dlrs of
convertible subordinated capital notes due 1999 through Lazard
Freres and Co.
    Burlington Industries Inc 
<
BUR> - Offering of 100 mln dlrs
of sinking fund debentures due 2017 through Kidder, Peabody and
Co Inc and an offering of 75 mln dlrs of convertible
subordinated debentures due 2012 through an underwriting group
led by Kidder, Peabody.
 Reuter
3;
bodyend
documentend
documentstart
12109
topicstart
topicend
bodystart
2;

AMERICAN MOTORS
<
AMO> EXTENDS INCENTIVE PROGRAM


    SOUTHFIELD, MICH., April 1 - 
American Motors Corp said it
is extending and enhancing its buyer-incentive programs on
Renault Alliance, Encore and GTA models and Jeep Comanche,
Cherokee and Wagoneer to April 10. The incentives were to have
expired March 31.
    New to the April program is the combination of a
low-interest annual percentage financing program and 1986 and
1987 Renault vehicles and a 500 dlr rebate.
    It said buyers of 1986 and 1987 Jeep Cherokee, Wagoneer and
Comanche vehicles have a choice of the financing program or a
rebate.

 Reuter
3;
bodyend
documentend
documentstart
12110
topicstart
earn
topicend
bodystart
2;

STARRETT HOUSING CORP 
<
SHO> 4TH QTR NET


    NEW YORK, April 1 - 
    
Oper shr 20 cts vs eight cts
    Oper net 1,869,000 vs 957,000
    Revs 41.0 mln vs 22.9 mln
    Year
    Oper shr 52 cts vs 53 cts
    Oper net 5,386,000 vs 5,147,000
    Revs 116.8 mln vs 98.3 mln
    Note: Oper excludes extraordinary reserves related to
arbitration of Iranian claims of 2,062,000 vs 3,200,000 for qtr
and year.
 Reuter
3;
bodyend
documentend
documentstart
12111
topicstart
topicend
bodystart
2;

DAMSON OIL 
<
DAM> CONVERTS MORTGAGE BONDS


    NEW YORK, April 1 - 
Damson Oil Corp said that beginning
today any holder of its 15 pct dual convertible mortgage bonds
due 1997 has the right to convert up to one half of the
principal amount into common stock during a 30-day special
conversion period.
    The holder may convert the remaining half of the principal
amount beginning May one at a conversion price calculated
according to terms of the indenture, Damson said.
    The company added that any holder choosing not to convert
the bonds during either of the two special conversion periods
will receive no interest on bonds still held after May one.
 Reuter
3;
bodyend
documentend
documentstart
12112
topicstart
interest
topicend
bodystart
2;

FIRST WISCONSIN NAT'L BANK
<
FWB> HIKES PRIME RATE


    MILWAUKEE, April 1 - 
First Wisconsin National Bank said it
has raised its prime rate to 7-3/4 pct from 7-1/2 pct,
effective today.
 Reuter
3;
bodyend
documentend
documentstart
12113
topicstart
topicend
bodystart
2;

CENTRAL AND SOUTH 
<
CSR> UNIT TO REDEEM STOCK


    DALLAS, April 1 - 
Central and South West Corp said it
Southwestern Electric Power Co subsidiary will redeem all
300,000 shares outstanding of its 8.16 pct preferred stock, par
value 100 dlrs per share, on May one.
    It said the redemption price is 103.72 dlrs a share plus
accrued and unpaid dividends from April one to May one of 68
cts per share for a total of 194.40 dlrs a share paid to
shareholders.
 Reuter
3;
bodyend
documentend
documentstart
12114
topicstart
earn
topicend
bodystart
2;

GAC LIQUIDATING TRUST 
<
GACTZ> SETS CASH PAYOUT


    CORAL GABLES, Fla., April 1 - 
    
Unit distribution one dlr vs 1.75 dlrs prior
    pay June one
    Record May one
    Note: Prior distribution declared in April 1986.
 Reuter
3;
bodyend
documentend
documentstart
12115
topicstart
earn
topicend
bodystart
2;

WRATHER CORP 
<
WCO> 4TH QTR LOSS


    BEVERLY HILLS, Calif., April 1 -
    
Shr loss 53 cts vs loss 55 cts
    Net loss 3,865,000 vs 3,963,000
    Revs 24.2 mln vs 26.8 mln
    Year
    Shr loss 1.21 dlrs vs profit 56 cts
    Net loss 8,758,000 vs profit 4,040,000
    Revs 108.5 mln vs 113.8 mln

    Note: Prior qtr figures include income from discontinued
operations of 10,000 dlrs, gain on disposal of discontinued
operations of 269,000 dlrs, or four cts per share, and
operating loss carryforward gain of 936,000 dlrs, or 13 cts per
share.
    Prior year figures include income from discontinued
operations of 164,000 dlrs, or two cts per share, gain on
disposal of discontinued operation of 3.9 mln dlrs, or 54 cts
per share, and operating loss carryforward gain of 3.7 mln
dlrs, or 48 cts per share.
 Reuter
3;
bodyend
documentend
documentstart
12116
topicstart
topicend
bodystart
2;

KRAFT 
<
KRA> SEES HIGHER CAPITAL SPENDING


    GLENVIEW, ILL., April 1 - 
Kraft Inc said in its annual
report it expects 1987 capital expenditures to be between 250
mln dlrs and 300 mln dlrs.
    The company said it invested 209 mln dlrs in property,
plant and equipment in 1986, up from 181 mln dlrs in 1985.
    Kraft also said its advertising expenditures for 1987 are
expected to match the five-year compounded 15 pct rate of
increase recorded in 1986, when such expenditures totaled 433
mln dlrs.
    Kraft said research and development expenditures rose 12
pct in 1986 to 66.7 mln dlrs, and a greater increase in seen in
1987.
    It cited a continued emphasis on new product development,
advances in cheese and edible-oil technologies, further
adaptation of tamper-evident packaging and continued
development of consumer battery technologies.
 Reuter
3;
bodyend
documentend
documentstart
12117
topicstart
sugar
topicend
bodystart
2;

EC SUGAR IMPORT LEVIES


    BRUSSELS, April 1 - 
The following import levies for white
and raw sugar are effective tomorrow, in European currency
units (ecu) per 100 kilos.
    White sugar, denatured and non-denatured 51.94 versus 51.36
previously.
    Raw sugar, denatured and non-denatured 44.05 versus 43.69
previously.
    The rate for raws is based on 92 pct yield.
 Reuter
3;
bodyend
documentend
documentstart
12118
topicstart
topicend
bodystart
2;

WEATHERFORD INT'L 
<
WII> GETS DEBT AGREEMENT


    HOUSTON, April 1 - 
Weatherford International Inc said it
reached an agreement to restructure about 41 mln dlrs of debt
held by bank and insurance company lenders.
    Under the agreement, the oil drilling equipment and oil
services company will pay reduced quarterly interest payments
on part of its bank revolving credit loans and industrial
revenue bonds. Remaining interest will be deferred until Jan 1,
1991.
    Principal payments will be deferred, with semi-annual
payments of 1.75 mln dlrs to start on Dec 31, 1989 and all
remaining principal due Jan 1, 1991.
    Additional interest and principal payments may be due on
the bank revolving credit lines if the company generates more
cash than it needs for operations.
    Term of the debt held by insurance company lenders will be
extended by one year until December 1990 by reducing the
principal due last year and this year. Otherwise, interest and
principal payments will continue to be made as scheduled in the
existing agreements.
    The proposed restructuring will reduce Weatherford's cash
requirements by about three mln dlrs in 1987 and 2.5 mln dlrs
in 1988, it said.
    The company, which is still in default, said it expects to
completed amended loan agreements during the next few months.
    The company also said the recently announced sale of a
non-core production equipment unit and a Mexican subsidiary
will not have a material impact on future revenues and will
eliminate exposure to future losses.
    It has consolidated other U.S. and foreign manufacturing
operations to reduce costs and written down certain inventories
to better reflect their value, it added.
 Reuter
3;
bodyend
documentend
documentstart
12119
topicstart
earn
topicend
bodystart
2;

MURPHY OIL CORP 
<
MUR> SETS REGULAR DIVIDEND


    EL DORADO, Ark., April 1 - 
    
Qtly div 25 cts vs 25 cts prior
    Pay June one
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
12120
topicstart
topicend
bodystart
2;

TREASURY'S BAKER BACKS HOUSE PANEL'S FSLIC BILL


    WASHINGTON, April 1 - 
Treasury Secretary James Baker said
the administration backs the Federal Savings and Loan Insurance
Corp (FSLIC) recapitalization bill approved by the House
Banking Committee and opposes the Senate-passed version.
    Baker told a House Appropriations Subcommittee the 15
billion dlr recapitalization plan approved by the House panel
was sufficient while the 7.5 billion dlr plan in the
Senate-passed bill was "inadequate."
    He also urged the House to reject loophole-closing
provisions in the Senate bill that would restrict banking
activities.
 Reuter
3;
bodyend
documentend
documentstart
12121
topicstart
stg
money-fx
topicend
bodystart
2;

LAWSON WANTS STERLING AROUND 1.60 DLRS, 2.90 MKS


    LONDON, April 1 - 
U.K. Chancellor of the Exchequer Nigel
Lawson said he wanted sterling to stay roughly where it was,
specifying a rate of around 2.90 marks and 1.60 dlrs.
    He told the National Economic Development Council that the
recent Paris meeting of major industrialised nations had agreed
on the need for exchange rate stability. There was now a
"reasonable alignment of currencies" and the U.K. Government
intended to keep sterling at about its present level, he said.
    That meant around 2.90 marks, which is the single most
important rate to concentrate on, and 1.60 dlrs, Lawson said.
    His disclosure of two of the key targets for sterling was
highly unusual, foreign exchange market analysts said.
    In the past he has preferred to be less definite about the
Government's exchange rate policy, lest it give foreign
exchange markets set limits to test.
    Lawson told the committee, which is a tripartite forum of
government, unions and industry, that the pound would be kept
near its present level by a mixture of interest rates and
intervention in the foreign exchange markets.
    The pound finished trading here today at 1.6040/50 dlrs and
2.9210/45 marks.
    His disclosure of two of the key targets for sterling was
highly unusual, foreign exchange market analysts said.
    In the past he has preferred to be less definite about the
Government's exchange rate policy, lest it give foreign
exchange markets set limits to test.
    Lawson told the committee, which is a tripartite forum of
government, unions and industry, that the pound would be kept
near its present level by a mixture of interest rates and
intervention in the foreign exchange markets.
    The pound finished trading here today at 1.6040/50 dlrs and
2.9210/45 marks.
 Reuter
3;
bodyend
documentend
documentstart
12122
topicstart
interest
topicend
bodystart
2;

NEW VENEZUELA DEBT INTEREST RATE GOES INTO EFFECT


    CARACAS, April 1 - 
The new interest rate of 7/8 pct over
Libor on Venezuelan public sector debt payments goes into
effect today, Finance Minister Manuel Azpurua said .
    Azpurua told reporters yesterday the reduction from the
previous margin of 1-1/8 pct above Libor will save the country
some 50 mln dollars in debt servicing.
    The new rate is among changes agreed last month to the 20.3
billion dlr public sector debt rescheduling. Under the new
agreement, Venezula was also able to extend the term from 12 to
14 years and to lower debt payments in the 1987-89 period by 64
pct.
    Azpurua said that according to the agreement, the new
interest rate will be retroactive to April 1, provided the
accord is approved before October 1.
    He told reporters the term sheet detailing the changes in
the rescheduling has already been endorsed by the 13-member
debt steering committee and is now being sent to the country's
460 creditor banks for their approval.
    The new agreement replaces a rescheduling accord signed in
February 1986, which Venezuela asked to revise to reflect a 45
pct drop in oil revenues.
 REUTER
3;
bodyend
documentend
documentstart
12123
topicstart
topicend
bodystart
2;

TEXTRON'S 
<
TXT> 1.4 BILLION DLR CONTRACT FINAL


    STARTFORD, April 1 - 
Textron Inc's Avco Lycoming Textron
subsidiary said it finalized a 1.4 billion dlr five-year
contract with the U.S. Army for M1 Abrams main battle tank gas
turbine engines.
    Under the contract, Avco said the army will procure 3,299
installed engines plus spare engines and a combination of
modules and gear boxes.
    It also said the agreement includes an initial purchase of
173 engines by the U.S. Marines under a program that will
result in a fleet of 560 M1 tanks.
 Reuter
3;
bodyend
documentend
documentstart
12124
topicstart
topicend
bodystart
2;
******
MOODY'S DOWNGRADES NIAGARA MOHAWK'S 2.2 BILLION DLRS OF
DEBT

3;


bodyend
documentend
documentstart
12125
topicstart
interest
topicend
bodystart
2;

SUNTRUST BANKS 
<
STI> RAISES PRIME TO 7-3/4 PCT


    NEW YORK, April 1 - 
SunTrust Banks said that Sun Banks in
Florida and Trust Co banks in Georgia have raised their prime
rate to 7-3/4 pct from 7-1/2 pct.
    The company said the action is effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12126
topicstart
topicend
bodystart
2;

ATT 
<
T> OFFERS DOCUMENT SOFTWARE PRODUCT


    BASKING RIDGE, N.J., April 1 - 
American Telephone and
Telegraph Co said it has a new version of docuFORUM, a software
product used to review, revise and transfer documents
electronically.
    The software if being offered for a one-time setup charge
of 1,000 dlrs. ATT also charges 40 dlrs per hour for on-line
usage fees, with a monthly minimum of 250 dlrs.
 More
3;
bodyend
documentend
documentstart
12127
topicstart
acq
topicend
bodystart
2;

HORN/HARDART 
<
HOR> UNIT DISPOSES 33 RESTAURANTS


     LAS VEGAS, Nev., April 1 - 
Horn and Hardart Co said it
disposed of 33 Bojangles' Chicken 'N Biscuits restaurants in
Florida as part of its previously announced retrenchment of its
Bojangles' subsidiary.
    Terms were not disclosed.
    The company said the restaurants in Orlando, Tampa and
Jacksonville markets have incurred the majority of Bojangles'
operating losses over the last two years.
    Due to the transaction, Horn and Hardart is projecting a
positive cash flow for the unit for the remainder of fiscal
1987.
    A spokesman said the disposition consists of a combination
of sale, lease and re-franchise agreements.
    The transaction involves one-quarter of the company-owned
Bojangles' restaurants and is in accordance with its
restructuring program announced in October 1986.
    A spokesman said the company is considering the sale or
spinoff of the 91-company owned additional restaurants, which
are profitable.
    The company said the disposition will result in no profit
or loss for the company because the costs were anticipated in a
34-mln-dlr reserve taken in the third quarter of 1986.
    The foodservice division, which includes Burger King,
Arby's and Tony Roma's, had a pre-tax operating loss of 29.6
mln dlrs in 1986, including the 34.0 mln dlr charge to
restructure Bojangles. Excluding Bojangles', the group had
revenues of 43.8 mln dlrs.
    The company said that, pursuant to the restructuring, it
has cut general and administrative expenses attributable to
Bojangle' by 35 pct.
    
 Reuter
3;
bodyend
documentend
documentstart
12128
topicstart
earn
topicend
bodystart
2;

MULTIBANK FINANCIAL CORP 
<
MLTF> IN PAYOUT


    DEDHAM, Mass., April 1 -
    
Qtly div 13 cts vs 13 cts prior
    Pay April 20
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
12129
topicstart
topicend
bodystart
2;

FRENCH GOVERNMENT NAMES ADVISERS FOR SOC GEN SHARE SALE


    PARIS, April 1 - 
Frances  Finance Ministry said it named
Credit Commercial de France, CCF, and Goldman Sachs as its
advisers in the privatisation of Societe Generale 
<
SGEN.PA>.
    A Ministry statement said accountants Guy Barbier had been
chosen to audit the Societe Generale accounts ahead of the
privatision share offering later this year.
    State-owned Societe Generale, one of the three leading
french banks, with a share capital of 1.375 billion francs and
consolidated assets of 738 billion, was added to the list of
this years privatisations in February. CCF, one of the top
seven banks, is also being sold by the government this year.
 Reuter
3;
bodyend
documentend
documentstart
12130
topicstart
topicend
bodystart
2;

EHRLICH BOBER 
<
EB> STARTS TRADING ON AMEX


    NEW YORK, April 1 - 
Ehrlich Bober Financial Corp said its
common stock has started trading on the 
<
American Stock
Exchange>.
    The stock had been traded on the NASDAQ system.
 Reuter
3;
bodyend
documentend
documentstart
12131
topicstart
interest
topicend
bodystart
2;

FIRST BANK SYSTEMS 
<
FBS> UNITS HIKE RATE


    MINNEAPOLIS, April 1 - 
First Bank Minneaplois and First
Bank Saint Paul, both units of First Bank Systems Inc, said
they raised their reference rates to 7-3/4 pct from 7-1/2 pct.
 Reuter
3;
bodyend
documentend
documentstart
12132
topicstart
acq
topicend
bodystart
2;

CHEMICAL FABRICS 
<
CMFB> AGREEMENT TERMINATED


    MEWRRIMACK, N.H., April 1 - 
Chemical Fabrics Corp said an
agreement in principle under which OC Birdair Inc would have
purchased assets related to the architectural structures
business of Dow Corning corp's ODC Inc division has been
terminated.
    Under that agreement, Chemical Fabrics would also have
become distributor of Dow Corning's Vestar silicone-coated
fiberglass architecural fabrics.
    OC Birdair is a joint venture of Chemical Fabrics and Owens
Corning Fiberglas Corp 
<
OCF> and Down Corning a venture of Dow
Chemical Co 
<
DOW> and Corning Glass Works 
<
GLW>.
    Chemical Fabrics said once the current project backlog of
Dow Corning's ODC division is completed, Dow Corning plans to
discontinue its design-engineering, fabrication and
installation services.
    Chemical Fabrics said the companies will cooperate on the
development of new products for architectural and industrial
applications and may supply architectural materials to each
other.
 Reuter
3;
bodyend
documentend
documentstart
12133
topicstart
acq
topicend
bodystart
2;

SIS 
<
SISB> COMPLETES WENDY'S 
<
WEN> UNIT BUY


    WESTLAKE, Ohio, April 1 - 
SIS Corp said it has completed
the acquisition of its franchisor Sisters International Inc
from Wendy's International Inc for 14.5 mln dlrs in stock.
    It said the purchase includes 35 restaurants in Ohio
operates by Sisters, giving SIS a total of 55 restaurants, and
franchise relationships in six Midwestern and Southern states.
 Reuter
3;
bodyend
documentend
documentstart
12134
topicstart
topicend
bodystart
2;

NIAGARA MOHAWK 
<
NMK> DEBT DOWNGRADED BY MOODY'S


    NEW YORK, April 1 - 
Moody's Investors Service Inc said it
downgraded Niagara Mohawk Power Corp's 2.2 billion dlrs of debt
securities and preferred stock.
    Moody's cited cost increases at the utility's Nine Mile
Nuclear Unit 2 and an unfavorable rate decision by the New York
Public Service Commission.
    Cut were the company's first mortgage bonds and secured
pollution control issues to Baa-2 from Baa-1, and Eurobonds,
unsecured pollution control debt, unsecured medium-term notes
and preferred stock to Baa-3 from Baa-2. Niagara Mohawk's
Prime-2 commercial paper was left unchanged.
    Moody's said the rate decision last month by the Public
Service Commission would significantly pressure Niagara
Mohawk's coverage of fixed charges.
    Moreover, cost increases associated with the in-service
delay of the 41 pct owned Nine Mile Unit 2 from September 1987
to early 1988, along with prospective delays, are unlikely to
be recovered under the cost-settlement agreement for the
nuclear unit, Moody's noted.
    The potential write-off would sharply reduce Niagara
Mohawk's common equity and may impair financial flexibility,
the agency said.
 Reuter
3;
bodyend
documentend
documentstart
12135
topicstart
sugar
topicend
bodystart
2;

BRITISH SUGAR SOWINGS OFF TO SLOW START


    LONDON, April 1 - 
Drilling of this year's British sugar
beet crop got off to a slow start due to poor weather
conditions with only around one pct sown so far, a spokesman
for British Sugar Plc said.
    This compares with two pct at the same stage last year,
three pct in 1985 and 38 to 39 pct in 1984.
    There is little cause for concern with better weather
forecast and the capacity available to drill the contracted
area of around 200,000 hectares in about 10 days. Seed beds
look good and farmers are advised to wait for soil temperatures
to rise, the spokesman said.
    "If the crop can be drilled by the third week in April we
will be delighted," he said. Last year a large proportion of the
crop was not drilled until May but it still turned out to be
the equal second largest on record.
 Reuter
3;
bodyend
documentend
documentstart
12136
topicstart
dlr
money-fx
topicend
bodystart
2;

CURRENCY INTERVENTION TIMING CRUCIAL - ANALYSTS


    NEW YORK, April 1 - 
The dollar's recent decline, despite
massive central bank purchases, is a forceful reminder that
official intervention in the foreign exchanges can work only if
it is well-timed to coincide with shifts in market fundamentals
or sentiment, dealers and analysts said.
    Central banks may succeed in slowing a trend, but, without
accompanying policy changes, they stand little chance of
reversing the direction of an ever-growing global market in
which more than 200 billion dlrs is traded every day, the
sources said.
    "Timing and psychology are the key to successful
intervention," said Jim O'Neill, a financial markets economist
with Marine Midland Banks Inc. The importance of complementary
changes in economic fundamentals was underlined yesterday when
a change in interest rates boosted the dollar, instantly
achieving what the central banks had tried in vain to do for a
week through open market intervention.
    After Citibank raised its prime rate by a quarter-point to
7-3/4 pct, the first change in the rate since last August, the
dollar started to advance and reached a high in Tokyo of 147.50
yen, up two yen from Tuesday's New York low.
    By contrast, monetary authorities spearheaded by the Bank
of Japan are estimated to have bought as much as 10 billion
dlrs in the last 10 days of March but could not prevent the
dollar from skidding through 150 yen and plumbing a 40-year low
Monday of 144.70 yen. Some experts worry the central banks have
lost more than just a temporary battle to prop up the dollar.
The market is wary of being caught wrong-footed by a central
bank foray, but is no longer mesmerized.
    "They've lost their credibility. The market feels it can
take on the central banks and win," said Michael Snow, head of
treasury operations at Union Bank of Switzerland in New York.
    The relative failure of recent intervention stands in sharp
contrast to the success that central banks scored when they
joined forces to drive the dollar down following the September
22, 1985, Plaza accord.
    Then, however, central banks had an easy time of it,
because the markets and the Treasuries of the major industrial
powers were agreed that the dollar needed to head lower to
redress massive worldwide trade imbalances.
    Now, there is no such consensus. The market is saying that
the dollar must fall further because the U.S. trade deficit is
showing little sign of improvement, while Japan is resisting in
a bid to protect its export industries.
    For its part, the United States is apparently content to
let the dollar fall gradually further and is paying little more
than lip service to the February Paris agreement of the Group
of Five plus Canada to foster stability, dealers say.
    Specifically, they said the Fed's dollar-buying
intervention has been half-hearted, designed more as a
political gesture to Japan than to strike fear into the
markets. "It's been pro-forma intervention," said Francoise
Soares-Kemp, chief corporate trader at Credit Lyonnais.
    Because of this discord and the market's momentum for a
lower dollar, analysts said intervention looks doomed to fail.
    "It's going to take a lot more than the central banks to
hold the dollar (at these levels)," said Snow, who predicts
another 10 to 15 pct depreciation.
    "There have to be structural changes that occur to make the
market stop selling dollars," added "Buying six billion dollars
in three weeks is not going to do it."
    Late last decade during the presidency of Jimmy Carter,
when the dollar was last under heavy speculative attack,
central banks sometimes intervened to the tune of six billion
dlrs in a single day but still failed to stop the dollar
falling to a record low of 1.70 marks, analysts said.
    Snow said purchases on that scale now are unlikely. "I
don't think anybody has the stomach for it, because they saw
the futility of it in the seventies."
    Indeed, because the market has grown in leaps and bound
since then, intervention on an even greater scale would
probably be needed to impress the market.
    Trading volume in London, New York and Tokyo alone last
year averaged nearly 188 billion dlrs a day, according to a
joint central bank study, about double the previous estimate
made just two years earlier by the Group of Thirty private
research group.
    There are signs that central banks, too, realize the
futility of swimming against the tide.
    Bank of Japan sources told Reuters in Tokyo earlier this
week that they believed the limits of currency market
intervention are perhaps being reached and that other methods
for bolstering the dollar, such as invoking currency swap
agreements with other central banks, are being considered.
    "In this era of financial liberalization, it's almost
impossible to control the flow of capital in and out of Japan,"
one senior official in Tokyo said.
 Reuter
3;
bodyend
documentend
documentstart
12137
topicstart
topicend
bodystart
2;

MICHAELS STORES 
<
MKE> MARCH SALES RISE


    IRVING, Texas, April 1 - 
Michaels Stores Inc said March
sales were up 19.2 pct to 7,823,000 dlrs from 6,564,000 dlrs a
year earlier, with same-store sales up 2.7 pct.
    The company noted that Easter sales fell in March last year
and are falling in April this year.
 Reuter
3;
bodyend
documentend
documentstart
12138
topicstart
acq
topicend
bodystart
2;

CANADIAN TIRE MAJOR HOLDERS NOT EXTENDING PACT


    TORONTO, April 1 - 
CTC Dealer Holdings Ltd said 
<
Canadian
Tire Corp Ltd> controlling shareholders Alfred, David and
Martha Billes did not extend an agreement expiring yesterday to
tender their shares only to CTC's previously reported offer for
49 pct of Canadian Tire common shares.
    CTC, which already holds 17.4 pct of Canadian Tire common,
said it would therefore not take up any shares tendered under
its offer unless they totaled at least 1.1 mln or another 32.7
pct of Canadian Tire common. The Billes control 60 pct of
Canadian Tire common. It added that it extended its offer to
May 11 at a fixed price of 165.36 dlrs a share.
    CTC, a group of Canadian Tire dealers, said it expected to
know by May 11 if it would obtain approval to appeal a
previously reported Ontario court ruling upholding a regulatory
decision to block CTC's offer.
    The dealers' bid was previously blocked by the Ontario
Securities Commission because the offer excluded holders of
Canadian Tire class A non-voting shares, which make up about 96
pct of company equity.
 Reuter
3;
bodyend
documentend
documentstart
12139
topicstart
acq
topicend
bodystart
2;
******
HUTTON LBO EXTENDS EXPIRATION FOR 35 DLR/SHR OFFER FOR
PUROLATOR TO APRIL 6 FROM TODAY

3;


bodyend
documentend
documentstart
12140
topicstart
acq
topicend
bodystart
2;
******
CONRAC SAYS IT IS MULLING RESTRUCTURING OR BUYOUT AS
ALTERNATIVES

3;


bodyend
documentend
documentstart
12141
topicstart
topicend
bodystart
2;

GENERAL HYDROCARBONS DISTRIBUTION DELAYED


    BILLINGS, Mont., April 1 - 
General Hydrocarbons Inc said
claims aggregating over one mln dlrs related to liens and
alleging title deficiencies have been made against the escrow
fund holding its assets for distribution.
    It said the record date for the distribution will be
delayed until the claims are resolved.
    The company said it believes many of the claims are
overstated or without merit. It said the resolution may not
occur before April 30.
    General Hydrocarbons' assets now consist of cash and
Montana Power Co 
<
MTP> shares.
 Reuter
3;
bodyend
documentend
documentstart
12142
topicstart
topicend
bodystart
2;

MORRISON-KNUDSEN 
<
MRN> GETS ARMY CONTRACT


    BOISE, Idaho, April 1 - 
Morrison-Knudsen Corp said Black
River Constructors, a joint venture with Martin Eby and a
subsidiary of Hunt Corp, has received a 517-mln-dlr
construction contract from the U.S. Army Corp of Engineers.
    The work includes the construction of more than 70
buildings and associated infrastructure to accommodate the
Army's new 10th Mountain Division.
    In a press release, Rep. David O'B. Martin, N.Y., said the
awarding of the contract is subject to Congressional review.
Morrison-Knudsen said the contract represents the largest Army
construction in this country since World War II.
    Congress has authorized and appropriated 610 mln dlrs for
the project, the company said.
    If everything continues on schedule, work on the Ft. Drum,
N.Y. site is expected to begin later this month and is
scheduled for completion by early 1991, the company said.
    Martin said that an additional 50 mln dlrs in contracts to
small and disadvantaged businesses will be announced later.

 Reuter
3;
bodyend
documentend
documentstart
12144
topicstart
topicend
bodystart
2;

A AND W BRANDS FILES INITIAL PUBLIC OFFERING


    WHITE PLAINS, N.Y., April 1 - 
A and W Brands Inc said it
filed a registration statement with the Securities and Exchange
Commission for a proposed public offering of 3,400,000 shares
of common.
    The company anticipates that the price of the offering will
range between 13 dlrs and 15 dlrs a share.
    It said the offering is expected in mid May through a group
of underwriters managed by First Boston Corp and Montgomery
Securities.
    It said it will use the proceeds to repay its debt.
 Reuter
3;
bodyend
documentend
documentstart
12145
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

CHIRAC SAYS FRANCE RESOLVED TO SUPPORT CURRENCY PACT


    WASHINGTON, April 1 - 
French Prime Minister Jacques Chirac
said that on financial issues, the United States and France had
"very close" views, and he said Treasury Secretary James Baker
was determined to support the February 22 Paris agreement on
stabilizing foreign exchange parities.
    "I was very reassured by the determination of Mr. Baker to
support this agreement," he said.
    He described the dollar's sharp fall against the yen at the
start of the week as a "passing incident" and added, "Everyone is
resolved to support the Paris accord."
    Questioned about his plan to help the world's poorest
countries, Chirac said he did not envisage any large-scale debt
write-offs.
    "I don't think we can talk of write-offs - even the poorest
countries have not asked for that," he said.
    Chirac said he wanted commercial banks to give third world
countries better terms in rescheduling their debts, and for the
International Monetary Fund to soften its conditions.
    "One cannot pity the banks - they bear a lot of
responsibility due to the encouragement they gave to these
countries to take on debts. Now the banks are complaining but I
do not weep for them."
 Reuter
3;
bodyend
documentend
documentstart
12146
topicstart
acq
topicend
bodystart
2;

CONRAC 
<
CAX> EXPLORING RESTRUCTURING, BUYOUT


     WASHINGTON, April 1 - 
Conrac Corp, whose board has
rejected a 25 dlr a share tender offer from Mark IV Industries
Inc 
<
IV>, said it is exploring alternatives such as a
restructuring, leveraged buyout or takeover of the company.
     In a filing with the Securities and Exchange Commission,
Conrac said its board of directors authorized its financial and
legal advisors to explore a several alternatives to the Mark IV
offer, which it said it considers inadequate.
    The alternatives being explored include a restructuring,
leveraged buyout or a takeover of the company by another
company, Conrac said.
    Conrac, which said its board discussed the alternatives at
special meetings on March 26 and 30, said that its decision on
whether to adopt any of the alternatives would hinge on "the
future actions of Mark IV" and its unsolicitied tender offer.
    Putting into effect any of the alternatives being explored
could hurt or defeat the Mark IV offer, it said.
    Board members were also instructed to keep confidential the
terms of any transaction that might be entered into until it
becomes final, the company said.
    The board also took other defensive steps, including
granting severance agreements to some officers, it said.
    At a board meeting yesterday, Concac's directors deleted a
provision allowing the holder of at least one-third of of all
classes of its voting stock to call a special shareholders
meeting and deleted another provision allowing shareholders to
remove directors without cause, the company said.
    The defensive moves were taken because Mark IV had said it
planned to elect a majority of its designees as directors at a
special holders meeting if it succeeded in acquring a majority
of the company's common stock in the offer, Conrac said.
    Conrac's president, vice president and treasurer were given
severance agreements, or "golden parachutes," it said.
    Under the agreements, Conrac President Paul Graf would get
a cash payment of twice his annual salary, which was 209,906
dlrs last year, if there were a change of control in the
company, including acquisition of 30 pct or more of the
company's voting stock, Conrac said.
    Treasurer Joseph Smorada and Vice President Joseph
O'Donnell, who made 143,325 dlrs last year, would get
one-and-a-half times his salary if there were a change in
control. Smorada's salary was not listed in the SEC filing.
    The executives would also get cash settlements of options
plans and continuation of insurance and other benefits.
 Reuter
3;
bodyend
documentend
documentstart
12147
topicstart
interest
topicend
bodystart
2;

MORE U.S. BANKS JOIN IN PRIME RATE CUT


    NEW YORK, April 1 - 
Chemical Bank, the main bank subsidiary
of Chemical New York Corp, and Marine Midland Banks Inc said
they were raising the prime lending rate to 7-3/4 pct from
7-1/2 pct, effective immediately.
    In St Louis, Mercantile Bancorp said its Mercantile Bank
N.A. was also raising its prime rate to 7-3/4 pct from 7-1/2
pct, effective immediately.
    The changes follow similar cuts yesterday by Citicorp and
Chase Manhattan.
 Reuter
3;
bodyend
documentend
documentstart
12148
topicstart
topicend
bodystart
2;

WEBCOR 
<
WER> SAYS BANK DEMANDS PAYMENT


    GARDEN CITY, N.Y., April 1 - 
Webcor Electronics Inc said
its principal creditor, its bank, has demanded payment of all
Webcor obligations to it.
    Webcor said as previously announced it has failed to make
payments to the bank and is also in technical default of loan
agreement covenants.
    It said to date it has been unable to restructure its
obligations to the bank and is now evaluating its options.
    Webcor said the 
<
American Stock Exchange> is evaluating
Webcor's continued listing eligibility.
 Reuter
3;
bodyend
documentend
documentstart
12149
topicstart
earn
topicend
bodystart
2;

CONVEST ENERGY PARTNERS LTD 
<
CEP> 4TH QTR LOSS


    HOUSTON, April 1 -
    
Shr loss 2.65 dlrs vs loss 2.31 dlrs
    Net loss 14.3 mln vs loss 12.5 mln
    Revs 2,887,000 vs 5,321,000
    Year
    Shr loss 4.38 dlrs vs loss 2.50 dlrs
    Net loss 23.7 mln vs loss 13.5 mln
    Revs 13.2 mln vs 22.4 mln
    NOTE: 1986 net includes oil and natural gas writedowns of
12.1 mln dlrs in quarter and 19.0 mln dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
12150
topicstart
earn
topicend
bodystart
2;

<
DYLEX LTD> YEAR JAN 31 NET


    Toronto, April 1 -
    
Shr 51 cts vs one dlr
    Net 25.1 mln vs 46.8 mln
    Sales 1.21 billion vs 1.08 billion
    Note: 1986 excludes extraordinary gain of 1.1 mln dlrs, or
two cts per share, from public issue of affiliate's shares.
 Reuter
3;
bodyend
documentend
documentstart
12151
topicstart
topicend
bodystart
2;

CALLON PETROLEUM 
<
CLNP> GETS QUALIFIED AUDIT


    NATCHEZ, Miss., March 1 - 
Callon Petroleum Co said its
auditors will qualify their opinion on 1986 financial
statements due to questions about Callon's ability to continue
as a going concern.
    The company said negotiations to restructure its debt and
allow for continued operations are proceeding.
    Today it reported a loss for 1986 of 4.20 dlrs per share,
compared with a year earlier loss of 4.71 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12152
topicstart
coffee
topicend
bodystart
2;

ICO TALKS SET TO END WITH NO QUOTA DEBATE


    LONDON, April 1 - 
The International Coffee Organization
executive board meeting will end tomorrow without any move to
reopen the debate on restoring coffee export quotas, delegates
said.
    Talks have focused on administrative matters and
verification of stocks in producer countries, they said.
    Producers met briefly today to exchange views on the market
situation but there seems little chance discussion on quotas
will begin much before the ICO's annual council session in
September, they said.
    Delegates earlier thought the meeting would end tonight,
but a further session is scheduled tomorrow at 1030 GMT to
complete reports on stock verification.
    Meantime, the executive board will meet May 12 to discuss
possible action on the consultancy report on the ICO presented
today to the board, consumer delegates said.
 Reuter
3;
bodyend
documentend
documentstart
12153
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL SEAWAY TRADING CORP 
<
INS> YEAR


    CLEVELAND, Ohio, April 1 -
    
Oper shr 64 cts vs 97 cts
    Oper net 845,000 vs 1,285,000
    Revs 20.0 mln vs 23 mln
    NOTE: 1986 and 1985 oper net excludes gain of 315,000 dlrs
and 585,000 dlrs, respectively, for extraordinary item.
 Reuter
3;
bodyend
documentend
documentstart
12154
topicstart
earn
topicend
bodystart
2;

CALLON PETROLEUM CO 
<
CLNP> 4TH QTR LOSS


    NATCHEZ, Miss., April 1 -
    
Shr loss 40 cts vs loss 4.72 dlrs
    Net loss 3,321,000 vs loss 42.0 mln
    Revs 4,002,000 vs 7,788,000
    Avg shrs 9,168,522 vs 8,974,355
    Year
    Shr loss 4.20 dlrs vs loss 4.71 dlrs
    Net loss 37.2 mln vs loss 41.1 mln
    Revs 18.4 mln vs 34.1 mln
    Avg shrs 9,168,522 vs 8,991,184
 Reuter
3;
bodyend
documentend
documentstart
12155
topicstart
earn
topicend
bodystart
2;

COUNTY SAVINGS BANK 
<
CSBA> SETS STOCK DIVIDEND


    SANTA BARBARA, Calif., April 1 - 
County Savings Bank said
its board declared a five pct stock dividend, payable April 10
to shareholders of record today.
 Reuter
3;
bodyend
documentend
documentstart
12156
topicstart
acq
topicend
bodystart
2;

E.F.HUTTON 
<
EFH> EXTENDS PUROLATOR 
<
PCC> OFFER


    New York, April 1 - 
E.F. Hutton Group's E.F. Hutton LBO Inc
unit said it extended the expiration date for its 35 dlr per
share tender offer for Purolator Courier corp to midnight EST
April six from midnight April one.
    E.F. Hutton lbo inc said its wholly owned PC Acquisition
Inc subsidiary, which is the entity making the offer, extended
both expiration date and the withdrawal rights period for its
pending tender for 6.3 mln shares or 83 pct of Purolator
common.
    Hutton's offer was topped today by a 40 dlr per share bid
for 83 pct of the stock from Emery Air Frieght Corp 
<
EAF.>
    Both offers would pay shareholders a package of securities
for the balance of their shares, valued at the respective
tender offer prices.
    Hutton said as of the end of the day yesterday, about
880,000 shares of Purolator common stock repesenting 11.5 pct
of outstanding shares had been validly tendered and not
withdrawn.
    Manhattan supreme court justice Lewis Grossman today
adjourned until Monday a hearing on a stockholder suit seeking
to block the Hutton LBO transaction. The judge told attorneys
he needed time to hear other cases.
    Plaintiffs cited their belief that a superior offer would
be forthcoming, however one company mentioned in an affadavit,
Interlink Express plc, denied that it was interested.
    Yesterday, Frank Hoenemeyer, a retired vice chairman of
Prudential Insurance Co and currently a Purolator board member,
said an initial offer from Hutton was rejected by the board of
directors February third.
    Hoenemeyer testified that by the next meeting of the board,
February 17, Hutton submitted a revised proposal which was
accepted.
    He also testified a committee of directors had hired
Goldman Sachs and Co to consider alternatives to the Hutton
offer and also to consider a discussion of possible mergers
with other companies including Emery and Federal Express Corp

<
FDX>.
 Reuter
3;
bodyend
documentend
documentstart
12157
topicstart
topicend
bodystart
2;

BANK OF NOVA SCOTIA TO APPLY FOR TOKYO LISTING


    TORONTO, April 1 - 
<
Bank of Nova Scotia> said it would
apply for a common share listing on the Tokyo Stock Exchange.
    The bank, Canada's fourth largest, said it expected its
listing to occur later this year. It said Nomura Securities Co
Ltd, of Tokyo, would sponsor its application.

 Reuter
3;
bodyend
documentend
documentstart
12159
topicstart
earn
topicend
bodystart
2;

BANKAMERICA 
<
BAC> TO POST GAIN ON UNIT SALE


    SAN FRANCISCO, April 1 - 
BankAmerica Corp said it completed
the sale of its Consumer Trust Services division to Well Fargo
and Co 
<
WFC>, a transaction that will result in a second
quarter pre-tax gain of more than 75 mln dlrs.
    The sale will not affect the services the bank will
continue providing to institutional customers through its
Employee Benefit Trust Services Division, BankAmerica also
said.
    In a separate announcement, Wells Fargo said the
acquisition will increase the amount of personal trust assets
it administers to 25 billion dlrs.
    Last December BankAmerica and Wells Fargo announced a
definitive agreement on the sale at a price of about 100 mln
dlrs, subject to adjustment.
 Reuter
3;
bodyend
documentend
documentstart
12160
topicstart
grain
oilseed
sunseed
corn
soybean
sorghum
topicend
bodystart
2;

HEAVY RAINS DAMAGE ARGENTINE COARSE GRAINS CROP


    By Manuel Villanueva


    BUENOS AIRES, April 1 - 
Fresh, heavy rains caused further
damage to the Argentine 1986/87 coarse grains crop in the week
to yesterday, particularly in Buenos Aires province, trade
sources said.
    They said the sunflower, maize, soybean and sorghum crops
were damaged and yield estimates affected. New production
forecasts were made for all these crops.
    The rains over the weekend and up to yesterday registered
more than 200 mm on average in western Buenos Aires and
worsened the flooding in various parts of the province.
    The weather bureau said the rains, which in Buenos Aires
have surpassed 750 mm in the last 30 days, could continue.
    The northeast of the country was also hit by heavy rains.
    In Corrientes province the rains also passed an average of
200 mm in some parts, notably the Paso de los Libres area
bordering on Uruguay.
    In Santa Fe and Entre Rios provinces they were over 100 mm
in places, in Misiones and San Luis 90 mm and in Cordoba 80 mm.
    The rains were less intense in Chaco and Formosa.
    Harvesting in areas not actually under water could also be
further delayed due to dampness in the earth, the sources said.
    The excessive humidity might also produce rotting of the
crops, further dimishing the yield, the sources added.
    Sunflower harvesting before the weekend rains reached 26 to
30 pct of the area sown in Santa Fe, Cordoba, La Pampa and
Buenos Aires provinces.
    The production forecast for 1986/87 sunflowerseed has been
lowered to between 2.2 and 2.4 mln tonnes, against 2.3 to 2.6
mln tonnes the previous week, making it 41.5 to 46.3 pct lower
than the record 4.1 mln tonnes produced last season.
    The area sown was two to 2.2 mln hectares, down 29.9 to
36.3 pct on the record 3.14 mln hectares in 1985/86.
    The maize harvest advanced to within 26 to 28 pct of the
area sown in Cordoba, Santa Fe and northern Buenos Aires. It
will begin in La Pampa within about 10 days, weather
permitting.
    Maize yield this season is now estimated at 9.6 to 9.9 mln
tonnes, against last week's 9.9 to 10.1 mln tonnes, down 21.4
to 22.6 pct on the 12.4 to 12.6 mln tonnes at which private
producers put 1985/86 production.
    The new forecast is 22.7 to 25 pct down on the official
figure of 12.8 mln tonnes for last season's production.
    The grain sorghum harvest reached 17 to 19 pct of growers'
targets, against 14 to 16 pct the previous week.
    The production forecast was reduced to between three and
3.3 mln tonnes, against 3.2 to 3.5 mln tonnes last week, 21.4
to 26.8 pct down on last season's 4.1 to 4.2 mln tonnes.
    The area sown with sorghum in 1986/87 was 1.23 to 1.30 mln
hectares, down 10.3 to 15.2 pct on the 1.45 mln in 1985/86.
    The forecast for soybean yield this season was the least
changed in relation to last week. It was put at a record 7.5 to
7.7 mln tonnes, against the previous 7.5 to 7.8 mln tonnes.
    These figures are 4.2 to 5.5 pct higher than last season's
record of 7.2 to 7.3 mln tonnes, according to private sources,
and 5.6 to 8.5 pct up on the official 7.1 mln tonnes.
    The adjustment to the production forecast is due to the
rains and overcast conditions which have greatly reduced the
sunlight needed for this crop, sources said.
    Producers fear estimates may yet have to be adjusted down
further.
    The humidity could induce rotting and growers are still
finding more empty pods due to excessively dry weather earlier
in the season.
    Soybean harvesting is due to start in mid-April in southern
Cordoba and Santa Fe and northern Buenos Aires.
 Reuter
3;
bodyend
documentend
documentstart
12161
topicstart
grain
ship
topicend
bodystart
2;

LONDON GRAIN FREIGHT ENQUIRIES


    LONDON, April 1 - 
Rio Grande/Azores and Leixoes 26,000 mt
hss 14 dlrs basis one to two 4,000/1,500 Azores and 3,500
Leixoes 25/4-5/5.
    Paranagua/one-two ports Spanish Med 35,000 mt hss 11.50
dlrs basis one to one 10 days all purposes 20-30/4.
    USG/Taiwan 54,000 mt hss 10,000 shex/4,000 shex 20/4-5/5.
    USG/ARA-Ghent option Seaforth 40,000/45,000 long tons hss
10 days all purposes 9-15/4 try later.
    Dieppe/one-two ports Italian Adriatic 9,500/11,000 mt bulk
wheat 3,000/2,000 6-12/4.
    St Lawrence/one-three ports Marseilles-Manfredonia range
20,000/35,000 mt bulk wheat 5,000/222,500 10-15/4.
    Chimbote/Kaohsiung 9,500 mt bulk/bagged fishmeal 250 ph/200
ph 20/4-5/5.
    Immingham or Foynes/Red Sea 25,000 mt bulk barley
4,000/3,000 10-15/4 alternatively try t/c.
    USG/Maracaibo 10,000 mt wheat (three grades) three
days/1,000 1-15/4.
 Reuter
3;
bodyend
documentend
documentstart
12162
topicstart
ship
topicend
bodystart
2;

LONDON METAL FREIGHTS


    LONDON, April 1 - Enquiries - 
Rotterdam/Karachi
20,000/21,000 mt shredded scrap 7,000/1,100 15-30/4.
    Bin Qasim/Shanghai 25,000 mt pig iron 1,500 fhex/1,200 shex
1-10/4.
    Chungjin/Manila 4,200 mt steel coils 800/liner discharge
23-30/4.
    Bilbao/one port Vietnam 5,000 mt steels fio 1,000/500 end
April
    Singapore/Mizushima 6,000/10,000 mt steel scrap fiot
1,200/3,00 2-12/4.
 Reuter
3;
bodyend
documentend
documentstart
12163
topicstart
earn
topicend
bodystart
2;

CIRO INC 
<
CIRI> YEAR


    NEW YORK, April 1 -
    
Shr loss three cts vs profit 16 cts
    Net loss 119,000 vs profit 637,000
    Revs 17.5 mln vs 15.8 mln
 Reuter
3;
bodyend
documentend
documentstart
12164
topicstart
ship
topicend
bodystart
2;

LONDON ORE ENQUIRIES/FIXTURES


    LONDON, April 1 - Enquiries - 
South Africa/Salvador, Brazil
15,000 long tons manganese ore 2,500/1,500 end April.
    Callao/Crotone 5,000 mt minerals 4,000/2,000 spot.
    Geraldton/Tampico 13,500 mt bulk mineral sands fio
10,000/2,000 1-10/5.
    Itea/Dunkirk 20,000 mt bauxite seven days all purposes
10-13/4.
    Tampico/North Spain 15,000 mt ore two days shinc/3,000 shex
5-25/4.
    One port German North Sea/USG 10,500 mt bulk ore
2,500/4,000 7-13/4.
 Reuter
3;
bodyend
documentend
documentstart
12165
topicstart
topicend
bodystart
2;

COURT TO APPOINT TRUSTEE FOR NP ENERGY 
<
NPEEQ>


    LOS ANGELES, April 1 - 
NP Energy Corp said its bankruptcy
court will appoint a trustee to oversee the company's
two-year-old bankruptcy proceedings.
    A spokesman for the company said the trustee, who has yet
to be named, will also look into the conflict of interest
problems that have arisen during the proceedings.
    He said both NP Energy and its unsecured creditors had
request that a trustee be appointed.
    In addition, the spokesman said the company had put into
production an oil well in the Altamont Bluebell Field, Utah.
The well is producing 300 barrels a day, he said.
 Reuter
3;
bodyend
documentend
documentstart
12166
topicstart
earn
topicend
bodystart
2;

HELM RESOURCES INC 
<
H> 4TH QTR LOSS


    NEW YORK, April 1 -
    
Oper shr loss two cts vs loss 13 cts
    Oper net loss 236,000 vs loss 1,131,000
    Revs 26.6 mln vs 26.3 mln
    Year
    Oper shr profit two cts vs loss 15 cts
    Oper net profit 286,000 vs loss 1,292,000
    Revs 105.3 mln vs 95.3 mln
    NOTE: Net excludes discontinued operations gain 20,000 dlrs
vs loss 1,291,000 dlrs in quarter and gain 60,000 dlrs vs loss
1,590,000 dlrs in year.
    Net excludes extraordinary loss 38,000 dlrs vs gain
1,941,000 dlrs in quarter and gains 162,000 dlrs vs 1,941,000
dlrs in year.
    1986 net both periods includes writedowns of 290,000 dlrs
of oil-related seismic data.
 Reuter
3;
bodyend
documentend
documentstart
12167
topicstart
topicend
bodystart
2;

AYDIN 
<
AYD> GETS AIR FORCE CONTRACT


    HORSHAM, Pa., April 1 - 
Aydin Corp said it has received a
five-year 54 mln dlr contract from the U.S. Air Force for
production of nine An/MST-T1A Multiple Threat Emitter System
ground-based emitter simulators.
    It said if all options are exercised, the contract will be
worth a total of 78 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12168
topicstart
topicend
bodystart
2;

SARLEN 
<
SALNU> COMPLETES PRIVATE PLACEMENT


    DEERFIELD BEACH, Fla., April 1 - 
Sarlen and Associates Inc
said it completed its private placement of 12.5 mln dlrs of
five-year eight pct senior subordinated notes with warrants to
purchase common and 2.5 mln dlrs of 12 pct series A preferred
with warrants to purchase common.
    It said a portion of the proceeds was used to finance its
acquisition of Gleason Security Services Inc and Gleason Plant
Security Inc.
 Reuter
3;
bodyend
documentend
documentstart
12169
topicstart
earn
topicend
bodystart
2;

<
SASCO PRODUCTS INC> YEAR LOSS


    DALLAS, April 1 -
    
Shr loss eight cts vs profit four cts
    Net loss 365,430 vs profit 165,508
    Revs 5,577,244 vs 4,643,803
    NOTE: 1986 net includes nonrecurring expenses of 408,518
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12170
topicstart
topicend
bodystart
2;

NUCLEAR METALS 
<
NUCM> GETS ARMY CONTRACT


    CONCORD, Mass., April 1 - 
Nuclear Metals Inc said it has
received a 6,300,000 dlr U.S. Army contract for 105 millimeter
depleted uranium penetrators used as ammunition for the M-1
tank.
 Reuter
3;
bodyend
documentend
documentstart
12171
topicstart
acq
topicend
bodystart
2;

AUSIMONT COMPO 
<
AUS> SELLS UNIT


    WALTHAM, Mass., April 1 - 
Ausimont Compo NV said it has
sold the assets of its Equipment and Machinery Division for
about six mln dlrs to an investment group including the unit's
management, resulting in a modest pretax gain that will be
included in first quarter results.
    The unit had sales of five mln dlrs in 1986.
 Reuter
3;
bodyend
documentend
documentstart
12172
topicstart
acq
topicend
bodystart
2;

ATLANTIC RESEARCH 
<
ATRC> COMPLETES ACQUISITION


    ALEXANDRIA, Va., April 1 - 
Atlantic Research corp said it
has completed the acquisition of professional services firm ORI
Group for 1,414,313 common shares on a pooling of interests
basis.
 Reuter
3;
bodyend
documentend
documentstart
12173
topicstart
acq
topicend
bodystart
2;

PEABODY HOLDING COMPLETES ACQUISITION


    ST. LOUIS, April 1 - 
<
Peabody Holding Co Inc> said it has
completed its acquisition of substantially all Eastern Gas and
Fuel Associate's 
<
EFU> coal properties for 15.01 pct of Peabody
Holding's stock.
    Peabody said the purchase includes seven underground mines
and seven coal preparation plants currently operated by
Eastern, as well as coal properties being mined by several
contractors in West Virginia.
    The acquisition also involves about 800 mln tons of coal
reserves, mostly in West Va., and includes Eastern's coal
reserves and inactive Powderhorn operations near Palisade,
Colo, Peabody said.
    Peabody added that it expects to announce within the next
week how it will staff and operate the properties and offices
it has acquired from Eastern.
 Reuter
3;
bodyend
documentend
documentstart
12174
topicstart
sugar
ship
topicend
bodystart
2;

LONDON SUGAR FREIGHTS


    LONDON, April 1 - ENQUIRIES - 
Delfzyl/India 14,700 mt
bagged sugar about 30 dlrs 750/1,000 ppt a/c Benham.
    Antwerp/Lagos 12,000 mt bagged sugar 750/750 try liner
discharge 5-20/4 a/c E D and F Man.
    T/C single or tweendecker 16,000/19,000 tonnes dw del
Queensland mid-April/early-May for trip with bulk sugar redel
China duration about 30 to 40 days a/c Kawasaki.
    One port A-H range/Dubai 6,800 mt bagged sugar 750/750
10-15/4 a/c unnamed charterer.
    enquiries - Rouen-Hamburg/India 14,000 mt bagged sugar
750/1,000 15-25/4 a/c Woodhouse, Drake and Carey.
    Flushing/Hodeidah and Mokha 16,800 mt bagged sugar 750/750
9-15/4 Genoc.
    Santos/Hodeidah 10,000 mt bagged sugar about 30 dlrs
750/750 20-30/4 a/c Dutch charterer.
    Cargill is reported to have withdrawn its enquiries for
cargoes from South Korea to India, from Constanza to India and
from Buenaventura to the U.S.
 Reuter
3;
bodyend
documentend
documentstart
12176
topicstart
earn
topicend
bodystart
2;

PENTA SYSTEMS INTERNATIONAL INC 
<
PSLI> 4TH QTR


    NEW YORK, April 1 -
    
Shr loss six cts vs loss 76 cts
    Net loss 343,748 vs loss 4.0 mln
    Revs 5.1 mln vs 4.8 mln
    Year
    Shr profit 12 cts vs loss 1.45 dlr
    Net profit 611,784 vs loss 7.7 mln
    Revs 21.6 mln vs 19.7 mln
 Reuter
3;
bodyend
documentend
documentstart
12177
topicstart
money-fx
topicend
bodystart
2;
******
FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY
THROUGH SEPT 24 MATURITY

3;


bodyend
documentend
documentstart
12178
topicstart
acq
topicend
bodystart
2;

CHIRAC SEES QUICK DECISION ON CGCT


    WASHINGTON, April 1 - 
French Prime Minister Jacques Chirac
told U.S. congressmen France would announce a decision in two
to three weeks on which group is to control its second largest
communications firm, Compagnie Generale de Construction
Telphoniques, French sources said.
    They said Chirac promised that France's decision would be
based on financial, economic and technical criteria, and not on
political grounds.
    U.S. and German companies are the leading contenders to
take control of CGCT.
    The Reagan administration has warned France and Germany
that it may retaliate if control of the company is awarded on
political grounds.
    Jacques Delors, President of the European Community's
Executive Commission, called last month for control to go to
West Germany's Siemens AG in order to strengthen European
industry.
    The other leading contender is a consortium of American
Telephone and Telegraph Co 
<
T> with Philips NV of the
Netherlands.
    Chirac said France would make public its reasons for
awarding control, the sources said. He was asked about the
company's fate on two occasions, in meetings with leaders of
the Senate and House of Representatives.
 Reuter
3;
bodyend
documentend
documentstart
12179
topicstart
ship
topicend
bodystart
2;

AGENCY REPORTS 41 SHIPS WAITING AT PANAMA CANAL


    WASHINGTON, April 1 - 
The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 41 ships waiting to enter the canal
early today. Over the next two days it expects --              
             4/01  4/02
                       Due: 34    34
      Scheduled to Transit: 41    39
           End-Day Backlog: 34    29

    Average waiting time tomorrow --
         Super Tankers  Regular Vessels
 North End:  25 hrs      11 hrs
 South End:  24 hrs      31 hrs
 Reuter
3;
bodyend
documentend
documentstart
12180
topicstart
topicend
bodystart
2;

AUSTRALIA STOCK EXCHANGES ENTER NEW ERA


    By Peter Bale, Reuters


    SYDNEY, April 1 - 
The Australian Stock Exchange Ltd (ASX)
today took up the responsibility for administering a new
coordinated market made up of Australia's six former exchanges,
now operating as subsidiary trading floors.
    At the same time, rules prohibiting corporations and
non-stock-exchange members from holding more than 50 pct of
Australia's 101 brokerage firms were abolished, leaving brokers
exposed to greater deregulation.
    Industry sources said the moves will smooth the changeover
to screen-based trading and give the equities market one voice.
    Westpac Banking Corp 
<
WSTP.S> was one of the first to take
advantage of the changes by announcing today it would double
its stake in the Sydney firm 
<
Ord Minnett Ltd> to 100 pct.
    Brokers have been introduced to creeping deregulation over
the past three years after legislation passed in 1984 to end
restrictive trade practices forced the traditional partnerships
to open themselves at first to partial ownership by outside
institutions, and eventually to full ownership.
    The phase-in period has ended, and several major banks and
offshore financial institutions are investigating taking larger
stakes in Australian broking houses, industry sources said.
    Though deregulation was all but forced on brokers, most now
acknowledge that the influx of capital and contacts from
non-member shareholders has benefited the industry, they said.
    "Deregulation has brought an infusion of additional capital
and a broader base of products," ASX chairman Ian Roach told
Reuters.
    Roach said fears that major bank shareholders would impose
a restrictive and conservative "bank culture" on the dynamic
sharebroking industry were unfounded.
    "So far the banks have been mindful of the importance of
preserving the entrepreneurial aspect of sharebroking," he said.
    But some brokers said others are sceptical and expect that
the expiration of "golden handcuff" pacts, which tied partners to
their firms for a period after incorporation, could cause a
massive talent drain.
    Several leading brokers have already announced plans to
leave their firms and establish new private client businesses,
while others plan public floats.
    While bank shareholders have enjoyed dabbling in broking
during Australia's record two-and-a-half year bull run, they
could find themselves without the expertise they need during
more difficult times, some brokers said.
    Rene Rivkin, head of Sydney brokerage house 
<
Rivkin James
Capel Ltd>, said many brokers will resist anything that
restricts their individuality and entrepreneurial spirit, and
this could leave new entrants into the business short-staffed.
    "If I were a bank I'm not sure I would have gone into
broking.... What's going to happen when a lot of these golden
handcuffs come to an end?" Rivkin said.
    "Only then will the banks know what they've got," he said.
    Rivkin's firm is 50 pct owned by Hongkong and Shanghai
Banking Corp 
<
HKBH.HK> unit 
<
Wardley Australia Ltd> and plans a
public float of between 25 and 30 pct.
    "My relationship with the Hong Kong bank is wonderful. They
leave me alone and give me all the support I need.... Maybe if
we weren't doing so well there wouldn't be that support, but
that hasn't happened," he said.
    Other firms might not be so lucky, he said, and they could
find it difficult to preserve their independence when the bull
market ends.
    In the last two years, the value of the Australian
sharemarket has leapt 118 pct with turnover value up 152 pct to
31.24 billion dlrs in the year to June 30, 1986.
    That growth put existing trading systems and clearing
houses under pressure, and unification of the six sovereign
exchanges should accelerate the development of screen-based
trading and a single clearing house, industry sources said.
    From July this year 30 leading stocks will be traded in a
pilot of the ASX's screen trading system which, depending on
its reception by brokers, is expected to replace trading floors
over the next four years, industry sources said.
 REUTER
3;
bodyend
documentend
documentstart
12181
topicstart
topicend
bodystart
2;

WALL STREET STOCKS/PACIFIC GAS 
<
PCG>


    LOS ANGELES, April 1 - 
Pacific Gas and Electric Co's plan
to change its accounting methods for nuclear plant revenues,
together with the prospect of higher higher domestic interest
rates, helped push the company's stock price down 2-1/8 to 22,
utility analysts and company executives said.
    Pacific Gas said yesterday that a change in the method for
accounting for its Diablo Canyon Nuclear power plant revenues
will result in a 470 mln dlr reduction in 1987 earnings.
    The company also said it intends to continue paying its
common stock dividend at the current annual rate of 1.92 dlrs
per share.
    But the move also means that the company is not likely to
increase its dividend for perhaps as long as three years, said
Mark Luftig, an analyst at Salomon Brothers Inc.
    "Anybody looking for a dividend increase has been
dissapointed (by the announcement)," Luftig said.
    Pacific Gas has raised its common stock dividend on a
regular basis for the past 10 years, a company spokeswoman
said.
    In addition, she also pointed out that prospects for higher
interest rates may also be affecting Pacific Gas trading
activity.
    Citicorp 
<
CCI> and Chase Manhattan Corp 
<
CMB> yesterday
increased their prime lending rates to 7-3/4 pct from 7-1/2
pct. It was the first rate increase by the big banks in nearly
three years.
    Utility earnings are sensitive to interest rate increases
because of the high levels of borrowings needed to finance
ongoing construction projects.
    Despite the market reaction, First Boston Corp analyst
Arlene Barnes applauded the Pacific Gas decision.
    "This is a very prudent move on management's part," said
Barnes.
    Rather than using accounting tools to reflect income it is
not taking in, the company will now account for only the 40 pct
of the cost of owning and operating the plant that regulators
are allowing in the form of interim rate relief, Barnes said.
    Pacific Gas had been carrying the other 60 pct as a
deferred cash receivable and accounted for the non-cash item as
income.
    "They'll take the hit this year, but at least we'll be
looking at an honest earnings picture," Barnes also said.
 Reuter
3;
bodyend
documentend
documentstart
12182
topicstart
earn
topicend
bodystart
2;

CONTROL RESOURCE INDUSTRIES INC 
<
CRIX> 4TH QTR


    MICHIGAN CITY, Ind., April 1 -
    
Shr loss five cts vs profit eight cts
    Net loss 152,000 vs profit 214,000
    Revs 6.2 mln vs 2.4 mln
    Year
    Shr profit 22 cts vs profit 33 cts
    Net profit 809,000 vs 853,000
    Revs 22.4 mln vs 7.9 mln
 Reuter
3;
bodyend
documentend
documentstart
12183
topicstart
money-fx
interest
topicend
bodystart
2;

FED BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER


    NEW YORK, April 1 - 
The Federal Reserve bought about 550
mln dlrs of U.S. Treasury bills for a customer, a spokeswoman
said.
    She said the Fed bought bills maturing from May through
September 24 for regular delivery tomorrow.
    Federal funds were trading at 6-3/16 pct when the Fed
announced the operation.
 Reuter
3;
bodyend
documentend
documentstart
12184
topicstart
earn
topicend
bodystart
2;

AMERICAN WATER WORKS CO INC 
<
AWK> SETS PAYOUT


    WILMINGTON, Del., April 1 -
    
Qtly div 32 cts vs 32 cts prior
    Pay May 15
    Record May One
 Reuter
3;
bodyend
documentend
documentstart
12185
topicstart
earn
topicend
bodystart
2;

HUNT MANUFACTURING CO 
<
HUN> SETS PAYOUT


    PHILADELPHIA, April 1 -
    
Qtrly div 11 cts vs 11 cts
    Pay April 21
    Record April 10
 Reuter
3;
bodyend
documentend
documentstart
12186
topicstart
acq
topicend
bodystart
2;

ITEL 
<
ITEL> BUYS CASTLE/COOKE 
<
CKE> UNIT ASSETS


    CHICAGO, April 1 - 
Itel Corp said it has completed the
previously-announced acquisition of the container fleet and
related assets of Castle and Cooke Inc's Flexi-Van Leasing Inc
subsidiary for about 130 mln dlrs in cash and marketable
securities, 30 mln dlrs in notes, three mln common shares and
the assumption of liabilities.
    The company said it has obtained 150 mln dlrs in financing
from a bank group for the deal, and the common shares are
subject to a 10-year restriction on their sale and voting.
 Reuter
3;
bodyend
documentend
documentstart
12187
topicstart
earn
topicend
bodystart
2;

PITTSBURGH AND WEST VIRGINIA RAILROAD 
<
PW> NET


    PITTSBURGH, April 1 - 
4th qtr
    Shr 14 cts vs 14 cts
    Net 210,000 vs 211,000
    Revs 230,000 vs 229,000
    Year
    Shr 56 cts vs 56 cts
    Net 838,000 vs 841,000
    Revs 919,000 vs 919,000
 Reuter
3;
bodyend
documentend
documentstart
12189
topicstart
topicend
bodystart
2;

<
TOPPS CO INC> FILES FOR INITIAL OFFERING


    NEW YORK, April 1 - 
Topps Co Inc said it has filed for an
initial public offering of 4,500,000 common shares, including
3,500,000 shares to be sold by shareholders.
    It said lead underwriters are 
<
Goldman, Sachs and Co> and
Alex. Brown and Sons Inc 
<
ABSB> and the underwriting group has
been granted an option to buy up to 675,000 more shares to
cover overallotments.  The initial offering price is expected
to be 15 to 18 dlrs a share, and proceeds will be used for debt
reduction, it said.
    Topps had been public once before but went private in a
leveraged buyout in 1984.
 Reuter
3;
bodyend
documentend
documentstart
12190
topicstart
topicend
bodystart
2;

DIGITAL COMM 
<
DCAI> WINS FAVORABLE RULING


    ATLANTA, Apri 1 - 
Digital Communications Associates Inc
said the U.S. District Court issued a ruling prohibiting

<
Softklone Distributing Corp> from selling a software product
that Digital claimed violates one of its copyrights.
    The company said no damages were set in the court's ruling.
    "The court has validated our contention that the user
interface and the appearnace of a product is a vital element of
the product and is protectable by U.S. copyright law," the
company said.
    Digital said the ruling involved a copyright infringement
suit filed against Softklone by Microstuf Inc, which Digital
acquired in October 1986.
    The suit charged that Softklone's Mirror software product
violated the copyright of Microstuf's CrossTalk program,
Digital said.
 Reuter
3;
bodyend
documentend
documentstart
12191
topicstart
acq
topicend
bodystart
2;

DYNALECTRON 
<
DYN> BUYS AVIATION FACILITY


    MCLEAN, Va, April 1 - 
Dynalectron Corp said it purchased
certain assets of Standard Aero Inc including leasehold rights
to its aircraft modification and maintenance facility in
Phoenix, Ariz.
    Terms were not released.
    The facility consists of 285,000 square feet of hangar and
shop space. Dynalectron will operate the plan as Dynair Tech
Inc and is offering continued employment to about 460 former
standard Aero employees.
 Reuter
3;
bodyend
documentend
documentstart
12192
topicstart
grain
wheat
soybean
oilseed
topicend
bodystart
2;

U.S. FARM REORGANIZATIONS PROVING COSTLY - GAO


    WASHINGTON, April 1 - 
U.S. farmers who reorganize their
operations to circumvent a cap on federal payments could add
2.3 billion dlrs to the cost of the government's agricultural
programs by 1989, the General Accounting Office, GAO, said.
    "We estimate that should the trend in farm reorganizations
continue, reorganizations since 1984 could be adding almost 900
mln dlrs annually to program costs by 1989," GAO Senior
Associate Director Brian Crowley said.
    "Cumulative costs for the six-year period, 1984 to 1989,
could approach 2.3 billion dlrs," he said.
    Between 1984 and 1986, reorganizations added almost 9,000
new persons to U.S. Agriculture Department payment rolls,
Crowley told the House Agriculture Subcommittee on Wheat,
Soybeans and Feedgrains.
 Reuter
3;
bodyend
documentend
documentstart
12193
topicstart
topicend
bodystart
2;

CHEVRON 
<
CHV> UNIT ACCEPTS AMERICAN EXPRESS


    SAN FRANCISCO, April 1 - 
Chevron Corp's domestic oil and
gas unit, Chevron USA, said it will honor American Express
cards at all of the company's Chevron outlets but only some of
its Gulf branded outlets.
    Chevron USA, with more than 15,000 Chevron and Gulf outlets
nationwide, predicted all of its independent dealers will elect
to honor the cards. Because of recent divestitures, Chevron USA
said the agreement does not cover Gulf brand outlets in
Alabama, Florida, Georgia, Kentucky, Mississippi, North
Carolina, South Carolina and Tennessee, as well as Delaware,
New Jersey, New York, Pennsylvania and New England.
 Reuter
3;
bodyend
documentend
documentstart
12195
topicstart
acq
topicend
bodystart
2;

TALKING POINT/PUROLATOR COURIER 
<
PCC>


    By Patti Domm, Reuters


    New York, April 1 - 
Emery Air Freight Corp topped a
leveraged buyout offer for Purolator Courier Corp by about 40
mln dlrs, but Wall Street is reacting as though another offer
may surface.
    Purolator's stock climbed 5-3/8 today, to 40-1/8, 1/4 over
Emery's 40 dlr per share offer. Emery topped a 35 dlr per share
or 268 mln dlr offer from E.F. Hutton LBO Inc.
    Some analysts said the latest, 306 mln dlr offer for
Purolator exceeded their expectations.
    Several analysts previously had said they saw takeover
values for the package delivery company in the 35 dlr per share
range. At least one, however, estimated the company could be
taken over in a range of 38 to 42 dlrs per share.
    Analysts today would not venture to say whether another
offer could be made, but some arbitragers still held to the
belief that the bidding could go higher.
    "They have no choice to seek out the best possible offer.
Emery has shown the courage to go forth," said one arbitrager,
who speculated other courier companies may also emerge as
bidders.
    "It makes sense," said James Parker of Robinson Humphrey.
But "It won't make out as well as they think. They won't get a
100 pct of the synergies."
    Analysts said the acquisition could cost Emery earnings in
the short term, but long term, after eliminating redundancies
and selling other Purolator assets, it should boost Emery's
profitability.
    Parker said a combined Purolator and Emery would rival
United Parcel Service as the second largest U.S. package
delivery company after Federal Express Corp 
<
FDX>, which has 47
pct of the market.
    Parker speculated that the combined Emery-Purolator would
have about 24 pct of the six to seven billion dlr delivery
business.
    "This will make Emery a bigger factor in the light weight
(delivery) business, but it will not make them a power house,"
said Douglas Arthur of Kidder, Peabody and Co.
    Purolator today declined comment on the Emery offer, and
its chairman Nicholas Brady did not return a phone call.
    E.F.Hutton LBO also declined comment on the Emery offer,
but said it extended the expiration and withdrawal period on
its offer to April six at midnight from today at midnight EST.
    One analyst speculated the extension makes it more likely
Hutton will attempt another offer. However, he was skeptical a
company outside the package delivery industry would want to
outbid 40 dlrs per share because it would not have the same 
synergies as a courier company.
    Since Purolator agreed in late February to a buyout by some
of its management and the E.F. Hutton Group 
<
EFH> subsidiary,
speculation has arisen that more bidding was to come.
    The buyout was surrounded by controversy since a Purolator
board member, Doresy Gardner resigned in March. Gardner said he
believed a better offer could be made by another entity.
    A spokesman for Gardner today said the former director had
no contact with Emery, nor did he have any other buyers lined
up for Purolator.
    Purolator's deal with Hutton was also called into question
by a shareholder suit filed earlier this week, which attempted
to stop the tender offer to allow another bidder to come forth.
Hearings in a New York state court were delayed until Monday.
    Arbitragers had said they believed the Hutton offer could
be bettered because the Wall Street firm was not planning to
keep its cash tied up in Purolator. Hutton is providing a 279
mln dlr "bridge" loan that would later be replaced with other
debt. Hutton would maintain a majority interest in Purolator.
    Hutton sources have said the firm was in fact facing risk n
its investment since it did not know when it could reclaim its
279 mln dlr loan.
    Emery last year lost 5.4 mln dlrs on revenues of 887.5 mln
dlrs. Purolator lost 57.6 mln dlrs on 841.4 mln dlrs in
revenues.
 Reuter
3;
bodyend
documentend
documentstart
12197
topicstart
interest
topicend
bodystart
2;

CANADIAN IMPERIAL BANK LOWERING VISA RATES


    TORONTO, April 1 - 
<
Canadian Imperial Bank of Commerce>
said it was lowering the interest rate on its Visa credit card
to 15.9 pct from 18.6 pct, effective with the May billing
statement.
    The bank said it was also halving its yearly Visa card user
fee to six dlrs, but would retain its 15 ct fee for each
transaction.
    A bank spokesman said the previously reported call by the
Canadian Parliament's finance committee on March 20 for a
substantial cut in credit card rates "was a factor" in the
move, but he would not elaborate.
    Canada's minister of state for finance Thomas Hockin had
threatened legislation to reduce the rates, which apply to
unpaid balances, if the financial institutions did not
voluntarily act.
    The Canadian Imperial Bank spokesman said "the bank card
market is a very competitive one and we have to move to stay
competitive."
    Canadian Imperial's new rates match those of 
<
Toronto
Dominion Bank>, which lowered its rates before the finance
committee report.
    Canadian Imperial Bank added that cardholders will be
allowed to choose between the 15 ct transaction fee or the six
dlr yearly card fee.
    It will also eliminate the 50 ct minimum monthly
transaction fee, it said.
    Minister of State for Finance, Tom Hockin, said in the
House of Commons today he was "delighted" with the bank's cut
in its credit card rate.
    "I would hope retail stores and other financial
institutions will look to their rates as well," Hockin said
during the daily question period.
 Reuter
3;
bodyend
documentend
documentstart
12198
topicstart
topicend
bodystart
2;

PLATTE RIVER AUTHORITY SELLS TAXABLE MUNI BONDS


    NEW YORK, April 1 - 
First Boston Corp, acting as sole
manager, said it placed 29.4 mln dlrs of taxable power revenue
bonds due 2005 of Platte River Power Authority of Colorado.
    First Boston won the bonds in competitive bidding. It bid
them at an 8-3/8 pct coupon. As the bonds will not be publicly
offered, First Boston declined to give their price and yield.
    The bonds have an average life of 11.5 years and are rated
A-1 by Moody's and A by S/P. Underwriters said 22 firms bid for
them, far more than the number of managers who typically bid
for corporate debt as Wall Street houses are trying to boost
their share of the young taxable municipal debt market.
        
 Reuter
3;
bodyend
documentend
documentstart
12199
topicstart
topicend
bodystart
2;

QUEBEC 91-DAY T-BILL YIELD RISES


      QUEBEC, April 1 - 
This week's Quebec government auction
of 85 mln dlrs worth of 91-day treasury bills yielded an
average 7.03 pct, up from 6.85 pct last week, a finance
department spokesman said.
    The average price was 98.277.
    This month's government auction of 50 mln dlrs worth of
six-month treasury bills yielded an average 7.32 pct, down from
7.56 pct last month, the spokesman said. The average price was
97.480.
 Reuter
3;
bodyend
documentend
documentstart
12200
topicstart
topicend
bodystart
2;

TELECOM PLUS 
<
TELE> TO CHANGE NAME


    BOCA RATON, Fla., April 1 - 
Telecom Plus International Inc
said it has received all regulatory approvals needed to change
its name to TPI Enterprises Inc.
 Reuter
3;
bodyend
documentend
documentstart
12201
topicstart
earn
topicend
bodystart
2;

NISSAN MOTOR 
<
NSANY> SEES SECOND HALF PROFIT


    NEW YORK, April 1 - 
Nissan Motor Co Ltd of Japan said it
expects that it was profitable in the second half ended
yesterday after a first half operating loss of 17 billion yen.
    Nissan chief financial officer Atsushi Muramatsu, in a
speech before an automotive seminar, said he attributed the
improvement to cost reductions and rationalizations of
operations.
    He said if exchange rates stabilize, Nissan will have a
strong profit recovery in fiscal 1988 and profits for fiscal
1989 better than those before the yen started advancing.
    Muramatsu said Nissan is studying the possibility of
setting up its own finance company to improve access to U.S.
and European capital markets.
 Reuter
3;
bodyend
documentend
documentstart
12202
topicstart
earn
topicend
bodystart
2;

GEOFFRION LECLERC FORECASTS RESULTS


    MONTREAL, April 1 - 
(Geoffrion Leclerc Inc), in reporting
sharply higher earnings for the six months ended February 28,
said it expects third quarter results to continue at a strong
pace and approximate the preceding quarters.
    The brokerage firm earlier reported six month profit rose
to 3.5 mln dlrs from 1.9 mln dlrs last year. It did not detail
second quarter profit.
 Reuter
3;
bodyend
documentend
documentstart
12203
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/POLAROID 
<
PRD>


    NEW YORK, April 1 - 
Rumors that New York investor Asher
Edelman has acquired a stake in Polaroid Corp and optimism
about tomorrow's status hearing on the patent infringement suit
pending with Eastman Kodak Co 
<
EK> sent Polaroid's stock
higher, traders said.
    Polaroid rose 1-1/8 to 74-1/2.
    "Speculation that Edelman was going to take a stake in
Polaroid was kicking around a few months ago, and resurfaced
today," one trader said.
    Edelman had no comment on the rumors.
    A spokesman for Polaroid said the company had not been
contacted by Edelman and no filing had been made with the
Securities and Exchange Commission about a stake in the
company.
    "There is some hope among investors that there will some
progress in the status hearing tomorrow on the patent
infringement suit with Kodak," analyst Michael Ellmann of
Wertheim and Co said.
    Traders said it is conceivable that a trial date could be
set or some progress made on an out-of-court settlement.
    The suit, filed by Polaroid in April 1976, charges that
Kodak infringed upon Polaroid's instant camera patent. In
October 1985, the court barred Kodak from selling cameras or
film that infringe upon the patent, the Polaroid spokesman
said.
    Ellmann said he feels it is highly unlikely that any
progress will be made in tomorrow's hearing.
    Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
    "Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
    Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
    "Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
 Reuter
3;
bodyend
documentend
documentstart
12204
topicstart
earn
topicend
bodystart
2;

KAUFMAN AND BROAD INC 
<
KB> 1ST QTR FEB 28 NET


    LOS ANGELES, April 1 -
    
Shr 41 cts vs 17 cts
    Net 8,824,000 vs 4,555,000
    Revs 301.9 mln vs 196.4 mln
    Avg shrs 17,644,000 vs 16,085,000
 Reuter
3;
bodyend
documentend
documentstart
12205
topicstart
acq
topicend
bodystart
2;

ITEL 
<
ITEL> COMPLETES FLEXI-VAN ACQUISITION


    CHICAGO, April 1 - 
Itel Corp said it completed the
previously announced purchase of the container fleet and
certain related assets of Flexi-Van Leasing Inc for about 130
mln dlrs cash and marketable securities, 30 mln dlrs in notes,
three mln shares of newly issued Itel common and assumption of
certain liabilities.
    The company said it obtained financing from a syndicate of
major banks for 150 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12207
topicstart
earn
topicend
bodystart
2;

KAUFMAN AND BROAD INC 
<
KB> 1ST QTR FEB 28 NET


    LOS ANGELES, April 1 -
    
Shr 41 cts vs 17 cts
    Net 8,824,000 vs 4,555,000
    Revs 301.9 mln vs 196.4 mln
    NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a
year earlier.
 Reuter
3;
bodyend
documentend
documentstart
12208
topicstart
coffee
topicend
bodystart
2;

NY ANALYSTS SEE COFFEE FUTURES FALLING FURTHER


    New York, April 1 - 
New York coffee futures prices will
probably fall to about 85 cents a lb in the next month before a
consolidation trend sets in, according to market analysts.
    Yesterday, prices for the spot May contract fell below 1.00
dlr a lb for the first time since August 1981 after the
International Coffee Organization did not place new export
quota discussions on its current agenda.
    Talks aimed at renegotiating ICO export quotas, after five
years of price-supporting agreements, broke down in February.
    "Short-term, it looks like a definite test of 90 cents,
perhaps 85 cents," said William O'Neill, coffee analyst with
Elders Futures. "But the additional downside may not be all
that great from current levels."
    "At this price level the market is very vulnerable to
bullish developments," O'Neill added. "Rather than us having a
market that will plummet we'll kind of see prices erode --
probably to around 85 cents."
    "I definitely see 90 cents and would not rule out a brief
drop to 85 cents," said Debra Tropp, a coffee analyst with
Prudential Bache. But she said by June worries about a freeze
in Brazil growing areas will become more of a market factor,
with prices likely to consolidate ahead of that time.
    A trader at a major international trade house, who asked
not to be named, said he expects a 10 cent drop near term but
believes if Brazil opens May registrations at a relatively high
export price and requires a high contribution quota from
exporters the market could steady at the lower levels.
    Longer term, he added, producer pressure will mount on
Brazil to agree to consumers' export quota terms, and a new
international agreement could come into force next fall.
    Since the February talks broke down, the market has fallen
from about 130.00 cents a lb to a low of 98.10 cents a lb
today, as buyers and sellers sought to reassess supply and
demand.
    Generally, analysts say, producers have a large buildup of
stocks, but U.S. roasters have drawn down supplies and will
need to do some buying soon.
    "Most producing nations have just completed or are about to
complete their annual harvests and exportable supplies are at
their seasonal peak. Exports remain behind year ago and
warehouses in producer nations are becoming increasingly
overburdened," said Sandra Kaul, coffee analyst for Shearson
Lehman, in that firm's forthcoming quarterly coffee report.
    Kaul said producers' need to procure hard currency to
service foreign debt will put further pressure on them to sell,
and "this should keep substantial pressure on exporters to
undertake sales despite the drop in prices to six year lows."
    Kaul believes the market will drop to 80 cents a lb before
Brazil's frost season begins in June.
    Accurate assessments of roaster demand are hard to come by,
though analysts note the peak winter consumption period is
passed and demand usually slows this time of year.
    Shearson's Kaul estimated U.S. roaster ending stocks as of
January 31, including soluble and roasted, at 6.3 mln bags
compared with 6.9 mln at end-September 1986, a small drawdown
for the usually busy winter roasting season.
    But Elders O'Neill said, "The roasters are not overstocked
by any means."
    Analysts said picking a bottom to the market is difficult,
given the fact prices have fallen into uncharted territory
below the long-term support at 1.00 dlr per lb, and several
traders said the sidelines might be preferable for the short
term.
 Reuter
3;
bodyend
documentend
documentstart
12209
topicstart
gas
topicend
bodystart
2;

ENERGY/U.S. REFINING


     By BERNICE NAPACH, Reuters


     NEW YORK, April 1 - 
U.S. refiners said they are worried
that growing supplies of imports, proposed federal
environmental regulations, and the marketing of a third grade
of unleaded gasoline would cost them dearly and at a time when
the industry is recovering from a recent slump.
     "We have to look at national security and cut the amount
of products and crude coming into the country if it hurts the
industry," said Archie Dunham, vice president of petroleum
products at Conoco, subsidiary of DuPont Corp (DD).
    U.S. oil imports account for about 38 pct of U.S.
consumption but are expected to rise to 50 pct by the mid
1990s, according to the Department of Energy.
    "Can we afford to import 60 or 70 pct of our oil
requirements 15 or so years from now?" asked John Swearingen,
chairman of the board of Continental Illinois Corp 
<
CIL> and
former chief executive of Amoco Corp 
<
AN>. "If your answer to
that question raises doubt, then it behooves us to do all that
we can now to cope with this situation and improve our
position."
    But Swearingen said he opposed the idea of an import fee, a
view echoed by others attending this week's National Petroleum
Refiners Association meeting in San Antonio, Texas.
    "Talk of an import surcharge or controls is not encouraging
because those things won't solve our problems and could well
compound them," said Swearingen. "Once the government affects
values, once an import quota or license has value, it's going
to be subverted by government," he added.
     William Martin, deputy Energy Secretary, said the costs of
an import fee outweigh its benefits and suggested, as Energy
Secretary John Herrington has, depletion tax credits to
encourage domestic production and limit oil imports. He also
said altnerative energy sources should be encouraged.
     Restoration of the depletion allowance for a 27 pct
deduction from the taxable income of oil companies is 
controversal but might work, said Dunham.
    Dunham and other officials opposed the idea of a fee on oil
imports but said if one is enacted it must tax crude and
product imports.
    "Why would companies import crude when they could import
products for a smaller cost if there were only a fee on crude?"
asked Henry Rosenberg, chairman of Crown Central Petroleum

<
CNP>.
     An import fee would raise the costs of U.S. petrochemical
products and make them noncompetive on the world market, Dunham
said.
     "The energy security issue should be considered when
environmental issues are considered," Martin said.
    "The level of investment for the proposed lowering of
sulfur level of diesel to 0.05 pct by weight, for example, is
unacceptable," Dunham said. "Most companies cannot afford it."
    George Unzelman, president of HyOx, Inc., said these
proposals "will place pressure on small refining operations and
promote further industry consolidation."
     An NPRA survey of of 139 refineries, which was released at
the conference, said reducing sulphur content to 0.05 pct
weight and aromatics to 20 volume pct aromatics in highway
diesel fuel would cost refiners 6.65 billion dlrs.
     The national average diesel fuel sulfur content in 1986
for the survey respondents was 0.27 weight pct while the
average aromatics content was 32 pct.
     Another possible cost to refiners is the upgrading of
facilities to produce a third grade of unleaded gasoline which
is beginning to be marketed by some companies.
    "What will be the standard octane level in various grades
of unleaded gasoline?" asked Dunham. "A midlevel grade of
unleaded gasoline with an octane level of 89 means an
investment has to be made," Dunham said.
     This grade is not warranted, said Crown's Rosenberg.
     Despite these concerns, refiners are expecting margins to
move higher in the next few months.
     "We are beginning to see a return in wholesale margins,"
said Roger Hemminghaus, chairman of the refining and marketing
company that is to spin off from Diamond Shamrock Corp 
<
DIA>.
     Margins are higher because the OPEC pact is holding, U.S.
stocks of gasoline and heating oil are declining, and gasoline
demand is rising as the driving season approaches, he said.
     "This summer could be a good season for selling gasoline,"
Hemminghaus said, adding that the new company will be primarily
a gasoline producer.
 Reuter
3;
bodyend
documentend
documentstart
12210
topicstart
topicend
bodystart
2;

CANADA 7-YEAR BONDS AVERAGE 7.97 PCT YIELD


    OTTAWA, April 1 - 
The Canadian government's auction of 400
mln dlrs of 7-year and 3-month bonds yielded an average 7.97
pct and were priced at an average 98.787 dlrs, the finance
department said.
    The coupon rate was 7.75 pct on the issue.
 Reuter
3;
bodyend
documentend
documentstart
12211
topicstart
earn
topicend
bodystart
2;

CSX CORP 
<
CSX> 1ST QTR NET


    RICHMOND, Va, April 1 -
    
Shr 47 cts vs 56 cts
    Net 73.0 mln vs 85.0 mln
    Revs 1.89 billion vs 1.69 billion
    NOTE: figures reflect the merger of Sea-Land Corp completed
Feb 11, 1987.
 Reuter
3;
bodyend
documentend
documentstart
12212
topicstart
topicend
bodystart
2;

RIO GRAND 
<
RGDC> UNIT IN PARTNERSHIP AGREEMENT


    SAN ANTONIO, Texas, April 1 - 
Rio Grande Drilling Co said
its subsidiary, Rio Grande Video, entered into a limited
partnership agreement with a group of private investors to
develop and operate five Blockbuster Video Superstores in
Florida.
    Blockbuster Video Superstores are franchises of Blockbuster
Entertainment Corp 
<
BBEC>.
    Rio Grande Video will act as general partner, owning 50 pct
of the partnership, it said. The company must open 10 stores
within the next two years to maintain exclusive license rights
in the territory, it said.
 Reuter
3;
bodyend
documentend
documentstart
12213
topicstart
acq
topicend
bodystart
2;

WALL STREET STOCKS/LORAL CORP 
<
LOR>


    NEW YORK, April 1 - 
Loral Corp climbed 3-3/4 to 48-3/4 amid
rumors the company might be a takeover target of General
Electric Co 
<
GE>. However, analysts said they were skeptical.
    "Jack Welch doesn't want any more exposure to defense
markets," said one analyst who heard the rumors but doubted
their accuracy. The reference was to GE's chairman.
    The analyst, who requested anonymity, said, "I wouldn't
believe this one unless there's a deal on the table."
    Loral Corp officials were not immediately available for
comment.
 Reuter
3;
bodyend
documentend
documentstart
12214
topicstart
topicend
bodystart
2;

<
MORGAN GRENFELL GROUP PLC> OFFERS FUND


    NEW YORK, April 1 - 
Morgan Grenfell Group PLC's Morgan
Grenfell Capital Management unit said it plans to offer in late
April 7,500,000 shares of closed-end fund Morgan Grenfell
SMALLCap Fund at 10 dlrs each.
    It said the fund will seek long-term capital appreciation,
mostly by investing in U.S. companies with market
capitalizations between 50 and 500 mln dlrs.
    Underwriters are Wedbush Securities Inc, Morgan Grenfell,
Blunt Ellis and Loewi Inc, Butcher and Singer Inc, Raymond
James and Associates and Robinson-Humphrey Co Inc.
                     
 Reuter
3;
bodyend
documentend
documentstart
12215
topicstart
copper
topicend
bodystart
2;

MAGMA LOWERS COPPER PRICE 0.25 CT TO 65.50 CTS


    NEW YORK, April 1 - 
Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is lowering its copper cathode
price by 0.25 cent to 65.50 cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12216
topicstart
earn
topicend
bodystart
2;

SNET 
<
SNG> SEES GOOD 1987 EARNINGS


    NEW YORK, April 1 - 
Southern New England Telecommunications
Corp, SNET, said it expects to have good earnings in 1987
against 4.46 dlrs per share or 139.2 mln dlrs in 1986.
    The company also said it expects capital spending to rise
to about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago.
    However, senior vice president of finance Daniel Miglio
told a meeting of analysts that there was some uncertainty in
its earnings outlook because SNET is currently involved in
negotiations with state regulators on its rate of return on
equity which currently stands at 16.2 pct.
    The company also said it expects its SNET Systems business,
which is composed of some of its non-regulated businesses, to
be profitable by the end of the year.

 Reuter
3;
bodyend
documentend
documentstart
12217
topicstart
topicend
bodystart
2;

ESCAGEN CORP 
<
ESN> COMPLETES INITIAL OFFERING


    SAN CARLOS, Calif., April 1 - 
Escagen Corp said it has
completed an initial offering of common stock, raising 18 mln
dlrs, and has completed its previously announced purchase of
the assets and business of International Plant Research
Institute.
 Reuter
3;
bodyend
documentend
documentstart
12218
topicstart
topicend
bodystart
2;

FIRST FEDERAL CHARLESTON 
<
FFCH> NAMES NEW CEO


    CHARTLESTON, S.C., April 1 - 
First Federal Savings and Loan
Association of Charleston said executive vice president A.L.
Hutchinson Jr. has been named to succeed Robert L. Cale as
president and chief executive officer when he retires on April
1, 1988.
 Reuter
3;
bodyend
documentend
documentstart
12219
topicstart
acq
topicend
bodystart
2;

STRYKER 
<
STRY> ACQUIRES HEXCEL 
<
HXL> UNIT


    KALAMAZOO, Mich., April 1 - 
Stryker Corp said it acquired
Hexcel Medical Corp, a wholly owned subsidiary of Hexcel Corp.
    The terms of the transaction were not disclosed.
    The sale completes Hexcel's plan to sell all its medical
products businesses, Hexcel said.
 Reuter
3;
bodyend
documentend
documentstart
12220
topicstart
topicend
bodystart
2;

GRUMMAN 
<
GQ> UNIT WINS MCDONNELL DOUGLAS ORDER


    LONG BEACH, Calif., April 1 - 
McDonnell Douglas Corp 
<
MD>
said it awarded a contract valued at 28 mln dlrs to a unit of
Grumman Corp to develop flight control surfaces for the new
U.S. Air Force C-17 transport.
    Grumman Aerostructures of Bethpage, N.Y., will design,
develop and build the rudders, elevators and other parts for
the transports.
 Reuter
3;
bodyend
documentend
documentstart
12221
topicstart
acq
topicend
bodystart
2;

OLD STONE 
<
OSTN> COMPLETES ACQUISITION


    PROVIDENCE, R.I., April 1 - 
Old Stone Corp said it
completed the previously announced acquisition of First Federal
Savings Bank of North Carolina, a Shelby, N.C., savings bank,
for common stock.
    The final purchase price, expected to be between seven mln
and 7.5 mln dlrs, will be based on an exchange of common stock
valued at 1.5 times the book value of First Federal as of the
March 31 closing date, the company said.
    At February  28, First Federal had 129 mln dlrs in assets
and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based
financial services company with assets of 3.9 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12222
topicstart
acq
topicend
bodystart
2;

MOORE MEDICAL CORP 
<
MMD> TO MAKE ACQUISITION


    NEW BRITAIN, Conn., April 1 - 
Moore Medical Corp said it
plans to acquire privately-held Penta Products, a wholesale
distributor of generic durgs, for undisclosed terms.
 Reuter
3;
bodyend
documentend
documentstart
12223
topicstart
copper
topicend
bodystart
2;

INSPIRATION LOWERS COPPER PRICE TO 66.50 CTS/LB


    NEW YORK, April 1 - 
Inspiration Consolidated Copper Co, a
subsidiary of Inspiration Resources Corp, said it is lowering
its base price for full-plate copper cathodes one-half cent to
66.50 cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12224
topicstart
veg-oil
topicend
bodystart
2;

ARGENTINE VEGETABLE OIL SHIPMENTS IN 1986


    BUENOS AIRES, Apr 1 - 
Argentine vegetable oils shipments
during January/December 1986 totalled 1,796,121 tonnes, against
1,577,722 tonnes in the same period of 1985, the Argentine
Grain Board said.
    Breakdown was as follows: cotton 9,000 (27,900), sunflower
954,303 (840,440), linseed 119,954 (138,944), groundnutseed
26,248 (26,246), soybean 669,094 (524,715), tung 9,047
(11,363), olive 2,417 (4,125), maize 6,058 (3,989), rape nil
(nil) , grape nil (nil), the board added.
    Shipments during December 1986 amounted to 102,870 tonnes,
against 108,514 tonnes in the same month of 1985.
    The breakdown, was as follows, in tonnes:
    Cotton 5,000 (nil), sunflower 25,156 (23,713), linseed
6,127 (5,990), groundnutseed nil (738), soybean 65,759
(76,371), tung 645 (730), olive 183 (660), maize nil (312),
rape nil (nil), grape nil (nil), the board said.    
    The ten principal destinations during January/December
1986, with comparative figures for the same period of 1985 in
brackets, were as follows, in tonnes:
    Iran 212,043 (209,177), Holland 204,558 (215,784), Soviet
Union 173,060 (266,389), Egypt 163,119 (164,252), Algeria
116,330 (11,492), South Africa 105,230 (110,064), Brazil
101,599 (103,142), Cuba 89,957 (98,740), United States 80,109
(44,826), India 67,182 (17,403), the board said.
 REUTER
3;
bodyend
documentend
documentstart
12225
topicstart
acq
topicend
bodystart
2;

UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM


    NEW YORK, April 1 - 
Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
    Terms were not disclosed.
    Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
    Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
    New York-based Upland is traded over-the-counter.
 Reuter
3;
bodyend
documentend
documentstart
12226
topicstart
acq
topicend
bodystart
2;

INSPEECH 
<
INSP> BUYS NORMA BORK, BORK MEDICAL


    VALLEY FORGE, Pa., April 1 - 
Inspeech Inc said it acquired
Norma Bork Associates Inc and Bork Medical Services Inc for
undisclosed terms.
    These firms, with combined revenues of about one mln dlrs,
are providers of speech pathology, physical therapy and
occupational therapy services.
 Reuter
3;
bodyend
documentend
documentstart
12227
topicstart
earn
topicend
bodystart
2;

NOLAND CO 
<
NOLD> SETS QUARTERLY


    NEWPORT NEWS, Va., April 1 -
    
Qtly div 10 cts vs 10 cts prior
    Pay April 24
    Record April 14
 Reuter
3;
bodyend
documentend
documentstart
12228
topicstart
topicend
bodystart
2;

PHELPS DODGE 
<
PD> CALLS PREFERENCE SHARES


    NEW YORK, April 1 - 
Phelps Dodge Corp said it is calling
for redemption on May One all of its five dlr convertible
exchangeable preference shares at 53.50 dlrs per share.
    The company said the shares may be converted into common
stock through April 30 at 1.818 common shares per preference
share.  It said holders converting will not receive the 1.25
dlr per share dividend on the preference shares payable May One
to holders of record on that date.
    Phelps Dodge also said it is calling for redemption on the
same date its privately-held Series A preferred stock.
 Reuter
3;
bodyend
documentend
documentstart
12229
topicstart
interest
topicend
bodystart
2;

BANK OF NEW YORK 
<
BK> RAISES PRIME TO 7-3/4 PCT


    NEW YORK, April 1 - 
Bank of New York said it raised its
prime lending rate a quarter point to 7-3/4 pct.
    It said the move is effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12230
topicstart
topicend
bodystart
2;

NORTH CENTRAL LABS 
<
NCLB> DISCUSSES AIDS TESTS


    MINNEAPOLIS, April 1 - 
North Central Laboratories Inc said
it has had preliminary discussions with MikroMed Inc about
providing laboratory testing services to screen the presence of
the AIDS virus.
    It said MikroMed is developing a kit which it would
distribute to its customers and which would be used by its
customers to draw samples of their own blood. These samples
would be mailed to a laboratory facility for AIDS screening.
 Reuter
3;
bodyend
documentend
documentstart
12231
topicstart
earn
topicend
bodystart
2;

HARTMARX CORP 
<
HMX> 1ST QTR FEB 28 NET


    CHICAGO, April 1 -
    
Shr 54 cts vs 40 cts
    Net 11,105,000 vs 8,310,000
    Sales 282.7 mln vs 290.3 mln
    Avg shrs 20,599,000 vs 20,760,000
    NOTE: Per-share results restated for May 1986 three-for-two
stock split
 Reuter
3;
bodyend
documentend
documentstart
12232
topicstart
topicend
bodystart
2;

ELXSI 
<
ELXSF> WINS MCDONNELL DOUGLAS 
<
MD> ORDER


    SAN JOSE, Calif., April 1 - 
Elxsi Ltd said it sold three
computer systems worth four mln dlrs to Douglas Aircraft Co, a
unit of McDonnell Douglas Corp.
    The company said the systems will be used in the C-17
military transport program. One was shipped last month and two
others will be shipped in June, it said.
 Reuter
3;
bodyend
documentend
documentstart
12234
topicstart
topicend
bodystart
2;
******
ATT TO SELL NETI TECHNOLOGIES SOFTWARE

3;


bodyend
documentend
documentstart
12235
topicstart
interest
topicend
bodystart
2;

MANUFACTURERS NATIONAL 
<
MNTL> RAISES PRIME


    DETROIT, April 1 - 
Manufacturers National Bank of Detroit
said it increased its prime rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12236
topicstart
acq
topicend
bodystart
2;

UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM


    NEW YORK, April 1 - 
Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
    Terms were not disclosed.
    Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
    Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
 Reuter
3;
bodyend
documentend
documentstart
12237
topicstart
earn
topicend
bodystart
2;

TOLL 
<
TOL> IN STOCK SPLIT, PUBLIC OFFERING


    HORSHAM, Penn., April 1 - 
Toll Brothers Inc said it
declared a two-for-one split of its common stock and said it
filed a registration statement with the Securities and Exchange
Commission for a proposed public offering of 5,700,000 shares
of common as adjusted for the split.
    The record date for the split is April 10, and certificates
representing the additional shares will be mailed April 20.
    The company said its stock price will be adjusted to
reflect the split on April 21.
 Reuter
3;
bodyend
documentend
documentstart
12238
topicstart
topicend
bodystart
2;

QUAKER OATS 
<
OAT> UNIT TO RETIRE DEBT


    CHICAGO, April 1 - 
Quaker Oats Co said its Stokely-Van Camp
Inc subsidiary will retire on May 15 its 10-1/4 pct Sinking
Fund Debentures due May 15, 2000.
    The company said it will retire 2.6 mln dlrs at par through
operation of the debenture's sinking fund. The remaining
outstanding balance, currently 11,812,000 dlrs, will be retired
at a price of 1,041 dlrs a bond.
    Interest will be payable May 15, record May One.
 Reuter
3;
bodyend
documentend
documentstart
12239
topicstart
earn
topicend
bodystart
2;

NATIONAL ROYALTY CORP 
<
NROC> 4TH QTR LOSS


    TULSA, Oklahoma, April 1 -
    
Shr loss 22 cts vs loss 20 cts
    Net loss 2,127,334 vs loss 1,629,432
    Revs 1,306,658 vs 1,091,023
    Avg shrs 9.7 mln vs 8 mln
    Year
    Shr loss 36 cts vs loss 35 cts
    Net loss 3,519,251 vs loss 2,805,569
    Revs 5,081,953 vs 4,410,954
    Avg shrs 9.8 mln vs 8.1 mln
 Reuter
3;
bodyend
documentend
documentstart
12240
topicstart
earn
topicend
bodystart
2;

HI-PORT INDUSTRIES INC 
<
HIPT> 4TH QTR NET


    HOUSTON, April 1 -
    
Oper shr 29 cts vs eight cts
    Oper net 222,143 vs 76,605
    Revs 4,872,279 vs 3,276,404
    12 mths
    Oper shr 17 cts vs 28 cts
    Oper net 111,280 vs 301,623
    Revs 13.9 mln vs 11.1 mln
    NOTE: 1986 yr figures excludes extraordinary item of
574,363 dlrs, or 60 cts per share, for termination of its non
contributory pension plan.
    1985 yr figures excludes 537,950 dlrs, or 42 cts per share,
representing insurance proceeds from a fire that occurrred in
1983.

 Reuter
3;
bodyend
documentend
documentstart
12242
topicstart
topicend
bodystart
2;

GENENTECH 
<
GENE> SAYS FDA TO REVIEW TPA


    SOUTH SAN FRANCISCO, April 1 - 
Genentech Inc said Activase,
its tissue plasminogen activator, will be reviewed at the a
regularly scheduled May 29 meeting of the Food and Drug
Administration's cardiorenal advisory committee.
 Reuter
3;
bodyend
documentend
documentstart
12243
topicstart
silver
topicend
bodystart
2;

COMEX RAISES MARGINS FOR SILVER FUTURES


    NEW YORK, April 1 - 
The Commodity Exchange Inc said it is
increasing the minimum margins for silver futures contracts,
effective at the opening of business Thursday, April 2.
    The margins for speculative trading will be increased to
2,000 dlrs per contract from 1,300 dlrs and trade hedge margins
will rise to 1,400 dlrs from 900 dlrs, the Comex said.
    Margins are unchanged for gold, copper, and aluminum
contracts, it said.
 Reuter
3;
bodyend
documentend
documentstart
12244
topicstart
earn
topicend
bodystart
2;

<
SYSTEMS FOR HEALTH CARE INC> YEAR LOSS


    CHICAGO, April 1 -
    
Shr loss 33 cts vs nil
    Net loss 603,430 vs profit 4,295
    Revs 748,628 vs 5,730
    NOTE: Per-share results give retroactive effect to
one-for-50 reverse stock split in March 1987
    1986 loss includes recurring expenses of 317,062 dlrs
related to acquisitions and initial advertising campaigns
 Reuter
3;
bodyend
documentend
documentstart
12245
topicstart
topicend
bodystart
2;

ATT 
<
T> TO SELL NETI 
<
NETFC> SOFTWARE


    ANN ARBOR, Mich., April 1 - 
Neti Technologies Inc said
American Telephone and Telegraph Co agreed to sell Neti's
document transfer software.
    Neti chairman Lawrence Brilliant said in response to an
inquiry that the software, called "docuFORUM", transfers
documents between separate locations over telephone lines. It
is designed to work with most personal computers, including
those made by International Business Machines Co 
<
IBM>.
    Brilliant said there will be a one-time set-up charge of
1,000 dlrs for the software, which will cost 40 dlrs per hour
to use. There will be a 250 dlr monthly minimum use charge.
 Reuter
3;
bodyend
documentend
documentstart
12246
topicstart
interest
topicend
bodystart
2;

MELLON 
<
MEL>, REPUBLIC 
<
RPT> LIFT PRIME RATES


    NEW YORK, April 1 - 
Mellon Bank NA of Pittsburgh and
Republic Bank of Dallas have both raised their prime lending
rates to 7-3/4 pct from 7-1/2, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12247
topicstart
topicend
bodystart
2;

MOODY'S MAY LOWER GAF 
<
GAF>, BORG-WARNER 
<
BOR>


    NEW YORK, April 1 - 
Moody's Investors Service Inc said it
may downgrade the debt ratings of GAF Corp because of its 3.1
billion dlr acquisition offer for Borg-Warner Corp.
    In a related action, the agency changed to possible
downgrade from uncertain the direction of its current review of
Borg-Warner's 1.2 billion dlrs of debt.
    GAF has 416 mln dlrs of debt outstanding.
    Moody's said it would study the degree of financial risk
the acquisition offer represents for GAF. The agency will also
consider the possibility of future asset sales to reduce
acquisition-related debt.
    However, Moody's noted that GAF has demonstrated an ability
to profit from takeover attempts.
    GAF currently carries Ba-2 sinking fund debentures and B-1
senior subordinated notes and debentures.
    Moody's said its review of Borg-Warner and the unit
Borg-Warner Acceptance Corp would focus on the effects of the
proposed acquisition on Borg-Warner's cash flow and debt
protection measurements.
    Moody's will also consider the implications of possible
defensive measures that Borg-Warner may undertake. The parent
has A-1 senior debt and the unit carries A-2 senior debt.
 Reuter
3;
bodyend
documentend
documentstart
12248
topicstart
topicend
bodystart
2;

U.S. HOUSE PANEL APPROVES AID FOR FSLIC


    WASHINGTON, April 1 - 
The House Banking Committee voted
45-5 in favor of a bill to raise five billion dlrs over two
years to assist the Federal Savings and Loan Insurance Corp.
    The Federal Home Loan Banks would borrow the five billion
dlrs in financial markets to assist the FSLIC, which government
auditors have said is approaching  bankruptcy.
    The committee narrowly rejected a version of the
legislation that would have permitted 15 billion dlrs in
borrowing authority over a longer time and was the version
favored by the administration.
    The committee, backed by committee chariman Fernand St
Germain (D-RI) and House Speaker Jim Wright (D-Tex), voted
25-24 to change the amount of borrowing authority.
    In addition to the funds raised in capital markets, the
FSLIC would receive another five billion dlrs in assessments on
financial institutions belonging the fund.
    The bill also requires regulators to apply more liberal
standards when deciding whether to close ailing thrifts in
depressed regions.
    The bill now goes to the full house.
    The Senate has passed a bill providing for a 7.5 billion
dlr recapitalization for FSLIC.
 Reuter
3;
bodyend
documentend
documentstart
12249
topicstart
ship
topicend
bodystart
2;

GULF BARGE FREIGHT HIGHER IN NEARBYS ON CALL


    ST LOUIS, April 1 - 
Gulf barge freight rates continued to
show a firmer tone in the nearbys on the assumption that
changes in the Gulf posted prices will encourage increases in
both PIK-and-roll activity and barges shipments, with a total
of 21 barges traded this morning on the ST Louis Merchants'
Exchange call session, versus nine yesterday, dealers said.
    Quotes included -
 - This week Mississippi River (Granite City, MLA if P/O)
traded at 175 pct of tariff, five percentage points above
yesterday's bid.
 - Next week Mississippi (Alton/Granite City, MLA if P/O) bid
five points higher at 175 pct, offered at 190.
 - Five barges each week April MidMississippi River
(Dubuque/south) traded at yesterday's bid of 170 pct.
 - April Illinois River (ex Chicago) 160 pct bid, offered 10
points higher at 170.
 - May same section 140 pct bid, offered five lower at 145.
 - May MidMississippi River (Dubuque/south) bid 2-1/2 points
higher at 142-1/2 pct, offered at 145.
 - June/July lower Mississippi River (Memphis/Cairo) offered at
120 pct, no bids.
 - June/Aug upper Mississippi River (Lacrosse/Savage) offered
at 150 pct, no bids.
 - Oct/Nov MidMississippi (Dubuque/south, L/H Nov
Clinton/south) 170 pct bid/177-1/2 offered - no comparison.
 - December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2
offered - down 2-1/2 points on offer.
 Reuter
3;
bodyend
documentend
documentstart
12250
topicstart
acq
topicend
bodystart
2;

<
CRIME CONTROL> ASSETS TO BE SOLD TO HAWLEY


    INDIANAPOLIS, April 1 - 
Crime Control Inc said it reached a
definitive agreement under which a subsidiary of Hawley Group
Ltd will buy assets and assume certain liabilities of Crime
Control for 51.3 mln dlrs.
    Of this amount, it said about 47 mln dlrs would be
available for distribution to the company's banks, debenture
holders and shareholders. The balance would be used to pay
various state taxes and other expenses relating to the
transaction, and to establish reserves to provide for certain
unassumed obligations of the company.
    Crime Control said it would use proceeds to pay its bank
lenders approximately 28.6 mln dlrs, representing about 87 pct
of the principal amount of all its indebtedness to bank
lenders.
    It also said it would propose to acquire all of its 20 mln
dlrs worth of outstanding 10 pct convertible subordinated
debentures for an aggregate of approximately 15.4 mln dlrs and
propose liquidation of the company with shareholders receiving
an estimated 54 cts a share.
    As reported earlier, Crime Control is in default on
approximately 33 mln dlrs of bank debt and in default under the
indenture governing its convertible subordinated debentures.
    On January 19, 1987, Crime Control, which installs,
services and monitors electronic surveillance systems, said it
retained Rothschild Inc to arrange for the sale of the company.
 Reuter
3;
bodyend
documentend
documentstart
12251
topicstart
interest
topicend
bodystart
2;
******
ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT

3;


bodyend
documentend
documentstart
12253
topicstart
topicend
bodystart
2;
******
GM MARCH U.S. CAR OUTPUT 395,294, UP FROM 366,671

3;


bodyend
documentend
documentstart
12254
topicstart
oilseed
cotton
wheat
grain
sunseed
linseed
rapeseed
soybean
groundnut
topicend
bodystart
2;

ARGENTINE SUBPRODUCTS SHIPMENTS IN 1986


    BUENOS AIRES, Apr 1 - 
Argentine subproducts shipments
during January/December 1986 totalled 5,618,315 tonnes, against
4,815,188 tonnes in the same period of 1985, the Argentine
Grain Board said.
    Breakdown was as follows: cotton 26,992 (41,933), sunflower
1,403,230 (1,190,862), linseed 261,600 (309,191), groundnutseed
23,595 (22,809), soybean 3,275,225 (2,415,492), bran/pollards
wheat 606,352 (659,271), fiber cotton 3,256 (107,752), wheat
flour 18,065 (67,878), rape nil (nil), the board added.
    Shipments during December 1986 amounted to 418,755 tonnes,
against 257,844 tonnes in the same month of 1985.
    The breakdown, was as follows, in tonnes:
    Cotton 3,002 (6,234), sunflower 86,612 (38,347), linseed
23,954 (38,290), groundnutseed nil (nil), soybean 264,650
(104,571), bran/polards wheat 37,724 (49,946), fiber cotton 987
(2,121), wheat flour 1,826 (18,335), rapeseed nil (nil), the
board said.
    The ten principal destinations during January/December
1986, with comparative figures for the same period of 1985 in
brackets, were as follows, in tonnes:
    Holland 2,444,260 (2,234,049), Belgium 546,423 (595,635),
Italy 430,029 (338,766), Czechoslovakia 365,897 (236,836), Cuba
253,067 (222,842), Iran 250,646 (192,430), West Germany
232,049) (158,491), Bulgaria 207,030 (300,488), Spain and
Canary Islands 176,287 (113,751), Corea 163,304 (37,416), the
board added.
 REUTER
3;
bodyend
documentend
documentstart
12255
topicstart
earn
topicend
bodystart
2;

LE PEEP RESTAURANTS INC 
<
LPEP> 4TH QTR LOSS


    DENVER, April 1 - 
    
Shr loss 27 cts vs loss 81 cts
    Net loss 998,764 vs loss 1,491,590
    Revs 2,712,614 vs 1,237,850
    Avg shrs 3,727,063 vs 1,838,294
    Year
    Shr loss 1.79 dlr vs loss 2.11 dlrs
    Net loss 4,559,004 vs loss 3,882,235
    Revs 8,510,004 vs 3,720,640
    Avg shrs 2,544,271 vs 1,838,294
 Reuter
3;
bodyend
documentend
documentstart
12256
topicstart
topicend
bodystart
2;

REYNOLDS METALS 
<
RLM> SELLS CONVERTIBLE DEBT


    NEW YORK, April 1 - 
Reynolds Metals Co is raising 200 mln
dlrs through an offering of convertible subordinated debentures
due 2012 with a six pct coupon and par pricing, said sole
manager Goldman, Sachs and Co.
    The debentures are convertible into the company's common
stock at 76.50 dlrs per share, representing a premium of 21.91
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated Ba-3 by
Moody's Investors and B-minus by Standard and Poor's.
    Proceeds will be used to refinance certain long-term debt,
Reynolds Metals said.
 Reuter
3;
bodyend
documentend
documentstart
12257
topicstart
carcass
livestock
topicend
bodystart
2;

ESTIMATED U.S. POULTRY SLAUGHTER


    KANSAS CITY, April 1  - 
The United States department of
agriculture estimated live poultry slaughter for the week
ending April 1  as follows, in thousands -
            Current      Previous
 Class      week         week
 Bro/Fry      92,552      95,563 
 Lt Fowl       2,840       3,354 
 Hvy Fowl        651         789 
 Check Total  96,043      99,706 
 Reuter
3;
bodyend
documentend
documentstart
12258
topicstart
earn
topicend
bodystart
2;

TOWLE MANUFACTURING CO 
<
QTOW> 4TH QTR OPER LOSS


    BOSTON, April 1 -
    
Oper shr loss 1.10 dlrs vs loss 8.63 dlrs
    Oper net loss 5.1 mln vs loss 42.1 mln
    Revs 23.1 mln vs 63.3 mln
    Year
    Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
    Oper net loss 22.0 mln vs loss 67.2 mln
    Revs 114.6 mln vs 221.8 mln
    Avg shrs 4,910,330 vs 4,851,650
    NOTE: Current year excludes gain of 12.1 mln dlrs from
disposal of discontinued operations.
    Shr figures after preferred dividend requirements.
 Reuter
3;
bodyend
documentend
documentstart
12259
topicstart
interest
topicend
bodystart
2;

ROYAL BANK/CANADA UPS U.S. BASE RATE


    MONTREAL, April 1 - 
<
Royal Bank of Canada> said it is
raising its U.S. base lending rate by 1/4 pct to 8-1/4 pct,
effective tomorrow.
    The move is the first change in the bank's U.S. dollar base
lending rate since last August, when it lowered the rate 1/2
point.
    It follows the announcement yesterday of a 1/4 point rise
to 7-3/4 pct of two of the largest U.S. banks' prime rates.
 Reuter
3;
bodyend
documentend
documentstart
12260
topicstart
interest
topicend
bodystart
2;

HARRIS BANK INCREASES ITS PRIME RATE


    CHICAGO, April 1 - 
<
The Harris Trust and Savings Bank> said
it has increased its prime rate to 7-3/4 from 7-1/2 effective
immediately.
 Reuter
3;
bodyend
documentend
documentstart
12261
topicstart
grain
wheat
topicend
bodystart
2;

ANALYSTS SAY USSR MAY PREFER NEW CROP U.S. WHEAT


    WASHINGTON, April 1 - 
The Soviet Union would likely be more
interested in purchasing new crop wheat than in booking any
grain for immediate shipment if offered a subsidy on U.S.
wheat, an executive with a major grain export company said.
    Lower prices and the desire to delay any big purchases
until the condition of winter and spring crops is better known
make new crop wheat more attractive, said George Hoffman,
director of commodity analysis for The Pillsbury Company.
    "Pillsbury is assuming that they (Soviets) will be offered
a subsidy and that it will be a subsidy that they can respond
to," Hoffman told Reuters in an interview at an agribusiness
education conference here. But if there are too many
constraints placed on a subsidy offer, the USSR will take less
than an anticipated four mln tonnes, he said.
    Hoffman said Pillsbury's internal statistics put Soviet
Union wheat purchases at only two mln tonnes under a subsidy
offer. However, if a subsidy is offered at competitive levels,
Moscow would likely buy more, he said.
    "If we give the Soviets the same deal as the Chinese, I
expect they'll take it," said Vernon McMinimy, director of
commodity research for A.E. Staley Manufacturing Co.
    McMinimy told Reuters spring weather and its impact on
crops will determine how much wheat Moscow would buy under a
subsidy offer.
    Soviet winter crops did not get off to a good start because
of a dry autumn last year, and because of the severe winter
"they probably have had more damage due to winter weather than
normal," McMinimy said.
 Reuter
3;
bodyend
documentend
documentstart
12262
topicstart
topicend
bodystart
2;

BRANIFF 
<
BAIR> MARCH LOAD FACTOR OFF


    DALLAS, April 1 - 
Braniff Inc said March load factor fell
to 59.1 pct from 65.5 pct in March 1986.
    Revenue passenger miles rose 16.5 pct in March to 274.3 mln
from 235.3 mln and 33.8 pct year-to-date to 710.3 mln from
530.7 mln.
    Available seat miles rose 29.1 pct in March to 464.2 mln
from 359.5 mln and 36.8 pct in the three months to 1.33 billion
from 970.9 mln.
    Year-to-date load factor fell to 53.5 pct from 54.7 pct,
the carrier said.
 Reuter
3;
bodyend
documentend
documentstart
12264
topicstart
topicend
bodystart
2;

NYSE SAYS LORAL 
<
LOR> WILL NOT COMMENT ON STOCK


    NEW YORK, April 1 - 
The New York Stock Exchange said  Loral
Corp told the exchange its policy is not to comment on unusual
market activity in its stock.
    The exchange said it contacted the company and requested
that Loral issue a public statement indicating whether any
corporate developments would explain the unusual activity in
its stock.
    The stock was trading at 47-1/2, up 2-1/2 points.
 Reuter
3;
bodyend
documentend
documentstart
12265
topicstart
topicend
bodystart
2;

GM 
<
GM> MARCH U.S. CAR OUTPUT RISES


    DETROIT, April 1 - 
General Motors Corp said it produced
395,294 cars in the U.S. in March, up from 366,671 in March
1986.
    The automaker said it made 144,959 trucks last month, an
increase from 131,640 produced in the same month last year.
    Year-to-date U.S. car output through the end of March was
1,064,141 vehicles, down from last year's 1,205,768.
Year-to-date truck production was 395,967, down from 410,821.
 Reuter
3;
bodyend
documentend
documentstart
12266
topicstart
earn
topicend
bodystart
2;

STRAWBRIDGE AND CLOTHIER 
<
STRW> 4TH QTR NET


    PHILADELPHIA, April 1 -
    
Shr 2.02 dlrs vs 1.94 dlrs
    Net 14.7 mln vs 13.9 mln
    Revs 265.6 mln vs 235.1 mln
    Year
    Shr 2.83 dlrs vs 3.36 dlrs
    Net 20.7 mln vs 24.1 mln
    Revs 739.1 mln vs 686.9 mln
    NOTE: Current year includes loss equal to 12 cts/shr from
takeover defense and loss of 13 cts from loss of investment tax
credits.
 Reuter
3;
bodyend
documentend
documentstart
12267
topicstart
crude
topicend
bodystart
2;
******
MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND
1.75 DLRS/BBL TODAY

3;


bodyend
documentend
documentstart
12269
topicstart
wheat
grain
topicend
bodystart
2;

EGYPT AUTHORIZED TO BUY PL 480 WHEAT FLOUR-USDA


    WASHINGON, April 1 - 
Egypt has been authorized to purchase
about 125,000 tonnes of U.S. wheat flour under an existing PL
480 agreement, the U.S. Agriculture Department said.
    It may buy the wheat flour, valued at 23.0 mln dlrs between
April 8 and August 31, 1987 and ship it by September 30, the
department said.
 Reuter
3;
bodyend
documentend
documentstart
12270
topicstart
ship
topicend
bodystart
2;

TUGS TO ATTEMPT REFLOATING KOREAN BULK CARRIER


    LONDON, April 1 - 
Seven tugs will attempt to refloat the
South Korean motor bulk carrier Hyundai New World tonight,
Lloyds shipping intelligence service said in its latest update.
    The vessel grounded close to Itaqui port in Brazil last
night after undocking from Ponta da Madeira terminal.
    Lloyds said the 200,000 dwt vessel is carrying about
180,000 tons of ore.
    Five holds are partially flooded and there is some leakage
of bunkers from double bottom tanks. At low water tide the
vessel has a list of five degrees to port and the list
increases as the tide rises.
   
 Reuter
3;
bodyend
documentend
documentstart
12271
topicstart
earn
topicend
bodystart
2;

ROBERT BRUCE INDUSTRIES INC 
<
BRUCA> YEAR LOSS


    NEW YORK, April 1 -
    
Shr loss 3.31 dlrs vs profit 94 cts
    Net loss 6,073,000 vs profit 1,823,000
    Revs 58.9 mln vs 69.2 mln
 Reuter
3;
bodyend
documentend
documentstart
12274
topicstart
interest
topicend
bodystart
2;

TCF BANKING AND SAVINGS HIKES PRIME RATE


    MINNEAPOLIS, April 1 - 
TCF Banking and Savings FA said it
is raising its prime rate to 7-3/4 pct from 7-1/2 pct effective
today.
 Reuter
3;
bodyend
documentend
documentstart
12275
topicstart
groundnut
oilseed
topicend
bodystart
2;

CCC SELLS FARMERS STOCK PEANUTS, OFFERS MORE


    WASHINGTON, April 1 - 
The U.S. Commodity Credit Corporation
(CCC) sold 6,034 short tons of 1986-crop farmers stock peanuts
for domestic crushing, the U.S. Agriculture Department said.
    The peanuts were from the Southwest area and were sold at
between 8.05 cts per lb (total kernel content), and 11.7225 cts
per lb, the department said.
    The CCC will offering additional 1986-peanuts for sale at a
later date, the department said.
 Reuter
3;
bodyend
documentend
documentstart
12276
topicstart
acq
topicend
bodystart
2;

CAMPEAU AND EDWARD DEBARTOLO COMPLETE PURCHASE


    NEW YORK, April 1 - 
<
Campeau Corp> and the 
<
Edward J.
DeBartolo Corp> have closed on their previously-announced 
purchase of five of the regional shopping centers of Allied
Stores Corp.
    Campeau said it and the DeBartolo Association will each
hold a 50 pct ownership interest in the shopping centers.
    Campeau separately announced that, as required by a bank
agreement, it has contributed an additional 50 mln dlrs of
capital to Allied.
    Campeau acquired Allied Stores Corp earlier this year, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
12277
topicstart
topicend
bodystart
2;

DIAMOND SHAMROCK 
<
DIA> TO RAISE SHARE VALUES


    by TED D'AFFLISIO, REUTERS


    NEW YORK, APRIL 1 - 
Diamond Shamrock executives said that
to reduce the vulnerability to takeover pressures, they want to
raise the value of the two companies to be formed by splitting
Diamond Shamrock.
    "If we can get the price up to the value of the company, we
will not be vulnerable to takeover pressure," said Charles
Blackburn, Diamond Shamrock's president and soon to be chief
executive officer of the new exploration and producing company
whose name has not yet been decided. He was visiting New York
for talks with investors.
    After successfully countering a takeover bid launched by T.
Boone pickens in January, Diamond Shamrock said it would
spinoff its refining and marketing operation into Diamond
Shamrock Refining and Marketing Co before its April 30 annual
meeting.
    Blackburn told Reuters, "Our advisors told us that a split
would give a better share value to investors and that the
market would give better multiples for pure refining and
marketing and exploration and production plays."
    The two companies are now in the process of organizing
themselves to become "pure plays," the executives said.
    Blackburn said the new company would be a pure exploration
and production operation and that he was looking to divest
non-oil and gas operations, particularly Diamond Shamrock's
coal operations.
    Blackburn said that "we are in talks about coal operations
but I cannot discuss this further at this time."
    He said the company would have a debt-to-capital ratio of
about 38 pct, which could be paid down over time.
    Blackburn said the company would seek to generate further
internal savings from rationalizing operations and personnel
reductions. He has set a goal of 73 mln dlrs in internal
savings and "we need to get at least 20 mln dlrs of that savings
in 1987," Blackburn said.
    "I would rather describe this as savings coming from
eliminating non-essential activities as we purify the
exploration and production business."
    "There are some people associated with those activities but
it is more a matter of cutting and trimming rather than
wholesale changes," Blackburn said.
    Blackburn intends to run a tight ship in which dividends
will not initially be paid and the resultant savings invested
into exploration and production.
    "Our goal is to find 20 mln barrels a year in the U.S. to
replace our production and I think that we can do this at the
level we intend to spend," Blackburn said.
    "It might be more difficult to find more oil and more oil
internationally at these levels," he added.
    Blackburn said that his new company would spend 75 mln dlrs
in North America and 90 mln dlrs overseas, mainly Indonesia, in
the search for oil and gas reserves.
    In 1986 Diamond Shamrock produced 82,473 mln barrels a day
of oil with 83 pct of that from Indonesia, while gas output was
265.6 mln cubic feet a day of which 98 pct was in the U.S.
    Blackburn said that he believed he could find oil to
replace this production at low costs which were 4.97 dlrs a
barrel worldwide and 3.88 dlrs a barrel in the U.S..
    Blackburn also said that the company would be willing to
buy reserves, "if we can find the right producing properties at
the right price".
    Blackburn estimated that oil prices will average about 18
dlrs a barrel this year with average prices received for
natural gas at 1.57 dlrs per thousand cubic feet.
    Blackburn said he currently estimates that at thee prices
for its products the company will have a cash flow of about 280
mln dlrs.
    "This will mean a net negative cash flow as we pretty much
spend our cash flow to find more oil and gas."
    Blackburn said the company will search for both oil and gas
"almost exclusively in estasblished basins".
    Roger Hemminghaus, who will be chairman of the new Diamond
Shamrock Refining and Marketing Co, which last year had sales
of approximately 1.6 billion dlrs, told Reuters his company was
taking on some debt.
    "We are taking on some 400 mln dlrs new debt with three tier
financing emphasizing a revolving loan, some term loans and
some unsecured private placement and are now in the latter
stages of signing an agreement."
    Chemical New York Corp 
<
CHL> is the company's lead banker
on the loan, Hemminghaus said.
    That debt will set the company off at a 60 pct debt-to-
capital-ratio, which Hemminghaus said "is too much. To
alleviate that we will hold our capital expenditures down and
pay down debt so that at the end of two years that ratio will
be reduced to mid 40 pct range."
    Hemminghhaus said that cash flow will be "plus or minus
about 100 mln dlrs a year from earnings and depreciation."
    In terms of major projects, Hemminghaus said that capital
expenditures will be 35 mln dlrs to 50 mln dlrs spread over all
of the company's projects.
    Its major project will be a two year upgrading project on
its McKee reinery in the Panhandle at 90,000 bpd rated
capacity.
    The company also has a refinery south of San Antonio where
it will be headquartered with a capacity of 35,000 bpd.
 Reuter
3;
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12278
topicstart
interest
topicend
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2;

CCC INTEREST RATE FOR APRIL IS SIX PCT -- USDA


    WASHINGTON, April 1 - 
The Commodity Credit Corporation
(CCC) interest rate on loans disbursed in April will carry a
six pct ionterest rate, the U.S. Agriculture Department said.
    The April rate is up from March's 5-7/8 pct and reflects
the interest rate charged CCC by the U.S. Treasury, the
department said.
 Reuter
3;
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12279
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topicend
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2;

TALKING POINT/DOME PETROLEUM 
<
DMP>


    By LARRY WELSH, Reuters


    TORONTO, April 1 - 
Dome Petroleum Ltd's loss of 2.20
billion dlrs, believed to be the biggest ever by a Canadian
company, will have little impact on daily operations but will
pressure creditors to accept a proposal to restructure Dome's
debt of more than 6.10 billion dlrs, industry analysts said.
    "Essentially what it (Dome's loss) does is put more focus on
the importance of the restructuring and puts more pressure on
creditors to agree to the debt rescheduling," said an oil
analyst who asked that he not be identified.
    Dome reported earnings yesterday.
    Analysts said the huge loss improves the appeal of a debt
accord by underlining company statements that creditors would
receive little or nothing under a forced liquidation that could
take several years to complete.
    After several months of negotiations with a group of 56
major creditors and other unsecured public debt holders, Dome
submitted a complex proposal earlier this month that includes
converting debt to equity and extending repayment time.
    "They've had their talks and now they have the proposal, so
the banks have to decide whether to accept the restructuring or
pull the plug," the analyst said.
    He and others said the huge loss, including writedowns
totalling 2.08 billion dlrs before a 571 mln dlr reduction in
deferred income taxes, dramatically enforces the company's
claim that a 50 pct drop in world oil prices has crippled its
financial position.
    But analysts said the writedown only impacts Dome's balance
sheet and does not hurt the company's cash position.
    "To a large extent, these writeoffs of the carrying value of
assets is really just the bookkeepers catching up to what the
stock market has been telling us for a long time, reflecting
the collapse in oil prices," Peters and Co Ltd analyst Wilf
Gobert said.
    Dome reported it took a 1.20 billion charge in the fourth
quarter, before a 305 mln dlr reduction in deferred income
taxes, for the decline in value of Dome's oil and gas
properties.
    The extraordinary loss conformed with new Canadian
Institute of Chartered Accountants guidelines that require Dome
to use average 1986 oil prices to value its holdings, instead
of an escalating price method used in prior years.
    Analysts said six individual Swiss noteholders, who
initiated legal action against Dome to recover debt of 408,500
dlrs, will also be pressed to adopt a more lenient stand by the
1986 results.
    "To the extent that individuals were not fully accepting or
cognizant of the seriousness of Dome's financial position, the
financial statements reflecting this writedown of the value of
assets is certainly going to indicate the depth of the
hemorrhaging that has taken place," Gobert said.
    The legal action now before Swiss courts threatens to
trigger cross-defaults on all of Dome's debt, toppling the
delicate debt negotiations. Dome is next scheduled to appear
April six to defend against the action.
    First Marathon Securities Ltd analyst Rick Hallisey said
the size of the loss was slightly larger than industry
estimates of Dome's negative net worth, ranging between 1.50
billion and two billion dlrs.
    "What this writedown says is that a lot of the money that
was spent in the past is unrecoverable, but the shareholders
have already recognized that through the writedown in the stock
price," Gobert said, adding, "The financial statements have come
out and said that what has happened in the past has been a
disaster for Dome," Gobert added.
    The price of Dome common shares fell five cts to 1.05 dlrs
in trading on the Toronto Stock Exchange today. At the height
of Dome's success in 1981, common traded at about 25 dlrs a
share.
 Reuter
3;
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12280
topicstart
topicend
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2;
******
BANKAMERICA CORP SAYS IT PLACES 1.9 BILLION DLRS OF
BRAZILIAN LOANS ON NONACCRUAL STATUS

3;


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12281
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acq
topicend
bodystart
2;

STANDARD OIL 
<
SRD> COMMITTEE TRIED TO DELAY BID


    NEW YORK, April 1 - 
A committee of independent directors of
the Standard Oil Co unsuccessfully sought a delay in a tender
offer for Standard shares by British Petroleum Co plc,
according to offering documents.
    BP's offering document for its 70 dlr per share offer
describes discussions with Douglas Danforth, who chairs a
special committee of independent directors responsible for
monitoring relations with BP. BP has been owner of a 55 pct
stake in Standard for several years.
    According to the document, the committee's counsel said it
needed one to two months to evaluate the offering price.
    Danforth, who is chairman of the Westinghouse Electric Co

<
WX>, first learned of BP's interest in acquiring the rest of
Standard in a telephone call March five from Sir Peter Walters,
chairman of BP.
    At a meeting march nine, Danforth informed BP that the
special committee had hired First Boston Corp 
<
FBC> as its
financial adviser and also retained independent counsel.
    Danforth's concerns that the special committee did not have
sufficient time were expressed to Walters in a telephone
conversation and reiterated in a letter from counsel on Monday
of this week.
 Reuter
3;
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12282
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topicend
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2;

AMERICAN QUASAR COMPLETES REORGANIZATION PLAN


    FORT WORTH, Texas, April 1 - 
<
American Quasar Petroleum Co>
said it completed its previously-announced plan of
reorganization.
    The company said it accepted subordinated notes and
debentures in the aggregate principal amount of 95.2 mln dlrs,
which were tendered in exchange for 589.7 mln shares of
American Quasar common stock and Class A warrants to acquire
234.0 mln additional shares of American Quasar common stock for
five cts per share.
    The principal amount of the subordinated debt remaining
outstanding is 4,644,080 dlrs, most of which is now held
subject to indentures which were amended in certain respects in
connection with the exchange offers, the company said.
    Outstanding bank debt of 11.7 mln dlrs, plus an additional
300,000 dlrs in borrowings for working capital, has been
financed with RepublicBank in Dallas.
   
 Reuter
3;
bodyend
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12283
topicstart
earn
topicend
bodystart
2;
******
BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE
TO BRAZILIAN LOANS

3;


bodyend
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12284
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topicend
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2;

TOWLE 
<
TOW> SAYS COMMON MAY BE CANCELLED


    BOSTON, Mass., April 1 - 
Towle Manufacturing Co, operating
under Chapter 11, said that based on a reorganization plan it
is likely that its outstanding common and preferred will be
substantially diluted or cancelled.
    Towle also said that it is likely that general unsecured
claims, including claims of subordinated debenture holders,
will be paid at less than 100 pct of their face value and
without interest.
    Towle has not yet submitted a reorganization plan under
Chapter 11. It based its predictions on its liabilities and on
the resources which would be available under such a plan.
    Company officials were not immediately available to comment
on the company's reorganization plan.
    Towle also said that as a result of its restructuring, its
sales for 1987 will not exceed 100 mln dlrs.
    Earlier it reported a loss from operations of 22 mln dlrs
or 4.71 dlrs a share on revenues of 114.6 mln dlrs for 1986. In
1985, the company reported a loss of 67.2 mln dlrs or 14.09
dlrs a share on sales of 221.8 mln dlrs.
    As a results of its restructuring, the number of employees
the company had at year end were 820, compared with 1,300 on
June 30, 1986 and 2,500 on January 1, 1985.
 Reuter
3;
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12285
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earn
topicend
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2;
******
BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR
FIRST-QUARTER 1987

3;


bodyend
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12286
topicstart
crude
topicend
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2;

MOBIL 
<
MOB> RAISES WEST COAST CRUDE POSTINGS


    New York, April 1 - 
Mobil Corp said it raised its west
coast crude postings, effective today.
    The Buena Vista light grade, at 26 degrees api gravity, was
raised 1.35 dlrs a barrel to 15.55 dlrs/bbl, while the
Huntington Beach light grade, at 16 degrees, was raised about
1.75 dlrs/bbl to 14.10 dlrs/bbl.
    The heavier Wilmington grade, at 17 degrees, was increased
1.20 dlrs to 14.30 dlrs/bbl. Kern River crude, at 13 degrees,
was increased 1.00 dlr to 13.00 dlrs/bbl.
     Mobil also said that effective today it changed its
gravity adjustment scale as follows: From 20 degrees to 34
degrees API, Mobil will adjust its price 0.015 of a ct per
one-tenth of an API degree. Below 20 degrees API, the company
will adjust its price 0.020 ct per one-tenth of a degree. Crude
grades from 34 degrees API to above 40 degrees are unaffected.
 Reuter
3;
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12287
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topicend
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2;

LOCKHEED 
<
LK> GETS 165.7 MLN DLRS IN CONTRACTS


    WASHINGTON, April 1 - 
Lockheed Corp has been awarded 165.7
mln dlrs in military contracts, including a 102.4 mln dlr
contract for eight C-130 aircraft for the Air Force Reserve,
the Air Force said.
 reuter
3;
bodyend
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12288
topicstart
earn
topicend
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2;

STRAWBRIDGE 
<
STRW> DECLARES STOCK DIVIDEND


    PHILADELPHIA, April 1 - 
Strawbridge and Clothier said its
board declared a seven pct stock dividend, payable May 14 to
holders of record April 14.
    Earlier, the company reported net income of 20.7 mln dlrs.
 Reuter
3;
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12289
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topicend
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2;

AMERICAN PETROFINA 
<
API.A>AUDIT REPORT QUALIFIED


    DALLAS, April 1 - 
American Petrofina Inc said its auditor,
Peat Marwick Mitchell and Co, has qualified its opinion of the
company's annual report because of the unknown impact of the
U.S. Energy Department's investigation into crude oil trading
activities which occurred during the 1979-1981 period.
    American Petrofina, which is controled by 
<
Petrofina SA>,
said it believes it has good and meritorious defenses to any
possible claim resulting from the ongoing investigation.
 Reuter
3;
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12290
topicstart
topicend
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2;

LTV 
<
QLTV> UNIT WINS AIR FORCE CONTRACT


    DALLAS, April 1 - 
LTV Corp's LTV Missiles and Electronics
Group said it received a 28.3 mln dlr contract from the U.S.
Air Force for continued design and development of an
anti-satellite weapon system.
    The company said the contract work will be performed at its
facilities in Grand Prairie, Texas, and is expected to be
completed by September.
 Reuter
3;
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12291
topicstart
topicend
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2;

HERCULES 
<
HPC> GETS 131.5 MLN DLR CONTRACT


    WASHINGTON, April 1 - 
Hercules Inc has been awarded a 131.5
mln dlr contract for stage three follow-on production work on
the MX missile program, the Air Force said.
 reuter
3;
bodyend
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12292
topicstart
topicend
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2;

BANKAMERICA 
<
BAC> PUTS BRAZIL ON NON-ACCRUAL


    SAN FRANCISCO, April 1 - 
BankAmerica Corp said it placed
its 1.9 billion dlrs in medium- and long-term term loans to the
Brazilian public and private sectors on non-accrual status as
of March 31.
    As a result, the bank's net income for the first quarter
will be reduced by about 40 mln dlrs. If Brazil's suspension of
interest payments remains in effect, earnings for the whole
year will be reduced by a further 100 mln dlrs.
    BankAmerica said, however, that it expects to report a
profit for the first quarter of 1987.
    BankAmerica also said that it had placed 180 mln dlrs of
loans to Ecuador on non-accrual, which will reduce
first-quarter earnings by about five mln dlrs.
    If no interest payments are received for the rest of the
year from Ecuador, which is recovering from a severe
earthquake, 1987 earnings will be cut by a further 10 mln dlrs.
    But, "barring substantialy increased instabilities in
developing countries," BankAmerica said it continues to
anticipate an operating profit in 1987.
    In the first quarter of 1986 BankAmerica earned a profit of
63 mln dlrs but turned in a loss of 518 mln dlrs for the year
as a whole.
    BankAmerica also said it completed yesterday the previously
announced sale of its discount brokerage subsidiary, Charles
Schwab Corp. The sale was part of a program of asset disposals
undertaken to staunch losses at the nation's second largest
bank holding company.
    BankAmerica stressed that it expects Brazil will eventually
reach a debt rescheduling agreement which will provide for the
payment of interest being deferred in 1987.
    "Negotiations will be complicated and lengthy, but we
continue to expect that a rescheduling agreement will be
completed this year," said A.W. Clausen, BankAmerica's chairman
and chief executive officer.
    "For the interim period, however, we concluded that the
responsible procedure would be to record income only as we
receive payments on the loans," he added in a statement.
    U.S. banks are not legally required to place loans on
non-accrual until interest becomes more than 90 days overdue.
    By striking accrued, but unpaid, interest from their
accounts earlier than necessary, the banks are signalling to
Brazil their readiness to dig in for a long fight over the
terms of the rescheduling agreement regardless of the
short-term earnings impact, banking analysts said.
    Brazil suspended interest payments on 68 billion dlrs of
its 109 billion dlr foreign debt in February, citing a drop in
official reserves, and said interest payments would be held on
deposit at the central bank pending a rescheduling.
    It also froze some 16 billion dlrs of short term credit
lines which banks were committed to provide until March 31.
 Reuter
3;
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12293
topicstart
earn
topicend
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2;
******
LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to
5-1/4 CTS/SHR FROM FOUR CTS

3;


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12294
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earn
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2;

TRANSDUCER SYSTEMS INC YEAR


    KULPSVILLE, PA, April 1 -
    
Shr profit 12 cts vs loss 49 cts
    Net profit 117,000 vs loss 506,000
    Revs 1.1 mln vs 1.2 mln
    Year
    Shr profit seven cts vs loss 89 cts
    Net profit 66,000 vs loss 921,000
    Revs 4.4 mln vs 3.9 mln
    NOTE:1986 reflects tax benefit of 24,000. 1985 reflects tax
benefit of 186,000 for quarter and 573,000 for year.
 Reuter
3;
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12295
topicstart
topicend
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2;

MCDONNELL DOUGLAS
<
MD> GETS 60.0 MLN DLR CONTRACT


    WASHINGTON, April 1 - 
McDonnell Douglas Corp has received a
60.0 mln dlr contract for long lead advance work on F-15E
aircraft, the Air Force said.
 reuter
3;
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12296
topicstart
earn
topicend
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2;

LAIDLAW TRANSPORTATION LTD 
<
LDMFA> 2ND QTR NET


    Toronto, April 1 - 
period ended February 28
    Shr 26 cts vs 14 cts
    Net 28.4 mln vs 15.2 mln
    Revs 305.7 mln vs 179.6 mln
    Six mths
    Shr 50 cts vs 28 cts
    Net 54.6 mln vs 30.3 mln
    Revs 586.2 mln vs 359.8 mln
    Avg shrs 100,362,000 vs 91,360,000
 Reuter
3;
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12297
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topicend
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2;

NORTHERN TRUST 
<
NTRS> TO INCREASE PRIME RATE


    CHICAGO, April 1 - 
Northern Trust Co said it is raising its
prime rate to 7-3/4 pct from 7-1/2 pct effective April 2.
 Reuter
3;
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12298
topicstart
acq
topicend
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2;

CENTURY BUSINESS CREDIT 
<
CTY> GETS OFFER


    NEW YORK, April 1 - 
Century Business Credit Corp said it
received an offer from Stanley Tananbaum, chairman and chief
executive officer, to take the company private in a transaction
giveing shareholders 24.40 dlrs per share in cash.
    There were 603,106 shares outstanding as of December 31.
    The independent directors said they will engage an expert
to evaluate the fairness of the offer.
 Reuter
3;
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12299
topicstart
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2;
******
J.P. MORGAN PLACES 1.3 BILLION DLRS OF MEDIUM- AND
LONG-TERM BRAZIL LOANS ON NON-ACCRUAL

3;


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12300
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topicend
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2;

PROCTER 
<
PG> APPOINTS NEW AGENCY FOR COOKIES


    CINCINNATI, April 1 - 
Procter and Gamble Co said it
appointed the New York ad agency of Wells, Rich, Greene, Inc to
handle its Duncan Hines Ready-to-Serve Cookies, effective
immediately.
    The account was previously handled by Grey Advertising Inc
of New York.
    The company declined to discuss the reason for the change
in accounts, nor would it dislose its advertising expenditures
for the brand.
    Procter and Gamble said Grey will continue to handle many
of its brands, including Crisco, Bold, Joy, Downy and Puritan
Oil, Monchel and Jif.
    Wells, Rich, Green handles Procter's Pringle's, Gain,
Safeguard, Spic and Span, Prell, Sure Banner, and Oil of Olay
brands.
 Reuter
3;
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12301
topicstart
earn
topicend
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2;

LAIDLAW 
<
LDMFA> SPLITS STOCK, HIKES PAYOUT


    Toronto, April 1 -
    
Three for two stock split
    Pay and record date subject to shareholder confirmation May
four
    Qtly dividend 5-1/4 cts vs four cts
    Pay May 15
    Record May one
    Note: dividends declared on pre-split shares.
    Laidlaw Transportation Ltd
 Reuter
3;
bodyend
documentend
documentstart
12302
topicstart
interest
topicend
bodystart
2;

SECURITY PACIFIC, PROVIDENT NATIONAL LIFT PRIME


    NEW YORK, April 1 - 
Security Pacific National Bank and
Provident National Bank said they increased their prime lending
rates a quarter point to 7-3/4 pct.
    They said the move is effective immediately.
 Reuter
3;
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12303
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earn
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2;
******
J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER
NET BY ABOUT 20 MLN DLRS

3;


bodyend
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12304
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earn
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2;

HOUSTON INDUSTRIES INC 
<
HII> INCREASES DIV


    HOUSTON, April 1 -
    
Qtly div 72 cts vs 70 cts prior
    Payable June 10
    Record May 15
 Reuter
3;
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12305
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acq
topicend
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2;

EMERY 
<
EAF> PLANS PUROLATOR 
<
PCC> ASSET SALES


    WASHINGTON, April 1 - 
Emery Air Frieght Corp, which has
launched a 40 dlr a share tender offer for 83 pct of Purolator
Courier Corp, said it would sell some Purolator assets to help
pay the estimated 265 mln dlr cost of the stock purchase deal.
    In a filing with the Securities and Exchange Commission,
Emery said it would sell or lease Purolator's air hub in
Indianapolis, Ind., which is currently under construction, and
would divest Purolator's Stant Inc subsidiary.
    No indications of interest for the assets have been
received so far, Emery said.
    Emery said it would operate Purolator as a subsidiary if it
succeeded in the takever, but would integrate its air hub.
    It said it plans to finance its stock purchases with
borrowings from Chemical Bank, Morgan Guaranty Trust Co of New
York, Bankers Trust Co and Salomon Brothers Holding Co Inc, the
parent of Salmon Brothers Inc, Emery's financial advisor.
    Emery said it already has a commitment letter from its
banks for up to 129.9 mln dlrs for the stock purchases. An
unspecified amount of internally generated funds would also be
used for the stock purchases, it added.
 Reuter
3;
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earn
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2;

CENTURY BUSINESS CREDIT CORP 
<
CTY> 4TH QTR


    NEW YORK, April 1 -
    
Shr 39 cts vs 31 cts
    Net 232,991 vs 198,185
    Revs 2.9 mln vs 2.3 mln
    Year
    Shr 2.20 dlrs vs 1.12 dlrs
    Net 1.3 mln vs 715,113
    Revs 11.3 mln vs 10.1 mln
    NOTE:1986 revs includes 260,000 dlr finder's fee , net
includes 112,000 gain from sale of securities, 115,000
dividends, 78,000 dlrs from lease recalculations.
    1985 revs includes 700,000 finder's fee and 75,000 gain
from sale of asset.

 Reuter
3;
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12308
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topicend
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2;
******
GM TO IDLE SIX CAR PLANTS NEXT WEEK, TEMPORARILY LAY OFF
21,600 WORKERS

3;


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12309
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acq
topicend
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2;

IC INDUSTRIES
<
ICX> UNIT TO SELL OFF MORE TRACK


    CHICAGO, April 1 - 
Illinois Central Gulf Railroad, a
subsidiary of IC Industries Inc, said it will complete the sale
to the Chicago, Missouri and Western Railway of its 631-mile
line from Joliet, Ill., to St. Louis by April 30.
    The Chicago, Missouri is a wholly owned subsidiary of the
Venango River Corp, a transportation holding company.
    It said the purchase price of the line is 81 mln dlrs.
    The Chicago, Missouri will employ 625 workers and start
operation immediately upon closing of the transaction.
 Reuter
3;
bodyend
documentend
documentstart
12310
topicstart
topicend
bodystart
2;

JOHNSTOWN AMERICAN 
<
JAC> MAKES EXCHANGE OFFER


    ATLANTA, April 1 - 
Johnstown American Cos said it began a
tender offer for the 500,000 outstanding shares of its 1985
preferred stock.
    Under the offer, the company said holders of the preferred
would receive one share of a new issue of convertible
redeemable preferred stock for each share of their 1985
preferred.
    The company said terms of the new preferred will permit it
to redeem and retire the 1985 preferred shares at a discount
from their current liquidation value of 50 mln dlrs, or 100
dlrs a share.
    The company said that if all the 1985 preferred shares are
tendered, it will issue 500,000 1987 preferred shares, disburse
250,000 dlrs and cancel all 1985 preferred shares that are
tendered.
    The company said that if it elects to redeem the 1987
preferred, it must pay holders 12.3 mln dlrs in cash.
    It said it must also issue warrants for the purchase of
three mln common shares at a price of 4.50 dlrs a share or 33
pct over the market price on the day before the notice of
redemption, whichever is greater.
    The company said the exchange offer is conditioned on
tendering shareholders releasing certain rights to contingent
payouts and profit-share interests that were given in
connection with its 1985 acquisition of Consolidated Capital
Equities Corp and Johnstown Management Co.
    The offer, it said, is also conditioned on the tender of at
least two-thirds of the outstanding preferred shares. The
company said the exchange offer will expire at 1500 EST on May
one, unless extended.
 Reuter
3;
bodyend
documentend
documentstart
12311
topicstart
corn
grain
topicend
bodystart
2;

STRONG DEMAND FOR U.S. CORN IN JAPAN -- USDA


    WASHINGTON, April 1 - 
Japan appears to be relying less on
corn from China, Argentina and South Africa and more on
supplies from the United States, the U.S. Agriculture
Department said.
    In its World Production and Trade report, the department
said in the past seven weeks reported U.S. corn sales of nearly
three mln tonnes to Japan are about three times the level
during this period last year.
    Reports of short Argentine supplies and the apparent
unwillingness of the Chinese to sell at current world prices
may have caused Japanese buyers to turn to the United States
for corn supplies, the department said.
 Reuter
3;
bodyend
documentend
documentstart
12312
topicstart
nat-gas
topicend
bodystart
2;
******
BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50
DLRS A TONNE TODAY

3;


bodyend
documentend
documentstart
12313
topicstart
nat-gas
topicend
bodystart
2;

BP 
<
BP> RAISES NORTH SEA BUTANE PRICES


    NEW YORK, April 1 - 
British Petroleum Co plc said it raised
its posted butane prices by 15.50 dlrs per tonne to 123 dlrs,
fob north sea, effective today.
    Posted propane prices were unchanged at 110 dlrs per tonne,
the company said.
   
 Reuter
3;
bodyend
documentend
documentstart
12314
topicstart
topicend
bodystart
2;

ALLIS-CHALMERS 
<
AH> DEFERS INTEREST PAYMENTS


    MILWAUKEE, WIS., April 1 - 
Allis-Chalmers Corp said it is
deferring approximately three mln dlrs of interest payments due
March 31 and April 1.
    The company said it is actively negotiating with lenders
for concessions on a restructuring plan proposed March Four
calling for Allis-Chalmers to divest itself of all businesses
except the American Air Filter Co.
    Allis-Chalmers said it is "building a consensus among its
shareholders, retired employees and creditors" regarding the
consents that will be required for it to complete its
restructuring.
    To provide health care protection for its retired
employees, Allis-Chalmers said it proposed setting up a secure
75 mln dlr fund. It said about 4,400 current U.S. employees and
12,000 U.S. retirees are presently supported by Allis-Chalmers
health care plans.
    Allis-Chalmers in a statement said it planned to continue
payments to its vendors in the ordinary course of business
while the restructuring is being negotiated.
    Earlier, Allis-Chalmers said it executed a letter of intent
to sell its solids processing equipment and minerals systems
businesses to Boliden AB of Sweden for about 90 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12315
topicstart
fuel
topicend
bodystart
2;

ATLANTIC TO RAISE HIGH SULPHUR FUEL PRICES


    NEW YORK, April 1 - 
Atlantic Fuels Marketing Corp said
today it will raise the posted cargo prices for high sulphur
fuels in New York Harbor 50 to 75 cts per barrel, effective
April two.
    The increase brings the prices for two pct sulphur to 19.25
dlrs, up 50 cts, 2.2 pct sulphur to 18.75 dlrs, up 50 cts, 2.5
pct sulphur to 18.50 dlrs, up 50 cts, 2.8 pct sulphur to 18.25
dlrs, up 75 cts, the company said.
    Posted prices for 0.3 pct and one pct low sulphur fuels
were unchanged at 22 and 20 dlrs, it said.
 Reuter
3;
bodyend
documentend
documentstart
12316
topicstart
interest
topicend
bodystart
2;

FIRST NATIONAL BANK OF BOSTON 
<
BKB> RAISES PRIME


    NEW YORK, April 1 - 
The First National Bank of Boston, the
main banking unit of Bank of Boston, said it is raising its
prime lending rate to 7.75 pct from 7.50 pct, effective
immediately.
 Reuter
3;
bodyend
documentend
documentstart
12317
topicstart
earn
topicend
bodystart
2;

GENCORP TAKES NO ACTION ON STOCK DIVIDEND


    AKRON, Ohio, April 1 - 
Gencorp Inc said its board took no
action with respect to a two pct stock dividend at its annual
meeting yesterday due to the press of other business,
specifically the company's pending takeover offer by General
Acquisition Corp, formed by AFG industries inc and Wagner and
brown.
    A spokesman said the two pct stock dividend, normally
issued everly year, was not issued in February because the
company was examining other dividend alternatives. Management
said it would give consideration to this matter at a later
time.
   Yesterday, the company's chairman, A. William Reynolds, told
shareholders he would be presenting an alternative to the 100
dlrs a share takeover offer within a week.

 Reuter
3;
bodyend
documentend
documentstart
12318
topicstart
earn
topicend
bodystart
2;

MORGAN 
<
JPM> PLACES BRAZIL LOANS ON NONACCRUAL


    NEW YORK, April 1 - 
J.P. Morgan and Co Inc, parent of
Morgan Guaranty Trust Co of New York, said that it will place
1.3 billion dlrs of medium- and long-term loans to Brazil on a
non-accrual basis, matching similar action by BankAmerica Corp

<
BAC> earlier today.
    The move, which follows Brazil's suspension of interest
payments on 68 billion dlrs of commercial bank debt on February
20, is expected to reduce first quarter net income by about 20
mln dlrs, of which four mln dlrs represents interest accrued
prior to 1987 but still uncollected, the bank said.
    Morgan earned 233.9 mln dlrs in the first quarter of 1986.
    Morgan also said that, based on current interest rates and
assuming cash interest payments are not received for the rest
of the year, 1987 net income would be reduced by about 72 mln
dlrs. 1986 net income was 872.5 mln dlrs.
    Although U.S. banks do not have to put loans on nonaccrual
until they are over 90 days past due, Morgan said some of the
loans affected by the Brazil payment freeze may reach the
90-day limit during the second and third quarters.
    Morgan said it assumes talks between Brazil and commercial
bank lenders will proceed "expeditiously" and interest payments
will resume at the earliest practicable date.
 Reuter
3;
bodyend
documentend
documentstart
12319
topicstart
topicend
bodystart
2;

GM 
<
GM> TO IDLE SIX PLANTS, 21,600 WORKERS


    DETROIT, April 1 - 
General Motors Corp will idle six of its
car assembly plants next week, temporarily laying off 21,600
workers, according to spokespersons for the company's groups.
    The automaker will shut three plants each in its two
groups--the Buick-Oldsmobile-Cadillac group and the
Chevrolet-Pontiac-GM of Canada group.
    The plants will be closed for a week starting August six
for inventory adjustment.
    Five of the plants are located in the United States. The
sixth is in Canada.
    The three Buick-Oldsmobile-Cadillac plants that will be
idled are located at Wentsville, Mo. (4,900 workers), the
Hamtramck plant in Detroit (3,000 workers) and the body
assembly plant in Flint, Mich. (2,500 workers).
    The Chevrolet-Pontiac-GM of Canada facilities to be shut
temporarily are located in North Tarrytown, N.Y. (3,500
workers), Pontiac, Mich. (1,600 workers) and Oshawa, Ont.
(6,100 workers).
    All of General Motors' truck and bus plants will be
operating next week, a spokesman for the truck and bus group
said.
 Reuter
3;
bodyend
documentend
documentstart
12321
topicstart
acq
topicend
bodystart
2;

GOULD 
<
GLD> COMPLETES SALE OF DIVISION


    ROLLING MEADOWS, Ill., April 1 - 
Gould Inc said it has
completed the sale of its Systems and Simulations Division to
the unit's management for an undisclosed price.
    Gould said the move is part of its plan to divest its
defense systems businesses and focus on its computer and
electronics sectors.
    Gould added that it accounted for the division as a
discontinued operation.
 Reuter
3;
bodyend
documentend
documentstart
12322
topicstart
topicend
bodystart
2;

MORRISON 
<
MORR> ADOPTS SHAREHOLDER RIGHTS PLAN


    MOBILE, Ala., April 1 - 
Morrison Inc said its board adopted
a shareholder rights plan designed to fend off unwanted
takeovers.
    Morrison said that it was not aware of any party interested
in acquiring the company.
    It said it declared a dividend on its outstanding common
stock of stock purchase rights which have a term of 10 years,
and will be issued April 10 to holders of record April 10.
    It said each right entitles shareholders to buy one
one-thousandth of a share of newly authorized preferred at a
purchase price of 75 dlrs. It said the rights will be
distributed as a dividend and will become exercisable if a
party acquires 20 pct or more of its common or begins a tender
offer for 30 pct or more of its stock, among other things.
    It said the rights are redeemable by its board at one-half
ct per right.
 Reuter
3;
bodyend
documentend
documentstart
12323
topicstart
corn
grain
topicend
bodystart
2;

FRENCH SUBSIDIZED CORN FOR TUNISIA/MOROCCO-USDA


    WASHINGTON, April 1 - 
U.S. corn sales to Tunisia, Morocco
and other North African countries may face increased
competition from European Community (EC) corn sales, the U.S.
Agriculture Department said.
    In its World Production and Trade report, the USDA said
sales of French corn for nearby delivery have been confirmed
with an export subsidy of about 145 dlrs per tonne, bringing
the French price to about 72 dlrs per tonne, FOB.
    While this is about the same price as U.S. corn, EC corn
has lower transport costs, the department noted.
    The French sales mark the beginning of commercial EC corn
exports which could reach 750,000 tonnes to North Africa and
the Middle East, areas which have traditionally purchased their
corn needs from the United States, the department said.
    Department officials said the 750,000 tonnes of exports are
for the year up to September 30 1987.
    They said export licenses for about 500,000 tonnes have
been issued so far.
 Reuter
3;
bodyend
documentend
documentstart
12324
topicstart
topicend
bodystart
2;
******
CHRYSLER MADE 98,648 U.S. CARS IN MARCH, DOWN FROM
115,540 LAST YEAR

3;


bodyend
documentend
documentstart
12325
topicstart
grain
wheat
topicend
bodystart
2;

NEW ZEALAND MAY BUY U.S. WHEAT -- USDA


    WASHINGTON, April 1 - 
New Zealand may need about 100,000
tonnes of wheat this year, which would normally come from
Australia, but may be from the United States, the U.S.
Agriculture Department said.
    In its report on Export Markets for U.S. Grains, the
department said with the deregulation of the New Zealand Wheat
Board, which normally imports wheat from Australia, there is
the possibility of wheat purchases from the united states since
the shipping cost between New Zealand and the Eastern Coast of
Australia and the West Coast of the United States are about
equal.
 Reuter
3;
bodyend
documentend
documentstart
12327
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS LOADING AT PORTLAND


    PORTLAND, April 1 - 
There were five grain ships loading and
three ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
 Reuter
3;
bodyend
documentend
documentstart
12328
topicstart
topicend
bodystart
2;

NBC MAKES 'FINAL' OFFER TO WRITERS, TECHNICIANS


    NEW YORK, April 1 - 
The National Broadcasting Co delivered
its "final offer" for a new contract to representatives of
2,800 writers, editors and technicians early today and waited
for a response.
    A committee of the National Association of Broadcast
Employees and Technicians discussed the offer but after three
hours they had not come to any decision.
    If the union walks out it would mean simultaneous strikes
against all three major U.S. television networks. A different
union struck CBS Inc 
<
CBS> and Capital Cities/ABC Inc 
<
CCB> a
month ago. NBC is owned by the General Electric Co 
<
GE>.
    "We're instructing all our members to continue working
without a contract," said John Krieger, a union official. The
contract expired at midnight March 31.
    Krieger said the committee is empowered to call a strike if
it sees fit but he added, "we're not gun shy and we're not
strike-happy, we don't take it lightly." He said the union
needed time to draft a formal response to the NBC proposal,
which the network billed as its "best and final offer."
    A spokeswoman for NBC said management personnel were
prepared to take assume technical duties if its radio and
television facilities are struck.
    "If there were a strike, we would not expect any
interruption in our service," the NBC spokeswoman said. At CBS
and ABC, where the Writers Guild of America has been on strike
since early March, viewers have noticed little difference in
the programs. However technicians are not involved in the
walkout at CBS and ABC.
    Krieger said the "major stumbling block" in the talks with
NBC was the network's insistence on having the right to hire
engineers and writers on a daily basis. "In a broad sense this
would decimate the union," he said, with temporary workers
jeopardizing the jobs of staff employees.
    NBC said its proposal "contains assurances that there is no
intention to replace regular employees with daily hires." NBC
said regular employees who may be on layoff would be offered
employment first.
    NBC also said any daily hires would be represented by the
union and would be phased in at four pct of regular staff in
the first year of a contract and six percent afterward.
    Top scale wages would increase to 855 dlrs per week in the
first year of the two-year contract and 895 dlrs in the second
year, under the NBC proposal. Krieger said the network's wage
proposals were "disappointing" but not the main issue.
    NBC said its proposals would give it greater flexibility in
sports and news coverage. It said its proposals would permit
limited access to news materials from affiliates and
subscription services and allow Cable News Network to join
network pool facilities. Cable News Network is owned by Turner
Broadcasting System 
<
TBS>.
    Material from subscription servoces would be limited to an
average of about one minute in a half-hour program, NBC said.
The network said the changes it seeks "would reduce costly
duplication and are vital to NBC's long term health."
    The major U.S. networks have experienced cost cutting
campaigns following a series of ownership changes that affected
the parent companies of all three in the past two years.
    Laurence Tisch became the largest shareholder in CBS, NBC's
former parent RCA was acquired by General Electric and ABC was
merged into Capital Cities Broadcasting.
    The broadcast operations have been hit with layoffs and
other belt-tightening measures. Network executives cited cable
television services and video cassette players which compete
for viewers.
 Reuter
3;
bodyend
documentend
documentstart
12329
topicstart
topicend
bodystart
2;

MOORE 
<
MCL> TO AMEND RIGHTS OF PREFERENCE SHARES


    TORONTO, April 1 - 
Moore Corp Ltd said it proposed
amendments to a special resolution seeking shareholder approval
for authority to issue preference shares, so that the shares
will be non-voting except in the event of dividend non-payment.
    It said it proposed the amendments in response to
shareholder concerns that under the existing resolution, voting
rights could be attached to the preference shares that are
disproportionate to common share voting rights.
    Moore Corp said it has no immediate plans to issue
preference shares under the proposed resolution.
    The resolutions will be considered at the April 9 annual
and special meeting, the company said.
 Reuter
3;
bodyend
documentend
documentstart
12331
topicstart
acq
topicend
bodystart
2;

FRENCH FIRM HAS FIVE PCT OF CALIF. WATER 
<
CWTR>


    WASHINGTON, April 1 - 
Compagnie Generale Des Eaux

<
EAUG.PA>, a French water, waste treatment and disposal,
heating, ventilation and air conditioning concern said it has a
5.0 pct stake in California Water Service Co.
    In a filing with the Securities and Exchange Commission,
Compagnie Generale said it bought its 139,200 California Water
shares for a total of 7.0 mln dlrs for investment purposes.
    While it said it might acquire more shares in the company,
it said it has no plans to seek control of it.
 Reuter
3;
bodyend
documentend
documentstart
12332
topicstart
livestock
topicend
bodystart
2;

USDA REPORT ON CATTLE SLAUGHTER, MEAT PURCHASES


    WASHINGTON, April 1 - 
The U.S. Agriculture Department said
an estimated 8,700 head of dairy cattle were slaughtered during
the week ending March 13 as a result of the Whole Herd Dairy
Buyout program.
    The cumulative total of cattle slaughtered under the
program from April 1 through March 13 is estimated at 1,032,300
head, it said.
    Cumulative meat purchases through March 27 total
376,897,330 lbs, the department said.
    Dairy cattle reported for export under the program for the
period April 1 through March 27 totaled an estimated 55,055
head, the department said.
    Live cattle exports are in addition to the meat purchase
requirements, the department said.
 Reuter
3;
bodyend
documentend
documentstart
12333
topicstart
interest
topicend
bodystart
2;

MAJOR U.S. BANKS MOVE TO HIGHER 7-3/4 PCT PRIME


    NEW YORK, April 1 - 
Most major U.S. banks today matched
Tuesday's quarter-point prime rate cuts by Citibank and Chase
Manhattan Bank, the first prime rate boosts since mid-1984.
    Most cited narrower spreads between the prime and funding
costs as justification. Analysts said the prime rate rises may
have been triggered partly by a desire by banks to enhance
profit margins given problems with developing country loans. 
    Commenting on the prime rate increases, U.S. Treasury
Secretary James Baker told a House Appropriations Committee
that "I hope it was a temporary blip upward."
    Among the major banks which today announced prime rate
increases to 7-3/4 pct were Bankers Trust, Chemical Bank,
Continental Illinois National Bank, Harris Trust and Savings
Bank, Irving Trust, Manufacturers Hanover Trust Co, Marine
Midland, and Security Pacific National Bank.
    Other banking companies announcing prime rate rises
included Pittsburgh National Bank, Texas Commerce Bank-Houston,
Provident National Bank, First National Bank of Boston, Florida
Federal Savings and Loan Association, and SunTrust Banks.
 Reuter
3;
bodyend
documentend
documentstart
12334
topicstart
earn
topicend
bodystart
2;

JEM RECORD INC 
<
JEMR> 2ND QTR JAN 31


    SOUTH PLAINFIELD, N.J., April 1 -
    
Shr three cts vs seven cts
    Net 52.1 mln vs 112,713
    Revs 5.1 mln vs 4.4 mln
    Six months
    Shr five cts vs 15 cts
    Net 75,605 vs 244,119
    Revs 9.5 mln vs 9.5 mln
   
 Reuter
3;
bodyend
documentend
documentstart
12335
topicstart
topicend
bodystart
2;

AMR 
<
AMR>, CITICORP 
<
CCI> TO SET MARKETING PACT


    NEW YORK, April 1 - 
AMR Corp's American Airlines and
Citibank are expected to announce a joint marketing program at
a press conference tomorrow, analysts said.
    The program will probably allow consumers using a credit
card issued by Citibank to pay for flights on American and earn
frequent flyer miles, they said.
    "It's an incentive to use the card and it potentially
builds traffic for the carrier," said one analyst, who asked
not to be named.
    One analyst noted that Texas Air Corp's 
<
TEX> Continental
Airlines has a similar agreement with a bank issuing
Mastercard.
    Texas Air officials were not immediately available.
    American Airlines and Citibank scheduled a press conference
at 1030 EST in New York tomorrow to announce a "major new
credit card alliance marketing program."
    Spokesmen for Citibank declined additional comment.
American Airlines spokesmen were not available.
 Reuter
3;
bodyend
documentend
documentstart
12336
topicstart
interest
topicend
bodystart
2;

UNION BANK RAISES ITS PRIME RATE TO 7.5 PCT


    LOS ANGELES, April 1 - 
The Union Bank subsidiary of
Standard Chartered PLC said today it was raising its prime
lending rate to 7.75 pct from 7.50 pct, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12337
topicstart
interest
dlr
topicend
bodystart
2;

FURTHER DECLINES IN U.S. DEBT FUTURES POSSIBLE


    By Brad Schade, Reuters


    CHICAGO, April 1 - 
After an already steep fall in the past
week, U.S. interest rate futures may be in for further declines
in the near term, financial analysts said.
    However, some analysts said recent sharp losses in bond
futures have left the bond market somewhat oversold, and the
contracts on long-term debt could stage a recovery before
resuming their decline.
    Key to the near-term direction of futures will be the
course of the dollar, they said.
    "As the dollar goes, so goes the bond market," said Dean
Witter analyst Karen Gibbs.
    The recent decline in the dollar, which hit a 40-year low
against the Japanese yen Monday, was reversed Wednesday when
several large U.S. money center banks unexpectedly raised their
prime lending rates by a quarter point, to 7-3/4 pct.
    "Even though the prime rate cut was good for the dollar,
foreign exchange traders are not convinced the dollar decline
is over," Gibbs said.
    The dollar decline was key in recent weakness in debt
futures as it rekindled concern about a pickup in inflation.
    Indeed, the falling dollar may have been a key topic at the
meeting of the Federal Reserve's policy making arm, the Federal
Open Market Committee, this week, analysts said.
    "To the Fed, the combination of a falling dollar, a
steepening yield curve, and rising commodity prices look
suspiciously like the traces of expectations of accelerating
inflation," said Denis Karnosky, analyst at Carroll, McEntee
and McGinley Inc.
    Such expectations could mean that "a shift in policy toward
restriction of bank reserves is likely to get very serious
consideration," at the FOMC meeting, he said.
    Any such restriction of reserves will not be a highly
visible form of monetary tightening, Karnosky said.
    Rather, the key to detecting a change will be found in
seasonal and adjustment borrowing at the discount window, he
said. Borrowings have held near a weekly average of 300 mln
dlrs over the past several months, he said.
    In the meantime, however, "the market looks a bit
oversold," said Jim Wysoglad, analyst at Golden Gate Futures.
    Wysoglad said a recovery from the oversold condition could
drive June bonds to a high near 99 before falling back to test
chart support near the recent low of 97-13/32.
    Technician Leslie Keefe of Technical Data Corp of Boston
said that the key test for June bonds will be whether the
nearby contract holds above chart support at 96-24/32.
    "All previous selloffs since mid-November have stopped and
buyers have surfaced at that level," Keefe said.
    If that level is broken, and the dollar continues to
decline, Keefe said she expects the June bond contract to
decline to test support between 92 and 93, the primary uptrend
line dating back to 1984.
 Reuter
3;
bodyend
documentend
documentstart
12338
topicstart
grain
topicend
bodystart
2;

USDA GRAIN INSPECTION ADVISORY COMMITTEE MEETING


    WASHINGTON, April 1 - 
The Federal Grain Inspection Service
Advisory Committee will meet here Monday, April 13, the U.S.
Agriculture Department said.
    Items on the agenda for the meeting, which is scheduled to
begin at 0830 edt, are grain-quality issues, status of proposed
regulations, financial matters and safety matters, the
department said.
    The Federal Grain Inspection Service Advisory Committee is
composed of 12 members representing the grain industry who
provide advice to the administrator of the Federal Grain
Inspection Service.
 Reuter
3;
bodyend
documentend
documentstart
12339
topicstart
acq
topicend
bodystart
2;

DEAK BUYS JOHNSON MATTHEY COMMODITIES


    NEW YORK, APRIL 1 - 
Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
    The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said. The New York firm will be known as Deak
International Trading Ltd, the company said. Arkadi Kuhlmann,
president and chief executive officer of Deak International,
said the purchase will expand Deak's operations in precious
metals and wholesale non-ferrous metals trading.
 Reuter
3;
bodyend
documentend
documentstart
12340
topicstart
coffee
topicend
bodystart
2;

COFFEE FUTURES AT SIX-YEAR LOW, UNDER 1 DLR/LB


    CHICAGO, April 1 - 
Coffee futures dipped further today and
closed below 1 dlr a pound for the first time in six years.
    Coffee for delivery in May ended at 99.28 cents a pound on
the Coffee, Sugar and Cocoa Exchange, down 0.76 cent and the
lowest price since August, 1981.
     Prices have been falling steadily since the International
Coffee Organization failed in February to reach an agreement
controlling exports by its members, and pressure was renewed
this week as the executive board of the organization met in
London without reopening debate on its export quotas.
    The executive board has limited its current discussions to
administrative matters and is set to adourn Thursday.
    Burdensome supplies have pressed the market down from 1.30
dlr a pound in February, when the organization's discussions
aimed at re-establishing export quotas broke down.
    Sandra Kaul, a coffee analyst in New York with Shearson
Lehman Brothers, said supplies currently are at their high
point for the year because most producing nations have just
completed their harvests.
    In addition, she said, many of those nations are faced with
serious debt and need to sell coffee to raise capital.
    "This should keep substantial pressure on exporters to
undertake sales despite the drop in prices," she said.
    Further, U.S. demand could be sluggish because winter, the
period of greatest consumption, is ending. Prices could fall
another 10 cents to 15 cnts a pound, analysts said.
    Gold futures retreated from modest early gains and closed
steady while silver prices rallied on the Commodity Exchange in
New York.
    The increase in U.S. banks' prime rates prompted concern
about renewed inflation, but the strength of the U.S. dollar
discouraged new buying.
    "The market is getting mixed signals and it doesn't know
which way to go," one analyst said.
    Gold futures retreated from modest early gains and closed
steady while silver prices rallied on the Commodity Exchange in
New York.
    The increase in U.S. banks' prime rates prompted concern
about renewed inflation, but the strength of the U.S. dollar
discouraged new buying.
    "The market is getting mixed signals and it doesn't know
which way to go," one analyst said.
 Reuter
3;
bodyend
documentend
documentstart
12341
topicstart
earn
topicend
bodystart
2;

BELDEN AND BLAKE ENERGY CO 
<
BBE> 4TH QTR


    NEW YORK, APril 1 -
    
Shr loss 1.92 dlrs vs profit five cts
    Net loss 5.6 mln vs profit 136,598
    Revs 1.4 mln vs. 2.5 mln
    Year
    Shr loss 3.81 dlrs vs profit 21 cts
    Net loss 10.8 mln vs profit 435,176
    Revs 7.6 mln vs 9.4 mln
    NOTE:1986 4th qtr includes write-off of about 373,000 dlrs
or 13 cts and writdown of assets of 4.0 mln dlrs. 1986 year
includes 4.1 mln dlrs 1st qtr writedown.
 Reuter
3;
bodyend
documentend
documentstart
12342
topicstart
topicend
bodystart
2;

MASSTOR 
<
MSCO> IN PACT WITH NAT'L WESTMINSTER


    SANTA CLARA, Calif., April 1 - 
Masstor Systems Corp said it
it signed a volume purchase agreement with National Westminster
Bank PLC worth up to 7.3 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12343
topicstart
topicend
bodystart
2;

TENERA 
<
TLPZV> PLANS TO BUY BACK LP UNITS


    BERKELEY, Calif., April 1 - 
Tenera LP said it plans to
periodically repurchase up to 200,000 limited partnership units
in the open market.
    The timing and amount of the proposed purchases will depend
on the prevailing market price and trading volumes in the units
to comply with Securities and Exchange Commission regulators,
Tenera said.
 Reuter
3;
bodyend
documentend
documentstart
12344
topicstart
acq
topicend
bodystart
2;

CROWN RESOURCES 
<
CRRS> PLANS ENERGY UNIT SALE


    DENVER, April 1 - 
Crown Resources Corp said it plans to
sell its Oklahoma-based oil and gas unit as part of its
strategy to focus on developing precious metals properties.
    The company said it bought the Wyona Water Flood Oil and
Gas unit in 1984 for 650,000 dlrs.
    Crown said the Wyona field is fully developed with 28
producing wells.
    Current oil production is 80 barrels a day, it said, adding
that no gas was produced for sale in 1986.
 Reuter
3;
bodyend
documentend
documentstart
12345
topicstart
acq
topicend
bodystart
2;

M.D.C. HOLDINGS 
<
MDC> SELLS ENERGY UNIT


    DENVER, April 1 - 
M.D.C. Holdings Inc said it sold
substantially all the assets of its oil and gas unit, Mizel
Petro Resources Inc, and affiliated partnerships, for 38 mln
dlrs in cash to 
<
Parker and Parsley Petroleum Co>, Midland,
Texas.
    The company said that, subject to certain post-closing
adjustments, it expects to post a small profit on the sale.
 Reuter
3;
bodyend
documentend
documentstart
12346
topicstart
earn
topicend
bodystart
2;

LIVINGWELL INC 
<
WELL> YEAR


    HOUSTON, April 1 -
    
Shr six cts vs three cts
    Net 1.7 mln vs 3.1 mln
    Revs 187.3 mln vs 129.7 mln
    NOTE:Increase in earnings due to elimination of preferred
dividend requirements.
 Reuter
3;
bodyend
documentend
documentstart
12347
topicstart
topicend
bodystart
2;

PEOPLES TELEPHONE SIGNS PACT WITH SOUTHLAND 
<
SLC>


    MIAMI, Fla., April 1 - 
Peoples Telephone Co, the third
largest private pay phone firm in the U.S., said it signed an
exclusive five-year, 25 mln dlr contract with the Southland
Corp.
    Under the contract, Peoples said it will provide telephone
service to Southland's 7-Eleven Stores in Florida, and install
and maintain telephone circuitry for 7-Eleven's MovieQuick and
computerized lottery systems.
 Reuter
3;
bodyend
documentend
documentstart
12348
topicstart
oilseed
soybean
topicend
bodystart
2;

MEXICO BUYS 51,000 TONNES U.S. SOYBEANS


    KANSAS CITY, April 1 - 
Mexico bought 51,000 tonnes of U.S.
number two yellow soybeans in an overnight tender, for various
ocean and rail shipments in May, private export sources said.
    About 40,000 tonnes sold for ocean shipment at prices
ranging from 199.67 to 210.17 dlrs per tonne, c and f, and
about 11,000 tonnes sold for rail shipment at prices from
205.50 to 217.88 dlrs per tonne, they said.
 Reuter
3;
bodyend
documentend
documentstart
12349
topicstart
topicend
bodystart
2;

SCIMED 
<
SMLS> BEING SUED FOR PATENT INFRINGEMENT


    MINNEAPOLIS, April 1 - 
SciMed Life Systems Inc said

<
Advanced Cardiovascular Systems Inc> is suing it for patent
infringement.
    The company said the suit involves a patent for a vascular
guiding catheter assembly and a vascular dilating catheter
assembly.
    SciMed said the suit is without merit and it has turned the
matter over to its attorneys.
    It added that the lawsuit will not affect the negotiations
on the merger transaction with Bristol-Meyers Co 
<
BMY>,
announced Monday.
 Reuter
3;
bodyend
documentend
documentstart
12350
topicstart
acq
topicend
bodystart
2;

FIDELCOR 
<
FICR> UNIT ACQUIRES LAZERE FINANCIAL


    NEW YORK, April 1 - 
Fidelcor Inc's Fidelcor Business Credit
Corp subsidiary said it reached a definitive agreement to
acquire a substantial portion of the Bank of New England Corp's

<
BKNE> Lazere Financial Corp's assets.
    Terms of the acquisition were not disclosed. The
acquisition is subject to approval of the Federal Reserve
Board.
    Fidelcor said it would acquire most of Lazere's loan
portfolio and other assets, including its Miami office. It said
it plans to hire the majority of Lazere's 100 employees.
 Reuter
3;
bodyend
documentend
documentstart
12351
topicstart
earn
topicend
bodystart
2;

SUNSTATES CORP 
<
SUST> 4TH QTR


    JACKSONVILLE, Fla, April 1 -
    
Shr loss 3.51 dlrs vs loss 6.14 dlrs
    Net loss 3.2 mln vs loss 6.6 mln
    Year
    Shr loss 2.38 dlrs vs loss 5.17 dlrs
    Net loss 692,872 vs loss 4.5 mln
    NOTE:1986 loss includes loss of 301,000 for discontinued
oeprations vs a loss of 5.5 mln dlrs net of a 1.4 mln credit in
1985. 1985 4th qtr includes loss of 3.5 mln dlrs for
discontinued operations. share amts relfect dividend
requirements.
 Reuter
3;
bodyend
documentend
documentstart
12352
topicstart
earn
topicend
bodystart
2;

<
BII ENTERPRISES INC> YEAR NOV 30 NET


    TORONTO, April 1 -
    
Shr 86 cts vs 79 cts
    Net 4,042,000 vs 3,549,000
    Revs 59.7 mln vs 47.3 mln
 Reuter
3;
bodyend
documentend
documentstart
12353
topicstart
earn
topicend
bodystart
2;

<
SCOTTISH AND YORK HOLDINGS LTD> YEAR LOSS


    TORONTO, April 1 -
    
Shr loss 27 cts vs loss 2.27 dlrs
    Net profit 2,150,000 vs loss 14,700,000
    Revs 121.3 mln vs 69.8 mln
    Note: shr after payment of preferred stock dividends
 Reuter
3;
bodyend
documentend
documentstart
12354
topicstart
topicend
bodystart
2;

BANGOR HYDRO-ELECTRIC 
<
BANG> GETS APPROVAL


    BANGOR, Maine, April 1 - 
Bangor Hydro-Electric Co said the
Maine PUblic Utilities Commission approved changes in rates
effective today that will decrease revenues by about 412,000
dlrs or 0.5 pct.
    The decrease results from changes in the base rates and in
the fuel cost adjustment rate charged by the company.
    Base rates will decrease by 6.25 mln dlrs due largely to
its sale in the Seabrook nuclear power project, a reduction in
federal income taxes and lower costs of capital.
    The base rate assumes a rate of return of 11.57 pct, down
from 13.1 pct. Offsetting the decrease, however, is an
authorization to increase fuel rates by 5.84 mln dlrs, it said.
 Reuter
3;
bodyend
documentend
documentstart
12355
topicstart
coffee
topicend
bodystart
2;

COFFEE FUTURES UNDER DLR A POUND AT SIX-YEAR LOW


    CHICAGO, April 1 - 
Coffee futures dipped further and closed
below one dlr a pound for the first time in six years.
    Coffee for delivery in May ended at 99.28 cents a pound on
the New York Coffee, Sugar and Cocoa Exchange, down 0.76 cent
and the lowest price since August, 1981.
     Prices have fallen steadily since the International Coffee
Organization failed in February to reach an agreement
controlling exports by its members, and pressure was renewed
this week as the executive board of the organization met in
London without reopening debate on its export quotas.
    The executive board has limited its current discussions to
administrative matters and is set to adourn Thursday.
    Burdensome supplies have pressed the market down from 1.30
dlrs a pound in February, when the organization's discussions
aimed at re-establishing export quotas broke down.
    Sandra Kaul, a coffee analyst in New York with Shearson
Lehman Brothers, said supplies currently are at their high
point for the year because most producing nations have just
completed their harvests.
    In addition, she said, many of those nations are faced with
serious debt and need to sell coffee to raise capital.
    "This should keep substantial pressure on exporters to
undertake sales despite the drop in prices," she said.
    Further, U.S. demand could be sluggish because winter, the
period of greatest consumption, is ending. Prices could fall
another 10 to 15 cents a pound, analysts said.
    Gold futures retreated from modest early gains and closed
steady while silver prices rallied on the Commodity Exchange in
New York.
    The increase in U.S. banks' prime rates prompted concern
about renewed inflation but the strength of the U.S. dollar
discouraged new buying.
    "The market is getting mixed signals and it doesn't know
which way to go," one analyst said.
    Cattle futures posted new highs on the Chicago Mercantile
Exchange, while live hogs rallied from early losses and frozen
pork bellies finished sharply lower.
    Cattle prices continued to draw support from the winter
storm that swept the Plains states, leaving animals stranded in
snowbound fields and feed lots in miserable condition.
    Live hogs were pressured early by the Agriculture
Department's report Tuesday that producers expanded their
breeding herds more than the market expected last quarter.
Prices recovered to keep pace with higher cash prices.
    Frozen pork bellies fell sharply on the outlook for greater
production and closed with limit losses.
    Soybean futures posted sharp gains on the Chicago Board of
Trade, while corn and wheat were lower.
    Soybeans rallied in response to Tuesday's USDA report that
farmers intend to plant 56.9 mln acres this year, down from
61.5 mln planted last year.
    Corn prices were pressured by the outlook for 67.6 mln
acres of corn, which is down from last year's 76.7 mln acres,
but was larger than analysts expected.
 Reuter
3;
bodyend
documentend
documentstart
12356
topicstart
acq
topicend
bodystart
2;

INVESTMENT ADVISORS HAVE 10 PCT OF KILLEARN
<
KPI>


    WASHINGTON, April 1 - 
Two executives of a Memphis, Tenn.,
investment advisory firm told the Securities and Exchange
Commission they have acquired 132,000 shares of Killearn
Properties Inc, or 10.4 pct of the total outstanding.
    The executives, O. Mason Hawkins and William Reid, who work
for Southeastern Asset Management Inc, said they bought their
Killearn stock with personal funds as an investment.
    While they said they might increase their stake Killearn
Properties, they said they have no plans to seek control of it.
 Reuter
3;
bodyend
documentend
documentstart
12357
topicstart
topicend
bodystart
2;

FEDS OKAY WESTERN CAROLINA SAVINGS CONVERSION


    VALDESE, N.C., April 1 - 
Western Carolina Savings and Loan
Association said the Federal Home Loan Bank Board approved the
completion of its conversion to a state chartered stock savings
and loan from a state chartered mutual bank.
    Carolina said 575,000 shares were subscribed for at 10 dlrs
per share during its initial offering.
    It said trading will begin in its stock April eight on
NASDAQ under the sumbol WCAR.
 Reuter
3;
bodyend
documentend
documentstart
12358
topicstart
topicend
bodystart
2;

SELAS 
<
SLS> LOSES RULING IN CONTRACT DISPUTE


    DRESHER, Pa., April 1 - 
Selas Corp of America said the U.S.
District Court in Tacoma, Wash., issued a judgment against the
company in a lawsuit filed by 
<
Milgard Tempering Co>.
    The company said the suit, filed by Milgard in 1983 in
connection with a contract dispute, seeks 3.7 mln dlrs in
damages as well as legal fees.
    While the court has not issued a final judgment, Selas said
it indicated that Milgard will be awarded about one mln dlrs in
damages. Selas said it has not decided whether it will appeal
the ruling.
   
 Reuter
3;
bodyend
documentend
documentstart
12359
topicstart
topicend
bodystart
2;

FORD 
<
F> MARCH U.S. CAR PRODUCTION UP


    DETROIT, April 1 - 
Ford Motor Co said it made 189,610 U.S.
cars in March, up from 150,520 in the same period last year.
    Ford said it made 143,949 trucks during the month, compared
to 116,727 in the 1986 period.
    Year-to-date, Ford said it produced 534,209 U.S. cars, up
from 446,505 last year-to-date.
    Truck production through the end of March was 403,836
vehicles, up from 362,986 vehicles, Ford said.
 Reuter
3;
bodyend
documentend
documentstart
12360
topicstart
topicend
bodystart
2;

CHRYSLER 
<
C> SAYS MARCH U.S. CAR OUTPUT FELL


    DETROIT, April 1 - 
Chrysler Corp said it made 98,648 cars
in the U.S. in March, down from the 115,540 cars it produced in
the same month last year.
    The company said it produced 23,961 trucks in the U.S.
during the month, compared to 134 in the same month last year,
when most of Chrysler's truck operations were temporarily
closed down for model changovers.
    Year to date, Chrysler made 315,635 U.S. cars and 63,795
U.S. trucks, compared to 373,481 and 134 in the 1986 period,
respectively.
 Reuter
3;
bodyend
documentend
documentstart
12361
topicstart
meal-feed
sun-meal
lin-meal
soy-meal
topicend
bodystart
2;

ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED


    BUENOS AIRES, April 1 - 
The Argentine grain board adjusted
minimum export prices of grain and oilseed products in dlrs per
tonne FOB, previous in brackets, as follows:
    Sunflowerseed cake and expellers 99 (97), pellets 97 (95)
and meal 95 (93).                               
    Sunflowerseed oil for shipments through May 308 (300) and
June onwards 314 (307).                         
    Linseed cake and expellers 137 (136), pellets 115 (114) and
meal 105 (104), all for shipments through June. 
    Linseed cake and expellers 146 (145), pellets 124 (123) and
meal 114 (113), all for shipments July onwards.
    Soybean cake and expellers 169 (167), pellets 162 (160) and
meal 152 (150), all for shipments through May.  
    Soybean cake and expellers 166 (164), pellets 159 (157) and
meal 149 (147), all for shipments June onwards.
 REUTER
3;
bodyend
documentend
documentstart
12362
topicstart
earn
topicend
bodystart
2;

SAVOY INDUSTRIES INC 
<
SAVO> YEAR


    NEW YORK, April 1 -
    
Shr loss 42 cts vs loss five cts
    Net loss 4.0 mln vs loss 446,000
    Revs 58.9 mln vs 70.3 mln
    NOTE:1986 net includes gain of 40 cts from discontinued
operations. 1985 net includes gain of 22 cts from discontinued
operations.
 Reuter
3;
bodyend
documentend
documentstart
12363
topicstart
topicend
bodystart
2;

CANADA, JAPAN TRADING FIRM AGREE TO BOOST TIES


    OTTAWA, April 1 - 
The federal government and the Japanese
trading company, C. Itoh and Co Ltd, have signed a letter of
understanding to try and boost trade ties between the two
countries, the Industry department said.
    The two parties have agreed to encourage direct Japanese
investment in Canada, bilateral trade, and more joint ventures
and licensing accords between Canadian and Japanese companies.
    C. Itoh has just begun a trade mission in Canada to
investigate trading opportunities in the aerospace, autoparts
electronics and other sectors and will visit some 30 leading
companies across Canada. 
 Reuter
3;
bodyend
documentend
documentstart
12364
topicstart
earn
topicend
bodystart
2;

AMERICAN HOIST AND DERRICK CO 
<
AHO> 1ST QTR NET


    SAINT PAUL, Minn., April 1 - 
Qtr ended March 14.
    Shr profit 32 cts vs loss 1.30 dlrs
    Net profit 2,704,000 vs loss 7,589,000
    Rev 105.2 mln vs 82.3 mln
    NOTE: Qtr net includes extraordinary gain of 1.1 mln dlrs.

 Reuter
3;
bodyend
documentend
documentstart
12365
topicstart
topicend
bodystart
2;

SIMON INDICTED IN WEDTECH 
<
WDT> CASE


    NEW YORK, April 1 - 
Stanley Simon was charged with
extorting 50,000 dlrs from a defense contractor in the first
indictment in a corruption probe involving two Congressmen, a
former aide to President Reagan and other government officials.
    Simon, who resigned last month as Bronx Borough President,
was accused of extorting the money and forcing the now bankrupt
contractor, the Wedtech Corp., to hire his brother-in-law and
then give him raises.
    Simon is also accused of perjury and forcing one of his
employees to pay him 14,000 dlrs in salary kickbacks.
    He is the first public official to be indicted for
demanding money from Wedtech, a minority-owned company that
builds pontoon bridges for the Defense Department.
    "Wedtech was one of the success stories in the Bronx, but
the company was manipulated and raped," Thomas Scheer, the head
of the FBI's New York office, said of the payoffs the company
allegedly made to win contracts.
    Wedtech executives have said they paid bribes to about 20
government officials.
    Law enforcement sources say two Bronx congressmen, Mario
Biaggi and Robert Garcia, are under investigation.
    A special federal prosecutor has been appointed to
determine whether former Reagan aide Lyn Nofziger acted
improperly when he became a Wedtech consultant four months
after leaving the White House.
    Nofziger was given up to 1 mln dlrs in Wedtech stock.

 Reuter
3;
bodyend
documentend
documentstart
12366
topicstart
grain
ship
topicend
bodystart
2;
N.Y. GRAIN FREIGHTS - April 1
    Tradax took Y.S. Tonnage 52,000 tonnes U.S. Gulf to Japan
early May dates 16.00 dlrs 11 days all purposes
    Tradax took Dimitrios 76,000 tonnes any grains 4,952,000
grain cubics U.S. Gulf to Holland May 1-10 8.50 dlrs 12 days
all purposes
    ADM took Ymuiden Maru 93,500 tonnes DWCC 4,726,937 grain
cubics U.S. Gulf to Holland April 20-30 lumpsum 675,000 dlrs 11
days all purposes
    Dreyfus took Golden Crown 20,000 tonnes U.S. Gulf to East
Coast Mexico April 6-10 10.00 dlrs 1,500 discharge
    Marubeni took NYK TBNs 52,000 tonnes HSS seven times U.S.
Gulf to Japan July 1987-January 1988 dates 14.25 dlrs 9,000
load 6,500 discharge
 reuter
3;


bodyend
documentend
documentstart
12367
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, April 1 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Allied Supermarkets Inc 
<
ASU> - Offering of 140 mln dlrs of
senior subordinated discount debentures due 1999 and 100 mln
dlrs of subordinated debentures due 2001 through Drexel Burnham
Lambert Inc and Donaldson, Lufkin and Jenrette Securities Corp.
    Integrated Resources Inc 
<
IRE> - Offering of 150 mln dlrs
of senior notes, with 50 mln dlrs due April 15, 1990, 50 mln
dlrs due April 15, 1992 and 50 mln dlrs due April 15, 1995, all
through Drexel Burnham Lambert Inc.
 Reuter
3;
bodyend
documentend
documentstart
12368
topicstart
acq
topicend
bodystart
2;

AMERICAN BARRICK 
<
ABX> SELLS COAL ASSETS


    TORONTO, April 1 - 
American Barrick Resources Corp said it
sold two coal supply agreements and certain mining equipment,
representing substantially all of the assets of its two Ohio
coal mines, to Peabody Coal Co, of Kentucky.
    Terms were not disclosed.
    Proceeds from the sale combined with the sale of the
company's remaining coal assets should result in full recovery
of its investments in the operations, the company said without
further elaborating.
    The sale will complete the planned disposition by American
Barrick of all its non-gold assets, it said.
 Reuter
3;
bodyend
documentend
documentstart
12369
topicstart
topicend
bodystart
2;

MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN


    Mexico city, april 1 - 
mexico today received the first 250
mln dlrs of a 500 mln dlr credit from japan's eximbank aimed at
financing a mexican oil pipeline project, the finance ministry
announced.
    The funds will be used in the 700 mln dlr pacific petroleum
project, which includes the construction of a 267-klm
(160.2-mile) pipeline connecting nuevo teapa in the oil-rich
state of veracruz and salina cruz, oaxaca on the pacific coast.
The project aims to facilitate mexican oil exports to japan and
the far east and is expected to be completed in three years.
 Reuter
3;
bodyend
documentend
documentstart
12370
topicstart
topicend
bodystart
2;

UPI PRESIDENT RESIGNS AFTER FIVE MONTHS


    WASHINGTON, April 1 - 
United Press International  announced
that Milton Benjamin had resigned as company president and the
news agency's chairman, Mario Vazquez-Rana, a Mexican newspaper
owner, would take over his duties.
    The agency, which emerged from bankruptcy court protection
when Vazquez-Rana bought it for 41 mln dlrs last June, has had
four presidents over the past year.
    Benjamin, who had served in the post since last November,
said he was stepping down because restoring UPI would take a
greater financial investment than he had envisaged and
Vasquez-Rana thus wished to take direct control.
    "In recent weeks, Mario (Vazquez-Rana) has indicated that in
light of the increased investment, he wants to devote even more
time to UPI and to play a more direct role in managing its
financial affairs," Benjamin said in a statement.
    Benjamin said he would return to his consulting firm of
Anderson, Benjamin, Read and Haney Inc., which he founded in
1984. He left the firm on November six last year to take over
as president of UPI.
    Besides Benjamin and Vazquez-Rana, the other presidents
have been Luis Nogales, a California businessman who helped
steer the agency through bankruptcy proceedings, and Maxwell
McCrohon, former editor and managing editor of the Chicago
Tribune.
    Vazquez-Rana, who is both chairman and chief executive
officer of UPI, is the publisher of a successful chain of 62
newspapers in Mexico, chairman of the Mexican Olympics
Committee and chairman of the worldwide Association of National
Olymnpics committees.
 Reuter
3;
bodyend
documentend
documentstart
12371
topicstart
ship
crude
topicend
bodystart
2;
N.Y. TANKERS - April 1
    Citgo took West Virginia 62,000 tons dirty April 9
Caribbean to U.S. Gulf worldscale 63
 reuter
3;


bodyend
documentend
documentstart
12372
topicstart
grain
wheat
corn
sugar
carcass
livestock
groundnut
oilseed
cotton
veg-oil
topicend
bodystart
2;

U.S. HOUSE PANEL EXTENDS EEP, URGES USSR OFFER


    WASHINGTON, APRIL 1 - 
The U.S. House Agriculture Committee
approved proposals to extend the life of the Export Enhancement
Program, EEP, through fiscal 1990 and urged the Reagan
administration offer EEP wheat to the Soviet Union.
    The proposals were approved as amendments to a
comprehensive trade bill moving through Congress this year.
    In addition to the amendments on EEP, the committee
approved several proposals which could restrict imports of
lamb, casein, sugar-containing products and tobacco. Those
amendments affecting imports face an uncertain future because
the House Ways and Means Committee, which has overall
jurisdiction over trade legislation, will oppose them,
Congressional sources said.
    The effect of the EEP amendments would be to extend the
life of the program five years through fiscal 1990 rather than
the current three years through fiscal 1988.
    The amendments, offered by Rep. Dan Glickman, D-Kan., also
would increase funding for the program to 2.5 billion dlrs from
1.5 billion now.
    Furthermore, the committee passed an amendment offered by
Rep. Glickman which instructs the U.S. Agriculture Department
to value EEP bonus commodities at market value, not acquisition
value. Glickman said the change would make the program 30 pct
less expensive to operate.
    The provision on EEP wheat to the Soviet Union, offered by
Rep. Bob Smith, R-Ore., does not require the administration
make an offer, but urges such action.
    The committee approved an amendment, offered by Rep. Glenn
English, D-Okla., requiring the Secretary of Agriculture to
begin discussions with other major grain producing countries
aimed at jointly reducing world grain production.
    Trade Representative Clayton Yeutter yesterday opposed the
amendment, saying such commodity agreements do not work.
    Among the host of amendments to restrict imports approved
by the panel, the most significant would require quotas on
imports of goods containing more than 25 pct of a bulk farm
product that is subject to U.S. quotas. The amendment, offered
by Rep. Arlan Stangeland, R-Minn., is aimed primarily at
curbing imports from Canada of products containing sugar and
foreign foods containing dairy products. It also may affect
peanut, cotton and tobacco imports, Committee sources said.
    Another amendment would place a quota on U.S. imports of
casein, a dairy product shipped to the U.S. primarily by New
Zealand and Ireland.
    The panel also voted to apply to lamb imports the same
countercyclical import quota law which is operating for U.S.
beef imports.
    Other miscellaneous amendments included:
    -- Urging the administration consider retaliating against
Japan and South Korea if those countries do not remove
restrictions on beef imports.
    -- Boosting the amount of U.S. grain which must be shipped
each year under a food aid program called Section 416 to
800,000 tonnes from 500,000 tonnes now.
    -- Requiring the Agriculture Secretary conduct a study of
the Canadian Wheat Board import licensing system for wheat to
determine if it is a non-tariff trade barrier.
    -- Requiring the Agriculture Secretary reimburse the
National Corn Growers Association up to 500,000 dlrs for the
costs of defending the U.S. feedgrains program against a
Canadian countervailing duty case this year.
    -- Urging the administration oppose the Canadian decision
to apply a duty on U.S. corn imports, and a proposal by the
European Community to apply a vegetable oils tax.
    -- USDA conduct a study of the findings of a National
Commission on Agricultural Export Policy, which recommended a
reorganization of USDA's trade policy apparatus.
 Reuter
3;
bodyend
documentend
documentstart
12373
topicstart
topicend
bodystart
2;

CORRECTED - GM 
<
GM> TO IDLE SIX PLANTS


    DETROIT, April 1 - 
General Motors Corp will idle six of its
car assembly plants next week, temporarily laying off 21,600
workers, according to spokespersons for the company's groups.
    The automaker will shut three plants each in its two
groups--the Buick-Oldsmobile-Cadillac group and the
Chevrolet-Pontiac-GM of Canada group.
    The plants will be closed for a week starting April six for
inventory adjustment.
    Five of the plants are located in the United States. The
sixth is in Canada. - corrects the date of the plant closings.
3;
bodyend
documentend
documentstart
12374
topicstart
acq
topicend
bodystart
2;

NOVAMIN BOARD TO RECOMMEND BREAKWATER 
<
BWRLF> BID


    Vancouver, British Columbia, April 1 - 
<
Novamin Inc> said
its board will recommend to shareholders the takeover offer
made by Breakwater Resources Ltd.
    Breakwater is offering to exchange one Breakwater share for
each two shares of Novamin, the company said.
    Breakwater will issue about 3.7 mln shares for all Novamin
shares presently issued and outstanding. Additional shraes of
Breakwater will be issued if warrants and options of Novamin
are exercised.
 Reuter
3;
bodyend
documentend
documentstart
12375
topicstart
meal-feed
topicend
bodystart
2;

U.S. FEED SITUATION SUMMARY REPORT DELAYED


    WASHINGTON, April 1 - 
The U.S. Agriculture Department said
its summary report on the Feed Situation and Outlook, scheduled
for release April 24, has been delayed until May 15.
    The department said the delay will enable analysts to
incorporate into the report USDA's first supply and demand
estimates for the 1987/88 marketing year and data on farm
program participation.
 Reuter
3;
bodyend
documentend
documentstart
12376
topicstart
livestock
carcass
topicend
bodystart
2;

EXOTIC NEWCASTLE DISEASE IN MD/NEW YORK-USDA


    WASHINGTON, April 1 - 
Exotic Newcastle, a highly contagious
disease of pet birds and poultry, has been confirmed in two
pet-bird dealer facilities in Maryland, and New York, the U.S.
Agriculture Department said.
    The department said no domestic poultry are involved in the
outbreak.
    State quarantines have been placed on the two facilities,
in Hunt Valley, Maryland, and Schenectady, New York.
    The most serious U.S. outbreak of the disease occurred in
1971-73 in southern California, where the disease spread from
infected pet birds to a dense poultry population and nearly 12
mln birds, mostly laying hens, were destroyed at a cost of 56
mln dlrs, the department said.
 Reuter
3;
bodyend
documentend
documentstart
12378
topicstart
acq
topicend
bodystart
2;

NEWMONT MINING CORP REDUCES STAKE IN PEABODY


    NEW YORK, APril 1 - 
Newmont Mining Corp said it completed
the previously announced reduction of its share in 
<
Peabody
Holding Co Inc> to 49.97 pct from 61.47 pct.
    Newmont realized 116.8 mln dlrs in the transaction.
    For 1986, Newmont reported net income of 74.2 mln dlrs.
Peabody, the largest coal producer in the U.S., had net income
of 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986.
    Newmont doubled its ownership in Peabody in January by
purchasing 30.74 pct interest held by the Williams Cos for 320
mln dlrs.
    The reduction resulted from completion of an earlier
announced agreement by Peabody to sell a 15.01 pct interest in
the company to Eastern Gas and Fuel Associates in exchange for
all the coal properties owned by Eastern.
 Reuter
3;
bodyend
documentend
documentstart
12379
topicstart
earn
topicend
bodystart
2;

MR. GASEKT CO 
<
MRGC> 3RD QTR DEC 31


    CLEVELAND, April 1 -
    
Shr loss 26 cts vs profit eight cts
    net loss 2.8 mln vs profit 897,000
    Revs 27.0 mln vs 30.0 mln
    Nine months
    Shr loss 51 cts vs profit 46 cts
    Net loss 5.4 mln vs profit 4.9 mln
    Revs 88.4 mln vs 99.8 mln
 Reuter
3;
bodyend
documentend
documentstart
12380
topicstart
earn
topicend
bodystart
2;

DELTAUS CORP 
<
DLTA> YEAR


    TYLER, Texas, April 1 -
    
Shr loss 64 cts vs loss 1.70 dlrs
    Net loss 13.4 mln vs loss 35.6 mln
    REvs 47.9 mln vs 72.1 mln
    NOTE:1985 includes loss of 941,000 from discontinued
operations and 5.8 mln dlrs from disposal of net asset solds.
 Reuter
3;
bodyend
documentend
documentstart
12382
topicstart
earn
topicend
bodystart
2;

DEROSE INDUSTRIES INC 
<
DRI> 4TH QTR


    TAMPA, Fla, April 1 -
    
Shr loss 56 cts vs loss 71 cts
    Net loss 809,000 vs loss 1.0 mln
    Revs 5.3 mln vs 5.3 mln
    Year
    Shr loss 1.51 dlrs vs profit 61 cts
    Net loss 2.2 mln vs loss 2.3 mln
    Revs 26.5 mln vs 29.1 mln
 Reuter
3;
bodyend
documentend
documentstart
12383
topicstart
earn
topicend
bodystart
2;

REVLON GROUP 
<
REV> REPORTS 1986 RESULTS


    New York, April 1 - 
Revlon Group Inc told the Securities
and Exchange Commission it had net profits of 16,465,000 on
sales of 1.61 billion dlrs for the year ended Dec. 31, 1986.
    Revlon in a filing with the SEC compared the results to the
five months ending Dec. 31, 1985. In that period, it lost 28.4
mln dlrs on sales of 262.4 mln dlrs.
    Earlier today, MacAndrews and Forbes Group Inc began an
18.50 dlr a share cash offer for all common stock of Revlon it
does not own. Revlon today rose 3/8 to 19-1/4 in active
trading. MacAndrews controls 31.8 pct of the voting power.

    For 1986, Revlon said the loss applicable to common stock
after preferred dividends is 9.5 mln dlrs. The net loss per
share was 24 cts, compared to a net loss of 99 cts per share
last year.
    Revlon said it had a 1986 operating profit of 64.3 mln
dlrs, compared to a loss of 13.3 mln dlrs in the year earlier
period.
    The 1986 net includes a provision for estimated loss on
dispositions of 57.0 mln dlrs, compared to 15.1 mln dlrs the
year earlier. Earnings in 1986 before extraordinary items were
7.4 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12384
topicstart
topicend
bodystart
2;

GM 
<
GM> CANADA SETS ONE-WEEK LAYOFF


    Oshawa, Ontario, April 1 - 
General Motors of Canada Ltd, a
unit of General Motors Corp, said about 1,600 hourly-rated
employees at the Oshawa plant will be laid off for one week due
to high inventories.
    The workers affected produce the Oldsmobile Ciera and
Pontiac 6000 models, a spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
12385
topicstart
topicend
bodystart
2;

HUGHES 
<
GMH> ELECTS CHAIRMAN


    LOS ANGELES, APril 1 - 
General Motors Corp's Hughes
Aircraft Co said it named Albert Wheelon as chairman and chief
executive officer, succeeding Allen Puckett who retired after
more than 38 years with the company.
    Wheelon has served in key management positions at Hughes
since joining in 1966.
 Reuter
3;
bodyend
documentend
documentstart
12386
topicstart
acq
topicend
bodystart
2;

LIFETIME 
<
LFT> EXCHANGE OFFER ACCEPTED


    NEW YORK, APril 1 - 
LIfetime Corp said Retirement Housing
Corp has accepted its previously announced acquisition offer.
    Retirement will operate autonomously as a separate
subsidiary.
 Reuter
3;
bodyend
documentend
documentstart
12387
topicstart
topicend
bodystart
2;

GAF 
<
GAF> DEBT MAY BE DOWNGRADED BY S/P


    NEW YORK, April 1 - 
Standard and Poor's Corp said it may
downgrade GAF Corp's 415 mln dlrs of BB-minus senior debt and
B-rated subordinated debt.
    S and P cited GAF's 3.2 billion dlr acquisition offer for
Borg-Warner Corp 
<
BOR>. Pro forma, debt leverage would rise to
nearly 90 pct, assuming total financing. But proceeds from
asset sales would probably pay down debt, the agency noted.
    Borg-Warner's 420 mln dlr A-plus senior debt and A-1
commercial paper were placed on creditwatch December one. S and
P said it will review the timing and extent of asset sales,
debt reduction and strategic benefits of the purchase.
 Reuter
3;
bodyend
documentend
documentstart
12388
topicstart
topicend
bodystart
2;

MIDDLE SOUTH 
<
MSU> UNIT PLANS TO RETIRE DEBT


    NEW YORK, April 1 - 
System Energy Resources Inc, a unit of
Middle South Utilities Inc, said it plans to file with the
Securities and Exchange Commission a request for authorization
to retire a number of outstanding first mortgage bonds.
    It plans to buy back up to 300 mln dlrs of 16 pct first
mortgage bonds due 2000 and up to 100 mln dlrs of 15-3/8 pct
mortgage bonds of 2000.
    To refinance the redemptions, System Energy said it would
ask the SEC for approval to issue up to 300 mln dlrs of new
first mortgage bonds.
 Reuter
3;
bodyend
documentend
documentstart
12389
topicstart
earn
topicend
bodystart
2;

MANUFACTURERS 
<
MHC> PUTS BRAZIL ON NON-ACCRUAL


    NEW YORK, April 1 - 
Manufacturers Hanover Corp said it
placed 1.4 billion dlrs of medium- and long-term loans to
Brazilian borrowers on non-accrual as of yesterday, meaning
that income will be recorded only when actual cash payments are
received.
    As a result, net income for the first quarter will be
reduced by 18 mln dlrs.
    If Brazil, which suspended interest payments on its term
debt on February 20, continues to defer interest payments for
the rest of the year, net income for the whole of 1987 would be
reduced by a total of 72 mln dlrs.
    U.S. bank accounting guidelines do not require loans to be
placed on nonaccrual unless interest payments are past due 90
days or more.  However, Manufacturers Hanover said that, in
light of current circumstances, it was more appropriate to
record income on its Brazilian loans only when cash payments
were received.
    It added that it believes Brazil will reach agreement with
its banks on a debt restructuring and that all interest
payments will be received later in 1987.
    The company earned 102.1 mln dlrs in first-quarter 1986 and
410.7 mln dlrs for the whole of the year.
 Reuter
3;
bodyend
documentend
documentstart
12390
topicstart
acq
topicend
bodystart
2;

GALVESTON TO AQUIRE MINE PROPERTY INTERESTS


    TORONTO, April 1 - 
<
Galveston Resources Ltd> said it agreed
in principle for an option to earn up to a 50 pct interest from

<
Hemlo Gold Mines Inc> in certain mining properties known as
the Interlake Property, subject to regulatory approvals.
    Galveston said it will earn up to a 50 pct interest by
spending a minimum of one mln dlrs in exploration and
development work by December 31, 1989.
    It expects work will commence shortly and continue during
the 1987 exploration season.
    Galveston also said it granted Hemlo Gold options to
acquire up to two mln Galveston shares.
    It said the options can be exercised at 10 dlrs a share up
to December 31, 1987, then at 12.50 dlrs a share until December
31, 1988, and then at 15 dlrs a share until December 31, 1989.
    Separately, Galveston said it agreed in principle with

<
Noranda Inc> unit Noranda Explorations Ltd for an option to
earn up to a 50 pct interest in a major mineral property
located at the Baie Verte Peninsula, Newfoundland.
    Galveston can earn a 50 pct interest by spending six mln
dlrs in exploration and development work on the property by
December 31, 1989.
    The company also said it granted Noranda an option to
purchase two mln Galveston shares.
    The options can be exercised at 10 dlrs a share until
December 31, 1987, then at 12.50 dlrs a share until December
31, 1988, and then at 15 dlrs a share until December 31, 1989.
 Reuter
3;
bodyend
documentend
documentstart
12391
topicstart
earn
topicend
bodystart
2;

<
OCELOT INDUSTRIES LTD> YEAR LOSS


    CALGARY, Alberta, April 1 -
    
Shr loss 15.29 dlrs vs loss 2.80 dlrs
    Net loss 221.3 mln vs loss 40.4 mln
    Revs 146.3 mln vs 260.7 mln
    Note: 1986 loss includes extraordinary loss of 171.6 mln
dlrs or 11.85 dlrs shr related to writedown of certain
petrochemical assets and reduced by tax gain of 4.2 mln dlrs or
28 cts shr.
    1985 results restated.
 Reuter
3;
bodyend
documentend
documentstart
12392
topicstart
topicend
bodystart
2;

MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN


    Mexico city, april 1 - 
mexico received the first 250 mln
dlrs of a 500 mln dlr credit from japan's eximbank to finance a
mexican oil pipeline, the finance ministry announced.
    The funds will be used in the 700 mln dlr pacific petroleum
project, which includes the construction of a 267-km pipeline
connecting nuevo teapa in the oil-rich state of veracruz and
salina cruz, oaxaca, on the pacific coast.
    The project aims to facilitate mexican oil exports to japan
and the far east and is expected to be completed in three years.
REUTER^M
3;
bodyend
documentend
documentstart
12393
topicstart
topicend
bodystart
2;

BRENTWOOD 
<
BRWD> FILES SUIT


    TORRANCE, Calif, April 1 - 
Brentwood Instruments Inc said
it filed a lawsuit against the University of Utah for
publishing evaluations of its Spiorscan 1000 pulmonary function
testing instrument. Brentwood said in the suit the evaluations
were misleading and has damaged its reputation.
    The suit, which asks damages in excess of 90 mln dlrs,
seeks an injunction against further publishing or distribution
of evaluations.
3;
bodyend
documentend
documentstart
12394
topicstart
earn
topicend
bodystart
2;

DEUTSCHE BANK SEES SLOW START TO 1987


    FRANKFURT, April 2 - 
Deutsche Bank AG 
<
DBKG.F> has seen a
slow start to 1987 after posting record profits in 1986,
management board joint spokesman F. Wilhelm Christians said.
    Credit business declined in the first few weeks of the
year, and the interest margin was squeezed further. The weak
German bourse saw earnings on commission fall sharply, and
trading in securities also fell. But earnings from currency
dealing were still satisfactory, he told a news conference.
    Deutsche group partial operating profits rose to 3.78
billion marks in 1986 from 2.92 billion in 1985 on a balance
sheet of 257.22 billion marks after 237.23 billion.
    Profits were swollen by earnings from the placement of the
former Flick group, which have been estimated at some one
billion marks, and from record profits in trading on the bank's
own account, not included in partial operating profits.
    Earnings from the Flick transaction were booked through a
subsidiary, and therefore showed up as part of the interest
surplus in a section current earnings from securities and
participations.
    In the group this nearly doubled to 2.64 billion marks from
1.45 billion.
    As usual the bank did not detail total operating profits.
    But it said that total operating profits, including own
account trading, rose 24.9 pct or 4.5 pct without the Flick
transaction in the group, and 35.1 pct or seven pct in the
parent bank.
    Banking analysts said this put group total operating
profits at some 6-1/2 to seven billion marks, and parent bank
operating profits at over five billion marks.
    Christians said Deutsche used the extraordinary earnings
from Flick to pay a record five mark bonus on top of its
unchanged 12 mark dividend.
    The bank had decided against raising the dividend itself
because of the uncertain business outlook at the end of 1986,
and developments so far this year showed that was correct,
Christians said.
    West German banks rarely raise dividends unless they are
sure they can maintain the increased payout in subsequent
years, preferring to use bonuses for one-of profits.
    The bank also used its extraordinary earnings to continue a
high level of risk provision, Christians said.
    Disclosed group risk provisions rose to 867 mln marks in
1986 from 765 mln in 1985.
    Under German law, disclosed provisions do not necessarily
reflect the full amount of risk provisions.
    Management board joint spokesman Alfred Herrhausen said
Deutsche's total debt exposure to problem countries had fallen
to over six billion marks in 1986 from 7.4 billion in 1985
because of the fall in the dollar.
    He agreed with a questioner who asked if over two thirds of
such problem country debt had been written off.
    Deutsche Bank posted a sharp rise in holdings of "other
securities," to 4.64 billion marks from 2.71 billion in the
parent bank.
    Christians said this 1.93-billion-mark rise was partly due
to its increased activity in international share placements,
with some shares such as those from Fiat SpA's international
placement last year remaining on its books.
    Herrhausen said that no concrete measures were planned to
place these shares and conclude the original placement.
 Reuter
3;
bodyend
documentend
documentstart
12395
topicstart
acq
topicend
bodystart
2;

DEUTSCHE AGREES FULL TAKEOVER OF FORMER EURASBANK


    FRANKFURT, April 2 - 
Deutsche Bank AG 
<
DBKG.F> has agreed
to take over the outstanding 25 pct in 
<
Deutsche Bank (Asia)
AG>, the former 
<
European Asian Bank AG>, from
Creditanstalt-Bankverein 
<
CABV.VI>, Deutsche management board
joint spokesman Alfred Herrhausen told a news conference.
    Euras broke even in 1986 and required no funding from
Deutsche, he said. He gave no details of the deal with
Creditanstalt.
    Press reports that Deutsche was planning a takeover of
Lloyds Bank plc 
<
LLOY.L> were without foundation, he said.
    Herrhausen said Deutsche had taken part in the recent
capital increase of 
<
Morgan Grenfell Group plc>, but had no
plans to raise its 4.4 pct share in Morgan Grenfell.
    
<
Banca d'America e d'Italia SpA>, in which 98.3 pct was
acquired from Bankamerica Corp 
<
BAC.N> late last year, would be
consolidated this year, and contribute to further expansion of
Deutsche's business, management board joint spokesman F.
Wilhelm Christians said.
    Following a ruling earlier this year from the Federal High
Court, Deutsche had included its non-bank holdings in the
balance sheet section "participations," Christians said.
    But Christians said the bank still regarded shares in these
non-bank companies as an investment rather than an active
participation.
    Parent bank total participations rose to 6.45 billion marks
in 1986 from a comparable 4.57 billion in 1985 including a rise
to 3.79 billion from 2.34 billion in bank participations.
    Herrhausen said the grouping of holdings in the balance
sheet in this was was not a first step to floating them off in
a separate holding company.
 Reuter
3;
bodyend
documentend
documentstart
12396
topicstart
money-fx
interest
dlr
topicend
bodystart
2;

WORLD RECESSION UNLIKELY - DEUTSCHE'S HERRHAUSEN


    FRANKFURT, April 2 - 
A world recession is unlikely this
year as fiscal and monetary policy in most industrialized
countries is supporting the economy, Deutsche Bank AG 
<
DBKG.F>
management board joint spokesman Alfred Herrhausen said.
    But growth rates will be smaller than last year, with 1.5
to 2.5 pct likely in most industrialized countries, he told a
news conference.
    Herrhausen said he was confident private consumption would
support economic growth in West Germany this year, with net
income increases turning into purchasing power as long as
inflation did not revive.
    Herrhausen said he did not expect interest rates to rise in
West Germany this year, but there was little room for further
falls. Rates in the U.S. were however rising, as evidenced by
the latest prime rate moves, but this rise would be moderate.
    Herrhausen said he did not expect any major narrowing of
the U.S. Trade and budget deficits in the next few months.
    One success of the Paris agreement in February to foster
currency stability was that U.S. Officials have stopped talking
down the dollar, he noted.
    The recent stability would last until markets decided to
test the resolve of central banks, he said.
    He noted that central banks had spent some 10 billion dlrs
this week to stabilize the dollar against the yen in the first
such test.
    "A massive attack on the mark, which could come if we get
bad news out of the U.S., Would require a much higher
intervention amount, raising the danger of inflation," he said.
    Turning to the international debt problem, Herrhausen said
Brazil's unilateral debt moratorium had surprised banks.
    But the move showed that a real solution to debt problems
was only possible with the involvement of all parties.
 Reuter
3;
bodyend
documentend
documentstart
12397
topicstart
earn
topicend
bodystart
2;

SINGAPORE BANKS SAY DIVERSIFICATION KEY TO GROWTH


    By Tay Liam Hwee, Reuters


    SINGAPORE, April 2 - 
Singapore's major banks are
diversifying and gradually shifting their asset holdings from
loans to debt instruments, banking sources said.
    The banks following the trend are the 
<
Overseas Union Bank
Ltd>, 
<
United Overseas Bank Ltd>, 
<
Oversea-Chinese Banking
Corporation> and the 
<
Development Bank of Singapore Ltd>.
    The shift towards securitisation has been helped by
volatile financial markets which have developed hedging
facilities such as floating rate notes and bonds for risk
management, said Overseas Union General Manager Loh Hoon Sun.
    Loh told Reuters in an interview that Singapore banks see
limited growth in credit risk. More and more of them are
switching from term lending to major growth areas such as
stockbroking and fee based income, he said.
    Major local banks ventured into stockbroking after being
granted seats on the stock exchange. Bankers said they are now
moving into the new government securities market and the Stock
Exchange of Singapore Dealing and Quotation System.
    One foreign banker said the Development Bank and the
Overseas Union Bank Ltd have become major players in the equity
market in Singapore.
    Loh said the banks' participation in the stock market has
increased business transactions and provided long term growth
for the market. The banks are not competition for individual
stockbroking firms because of the increased business they
generate, he added.
    Loh said the Stock Exchange of Singapore might expand
equity issues by as much as one billion dlrs this year because
of the increasing ability of foreign and local market
participants to absorb new issues.
    Loh said 
<
OUB Investment management Ltd>, a subsidiary of
the Overseas Union Bank Ltd, has teamed up with a U.K. Firm to
launch the Union Global Fund. The fund is for local investors
seeking capital growth through a diversified international
portfolio. It will invest in international shares with the
emphasis on U.S. And Japanese markets, he said.
    
<
DBS Securities Singapore Pte Ltd>, a subsidiary of the
Development Bank of Singapore, has applied to the Hong Kong
Stock Exchange to set up a Hong Kong stockbroking firm.
    Loh predicted fixed deposit and prime interest rates in
Singapore will stay low this year. As a result, banks will be
forced to provide fund management services for major clients
seeking better returns, he said.
    Economic analysts and bankers are optimistic the major
banks will show profits in 1987, helped by higher income from
treasury and investment banking activities.
    They expect the 1987 after-tax profits of Oversea-Chinese
and United Overseas to show stable growth of four to eight pct
against respective gains of four and seven pct in 1986.
    Overseas Union's profits are expected to jump to over 40
mln dlrs from seven mln dlrs in 1986, economists said.
    The Development Bank's after-tax profits rose 39.2 pct in
1986 mainly due to a dividend of 20.4 mln dlrs paid by

<
National Discount Company Ltd> before it became a subsidiary
of the bank, they said.
 REUTER
3;
bodyend
documentend
documentstart
12398
topicstart
interest
topicend
bodystart
2;

WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE


    WELLINGTON, April 2 - 
Westpac Banking Corp in New Zealand
said it will increase its indicator lending rate by 1.5
percentage points to 22.5 pct from April 7.
    Westpac said in a statement the increase reflects high
costs of funding.
    The bank said nervousness in the wholesale deposit market
is creating uncertainty about the immediate outlook for
interest rates. Liquidity is expected to remain tight over the
next month and this will put upward pressure on interest rates.
Base lending indicator rates of the other three trading banks
range between 21.0 pct and 21.5 pct.
 REUTER
3;
bodyend
documentend
documentstart
12399
topicstart
coffee
topicend
bodystart
2;

THAI TRADERS OPPOSE REIMPOSITION OF COFFEE QUOTAS


    BANGKOK, April 2 - 
Thai coffee exporters said they hoped
the International Coffee Organisation (ICO) would not reimpose
export quotas even though this may lead to a further slump in
world prices.
    Susin Suratanakaweekul, president of the Thai Coffee
Exporters Association, told Reuters that Thailand obtained
little benefit from previous ICO quotas which represented only
about 30 pct of its total annual exports.
    Thailand expects increased overall coffee export revenue if
there are no restrictions on sales to current ICO members who
offer higher prices than non-members, he said.
    The Customs Department said Thailand exported 21,404 tonnes
of coffee last year, up from 20,602 in 1985.
    Thai coffee production is projected to fall to about 25,000
tonnes in the 1986/87 (Oct/Sept) season from 28,000 the
previous year.
    However, a senior Commerce Ministry official said the Thai
government supports coffee producers' lobbying for reimposed
ICO quotas which, he said, would help lift world prices.
    Somphol Kiatpaiboon, director general of the Commercial
Economics Department, said an absence of ICO quotas would
encourage producers to rapidly release coffee on to the market,
further depressing prices.
    He said Indonesia is expected to export a substantial
amount of coffee this month without such restrictions.
 REUTER
3;
bodyend
documentend
documentstart
12400
topicstart
earn
topicend
bodystart
2;

SANWA BANK LOOKS TO SECURITIES, WORLD OPERATIONS


    TOKYO, April 2 - 
The 
<
Sanwa Bank Ltd's> three-year business
plan foresees securities and international operations making a
greater contribution to operating profits, a bank official
said.
    The bank's plan also emphasises retail and medium and
small-sized business operations, he told Reuters.
    Officials at 
<
Fuji Bank Ltd> and 
<
Mitsubishi Bank Ltd>
outlined similar three-year plans.
    They said lower interest rates and financial liberalisation
have cut profits from dealings with big firms to nearly
nothing.
    "They don't need us, they can do their own financing," one
official said.
    Sanwa Bank's plan forecasts that securities and
international operations will contribute 40 pct of total
operating profits by the end of the fiscal year ending March,
1990, compared with 30 pct in fiscal 1985, the Sanwa official
said.
 REUTER
3;
bodyend
documentend
documentstart
12401
topicstart
trade
cocoa
topicend
bodystart
2;

JAPAN DENIES PLANS TO CUT DUTIES ON CHOCOLATE


    TOKYO, April 2 - 
Agriculture Ministry officials said they
are not considering cuts in import duties on chocolate to help
ease friction with the United States over agricultural trade.
    Japan has already lowered the duties sharply and we must
consider domestic market conditions, an official said.
    Duties on chocolate were cut to 20 pct from 31.9 pct in
April 1983.
    Washington has been demanding a cut to seven pct,
equivalent to its own duties, ministry sources said.
    Japanese chocolate imports rose to 8,285 tonnes in calendar
1986 from 5,908 in 1985, official statistics show.
    However, the ministry sources added it is possible the
government may make further cuts in response to strong U.S. And
European demand.
    "Due to concern about the farm trade row with the U.S.,
Top-level government officials may press the ministry to cut
the duties," one said.
    But he said it would be difficult for Japan to resolve its
overall trade row with Washington and reduce its trade surplus,
which reached 58.6 billion dlrs in 1986.
    Agricultural trade issues between Japan and the U.S.
Include Japanese import restrictions on 12 farm products.
 REUTER
3;
bodyend
documentend
documentstart
12402
topicstart
topicend
bodystart
2;

INDIAN OIL FIRM GETS 3.5 BILLION YEN CREDIT


    NEW DELHI, April 2 - 
India's state-owned Oil India Ltd
(OIL) said it received a 3.5 billion yen credit under an
agreement signed with Dai Ichi Kangyo Bank of Tokyo last week.
    A statement from OIL said the 10-year loan carries a rate
of interest 0.5 pct below Japanese long term prime. The loan,
to finance imports of plant, machinery and raw materials, will
be repaid in nine equal instalments from the seventh year.
    The credit is the first foreign commercial loan raised by
OIL. It was arranged under a bilateral treaty to avoid double
taxation, it said.
 REUTER
3;
bodyend
documentend
documentstart
12403
topicstart
ipi
topicend
bodystart
2;
******
 German February industrial output rises 3.2 pct (January fall 3.4 pct) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
12404
topicstart
pet-chem
topicend
bodystart
2;

INTERNATIONAL PACT ON OZONE DAMAGE LIKELY IN 1987


    TOKYO, April 2 - 
An international protocol to severely
limit the use of industrial chemicals which are believed to
damage the earth's protective ozone layer could be signed this
year, officials and scientists here said.
    "By the end of this year, we should have an international
protocol in place we can all be proud of," U.S. Environmental
protection agency officer Bill Long told reporters.
    The chemicals are chiefly chlorofluorocarbons (CFCs) which
are used in refrigeration and making foam plastics, solvents
and aerosols. The earth's upper ozone layer absorbs most of the
harmful ultraviolet rays from the sun.
    The officials and scientists were meeting in Tokyo, ahead
of an international conference on the problem later this month
in either Vienna, or Geneva, Long said.
    Robert Watson, a program manager for atmospheric problems
at the U.S. National Aeronautics and Space Administration said
a protocol should demand an initial freeze on the use of CFCs
by industry. This should be followed by a gradual reduction in
CFC volume until no CFC gases are released into the air, he
said. The U.S. Has already banned use of use CFCs in aerosols
and Japan has asked for voluntary restraint, but both still use
CFCs in industrial processes.
 REUTER
3;
bodyend
documentend
documentstart
12405
topicstart
topicend
bodystart
2;

ASIAN DEVELOPMENT BANK TO OPEN INDONESIA OFFICE


     MANILA, April 2 - 
The Asian Development Bank (ADB) will
open an office in Jakarta later this year to speed up work on
Indonesian projects, bank Vice-President S. Stanley Katz said.
    "We have very large projects in Indonesia and we would like
to accelerate their implementation," Katz told Reuters.
    Indonesia is the largest recipient of ADB lending. It
received 118 loans worth 3.7 billion dlrs for 112 projects
between 1968 and 1986, 19.0 pct of the ADB's total lending.
Ordinary capital resources (OCR) lending to Indonesia was 3.6
billion dlrs, 27.1 pct of OCR loans at end-December 1986.
    Jakarta has also received loans worth 162 mln dlrs from the
bank's Asian Development Fund.
    ADB sources said Indonesia's cumulative disbursements at
end-1986 amounted to only 1.1 billion dlrs or 30 pct of loans
received. "Project implementation is very slow in Indonesia and
we are not very satisfied with the pace. We hope the new office
might help," Gunther Schulz, ADB Vice-President in charge of
projects, said.
    Planned projects were further slowed down in 1986 because
of the country's budgetary problems, he added. Indonesia's
revenue from oil exports was cut in half last year.
    "Decision making is quite slow, complicated and very
centralised," Schulz told Reuters.
    Indonesian President Suharto set up a high-level team in
July last year to speed up projects using ADB funds. ADB
sources said bank staff have been stationed intermittently in
Jakarta in response to government requests.
    The Jakarta office will be the third ADB office outside its
Manila headquarters. The bank has a resident office in Dhaka
and a South Pacific regional office in Vanuatu.
 REUTER
3;
bodyend
documentend
documentstart
12406
topicstart
money-fx
interest
stg
topicend
bodystart
2;

U.K. MONEY RATES HARDEN ON LAWSON CURRENCY TARGETS


     LONDON, April 2 - 
Money market rates rates showed a harder
edge after news U.K. Chancellor of the Exchequer Nigel Lawson
has set a target for the pound against the mark and dollar, to
be maintained by a mixture of interest rates and intervention
in the foreign exchange markets.
    Dealers said the market was surprised by the Chancellor's
disclosure of sterling target rates, around 2.90 marks and 1.60
dlrs, and nervous over the implications for domestic interest
rates, further reducing the propects for a near term cut in
U.K. Bank base rates. The key three months interbank sterling
rate gained 1/16 point at 10 9-7/8 pct.
    The pound opened three basis points lower at 71.3 in trade
weighted terms, at around 1.59 dlrs and 2.91 marks.
 REUTER
3;
bodyend
documentend
documentstart
12407
topicstart
ipi
topicend
bodystart
2;

GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY


    BONN, April 2 - 
West German industrial production,
seasonally adjusted, rose a provisional 3.2 pct in February
after a downwards revised decline of 3.4 pct in January, the
Economics Ministry said.
    The ministry had originally estimated that industrial
production fell 3.0 pct in January.
    The February figure is likely to be revised upwards by just
under one percentage point next month when the March figure is
released, a ministry statement said.
    The industrial production index, base 1980, stood at a
provisional 104.1 in February against 100.9 in January and
104.5 in December. The ministry had previously put the January
and December indices at 101.6 and 104.7 respectively.
    In February 1986 the output index had stood at 103.7,
producing a year-on-year rise for February 1987 of 0.4 pct.
    The February rise in production was aided by a sharp 19 pct
increase in construction output compared with January, when
production in many industrial sectors was depressed by
unusually severe winter weather.
    Manufacturing industry registered a 3-1/2 pct rise in
production in February compared with January. But energy sector
output fell nine pct and mining production declined seven pct.
    The ministry, which considers two-monthly comparisons to be
a better guide to trends, said output in January and February
together fell around two pct against November and December.
    The ministry said construction output fell 13-1/2 pct in
January/February against November/December due to the cold
January weather. Output in the energy sector rose four pct and
mining output 10 pct.
    Manufacturing industry's production fell 1-1/2 pct in
January/February compared with November/December.
    Within this sector, the output of both basic products and
of food, tobacco and alcohol fell 1-1/2 pct. Production of
capital goods fell 2-1/2 pct while output of consumer goods was
unchanged.
    Compared with the same months of 1986, industrial
production in January and February 1987 fell 1-1/2 pct, the
ministry said.
    Manufacturing industry output fell one pct, with output of
basic products down three pct, capital goods down one pct and
food, tobacco and alcohol production 1-1/2 pct lower. Makers of
consumer goods posted a 1-1/2 pct year-on-year rise in the
two-month period.
    In other industrial sectors, mining production fell four
pct and construction output 4-1/2 pct. The energy sector saw a
slight 1/2 pct rise, the ministry added.
 REUTER
3;
bodyend
documentend
documentstart
12408
topicstart
earn
topicend
bodystart
2;
******
Reckitt and Colman plc pretax profits 1986 yr 145.11 mln stg vs 123.39 mln

Blah blah blah.
3;


bodyend
documentend
documentstart
12409
topicstart
acq
topicend
bodystart
2;

C AND W OFFERED ROLE IN NEW JAPAN TELECOM COMPANY


    TOKYO, April 2 - 
A Japanese businessman announced plans for
a new telecommunications firm in which Britain's Cable and
Wireless Plc would be a core company.
    However, the plan, unveiled by senior Federation of
Economic Organizations official Fumio Watanabe, does not
specify what stake Cable and Wireless would have.
    "The share holdings of the core companies should be equal,"
Watanabe said in a statement. "The actual percentage of
shareholdings should be agreed by the core companies."
    He said the eight core companies will provide directors for
the firm.
    "The new company shall immediately set to work on the
feasibility study of constructing a new cable for itself,"
Watanabe said.
    Watanabe has acted as mediator between two rival groups,
one of which included C and W, seeking to compete against

<
Kokusai Denshin Denwa Co Ltd>, which now monopolizes Japan's
overseas telephone business.
    The Post and Telecommunications Ministry has said it wants
only one competitor to KDD and has backed Watanabe's efforts.
    A British source, who declined to be identified further,
said the proposals could open the door to further talks between
C and W 
<
CAWL.L> and the other firms involved.
    C and W had earlier rejected a reported proposal which
would have given it a five pct share in the new
telecommunications firm, compared to the less than three pct
stake Watanabe originally proposed. C and W has a 20 pct stake
in one of the two firms Watanabe has proposed should merge.
    The British source said the decision not to specify the
exact shareholdings of the core companies could leave the door
open for further discussion.
    "It's probably a sensible approach on their part," the
British source told reuters.
    C and W has also been pushing hard for permission to lay a
new cable between Japan and the U.S.
    The proposed merger has sparked an international row, with
British government sources threatening retaliatory action
against Japan for what they see as discriminatory practices
against foreign firms.
    The sources said last Friday that one option for Britain
would be to revoke licenses of Japanese banks and securities
companies operating in London.
    The U.S. Has also attacked the original merger plans,
saying that both rival consortia should be licensed.
    Asked about participation by other U.S. And European firms,
Watanabe said, "They will not be core companies but if they wish
they could participate." Under the Japanese law, total foreign
participation would be limited to one-third.
    "It might be wise for C and W to join the new firm which has
the support of many influential backers and work within this
for the realization of their ideas," Watanabe told reporters.
    The other core firms are Mitsubishi Corp 
<
MITT.T>, Mitsui
and Co 
<
MITS.T>, Sumitomo Corp 
<
SUMT.T>, Matsushita Electric
Industrial Co 
<
MC.T>, Toyota Motor Corp 
<
TOYO.T>, C Itoh and Co

<
CITT.T>, and 
<
Pacific Telesis International Inc>.
    Watanabe said that his latest proposal represented his
final effort.
    If it fails to satisfy the British government, it will be
up to the Japanese government to explain its position, he said.
 REUTER
3;
bodyend
documentend
documentstart
12410
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE TO BUY FIRST CATEGORY PAPER TODAY


    PARIS, April 2 - 
The Bank of France is to inject liquidity
against first category paper at a tender this afternoon, a Bank
spokesman said.
    Money market sources were divided as to whether they
thought the Bank of France would use the occasion to cut its
intervention rate, which has stood at 7 3/4 pct since it was
cut from eight pct on March 9.
    Some thought a rate cut unlikely given foreign exchange
turbulence and the U.S. Prime rate rise to 7 3/4 pct, while
others still counted on a 1/4 point cut by the Bank of France.
 REUTER
3;
bodyend
documentend
documentstart
12411
topicstart
sugar
topicend
bodystart
2;
******
FIRS 87/88 EC BEET SUGAR ESTIMATE UNCHANGED 12.63 MLN TONNES WHITE EQUIVALENT

Blah blah blah.
3;


bodyend
documentend
documentstart
12412
topicstart
topicend
bodystart
2;

HERTZ REALTY ISSUES 75 MLN CANADIAN DLR EUROBOND


    LONDON, April 2 - 
Hertz Realty Corp is issuing a 75 mln
Canadian dlr bond due April 30, 1993 paying nine pct and priced
at 100-3/4 pct, syndicate sources said.
    The non-callable bond is guaranteed by Hertz Corp. It is
available in denominations of 1,000 and 10,000 Canadian dlrs
and will be listed in Luxembourg. The selling concession is
1-1/4 pct while management and underwriting combined pays 5/8
pct.
    The payment date is April 30.
 REUTER
3;
bodyend
documentend
documentstart
12413
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG


    LONDON, April 2 - 
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 for
repurchase by the market will drain some 664 mln stg while
bills maturing in official hands and the take-up of treasury
bills will take out around 508 mln stg and a rise in note
circulation some 45 mln stg.
    Partly offsetting these outflows, exchequer transactions
and bankers' balances above target will add some 380 mln stg
and 35 mln stg to the system respectively.
 REUTER
3;
bodyend
documentend
documentstart
12415
topicstart
sugar
topicend
bodystart
2;

SUGAR OFFERED TO DUTCH INTERVENTION REFUSED


    ROTTERDAM, April 2 - 
The 2,500 tonnes of sugar offered to
intervention in the Netherlands has been refused by the
intervention board because of wrong packaging, a spokeswoman
for the Ministry of Agriculture said.
    She said the sugar could be offered again to intervention.
    EC producers have threatened to sell over 800,000 tonnes of
sugar to intervention stocks as a protest against EC export
licensing policies.
    Last month Dutch traders said the sugar on offer in the
Netherlands was Belgian, but the ministry could not confirm
this.
 REUTER
3;
bodyend
documentend
documentstart
12416
topicstart
money-fx
reserves
topicend
bodystart
2;

RISING TAIWAN DOLLAR CAUSES FOREIGN RESERVES LOSS


    TAIPEI, April 2 - 
Taiwan said its foreign reserves suffered
about 3.4 billion U.S. Dlrs in exchange rate losses from July
1986 to February 1987 as a result of the rise of the Taiwan
dollar against the U.S. Currency.
    Yu Chien-ming, head of the government statistics
department, told parliament yesterday he expected the losses to
increase as the Taiwan dollar continues to strengthen.
    The Taiwan dollar, which opened at 34.24 to the U.S. Dollar
today, has risen about 16 pct against the U.S. Unit since
September 1985. Some bankers expect it to rise to 33 by June
and to 32 by the end of this year.
    Taiwan's foreign exchange reserves now total 53 billion
dlrs. At end-February they were 52.1 billion dlrs, the world's
third largest after West Germany and Japan.
    Yu said the interest earned from the reserves totalled
about 1.68 billion U.S. Dlrs from July 1986 to February 1987.
The reserves are managed by the central bank and deposited at
about 170 leading banks in the U.S., Japan, Britain, Canada and
Singapore.
    About 75 pct of the reserves are in the form of cash,
mostly in U.S. Dollars. The rest are in government treasury
bills, certificates of deposit and bonds.
 REUTER
3;
bodyend
documentend
documentstart
12417
topicstart
grain
corn
sorghum
topicend
bodystart
2;

EC DENIES MAIZE EXPORTS RESERVED FOR U.S.


    BRUSSELS, April 2 - 
The agreement between the U.S. And the
European Community (EC) on special imports of maize and sorghum
provides an equal chance for all non-EC countries to supply the
Spanish market, an EC Commission spokeswoman said.
    She denied that any unpublished clause of the agreement
guaranteed the bulk of the maize export business would go to
the U.S., As one EC official told Reuters yesterday.
    Under the agreement, the EC will import two mln tonnes of
maize and 300,000 tonnes of sorghum a year into Spain at
specially reduced levy rates for the next four years.
    The Commission has yet to decide whether the maize will
come in through direct purchases by the Spanish intervention
board or by a tender system.
 REUTER
3;
bodyend
documentend
documentstart
12418
topicstart
money-fx
interest
stg
topicend
bodystart
2;

U.K. MONEY RATES FIRM ON LAWSON STERLING TARGETS


    LONDON, April 2 - 
Interest rates on the London money market
were slightly firmer on news U.K. Chancellor of the Exchequer
Nigel Lawson had stated target rates for sterling against the
dollar and mark, dealers said.
    They said this had come as a surprise and expected the
targets, 2.90 marks and 1.60 dlrs, to be promptly tested in the
foreign exchange markets. Sterling opened 0.3 points lower in
trade weighted terms at 71.3.
    Dealers noted the chancellor said he would achieve his
goals on sterling by a combination of intervention in currency
markets and interest rates.
    Operators feel the foreign exchanges are likely to test
sterling on the downside and that this seems to make a fall in
U.K. Base lending rates even less likely in the near term,
dealers said.
    The feeling remains in the market, however, that
fundamental factors have not really changed and that a rise in
U.K. Interest rates is not very likely. The market is expected
to continue at around these levels, reflecting the current 10
pct base rate level, for some time.
    The key three months interbank rate was 1/16 point firmer
at 10 9-7/8 pct.
3;
bodyend
documentend
documentstart
12420
topicstart
grain
wheat
topicend
bodystart
2;

AWB CALLS FOR TIGHTER WHEAT QUALITY CONTROLS


    MELBOURNE, April 2 - 
Australia is risking wheat export
sales by not providing enough specific quality grades to meet
buyer requirements, the Australian Wheat Board (AWB) said.
    "Many AWB customers are becoming increasingly quality
conscious, demanding strict adherence to contractual quality
specifications," the board said in a submission to the Royal
Commission into Grain Storage, Handling and Transport.
    "Many of the specifications are more specific than the
current categories used in Australia," it said.
    The commission is trying to identify ways of saving costs
and boosting efficiency of the grain handling system.
    Australia must rely on quality to retain its wheat market
share because its competitors are supplying cheaper but
lower-quality grades, the AWB submission said.
    It stressed the need to segregate wheat categories at every
stage from receival to shipping.
    Better industrial relations at grain terminals, more
uniform transport systems across the states and extensive stock
control were vital to improved marketing, it said.
    The submission also said Australia's federal system impeded
the AWB's role of coordinating and managing the marketing of
wheat.
    The AWB called for an end to physical and legislative
constraints at state borders that prevent the efficient
transport of grains to other states for shipment.
    "It is essential that wheat moves by the most economic mode
to the nearest efficient port, irrespective of the state in
which the wheat is grown or stored," it said.
    For example, wheat grown in northern New South Wales (NSW)
might move more efficiently to Brisbane, in Queensland, than to
Sydney or Newcastle in New South Wales, it said. Similarly,
southern NSW wheat might better be shipped to Portland or
Geelong, in Victoria.
    Legislation giving state rail authorities a monopoly over
grain shipments was one notable impediment, it said.
    The AWB said the current approach of state-based bulk
handling authorities is not essential, although it said it
favoured the authorities maintaining at least their current
level of control of storage and transport as long as quality
was maintained.
    An appendix on port loading costs showed it cost between
26,500 and 34,700 U.S. Dlrs to load a 50,000-tonne vessel at
various Australian ports compared with 21,200 dlrs at Houston
and 16,300 at Port Cartier, Quebec, for a 60,000-tonner.
 REUTER
3;
bodyend
documentend
documentstart
12421
topicstart
earn
topicend
bodystart
2;
******
Bayer world group 1986 pre-tax profit 3.30 billion marks (3.15 billion) - official

Blah blah blah.
3;


bodyend
documentend
documentstart
12422
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN MINISTRY ASKS TRUST BANKS TO CUT DLR SALES


    TOKYO, April 2 - 
The Finance Ministry has asked trust banks
to moderate their dollar selling, trust banking sources said.
    A Ministry official told Reuters earlier this week the
Ministry had recently surveyed foreign exchange transactions by
institutional investors, but he declined to say whether this
was aimed at moderating the dollar sales.
    Dealers said institutional investors were reluctant to sell
dollars aggressively today partly because of the Ministry
monitoring.
    One senior trust bank source said that while sympathizing
with the Ministry position, the trust banks had to conduct
their foreign exchange operations according to the dictates of
the market.
    A Bank of Japan official said the central bank approved of
the survey as long it was not used too forcefully.
    But another official denied local press reports that the
central bank itself had asked investors to moderate their
dollar sales. "We are not legally authorized to do that," he
said.
    A Bank of Japan official also said the central bank will
renew its call on financial institutions to moderate excessive
loans for the purpose of land and securities investment as such
investments threaten to cause inflation.
    Bank of Japan Governor Satoshi Sumita had previously
expressed concern about excessive investment in land and
securities resulting partly from eased credit conditions.
 REUTER
3;
bodyend
documentend
documentstart
12423
topicstart
sugar
topicend
bodystart
2;

EC SUGAR TENDER SAID TO MARK NO CHANGE IN POLICY


    BRUSSELS, April 2 - 
The maximum rebate granted at
yesterday's European Community (EC) sugar tender marked no
change in policy towards producers' complaints that they are
losing money on exports outside the EC, EC commission sources
said.
    They said this was despite the fact that the commission
accepted over 785,000 tonnes of sugar into intervention
yesterday from traders protesting that rebates are being set
too low.
    The maximum rebate at yesterday's tender was 46.864 Ecus
per 100 kilos, up from 45.678 Ecus the previous week.
    London traders said yesterday the rebate was the largest
ever granted. The commission sources said today the increase
was entirely explained by world market conditions. The amount
by which the rebate fell short of what producers claim is
needed to obtain an equivalent price to that for sales into
intervention remained at 0.87 Ecus per 100 kilos, they said.
    Operators offered a total of 854,000 tonnes of sugar into
intervention last month to protest at rebates which they said
were too low. The sources said about 706,470 tonnes of French
sugar and 79,000 tonnes of German sugar had been accepted, the
remainder being rejected as of too low quality.
    The sources noted the operators could withdraw their offers
in the five week period between the acceptance of the sugar and
payment for it.
    They said they saw no sign of planned withdrawals as yet,
adding that they would expect operators to wait another week or
two to review commission policy before making up their minds.
    The sources said the commission felt entitled to offer
rebates at slightly below the level theoretically justifiable
in the light of its 1987/88 farm price package proposal to
reduce guaranteed prices for sugar by two pct from the start of
the new season in July.
 REUTER
3;
bodyend
documentend
documentstart
12424
topicstart
coffee
topicend
bodystart
2;

KENYAN COFFEE NEEDS RAIN, TRADERS SAY


    NAIROBI, April 2 - 
Kenya's late coffee crop is flowering
well, but the main coffee areas were generally dry and hot in
the week ended Wednesday, trade sources said.
    "Machakos, Embu, Meru and Kirinyaga in eastern Kenya, and
Nyeri and Thika in central, have been dry in the past week. The
farmers expect rain this week. If it does not fall output of
the late (October-November-December) crop will decline sharply,"
one source said.
    He said that since most growers did not irrigate their crop
they could do nothing but wait for rain, the main factor which
determines Kenyan coffee production.
    Two months ago the International Coffee Organization issued
a forecast of Kenyan exportable coffee production in the
1986/87 (Oct-Sept) season at 1.82 mln bags.
 REUTER
3;
bodyend
documentend
documentstart
12425
topicstart
oilseed
soybean
soy-meal
veg-oil
soy-oil
topicend
bodystart
2;

CARGILL U.K. STRIKE TALKS BREAK OFF WITHOUT RESULT


    LONDON, April 2 - 
Two days of talks between management and
unions to try to end the 3-1/2 month labour dispute at Cargill
U.K. Ltd's oilseed crushing plant at Seaforth ended yesterday
without resolving the situation, a company spokesman said.
    Fresh talks are expected to be held early next week but the
actual date has not yet been fixed, he added.
    Oilseed processing at the mill has been at a standstill
since December 19 and the company has declared force majeure
for deliveries of soymeal and soyoil ahead to May.
 REUTER
3;
bodyend
documentend
documentstart
12426
topicstart
coffee
topicend
bodystart
2;

PRICES RISE AT BANGALORE COFFEE AUCTION


    BANGALORE, India, April 2 - 
Prices rose at the fortnightly
export auction here on March 25 for sales of 1,907.1 tonnes of
coffee from the 1986/87 and 1985/86 crops out of a total
offering of 1,940.7 tonnes, the Coffee Board said.
    Withdrawals amounted to 33.6 tonnes. The type and grade,
quantity sold, average prices in rupees per 50 kilos, exclusive
of sales tax, with previous prices at the March 11 auction in
brackets -
    1986/87 crop
    Plantation "A" 592.2   1,284.50 (1,223.50)
    Plantation "B" 74.1    1,095.50 (1,122.00)
    Plantation "C"        208.2    1,019.00 (1,017.50)
    Arabica Cherry "AB"    33.3      976.50  (NA)
    Arabica Cherry "PB"    22.5      949.00  (NA)
    Arabica Cherry "C"     58.2      889.50  (NA)
    Robusta Cherry "AB"    90.9    1,256.00  (NA)
    Robusta Cherry "PB"    43.8    1,039.50  (NA)
    Robusta "PMT AB"       49.2    1,255.50  (NA)
    Robusta "PMT PB"       13.5    1,200.00  (NA)
    REP Bulk "A"           93.9    1,057.50 (908.50)
    REP Bulk "B"          256.5    1,079.00 (930.00)
    Robusta Cherry Bulk    40.2   1,082.50  (NA)
    Robusta Cherry "C"      9.0     997.00  (NA)
    Robusta Cherry "BBB"    9.6     700.00  (NA)
    1985/86 crop
    Arabica Cherry "AB"   123.3     961.00  (951.50)
    Arabica Cherry "BBB"  160.8     635.50  (613.50)
    Robusta Cherry "BBB"    4.2     735.00  (704.50)
    Monsooned coffee
    Monsooned Robusta "AA" 23.7   1,265.50  (NA)
 REUTER
3;
bodyend
documentend
documentstart
12428
topicstart
grain
wheat
barley
topicend
bodystart
2;

U.K. GRAIN EXPORTS CONTINUE TO RISE SHARPLY


    LONDON, April 2 - 
The U.K. Exported 517,600 tonnes of wheat
and 315,800 tonnes of barley in the first 25 days of March, the
Home Grown Cereals Authority (HGCA) said, quoting provisional
Customs and Excise figures.
    This brought combined wheat and barley exports since the
season started on July 1 to 7.60 mln tonnes, substantially up
on the 4.02 mln exported in the same 1985/86 period.
    This season's total comprises 3.94 mln tonnes of wheat and
3.66 mln barley, compared with 1.63 mln and 2.39 mln,
respectively, a year ago.
 REUTER
3;
bodyend
documentend
documentstart
12429
topicstart
money-supply
wpi
topicend
bodystart
2;

INDIA'S CREDIT POLICY AIMS TO CONTROL LIQUIDITY


    NEW DELHI, April 2 - 
India's credit policy package for
fiscal 1987/88 (April-March) will help ease inflationary
pressures and control the growth of overall liqudity, the
Reserve Bank of India (RBI) said in a statement.
    The package, announced earlier this week, will raise
commercial bank statutory liquidity ratios to 37.5 pct from 37
pct, effective April 25, and will increase cash reserve ratios
on foreign currency (non-resident) accounts to 9.5 pct from
three pct, effective May 23, it said.
    Excess liquidity pushed wholesale and consumer retail
prices higher in 1986/87 on previous year levels, RBI governor
R. N. Malhotra said in a statement.
    Malhotra said India's M-3 money supply grew 209.24 billion
rupees in the fiscal year to March 13, compared to a growth of
155.38 billion in the same period the year before.
    Commercial bank aggregate deposits rose to 164.10 billion
in the same period, against 120.66 billion in the corresponding
months of fiscal 1986/87, he said.
    The Finance Ministry in a report issued in February
predicted India's fiscal 1986/87 wholesale price-linked
inflation rate at about 6.5 pct against 3.8 pct in 1985/86.
 REUTER
3;
bodyend
documentend
documentstart
12432
topicstart
earn
topicend
bodystart
2;

BAYER CONFIDENT OF POSTING GOOD 1987 RESULTS


    LEVERKUSEN, West Germany, April 2 - 
Chemicals group Bayer
AG 
<
BAYG.F> said it expects to post another good result in 1987
after raising pre-tax profit to a new record high in 1986.
    The company said that this was despite the mark's further
strengthening against the dollar and other currencies and
despite an increase in competitive pressure.
    "The further progress of our business will depend largely on
the extent to which threats to free trade materialise and on
the developments of exchange rates, raw material and energy
costs.
    Bayer said world group pre-tax profit rose to 3.30 billion
marks in 1986, exceeding the previous year's record of 3.15
billion. Parent company pre-tax profit increased to 1.72
billion from 1.62 billion.
    The company gave no net profit figures or any indication of
the likely 1986 dividend. Bayer paid a 10-mark dividend on 1985
results, up one mark from a year earlier.
    Bayer said that world group operating profit declined
slightly in 1986 against 1985 but non-operating results showed
a further improvement.
    Bayer said that the decline in world group turnover to
40.75 billion marks from 45.93 billion in 1985 reflected mainly
the sharp fall in the dollar against the mark.
    Lower prices on the raw material side had also brought
pressure on selling prices, it added.
    In volume terms, however, 1986 sales rose slightly against
1985, the company said without giving details.
    "The western Europe, North America and Far East regions
developed well in local currency, but here too the translation
of local currency sales into marks distorted the picture,
especially in the case of North America," it said.
    Bayer said parent company volume sales were also higher in
1986, although turnover fell 4.3 pct to 16.77 billion marks.
    Capacity use was high at the parent company in 1986,
resulting in a decline in marginal unit costs. This, combined
with savings in raw material and energy costs, helped offset
falling prices and cost increases in other areas.
    The rise in pre-tax parent company profit was due to lower
extraordinary expenses and higher net interest income.
Plastics, organic chemicals, polyurethanes and coating raw
materials all developed well, it said.
    Turning to the 1986 fourth quarter, Bayer said that world
group turnover fell to 9.67 billion marks in the last three
months of 1986 from 10.43 billion in the same 1985 period.
    Parent company turnover in the fourth quarter fell 7.1 pct
to 3.69 billion marks, with domestic turnover 4.1 pct lower and
foreign turnover 8.6 pct lower.
    Exports accounted for 65.3 pct of turnover in the quarter
against 66.4 pct in the same quarter of 1985.
 REUTER
3;
bodyend
documentend
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12433
topicstart
reserves
topicend
bodystart
2;
******
 UK reserves rise underlying 1.785 billion dlrs in March - official

Blah blah blah.
3;


bodyend
documentend
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12434
topicstart
topicend
bodystart
2;

NEW SINGAPORE FINANCIAL MARKET SET TO OPEN


    By Jose Katigbak, Reuters


    SINGAPORE, April 2 - 
The new Singapore government
securities market will start trading in late April or early May
after President Wee Kim Wee signs the Development Loan Bill
approved by parliament last week, bankers said.
    But the new market is unlikely to attract many overseas
investors, particularly as non-residents will be subject to a
withholding tax on interest earned, Loh Hoon Sun, general
manager of 
<
Overseas Union Bank Ltd>, said.
    Overseas Union Bank Ltd is one of the five primary dealers
approved to underwrite the auctions and ensure liquidity.
    The Monetary Authority of Singapore (MAS), which approved
the five underwriters, aims to issue seven billion dlrs of
treasury bills, notes and bond issues in the first year.
    A MAS spokesman said a steering committee has yet to
determine details, but most of the new government securities
will have a maturity of up to five years and 10-year paper may
be issued if demand emerges. Bonds and treasury bills will be
issued in denominations of 1,000 dlrs and treasury bills in a
minimum denomination of 10,000 dlrs.
    Bankers said these rates will put the securities within
reach of almost everyone and will create a more active market.
    Allocations will be made first for non-competitive bids
from primary dealers prepared to accept average yields on up to
500,000 dlrs worth of notes and bonds and an unlimited volume
of treasury bills. The remainder will be awarded to competitive
bidders offering the lowest yields.
    The new market should stimulate the local economy. Funds
will come from savings and fixed deposit accounts, "but just how
much will depend on the bond yields," Loh told Reuters.
    Loh said bank interest rates currently stand at 3.0 to 3.5
pct for fixed deposits and the prime rate is 5.5 pct, and these
rates are expected to remain fairly steady this year.
    An act of parliament passed last week granted the Singapore
authorities permission to raise 35 billion dlrs in the new
market over the next four years.
    Trading will be computerised and scripless.
 REUTER
3;
bodyend
documentend
documentstart
12435
topicstart
reserves
topicend
bodystart
2;

U.K. RESERVES SHOW LARGE UNDERLYING RISE IN MARCH


    LONDON, April 2 - 
Britain's gold and currency reserves
showed an underlying rise of 1.785 billion dlrs in March after
a 287 mln dlr rise in January, the Treasury said.
    This was considerably above market expectations for a 650
mln dlr rise.
    The underlying trend, which is a guide to Bank of England
operations to support the pound on foreign exchanges, is net of
borrowings and repayments.
    The Treasury declined comment on the figures. Last month it
said the Bank of England took the opportunity of strong demand
to rebuild reserves after losses last autumn.
    Actual reserves rose by 1.89 billion dlrs, after rising 305
mln in February, to 22.26 billion. Total reserves were revalued
to 27.04 billion dlrs, but would have totalled 24.15 billion
under the previous valuation, the Treasury said. Gold reserves
were revalued by 895 mln dlrs, while SDRs, ECU and convertible
currency holdings were revalued by 1.995 billion.
    Accruals of borrowings under the exchange cover scheme were
361 mln dlrs last month, after 36 mln in February. Repayments
were 240 mln dlrs after the previous 16 mln. Capital repayments
totalled 14 mln dlrs, after February's two mln dlrs repayment.
 REUTER
3;
bodyend
documentend
documentstart
12436
topicstart
grain
corn
topicend
bodystart
2;

ZAMBIA EXPECTS SHARPLY REDUCED MAIZE CROP


    LUSAKA, April 2 - 
Zambia's marketed maize production will
probably fall to less than 630,000 tonnes in 1986/87 (May-Apr),
from 918,000 last year, because of poor rainfall in major
producing areas, Agriculture Minister Kingsley Chinkuli said.
    He told Parliament that in the southern provinces the
harvest would be over 50 pct down on the level in the previous
marketing year.
    "The nation would be lucky to produce over seven mln bags
(630,000 tonnes) of maize this year," he stated.
    Chinkuli added that Zambia was setting up an irrigation
fund with Canadian aid to lessen the effects of poor rainfall.
 REUTER
3;
bodyend
documentend
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12437
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN ASKS BANKS TO MODERATE DOLLAR SALES - JIJI


    TOKYO, April 2 - 
The Finance Ministry has asked commercial
banks to moderate their dollar sales, JiJi News Agency
reported, quoting financial sources.
    Finance Ministry officials were unavailable for comment.
The report also could not be confirmed by several bank dealers.
    Earlier, Japanese trust banking sources said the Ministry
had asked them to moderate their dollar sales.
    A Ministry official said earlier this week the ministry had
recently surveyed currency transactions by investors, but
declined to say whether this aimed at reducing their dollar
sales.
 REUTER
3;
bodyend
documentend
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12438
topicstart
topicend
bodystart
2;

ZAMBIAN CENTRAL BANKER CRITICISES IMF POLICIES


    LUSAKA, April 2 - 
Bank of Zambia general manager Michael
Mwape has accused the International Monetary Fund of ignoring
social conditions when drawing up its economic reform
programmes for African countries.
    Mwape said in a speech to businessmen in the southern town
of Livingstone yesterday that the IMF's approach had caused
social and political unrest across the continent.
    There was widespread rioting and looting in Zambia last
December after the government abolished subsidies on refined
maize meal in line with IMF recommendations.
    Mwape said told businessmen "The question which should be
asked and answered when designing programmes is who is going to
bear the brunt of adjustment ... And what cushion is available
to minimise the burden ?"
    Zambia has had five IMF adjustment programmes since 1976,
the last of which was cancelled in February last year, he said.
"In spite of these, the economy has shown signs of stress, with
no significant improvement in a number of areas," he added.
    Zambia has just completed a new round of IMF talks on its
foreign exchange system and has obtained enough commercial
loans to pay off its IMF arrears for 1985 and 1986, paving the
way for a new stand-by credit.
    Zambian politicians have frequently criticised the fund,
however, and diplomats say President Kenneth Kaunda faces
consistent opposition inside the ruling party's central
committee over dealings with the IMF.
 REUTER
3;
bodyend
documentend
documentstart
12439
topicstart
pet-chem
oilseed
topicend
bodystart
2;

ZIMBABWE BANS POLYPROPYLENE BAGS FOR OILSEEDS


    HARARE, April 2 - 
Zimbabwe's Grain Marketing Board has
banned the packing of oilseeds in locally-made polypropylene
bags and will supply jute bags instead, board officials said.
    It said the quality of oilseeds such as soybeans,
groundnuts and sunflower seed packed in polypropylene bags
deteriorated after two weeks.
    Zimbabwe began producing 10 mln polypropylene grain bags
this year to replace jute bags imported mainly from Bangladesh.
 REUTER
3;
bodyend
documentend
documentstart
12441
topicstart
acq
topicend
bodystart
2;

GUINNESS TO SELL RETAIL INTERESTS


    LONDON, April 2 - 
Guinness Plc 
<
GUIN.L> said that as part
of a new strategy for the company it will be selling its retail
interests to concentrate resources on developing its
international beverage businesses.
    Among the firms to be sold are Martin's and Gordon Drummond
pharmacies, the 7-Eleven convenience stores, speciality U.S.
Food importer Richter Brothers and the health products company
Nature's Best/DSL.
    Guinness said in a statement that the company's strength
was in its well known beer and spirits brands.
    Several had good brand development potential, including
Gleneagles, Champneys, Cranks, Hediard and and Guinness
publications.
    Guinness shares were trading at 323p after the announcement
after closing yesterday at 317p.
 REUTER
3;
bodyend
documentend
documentstart
12442
topicstart
gold
topicend
bodystart
2;

INDUSTRIAL ACTION ENDS AT SOUTH AFRICAN MINE


    JOHANNESBURG, April 2 - 
About 8,000 black miners returned
to work after a week-long industrial action at South Africa's
largest gold mine, mine owner Anglo American Corp of South
Africa Ltd 
<
ANGL.J> said.
    A spokesman for the mining house said the action started on
Wednesday last week when thousands of miners staged a go-slow
at One underground shaft of the Free State Geduld division of
Free State Consolidated Gold Mines Ltd 
<
FSCN.J>.
    The action later escalated into an underground sit-in at
the mine over the weekend, prompting management to close the
affected shaft because of what the company described as "the
creation of unsafe working conditions."
    Anglo American spokesman John Kingsley-Jones said the
company held talks with the National Union of Mineworkers
(NUM), South Africa's biggest trade union which claims a
membership of 360,000 black workers, but failed to establish
the cause of worker dissatisfaction. He acknowledged that the
mine suffered a loss of production, but declined to give
estimates.
    Free State Consolidated last year produced 104 tonnes of
gold from 28 underground shafts.
    The NUM was not immediately available for comment on the
action. But a spokesman for the union earlier told the South
African Press Association that miners had been locked out of
the mine at the weekend after staging a strike in protest
against being ordered to carry bags containing explosives as
well as food for white miners.
 REUTER
3;
bodyend
documentend
documentstart
12443
topicstart
acq
topicend
bodystart
2;

COMPROMISE CITED ON SAN MIGUEL SHARES


    MANILA, April 2 - 
<
San Miguel Corp>, SMC, and 
<
United
Coconut Planters Bank>, UCPB, have reached a compromise on a
disputed block of 38.1 mln shares of SMC, the head of a
government panel that controls the sequestered shares said.
    Ramon Diaz, Chairman of the Presidential Commission on Good
Government (PCGG) told Reuters SMC had offered a price of 126
pesos per share for the block, held in trust by the UCPB.
    "It looks good," Diaz said. But he added several issues,
including the identity of the ultimate buyers of the shares,
had to be resolved before the PCGG gave its approval to the
sale.
    The PCGG's sequestration last year of 33 mln shares aborted
SMC's bid to buy them back from 14 trading companies in the
UCPB group. The commission said it suspected the shares were
actually controlled by Eduardo Cojuangco, an associate of
former President Ferdinand Marcos.
    Cojuango, who headed the boards of both SMC and UCPB when
he fled last year after Marcos was toppled, personally owned 24
mln shares in SMC. His holdings are also under sequestration.
    "The shares that SMC now proposes to buy from the UCPB are
owned by 1.4 mln coconut farmers," Diaz said. "Naturally we do
not want them to go back into the hands of Marcos cronies."
    PCGG sources said a compromise would end a row over a down
payment of 500 mln pesos made by SMC's Hong Kong subsidiary
Neptunia Corp Ltd in a bid to buy back the shares last year.
    The UCPB had said the 500 mln peso payment would be
forfeited because SMC Chairman Andres Soriano III had failed to
fulfil his commitment to buy back the shares at an originally
negotiated price of 3.3 billion pesos.
    PCGG sources said SMC, the Philippines' largest food and
beverage manufacturer, has agreed to sell 14 mln "B" class shares
from the 38.1 mln shares to Australian brewer Alan Bond at a
price of 150 pesos per share.
    The PCGG sources said of the proposed 4.79 billion peso
transaction, 1.6 billion pesos would be offset against the 500
mln peso down payment, the 500 mln pesos worth of preferred
shares in UCPB held by SMC, 210 mln pesos in uncollected
dividends on the UCPB shares and 400 mln pesos advanced to
UCPB-controlled trading companies.
    The UCPB rejected an original offer of 100 pesos per share
made by SMC for 33 mln shares, which grew to 38 mln after a 15
pct stock dividend declared in June last year.
    A spokesman for SMC said the company's 15-member board met
today to discuss the proposed compromise.
    The spokesman declined comment on the outcome of the board
meeting, saying the dispute was under arbitration.
    President Corazon Aquino last month asked SMC and UCPB to
set up a three-man arbitration panel to resolve the ownership
issue. The panel is due to submit its report by April 15.
    Eduardo de Los Angeles, a government nominee in the SMC
board, filed a formal complaint before the Securities and
Exchange Commission last week, accusing Soriano and eight other
directors of violating "fiduciary duty."
    De Los Angeles was said to have opposed a decision by SMC's
board last December to assume the 500 mln peso Neptunia loan.
 REUTER
3;
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topicend
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2;

BANK OF FRANCE SELLS 8.45 BILLION FRANC TAP STOCKS


    PARIS, April 2 - 
The Bank of France said it sold a total
8.45 billion francs worth of treasury tap stocks through its
latest monthly tender, at which it offered a choice of one
floating rate and two fixed rate tranches.
    It sold 3.6 billion francs worth of the treasury's 8.50 pct
June 1997 tap at an average price of 96.86 pct giving an
average yield of 8.78 pct, up from 8.72 pct at its last tender
of the same tap a month ago.
    It also sold 3.15 billion worth of 8.50 pct November 2002
stock at an average price of 97.24 pct and average yield of
8.83 pct, against 8.98 pct when it was last sold on January 8.
    The bank sold 1.7 billion francs of floating rate 1999 tap
stock at an average price of 97.06 pct, giving an average
spread of 0.39 percentage points above the 13-week treasury
bill reference rate, little changed from the 0.40 point spread
at the last offering a month ago.
    Total demand at today's auction was 28.7 billion francs,
including 5.1 billion for the 8.50 pct 2002 tranche, 13.95
billion for the 8.50 pct 1997 tranche and 9.65 billion for the
1999 floating rate tranche.
 REUTER
3;
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documentend
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12445
topicstart
topicend
bodystart
2;

TOKYO OPTICAL ISSUES EQUITY WARRANT EUROBOND


    LONDON, April 2 - 
Tokyo Optical Co Ltd is issuing a 40 mln
dlr equity warrant eurobond due April 27, 1992 paying an
indicated coupon of 2-1/4 pct and priced at par, lead manager
Daiwa Europe Ltd said.
    The issue is guaranteed by Mitsui Bank Ltd and final terms
will be set on April 9. The issue is available in denominations
of 5,000 dlrs and will be listed in Luxembourg. The selling
concession is 1-1/2 pct while management and underwriting
combined pays 3/4 pct.
    The warrants are exercisable from May 19, 1987 until April
9, 1992. The payment date is April 27.
 REUTER
3;
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12446
topicstart
topicend
bodystart
2;

KEIHANSHIN REAL ESTATE ISSUES EQUITY WARRANT BOND


    LONDON, April 2 - 
Keihanshin Real Estate Co Ltd is issuing
a 25 mln dlr equity warrant eurobond due April 27, 1992 paying
an indicated coupon of 2-1/4 pct and priced at par, lead
manager Daiwa Europe Ltd said.
    The issue is guaranteed by Sumitomo Bank Ltd and final
terms will be set on April 8. The issue is available in
denominations of 5,000 dlrs and will be listed in Luxembourg.
The selling concession is 1-1/2 pct while management and
underwriting combined pays 3/4 pct.
    The warrants are exercisable from May 18, 1987 until April
13, 1992. The payment date is April 27.
 REUTER
3;
bodyend
documentend
documentstart
12447
topicstart
interest
money-fx
stg
topicend
bodystart
2;

LAWSON REMARKS DASH HOPES OF EARLY U.K. RATE CUT


    LONDON, April 2 - 
Chancellor of the Exchequer Nigel
Lawson's remarks yesterday suggesting there are precise
exchange rate targets for the pound undermined sterling,
dashing hopes for an early cut in U.K. Base rates, analysts
said.
    But the market's reaction, testing exchange rate levels
indicated by Lawson, was probably overdone and the longer term
outlook for sterling remained bullish, they agreed.
    In an apparent break with the previous policy of secrecy,
Lawson told a National Economic Development Council meeting he
was comfortable with sterling exchange rates around current
levels, specifying rates of around 1.90 marks and 1.60 dlrs.
    Lawson added the U.K. Government intended to keep sterling
at about present levels, using currency intervention and
interest rates to achieve this.
    The February 22 Paris agreement of the Group of Five and
Canada to stabilise exchange rates is widely believed to
include target ranges, but all participants to the meeting had
so far refused to specify these.
    Markets were quick to react to the statement, chopping
about one U.S. Cent and over one pfennig off the pound to match
the levels mentioned by Lawson.
    But most analysts polled said they did not believe Lawson's
statement signalled a change in U.K. Policy.
    Keith Skeoch, chief economist at stockbrokers James Capel
and Co, said, "the remarks have been blown out of proportion.
Lawson is paying now for a little bit of a slip of the tongue."
    Barclays de Zoete Wedd economist Mark Brett said, "there is
nothing great and fantastic in the Chancellor's statement."
    He said he did not believe the rates indicated by the
Chancellor were precise targets, but merely represented central
rates around which sterling would be allowed to fluctuate,
perhaps by as much as 10 pct.
    "It would be insane to pinpoint an exchange rate ahead of an
election ... I don't believe Lawson is mad enough to tie
himself to a fixed rate," Brett said.
    Currency markets were keen for official statements to
clarify the scope of the Paris accord and reactivate currency
trading. This mood easily led to over-reaction, analysts said.
    "Making similar statements when the market is high strung
and ready to bounce is perhaps a mistake," one senior dealer
with a U.S. Bank said.
    Capel's Skeoch said, "it gives the foreign exchange markets
something to shoot at."
    "It is obvious that the government, as a member of the Group
of Six, has agreed exchange rate bands. But they are not cut in
stone, they can change with time," Skeoch said.
    Brett said, "we think the 2.90 marks level is a central
rate. Give or take 10 pfennigs and all is fine."
    Not all analysts played down the significance of the
remarks, however. Chris Dunn, economist at Royal Bank of
Canada, said the remarks may signal a decisive move to insulate
sterling from the fortunes of the dollar.
    Although about two-thirds of Britain's trade is conducted
with European countries, sterling has traditionally shadowed
the dollar rather than the mark, analysts noted.
    "Britain must decide whether it wants to follow the U.S. Or
throw in its lot with Europe," Dunn said.
    "It suggests that while the U.K. Is not actually applying to
join the European Monetary System, it is seeking protection by
shadowing it ... The Bundesbank has made it clear that it wants
the U.K. To clarify its position relative to the mark," he said.
    Analysts said sterling's dip on currency markets following
Lawson's remarks made an early half-point cut in U.K. Base
rates from current 10 pct levels unlikely in the short term.
    "Over the next three weeks, a cut is out, unless we get some
extremely good economic indicators," Capel's Skeoch said.
    Base rates have been cut twice by one-half point in March,
the last after the March 17 budget presentation, and analysts
had been expecting another half point cut shortly afterwards.
 REUTER
3;
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documentend
documentstart
12448
topicstart
earn
topicend
bodystart
2;
******
NV HOOGOVENS 1986 NET PROFIT 154.6 MLN GUILDERS VS 278.8 MLN -- OFFICIAL

Blah blah blah.
3;


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documentend
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12449
topicstart
acq
topicend
bodystart
2;

RANK MAKES INCREASED AVANA OFFER FINAL


    LONDON, April 2 - 
Ranks Hovis McDougall Plc 
<
RHML.L> said
it was making an increased and final offer for the Avana Group
Plc 
<
AVNA.L>. The company already holds about 22.9 pct or 7.1
mln Avana ordinary shares.
    It said in a statement the terms of the offer will be 13
new Rank Hovis shares for every five Avana ordinary shares,
valuing each Avana share at 829p.
    Avana shareholders will be entitled to receive and retain
the net interim dividend of 5.25p per Avana share for the year
ending 28 March 1987.
    Accepting Avana shareholders will also be entitled to
receive Ranks Hovis's forecast net interim dividend of 2.65p
for the financial year ending 5 September 1987.
    Ranks Hovis said that full acceptance of the increased
offer would result in the issue of a maximum of 72.3 mln new
Ranks Hovis shares or about 20 pct of the enlarged issued
ordinary share capital of the company.
    The latest offer will lapse on 17 April. Ordinary
shareholders in Avana who accept the increased offer will have
the opportunity to elect for cash for all or part of their
holdings on the basis of 800p cash for each Avana share.
    Ranks Hovis said the cash required for the cash alternative
would be met by one of several methods.
    For the first 10 mln Avana shares received opting for the
cash alternative, Ranks Hovis would make a cash payment from
its own resources.
    For cash alternatives of more than 10 mln Avana shares,
Morgan Grenfell, as agent for participants, will make a
separate offer to purchase at 300p per share, net of expenses,
up to 46.3 mln Ranks Hovis new shares to which such
shareholders will be entitled under the increased offer. This
is equivalent to 780p per Avana ordinary.
    In addition, Ranks Hovis will make a further cash payment
of 20p per Avana ordinary. Avana shares traded at 800p after
the announcement, 32p up from last night's close of 768p. REUTER
3;
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12451
topicstart
topicend
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2;

LUCAS INDUSTRIES ISSUING CONVERTIBLE EUROBOND


    LONDON, April 2 - 
Lucas Industries Plc 
<
LUCS.L> said its
Lucas Industries Inc unit is issuing a 75 mln dlr convertible
eurobond due April 28, 2002 paying an indicated coupon of 5-1/4
to 5-1/2 pct and priced at par.
    The issue is callable at 106 pct declining by one pct per
annum to par thereafter but is not callable until 1994 unless
the share price reaches 130 pct of the conversion price.
    There is a put option after seven years which will be
priced to give the investor a yield to the put of 7-1/4 to
7-3/4 pct. The issue is guaranteed as to interest and the put
premium by Lucas Industries Plc.
    The issue is being lead managed by J. Henry Schroder Wagg
Ltd, which has already formed a group of 19 co-managers. The
selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct.
    The issue is available in denominations of 1,000 dlrs,
while the payment is April 27.
    Lucas said it intended to use the proceeds of the issue for
general corporate purposes.
 REUTER
3;
bodyend
documentend
documentstart
12453
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 345 MLN STG ASSISTANCE


    LONDON, April 2 - 
The Bank of England said it had provided
the money market with 345 mln stg help in the morning session.
This compares with its forecast of a shortage of around 800 mln
stg in the system today.
    The central bank made outright purchases of bank bills
comprising 58 mln stg in band one at 9-7/8 pct, 227 mln stg in
band two at 9-13/16 pct, 56 mln stg in band three at 9-3/4 pct
and four mln stg in band four at 9-11/16 pct.
    Dealers noted that this was the first time bills in band
four, which have a maturity of between two and three months,
have been dealt in the market since mid-February.
 REUTER
3;
bodyend
documentend
documentstart
12454
topicstart
acq
topicend
bodystart
2;

CABLE UNIMPRESSED BY NEW JAPANESE TELECOMS OFFER


    LONDON, April 2 - 
Cable and Wireless Plc 
<
CAWL.L> said new
proposals unveiled by Japan for it to become a core member of a
merged telecommunications firm to compete for
telecommunications contracts did not remove the group's
objections.
    The suggestions by Federation of Economic Organisations
official Fumio Watanabe was a formal announcement of proposals
made earlier this week and reported in the Japanese press.
    Cable has a 20 pct stake in one of the two groups trying to
compete against Japan's 
<
Kokusai Denshin Denwa Co Ltd> which
monopolises Japan's overseas telephone business.
    But a Cable spokesman said it still believed a merger of
the two consortia would be impracticable. "They are like oil and
water," he said.
    The Japanese authorities want only one competitor and have
proposed that the two consortia band together. The issue has
been taken up by the British government as a test case on the
openness of Japanese markets. Watanabe's latest proposals said
that the eight core companies of the new group should have
equal share holdings but added that they could work out the
precise percentages amongst themselves.
    The reports earlier this week said that Cable would be
offered a five pct stake, up from an originally proposed three
pct.
    Despite the apparent differences in stakes offered, the
Cable spokesman said the two offers appeared to be essentially
the same.
    Cable shares at 1100 GMT were quoted nine pence firmer at
374p.
 REUTER
3;
bodyend
documentend
documentstart
12455
topicstart
interest
topicend
bodystart
2;
******
 Bundesbank leaves credit policies unchanged

Blah blah blah.
3;


bodyend
documentend
documentstart
12456
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED


    FRANKFURT, March 2 - 
The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
    The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
 REUTER
3;
bodyend
documentend
documentstart
12457
topicstart
trade
topicend
bodystart
2;

JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED


    TOKYO, April 2 - 
Japan is doing all it can to solve its
trade problems with the United States but the two nations will
remain at odds as long as the trade account is lopsided in
Japan's favour, a senior official said.
    "So long as there is an external imbalance there will be
trade friction and ...Harsh words between the two governments,"
the Foreign Ministry official told reporters.
    Last year, Japan racked up a 51.5 billion dlr surplus with
the United States and economists said they do not see it
falling significantly any time soon.
    Washington announced plans last week to slap up to 300 mln
dlrs in tariffs on Japanese electronic goods, raising the
spectre of a trade war between the two countries.
    "We take the current situation very seriously," said the
official, who declined to be identified. "The basic stance of
the Japanese government is to tackle the issues with all
available resources."
    The United States has accused Japan of reneging on an
agreement that called on it to stop selling cut-price computer
microchips in world markets and to try to import more American
semiconductors. Tokyo has denied the charges.
    The Foreign Ministry official refused to rule out Japanese
retaliation if America went ahead with its threatened tariffs
in the middle of this month. But he said that any response
would be in accordance with international law and Japan's
international obligations.
    He added that both Japan and the United States must take
account of the impact of their dispute on their own and the
world economy.
 REUTER
3;
bodyend
documentend
documentstart
12458
topicstart
grain
wheat
topicend
bodystart
2;

FRANCE SOLD WHEAT FLOUR TO CHINA - ONIC


    PARIS, April 2 - 
France has sold between 50,000 to 100,000
tonnes of wheat flour to China, the Director General of
France's Cereal Intervention Board (ONIC) Bernard Vieux said.
    He gave no further details of the sale, but added French
millers were worried about the unfair competition facing French
flour due the lack of end-of-season storage premiums for wheat.
    ONIC raised its estimate of 1986/87 flour exports to 1.70
mln tonnes compared 1.65 mln forecast in March and the 1.87 mln
exported in 1985/86.
 REUTER
3;
bodyend
documentend
documentstart
12460
topicstart
acq
topicend
bodystart
2;

DECISION EXPECTED ON U.K ROYAL ORDNANCE SALE


    LONDON, April 2 - 
U.K. Defence secretary George Younger is
expected to announce the government's decision on the sale of
state-owned arms manufacturer 
<
Royal Ordnance> today,
parliamentary sources said.
    The government originally intended to float the munitions
and explosives concern on the stock market, but last July said
a private sale was a more appropriate way to dispose of the
firm.
    The bidders for the company were British Aerospace Plc

<
BAEL.L> and engineering group GKN Plc 
<
GKN.L>. Royal Ordnance
sold its Leeds tank factory last summer to Vickers Plc

<
VICK.L>.
    Defence electronics manufacturer Ferranti Plc 
<
FNTI.L> and
shipping and property group Trafalgar House Plc 
<
THSL.L> both
pulled out of the bidding shortly before last month's deadline.
    Royal Ordnance made pre-tax profits of 26 mln stg on sales
of 487 mln stg in calendar 1985, its first full year of
commercial operation. The company has assets of around 240 mln
stg and employs 17,000 at 15 sites in Britain.
    Other state-held companies earmarked for privatisation this
year include engine maker 
<
Rolls Royce Plc> and the 
<
British
Airports Authorities Plc>.
 REUTER
3;
bodyend
documentend
documentstart
12461
topicstart
gnp
topicend
bodystart
2;

JAPANESE GROUPS URGE DRASTIC ECONOMIC PACKAGE


    TOKYO, April 2 - 
Japan's leading economic organisations
urged the Government to prepare drastic pump-priming measures
even at the cost of shelving Prime Minister Yasuhiro Nakasone's
planned tax reforms, officials involved said.
    Officials of the Federation of Economic Organisations
(Keidanren) said in a meeting with government officials the
Government should issue construction bonds as an emergency
measure to prop up the economy.
    Keidanren suggested that proceeds from sales of stocks in
the newly-privatised Nippon Telegraph and Telephone Corp should
also be used to stimulate the economy.
    Keidanren Chairman Eishiro Saito said the dollar's fall
below 150 yen would create huge unemployment and bankruptcies
that could shake the foundation of the Japanese economy.
    The Keidanren meeting coincided with a written request for
drastic reflationary measures sent to the Government by the
Japan Chamber of Commerce and Industry.
    Both organisations called for stepped-up Bank of Japan
intervention to stabilise exchange rates.
    Chamber head Noboru Gotoh told a press conference the
awaited economic package should be powerful enough to push up
Japan's Gross National Product (GNP) by about two pct.
    Gotoh said the Government could cope with the present
critical economic condition even if it put off its plan to stop
the issue of deficit-covering bonds by fiscal 1990.
    The plan to reduce the fiscal budget is a pillar of
Nakasone's fiscal reconstruction program.
  REUTER
3;
bodyend
documentend
documentstart
12462
topicstart
sugar
topicend
bodystart
2;

SYRIA SEEKING WHITE SUGAR ON APRIL 8 - TRADE


    LONDON, April 2 - 
Syria will hold a buying tender on April
8 for 36,000 tonnes of white sugar for shipment in June, July
and August at a rate of 12,000 tonnes a month, traders said.
 REUTER
3;
bodyend
documentend
documentstart
12463
topicstart
earn
topicend
bodystart
2;

HOOGOVENS EXPECTS CLEAR LOSS IN 1987


     IJMUIDEN, The Netherlands, April 2 - 
<
Koninklijke
Nederlandsche Hoogovens en Staalfabrieken NV> said it expected
a "clear loss" for 1987.
     The company reported its 1986 profits were 44 pct lower at
154.6 mln guilders than in the year before.
     Turnover was 18 pct lower than in 1985.
     The main reason fo the fall in turnover was the lower rate
of the dollar, the company said. The lower costs for raw
materials and energy, resulting from the lower dollar, could
not compensate the fall in revenues.
     Costs 5.61 billion guilders vs 6.66 billion
     Depreciation 457 mln vs 493 mln
     Operating profit 375 mln vs 598 mln
     Financial charges 155.1 mln vs 169.4 mln
     Extraordinary loss 12 rpt 12 mln vs 138 mln
     Crude steel production five mln tonnes vs 5.3 mln
     Aluminium production 96,000 tonnes vs same.
 REUTER
3;
bodyend
documentend
documentstart
12464
topicstart
cpi
topicend
bodystart
2;

GERMAN MARCH COST OF LIVING DATA CONFIRMED


    WIESBADEN, April 2 - 
The cost of living was unchanged in
March compared with February but stood 0.2 pct lower than in
the same month in 1986, the Federal Statistics Office said.
    This confirms provisional figures released at the end of
last month.
    In February the cost of living in West Germany rose 0.1 pct
from January to stand 0.5 pct lower than in February 1986.
 REUTER
3;
bodyend
documentend
documentstart
12465
topicstart
coffee
topicend
bodystart
2;

SEASONAL STABILISATION SEEN FOR COFFEE PRICES


    HAMBURG, April 2 - 
The onset of cooler weather in Brazil
during the southern hemisphere winter is expected to have a
stabilising effect on a weak coffee market, West German trade
sources said.
    "The annual fear of frost in Brazil will probably grip the
market sometime this month until June or early July," one trader
said.
    The trade believes the International Coffee Organization
(ICO) is unlikely to tackle the re-introduction of quotas
before its September meeting and until then the market will not
see any unexpected sharp moves in either direction.
 REUTER
3;
bodyend
documentend
documentstart
12466
topicstart
ipi
topicend
bodystart
2;

GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY


    BONN, April 2 - 
West German industrial production,
seasonally adjusted, rose a provisional 3.2 pct in February
after a downwards revised decline of 3.4 pct in January, the
Economics Ministry said.
    The ministry had originally estimated that industrial
production fell 3.0 pct in January.
    The February figure is likely to be revised upwards by just
under one percentage point next month when the March figure is
released, a ministry statement said.
    The industrial production index, base 1980, stood at a
provisional 104.1 in February against 100.9 in January and
104.5 in December. The ministry had previously put the January
and December indices at 101.6 and 104.7 respectively.
    In February 1986 the output index had stood at 103.7,
producing a year-on-year rise for February 1987 of 0.4 pct.
    The February rise in production was aided by a sharp 19 pct
increase in construction output compared with January, when
production in many industrial sectors was depressed by
unusually severe winter weather.
    Manufacturing industry registered a 3-1/2 pct rise in
production in February compared with January. But energy sector
output fell nine pct and mining production declined seven pct.
    The ministry, which considers two-monthly comparisons to be
a better guide to trends, said output in January and February
together fell around two pct against November and December.
    The ministry said construction output fell 13-1/2 pct in
January/February against November/December due to the cold
January weather. Output in the energy sector rose four pct and
mining output 10 pct.
    Manufacturing industry's production fell 1-1/2 pct in
January/February compared with November/December.
    Within this sector, the output of both basic products and
of food, tobacco and alcohol fell 1-1/2 pct. Production of
capital goods fell 2-1/2 pct while output of consumer goods was
unchanged.
 Reuter
3;
bodyend
documentend
documentstart
12467
topicstart
topicend
bodystart
2;

HERTZ REALTY ISSUES 75 MLN CANADIAN DLR EUROBOND


    LONDON, April 2 - 
Hertz Realty Corp is issuing a 75 mln
Canadian dlr bond due April 30, 1993 paying nine pct and priced
at 100-3/4 pct, syndicate sources said.
    The non-callable bond is guaranteed by Hertz Corp. It is
available in denominations of 1,000 and 10,000 Canadian dlrs
and will be listed in Luxembourg. The selling concession is
1-1/4 pct while management and underwriting combined pays 5/8
pct.
    The payment date is April 30.
 REUTER
3;
bodyend
documentend
documentstart
12468
topicstart
acq
topicend
bodystart
2;

TOSHIBA REGRETS LINK WITH U.K. ACCESS ISSUE


    TOKYO, April 2 - 
Toshiba Corp 
<
TSBA.T> said it regrets its
plan to enter the U.K. Business facsimile and telephone market
may be caught up in a diplomatic row over the position of Cable
and Wireless Plc's 
<
CAWL.L> in the Japanese market.
    Britain is considering how to retaliate against Japan's
attempt to prevent Cable and Wireless from taking a major
position in a Japanese international telecommunications
venture.
    "As a matter of timing it is regrettable that this has been
linked with the question of market access in Japan," a Toshiba
spokesman told Reuters.
    
<
Toshiba Information Systems (U.K.) Ltd>, a Toshiba
subsidiary, said yesterday it planned to enter the U.K. Market
under the Toshiba own brand name and had applied for government
approval to do so.
    Toshiba has supplied equipment to U.K. Manufacturers for
sale under their brand names since last year.
    The Toshiba spokesman said the sale of such equipment was
not comparable to Cable and Wireless' efforts to take a stake
in the new Japanese telecommunications firm.
    "They are matters of a different category," he said.
 REUTER
3;
bodyend
documentend
documentstart
12469
topicstart
interest
topicend
bodystart
2;

WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE


    WELLINGTON, April 2 - 
Westpac Banking Corp in New Zealand
said it will increase its indicator lending rate by 1.5
percentage points to 22.5 pct from April 7.
    Westpac said in a statement the increase reflects high
costs of funding.
    The bank said nervousness in the wholesale deposit market
is creating uncertainty about the immediate outlook for
interest rates. Liquidity is expected to remain tight over the
next month and this will put upward pressure on interest rates.
Base lending indicator rates of the other three trading banks
range between 21.0 pct and 21.5 pct.
 REUTER
3;
bodyend
documentend
documentstart
12470
topicstart
money-fx
dlr
yen
interest
topicend
bodystart
2;

BANK OF JAPAN INTERVENES JUST AFTER TOKYO OPENING


    TOKYO, April 2 - 
The Bank of Japan intervened just after
the Tokyo market opened, buying dollars at around 147.65 yen,
dealers said.
    They were unsure of the amount of the central bank's
purchasing, but it seemed to prevent the dollar from weakening
against the yen amid bearish sentiment for the U.S. Currency,
they said.
    The dollar opened at 147.65 yen against 147.20/30 in New
York and 146.90 at the close here yesterday.
 REUTER
3;
bodyend
documentend
documentstart
12471
topicstart
money-fx
interest
topicend
bodystart
2;

BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED


    FRANKFURT, March 2 - 
The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
    The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
 REUTER
3;
bodyend
documentend
documentstart
12472
topicstart
trade
topicend
bodystart
2;

JAPAN WARNS OF ANTI-U.S. SENTIMENT IN TRADE ROW


    TOKYO, April 2 - 
Japan is sending a three-man team to
Washington to try to halt threatened trade sanctions that
officials warn could spark a wave of anti-U.S. Sentiment here.
    The team will lay the groundwork for high-level emergency
talks next week aimed at defusing an increasingly bitter row
over trade in computer microchips, officials said.
    "The sanctions are against the free trade system," Ministry
of International Trade and Industry (MITI) director general
Noboru Hatakeyama told reporters, adding: "If these measures are
taken, the atmosphere in Japan against the United States would
become not so good as before."
    Other officials were more blunt. "The U.S. Action will have
a significant impact on the growing anti-U.S. Feeling (here),"
another MITI official said.
    A senior Foreign Ministry official, who declined to be
identified, told Reuters the U.S. Threats have undercut those
in the government who argue for conciliation.
    "There is a very strong argument in Japan that since the
United States is imposing tariffs unilaterally, why should we
bother doing anything," he said. "Anything we do, we will be
bashed."
    The senior official sounded pessimistic about the
likelihood of Prime Minister Yasuhiro Nakasone defusing U.S.
Anger over Japanese trade practices when he visits Washington
on April 29.
    "I don't think trade friction will be solved all of a sudden
(by the visit)," he said.
    Nakasone is widely expected to present a package of
measures to President Reagan to help contain U.S. Frustration
over Japan's large trade surplus.
    But the senior official played down those expectations.
 REUTER
3;
bodyend
documentend
documentstart
12473
topicstart
trade
topicend
bodystart
2;

JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED


    TOKYO, April 2 - 
Japan is doing all it can to solve its
trade problems with the United States but the two nations will
remain at odds as long as the trade account is lopsided in
Japan's favour, a senior official said.
    "So long as there is an external imbalance there will be
trade friction and ...Harsh words between the two governments,"
the Foreign Ministry official told reporters.
    Last year, Japan racked up a 51.5 billion dlr surplus with
the United States and economists said they do not see it
falling significantly any time soon.
    Washington announced plans last week to slap up to 300 mln
dlrs in tariffs on Japanese electronic goods, raising the
spectre of a trade war between the two countries.
    "We take the current situation very seriously," said the
official, who declined to be identified. "The basic stance of
the Japanese government is to tackle the issues with all
available resources."
    The United States has accused Japan of reneging on an
agreement that called on it to stop selling cut-price computer
microchips in world markets and to try to import more American
semiconductors. Tokyo has denied the charges.
    The Foreign Ministry official refused to rule out Japanese
retaliation if America went ahead with its threatened tariffs
in the middle of this month. But he said that any response
would be in accordance with international law and Japan's
international obligations.
    He added that both Japan and the United States must take
account of the impact of their dispute on their own and the
world economy.
 REUTER
3;
bodyend
documentend
documentstart
12476
topicstart
topicend
bodystart
2;

BHF UNIT ISSUES 30 MLN AUSTRALIAN DLR EUROBOND


    FRANKFURT, April 2 - A unit of Berliner Handels- 
und
Frankfurter Bank (BHF) is raising 30 mln Australian dollars
through a five-year bullet eurobond with a 14-1/4 pct coupon
and priced at 101-1/4, sole manager BHF said.
    The bond, for BHF Finance Jersey Ltd, pays annual interest
on April 28, and investors pay for the bond on the same day. It
will mature on that day in 1992.
    The bond is guaranteed by the parent. Listing is in
Luxembourg. Denominations are 1,000 and 10,000 dlrs. Yield at
issue is 13.89 pct. No fees were stated.
 REUTER
3;
bodyend
documentend
documentstart
12480
topicstart
reserves
topicend
bodystart
2;

BANK OF FRANCE FOREIGN ASSETS RISE LATEST WEEK


    PARIS, April 2 - 
Weekly figures published by the Bank of
France showed its gross foreign assets rose by about two
billion francs last week, when it was reported by banks to have
intervened on the foreign exchange markets to support the
dollar against the yen.
    The figures showed its gold, foreign currency and other
external assets rose to 415.1 billion francs from 413 billion,
mainly reflecting a rise to 116.7 billion from 114.7 billion in
foreign exchange holdings.
 REUTER
3;
bodyend
documentend
documentstart
12481
topicstart
topicend
bodystart
2;

HOKKAIDO TAKUSHOKU BANK ISSUES 100 MLN SFR NOTES


    ZURICH, April 2 - 
Hokkaido Takushoku Bank Ltd is launching
100 mln Swiss francs of convertible notes due September 30,
1992, indicated at 1-1/4 pct and par, lead manager Swiss Bank
Corp said.
    Pricing and conversion terms will be fixed on April 19 and
payment date is April 30. Interest is payable half-yearly.
    Early redemption is possible from March 31, 1990 at 104
pct, declining by one point per half-year thereafter, and for
tax reasons from 1988 at 102 pct, declining by 1/2 point
annually thereafter.
 REUTER
3;
bodyend
documentend
documentstart
12482
topicstart
topicend
bodystart
2;

NITTO BOSEKI LAUNCHES 60 MLN SFR 4-7/8 PCT BOND


    ZURICH, April 2 - 
Nitto Boseki Co Ltd of Tokyo is launching
a 60 mln Swiss franc 4-7/8 pct bond due April 27, 1995 at
100-1/4 pct, lead manager Union Bank of Switzerland said.
    Subscriptions close April 8 and payment date is April 27.
 REUTER
3;
bodyend
documentend
documentstart
12483
topicstart
interest
topicend
bodystart
2;

BANKAMERICA 
<
BACP> RAISES PRIME RATE TO 7.75 PCT


    SAN FRANCISCO, April 2 - 
BankAmerica Corp, following moves
by other major banks, said it has raised its prime rate to 7.75
pct from 7.50 pct, effective today.
 Reuter
3;
bodyend
documentend
documentstart
12484
topicstart
copper
lead
zinc
silver
nickel
alum
topicend
bodystart
2;

LME DETAILS MARCH 1987 TURNOVER


    LONDON, April 2 - 
The London Metal Exchange, LME, issued
turnovers for March 1987, with figures for corresponding period
1986 in brackets.
    All in tonnes except Silver which in troy ounces.
    Copper higher grade nil (2,526,425), Standard cathodes nil
(6,325), Grade A 2,429,200 (nil), Standard Copper 17,050 (nil),
Lead 443,850 (538,750), Zinc High grade 598,550 (304,825),
Silver large 10,350,000 (17,400,000), Small nil (2,000),
Aluminium 1,693,375 (1,301,850), Nickel 62,004 (65,040).
    Cumulative figures for January-March were as follows -
Copper higher grade nil (7,703,625), Standard cathodes nil
(24,700), Grade A 6,455,525 (nil), Standard Copper 62,075
(nil), Lead 1,567,000 (1,979,750), Zinc High grade 1,746,675
(1,356,400), Silver large 41,770,000 (65,620,000), Small nil
(8,000), Aluminium 4,984,650 (4,974,950), Nickel 199,944
(179,328).
 Reuter
3;
bodyend
documentend
documentstart
12485
topicstart
acq
topicend
bodystart
2;

NEWS CORP 
<
NWS> STARTS HARPER/ROW 
<
HPR> BID


    NEW YORK, April 2 - 
News Corp Ltd of Australia said it has
started its previously announced tender offer for all shares of
Harper and Row Publishers Inc at 65 dlrs per share.
    In a newspaper advertisement, the company said the offer is
conditioned on received of at least 51 pct of Harper and Row's
shares.  The offering and withdrawal rights expire April 29
unless extended.
    A merger at the tender price is to follow the offer, which
has been approved by the Harper and Row board.  Harper and Row
has granted NEw Corp an option to buy up to 800,000 new shares
or a 15.4 pct interest at 65 dlrs each.
    News Corp said if the merger agreement were terminated
under certain circumstances, News would be entitled to a 16 mln
dlr cash payment.
    Last month, Theodore Cross offered to acquire Harper and
Row for 34 dlrs per share but was soon outbid by Harcourt Brace
Jovanovich Inc, which offered 50 dlrs per share.  Late in the
month, Harper and Row said its board had received expressions
of interest from a number of domestic and foreign companies.
 Reuter
3;
bodyend
documentend
documentstart
12486
topicstart
topicend
bodystart
2;

BFCE ISSUES 17 BILLION YEN EUROBOND


    LONDON, April 2 - 
Banque Francaise du Commerce Exterieur
(BFCE) is issuing a 17 billion yen eurobond due May 11, 1992
with a 4-3/8 pct coupon and priced at 102-3/8 pct, lead manager
Nippon Credit International Ltd said.
    The bonds, guaranteed by the Republic of France, carry a
put and call option at par on the interest payment date in
1990. Listing will be in Luxembourg and the bonds will be
issued in denominations of one mln yen. Payment date is May 11.
    Gross fees of 1-7/8 pct comprise 5/8 pct for management and
underwriting combined and 1-1/4 pct for selling.
 REUTER
3;
bodyend
documentend
documentstart
12487
topicstart
earn
topicend
bodystart
2;

INTERNATIONAL TECHNOLOGY 
<
ITX> SEES 4TH QTR LOSS


    TORRANCE, Calif., April 2 - 
International Technology corp
said it expects to report a loss for the fourth quarter ended
March 31 of about 20 cts per share, compared with a
year-earlier profit of 11 cts.
    The company blamed the expected loss on regulatory and
permitting issues that limited the full utilization of
hazardous waste treatment cites in Califoirnia, continued
startup delays for major remediation projects, the writeoff of
an investment in a subsidiary and a settlem,ent with the
California Attorney General's Office and Department of Health
Services.
    The company said the settlement relates to regulatory
violations alleged by the U.S. Environmental Protection Agengy
and the California Health Services department at the company's
Vine Hill and Panoche treatment facilities in Northern
California.
    It said under the agreement, it will pay the state
2,100,000 dlrs in civil penalties over a two-year period and
pay 500,000 dlrs over five years to local medical facilities as
part of a community awareness and emergency response program
developed by local communities.  The expenses will be charged
against fourth quarter results, it said.
    The company said it has agreed as well to make compliance
and public safety capital expenditures of about 600,000 dlrs.
    It said it has now received an operating permit for a new
250,000 cubic yard landfill cell at its Imperial County,
Calif., from the Health Services department.
    The company said the Panoche facility remains closed but is
expected to reopen for liquid and sludge receipts in the near
future.  But it said receipts of solid material, which had
accounted for the majority of the revenue at the site, could be
restricted until 1988 pending resolution of capacity issues in
the Panoche site permit.
 Reuter
3;
bodyend
documentend
documentstart
12488
topicstart
earn
topicend
bodystart
2;

WESTLB LUXEMBOURG REPORTS LOWER 1986 NET PROFIT


    DUESSELDORF, April 2 - 
Westdeutsche Landesbank Girozentrale

<
WELG.F> said its wholly-owned Luxembourg subsidiary WestLB
International SA posted a decline in 1986 net profit to 12.6
mln marks from 48.5 mln a year earlier.
    WestLB International will pay a 12.5 mln mark dividend to
WestLB, down from 47.7 mln a year earlier.
    The dividend was lower than in 1985 because the record
profit of the previous year could not be repeated, due to
changed market conditions, it said. Increased funds were also
allocated for provisions. Business in the first three months of
1987 developed positively, it added.
    WestLB International set aside 115.3 mln marks for
international credit risks in 1986, up from 97.4 mln marks in
1985, bringing the total amount of provisions shown in the
balance sheet to 580.3 mln marks.
    Operating profit fell to 122 mln marks in 1986 from 150 mln
in 1985. Balance sheet total fell to 9.7 billion marks from
10.8 billion, reflecting the lower dollar and the fact that
credit business redemptions were not fully offset by new
lending.
    The statement said WestLB International's business with
private customers showed a pleasing expansion last year.
    This development was aided by cooperation between the bank
and the savings banks in the West German state of North
Rhine-Westphalia, where parent bank WestLB is based.
    Deposits by non-banks rose more than 40 pct to a total of
1.1 billion.
    WestLB International said it plans to expand its range of
services for private clients.
 REUTER
3;
bodyend
documentend
documentstart
12489
topicstart
copper
topicend
bodystart
2;

40 MINERS TRAPPED BY FIRE IN GASPE COPPER MINE


    MURDOCHVILLE, Que., April 2 - 
Some 40 miners were trapped
underground today by a fire in a copper mine in the Gaspe area
of eastern Quebec, officials said.
    There were no reports of any deaths.
    A mine official said that the fire broke out last night and
about 25 of the miners made it to safety.
    He said telephone contact had been established with the
trapped miners but they could not be brought to the surface
until the fire was extinguished.
    The cause of the fire was not known.
 Reuter
3;
bodyend
documentend
documentstart
12490
topicstart
coffee
topicend
bodystart
2;

OTHER MILDS COFFEE PRODUCERS TO MEET MAY 4


    LONDON, April 2 - 
Coffee producers belonging to the "Other
Milds" group will meet May 4 in Guatemala to discuss the
possibility of restoring export quotas, producer delegates told
reporters after the closing session of the International Coffee
Organization, ICO, executive board meeting.
    The "Other Milds" group, comprising Costa Rica, Dominican
Republic, Ecuador, El Salvador, Guatemala, Honduras, India,
Mexico, Nicaragua, Papua New Guinea and Peru, might consult
with Brazil and Colombia on this meeting, but it was not
certain whether these two countries would attend, they said.
    The ICO board meeting ended without moves to restart
negotiations on quotas, which broke down last month, producer
delegates said.
    Producers are expected to hold other consultations in the
coming months on how to proceed with quota negotiations, but no
date for a full producer meeting has been mentioned, they said.
    The board completed reports on stock verification and the
next regular board session will be in Indonesia June 1-5,
delegates said.
 Reuter
3;
bodyend
documentend
documentstart
12491
topicstart
topicend
bodystart
2;

NIPPON SIGNAL SWISS FRANC NOTES SET AT 1-1/4 PCT


    ZURICH, April 2 - 
Nippon Signal Co Ltd's 50 mln Swiss franc
five-year notes issue with warrants has been priced at 1-1/4
pct compared with the originally indicated 1-3/8 pct, lead
manager Morgan Stanley SA said.
    Each 50,000-franc bond carries 81 warrants entitling the
holder to buy 100 Nippon Signal shares for 594 yen each. The
shares last traded at 579 yen.
    The Swiss franc/yen exchange rate was fixed at 97.27.
 REUTER
3;
bodyend
documentend
documentstart
12492
topicstart
acq
topicend
bodystart
2;

<
ALOHA INC> BUYOUT COMPLETED


    HONOLULU, April 2 - 
Aloha Inc said its leveraged buyout by
AQ Corp, which acquired 91 pct of Aloha common and 82 pct of
Aloha preferred in a tender offer that concluded December 26,
has been completed for 28.50 dlrs per common or preferred
share.
    AQ is controlled by Aloha chairman Hung Wo Ching, vice
chairman Sheridan C.F. Ing and president A. Maurice Myers.
 Reuter
3;
bodyend
documentend
documentstart
12494
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 152 MLN STG HELP


    LONDON, April 2 - 
The Bank of England said it had given the
money market a further 152 mln stg assistance in the afternoon
session.
    This takes the Bank's total help so far today to 497 mln
stg and compares with its forecast of a shortage in the system
of around 700 mln stg which it earlier revised down from 800
mln.
    The central bank made outright purchases of bank bills
comprising 34 mln stg in band one at 9-7/8 pct, 39 mln stg in
band two at 9-13/16 pct, 51 mln stg in band three at 9-3/4 pct
and 28 mln stg in band four at 9-11/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
12495
topicstart
interest
topicend
bodystart
2;
******
 BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
12499
topicstart
topicend
bodystart
2;

IRELAND ISSUES 300 MLN MARK EUROBOND


    FRANKFURT, April 2 - 
Ireland is raising 300 mln marks
through a 10-year eurobond with a 6-1/2 pct coupon priced at
100-1/2, lead manager Commerzbank AG said.
    The bond, with a yield at issue of 6.43 pct, will pay
annual interest on April 29. Listing is in Frankfurt, the bank
said.
    Investors will pay for the bond on April 29, and the bond
matures on the same day in 1997. The bond will be issued in
denominations of 1,000 and 10,000 marks.
    Fees total 2-1/2 pct, with 1-1/2 points for selling and 1/2
each for management and underwriting.
 REUTER
3;
bodyend
documentend
documentstart
12500
topicstart
grain
wheat
corn
topicend
bodystart
2;

FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED


    PARIS, April 2 - 
French operators have requested licences
to export 422,000 tonnes of free market maize, 212,000 tonnes
of barley and 20,000 tonnes of feed wheat at today's EC tender,
trade sources said.
    For the maize, rebates requested range between 129.25 and
138.74 European currency units per tonne, for the barley
between 138.94 and 145 Ecus and for feed wheat 141.75 Ecus.
 Reuter
3;
bodyend
documentend
documentstart
12501
topicstart
money-fx
interest
topicend
bodystart
2;

BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED


    PARIS, April 2 - 
The Bank of France said it left its
intervention rate unchanged at 7-3/4 pct when it injected funds
to the market against first category paper in todays money
market intervention tender.
    Money market dealers had earlier expressed mixed views on a
possible quarter point cut.
    The rate was last adjusted on March 9, when it was reduced
to 7-3/4 pct from the eight pct rate set in January.
 REUTER
3;
bodyend
documentend
documentstart
12502
topicstart
wool
topicend
bodystart
2;

MAURITIUS LIFTS DUTY ON TEXTILE-RELATED GOODS


    PORT LOUIS, April 2 - 
Mauritius has lifted import duties on
textiles and other goods connected with the textile industry as
part of its economic liberalisation programme, Finance Minister
Vishnu Lutchmeenaraido said.
    Lutchmeenaraido said the move was aimed at boosting the
local textiles industry and making this Indian Ocean island a
shopping paradise for textile goods. He said all types of
textiles, textile machinery and associated goods such as sewing
thread, buttons and collar supports would be placed on the
duty-free list, effective from April 1.
    Official sources said the government was also planning to
abolish import duties on fertiliser and agricultural equipment,
with the liberalisation measures would be extended to other
areas of industry later.
    The textiles industry dominates Mauritius's Export
Processing Zone, and the island has become a major exporter of
woollen knitwear.
 Reuter
3;
bodyend
documentend
documentstart
12503
topicstart
crude
topicend
bodystart
2;

NP ENERGY 
<
NPEEQ> SAYS TRUSTEE APPOINTED


    LOS ANGELES, April 2 - 
NP Energy Corp said the U.S.
Bankruptcy Court has indicated it will appoint a trustee to
oversee the company's Chapter 11 bankruptcy proceedings.
    It said it hopes the appointment will thwart "hostile"
actions being pursued by two unsecured creditors to whose
claims the company objects.
    NP further said the Nielsen 1-20 well in Duchesne County,
Utah, has tested 300 barrels of oil per day.  NP owns a 61 pct
working interest.
 Reuter
3;
bodyend
documentend
documentstart
12504
topicstart
acq
topicend
bodystart
2;

CPC INTERNATIONAL 
<
CPC> SELLS SOUTH AFRICAN UNIT


    ENGLEWOOD CLIFFS, N.J., April 2 - 
CPC International Inc
said it has completed the sale of its South African subsidiary
Robertsons Pty Ltd to a consortium of European and South
African investors for an undisclosed amount in excess of book
value due to the increasing difficulty of operating there.
    It said the operation accounted for less than two pct of
worldwide sales of 4.5 billion dlrs in 1986.
    The company said small royalties expected to result from
use of CPC trademarks by the new owners will be utilized for
social programs in south Africa."  It said no significant
impact on earnings is expected from the sale.
 Reuter
3;
bodyend
documentend
documentstart
12505
topicstart
earn
topicend
bodystart
2;

<
GIANT YELLOWKNIFE MINES LTD> 4TH QTR NET


    TORONTO, April 2 -
    
Shr 23 cts vs 46 cts
    Net 987,000 vs 1,990,000
    Revs 14.6 mln vs 15.0 mln
    Year
    Shr 89 cts vs 1.32 dlrs
    Net 3,846,000 vs 5,690,000
    Revs 58.1 mln vs 56.6 mln
    
 Reuter
3;
bodyend
documentend
documentstart
12506
topicstart
earn
topicend
bodystart
2;

NORTH EAST INSURANCE CO 
<
NEIC> 4TH QTR LOSS


    PORTLAND, Maine, April 2 -
    
Shr loss 85 cts vs loss 1.36 dlrs
    Net loss 1,653,386 vs loss 2,646,876
    Year
    Shr loss 12 cts vs loss 1.30 dlrs
    Net loss 236,469 vs loss 2,522,293
    NOTE: Year net includes realized investment gains of
734,609 dlrs vs 645,438 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12507
topicstart
jobs
topicend
bodystart
2;

U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK


    WASHINGTON, April 2 - 
New applications for unemployment
insurance benefits rose to a seasonally adjusted 355,000 in the
week ended March 21 from 341,000 in the prior week, the Labor
Department said.
    The number of people actually receiving benefits under
regular state programs totaled 2,480,000 in the week ended
March 14, the latest period for which that figure was
available.
    That was up from 2,454,000 the previous week.
     
 Reuter
3;
bodyend
documentend
documentstart
12508
topicstart
earn
topicend
bodystart
2;
******
MELLON BANK EXPECTS TO REPORT A FIRST QUARTER LOSS OF 55 MLN TO 65 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
12509
topicstart
interest
topicend
bodystart
2;

FIRST CHICAGO 
<
FNB> RAISES PRIME RATE


    CHICAGO, April 2 - 
First Chicago Corp said its First
National Bank of Chicago raised its prime rate to 7-3/4 pct
from 7-1/2 pct, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12510
topicstart
topicend
bodystart
2;

HOKKAIDO TAKUSHOKU BANK ISSUES CONVERTIBLE BOND


    LONDON, April 2 - 
Hokkaido Takushoku Bank Ltd is issuing a
100 mln dlr convertible eurobond due March 31, 2002 paying an
indicated coupon of two pct lead managed by Takugin
International, bookrunner Yamaichi International Ltd said.
    The par-priced issue is callable from 1990 at 104 pct
declining by 1/2 pct per annum to par thereafter but is not
callable until 1991 unless the share price exceeds the
conversion price by 150 pct.
    Final terms will be fixed on April 9. The selling
concession is 1-1/2 pct while management and underwriting each
pay 1/2 pct. The payment date is April 30 and there is a short
first coupon.
 REUTER
3;
bodyend
documentend
documentstart
12511
topicstart
earn
topicend
bodystart
2;
******
MELLON BANK SAYS IT WILL CUT DIVIDEND TO 35 CTS A SHR FROM 69 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
12512
topicstart
acq
topicend
bodystart
2;

AMERICAN BARRICK 
<
ABX> SELLS OHIO ASSETS


    TORONTO, April 2 - 
American Barrick Resources Corp said it
sold two coal supply agreements and substantially all assets at
its two coal mines in Ohio to 
<
Peabody Coal Co> of Henderson,
Kentucky, for an undisclosed price.
    The company said proceeds from this sale, together with the
sale of the remaining coal assets, should allow it to fully
recover its investment in the operations.
    It said the transactions will complete its previously
announced plan to sell all non-gold assets.
 Reuter
3;
bodyend
documentend
documentstart
12514
topicstart
interest
topicend
bodystart
2;

COMERICA 
<
CMCA> RAISES PRIME RATE


    DETROIT, April 2 - 
Comerica Inc said it raised its prime
interest rate to 7-3/4 pct from 7-1/2 pct, effective April 1.
 Reuter
3;
bodyend
documentend
documentstart
12515
topicstart
earn
topicend
bodystart
2;

NORTH EAST 
<
NEIC> MAY VIOLATE CAPITAL RULES


    PORTLAND, Maine, April 2 - 
North East Insurance Co said due
to the magnitude of its losses in 1986 and 1985, it may be
found in violation of minimum capital and surplus requirements
by officials in Maine and New York and be subject to sanctions
and administrative actions in those and other states.
    The company today reported a 1986 loss of 236,469 dlrs,
after realized investment gains of 734,609 dlrs, compared with
a 1985 loss of 2,522,293 dlrs, after investment gains of
645,438 dlrs.  Its fourth quarter net loss was 1,653,386 dlrs,
compared with 2,646,876 dlrs.
    The company said its fourth quarter and year losses
resulted from additions to loss reserves.
 Reuter
3;
bodyend
documentend
documentstart
12516
topicstart
earn
topicend
bodystart
2;

ELECTROMEDICS INC 
<
ELMD> YEAR NET


    ENGLEWOOD, Colo., April 2 -
    
Shr profit nil vs loss three cts
    Net profit 140,022 vs loss 882,869
    Revs 13.3 mln vs 8,870,035
    Avg shrs 45.0 mln vs 35.0 mln
    Backlog 1,683,000 vs 978,000
    NOTE: Current year net includes tax credit of 51,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12517
topicstart
earn
topicend
bodystart
2;

ELECTROMEDICS 
<
ELMD> TO TAKE 1ST QTR CHARGE


    ENGLEWOOD, Colo., April 2 - 
Electromedics Inc said it
expects to take a 150,000 dlr charge against first quarter
results due to the conversion of debentures.
    The company said, however, it expects "positive" operating
comparisons for the period.  Electromedics lost 6,000 dlrs in
last year's first quarter.
 Reuter
3;
bodyend
documentend
documentstart
12520
topicstart
earn
topicend
bodystart
2;

SHELDAHL INC 
<
SHEL> 2ND QTR FEB 28 NET


    MINNEAPOLIS, April 2 -
    
Shr 24 cts vs four cts
    Net 663,000 vs 109,000
    Sales 20.5 mln vs 13.9 mln
    Six mths
    Shr 48 cts vs nine cts
    Net 1,311,000 vs 255,000
    Sales 43.2 mln vs 30.0 mln
    Avg shrs 2,719,205 vs 2,804,048
 Reuter
3;
bodyend
documentend
documentstart
12521
topicstart
earn
topicend
bodystart
2;

MELLON 
<
MEL> SEES LARGE FIRST-QUARTER LOSS


    PITTSBURGH, PA., April 2 - 
Mellon Bank Corp said it expects
to report a loss for the first quarter in the range of 55 mln
to 65 mln dlrs or 2.13 to 2.15 dlrs a share.
    The company also said it intends to reduce its second
quarter common stock dividend to 35 cts a share from 69 cts.
    Mellon said it will make a provision for loan losses in the
first quarter of 175 mln dlrs, reflecting about 95 mln dlrs in
charge-offs and 80 mln dlrs in additions to the loan-loss
reserve.
    It will also put 310 mln dlrs in Brazilian loans on a cash
basis, resulting in interest reversals of 10 mln dlrs.
    In the first quarter of 1986, Mellon earned 60.4 mln dlrs
or 2.13 dlrs a share.
    Chairman David Barnes said the loan charge-offs and
increased provisions address four areas of concern in the
bank's wholesale lending portfolio - the energy sector,
developing countries, some basic industrial companies and
several commercial real estate businesses.
    Mellon said the loan loss reserve at the end of the first
quarter is estimated to be 575 mln dlrs, or about 2.5 pct of
the loan book, compared with 493.8 mln dlrs or 2.17 pct of
total loans at the end of 1986.
    Mellon said its primary capital ratio at the end of the
first quarter will be in line with the end-1986 figure of 7.23
pct, well in excess of regulatory guidelines.
    Non-performing loans at quarter-end are estimated at 1.45
billion dlrs, or 6.5 pct of the loan portfolio, compared with
928 mln dlrs or 3.94 pct at the end of 1986.
    Barnes noted that Mellon has a bigger involvement in
energy-based lending than many other banks. Because of the lack
of a substantial recovery in energy prices this year,
especially in natural gas prices, it was felt prudent to
increase reserves and take losses on loans in this sector.
    "This action relates both to loans to companies directly
involved in energy, as well as loans to real estate developers,
home builders and financial institutions in the Southwestern
United States," Barnes said.
    As for LDC loans, he said Mellon had removed about 80 mln
dlrs in fully current Argentine loans from cash basis but had
charged off about 20 mln dlrs in private-sector Mexican debt.
    He said Mellon, which was ordered in December to quit
Brazil because of its refusal to renew some short-term credit
lines, expects to participate in efforts to helpt Brazil and
other sovereign borrowers to reschedule their debts.
    Loans to basic industries were not major contributors to
the increase in non-performing assets or to first-quarter
charge offs, but Mellon said it remains concerned about the
absence of a strong recovery in steel and related industries.
    The increase in reserves, the dividend cut and continued
management cost-cutting are aimed at ensuring that Mellon has
the financial strength to deal with current uncertainties,
Barnes said.
    "We cannot predict when the uncertainties that presently
trouble us will end, but we are confident we are managing them
aggressively," he added.
 Reuter
3;
bodyend
documentend
documentstart
12522
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES


    ANKARA, April 2 - 
Turkey's Central Bank set a lira/dollar
rate for April 3 of 782.50/786.41 to the dollar, down from
780.00/783.90. It set a lira/D-mark rate of 428.30/430.44 to
the mark, up from 429.15/431.30.
 REUTER
3;
bodyend
documentend
documentstart
12523
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 40 MLN STG LATE HELP


    LONDON, April 2 - 
The Bank of England said it had provided
the money market with around 40 mln stg late assistance. This
takes the Bank's total help today to some 537 mln stg and
compares with its estimate of a 700 mln stg shortage.
 REUTER
3;
bodyend
documentend
documentstart
12524
topicstart
earn
topicend
bodystart
2;

KLOECKNER SEES FURTHER GROWTH IN ENGINEERING


    HANOVER, West Germany, April 2 - 
Kloeckner-Werke AG

<
KLKG.F> should have turnover this year around 1985/86's 2.4
billion marks though more growth is likely in engineering in
coming years, management board chairman Herbert Gienow said.
    He told a news conference at the trade fair here that by
the mid-1990s turnover should reach between six and seven
billion marks, mainly through acquisitions totalling "several
hundred million marks."
    Kloeckner reported in March higher profits in its
engineering sector which enabled it to raise profits by nearly
a third in the 1985/86 year to 45.2 mln marks from 33.8 mln.
 Reuter
3;
bodyend
documentend
documentstart
12525
topicstart
austdlr
dmk
topicend
bodystart
2;

CITIBANK SELLS MARK/AUSTRALIAN DLR WARRANTS


    LONDON, April 2 - 
Citicorp said that on behalf of its
Citibank N.A. Subsidiary, it is issuing 100,000 naked currency
warrants priced at 67-1/2 marks each to purchase Australian
dlrs for marks at a rate of 1.1825 marks per Australian dlr.
    The current rate is 1.2850 marks per Australian dlr. Each
warrant is for a nominal amount of 1,000 marks and the minimum
purchase will be for 100 warrants.
    The warrants expire on January 8, 1988. Payment is due on
April 8 and the warrants will be listed on the Luxembourg Stock
Exchange.
 REUTER
3;
bodyend
documentend
documentstart
12527
topicstart
topicend
bodystart
2;

THERMO ELECTRON 
<
TMO> SELLS CONVERTIBLE DEBT


    NEW YORK, April 2 - 
Thermo Electron Corp is raising 75 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a 5-3/4 pct coupon and par pricing, said lead manager
Shearson Lehman Brothers Inc.
    The debentures are convertible into the company's stock at
30.50 dlrs per share, representing a premium of 25.77 pct over
the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated Ba-3 by
Moody's Investors and BB by Standard and Poor's. Drexel Burnham
and Tucker Anthony co-managed the deal.
 Reuter
3;
bodyend
documentend
documentstart
12529
topicstart
acq
topicend
bodystart
2;

FIRST FEDERAL FORT MYERS 
<
FFMY> TO MAKE PURCHASE


    FORT MYERS, Fla., April 2 - 
First Federal Savings and Loan
Association of Fort Myers said its board has executed a letter
of intent to acquire First Presidential Savings and Loan
Association of Sarasota, Fla., for 8,500,000 dlrs in cash.
    The company said a definitive agreement is expected to be
executed by May 15 and the transaction is expected to be
completed by year-end.
    The purchase price is subject to an increase on a dollar
for dollar basis to the extent that the net worth of First
Presidentail exceeds 4,100,000 dlrs at the time of closing, the
company said.
3;
bodyend
documentend
documentstart
12530
topicstart
acq
topicend
bodystart
2;
******
ELI LILLY AND CO PLANS TO SELL ITS ELIZABETH ARDEN SUBSIDIARY

Blah blah blah.
3;


bodyend
documentend
documentstart
12531
topicstart
earn
topicend
bodystart
2;

SAN DIEGO GAS 
<
SDO> SEES DECISION HURTING NET


    SAN DIEGO, April 2 - 
San Diego Gas and Electric Co said a
California Public Utilities Commission decision to reconsider
allowing only 20 mln dlrs of the 69 mln dlrs in San Onofre
nuclear station costs it disallowed makes it likely that
earnings in 1987 will be reduced at least 36 cts per share.
    The company said if the decision to disallow the other 20
mln dlrs is not changed, earnings would be penalized by another
19 cts.
 Reuter
3;
bodyend
documentend
documentstart
12532
topicstart
acq
topicend
bodystart
2;

ELI LILLY 
<
LLY> TO SELL ELIZABETH ARDEN UNIT


    INDIANAPOLIS, April 2 - 
Eli Lilly and Co said its board
decided to sell Elizabeth Arden Inc, a wholly owned subsidiary
that manufactures and markets cosmetics and fine fragrance
products.
    It said the business, which had sales of 67 mln dlrs when
it was acquired in 1971, had sales last year of 398 mln dlrs,
up 12 pct from 1985. It had operating profits of about 33 mln
dlrs in 1986.
    Lilly said it retained Morgan Stanley and Co to help
evaluate offers.
    Lilly said it expects to use the after-tax proceeds from
the sale of its cosmetics business for general corporate
purposes, including the repurchase from time to time of its
common stock or warrants on the open market.
    In a statement, Lilly Chairman Richard Wood said "This
strategic decision was reached on the basis of our belief that
in the future the corporation's resources, including its
research activities, should be focused on its other business
which have a high technology, life sciences orientation."
 Reuter
3;
bodyend
documentend
documentstart
12533
topicstart
iron-steel
crude
topicend
bodystart
2;

MADRID METRO HALTED AS SPANISH STRIKES SPREAD


    MADRID, April 2 - 
An estimated 1.2 mln metro users in
Madrid were stranded today as striking railway workers halted
the underground transport system, industry sources said. The
strikers joined coal miners, steel and oil refinery workers in
Spain's latest wave of stoppages over wage demands.
    Some 10,000 pitmen in the northern province of Leon entered
the second day of an indefinite stoppage to demand wage rises
and a five-day working week, the sources said.
    Oil refinery workers picketed the state-owned Empresa
Nacional de Petroleo SA (EMP) to prevent fuel lorries leaving
the company's largest plant in Puertollano, central Spain.
    Paramilitary police were guarding steel mills at Reinosa,
in northern Spain, from the daily protests against planned job
cuts. A local government official said the police force would
remain in place until tempers had cooled down.
    More than 60 people were injured in pitched battles between
police and steel foundry workers in Reinosa last month.
 REUTER
3;
bodyend
documentend
documentstart
12534
topicstart
jobs
topicend
bodystart
2;

BELGIAN UNEMPLOYMENT FALLS IN MARCH


    BRUSSELS, April 2 - 
Belgian unemployment, based on the
number of jobless drawing unemployment benefit, fell to 11.8
pct of the working population at the end of March from 12.1 pct
at end of February, the National Statistics Office said.
    The rate compares with 12.0 pct at the end of March, 1986.
    The total number of jobless stood at 495,208, compared with
508,392 in February and 504,652 in March last year.
 REUTER
3;
bodyend
documentend
documentstart
12536
topicstart
topicend
bodystart
2;

TIDEWATER 
<
TDW> COMPLETES DEBT RESTRUCTURE


    NEW ORLEANS, April 2 - 
Tidewater Inc said it completed
agreements to restructure about 125 mln dlrs in debt that call
for payment of interest only through March 1989.
    The deferral of all principal payments until April 1989
will save the company 12 mln dlrs in cash flow in each of the
next two years, it said.
    The restructured agreements call for suspending dividend
payment on Tidewater's common and convertible adjustable
preferred stock and contain other restrictive covenants,
including a requirement to maintain minimum tangible net worth.
    
<
Prudential Insurance Co> and Manufacturers Hanover Corp

<
MHC>, the company's principle lenders, will receive as
collateral a pledge of stock in Tidewater subsidiaries that own
interests in oil and gas ventures offshore Indonesia.
    Banca Nazionale del Lavoro, an Italian bank, will obtain a
security interest in Tidewater's assets in Italy.
 Reuter
3;
bodyend
documentend
documentstart
12537
topicstart
topicend
bodystart
2;

STANLEY INTERIORS 
<
STHF> SELLS CONVERTIBLE DEBT


    NEW YORK, April 2 - 
Stanley Interiors Corp is raising 25
mln dlrs through an offering of convertible subordinated
debentures due 2012 with a seven pct coupon and par pricing,
said lead manager Salomon Brothers Inc.
    The debentures are convertible into the company's common
stock at 14.06 dlrs per share, representing a 25 pct premium
over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated B-2 by
Moody's and B-minus by Standard and Poor's. First Albany and
Wheat First co-managed the deal, which was reduced from an
initial offering of 30 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12538
topicstart
acq
topicend
bodystart
2;

KEY CENTURION 
<
KEYC> COMPLETES ACQUISITIONS


    CHARLESTON, W.Va., April 2 - 
Key Centurion Bancshares Inc
said it has completed the previously-announced acquisitions of
Union Bancorp of West Virginia Inc and Wayne Bancorp Inc.
 Reuter
3;
bodyend
documentend
documentstart
12540
topicstart
acq
topicend
bodystart
2;

CB AND T 
<
CBTB> COMPLETES ACQUISITION


    COLUMBUS, Ga., April 2 - 
CB and T Bancshares Inc said it
has completed the acquisition of First Community Bancshares Inc
Of Tifton, Ga., which as assets of 62 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12543
topicstart
grain
wheat
topicend
bodystart
2;

COLOMBIA BUYS 25,000 TONNES FRENCH WHEAT - TRADE


    PARIS, April 2 - 
Colombia recently bought 25,000 tonnes of
French soft wheat at 108 dlrs per tonne, c and f, for end-April
shipment, trade sources said.
    This follows the country's tender for 25,000 tonnes of
optional origin wheat for shipment April 20-30, they said.
    France had not sold wheat to Colombia for several years.
 Reuter
3;
bodyend
documentend
documentstart
12545
topicstart
earn
topicend
bodystart
2;
******
GENERAL PUBLIC UTILITIES RESUMES DIVIDENDS ON COMMON STOCK, PAYS 15 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
12546
topicstart
acq
topicend
bodystart
2;

ZIMBABWE GOVERNMENT BUYS INTO ASTRA


    HARARE, April 2 - 
The Zimbabwe government has bought 85 pct
of the equity in 
<
Astra Corporation> for 25.5 mln dlrs from
Netherlands-based 
<
Bommenede Houdstermaatschappij (Nederland
BV)>, Astra announced.
    Astra owns five companies with interests in engineering,
paint manufacture and the distribution of farm machinery and
equipment, motor vehicles and earthmoving equipment.
    The company is now locally controlled with 80 pct of its
equity owned by the government, 14 pct by the Dutch firm. A six
pct stake was donated to the Astra Corporation Workers' Trust
by the government and the Dutch company.
 Reuter
3;
bodyend
documentend
documentstart
12548
topicstart
topicend
bodystart
2;

ELI LILLY 
<
LLY> TO BUY 2.3 MLN SHARES


    INDIANAPOLIS, April 2 - 
Eli Lilly and Co said its board
approved a plan to buy up to 2.3 mln shares of its common stock
to offset dilution from conversion of its 10-year notes issued
in connection with the acquisition of Hybritech Inc in March
1986.
    The non-transferable notes pay interest at an annual rate
of 6.75 pct. The notes, which mature on March 31, 1996, became
convertible into 2.3 mln shares of Lilly stock at 66.31 dlrs a
share beginning March 18, 1987.
    Lilly said it will buy shares of stock from time to time in
the open market at prevailing prices or in privately negotiated
transactions.
    The newly announced purchase plan is in addition to its
existing anti-dilutive stock repurchase programs. Under these
programs, the company systematically buys back shares in the
open market to replace shares issued under its stock plan and
acquisition earnout agreements.
    Currently the only other potentially diluting instruments
are the warrants that the company also issued in connection
with the Hybritech acquisition.
    Lilly issued 17.1 mln warrants with an expiration of March
31, 1991. A warrant gives the holder the right to purchase one
share of Lilly common at 75.98 dlrs. Since the acquisition,
Lilly has repurchased 2.0 mln warrants, so there are currently
15.1 mln outstanding.
    The warrants are publicly traded on the New York Stock
Exchange.
    Because of the theoretical size of the dilution resulting
from the outstanding warrants, warrants convertible notes,
stock plan and acquisition earnout agreements, the company said
it will be required to report earnings per share on a fully
diluted basis beginnng with the first quarter of 1987.
    At the end of February, Lilly had 139.6 mln shares
outstanding.
 Reuter
3;
bodyend
documentend
documentstart
12549
topicstart
earn
topicend
bodystart
2;
******
UTILICORP RECOMMENDS THREE-FOR-TWO SPLIT, DIVIDEND INCREASE AND ADDITIONAL CLASS OF STOCK

Blah blah blah.
3;


bodyend
documentend
documentstart
12550
topicstart
earn
topicend
bodystart
2;

GPU 
<
GPU> DECLARES FIRST DIVIDEND SINCE 1979


    PARSIPANNY, N.J., April 2 - 
General Public Utilities Corp
said its board declared a dividend of 15 cts per share on
common stock, its first dividend since it omitted payment in
February 1980 as a result of the Three Mile Island nuclear
accident in 1979.
    The company said it was able to declare the dividend due to
progress in the cleanup of Three Mile Island Unit Two.
    A company spokesman said GPU expects to continue declaring
dividends on a quarterly basis, with the rate depending on the
progress of the cleanup and on other company operations.
    GPU said the dividend is of "modest size," representing
less than a third of the amount paid as a dividend by the
average electric utility.
    "As the operating companies need to return to the capital
markets for debt and preferred stock, this should tend to
produce lower cost and better terms," the company said.
    The dividend is payable May 29 to holders of record April
24.
 Reuter
3;
bodyend
documentend
documentstart
12551
topicstart
earn
topicend
bodystart
2;

BRITTON LEE 
<
BLII> SEES FIRST QUARTER LOSS


    LOS GATOS, Calif., April 2 - 
Britton Lee Inc said it
expects to report a loss on lower sales than it had anticipated
for the first quarter.
    The company earned 119,000 dlrs before a 70,000 dlr tax
credit on sales of 7,227,000 dlrs in the year-ago period.
3;
bodyend
documentend
documentstart
12554
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH SPECIAL ADVANCES UNCHANGED AT 5.3 PCT


    AMSTERDAM, April 2 - 
The Dutch central bank announced new
12-day special advances at an unchanged rate of 5.3 pct to
cover money market tightness for the period April 3 to 15.
     The amount will be set at tender on April 3 between 0700
and 0730 hours GMT.
    The new facility replaces the current 4.2 billion guilders
of nine-day advances which expire tomorrow.
    Money market dealers said the rate for the new advances was
in line with expectations. They added they expect the Bank to
allocate between 4.0 and 4.5 billion guilders.
 REUTER
3;
bodyend
documentend
documentstart
12555
topicstart
jobs
topicend
bodystart
2;

EC TO BOOST SPENDING ON JOB CREATION THIS YEAR


    BRUSSELS, April 2 - 
The European Community (EC) is to boost
spending to help the jobless this year.
    The EC's executive commission said in a statement spending
on its so-called social fund would rise to 3.1 billion European
Currency Units from 2.5 billion ECUs in 1986. The fund is
designed to help boost job creation and improve worker
mobility, and supplement national schemes in the EC's 12 member
states.
    Another 60 mln ECUs could be added if EC ministers switch
unused project credits to other programs, the Commission said.
    Italy is the largest net beneficiary in 1987, getting 635
mln ECUs, with Britain in second place with 580 mln.
 REUTER
3;
bodyend
documentend
documentstart
12556
topicstart
topicend
bodystart
2;

BACOB FINANCE ISSUES 50 MLN AUSTRALIAN DLR BOND


    LONDON, April 2 - 
Bacob Finance NV is issuing a 50 mln
Australian dlr eurobond due July 5, 1990 paying 14-3/4 pct and
priced at 101-3/8 pct, lead manager Goldman Sachs International
Corp said.
    The non-callable bond is available in denominations of
1,000 and 10,000 Australian dlrs and will be listed in
Luxembourg. The selling concession is one pct while management
and underwriting combined pays 1/2 pct.
    The payment date is May 5 and there will be a long first
coupon. The issue is guaranteed by Bacob Savings Bank.
 REUTER
3;
bodyend
documentend
documentstart
12557
topicstart
acq
topicend
bodystart
2;

JACOBS TAKES MAJORITY STAKE IN COTE D'OR


    ZURICH, April 2 - 
Jacobs Suchard AG said it acquired a
"comfortable majority" interest in its takeover bid for Cote d'Or
SA, Belgium's leading producer of chocolate.
    In a statement, Jacobs said it had acquired all the shares
tendered by the time its offer expired on March 30. The offer,
for 100 pct of Cote d'Or at 8,050 Belgian francs per ordinary
share, was agreed with the Belgian firm's board.
    A Jacobs spokesman declined to specify the size of the
majority stake and said Jacobs had not decided what it would do
about acquiring the outstanding shares.
 Reuter
3;
bodyend
documentend
documentstart
12558
topicstart
trade
topicend
bodystart
2;
******
YEUTTER SAYS U.S. SHOULD STRESS TRADE NEGOTIATIONS AS LONG-TERM U.S. TRADE POLICY

Blah blah blah.
3;


bodyend
documentend
documentstart
12559
topicstart
earn
topicend
bodystart
2;

HOLIDAY 
<
HIA> RECAPITALIZATION APPROVED


    MEMPHIS, Tenn., April 2 - 
Holiday Corp said the New Jersey
Casino Control Commission has approved its recapitalization
plan, providing the final regulatory approval needed.
    The company said it expects to announce next week the
record date for the special 65 dlr per share dividend
shareholders will receive under the plan and to pay the
dividend during the month of April, with the exact timing
depending on the closing of financing arrangements.
    Holiday operates Harrah's Marina Hotel and Casino in
Atlantic City, N.J.
 Reuter
3;
bodyend
documentend
documentstart
12560
topicstart
topicend
bodystart
2;

ITALY'S IMI HAS NO PRESENT PLAN FOR FIAT ISSUE


    ROME, April 2 - The Italian state bank 
<
IMI - 
Istituto
Mobiliare Italiano> said it was not in a position at present to
formulate proposals on an IMI bond issue convertible into Fiat
SpA 
<
FIAT.MI> shares or carrying warrants for exercise into
these shares.
    The IMI statement, which referred to recent press reports
that such an issue was imminent or possible, said IMI was still
examining the problems involved, but gave no further details.
 Reuter
3;
bodyend
documentend
documentstart
12562
topicstart
earn
topicend
bodystart
2;

COMP-U-CARD INTERNATIONAL INC 
<
CUCD> 4TH QTR NET


    STAMFORD, Conn., April 2 - 
January 31 end
    Oper shr profit 16 cts vs loss six cts
    Oper net profit 2,879,000 vs loss 958,000
    Revs 41.9 mln vs 24.1 mln
    Avg shrs 18.2 mln vs 15.8 mln
    Year
    Oper shr profit 49 cts vs profit 18 cts
    Oper net profit 8,660,000 vs profit 2,832,000
    Revs 141.8 mln vs 87.5 mln
    Avg shrs 17.8 mln vs 15.8 mln
    NOTE: Net excludes extraordinary tax charge 156,000 dlrs vs
credit 2,257,000 dlrs in quarter and credits 1,041,000 dlrs vs
3,589,000 dlrs in year.
 Reuter
3;
bodyend
documentend
documentstart
12563
topicstart
trade
topicend
bodystart
2;

YEUTTER STRESSES IMPORTANCE OF TRADE TALKS


    WASHINGTON, April 2 - 
U.S. Trade Representative Clayton
Yeutter stressed the importance of trade negotiations to open
foreign markets rather than trade restrictions in a statement
to the Senate Finance Committee.
    "In the long term we cannot repeatedly bludgeon other
nations into opening their markets with threats of U.S.
restrictions. Rather, we must be able to negotiate credibly for
global liberalization," Yeutter said.
    Yeutter did not mention the recent U.S. trade sanctions
against Japanese semiconductors in his testimony on the pending
trade bill.
    Yeutter said the trade bill should increase U.S.
competitiveness, aid U.S. trade negotiating leverage, and avoid
provoking foreign retaliation.
    He urged Congress to reject provisions that would mandate
U.S. retaliation against foreign unfair trade practices.
    Yeutter emphasized the importance of the new multilateral
trade negotiating round and called on Congress to quickly
approve an extension of U.S. negotiating authority.
    "We want to open foreign markets and establish and enforce
rules of international competition, not foster dependence on
protection and subsidies," he said.
 Reuter
3;
bodyend
documentend
documentstart
12564
topicstart
trade
topicend
bodystart
2;

EC MUST EXPLAIN FARM POLICY TO U.S., FRANCE SAYS


    PARIS, April 2 - 
The U.S. and the European Community could
enter into a new trade dispute unless urgent action is taken to
explain EC farm policy to the U.S. Congress, French official
sources said.
    They said Prime Minister Jacques Chirac planned to urge EC
Commission president Jacques Delors to send a team of experts
to Washington as soon as possible.
    Chirac returned to Paris this morning after three days of
talks in New York and Washington in which trade and
protectionism featured prominently.
    At the centre of the new trade tension is an EC Commission
proposal to tax vegetable oils, the sources said.
 Reuter
3;
bodyend
documentend
documentstart
12566
topicstart
topicend
bodystart
2;

AETNA LIFE/CASUALTY 
<
AET> FILES TO OFFER NOTES


    HARTFORD, Conn., April 2 - 
Aetna Life and Casualty Co said
it filed a shelf registration with the Securities and Exchange
Commission for the issue of 200 mln dlrs of debt securities.
    Managers of the offering have not been selected. Terms of
the securities will be based on market conditions, the company
said.
    Proceeds will be added to general funds and used to support
Aetna's basic insurance and financial services businesses.
 Reuter
3;
bodyend
documentend
documentstart
12567
topicstart
topicend
bodystart
2;

S/P RATES NOMURA INTERNATIONAL PLC BONDS AAA


    NEW YORK, April 2 - 
Standard and Poor's Corp said it
assigned a preliminary AAA rating to 150 mln dlrs of 7-1/4 pct
guaranteed subordinated bonds due 1992 of Nomura International
Finance PLC, the U.K. unit of Nomura Securities Co Ltd.
    S and P cited the guarantee, which is a senior obligation
of the parent company, the largest of the Big Four securities
houses in Japan.
    The rating agency noted that Nomura Securities has by far
the largest capital base in nominal terms of any securities
firm in the world and is conservatively leveraged.
 Reuter
3;
bodyend
documentend
documentstart
12569
topicstart
earn
topicend
bodystart
2;

CENTRONICS CORP 
<
CEN> YEAR LOSS


    NASHUA, N.H., April 2 -
    
Oper shr loss 11 cts vs loss 36 cts
    Oper net loss 2,383,000 vs loss 4,285,000
    Total income 2,194,000 vs nil
    NOTE: Resultes restated for discontinued operations and
exclude discontinued operations loss 5,755,000 dlrs vs gain
4,933,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12570
topicstart
earn
topicend
bodystart
2;

SANDSPORT DATA SERVICES INC 
<
SAND> 3RD QTR NET


    PORT WASHINGTON, N.Y., April 2 - 
Feb 28 end
    Shr nil vs nil
    Net 132,804 vs 53,510
    Revs 2,001,107 vs 1,467,742
    Avg shrs 73.9 mln vs 56.7 mln
    Nine mths
    Shr nil vs nil
    Net 302,316 vs 171,034
    Revs 5,230,014 vs 4,112,562
    Avg shrs 74.4 mln vs 56.7 mln
 Reuter
3;
bodyend
documentend
documentstart
12571
topicstart
interest
topicend
bodystart
2;

NORTH CAROLINA FEDERAL 
<
NCFS> RAISES PRIME RATE


    CHARLOTTE, N.C., April 2 - 
North Carolina Federal Savings
and Loan Association said it has raised its prime rate to 7-3/4
pct from 7-1/2 pct, effective yesterday, following moves by
major banks.
 Reuter
3;
bodyend
documentend
documentstart
12572
topicstart
earn
topicend
bodystart
2;

HEALTH IMAGES INC 
<
HIMG> 4TH QTR LOSS


    ATLANTA, April 2 -
    
Shr loss one ct vs loss seven cts
    Net profit 108,419 vs loss 241,192
    Revs 2,044,882 vs 317,266
    Year
    Shr loss 18 cts vs loss 23 cts
    Net loss 430,027 vs loss 432,982
    Revs 5,088,065 vs 416,777
    NOTE: Share after preferred dividends.
 Reuter
3;
bodyend
documentend
documentstart
12573
topicstart
earn
topicend
bodystart
2;

SHELL CANADA SEES BETTER PROFIT, LOWER SPENDING


    CALGARY, Alberta, April 2 - 
<
Shell Canada Ltd>, 72 pct
owned by Royal Dutch/Shell Group, anticipates an improved level
of earnings in 1987, assuming a continuation of prices and
margins that existed at the end of 1986 and early 1987, the
company said in the annual report.
    Shell previously reported 1986 operating profit fell to 130
mln dlrs, excluding a 24 mln dlr unusual gain, from 146 mln
dlrs in the prior year.
    The company also said 1987 capital and exploration spending
of 420 mln dlrs will be 160 mln dlrs lower than last year, due
to the uncertain short-term outlook.
3;
bodyend
documentend
documentstart
12574
topicstart
earn
topicend
bodystart
2;

UTILICORP 
<
UCU> SEEKS TO SPLIT STOCK


    KANSAS CITY, Mo., April 2 - 
Utilicorp United Inc said its
management is recommending to the board of directors a
three-for-two stock split and an increase in the quarterly cash
dividend rate, currently at 37 cts per common share.
    The company said it is also submitting to shareholders at
its May 21 annual meeting a proposal authorizing an additional
class of common stock.
    Utilicorp said the board of directors will vote on the
split at its next regularly scheduled board meeting on May 6.
    It added that its semi-annual four pct stock dividend will
not change.
    Utilicorp said the proposal to create a new class of stock,
if approved, will authorize 20 mln shares of Class A common
stock with a par value of one dlr.
    The stock could be issued in various series with terms,
rights and preferences designated by the board in each
instance, Utilicorp said.
    The company said the new stock is intended to enhance
Utilicorp's ability to carry out future financings,
investments, acquisitions or for other corporate purposes.
 Reuter
3;
bodyend
documentend
documentstart
12576
topicstart
money-supply
gnp
topicend
bodystart
2;

BANK OF SPAIN GOVERNOR SAYS MONEY GROWTH TOO FAST


    MADRID, April 2 - 
Bank of Spain governor Mariano Rubio said
the central bank was worried that money supply was growing too
fast, reflecting excessive internal demand in the Spanish
economy, but added that he was confident recent measures would
succeed in restricting money growth.
    In testimony to the economic commission of Congress, Rubio
said the main measure of money supply, the broad-based Liquid
Assets in Public Hands, grew at an estimated annualised rate of
17 pct in March, the same as in February.
    The bank's target range for growth in this measure in 1987
is 6.5 to 9.5 pct, compared with 11.4 pct last year.
    Rubio said he was aiming for the lower end of the range.
    He added that real GDP growth of three pct in 1986 was due
to a six pct increase in real internal demand and a three pct
real drop in the contribution of the external sector.
    The aim for 1987 was for the same real growth in GDP but a
drop in the internal contribution to 4.5 pct with the negative
component of the external sector trimmed to 1.5 pct, he said.
 REUTER
3;
bodyend
documentend
documentstart
12578
topicstart
topicend
bodystart
2;

MDU 
<
MDU> PREFERRED STOCK UPGRADED TO A BY S/P


    NEW YORK, April 2 - 
Standard and Poor's Corp said it raised
to A from BBB-plus the preferred stock of MDU Resources Group
Inc.
    S and P affirmed the company's A-rated first mortgage bonds
and A-minus unsecured industrial revenue bonds. About 300 mln
dlrs of debt and preferred were outstanding at December 31,
1986.
    The rating agency cited recent redemptions that reduced the
layer of preferred in the company's capital structure. S and P
expects fundamentals to remain strong for electric utility and
natural gas pipeline and distribution units.
 Reuter
3;
bodyend
documentend
documentstart
12579
topicstart
earn
topicend
bodystart
2;

AMERICAN REALTY 
<
ARB> SETS RECORD DATE FOR OFFER


    DALLAS, April 2 - 
American Realty Trust said its board has
set April 3 as the record date for its previously announced
rights offering, and the rights will be issued on April 6 and
expire May 22.
    Shareholders will be able to subscribe for 1.25 shares for
each share held, at a price of 3.75 dlrs per share.
 Reuter
3;
bodyend
documentend
documentstart
12580
topicstart
earn
topicend
bodystart
2;

CARTER-WALLACE INC 
<
CAR> SETS REGULAR PAYOUT


    NEW YORK, April 2 -
    
Qtly div 20 cts vs 20 cts prior
    Pay June 1
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
12583
topicstart
grain
corn
topicend
bodystart
2;

EC SETS EXPORT LICENCES ON 20,000 TONNES MAIZE


    PARIS, April 2 - 
The European Community Commission awarded
export licences for 20,000 tonnes free market French maize at a
maximum export rebate of 129.40 European currency units (Ecus)
per tonne, trade sources said here.
    All requests for export licences for free market feed wheat
and barley were rejected, they said.
 Reuter
3;
bodyend
documentend
documentstart
12585
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

PAKISTAN TO TENDER FOR RBD PALM OLEIN TOMORROW


    LONDON, April 2 - 
Pakistan will tender tomorrow for 12,000
tonnes of refined bleached deodorised palm olein tomorrow,
split in two equal cargo lots for first and second half April
shipments, traders said.
    The tender will be financed with Islamic Development Bank
credit.
 Reuter
3;
bodyend
documentend
documentstart
12587
topicstart
grain
corn
topicend
bodystart
2;

USDA DENIES CHANGES IN TEXAS GULF DIFFERENTIALS


    WASHINGTON, April 2 - 
No changes have been made or are
being planned in the Agriculture Department's calculation of
price differentials between interior grain locations and the
Texas Gulf, a senior USDA official said.
    Ralph Klopfenstein, USDA deputy administrator for commodity
operations, told Reuters, "We do not anticipate any changes to
be made" in the Texas Gulf differentials used to calculate
posted county prices for corn.
    "We do not relate the Texas Gulf structure with the
Louisiana Gulf structure at all. It's a totally different
situation," he said.
    Rumors had circulated through the market this morning that
USDA had widened Texas Gulf differentials in a similar manner
to last weekend's adjustments with the Louisiana Gulf.
 Reuter
3;
bodyend
documentend
documentstart
12588
topicstart
money-fx
stg
topicend
bodystart
2;
******
 Lawson says his sterling target comments were misunderstood, and insignificant

Blah blah blah.
3;


bodyend
documentend
documentstart
12592
topicstart
interest
topicend
bodystart
2;

J.P. MORGAN 
<
JPM> INCREASES PRIME RATE


    NEW YORK, April 2 - 
J.P. Morgan and Co Inc said it is
raising its prime lending rate to 7-3/4 pct from 7-1/2 pct,
effective today.
    Most major U.S. banks are now posting a 7-3/4 pct rate.
Citibank was the first to announce an increase on Tuesday.
 Reuter
3;
bodyend
documentend
documentstart
12593
topicstart
money-fx
stg
topicend
bodystart
2;
******
LAWSON SAYS HIS STERLING-TARGET COMMENTS WERE MISUNDERSTOOD AND INSIGNIFICANT

Blah blah blah.
3;


bodyend
documentend
documentstart
12728
topicstart
nat-gas
topicend
bodystart
2;

COOPER BASIN NATURAL GAS RESERVES UPGRADED


    ADELAIDE, April 3 - 
Remaining recoverable gas reserves in
the areas held by the Santos Ltd 
<
STOS.S>-led Cooper Basin
joint ventures have been upgraded to 2,721.7 billion cubic feet
(bcf) from the 2,466 estimated last May, Santos said.
    The upgrading followed a re-review by consultant 
<
Coles
Nikiforuk Pennell Associates> in light of the large number of
gas finds since May 1986, Santos said in a statement.
    This means that total contractual commitments of 2,455.5
bcf to 
<
The Australian Gas Light Co> of New South Wales and the
Pipeline Authority of South Australia can be met with spare gas
available for sale in South Australia, it said.
 REUTER
3;
bodyend
documentend
documentstart
12731
topicstart
interest
topicend
bodystart
2;

ANZ BANK TO CUT AUSTRALIAN PRIME RATE TO 18 PCT


    MELBOURNE, April 3 - 
Australia and New Zealand Banking
Group Ltd 
<
ANZA.S> said it will lower its Australian prime
lending rate to 18 pct from 18.25, effective April 6.
    The cut is the second announced by the bank in the last
week, following a cut from 18.5 pct effective last Monday.
    The ANZ's new rate will be the lowest prime set by the four
major trading banks and matches the rate set by one of the
smaller foreign banks in January and left unchanged during the
rise in primes over the last three months.
    Other primes range from 18.25 to 18.5 pct, including those
of the other three majors.
 REUTER
3;
bodyend
documentend
documentstart
12732
topicstart
interest
topicend
bodystart
2;

ANZ BANK IN N.Z. RAISES INDICATOR LENDING RATE


    WELLINGTON, April 3 - 
The Australia and New Zealand Banking
Group Ltd in New Zealand said it will raise its indicator
lending rate to 23 pct from 21.5 pct on April 7.
    A bank statement said the continuing rise in the cost of
funds had to be passed on to the lending customers.
    ANZ managing director Brian Weeks said: "Recent developments
in the money markets are of deep concern to all participants
... Market participants are understandably nervous and cautious
about future developments.
    These include flows to and from the government relating to
the privatisation of seven government departments on April 1.
    "We welcome the flexibility evident in the Reserve Bank's
move to raise the system cash target yesterday, but feel that
to reduce the present nervousness the cash target and primary
liquidity level need to be raised further...," he said.
    The Reserve Bank has raised its daily cash target to 45 mln
N.Z. Dlrs from its normal 30 mln dlrs.
    Call rates have traded as high as 65 pct this week because
of business year-end March 31 balance date book squaring.
    Westpac Banking Corp in New Zealand announced yesterday it
would increase its indicator lending rate by 1.5 percentage
points to 22.5 pct on April 7.
 REUTER



3;
bodyend
documentend
documentstart
12734
topicstart
topicend
bodystart
2;

CITIC TO ISSUE 30 BILLION YEN BOND IN TOKYO


    TOKYO, April 3 - 
The China International Trust and
Investment Corp (CITIC) will issue a 30 billion yen, 10-year
bond on April 23, Daiwa Securities said as lead manager.
    The samurai bond, to be signed on on April 14, will be the
first since an Asian Development Bank issue in February.
    The coupon is expected to be around five pct, Daiwa said.
    The April Japanese government 10-year bond coupon has been
set at 4.7 pct against five pct on the March bond.
 REUTER
3;
bodyend
documentend
documentstart
12735
topicstart
topicend
bodystart
2;

AUSTRALIAN TREASURY NOTE TENDER 200 MLN DLRS


    SYDNEY, April 3 - 
The Reserve Bank said it would offer for
tender 200 mln dlrs of 13-week treasury notes next week.
    The Bank added it would take up 300 mln dlrs of 13-week
notes at the average yield.
    The bank will not offer any 26-week notes for tender next
week.
 REUTER
3;
bodyend
documentend
documentstart
12737
topicstart
carcass
livestock
orange
topicend
bodystart
2;

JAPAN/U.S. AGRICULTURE TALKS SET FOR APRIL 17, 20


    TOKYO, April 3 - 
Agriculture Minister Mutsuki Kato said he
will meet U.S. Agriculture Secretary Richard Lyng here on April
17 and 20 to discuss bilateral farm trade issues. Lyng will
visit Tokyo from April 16 to 27.
    Kato told reporters after a cabinet meeting all topics ofconcern to the U.S. Will be discussed, such as trade in beef

and oranges and import controls on farm products. He said
Shintaro Abe, the ruling Liberal Democratic Party's executive
council chairman, would propose some unspecified measures in
response to demands to ease import controls on U.S. Farm
products. Kato declined to give any details.
 REUTER
3;
bodyend
documentend
documentstart
12738
topicstart
topicend
bodystart
2;

LUCAS INDUSTRIES CONVERTIBLE BOND INCREASED, FIXED


    LONDON, April 3 - 
Lucas Industries Inc's convertible
eurobond has been increased to 83 mln dlrs from the initial 75
mln dlrs due to strong demand for the deal, lead manager J.
Henry Schroder Wagg and Co Ltd said.
    The coupon has been set at 5-1/4 pct. The conversion price
is fixed at 640 pence per share, representing a premium of
11-1/2 pct over yesterday's mid-price close of 574 pence.
    The seven year put option was priced at 118 pct to give the
investor a yield to the put of 7.31 pct. The foreign exchange
rate was fixed at 1.6030 U.S. Dlrs to one stg. The borrower is
a unit of Lucas Industries Plc 
<
LUCS.L>.

 REUTER
3;
bodyend
documentend
documentstart
12740
topicstart
topicend
bodystart
2;

SWEDEN ISSUES SEVEN-YEAR DOMESTIC BOND


    STOCKHOLM, April 3 - 
Sweden's National Debt Office said it
was issuing a four billion crown, seven-year domestic
government bond with a coupon of 10.75 pct.
    It invited bids by April 6 and payment date for the loan is
April 10.
    The issue, like all Swedish domestic paper, is closed to
non-residents.
 REUTER
3;
bodyend
documentend
documentstart
12741
topicstart
money-fx
interest
topicend
bodystart
2;

NEW DUTCH ADVANCES TOTAL 4.1 BILLION GUILDERS


    AMSTERDAM, April 3 - 
The Duth Central bank said it accepted
bids totalling 4.086 billion guilders at tender for the new
twelve-day special advances at an unchanged 5.3 pct.
    Bids up to 30 mln guilders were met in full, amounts above
at 40 pct.
    The new advances, covering the period April 3 to 15,
replace the current 4.2 billion guilder nine-day facility at
5.3 pct, which expires today.
    Money market dealers said the total amount allocated was in
line with expectations and would be sufficient to cover the
money market shortage for the duration of the facility.
 REUTER
3;
bodyend
documentend
documentstart
12742
topicstart
topicend
bodystart
2;

TOYO TRUST ISSUES 100 MLN DLR CONVERTIBLE BOND


    LONDON, April 3 - 
Toyo Trust and Banking Co Ltd is issuing
a 100 mln dlr convertible eurobond due March 31, 2002 paying an
indicated two pct and priced at par, lead manager Toyo Trust
International said.
    The issue is callable after three years at 104 pct
declining by 1/2 pct per annum to par thereafter. It is not
callable unless the share price exceeds the conversion price by
150 pct.
    The selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct. Final terms will be fixed on
April 10. The payment date is April 30 and there will be a
short first coupon period. The issue will be listed in
Luxembourg.
 REUTER
3;
bodyend
documentend
documentstart
12743
topicstart
jobs
topicend
bodystart
2;

GERMAN MARCH UNADJUSTED JOBLESS FALLS


    NUREMBERG, April 3 - 
West German unemployment, unadjusted
for seasonal factors, fell to 2.41 mln in March from 2.49 mln
in February, the Federal Labour Office said.
    The total represents 9.6 pct of the workforce compared with
10.0 pct in February.
    The seasonally adjusted jobless total rose, however, in
March to 2.23 mln from 2.18 mln in February, it added.
    In March last year the unadjusted unemployment total stood
at 2.45 mln and represented 9.8 pct of the workforce.
Seasonally adjusted unemployment was 2.29 mln.
    The Federal Labour Office said the number of workers on
short time rose by 80,629 to 462,802 and the number of
vacancies increased by 15,263 to 180,047.
    Labour Office President Heinrich Franke, announcing the
figures, said the hesitant decline in the unadjusted jobless
total reflected continuing bad weather, slack activity in the
capital goods sector and structural changes in the coal and
steel industry.
    In a separate statement, the Federal Statistics Office said
the rise in the overall number of people in employment had
slowed in February.
    The Office said that, according to estimates for February,
25.7 mln people were in work, a rise of around 240,000 or 0.9
pct compared with the same month in 1986.
    It noted that in January the year-on-year rise was 250,000
or 1.0 pct and the number in work stood at 25.78 mln. The
decline in February compared with January reflected seasonal
factors, it added.
 REUTER
3;
bodyend
documentend
documentstart
12745
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FORECAST AT 700 MLN STG


    LONDON, April 3 - 
The Bank of England said it has forecast
a shortage of around 700 mln stg in the system today.
    Among the main factors, maturing assistance and take-up of
treasury bills will drain 546 mln stg, bills for repurchase by
the market 76 mln, a rise in note circulation 310 mln and
bankers balances below target 105 mln.
    The outflow will be partly offset by 340 mln stg exchequer
transactions.
 REUTER
3;
bodyend
documentend
documentstart
12746
topicstart
palm-oil
veg-oil
topicend
bodystart
2;

PORLA CRUDE PALM OIL TRADE REPORT FOR APRIL 2


    KUALA LUMPUR, April 3 - 
The Palm Oil Registration and
Licensing Authority (PORLA) reports trade in crude palm oil
(cpo) on April 2 as follows in ringgit per tonne delivered
unless stated.
    April 752.50 south and central 751 north average 752.50
down 6.50. May 750 south down 11.
    Refined palm oil traded in bulk US dlrs per tonne fob. RBD
palm oil May 320. RBD palm olein April 336 May 337.50 June 337.
RBD palm stearin May 275.
    The cpo market was lower in light trading, with April
traded between 747.50 and 755 ringgit per tonne.
    The refined palm oil market was slightly easier and April
delivery of RBD palm olein to Singapore traded at 856.50
ringgit per tonne.
 REUTER
3;
bodyend
documentend
documentstart
12748
topicstart
money-supply
topicend
bodystart
2;

TAIWAN ISSUES MORE CERTIFICATES OF DEPOSIT


    TAIPEI, April 3 - 
The Central Bank issued 5.65 billion dlrs
worth of certificates of deposit (CDs), boosting CD issues so
far this year to 147.58 billion, a bank spokesman told Reuters.
    The new CDs, with maturities of six months, one year and
two years, carry interest rates ranging from 4.07 pct to 5.12
pct, he said.
    The issues are intended to help curb the growth of the M-1b
money supply which has grown as a result of increasing foreign
exchange reserves.
    The reserves hit a record 53 billion U.S. Dlrs last month.
 REUTER
3;
bodyend
documentend
documentstart
12751
topicstart
acq
topicend
bodystart
2;

MIM COMPLETES PART OF NORDDEUTSCHE AFFINERIE BUY


    BRISBANE, April 3 - 
MIM Holdings Ltd 
<
MIMA.S> said it has
issued 23.33 mln shares to Preussag AG 
<
PRSG.F> to complete the
previously announced purchase of 20 pct of 
<
Norddeutsche
Affinerie AG> from Preussag.
    Terms of the acquisition of 10 pct of Norddeutsche
Affinerie from Degussa AG 
<
DGSG.F> are currently being
resolved, MIM said in a statement.
    Norddeutsche Affinerie will then be owned 40 pct by
Metallgesellschaft AG 
<
METG.F> and 30 pct each by MIM and
Degussa, but MIM said it and Metallgesellschaft are proposing a
further arrangement to give them 35 pct each.
 REUTER
3;
bodyend
documentend
documentstart
12752
topicstart
jobs
topicend
bodystart
2;

DANISH UNEMPLOYMENT FALLS TO 7.8 PCT IN FEBRUARY


    COPENHAGEN, April 3 - 
Denmark's seasonally adjusted
unemployment rate fell to 7.8 pct of the workforce in February
from 7.9 pct in January, against 7.9 pct in February 1986, the
National Statistics Office said.
    The total number of unemployed in February was 213,200
against 215,700 in January and 216,600 in February, 1986.
 REUTER
3;
bodyend
documentend
documentstart
12753
topicstart
meal-feed
soy-meal
topicend
bodystart
2;

EUROPEAN SOY/FEED MARKET OPENS QUIETLY


    ROTTERDAM, April 3 - 
Meals and feed on a cif Rotterdam
basis opened quietly this morning with mixed to slighlty firmer
seller indications compared with yesterday's midday levels,
market sources said.
    Early buying interest was low despite a weaker dollar
against European currencies, they added. No trades were
reported so far.
    US soymeal indicated between unchanged and one dlr a tonne
lower compared with yesterday. Brazilian soymeal pellets were
offered between one dlr lower and one higher, while Argentines
indicated up to two dlrs a tonne higher than yesterday.
    Cornglutenfeed pellets were indicated between unchanged and
one dlr lower, while citruspulp pellets were offered at
slightly firmer levels compared with yesterday midday.
    Seller indications for sunmeal pellets were between one dlr
higher and 0.50 dlrs lower than yesterday, while linseed
expellers were up to two dlrs above yesterday's midday levels.
 REUTER
3;
bodyend
documentend
documentstart
12754
topicstart
tea
topicend
bodystart
2;

PAKISTANI DECISION WILL HURT KENYAN TEA EXPORTS


    NAIROBI, April 3 - 
Pakistan's decision to suspend tea
import licences will hurt Kenyan tea exports in the short term
while exporters seek new markets, sources close to Nairobi
broking houses and exporters said.
    Broking house officials in the Sri Lankan capital Colombo
yesterday told Reuters Pakistan had suspended the licences in
order to link tea imports to Pakistani exports.
    The latest available figures show that Kenyan exports to
Pakistan, mainly tea, were worth 75 mln dlrs in 1985, while
imports from Pakistan amounted to only 4.8 mln dlrs. Kenya
provides over 50 pct of Pakistan's tea imports.
    The Nairobi sources said the Pakistani decision did not
come as a surprise as Pakistan had been complaining of the
trade imbalance for some time.
    "We are very disappointed that Pakistan took such action ...
(it) will certainly hurt Kenya's tea industry in the short term
as Pakistan is Kenya's second largest market," a source at one
broking house told Reuters.
    One tea broker said Pakistan's move had already affected
Kenya's tea trade and was largely responsible for an average
fall of two shillings a kilo at the export auction in Mombasa
last Monday.
    "The trend is likely to continue until other countries
replace Pakistan, which usually buys all qualities of our tea,"
he added.
    Kenya has for a long time relied on Britain, Pakistan,
Egypt and, to a lesser extent the United States, as major
markets for its tea, the sources added.
    Small-scale exporters who export mainly to Pakistan would
be worst hit by the Pakistani move as it would take them longer
to find new outlets, they said.
 REUTER
3;
bodyend
documentend
documentstart
12755
topicstart
trade
topicend
bodystart
2;

SWEDISH PRIME MINISTER'S CHINA VISIT BOOSTS TRADE


    PEKING, April 3 - 
An big expansion in bilateral trade is
expected as a result of Swedish Prime Minister Ingvar
Carlsson's visit to China, a official of China's Foreign
Economic Relations and Trade Ministry official said.
    He told the China Daily that petroleum, coal, cotton,
non-ferrous metals and electric engines could help balance the
trade running at over three-to-one in Sweden's favour.
    Total trade reached 290 mln dlrs last year, up 32 pct on
1985, according to Chinese statistics. Swedish sources said
major paper mill projects and an aviation agreement would be
discussed during Carlsson's one week visit.
 REUTER
3;
bodyend
documentend
documentstart
12757
topicstart
soybean
oilseed
topicend
bodystart
2;

TAIWAN BUYS 54,000 TONNES OF U.S. SOYBEANS


    TAIPEI, April 3 - 
The joint committee of Taiwan soybean
importers awarded a contract to Cigra Inc of Chicago to supply
a 54,000 tonne cargo of U.S. Soybeans, a committee spokesman
told Reuters.
    The cargo, priced at 213.87 U.S. Dlrs per tonne c and f
Taiwan, is for delivery between April 20 and May 5.
 REUTER
3;
bodyend
documentend
documentstart
12758
topicstart
money-supply
topicend
bodystart
2;

SOUTH KOREAN MONEY SUPPLY FALLS IN MARCH


    SEOUL, April 3 - 
South Korea's M-2 money supply fell two
pct to 33,463.4 billion won in March from 34,030.3 billion in
February, provisional Bank of Korea figures show.
    It rose a revised 0.5 pct in February and was up 14.7 pct
from a year earlier.
    M-1 money supply fell 8.7 pct to 7,767.8 billion won in
March against a revised rise of 4.3 pct in February. It has
increased 8.3 pct since March last year.
    Bank officials said the March falls were due mainly to
various measures by the bank to absorb excess money.
 REUTER
3;
bodyend
documentend
documentstart
12759
topicstart
acq
topicend
bodystart
2;

SKANDIA INTERNATIONAL BUYS STAKE IN NEVI BALTIC


    STOCKHOLM, April 3 - 
<
Skandia International Holding AB>,
the overseas offshoot of Swedish insurance group Forsakrings AB
Skandia 
<
SKDS.ST> said it was buying a 29.9 pct share in the
London-quoted property and financial services company 
<
Nevi
Baltic Plc>. No financial details were given.
    Nevi Baltic, with a 1986 turnover of 20 mln stg and total
assets of 70 mln stg, is controlled by Norwegian finance
company 
<
Nevi AS> which will retain a 30.1 pct stake in the
British unit, Skandia said in a statement.
    The deal is subject to formal approval from the Swedish
central bank, the statement added.
 REUTER

3;
bodyend
documentend
documentstart
12760
topicstart
sugar
topicend
bodystart
2;

LONDON SUGAR OPENS STEADY BUT QUIET


    LONDON, April 3 - 
Raw sugar futures had a quiet opening
call of 38 lots with prices holding steady from last night with
gains of 20 to 80 cents a tonne, dealers said.
    Aug was trading at 157.60 dlrs from 157.40 asked yesterday.
    The modest rise continued the recent rally from an oversold
situation but, dealers noted, there was little fresh physicals
news to stimulate activity.
    Whites tenders are scheduled for next Wednesday by Syria
for 36,000 tonnes and Greece for 40,000 tonnes while Pakistan
is due to tender on April 11 for 100,000 tonnes whites, they
said.
    This week has seen whites buying by India and Egypt.
 REUTER
3;
bodyend
documentend
documentstart
12761
topicstart
ship
topicend
bodystart
2;

AUSTRALIAN TUG CREWS DELAY FOREIGN CONTAINER SHIPS


    SYDNEY, April 3 - 
Tug crews are preventing the movement of
foreign-flag container vessels in and out of the ports of
Sydney, Melbourne and Fremantle, shipping sources said.
    They said maritime unions imposed bans on late Wednesday
for reasons that are obscure but seem to be linked with claims
for a pay rise above the 10 dlrs a week awarded by the
Arbitration Commission nationally to all workers recently.
    Only about 10 vessels are being delayed but the bans will
affect container terminal movements and will disrupt liner
schedules, they said.
    The dispute goes to the Commission on Monday, they said.
 REUTER
3;
bodyend
documentend
documentstart
12762
topicstart
wheat
grain
topicend
bodystart
2;

U.K. WHEAT MARKET EASES ON INTERVENTION RELEASE


    LONDON, April 3 - 
U.K. Domestic wheat markets dropped about
one stg per tonne early this morning following overnight news
that the EC is releasing a further 300,000 tonnes of wheat from
British intervention stores for the home market over a three
month period.
    April deliveries of denaturable wheat were offered in East
Anglia at 124 stg and May at 125 stg per tonne, both one stg
down on yesterday's traded rates.
    The market is expecting U.K. Wheat futures to show a
similar loss at today's opening.
 REUTER
3;
bodyend
documentend
documentstart
12763
topicstart
cocoa
topicend
bodystart
2;

LONDON COCOA TRADES AT LOWS BY MIDMORNING


    LONDON, April 3 - 
Cocoa futures fell to session lows by
midmorning, posting losses from last night of six to two stg a
tonne in 1987 deliveries, dealers said.
    Weekend profittaking by jobbers and general book-squaring
featured the fall which was aided by steady sterling versus the
dollar and lack of offtake in the physicals market.
    Dealers said the market was switch and straddle-bound, in
that any pressure on one particular month was certain to be
reflected in adjacent deliveries.
    The undertone, however, remained cautious as operators
await an eventual start to ICCO buffer stock buying, dealers
said.
    The market was originally forecast to open with average
five stg gains from last night following New York's firmer
close yesterday, dealers said.
    But this was largely counter-balanced by currency factors.
    Near July traded at its session low of 1,327 stg after one
hour versus 1,333 bid last night and an early high of 1,335.
    Volume midmorning was 730 lots including 350 lots crossed
and 108 switches.
    There was no sign of any origin activity.
 REUTER
3;
bodyend
documentend
documentstart
12767
topicstart
acq
topicend
bodystart
2;

HORIZ0N AGREES TO 94.8 MLN STG BID FROM BASS


    LONDON, April 3 - 
Bass Plc 
<
BASS.L> and 
<
Horizon Travel
Plc> said terms have been agreed for an offer worth around 94.8
mln stg for Horizon by Bass.
    The offer values each Horizon share at some 0.213 of a Bass
ordinary share, or 190p. This is based on a price of 892p, the
Bass share quotation at 1630 gmt on April 2.
    Horizon said its board and financial advisers consider the
offer to be fair and reasonable and the board will unanimously
recommend acceptance to its shareholders.
    Horizon shares jumped 23p to 188 after the announcement
while Bass shares dipped 13p to 879.
    Bass has for some time regarded overseas holidays as an
area for expansion and in pursuit of this objective, acquired a
25.6 pct holding in Horizon in 1985 when it set up the jointly
owned hotel company.
    Both Bass and Horizon said that Bass's resources will
enable Horizon's businesses to expand strongly this year.
    On March 30 Bass said it had agreed to sell its Pontins
U.K. Holiday camps to a newly formed private company, Pontins
Ltd, for some 57.5 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
12768
topicstart
grain
ship
topicend
bodystart
2;

ROTTERDAM'S MAIN GRAIN TERMINAL CLOSED BY STRIKE


    ROTTERDAM, April 3 - 
Grain handling at Rotterdam port's
main grain terminal was at a standstill today as members of the
largest Dutch transport union FNV staged a lightning strike for
the third day running.
    Pieter van der Vorm, managing director of Graan Elevator
Mij (GEM), which handles 95 pct of grain passing through the
port, said their main Europoort terminal was out of action
because of a strike by technical staff.
    The actions, in support of union demands in negotiations
over a new labour agreement, began on Wednesday when grain
handlers stopped work.
    Van der Vorm said that if strikes continued on today's
scale for some time vessels coming to unload grain in Rotterdam
would face delays, but this was not happening yet.
    Wednesday's actions left GEM's facilities 40 pct
operational, and there were only limited strikes yesterday.
    Talks between unions and employers yesterday and today
produced no result, but FNV spokesman Bert Duim said the union
was prepared to put their key demand, for a 36 hour working
week, at the bottom of the agenda.
    Van der Vorm said, however, the union's demands on a range
of issues were far in excess of the management's final offer.
 REUTER
3;
bodyend
documentend
documentstart
12770
topicstart
pet-chem
ship
topicend
bodystart
2;

SOUTH KOREA TO PAY MORE FOR JAPANESE ETHYLENE


    TOKYO, April 3 - 
South Korea will pay about 20 pct more for
ethylene imported from Japan in the second quarter of the year
because increased plastic production in both countries has
boosted demand and tightened supplies, chemical industry
sources said.
    South Korea has agreed to pay Japanese trading houses just
over 400 dlrs C and F per tonne, up from an average of 350 dlrs
in the first quarter and throughout 1986, they said.
    South Korean demand for imported ethylene this month has
risen to 17,000 tonnes from 10,000 last month, and the country
may face difficulties covering the extra volume, they said.
    
<
Korea Petrochemical Industries Corp>, a producer of high
density polyethylene (HDPE) and polypropylene, will more than
double its ethylene requirements to 9,000 tonnes a month from
4,000 when it completes a plant expansion at the end of this
month, the sources said.
    
<
Honan Ethylene Corp's> import requirements have risen to
8,000 tonnes a month from 6,000 tonnes last year to meet strong
demand from 
<
Honan Petrochemical Co>, which makes HDPE and
ethylene glycol, and 
<
Hangyang Chemical>, which produces
low-density polyethylene and vinyl chloride monomer, they said.
    But Japan's ethylene plants are already operating at almost
full capacity of 4.5 mln tonnes a year just to fulfill domestic
demand, the sources said.
    "And even if Japan had the additional ethylene, there is a
logistical problem of finding extra appropriate-sized vessels
to ship it to Korea," said one trading house source.
    Japanese trading companies are looking to alternative
sources to supply South Korea's needs, including Saudi Arabia,
Qatar and Mexico, they said.
    But long-haul voyages are expensive as the product has to
be shipped at a temperature of minus 103 degrees centigrade to
keep it in a liquid form, they said.
    Japan has no plans to invest further in the ethylene
industry in order to cope with the additional demand, despite
rising prices, trading house sources said.
    South Korea has two projects in hand which will increase
its ethylene production capacity by 500,000 tonnes a year by
the end of 1989, so the strong demand surge for imports is only
a medium-term trend, they said.
 REUTER
3;
bodyend
documentend
documentstart
12771
topicstart
cpi
gnp
ipi
topicend
bodystart
2;

SWISS 1988 INFLATION SEEN AT TWO PCT - INSTITUTE


    ZURICH, April 3 - 
Swiss inflation is likely to rise in 1987
and 1988 because of inflationary tendencies in the domestic
economy, the Centre for Economic Research of the Federal
Institute of Technology said in its spring review.
    It forecast a rise in consumer prices of two pct in 1988
compared with 1.3 pct in 1987. Low import prices in 1986 helped
to keep annual inflation down to 0.8 pct.
    The centre said that in general the outlook for the Swiss
economy in 1987 and 1988 remained favourable, despite the more
difficult international economic climate facing export
industry.
    The centre repeated its previous forecast that growth in
Swiss domestic product would slow to 2.2 pct in 1987 from 2.5
pct in 1986. It revised its forecast for 1988 GDP growth to 1.7
pct from 1.6 pct in its last autumn review.
    Domestic demand will continue to replace exports as the
motor of economic growth. Private consumption will grow by
three pct in 1987 and two pct in 1988 against 3.75 pct in 1986.
    Growth in goods exports will slow to 1.75 pct in 1987 from
2.1 pct in 1986 but pick up slightly to 2.5 pct in 1988. All
three figures are well below the Swiss average for recent
years. In 1985, for example, exports increased by 9.1 pct.
    The centre said the strength of the Swiss franc, which has
firmed sharply in recent months, would continue to put pressure
on Swiss exporters.
    It forecast that imports of goods would grow by a more
modest 4.5 pct in 1987 and 3.25 pct in 1988 than in 1986, when
import prices fell substantially and imports rose by 8.2 pct.
    Industrial production will grow by 1.6 pct in 1987 and 1.2
pct in 1988 compared with 4.2 pct in 1986.
 REUTER
3;
bodyend
documentend
documentstart
12772
topicstart
sugar
topicend
bodystart
2;

LONDON SUGAR TRADES AT SESSION HIGHS BY MIDMORNING


    LONDON, April 3 - 
Raw sugar futures firmed to session highs
by midmorning, securing gains from last night's basically
steady close of 1.00 to 1.80 dlrs a tonne in a 166 lot volume.
    Shortcovering against an oversold situation continued to
play a part in the extended rally with unsettled dollar rates
versus sterling providing additional support.
    Recent and prospective whites buying in the world market
was supportive but the raws section lacked feature, dealers
said.
    India and Egypt bought white sugar this week while next
week sees tenders by Pakistan, Greece and Syria, they said.
    May was at 154 dlrs from 152.80 asked last night.
    All London Daily prices rose two dlrs a tonne on tone.
    The Raws price was set at 150 dlrs Fob and 173 dlrs (107.50
stg) Cif.
    The Whites price was at 192 dlrs from 190 yesterday.
 REUTER
3;
bodyend
documentend
documentstart
12774
topicstart
interest
topicend
bodystart
2;

BELGIUM CUTS TREASURY CERTIFICATE RATES


    BRUSSELS, April 3 - 
The Belgian National Bank cut interest
rates on one, two and three-month treasury certificates to 7.30
pct from 7.40 pct effective immediately, the bank said in a
telex message.
    The Bank last adjusted its short-term treasury certificate
rates on March 23, when it also reduced rates for all three
periods by 0.10 points.
    A National Bank spokesman said the latest adjustment would
bring the rates closer in line with currently prevailing
interbank interest rates.
    The spokesman said it was too early to predict whether the
move would herald a reduction in discount rate, which currently
stands at eight pct, when the Bank holds its regular weekly
meeting at which the rate is discussed next Wednesday.
    The discount rate generally moves in tandem with the
three-month treasury certificate rate. However, there is no
formal link and the discount rate was not adjusted following
the March 23 changes.
 REUTER
3;
bodyend
documentend
documentstart
12775
topicstart
crude
topicend
bodystart
2;

CLOSURE OF BP SWEDEN REFINERY FORECAST


    STOCKHOLM, April 3 - 
A Swedish Finance Ministry committee
forecast that British Petroleum Plc 
<
BP.L> may have to close
its refinery in Gothenburg because of an anticipated worsening
of the Swedish petroleum industry's competitiveness.
    It said in a report that the future of the Swedish refining
business was bleak due to the steady drop in domestic oil
consumption since the mid-1970s, a possible tightening of rules
on sulphur content and competition from Norway's Mongstad
facility of 
<
Den Norske Stats Olieselskab> (Statoil) 
<
STAT.OL>
when its expansion is completed in the 1990s.
    The committee said the BP refinery, which lacks a
de-sulphurisation plant, was likely to be closed or sold unless
costly investments were made to enhance the facility's capacity
to refine a broader range of products.
    But the committee noted that capacity utilisation had in
recent years been above that of the European refining industry
on average. The BP plant, in which Sweden's state-owned 
<
OK
Petroleum AB> has a 22 pct, started up in 1967 and has an
annual capacity of 4.7 mln tonnes.
    There was nobody at British Petroleum immediately available
for comment.
3;
bodyend
documentend
documentstart
12778
topicstart
sugar
topicend
bodystart
2;

RECENT SUGAR FALL SPARKS SOVIET, CHINESE BUYING


    LONDON, April 3 - 
The recent fall in world sugar prices,
due to increased producer pricing sales and evidence of export
availability, has encouraged renewed buying interest from China
and the Soviet Union, London trade house E.D.And F. Man said.
    Further purchases are expected by the Peoples Republic of
China at the lower end of the recent price range, which should
limit the downside movement, it said in its latest monthly
market report.
   "And it is believed that the Soviet Union will need to return
to the market to take a further 250,000/350,000 tonnes for
May/June shipment, Man added.
    The Soviets purchased five cargoes of raws for April/May
shipment towards the end of last month, which brings its total
purchases to around 1.65 mln tonnes, Man said.
    Production estimates for the Thai crop now exceed 2.3 mln
tonnes and the final outturn appears set to reach around 2.5
mln tonnes. However, this upturn in the Thai crop is being
countered by a reduction in China's production forecast to 5.3
mln tonnes from 5.5 mln estimated earlier.
    Market participation by Cuba suggests that its crop could
be close to last year's 7.3 mln tonnes. But even with similar
production Man expects Cuban exports to be significantly down.
    Cuba was reported to be carrying 1.3 mln tonnes of stocks
in September 1985, of which some 440,000 tonnes were used to
boost its 1985/86 exports to about 6.9 mln. But as it will not
be able to draw on surplus stocks this year, Man estimates
Cuba's export availabilty will be reduced to 6.4 to 6.5 mln
tonnes.
    However, Cuba is only one of a large number of exporters
with reduced availability, Man said.
    Since 1980 the total free market export supply has fallen
to 18 mln from about 22 mln tonnes. But at the same time free
market demand has also fallen by almost the same amount, which
has left exporters chasing falling import requirements.
    A fairly tight balance now appears to have emerged. But the
difficult task of keeping production advances at bay still
remains, as at least one more season of production deficit is
needed to eliminate some of the remaining surplus stocks still
overhanging the market, Man said.
    The increasing cases of record production as a result of
record yields and better husbandry have forced sugar producers
to strive for greater efficiency.
    As this increase in efficiency reduces the marginal cost of
production, sugar exporters may become more responsive to
prices and in particular to upward price movements, Man said.
    Commenting on the current row between the EC Commission and
sugar producers, Man said despite the recent improvement in the
level of restitutions, they are still insufficient to fully
compensate producers when exporting on the world market.
    Unless there are further improvements, at least some sugar
is expected to remain in intervention, it added.
 REUTER
3;
bodyend
documentend
documentstart
12780
topicstart
dlr
money-fx
topicend
bodystart
2;

NO INTERVENTION, DOLLAR FIXED AT 1.8162 MARKS


    FRANKFURT, April 3 - 
The Bundesbank did not intervene as
the dollar was fixed lower at 1.8162 marks after 1.8270
yesterday, dealers said.
    The dollar firmed slightly from its opening 1.8135/45 marks
in very quiet pre-weekend trading and dealers said they
expected business to remain thin this afternoon.
    "Trading is at an absolute nil, nobody wants to get involved
ahead of next week's meetings," one dealer with a U.S. Bank
said, referring to the Group of Seven industrial nations and
the International Monetary Fund meetings in Washington.
    Dealers saw the dollar staying at current levels but
possibly rising above 1.83 marks on any supporting remarks
emerging from the meetings. "But the dollar's medium-term
direction is soft," one dealer said.
    The dollar could well come under renewed pressure after the
international forums as attention returned to the U.S. And the
U.K.'s trade dispute with Japan, dealers said.
    Cross currency trading was also subdued though sterling's
rise above 1.60 dlrs helped it to firm against the mark. It was
fixed higher at 2.924 marks after yesterday's 2.910.
    The pound was seen staying between 2.90 and 2.93 marks for
the next days, dealers said.
    Eurodollar deposit rates were steady from this morning,
with six month funds unchanged at midpoint 6-11/16 pct. Six
month euromarks stayed at midpoint 3-7/8 pct.
    The Swiss franc firmed to 119.86 marks per 100 at the fix
from 119.71 yesterday and the yen rose to 1.244 marks per 100
from 1.243.
    The French franc was little changed at 30.050 marks per 100
after 30.055 yesterday.
 REUTER
3;
bodyend
documentend
documentstart
12782
topicstart
topicend
bodystart
2;

KEPPEL RAISES BOND ISSUE TO 75 MLN DLRS


    SINGAPORE, April 3 - 
Keppel Corp Ltd 
<
KPLM.SI> said it has
decided to increase its convertible bond issue to 75 mln U.S.
Dlrs from 60 mln following overwhelming response since its
launch on March 24.
    "This clearly reflects the confidence investors have in the
Keppel group. The bond will improve the group's debt structure
significantly," Keppel chairman Sim Kee Boon said.
    When the bonds are converted, Keppel's debt and interest
expense will be further reduced and place the group in a much
better financial position to expand and diversify its
activities, Sim said.
    The 10-year bonds, issued at par, will carry a four pct
annual interest and will be convertible at 3.12 Singapore dlrs
per one-dlr share in Keppel.
    The issue is lead-managed by 
<
Morgan Grenfell and Co Ltd>
with 
<
Daiwa Singapore Co Ltd> and 
<
Morgan Grenfell (Asia) Ltd>,
and is syndicated among leading domestic and international
banks and securities houses.
    Last month, Keppel reported a group net profit of 5.1 mln
Singapore dlrs for the year ended December 31, 1986 against a
loss of 129.6 mln dlrs in 1985.
 REUTER
3;
bodyend
documentend
documentstart
12783
topicstart
earn
topicend
bodystart
2;

HINDUSTAN LEVER PROFITS RISE FOR 1986


    BOMBAY, April 3 -
    
Shr 8.4 rupees vs seven
    Pretax profit 650.7 mln vs 555.6 mln
    Net profit 390.7 mln vs 325.6 mln
    Sales 8.24 billion vs 7.07 billion
    Div 34 pct vs 30 pct
    Tax 260 mln vs 230 mln
    Dividend payable on June 3
    The company is 51 pct subsidiary of Unilever Plc.The full
name of the company is HINDUSTAN LEVER LTD 
<
HINU.BO>.
 REUTER
3;
bodyend
documentend
documentstart
12784
topicstart
topicend
bodystart
2;

PHILIPPINES SAYS DEBT PACT "BETTER THAN MEXICO'S'


    MANILA, April 3 - 
Central bank governor Jose Fernandez said
the 10.3 billion dlr debt restructuring package he and Finance
Secretary Jaime Ongpin negotiated with the Philippines'
commercial creditors was better than Mexico's.
    "I think we got a better deal. It was really an enormous
drop, a reduction in rates and that to me is the critical
element," he told Reuters.
    He was reacting to comments by local economists who said
Manila's debt accord was no better than Mexico's, which had won
a 20-year repayment, including a seven-year grace last year at
13/16 points over London interbank offered rates (Libor).
    The Philippines clinched a repayment of 17 years, including
a grace period of 7-1/2 years on 10.3 billion dlrs of its total
debt of 27.8 billion.
    But Fernandez said what was more significant was that
Manila came down from 1-7/8 on the new money and 1-5/8 on the
restructured debt to 7/8 points. Mexico, on the other hand
dropped to 13/16 from 14/16.
    "They got a 1/16 reduction. We got almost a one percentage
point reduction," he said.
    Asked why some features of the debt agreement such as the
token prepayments of principal were not made public
immediately, he said "These are very long documents and in a
press statement you can only cover the key points. But these
will be made available to you."
    Ongpin confirmed on Tuesday that a Reuter report from New
York that Manila will pay its commercial creditors 111 mln dlrs
over 1987-1989 was accurate.
    He omitted the token prepayments in previous announcements
but said there was nothing secret about them.
 REUTER
3;
bodyend
documentend
documentstart
12785
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT REVISED UPWARD


    LONDON, April 3 - 
The Bank of England said it has revised
its estimate of today's shortfall to 750 mln stg from 700 mln.
 REUTER
3;
bodyend
documentend
documentstart
12786
topicstart
veg-oil
soy-oil
topicend
bodystart
2;

INDIA BUYS VEGETABLE OILS, PAKISTAN TO RETENDER


    LONDON, April 3 - 
The Indian State Trading Corporation
(STC) bought 20,000 tonnes of optional origin soybean oil and
6,000 tonnes of rbd palm olein at its import tender yesterday,
traders said.
    Pakistan, however, rejected offers at its tender for 12,000
tonnes of rbd palm oil, but is expected to reenter the market
next week, they said.
    The STC soyoil purchase was for May 20/Jun 20 shipment at
319 dlrs per tonne cif and the palm olein for Apr 25/May 25
shipment at 355 dlrs per tonne.
 REUTER
3;
bodyend
documentend
documentstart
12787
topicstart
soy-meal
meal-feed
topicend
bodystart
2;

DUTCH SOYMEAL IMPORTS FALL IN JANUARY


    HEERLEN, Netherlands, April 3 - 
Dutch soymeal imports fell
to 75,500 tonnes in January from 97,070 in December and 120,228
in January 1986, Central Bureau of Statistics figures show.
    The U.S. Was the largest supplier in January with 38,760
tonnes, down from 46,899 in December and 63,111 in January
1986.
    Brazil supplied 1,263 tonnes in January, down from 7,411 in
December and 27,088 in January 1986.
    Dutch imports of Argentine soymeal in January were 34,663
tonnes, down from 41,365 tonnes in December but above the
13,375 tonnes in the year ago month.
    Total Dutch exports of soymeal in January were 128,015
tonnes, down from 133,559 tonnes in December and 155,050
exported in January 1986.
    European Community countries were the main destinations for
Dutch soymeal exports with 102,355 tonnes compared with 124,026
in December and 116,080 in January 1986.
    Among third country destinations, the Soviet Union was the
largest costumer in January, taking 11,985 tonnes compared with
nil in December and 26,074 tonnes in January 1986.
 REUTER
3;
bodyend
documentend
documentstart
12788
topicstart
gnp
topicend
bodystart
2;

SPAIN REVISES ECONOMIC TARGETS FOR 1987


    MADRID, April 3 - 
Spain has revised some of its main
economic targets for 1987 after studying the performance of the
economy in the first quarter, the economy ministry said in its
monthly bulletin.
    Internal demand is now forecast to rise four pct against a
previous target of 3.5 pct.
    Mariano Rubio, governor of the Bank of Spain, the central
bank, yesterday said internal demand was currently growing at
an annual rate of six pct and it had to be brought down to four
pct if the government were to meet its five pct inflation
target this year. Inflation was 8.3 pct in 1986.
    The forecast for private consumption growth remains
unchanged at three pct, although public consumption is revised
upwards to 2.5 pct from 2.0 pct.
    Growth in domestic demand will fuel imports, expected to
increase by 8.6 pct against an originally estimated 7.1 pct.
    Export growth has been revised downwards to 3.7 pct from
5.2 pct due to the peseta's continuing strength against the
dollar and slack external demand.
    Slow growth of exports and a tight rein on state spending
has lowered estimated GDP growth to three pct in 1987 from an
earlier forecast 3.5 pct. GDP grew by three pct last year.
    The economy ministry is holding its inflation forecast to
five pct, in spite of minister Carlos Solchaga's doubts last
week on whether this target could be maintained if wage
settlements continue to rise above the government's recommended
five pct ceiling.
    Unions and employers dispute the average wage increases
agreed so far this year. Trade unions calculate wage
settlements have produced average rises of 7.3 pct against 5.5
pct estimated by the employers' federation CEOE.
 REUTER
3;
bodyend
documentend
documentstart
12789
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET RECEIVES 170 MLN STG HELP


    LONDON, April 3 - 
The Bank of England said it has operated
in the money market this morning, purchasing 170 mln stg bank
bills. This compares with the Bank's revised estimate of a 750
mln stg shortfall. In band two the Bank bought 72 mln stg at
9-13/16 pct, in band three 52 mln at 9-3/4 pct and in band four
46 mln at 9-11/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
12790
topicstart
sugar
topicend
bodystart
2;

BEGHIN-SAY NOT PLANNING TO WITHDRAW SUGAR


    By Audrey Stuart, Reuters


    PARIS, April 3 - 
French sugar producer Beghin-Say is not
currently planning to withdraw the sugar it has placed into
intervention, despite the exceptionally high rebate awarded at
this week's European Community (EC) sugar tender, Beghin-Say
President Jean-Marc Vernes told Reuters.
    The maximum rebate of 46.864 Ecus per 100 kilos on
Wednesday was the largest ever granted, according to traders.
    Vernes said he was satisfied the European Commission has
started to move in the right direction, but said his company
had no plans to change its decision to put sugar into
intervention.
    But Vernes said he hoped that in the next few weeks a final
agreement would be reached with the commission which would
allow operators to withdraw the sugar from intervention.
    European operators offered 854,000 tonnes of sugar into
intervention to protest about export rebates which they say are
too low. Over 785,000 tonnes of this sugar was accepted by the
commission on Wednesday, according to commission sources.
    Under EC regulations, however, operators have another four
to five weeks to withdraw the sugar from intervention before
payment is made for it.
    A total of 706,470 tonnes of French sugar and 79,000 tonnes
of West German sugar has been accepted into intervention, trade
sources said here. This amount represents about a third of
annual EC exports to non-EC countries.
    Beghin-Say declined to specify the amount of sugar it had
offered into intervention, but said it was below 500,000
tonnes.
    Producers say they have been losing 2.5 to 3.0 Ecus on
every 100 kilos exported due to the failure of rebates to fully
bridge the gap between EC and world prices. Wednesday's rebate
was 0.87 Ecus short of what producers say is needed to get an
equivalent price to that for sales into intervention, traders
said.
    Vernes said operators hope to get a rebate which equates to
the full intervention price and said Wednesday's tender was a
step in the right direction.
    Sugar producers here said the volume of sugar authorised
for export since the begining of the current campaign had been
inadequate and that more should be exported now to compensate.
    Trade sources said new regulations governing export
rebates, which are due to be adopted shortly, may smooth the
path for the commission to award larger export rebates in
future.
    One source at a leading French sugar house said it seemed
the commission had understood the protest action and was now
moving towards adapting the situation accordingly, thereby
allowing the operators to withdraw their sugar from
intervention once they got satisfaction.
 REUTER
3;
bodyend
documentend
documentstart
12791
topicstart
money-fx
topicend
bodystart
2;

STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE


    BONN, April 3 - 
West German Finance Minister Gerhard
Stoltenberg said the currency agreement reached in Paris in
February had been successful and would be continued.
    Stoltenberg told journalists before he attends next week's
International Monetary Fund meeting in Washington that: "The ...
Strategy to stabilise currencies around current levels has
proven its worth and will also determine future developments."
    Stoltenberg declined to comment specifically on what he
would consider to be an undervalued dollar but said a dollar
around 1.80 marks created problems for West Germany's exports.
    Stoltenberg said studies by international organisations had
made it clear that especially in the U.S. And in Japan major
efforts remained necessary to support adjustments in foreign
trade balances via necessary corrections to economic policy.
    "No-one would benefit if, after years of over-valuation, the
U.S. Dollar fell into the other extreme, that is, strong
under-valuation," he said.
    Stoltenberg said West Germany had a keen interest in a
swift agreement between the U.S. And Japan concerning the
current trade dispute over semi-conductors.
    Asked whether he believed the markets would test the Paris
currency accord, Stoltenberg did not comment specifically but
noted that much of what had been discussed in Paris had not
been published.
    The Paris declaration did not state the levels at which
central banks of the major industrialised countries would
intervene.
    Stoltenberg said that everything had been carefully
considered. He said he had nothing further to add.
    Stoltenberg also appeared to suggest that West Germany was
now no longer under any pressure from the U.S. Government to
stimulate its economy.
    He declined to respond specifically to a question on this
subject but said, "You must attach particular importance to the
consensus which was reached in Paris."
    The minister nevertheless added that he would make clear
during his trip to Washington that West Germany's nominal trade
figures gave a false impression about actual trade flows.
    Stoltenberg noted that in 1986 Bonn's exports fell by a
nominal two pct while its nominal imports fell by 10.7 pct.
West Germany's imports dropped largely because of foreign
currency developments and the cheaper price of oil and led to a
record trade surplus last year.
    However, Stoltenberg said that in real terms West Germany's
exports by volume had increased by 1.5 pct while real imports
had risen by a much stronger 6.2 pct.
    In this way West Germany had made its contribution to
economic stability, Stoltenberg added.
    Stoltenberg noted the government expected imports to rise
by a real four to five pct in 1987 with exports stagnating.
    He said it was too early to revise official forecasts for
West Germany's economic growth this year. The government has
forecast an unchanged 2.5 pct rise in Gross National Product.
    The Kiel Institute, a leading research body, is still
expecting growth of three pct but some other research
institutes have revised forecasts down to below two pct.
Stoltenberg said the wide range of predictions showed how many
imponderables had to be taken into account and said no drastic
changes in official forecasts were needed.
 REUTER
3;
bodyend
documentend
documentstart
12795
topicstart
money-fx
dlr
topicend
bodystart
2;

JAPAN ASKS BANKS TO CUT DOLLAR SALES - DEALERS


    TOKYO, April 3 - 
The Finance Ministry has asked Japanese
commercial banks to moderate their dollar sales, bank dealers
said.
    They said the Ministry had telephoned city and long-term
banks earlier this week to make the request.
    One dealer said this was the first time the Ministry had
made such a request to commercial banks.
    Finance Ministry officials were unavailable for immediate
comment. Dealers said the Ministry has already asked
institutional investors to reduce their sales of the dollar.
   REUTER
3;
bodyend
documentend
documentstart
12796
topicstart
gold
silver
topicend
bodystart
2;

CBT METALS/FINANCIALS DELIVERY LOCATIONS


    Chicago, April 3 - 
The following deliveries are scheduled
for April 6 against Chicago Baord of Trade Futures -
    Silver - 392 lots at Chicago, Illinois.
    Kilo Gold - 21 lots. 16 at Chicago, Illinois, 5 at New
York, New York.
 Reuter
3;
bodyend
documentend
documentstart
12797
topicstart
acq
topicend
bodystart
2;

PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW


    BRISBANE, April 3 - 
<
Pioneer Sugar Mills Ltd> said it
considered the proposed 2.20 dlrs a share cash takeover offer
announced by CSR Ltd 
<
CSRA.S> on March 31 to be too low in view
of the group*hK!UiIe and prospects.
    CSR's bid for the 68.26 pct of Pioneer's 99.80 mln issued
shares it does not already hold values the entire grop_j9culd
make an alternative share offer but has not yet announced
terms.
    Pioneer recommended in a statement that shareholders retain
their stock, pending the board's response once it receives full
details of the CSR offer.
 REUTER
3;
bodyend
documentend
documentstart
12799
topicstart
earn
topicend
bodystart
2;

GERMAN CHEMICAL INDUSTRY SEES LOWER PROFITS


    HANOVER, West Germany, April 3 - 
West Germany's chemical
industry fears mounting risks will hurt earnings but hopes 1987
turnover will stabilize around 1986's 140 billion marks, Josef
Strenger, a board member of the industry association VCI, said.
    Strenger, management board chairman of Bayer AG 
<
BAYG.F>,
told a news conference at the Hanover trade fair the main
dangers were stagnation in world trade, the lower dollar as
well as crude oil and commodity prices.
    Prospects of higher operating costs were also seen harming
earnings, he said. Turnover took a considerable downturn at the
start of 1987 after falling 5.9 pct in 1986.
    The chemical industry, which relies heavily on exports, was
badly hit by mark appreciation in 1986 and lower turnover was
mainly due to foreign exchange losses, Strenger said.
    Exports fell 6.4 pct to 72 billion marks in 1986 and
competition from U.S. And British firms increased. Savings from
lower oil and commodity prices were eaten up by price
competition and increased costs.
    Strenger said 1986 operating profits of German chemical
firms were slightly worse than the year before but the improved
financial and balance sheet structure, after three good years,
neutralized the negative impact.
    Strenger said the industry would try to increase production
in the U.S. To make up for lost export possibilities out of
West Germany.
    The lower dollar was the main reason for an 8.3 pct fall in
exports to North America, an 11.4 pct drop to Latin America and
22.6 pct plunge to the Middle East.
    Exports to Western Europe eased 3.5 pct and Far East
exports, due to an economic revival in Japan, dropped 5.2 pct.
    Strenger noted that the industry had lost public confidence
following several cases of chemical pollution of the Rhine late
last year.
 REUTER
3;
bodyend
documentend
documentstart
12800
topicstart
topicend
bodystart
2;

PHILIPPINES SAYS DEBT PACT "BETTER THAN MEXICO'S'


    MANILA, April 3 - 
Central bank governor Jose Fernandez said
the 10.3 billion dlr debt restructuring package he and Finance
Secretary Jaime Ongpin negotiated with the Philippines'
commercial creditors was better than Mexico's.
    "I think we got a better deal. It was really an enormous
drop, a reduction in rates and that to me is the critical
element," he told Reuters.
    He was reacting to comments by local economists who said
Manila's debt accord was no better than Mexico's, which had won
a 20-year repayment, including a seven-year grace last year at
13/16 points over London interbank offered rates (Libor).
    The Philippines clinched a repayment of 17 years, including
a grace period of 7-1/2 years on 10.3 billion dlrs of its total
debt of 27.8 billion.
    But Fernandez said what was more significant was that
Manila came down from 1-7/8 on the new money and 1-5/8 on the
restructured debt to 7/8 points. Mexico, on the other hand
dropped to 13/16 from 14/16.
    "They got a 1/16 reduction. We got almost a one percentage
point reduction," he said.
    Asked why some features of the debt agreement such as the
token prepayments of principal were not made public
immediately, he said "These are very long documents and in a
press statement you can only cover the key points. But these
will be made available to you."
    Ongpin confirmed on Tuesday that a Reuter report from New
York that Manila will pay its commercial creditors 111 mln dlrs
over 1987-1989 was accurate.
    He omitted the token prepayments in previous announcements
but said there was nothing secret about them.
 REUTER
3;
bodyend
documentend
documentstart
12801
topicstart
money-fx
reserves
topicend
bodystart
2;

GERMAN NET CURRENCY RESERVES RISE


    FRANKFURT, April 3 - 
West German net currency reserves rose
by 200 mln marks in the fourth week of March to 82.2 billion,
following a rise of 300 mln marks in the previous week, the
Bundesbank said.
    Non-currency reserves were unchanged at about 2.5 billion
marks, bringing net monetary reserves to 84.7 billion.
 REUTER
3;
bodyend
documentend
documentstart
12802
topicstart
wheat
grain
topicend
bodystart
2;

LONDON GRAINS SEES WHEAT RECOVER FROM LOWS


    LONDON, April 3 - 
U.K. Physical wheat values recovered from
initial losses of one to two stg per tonne caused by overnight
news of the release of an additional 300,000 tonnes of
intervention feed wheat for U.K. Weekly home market tenders.
    Consumer buyers were attracted by the cheaper offers,
traders said, and by early afternoon the market had recovered
to one stg down to unchanged.
    U.K. Wheat futures also rallied to end the morning
unchanged to 0.05 stg easier.
    In East Anglia, April deliveries of feed wheat traded at
123 and May at 124 but were subsequently bid one stg a tonne
    The market for denaturable wheat in Liverpool held
comparatively steady with sellers holding back due to uncertain
conditions.
    April deliveries made 127.50 and June 129.50 stg per tonne,
basis Liverpool.
    The fob market for wheat started easier but here again
selling pressure lifted around midday. Apr/Jun shipments traded
fob east coast at 123 stg per tonne. This compared with 124
paid for April yesterday and 125 for May/June.
 REUTER
3;
bodyend
documentend
documentstart
12803
topicstart
crude
topicend
bodystart
2;

NORSK HYDRO, SAGA SEEK DRILLING RIGHTS IN GABON


    OSLO, April 3 - 
Norwegian oil companies Norsk Hydro A/S

<
NHY.OL> and Saga Petroleum A/S 
<
SAGO.OL> said they have
applied for offshore exploration drilling licenses in Gabon on
Africa's west coast.
    Saga Petroleum said it has applied for a 35 pct share and
operatorship on one block, adding Finnish oil company Neste

<
NEOY.HE>(25 pct), Spain's Hispanoil (25 pct), and the World
Bank's International Finance Corporation (IFS) (15 pct) have
joined Saga to fill remaining shares in the application.
    Saga spokesman Roy Halvorsen told Reuters he expected
Gabonese officials would reply to the application by Easter.
    Halvorsen said this is the first time Saga has applied to
operate on OPEC-member Gabon's continental shelf, adding that
Italian oil company Agip is heading a group of applicants in a
separate bid for the same license.
    Norsk Hydro has also applied for an undisclosed share in a
single exploration license in which U.S. Oil company Tenneco
has already been assigned operatorship, company spokesman
Bjoern Tretvoll said.
 REUTER
3;
bodyend
documentend
documentstart
12805
topicstart
interest
topicend
bodystart
2;
******
TOP DISCOUNT RATE AT UK BILL TENDER RISES TO 9.5261 PCT

Blah blah blah.
3;


bodyend
documentend
documentstart
12806
topicstart
money-fx
topicend
bodystart
2;

U.S. TREASURY POLICIES SAID UNCHANGED BY DEPARTURE


    By Peter Torday


    WASHINGTON, April 2 - 
The departure of James Baker's
closest aide, Deputy Treasury Secretary Richard Darman, will
not change the course of Washington's domestic and
international economic policies, U.S. officials said.
    Darman, who has worked alongside Baker for six years, was
widely credited with helping him mastermind initiatives on
currency management and international economic cooperation.
    U.S. Officials said Darman also played a key role in
shepherding President Reagan's sweeping tax reform plan through
the U.S. Congress.
    But they flatly dismissed suggestions that his departure,
to the investment banking firm of Shearson Lehman Brothers,
signaled the Baker team was breaking up, or that the Treasury
Secretary himself might leave soon.
    "It really does not mean that, he took the opportunity as it
came up," one official said.
    Another commented, "Baker will miss him, but he's not going
to stand in his way."
    There has been widespread speculation since last autumn
that Darman sought a Wall Street job.
    Officials said Darman felt the passage of tax reform late
last year marked an appropriate moment to bow out.
    Baker acknowledged Darman would be sorely missed.
    "Dick Darman has contributed mightily to the success of this
administration over the past six years and his departure
represents a substantial loss," he said.
    U.S. Officials admitted Darman's absence would be an
undoubted blow to Baker, who has relied on him for policy
advice, both at the White House and, in Reagan's second term,
at the Treasury. One aide once described Darman as
"indispensable" to Baker.
    Baker is widely thought to want a more stable currency
system and Darman is generally credited by officials of other
nations as Baker's leading theorist on this issue, favouring
target zones to limit currency fluctuations.
    Earlier this year, monetary sources said the U.S. Treasury
unsuccessfully sounded out allies on a target zone system.
    But a U.S. Official disputed the assessment that, with
Darman gone, Baker would abandon international initiatives.
    Baker's work as head of Reagan's Economic Policy Council,
spearheading trade policy, and his skills in negotiating with
the Democrat-controlled Congress will go on as before.
    Darman's strength was not as an economist, but as a
political strategist "and that's Baker's strength too," the
official said.
    There were already indications that Baker, who throughout
his time in government has relied on a closely-knit circle of
advisers, has moved swiftly to find a successor.
    One possibility is that Baker might turn to George Gould,
who holds the number three Treasury position of
Under-Secretary.
    Gould, another close confidante, has known Baker for years.
    Before joining the Treasury in November 1985, Gould was a
partner at the Wall Steet firm of Wertheim and Co and formerly
headed Donaldson, Lufkin and Jenrette Securities Corp.
    The Darman announcement came on the eve of the semi-annual
meetings of the International Monetary Fund and the World Bank,
where many policies Darman helped shape will be debated.
    He helped Baker devise the September, 1985 Plaza Agreement,
when the United States, Japan, West Germany, France and Britain
curbed the dollar's strength. The pact was a major turning
point in U.S. Policy, ending a period of disdain for economic
cooperation and intervention in currency markets.
    Darman also worked on some other Baker initiatives, like
the Tokyo Summit agreement to intensify coordination of
economic policies among the leading industrial countries and
the recent Paris Agreement to stabilise currencies and
stimulate global growth.
    These policies are collectively aimed at redressing the
huge gap between Japan and West Germany's trade surpluses and
the United State's massive trade deficit.
    That policy goal still remains a prime objective of the
Reagan Administration and will not change with Darman's
departure.
 REUTER
3;
bodyend
documentend
documentstart
12810
topicstart
interest
topicend
bodystart
2;

TOP DISCOUNT RATE AT UK BILL TENDER 9.5261 PCT


    LONDON, April 3 - 
The top accepted rate of discount at the
weekly U.K. Treasury bill tender rose to 9.5261 pct  from
9.3456 pct last week.
    Applications at the lowest accepted price of 97.625 stg
 were allotted around 81 pct of the amount applied for, and
 applications above that price were allotted in full, the Bank
 of England said.
    A total of 100 mln stg of Treasury bills was offered for
sale this week.
    Last week, the average rate of discount was 9.3157 pct.
 REUTER
3;
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documentend
documentstart
12811
topicstart
topicend
bodystart
2;

ESCOM SAYS TARGETS MET WITHOUT FOREIGN FINANCE


    By Christopher Wilson


    JOHANNESBURG, April 3 - 
South Africa's Electricity Supply
Commission (Escom), which last year launched a massive
restructuring programme after the ending of foreign loans to
the country in 1985, said it met its budget targets in 1986
without foreign finance.
    The electricity company, which supplies about 90 pct of
South Africa's power, said in its annual report that it failed
to attract any foreign loans in 1986, but it was confident of
meeting its funding requirements this year, despite available
finance from abroad remaining restricted.
    The utility, which once was South Africa's largest borrower
of foreign funds, said prearranged import financing facilities
are expected to provide foreign funds of only about 300 mln
rand this year. A further 550 mln rand will be borrowed from a
blocked account administered by the South African government
for the eventual repayment of about 13 billion rand in
short-term loans.
    These are currently frozen by an effective moratorium on
repayments. The blocked account is part of a debt accord
recently reached with South Africa's foreign creditor banks.
    South Africa declared a moratorium on repayments of about
14 billion dlrs of its original 24 billion dlr total foreign
debt in September 1985 after foreign bankers abruptly cut off
credit lines to the country because of concern over its
deteriorating political and economic climate.
    Pretoria last week announced that it had reached a
three-year rescheduling agreement with the major international
creditors that will effectively extend a moratorium on most
repayments of the short-term portion of the debt until
mid-1990.
    Escom said it plans to meet the bulk of its funding
requirements this year by raising 2.2 billion rand in the South
African financial markets against a total of 1.75 billion rand
raised last year.
    "The borrowing programme for 1987 is well within the
capacity of the (domestic) financial markets, without pressure
being placed on interest rates," the corporation said.
    "Last year we embarked on the most dramatic restructuring
programme ever attempted by a major South African business, and
we have largely achieved what we set out to do," Escom chairman,
John Maree, told a news conference.
 MORE
3;
bodyend
documentend
documentstart
12812
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET DEFICIT FURTHER REVISED UPWARD


    LONDON, April 3 - 
The Bank of England said it has revised
its estimate of today's shortfall to 800 mln stg from 750 mln,
before taking account of 170 mln stg morning assistance.
 REUTER
3;
bodyend
documentend
documentstart
12813
topicstart
cocoa
topicend
bodystart
2;

DUTCH COCOA BEAN IMPORTS RISE IN JANUARY


    ROTTERDAM, April 3 - 
Total Dutch imports of cocoa beans
rose to 17,978 tonnes in January from 13,961 in January 1986,
while exports fell to 1,852 tonnes from 3,111, the Central
Bureau of Statistics said.
    Cocoa butter imports rose slightly to 1,699 tonnes from
1,507, while exports fell slightly to 6,211 from 6,293 tonnes.
    Imports of cocoa powder fell to 316 tonnes from 469 and
exports to 5,944 from 6,106 tonnes.
 Reuter
3;
bodyend
documentend
documentstart
12814
topicstart
coffee
topicend
bodystart
2;

DUTCH GREEN COFFEE IMPORTS FALL IN JANUARY


    HEERLEN, April 3 - 
Dutch green coffee imports fell to
10,430 tonnes in January from 13,506 tonnes in January 1986,
and exports fell to 366 tonnes from 615, the Central Bureau of
Statistics said.
    Imports of Colombian coffee were 2,169 tonnes (3,025 in
January 1986), Brazilian 483 (3,715), Indonesian 455 (145),
Guatemalan 196 (126), Cameroun 464 (560) and Ivory Coast 353
(839).
 Reuter
3;
bodyend
documentend
documentstart
12815
topicstart
money-fx
topicend
bodystart
2;

EC MINISTERS WILL DISCUSS STRENGTHENING EMS FLOAT


    By Tony Carritt, Reuters


    BRUSSELS, April 3 - 
European Community finance ministers
and central bankers meet in Belgium this weekend to discuss
strengthening Europe's joint currency float amid continuing
worries about turbulence on foreign exchanges.
    Belgian Finance Minister Mark Eyskens, who will host the
informal talks, told Reuters the ministers and central bank
chiefs would discuss the situation on currency markets in the
light of the February agreement among leading industrialised
countries to stabilise exchange rates around present levels.
    In an interview, Eyskens said he felt the Paris accord
between the United States, Japan, West Germany, France, Britain
and Canada had proved itself "more or less workable."
    But doubts over its effectiveness and durability have been
growing since fears of a trade war between the United States
and Japan over computer microchips pushed the dollar to a
record low against the surging yen early this week.
    The talks, at the Belgian resort of Knokke, are being held
to coordinate the EC's positions on monetary issues and Third
World debt ahead of the Spring meetings of the International
Monetary Fund and World Bank in Washington next week.
    The EC gathering begins tonight with a dinner but the main
discussions will take place tomorrow.
    Continued international currency turbulence could undermine
plans for reinforcing the European Monetary System, the joint
float holding eight EC currencies within narrow fluctuation
bands, which will feature high on the weekend agenda.
    Eyskens has repeatedly said that Europe needs a period of
calm on world currency markets, and in particular a more stable
dollar, before it can set about strengthening the EMS to make
it more resilient against exchange rate swings.
    The EMS has been taking a battering over the last year as
the falling dollar has sent funds surging into the dominant EMS
currency, the West German mark, forcing ministers to undertake
two major realignments of parities within nine months.
    In the interview, Eyskens made clear he was hoping for a
wide-ranging discussion on the future of the eight-year-old EMS
on the basis of proposals for bolstering it drawn up by the
EC's Monetary Committee and the Committee of Central Bank
Governors.
    The committees were asked to come up with the proposals
after the last reshuffle of EMS exchange rates in January.
    Eyskens repeated calls for the European Currency Unit, the
fledgling EC currency at the core of the system, to take over
the mark's dominant role in the EMS - a proposal that has met
with a cool response in West Germany.
    He said EC Commission President Jacques Delors would report
to the meeting on problems raised by plans to liberalise
capital movements fully within the 12-nation bloc by 1992, such
as the need for harmonising taxes and banking controls.
    Eyskens said liberalisation of capital movements without
strengthening the EMS would be an element of destabilisation in
the Community. 
    He said the crucial issue in the debate was whether member
states were willing to push further towards the EC's goal of
monetary integration on the basis of an EMS that included
management of exchange rates by some kind of common
institution, instead of by national central banks as at
present.
    Plans for the creation of such an institution, foreseen by
the EMS's founding fathers, have been thwarted by the
reluctance of some countries, notably West Germany, to gove up
their sovereignty in the monetary field.
    EMS development has also been held up by Britain's refusal
so far to join the system's core exchange rate mechanism.
 REUTER
3;
bodyend
documentend
documentstart
12817
topicstart
reserves
topicend
bodystart
2;
******
CANADA MARCH FOREIGN RESERVES RISE 1.23 BILLION U.S. DLRS - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
12818
topicstart
jobs
topicend
bodystart
2;

U.S. MARCH JOBLESS RATE FELL TO 6.6 PCT


    WASHINGTON, April 3 - 
The U.S. civilian unemployment rate
fell to 6.6 pct in March from 6.7 pct in February, the Labor
Department said.
    The number of non-farm payroll jobs rose 164,000 last month
after rising a revised 236,000 in February. That was down from
the previously reported 337,000 rise in February.
    The March unemployment rate was the lowest since March,
1980. It had remained unchanged at 6.7 pct for three straight
months before the March decline.
    The rise in non-farm payrolls was the smallest since a
decline last June of 75,000, the department said.
    Last month's unemployment rate was down from the 7.2 pct
level in March, 1986.
    Growth in jobs continued in March but was slower than in
recent months, with the gains concentrated in service
industries.
    The number of goods-producing jobs fell 68,000 in March,
while service-producing jobs rose 232,000 to bring the total
jobs in the department's survey of businesses to 102.03 mln in
March.
    Business and health services showed the largest gains in
jobs, while manufacturing employment fell by 25,000.
    The average work week fell to 34.8 hours in March from 35.0
hours in February, the department said.
    Manufacturing hours fell to 40.9 per week from 41.2 hours
in February, but overtime hours increased to 3.7 from 3.6.
    The department's survey of households showed the number of
unemployed stood at 7.85 mln out of a work force of 119.2 mln.
    The number of persons working part time for economic
reasons fell in March to 5.46 mln from 5.78 mln in February.
    The loss of factory jobs brought the March total to 19.19
mln jobs and was concentrated in automobile, electrical and
electronic manufacturing.
    Construction employment also lowered the number of jobs in
the goods-producing sector, falling by 45,000 after seasonal
adjustment, the department said.
    Mining employment was little changed in March and has not
experienced any substantial erosion since the rapid job losses
in oil and gas drilling in the first two-thirds of 1986.
    Other service industries that increased jobs last month
were finance, insurance, and real estate.
 Reuter
3;
bodyend
documentend
documentstart
12819
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET GETS 347 MLN STG AFTERNOON HELP


    LONDON, April 3 - 
The Bank of England said it has operated
in the money market this afternoon, buying back bills totalling
347 mln stg. This brings the total help so far today to 517 mln
stg and compares with the Bank's revised estimate of an 800 mln
stg shortfall.
    The central bank purchased in band one 20 mln stg at 9-7/8
pct, in band two 254 mln at 9-13/16 pct, in band three 66 mln
at 9-3/4 pct and in band four seven mln stg at 9-11/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
12822
topicstart
acq
topicend
bodystart
2;

ALTEX 
<
AII> SETS ACQUISITION OF COMPUTER FIRMS


    DENVER, April 3 - 
Altex Industries Inc said it has agreed
in principle to buy 82 pct of two privately-held affiliated
computer retail companies for an undisclosed amount.
    Altex said the Denver-based companies had revenues of over
seven mln dlrs last year. They are Integrated Management Data
Systems Inc, which sells accounting software systems to the oil
and gas industry, and Integrated Management Systems Micro
Distribution Division Inc, which distributes micro-computer
products.
    Altex said it expects to close the transaction, which is
subject to financing, in July.
 Reuter
3;
bodyend
documentend
documentstart
12823
topicstart
ship
topicend
bodystart
2;

AUSTRALIA TUG CREWS BAR FOREIGN CONTAINER SHIPS


    SYDNEY, April 3 - 
Tug crews are preventing the movement of
foreign-flag container vessels in and out of the ports of
Sydney, Melbourne and Fremantle, shipping sources said.
    They said maritime unions imposed bans on late Wednesday
for reasons that are obscure but seem to be linked with claims
for a pay rise above the 10 dlrs a week awarded by the
Arbitration Commission nationally to all workers recently.
    Only about 10 vessels are being delayed but the bans will
affect container terminal movements and will disrupt liner
schedules, they said.
    The dispute goes to the Commission on Monday, they said.
 Reuter
3;
bodyend
documentend
documentstart
12824
topicstart
earn
topicend
bodystart
2;

STANLINE INC 
<
STAN> REGULAR DIVIDEND


    NORWALK, Calif., April 3 -
    
Qtly div eight cts vs eight cts in prior qtr
    Payable April 30
    Record April 15
    Company said its board intends to declare cash dividends
quarterly and plans to pay a five pct stock dividend annually
following the close of each fiscal year. The initial five pct
stock dividend was paid December 22 to holders of record
November 30.
 Reuter
3;
bodyend
documentend
documentstart
12827
topicstart
acq
topicend
bodystart
2;

TALKING POINT/SANTA FE SOUTHERN 
<
SFX>


    By Philip Barbara, Reuters


    CHICAGO, April 3 - 
Santa Fe Southern Pacific Corp may have
more difficulty combining its two railroads than fending off a
possible takeover by Henley Group 
<
HENG>, which has accumulated
almost a five pct stake in the real estate and railroad
conglomerate, analysts said.
    Takeover speculation has surrounded Santa Fe since Henley
disclosed its stake in the company earlier this week, but
analysts and a Santa Fe official were skeptical a takeover is
its intention.
    Analysts also said the company has strong defenses that
would easily deter any suitor - one of those being its problems
combining its two railroad properties, which hang in regulatory
limbo.
    Richard Fischer of Merrill Lynch and Co Inc said that Santa
Fe at December 31 had 580 mln dlrs in cash and cash
equivalents, while its long-term debt to capital was just over
25 pct. "This gives them plenty of borrowing power," he said,
which could be used against an unwanted suitor.
    Henley Group's Chairman Michael Dingman has said he wants
to take major positions in undervalued natural resource
companies. He also told Reuters in an interview he is seeking
an acquisition of from two billion to eight billion dlrs.
    Santa Fe officials don't appear concerned that Henley might
launch a takeover. "I would not characterize the atmosphere
around here as one of concern," one Santa Fe executive said
about Henley.
    "I think it's wrong to assume Dingman has formed a firm
strategy with Santa Fe," said Mark Hassenberg, who covers
Henley for DLJ Securities.
    Analysts say the potential of Santa Fe's land assets are
likely to be realized slowly. They add that Santa Fe's efforts
to merge its two railroads remain in regulatory limbo,
sidetracking many of its strategic plans for the foreseeable
future.
    These realities, they said, support the Henley Group's
statement that its Santa Fe stake is only an investment.
    The more pressing problem facing Santa Fe is overcoming
difficulties in merging its two railroads, the Atchison, Topeka
and Santa Fe Railway Co and Southern Pacific Transportation Co.
The merger would create the nation's second-longest railroad.
    Last July the Interstate Commerce Commission (ICC) denied
the merger on anticompetitive grounds.
    The company since has granted trackage-sharing rights to
four western railroads to meet the ICC's concerns and persuade
it to reopen the hearings in its three-year-old struggle to
merge the lines.
    "My guess is the commission will decide in three to six
weeks whether to reopen hearings," Fischer said.
    "I believe they've made an effort to satisfy the ICC's
objections," he said. "But in doing so they haven't pleased
everyone. Before they had Burlington Northern on their side,
now Burlington is opposed to the way trackage rights are set
up."
    If the hearings are reopened, analysts predicted it will
take six to nine months for everyone to have their say, and up
to another year for the ICC to decide.
    Santa Fe is in the midst of a 50-mln-share stock buyback
program begun in 1984. It has bought back 33.7 mln shares as of
February 1, when it had 154.7 mln shares outstanding, a
spokesman said.
    Among the shares repurchased were two stakes owned by
Norfolk Southern, one of 3.4 mln shares bought in 1986 and
another of 1.7 mln shares in 1985, one analyst said.
    James Voytko at Paine Webber believes Santa Fe could fight
off the Henley Group with its cash and credit. Citing the share
buybacks from Norfolk Southern, he said one of Santa Fe's
options, if threatened, could be to buy the Henley stake.
    "It is indeed possible that Dingman sees this as a
low-risk, opportunistic investment," Voytko said.
    "People who follow Santa Fe have given me values of 45 dlrs
to 50 dlrs a share," said DLJ Securities' Hassenberg. "But I'm
certain that in Dingman's mind, the company is worth more than
that in breakup value."
 Reuter
3;
bodyend
documentend
documentstart
12828
topicstart
topicend
bodystart
2;

STOLTENBERG CALLS FOR NEW BRAZIL TALKS WITH BANKS


    BONN, April 3 - 
Finance Minister Gerhard Stoltenberg said
he will advise Brazil to take up discussions with its
commercial bank creditors when he is in Washington for the
International Monetary Fund (IMF) meeting next week.
    He told a news conference ahead of the IMF talks that
discussions about developing country debt problems would play
an important role on the agenda in Washington.
    Stoltenberg noted that Brazil had agreed in January to work
together with the banks but said this pledge had not yet been
fulfilled.
    After Brazil imposed a moratorium on interest payments on
68 billion dlrs worth of debt in February, Brazilian Finance
Minister Dilson Funaro sought to involve foreign governments in
rescheduling talks with banks.
    But British Chancellor of the Exchequer Nigel Lawson
rebuffed Funaro's bid and said commercial bank loans were a
matter for banks and not governments. West German bankers also
said then that Brazil should seek an understanding with the
IMF.
    Stoltenberg said in Bonn today that he had already told
Funaro that the unilateral moratorium was a mistake.
    Stoltenberg said that despite progress in some areas, the
debt problems of a whole range of countries had recently become
more difficult.
    He said flows from commercial banks had decreased markedly
and that the refusal of some highly indebted countries to
fulfil their commitments to private creditors or with the IMF
was one reason for this.
    He also said that when debtor countries came up with good,
confidence-inspiring policies, commercial banks should react
with more flexibility in interest structures, maturities and
rescheduling.    Many debtor countries had realised that it was not possible
to mobilise capital flows, and especially direct investments,
without such policies, Stoltenberg said.
 REUTER
3;
bodyend
documentend
documentstart
12829
topicstart
reserves
topicend
bodystart
2;

CANADIAN FOREIGN RESERVES SURGE IN MONTH


    OTTAWA, April 3 - 
Canadian foreign reserve holdings rose
1.23 billion U.S. dlrs in March to 7.77 billion dlrs, the
Finance Department said.
    The department said the change from February included a
decrease of 258.1 mln dlrs from the repayment, at maturity, of
a 1982 Swiss Franc 400 mln issue.
    Also included was also a 112.8 mln dlr decline from a net
redemption of Canada bills. The par value of bills outstanding
was 800.7 mln dlrs at March 31.
    This month's reserves were 4.49 billion dlrs above March,
1986's total of 3.28 billion dlrs.
    Reserve holdings in U.S. dlrs at end of March versus end of
February were as follows.
    - U.S. dlrs 5.98 billion vs 4.47 billion,
    - other foreign currencies 37.1 mln vs 319.9 mln,
    - gold 874.0 mln vs 864.1 mln
    - special drawing rights 191.8 mln vs 188.6 mln,
    - IMF Reserves 689.7 mln vs 705.7 mln.
 Reuter
3;
bodyend
documentend
documentstart
12830
topicstart
grain
topicend
bodystart
2;

JAPAN STUDY URGES FOREIGN ACCESS TO FARM MARKETS


    TOKYO, April 3 - 
Japan should increase foreign access to
its farm products market, while encouraging further development
of domestic agriculture, a government report said.
    The white paper on agriculture for the year ended March 31
said active participation in writing world farm trade rules at
the next round of General Agreement on Tariffs and Trade (GATT)
talks will help prepare Japan to improve access.
    Agriculture Ministry sources said the paper marked an
easing in Japan's tough position on agricultural imports which
stressed the need for strict controls on some products to
maintain self-sufficiency in food.
    Japan now produces only 30 pct of its annual grain needs,
down from 61 pct some 20 years ago, official figures show.
    The paper said Japanese agriculture has been slow to
improve productivity and demand/supply imbalances.
    The relative shortage of farmland in Japan is mainly
responsible for higher domestic prices, it said.
    The strong yen has meant lower input material prices but
has also resulted in higher agricultural imports which has
worsened working conditions among part-time farmers, the paper
said.
    This could make it difficult to improve the industry's
structure, the paper said.
    To solve these problems and to reduce farm product prices
to more reasonable levels, Japan should try to restructure the
the agricultural sector to improve productivity and make it
self-supporting, it said.
 Reuter
3;
bodyend
documentend
documentstart
12831
topicstart
earn
topicend
bodystart
2;

HILTON 
<
HLT> 1ST QTR EARNINGS UP ABOUT 37 PCT


    BEVERLY HILLS, Calif., April 3 - 
Hilton Hotels Corp said
its first quarter net income rose 37 pct, paced by strength in
both hotels and gaming.
    Based on preliminary results, the company said, net income
rose to about 24 mln dlrs, or 96 cts a share, from 17.4 mln
dlrs, or 70 cts a share, in 1986's initial three months.
 Reuter
3;
bodyend
documentend
documentstart
12834
topicstart
acq
topicend
bodystart
2;

PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW


    BRISBANE, April 3 - 
<
Pioneer Sugar Mills Ltd> said it
considered the proposed 2.20 dlrs a share cash takeover offer
announced by CSR Ltd 
<
CSRA.S> on March 31 to be too low in view
of the group*hK!UiIe and prospects.
    Pioneer recommended in a statement that shareholders retain
their stock, pending the board's response once it receives full
details of the CSR offer.
 REUTER
3;
bodyend
documentend
documentstart
12835
topicstart
topicend
bodystart
2;

PHILIPPINES SAYS DEBT PACT BETTER THAN MEXICO'S


    MANILA, April 3 - 
Central bank governor Jose Fernandez said
the 10.3 billion dlr debt restructuring package he and Finance
Secretary Jaime Ongpin negotiated with the Philippines'
commercial creditors was better than Mexico's.
    "I think we got a better deal. It was really an enormous
drop, a reduction in rates and that to me is the critical
element," he told Reuters.
    He was reacting to comments by local economists who said
Manila's debt accord was no better than Mexico's, which was a
20-year repayment, including a seven-year grace last year at
13/16 points over London interbank offered rates (Libor).
    The Philippines clinched a repayment of 17 years, including
a grace period of 7-1/2 years on 10.3 billion dlrs of its total
debt of 27.8 billion.
 Reuter
3;
bodyend
documentend
documentstart
12836
topicstart
alum
topicend
bodystart
2;

SURALCO OFFERS CASH FOR WORKERS TO LEAVE


    THE HAGUE, April 3 - 
The U.S.-owned 
<
Surinam Aluminum
Company> (SURALCO) offered workers a lump sum and up to five
months' wages to quit the firm because jungle-based rebels have
disrupted bauxite mining and alumina smelting, ANP said.
    The Dutch news agency said SURALCO, a subsidiary of the
Aluminum Company of America(ALCOA) wanted to reduce its work
force because it had been hard hit by guerrilla attacks that
cut power lines to the area in January.
    All bauxite mining at Moengo ceased four months ago and
SURALCO's Paranam alumina smelter is using imported bauxite.
 Reuter
3;
bodyend
documentend
documentstart
12838
topicstart
topicend
bodystart
2;

LIFFE T-BONDS GAIN ON JOBS DATA


    LONDON, April 3 - 
U.S. T-bond futures gained half a point
in the few minutes after news that the U.S. Non-farm payroll
rose more slowly than earlier believed over the last two
months, dealers said.
    June T-bonds were trading at 97-2/32, or 31/32 down on the
day, immediately before the figures. When the news came out,
they made session highs of 97-17/32 before slipping to 97-
12/32.
    The payroll rose by 164,000 in March, against analysts'
expectations of a 225,000 gain, while the Labour Department
revised the February increase down to 236,000 from 337,000.
 REUTER
3;
bodyend
documentend
documentstart
12839
topicstart
acq
topicend
bodystart
2;
******
GENERAL PARTNERS WILLING TO PAY 110 DLRS/SHARE FOR GENCORP

Blah blah blah.
3;


bodyend
documentend
documentstart
12840
topicstart
money-fx
interest
topicend
bodystart
2;

U.K. MONEY MARKET RECEIVES 205 MLN STG LATE HELP


    LONDON, April 3 - 
The Bank of England said it has provided
around 205 mln stg late assistance to the market, bringing the
total help today to 722 mln which compares with the Bank's
revised deficit forecast of 800 mln stg.
 REUTER
3;
bodyend
documentend
documentstart
12841
topicstart
money-supply
topicend
bodystart
2;

BELGIAN MONEY SUPPLY RISES IN FOURTH QUARTER 1986


    BRUSSELS, April 3 - 
Belgian total money stock rose to
1,140.4 billion francs at the end of 1986 from 1,115.4 billion
at the end of the third quarter of last year and 1,055.0
billion at the end of 1985, Belgian National Bank figures
showed.
    Paper money rose to 404.1 billion francs from 394.1 billion
and 383.5 billion respectively, other forms of privately held
money to 679.5 billion from 652.7 billion and 616.0 billion.
    Money held by the public authorities fell to 56.8 billion
francs from 68.6 billion at the end of the previous quarter but
was above the 55.5 billion at the end of 1985, the bank said.
    The government does not set money supply targets, arguing
they are inappropriate to a small economy with major trading
and monetary links with much larger trading countries.
 REUTER
3;
bodyend
documentend
documentstart
12842
topicstart
money-fx
topicend
bodystart
2;

STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE


    BONN, April 3 - 
West German Finance Minister Gerhard
Stoltenberg said the currency agreement reached in Paris in
February had been successful and would be continued.
    Stoltenberg told journalists before he attends next week's
International Monetary Fund meeting in Washington that: "The ...
Strategy to stabilise currencies around current levels has
proven its worth and will also determine future developments."
    Stoltenberg declined to comment specifically on what he
would consider to be an undervalued dollar but said a dollar
around 1.80 marks created problems for West Germany's exports.
    He said studies by international organisations had made it
clear that especially in the U.S. And in Japan major efforts
remained necessary to support adjustments in foreign trade
balances via necessary corrections to economic policy.
    "No-one would benefit if, after years of over-valuation, the
U.S. Dollar fell into the other extreme, that is, strong
under-valuation," he said.
    Stoltenberg said West Germany had a keen interest in a
swift agreement between the U.S. And Japan concerning the
current trade dispute over semi-conductors.
    Asked whether he believed the markets would test the Paris
currency accord, Stoltenberg did not comment specifically but
noted that much of what had been discussed in Paris had not
been published.
    The Paris declaration did not state the levels at which
central banks of the major industrialised countries would
intervene. Stoltenberg said that everything had been carefully
considered. He said he had nothing further to add.
 Reuter
3;
bodyend
documentend
documentstart
12843
topicstart
coffee
topicend
bodystart
2;

BRAZILIAN COFFEE RAINFALL


    SAO PAULO, APRIL 3 - 
THE FOLLOWING RAINFALL WAS RECORDDD IN
THE AREAS OVER THE PAST 24 HOURS
     PARANA STATE UMUARAMA 10.6 MILLIMETRES, PARANAVAI 12.2 MM,
LONDRINA 6.0 MM, MARINGA 8.0 MM.
    SAO PAULO STATE: PRESIDENZE PRUDENTE 1.0 MM, VOTUPORANGA
26.0 MM, FRANCA NIL, CATANDUVA 0.1 MM, SAO CARLOS NIL, SAO
SIMAO NIL. REUTER
3;
bodyend
documentend
documentstart
12845
topicstart
topicend
bodystart
2;

FINAL TERMS SET ON BELL GROUP CONVERTIBLE


    LONDON, April 3 - 
The conversion price on the 175 mln
Australian dlr convertible eurobond for Bell Group NV has been
set at 13.37 Australian dlrs per share, lead manager Banque
Paribas Capital Markets said.
    The 10-year bond, which pays 10 pct and is priced at par,
is guaranteed by the parent company Bell Group Ltd whose shares
closed in Australia today at 10.70 Australian dlrs. The
conversion premium is 24.95 pct.
 REUTER
3;
bodyend
documentend
documentstart
12846
topicstart
interest
topicend
bodystart
2;

AVERAGE DISCOUNT RATE AT UK BILL TENDER 9.5195 PCT


    LONDON, April 3 - 
The average rate of discount at today's
U.K. Treasury bill tender rose to 9.5195 pct from 9.3157 pct
last week, the Bank of England said.
    This week's 100 mln stg offer of 91-day bills met
applications of 327 mln stg, the bank said.
    Applications for bills dated Monday to Friday at the top
accepted rate of discount of 9.5261 pct were allotted about 81
pct.
    Next week 100 mln stg of Treasury bills will be offered,
replacing 100 mln stg of maturities.
 REUTER
3;
bodyend
documentend
documentstart
12848
topicstart
trade
topicend
bodystart
2;

IMF, WORLD BANK TO MEET AMID NEW INFLATION FEARS


    By Alver Carlson, Reuters


    WASHINGTON, April 3 - 
Amid new concerns about inflation,
interest rate increases and trade confrontations,
finance ministers and central bankers meet next week to discuss
a deteriorating global debt and economic situation.
    The meetings, under the auspices of the International
Monetary Fund and World Bank, come as interest rates are
turning higher and the already-weak dollar has sunk further,
upsetting bond and stock markets.
    Uncertainty is growing about the vitality of the global
economy and whether the heavily-indebted countries can continue
to carry the burden of their growing debt without vast new
assistance.
    Monetary and diplomatic sources said there are no signs
any new debt initiative of the sort that Treasury Secretary
James Baker unveiled 18 months ago in Seoul is in the works.
    The strategy has drawn a serious challenge from Brazil,
which suspended interest payments on 67 billion dlrs of
commercial bank debt last month. The Banks have responded by
laying the groundwork for writing down Brazilian loans.
    Separately, French Prime Minister Jacques Chirac, in a
visit earlier this week with President Reagan, sounded out the
administration on a plan to funnel worldwide grain surpluses to
the very poorest states.
    The French plan is certain to be discussed by the ministers
in detail during next week's meetings and will undoubtedly be
embraced by the developing countries.
    "There's interest on the part of some countries for looking
at the support of the special problems of the very poorest
countries, because their position is so extreme," a Reagan
administration official said.
    He suggested Washington was open to disussing the issue.
    The meetings will also assess the success of the Baker debt
initiative, which called for new funding to help debtor
countries grow out of their problems.
    The largest industrial countries have been attempting to
coordinate economic policy in the hope of controlling the
decline of the dollar, U.S. trade and budget deficits and other
problems.
    At the same time, the industrial countries see little
evidence of a strengthening of economic activity and the Fund
forecasts they will grow 2.5 pct.
    The United States sees 3.2 pct growth for itself, 
continuing its expansion for a fifth year, and has asked other
industrial countries to stimulate their economies.
    These issues directly affect the debt problem and the
ability of the debtor countries to grow out of their
difficulties.
    In recent years, U.S. markets have absorbed the exports of
developing country, allowing them to earn critical foreign
exchange. But the United States wants to cut its trade deficit,
running at a record 169.8 billion dlrs, and is pressing others
to import more from developing countries.
    The discussions, from April six to 10, will be
wide-ranging, touching everything from interest rates to the
impact of development loans on the environment, according to
monetary sources.
    The talks will include an examination of trade
protectionist pressures in the wake of a decision by the Reagan
administration to place some 300 mln dlrs in tariffs on
microchip products from Japan, the sources said.
    The move accelerated the dollar's decline as financial
markets grew alarmed that trade war was in the offing.
    There is concern that the action, prompted by U.S. charges
that Japan has been selling computer chip products below fair
market value and has kept its own market closed to imports,
further undermining the international trading system.
    At the same time, the ministers will discuss the
fundamental price weakness in basic commodities, the export
mainstay of many developing countries.
    The so-called Group of Five industrial countries -- the
United States, Japan, West Germany, France and Britain -- will
gather for the first time since their February talks in Paris,
where they agreed to keep the dollar from sliding further.
    The Five will be joined later by Italy and Canada for
further debate on economic policy coordination.
    As part of the Paris accord, surplus countries such as
Japan agreed to stimulate their economies, while America
said it would reduce its federal budget deficit.
    Other major issues of the meetings include a U.S. bid to to
have a larger say in approving loans of the Inter-American
Development Bank, strengthening the link between loans and
economic policy changes in debtor nations.
    Washington is also pressing the World Bank to take more
account of the environment when making loan for dams and other
projects.
    The new head of the Bank, Barber Conable, has said this
issue is being reviewed and will be part of a reorganization
plan for the Bank, now being prepared.
 Reuter
3;
bodyend
documentend
documentstart
12849
topicstart
ship
grain
topicend
bodystart
2;

LONDON FREIGHT MARKET FEATURES USSR TIMECHARTERS


    LONDON, April 3 - 
Active timecharter fixing by Soviet
operators to cover USSR grain imports featured the freight
market, ship brokers said.
    At least two fixtures were reported on Soviet account to
lift EC grain, with a 22,000 tonner booked from Tilbury for a
voyage via lower Baltic Sea and redelivery passing Skaw at
4,000 dlrs daily and a 27,000 tonner from Ceuta for a voyage
via the U.K. And redelivery Skaw-Cape Passero at 4,500 dlrs
daily.
    The Soviets also secured a 34,000 tonner from Gibraltar for
a trans-Atlantic round trip at 4,500 dlrs daily and a 61,000
tonner for similar business at 6,750 dlrs daily.
    Brokers said several other fixtures were also thought to be
connected with Soviet grain, including a 69,000 tonner from
Taranto for five to seven months at 6,500 dlrs daily. Similar
fixing was reported yesterday at 6,000 dlrs.
    Other timecharter fixing included a 14,000 tonner from
Indonesia to the U.S. Gulf at 2,800 dlrs daily and a combined
carrier of 75,000 tonnes dw from the U.S. Gulf to Italy at
9,000 dlrs daily.
    Severel vessels were booked from Antwerp-Hamburg range,
including a 61,000 tonner bound for Singapore-Japan at 7,500
dlrs daily and a 16,000 tonner destined for west coast India at
5,000 dlrs.
    Grain fixing was much quieter out of the U.S. Gulf, with no
fresh business seen on the significant routes to the Continent
or Japan, although tonnage was secured for at least five small
corn cargoes from the Gulf to Jamaica at between 21 and 25
dlrs. Wheat from the River Plate and Buenos Aires to Sri Lanka
received 26 dlrs.
    Market talk suggested 11 dlrs had been paid for grain from
the U.S. North Pacific to Japan but no confirmation was
available.
    Fairly active grain fixing emerged out of the Continent,
however, with maize covered from Nantes to Egypt at 15 dlrs,
and bagged flour from Greece to China at 27 dlrs.
    Barley cargoes were arranged from Immingham to the Red Sea
at 17.25 dlrs and from Foynes to Jeddah at 17.25 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12850
topicstart
topicend
bodystart
2;

ST GALLEN LAUNCHES 50 TO 60 MLN SWISS FRANC BOND


    ZURICH, April 3 - 
The Swiss canton of St Gallen is
launching a 50 to 60 mln Swiss franc 4-1/4 pct maximum 12-year
bond at 100-1/4 pct, lead manager St Gallen Kantonalbank said.
    Subscriptions close April 15 and payment date is April 30.
 REUTER
3;
bodyend
documentend
documentstart
12851
topicstart
nat-gas
topicend
bodystart
2;

NERCO 
<
NER> TO ACQUIRE INTEREST IN GAS FILED


    PORTLAND, Ore., April 3 - 
Nerco Inc said it has agreed to
acquire a 47 pct working interest in the Broussard Gas Field in
southern Louisiana from privately-owned 
<
Davis Oil Co> for
about 22.5 mln dlrs in cash.
    Nerco said the interest being purchased will give it
estimated proven oil and gas reserves equal to six billion
cubic feet of natural gas. The property includes six gas wells,
one oil well two undeveloped drilling locations, a central
production facility and a gas gathering system.
    Nerco is 90 pct owned by PacifiCorp 
<
PPW>.
 Reuter
3;
bodyend
documentend
documentstart
12852
topicstart
acq
topicend
bodystart
2;

CANRAD 
<
CNRD> ACQUIRES MEASUREMENT SYSTEMS


    NEWARK, N.J., April 3 - 
Canrad Inc said it acquired the
Measurement Systems Division of 
<
Page-Wilson Corp> for an
undisclosed amount of cash.
    Canrad said the acquisition is expected to increase its
annual revenues by about 10 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12853
topicstart
acq
topicend
bodystart
2;

PANTERA'S  
<
PANT> ACQUIRES 10 RESTAURANTS


    ST. LOUIS, April 3 - 
Pantera's Corp said it closed on its
agreement to acquire ten pizza restaurant locations in
southeastern Colorado.
    It said the purchase price was 1,250,000 dlrs, which was
paid by cash and stock.
 Reuter
3;
bodyend
documentend
documentstart
12857
topicstart
copper
topicend
bodystart
2;

NORANDA SAYS FIRE CAUSED 10 MLN DLRS IN DAMAGE


    Murdochville, Quebec, April 3 - 
<
Noranda Inc> said a copper
mine fire that killed one miner and trapped 44 others for
nearly a day caused an estimated 10 mln Canadian dlrs in
damage.
    The fire, which started Wednesday and burned for more than
24 hours, destroyed the mine's three-year-old conveyor system,
officials said.
    Michel Lefebvre, vice president of operations, said Noranda
will operate the mine at about one third of its normal 72,000
short ton annual finished capacity, using above ground
reserves, until it decides whether to keep the mine open.
    "The events we sustained yesterday and the day before are a
very serious setback for Gaspe Mines operations," Lefebvre said.
Gaspe Mines is the name of the Noranda division that operates
the Murdochville mine.
    He said it would take four or five months to bring
operations up to full capacity if the company decides to do so,
adding that he believes there is a good chance Noranda will
fully reopen the mine.
 Reuter
3;
bodyend
documentend
documentstart
12858
topicstart
acq
topicend
bodystart
2;

GENERAL PARTNERS TO RAISE BID FOR GENCORP 
<
GY>


    AKRON, Ohio, April 3 - 
<
General Partners> said it was
prepared to raise its bid for GenCorp Inc to 110 dlrs cash per
share from 100 dlrs per share.
    In a letter from General Partners to A. William Reynolds,
chairman and chief executive officer of GenCorp, the company
stated that if GenCorp could prove the company was worth more,
General Partners would be willing to consider an even higher
price.
    General Partners also left open the possibility of an
alternative to an all-cash offer.
    General Partners told GenCorp if it believed shareholders
would be better served by a smaller cash price with a security
representing a continuing long-term interest in GenCorp's
prospects, it would be willing to discuss an alternative.
    Specifically, General Partners said it was prepared to
discuss an acquisition giving shareholders a continuing
interest in Aerojet General, a valued business of GenCorp.
 Reuter
3;
bodyend
documentend
documentstart
12860
topicstart
earn
topicend
bodystart
2;

MANGOOD CORP 
<
MAB> YEAR OPER LOSS


    FORT ATKINSON, WIS., April 3 -
    
Oper shr loss 6.07 vs loss 7.64 dlrs
    Oper net loss 6,235,000 vs loss 4,801,000
    Sales 70.1 mln vs 60.6 mln
    Avg shrs 1,028,000 vs 629,000
    NOTE: 1986 earnings exclude a gain on restructuring of
3,143,000 dlrs, or 3.01 dlrs a share
 Reuter
3;
bodyend
documentend
documentstart
12861
topicstart
copper
topicend
bodystart
2;

NORANDA COPPER MINE FIRE CAUSED HEAVY DAMAGE


    MURDOCHVILLE, Quebec, April 3 - 
<
Noranda Inc> said a copper
mine fire that killed one miner and trapped 44 others for
nearly a day caused an estimated 10 mln Canadian dlrs in
damage.
    The fire, which started Wednesday and burned for more than
24 hours, destroyed the mine's three-year-old conveyor system,
officials said.
    Michel Lefebvre, vice president of operations, said Noranda
will operate the mine at about one-third of its normal 72,000
metric ton annual finished capacity, using above ground
reserves, until it decides whether to keep the mine open.
    "The events we sustained yesterday and the day before are a
very serious setback for Gaspe Mines operations," Lefebvre said.
Gaspe Mines is the name of the Noranda division that operates
the Murdochville mine.
    He said it would take four or five months to bring
operations up to full capacity if the company decides to do so,
adding that he believes there is a good chance Noranda will
fully reopen the mine.
 Reuter
3;
bodyend
documentend
documentstart
12862
topicstart
earn
topicend
bodystart
2;

<
AMERICAN WEST BANK> FIRST QTR NET


    ENCINO, Calif., April 3 -
    
Net 90,501 vs 56,960
    Assets 42.0 mln vs 34.9 mln
    Deposits 35.9 mln
    Loans 27.6 mln vs 23.9 mln
    NOTE: earnings per share and 1985 deposits figure  not
supplied by company.
 Reuter
3;
bodyend
documentend
documentstart
12866
topicstart
acq
topicend
bodystart
2;

R.R. DONNELLY 
<
DNY> TO SELL CABLE SYSTEM


    CHICAGO, April 3 - 
R.R. Donnelly and Sons Co said it
reached an agreement with Adams-Russell Co Inc 
<
AAR> to sell
Adams its Rockford, Ill., cable system for an undisclosed
price.
    R.R. Donnelly said it expects the deal to close in about
120 days, subject to regulatory approvals and other conditions.
    The cable system serves about 51,000 subscribers in the
communities of Rockford, Loves Park, Machesney Park, Cherry
Valley, Morristown and Winnebago County, Ill., R.R. Donnelly
said.
 Reuter
3;
bodyend
documentend
documentstart
12869
topicstart
earn
topicend
bodystart
2;

BIOMET INC 
<
BMET> 3RD QTR FEB 28 NET


    WARSAW, Ind., April 3 -
    
Shr 18 cts vs 13 cts
    Net 2,133,000 vs 1,384,000
    Revs 14.1 mln vs 11.7 mln
    Nine mths
    Shr 49 cts vs 36 cts
    Net 5,657,000 vs 3,728,000
    Revs 39.7 mln vs 31.8 mln
 Reuter
3;
bodyend
documentend
documentstart
12872
topicstart
corn
grain
topicend
bodystart
2;

SPAIN AGREES SALE OF CORN TO GREECE


    MADRID, April 3 - 
Greece has agreed to buy between 27,000
and 33,000 tonnes of Spanish corn, a spokesman for Cargill's
Spanish unit Compania Industrial y de Abastecimiento S.A.
(CINDASA) said.
    He told Reuters the sale price was around 28.95 pesetas per
kilo but that the final quantity and delivery date has not yet
been set. The corn will be shipped in the coming days from
Valencia.
    He said CINDASA will also ship 6,000 to 7,000 tonnes of
Spanish corn to Italy in the second half of this month.
    The CINDASA spokesman said other corn shipments this month
will include between 15,000 and 30,000 tonnes bound initially
for Rotterdam and Ghent and destined for unspecified northern
European countries. He said shipments of 35,000 to 50,000
tonnes of low specific gravity barley were also expected this
month and added that Greece, the Netherlands, Ireland and
Belgium were considering imports of Spanish flour for milling.
    Market sources said the corn exports, the absence of
imports from the rest of the EC and the delay in shipments of
corn from the U.S. Had pushed domestic corn prices up by around
0.25 pesetas a kilo today compared with yesterday.
 Reuter
3;
bodyend
documentend
documentstart
12874
topicstart
earn
topicend
bodystart
2;

EAC INDUSTRIES INC 
<
EAC> 4TH QTR OPER LOSS


    CHICAGO, April 3 - 
Period ended Jan 31
    Oper shr loss 66 cts vs loss 1.29 dlrs
    Oper net loss 1,309,000 vs loss 2,522,000
    Sales 25.1 mln vs 19.9 mln
    Year
    Oper shr loss 65 cts vs loss 97 cts
    Oper net loss 1,287,000 vs loss 1,882,000
    Sales 113.4 mln vs 76.6 mln
    NOTE: Earnings exclude a loss on sale of discontinued
operations of 17,000 dlrs, or one ct a share vs a gain of
1,383,000 dlrs, or 70 cts a share in the quarter and gains of
300,000 dlrs, or 15 cts a share vs 1,941,000 dlrs, or 1.00 dlr
a share for the year
 Reuter
3;
bodyend
documentend
documentstart
12875
topicstart
reserves
topicend
bodystart
2;

BUNDESBANK GROSS RESERVES RISE AT MARCH CLOSE


    FRANKFURT, April 3 - 
The Bundesbank's gross currency
reserves rose 300 mln marks in the last week of March to 104.9
billion marks, the Bundesbank said in a statement.
    At the same time its foreign liabilities rose 100 mln to
22.8 billion, producing a rise in net reserves of 200 mln to
82.2 billion on March 31.
    The Bundesbank provided banks with liquidity in the fourth
March week by disbursing funds in the money market via
government-owned banks. Banks took up the Bundesbank's standing
offer of treasury bills to place excess liquidity.
    Banks received more liquidity through routine month-end
payments by public authorities as well as expansionary market
factors than was lost through the 2.3 billion mark rise in cash
in circulation to 122.3 billion, the Bundesbank said.
    But banks had to draw heavily on the Lombard emergency
financing facility due to month-end tightness, borrowing 5.3
billion marks.
    Overall, banks' holdings at the Bundesbank rose 10.2
billion marks to 58.5 billion at the end of the month,
averaging 50.9 billion in the whole of March.
    The minimum reserve requirement for March, before deduction
of banks' cash holdings, was set at 61 billion marks.
    Public authorities' net holdings at the Bundesbank fell to
2.2 billion marks in the last March week from 4.4 billion the
week before. The federal states' holdings fell 2.6 billion to
2.4 billion.
    The federal government's holdings rose 700 mln marks to 5.1
billion.
 REUTER
3;
bodyend
documentend
documentstart
12877
topicstart
money-fx
dlr
dmk
topicend
bodystart
2;

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES


    ANKARA, April 3 - 
Turkey's Central Bank set a lira/dollar
rate for April 6 of 781.95/785.86 to the dollar, up from
782.50/786.41. It set a lira/D-mark rate of 430.15/432.30 to
the mark, down from 428.30/430.44.
 REUTER
3;
bodyend
documentend
documentstart
12878
topicstart
earn
topicend
bodystart
2;

WESSANEN FORESEES STRONG PROFIT GROWTH


    AMSTERDAM, April 3 - 
Dutch dairy and general foods
manufacturer Koninklijke Wessanen NV 
<
WESS.AS>, said it is
planning further world-wide acquisitions and forsees strong
profit growth over the next 10 years.
     Company chairman Gerrit van Driel told journalists at the
presentation of Wessanen's 1986 report he already expected 1987
first quarter profits to show an increase.
    The company last month reported a 16 pct increase in 1986
net profits to 72.7 mln guilders, after 62.3 mln in 1985.
    This was achieved despite a 25 pct drop in the dollar's
guilder value, van Driel said.
    Van Driel said profits would have been nine mln guilders
higher if the US currency had remained at its average 1985
level of 3.20 guilders.
    Turnover, at 3.7 billion guilders in 1986, was 450 mln
guilders down because of the lower dollar and lower raw
material prices. Total 1985 turnover was 4.2 billion guilders.
    US activities accounted for 34 pct of 1986 turnover,
compared with 22 pct in 1982. Wessanen now has 15 separate
businesses in the US out of a total of 62 world-wide.
    Van Driel said the company would continue an active
takeover policy in the US, but would be wary about paying more
than its current price/earnings ratio of 17 times net profit.
    He added that Wessanen teams were seeking acquisition
possibilities in Brazil, Taiwan, Thailand and China.
    He said the company had an ample cashflow of 100 mln
guilders and would if necessary make new share issues.
    Van Driel said he expected a 1987 US turnover of 700 mln
dlrs. He said 
<
Balanced Foods> and 
<
Green's Dairy>, taken over
late last year, have a combined annual turnover of 126 mln dlrs
which was not included in the 1986 account.
    All sectors saw strong growth in 1986, resulting in a 13
pct increase in operating income to 120 mln guilders. Key to
this growth was the successful introduction of new products,
which were greatly enhanced by a number of consumer-oriented US
acquisitions, van Driel said.
    Consumer products represented 50 pct of total 1986
turnover, compared with 35 pct in 1982, van Driel said.
    The company, which is already listed on the London, Zurich,
Basle and Geneva stock exchanges as well as Amsterdam, aims to
be quoted in Frankfurt and Dusseldorf in May, van Driel said.
    Van Driel stressed that while these listings would not be
accompanied by new share issues, they provided easy vehicles
for the company to raise capital for future expansion.
    He estimated that 33 pct of the company's shares were in
foreign hands.
    The company's 1986 US turnover of about 750 mln dlrs made a
listing on one of the New York exchanges a logical next step,
van Driel said without elaborating.
    Despite EC dairy restrictions Wessanen, which produces
around 10 pct of all Dutch cheese, saw good growth prospects
for its dairy sector within Europe, van Driel said.
 REUTER
3;
bodyend
documentend
documentstart
12880
topicstart
interest
topicend
bodystart
2;

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 3 - 
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-273 days  5.00 pct  5.00 pct    30-89 days
 274-294 days  5.92 pct  5.83 pct   90-100 days
 295-344 days  5.00 pct  5.00 pct  101-181 days
 345-360 days  5.93 pct  5.82 pct  182-195 days
                         5.00 pct  196-274 days
                         5.90 pct  275-295 days
                         5.00 pct  296-360 days
 Reuter
3;
bodyend
documentend
documentstart
12882
topicstart
interest
topicend
bodystart
2;
MONEY RATES - INTERNATIONAL SUMMARY - APR 3
    U.S.
Fed funds               5-15/16
Broker loan             7.50-7.25
                  30        60        90
T-bills        5.40/38   5.40/38   5.44/43
Cds dir         5.95       6.00       6.00
Comm paper dir  6.15       6.15       6.09
    INTERNATIONAL
         CALL       1 MONTH          3 MONTH
Ldn  10    9-7/8     10   9-15/16   10    9-7/8Fft  3.60/70    
    3.80/90         3.85/95
Par     unav            unav            unav
Zur  7/8   1-1/8   3-1/8   1/4    3-1/2   5/8
Ams  5-5/16  7/16  5-3/8   1/2    5-3/8   1/2
Tok  3.7500  8125  3.8750  9375   4.0000   0625

3;


bodyend
documentend
documentstart
12883
topicstart
acq
topicend
bodystart
2;

K MART 
<
KM> SELLING KRESGE TO MCCRORY


    TROY, MICH., April 3 - 
K mart Corp said it agreed to sell
most of the U.S. Kresge and Jupiter stores to McCrory Corp, a
subsidiary of privately held Rapid American Corp.
    It said the agreement covers 76 stores in 21 states
including inventory and fixtures. The price depends on the
amount of the inventory that will be in the stores on the
closing date.
    K mart said it will continue to operate the stores until
early June, when McCrory will take over with no interruption of
service.
    The newly acquired Kresge and Jupiter stores will be
renamed McCrory 5 and 10. McCrory currently operates 1,250
stores in 38 states.

 Reuter
3;
bodyend
documentend
documentstart
12884
topicstart
topicend
bodystart
2;

BELGIAN STATE LOAN RAISES 168.8 BILLION FRANCS


    BRUSSELS, April 3 - 
The latest Belgian state loan,
subscriptions for which closed today, raised a total of 168.8
billion francs, a finance ministry spokesman said.
    The eight-year, eight pct domestic loan which was priced at
par was originally expected by the ministry to raise 150
billion francs.
 REUTER
3;
bodyend
documentend
documentstart
12885
topicstart
earn
topicend
bodystart
2;

TANDY 
<
TAN> 3RD QUARTER REVENUES UP 12 PCT


    FORT WORTH, Texas, April 3 - 
Tandy Corp said consolidated
sales and operating revenues for the third quarter, ended March
31, totaled nearly 776.0 mln dlrs, up 12 pct from 693.4 mln
dlrs last year.
    The company said third quarter earnings will be released in
the latter part of April.
    Tandy said March sales and oprating revenues totaled 164.4
mln dlrs, up 11 pct from March 1986's 238.8 mln dlrs.
    It said U.S. retail operations revenues rose to 225.8 mln
dlrs last month from 202.7 mln dlrs a year earlier. Sales of
U.S. stores in existence more than one year increased 10 pct.
 Reuter
3;
bodyend
documentend
documentstart
12886
topicstart
earn
topicend
bodystart
2;

PHILIP MORRIS 
<
MO> UP ON RECOMMENDATIONS


    NEW YORK, April 3 - 
The stock of Philip Morris Cos rose
today following recommendations by First Boston Corp and Morgan
Stanley and Co, traders said.
    Philip Morris gained 1-3/4 to 88-1/4.
    First Boston's analyst was unavailable for comment.
    Morgan Stanley's David Hill said he just assumed coverage
of Philip Morris and placed it on his recommended list becasue
of its attractive earnings growth and because the stock is
selling at a discount to the market based on Morgan's figures.
Hill expects Morris to earn 7.75 dlrs a share this year and
9.50 dlrs in 1988. In 1986, Morris earned 6.20 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
12887
topicstart
wheat
grain
topicend
bodystart
2;

PAKISTAN NOT SEEN AS MAJOR WHEAT EXPORTER


    ISLAMABAD, April 3 - 
Pakistan is not emerging as a major
wheat exporter as world market prospects are not good enough,
Sartaj Aziz, Special Assistant on Food and Agriculture to the
Pakistani Prime Minister, said in an interview.
    No exports are planned for the next 12 months or so and
plans last year to sell one mln tonnes to Iran came to nothing
because they could not agree a price, he said.
    Aziz forecast that Pakistan may have exportable surpluses
of one mln tonnes or a half mln tonnes over the next few
harvests in years when the weather is favourable.
    The government does not wish to increase output much above
this because of low world prices, and the land would be better
used for other crops.
    Aziz said the Pakistani government does not want area sown
to wheat to increase from the current seven mln hectares. Some
10 pct of that area which gives low yields could be switched to
more profitable crops such as oilseeds.
    The aim is to concentrate on raising yields from the
current 1.8 to 1.9 tonnes per ha to at least 2.5 tonnes per ha
over the next five to seven years, he said.
    Aziz said the current 1986/87 crop, harvesting of which is
just beginning, is expected to yield around a record 14.5 mln
tonnes. This compares with a target of 14.7 mln and last year's
yield of 14.0 mln.
    He said rains some six weeks ago helped the crop but more
recent rains reduced prospects slightly.
    The long-term wheat production target is for some 17 mln
tonnes by mid-1993, taking into account Pakistan's annual
population growth rate of more than three pct. Current
consumption is some 12.5 mln tonnes.
    The current wheat reserve is 2.5 mln tonnes, Aziz said.
This compares with a minimum reserve commitment of one mln
tonnes, which Pakistan will maintain at all costs, and a
"strategic reserve" target of two mln tonnes.
    Despite the fact that stocks are a half-mln tonnes over
target, the surplus will not be exported at present, he said.
    The government wants to keep an extra "safety margin" until
it sees what effect the abolition of a 44-year-old wheat
rationing system will have on domestic consumption. New exports
will be considered only in about a year's time when the 1987/88
crop can be gauged as well, he said.
    The new domestic policy, introduced on March 15, is for the
government to supply unlimited quantities of wheat at two
rupees per kilo. With other costs this means a price in
Pakistani markets of between 2.30 and 2.50 rupees per kilo.
    Under the old system, introduced during World War Two and
due to be phased out by April 15, some 50 mln ration cards were
issued enabling poor people to buy wheat cheaply.
    Aziz said following the introduction of a government
support price in the 1970s the system become so corrupted that
only 20 to 25 pct of subsidised wheat was actually reaching the
consumer, the rest being diverted illicitly to the mills.
    The ration system had also not had the stabilising effect
on the internal wheat market that was intended, Aziz said.
    Prices have already begun to fall with the introduction of
the new system. The wheat price in Karachi, the most expensive
Pakistani city, had dropped from 3.11 rupees per kilo on March
1 to 2.85 rupees on March 30.
    Aziz said he does not expect the change in system to have a
major effect on total consumption, but it may encourage better
use of side-products such as bran.
 Reuter
3;
bodyend
documentend
documentstart
12888
topicstart
acq
topicend
bodystart
2;

KLEER-VU INDUSTRIES TO SELL COSMETICS UNIT


    NEW YORK, APril 3 - 
<
Kleer-Vu Industries> said the
company's board authorized the sale of its Neslemur Co, its
cosmetic and toiletries company.
    The company said it is evaluating two separate proposals
and will complete the sale within 10 days.
 Reuter
3;
bodyend
documentend
documentstart
12889
topicstart
acq
topicend
bodystart
2;

MEMORY PROTECTION 
<
MPDI> COMPLETES ACQUISITION


    NEW YORK, April 3 - 
Memory Protection Devices Inc said it
completed its acquisition of the assets and liabilities of
Bogen, a division of 
<
Lear/Siegler>, for 9,200,000 dlrs in
cash.
    Under the newly-structured company, Memory said it expects
to report consolidated sales of 18 mln dlrs to 20 mln dlrs and
should be profitable before allowing for extraordinary items
related to the acquisition.
 Reuter
3;
bodyend
documentend
documentstart
12890
topicstart
acq
topicend
bodystart
2;

DU PONT 
<
DD> TO SELL CLEVELAND PLANT


    WILMINGTON, Del., April 3 - 
Du Pont Co said it agreed to
sell its Cleveland chemical plant, the oldest site currently
operated by the company, to two employees.
    Terms were not disclosed.
    Closing is expected in the second quarter, following
approval of definitive agreements.
    Products made at the plant represent less than 1/10 of one
pct of Du Pont's annual sales, it said. Quilon chrome complexes
and Volan bonding agents will be supplied by the plant to Du
Pont under contract.
    Established in 1866, the plant was acquired by Du Pont in
1928. The plant no longer fits the company's long-term
strategy, Du Pont said
 Reuter
3;
bodyend
documentend
documentstart
12891
topicstart
interest
topicend
bodystart
2;

SPAIN RAISES CALL MONEY RATE TO 14.5 PCT


    MADRID, April 3 - 
The Bank of Spain said it raised its rate
for overnight call money to 14.5 pct from 14 pct with immediate
effect at today's daily auction for assistance funds.
    The move followed comments yesterday by central bank
governor Mariano Rubio, who said money supply growth was too
fast.
    The bank said later that it was leaving its rate for
special assistance funds from its second window unchanged at 16
pct, surprising operators who had expected an increase there
too.
 REUTER
3;
bodyend
documentend
documentstart
12893
topicstart
earn
topicend
bodystart
2;

FEDERAL CO 
<
FFF> 3RD QTR FEB 28 NET


    MEMPHIS, April 3 -
    
Shr 1.00 dlr vs 34 cts
    Net 16.9 mln vs 5,696,000
    Revs 371.3 mln vs 303.2 mln
    Avg shrs 16.9 mln vs 16.3 mln
    Nine mths
    Shr 3.55 dlrs vs 1.66 dlrs
    Net 59.3 mln vs 27.1 mln
    Revs 1.02 billion vs 912.8 mln
    Avg shrs 16.7 mln vs 16.3 mln
 Reuter
3;
bodyend
documentend
documentstart
12896
topicstart
topicend
bodystart
2;

SYNTHETIC INDUSTRIES OFFERS DEBENTURES


    NEW YORK, April 3 - 
Synthetic Industries is offering 110
mln dlrs of senior subordinated debentures due 1999 yielding
11-5/8 pct, said sole manager Merrill Lynch Capital Markets.
    The debentures have an 11-1/2 pct coupon and were priced at
99.
    Non-callable for five years, the issue is rated B-3 by
Moody's Investors Service Inc and B-minus by Standard and
Poor's Corp.
    The issue was increased from an initial offering of 100 mln
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12897
topicstart
earn
topicend
bodystart
2;

FLOWERS INDUSTRIES INC 
<
FLO> HIKES PAYOUT


    THOMASVILLE, Ga., April 3 -
    
Qtly div 14-1/2 cts vs 14 cts prior
    Pay May 4
    Record April 17
 Reuter
3;
bodyend
documentend
documentstart
12898
topicstart
earn
topicend
bodystart
2;

FINE ART ACQUISITIONS LTD 
<
FAAA> 4TH QTR NET


    NEW YORK, April 3 -
    
Shr three cts vs three cts
    Net 141,224 vs 118,192
    Sales 5,849,695 vs 3,717,794
    Avg shrs 4,975,000 vs 4,925,000
    Year
    Shr 15 cts vs 10 cts
    Net 720,126 vs 474,879
    Sales 18.2 mln vs 11.5 mln
    Avg shrs 4,959,932 vs 4,902,778
    NOTE: 1985 year net includes gain of 58,000 dlrs, or one
cent a share, from tax loss carryforward
 Reuter
3;
bodyend
documentend
documentstart
12900
topicstart
acq
topicend
bodystart
2;

GERBER 
<
GEB> SETS DEADLINE FOR UNIT'S BUYOUT


    FREMONT, MICH., April 3 - 
Gerber Products Co said it has
given management of its CWT Inc trucking subsidiary 60 days to
pursue a leveraged buyout of the subsidiary.
    It said CWT Inc, which has operations in the Midwest and
Southeast, has annual revenues of approximately 135 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12901
topicstart
earn
topicend
bodystart
2;

<
ANCHOR FINANCIAL CORP> 1ST QTR NET


    MYRTLE BEACH, S.C., April 3 -
    
Shr 31 cts vs 31 cts
    Net 226,000 vs 173,000
    Assets 73.1 mln vs 62.5 mln
    Deposits 54.6 mln vs 51.5 mln
    NOTE: earnings per share for 1987 affected by issuance of
166,750 shares of common stock in December 1986.
 Reuter
3;
bodyend
documentend
documentstart
12904
topicstart
earn
topicend
bodystart
2;

TSR INC 
<
TSRI> 3RD QTR FEB 28 NET


    HAUPPAUGE, N.Y., April 3 -
    
Shr seven cts vs four cts
    Net 161,000 vs 107,000
    Revs 5,852,000 vs 4,794,000
    Nine mths
    Shr 23 cts vs 24 cts
    Net 553,000 vs 610,000
    Revs 18.2 mln vs 14.2 mln
 Reuter
3;
bodyend
documentend
documentstart
12905
topicstart
acq
topicend
bodystart
2;

TIME 
<
TL> IN TALKS ON CABLE NEWS CONSORTIUM


    NEW YORK, April 3 -  
N.J. Nicholas Jr., president and chief
operating officer of Time Inc, told security analysts the
company is now engaged in talks to join a consortium of cable
companies that will invest in Cable News Network.
    Nicholas declined to give any details, but said an
announcement might be ready in a few days. He also declined to
say whether the investment would be made by Time Inc or
American Television and Communications Corp, a public company
in which Time owns a majority stake.
    Cable News Network is owned by Turner Broadcasting System

<
TBS>.
 Reuter
3;
bodyend
documentend
documentstart
12907
topicstart
tea
topicend
bodystart
2;

ABNORMAL RADIATION FOUND IN SOVIET TEA/HAZELNUTS


    MOSCOW, April 3 - 
Abnormally high levels of radiation were
found in Soviet tea and hazelnuts more than nine months after
the Chernobyl nuclear accident, West German residents in Moscow
were advised this week.
    In a letter to the West German community here, Ambassador
Joerg Kastl said laboratory tests on food samples bought in
Moscow in February had shown elevated levels of caesium-134 and
-137 in tea from Azerbaijan and Ukrainian hazelnuts.
    Other food samples sent for testing at Cologne University,
including honey, fruit, vegetables, pork, milk and butter, were
found to be free of radiation, it said.
    Data in the letter showed the tea and hazelnuts contained
caesium levels far in excess of ceilings recommended by the
United Nations Food and Agriculture Organisation (FAO).
    The letter said people who had consumed the tea faced no
particular health danger as most of the caesium remained in the
tea leaves, but it warned against eating the hazelnuts.
    The products sent for testing were bought in state shops
and private farmers' markets in Moscow, it added. Other Western
embassies in Moscow said they had discontinued laboratory
testing of Soviet food late last year because no abnormal
radiation levels were detected.
    "We didn't find anything so we stopped doing it," a U.S.
Embassy spokesman said.
    A British spokesman said radiation-monitoring equipment
remained in the embassy waiting room for British residents in
Moscow who wanted to check their food, but laboratory tests had
not been conducted for several months.
    "Earlier we sent some food back to Britain as a
precautionary measure, but we stopped in the absence of any
alarming signals," he said. "If the tests had shown abnormal
readings, they would have been resumed."
 Reuter
3;
bodyend
documentend
documentstart
12908
topicstart
interest
topicend
bodystart
2;

SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 3 - 
The Student Loan Marketing
Association said its rates on short-term discount notes were as
follows:
    MATURITY   NEW RATE    OLD RATE  MATURITY
    5-14 days  5.65 pct    5.60 pct     5-14 days
   15-78 days  5.00 pct    5.00 pct    15-81 days
   79-85 days  5.83 pct    5.75 pct    82-88 days
  89-360 days  5.00 pct    5.00 pct   89-174 days
                           5.85 pct  175-180 days
                           5.00 pct  181-360 days
 Reuter
3;
bodyend
documentend
documentstart
12910
topicstart
copper
topicend
bodystart
2;

CYPRUS LOWERS COPPER PRICE ONE CT TO 66 CTS


    DENVER, April 3 - 
Cyprus Minerals Company said it is
decreasing its electrolytic copper cathode price by one cent  
to 66.0 cents a pound, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
12911
topicstart
topicend
bodystart
2;

ENSERCH 
<
ENS> TO REDEEM DEBENTURES


    DALLAS, April 3 - 
Enserch Corp said that it has called for
redemption on May four all its outstanding 16-3/8 pct sinking
fund debentures due 2007, pursuant to the optional redemption
provision of the indenture at 111.981 pct of par.
 Reuter
3;
bodyend
documentend
documentstart
12912
topicstart
interest
topicend
bodystart
2;

FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES


    WASHINGTON, April 3 - 
The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
   MATURITY   RATE       OLD RATE  MATURITY
    31 days   5.95 pct   6.00 pct  32 days
  
 Reuter
3;
bodyend
documentend
documentstart
12914
topicstart
earn
topicend
bodystart
2;

MAVERICK RESTAURANT CORP 
<
MAVR> 4TH QTR LOSS


    WICHITA, Kan., April 3 - 
Ended Jan 31
    Shr loss 50 cts vs loss one ct
    Net loss 2,475,739 vs loss 68,691
    Revs 3,689,770 vs 3,292,733
    Year
    Shr loss 50 cts vs loss two cts
    net loss 2,472,582 vs loss 112,936
    Revs 14.8 mln vs 13.2 mln
    NOTE: Current periods include charge of 2.25 mln dlrs or 45
cts for restaurant closings.
 Reuter
3;
bodyend
documentend
documentstart
12915
topicstart
earn
topicend
bodystart
2;

GRAPHIC MEDIA INC 
<
GMED> YEAR NET


    FAIRFIELD, N.J., April 3 - 
Ended Jan 31
    Shr nine cts vs eight cts
    Net 246,000 vs 369,000
    Revs 20.4 mln vs 11.2 mln
    Avg shrs 2,123,000 vs 1,882,000
    NOTE: 1985 restated.
 Reuter
3;
bodyend
documentend
documentstart
12917
topicstart
earn
topicend
bodystart
2;

TIME 
<
TL> 1987 EARNINGS MAY BE 4.25 DLRS SHARE


    NEW YORK, April 3 - 
Time Inc's chief financial officer,
Thayer Bigelow, told security analysts the company is
"comfortable" with Wall Street estimates that 1987 earnings
will be in a range of 3.75 dlrs to 4.25 dlrs per share.
    In 1986, Time reported earnings of 5.95 dlrs per share,
including a number of special items.
    Bigelow said in adjusting the 1986 results for the special
items and also removing the earnings of American Television and
Communications Corp 
<
ATCMA>, Time earned 2.35 dlrs per share in
1986.
    Turner Broadcasting System Inc said the investment by the
cable consortium would be in Turner Broadcasting, not directly
in CNN. The consortium would infuse up to 550 mln dlrs in
Turner Broadcasting in return for a 35 pct equity interest.
    Ted Turner, Chairman, would retain a 51 pct interest, a
Turner Broadcasting spokesman said.
    Bigelow said the company is continuing its previously
announced 10 mln share repurchase program and has bought back
4.1 mln of its own shares. He said 700,000 shares were
purchased in the first quarter of 1987 at an average price of
81 dlrs per share.
    Bigelow said the company will always have a share buyback
program in place whenever it believes it is a better long-term
investment than starting or acquring a business. But he did not
give any specifics on further repurchases beyond the 10 mln
shares already announced.
   
    On the subject of acquisitions, Richard Munro, chairman and
chief executive said the company is not interested in investing
in over-the-air broadcasting, but continues to look at all
areas in which it is currently engaged.
    Munro said book publishing is an area that interested Time.
In 1986 the company purchased Scott and Foresman, its biggest
acquisition ever.
    N.J. Nicholas, president and chief operating officer, said
the company might be interested in a relatively small book
business.
    He said following the recent agreement for the sale of
Harper and Row to the News Corp Ltd 
<
NWS>, "there may be pieces
that Murdoch doesn't want," referring to News Corp chairman
Rupert Murdoch.
    Asked if the company's SAMI business is for sale, Munro
said it is a "delicate subject", and "we're looking at all the
options." SAMI is a marketing information service for the food
industry. Published reports have stated it could be worth as
much as 500 mln dlrs.
   
    Bigelow said that Time's Home Box Office added  subscribers
last year and the trend is continuing in the first quarter of
1987. However, he said, HBO's results in the quarter will be
down slightly, but in the first quarter of 1986 there was a
special gain in the HBO unit.
    Nicholas said that HBO and Cinemax had combined subscriber
growth of 800,000 for last year.
    He also said the tax rate in 1987 will remain at just under
50 pct because of the repeal of investment tax credits and
higher state and local taxes. He said he sees a decrease in the
tax rate in 1988 of five or six percentage points.
    Munro said the company does not plan to increase its
dividend.
    Trygve Myhren, chairman and chief executive of American
Television and Communications, said the unit is looking at
getting involved in the home shopping video area. "It would be
foolish not to be a player there," he said.
    He said the company had talks with Home Shopping Network
Inc 
<
HSN> prior to that company's public offering last year,
but nothing came of the talks.
 Reuter
3;
bodyend
documentend
documentstart
12918
topicstart
topicend
bodystart
2;
******
OWENS-ILLINOIS FILES WITH SEC FOR 2.05 BILLION DLR DEBT OFFERING

Blah blah blah.
3;


bodyend
documentend
documentstart
12919
topicstart
interest
topicend
bodystart
2;

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES


    WASHINGTON, April 3 - 
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
    MATURITY   NEW RATE  OLD RATE  MATURITY
  30-273 days  5.00 pct  5.00 pct   30-273 days
 274-294 days  5.90 pct  5.92 pct  274-294 days
 295-344 days  5.00 pct  5.00 pct  295-344 days
 345-360 days  5.93 pct  5.93 pct  345-360 days
                        
 Reuter
3;
bodyend
documentend
documentstart
12923
topicstart
money-fx
interest
topicend
bodystart
2;

FED EXPECTED TO TAKE NO MONEY MARKET ACTION


    NEW YORK, April 3 - 
The Federal Reserve is expected to take
no reserve-management action in the U.S. Government securities
market during its usual intervention period, economists said.
    They said that, if the Fed does act, it will likely add
temporary reserves indirectly by arranging one to 1.5 billion
dlrs of customer repurchase agreements.
    Federal funds, which averaged 6.14 pct yesterday, opened at
5-15/16 pct and remained there in early trading. Analysts
believe this probably is about where the Fed wants the funds
rate to be.
 Reuter
3;
bodyend
documentend
documentstart
12924
topicstart
ship
topicend
bodystart
2;

AGENCY REPORTS 30 SHIPS WAITING AT PANAMA CANAL


    WASHINGTON, April 3 - 
The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 30 ships waiting to enter the canal
early today. Over the next two days it expects --              
             4/03  4/04
                       Due: 36    28
      Scheduled to Transit: 38    38
           End-Day Backlog: 28    18
    Average waiting time tomorrow --
         Super Tankers  Regular Vessels
 North End:  19 hrs       8 hrs
 South End:  20 hrs      16 hrs
 Reuter
3;
bodyend
documentend
documentstart
12925
topicstart
topicend
bodystart
2;

OWENS-ILLINOIS 
<
OI> FILES 2.05 BILLION DLR OFFER


    WASHINGTON, April 3 - 
Ownes-Illinois Holdings Corp filed
with the Securities and Exchange Commission for debt offerings
with principal amounts totalling 2.05 billion dlrs.
    The company, which is the successor to Ownens-Illinois Inc,
said it plans to offer 250 mln dlrs of senior subordinated
notes due 1996, 500 mln dlrs of subordinated debentures due
1999 and 1.3 billion dlrs of junior subordinated discount
debentures due 2003.
    Proceeds from the offering, together with about 50 mln dlrs
in bank borrowings, will be used to repay or redeem financing
incurred in connection with the takeover, it said.
    Owens-Illinois, which was taken over by a group led by
Kohlberg Kravis Roberts and Co, said financing incurred in the
takeover includes a 550 mln dlr bridge loan provided by a bank
group, 200 mln dlrs provided by two common stock partnerships
and 600 mln dlrs of junior subordinated notes due Sept 17, 1988
which were sold to an affiliated of Morgan Stanley and Co Inc.
    Other proceeds will be used to pay underwriting costs, the
company said. Morgan Stanley is the underwriter, it said.
 Reuter
3;
bodyend
documentend
documentstart
12929
topicstart
earn
topicend
bodystart
2;

LAND'S END INC 
<
LEYS> VOTES INITIAL PAYOUT


    DODGEVILLE, WIS., APril 3 - 
Land's End Inc said its board
declared a dividend of 10 cts a share payable April 30, record
April 13.
    It is the company's first dividend since it became a public
entity last October.
 Reuter
3;
bodyend
documentend
documentstart
12933
topicstart
acq
topicend
bodystart
2;

ALLWASTE 
<
ALWS> TO ACQUIRE SERVICE FIRM


    HOUSTON, April 3 - 
Allwaste Inc said it agreed in principle
to acquire all outstanding stock of a company in the industrial
service business for 1.98 mln dlrs in common stock.
    It did not identify the company to be acquired.
 Reuter
3;
bodyend
documentend
documentstart
12935
topicstart
heat
topicend
bodystart
2;

GLOBAL RAISES HEAVY FUELS PRICES


    New York, April 3 - 
global petroleum corp said today it
raised the posted cargo prices for number six fuel in the new
york harbor 20 cts to 1.45 dlrs a barrel, effective today.
    the increase brings the prices for one pct sulphur to 21.30
dlrs, up 20 cts; two pct sulphur 20.85 dlrs, up one dlr; 2.2
pct sulphur 20.50, up 1.25 dlrs, and 2.5 pct sulphur 20.25
dlrs, up 1.45 dlrs, it said.
    prices for 0.3 pct and 0.5 pct sulphur fuels were unchanged
at 22.50 and 21.85 dlrs respectively, the company said.
 Reuter
3;
bodyend
documentend
documentstart
12937
topicstart
acq
topicend
bodystart
2;

SOO LINE 
<
SOO> TO SELL LAKE STATES DIVISION


    MINNEAPOLIS, April 3 - 
Soo Line Corp said it agreed to sell
its Lake States Transportation Division to the newly formed
Wisconsin Central Ltd.
    The division conducts rail operations over about 2,000
miles of railroad in Minnesota, Wisconsin, Michigan and
Illinois. Soo Line said in January it was seeking bids for the
property.
    Terms were withheld, but Soo has estimated that the
transaction will result in a one-time after-tax loss of 8.0 to
15.0 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12939
topicstart
topicend
bodystart
2;

COASTAL CORP 
<
CGP> AND UNITS UPGRADED BY S/P


    NEW YORK, April 3 - 
Standard and Poor's Corp said it
upgraded the ratings on four billion dlrs of debt of Coastal
Corp and its subsidiaries.
    S and P cited Coastal's success in reducing debt and
preferred stock by 390 mln dlrs last year, despite weak energy
prices. As debt is repaid, pretax interest coverage should rise
gradually from the current depressed 1.4 times level.
    Raised were Coastal's notes, debentures and Eurobonds to
BB-minus from B-plus and subordinated debt and preferred to
B-plus from B-minus. S and P upgraded the units Wycon Chemical
Corp and ANR Finance N.V./B.V.
    Wycon Chemical's industrial revenue bonds, guaranteed by
the parent, were raised to BB-minus from B-plus.
    S and P upgraded ANR Finance's Euronotes to BB-minus from
B-plus, ANR Pipeline Co's first mortgage bonds to BB-plus from
BB, debentures and Eurobonds to BB-minus from B-plus and
preferred to BB from B-plus.
    Also, Colorado Interstate Gas Co's first mortgage bonds
were raised to BB-plus from BB and debentures to BB-minus from
B-plus, while the unit's preferred was affirmed at BB.
    A manageable debt maturity schedule for the next few years
mitigates concern over Coastal's capital structure, S/P said.
 Reuter
3;
bodyend
documentend
documentstart
12940
topicstart
crude
topicend
bodystart
2;

BP SAYS NO PLANS TO CLOSE SWEDISH REFINERY


    LONDON, April 2 - 
The British Petroleum Co Plc 
<
BP.L> said
it had no plans to close its refinery in Gothenburg, despite
forecasts by a Swedish finance ministry committee that it might
be planning such a move.
    The committee said the refinery's future looked bleak
because the Swedish petroleum industry's competitiveness was
expected to worsen unless it invested, and because of the
effects of a possible tightening of rules on sulphur content.
    But BP said the unit, in which Sweden's 
<
OK Petroleum AB>
has a 22 pct stake, had performed well both technically and
financially up to and including the first quarter of 1987.
    Current restrictions on sulphur emissions and known future
plans for both Sweden and export markets did not cause it any
serious problems, it said in a statement.
    The refinery started up in 1967 and has an annual capacity
of 4.7 mln tonnes.
 REUTER
3;
bodyend
documentend
documentstart
12943
topicstart
plywood
lumber
topicend
bodystart
2;

USDA CORRECTS TURKEY CREDIT ANNOUNCEMENT


    WASHINGTON, April 3 - 
The U.S. Agriculture Department said
an announcement by the department yesterday concerning 15.0 mln
dlrs in additional credit guarantees for exports of U.S.
commodities to Turkey contained two inaccuracies.
    First, the USDA said its announcement should not have said
that plywood was excluded from the additional three mln dlrs in
GSM-102 credit guarantees for lumber.
    The original announcement said the guarantees included
three mln dlrs for lumber, except plywood.
    Melvin Sims, USDA general sales manager, told Reuters he
did not anticipate any plywood would be included in the sales,
but that "it's possible it would be."
    Plywood in the past has not been eligible for GSM-102
credit guarantees because it is considered by some to be a
manufactured product. Members states of the Organization for
Economic Cooperation and Development have pledged not to offer
concessional credits on manufactured products, Sims said.
    However, the Reagan administration is considering whether
to allow plywood sales to be covered by the credit guarantee
program, Sims said.
    Second, the USDA announcement said 6.0 mln dlrs of a
previously announced 6.0-mln dlr line for tallow under GSM-102
was available for both public and private sector importers.
    In fact, the line of credit guarantees for tallow is
available only for public sector importers, Walter Stern,
Foreign Agricultural Service Turkey analyst, said.
 Reuter
3;
bodyend
documentend
documentstart
12946
topicstart
topicend
bodystart
2;

CHICAGO PACIFIC 
<
CPAC> UPGRADED BY MOODY'S


    NEW YORK, April 3 - 
Moody's Investors Service Inc said it
raised to B-1 from B-2 Chicago Pacific Corp's 315 mln dlrs of
subordinated notes.
    The agency said the rating recognizes risks in Chicago
Pacific's highly leveraged balance sheet, uncertainty arising
from its consideration of another sizable acquisition and
exposure to the European appliance industry.
    Moody's said the units Hoover and Rowenta have leading
market positions. Debt to capital will be slightly more than 60
pct pro forma, but since Chicago Pacific's plant is modern,
capital spending is considered largely discretionary, it said.
 Reuter
3;
bodyend
documentend
documentstart
12948
topicstart
plywood
lumber
topicend
bodystart
2;

PLYWOOD CREDITS EYED BY REAGAN ADMINISTRATION


    WASHINGTON, April 3 - 
The Reagan administration is debating
whether to provide government credit guarantees for the export
of plywood, a U.S. Agriculture Department official said.
    As a member of the Organization for Economic Cooperation
and Development, OECD, the United States has agreed not to
provide any concessional credits on the export of manufactured
products.
    However, USDA General Sales Manager Melvin Sims told
Reuters the administration is considering allowing USDA to
provide its first export credit guarantees for plywood on the
grounds it is not a manufactured product.
    Sims said it was clear that wood products such as
furniture, tables and window frames would be considered
manufactured goods and therefore ineligible for export credit
guarantees. However, the case of plywood was less clear.
    "As long as it's a basic material, we consider it still just
a processed version of the basic agricultural commodity," Sims
said in a telephone interview.
    Earlier today, USDA said that plywood was eligible under an
export credit guarantee offer for Turkey announced yesterday.
In its original announcement yesterday, USDA had said the offer
included three mln dlrs for the export of lumber, excluding
plywood. However, Sims said he did not expect any plywood
exports to be including under the lumber guarantee offer.
 Reuter
3;
bodyend
documentend
documentstart
12949
topicstart
earn
topicend
bodystart
2;

POPE AND TALBOT 
<
POP> SEES HIGHER 1ST QTR NET


    PORTLAND, Ore., April 3 - 
Pope and Talbot Inc said it
expects first quarter earnings to total about one dlr per
share, compared with a year-earlier loss of nine cts per share.
    Each of the company's business segments contributed to the
sharp improvement, Pope and Talbot said.
    The wood products company also said it expects to release
first quarter results later this month.
 Reuter
3;
bodyend
documentend
documentstart
12950
topicstart
topicend
bodystart
2;
******
COASTAL TO FILE PROPOSED PLAN FOR TRANSAMERICAN LIQUIDATION ON APRIL 15

Blah blah blah.
3;


bodyend
documentend
documentstart
12952
topicstart
topicend
bodystart
2;

ITALIAN TREASURY CERTIFICATE OFFER CLOSES EARLY


    ROME, April 3 - 
The Italian Treasury said it had closed its
latest offer of 10-year variable coupon certificates (CCTs)
early after receiving subscriptions totalling 11,500 billion
lire. The amount of the offer, scheduled to close April 7, had
not been prefixed.
    The Treasury said it had closed the offer early in view of
the market's response and having taken into account the
estimated state borrowing requirement for the current month.
    The CCTs were priced at 99.00 pct for an effective net
annual yield on the first coupon, payable April 1 1988, of 9.85
pct. Terms were identical to those on the preceding offer.
 REUTER
3;
bodyend
documentend
documentstart
12954
topicstart
topicend
bodystart
2;

SALLIE MAE TO PRICE FLOATING RATE NOTES MONDAY


    WASHINGTON, April 3 - 
The Student Loan Marketing
Association said it plans to price 300 mln dlrs of short-term
floating rate notes due Oct 8, 1987, on Monday.
    The notes are for settlement April 9 and when-issued
trading is expected to begin at 0930 hrs EST April 7, it said.
    Sallie Mae said the notes will be priced at a spread to the
bond equivalent rate of the 91-day Treasury bill with the
interest being reset the day after each weekly T-bill auction.
    It said the notes will be offered in book entry form by a
selling group managed by Sallie Mae in denominations of 10,000
dlrs and 5,000 dlrs increments thereafter.
    Sallie Mae, a federally chartered, stockholder-owned
corporation, is the nation's major financial intermediary
serving the education credit market.
 Reuter
3;
bodyend
documentend
documentstart
12956
topicstart
acq
topicend
bodystart
2;

STARS TO GO 
<
STAR> GETS STORES, AGREEMENT


    LOS ANGELES, April 3 - 
Stars to Go Inc said it completed
its acquisition of 650 video centers previously owned by CVS
International Inc and located in Circle K Corp 
<
CKP> stores.
    In conjunction with the acquistion, Circle K also granted
it the exclusive right to install video cassette rental centers
in all existing 3,500 Circle K stores, as well as in future
stores, for a period of seven years, Stars to Go said.
    The company also said it currently has a total of 4,650
centers in operation and expects to increase the total to 6,000
by June 30.
 Reuter
3;
bodyend
documentend
documentstart
12958
topicstart
topicend
bodystart
2;

LEAR SIEGLER DEBT RATINGS WITHDRAWN BY S/P


    NEW YORK, April 3 - 
Standard and Poor's Inc said it
withdrew the ratings on Lear Siegler Inc's A-rated senior debt
and preferred stock, A-minus subordinated debt and A-1
commercial paper.
    S and P also withdrew the A rating on the outstanding
non-callable 11-3/4 pct Lear senior notes of 1991.
    Lear redeemed all of its and Bangor Punta's outstanding
debt after undergoing a leveraged buyout which closed in
January and was led by Forstmann Little. S and P added that
Lear applied to delist its outstanding senior notes.
                
 Reuter
3;
bodyend
documentend
documentstart
12959
topicstart
rubber
topicend
bodystart
2;

POLYSAR IN JOINT VENTURE ON FINLAND LATEX PLANT


    SARNIA, Ontario, April 3 - 
Polysar Ltd, wholly owned by

<
Canada Development Corp>, said it agreed to form a joint
venture with Raision Tehtaat, of Finland, to build a synthetic
rubber latex plant in southern Finland.
    Project cost and plant capacity were not disclosed.
    The joint venture, to be 51 pct owned by Raision Tehtaat
and 49 pct by Polysar, will build a plant at Anjalankoski, east
of Helsinki, to produce carboxylated styrene-butadiene latex.
    The plant's production will be used by Finland's paper
industry for making coated paper and paper board products.
 Reuter
3;
bodyend
documentend
documentstart
12962
topicstart
earn
topicend
bodystart
2;

STERLING DRUG INC 
<
STY> INCREASES PAYOUT


    NEW YORK, April 3-
    
Qtrly div 38 cts vs 33 cts
    Pay June 1
    Record May 7
    NOTE: company said this is the largest dividend increase in
15 years.
 Reuter
3;
bodyend
documentend
documentstart
12963
topicstart
gold
topicend
bodystart
2;

CAMPBELL'S 
<
CCH> MESTON LAKE SETS GOLD TARGETS


    MONTREAL, April 3 - 
<
Meston Lake Resources Inc>, 65.3 pct
owned by Campbell Resources Inc, said it will begin commercial
output at its Joe Mann mine in the Chibougamu area of Quebec at
an initial daily rate of 500 short tons of ore grading 0.15
ounce of gold per ton.
    It said it will improve throughput to 700 tons a day at
0.221 ounce of gold per ton.
    Meston said current ore reserves at the property total
910,000 tons grading 0.211 ounces of gold per ton and 0.3 pct
copper, but it may be able to develop "substantially greater
tonnage."
  
    Meston said underground drilling below current developed
reserves has intersected the main zone 200 feet below the
bottom level, with the average grade assayed at 0.530 ounce of
gold per ton over true width of 17 feet.
    A recent drillhole, east of the current shaft and 600 feet
from the reserve boundary, intersected three zones grading,
respectively, 0.708 ounce per ton over 5.4 feet at depth of 650
feet, 0.706 ounce over seven feet at depth of 765 feet and
0.418 ounce over one foot at depth of 1,000 feet. A second
surface hole, 500 feet farther east, intersected 1.068 ounce
per ton over 5.3 feet.
 Reuter
3;
bodyend
documentend
documentstart
12964
topicstart
topicend
bodystart
2;

MOODY'S MAY UPGRADE UPJOHN 
<
UPJ> DEBT RATINGS


    NEW YORK, April 3 - 
Moody's Investors Service Inc said it
may upgrade the ratings on Upjohn Co's 400 mln dlrs of debt.
    The agency said it will study the effect new products may
have on Upjohn's earnings potential. Moody's will also assess
the effects that growth and a broader diversification of
pharmaceutical cash flow will have on operating performance.
    Moody's noted that pharmaceuticals and other health-care
markets are characterized by a greater stability of cash flow.
    Upjohn currently carries Aa-3 senior unsecured long-term
debt and industrial revenue bonds. The company's Prime-1
commercial paper is not under review.
 Reuter
3;
bodyend
documentend
documentstart
12965
topicstart
acq
topicend
bodystart
2;

WARBURG PINCUS DECLINES TO UP SYMBION 
<
SYMB> BID


    WASHINGTON, April 3 - 
Warburg, Pincus Capital Co L.P., an
investment partnership, said it told representatives of Symbion
Inc it would not increase the 3.50-dlr-per-share cash price it
has offered for the company.
    In a filing with the Securities and Exchange Commission,
Warburg Pincus said one of its top executives, Rodman Moorhead,
who is also a Symbion director, met April 1 with Symbion's
financial advisor, L.F. Rothschild, Unterberg, Towbin Inc.
    In a discussion of the offer, Warburg Pincus said Moorhead
told the meeting there are no plans to raise the 3.50 dlr bid.
    Moorhead told the Rothschild officials that Warburg Pincus
considers the offered price to be a fair one, Warburg Pincus
said.
    Last Month Warburg Pincus launched a tender offer to buy up
to 2.5 mln Symbion common shares.
 Reuter
3;
bodyend
documentend
documentstart
12966
topicstart
topicend
bodystart
2;

ENSERCH 
<
ENS> TO REDEEM DEBENTURES


    DALLAS, APril 3 - 
Enserch Corp said it called for
redemption on May 4, 1987, all of its outstanding 16-3/4 pct
sinking fund debentures due 2007.
   The redemption is pursuant to the optional redemption
provisions of the indenture at a price of 111.981 pct of part.
 Reuter
3;
bodyend
documentend
documentstart
12967
topicstart
topicend
bodystart
2;

EXCHANGE SEEN APPROVING "WHEN ISSUED" GILT TRADE


    By Sandy Critchley, Reuters


    LONDON, April 3 - 
The Stock Exchange is virtually certain
to agree to change its regulations in order to permit "when
issued" trading of U.K. Government bonds (gilts) as part of an
experimental series of bond auctions later this year, market
sources said.
    "The principle that this "when issued' trading should take
place has been accepted by the Executive Committee of the
International Stock Exchange," said George Nissen, chairman of
the Gilt Edged Market Makers' Association (GEMMA). "It's a
question of how, rather than whether," he told Reuters.
    The Bank of England announced in February that it planned a
possible series of experimental auctions for gilts, similar to
the system used to market U.S. Treasury issues, with the first
auction possibly in April or May.
     The Bank said at that stage that it was not opposed in
principle to "when issued" trading developing in bonds in the
period between the announcement of full details of the auction
and the auction itself, as in the U.S.
    However, "when issued" trading is prohibited under the rules
of the International Stock Exchange, formerly the London Stock
Exchange, and would require an amendment in order to proceed.
    Nissen said discussions on the technical details of a rule
change to allow "when issued" trading were still taking place
between the Government broker at the Bank of England and the
Quotations Department of the Stock Exchange.
    The 27 gilt-edged primary dealers regard the introduction
of grey market trading as an essential feature of an auction
system covering part of the Government's funding needs.
    "If we are going into an auction system, we need to have
some form of market test of the stock we're bidding for," said
Simon Hartnell, Head Trader at primary dealer Alexanders Laing
and Cruickshank Gilts Ltd.
    "The American WI (when issued) market certainly functions
very efficiently," he said.
    Nissen said he believed that if "when issued" trading were
not allowed, market-makers "would be extremely unhappy about the
whole auction."
    Gilt dealers noted that it was a basic provision of Stock
Exchange rules that dealing could not take place in a stock
until it was listed by the Quotations Department. However, this
was mainly designed to prevent a grey market springing up in
equities prior to listing.
    They pointed out that in contrast to the many uncertainties
connected with an issue of equity securities, there would be
few imponderables relating to bonds just about to be issued by
the Bank of England.
    Senior market sources noted that in any case "when issued"
trading would be supervised by the Stock Exchange and would be
subject to Bank of England supervisory guidelines.
    Since the Bank of England and market-makers themselves are
known to be in favour of the idea, the sources said, there was
now a presumption that there would be scope for "when issued"
trading to take place.
    Gilt sales now are effected by means of large-scale stock
tenders or by tap issues of stock tranches direct to the
market. But greater market capitalisation following the "Big
Bang" restructuring last year provided an opportunity for
change.
    A combination of both systems would enable the Bank to
benefit from both the flexibility offered by traditional
marketing methods and the guarantee of a steady supply of funds
implied by auctions.
    The Bank said in a consultative document published in
February that possibly two or three experimental auctions might
each raise between one to 1-1/2 billion stg.
    The remainder of the funding would be conducted by
traditional tender and tap issue means. Total gross official
sales of gilt-edged stock were 11.9 billion stg in 1985/86.
    Nissen said that market-makers had agreed unanimously with
the bank's view that auctions would be more easily conducted on
a price basis, rather than based on yield.
    He said that the odds were also in favour of adoption of a
bid price form of auction, where successful bidders were
allotted stock at the various prices at which they bid, rather
than a common price allotment whereby stock was allocated at
the lowest accepted price.
    Hartnell said that while a "when issued" facility was crucial
to market-makers' adaptation to the new system, he would also
have liked to see an extension to the "fallow" period proposal
made by the Bank of England.
    The Bank said that it would not sell by any method stock of
the same type as that to be auctioned between the time of the
announcement of auction details and a period ending 28 days
after the auction itself.
    Noting that in the case of long bond auctions, U.S. Primary
dealers have as much as three months between successive sales
of stock, Hartnell said the Bank's proposal was "very tight."
    Nissen said that following a meeting between GEMMA and the
Bank of England on March 3, which he described as "very helpful,"
GEMMA submitted a note making several further residual points.
    Market-makers are now awaiting a further, fairly
definitive, paper from the Bank which would contain details of
auction procedures. Although the Bank has not yet formally
announced a definite intention to proceed with the auctions,
most market participants assume that they will go ahead.
    "My own view is that we are on course and the first
indications from the original paper - an auction at the end of
April or in May - must be the best assumption," he said.
 REUTER
3;
bodyend
documentend
documentstart
12969
topicstart
cotton
topicend
bodystart
2;

NEW YORK FUTURES EXCHANGE TO RELOCATE


    NEW YORK, April 3 - 
Lewis Horowitz, president of the New
York Futures Exchange, said the New York Stock Exchange board
yesterday approved in principle an agreement to relocate the
futures exchange at the New York Cotton Exchange.
    The agreement is subject to the approval of the Cotton
Exchange board, which meets Tuesday, April 7.
 Reuter
3;
bodyend
documentend
documentstart
12971
topicstart
wheat
grain
topicend
bodystart
2;

EC WHEAT RELEASE UNLIKELY TO SATISFY U.K. DEMAND


    By Kenneth Brettell, Reuters


    LONDON, April 3 - 
The European Commission's decision to
release an additional 300,000 tonnes of British intervention
feed wheat for the home market will provide only moderate
relief in an increasingly tight market, traders said.
    Some operators had been anticipating a larger tonnage,
pointing out that at this week's U.K. Intervention tender the
market sought to buy 340,000 tonnes but only 126,000 tonnes
were granted.
    The new tranche of intervention grain is unlikely to
satisfy demand, they said, and keen buying competition for
supplies in stores is expected to keep prices firm.
    The release of the feed wheat followed recent strong
representations by the U.K. Grain trade to the Commission.
There has been growing concern that rising internal prices,
triggered by heavy exports, were creating areas of shortage in
interior markets.
    The latest EC authorisation will add 70,000 tonnes at the
April 14 tender and a further 30,000 tonnes later in the month.
The remaining 200,000 tonnes will be made available in May and
June.
    News of the release produced an early downward reaction in
local physical markets, but by midday some sections had halved
early two stg losses while others were unchanged.
    Ministry of Agriculture figures for March indicate 1.85 mln
tonnes of wheat and 1.74 mln tonnes of barley remain in the
free market. However, some traders believe these figures are
overstated and, while some may still be held on the farm, the
bulk of wheat is already sold. Some of the grain is also off
the market in futures stores.
    A total of 2.10 mln tonnes of intervention wheat has been
sold for export or to the home market since the season started
July 1, leaving an unsold balance in intervention of about 1.59
mln tonnes.
    Intervention barley sales have reached just over 1.0 mln
tonnes, leaving about 753,000 tonnes, traders said.
    This season's U.K. Export performance has surpassed all
early expectations and has created the present nervous
situation in domestic markets where the fear now is free market
supplies may not last out until new crop becomes available in
August.
    The market is sticking to its recent prediction of total
barley and wheat exports of around 10.5 mln tonnes, a new
record and nearly double the previous record of 5.9 mln tonnes
achieved in the 1984/85 season.
    Traders expect U.K. Wheat exports to reach 6.0 mln and
barley around 4.50 mln tonnes.
    The Soviet Union has booked a record total of 2.5 mln
tonnes of British wheat and barley this season, but only 1.28
mln had surfaced in Customs export figures by March 25, traders
said.
    Other EC countries have bought large amounts of British
grain and for the July 1/March 25 period had taken 2.59 mln
tonnes of wheat and 2.06 mln tonnes of barley. This compares
with 1.28 mln and 868,700 tonnes last season.
    The market is expecting prices, particularly wheat, to stay
buoyant for the remaining few months of the season. If supplies
become more difficult and prices strengthen further, feed
compounders may increase cereal substitute usage, traders said.
 Reuter
3;
bodyend
documentend
documentstart
12972
topicstart
topicend
bodystart
2;
******
U.S. TREASURY SELLING 9.75 BILLION DLRS OF ONE-YEAR BILLS APRIL 9 TO PAY DOWN 25 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
12973
topicstart
acq
topicend
bodystart
2;

CALIFORNIA FIRM HAS FIVE PCT OF MODULAIRE 
<
MODX>


    WASHINGTON, April 3 - 
PBS Building Systems of America Inc,
an Anaheim, Calif., company, told the Securities and Exchange
Commission it has acquired 150,000 shares of Modulaire
Industries, or 5.0 pct of the total outstanding common stock.
    PBS, whose subsidiaries design, make, sell and lease
nonresidential relocatable modular buildings, said it bought
the stake for 855,768.75 dlrs "to acquire an equity interest in
Modulaire, while it evaluates Modulaire."
    Depending on several factors, PBS said it may decide to buy
additional Modulaire common shares.
                                
 Reuter
3;
bodyend
documentend
documentstart
12974
topicstart
acq
topicend
bodystart
2;

BOISE CASCADE 
<
BCC> COMPLETES SALE OF UNIT


    BOISE, Idaho, April 3 - 
Boise Cascade Corp said it
completed the previously announced sale of its Consumer
Packaging Division to Sonoco Products Co 
<
SONO> for
approximately 175 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12978
topicstart
earn
topicend
bodystart
2;

KENTUCKY CENTRAL TO DECLARE STOCK DIVIDEND


    LEXINGTON, Ky, April 3 - 
Kentucky Central Life INsurance Co
said the company said it will declare a 200 pct stock dividend
on Monday.
    Accordingly, it said it filed a registration statement with
the Securities and Exchange COmmission for a proposed offering
of three mln shares of its class a non-voting common stock,
which reflects the anticipated dividend.
    Proceeds will be used for general purposes.
 Reuter
3;
bodyend
documentend
documentstart
12980
topicstart
copper
topicend
bodystart
2;

CHILE, CHINA TO ESTABLISH PEKING COPPER PLANT


    LONDON, April 3 - 
The Chilean state copper corporation,
Codelco, the privately-owned Chilean copper fabricator Madeco
and Chinese interests are to establish a copper tube plant in
Peking, Codelco's U.K. Subsidiary Chile Copper Ltd said.
    The plant is designed to produce 5,000 tonnes in the first
five years and 8,000 tonnes as from year six. Total investment
is estimated at 10 mln dlrs, of which the Chileans will
contribute two mln.
    Codelco and Madeco have formed the Chilean Wrought Copper
Company to take a 50 pct stake in a new company called Peking
Santiago Tube Company with the Chinese holding the other half.
 Reuter
3;
bodyend
documentend
documentstart
12981
topicstart
acq
topicend
bodystart
2;

ALLIED-SIGNAL 
<
ALD> TO SELL ELECTRONICS UNIT


    MORRIS TOWNSHIP, N.J., April 3 - 
Allied-Signal Inc said it
agreed to sell its Amphenol Products unit to a subsidiary of
LPL Investments Group 
<
LPLI>, a Wallingford, Conn., investment
company, for 430 mln dlrs cash.
    Closing is expected soon, pending appropriate approvals,
the company said. LPL indicated that at closing, warrants will
be sold which, when exercised, will reduce its stake in the
subsidiary, Amphenol Acquisition Co, to 60 pct, the company
said.
    Lisle, Ill.-based Amphenol had 1986 sales of about 500 mln
dlrs. It makes brand name interconnection products.
    LPL also said Merrill Lynch and Co has committed to buy 175
mln dlrs of subordinated and preferred debt in the new LPL
unit, according to Allied-Signal. Canadian Imperial Bank of
Commerce has committed up to 340 mln dlrs in senior debt
financing, it said.
    Allied-Signal said in December it was offering for sale
Amphenol and six other operating units in its electronics and
instrumentation sector.
    Merrill Lynch, Needham and Co and Lazard Freres served as
financial advisors, it said.
 Reuter
3;
bodyend
documentend
documentstart
12982
topicstart
rapeseed
oilseed
topicend
bodystart
2;

JAPANESE CRUSHERS BUY CANADIAN RAPESEED


    WINNIPEG, April 3 - 
Japanese crushers bought 4,000 to 5,000
tonnes of Canadian rapeseed in export business overnight for
May shipment, trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
12986
topicstart
gnp
bop
topicend
bodystart
2;

PORTUGAL'S GDP FORECAST TO GROW FOUR PCT THIS YEAR


    LISBON, April 3 - 
Portugal's Gross Domestic Product (GDP)
will grow around four pct this year, the same rate as in 1986,
according to a Bank of Portugal forecast.
    Total investment this year, the country's second as a
member of the European Community (EC), will rise nearly 10 pct,
again the same rate as last year, the central bank study said.
    It added that Portugal's current account was forecast to
show a surplus of 400 mln dlrs this year compared with 1.13
billion in 1986 and 369 mln the previous year.
    Last year's high surplus was attributed to cheaper oil and
raw materials, lower world interest rates and a weaker dollar.
    Imports by volume were forecast to grow 10 pct this year
and exports four pct compared with increases of 16.5 pct and
6.6 pct respectively in 1986, the bank said.
    The forecasts were calculated on the assumption that the
non-expansionary monetary policy carried out by the current
government would be maintained, particularly in budget spending
and income and in wage policy.
    The bank added that the 1987 forecasts were also based on
the assumption that the international economic situation and
Portugal's world trade relations would remain more or less the
same as in 1986.
    The central bank said the high rate of investment estimated
for 1986 was due to government policies and to increasing
optimism among firms whose financial situation had improved
since 1985. This tendency was expected to continue this year,
especially in the construction and public works sectors.
    Financial aid from the EC had also helped to boost
investment last year, the bank said.
 REUTER
3;
bodyend
documentend
documentstart
12987
topicstart
gold
topicend
bodystart
2;

ASAMERA 
<
ASM> TO FORM NEW MINING UNIT


    CALGARY, Alberta, April 3 - 
Asamera Inc said it will
transfer all its mineral interests into a new wholly owned
subsidiary, Asamera Minerals Inc, which will later issue up to
15 pct of its shares to the public.
    The mineral interests will include Asamera's 51 pct
interest in the Cannon gold mine in Wenatchee, Wash. Asamera
said the mine produced 116,514 ounces of gold in 1986 and is
expected to produce 130,000 to 140,000 ounces this year.
    Asamera said its talks with Breakwater Resources Ltd

<
BWRLF> on a possible merger of mining interests, including the
Cannon mine, have been terminated. It did not elaborate.
     
    Asamera said holding all its mineral properties in a
separate company will give better and more direct recognition
to the value of the assets.
    Its other mining interests include gold exploration
prospects on 13,000 acres in Inyo County, Calif., and 500,000
acres in Canada's Northwest Territories, the Gooseberry gold
and silver mine in Nevada, chromite properties in northern
California and Newfoundland, and a platinum prospect in the
Rankin Inlet, Northwest Territories.
                                                               
        
 Reuter
3;
bodyend
documentend
documentstart
12988
topicstart
acq
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> UNIT SELLS DIVISION


    DARIEN, Conn, APril 3 - 
Occidental Petroleum Corp's
Occidental Chemcial Corp said it sold the Process chemicals
division it acquired as part of the September 1986  purchase of
Diamond Shamrock Chemicals to Henkel KGAA of Dusseldorf, West
Germany.
    Terms were not disclosed.
    The division makes specialty industrial chemicals, it said.
    Later, industry sources said the division, which had
worldwide sales of some 160 mln dlrs last year, was sold for
just under 200 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
12992
topicstart
copper
topicend
bodystart
2;

NORANDA MINE SEEN BELOW FULL OUTPUT FOR MONTHS


    MURDOCHVILLE, Quebec, April 3 - 
Noranda Inc said production
will remain shut down at its fire-damaged copper mine here
until it can completely examine the mine.
    If it decides to keep the mine open it would take four or
five months before it could resume full production.
    Company spokesman Dale Coffin said the investigation could
take from a few days to several weeks but would not be more
specific.
    Noranda said when it resumes production it plans to operate
the mine at about one-third of the normal 72,000 tonnes annual
finished capacity.
    The fire, which started Wednesday and burned itself out
late yesterday weakened part of the mine's support structure,
Coffin said.
    One miner was killed and 56 others were trapped underground
for about 24 hours before being brought safely out.
 Reuter
3;
bodyend
documentend
documentstart
12993
topicstart
topicend
bodystart
2;

U.S. SETS 9.75 BILLION DLR YEAR-BILL AUCTION


    WASHINGTON, April 3 - 
The U.S. Treasury said it will sell
9.75 billion dlrs of one-year bills at auction.
    The April 9 sale will pay down about 25 mln dlrs as 9.763
billion dlrs in bills are maturing.
    The bills will be issued April 16 in minimum amounts of
10,000 dlrs and mature April 14, 1988.
 Reuter
3;
bodyend
documentend
documentstart
12995
topicstart
acq
topicend
bodystart
2;

U.K. FIRM UPS ITALY FUND 
<
ITA> STAKE TO 12 PCT


    WASHINGTON, April 3 - 
Lloyds Investment Managers Ltd, a
London-based investment firm, said it raised it stake in Italy
Fund to 760,500 shares, or 12.0 pct of the total outstanding
common stock, from 466,000 shares, or 7.4 pct.
    In a filing with the Securities and Exchange Commission,
Lloyds said it bought the additional 294,500 Italy Fund common
shares since November 7 for a total of 3.3 mln dlrs. Another
70,000 shares of the stake are held by an affiliate, it said.
    It said its dealings in Italy Fund stock are for investment
purposes only and that it has no current plans to increase or
decrease its current stake.
 Reuter
3;
bodyend
documentend
documentstart
12996
topicstart
acq
topicend
bodystart
2;

INVESTOR HAS FIVE PCT OF SAGE DRILLING 
<
SAGE>


    WASHINGTON, April 3 - 
Arthur Appleton, a Chicago investor,
told the Securities and Exchange Commission he has acquired
39,000 shares of Sage Drilling Co Inc, or 5.1 pct of the total
outstanding common stock.
    Appleton said he bought the stock for 116,554 dlrs for
investment purposes.
    Depending on several circumstances, Appleton said he may
buy more Sage common shares, or sell some or all of his current
stake.
 Reuter
3;
bodyend
documentend
documentstart
13003
topicstart
copper
topicend
bodystart
2;

NORANDA SETS TEMPORARY MINE SHUTDOWN


    Murdochville, Quebec, April 3 - 
<
Noranda Inc> said
production will remain shut down at its fire-damaged copper
mine here until it can completely examine the mine.
    The fire, which started Wednesday and burned itself out
late yesterday, killed one miner and trapped 56 others
underground for about 24 hours. The 56 were eventually brought
safely out of the mine.
    Company spokesman Dale Coffin said the investigation could
take from a few days to several weeks, but would not be more
specific.
    Noranda said that, when it resumes production, it plans to
operate the mine at about one-third of the normal 72,000 metric
tons annual finished capacity.
    The fire weakened part of the mine's support structure,
Coffin said.
    Noranda said if it decides to keep the mine open, it would
take four or five months before it could resume full
production.
 Reuter
3;
bodyend
documentend
documentstart
13005
topicstart
acq
topicend
bodystart
2;

CIS TECHNOLOGIES
<
CIH> TO SELL SHARES TO SWISS CO


    TULSA, Okla, April 3 - 
CIS Technologies Inc said it
executed a formal share purchase agreement with Swiss
Reinsurance Co of Zurich, Switzerland.
    Under terms of the agreement, Swiss Re will acquire 5.5 mln
newly issued CIS stock at 2.50 dlrs a share, or 13.8 mln dlrs.
This purchase represents 30 pct of the outstanding shares.
    Swiss Re will acuqire 500,000 of the shares immediately and
remaining shares will be bought after a due diligence report is
completed by auditors.
    The transaction is expected to be complete by June 11.
 Reuter
3;
bodyend
documentend
documentstart
13006
topicstart
earn
topicend
bodystart
2;

COPLEY PROPERTIES INC 
<
COP> INCREASES DIVIDEND


    BOSTON, Mass, APril 3 -
    
Qtly div 42 cts vs 41.5 cts prior
    Payable APril 28
    Record April 14
 Reuter
3;
bodyend
documentend
documentstart
13007
topicstart
cpi
topicend
bodystart
2;

COLOMBIAN INFLATION STABLE AT AROUND 20 PCT


    BOGOTA, April 3 - 
Colombia's cost of living index rose 2.71
pct in March, after a 2.03 pct increase in February and a 2.21
pct rise in March 1986, the government statistics institute
said.
    The result brought year-on-year inflation to 20.36 pct
compared with 22.65 pct at end-March 1986 and 19.77 pct for the
year ending February 1987.
    The government has predicted that inflation this year would
be slightly lower than in 1986 when it reached 20.9 pct.
 REUTER
3;
bodyend
documentend
documentstart
13008
topicstart
interest
topicend
bodystart
2;

FHLBB SAYS MORTGAGE RATES CONTINUE DECLINE


    WASHINGTON, April 3 - 
The Federal Home Loan Bank Board said
home mortgage rates fell from early February to early March to
their lowest point in nine years, but the rate of decline was
slower than it had been in recent months.
    The bank board said the average effective commitment rate
for fixed-rate mortgages for single family homes and a 25 pct
loan-to-price ratio with a maturity of at least 15 years was
9.48 pct in early March.
    The rate was four basis points lower than a month ago, only
one-eighth the size of decline in the previous month, the bank
board said.
    Rates for adjustable-rate mortgages decline eight basis
points from early February to 8.43 pct in early March, the bank
board said. The drop was far less than the 15 basis point
decline in the previous period, the agency said.
    The average effective interest rate on all loans closed by
major mortgage lenders declined nine basis points from early
February to early March, the agency said. The fall brought the
rate to 9.14 pct was the lowest since December 1977, it said.
    The effective rate for ARMS was 8.39 pct, 15 basis points
below a month earlier. For fixed-rate loans it was 9.36 pct, 14
basis points below a month earlier, the agency said.
 Reuter
3;
bodyend
documentend
documentstart
13010
topicstart
money-supply
topicend
bodystart
2;
******
CANADIAN MONEY SUPPLY M-1 FALLS 291 MLN DLRS IN WEEK, BANK OF CANADA SAID

Blah blah blah.
3;


bodyend
documentend
documentstart
13011
topicstart
acq
topicend
bodystart
2;

BENEFICIAL 
<
BNL> UNIT SALE APPROVED


    NEW YORK, April 3 - 
Beneficial Corp said the sale of its
American Centennial Insurance Co subsidiary to 
<
First Delaware
Holdings Inc> was approved by the Delaware Insurance
Department.
    Under the transaction, American Centennial will receive a
cash infusion of 200 mln dlrs, including the settlement of tax
sharing agreements with Beneficial Corp, Beneficial said.
    It will also receive 25 mln dlrs from Beneficial
International Insurance Co, another Beneficial subsidiary being
purchased by the management-led group of First Delaware, the
company said.
 Reuter
3;
bodyend
documentend
documentstart
13013
topicstart
topicend
bodystart
2;

TIERCO 
<
TIER> SELLS NOTE


    OKLAHOMA CITY, April 3 - 
Tierco Group INc said it sold at
par to the Kuwait Real Estate INvestment and Management Co its
10 mln dlrs 75. pct senior subordinated note due 1997, together
with warrants to buy 1.1 mln shares of common stock.
    The warrant may be exercised within five years at 9.50 dlrs
per share.
 Reuter
3;
bodyend
documentend
documentstart
13014
topicstart
earn
topicend
bodystart
2;

<
ITT CANADA LTD> YEAR NET


    TORONTO, April 3 -
    
Shr 5.56 dlrs vs 3.88 dlrs
    Net 47.5 mln vs 33.2 mln
    Revs 254.5 mln vs 243.5 mln
    Note: shr after preferred dividends
    ITT Corp 
<
ITT> owns 100 pct of ITT Canada common shares
 Reuter
3;
bodyend
documentend
documentstart
13018
topicstart
topicend
bodystart
2;

MONY REAL 
<
MYM> REPORTS PORTFOLIO


    NEW YORK, April 3 - 
Mony Real Estate Investors Trust said
its investment portfolio consists of 137.1 mln dlrs of
mortgages with an average maturity of less than six years, 43.7
mln dlrs of real estate equities and 2.7 mln dlrs of foreclosed
real estate.
    The trust's exposure to oil-dependent regions is limited to
2.2 mln dlrs, it said.
     It said it accepted an offer to sell foreclosed property
and increased its loss reserve by 750,000 dlrs in anticipation
of the sale.
 Reuter
3;
bodyend
documentend
documentstart
13019
topicstart
money-supply
topicend
bodystart
2;

CANADIAN MONEY SUPPLY FALLS IN WEEK


    OTTAWA, April 3 - 
Canadian narrowly-defined money supply
M-1 fell 291 mln dlrs to 32.44 billion dlrs in the week ended
March 25, Bank of Canada said.
    M-1-A, which is M-1 plus daily interest chequable and
non-personal deposits, fell 7 mln dlrs to 75.14 billion dlrs
and M-2, which is M-1-A plus other notice and personal
fixed-term deposits, fell 56 mln dlrs to 177.54 billion dlrs.
    M-3, which is non-personal fixed term deposits and foreign
currency deposits of residents booked at chartered banks in
Canada, rose 321 mln dlrs to 216.67 billion dlrs.
    Chartered bank general loans outstanding fell 169 mln dlrs
to 126.03 billion dlrs.
    Canadian liquid plus short term assets rose 72 mln dlrs to
36.47 billion dlrs and total Canadian dollar major assets of
the chartered banks rose 507 mln dlrs to 224.22 billion dlrs.
    Chartered bank net foreign currency assets fell 231 mln
dlrs to minus 2.00 billion dlrs.             
    Notes in circulation totalled 16.16 billion dlrs, up 50 mln
dlrs from the week before.
    Government cash balances fell 1.17 billion dlrs to 4.63
billion dlrs in week ended April 1.
    Government securities outstanding rose 1.09 billion dlrs to
226.42 billion dlrs in week ended April 1, treasury bills rose
1.35 billion dlrs to 76.95 billion dlrs and Canada Savings
Bonds fell 47 mln dlrs to 43.87 billion dlrs.         
 Reuter
3;
bodyend
documentend
documentstart
13021
topicstart
acq
topicend
bodystart
2;

UNION TO PROTEST DART'S SUPERMARKETS 
<
SGL> BID


    LANDOVER, MD., April 3 - 
The United Food And Commercial
Workers said that more than 1,000 rank-and-file members of the
union will demonstrate Monday at Dart Group Corp's headquarters
protesting Dart's proposed 1.73 billion dlr takover of
Supermarkets General 
<
SGL>.
    Supermarkets is best known for its Pathmark chain of
supermarket drug stores in the New York and New Jersey area and
also owns Rickels home centers.
    The union said that it is firmly against the Dart bid
because "workers have always ended up with a raw deal in the
current takeover mania."
    A Union statement said: "We do not intend to allow our
members to pick up the tab for Supermarket General's executives
and the bankers or the Dart Group who stand to make millions."
    Dart is controlled by the Haft family of Washington, which
last year made a bid for California-based Safeway Stores Inc.
The Hafts lost, but walked away with at least 100 mln dlrs in
profits, analysts estimate.
    The union said that Dart's Safeway bid forced a major
restructuring at Safeway to pay the Hafts and their lawyers and
caused a loss of thousands of jobs.
 Reuter
3;
bodyend
documentend
documentstart
13023
topicstart
acq
topicend
bodystart
2;

FCS LABORATORIES 
<
FCSI> TERMINATES DEAL TALKS


    TEMPE, Ariz., April 3 - 
FCS Laboratories Inc said merger
discussions with an unnamed privately-held company in the
health care field have ended without an agreement.
    The previously announced negotiations began last August,
the company said.
    "It's disappointing to spend so much time on these
negotiations and have them fail," said FCS chairman Nicholas
Gallo III. "But the discussions could not produce a deal
acceptable to our board in the context of the company's
stronger financial position today as compared to six months
ago."
    Gallo said FCS will stop actively seeking potential merger
partners, but will respond to serious inquiries.
    "We are determined to follow our plan to restore this
company to profitability," he said. "To continue actively
searching for potential acquirers inherently forces us to
postpone the implementation of critical decisions which are
part of the plan."
    The company, which has 4,475,930 common shares outstanding,
reaffirmed it expects to be profitable in the second half of
the fiscal year ending September 30, 1987.
 Reuter
3;
bodyend
documentend
documentstart
13024
topicstart
interest
topicend
bodystart
2;

WHITE HOUSE SAYS INTEREST RATES REFLECT MARKET


    WASHINGTON, April 3 - 
The White House said the rise in
interest rates was "unfortunate in a general sense" but reflected
market forces.
    "There's always movement up and down and the basic fact is
that we believe the economy is strong and growing and there
will always be fluctuations in the interest rate, but the
economy is sound and in good shape," spokesman Marlin Fitzwater
said.
    Citibank raised its prime rate by one quarter of a point
and the move was followed by other banks.
 Reuter
3;
bodyend
documentend
documentstart
13025
topicstart
earn
topicend
bodystart
2;

REGAL PETROLEUM LTD 
<
RPLO> YEAR


    THE WOODLANDS, TExas, April 3 -
    
Shr loss nine cts
    Net loss 1.4 mln
    Revs 630,118 dlrs
    NOTE:Due to change in fiscal year, prior 4th qth and year
cannot be presented on comparable basis. 1986 loss includes
writedowns approximating 1.4 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13026
topicstart
earn
topicend
bodystart
2;

CANTERBURY PRESS INC YEAR NOV 30


    MEDFORD, N.J., April 3 -
    
Shr 1.1 cts vs 1.7 cts
    Net 26,708 vs 35,084
    Revs 447,548 vs 243,161
    NOTE:1986 net includes 4,300 dlrs gain from tax credit and
1985 includes gain of 8,300 dlrs gain from credit.
 Reuter
3;
bodyend
documentend
documentstart
13027
topicstart
earn
topicend
bodystart
2;

GRAPHIC MEDIA INC 
<
GMED> YEAR


    FAIRFIELD, N.J., April 3 -
    
Shr nine cts vs 19 cts
    Net 188,000 vs 362,000
    Revs 20.4 mln vs 11.3 mln
    NOTE:1985 restated for reversal of certain tax benefits.
1986 and 1985 reflects preferred stock dividend requirements.
 Reuter
3;
bodyend
documentend
documentstart
13030
topicstart
topicend
bodystart
2;

BURLINGTON 
<
BNI> UNIT SETTLES BONDHOLDER SUIT


    SEATTLE, April 3 - 
Burlington Northern Inc said its
Burlington Northern Railroad Co unit reached an agreement in
principle to settle a class action lawsuit filed against the
company in May 1985 by holders of two series of the company's
bonds.
    It said the settlement arrangement calls for the company to
establish a cash settlement fund of 35.5 mln dlrs, which would
be distributed to the bondholders after deductions for
attorney's fees.
    The lawsuit, filed by holders of its four pct Prior Lien
bonds due January 1, 1997 and its three pct General Lien Bonds
due January 1, 2047, sought to prevent the release of
collateral, the company said.
    If the settlement agreement is approved, the trading prices
of the bonds will decline substantially because they will no
longer reflect the speculative premiums at which the bonds
currently trade, Burlington Northern also said.
    It said the settlement is subject to negotiation by
Burlington Northern, the Citibank N.A. unit of Citicorp 
<
CCI>
and Bankers Trust Co 
<
BT>, the bonds' trustees.
 Reuter
3;
bodyend
documentend
documentstart
13031
topicstart
earn
topicend
bodystart
2;

RICHARDSON ELECTRONICS 
<
RELL> 3RD QTR FEB 28 NET


    LaFox, Ill., April 3 -
    
Shr 20 cts vs 20 cts
    Net 1,981,000 vs 1,689,000
    Rev 24.7 mln vs 19.6 mln
    Nine months
    Shr 59 cts vs 53 cts
    Net 5,855,000 vs 4,360,000
    Rev 70.9 mln vs 51.9 mln
    NOTE: Fiscal 1986 per share data reflects dilutive effect
of shares issued for April 1986 convertible debenture
conversion. Company's full name is Richarson Electronics Ltd.
 Reuter
3;
bodyend
documentend
documentstart
13032
topicstart
earn
topicend
bodystart
2;

DIVERSIFIED HUMAN RESROUCES GROUP 
<
HIRE> YEAR


    DALLAS, APril 3 -
    
Shr loss five cts vs profit 72 cts
    Net loss 79,069 vs profit 829,737
    Revs 14.4 mln vs 14.1 mln
    NOTE:1985 includes extraordainy credit of 11 cts.
 Reuter
3;
bodyend
documentend
documentstart
13035
topicstart
topicend
bodystart
2;

PACIFIC GAS 
<
PCG> PLANT TO BEGIN REFUELING


    SAN FRANCISCO, April 3 - 
Pacific Gas and Electric Co said
its Diablo Canyon Unit 2 nuclear power plant will begin its
first refueling today after about 13 months of operation.
    The refueling outage is expected to last about 12 weeks and
will include a variety of maintenance as well as the
replacement of about one-third of Unit 2's fuel, the company
said.
    Pacific Gas said Unit 2 generated power about 93.7 pct of
the time during its first year of operation.
    Pacific Gas' two Diablo Canyon units generate about 2.2 mln
kilowatts of electricity in full operation.
 Reuter
3;
bodyend
documentend
documentstart
13036
topicstart
acq
topicend
bodystart
2;

MID-STATE 
<
MSSL>, FIRST FEDERAL IN DEAL


    OCALA, Fla, April 3 - 
Mid-State Federal Savings and Loan
Association said it and First Federal Savings and Loan
Association of Brooksville 
<
FFBV> reached a definitive merger
agreement.
    As previously announced, Brooksville shareholders will get
cash and stock in exchange for their shares. The transaction is
expected to be completed during the summer 1987.
 Reuter
3;
bodyend
documentend
documentstart
13037
topicstart
acq
topicend
bodystart
2;

MEMOTEC DATA COMPLETES TELEGLOBE ACQUISITION


    MONTREAL, April 3 - 
<
Memotec Data Inc> said it completed
the previously announced 488.3 mln dlr acquisition of Teleglobe
Canada from the federal government.
    Memotec Data said Teleglobe, which has provided Canada's
overseas telecommunications services since 1950, now becomes
Teleglobe Canada Inc, a unit of Memotec.
    Teleglobe president and chief executive Jean-Claude Delorme
will continue in the same post, the company said.
    In addition to the sale price, the government will receive
Teleglobe's accumulated cash of 102 mln dlrs and a special 18
mln dlr dividend, making total proceeds 608.3 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13039
topicstart
trade
topicend
bodystart
2;

U.S., JAPANESE OPEN TALKS ON SEMICONDUCTORS


    WASHINGTON, April 5 - 
U.S. and Japanese officials meet
tomorrow to try to settle a dispute over semiconductor trade
and to cut short the 300 mln dlr penalty tariffs President
Reagan has ordered imposed on Japanese exports.
    But U.S. officials held out little hope that any accord
could be reached before the tariffs of 100 per cent - up from
about five per cent - are to take effect on April 17.
    The Customs Bureau last week started to levy a bond on the
Japanese goods that Reagan ordered penalized. The penalties
would be retroactive to March 31.
    Reagan said on March 27 when ordering the tariffs that he
hoped the Japanese would soon end their unfair practices in
semiconductor trade and that sanctions could be lifted.
    Technical meetings are to be held today and tomorrow, with
meetings at a more senior level scheduled for Thursday and
Friday. Public hearings on the sanctions are set for April 13.
    The Japanese aides here for the technical talks include
Shigeru Muraoka, director-general of international trade policy
of the Ministry of International Trade and Industry (MITI), and
Masashi Yamamoto, deputy director-general of the information
and machinery bureau.
    Meeting with them will Glen Fukushima, director of the
Japan office of the U.S. Trade Representative's Office, and Jim
Gradoville, of trade representative's office of industry and
services.
    The two sides in the Thursday and Friday talks will be
headed by Deputy U.S. Trade Representative Michael Smith and
MITI vice minister Makoto Kuroda.
   
 Reuter
3;
bodyend
documentend
documentstart
13040
topicstart
topicend
bodystart
2;

TRIBUNE 
<
TRB> FILES 300 MLN DLR SHELF REGISTRATION


    CHICAGO, April 3 - 
Tribune Co said it filed a shelf
registration with the Securities and Exchange Commission for
300 mln dlrs in debt securities.
    Underwriters may include Salomon Bros Inc and Merrill
Lynch, it said. Proceeds will be for general needs.
 Reuter
3;
bodyend
documentend
documentstart
13041
topicstart
acq
topicend
bodystart
2;

AMERON 
<
AMN> ADOPTS SHAREHOLDER RIGHTS PLAN


    MONTEREY PARK, Calif., April 3 - 
Ameron Inc said its board
adopted a rights plan designed to protect shareholders from
potentially unfair takeover tactics.
    The plan calls for distribution of one right for each of
its outstanding common shares and each right entitles the
holder to buy one/one-hundredth of a share of newly authorized
Series A Junior Participating cumulative Preferred stock at an
exercise price of 55 dlrs, Ameron said.
    It said the rights are exercisable if a group acquires 20
pct or more of its common stock or announces a tender offer for
30 pct or more of its shares.
 Reuter
3;
bodyend
documentend
documentstart
13043
topicstart
acq
topicend
bodystart
2;

FCS LABORATORIES 
<
FCSI> ENDS MERGER TALKS


    TEMPE, Ariz., April 3 - 
FCS Laboratories said its merger
talks with another unidentified company in the health care
field ended without agreement.
    The talks began last August, the company said.
    The company also said it will no longer actively seek out
potential merger partners, but will respond to serious
inquiries.
 Reuter
3;
bodyend
documentend
documentstart
13045
topicstart
trade
topicend
bodystart
2;

UK MINISTER LOOKS TO EASE TENSION WITH JAPAN


    LONDON, April 3 - 
The U.K. government hopes for a
breakthrough on the deadlock with Japan over trade policies
during next week's visit to Tokyo by Corporate Affairs Minister
Michael Howard, political sources said.
    Howard, who leaves for Japan tomorrow, told Reuters he will
try to promote understanding on trade issues during his visit.
    Meanwhile, Britain will re-examine a letter from Japanese
Prime Minister Yasuhiro Nakasone promising personal help in
solving the row over a U.K. firm's bid to win a significant
role in Japan's telecommunications market, government sources
said.
    Tensions have risen following Britain's decision to arm
itself early with new statutory powers which it says could be
used against certain Japanese financial institutions.
    Britain reacted optimistically at first to the letter from
Nakasone to Prime Minister Margaret Thatcher, seeing it as a
signal that he would work towards ensuring a satisfactory
outcome to the bid launched by Cable and Wireless Plc,
government officials said.
    But this view has since been clouded by reports from Tokyo
that Nakasone's assurances really constituted little more than
politeness in the face of British anger, they added.
 Reuter
3;
bodyend
documentend
documentstart
13046
topicstart
trade
topicend
bodystart
2;

CONABLE WARNS PROTECTIONISM MIGHT SPREAD


    By Alver Carlson, Reuters


    WASHINGTON, April 3 - 
World Bank President Barber Conable
expressed concern that trade protectionism, at the heart of a
new showdown between the United States and Japan, might spread
throughout the industrial world.
    But in an interview with Reuters, Conable said the action
by the United States to slap tariffs on certain electronic
goods from Japan did not mean the countries were heading for a
full-scale trade war.
    Conable said the World Bank has been pressing developing
countries to open their markets, arguing that a free trading
environment increased the possibility of global economic
growth.
    "We have, in fact, been making adjustment loans to many
countries in the developing world which have encouraged the
opening of their markets and we want to be sure that the
developed world doesn't close at the same time," he said.
    He said the U.S. action against Japan was "a significant
retaliatory step but it did not constitute a basic change in
trade policy."
    The interview came just before next week's semi-annual
meetings of the Bank and the International Monetary Fund.
    Referring to Brazil's recent interest payments moratorium,
Conable also said the global debt situation was very serious
and must be closely watched.
    He said the Bank, which in the past has concentrated on
making loans that assist the basic underpinnings in the
developing world such as dams, roads and sewers, will
increasingly make assistance available for economic reform.
    The Bank has increased these loans, in part because of the
debt crisis that has found countries desperately in need of new
funds for balance of payments adjustment and economic reforms
aimed at opening their markets, encouraging foreign investment
and reducing government's role in the economy.
    "We're comfortable with adjustment lending, we expect,
however, that it will never reach a majority of our portfolio,"
Conable said.
    He made clear, however, that adjustment lending would
continue to increase as a proportion of overall Bank lending
for some time.
    He noted, "the problem of debt was a severe one and many
countries are asking for adjustment assistance because of the
problem of debt."
    Conable, is a a former Republican Congressman from New York
chosen by President Reagan for the Bank position last year. He
is an associate of Treasury Secertary James Baker who launched
the U.S. strategy for shoring up indebted nations in October,
1985 which included a call for increased adjustment lending by
the World Bank.
    Conable also said that he expected the result of a major
study of the Bank's organization to be completed in the next
several weeks.
    He said the decision to seek a reorganization was based, in
part, on the fact that the Bank had come under fire from the
poorest countries for not doing enough to help and from the
richest countries because of inefficiency.
    the reorganization is considered a major initiative by
Conable, and is being closely-watched by the agency's 151
member-countries as an indication of his management style and
priorities.
    "I want to be sure this institution is viewed by those who
must support it as soundly constituted so that it will be
permitted to grow," Conable said.
    However, he said "I don't believe there is anything
basically wrong with this institution and I don't believe it
has to have any redefinition of its purpose."
    He said, however, that it was apparent that the debt
initiative proposed by Baker has given the Bank a central role
in dealing with the debt crisis.
    Conable added that cooperation between the Bank and its
sister agency, the International Monetary Fund, was good and
that he talked often with IMF Managing Director Michel
Camdessus on a variety of issues.
    On a personal level, Conable said that he not feel a need
to put his personal stamp on the Bank noting that "I don't have
a particular mission here except to be useful to the
institution and to the process of development."
    He added, "so I don't feel a great calling to personalize
the institution."
    On the development needs of sub-Sahara Africa, Conable said
that the Bank was constantly reviewing new ways for assisting
the region, noting that half of the recently agreed financing
of 12.4 billion dlrs for Bank's International Development
Association was earmarked for Africa.
    Leading industrial nations are expected to consider new
forms of debt relief for the very poorest nations, like those
in the Sub-Sahara, during next week's meetings.
 Reuter
3;
bodyend
documentend
documentstart
13051
topicstart
topicend
bodystart
2;

BP CREDIT FACILITY SUBSTANTIALLY OVERSUBSCRIBED


    LONDON, April 3 - 
A five billion dlr credit facility being
arranged for two units of British Petroleum Co Plc 
<
BP.L>
attracted over 15 billion dlrs in syndication but will not be
increased, Morgan Guaranty Ltd said on behalf of Morgan
Guaranty Trust Co of New York, the arranger.
    It said that 64 of BP's relationship banks will be joining
the facility, although their participations will be cut back
dramatically. Banks had been invited as lead managers at 200
mln dlrs, managers at 125 mln and co-managers at 75 mln.
    BP will make the final decision on the allotments broadly
based on relationships rather than on the amounts offered.
    The facility is being arranged for BP International and BP
North America in conjunction with the company's planned tender
offer for the 45 pct of Standard Oil Co it does not already
own.
    Because of the purpose of the facility, Morgan only had
five business days to arrange the facility. As a result, it
carried terms that bankers considered relatively favourable
when compared with those on most other recent credits. The
facility fee, for example, was 1/8 pct compared with the 1/16
pct BP paid on a recent 1.5 billion dlr refinancing.
 REUTER
3;
bodyend
documentend
documentstart
13052
topicstart
strategic-metal
topicend
bodystart
2;

MINAS DE ALMADEN RAISES MERCURY PRICE


    MADRID, April 3 - 
Spain's Minas de Almaden y Arrayanes S.A.
has agreed with Algerian producer ENOF to establish a minimum
price of 300 dlrs per flask for spot mercury sales, Almaden
spokesman Jesus Gallego said.
    In response to enquiries from Reuters, he said his company
had raised the minimum price for its spot sales from 240 dlrs
per flask following talks with ENOF.
    In a separate press release, the company said that ENOF and
Almaden held talks in Istanbul a week ago with Turkish mercury
producers on ways to improve prices, but Gallego said he was
not in a position to say what action the Turkish companies
would be taking.
 Reuter
3;
bodyend
documentend
documentstart
13053
topicstart
money-fx
topicend
bodystart
2;

U.S. JOBS DATA SAID TO RULE OUT FED TIGHTENING


    By Kathleen Hays, Reuters


    NEW YORK, April 3 - 
A steep drop in goods-producing jobs
detracted from U.S. March non-farm payroll employment and makes
it unlikely that the Federal Reserve will tighten monetary
policy to defend the dollar, economists said.
    U.S. March non-farm payroll employment rose 164,000, less
than the gain of 220,000 to 290,000 the financial markets
expected. Manufacturing employment fell 25,000, compared with
February's 50,000 gain, while March construction employment
dropped 45,000 after being unchanged in February.
    "The momentum of industrial activity is tapering off as we
end the first quarter," said Stephen Roach of Morgan Stanley
and Co Inc. "This sets the stage for more sluggish growth in
the second and third quarters."
    "The Fed will view this as a caution flag on the economy,"
he said. "They will not ease as long the dollar is weak, but
clearly they can't tighten."
    David Wyss of Data Resources Inc said that the downward
revision in February non-farm payroll employment to 236,000
from 337,000 means that employment gains in the first quarter
were weaker than expected.
    While Wyss left his first-quarter forecast of real U.S.
gross national product growth at 3.5 pct, he said the March
jobs data suggested a downward revision in his second-quarter
growth forecast to 2.5 pct from 2.8 pct.
    Bill Sullivan of Dean Witter Reynolds Inc said the average
monthly gain in non-farm jobs in the first quarter was only
237,000, compared with 254,000 in the fourth quarter of 1986.
    "There's momentum in first quarter labor force activity, 
but less than assumed," he said. "Gains in goods-producing jobs
were subdued at best. This rules out any possibilty of the Fed
tightening for exchange-related purposes."
    In March, the average workweek fell back to its January
level of 34.8 hours from 35.0 hours in February. Manufacturing
hours also fell back to their January level, totalling 40.9
hours in March compared with 41.2 hours in February.
    The Commerce Department noted that loss of manufacturing
jobs in March was concentrated in automobile, electrical and 
electronic manufacturing.
    Robert Brusca of Nikko Securities International said that a
13,000 decline in auto manufacturing employment accounted for
nearly half of the total drop in manufacturing jobs.
    Economists said that a build-up in auto inventories
resulting from a steep drop in sales has finally caught up with
the labor force and may point to slower growth ahead.
    Most expect an increase in inventories of as much as five
pct to offset a steep four to five pct drop in final sales in
the first-quarter GNP accounts.
    Roach said he expects first quarter U.S. GNP to rise two
pct, to be followed by a gain of 1.0-1.5 pct at best in the
second and third quarters. He said the March drop in industrial
activity "is a reasonable response in light of the inordinate
contribution inventory accumulation made to GNP."
    Economists said the employment data also suggest weak gains
in industrial production and personal income for March.
They expect only marginal gains, if not small declines, for
these indicators, compared with a February increases of 0.5 pct
in industrial production and 0.9 pct in personal income.
    Steve Slifer of Lehman Government Securities said the drop
in March construction employment may also signal a drop in
March housing starts, which rose 2.6 pct in February to 1.851
million units at an annual rate from 1.804 million units in
January.
    The rate of unemployment fell to 6.6 pct, its lowest level
since March 1980, from 6.7 pct in February. But Wyss pointed
out that this resulted from a drop in the labor force, which 
fell to 119.2 mln in March from 119.35 mln in February.
    "This just means that there were fewer people looking for
work, so the drop in unemployment doesn't mean much," he said.
    He said the latest employment report will not concern the
Fed because it does points to GNP growth in the first half of
2.5-3.0 pct, but "it does suggest they can't afford to tighten
to quickly either."
    The statistical factors used to smooth out seasonal
fluctuations in the jobs data may have understated March labor
force gains, just as seasonal factors probably overstated them
in January and February, Slifer said, but are consistent with
his forecast of 1.8 pct first quarter GNP growth.
    Economic growth remains sluggish, but Silfer does not think
that the Federal Open Market Committee changed policy at their
meeting this week. "At some point they will be more inclined to
ease," he said. For the time being, however, the March
employment report "increases the likelihood they won't tighten,
regardless of the dollar."

 Reuter
3;
bodyend
documentend
documentstart
13054
topicstart
acq
topicend
bodystart
2;

BRISTOL-MYERS 
<
BMY> REVIEWING SCIMED MERGER


    MINNEAPOLIS, April 3 - 
SciMed Life Systems Inc 
<
SMLS> said
Bristol-Myers Co is analyzing the pending lawsuit brought
against SciMed by 
<
Advanced Cardiovascular Systems Inc> to
determine whether to consummate its previously announced plans
to merge with SciMed.
    The company said its was served the suit in Minneapolis on
March 31, the day after it announced its definitive merger
agreement with Bristol-Myers.
    SciMed said the suit, which alleges that SciMed infringed
on Advanced Cardiovascular patents, is without merit.
 Reuter
3;
bodyend
documentend
documentstart
13057
topicstart
topicend
bodystart
2;

FRANCE HLM LAUNCHES 750 MLN FRANC BOND


    PARIS, April 3 - 
Housing group France HLM is launching a
750 mln French franc 8.40 pct 15-year bond with an issue price
of 95.36 pct and denominated in 5,000 franc units, lead manager
Banque Paribas said.
    The issue is being co-led by Credit Lyonnais.
    Payment date is April 20 and redemption will be in 12 equal
annual instalments starting after the first three years of the
issue's life. It will be listed in the Official Bulletin (BALO)
on April 6.
 REUTER
3;
bodyend
documentend
documentstart
13059
topicstart
earn
topicend
bodystart
2;

US WEST 
<
USW> HIKES DIVIDEND


    DENVER, April 3 -
    
Qtly div 82 cts vs 76 cts prior
    Pay May 1
    Record April 16
 Reuter
3;
bodyend
documentend
documentstart
13060
topicstart
acq
topicend
bodystart
2;

BELL PETROLEUM 
<
BPSIO>, REGAL TO FORM PLAN


    HOUSTON, APril 3 - 
Bell Petroleum Services Inc said it
agreed to begin talks with Regal International Inc to form a
plan of reorganization under which Bell would become a
subsidiary of Regal.
    The plan would be subject to Bankruptcy court approval due
to Bell's status as a debtor-in-possesion under Chapter 11. the
company's expect to file a plan by the end of May.
    This agreement terminates litigation between the companies
concerning previous attempts at a plan of reorganization..
    Bell is also free to continue talks with any third parties
interested in an acquisition, it said.
 Reuter
3;
bodyend
documentend
documentstart
13062
topicstart
earn
topicend
bodystart
2;

HEALTHVEST 
<
HVT> DECLARES THREE-WEEK DIVIDEND


    AUSTIN, Texas, APril 3 - 
Healthvest said its board declared
a dividend for the final three weeks of the March quarter of 14
cts, payable April 28 to holders of recrod April 15.
    Previously, it dclared a special interim dividend of 42 cts
for January 1 to March 9 in connection with its recently
completed offering.
    The combined dividend totals 56 cts for the March quarter,
an increase from the prior quarter's dividend of 55 cts
 Reuter
3;
bodyend
documentend
documentstart
13064
topicstart
earn
topicend
bodystart
2;

CPI CORP 
<
CPIC> 4TH QTR FEB 7 NET


    ST. LOUIS, April 3 -
    
Shr 43 cts vs 36 cts
    Net 7,209,000 vs 5,574,000
    Sales 77.7 mln vs 58.7 mln
    Avg shrs 16,676,000 vs 15,478,000
    Year
    Shr 1.12 dlrs vs 1.10 dlrs
    Net 18,371,000 vs 17,032,000
    Sales 257.5 mln vs 198.3 mln
    Avg shrs 16,411,000 vs 15,433,000
    NOTE: Year-ago period ended Feb 1, 1986
    Full-year earnings include gains from discontinued
operations of 184,000 dlrs, or one ct a share vs 3,143,000
dlrs, or 20 cts a share
 Reuter
3;
bodyend
documentend
documentstart
13067
topicstart
grain
topicend
bodystart
2;

ADM GRAIN ELEVATOR EXPLODES IN BURLINGTON, IOWA


    CHICAGO, April 3 - 
A grain elevator in Burlington, Iowa,
exploded today, leaving five injured.
    The elevator, operated by Archer Daniels Midland Co. of
Decatur, Ill., is a terminal elevator on the Mississippi River,
Doug Snyder, assistant to the vice president said.
    The cause of the explosion and the extent of damage to the
elevator was not immediatley known.
 Reuter
3;
bodyend
documentend
documentstart
13070
topicstart
grain
topicend
bodystart
2;

U.S. GRAIN CARLOADINGS FALL IN WEEK


    WASHINGTON, April 3 - 
U.S. grain carloadings totaled 25,744
cars in the week ended March 28, down 4.3 pct from the previous
week but 41.6 pct above the corresponding week a year ago, the
Association of American Railroads reported.
    Grain mill product loadings in the week totalled 10,920
cars, up 0.1 pct from the previous week and 12.7 pct above the
same week a year earlier, the association said.
 Reuter
3;
bodyend
documentend
documentstart
13071
topicstart
topicend
bodystart
2;

BANK OF NEW ENGLAND 
<
BKNE> SELLS CAPITAL NOTES


    NEW YORK, April 3 - 
Bank of New England Corp is offering
200 mln dlrs of subordinated capital notes due 1999 yielding
8.86 pct, said lead manager Morgan Stanley and Co Inc.
    The notes have an 8-3/4 pct coupon and were priced at 99.20
to yield 125 basis points more than comparable Treasury
securities.
    Non-redeemable for life, the issue is rated A-3 by Moody's
Investors and A by Standard and Poor's. Keefe Bruyette, Goldman
Sachs and Merrill Lynch co-managed the deal.
    Bank of New England said the notes will count as primary
capital of the corporation.
 Reuter
3;
bodyend
documentend
documentstart
13072
topicstart
acq
topicend
bodystart
2;

SEC CLARIFIES POSITION ON TENDER OFFER CHANGES


    WASHINGTON, April 3 - 
The Securities and Exchange
Commission reminded corporate raiders and others tendering for
the shares of companies that they must extend the period their
offers are open if key conditions are changed.
    Specifically, the agency said those making tender offers
for companies' stock must extend the offers if they decide to
eliminate conditions requiring a minimum number of shares to be
tendered in order for the offers to be valid.
    Tender offers typically include minimum share conditions.
As a result, a purchaser would not be bound to buy the shares
that were tendered if the minimum level were not reached.
    In an interpretation of current rules, which officials said
clarifies the SEC's present position, the agency said a tender
offer must be extended if a minimum share condition is waived,
even if the purchaser reserved the right to do so.
    The interpretation makes clear that waiving a minimum share
condition is a "material change" of the tender offer under U.S.
securities law, SEC officials said.
    The SEC has already said that other specific material
changes, such as changes in the percentage of securities being
sought or the price being offered, made during the course of a
tender offer require a 10-day extension of the offer.
    The length of the extension, which is aimed at giving
shareholders an adequate chance to assess revisions of a tender
offer, was not specified in cases where the minimum share
conditions were waived.
    SEC officials said the length of the extension in such
cases would depend on the facts and circumstances surrounding
each case, but would generally be between five and 10 days.
    The agency cited two recent tender offers in which waivers
of a minimum share conditios were tried on the last day of each
offer, denying shareholders the chance to react to the new
information. Officials declined to identify the two offers.
    "If a bidder makes a material change near or at the end of
its offer, it will have to extend the offer to permit adequate
dissemination," the SEC said.
    Federal securities law requires that all tender offers
remain open for at least 20 business days.
 Reuter
3;
bodyend
documentend
documentstart
13076
topicstart
topicend
bodystart
2;

ANADARKO PETROLEUM 
<
APC> SELLS CONVERTIBLE DEBT


    NEW YORK, April 3 - 
Anadarko Petroleum Corp is raising 100
mln dlrs via an offering of convertible subordinated debentures
due 2012 with a 5-3/4 pct coupon and par pricing, said sole
manager Kidder, Peabody and Co Inc.
    The debentures are convertible into the company's common
stock at 32.625 dlrs a share, representing a premium of 23.11
pct over the stock price when terms on the debt were set.
    Non-redeemable for two years, the debentures have a
mandatory sinking fund beginning in 1998 calculated to retire
70 pct of the issue prior to maturity, Kidder said.
    Moody's and S and P ratings are pending.
 Reuter
3;
bodyend
documentend
documentstart
13077
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> UNIT COMPLETES WOR-TV SALE


    AKRON, Ohio, April 3 - 
GenCorp said its RKO General Inc
subsidiary completed the sale of WOR-TV to MCA Inc 
<
MCA> for
387 mln dlrs.
    The Federal Communications Commission approved the sale
last December, GenCorp said. The closing was delayed because
that decision was appealed by four parties to the U.S. Court of
Appeals, GenCorp explained.
    WOR-TV is based in  Secaucus, N.J., GenCorp said.
    Earlier today, 
<
General Partners> said it was prepared to
raise its bid to 110 dlrs per share, or even more, in its bid
for GenCorp.
 Reuter
3;
bodyend
documentend
documentstart
13078
topicstart
earn
topicend
bodystart
2;

GALILEO ELECTRO-OPTICS CORP 
<
GAEO> 2ND QTR 


    STURBRIDGE, Mass., April 3 - 
Galileo Electro-Optics Corp
said estimated earnings for the second quarter ended March 31,
1987, will be over current analysts estimates of 40 cts to 45
cts per share.
    However, the company said it has not closed its books for
the quarter and release earnings April 20.
 Reuter
3;
bodyend
documentend
documentstart
13080
topicstart
veg-oil
palm-oil
coconut-oil
topicend
bodystart
2;

U.S. SCIENTISTS SAY TROPICAL OILS HEALTH RISK


    By David Brough, Reuters


    WASHINGTON, April 3 - 
U.S. scientists said some tropical
vegetable oils can be hazardous to consumers whose health is at
risk because of high levels of saturated fat, lending weight to
a campaign by the American Soybean Association (ASA) for
labelling changes.
    The scientists appeared to support an ASA charge, denied by
Malaysian palm growers, that imported coconut, palm and palm
kernel oils contain high levels of saturated fat and thus raise
blood cholesterol and the risk of heart disease.
    In a petition filed in January, the ASA asked the U.S. Food
and Drug Administration (FDA) to require palm, palm kernel and
coconut oils to be identified as saturated fats on food
manufacturers' labels.
    The FDA responded to the ASA in a letter saying it would
consider the petition as a comment to a proposed rule dealing
with cholesterol and fatty acid labelling of foods.
    Malaysian oil palm growers have said the charges by the ASA
that palm oil consumption increases blood cholesterol and
contributes to heart disease are untrue.
    But Steve Chang, Professor of Food Science at Rutgers
University, said, "Palm oil is definitely not good for human
health because it has a high content of saturated fatty acid."
    He added that the higher the fatty acid, the greater the
blood cholesterol level. "It has been well established that
high cholesterol levels will have a higher level of heart
disease," he said.
    A Malaysian Oil Palm Growers Council official, Borge
Bek-Nielsen, has said studies have shown that palm oil is
cholesterol-free, low in saturated fats, has anti-cancer
properties and prevents blood clotting and blocking of arteries
in humans.
    Bek-Nielsen said Americans consume more saturated fats
daily through food like butter, bacon, ham and beef than from
palm oil, which, he added is rich in vitamins A and E.
    David Kritchevsky, Associate Director of the Wistar
Institute in Philadelphia, appeared to take the ASA view on
labelling. "What people really have to learn is to read labels,"
said Kritchevsky. "The more a consumer knows, the more likely he
will make an intelligent choice."
    The U.S. scientists said they had no doubt imported palm,
palm kernel and coconut oils contain high saturated fat levels.
    Kritchevsky, a specialist in nutrition, said, "More
saturated fat would raise cholesterol levels...So, from that
point of view it's a health risk. High cholesterol levels in
the blood are a risk factor for heart disease."
    Susanne Harris, deputy assistant secretary of the U.S.
Agriculture Department's Food and Consumer Services Division,
said the health risk among consumers of vegetable oils with
high saturated fat levels was highest among those who have
heart disease.
    The scientists said more than 50 pct of the fatty acid
content of the tropical oils was saturated, whereas less than
20 pct of the fatty acid content of soybean oil was saturated.
    David Ericksen, director of ASA's technical services, said
U.S. soybean producers could regain about one-half of the 273
mln dlrs in sales lost to imported tropical oils if consumers
were aware the vegetable oils were high in saturated fat.
    Imported tropical oils displace 171 mln bushels of U.S.
soybean sales in the U.S. market, ASA estimates.
    U.S. imports of coconut oil during January totaled 82.9 mln
lbs compared with 48.0 mln lbs in December and 106.5 mln a year
earlier, according to Commerce Department figures.
    Imports of palm oil totaled 44.0 mln lbs compared with 51.3
mln lbs in December and 85.2 mln a year earlier.
 Reuter
3;
bodyend
documentend
documentstart
13085
topicstart
acq
topicend
bodystart
2;

SNYDER 
<
SOI> MAKES CENERGY 
<
CRG> EXCHANGE OFFER


    WASHINGTON, April 3 - 
Snyder Oil Partners L.P. told the
Securities and Exchange Commission it made an exchange offer to
Cenergy Corp that would allow Snyder to acquire up to 49.9 pct
of the company's common stock.
    Under the exchange offer, which was proposed yesterday to
Cenergy's officers and directors, each share of Cenergy common
stock could be exchanged for 8.50 dlrs in market value of
Snyder's limited partnership units, Snyder said.
    Under the proposal, Snyder, which already holds 1,170,400
Cenergy common shares, or 12.0 pct of the total, could boost
its Cenergy stake to a total of 49.9 pct, it said.
    Snyder did not say whether it has received any response to
its proposal from Cenergy.
    If it acquires the 49.9 pct stake, Snyder said in its SEC
filing it would use the stock to "obtain a proportionate
beneficial interest" in the company's assets and liabilities.
    It said it has not decided its next move it the exchange
proposal does not lead to negotiations with Cenergy.
    Snyder said it may boost its stake or sell some or all of
its current holdings. It repeated a statement made in its
initial SEC filing last month that it is considering several
alternatives, including seeking control of Cenergy.
 Reuter
3;
bodyend
documentend
documentstart
13087
topicstart
topicend
bodystart
2;

PAPERBOARD TO SELL 93 MLN DLRS OF NOTES


    TORONTO, April 3 - 
<
Paperboard Industries Corp> said it
agreed to sell 93 mln dlrs of convertible notes, with half to
be purchased by brokers Wood Gundy Inc and McLeod Young Weir
Ltd and the other half by controlling shareholder Kinburn
Industrial Corp.
    The notes will be convertible into six mln common shares at
15.50 dlrs a share by September 30. Paperboard now has
6,057,495 shares outstanding. Proceeds will be used partly to
finance the previously announced acquisition of Belkin Inc.
Purchase of notes will be conditional on Paperboard acquiring
98.2 pct of Belkin's shares from Balaclava Enterprises Ltd.
 Reuter
3;
bodyend
documentend
documentstart
13089
topicstart
acq
topicend
bodystart
2;

HARLEYSVILLE GROUP 
<
HGIC> SEEKS TO ACQUIRE FIRM


    HARLEYSVILLE, Pa., April 3 - 
Harleysville Group Inc said it
was in talks to acquire Atlantic Mutual Fire Insurance Co, a
property and casualty insurer licensed in five southern states.
    The company said it believes an acquisition could be
completed by June 30, subject to approval by regulatory and
Atlantic Mutual policyholders.
    Harleysville plans to invest about four mln dlrs in the
business if the deal is completed.
 Reuter
3;
bodyend
documentend
documentstart
13090
topicstart
acq
topicend
bodystart
2;

KROGER 
<
KR> TO BUY EIGHT FOOD STORES


    DALLAS, April 3 - 
Kroger Co said it agreed to buy nine 
retail food stores from the Dallas division of 
<
Safeway Stores
Inc>, which announced it was closing the 141-store division as
part of a restructuring.
    Terms were not disclosed.
    Kroger expects to take over operation of the stores, one of
which is under construction, in late April. The addition of the
stores will bring Kroger's Dallas division to 75 stores, it
said.
    It operates more than 1,300 stores in 20 states.
 Reuter
3;
bodyend
documentend
documentstart
13092
topicstart
earn
topicend
bodystart
2;

<
DOUGLAS COMPUTER INTERNATIONAL> YEAR NET


    SALT LAKE CITY, April 3 -
    
Shr seven cts vs one ct
    Net 178,919 vs 34,429
    Sales 3,148,420 vs 1,912,438
 Reuter
3;
bodyend
documentend
documentstart
13093
topicstart
earn
topicend
bodystart
2;

MEDICAL STERILIZATION INC 
<
MSTI> YEAR LOSS


    SYOSSET, N.Y., April 3 -
    
Shr loss 65 cts vs loss 1.31 dlrs
    Net loss 1,366,340 vs loss 2,148,656
    Revs 2,664,852 vs 799,864
 Reuter
3;
bodyend
documentend
documentstart
13094
topicstart
wheat
grain
topicend
bodystart
2;

CCC ACCEPTS EXPORT BONUS FOR WHEAT TO SRI LANKA


    WASHINGTON, April 3 - 
The U.S. Agriculture Department said
it has accepted a bid for an export bonus to cover the sale of
50,000 tonnes of hard red winter wheat to Sri Lanka.
    A bonus of 37.44 dlrs per tonne was awarded to Continental
Grain Co on the shipment scheduled for April 8-16, Melvin Sims,
USDA general sales manager said.
    An additional 10,000 tonnes of wheat are still available to
Sri Lanka under the export enhancement program, Sims said.
 Reuter
3;
bodyend
documentend
documentstart
13095
topicstart
acq
topicend
bodystart
2;

RVIAL TO UNION CARBIDE EMERGES IN FRENCH BID


    PARIS, April 3 - 
<
Carburos Metalicos> of Spain has bid
2,205 francs a share for French chemicals group 
<
Duffour et
Igon>, rivalling the 2,100 franc bid announced yesterday by
Union Carbide France, the French subsidiary of the U.S.
Chemical giant Union Carbide Corp 
<
UK.N>, the stockbrokers'
assocation (CSAC) said here.
    Duffour et Igon's capital is comprised of 133,100 shares
with a nominal value of 100 francs each. Shares were last
quoted at 856 francs on January 9.
    Banque Paribas will act for Carburos Metalicos, while Union
Carbide France's bid is being led by Rothschild et Associes
Banque.
    Duffour et Igon shares will be suspended on April 6 and 7
and will resume trading on April 8.
 Reuter
3;
bodyend
documentend
documentstart
13096
topicstart
crude
topicend
bodystart
2;

BRAZIL TO BUY 30,000 BPD OF KUWAITI OIL


    RIO DE JANEIRO, April 3 - 
Brazil will import 30,000 barrels
per day of crude oil from Kuwait, a spokesman for the state oil
company Petrobras said.
    He said that, unlike Saudi Arabia, Kuwait did not impose
any conditions on Brazil.
    Last month, Petrobras cancelled a 40-mln dlr oil purchase
from Saudi Arabia after the Saudis refused to accept credit
guarantees from the official Bank of Brazil.
    The Saudis eventually lifted the condition and Brazil
decided to reconfirm the purchase.
    Brazil currently consumes 1.1 mln barrels of oil per day.
 Reuter
3;
bodyend
documentend
documentstart
13097
topicstart
wheat
grain
topicend
bodystart
2;

U.S. DURUM WHEAT BONUS BID TO ALGERIA ACCEPTED


    WASHINGTON, April 3 - 
The U.S. Agriculture Department said
it has accepted a bid for an export bonus to cover the sale of
18,000 tonnes of U.S. durum wheat to Algeria.
    A bonus of 43.25 dlrs per tonne was awarded to Cam USA Inc
on the shipment scheduled for June 20-30, Melvin Sims, USDA
general sales manager, said.
    An additional 228,000 tonnes of durum wheat are available
to Algeria under the department's export enhancement program,
Sims said.
 Reuter
3;
bodyend
documentend
documentstart
13099
topicstart
barley
grain
topicend
bodystart
2;

USDA OFFERS EEP BARLEY MALT TO COLOMBIA


    WASHINGTON, April 3 - 
The U.S. Agriculture Department
announced Colombia has been made eligible for sales of up to
15,000 tonnes of barley malt under the department's export
enhancement program, EEP.
    As with the previous 64 EEP initiatives, sales of U.S.
barley malt would be made to buyers in Colombia at competitive
world prices, USDA said.
    The export sales would be subsidized with commodities from
the inventory of the Commodity Credit Corp and enable U.S.
exporters to compete at commercial prices in the Colombian
market, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
13102
topicstart
crude
nat-gas
topicend
bodystart
2;

TEXAS PETROLEUM ACQUIRES OIL AND GAS PROPERTIES


    DALLAS, April 3 - 
Texas Petroleum Corp said it issued 14.4
mln shares of restricted common stock in exchange for oil and
gas properties and joint ventures located in the U.S. and
overseas.
    The properties were acquired from 
<
North American Oil and
Gas Corp> and Texas Petroleum Corp in Canada, the company said.
It added the acquisitions were the first step toward creating
an oil and gas exploration and development enterprise.
 Reuter
3;
bodyend
documentend
documentstart
13103
topicstart
acq
topicend
bodystart
2;

METROMEDIA BUYS WARRANT FOR SHARES OF ORION


    SEACAUCUS, N.J., April 3 - 
<
Metromedia Co> said it
purchased from Time Inc's 
<
TL> Home Box Office Inc a warrant to
purchase 800,000 shares of common stock of Orion Pictures Corp

<
OPC>.
    The price for the warrant was 10 mln dlrs, Metromedia said.
It added that it now owns 16.4 pct of the outstanding common
stock of Orion.
 Reuter
3;
bodyend
documentend
documentstart
13105
topicstart
interest
topicend
bodystart
2;

BANK OF MONTREAL LOWERS CREDIT CARD RATE


    TORONTO, April 3 - 
Bank of Montreal said it will reduce the
interest rate it charges on outstanding MasterCard balances to
18.3 pct from 21 pct, beginning in July.
    The bank said it will continue its policy of not charging
any annual fee or transaction fees to credit card holders.
                
 Reuter
3;
bodyend
documentend
documentstart
13110
topicstart
earn
topicend
bodystart
2;

ENEX RESOURCES CORP 
<
ENEX> 4TH QTR LOSS


    KINGWOOD, Texas, April 3 -
    
Shr not given
    Net loss 330,613 vs profit
    Revs 2,170,628 vs 614,511
    Year
    Shr loss one ct vs profit nine cts
    Net loss 212,289 vs profit 829,747
    Revs 5,397,167 vs 3,785,688
 Reuter
3;
bodyend
documentend
documentstart
13113
topicstart
earn
topicend
bodystart
2;

OSHAP TECHNOLOGIES LTD 
<
OSHUF> YEAR LOSS


    NEW YORK, April 3 -
    
Shr loss 12 cts vs loss three cts
    Net loss 646,000 vs loss 96,000
    Revs 9,414,000 vs 9,899,000
    Avg shrs 5,382,833 vs 3,722,833
    NOTE: Converted using Dec 31 exchange rate of 40.05 Belgian
francs to the U.S. dlr.

 Reuter
3;
bodyend
documentend
documentstart
13114
topicstart
earn
topicend
bodystart
2;

<
DOUGLAS COMPUTER INTERNATIONAL> YEAR END 1986


    SALT LAKE CITY, April 3 -
    
Shr seven cts vs one ct
    Net 178,919 vs 34,429
    Revs 3,148,420 vs 1,912,438
 Reuter
3;
bodyend
documentend
documentstart
13115
topicstart
crude
topicend
bodystart
2;

CANADA OIL INDUSTRY SET FOR RECOVERY - ANALYSTS


    By LARRY WELSH, Reuters


    TORONTO, April 3 - 
Firmer crude oil prices, government aid
packages and corporate spending cuts will help Canada's oil
industry recover from last year sharp downturn, industry
analysts said.
    They said there will be significant earnings gains in 1987
compared to last year's dismal results when oil prices dropped
about 50 pct.
    On Canada's stock exchanges, energy shares have soared to
their highest levels since 1983, with many issues trading at
record highs.
    "This is reflecting a tremendous amount of optimism on the
part of the investment community that the outlook for the
industry for the future is extremely attractive," Peters and Co
Ltd oil analyst Wilf Gobert said.
    Financial statements from Canada's major oil companies,
culminating with Dome Petroleum Ltd's 2.20 billion Canadian dlr
1986 loss reported this week, painted a bleak picture of last
year's results, analysts said.
    "But the financial statements are a snap shot and a
recording of history. The stock market is the indication of the
future," Gobert commented.
    The Toronto Stock Exchange's oil and gas index of 41
companies is up to 4065.4 so far in trading today from 3053.15
at the end of 1986.
    Among Canada's largest oil companies, class A shares of
Imperial Oil Ltd 
<
IMO.A>, 70 pct owned by Exxon Corp 
<
XON>, is
trading at 71, up from a 52-week low of 34-3/4.
    Shell Canada Ltd, 72 pct owned by Royal Dutch/Shell Group,
is at 40-1/2, up from a low during the last year of 18-3/4.
Texaco Canada Inc 
<
TXC>, 78 pct owned by Texaco Inc 
<
TX>, is
at 34-7/8, up from a low of 24-1/2.
    Levesque Beaubien Inc oil analyst Robert Plexman forecasts
operating profit for 10 of Canada's largest oil and gas
companies will rise 37 pct in 1987 to about 1.44 billion dlrs
and operating cash flow will increase 12 pct to 3.24 billion
dlrs, based on an average oil price for the year of 16.50 U.S.
dlrs a barrel. "However, if prices hold about 18 U.S. dlrs a
barrel...1987 net operating income could show a 69 pct increase
with cash flow 27 pct higher," analyst Plexman said.
    "Although it is difficult to forecast the extent of the
profit improvement this year, the gain should be significant,"
he added.
    Those improvements follow a sharp downturn in 1986, when
operating income for the ten companies dropped 47 pct to 1.05
billion dlrs and operating cash flow fell 22 pct to 2.90
billion dlrs.
    But one industry source doesn't think oil prices will hold
recent gains and more government assistance is needed.
    Canadian Petroleum Association technical director Hans
Maciej sees industry cash flow falling another 10 pct in 1987,
after dipping about 60 pct last year. Maciej said he sees crude
oil supply outweighing demand and doesn't believe a recent OPEC
production accord will continue to support prices.
    However, several companies share the optimistic industry
outlook expressed by a majority of analysts.
    Shell Canada and 
<
Norcen Energy Resources Ltd> forecast
improved 1987 earnings in their annual reports issued this
week, assuming oil prices remain at or above 1986 levels.
    "The industry's outlook for 1987 is positive, but not
robust," Texaco Canada said in its annual report.
    "While oil prices have strengthened somewhat and there is
good reason to believe that the general level is sustainable,
continued volatility is likely," Texaco Canada added.
    In the face of short-term uncertainty, many companies have
pared 1987 spending plans from last year's lower levels,
deferring most frontier exploration work.
    "The industry is becoming very selective in investments,
very conservative and cautious, which is not unexpected,"
Canadian Petroleum Association's Maciej said.
    Federal and Alberta goverment aid measures helped cushion
the industry downturn in 1986 and are improving 1987 results.
    The most significant help came last September when the
federal government lifted the 10 pct Petroleum Gas Revenue Tax
(PGRT) 28 months earlier then planned.
    Analysts estimate the tax relief will save larger oil
companies about 1.50 billion dlrs by the end of 1988.
    The PGRT cut helped brake the steep profit and cash flow
decline in 1986 for many oil companies and prevented further
exploration spending cuts, analysts said.
    "For a number of companies, the PGRT cut was absolutely
necessary to even maintain the kind of reduced investments that
were made, otherwise the reduction would have been considerably
more," Maciej said.
 Reuter


3;
bodyend
documentend
documentstart
13116
topicstart
gold
topicend
bodystart
2;

U.S. GOLD PRODUCTION ROSE IN DECEMBER


    WASHINGTON, April 3 - 
U.S. mine production of gold rose to
244,900 troy ounces in December from 244,749 ounces in
November, the U.S. Interior Department's Bureau of Mines said.
    U.S. imports of gold in December were 692,700 ounces, vs
2,011,754 ounces in November and 611,811 ounces in December,
1985.
    Gold exports totaled 243,191 ounces in December, vs
November's 374,468 ounces and 350,078 ounces in December a year
earlier.
    Mine production of gold in the 12-month period Jan-Dec,
1986, totaled 2,951,151 ounces, vs 2,475,436 ounces over the
same period in 1985.
    Gold imports in Jan-Dec, 1986, totaled 15,749,447 ounces,
vs 8,225,999 ounces for the same period in 1985, while exports
stood at 4,612,919 ounces and 3,966,678 ounces over the
respective periods, the bureau said.
 Reuter
3;
bodyend
documentend
documentstart
13118
topicstart
earn
topicend
bodystart
2;

JACK WINTER INC 
<
JWI> 4TH QTR JAN 3 LOSS


    MILWAUKEE, April 3 -
    
Shr loss 67 cts vs loss seven cts
    Net loss 2,410,000 vs loss 245,000
    Revs 11.0 mln vs 10.9 mln
    12 mths
    Shr loss 21 cts vs profit 43 cts
    Net loss 748,000 vs profit 1,571,000
    Revs 46.9 mln vs 40.5 mln
 Reuter
3;
bodyend
documentend
documentstart
13119
topicstart
silver
topicend
bodystart
2;

U.S. SILVER PRODUCTION ROSE IN DECEMBER


    WASHINGTON, April 3 - 
U.S. mine production of silver rose
to 2,295,230 troy ounces in December from 2,181,082 in
November, the Interior Department's Bureau of Mines said.
    U.S. imports of silver in December were 8,458,000 ounces,
vs 19,950,000 in November, and 8,840,000 in December, 1985.
    Silver exports totaled 1,549,000 ounces in December, vs
2,346,000 in November and 1,504,000 ounces in December, 1985.
    Silver mining production in the 12-month period Jan-Dec,
1986 totaled 31,720,769 ounces, vs 39,357,197 ounces produced
over the same period in 1985.
   Imports of silver in Jan-Dec, 1986 totaled 144,890,000
ounces, vs 152,601,000 ounces in Jan-Dec, 1985, while silver
exports stood at 25,114,000 ounces and 24,756,000 ounces over
the respective periods, the bureau said.
 Reuter
3;
bodyend
documentend
documentstart
13120
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS LOADING AT PORTLAND


    PORTLAND, April 3 - 
There were five grain ships loading and
three ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
 Reuter
3;
bodyend
documentend
documentstart
13122
topicstart
earn
topicend
bodystart
2;

PLANTERS CORP 
<
PNBT> 1ST QTR NET


    ROCKY MOUNT, N.C., April 3 -
    
Shr 32 cts vs 28 cts
    Net 2,194,000 vs 1,929,000
 Reuter
3;
bodyend
documentend
documentstart
13123
topicstart
grain
rice
topicend
bodystart
2;

LOWER U.S. RICE STOCKS, STRONG EXPORTS - USDA


    WASHINGTON, April 3 - 
Rising demand for U.S. rice may
gradually reduce surpluses while a marketing loan should help
increase the U.S. share of the world rice market despite
sluggish trade this year, the U.S. Agriculture Department said.
    In its quarterly rice outlook and situation summary, the
department said U.S. rice use may surpass production during the
1986/87 marketing year, causing stocks to fall about 10 mln
hundredweight from a year earlier to an estimated 67 mln cwt on
July 31.
    Long grain acreage as a percentage of total acreage is
expected to decline this year, the report said.
    USDA said factors once supportive of increased long grain
acreage have turned around. Domestic prices of medium grain
relative to long grain have increased, the loan differential
has been greatly reduced and increases in long grain yields
relative to those of other classes have leveled off.
    With the drop in domestic prices resulting from the
marketing loan, domestic rice use is expected to grow at a
faster rate, USDA said.
    "Development of new products and increased promotion have
helped make rice more available and visible to a wider range of
consumers," USDA said.
    USDA said world trade is expected to fall in 1987 because
of large production and stocks but a weaker market should
affect competing exporters more than the U.S.
    "The United States has already recovered a substantial share
of the European Community market and made inroads into markets
in the Middle East and Africa," the report said.
    World rice consumption is projected to reach record levels
in 1986/87, the report said, as higher per capita incomes,
increased domestic production and low import prices have
allowed people in many countries to substitute rice for coarse
grains.
    China, India and South Korea have increased output, while
the Middle East and Africa have doubled imports since the
mid-1970s, the report said.
 Reuter
3;
bodyend
documentend
documentstart
13124
topicstart
acq
topicend
bodystart
2;

HUTTON 
<
EFH> STILL INTERESTED IN PUROLATOR 
<
PCC>


    New York, April 3 - 
E.F. Hutton LBO Inc is still interested
in an acquisition of Purolator Courier Corp, and is examining
the possibility of raising its 35 dlr per share offer, an E.F.
Hutton spokesman said.
    Hutton's offer was topped by a 40 dlr per share offer from
Emery Air Freight Corp 
<
EAF> earlier this week.
    "We're definately not out of it at this point," the Hutton
spokesman said.
    "We want to see what the offer is completely and understand
it fully, and then fashion our response," the spokesman said.
    After Emery made its offer, Hutton extended the deadline on
its offer to Monday. The offer was to have expired Wednesday.
    Analysts said it might be difficult for Hutton to raise the
offer since Emery, an overnight courier, might have an easier
time justifying a lofty price since it would realize cost
savings by combining its business with those of Purolator.
    Purolator, a New Jersey-based overnight courier, has
declined comment.
    Purolator had traded above the Hutton offer price on
speculation a new bidder would emerge. It was up 1/8 today at
40-3/8, above the Emery offer.
 Reuter
3;
bodyend
documentend
documentstart
13126
topicstart
earn
topicend
bodystart
2;

<
DREYFUS A BONDS PLUS INC> MONTHLY PAYOUT


    NEW YORK, April 3 - 
    
Mtly div 10.4 cts vs 10.8 cts prior
    Paid April 1
    Record March 31
 Reuter
3;
bodyend
documentend
documentstart
13128
topicstart
topicend
bodystart
2;

GTE 
<
GTE> UNIT DEBT UPGRADED BY S/P


    NEW YORK, April 3 - 
Standard and Poor's Corp said it
upgraded 295 mln dlrs of debt of Hawaiian Telephone Co, a GTE
Corp unit.
    It raised the company's first mortgage bonds to AA from
AA-minus and sinking fund debentures to AA-minus from A-plus.
    S and P cited earnings improvement, better capital
recovery, a stable construction program and a sophisticated
network, as well as financial improvement. This gave Hawaiian
Telephone a strengthened capital structure and cash flow in
both regulated and non-regulated businesses. But S and P said
it considers coverage a little weak.
 Reuter
3;
bodyend
documentend
documentstart
13129
topicstart
grain
rice
topicend
bodystart
2;

TURKEY ELIGIBLE FOR U.S. BONUS RICE


    WASHINGTON, April 3 - 
The U.S. Agriculture Department said
Turkey has been made eligible for the sale of up to 70,000
tonnes of medium grain milled rice under the department's
export enhancement program, EEP.
    As with the 65 previous EEP initiatives, the export sales
would be subsidized with commodities from the inventory of the
Commodity Credit Corp and made at competitive world prices,
USDA said.
 Reuter
3;
bodyend
documentend
documentstart
13130
topicstart
nat-gas
propane
topicend
bodystart
2;

INTERNATIONAL LPG PRICES MIXED


    New York, April 3 - 
International LPG prices were mixed in
the past week, with North Sea prices easier while prices in the
Mediterranean and the Gulf were up in April, traders said.
    In the North Sea market, small cargoes of propane were sold
as high as 126 dlrs per tonne on the f.o.b. basis early in the
week, but prices eased after the majors posted their April
contract prices, traders said.
    British Petroleum plc 
<
BP> left propane unchanged at 110
dlrs and raised butane prices 5.50 dlrs to 123 dlrs, Shell, a
unit of Royal Dutch/Shell Group 
<
RD> 
<
ST> raised propane three
dlrs to 113 and butane 5.50 dlrs to 123 dlrs, they said.
    In the Mediterranean, prices firm in Lavera as Algerian
supplies were not always available. Spot propane was unchanged,
while butane rose about 25 dlrs from last week, traders said.
    They said, however, the Mediterranean butane market was
very thin, making it subject to wide price swings.
    In the Gulf, strong demand from the Far East pushed premium
on small cargoes five to 10 dlrs above government selling price
(gsp) for propane and 10 dlrs for butane, traders said. 
    The rising premium over gsp, however, was partially offset
by about 10 pct decline in shipping, making prices for propane
about unchanged and butane five dlrs higher, basis c. and f.
Japan, the traders said.
SPOT.(DLRS/TONNE)......PROPANE..............BUTANE...........
NORTH SEA (FOB)........113/117..............125/130..........
NORTH SEA (CIF)........120/125..............135/140..........
MEDITERRANEAN.(CIF)....140/145..............175/180..........
THE GULF (FOB).........130/135..............140/145..........
JAPAN (C AND F)........155/160..............160/165..........
OFFICIAL PRICES-FOB..........................................
SAUDI ARABIA (3/1)........125.................125............
ALGERIA......(3/1)........120.................130............
BP/POSTED PRICE.(4/1).....110.................123.00.........
SHELL/POSTED PRICE.(4/1)..113.................123.00.........
 Reuter
3;
bodyend
documentend
documentstart
13131
topicstart
earn
topicend
bodystart
2;

SCOTT INSTRUMENTS CORP 
<
SCTI> YEAR LOSS


    DENTON, Texas, April 3 -
    
Shr loss 15 cts vs loss 27 cts
    Net loss 1,905,774 vs loss 2,160,717
    Revs 868,117 vs 307,135
 Reuter
3;
bodyend
documentend
documentstart
13136
topicstart
earn
topicend
bodystart
2;

SCOTT INSTRUMENTS 
<
SCTI> GETS QUALIFIED AUDIT


    DENTON, Texas, April 3 - 
Scott Instruments Corp said its
independent public accountants qualified the report on Scott's
1986 financial statements because of its weak financial
condition.
    The report indicates the realization of the company's
assets is dependent on it obtaining enough working capital to
finance operations and additional funds to meet other
liabilities, among other things.
    These factors indicate the company may be unable to
continue its existence.
    Earlier, Scott reported a 1986 loss of 1.9 mln dlrs
compared to a loss of almost 2.2 mln dlrs in 1985. Total assets
were nearly 1.1 mln dlrs at year end, down from 1.2 mln dlrs
the prior year.
 Reuter
3;
bodyend
documentend
documentstart
13138
topicstart
earn
topicend
bodystart
2;

<
THORATEC LABORATORIES CORP> YEAR LOSS


    BERKELEY, Calif., April 3 -
    
Shr loss 1.64 dlrs vs loss 2.08 dlrs
    Net loss 9,761,000 vs loss 10,977,000
    Revs 4,409,000 vs 2,697,000
 Reuter
3;
bodyend
documentend
documentstart
13139
topicstart
acq
topicend
bodystart
2;

BAYOU INTERNATIONAL GETS STAKE IN AMALGAMATED


    LOS ANGELES, April 3 - 
Bayou International Ltd said it
acquired 19.9 pct of 
<
Amalgamated Equities Ltd> of Australia
for 710,000 dlrs.
    Bayou is 55.2 pct owned by 
<
Australia Wide Industries Ltd>.
 Reuter
3;
bodyend
documentend
documentstart
13141
topicstart
earn
topicend
bodystart
2;

NETWORK 
<
NETW> TO TAKE 3RD QTR CHARGE


    DANBURY, Conn., April 3 - 
Network Control Corp said it
intends to take a 250,000 dlr charge against earnings for the
third quarter ended March 31 and said sales for the quarter
would be about 400,000 dlrs, about 50 pct below sales in the
same year-ago quarter.
    Network said it is taking the charge due to the significant
increase in accounts receivable which remain uncollected for
more than 90 days after billing. It said it ultimately will
collect most of those accounts.
    It attributed the sales decline to a transition period for
its new products and a delay in a major order.
 Reuter
3;
bodyend
documentend
documentstart
13142
topicstart
crude
topicend
bodystart
2;

PETROBRAS SEES RAISING EXPORT OF FUEL IN 1987


    RIO DE JANEIRO, April 3 - 
Brazil's state oil company
Petrobras is pledging to export 4.6 mln cubic meters of fuel,
or 28.9 mln barrels in 1987, a company spokesman said.
    He said that represents a total sale worth 600 mln dlrs.
The volume is 27 pct higher over 1986 sales, which totalled 3.6
mln cubic meters, or 22.6 mln barrels.
    The United States, Africa and Latin American are Brazil's
main fuel buyers, the spokesman said.
 Reuter
3;
bodyend
documentend
documentstart
13143
topicstart
money-supply
topicend
bodystart
2;
******
U.S. BUSINESS LOANS FELL 822 MLN DLRS IN MARCH 25 WEEK, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
13144
topicstart
interest
topicend
bodystart
2;

BAKER REPEATS HE HOPES PRIME HIKE TEMPORARY


    WASHINGTON, April 3 - 
Treasury Secretary James Baker
reiterated his hope that this week's rise in prime rates would
be a temporary blip upwards.
    "I would hope that it would simply be a temporary blip
upward as we've seen in the past," Baker said in television
interview with the Cable News Network. The interview airs
tomorrow but CNN released extracts from his remarks today.
    Baker also repeated his position that the reaction of
financial markets to U.S. tariffs on Japanese electronic goods
showed "the importance of the United States not going
protectionist. The markets were telling us...be careful."
 reuter
3;
bodyend
documentend
documentstart
13146
topicstart
topicend
bodystart
2;

KENAI 
<
KEN> SETS NOTE OFFER, AVOIDS CHAPTER 11


    NEW YORK, April 3 - 
Kenai Corp said its shareholders
approved of a reorganization to avoid a chapter 11 filing under
the U.S. bankruptcy code.
    Shareholders approved an increase in authorized shares to
two billion common and two mln preferred, with a par value of
0.001 dlrs per share. A portion of the new shares will be
issued to holders of 57.5 mln dlrs of subordinated debentures,
all of which are in default.
    The company, which was also merged into a subsidiary, said
its 35.7 mln outstanding shares will be exchanged for shares in
the new company on a one-for-one basis.
    According to the exchange offer, each 1,000 dlrs principle
of subordinated debentures will be exchanged for 1,000 shares
of common stock, 500 dlrs principal of a variable interest
subordinated debenture and 24 shares of convertible preferred
stock, the company said.
    It said the offer will result in the issue of 57.5 mln
common shares, 28.85 mln dlrs principle of variable rate
subordinated debentures, and 1.38 mln shares of convertible
preferred stock.
    The company said two holders of 29.9 mln dlrs of debentures
who have already exchanged their holdings for 20.8 mln common
shares and 23.5 mln dlrs principle amount of notes will
resubmit the securities to meet the terms of the current
exchange offer.
    It said the offer is dependent on filings with the
Securities and Exchange Commission.
    The company also said that upon completion of the exchange
offer, it may issue warrants to buy 100 mln shares of common
stock to current shareholders and warrants for 75 mln shares to
employees.
 Reuter
3;
bodyend
documentend
documentstart
13148
topicstart
earn
topicend
bodystart
2;
E AND B MARINE 
<
EBMI> 4TH QTR NET
    EDISON, N.J., April 3
    Shr loss 1.65 dlrs vs loss 24 cts
    Net loss 3,259,000 vs loss 470,000
    Revs 16.0 mln vs 9,510,000
    12 mths
    Shr loss 84 cts vs gain 63 cts
    Net loss 1,661,000 vs gain 1,301,000
    Revs 80.5 mln vs 56.4 mln
 Reuter
3;


bodyend
documentend
documentstart
13149
topicstart
livestock
carcass
topicend
bodystart
2;

U.S. MEAT PROCESSORS ASK FOR LABELLING CHANGE


    WASHINGTON, April 3 - 
Four U.S. meat processors have asked
the federal government to relax a labelling requirement which
they said discourages the use of mechanically separated meat,
the U.S. Agriculture Department said.
    The petition, filed by Bob Evans Farms, Odom Sausage Co,
Sara Lee Corp and Owens Country Sausage, asks USDA to allow
mechanically separated meat to be listed on product labels as
the species from which it was derived.
    For example, "pork" would be listed on the ingredients
statement instead of "mechanically separated pork."
    Under the petition, the calcium content of the meat product
would have to be stated on the label and the mechanically
separated meat could constitute no more than 10 pct of the meat
and poultry portion of the product.
    Mechanically separated meat is a high-protein, low-cost
product that has been approved for use since 1978, USDA said.
    Current regulations allow use of mechanically separated
ingredients at levels up to 20 pct of the meat and poultry
product, but require it to be listed in the ingredient
statement as "mechanically separated (species)," USDA said.
    USDA said the petitioning firms claimed companies avoid
using mechanically separated meat in their products because the
term carries an "unwarranted negative connotation" in the minds
of many consumers. The petitioners also noted that no similar
regulation exists for poultry products.
    Mechanically separated meat is made by placing carcass
parts, which usually have been hand-trimmed but still have some
remaining meat, into specialized processing equipment.
 Reuter
3;
bodyend
documentend
documentstart
13151
topicstart
acq
topicend
bodystart
2;

IROQUOIS BRANDS 
<
IBL> REBUFFS LYON FOODS CLAIMS


    GREENWICH, Conn, APril 3 - 
Iroquois Brands Ltd said it has
been sued by Lyon Food Cos Inc which is seeking 2.3 mln dlrs in
damages in connection with the April 1986 nine mln dlrs
purchase of Iroquois' former specialty food products segment.
    Iroquois said that based upon the defenses it will assert,
it does not believe that any charge against income is required
as a result of the claim.
 Reuter
3;
bodyend
documentend
documentstart
13157
topicstart
money-supply
topicend
bodystart
2;

FEBRUARY FOMC VOTES UNCHANGED MONETARY POLICY


    NEW YORK, April 3 - 
The Federal Open Market Committee at
its February 10-11 meeting voted nine to one to maintain the
then-existing degree of reserve restraint, minutes showed.
    The FOMC issued an asymmetric inter-meeting policy
directive which gave greater possibility to firmer rather than
easier policy. The Committee set a six to seven pct January
through March annualized growth target for M-2 and M-3 and no
M-1 goal. At the prior meeting in mid-December, the FOMC set a
seven pct target for M-2 and M-3 for November through March.
    The February FOMC kept the four to eight pct Federal funds
rate "reference" range for policy, as in other recent meetings.
    At a telephone conference on February 23, committee members
discussed the possible implications of the decisions reached in
Paris for U.S. intervention in foreign exchange markets. No
conclusions were contained in the minutes.
    In its inter-meeting policy directive, the February FOMC
said that "somewhat greater reserve restraint would, or
slightly lesser reserve restraint might, be acceptable
depending on the behavior of the aggregates, taking into
account the strength of the business expansion, developments in
foreign exchange markets, progress against inflation, and
conditions in domestic and international credit markets."
    The February FOMC voted nine to one for an unchanged
policy. Thomas Melzer, St Louis Federal Reserve Bank president
favored some tightening of reserve conditions.
    He noted the strong growth in bank loans in November
through January and the firm federal funds rate that had
prevailed despite the extraordinary pace of reserve growth. He
also cited the recent declines in the dollar's value.
    Finally, looking ahead, Melzer pointed out the potential
for a further rise in inflationary expectations. He believed
that prompt restraints might avert the need for more
substantial tightening later.
    Regarding inter-meeting policy adjustments, the FOMC
minutes showed, "the members generally felt that policy
implementation should be especially alert to the potential need
for some firming of reserve conditions."
    In this view, the FOMC said somewhat greater reserve
restraint would be warranted if monetary growth did not slow in
line with current expectations and there were concurrent
indications of intensifying inflationary pressures against the
background of stronger economic data.
    One indication of potential price pressure might be a
further tendency for the dollar to weaken.
    The minutes showed that one member, presumably Melzer,
preferred a directive that did not contemplate any easing
during the weeks ahead. However, "most of the members did not
want to rule out the possibility of some slight easing during
the inter-meeting period, although they did not view the
conditions for such a move as likely to emerge."
    The FOMC members assumed that future fluctuations in the
dollar's value would not be of sufficient magnitude to have any
significant effect on the Fed's economic projections. In
addition, they anticipated that considerable progress would be
made in reducing the federal budget deficit.
 Reuter
3;
bodyend
documentend
documentstart
13158
topicstart
money-supply
topicend
bodystart
2;
FEDERAL RESERVE BUSINESS LOAN DATA - APRIL 3
     One week ended March 25   daily avgs-mlns
 U.S. Business Loans......280,220 down......971
 Excluding Acceptances....277,940 down......822
 Govt, agency securities..112,852 down.......95
 CDs/major time deposits..158,226 down......175
 Trading accounts .........17,156 down... 1,058
 U.S. commercial paper....338,816 down......210
 Includes financial cos...261,819 down......880
 New York business loans...64,615 down......122
 Excluding acceptances.....64,005 down.......41
 CDs/major time deposits...35,633 down......540

 Reuter
3;


bodyend
documentend
documentstart
13159
topicstart
money-supply
topicend
bodystart
2;

U.S. BUSINESS LOANS FELL 822 MLN DLRS


    WASHINGTON, April 3 - 
Business loans on the books of major
U.S. banks, excluding acceptances, fell 822 mln dlrs to 277.94
billion dlrs in the week ended March 25, the Federal Reserve
Board said.
    The Fed said that business loans including acceptances fell
971 mln dlrs to 280.22 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13161
topicstart
topicend
bodystart
2;

CANADA AGENCY SETS FIRST EURO-YEN OFFERING


    OTTAWA, April 3 - 
Canada's state-run Export Development
Corp said it arranged a 15 billion yen offering of 4-1/2 pct
notes, due Aug 28, 1992, its first Euro-Yen offering.
    The redeemable notes, priced at 101-7/8 pct, is being
offered through Bank of Tokyo International Ltd, Daiwa Europe
Ltd, Nomura International Ltd, Credit Suisse First Boston Ltd,
Morgan Stanley International and 19 other institutions.
    Net proceeds, which have been swapped to U.S. dlrs for
undislcosed terms, will used to fund loan commitments and other
purposes. 
 Reuter
3;
bodyend
documentend
documentstart
13162
topicstart
grain
ship
topicend
bodystart
2;

ARGENTINE GRAIN SHIPMENTS IN THE WEEK TO APRIL 1


    BUENOS AIRES, April 3 - 
The Argentine Grain Board issued
the following figures covering shipments of major export grains
in the week to April 1, in tonnes, with comparisons for the
previous week and the same week in 1986.
    Bread wheat        235,800    205,700    115,500
    Maize              158,400    189,000    272,700
    Sorghum             26,500     18,700     39,900
    Soybean                nil        nil        nil
    Sunflowerseed        1,800     18,800        nil
    Cumulative figures for April 1 and this calendar year, with
the previous year's figures in brackets, are as follows, in
thousands of tonnes:
    Bread wheat        64.3   (44.5),    3,074.4   (2,851.4)
    Maize              48.3  (107.7),      486.1     (922.4)
    Sorghum             5.1   (22.2),      108.1     (188.8)
    Soybean             nil    (nil),        nil       (nil)
    Sunflowerseed       0.9    (nil),       43.2       (nil)
 REUTER
3;
bodyend
documentend
documentstart
13163
topicstart
acq
topicend
bodystart
2;

TEXAS AMERICAN 
<
TXA> BANKS TO BE MERGED


    FORT WORTH, Texas, April 3 - 
Texas American Bancshares Inc
said three of its Texas American banks will be merged into
Texas American Bank/Galleria.
    The corporation said the Spring Branch, Fonderen and
Gulfway Texas American banks will become separate banking
offices of TAB/Galleria.
 Reuter
3;
bodyend
documentend
documentstart
13164
topicstart
topicend
bodystart
2;

ILLINOIS POWER 
<
IPC> FILES 50 MLN DLR SHELF


    DECATUR, ILL., April 3 - 
Illinois Power Co said it filed a
shelf registration to issue up to 50 mln dlrs principal amount
of debt securities. No date for an offering was announced.
    It said at the time the shelf is issued, the net proceeds
from this registration and a previous registration, together
totaling 75 mln dlrs, will be used in part to refund a portion
of the company's outstanding first mortgage bonds and in part
to reimburse a part of the funds required in earlier refunding
activities.
 Reuter
3;
bodyend
documentend
documentstart
13165
topicstart
earn
topicend
bodystart
2;

BIW CABLE SYSTEMS INC 
<
BIWC> 4TH QTR LOSS


    BOSTON, April 3 -
    
Shr loss 1.50 dlrs vs loss 14 cts
    Net loss 3,395,933 vs loss 318,225
    Revs 8,963,097 vs 12.6 mln
    Year
    Shr loss 2.93 dlrs vs profit two cts
    Net loss 6,613,327 vs profit 49,421
    Revs 44.4 mln vs 48.7 mln
    NOTE: Current periods include 2.2 mln dlr charge for
possible obsolete inventory and provision of 356,000 dlrs for
consolidation of cable manufacturing plant.
 Reuter
3;
bodyend
documentend
documentstart
13168
topicstart
acq
topicend
bodystart
2;

DOE ISSUES OFFER TO BUY ALASKA POWER UNIT


    WASHINGTON, April 3 - 
The U.S. Energy Department issued a
request for proposals to buy the Snettisham Hydroelectric
project, a major part of the Alaska Power Administration.
    It said invitations were sent to two Alaskan electric
utilities, the city and borough of Anchorage and the state of
Alaska.  It did not cite a possible purchase prices.
    The requests were limited to Alaskan entities because the
purpose of privatization of the administration was to put the
local utility into the hands of a local body, the DOE said.
    It added that proposals are due back by August three.
    The DOE said it then had 120 days to select a proposal that
it would recommend to Congress, which then would vote the
recommendation up or down.
    Proposals to buy the other major part of the Alaska Power
Administration, the Eklutna project, was expected to be issued
in early June, it said.
 reuter
3;
bodyend
documentend
documentstart
13170
topicstart
coffee
topicend
bodystart
2;

IBC COULD CLOSE MAY EXPORT REGISTRATIONS TONIGHT


    RIO DE JANEIRO, April 3 - 
The Brazilian Coffee Institute
(IBC) could close May export registrations tonight following
extremely heavy sales today, exporters said.
    They estimated registrations today at between 1.0 mln and
1.2 mln 60 kilo bags. Yesterday 645,000 bags were registered.
    The exporters said over 1.0 mln bags of total registrations
could have been the declaration of sales made in the six weeks
during which books were closed. The rest would be new sales.
    When the IBC opened May registrations from yesterday it did
not set any volume limit. April registrations opened and closed
on February 16 when a daily record 1.68 mln bags were declared.
 Reuter
3;
bodyend
documentend
documentstart
13172
topicstart
cpi
topicend
bodystart
2;

PERU CONSUMER PRICES RISE 5.3 PCT IN MARCH


    Lima, april 3 - 
peru's consuemr price index rose 5.3 pct
last month to 13,914.4 (base 100) following a 5.3 pct increase
in february and 5.3 pct rise in march 1986, the national
statistics institute said.
    It said that the accumulated inflation for the first three
months of 1987 was 18.5 pct compared to 15.4 pct for the same
period last year.
    Inflation for the 12-month period ending march 1987 was
67.4 pct compared to 120.8 pct for the 12-month period ending
march 1986.
 Reuter
3;
bodyend
documentend
documentstart
13173
topicstart
grain
oilseed
soy-oil
corn
topicend
bodystart
2;

ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED


    BUENOS AIRES, April 3 - 
The Argentine Grain Board adjusted
minimum export prices of grain and oilseed products in dlrs per
tonne FOB, previous in brackets, as follows:
    Maize 71 (72), grain sorghum 65 (66).      
    Roasted groundnutseed, according to grain size, 510 (520),
400 (410), 375 (385), 355 (365).               
    Soybean pellets for shipments through May 164 (162) and
June onwards 161 (159).
 REUTER
3;
bodyend
documentend
documentstart
13174
topicstart
earn
topicend
bodystart
2;

WAREHOUSE CLUB 
<
WCLB> TO TAKE CHARGE


    CHICAGO, April 3 - 
Warehouse Club Inc said it expects to
take a one-time charge of about five mln dlrs on its June 30
third quarter results from closing of two unprofitable Chicago
area units.
    The company said it will continue to operate 12 warehouses
in Illinois, Indiana, Michigan, Ohio and Pennsylvania.
    It added that it expects future operating results to be
improved because of the closing of the two warehouses.
 Reuter
3;
bodyend
documentend
documentstart
13175
topicstart
acq
topicend
bodystart
2;

SCI 
<
SCIS> BUYS FORTUNE 
<
FSYS> COMPUTER ASSETS


    BELMONT, Calif., April 3 - 
Fortune Systems Corp and SCI
Systems Inc said they signed a letter of intent covering the
purchase of Fortune's microcomputer business assets for an
unspecified amount of cash.
    Fortune Systems makes a desktop computer systems.
 Reuter
3;
bodyend
documentend
documentstart
13176
topicstart
topicend
bodystart
2;

RESIDENTIAL 
<
RMI> ISSUES 54.3 MLN MORTGAGE


    FORT WORTH, Texas, April 3 - 
Residential Mortgage
Investments Inc's Mortgage Acceptance Inc unit said it is
offering a 54.3 mln dlrs collaterized mortgage obligation using
mortgage pass-through certificates evidencing undivided
interests in pools of conventional mortgage loans on
single-family residential properties as collateral.
    It is expected the issue will close on April 28.
 Reuter
3;
bodyend
documentend
documentstart
13177
topicstart
topicend
bodystart
2;

venezuelan bank begins signing debt contracts


    Caracas, april 3 - 
the central bank began signing contracts
by which it will provide dollars at a preferential rate for the
payment of 7.8 billion dlrs of foreign debt, under a new plan
announced last december.
    A statement from the bank said twelve companies have
already been called to sign the agreements and the process is
expected to continue in the coming weeks.
    Under the new eight-year repayment plan, private sector
debtors may obtain dollars at the preferential 7.50 bolivar
rate by paying a premium of of 3 bolivars on principal and up
to 1.50 bolivars on interest.
 Reuter
3;
bodyend
documentend
documentstart
13178
topicstart
topicend
bodystart
2;

U.S. CABLE TV CREDIT UNLIKELY TO IMPROVE, SAYS S/P


    NEW YORK, April 3 - 
Standard and Poor's Corp said that the
credit quality of most U.S. cable television companies is
unlikely to improve in the near term.
    S and P said that after two years and many delays and
disappointments, the cable television industry has firmly
established a net cash generating position.
    However, rather than using their improved position to
decrease the leverage of current capital structures, the
companies' cash flows are being fully leveraged to finance a
wave of consolidations, S and P said.
    Many cable television companies exhibit greater financial
risk because of their asset growth aspirations and
debt-financed consolidation. That delays a lower risk profile
for many of them, Standard and Poor's said.
    The acquisition and financial growth policies of many
company executives heavily influenced the ratings outlook.
    Citing aggressive capital structures, acquisitions and cash
flow coverages of interest expense of between 1.0 and 1.5
times, S and P noted that the companies are more debt intensive
now than in their building phase. These factors keep their
ratings at speculative grades, the agency concluded.
 Reuter
3;
bodyend
documentend
documentstart
13179
topicstart
oilseed
rapeseed
grain
wheat
corn
palm-oil
soy-oil
ship
topicend
bodystart
2;

EXPORT BUSINESS - GRAINS/OILSEEDS COMPLEX


    CHICAGO, April 3 - 
Grain and oilseed complex export
business reported since yesterday by government agencies and
private exporters -
    Japanese crushers bought 4,000 to 5,000 tonnes of Canadian
rapeseed in export business overnight for May shipment...Greece
has agreed to buy 27,000 to 33,000 tonnes of Spanish corn for
spot shipment, with Italy buying 6,000 to 7,000 tonnes of
Spanish corn for last/half April shipment, a spokesman for
cargill's spanish unit said...Taiwan bought 54,000 tonnes of
U.S. soybeans for April 20/May 5 delivery C and F...
    (Continued) - The India State Trading Corp bought 20,000
tonnes of optional origin soybean oil for May 20/June 20
shipment and 6,000 tonnes of RBD palm olein for April 25/May 25
shipment at its import tender yesterday...Pakistan rejected
offers at its tender for 12,000 tonnes of RBD palm oil, but is
expected to retender next week...The U.S. Department of
Agriculture (USDA) said it has accepted a bid for an export
bonus to cover the sale of 50,000 tonnes of U.S. hard red
winter wehat to Sri Lanka for April 8/16 shipment, with an
additional 10,000 tonnes of wheat still available to Sri Lanka
under the Export Enhancement Program (EEP)...
    (Continued) - The USDA said it has accepted a bid for an
export bonus to cover the sale of 18,000 tonnes of U.S. durum
wheat to Algeria for June 20/30 shipment, with an additional
228,000 tonnes still available to Algeria under the EEP.
    Tenders - Jordan will tender Monday, April 6, for 225,000
tonnes of U.S. hard and soft wheats for various April/Nov
shipments under the EEP.
    Market talk and comment - The USDA said Turkey has been
made eligible for the sale of up to 70,000 tonnes of medium
grain milled rice under the EEP...
    Market talk and comment (continued) - The USDA announced
Colombia has been made eligible for sale of up to 15,000 tonnes
of U.S. barley malt under the EEP...The Canadian Grain
Commission reported Canadian wheat exports in the week ended
March 29 totalled 447,200 tonnes, compared with 277,700 the
previous week, with 1986/87 season exports so far up to
10,228,600 tonnes versus 10,637,500 for the 1985/86 season,
with barley exports 38,800 tonnes, 106,700 tonnes, 4,804,500
and 1,892,600 respectively, rapeseed 43,900 tonnes, 50,700
tonnes, 1,292,600 and 920,000 respectively and flaxseed 20,700
tonnes, 13,600 tonens, 450,900 and 392,600 respectively...
    Market talk and comment (continued) - Pakistan is not
emerging as a major wheat exporter as World market prospects
are not good enough, a government official said...Active
timecharter fixing by Soviet operators to cover USSR grain
imprts featured the ocean freight market this morning, ship
brokers said...Dry cargo futures on the BIFFEX extended
yesterday's strong advance, with sharp gains of 22 to 17 points
in response to rumors of higher rates for grain business from
the U.S. Gulf to Japan, dealers said.
 Reuter
3;
bodyend
documentend
documentstart
13180
topicstart
earn
topicend
bodystart
2;

CULLEN/FROST 
<
CFBI> TO OMIT DIVIDEND


    SAN ANTONIO, Texas, April 3 - 
Cullen/Frost Bankers Inc said
it will defer paying a cash dividend for the next 12 months,
due to the economic slump in the Texas economy. It previously
paid a five cents a share dividend in recent quarters.
    It also said its first quarter earnings ended March 31,
which it said it will release later this month, will be similar
to its fourth quarter earnings last year.
    In 1986 the company reported a loss of 6,565,000 dlrs or 91
cts a share.
 Reuter
3;
bodyend
documentend
documentstart
13182
topicstart
acq
topicend
bodystart
2;

INVESTOR GROUP CUTS ROSPATCH 
<
RPCH> STAKE


    WASHINGTON, April 3 - 
A group of New York investors said it
lowered its stake in Rospatch Corp to 170,250 shares, or 7.0
pct of the total outstanding common stock, from 202,108 shares,
or 8.3 pct.
    In a filing with the Securities and Exchange Commission,
the group said it sold a net 31,858 shares of Rospatch common
stock between February  2 and March 31 at prices ranging from
21.50 to 25.13 dlrs a share.
    The group includes Brookehill Equities Inc, a brokerage
firm, and Moore, Grossman and deRose Inc, an investment
advisor.

 Reuter
3;
bodyend
documentend
documentstart
13183
topicstart
topicend
bodystart
2;

CANADIAN BONDS CLOSE SLIGHTLY LOWER


    TORONTO, April 3 - 
Canadian bonds closed slightly lower on
market jitters amplified by rumors that a big holder of
domestic bonds was selling early in the day, dealers said.
    The market had opened 1/4 to 3/8 point stronger on news of
unexpectedly weak U.S. employment data for March, but the
advance sparked profit-taking which forced prices down about
1/4 point on the day. Rumors of a major seller were not
confirmed but some traders felt limited potential for further
Canadian dollar gains might be taking some of the shine off
domestic bonds. The benchmark Canada 9-1/2 pct of 2001 ended at
106-1/4 3/8 and the 8-1/2 pct of 2011 at 97-1/4 1/2.
 Reuter
3;
bodyend
documentend
documentstart
13184
topicstart
crude
topicend
bodystart
2;

COLOMBIA'S MAIN OIL PIPELINE ATTACKED


    BOGOTA, April 3 - 
State-run oil company Ecopetrol said
Colombia's main oil pipeline was bombed again and pumping of
170,000 barrels per day was suspended.
    A spokeswoman for the company said that the early morning
dynamite attack was the 31st in the last nine months on the
Cano Limon-Covenas pipeline, which links Colombia's biggest
oilfied at Cravo Norte to the Caribbean.
    She said about 2,000 barrels of crude were spilled and
could not indicate when pumping would resume. The attack was
near Magangue in northeastern Bolivar province.
    Ecopetrol is exploiting Cravo Norte in association with
Occidental Petroleum Corp 
<
OXY> and Shell Petroleum N.V., a
unit of the Royal Dutch/Shell Group 
<
RD> 
<
ST>.
    Ecopetrol said in a communique that bombings since last
July led to a loss of more than 110,000 barrels of crude, or
the equivalent of 10 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13185
topicstart
tin
topicend
bodystart
2;

U.S. DEFENDS STOCKPILED TIN SALES IN 1986


    WASHINGTON, April 3 - 
The United States defended its sales
of stockpiled tin in 1986 in reaction to criticism from
Malaysian miners who have said it violated an agreement with
southeast Asian producers.
    "The United States has continued to abide by the spirit of
the memorandum of understanding and has consulted with the
ASEAN states on GSA tin disposals," a State Department spokesman
said in a statement.
    "The views of the ASEAN governments have been taken into
account in determining disposal levels," the statement said.
    The United States and the ASEAN countries signed a
memorandum of understanding concerning tin disposals by the
U.S. General Services Administration (GSA) in December 1983.
    In its latest annual report, the States of Malaya Chamber
of Mines said the GSA sold 5,490 tonnes of tin in 1986, well
above an agreed upon annual limit of 3,000 tonnes. "The United
States appears to have lost sight of the U.S./ASEAN Memorandum
of Understanding," it said.
    The State Department statement said GSA tin disposals
increased in calendar year 1986 due to changed market
conditions. During the first quarter of calendar year 1987,
they have been running at a lower rate compared to 1986.
    The spokesman declined to say how much stockpiled tin the
GSA sold last year, however.
 Reuter
3;
bodyend
documentend
documentstart
13186
topicstart
earn
topicend
bodystart
2;

LOCTITE 
<
LOC> SEES BETTER THAN EXPECTED NET


    NEWINGTON, Conn., April 3 - 
Loctite Corp said it expects
third quarter earnings to be higher than security analysts'
forecasts of 75 to 80 cts a share.
    Last year the company earned 53 cts per share in the third
quarter.
    It attributed its better than expected forecast to sales
growth, which it said were particularly strong overseas. It
also said it will have a lower effective tax rate.
 Reuter
3;
bodyend
documentend
documentstart
13187
topicstart
earn
topicend
bodystart
2;

TIME 
<
TL> SEES DILUTION FROM SCOTT, FORESMAN


    NEW YORK, April 3 - 
Time Inc said the acquisition of Scott,
Foresman and Co last year will dilute earnings per share by
about 17 cts a share for the full year in 1987.
    For the first quarter the acquisition will have a negative
impact of about 20 cts per share, chief financial officer
Thayer Bigelow told security analysts.
    He said Scott, Foresman, a textbook publisher, will
contribute more than 50 mln dlrs in operating income before
depreciation and amortization for the full year.
    N.J. Nicholas, president and chief operating officer, said
Soctt Foresman will have over 200 mln dlrs in revenue in 1987.
    Bigelow said the textbook business, which normally has its
highest profit in the third quarter and incurs a loss in the
first quarter, will have an "adverse impact of 15 mln dlrs' on
book publishing income for the first quarter.
    "First quarter performance for the rest of Time Inc will be
better than last year," Bigelow said.
    The dilution of 17 cts per share for 1987 includes the
effects of financing the acquisition. Bigelow also said the
company is "comfortable" with estimates that earnings will be
between 3.75 dlrs and 4.25 dlrs per share for the year.
 Reuter
3;
bodyend
documentend
documentstart
13188
topicstart
acq
topicend
bodystart
2;

CYACQ TERMINATES TENDER FOR CYLCOPS 
<
CLY>


    DAYTON, OHio, April 3 - 
CYACQ Corp said it terminated its
February six tender offer for Cyclops Corp.
    CYACQ was unsuccessfully bid against Dixons Group Plc for
control of Cyclops. As of March 27, Dixons Group Plc had
acquired more than 80 pct the stock under an increased tender
offer.
 Reuter
3;
bodyend
documentend
documentstart
13189
topicstart
acq
topicend
bodystart
2;

INVESTOR LIFTS MYERS 
<
MYR> STAKE TO 12.1 PCT


    WASHINGTON, April 3 - 
Leonard Chavin, a Chicago real estate
developer who has said he is considering seeking control of
L.E. Myers Co Group, said he raised his stake in the company to
273,100 shares, or 12.1 pct, from 219,600, or 9.7 pct.
    In a filing with the Securities and Exchange Commission,
Chavin said he bought 53,500 Myers common shares between March
10 and 31 at prices ranging from 5-1/2 to six dlrs a share.
    Last January, Chavin said he retained investment banker
R.G. Dickinson and Co to advise him on his Myers stock
dealings. He has also said he would be unable to seek control
of Myers unless he gets financing.
 Reuter
3;
bodyend
documentend
documentstart
13190
topicstart
coffee
topicend
bodystart
2;

IBC REGISTERS 1.4 MLN BAGS OF EXPORT SALES


    RIO DE JANEIRO, April 3 - 
The Brazilian Coffee Institute
today registered 1.4 mln 60 kilo bags of green coffee for May
shipment, an IBC statement said.
    This brings the total in the two days registrations have
been open to 2.05 mln, including 4,868 bags of soluble.
    Today's registrations comprised 1,076,226 bags to members
and 326,259 to non-members of the International Coffee
Organisation. No soluble sales were registered today.
 Reuter
3;
bodyend
documentend
documentstart
13191
topicstart
earn
topicend
bodystart
2;

U.S. COMPANY EARNINGS HIGHLIGHTS


    New York, april 3 - 
First Quarter
 Anchor Financial Corp shr 31 cts vs 31
 Nine Months
 Biomet Inc shr 49 cts vs 36
 Federal Co shr 3.55 dlrs vs 1.66
 Richardson Electronics shr 59 cts vs 53
 Year
 Eac Industries Inc oper shr loss 65 cts vs
 loss 97 cts
 Fine Art Acquisitions shr 15 cts vs 10
 Mangood Corp oper shr loss 6.07 dlrs vs  loss  7.64
 Reuter
3;
bodyend
documentend
documentstart
13192
topicstart
earn
topicend
bodystart
2;

FREEDOM SAVINGS AND LOAN ASS'N 
<
FRDM> YEAR END


    TAMPA, Fla., April 3 -
    
Shr loss 31.09 dlrs vs loss 1.86 dlrs
    Net loss 112.7 mln vs loss 5.5 mln
    NOTE: 1986 loss includes operating loss of 109.4 mln dlrs
or 30.21 dlrs a share, including an additional loan loss
provision of 68 mln dlrs, write downs in the value of real
estate of 13 mln dlrs and an extraordinary loss of 3.3 mln dlrs
for early retirement of long-term debt.
 Reuter
3;
bodyend
documentend
documentstart
13194
topicstart
acq
topicend
bodystart
2;

INVESTOR MULLS KAPPA
<
KPA>-RADIATION
<
RADS> MERGER


    WASHINGTON, April 3 - 
Michael Krupp, a Golden, Colo.,
businessman and major shareholder of Kappa Networks Inc, said
he and Kappa's management are considering seeking a merger
between Kappa and Radiation Systems Inc.
    In a filing with the Securities and Exchange Commission,
Krupp said companies he controls and Kappa acquired a combined
292,000 Radiation System shares, or 5.25 pct of the total.
    Krupp, who has a 24.4 pct stake in Kappa, said he and Kappa
management believe a Kappa-Radiation Systems combination would
be good for both companies. But no decision has been made on
whether or how to proceed with a merger attempt, he added.
 Reuter
3;
bodyend
documentend
documentstart
13195
topicstart
acq
topicend
bodystart
2;

OLIN 
<
OLN> UNIT ACQUIRES IMAGE TECHNOLOGY


    WEST PATERSON, N.J., APril 3 - 
Olin Corp's Olin Hunt
Specialty Products Inc said it acquired Image Technology Corp
for undisclosed terms.
    Image Technology makes chemicals for the semiconductor
industry.
 Reuter
3;
bodyend
documentend
documentstart
13196
topicstart
acq
topicend
bodystart
2;

KEY CENTURION 
<
KEYC> TO BUY BANK OF BUCKHANNON


    CHARLESTON, W. VA., April 3 - 
Key Centurion Bancshares Inc
said it reached an agreement in principle to acquire Central
National Bank of Buckhannon, in W. Virginia.
    Terms call for an exchange of 2.75 shares of Centurion
shares for each share of Central National. The transaction is
valued at 16.2 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13197
topicstart
acq
topicend
bodystart
2;

STURM, RUGER SUBMITS BID FOR SMITH AND WESSON


    SOUTHPORT, Conn, APril 3 - 
Sturm, Ruger and Co Inc said it
submitted a bid in excess of 60 mln dlrs for Smith and Wesson,
a manufacturer of law enforcement firearms, and a unit of Lear
Siegler.
    Smith and wesson is among a number of companies being sold
by Forstman and Little after its recent acquisition of Lear
Siegler.
 Reuter
3;
bodyend
documentend
documentstart
13199
topicstart
acq
topicend
bodystart
2;

FREEDOM SAVINGS 
<
FRDM> MAY SEEK SALE OR MERGER


    TAMPA, Fla., April 3 - 
Freedom Savings and Loan Association
said it may seek a possible sale or merger of the association
as it reported a net loss of 112.7 mln dlrs or 31.09 dlrs a
share for 1986.
    The loss included a number of charges, including additions
to its loan loss provision of 68 mln dlrs and write-downs on
the value of its real estate of 13 mln dlrs.
    It said it is continuing to work with investment bankers to
find sources of new capital, return its non-performing assets
to earning status, and reduce operating expenses and
liabilities, among other things.
 Reuter
3;
bodyend
documentend
documentstart
13200
topicstart
crude
topicend
bodystart
2;

BRAZIL MAKES SECOND AMAZON OIL DISCOVERY


    BRASILIA, April 3 - 
The Brazilian state oil company
Petrobras has made a second oil discovery in the Amazon region,
President Jose Sarney said.
    He said the well had an initial flow of 150,000 cubic
meters of gas and 220 barrels of oil per day. It is situated 14
kilometres from the first well to be discovered in the region
last year, which is currently yielding 500,000 cubic meters of
gas and 900 barrels of oil daily.
    The wells, the biggest onshore well in the country, are on
the banks of the river Uruc in the Amazon basin 3,600
kilometres (2,250 miles) north of Brasilia.
 Reuter
3;
bodyend
documentend
documentstart
13201
topicstart
coffee
topicend
bodystart
2;

IBC CLOSES EXPORT REGISTRATIONS - EXPORTERS


    RIO DE JANEIRO, April 3 - 
The Brazilian Coffee Institute
(IBC) tonight closed export registrations, exporters said.
    They said they heard of the closure from IBC officials but
no officials could be reached immediately for confirmation.
    Earlier an IBC statement said registrations for May, the
only month which was open, today totalled 1.4 mln bags of 60
kilos to bring the total registered for the month to 2.05 mln.
 Reuter
3;
bodyend
documentend
documentstart
13203
topicstart
earn
topicend
bodystart
2;

TELEBYTE TECHNOLOGY INC 
<
TBTI> YEAR


    GREENLAWN, N.Y., APril 3  -
    
Shr loss 10 cts vs loss 13 cts
    Net loss 197,779 vs loss 245,190
    Revs 4.0 mln vs 3.1 mln
 Reuter
3;
bodyend
documentend
documentstart
13204
topicstart
earn
topicend
bodystart
2;

HOUSTON OIL ROYALTY TRUST 
<
RTH> DISTRIBUTION


    HOUSTON, APril 3 -
    
MONTHLY dist 2.1 cts vs 2.1 cts prior
    Payable April 25
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
13205
topicstart
acq
topicend
bodystart
2;

PUBLISHERS EQUIPMENT 
<
PECN>, TRENTONIAN IN DEAL


    DALLAS, April 3 - 
Publishers Equipment Corp said it reached
an agreement to incorporate flexo printing technology into The
Tentonian, an Ingersoll newspaper in Trenton, N.J.
    It said that mid-1988 will be the target date for start-up
for the new equipment which will double the size of its present
press.
 Reuter
3;
bodyend
documentend
documentstart
13206
topicstart
acq
topicend
bodystart
2;

GABELLI GROUP CUTS GENCORP 
<
GY> STAKE TO 6.3 PCT


    WASHINGTON, April 3 - 
A group led by New York investor
Mario Gabelli told the Securities and Exchange Commission it
cut its stake in Gencorp Inc to 1,410,184 shares, or 6.3 pct of
the total, from 1,626,233 shares, or 7.3 pct.
    The Gabelli group said it sold 216,049 Gencorp common
shares between March 20 and 30 at prices ranging from 108.75 to
114.75 dlrs a share.
 Reuter
3;
bodyend
documentend
documentstart
13208
topicstart
topicend
bodystart
2;

U.S. TREASURY MARKET ENDS SHARPLY HIGHER


    NEW YORK, April 3 - 
The U.S. Treasury market ended sharply
higher, reassured by news that the Federal Open Market
Committee voted in February to maintain the then-existing
degree of restraint on bank reserves, dealers said.
    News of a weaker-than-expected March employment report and
a minor bounce back in the dollar prompted short-covering that
pushed coupon issues higher, while an easing in the Federal
funds rate below six pct helped short-dated issues.
    The key 7-1/2 pct 30-year Treasury bond price finished 3/4
higher at 95-27/32, pushing the yield down to 7.86 pct from
7.93 pct yesterday.
    Danuta Zielonka of Wertheim Schroder Co Inc said that
recent slowing in the growth of the monetary aggregates is a
another factor arguing against firmer Fed policy.
    "Money growth has been slowing perceptibly in March which
should give them more room to not tighten," she said. "Both M2
and M3 are will be at the low end of their target ranges in
March."
    "The FOMC minutes are neutral for the bond market,"
Zielonka said. "Dollar considerations will prevent them from
easing anytime soon, but they can't tighten with the economy
weak and the banks having to deal with Brazil."
    Doubts on the economy's strength were underscored not only
by a smaller-than-expected 164,000 gain in March non-farm
payrolls, but also by a downward revision in February's gain to
236,000 from a previously reported 337,000.
    The market's initial reaction to the data was restrained by
fears the employment news would undermine the dollar, but when
the dollar maintained a firm tone, the bond market extended its
gains.
    Profit-taking pulled bond prices down from the day's highs,
but a record close in the U.S. stock market stimulated buying
late in the day that offset this somewhat.
    Still, coupon issues were unable to recover completely from
this week's steep losses as trade tensions between the U.S. and
Japan pressured the dollar and discouraged Japanese investors
from buying U.S. Treasury bonds.
    The current 7-1/2 pct Treasury bond traded down to 94-11/32
in Tokyo this week, pushing the yield to 7.98 pct. This capped
the U.S. 1987 high yield on the 30-year bond of 7.93 pct, seen
yesterday.
    Treasury bills advanced on the week. The six-month bills
rose one basis point, but three-month bills fell 17 basis
points and the year bill fell two basis points.
    Dealers said that the sharp drop in three-month bills
resulted in part from recent outright bill purchases for a
customer, believed to be related to heavy intervention by
foreign central banks to support the dollar.
    A drop in the Fed funds rate to 5-15/16 today underpinned a
decline in bill rates. It traded at this level throughout the
session, down from yesterday's 6.14 pct average.
    Three-month bills closed two basis points lower at 5.48 pct
bid. Six- and 12-month bills both dropped nine basis points to
respective bids of 5.70 pct and 5.75 pct.
 Reuter
3;
bodyend
documentend
documentstart
13210
topicstart
acq
topicend
bodystart
2;

GABELLI EXPLAINS SALE OF GENCORP 
<
GY> SHARES


    NEW YORK, April 3 - 
Mario Gabelli, head of New York
investment firm Mario Gabelli and Co, said he sold some shares
of GenCorp Inc 
<
GY> as part of a "portfolio rebalancing"
process to meet the needs of his more than 600 clients.
    He said as the stock moved up following acquisition
proposals from a group formed by AFG Industries Inc 
<
AFG> and
Wagner and Brown, some of his clients were overweighted.
    Regarding the company's shareholders meeting Tuesday,
Gabelli told Reuters, "there was nothing said that caused me to
sell or buy." He still thinks "values are 140 dlrs per share or
more" and has clients that asked to buy more.
    Gabelli said he amended certain filings with the Securities
and Exchange Commission because his clients are now passive
investors. "We wanted to remove our clients from the process
unfolding between GenCorp and Wagner and Brown," he said.
    He said he was pleased that chairman A. William Reynolds
stated at the meeting that he found the concept of greenmail to
be "repugnant." Greenmail refers to a corporation buying out a
shareholder at a premium not available to others.
 Reuter
3;
bodyend
documentend
documentstart
13211
topicstart
acq
topicend
bodystart
2;

INVESTOR BOOSTS FIRST WESTERN 
<
FWES> STAKE


    WASHINGTON, April 3 - 
Poul Erik Moller, a Santa Monica,
Calif., investor said he raised his stake in First Western
Financial Corp to 412,000 shares, or 6.5 pct of the total
outstanding common stock, from 347,000 shares, or 5.5 pct.
    In a filing with the Securities and Exchange Commission
Moller said he bought 65,000 First Western common shares
between Jan 20 and March 26 at prices ranging from 10.000 to
10.625 dlrs a share.
    Moller said he bought the stock as a long-term investment
and may buy more, but has no plans to seek control of the
company.
 Reuter
3;
bodyend
documentend
documentstart
13212
topicstart
acq
topicend
bodystart
2;

INVESTOR BOOSTS FIRST WESTERN 
<
FWES> STAKE


    WASHINGTON, April 3 - 
Poul Erik Moller, a Santa Monica,
Calif., investor said he raised his stake in First Western
Financial Corp to 412,000 shares, or 6.5 pct of the total
outstanding common stock, from 347,000 shares, or 5.5 pct.
    In a filing with the Securities and Exchange Commission
Moller said he bought 65,000 First Western common shares
between January 20 and March 26 at prices ranging from 10.000
to 10.625 dlrs a share.
    Moller said he bought the stock as a long-term investment
and may buy more, but has no plans to seek control of the
company.
 Reuter
3;
bodyend
documentend
documentstart
13213
topicstart
topicend
bodystart
2;

YUGOSLAVIAN BANK GETS 90 MLN DLR WORLD BANK LOAN


    WASHINGTON, April 3 - 
The World Bank said it approved a 90
mln dlr loan to Yugoslavia's third largest bank to support a
project promoting energy conservation and substituting
lower-cost energy sources for present sources.
    It said the loan consists of a credit line to Ljubljanska
Banka, Ljubljana (LBL), to finance a project expected to
improve industrial competitiveness and reduce energy imports,
easing the country's current balance-of-payments difficulties.
    The loan will also support development of technical
capabilities for energy audit work and strengthen the financial
and institutional capability of LBL, the Bank said.
    The Bank said the project will benefit small and
medium-sized industries, primarily in Yugoslavia's Republic of
Slovenia.
    It said 600,000 dlrs of the loan will cover the foreign
exchange costs of consultancy services, equipment and training
abroad for technical and financial personnel.
 Reuter
3;
bodyend
documentend
documentstart
13214
topicstart
earn
topicend
bodystart
2;

<
COMTERM INC> YEAR JAN 31 LOSS


    MONTREAL, April 3 -
    
Oper shr loss 30 cts vs profit eight cts
    Oper net loss 5,887,996 vs profit 1,620,312
    Revs 32.4 mln vs 48.5 mln
    Note: 1987 net excludes extraordinary gain of 2.7 mln dlrs
or 14 cts shr from settlement of provision for discontinued
operations vs yr-ago tax gain of 562,248 dlrs or three cts shr.
 Reuter
3;
bodyend
documentend
documentstart
13217
topicstart
topicend
bodystart
2;

YUGOSLAVIAN BANK GETS 90 MLN DLR WORLD BANK LOAN


    WASHINGTON, April 3 - 
The World Bank said it approved a 90
mln dlr loan to Yugoslavia's third largest bank to support a
project promoting energy conservation and substituting
lower-cost energy sources for present sources.
    It said the loan consists of a credit line to Ljubljanska
Banka, Ljubljana (LBL), to finance a project expected to
improve industrial competitiveness and reduce energy imports,
easing the country's current balance-of-payments difficulties.
    The Bank said the project will benefit small and
medium-sized industries, primarily in Yugoslavia's Republic of
Slovenia.
    It said 600,000 dlrs of the loan will cover the foreign
exchange costs of consultancy services, equipment and training
abroad for technical and financial personnel.
 Reuter
3;
bodyend
documentend
documentstart
13218
topicstart
topicend
bodystart
2;

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC


    WASHINGTON, April 3 - 
The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
    Uno Restaurant Corp - Initial public offering of one mln
shares of common stock, including 250,000 by current holders,
at an estimated eight to nine dlrs each, through A.G. Edwards
and Sons Inc.
    Federal Express Corp 
<
FDX> - Offering of 200 mln dlrs of
senior debentures due 2017 through Kidder, Peabody and Co Inc.
 Reuter
3;
bodyend
documentend
documentstart
13222
topicstart
topicend
bodystart
2;

HOUSTON INDUSTRIES 
<
HOU> UNIT TO BUY BACK BONDS


    NEW YORK, April 3 - 
Houston Lighting and Power Co, a unit
of Houston Industries Inc, said it will redeem on May 4 at par
plus accrued interest about 140 mln dlrs of first mortgage
bonds.
    The utility expects the redemption will save it nearly
three mln dlrs annually in interest expenses. Houston Lighting
recently exchanged 390 mln dlrs of high coupon bonds for nine
pct bonds, saving about 11 mln dlrs in annual interest costs.
    Houston Lighting plans to buy back its outstanding 11-1/4
pct bonds of 2009, 12s due 2010, 12-3/8s of 2013 and 11-5/8s
due 2015 and part of its 10-1/8s of 2004.
 Reuter
3;
bodyend
documentend
documentstart
13223
topicstart
earn
topicend
bodystart
2;

SABINE ROYALTY TRUST 
<
SBR> SETS MONTHLY PAYOUT


    DALLAS, April 3 - 
    
Cash distribution 13.3 cts vs 8.4 cts prior
    Pay April 29
    Record April 15
 Reuter
3;
bodyend
documentend
documentstart
13224
topicstart
earn
topicend
bodystart
2;

PROVIDENCE ENERGY CORP 
<
PVY> REGULAR DIVIDEND


    PROVIDENCE, R.I., April 3 -
    
Qtly div 45 cts vs 45 cts prior
    Pay May 15
    Record April 24
 Reuter
3;
bodyend
documentend
documentstart
13225
topicstart
earn
topicend
bodystart
2;

GULF STATES (GSU) SEES END TO CASH BY MAY


    BEAUMONT, Texas, April 3 - 
Gulf States Utilities Co said
its condition has "significantly deteriorated" and that its
operating cash reserves will be inadequate by May 1987 unless
it receives additional financing or rate relief from state
public utilities commissions in Texas and Louisiana.
    In the company's newly-released annual report and 10-K
filing, Gulf States said its bank lenders had notified the
utility last month that no additional credit would be granted.
Gulf States said the banks had requested the utility to begin
making prepayments by the end of April of 45 mln dlrs more than
the estimated 1987 lease payments of 40 mln dlrs.
    "The circumstances increase the likelihood that the company
may have to seek protection from its creditors under the
bankruptcy code," Gulf States said.
    The utility had previously said it might be forced to
consider filing for bankruptcy because of limited rate
increases granted by state regulators in connection with Gulf
States' 4.3 billion dlr River Bend nuclear plant in Louisiana.
    "If the regulatory commissions approve the company's
proposed rate moderation plan and grant the increases provided
for in such plan during the initial three-year phase-in period,
the company believes it could achieve financial stability,"
Gulf States said.
    In February, the Texas Public Utilities Commission granted
Gulf States an interim rate increase of 39.9 mln dlrs
contingent upon the utility obtaining a new 250 mln dlr line of
credit to pay operating expenses. The utility had sought 144.1
mln dlrs in rate hikes in Texas.
    Gulf States has appealed a decision by Louisiana state
regulators rejecting its application for 100 mln dlrs in
emergency rate relief.
    In 1986, Gulf States earned 244.9 mln dlrs on revenues of
1.47 billion dlrs, compared to profits of 265.4 mln dlrs on
sales of 1.85 billion in the previous year.
 Reuter
3;
bodyend
documentend
documentstart
13227
topicstart
topicend
bodystart
2;

FINANCE UNITS GAIN FROM PARENT COMPANY, SAYS S/P


    NEW YORK, April 3 - 
Standard and Poor's said that currently
17 finance units benefit from parent relationships by receiving
higher ratings than their financial performance alone would
merit.
    By drawing on its parent company's strength, a weaker
finance subsidiary can achieve a credit rating as high as its
parent.  An independent finance company on the other hand must
operate within more stringent guidelines than a unit and is at
a competitive disadvantage, S and P said. 
    The agency rates a finance unit on its creditworthiness  as
well as the support agreement it has with its parent.
    Standard and Poor's said that some finance subsidiaries
have formal support agreements with the parent company which
obligate the parent to maintain the unit's net worth.  The
agreement assures that the unit meets its obligations on time
and requires it to operate within specific guidelines.
    Others have less formal agreements with the parent like
General Electric Credit Corp 
<
GE> whose AAA rating reflects its
parent's, General Electric Co.  But GE injected sizeable equity
into the unit at timely intervals, S and P noted.
    These agreements are being tested as finance firms expand,
and S and P said it will review a unit that violates the pact.
 Reuter
3;
bodyend
documentend
documentstart
13230
topicstart
interest
topicend
bodystart
2;
******
 HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME ONE-HALF POINT TO 6.5 PCT.

Blah blah blah.
3;


bodyend
documentend
documentstart
13231
topicstart
interest
topicend
bodystart
2;

HONG KONG BANKS RAISE PRIME ONE-HALF POINT TO 6.5 PCT


    HONG KONG, April 4 - 
Hongkong and Shanghai Banking Corp and
Standard Chartered Bank raised their prime rate one-half point
to 6.5 pct, effective Tuesday, the Association of Banks said.
    The association said in a statement deposit rates have also
been increased by 1/4 to 1/2 percentage point.
    The banks last announced an adjustment on February 28 when
they raised the prime rate by one point to six pct.
    The deposit interest rates are now savings and 24 hours two
pct, seven-day call, one week and two weeks 2-1/4 pct, one
month and two months 2-3/4 pct, three and six months 3-1/4 pct,
nine months 3-1/2 pct and 12 months four pct.
 REUTER
3;
bodyend
documentend
documentstart
13232
topicstart
wpi
topicend
bodystart
2;

SOUTH KOREAN WHOLESALE PRICES UP 0.2 PCT IN MARCH


    SEOUL, April 4 - 
South Korea's wholesale price index, base
1980, rose 0.2 pct to 125.1 in March after a 0.2 pct rise in
February but was 0.6 pct lower than its March 1986 level, the
Bank of Korea said.
    The March consumer price index, same base, rose 0.5 pct to
146.0 after a 0.1 pct gain in February, for a year-on-year rise
of 1.7 pct.
 REUTER
3;
bodyend
documentend
documentstart
13238
topicstart
ipi
topicend
bodystart
2;

INSTITUTE SEES W.GERMAN OUTPUT FALL IN 1987


    MUNICH, April 5 - 
Production in the manufactured goods
industry has been falling since mid-1986 and will decline by
between one and two pct this year after a 2.5 pct increase in
1986, the Ifo economic institute said.
    An Ifo report said recessionary influences were affecting
the engineering industry particularly. It saw a decline of two
to three pct in this sector after a 5.2 pct rise in 1986.
    Orders, especially from abroad, were also falling sharply
for capital goods in the electronics sector, it added.
    Ifo also predicted stagnation in the automobile industry in
1987 after a particularly successful 1986 when production rose
5.1 pct.
    Chemical industry production, which fell by 0.9 pct last
year, was likely to stagnate or decline by one pct in 1987.
This sector suffered from slack demand from abroad and from low
domestic consumption.
 REUTER
3;
bodyend
documentend
documentstart
13240
topicstart
topicend
bodystart
2;

PLESSEY 
<
PLYL.L> WINS 100 MLN DLR U.S. PHONE ORDER


    LONDON, April 5 - 
The Plessey Co Plc announced it had won a
100 mln dlr digital telephone exchange order in the United
States, which it said was the first major U.S. Telephone
exchange order not to go to established U.S. Suppliers.
    
<
South Central Bell Telephone Co>, a unit of Bellsouth Corp

<
BLS.N>, placed the order with Plessey's U.S. Subsidiary

<
Stromberg-Carlson>.
    Most of the equipment for the 100 exchanges will be built
in Stromberg-Carlson's Florida plant over the next three years.
    "It is the most important thing that has happened in the
Plessey telecommunications business," said Plessey
Telecommunications Managing Director David Dey.
    The British firm failed to win a four billion dlr deal to
supply an advanced communications system to the U.S. Army in
November 1985 despite personal lobbying by Prime Minister
Margaret Thatcher. A rival French system won the contract.
 REUTER
3;
bodyend
documentend
documentstart
13242
topicstart
coffee
topicend
bodystart
2;

IBC CLOSES EXPORT REGISTRATIONS - IBC OFFICIAL


    RIO DE JANEIRO, April 5 - 
The Brazilian Coffee Institute
(IBC) confirmed having closed May export registrations,
effective April 6.
    On Friday night exporters said they had heard of the
closure from IBC officials, but the officials could not at the
time be reached for confirmation.
 REUTER
3;
bodyend
documentend
documentstart
13243
topicstart
money-fx
topicend
bodystart
2;

LAWSON SAYS U.K. ELECTION NOT ONLY EMS BAR


    KNOKKE-HEIST, Belgium, April 5 - 
British Chancellor of the
Exchequer Nigel Lawson said the next U.K. Election was not the
only element standing in the way of full British membership of
the European Monetary System (EMS).
    But he added that arguments against joining had weakened.
    Prime Minister Margaret Thatcher, widely believed to be the
strongest government opponent of full EMS membership, has made
clear she does not expect to consider joining until after the
next UK election, due by mid-1988 at the latest.
    But Lawson, in answer to a question, told reporters after
an informal European Community finance ministers' meeting here
that other factors apart from the upcoming election stood in
the way of full membership.
    In addition to the question of the exchange rates at which
Britain should enter the EMS's core exchange rate mechanism,
there was also the impact of sterling membership on the system
to be considered, he said.
    British entry would change the EMS from a monopolar system
based on the West German mark to a bipolar mark-sterling
system, he noted. "We have to make sure it would work."
    But Lawson added that some of the considerations that had
made it difficult for Britain to join in the past now posed
less of a problem.
    As an example he cited sterling's role as a petrocurrency,
which he said was diminishing. "That argument has clearly
weakened," he said.
    Lawson restated that the government was keeping the
question of membership under review.
 REUTER
3;
bodyend
documentend
documentstart
13244
topicstart
money-fx
topicend
bodystart
2;

EC AGREES ON NEED TO STRENGTHEN EMS


    By Tony Carritt, Reuters


    KNOKKE-HEIST, Belgium, April 5 - 
European Community (EC)
finance ministers and central bankers agreed on the need for
greater cooperation to strengthen the European Monetary System
(EMS) against international market turbulence, officials said.
    "There was a general will to reinforce the European Monetary
System, with all that implies," Belgian Finance Minister Mark
Eyskens said yesterday after hosting a one-day session of
informal talks at this Belgian coastal resort.
    The gathering was the first such discussion since the
second major realignment of EMS parities within nine months in
January.
    The system has come under severe strain as funds have
flowed out of the slumping dollar and into the dominant EMS
currency, the West German mark, sending it soaring against
weaker currencies in the system.
    But Eyskens said February's agreement between leading
western industrialised nations to stabilise exchange rates at
around current levels was working and this would allow the EC
to speed up its efforts to boost the internal stability of the
EMS.
    He told a news conference yesterday's meeting agreed on the
need for closer coordination among EMS member governments of
interest rate policies and of interest rate differentials
between different countries.
    They also agreed they needed better coordination of
exchange market intervention to hold currencies stable, both
when they reached their fixed EMS limits and within their
agreed margins.
    But Eyskens said this coordination raised a whole range of
technical problems and ministers would discuss these further in
Luxembourg in June on the basis of proposals from the EC's
Monetary Committee and Committee of Central Bank Governors.
    He said the EC needed a set of indicators of economic
convergence betwen Community countries and it was important
that interest rates fulfilled this role together with exchange
rates and inflation rates.
    The Belgian minister, whose country presently holds the
presidency of the community, made clear the meeting had not
produced any agreement to move radically forward in developing
the EMS towards the EC's long term goal of economic and
monetary integration.
    "We have committed ourselves to reestablishing the normal
functioning of the system," Eyskens said.
    Eyskens has repeatedly stressed that he believes the EMS
has to be reinforced if the EC's plans to liberalise all
movements of capital across national borders by 1992 are to go
ahead.
    EC executive Commission President Jacques Delors told the
meeting the authority would put forward proposals for a final
phase of capital market liberalisation in October that would
include safeguard clauses for member countries for which the
move would create difficulties.
    Eyskens said the ministers and central bankers also
discussed the need to "dedramatise" realignments of EMS parities
by letting high-ranking monetary officials carry them out by
telephone rather than calling a meeting of finance ministers.
    However, West German sources said Bonn Finance Minister
Gerhard Stoltenberg was unenthusiastic about the idea.
    British Chancellor of the Exchequer Nigel Lawson told
journalists that one of the technical issues raised by greater
coordination of exchange market intervention was the question
of which currencies should be used to intervene and held in
central bank reserves.
    He said several EMS member countries believed the EMS would
work better if central banks held each other's currencies -- an
issue of particular importance regarding West Germany since the
Bundesbank holds only dollars in its foreign exchange reserves.
    He said the debate on dedramatising EMS realignments
reflected a general feeling among participants that the way the
January reshuffle had been conducted was unsatisfactory.
   The realignment was marked by acrimony between France and
West Germany, with each side blaming the other for strains in
the system that forced the parity overhaul.
 REUTER
3;
bodyend
documentend
documentstart
13245
topicstart
money-fx
topicend
bodystart
2;

ZAMBIAN CURRENCY FALLS AT FOREIGN EXCHANGE AUCTION


    LUSAKA, April 5 - 
The Zambian currency further depreciated
yesterday at the second auction since the introduction of a
two-tier foreign exchange system last month.
    The (central) Bank of Zambia said the kwacha was pegged at
16.99 to the dollar, compared to last week"s rate of 15 to the
dollar.
    The bank, which offered six mln dlrs at the auction,
reported demand for 13.4 mln dlrs. At the previous auction, the
government offered eight mln dlrs.
    Last month the government set a fixed exchange rate of nine
kwacha per dollar, subject to adjustment against a basket of
five currencies, for certain official transactions.
    It also introduced a new weekly foreign exchange auction
only for parastatal organisations and the private sector, where
the exchange rate is allowed to float in accordance with market
demand.
    The new auction system is designed to be more restrictive
than the previous one, suspended in January after the central
bank fell 10 weeks in arrears to successful bidders.
    Under the new system, no bidder, except the the state oil
company Zimoil and the national airline Zambia Airways, is
allowed to bid for more than five pct of the foreign exchange
on offer.
 REUTER
3;
bodyend
documentend
documentstart
13247
topicstart
ship
topicend
bodystart
2;

U.S. NAVY SAID INCREASING PRESENCE NEAR GULF


    NEW YORK, April 5 - 
Defence Secretary Caspar Weinberger has
ordered the U.S. Navy to increase its presence near the Gulf in
an effort to fulfil President Reagan's pledge to keep oil
flowing to Europe and Japan, The New York Times reported.
    The newspaper quoted Pentagon officials as saying the Navy
would keep the aircraft carrier Kitty Hawk on station in the
Arabian Sea and the rest of the Indian Ocean until May, three
months longer than planned.
    The Navy would then have a carrier battle group of six to
eight warships in the area at all times rather than part of the
time, as happens now, the paper said.
    The paper said that last month U.S. Intelligence sources
said they had spotted land-based anti-ship missiles of a
Chinese design known in the West as the HY-2 near the Strait of
Hormuz.
    It said their purpose was seen as a signal Iran was ready
to continue and perhaps step up the Gulf shipping war against
Iraq.
    U.S. Carriers or battleships would sail out of range of
those missiles, but within striking distance, the paper quoted
officials as saying.
    From several hundred miles at sea, carriers could launch
aircraft bombing runs or missile strikes, and battleships could
fire long-range missiles, the paper said.
 REUTER
3;
bodyend
documentend
documentstart
13248
topicstart
topicend
bodystart
2;

INDONESIAN AIRLINER CRASH KILLS 27 PEOPLE


    JAKARTA, April 5 - 
Twenty-seven people were killed and 18
injured when an Indonesian airliner flew into electricity lines
and tumbled to the ground in an explosive ball of fire, airport
officials said.
    The Garuda Indonesia Airways DC-9 crashed yesterday on a
domestic flight while carrying 37 passengers and eight crew
members, an airline spokesman said.
    The plane, made by McDonnell Douglas Corp 
<
MD.N>, cost 18
mln dlrs and was one of 19 DC-9s in Garuda's fleet of 74 jets.
 REUTER
3;
bodyend
documentend
documentstart
13250
topicstart
topicend
bodystart
2;

BOUYGUES 
<
BOUY.PA> TV AWARD SEEN BOOSTING GROUP


    PARIS, April 5 - 
A consortium headed by the construction
group Bouygues SA has been awarded a 50-pct controlling stake
in French state television network TF1, which stock market
analysts said represented a major boost for Bouygues.
    The Bouygues-led consortium was widely regarded as the less
likely of the two candidates in contention to be awarded the
three billion franc stake by the National Commission for
Communications and Liberties (NCCL), the French television
watchdog authority.
    The losing candidate was a consortium headed by publishing
group Hachette SA 
<
HACP.PA>.
    The NCCL decision awarded the Bouygues consortium a 50-pct
controlling stake in a company which will have a 10-year
operating concession for TF1, France's oldest and most widely
watched television network.
    Independent market analysis group C.O.P.S. In a note on
Bouygues said the award would represent a major diversification
for the group out of the highly cyclical construction industry
into the rapidly expanding media business.
    Bouygues in February said it estimated 1986 group net
attributable profit at 480 mln francs, up from 443 mln for
1985, on consolidated turnover of 45.8 billion francs, up from
26.3 billion.
    The sharp rise in turnover reflected the groups acquisition
of the loss-making SCREG construction group last year.
    Bouygues closed on the Paris stock market at 1,451 francs
on Friday, up from 1,405 the previous day, but well below its
year's high of 1,475.
    Hachette closed at 3,280, up from a previous 3,250.
    Bouygues holds a 50-pct stake in the winning consortium,
giving it a 25-pct stake in TF1.
    The U.K.-based 
<
Pergamon Media Trust> of Robert Maxwell has
a 20-pct stake in the consortium, representing a 10 pct stake
in TF1, while 
<
Maxwell Media France> has a six pct stake, or
three pct of the television network.
    Minority shareholders in the consortium include the

<
GMF/FNAC> group, Societe Generale 
<
SGEN.PA>, 
<
Editions
Mondiale>, the 
<
Groupe Bernard Tapie>, 
<
Financiere Faltas>,

<
Banque Indosuez> and Credit Lyonnais 
<
CRLP.PA>.
    The remaining 50 pct of TF1 is to be split between a 40-pct
stake to be offered to the general public and a 10-pct stake to
be offered to employees.
 REUTER
3;
bodyend
documentend
documentstart
13251
topicstart
strategic-metal
topicend
bodystart
2;

ALGERIAN, SPANISH FIRMS AGREE QUICKSILVER PRICE


    ALGIERS, April 5 - 
Algerian and Spanish producers which
together meet 40 pct of the Western market's needs in
quicksilver have agreed to apply a minimum selling price of 300
dlrs per unit, the Algerian news agency APS said.
    The agreement was made during a meeting here last week
between Algeria's Entreprise Nationale des Non-ferreux et
Substances Utiles (ENOF) and Spain's Almaden to discuss the
market situation.
    The two firms "took note with regret that prices quoted by
some specialised publications do not reflect the reality of the
whole market since they take into account only part of the
deals made," a statement by ENOF said.
    The result is that the prices quoted are far away from two
firms' production costs.
    "They have thus decided that their selling price would not
be linked any more to the prices quoted by these publications
and that sales would be made at a minimum price of 300 dlrs fob
per jar, which is close to their production cost," the statement
said.
    It added that Turkish producers would join in when the two
firms meet again in Madrid later this month.
    The price of quicksilver on the London Metal Exchange
hovered around 200 dlrs this week.
 REUTER
3;
bodyend
documentend
documentstart
13255
topicstart
reserves
topicend
bodystart
2;

CHINA'S FOREIGN EXCHANGE RESERVES FALL DURING 1986


    PEKING, April 5 - 
China's foreign exchange reserves
totalled 10.514 billion dlrs at end-1986, up from 10.37 billion
at end-September but down from 11.9 billion at end-1985,
according to central bank figures published by the New China
News Agency.
    The agency said 2.072 billion dlrs of the reserves was held
by the state treasury, down from 2.26 billion at end-September,
while 8.442 billion was held by the Bank of China, up from 8.11
billion.
    China's outstanding foreign debts rose to 7.572 billion at
end-1986 from 5.067 billion at end-1985. Gold reserves stood at
12.67 mln ounces, unchanged over the year.
 REUTER
3;
bodyend
documentend
documentstart
13256
topicstart
crude
topicend
bodystart
2;

IEA SEES ONE PCT GROWTH IN 1987 OECD OIL DEMAND


    PARIS, April 5 - 
Growth in oil consumption in the Western
industrialised countries is likely to slow to around one pct
this year compared with 2.3 pct in 1986, the International
Energy Agency (IEA) said.
    Oil use in the 24 countries of the OECD increased by around
one pct in first quarter 1987 to 35.9 mln bpd, the IEA said in
its Monthly Oil Market Report.
    Growth in OECD countries is expected to come primarily from
transport fuels, as in 1986. But if average consumer prices are
higher than 1986, the rate of growth for these fuels may be
below last year's 3.6 pct, it said.
    The IEA said that assuming crude oil and product prices
stay close to current levels, some destocking by end-users can
be expected. If that happens, natural gas will also regain some
of the market share it lost to heavy fuel in 1986, and there
may be slightly less growth in transport fuels.
    IEA estimates on April 1 put oil stocks in the OECD area at
428 mln tonnes, representing 98 days of forward consumption.
This is about the same level as at the begining of the year.
    The agency said this flat trend is explained by the
projected seasonal consumption decline in the second quarter of
the year which offset a reduction in stocks.
    It said initial estimates indicate that company stocks fell
by 1.2 mln bpd in OECD countries in the first quarter of the
year. This followed a small rise in January of 0.4 mln bpd but
a decline of 1.5 mln bpd in February and 2.5 mln bpd in March.
    It is possible that final data will show a larger draw,
particulary for March, it said. As crude production also fell,
there is likely to have also been a decline in non-reported
stocks, particularly at sea, the IEA said.
    Company stocks on land in the OECD rose to 326 mln tonnes
on April 1 against 316 mln on April 1 1986. Governments built
up strategic stocks to 102 mln tonnes against 97 mln in the
period.
    The year-on-year trend of government stock building is
continuing with year-on-year company stocks also rising, more
or less in line with consumption, after declining for five
years, the IEA noted.
    Oil stocks on land in the U.S. And Canada were put at 206.6
mln tonnes on April 1, down from the 214 mln tonnes on January
1 and equivalent to 94 and 98 days of consumption,
respectively.
    Oil stocks in Western Europe were 147.4 mln tonnes on April
1, down from the 154 mln on January 1 but still equivalent to
94 days of consumption.
    World oil supply fell in the first quarter by about two mln
bpd to 45.2 mln bpd from 47.2 mln bpd in last quarter 1986.
    This drop was mostly due to a decline in OPEC crude
production to around 15.5 mln bpd in February/March from 16.5
mln bpd in January and to the seasonal drop in exports from
centrally-planned Economies, the IEA said.
    Total OPEC crude oil supply was 15.8 mln bpd in the first
quarter, plus 1.4 mln bpd of NGLs, compared with 17.3 mln bpd
of crude in the last three months of 1986 and 17.9 mln average
for the whole of 1986. Supply from non-OPEC countries totalled
28 mln bpd, against 28.5 mln bpd in the fourth quarter 1986.
    A drop in Saudi Arabian output to a tentatively forecast
3.3 mln bpd in March from 3.6 mln bpd in February was the
largest factor behind the OPEC production decline, the IEA
said.
    Saudi Arabia"s Opec-assigned output quota is 4.133 mln bpd.
 REUTER
3;
bodyend
documentend
documentstart
13258
topicstart
gnp
topicend
bodystart
2;

MARCH U.S. PURCHASING MANAGERS INDEX UP AT 53.9


    NEW YORK, April 6 - 
The U.S. economy in March improved at a
faster rate than in February, with the National Association of
Purchasing Management's composite index rising to 53.9 pct from
51.9 pct, the NAPM said.
    The first quarter average for the index also was 53.9 pct.
The NAPM said that, if this average were to continue for the
rest of 1987, it would be consistent with real gross national
product growth of about three pct.
    An index reading above 50 pct generally indicates that the
economy is in an expanding phase. One below 50 pct implies a
declining economy.
    The NAPM said the economic improvement was evident in all
of the indicators in the index except inventories, which
declined slightly.
    New orders rose sharply in March, with production also
higher. Vendor deliveries slowed, another sign that the economy
improved in March. Employment expanded for the first time since
August 1984.
    Robert Bretz, chairman of the NAPM's business survey
committee and director of materials management at Pitney Bowes
Inc 
<
PBI> said "the economy ended the first quarter with a
healthy, if not substantial improvement."
    Bretz said the sharp rise in the growth of new orders in
March assures a good beginning for the second quarter.
    Some 50 pct of the purchasing managers reported that they
were paying higher prices in March than at the end of 1986. Of
those paying higher prices now, the average increase was put at
2.5 pct.
    The estimated average price increase anticipated by members
for the remainder of 1987 is 2.1 pct. While prices continue to
rise, the NAPM said that most purchasers do not see them as
being significant.
    The composite index is a seasonally adjusted figure, based
on five components of the NAPM business survey - new orders,
production, vendor deliveries, inventories and employment.
    The monthly report is based on questions asked of
purchasing managers at 250 U.S. industrial companies.
 Reuter
3;
bodyend
documentend
documentstart
13259
topicstart
topicend
bodystart
2;

BARCLAYS DE ZOETE WEDD SETS UP AMSTERDAM OFFICE


    LONDON, April 6 - 
British securities house 
<
Barclays de
Zoete Wedd>, BZW, said it would open today a subsidiary office
in Amsterdam, its first office in continental Europe.
    BZW, a wholly-owned subsidiary of Barclays Plc 
<
BCS.L>,
said in a statement the new company had been built on the
parent company's former Dutch subsidiary, Barclays Kol.
    The new company, 
<
Barclays de Zoete Wedd Nederland NV>,
will focus on trading in both Dutch and international equities
and will develop a full range of investment banking services.
    It will initially employ 29, aiming to increase numbers to
35 by the year-end, it said.
    BZW said its parent Barclays Bank had subsidiary companies
active on the stock exchanges of Zurich, Milan and Paris which
BZW planned to use to strengthen its presence in continental
Europe.
    Commenting on the move, BZW chairman Sir Martin Jacombe
said while international deregulation had turned London, New
York and Tokyo into "pivotal points for trading across time
zones, firms like BZW that seek to serve the world-wide
financial community must have a presence in Europe, not just in
the U.K."
    BZW currently employs some 2,000 staff in its offices in
Britain, Hong Kong, Tokyo, New York and Sydney.
 REUTER
3;
bodyend
documentend
documentstart
13261
topicstart
money-fx
topicend
bodystart
2;

U.S. CREDIT MARKET OUTLOOK - CAUTIOUS TRADING


    By Martin Cherrin, Reuters


    NEW YORK, April 6 - 
U.S. Bond trading is likely to remain
cautious in the near term with a possible downward price bias
as market participants focus on trends in the dollar, the
economy and Federal Reserve policy, economists said.
    Most expect the economy to continue showing modest gains,
that the dollar has more room to fall and that the Fed will
keep policy essentially steady, perhaps for several months.
    Until trends are clearer, "the market can only attempt to to
establish and hold a new trading range at higher interest
rates," said economists at Merrill Lynch Capital Markets.
    Merrill Lynch economists Raymond Stone and Ward McCarthy
said that while the fundamentals generally bode for a healthy
investment climate, the market will have no confidence in this
environment until there is illumination of and confidence in
U.S. Dollar/trade policy.
    Salomon Brothers' Henry Kaufman said the bond market,
highly sensitized to dollar movements, could be encouraged if
currency markets seem to be stabilizing or if U.S. And overseas
economic growth is perceived as slowing sharply.
    "The crucial question, however, is how soon either of these
developments is likely to occur," Kaufman said.
    "Market uncertainties and the erosion of portfolio manager
confidence could continue portfolio selling pressure a while
longer," said Philip Braverman, chief economist at Irving
Securities Corp.
    However, Braverman said that, "from a longer term
perspective, current (bond) prices provide a buying
opportunity."
    Despite a nearly one-point bond price rebound Friday on
unexpectedly weak March employment data, key 30-year Treasury
bonds lost 2-1/4 points in price for the week as a whole and
Thursday's 7.93 pct closing yield was a 1987 high.
    Braverman said historical evidence suggests that a long
bond yield in the 7.93 pct area provides a basis for optimism.
Bonds closed at 7.86 pct on Friday.
    The Irving economist noted that three times last year, in a
similar "paroxysm of pessimism," the key bonds reached a similar
closing yield high. Within three to six weeks in each instance,
however, Braverman said bond prices recovered to bring the
yield down sharply by 63 to 82 basis points.
    Mitchell Held of Smith Barney, Harris Upham and Co Inc said
that many portfolio managers now believe yields could approach
nine pct by midyear, which he considers unlikely.
    Held said that, since late 1986, Smith Barney analysts have
spoken about the risk that interest rates could move higher and
they continue to believe that an upward bias is likely to
persist over the next few months.
    Held said that in conversations with portfolio managers
last week there appeared to be increasing belief that the rate
rise had just begun and that yields could approach nine pct by
midyear. Naturally, that would mean a sharp bond price fall.
    "Yields could rise further over the next few months, but the
rise should be less than the 65 basis point rise we've seen
since the start of the year," Held said.
    Most expect Fed policy to be neutral for bonds near term.
    "The Fed is currently frozen into a fixed stance," said
economists at Aubrey G. Lanston and Co Inc.
    They said the Fed cannot tighten policy and push up
interest rates as might be appropriate to stabilize the dollar
and head off renewed inflationary psychology. That might harm
the fragile U.S. Economic expansion.
    The Lanston economists said, "The Fed cannot ease its policy
stance to both foster more rapid economic growth and calm
domestic and Third World debt jitters without the threat of
causing a further decline in the dollar."
    Minutes of February's Federal Open Market Committee (FOMC)
meeting released Friday showed that while the FOMC left policy
unchanged it was more inclined to firm rather than ease policy
later if conditions in the economy, foreign exchange or credit
markets warranted a policy shift.
    However, economists generally believe that continued fairly
sluggish U.S. Economic growth and the financial strains on U.S.
Banks resulting from their problem loans to developing
countries rule out any Fed policy firming.
    There is broad agreement among economists that the FOMC at
last Tuesday's meeting also left Fed policy unchanged.
    This week's U.S. Economic data are expected to have little
impact. February consumer instalment credit numbers are due on
Wednesday, with March producer price data out Friday.
    There may be mild relief in some quarters that the U.S.
Purchasing Managers Composite Index, a closely-watched economic
indicator, rose only to 53.9 pct in March from 51.9 pct. A
Friday rumor had put the number far higher. The index's first
quarter average also was 53.9 pct, translating into real GNP
growth of about three pct if continued through 1987.
    Federal funds traded at 5-15/16 pct late Friday and are
expected to open about there today with no Fed action seen.
 REUTER
3;
bodyend
documentend
documentstart
13262
topicstart
interest
topicend
bodystart
2;

NATIONAL AUSTRALIA BANK LOWERS BENCHMARK PRIME


    MELBOURNE, April 6 - 
National Australia Bank Ltd 
<
NABA.S>
said it lowered its benchmark prime lending rate to 18.25 pct
from 18.5, effective today, but left its base rate at 18.5.
    The benchmark reduction brings the rate into line with the
prime rates of most of Australia's trading banks, including
those of two of the other three major trading banks.
    However, the rate is above the 18 pct - the lowest ruling
rate - set by the other major, the Australia and New Zealand
Banking Group Ltd 
<
ANZA.S>, on Friday and effective today.
    The benchmark is based on short-term interest rate
movements while the base rate is tied to longer-term trends.
 REUTER
3;
bodyend
documentend
documentstart
13263
topicstart
earn
topicend
bodystart
2;

CAESARS WORLD BOARD APPROVES RECAPITALIZATION


    NEW YORK, April 5 - 
Caesars World Inc 
<
CAW> said its
directors unanimously approved a recapitalization plan under
which stockholders will get a cash distribution of 25 dlrs per
share via a one-time special cash dividend and will retain
their common stock ownership in Caesars World.
    Caesars World said it expects to raise the approximately
one billion dlrs needed to pay the 25 dlr per share dividend
and the expenses of recapitalization through around 200 mln
dlrs in bank borrowings and a public sale of approximately 800
mln dlrs of debt. Some outstanding debt will be retired.
    Drexel Burnham Lambert Inc, Caesars' financial advisor, has
told the company it is confident it can arrange the entire
financing needed for the recapitalization.
    Henry Gluck, chairman and chief executive officer of the
hotel, casino and resorts company, said in a statement the
board believes the recapitalization plan is financially
superior to a 28 dlr a share tender offer by Martin Sosnoff.
    Gluck said the Caesars World board once again recommends
that shareholders reject the Sosnoff offer.
    The stock closed at 29.25 dlrs a share on Friday.
    "Our ability to restructure along these lines is possible
primarily because of the financial stability and the strong
operating results achieved by management in recent years," Gluck
said.
    He said that after the recapitalization takes effect,
proforma net income for the fiscal year ended July 31, 1988 is
expected to be about 28.7 mln dlrs.
    Fiscal 1988 primary earnings per share are projected to be
76 cents, based on about 37.8 mln in post-recapitalization
common and common-equivalent shares outstanding.
    Commenting on the company's longer term earnings outlook,
Gluck said "we project net income to increase to 86.2 mln dlrs
in 1992, reflecting increased operating income and lower
interest expense due to the retirement of 267 mln dlrs of debt
incurred in connection with the recapitalization."
    He said the company does not usually release projections,
but has done so now beause of the significance of the
recapitalization.
    Gluck said the recapitalization plan will be submitted for
stockholder approval at a special meeting expected in June.
    The plan will require the approval of stockholders and that
of the Nevada and New Jersey gaming regulatory authorities.
    As part of the plan, the company will change its state of
incorporation from Florida to Delaware by means of a merger of
Caesars World into a wholly owned subsidiary of the company.
    The new incorporation certificate and bylaws will provide
for, among other things, a "fair price" provision requiring that
certain transactions with interested 15 pct stockholders be
approved by an 80 pct vote of stockholders, excluding shares
held by such interested stockholders.
    Caesars World said in a statement that "the cash
distribution will result in a substantial deficit in
stockholders' equity." It did not give an estimate of the size
of this deficit.
    But the company said its financial advisors have said they
believe that after the recapitalization, Caesars World should
have the financial flexibility and resources necessary to
finance its current and projected operating and capital
requirements.
 REUTER
3;
bodyend
documentend
documentstart
13264
topicstart
topicend
bodystart
2;

N.Z. WEEKLY T-BILL TENDER SET AT 80 MLN DLRS


    WELLINGTON, April 6 - 
The Reserve Bank said it will offer
80 mln N.Z. Dlrs of treasury bills at its regular weekly tender
tomorrow.
    The Bank said in a statement it will offer 30 mln dlrs of
56-day treasury bills and 50 mln dlrs of 77-day Bills.
    The Bank will also buy 170 mln dlrs of bills maturing in
early June and 200 mln dlrs of bills maturing late June for its
own portfolio.
 REUTER
3;
bodyend
documentend
documentstart
13265
topicstart
acq
topicend
bodystart
2;

AUSTRALIAN GAS LIGHT CO COUNTER-BIDS FOR TMOC


    SYDNEY, April - 
<
The Australian Gas Light Co> (AGL) said it
will offer one share plus one dlr cash for every two shares in
oil and gas producer 
<
TMOC Resources Ltd> in a counter-bid to
the previously reported takeover offer by Santos Ltd 
<
STOS.S>.
    The offer values TMOC shares at 4.75 dlrs each, based on
AGL's closing price of 8.50 dlrs on Friday. TMOC shares jumped
to 4.60 dlrs on the announcement from its Friday closing price
of 4.15.
    The AGL offer, the third to be made for TMOC this year,
compares with the Santos cash offer of 4.00 dlrs a share.
    Based on TMOC's issued capital of 62.08 mln shares, the AGL
offer values the entire company at 249.9 mln shares.
    AGL said in a statement that it already holds 10.5 pct of
TMOC's issued capital. This compares with the Santos stake of
3.1 pct when it announced its bid in March 23.
    
<
Elders Resources Ltd> began the auction for TMOC about
three months ago with an unsuccessful 2.55 dlrs a share
on-market offer that has since lapsed.
    AGL said its offer is above the upper end of the range of
values placed on TMOC by its advisers in the company's response
urging rejection of the Elders Resources bid.
    AGL said it will make the same offer for TMOC's convertible
notes. Accepting share and note holders will participate in
AGL's planned one-for-one bonus issue.
    It said TMOC is already a partner with AGL in the Alice
Springs to Darwin gas pipeline and has a number of businesses
complementary with those of AGL.
    AGL is the New South Wales natural gas utility while TMOC
has extensive onshore holdings, mainly in Queensland where it
owns the Moonie oil field and in the Northern Territory where
it operates and holds 43.75 of the Mereenie oil-gas field. It
also has interests in a number of gas or oil pipelines.
 REUTER
3;
bodyend
documentend
documentstart
13266
topicstart
crude
topicend
bodystart
2;

IEA FORECASTS SLOWER GROWTH IN OECD OIL DEMAND


    PARIS, April 5 - 
Growth in oil consumption in the Western
industrialized countries is likely to slow to around one pct
this year compared with 2.3 pct in 1986, the International
Energy Agency said.
    Oil use in the 24 member countries of the Organization for
Economic Cooperation and Development (OECD) increased by around
one pct in the first quarter of 1987 to 35.9 mln barrels a day,
the IEA said in its latest monthly report.
    Growth in OECD countries is expected to come primarily from
transport fuels, as was the case in 1986. But if average
consumer prices are higher than 1986, the rate of growth for
these fuels may be below last year's 3.6 pct.
    The IEA said assuming crude and product prices remain nar
current levels, some destocking by end-users can be expected.
    If that takes place, natural gas will also regain some of
the market share it lost to heavy fuel in 1986, it said.
    IEA estimates on April one put oil stocks held in the OECD
area at 428 mln tonnes, or 98 days of forward consumption. This
is about the same as at the begining of the year.
    The agency said this flat trend is explained by the
projected seasonal consumption decline in the second quarter of
the year which offset a reduction in stocks.
    Company stocks on land in the OECD rose to 326 mln tonnes
on April one this year compared with 316 mln tonnes in calender
1986 while governments also built up their strategic stocks to
102 mln tonnes against 97 mln in 1986.
    The year-on-year trend of government stock building is
continuing with company stocks rising, more or less in line
with consumption, after declining for five years, IEA said.
    Oil stocks on land in the United States and Canada were put
at 206.6 mln tonnes down from the 214 mln tonnes on January one
and equivalent to 94 and 98 days of consumption, respectively.
    Oil stocks in Western Europe were 147.4 mln tonnes, down
from the 154 mln tonnes on January one but still equivalent to
94 days of consumption.
    The IEA said that initial estimates indicate that company
stocks fell by 1.2 mln bpd in OECD countries in the first
quarter of the year. This followed a small rise in January of
400,000 bpd but a decline of 1.5 bpd in February and 2.5 bpd in
March.
    And it is possible that final data will show a larger draw,
particulary for March, it said.
    As crude production also fell, there is likely to have also
been a decline in non-reported stocks, particularly at sea, the
IEA said.
    World oil supply fell through the first quarter by about
two bpd to 45.2 bpd from 47.5 bpd in the last quarter of 1986.
    This drop was mostly due to a decline in OPEC crude
production to around 15.5 bpd in February/March from 16.5 bpd
in January and to the seasonal drop in exports from Centrally
Planned Economies, the IEA said.
    Total OPEC oil supply totalled 17.2 bpd in the first
quarter of 1987 compare with 19.3 bpd in the last three months
of 1986 while supply from non-OPEC countries totalled 28 bpd as
against 28.2 bpd in the same 1986 period.
    A drop in Saudi Arabian output to a tentatively forecast
3.3 bpd in march from 3.6 bpd in February was the largest
factor behind the OPEC production decline, the IEA said.
 Reuter
3;
bodyend
documentend
documentstart
13269
topicstart
coffee
topicend
bodystart
2;

PHILIPPINE COFFEE EXPORTS SEEN FALLING SHARPLY


     MANILA, April 6 - 
Philippine coffee exports are expected
to fall sharply due to a combination of the International
Coffee Organisation's (ICO) decision not to revive export
quotas and higher local prices, ICO Certifying Agency official
Dante de Guzman told Reuters.
    He said exporter registrations dropped from an average
weekly 500 tonnes in March to 45 tonnes last week, with exports
in coffee year 1986/87, ending September, forecast to total
about 8,000 tonnes against 48,000 in 1985/86.
     "Because of the relatively higher level of domestic prices,
it has become difficult to service exports," de Guzman said,
adding that most exporters are taking a wait and see attitude.
    Coffee production was expected to drop slightly to about
one mln bags of 60 kg each in the 1986/87 crop year ending June
from 1.1 mln bags last year, he said.
 REUTER
3;
bodyend
documentend
documentstart
13270
topicstart
money-fx
topicend
bodystart
2;

MIYAZAWA SEES BIG NATIONS REAFFIRMING PARIS PACT


    TOKYO, April 6 - 
Finance Minister Kiichi Miyazawa told a
parliamentary committee he expects major nations to reafffirm
the currency pact they struck in Paris when they meet this week
in Washington, political sources said.
    The Minister also was quoted as saying he expects major
nations to take coordinated action to ensure exchange rate
stability.
    Finance Ministry officials were unavailable for immediate
comment. In Paris on February 22, six nations - Britain,
Canada, France, Japan, the U.S. And West Germany - pledged to
cooperate to hold their currencies stable.
 REUTER
3;
bodyend
documentend
documentstart
13271
topicstart
cocoa
topicend
bodystart
2;

LEADING COCOA PRODUCERS DISCUSS INTERNATIONAL PACT


    YAOUNDE, April 6 - 
Leading cocoa producers will discuss
whether newly-agreed rules on an international cocoa buffer
stock will succeed in reversing a sharp fall in world prices
when they start four day's of talks here later today,
conference sources said.
    Another topic likely to be discussed at the twice-yearly
meeting of the Cocoa Producer Alliance (CPA) is the pact's
second line of market support -- a witholding scheme under
which exporters can take up to 120,000 tonnes of cocoa off the
market if buffer stock purchases fail to defend prices.
    The International Cocoa Organisation is due to discuss the
scheme at a meeting in June, and exporters could use the
Yaounde talks to work out a common position on the issue, the
sources said.
    Delegates will also be briefed on arrangements for an
international cocoa research conference due to take place in
Santo Domingo in the Dominican Republic next month, CPA
secretary general D.S. Kamga said.
    The 11-member CPA include the world's top three producers
of Ivory Coast, Brazil and Ghana and accounts for around 80 pct
of world output.
 REUTER
3;
bodyend
documentend
documentstart
13272
topicstart
wheat
grain
topicend
bodystart
2;
AUSTRALIAN WEEKLY WHEAT SHIPMENTS - WEEK TO 23-29
    (in tonnes for crop year beginning oct 1) current week     
  prev week 316,024           297,045 crop year to date    
prev crop to date 7,217,394         8,422,811
3;


bodyend
documentend
documentstart
13274
topicstart
gnp
topicend
bodystart
2;

SOUTH KOREA'S 1987 GNP SEEN GROWING NINE PCT


    SEOUL, April 6 - 
South Korea's gross national product (gnp)
is forecast to grow by nine pct in 1987, surpassing the
government's original forecast of eight pct and against a 12.5
pct rise in 1986, an Economic Planning Board report said.
    The report reviewing the country's economy in the first
three months of this year said year-on-year gnp was
provisionally estimated to have grown by about 12 pct in the
period, against a 10.5 pct growth in the same 1986 period.
    Board officials said the gnp rise in the January-March
period is due largely to increased exports, which totalled 9.34
billion dlrs against 6.9 billion a year earlier.
 REUTER
3;
bodyend
documentend
documentstart
13294
topicstart
grain
rice
topicend
bodystart
2;

THAI RICE EXPORTS FALL IN WEEK TO MARCH 31


    BANGKOK, April 7 - 
Thailand exported 75,160 tonnes of rice
in the week ended March 31, down from 88,785 tonnes the
previous week, the Commerce Ministry said.
    It said the government and private exporters shipped 36,552
and 38,608 tonnes respectively.
    Private exporters concluded advance weekly sales for 22,086
tonnes against 44,483 tonnes the previous week.
    Thailand exported 1.23 mln tonnes of rice in January/March,
down from 1.29 mln tonnes a year ago. It has commitments to
export another 381,171 tonnes this year.
 REUTER
3;
bodyend
documentend
documentstart
13298
topicstart
topicend
bodystart
2;

N.Z. 77-DAY T-BILLS YIELD 24.97 PCT AT TENDER


    WELLINGTON, April 7 - 
The weighted average yield for 50 mln
N.Z. Dlrs of 77-day Treasury bills sold in this week's regular
weekly tender was 24.97 pct, the Reserve Bank said.
    The weighted average yield on 30 mln dlrs of 56-day bill
was 25.50 pct, it said in a statement. No comparable bills have
been offered recently.
    Bids totalling 379 mln dlrs were received for the 80 mln
dlrs of bills on offer.
 REUTER
3;
bodyend
documentend
documentstart
13313
topicstart
grain
oilseed
wheat
rapeseed
topicend
bodystart
2;

CHINESE CROPS HIT BY FROST, SNOW AND RAIN IN MARCH


    PEKING, April 7 - 
Wheat and rapeseed crops in east China
suffered considerable damage because of frost during a spell of
unusually cold weather in late March, the China Daily said.
    It said average temperatures for the last 10 days of March
in most of east China were three to five degrees centigrade
below average. Snow fell in Jiangsu, Anhui, Hubei and Henan,
making early rice sowing difficult.
    Heavy snow blanketted central and south Jilin and north
Liaoning, leaving farmland too muddy for spring ploughing and
sowing, the paper said.
    The paper said rainfall during the last 10 days of March in
areas south of the Yangtze had been much higher than normal.
    Heavy rain fell last Sunday in parts of Guangdong, ending a
particularly arid dry season and marking the start of the flood
season, it said. It gave no further details.
    The New China News Agency said rain and snow in Henan had
improved the prospects for wheat, sown on 4.8 mln hectares, and
caused a drop in grain prices at rural fairs since late
February. It gave no 1986 figures for comparison.
 REUTER
3;
bodyend
documentend
documentstart
13315
topicstart
dlr
money-fx
topicend
bodystart
2;

JAPAN CENTRAL BANK INTERVENES IN TOKYO AFTERNOON


    TOKYO, April 7 - 
The Bank of Japan intervened in early
afternoon Tokyo trading to support the dollar against active
selling by institutional investors and speculative selling by
overseas operators, dealers said.
    The central bank had also bought dollars against the yen in
morning trade.
    The dollar traded around 145.20/30 yen when trading began
in the afternoon here and weakened only slightly, the dealers
said.
 REUTER
3;
bodyend
documentend
documentstart
13317
topicstart
interest
topicend
bodystart
2;
******
CHASE-AMP BANK TO LOWER AUSTRALIAN PRIME RATE TO 17.75 PCT FROM 18.25 TOMORROW

Blah blah blah.
3;


bodyend
documentend
documentstart
13320
topicstart
ship
topicend
bodystart
2;

KUWAIT MAY RE-REGISTER GULF TANKERS - NEWSPAPER


    NEW YORK, April 7 - 
Kuwait may re-register part of its
tanker fleet with foreign flag jurisdictions, including the
U.S. And USSR, in an attempt to protect them from Iranian
missile attacks in the Gulf war zone, U.S. Officials were
quoted by the New York Times as saying.
    The transfers would allow the country of registration to
escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier
declined an offer of U.S. Naval escorts as too public an
admission of its need for protection, they said.
    Kuwait is also looking at flagging-out to European
registries, the officials said.
    Soviet flag tankers transporting Kuwaiti oil through the
Gulf may get Soviet escorts, the officials said.
    Kuwait had earlier considered having both USSR and U.S.
Escorts, but the U.S. Was unwilling to give the Soviet Union a
naval role in the region, the newspaper quoted the officials as
saying.
    Kuwait has backed Iraq in the seven-year war against Iran
and its ships have increasingly been the target of Iranian
attacks.
    The U.S. And Kuwait have been negotiating for over a month
on methods of protecting Kuwaiti ships.
 REUTER
3;
bodyend
documentend
documentstart
13321
topicstart
interest
topicend
bodystart
2;

CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT


    SYDNEY, April 7 - 
<
Chase-AMP Bank Ltd> said it will lower
its prime lending rate to 17.75 pct from 18.25, effective
tomorrow.
    The bank is the first to lower its prime rate below the 18
pct set by a few banks in the last few days in a continuation
of a downward trend which began late last month.
    Other prime rates range from 18.25 to 18.5 pct, with the
majority on 18.25.
    The bank said the reduction reflected the recent downturn
in money market rates, the improved economic outlook and
adequate liquidity in the second quarter tax rundown period.
 REUTER
3;
bodyend
documentend
documentstart
13328
topicstart
topicend
bodystart
2;

JAPAN AUCTIONS 280 BILLION YEN OF FOUR-YEAR NOTES


    TOKYO, April 7 - 
The Finance Ministry auctioned 280 billion
yen of four-year government notes, the first auction of fiscal
1987 which started on April 1.
    The coupon was set at 3.7 pct, a record low for any
government note and below the 3.8 pct set on the last two-year
notes, auctioned in February.
    Today's issue was the first for four-year notes since last
May, which produced an average price of 99.79, average yield of
4.561 pct and a coupon of 4.5 pct, the Ministry said.
    The auction results will be announced tomorrow afternoon.
 REUTER
3;
bodyend
documentend
documentstart
13333
topicstart
cpi
topicend
bodystart
2;

SWISS CONSUMER PRICES RISE ONE PCT IN MARCH


    BERNE, April 7 - 
Swiss consumer prices rose one pct in the
year to March, the same rise as in the year to February, and
against 0.9 pct in the year to March 1986, the Federal
Statistics Office said.
    In March alone, prices rose 0.1 pct after a 0.3 pct rise in
February.
    The March index, base 1982, was 109.7 against 109.5 in
February.
    The Statistics Office said the March increase reflected
rises in certain sectors such as food, clothing and household
goods and falls in transport, heating and lighting.
    Both home produced and imported goods rose by 0.1 pct
during the month. But over the year as a whole, domestically
generated inflation reached 2.5 pct, offset by a 2.8 pct drop
in imports.
 REUTER
3;
bodyend
documentend
documentstart
13336
topicstart
earn
topicend
bodystart
2;
******
Nixdorf world group 1986 net profit 222.42 mln marks vs 172.29 mln, div 10 marks

Blah blah blah.
3;


bodyend
documentend
documentstart
13375
topicstart
topicend
bodystart
2;

FINAL TERMS SET ON K-O-P WARRANT BOND


    LONDON, April 7 - 
The coupon on the 100 mln dlr warrant
bond for Kansallis-osake-Pankki (K-o-P) has been set at 4-5/8
pct compared with the indicated range of 4-1/8 to 4-5/8 pct,
lead manager Morgan Stanley International said.
    Each 1,000 dlr bond has ten warrants attached which are
exercisable into K-o-P free shares at 50 Finnish markka per
share. The foreign exchange rate on the seven year bond was set
at 4.4450 markka to the dollar.
 REUTER
3;
bodyend
documentend
documentstart
13380
topicstart
livestock
carcass
topicend
bodystart
2;

JAPAN'S LIPC TO BUY BEEF ON APRIL 23


    TOKYO, April 7 - 
Japan's Livestock Industry Promotion Corp
(LIPC) said that on April 28 it will import 7,515 tonnes of
beef for the first half of the 1987 fiscal year started on
April 1 under the simultaneous buy and sell tender system,
against 6,813 a year ago.
    The system calls on the agency to buy beef from trading
houses and simultaneously sell it to users in one tender. The
tender quota in April-September is 10 pct of the agency's beef
import share. Japan's beef import quota in 1987/88 was set at
93,000 tonnes against 85,000 for the same period in 1986/87.
 REUTER
3;
bodyend
documentend
documentstart
13382
topicstart
livestock
carcass
topicend
bodystart
2;

JAPAN'S LIPC TO BUY BEEF ON APRIL 23


    TOKYO, April 7 - 
Japan's Livestock Industry Promotion Corp
(LIPC) said that on April 28 it will import 7,515 tonnes of
beef for the first half of the 1987 fiscal year started on
April 1 under the simultaneous buy and sell tender system,
against 6,813 a year ago.
    The system calls on the agency to buy beef from trading
houses and simultaneously sell it to users in one tender. The
tender quota in April-September is 10 pct of the agency's beef
import share. Japan's beef import quota in 1987/88 was set at
93,000 tonnes against 85,000 for the same period in 1986/87.
 REUTER
3;
bodyend
documentend
documentstart
13393
topicstart
acq
topicend
bodystart
2;

TESCO EXTENDS HILLARDS OFFER


    LONDON, April 7 - 
Tesco Plc 
<
TSCO.L> said it was extending
its 151 mln stg contested bid for 
<
Hillards Plc> until May 1.
    It said it now controlled 9.8 pct of Hillards shares,
comprising acceptances of the offer for 1.5 mln, or 3.1 pct,
and 3.2 mln, or 6.7 pct, owned by itself, its pension fund or
its associates.
    It also controlled 23,250 convertible preference shares, or
0.2 pct.
    Hillards shares were unchanged at 313p while Tesco was two
pence firmer at 475p.
 REUTER
3;
bodyend
documentend
documentstart
13398
topicstart
money-fx
topicend
bodystart
2;
******
 Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct

Blah blah blah.
3;


bodyend
documentend
documentstart
13404
topicstart
money-fx
topicend
bodystart
2;

BUNDESBANK SETS NEW REPURCHASE TENDER


    FRANKFURT, April 7 - 
The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a fixed bid rate of 3.80 pct, a central bank
spokesman said.
    Banks must make their bids by 1400 GMT today. Funds will be
allocated by 0900 GMT tomorrow and credited to accounts later
in the day. Banks must repurchase securities pledged on May 6.
 REUTER
3;
bodyend
documentend
documentstart
13416
topicstart
topicend
bodystart
2;

BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS


    TOKYO, April 7 - 
The Bank of Japan will sell tomorrow a
total of 800 billion yen worth of financing bills from its
holdings to help absorb a projected money market surplus of
1,300 billion yen, money traders said.
    Of the total, 400 billion yen will yield 3.8502 pct on
sales from money houses to banks and securities houses in a
41-day repurchase accord maturing on May 19.
    Another 400 billion yen will yield 3.7991 pct in a 20-day
repurchase pact maturing on April 28, they said.
    The repurchase agreement yields compare with the 3.8125 pct
one-month, and 3.7500 pct three-week commercial bill discount
rates today.
    Tomorrow's surplus is attributable to government tax
allocations to local governments and public entities.
    The operation will put outstanding bill supply at about
4,300 billion yen, they said.
 REUTER
3;
bodyend
documentend
documentstart
13435
topicstart
earn
topicend
bodystart
2;

MOET-HENNESSY PROPOSES HIGHER DIVIDEND


    PARIS, April 7 - 
YEAR TO END-DEC 1986
    Proposed dividend 45 francs vs 34.50 francs
    Note - Full name of company is Moet-Hennessy SA 
<
MHSP.PA>
   REUTER
3;
bodyend
documentend
documentstart
13451
topicstart
topicend
bodystart
2;

BAHRAIN TREASURY BILLS YIELD AVERAGE 6.00 PCT


    BAHRAIN, April 7 - 
Bahrain's issue of two mln dinars worth
of 91-day Treasury bills was allotted at an average price of
98.506 to yield an average 6.00 pct, a spokesman for the
Bahrain Monetary Agency (BMA) said.
    Bids for the tender, held today, totalled about 4.65 mln
dinars, the spokesman said. This week's average yield compares
with 6.09 pct a week ago. Three-month interbank dinar deposits
were quoted today at about 6.87/5.87 pct.
    The BMA spokesman said the next tender for two mln dinars
of 91-day bills will be held on April 14.
 REUTER
3;
bodyend
documentend
documentstart
13452
topicstart
topicend
bodystart
2;

ADB APPROVES 75 MLN DLR LOANS FOR TWO PROJECTS


    MANILA, April 7 - 
The Asian Development Bank (ADB) said it
had approved two loans amounting to 75.7 mln dollars for
agricultural projects in Bangladesh and Nepal.
    It said both loans are repayable over 40 years, including a
10-year grace, and carry a service charge of one pct a year.
    The bank said it approved 51.7 mln for an agricultural
inputs program for Bangladesh aimed at sustaining foodgrain
production.
    It said the loan will cover the entire foreign exchange
component of the project's total cost of 65 mln.
    The ADB said it approved 24 mln dlrs to support an
agricultural credit project in Nepal.
    The loan will benefit Nepal by increasing foodgrain output,
augmenting production of milk and other dairy products and
expanding energy generation in rural areas, it said.
 REUTER
3;
bodyend
documentend
documentstart
13453
topicstart
topicend
bodystart
2;

ZENCHIKU ISSUES 40 MLN DLR EQUITY WARRANT BOND


    LONDON, April 7 - 
Zenchiku Co Ltd is issuing a 40 mln dlr
equity warrant eurobond due April 30, 1992 paying an indicated
coupon of 2-1/4 pct and priced at par, lead manager Daiwa
Europe Ltd said.
    Final terms will be fixed on April 13 and the non-callable
issue is available in denominations of 5,000 dlrs. It is
guaranteed by Mitsui Bank Ltd. The selling concession is 1-1/2
pct while management and underwriting combined pays 3/4 pct.
    The payment date is April 30 and the issue will be listed
in Luxembourg. The warrants are exercisable from May 18, 1987
until April 10, 1992.
 REUTER
3;
bodyend
documentend
documentstart
13458
topicstart
grain
topicend
bodystart
2;

SOVIET GRAIN PRODUCTS MINISTRY CRITICISED


    MOSCOW, April 7 - 
The Soviet Communist Party has criticised
the country's Grain Products Ministry for failing to ensure
proper grain storage, turning out poor quality bread and for
unsatisfactory book keeping, Pravda said.
    The party daily said that losses in the industry owing to
waste and theft amounted to 7.3 mln roubles over the last two
and a half years.
    The situation was particularly bad in the Central Asian
republic of Kazakhstan, which has been severely criticised
since the ousting of its veteran leader Dinmukhamed Kunayev
last December.
    Its new leader, Gennady Kolbin, has said that at times the
grain-growing republic has performed so badly that it has been
obliged to seek grain supplies from national reserves.
    Tass news agency announced yesterday that Grain Products
Minister Grigory Zolotukhin, 75, was being retired and replaced
by Alexander Budyka, a senior food industry official.
    Pravda added today that the crisis in the industry had been
drawn to Zolotukhin's attention and two of his deputies
reprimanded.
 REUTER
3;
bodyend
documentend
documentstart
13462
topicstart
cocoa
topicend
bodystart
2;

COCOA BUFFER STOCK MAY FACE UPHILL BATTLE - TRADE


    By Jane Merriman, Reuters


    LONDON, April 7 - 
The International Cocoa Organization
(ICCO) buffer stock could face an uphill battle to halt the
downtrend in world cocoa prices when it begins buying
operations in the next few weeks, cocoa traders said.
    Traders said they believed buffer stock purchases could
reach 75,000 tonnes in a matter of weeks without lifting prices
significantly, given the amount of surplus cocoa overhanging
the market. The buffer stock may begin buying shortly as the
ICCO 10 day average indicator price is now at 1,578.03 Special
Drawing Rights (SDR) per tonne, below the 1,600 "must buy" level.
    Rules governing buffer stock operations were agreed last
month by the ICCO council. Buying will begin once the buffer
stock manager has completed preparations, traders said.
    Some traders said the buffer stock manager may delay buffer
stock buying until mid or end-April when changes in months used
to calculate the ICCO indicator may lift the 10 day average
above the 1,600 SDR "must buy" level.
    The ICCO indicator price is calculated from the average of
the second, third and fourth positions on the London and New
York futures markets. The daily price was 1,577.61 SDR per
tonne yesterday.
    Months used currently for the indicator are May, July and
September, but these are set to change to July, September and
December on April 15, prior to May becoming the New York spot
month, traders noted.
    The introduction of December into the calculations may lift
the daily SDR price as December is currently quoted about 75
stg above May on the London terminal market.
    But the buffer stock manager would have to wait for the
higher daily price to feed through into the 10-day average, the
indicator which governs his activities, traders said.
    "The buffer stock manager is obviously looking at the
implications of delaying until forward prices lift the
indicator since it might mean he has to buy less cocoa," an
analyst from a leading cocoa trade house said.
    Traders said the buffer stock purchases could reach 75,000
tonnes fairly quickly once buying starts. If purchases reach
this level within six months, buying is suspended pending an
ICCO council review of price ranges. But some cocoa market
watchers said the buffer stock may benefit from recent
forecasts for a poor Brazilian Bahia temporao crop at 1.5 mln
to two mln 60 kilo bags against initial expectations of up to
three mln.
    A lower than expected Brazilian crop may cut the 1986/87
world surplus to between 50,000 and 70,000 tonnes, compared
with a recent forecast by the ICCO statistics committee of
94,000 tonnes, traders said.
    In these circumstances, the buffer stock may only need to
buy between 20,000 and 30,000 tonnes to lift prices above the
"must buy" level.
    But some dealers said the ICCO buffer stock rules may put
constraints on how quickly and effectively the buffer stock
manager can remove cocoa from the market.
    The buffer stock system of price differentials set
according to quality and a 15 pct limit on purchases from
non-members could limit the buffer stock's scope for action,
dealers said.
    Most of the cocoa readily available to the buffer stock is
nearby in-store material of Malaysian and Ivory Coast origin.
    But the buffer stock can only buy 15 pct Malaysian cocoa as
Malaysia is not an ICCO member, while purchases of nearby cocoa
can only reach 40 pct in any one day, which forces the buffer
stock to buy some intermediate and forward shipment material.
    Limits on buffer stock purchases of nearby and non-member
cocoa will reduce the impact on terminal prices which are
pressured by the overhang of Malaysian material, traders said.
    Buffer stock purchases of forward shipment cocoa from
quality producers such as Ghana will have only a limited impact
on futures, but is likely to widen physical market premiums for
this cocoa over futures.
    Ghana's premium to the terminal has risen to about 50 stg
from 25 to 30 stg a month ago partly in anticipation of buffer
stock buying, dealers said.
    "The buffer stock may not help the terminal market, but will
provide a backstop for quality cocoas," one trader said.
    Traders cautioned that views on the impact of the buffer
stock were "all prognostication" and that no one could hope to
predict accurately what the result would be. Psychologically
buffer stock buying should help prices, but since the buffer
stock already holds a carryover of 100,000 tonnes from the
previous cocoa agreement and the market is in surplus, dealers
expressed doubts purchases can counter bearish pressure.
    In June the ICCO is due to discuss rules for a withholding
scheme as an additional market support mechanism.
 REUTER
3;
bodyend
documentend
documentstart
13468
topicstart
money-supply
topicend
bodystart
2;
******
 German February capital account deficit 7.53 billion marks vs Jan 11.91 billion surplus - Bundesbank

Blah blah blah.
3;


bodyend
documentend
documentstart
13470
topicstart
topicend
bodystart
2;

YIELD ON 180-DAY SAUDI DEPOSITS RISES


    BAHRAIN, April 7 - 
The yield on 180-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose slightly to 6.63492 pct from 6.56823 last
week, bankers said.
    SAMA reduced the offer price on the 500 mln riyal issue to
96.78906 from 96.82031 last week. Like-dated interbank deposits
were quoted today at seven, 6-3/4 pct.
    SAMA offers a total 1.9 billion riyals in 30, 91 and
180-day paper to banks in Bahrain each week.
 REUTER
3;
bodyend
documentend
documentstart
13471
topicstart
money-supply
topicend
bodystart
2;

GERMAN CAPITAL ACCOUNT IN DEFICIT IN FEBRUARY


    FRANKFURT, April 7 - 
West Germany recorded a net outflow of
7.53 billion marks on the February capital account, combining
long and short term capital flows, compared with a net inflow
of 11.91 billion marks in January, the Bundesbank said.
    This compared with a net outflow of 3.51 billion marks in
February 1986, the Bundesbank said.
 REUTER
3;
bodyend
documentend
documentstart
13473
topicstart
topicend
bodystart
2;

SHOWA ALUMINIUM ISSUES 100 MLN DLR WARRANT BOND


    LONDON, April 7 - 
Showa Aluminium Corp is issuing a 100 mln
dlr equity warrant eurobond due April 23, 1992 paying an
indicated coupon of 2-1/8 pct and priced at par, lead manager
Nomura International Ltd said.
    Final terms will be fixed on April 15. The selling
concession is 1-1/2 pct while management and underwriting
combined pays 3/4 pct. The non-callable bond is available in
denominations of 5,000 dlrs and will be listed in Luxembourg.
    The payment date is April 23.
 REUTER
3;
bodyend
documentend
documentstart
13479
topicstart
topicend
bodystart
2;
******
FRENCH TREASURY TO REPAY 680 MILLION FRANCS OF DEBT - OFFICIAL

Blah blah blah.
3;


bodyend
documentend
documentstart
13481
topicstart
topicend
bodystart
2;

NIPPON SHOKUBAI ISSUES 80 MLN DLR WARRANT BOND


    LONDON, April 7 - 
Nippon Shokubai Kagaku Kogyo is issuing a
80 mln dlr equity warrant eurobond due April 30, 1992 paying an
indicated coupon of 2-1/8 pct and priced at par, lead manager
Nomura International Ltd said.
    Final terms will be fixed on April 14 and the issue is
guaranteed by Daiwa Bank Ltd. The selling concession is 1-1/2
pct while management and underwriting combined pays 3/4 pct.
    The non-callable bond is available in denominations of
5,000 dlrs and will be listed in Luxembourg.
    The payment date is April 30 and the warrants are
exercisable from May 14, 1987 until April 23, 1992.
 REUTER
3;
bodyend
documentend
documentstart
13482
topicstart
trade
topicend
bodystart
2;

TAIWAN TRADE SURPLUS WIDENS IN FIRST QUARTER


    TAIPEI, April 7 - 
Taiwan's trade surplus widened to 4.18
billion U.S. Dlrs in the first quarter of 1987 from 3.05
billion a year ago, the government statistics department said.
    First quarter exports rose to 11.25 billion U.S. Dlrs from
8.38 billion in the same period in 1986. Imports rose to 7.08
billion from 5.33 billion last year.
    The March trade surplus was 1.45 billion dlrs compared with
1.32 billion in February and 1.02 billion in March 1986.
Exports rose to 4.07 billion U.S. Dlrs from 3.85 billion in
February and 2.99 billion in March last year. Imports were 2.61
billion dlrs against 2.53 billion in February and 1.96 billion
in March 1986.
 REUTER
3;
bodyend
documentend
documentstart
13484
topicstart
topicend
bodystart
2;

PAKISTAN FIRM RAISES THREE BILLION YEN IN JAPAN


    HONG KONG, April 7 - 
The National Development Finance Corp
of Pakistan has raised three billion yen through private
placement, arranger Daiwa Securities Co Ltd said.
    The seven year "Shibosai" issue in the Tokyo domestic market
carries interest at 6.9 pct. No other details were available.
 REUTER
3;
bodyend
documentend
documentstart
13488
topicstart
topicend
bodystart
2;

FRENCH TREASURY TO REPAY 680 MLN FRANCS OF DEBT


    PARIS, April 7 - 
The French treasury has decided to repay
680 mln francs of debt issued before 1950, the Finance Ministry
said.
    Seven issues, accounting for 0.13 pct of total state
domestic debt, would be redeemed by the Caisse d Amortisement
de la Dette Publique, the national debt amortisation fund, a
Ministry statement said.
    The Ministry said the debt rationalisation exercise,
similar to one carried out in 1958 and 1959, would take out of
circulation old issues which were expensive to manage and
difficult to trade because of their highly complex structure.
    Technical details of the operation would be announced in
the next few days.
    The securities to be redeemed would be the three pct
perpetual rente, five pct perpetual rente, four pct 1941-1960
redeemable rentes, 3.5 pct 1942-1952 redeemable rentes, three
pct 1942-1955 redeemable rentes, three pct 1945-1954 redeemable
rentes, and 4.5 pct 1933-1960 redeemable treasury bonds.
    The ministry said the operation would mainly benefit
long-term holders of the issues, mainly small investors and
small communes.
    The issues were difficult to trade because they comprised
securities of variable nominal value, it noted.
 REUTER
3;
bodyend
documentend
documentstart
13498
topicstart
topicend
bodystart
2;

GENFINANCE LUXEMBOURG ISSUES 50 MLN STG EUROBOND


    LONDON, April 7 - 
Genfinance Luxembourg is issuing a 50 mln
stg eurobond due May 7, 1994 paying 9-1/4 pct and priced at
101-1/4 pct, lead manager Kleinwort, Benson Ltd said.
    The issue is guaranteed on a subordinated basis by Generale
Bank. It is available in denominations of 1,000 and 10,000 stg
and will be listed in Luxembourg.
    The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct. The payment date is May 7.
 REUTER
3;
bodyend
documentend
documentstart
13507
topicstart
alum
topicend
bodystart
2;

AGREEMENT REACHED IN GREEK ALUMINA DEAL WITH MOSCOW


    ATHENS, April 7 - 
Greece and the Soviet Union have reached
agreement in Moscow on a joint venture for a 450 mln dlr
alumina plant in Greece, government spokesman Yannis Roubatis
said.
    Roubatis told reporters the Soviet Union agreed to buy the
plant's entire annual output of 600,000 tonnes of alumina. More
details would be given later by Greek Industry Undersecretary
George Petsos, who was in Moscow.
    The project was due to start in 1986, but problems over
plans to sell some alumina to Bulgaria caused delays. The
Soviet Union, which was to take 400,000 tonnes, later agreed to
take the full production.
 REUTER
3;
bodyend
documentend
documentstart
13512
topicstart
money-fx
dlr
topicend
bodystart
2;

NO INTERVENTION, DOLLAR FIXED AT 1.8218 MARKS


    FRANKFURT, April 7 - 
The Bundesbank did not intervene as
the dollar was fixed lower at 1.8218 marks after 1.8243
yesterday, dealers said.
 REUTER
3;
bodyend
documentend
documentstart
13524
topicstart
money-fx
dlr
topicend
bodystart
2;

BANK OF JAPAN INTERVENES SHORTLY AFTER TOKYO OPENS


    TOKYO, April 7 - 
The Bank of Japan bought a small amount of
dollars at around 145.95 yen shortly after the Tokyo market
opened, dealers said.
    But the dollar then fell on speculative selling by trading
houses, they said.
    The dollar had opened here at 145.95 yen against 145.85/90
yen in New York and 146.00 yen at the close here yesterday.
 REUTER
3;
bodyend
documentend
documentstart
13529
topicstart
topicend
bodystart
2;

IRAN REPORTS IMPORTANT VICTORIES ON SOUTHERN FRONT


    LONDON, April 7 - 
Iran said it had achieved important
victories against Iraq on the southern war fronts last night.
    A brief Iranian news agency IRNA report said "Important
victories achieved in southern fronts Monday night." It gave no
further details.
    Iran launched a major offensive, codenamed Karbala-5,
towards the major southern Iraqi port of Basra in January, but
there have been no reports of heavy fighting in the area in
recent weeks.
 REUTER
3;
bodyend
documentend
documentstart
13530
topicstart
money-fx
topicend
bodystart
2;

BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS


    TOKYO, April 7 - 
The Bank of Japan will sell tomorrow a
total of 800 billion yen worth of financing bills from its
holdings to help absorb a projected money market surplus of
1,300 billion yen, money traders said.
    Of the total, 400 billion yen will yield 3.8502 pct on
sales from money houses to banks and securities houses in a
41-day repurchase accord maturing on May 19.
    Another 400 billion yen will yield 3.7991 pct in a 20-day
repurchase pact maturing on April 28, they said.
    The repurchase agreement yields compare with the 3.8125 pct
one-month, and 3.7500 pct three-week commercial bill discount
rates today.
    Tomorrow's surplus is attributable to government tax
allocations to local governments and public entities.
    The operation will put outstanding bill supply at about
4,300 billion yen, they said.
 REUTER
3;
bodyend
documentend
documentstart
13531
topicstart
money-fx
dlr
topicend
bodystart
2;

NO INTERVENTION, DOLLAR FIXED AT 1.8218 MARKS


    FRANKFURT, April 7 - 
The Bundesbank did not intervene as
the dollar was fixed lower at 1.8218 marks after 1.8243
yesterday, dealers said.
    Dealers said dollar trading was very quiet over the
European morning, with operators made wary by today's meeting
of the Group of Five finance ministers and central bank chiefs
ahead of the full IMF/World Bank session in Washington.
    It was undermined by remarks from U.S. Council of Economic
Advisers Chairman Beryl Sprinkel who told Iowa bankers the U.S.
Had no objective regarding the value of the dollar.
    Sprinkel also called the reference to stabilizing exchange
rates at about current levels, made at the Paris meeting on
February 22, a "vague statement," casting doubt on operators'
assumptions that a secret target level had been set.
    Sprinkel added that if West Germany and Japan made progress
to stimulate their economies as the Paris agreement envisaged,
"there would not be the necessity of significant declines in the
dollar."
    One dealer for a U.S.-based bank noted the dollar tended
easier after the remarks. "They were obviously regarded as being
negative. And if the market starts regarding anything that
comes out negatively then it means that the underlying
sentiment is negative," he said.
    Some early selling pressure softened the dollar's
undertone.
    Most operators overlooked intervention by the Bank of Japan
to support the dollar against selling in favour of the yen by
institutional investors and overseas operators, dealers said.
    After the strong focus on the dollar/yen rate in recent
weeks up to the end of the Japanese financial year on March 31,
interest and activity was likely to switch, dealers said.
    "We can start to look at a point in time where the interest
shifts away from dollar/yen and more into dollar/mark and the
other European currencies," the U.S. Bank dealer said.
    Despite the softer undertone, traders would remain wary of
taking significant new positions during the Washington
meetings, dealers said. Aside from the G-5 session today,
Bundesbank President Karl Otto Poehl is due to meet the German
Affairs group on international monetary issues later.
    The mark gained some strength from news the Bundesbank set
a new securities repurchase tender to add money market
liquidity at a fixed 3.80 pct, unchanged from those over the
last several weeks. Some expectation had been growing that it
might cut the rate or move to a minimum interest rate tender,
signalling a desire for a slight easing in credit policy.
    Bundesbank central bank council member Lothar Mueller said
the Bundesbank had not given up its focus on money supply. A
monetary policy which took into account exchange rates and
capital flows could not be confused with an exchange-rate
oriented policy, he said, contradicting some growing sentiment.
    Sterling eased a touch to 2.950 marks at the fixing from
2.957. The yen's unabated strength, despite the intervention,
brought it up to 1.2555 marks per 100 from yesterday's 1.2480.
    The Swiss franc rose to a fix of 120.515 marks per 100 from
120.180. The French franc eased to 30.055 marks per 100 after
30.060, Belgian franc was little changed at 4.829 marks per
100.
 REUTER
3;
bodyend
documentend
documentstart
13532
topicstart
acq
topicend
bodystart
2;

WORMALD TO ACQUIRE STAKE IN HOLMES PROTECTION


    SYDNEY, April 7 - 
Fire protection and security group
Wormald International Ltd 
<
WOIA.S> said British-listed 
<
Holmes
Protection Group Inc> has agreed to issue it with 6.15 mln
common shares of one U.S. Cent par-value at 1.72 stg each.
    The two groups have also begun exploratory talks on a
possible merger of the Holmes business with the compatible
businesses of Wormald, comprising some or all of its fire
protection and security businesses in the Americas and Europe,
Wormald said in a statement.
    The issue of shares in the New York-based Holmes is
conditional upon shareholder approval at a general meeting.
    Wormald said its stake will represent 9.99 pct of Holmes'
existing issued shares and 9.09 pct of the enlarged capital.
    The issue will raise 10.6 mln stg which will be used for
further development of the Holmes business.
    Wormald said the businesses of the two groups are largely
complementary in terms of both geographical spread and the
nature of their activities, with Holmes concentrating on
burglar alarms and Wormald on fire systems.
    Holmes's operations are concentrated in and around New York
amd Miami. It earned 11 mln U.S. Dlrs pre-tax in its last
reported full year, 1985, and 6.0 mln in first half 1986.
 REUTER
3;
bodyend
documentend
documentstart
13539
topicstart
meal-feed
topicend
bodystart
2;

WEST GERMAN 1986 OIL MEALS, CAKES USE UP


    HAMBURG, April 7 - 
West German consumption of oilmeals and
oil cakes last year rose by 2.4 pct to 6.3 mln tonnes, the
agriculture ministry said.
    It said in a statement the increase was exclusively due to
sharply higher use of rape products, which went up by 8.9 pct
to 1.08 mln tonnes.
    Use of soy products dropped 7.2 pct to 2.89 mln tonnes, it
added.
 REUTER
3;
bodyend
documentend
documentstart
13540
topicstart
topicend
bodystart
2;

SUMITA SEES REAGAN BONDS FEASIBLE, SAYS NEWSPAPER


    TOKYO, April 7 - 
Bank of Japan Governor Satoshi Sumita said
he would support the issuance of Reagan bonds, yen-denominated
U.S. Government securities, if it was considered appropriate, a
Japanese daily paper reported.
    The Sankei Shimbun quoted Sumita as saying in an interview
"It (Reagan bond) is a very feasible idea," speaking in the
context of the effectiveness of such bonds in halting the
dollar's decline.
    Asked how he would respond to the idea if it were brought
up at any Group of Five meeting in Washington later this week,
the paper quoted him as saying "I will back it up."
    But Sumita said the market still has confidence in the
dollar, and one must be careful in associating the current
dollar decline with anything like a free fall, the paper said.
    In 1978, the administration of then president Jimmy Carter
floated government securities worth four billion dlrs in marks
and Swiss francs to try to halt the the dollar's depreciation.
    A Bank of Japan spokesman confirmed that the newspaper
report was basically correct.
    But a senior central bank official told Reuters that as far
as he knew, the idea was not being seriously considered now,
either in the U.S. Or in Japan.
 REUTER
3;
bodyend
documentend
documentstart
13542
topicstart
crude
ship
topicend
bodystart
2;

KUWAIT MAY RE-REGISTER GULF TANKERS - NEWSPAPER


    NEW YORK, April 7 - 
Kuwait may re-register part of its
tanker fleet with foreign flag jurisdictions, including the
U.S. And USSR, in an attempt to protect them from Iranian
missile attacks in the Gulf war zone, U.S. Officials were
quoted by the New York Times as saying.
    The transfers would allow the country of registration to
escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier
declined an offer of U.S. Naval escorts as too public an
admission of its need for protection, they said.
    Kuwait is also looking at flagging-out to European
registries, the officials said.
    Soviet flag tankers transporting Kuwaiti oil through the
Gulf may get Soviet escorts, the officials said.
    Kuwait had earlier considered having both USSR and U.S.
Escorts, but the U.S. Was unwilling to give the Soviet Union a
naval role in the region, the newspaper quoted the officials as
saying.
    Kuwait has backed Iraq in the seven-year war against Iran
and its ships have increasingly been the target of Iranian
attacks.
    The U.S. And Kuwait have been negotiating for over a month
on methods of protecting Kuwaiti ships.
 REUTER
3;
bodyend
documentend
documentstart
13543
topicstart
interest
topicend
bodystart
2;

CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT


    SYDNEY, April 7 - 
<
Chase-AMP Bank Ltd> said it will lower
its prime lending rate to 17.75 pct from 18.25, effective
tomorrow.
    The bank is the first to lower its prime rate below the 18
pct set by a few banks in the last few days in a continuation
of a downward trend which began late last month.
    Other prime rates range from 18.25 to 18.5 pct, with the
majority on 18.25.
    The bank said the reduction reflected the recent downturn
in money market rates, the improved economic outlook and
adequate liquidity in the second quarter tax rundown period.
 REUTER
3;
bodyend
documentend
documentstart
13544
topicstart
money-fx
dlr
yen
topicend
bodystart
2;

JAPAN CENTRAL BANK INTERVENES IN TOKYO AFTERNOON


    TOKYO, April 7 - 
The Bank of Japan intervened in early
afternoon Tokyo trading to support the dollar against active
selling by institutional investors and speculative selling by
overseas operators, dealers said.
    The central bank had also bought dollars against the yen in
morning trade.
    The dollar traded around 145.20/30 yen when trading began
in the afternoon here and weakened only slightly, the dealers
said.
 REUTER
3;
bodyend
documentend
documentstart
13552
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN 224 MLN STG ASSISTANCE


    LONDON, April 7 - 
The Bank of England said it had provided
the money market with 224 mln stg help in the morning session.
This compares with the Bank's forecast of a shortage in the
system today of around 850 mln stg which it earlier revised up
from 800 mln.
    The central bank bought bank bills comprising 27 mln stg in
band one at 9-7/8 pct, 21 mln stg in band two at 9-13/16 pct
and 171 mln stg in band three at 9-3/4 pct.
    It also purchased three mln stg of treasury bills and two
mln stg of local authority bills in band three at 9-3/4 pct.
 REUTER
3;
bodyend
documentend
documentstart
13559
topicstart
ipi
topicend
bodystart
2;

EC INDUSTRIAL PRODUCTION GROWTH HALTS IN JANUARY


    LUXEMBOURG, April 7 - 
Industrial production in the European
Community (EC) in January showed no growth compared with
January 1986, the EC statistics office, Eurostat, said in a
report.
    It said the EC industrial production index, base 1980,
stood at 103.9 in both months.
    EC officials said while the lack of growth may have been
due in part to the icy weather which gripped large parts of the
EC in January, it also reflects a worrying trend.
    Eurostat said for the last three months for which figures
are known, industrial output rose by only 0.9 pct compared with
the year-earlier period.
    Annual growth in the 12 months to January averaged about
1.8 pct, well below the 2.8 pct figure recorded in the 12
months ending last June, the office said.
 REUTER
3;
bodyend
documentend
documentstart
13573
topicstart
topicend
bodystart
2;

ITALIAN CERTIFICATE OFFER HAS HIGHER YIELDS


    ROME, April 7 - 
The Italian Treasury said it would offer
2,500 billion lire of indexed government discount certificates
at rates slightly higher than on the preceding issue.
    The seven-year certificates carry a first-year coupon,
payable April 21 1988, of 4.86 pct, identical to that on the
preceding issue in March.
    They will be offered at a base price of 72 lire, down from
74 previously, for an effective net annual yield on the first
coupon of 10.15 pct against 9.66 in March. Yields after the
first year will be linked to rates on 12-month Treasury bills.
    Subscriptions to the issue close April 17.
 REUTER
3;
bodyend
documentend
documentstart
13611
topicstart
crude
topicend
bodystart
2;

OCCIDENTAL 
<
OXY> IN BIG PERU HEAVY OIL FIND


    LOS ANGELES, April 7 - 
Occidental Petroleum Corp said the
Shiviyacu-23 development well on Block 1-AB in the Peruvian
Amazon jungle is producing 6,593 barrels of 22 degree gravity
oil per day from depths of 9,543 to 9,547 and 9,556 to 9,599
feet.
    The company said it is drilling a new exploration well on
the block, Southeast Shiviyacu-1, 2.5 miles away.
 Reuter
3;
bodyend
documentend
documentstart
13612
topicstart
topicend
bodystart
2;

ATARI 
<
ATC> CANCELS DOMESTIC DEBT OFFERING


    SUNNYVALE, Calif., April 7 - 
Atari corp said it has
canceled a planned 75 mln dlr domestic offering of convertible
subordinated debentures in favor of an overseas offering.
    Yesterday, in London, lead underwriter PaineWebber Group
Inc 
<
PWJ> announced a planned offering of 75 mln dlrs of Atari
convertible debentures due 2002 with an indicated coupon of
five to 5-1/4 pct.
    Atari said the debentures will not be available for U.S.
resal until at least 90 days after completion of the offering
abroad.
 Reuter
3;
bodyend
documentend
documentstart
13615
topicstart
earn
topicend
bodystart
2;

LIEBERMAN ENTERPRISES INC 3RD QTR FEB 28 NET


    MINNEAPOLIS, April 7 -
    
Shr 51 cts vs 46 cts
    Shr diluted 44 cts vs 41 cts
    Net 2,267,000 vs 2,055,000
    Sales 87.3 mln vs 70.4 mln
    Nine mths
    Shr 1.20 dlrs vs 1.12 dlrs
    Shr diluted 1.07 dlrs vs 1.03 dlrs
    Net 5,318,000 vs 4,958,000
    Sales 243.7 mln vs 198.7 mln
 Reuter
3;
bodyend
documentend
documentstart
13633
topicstart
crude
topicend
bodystart
2;

BP SCOTTISH REFINERY SET TO RESTART THIS WEEK


    LONDON, April 7 - 
The British Petroleum 
<
BP.L> Co Plc's
refinery at Grangemouth, Scotland, shut down after an explosion
and fire in the hydrocracker on March 22, will probably be back
in operation towards the week-end, a refinery spokesman said.
    He said the refinery will resume at about half its 178,500
barrels per day (bpd) capacity, as work on overhauling the
North Side of the complex, which began at the end of January,
will not be completed before the end of April.
    He said the refinery had been closed for longer than
originally expected due to the lengthy safety checks being
carried out prior to restarting.
    The explosion and fire, in which one worker was killed,
caused extensive damage to the central part of the 32,000
hydrocracker and the spokesman said today this unit would be
out of operation for several months. The remainder of the
refinery, including the 19,000 catalytic cracker, was
undamaged.
    He said inquiries into the accident, which happened while
the hydrocracker was not in operation, were continuing.
    In an earlier incident, two people were killed in an
explosion and fire at the refinery on March 13.
 REUTER
3;
bodyend
documentend
documentstart
13649
topicstart
trade
topicend
bodystart
2;

BRITAIN WARNS JAPAN OVER TRADE ROW


    By Rich Miller, Reuters


    TOKYO, April 7 - 
British corporate affairs minister Michael
Howard told Japan to resolve the row over the U.K. Firm Cable
and Wireless Plc's 
<
CAWL.L> shareholding in a new Japanese
telecommunications company or face an abrupt deterioration in
trade relations.
    In meetings with both the foreign and telecommunications
ministers Howard said he expressed deep concern about the way
Tokyo had handled the dispute and about the continuing trade
imbalance between the two countries.
    "I put it to the (post and telecommunications) minister that
I was sure he did not want to be responsible for an abrupt
deterioration in the trading relations of our countries which
would have widespread reverberations elsewhere in the world,"
Howard told reporters.
    "He listened very carefully and I have little doubt the
message got home," he added.
    British frustration over the lopsided trade balance -
nearly six billion dlrs in Japan's favour last year - has
reached boiling point over the telecommunications issue, Howard
said.
    Howard has accused Japan of trying to shut out Cable and
Wireless from having a major role in the international
telephone market in Japan.
    "I want a fair crack of the whip for Cable and Wireless as I
want a fair crack of the whip for Britain generally in trading
relations," Howard said. "We simply aren't prepared to continue
to accept the imbalance which has been the position for such a
long time."
    Post and Telecommunications Ministry officials were unable
to comment on Howard's meeting with their minister.
    But Foreign Ministry officials said Foreign Minister
Tadashi Kuranari said that British exports to Japan are
increasing, but acknowledged the continuing imbalance in trade.
    Kuranari said he wants everyone in the telecommunications
dispute, including Cable and Wireless, to be satisfied.
    Howard told reporters that Britain was actively considering
possible retaliatory measures if it did not get its way on the
telecommunications issue.
    "There are measures which are under consideration if we
continue to suffer from the imbalance in our trading relations,"
he added, but gave no details.
    He said he had received a reassuring response from the
Japanese he has spoken with.
    "But of course we've had reassuring signs from the Japanese
for quite some time," he added. "What I've made plain is we
expect to see action."
    Howard ruled out using powers in Britain's Financial
Services bill to retaliate against unfair trade practices.
Those powers, which allow London to ban foreign financial firms
like banks from Britain, are designed to ensure U.K. Firms
equal access to overseas financial markets.
 REUTER
3;
bodyend
documentend
documentstart
13656
topicstart
earn
topicend
bodystart
2;

CARDINAL INDUSTRIES 
<
CDNI> RESTATES NET LOWER


    VERNON, Conn., April 7 - 
Cardinal Industries Inc said it
restated earnings for the first nine months of 1986 to 235,000
dlrs, or nine cts per share, from 485,000 dlrs, or 18 cts,
reported previously due to the failure of an automated
accounting system installed in mid-year and replaced in the
fourth quarter.
    The company said its Reliance segment sustained a
significant operating loss for the full year 1986 due to the
accounting problems and increased promotional and advertising
expenses.  For the full year, it said it earned 284,000 dlrs,
or 10 cts a share, up from 271,000 dlrs, or 10 cts, in 1985.
    Cardinal Industries said revenues for the year were 30.7
mln dlrs, up from 23.0 mln dlrs in 1985.
    The company said for the first quarter of 1987, earnings
were about 48,000 dlrs, up from 13,000 dlrs or nil per share in
the year ago period.  The year-ago first quarter earnings,
however, have been restated from 101,000 dlrs or four cts per
share.  It said sales for the first quarter were about
8,363,000 dlrs, up from 6,636,000 dlrs.
    For the first half of 1986, the company said it restated
earnings to 141,000 dlrs or five cts per share from 340,000
dlrs or 12 cts per share reported previously.
 Reuter
3;
bodyend
documentend
documentstart
13659
topicstart
topicend
bodystart
2;

MICHIGAN GENERAL 
<
MGL> GETS OFFER COMMITMENTS


    SADDLE BROOK, N.J., April 7 - 
Michigan General Corp said
holders of 75 pct of its outstanding 10-3/4 pct senior
subordinated debentures due December 1, 1998, have indicated
their intention to tender under the company's current exchange
offer and to reach an agreement with the company.
    It said it hopes to conclude negotiations with the
debenture holders and its lenders and to conclude the exchange
offer as soon as possible.
    Michigan General in March had said that the exchange offer
would be conditioned on 90 pct acceptance and on its lender
waiving or providing relief from loan agreement defaults.
    Michigan General had also said that the offer would be
conditioned on ratification of amendments to the indenture
governing the 10.75 pct debentures by holders of two thirds of
the issue.
    It had said that if the offer and talks with its lender did
not succeed, it would probably have to file for bankruptcy law
protection.
    Michigan General is offering to exchange 500 dlrs of
increasing rate senior subordinated notes due March 1, 1992,
200 dlrs of non-interest bearing delayed convertible senior
subordinated notes due March 1, 1997 and 2 shares of two dlr
delayed convertible preferred stock with a liquidation value of
25 dlrs a share for each 1,000 dlrs of the debentures.
 Reuter
3;
bodyend
documentend
documentstart
13660
topicstart
dlr
money-fx
topicend
bodystart
2;

EGYPTIAN CENTRAL BANK DOLLAR RATE UNCHANGED


    CAIRO, April 7 - 
Egypt's Central Bak left the dollar rate
for Commercial banks for April 8 unchanged at 1.353/67 pounds.
 REUTER
3;
bodyend
documentend
documentstart
13688
topicstart
ship
topicend
bodystart
2;

BRAZIL SEAMEN'S STRIKE ENDS


    SAO PAULO, April 7 - 
A Brazilian seamen's strike, which
began on February 27 and has been tapering off for weeks, has
now ended, a seamen's spokesman said.
    The spokesman said the seamen had signed an agreement with
the state-owned Lloyd Brasileiro company on Saturday for a 120
pct salary rise.
    The national strike had been tailing off since mid-March as
seamen struck individual accords with companies. At the height
of the stoppage, seamen said about 200 ships were strike-bound.
 Reuter
3;
bodyend
documentend
documentstart
13690
topicstart
gold
reserves
topicend
bodystart
2;

SOUTH AFRICAN GOLD HOLDINGS RISE IN MARCH


    PRETORIA, April 7 - 
South African gold holdings rose 172.56
mln rand to 4.17 billion rand in March after rising 39 mln rand
to 4.0 billion rand in February, Reserve Bank figures show.
    In volume terms gold holdings rose to 5.51 mln ounces in
March from 5.26 mln ounces in February, valued at 757.24 rand
an ounce for March versus 754.59 rand an ounce for February.
    Total gold and foreign assets rose to 6.30 billion rand
from 6.22 billion, of which the gold content increased to 66.22
pct from 64.3 pct.
    Foreign bills remained at zero in March while investments
fell slightly to 105.69 mln rand from February's 106.56 mln
rand and other assets to 2.02 billion rand from 2.11 billion,
the figures showed.
    Total liabilities fell to 12.21 billion rand in March after
rising to 13.62 billion in February.
 REUTER
3;
bodyend
documentend
documentstart
13694
topicstart
copper
topicend
bodystart
2;

MAGMA RAISES COPPER PRICE 0.50 CT TO 66.00 CTS


    NEW YORK, April 7 - 
Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is raising its copper cathode
price by 0.50 cent to 66.00 cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
13695
topicstart
earn
topicend
bodystart
2;
******
INTERCO INC 4TH QTR SHR 99 CTS VS 97 CTS

Blah blah blah.
3;


bodyend
documentend
documentstart
13702
topicstart
nat-gas
topicend
bodystart
2;

KANEB ENERGY 
<
KEP> SAYS JURY RULES FOR IT


    HOUSTON, April 7 - 
Kaneb Energy Partners Ltd, 82 pct owned
by Kaneb Services Inc 
<
KAB>, said a juiry in Circuit Court of
Tuscaloosa County, Ala., has ruled in its favor and that of Jim
Walter Corp 
<
JWC> against Sonat Inc 
<
SNT> in a dispute over a
natural gas sales contract.
    The company said the suit was filed seekiong to enforce
Sonat's obligations under the contract to pay for methane gas
produced by the Brookwood Coal Degasificiation Project in the
Black Warrior Basin of Alabama, which is equally owned by Kaneb
and Jim Walter.
    Kaneb said the jury awarded it and Jim Walter about 22 mln
dlrs for required payments for deliveries through January 1987
plus interest through March 16 -- the full amount sought -- and
rejected Sonat's counterclaim of fraud.
    It said the decision may be appealed.
 Reuter
3;
bodyend
documentend
documentstart
13703
topicstart
topicend
bodystart
2;

RENT-A-CENTER 
<
RENT> SELLS CONVERTIBLE DEBT


    NEW YORK, April 7 - 
Rent-A-Center Inc is raising 35 mln
dlrs via an offering of convertible subordinated debentures due
2012 with a 5-3/4 pct coupon and par pricing, said sole manager
Morgan Stanley and Co Inc.
    The debentures are convertible into the company's common
stock at 40.50 dlrs per share, representing a premium of 25.58
pct over the stock price when terms on the debt were set.
    Non-callable for two years, the issue is rated Ba-3 by
Moody's Investors Service Inc and BB-minus by Standard and
Poor's Corp.
 Reuter
3;
bodyend
documentend
documentstart
13704
topicstart
acq
topicend
bodystart
2;

WHITTAKER 
<
WKR> COMPLETES SALE OF MEDICAL UNIT


    LOS ANGELES, April 7 - 
Whittaker Corp said it has completed
the previously-announced sale of its wholly-oiwned Whittaker
General Medical Corp subsidiary to R.A.B. Holdings Inc for
undisclosed terms.
    Whittaker General Medical has annual revenues of about 450
mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13708
topicstart
earn
topicend
bodystart
2;

STARTEL 
<
STAS> TO HAVE LOSS, SALES DROP


    IRVINE, Calif., April 7 - 
StarTel Corp said it expects to
report a first quartter loss on a 25 to 30 pct revenue fall
from the year-earlier 2,524,000 dlrs.
    The company earned 64,000 dlrs in last year's first quarter.
 Reuter
3;
bodyend
documentend
documentstart
13709
topicstart
earn
topicend
bodystart
2;

DATRON SYSTEMS 
<
DTSI> SEES LOWER YEAR NET


    SIMI VALLEY, Calif., April 7 - 
Datron Systems Inc said it
expects to report a falloff in earnings for the year ended
March 31 of about 25 pct from fiscal 1986 levels.
    In fiscal 1986, Datron earned 1,776,000 dlrs.
    The company said new orders for the year just ended,
however, rose 50 pct to 26 mln dlrs, bringing backlog at
year-end to 19 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13710
topicstart
earn
topicend
bodystart
2;
******
DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
13711
topicstart
acq
topicend
bodystart
2;

ENTERRA CORP 
<
EN> SELLS TWO UNITS


    HOUSTON, April 7 - 
Enterra Corp said it has completed the
sale of its Hale Fire Pump co and Macomson Machine Co
subsidiaries to a company formed by Los Angeles investment firm
McBain, Rose Partners for about 27 mln dlrs in cash.
    Both Hale and Macomson make fire pumps and related
equipment.
 Reuter
3;
bodyend
documentend
documentstart
13714
topicstart
acq
topicend
bodystart
2;

<
FMD INC> IN MERGER AGREEMENT


    DENVER, April 7 - 
FMD Inc said it has agreed to acquire
Bankers Protective Financial Corp for 28,836,000 common shares,
subject to approval by the Texas State Board of Insurance.
    Bankers Protective is a life insurance company based in
Texas.
 Reuter
3;
bodyend
documentend
documentstart
13715
topicstart
earn
topicend
bodystart
2;

<
BEDFORD COMPUTER CORP> YEAR NET


    LONDONDERRY, N.H., April 7 -
    
Shr not given
    Net profit 1,033,000 vs loss 4,346,000
    Sales 6,060,000 vs 5,818,000
    NOTE: Company operating in Chapter 11 bankruptcy.
    1985 sales exclude contract revenues of 3,217,000 dlrs.
    1986 net includes reversal of 597,000 dlrs of reserves no
longer deemed necessary and tax credit 340,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13717
topicstart
earn
topicend
bodystart
2;

INTERCO INC 
<
ISS> 4TH QTR FEB 28 NET


    ST. LOUIS, April 7 -
    
Shr 99 cts vs 97 cts
    Net 31,011,000 vs 30,899,000
    Sales 651.5 mln vs 583.1 mln
    Year
    Shr 3.13 dlrs vs 2.92 dlrs
    Net 98,643,000 vs 92,347,000
    Sales 2.61 billion vs 2.51 billion
    NOTE: 1986 results reflect two-for-one stock split of July
23, 1986
 Reuter
3;
bodyend
documentend
documentstart
13721
topicstart
earn
topicend
bodystart
2;

HOUSEHOLD INT'L 
<
HI> PROJECTS EARNINGS RISE


    PROSPECT HEIGHTS, ILL., April 7 - 
Household International
Inc said it expects its fully diluted earnings per share for
the first quarter to be about 35 pct above the same year-ago
period.
    It also looks for 1987 full-year fully diluted earnings to
be about 20 pct higher than the record 4.31 dlrs a share
reported for 1986.
    Chairman Donald Clark, in remarks prepared for delivery to
New York security analysts, cited increased earnings from
Household Financial Services and "excellent return on equity
from Household Manufacturing, combined with the impact of our
share repurchase program, will result in higher earnings per
share and improved return on equity in 1987."
 Reuter
3;
bodyend
documentend
documentstart
13729
topicstart
grain
wheat
topicend
bodystart
2;

U.K. INTERVENTION WHEAT SOLD TO HOME MARKET


    LONDON, April 7 -  
A total of 14,685 tonnes of British
intervention feed wheat were sold at today's tender for the
home market, the Home Grown Cereals Authority said.
    Bids amounted to 19,115 tonnes against offerings of 31,528.
Prices paid were at, or above, the prevailing intervention feed
wheat price of 120.71 stg per tonne.
    Grain traders said a large part of the tonnage on offer was
in stores, which would mean high transport costs to deficient
areas. The European Commission recently made available 70,000
tonnes for next week's tender.
 Reuter
3;
bodyend
documentend
documentstart
13731
topicstart
topicend
bodystart
2;

BNL UNIT ISSUES 15 BILLION YEN EUROBOND


    LONDON, April 7 - 
A unit of Banca Nazionale del Lavoro is
issuing a 15 billion yen eurobond due May 12, 1992 paying 4-1/2
pct and priced at 101-1/2 pct, market sources said. The joint
bookrunners are Tokai International and Daiwa Europe Ltd.
    The formal name of the borrower is Banca Nazionale del
Lavoro (London Branch) (Through the Law Debenture Corporation
Plc). The non-callable bond is available in denominations of
one mln yen and will be listed in Luxembourg.
    The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct. The payment date is May 11
and there will be a long first coupon period.
 REUTER
3;
bodyend
documentend
documentstart
13735
topicstart
earn
topicend
bodystart
2;

DATA GENERAL 
<
DGN> TO TAKE 2ND QTR CHARGE


    WESTBORO, Mass., April 7 - 
Data General Corp said it
expects to record an extraordinary pretax charge of about 18.2
mln dlrs in the second quarter ended March 28.
    The company said the charge will result from a redemption
of debt. On May 18, Data General said, it will redeem 150 mln
dlrs of outstanding 12-3/8 pct sinking fund debentures due
2015.
    The redemption price will be 111.138 pct of the total
principal amount of notes then outstanding plus accrued
interest to the redemption date, it said.
    No interest will accrue or will be payable on the
debentures starting May 18, the computer and communications
company said.
    Data General reported a loss of 1.8 mln dlrs or six cts a
share for the second quarter ended March 29, 1986. The loss
included a charge of 3.8 mln dlrs from redemption of
debentures. In the year-ago quarter, revenues fell less than
one pct to 318.8 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
13738
topicstart
veg-oil
palm-oil
topicend
bodystart
2;

PALM OIL OUTPUT SEEN DROPPING SHARPLY - OIL WORLD


    HAMBURG, April 7 - 
Malaysian and Indonesian palm oil
production is likely to drop sharply this year, due to lower
yields, the Hamburg-based newsletter Oil World said.
    The publication expects total Malaysian output during
Jan/Sept 1987 to decline by eight pct to 3.05 mln tonnes. For
East Malaysia, it put production during the period at 297,000
tonnes after 312,000 a year earlier and for West Malaysia 2.75
mln compared with just over 3.0 mln during Jan/Sept 1986.
    It said new plantings had slowed markedly in both
countries, but the effects of this will not be felt until
1988-90.
    Above normal yields during recent years resulted in trees
reacting to the stress by changing the sex ratio to more male
inflorescences and/or aborting more female, Oil World said.
    Yields per hectare are also likely to be adversely affected
this year by insufficient rain up to 25 months ago. This could
especially affect trees in West Malaysia during April/June,
while in East Malaysia the impact will be in February/April and
July/Dec, and in Indonesia July/Sept.
    Last year's cut in fertilizer use will hit this year's
yields and bigger effects are expected within the next three
years, Oil World said without elaborating.
    Opening stocks in West Malaysia at the start of this year
were put at only 565,000 tonnes compared with 914,000 in
January 1986, Oil World said.
    West Malaysian net exports are therefore expected to drop
500,000 tonnes to 2.54 mln during Jan/Sept, while those of East
Malaysia are likely to decline by 10 pct to 280,000 tonnes.
    Indonesian palm oil production is forecast to fall about
eight pct during Jan/May, but to rise from June on. Overall
Indonesian output during Jan/Sept is forecast to rise three pct
to 933,000 tonnes. Indonesian stocks as of April 1, however,
are put at only 65,000 tonnes compared with 160,000 a year ago.
    Indonesian export commitments and domestic requirements are
both running at high levels, Oil World said, and it expects the
country's imports to reach a record 110,000 tonnes during
Jan/Sept. The bulk of this will arrive during Feb/May, ahead of
the April elections and the religious Ramadan festival
throughout May, it said.
    Indonesian net exports, therefore, may fall by 29 pct to
350,000 tonnes, Oil World said. The possibility that recent
Indonesian palm oil purchases will not actually enter the
country but be transshipped to other countries to fulfill
Indonesia's export orders cannot be ruled out, it said.
 REUTER
3;
bodyend
documentend
documentstart
13739
topicstart
money-fx
topicend
bodystart
2;

U.K. MONEY MARKET GIVEN FURTHER 284 MLN STG HELP


    LONDON, April 7 - 
The Bank of England said it provided the
money market with a further 284 mln stg assistance in the
afternoon session.
    This takes the bank's total help so far today to 508 mln
stg and compares with its revised estimate of a 900 mln stg
shortage in the system which it earlier revised up from 850
mln.
    The central bank made outright purchases of bank bills
comprising 100 mln stg in band one at 9-7/8 pct, 56 mln stg in
band two at 9-13/16 pct, 112 mln stg in band three at 9-3/4 pct
and 16 mln stg in band four at 9-11/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
13744
topicstart
wheat
barley
topicend
bodystart
2;

SESOSTRIS SELLS 18,000 TONNES BARLEY TO GREECE


    MADRID, April 7 - 
Sesostris, the Spanish subsidiary of the
international grain trader Dreyfus, sold 18,000 tonnes of
barley to Greece for delivery from Mediterranean ports from
April 14 to 30, a company spokesman said. He gave no details on
price.
    The barley has a 14 pct humidity.
 Reuter
3;
bodyend
documentend
documentstart
13753
topicstart
acq
topicend
bodystart
2;

BOW VALLEY 
<
BVI> TO SELL NORWEGIAN SUBSIDIARY


   Calgary, Alberta, April 7 - 
Bow Valley Industries Ltd said
it agreed to sell its wholly owned Norwegian subsidiary to Elf
Aquitaine Norge A/S of Stavanger, Norway for 13 mln Canadian
dlrs.
    The principal asset of the subsidiary, Bow Valley
Exploration Norge A/S, is  an eight pct interest in the Heimdal
gas and condensate field offshore Norway.
    The sale is expected to conclude by the middle of April,
Bow Valley said.
 Reuter
3;
bodyend
documentend
documentstart
13757
topicstart
gold
topicend
bodystart
2;

SYNGOLD DEFINES RESERVES ON DEKA PROPERTY


    Toronto, April 7 - 
<
Syngold Exploration Inc> and 
<
Corp
Falconbridge Copper> said they defined undiluted reserves of
911,000 tons of ore with an average grade of 0.43 ounces of
gold per ton in two separate deposits on the Deka property
located at Noranda, Quebec.
    Assay results from 20 suface holes drilled on 250 foot
centers indicate that the Donalda number one deposit contains
possible reserves of 611,000 tons at an average grade of 0.48
ounces of gold per ton.
    The number one deposit's reserves are contained between a
vertical depth of 750 and 1200 feet at a strike length of 900
feet.
    Reserves of the Donalda number-two deposit, located 1,000
feet below the number-one deposit, were recalculated at 300,000
tons with an average grade of 0.33 ounces of gold per ton.
    Syngold has earned a 20 pct interest in the Deka property
from the operator, Corp Falconbridge Copper.
 Reuter
3;
bodyend
documentend
documentstart
13775
topicstart
acq
topicend
bodystart
2;
******
EMERY AIR FREIGHT SAID HUTTON GROUP ENDS OFFER FOR PUROLATOR COURIER

Blah blah blah.
3;


bodyend
documentend
documentstart
13782
topicstart
topicend
bodystart
2;

INTREPID MUSEUM CONTINUES REORGANIZATION TALKS


    NEW YORK, April 7 - 
The Intrepid Museum Foundation
reiterated that it is continuing negotiations with its official
Bondholders' and creditors' committees concerning the terms of
a Chapter 11 plan of reorganization.
    In December 1986, the museuem said it proposed a 20 pct
cash payment to its bondholders and a 12.5 pct cash payment to
the unsecured creditors. The museum said it is hopeful of
filing a plan in the near future.
    The museum said it has 15.2 mln dlrs principal amount of
gross revenue bonds outstanding, and approximately 1,350,000 of
unsecured debt.
 Reuter
3;
bodyend
documentend
documentstart
13787
topicstart
acq
topicend
bodystart
2;

NORANDA BUYS SHARES OF SANIVAN GROUP


    Toronto, April 6 - 
<
Noranda Inc> said it agreed to buy an
initial 1,000,501 treasury shares of 
<
Sanivan Group Inc> at
5.25 dlrs per share.
    Noranda also has an option until June 30, 1988, to acquire
an additional 1,000,501 Sanivan treasury shares at 5.75 dlrs
per share.
    Sanivan is the largest hazardous waste management company
in Canada.
 Reuter
3;
bodyend
documentend
documentstart
13790
topicstart
acq
topicend
bodystart
2;

HUTTON 
<
EFH> ENDS PUROLATOR 
<
PCC> BID


    WILTON, Conn., April 7 - 
Emery Air Freight Corp said it has
entered into an agreement with E.F. Hutton Group Inc EFH under
which Hutton will terminate its merger agreement with Purolator
Courier Corp and its pending 35-dlr-per-share tender offer,
effective April 13.
    Under its merger agreement, Hutton has the right to
unilaterally terminate the merger agreement under certain
circumstances, including its receipt of less than 66-2/3 pct of
Purolator shares or the start of a higher competing tender
offer, such as Emery's competing 40 dlr per share offer for
Purolator stock.
    Yesterday, Hutton's PC Acquisition Corp subsidiary extended
its tender offer, which was to have expired at midnight, for
two more days.  It said it only about 450,000 shares, or 6.5
pct, of Purolator shares had been tendered and not withdrawn,
down from an 11.5 pct interest held earlier.
    Emery's bid expires April 28.
    Emery said pending the termination of PC Acquisition's
merger agreement, PC has released Purolator from an agreement
not to discuss Emery's acquisition proposal with Emery. Emery
said as a result it is renewing its request that Purolatr enter
into merger negotiations with it.
    Emery said if it were to acquire 51 pct of Purolator shares
or control of the Purolator board, it has agreed not to dispute
PC Acquisition's right to receive fees that Purolator agreed to
pay if PC were unsuccessful in acquiring control of Purolator
due to the acquisition of control by another party.
    The company said it has also agreed to let Purolator pay
all of PC Acquisition's documented expenses in connection with
the merger agreement up to three mln dlrs and Emery has agreed
to pay the amounts itself should Purolator fail to do so.
 Reuter
3;
bodyend
documentend
documentstart
13791
topicstart
gold
reserves
topicend
bodystart
2;

SOUTH AFRICAN GOLD HOLDINGS RISE IN MARCH


    PRETORIA, April 7 - 
South Africa gold holdings rose 172.56
mln rand to 4.17 billion rand in March after rising 39 mln rand
to 4.0 billion in February, Reserve Bank figures show.
    In volume terms gold holdings rose to 5.51 mln ounces in
March from 5.26 mln ounces in February, valued at 757.24 rand
an ounce for March versus 754.59 rand an ounce for February.
    Total gold and foreign assets rose to 6.30 billion rand
from 6.22 billion, of which the gold content increased to 66.22
pct from 64.3 pct.
    Foreign bills remained at zero in March while investments
fell slightly to 105.69 mln rand from February's 106.56 mln
rand and other assets to 2.02 billion rand from 2.11 billion,
the figures showed. Total liabilities fell to 12.21 billion
rand in March after rising to 13.62 billion in February.
 Reuter
3;
bodyend
documentend
documentstart
13795
topicstart
grain
barley
topicend
bodystart
2;

SPAIN TO SELL BARLEY TO SAUDI ARABIA


    MADRID, April 7 - 
Spain will shortly sign with Saudi Arabia
an order for barley for April/May delivery, trade sources said.
    They gave no details on amounts or prices, but said it
would be a "major" order.
    Saudi Arabia bought 500,000 tonnes of Spanish barley last
year.
 Reuter
3;
bodyend
documentend
documentstart
13798
topicstart
topicend
bodystart
2;

FRANCE'S CNA ISSUES 120 MLN ECU EUROBOND


    PARIS, April 7 - 
Caisse Nationale des Autoroutes is issuing
a 120 mln ecu, 7-3/8 pct bond due May 15, 1995 at 101-3/4 pct,
lead manager Credit Lyonnais (CL) said.
    The non-callable issue of senior debt, guaranteed by
France, has fees of 1-1/4 pct for selling and 5/8 pct for
management and underwriting including a 1/8 pct praecipuum.
    "A management group is being put together and we are selling
well inside the fees," a CL spokesman said.
    Payment date is May 15, denominations are of 1,000 and
10,000 ECUs and listing is in Luxembourg.
    Co-leads are Shearson Lehman and Nippon European Bank SA.
 REUTER
3;
bodyend
documentend
documentstart
13831
topicstart
money-fx
dlr
topicend
bodystart
2;
******
VOLCKER SAYS FURTHER SIZEABLE DECLINE IN DOLLAR COULD BE COUNTERPRODUCTIVE

Blah blah blah.
3;


bodyend
documentend
documentstart
13834
topicstart
coffee
topicend
bodystart
2;

BRAZILIAN COFFEE RAINFALL


    SAO PAULO, APRIL 7 - 
THE FOLLOWING RAINFALL WAS RECORDED IN
THE AREAS OVER THE PAST 24 HOURS
    PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL,
MARINGA NIL.
    SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL,
FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL.
    MINAS GERAIS STATE: GUAXUPE 33.0 MILLIMETRES, TRES PONTAS
5.0 MM. REUTER
3;
bodyend
documentend
documentstart
13836
topicstart
trade
topicend
bodystart
2;
******
VOLCKER SAYS EXCHANGE RATE ADJUSTMENT ENOUGH TO NARROW U.S. TRADE DEFICIT

Blah blah blah.
3;


bodyend
documentend
documentstart
13842
topicstart
trade
topicend
bodystart
2;
******
VOLCKER SAYS REDUCING U.S. BUDGET DEFICIT NEEDED TO IMPROVE TRADE BALANCE

Blah blah blah.
3;


bodyend
documentend
documentstart
13849
topicstart
trade
topicend
bodystart
2;
******
VOLCKER SAYS MORE STIMULUS ABROAD NEEDED FOR ADJUSTMENTS IN TRADE BALANCES

Blah blah blah.
3;


bodyend
documentend
documentstart
13852
topicstart
grain
wheat
corn
sorghum
barley
oat
topicend
bodystart
2;

GRAIN RESERVE HOLDINGS -- USDA


    WASHINGTON, April 7 - 
The U.S. Agriculture Department gave
a preliminary breakdown of grain in the Farmer-Owned Grain
Reserve as of April 1, with comparisons, based on telephone
reports from farmers filed with the department's Kansas City
field office, in mln bushels --
           April 1   Previous
 Wheat     657.6      659.7
 Corn    1,406.5    1,397.0
 Sorghum    95.8       95.5
 Barley    122.1      122.0
 Oats        3.7        3.7
 
 Reuter
3;
bodyend
documentend
documentstart
13854
topicstart
earn
topicend
bodystart
2;

ON-LINE SOFTWARE 
<
OSI> 3RD QTR FEB 28 NET


    FORT LEE, N.J., April 7 -
    
Shr primary 34 cts vs 17 cts
    Shr diluted 33 cts vs 17 cts
    Net 1,487,000 vs 686,000
    Rev 19.8 mln vs 8.8 mln
    Nine months
    Shr primary 77 cts vs 43 cts
    Shr diluted 75 cts vs 43 cts
    Net 3,240,000 vs 1,710, 000
    Rev 42.2 mln vs 25.0 mln
    NOTE: Company's full name is On-Line Software International
Inc.
    The qtr and year-to-date results include the operations,
since the end of October 1986, of a business purchase from
Martin Marietta Corp 
<
ML>.
    In fiscal 1987 ending May 31 the company initially adopted
FASB statement number 86 and, as required, capitalized certain
software deveopment costs. During the qtr and nine months
period ended Febraury 28, 1987 the company capitalized pre-tax
amounts of 746,000 dlrs and 1,445,000 dlrs of development
costs, respectively.
 Reuter
3;
bodyend
documentend
documentstart
13856
topicstart
grain
wheat
corn
sorghum
barley
topicend
bodystart
2;

GRAIN RESERVE HOLDINGS BREAKDOWN


    WASHINGTON, April 7 - 
The U.S. Agriculture Department gave
the following breakdown of grain remaining in the farmer-owned
grain reserve as of April 1, in mln bushels, by reserve number
--
             I    II  III    IV      V      VI
 Wheat      nil  nil  0.1   0.3    10.5  479.7
 Corn        --   --   --   4.1 1,231.9     --
 Sorghum-x   --   --   --   0.1    38.8     --
 Barley      --   --   --   0.1    73.9     --
 x - mln cwts. Note - USDA says above totals may not match
total in reserve numbers.
 Reuter
3;
bodyend
documentend
documentstart
13869
topicstart
money-fx
dlr
trade
topicend
bodystart
2;

RUDING AGAINST FURTHER DOLLAR FALL, TRADE CURBS


    WASHINGTON, April 7 - 
Shifts in domestic economic policy,
not a further fall in the dollar or trade restrictions, are the
key to reducing imbalances in trade and payments, Dutch Finance
Miniister H. Onno Ruding said.
    Ruding told a meeting of the World Trade Forum here that
protectionism would naturally lead to retaliation and aggravate
the problems of heavily indebted developing countries.
    "The main contribution towards resolving the still enourmous
U.S. trade deficit is not repeat not a further fall in the
dollar, is not still more protectionism in your country."
    "No, it is - like in other countries - changes in domestic
economic and financial policies," Ruding said.
    Ruding said he was less worried about a crisis of the
weakening dollar than he was in January before the Paris accord
to stabilize foreign exchange rates.
    He said the highest priority should be given to policy
changes in the United States, especially reducing the budget
deficit and encouraging domestic savings.
    But he said other countries, such as Japan and West
Germany, also needed to take greater steps toward reducing
their trade surpluses.
 Reuter
3;
bodyend
documentend
documentstart
13870
topicstart
acq
topicend
bodystart
2;

CAROLYN BEAN 
<
CBEN> COMPLETES ACQUISITION


    SAN FRANCISCO, April 7 - 
Carolyn Bean Publishing Ltd said
it has completed the acquisition of greeting card company
Millen Cards, which had sales of over 1,500,000 dlrs in 1986,
for undisclosed terms.
    The company said 90 pct of Millen's cards have been sold in
the northeast and mid-Atlantic states, but Bean expects to
increase sales to 2,500,000 dlrs this year by distributing the
line nationally.
    Millen specializes in Jewish religious cards and also sells
traditional greeting cards.
 Reuter
3;
bodyend
documentend
documentstart
13874
topicstart
acq
topicend
bodystart
2;

CHESAPEAKE 
<
CSK> SEEKS TO SELL UNIT


    WEST POINT, Va., April 7 - 
Chesapeake Corp said it has
retained Salomon Inc 
<
SB> to help it sell Plainwell Paper Co
Inc, a maker of premium coated and uncoated printing papers and
technical specialty papers with a capacity of 85,000 short tons
a year.
    The company said it has decided to sell Plainwell in ordfer
to focus on the production of kraft and tissue products,
containers and treated wood products.
 Reuter
3;
bodyend
documentend
documentstart
13877
topicstart
copper
zinc
topicend
bodystart
2;

BALL 
<
BLL> TO SUPPLY PENNY BLANKS TO MINTS


    MUNCIE, IND., April 7 - 
Ball Corp said it was awarded a
one-year 12,750,000 dlr contract to supply copper-plated zinc
penny blanks to the U.S. mints in Philadelphia and Denver.
    The new contract, effective in June, calls for shipping
23,200,000 pounds of blanks to the mint in Philadelphia and
7,600,000 pounds to Denver. It said the blanks will be
manufactured in Greenville, Tenn.
    Ball began supplying blanks to the San Francisco and West
Point mints in 1981 when the penny's content was changed to
zinc from copper.
 Reuter
3;
bodyend
documentend
documentstart
13881
topicstart
topicend
bodystart
2;

BRIERLEY UNIT ISSUES 100 MLN DLR EUROBOND


    LONDON, April 7 - 
Brierley Investments Overseas NV is
issuing a 100 mln dlr eurobond due April 30, 1992 paying 8-1/4
pct and priced at par, lead manager Banque Paribas Capital
Markets said.
    The non-callable bond is available in denominations of
5,000 dlrs and will be listed in Luxembourg.
    The selling concession is 1-1/4 pct while management and
underwriting combined pays 5/8 pct.
    The issue is guaranteed by Brierley Investments Ltd.
Payment date is April 30.
 REUTER
3;
bodyend
documentend
documentstart
13889
topicstart
trade
topicend
bodystart
2;
******
VOLCKER URGES INDUSTRIAL NATIONS TO KEEP TRADE MARKETS OPEN TO FOSTER GROWTH

Blah blah blah.
3;


bodyend
documentend
documentstart
13890
topicstart
earn
topicend
bodystart
2;

TYCO LABORATORIES 
<
TYC> 3RD QTR FEB 28 NET


    EXETER, N.H., April 7 -
    
Shr primary 58 cts vs 66 cts
    Shr diluted 54 cts vs 66 cts
    Net 10.1 mln vs 11.4 mln
    Revs 266.2 mln vs 194.6 mln
    Avg shrs 17.4 mln vs 17.1 mln
    Nine mths
    Shr primary 1.78 dlrs vs 1.58 dlrs
    Shr diluted 1.65 dlrs vs 1.58 dlrs
    Net 30.9 mln vs 27.1 mln
    Revs 823.8 mln vs 511.0 mln
    Avg shrs 17.4 mln vs 17.3 mln
    NOTE: prior qtr and nine mths include 3.1 mln dlrs, or 18
cts per share, from gain on partial settlement on an insurance
claim.
    nine mths 1987 includes seven cts gain for partial
settlement on an insurance claim.
   Results of Flow Control operations have been included since
its acquisition from ITT Corp on Jan 31 1986.
   nine mths prior includes extraordinary gain 2.3 mln dlrs, or
14 cts per share, for replacement of a pension plan.
 Reuter
3;
bodyend
documentend
documentstart
13895
topicstart
topicend
bodystart
2;

WORLD BANK LOAN RAISED TO 450 MLN GUILDERS


    AMSTERDAM, April 7 - 
A 6.25 pct, 10-year loan for the World
Bank, originally 300 mln guilders, has been raised by 150 mln
guilders at an issue price of 99.50 pct, lead-manager Algemene
Bank Nederland NV said.
    Subscriptions for this second tranche close April 14 and
payment date is April 27.
    Redemption is on March 1, 1997, the same date as the first
tranche, which was also issued at 99.50 pct.
    Complete details on the syndicate were not available.
    Amsterdam-Rotterdam Bank NV is co-lead and a number of
Dutch and British banks will complete the syndicate.
 REUTER
3;
bodyend
documentend
documentstart
13899
topicstart
topicend
bodystart
2;

BELGIUM LAUNCHING UNLIMITED EURO-CP PROGRAM


    LONDON, April 7 - 
Belgium is launching a euro-commercial
paper program for an unlimited amount, with the issue planned
immediately after signing in mid-May, First Chicago Ltd said as
arranger.
    Dealers will be Chase Investment Bank Ltd, Citicorp
Investment Bank Ltd, Salomon Brothers International Ltd, Swiss
Bank Corp International Ltd and First Chicago. Issuing and
paying agent is First Chicago Clearing Centre.
    Paper will be issued in minimum denominations of 500,000
dlrs with maturities of up to 365 days. There will be a
multi-currency option.
 REUTER
3;
bodyend
documentend
documentstart
13900
topicstart
earn
topicend
bodystart
2;

GOLD FIELDS OF S. AFRICA PROFIT FALLS IN QUARTER


    JOHANNESBURG, April 7 - 
1ST QTR TO MARCH 31
    Working profit 487.50 mln rand vs 559.59 mln
    Tax 274.28 mln vs 302.15 mln
    Net 264.32 mln vs 300.99 mln
    Tonnes milled 3.74 mln vs 3.72 mln
    Gold production 30,865 kgs vs 30,236 kgs
    Gold revenue 846.05 mln rand vs 907.36 mln
    Working costs 358.56 mln vs 347.77 mln
    Avg price per kg 27,371 rand vs 29,964
    NOTE - Full name of company is Gold Fields of South Africa
    Ltd 
<
GLDF.J>.
 Reuter
3;
bodyend
documentend
documentstart
13903
topicstart
money-fx
dlr
trade
topicend
bodystart
2;

VOLCKER WARNS AGAINST SIZEABLE DLR DECLINE


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said a further large drop in the value of the dollar
could be counterproductive for world economic growth.
    Testifying before the Senate Banking Committee, Volcker
said that Europe and Japan were slowing exports and that growth
in those countries was also decreasing.
    "In that kind of situation, further sizeable depreciation
of the dollar could well be counterproductive," he said.
    Domestic expansion in foreign industrial countries has not
been enough to offset the effects of slower exports, Volcker
said.
    On the value of the dollar, Volcker said he could not say
whether it should be higher or lower to restore balance in
trade.
    "What we do know is that a substantial exchange rate
adjustment has already been made," he said.
    "That adjustment should be large enough, in a context of a
growing world economy and fiscal restraint in the United
States, to support the widespread expectations of a narrowing
in the real trade deficit in the period ahead," he said.
    Volcker said U.S. exports were now growing substantially
while import growth should slow.
    Volcker said that to improve the trade deficit with a
minimum of inflationary pressure, the United States would have
to slow its spending growth.
    It would also have to achieve a better balance between
investment and domestic savings if it wants to be able to
dispense with foreign capital.
    "The constructive way to work in the needed direction would
be to reduce our budget deficit, year by year, paving the way
for improvements in our trade accounts," he said.
    Relying on depreciation of the dollar alone would risk
renewed inflation, he said.
 Reuter
3;
bodyend
documentend
documentstart
13904
topicstart
earn
topicend
bodystart
2;

WALL STREET STOCKS/MARION LABS 
<
MKC>


    NEW YORK, April 7 - 
Marion Laboratories Inc's stock rose
sharply today after the company presented a bullish earnings
scenario at a meeting for pharmaceutical analysts Monday,
traders and analysts said.
    The company said it expects earnings for fiscal 1987,
ending June 30, to rise more than 75 pct over a year ago.
    That pronouncement encouraged analyst David Crossen of
Sanford C. Bernstein and Co to raise his earnings estimates for
the company to 1.28 dlrs a share in 1987, compared to his
previous estimate of 1.20 dlrs a share. Last year the company
earned 70 cts a share.
    Marion's stock gained 3-1/4 to 75-1/2.
    At the meeting of pharmaceutical analysts, Marion's
president Fred Lyons Jr. said Wall Street eanrings estimates of
1.10-1.15 dlrs a share for fiscal 1987 "are expected to cause
even the aggressive side of this range to be 10 to 15 cts low."
    Lyons said the strong performance in the second half of
this year will result from the fourth quarter introduction of
90 mg and 120 mg Cardizem tablets. Analyst Crossen said that
Cardizem, which treats angina, is also expected to be approved
for the treatment of hypertension by the end of the year.
    Crossen said "because Marion is still just a small company,
the growth of Cardizem is having a big impact on the bottom
line." He raised fiscal 1988 earnings estimates to 2.15 dlrs a
share from his previous estimate of 2.05 dlrs a share.
    "The company has a broad new product pipeline in the
industry and as far as I am concerned, it is the most
innovative company in the business," he said.
    For the five years through 1991, Crossen expects Marion to
have a growth rate of 55 pct.
 Reuter
3;
bodyend
documentend
documentstart
13908
topicstart
trade
topicend
bodystart
2;

U.S. CALLS FOR GREATER GATT CHECKS ON TRADE


    GENEVA, April 7 - 
The United States has appealed for
stronger powers for the General Agreement on Tariffs and Trade
(GATT) to enforce world trade rules.
    The call by U.S. Deputy Trade Representative Michael Smith
at a special committee meeting into the future of GATT follows
a series of bilateral trade rows which have clouded efforts by
the 93-nation body to promote fair trade.
    Today's meeting was part of the Uruguay trade round
launched by ministers last September. The round, which covers
13 areas of trade in agriculture, manufactured goods and
services will take four years to negotiate.
    Smith called for boosting GATT's links with financial
institutions such as the International Monetary Fund and World
Bank. He also urged greater involvement of trade ministers to
ensure the success of the Uruguay Round.
    "The GATT as an institution needs to be strengthened to
assure that the GATT plays its proper role in management of the
world trading system and the global economy," Smith said.
    "Rules can and will be ignored if the institution is weak,
or perceived as unable to adapt to the changing world economy."
    He also also urged that member states be accountable to
each other for their trade policies.
    Smith, who flies to Brussels today for talks with European
Community (EC) officials, told Reuters the committee wanted to
stress GATT's importance and did not discuss specifics.
    "We are interested in more periodic ministerial
involvement...Whether in formal or informal meetings," he said.
    GATT's ruling council is due to hear a complaint from the
12-nation EC on April 15 about the U.S.-Japanese accord on
semiconductors. The EC charges the accord breached GATT trade
rules by allowing Tokyo to set minimum prices for Japanese
chips sold in third countries and is requesting a GATT dispute
panel be set up to review the agreement.
    President Reagan, who strongly supported the Uruguay trade
round to promote freer trade, has said Washington will impose
tariffs against Japanese electronic goods.
    He said Tokyo had not shown willingness to open its markets
to U.S. Exports.
 REUTER
3;
bodyend
documentend
documentstart
13915
topicstart
oilseed
soybean
soy-oil
topicend
bodystart
2;

CHINA SOYBEAN OUTPUT DOWN SLIGHTLY - USDA REPORT


    WASHINGTON, April 7 - 
China's soybean crop this year is
forecast at 11.5 mln tonnes, down slightly from 11.55 mln
estiamted for last year, the U.S. Agriculture Department's
officer in Peking said in a field report.
    The report, dated April 2, said Chinese imports this year
are projected at 300,000 tonnes unchanged from last year's
level.
    Exports are forecast to increase to 1.0 mln tonnes from
800,000 tonnes exported last year, the report said.
    Imports of soybean oil are estimated at 200,000 tonnes,
also unchanged from last year.
 Reuter
3;
bodyend
documentend
documentstart
13919
topicstart
dlr
dmk
money-fx
topicend
bodystart
2;

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES


    ANKARA, April 7 - 
The Turkish Central Bank set a
Lira/Dollar rate for April 8 of 784.50/788.42 to the Dollar,
down from the previous 784.35/788.27.
    The Bank also set a Lira/Mark rate of 430.60/432.75 to the
Mark, down from the previous 429.35/431.50.
3;
bodyend
documentend
documentstart
13946
topicstart
trade
topicend
bodystart
2;

VOLCKER URGES QUICK AID TO DEBTOR NATIONS


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said that debtor nations have made much progress in
laying the groundwork for economic growth, but a solution to
world debt difficulties was endangered by inaction on new
financing.
    "There is clearly a danger that adequate financing
arrangements are not being negotiated and put in place in a
timely way," Volcker told the Senate Banking Committee.
    The borrowing countries need to be able to proceed with
confidence that the necessary funds will be available to them,
he said.
    Brazil has the potential for becoming a leading world
economic power, but it is in a difficult position today,
Volcker said.
    He said it will take a concerted effort to regularize
Brazil's external payments.
    "The key prerequisite is clearly in the hands of Brazilian
authorities," he said.
    Both Brazil and its creditors have a strong incentive to
work together, Volcker said.
    Regarding trade imbalances, Volcker said that it was
critically important that markets be kept open by the
industrial nations.
    In addition, the United States must reduce its budget
deficit and foreign nations need to provide stimulus to their
domestic economies, Volcker said.
    "We need time for those actions and the earlier
depreciation to work their effects," he said.

 Reuter
3;
bodyend
documentend
documentstart
13949
topicstart
money-supply
money-fx
topicend
bodystart
2;

BUNDESBANK RETAINS MONEY SUPPLY POLICY


    FRANKFURT, April 7 - 
Bundesbank council member Lothar
Mueller said the bank has not given up its money supply policy
and that restraining money supply growth does not always mean
pushing up interest rates.
    Mueller said in an article for the Boersen Zeitung
financial daily that a monetary policy which took into account
exchange rate expectations and capital flows could not be
confused with an exchange rate oriented policy.
    The article followed international press speculation that
the Bundesbank had abandoned money supply targetting in favour
of an exchange rate policy.
    Mueller, a member of the Bundesbank council in his position
as president of the regional state central bank in Bavaria,
noted that the Bundesbank's decision in January to cut leading
interest rates amid continuing strong monetary growth had led
some people to think it was dropping monetary targetting.
    "Simply to ignore the external economic context would be
risky and dangerous for monetary policy," he explained.
    Mueller said the cuts in official interest rates had put an
end to interest rate speculation. The Bundesbank could now
assume that upward pressure on the mark would ease and currency
inflows slow down.
    Lower money market rates, achieved by widening short and
long term interest rate differentials, also encouraged
investors to re-invest funds parked in liquid accounts, Mueller
said.
    The measures therefore aimed clearly at bringing monetary
growth back onto the desired path, he said.
    "Finally, of course, and there is no need to keep this
quiet, the cut in interest rates was also in line with the
changed economic situation of the last few months," he added.
    "All in all, the Bundesbank in no way abandoned its money
supply policy with the January discount rate cut, despite
suppositions to the contrary," Mueller said.
    "Keeping money supply developments in check is not always
synonymous with raising interest rates, especially when
excessive liquidity due to inflows from abroad, rather than
growth in bank credits, is the cause of rising monetary
holdings of non-banks," Mueller said.
    Now that West Germany no longer ran large external deficits
other concepts were needed for monetary policy.
    Mueller said it would be both difficult and dangerous for
monetary policy to pursue a specific mark/dollar exchange rate.
    In any case, the exchange rate partly depends on U.S.
Currency and budgetary policy and the U.S. Economy, he said.
    But an exchange rate orientation would also mean the end of
a strict stability policy because both interest rates and
liquidity would be affected by required currency intervention
and could no longer be steered autonomously by the Bundesbank.
    Even interest rates are not in the centre of the
Bundesbank's considerations, but reflect competition and other
market conditions, Mueller said.
    A cut in bank liquidity will not directly influence central
bank money stock, the Bundesbank's main money supply indicator.
    This does not reflect banking liquidity, but the liquidity
of industry and households which cannot be directly reached
with the Bundesbank's instruments, Mueller said.
    The less dependent non-banks are on bank credits, the
harder it is to steer money supply. This has increasingly been
the case recently, because non-banks have received considerable
sums from current account surpluses and capital imports.
    "If the Bundesbank had tried to brake the money supply rise
with higher interest rates, as would have been appropriate if
credit was growing excessively, it would not only have missed
its target but probably even set off further inflows," he said.
    Mueller said growth in money supply was still too high.
    In the last three months money stock grew at an annual rate
of seven pct, down from 10 pct in the previous quarter.
    The growth curve has therefore come closer to the three to
six pct 1987 target corridor for central bank money stock
growth, pointing to the success of the current policy, he said.
    But high monetary stocks can be a warning sign and there
should be no change in priorities. "Monetary policy must be
first and foremost stability policy and successful stability
policy is money supply policy -- nothing else," he said.
 REUTER
3;
bodyend
documentend
documentstart
13950
topicstart
money-fx
topicend
bodystart
2;

VOLCKER URGES GREATER EXCHANGE RATE STABILITY


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said international policymakers should make improving
the stability of exchange rates a major priority.
    In testimony before a Senate Banking subcommittee, Volcker
said he does not have any specific proposals for improving
exchange rate stability, but thought it was worthy goal.
    "I do think we ought to be thinking about and working toward
greater exchange rate stability," Volcker said. "I think that the
objective of greater exchange rate stability ought to loom
larger among our various policy priorities."
 Reuter
3;
bodyend
documentend
documentstart
13958
topicstart
money-fx
topicend
bodystart
2;

ITALY SAYS G-7 GIVES CHANCE TO VERIFY TOKYO ACCORD


    ROME, April 7 - 
This week's Group of Seven (G-7) meeting in
Washington provides an opportunity to verify an accord reached
at the Tokyo summit last May to include Italy and Canada in
Group of Five (G-5) talks on management of the international
monetary system and related issues, the Italian Treasury said.
    It said in a statement the G-7 meeting, which Italy plans
to attend, will provide a forum for considering the Tokyo
accord in the light of events in Paris in February this year.
    On February 22, Italy boycotted a meeting in Paris of its
G-7 partners - the United States, Japan, West Germany, France,
Britain and Canada - after being excluded from an earlier
session of talks involving G-5 members.
    Today's statement from the Italian Treasury said-
    "Nobody denies the existence of G-5 but we should like it to
be remembered that the Tokyo accords provided for the
enlargement of the group to Italy and Canada whenever "the
management or the improvement of the international monetary
economic policy measures are to be discussed or dealt with.'"
    Italy refused to attend the Paris G-7 meeting on the
grounds that G-5, grouping the United States, Japan, West
Germany, France and Britain, had reduced Italy's role to rubber
stamping agreements already taken.
    The Italian Treasury said today that Italy was "certain that
this time incidents would not occur."
    But it said it would be opportune to look in depth at the
role and the procedures of G-7 in relation to those of G-5.
 REUTER
3;
bodyend
documentend
documentstart
13963
topicstart
crude
ship
topicend
bodystart
2;

KUWAIT SAID SEEKING FOREIGN PROTECTION FOR OIL


    WASHINGTON, April 7 - 
Kuwait has asked at least four
countries, including the United States, Soviet Union, Britain
and China, for temporary use of their flags or tankers to
protect Kuwaiti oil shipments in the troubled Persian Gulf,
Reagan Administration officials said.
    The officials confirmed a New York Times report that Kuwait
wants to transfer some of its oil tankers to U.S. or Soviet
registration in hopes Iran would be reluctant to launch new
"Silkworm" missiles at superpower flags.
    The United States has vowed to keep the gulf open to
international oil traffic and has warned Tehran against using
the Chinese-made missiles recently installed in Iran near the
mouth of the gulf.
    "They (the Kuwaitis) have also asked Britain, China and
possibly some other European countries to lease tankers to
carry their oil," one of the administration officials, who asked
not to be identified, told Reuters.
    The United States is considering the request to temporarily
transfer Kuwaiti ships to American registration, but such a
move could create insurance and other problems, the officials
said.
    U.S. defense officials told Reuters yesterday that Kuwait
had decided for at least the time being not to accept a U.S.
offer to use American warships to escort its tankers in the
gulf, where both Iran and Iraq have been attacking shipping.
 Reuter
3;
bodyend
documentend
documentstart
13966
topicstart
earn
topicend
bodystart
2;

ROLLS APPROACHES FLOAT WITH PROFITS SET TO RISE


    By Iain Pears, Reuters


    LONDON, April 7 - 
State-owned engine maker 
<
Rolls Royce
Plc> launches its prospectus for privatisation tomorrow with
many analysts forecasting higher profits this year. But it is
likely to miss contracts to power the proposed 
<
Airbus
Industrie> A340 aircraft.
    The company's so-called "pathfinder prospectus" gives all the
details of its stock market flotation except for the price at
which shares will be offered.
    Last month, the company announced that pretax profits rose
in 1986 to 120 mln stg from 81 mln the year before.
    Brokers Barclays de Zoete Wedd, BZW, sees 155 mln profit
for 1987.
    Analyst Tim Harris of Phillips and Drew said rising profits
and a low tax charge would be offset by the fact that Rolls
operated in a sector which traditionally attracted low ratings.
    Assuming the company was valued at around eight times
earnings, this would give a selling price valuing it at about
1.2 billion, though he said the recent good performance of the
aerospace sector could nudge this figure upwards.
    BZW is currently forecasting a higher sale price at between
1.5 billion and 1.7 billion.
    The price will be increased by it being likely to have much
of its debt wiped off by a government anxious to assure the
company's health when it has to fend for itself. Rolls was
rescued from bankruptcy and taken into state ownership in 1971.
    When the government announced the sale, it said it would
inject permanent capital equivalent to net debt -- around 250
mln stg at end-1986 -- into the company.
    Analysts noted this was necessary to ensure Rolls a credit
rating to match those of its main competitors such as General
Electric Co 
<
GE.N> and United Technologies Corp's 
<
UTX.N> Pratt
and Whitney unit.
 Reuter
3;
bodyend
documentend
documentstart
13988
topicstart
money-fx
dlr
topicend
bodystart
2;

VOLCKER SEES DOLLAR AS FACTOR IN MONETARY POLICY


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said the performance of the dollar in exchange markets
could be a factor in the U.S. central bank's decisions on
monetary policy.
    "The performance of the dollar in the exchange market might
become a factor bearing on our provision of reserves," Volcker
said in testimony to the Senate Banking Committee.
    He said that fiscal policy changes in the United States,
Germany and Japan would be more important that intervention to
instill confidence in current exchange rate levels.
                      
 Reuter
3;
bodyend
documentend
documentstart
13994
topicstart
money-supply
money-fx
topicend
bodystart
2;

FED EXPECTED TO SET CUSTOMER REPURCHASES


    NEW YORK, April 7 - 
The Federal Reserve is expected to
intervene in the government securities market to supply
temporary reserves indirectly via customer repurchase
agreements, economists said.
    They said the Fed is expected to execute anywhere from
1.5-2.0 billion dlrs of customer repos to offset seasonal
pressures on bank reserves.
    Federal funds, which averaged 6.20 pct yesterday, opened at
6-1/8 pct and remained there in early trading.
   
 Reuter
3;
bodyend
documentend
documentstart
14012
topicstart
trade
topicend
bodystart
2;

VOLCKER PUSHES SPENDING CUTS OVER TRADE BILL


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said reducing the federal budget deficit was a more
important goal for Congress than drafting trade legislation.
    "Reduce the budget deficit," Volcker responded when asked by
a member of the Senate Banking Committee about trade
legislation priorities.
    "If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," he said.
 Reuter
3;
bodyend
documentend
documentstart
14028
topicstart
acq
topicend
bodystart
2;

AMERICAN SPORTS ADVISORS 
<
PIKS> TO LIQUIDATE


    CARFLE PLACE, N.Y., April 7 - 
American sports Advisors Inc
said it has agreed to sell its sports handicapping and
publication business to Professor Enterprises for about
1,650,000 dlrs and intends to liquidate after closing.
    The transaction is subject to shareholder approval.
    Professor is owned by American Sports president Edward C.
Horowitz and Mike Warren, it said.
 Reuter
3;
bodyend
documentend
documentstart
14034
topicstart
money-fx
topicend
bodystart
2;
******
VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT

Blah blah blah.
3;


bodyend
documentend
documentstart
14055
topicstart
money-fx
topicend
bodystart
2;

VOLCKER SEES TIGHT POLICY HURTING INVESTMENT


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said a restrictive monetary policy would be damaging to
investment and that a better course would be to restrain
spending.
    "A restrictive monetary policy would hit investment. You
don't want to put interest rates up unless you have to," Volcker
told the Senate Banking Committee.
    "That is not a constructive way to proceed," he said.
    Volcker said that given a choice between squeezing the
budget deficit or squeezing investment, he would favor
squeezing the budget deficit.
    In response to a question about banks, Volcker said he
would be pleased if Congress decided to give banks a tax
writeoff as an incentive for them to take greater reserves
against loans to debtor countries.
    "If you give a tax writeoff for reserving against loans,
then we will see more reserving and that would make me happy,"
Volcker told Committee Chairman Sen William Proxmire (D-Wisc).
 Reuter
3;
bodyend
documentend
documentstart
14069
topicstart
earn
topicend
bodystart
2;

NEW BEDFORD INSTITUTION FOR SAVINGS 
<
NBBS> YEAR


    NEW BEDFORD, Mass., April 7 -
    
Net 12.3 mln vs 6,438,000
    NOTE: Company went public in March.
 Reuter
3;
bodyend
documentend
documentstart
14088
topicstart
topicend
bodystart
2;

AFRICAN DEVELOPMENT BANK LOANS ROSE 42 PCT IN 1986


    ABIDJAN, April 7 - 
The African Development Bank (ADB) said
it increased its lending by 42.1 pct last year to 1.64 billion
dlrs from 1.15 billion dlrs in 1985.
    A bank statement said agriculture, set as the main growth
area in a five-year economic recovery program adopted in 1985
by African states, received 607 mln dlrs, 37 pct of the total.
    The ADB is made up of the bank itself, its financing
soft-loan arm, the African Development Fund (ADF) and the
Nigeria Trust Fund, another soft-loan institution.
    ADB president Babacar N'Diaye released a 1987 economic
report on Africa prepared by the ADB and the U.N. Economic
Commission for Africa (ECA), saying progress was being made
toward substantial increases in the bank's capital resources.
    He said an ad-hoc committee of the ADB board of governors,
comprising 18 African and non-African countries, recommended a
200 pct increase in the organisation's capital for 1987-91.
    He said such an increase would raise capital from around
6.55 billion dlrs to 19.66 billion dlrs, adding he was hopeful
the proposal would be adopted at the annual meetings of the
bank and fund, due to be held jointly in Cairo in June.
    He welcomed France's recent proposals to the Paris Club of
Western government creditors to extend repayment periods for
Third World debts and give better rescheduling terms.
    "The proposition represents a major step forward. But
African countries should not be the ones to ask for large-scale
debt write-offs," he said. Africa's total external debt was
estimated at 175 billion dlrs at the end of 1986.
    The ECA-ADB report said prospects would remain bleak for
African economies in 1987 but predicted Gross Domestic Product
(GDP) growth ranging between 2.5 and four pct, compared with
1.2 pct last year.
 REUTER
3;
bodyend
documentend
documentstart
14091
topicstart
earn
topicend
bodystart
2;

PHOTRONICS CORP 
<
PHOT> YEAR FEB 28 NET


    HAUPPAUGE, N.Y., April 7 -
    
Shr 64 cts vs 38 cts
    Net 1,062,000 vs 585,000
    Sales 13.6 mln vs 9,262,000
 Reuter
3;
bodyend
documentend
documentstart
14093
topicstart
earn
topicend
bodystart
2;

OCEAN BIO-CHEM INC 
<
OBCI> YEAR NET


    FORT LAUDERDALE, Fla., April 7 -
    
Shr eight cts vs seven cts
    Net 215,821 vs 196,873
    Sales 3,112,571 vs 2,649,003
 Reuter
3;
bodyend
documentend
documentstart
14098
topicstart
topicend
bodystart
2;

AIDC ISSUES AUSTRALIAN DOLLAR ZERO COUPON EUROBOND


    LONDON, April 7 - 
Australian Industry Development Corp is
issuing a zero coupon eurobond with total redemption amount 30
mln Australian dlrs, lead manager Orion Royal Bank Ltd said.
    The issue matures on May 12, 1992 and is priced at 53-1/2
pct. It is available in denominations of 1,000 and 10,000
Australian dlrs and will be listed in Luxembourg. Payment date
is May 12.
    Credit Suisse First Boston Ltd, Commerzbank AG, Hambros
Bank Ltd and Merrill Lynch Capital Markets are co-lead
managers. There will be no co-managers. Fees total 1-3/8 pct.
 REUTER
3;
bodyend
documentend
documentstart
14099
topicstart
acq
topicend
bodystart
2;

TELE-COMMUNICATIONS 
<
TCOMA> SELLS CABLE SYSTEMS


    MIAMI, April 7 - 
Knight-Ridder Inc 
<
KRI> said its TKR Cable
Co joint venture with Tele-communications Inc has signed a
letter of intent to acquire cable television systems with
55,000 basic subscribers in Wildwood, N.J., and Ramapo and
Warwick, N.Y., from Tele-Communications for undisclosed terms.
 Reuter
3;
bodyend
documentend
documentstart
14103
topicstart
earn
topicend
bodystart
2;

ENVIRONMENTAL POWER CORP 
<
POWR> YEAR NET


    BOSTON, April 7 -
    
Shr profit 25 cts vs loss 15 cts
    Net profit 998,000 vs loss 612,000
    Revs 8,086,000 vs 365,000
 Reuter
3;
bodyend
documentend
documentstart
14109
topicstart
bop
trade
topicend
bodystart
2;

GERMAN LONG-TERM CAPITAL INFLOW SLUMPS IN FEBRUARY


    FRANKFURT, April 7 - 
The inflow of long-term capital into
West Germany slumped to 606 mln marks in February from
January's record 11.91 billion, with foreign purchases of
German bonds and shares declining sharply, the Bundesbank said.
    While foreigners bought only four billion marks worth of
German bonds in February after 13 billion in January, they sold
a net 500 mln marks in shares and promissory notes of public
authorities after sales worth 300 mln in January.
    With German investors' purchases of foreign securities
steady around 1.3 billion marks, only 2.2 billion marks were
imported through securities transactions, after 11.2 billion.
    Direct investment abroad led to a capital outflow of 1.60
billion marks in February after 2.83 billion in January.
    There was a deficit of 8.14 billion marks in the short-term
capital account after a surplus of 194 mln in January.
    Banks alone exported some 8.6 billion marks in funds while
domestic companies increased their short-term financial assets
abroad by 700 mln. But public authorities received some one
billion marks from abroad, the Bundesbank said in a statement.
    Combining long and short term capital outflows, West
Germany recorded a net outflow of 7.53 billion marks in
February against a net inflow of 11.91 billion in January.
    The Bundesbank confirmed the German trade surplus widened
to 10.45 billion marks in February from January's 7.20 billion.
    Taking the two months together the seasonally adjusted
surplus was slightly below the figure for the previous two. In
terms of current as well as constant prices, the narrowing of
the surplus was progressing, the bank said.
    Germany's current account surplus widened to 6.63 billion
marks in February from 4.79 billion in January, but was down on
the 7.26 billion figure for February 1986. Seasonally adjusted,
the February current account surplus narrowed against January.
    While exports in February fell a half pct against the same
month last year, imports fell 10-1/2 pct largely due to the
drop in prices. Exports grew three pct in volume and imports
two pct.
    In the balance of services, a fall in net investment income
led to a 300 mln mark deficit in February after a 300 mln mark
surplus in January.
    The deficit in transfer payments widened to 3.70 billion
marks from 2.69 billion, largely due to a sharp jump to 2.3
billion marks from 200 mln in payments to the European
Community budget.
 REUTER
3;
bodyend
documentend
documentstart
14126
topicstart
grain
wheat
topicend
bodystart
2;

EC SOURCES SAY UK WHEAT PLAN YET TO BE APPROVED


    BRUSSELS, April 7 - 
The European Commission has not taken a
decision on applications from the British government for the
release of 200,000 tonnes of intervention feed wheat onto the
British market in May and June, Commission sources said.
    They said last week's cereals management committee agreed
to release 70,000 tonnes of feed wheat through weekly tenders
between April 14 and May 26. It also indicated it planned to
allow the release of another 30,000 tonnes from April 23.
    However, it decided to leave consideration of the release
of further wheat until later.
    The British government had applied for the release of a
further 100,000 tonnes in both May and June from British
intervention stores to prevent market prices rising.
    However, the sources said, the Commission wanted to review
the market situation nearer the time before giving its
approval.
    The Commission was given new powers last year to control
the release of intervention cereals onto the market, the
sources noted.
    Following last week's committee meeting, the U.K. Ministry
of Agriculture said the Commission had given an assurance that
additional quantities of intervention wheat would be made
available in May and June. It also said that it was envisaged
that monthly releases would be at least 100,000 tonnes,
depending on the state of the market.
    This lead to the widespread assumption that the Commission
had actually approved the release of 300,000 tonnes during the
three months of April, May and June at last week's meeting.
 Reuter
3;
bodyend
documentend
documentstart
14131
topicstart
acq
topicend
bodystart
2;

BROKERAGE FIRM UPS STAKE IN ALLEGHENY 
<
AG>


    WASHINGTON, April 7 - 
The New York brokerage firm of Spear,
Leeds and Kellogg told the Securities and Exchange Commission
it had increased its preferred stock in Allegheny International
Inc to 8.6 pct, from 7 pct.
    It said it may buy additional shares, but had not decided
whether to offer its shares in response to a tender offer by
Sunter Acquisition Corp, a unit of First Boston Inc.
    The brokerage firm said it bought the Allegheny shares
March 30-April 2 for 86.50-87.25 dlrs each.
 reuter
3;
bodyend
documentend
documentstart
14146
topicstart
sugar
topicend
bodystart
2;

MALTA TENDERS FOR WHITE SUGAR TODAY - TRADE


    LONDON, April 7 - 
Malta is tendering to buy 3,000 tonnes
white sugar today for arrival in two equal parts in May and
June, traders said.
 Reuter
3;
bodyend
documentend
documentstart
14148
topicstart
topicend
bodystart
2;

CHILI'S 
<
CHLI> FILES FOR CONVERTIBLE DEBENTURES


    NEW YORK, April 7 - 
Chili's Inc said it filed with the
Securities and Exchange Commission a registration statement
covering a 35 mln dlr issue of convertible subordinated
debentures.
    Net proceeds will be used primarily to retire outstanding
bank debt, Chili's said.  The remainder will fund capital
expenditures for additional restaurants and for general
corporate purposes.  The company currently operates 95
restaurants in 16 different states.
    Chili's named Goldman, Sachs and Co and Alex Brown and Sons
Inc as underwriters.
 Reuter
3;
bodyend
documentend
documentstart
14150
topicstart
money-fx
topicend
bodystart
2;
******
FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS

Blah blah blah.
3;


bodyend
documentend
documentstart
14154
topicstart
acq
topicend
bodystart
2;

CORROON AND BLACK 
<
CBL> COMPLETE ACQUISITION


    NEW YORK, April 7 - 
Corroon and Black Corp said it
completed the acuqisition of 
<
Contractors Planning Group Inc>
in an exchange of shares.
    Contractors is headquartered in Garden City, N.Y., and has
branch offices in Philadelphia, Boston, and Cheshire, Conn.
 Reuter
3;
bodyend
documentend
documentstart
14156
topicstart
acq
topicend
bodystart
2;

COLONIAL 
<
CLBGA> TO ACQUIRE PENSACOLA BANK


    MONTGOMERY, Ala., April 7 - 
Colonial BancGroup said it and
The Liberty Bank of Pensacola, Fla., signed a letter of intent
for Colonial to acquire Liberty.
    Terms of the acquisition were not dislcosed.
    Colonial said the acquisition was its first move toward
acquiring and out-of-state bank under Alabama's regional
interstate banking law.
    Liberty has total assets of 35 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14164
topicstart
topicend
bodystart
2;

ONTARIO TREASURY BILL YIELD RISES


    TORONTO, April 7 - 
This week's Ontario government auction
of 50 mln dlrs worth of 91-day treasury bills yielded an
average of 6.91 pct, up from 6.87 pct last week, a treasury
department spokesman said. Average price was 98.307.
 Reuter
3;
bodyend
documentend
documentstart
14166
topicstart
earn
topicend
bodystart
2;

SUPER RITE FOODS INC 
<
SRFI> SETS QTRLY PAYOUT


    HARRISBURG, Pa., April 7 -
    
Qtrly div five cts vs five cts prior
    Pay April 27
    Record April 20
3;
bodyend
documentend
documentstart
14168
topicstart
earn
topicend
bodystart
2;

MILTON ROY CO 
<
MRC> SETS QUARTERLY


    ST. PETERSBURG, Fla., April 7 -
    
Qtly div 11 cts vs 11 cts prior
    Pay June 15
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
14177
topicstart
acq
topicend
bodystart
2;

GOLDSIL AND GOLDEN RULE AGREE TO MERGE


    Calgary, Alberta, April 7 - 
<
Golden Rule Resources Ltd> and
Goldsil Resources Ltd said they had agreed to merge.
    The merged company will issue to each Golden Rule
shareholder 1-1/2 shares and one warrant. The warrant will be
for a term of two years. Payment of 3.10 dlrs and delivery of
two warrants will entitle the shareholder to one additional
share of the merged company, the companies said.
    Each Goldsil shareholder will receive one share and
one-half warrant. The warrant will be for a term of two years.
Payment of 3.10 dlrs and delivery of two warrants will entitle
the shareholder to one additional share of the merged company.
 Reuter
3;
bodyend
documentend
documentstart
14178
topicstart
money-fx
topicend
bodystart
2;

FED SETS TWO-DAY SYSTEM REPURCHASES


    NEW YORK, April 7 - 
The Federal Reserve entered the
government securities market to arrange two-day repurchase
agreements for system account, a spokeswoman for the New York
Fed said.
    Fed funds were trading at 6-1/8 pct at the time of the
direct injection of temporary reserves, dealers said.
    Most economists had expected a less aggressive injection of
reserves via customer repurchase agreements.
 Reuter
3;
bodyend
documentend
documentstart
14180
topicstart
earn
topicend
bodystart
2;

COLONIAL BANCGROUP INC 
<
CLBGA> 1ST QTR NET


    MONTGOMERY, Ala., April 7 -
    
Shr 25 cts vs 55 cts
    Net 1.3 mln vs 2,460,000
    NOTE: 1987 1st qtr includes loan write-offs at banking
subsidiary, The Colonial Bank of Mobile, due to loan losses, of
1.3 mln dlrs or 25 cts a share.
 Reuter
3;
bodyend
documentend
documentstart
14182
topicstart
earn
topicend
bodystart
2;
******
 Dresdner to propose 1986 dividend 10 marks vs same, one-for-18 bonus share issue

Blah blah blah.
3;


bodyend
documentend
documentstart
14199
topicstart
trade
topicend
bodystart
2;

JAPAN CUTS CHIP SUPPLY, MAY PRODUCE SHORTAGE


    By Sam Fromartz, Reuters


    NEW YORK, April 7 - 
Japan is attempting to cut back
semiconductor production to forstall the 300 mln dlrs in U.S.
tariffs on Japanese electronic goods set to take effect April
17, industry analysts said.
    The move is likely to create a sharp price rise and a
possible shortage of the key computer components in the next
few weeks, the analysts said.
    "Prices have gone up for memory components, the mainstay of
the Japanese semiconductor industry," analyst Drew Peck of
Donaldson Lufkin and Jenrette said.
    But analysts said the price rises have been slight so far,
and some questioned whether Japan would be successful in
forcing Japanese companies to cut production in the long run.
    Others, however, were more optimistic, saying evidence was
already in hand that Japan has cut back prodution and halted
sales to the grey market, the third country brokers that sell
chips at below production costs.
    "We've seen the grey market begin to dry up for D-RAMS, and
it has virtually dried up for EPROMS," said Merrill Lynch
analyst Thomas Kurlack of the two key memory chips used in
computers.
    "Prices are inching up and lead times on deliveries are
stretching," Kurlack added.
    Industry analysts said Japan's Ministry of International
Trade and Industry, or MITI, had requested the cut backs in
production to meet the terms of last year's semiconductor
accord with the U.S.
    The Reagan adminsitration recently proposed tariffs on
Japanese electronic goods, alleging that Japan had failed to
live up to the accord and continued to dump the computer
components in the U.S. market.
    But some analysts said Japan's attempt to mollify the U.S.
was a double edged sword, and might be read at a subtle form of
trade retaliation for the tariffs proposed by the U.S.
    As production in Japan is cut, these analysts argue, prices
will rise in the U.S. and few American semiconductor
manufactures will be able to take up the slack since most long
ago exited the market for memory chips. U.S. computer makers
that use the chips in their machines will then be pressured.
    "The Japanese are looking for ways to reduce trade
pressures from Washington, but at the same time they're
demonstating their muscle," analyst Peck said.
    The cut backs in Japanese production are expected to
benefit U.S. chip makers.
    "I think this could be a very important factor for U.S.
semiconductor manufacturers," industry analyst Elliot Levine of
Ladenburg Thalmann Co said.
    But analyst Peck said, "it will take a few weeks to see
whether Japan has genuinely cut production."
    He said Japanese manufactures were likely to view MITI's
request unfavorably because chip capacity was still high and
production cut backs would lead to significant write-offs in
plant and equipment.

 Reuter
3;
bodyend
documentend
documentstart
14201
topicstart
acq
topicend
bodystart
2;

INVESTORS RAISE STAKE IN PUROLATOR 
<
PCC>


    WASHINGTON, April 7 - 
Two New York management investment
firms told the Securities and Exchange Commission they had
increased their holdings in Purolator Courier Corp to 7.2 pct,
from 6.2 pct.
    Mutual Shares Corp and Mutual Qualified Income Fund Inc
said they were weighing offers to buy Purolator shares from PC
Acquisition Inc, a unit of E.F. Hutton LBO Inc, for 35 dlrs a
share, and from EAF Acquisitions Corp Inc, a unit of Emery Air
Freight Corp. at 40 dlrs
    They told the commission they had bought their new
Purolator shares March 25-27 for 34.875-35.250 dlrs each.
 reuter
3;
bodyend
documentend
documentstart
14207
topicstart
money-fx
reserves
topicend
bodystart
2;

DUTCH MONEY MARKET DEBT RISES IN WEEK


    AMSTERDAM, April 7 - 
Loans and advances from the Dutch
Central Bank to the commercial banks rose by 1.2 billion
guilders to 10.7 billion in the week up to and including April
6, the Bank's weekly return showed.
    Paper discounted with the Bank also rose, by 477 mln
guilders to 916 mln.
    These rises were balanced by a 1.6 billion guilders rise in
the Treasury's account at the Bank, made up mainly of
repayments on housing loans by local authorities.  The
Treasury's account stood at 8.1 billion guilders, the weekly
return showed.
    The Bank's gold and currency reserves rose by 484 mln to
56.89 billion guilders, while the value of non-gold holdings
rose by 140 mln guilders, analysts said.
    They added that the rise in the reserves was merely the
result of commercial currency transactions by the Bank.
    Call money and period tariffs were only fractionally
changed this week and were seen sustaining their stable levels
since no dramatic changes in the money market debt, currently
around 10.25 billion guilders, are expected.
    Today call money traded between 5-3/8 to 5-1/2 pct and
period tariffs all between 5-5/16 to 5-7/16 pct.
 REUTER
3;
bodyend
documentend
documentstart
14211
topicstart
ship
crude
topicend
bodystart
2;

KUWAIT ASKS TO USE FOREIGN FLAG TANKERS, U.S SAYS


    WASHINGTON, April 7 - 
Kuwait has asked at least four
countries, including the United States, Soviet Union, Britain
and China, for temporary use of their flags or tankers to
protect Kuwaiti oil shipments in the troubled Persian Gulf,
Reagan Administration officials said.
    The officials confirmed a New York Times report that Kuwait
wants to transfer some of its oil tankers to U.S. or Soviet
registration in hopes Iran would be reluctant to launch new
"Silkworm" missiles at superpower flags.
    The United States has vowed to keep the gulf open to
international oil traffic and has warned Tehran against using
the Chinese-made missiles recently installed in Iran near the
mouth of the gulf.
    "They (the Kuwaitis) have also asked Britain, China and
possibly some other European countries to lease tankers to
carry their oil," one of the administration officials, who asked
not to be identified, told Reuters.
    The United States is considering the request to temporarily
transfer Kuwaiti ships to American registration, but such a
move could create insurance and other problems, the officials
said.
    U.S. defense officials told Reuters yesterday that Kuwait
had decided for at least the time being not to accept a U.S.
offer to use American warships to escort its tankers in the
gulf, where both Iran and Iraq have been attacking shipping.
 Reuter
3;
bodyend
documentend
documentstart
14212
topicstart
grain
topicend
bodystart
2;

U.S. GRAIN CERTS SAVE 50-100 MLN DLRS - AMSTUTZ


    WASHINGTON, April 7 - 
The use of generic commodity
certificates, or "certs," for fiscal years 1986-88 will save
the government 50 to 100 mln dlrs, Department of Agriculture
Undersecretary Daniel Amstutz said.
    Speaking at a House agriculture subcommittee hearing on the
use of the certificates, Amstutz said that the issuance of 8.5
billion dlrs of certificates during fiscal years 1986-88 could
result in government outlays of up to 400 mln dlrs.
    However, the use of certificates preclude the need for 450
to 500 mln dlrs in storage and handling costs, resulting in net
savings for the government of 50-100 mln dlrs, he said.
    Without the use of certificates, Amstutz said nearly the
entire 1985 crop which had been put under loan would have been
forfeited to the Commodity Credit Corporation, CCC.
    In addition, 260 mln bushels of grain that have been
redeemed from CCC inventory through certificate exchanges would
have remained in the goverment inventory, he said.
    When asked to comment on a recent study by the General
Accounting Office that concluded certificates result in a net
cost to the government, Amstutz said, "GAO underestimated the
benefits and overstated the costs" of the certificate program.
    Amstutz said while certificates encourage more loan
entries, they also encourage heavier loan redemptions rather
than forfeitures.
    GAO underestimated this net loan activity, Amstutz said.
    "There is no question in the mind of the Department of
Agriculture that these certificates have been very useful,"
Amstutz said.
    Immediate benefits of certificates include greater market
liquidity, improved market price competitiveness, higher farm
income, and improved debt situation and decreased carrying
costs, he said.
    Certificates are an integral part of USDA's long-range
market-oriented farm policy, he said.
    Amstutz told subcommittee Chairman Rep. Dan Glickman,
D-Kans., that USDA is in the process of preparing an official
response to the GAO study on certificates and will submit it to
the subcommittee when completed.
 Reuter
3;
bodyend
documentend
documentstart
14214
topicstart
interest
topicend
bodystart
2;
******
VOLCKER SAYS FED POLICY NOT RESPONSIBLE FOR PRIME RATE RISE

Blah blah blah.
3;


bodyend
documentend
documentstart
14220
topicstart
trade
topicend
bodystart
2;

U.S. URGES SURPLUS NATIONS TO BOOST GROWTH


    WASHINGTON, April 7 - 
Leading industrial nations will be
reviewing the Paris agreement to stabilize exchange rates,
foster increased worldwide growth and reduce trade imbalances
but the U.S. thinks the accord has been successful so far, a
senior U.S. Treasury official said.
    "The Paris accord will be reviewed at this meeting. It has
been successful and continues to be succesfull," a senior U.S.
Treasury official told reporters.
    In a briefing ahead of this week's semiannual IMF and World
Bank meetings, he also said the U.S. was looking to West
Germany and Japan to bolster their economic growth.
    The official said both surplus countries, like West Germany
and Japan, and deficit countries, like the U.S., agreed to play
a role in bringing about more balanced economic growth.
    He reaffirmed the U.S. would press ahead with efforts to
reduce its budget deficit, resist protectionism and boost U.S.
competitiveness.
    The official also said that he expected trade issues, like
the dispute between the U.S. and Japan over microchips, to be
included in the discussions.
    The official made no direct comment on the content or
schedule of forthcoming Group of Five and Group of Seven
discussions. He said that industrial countries are concerned
that the large external imbalances remain a threat to the
international monetary system.
    He added that the meetings will also provide an opportunity
to discuss economic policy coordination efforts.
    The official said indicators would be used to measure
policy objectives of industrial countries and their economic
projections.
    They would also be used to assess progress of policy goals.
    Asked whether the U.S. was proposing a new initiative
regarding the indicators, the official said the issue would be
reported to the Venice Summit in June. Monetary sources said
the U.S. proposal envisages using the indicators to make policy
coordination agreements, like the Paris Accord, more binding.
 Reuter
3;
bodyend
documentend
documentstart
14263
topicstart
acq
topicend
bodystart
2;

ACME PRECISION 
<
ACL> SETS HOLDER VOTE ON BUYOUT


    DETROIT, April 7 - 
Acme Precision Products Inc said it set
its annual meeting for May 14 for shareholders to vote on the
proposed management-led leveraged buyout of the company.
    The record date for the meeting will be April 16, with
proxy materials to be sent to shareholders on or before April
20.
    The buyout proposal, which was previously announced, will
be structured as a one for 100,000 reverse stock split. It must
be approved by a majority of shareholders. Acme Precision has
1,008,857 shares outstanding.
 Reuter
3;
bodyend
documentend
documentstart
14265
topicstart
topicend
bodystart
2;

NATIONAL GYPSUM DEBT UPGRADED BY MOODY'S


    NEW YORK, April 7 - 
Moody's Investors Services Inc said it
upgraded upgraded to B-1 from B-3 National Gypsum Co's 887 mln
dlrs of industrial revenue and pollution control bonds.
    Moody's said a highly leveraged capital structure and thin
debt protection continues since the April 1986 leveraged
buyout.
    But the firm is well-positioned in its business segments.
As the second-largest U.S. gypsum wallboard producer, it
generates over 80 pct of operating earnings through wallboard
output. This business changes with the construction cycle and
so increases Gypsum's cash flow vulnerability, Moody's said.
 Reuter
3;
bodyend
documentend
documentstart
14270
topicstart
interest
topicend
bodystart
2;

VOLCKER SAYS FED POLICY NOT LINKED TO RATE RISE


    WASHINGTON, April 7 - 
Federal Reserve Board Chairman Paul
Volcker said that he did not believe there was a connection
between the Fed's policies and the recent rise in the prime
interest rate by most major U.S. banks.
    Asked by reporters following testimony before the Senate
Banking Committee whether the Fed had anything to do with the
rise to 7-3/4 pct in the prime, he replied, "not that I was able
to detect."
 Reuter
3;
bodyend
documentend
documentstart
14280
topicstart
topicend
bodystart
2;

AEGON ISSUES 200 MLN GUILDER BONDS WITH WARRANTS


    AMSTERDAM, April 7 - 
Dutch insurer Aegon NV 
<
AEGN.AS> plans
to issue 200 mln guilder, 6.5 pct, six-year bonds at an issue
price of 101.00 pct with 200,000 warrants, lead-manager
Amsterdam-Rotterdam Bank NV (Amro) said.
    From July 16, 1990, Aegon may, at its option, redeem early
the bonds in whole or in part. The issue has denominations of
1,000 guilders.
    The warrants give the right to subscribe to a second series
of bonds, a 200 mln guilder, 6.5 pct, six-year bullet loan. The
issue price of the warrants has been fixed at 30 guilders each.
    From May 15 this year up to and including July 15, 1990,
each warrant will entitle the holder to the bullet by surrender
of the other bond and a warrant.
    After July 16, 1990, each warrant will entitle the holder
to acquire one bullet at a price of 100 pct of the nominal
value plus accrued interest from the preceding coupon date.
    Aegon will pay the holders of unexercised warrants,
outstanding on July 15, 1993, 15.00 guilders each.
    Subscriptions close April 16 and pay date is May 14.
    Coupon date is July 15.
    Application will be made for listing on the Amsterdam Stock
Exchange. Amro said it was the second time it arranged a bond
with debt warrants for Aegon.
    This type of issue gives the holder the opportunity, in
times of falling interest rates, to ensure himself of a fixed
maturity loan, while with unchanged or rising rates, he has the
option not to exercise his warrant, Amro said.
    In the underwriting syndicate are ABN bank, Morgan Bank
Nederland, NMB bank, Rabo-bank, Pierson, Heldring en Pierson,
Mees en Hope, Van Haften en Co, Citicorp Investment Bank (The
Netherlands) and Swiss Bank Corp Int Holland.
 REUTER
3;
bodyend
documentend
documentstart
14282
topicstart
earn
topicend
bodystart
2;

WEIS MARKETS 
<
WMK> IN THREE FOR TWO STOCK SPLIT


    SUNBURY, Pa., April 7 - 
Weis Markets Inc said its board
declared a three-for-two stock split for holders of record May
1, 1987, with a distribution date of May 22, 1987.
    The company also said a regular quarterly dividend of 16
cts per share on the pre-split shares will be paid May 22 to
shareholders of record May 1.
 Reuter
3;
bodyend
documentend
documentstart
14285
topicstart
earn
topicend
bodystart
2;

MCCORMICK CAPITAL 
<
MKOR> 1986 YEAR NET


    CHICAGO, April 7 -
    
Shr primary 24 cts vs 25 cts
    Shr diluted 21 cts vs 25 cts
    Net 530,583 vs 493,423
    Revs 10.2 mln vs 9,834,578
 Reuter
3;
bodyend
documentend
documentstart
14293
topicstart
interest
topicend
bodystart
2;

U.S. SAYS NO PACT ON RELIEF FOR POOREST STATES


    WASHINGTON, April 7 - 
There is no consensus so far among
industrial countries on an agreement providing debt relief for
the world's poorest nations, a senior U.S. Treasury official
said.
    The official said, "There has not been a consensus reached
yet," when asked about reports the Paris club of western
creditors had agreed to long-term stretch outs of African debt
at concessional interest rates.
    The official, briefing reporters on this week's semiannual
IMF meetings, said the issue would be discussed this week and
the U.S. had an open mind on the proposal but it did object to
concessional interest rate relief.
 Reuter
3;
bodyend
documentend
documentstart
14297
topicstart
copper
nickel
topicend
bodystart
2;

U.S. MINT SEEKING OFFERS ON COPPER, NICKEL


    WASHINGTON, April 7 - 
The U.S. Mint said it is seeking
offers on 3,701,000 lbs of electrolytic copper and 629,000 lbs
of electrolytic cut nickel cathodes or briquettes that it
intends to purchase.
    It said both metals are for delivery in the week of May 11
to Olin Corp, East Alton, Ill.
    Offers for the copper are due by 1100 hrs EDT, April 21,
while offers on the nickel are due at 1100 hrs EDT on April 14.
    The Mint said that firms, in submitting their offers,
select to receive payment by standard check or be wire
transfer. Awards are determined by whichever of the two methods
is most cost advantageous, based on the cost of money at that
time.
    The minimum acceptance periods for each solicitation is
three calendar days for the copper and 10 calendar days for the
nickel, the Mint said.
 Reuter
3;
bodyend
documentend
documentstart
14298
topicstart
acq
topicend
bodystart
2;

FAMILY HEALTH SYSTEMS 
<
FHSY> TO MAKE PURCHASE


    CHARLESTON, W. Va., April 7 - 
Family Health System Inc said
The Federal Bankruptcy Court in Fort Worth, Texas has approved
its offer to purchase 
<
Sheppard Dental Centers Inc's> assets
from a Chapter 7 bankruptcy proceeding for about 300,000 dlrs.
    FHS administers and markets multiple office dental
practices in the Dallas metropolitan area as well as dental
offices in the Dallas Metroplex.
    The company said it plans to open 12 locations in Dallas by
the end of 1987.
 Reuter
3;
bodyend
documentend
documentstart
14300
topicstart
earn
topicend
bodystart
2;

OLD FASHION FOODS INC 
<
OFFI> 3RD QTR FEB 28 NET


    ATLANTA, April 7 - 
    
Shr 10 cts vs 10 cts
    Net 131,000 vs 135,000
    Revs 4,222,000 vs 3,656,000
    Avg shrs 1,278,529 vs 1,356,672
    Nine mths
    Shr 31 cts vs 31 cts
    Net 406,000 vs 426,000
    Revs 12.3 mln vs 11.0 mln
    Avg shrs 1,330,511 vs 1,361,421
 Reuter
3;
bodyend
documentend
documentstart
14310
topicstart
earn
topicend
bodystart
2;

CONSOLIDATED-BATHURST SEES BETTER MARKET


    MONTREAL, April 7 - 
(Consolidated-Bathurst Inc) said it
expects improvement in the pulp and paper sector shown in the
second half of 1986 to continue this year. The continued
improvement would be due to good market demand, better product
prices and high operating capacity, the company said in its
annual report.
    Consolidated-Bathurst, which reported operating profit of
104 mln dlrs last year on sales of 2.02 billion dlrs, said its
joint-venture acquisition of a market pulp mill at Castlegar,
B.C. last year broadens its product range and will contribute
to equity earnings.
    Last year's results were up from 1985 operating profit of
80 mln dlrs and sales of 1.73 billion dlrs.
    The company said it views its near-term prospects with
improved optimism.
    It said results from its Bridgewater newsprint mill in the
U.K. should improve greatly this year due to stronger capacity
and production and more favorable market conditions.
    It said it anticipates a return to profitability in 1987
for its Diamond-Bathurst Inc (DBH) subsidiary, which lost 6.2
mln U.S. dlrs and underwent a reorganization last year, and
expects higher sales and earnings for its other North American
packaging divisions.
    Consolidated-Bathurst said the outlook for its Europa
Carton unit is mixed. It said the effect of trade disputes
between the United States and the European Economic Community
on the West German economy and the higher value of the mark may
lead to increased costs which could not be offset by price
increases.
 Reuter
3;
bodyend
documentend
documentstart
14313
topicstart
grain
topicend
bodystart
2;

MORE U.S. GRAIN CERTIFICATES NEEDED, STUDY SAYS


    WASHINGTON, April 7 - 
More generic grain certificates
should be released onto the market in order for the U.S.
certificate program to have its full effect on commodities,
according to a study by Sparks Commodities Inc.
    The Agriculture Department should make grain deficiency
payments and paid land diversion payments in a two-third
certificate, one-third cash ratio through fiscal year 1989, 
Carroll Brunthaver, president of Sparks Commodities, told a
House agriculture subcommittee hearing on certificates.
    Thereafter, government payments should be issued in roughly
a 50-50 split between cash and certificates, Brunthaver said.
    The Sparks study on certificates examined two possible
scenarios through the 1990 growing season -- a "zero
certificate case," where no certificate program was assumed,
and an alternative case labeled "adequate certificate case" in
which sufficient certificates would be released so that grain
prices would not be artificially supported by market shortages
due to acreage reduction programs or government holdings.
    The study showed that total grain use under the adequate
certificate scenario would exceed the zero certificate scenario
by 11.2 pct.
    Usage would be markedly more in 1989 and 1990, when grain
usage under a certificate program was estimated to exceed the
zero certificate case by 15 to 19 pct.
    For the five-year period examined, government expenditures
under the adequate certificate case were 7.0 billion dlrs, or
7.5 pct less than under the zero certificate case.
    The Sparks study said that 5.1 billion dlrs, or 70 pct of
those savings resulted from smaller government storage costs.
    The study also estimated that government grain stocks under
the adequate certificate case would be 4.7 billion bushels
below the zero certificate case at the end of the period
examined.
    The Sparks study said that while certificates permit market
prices to fall below loan levels, these lower prices increase
commodity usage and reduce the net costs of certificates versus
cash.
 Reuter
3;
bodyend
documentend
documentstart
14314
topicstart
earn
topicend
bodystart
2;

CUMMINS ENGINE 
<
CUM> SEES IMPROVED EARNINGS


    COLUMBUS, Ind., April 7 - 
Cummins Engine Co said it told
shareholders higher engine orders to the North American
heavy-duty truck market will result in improved earnings in the
first quarter.
    Cummins said the company should make progress this year and
next toward its goal of five pct profitability.
    Cummins recorded net income of 3,743,000 dlrs, or 38 cts
per share, on sales of 516.9 mln dlrs.
    It said it expects 1987 North American heavy-duty truck
production to total 135,000 units, an 8.5 pct increase from
1986.
    Cummins said it expects capital expenditures to total about
155 mln dlrs, down from 274 mln dlrs the year before.
 Reuter
3;
bodyend
documentend
documentstart
14315
topicstart
acq
topicend
bodystart
2;

NORTH-WEST TELECOM 
<
NOWT> MAKES ACQUISITION


    TOMAH, WIS., April 7 - 
North-West Telecommunications Inc
said it acquired the assets and customer base of Com-Tel
Systems Inc, a telephone interconnect firm that operates in La
Crosse and Stevens Point, Wis. and Rochester, Minn.
    It said the purchase only includes the businesses in La
Crosse and Rochester.
    Terms were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
14316
topicstart
earn
topicend
bodystart
2;

MILTON ROY CO 
<
MRC> SETS REGULAR DIVIDEND


    ST. PETERSBURG, Fla., April 7 - 
    
Qtly div 11 cts vs 11 cts prior
    Pay June 15
    Record May 15
 Reuter
3;
bodyend
documentend
documentstart
14324
topicstart
earn
topicend
bodystart
2;

OHIO MATTRESS CO 
<
OMT> 1ST QTR FEB 28 NET


    CHICAGO, April 7 - 
    
Shr 15 cts vs 15 cts
    Net 2,407,000 vs 2,393,000
    Revs 117.2 mln vs 67.1 mln
    Note: Aggregate judgments in antitrust and other suits of
77 mln dlrs not included in year-ago or 1987 1st qtr results.
Company said any portion of this amount, including related
interest or attorneys' fees, would be proportionately reflected
as a reduction in its minority interest of Sealy recorded on
its consolidated balance sheet upon final settlement of
litigation.
    Note: Consolidated balance sheet as of end of 1st qtr
reflects after-tax impact of 50 mln dlr settlement won by Sealy
licensee in Michigan.
    1987 results include all operations of all acquired
Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of
Sealy is recorded as minority interest.
    Proceeds of 170 mln dlrs from sale of stock and debt were
used to reduce balance of revolving credit agreement to 80 mln
dlrs. Accordingly, 250 mln dlr obligation to banks under credit
agreement was recorded as a long-term liability as of end of
1st qtr.
    Note: In April, company intends to acquire Michigan Sealy
licensee and fund transaction with 25 mln dlrs in cash and
borrow balance required from banks.
 Reuter
3;
bodyend
documentend
documentstart
14325
topicstart
topicend
bodystart
2;
******
MOODY'S MAY UPGRADE PUBLIC SERVICE INDIANA'S 1.1 BILLION DLRS OF DEBT

Blah blah blah.
3;


bodyend
documentend
documentstart
14331
topicstart
topicend
bodystart
2;

YUGOSLAVIA DISCUSSES COMMERCIAL DEBT REFINANCING


    BELGRADE, April 7 - 
Yugoslavia, which refinanced part of
its 19.7 billion dlr debt in talks with creditor governments
last week, has begun talks with banks on rescheduling its
commercial debt, the official Tanjug news agency said.
    The talks began in Washington yesterday and Tanjug said the
general attitude of the banks was "favourable."
    At the same time, other Tanjug reports showed Yugoslavia is
having difficulties in obtaining a 600 mln ECU loan from the
European Community (EC) and in receiving money owed to Yugoslav
firms by Middle Eastern countries.
    The Western creditor governments and Kuwait agreed on March
31 to refinance 475 mln dlrs of Yugoslavia's debt due in 1987
and 1988. This made possible the talks with commercial banks.
    Tanjug said sources close to the Yugoslav delegation said
the initial reaction of commercial banks was favourable despite
their continued insistence on "technical and legal elements."
    It said it was believed that a commercial debt rescheduling
would be formally agreed in the next few weeks. Bank debt
accounts for about 70 pct of Yugoslavia's overall debt, which
stood at 19.7 billion dlrs at end-1986.
    Tanjug said Yugoslavia also discussed with its commercial
creditors the idea of converting some of Yugoslavia's debt into
joint venture investments but it gave no details of this.
    It said Deputy Finance Minister Boris Skapin was holding
talks on this with representatives of Manufacturers Hanover
Trust Co., Which coordinates the interests of several hundred
banks in Yugoslav debt negotiations.
    In a separate report Tanjug said the EC has so far refused
a Yugoslav request for a 600 mln ECU infrastuctural loan and a
100 mln ECU grant from the EC budget. The EC had so far only
agreed to provide 380 mln ECUs towards transport modernisation.
    It said Yugoslav Finance Minister Svetozar Rikanovic
yesterday met World Bank and International Monetary Fund
officials in Washington.
    It said the World Bank agreed that infrastructural projects
in Yugoslavia should be accelerated and structural adjustment
loans should be agreed this year.
 REUTER
3;
bodyend
documentend
documentstart
14340
topicstart
grain
topicend
bodystart
2;

USSR CROP WEATHER SUMMARY -- USDA/NOAA


    WASHINGTON, April 7 - 
Gradual warming continued in most
regions of Western Soviet Union in the week ended April 4, the
Joint Agricultural Weather Facility of the U.S Agriculture and
Commerce Departments said.
    In its International Weather and Crop Summary, the agency
said most of the region's precipitation fell as rain.
    The southern snow cover boundary continued to slowly
retreat northward and eastward, it said.
    Moderate to deep snow cover the northern half of the
Ukraine, northern North Caucasus, and the lower Volga, about
one month later than usual, it said.
    The agency said average weekly temperatures were below
normal in the southeast, near normal in the southwest and
northeast, and above normal in the northwest.
    Winter grains remained dormant over the region, but warm
weather promoted greening in crop areas adjacent to the Black
Sea coast, it said.
 Reuter
3;
bodyend
documentend
documentstart
14354
topicstart
cotton
topicend
bodystart
2;

U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA


    WASHINGTON, April 7 - 
Cotton planting continued progressing
in the week ended April 5, but cold, wet weather in the South
hampered seedbed preparation, the Joint Agricultural Weather
Facility of the U.S. Agriculture and Commerce Departments said.
    In a summary of its Weather and Crops Bulletin, the agency
said planting increased in California as soil temperatures
improved.
    Texas planted 10 pct compared with an average of eight pct.
Arizona and Georgia planted 35 pct and two pct, respectively,
it said.
    Oklahoma farmers prepared 10 pct of their cotton seedbeds,
15 points below average, the agency said.
 Reuter
3;
bodyend
documentend
documentstart
14360
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS WAITING AT NEW ORLEANS


    New Orleans, April 7 - 
Nine grain ships were loading and 16
were waiting to load at New Orleans elevators, trade sources
said.
 ELEVATOR                     LOADING  WAITING
 Continental Grain, Westwego     1      5
 Mississippi River, Myrtle Grove 1      0
 ADM Growmark                    1      2
 Bunge Grain, Destrehan          1      0
    ELEVATOR                LOADING  WAITING
 ST CHARLES DESTREHAN         1      1
 RESERVE ELEVATOR CORP        1      0
 PEAVEY CO, ST ELMO           1      1
 CARGILL GRAIN, TERRE HAUTE   1      4
 CARGILL GRAIN, PORT ALLEN    0      0
 ZEN-NOH                      1      3
 reuter
3;
bodyend
documentend
documentstart
14366
topicstart
topicend
bodystart
2;

U.S. SAYS NO PACT ON RELIEF FOR POOREST STATES


    WASHINGTON, April 7 - 
Industrial countries do not agree on
ways to provide debt relief for the world's poorest nations, a
senior U.S. Treasury official said.
    A senior U.S. Treasury official said, "There has not been a
consensus reached yet," when asked about reports the Paris club
of western creditors had agreed to long-term stretch outs of
African debt at concessional interest rates.
    The official, briefing reporters on this week's semiannual
IMF meetings, said the issue would be discussed this week and
the U.S. had an open mind on the proposal but it did object to
concessional interest rate relief.
 Reuter
3;
bodyend
documentend
documentstart
14376
topicstart
acq
topicend
bodystart
2;
******
GENERAL PARTNERS IS TERMINATING OFFER FOR GENCORP INC

Blah blah blah.
3;


bodyend
documentend
documentstart
14388
topicstart
earn
topicend
bodystart
2;
******
BURLINGTON NORTHERN INC 1ST QTR SHR PROFIT 93 CTS VS LOSS 3.55 DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
14389
topicstart
grain
topicend
bodystart
2;

IOWA GRAIN ELEVATOR EXPLODES, BURNS


    BANCROFT, Iowa, April 7 - 
An explosion and fire today
damaged a grain elevator in Bancroft, Iowa, destroying
thousands of bushels of grain, authorities said.
    The pre-dawn explosion ripped the wooden elevator open, and
a fire that followed continued burning at late morning but had
been contained, according to a dispatcher at the Algona Police
Department.
    No injuries were reported at the Lone Rock Coop facility.
    The dispatcher said the elevator was filled with corn, and
a nearby drying building holding soybeans was on fire.
    The explosion was the second in four days in Iowa following
the destruction of an Archer Daniels Midland elevator in
Burlington last Friday.
 Reuter
3;
bodyend
documentend
documentstart
14393
topicstart
earn
topicend
bodystart
2;

ARTISTIC GREETINGS 
<
ARTG> SEES RECOVERY IN NET


    ELMIRA, N.Y., April 7 - 
Artistic Greetings Inc said it
expects a rebound in profits and an increase in sales in 1987
as costs connected with computerization, staffing, traning and
catalog sales start to taper off.
    Today it reported 1986 earnings of 294,650 dlrs, down from
371,064 dlrs a year before, on revenues of 8,157,864 dlrs, up
from 7,054,709 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14394
topicstart
acq
topicend
bodystart
2;

PARTNERSHIP BUYS 5.1 PCT ORANGE-CO 
<
OJ> STAKE


    WASHINGTON, April 7 - 
Parsow Partnership Ltd, an Elkhorn,
Neb., investment partnership, said it bought a 5.1 pct stake in
Orange-Co Inc common stock as an investment.
    In a filing with the Securities and Exchange Commission,
Parsow said it had bought all its 220,000 Orange-Co shares in
the open market with funds from its working capital.
    The partnership, whose sole general partner is Elkhorn
investor Alan Parsow, said it "has no present intention of
effecting any change in the control of Orange-Co Inc."
 Reuter
3;
bodyend
documentend
documentstart
14395
topicstart
crude
topicend
bodystart
2;

COOPERATIVE ENERGY TESTS OIL AT TWO WELLS


    CALGARY, Alberta, April 7 - 
<
Cooperative Energy Development
Corp> said two exploratory oil wells in the Zama area of
Alberta tested 1,020 and 950 barrels a day, and will increase
the company's daily oil production by 30 pct.
    The company did not immediately elaborate on total
production figures.
    The wells, flowing oil from the Keg River formation, will
be constrained to combined production of about 450 barrels a
day to optimize reserve recovery, the company said.
    Permanent production facilities are being installed and the
wells will produce to pipeline by mid-April.
 Reuter
3;
bodyend
documentend
documentstart
14397
topicstart
topicend
bodystart
2;

AVINDA DEBENTURES CONVERTED TO COMMON SHARES


    TORONTO, April 7 - 
<
Avinda Video Inc> said its debenture
holders agreed to convert 3.3 mln dlrs of 13 pct subordinated
debentures to common stock at a conversion price of 40 cts a
share, subject to shareholder and regulatory approval.
    Avinda said the debt conversion will inject 3,140,000 dlrs
of equity into the company, increase net book value per share
to 22 cts from five cts, and reduce annual interest costs by
428,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14402
topicstart
earn
topicend
bodystart
2;

CUMMINS ENGINE CO INC 
<
CUM> SETS PAYOUT


    COLUMBUS, Ind., April 7 -
    
Qtly div 55 cts vs 55 cts prior
    Pay June 15
    Record June 1
 Reuter
3;
bodyend
documentend
documentstart
14417
topicstart
earn
topicend
bodystart
2;

CENTRAL BANCSHARES 
<
CBSS> 1ST QTR NET


    BIRMINGHAM, Ala., April 7 -
    
Shr 52 cts vs 45 cts
    Net 10.9 mln vs 9,498,000
    Assets 3.60 billion vs 3.25 billion
    Deposits 2.45 billion vs 2.23 billion
    Loans 2.16 billion vs 1.67 billion
    NOTE: full name of company is Central Bancshares of the
South Inc.
 Reuter
3;
bodyend
documentend
documentstart
14418
topicstart
coffee
topicend
bodystart
2;

U.S. CERTIFIED COFFEE STOCKS DOWN IN LATEST WEEK


    NEW YORK, April 7 - 
The amount of coffee stored in New York
and New Orleans warehouses and certified for delivery against
the New York Coffee "C" futures totalled 585,555 bags as of
April 3, compared with 585,794 bags the previous week, a net
decrease of 239 bags, the New York Coffee, Sugar and Cocoa
Exchange said.
    The total comprised 392,845 bags in New York, an increase
of 261 bags, and 192,710 bags in New Orleans, a drop of 500
bags.
    The exchange said there were nil bags pending
classification. There were 56,578 bags pending certification,
including 32,553 in New York and 24,025 in New Orleans, the
exchange said.
 reuter
3;
bodyend
documentend
documentstart
14423
topicstart
acq
topicend
bodystart
2;

TEXTRON 
<
TXT> PLANS SALE OF AVCO DIVISION


    PROVIDENCE, R.I., April 7 - 
Textron Inc said it plans to
sell its Avco Specialty Materials Division as part of its debt
reduction and restructuring.
    The company said it will use proceeds from the sale to
reduce the debt incurred by its acquisition of Ex-Cell-O Corp
last year.
    Textron said Morgan Stanley and Co will represent it in the
sale.
 Reuter
3;
bodyend
documentend
documentstart
14427
topicstart
earn
topicend
bodystart
2;

GREEN TREE ACCEPTANCE INC 
<
GNT> 1ST QTR NET


    ST. PAUL, April 7 -
    
Shr 50 cts vs 40 cts
    Net 9,421,000 vs 9,312,000
    Rev 37.7 mln vs 36.3 mln
    Avg shrs 17,049,920 vs 21,173,570
    NOTE: Per-share results adjusted for two-for-one common
stock split in June 1986
 Reuter
3;
bodyend
documentend
documentstart
14434
topicstart
sugar
livestock
topicend
bodystart
2;

U.S. IMMIGRATION RULES SPARK CONGRESS OBJECTIONS


    WASHINGTON, April 7 - 
New immigration rules relating to
alien farm workers and reportedly being drafted by the U.S.
Agriculture Department are meeting with objections in Congress,
sources on Capitol Hill said.
    USDA is drafting regulations, required by a 1986 law, that
would offer amnesty to illegal aliens if they worked in the
cultivation of fruits, vegetables and other perishable
commodities.
    The department is considering including in its definition
of perishable commodities such farm products as tobacco, hops,
Spanish reeds and Christmas trees, while excluding sugar cane,
the New York Times reported yesterday.
    Rep. Howard Berman, D-Calif., would like to see the
definition extended to include sugar cane, cultivation of which
is "a breeding ground for one of the scandals of the nation,"
Gene Smith, a spokesman for Berman, said.
    Livestock, dairy and poultry producers have been lobbying
USDA hard to have their products covered by the amnesty
provision, farm industry sources said.
    Chuck Fields of the American Farm Bureau Federation said
livestock producers were "desperate" because they fear they will
be unable to retain the many illegal aliens who have joined
that industry.
    A House staff member involved in drafting the landmark 1986
immigration law who asked not to be identified said Congress
did not mean to extend special amnesty provisions to workers
who helped cultivate tobacco, and that inclusion of hops and
Spanish reeds was "marginal."
    In addition, lawmakers made it clear during consideration
of the bill that lumber workers were not to be covered by the
the amnesty provisions, making the inclusion of Christmas trees
"a tough call," this source said.
    USDA officials declined to comment on the draft regulation
except to say it was subject to change before it will be
released, probably some time later this month.
    While lawmakers may object to the USDA rule under
consideration relating to perishable commodities, Congress is
not likely to reopen debate on the controversial immigration
question, congressional sources said.
    The amnesty provision specially designed for farm workers
was crucial to passage of the overall immigration bill.
    Congressional staff members estimate the special farm
worker amnesty provision would apply to between 250,000 to
350,000 aliens. The law would allow eligible farm workers who
worked for 90 days during the year ending May 1, 1986, to apply
for temporary, then permanent, resident status.
 Reuter
3;
bodyend
documentend
documentstart
14440
topicstart
sugar
topicend
bodystart
2;

CUBA CRUDE SUGAR HARVEST FAR BEHIND SCHEDULE


    HAVANA, April 7 - 
Cuban president Fidel Castro told a
Congress of the Union of Young Communists here that the
production of crude sugar during the harvest still in progress
is 800,000 tonnes behind schedule.
    In a speech Sunday, published in today's official paper
GRANMA, Castro said unseasonable rains since January seriously
interrupted harvesting and milling operations especially in the
central and western parts of the island.
    The Cuban leader said the mechanical cane harvesters
scheduled to cut over 60 pct of the cane this year were
particularly "vulnerable," as muddy fields prevent operations.
    Neither Castro nor the Cuban press have given out figures
to estimate tonnes of crude production during the present
harvest or the goals for the sugar campaign.
    However, a cuban sugar official told Reuters that the
country will be lucky if crude output reaches last year's 7.2
mln tonnes. Output of crude for the previous 1984-85 harvest
was 8.2 mln tonnes.
    The harvest was scheduled to end April 30 but due to the
present shortfalls it will be extended into May and June, the
official said.
 Reuter
3;
bodyend
documentend
documentstart
14469
topicstart
acq
topicend
bodystart
2;
******
AVON SAYS IT TO BUY GIORGIO INC, A FRAGRANCE COMPANY, FOR 185 MLN DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
14476
topicstart
copper
topicend
bodystart
2;

MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS


    NEW YORK, April 7 - 
Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is lowering its copper cathode
price by 0.50 cent to 65.50 cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
14483
topicstart
grain
corn
oilseed
livestock
topicend
bodystart
2;

IRAQ CCC CREDIT GUARANTEES SWITCHED - USDA


    WASHINGTON, April 7 - 
The Commodity Credit Corporation
(CCC) has transferred 21.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. corn and 5.0 mln dlrs
for sales of oilseeds to increase available coverage on sales
of U.S. poultry meat to Iraq, the U.S. Agriculture Department
said.
    The department said the action was taken at the request of
Iraq's State Trade Organization for Grains and Foodstuffs.
    The guarantee line for sales of corn has been reduced from
78.0 mln dlrs to 57.0 mln and the line for oilseeds from 5.0
mln dlrs to zero.
    The guarantee line for sales of frozen poultry has been
increased from 30.0 mln dlrs to 56.0 mln dlrs, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
14485
topicstart
acq
topicend
bodystart
2;

AVON PRODUCTS 
<
AVP> TO BUY GIORGIO FOR 185 MLN


    NEW YORK, April 7 - 
Avon Products Inc said it reached an
agreement in principle to purchase 
<
Giorgio Inc>, a fragrance
company, for 185 mln dlrs in cash.
    Giorgio's annual revnues are more than 100 mln dlrs, Avon
said. The acquisition has been approved by Avon's board, with
the closing set for May 7.
    The transaction would have no impact on Avon's current
dividend rate, it said.
    Giorgio's boutique in Beverly Hills, Calif., will be sold
back to Fred Hayman, one of the shareholders, who will continue
to operate it independently, Avon said.
    Avon said it identified Giorgio more than a year ago as a
preferred acquisition candidate. It said it is launching a
prestige fragrance developed in conjunction with Catherine
Deneuve this spring.
    Giorgio will be operated as a separate subsidiary, Avon
said, and would not compete with Avon's direct selling beauty
products business.
 Reuter
3;
bodyend
documentend
documentstart
14491
topicstart
ship
grain
wheat
topicend
bodystart
2;

HONDURAS SEEKING PL-480 VESSELS FOR BULK WHEAT


    WASHINGTON, April 7 - 
Honduras will tender April 13 under
Public Law 480 for U.S. and non-U.S. flag vessels to deliver
approximately 52,500 tonnes of various wheats in bulk, an agent
for the country said.
    The agent said deliveries of northern spring/dns wheat will
include laydays of July 1-10 for 7,500-9,500 tonnes, August
1-10 for 8,000-10,000 tonnes, and September 15-25 for
12,500-14,500 tonnes.
    Deliveries of hard red winter wheat will have laydays of
June 20-30 for 5,000-7,000 tonnes, July 15-25 for 6,500-8,500
tonnes, and September 15-25 for 7,000-9,000 tonnes.
    Offers are due by 1200 hrs EDT, April 13, and will remain
valid until the close of business April 14, the agent said.
 Reuter
3;
bodyend
documentend
documentstart
14499
topicstart
copper
topicend
bodystart
2;

MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS


    NEW YORK, April 7 - 
Magma Copper Co, a subsidiary of
Newmont Mining Corp, said it is lowering its copper cathode
price by 0.50 cent to 65.50 cents a lb, effective immediately.
 Reuter
3;
bodyend
documentend
documentstart
14504
topicstart
acq
topicend
bodystart
2;

GENCORP 
<
GY> SAYS BUYBACK BETTER THAN TAKEOVER


    AKRON, Ohio, April 7 - 
GenCorp Inc said the decision by
General Partners, comprised of AFG Industries and Wagner and
Brown, to end its hostile offer for the company supports its
belief that the buy back offer it announced yesterday was a
"financially superior alternative."
    GenCorp said it would annouce details of its plans to buy
back 54 pct of its stock for 1.6 billion dlrs, or 130 dlrs a
share, later this week. GenCorp's buy back was made to fend off
the hostile 2.3 billion dlr, 100-dlr-a-share, tender offer by
AFG and Wagner and Brown.
    Earlier today AFG and Wagner and Brown said that without
the benefit of additional information available to GenCorp's
management, it cannot compete economically with GenCorp's
proposal.
    The group said it is ending its tender offer for GenCorp
and promptly return to tendering shareholders all shares
tendered pursuant to its offer.
    The group owns 9.8 pct, or 2,180,608 shares, of GenCorp's
outstanding shares.
 Reuter
3;
bodyend
documentend
documentstart
14506
topicstart
acq
topicend
bodystart
2;

BERRY PETROLEUM, NORRIS OIL 
<
NOIL> TO MERGE


    TAFT, Calif., Apri l7 - 
Berry Petroleum Co said its board
and the Norris Oil Co board approved a merger agreement that
calls for Norris to become a wholly-owned Berry subsidiary.
    Berry, a privately-owned company which already owns 80.6
pct of Norris Oil's stock, said the agreement calls for Norris'
public shareholders to receive 0.0333 Berry common shares for
each Norris share held.
 Reuter
3;
bodyend
documentend
documentstart
14509
topicstart
grain
wheat
veg-oil
topicend
bodystart
2;

CCC CREDITS FOR BANGLADESH AMENDED - USDA


    WASHINGTON, April 7 - 
The Commodity Credit Corporation
(CCC) has reallocated 5.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. wheat to provide
coverage for sales of U.S. vegetable oil to Bangladesh, the
U.S. Agriculture Department said.
    USDA said the action was taken at the request of the
Bangladesh government and reduces the guarantee line authorized
for wheat sales from 25.0 mln dlrs to 20.0 and creates a new
line of 5.0 mln dlrs for vegetable oils.
    To be eligible for coverage under the CCC's Intermediate
Export Credit Program, credit terms must be in excess of three
years, but not more than seven years.
    All sales covered by the credit guarantees must be
registered and shipped by September 30, 1987, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
14512
topicstart
oilseed
topicend
bodystart
2;

CCC SEED CREDIT GURANTEES FOR ALGERIA - USDA


    WASHINGTON, April 7 - 
The Commodity Credit Corporation
(CCC) has authorized 2.0 mln dlrs in credit guarantees to cover
sales of seeds for planting to Algeria, the U.S. Agriculture
Department said.
    The department said the additional guarantees increase the
cumulative fiscal year 1987 program for sales of U.S.
agricultural products to Algeria to 466.0 mln dlrs.
    To be eligible under the new seed credit guarantees, all
sales must be registered by September 30, 1987, and shipped by
December 31, 1987, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
14515
topicstart
grain
rice
topicend
bodystart
2;

USDA ANNOUNCES WORLD MARKET RICE PRICES


    WASHINGTON, April 7 - 
The U.S. Agriculture Department
announced the following prevailing world market prices of rice
on a loan-rate basis, with previous prices --
    -- Long grain whole kernels 5.87 cts per lb vs 5.70
    -- Medium grain whole kernels 5.28 cts per lb vs 5.12
    -- Short grain whole kernels  5.22 cts per lb vs 5.06
    -- Broken kernels 2.94 cts per lb vs 2.85
    The repayment rate for 1986-crop warehouse or farm-stored
rice loans are the higher of the world price or 50 pct of the
loan rate of 7.20 dlrs per cwt.
    The prices will remain in effect for a week, but new prices
could be announced earlier if warranted, USDA said.
 Reuter
3;
bodyend
documentend
documentstart
14516
topicstart
earn
topicend
bodystart
2;

TOTAL SYSTEM SERVICES INC 
<
TSYS> 1ST QTR NET


    COLUMBUS, Ga., April 7 -
    
Shr nine cts vs seven cts
    Net 1,356,000 vs 1,041,000
    Revs 9.7 mln vs 8.4 mln
 Reuter
3;
bodyend
documentend
documentstart
14517
topicstart
earn
topicend
bodystart
2;

HUBCO INC 
<
HCO> 1ST QTR NET


    UNION CITY, N.J., April 7 -
    
Shr 38 cts vs 30 cts
    Net 1,356,754 vs 1,048,340
    Assets 448.5 mln vs 407.4 mln
   
 Reuter
3;
bodyend
documentend
documentstart
14524
topicstart
earn
topicend
bodystart
2;

<
WILDERNESS EXPERIENCE INC> 4TH QTR LOSS


    CHATSWORTH, Calif., April 7 - 
Period ended Jan 31
    Shr loss three cts vs loss two cts
    Net loss 183,500 vs loss 163,800
    Sales 608,800 vs 1,156,100
    Year
    Shr loss 16 cts vs loss 21 cts
    Net loss 1,128,600 vs loss 1,081,600
    Sales 3,811,200 vs 6,968,700
   
 Reuter
3;
bodyend
documentend
documentstart
14525
topicstart
earn
topicend
bodystart
2;

TOTAL SYSTEMS SERVICES 
<
TSYS> 1ST QTR NET


    COLUMBUS, Ga., April 7 -
    
Shr nine cts vs seven cts
    Net 1,356,000 vs 1,041,000
    Revs 9,729,000 vs 8,367,000
 Reuter
3;
bodyend
documentend
documentstart
14537
topicstart
ship
topicend
bodystart
2;

BERMUDA STAR 
<
BSL> LEASES VESSEL


    TEANECK, N.J., APril 7 - 
Bermuda Star Line Inc said it has
leased a 23,500 ton passenger vessel from Orley Shipping Co
Inc, of Liberia for a term with options extending for 15 years.
    The vessel, SS Liberte, will be renamed the Canadian Star
and will be used for cruises to Montreal from New York,
beginning in June.
    Orley SHipping is partially owned by Common Brothers PLC, a
U.K. maritime firm which owns 60 pct of Bermuda Star's shares
and arranged debt financing for the ship's purchase.
    Orley acquired the vessel from Banstead Shipping Ltd. Terms
were not disclosed.
 Reuter
3;
bodyend
documentend
documentstart
14539
topicstart
earn
topicend
bodystart
2;

PREMDOR PLANS TWO-FOR-ONE STOCK SPLIT


    TORONTO, April 7 - 
<
Premdor Inc> said it planned a
two-for-one common stock split, subject to shareholder approval
at the May 4 annual meeting.
    It said the split, if approved, would take effect on May
20.
    Premdor manufactures and sells wood doors.
 Reuter
3;
bodyend
documentend
documentstart
14540
topicstart
earn
topicend
bodystart
2;

TELETRAK ADVANCED TECHNOLOGY 4TH QTR LOSS


    NEW YORK, April 7 -
    
Shr loss two cts vs loss two cts
    Net loss 183,597 vs loss 136,990
    Rev 36,600 vs 61,763
    Avg shares 12,355,000 vs 9,205,000
    Year
    Shr loss five cts vs loss five cts
    Net loss 571,336 vs loss 416,595
    Rev 103,327 vs 61,763
    Avg shares 12,355,000 vs 8,705,000
    NOTE: Company's full name is 
<
Teletrak Advanced Technology
Systems Inc and it is a unit of Helm Resources 
<
H>. 1985 net
loss includes loss from discontinued operations of 278,156
dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14542
topicstart
acq
topicend
bodystart
2;

CANNON 
<
CAN> SELLS STAKE IN HBO/CANNON VENTURE


    LOS ANGELES, April 7 - 
Cannon Group Inc said it agreed in
principle to sell its 50 pct interest in the HBO/Cannon Video
joint venture to the Home Box Office unit of Time Inc 
<
TL>.
    The company said it is making the sale because in the near
future all of its video products will be licensed in the United
States and Canada to either the Warner Brothers unit of Warner
Communications Inc 
<
WCI>, or to Media Home Entertainment.
 Reuter
3;
bodyend
documentend
documentstart
14543
topicstart
topicend
bodystart
2;

GENCORP 
<
GY> STAYS ON S/P CREDITWATCH, NEGATIVE


    NEW YORK, April 7 - 
Standard and Poor's Corp said it is
keeping GenCorp Inc's 100 mln dlrs of BB-plus subordinated debt
on creditwatch with negative implications.
    S and P cited the company's announcement that it will
purchase up to 54 pct of its common stock shares for 1.6
billion dlrs. GenCorp will finance some of the buy back with
bank loans, the agency noted.
    GenCorp was originally placed on creditwatch for a possible
downgrade after a partnership affiliated with AFG Industries
Inc 
<
AFG> and Wagner and Brown made a tender offer of 110 dlrs
per share, or 2.2 billion dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14544
topicstart
earn
topicend
bodystart
2;

HOUSTON OIL TRUST 
<
HO> HALTS ROYALTIES


    HOUSTON, April 7 - 
Houston Oil Trust said there will be no
royalty funds available for distribution to unit holders in
April.
    It also said that based on recent independent petroleum
engineers' estimates of Oct 31, 1986, there may be no amounts
avialable for distribution the rest of the year.
 Reuter
3;
bodyend
documentend
documentstart
14545
topicstart
earn
topicend
bodystart
2;

UPPER PENINSULA POWER CO 
<
UPEN> SETS PAYOUT


    HOUGHTON, Mich., April 7 -
    
Qtly dividend 52-1/2 cts vs 52-1/2 cts
    Pay May one
    record April 17
 Reuter
3;
bodyend
documentend
documentstart
14547
topicstart
earn
topicend
bodystart
2;

ITT CORP 
<
ITT> DECLARES DIVIDEND


    NEW YORK, April 7 - 
    
Qtly div 25 cts vs 25 cts prior
    Pay July 1
    Record May 7
 Reuter
3;
bodyend
documentend
documentstart
14549
topicstart
earn
topicend
bodystart
2;

PACIFIC LIGHTING CORP 
<
PLT> QTLY DIVIDEND


    LOS ANGELES, April 7 -
    
Shr 87 cts vs 87 cts prior qtr
    Pay May 15
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
14550
topicstart
earn
topicend
bodystart
2;

STALEY CONTINENTAL 
<
STA> REGULAR DIVIDEND SET


    ROLLING MEADOWS, ILL., April 7 -
    
Qtly div 20 cts vs 20 cts previously
    Pay June Eight
    Record May 22
 Reuter
3;
bodyend
documentend
documentstart
14551
topicstart
earn
topicend
bodystart
2;

ITT CORP 
<
ITT> REGULAR QTRLY DIVIDEND


    NEW YORK, April 7 -
    
Qtly div 25 cts vs 25 cts prior
    Payable July one
    Record May 7
 Reuter
3;
bodyend
documentend
documentstart
14558
topicstart
heat
topicend
bodystart
2;

SUN 
<
SUN> RAISES HEATING OIL BARGE PRICE


    NEW YORK, April 7 - 
Sun Co's Sun Refining and Marketing Co
subsidiary said it raised the price it charges contract barge
customers for heating oil in New York harbor by 0.50 cent a
gallon, effective today.
    The increase brings the contract barge price to 50.50 cts a
gallon, Sun said.
 Reuter
3;
bodyend
documentend
documentstart
14560
topicstart
topicend
bodystart
2;
******
U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS APRIL 13 TO PAY DOWN 12.35 BILLION DLRS

Blah blah blah.
3;


bodyend
documentend
documentstart
14561
topicstart
topicend
bodystart
2;

LEVITT 
<
LVT> FILES FOR DEBENTURE OFFERING


    NEW YORK, April 7 - 
Levitt Corp said it filed with the
Securities and Exchange Commission a registration statement
covering a 25 mln dlr issue of convertible subordinated
debentures due 2012.
    Proceeds from the offering will repay the company's debt
and will be used for general corporate purposes.
    Levitt designs, builds and sells single-family homes and
has recently begun a number of new construction projects,the
company added.
    Bear, Stearns and Co and Merrill Lynch Capital Markets have
tentatively been named as underwriters.
 Reuter
3;
bodyend
documentend
documentstart
14563
topicstart
acq
topicend
bodystart
2;

SPORTSCENE ACQUIRES CHRISTOPHE VAN HOUTTE CHAIN


    MONTREAL, April 7 - 
(Sportscene Restaurants Inc) said it
acquired (Cafe Christophe Van Houtte Inc), a cafe chain with
ten franchises and one corporate restaurant, for an unspecified
amount of cash and Sportscene shares.
 Reuter
3;
bodyend
documentend
documentstart
14566
topicstart
instal-debt
topicend
bodystart
2;
******
U.S. CONSUMER CREDIT ROSE 1.77 BILLION DLRS IN FEB VS REVISED 789 MLN JAN GAIN

Blah blah blah.
3;


bodyend
documentend
documentstart
14569
topicstart
earn
topicend
bodystart
2;

RONSON CORP 
<
RONC> 4TH QTR DEC 31


    SOMERSET, N.J., April 7 -
    
Shr loss 21 cts vs loss seven cts
    Net loss 971,000 vs loss 318,000
    Revs 8.3 mln vs 9.2 mln
    Year
    Shr loss 43 cts vs profit 14 cts
    Net loss 1.9 mln vs profit 606,000
    Revs 32.5 mln vs 31.9 mln
    NOTE:1986 loss includes reserves of 329,000, 1985 includes
tax benefit of 352,000, 96,000, and 570,000 dlrs.1986 4th qtr
includes 850,000 dlrs writedowns, 499,000 dlr gain from sale.
    1985 net includes extraordinary items of 108,000 and gain
on sale of 1.6 mln dlrs , tax carryforward gain of 246,000
dlrs.
   
 Reuter
3;
bodyend
documentend
documentstart
14572
topicstart
gold
silver
copper
zinc
lead
topicend
bodystart
2;

WESTMIN TO RAISE MYRA FALLS CAPACITY BY 33 PCT


    CALGARY, Alberta, April 7 - 
Westmin Resources Ltd said it
plans to increase capacity at its Myra Falls, British Columbia,
base and precious metal mine and mill complex by 33 pct to
4,400 short tons of ore a day, subject to regulatory approvals.
    The company said the expansion will cost about 24 mln dlrs
and could be in operation by 1988.
    Economies of scale from the expansion should pay back net
expansion cost in less than one year, Westmin said.
    The Myra Falls complex processed 3,257 tons of ore a day
during 1986. Myra Falls 1986 production was 44,000 ounces of
gold, 966,266 ounces of silver, 45.5 mln lbs of copper, 96.2
mln lbs of zinc and 777,000 lbs of lead, a company spokesman
said.
    Myra Falls 1986 production was 44,000 ounces of gold,
966,266 ounces of silver, 45.5 mln pounds of copper, 96.2 mln
pounds of zinc and 777,000 pounds of lead, a company spokesman
said.
 Reuter
3;
bodyend
documentend
documentstart
14573
topicstart
money-supply
topicend
bodystart
2;

TREASURY BALANCES AT FED ROSE ON APRIL 6


    WASHINGTON, April 7 - 
Treasury balances at the Federal
Reserve rose on April 6 to 4.262 billion dlrs from 3.876
billion dlrs on the previous business day, the Treasury said in
its latest budget statement.
    Balances in tax and loan note accounts fell to 4.950
billion dlrs from 5.004 billion dlrs on the same respective
days.
    The Treasury's operating cash balance totaled 9.212 billion
dlrs on April 6 compared with 8.880 billion dlrs on April 3.
 Reuter
3;
bodyend
documentend
documentstart
14579
topicstart
topicend
bodystart
2;

U.S. TO SELL 13.2 BILLION DLRS IN BILLS


    WASHINGTON, April 7 - 
The U.S. Treasury said it will sell
13.2 billion dlrs of three and six-month bills at its regular
auction next week.
    The April 13 sale, to be evenly divided between the three
and six month issues, will result in a paydown of 12.35 billion
dlrs as maturing bills total 25.55 billion dlrs including the
9-day cash management bills issued April 7 in the amount of
11.01 billion dlrs.
    The bills will be issued April 16.
 Reuter
3;
bodyend
documentend
documentstart
14582
topicstart
acq
topicend
bodystart
2;

MANUFACTURERS 
<
MHC> IN BUILDING FORECLOSURE


    NEW YORK, April 7 - 
Manufacturers Hanover Corp said its OFP
Inc unit acquired a Dallas office building through foreclosure.
    The company said it foreclosed on the Allied Bank Tower, a
1.2 mln-square-feet office building at One Fountain Place,
Dallas.
 Reuter
3;
bodyend
documentend
documentstart
14586
topicstart
earn
topicend
bodystart
2;

HI-SHEAR INDUSTRIES INC 
<
HSI> SETS PAYOUT


    NORTH HILLS, N.Y., April 7 -
    
Qtrly div 11 cts vs 11 cts prior
    Pay April 28
    Record April 20
 Reuter
3;
bodyend
documentend
documentstart
14587
topicstart
acq
topicend
bodystart
2;

COCA-COLA BOTTLING 
<
COKE> TERMINATES TALKS


    CHARLOTTE, N.C., APril 7 - 
Coca-Cola Bottling Co
Consolidated said it terminated negotiations with the proposed
purchaser of its wholly owned subsidiary headquartered in
Vancouver, B.C.
    The company said it is vigorously continuing its efforts to
sell its Canadian operations, substantially on the terms and
conditions previously announced.
 Reuter
3;
bodyend
documentend
documentstart
14603
topicstart
oilseed
rapeseed
topicend
bodystart
2;

JAPANESE CRUSHERS BUY CANADIAN RAPESEED


    WINNIPEG, April 7 - 
Japanese crushers bought 5,000 tonnes
of Canadian rapeseed in export business overnight for late
May/early June shipment, trade sources said.
 Reuter
3;
bodyend
documentend
documentstart
14604
topicstart
acq
topicend
bodystart
2;

CAREPLUS 
<
CPLS> SEEKS APPROVAL IN ACQUISITION


    MIAMI, April 7 - 
CarePlus Inc said it will seek shareholder
approval of its proposed acquisition of certain assets and
assumption of certain liabilities of Professional Care Inc

<
PCI>.
    In connection with the acquisition, shareholders will be
requested to approval the merger of CarePlus into its newly
formed Delaware subsidiary, CarePlus said.
    CarePlus said its board has tentatively determined that its
stock would be exchanged for common stock of the new
corporation at the rate of seven for one.
 Reuter
3;
bodyend
documentend
documentstart
14608
topicstart
topicend
bodystart
2;

SOUTHERN UNION 
<
SUG> TO SELL NOTES, DEBENTURES


    NEW YORK, April 7 - 
Southern Union Co said it filed with
the Securities and Exchange Commission a registration statement
covering a 50 mln dlr offering of 10-year notes and a
same-sized issue of 30-year debentures.
    Proceeds will be used to redeem three outstanding debenture
issues and repay two outstanding note issues.
    The company named Goldman, Sachs and Co as sole manager of
the note and debenture offerings.
 Reuter
3;
bodyend
documentend
documentstart
14612
topicstart
instal-debt
topicend
bodystart
2;

U.S. FEB CONSUMER CREDIT ROSE 1.77 BILLION DLRS


    WASHINGTON, April 7 - 
U.S. consumer instalment credit rose
a seasonally adjusted 1.77 billion dlrs in February after a
revised rise of 789 mln dlrs in January, the Federal Reserve
Board said.
    The annual rate of growth in February was 3.7 pct, up from
1.6 pct in January. Previously the Fed said consumer credit
rose 536 mln dlrs in January.
    Among the credit categories, auto credit rose in February
by 717 mln dlrs after increasing 416 mln dlrs in January, the
Fed said.
    Revolving credit in February rose 1.04 billion dlrs after
falling by 23 mln dlrs in January.
    Mobile home credit was down by 59 mln dlrs in February
after rising 141 mln dlrs in January.
    The category referred to as "other," covering bank and credit
union loans, increased by 74 mln dlrs in February after rising
by 255 mln dlrs in January, the Fed said.
    Before seasonal adjustment, consumer credit outstanding
totaled 576.05 billion dlrs at the end of February, compared
with 530.41 billion dlrs at the end of February, 1986.
 Reuter
3;
bodyend
documentend
documentstart
14619
topicstart
acq
topicend
bodystart
2;

GROUP TO BUY MORE INTERMEDICS 
<
ITM> SHARES


    WASHINGTON, April 7 - 
An investor group including Bessemer
Securities Corp and Cilluffo Associates told the Securities and
Exchange Commission it asked federal antitrust regulators for
advance clearance to hold more than 30 mln dlrs of Intermedics
Inc common stock.
    The group said it currently holds 1.8 mln shares or 17.6
pct of the total outstanding following purchases of 84,300
shares March 18-April 1. A group spokesman would not disclose
the total purchase price of its current holdings.
    The group has said it is accumulating Intermedics stock for
investment purposes.
 Reuter
3;
bodyend
documentend
documentstart
14622
topicstart
earn
topicend
bodystart
2;

SEAGATE TECHNOLOGY 
<
SGAT> 3RD QTR MARCH 3 NET


    SCOTTS VALLEY, Calif., April 7 -
    
Shr 81 cts vs 24 cts
    Net 40,453,000 vs 11,833,000
    Sales 267.1 mln vs 127.0 mln
    Avg shrs 50,226,000 vs 48,337,000
    Nine Mths
    Shr 2.07 dlrs vs 38 cts
    Net 102,564,000 vs 18,127,000
    Sales 708.0 mln vs 318.3 mln
    Avg shrs 49,573,000 vs 48,024,000
 Reuter
3;
bodyend
documentend
documentstart
14623
topicstart
acq
topicend
bodystart
2;

GROUP RAISES TEXSTYRENE 
<
FOAM> STAKE TO 11.7 PCT


    WASHINGTON, April 7 - 
An investor group led by Dart
Container Corp, a Sarasota, Fla., plastic utensil maker, told
the Securities and Exchange Commission it raised its stake in
Texstyrene Corp to 420,500 common shares or 11.7 of the total
outstanding.
    The group said it bought the shares for investment and
intends to continue to buy Texstyrene stock in the future.
    The group said its most recent purchases included 106,000
shares bought March 10-31 in ordinary brokerage transactions.
 Reuter
3;
bodyend
documentend
documentstart
14626
topicstart
acq
topicend
bodystart
2;

ENRO HOLDING BUYS ENRO SHIRT AND FOXCROFT


    NEW YORK, April 7 - 
Enro Holding Corp said it acquired Enro
Shirt Co and Foxcroft Ltd from Wilson Bros for 30 mln dlrs.
     Enro Holding is owned 50 pct by investors and 50 pct by
management and others. The investor group bought 50 pct of the
common equity and supplied five mln dlrs in mezzanine
financing. Management bought the other 50 pct. Congress
Financial Group supplied 28 mln dlrs in senior financing and
the seller took back a note for 12.1 mln dlrs.
    Enro Shirt has annual sales of about 42 mln dlrs and
Foxcroft has sales of about 13 mln dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14629
topicstart
earn
topicend
bodystart
2;

SPARTECH 
<
SPTN> REVERSE STOCK SPLIT APPROVED


    ST. LOUIS, April 7 - 
Spartech Corp said shareholders at the
annual meeting approved a reverse stock split of the common
stock, on a one-for-five basis.
    The company said the split was necessary in preparation for
an offering of 25 mln dlrs in convertible subordinated
debentures, expected to be made soon through Kidder, Peabody
and Co.
    It said the new common stock will begin trading April 8
under the symbol "SPTNd."
    Separately, Spartech said its board appointed Bradley
Buechler as president, filling a vacancy.
    It said Lawrence Powers remains as chairman.
    Buechler, prior to his promotion, was executive vice
president and chief operating officer. He will retain his
duties as chief operating officer.
 Reuter
3;
bodyend
documentend
documentstart
14630
topicstart
earn
topicend
bodystart
2;

PEOPLE RIDESHARING SYSTEMS 
<
RIDE> 1ST QTR NET


    NEWARK, N.J., April 7 -
    
Shr primary profit two cts vs loss nine cts
    Shr diluted profit one cent vs loss six cts
    Net profit 17,156 vs loss 89,594
    Revs 2,360,220 vs 3,208,802
    Avg shrs 870,000 vs 1,026,627
    NOTE: full name of company is People Ridesharing Systems
Inc.
 Reuter
3;
bodyend
documentend
documentstart
14642
topicstart
interest
topicend
bodystart
2;

DESJARDINS GROUP LOWERS VISA INTEREST RATE


    MONTREAL, April 7 - 
(La Confederation des Caisses
Populaires et d'Economie Desjardins), the Quebec credit union
group, said it is lowering the interest rate on unpaid balances
on its Visa credit card to 15.9 pct from 18.0 pct, effective
with June billing statements.
    The move follows cuts in credit card interest rate charges
by several Canadian banks.
 Reuter
3;
bodyend
documentend
documentstart
14646
topicstart
earn
topicend
bodystart
2;

SEEQ TECHNOLOGY INC 
<
SEEQ> 2ND QTR MARCH 31


    SAN JOSE, Calif., April 7 -
    
Shr profit eight cts vs loss 1.84 dlrs
    Net profit 785,000 vs loss 4,279,000
    Revs 10.4 mln vs 8,464,000
    Avg shrs 9,649,000 vs 2,664,000
    Six Mths
    Shr loss nine cts vs loss 4.09 dlrs
    Net loss 262,000 vs loss 9,689,000
    Revs 19.2 mln vs 15.6 mln
    Avg shrs 2,874,000 vs 2,660,000
 Reuter
3;
bodyend
documentend
documentstart
14655
topicstart
cruzado
money-fx
topicend
bodystart
2;
BRAZIL ADJUST CRUZADO DOWN AGAINST DOLLAR
    NEW RATE 22,840/22,945 PREVIOUS           
    22,690/22,803 EFFECTIVE WEDNESDAY APRIL 8
3;


bodyend
documentend
documentstart
14666
topicstart
earn
topicend
bodystart
2;

NACCO INDUSTRIES 
<
NC> TO REPORT 2ND QTR GAIN


    CLEVELAND, April 7 - 
Nacco Industries Inc said it will
report a gain in the second quarter of about 11.5 mln dlrs or
1.25 dlrs a share from the sale of stock of a subsidiary.
    Nacco said its North American Coal Corp unit has received
notice that Consolidation Coal Co, a unit of Du Pont Co 
<
DD>,
will exercise an option to buy all of the stock of Quarto
Mining Co, a subsidiary of North American Coal.
    For the stock, North American Coal will receive about 15.2
mln dlrs, 5.2 mln of which will be paid at closing April 10 and
the rest in installments, the company said.
    In addition, Quarto will pay a dividend to North American
Coal of about 10 mln dlrs from retained earnings before
closing. The funds were previously used to finance mining
operations.
    Consolidation Coal got the option from the Capco Group of
utilities, which received the option from Nacco in 1981.
    Nacco reported earnings of 10.8 mln dlrs or 1.11 dlrs a
share in last year's second quarter.
    In 1986, Quarto generated 5.9 mln dlrs in net income, equal
to 62 cts a share, of Nacco's total 1986 earnings of 3.48 dlrs
a share.
    Quarto produced about 3.6 mln short tons of the 24.3 mln
tons produced by North American Coal in 1986, Nacco said.
 Reuter
3;
bodyend
documentend
documentstart
14672
topicstart
earn
topicend
bodystart
2;

BUFFTON 
<
BUFF> TO POST INVESTIGATION CHARGE


    FORT WORTH, Texas, April 7 - 
Buffton Corp said it will    
conduct an investigation on a plant designated as a Superfund
Site, which will result in a charge of about six cts per share
in its second quarter.
    In the year ago second quarter, Buffton reported net income
of 10 cts a share or 330,000 dlrs on sales of 10.3 mln dlrs.
     The study should be completed in nine months and will
determine any clean-up or remedial action that may be required.
Robintech Inc, the plant's former owner, will split the cost.
Buffton said its share will cost 400,000 dlrs.
 Reuter
3;
bodyend
documentend
documentstart
14679
topicstart
acq
topicend
bodystart
2;

AMERICAN DYNAMICS 
<
AMDC> TO SELL 51 PCT STAKE


    COLUMBUS, Ohio, April 7 - 
American Dynamics Corp and

<
Meridian Reserve Inc> said they signed a definitive agreement
under which Meridian will buy 81.9 mln shares, or 51 pct, of
American Dynamics' common stock.
    Under terms of the agreement, Santa Ana, Calif.-based
Meridian said it will pay Columbus-based American Dynamics one
mln dlrs in cash and notes over five years and about 500,000
shares of its common stock.
    Meridian said it has the option to issue an additional
1,500,000 shares of its common over the next two years in
payment of certain of the notes.
    Meridian, an oil and gas company whose operations are
primarily in Oklahoma, said the acquisition will increase its
its consolidated assets to 30 mln dlrs and its contractually
committed gas reserves to more than 40 mln dlrs at discounted
present value.
    American Dynamics is engaged in gas gathering, transmission
and liquids extraction, also in Oklahoma.
    The companies said they have five extracting plants and
about 525 miles of transmission lines in five adjoining
Oklahoma counties.
 Reuter
3;
bodyend
documentend
documentstart
14682
topicstart
sugar
ship
topicend
bodystart
2;
N.Y. SUGAR FREIGHTS - April 7
    Nil
 reuter
3;


bodyend
documentend
documentstart
14686
topicstart
money-fx
topicend
bodystart
2;
USSR EXCHANGE RATES - SOVIET STATE BANK EFFECTIVE APRIL 8, 1987
ROUBLES PER HUNDRED UNLESS STATED U.S.                  63.85  
  (63.60) STG                  103.47    (102.56) BFR (1,000)  
        16.90     (17.01) DMK                   35.06    
(35.43) DFL                   31.00     (31.20) LIT (10,000)   
       4.91      (4.94) CAN                   48.85     (48.79)
DKR                    9.28      (9.32) NKR                   
9.38      (9.34) FFR                   10.52     (10.59) SKR   
               10.06      (UNCH) FIN MRK               14.20   
  (UNCH) SFR                   42.03     (42.33) YEN (1,000)   
        4.37      (4.34) AUS SCH                4.98     
(5.01) AUS DLR               44.77      (UNCH) PAK RUP         
      3.74      (UNCH) IND RUP                5.10      (UNCH)
IRN RYL                0.88      (UNCH) LIB DIN (ONE)         
2.09      (UNCH) MRC DRHM               7.78      (UNCH)
3;


bodyend
documentend
documentstart
14688
topicstart
grain
ship
topicend
bodystart
2;

GRAIN SHIPS LOADING AT PORTLAND


    PORTLAND, April 7 - 
There were six grain ships loading and
six ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
  
 Reuter
3;
bodyend
documentend
documentstart
14689
topicstart
pet-chem
topicend
bodystart
2;

ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS


    CARACAS, April 7 - 
Italy's state-owned Ente Nazionale
Idrocarburi (ENI) will invest 197 mln dlrs in two joint
ventures in coal and petrochemicals with Petroleos de
Venezuela, S.A, ENI president Franco Reviglio said.
    Speaking at a news conference, Reviglio said the two
projects will eventually bring in some 300 mln dlrs annually in
foreign exchange to Venezuela and help diversify the country's
export base. "Joint ventures are the principal instrument for
allowing the resources of the industrialized countries to be
channeled to the developing world so as to lead future growth
for both," Reviglio said.
    ENI's subsidiary Ecofuel will join Pequiven, the
petrochemical subsidiary of PDVSA in building a 160 mln dlr
plant to produce mtbe, a gasoline additive used to increase
octane levels.
    The 500,000 mt per year plant will be constructed at Jose
in eastern Venezuela, and fed by butane produced at PDVSA's
eastern cryogenic complex. ENI owns 48 pct of the joint venture
company, Super Octanos, C.A., while Pequiven has 49 pct, with
the remaining three pct to be sold to private investors.
    Production is set to begin in third quarter 1989. Ecofuel
officials said the plant is modeled after one in Saudi Arabia.
    Another ENI subsidiary, Agip Carbone, will sign a letter of
intent in Caracas tomorrow to enter a partnership with PDVSA to
mine the coal deposits at guasare in western zulia state, he
said.
    Feasibility studies are still being done on the carbozulia
project, with a definitive accord slated for august, he added.
    Agip carbone and atlantic richfield coal, an arco
subsidiary have formed a consortium which will own 48 pct of
the carbozulia project, whose total cost is estimated at 500
mln dlrs, the company said. Agip carbone will invest 24 pct, or
120 mln dlrs, in the project, it said.
 Reuter
3;
bodyend
documentend
documentstart
14697
topicstart
earn
topicend
bodystart
2;

REPUBLICBANK 
<
RPT> TO RECLASSIFY BRAZIL LOANS


    DALLAS, April 7 - 
RepublicBank Corp said it has placed
182.6 mln dlrs of all intermediate and term loans to Brazil on
a non-accrual basis as of March 31.
    It said the reclassification will reduce first quarter
earnings by 2.8 mln dlrs after taxes, and 11 mln dlrs after
taxes for all of 1987, if Brazil does not change its position
of a moratorium on interest payments.
    RepublicBank also said its net income for the first quarter
is expected to be about 10.4 mln dlrs or 30 cts a share on a
fully diluted basis. In the year-ago first quarter the company
earned 23.1 mln dlrs or 75 cts a share.
    The company also said its first quarter results are
expected to include a provision for loan losses of 55 mln dlrs,
about 20 mln dlrs over net loan-charge-offs of about 35 mln
dlrs. It said the provision will increase loan losses to about
328 mln dlrs or 2.2 pct of loans.
    RepublicBank, with total assets of about 21 billion dlrs,
announced in December an agreement with InterFirst Corp 
<
IFC>
to form First RepublicBank Corp. If the merger is approved by
regulatory agencies and stockholders, it would create the 12th
largest bank holding company in the United States.
 Reuter
3;
bodyend
documentend
documentstart
14698
topicstart
crude
gas
heat
topicend
bodystart
2;

SUPPLIES, MIDEAST TENSION FUEL GAINS IN OIL


    CHICAGO, April 7 - 
Petroleum futures rallied today in a
market that was expecting declines in domestic supplies and
became further unsettled by escalated Mideast fighting.
    Crude oil, gasoline and heating oil all posted gains on the
New York Mercantile Exchange, with crude oil prices matching
life-of-contract highs. Crude for delivery in May closed 17
cents higher at 18.84 dlrs a barrel.
    "Crude futures could jump above 19 dlrs a barrel but will
not remain there long if products are not strong," Robert
Murphy, account executive at E.F. Hutton, said.
    Traders said prices were supported by anticipation that the
American Petroleum Institute would report a decline in domestic
inventories of petroleum products in a weekly report.
    Traders said prices also were supported by an escalation in
the Iran-Iraq war, with the Iranians reportedly launching a new
offensive against Iraqi positions, and Iraq attacking offshore
oil fields and an oil export depot.
    Buying by speculators continued to prompt gains in gold and
silver futures on the Commodity Exchange in New York.
    Gold prices retreated at midday, but rallied before the
close with support from the silver market, which was
approaching two-year highs, traders said.
    Soybean futures posted strong gains on the Chicago Board of
Trade, while corn and wheat were mostly higher.
    Traders said cash sales have been slow in the country, and
the soybean harvest in Brazil has been delayed by rain, which
is limiting supplies.
    In addition, the Agriculture Department last week projected
a substantial drop in soybean acreage this year.     Monday's
report that the USDA inspected 46 mln bushels of corn for
export last week was unexpectedly high and, coupled with a lack
of farm sales, provided support for the corn market, traders
said.
    Live hogs and frozen pork bellies rallied on the Chicago
Mercantile Exchange, while cattle ended lower.
    Live hogs pushed ahead on a lack of supplies because many
farmers are turning their attention to spring planting rather
than marketing livestock, traders said, noting that cash sales
have been lighter than expected this week.
    The lack of marketing also has supported pork bellies, but
prices drifted lower for moderate losses in nearby months as
speculators sold contracts to take profits, traders said.
    Cattle prices closed lower but continued to show strength
related to tight supplies.
    Prices pushed ahead to new contract highs, extending gains
past three-year peaks set Monday, as tight supplies forced meat
packers to bid aggressively for available animals.
    However, some traders sold contracts to take profits after
the extended rally, which has seen the April delivery contract
soar to 69.90 cents a pound from 56 cents a pound at the start
of the year.
    New York coffee futures closed higher on trade talk Brazil
would not be an aggressive seller near term, analysts said.
 Reuter
3;
bodyend
documentend
documentstart
14701
topicstart
grain
ship
topicend
bodystart
2;
N.Y. GRAIN FREIGHTS - April 7
    Yukong took Nichiku Maru 52,000 tonnes North Pacific to
Japan April-May dates 9.75 dlrs 11 days all purposes
    Peavey took Maria Sitinas 26,000 tonnes U.S. Gulf to Puerto
Cabello and Guanta prompt 15.25 dlrs four days load 1,500
discharge Puerto Cabello 1,000 Guanta
    Portline took Sky Crest 35,000 tonnes U.S. Gulf to Lisbon
spot 15.25 dlrs 7,000 load 5,000 discharge
    Feruzzi took Alecos M. 31,000 tonnes barley Rouen
completing Le Havre to Jeddah 15.35 dlrs 5,000 load 3,000
discharge
    Chinese charterers took Patricia VI 25,000 tonnes River
Plate completing Buenos Aires or Bahia Blanca to China April
dates 29.00 dlrs Buenos Aires or Bahia Blanca only 28.00 dlrs
2,500 load 3,000 discharge
    Comanav took Sea Song 30,000 tonnes U.S. Gulf to Morocco
April-May dates 13.50 dlrs one-to-one option 14.50 dlrs
one-to-two 5,000 load 5,000 discharge
 reuter
3;


bodyend
documentend
documentstart
14704
topicstart
gas
crude
topicend
bodystart
2;
******
API SAYS DISTILLATE STOCKS UP 628,000 BBLS, GASOLINE UP 2.29 MLN, CRUDE UP 8.52 MLN

Blah blah blah.
3;


bodyend
documentend
documentstart
14706
topicstart
grain
oilseed
soybean
topicend
bodystart
2;

SOUTHERN TEXAS GRAIN DIFFERENTIALS ADJUSTED


    WASHINGTON, April 7 - 
Posted county prices in 99 southern
Texas counties have been changed to reflect only one market
differential instead of the usual two-terminal market pricing
system, a senior Agriculture Department official said.
    Interior grain and soybean prices in the affected counties
will now be based solely against the Texas Gulf. Prior to the
change, county prices were also priced against the Amarillo
market.
    The changes were made to better reflect local market
conditions, said Ralph Klopfenstein, deputy administrator for
commodity operations at USDA.
    "The Texas Gulf has always been the dominant market in those
counties. Amarillo never became effective for that area,"
Klopfenstein told Reuters.
 Reuter
3;
bodyend
documentend
documentstart
14709
topicstart
ship
crude
topicend
bodystart
2;
N.Y. TANKERS - April 7
    Ashland took Majestic Pride 45,000 tons dirty April 12 East
Coast Mexico to U.S. Gulf worldscale 120
    Frota took Fidelity L 49,000 tons dirty April 21 Brazil to
United States worldscale 118
    CPC took Eisho Maru 220,000 tons dirty April 12 Mideast
Gulf to Taiwan worldscale 35
    Citgo took Friendship Venture 67,000 tons dirty April 16
Caribbean to U.S. Gulf worldscale 89
    MSC took Loire 52,000 tons dirty April 10 East Coast Mexico
to U.S. Gulf worldscale 92.5
 reuter
3;


bodyend
documentend
documentstart
14715
topicstart
acq
topicend
bodystart
2;

AMOSKEAG BANK 
<
AMKG> TO SEEK REHEARING


    MANCHESTER, N.H., April 7 - 
Amoskeag Bank Shares Inc and

<
Portsmouth Savings Bank> said they will file motions for a
rehearing with the New Hampshire Supreme Court of its March 30
ruling that overturned state regulatory approval of Amoskeag's
acquisition Portsmouth.
    "The ramifications of this decision, we believe, go well
beyond the affiliation of Amoskeag and Portsmouth Savings
Bank," said Amoskeag chairman William S. Bushnell.
    The transaction was opposed by a group of Portsmouth
investors who wanted the bank to remain independent, according
to press reports.
 Reuter
3;
bodyend
documentend
documentstart
14718
topicstart
grain
wheat
topicend
bodystart
2;

EGYPT SAID TO CANCEL PL480 SOFT WHEAT TENDER


    KANSAS CITY, April 7 - 
Egypt has cancelled its Export Bonus
tender for 200,000 tonnes of soft red winter wheat for May-June
shipment after failing to bid a price acceptable to USDA,
private export sources said.
 Reuter
3;
bodyend
documentend
documentstart
14719
topicstart
strategic-metal
topicend
bodystart
2;

DOE RECOMMENDS SPECIAL UNIT TO ENRICH URANIUM


    WASHINGTON, April 7 - 
Energy Secretary John Herrington told
Congress that a federally chartered corporation would be the
best way to manage and operate the government's uranium
enrichment program.
    He said in a letter to Congressmen that unless the program,
now run by the Energy Department, is improved, sales worth five
billion dlrs could be lost between 1990 and 2000.
    The program now has annual commercial sales of about one
billion dlrs and holds 50 pct of the free world market for
enrichment services.
    A department official said the world market for enriched
uranium for reactors for power utilities is increasingly
competitive and private entity could better tap it.
    The Administration's plan to spin off the department's 
uranium enrichment operation is in line with it effort to
reduce the federal government's role in areas where it feels
private enterprise could be more efficient.
 reuter
3;
bodyend
documentend
documentstart
14721
topicstart
grain
wheat
topicend
bodystart
2;

JORDAN BOOSTS BIDS IN EXPORT BONUS WHEAT TENDER


    KANSAS CITY, April 7 - 
Jordan has boosted its bids for U.S.
soft and hard wheat under Export Bonus, private export sources
said.
    Jordan today bid 74 dlrs per tonne for soft wheat and 75
dlrs per tonne for hard red winter wheat in its tender for
225,000 tonnes of hard and soft wheat for April through
November shipment. Earlier today, USDA rejected its bids of 70
dlrs for both varieties, they said.
 Reuter
3;
bodyend
documentend
documentstart
14722
topicstart
grain
wheat
topicend
bodystart
2;

MOROCCO TENDERS THURSDAY FOR PL 480 WHEAT


    KANSAS CITY, April 7 - 
Morocco will tender Thursday for
120,000 to 210,000 tonnes of U.S. wheat, cheapest variety
preferred, for May and June shipments under PL 480, private
export sources said.
    The tender will consist of three lots of up to 70,000
tonnes each for shipment May 1-30, May 10-June 10, and May
25-June 25, they said.
 Reuter
3;
bodyend
documentend
documentstart
14729
topicstart
earn
topicend
bodystart
2;

TRILON DECLARES STOCK DIVIDEND


    TORONTO, April 7 - 
<
Trilon Financial Corp> said it declared
a stock dividend of one class A share for each two class A
shares held, payable May 15 to shareholders of record on April
30.
 Reuter
3;
bodyend
documentend
documentstart
14732
topicstart
gas
crude
fuel
topicend
bodystart
2;

API SAYS DISTILLATE, GASOLINE STOCKS UP IN WEEK


    WASHINGTON, April 7 - 
Distillate fuel stocks held in
primary storage rose by 628,000 barrels in the week ended April
three to 106.96 mln barrels from a revised 106.33 mln the
previous week, the American Petroleum Institute said.
    In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks rose 2.29 mln barrels to 247.91 mln
barrels from a revised 245.62 mln, and crude oil stocks were up
8.52 mln barrels to 337.73 mln from a revised 329.21 mln.
    It said residual fuel stocks rose 28,000 barrels to 38.25
mln from a revised 37.98 mln barrels.
    API said refinery runs in the week rose to 12.54 mln
barrels per day from 12.21 mln and refinery use of operating
capacity was 80.4 pct, up from 78.3 pct.
    Crude oil imports in the week fell to 3.40 mln bpd from a
revised 3.60 mln, API added.
 Reuter
3;
bodyend
documentend
documentstart
14735
topicstart
topicend
bodystart
2;

FIRST TORONTO COMPLETES ISSUE


    TORONTO, April 7 - 
<
First Toronto Capital Corp> said it
completed an issue of a five mln dlrs convertible debenture to
Arcalex B.V., a Dutch corporation that owns 54.3 pct of First
Toronto's outstanding common shares.
    The debenture is convertible to one mln common shares of
First Toronto for a period of five years.
 Reuter
3;
bodyend
documentend
documentstart
14736
topicstart
acq
topicend
bodystart
2;

ALLEGHENY 
<
AG> PREFERED SHAREHOLDERS FILE SUIT


    NEW YORK, April 7 - 
Allegheny International Inc, which has
agreed to a merge with a jointly-formed First Boston Inc
affiliate in a deal worth 500 mn dlrs, said shareholders of its
preferred stock have filed a class action complaint against the
company.
    The complaint alleges, among other things, that the company
and its board agreed to pay First Boston an illegal seven mln
dlr topping fee if it received a higher offer for the company
prior to the buyout.
    The suit contends that this fee hampers Allegheny's ability
to attract other offers or take other actions that would
benefit holders of preferred stock. The complaint also alleges
federal securities laws violations and breach of fiduciary
duty.
    The suit requests an injunction against proceeding with the
pending offer being made by Sunter Acquisition to acquire
Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp
were formed by First Boston and Allegheny.
    Allegheny said it and the Sunter concerns intend to
vigorously defend the complaint's charges.
    The complaints were filed by Robert Moss and other parties
who are believed to own about 230,000 shares of Allegheny's
preferred stock.
 Reuter
3;
bodyend
documentend
documentstart
14739
topicstart
trade
topicend
bodystart
2;

CANADIANS URGE EXEMPTION FROM U.S. TRADE BILL


    WASHINGTON, April 7 - 
A group of Canadian lawmakers from
Ontario today asked their U.S. counterparts to exempt Canada
from the mandatory trade retaliation provisions in a major
trade bill being considered by the U.S. Congress.
    At a meeting of the Northeast-Midwest Coalition, an
organization of U.S. legislators, David Cooke, chairman of the
Ontario Parliament's Select Committee on Economic Affairs, said
the exemption would help trade relations.
    The trade legislation to be considered by the full House in
late April would require President Reagan to retaliate against
foreign unfair trade practices unless the trade actions would
harm the U.S. economy.
    Currently, Reagan can reject trade sanctions on any
grounds.
    Cooke, a member of the Liberal party, told the U.S.
congressmen, "I can understand (the trade bill). I think it has
to do with concerns you have with the other parts of the world."
    "I would suggest to you that we are your best friends. You
do not have those concerns with Canada and you should sincerely
consider exempting our country from that bill," he added.
    Canada is the United States' largest trading partner, with
two-way trade more than 113 billion dlrs in 1985, according to
the coalition. But the U.S. ran up a 23 billion dlr deficit in
manufactured goods that year compared to a 14 billion dlr
surplus in services trade with its neighbour.
 Reuter
3;
bodyend
documentend
documentstart
14744
topicstart
earn
topicend
bodystart
2;

AMERICAN AGRONOMICS CORP 
<
AGR> 2ND QTR FEB 28


    LAKE HAMILTON, Fla, April 7 -
    
Shr profit one cts vs loss three cts
    Net profit 641,000 vs loss 992,000
    Revs 26.0 mln vs 19.0 mln
    Six months
    Shr profit six cts vs loss six cts
    Net profit 2.8 mln vs loss 1.8 mln
    Revs 39.0 mln vs 37.4 mln
    NOTE:1987 six months includes gain of four cts from change
in accounting principle.
 Reuter
3;
bodyend
documentend
documentstart
14751
topicstart
earn
topicend
bodystart
2;

HELIG-MEYERS CO 
<
HMY> INCREASES DIVIDEND


    RICHMOND, Va, APril 7 -
    
Qtly div eight cts vs seven cts prior
    Payable May 15
    Record APril 29
 Reuter
3;
bodyend
documentend
documentstart
14752
topicstart
earn
topicend
bodystart
2;

HELIG-MEYERS CO 
<
HMY> YEAR FEB 28


    RICHMOND, Va, APril 7 -
    
Shr 1.30 dlrs vs 1.07 dlrs
    Net 13.6 mln dlrs vs 10.2 mln
    Revs 271.2 mln vs 182.3 mln
    NOTE:1986 results reflect year 11 month period because
company changed fiscal year to end February 28 from March 31.
 Reuter
3;
bodyend
documentend
documentstart
14755
topicstart
earn
topicend
bodystart
2;

KELLY OIL AND GAS PARTNERS 
<
KLY> YEAR DEC 31


    HOUSTON, April 7 -
    
Shr 36 cts vs 43 cts
    Net 1.3 mln vs 1.7 mln
    Revs 9.0 mln vs 7.9 mln
 Reuter
3;
bodyend
documentend
documentstart
14757
topicstart
money-fx
topicend
bodystart
2;

JAPAN SEEKS TO STRENGTHEN PARIS CURRENCY ACCORD


    By Hisanobu Ohse, Reuters


    WASHINGTON, April 7 - 
Japan will seek to strengthen the
Paris accord on currency stability at the meeting of the group
of seven leading industrial nations tomorrow, Japanese
officials said.
    However, the officials travelling with Japanese Finance
Minister Kiichi Miyazawa and who asked not to be identified,
would not provide any details of how they wanted the accord,
which was signed by the six leading industrial democracies in
February, to be strengthened.
    Currency target zones, or reference ranges, will not be
discussed at the G-7 meeting which is scheduled for tomorrow,
the Japanese officials said.
    The meeting, which is being held in conjunction with this
week's International Monetary Fund/World Bank sessions, will
reaffirm the currency pact and there is no need for changing 
the language used in the Paris accord, the officials said.
    Miyazawa met with U.S. Treasury Secretary James Baker early
in this afternoon and discussed the dollar/yen exchange rates,
officials said, but they declined to disclosed the details of
that discussion.
    The Japanese officials also declined to detail what
Miyazawa and Baker discussed on the subject of greater joint
intervention in currency markets to stabilize the dollar or on
independent American intervention.
    The officials said such a money market action to stabilize
the dollar is not only for the benefit of Japan, which is
suffering from a sharp appreciation in its currency, but also
for the benefit of the United States as well.
    As to U.S. urgings for Japan to take steps to boost its
domestic demand to reduce its trade surplus, Japan will explain
economic measures to the G-7, the officials said.
    However, Miyazawa failed to outline the size of the
Japanese economic package in his meeting with Baker today
because the Japanese 1987/88 budget has not been authorized by
the Diet, or parliament, despite the new fiscal year which
started April one, the officials said.
    Japan's ruling liberal democratic party revealed its own
economic package today calling for more than 5,000 billion yen
in additional spending.
 Reuter
3;
bodyend
documentend
documentstart
14758
topicstart
topicend
bodystart
2;

MOODY'S SAYS LOWER RATINGS SHOW 1987 DOWNTREND


    NEW YORK, April 7 - 
Moody's Investors Service Inc said the
credit quality of corporate bond issuers continued to decline
in first quarter of 1987.
    Of all corporate ratings changes during the quarter, 66 pct
were downgrades compared with 55 pct during all of 1986.
    Moody's said downgrades led upgrades last quarter by two to
one. It downgraded 50 companies, affecting 61 billion dlrs of
debt and upgraded 25 companies, affecting 9 billion dlrs of
debt.
    It said more than half of the quarter's downgrades were in
the industrial sector, affecting 25 billion dlrs of debt.
    Moody's said that continued leveraged buyouts and
restructuring among small and medium-sized companies will
account for up to one-quarter of coporate debt downgrades.
    Worldwide competition and overcapacity will continue to
take its toll on industrial companies, Moody's added. It said
intensifying competition in an environment of slow economic
growth, Moody's predicts 2.5 pct worldwide growth in 1987, will
lower returns and margins for many multinational firms.
    Bank and finance company downgrades outpaced upgrades by 16
to 6 respectively. It said this trend will continue because of
Latin American debt problems.
 Reuter
3;
bodyend
documentend
documentstart
14761
topicstart
earn
topicend
bodystart
2;

TCW CONVERTIBLE SECURITIES 
<
CVT> SETS DIVIDEND


    LOS ANGELES, April 7 - 
TCW Convertible Securities Fund Inc
said its board declared an initial quarterly dividend of three
cents per share, payable April 30 to shareholders of record
April 17.
    TCW said it anticipates paying a regular quarterly
dividend. The company made its initial public stock offering
March five.
 Reuter
3;
bodyend
documentend
documentstart
14767
topicstart
money-fx
dlr
yen
can
stg
topicend
bodystart
2;

CURRENCY FUTURES TO KEY OFF G-5, G-7 MEETINGS


    by Brad Schade, Reuters


    CHICAGO, April 7 - 
News of an agreement among G-5 and G-7
finance ministers meeting in Washington this week will be key
to the direction of currency futures at the International
Monetary Market, but any such agreement will need to go beyond
the Paris accord to stem the recent rise in futures, financial
analysts said.
    "If they (the finance ministers) give the market something
really new to look at -- that is, some package that goes beyond
the Paris agreement -- you could have a real boost in the
dollar," said Shearson Lehman Brothers analyst Anne Mills.
    On the other hand, "anything neutral would tend to be
bearish for the dollar," Mills said.
    Traders and analysts agree a simple reaffirmation of the
Paris accord will not be enough to halt the decline in the
dollar, nor will central bank intervention.
    "A lot of people are looking for a reason to buy currencies
and sell the dollar," said one trader for a large retail firm
on the floor of the IMM.
    "If there is no concrete resolution, they will be looking
to sell the dollar, possibly down to the 1.80 mark level," he
said.
    Technically, most currency futures are poised for another
rise, said Smith Barney Harris Upham analyst Craig Sloane.
    Sloane noted that June yen futures set a new contract high
on Tuesday and closed at its best level ever, while June
sterling set a new contract high on Monday.
    "Everything seems to be coming to a head right now and you
don't need much to get things rolling," Sloane said.
    In particular, the June Canadian dollar, for which Sloane
recently put out a buy recommendation, has hovered in a range
between 0.7600 and 0.7660 in recent weeks, forming a triangle
on the charts from which it may soon break out on the upside.
    A close above the contract high of 0.7665 would signal a
breakout, Sloane said, and would likely mean the nearby
Canadian dollar contract would extend its advance to near the
0.7800 level. June Canadian dollar closed at 0.7656 Tuesday.
    Mills noted, however, that interest rate differentials
between Canadian securities and U.S. securities have narrowed
dramatically recently, with yields on 10-year Canadian bonds
only about 80 basis points above U.S. 10-year notes.
    What has helped the Canadian currency, she noted, is an
increasing proportion of foreign funds flowing into the
Canadian equity market, particularly from Japanese investors.
    Other analysts, however, said currency futures may be near
the top of their long-term rally.
    "Something will be done at the (G-5 and G-7) meeting to
calm people," said David Horner of Merrill Lynch Economics.
    The Paris accord has pretty much fixed where major European
currencies will trade, Horner said.
    But sterling futures may still make another run for new
highs, up to 1.6300 to 1.6500 dlr in the June contract, on the
positive atmosphere that will prevail before British elections
and possibly another interest rate cut, Horner said. The June
British pound closed at 1.6080 on Tuesday.
    Horner said that new boundaries for the trading range of
the yen are likely to come out of the G-5 and G-7 meetings.
    The most likely range will be a bottom for the dollar
between 140 to 142 yen per dollar and a top near 150 to 152
yen, Horner said. In yen futures, the bottom of the dollar's
range would be equivalent to 0.007100 to 0.007150 in the June
contract. June yen closed at 0.006913 on Tuesday.
    If such a range does emerge from the meetings, "we will
have one more rally in the yen," Horner said.
 Reuter
3;
bodyend
documentend
documentstart
14770
topicstart
dlr
money-fx
trade
cpi
money-supply
topicend
bodystart
2;

POEHL WARNS AGAINST FURTHER DOLLAR FALL


    WASHINGTON, April 7 - 
Bundesbank President Karl Otto Poehl
said a weaker dollar would be risky and a further appreciation
of the mark would damage prospects for sustained West German
economic growth.
    In a speech to the Institute of Contempory German Affairs
here, Poehl said "It would be an extremely risky policy to aim
for a further substantial decline in the value of the dollar to
correct the trade deficit."
    He said the United States could face a vicious circle of
depreciation, inflation and more depreciation if it took that
route.
    Poehl noted West Germany had already taken steps to meet
U.S. Demands for greater stimulation of its domestic economy,
accelerating tax cuts, cutting interest rates and tolerating
above-target money supply growth.
    He said he would have been happy to have brought forward
five billion marks of tax cuts now planned for January 1988 to
the beginning of this year, but he said the government faced
political constraints getting such measures through the upper
house of the West German parliament.
    But there were also limits to the impact West Germany could
accept on exports from a rising mark, he said.
    Poehl said West Germany relied on exports for about
one-third of its gross national product, so a substantial
erosion of export markets could not be offset by increasing
demand at home.
    "A further appreciation of the mark could even be an
obstacle to further growth," he said.
    Poehl said the Bundesbank had tolerated rapid money supply
growth last year because the country enjoyed low inflation and
because external factors, including low oil prices and
favourable terms of trade, had given some extra leeway.
    But Poehl said West Germany now faced a difficult dilemma
over monetary policy.
    The underlying rate of inflation was now two pct, not the
reported negative inflation rates last year, and West Germany
was affected more than before by exchange rate developments.
    "For the time being, we will have to focus our policy more
on the external side, and we can live with a more expansionary
money supply. But we must be very careful," he said.
    He said he shared some of the U.S. Concern about Japan's
trade surpluses, which affected European countries as well as
the United States.
    Poehl welcomed the so-called Louvre accord of monetary
officials of major industrialized countries, saying the
importance of the February 22 agreement to stabilize exchange
rates had been underestimated.
    All partners had agreed that the dollar was at about the
right level, and that further changes would damage growth, he
said.
    "This was a remarkable change in attitude, especially on the
part of our American colleagues," he said.
    But he said there was still a danger that the correction of
the dollar's value could overshoot.
 REUTER
3;
bodyend
documentend
documentstart
14771
topicstart
jobs
topicend
bodystart
2;

N.Z. UNEMPLOYMENT RATE 3.9 PCT IN DECEMBER QUARTER


    WELLINGTON, April 8 - 
New Zealand's unemployment rate was
3.9 pct of the workforce in the quarter ended December 31,
unchanged from a revised 3.9 pct (preliminary 3.8 pct) in the
previous quarter but slightly above 3.8 pct in the year-earlier
quarter, the Statistics Department said.
    The Department, citing the Household Labour Force Survey,
said in a statement the number of unemployed in October-
December 1986 was 61,500 against 60,500 in the September
quarter and 60,500 a year earlier.
 REUTER
3;
bodyend
documentend
documentstart
14776
topicstart
topicend
bodystart
2;

N.ZEALAND RESERVE BANK GIVES BOND TENDER DETAILS


    WELLINGTON, April 8 - 
The Reserve Bank said it will offer
400 mln N.Z. Dlrs in government bonds of two differing
maturities at a 14 pct coupon at a bond tender on April 15.
    The bank said it will offer 200 mln dlrs of bonds maturing
March 1990 and 200 mln dlrs of bonds maturing July 1992.
    The bond tender is the first for the fiscal year ending on
March 31 1988. A full bond tender program for the year has not
yet been announced.
 REUTER
3;
bodyend
documentend
documentstart
14777
topicstart
dlr
money-fx
topicend
bodystart
2;
******
Bank of Japan buys dollars shortly after opening at around 145.30 yen -- dealers

Blah blah blah.
3;


bodyend
documentend
documentstart
14779
topicstart
dlr
money-fx
topicend
bodystart
2;

BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING


    TOKYO, April 8 - 
The Bank of Japan bought a small amount of
dollars shortly after the opening at around 145.30 yen, dealers
said.
    The central bank intervened as a medium-sized trading house
sold dollars, putting pressure on the U.S. Currency, they said.
    The dollar was also supported by a major electrical
consumer goods company, which was a speculative dollar buyer at
around 145.25 yen, they added.
    The dollar opened at 145.33 yen against 145.60/70 in New
York and 145.25 at the close here yesterday.
 REUTER
3;
bodyend
documentend
documentstart
14783
topicstart
rubber
topicend
bodystart
2;

JAPAN RUBBER STOCKS FALL IN MARCH


    TOKYO, April 8 - 
Japan's rubber stocks fell to 44,980
tonnes in March from 46,198 in February and from 53,784 in
March 1986, the Japan Rubber Trade Association said.
    The stocks (in tonnes), with February and year-earlier
comparisons, were -
                    March 87  Feb 87    March 86
    Crude Rubber     41,536   42,094     49,551
    Synthetic         3,334    3,978      4,044
    Latex               110      126        189
 REUTER
3;
bodyend
documentend
documentstart
14785
topicstart
money-fx
topicend
bodystart
2;

SOUTH KOREAN WON FIXED AT 25-MONTH HIGH


    SEOUL, April 8 - 
THE BANK OF KOREA SAID IT FIXED THE
MIDRATE OF THE WON AT 844.30 TO THE DOLLAR, ITS HIGHEST LEVEL
SINCE FEBRUARY 26, 1985, WHEN IT WAS 843.90.
    THE WON WAS SET at 845.50 YESTERDAY.
    THE WON HAS RISEN 2.03 PCT AGAINST THE DOLLAR SO FAR THIS
YEAR, AFTER RISING 3.34 PCT IN 1986.
 REUTER
3;
bodyend
documentend
documentstart
14805
topicstart
copper
topicend
bodystart
2;

NIPPON MINING LOWERS COPPER PRICE


    TOKYO, April 8 - 
Nippon Mining Co Ltd said it lowered its
selling price for electrolytic copper by 10,000 yen per tonne
to 260,000, effective immediately.
 REUTER
3;
bodyend
documentend
documentstart
14818
topicstart
ship
topicend
bodystart
2;

AUSTRALIAN UNIONS LAUNCH NEW SOUTH WALES STRIKES


    SYDNEY, April 8 - 
Australian trade unions said they have
launched week-long strikes and other industrial action in New
South Wales (NSW) to protest against new laws that would reduce
injury compensation payments.
    Union sources said talks with the state government broke
down last night, but the two sides are scheduled to meet later
today in an attempt to find a compromise.
    Rail freight and shipping cargo movements in the country's
most populous state were the first to be affected, and union
officials said almost every business sector will be hit unless
there is a quick settlement.
    The state government recently introduced a new workers'
compensation act which would cut the cash benefits to injured
workers by up to a third. The act is now awaiting parliamentary
ratification.
    NSW state premier Barrie Unsworth has said workers'
compensation has risen steeply in recent years and the proposed
cuts would save hundreds of mlns of dollars a year.
    Union officials said industrial action could spread to
other states as the federal government also plans to make sharp
cuts in workers' compensation.
 REUTER
3;
bodyend
documentend
bitti